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In April 2019 the City Council advisors filed comments and testimony asserting that Entergy New Orleans did not act prudently in maintaining and improving its distribution system reliability in recent years and recommending that a financial penalty in the range of $1 menopause quizlet generic estradiol 2mg without a prescription. Entergy New Orleans disagrees with the recommendation and submitted rebuttal testimony and rebuttal comments in June 2019 women's health center edmond ok purchase estradiol 2mg on line. In November 2019 the City Council passed a resolution that penalized Entergy New Orleans $1 million for alleged imprudence in the maintenance of its distribution system women's health issues wikipedia generic estradiol 2 mg without prescription. Although the City Council evidentiary record has been lodged with the Civil District count menstrual cramp relief estradiol 2 mg low cost, the court has not yet established a briefing schedule. Renewable Portfolio Standard Rulemaking In March 2019 the City Council initiated a rulemaking proceeding to consider whether to establish a renewable portfolio standard. The rulemaking will consider, among other issues, whether to adopt a renewable portfolio standard, whether such standard should be voluntary or mandatory, what kinds of technologies should qualify for inclusion in the rules, what level, if any, of renewable generation should be required, and whether penalties are an appropriate component of the proposed rules. Parties to the proceeding submitted initial comments in June 2019 and reply comments in July 2019. Entergy New Orleans recommends that the City Council adopt a voluntary clean energy standard of 70% of generation being clean energy by 2030, as so defined, which, in addition to renewable generation, would include nuclear, beneficial electrification, and demand-side management as compliant technologies. Several other industry leaders, academic researchers, and environmental advocates filed comments also supporting a clean energy standard. Other parties, including many representatives of the solar and wind industry, are recommending mandatory, renewables-only requirements of up to 100% renewable resources by 2040. In September 2019 the City Council advisors issued a report and recommendations, which also put forth three alternative rules for comment from the parties. The four components of the Renewable and Clean Portfolio Standard that the City Council expressed a desire to implement are: (1) a mandatory requirement that Entergy New Orleans achieve 100% net zero carbon emissions by 2040; (2) reliance on renewable energy credits purchased without the associated energy for compliance with the standard being phased out over the ten-year period from 2040 to 2050; (3) no carbon-emitting resources in the portfolio of resources Entergy New Orleans uses to serve New Orleans by 2050; and (4) a mechanism to limit costs in any one plan year to no more than one percent of plan year total utility retail sales revenues. The first technical meeting of the parties occurred in June 2020; a second technical meeting occurred in July 2020. In August 2020 the City Council advisors issued a final draft of the rules for review and comment from the parties before final rules are proposed for consideration by the City Council. Cost Sensitivity the following chart reflects the sensitivity of qualified pension cost and qualified projected benefit obligation to changes in certain actuarial assumptions (dollars in thousands). Impact on 2021 Qualified Impact on 2020 Projected Actuarial Assumption Change in Assumption Pension Cost Qualified Benefit Obligation Increase/(Decrease) Discount rate (0. Costs and Employer Contributions Total qualified pension cost for Entergy New Orleans in 2020 was $6 million. Total postretirement health care and life insurance benefit income for Entergy New Orleans in 2020 was $4. Entergy New Orleans expects 2021 postretirement health care and life insurance benefit income of approximately $6. Entergy New Orleans contributed $641 thousand to its other postretirement plans in 2020 and estimates 2021 contributions will be approximately $175 thousand. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Critical Audit Matter the critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. Management has determined it meets the requirements under accounting principles generally accepted in the United States of America to prepare its financial statements applying the specialized rules to account for the effects of cost-based 400 Table of Contents rate regulation. Management judgments include assessing the likelihood of recovery in future rates of incurred costs and refunds to customers. The storm resulted in widespread power outages, significant damage primarily to distribution and transmission infrastructure, and the loss of sales during the power outages. Entergy Texas is considering all available avenues to recover storm-related costs from Hurricanes Laura and Hurricane Delta, including securitization. Entergy Texas recorded accounts payable and corresponding construction work in progress and regulatory assets for the estimated costs incurred that were necessary to return customers to service. Entergy Texas recorded the regulatory assets in accordance with its accounting policies and based on the historic treatment of such costs in its service area because management believes that recovery through some form of regulatory mechanism is probable. Because Entergy Texas has not gone through the regulatory process regarding these storm costs, there is an element of risk, and Entergy Texas is unable to predict with certainty the degree of success it may have in its recovery initiatives, the amount of restoration costs that it may ultimately recover, or the timing of such recovery. Natural gas purchases for Entergy Texas for February 1st through 25th, 2021 are approximately $155 million compared to natural gas purchases for February 2020 of $10 million. The increase was partially offset by higher depreciation and amortization expenses. Amount (In Millions) 2019 operating revenues Fuel, rider, and other revenues that do not significantly affect net income Return of unprotected excess accumulated deferred income taxes to customers Retail electric price Volume/weather 2020 operating revenues $1,489. The return of unprotected excess accumulated deferred income taxes to customers resulted from the return of unprotected excess accumulated deferred income taxes through a rider effective October 2018. There is no effect on net income as the reduction in operating revenues is offset by a reduction in income tax expense. The retail electric price variance is primarily due to an increase in the transmission cost recovery factor rider effective January 2020 and an increase in the distribution cost recovery factor rider effective October 2020. See Note 2 to the financial statements for further discussion of the transmission and distribution cost recovery factor rider filings. The decrease in industrial usage is partially offset by an increase in demand from expansion projects, primarily in the chemicals and transportation industries. Other income increased primarily due to an increase in the allowance for equity funds used during construction due to higher construction work in progress in 2020, including the Montgomery County Power Station project. The difference in the effective income tax rates versus the federal statutory rate of 21% for 2020 and 2019 was primarily due to the amortization of excess accumulated deferred income taxes. Liquidity and Capital Resources Cash Flow Cash flows for the years ended December 31, 2020, 2019, and 2018 were as follows: 2020 Cash and cash equivalents at beginning of period Net cash provided by (used in): Operating activities Investing activities Financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at end of period 2020 Compared to 2019 Operating Activities Net cash flow provided by operating activities increased $88. See Note 2 to the financial statements for further discussion of the regulatory activity regarding the Tax Cuts and Jobs Act. See "Hurricane Laura and Hurricane Delta" above for discussion of hurricane restoration efforts; an increase of $43. Financing Activities Net cash flow provided by financing activities increased $104. No common stock dividends were paid in 2019 as a result of upcoming capital expenditures, including Montgomery County Power Station. The increase in the debt to capital ratio for Entergy Texas is primarily due to the net issuance of $640 million of mortgage bonds in 2020, partially offset by the $175 million capital contribution received from Entergy Corporation in 2020 and net income in 2020. Entergy Texas seeks to optimize its capital structure in accordance with its regulatory requirements and to control its cost of capital while also maintaining equity capitalization at a level consistent with investment-grade debt ratings. To the extent that operating cash flows are in excess of planned investments, cash may be used to reduce outstanding debt or may be paid as a dividend, or both, in appropriate amounts to maintain the capital structure. To the extent that operating cash flows are insufficient to support planned investments, Entergy Texas may issue incremental debt or reduce dividends, or both, to maintain its capital structure. In addition, Entergy Texas may receive equity contributions to maintain its capital structure for certain circumstances such as financing of large transactions that would materially alter the capital structure if financed entirely with debt and reduced dividends. For Entergy Texas, it primarily includes unconditional fuel and purchased power obligations. In addition to the contractual obligations given above, Entergy Texas expects to contribute approximately $7 million to its qualified pension plans and approximately $66 thousand to other postretirement health care and life insurance plans in 2021, although the 2021 required pension contributions will be known with more certainty when the January 1, 2021 valuations are completed, which is expected by April 1, 2021. See "Critical Accounting Estimates - Qualified Pension and Other Postretirement Benefits" below for a discussion of qualified pension and other postretirement benefits funding. In addition to routine capital spending to maintain operations, the planned capital investment estimate for Entergy Texas includes specific investments such as the Liberty County Power Station and the Hardin County Peaking Facility; transmission projects to enhance reliability, reduce congestion, and enable economic growth; distribution spending to enhance reliability and improve service to customers, including advanced meters and related investments; resource planning, including potential generation and renewables projects; system improvements; software and security; and other investments. Estimated capital expenditures are subject to periodic review and modification and may vary based on the ongoing effects of regulatory constraints and requirements, 413 Table of Contents Entergy Texas, Inc. Management provides more information on long-term debt in Note 5 to the financial statements. As a subsidiary, Entergy Texas dividends its earnings to Entergy Corporation at a percentage determined monthly.
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Patients should eat several smaller meals per day menopause journal articles effective estradiol 2 mg, rather than two or three large meals breast cancer 8mm mass cheap estradiol 2mg with amex. Diet should be low in fiber and fat pregnancy ovulation calendar 1mg estradiol mastercard, as both have an inhibitory effect on gastric emptying breast cancer medication 2mg estradiol otc. Medical Therapy Prokinetic Therapy In most patients, medications that promote gastric emptying have become a cornerstone of disease management. The most commonly used medications worldwide are metoclopramide, cisapride, erythromycin, and domperidone. Erythromycin is a potent stimulant of gastric emptying and promotes solid and liquid emptying through induction of forceful antral contractions similar to those initiated through the migrating motor complex. In addition to being useful in improving diabetic gastroparesis, erythromycin has benefited patients after vagotomy, subtotal gastrectomy, and esophagectomy. Unfortunately, erythromycin may adversely interact with a number of medications, and many patients have reportedly become resistant to its effects after several weeks (tachyphylaxis) of use. A variety of doses have been used: oral-dosing ranges from 50-250mg four times daily. The intravenous form of delivery is more efficacious, especially for the acute management of symptoms in hospitalized patients. Prokinetic benefits are limited to the proximal gut and result in increased esophageal and antral contractions, decreased pyloric and duodenal tone, and increased gastric emptying and small bowel motility. Improvement of gastric tone has also been reported in patients with prior vagotomy and/or gastrectomy, as well as in patients with anorexia nervosa. Prokinetic effects are noted 3 minutes after an intravenous dose, and 60 minutes following an oral dose. The usual adult oral dose is 5-20mg four times a day, taken 30 minutes before meals, and at bedtime. Intravenous dosing (usually in an inpatient setting) is 10mg every 2-3 hours as needed. Drowsiness, dystonic reactions, and agitation are the most acute dystonic reactions can occasionally develop, and should be treated with discontinuation, and use of diphenhydramine. Extrapyramidal movements may develop in chronically treated, and may even be irreversible-especially in the elderly. Other adverse effects include depression, hyperprolactinemia, galactorrhea, amenorrhea, and impotence. Other Agents Bethanechol: Bethanechol, a muscarinic agent that causes uncoordinated gastric contractions, is of historical value, but has no current role in the management of gastroparesis. Its prokinetic effects are those of increased lower esophageal sphincter tone, and improved antral, jejunal, and colonic motility. Cisapride provides symptomatic relief for a wide spectrum of patients, and has become the treatment of choice for medium and long-term management of gastroparesis. The routine dose is 10-20mg four times daily (preferably given 30 minutes before meals and at bedtime). The major concern, however, are the more than 270 cases of serious cardiac arrhythmias that have been associated with cisapride use. Although a rare occurrence, this ventricular arrhythmia may result in hypotension, syncope, or even sudden death. As a result, cisapride has been withdrawn from the open market, and is only available on special request from the manufacturer. Domperidone: A benzimidazole derivative, Domperidone acts as a peripheral Dopaminergic (D2) receptor antagonist. Because it minimally crosses the blood-brain barrier, domperidone is devoid of metoclopramide central nervous system side effects: it very rarely causes hyperprolactinemia, gynecomastia, galactorrhea, impotence, and amenorrhea. Domperidone, however, has anti-emetic properties as a result of its action on the chemoreceptor trigger zone. Anti-Emetic Therapy Prokinetic therapy will, for the most part, offer relief from the nausea and vomiting that accompany gastroparesis-either indirectly by promoting motility, or through the anti-emetic properties of substances such as metoclopramide and domperidone. Occasionally, however, a refractory patient is encountered for whom additional therapy is required. Phenothiazine derivatives (promethazine and prochlorperazine) act by antagonizing dopamine receptors. Other anti-emetic agents include thiethylperazine and trimethobenzamide, the use of which may be limited by extrapyramidal side effects, especially if used in conjunction with metoclopramide. Ondansetron is available as a liquid and lingual dissolving tablet, of which both are well tolerated and quickly absorbed. Endoscopic Therapy Decompressive Gastrostomy: Some patients who are refractory to dietary and medical interventions may benefit from an endoscopically placed gastrostomy tube (surgical or fluoroscopic placement can be undertaken when endoscopic placement is unsuccessful or not feasible). This device helps drain the stomach, thus aiding in the avoidance of nausea and vomiting flares. In such cases, in order to avoid dehydration and malnutrition, a jejunostomy tube may be considered. Complications of percutaneously placed tubes include: 1% procedure death, 25% infectious complications, in addition to peristomal leak, perforation, fistula formation, dislodgement, or tube dysfunction from clogging. Surgical Therapy Surgical intervention has not been studied, and thus has no role in the management of gastroparesis. Novel Therapies Botulinum Toxin Studies suggest that type I diabetics suffer from poor coordination of antro-pyloro-duodenal contraction and relaxation functions. More importantly, when they do experience contractions, they suffer a failure of pyloric relaxation. Botulinum toxin, a product of the bacteria Clostridium botulinum, is a neurotoxin that prevents acetylcholine release from nerve terminals. When locally injected into striated or smooth muscle segments, it prevents muscle contraction. As a result, botulinum toxin has been reported as a therapeutic agent in several spastic muscular conditions, including achalasia, hypertensive lower esophageal sphincter, anismus, sphincter Of Oddi dysfunction (go to the Sphincter of Oddi Dysfunction section), and chronic anal fissure. Similarly, in patients with gastroparesis due to pylorospasm, there is excessive smooth muscle tone with failure to relax. Prolonged pyloric contractions may cause functional resistance to gastric outflow. To date, only a few patients have been treated with pyloric injections of botulinum toxin. Preliminary reports, however, have described good response in decreasing pyloric resistance and improving gastric emptying. Gastric Pacing There has recently been increasing interest in treating gastroparesis by gastric electric stimulation. Although early tests did not met with success, more recent studies have demonstrated some effect. The concept consists of implanting electrodes on the gastric serosa (through open or laparoscopic approach), thus providing continuous or intermittent. Although researchers reported 80% improvement in symptoms, emptying times improved only modestly. A few smaller, later studies have reported some success, such that treated patients no longer needed jejunostomy tube feedings. Novel Potential Agents There is considerable ongoing research aimed at identifying novel therapies for gastroparesis. Putative agents include: Sildenafil (potentiates nitric oxide) improves pyloric relaxation. Levosulpiride (Dopamine receptor D2-antagonist) is expected to reverse dopaminergic inhibition on gastric contraction. Clonidine (a 2-receptor agonist), a commonly used anti-hypertensive, decreases antro-duodenal contractions. Although in studies clonidine did not alter gastric emptying in healthy adults, it did improve emptying in diabetics. Clarithromycin (a newer macrolide) has shown promise in improving gastric emptying. Overview In addition to dehydration and malnutrition, severe vomiting may result in Mallory-Weiss tears and aspiration pneumonia in some patients with gastroparesis. Presenting symptoms include abdominal pain, nausea, fullness, early satiety, and bloating.
These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i) were not intended to be treated as categorical statements of fact zithromax menstrual cycle order 1 mg estradiol with amex, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosures that were made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of "materiality" that are different from the standard of "materiality" under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement pregnancy 4-5 weeks generic 1 mg estradiol. Entergy acknowledges that menstruation in early pregnancy proven 1 mg estradiol, notwithstanding the inclusion of the foregoing cautionary statements women's health qld purchase 2 mg estradiol otc, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this Form 10-K not misleading. Entergy Arkansas (c) 1 -Amended and Restated Certificate of Formation of Entergy Arkansas effective December 1, 2018 (3. Entergy Mississippi (e) 1 -Amended and Restated Certificate of Formation of Entergy Mississippi effective December 1, 2018 (3(e)1 to Form 10-K for the year ended December 31, 2018 in 1-31508). Entergy New Orleans (f) 1 -Composite Certificate of Formation of Entergy New Orleans effective December 1, 2017 (3. Entergy Texas (g) 1 -Amended and Restated Certificate of Formation of Entergy Texas effective August 21, 2019 (3. Instruments Defining Rights of Security Holders, Including Indentures (4) Entergy Corporation (a) 1 -See (4)(b) through (4)(g) below for instruments defining the rights of security holders of System Energy, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas. Second Amended and Restated Credit Agreement dated as of September 14, 2018, among Entergy Corporation, as Borrower, the banks and other financial institutions listed on the signatures pages thereof, as Lenders, Citibank, N. Extension Agreement, dated September 13, 2019, to Second Amended and Restated Credit Agreement dated as of September 14, 2018, among Entergy Corporation, as Borrower, the banks and other financial institutions listed on the signature pages thereof, as Lenders, Citibank, N. Fuel Lease, dated as of February 24, 1989, between River Fuel Funding Company #3, Inc. Loan Agreement, dated as of March 1, 2019, between System Energy and Mississippi Business Finance Corporation (4(b) to Form 8-K filed March 28, 2019 in 1-9067). Fuel Lease, dated as of December 22, 1988, between River Fuel Trust #1 and Entergy Arkansas (4(c)9 to Form 10-K for the year ended December 31, 2017 in 1-10764). Loan Agreement, dated as of January 1, 2013, between Independence County, Arkansas and Entergy Arkansas relating to Revenue Refunding Bonds (Entergy Arkansas, Inc. Extension Agreement, dated September 13, 2019, to Second Amended and Restated Credit Agreement dated as of September 14, 2018, among Entergy Louisiana, as Borrower, the banks and other financial institutions listed on the signature pages thereof, as Lenders, Citibank, N. Exhibit A to Trust Indenture dated as of February 7, 1989 between River Bend Fuel Services, Inc. Bank National Association (as successor Trustee) (4(d)12 to Form 10-K for the year ended December 31, 2017 in 1-32718). Agreement of Resignation, Appointment and Acceptance, dated as of October 3, 2007, among Entergy Gulf States, Inc. Mortgage and Deed of Trust of Entergy Louisiana, dated as of November 1, 2015, as amended by the following Supplemental Indentures: (4. Entergy Mississippi (e) 1 -Mortgage and Deed of Trust, dated as of February 1, 1988, as amended by the following Supplemental Indentures: (4(e)1 to Form 10-K for the year ended December 31, 2017 in 1-31508 (Mortgage); 4(e)1 to Form 10-K for the year ended December 31, 2017 in 1-31508 (Sixth); A-2(c) to Rule 24 Certificate filed May 14, 1999 in 70-8719 (Thirteenth); 4(b) to Form 10-Q for the quarter ended June 30, 2009 in 1-31508 (Twenty-sixth); 4. Entergy New Orleans (f) 1 -Mortgage and Deed of Trust, dated as of May 1, 1987, as amended by the following Supplemental Indentures: (4(f)1 to Form 10-K for the year ended December 31, 2017 in 1-35747 (Mortgage); 4(f)1 to Form 10-K for the year ended December 31, 2017 in 1-35747 (Third); 4(b) to Form 10-Q for the quarter ended June 30, 1998 in 0-5807 (Seventh); 4. Second Amended and Restated Credit Agreement dated as of September 14, 2018, among Entergy Texas, as Borrower, the banks and other financial institutions listed on the signature pages thereof, as Lenders, Citibank, N. Extension Agreement, dated September 13, 2019, to Second Amended and Restated Credit Agreement dated as of September 14, 2018, among Entergy Texas, as Borrower, the banks and other financial institutions listed on the signature pages thereof, as Lenders, Citibank, N. Supplemental Retirement Plan of Entergy Corporation and Subsidiaries, as amended and restated effective January 1, 2009 (10(a)57 to Form 10-K for the year ended December 31, 2010 in 1-11299). First Amendment of the Supplemental Retirement Plan of Entergy Corporation and Subsidiaries, effective December 30, 2010 (10(a)58 to Form 10-K for the year ended December 31, 2010 in 1-11299). Second Amendment of the Supplemental Retirement Plan of Entergy Corporation and Subsidiaries, effective January 27, 2011 (10(a)57 to Form 10-K for the year ended December 31, 2011 in 1-11299). Third Amendment of the Supplemental Retirement Plan of Entergy Corporation and Subsidiaries, effective July 25, 2013 (10(b) to Form 10-Q for the quarter ended September 30, 2014 in 1-11299). Fourth Amendment of the Supplemental Retirement Plan of Entergy Corporation and Subsidiaries, effective July 1, 2014 (10(c) to Form 10-Q for the quarter ended September 30, 2014 in 1-11299). Defined Contribution Restoration Plan of Entergy Corporation and Subsidiaries, as amended and restated effective January 1, 2009 (10(a)59 to Form 10-K for the year ended December 31, 2010 in 1-11299). First Amendment of the Defined Contribution Restoration Plan of Entergy Corporation and Subsidiaries, effective December 30, 2010 (10(a)60 to Form 10-K for the year ended December 31, 2010 in 1-11299). Second Amendment of the Defined Contribution Restoration Plan of Entergy Corporation and Subsidiaries, effective January 27, 2011 (10(a)60 to Form 10-K for the year ended December 31, 2011 in 1-11299). Executive Disability Plan of Entergy Corporation and Subsidiaries (10(a)74 to Form 10-K for the year ended December 31, 2001 in 1-11299). Executive Deferred Compensation Plan of Entergy Corporation and Subsidiaries, as amended and restated effective January 1, 2009 (10(a)62 to Form 10-K for the year ended December 31, 2010 in 1-11299). First Amendment of the Executive Deferred Compensation Plan of Entergy Corporation and Subsidiaries, effective December 30, 2010 (10(a)63 to Form 10-K for the year ended December 31, 2010 in 1-11299). System Executive Continuity Plan of Entergy Corporation and Subsidiaries, effective January 1, 2009 (10(a)77 to Form 10-K for the year ended December 31, 2009 in 1-11299). First Amendment of the System Executive Continuity Plan of Entergy Corporation and Subsidiaries, effective January 1, 2010 (10(a)78 to Form 10-K for the year ended December 31, 2009 in 1-11299). Second Amendment of the System Executive Continuity Plan of Entergy Corporation and Subsidiaries, effective December 30, 2010 (10(a)69 to Form 10-K for the year ended December 31, 2010 in 1-11299). Third Amendment of the System Executive Continuity Plan of Entergy Corporation and Subsidiaries, effective January 27, 2011 (10(a)71 to Form 10-K for the year ended December 31, 2011 in 1-11299). Pension Equalization Plan of Entergy Corporation and Subsidiaries, as amended and restated effective January 1, 2009 (10(a)74 to Form 10-K for the year ended December 31, 2010 in 1-11299). First Amendment of the Pension Equalization Plan of Entergy Corporation and Subsidiaries, effective December 30, 2010 (10(a)75 to Form 10-K for the year ended December 31, 2010 in 1-11299). Second Amendment of the Pension Equalization Plan of Entergy Corporation and Subsidiaries, effective January 27, 2011 (10(a)76 to Form 10-K for the year ended December 31, 2011 in 1-11299). Third Amendment of the Pension Equalization Plan of Entergy Corporation and Subsidiaries, effective June 19, 2013 (10(b) to Form 10-Q for the quarter ended June 30, 2013 in 1-11299). Fourth Amendment of the Pension Equalization Plan of Entergy Corporation and Subsidiaries, effective July 25, 2013 (10(c) to Form 10-Q for the quarter ended June 30, 2013 in 1-11299). Fifth Amendment of the Pension Equalization Plan of Entergy Corporation and Subsidiaries, effective July 1, 2014 (10(a) to Form 10-Q for the quarter ended September 30, 2014 in 1-11299). Cash Balance Equalization Plan of Entergy Corporation effective July 1, 2014 (10(a)31 to Form 10-K for the year ended December 31, 2019 in 1-11299). System Executive Retirement Plan of Entergy Corporation and Subsidiaries, effective January 1, 2009 (10(a)78 to Form 10-K for the year ended December 31, 2010 in 1-11299). First Amendment of the System Executive Retirement Plan of Entergy Corporation and Subsidiaries, effective December 30, 2010 (10(a)79 to Form 10-K for the year ended December 31, 2010 in 1-11299). Second Amendment of the System Executive Retirement Plan of Entergy Corporation and Subsidiaries, effective January 27, 2011 (10(a)81 to Form 10-K for the year ended December 31, 2011 in 1-11299). Third Amendment of the System Executive Retirement Plan of Entergy Corporation and Subsidiaries, effective January 1, 2009 (10(a)81 to Form 10-K for the year ended December 31, 2013 in 1-11299). Fourth Amendment of the System Executive Retirement Plan of Entergy Corporation and Subsidiaries, effective July 25, 2013 (10(d) to Form 10-Q for the quarter ended June 30, 2013 in 1-11299). Denault and Entergy Corporation (10(b) to Form 10-Q for the quarter ended June 30, 2006 in 1-11299). Denault and Entergy Corporation (10(a)93 to Form 10-K for the year ended December 31, 2010 in 1-11299). Denault and Entergy Corporation (10(a)101 to Form 10-K for the year ended December 31, 2009 in 1-11299). Denault and Entergy Corporation (10(a)95 to Form 10-K for the year ended December 31, 2010 in 1-11299). Shareholder Approval of Future Severance Agreements Policy, effective March 8, 2004 (10(f) to Form 10-Q for the quarter ended March 31, 2004 in 1-11299). Entergy Nuclear Retention Plan, as amended and restated effective January 1, 2007 (10(a)107 to Form 10-K for the year ended December 31, 2007 in 1-11299). Form of Stock Option Grant Agreement (10(a)45 to Form 10-K for the year ended December 31, 2019 in 1-11299). Form of Restricted Stock Grant Agreement (10(a)47 to Form 10-K for the year ended December 31, 2019 in 1-11299). Form of Restricted Stock Units Grant Agreement (10(a)48 to Form 10-K for the year ended December 31, 2019 in 1-11299). The 2019 Entergy Corporation Non-Employee Director Stock Program (10(b) to Form 10-Q for the quarter ended June 30, 2019 in 1-11299). System Energy (b) 1 -Availability Agreement, dated June 21, 1974, among System Energy and certain other System companies (10(b)1 to Form 10-K for the year ended December 31, 2017 in 1-9067). Second Amendment to Availability Agreement, dated as of June 15, 1981 (10(b)3 to Form 10-K for the year ended December 31, 2017 in 1-9067).
Level 3 consists primarily of financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants menstrual nosebleeds buy discount estradiol 2mg on-line. The values for power contract assets or liabilities are based on both observable inputs including public market prices and interest rates womens health orlando buy estradiol 1mg cheap, and unobservable inputs such as implied volatilities menopause jokes humor buy 2mg estradiol mastercard, unit contingent discounts menopause weight gain solutions purchase estradiol 1 mg overnight delivery, expected basis differences, and credit adjusted counterparty interest rates. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight and the Entergy Wholesale Commodities Accounting group. The Office of Corporate Risk Oversight is also responsible for managing the energy trading and risk management system, forecasting revenues, forward positions and analysis. The Entergy Wholesale Commodities Accounting group performs functions related to market and counterparty settlements, revenue reporting and analysis, and financial accounting. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer while the Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The amounts reflected as the fair value of electricity swaps are based on the estimated amount that the contracts are in-the-money at the balance sheet date (treated as an asset) or out-of-the-money at the balance sheet date (treated as a liability) and would equal the estimated amount receivable to or payable by Entergy if the contracts were settled at that date. These derivative contracts include cash flow hedges that swap fixed for floating cash flows for sales of the output from the Entergy Wholesale Commodities business. The fair values are based on the mark-to-market comparison between the fixed contract prices and the floating prices determined each period from quoted forward power market prices. The amounts reflected as the fair values of electricity options are valued based on a Black Scholes model, and are calculated at the end of each month for accounting purposes. As described further below, prices and implied volatilities are reviewed and can be adjusted if it is determined that there is a better representation of fair value. On a daily basis, the Office of Corporate Risk Oversight calculates the mark-to-market for electricity swaps and options. The Office of Corporate Risk Oversight also validates forward market prices by comparing them to other sources of forward market prices or to settlement prices of actual market transactions. Implied volatilities used to value options are also validated using actual counterparty quotes for Entergy Wholesale Commodities transactions when available and compared with other sources of market 213 Table of Contents Entergy Corporation and Subsidiaries Notes to Financial Statements implied volatilities. Moreover, on a quarterly basis, the Office of Corporate Risk Oversight confirms the mark-to-market calculations and prepares price scenarios and credit downgrade scenario analysis. The scenario analysis is communicated to senior management within Entergy and within Entergy Wholesale Commodities. The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer. The Entergy Wholesale Commodities Accounting group reports to the Chief Accounting Officer. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. Fixed income securities are held in various governmental and corporate securities. The decommissioning trust funds fair value presented herein does not include the recognition of a credit loss valuation allowance of $0. See Note 16 to the financial statements herein for additional information on the allowance for expected credit losses. 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 years ended December 31, 2020, 2019, and 2018: 2020 2019 2018 Financial Financial Financial Power transmission Power transmission Power transmission Contracts rights Contracts rights Contracts rights (In Millions) Balance as of January 1, $118 $10 ($31) $15 ($65) $21 Total gains (losses) for the period (a) Included in earnings 1 1 12 - 2 (1) Included in other comprehensive income 77 - 232 - (40) - Included as a regulatory liability/asset - 67 - 54 - 80 Issuances of financial transmission rights - 23 - 35 - 46 Settlements (158) (92) (95) (94) 72 (131) $38 $9 $118 $10 ($31) $15 Balance as of December 31, 215 Table of Contents Entergy Corporation and Subsidiaries Notes to Financial Statements (a) Change in unrealized gains or losses for the period included in earnings for derivatives held at the end of the reporting period is ($0. The following table sets forth a description of the types of transactions classified as Level 3 in the fair value hierarchy and significant unobservable inputs to each which cause that classification, as of December 31, 2020: Fair Value as of Significant Unobservable Range from Effect on Fair Transaction Type December 31, 2020 Inputs Average % Value (In Millions) (In Millions) Power contracts - electricity swaps $38 Unit contingent discount 4. The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect its placement within the fair value hierarchy levels. Equity securities are invested to approximate the returns of major market indices. See Note 16 to the financial statements herein for additional information on the investment portfolios. The following table sets forth a reconciliation of changes in the net assets for the fair value of derivatives classified as Level 3 in the fair value hierarchy for the year ended December 31, 2020. Entergy Entergy Entergy Entergy New Entergy Arkansas Louisiana Mississippi Orleans Texas (In Millions) Balance as of January 1, 2020 Issuances of financial transmission rights Gains (losses) included as a regulatory liability/asset Settlements Balance as of December 31, 2020 $3. Entergy Entergy Entergy Entergy New Entergy Arkansas Louisiana Mississippi Orleans Texas (In Millions) Balance as of January 1, 2019 Issuances of financial transmission rights Gains (losses) included as a regulatory liability/asset Settlements Balance as of December 31, 2019 $3. Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, the Registrant Subsidiaries have recorded an offsetting amount of unrealized gains/(losses) on investment securities in other regulatory liabilities/assets. Decommissioning trust funds for the Entergy Wholesale Commodities nuclear plants do not meet the criteria for regulatory accounting treatment. In December 2020, Entergy liquidated its interest in the registered investment company. 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 year ended December 31, 2020 on equity securities still held as of December 31, 2020 were $531 million. 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 unrealized gains/(losses) above are reported before deferred taxes of $31 million as of December 31, 2020 and $13 million as of December 31, 2019 for debt securities. The amortized cost of available-for-sale debt securities was $2,423 million as of December 31, 2020 and $2,366 million as of December 31, 2019. As of December 31, 2020, available-for-sale debt securities have an average coupon rate of approximately 3. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2020: Gross Unrealized Fair Value Losses (In Millions) Less than 12 months $187 $3 More than 12 months 2 - $189 $3 Total the fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2019: Gross Unrealized Fair Value Losses (In Millions) Less than 12 months $404 $5 More than 12 months 38 1 $442 $6 Total 222 Table of Contents Entergy Corporation and Subsidiaries Notes to Financial Statements the fair value of available-for-sale debt securities, summarized by contractual maturities, as of December 31, 2020 and 2019 are as follows: 2020 2019 (In Millions) Less than 1 year ($4) $128 1 year - 5 years 672 807 5 years - 10 years 852 666 10 years - 15 years 377 125 15 years - 20 years 144 126 20 years+ 576 604 Total $2,617 $2,456 During the years ended December 31, 2020, 2019, and 2018, proceeds from the dispositions of available-for-sale securities amounted to $1,024 million, $1,427 million, and $2,406 million, respectively. During the years ended December 31, 2020, 2019, and 2018, gross gains of $47 million, $25 million, and $7 million, respectively, and gross losses of $4 million, $4 million, and $47 million, respectively, related to available-for-sale securities were reclassified out of other comprehensive income or other regulatory liabilities/assets into earnings. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of December 31, 2020 are $631 million for Indian Point 1, $794 million for Indian Point 2, $991 million for Indian Point 3, and $554 million for Palisades. The fair values of the decommissioning trust funds related to the Entergy Wholesale Commodities nuclear plants as of December 31, 2019 are $556 million for Indian Point 1, $701 million for Indian Point 2, $930 million for Indian Point 3, and $498 million for Palisades. Entergy Arkansas Entergy Arkansas holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of December 31, 2020 and 2019 are summarized as follows: Total Total Unrealized Unrealized Fair Value Gains Losses (In Millions) 2020 Debt Securities $447. As of December 31, 2020, the available-for-sale debt securities have an average coupon rate of approximately 2. The unrealized gains/(losses) recognized during the year ended December 31, 2020 on equity securities still held as of December 31, 2020 were $116. The available-for-sale securities held as of December 31, 2020 and 2019 are summarized as follows: Total Total Unrealized Unrealized Fair Value Gains Losses (In Millions) 2020 Debt Securities $632. As of December 31, 2020, the available-for-sale debt securities have an average coupon rate of approximately 3. The unrealized gains/(losses) recognized during the year ended December 31, 2020 on equity securities still held as of December 31, 2020 were $163. A relatively small percentage of the equity securities are held in funds intended to replicate the return of the Wilshire 4500 Index. The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities have been in a continuous loss position, are as follows as of December 31, 2020: Gross Unrealized Fair Value Losses (In Millions) Less than 12 months $36. System Energy System Energy holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts. The available-for-sale securities held as of December 31, 2020 and 2019 are summarized as follows: Total Total Unrealized Unrealized Fair Value Gains Losses (In Millions) 2020 Debt Securities $427. The unrealized gains/(losses) recognized during the year ended December 31, 2020 on equity securities still held as of December 31, 2020 were $111. In accordance with the new standard, Entergy estimates the expected credit losses for its available for sale securities based on the current credit rating and remaining life of the securities. To the extent an individual security is determined to be uncollectible it is written off against this allowance. Specifically, available-for-sale securities are subject to credit worthiness restrictions, with requirements for both the average credit rating of the portfolio and minimum credit ratings for individual debt 227 Table of Contents Entergy Corporation and Subsidiaries Notes to Financial Statements securities. Entergy did not record any impairments of available-for-sale debt securities for the year ended December 31, 2020. The assessment of whether an investment in a debt security suffered an other-thantemporary impairment was based on whether Entergy had the intent to sell or more likely than not would have been required to sell the debt security before recovery of its amortized costs.
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