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Revolving Credit Facilities, Lines Of Credit, Short-Term Borrowings, And Long-Term Debt | 3 Months Ended
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Mar. 31, 2018
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 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 August 2022. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% 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 three months ended March 31, 2018 was 3.31% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2018.
Capacity |  | Borrowings |  | Letters of Credit |  | Capacity Available
(In Millions)
$3,500 |  | $1,125 |  | $6 |  | $2,369
Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, 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 $2 billion. At March 31, 2018, Entergy Corporation had $655 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2018 was 1.88%. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2018 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Interest Rate (a) |  | Amount Drawn as of March 31, 2018 |  | Letters of Credit Outstanding as of March 31, 2018
Entergy Arkansas |  | April 2018 |  | $20 million (b) |  | 3.14% |  | $— |  | $—
Entergy Arkansas |  | August 2022 |  | $150 million (c) |  | 3.12% |  | $50 million |  | $—
Entergy Louisiana |  | August 2022 |  | $350 million (c) |  | 2.94% |  | $100 million |  | $9.1 million
Entergy Mississippi |  | May 2018 |  | $37.5 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $35 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $20 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $10 million (d) |  | 3.39% |  | $— |  | $—
Entergy New Orleans |  | November 2018 |  | $25 million (c) |  | 3.36% |  | $— |  | $0.8 million
Entergy Texas |  | August 2022 |  | $150 million (c) |  | 3.39% |  | $— |  | $24.4 million
(a) | For credit facilities with no borrowings as of March 31, 2018, the interest rate is the estimated interest rate as of March 31, 2018 that would have been applied 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. In April 2018, Entergy Arkansas renewed its credit facility through April 2019.
(c) | The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas.
(d) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration.
The commitment fees on the credit facilities range from 0.075% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2018:
Company |  | Amount of Uncommitted Facility |  | Letter of Credit Fee |  | Letters of Credit Issued as of March 31, 2018 (a)
Entergy Arkansas |  | $25 million |  | 0.70% |  | $1 million
Entergy Louisiana |  | $125 million |  | 0.70% |  | $23.8 million
Entergy Mississippi |  | $40 million |  | 0.70% |  | $16.6 million
Entergy New Orleans |  | $15 million |  | 1.00% |  | $4.8 million
Entergy Texas |  | $50 million |  | 0.70% |  | $25.6 million
(a) | As of March 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Arkansas, $0.1 million for Entergy Mississippi, and $0.2 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.
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, 2019. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal 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 March 31, 2018 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries:
| Authorized |  | Borrowings
| (In Millions)
Entergy Arkansas | $250 |  | $124
Entergy Louisiana | $450 |  | $—
Entergy Mississippi | $175 |  | $75
Entergy New Orleans | $150 |  | $—
Entergy Texas | $200 |  | $—
System Energy | $200 |  | $—
Entergy Nuclear Vermont Yankee Credit Facility Entergy Nuclear Vermont Yankee has a credit facility guaranteed by Entergy Corporation with a borrowing capacity of $145 million that expires in November 2020. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.20% of the undrawn commitment amount. As of March 31, 2018, $118 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2018 was 3.10% on the drawn portion of the facility. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issued commercial paper as of March 31, 2018 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Weighted Average Interest Rate on Borrowings (a) |  | Amount Outstanding as of March 31, 2018
|  |  |  | (Dollars in Millions)
Entergy Arkansas VIE |  | May 2019 |  | $80 |  | 3.74% |  | $43.9 (b)
Entergy Louisiana River Bend VIE |  | May 2019 |  | $105 |  | 2.82% |  | $52.3
Entergy Louisiana Waterford VIE |  | May 2019 |  | $85 |  | 3.35% |  | $62.9 (b)
System Energy VIE |  | May 2019 |  | $120 |  | 3.46% |  | $43.2 (b)
(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 Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility.
(b) | The total amount outstanding as of March 31, 2018 is commercial paper, and is classified as a current liability.
The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, 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 March 31, 2018 as follows:
Company |  | Description |  | Amount
Entergy Arkansas VIE |  | 3.65% Series L due July 2021 |  | $90 million
Entergy Arkansas VIE |  | 3.17% Series M due December 2023 |  | $40 million
Entergy Louisiana River Bend VIE |  | 3.38% Series R due August 2020 |  | $70 million
Entergy Louisiana Waterford VIE |  | 3.92% Series H due February 2021 |  | $40 million
Entergy Louisiana Waterford VIE |  | 3.22% Series I due December 2023 |  | $20 million
System Energy VIE |  | 3.78% Series I due October 2018 |  | $85 million
System Energy VIE |  | 3.42% Series J due April 2021 |  | $100 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 Retirements (Entergy Louisiana) In March 2018, Entergy Louisiana issued $750 million of 4.00% collateral trust mortgage bonds due March 2033. Entergy Louisiana is using the proceeds, together with other funds, to finance the construction of the Lake Charles Power Station and St. Charles Power Station; to repay, at maturity, its $375 million of 6.0% Series first mortgage bonds due May 2018; to repay borrowings from the money pool; to repay borrowings under its $350 million credit facility; and for general corporate purposes. (System Energy) In March 2018 the System Energy nuclear fuel trust variable interest entity issued $100 million of 3.42% Series J notes due April 2021. The System Energy nuclear fuel trust variable interest entity used the proceeds to purchase additional nuclear fuel. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2018 are as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $16,851,636 |  |  |  | $16,771,585 |
Entergy Arkansas |  | $2,978,569 |  |  |  | $2,812,019 |
Entergy Louisiana |  | $6,938,439 |  |  |  | $7,022,323 |
Entergy Mississippi |  | $1,270,399 |  |  |  | $1,252,877 |
Entergy New Orleans |  | $436,995 |  |  |  | $446,981 |
Entergy Texas |  | $1,562,555 |  |  |  | $1,603,892 |
System Energy |  | $601,582 |  |  |  | $576,121 |
(a) | The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $184 million at Entergy Arkansas, 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 herein.
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2017 were as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $15,075,266 |  |  |  | $15,367,453 |
Entergy Arkansas |  | $2,952,399 |  |  |  | $2,865,844 |
Entergy Louisiana |  | $6,144,071 |  |  |  | $6,389,774 |
Entergy Mississippi |  | $1,270,122 |  |  |  | $1,285,741 |
Entergy New Orleans |  | $436,870 |  |  |  | $455,968 |
Entergy Texas |  | $1,587,150 |  |  |  | $1,661,902 |
System Energy |  | $551,488 |  |  |  | $529,119 |
(a) | The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $183 million at Entergy Arkansas, 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 herein.
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 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 August 2022. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% 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 three months ended March 31, 2018 was 3.31% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2018.
Capacity |  | Borrowings |  | Letters of Credit |  | Capacity Available
(In Millions)
$3,500 |  | $1,125 |  | $6 |  | $2,369
Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, 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 $2 billion. At March 31, 2018, Entergy Corporation had $655 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2018 was 1.88%. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2018 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Interest Rate (a) |  | Amount Drawn as of March 31, 2018 |  | Letters of Credit Outstanding as of March 31, 2018
Entergy Arkansas |  | April 2018 |  | $20 million (b) |  | 3.14% |  | $— |  | $—
Entergy Arkansas |  | August 2022 |  | $150 million (c) |  | 3.12% |  | $50 million |  | $—
Entergy Louisiana |  | August 2022 |  | $350 million (c) |  | 2.94% |  | $100 million |  | $9.1 million
Entergy Mississippi |  | May 2018 |  | $37.5 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $35 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $20 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $10 million (d) |  | 3.39% |  | $— |  | $—
Entergy New Orleans |  | November 2018 |  | $25 million (c) |  | 3.36% |  | $— |  | $0.8 million
Entergy Texas |  | August 2022 |  | $150 million (c) |  | 3.39% |  | $— |  | $24.4 million
(a) | For credit facilities with no borrowings as of March 31, 2018, the interest rate is the estimated interest rate as of March 31, 2018 that would have been applied 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. In April 2018, Entergy Arkansas renewed its credit facility through April 2019.
(c) | The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas.
(d) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration.
The commitment fees on the credit facilities range from 0.075% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2018:
Company |  | Amount of Uncommitted Facility |  | Letter of Credit Fee |  | Letters of Credit Issued as of March 31, 2018 (a)
Entergy Arkansas |  | $25 million |  | 0.70% |  | $1 million
Entergy Louisiana |  | $125 million |  | 0.70% |  | $23.8 million
Entergy Mississippi |  | $40 million |  | 0.70% |  | $16.6 million
Entergy New Orleans |  | $15 million |  | 1.00% |  | $4.8 million
Entergy Texas |  | $50 million |  | 0.70% |  | $25.6 million
(a) | As of March 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Arkansas, $0.1 million for Entergy Mississippi, and $0.2 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.
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, 2019. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal 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 March 31, 2018 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries:
| Authorized |  | Borrowings
| (In Millions)
Entergy Arkansas | $250 |  | $124
Entergy Louisiana | $450 |  | $—
Entergy Mississippi | $175 |  | $75
Entergy New Orleans | $150 |  | $—
Entergy Texas | $200 |  | $—
System Energy | $200 |  | $—
Entergy Nuclear Vermont Yankee Credit Facility Entergy Nuclear Vermont Yankee has a credit facility guaranteed by Entergy Corporation with a borrowing capacity of $145 million that expires in November 2020. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.20% of the undrawn commitment amount. As of March 31, 2018, $118 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2018 was 3.10% on the drawn portion of the facility. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issued commercial paper as of March 31, 2018 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Weighted Average Interest Rate on Borrowings (a) |  | Amount Outstanding as of March 31, 2018
|  |  |  | (Dollars in Millions)
Entergy Arkansas VIE |  | May 2019 |  | $80 |  | 3.74% |  | $43.9 (b)
Entergy Louisiana River Bend VIE |  | May 2019 |  | $105 |  | 2.82% |  | $52.3
Entergy Louisiana Waterford VIE |  | May 2019 |  | $85 |  | 3.35% |  | $62.9 (b)
System Energy VIE |  | May 2019 |  | $120 |  | 3.46% |  | $43.2 (b)
(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 Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility.
(b) | The total amount outstanding as of March 31, 2018 is commercial paper, and is classified as a current liability.
The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, 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 March 31, 2018 as follows:
Company |  | Description |  | Amount
Entergy Arkansas VIE |  | 3.65% Series L due July 2021 |  | $90 million
Entergy Arkansas VIE |  | 3.17% Series M due December 2023 |  | $40 million
Entergy Louisiana River Bend VIE |  | 3.38% Series R due August 2020 |  | $70 million
Entergy Louisiana Waterford VIE |  | 3.92% Series H due February 2021 |  | $40 million
Entergy Louisiana Waterford VIE |  | 3.22% Series I due December 2023 |  | $20 million
System Energy VIE |  | 3.78% Series I due October 2018 |  | $85 million
System Energy VIE |  | 3.42% Series J due April 2021 |  | $100 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 Retirements (Entergy Louisiana) In March 2018, Entergy Louisiana issued $750 million of 4.00% collateral trust mortgage bonds due March 2033. Entergy Louisiana is using the proceeds, together with other funds, to finance the construction of the Lake Charles Power Station and St. Charles Power Station; to repay, at maturity, its $375 million of 6.0% Series first mortgage bonds due May 2018; to repay borrowings from the money pool; to repay borrowings under its $350 million credit facility; and for general corporate purposes. (System Energy) In March 2018 the System Energy nuclear fuel trust variable interest entity issued $100 million of 3.42% Series J notes due April 2021. The System Energy nuclear fuel trust variable interest entity used the proceeds to purchase additional nuclear fuel. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2018 are as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $16,851,636 |  |  |  | $16,771,585 |
Entergy Arkansas |  | $2,978,569 |  |  |  | $2,812,019 |
Entergy Louisiana |  | $6,938,439 |  |  |  | $7,022,323 |
Entergy Mississippi |  | $1,270,399 |  |  |  | $1,252,877 |
Entergy New Orleans |  | $436,995 |  |  |  | $446,981 |
Entergy Texas |  | $1,562,555 |  |  |  | $1,603,892 |
System Energy |  | $601,582 |  |  |  | $576,121 |
(a) | The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $184 million at Entergy Arkansas, 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 herein.
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2017 were as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $15,075,266 |  |  |  | $15,367,453 |
Entergy Arkansas |  | $2,952,399 |  |  |  | $2,865,844 |
Entergy Louisiana |  | $6,144,071 |  |  |  | $6,389,774 |
Entergy Mississippi |  | $1,270,122 |  |  |  | $1,285,741 |
Entergy New Orleans |  | $436,870 |  |  |  | $455,968 |
Entergy Texas |  | $1,587,150 |  |  |  | $1,661,902 |
System Energy |  | $551,488 |  |  |  | $529,119 |
(a) | The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $183 million at Entergy Arkansas, 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 herein.
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 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 August 2022. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% 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 three months ended March 31, 2018 was 3.31% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2018.
Capacity |  | Borrowings |  | Letters of Credit |  | Capacity Available
(In Millions)
$3,500 |  | $1,125 |  | $6 |  | $2,369
Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, 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 $2 billion. At March 31, 2018, Entergy Corporation had $655 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2018 was 1.88%. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2018 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Interest Rate (a) |  | Amount Drawn as of March 31, 2018 |  | Letters of Credit Outstanding as of March 31, 2018
Entergy Arkansas |  | April 2018 |  | $20 million (b) |  | 3.14% |  | $— |  | $—
Entergy Arkansas |  | August 2022 |  | $150 million (c) |  | 3.12% |  | $50 million |  | $—
Entergy Louisiana |  | August 2022 |  | $350 million (c) |  | 2.94% |  | $100 million |  | $9.1 million
Entergy Mississippi |  | May 2018 |  | $37.5 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $35 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $20 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $10 million (d) |  | 3.39% |  | $— |  | $—
Entergy New Orleans |  | November 2018 |  | $25 million (c) |  | 3.36% |  | $— |  | $0.8 million
Entergy Texas |  | August 2022 |  | $150 million (c) |  | 3.39% |  | $— |  | $24.4 million
(a) | For credit facilities with no borrowings as of March 31, 2018, the interest rate is the estimated interest rate as of March 31, 2018 that would have been applied 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. In April 2018, Entergy Arkansas renewed its credit facility through April 2019.
(c) | The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas.
(d) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration.
The commitment fees on the credit facilities range from 0.075% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2018:
Company |  | Amount of Uncommitted Facility |  | Letter of Credit Fee |  | Letters of Credit Issued as of March 31, 2018 (a)
Entergy Arkansas |  | $25 million |  | 0.70% |  | $1 million
Entergy Louisiana |  | $125 million |  | 0.70% |  | $23.8 million
Entergy Mississippi |  | $40 million |  | 0.70% |  | $16.6 million
Entergy New Orleans |  | $15 million |  | 1.00% |  | $4.8 million
Entergy Texas |  | $50 million |  | 0.70% |  | $25.6 million
(a) | As of March 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Arkansas, $0.1 million for Entergy Mississippi, and $0.2 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.
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, 2019. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal 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 March 31, 2018 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries:
| Authorized |  | Borrowings
| (In Millions)
Entergy Arkansas | $250 |  | $124
Entergy Louisiana | $450 |  | $—
Entergy Mississippi | $175 |  | $75
Entergy New Orleans | $150 |  | $—
Entergy Texas | $200 |  | $—
System Energy | $200 |  | $—
Entergy Nuclear Vermont Yankee Credit Facility Entergy Nuclear Vermont Yankee has a credit facility guaranteed by Entergy Corporation with a borrowing capacity of $145 million that expires in November 2020. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.20% of the undrawn commitment amount. As of March 31, 2018, $118 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2018 was 3.10% on the drawn portion of the facility. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issued commercial paper as of March 31, 2018 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Weighted Average Interest Rate on Borrowings (a) |  | Amount Outstanding as of March 31, 2018
|  |  |  | (Dollars in Millions)
Entergy Arkansas VIE |  | May 2019 |  | $80 |  | 3.74% |  | $43.9 (b)
Entergy Louisiana River Bend VIE |  | May 2019 |  | $105 |  | 2.82% |  | $52.3
Entergy Louisiana Waterford VIE |  | May 2019 |  | $85 |  | 3.35% |  | $62.9 (b)
System Energy VIE |  | May 2019 |  | $120 |  | 3.46% |  | $43.2 (b)
(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 Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility.
(b) | The total amount outstanding as of March 31, 2018 is commercial paper, and is classified as a current liability.
The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, 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 March 31, 2018 as follows:
Company |  | Description |  | Amount
Entergy Arkansas VIE |  | 3.65% Series L due July 2021 |  | $90 million
Entergy Arkansas VIE |  | 3.17% Series M due December 2023 |  | $40 million
Entergy Louisiana River Bend VIE |  | 3.38% Series R due August 2020 |  | $70 million
Entergy Louisiana Waterford VIE |  | 3.92% Series H due February 2021 |  | $40 million
Entergy Louisiana Waterford VIE |  | 3.22% Series I due December 2023 |  | $20 million
System Energy VIE |  | 3.78% Series I due October 2018 |  | $85 million
System Energy VIE |  | 3.42% Series J due April 2021 |  | $100 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 Retirements (Entergy Louisiana) In March 2018, Entergy Louisiana issued $750 million of 4.00% collateral trust mortgage bonds due March 2033. Entergy Louisiana is using the proceeds, together with other funds, to finance the construction of the Lake Charles Power Station and St. Charles Power Station; to repay, at maturity, its $375 million of 6.0% Series first mortgage bonds due May 2018; to repay borrowings from the money pool; to repay borrowings under its $350 million credit facility; and for general corporate purposes. (System Energy) In March 2018 the System Energy nuclear fuel trust variable interest entity issued $100 million of 3.42% Series J notes due April 2021. The System Energy nuclear fuel trust variable interest entity used the proceeds to purchase additional nuclear fuel. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2018 are as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $16,851,636 |  |  |  | $16,771,585 |
Entergy Arkansas |  | $2,978,569 |  |  |  | $2,812,019 |
Entergy Louisiana |  | $6,938,439 |  |  |  | $7,022,323 |
Entergy Mississippi |  | $1,270,399 |  |  |  | $1,252,877 |
Entergy New Orleans |  | $436,995 |  |  |  | $446,981 |
Entergy Texas |  | $1,562,555 |  |  |  | $1,603,892 |
System Energy |  | $601,582 |  |  |  | $576,121 |
(a) | The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $184 million at Entergy Arkansas, 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 herein.
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2017 were as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $15,075,266 |  |  |  | $15,367,453 |
Entergy Arkansas |  | $2,952,399 |  |  |  | $2,865,844 |
Entergy Louisiana |  | $6,144,071 |  |  |  | $6,389,774 |
Entergy Mississippi |  | $1,270,122 |  |  |  | $1,285,741 |
Entergy New Orleans |  | $436,870 |  |  |  | $455,968 |
Entergy Texas |  | $1,587,150 |  |  |  | $1,661,902 |
System Energy |  | $551,488 |  |  |  | $529,119 |
(a) | The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $183 million at Entergy Arkansas, 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 herein.
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 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 August 2022. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% 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 three months ended March 31, 2018 was 3.31% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2018.
Capacity |  | Borrowings |  | Letters of Credit |  | Capacity Available
(In Millions)
$3,500 |  | $1,125 |  | $6 |  | $2,369
Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, 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 $2 billion. At March 31, 2018, Entergy Corporation had $655 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2018 was 1.88%. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2018 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Interest Rate (a) |  | Amount Drawn as of March 31, 2018 |  | Letters of Credit Outstanding as of March 31, 2018
Entergy Arkansas |  | April 2018 |  | $20 million (b) |  | 3.14% |  | $— |  | $—
Entergy Arkansas |  | August 2022 |  | $150 million (c) |  | 3.12% |  | $50 million |  | $—
Entergy Louisiana |  | August 2022 |  | $350 million (c) |  | 2.94% |  | $100 million |  | $9.1 million
Entergy Mississippi |  | May 2018 |  | $37.5 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $35 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $20 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $10 million (d) |  | 3.39% |  | $— |  | $—
Entergy New Orleans |  | November 2018 |  | $25 million (c) |  | 3.36% |  | $— |  | $0.8 million
Entergy Texas |  | August 2022 |  | $150 million (c) |  | 3.39% |  | $— |  | $24.4 million
(a) | For credit facilities with no borrowings as of March 31, 2018, the interest rate is the estimated interest rate as of March 31, 2018 that would have been applied 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. In April 2018, Entergy Arkansas renewed its credit facility through April 2019.
(c) | The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas.
(d) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration.
The commitment fees on the credit facilities range from 0.075% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2018:
Company |  | Amount of Uncommitted Facility |  | Letter of Credit Fee |  | Letters of Credit Issued as of March 31, 2018 (a)
Entergy Arkansas |  | $25 million |  | 0.70% |  | $1 million
Entergy Louisiana |  | $125 million |  | 0.70% |  | $23.8 million
Entergy Mississippi |  | $40 million |  | 0.70% |  | $16.6 million
Entergy New Orleans |  | $15 million |  | 1.00% |  | $4.8 million
Entergy Texas |  | $50 million |  | 0.70% |  | $25.6 million
(a) | As of March 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Arkansas, $0.1 million for Entergy Mississippi, and $0.2 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.
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, 2019. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal 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 March 31, 2018 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries:
| Authorized |  | Borrowings
| (In Millions)
Entergy Arkansas | $250 |  | $124
Entergy Louisiana | $450 |  | $—
Entergy Mississippi | $175 |  | $75
Entergy New Orleans | $150 |  | $—
Entergy Texas | $200 |  | $—
System Energy | $200 |  | $—
Entergy Nuclear Vermont Yankee Credit Facility Entergy Nuclear Vermont Yankee has a credit facility guaranteed by Entergy Corporation with a borrowing capacity of $145 million that expires in November 2020. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.20% of the undrawn commitment amount. As of March 31, 2018, $118 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2018 was 3.10% on the drawn portion of the facility. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issued commercial paper as of March 31, 2018 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Weighted Average Interest Rate on Borrowings (a) |  | Amount Outstanding as of March 31, 2018
|  |  |  | (Dollars in Millions)
Entergy Arkansas VIE |  | May 2019 |  | $80 |  | 3.74% |  | $43.9 (b)
Entergy Louisiana River Bend VIE |  | May 2019 |  | $105 |  | 2.82% |  | $52.3
Entergy Louisiana Waterford VIE |  | May 2019 |  | $85 |  | 3.35% |  | $62.9 (b)
System Energy VIE |  | May 2019 |  | $120 |  | 3.46% |  | $43.2 (b)
(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 Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility.
(b) | The total amount outstanding as of March 31, 2018 is commercial paper, and is classified as a current liability.
The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, 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 March 31, 2018 as follows:
Company |  | Description |  | Amount
Entergy Arkansas VIE |  | 3.65% Series L due July 2021 |  | $90 million
Entergy Arkansas VIE |  | 3.17% Series M due December 2023 |  | $40 million
Entergy Louisiana River Bend VIE |  | 3.38% Series R due August 2020 |  | $70 million
Entergy Louisiana Waterford VIE |  | 3.92% Series H due February 2021 |  | $40 million
Entergy Louisiana Waterford VIE |  | 3.22% Series I due December 2023 |  | $20 million
System Energy VIE |  | 3.78% Series I due October 2018 |  | $85 million
System Energy VIE |  | 3.42% Series J due April 2021 |  | $100 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 Retirements (Entergy Louisiana) In March 2018, Entergy Louisiana issued $750 million of 4.00% collateral trust mortgage bonds due March 2033. Entergy Louisiana is using the proceeds, together with other funds, to finance the construction of the Lake Charles Power Station and St. Charles Power Station; to repay, at maturity, its $375 million of 6.0% Series first mortgage bonds due May 2018; to repay borrowings from the money pool; to repay borrowings under its $350 million credit facility; and for general corporate purposes. (System Energy) In March 2018 the System Energy nuclear fuel trust variable interest entity issued $100 million of 3.42% Series J notes due April 2021. The System Energy nuclear fuel trust variable interest entity used the proceeds to purchase additional nuclear fuel. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2018 are as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $16,851,636 |  |  |  | $16,771,585 |
Entergy Arkansas |  | $2,978,569 |  |  |  | $2,812,019 |
Entergy Louisiana |  | $6,938,439 |  |  |  | $7,022,323 |
Entergy Mississippi |  | $1,270,399 |  |  |  | $1,252,877 |
Entergy New Orleans |  | $436,995 |  |  |  | $446,981 |
Entergy Texas |  | $1,562,555 |  |  |  | $1,603,892 |
System Energy |  | $601,582 |  |  |  | $576,121 |
(a) | The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $184 million at Entergy Arkansas, 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 herein.
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2017 were as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $15,075,266 |  |  |  | $15,367,453 |
Entergy Arkansas |  | $2,952,399 |  |  |  | $2,865,844 |
Entergy Louisiana |  | $6,144,071 |  |  |  | $6,389,774 |
Entergy Mississippi |  | $1,270,122 |  |  |  | $1,285,741 |
Entergy New Orleans |  | $436,870 |  |  |  | $455,968 |
Entergy Texas |  | $1,587,150 |  |  |  | $1,661,902 |
System Energy |  | $551,488 |  |  |  | $529,119 |
(a) | The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $183 million at Entergy Arkansas, 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 herein.
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 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 August 2022. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% 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 three months ended March 31, 2018 was 3.31% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2018.
Capacity |  | Borrowings |  | Letters of Credit |  | Capacity Available
(In Millions)
$3,500 |  | $1,125 |  | $6 |  | $2,369
Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, 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 $2 billion. At March 31, 2018, Entergy Corporation had $655 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2018 was 1.88%. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2018 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Interest Rate (a) |  | Amount Drawn as of March 31, 2018 |  | Letters of Credit Outstanding as of March 31, 2018
Entergy Arkansas |  | April 2018 |  | $20 million (b) |  | 3.14% |  | $— |  | $—
Entergy Arkansas |  | August 2022 |  | $150 million (c) |  | 3.12% |  | $50 million |  | $—
Entergy Louisiana |  | August 2022 |  | $350 million (c) |  | 2.94% |  | $100 million |  | $9.1 million
Entergy Mississippi |  | May 2018 |  | $37.5 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $35 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $20 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $10 million (d) |  | 3.39% |  | $— |  | $—
Entergy New Orleans |  | November 2018 |  | $25 million (c) |  | 3.36% |  | $— |  | $0.8 million
Entergy Texas |  | August 2022 |  | $150 million (c) |  | 3.39% |  | $— |  | $24.4 million
(a) | For credit facilities with no borrowings as of March 31, 2018, the interest rate is the estimated interest rate as of March 31, 2018 that would have been applied 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. In April 2018, Entergy Arkansas renewed its credit facility through April 2019.
(c) | The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas.
(d) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration.
The commitment fees on the credit facilities range from 0.075% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2018:
Company |  | Amount of Uncommitted Facility |  | Letter of Credit Fee |  | Letters of Credit Issued as of March 31, 2018 (a)
Entergy Arkansas |  | $25 million |  | 0.70% |  | $1 million
Entergy Louisiana |  | $125 million |  | 0.70% |  | $23.8 million
Entergy Mississippi |  | $40 million |  | 0.70% |  | $16.6 million
Entergy New Orleans |  | $15 million |  | 1.00% |  | $4.8 million
Entergy Texas |  | $50 million |  | 0.70% |  | $25.6 million
(a) | As of March 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Arkansas, $0.1 million for Entergy Mississippi, and $0.2 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.
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, 2019. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal 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 March 31, 2018 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries:
| Authorized |  | Borrowings
| (In Millions)
Entergy Arkansas | $250 |  | $124
Entergy Louisiana | $450 |  | $—
Entergy Mississippi | $175 |  | $75
Entergy New Orleans | $150 |  | $—
Entergy Texas | $200 |  | $—
System Energy | $200 |  | $—
Entergy Nuclear Vermont Yankee Credit Facility Entergy Nuclear Vermont Yankee has a credit facility guaranteed by Entergy Corporation with a borrowing capacity of $145 million that expires in November 2020. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.20% of the undrawn commitment amount. As of March 31, 2018, $118 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2018 was 3.10% on the drawn portion of the facility. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issued commercial paper as of March 31, 2018 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Weighted Average Interest Rate on Borrowings (a) |  | Amount Outstanding as of March 31, 2018
|  |  |  | (Dollars in Millions)
Entergy Arkansas VIE |  | May 2019 |  | $80 |  | 3.74% |  | $43.9 (b)
Entergy Louisiana River Bend VIE |  | May 2019 |  | $105 |  | 2.82% |  | $52.3
Entergy Louisiana Waterford VIE |  | May 2019 |  | $85 |  | 3.35% |  | $62.9 (b)
System Energy VIE |  | May 2019 |  | $120 |  | 3.46% |  | $43.2 (b)
(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 Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility.
(b) | The total amount outstanding as of March 31, 2018 is commercial paper, and is classified as a current liability.
The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, 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 March 31, 2018 as follows:
Company |  | Description |  | Amount
Entergy Arkansas VIE |  | 3.65% Series L due July 2021 |  | $90 million
Entergy Arkansas VIE |  | 3.17% Series M due December 2023 |  | $40 million
Entergy Louisiana River Bend VIE |  | 3.38% Series R due August 2020 |  | $70 million
Entergy Louisiana Waterford VIE |  | 3.92% Series H due February 2021 |  | $40 million
Entergy Louisiana Waterford VIE |  | 3.22% Series I due December 2023 |  | $20 million
System Energy VIE |  | 3.78% Series I due October 2018 |  | $85 million
System Energy VIE |  | 3.42% Series J due April 2021 |  | $100 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 Retirements (Entergy Louisiana) In March 2018, Entergy Louisiana issued $750 million of 4.00% collateral trust mortgage bonds due March 2033. Entergy Louisiana is using the proceeds, together with other funds, to finance the construction of the Lake Charles Power Station and St. Charles Power Station; to repay, at maturity, its $375 million of 6.0% Series first mortgage bonds due May 2018; to repay borrowings from the money pool; to repay borrowings under its $350 million credit facility; and for general corporate purposes. (System Energy) In March 2018 the System Energy nuclear fuel trust variable interest entity issued $100 million of 3.42% Series J notes due April 2021. The System Energy nuclear fuel trust variable interest entity used the proceeds to purchase additional nuclear fuel. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2018 are as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $16,851,636 |  |  |  | $16,771,585 |
Entergy Arkansas |  | $2,978,569 |  |  |  | $2,812,019 |
Entergy Louisiana |  | $6,938,439 |  |  |  | $7,022,323 |
Entergy Mississippi |  | $1,270,399 |  |  |  | $1,252,877 |
Entergy New Orleans |  | $436,995 |  |  |  | $446,981 |
Entergy Texas |  | $1,562,555 |  |  |  | $1,603,892 |
System Energy |  | $601,582 |  |  |  | $576,121 |
(a) | The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $184 million at Entergy Arkansas, 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 herein.
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2017 were as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $15,075,266 |  |  |  | $15,367,453 |
Entergy Arkansas |  | $2,952,399 |  |  |  | $2,865,844 |
Entergy Louisiana |  | $6,144,071 |  |  |  | $6,389,774 |
Entergy Mississippi |  | $1,270,122 |  |  |  | $1,285,741 |
Entergy New Orleans |  | $436,870 |  |  |  | $455,968 |
Entergy Texas |  | $1,587,150 |  |  |  | $1,661,902 |
System Energy |  | $551,488 |  |  |  | $529,119 |
(a) | The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $183 million at Entergy Arkansas, 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 herein.
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 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 August 2022. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% 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 three months ended March 31, 2018 was 3.31% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2018.
Capacity |  | Borrowings |  | Letters of Credit |  | Capacity Available
(In Millions)
$3,500 |  | $1,125 |  | $6 |  | $2,369
Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, 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 $2 billion. At March 31, 2018, Entergy Corporation had $655 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2018 was 1.88%. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2018 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Interest Rate (a) |  | Amount Drawn as of March 31, 2018 |  | Letters of Credit Outstanding as of March 31, 2018
Entergy Arkansas |  | April 2018 |  | $20 million (b) |  | 3.14% |  | $— |  | $—
Entergy Arkansas |  | August 2022 |  | $150 million (c) |  | 3.12% |  | $50 million |  | $—
Entergy Louisiana |  | August 2022 |  | $350 million (c) |  | 2.94% |  | $100 million |  | $9.1 million
Entergy Mississippi |  | May 2018 |  | $37.5 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $35 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $20 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $10 million (d) |  | 3.39% |  | $— |  | $—
Entergy New Orleans |  | November 2018 |  | $25 million (c) |  | 3.36% |  | $— |  | $0.8 million
Entergy Texas |  | August 2022 |  | $150 million (c) |  | 3.39% |  | $— |  | $24.4 million
(a) | For credit facilities with no borrowings as of March 31, 2018, the interest rate is the estimated interest rate as of March 31, 2018 that would have been applied 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. In April 2018, Entergy Arkansas renewed its credit facility through April 2019.
(c) | The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas.
(d) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration.
The commitment fees on the credit facilities range from 0.075% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2018:
Company |  | Amount of Uncommitted Facility |  | Letter of Credit Fee |  | Letters of Credit Issued as of March 31, 2018 (a)
Entergy Arkansas |  | $25 million |  | 0.70% |  | $1 million
Entergy Louisiana |  | $125 million |  | 0.70% |  | $23.8 million
Entergy Mississippi |  | $40 million |  | 0.70% |  | $16.6 million
Entergy New Orleans |  | $15 million |  | 1.00% |  | $4.8 million
Entergy Texas |  | $50 million |  | 0.70% |  | $25.6 million
(a) | As of March 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Arkansas, $0.1 million for Entergy Mississippi, and $0.2 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.
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, 2019. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal 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 March 31, 2018 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries:
| Authorized |  | Borrowings
| (In Millions)
Entergy Arkansas | $250 |  | $124
Entergy Louisiana | $450 |  | $—
Entergy Mississippi | $175 |  | $75
Entergy New Orleans | $150 |  | $—
Entergy Texas | $200 |  | $—
System Energy | $200 |  | $—
Entergy Nuclear Vermont Yankee Credit Facility Entergy Nuclear Vermont Yankee has a credit facility guaranteed by Entergy Corporation with a borrowing capacity of $145 million that expires in November 2020. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.20% of the undrawn commitment amount. As of March 31, 2018, $118 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2018 was 3.10% on the drawn portion of the facility. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issued commercial paper as of March 31, 2018 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Weighted Average Interest Rate on Borrowings (a) |  | Amount Outstanding as of March 31, 2018
|  |  |  | (Dollars in Millions)
Entergy Arkansas VIE |  | May 2019 |  | $80 |  | 3.74% |  | $43.9 (b)
Entergy Louisiana River Bend VIE |  | May 2019 |  | $105 |  | 2.82% |  | $52.3
Entergy Louisiana Waterford VIE |  | May 2019 |  | $85 |  | 3.35% |  | $62.9 (b)
System Energy VIE |  | May 2019 |  | $120 |  | 3.46% |  | $43.2 (b)
(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 Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility.
(b) | The total amount outstanding as of March 31, 2018 is commercial paper, and is classified as a current liability.
The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, 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 March 31, 2018 as follows:
Company |  | Description |  | Amount
Entergy Arkansas VIE |  | 3.65% Series L due July 2021 |  | $90 million
Entergy Arkansas VIE |  | 3.17% Series M due December 2023 |  | $40 million
Entergy Louisiana River Bend VIE |  | 3.38% Series R due August 2020 |  | $70 million
Entergy Louisiana Waterford VIE |  | 3.92% Series H due February 2021 |  | $40 million
Entergy Louisiana Waterford VIE |  | 3.22% Series I due December 2023 |  | $20 million
System Energy VIE |  | 3.78% Series I due October 2018 |  | $85 million
System Energy VIE |  | 3.42% Series J due April 2021 |  | $100 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 Retirements (Entergy Louisiana) In March 2018, Entergy Louisiana issued $750 million of 4.00% collateral trust mortgage bonds due March 2033. Entergy Louisiana is using the proceeds, together with other funds, to finance the construction of the Lake Charles Power Station and St. Charles Power Station; to repay, at maturity, its $375 million of 6.0% Series first mortgage bonds due May 2018; to repay borrowings from the money pool; to repay borrowings under its $350 million credit facility; and for general corporate purposes. (System Energy) In March 2018 the System Energy nuclear fuel trust variable interest entity issued $100 million of 3.42% Series J notes due April 2021. The System Energy nuclear fuel trust variable interest entity used the proceeds to purchase additional nuclear fuel. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2018 are as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $16,851,636 |  |  |  | $16,771,585 |
Entergy Arkansas |  | $2,978,569 |  |  |  | $2,812,019 |
Entergy Louisiana |  | $6,938,439 |  |  |  | $7,022,323 |
Entergy Mississippi |  | $1,270,399 |  |  |  | $1,252,877 |
Entergy New Orleans |  | $436,995 |  |  |  | $446,981 |
Entergy Texas |  | $1,562,555 |  |  |  | $1,603,892 |
System Energy |  | $601,582 |  |  |  | $576,121 |
(a) | The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $184 million at Entergy Arkansas, 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 herein.
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2017 were as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $15,075,266 |  |  |  | $15,367,453 |
Entergy Arkansas |  | $2,952,399 |  |  |  | $2,865,844 |
Entergy Louisiana |  | $6,144,071 |  |  |  | $6,389,774 |
Entergy Mississippi |  | $1,270,122 |  |  |  | $1,285,741 |
Entergy New Orleans |  | $436,870 |  |  |  | $455,968 |
Entergy Texas |  | $1,587,150 |  |  |  | $1,661,902 |
System Energy |  | $551,488 |  |  |  | $529,119 |
(a) | The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $183 million at Entergy Arkansas, 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 herein.
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 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 August 2022. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% 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 three months ended March 31, 2018 was 3.31% on the drawn portion of the facility. Following is a summary of the borrowings outstanding and capacity available under the facility as of March 31, 2018.
Capacity |  | Borrowings |  | Letters of Credit |  | Capacity Available
(In Millions)
$3,500 |  | $1,125 |  | $6 |  | $2,369
Entergy Corporation’s credit facility requires Entergy to maintain a consolidated debt ratio, as defined, 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 $2 billion. At March 31, 2018, Entergy Corporation had $655 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2018 was 1.88%. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2018 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Interest Rate (a) |  | Amount Drawn as of March 31, 2018 |  | Letters of Credit Outstanding as of March 31, 2018
Entergy Arkansas |  | April 2018 |  | $20 million (b) |  | 3.14% |  | $— |  | $—
Entergy Arkansas |  | August 2022 |  | $150 million (c) |  | 3.12% |  | $50 million |  | $—
Entergy Louisiana |  | August 2022 |  | $350 million (c) |  | 2.94% |  | $100 million |  | $9.1 million
Entergy Mississippi |  | May 2018 |  | $37.5 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $35 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $20 million (d) |  | 3.39% |  | $— |  | $—
Entergy Mississippi |  | May 2018 |  | $10 million (d) |  | 3.39% |  | $— |  | $—
Entergy New Orleans |  | November 2018 |  | $25 million (c) |  | 3.36% |  | $— |  | $0.8 million
Entergy Texas |  | August 2022 |  | $150 million (c) |  | 3.39% |  | $— |  | $24.4 million
(a) | For credit facilities with no borrowings as of March 31, 2018, the interest rate is the estimated interest rate as of March 31, 2018 that would have been applied 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. In April 2018, Entergy Arkansas renewed its credit facility through April 2019.
(c) | The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $10 million for Entergy New Orleans; and $30 million for Entergy Texas.
(d) | Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration.
The commitment fees on the credit facilities range from 0.075% to 0.275% of the undrawn commitment amount. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant. In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each entered into uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO. Following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2018:
Company |  | Amount of Uncommitted Facility |  | Letter of Credit Fee |  | Letters of Credit Issued as of March 31, 2018 (a)
Entergy Arkansas |  | $25 million |  | 0.70% |  | $1 million
Entergy Louisiana |  | $125 million |  | 0.70% |  | $23.8 million
Entergy Mississippi |  | $40 million |  | 0.70% |  | $16.6 million
Entergy New Orleans |  | $15 million |  | 1.00% |  | $4.8 million
Entergy Texas |  | $50 million |  | 0.70% |  | $25.6 million
(a) | As of March 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Arkansas, $0.1 million for Entergy Mississippi, and $0.2 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.
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, 2019. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy System money pool and from other internal short-term borrowing arrangements. The money pool and the other internal borrowing arrangements are inter-company borrowing arrangements designed to reduce the Utility subsidiaries’ dependence on external short-term borrowings. Borrowings from internal 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 March 31, 2018 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries:
| Authorized |  | Borrowings
| (In Millions)
Entergy Arkansas | $250 |  | $124
Entergy Louisiana | $450 |  | $—
Entergy Mississippi | $175 |  | $75
Entergy New Orleans | $150 |  | $—
Entergy Texas | $200 |  | $—
System Energy | $200 |  | $—
Entergy Nuclear Vermont Yankee Credit Facility Entergy Nuclear Vermont Yankee has a credit facility guaranteed by Entergy Corporation with a borrowing capacity of $145 million that expires in November 2020. Entergy Nuclear Vermont Yankee does not have the ability to issue letters of credit against the credit facility. This facility provides working capital to Entergy Nuclear Vermont Yankee for general business purposes including, without limitation, the decommissioning of Vermont Yankee. The commitment fee is currently 0.20% of the undrawn commitment amount. As of March 31, 2018, $118 million in cash borrowings were outstanding under the credit facility. The weighted average interest rate for the three months ended March 31, 2018 was 3.10% on the drawn portion of the facility. Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy) See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issued commercial paper as of March 31, 2018 as follows:
Company |  | Expiration Date |  | Amount of Facility |  | Weighted Average Interest Rate on Borrowings (a) |  | Amount Outstanding as of March 31, 2018
|  |  |  | (Dollars in Millions)
Entergy Arkansas VIE |  | May 2019 |  | $80 |  | 3.74% |  | $43.9 (b)
Entergy Louisiana River Bend VIE |  | May 2019 |  | $105 |  | 2.82% |  | $52.3
Entergy Louisiana Waterford VIE |  | May 2019 |  | $85 |  | 3.35% |  | $62.9 (b)
System Energy VIE |  | May 2019 |  | $120 |  | 3.46% |  | $43.2 (b)
(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 Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility.
(b) | The total amount outstanding as of March 31, 2018 is commercial paper, and is classified as a current liability.
The commitment fees on the credit facilities are 0.10% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, 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 March 31, 2018 as follows:
Company |  | Description |  | Amount
Entergy Arkansas VIE |  | 3.65% Series L due July 2021 |  | $90 million
Entergy Arkansas VIE |  | 3.17% Series M due December 2023 |  | $40 million
Entergy Louisiana River Bend VIE |  | 3.38% Series R due August 2020 |  | $70 million
Entergy Louisiana Waterford VIE |  | 3.92% Series H due February 2021 |  | $40 million
Entergy Louisiana Waterford VIE |  | 3.22% Series I due December 2023 |  | $20 million
System Energy VIE |  | 3.78% Series I due October 2018 |  | $85 million
System Energy VIE |  | 3.42% Series J due April 2021 |  | $100 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 Retirements (Entergy Louisiana) In March 2018, Entergy Louisiana issued $750 million of 4.00% collateral trust mortgage bonds due March 2033. Entergy Louisiana is using the proceeds, together with other funds, to finance the construction of the Lake Charles Power Station and St. Charles Power Station; to repay, at maturity, its $375 million of 6.0% Series first mortgage bonds due May 2018; to repay borrowings from the money pool; to repay borrowings under its $350 million credit facility; and for general corporate purposes. (System Energy) In March 2018 the System Energy nuclear fuel trust variable interest entity issued $100 million of 3.42% Series J notes due April 2021. The System Energy nuclear fuel trust variable interest entity used the proceeds to purchase additional nuclear fuel. Fair Value The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of March 31, 2018 are as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $16,851,636 |  |  |  | $16,771,585 |
Entergy Arkansas |  | $2,978,569 |  |  |  | $2,812,019 |
Entergy Louisiana |  | $6,938,439 |  |  |  | $7,022,323 |
Entergy Mississippi |  | $1,270,399 |  |  |  | $1,252,877 |
Entergy New Orleans |  | $436,995 |  |  |  | $446,981 |
Entergy Texas |  | $1,562,555 |  |  |  | $1,603,892 |
System Energy |  | $601,582 |  |  |  | $576,121 |
(a) | The values exclude lease obligations of $34 million at System Energy and long-term DOE obligations of $184 million at Entergy Arkansas, 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 herein.
The book value and the fair value of long-term debt for Entergy Corporation and the Registrant Subsidiaries as of December 31, 2017 were as follows:
| Book Value of Long-Term Debt |  | Fair Value of Long-Term Debt (a) (b)
| (In Thousands)
Entergy |  | $15,075,266 |  |  |  | $15,367,453 |
Entergy Arkansas |  | $2,952,399 |  |  |  | $2,865,844 |
Entergy Louisiana |  | $6,144,071 |  |  |  | $6,389,774 |
Entergy Mississippi |  | $1,270,122 |  |  |  | $1,285,741 |
Entergy New Orleans |  | $436,870 |  |  |  | $455,968 |
Entergy Texas |  | $1,587,150 |  |  |  | $1,661,902 |
System Energy |  | $551,488 |  |  |  | $529,119 |
(a) | The values exclude the lease obligations of $34 million at System Energy and long-term DOE obligations of $183 million at Entergy Arkansas, 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 herein.

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