Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Line Items]

Effective Income Tax Rate Reconciliation

The differences are as follows:

				FOR THE YEAR ENDED DEC. 31,
(THOUSANDS, EXCEPT PERCENTAGES)	2019			2018			2017
Income before tax	$	195,830		$	123,819		$	145,159
Statutory rate	21.0		%	21.0		%	35.0		%
Tax expense at federal statutory rate	$	41,124		$	26,002		$	50,806
Increase (decrease)
Plant differences, including AFUDC flowthrough	(4,687		)	(401		)	743
State income taxes, net of federal benefit	9,565			6,288			5,047
Return to accrual adjustment	(3,963		)	(193		)	(608		)
TCJA	—			(19		)	(46,291		)
NMTC	—			(1,578		)	313
Other, net	1,126			(717		)	(2,931		)
Total tax expense	$	43,165		$	29,382		$	7,079
Effective rate	22.0		%	23.7		%	4.9		%

Current and Deferred Income Tax Expense

Information about current and deferred income tax expense is as follows:

				FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)	2019			2018			2017
Current federal income tax expense	$	1,600		$	15,304		$	46,520
Deferred federal income tax expense (benefit)	37,963			5,863			(47,329		)
Amortization of accumulated deferred investment tax credits	(191		)	(236		)	(662		)
Total federal income tax expense (benefit)	$	39,372		$	20,931		$	(1,471	)
Current state income tax expense	1,675			7,771			3,187
Deferred state income tax expense	2,118			680			5,363
Total state income tax expense	$	3,793		$	8,451		$	8,550
Total federal and state income tax expense	$	43,165		$	29,382		$	7,079
Items charged or credited directly to member’s equity
Federal deferred	(5,130		)	1,408			(2,380		)
State deferred	(1,678		)	460			(384		)
Total tax (benefit) expense from items charged directly to member’s equity	$	(6,808	)	$	1,868		$	(2,764	)
Total federal and state income tax expense	$	36,357		$	31,250		$	4,315

Deferred Tax Assets and Liabilities

The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2019, and 2018 was comprised of the following:

	AT DEC. 31,
(THOUSANDS)	2019			2018
Depreciation and property basis differences	$	(862,263	)	$	(664,996	)
Net operating loss carryforward	120,955			—
NMTC	92,364			86,673
Fuel costs	(3,984		)	(8,339		)
Other comprehensive income	10,612			640
Regulated operations regulatory liability, net	34,836			39,808
Postretirement benefits	22,691			19,580
Merger fair value adjustments	(52,957		)	(56,725		)
Other	(19,312		)	(24,671		)
Accumulated deferred federal and state income taxes, net	$	(657,058	)	$	(608,030	)

CLECO POWER

Income Taxes [Line Items]

Effective Income Tax Rate Reconciliation

The differences are as follows:

	FOR THE YEAR ENDED DEC. 31,
(THOUSANDS, EXCEPT PERCENTAGES)	2019			2018			2017
Income before tax	$	193,714		$	218,181		$	218,069
Statutory rate	21.0		%	21.0		%	35.0		%
Tax expense at federal statutory rate	$	40,680		$	45,818		$	76,324
Increase (decrease)
Plant differences, including AFUDC flowthrough	(4,687		)	(401		)	743
State income taxes, net of federal benefit	11,683			11,080			7,583
Return to accrual adjustment	(2,008		)	483			(284		)
TCJA	—			(19		)	(14,292		)
Other, net	(216		)	(1,037		)	(2,743		)
Total taxes	$	45,452		$	55,924		$	67,331
Effective rate	23.5		%	25.6		%	30.9		%

Current and Deferred Income Tax Expense

Information about current and deferred income tax expense is as follows:

	FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)	2019			2018			2017
Current federal income tax expense	$	14,781		$	44,411		$	87,433
Deferred federal income tax expense (benefit)	22,443			(9,033		)	(29,190		)
Amortization of accumulated deferred investment tax credits	(191		)	(236		)	(662		)
Total federal income tax expense	$	37,033		$	35,142		$	57,581
Current state income tax expense	9,063			23,293			14,751
Deferred state income tax benefit	(644		)	(2,511		)	(5,001		)
Total state income tax expense	$	8,419		$	20,782		$	9,750
Total federal and state income taxes	$	45,452		$	55,924		$	67,331
Items charged or credited directly to members’ equity
Federal deferred	(2,500		)	797			(141		)
State deferred	(818		)	261			(23		)
Total tax (benefit) expense from items charged directly to member’s equity	$	(3,318	)	$	1,058		$	(164	)
Total federal and state income tax expense	$	42,134		$	56,982		$	67,167

Deferred Tax Assets and Liabilities

The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2019, and 2018 was comprised of the following:

	AT DEC. 31,
(THOUSANDS)	2019			2018
Depreciation and property basis differences	$	(705,423	)	$	(666,224	)
Net operating loss carryforward	2,714			—
Fuel costs	(5,608		)	(8,339		)
Other comprehensive income	7,510			4,192
Regulated operations regulatory liability, net	34,836			39,808
Postretirement benefits	10,044			11,081
Other	(1,907		)	(11,283		)
Accumulated deferred federal and state income taxes, net	$	(657,834	)	$	(630,765	)