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Acquisitions, Held for Sale, and Dispositions (Notes) | 3 Months Ended
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Mar. 31, 2025
Mergers, Acquisitions and Dispositions Disclosures | HELD FOR SALE (Entergy Corporation, Entergy Louisiana, and Entergy New Orleans) Held for Sale See Note 14 to the financial statements in the Form 10-K for information regarding the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses. The following are updates to that discussion. Natural Gas Distribution Businesses On October 28, 2023, Entergy New Orleans and Entergy Louisiana each entered into separate purchase and sale agreements with respect to the sale of their respective regulated natural gas local distribution company businesses to two separate affiliates of Bernhard Capital Partners Management LP. Under the purchase and sale agreements, Entergy New Orleans has agreed to sell its regulated natural gas local distribution company business serving customers in the Parish of Orleans, Louisiana, and Entergy Louisiana has agreed to sell its regulated natural gas local distribution company business serving customers in the Parish of East Baton Rouge, Louisiana. The Entergy Louisiana and Entergy New Orleans natural gas distribution businesses are reflected in Entergy’s Utility reportable segment and in the respective single reportable segment for each of Entergy Louisiana and Entergy New Orleans. Required regulatory approval was received from the LPSC and the City Council in August 2024 and December 2024, respectively. In February 2025 the Metropolitan Council of the Parish of East Baton Rouge approved the proposed sale of the Entergy Louisiana natural gas distribution business and also approved the assignment of the parish franchise from Entergy Louisiana to Delta Capital Gas Company, LLC (a Bernhard Capital Partners Management LP affiliate). The transactions have two phases: (1) an “Initial Phase” prior to regulatory approvals in connection with both transactions; and (2) a “Second Phase” following regulatory approvals in connection with both transactions to the extent that certain conditions are satisfied or, where permissible, waived for both transactions. As described above, the transactions have received all required regulatory approvals, and the Second Phase commenced on March 5, 2025. Under the purchase and sale agreements, the closing of the transactions is not required to occur earlier than six months following the initiation of the Second Phase; however, the parties may agree to close prior to that date. The purchase and sale agreements may be terminated by either party in the event the closing has not occurred prior to October 28, 2025. Neither transaction is subject to a financing condition for the applicable buyer. As of March 31, 2025 and December 31, 2024, the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses met the criteria to be classified as held for sale. As of March 31, 2025, neither Entergy Louisiana nor Entergy New Orleans has recognized any write downs of the natural gas distribution business assets as a result of their classification as held for sale, as neither sale is expected to result in a loss. The assets and liabilities of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses classified as held for sale on Entergy’s, Entergy Louisiana’s, and Entergy New Orleans’s consolidated balance sheets as of March 31, 2025 and December 31, 2024 included the following amounts:
|  | March 31, 2025 |  | December 31, 2024
|  | Entergy |  | Entergy Louisiana |  | Entergy New Orleans |  | Entergy |  | Entergy Louisiana |  | Entergy New Orleans
|  | (In Thousands) |  | (In Thousands)
Deferred fuel |  | $5,318 |  |  | $2,676 |  |  | $2,642 |  |  | $5,608 |  |  | $727 |  |  | $4,881 |
Fuel inventory - at average cost |  | 3,506 |  |  | 802 |  |  | 2,704 |  | 4,493 |  |  | 702 |  |  | 3,791
Materials and supplies |  | 5,065 |  | 1,121 |  | 3,944 |  | 5,451 |  | 1,045 |  | 4,406
Prepayments and other |  | 2,009 |  |  | 81 |  |  | 1,928 |  | 22 |  |  | — |  |  | 22
Total current assets held for sale |  | $15,898 |  |  | $4,680 |  |  | $11,218 |  |  | $15,574 |  |  | $2,474 |  |  | $13,100 |
Property, plant, and equipment - natural gas |  | $688,009 |  |  | $308,239 |  |  | $379,770 |  |  | $679,502 |  |  | $303,193 |  |  | $376,309 |
Construction work in progress |  | 3,441 |  |  | 1,287 |  |  | 2,154 |  |  | 2,959 |  |  | 1,085 |  |  | 1,874 |
Less - accumulated depreciation and amortization |  | (280,796) |  |  | (141,851) |  |  | (138,945) |  |  | (276,388) |  |  | (139,556) |  |  | (136,832) |
Other regulatory assets |  | 35,040 |  |  | 8,904 |  |  | 23,412 |  |  | 35,381 |  |  | 8,947 |  |  | 23,682 |
Goodwill (a) |  | 6,403 |  |  | — |  |  | — |  |  | 6,474 |  |  | — |  |  | — |
Pension and other postretirement assets |  | 14,916 |  |  | — |  |  | 19,724 |  |  | 14,663 |  |  | — |  |  | 19,499 |
Other |  | 202 |  |  | — |  |  | 202 |  |  | 206 |  |  | — |  |  | 206 |
Total non-current assets held for sale |  | $467,215 |  |  | $176,579 |  |  | $286,317 |  |  | $462,797 |  |  | $173,669 |  |  | $284,738 |
Accounts payable |  | $802 |  |  | $802 |  |  | $— |  |  | $702 |  |  | $702 |  |  | $— |
Customer deposits |  | 6,017 |  |  | 1,809 |  |  | 4,208 |  |  | 6,214 |  |  | 1,984 |  |  | 4,230 |
Taxes accrued |  | 1,284 |  |  | 1,268 |  |  | 16 |  |  | 13 |  |  | 13 |  |  | — |
Other |  | 1,349 |  |  | 541 |  |  | 808 |  |  | 1,401 |  |  | 589 |  |  | 812 |
Total current liabilities held for sale (b) |  | $9,452 |  |  | $4,420 |  |  | $5,032 |  |  | $8,330 |  |  | $3,288 |  |  | $5,042 |
Regulatory liability for income taxes - net |  | $32,327 |  |  | $5,418 |  |  | $26,909 |  |  | $31,575 |  |  | $4,981 |  |  | $26,594 |
Other regulatory liabilities |  | 2,424 |  |  | 1,850 |  |  | 574 |  |  | 1,611 |  |  | 1,214 |  |  | 397 |
Pension and other postretirement liabilities |  | 3,988 |  |  | 4,546 |  |  | 1,188 |  |  | 3,976 |  |  | 4,525 |  |  | 1,197 |
Other |  | 3,610 |  |  | 1,110 |  |  | 2,500 |  |  | 3,844 |  |  | 1,194 |  |  | 2,650 |
Total non-current liabilities held for sale (c) |  | $42,349 |  |  | $12,924 |  |  | $31,171 |  |  | $41,006 |  |  | $11,914 |  |  | $30,838 |
(a) Goodwill is allocated to the natural gas distribution business based on its relative fair value compared to the retained portion of the reporting unit. (b) Included within other current liabilities on the respective consolidated balance sheets. (c) Included within other non-current liabilities on the respective consolidated balance sheets. Entergy Louisiana and Entergy New Orleans will continue to recognize depreciation on the natural gas distribution businesses assets since they will continue to receive revenues through utility customer rates until the closing of the transaction, and because the final purchase price for the natural gas distribution businesses will be adjusted by an amount equal to that depreciation, among other adjustments. The pre-tax income for the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses, excluding interest and corporate allocations, included in Entergy’s, Entergy Louisiana’s, and Entergy New Orleans’s consolidated income statements for the three months ended March 31, 2025 and 2024 is as follows:
|  | 2025 |  | 2024 |  |  |  |
|  | (In Thousands) |  |
Entergy |  | $22,016 |  |  | $19,932 |  |  |  |  |
Entergy Louisiana |  | $9,775 |  |  | $10,104 |  |  |  |  |
Entergy New Orleans |  | $12,241 |  |  | $9,828 |  |  |  |  |
Entergy Louisiana [Member] |
Mergers, Acquisitions and Dispositions Disclosures | HELD FOR SALE (Entergy Corporation, Entergy Louisiana, and Entergy New Orleans) Held for Sale See Note 14 to the financial statements in the Form 10-K for information regarding the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses. The following are updates to that discussion. Natural Gas Distribution Businesses On October 28, 2023, Entergy New Orleans and Entergy Louisiana each entered into separate purchase and sale agreements with respect to the sale of their respective regulated natural gas local distribution company businesses to two separate affiliates of Bernhard Capital Partners Management LP. Under the purchase and sale agreements, Entergy New Orleans has agreed to sell its regulated natural gas local distribution company business serving customers in the Parish of Orleans, Louisiana, and Entergy Louisiana has agreed to sell its regulated natural gas local distribution company business serving customers in the Parish of East Baton Rouge, Louisiana. The Entergy Louisiana and Entergy New Orleans natural gas distribution businesses are reflected in Entergy’s Utility reportable segment and in the respective single reportable segment for each of Entergy Louisiana and Entergy New Orleans. Required regulatory approval was received from the LPSC and the City Council in August 2024 and December 2024, respectively. In February 2025 the Metropolitan Council of the Parish of East Baton Rouge approved the proposed sale of the Entergy Louisiana natural gas distribution business and also approved the assignment of the parish franchise from Entergy Louisiana to Delta Capital Gas Company, LLC (a Bernhard Capital Partners Management LP affiliate). The transactions have two phases: (1) an “Initial Phase” prior to regulatory approvals in connection with both transactions; and (2) a “Second Phase” following regulatory approvals in connection with both transactions to the extent that certain conditions are satisfied or, where permissible, waived for both transactions. As described above, the transactions have received all required regulatory approvals, and the Second Phase commenced on March 5, 2025. Under the purchase and sale agreements, the closing of the transactions is not required to occur earlier than six months following the initiation of the Second Phase; however, the parties may agree to close prior to that date. The purchase and sale agreements may be terminated by either party in the event the closing has not occurred prior to October 28, 2025. Neither transaction is subject to a financing condition for the applicable buyer. As of March 31, 2025 and December 31, 2024, the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses met the criteria to be classified as held for sale. As of March 31, 2025, neither Entergy Louisiana nor Entergy New Orleans has recognized any write downs of the natural gas distribution business assets as a result of their classification as held for sale, as neither sale is expected to result in a loss. The assets and liabilities of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses classified as held for sale on Entergy’s, Entergy Louisiana’s, and Entergy New Orleans’s consolidated balance sheets as of March 31, 2025 and December 31, 2024 included the following amounts:
|  | March 31, 2025 |  | December 31, 2024
|  | Entergy |  | Entergy Louisiana |  | Entergy New Orleans |  | Entergy |  | Entergy Louisiana |  | Entergy New Orleans
|  | (In Thousands) |  | (In Thousands)
Deferred fuel |  | $5,318 |  |  | $2,676 |  |  | $2,642 |  |  | $5,608 |  |  | $727 |  |  | $4,881 |
Fuel inventory - at average cost |  | 3,506 |  |  | 802 |  |  | 2,704 |  | 4,493 |  |  | 702 |  |  | 3,791
Materials and supplies |  | 5,065 |  | 1,121 |  | 3,944 |  | 5,451 |  | 1,045 |  | 4,406
Prepayments and other |  | 2,009 |  |  | 81 |  |  | 1,928 |  | 22 |  |  | — |  |  | 22
Total current assets held for sale |  | $15,898 |  |  | $4,680 |  |  | $11,218 |  |  | $15,574 |  |  | $2,474 |  |  | $13,100 |
Property, plant, and equipment - natural gas |  | $688,009 |  |  | $308,239 |  |  | $379,770 |  |  | $679,502 |  |  | $303,193 |  |  | $376,309 |
Construction work in progress |  | 3,441 |  |  | 1,287 |  |  | 2,154 |  |  | 2,959 |  |  | 1,085 |  |  | 1,874 |
Less - accumulated depreciation and amortization |  | (280,796) |  |  | (141,851) |  |  | (138,945) |  |  | (276,388) |  |  | (139,556) |  |  | (136,832) |
Other regulatory assets |  | 35,040 |  |  | 8,904 |  |  | 23,412 |  |  | 35,381 |  |  | 8,947 |  |  | 23,682 |
Goodwill (a) |  | 6,403 |  |  | — |  |  | — |  |  | 6,474 |  |  | — |  |  | — |
Pension and other postretirement assets |  | 14,916 |  |  | — |  |  | 19,724 |  |  | 14,663 |  |  | — |  |  | 19,499 |
Other |  | 202 |  |  | — |  |  | 202 |  |  | 206 |  |  | — |  |  | 206 |
Total non-current assets held for sale |  | $467,215 |  |  | $176,579 |  |  | $286,317 |  |  | $462,797 |  |  | $173,669 |  |  | $284,738 |
Accounts payable |  | $802 |  |  | $802 |  |  | $— |  |  | $702 |  |  | $702 |  |  | $— |
Customer deposits |  | 6,017 |  |  | 1,809 |  |  | 4,208 |  |  | 6,214 |  |  | 1,984 |  |  | 4,230 |
Taxes accrued |  | 1,284 |  |  | 1,268 |  |  | 16 |  |  | 13 |  |  | 13 |  |  | — |
Other |  | 1,349 |  |  | 541 |  |  | 808 |  |  | 1,401 |  |  | 589 |  |  | 812 |
Total current liabilities held for sale (b) |  | $9,452 |  |  | $4,420 |  |  | $5,032 |  |  | $8,330 |  |  | $3,288 |  |  | $5,042 |
Regulatory liability for income taxes - net |  | $32,327 |  |  | $5,418 |  |  | $26,909 |  |  | $31,575 |  |  | $4,981 |  |  | $26,594 |
Other regulatory liabilities |  | 2,424 |  |  | 1,850 |  |  | 574 |  |  | 1,611 |  |  | 1,214 |  |  | 397 |
Pension and other postretirement liabilities |  | 3,988 |  |  | 4,546 |  |  | 1,188 |  |  | 3,976 |  |  | 4,525 |  |  | 1,197 |
Other |  | 3,610 |  |  | 1,110 |  |  | 2,500 |  |  | 3,844 |  |  | 1,194 |  |  | 2,650 |
Total non-current liabilities held for sale (c) |  | $42,349 |  |  | $12,924 |  |  | $31,171 |  |  | $41,006 |  |  | $11,914 |  |  | $30,838 |
(a) Goodwill is allocated to the natural gas distribution business based on its relative fair value compared to the retained portion of the reporting unit. (b) Included within other current liabilities on the respective consolidated balance sheets. (c) Included within other non-current liabilities on the respective consolidated balance sheets. Entergy Louisiana and Entergy New Orleans will continue to recognize depreciation on the natural gas distribution businesses assets since they will continue to receive revenues through utility customer rates until the closing of the transaction, and because the final purchase price for the natural gas distribution businesses will be adjusted by an amount equal to that depreciation, among other adjustments. The pre-tax income for the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses, excluding interest and corporate allocations, included in Entergy’s, Entergy Louisiana’s, and Entergy New Orleans’s consolidated income statements for the three months ended March 31, 2025 and 2024 is as follows:
|  | 2025 |  | 2024 |  |  |  |
|  | (In Thousands) |  |
Entergy |  | $22,016 |  |  | $19,932 |  |  |  |  |
Entergy Louisiana |  | $9,775 |  |  | $10,104 |  |  |  |  |
Entergy New Orleans |  | $12,241 |  |  | $9,828 |  |  |  |  |
Entergy New Orleans [Member] |
Mergers, Acquisitions and Dispositions Disclosures | HELD FOR SALE (Entergy Corporation, Entergy Louisiana, and Entergy New Orleans) Held for Sale See Note 14 to the financial statements in the Form 10-K for information regarding the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses. The following are updates to that discussion. Natural Gas Distribution Businesses On October 28, 2023, Entergy New Orleans and Entergy Louisiana each entered into separate purchase and sale agreements with respect to the sale of their respective regulated natural gas local distribution company businesses to two separate affiliates of Bernhard Capital Partners Management LP. Under the purchase and sale agreements, Entergy New Orleans has agreed to sell its regulated natural gas local distribution company business serving customers in the Parish of Orleans, Louisiana, and Entergy Louisiana has agreed to sell its regulated natural gas local distribution company business serving customers in the Parish of East Baton Rouge, Louisiana. The Entergy Louisiana and Entergy New Orleans natural gas distribution businesses are reflected in Entergy’s Utility reportable segment and in the respective single reportable segment for each of Entergy Louisiana and Entergy New Orleans. Required regulatory approval was received from the LPSC and the City Council in August 2024 and December 2024, respectively. In February 2025 the Metropolitan Council of the Parish of East Baton Rouge approved the proposed sale of the Entergy Louisiana natural gas distribution business and also approved the assignment of the parish franchise from Entergy Louisiana to Delta Capital Gas Company, LLC (a Bernhard Capital Partners Management LP affiliate). The transactions have two phases: (1) an “Initial Phase” prior to regulatory approvals in connection with both transactions; and (2) a “Second Phase” following regulatory approvals in connection with both transactions to the extent that certain conditions are satisfied or, where permissible, waived for both transactions. As described above, the transactions have received all required regulatory approvals, and the Second Phase commenced on March 5, 2025. Under the purchase and sale agreements, the closing of the transactions is not required to occur earlier than six months following the initiation of the Second Phase; however, the parties may agree to close prior to that date. The purchase and sale agreements may be terminated by either party in the event the closing has not occurred prior to October 28, 2025. Neither transaction is subject to a financing condition for the applicable buyer. As of March 31, 2025 and December 31, 2024, the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses met the criteria to be classified as held for sale. As of March 31, 2025, neither Entergy Louisiana nor Entergy New Orleans has recognized any write downs of the natural gas distribution business assets as a result of their classification as held for sale, as neither sale is expected to result in a loss. The assets and liabilities of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses classified as held for sale on Entergy’s, Entergy Louisiana’s, and Entergy New Orleans’s consolidated balance sheets as of March 31, 2025 and December 31, 2024 included the following amounts:
|  | March 31, 2025 |  | December 31, 2024
|  | Entergy |  | Entergy Louisiana |  | Entergy New Orleans |  | Entergy |  | Entergy Louisiana |  | Entergy New Orleans
|  | (In Thousands) |  | (In Thousands)
Deferred fuel |  | $5,318 |  |  | $2,676 |  |  | $2,642 |  |  | $5,608 |  |  | $727 |  |  | $4,881 |
Fuel inventory - at average cost |  | 3,506 |  |  | 802 |  |  | 2,704 |  | 4,493 |  |  | 702 |  |  | 3,791
Materials and supplies |  | 5,065 |  | 1,121 |  | 3,944 |  | 5,451 |  | 1,045 |  | 4,406
Prepayments and other |  | 2,009 |  |  | 81 |  |  | 1,928 |  | 22 |  |  | — |  |  | 22
Total current assets held for sale |  | $15,898 |  |  | $4,680 |  |  | $11,218 |  |  | $15,574 |  |  | $2,474 |  |  | $13,100 |
Property, plant, and equipment - natural gas |  | $688,009 |  |  | $308,239 |  |  | $379,770 |  |  | $679,502 |  |  | $303,193 |  |  | $376,309 |
Construction work in progress |  | 3,441 |  |  | 1,287 |  |  | 2,154 |  |  | 2,959 |  |  | 1,085 |  |  | 1,874 |
Less - accumulated depreciation and amortization |  | (280,796) |  |  | (141,851) |  |  | (138,945) |  |  | (276,388) |  |  | (139,556) |  |  | (136,832) |
Other regulatory assets |  | 35,040 |  |  | 8,904 |  |  | 23,412 |  |  | 35,381 |  |  | 8,947 |  |  | 23,682 |
Goodwill (a) |  | 6,403 |  |  | — |  |  | — |  |  | 6,474 |  |  | — |  |  | — |
Pension and other postretirement assets |  | 14,916 |  |  | — |  |  | 19,724 |  |  | 14,663 |  |  | — |  |  | 19,499 |
Other |  | 202 |  |  | — |  |  | 202 |  |  | 206 |  |  | — |  |  | 206 |
Total non-current assets held for sale |  | $467,215 |  |  | $176,579 |  |  | $286,317 |  |  | $462,797 |  |  | $173,669 |  |  | $284,738 |
Accounts payable |  | $802 |  |  | $802 |  |  | $— |  |  | $702 |  |  | $702 |  |  | $— |
Customer deposits |  | 6,017 |  |  | 1,809 |  |  | 4,208 |  |  | 6,214 |  |  | 1,984 |  |  | 4,230 |
Taxes accrued |  | 1,284 |  |  | 1,268 |  |  | 16 |  |  | 13 |  |  | 13 |  |  | — |
Other |  | 1,349 |  |  | 541 |  |  | 808 |  |  | 1,401 |  |  | 589 |  |  | 812 |
Total current liabilities held for sale (b) |  | $9,452 |  |  | $4,420 |  |  | $5,032 |  |  | $8,330 |  |  | $3,288 |  |  | $5,042 |
Regulatory liability for income taxes - net |  | $32,327 |  |  | $5,418 |  |  | $26,909 |  |  | $31,575 |  |  | $4,981 |  |  | $26,594 |
Other regulatory liabilities |  | 2,424 |  |  | 1,850 |  |  | 574 |  |  | 1,611 |  |  | 1,214 |  |  | 397 |
Pension and other postretirement liabilities |  | 3,988 |  |  | 4,546 |  |  | 1,188 |  |  | 3,976 |  |  | 4,525 |  |  | 1,197 |
Other |  | 3,610 |  |  | 1,110 |  |  | 2,500 |  |  | 3,844 |  |  | 1,194 |  |  | 2,650 |
Total non-current liabilities held for sale (c) |  | $42,349 |  |  | $12,924 |  |  | $31,171 |  |  | $41,006 |  |  | $11,914 |  |  | $30,838 |
(a) Goodwill is allocated to the natural gas distribution business based on its relative fair value compared to the retained portion of the reporting unit. (b) Included within other current liabilities on the respective consolidated balance sheets. (c) Included within other non-current liabilities on the respective consolidated balance sheets. Entergy Louisiana and Entergy New Orleans will continue to recognize depreciation on the natural gas distribution businesses assets since they will continue to receive revenues through utility customer rates until the closing of the transaction, and because the final purchase price for the natural gas distribution businesses will be adjusted by an amount equal to that depreciation, among other adjustments. The pre-tax income for the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses, excluding interest and corporate allocations, included in Entergy’s, Entergy Louisiana’s, and Entergy New Orleans’s consolidated income statements for the three months ended March 31, 2025 and 2024 is as follows:
|  | 2025 |  | 2024 |  |  |  |
|  | (In Thousands) |  |
Entergy |  | $22,016 |  |  | $19,932 |  |  |  |  |
Entergy Louisiana |  | $9,775 |  |  | $10,104 |  |  |  |  |
Entergy New Orleans |  | $12,241 |  |  | $9,828 |  |  |  |  |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent + Details
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