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Business Segment Information | 6 Months Ended
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Jun. 30, 2022
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)Entergy’s reportable segments as of June 30, 2022 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. See Note 13 to the financial statements in the Form 10-K and Note 14 to the financial statements herein for discussion of the shutdown and sale of each of the Entergy Wholesale Commodities nuclear power plants. With the sale of Palisades in June 2022, Entergy completed its multi-year strategy to exit the merchant nuclear power business. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the second quarters of 2022 and 2021 were as follows:
|  | Utility |  | Entergy Wholesale Commodities |  | All Other |  | Eliminations |  | Consolidated
|  | (In Thousands)
2022 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $3,306,269 |  |  | $88,933 |  |  | $— |  |  | ($6) |  |  | $3,395,196 |
Income taxes |  | ($371,704) |  |  | $25,233 |  |  | ($13,172) |  |  | $— |  |  | ($359,643) |
Consolidated net income (loss) |  | $156,548 |  |  | $87,386 |  |  | ($36,672) |  |  | ($43,251) |  |  | $164,011 |
2021 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $2,673,385 |  |  | $148,656 |  |  | $31 |  |  | ($2) |  |  | $2,822,070 |
Income taxes |  | $71,360 |  |  | ($71,696) |  |  | ($18,080) |  |  | $— |  |  | ($18,416) |
Consolidated net income (loss) |  | $329,936 |  |  | ($274,648) |  |  | ($24,784) |  |  | ($31,898) |  |  | ($1,394) |
Entergy’s segment financial information for the six months ended June 30, 2022 and 2021 were as follows:
|  | Utility |  | Entergy Wholesale Commodities |  | All Other |  | Eliminations |  | Consolidated
|  | (In Thousands)
2022 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $6,034,425 |  |  | $238,711 |  |  | $— |  |  | ($14) |  |  | $6,273,122 |
Income taxes |  | ($296,346) |  |  | $28,089 |  |  | ($24,888) |  |  | $— |  |  | ($293,145) |
Consolidated net income (loss) |  | $499,704 |  |  | $95,245 |  |  | ($76,148) |  |  | ($75,197) |  |  | $443,604 |
Total assets as of June 30, 2022 |  | $60,525,686 |  |  | $528,296 |  |  | $548,740 |  |  | ($3,775,143) |  |  | $57,827,579 |
2021 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $5,270,000 |  |  | $396,874 |  |  | $54 |  |  | ($21) |  |  | $5,666,907 |
Income taxes |  | $131,094 |  |  | ($56,135) |  |  | ($27,433) |  |  | $— |  |  | $47,526 |
Consolidated net income (loss) |  | $690,535 |  |  | ($236,525) |  |  | ($52,464) |  |  | ($63,796) |  |  | $337,750 |
Total assets as of December 31, 2021 |  | $59,733,625 |  |  | $1,242,675 |  |  | $561,168 |  |  | ($2,083,226) |  |  | $59,454,242 |
The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management implemented a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which included the shutdown and sale of all plants in its merchant nuclear fleet. With the sale of Palisades in June 2022, Entergy has exited the merchant nuclear power business. The decisions to shut down these plants and the related transactions resulted in asset impairments, employee retention and severance expenses and other benefits-related costs, and contracted economic development contributions. Total restructuring charges for the second quarters of 2022 and 2021 were comprised of the following:
| 2022 |  | 2021
| Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total |  | Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total
| (In Millions)
Balance as of April 1, | $41 |  |  | $— |  |  | $41 |  |  | $157 |  |  | $14 |  |  | $171 |
Restructuring costs accrued | (1) |  |  | — |  |  | (1) |  |  | (6) |  |  | 1 |  |  | (5) |
Cash paid out | — |  |  | — |  |  | — |  |  | 118 |  |  | 15 |  |  | 133 |
Balance as of June 30, | $40 |  |  | $— |  |  | $40 |  |  | $33 |  |  | $— |  |  | $33 |
In addition, Entergy Wholesale Commodities recorded a gain of $166 million in the second quarter 2022 as a result of the sale of the Palisades plant, as well as $1 million of impairment and other related charges, and $342 million in the second quarter 2021 of impairment and other related charges, including a $340 million loss as a result of the sale of the Indian Point Energy Center, associated with these strategic decisions and transactions. Total restructuring charges for the six months ended June 30, 2022 and 2021 were comprised of the following:
| 2022 |  | 2021
| Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total |  | Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total
| (In Millions)
Balance as of January 1, | $37 |  |  | $— |  |  | $37 |  |  | $145 |  |  | $14 |  |  | $159 |
Restructuring costs accrued | 3 |  |  | — |  |  | 3 |  |  | 7 |  |  | 1 |  |  | 8 |
Cash paid out | — |  |  | — |  |  | — |  |  | 119 |  |  | 15 |  |  | 134 |
Balance as of June 30, | $40 |  |  | $— |  |  | $40 |  |  | $33 |  |  | $— |  |  | $33 |
In addition, Entergy Wholesale Commodities recorded a gain of $166 million in the six months ended June 30, 2022 as a result of the sale of the Palisades plant, as well as $1 million of impairment and other related charges, and $345 million in the six months ended June 30, 2021 of impairment and other related charges, including a $340 million loss as a result of the sale of the Indian Point Energy Center, associated with these strategic decisions and transactions. Entergy expects to incur employee retention and severance expenses associated with its exit from the Entergy Wholesale Commodities merchant power business of approximately $5 million in 2022, of which $3 million has been incurred as of June 30, 2022. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results.
Entergy Arkansas [Member] |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)Entergy’s reportable segments as of June 30, 2022 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. See Note 13 to the financial statements in the Form 10-K and Note 14 to the financial statements herein for discussion of the shutdown and sale of each of the Entergy Wholesale Commodities nuclear power plants. With the sale of Palisades in June 2022, Entergy completed its multi-year strategy to exit the merchant nuclear power business. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the second quarters of 2022 and 2021 were as follows:
|  | Utility |  | Entergy Wholesale Commodities |  | All Other |  | Eliminations |  | Consolidated
|  | (In Thousands)
2022 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $3,306,269 |  |  | $88,933 |  |  | $— |  |  | ($6) |  |  | $3,395,196 |
Income taxes |  | ($371,704) |  |  | $25,233 |  |  | ($13,172) |  |  | $— |  |  | ($359,643) |
Consolidated net income (loss) |  | $156,548 |  |  | $87,386 |  |  | ($36,672) |  |  | ($43,251) |  |  | $164,011 |
2021 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $2,673,385 |  |  | $148,656 |  |  | $31 |  |  | ($2) |  |  | $2,822,070 |
Income taxes |  | $71,360 |  |  | ($71,696) |  |  | ($18,080) |  |  | $— |  |  | ($18,416) |
Consolidated net income (loss) |  | $329,936 |  |  | ($274,648) |  |  | ($24,784) |  |  | ($31,898) |  |  | ($1,394) |
Entergy’s segment financial information for the six months ended June 30, 2022 and 2021 were as follows:
|  | Utility |  | Entergy Wholesale Commodities |  | All Other |  | Eliminations |  | Consolidated
|  | (In Thousands)
2022 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $6,034,425 |  |  | $238,711 |  |  | $— |  |  | ($14) |  |  | $6,273,122 |
Income taxes |  | ($296,346) |  |  | $28,089 |  |  | ($24,888) |  |  | $— |  |  | ($293,145) |
Consolidated net income (loss) |  | $499,704 |  |  | $95,245 |  |  | ($76,148) |  |  | ($75,197) |  |  | $443,604 |
Total assets as of June 30, 2022 |  | $60,525,686 |  |  | $528,296 |  |  | $548,740 |  |  | ($3,775,143) |  |  | $57,827,579 |
2021 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $5,270,000 |  |  | $396,874 |  |  | $54 |  |  | ($21) |  |  | $5,666,907 |
Income taxes |  | $131,094 |  |  | ($56,135) |  |  | ($27,433) |  |  | $— |  |  | $47,526 |
Consolidated net income (loss) |  | $690,535 |  |  | ($236,525) |  |  | ($52,464) |  |  | ($63,796) |  |  | $337,750 |
Total assets as of December 31, 2021 |  | $59,733,625 |  |  | $1,242,675 |  |  | $561,168 |  |  | ($2,083,226) |  |  | $59,454,242 |
The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management implemented a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which included the shutdown and sale of all plants in its merchant nuclear fleet. With the sale of Palisades in June 2022, Entergy has exited the merchant nuclear power business. The decisions to shut down these plants and the related transactions resulted in asset impairments, employee retention and severance expenses and other benefits-related costs, and contracted economic development contributions. Total restructuring charges for the second quarters of 2022 and 2021 were comprised of the following:
| 2022 |  | 2021
| Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total |  | Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total
| (In Millions)
Balance as of April 1, | $41 |  |  | $— |  |  | $41 |  |  | $157 |  |  | $14 |  |  | $171 |
Restructuring costs accrued | (1) |  |  | — |  |  | (1) |  |  | (6) |  |  | 1 |  |  | (5) |
Cash paid out | — |  |  | — |  |  | — |  |  | 118 |  |  | 15 |  |  | 133 |
Balance as of June 30, | $40 |  |  | $— |  |  | $40 |  |  | $33 |  |  | $— |  |  | $33 |
In addition, Entergy Wholesale Commodities recorded a gain of $166 million in the second quarter 2022 as a result of the sale of the Palisades plant, as well as $1 million of impairment and other related charges, and $342 million in the second quarter 2021 of impairment and other related charges, including a $340 million loss as a result of the sale of the Indian Point Energy Center, associated with these strategic decisions and transactions. Total restructuring charges for the six months ended June 30, 2022 and 2021 were comprised of the following:
| 2022 |  | 2021
| Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total |  | Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total
| (In Millions)
Balance as of January 1, | $37 |  |  | $— |  |  | $37 |  |  | $145 |  |  | $14 |  |  | $159 |
Restructuring costs accrued | 3 |  |  | — |  |  | 3 |  |  | 7 |  |  | 1 |  |  | 8 |
Cash paid out | — |  |  | — |  |  | — |  |  | 119 |  |  | 15 |  |  | 134 |
Balance as of June 30, | $40 |  |  | $— |  |  | $40 |  |  | $33 |  |  | $— |  |  | $33 |
In addition, Entergy Wholesale Commodities recorded a gain of $166 million in the six months ended June 30, 2022 as a result of the sale of the Palisades plant, as well as $1 million of impairment and other related charges, and $345 million in the six months ended June 30, 2021 of impairment and other related charges, including a $340 million loss as a result of the sale of the Indian Point Energy Center, associated with these strategic decisions and transactions. Entergy expects to incur employee retention and severance expenses associated with its exit from the Entergy Wholesale Commodities merchant power business of approximately $5 million in 2022, of which $3 million has been incurred as of June 30, 2022. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results.
Entergy Louisiana [Member] |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)Entergy’s reportable segments as of June 30, 2022 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. See Note 13 to the financial statements in the Form 10-K and Note 14 to the financial statements herein for discussion of the shutdown and sale of each of the Entergy Wholesale Commodities nuclear power plants. With the sale of Palisades in June 2022, Entergy completed its multi-year strategy to exit the merchant nuclear power business. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the second quarters of 2022 and 2021 were as follows:
|  | Utility |  | Entergy Wholesale Commodities |  | All Other |  | Eliminations |  | Consolidated
|  | (In Thousands)
2022 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $3,306,269 |  |  | $88,933 |  |  | $— |  |  | ($6) |  |  | $3,395,196 |
Income taxes |  | ($371,704) |  |  | $25,233 |  |  | ($13,172) |  |  | $— |  |  | ($359,643) |
Consolidated net income (loss) |  | $156,548 |  |  | $87,386 |  |  | ($36,672) |  |  | ($43,251) |  |  | $164,011 |
2021 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $2,673,385 |  |  | $148,656 |  |  | $31 |  |  | ($2) |  |  | $2,822,070 |
Income taxes |  | $71,360 |  |  | ($71,696) |  |  | ($18,080) |  |  | $— |  |  | ($18,416) |
Consolidated net income (loss) |  | $329,936 |  |  | ($274,648) |  |  | ($24,784) |  |  | ($31,898) |  |  | ($1,394) |
Entergy’s segment financial information for the six months ended June 30, 2022 and 2021 were as follows:
|  | Utility |  | Entergy Wholesale Commodities |  | All Other |  | Eliminations |  | Consolidated
|  | (In Thousands)
2022 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $6,034,425 |  |  | $238,711 |  |  | $— |  |  | ($14) |  |  | $6,273,122 |
Income taxes |  | ($296,346) |  |  | $28,089 |  |  | ($24,888) |  |  | $— |  |  | ($293,145) |
Consolidated net income (loss) |  | $499,704 |  |  | $95,245 |  |  | ($76,148) |  |  | ($75,197) |  |  | $443,604 |
Total assets as of June 30, 2022 |  | $60,525,686 |  |  | $528,296 |  |  | $548,740 |  |  | ($3,775,143) |  |  | $57,827,579 |
2021 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $5,270,000 |  |  | $396,874 |  |  | $54 |  |  | ($21) |  |  | $5,666,907 |
Income taxes |  | $131,094 |  |  | ($56,135) |  |  | ($27,433) |  |  | $— |  |  | $47,526 |
Consolidated net income (loss) |  | $690,535 |  |  | ($236,525) |  |  | ($52,464) |  |  | ($63,796) |  |  | $337,750 |
Total assets as of December 31, 2021 |  | $59,733,625 |  |  | $1,242,675 |  |  | $561,168 |  |  | ($2,083,226) |  |  | $59,454,242 |
The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management implemented a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which included the shutdown and sale of all plants in its merchant nuclear fleet. With the sale of Palisades in June 2022, Entergy has exited the merchant nuclear power business. The decisions to shut down these plants and the related transactions resulted in asset impairments, employee retention and severance expenses and other benefits-related costs, and contracted economic development contributions. Total restructuring charges for the second quarters of 2022 and 2021 were comprised of the following:
| 2022 |  | 2021
| Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total |  | Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total
| (In Millions)
Balance as of April 1, | $41 |  |  | $— |  |  | $41 |  |  | $157 |  |  | $14 |  |  | $171 |
Restructuring costs accrued | (1) |  |  | — |  |  | (1) |  |  | (6) |  |  | 1 |  |  | (5) |
Cash paid out | — |  |  | — |  |  | — |  |  | 118 |  |  | 15 |  |  | 133 |
Balance as of June 30, | $40 |  |  | $— |  |  | $40 |  |  | $33 |  |  | $— |  |  | $33 |
In addition, Entergy Wholesale Commodities recorded a gain of $166 million in the second quarter 2022 as a result of the sale of the Palisades plant, as well as $1 million of impairment and other related charges, and $342 million in the second quarter 2021 of impairment and other related charges, including a $340 million loss as a result of the sale of the Indian Point Energy Center, associated with these strategic decisions and transactions. Total restructuring charges for the six months ended June 30, 2022 and 2021 were comprised of the following:
| 2022 |  | 2021
| Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total |  | Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total
| (In Millions)
Balance as of January 1, | $37 |  |  | $— |  |  | $37 |  |  | $145 |  |  | $14 |  |  | $159 |
Restructuring costs accrued | 3 |  |  | — |  |  | 3 |  |  | 7 |  |  | 1 |  |  | 8 |
Cash paid out | — |  |  | — |  |  | — |  |  | 119 |  |  | 15 |  |  | 134 |
Balance as of June 30, | $40 |  |  | $— |  |  | $40 |  |  | $33 |  |  | $— |  |  | $33 |
In addition, Entergy Wholesale Commodities recorded a gain of $166 million in the six months ended June 30, 2022 as a result of the sale of the Palisades plant, as well as $1 million of impairment and other related charges, and $345 million in the six months ended June 30, 2021 of impairment and other related charges, including a $340 million loss as a result of the sale of the Indian Point Energy Center, associated with these strategic decisions and transactions. Entergy expects to incur employee retention and severance expenses associated with its exit from the Entergy Wholesale Commodities merchant power business of approximately $5 million in 2022, of which $3 million has been incurred as of June 30, 2022. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results.
Entergy Mississippi [Member] |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)Entergy’s reportable segments as of June 30, 2022 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. See Note 13 to the financial statements in the Form 10-K and Note 14 to the financial statements herein for discussion of the shutdown and sale of each of the Entergy Wholesale Commodities nuclear power plants. With the sale of Palisades in June 2022, Entergy completed its multi-year strategy to exit the merchant nuclear power business. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the second quarters of 2022 and 2021 were as follows:
|  | Utility |  | Entergy Wholesale Commodities |  | All Other |  | Eliminations |  | Consolidated
|  | (In Thousands)
2022 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $3,306,269 |  |  | $88,933 |  |  | $— |  |  | ($6) |  |  | $3,395,196 |
Income taxes |  | ($371,704) |  |  | $25,233 |  |  | ($13,172) |  |  | $— |  |  | ($359,643) |
Consolidated net income (loss) |  | $156,548 |  |  | $87,386 |  |  | ($36,672) |  |  | ($43,251) |  |  | $164,011 |
2021 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $2,673,385 |  |  | $148,656 |  |  | $31 |  |  | ($2) |  |  | $2,822,070 |
Income taxes |  | $71,360 |  |  | ($71,696) |  |  | ($18,080) |  |  | $— |  |  | ($18,416) |
Consolidated net income (loss) |  | $329,936 |  |  | ($274,648) |  |  | ($24,784) |  |  | ($31,898) |  |  | ($1,394) |
Entergy’s segment financial information for the six months ended June 30, 2022 and 2021 were as follows:
|  | Utility |  | Entergy Wholesale Commodities |  | All Other |  | Eliminations |  | Consolidated
|  | (In Thousands)
2022 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $6,034,425 |  |  | $238,711 |  |  | $— |  |  | ($14) |  |  | $6,273,122 |
Income taxes |  | ($296,346) |  |  | $28,089 |  |  | ($24,888) |  |  | $— |  |  | ($293,145) |
Consolidated net income (loss) |  | $499,704 |  |  | $95,245 |  |  | ($76,148) |  |  | ($75,197) |  |  | $443,604 |
Total assets as of June 30, 2022 |  | $60,525,686 |  |  | $528,296 |  |  | $548,740 |  |  | ($3,775,143) |  |  | $57,827,579 |
2021 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $5,270,000 |  |  | $396,874 |  |  | $54 |  |  | ($21) |  |  | $5,666,907 |
Income taxes |  | $131,094 |  |  | ($56,135) |  |  | ($27,433) |  |  | $— |  |  | $47,526 |
Consolidated net income (loss) |  | $690,535 |  |  | ($236,525) |  |  | ($52,464) |  |  | ($63,796) |  |  | $337,750 |
Total assets as of December 31, 2021 |  | $59,733,625 |  |  | $1,242,675 |  |  | $561,168 |  |  | ($2,083,226) |  |  | $59,454,242 |
The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management implemented a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which included the shutdown and sale of all plants in its merchant nuclear fleet. With the sale of Palisades in June 2022, Entergy has exited the merchant nuclear power business. The decisions to shut down these plants and the related transactions resulted in asset impairments, employee retention and severance expenses and other benefits-related costs, and contracted economic development contributions. Total restructuring charges for the second quarters of 2022 and 2021 were comprised of the following:
| 2022 |  | 2021
| Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total |  | Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total
| (In Millions)
Balance as of April 1, | $41 |  |  | $— |  |  | $41 |  |  | $157 |  |  | $14 |  |  | $171 |
Restructuring costs accrued | (1) |  |  | — |  |  | (1) |  |  | (6) |  |  | 1 |  |  | (5) |
Cash paid out | — |  |  | — |  |  | — |  |  | 118 |  |  | 15 |  |  | 133 |
Balance as of June 30, | $40 |  |  | $— |  |  | $40 |  |  | $33 |  |  | $— |  |  | $33 |
In addition, Entergy Wholesale Commodities recorded a gain of $166 million in the second quarter 2022 as a result of the sale of the Palisades plant, as well as $1 million of impairment and other related charges, and $342 million in the second quarter 2021 of impairment and other related charges, including a $340 million loss as a result of the sale of the Indian Point Energy Center, associated with these strategic decisions and transactions. Total restructuring charges for the six months ended June 30, 2022 and 2021 were comprised of the following:
| 2022 |  | 2021
| Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total |  | Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total
| (In Millions)
Balance as of January 1, | $37 |  |  | $— |  |  | $37 |  |  | $145 |  |  | $14 |  |  | $159 |
Restructuring costs accrued | 3 |  |  | — |  |  | 3 |  |  | 7 |  |  | 1 |  |  | 8 |
Cash paid out | — |  |  | — |  |  | — |  |  | 119 |  |  | 15 |  |  | 134 |
Balance as of June 30, | $40 |  |  | $— |  |  | $40 |  |  | $33 |  |  | $— |  |  | $33 |
In addition, Entergy Wholesale Commodities recorded a gain of $166 million in the six months ended June 30, 2022 as a result of the sale of the Palisades plant, as well as $1 million of impairment and other related charges, and $345 million in the six months ended June 30, 2021 of impairment and other related charges, including a $340 million loss as a result of the sale of the Indian Point Energy Center, associated with these strategic decisions and transactions. Entergy expects to incur employee retention and severance expenses associated with its exit from the Entergy Wholesale Commodities merchant power business of approximately $5 million in 2022, of which $3 million has been incurred as of June 30, 2022. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results.
Entergy New Orleans [Member] |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)Entergy’s reportable segments as of June 30, 2022 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. See Note 13 to the financial statements in the Form 10-K and Note 14 to the financial statements herein for discussion of the shutdown and sale of each of the Entergy Wholesale Commodities nuclear power plants. With the sale of Palisades in June 2022, Entergy completed its multi-year strategy to exit the merchant nuclear power business. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the second quarters of 2022 and 2021 were as follows:
|  | Utility |  | Entergy Wholesale Commodities |  | All Other |  | Eliminations |  | Consolidated
|  | (In Thousands)
2022 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $3,306,269 |  |  | $88,933 |  |  | $— |  |  | ($6) |  |  | $3,395,196 |
Income taxes |  | ($371,704) |  |  | $25,233 |  |  | ($13,172) |  |  | $— |  |  | ($359,643) |
Consolidated net income (loss) |  | $156,548 |  |  | $87,386 |  |  | ($36,672) |  |  | ($43,251) |  |  | $164,011 |
2021 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $2,673,385 |  |  | $148,656 |  |  | $31 |  |  | ($2) |  |  | $2,822,070 |
Income taxes |  | $71,360 |  |  | ($71,696) |  |  | ($18,080) |  |  | $— |  |  | ($18,416) |
Consolidated net income (loss) |  | $329,936 |  |  | ($274,648) |  |  | ($24,784) |  |  | ($31,898) |  |  | ($1,394) |
Entergy’s segment financial information for the six months ended June 30, 2022 and 2021 were as follows:
|  | Utility |  | Entergy Wholesale Commodities |  | All Other |  | Eliminations |  | Consolidated
|  | (In Thousands)
2022 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $6,034,425 |  |  | $238,711 |  |  | $— |  |  | ($14) |  |  | $6,273,122 |
Income taxes |  | ($296,346) |  |  | $28,089 |  |  | ($24,888) |  |  | $— |  |  | ($293,145) |
Consolidated net income (loss) |  | $499,704 |  |  | $95,245 |  |  | ($76,148) |  |  | ($75,197) |  |  | $443,604 |
Total assets as of June 30, 2022 |  | $60,525,686 |  |  | $528,296 |  |  | $548,740 |  |  | ($3,775,143) |  |  | $57,827,579 |
2021 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $5,270,000 |  |  | $396,874 |  |  | $54 |  |  | ($21) |  |  | $5,666,907 |
Income taxes |  | $131,094 |  |  | ($56,135) |  |  | ($27,433) |  |  | $— |  |  | $47,526 |
Consolidated net income (loss) |  | $690,535 |  |  | ($236,525) |  |  | ($52,464) |  |  | ($63,796) |  |  | $337,750 |
Total assets as of December 31, 2021 |  | $59,733,625 |  |  | $1,242,675 |  |  | $561,168 |  |  | ($2,083,226) |  |  | $59,454,242 |
The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management implemented a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which included the shutdown and sale of all plants in its merchant nuclear fleet. With the sale of Palisades in June 2022, Entergy has exited the merchant nuclear power business. The decisions to shut down these plants and the related transactions resulted in asset impairments, employee retention and severance expenses and other benefits-related costs, and contracted economic development contributions. Total restructuring charges for the second quarters of 2022 and 2021 were comprised of the following:
| 2022 |  | 2021
| Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total |  | Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total
| (In Millions)
Balance as of April 1, | $41 |  |  | $— |  |  | $41 |  |  | $157 |  |  | $14 |  |  | $171 |
Restructuring costs accrued | (1) |  |  | — |  |  | (1) |  |  | (6) |  |  | 1 |  |  | (5) |
Cash paid out | — |  |  | — |  |  | — |  |  | 118 |  |  | 15 |  |  | 133 |
Balance as of June 30, | $40 |  |  | $— |  |  | $40 |  |  | $33 |  |  | $— |  |  | $33 |
In addition, Entergy Wholesale Commodities recorded a gain of $166 million in the second quarter 2022 as a result of the sale of the Palisades plant, as well as $1 million of impairment and other related charges, and $342 million in the second quarter 2021 of impairment and other related charges, including a $340 million loss as a result of the sale of the Indian Point Energy Center, associated with these strategic decisions and transactions. Total restructuring charges for the six months ended June 30, 2022 and 2021 were comprised of the following:
| 2022 |  | 2021
| Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total |  | Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total
| (In Millions)
Balance as of January 1, | $37 |  |  | $— |  |  | $37 |  |  | $145 |  |  | $14 |  |  | $159 |
Restructuring costs accrued | 3 |  |  | — |  |  | 3 |  |  | 7 |  |  | 1 |  |  | 8 |
Cash paid out | — |  |  | — |  |  | — |  |  | 119 |  |  | 15 |  |  | 134 |
Balance as of June 30, | $40 |  |  | $— |  |  | $40 |  |  | $33 |  |  | $— |  |  | $33 |
In addition, Entergy Wholesale Commodities recorded a gain of $166 million in the six months ended June 30, 2022 as a result of the sale of the Palisades plant, as well as $1 million of impairment and other related charges, and $345 million in the six months ended June 30, 2021 of impairment and other related charges, including a $340 million loss as a result of the sale of the Indian Point Energy Center, associated with these strategic decisions and transactions. Entergy expects to incur employee retention and severance expenses associated with its exit from the Entergy Wholesale Commodities merchant power business of approximately $5 million in 2022, of which $3 million has been incurred as of June 30, 2022. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results.
Entergy Texas [Member] |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)Entergy’s reportable segments as of June 30, 2022 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. See Note 13 to the financial statements in the Form 10-K and Note 14 to the financial statements herein for discussion of the shutdown and sale of each of the Entergy Wholesale Commodities nuclear power plants. With the sale of Palisades in June 2022, Entergy completed its multi-year strategy to exit the merchant nuclear power business. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the second quarters of 2022 and 2021 were as follows:
|  | Utility |  | Entergy Wholesale Commodities |  | All Other |  | Eliminations |  | Consolidated
|  | (In Thousands)
2022 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $3,306,269 |  |  | $88,933 |  |  | $— |  |  | ($6) |  |  | $3,395,196 |
Income taxes |  | ($371,704) |  |  | $25,233 |  |  | ($13,172) |  |  | $— |  |  | ($359,643) |
Consolidated net income (loss) |  | $156,548 |  |  | $87,386 |  |  | ($36,672) |  |  | ($43,251) |  |  | $164,011 |
2021 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $2,673,385 |  |  | $148,656 |  |  | $31 |  |  | ($2) |  |  | $2,822,070 |
Income taxes |  | $71,360 |  |  | ($71,696) |  |  | ($18,080) |  |  | $— |  |  | ($18,416) |
Consolidated net income (loss) |  | $329,936 |  |  | ($274,648) |  |  | ($24,784) |  |  | ($31,898) |  |  | ($1,394) |
Entergy’s segment financial information for the six months ended June 30, 2022 and 2021 were as follows:
|  | Utility |  | Entergy Wholesale Commodities |  | All Other |  | Eliminations |  | Consolidated
|  | (In Thousands)
2022 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $6,034,425 |  |  | $238,711 |  |  | $— |  |  | ($14) |  |  | $6,273,122 |
Income taxes |  | ($296,346) |  |  | $28,089 |  |  | ($24,888) |  |  | $— |  |  | ($293,145) |
Consolidated net income (loss) |  | $499,704 |  |  | $95,245 |  |  | ($76,148) |  |  | ($75,197) |  |  | $443,604 |
Total assets as of June 30, 2022 |  | $60,525,686 |  |  | $528,296 |  |  | $548,740 |  |  | ($3,775,143) |  |  | $57,827,579 |
2021 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $5,270,000 |  |  | $396,874 |  |  | $54 |  |  | ($21) |  |  | $5,666,907 |
Income taxes |  | $131,094 |  |  | ($56,135) |  |  | ($27,433) |  |  | $— |  |  | $47,526 |
Consolidated net income (loss) |  | $690,535 |  |  | ($236,525) |  |  | ($52,464) |  |  | ($63,796) |  |  | $337,750 |
Total assets as of December 31, 2021 |  | $59,733,625 |  |  | $1,242,675 |  |  | $561,168 |  |  | ($2,083,226) |  |  | $59,454,242 |
The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management implemented a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which included the shutdown and sale of all plants in its merchant nuclear fleet. With the sale of Palisades in June 2022, Entergy has exited the merchant nuclear power business. The decisions to shut down these plants and the related transactions resulted in asset impairments, employee retention and severance expenses and other benefits-related costs, and contracted economic development contributions. Total restructuring charges for the second quarters of 2022 and 2021 were comprised of the following:
| 2022 |  | 2021
| Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total |  | Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total
| (In Millions)
Balance as of April 1, | $41 |  |  | $— |  |  | $41 |  |  | $157 |  |  | $14 |  |  | $171 |
Restructuring costs accrued | (1) |  |  | — |  |  | (1) |  |  | (6) |  |  | 1 |  |  | (5) |
Cash paid out | — |  |  | — |  |  | — |  |  | 118 |  |  | 15 |  |  | 133 |
Balance as of June 30, | $40 |  |  | $— |  |  | $40 |  |  | $33 |  |  | $— |  |  | $33 |
In addition, Entergy Wholesale Commodities recorded a gain of $166 million in the second quarter 2022 as a result of the sale of the Palisades plant, as well as $1 million of impairment and other related charges, and $342 million in the second quarter 2021 of impairment and other related charges, including a $340 million loss as a result of the sale of the Indian Point Energy Center, associated with these strategic decisions and transactions. Total restructuring charges for the six months ended June 30, 2022 and 2021 were comprised of the following:
| 2022 |  | 2021
| Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total |  | Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total
| (In Millions)
Balance as of January 1, | $37 |  |  | $— |  |  | $37 |  |  | $145 |  |  | $14 |  |  | $159 |
Restructuring costs accrued | 3 |  |  | — |  |  | 3 |  |  | 7 |  |  | 1 |  |  | 8 |
Cash paid out | — |  |  | — |  |  | — |  |  | 119 |  |  | 15 |  |  | 134 |
Balance as of June 30, | $40 |  |  | $— |  |  | $40 |  |  | $33 |  |  | $— |  |  | $33 |
In addition, Entergy Wholesale Commodities recorded a gain of $166 million in the six months ended June 30, 2022 as a result of the sale of the Palisades plant, as well as $1 million of impairment and other related charges, and $345 million in the six months ended June 30, 2021 of impairment and other related charges, including a $340 million loss as a result of the sale of the Indian Point Energy Center, associated with these strategic decisions and transactions. Entergy expects to incur employee retention and severance expenses associated with its exit from the Entergy Wholesale Commodities merchant power business of approximately $5 million in 2022, of which $3 million has been incurred as of June 30, 2022. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results.
System Energy [Member] |
Business Segment Information | BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)Entergy’s reportable segments as of June 30, 2022 were Utility and Entergy Wholesale Commodities. Utility includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, and natural gas utility service in portions of Louisiana. Entergy Wholesale Commodities includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. See Note 13 to the financial statements in the Form 10-K and Note 14 to the financial statements herein for discussion of the shutdown and sale of each of the Entergy Wholesale Commodities nuclear power plants. With the sale of Palisades in June 2022, Entergy completed its multi-year strategy to exit the merchant nuclear power business. “All Other” includes the parent company, Entergy Corporation, and other business activity. Entergy’s segment financial information for the second quarters of 2022 and 2021 were as follows:
|  | Utility |  | Entergy Wholesale Commodities |  | All Other |  | Eliminations |  | Consolidated
|  | (In Thousands)
2022 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $3,306,269 |  |  | $88,933 |  |  | $— |  |  | ($6) |  |  | $3,395,196 |
Income taxes |  | ($371,704) |  |  | $25,233 |  |  | ($13,172) |  |  | $— |  |  | ($359,643) |
Consolidated net income (loss) |  | $156,548 |  |  | $87,386 |  |  | ($36,672) |  |  | ($43,251) |  |  | $164,011 |
2021 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $2,673,385 |  |  | $148,656 |  |  | $31 |  |  | ($2) |  |  | $2,822,070 |
Income taxes |  | $71,360 |  |  | ($71,696) |  |  | ($18,080) |  |  | $— |  |  | ($18,416) |
Consolidated net income (loss) |  | $329,936 |  |  | ($274,648) |  |  | ($24,784) |  |  | ($31,898) |  |  | ($1,394) |
Entergy’s segment financial information for the six months ended June 30, 2022 and 2021 were as follows:
|  | Utility |  | Entergy Wholesale Commodities |  | All Other |  | Eliminations |  | Consolidated
|  | (In Thousands)
2022 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $6,034,425 |  |  | $238,711 |  |  | $— |  |  | ($14) |  |  | $6,273,122 |
Income taxes |  | ($296,346) |  |  | $28,089 |  |  | ($24,888) |  |  | $— |  |  | ($293,145) |
Consolidated net income (loss) |  | $499,704 |  |  | $95,245 |  |  | ($76,148) |  |  | ($75,197) |  |  | $443,604 |
Total assets as of June 30, 2022 |  | $60,525,686 |  |  | $528,296 |  |  | $548,740 |  |  | ($3,775,143) |  |  | $57,827,579 |
2021 |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $5,270,000 |  |  | $396,874 |  |  | $54 |  |  | ($21) |  |  | $5,666,907 |
Income taxes |  | $131,094 |  |  | ($56,135) |  |  | ($27,433) |  |  | $— |  |  | $47,526 |
Consolidated net income (loss) |  | $690,535 |  |  | ($236,525) |  |  | ($52,464) |  |  | ($63,796) |  |  | $337,750 |
Total assets as of December 31, 2021 |  | $59,733,625 |  |  | $1,242,675 |  |  | $561,168 |  |  | ($2,083,226) |  |  | $59,454,242 |
The Entergy Wholesale Commodities business is sometimes referred to as the “competitive businesses.” Eliminations are primarily intersegment activity. Almost all of Entergy’s goodwill is related to the Utility segment. As discussed in Note 13 to the financial statements in the Form 10-K, Entergy management implemented a strategy to manage and reduce the risk of the Entergy Wholesale Commodities business, which included the shutdown and sale of all plants in its merchant nuclear fleet. With the sale of Palisades in June 2022, Entergy has exited the merchant nuclear power business. The decisions to shut down these plants and the related transactions resulted in asset impairments, employee retention and severance expenses and other benefits-related costs, and contracted economic development contributions. Total restructuring charges for the second quarters of 2022 and 2021 were comprised of the following:
| 2022 |  | 2021
| Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total |  | Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total
| (In Millions)
Balance as of April 1, | $41 |  |  | $— |  |  | $41 |  |  | $157 |  |  | $14 |  |  | $171 |
Restructuring costs accrued | (1) |  |  | — |  |  | (1) |  |  | (6) |  |  | 1 |  |  | (5) |
Cash paid out | — |  |  | — |  |  | — |  |  | 118 |  |  | 15 |  |  | 133 |
Balance as of June 30, | $40 |  |  | $— |  |  | $40 |  |  | $33 |  |  | $— |  |  | $33 |
In addition, Entergy Wholesale Commodities recorded a gain of $166 million in the second quarter 2022 as a result of the sale of the Palisades plant, as well as $1 million of impairment and other related charges, and $342 million in the second quarter 2021 of impairment and other related charges, including a $340 million loss as a result of the sale of the Indian Point Energy Center, associated with these strategic decisions and transactions. Total restructuring charges for the six months ended June 30, 2022 and 2021 were comprised of the following:
| 2022 |  | 2021
| Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total |  | Employee retention and severance expenses and other benefits-related costs |  | Contracted economic development costs |  | Total
| (In Millions)
Balance as of January 1, | $37 |  |  | $— |  |  | $37 |  |  | $145 |  |  | $14 |  |  | $159 |
Restructuring costs accrued | 3 |  |  | — |  |  | 3 |  |  | 7 |  |  | 1 |  |  | 8 |
Cash paid out | — |  |  | — |  |  | — |  |  | 119 |  |  | 15 |  |  | 134 |
Balance as of June 30, | $40 |  |  | $— |  |  | $40 |  |  | $33 |  |  | $— |  |  | $33 |
In addition, Entergy Wholesale Commodities recorded a gain of $166 million in the six months ended June 30, 2022 as a result of the sale of the Palisades plant, as well as $1 million of impairment and other related charges, and $345 million in the six months ended June 30, 2021 of impairment and other related charges, including a $340 million loss as a result of the sale of the Indian Point Energy Center, associated with these strategic decisions and transactions. Entergy expects to incur employee retention and severance expenses associated with its exit from the Entergy Wholesale Commodities merchant power business of approximately $5 million in 2022, of which $3 million has been incurred as of June 30, 2022. Registrant Subsidiaries Each of the Registrant Subsidiaries has one reportable segment, which is an integrated utility business, except for System Energy, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations is managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results.

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