Revenue Recognition

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2020, and 2019, was as follows:


	FOR THE THREE MONTHS ENDED JUNE 30, 2020
(THOUSANDS)	CLECO POWER			CLECO CAJUN			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential ⁽¹⁾	$	97,973		$	—		$	—		$	—	$	97,973
Commercial ⁽¹⁾	61,575			—			—			—		61,575
Industrial ⁽¹⁾	29,208			—			—			—		29,208
Other retail ⁽¹⁾	3,341			—			—			—		3,341

Electric customer credits	(8,423)			—			—			—		(8,423)
Total retail revenue	183,674			—			—			—		183,674
Wholesale, net	45,694		⁽¹⁾	84,733			(2,420)		⁽²⁾	—		128,007
Transmission, net	11,625		⁽³⁾	13,131			—			(1,639)		23,117
Other	3,601			—			—			—		3,601
Affiliate ⁽⁴⁾	1,240			43			29,138			(30,421)		—
Total revenue from contracts with customers	245,834			97,907			26,718			(32,060)		338,399
Revenue unrelated to contracts with customers
Other	1,853		⁽⁵⁾	17,505		⁽⁶⁾	1			—		19,359
Total revenue unrelated to contracts with customers	1,853			17,505			1			—		19,359
Operating revenue, net	$	247,687		$	115,412		$	26,719		$	(32,060)	$	357,758

⁽¹⁾Includes fuel recovery revenue.

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

⁽³⁾ Includes $0.7 million of electric customer credits.

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

⁽⁵⁾ Includes realized gains associated with FTRs of $1.9 million.

⁽⁶⁾Includes $15.2 million in lease revenue related to the Cottonwood Sale Leaseback and $2.3 million of deferred lease revenue amortization.


	FOR THE THREE MONTHS ENDED JUNE 30, 2019
(THOUSANDS)	CLECO POWER			CLECO CAJUN			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential ⁽¹⁾	$	97,927		$	—		$	—		$	—	$	97,927
Commercial ⁽¹⁾	68,013			—			—			—		68,013
Industrial ⁽¹⁾	34,845			—			—			—		34,845
Other retail ⁽¹⁾	3,476			—			—			—		3,476
Surcharge	2,201			—			—			—		2,201
Electric customer credits	(8,693)			—			—			—		(8,693)
Total retail revenue	197,769			—			—			—		197,769
Wholesale, net	54,529		⁽¹⁾	100,702			(2,420)		⁽²⁾	—		152,811
Transmission	12,067			12,462			—			(2,954)		21,575
Other	3,337		⁽³⁾	(38)			—			—		3,299
Affiliate ⁽⁴⁾	337			—			23,012			(23,349)		—
Total revenue from contracts with customers	268,039			113,126			20,592			(26,303)		375,454
Revenue unrelated to contracts with customers
Other	4,933		⁽⁵⁾	17,486		⁽⁶⁾	—			—		22,419
Total revenue unrelated to contracts with customers	4,933			17,486			—			—		22,419
Operating revenue, net	$	272,972		$	130,612		$	20,592		$	(26,303)	$	397,873

⁽¹⁾Includes fuel recovery revenue.

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

⁽³⁾ Includes $2.5 million of other miscellaneous fee revenue and $0.8 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 $4.9 million.

⁽⁶⁾ Includes $15.1 million in lease revenue related to the Cottonwood Sale Leaseback and $2.4 million of deferred lease revenue amortization.


	FOR THE SIX MONTHS ENDED JUNE 30, 2020
(THOUSANDS)	CLECO POWER			CLECO CAJUN			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential ⁽¹⁾	$	179,544		$	—		$	—		$	—	$	179,544
Commercial ⁽¹⁾	122,685			—			—			—		122,685
Industrial ⁽¹⁾	61,418			—			—			—		61,418
Other retail ⁽¹⁾	6,802			—			—			—		6,802
Surcharge	2,443			—			—			—		2,443
Electric customer credits	(16,763)			—			—			—		(16,763)
Total retail revenue	356,129			—			—			—		356,129
Wholesale, net	87,923		⁽¹⁾	173,880			(4,840)		⁽²⁾	—		256,963
Transmission, net	23,694		⁽³⁾	26,062		⁽⁴⁾	—			(3,456)		46,300
Other	7,296			—			—			—		7,296
Affiliate ⁽⁵⁾	2,346			204			58,415			(60,965)		—
Total revenue from contracts with customers	477,388			200,146			53,575			(64,421)		666,688
Revenue unrelated to contracts with customers
Other	3,259		⁽⁶⁾	35,382		⁽⁷⁾	1			—		38,642
Total revenue unrelated to contracts with customers	3,259			35,382			1			—		38,642
Operating revenue, net	$	480,647		$	235,528		$	53,576		$	(64,421)	$	705,330

⁽¹⁾Includes fuel recovery revenue.

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

⁽³⁾ Includes $0.7 million of electric customer credits.

⁽⁴⁾ Includes $0.2 million of electric customer credits.

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

⁽⁶⁾ Includes realized gains associated with FTRs of $3.3 million.

⁽⁷⁾ Includes $30.8 million in lease revenue related to the Cottonwood Sale Leaseback and $4.6 million of deferred lease revenue amortization.


	FOR THE SIX MONTHS ENDED JUNE 30, 2019
(THOUSANDS)	CLECO POWER			CLECO CAJUN			OTHER			ELIMINATIONS		TOTAL
Revenue from contracts with customers
Retail revenue
Residential ⁽¹⁾	$	185,075		$	—		$	—		$	—	$	185,075
Commercial ⁽¹⁾	133,393			—			—			—		133,393
Industrial ⁽¹⁾	72,715			—			—			—		72,715
Other retail ⁽¹⁾	7,157			—			—			—		7,157
Surcharge	7,522			—			—			—		7,522
Electric customer credits	(16,853)			—			—			—		(16,853)
Total retail revenue	389,009			—			—			—		389,009
Wholesale, net	110,075		⁽¹⁾	158,893			(4,840)		⁽²⁾	—		264,128
Transmission	24,645			21,190			2			(2,954)		42,883
Other	10,189		⁽³⁾	(64)			—			—		10,125
Affiliate ⁽⁴⁾	637			—			49,547			(50,184)		—
Total revenue from contracts with customers	534,555			180,019			44,709			(53,138)		706,145
Revenue unrelated to contracts with customers
Other	7,162		⁽⁵⁾	28,753		⁽⁶⁾	—			—		35,915
Total revenue unrelated to contracts with customers	7,162			28,753			—			—		35,915
Operating revenue, net	$	541,717		$	208,772		$	44,709		$	(53,138)	$	742,060

⁽¹⁾Includes fuel recovery revenue.

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

⁽³⁾ Includes $6.9 million of other miscellaneous fee revenue and $3.2 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 $9.8 million and the reversal of the Lost Contribution to Fixed Cost revenue of $(2.6) million.

⁽⁶⁾ Includes $24.9 million in lease revenue related to the Cottonwood Sale Leaseback and $3.8 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 June 30, 2020, Cleco and Cleco Power had $78.2 million of unsatisfied fixed performance obligations that will be recognized as revenue over the term of such contracts as the stand-ready obligation to provide energy is provided.