Entergy Corporation and Subsidiaries Notes to Financial Statements 145 The fair value of debt securities, summarized by contractual maturities, as of December 31, 2009 and 2008 are as follows:
## Table 0 ##
During the years ended December 31, 2009, 2008, and 2007, proceeds from the dispositions of securities amounted to $2,571 million, $1,652 million, and $1,583 million, respectively.
During the years ended December 31, 2009, 2008, and 2007, gross gains of $80 million, $26 million, and $5 million, respectively, and gross losses of $30 million, $20 million, and $4 million, respectively, were reclassified out of other comprehensive income into earnings.
Other-than-temporary impairments and unrealized gains and losses Entergy evaluates unrealized losses at the end of each period to determine whether an other-than-temporary impairment has occurred.
Effective January 1, 2009, Entergy adopted an accounting pronouncement providing guidance regarding recognition and presentation of other-than-temporary impairments related to investments in debt securities.
The assessment of whether an investment in a debt security has suffered an other-than-temporary impairment is based on whether Entergy has the intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized costs.
Further, if Entergy does not expect to recover the entire amortized cost basis of the debt security, an other-than-temporary impairment is considered to have occurred and it is measured by the present value of cash flows expected to be collected less the amortized cost basis (credit loss).
For debt securities held as of January 1, 2009 for which an other-than-temporary impairment had previously been recognized but for which assessment under the new guidance indicates this impairment is temporary, Entergy recorded an adjustment to its opening balance of retained earnings of $11.3 million ($6.4 million net-of-tax).
Entergy did not have any material other-than-temporary impairments relating to credit losses on debt securities in 2009.
The assessment of whether an investment in an equity security has suffered an other-than-temporary impairment continues to be based on a number of factors including, first, whether Entergy has the ability and intent to hold the investment to recover its value, the duration and severity of any losses, and, then, whether it is expected that the investment will recover its value within a reasonable period of time.
Entergy's trusts are managed by third parties who operate in accordance with agreements that define investment guidelines and place restrictions on the purchases and sales of investments.
Non-Utility Nuclear recorded charges to other income of $86 million in 2009, $50 million in 2008, and $5 million in 2007, resulting from the recognition of the other-than-temporary impairment of certain equity securities held in its decommissioning trust funds.
NOTE 18.
ENTERGY NEW ORLEANS BANKRUPTCY PROCEEDING As a result of the effects of Hurricane Katrina and the effect of extensive flooding that resulted from levee breaks in and around the New Orleans area, on September 23, 2005, Entergy New Orleans filed a voluntary petition in bankruptcy court seeking reorganization relief under Chapter 11 of the U. S.  Bankruptcy Code.
On May 7, 2007, the bankruptcy judge entered an order confirming Entergy New Orleans' plan of reorganization.
With the receipt of CDBG funds, and the agreement on insurance recovery with one of its excess insurers, Entergy New Orleans waived the conditions precedent in its plan of reorganization and the plan became effective on May 8, 2007.
Following are significant terms in Entergy New Orleans' plan of reorganization:
As a result of the accounting for uncertain tax positions, the amount of the deferred tax assets reflected in the financial statements is less than the amount of the tax effect of the federal and state net operating loss carryovers, tax credit carryovers, and other tax attributes reflected on income tax returns.
Because it is more likely than not that the benefit from certain state net operating and capital loss carryovers will not be utilized, a valuation allowance of $66 million and $13 million has been provided on the deferred tax assets relating to these state net operating and capital loss carryovers, respectively.
Significant components of accumulated deferred income taxes and taxes accrued for the Registrant Subsidiaries as of December 31, 2011 and 2010 are as follows:
## Table 1 ##
Entergy Mississippi, Inc.  Management’s Financial Discussion and Analysis 327 2010 Compared to 2009 Net revenue consists of operating revenues net of: 1) fuel, fuel-related expenses, and gas purchased for resale, 2) purchased power expenses, and 3) other regulatory charges (credits).
Following is an analysis of the change in net revenue comparing 2010 to 2009.
## Table 2 ##
The volume/weather variance is primarily due to an increase of 1,046 GWh, or 8%, in billed electricity usage in all sectors, primarily due to the effect of more favorable weather on the residential sector.
Gross operating revenues, fuel and purchased power expenses, and other regulatory charges (credits) Gross operating revenues increased primarily due to an increase of $22 million in power management rider revenue as the result of higher rates, the volume/weather variance discussed above, and an increase in Grand Gulf rider revenue as a result of higher rates and increased usage, offset by a decrease of $23.5 million in fuel cost recovery revenues due to lower fuel rates.
Fuel and purchased power expenses decreased primarily due to a decrease in deferred fuel expense as a result of prior over-collections, offset by an increase in the average market price of purchased power coupled with increased net area demand.
Other regulatory charges increased primarily due to increased recovery of costs associated with the power management recovery rider.
Other Income Statement Variances 2011 Compared to 2010 Other operation and maintenance expenses decreased primarily due to: x a $5.4 million decrease in compensation and benefits costs primarily resulting from an increase in the accrual for incentive-based compensation in 2010 and a decrease in stock option expense; and x the sale of $4.9 million of surplus oil inventory.
The decrease was partially offset by an increase of $3.9 million in legal expenses due to the deferral in 2010 of certain litigation expenses in accordance with regulatory treatment.
Taxes other than income taxes increased primarily due to an increase in ad valorem taxes due to a higher 2011 assessment as compared to 2010, partially offset by higher capitalized property taxes as compared with prior year.
Depreciation and amortization expenses increased primarily due to an increase in plant in service.
Interest expense decreased primarily due to a revision caused by FERC’s acceptance of a change in the treatment of funds received from independent power producers for transmission interconnection projects.
Entergy New Orleans, Inc.  Management’s Financial Discussion and Analysis 350 Also in addition to the contractual obligations, Entergy New Orleans has $53.7 million of unrecognized tax benefits and interest net of unused tax attributes and payments for which the timing of payments beyond 12 months cannot be reasonably estimated due to uncertainties in the timing of effective settlement of tax positions.
See Note 3 to the financial statements for additional information regarding unrecognized tax benefits.
The planned capital investment estimate for Entergy New Orleans reflects capital required to support existing business.
The estimated capital expenditures are subject to periodic review and modification and may vary based on the ongoing effects of regulatory constraints, environmental compliance, market volatility, economic trends, changes in project plans, and the ability to access capital.
Management provides more information on long-term debt and preferred stock maturities in Notes 5 and 6 and to the financial statements.
As an indirect, wholly-owned subsidiary of Entergy Corporation, Entergy New Orleans pays dividends from its earnings at a percentage determined monthly.
Entergy New Orleans’s long-term debt indentures contain restrictions on the payment of cash dividends or other distributions on its common and preferred stock.
Sources of Capital Entergy New Orleans’s sources to meet its capital requirements include: x internally generated funds; x cash on hand; and x debt and preferred stock issuances.
Entergy New Orleans may refinance, redeem, or otherwise retire debt and preferred stock prior to maturity, to the extent market conditions and interest and dividend rates are favorable.
Entergy New Orleans’s receivables from the money pool were as follows as of December 31 for each of the following years:
## Table 3 ##
See Note 4 to the financial statements for a description of the money pool.
Entergy New Orleans has obtained short-term borrowing authorization from the FERC under which it may borrow through October 2013, up to the aggregate amount, at any one time outstanding, of $100 million.
See Note 4 to the financial statements for further discussion of Entergy New Orleans’s short-term borrowing limits.
The long-term securities issuances of Entergy New Orleans are limited to amounts authorized by the City Council, and the current authorization extends through July 2012.
Entergy Louisiana’s Ninemile Point Unit 6 Self-Build Project In June 2011, Entergy Louisiana filed with the LPSC an application seeking certification that the public necessity and convenience would be served by Entergy Louisiana’s construction of a combined-cycle gas turbine generating facility (Ninemile 6) at its existing Ninemile Point electric generating station.
Ninemile 6 will be a nominally-sized 550 MW unit that is estimated to cost approximately $721 million to construct, excluding interconnection and transmission upgrades.
Entergy Gulf States Louisiana joined in the application, seeking certification of its purchase under a life-of-unit power purchase agreement of up to 35% of the capacity and energy generated by Ninemile 6.
The Ninemile 6 capacity and energy is proposed to be allocated 55% to Entergy Louisiana, 25% to Entergy Gulf States Louisiana, and 20% to Entergy New Orleans.
In February 2012 the City Council passed a resolution authorizing Entergy New Orleans to purchase 20% of the Ninemile 6 energy and capacity.
If approvals are obtained from the LPSC and other permitting agencies, Ninemile 6 construction is
Equity Compensation Plan Information The following table summarizes the equity compensation plan information as of December 31, 2011.
Information is included for equity compensation plans approved by the stockholders and equity compensation plans not approved by the stockholders.

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2009	2008
(In Millions)
less than 1 year	$31	$21
1 year - 5 years	676	526
5 years - 10 years	388	490
10 years - 15 years	131	146
15 years - 20 years	34	52
20 years+	163	161
Total	$1,423	$1,396

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2011	Entergy Arkansas	Entergy Gulf States Louisiana	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas	System Energy
(In Thousands)
Deferred tax liabilities:
Plant basis differences - net	-$1,375,502	-$1,224,422	-$1,085,047	-$608,596	-$169,538	-$892,707	-$505,369
Regulatory asset for income taxes - net	-64,204	-140,644	-121,388	-28,183	70,973	-59,812	-87,550
Power purchase agreements	94	3,938	-1	2,383	22	2,547	-
Nuclear decommissioning trusts	-53,789	-21,096	-22,441	-	-	-	-19,138
Deferred fuel	-82,452	-1,225	-4,285	718	-331	3,932	-8
Other	-107,558	-1,532	-26,373	-10,193	-18,319	-14,097	-9,333
Total	-$1,683,411	-$1,384,981	-$1,259,535	-$643,871	-$117,193	-$960,137	-$621,398
Deferred tax assets:
Accumulated deferred investment
tax credits	16,843	31,367	28,197	2,437	592	6,769	22,133
Pension and OPEB	-75,399	92,602	19,866	-30,390	-11,713	-41,964	-19,593
Nuclear decommissioning liabilities	-104,862	-38,683	56,399	-	-	-	-47,360
Sale and leaseback	-	-	66,801	-	-	-	150,629
Provision for regulatory adjustments	-	97,608	-	-	-	-	-
Provision for contingencies	4,167	90	3,940	2,465	10,121	2,299	-
Unbilled/deferred revenues	15,222	-21,918	-7,108	8,990	2,707	14,324	-
Customer deposits	7,019	618	5,699	1,379	109	-	-
Rate refund	11,627	-	134	-	2	-3,924	-
Net operating loss carryforwards	-	-	39,153	-	-	58,546	-
Other	3,485	27,392	18,824	4,826	5,248	37,734	25,724
Total	-121,898	189,076	231,905	-10,293	7,066	73,784	131,533
Noncurrent accrued taxes (including
unrecognized tax benefits)	-27,718	-206,752	-75,750	-6,271	-27,859	39,799	-165,981
Accumulated deferred income
taxes and taxes accrued	-$1,833,027	-$1,402,657	-$1,103,380	-$660,435	-$137,986	-$846,554	-$655,846

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Amount (In Millions)
2009 net revenue	$536.7
Volume/weather	18.9
Other	-0.3
2010 net revenue	$555.3

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2011	2010	2009	2008
(In Thousands)
$9,074	$21,820	$66,149	$60,093

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Question: Does the average value of Power purchase agreements in Entergy Arkansas greater than that in Entergy Louisiana?
Answer: yes