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Risk Management And Fair Values (Tables) | 6 Months Ended
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Jun. 30, 2022
Fair Values Of Derivative Instruments | The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of June 30, 2022 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging.
Instrument |  | Balance Sheet Location |  | Gross Fair Value (a) |  | Offsetting Position (b) |  | Net Fair Value (c) (d) |  | Business
|  |  |  | (In Millions) |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Natural gas swaps and options |  | Prepayments and other |  | $37 |  | $— |  | $37 |  | Utility
Natural gas swaps and options |  | Other deferred debits and other assets |  | $9 |  | $— |  | $9 |  | Utility
Financial transmission rights |  | Prepayments and other |  | $13 |  | ($1) |  | $12 |  | Utility and Entergy Wholesale Commodities
The fair values of Entergy’s derivative instruments in the consolidated balance sheet as of December 31, 2021 are shown in the table below.
Instrument |  | Balance Sheet Location |  | Gross Fair Value (a) |  | Offsetting Position (b) |  | Net Fair Value (c) (d) |  | Business
|  |  |  | (In Millions) |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Natural gas swaps and options |  | Prepayments and other |  | $6 |  | $— |  | $6 |  | Utility
Natural gas swaps and options |  | Other deferred debits and other assets |  | $5 |  | $— |  | $5 |  | Utility
Financial transmission rights |  | Prepayments and other |  | $4 |  | $— |  | $4 |  | Utility and Entergy Wholesale Commodities
Liabilities: |  |  |  |  |  |  |  |  |  |
Natural gas swaps and options |  | Other current liabilities |  | $7 |  | $— |  | $7 |  | Utility
(a)Represents the gross amounts of recognized assets/liabilities (b)Represents the netting of fair value balances with the same counterparty (c)Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet (d)Excludes cash collateral in the amount of $12 million posted as of June 30, 2022 and $8 million posted as of December 31, 2021. Also excludes letters of credit in the amount of $6 million posted as of June 30, 2022.
Derivative Instruments Designated As Cash Flow Hedges On Consolidated Statements Of Income | The effects of Entergy’s derivative instruments designated as cash flow hedges on the consolidated statements of operations for the six months ended June 30, 2021 were as follows:
Instrument |  | Amount of gain (loss) recognized in other comprehensive income |  | Income Statement location |  | Amount of gain (loss) reclassified from accumulated other comprehensive income into income (a)
|  | (In Millions) |  |  |  | (In Millions)
Electricity swaps and options |  | $2 |  | Competitive businesses operating revenues |  | $40
(a) Before taxes of $8 million for the six months ended June 30, 2021
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated statements of operations for the three months ended June 30, 2022 and 2021 were as follows:
Instrument |  | Income Statement location |  | Amount of gain (loss) recorded in the income statement
|  |  |  | (In Millions)
2022 |  |  |  |
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale | (a) | $23
Financial transmission rights |  | Purchased power expense | (b) | $37
2021 |  |  |  |
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale | (a) | $18
Financial transmission rights |  | Purchased power expense | (b) | $16
Electricity swaps and options (c) |  | Competitive business operating revenues |  | $—
The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated statements of operations for the six months ended June 30, 2022 and 2021 were as follows:
Instrument |  | Income Statement location |  | Amount of gain (loss) recorded in the income statement
|  |  |  | (In Millions)
2022 |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale | (a) | $78
Financial transmission rights |  | Purchased power | (b) | $60
2021 |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale | (a) | $25
Financial transmission rights |  | Purchased power | (b) | $144
Electricity swaps and options (c) |  | Competitive business operating revenues |  | ($2)
(a)Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b)Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms. (c)There were no gains (losses) recognized in accumulated other comprehensive income from electricity swaps and options prior to the expiration of the Entergy Wholesale Commodities portfolio of derivative instruments in April 2021.
Assets and liabilities at fair value on a recurring basis | The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that are accounted for at fair value on a recurring basis as of June 30, 2022 and December 31, 2021. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels.
2022 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (In Millions)
Assets: |  |  |  |  |  |  |  |
Temporary cash investments |  | $514 |  |  | $— |  |  | $— |  |  | $514 |
Decommissioning trust funds (a): |  |  |  |  |  |  |  |
Equity securities |  | 18 |  |  | — |  |  | — |  |  | 18 |
Debt securities (b) |  | 598 |  |  | 1,095 |  |  | — |  |  | 1,693 |
Common trusts (c) |  |  |  |  |  |  |  | 2,379 |
Securitization recovery trust account |  | 28 |  |  | — |  |  | — |  |  | 28 |
Escrow accounts |  | 331 |  |  | — |  |  | — |  |  | 331 |
Gas hedge contracts |  | 37 |  |  | 9 |  |  | — |  |  | 46 |
Financial transmission rights |  | — |  |  | — |  |  | 12 |  |  | 12 |
|  | $1,526 |  |  | $1,104 |  |  | $12 |  |  | $5,021 |
2021 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (In Millions)
Assets: |  |  |  |  |  |  |  |
Temporary cash investments |  | $398 |  |  | $— |  |  | $— |  |  | $398 |
Decommissioning trust funds (a): |  |  |  |  |  |  |  |
Equity securities |  | 132 |  |  | — |  |  | — |  |  | 132 |
Debt securities (b) |  | 770 |  |  | 1,407 |  |  | — |  |  | 2,177 |
Common trusts (c) |  |  |  |  |  |  |  | 3,205 |
Securitization recovery trust account |  | 29 |  |  | — |  |  | — |  |  | 29 |
Escrow accounts |  | 49 |  |  | — |  |  | — |  |  | 49 |
Gas hedge contracts |  | 6 |  |  | 5 |  |  | — |  |  | 11 |
Financial transmission rights |  | — |  |  | — |  |  | 4 |  |  | 4 |
|  | $1,384 |  |  | $1,412 |  |  | $4 |  |  | $6,005 |
Liabilities: |  |  |  |  |  |  |  |
Gas hedge contracts |  | $7 |  |  | $— |  |  | $— |  |  | $7 |
(a)The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements herein for additional information on the investment portfolios. (b)The decommissioning trust funds fair value presented herein does not include the recognition pursuant to ASU 2016-13 of a credit loss valuation allowance of $0.4 million as of December 31, 2021 on debt securities. See Note 9 to the financial statements herein for additional information on the allowance for expected credit losses. (c)Common trust funds are not publicly quoted and are valued by the fund administrators using net asset value as a practical expedient. Accordingly, these funds are not assigned a level in the fair value table. The fund administrator of these investments allows daily trading at the net asset value and trades settle at a later date.
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended June 30, 2022 and 2021:
|  | 2022 |  |  | 2021
|  |  | Financial transmission rights |  |  |  | Financial transmission rights
|  | (In Millions)
Balance as of April 1, |  |  | $1 |  |  |  |  | $4 |
Total gains (losses) for the period |  |  |  |  |  |  |
Included as a regulatory liability/asset |  |  | 32 |  |  |  |  | 15 |
Issuances of financial transmission rights |  |  | 16 |  |  |  |  | 12 |
Settlements |  |  | (37) |  |  |  |  | (16) |
Balance as of June 30, |  |  | $12 |  |  |  |  | $15 |
The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the six months ended June 30, 2022 and 2021:
|  |  | 2022 |  | 2021
|  |  | Financial transmission rights |  | Power Contracts |  | Financial transmission rights
|  |  | (In Millions)
Balance as of January 1, |  |  | $4 |  |  | $38 |  |  | $9 |
Total gains (losses) for the period |  |  |  |  |  |  |
Included in earnings |  |  | — |  |  | (2) |  |  | 3 |
Included in other comprehensive income |  |  | — |  |  | 2 |  |  | — |
Included as a regulatory liability/asset |  |  | 52 |  |  | — |  |  | 135 |
Issuances of financial transmission rights |  |  | 16 |  |  | — |  |  | 12 |
Settlements |  |  | (60) |  |  | (38) |  |  | (144) |
Balance as of June 30, |  |  | $12 |  |  | $— |  |  | $15 |
Entergy Arkansas [Member] |
Fair Values Of Derivative Instruments | The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of June 30, 2022 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging.
Instrument |  | Balance Sheet Location |  | Gross Fair Value (a) |  | Offsetting Position (b) |  | Net Fair Value (c) (d) |  | Registrant
|  |  |  | (In Millions) |  |
Assets: |  |  |  |  |  |  |  |  |  |
Natural gas swaps and options |  | Prepayments and other |  | $16.1 |  | $— |  | $16.1 |  | Entergy Louisiana
Natural gas swaps and options |  | Other deferred debits and other assets |  | $8.7 |  | $— |  | $8.7 |  | Entergy Louisiana
Natural gas swaps |  | Prepayments and other |  | $20.6 |  | $— |  | $20.6 |  | Entergy Mississippi
Financial transmission rights |  | Prepayments and other |  | $4.5 |  | ($0.1) |  | $4.4 |  | Entergy Arkansas
Financial transmission rights |  | Prepayments and other |  | $5.3 |  | ($0.6) |  | $4.7 |  | Entergy Louisiana
Financial transmission rights |  | Prepayments and other |  | $0.5 |  | $— |  | $0.5 |  | Entergy Mississippi
Financial transmission rights |  | Prepayments and other |  | $0.6 |  | $— |  | $0.6 |  | Entergy New Orleans
Financial transmission rights |  | Prepayments and other |  | $1.7 |  | ($0.2) |  | $1.5 |  | Entergy Texas
Liabilities: |  |  |  |  |  |  |  |  |  |
Natural gas swaps |  | Other current liabilities |  | $0.2 |  | $— |  | $0.2 |  | Entergy New Orleans
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2021 were as follows:
Instrument |  | Balance Sheet Location |  | Gross Fair Value (a) |  | Offsetting Position (b) |  | Net Fair Value (c) (d) |  | Registrant
|  |  |  | (In Millions) |  |
Assets: |  |  |  |  |  |  |  |  |  |
Natural gas swaps and options |  | Prepayments and other |  | $5.7 |  | $— |  | $5.7 |  | Entergy Louisiana
Natural gas swaps and options |  | Other deferred debits and other assets |  | $5.3 |  | $— |  | $5.3 |  | Entergy Louisiana
Financial transmission rights |  | Prepayments and other |  | $2.3 |  | $— |  | $2.3 |  | Entergy Arkansas
Financial transmission rights |  | Prepayments and other |  | $0.6 |  | $— |  | $0.6 |  | Entergy Louisiana
Financial transmission rights |  | Prepayments and other |  | $0.3 |  | $— |  | $0.3 |  | Entergy Mississippi
Financial transmission rights |  | Prepayments and other |  | $0.1 |  | $— |  | $0.1 |  | Entergy New Orleans
Financial transmission rights |  | Prepayments and other |  | $0.8 |  | $— |  | $0.8 |  | Entergy Texas
Liabilities: |  |  |  |  |  |  |  |  |  |
Natural gas swaps |  | Other current liabilities |  | $6.7 |  | $— |  | $6.7 |  | Entergy Mississippi
Natural gas swaps |  | Other current liabilities |  | $0.5 |  | $— |  | $0.5 |  | Entergy New Orleans
(a)Represents the gross amounts of recognized assets/liabilities (b)Represents the netting of fair value balances with the same counterparty (c)Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d)As of June 30, 2022, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $5.3 million for Entergy Texas. As of December 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi and $0.1 million for Entergy Texas.
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended June 30, 2022 and 2021 were as follows:
Instrument |  | Income Statement Location |  | Amount of gain (loss) recorded in the income statement |  | Registrant
|  |  |  | (In Millions) |  |
2022 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $8.7 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $14.6 | (a) | Entergy Mississippi
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | ($0.2) | (a) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $16.0 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power expense |  | $16.1 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power expense |  | $2.2 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power expense |  | $1.6 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $1.0 | (b) | Entergy Texas
2021 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $4.9 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $13.2 | (a) | Entergy Mississippi
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $0.1 | (a) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $3.4 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power expense |  | $5.9 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power expense |  | $0.7 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power expense |  | $0.8 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $4.8 | (b) | Entergy Texas
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2022 and 2021 were as follows:
Instrument |  | Income Statement Location |  | Amount of gain (loss) recorded in the income statement |  | Registrant
|  |  |  | (In Millions) |  |
2022 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $19.8 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $57.4 | (a) | Entergy Mississippi
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $0.9 | (a) | Entergy New Orleans
Financial transmission rights |  | Purchased power |  | $23.5 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power |  | $25.5 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power |  | $3.2 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power |  | $2.4 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power |  | $4.9 | (b) | Entergy Texas
2021 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $6.7 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $18.3 | (a) | Entergy Mississippi
Financial transmission rights |  | Purchased power |  | $29.5 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power |  | $18.2 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power |  | $7.9 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power |  | $2.0 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power |  | $82.7 | (b) | Entergy Texas
(a)Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b)Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms.
Assets and liabilities at fair value on a recurring basis | Entergy Arkansas
2022 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (In Millions)
Assets: |  |  |  |  |  |  |  |
Temporary cash investments |  | $58.2 |  |  | $— |  |  | $— |  |  | $58.2 |
Decommissioning trust funds (a): |  |  |  |  |  |  |  |
Equity securities |  | 4.1 |  |  | — |  |  | — |  |  | 4.1 |
Debt securities |  | 131.6 |  |  | 353.2 |  |  | — |  |  | 484.8 |
Common trusts (b) |  |  |  |  |  |  |  | 705.9 |
Financial transmission rights |  | — |  |  | — |  |  | 4.4 |  |  | 4.4 |
|  | $193.9 |  |  | $353.2 |  |  | $4.4 |  |  | $1,257.4 |
2021 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (In Millions)
Assets: |  |  |  |  |  |  |  |
Temporary cash investments |  | $4.8 |  |  | $— |  |  | $— |  |  | $4.8 |
Decommissioning trust funds (a): |  |  |  |  |  |  |  |
Equity securities |  | 16.7 |  |  | — |  |  | — |  |  | 16.7 |
Debt securities |  | 119.5 |  |  | 406.8 |  |  | — |  |  | 526.3 |
Common trusts (b) |  |  |  |  |  |  |  | 895.4 |
Financial transmission rights |  | — |  |  | — |  |  | 2.3 |  |  | 2.3 |
|  | $141.0 |  |  | $406.8 |  |  | $2.3 |  |  | $1,445.5 |
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended June 30, 2022.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of April 1, | $0.4 |  |  | $0.3 |  |  | $0.2 |  |  | $0.1 |  |  | $0.5 |
Issuances of financial transmission rights | 5.4 |  |  | 5.3 |  |  | 0.8 |  |  | 0.8 |  |  | 3.9 |
Gains (losses) included as a regulatory liability/asset | 14.6 |  |  | 15.2 |  |  | 1.7 |  |  | 1.3 |  |  | (1.9) |
Settlements | (16.0) |  |  | (16.1) |  |  | (2.2) |  |  | (1.6) |  |  | (1.0) |
Balance as of June 30, | $4.4 |  |  | $4.7 |  |  | $0.5 |  |  | $0.6 |  |  | $1.5 |
The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended June 30, 2021.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of April 1, | $1.4 |  |  | $1.2 |  |  | $0.3 |  |  | $0.1 |  |  | $0.5 |
Issuances of financial transmission rights | 2.8 |  |  | 4.1 |  |  | 1.7 |  |  | 0.4 |  |  | 2.7 |
Gains (losses) included as a regulatory liability/asset | 3.0 |  |  | 5.4 |  |  | 0.8 |  |  | 0.9 |  |  | 5.4 |
Settlements | (3.4) |  |  | (5.9) |  |  | (0.7) |  |  | (0.8) |  |  | (4.8) |
Balance as of June 30, | $3.8 |  |  | $4.8 |  |  | $2.1 |  |  | $0.6 |  |  | $3.8 |
The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the six months ended June 30, 2022.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of January 1, | $2.3 |  |  | $0.6 |  |  | $0.3 |  |  | $0.1 |  |  | $0.8 |
Issuances of financial transmission rights | 5.4 |  |  | 5.3 |  |  | 0.8 |  |  | 0.8 |  |  | 3.9 |
Gains (losses) included as a regulatory liability/asset | 20.2 |  |  | 24.3 |  |  | 2.6 |  |  | 2.1 |  |  | 1.7 |
Settlements | (23.5) |  |  | (25.5) |  |  | (3.2) |  |  | (2.4) |  |  | (4.9) |
Balance as of June 30, | $4.4 |  |  | $4.7 |  |  | $0.5 |  |  | $0.6 |  |  | $1.5 |
The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the six months ended June 30, 2021.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of January 1, | $2.7 |  |  | $4.2 |  |  | $0.6 |  |  | $0.1 |  |  | $1.6 |
Issuances of financial transmission rights | 2.8 |  |  | 4.1 |  |  | 1.7 |  |  | 0.4 |  |  | 2.7 |
Gains (losses) included as a regulatory liability/asset | 27.8 |  |  | 14.7 |  |  | 7.7 |  |  | 2.1 |  |  | 82.2 |
Settlements | (29.5) |  |  | (18.2) |  |  | (7.9) |  |  | (2.0) |  |  | (82.7) |
Balance as of June 30, | $3.8 |  |  | $4.8 |  |  | $2.1 |  |  | $0.6 |  |  | $3.8 |
Entergy Louisiana [Member] |
Fair Values Of Derivative Instruments | The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of June 30, 2022 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging.
Instrument |  | Balance Sheet Location |  | Gross Fair Value (a) |  | Offsetting Position (b) |  | Net Fair Value (c) (d) |  | Registrant
|  |  |  | (In Millions) |  |
Assets: |  |  |  |  |  |  |  |  |  |
Natural gas swaps and options |  | Prepayments and other |  | $16.1 |  | $— |  | $16.1 |  | Entergy Louisiana
Natural gas swaps and options |  | Other deferred debits and other assets |  | $8.7 |  | $— |  | $8.7 |  | Entergy Louisiana
Natural gas swaps |  | Prepayments and other |  | $20.6 |  | $— |  | $20.6 |  | Entergy Mississippi
Financial transmission rights |  | Prepayments and other |  | $4.5 |  | ($0.1) |  | $4.4 |  | Entergy Arkansas
Financial transmission rights |  | Prepayments and other |  | $5.3 |  | ($0.6) |  | $4.7 |  | Entergy Louisiana
Financial transmission rights |  | Prepayments and other |  | $0.5 |  | $— |  | $0.5 |  | Entergy Mississippi
Financial transmission rights |  | Prepayments and other |  | $0.6 |  | $— |  | $0.6 |  | Entergy New Orleans
Financial transmission rights |  | Prepayments and other |  | $1.7 |  | ($0.2) |  | $1.5 |  | Entergy Texas
Liabilities: |  |  |  |  |  |  |  |  |  |
Natural gas swaps |  | Other current liabilities |  | $0.2 |  | $— |  | $0.2 |  | Entergy New Orleans
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2021 were as follows:
Instrument |  | Balance Sheet Location |  | Gross Fair Value (a) |  | Offsetting Position (b) |  | Net Fair Value (c) (d) |  | Registrant
|  |  |  | (In Millions) |  |
Assets: |  |  |  |  |  |  |  |  |  |
Natural gas swaps and options |  | Prepayments and other |  | $5.7 |  | $— |  | $5.7 |  | Entergy Louisiana
Natural gas swaps and options |  | Other deferred debits and other assets |  | $5.3 |  | $— |  | $5.3 |  | Entergy Louisiana
Financial transmission rights |  | Prepayments and other |  | $2.3 |  | $— |  | $2.3 |  | Entergy Arkansas
Financial transmission rights |  | Prepayments and other |  | $0.6 |  | $— |  | $0.6 |  | Entergy Louisiana
Financial transmission rights |  | Prepayments and other |  | $0.3 |  | $— |  | $0.3 |  | Entergy Mississippi
Financial transmission rights |  | Prepayments and other |  | $0.1 |  | $— |  | $0.1 |  | Entergy New Orleans
Financial transmission rights |  | Prepayments and other |  | $0.8 |  | $— |  | $0.8 |  | Entergy Texas
Liabilities: |  |  |  |  |  |  |  |  |  |
Natural gas swaps |  | Other current liabilities |  | $6.7 |  | $— |  | $6.7 |  | Entergy Mississippi
Natural gas swaps |  | Other current liabilities |  | $0.5 |  | $— |  | $0.5 |  | Entergy New Orleans
(a)Represents the gross amounts of recognized assets/liabilities (b)Represents the netting of fair value balances with the same counterparty (c)Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d)As of June 30, 2022, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $5.3 million for Entergy Texas. As of December 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi and $0.1 million for Entergy Texas.
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended June 30, 2022 and 2021 were as follows:
Instrument |  | Income Statement Location |  | Amount of gain (loss) recorded in the income statement |  | Registrant
|  |  |  | (In Millions) |  |
2022 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $8.7 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $14.6 | (a) | Entergy Mississippi
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | ($0.2) | (a) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $16.0 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power expense |  | $16.1 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power expense |  | $2.2 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power expense |  | $1.6 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $1.0 | (b) | Entergy Texas
2021 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $4.9 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $13.2 | (a) | Entergy Mississippi
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $0.1 | (a) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $3.4 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power expense |  | $5.9 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power expense |  | $0.7 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power expense |  | $0.8 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $4.8 | (b) | Entergy Texas
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2022 and 2021 were as follows:
Instrument |  | Income Statement Location |  | Amount of gain (loss) recorded in the income statement |  | Registrant
|  |  |  | (In Millions) |  |
2022 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $19.8 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $57.4 | (a) | Entergy Mississippi
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $0.9 | (a) | Entergy New Orleans
Financial transmission rights |  | Purchased power |  | $23.5 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power |  | $25.5 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power |  | $3.2 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power |  | $2.4 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power |  | $4.9 | (b) | Entergy Texas
2021 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $6.7 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $18.3 | (a) | Entergy Mississippi
Financial transmission rights |  | Purchased power |  | $29.5 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power |  | $18.2 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power |  | $7.9 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power |  | $2.0 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power |  | $82.7 | (b) | Entergy Texas
(a)Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b)Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms.
Assets and liabilities at fair value on a recurring basis | Entergy Louisiana
2022 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (In Millions)
Assets: |  |  |  |  |  |  |  |
Temporary cash investments |  | $65.7 |  |  | $— |  |  | $— |  |  | $65.7 |
Decommissioning trust funds (a): |  |  |  |  |  |  |  |
Equity securities |  | 12.6 |  |  | — |  |  | — |  |  | 12.6 |
Debt securities |  | 225.0 |  |  | 508.3 |  |  | — |  |  | 733.3 |
Common trusts (b) |  |  |  |  |  |  |  | 1,010.6 |
Escrow accounts |  | 290.1 |  |  | — |  |  | — |  |  | 290.1 |
Gas hedge contracts |  | 16.1 |  |  | 8.7 |  |  | — |  |  | 24.8 |
Financial transmission rights |  | — |  |  | — |  |  | 4.7 |  |  | 4.7 |
|  | $609.5 |  |  | $517.0 |  |  | $4.7 |  |  | $2,141.8 |
2021 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (In Millions)
Assets: |  |  |  |  |  |  |  |
Temporary cash investments |  | $18.4 |  |  | $— |  |  | $— |  |  | $18.4 |
Decommissioning trust funds (a): |  |  |  |  |  |  |  |
Equity securities |  | 20.2 |  |  | — |  |  | — |  |  | 20.2 |
Debt securities |  | 262.6 |  |  | 531.6 |  |  | — |  |  | 794.2 |
Common trusts (b) |  |  |  |  |  |  |  | 1,300.1 |
Gas hedge contracts |  | 5.7 |  |  | 5.3 |  |  | — |  |  | 11.0 |
Financial transmission rights |  | — |  |  | — |  |  | 0.6 |  |  | 0.6 |
|  | $306.9 |  |  | $536.9 |  |  | $0.6 |  |  | $2,144.5 |
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended June 30, 2022.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of April 1, | $0.4 |  |  | $0.3 |  |  | $0.2 |  |  | $0.1 |  |  | $0.5 |
Issuances of financial transmission rights | 5.4 |  |  | 5.3 |  |  | 0.8 |  |  | 0.8 |  |  | 3.9 |
Gains (losses) included as a regulatory liability/asset | 14.6 |  |  | 15.2 |  |  | 1.7 |  |  | 1.3 |  |  | (1.9) |
Settlements | (16.0) |  |  | (16.1) |  |  | (2.2) |  |  | (1.6) |  |  | (1.0) |
Balance as of June 30, | $4.4 |  |  | $4.7 |  |  | $0.5 |  |  | $0.6 |  |  | $1.5 |
The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended June 30, 2021.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of April 1, | $1.4 |  |  | $1.2 |  |  | $0.3 |  |  | $0.1 |  |  | $0.5 |
Issuances of financial transmission rights | 2.8 |  |  | 4.1 |  |  | 1.7 |  |  | 0.4 |  |  | 2.7 |
Gains (losses) included as a regulatory liability/asset | 3.0 |  |  | 5.4 |  |  | 0.8 |  |  | 0.9 |  |  | 5.4 |
Settlements | (3.4) |  |  | (5.9) |  |  | (0.7) |  |  | (0.8) |  |  | (4.8) |
Balance as of June 30, | $3.8 |  |  | $4.8 |  |  | $2.1 |  |  | $0.6 |  |  | $3.8 |
The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the six months ended June 30, 2022.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of January 1, | $2.3 |  |  | $0.6 |  |  | $0.3 |  |  | $0.1 |  |  | $0.8 |
Issuances of financial transmission rights | 5.4 |  |  | 5.3 |  |  | 0.8 |  |  | 0.8 |  |  | 3.9 |
Gains (losses) included as a regulatory liability/asset | 20.2 |  |  | 24.3 |  |  | 2.6 |  |  | 2.1 |  |  | 1.7 |
Settlements | (23.5) |  |  | (25.5) |  |  | (3.2) |  |  | (2.4) |  |  | (4.9) |
Balance as of June 30, | $4.4 |  |  | $4.7 |  |  | $0.5 |  |  | $0.6 |  |  | $1.5 |
The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the six months ended June 30, 2021.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of January 1, | $2.7 |  |  | $4.2 |  |  | $0.6 |  |  | $0.1 |  |  | $1.6 |
Issuances of financial transmission rights | 2.8 |  |  | 4.1 |  |  | 1.7 |  |  | 0.4 |  |  | 2.7 |
Gains (losses) included as a regulatory liability/asset | 27.8 |  |  | 14.7 |  |  | 7.7 |  |  | 2.1 |  |  | 82.2 |
Settlements | (29.5) |  |  | (18.2) |  |  | (7.9) |  |  | (2.0) |  |  | (82.7) |
Balance as of June 30, | $3.8 |  |  | $4.8 |  |  | $2.1 |  |  | $0.6 |  |  | $3.8 |
Entergy Mississippi [Member] |
Fair Values Of Derivative Instruments | The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of June 30, 2022 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging.
Instrument |  | Balance Sheet Location |  | Gross Fair Value (a) |  | Offsetting Position (b) |  | Net Fair Value (c) (d) |  | Registrant
|  |  |  | (In Millions) |  |
Assets: |  |  |  |  |  |  |  |  |  |
Natural gas swaps and options |  | Prepayments and other |  | $16.1 |  | $— |  | $16.1 |  | Entergy Louisiana
Natural gas swaps and options |  | Other deferred debits and other assets |  | $8.7 |  | $— |  | $8.7 |  | Entergy Louisiana
Natural gas swaps |  | Prepayments and other |  | $20.6 |  | $— |  | $20.6 |  | Entergy Mississippi
Financial transmission rights |  | Prepayments and other |  | $4.5 |  | ($0.1) |  | $4.4 |  | Entergy Arkansas
Financial transmission rights |  | Prepayments and other |  | $5.3 |  | ($0.6) |  | $4.7 |  | Entergy Louisiana
Financial transmission rights |  | Prepayments and other |  | $0.5 |  | $— |  | $0.5 |  | Entergy Mississippi
Financial transmission rights |  | Prepayments and other |  | $0.6 |  | $— |  | $0.6 |  | Entergy New Orleans
Financial transmission rights |  | Prepayments and other |  | $1.7 |  | ($0.2) |  | $1.5 |  | Entergy Texas
Liabilities: |  |  |  |  |  |  |  |  |  |
Natural gas swaps |  | Other current liabilities |  | $0.2 |  | $— |  | $0.2 |  | Entergy New Orleans
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2021 were as follows:
Instrument |  | Balance Sheet Location |  | Gross Fair Value (a) |  | Offsetting Position (b) |  | Net Fair Value (c) (d) |  | Registrant
|  |  |  | (In Millions) |  |
Assets: |  |  |  |  |  |  |  |  |  |
Natural gas swaps and options |  | Prepayments and other |  | $5.7 |  | $— |  | $5.7 |  | Entergy Louisiana
Natural gas swaps and options |  | Other deferred debits and other assets |  | $5.3 |  | $— |  | $5.3 |  | Entergy Louisiana
Financial transmission rights |  | Prepayments and other |  | $2.3 |  | $— |  | $2.3 |  | Entergy Arkansas
Financial transmission rights |  | Prepayments and other |  | $0.6 |  | $— |  | $0.6 |  | Entergy Louisiana
Financial transmission rights |  | Prepayments and other |  | $0.3 |  | $— |  | $0.3 |  | Entergy Mississippi
Financial transmission rights |  | Prepayments and other |  | $0.1 |  | $— |  | $0.1 |  | Entergy New Orleans
Financial transmission rights |  | Prepayments and other |  | $0.8 |  | $— |  | $0.8 |  | Entergy Texas
Liabilities: |  |  |  |  |  |  |  |  |  |
Natural gas swaps |  | Other current liabilities |  | $6.7 |  | $— |  | $6.7 |  | Entergy Mississippi
Natural gas swaps |  | Other current liabilities |  | $0.5 |  | $— |  | $0.5 |  | Entergy New Orleans
(a)Represents the gross amounts of recognized assets/liabilities (b)Represents the netting of fair value balances with the same counterparty (c)Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d)As of June 30, 2022, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $5.3 million for Entergy Texas. As of December 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi and $0.1 million for Entergy Texas.
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended June 30, 2022 and 2021 were as follows:
Instrument |  | Income Statement Location |  | Amount of gain (loss) recorded in the income statement |  | Registrant
|  |  |  | (In Millions) |  |
2022 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $8.7 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $14.6 | (a) | Entergy Mississippi
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | ($0.2) | (a) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $16.0 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power expense |  | $16.1 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power expense |  | $2.2 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power expense |  | $1.6 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $1.0 | (b) | Entergy Texas
2021 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $4.9 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $13.2 | (a) | Entergy Mississippi
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $0.1 | (a) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $3.4 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power expense |  | $5.9 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power expense |  | $0.7 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power expense |  | $0.8 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $4.8 | (b) | Entergy Texas
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2022 and 2021 were as follows:
Instrument |  | Income Statement Location |  | Amount of gain (loss) recorded in the income statement |  | Registrant
|  |  |  | (In Millions) |  |
2022 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $19.8 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $57.4 | (a) | Entergy Mississippi
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $0.9 | (a) | Entergy New Orleans
Financial transmission rights |  | Purchased power |  | $23.5 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power |  | $25.5 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power |  | $3.2 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power |  | $2.4 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power |  | $4.9 | (b) | Entergy Texas
2021 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $6.7 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $18.3 | (a) | Entergy Mississippi
Financial transmission rights |  | Purchased power |  | $29.5 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power |  | $18.2 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power |  | $7.9 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power |  | $2.0 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power |  | $82.7 | (b) | Entergy Texas
(a)Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b)Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms.
Assets and liabilities at fair value on a recurring basis | Entergy Mississippi
2022 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (In Millions)
Assets: |  |  |  |  |  |  |  |
Temporary cash investments |  | $26.1 |  |  | $— |  |  | $— |  |  | $26.1 |
Escrow accounts |  | 41.1 |  |  | — |  |  | — |  |  | 41.1 |
Gas hedge contracts |  | 20.6 |  |  | — |  |  | — |  |  | 20.6 |
Financial transmission rights |  | — |  |  | — |  |  | 0.5 |  |  | 0.5 |
|  | $87.8 |  |  | $— |  |  | $0.5 |  |  | $88.3 |
2021 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (In Millions)
Assets: |  |  |  |  |  |  |  |
Temporary cash investments |  | $47.6 |  |  | $— |  |  | $— |  |  | $47.6 |
Escrow accounts |  | 48.9 |  |  | — |  |  | — |  |  | 48.9 |
Financial transmission rights |  | — |  |  | — |  |  | 0.3 |  |  | 0.3 |
|  | $96.5 |  |  | $— |  |  | $0.3 |  |  | $96.8 |
Liabilities: |  |  |  |  |  |  |  |
Gas hedge contracts |  | $6.7 |  |  | $— |  |  | $— |  |  | $6.7 |
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended June 30, 2022.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of April 1, | $0.4 |  |  | $0.3 |  |  | $0.2 |  |  | $0.1 |  |  | $0.5 |
Issuances of financial transmission rights | 5.4 |  |  | 5.3 |  |  | 0.8 |  |  | 0.8 |  |  | 3.9 |
Gains (losses) included as a regulatory liability/asset | 14.6 |  |  | 15.2 |  |  | 1.7 |  |  | 1.3 |  |  | (1.9) |
Settlements | (16.0) |  |  | (16.1) |  |  | (2.2) |  |  | (1.6) |  |  | (1.0) |
Balance as of June 30, | $4.4 |  |  | $4.7 |  |  | $0.5 |  |  | $0.6 |  |  | $1.5 |
The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended June 30, 2021.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of April 1, | $1.4 |  |  | $1.2 |  |  | $0.3 |  |  | $0.1 |  |  | $0.5 |
Issuances of financial transmission rights | 2.8 |  |  | 4.1 |  |  | 1.7 |  |  | 0.4 |  |  | 2.7 |
Gains (losses) included as a regulatory liability/asset | 3.0 |  |  | 5.4 |  |  | 0.8 |  |  | 0.9 |  |  | 5.4 |
Settlements | (3.4) |  |  | (5.9) |  |  | (0.7) |  |  | (0.8) |  |  | (4.8) |
Balance as of June 30, | $3.8 |  |  | $4.8 |  |  | $2.1 |  |  | $0.6 |  |  | $3.8 |
The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the six months ended June 30, 2022.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of January 1, | $2.3 |  |  | $0.6 |  |  | $0.3 |  |  | $0.1 |  |  | $0.8 |
Issuances of financial transmission rights | 5.4 |  |  | 5.3 |  |  | 0.8 |  |  | 0.8 |  |  | 3.9 |
Gains (losses) included as a regulatory liability/asset | 20.2 |  |  | 24.3 |  |  | 2.6 |  |  | 2.1 |  |  | 1.7 |
Settlements | (23.5) |  |  | (25.5) |  |  | (3.2) |  |  | (2.4) |  |  | (4.9) |
Balance as of June 30, | $4.4 |  |  | $4.7 |  |  | $0.5 |  |  | $0.6 |  |  | $1.5 |
The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the six months ended June 30, 2021.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of January 1, | $2.7 |  |  | $4.2 |  |  | $0.6 |  |  | $0.1 |  |  | $1.6 |
Issuances of financial transmission rights | 2.8 |  |  | 4.1 |  |  | 1.7 |  |  | 0.4 |  |  | 2.7 |
Gains (losses) included as a regulatory liability/asset | 27.8 |  |  | 14.7 |  |  | 7.7 |  |  | 2.1 |  |  | 82.2 |
Settlements | (29.5) |  |  | (18.2) |  |  | (7.9) |  |  | (2.0) |  |  | (82.7) |
Balance as of June 30, | $3.8 |  |  | $4.8 |  |  | $2.1 |  |  | $0.6 |  |  | $3.8 |
Entergy New Orleans [Member] |
Fair Values Of Derivative Instruments | The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of June 30, 2022 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging.
Instrument |  | Balance Sheet Location |  | Gross Fair Value (a) |  | Offsetting Position (b) |  | Net Fair Value (c) (d) |  | Registrant
|  |  |  | (In Millions) |  |
Assets: |  |  |  |  |  |  |  |  |  |
Natural gas swaps and options |  | Prepayments and other |  | $16.1 |  | $— |  | $16.1 |  | Entergy Louisiana
Natural gas swaps and options |  | Other deferred debits and other assets |  | $8.7 |  | $— |  | $8.7 |  | Entergy Louisiana
Natural gas swaps |  | Prepayments and other |  | $20.6 |  | $— |  | $20.6 |  | Entergy Mississippi
Financial transmission rights |  | Prepayments and other |  | $4.5 |  | ($0.1) |  | $4.4 |  | Entergy Arkansas
Financial transmission rights |  | Prepayments and other |  | $5.3 |  | ($0.6) |  | $4.7 |  | Entergy Louisiana
Financial transmission rights |  | Prepayments and other |  | $0.5 |  | $— |  | $0.5 |  | Entergy Mississippi
Financial transmission rights |  | Prepayments and other |  | $0.6 |  | $— |  | $0.6 |  | Entergy New Orleans
Financial transmission rights |  | Prepayments and other |  | $1.7 |  | ($0.2) |  | $1.5 |  | Entergy Texas
Liabilities: |  |  |  |  |  |  |  |  |  |
Natural gas swaps |  | Other current liabilities |  | $0.2 |  | $— |  | $0.2 |  | Entergy New Orleans
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2021 were as follows:
Instrument |  | Balance Sheet Location |  | Gross Fair Value (a) |  | Offsetting Position (b) |  | Net Fair Value (c) (d) |  | Registrant
|  |  |  | (In Millions) |  |
Assets: |  |  |  |  |  |  |  |  |  |
Natural gas swaps and options |  | Prepayments and other |  | $5.7 |  | $— |  | $5.7 |  | Entergy Louisiana
Natural gas swaps and options |  | Other deferred debits and other assets |  | $5.3 |  | $— |  | $5.3 |  | Entergy Louisiana
Financial transmission rights |  | Prepayments and other |  | $2.3 |  | $— |  | $2.3 |  | Entergy Arkansas
Financial transmission rights |  | Prepayments and other |  | $0.6 |  | $— |  | $0.6 |  | Entergy Louisiana
Financial transmission rights |  | Prepayments and other |  | $0.3 |  | $— |  | $0.3 |  | Entergy Mississippi
Financial transmission rights |  | Prepayments and other |  | $0.1 |  | $— |  | $0.1 |  | Entergy New Orleans
Financial transmission rights |  | Prepayments and other |  | $0.8 |  | $— |  | $0.8 |  | Entergy Texas
Liabilities: |  |  |  |  |  |  |  |  |  |
Natural gas swaps |  | Other current liabilities |  | $6.7 |  | $— |  | $6.7 |  | Entergy Mississippi
Natural gas swaps |  | Other current liabilities |  | $0.5 |  | $— |  | $0.5 |  | Entergy New Orleans
(a)Represents the gross amounts of recognized assets/liabilities (b)Represents the netting of fair value balances with the same counterparty (c)Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d)As of June 30, 2022, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $5.3 million for Entergy Texas. As of December 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi and $0.1 million for Entergy Texas.
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended June 30, 2022 and 2021 were as follows:
Instrument |  | Income Statement Location |  | Amount of gain (loss) recorded in the income statement |  | Registrant
|  |  |  | (In Millions) |  |
2022 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $8.7 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $14.6 | (a) | Entergy Mississippi
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | ($0.2) | (a) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $16.0 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power expense |  | $16.1 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power expense |  | $2.2 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power expense |  | $1.6 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $1.0 | (b) | Entergy Texas
2021 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $4.9 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $13.2 | (a) | Entergy Mississippi
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $0.1 | (a) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $3.4 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power expense |  | $5.9 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power expense |  | $0.7 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power expense |  | $0.8 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $4.8 | (b) | Entergy Texas
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2022 and 2021 were as follows:
Instrument |  | Income Statement Location |  | Amount of gain (loss) recorded in the income statement |  | Registrant
|  |  |  | (In Millions) |  |
2022 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $19.8 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $57.4 | (a) | Entergy Mississippi
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $0.9 | (a) | Entergy New Orleans
Financial transmission rights |  | Purchased power |  | $23.5 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power |  | $25.5 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power |  | $3.2 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power |  | $2.4 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power |  | $4.9 | (b) | Entergy Texas
2021 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $6.7 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $18.3 | (a) | Entergy Mississippi
Financial transmission rights |  | Purchased power |  | $29.5 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power |  | $18.2 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power |  | $7.9 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power |  | $2.0 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power |  | $82.7 | (b) | Entergy Texas
(a)Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b)Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms.
Assets and liabilities at fair value on a recurring basis | Entergy New Orleans
2022 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (In Millions)
Assets: |  |  |  |  |  |  |  |
Temporary cash investments |  | $25.7 |  |  | $— |  |  | $— |  |  | $25.7 |
Securitization recovery trust account |  | 1.7 |  |  | — |  |  | — |  |  | 1.7 |
Financial transmission rights |  | — |  |  | — |  |  | 0.6 |  |  | 0.6 |
|  | $27.4 |  |  | $— |  |  | $0.6 |  |  | $28.0 |
Liabilities: |  |  |  |  |  |  |  |
Gas hedge contracts |  | $0.2 |  |  | $— |  |  | $— |  |  | $0.2 |
2021 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (In Millions)
Assets: |  |  |  |  |  |  |  |
Temporary cash investments |  | $42.8 |  |  | $— |  |  | $— |  |  | $42.8 |
Securitization recovery trust account |  | 2.0 |  |  | — |  |  | — |  |  | 2.0 |
Financial transmission rights |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
|  | $44.8 |  |  | $— |  |  | $0.1 |  |  | $44.9 |
Liabilities: |  |  |  |  |  |  |  |
Gas hedge contracts |  | $0.5 |  |  | $— |  |  | $— |  |  | $0.5 |
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended June 30, 2022.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of April 1, | $0.4 |  |  | $0.3 |  |  | $0.2 |  |  | $0.1 |  |  | $0.5 |
Issuances of financial transmission rights | 5.4 |  |  | 5.3 |  |  | 0.8 |  |  | 0.8 |  |  | 3.9 |
Gains (losses) included as a regulatory liability/asset | 14.6 |  |  | 15.2 |  |  | 1.7 |  |  | 1.3 |  |  | (1.9) |
Settlements | (16.0) |  |  | (16.1) |  |  | (2.2) |  |  | (1.6) |  |  | (1.0) |
Balance as of June 30, | $4.4 |  |  | $4.7 |  |  | $0.5 |  |  | $0.6 |  |  | $1.5 |
The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended June 30, 2021.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of April 1, | $1.4 |  |  | $1.2 |  |  | $0.3 |  |  | $0.1 |  |  | $0.5 |
Issuances of financial transmission rights | 2.8 |  |  | 4.1 |  |  | 1.7 |  |  | 0.4 |  |  | 2.7 |
Gains (losses) included as a regulatory liability/asset | 3.0 |  |  | 5.4 |  |  | 0.8 |  |  | 0.9 |  |  | 5.4 |
Settlements | (3.4) |  |  | (5.9) |  |  | (0.7) |  |  | (0.8) |  |  | (4.8) |
Balance as of June 30, | $3.8 |  |  | $4.8 |  |  | $2.1 |  |  | $0.6 |  |  | $3.8 |
The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the six months ended June 30, 2022.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of January 1, | $2.3 |  |  | $0.6 |  |  | $0.3 |  |  | $0.1 |  |  | $0.8 |
Issuances of financial transmission rights | 5.4 |  |  | 5.3 |  |  | 0.8 |  |  | 0.8 |  |  | 3.9 |
Gains (losses) included as a regulatory liability/asset | 20.2 |  |  | 24.3 |  |  | 2.6 |  |  | 2.1 |  |  | 1.7 |
Settlements | (23.5) |  |  | (25.5) |  |  | (3.2) |  |  | (2.4) |  |  | (4.9) |
Balance as of June 30, | $4.4 |  |  | $4.7 |  |  | $0.5 |  |  | $0.6 |  |  | $1.5 |
The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the six months ended June 30, 2021.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of January 1, | $2.7 |  |  | $4.2 |  |  | $0.6 |  |  | $0.1 |  |  | $1.6 |
Issuances of financial transmission rights | 2.8 |  |  | 4.1 |  |  | 1.7 |  |  | 0.4 |  |  | 2.7 |
Gains (losses) included as a regulatory liability/asset | 27.8 |  |  | 14.7 |  |  | 7.7 |  |  | 2.1 |  |  | 82.2 |
Settlements | (29.5) |  |  | (18.2) |  |  | (7.9) |  |  | (2.0) |  |  | (82.7) |
Balance as of June 30, | $3.8 |  |  | $4.8 |  |  | $2.1 |  |  | $0.6 |  |  | $3.8 |
Entergy Texas [Member] |
Fair Values Of Derivative Instruments | The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of June 30, 2022 are shown in the table below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging.
Instrument |  | Balance Sheet Location |  | Gross Fair Value (a) |  | Offsetting Position (b) |  | Net Fair Value (c) (d) |  | Registrant
|  |  |  | (In Millions) |  |
Assets: |  |  |  |  |  |  |  |  |  |
Natural gas swaps and options |  | Prepayments and other |  | $16.1 |  | $— |  | $16.1 |  | Entergy Louisiana
Natural gas swaps and options |  | Other deferred debits and other assets |  | $8.7 |  | $— |  | $8.7 |  | Entergy Louisiana
Natural gas swaps |  | Prepayments and other |  | $20.6 |  | $— |  | $20.6 |  | Entergy Mississippi
Financial transmission rights |  | Prepayments and other |  | $4.5 |  | ($0.1) |  | $4.4 |  | Entergy Arkansas
Financial transmission rights |  | Prepayments and other |  | $5.3 |  | ($0.6) |  | $4.7 |  | Entergy Louisiana
Financial transmission rights |  | Prepayments and other |  | $0.5 |  | $— |  | $0.5 |  | Entergy Mississippi
Financial transmission rights |  | Prepayments and other |  | $0.6 |  | $— |  | $0.6 |  | Entergy New Orleans
Financial transmission rights |  | Prepayments and other |  | $1.7 |  | ($0.2) |  | $1.5 |  | Entergy Texas
Liabilities: |  |  |  |  |  |  |  |  |  |
Natural gas swaps |  | Other current liabilities |  | $0.2 |  | $— |  | $0.2 |  | Entergy New Orleans
The fair values of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their balance sheets as of December 31, 2021 were as follows:
Instrument |  | Balance Sheet Location |  | Gross Fair Value (a) |  | Offsetting Position (b) |  | Net Fair Value (c) (d) |  | Registrant
|  |  |  | (In Millions) |  |
Assets: |  |  |  |  |  |  |  |  |  |
Natural gas swaps and options |  | Prepayments and other |  | $5.7 |  | $— |  | $5.7 |  | Entergy Louisiana
Natural gas swaps and options |  | Other deferred debits and other assets |  | $5.3 |  | $— |  | $5.3 |  | Entergy Louisiana
Financial transmission rights |  | Prepayments and other |  | $2.3 |  | $— |  | $2.3 |  | Entergy Arkansas
Financial transmission rights |  | Prepayments and other |  | $0.6 |  | $— |  | $0.6 |  | Entergy Louisiana
Financial transmission rights |  | Prepayments and other |  | $0.3 |  | $— |  | $0.3 |  | Entergy Mississippi
Financial transmission rights |  | Prepayments and other |  | $0.1 |  | $— |  | $0.1 |  | Entergy New Orleans
Financial transmission rights |  | Prepayments and other |  | $0.8 |  | $— |  | $0.8 |  | Entergy Texas
Liabilities: |  |  |  |  |  |  |  |  |  |
Natural gas swaps |  | Other current liabilities |  | $6.7 |  | $— |  | $6.7 |  | Entergy Mississippi
Natural gas swaps |  | Other current liabilities |  | $0.5 |  | $— |  | $0.5 |  | Entergy New Orleans
(a)Represents the gross amounts of recognized assets/liabilities (b)Represents the netting of fair value balances with the same counterparty (c)Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets (d)As of June 30, 2022, letters of credit posted with MISO covered financial transmission rights exposure of $0.4 million for Entergy Mississippi and $5.3 million for Entergy Texas. As of December 31, 2021, letters of credit posted with MISO covered financial transmission rights exposure of $0.2 million for Entergy Mississippi and $0.1 million for Entergy Texas.
Derivative Instruments Not Designated As Hedging Instruments On The Consolidated Statements Of Income | The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the three months ended June 30, 2022 and 2021 were as follows:
Instrument |  | Income Statement Location |  | Amount of gain (loss) recorded in the income statement |  | Registrant
|  |  |  | (In Millions) |  |
2022 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $8.7 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $14.6 | (a) | Entergy Mississippi
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | ($0.2) | (a) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $16.0 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power expense |  | $16.1 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power expense |  | $2.2 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power expense |  | $1.6 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $1.0 | (b) | Entergy Texas
2021 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $4.9 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $13.2 | (a) | Entergy Mississippi
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $0.1 | (a) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $3.4 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power expense |  | $5.9 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power expense |  | $0.7 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power expense |  | $0.8 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power expense |  | $4.8 | (b) | Entergy Texas
The effects of the Registrant Subsidiaries’ derivative instruments not designated as hedging instruments on their income statements for the six months ended June 30, 2022 and 2021 were as follows:
Instrument |  | Income Statement Location |  | Amount of gain (loss) recorded in the income statement |  | Registrant
|  |  |  | (In Millions) |  |
2022 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $19.8 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $57.4 | (a) | Entergy Mississippi
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $0.9 | (a) | Entergy New Orleans
Financial transmission rights |  | Purchased power |  | $23.5 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power |  | $25.5 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power |  | $3.2 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power |  | $2.4 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power |  | $4.9 | (b) | Entergy Texas
2021 |  |  |  |  |  |
Natural gas swaps and options |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $6.7 | (a) | Entergy Louisiana
Natural gas swaps |  | Fuel, fuel-related expenses, and gas purchased for resale |  | $18.3 | (a) | Entergy Mississippi
Financial transmission rights |  | Purchased power |  | $29.5 | (b) | Entergy Arkansas
Financial transmission rights |  | Purchased power |  | $18.2 | (b) | Entergy Louisiana
Financial transmission rights |  | Purchased power |  | $7.9 | (b) | Entergy Mississippi
Financial transmission rights |  | Purchased power |  | $2.0 | (b) | Entergy New Orleans
Financial transmission rights |  | Purchased power |  | $82.7 | (b) | Entergy Texas
(a)Due to regulatory treatment, the natural gas swaps and options are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps and options are settled are recovered or refunded through fuel cost recovery mechanisms. (b)Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms.
Assets and liabilities at fair value on a recurring basis | Entergy Texas
2022 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (In Millions)
Assets: |  |  |  |  |  |  |  |
Temporary cash investments |  | $14.4 |  |  | $— |  |  | $— |  |  | $14.4 |
Securitization recovery trust account |  | 26.6 |  |  | — |  |  | — |  |  | 26.6 |
Financial transmission rights |  | — |  |  | — |  |  | 1.5 |  |  | 1.5 |
|  | $41.0 |  |  | $— |  |  | $1.5 |  |  | $42.5 |
2021 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (In Millions)
Assets: |  |  |  |  |  |  |  |
Securitization recovery trust account |  | $26.6 |  |  | $— |  |  | $— |  |  | $26.6 |
Financial transmission rights |  | — |  |  | — |  |  | 0.8 |  |  | 0.8 |
|  | $26.6 |  |  | $— |  |  | $0.8 |  |  | $27.4 |
Reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy | The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended June 30, 2022.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of April 1, | $0.4 |  |  | $0.3 |  |  | $0.2 |  |  | $0.1 |  |  | $0.5 |
Issuances of financial transmission rights | 5.4 |  |  | 5.3 |  |  | 0.8 |  |  | 0.8 |  |  | 3.9 |
Gains (losses) included as a regulatory liability/asset | 14.6 |  |  | 15.2 |  |  | 1.7 |  |  | 1.3 |  |  | (1.9) |
Settlements | (16.0) |  |  | (16.1) |  |  | (2.2) |  |  | (1.6) |  |  | (1.0) |
Balance as of June 30, | $4.4 |  |  | $4.7 |  |  | $0.5 |  |  | $0.6 |  |  | $1.5 |
The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended June 30, 2021.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of April 1, | $1.4 |  |  | $1.2 |  |  | $0.3 |  |  | $0.1 |  |  | $0.5 |
Issuances of financial transmission rights | 2.8 |  |  | 4.1 |  |  | 1.7 |  |  | 0.4 |  |  | 2.7 |
Gains (losses) included as a regulatory liability/asset | 3.0 |  |  | 5.4 |  |  | 0.8 |  |  | 0.9 |  |  | 5.4 |
Settlements | (3.4) |  |  | (5.9) |  |  | (0.7) |  |  | (0.8) |  |  | (4.8) |
Balance as of June 30, | $3.8 |  |  | $4.8 |  |  | $2.1 |  |  | $0.6 |  |  | $3.8 |
The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the six months ended June 30, 2022.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of January 1, | $2.3 |  |  | $0.6 |  |  | $0.3 |  |  | $0.1 |  |  | $0.8 |
Issuances of financial transmission rights | 5.4 |  |  | 5.3 |  |  | 0.8 |  |  | 0.8 |  |  | 3.9 |
Gains (losses) included as a regulatory liability/asset | 20.2 |  |  | 24.3 |  |  | 2.6 |  |  | 2.1 |  |  | 1.7 |
Settlements | (23.5) |  |  | (25.5) |  |  | (3.2) |  |  | (2.4) |  |  | (4.9) |
Balance as of June 30, | $4.4 |  |  | $4.7 |  |  | $0.5 |  |  | $0.6 |  |  | $1.5 |
The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the six months ended June 30, 2021.
| Entergy Arkansas |  | Entergy Louisiana |  | Entergy Mississippi |  | Entergy New Orleans |  | Entergy Texas
| (In Millions)
Balance as of January 1, | $2.7 |  |  | $4.2 |  |  | $0.6 |  |  | $0.1 |  |  | $1.6 |
Issuances of financial transmission rights | 2.8 |  |  | 4.1 |  |  | 1.7 |  |  | 0.4 |  |  | 2.7 |
Gains (losses) included as a regulatory liability/asset | 27.8 |  |  | 14.7 |  |  | 7.7 |  |  | 2.1 |  |  | 82.2 |
Settlements | (29.5) |  |  | (18.2) |  |  | (7.9) |  |  | (2.0) |  |  | (82.7) |
Balance as of June 30, | $3.8 |  |  | $4.8 |  |  | $2.1 |  |  | $0.6 |  |  | $3.8 |
System Energy [Member] |
Assets and liabilities at fair value on a recurring basis | System Energy
2022 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (In Millions)
Assets: |  |  |  |  |  |  |  |
Temporary cash investments |  | $134.6 |  |  | $— |  |  | $— |  |  | $134.6 |
Decommissioning trust funds (a): |  |  |  |  |  |  |  |
Equity securities |  | 1.7 |  |  | — |  |  | — |  |  | 1.7 |
Debt Securities |  | 241.1 |  |  | 233.1 |  |  | — |  |  | 474.2 |
Common trusts (b) |  |  |  |  |  |  |  | 662.9 |
|  | $377.4 |  |  | $233.1 |  |  | $— |  |  | $1,273.4 |
2021 |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | (In Millions)
Assets: |  |  |  |  |  |  |  |
Temporary cash investments |  | $89.1 |  |  | $— |  |  | $— |  |  | $89.1 |
Decommissioning trust funds (a): |  |  |  |  |  |  |  |
Equity securities |  | 12.9 |  |  | — |  |  | — |  |  | 12.9 |
Debt securities |  | 273.0 |  |  | 251.5 |  |  | — |  |  | 524.5 |
Common trusts (b) |  |  |  |  |  |  |  | 847.9 |
|  | $375.0 |  |  | $251.5 |  |  | $— |  |  | $1,474.4 |

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