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Decommissioning Trust Funds | 3 Months Ended
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Mar. 31, 2016
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) Entergy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The NRC requires Entergy subsidiaries to maintain trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades (NYPA currently retains the decommissioning trusts and liabilities for Indian Point 3 and FitzPatrick). The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains recorded on the assets in these trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity because these assets are classified as available-for-sale. Unrealized losses (where cost exceeds fair market value) on the assets in these trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. Generally, Entergy records realized gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows:
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2016 |  |  |  |  |  |
Equity Securities |  |  | $3,203 |  |  |  | $1,638 |  |  |  | $1 |
Debt Securities |  | 2,249 |  |  | 78 |  |  | 4 |
Total |  |  | $5,452 |  |  |  | $1,716 |  |  |  | $5 |
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2015 |  |  |  |  |  |
Equity Securities |  |  | $3,195 |  |  |  | $1,396 |  |  |  | $2 |
Debt Securities |  | 2,155 |  |  | 41 |  |  | 17 |
Total |  |  | $5,350 |  |  |  | $1,437 |  |  |  | $19 |
Deferred taxes on unrealized gains/(losses) are recorded in other comprehensive income for the decommissioning trusts which do not meet the criteria for regulatory accounting treatment as described above. Unrealized gains/(losses) above are reported before deferred taxes of $361 million and $342 million as of March 31, 2016 and December 31, 2015, respectively. The amortized cost of debt securities was $2,183 million as of March 31, 2016 and $2,124 million as of December 31, 2015. As of March 31, 2016, the debt securities have an average coupon rate of approximately 3.20%, an average duration of approximately 5.84 years, and an average maturity of approximately 8.91 years. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $38 |  |  |  | $1 |  |  |  | $196 |  |  |  | $2 |
More than 12 months | — |  |  | — |  |  | 73 |  |  | 2 |
Total |  | $38 |  |  |  | $1 |  |  |  | $269 |  |  |  | $4 |
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $54 |  |  |  | $2 |  |  |  | $1,031 |  |  |  | $15 |
More than 12 months | 1 |  |  | — |  |  | 61 |  |  | 2 |
Total |  | $55 |  |  |  | $2 |  |  |  | $1,092 |  |  |  | $17 |
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows:
| 2016 |  | 2015
| (In Millions)
less than 1 year |  | $98 |  |  |  | $77 |
1 year - 5 years | 855 |  |  | 857 |
5 years - 10 years | 711 |  |  | 704 |
10 years - 15 years | 144 |  |  | 124 |
15 years - 20 years | 58 |  |  | 50 |
20 years+ | 383 |  |  | 343 |
Total |  | $2,249 |  |  |  | $2,155 |
During the three months ended March 31, 2016 and 2015, proceeds from the dispositions of securities amounted to $729 million and $493 million, respectively. During the three months ended March 31, 2016 and 2015, gross gains of $10 million and $26 million, respectively, and gross losses of $3 million and $2 million, respectively, were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. Entergy Arkansas Entergy Arkansas holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows:
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2016 |  |  |  |  |  |
Equity Securities |  |  | $474.3 |  |  |  | $238.5 |  |  |  | $0.2 |
Debt Securities |  | 311.2 |  |  | 9.5 |  |  | 0.8 |
Total |  |  | $785.5 |  |  |  | $248.0 |  |  |  | $1.0 |
2015 |  |  |  |  |  |
Equity Securities |  |  | $467.4 |  |  |  | $234.4 |  |  |  | $0.2 |
Debt Securities |  | 303.9 |  |  | 4.1 |  |  | 2.2 |
Total |  |  | $771.3 |  |  |  | $238.5 |  |  |  | $2.4 |
The amortized cost of debt securities was $302 million as of March 31, 2016 and $301.8 million as of December 31, 2015. As of March 31, 2016, the debt securities have an average coupon rate of approximately 2.58%, an average duration of approximately 5.25 years, and an average maturity of approximately 6.16 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $7.3 |  |  |  | $0.2 |  |  |  | $18.1 |  |  |  | $0.4 |
More than 12 months | — |  |  | — |  |  | 11.3 |  |  | 0.4 |
Total |  | $7.3 |  |  |  | $0.2 |  |  |  | $29.4 |  |  |  | $0.8 |
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $7.8 |  |  |  | $0.2 |  |  |  | $111.4 |  |  |  | $1.7 |
More than 12 months | — |  |  | — |  |  | 18.5 |  |  | 0.5 |
Total |  | $7.8 |  |  |  | $0.2 |  |  |  | $129.9 |  |  |  | $2.2 |
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows:
| 2016 |  | 2015
| (In Millions)
less than 1 year |  | $3.7 |  |  |  | $1.8 |
1 year - 5 years | 142.0 |  |  | 145.2 |
5 years - 10 years | 138.4 |  |  | 138.5 |
10 years - 15 years | 7.5 |  |  | 2.4 |
15 years - 20 years | 2.1 |  |  | 2.0 |
20 years+ | 17.5 |  |  | 14.0 |
Total |  | $311.2 |  |  |  | $303.9 |
During the three months ended March 31, 2016 and 2015, proceeds from the dispositions of securities amounted to $58.6 million and $81.9 million, respectively. During the three months ended March 31, 2016 and 2015, gross gains of $0.8 million and $5.1 million, respectively, and gross losses of $0.1 million and $1.3 thousand, respectively were reclassified out of other regulatory liabilities/assets into earnings. Entergy Louisiana Entergy Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows:
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2016 |  |  |  |  |  |
Equity Securities |  |  | $643.0 |  |  |  | $289.3 |  |  |  | $0.1 |
Debt Securities |  | 422.2 |  |  | 19.0 |  |  | 0.8 |
Total |  |  | $1,065.2 |  |  |  | $308.3 |  |  |  | $0.9 |
2015 |  |  |  |  |  |
Equity Securities |  |  | $632.4 |  |  |  | $283.7 |  |  |  | $0.2 |
Debt Securities |  | 409.9 |  |  | 13.2 |  |  | 2.4 |
Total |  |  | $1,042.3 |  |  |  | $296.9 |  |  |  | $2.6 |
The amortized cost of debt securities was $407 million as of March 31, 2016 and $399.2 million as of December 31, 2015. As of March 31, 2016, the debt securities have an average coupon rate of approximately 3.89%, an average duration of approximately 5.54 years, and an average maturity of approximately 10.24 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $8.6 |  |  |  | $0.1 |  |  |  | $24.0 |  |  |  | $0.3 |
More than 12 months | — |  |  | — |  |  | 11.0 |  |  | 0.5 |
Total |  | $8.6 |  |  |  | $0.1 |  |  |  | $35.0 |  |  |  | $0.8 |
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $9.4 |  |  |  | $0.2 |  |  |  | $124.0 |  |  |  | $2.0 |
More than 12 months | — |  |  | — |  |  | 7.4 |  |  | 0.4 |
Total |  | $9.4 |  |  |  | $0.2 |  |  |  | $131.4 |  |  |  | $2.4 |
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows:
| 2016 |  | 2015
| (In Millions)
less than 1 year |  | $31.9 |  |  |  | $27.1 |
1 year - 5 years | 114.8 |  |  | 124.0 |
5 years - 10 years | 121.2 |  |  | 114.3 |
10 years - 15 years | 43.6 |  |  | 39.3 |
15 years - 20 years | 29.7 |  |  | 26.5 |
20 years+ | 81.0 |  |  | 78.7 |
Total |  | $422.2 |  |  |  | $409.9 |
During the three months ended March 31, 2016 and 2015, proceeds from the dispositions of securities amounted to $53.8 million and $25.6 million, respectively. During the three months ended March 31, 2016 and 2015, gross gains of $0.9 million and $1.3 million, respectively, and gross losses of $0.1 million and $0.01 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. System Energy System Energy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows:
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2016 |  |  |  |  |  |
Equity Securities |  |  | $428.4 |  |  |  | $182.7 |  |  |  | $0.1 |
Debt Securities |  | 291.4 |  |  | 5.5 |  |  | 0.4 |
Total |  |  | $719.8 |  |  |  | $188.2 |  |  |  | $0.5 |
2015 |  |  |  |  |  |
Equity Securities |  |  | $423.7 |  |  |  | $179.2 |  |  |  | $0.3 |
Debt Securities |  | 277.8 |  |  | 2.2 |  |  | 2.3 |
Total |  |  | $701.5 |  |  |  | $181.4 |  |  |  | $2.6 |
The amortized cost of debt securities was $286.9 million as of March 31, 2016 and $270.7 million as of December 31, 2015. As of March 31, 2016, the debt securities have an average coupon rate of approximately 1.93%, an average duration of approximately 5.02 years, and an average maturity of approximately 6.37 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $3.9 |  |  |  | $0.1 |  |  |  | $45.8 |  |  |  | $0.3 |
More than 12 months | — |  |  | — |  |  | 2.4 |  |  | 0.1 |
Total |  | $3.9 |  |  |  | $0.1 |  |  |  | $48.2 |  |  |  | $0.4 |
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $8.3 |  |  |  | $0.2 |  |  |  | $200.4 |  |  |  | $2.2 |
More than 12 months | 0.9 |  |  | 0.1 |  |  | 5.0 |  |  | 0.1 |
Total |  | $9.2 |  |  |  | $0.3 |  |  |  | $205.4 |  |  |  | $2.3 |
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows:
| 2016 |  | 2015
| (In Millions)
less than 1 year |  | $4.6 |  |  |  | $2.0 |
1 year - 5 years | 180.9 |  |  | 181.2 |
5 years - 10 years | 73.3 |  |  | 63.0 |
10 years - 15 years | 4.5 |  |  | 4.4 |
15 years - 20 years | 1.5 |  |  | 1.6 |
20 years+ | 26.6 |  |  | 25.6 |
Total |  | $291.4 |  |  |  | $277.8 |
During the three months ended March 31, 2016 and 2015, proceeds from the dispositions of securities amounted to $188.5 million and $78.4 million, respectively. During the three months ended March 31, 2016 and 2015, gross gains of $1.6 million and $0.4 million, respectively, and gross losses of $0.3 million and $0.1 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. Other-than-temporary impairments and unrealized gains and losses Entergy, Entergy Arkansas, Entergy Louisiana, and System Energy evaluate unrealized losses at the end of each period to determine whether an other-than-temporary impairment has occurred. The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether Entergy has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs. Further, if Entergy does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2016 and 2015. The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment continues to be based on a number of factors including, first, whether Entergy has the ability and intent to hold the investment to recover its value, the duration and severity of any losses, and, then, whether it is expected that the investment will recover its value within a reasonable period of time. Entergy’s trusts are managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Entergy did not have any material charges relating to other-than-temporary impairment of certain equity securities for the three months ended March 31, 2016 and 2015.
Entergy Arkansas [Member] |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) Entergy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The NRC requires Entergy subsidiaries to maintain trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades (NYPA currently retains the decommissioning trusts and liabilities for Indian Point 3 and FitzPatrick). The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains recorded on the assets in these trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity because these assets are classified as available-for-sale. Unrealized losses (where cost exceeds fair market value) on the assets in these trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. Generally, Entergy records realized gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows:
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2016 |  |  |  |  |  |
Equity Securities |  |  | $3,203 |  |  |  | $1,638 |  |  |  | $1 |
Debt Securities |  | 2,249 |  |  | 78 |  |  | 4 |
Total |  |  | $5,452 |  |  |  | $1,716 |  |  |  | $5 |
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2015 |  |  |  |  |  |
Equity Securities |  |  | $3,195 |  |  |  | $1,396 |  |  |  | $2 |
Debt Securities |  | 2,155 |  |  | 41 |  |  | 17 |
Total |  |  | $5,350 |  |  |  | $1,437 |  |  |  | $19 |
Deferred taxes on unrealized gains/(losses) are recorded in other comprehensive income for the decommissioning trusts which do not meet the criteria for regulatory accounting treatment as described above. Unrealized gains/(losses) above are reported before deferred taxes of $361 million and $342 million as of March 31, 2016 and December 31, 2015, respectively. The amortized cost of debt securities was $2,183 million as of March 31, 2016 and $2,124 million as of December 31, 2015. As of March 31, 2016, the debt securities have an average coupon rate of approximately 3.20%, an average duration of approximately 5.84 years, and an average maturity of approximately 8.91 years. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $38 |  |  |  | $1 |  |  |  | $196 |  |  |  | $2 |
More than 12 months | — |  |  | — |  |  | 73 |  |  | 2 |
Total |  | $38 |  |  |  | $1 |  |  |  | $269 |  |  |  | $4 |
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $54 |  |  |  | $2 |  |  |  | $1,031 |  |  |  | $15 |
More than 12 months | 1 |  |  | — |  |  | 61 |  |  | 2 |
Total |  | $55 |  |  |  | $2 |  |  |  | $1,092 |  |  |  | $17 |
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows:
| 2016 |  | 2015
| (In Millions)
less than 1 year |  | $98 |  |  |  | $77 |
1 year - 5 years | 855 |  |  | 857 |
5 years - 10 years | 711 |  |  | 704 |
10 years - 15 years | 144 |  |  | 124 |
15 years - 20 years | 58 |  |  | 50 |
20 years+ | 383 |  |  | 343 |
Total |  | $2,249 |  |  |  | $2,155 |
During the three months ended March 31, 2016 and 2015, proceeds from the dispositions of securities amounted to $729 million and $493 million, respectively. During the three months ended March 31, 2016 and 2015, gross gains of $10 million and $26 million, respectively, and gross losses of $3 million and $2 million, respectively, were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. Entergy Arkansas Entergy Arkansas holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows:
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2016 |  |  |  |  |  |
Equity Securities |  |  | $474.3 |  |  |  | $238.5 |  |  |  | $0.2 |
Debt Securities |  | 311.2 |  |  | 9.5 |  |  | 0.8 |
Total |  |  | $785.5 |  |  |  | $248.0 |  |  |  | $1.0 |
2015 |  |  |  |  |  |
Equity Securities |  |  | $467.4 |  |  |  | $234.4 |  |  |  | $0.2 |
Debt Securities |  | 303.9 |  |  | 4.1 |  |  | 2.2 |
Total |  |  | $771.3 |  |  |  | $238.5 |  |  |  | $2.4 |
The amortized cost of debt securities was $302 million as of March 31, 2016 and $301.8 million as of December 31, 2015. As of March 31, 2016, the debt securities have an average coupon rate of approximately 2.58%, an average duration of approximately 5.25 years, and an average maturity of approximately 6.16 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $7.3 |  |  |  | $0.2 |  |  |  | $18.1 |  |  |  | $0.4 |
More than 12 months | — |  |  | — |  |  | 11.3 |  |  | 0.4 |
Total |  | $7.3 |  |  |  | $0.2 |  |  |  | $29.4 |  |  |  | $0.8 |
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $7.8 |  |  |  | $0.2 |  |  |  | $111.4 |  |  |  | $1.7 |
More than 12 months | — |  |  | — |  |  | 18.5 |  |  | 0.5 |
Total |  | $7.8 |  |  |  | $0.2 |  |  |  | $129.9 |  |  |  | $2.2 |
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows:
| 2016 |  | 2015
| (In Millions)
less than 1 year |  | $3.7 |  |  |  | $1.8 |
1 year - 5 years | 142.0 |  |  | 145.2 |
5 years - 10 years | 138.4 |  |  | 138.5 |
10 years - 15 years | 7.5 |  |  | 2.4 |
15 years - 20 years | 2.1 |  |  | 2.0 |
20 years+ | 17.5 |  |  | 14.0 |
Total |  | $311.2 |  |  |  | $303.9 |
During the three months ended March 31, 2016 and 2015, proceeds from the dispositions of securities amounted to $58.6 million and $81.9 million, respectively. During the three months ended March 31, 2016 and 2015, gross gains of $0.8 million and $5.1 million, respectively, and gross losses of $0.1 million and $1.3 thousand, respectively were reclassified out of other regulatory liabilities/assets into earnings. Entergy Louisiana Entergy Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows:
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2016 |  |  |  |  |  |
Equity Securities |  |  | $643.0 |  |  |  | $289.3 |  |  |  | $0.1 |
Debt Securities |  | 422.2 |  |  | 19.0 |  |  | 0.8 |
Total |  |  | $1,065.2 |  |  |  | $308.3 |  |  |  | $0.9 |
2015 |  |  |  |  |  |
Equity Securities |  |  | $632.4 |  |  |  | $283.7 |  |  |  | $0.2 |
Debt Securities |  | 409.9 |  |  | 13.2 |  |  | 2.4 |
Total |  |  | $1,042.3 |  |  |  | $296.9 |  |  |  | $2.6 |
The amortized cost of debt securities was $407 million as of March 31, 2016 and $399.2 million as of December 31, 2015. As of March 31, 2016, the debt securities have an average coupon rate of approximately 3.89%, an average duration of approximately 5.54 years, and an average maturity of approximately 10.24 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $8.6 |  |  |  | $0.1 |  |  |  | $24.0 |  |  |  | $0.3 |
More than 12 months | — |  |  | — |  |  | 11.0 |  |  | 0.5 |
Total |  | $8.6 |  |  |  | $0.1 |  |  |  | $35.0 |  |  |  | $0.8 |
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $9.4 |  |  |  | $0.2 |  |  |  | $124.0 |  |  |  | $2.0 |
More than 12 months | — |  |  | — |  |  | 7.4 |  |  | 0.4 |
Total |  | $9.4 |  |  |  | $0.2 |  |  |  | $131.4 |  |  |  | $2.4 |
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows:
| 2016 |  | 2015
| (In Millions)
less than 1 year |  | $31.9 |  |  |  | $27.1 |
1 year - 5 years | 114.8 |  |  | 124.0 |
5 years - 10 years | 121.2 |  |  | 114.3 |
10 years - 15 years | 43.6 |  |  | 39.3 |
15 years - 20 years | 29.7 |  |  | 26.5 |
20 years+ | 81.0 |  |  | 78.7 |
Total |  | $422.2 |  |  |  | $409.9 |
During the three months ended March 31, 2016 and 2015, proceeds from the dispositions of securities amounted to $53.8 million and $25.6 million, respectively. During the three months ended March 31, 2016 and 2015, gross gains of $0.9 million and $1.3 million, respectively, and gross losses of $0.1 million and $0.01 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. System Energy System Energy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows:
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2016 |  |  |  |  |  |
Equity Securities |  |  | $428.4 |  |  |  | $182.7 |  |  |  | $0.1 |
Debt Securities |  | 291.4 |  |  | 5.5 |  |  | 0.4 |
Total |  |  | $719.8 |  |  |  | $188.2 |  |  |  | $0.5 |
2015 |  |  |  |  |  |
Equity Securities |  |  | $423.7 |  |  |  | $179.2 |  |  |  | $0.3 |
Debt Securities |  | 277.8 |  |  | 2.2 |  |  | 2.3 |
Total |  |  | $701.5 |  |  |  | $181.4 |  |  |  | $2.6 |
The amortized cost of debt securities was $286.9 million as of March 31, 2016 and $270.7 million as of December 31, 2015. As of March 31, 2016, the debt securities have an average coupon rate of approximately 1.93%, an average duration of approximately 5.02 years, and an average maturity of approximately 6.37 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $3.9 |  |  |  | $0.1 |  |  |  | $45.8 |  |  |  | $0.3 |
More than 12 months | — |  |  | — |  |  | 2.4 |  |  | 0.1 |
Total |  | $3.9 |  |  |  | $0.1 |  |  |  | $48.2 |  |  |  | $0.4 |
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $8.3 |  |  |  | $0.2 |  |  |  | $200.4 |  |  |  | $2.2 |
More than 12 months | 0.9 |  |  | 0.1 |  |  | 5.0 |  |  | 0.1 |
Total |  | $9.2 |  |  |  | $0.3 |  |  |  | $205.4 |  |  |  | $2.3 |
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows:
| 2016 |  | 2015
| (In Millions)
less than 1 year |  | $4.6 |  |  |  | $2.0 |
1 year - 5 years | 180.9 |  |  | 181.2 |
5 years - 10 years | 73.3 |  |  | 63.0 |
10 years - 15 years | 4.5 |  |  | 4.4 |
15 years - 20 years | 1.5 |  |  | 1.6 |
20 years+ | 26.6 |  |  | 25.6 |
Total |  | $291.4 |  |  |  | $277.8 |
During the three months ended March 31, 2016 and 2015, proceeds from the dispositions of securities amounted to $188.5 million and $78.4 million, respectively. During the three months ended March 31, 2016 and 2015, gross gains of $1.6 million and $0.4 million, respectively, and gross losses of $0.3 million and $0.1 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. Other-than-temporary impairments and unrealized gains and losses Entergy, Entergy Arkansas, Entergy Louisiana, and System Energy evaluate unrealized losses at the end of each period to determine whether an other-than-temporary impairment has occurred. The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether Entergy has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs. Further, if Entergy does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2016 and 2015. The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment continues to be based on a number of factors including, first, whether Entergy has the ability and intent to hold the investment to recover its value, the duration and severity of any losses, and, then, whether it is expected that the investment will recover its value within a reasonable period of time. Entergy’s trusts are managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Entergy did not have any material charges relating to other-than-temporary impairment of certain equity securities for the three months ended March 31, 2016 and 2015.
Entergy Louisiana [Member] |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) Entergy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The NRC requires Entergy subsidiaries to maintain trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades (NYPA currently retains the decommissioning trusts and liabilities for Indian Point 3 and FitzPatrick). The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains recorded on the assets in these trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity because these assets are classified as available-for-sale. Unrealized losses (where cost exceeds fair market value) on the assets in these trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. Generally, Entergy records realized gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows:
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2016 |  |  |  |  |  |
Equity Securities |  |  | $3,203 |  |  |  | $1,638 |  |  |  | $1 |
Debt Securities |  | 2,249 |  |  | 78 |  |  | 4 |
Total |  |  | $5,452 |  |  |  | $1,716 |  |  |  | $5 |
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2015 |  |  |  |  |  |
Equity Securities |  |  | $3,195 |  |  |  | $1,396 |  |  |  | $2 |
Debt Securities |  | 2,155 |  |  | 41 |  |  | 17 |
Total |  |  | $5,350 |  |  |  | $1,437 |  |  |  | $19 |
Deferred taxes on unrealized gains/(losses) are recorded in other comprehensive income for the decommissioning trusts which do not meet the criteria for regulatory accounting treatment as described above. Unrealized gains/(losses) above are reported before deferred taxes of $361 million and $342 million as of March 31, 2016 and December 31, 2015, respectively. The amortized cost of debt securities was $2,183 million as of March 31, 2016 and $2,124 million as of December 31, 2015. As of March 31, 2016, the debt securities have an average coupon rate of approximately 3.20%, an average duration of approximately 5.84 years, and an average maturity of approximately 8.91 years. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $38 |  |  |  | $1 |  |  |  | $196 |  |  |  | $2 |
More than 12 months | — |  |  | — |  |  | 73 |  |  | 2 |
Total |  | $38 |  |  |  | $1 |  |  |  | $269 |  |  |  | $4 |
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $54 |  |  |  | $2 |  |  |  | $1,031 |  |  |  | $15 |
More than 12 months | 1 |  |  | — |  |  | 61 |  |  | 2 |
Total |  | $55 |  |  |  | $2 |  |  |  | $1,092 |  |  |  | $17 |
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows:
| 2016 |  | 2015
| (In Millions)
less than 1 year |  | $98 |  |  |  | $77 |
1 year - 5 years | 855 |  |  | 857 |
5 years - 10 years | 711 |  |  | 704 |
10 years - 15 years | 144 |  |  | 124 |
15 years - 20 years | 58 |  |  | 50 |
20 years+ | 383 |  |  | 343 |
Total |  | $2,249 |  |  |  | $2,155 |
During the three months ended March 31, 2016 and 2015, proceeds from the dispositions of securities amounted to $729 million and $493 million, respectively. During the three months ended March 31, 2016 and 2015, gross gains of $10 million and $26 million, respectively, and gross losses of $3 million and $2 million, respectively, were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. Entergy Arkansas Entergy Arkansas holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows:
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2016 |  |  |  |  |  |
Equity Securities |  |  | $474.3 |  |  |  | $238.5 |  |  |  | $0.2 |
Debt Securities |  | 311.2 |  |  | 9.5 |  |  | 0.8 |
Total |  |  | $785.5 |  |  |  | $248.0 |  |  |  | $1.0 |
2015 |  |  |  |  |  |
Equity Securities |  |  | $467.4 |  |  |  | $234.4 |  |  |  | $0.2 |
Debt Securities |  | 303.9 |  |  | 4.1 |  |  | 2.2 |
Total |  |  | $771.3 |  |  |  | $238.5 |  |  |  | $2.4 |
The amortized cost of debt securities was $302 million as of March 31, 2016 and $301.8 million as of December 31, 2015. As of March 31, 2016, the debt securities have an average coupon rate of approximately 2.58%, an average duration of approximately 5.25 years, and an average maturity of approximately 6.16 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $7.3 |  |  |  | $0.2 |  |  |  | $18.1 |  |  |  | $0.4 |
More than 12 months | — |  |  | — |  |  | 11.3 |  |  | 0.4 |
Total |  | $7.3 |  |  |  | $0.2 |  |  |  | $29.4 |  |  |  | $0.8 |
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $7.8 |  |  |  | $0.2 |  |  |  | $111.4 |  |  |  | $1.7 |
More than 12 months | — |  |  | — |  |  | 18.5 |  |  | 0.5 |
Total |  | $7.8 |  |  |  | $0.2 |  |  |  | $129.9 |  |  |  | $2.2 |
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows:
| 2016 |  | 2015
| (In Millions)
less than 1 year |  | $3.7 |  |  |  | $1.8 |
1 year - 5 years | 142.0 |  |  | 145.2 |
5 years - 10 years | 138.4 |  |  | 138.5 |
10 years - 15 years | 7.5 |  |  | 2.4 |
15 years - 20 years | 2.1 |  |  | 2.0 |
20 years+ | 17.5 |  |  | 14.0 |
Total |  | $311.2 |  |  |  | $303.9 |
During the three months ended March 31, 2016 and 2015, proceeds from the dispositions of securities amounted to $58.6 million and $81.9 million, respectively. During the three months ended March 31, 2016 and 2015, gross gains of $0.8 million and $5.1 million, respectively, and gross losses of $0.1 million and $1.3 thousand, respectively were reclassified out of other regulatory liabilities/assets into earnings. Entergy Louisiana Entergy Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows:
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2016 |  |  |  |  |  |
Equity Securities |  |  | $643.0 |  |  |  | $289.3 |  |  |  | $0.1 |
Debt Securities |  | 422.2 |  |  | 19.0 |  |  | 0.8 |
Total |  |  | $1,065.2 |  |  |  | $308.3 |  |  |  | $0.9 |
2015 |  |  |  |  |  |
Equity Securities |  |  | $632.4 |  |  |  | $283.7 |  |  |  | $0.2 |
Debt Securities |  | 409.9 |  |  | 13.2 |  |  | 2.4 |
Total |  |  | $1,042.3 |  |  |  | $296.9 |  |  |  | $2.6 |
The amortized cost of debt securities was $407 million as of March 31, 2016 and $399.2 million as of December 31, 2015. As of March 31, 2016, the debt securities have an average coupon rate of approximately 3.89%, an average duration of approximately 5.54 years, and an average maturity of approximately 10.24 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $8.6 |  |  |  | $0.1 |  |  |  | $24.0 |  |  |  | $0.3 |
More than 12 months | — |  |  | — |  |  | 11.0 |  |  | 0.5 |
Total |  | $8.6 |  |  |  | $0.1 |  |  |  | $35.0 |  |  |  | $0.8 |
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $9.4 |  |  |  | $0.2 |  |  |  | $124.0 |  |  |  | $2.0 |
More than 12 months | — |  |  | — |  |  | 7.4 |  |  | 0.4 |
Total |  | $9.4 |  |  |  | $0.2 |  |  |  | $131.4 |  |  |  | $2.4 |
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows:
| 2016 |  | 2015
| (In Millions)
less than 1 year |  | $31.9 |  |  |  | $27.1 |
1 year - 5 years | 114.8 |  |  | 124.0 |
5 years - 10 years | 121.2 |  |  | 114.3 |
10 years - 15 years | 43.6 |  |  | 39.3 |
15 years - 20 years | 29.7 |  |  | 26.5 |
20 years+ | 81.0 |  |  | 78.7 |
Total |  | $422.2 |  |  |  | $409.9 |
During the three months ended March 31, 2016 and 2015, proceeds from the dispositions of securities amounted to $53.8 million and $25.6 million, respectively. During the three months ended March 31, 2016 and 2015, gross gains of $0.9 million and $1.3 million, respectively, and gross losses of $0.1 million and $0.01 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. System Energy System Energy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows:
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2016 |  |  |  |  |  |
Equity Securities |  |  | $428.4 |  |  |  | $182.7 |  |  |  | $0.1 |
Debt Securities |  | 291.4 |  |  | 5.5 |  |  | 0.4 |
Total |  |  | $719.8 |  |  |  | $188.2 |  |  |  | $0.5 |
2015 |  |  |  |  |  |
Equity Securities |  |  | $423.7 |  |  |  | $179.2 |  |  |  | $0.3 |
Debt Securities |  | 277.8 |  |  | 2.2 |  |  | 2.3 |
Total |  |  | $701.5 |  |  |  | $181.4 |  |  |  | $2.6 |
The amortized cost of debt securities was $286.9 million as of March 31, 2016 and $270.7 million as of December 31, 2015. As of March 31, 2016, the debt securities have an average coupon rate of approximately 1.93%, an average duration of approximately 5.02 years, and an average maturity of approximately 6.37 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $3.9 |  |  |  | $0.1 |  |  |  | $45.8 |  |  |  | $0.3 |
More than 12 months | — |  |  | — |  |  | 2.4 |  |  | 0.1 |
Total |  | $3.9 |  |  |  | $0.1 |  |  |  | $48.2 |  |  |  | $0.4 |
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $8.3 |  |  |  | $0.2 |  |  |  | $200.4 |  |  |  | $2.2 |
More than 12 months | 0.9 |  |  | 0.1 |  |  | 5.0 |  |  | 0.1 |
Total |  | $9.2 |  |  |  | $0.3 |  |  |  | $205.4 |  |  |  | $2.3 |
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows:
| 2016 |  | 2015
| (In Millions)
less than 1 year |  | $4.6 |  |  |  | $2.0 |
1 year - 5 years | 180.9 |  |  | 181.2 |
5 years - 10 years | 73.3 |  |  | 63.0 |
10 years - 15 years | 4.5 |  |  | 4.4 |
15 years - 20 years | 1.5 |  |  | 1.6 |
20 years+ | 26.6 |  |  | 25.6 |
Total |  | $291.4 |  |  |  | $277.8 |
During the three months ended March 31, 2016 and 2015, proceeds from the dispositions of securities amounted to $188.5 million and $78.4 million, respectively. During the three months ended March 31, 2016 and 2015, gross gains of $1.6 million and $0.4 million, respectively, and gross losses of $0.3 million and $0.1 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. Other-than-temporary impairments and unrealized gains and losses Entergy, Entergy Arkansas, Entergy Louisiana, and System Energy evaluate unrealized losses at the end of each period to determine whether an other-than-temporary impairment has occurred. The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether Entergy has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs. Further, if Entergy does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2016 and 2015. The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment continues to be based on a number of factors including, first, whether Entergy has the ability and intent to hold the investment to recover its value, the duration and severity of any losses, and, then, whether it is expected that the investment will recover its value within a reasonable period of time. Entergy’s trusts are managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Entergy did not have any material charges relating to other-than-temporary impairment of certain equity securities for the three months ended March 31, 2016 and 2015.
System Energy [Member] |
Decommissioning Trust Funds | DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) Entergy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The NRC requires Entergy subsidiaries to maintain trusts to fund the costs of decommissioning ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades (NYPA currently retains the decommissioning trusts and liabilities for Indian Point 3 and FitzPatrick). The funds are invested primarily in equity securities, fixed-rate debt securities, and cash and cash equivalents. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana has recorded an offsetting amount of unrealized gains/(losses) in other deferred credits. Decommissioning trust funds for Pilgrim, Indian Point 1 and 2, Vermont Yankee, and Palisades do not meet the criteria for regulatory accounting treatment. Accordingly, unrealized gains recorded on the assets in these trust funds are recognized in the accumulated other comprehensive income component of shareholders’ equity because these assets are classified as available-for-sale. Unrealized losses (where cost exceeds fair market value) on the assets in these trust funds are also recorded in the accumulated other comprehensive income component of shareholders’ equity unless the unrealized loss is other than temporary and therefore recorded in earnings. Generally, Entergy records realized gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows:
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2016 |  |  |  |  |  |
Equity Securities |  |  | $3,203 |  |  |  | $1,638 |  |  |  | $1 |
Debt Securities |  | 2,249 |  |  | 78 |  |  | 4 |
Total |  |  | $5,452 |  |  |  | $1,716 |  |  |  | $5 |
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2015 |  |  |  |  |  |
Equity Securities |  |  | $3,195 |  |  |  | $1,396 |  |  |  | $2 |
Debt Securities |  | 2,155 |  |  | 41 |  |  | 17 |
Total |  |  | $5,350 |  |  |  | $1,437 |  |  |  | $19 |
Deferred taxes on unrealized gains/(losses) are recorded in other comprehensive income for the decommissioning trusts which do not meet the criteria for regulatory accounting treatment as described above. Unrealized gains/(losses) above are reported before deferred taxes of $361 million and $342 million as of March 31, 2016 and December 31, 2015, respectively. The amortized cost of debt securities was $2,183 million as of March 31, 2016 and $2,124 million as of December 31, 2015. As of March 31, 2016, the debt securities have an average coupon rate of approximately 3.20%, an average duration of approximately 5.84 years, and an average maturity of approximately 8.91 years. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $38 |  |  |  | $1 |  |  |  | $196 |  |  |  | $2 |
More than 12 months | — |  |  | — |  |  | 73 |  |  | 2 |
Total |  | $38 |  |  |  | $1 |  |  |  | $269 |  |  |  | $4 |
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $54 |  |  |  | $2 |  |  |  | $1,031 |  |  |  | $15 |
More than 12 months | 1 |  |  | — |  |  | 61 |  |  | 2 |
Total |  | $55 |  |  |  | $2 |  |  |  | $1,092 |  |  |  | $17 |
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows:
| 2016 |  | 2015
| (In Millions)
less than 1 year |  | $98 |  |  |  | $77 |
1 year - 5 years | 855 |  |  | 857 |
5 years - 10 years | 711 |  |  | 704 |
10 years - 15 years | 144 |  |  | 124 |
15 years - 20 years | 58 |  |  | 50 |
20 years+ | 383 |  |  | 343 |
Total |  | $2,249 |  |  |  | $2,155 |
During the three months ended March 31, 2016 and 2015, proceeds from the dispositions of securities amounted to $729 million and $493 million, respectively. During the three months ended March 31, 2016 and 2015, gross gains of $10 million and $26 million, respectively, and gross losses of $3 million and $2 million, respectively, were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. Entergy Arkansas Entergy Arkansas holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows:
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2016 |  |  |  |  |  |
Equity Securities |  |  | $474.3 |  |  |  | $238.5 |  |  |  | $0.2 |
Debt Securities |  | 311.2 |  |  | 9.5 |  |  | 0.8 |
Total |  |  | $785.5 |  |  |  | $248.0 |  |  |  | $1.0 |
2015 |  |  |  |  |  |
Equity Securities |  |  | $467.4 |  |  |  | $234.4 |  |  |  | $0.2 |
Debt Securities |  | 303.9 |  |  | 4.1 |  |  | 2.2 |
Total |  |  | $771.3 |  |  |  | $238.5 |  |  |  | $2.4 |
The amortized cost of debt securities was $302 million as of March 31, 2016 and $301.8 million as of December 31, 2015. As of March 31, 2016, the debt securities have an average coupon rate of approximately 2.58%, an average duration of approximately 5.25 years, and an average maturity of approximately 6.16 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $7.3 |  |  |  | $0.2 |  |  |  | $18.1 |  |  |  | $0.4 |
More than 12 months | — |  |  | — |  |  | 11.3 |  |  | 0.4 |
Total |  | $7.3 |  |  |  | $0.2 |  |  |  | $29.4 |  |  |  | $0.8 |
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $7.8 |  |  |  | $0.2 |  |  |  | $111.4 |  |  |  | $1.7 |
More than 12 months | — |  |  | — |  |  | 18.5 |  |  | 0.5 |
Total |  | $7.8 |  |  |  | $0.2 |  |  |  | $129.9 |  |  |  | $2.2 |
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows:
| 2016 |  | 2015
| (In Millions)
less than 1 year |  | $3.7 |  |  |  | $1.8 |
1 year - 5 years | 142.0 |  |  | 145.2 |
5 years - 10 years | 138.4 |  |  | 138.5 |
10 years - 15 years | 7.5 |  |  | 2.4 |
15 years - 20 years | 2.1 |  |  | 2.0 |
20 years+ | 17.5 |  |  | 14.0 |
Total |  | $311.2 |  |  |  | $303.9 |
During the three months ended March 31, 2016 and 2015, proceeds from the dispositions of securities amounted to $58.6 million and $81.9 million, respectively. During the three months ended March 31, 2016 and 2015, gross gains of $0.8 million and $5.1 million, respectively, and gross losses of $0.1 million and $1.3 thousand, respectively were reclassified out of other regulatory liabilities/assets into earnings. Entergy Louisiana Entergy Louisiana holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows:
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2016 |  |  |  |  |  |
Equity Securities |  |  | $643.0 |  |  |  | $289.3 |  |  |  | $0.1 |
Debt Securities |  | 422.2 |  |  | 19.0 |  |  | 0.8 |
Total |  |  | $1,065.2 |  |  |  | $308.3 |  |  |  | $0.9 |
2015 |  |  |  |  |  |
Equity Securities |  |  | $632.4 |  |  |  | $283.7 |  |  |  | $0.2 |
Debt Securities |  | 409.9 |  |  | 13.2 |  |  | 2.4 |
Total |  |  | $1,042.3 |  |  |  | $296.9 |  |  |  | $2.6 |
The amortized cost of debt securities was $407 million as of March 31, 2016 and $399.2 million as of December 31, 2015. As of March 31, 2016, the debt securities have an average coupon rate of approximately 3.89%, an average duration of approximately 5.54 years, and an average maturity of approximately 10.24 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $8.6 |  |  |  | $0.1 |  |  |  | $24.0 |  |  |  | $0.3 |
More than 12 months | — |  |  | — |  |  | 11.0 |  |  | 0.5 |
Total |  | $8.6 |  |  |  | $0.1 |  |  |  | $35.0 |  |  |  | $0.8 |
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $9.4 |  |  |  | $0.2 |  |  |  | $124.0 |  |  |  | $2.0 |
More than 12 months | — |  |  | — |  |  | 7.4 |  |  | 0.4 |
Total |  | $9.4 |  |  |  | $0.2 |  |  |  | $131.4 |  |  |  | $2.4 |
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows:
| 2016 |  | 2015
| (In Millions)
less than 1 year |  | $31.9 |  |  |  | $27.1 |
1 year - 5 years | 114.8 |  |  | 124.0 |
5 years - 10 years | 121.2 |  |  | 114.3 |
10 years - 15 years | 43.6 |  |  | 39.3 |
15 years - 20 years | 29.7 |  |  | 26.5 |
20 years+ | 81.0 |  |  | 78.7 |
Total |  | $422.2 |  |  |  | $409.9 |
During the three months ended March 31, 2016 and 2015, proceeds from the dispositions of securities amounted to $53.8 million and $25.6 million, respectively. During the three months ended March 31, 2016 and 2015, gross gains of $0.9 million and $1.3 million, respectively, and gross losses of $0.1 million and $0.01 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. System Energy System Energy holds debt and equity securities, classified as available-for-sale, in nuclear decommissioning trust accounts. The securities held as of March 31, 2016 and December 31, 2015 are summarized as follows:
|  | Fair Value |  | Total Unrealized Gains |  | Total Unrealized Losses
|  | (In Millions)
2016 |  |  |  |  |  |
Equity Securities |  |  | $428.4 |  |  |  | $182.7 |  |  |  | $0.1 |
Debt Securities |  | 291.4 |  |  | 5.5 |  |  | 0.4 |
Total |  |  | $719.8 |  |  |  | $188.2 |  |  |  | $0.5 |
2015 |  |  |  |  |  |
Equity Securities |  |  | $423.7 |  |  |  | $179.2 |  |  |  | $0.3 |
Debt Securities |  | 277.8 |  |  | 2.2 |  |  | 2.3 |
Total |  |  | $701.5 |  |  |  | $181.4 |  |  |  | $2.6 |
The amortized cost of debt securities was $286.9 million as of March 31, 2016 and $270.7 million as of December 31, 2015. As of March 31, 2016, the debt securities have an average coupon rate of approximately 1.93%, an average duration of approximately 5.02 years, and an average maturity of approximately 6.37 years. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of March 31, 2016:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $3.9 |  |  |  | $0.1 |  |  |  | $45.8 |  |  |  | $0.3 |
More than 12 months | — |  |  | — |  |  | 2.4 |  |  | 0.1 |
Total |  | $3.9 |  |  |  | $0.1 |  |  |  | $48.2 |  |  |  | $0.4 |
The fair value and gross unrealized losses of available-for-sale equity and debt securities, summarized by investment type and length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2015:
| Equity Securities |  | Debt Securities
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
| (In Millions)
Less than 12 months |  | $8.3 |  |  |  | $0.2 |  |  |  | $200.4 |  |  |  | $2.2 |
More than 12 months | 0.9 |  |  | 0.1 |  |  | 5.0 |  |  | 0.1 |
Total |  | $9.2 |  |  |  | $0.3 |  |  |  | $205.4 |  |  |  | $2.3 |
The fair value of debt securities, summarized by contractual maturities, as of March 31, 2016 and December 31, 2015 are as follows:
| 2016 |  | 2015
| (In Millions)
less than 1 year |  | $4.6 |  |  |  | $2.0 |
1 year - 5 years | 180.9 |  |  | 181.2 |
5 years - 10 years | 73.3 |  |  | 63.0 |
10 years - 15 years | 4.5 |  |  | 4.4 |
15 years - 20 years | 1.5 |  |  | 1.6 |
20 years+ | 26.6 |  |  | 25.6 |
Total |  | $291.4 |  |  |  | $277.8 |
During the three months ended March 31, 2016 and 2015, proceeds from the dispositions of securities amounted to $188.5 million and $78.4 million, respectively. During the three months ended March 31, 2016 and 2015, gross gains of $1.6 million and $0.4 million, respectively, and gross losses of $0.3 million and $0.1 million, respectively, were reclassified out of other regulatory liabilities/assets into earnings. Other-than-temporary impairments and unrealized gains and losses Entergy, Entergy Arkansas, Entergy Louisiana, and System Energy evaluate unrealized losses at the end of each period to determine whether an other-than-temporary impairment has occurred. The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether Entergy has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs. Further, if Entergy does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss). Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities for the three months ended March 31, 2016 and 2015. The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment continues to be based on a number of factors including, first, whether Entergy has the ability and intent to hold the investment to recover its value, the duration and severity of any losses, and, then, whether it is expected that the investment will recover its value within a reasonable period of time. Entergy’s trusts are managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments. Entergy did not have any material charges relating to other-than-temporary impairment of certain equity securities for the three months ended March 31, 2016 and 2015.

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