Revenue Recognition

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Note 5 — Revenue Recognition

Disaggregated Revenue

Upon the completion of the Cleco Cajun Transaction on February 4, 2019, Cleco Cajun became a reportable segment. For more information on the transaction, see Note 2 — “Business Combinations.”

Operating revenue, net for the three months ended March 31, 2020, and 2019, was as follows:



	FOR THE THREE MONTHS ENDED MAR. 31, 2020
(THOUSANDS)	CLECO POWER				CLECO CAJUN			OTHER				ELIMINATIONS			TOTAL
Revenue from contracts with customers
Retail revenue
Residential ⁽¹⁾	$	81,571			$	—		$	—			$	—		$	81,571
Commercial ⁽¹⁾	61,110				—			—				—			61,110
Industrial ⁽¹⁾	32,210				—			—				—			32,210
Other retail ⁽¹⁾	3,461				—			—				—			3,461
Surcharge	2,443				—			—				—			2,443
Electric customer credits	(8,340		)		—			—				—			(8,340		)
Total retail revenue	172,455				—			—				—			172,455
Wholesale, net	42,229			⁽¹⁾	89,147			(2,420		)	⁽²⁾	—			128,956
Transmission, net	12,069				12,931		⁽³⁾	—				(1,818		)	23,182
Other	3,695			⁽⁴⁾	—			1				—			3,696
Affiliate ⁽⁵⁾	1,106				161			29,278				(30,545		)	—
Total revenue from contracts with customers	231,554				102,239			26,859				(32,363		)	328,289
Revenue unrelated to contracts with customers
Other	1,406			⁽⁶⁾	17,877		⁽⁷⁾	—				—			19,283
Total revenue unrelated to contracts with customers	1,406				17,877			—				—			19,283
Operating revenue, net	$	232,960			$	120,116		$	26,859			$	(32,363	)	$	347,572

⁽¹⁾Includes fuel recovery revenue.

⁽²⁾ Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements.

⁽³⁾ Includes $0.2 million of electric customer credits.

⁽⁴⁾ Includes $3.7 million of other miscellaneous fee revenue.

⁽⁵⁾Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.

⁽⁶⁾ Includes realized gains associated with FTRs of $1.4 million.

⁽⁷⁾Includes $15.6 million in lease revenue related to the Cottonwood Sale Leaseback and $2.3 million of deferred lease revenue amortization.



	FOR THE THREE MONTHS ENDED MAR. 31, 2019
(THOUSANDS)	CLECO POWER				CLECO CAJUN				OTHER				ELIMINATIONS			TOTAL
Revenue from contracts with customers
Retail revenue
Residential ⁽¹⁾	$	87,148			$	—			$	—			$	—		$	87,148
Commercial ⁽¹⁾	65,380				—				—				—			65,380
Industrial ⁽¹⁾	37,870				—				—				—			37,870
Other retail ⁽¹⁾	3,681				—				—				—			3,681
Surcharge	5,321				—				—				—			5,321
Electric customer credits	(8,160		)		—				—				—			(8,160		)
Total retail revenue	191,240				—				—				—			191,240
Wholesale, net	55,546			⁽¹⁾	58,191				(2,420		)	⁽²⁾	—			111,317
Transmission	12,579				8,727				—				—			21,306
Other	6,851			⁽³⁾	(26		)		2				—			6,827
Affiliate ⁽⁴⁾	300				—				26,535				(26,835		)	—
Total revenue from contracts with customers	266,516				66,892				24,117				(26,835		)	330,690
Revenue unrelated to contracts with customers
Other	2,229			⁽⁵⁾	11,267			⁽⁶⁾	—				—			13,496
Total revenue unrelated to contracts with customers	2,229				11,267				—				—			13,496
Operating revenue, net	$	268,745			$	78,159			$	24,117			$	(26,835	)	$	344,186

⁽¹⁾Includes fuel recovery revenue.

⁽²⁾ Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements.

⁽³⁾ Includes $4.4 million of other miscellaneous fee revenue and $2.4 million of Teche Unit 3 SSR revenue at Cleco Power.

⁽⁴⁾ Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation.

⁽⁵⁾ Includes realized gains associated with FTRs of $4.8 million and the reversal of the LCFC revenue of $(2.6) million.

⁽⁶⁾ Includes $9.8 million in lease revenue related to the Cottonwood Sale Leaseback and $1.4 million of deferred lease revenue amortization.

Cleco and Cleco Power have unsatisfied performance obligations with durations ranging between 1 and 15 years that primarily relate to stand-ready obligations as part of fixed capacity minimums. At March 31, 2020, Cleco and Cleco Power had $80.7 million of unsatisfied performance obligations that will be recognized as revenue over the term of such contracts as the stand-ready obligation to provide energy is provided.