ETR Entergy Corp

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Plan Participants and Plan Administrator of the

Savings Plan of Entergy Corporation and Subsidiaries VI

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Savings Plan of Entergy Corporation and Subsidiaries VI (the "Plan") as of December 31, 2019 and 2018, the related statement of changes in net assets available for benefits for the year ended December 31, 2019, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the year ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Report on Supplemental Schedule

The supplemental schedule of assets (held at end of year) as of December 31, 2019 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in compliance with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

    

/s/ DELOITTE & TOUCHE LLP

New Orleans, Louisiana

June 25, 2020

We have served as the auditor of the Plan since 2007.

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EIN 72-1229752 / PN 015
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES VI
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
As of December 31, 2019 and 2018
		December 31,
		2019				2018
INVESTMENTS:
	Plan interest in Master Trust:
	Investments at fair value	$	72,266,593			$	58,572,040
	Fully benefit-responsive investment contracts at contract value	5,411,444				6,569,482
	Total investments	77,678,037				65,141,522
RECEIVABLES:
	Notes receivable from participants	515,985				635,236
	Annual retirement contributions	500,838				765,298
	Participant contributions	—				654,861
	Total receivables	1,016,823				2,055,395
Net Assets Available for Benefits		$	78,694,860			$	67,196,917
See Notes to Financial Statements.

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•	A profit sharing plan qualified under IRC Section 401(a) and thus exempt under IRC Section 501(a), with a cash or deferred arrangement that satisfies applicable requirements for qualification and exemption under IRC Section 401(k); and

•	A stock bonus plan which constitutes an Employee Stock Ownership Plan (ESOP), as defined in IRC Section 4975(e)(7).

•

December 19, 2018, but effective January 1, 2019, to provide that, when a leave of absence loan repayment suspension period ends, the participant shall be required to resume regular repayments (in an amount not less than the payment amount under the terms of the original loan) and must repay the outstanding balance (including interest that accrues during the leave of absence) by the latest permissible term of the loan; provided, however, that the participant may instead (i) repay the loan in substantially equal installments over the remaining term of the loan, not to exceed the latest permissible date of the loan; or in the case of a military leave of absence, not to exceed the latest date permitted under Section 72(p)(2)(B) of the Code, plus the period of military service, or (ii) make an immediate lump sum repayment to bring the loan current; and

•	Effective December 2, 2019, to:

◦	remove the suspension requirement for before-tax deferral and After-tax employee contributions after a member takes a Hardship Withdrawal;

◦	comply with the final regulations issued by the Internal Revenue Service on September 23, 2019 that amend the rules relating to hardship distributions for 401(k) plans; and

◦

add as an additional reason for a hardship distribution to assist with expenses and losses (including loss of income) incurred by the Member on account of a disaster declared by the Federal Emergency Management Agency (FEMA) under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, Public Law 100-7-707, provided that the Member’s principal residence or principal place of employment at the time of the disaster was located in an area designated by FEMA for individual assistance with respect to the disaster.

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•	Entergy Stable Income Fund

•	Entergy Corporation Stock Fund

•	T. Rowe Price Blue Chip Growth Trust T6

•	T. Rowe Price Bond Trust I T1

•	T. Rowe Price Equity Income Trust C

•	T. Rowe Price International Core Equity Trust A

•	T. Rowe Price New Horizons Trust A

•	T. Rowe Price Retirement 2005 Trust C

•	T. Rowe Price Retirement 2010 Trust C

•	T. Rowe Price Retirement 2015 Trust C

•	T. Rowe Price Retirement 2020 Trust C

•	T. Rowe Price Retirement 2025 Trust C

•	T. Rowe Price Retirement 2030 Trust C

•	T. Rowe Price Retirement 2035 Trust C

•	T. Rowe Price Retirement 2040 Trust C

•	T. Rowe Price Retirement 2045 Trust C

•	T. Rowe Price Retirement 2050 Trust C

•	T. Rowe Price Retirement 2055 Trust C

•	T. Rowe Price Retirement 2060 Trust C

•	Schwab Personal Choice Retirement Account

•	Vanguard Institutional Index Fund, Institutional Plus

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•	T. Rowe Price Retirement 2005 Trust C

•	T. Rowe Price Retirement 2010 Trust C

•	T. Rowe Price Retirement 2015 Trust C

•	T. Rowe Price Retirement 2020 Trust C

•	T. Rowe Price Retirement 2025 Trust C

•	T. Rowe Price Retirement 2030 Trust C

•	T. Rowe Price Retirement 2035 Trust C

•	T. Rowe Price Retirement 2040 Trust C

•	T. Rowe Price Retirement 2045 Trust C

•	T. Rowe Price Retirement 2050 Trust C

•	T. Rowe Price Retirement 2055 Trust C

•	T. Rowe Price Retirement 2060 Trust C

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•	Level 1 - Level 1 inputs are unadjusted quoted prices for identical assets or liabilities in active markets that the plan has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

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Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by an independent party that uses inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy Corporation if it is believed such would be more reflective of fair value. Level 2 inputs include the following:

•	quoted prices for similar assets or liabilities in active markets;

•	quoted prices for identical or similar assets or liabilities in inactive markets;

•	inputs other than quoted prices that are observable for the asset or liability; or

•	inputs that are derived principally from or corroborated by observable market data by correlation or other means.

•	Level 3 - Level 3 refers to securities valued based on significant unobservable inputs.

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EIN 72-1229752 / PN 015

SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES VI

Notes to Financial Statements

As of December 31, 2019 and 2018, and for the Year Ended December 31, 2019

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table sets forth by level within the fair value hierarchy a summary of the Master Trust's investments measured at fair value on a recurring basis at December 31, 2019.

		Level 1				Level 2				Level 3				Total
Cash and cash equivalents		$	22,631,299			$	—			$	—			$	22,631,299
Common stock		524,758,511				—				—				524,758,511
Mutual funds		349,904,587				—				—				349,904,587
Common trust funds (a)														2,733,939,035
Brokerage accounts:
Mutual funds		43,647,982				—				—				43,647,982
Total		$	940,942,379			$	—			$	—			$	3,674,881,414

		Level 1				Level 2				Level 3				Total
Cash and cash equivalents		$	24,719,853			$	—			$	—			$	24,719,853
Common stock		433,831,602				—				—				433,831,602
Mutual funds		288,117,531				—				—				288,117,531
Common trust funds (a)														2,282,424,001
Brokerage accounts:
Mutual funds		38,032,246				—				—				38,032,246
Total		$	784,701,232			$	—			$	—			$	3,067,125,233

(a)	Common trust funds are not publicly quoted and are valued using net asset value as a practical expedient. Accordingly, these funds are not assigned a level in the fair value hierarchy tables above. The issuer of these funds allows daily trading at the net asset value and trades settle at a later date.

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		Master Trust Balances				Entergy Savings Plan VI's interest in Master Trust Balances
Investments at fair value
Cash and cash equivalents		$	22,631,299			$	295,507
Common stock*		524,758,511				771,866
Mutual funds		349,904,587				7,072,276
Common trust funds		2,733,939,035				63,223,175
Brokerage accounts		43,647,982				903,769
Total investments at fair value		3,674,881,414				72,266,593
Fully benefit- responsive investment contracts at contract value		414,223,744				5,411,444
Total investments		$	4,089,105,158			$	77,678,037

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EIN 72-1229752 / PN 015

SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES VI

Notes to Financial Statements

As of December 31, 2019 and 2018, and for the Year Ended December 31, 2019

The Master Trust investments and the Entergy Savings Plan VI's interest in the net assets of the Master Trust investments as of December 31, 2018 are as follows:

		Master Trust Balances				Entergy Savings Plan VI's interest in Master Trust Balances
Investments at fair value
Cash and cash equivalents		$	24,719,853			$	351,376
Common stock*		433,831,602				714,976
Mutual funds		288,117,531				4,801,869
Common trust funds		2,282,424,001				52,925,742
Brokerage accounts		38,032,246				237,707
Total investments at fair value		3,067,125,233				59,031,670
Fully benefit- responsive investment contracts at contract value		424,321,714				6,109,852
Total investments		$	3,491,446,947			$	65,141,522

Investment income:
Dividend		$	10,051,284
Net realized and unrealized appreciation  of investments		856,318,487
Total investment income		$	866,369,771

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		Net Assets Available for Benefits
		2019				2018
Net assets available for benefits, per the financial statements		$	78,694,860			$	67,196,917
Adjustment from contract value to fair value for fully benefit-responsive investment contracts		79,541				(110,855		)
Total assets per Form 5500, at fair value		$	78,774,401			$	67,086,062

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EIN 72-1229752 / PN 015

SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES VI

Notes to Financial Statements

As of December 31, 2019 and 2018, and for the Year Ended December 31, 2019

The following reconciles the increase in net assets on the Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2019 to the net income on Entergy Savings Plan VI's Form 5500 for the year ended December 31, 2019:

Increase in net assets per the financial statements		$	11,497,943
Reverse: Prior year adjustment from contract value to fair value for fully benefit-responsive		110,855
Adjustment from contract value to fair value for fully benefit-responsive investment contracts		79,541
Net income per Form 5500		$	11,688,339

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E.I.N. 72-1229752 / PN 015
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES VI
Schedule of Assets (Held at End of Year)
As of December 31, 2019
Plan Sponsor: Entergy Corporation
		Interest		Maturity				Current
Description		Rate		Date		Cost		Value
Loans to participants*
(Bearing interest rates of prime +1% with terms of up to 20 years)		4.25% - 6.50%		01/17/2020 - 07/31/2037		N/A		$515,985

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SIGNATURE

Entergy Savings Plan VI. Pursuant to the requirements of the Securities and Exchange Act of 1934, the Employee Benefits Committee has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.

SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES VI

By: /s/ Kimberly A. Fontan

Kimberly A. Fontan Senior Vice President and Chief Accounting Officer of Entergy Corporation

Dated: June 25, 2020

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CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement No. 333-227150 of Entergy Corporation on Form S-8 of our report dated June 25, 2020, relating to the financial statements and supplemental schedule of the Savings Plan of Entergy Corporation and Subsidiaries VI, appearing in this Annual Report on Form 11-K of the Savings Plan of Entergy Corporation and Subsidiaries VI for the year ended December 31, 2019.

/s/ DELOITTE & TOUCHE LLP

New Orleans, Louisiana

June 25, 2020