Entergy Corp. Files 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>Entergy Corp. has submitted its 2023 10-K annual report, detailing the financial performance and operations of its various subsidiaries.</b>

AI Summary

ENTERGY ARKANSAS, LLC (EAI) filed a Annual Report (10-K) with the SEC on February 23, 2024. Entergy Corp. filed its annual 10-K report for the fiscal year ending December 31, 2023. The filing covers multiple subsidiaries including Entergy Arkansas, LLC, Entergy Mississippi, LLC, Entergy Texas, Inc., System Energy Resources, Inc., and Entergy Louisiana, LLC. All listed entities are in the Electric Services industry (SIC code 4911). The report is filed under the Securities Exchange Act of 1934. The fiscal year end for all entities is December 31.

Why It Matters

For investors and stakeholders tracking ENTERGY ARKANSAS, LLC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Entergy's financial health and operational status for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. The inclusion of multiple subsidiary filings within this report offers a consolidated view of the company's diverse operations across different states, highlighting its extensive reach in the electric services sector.

Risk Assessment

Risk Level: low — ENTERGY ARKANSAS, LLC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant new risks or material changes beyond routine disclosures.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Entergy's performance and strategic direction for 2024.

Key Numbers

• 20231231 — Fiscal Year End (The end date of the reporting period)
• 0000065984 — Central Index Key (For Entergy Corp.)
• 4911 — SIC Code (Electric Services industry)
• 10-K — Form Type (Annual Report)

Key Players & Entities

• Entergy Corp (company) — Filer of the 10-K report
• Entergy Arkansas, LLC (company) — Subsidiary included in the filing
• Entergy Mississippi, LLC (company) — Subsidiary included in the filing
• Entergy Texas, Inc. (company) — Subsidiary included in the filing
• System Energy Resources, Inc (company) — Subsidiary included in the filing
• Entergy Louisiana, LLC (company) — Subsidiary included in the filing
• 1934 Act (regulator) — SEC Act under which the filing is made
• 20231231 (date) — Fiscal year end date

FAQ

Industry Context

Entergy operates in the regulated electric utility industry, providing electricity generation, transmission, and distribution services.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Review Entergy's consolidated financial statements for FY 2023.
2. Analyze the operational details and segment information provided for each subsidiary.
3. Assess any disclosed risk factors and their potential impact on future performance.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following the previous year's 2022 10-K.

Key Financial Figures

• $0.01 — red Entergy Corporation Common Stock, $0.01 Par Value ETR New York Stock Exchange
• $25 — lative, No Par Value (Liquidation Value $25 Per Share) ETI/PR New York Stock Excha
• $97.37 — ased on the reported last sale price of $97.37 per share for such stock on the New Yor

Filing Documents

• etr-20231231.htm (10-K) — 14857KB
• ex4c6.htm (EX-4.(C)6) — 87KB
• ex4d31.htm (EX-4.(D)31) — 153KB
• ex4e5.htm (EX-4.(E)5) — 88KB
• ex4f5.htm (EX-4.(F)5) — 95KB
• ex10a11.htm (EX-10.A(11)) — 9KB
• ex10a16.htm (EX-10.A(16)) — 8KB
• ex10a21.htm (EX-10.A(21)) — 8KB
• ex10a32.htm (EX-10.A(32)) — 16KB
• ex10a34.htm (EX-10.A(34)) — 8KB
• ex10a35.htm (EX-10.A(35)) — 9KB
• ex10a36.htm (EX-10.A(36)) — 10KB
• ex10a37.htm (EX-10.A(37)) — 14KB
• ex10a47.htm (EX-10.A(47)) — 9KB
• ex10a60.htm (EX-10.A(60)) — 9KB
• ex10a72.htm (EX-10.A(72)) — 109KB
• a10kex-212023.htm (EX-21) — 52KB
• aex-242023xpowerofattorney.htm (EX-24) — 44KB
• a10kex-31a2023.htm (EX-31.A) — 9KB
• a10kex-31b2023.htm (EX-31.B) — 9KB
• a10kex-31c2023.htm (EX-31.C) — 9KB
• a10kex-31d2023.htm (EX-31.D) — 9KB
• a10kex-31e2023.htm (EX-31.E) — 9KB
• a10kex-31f2023.htm (EX-31.F) — 9KB
• a10kex-31g2023.htm (EX-31.G) — 9KB
• a10kex-31h2023.htm (EX-31.H) — 9KB
• a10kex-31i2023.htm (EX-31.I) — 9KB
• a10kex-31j2023.htm (EX-31.J) — 9KB
• a10kex-31k2023.htm (EX-31.K) — 10KB
• a10kex-31l2023.htm (EX-31.L) — 9KB
• a10kex-31m2023.htm (EX-31.M) — 9KB
• a10kex-31n2023.htm (EX-31.N) — 9KB
• a10kex-32a2023.htm (EX-32.A) — 4KB
• a10kex-32b2023.htm (EX-32.B) — 4KB
• a10kex-32c2023.htm (EX-32.C) — 4KB
• a10kex-32d2023.htm (EX-32.D) — 4KB
• a10kex-32e2023.htm (EX-32.E) — 4KB
• a10kex-32f2023.htm (EX-32.F) — 4KB
• a10kex-32g2023.htm (EX-32.G) — 4KB
• a10kex-32h2023.htm (EX-32.H) — 4KB
• a10kex-32i2023.htm (EX-32.I) — 4KB
• a10kex-32j2023.htm (EX-32.J) — 4KB
• a10kex-32k2023.htm (EX-32.K) — 5KB
• a10kex-32l2023.htm (EX-32.L) — 4KB
• a10kex-32m2023.htm (EX-32.M) — 4KB
• a10kex-32n2023.htm (EX-32.N) — 4KB
• a10kex-97.htm (EX-97) — 28KB
• 0000065984-24-000012.txt (&nbsp;) — 136461KB
• etr-20231231.xsd (EX-101.SCH) — 291KB
• etr-20231231_cal.xml (EX-101.CAL) — 82KB
• etr-20231231_def.xml (EX-101.DEF) — 2002KB
• etr-20231231_lab.xml (EX-101.LAB) — 2543KB
• etr-20231231_pre.xml (EX-101.PRE) — 2176KB
• etr-20231231_htm.xml (XML) — 54170KB

Item 7. 1

Part II. Item 7. 1 Report of Management 34 Report of Independent Registered Public Accounting Firm 35 Consolidated Income Statements For the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 39

Part II. Item 8. 39 Consolidated Statements of Comprehensive Income For the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 41

Part II. Item 8. 41 Consolidated Statements of Cash Flows For the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 42

Part II. Item 8. 42 Consolidated Balance Sheets, December 31, 202 3 and 202 2

Item 8. 44

Part II. Item 8. 44 Consolidated Statements of Changes in Equity for the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 46

Part II. Item 8. 46

Notes to Financial Statements Part II. Item 8

Notes to Financial Statements Part II. Item 8. Note 1. Summary of Significant Accounting Policies 47 Note 2. Rate and Regulatory Matters 57 Note 3. Income Taxes 117 Note 4. Revolving Credit Facilities, Lines of Credit, and Short-term Borrowings 134 Note 5. Long-term Debt 138 Note 6. Preferred Equity and Noncontrolling Interests 146 Note 7. Common Equity 150 Note 8. Commitments and Contingencies 155 Note 9. Asset Retirement Obligations 162 Note 10. Leases 165 Note 11. Retirement, Other Postretirement Benefits, and Defined Contribution Plans 170 Note 12. Stock-based Compensation 198 Note 13. Business Segment Information 203 Note 14. Acquisitions and Dispositions 206 Note 15. Risk Management and Fair Values 208 Note 16. Decommissioning Trust Funds 223 Note 17. Variable Interest Entities 229 Note 18. Transactions with Affiliates 232 Note 19. Revenue 233 Entergy's Business Part I. Item 1. Risk Factors Summary 239 Utility 241 Other Business Activit i es 268 Regulation of Entergy's Business 269 Litigation 281 Human Capital 282 Availability of SEC filings and other information on Entergy's website 284

Risk Factors

Risk Factors

Item 1A. 285

Part I. Item 1A. 285 Unresolved Staff Comments

Item 1B. 309

Part I. Item 1B. 309 i Table of Contents C ybersecurity

Item 1C. 309

Part I. Item 1C. 309 Entergy Arkansas, LLC and Subsidiaries Management's Financial Discussion and Analysis

Item 7. 313

Part II. Item 7. 313 Report of Independent Registered Public Accounting Firm 334 Consolidated Income Statements For the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 336

Part II. Item 8. 336 Consolidated Statements of Cash Flows For the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 337

Part II. Item 8. 337 Consolidated Balance Sheets, December 31, 202 3 and 202 2

Item 8. 338

Part II. Item 8. 338 Consolidated Statements of Changes in Equity for the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 340

Part II. Item 8. 340 Entergy Louisiana, LLC and Subsidiaries Management's Financial Discussion and Analysis

Item 7. 341

Part II. Item 7. 341 Report of Independent Registered Public Accounting Firm 364 Consolidated Income Statements For the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 368

Part II. Item 8. 368 Consolidated Statements of Comprehensive Income For the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 369

Part II. Item 8. 369 Consolidated Statements of Cash Flows For the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 371

Part II. Item 8. 371 Consolidated Balance Sheets, December 31, 202 3 and 202 2

Item 8. 372

Part II. Item 8. 372 Consolidated Statements of Changes in Equity for the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 374

Part II. Item 8. 374 Entergy Mississippi, LLC and Subsidiaries Management's Financial Discussion and Analysis

Item 7. 375

Part II. Item 7. 375 Report of Independent Registered Public Accounting Firm 389 Consolidated Income Statements For the Years Ended December 31, 202 3 , 202 2 , and 2 021

Item 8. 391

Part II. Item 8. 391 Consolidated Statements of Cash Flows For the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 393

Part II. Item 8. 393 Consolidated Balance Sheets, December 31, 202 3 and 202 2

Item 8. 394

Part II. Item 8. 394 Consolidated Statements of Changes in Equity for the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 396

Part II. Item 8. 396 Entergy New Orleans, LLC and Subsidiaries Management's Financial Discussion and Analysis

Item 7. 397

Part II. Item 7. 397 Report of Independent Registered Public Accounting Firm 410 Consolidated Income Statements For the Years Ended December 31, 202 3 , 202 2 , and 202 1

Item 8. 412

Part II. Item 8. 412 Consolidated Statements of Cash Flows For the Years Ended December 31, 202 3 , 202 2 , and 202 1

Item 8. 413

Part II. Item 8. 413 Consolidated Balance Sheets, December 31, 202 3 and 202 2

Item 8. 414

Part II. Item 8. 414 Consolidated Statements of Changes in Member's Equity for the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 416

Part II. Item 8. 416 Entergy Texas, Inc. and Subsidiaries Management's Financial Discussion and Analysis

Item 7. 417

Part II. Item 7. 417 Report of Independent Registered Public Accounting Firm 432 Consolidated Income Statements For the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 434

Part II. Item 8. 434 Consolidated Statements of Cash Flows For the Years Ended December 31, 202 3 , 202 2 , and 202 1

Item 8. 435

Part II. Item 8. 435 Consolidated Balance Sheets, December 31, 202 3 and 202 2

Item 8. 436

Part II. Item 8. 436 Consolidated Statements of Changes in Equity for the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 438

Part II. Item 8. 438 ii Table of Contents System Energy Resources, Inc. Management's Financial Discussion and Analysis

Item 7. 439

Part II. Item 7. 439 Report of Independent Registered Public Accounting Firm 465 Statements of Operations For the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 467

Part II. Item 8. 467 Statements of Cash Flows For the Years Ended December 31, 202 3 , 202 2 , and 20 21

Item 8. 469

Part II. Item 8. 469 Balance Sheets, December 31, 202 3 and 202 2

Item 8. 470

Part II. Item 8. 470 Statements of Changes in Common Equity for the Years Ended December 31, 202 3 , 202 2 , and 202 1

Item 8. 472

Part II. Item 8. 472

Properties

Properties

Item 2. 473

Part I. Item 2. 473

Legal Proceedings

Legal Proceedings

Item 3. 473

Part I. Item 3. 473 Mine Safety Disclosures

Item 4. 473

Part I. Item 4. 473 Information about Executive Officers of Entergy Corporation

and Part III. Item 10. 473

Part I. and Part III. Item 10. 473 Market for Registrants' Common Equity , Related Stockholder Matters , and Issuer Purchases of Equity Securities

Item 5. 476

Part II. Item 5. 476 Reserved

Item 6. 476

Part II. Item 6. 476

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. 477

Part II. Item 7. 477

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. 477

Part II. Item 7A. 477

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data

Item 8. 477

Part II. Item 8. 477 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. 477

Part II. Item 9. 477

Controls and Procedures

Controls and Procedures

Item 9A. 477

Part II. Item 9A. 477 Attestation Report of Registered Public Accounting Firm

Item 9A. 479

Part II. Item 9A. 479 Other Information

Item 9B. 480

Part II. Item 9B. 480 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. 480

Part II. Item 9C. 480 Directors, Executive Officers, and Corporate Governance of the Registrants

Item 10. 481

Part III. Item 10. 481

Executive Compensation

Executive Compensation

Item 11. 486

Part III. Item 11. 486

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management

Item 12. 534

Part III. Item 12. 534 Certain Relationships and Related Party Transactions and Director Independence

Item 13. 536

Part III. Item 13. 536 Principal Accountant Fees and Services

Item 14. 537

Part III. Item 14. 537 Exhibits and Financial Statement Schedules

Item 15. 540

Part IV. Item 15. 540 Form 10-K Summary

Item 16. 540

Part IV. Item 16. 540 Exhibit Index 541

Signatures

Signatures 557 Consents of Independent Registered Public Accounting Firm 564 Report of Independent Registered Public Accounting Firm 565 Index to Financial Statement Schedules S- 1 This combined Form 10-K is separately filed by Entergy Corporation and its six Registrant Subsidiaries: Entergy Arkansas, LLC, Entergy Louisiana, LLC, Entergy Mississippi, LLC, Entergy New Orleans, LLC, Entergy Texas, Inc., and System Energy Resources, Inc. Information contained herein relating to any individual company is filed by such company on its own behalf. Each company makes representations only as to itself and makes no other representations whatsoever as to any other company. The report should be read in its entirety as it pertains to each respective reporting company. No one section of the report deals with all aspects of the subject matter. Separate Item 7 and 8 sections are provided for each reporting company, except for the Notes to the financial statements. The Notes to the financial statements for all of the reporting companies are combined. All Items other than 7 and 8 are combined for the reporting companies. iii Table of Contents FORWARD-LOOKING INFORMATION In this combined report and from time to time, Entergy Corporation and the Registrant Subsidiaries each makes statements as a registrant concerning its expectations, beliefs, plans, objectives, goals, projections, strategies, and future events or performance. Such statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "could," "project," "believe," "anticipate," "intend," "goal," "commitment," "expect," "estimate," "continue," "potential," "plan," "predict," "forecast," and other similar words or expressions are intended to identify forward-looking statements but are not the only means to identify these statements. Although each of these registrants believes that these forward-looking statements and the u