XML 57 R20.htm IDEA: XBRL DOCUMENT v3.19.3
Disclosures about Segments
 9 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
Disclosures about Segments
Note 11 — Disclosures about Segments
Cleco’s reportable segments are based on its method of internal reporting, which disaggregates business units by its first-tier subsidiary. Cleco’s reportable segments are Cleco Power and Cleco Cajun.
Each reportable segment engages in business activities from which it earns revenue and incurs expenses. Segment managers report periodically to Cleco’s CEO with discrete financial information and, at least quarterly, present discrete financial information to Cleco and Cleco Power’s Boards of Managers. The reportable segment prepares budgets that are presented to and approved by Cleco and Cleco Power’s Boards of Managers. The column shown as Other in the following tables includes the holding company, a shared services subsidiary, an investment subsidiary, and a subsidiary formed to facilitate the Cleco Cajun Transaction. Upon the completion of the Cleco Cajun Transaction on February 4, 2019, Cleco Cajun became a new reportable segment. For more information on the transaction, see Note 2 — “Business Combination.”
The financial results in the following tables are presented on an accrual basis. The historical segment information was not recast because the Cleco Cajun segment only consists of the newly acquired business. There were no other changes to Cleco’s existing reportable segments. Management evaluates the performance of its segment and allocates resources to it based on segment profit and the requirements to implement new strategic initiatives and projects to meet current business objectives. Material intercompany transactions occur on a regular basis. These intercompany transactions relate primarily to joint and common administrative support services.
SEGMENT INFORMATION FOR THE THREE MONTHS ENDED SEPT. 30,
2019 (THOUSANDS)
CLECO POWER

 
CLECO CAJUN

 
OTHER

 
ELIMINATIONS

 
CONSOLIDATED

Revenue
 
 
 
 
 
 
 
 
 
Electric operations
$
339,869

 
$
114,453

 
$
(2,420
)
 
$
—

 
$
451,902

Other operations
18,485

 
33,737

 
—

 
(2,442
)
 
49,780

Affiliate revenue
334

 
31

 
28,252

 
(28,617
)
 
—

Electric customer credits
(13,711
)
 
—

 
—

 
—

 
(13,711
)
Operating revenue, net
$
344,977

 
$
148,221

 
$
25,832

 
$
(31,059
)
 
$
487,971

Depreciation and amortization
$
44,903

 
$
10,009

 
$
2,092

 
$
—

 
$
57,004

Interest income
$
1,421

 
$
220

 
$
228

 
$
(179
)
 
$
1,690

Interest charges
$
17,983

 
$
—

 
$
18,028

 
$
(179
)
 
$
35,832

Federal and state income tax expense (benefit)
$
12,431

 
$
7,612

 
$
(5,955
)
 
$
—

 
$
14,088

Net income (loss)
$
51,527

 
$
22,806

 
$
(18,768
)
 
$
—

 
$
55,565

2018 (THOUSANDS)
CLECO POWER

 
OTHER

 
ELIMINATIONS

 
CONSOLIDATED

Revenue
 
 
 
 
 
 
 
Electric operations
$
343,482

 
$
(2,420
)
 
$
—

 
$
341,062

Other operations
20,186

 
—

 
—

 
20,186

Affiliate revenue
223

 
22,765

 
(22,988
)
 
—

Electric customer credits
(2,992
)
 
—

 
—

 
(2,992
)
Operating revenue, net
$
360,899

 
$
20,345

 
$
(22,988
)
 
$
358,256

Depreciation and amortization
$
41,687

 
$
2,076

 
$
—

 
$
43,763

Interest income
$
1,606

 
$
310

 
$
(84
)
 
$
1,832

Interest charges
$
17,895

 
$
14,017

 
$
(84
)
 
$
31,828

Federal and state income tax expense (benefit)
$
18,016

 
$
(6,597
)
 
$
—

 
$
11,419

Net income (loss)
$
63,336

 
$
(15,975
)
 
$
(1
)
 
$
47,360

SEGMENT INFORMATION FOR THE NINE MONTHS ENDED SEPT. 30,
 
 
 
 
 
 
 
 
 
2019 (THOUSANDS)
CLECO POWER

 
CLECO CAJUN

 
OTHER

 
ELIMINATIONS

 
CONSOLIDATED

Revenue
 
 
 
 
 
 
 
 
 
Electric operations
$
862,969

 
$
274,610

 
$
(7,260
)
 
$
(1
)
 
$
1,130,318

Other operations
53,318

 
83,619

 
2

 
(5,395
)
 
131,544

Affiliate revenue
971

 
31

 
77,800

 
(78,802
)
 
—

Electric customer credits
(30,565
)
 
(1,267
)
 
—

 
—

 
(31,832
)
Operating revenue, net
$
886,693

 
$
356,993

 
$
70,542

 
$
(84,198
)
 
$
1,230,030

Depreciation and amortization
$
126,610

 
$
25,555

 
$
6,231

 
$
(1
)
 
$
158,395

Interest income
$
3,281

 
$
842

 
$
841

 
$
(508
)
 
$
4,456

Interest charges
$
52,498

 
$
—

 
$
53,682

 
$
(509
)
 
$
105,671

Federal and state income tax expense (benefit)
$
34,407

 
$
15,169

 
$
(17,220
)
 
$
(1
)
 
$
32,355

Net income (loss)
$
127,595

 
$
46,788

 
$
(53,515
)
 
$
—

 
$
120,868

Additions to property, plant, and equipment
$
247,987

 
$
3,654

 
$
204

 
$
—

 
$
251,845

Equity investment in investees (1)
$
17,672

 
$
—

 
$
—

 
$
—

 
$
17,672

Goodwill (1)
$
1,490,797

 
$
—

 
$
—

 
$
—

 
$
1,490,797

Total segment assets (1)
$
5,988,444

 
$
998,289

 
$
550,323

 
$
(38,683
)
 
$
7,498,373

(1) Balances as of September 30, 2019
 
 
 
 
 
 
 
 
 
2018 (THOUSANDS)
CLECO POWER

 
OTHER

 
ELIMINATIONS

 
CONSOLIDATED

Revenue
 
 
 
 
 
 
 
Electric operations
$
904,746

 
$
(7,260
)
 
$
—

 
$
897,486

Other operations
61,066

 
1

 
—

 
61,067

Affiliate revenue
651

 
55,707

 
(56,358
)
 
—

Electric customer credits
(24,276
)
 
—

 
—

 
(24,276
)
Operating revenue, net
$
942,187

 
$
48,448

 
$
(56,358
)
 
$
934,277

Depreciation and amortization
$
121,796

 
$
6,281

 
$
(1
)
 
$
128,076

Interest income
$
3,560

 
$
652

 
$
(169
)
 
$
4,043

Interest charges
$
53,658

 
$
41,409

 
$
(173
)
 
$
94,894

Federal and state income tax expense (benefit)
$
39,724

 
$
(17,777
)
 
$
—

 
$
21,947

Net income (loss)
$
132,359

 
$
(48,299
)
 
$
—

 
$
84,060

Additions to property, plant, and equipment
$
193,708

 
$
911

 
$
—

 
$
194,619

Equity investment in investees (1)
$
18,172

 
$
—

 
$
—

 
$
18,172

Goodwill (1)
$
1,490,797

 
$
—

 
$
—

 
$
1,490,797

Total segment assets (1)
$
5,839,853

 
$
633,756

 
$
(36,795
)
 
$
6,436,814

(1) Balances as of December 31, 2018