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Equity | 6 Months Ended
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Jun. 30, 2022
Equity | EQUITY (Entergy Corporation, Entergy Louisiana, and Entergy Mississippi) Common Stock Earnings (Loss) per Share The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated statements of operations:
| For the Three Months Ended June 30,
| 2022 |  | 2021
| (In Millions, Except Per Share Data)
| Income |  | Shares |  | $/share |  | Income |  | Shares |  | $/share
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Entergy Corporation | $159.7 |  |  | 203.4 |  |  | $0.79 |  |  | ($6.0) |  |  | 200.8 |  |  | ($0.03) |
Average dilutive effect of: |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 0.5 |  |  | (0.01) |  |  |  |  | — |  |  | — |
Other equity plans |  |  | 0.5 |  |  | — |  |  |  |  | — |  |  | — |
Equity Forwards |  |  | 0.3 |  |  | — |  |  |  |  | — |  |  | — |
Diluted earnings (loss) per share | $159.7 |  |  | 204.7 |  |  | $0.78 |  |  | ($6.0) |  |  | 200.8 |  |  | ($0.03) |
The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 0.9 million for the three months ended June 30, 2022 and approximately 1 million for the three months ended June 30, 2021. The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated statements of operations:
| For the Six Months Ended June 30,
| 2022 |  | 2021
| (In Millions, Except Per Share Data)
| Income |  | Shares |  | $/share |  | Income |  | Shares |  | $/share
Basic earnings per share |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Entergy Corporation | $436.1 |  |  | 203.2 |  |  | $2.15 |  |  | $328.6 |  |  | 200.7 |  |  | $1.64 |
Average dilutive effect of: |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 0.5 |  |  | (0.01) |  |  |  |  | 0.4 |  |  | (0.01) |
Other equity plans |  |  | 0.4 |  |  | (0.01) |  |  |  |  | 0.3 |  |  | — |
Equity forwards |  |  | 0.2 |  |  | — |  |  |  |  | — |  |  | — |
Diluted earnings per share | $436.1 |  |  | 204.3 |  |  | $2.13 |  |  | $328.6 |  |  | 201.4 |  |  | $1.63 |
The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 0.9 million for the six months ended June 30, 2022 and approximately 1 million for the six months ended June 30, 2021. Entergy’s stock options and other equity compensation plans are discussed in Note 5 to the financial statements herein and in Note 12 to the financial statements in the Form 10-K. Dividends declared per common share were $1.01 for the three months ended June 30, 2022 and $0.95 for the three months ended June 30, 2021. Dividends declared per common share were $2.02 for the six months ended June 30, 2022 and $1.90 for the six months ended June 30, 2021. Equity Distribution Program In January 2021, Entergy entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy common stock, Entergy may enter into forward sale agreements for the sale of its common stock. Initially, the aggregate number of shares of common stock sold under this sales agreement and under any forward sale agreement could not exceed an aggregate gross sales price of $1 billion. In May 2022, Entergy increased by $1 billion the aggregate gross sales price authorized under the at the market equity distribution program. As of June 30, 2022, an aggregate gross sales price of approximately $884 million has been sold under the at the market equity distribution program. See Note 7 to the financial statements in the Form 10-K for discussion of the common stock issued and unsettled forward sale agreements entered into during 2021. During the six months ended June 30, 2022, there were no shares of common stock issued under the at the market equity distribution program. During the six months ended June 30, 2021, Entergy Corporation issued 265,468 shares of common stock under the at the market equity distribution program. The net sales proceeds from these shares totaled $26.8 million, which includes the gross sales price of $28.2 million received by Entergy Corporation less $1.1 million of general issuance costs and $0.3 million of aggregate compensation to the agents with respect to such sales. In June 2022, Entergy entered into a forward sale agreement for 2,124,086 shares of common stock. No amounts have or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the equity forward sale agreement occur. The forward sale agreement requires Entergy to, at its election prior to December 29, 2023, either (i) physically settle the transactions by issuing the total of 2,124,086 shares of its common stock to the forward counterparty in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially approximately $116.94 per share) or (ii) net settle the transaction in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreement. In connection with the forward sale agreement, the forward seller, or its affiliates, borrowed from third parties and sold 2,124,086 shares of Entergy Corporation’s common stock. The gross sales price of these shares totaled approximately $250.9 million. In connection with the sale of these shares, Entergy paid the forward sellers fees of approximately $2.5 million, which have not been deducted from the gross sales price. Entergy did not receive any proceeds from such sales of borrowed shares. In March 2022, Entergy entered into a forward sale agreement for 1,538,010 shares of common stock. No amounts have or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the equity forward sale agreement occur. The forward sale agreement requires Entergy to, at its election prior to September 29, 2023, either (i) physically settle the transactions by issuing the total of 1,538,010 shares of its common stock to the forward counterparty in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially approximately $108.14 per share) or (ii) net settle the transaction in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreement. In connection with the forward sale agreement, the forward seller, or its affiliates, borrowed from third parties and sold 1,538,010 shares of Entergy Corporation’s common stock. The gross sales price of these shares totaled approximately $168 million. In connection with the sale of these shares, Entergy paid the forward sellers fees of approximately $1.7 million, which have not been deducted from the gross sales price. Entergy did not receive any proceeds from such sales of borrowed shares. In June 2021, Entergy entered into a forward sale agreement for 416,853 shares of common stock. No amounts have or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the equity forward sale agreement occur. The forward sale agreement requires Entergy to, at its election prior to September 30, 2022, either (i) physically settle the transactions by issuing the total of 416,853 shares of its common stock to the investment bank in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially $106.87 per share) or (ii) net settle the transaction in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreement. In connection with the forward sale agreement, the forward seller, or its affiliates, borrowed from third parties and sold 416,853 shares of Entergy Corporation’s common stock. The gross sales price of these shares totaled $45 million. In connection with the sale of these shares, Entergy paid the forward sellers fees of approximately $0.5 million, which have not been deducted from the gross sales price. Entergy Corporation did not receive any proceeds from such sales of borrowed shares. Until settlement of the forward sale agreement, earnings per share dilution resulting from the agreement, if any, will be determined under the treasury stock method. Share dilution occurs when the average market price of Entergy’s common stock is higher than the average forward sales price. For the six months ended June 30, 2022, approximately 1 million shares under the forward sale agreements were not included in the calculation of diluted earnings per share because their effect would have been antidilutive. Treasury Stock During the six months ended June 30, 2022, Entergy Corporation issued 763,847 shares of its previously repurchased common stock to satisfy stock option exercises, vesting of shares of restricted stock, and other stock-based awards. Entergy Corporation did not repurchase any of its common stock during the six months ended June 30, 2022. Retained Earnings On July 29, 2022, Entergy Corporation’s Board of Directors declared a common stock dividend of $1.01 per share, payable on September 1, 2022 to holders of record as of August 11, 2022. Comprehensive Income Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended June 30, 2022 by component:
| Cash flow hedges net unrealized gain (loss) |  | Pension and other postretirement liabilities |  | Net unrealized investment gain (loss) |  | Total Accumulated Other Comprehensive Income (Loss)
| (In Thousands)
Beginning balance, April 1, 2022 | ($1,011) |  |  | ($330,319) |  |  | ($5,248) |  |  | ($336,578) |
Other comprehensive income (loss) before reclassifications | (14) |  |  | — |  |  | 4,101 |  |  | 4,087 |
Amounts reclassified from accumulated other comprehensive income | 38 |  |  | 6,045 |  |  | 2,370 |  |  | 8,453 |
Net other comprehensive income for the period | 24 |  |  | 6,045 |  |  | 6,471 |  |  | 12,540 |
Ending balance, June 30, 2022 | ($987) |  |  | ($324,274) |  |  | $1,223 |  |  | ($324,038) |
The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended June 30, 2021 by component:
| Cash flow hedges net unrealized gain (loss) |  | Pension and other postretirement liabilities |  | Net unrealized investment gain (loss) |  |  |  | Total Accumulated Other Comprehensive Income (Loss)
| (In Thousands)
Beginning balance, April 1, 2021 | ($861) |  |  | ($511,609) |  |  | $11,963 |  |  |  |  | ($500,507) |
Other comprehensive income (loss) before reclassifications | (14) |  |  | — |  |  | 648 |  |  |  |  | 634 |
Amounts reclassified from accumulated other comprehensive income (loss) | (208) |  |  | 22,098 |  |  | (756) |  |  |  |  | 21,134 |
Net other comprehensive income (loss) for the period | (222) |  |  | 22,098 |  |  | (108) |  |  |  |  | 21,768 |
Ending balance, June 30, 2021 | ($1,083) |  |  | ($489,511) |  |  | $11,855 |  |  |  |  | ($478,739) |
The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the six months ended June 30, 2022 by component:
| Cash flow hedges net unrealized gain (loss) |  | Pension and other postretirement liabilities |  | Net unrealized investment gain (loss) |  | Total Accumulated Other Comprehensive Income (Loss)
| (In Thousands)
Beginning balance, January 1, 2022 | ($1,035) |  |  | ($338,647) |  |  | $7,154 |  |  | ($332,528) |
Other comprehensive income (loss) before reclassifications | (29) |  |  | — |  |  | (11,774) |  |  | (11,803) |
Amounts reclassified from accumulated other comprehensive income (loss) | 77 |  |  | 14,373 |  |  | 5,843 |  |  | 20,293 |
Net other comprehensive income (loss) for the period | 48 |  |  | 14,373 |  |  | (5,931) |  |  | 8,490 |
Ending balance, June 30, 2022 | ($987) |  |  | ($324,274) |  |  | $1,223 |  |  | ($324,038) |
The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the six months ended June 30, 2021 by component:
| Cash flow hedges net unrealized gain (loss) |  | Pension and other postretirement liabilities |  | Net unrealized investment gain (loss) |  |  |  | Total Accumulated Other Comprehensive Income (Loss)
| (In Thousands)
Beginning balance, January 1, 2021 | $28,719 |  |  | ($534,576) |  |  | $56,650 |  |  |  |  | ($449,207) |
Other comprehensive income (loss) before reclassifications | 1,467 |  |  | — |  |  | (44,653) |  |  |  |  | (43,186) |
Amounts reclassified from accumulated other comprehensive income (loss) | (31,269) |  |  | 45,065 |  |  | (142) |  |  |  |  | 13,654 |
Net other comprehensive income (loss) for the period | (29,802) |  |  | 45,065 |  |  | (44,795) |  |  |  |  | (29,532) |
Ending balance, June 30, 2021 | ($1,083) |  |  | ($489,511) |  |  | $11,855 |  |  |  |  | ($478,739) |
The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended June 30, 2022 and 2021:
|  | Pension and Other Postretirement Liabilities
|  | 2022 |  | 2021
|  | (In Thousands)
Beginning balance, April 1, |  | $7,665 |  |  | $3,920 |
Amounts reclassified from accumulated other comprehensive income (loss) |  | (491) |  |  | 588 |
Net other comprehensive income (loss) for the period |  | (491) |  |  | 588 |
Ending balance, June 30, |  | $7,174 |  |  | $4,508 |
The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the six months ended June 30, 2022 and 2021:
|  | Pension and Other Postretirement Liabilities
|  | 2022 |  | 2021
|  | (In Thousands)
Beginning balance, January 1, |  | $8,278 |  |  | $4,327 |
Amounts reclassified from accumulated other comprehensive income (loss) |  | (1,104) |  |  | 181 |
Net other comprehensive income (loss) for the period |  | (1,104) |  |  | 181 |
Ending balance, June 30, |  | $7,174 |  |  | $4,508 |
Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy for the three months ended June 30, 2022 and 2021 were as follows:
| Amounts reclassified from AOCI |  | Income Statement Location
| 2022 |  | 2021 |  |
| (In Thousands) |  |
Cash flow hedges net unrealized gain (loss) |  |  |  |  |
Power contracts | $— |  |  | $312 |  |  | Competitive business operating revenues
Interest rate swaps | (48) |  |  | (48) |  |  | Miscellaneous - net
Total realized gain (loss) on cash flow hedges | (48) |  |  | 264 |  |  |
Income taxes | 10 |  |  | (56) |  |  | Income taxes
Total realized gain (loss) on cash flow hedges (net of tax) | ($38) |  |  | $208 |  |  |
Pension and other postretirement liabilities |  |  |  |  |
Amortization of prior-service credit | $3,837 |  |  | $5,248 |  |  | (a)
Amortization of loss | (10,979) |  |  | (27,534) |  |  | (a)
Settlement loss | (545) |  |  | (6,043) |  |  | (a)
Total amortization | (7,687) |  |  | (28,329) |  |  |
Income taxes | 1,642 |  |  | 6,231 |  |  | Income taxes
Total amortization (net of tax) | ($6,045) |  |  | ($22,098) |  |  |
Net unrealized investment gain (loss) |  |  |  |  |
Realized gain (loss) | ($3,750) |  |  | $1,196 |  |  | Interest and investment income
Income taxes | 1,380 |  |  | (440) |  |  | Income taxes
Total realized investment gain (loss) (net of tax) | ($2,370) |  |  | $756 |  |  |
Total reclassifications for the period (net of tax) | ($8,453) |  |  | ($21,134) |  |  |
(a)These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy for the six months ended June 30, 2022 and 2021 were as follows:
| Amounts reclassified from AOCI |  | Income Statement Location
| 2022 |  | 2021 |  |
| (In Thousands) |  |
Cash flow hedges net unrealized gain (loss) |  |  |  |  |
Power contracts | $— |  |  | $39,679 |  |  | Competitive business operating revenues
Interest rate swaps | (97) |  |  | (97) |  |  | Miscellaneous - net
Total realized gain (loss) on cash flow hedges | (97) |  |  | 39,582 |  |  |
Income taxes | 20 |  |  | (8,313) |  |  | Income taxes
Total realized gain (loss) on cash flow hedges (net of tax) | ($77) |  |  | $31,269 |  |  |
Pension and other postretirement liabilities |  |  |  |  |
Amortization of prior-service credit | $7,674 |  |  | $10,496 |  |  | (a)
Amortization of loss | (24,904) |  |  | (62,063) |  |  | (a)
Settlement loss | (1,327) |  |  | (6,043) |  |  | (a)
Total amortization | (18,557) |  |  | (57,610) |  |  |
Income taxes | 4,184 |  |  | 12,545 |  |  | Income taxes
Total amortization (net of tax) | ($14,373) |  |  | ($45,065) |  |  |
Net unrealized investment gain (loss) |  |  |  |  |
Realized gain (loss) | ($9,245) |  |  | $224 |  |  | Interest and investment income
Income taxes | 3,402 |  |  | (82) |  |  | Income taxes
Total realized investment gain (loss) (net of tax) | ($5,843) |  |  | $142 |  |  |
Total reclassifications for the period (net of tax) | ($20,293) |  |  | ($13,654) |  |  |
(a)These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy Louisiana for the three months ended June 30, 2022 and 2021 were as follows:
|  | Amounts reclassified from AOCI |  | Income Statement Location
|  | 2022 |  | 2021 |  |
|  | (In Thousands) |  |
Pension and other postretirement liabilities |  |  |  |  |  |
Amortization of prior-service credit |  | $1,158 |  |  | $1,230 |  |  | (a)
Amortization of loss |  | (308) |  |  | (626) |  |  | (a)
Settlement loss |  | (178) |  |  | (1,400) |  |  | (a)
Total amortization |  | 672 |  |  | (796) |  |  |
Income taxes |  | (181) |  |  | 208 |  |  | Income taxes
Total amortization (net of tax) |  | 491 |  |  | (588) |  |  |
Total reclassifications for the period (net of tax) |  | $491 |  |  | ($588) |  |  |
(a)These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy Louisiana for the six months ended June 30, 2022 and 2021 were as follows:
|  | Amounts reclassified from AOCI |  | Income Statement Location
|  | 2022 |  | 2021 |  |
|  | (In Thousands) |  |
Pension and other postretirement liabilities |  |  |  |  |  |
Amortization of prior-service credit |  | $2,316 |  |  | $2,460 |  |  | (a)
Amortization of loss |  | (627) |  |  | (1,305) |  |  | (a)
Settlement loss |  | (178) |  |  | (1,400) |  |  | (a)
Total amortization |  | 1,511 |  |  | (245) |  |  |
Income taxes |  | (407) |  |  | 64 |  |  | Income taxes
Total amortization (net of tax) |  | 1,104 |  |  | (181) |  |  |
Total reclassifications for the period (net of tax) |  | $1,104 |  |  | ($181) |  |  |
(a)These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Noncontrolling Interest The dollar value of noncontrolling interest for Entergy Louisiana as of June 30, 2022 and December 31, 2021 is presented below:
| 2022 |  | 2021
| (In Thousands)
Entergy Louisiana Noncontrolling Interest |  |  |
Restoration Law Trust I (a) | $31,894 |  |  | $— |
Total Noncontrolling Interest | $31,894 |  |  | $— |
(a)Restoration Law Trust I was established as part of the Act 293 securitization of Entergy Louisiana’s Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri restoration costs, as well as to establish a storm reserve to fund a portion of Hurricane Ida storm restoration costs. Restoration Law Trust I holds preferred membership interests issued by Entergy Finance Company and Entergy Finance Company is required to make annual distributions (dividends) on the preferred membership interests. These annual dividends paid on the Entergy Finance Company preferred membership interests will be distributed 1% to the LURC and 99% to Entergy Louisiana. Entergy Louisiana, as the primary beneficiary, consolidates Restoration Law Trust I and the LURC’s 1% beneficial interest is shown as noncontrolling interest in the consolidated financial statements for Entergy Louisiana and Entergy. See Note 2 to the financial statements herein for a discussion of the Entergy Louisiana securitization. The dollar value of noncontrolling interest for Entergy Mississippi as of June 30, 2022 and December 31, 2021 is presented below:
| 2022 |  | 2021
| (In Thousands)
Entergy Mississippi Noncontrolling Interest |  |  |
MS Sunflower Partnership, LLC (a) | $9,595 |  |  | $— |
Total Noncontrolling Interest | $9,595 |  |  | $— |
(a)In May 2022, MS Sunflower Partnership, LLC, a tax equity partnership between Entergy Mississippi and a tax equity investor, made the initial payment for the purchase of the Sunflower Solar facility. A final payment will be made upon substantial completion of the facility and is currently expected in third quarter 2022. Entergy Mississippi, as the managing member, consolidates MS Sunflower Partnership, LLC and the tax equity investor’s interest is shown as noncontrolling interest in the consolidated financial statements for Entergy Mississippi and Entergy. Entergy Mississippi uses the HLBV method of accounting for income or loss allocation to the tax equity investor’s noncontrolling interest. See Note 1 to the financial statements in the Form 10-K for further discussion of the HLBV method of accounting used to account for Entergy Arkansas’s investment in AR Searcy Partnership, LLC which is the basis for treatment of Entergy Mississippi’s investment in MS Sunflower Partnership, LLC.
Entergy Louisiana [Member] |
Equity | EQUITY (Entergy Corporation, Entergy Louisiana, and Entergy Mississippi) Common Stock Earnings (Loss) per Share The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated statements of operations:
| For the Three Months Ended June 30,
| 2022 |  | 2021
| (In Millions, Except Per Share Data)
| Income |  | Shares |  | $/share |  | Income |  | Shares |  | $/share
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Entergy Corporation | $159.7 |  |  | 203.4 |  |  | $0.79 |  |  | ($6.0) |  |  | 200.8 |  |  | ($0.03) |
Average dilutive effect of: |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 0.5 |  |  | (0.01) |  |  |  |  | — |  |  | — |
Other equity plans |  |  | 0.5 |  |  | — |  |  |  |  | — |  |  | — |
Equity Forwards |  |  | 0.3 |  |  | — |  |  |  |  | — |  |  | — |
Diluted earnings (loss) per share | $159.7 |  |  | 204.7 |  |  | $0.78 |  |  | ($6.0) |  |  | 200.8 |  |  | ($0.03) |
The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 0.9 million for the three months ended June 30, 2022 and approximately 1 million for the three months ended June 30, 2021. The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated statements of operations:
| For the Six Months Ended June 30,
| 2022 |  | 2021
| (In Millions, Except Per Share Data)
| Income |  | Shares |  | $/share |  | Income |  | Shares |  | $/share
Basic earnings per share |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Entergy Corporation | $436.1 |  |  | 203.2 |  |  | $2.15 |  |  | $328.6 |  |  | 200.7 |  |  | $1.64 |
Average dilutive effect of: |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 0.5 |  |  | (0.01) |  |  |  |  | 0.4 |  |  | (0.01) |
Other equity plans |  |  | 0.4 |  |  | (0.01) |  |  |  |  | 0.3 |  |  | — |
Equity forwards |  |  | 0.2 |  |  | — |  |  |  |  | — |  |  | — |
Diluted earnings per share | $436.1 |  |  | 204.3 |  |  | $2.13 |  |  | $328.6 |  |  | 201.4 |  |  | $1.63 |
The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 0.9 million for the six months ended June 30, 2022 and approximately 1 million for the six months ended June 30, 2021. Entergy’s stock options and other equity compensation plans are discussed in Note 5 to the financial statements herein and in Note 12 to the financial statements in the Form 10-K. Dividends declared per common share were $1.01 for the three months ended June 30, 2022 and $0.95 for the three months ended June 30, 2021. Dividends declared per common share were $2.02 for the six months ended June 30, 2022 and $1.90 for the six months ended June 30, 2021. Equity Distribution Program In January 2021, Entergy entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy common stock, Entergy may enter into forward sale agreements for the sale of its common stock. Initially, the aggregate number of shares of common stock sold under this sales agreement and under any forward sale agreement could not exceed an aggregate gross sales price of $1 billion. In May 2022, Entergy increased by $1 billion the aggregate gross sales price authorized under the at the market equity distribution program. As of June 30, 2022, an aggregate gross sales price of approximately $884 million has been sold under the at the market equity distribution program. See Note 7 to the financial statements in the Form 10-K for discussion of the common stock issued and unsettled forward sale agreements entered into during 2021. During the six months ended June 30, 2022, there were no shares of common stock issued under the at the market equity distribution program. During the six months ended June 30, 2021, Entergy Corporation issued 265,468 shares of common stock under the at the market equity distribution program. The net sales proceeds from these shares totaled $26.8 million, which includes the gross sales price of $28.2 million received by Entergy Corporation less $1.1 million of general issuance costs and $0.3 million of aggregate compensation to the agents with respect to such sales. In June 2022, Entergy entered into a forward sale agreement for 2,124,086 shares of common stock. No amounts have or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the equity forward sale agreement occur. The forward sale agreement requires Entergy to, at its election prior to December 29, 2023, either (i) physically settle the transactions by issuing the total of 2,124,086 shares of its common stock to the forward counterparty in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially approximately $116.94 per share) or (ii) net settle the transaction in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreement. In connection with the forward sale agreement, the forward seller, or its affiliates, borrowed from third parties and sold 2,124,086 shares of Entergy Corporation’s common stock. The gross sales price of these shares totaled approximately $250.9 million. In connection with the sale of these shares, Entergy paid the forward sellers fees of approximately $2.5 million, which have not been deducted from the gross sales price. Entergy did not receive any proceeds from such sales of borrowed shares. In March 2022, Entergy entered into a forward sale agreement for 1,538,010 shares of common stock. No amounts have or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the equity forward sale agreement occur. The forward sale agreement requires Entergy to, at its election prior to September 29, 2023, either (i) physically settle the transactions by issuing the total of 1,538,010 shares of its common stock to the forward counterparty in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially approximately $108.14 per share) or (ii) net settle the transaction in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreement. In connection with the forward sale agreement, the forward seller, or its affiliates, borrowed from third parties and sold 1,538,010 shares of Entergy Corporation’s common stock. The gross sales price of these shares totaled approximately $168 million. In connection with the sale of these shares, Entergy paid the forward sellers fees of approximately $1.7 million, which have not been deducted from the gross sales price. Entergy did not receive any proceeds from such sales of borrowed shares. In June 2021, Entergy entered into a forward sale agreement for 416,853 shares of common stock. No amounts have or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the equity forward sale agreement occur. The forward sale agreement requires Entergy to, at its election prior to September 30, 2022, either (i) physically settle the transactions by issuing the total of 416,853 shares of its common stock to the investment bank in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially $106.87 per share) or (ii) net settle the transaction in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreement. In connection with the forward sale agreement, the forward seller, or its affiliates, borrowed from third parties and sold 416,853 shares of Entergy Corporation’s common stock. The gross sales price of these shares totaled $45 million. In connection with the sale of these shares, Entergy paid the forward sellers fees of approximately $0.5 million, which have not been deducted from the gross sales price. Entergy Corporation did not receive any proceeds from such sales of borrowed shares. Until settlement of the forward sale agreement, earnings per share dilution resulting from the agreement, if any, will be determined under the treasury stock method. Share dilution occurs when the average market price of Entergy’s common stock is higher than the average forward sales price. For the six months ended June 30, 2022, approximately 1 million shares under the forward sale agreements were not included in the calculation of diluted earnings per share because their effect would have been antidilutive. Treasury Stock During the six months ended June 30, 2022, Entergy Corporation issued 763,847 shares of its previously repurchased common stock to satisfy stock option exercises, vesting of shares of restricted stock, and other stock-based awards. Entergy Corporation did not repurchase any of its common stock during the six months ended June 30, 2022. Retained Earnings On July 29, 2022, Entergy Corporation’s Board of Directors declared a common stock dividend of $1.01 per share, payable on September 1, 2022 to holders of record as of August 11, 2022. Comprehensive Income Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended June 30, 2022 by component:
| Cash flow hedges net unrealized gain (loss) |  | Pension and other postretirement liabilities |  | Net unrealized investment gain (loss) |  | Total Accumulated Other Comprehensive Income (Loss)
| (In Thousands)
Beginning balance, April 1, 2022 | ($1,011) |  |  | ($330,319) |  |  | ($5,248) |  |  | ($336,578) |
Other comprehensive income (loss) before reclassifications | (14) |  |  | — |  |  | 4,101 |  |  | 4,087 |
Amounts reclassified from accumulated other comprehensive income | 38 |  |  | 6,045 |  |  | 2,370 |  |  | 8,453 |
Net other comprehensive income for the period | 24 |  |  | 6,045 |  |  | 6,471 |  |  | 12,540 |
Ending balance, June 30, 2022 | ($987) |  |  | ($324,274) |  |  | $1,223 |  |  | ($324,038) |
The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended June 30, 2021 by component:
| Cash flow hedges net unrealized gain (loss) |  | Pension and other postretirement liabilities |  | Net unrealized investment gain (loss) |  |  |  | Total Accumulated Other Comprehensive Income (Loss)
| (In Thousands)
Beginning balance, April 1, 2021 | ($861) |  |  | ($511,609) |  |  | $11,963 |  |  |  |  | ($500,507) |
Other comprehensive income (loss) before reclassifications | (14) |  |  | — |  |  | 648 |  |  |  |  | 634 |
Amounts reclassified from accumulated other comprehensive income (loss) | (208) |  |  | 22,098 |  |  | (756) |  |  |  |  | 21,134 |
Net other comprehensive income (loss) for the period | (222) |  |  | 22,098 |  |  | (108) |  |  |  |  | 21,768 |
Ending balance, June 30, 2021 | ($1,083) |  |  | ($489,511) |  |  | $11,855 |  |  |  |  | ($478,739) |
The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the six months ended June 30, 2022 by component:
| Cash flow hedges net unrealized gain (loss) |  | Pension and other postretirement liabilities |  | Net unrealized investment gain (loss) |  | Total Accumulated Other Comprehensive Income (Loss)
| (In Thousands)
Beginning balance, January 1, 2022 | ($1,035) |  |  | ($338,647) |  |  | $7,154 |  |  | ($332,528) |
Other comprehensive income (loss) before reclassifications | (29) |  |  | — |  |  | (11,774) |  |  | (11,803) |
Amounts reclassified from accumulated other comprehensive income (loss) | 77 |  |  | 14,373 |  |  | 5,843 |  |  | 20,293 |
Net other comprehensive income (loss) for the period | 48 |  |  | 14,373 |  |  | (5,931) |  |  | 8,490 |
Ending balance, June 30, 2022 | ($987) |  |  | ($324,274) |  |  | $1,223 |  |  | ($324,038) |
The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the six months ended June 30, 2021 by component:
| Cash flow hedges net unrealized gain (loss) |  | Pension and other postretirement liabilities |  | Net unrealized investment gain (loss) |  |  |  | Total Accumulated Other Comprehensive Income (Loss)
| (In Thousands)
Beginning balance, January 1, 2021 | $28,719 |  |  | ($534,576) |  |  | $56,650 |  |  |  |  | ($449,207) |
Other comprehensive income (loss) before reclassifications | 1,467 |  |  | — |  |  | (44,653) |  |  |  |  | (43,186) |
Amounts reclassified from accumulated other comprehensive income (loss) | (31,269) |  |  | 45,065 |  |  | (142) |  |  |  |  | 13,654 |
Net other comprehensive income (loss) for the period | (29,802) |  |  | 45,065 |  |  | (44,795) |  |  |  |  | (29,532) |
Ending balance, June 30, 2021 | ($1,083) |  |  | ($489,511) |  |  | $11,855 |  |  |  |  | ($478,739) |
The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended June 30, 2022 and 2021:
|  | Pension and Other Postretirement Liabilities
|  | 2022 |  | 2021
|  | (In Thousands)
Beginning balance, April 1, |  | $7,665 |  |  | $3,920 |
Amounts reclassified from accumulated other comprehensive income (loss) |  | (491) |  |  | 588 |
Net other comprehensive income (loss) for the period |  | (491) |  |  | 588 |
Ending balance, June 30, |  | $7,174 |  |  | $4,508 |
The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the six months ended June 30, 2022 and 2021:
|  | Pension and Other Postretirement Liabilities
|  | 2022 |  | 2021
|  | (In Thousands)
Beginning balance, January 1, |  | $8,278 |  |  | $4,327 |
Amounts reclassified from accumulated other comprehensive income (loss) |  | (1,104) |  |  | 181 |
Net other comprehensive income (loss) for the period |  | (1,104) |  |  | 181 |
Ending balance, June 30, |  | $7,174 |  |  | $4,508 |
Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy for the three months ended June 30, 2022 and 2021 were as follows:
| Amounts reclassified from AOCI |  | Income Statement Location
| 2022 |  | 2021 |  |
| (In Thousands) |  |
Cash flow hedges net unrealized gain (loss) |  |  |  |  |
Power contracts | $— |  |  | $312 |  |  | Competitive business operating revenues
Interest rate swaps | (48) |  |  | (48) |  |  | Miscellaneous - net
Total realized gain (loss) on cash flow hedges | (48) |  |  | 264 |  |  |
Income taxes | 10 |  |  | (56) |  |  | Income taxes
Total realized gain (loss) on cash flow hedges (net of tax) | ($38) |  |  | $208 |  |  |
Pension and other postretirement liabilities |  |  |  |  |
Amortization of prior-service credit | $3,837 |  |  | $5,248 |  |  | (a)
Amortization of loss | (10,979) |  |  | (27,534) |  |  | (a)
Settlement loss | (545) |  |  | (6,043) |  |  | (a)
Total amortization | (7,687) |  |  | (28,329) |  |  |
Income taxes | 1,642 |  |  | 6,231 |  |  | Income taxes
Total amortization (net of tax) | ($6,045) |  |  | ($22,098) |  |  |
Net unrealized investment gain (loss) |  |  |  |  |
Realized gain (loss) | ($3,750) |  |  | $1,196 |  |  | Interest and investment income
Income taxes | 1,380 |  |  | (440) |  |  | Income taxes
Total realized investment gain (loss) (net of tax) | ($2,370) |  |  | $756 |  |  |
Total reclassifications for the period (net of tax) | ($8,453) |  |  | ($21,134) |  |  |
(a)These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy for the six months ended June 30, 2022 and 2021 were as follows:
| Amounts reclassified from AOCI |  | Income Statement Location
| 2022 |  | 2021 |  |
| (In Thousands) |  |
Cash flow hedges net unrealized gain (loss) |  |  |  |  |
Power contracts | $— |  |  | $39,679 |  |  | Competitive business operating revenues
Interest rate swaps | (97) |  |  | (97) |  |  | Miscellaneous - net
Total realized gain (loss) on cash flow hedges | (97) |  |  | 39,582 |  |  |
Income taxes | 20 |  |  | (8,313) |  |  | Income taxes
Total realized gain (loss) on cash flow hedges (net of tax) | ($77) |  |  | $31,269 |  |  |
Pension and other postretirement liabilities |  |  |  |  |
Amortization of prior-service credit | $7,674 |  |  | $10,496 |  |  | (a)
Amortization of loss | (24,904) |  |  | (62,063) |  |  | (a)
Settlement loss | (1,327) |  |  | (6,043) |  |  | (a)
Total amortization | (18,557) |  |  | (57,610) |  |  |
Income taxes | 4,184 |  |  | 12,545 |  |  | Income taxes
Total amortization (net of tax) | ($14,373) |  |  | ($45,065) |  |  |
Net unrealized investment gain (loss) |  |  |  |  |
Realized gain (loss) | ($9,245) |  |  | $224 |  |  | Interest and investment income
Income taxes | 3,402 |  |  | (82) |  |  | Income taxes
Total realized investment gain (loss) (net of tax) | ($5,843) |  |  | $142 |  |  |
Total reclassifications for the period (net of tax) | ($20,293) |  |  | ($13,654) |  |  |
(a)These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy Louisiana for the three months ended June 30, 2022 and 2021 were as follows:
|  | Amounts reclassified from AOCI |  | Income Statement Location
|  | 2022 |  | 2021 |  |
|  | (In Thousands) |  |
Pension and other postretirement liabilities |  |  |  |  |  |
Amortization of prior-service credit |  | $1,158 |  |  | $1,230 |  |  | (a)
Amortization of loss |  | (308) |  |  | (626) |  |  | (a)
Settlement loss |  | (178) |  |  | (1,400) |  |  | (a)
Total amortization |  | 672 |  |  | (796) |  |  |
Income taxes |  | (181) |  |  | 208 |  |  | Income taxes
Total amortization (net of tax) |  | 491 |  |  | (588) |  |  |
Total reclassifications for the period (net of tax) |  | $491 |  |  | ($588) |  |  |
(a)These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy Louisiana for the six months ended June 30, 2022 and 2021 were as follows:
|  | Amounts reclassified from AOCI |  | Income Statement Location
|  | 2022 |  | 2021 |  |
|  | (In Thousands) |  |
Pension and other postretirement liabilities |  |  |  |  |  |
Amortization of prior-service credit |  | $2,316 |  |  | $2,460 |  |  | (a)
Amortization of loss |  | (627) |  |  | (1,305) |  |  | (a)
Settlement loss |  | (178) |  |  | (1,400) |  |  | (a)
Total amortization |  | 1,511 |  |  | (245) |  |  |
Income taxes |  | (407) |  |  | 64 |  |  | Income taxes
Total amortization (net of tax) |  | 1,104 |  |  | (181) |  |  |
Total reclassifications for the period (net of tax) |  | $1,104 |  |  | ($181) |  |  |
(a)These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Noncontrolling Interest The dollar value of noncontrolling interest for Entergy Louisiana as of June 30, 2022 and December 31, 2021 is presented below:
| 2022 |  | 2021
| (In Thousands)
Entergy Louisiana Noncontrolling Interest |  |  |
Restoration Law Trust I (a) | $31,894 |  |  | $— |
Total Noncontrolling Interest | $31,894 |  |  | $— |
(a)Restoration Law Trust I was established as part of the Act 293 securitization of Entergy Louisiana’s Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri restoration costs, as well as to establish a storm reserve to fund a portion of Hurricane Ida storm restoration costs. Restoration Law Trust I holds preferred membership interests issued by Entergy Finance Company and Entergy Finance Company is required to make annual distributions (dividends) on the preferred membership interests. These annual dividends paid on the Entergy Finance Company preferred membership interests will be distributed 1% to the LURC and 99% to Entergy Louisiana. Entergy Louisiana, as the primary beneficiary, consolidates Restoration Law Trust I and the LURC’s 1% beneficial interest is shown as noncontrolling interest in the consolidated financial statements for Entergy Louisiana and Entergy. See Note 2 to the financial statements herein for a discussion of the Entergy Louisiana securitization. The dollar value of noncontrolling interest for Entergy Mississippi as of June 30, 2022 and December 31, 2021 is presented below:
| 2022 |  | 2021
| (In Thousands)
Entergy Mississippi Noncontrolling Interest |  |  |
MS Sunflower Partnership, LLC (a) | $9,595 |  |  | $— |
Total Noncontrolling Interest | $9,595 |  |  | $— |
(a)In May 2022, MS Sunflower Partnership, LLC, a tax equity partnership between Entergy Mississippi and a tax equity investor, made the initial payment for the purchase of the Sunflower Solar facility. A final payment will be made upon substantial completion of the facility and is currently expected in third quarter 2022. Entergy Mississippi, as the managing member, consolidates MS Sunflower Partnership, LLC and the tax equity investor’s interest is shown as noncontrolling interest in the consolidated financial statements for Entergy Mississippi and Entergy. Entergy Mississippi uses the HLBV method of accounting for income or loss allocation to the tax equity investor’s noncontrolling interest. See Note 1 to the financial statements in the Form 10-K for further discussion of the HLBV method of accounting used to account for Entergy Arkansas’s investment in AR Searcy Partnership, LLC which is the basis for treatment of Entergy Mississippi’s investment in MS Sunflower Partnership, LLC.
Entergy Mississippi [Member] |
Equity | EQUITY (Entergy Corporation, Entergy Louisiana, and Entergy Mississippi) Common Stock Earnings (Loss) per Share The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated statements of operations:
| For the Three Months Ended June 30,
| 2022 |  | 2021
| (In Millions, Except Per Share Data)
| Income |  | Shares |  | $/share |  | Income |  | Shares |  | $/share
Basic earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Entergy Corporation | $159.7 |  |  | 203.4 |  |  | $0.79 |  |  | ($6.0) |  |  | 200.8 |  |  | ($0.03) |
Average dilutive effect of: |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 0.5 |  |  | (0.01) |  |  |  |  | — |  |  | — |
Other equity plans |  |  | 0.5 |  |  | — |  |  |  |  | — |  |  | — |
Equity Forwards |  |  | 0.3 |  |  | — |  |  |  |  | — |  |  | — |
Diluted earnings (loss) per share | $159.7 |  |  | 204.7 |  |  | $0.78 |  |  | ($6.0) |  |  | 200.8 |  |  | ($0.03) |
The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 0.9 million for the three months ended June 30, 2022 and approximately 1 million for the three months ended June 30, 2021. The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated statements of operations:
| For the Six Months Ended June 30,
| 2022 |  | 2021
| (In Millions, Except Per Share Data)
| Income |  | Shares |  | $/share |  | Income |  | Shares |  | $/share
Basic earnings per share |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Entergy Corporation | $436.1 |  |  | 203.2 |  |  | $2.15 |  |  | $328.6 |  |  | 200.7 |  |  | $1.64 |
Average dilutive effect of: |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | 0.5 |  |  | (0.01) |  |  |  |  | 0.4 |  |  | (0.01) |
Other equity plans |  |  | 0.4 |  |  | (0.01) |  |  |  |  | 0.3 |  |  | — |
Equity forwards |  |  | 0.2 |  |  | — |  |  |  |  | — |  |  | — |
Diluted earnings per share | $436.1 |  |  | 204.3 |  |  | $2.13 |  |  | $328.6 |  |  | 201.4 |  |  | $1.63 |
The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was approximately 0.9 million for the six months ended June 30, 2022 and approximately 1 million for the six months ended June 30, 2021. Entergy’s stock options and other equity compensation plans are discussed in Note 5 to the financial statements herein and in Note 12 to the financial statements in the Form 10-K. Dividends declared per common share were $1.01 for the three months ended June 30, 2022 and $0.95 for the three months ended June 30, 2021. Dividends declared per common share were $2.02 for the six months ended June 30, 2022 and $1.90 for the six months ended June 30, 2021. Equity Distribution Program In January 2021, Entergy entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy common stock, Entergy may enter into forward sale agreements for the sale of its common stock. Initially, the aggregate number of shares of common stock sold under this sales agreement and under any forward sale agreement could not exceed an aggregate gross sales price of $1 billion. In May 2022, Entergy increased by $1 billion the aggregate gross sales price authorized under the at the market equity distribution program. As of June 30, 2022, an aggregate gross sales price of approximately $884 million has been sold under the at the market equity distribution program. See Note 7 to the financial statements in the Form 10-K for discussion of the common stock issued and unsettled forward sale agreements entered into during 2021. During the six months ended June 30, 2022, there were no shares of common stock issued under the at the market equity distribution program. During the six months ended June 30, 2021, Entergy Corporation issued 265,468 shares of common stock under the at the market equity distribution program. The net sales proceeds from these shares totaled $26.8 million, which includes the gross sales price of $28.2 million received by Entergy Corporation less $1.1 million of general issuance costs and $0.3 million of aggregate compensation to the agents with respect to such sales. In June 2022, Entergy entered into a forward sale agreement for 2,124,086 shares of common stock. No amounts have or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the equity forward sale agreement occur. The forward sale agreement requires Entergy to, at its election prior to December 29, 2023, either (i) physically settle the transactions by issuing the total of 2,124,086 shares of its common stock to the forward counterparty in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially approximately $116.94 per share) or (ii) net settle the transaction in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreement. In connection with the forward sale agreement, the forward seller, or its affiliates, borrowed from third parties and sold 2,124,086 shares of Entergy Corporation’s common stock. The gross sales price of these shares totaled approximately $250.9 million. In connection with the sale of these shares, Entergy paid the forward sellers fees of approximately $2.5 million, which have not been deducted from the gross sales price. Entergy did not receive any proceeds from such sales of borrowed shares. In March 2022, Entergy entered into a forward sale agreement for 1,538,010 shares of common stock. No amounts have or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the equity forward sale agreement occur. The forward sale agreement requires Entergy to, at its election prior to September 29, 2023, either (i) physically settle the transactions by issuing the total of 1,538,010 shares of its common stock to the forward counterparty in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially approximately $108.14 per share) or (ii) net settle the transaction in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreement. In connection with the forward sale agreement, the forward seller, or its affiliates, borrowed from third parties and sold 1,538,010 shares of Entergy Corporation’s common stock. The gross sales price of these shares totaled approximately $168 million. In connection with the sale of these shares, Entergy paid the forward sellers fees of approximately $1.7 million, which have not been deducted from the gross sales price. Entergy did not receive any proceeds from such sales of borrowed shares. In June 2021, Entergy entered into a forward sale agreement for 416,853 shares of common stock. No amounts have or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the equity forward sale agreement occur. The forward sale agreement requires Entergy to, at its election prior to September 30, 2022, either (i) physically settle the transactions by issuing the total of 416,853 shares of its common stock to the investment bank in exchange for net proceeds at the then-applicable forward sale price specified by the agreement (initially $106.87 per share) or (ii) net settle the transaction in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreement. In connection with the forward sale agreement, the forward seller, or its affiliates, borrowed from third parties and sold 416,853 shares of Entergy Corporation’s common stock. The gross sales price of these shares totaled $45 million. In connection with the sale of these shares, Entergy paid the forward sellers fees of approximately $0.5 million, which have not been deducted from the gross sales price. Entergy Corporation did not receive any proceeds from such sales of borrowed shares. Until settlement of the forward sale agreement, earnings per share dilution resulting from the agreement, if any, will be determined under the treasury stock method. Share dilution occurs when the average market price of Entergy’s common stock is higher than the average forward sales price. For the six months ended June 30, 2022, approximately 1 million shares under the forward sale agreements were not included in the calculation of diluted earnings per share because their effect would have been antidilutive. Treasury Stock During the six months ended June 30, 2022, Entergy Corporation issued 763,847 shares of its previously repurchased common stock to satisfy stock option exercises, vesting of shares of restricted stock, and other stock-based awards. Entergy Corporation did not repurchase any of its common stock during the six months ended June 30, 2022. Retained Earnings On July 29, 2022, Entergy Corporation’s Board of Directors declared a common stock dividend of $1.01 per share, payable on September 1, 2022 to holders of record as of August 11, 2022. Comprehensive Income Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended June 30, 2022 by component:
| Cash flow hedges net unrealized gain (loss) |  | Pension and other postretirement liabilities |  | Net unrealized investment gain (loss) |  | Total Accumulated Other Comprehensive Income (Loss)
| (In Thousands)
Beginning balance, April 1, 2022 | ($1,011) |  |  | ($330,319) |  |  | ($5,248) |  |  | ($336,578) |
Other comprehensive income (loss) before reclassifications | (14) |  |  | — |  |  | 4,101 |  |  | 4,087 |
Amounts reclassified from accumulated other comprehensive income | 38 |  |  | 6,045 |  |  | 2,370 |  |  | 8,453 |
Net other comprehensive income for the period | 24 |  |  | 6,045 |  |  | 6,471 |  |  | 12,540 |
Ending balance, June 30, 2022 | ($987) |  |  | ($324,274) |  |  | $1,223 |  |  | ($324,038) |
The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended June 30, 2021 by component:
| Cash flow hedges net unrealized gain (loss) |  | Pension and other postretirement liabilities |  | Net unrealized investment gain (loss) |  |  |  | Total Accumulated Other Comprehensive Income (Loss)
| (In Thousands)
Beginning balance, April 1, 2021 | ($861) |  |  | ($511,609) |  |  | $11,963 |  |  |  |  | ($500,507) |
Other comprehensive income (loss) before reclassifications | (14) |  |  | — |  |  | 648 |  |  |  |  | 634 |
Amounts reclassified from accumulated other comprehensive income (loss) | (208) |  |  | 22,098 |  |  | (756) |  |  |  |  | 21,134 |
Net other comprehensive income (loss) for the period | (222) |  |  | 22,098 |  |  | (108) |  |  |  |  | 21,768 |
Ending balance, June 30, 2021 | ($1,083) |  |  | ($489,511) |  |  | $11,855 |  |  |  |  | ($478,739) |
The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the six months ended June 30, 2022 by component:
| Cash flow hedges net unrealized gain (loss) |  | Pension and other postretirement liabilities |  | Net unrealized investment gain (loss) |  | Total Accumulated Other Comprehensive Income (Loss)
| (In Thousands)
Beginning balance, January 1, 2022 | ($1,035) |  |  | ($338,647) |  |  | $7,154 |  |  | ($332,528) |
Other comprehensive income (loss) before reclassifications | (29) |  |  | — |  |  | (11,774) |  |  | (11,803) |
Amounts reclassified from accumulated other comprehensive income (loss) | 77 |  |  | 14,373 |  |  | 5,843 |  |  | 20,293 |
Net other comprehensive income (loss) for the period | 48 |  |  | 14,373 |  |  | (5,931) |  |  | 8,490 |
Ending balance, June 30, 2022 | ($987) |  |  | ($324,274) |  |  | $1,223 |  |  | ($324,038) |
The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the six months ended June 30, 2021 by component:
| Cash flow hedges net unrealized gain (loss) |  | Pension and other postretirement liabilities |  | Net unrealized investment gain (loss) |  |  |  | Total Accumulated Other Comprehensive Income (Loss)
| (In Thousands)
Beginning balance, January 1, 2021 | $28,719 |  |  | ($534,576) |  |  | $56,650 |  |  |  |  | ($449,207) |
Other comprehensive income (loss) before reclassifications | 1,467 |  |  | — |  |  | (44,653) |  |  |  |  | (43,186) |
Amounts reclassified from accumulated other comprehensive income (loss) | (31,269) |  |  | 45,065 |  |  | (142) |  |  |  |  | 13,654 |
Net other comprehensive income (loss) for the period | (29,802) |  |  | 45,065 |  |  | (44,795) |  |  |  |  | (29,532) |
Ending balance, June 30, 2021 | ($1,083) |  |  | ($489,511) |  |  | $11,855 |  |  |  |  | ($478,739) |
The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the three months ended June 30, 2022 and 2021:
|  | Pension and Other Postretirement Liabilities
|  | 2022 |  | 2021
|  | (In Thousands)
Beginning balance, April 1, |  | $7,665 |  |  | $3,920 |
Amounts reclassified from accumulated other comprehensive income (loss) |  | (491) |  |  | 588 |
Net other comprehensive income (loss) for the period |  | (491) |  |  | 588 |
Ending balance, June 30, |  | $7,174 |  |  | $4,508 |
The following table presents changes in accumulated other comprehensive income (loss) for Entergy Louisiana for the six months ended June 30, 2022 and 2021:
|  | Pension and Other Postretirement Liabilities
|  | 2022 |  | 2021
|  | (In Thousands)
Beginning balance, January 1, |  | $8,278 |  |  | $4,327 |
Amounts reclassified from accumulated other comprehensive income (loss) |  | (1,104) |  |  | 181 |
Net other comprehensive income (loss) for the period |  | (1,104) |  |  | 181 |
Ending balance, June 30, |  | $7,174 |  |  | $4,508 |
Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy for the three months ended June 30, 2022 and 2021 were as follows:
| Amounts reclassified from AOCI |  | Income Statement Location
| 2022 |  | 2021 |  |
| (In Thousands) |  |
Cash flow hedges net unrealized gain (loss) |  |  |  |  |
Power contracts | $— |  |  | $312 |  |  | Competitive business operating revenues
Interest rate swaps | (48) |  |  | (48) |  |  | Miscellaneous - net
Total realized gain (loss) on cash flow hedges | (48) |  |  | 264 |  |  |
Income taxes | 10 |  |  | (56) |  |  | Income taxes
Total realized gain (loss) on cash flow hedges (net of tax) | ($38) |  |  | $208 |  |  |
Pension and other postretirement liabilities |  |  |  |  |
Amortization of prior-service credit | $3,837 |  |  | $5,248 |  |  | (a)
Amortization of loss | (10,979) |  |  | (27,534) |  |  | (a)
Settlement loss | (545) |  |  | (6,043) |  |  | (a)
Total amortization | (7,687) |  |  | (28,329) |  |  |
Income taxes | 1,642 |  |  | 6,231 |  |  | Income taxes
Total amortization (net of tax) | ($6,045) |  |  | ($22,098) |  |  |
Net unrealized investment gain (loss) |  |  |  |  |
Realized gain (loss) | ($3,750) |  |  | $1,196 |  |  | Interest and investment income
Income taxes | 1,380 |  |  | (440) |  |  | Income taxes
Total realized investment gain (loss) (net of tax) | ($2,370) |  |  | $756 |  |  |
Total reclassifications for the period (net of tax) | ($8,453) |  |  | ($21,134) |  |  |
(a)These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy for the six months ended June 30, 2022 and 2021 were as follows:
| Amounts reclassified from AOCI |  | Income Statement Location
| 2022 |  | 2021 |  |
| (In Thousands) |  |
Cash flow hedges net unrealized gain (loss) |  |  |  |  |
Power contracts | $— |  |  | $39,679 |  |  | Competitive business operating revenues
Interest rate swaps | (97) |  |  | (97) |  |  | Miscellaneous - net
Total realized gain (loss) on cash flow hedges | (97) |  |  | 39,582 |  |  |
Income taxes | 20 |  |  | (8,313) |  |  | Income taxes
Total realized gain (loss) on cash flow hedges (net of tax) | ($77) |  |  | $31,269 |  |  |
Pension and other postretirement liabilities |  |  |  |  |
Amortization of prior-service credit | $7,674 |  |  | $10,496 |  |  | (a)
Amortization of loss | (24,904) |  |  | (62,063) |  |  | (a)
Settlement loss | (1,327) |  |  | (6,043) |  |  | (a)
Total amortization | (18,557) |  |  | (57,610) |  |  |
Income taxes | 4,184 |  |  | 12,545 |  |  | Income taxes
Total amortization (net of tax) | ($14,373) |  |  | ($45,065) |  |  |
Net unrealized investment gain (loss) |  |  |  |  |
Realized gain (loss) | ($9,245) |  |  | $224 |  |  | Interest and investment income
Income taxes | 3,402 |  |  | (82) |  |  | Income taxes
Total realized investment gain (loss) (net of tax) | ($5,843) |  |  | $142 |  |  |
Total reclassifications for the period (net of tax) | ($20,293) |  |  | ($13,654) |  |  |
(a)These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy Louisiana for the three months ended June 30, 2022 and 2021 were as follows:
|  | Amounts reclassified from AOCI |  | Income Statement Location
|  | 2022 |  | 2021 |  |
|  | (In Thousands) |  |
Pension and other postretirement liabilities |  |  |  |  |  |
Amortization of prior-service credit |  | $1,158 |  |  | $1,230 |  |  | (a)
Amortization of loss |  | (308) |  |  | (626) |  |  | (a)
Settlement loss |  | (178) |  |  | (1,400) |  |  | (a)
Total amortization |  | 672 |  |  | (796) |  |  |
Income taxes |  | (181) |  |  | 208 |  |  | Income taxes
Total amortization (net of tax) |  | 491 |  |  | (588) |  |  |
Total reclassifications for the period (net of tax) |  | $491 |  |  | ($588) |  |  |
(a)These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) into income for Entergy Louisiana for the six months ended June 30, 2022 and 2021 were as follows:
|  | Amounts reclassified from AOCI |  | Income Statement Location
|  | 2022 |  | 2021 |  |
|  | (In Thousands) |  |
Pension and other postretirement liabilities |  |  |  |  |  |
Amortization of prior-service credit |  | $2,316 |  |  | $2,460 |  |  | (a)
Amortization of loss |  | (627) |  |  | (1,305) |  |  | (a)
Settlement loss |  | (178) |  |  | (1,400) |  |  | (a)
Total amortization |  | 1,511 |  |  | (245) |  |  |
Income taxes |  | (407) |  |  | 64 |  |  | Income taxes
Total amortization (net of tax) |  | 1,104 |  |  | (181) |  |  |
Total reclassifications for the period (net of tax) |  | $1,104 |  |  | ($181) |  |  |
(a)These accumulated other comprehensive income (loss) components were included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details. Noncontrolling Interest The dollar value of noncontrolling interest for Entergy Louisiana as of June 30, 2022 and December 31, 2021 is presented below:
| 2022 |  | 2021
| (In Thousands)
Entergy Louisiana Noncontrolling Interest |  |  |
Restoration Law Trust I (a) | $31,894 |  |  | $— |
Total Noncontrolling Interest | $31,894 |  |  | $— |
(a)Restoration Law Trust I was established as part of the Act 293 securitization of Entergy Louisiana’s Hurricane Laura, Hurricane Delta, Hurricane Zeta, and Winter Storm Uri restoration costs, as well as to establish a storm reserve to fund a portion of Hurricane Ida storm restoration costs. Restoration Law Trust I holds preferred membership interests issued by Entergy Finance Company and Entergy Finance Company is required to make annual distributions (dividends) on the preferred membership interests. These annual dividends paid on the Entergy Finance Company preferred membership interests will be distributed 1% to the LURC and 99% to Entergy Louisiana. Entergy Louisiana, as the primary beneficiary, consolidates Restoration Law Trust I and the LURC’s 1% beneficial interest is shown as noncontrolling interest in the consolidated financial statements for Entergy Louisiana and Entergy. See Note 2 to the financial statements herein for a discussion of the Entergy Louisiana securitization. The dollar value of noncontrolling interest for Entergy Mississippi as of June 30, 2022 and December 31, 2021 is presented below:
| 2022 |  | 2021
| (In Thousands)
Entergy Mississippi Noncontrolling Interest |  |  |
MS Sunflower Partnership, LLC (a) | $9,595 |  |  | $— |
Total Noncontrolling Interest | $9,595 |  |  | $— |
(a)In May 2022, MS Sunflower Partnership, LLC, a tax equity partnership between Entergy Mississippi and a tax equity investor, made the initial payment for the purchase of the Sunflower Solar facility. A final payment will be made upon substantial completion of the facility and is currently expected in third quarter 2022. Entergy Mississippi, as the managing member, consolidates MS Sunflower Partnership, LLC and the tax equity investor’s interest is shown as noncontrolling interest in the consolidated financial statements for Entergy Mississippi and Entergy. Entergy Mississippi uses the HLBV method of accounting for income or loss allocation to the tax equity investor’s noncontrolling interest. See Note 1 to the financial statements in the Form 10-K for further discussion of the HLBV method of accounting used to account for Entergy Arkansas’s investment in AR Searcy Partnership, LLC which is the basis for treatment of Entergy Mississippi’s investment in MS Sunflower Partnership, LLC.

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