Entergy 2012 Annual Report Download - page 82

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Entergy Corporation and Subsidiaries 2012
In accordance with regulatory treatment, interest on the nuclear fuel company variable interest entities’ credit facilities, commercial paper, and
long-term notes payable is reported in fuel expense.
In February 2013 the Entergy Gulf States Louisiana nuclear fuel company variable interest entity issued $70 million of 3.38% Series R notes
due August 2020. The Entergy Gulf States Louisiana nuclear fuel company variable interest entity used the proceeds principally to purchase
additional nuclear fuel.
Entergy Arkansas, Entergy Gulf States Louisiana, Entergy Louisiana, and System Energy each have obtained long-term financing authorizations
from the FERC that extend through May 2013, September 2014, January 2015, and November 2013, respectively, for issuances by its nuclear
fuel company variable interest entity.
NOTE 5. LONG-TERM DEBT
Long-term debt for Entergy Corporation and subsidiaries as of December 31, 2012 and 2011 consisted of (dollars in thousands):
Weighted-Average Interest Rate Ranges Outstanding at
Interest Rate at December 31, December 31,
Type of Debt and Maturity at December 31, 2012 2012 2011 2012 2011
Mortgage Bonds
2012 - 2017 3.24% 1.88% - 5.40% 3.25% - 6.20% $ 1,045,000 $ 865,000)
2018 - 2022 5.15% 3.30% - 7.13% 3.75% - 7.13% 2,635,000 2,435,000)
2023 - 2027 4.82% 3.10% - 5.66% 4.44% - 5.66% 1,658,369 1,158,449)
2028 - 2037 6.18% 5.65% - 6.40% 5.65% - 6.40% 867,976 868,145)
2039 - 2052 6.22% 4.90% - 7.88% 5.75% - 7.88% 1,335,000 905,000
Governmental Bonds(a)
2012 - 2017 4.15% 2.88% - 4.60% 2.88% - 5.80% 86,655 97,495
2018 - 2022 5.59% 4.60% - 5.88% 4.60% - 5.9% 307,030 410,005)
2023 - 2030 5.00% 5.00% 5.0% - 6.20% 198,680 248,680
Securitization Bonds
2013 - 2020 4.18% 2.12% - 5.79% 2.12% - 5.79% 357,577 416,899)
2021 - 2023 3.74% 2.04% - 5.93% 2.04% - 5.93% 616,159 653,948)
Variable Interest Entities Notes Payable (Note 4)
2012 - 2017 3.85% 2.62% - 9.00% 2.25% - 9.00% 640,000 519,400
)
Entergy Corporation Notes
due September 2015 n/a 3.625% 3.625% 550,000 550,000)
due January 2017 n/a 4.7% n/a 500,000 –)
due September 2020 n/a 5.125% 5.125% 450,000 450,000)
Note Payable to NYPA (b) (b) (b) 109,679 133,363)
5 Year Credit Facility (Note 4) n/a 2.04% 0.75% 795,000 1,920,000)
Long-term DOE Obligation(c) –% –% –% 181,157 181,031)
Waterford 3 Lease Obligation(d) n/a 7.45% 7.45% 162,949 188,255)
Grand Gulf Lease Obligation(d) n/a 5.13% 5.13% 138,893 178,784)
Bank Credit Facility - Entergy Louisiana n/a n/a 0.67% – 50,000)
Unamortized Premium and Discount - Net (10,744) (9,531)
Other 14,454 16,523)
Total Long-Term Debt 12,638,834 12,236,446)
Less Amount Due Within One Year 718,516 2,192,733)
Long-Term Debt Excluding Amount Due Within One Year $11,920,318 $10,043,713)
Fair Value of Long-Term Debt(e) $12,849,330 $12,176,251)
(a) Consists of pollution control revenue bonds and environmental revenue bonds.
(b) These notes do not have a stated interest rate, but have an implicit interest rate of 4.8%.
(c) Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.
The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear
fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.
(d) See Note 10 for further discussion of the Waterford 3 and Grand Gulf Lease Obligations.
(e) The fair value excludes lease obligations of $163 million at Entergy Louisiana and $139 million at System Energy, long-term DOE obligations of $181 million at
Entergy Arkansas, and the note payable to NYPA of $110 million at Entergy, and includes debt due within one year. Fair values are classified as Level 2 in the fair value
hierarchy discussed in Note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued
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