ENTERGY ARKANSAS, LLC - Quarter Report: 2024 March (Form 10-Q)

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ENTERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2024 and 2023
(Unaudited)
	2024	2023
	(In Thousands)
OPERATING ACTIVITIES
Consolidated net income	$	$
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
Deferred income taxes, investment tax credits, and non-current taxes accrued	()	()
Asset write-offs, impairments, and related charges
Changes in working capital:
Receivables
Fuel inventory		()
Accounts payable	()	()
Taxes accrued	()	()
Interest accrued
Deferred fuel costs
Other working capital accounts	()	()
Changes in provisions for estimated losses
Changes in regulatory assets
Changes in other regulatory liabilities
Effect of securitization on regulatory asset		()
Changes in pension and other postretirement funded status	()	()
Other	()	()
Net cash flow provided by operating activities

INVESTING ACTIVITIES
Construction/capital expenditures	()	()
Allowance for equity funds used during construction
Nuclear fuel purchases	()	()
Payment for purchase of plant and assets	()



Changes in securitization account	()	()
Payments to storm reserve escrow accounts	()	()

Increase in other investments	()	()

Proceeds from nuclear decommissioning trust fund sales
Investment in nuclear decommissioning trust funds	()	()
Net cash flow used in investing activities	()	()

See Notes to Financial Statements.

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ENTERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2024 and 2023

(Unaudited)

2024

2023

(In Thousands)

FINANCING ACTIVITIES

Proceeds from the issuance of:

Long-term debt

Treasury stock

Retirement of long-term debt

()

Changes in commercial paper - net

Proceeds received by storm trust related to securitization

Other

Dividends paid:

Common stock

()

Preferred stock

()

Net cash flow provided by financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid (received) during the period for:

Interest - net of amount capitalized

Income taxes

($)

Noncash investing activities:

Accrued construction expenditures

See Notes to Financial Statements.

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ENTERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

ASSETS

March 31, 2024 and December 31, 2023

(Unaudited)

2024

2023

(In Thousands)

CURRENT ASSETS

Cash and cash equivalents:

Cash

Temporary cash investments

Total cash and cash equivalents

Accounts receivable:

Customer

Allowance for doubtful accounts

()

Other

Accrued unbilled revenues

Total accounts receivable

Deferred fuel costs

Fuel inventory - at average cost

Materials and supplies - at average cost

Deferred nuclear refueling outage costs

Prepayments and other

TOTAL

OTHER PROPERTY AND INVESTMENTS

Decommissioning trust funds

Non-utility property - at cost (less accumulated depreciation)

Storm reserve escrow accounts

Other

TOTAL

PROPERTY, PLANT, AND EQUIPMENT

Electric

Natural gas

Construction work in progress

Nuclear fuel

TOTAL PROPERTY, PLANT, AND EQUIPMENT

Less - accumulated depreciation and amortization

PROPERTY, PLANT, AND EQUIPMENT - NET

DEFERRED DEBITS AND OTHER ASSETS

Regulatory assets:

Other regulatory assets (includes securitization property of $ as of March 31, 2024 and $ as of December 31, 2023)

Deferred fuel costs

Goodwill

Accumulated deferred income taxes

Other

TOTAL

TOTAL ASSETS

See Notes to Financial Statements.

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ENTERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

LIABILITIES AND EQUITY

March 31, 2024 and December 31, 2023

(Unaudited)

2024

2023

(In Thousands)

CURRENT LIABILITIES

Currently maturing long-term debt

Notes payable and commercial paper

Accounts payable

Customer deposits

Taxes accrued

Interest accrued

Deferred fuel costs

Pension and other postretirement liabilities

Other

TOTAL

NON-CURRENT LIABILITIES

Accumulated deferred income taxes and taxes accrued

Accumulated deferred investment tax credits

Regulatory liability for income taxes - net

Other regulatory liabilities

Decommissioning and asset retirement cost liabilities

Accumulated provisions

Pension and other postretirement liabilities

Long-term debt (includes securitization bonds of $ as of March 31, 2024 and $ as of December 31, 2023)

Other

TOTAL

Commitments and Contingencies

EQUITY

Preferred stock, par value, authorized shares in 2024 and 2023; issued shares in 2024 and 2023 -

Common stock, $ par value, authorized shares in 2024 and 2023; issued shares in 2024 and 2023

Paid-in capital

Retained earnings

Accumulated other comprehensive loss

()

Less - treasury stock, at cost ( shares in 2024 and shares in 2023)

Total shareholders’ equity

Subsidiaries’ preferred stock without sinking fund and noncontrolling interests

TOTAL

TOTAL LIABILITIES AND EQUITY

See Notes to Financial Statements.

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ENTERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three Months Ended March 31, 2024 and 2023

(Unaudited)

Shareholders’ Equity

Subsidiaries’ Preferred Stock and Noncontrolling Interests

Common
Stock

Treasury
Stock

Paid-in
Capital

Retained Earnings

Accumulated Other Comprehensive Loss

Total

(In Thousands)

Balance at December 31, 2022

($)

Consolidated net income (a)

Other comprehensive income

Common stock issuances related to stock plans

()

Common stock dividends declared

()

Beneficial interest in storm trust

Distributions to noncontrolling interests

()

Preferred dividend requirements of subsidiaries (a)

()

Balance at March 31, 2023

($)

Balance at December 31, 2023

($)

Consolidated net income (a)

Other comprehensive loss

()

Common stock issuances related to stock plans

()

Common stock dividends declared

()

Distributions to noncontrolling interests

()

Preferred dividend requirements of subsidiaries (a)

()

Balance at March 31, 2024

($)

See Notes to Financial Statements.

(a) Consolidated net income and preferred dividend requirements of subsidiaries for first quarter 2024 and first quarter 2023 each includes $ million of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented as equity.

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ENTERGY CORPORATION AND SUBSIDIARIES

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

NOTE 1.

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

NOTE 2.

per kWh to $ per kWh. Due to a change in law in the state of Arkansas, the annual redetermination included $ million, recorded as a credit to fuel expense in first quarter 2024, for recovery attributed to net metering costs in 2023. The primary reason for the rate decrease is a large over-recovered balance as a result of lower natural gas prices in 2023. To mitigate the effect of projected increases in natural gas prices in 2024, Entergy Arkansas adjusted the over-recovered balance included in the March 2024 annual redetermination filing by $ million. This adjustment is expected to reduce the rate change that will be reflected in the 2025 energy cost rate redetermination. The redetermined rate of $ per kWh became effective with the first billing cycle in April 2024 through the normal operation of the tariff.

Retail Rate Proceedings

See Note 2 to the financial statements in the Form 10-K for information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that discussion.

Filings with the LPSC (Entergy Louisiana)

Retail Rates - Electric

2023 Entergy Louisiana Rate Case and Formula Rate Plan Extension Request

As discussed in the Form 10-K, in August 2023, Entergy Louisiana filed an application for approval of a regulatory blueprint necessary for it to strengthen the electric grid for the State of Louisiana, which contains a dual-path request to update rates through either: (1) extension of Entergy Louisiana’s current formula rate plan (with certain modifications) for three years (the Rate Mitigation Proposal), which is Entergy Louisiana’s recommended path; or (2) implementation of rates resulting from a cost-of-service study (the Rate Case path). The application complies with Entergy Louisiana’s previous formula rate plan extension order requiring that for Entergy Louisiana to obtain another extension of its formula rate plan that included a rate reset, Entergy Louisiana would need to submit a full cost-of-service/rate case. Entergy Louisiana’s filing supports the need to extend Entergy Louisiana’s

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

million rate increase was necessary to reset Entergy Mississippi’s earned return on rate base to the specified point of adjustment of %, within the formula rate plan bandwidth. The 2023 look-back filing compared actual 2023 results to the approved benchmark return on rate base and reflected no change in formula rate plan revenues. In accordance with the provisions of the formula rate plan, Entergy Mississippi implemented a $ million interim rate increase, reflecting a cap equal to % of 2023 retail revenues, effective April 2024. A final order is expected in second quarter 2024, with the resulting rates, including amounts above the % cap of 2023 retail revenues, effective July 2024.

In December 2014 the MPSC ordered Entergy Mississippi to file an updated depreciation study at least once every four years. Pursuant to this order and Entergy Mississippi’s filing cycle, Entergy Mississippi would have filed an updated depreciation report with its formula rate plan filing in 2023. However, in July 2022 the MPSC directed Entergy Mississippi to file its next depreciation study in connection with its 2024 formula rate plan filing notwithstanding the MPSC’s prior order. Accordingly, Entergy Mississippi filed a depreciation study in February 2024. The study showed a need for an increase in annual depreciation expense of $ million. The calculated increase in annual depreciation expense was excluded from Entergy Mississippi’s 2024 formula rate plan revenue increase request as the $ million rate increase determined in the formula rate plan 2024 test year filing was just lower than the cap on changes to formula rate plan revenues, set at % of retail revenues. Entergy Mississippi expects to engage in further discussions with the MPSC regarding the timing of implementing changes to depreciation rates and for recovery of the depreciation expense.

Filings with the City Council (Entergy New Orleans)

Retail Rates

2024 Formula Rate Plan Filing

In April 2024, Entergy New Orleans submitted to the City Council its formula rate plan 2023 test year filing. Without the requested rate change in 2024, the 2023 test year evaluation report produced an electric earned return on equity of % and a gas earned return on equity of % compared to the authorized return on equity for each of %. Entergy New Orleans seeks approval of a $ million rate increase based on the formula set in the 2018 rate case, which was approved again by the City Council in 2023. The formula results in an increase in authorized electric revenues of $ million and an increase in authorized gas revenues of $ million. The filing is subject to review by the City Council and other parties over a 75-day review period, followed by a 25-day period to resolve any disputes among the parties. Resulting rates will be effective with the first billing cycle of September

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

million of payments to other Utility operating companies in December 2018 relating to off-system sales of electricity from 2002-2009, as ordered by the FERC. The complaint also involved a challenge to the $ million, plus interest, of related refunds ordered by the APSC and paid by Entergy Arkansas in August 2020. The trial was held in February 2023. Following the trial, Entergy Arkansas filed a motion with the United States Court of Appeals for the Eighth District to expedite the appeal filed by Arkansas Electric Energy Consumers, Inc. The United States Court of Appeals for the Eighth District granted Entergy Arkansas’s request, and oral arguments were held in June 2023. In August 2023 the United States Court of Appeals for the Eighth District affirmed the order of the court denying Arkansas Electric Energy Consumers, Inc.’s motion to intervene.

In March 2024 the U.S. District Court for the Eastern District of Arkansas issued a judgment in favor of the APSC and against Entergy Arkansas. In March 2024 Entergy Arkansas filed a notice of appeal and a motion to expedite oral arguments with the United States Court of Appeals for the Eighth District and the court granted the motion to expedite and issued an order establishing that the briefing will occur in May 2024 through July 2024. As a result of the adverse decision by the U.S. District Court for the Eastern District of Arkansas, Entergy Arkansas concluded that it could no longer support the recognition of its $ million regulatory asset reflecting the previously-expected recovery of a portion of the costs at issue in the opportunity sales proceeding and recorded a $ million ($ million net-of-tax) charge to earnings in first quarter 2024.

Complaints Against System Energy

See Note 2 to the financial statements in the Form 10-K for information regarding pending complaints against System Energy. System Energy and the Unit Power Sales Agreement are currently the subject of several litigation proceedings at the FERC (or on appeal from the FERC to the United States Court of Appeals for the Fifth Circuit), including challenges with respect to System Energy’s authorized return on equity and capital structure, renewal of its sale-leaseback arrangement, treatment of uncertain tax positions, a broader investigation of rates under the Unit Power Sales Agreement, and two prudence complaints, one challenging the extended power uprate completed at Grand Gulf in 2012 and the operation and management of Grand Gulf, particularly in the 2016-2020 time period, and the second challenging the operation and management of Grand Gulf in the 2021-2022 time period. The settlements with the MPSC and the APSC and the settlement in principle with the City Council, described in “System Energy Settlement with the City Council” below, if approved by the FERC, substantially reduce the aggregate amount of exposure resulting from these claims. The following are updates to that discussion.

Return on Equity and Capital Structure Complaints

As discussed in the Form 10-K, in March 2021 the FERC ALJ issued an initial decision in the proceeding initiated by the LPSC, the MPSC, the APSC, and the City Council against System Energy regarding the return on equity component of the Unit Power Sales Agreement. With regard to System Energy’s authorized return on equity, the ALJ determined that the existing return on equity of % is no longer just and reasonable, and that the replacement authorized return on equity, based on application of the FERC’s Opinion No. 569-A methodology, should be %. The ALJ further determined that System Energy should pay refunds for a fifteen-month refund period (January 2017-April 2018) based on the difference between the current return on equity and the replacement authorized return on equity. The ALJ determined that the April 2018 complaint concerning the authorized return on equity should be dismissed, and that no refunds for a second fifteen-month refund period should be due. With regard to System Energy’s capital structure, the ALJ determined that System Energy’s actual equity ratio is

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

% equity, based on the average equity ratio of the proxy group used to evaluate the return on equity for the second complaint. The ALJ further determined that System Energy should pay refunds for a fifteen-month refund period (September 2018-December 2019) based on the difference between the actual equity ratio and the % equity ratio. If the ALJ’s initial decision is upheld, the estimated refund for this proceeding is approximately $ million, which includes interest through March 31, 2024, and the estimated resulting annual rate reduction would be approximately $ million. As a result of the settlement agreements with the MPSC and the APSC, both the estimated refund and rate reduction exclude Entergy Mississippi's and Entergy Arkansas’s portions. See “System Energy Settlement with the MPSC” in the Form 10-K and see “System Energy Settlement with the APSC” below and in the Form 10-K for discussion of the settlements. The estimated refund will continue to accrue interest until a final FERC decision is issued.

The ALJ initial decision is an interim step in the FERC litigation process, and an ALJ’s determinations made in an initial decision are not controlling on the FERC. In April 2021, System Energy filed its brief on exceptions, in which it challenged the initial decision’s findings on both the return on equity and capital structure issues. Also in April 2021 the LPSC, the APSC, the MPSC, the City Council, and the FERC trial staff filed briefs on exceptions. Reply briefs opposing exceptions were filed in May 2021 by System Energy, the FERC trial staff, the LPSC, the APSC, the MPSC, and the City Council. Refunds, if any, that might be required will only become due after the FERC issues its order reviewing the initial decision.

Grand Gulf Sale-leaseback Renewal Complaint and Uncertain Tax Position Rate Base Issue

As discussed in the Form 10-K, in May 2018 the LPSC filed a complaint against System Energy and Entergy Services related to System Energy’s renewal of a sale-leaseback transaction originally entered into in December 1988 for an % undivided interest in Grand Gulf Unit 1. The APSC, the MPSC, and the City Council subsequently intervened in the proceeding. A hearing was held before a FERC ALJ in November 2019. In April 2020 the ALJ issued the initial decision, and in December 2022 the FERC issued an order on the ALJ’s initial decision, which affirmed it in part and modified it in part. The FERC’s order directed System Energy to calculate refunds on three issues, and to provide a compliance report detailing the calculations. The FERC’s order also disallows the future recovery of sale-leaseback renewal costs, which is estimated at approximately $ million annually for purchases from Entergy Arkansas, Entergy Louisiana, and Entergy New Orleans through July 2036. The three refund issues are rental expenses related to the renewal of the sale-leaseback arrangements; refunds, if any, for the revenue requirement impact of including accumulated deferred income taxes resulting from the decommissioning uncertain tax positions from 2004 through the present; and refunds for the net effect of correcting the depreciation inputs for capital additions attributable to the portion of plant subject to the sale-leaseback.

In January 2023, System Energy filed its compliance report with the FERC. With respect to the sale-leaseback renewal costs, System Energy calculated a refund of $ million, which represented all of the sale-leaseback renewal rental costs that System Energy recovered in rates, with interest. With respect to the decommissioning uncertain tax position issue, System Energy calculated that no additional refunds are owed because it had already provided a one-time historical credit (for the period January 2016 through September 2020) of $ million based on the accumulated deferred income taxes that resulted from the IRS’s partial acceptance of the decommissioning tax position, and because it has been providing an ongoing rate base credit for the accumulated deferred income taxes that resulted from the IRS’s partial acceptance of the decommissioning tax position since October 2020. With respect to the depreciation refund, System Energy calculated a refund of $ million, which is the net total of a refund to customers for excess depreciation expense previously collected, plus interest, offset by the additional return on rate base that System Energy previously did not collect, without interest.

In January 2023, System Energy filed a request for rehearing of the FERC’s determinations in the December 2022 order on sale-leaseback refund issues and future lease cost disallowances, the FERC’s prospective policy on uncertain tax positions, and the proper accounting of System Energy’s accumulated deferred income taxes adjustment for the Tax Cuts and Jobs Act of 2017; and a motion for confirmation of its interpretation of the

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

million in total refunds, and the refunds were paid in January 2023. In October 2023, System Energy filed its compliance report with the FERC as directed in the August 2023 rehearing order. The October 2023 compliance report reflected recalculated refunds totaling $ million for the two issues resulting in $ million in refunds that could be recouped by System Energy. As discussed below in “System Energy Settlement with the APSC,” System Energy reached a settlement in principle with the APSC to resolve several pending cases under the FERC’s jurisdiction, including this one, pursuant to which it has agreed not to recoup the $ million calculated for Entergy Arkansas in the compliance filing. Consistent with the compliance filing, in October 2023, Entergy Louisiana and Entergy New Orleans paid recoupment amounts of $ million and $ million, respectively, to System Energy.

On the third refund issue identified in the rehearing requests, concerning the decommissioning uncertain tax positions, the rehearing order denied all rehearing requests, re-affirmed the remedy contained in the December 2022 order, and did not direct System Energy to recalculate refunds or to submit an additional compliance filing. On this issue, as reflected in its January 2023 compliance filing, System Energy believes it has already paid the refunds due under the remedy that the FERC outlined for the uncertain tax positions issue in its December 2022 order. In August 2023 the LPSC issued a media release in which it stated that it disagrees with System Energy’s determination that the rehearing order requires no further refunds to be made on this issue.

In September 2023, System Energy filed a protective appeal of the rehearing order with the United States Court of Appeals for the Fifth Circuit. The appeal was consolidated with System Energy’s prior appeal of the December 2022 order.

In September 2023 the LPSC filed with the FERC a request for rehearing and clarification of the rehearing order. The LPSC requests that the FERC reverse its determination in the rehearing order that System Energy may collect an implied return of and on the depreciated cost of the portion of the plant subject to the sale-leaseback, as of the expiration of the initial lease term, as well as its determination in the rehearing order that System Energy may offset the refunds for the depreciation rate input issue and collect interest on the rate base recalculations that were part of the overall depreciation rate recalculations. In addition, the LPSC requests that the FERC either confirm the LPSC’s interpretation of the refund associated with the decommissioning uncertain tax positions or explain why it is

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

million (inclusive of interest), plus additional refund amounts with interest to be calculated for certain issues to be distributed to Entergy Arkansas, Entergy Louisiana, and Entergy New Orleans as the Utility operating companies other than Entergy Mississippi purchasing under the Unit Power Sales Agreement. The settlement further provided

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

million plus $ million of interest through March 31, 2024. The initial decision also finds that the Unit Power Sales Agreement should be modified such that a cash working capital allowance of negative $ million is applied prospectively. If the FERC ultimately orders these modifications to cash working capital be implemented, the estimated annual revenue requirement impact is expected to be immaterial. On the other non-settled issues for which the complainants sought refunds or changes to the Unit Power Sales Agreement, the initial decision ruled against the complainants.

The initial decision is an interim step in the FERC litigation process, and an ALJ’s determination made in an initial decision is not controlling on the FERC. System Energy disagrees with the ALJ’s findings concerning the accumulated deferred income taxes issues and cash working capital. In July 2023, System Energy filed a brief on exceptions to the initial decision’s accumulated deferred income taxes findings. Also in July 2023, the APSC, the LPSC, the City Council, and the FERC trial staff filed separate briefs on exceptions. The APSC’s brief on exceptions challenges the ALJ’s determinations on the money pool interest and retained earnings issues. The LPSC’s brief on exceptions challenges the ALJ’s determinations regarding the sale-leaseback transaction costs, legal fees, and retained earnings issues. The City Council’s brief on exceptions challenges the ALJ’s determinations on the money pool and cash management issues. The FERC trial staff’s brief on exceptions challenges the ALJ’s determinations on the cash working capital issue as well as certain of the accumulated deferred income taxes issues. In August 2023 all parties filed separate briefs opposing exceptions. System Energy filed a brief opposing the exceptions of the APSC, the LPSC, and the City Council. The APSC, the LPSC, and the City Council filed separate briefs opposing the exceptions raised by System Energy and the FERC trial staff. The FERC trial staff filed its own brief opposing certain exceptions raised by System Energy, the APSC, the LPSC, and the City Council. The case is now pending a decision by the FERC. Refunds, if any, that might be required will become due only after the FERC issues its order reviewing the initial decision.

LPSC Petition for a Writ of Mandamus

In March 2024 the LPSC filed a petition for a writ of mandamus, requesting that the United States Court of Appeals for the Fifth Circuit direct the FERC to take action on (1) System Energy’s pending compliance filings (and the LPSC’s protests) in response to the FERC’s orders on the uncertain tax position rate base issue, as discussed above; and (2) the ALJ’s pending initial decision in the return on equity and capital structure proceeding, also as discussed above. System Energy filed a notice of intervention in the proceeding.

In March 2024 the United States Court of Appeals for the Fifth Circuit directed the FERC to respond to the LPSC’s petition. Also in March 2024, System Energy filed its response to the LPSC’s petition, in which it opposed the request for action on the compliance filing and took no position on the request for action on the return on equity and capital structure case. Later in March 2024, the FERC responded opposing both parts of the LPSC’s petition, and the LPSC filed an opposed motion for leave to answer and its answer to the FERC’s and System Energy’s responses.

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

million global black box settlement reached between System Energy and the MPSC in June 2022 and provide for Entergy Arkansas to receive a black box refund of $ million from System Energy, inclusive of $ million already received by Entergy Arkansas from System Energy. In November 2022 the FERC approved the System Energy settlement with the MPSC and stated that the settlement “appears to be fair and reasonable and in the public interest.”

In addition to the black box refund of $ million described above, beginning with the November 2023 service month, the settlement provides for Entergy Arkansas’s bills from System Energy to be adjusted to reflect an authorized rate of return on equity of % and a capital structure not to exceed % equity.

In December 2023 the FERC trial staff and the LPSC filed comments. The FERC trial staff commented that it “believes that the settlement is fair, and in the public interest,” and neither it nor the LPSC oppose the settlement. In December 2023 the $ million black box refund to Entergy Arkansas was reclassified from long-term other regulatory liabilities to accounts payable - associated companies on System Energy’s balance sheet. In March 2024 the FERC approved the settlement “because it appears to be fair and reasonable and in the public interest.”

System Energy Settlement with the City Council

In April 2024, System Energy, Entergy New Orleans, and additional named Entergy parties involved in multiple docketed proceedings pending before the FERC reached a settlement in principle with the City Council to globally resolve all of their actual and potential claims in those dockets and with System Energy’s past implementation of the Unit Power Sales Agreement. The settlement also covers the amended and supplemental complaint, discussed in “Grand Gulf Prudence Complaint” above and in the Form 10-K, filed by the LPSC, the APSC, and the City Council at the FERC in October 2023. System Energy, Entergy New Orleans, additional Entergy parties, and the City Council intend to file the settlement agreement and supporting materials with the FERC no later than May 10, 2024. The Unit Power Sales Agreement is a FERC-jurisdictional formula rate tariff for sales of energy and capacity from System Energy’s owned and leased share of Grand Gulf to Entergy Mississippi, Entergy Arkansas, Entergy Louisiana, and Entergy New Orleans. As discussed above and in Note 2 to the financial statements in the Form 10-K, System Energy previously settled with the MPSC and the APSC with respect to these complaints before the FERC. Entergy Mississippi and Entergy Arkansas have nearly % of System Energy’s share of Grand Gulf’s output, after purchases from affiliates are considered. The settlements with the APSC, the MPSC, and the City Council represent almost % of System Energy’s share of the output of Grand Gulf.

The terms of the settlement with the City Council align with the $ million global black box settlement amount reflected in the prior settlements reached between System Energy and the MPSC in June 2022 and between System Energy and the APSC in November 2023. The settlement provides for Entergy New Orleans to receive a

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

million from System Energy, inclusive of approximately $ million already received by Entergy New Orleans from System Energy. In November 2022 the FERC approved the System Energy settlement with the MPSC, and in March 2024 the FERC approved the System Energy settlement with the APSC. In both settlements, the FERC stated that the settlements “appear to be fair and reasonable and in the public interest.” In March 2024 the $ million black box refund to Entergy New Orleans was reclassified from long-term other regulatory liabilities to accounts payable - associated companies on System Entergy’s balance sheet.

In addition to the black box refund of $ million described above, beginning with the June 2024 service month, the settlement provides for Entergy New Orleans’ bills from System Energy to be adjusted to reflect an authorized rate of return on equity of % and a capital structure not to exceed % equity.

System Energy Regulatory Liability for Pending Complaints

As discussed in the Form 10-K, System Energy had recorded a regulatory liability related to complaints against System Energy, which was consistent with the settlement agreements reached with the MPSC and the APSC, taking into account amounts already or expected to be refunded. As discussed above in “Settlement with the City Council,” in first quarter 2024 the $ million black box refund to Entergy New Orleans was reclassified from the regulatory liability to accounts payable - associated companies on System Energy’s balance sheet. System Energy’s remaining regulatory liability related to complaints against System Energy as of March 31, 2024 is $ million.

Unit Power Sales Agreement

System Energy Formula Rate Annual Protocols Formal Challenge Concerning 2022 Calendar Year Bills

In February 2024, pursuant to the protocols procedures discussed in Note 2 to the financial statements in the Form 10-K, the LPSC and the City Council filed with the FERC a formal challenge to System Energy’s implementation of the formula rate during calendar year 2022. The formal challenge alleges: (1) that the equity ratio charged in rates was excessive; and (2) that all issues in the pending Unit Power Sales Agreement complaint proceeding should also be reflected in calendar year 2022 bills. These allegations are identical to issues that were raised in the formal challenge to the calendar year 2020 and 2021 bills.

In March 2024, System Energy filed an answer to the formal challenge in which it requested that the FERC deny the formal challenge as a matter of law, or else hold the proceeding in abeyance pending the resolution of related dockets.

Storm Cost Recovery Filings with Retail Regulators

See Note 2 to the financial statements in the Form 10-K for discussion regarding storm cost recovery filings. The following is an update to that discussion.

Entergy Mississippi

As discussed in the Form 10-K, Entergy Mississippi has approval from the MPSC to collect a storm damage provision of $ million per month. If Entergy Mississippi’s accumulated storm damage provision balance exceeds $ million, the collection of the storm damage provision ceases until such time that the accumulated storm damage provision becomes less than $ million.

In December 2023, Entergy Mississippi filed a Notice of Storm Escrow Disbursement and Request for Interim Relief notifying the MPSC that Entergy Mississippi had requested disbursement of approximately $ million of storm escrow funds from its restricted storm escrow account. The filing also requested authorization from the MPSC, on a temporary basis, that the $ million of storm escrow funds be credited to

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

million, in anticipation of a subsequent filing by Entergy Mississippi in this proceeding. The storm damage reserve exceeded $ million upon receipt of the storm escrow funds. Because the MPSC had not entered an order on Entergy Mississippi’s filing on the requested relief to continue billing this provision, Entergy Mississippi suspended billing the monthly storm damage provision effective with February 2024 bills.

In March 2024, Entergy Mississippi made a combined dual filing which included a Notice of Intent to Make Routine Change in Rates and Schedules and a Motion for Determination relating to the above-described Notice of Storm Escrow Disbursement. The Notice of Intent proposed a new storm damage mitigation and restoration rider to supersede both the current storm damage rate schedule and the vegetation management rider schedule, in which the collection of both expenses would be combined. The proposal requests that the MPSC authorize Entergy Mississippi to collect a storm damage provision of $ million per month. Furthermore, if Entergy Mississippi’s accumulated storm damage provision balance exceeds $ million, collection of the storm damage provision would cease until such time that the accumulated storm damage provision becomes less than $ million. The new storm damage mitigation and restoration rider will go into effect July 2024 if the notice is not suspended by the MPSC. Should the proposal not go into effect and the collection of both expenses not be combined, Entergy Mississippi proposed to collect a storm damage provision of $ million per month, in which the storm damage reserve balance is not to exceed $ million or become less than $ million.

NOTE 3.

$ Less: Preferred dividend requirements of subsidiaries and noncontrolling interests Net income attributable to Entergy Corporation$ $ Basic shares and earnings per average common share $ $ Average dilutive effect of:Stock options Other equity plans Equity forwards Diluted shares and earnings per average common shares $ $

The number of stock options not included in the calculation of diluted common shares outstanding due to their antidilutive effect was options for the three months ended March 31, 2024 and options for the three months ended March 31, 2023.

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

for the three months ended March 31, 2024 and $ for the three months ended March 31, 2023.

Equity Distribution Program

In January 2021, Entergy Corporation entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy Corporation 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 Corporation common stock, Entergy Corporation may enter into forward sale agreements for the sale of its common stock. The aggregate number of shares of common stock sold under this sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $ billion. As of March 31, 2024, an aggregate gross sales price of approximately $ billion has been sold under the at the market equity distribution program.

During the three months ended March 31, 2024 and 2023, there were shares of common stock issued under the at the market equity distribution program.

In March 2024, Entergy Corporation entered into two separate forward sale agreements for shares and shares of common stock, respectively. No amounts have been or will be recorded on Entergy’s balance sheet with respect to the equity offerings until settlements of the equity forward sale agreements occur. The forward sale agreements require Entergy Corporation to, at its election prior to May 30, 2025, either (i) physically settle the transactions by issuing the total of shares and shares, respectively, of its common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially approximately $ and $ per share, respectively) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. Each 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 agreements. In connection with the forward sale agreements, the forward seller, or its affiliates, borrowed from third parties and sold shares and shares, respectively, of Entergy Corporation’s common stock. The gross sales price of these shares totaled approximately $ million and $ million, respectively. In connection with the sales of these shares, Entergy Corporation paid the forward sellers fees of approximately $ million and $ million, respectively, 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 agreements, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method. Share dilution occurs when the average market price of Entergy Corporation’s common stock is higher than the average forward sales price. For the three months ended March 31, 2024, 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 three months ended March 31, 2024, Entergy Corporation reissued 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 three months ended March 31, 2024.

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Notes to Financial Statements

per share, payable on June 3, 2024 to holders of record as of May 2, 2024.

Comprehensive Income

Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana.

)($)Amounts reclassified from accumulated other comprehensive income (loss)() Net other comprehensive income (loss) for the period() Ending balance, March 31,($)($)

)) $

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Notes to Financial Statements

$ (a) Amortization of net gain (a) Settlement loss ()(a)Total amortization and settlement loss ()Income taxes() Income taxesTotal amortization and settlement loss (net of tax)$ ($)Total reclassifications for the period (net of tax)$ ($)

(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details.

NOTE 4.

billion and expires in June 2028. The facility includes fronting commitments for the issuance of letters of credit against $ million of the

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Notes to Financial Statements

% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. As there were no borrowings under the facility for the three months ended March 31, 2024, the estimated interest rate as of March 31, 2024 that would have been applied to outstanding borrowings under the facility was %. $$$

Entergy Corporation’s credit facility includes a covenant requiring Entergy to maintain a consolidated debt ratio, as defined, of % or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans and System Energy) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the Entergy Corporation credit facility’s maturity date may occur.

Entergy Corporation has a commercial paper program with a Board-approved program limit of $ billion. As of March 31, 2024, Entergy Corporation had $ million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2024 was %.

million (b)%$$Entergy ArkansasJune 2028$ million (c)%$$Entergy LouisianaJune 2028$ million (c)%$$Entergy MississippiJuly 2025$ million%$ million$Entergy New OrleansJune 2024$ million (c)%$$Entergy TexasJune 2028$ million (c)%$$ million

(a)The interest rate is the estimated interest rate as of March 31, 2024 that would have been applied to outstanding borrowings under the facility.

(b)Borrowings under this Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.

(c)The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $ million for Entergy Arkansas; $ million for Entergy Louisiana; $ million for Entergy New Orleans; and $ million for Entergy Texas.

(d)In April 2024, Entergy Arkansas renewed and extended the expiration of the credit facility to April 2026.

The commitment fees on the credit facilities range from % to % of the undrawn commitment amount for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy Texas, and of the entire facility amount for Entergy New Orleans. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of % or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant.

In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has an uncommitted standby letter of credit facility as a means to post collateral to support its

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Notes to Financial Statements

million%$ millionEntergy Louisiana$ million %$ millionEntergy Mississippi$ million%$ millionEntergy New Orleans$ million%$ millionEntergy Texas$ million%$ million

(a)As of March 31, 2024, letters of credit posted with MISO covered financial transmission rights exposure of $ million for Entergy Arkansas, $ million for Entergy Louisiana, $ million for Entergy Mississippi, and $ million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.

(b)As of March 31, 2024, the letters of credit issued for Entergy Mississippi include $ million in MISO letters of credit and $ million in non-MISO letters of credit outstanding under this facility.

The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas have FERC-authorized short-term borrowing limits effective through April 2025. The FERC-authorized short-term borrowing limit for System Energy is effective through March 2025. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy system money pool and from other internal short-term borrowing arrangements. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and the other internal borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings. Borrowings from internal and external short-term borrowings combined may not exceed the FERC-authorized limits.

$Entergy Louisiana $ $Entergy Mississippi$$Entergy New Orleans$$Entergy Texas$$System Energy$$

Vermont Yankee Credit Facility (Entergy Corporation)

In January 2019, Entergy Nuclear Vermont Yankee was transferred to NorthStar and its credit facility was assumed by Entergy Assets Management Operations, LLC (formerly Vermont Yankee Asset Retirement, LLC), Entergy Nuclear Vermont Yankee’s parent company that remains an Entergy subsidiary after the transfer. The credit facility has a borrowing capacity of $ million and expires in December 2024. The commitment fee is currently % of the undrawn commitment amount. As of March 31, 2024, $ million in cash borrowings were outstanding under the credit facility. The weighted-average interest rate for the three months ended March 31, 2024 was % on the drawn portion of the facility.

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Notes to Financial Statements

%$Entergy Louisiana River Bend VIEJune 2025$%$Entergy Louisiana Waterford VIEJune 2025$%$System Energy VIEJune 2025$%$

(a)Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company VIEs for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company VIE for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility.

The commitment fees on the credit facilities are % of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of % or less of its total capitalization. Each lessee and guarantor is in compliance with this covenant.

% Series N due July 2026$ millionEntergy Arkansas VIE

% Series O due May 2029

$ millionEntergy Louisiana River Bend VIE

% Series V due June 2027

$ millionEntergy Louisiana Waterford VIE

% Series J due September 2026

$ millionSystem Energy VIE

% Series K due September 2027

$ million

In accordance with regulatory treatment, interest on the nuclear fuel company VIEs’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense.

As of March 31, 2024, Entergy Arkansas and Entergy Louisiana each has obtained financing authorization from the FERC that extends through April 2025 for issuances by its nuclear fuel company VIEs. System Energy has obtained financing authorization from the FERC that extends through March 2025 for issuances by its nuclear fuel company VIE.

Debt Issuances and Retirements

(Entergy Louisiana)

In March 2024, Entergy Louisiana issued $ million of % Series mortgage bonds due March 2034 and $ million of % Series mortgage bonds due March 2054. Entergy Louisiana used a portion of the

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Notes to Financial Statements

million long-term revolving credit facility and to repay in April 2024, prior to maturity, its $ million of % Series mortgage bonds due November 2024. Entergy Louisiana expects to use the remaining proceeds, together with other funds, to repay, at or prior to maturity, its $ billion of % Series mortgage bonds due October 2024, for capital expenditures, and for general corporate purposes.

(Entergy New Orleans)

In April 2024, Entergy New Orleans entered into a bond purchase agreement related to the sale of $ million of mortgage bonds expected to be issued in May 2024. The bond purchase agreement provides for the issuance of (1) $ million of % Series mortgage bonds due June 2029, (2) $ million of % Series mortgage bonds due June 2031, and (3) $ million of % Series mortgage bonds due June 2034. Entergy New Orleans expects to use the proceeds, together with other funds, to repay, at or prior to maturity, its $ million unsecured term loan due June 2024 and for general corporate purposes.

Fair Value

$ Entergy Arkansas$ $ Entergy Louisiana$ $ Entergy Mississippi$ $ Entergy New Orleans$ $ Entergy Texas$ $ System Energy$ $

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.

The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of December 31, 2023 were as follows:


	Book Value of Long-Term Debt	Fair Value of Long-Term Debt (a)
	(In Thousands)
Entergy	$	$
Entergy Arkansas	$	$
Entergy Louisiana	$	$
Entergy Mississippi	$	$
Entergy New Orleans	$	$
Entergy Texas	$	$
System Energy	$	$

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Notes to Financial Statements

NOTE 5.

shares of its common stock under the 2019 Omnibus Incentive Plan with a fair value of $ per option. As of March 31, 2024, there were options on shares of common stock outstanding with a weighted-average exercise price of $. The intrinsic value, which has no effect on net income, of the outstanding stock options is calculated by the positive difference between the weighted-average exercise price of the stock options granted and Entergy Corporation’s common stock price as of March 31, 2024. The aggregate intrinsic value of the stock options outstanding as of March 31, 2024 was $ million.

$ Tax benefit recognized in Entergy’s consolidated net income$ $ Compensation cost capitalized as part of fixed assets and materials and supplies$ $

Other Equity Awards

In January 2024 the Board approved and Entergy granted long-term incentive awards in the form of restricted stock awards and performance units under the 2019 Omnibus Incentive Plan. The restricted stock awards were made effective on January 25, 2024 and were valued at $ per share, which was the closing price of Entergy Corporation’s common stock on that date. Shares of restricted stock have the same dividend and voting rights as other common stock, are considered issued and outstanding shares of Entergy upon vesting, and are expensed ratably over the three-year vesting period. One-third of the restricted stock awards and accrued dividends will vest upon each anniversary of the grant date.

The performance units represent the value of, and are settled with, one share of Entergy Corporation common stock at the end of the three-year performance period, plus dividends accrued during the performance period on the number of performance units earned. To emphasize the importance of environmental stewardship, specifically of carbon-free generation and resilience, an environmental achievement measure was selected as one of the performance measures for the 2024-2026 performance period. Performance will be based percent on relative total shareholder return and percent on the environmental achievement measure. The performance units were granted on January 25, 2024 and percent were valued at $ per share based on various factors, primarily market conditions; and percent were valued at $ per share, the closing price of Entergy Corporation’s common stock on that date. Performance units have the same dividend and voting rights as other common stock and are considered issued and outstanding shares of Entergy upon vesting, and are expensed ratably over the three-year vesting period, and compensation cost for the portion of the award based on the selected

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Notes to Financial Statements

$ Tax benefit recognized in Entergy’s consolidated net income$ $ Compensation cost capitalized as part of fixed assets and materials and supplies$ $

NOTE 6.

$ Interest cost on projected benefit obligation Expected return on assets()()Recognized net loss Settlement charges Net pension cost$ $

$ $ $ $ $ Interest cost on projected benefit obligation Expected return on assets()()()()()()Recognized net loss Net pension cost$ $ $ $ $ $

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Notes to Financial Statements

$ $ $ $ $ Interest cost on projected benefit obligation Expected return on assets()()()()()()Recognized net loss Settlement charges Net pension cost$ $ $ $ $ $

Non-Qualified Net Pension Cost

Entergy recognized $ million and $ million in pension cost for its non-qualified pension plans for the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024, there were settlement charges related to the payment of lump sum benefits out of the plan. Included in the pension cost for non-qualified pension plans for the three months ended March 31, 2023 were settlement charges of $ million related to the payment of lump sum benefits out of the plans.

$ $ $ $ 2023$ $ $ $ $

For the three months ended March 31, 2024, there were settlement charges for the Registrant Subsidiaries related to the payment of lump sum benefits out of the plan. Included in the non-qualified pension costs above for the three months ended March 31, 2023 were settlement charges of $ thousand and $ thousand for Entergy Arkansas and Entergy Mississippi, respectively, related to the payment of lump sum benefits out of the plan.

Components of Net Other Postretirement Benefits Cost (Income)

$ Interest cost on accumulated postretirement benefit obligation (APBO) Expected return on assets()()Amortization of prior service credit()()Recognized net gain()()Net other postretirement benefits income($)($)

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$ $ $ $ $ Interest cost on APBO Expected return on assets() ()()()()Amortization of prior service cost/(credit) ()()()()()Recognized net (gain)/loss () Net other postretirement benefits income($)($)($)($)($)($)


2023	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas	System Energy
	(In Thousands)
Service cost - benefits earned during the period	$	$	$	$	$	$
Interest cost on APBO
Expected return on assets	()		()	()	()	()


Amortization of prior service cost/(credit)		()	()	()	()	()
Recognized net (gain)/loss		()
Net other postretirement benefits (income)/cost	($)	$	($)	($)	($)	($)

Reclassification out of Accumulated Other Comprehensive Income (Loss)

$ ($)$ Amortization of net gain (loss)() () ($)$ ($)$ Entergy LouisianaAmortization of prior service credit$ $ $ $ Amortization of net gain (loss)() ($)$ $ $

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Notes to Financial Statements

$ ($)$ Amortization of net gain (loss)() () Settlement loss() ()()($)$ ($)($)Entergy LouisianaAmortization of prior service credit$ $ $ $ Amortization of net gain (loss)() Settlement loss() ()($)$ $ $

Accounting for Pension and Other Postretirement Benefits

In accordance with accounting standards, the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations and are presented by Entergy in miscellaneous - net in other income.

Qualified Pension Settlement Costs

First quarter 2023 lump sum benefit payments from the Entergy Corporation Retirement Plan for Bargaining Employees and the Entergy Corporation Retirement Plan for Non-Bargaining Employees exceeded the sum of the Plans’ 2023 service and interest cost, resulting in settlement costs. In accordance with accounting standards, settlement accounting requires immediate recognition of the portion of previously unrecognized losses associated with the settled portion of the plan’s pension liability. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy each participate in one or both of the Entergy Corporation Retirement Plan for Bargaining Employees and the Entergy Corporation Retirement Plan for Non-Bargaining Employees and incurred settlement costs. Similar to other pension costs, the settlement costs were included with employee labor costs and charged to expense and capital in the same manner that labor costs were charged. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans each received regulatory approval to defer the expense portion of the settlement costs, with future amortization of the deferred settlement expense over the period in which the expense otherwise would be recorded had the immediate recognition not occurred. In September 2020, Entergy Texas elected to establish a reserve, in accordance with PUCT regulations, to track the surplus or deficit in the annual amount of actuarially determined pension and other postretirement benefits chargeable to Entergy Texas’s expense. The reserve amounts recorded are evaluated in each rate case filed by Entergy Texas and an amortization period is determined at that time.

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Notes to Financial Statements

million to its qualified pension plans in 2024. As of March 31, 2024, Entergy had contributed $ million to its pension plans. $ $ $ $ $ Pension contributions made through March 2024$ $ $ $ $ $ Remaining estimated pension contributions to be made in 2024$ $ $ $ $ $

NOTE 7.

$ ($)$ Income taxes$ ($)$ $ Consolidated net income (loss)$ ($)($)$ Total assets as of March 31, 2024$ $ ($)$ 2023Operating revenues$ $ ($)$ Income taxes($)($)$ ($)Consolidated net income (loss)$ ($)($)$ Total assets as of December 31, 2023$ $ ($)$

Eliminations are primarily intersegment activity. All of Entergy’s goodwill is related to the Utility segment.

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Notes to Financial Statements

NOTE 8.

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Notes to Financial Statements

months for Entergy Mississippi. The total volume of natural gas swaps and options outstanding as of March 31, 2024 is MMBtu for Entergy and Entergy Mississippi. As of March 31, 2024, Entergy Louisiana and Entergy New Orleans had no outstanding natural gas swaps or options. Credit support for these natural gas swaps and options is covered by master agreements that do not require Entergy to provide collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral.

During the second quarter 2023, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2023 through May 31, 2024. Financial transmission rights are derivative instruments that represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records financial transmission rights at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on financial transmission rights held by the non-utility operations are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on financial transmission rights. The total volume of financial transmission rights outstanding as of March 31, 2024 is GWh for Entergy, including GWh for Entergy Arkansas, GWh for Entergy Louisiana, GWh for Entergy Mississippi, GWh for Entergy New Orleans, and GWh for Entergy Texas. Credit support for financial transmission rights held by the Utility operating companies is covered by cash and/or letters of credit issued by each Utility operating company as required by MISO. Credit support for financial transmission rights held by the non-utility operations business is covered by cash. No cash or letters of credit were required to be posted for financial transmission rights exposure for the non-utility operations business as of March 31, 2024 and December 31, 2023. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy Texas as of March 31, 2024 and for Entergy Mississippi, Entergy New Orleans, and Entergy Texas as of December 31, 2023.

$$9Liabilities:Natural gas swaps and optionsOther current liabilities$$$6


2023
Assets:
Financial transmission rights	Prepayments and other	$	$	$21

Liabilities:
Natural gas swaps and options	Other current liabilities	$	$	$11

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Notes to Financial Statements

million posted as of March 31, 2024 and December 31, 2023

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Notes to Financial Statements

$$2.8Entergy ArkansasFinancial transmission rightsPrepayments and other$$$4.1Entergy LouisianaFinancial transmission rightsPrepayments and other$$$0.6Entergy MississippiFinancial transmission rightsPrepayments and other$$$0.5Entergy New OrleansFinancial transmission rightsPrepayments and other$$$1.2Entergy TexasLiabilities:Natural gas swapsOther current liabilities$$$6.5Entergy Mississippi


Instrument	Balance Sheet Location	Gross Fair Value (a)	Offsetting Position (b)	Net Fair Value (c) (d)	Registrant
		(In Millions)
2023
Assets:





Financial transmission rights	Prepayments and other	$	$	$6.0	Entergy Arkansas
Financial transmission rights	Prepayments and other	$	$	$9.8	Entergy Louisiana
Financial transmission rights	Prepayments and other	$	$	$1.4	Entergy Mississippi
Financial transmission rights	Prepayments and other	$	$	$1.1	Entergy New Orleans
Financial transmission rights	Prepayments and other	$	($)	$2.4	Entergy Texas

Liabilities:


Natural gas swaps and options	Other current liabilities	$	$	$0.4	Entergy Louisiana

Natural gas swaps	Other current liabilities	$	$	$10.1	Entergy Mississippi
Natural gas swaps	Other current liabilities	$	$	$0.6	Entergy New Orleans

(a)Represents the gross amounts of recognized assets/liabilities

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Notes to Financial Statements

million for Entergy Arkansas, $ million for Entergy Louisiana, $ million for Entergy Mississippi, and $ million for Entergy Texas. As of December 31, 2023, letters of credit posted with MISO covered financial transmission rights exposure of $ million for Entergy Arkansas, $ million for Entergy Louisiana, $ million for Entergy Mississippi, and $ million for Entergy Texas.

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Notes to Financial Statements

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Notes to Financial Statements

$ $ $ Decommissioning trust funds (a):Equity securities Debt securities Common trusts (b) Securitization recovery trust account Storm reserve escrow accounts Financial transmission rights $ $ $ $ Liabilities:Gas hedge contracts$ $ $ $


2023	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$	$	$	$
Decommissioning trust funds (a):
Equity securities
Debt securities
Common trusts (b)

Securitization recovery trust account
Storm reserve escrow accounts

Financial transmission rights
	$	$	$	$
Liabilities:

Gas hedge contracts	$	$	$	$

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Notes to Financial Statements

) $

The fair values of the Level 3 financial transmission rights are based on unobservable inputs calculated internally and verified against historical pricing data published by MISO.

$ $ $ Decommissioning trust funds (a):Equity securities Debt securities Common trusts (b) Financial transmission rights $ $ $ $

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Notes to Financial Statements

$ $ $ Decommissioning trust funds (a):Equity securities Debt securities Common trusts (b) Financial transmission rights $ $ $ $

$ $ $ Decommissioning trust funds (a):Equity securities Debt securities Common trusts (b) Storm reserve escrow account Financial transmission rights $ $ $ $


2023	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$	$	$	$
Decommissioning trust funds (a):
Equity securities
Debt securities
Common trusts (b)
Storm reserve escrow account


Financial transmission rights
	$	$	$	$

Liabilities:
Gas hedge contracts	$	$	$	$

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Notes to Financial Statements

$ $ $ Storm reserve escrow account Financial transmission rights $ $ $ $ Liabilities:Gas hedge contracts$ $ $ $


2023	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$	$	$	$
Storm reserve escrow account

Financial transmission rights
	$	$	$	$

Liabilities:
Gas hedge contracts	$	$	$	$

$ $ $ Storm reserve escrow account Financial transmission rights $ $ $ $


2023	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:

Securitization recovery trust account	$	$	$	$
Storm reserve escrow account

Financial transmission rights
	$	$	$	$

Liabilities:
Gas hedge contracts	$	$	$	$

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Notes to Financial Statements

$ $ $ Securitization recovery trust account Financial transmission rights $ $ $ $


2023	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:
Temporary cash investments	$	$	$	$
Securitization recovery trust account
Financial transmission rights
	$	$	$	$

$ $ $ Decommissioning trust funds (a):Equity securities Debt securities Common trusts (b) $ $ $ $


2023	Level 1	Level 2	Level 3	Total
	(In Millions)
Assets:

Decommissioning trust funds (a):
Equity securities	$	$	$	$
Debt securities
Common trusts (b)
	$	$	$	$

(a)The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements herein for additional information on the investment portfolios.

(b)Common trust funds are not publicly quoted and are valued by the fund administrators using net asset value as a practical expedient. Accordingly, these funds are not assigned a level in the fair value table. The fund administrator of these investments allows daily trading at the net asset value and trades settle at a later date.

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Notes to Financial Statements

$ $ $ $ Gains (losses) included as a regulatory liability/asset Settlements()()()()()Balance as of March 31,$ $ $ $ $

The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2023.

Entergy
Arkansas

Entergy
Louisiana

Entergy
Mississippi

Entergy
New
Orleans

Entergy
Texas

(In Millions)

Balance as of January 1,

Gains (losses) included as a regulatory liability/asset

()

Settlements

()

Balance as of March 31,

($)

NOTE 9.

% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other deferred credits for the unrealized trust earnings not currently expected to be needed to decommission the plant. Generally, Entergy records gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities.

The unrealized gains/(losses) recognized during the three months ended March 31, 2024 on equity securities still held as of March 31, 2024 were $ million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index or the Russell 3000 Index. The debt securities are generally held in individual government and credit issuances.

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Notes to Financial Statements

$ $ 2023Debt Securities$ $ $

As of March 31, 2024 and December 31, 2023, there were deferred taxes on unrealized gains/(losses). The amortized cost of available-for-sale debt securities was $ million as of March 31, 2024 and $ million as of December 31, 2023. As of March 31, 2024, available-for-sale debt securities had an average coupon rate of approximately %, an average duration of approximately years, and an average maturity of approximately years.

$ $ $ More than 12 months Total$ $ $ $

$ 1 year - 5 years 5 years - 10 years 10 years - 15 years 15 years - 20 years 20 years+ Total$ $

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Notes to Financial Statements

$ $ 2023Debt Securities$ $ $

The amortized cost of available-for-sale debt securities was $ million as of March 31, 2024 and $ million as of December 31, 2023. As of March 31, 2024, the available-for-sale debt securities had an average coupon rate of approximately %, an average duration of approximately years, and an average maturity of approximately years.

The unrealized gains/(losses) recognized during the three months ended March 31, 2024 on equity securities still held as of March 31, 2024 were $ million. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index.

$ $ $ More than 12 months Total$ $ $ $

$ 1 year - 5 years 5 years - 10 years 10 years - 15 years 15 years - 20 years 20 years+ Total$ $

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Notes to Financial Statements

million and $ million, respectively. During the three months ended March 31, 2024 and 2023, there were gross gains and gross losses of $ million and $ million, respectively, related to available-for-sale debt securities reclassified out of other regulatory liabilities/assets into earnings.

Entergy Louisiana

Entergy Louisiana holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts.

$ $ 2023Debt Securities$ $ $

The unrealized gains/(losses) recognized during the three months ended March 31, 2024 on equity securities still held as of March 31, 2024 were $ million. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index.

$ $ $ More than 12 months Total$ $ $ $

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

$ 1 year - 5 years 5 years - 10 years 10 years - 15 years 15 years - 20 years 20 years+ Total$ $

During the three months ended March 31, 2024 and 2023, proceeds from the dispositions of available-for-sale securities amounted to $ million and $ million, respectively. During the three months ended March 31, 2024 and 2023, there were gross gains of $ million and $ million, respectively, and gross losses of $ million and $ million, respectively, related to available-for-sale debt securities reclassified out of other regulatory liabilities/assets into earnings.

System Energy

System Energy holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts.

$ $ 2023Debt Securities$ $ $

The unrealized gains/(losses) recognized during the three months ended March 31, 2024 on equity securities still held as of March 31, 2024 were $ million. The equity securities are generally held in funds that are designed to approximate the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index.

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

$ $ $ More than 12 months Total$ $ $ $

$ 1 year - 5 years 5 years - 10 years 10 years - 15 years 15 years - 20 years 20 years+ Total$ $

During the three months ended March 31, 2024 and 2023, proceeds from the dispositions of available-for-sale debt securities amounted to $ million and $ million, respectively. During the three months ended March 31, 2024, there were gross gains of $ million and gross losses of $ million related to available-for-sale debt securities reclassified out of other regulatory liabilities/assets into earnings. During the three months ended March 31, 2023, there were gross gains and gross losses of $ million related to available-for-sale debt securities reclassified out of other regulatory liabilities/assets into earnings.

NOTE 10.

million ($ million net-of-tax). In April 2024, Entergy New Orleans and the City Council entered into a settlement in principle whereby Entergy New Orleans agreed to share with customers $ million of income tax benefits from the resolution of the 2016–2018 IRS audit. Based on this settlement in principle, in first quarter 2024 Entergy New Orleans increased the associated regulatory liability from $ million to $ million and recorded a corresponding $ million

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

million net-of-tax). The settlement in principle requires that the regulatory liability be amortized over 25 years with the unamortized balance included in rate base and the amortization treated as a reduction to Entergy New Orleans’s retail revenue requirement.

NOTE 11.

billion and $ billion, respectively, of outstanding Entergy Finance Company preferred membership interests, which is reflected as an investment in affiliate preferred membership interests on the consolidated balance sheets of Entergy Louisiana. The LURC’s % beneficial interest in the storm trust I is recorded as noncontrolling interest on the consolidated balance sheets of Entergy and Entergy Louisiana, with balances of $ million as of March 31, 2024 and $ million as of December 31, 2023.

Restoration Law Trust II (the storm trust II), a trust consolidated by Entergy Louisiana, is a VIE and Entergy Louisiana is the primary beneficiary. As of March 31, 2024 and December 31, 2023, the primary asset held by the storm trust II was $ billion of outstanding Entergy Finance Company preferred membership interests, which is reflected as an investment in affiliate preferred membership interests on the consolidated balance sheets of Entergy Louisiana. The LURC’s % beneficial interest in the storm trust II is recorded as noncontrolling interest on the consolidated balance sheets of Entergy and Entergy Louisiana, with balances of $ million as of March 31, 2024 and $ million as of December 31, 2023.

System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest in the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 5 to the financial statements in the Form 10-K. System Energy made payments under this arrangement, including interest, of $ million in each of the three months ended March 31, 2024 and the three months ended March 31, 2023.

AR Searcy Partnership, LLC is a tax equity partnership that qualifies as a VIE, which Entergy Arkansas is required to consolidate as it is the primary beneficiary. As of March 31, 2024, AR Searcy Partnership, LLC recorded assets equal to $ million, primarily consisting of property, plant, and equipment, and the carrying value of Entergy Arkansas’s ownership interest in the partnership was approximately $ million. As of December 31, 2023, AR Searcy Partnership, LLC recorded assets equal to $ million, primarily consisting of property, plant, and equipment, and the carrying value of Entergy Arkansas’s ownership interest in the partnership was approximately $ million. The tax equity investor’s ownership interest is recorded as noncontrolling interest on the consolidated balance sheets of Entergy and Entergy Arkansas.

MS Sunflower Partnership, LLC is a tax equity partnership that qualifies as a VIE, which Entergy Mississippi is required to consolidate as it is the primary beneficiary. As of March 31, 2024, MS Sunflower Partnership, LLC recorded assets equal to $ million, primarily consisting of property, plant, and equipment, and the carrying value of Entergy Mississippi’s ownership interest in the partnership was approximately $ million. As of December 31, 2023, MS Sunflower Partnership, LLC recorded assets equal to $ million, primarily consisting of property, plant, and equipment, and the carrying value of Entergy Mississippi’s ownership interest in the partnership was approximately $ million. The tax equity investor’s

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

NOTE 12.

$ Commercial Industrial Governmental Total billed retail Sales for resale (a) Other electric revenues (b) Revenues from contracts with customers Other Utility revenues (c) Electric revenues Natural gas revenues Other revenues (d) Total operating revenues$ $

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

$ $ $ $ Commercial Industrial Governmental Total billed retail Sales for resale (a) Other electric revenues (b) ()()()Revenues from contracts with customers Other revenues (c) ()Electric revenues Natural gas revenues Total operating revenues$ $ $ $ $


2023	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$	$	$	$	$
Commercial
Industrial
Governmental
Total billed retail
Sales for resale (a)
Other electric revenues (b)
Revenues from contracts with customers
Other revenues (c)					()
Electric revenues
Natural gas revenues
Total operating revenues	$	$	$	$	$

(a)Sales for resale includes day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments and includes them as part of customer revenues.

(b)Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue.

(c)Other Utility revenues include the equity component of carrying costs related to securitization, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees.

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

Allowance for doubtful accounts

The allowance for doubtful accounts reflects Entergy’s best estimate of expected losses on its accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate of default on its accounts receivables.

$ $ $ $ $ Provisions Write-offs()()()()()()Recoveries Balance as of March 31, 2024$ $ $ $ $ $

Entergy

Entergy
Arkansas

Entergy
Louisiana

Entergy
Mississippi

Entergy
New
Orleans

Entergy
Texas

(In Millions)

Balance as of December 31, 2022

Provisions

()

Write-offs

()

Recoveries

Balance as of March 31, 2023

The allowance is calculated as the historical rate of customer write-offs multiplied by the current accounts receivable balance, taking into account the length of time the receivable balances have been outstanding. The rate of customer write-offs has historically experienced minimal variation, although general economic conditions can affect the rate of customer write-offs. Management monitors the current condition of individual customer accounts to manage collections and ensure bad debt expense is recorded in a timely manner.

NOTE 13.

million decrease in its decommissioning cost liabilities, along with corresponding decreases in the related asset retirement cost assets that will be depreciated over the remaining useful lives of the units.

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Entergy Corporation and Subsidiaries

Notes to Financial Statements

NOTE 14.

MW to-be-constructed solar photovoltaic energy facility, Walnut Bend Solar facility, to be sited on approximately 1,000 acres in Lee County, Arkansas. Acquisition of the Walnut Bend Solar facility was initially approved by the APSC in July 2021. The agreement was amended by the parties in February 2023 and the revised agreement was approved by the APSC in July 2023. In February 2024, Entergy Arkansas made an initial payment of approximately $ million to acquire the facility. The project will achieve commercial operation once testing is completed and the project has achieved substantial completion. Entergy Arkansas currently expects the project to achieve commercial operation in second quarter 2024, at which time a substantial completion payment of approximately $ million is expected.

________________

In the opinion of the management of Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring accruals and reclassification of previously reported amounts to conform to current classifications) necessary for a fair statement of the results for the interim periods presented. Entergy’s business is subject to seasonal fluctuations, however, with peak periods occurring typically during the first and third quarters. The results for the interim periods presented should not be used as a basis for estimating results of operations for a full year.

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Part I, Item 3. Quantitative and Qualitative Disclosures About Market Risk

See the “Market and Credit Risk Sensitive Instruments” section of Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis.

Part I, Item 4. Controls and Procedures

Disclosure Controls and Procedures

As of March 31, 2024, evaluations were performed under the supervision and with the participation of Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy (each individually a “Registrant” and collectively the “Registrants”) management, including their respective Principal Executive Officers (PEO) and Principal Financial Officers (PFO). The evaluations assessed the effectiveness of the Registrants’ disclosure controls and procedures. Based on the evaluations, each PEO and PFO has concluded that, as to the Registrant or Registrants for which they serve as PEO or PFO, the Registrant’s or Registrants’ disclosure controls and procedures are effective to ensure that information required to be disclosed by each Registrant in reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and forms; and that the Registrant’s or Registrants’ disclosure controls and procedures are also effective in reasonably assuring that such information is accumulated and communicated to the Registrant’s or Registrants’ management, including their respective PEOs and PFOs, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

Under the supervision and with the participation of each Registrant’s management, including its respective PEO and PFO, each Registrant evaluated changes in internal control over financial reporting that occurred during the quarter ended March 31, 2024 and found no change that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting.

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ENTERGY ARKANSAS, LLC AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Results of Operations

Net Income

Entergy Arkansas experienced a net loss of $32.3 million for the three months ended March 31, 2024 compared to net income of $59.4 million for the three months ended March 31, 2023 primarily due to a $131.8 million ($99.1 million net-of-tax) charge to reflect the write-off of a previously recorded regulatory asset as a result of an adverse decision in the opportunity sales proceeding in March 2024. Partially offsetting the charge to Entergy Arkansas’s earnings were higher retail electric price and higher volume/weather. See Note 2 to the financial statements herein and in the Form 10-K for discussion of the opportunity sales proceeding.

Operating Revenues

Following is an analysis of the change in operating revenues comparing the first quarter 2024 to the first quarter 2023:


			Amount
			(In Millions)
2023 operating revenues			$582.7
Fuel, rider, and other revenues that do not significantly affect net income			14.1
Retail electric price			15.1
Volume/weather			10.1

2024 operating revenues			$622.0

Entergy Arkansas’s results include revenues from rate mechanisms designed to recover fuel, purchased power, and other costs such that the revenues and expenses associated with these items generally offset and do not affect net income. “Fuel, rider, and other revenues that do not significantly affect net income” includes the revenue variance associated with these items.

The retail electric price variance is primarily due to an increase in formula rate plan rates effective January 2024. See Note 2 to the financial statements in the Form 10-K for discussion of the 2023 formula rate plan filing.

The volume/weather variance is primarily due to the effect of more favorable weather on residential sales and an increase in industrial usage. The increase in industrial usage is primarily due to an increase in demand from large industrial customers, primarily in the technology industry, and an increase in demand from small industrial customers. The increased usage from these industrial customers has a relatively smaller effect on operating revenues because a larger portion of the revenues from those customers comes from fixed charges.

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Entergy Arkansas, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

Total electric energy sales for Entergy Arkansas for the three months ended March 31, 2024 and 2023 are as follows:


	2024	2023	% Change
	(GWh)
Residential	1,966	1,802	9
Commercial	1,280	1,239	3
Industrial	2,268	2,050	11
Governmental	46	46	—
Total retail	5,560	5,137	8
Sales for resale:
Associated companies	462	564	(18)
Non-associated companies	966	1,568	(38)
Total	6,988	7,269	(4)

See Note 12 to the financial statements herein for additional discussion of Entergy Arkansas’s operating revenues.

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ENTERGY ARKANSAS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2024 and 2023
(Unaudited)
	2024	2023
	(In Thousands)
OPERATING ACTIVITIES
Net income (loss)	($)	$
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
Deferred income taxes, investment tax credits, and non-current taxes accrued
Asset write-offs
Changes in assets and liabilities:
Receivables
Fuel inventory	()	()
Accounts payable	()	()
Taxes accrued
Interest accrued
Deferred fuel costs
Other working capital accounts		()
Provisions for estimated losses		()
Other regulatory assets		()
Other regulatory liabilities
Pension and other postretirement funded status	()	()
Other assets and liabilities	()	()
Net cash flow provided by operating activities

INVESTING ACTIVITIES
Construction expenditures	()	()
Allowance for equity funds used during construction
Payment for purchase of plant	()
Nuclear fuel purchases	()	()
Proceeds from sale of nuclear fuel
Proceeds from nuclear decommissioning trust fund sales
Investment in nuclear decommissioning trust funds	()	()
Changes in money pool receivable - net	()	()



Decrease (increase) in other investments		()
Net cash flow used in investing activities	()	()

FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt
Retirement of long-term debt	()	()


Capital contribution from parent
Changes in money pool payable - net	()	()
Common equity distributions paid		()
Other	()	()
Net cash flow provided by financing activities

Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period	$	$

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized	$	$

Noncash investing activities:
Accrued construction expenditures	$	$

See Notes to Financial Statements.

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ENTERGY ARKANSAS, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

ASSETS

March 31, 2024 and December 31, 2023

(Unaudited)

2024

2023

(In Thousands)

CURRENT ASSETS

Cash and cash equivalents:

Cash

Temporary cash investments

Total cash and cash equivalents

Accounts receivable:

Customer

Allowance for doubtful accounts

()

Associated companies

Other

Accrued unbilled revenues

Total accounts receivable

Fuel inventory - at average cost

Materials and supplies - at average cost

Deferred nuclear refueling outage costs

Prepayments and other

TOTAL

OTHER PROPERTY AND INVESTMENTS

Decommissioning trust funds

Other

TOTAL

UTILITY PLANT

Electric

Construction work in progress

Nuclear fuel

TOTAL UTILITY PLANT

Less - accumulated depreciation and amortization

UTILITY PLANT - NET

DEFERRED DEBITS AND OTHER ASSETS

Regulatory assets:

Other regulatory assets

Other

TOTAL

TOTAL ASSETS

See Notes to Financial Statements.

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ENTERGY ARKANSAS, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

LIABILITIES AND EQUITY

March 31, 2024 and December 31, 2023

(Unaudited)

2024

2023

(In Thousands)

CURRENT LIABILITIES

Currently maturing long-term debt

Accounts payable:

Associated companies

Other

Customer deposits

Taxes accrued

Interest accrued

Deferred fuel costs

Other

TOTAL

NON-CURRENT LIABILITIES

Accumulated deferred income taxes and taxes accrued

Accumulated deferred investment tax credits

Regulatory liability for income taxes - net

Other regulatory liabilities

Decommissioning

Accumulated provisions

Pension and other postretirement liabilities

Long-term debt

Other

TOTAL

Commitments and Contingencies

Noncontrolling interest

TOTAL

TOTAL LIABILITIES AND EQUITY

See Notes to Financial Statements.

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ENTERGY ARKANSAS, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three Months Ended March 31, 2024 and 2023

(Unaudited)

Noncontrolling Interest

Member's Equity

Total

(In Thousands)

Balance at December 31, 2022

Net income (loss)

()

Common equity distributions

()

Distributions to noncontrolling interest

()

Balance at March 31, 2023

Balance at December 31, 2023

Net loss

()

Capital contribution from parent

Distributions to noncontrolling interest

()

Balance at March 31, 2024

See Notes to Financial Statements.

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ENTERGY LOUISIANA, LLC AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Results of Operations

Net Income

Net income decreased $61.3 million primarily due to the net effects of Entergy Louisiana’s storm cost securitization in March 2023, including a $133.4 million reduction in income tax expense, partially offset by a $103.4 million ($76.4 million net-of-tax) regulatory charge to reflect Entergy Louisiana’s obligation to share the benefits of the securitization with customers; higher other operation and maintenance expenses; and higher depreciation and amortization expenses. The decrease was partially offset by higher other income, higher volume/weather, and higher retail electric price. See Note 2 to the financial statements in the Form 10-K for discussion of the March 2023 storm cost securitization.

Operating Revenues

Following is an analysis of the change in operating revenues comparing the first quarter 2024 to the first quarter 2023:


			Amount
			(In Millions)
2023 operating revenues			$1,345.2
Fuel, rider, and other revenues that do not significantly affect net income			(138.8)
Storm restoration carrying costs			(30.6)
Retail electric price			11.3
Volume/weather			15.3
2024 operating revenues			$1,202.4

Entergy Louisiana’s results include revenues from rate mechanisms designed to recover fuel, purchased power, and other costs such that the revenues and expenses associated with these items generally offset and do not affect net income. “Fuel, rider, and other revenues that do not significantly affect net income” includes the revenue variance associated with these items.

Storm restoration carrying costs represent the equity component of storm restoration carrying costs recognized as part of the securitization of Hurricane Ida restoration costs in March 2023. See Note 2 to the financial statements in the Form 10-K for discussion of the March 2023 storm cost securitization.

The retail electric price variance is primarily due to an increase in formula rate plan revenues, including increases in the distribution and transmission recovery mechanisms, effective September 2023. See Note 2 to the financial statements in the Form 10-K for discussion of the formula rate plan proceeding.

The volume/weather variance is primarily due to the effect of more favorable weather on residential sales and an increase in weather-adjusted residential usage.

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Entergy Louisiana, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

Total electric energy sales for Entergy Louisiana for the three months ended March 31, 2024 and 2023 are as follows:


	2024	2023	% Change
	(GWh)
Residential	2,815	2,685	5
Commercial	2,455	2,447	—
Industrial	7,761	7,832	(1)
Governmental	199	194	3
Total retail	13,230	13,158	1
Sales for resale:
Associated companies	1,258	1,677	(25)
Non-associated companies	382	224	71
Total	14,870	15,059	(1)

See Note 12 to the financial statements herein for additional discussion of Entergy Louisiana’s operating revenues.

Other Income Statement Variances

Other operation and maintenance expenses increased primarily due to:

•an increase of $10.4 million in non-nuclear generation expenses primarily due to a higher scope of work, including during plant outages, performed in 2024 as compared to 2023;

•an increase of $3.1 million in contract costs related to operational performance, customer service, and organizational health initiatives; and

•an increase of $2.5 million in compensation and benefits costs primarily due to higher healthcare claims activity in 2024.

Taxes other than income taxes increased primarily due to increases in ad valorem taxes resulting from higher assessments.

Depreciation and amortization expenses increased primarily due to additions to plant in service.

Other regulatory charges (credits) - net includes a regulatory charge of $103.4 million, recorded in first quarter 2023, to reflect Entergy Louisiana’s obligation to provide credits to its customers as described in an LPSC ancillary order issued in the Hurricane Ida securitization regulatory proceeding. See Note 2 to the financial statements in the Form 10-K for discussion of the March 2023 storm cost securitization. In addition, Entergy Louisiana records a regulatory charge or credit for the difference between asset retirement obligation-related expenses and nuclear decommissioning trust earnings plus asset retirement obligation-related costs collected in revenue.

Other income increased primarily due to:

•an increase of $24.1 million in affiliated dividend income from affiliated preferred membership interests, related to storm cost securitizations;

•changes in decommissioning trust fund activity, including portfolio rebalancing of the River Bend decommissioning trust fund in first quarter 2024; and

•a $14.6 million charge in first quarter 2023 for the LURC’s 1% beneficial interest in the storm trust II established as part of the March 2023 storm cost securitization.

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Entergy Louisiana, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

See Note 2 to the financial statements in the Form 10-K for discussion of the storm cost securitizations.

Income Taxes

The effective income tax rate was 17.6% for the first quarter 2024. The difference in the effective income tax rate for the first quarter 2024 versus the federal statutory rate of 21% was primarily due to the book and tax differences related to the non-taxable income distributions earned on preferred membership interests and certain book and tax differences related to utility plant items, partially offset by the accrual for state income taxes and the amortization of state accumulated deferred income taxes as a result of tax rate changes.

The effective income tax rate was (83.2%) for the first quarter 2023. The difference in the effective income tax rate for the first quarter 2023 versus the federal statutory rate of 21% was primarily due to the reduction in income tax expense as a result of the March 2023 securitization of storm costs pursuant to Louisiana Act 55, as supplemented by Act 293 of the Louisiana Legislature’s Regular Session of 2021, book and tax differences related to the non-taxable income distributions earned on preferred membership interests, and certain book and tax differences related to utility plant items, partially offset by the accrual for state income taxes and the amortization of state accumulated deferred income taxes as a result of tax rate changes. See Notes 2 and 10 to the financial statements herein for a discussion of the March 2023 storm cost securitization under Act 293.

Income Tax Legislation and Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Income Tax Legislation and Regulation” herein and in the Form 10-K for discussion of income tax legislation and regulation.

Planned Sale of Gas Distribution Business

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Planned Sale of Gas Distribution Businesses” in the Form 10-K for discussion of the planned sale of Entergy Louisiana’s gas distribution business.

Liquidity and Capital Resources

Cash Flow

Cash flows for the three months ended March 31, 2024 and 2023 were as follows:


	2024	2023
	(In Thousands)
Cash and cash equivalents at beginning of period	$2,772	$56,613

Net cash provided by (used in):
Operating activities	304,836	539,761
Investing activities	(483,943)	(2,038,403)
Financing activities	949,534	2,521,881
Net increase in cash and cash equivalents	770,427	1,023,239

Cash and cash equivalents at end of period	$773,199	$1,079,852

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Entergy Louisiana, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

Operating Activities

Net cash flow provided by operating activities decreased $234.9 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 primarily due to:

•higher fuel costs and the timing of recovery of fuel and purchased power costs. See Note 2 to the financial statements in the Form 10-K for a discussion of fuel and purchased power cost recovery;

•lower collections from customers;

•the timing of payments to vendors;

•the refund of $27.8 million received from System Energy in January 2023 related to the sale-leaseback renewal costs and depreciation litigation as calculated in System Energy’s January 2023 compliance report filed with the FERC. See Note 2 to the financial statements in the Form 10-K for further discussion of the refund and the related proceedings; and

•an increase of $7.2 million in pension contributions in 2024. See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Critical Accounting Estimates” in the Form 10-K and Note 6 to the financial statements herein for a discussion of qualified pension and other postretirement benefits funding.

The decrease was partially offset by a decrease of $11 million in spending on nuclear refueling outages.

Investing Activities

Net cash flow used in investing activities decreased $1,554.5 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 primarily due to:

•an increase in investment in affiliates in 2023 due to the $1,457.7 million purchase by the storm trust II of preferred membership interests issued by an Entergy affiliate. See Note 2 to the financial statements in the Form 10-K for a discussion of the March 2023 storm cost securitization and the storm trust II’s investment in preferred membership interests;

•a decrease of $78 million in nuclear construction expenditures primarily due to decreased spending on various nuclear projects in 2024;

•a decrease of $45.2 million as a result of fluctuations in nuclear fuel activity due to variations from year to year in the timing and pricing of fuel reload requirements, materials and services deliveries, and the timing of cash payments during the nuclear fuel cycle;

•an increase of $38.4 million in redemptions of the preferred membership interests held by the storm trusts in 2024 as compared to 2023, as part of periodic redemptions that are expected to occur, subject to certain conditions, for the preferred membership interests that were issued in connection with the storm cost securitizations. See Note 2 to the financial statements in the Form 10-K for a discussion of the storm cost securitizations;

•a decrease of $31.6 million in distribution construction expenditures primarily due to a lower scope of work, including lower capital expenditures for storm restoration in 2024;

•a decrease of $22.7 million in non-nuclear generation construction expenditures primarily due to a lower scope of work, including during plant outages, performed in 2024 as compared to 2023; and

•a decrease of $15.9 million in transmission construction expenditures primarily due to lower capital expenditures for storm restoration in 2024 and decreased spending on various transmission projects in 2024.

The decrease was partially offset by money pool activity.

Increases in Entergy Louisiana’s receivables from the money pool are a use of cash flow, and Entergy Louisiana’s receivable from the money pool increased $218.1 million for the three months ended March 31, 2024 compared to increasing by $77.4 million for the three months ended March 31, 2023. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements,

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Entergy Louisiana, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

and the money pool and other borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings.

Financing Activities

Net cash flow provided by financing activities decreased $1,572.3 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 primarily due to:

•proceeds from securitization of $1.5 billion received by the storm trust II in 2023;

•a capital contribution of approximately $1.5 billion in 2023 received indirectly from Entergy Corporation related to the March 2023 storm cost securitization; and

•an increase in net long-term repayments of $42.7 million on the nuclear fuel company variable interest entities’ credit facilities.

The decrease was partially offset by:

•the issuances of $500 million of 5.35% Series mortgage bonds and $700 million of 5.70% Series mortgage bonds in March 2024;

•a decrease of $62.8 million in common equity distributions paid in 2024 in order to maintain Entergy Louisiana’s capital structure;

•a decrease of $50 million in 2024 in net repayments on Entergy Louisiana’s revolving credit facility; and

•money pool activity.

Decreases in Entergy Louisiana’s payable to the money pool are a use of cash flow, and Entergy Louisiana’s payable to the money pool decreased $156.2 million for the three months ended March 31, 2024 compared to decreasing by $226.1 million for the three months ended March 31, 2023.

See Note 4 to the financial statements herein and Note 5 to the financial statements in the Form 10-K for more details on long-term debt. See Note 2 to the financial statements in the Form 10-K for a discussion of the storm cost securitizations.

Capital Structure

Entergy Louisiana’s debt to capital ratio is shown in the following table. The increase in the debt to capital ratio for Entergy Louisiana is primarily due to the issuances of long-term debt in 2024.

) ) )


	March 31, 2024		December 31, 2023
Debt to capital	47.7	%	44.9	%

ENTERGY LOUISIANA, LLC AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEFor the Three Months Ended March 31, 2024 and 2023(Unaudited) ))

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ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2024 and 2023
(Unaudited)
	2024	2023
	(In Thousands)
OPERATING ACTIVITIES
Net income	$	$
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
Deferred income taxes, investment tax credits, and non-current taxes accrued		()
Changes in working capital:
Receivables
Fuel inventory		()
Accounts payable	()	()
Taxes accrued	()
Interest accrued	()	()
Deferred fuel costs
Other working capital accounts	()	()
Changes in provisions for estimated losses
Changes in other regulatory assets
Changes in other regulatory liabilities
Effect of securitization on regulatory asset		()
Changes in pension and other postretirement funded status	()	()
Other	()	()
Net cash flow provided by operating activities
INVESTING ACTIVITIES
Construction expenditures	()	()
Allowance for equity funds used during construction


Nuclear fuel purchases	()	()
Proceeds from sale of nuclear fuel
Payments to storm reserve escrow account	()	()

Purchase of preferred membership interests of affiliate		()
Redemption of preferred membership interests of affiliate

Proceeds from nuclear decommissioning trust fund sales
Investment in nuclear decommissioning trust funds	()	()
Changes in money pool receivable - net	()	()

Decrease (increase) in other investments		()

Net cash flow used in investing activities	()	()
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt
Retirement of long-term debt	()	()
Proceeds received by storm trust related to securitization
Capital contribution from parent


Changes in money pool payable - net	()	()

Common equity distributions paid	()	()

Other
Net cash flow provided by financing activities

Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period	$	$

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized	$	$
Income taxes	$	($)
Non-cash investing activities:
Accrued construction expenditures	$	$

See Notes to Financial Statements.

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ENTERGY LOUISIANA, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

ASSETS

March 31, 2024 and December 31, 2023

(Unaudited)

2024

2023

(In Thousands)

CURRENT ASSETS

Cash and cash equivalents:

Cash

Temporary cash investments

Total cash and cash equivalents

Accounts receivable:

Customer

Allowance for doubtful accounts

()

Associated companies

Other

Accrued unbilled revenues

Total accounts receivable

Deferred fuel costs

Fuel inventory - at average cost

Materials and supplies - at average cost

Deferred nuclear refueling outage costs

Prepayments and other

TOTAL

OTHER PROPERTY AND INVESTMENTS

Investment in affiliate preferred membership interests

Decommissioning trust funds

Non-utility property - at cost (less accumulated depreciation)

Storm reserve escrow account

Other

TOTAL

UTILITY PLANT

Electric

Natural gas

Construction work in progress

Nuclear fuel

TOTAL UTILITY PLANT

Less - accumulated depreciation and amortization

UTILITY PLANT - NET

DEFERRED DEBITS AND OTHER ASSETS

Regulatory assets:

Other regulatory assets

Deferred fuel costs

Other

TOTAL

TOTAL ASSETS

See Notes to Financial Statements.

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) )


ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
March 31, 2024 and December 31, 2023
(Unaudited)
		2024		2023
		(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt		$		$
Accounts payable:
Associated companies
Other
Customer deposits
Taxes accrued
Interest accrued

	$		$		$






















			()		()

	()				()


	$		$		$

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ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Results of Operations

Net Income

Net income increased $6.5 million primarily due to higher retail electric price, partially offset by lower volume/weather.

Operating Revenues

Following is an analysis of the change in operating revenues comparing the first quarter 2024 to the first quarter 2023:


			Amount
			(In Millions)
2023 operating revenues			$412.4
Fuel, rider, and other revenues that do not significantly affect net income			(2.1)
Retail electric price			8.8
Volume/weather			(4.2)
2024 operating revenues			$414.9

Entergy Mississippi’s results include revenues from rate mechanisms designed to recover fuel, purchased power, and other costs such that the revenues and expenses associated with these items generally offset and do not affect net income. “Fuel, rider, and other revenues that do not significantly affect net income” includes the revenue variance associated with these items.

The retail electric price variance is primarily due to an increase in formula rate plan rates effective April 2023. See Note 2 to the financial statements in the Form 10-K for discussion of the formula rate plan filing.

The volume/weather variance is primarily due to a decrease in commercial and industrial usage and a decrease in weather-adjusted residential usage, partially offset by the effect of more favorable weather on residential sales. The decrease in industrial usage is primarily due to a decrease in demand from small industrial customers and a decrease in demand from large industrial customers, primarily in the wood products industry.

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Entergy Mississippi, LLC and Subsidiaries

Management’s Financial Discussion and Analysis

Total electric energy sales for Entergy Mississippi for the three months ended March 31, 2024 and 2023 are as follows:


	2024	2023	% Change
	(GWh)
Residential	1,186	1,089	9
Commercial	963	1,015	(5)
Industrial	494	567	(13)
Governmental	87	92	(5)
Total retail	2,730	2,763	(1)
Sales for resale:
Non-associated companies	1,988	1,564	27
Total	4,718	4,327	9

See Note 12 to the financial statements herein for additional discussion of Entergy Mississippi’s operating revenues.

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ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2024 and 2023
(Unaudited)
	2024	2023
	(In Thousands)
OPERATING ACTIVITIES
Net income	$	$
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization
Deferred income taxes, investment tax credits, and non-current taxes accrued	()
Changes in assets and liabilities:
Receivables
Fuel inventory	()	()
Accounts payable	()	()
Taxes accrued	()	()
Interest accrued
Deferred fuel costs
Other working capital accounts	()	()
Provisions for estimated losses	()
Other regulatory assets	()
Other regulatory liabilities	()	()
Pension and other postretirement funded status	()	()
Other assets and liabilities	()
Net cash flow provided by operating activities

INVESTING ACTIVITIES
Construction expenditures	()	()
Allowance for equity funds used during construction
Changes in money pool receivable - net

Increase in other investments	()	()
Net cash flow used in investing activities	()	()

FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt


Changes in money pool payable - net	()
Common equity distributions paid		()
Other	()
Net cash flow provided by financing activities

Net increase (decrease) in cash and cash equivalents	()
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period	$	$

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized	$	$
Income taxes	$	$
Noncash investing activities:
Accrued construction expenditures	$	$

See Notes to Financial Statements.

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ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

ASSETS

March 31, 2024 and December 31, 2023

(Unaudited)

2024

2023

(In Thousands)

CURRENT ASSETS

Cash and cash equivalents:

Cash

Temporary cash investments

Total cash and cash equivalents

Accounts receivable:

Customer

Allowance for doubtful accounts

()

Associated companies

Other

Accrued unbilled revenues

Total accounts receivable

Fuel inventory - at average cost

Materials and supplies - at average cost

Prepayments and other

TOTAL

OTHER PROPERTY AND INVESTMENTS

Non-utility property - at cost (less accumulated depreciation)

Storm reserve escrow account

TOTAL

UTILITY PLANT

Electric

Construction work in progress

TOTAL UTILITY PLANT

Less - accumulated depreciation and amortization

UTILITY PLANT - NET

DEFERRED DEBITS AND OTHER ASSETS

Regulatory assets:

Other regulatory assets

Other

TOTAL

TOTAL ASSETS

See Notes to Financial Statements.

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ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

LIABILITIES AND EQUITY

March 31, 2024 and December 31, 2023

(Unaudited)

2024

2023

(In Thousands)

CURRENT LIABILITIES

Currently maturing long-term debt

Accounts payable:

Associated companies

Other

Customer deposits

Taxes accrued

Interest accrued

Deferred fuel costs

Other

TOTAL

NON-CURRENT LIABILITIES

Accumulated deferred income taxes and taxes accrued

Accumulated deferred investment tax credits

Regulatory liability for income taxes - net

Other regulatory liabilities

Asset retirement cost liabilities

Accumulated provisions

Long-term debt

Other

TOTAL

Commitments and Contingencies

Noncontrolling interest

TOTAL

TOTAL LIABILITIES AND EQUITY

See Notes to Financial Statements.

105

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) ) ) )))

ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three Months Ended March 31, 2024 and 2023

(Unaudited)

Noncontrolling Interest

Member's Equity

Total

(In Thousands)

Balance at December 31, 2022

Net income (loss)

()

Common equity distributions

()

Balance at March 31, 2023

Balance at December 31, 2023

Net income (loss)

()

Balance at March 31, 2024

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ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2024 and 2023
(Unaudited)
	2024	2023
	(In Thousands)
OPERATING ACTIVITIES
Net income (loss)	($)	$
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
Depreciation and amortization
Deferred income taxes, investment tax credits, and non-current taxes accrued	()
Changes in assets and liabilities:
Receivables	()
Fuel inventory
Accounts payable	()	()
Prepaid taxes and taxes accrued
Interest accrued		()
Deferred fuel costs
Other working capital accounts	()	()
Provisions for estimated losses
Other regulatory assets
Other regulatory liabilities
Pension and other postretirement funded status	()	()
Other assets and liabilities	()	()
Net cash flow provided by operating activities

INVESTING ACTIVITIES
Construction expenditures	()	()
Allowance for equity funds used during construction
Change in money pool receivable - net

Payments to storm reserve escrow account	()	()
Changes in securitization account	()	()

Net cash flow provided by (used in) investing activities	()

FINANCING ACTIVITIES


Contribution from customer for construction
Change in money pool payable - net

Other	()	()
Net cash flow provided by financing activities

Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period	$	$

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized	$	$

Noncash investing activities:
Accrued construction expenditures	$	$

See Notes to Financial Statements.

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ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

ASSETS

March 31, 2024 and December 31, 2023

(Unaudited)

2024

2023

(In Thousands)

CURRENT ASSETS

Cash and cash equivalents

Securitization recovery trust account

Accounts receivable:

Customer

Allowance for doubtful accounts

()

Associated companies

Other

Accrued unbilled revenues

Total accounts receivable

Deferred fuel costs

Fuel inventory - at average cost

Materials and supplies - at average cost

Prepaid taxes

Prepayments and other

TOTAL

OTHER PROPERTY AND INVESTMENTS

Non-utility property - at cost (less accumulated depreciation)

Storm reserve escrow account

TOTAL

UTILITY PLANT

Electric

Natural gas

Construction work in progress

TOTAL UTILITY PLANT

Less - accumulated depreciation and amortization

UTILITY PLANT - NET

DEFERRED DEBITS AND OTHER ASSETS

Regulatory assets:

Other regulatory assets (includes securitization property of $ as of March 31, 2024 and $ as of December 31, 2023)

Deferred fuel costs

Other

TOTAL

TOTAL ASSETS

See Notes to Financial Statements.

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ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

LIABILITIES AND EQUITY

March 31, 2024 and December 31, 2023

(Unaudited)

2024

2023

(In Thousands)

CURRENT LIABILITIES

Currently maturing long-term debt

Payable due to associated company

Accounts payable:

Associated companies

Other

Customer deposits

Taxes accrued

Interest accrued

Other

TOTAL

NON-CURRENT LIABILITIES

Accumulated deferred income taxes and taxes accrued

Accumulated deferred investment tax credits

Regulatory liability for income taxes - net

Other regulatory liabilities

Accumulated provisions

Long-term debt (includes securitization bonds of $ as of March 31, 2024 and $ as of December 31, 2023)

Long-term payable due to associated company

Other

TOTAL

Commitments and Contingencies

TOTAL

TOTAL LIABILITIES AND EQUITY

See Notes to Financial Statements.

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ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBER'S EQUITY
For the Three Months Ended March 31, 2024 and 2023
(Unaudited)

			Member's Equity
			(In Thousands)

Balance at December 31, 2022			$









Net income

Balance at March 31, 2023			$


Balance at December 31, 2023			$









Net loss			()

Balance at March 31, 2024			$

See Notes to Financial Statements.

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ENTERGY TEXAS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2024 and 2023
(Unaudited)
	2024	2023
	(In Thousands)
OPERATING ACTIVITIES
Net income	$	$
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization
Deferred income taxes, investment tax credits, and non-current taxes accrued		()
Changes in assets and liabilities:
Receivables
Fuel inventory		()
Accounts payable	()	()
Taxes accrued	()	()
Interest accrued		()
Deferred fuel costs
Other working capital accounts	()
Provisions for estimated losses	()
Other regulatory assets
Other regulatory liabilities	()	()
Pension and other postretirement funded status	()	()
Other assets and liabilities	()	()
Net cash flow provided by operating activities

INVESTING ACTIVITIES
Construction expenditures	()	()
Allowance for equity funds used during construction

Changes in money pool receivable - net
Changes in securitization account	()	()
Increase in other investments	()

Net cash flow provided by (used in) investing activities		()

FINANCING ACTIVITIES






Preferred stock dividends paid	()	()
Other		()
Net cash flow provided by (used in) financing activities		()

Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period	$	$

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized	$	$
Income taxes	$	$
Noncash investing activities:
Accrued construction expenditures	$	$

See Notes to Financial Statements.

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ENTERGY TEXAS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

ASSETS

March 31, 2024 and December 31, 2023

(Unaudited)

2024

2023

(In Thousands)

CURRENT ASSETS

Cash and cash equivalents:

Cash

Temporary cash investments

Total cash and cash equivalents

Securitization recovery trust account

Accounts receivable:

Customer

Allowance for doubtful accounts

()

Associated companies

Other

Accrued unbilled revenues

Total accounts receivable

Deferred fuel costs

Fuel inventory - at average cost

Materials and supplies - at average cost

Prepayments and other

TOTAL

OTHER PROPERTY AND INVESTMENTS

Investments in affiliates - at equity

Non-utility property - at cost (less accumulated depreciation)

Other

TOTAL

UTILITY PLANT

Electric

Construction work in progress

TOTAL UTILITY PLANT

Less - accumulated depreciation and amortization

UTILITY PLANT - NET

DEFERRED DEBITS AND OTHER ASSETS

Regulatory assets:

Other regulatory assets (includes securitization property of $ as of March 31, 2024 and $ as of December 31, 2023)

Other

TOTAL

TOTAL ASSETS

See Notes to Financial Statements.

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ENTERGY TEXAS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

LIABILITIES AND EQUITY

March 31, 2024 and December 31, 2023

(Unaudited)

2024

2023

(In Thousands)

CURRENT LIABILITIES

Accounts payable:

Associated companies

Other

Customer deposits

Taxes accrued

Interest accrued

Other

TOTAL

NON-CURRENT LIABILITIES

Accumulated deferred income taxes and taxes accrued

Accumulated deferred investment tax credits

Regulatory liability for income taxes - net

Other regulatory liabilities

Asset retirement cost liabilities

Accumulated provisions

Long-term debt (includes securitization bonds of $ as of March 31, 2024 and $ as of December 31, 2023)

Other

TOTAL

Commitments and Contingencies

par value, authorized shares; issued and outstanding shares in 2024 and 2023

Paid-in capital

Retained earnings

Total common shareholder's equity

Preferred stock without sinking fund

TOTAL

TOTAL LIABILITIES AND EQUITY

See Notes to Financial Statements.

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) )

ENTERGY TEXAS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three Months Ended March 31, 2024 and 2023

(Unaudited)

Common Equity

Preferred Stock

Common
Stock

Paid-in
Capital

Retained
Earnings

Total

(In Thousands)

Balance at December 31, 2022

Net income

Preferred stock dividends

()

Balance at March 31, 2023

Balance at December 31, 2023

Net income

Preferred stock dividends

()

Balance at March 31, 2024

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SYSTEM ENERGY RESOURCES, INC.
STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2024 and 2023
(Unaudited)
	2024	2023
	(In Thousands)
OPERATING ACTIVITIES
Net income	$	$
Adjustments to reconcile net income to net cash flow provided by (used in) operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
Deferred income taxes, investment tax credits, and non-current taxes accrued
Changes in assets and liabilities:
Receivables		()
Accounts payable		()
Prepaid taxes and taxes accrued	()	()
Interest accrued		()
Other working capital accounts	()
Other regulatory assets	()	()
Other regulatory liabilities	()	()
Pension and other postretirement funded status	()	()
Other assets and liabilities	()	()
Net cash flow provided by (used in) operating activities		()

INVESTING ACTIVITIES
Construction expenditures	()	()
Allowance for equity funds used during construction
Nuclear fuel purchases	()	()
Proceeds from sale of nuclear fuel
Decrease (increase) in other investments		()
Proceeds from nuclear decommissioning trust fund sales
Investment in nuclear decommissioning trust funds	()	()
Changes in money pool receivable - net	()

Net cash flow provided by (used in) investing activities	()

FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt
Retirement of long-term debt	()	()
Capital contribution from parent

Change in money pool payable - net	()



Net cash flow provided by financing activities

Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period	$	$

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized	$	$
Income taxes	($)	$
Noncash investing activities:
Accrued construction expenditures	$	$

See Notes to Financial Statements.

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SYSTEM ENERGY RESOURCES, INC.

BALANCE SHEETS

ASSETS

March 31, 2024 and December 31, 2023

(Unaudited)

2024

2023

(In Thousands)

CURRENT ASSETS

Cash and cash equivalents:

Cash

Temporary cash investments

Total cash and cash equivalents

Accounts receivable:

Associated companies

Other

Total accounts receivable

Materials and supplies - at average cost

Deferred nuclear refueling outage costs

Prepayments and other

TOTAL

OTHER PROPERTY AND INVESTMENTS

Decommissioning trust funds

TOTAL

UTILITY PLANT

Electric

Construction work in progress

Nuclear fuel

TOTAL UTILITY PLANT

Less - accumulated depreciation and amortization

UTILITY PLANT - NET

DEFERRED DEBITS AND OTHER ASSETS

Regulatory assets:

Other regulatory assets

Other

TOTAL

TOTAL ASSETS

See Notes to Financial Statements.

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SYSTEM ENERGY RESOURCES, INC.

BALANCE SHEETS

LIABILITIES AND EQUITY

March 31, 2024 and December 31, 2023

(Unaudited)

2024

2023

(In Thousands)

CURRENT LIABILITIES

Currently maturing long-term debt

Accounts payable:

Associated companies

Other

Taxes accrued

Interest accrued

Other

TOTAL

NON-CURRENT LIABILITIES

Accumulated deferred income taxes and taxes accrued

Accumulated deferred investment tax credits

Regulatory liability for income taxes - net

Other regulatory liabilities

Decommissioning

Pension and other postretirement liabilities

Long-term debt

Other

TOTAL

Commitments and Contingencies

par value, authorized shares; issued and outstanding shares in 2024 and 2023

Retained earnings (accumulated deficit)

()

TOTAL

TOTAL LIABILITIES AND EQUITY

See Notes to Financial Statements.

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SYSTEM ENERGY RESOURCES, INC.

STATEMENTS OF CHANGES IN COMMON EQUITY

For the Three Months Ended March 31, 2024 and 2023

(Unaudited)

Common
Stock

Retained Earnings

(Accumulated Deficit)

Total

(In Thousands)

Balance at December 31, 2022

($)

Net income

Balance at March 31, 2023

($)

Balance at December 31, 2023

($)

Net income

Capital contribution from parent

Balance at March 31, 2024

See Notes to Financial Statements.

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ENTERGY CORPORATION AND SUBSIDIARIES

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

See “PART I, Item 1, Litigation” in the Form 10-K for a discussion of legal, administrative, and other regulatory proceedings affecting Entergy. Also see Notes 1 and 2 to the financial statements herein and “Item 5, Other Information, Environmental Regulation” below for updates regarding environmental proceedings and regulation.

Item 1A. Risk Factors

There have been no material changes to the risk factors discussed in "Part I, Item 1A. RISK FACTORS" in the Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities (1)


Period	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of a Publicly Announced Plan	Maximum $ Amount of Shares that May Yet be Purchased Under a Plan (2)

1/01/2024-1/31/2024	—	$—	—	$350,052,918
2/01/2024-2/29/2024	—	$—	—	$350,052,918
3/01/2024-3/31/2024	—	$—	—	$350,052,918
Total	—	$—	—

In accordance with Entergy’s stock-based compensation plans, Entergy periodically grants stock options to key employees, which may be exercised to obtain shares of Entergy’s common stock. According to the plans, these shares can be newly issued shares, treasury stock, or shares purchased on the open market. Entergy’s management has been authorized by the Board to repurchase on the open market shares up to an amount sufficient to fund the exercise of grants under the plans. In addition to this authority, the Board has authorized share repurchase programs to enable opportunistic purchases in response to market conditions. In October 2010 the Board granted authority for a $500 million share repurchase program. The amount of share repurchases under these programs may vary as a result of material changes in business results or capital spending or new investment opportunities. In addition, in the first quarter 2024, Entergy withheld 101,960 shares of its common stock at $99.31 per share, 75,018 shares of its common stock at $98.86 per share, 1,731 shares of its common stock at $103.94 per share, 316 shares of its common stock at $102.64 per share, 232 shares of its common stock at $102.77 per share, 41 shares of its common stock at $100.15 per share, and 6 shares of its common stock at $104.68 per share to pay income taxes due upon vesting of restricted stock granted and payout of performance units as part of its long-term incentive program.

(1)See Note 12 to the financial statements in the Form 10-K for additional discussion of the stock-based compensation plans.

(2)Maximum amount of shares that may yet be repurchased relates only to the $500 million share repurchase program plan and does not include an estimate of the amount of shares that may be purchased to fund the exercise of grants under the stock-based compensation plans.

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Item 5. Other Information

U.S. Securities and Exchange Commission Investigation

The Staff of the Division of Enforcement of the U.S. Securities and Exchange Commission has been conducting an investigation regarding Entergy’s processes and controls relating to its accounting for materials and supplies inventory. Entergy is cooperating with the SEC staff’s investigation and has engaged in discussions with the staff regarding a possible resolution of the investigation. There can be no assurance regarding the timing or terms of any potential resolution, by settlement or otherwise, and any potential impact of a resolution cannot be predicted. Management does not believe, however, that any resolution will have a material impact on Entergy’s business, financial condition, or results of operations.

Rule 10b5-1 Trading Agreements

During the three months ended March 31, 2024, director or officer of Entergy or any of the Registrant Subsidiaries adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” as each term is defined in Item 408(a) of Regulation S-K, except as follows:

, , , a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to shares of Entergy’s common stock. The first date that sale of any shares permitted to be sold under the trading arrangement can occur is June 5, 2024. Subsequent sales under the trading arrangement may occur on a regular basis until December 31, 2024.

Regulation of the Nuclear Power Industry

The following is an update to the “Regulation of the Nuclear Power Industry” section of Part I, Item 1 of the Form 10-K.

NRC Reactor Oversight Process

In July 2023 the NRC placed River Bend in Column 2, effective April 2023, based on failure to inspect wiring associated with the high pressure core spray system. In August 2023 the NRC issued a finding and notice of violation related to a radiation monitor calibration issue at River Bend. In December 2023, River Bend successfully completed the inspection of the high pressure core spray system issue and in February 2024, River Bend completed the supplemental inspection of the radiation monitor calibration issue, each in accordance with the NRC’s inspection policies for nuclear plants in Column 2. The NRC issued its inspection report on both issues in March 2024 and River Bend was returned to Column 1.

Environmental Regulation

The following is an update to the “Environmental Regulation” section of Part I, Item 1 of the Form 10-K.

National Ambient Air Quality Standards

See the Form 10-K for discussion of the National Ambient Air Quality Standards (NAAQS) set by the EPA in accordance with the Clean Air Act. The following is an update to that discussion.

Revised Fine Particulate (PM2.5) NAAQS

In March 2024, EPA issued a final rule which revised the primary annual NAAQS for fine particulate matter, also known as PM2.5, from 12 ug/m3 to 9 ug/m3. This new standard is effective May 2024 and initial attainment/nonattainment designations for areas with available information are due within two years, by May 2026.

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For any areas designated as nonattainment for this revised standard, State Implementation Plans (SIPs) to address nonattainment requirements will be due within 18 months of the effective date of any initial nonattainment designations. Within Entergy’s utility service territory, current regulatory agency air monitor data for Harris County, Texas and Hinds County, Mississippi reflect annual average PM2.5 concentrations in excess of this new standard and monitors for several other areas reflect concentrations between 8-9 ug/m3. Entergy will continue to work with state environmental agencies on appropriate methods for assessing attainment and nonattainment with the this revised fine particulate NAAQS.

Item 6. Exhibits


			4(a) -			Ninety- Eighth Supplemental Indenture, dated as of March 1, 2024, to Mortgage and Deed of Trust of Entergy Louisiana, dated as of April 1, 1944 (4.70 to Form 8-K filed March 8, 2024 in 1-32718).

			4(b) -			Nineteenth Supplemental Indenture, dated as of March 1, 2024, to Mortgage and Deed of Trust of Entergy Louisiana , dated as of November 1, 2015 (4.68 to Form 8-K filed March 8, 2024 in 1-32718).

			4(c) -			Officer’s Certificate No. 28-B-20, dated March 4, 2024, supplemental to Mortgage and Deed of Trust of Entergy Louisiana, dated as of November 1, 2015 (4.67(a) to Form 8-K filed March 8, 2024 in 1-32718).

			4(d) -			Officer’s Certificate No. 28-B-21, dated March 4, 2024, supplemental to Mortgage and Deed of Trust of Entergy Louisiana, dated as of November 1, 2015 (4.67(b) to Form 8-K filed March 8, 2024 in 1-32718).

			*31(a) -			Rule 13a-14(a)/15d-14(a) Certification for Entergy Corporation.

			*31(b) -			Rule 13a-14(a)/15d-14(a) Certification for Entergy Corporation.

			*31(c) -			Rule 13a-14(a)/15d-14(a) Certification for Entergy Arkansas.

			*31(d) -			Rule 13a-14(a)/15d-14(a) Certification for Entergy Arkansas.

			*31(e) -			Rule 13a-14(a)/15d-14(a) Certification for Entergy Louisiana.

			*31(f) -			Rule 13a-14(a)/15d-14(a) Certification for Entergy Louisiana.

			*31(g) -			Rule 13a-14(a)/15d-14(a) Certification for Entergy Mississippi.

			*31(h) -			Rule 13a-14(a)/15d-14(a) Certification for Entergy Mississippi.

			*31(i) -			Rule 13a-14(a)/15d-14(a) Certification for Entergy New Orleans.

			*31(j) -			Rule 13a-14(a)/15d-14(a) Certification for Entergy New Orleans.

			*31(k) -			Rule 13a-14(a)/15d-14(a) Certification for Entergy Texas.

			*31(l) -			Rule 13a-14(a)/15d-14(a) Certification for Entergy Texas.

			*31(m) -			Rule 13a-14(a)/15d-14(a) Certification for System Energy.

			*31(n) -			Rule 13a-14(a)/15d-14(a) Certification for System Energy.

			**32(a) -			Section 1350 Certification for Entergy Corporation.

			**32(b) -			Section 1350 Certification for Entergy Corporation.

			**32(c) -			Section 1350 Certification for Entergy Arkansas.

			**32(d) -			Section 1350 Certification for Entergy Arkansas.

			**32(e) -			Section 1350 Certification for Entergy Louisiana.

			**32(f) -			Section 1350 Certification for Entergy Louisiana.

			**32(g) -			Section 1350 Certification for Entergy Mississippi.

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			**32(h) -			Section 1350 Certification for Entergy Mississippi.

			**32(i) -			Section 1350 Certification for Entergy New Orleans.

			**32(j) -			Section 1350 Certification for Entergy New Orleans.

			**32(k) -			Section 1350 Certification for Entergy Texas.

			**32(l) -			Section 1350 Certification for Entergy Texas.

			**32(m) -			Section 1350 Certification for System Energy.

			**32(n) -			Section 1350 Certification for System Energy.

			*101 INS -			Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

			*101 SCH -			Inline XBRL Schema Document.

			*101 PRE -			Inline XBRL Presentation Linkbase Document.

			*101 LAB -			Inline XBRL Label Linkbase Document.

			*101 CAL -			Inline XBRL Calculation Linkbase Document.

			*101 DEF -			Inline XBRL Definition Linkbase Document.

			*104 -			Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibits 101).

___________________________

Pursuant to Item 601(b)(4)(iii) of Regulation S-K, Entergy Corporation agrees to furnish to the Commission upon request any instrument with respect to long-term debt that is not registered or listed herein as an Exhibit because the total amount of securities authorized under such agreement does not exceed ten percent of the total assets of Entergy Corporation and its subsidiaries on a consolidated basis.


*			Filed herewith.
**			Furnished, not filed, herewith.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature for each undersigned company shall be deemed to relate only to matters having reference to such company or its subsidiaries.


ENTERGY CORPORATION ENTERGY ARKANSAS, LLC ENTERGY LOUISIANA, LLC ENTERGY MISSISSIPPI, LLC ENTERGY NEW ORLEANS, LLC ENTERGY TEXAS, INC. SYSTEM ENERGY RESOURCES, INC.


/s/ Reginald T. Jackson
Reginald T. Jackson Senior Vice President and Chief Accounting Officer (For each Registrant and for each as Principal Accounting Officer)

Date: May 2, 2024

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ENTERGY ARKANSAS, LLC - Quarter Report: 2024 March (Form 10-Q)

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