(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
Securities registered pursuant to Section 12(b) of the Act: | |||||
Cleco Corporate Holdings LLC: None | Cleco Power LLC: None | ||||
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
TABLE OF CONTENTS | ||||||||
PAGE | ||||||||
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
GLOSSARY OF TERMS |
ABBREVIATION OR ACRONYM | DEFINITION | ||||
2016 Merger | Merger of Merger Sub with and into Cleco Corporation pursuant to the terms of the Merger Agreement which was completed on April 13, 2016 | ||||
2016 Merger Commitments | Cleco Partners’, Cleco Group’s, Cleco Holdings’, and Cleco Power’s 77 commitments to the LPSC as defined in Docket No. U-33434 | ||||
401(k) Plan | Cleco Power 401(k) Savings and Investment Plan | ||||
ABR | Alternate Base Rate which is the greater of the prime rate, the federal funds effective rate plus 0.50%, or LIBOR plus 1.0% | ||||
Acadia | Acadia Power Partners, LLC, previously a wholly owned subsidiary of Midstream. Acadia Power Partners, LLC was dissolved effective August 29, 2014. | ||||
Acadia Unit 1 | Cleco Power’s 580-MW, combined cycle power plant located at the Acadia Power Station in Eunice, Louisiana | ||||
Acadia Unit 2 | Entergy Louisiana’s 580-MW, combined cycle power plant located at the Acadia Power Station in Eunice, Louisiana, which is operated by Cleco Power | ||||
ADIT | Accumulated Deferred Income Tax | ||||
AFUDC | Allowance for Funds Used During Construction | ||||
Amended Lignite Mining Agreement | Amended and restated lignite mining agreement effective December 29, 2009 | ||||
AMI | Advanced Metering Infrastructure | ||||
AOCI | Accumulated Other Comprehensive Income (Loss) | ||||
ARO | Asset Retirement Obligation | ||||
BCI | British Columbia Investment Management Corporation | ||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act of March 2020 | ||||
CCR | Coal combustion by-products or residual | ||||
CDC | Centers for Disease Control and Prevention | ||||
CECL | Current Expected Credit Losses | ||||
CEO | Chief Executive Officer | ||||
CFO | Chief Financial Officer | ||||
Cleco | Cleco Holdings and its subsidiaries | ||||
Cleco Cajun | Cleco Cajun LLC (formerly Cleco Energy LLC, a wholly owned subsidiary of Cleco Holdings) and its subsidiaries | ||||
Cleco Cajun Transaction | The transaction between Cleco Cajun and NRG Energy in which Cleco Cajun acquired all the membership interest in South Central Generating, which closed on February 4, 2019, pursuant to the Purchase and Sale Agreement, which includes the Cottonwood Sale Leaseback. | ||||
Cleco Corporation | Pre-2016 Merger entity that was converted to a limited liability company and changed its name to Cleco Corporate Holdings LLC on April 13, 2016 | ||||
Cleco Group | Cleco Group LLC, a wholly owned subsidiary of Cleco Partners | ||||
Cleco Holdings | Cleco Corporate Holdings LLC, a wholly owned subsidiary of Cleco Group | ||||
Cleco Katrina/Rita | Cleco Katrina/Rita Hurricane Recovery Funding LLC, a wholly owned subsidiary of Cleco Power | ||||
Cleco Partners | Cleco Partners L.P., a Delaware limited partnership that is owned by a consortium of investors, including funds or investment vehicles managed by MIRA, BCI, John Hancock Financial, and other infrastructure investors | ||||
Cleco Power | Cleco Power LLC and its subsidiaries, a wholly owned subsidiary of Cleco Holdings | ||||
Como 1 | Como 1, L.P., currently known as Cleco Partners | ||||
Cottonwood Energy | Cottonwood Energy Company LP, a wholly owned subsidiary of Cleco Cajun. Prior to the closing of the Cleco Cajun Transaction on February 4, 2019, Cottonwood Energy was an indirect subsidiary of South Central Generating. | ||||
Cottonwood Plant | Cleco Cajun’s 1,263-MW, natural-gas-fired generating station located in Deweyville, Texas | ||||
Cottonwood Sale Leaseback | A lease agreement executed and delivered between Cottonwood Energy and a special-purpose entity that is a subsidiary of NRG Energy pursuant to which NRG Energy will lease back the Cottonwood Plant and will operate it until no later than May 2025. | ||||
Coughlin | Cleco Power’s 775-MW, combined-cycle power plant located in St. Landry, Louisiana | ||||
COVID-19 | Novel coronavirus disease 2019 and the related global outbreak that was subsequently declared a pandemic by WHO in March 2020. | ||||
DHLC | Dolet Hills Lignite Company, LLC, a wholly owned subsidiary of SWEPCO | ||||
Diversified Lands | Diversified Lands LLC, a wholly owned subsidiary of Cleco Holdings | ||||
Dolet Hills | A facility consisting of Dolet Hills Power Station, the Dolet Hills mine, and the Oxbow mine | ||||
Dolet Hills Power Station | A 650-MW generating unit at Cleco Power’s plant site in Mansfield, Louisiana. Cleco Power has a 50% ownership interest in the capacity of the Dolet Hills Power Station. | ||||
EAC | Environmental Adjustment Clause | ||||
EBITDA | Earnings before interest, income taxes, depreciation, and amortization | ||||
Entergy Gulf States | Entergy Gulf States Louisiana, LLC | ||||
Entergy Louisiana | Entergy Louisiana, LLC | ||||
EPA | U.S. Environmental Protection Agency | ||||
ERO | Electric Reliability Organization | ||||
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
ABBREVIATION OR ACRONYM | DEFINITION | ||||
Evangeline | Cleco Evangeline LLC, a wholly owned subsidiary of Midstream | ||||
FAC | Fuel Adjustment Clause | ||||
FASB | Financial Accounting Standards Board | ||||
FERC | Federal Energy Regulatory Commission | ||||
Fitch | Fitch Ratings, a credit rating agency | ||||
FTR | Financial Transmission Right | ||||
FRP | Formula Rate Plan | ||||
GAAP | Generally Accepted Accounting Principles in the U.S. | ||||
GO Zone | Gulf Opportunity Zone Act of 2005 (Public Law 109-135) | ||||
IRS | Internal Revenue Service | ||||
kWh | Kilowatt-hour(s) | ||||
LCFC | Lost Contribution to Fixed Cost | ||||
LDEQ | Louisiana Department of Environmental Quality | ||||
LIBOR | London Interbank Offered Rate | ||||
LMP | Locational Marginal Price | ||||
Louisiana Generating | Louisiana Generating, LLC, a wholly owned subsidiary of South Central Generating | ||||
LPSC | Louisiana Public Service Commission | ||||
LTSA | Long-Term Parts and Service Agreement between Cottonwood Energy and a third party, dated January 19, 2001, that Cleco Cajun assumed as a result of the Cleco Cajun Transaction to provide maintenance services related to the Cottonwood Plant | ||||
Merger Agreement | Agreement and Plan of Merger, dated as of October 17, 2014, by and among Cleco Partners, Merger Sub, and Cleco Corporation relating to the 2016 Merger | ||||
Merger Sub | Cleco MergerSub Inc., previously an indirect wholly owned subsidiary of Cleco Partners that was merged with and into Cleco Corporation, with Cleco Corporation surviving the 2016 Merger, and Cleco Corporation converting to a limited liability company and changing its name to Cleco Holdings | ||||
Midstream | Cleco Midstream Resources LLC, a wholly owned subsidiary of Cleco Holdings | ||||
MIRA | Macquarie Infrastructure and Real Assets Inc. | ||||
MISO | Midcontinent Independent System Operator, Inc. | ||||
MMBtu | One million British thermal units | ||||
Moody’s | Moody’s Investors Service, a credit rating agency | ||||
MW | Megawatt(s) | ||||
MWh | Megawatt-hour(s) | ||||
NERC | North American Electric Reliability Corporation | ||||
Not Meaningful | A percentage comparison of these items is not statistically meaningful because the percentage difference is greater than 1,000% | ||||
NRG Energy | NRG Energy, Inc. | ||||
NRG South Central | NRG South Central Generating LLC | ||||
Other Benefits | Includes medical, dental, vision, and life insurance for Cleco’s retirees | ||||
Oxbow | Oxbow Lignite Company, LLC, 50% owned by Cleco Power and 50% owned by SWEPCO | ||||
Perryville | Perryville Energy Partners, L.L.C., a wholly owned subsidiary of Cleco Holdings | ||||
Purchase and Sale Agreement | Purchase and Sale Agreement, dated as of February 6, 2018, by and among NRG Energy, South Central Generating, and Cleco Cajun | ||||
Registrant(s) | Cleco Holdings and/or Cleco Power | ||||
ROE | Return on Equity | ||||
RTO | Regional Transmission Organization | ||||
S&P | Standard & Poor’s Ratings Services, a credit rating agency | ||||
SEC | U.S. Securities and Exchange Commission | ||||
SERP | Supplemental Executive Retirement Plan | ||||
South Central Generating | South Central Generating LLC, formerly NRG South Central Generating LLC | ||||
SSR | System Support Resource | ||||
START | Strategic Alignment and Real-Time Transformation | ||||
Support Group | Cleco Support Group LLC, a wholly owned subsidiary of Cleco Holdings | ||||
SWEPCO | Southwestern Electric Power Company, an electric utility subsidiary of American Electric Power Company, Inc. | ||||
TCJA | Federal tax legislation commonly referred to as the Tax Cuts and Jobs Act of 2017 | ||||
Teche Unit 3 | A 359-MW generating unit at Cleco Power’s plant site in Baldwin, Louisiana | ||||
WHO | World Health Organization | ||||
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
PART I — FINANCIAL INFORMATION |
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | |||||||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | |||||||||||
(THOUSANDS) | 2020 | 2019 | |||||||||
Operating revenue | |||||||||||
Electric operations | $ | $ | |||||||||
Other operations | |||||||||||
Gross operating revenue | |||||||||||
Electric customer credits | ( | ( | |||||||||
Operating revenue, net | |||||||||||
Operating expenses | |||||||||||
Fuel used for electric generation | |||||||||||
Purchased power | |||||||||||
Other operations and maintenance | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Merger transaction and commitment costs | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Interest income | |||||||||||
Allowance for equity funds used during construction | |||||||||||
Other expense, net | ( | ( | |||||||||
Interest charges | |||||||||||
Interest charges, net | |||||||||||
Allowance for borrowed funds used during construction | ( | ( | |||||||||
Total interest charges | |||||||||||
Income before income taxes | |||||||||||
Federal and state income tax expense | |||||||||||
Net income | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | |||||||||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | |||||||||||
(THOUSANDS) | 2020 | 2019 | |||||||||
Net income | $ | $ | |||||||||
Other comprehensive income (loss), net of tax | |||||||||||
Postretirement benefits gain (loss) (net of tax expense of $159 in 2020 and tax benefit of $13 in 2019) | ( | ||||||||||
Total other comprehensive income (loss), net of tax | ( | ||||||||||
Comprehensive income, net of tax | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | |||||||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||
(THOUSANDS) | 2020 | 2019 | |||||||||
Operating revenue | |||||||||||
Electric operations | $ | $ | |||||||||
Other operations | |||||||||||
Gross operating revenue | |||||||||||
Electric customer credits | ( | ( | |||||||||
Operating revenue, net | |||||||||||
Operating expenses | |||||||||||
Fuel used for electric generation | |||||||||||
Purchased power | |||||||||||
Other operations and maintenance | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Merger transaction and commitment costs | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Interest income | |||||||||||
Allowance for equity funds used during construction | |||||||||||
Other (expense) income, net | ( | ||||||||||
Interest charges | |||||||||||
Interest charges, net | |||||||||||
Allowance for borrowed funds used during construction | ( | ( | |||||||||
Total interest charges | |||||||||||
Income before income taxes | |||||||||||
Federal and state income tax expense | |||||||||||
Net income | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | |||||||||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||
(THOUSANDS) | 2020 | 2019 | |||||||||
Net income | $ | $ | |||||||||
Other comprehensive income (loss), net of tax | |||||||||||
Postretirement benefits gain (loss) (net of tax expense of $460 in 2020 and tax benefit of $112 in 2019) | ( | ||||||||||
Total other comprehensive income (loss), net of tax | ( | ||||||||||
Comprehensive income, net of tax | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and cash equivalents | |||||||||||
Customer accounts receivable (less allowance for credit losses of $ | |||||||||||
Other accounts receivable | |||||||||||
Unbilled revenue | |||||||||||
Fuel inventory, at average cost | |||||||||||
Materials and supplies, at average cost | |||||||||||
Energy risk management assets | |||||||||||
Accumulated deferred fuel | |||||||||||
Cash surrender value of company-/trust-owned life insurance policies | |||||||||||
Prepayments | |||||||||||
Regulatory assets | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment | |||||||||||
Property, plant, and equipment | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Net property, plant, and equipment | |||||||||||
Construction work in progress | |||||||||||
Total property, plant, and equipment, net | |||||||||||
Equity investment in investee | |||||||||||
Goodwill | |||||||||||
Prepayments | |||||||||||
Operating lease right of use assets | |||||||||||
Restricted cash and cash equivalents | |||||||||||
Note receivable | |||||||||||
Regulatory assets | |||||||||||
Intangible assets | |||||||||||
Other deferred charges | |||||||||||
Total assets | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. | |||||||||||
(Continued on next page) |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Liabilities and member’s equity | |||||||||||
Liabilities | |||||||||||
Current liabilities | |||||||||||
Short-term debt | $ | $ | |||||||||
Long-term debt and finance leases due within one year | |||||||||||
Accounts payable | |||||||||||
Accounts payable - affiliate | |||||||||||
Customer deposits | |||||||||||
Provision for rate refund | |||||||||||
Taxes payable, net | |||||||||||
Interest accrued | |||||||||||
Energy risk management liabilities | |||||||||||
Regulatory liabilities | |||||||||||
Deferred compensation | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term liabilities and deferred credits | |||||||||||
Accumulated deferred federal and state income taxes, net | |||||||||||
Postretirement benefit obligations | |||||||||||
Regulatory liabilities - deferred taxes, net | |||||||||||
Restricted storm reserve | |||||||||||
Deferred lease revenue | |||||||||||
Intangible liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Operating lease liabilities | |||||||||||
Other deferred credits | |||||||||||
Total long-term liabilities and deferred credits | |||||||||||
Long-term debt and finance leases, net | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 14) | |||||||||||
Member’s equity | |||||||||||
Total liabilities and member’s equity | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | ||||||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||
(THOUSANDS) | 2020 | 2019 | ||||||||||||
Operating activities | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Provision for credit losses | ||||||||||||||
Unearned compensation expense | ||||||||||||||
Allowance for equity funds used during construction | ( | ( | ||||||||||||
(Gain) loss on risk management assets and liabilities, net | ( | |||||||||||||
Deferred lease revenue | ( | ( | ||||||||||||
Deferred income taxes | ||||||||||||||
Deferred fuel costs | ( | ( | ||||||||||||
Cash surrender value of company-/trust-owned life insurance | ( | |||||||||||||
Changes in assets and liabilities | ||||||||||||||
Accounts receivable | ( | ( | ||||||||||||
Unbilled revenue | ( | ( | ||||||||||||
Fuel inventory and materials and supplies | ( | |||||||||||||
Prepayments | ( | ( | ||||||||||||
Accounts payable | ( | |||||||||||||
Accounts payable - affiliate | ||||||||||||||
Customer deposits | ||||||||||||||
Provision for merger commitments | ( | |||||||||||||
Postretirement benefit obligations | ( | |||||||||||||
Regulatory assets and liabilities, net | ( | |||||||||||||
Other deferred accounts | ( | ( | ||||||||||||
Taxes accrued | ||||||||||||||
Interest accrued | ||||||||||||||
Other operating | ||||||||||||||
Net cash provided by operating activities | ||||||||||||||
Investing activities | ||||||||||||||
Additions to property, plant, and equipment | ( | ( | ||||||||||||
Allowance for equity funds used during construction | ||||||||||||||
Return of equity investment in investees | ||||||||||||||
Return of equity investment in tax credit fund | ||||||||||||||
Return of investment in company-owned life insurance | ||||||||||||||
Payment to acquire business, net of cash acquired | ( | |||||||||||||
Other investing | ||||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing activities | ||||||||||||||
Draws on revolving credit facilities | ||||||||||||||
Payments on revolving credit facilities | ( | |||||||||||||
Issuances of long-term debt | ||||||||||||||
Repayment of long-term debt | ( | ( | ||||||||||||
Payment of financing costs | ( | ( | ||||||||||||
Contributions from member | ||||||||||||||
Other financing | ( | ( | ||||||||||||
Net cash provided by financing activities | ||||||||||||||
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | ( | |||||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | (1) | |||||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | $ | (2) | $ | |||||||||||
(1) Includes cash and cash equivalents of $ (2) Includes cash and cash equivalents of $ | ||||||||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. | ||||||||||||||
(Continued on next page) | ||||||||||||||
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | ||||||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||
(THOUSANDS) | 2020 | 2019 | ||||||||||||
Supplementary cash flow information | ||||||||||||||
Interest paid, net of amount capitalized | $ | $ | ||||||||||||
Income taxes paid (refunded), net | $ | $ | ( | |||||||||||
Supplementary non-cash investing and financing activities | ||||||||||||||
Accrued additions to property, plant, and equipment | $ | $ | ||||||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | |||||||||||||||||||||||
Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited) | |||||||||||||||||||||||
(THOUSANDS) | MEMBERSHIP INTEREST | RETAINED EARNINGS | AOCI | TOTAL MEMBER’S EQUITY | |||||||||||||||||||
Balances, June 30, 2019 | $ | $ | $ | $ | |||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | ( | ( | |||||||||||||||||||
Balances, Sept. 30, 2019 | $ | $ | $ | $ | |||||||||||||||||||
Balances, June 30, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Other comprehensive income, net of tax | — | — | |||||||||||||||||||||
Balances, Sept. 30, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||
Balances, Dec. 31, 2018 | $ | $ | $ | $ | |||||||||||||||||||
Contribution from member | — | — | |||||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | ( | ( | |||||||||||||||||||
Balances, Sept. 30, 2019 | $ | $ | $ | $ | |||||||||||||||||||
Balances, Dec. 31, 2019 | $ | $ | $ | ( | $ | ||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Other comprehensive income, net of tax | — | — | |||||||||||||||||||||
Balances, Sept. 30, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO POWER | |||||||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | |||||||||||
(THOUSANDS) | 2020 | 2019 | |||||||||
Operating revenue | |||||||||||
Electric operations | $ | $ | |||||||||
Other operations | |||||||||||
Affiliate revenue | |||||||||||
Gross operating revenue | |||||||||||
Electric customer credits | ( | ( | |||||||||
Operating revenue, net | |||||||||||
Operating expenses | |||||||||||
Fuel used for electric generation | |||||||||||
Purchased power | |||||||||||
Other operations and maintenance | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Interest income | |||||||||||
Allowance for equity funds used during construction | |||||||||||
Other expense, net | ( | ( | |||||||||
Interest charges | |||||||||||
Interest charges, net | |||||||||||
Allowance for borrowed funds used during construction | ( | ( | |||||||||
Total interest charges | |||||||||||
Income before income taxes | |||||||||||
Federal and state income tax expense | |||||||||||
Net income | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO POWER | |||||||||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | |||||||||||
(THOUSANDS) | 2020 | 2019 | |||||||||
Net income | $ | $ | |||||||||
Other comprehensive income, net of tax | |||||||||||
Postretirement benefits gain (net of tax expense of $132 in 2020 and $81 in 2019) | |||||||||||
Amortization of interest rate derivatives to earnings (net of tax expense of $22 in 2020 and 2019) | |||||||||||
Total other comprehensive income, net of tax | |||||||||||
Comprehensive income, net of tax | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO POWER | |||||||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||
(THOUSANDS) | 2020 | 2019 | |||||||||
Operating revenue | |||||||||||
Electric operations | $ | $ | |||||||||
Other operations | |||||||||||
Affiliate revenue | |||||||||||
Gross operating revenue | |||||||||||
Electric customer credits | ( | ( | |||||||||
Operating revenue, net | |||||||||||
Operating expenses | |||||||||||
Fuel used for electric generation | |||||||||||
Purchased power | |||||||||||
Other operations and maintenance | |||||||||||
Depreciation and amortization | |||||||||||
Taxes other than income taxes | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Interest income | |||||||||||
Allowance for equity funds used during construction | |||||||||||
Other expense, net | ( | ( | |||||||||
Interest charges | |||||||||||
Interest charges, net | |||||||||||
Allowance for borrowed funds used during construction | ( | ( | |||||||||
Total interest charges | |||||||||||
Income before income taxes | |||||||||||
Federal and state income tax expense | |||||||||||
Net income | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO POWER | |||||||||||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | |||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||
(THOUSANDS) | 2020 | 2019 | |||||||||
Net income | $ | $ | |||||||||
Other comprehensive income, net of tax | |||||||||||
Postretirement benefits gain (net of tax expense of $430 in 2020 and $182 in 2019) | |||||||||||
Amortization of interest rate derivatives to earnings (net of tax expense of $67 in 2020 and 2019) | |||||||||||
Total other comprehensive income, net of tax | |||||||||||
Comprehensive income, net of tax | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO POWER | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Assets | |||||||||||
Utility plant and equipment | |||||||||||
Property, plant, and equipment | $ | $ | |||||||||
Accumulated depreciation | ( | ( | |||||||||
Net property, plant, and equipment | |||||||||||
Construction work in progress | |||||||||||
Total utility plant and equipment, net | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash and cash equivalents | |||||||||||
Customer accounts receivable (less allowance for credit losses of $ | |||||||||||
Accounts receivable - affiliate | |||||||||||
Other accounts receivable | |||||||||||
Unbilled revenue | |||||||||||
Fuel inventory, at average cost | |||||||||||
Materials and supplies, at average cost | |||||||||||
Energy risk management assets | |||||||||||
Accumulated deferred fuel | |||||||||||
Cash surrender value of company-owned life insurance policies | |||||||||||
Prepayments | |||||||||||
Regulatory assets | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Equity investment in investee | |||||||||||
Prepayments | |||||||||||
Operating lease right of use assets | |||||||||||
Restricted cash and cash equivalents | |||||||||||
Note receivable | |||||||||||
Regulatory assets | |||||||||||
Other deferred charges | |||||||||||
Total assets | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. | |||||||||||
(Continued on next page) |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO POWER | |||||||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Liabilities and member’s equity | |||||||||||
Member’s equity | $ | $ | |||||||||
Long-term debt and finance leases, net | |||||||||||
Total capitalization | |||||||||||
Current liabilities | |||||||||||
Short-term debt | |||||||||||
Long-term debt and finance leases due within one year | |||||||||||
Accounts payable | |||||||||||
Accounts payable - affiliate | |||||||||||
Customer deposits | |||||||||||
Provision for rate refund | |||||||||||
Taxes payable, net | |||||||||||
Interest accrued | |||||||||||
Energy risk management liabilities | |||||||||||
Regulatory liabilities | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Commitments and contingencies (Note 14) | |||||||||||
Long-term liabilities and deferred credits | |||||||||||
Accumulated deferred federal and state income taxes, net | |||||||||||
Postretirement benefit obligations | |||||||||||
Regulatory liabilities - deferred taxes, net | |||||||||||
Restricted storm reserve | |||||||||||
Asset retirement obligations | |||||||||||
Operating lease liabilities | |||||||||||
Other deferred credits | |||||||||||
Total long-term liabilities and deferred credits | |||||||||||
Total liabilities and member’s equity | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO POWER | ||||||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||
(THOUSANDS) | 2020 | 2019 | ||||||||||||
Operating activities | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Provision for credit losses | ||||||||||||||
Unearned compensation expense | ||||||||||||||
Allowance for equity funds used during construction | ( | ( | ||||||||||||
Deferred income taxes | ||||||||||||||
Deferred fuel costs | ( | ( | ||||||||||||
Cash surrender value of company-owned life insurance | ||||||||||||||
Changes in assets and liabilities | ||||||||||||||
Accounts receivable | ( | ( | ||||||||||||
Accounts receivable - affiliate | ||||||||||||||
Unbilled revenue | ( | ( | ||||||||||||
Fuel inventory and materials and supplies | ( | |||||||||||||
Prepayments | ||||||||||||||
Accounts payable | ( | |||||||||||||
Accounts payable - affiliate | ||||||||||||||
Customer deposits | ||||||||||||||
Provision for merger commitments | ( | ( | ||||||||||||
Postretirement benefit obligations | ( | |||||||||||||
Regulatory assets and liabilities, net | ( | |||||||||||||
Other deferred accounts | ( | ( | ||||||||||||
Taxes accrued | ( | |||||||||||||
Interest accrued | ||||||||||||||
Other operating | ||||||||||||||
Net cash provided by operating activities | ||||||||||||||
Investing activities | ||||||||||||||
Additions to property, plant, and equipment | ( | ( | ||||||||||||
Allowance for equity funds used during construction | ||||||||||||||
Return of equity investment in investees | ||||||||||||||
Return of investment in company-owned life insurance | ||||||||||||||
Other investing | ||||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing activities | ||||||||||||||
Draws on revolving credit facility | ||||||||||||||
Payments on revolving credit facility | ( | |||||||||||||
Issuances of long-term debt | ||||||||||||||
Repayment of long-term debt | ( | ( | ||||||||||||
Payment of financing costs | ( | ( | ||||||||||||
Other financing | ( | ( | ||||||||||||
Net cash provided by (used in) financing activities | ( | |||||||||||||
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | ||||||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | (1) | |||||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | $ | (2) | $ | |||||||||||
Supplementary cash flow information | ||||||||||||||
Interest paid, net of amount capitalized | $ | $ | ||||||||||||
Supplementary non-cash investing and financing activities | ||||||||||||||
Accrued additions to property, plant, and equipment | $ | $ | ||||||||||||
(1) Includes cash and cash equivalents of $ (2) Includes cash and cash equivalents of $ | ||||||||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO POWER | |||||||||||||||||
Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited) | |||||||||||||||||
(THOUSANDS) | MEMBER’S EQUITY | AOCI | TOTAL MEMBER’S EQUITY | ||||||||||||||
Balances, June 30, 2019 | $ | $ | ( | $ | |||||||||||||
Net income | — | ||||||||||||||||
Other comprehensive income, net of tax | — | ||||||||||||||||
Balances, Sept. 30, 2019 | $ | $ | ( | $ | |||||||||||||
Balances, June 30, 2020 | $ | $ | ( | $ | |||||||||||||
Net income | — | ||||||||||||||||
Other comprehensive income, net of tax | — | ||||||||||||||||
Balances, Sept. 30, 2020 | $ | $ | ( | $ | |||||||||||||
Balances, Dec. 31, 2018 | $ | $ | ( | $ | |||||||||||||
Net income | — | ||||||||||||||||
Other comprehensive income, net of tax | — | ||||||||||||||||
Balances, Sept. 30, 2019 | $ | $ | ( | $ | |||||||||||||
Balances, Dec. 31, 2019 | $ | $ | ( | $ | |||||||||||||
Net income | — | ||||||||||||||||
Other comprehensive income, net of tax | — | ||||||||||||||||
Balances, Sept. 30, 2020 | $ | $ | ( | $ | |||||||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Index to Applicable Notes to the Unaudited Condensed Consolidated Financial Statements of Registrants | ||||||||
Note 1 | Summary of Significant Accounting Policies | Cleco and Cleco Power | ||||||
Note 2 | Business Combinations | Cleco | ||||||
Note 3 | Recent Authoritative Guidance | Cleco and Cleco Power | ||||||
Note 4 | Leases | Cleco and Cleco Power | ||||||
Note 5 | Revenue Recognition | Cleco and Cleco Power | ||||||
Note 6 | Regulatory Assets and Liabilities | Cleco and Cleco Power | ||||||
Note 7 | Fair Value Accounting | Cleco and Cleco Power | ||||||
Note 8 | Debt | Cleco and Cleco Power | ||||||
Note 9 | Pension Plan and Employee Benefits | Cleco and Cleco Power | ||||||
Note 10 | Income Taxes | Cleco and Cleco Power | ||||||
Note 11 | Disclosures about Segments | Cleco | ||||||
Note 12 | Regulation and Rates | Cleco and Cleco Power | ||||||
Note 13 | Variable Interest Entities | Cleco and Cleco Power | ||||||
Note 14 | Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | Cleco and Cleco Power | ||||||
Note 15 | Affiliate Transactions | Cleco and Cleco Power | ||||||
Note 16 | Intangible Assets and Liabilities | Cleco and Cleco Power | ||||||
Note 17 | Accumulated Other Comprehensive Loss | Cleco and Cleco Power | ||||||
Note 18 | Storm Restoration | Cleco and Cleco Power | ||||||
Notes to the Unaudited Condensed Consolidated Financial Statements |
Note 1 — Summary of Significant Accounting Policies |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Cleco | |||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Current | |||||||||||
Cleco Katrina/Rita’s storm recovery bonds | $ | $ | |||||||||
Cleco Power’s charitable contributions | |||||||||||
Cleco Power’s rate credit escrow | |||||||||||
Total current | |||||||||||
Non-current | |||||||||||
Diversified Lands’ mitigation escrow | |||||||||||
Cleco Cajun’s defense fund | |||||||||||
Cleco Cajun’s margin deposits | |||||||||||
Cleco Power’s future storm restoration costs | |||||||||||
Cleco Power’s charitable contributions | |||||||||||
Total non-current | |||||||||||
Total restricted cash and cash equivalents | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Current | |||||||||||
Cleco Katrina/Rita’s storm recovery bonds | $ | $ | |||||||||
Charitable contributions | |||||||||||
Rate credit escrow | |||||||||||
Total current | |||||||||||
Non-current | |||||||||||
Future storm restoration costs | |||||||||||
Charitable contributions | |||||||||||
Total non-current | |||||||||||
Total restricted cash and cash equivalents | $ | $ |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Cleco | |||||||||||
(THOUSANDS) | ACCOUNTS RECEIVABLE | OTHER* | TOTAL | ||||||||
Balances, June 30, 2020 | $ | $ | $ | ||||||||
Current period provision | |||||||||||
Recovery | |||||||||||
Balances, Sept. 30, 2020 | $ | $ | $ |
(THOUSANDS) | ACCOUNTS RECEIVABLE | OTHER* | TOTAL | ||||||||
Balances, Dec. 31, 2019 | $ | $ | $ | ||||||||
CECL adoption | — | ||||||||||
Current period provision | |||||||||||
Charge-offs | ( | ( | |||||||||
Recovery | |||||||||||
Balances, Sept. 30, 2020 | $ | $ | $ |
Cleco Power | |||||
(THOUSANDS) | ACCOUNTS RECEIVABLE | ||||
Balances, June 30, 2020 | $ | ||||
Current period provision | |||||
Recovery | |||||
Balances, Sept. 30, 2020 | $ |
(THOUSANDS) | ACCOUNTS RECEIVABLE | ||||
Balances, Dec. 31, 2019 | $ | ||||
CECL adoption | |||||
Current period provision | |||||
Charge-offs | ( | ||||
Recovery | |||||
Balances, Sept. 30, 2020 | $ |
Note 2 — Business Combinations |
Purchase Price Allocation | |||||
(THOUSANDS) | |||||
Current assets | |||||
Cash and cash equivalents | $ | ||||
Customer and other accounts receivable | |||||
Fuel inventory | |||||
Materials and supplies | |||||
Energy risk management assets | |||||
Other current assets | |||||
Non-current assets | |||||
Property, plant, and equipment, net | |||||
Prepayments | |||||
Restricted cash and cash equivalents | |||||
Intangible assets | |||||
Other deferred charges | |||||
Total assets acquired | |||||
Current liabilities | |||||
Accounts payable | |||||
Taxes payable | |||||
Energy risk management liabilities | |||||
Other current liabilities | |||||
Non-current liabilities | |||||
Accumulated deferred federal and state income taxes, net | |||||
Deferred lease revenue | |||||
Intangible liabilities | |||||
Asset retirement obligations | |||||
Operating lease liabilities | |||||
Total liabilities assumed | |||||
Total purchase price consideration | $ |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Measurement Period Adjustments | |||||
(THOUSANDS) | AT JUNE 30, 2019 | ||||
Current assets | |||||
Customer and other accounts receivable | $ | ||||
Other current assets | $ | ||||
Non-current assets | |||||
Property, plant, and equipment, net | $ | ||||
Prepayments | $ | ( | |||
Intangible assets | $ | ( | |||
Other deferred charges | $ | ||||
Current liabilities | |||||
Accounts payable | $ | ||||
Energy risk management liabilities | $ | ( | |||
Other current liabilities | $ | ||||
Non-current liabilities | |||||
Accumulated deferred federal and state income taxes, net | $ | ||||
Deferred lease revenue | $ | ( | |||
Intangible liabilities | $ | ||||
Asset retirement obligations | $ | ||||
Operating lease liabilities | $ | ||||
Unaudited Pro Forma Financial Information | ||||||||||||||
(THOUSANDS) | FOR THE THREE MONTHS ENDED SEPT. 30, 2019 | FOR THE NINE MONTHS ENDED SEPT. 30, 2019 | ||||||||||||
Operating revenue, net | $ | $ | ||||||||||||
Net income | $ | $ |
Note 3 — Recent Authoritative Guidance |
Note 4 — Leases |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Fixed payments | $ | $ | $ | $ | |||||||||||||||||||
Variable payments | |||||||||||||||||||||||
Amortization of deferred lease liability* | |||||||||||||||||||||||
Total lease income | $ | $ | $ | $ |
Note 5 — Revenue Recognition |
FOR THE THREE MONTHS ENDED SEPT. 30, 2020 | |||||||||||||||||||||||||||||
(THOUSANDS) | CLECO POWER | CLECO CAJUN | OTHER | ELIMINATIONS | TOTAL | ||||||||||||||||||||||||
Revenue from contracts with customers | |||||||||||||||||||||||||||||
Retail revenue | |||||||||||||||||||||||||||||
Residential (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Commercial (1) | |||||||||||||||||||||||||||||
Industrial (1) | |||||||||||||||||||||||||||||
Other retail (1) | |||||||||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||||||||
Total retail revenue | |||||||||||||||||||||||||||||
Wholesale, net | (1) | ( | (2) | ||||||||||||||||||||||||||
Transmission, net | ( | ||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Affiliate (3) | ( | ||||||||||||||||||||||||||||
Total revenue from contracts with customers | ( | ||||||||||||||||||||||||||||
Revenue unrelated to contracts with customers | |||||||||||||||||||||||||||||
Other | (4) | (5) | |||||||||||||||||||||||||||
Total revenue unrelated to contracts with customers | |||||||||||||||||||||||||||||
Operating revenue, net | $ | $ | $ | $ | ( | $ |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED SEPT. 30, 2019 | |||||||||||||||||||||||||||||
(THOUSANDS) | CLECO POWER | CLECO CAJUN | OTHER | ELIMINATIONS | TOTAL | ||||||||||||||||||||||||
Revenue from contracts with customers | |||||||||||||||||||||||||||||
Retail revenue | |||||||||||||||||||||||||||||
Residential (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Commercial (1) | |||||||||||||||||||||||||||||
Industrial (1) | |||||||||||||||||||||||||||||
Other retail (1) | |||||||||||||||||||||||||||||
Surcharge | |||||||||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||||||||
Total retail revenue | |||||||||||||||||||||||||||||
Wholesale, net | (1) | ( | (2) | ||||||||||||||||||||||||||
Transmission | ( | ||||||||||||||||||||||||||||
Other | (3) | ||||||||||||||||||||||||||||
Affiliate (4) | ( | ||||||||||||||||||||||||||||
Total revenue from contracts with customers | ( | ||||||||||||||||||||||||||||
Revenue unrelated to contracts with customers | |||||||||||||||||||||||||||||
Other | (5) | (6) | |||||||||||||||||||||||||||
Total revenue unrelated to contracts with customers | |||||||||||||||||||||||||||||
Operating revenue, net | $ | $ | $ | $ | ( | $ |
FOR THE NINE MONTHS ENDED SEPT. 30, 2020 | |||||||||||||||||||||||||||||
(THOUSANDS) | CLECO POWER | CLECO CAJUN | OTHER | ELIMINATIONS | TOTAL | ||||||||||||||||||||||||
Revenue from contracts with customers | |||||||||||||||||||||||||||||
Retail revenue | |||||||||||||||||||||||||||||
Residential (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Commercial (1) | |||||||||||||||||||||||||||||
Industrial (1) | |||||||||||||||||||||||||||||
Other retail (1) | |||||||||||||||||||||||||||||
Surcharge | |||||||||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||||||||
Total retail revenue | |||||||||||||||||||||||||||||
Wholesale, net | (1) | ( | (2) | ||||||||||||||||||||||||||
Transmission, net | (3) | (4) | ( | ||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Affiliate (5) | ( | ||||||||||||||||||||||||||||
Total revenue from contracts with customers | ( | ||||||||||||||||||||||||||||
Revenue unrelated to contracts with customers | |||||||||||||||||||||||||||||
Other | (6) | (7) | |||||||||||||||||||||||||||
Total revenue unrelated to contracts with customers | |||||||||||||||||||||||||||||
Operating revenue, net | $ | $ | $ | $ | ( | $ |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
FOR THE NINE MONTHS ENDED SEPT. 30, 2019 | |||||||||||||||||||||||||||||
(THOUSANDS) | CLECO POWER | CLECO CAJUN | OTHER | ELIMINATIONS | TOTAL | ||||||||||||||||||||||||
Revenue from contracts with customers | |||||||||||||||||||||||||||||
Retail revenue | |||||||||||||||||||||||||||||
Residential (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Commercial (1) | |||||||||||||||||||||||||||||
Industrial (1) | |||||||||||||||||||||||||||||
Other retail (1) | |||||||||||||||||||||||||||||
Surcharge | |||||||||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||||||||
Total retail revenue | |||||||||||||||||||||||||||||
Wholesale, net | (1) | ( | (2) | ||||||||||||||||||||||||||
Transmission | ( | ||||||||||||||||||||||||||||
Other | (3) | ||||||||||||||||||||||||||||
Affiliate (4) | ( | ||||||||||||||||||||||||||||
Total revenue from contracts with customers | ( | ||||||||||||||||||||||||||||
Revenue unrelated to contracts with customers | |||||||||||||||||||||||||||||
Other | (5) | (6) | ( | ||||||||||||||||||||||||||
Total revenue unrelated to contracts with customers | ( | ||||||||||||||||||||||||||||
Operating revenue, net | $ | $ | $ | $ | ( | $ |
Note 6 — Regulatory Assets and Liabilities |
Cleco Power | |||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Regulatory assets (liabilities) | |||||||||||
Acadia Unit 1 acquisition costs | $ | $ | |||||||||
Accumulated deferred fuel | |||||||||||
AFUDC equity gross-up * | |||||||||||
AMI deferred revenue requirement | |||||||||||
AROs | |||||||||||
Corporate franchise tax, net | ( | ( | |||||||||
Coughlin transaction costs | |||||||||||
COVID-19 executive order | |||||||||||
Deferred taxes, net | ( | ( | |||||||||
Deferred storm restoration costs — Hurricane Laura | |||||||||||
Dolet Hills closure costs | |||||||||||
Emergency declarations | |||||||||||
Energy efficiency | |||||||||||
Financing costs | |||||||||||
Interest costs | |||||||||||
Non-service cost of postretirement benefits | |||||||||||
Other, net | |||||||||||
Postretirement costs | |||||||||||
Production operations and maintenance expenses | |||||||||||
St. Mary Clean Energy Center | ( | ||||||||||
Surcredits, net * | |||||||||||
Training costs | |||||||||||
Tree trimming costs | |||||||||||
Total regulatory assets, net | $ | $ | |||||||||
* Represents regulatory assets for past expenditures that were not earning a return on investment at September 30, 2020, and December 31, 2019, respectively. All other assets are earning a return on investment. |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Cleco | |||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Total Cleco Power regulatory assets, net | $ | $ | |||||||||
2016 Merger adjustments * | |||||||||||
Fair value of long-term debt | |||||||||||
Postretirement costs | |||||||||||
Financing costs | |||||||||||
Debt issuance costs | |||||||||||
Total Cleco regulatory assets, net | $ | $ |
Note 7 — Fair Value Accounting |
Cleco | |||||||||||||||||||||||
AT SEPT. 30, 2020 | AT DEC. 31, 2019 | ||||||||||||||||||||||
(THOUSANDS) | CARRYING VALUE* | FAIR VALUE | CARRYING VALUE* | FAIR VALUE | |||||||||||||||||||
Long-term debt | $ | $ | $ | $ |
Cleco Power | |||||||||||||||||||||||
AT SEPT. 30, 2020 | AT DEC. 31, 2019 | ||||||||||||||||||||||
(THOUSANDS) | CARRYING VALUE* | FAIR VALUE | CARRYING VALUE* | FAIR VALUE | |||||||||||||||||||
Long-term debt | $ | $ | $ | $ |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Cleco | |||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS AT REPORTING DATE | |||||||||||||||||||||||||||||||||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | AT DEC. 31, 2019 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||||||||||||||||||||||||||||||||||||||
Asset description | |||||||||||||||||||||||||||||||||||||||||||||||
Institutional money market funds | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
FTRs | |||||||||||||||||||||||||||||||||||||||||||||||
Other commodity derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Liability description | |||||||||||||||||||||||||||||||||||||||||||||||
FTRs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Other commodity derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
Cleco Power | |||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS AT REPORTING DATE | |||||||||||||||||||||||||||||||||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | AT DEC. 31, 2019 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||||||||||||||||||||||||||||||||||||||
Asset description | |||||||||||||||||||||||||||||||||||||||||||||||
Institutional money market funds | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
FTRs | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Liability description | |||||||||||||||||||||||||||||||||||||||||||||||
FTRs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
Cleco | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Beginning balance | $ | $ | $ | $ | |||||||||||||||||||
Unrealized losses* | ( | ( | ( | ||||||||||||||||||||
Purchases | |||||||||||||||||||||||
Settlements | ( | ( | ( | ( | |||||||||||||||||||
Ending balance | $ | $ | $ | $ | |||||||||||||||||||
* Cleco Power’s unrealized losses are reported through Accumulated deferred fuel on Cleco’s Condensed Consolidated Balance Sheet. Cleco Cajun’s unrealized (losses) gains are reported through Purchased power on Cleco’s Condensed Consolidated Income Statement. |
Cleco Power | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Beginning balance | $ | $ | $ | $ | |||||||||||||||||||
Unrealized gains (losses)* | ( | ( | |||||||||||||||||||||
Purchases | |||||||||||||||||||||||
Settlements | ( | ( | ( | ( | |||||||||||||||||||
Ending balance | $ | $ | $ | $ | |||||||||||||||||||
* Unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco Power’s Condensed Consolidated Balance Sheet. |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Cleco | |||||||||||||||||||||||||||||||||||
FAIR VALUE | VALUATION TECHNIQUE | SIGNIFICANT UNOBSERVABLE INPUTS | FORWARD PRICE RANGE | ||||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT FORWARD PRICE RANGE) | ASSETS | LIABILITIES | LOW | HIGH | |||||||||||||||||||||||||||||||
FTRs at Sept. 30, 2020 | $ | $ | RTO auction pricing | FTR price - per MWh | $ | ( | $ | ||||||||||||||||||||||||||||
FTRs at Dec. 31, 2019 | $ | $ | RTO auction pricing | FTR price - per MWh | $ | ( | $ |
Cleco Power | |||||||||||||||||||||||||||||||||||
FAIR VALUE | VALUATION TECHNIQUE | SIGNIFICANT UNOBSERVABLE INPUTS | FORWARD PRICE RANGE | ||||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT FORWARD PRICE RANGE) | ASSETS | LIABILITIES | LOW | HIGH | |||||||||||||||||||||||||||||||
FTRs at Sept. 30, 2020 | $ | $ | RTO auction pricing | FTR price - per MWh | $ | ( | $ | ||||||||||||||||||||||||||||
FTRs at Dec. 31, 2019 | $ | $ | RTO auction pricing | FTR price - per MWh | $ | ( | $ |
Cleco | |||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Current restricted cash and cash equivalents | $ | $ | |||||||||
Non-current restricted cash and cash equivalents | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Current restricted cash and cash equivalents | $ | $ | |||||||||
Non-current restricted cash and cash equivalents | $ | $ |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Cleco | |||||||||||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | |||||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | ||||||||||||||
Commodity-related contracts | |||||||||||||||||
FTRs | |||||||||||||||||
Current | Energy risk management assets | $ | $ | ||||||||||||||
Current | Energy risk management liabilities | ( | ( | ||||||||||||||
Other commodity derivatives | |||||||||||||||||
Current | Energy risk management assets | ||||||||||||||||
Non-current | Other deferred charges | ||||||||||||||||
Current | Energy risk management liabilities | ( | |||||||||||||||
Non-current | Other deferred credits | ( | |||||||||||||||
Commodity-related contracts, net | $ | $ |
Cleco Power | |||||||||||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | |||||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | ||||||||||||||
Commodity-related contracts | |||||||||||||||||
FTRs | |||||||||||||||||
Current | Energy risk management assets | $ | $ | ||||||||||||||
Current | Energy risk management liabilities | ( | ( | ||||||||||||||
Commodity-related contracts, net | $ | $ |
Cleco | ||||||||||||||||||||||||||
AMOUNT OF GAIN(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES | ||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||||||||||||
(THOUSANDS) | INCOME STATEMENT LINE ITEM | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||
Commodity-related contracts | ||||||||||||||||||||||||||
FTRs(1) | Electric operations | $ | $ | $ | $ | |||||||||||||||||||||
FTRs(1) | Purchased power | ( | ( | ( | ( | |||||||||||||||||||||
Other commodity derivatives | Fuel used for electric generation | |||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Cleco Power | ||||||||||||||||||||||||||
AMOUNT OF GAIN(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES | ||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||||||||||||
(THOUSANDS) | INCOME STATEMENT LINE ITEM | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||
Commodity-related contracts | ||||||||||||||||||||||||||
FTRs(1) | Electric operations | $ | $ | $ | $ | |||||||||||||||||||||
FTRs(1) | Purchased power | ( | ( | ( | ( | |||||||||||||||||||||
Total | $ | $ | $ | $ |
Note 8 — Debt |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Note 9 — Pension Plan and Employee Benefits |
PENSION BENEFITS | OTHER BENEFITS | ||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE THREE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Components of periodic benefit costs | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Amortizations | |||||||||||||||||||||||
Prior period service credit | ( | ( | |||||||||||||||||||||
Net loss | |||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
PENSION BENEFITS | OTHER BENEFITS | ||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Components of periodic benefit costs | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Amortizations | |||||||||||||||||||||||
Prior period service credit | ( | ( | |||||||||||||||||||||
Net loss | |||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Cleco | |||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Components of periodic benefit costs | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Amortizations | |||||||||||||||||||||||
Prior period service credit | ( | ( | ( | ( | |||||||||||||||||||
Net loss | |||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ | |||||||||||||||||||
Cleco | |||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
401(k) Plan expense | $ | $ | $ | $ |
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
401(k) Plan expense | $ | $ | $ | $ |
Note 10 — Income Taxes |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Cleco | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Effective tax rate | % | % | % | % |
Cleco Power | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Effective tax rate | % | % | % | % |
Note 11 — Disclosures about Segments |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Segment Information For The Three Months Ended Sept. 30, | |||||||||||||||||
2020 (THOUSANDS) | CLECO POWER | CLECO CAJUN | TOTAL SEGMENTS | ||||||||||||||
Revenue | |||||||||||||||||
Electric operations | $ | $ | $ | ||||||||||||||
Other operations | |||||||||||||||||
Affiliate revenue | |||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||
Operating revenue, net | $ | $ | $ | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Add: Depreciation and amortization | (1) | ||||||||||||||||
Less: Interest income | |||||||||||||||||
Add: Interest charges | ( | ||||||||||||||||
Add: Federal and state income tax expense | |||||||||||||||||
EBITDA | $ | $ | $ | ||||||||||||||
(1) Includes $ |
2020 (THOUSANDS) | TOTAL SEGMENTS | OTHER | ELIMINATIONS | TOTAL | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Electric operations | $ | $ | ( | $ | $ | ||||||||||||||||||
Other operations | ( | ||||||||||||||||||||||
Affiliate revenue | ( | ||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||
Operating revenue, net | $ | $ | $ | ( | $ | ||||||||||||||||||
Depreciation and amortization | $ | $ | (1) | $ | $ | ||||||||||||||||||
Interest income | $ | $ | $ | ( | $ | ||||||||||||||||||
Interest charges | $ | $ | $ | ( | $ | ||||||||||||||||||
Federal and state income tax expense (benefit) | $ | $ | ( | $ | $ | ||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ||||||||||||||||||
(1) Includes $ |
2019 (THOUSANDS) | CLECO POWER | CLECO CAJUN | TOTAL SEGMENTS | ||||||||||||||
Revenue | |||||||||||||||||
Electric operations | $ | $ | $ | ||||||||||||||
Other operations | |||||||||||||||||
Affiliate revenue | |||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||
Operating revenue, net | $ | $ | $ | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Add: Depreciation and amortization | (1) | ||||||||||||||||
Less: Interest income | |||||||||||||||||
Add: Interest charges | |||||||||||||||||
Add: Federal and state income tax expense | |||||||||||||||||
EBITDA | $ | $ | $ | ||||||||||||||
(1) Includes $ |
2019 (THOUSANDS) | TOTAL SEGMENTS | OTHER | ELIMINATIONS | TOTAL | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Electric operations | $ | $ | ( | $ | $ | ||||||||||||||||||
Other operations | ( | ||||||||||||||||||||||
Affiliate revenue | ( | ||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||
Operating revenue, net | $ | $ | $ | ( | $ | ||||||||||||||||||
Depreciation and amortization | $ | $ | (1) | $ | $ | ||||||||||||||||||
Interest income | $ | $ | $ | ( | $ | ||||||||||||||||||
Interest charges | $ | $ | $ | ( | $ | ||||||||||||||||||
Federal and state income tax expense (benefit) | $ | $ | ( | $ | $ | ||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ||||||||||||||||||
(1) Includes $ |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Segment Information For The Nine Months Ended Sept. 30, | ||||||||||||||
2020 (THOUSANDS) | CLECO POWER | CLECO CAJUN | TOTAL SEGMENTS | |||||||||||
Revenue | ||||||||||||||
Electric operations | $ | $ | $ | |||||||||||
Other operations | ||||||||||||||
Affiliate revenue | ||||||||||||||
Electric customer credits | ( | ( | ( | |||||||||||
Operating revenue, net | $ | $ | $ | |||||||||||
Net income | $ | $ | $ | |||||||||||
Add: Depreciation and amortization | (2) | |||||||||||||
Less: Interest income | ||||||||||||||
Add: Interest charges | ( | |||||||||||||
Add: Federal and state income tax expense | ||||||||||||||
EBITDA | $ | $ | $ | |||||||||||
Additions to property, plant, and equipment | $ | $ | $ | |||||||||||
Equity investment in investees (1) | $ | $ | $ | |||||||||||
Goodwill (1) | $ | $ | $ | |||||||||||
Total segment assets (1) | $ | $ | $ | |||||||||||
(1) Balances as of September 30, 2020. (2) Includes $ |
2020 (THOUSANDS) | TOTAL SEGMENTS | OTHER | ELIMINATIONS | TOTAL | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Electric operations | $ | $ | ( | $ | $ | ||||||||||||||||||
Other operations | ( | ||||||||||||||||||||||
Affiliate revenue | ( | ||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||
Operating revenue, net | $ | $ | $ | ( | $ | ||||||||||||||||||
Depreciation and amortization | $ | $ | (2) | $ | $ | ||||||||||||||||||
Interest income | $ | $ | $ | ( | $ | ||||||||||||||||||
Interest charges | $ | $ | $ | ( | $ | ||||||||||||||||||
Federal and state income tax expense (benefit) | $ | $ | ( | $ | $ | ||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ||||||||||||||||||
Additions to property, plant, and equipment | $ | $ | $ | $ | |||||||||||||||||||
Equity investment in investees (1) | $ | $ | $ | $ | |||||||||||||||||||
Goodwill (1) | $ | $ | $ | $ | |||||||||||||||||||
Total segment assets (1) | $ | $ | $ | ( | $ | ||||||||||||||||||
(1) Balances as of September 30, 2020. (2) Includes $ |
2019 (THOUSANDS) | CLECO POWER | CLECO CAJUN | TOTAL SEGMENTS | ||||||||||||||
Revenue | |||||||||||||||||
Electric operations | $ | $ | $ | ||||||||||||||
Other operations | |||||||||||||||||
Affiliate revenue | |||||||||||||||||
Electric customer credits | ( | ( | ( | ||||||||||||||
Operating revenue, net | $ | $ | $ | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Add: Depreciation and amortization | (2) | ||||||||||||||||
Less: Interest income | |||||||||||||||||
Add: Interest charges | |||||||||||||||||
Add: Federal and state income tax expense | |||||||||||||||||
EBITDA | $ | $ | $ | ||||||||||||||
Additions to property, plant, and equipment | $ | $ | $ | ||||||||||||||
Equity investment in investees (1) | $ | $ | $ | ||||||||||||||
Goodwill (1) | $ | $ | $ | ||||||||||||||
Total segment assets (1) | $ | $ | $ | ||||||||||||||
(1) Balances as of December 31, 2019. (2) Includes $ |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
2019 (THOUSANDS) | TOTAL SEGMENTS | OTHER | ELIMINATIONS | TOTAL | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Electric operations | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Other operations | ( | ||||||||||||||||||||||
Affiliate revenue | ( | ||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||
Operating revenue, net | $ | $ | $ | ( | $ | ||||||||||||||||||
Depreciation and amortization | $ | $ | (2) | $ | ( | $ | |||||||||||||||||
Interest income | $ | $ | $ | ( | $ | ||||||||||||||||||
Interest charges | $ | $ | $ | ( | $ | ||||||||||||||||||
Federal and state income tax expense (benefit) | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ||||||||||||||||||
Additions to property, plant, and equipment | $ | $ | $ | $ | |||||||||||||||||||
Equity investment in investees (1) | $ | $ | $ | $ | |||||||||||||||||||
Goodwill (1) | $ | $ | $ | $ | |||||||||||||||||||
Total segment assets (1) | $ | $ | $ | ( | $ | ||||||||||||||||||
(1) Balances as of December 31, 2019. (2) Includes $ |
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Add: Depreciation and amortization | |||||||||||||||||||||||
Less: Interest income | |||||||||||||||||||||||
Add: Interest charges | |||||||||||||||||||||||
Add: Federal and state income tax expense | |||||||||||||||||||||||
Add: Other corporate costs and noncash items (1) | ( | ||||||||||||||||||||||
Total segment EBITDA | $ | $ | $ | $ | |||||||||||||||||||
(1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA. |
Note 12 — Regulation and Rates |
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | ||||||
FERC audit | $ | $ | ||||||
TCJA tax-related benefits | $ | $ | ||||||
Cleco Katrina/Rita storm recovery charges | $ | $ | ||||||
Cost of service savings | $ | $ | ||||||
Site-specific industrial customer | $ | $ | ||||||
Change in transmission ROE | $ | $ | ||||||
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Note 13 — Variable Interest Entities |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
INCEPTION TO DATE (THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Purchase price | $ | $ | |||||||||
Cash contributions | |||||||||||
Dividends | ( | ( | |||||||||
Total equity investment in investee | $ | $ |
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Oxbow’s net assets/liabilities | $ | $ | |||||||||
Cleco Power’s 50% equity | $ | $ | |||||||||
Cleco Power’s maximum exposure to loss | $ | $ |
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Operating revenue | $ | $ | $ | $ | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Income before taxes | $ | $ | $ | $ |
Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Note 15 — Affiliate Transactions |
AT SEPT. 30, 2020 | AT DEC. 31, 2019 | ||||||||||||||||||||||
(THOUSANDS) | ACCOUNTS RECEIVABLE | ACCOUNTS PAYABLE | ACCOUNTS RECEIVABLE | ACCOUNTS PAYABLE | |||||||||||||||||||
Cleco Holdings | $ | $ | $ | $ | |||||||||||||||||||
Support Group | |||||||||||||||||||||||
Cleco Cajun | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Note 16 — Intangible Assets and Liabilities |
Cleco | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Intangible assets | |||||||||||||||||||||||
Cleco Katrina/Rita right to bill and collect storm recovery charges | $ | $ | $ | $ | |||||||||||||||||||
Trade name | $ | $ | $ | $ | |||||||||||||||||||
Power supply agreements | $ | $ | $ | $ | |||||||||||||||||||
Intangible liabilities | |||||||||||||||||||||||
LTSA | $ | $ | $ | $ | |||||||||||||||||||
Power supply agreements | $ | $ | $ | $ |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Cleco Power | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Cleco Katrina/Rita right to bill and collect storm recovery charges | $ | $ | $ | $ |
Cleco | |||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Intangible assets | |||||||||||
Cleco Katrina/Rita right to bill and collect storm recovery charges | $ | $ | |||||||||
Trade name | |||||||||||
Power supply agreements | |||||||||||
Total intangible assets carrying amount | |||||||||||
Intangible liabilities | |||||||||||
LTSA | |||||||||||
Power supply agreements | |||||||||||
Total intangible liability carrying amount | |||||||||||
Net intangible assets carrying amount | |||||||||||
Accumulated amortization | ( | ( | |||||||||
Net intangible assets subject to amortization | $ | $ |
Cleco Power | |||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | AT DEC. 31, 2019 | |||||||||
Cleco Katrina/Rita right to bill and collect storm recovery charges | $ | $ | |||||||||
Accumulated amortization | ( | ( | |||||||||
Net intangible assets subject to amortization | $ | $ |
Note 17 — Accumulated Other Comprehensive Loss |
Cleco | |||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, 2020 | FOR THE NINE MONTHS ENDED SEPT. 30, 2020 | ||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET LOSS | ||||||||||
Balances, beginning of period | $ | ( | $ | ( | |||||||
Amounts reclassified from AOCI | |||||||||||
Amortization of postretirement benefit net loss | |||||||||||
Balances, Sept. 30, 2020 | $ | ( | $ | ( |
FOR THE THREE MONTHS ENDED SEPT. 30, 2019 | FOR THE NINE MONTHS ENDED SEPT. 30, 2019 | ||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET GAIN | ||||||||||
Balances, beginning of period | $ | $ | |||||||||
Amounts reclassified from AOCI | |||||||||||
Amortization of postretirement benefit net gain | ( | ( | |||||||||
Balances, Sept. 30, 2019 | $ | $ |
Cleco Power | |||||||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, 2020 | FOR THE NINE MONTHS ENDED SEPT. 30, 2020 | ||||||||||||||||||||||||||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET LOSS | NET LOSS ON CASH FLOW HEDGES | TOTAL AOCI | POSTRETIREMENT BENEFIT NET LOSS | NET LOSS ON CASH FLOW HEDGES | TOTAL AOCI | |||||||||||||||||||||||||||||
Balances, beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||||||||||||||
Amortization of postretirement benefit net loss | — | — | |||||||||||||||||||||||||||||||||
Reclassification of net loss to interest charges | — | — | |||||||||||||||||||||||||||||||||
Balances, Sept. 30, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED SEPT. 30, 2019 | FOR THE NINE MONTHS ENDED SEPT. 30, 2019 | ||||||||||||||||||||||||||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET LOSS | NET LOSS ON CASH FLOW HEDGES | TOTAL AOCI | POSTRETIREMENT BENEFIT NET LOSS | NET LOSS ON CASH FLOW HEDGES | TOTAL AOCI | |||||||||||||||||||||||||||||
Balances, beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||||||||||||||
Amortization of postretirement benefit net loss | — | — | |||||||||||||||||||||||||||||||||
Reclassification of net loss to interest charges | — | — | |||||||||||||||||||||||||||||||||
Balances, Sept. 30, 2019 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Note 18 — Storm Restoration |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
OVERVIEW |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
RESULTS OF OPERATIONS |
Cleco | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue, net | $ | 417,451 | $ | 487,971 | $ | (70,520) | (14.5) | % | |||||||||||||||
Operating expenses | 295,699 | 386,432 | 90,733 | 23.5 | % | ||||||||||||||||||
Operating income | 121,752 | 101,539 | 20,213 | 19.9 | % | ||||||||||||||||||
Interest income | 910 | 1,690 | (780) | (46.2) | % | ||||||||||||||||||
Allowance for equity funds used during construction | 144 | 3,619 | (3,475) | (96.0) | % | ||||||||||||||||||
Other expense, net | (3,374) | (1,363) | (2,011) | (147.5) | % | ||||||||||||||||||
Interest charges | 34,060 | 35,832 | 1,772 | 4.9 | % | ||||||||||||||||||
Federal and state income tax expense | 25,075 | 14,088 | (10,987) | (78.0) | % | ||||||||||||||||||
Net income | $ | 60,297 | $ | 55,565 | $ | 4,732 | 8.5 | % | |||||||||||||||
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Cleco Power | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Base | $ | 185,597 | $ | 197,882 | $ | (12,285) | (6.2) | % | |||||||||||||||
Fuel cost recovery | 103,255 | 141,987 | (38,732) | (27.3) | % | ||||||||||||||||||
Electric customer credits | (16,534) | (13,711) | (2,823) | (20.6) | % | ||||||||||||||||||
Other operations | 17,775 | 18,485 | (710) | (3.8) | % | ||||||||||||||||||
Affiliate revenue | 1,506 | 334 | 1,172 | 350.9 | % | ||||||||||||||||||
Operating revenue, net | 291,599 | 344,977 | (53,378) | (15.5) | % | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Recoverable fuel and purchased power | 103,426 | 142,070 | 38,644 | 27.2 | % | ||||||||||||||||||
Non-recoverable fuel and purchased power | 8,818 | 9,669 | 851 | 8.8 | % | ||||||||||||||||||
Other operations and maintenance | 52,595 | 57,718 | 5,123 | 8.9 | % | ||||||||||||||||||
Depreciation and amortization | 40,268 | 44,903 | 4,635 | 10.3 | % | ||||||||||||||||||
Taxes other than income taxes | 11,408 | 12,485 | 1,077 | 8.6 | % | ||||||||||||||||||
Total operating expenses | 216,515 | 266,845 | 50,330 | 18.9 | % | ||||||||||||||||||
Operating income | 75,084 | 78,132 | (3,048) | (3.9) | % | ||||||||||||||||||
Interest income | 789 | 1,421 | (632) | (44.5) | % | ||||||||||||||||||
Allowance for equity funds used during construction | 144 | 3,619 | (3,475) | (96.0) | % | ||||||||||||||||||
Other expense, net | (3,408) | (1,231) | (2,177) | (176.8) | % | ||||||||||||||||||
Interest charges | 18,441 | 17,983 | (458) | (2.5) | % | ||||||||||||||||||
Federal and state income tax expense | 18,076 | 12,431 | (5,645) | (45.4) | % | ||||||||||||||||||
Net income | $ | 36,092 | $ | 51,527 | $ | (15,435) | (30.0) | % | |||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | |||||||||||||||||
(MILLION kWh) | 2020 | 2019 | FAVORABLE/ (UNFAVORABLE) | ||||||||||||||
Electric sales | |||||||||||||||||
Residential | 1,159 | 1,177 | (1.5) | % | |||||||||||||
Commercial | 741 | 786 | (5.7) | % | |||||||||||||
Industrial | 481 | 477 | 0.8 | % | |||||||||||||
Other retail | 32 | 35 | (8.6) | % | |||||||||||||
Total retail | 2,413 | 2,475 | (2.5) | % | |||||||||||||
Sales for resale | 917 | 983 | (6.7) | % | |||||||||||||
Total retail and wholesale customer sales | 3,330 | 3,458 | (3.7) | % |
FOR THE THREE MONTHS ENDED SEPT. 30, | |||||||||||||||||
(THOUSANDS) | 2020 | 2019 | FAVORABLE/ (UNFAVORABLE) | ||||||||||||||
Electric sales | |||||||||||||||||
Residential | $ | 98,236 | $ | 99,136 | (0.9) | % | |||||||||||
Commercial | 48,539 | 55,278 | (12.2) | % | |||||||||||||
Industrial | 21,470 | 19,329 | 11.1 | % | |||||||||||||
Other retail | 2,800 | 2,926 | (4.3) | % | |||||||||||||
Surcharge | (2) | 6,049 | (100.0) | % | |||||||||||||
Total retail | 171,043 | 182,718 | (6.4) | % | |||||||||||||
Sales for resale | 14,554 | 15,164 | (4.0) | % | |||||||||||||
Total base revenue | $ | 185,597 | $ | 197,882 | (6.2) | % |
FOR THE THREE MONTHS ENDED SEPT. 30, | |||||||||||||||||||||||||||||
CHANGE | |||||||||||||||||||||||||||||
2020 | 2019 | NORMAL | PRIOR YEAR | NORMAL | |||||||||||||||||||||||||
Cooling degree-days | 1,604 | 1,716 | 1,511 | (6.5) | % | 6.2 | % |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Cleco Cajun | |||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Electric operations | $ | 99,956 | $ | 114,453 | $ | (14,497) | (12.7) | % | |||||||||||||||
Other operations | 31,331 | 33,737 | (2,406) | (7.1) | % | ||||||||||||||||||
Affiliate revenue | — | 31 | (31) | 100.0 | % | ||||||||||||||||||
Operating revenue, net | 131,287 | 148,221 | (16,934) | (11.4) | % | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Fuel used for electric generation | (6,006) | 24,891 | 30,897 | 124.1 | % | ||||||||||||||||||
Purchased power | 52,104 | 52,709 | 605 | 1.1 | % | ||||||||||||||||||
Other operations and maintenance | 22,205 | 26,221 | 4,016 | 15.3 | % | ||||||||||||||||||
Depreciation and amortization | 10,547 | 10,009 | (538) | (5.4) | % | ||||||||||||||||||
Taxes other than income taxes | 2,320 | 4,239 | 1,919 | 45.3 | % | ||||||||||||||||||
Total operating expenses | 81,170 | 118,069 | 36,899 | 31.3 | % | ||||||||||||||||||
Operating income | 50,117 | 30,152 | 19,965 | 66.2 | % | ||||||||||||||||||
Interest income | 10 | 220 | (210) | (95.5) | % | ||||||||||||||||||
Other income, net | 4 | 46 | (42) | (91.3) | % | ||||||||||||||||||
Interest charges | (484) | — | 484 | 100.0 | % | ||||||||||||||||||
Federal and state income tax expense | 12,258 | 7,612 | (4,646) | (61.0) | % | ||||||||||||||||||
Net income | $ | 38,357 | $ | 22,806 | $ | 15,551 | 68.2 | % | |||||||||||||||
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Cleco | |||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue, net | $ | 1,122,782 | $ | 1,230,030 | $ | (107,248) | (8.7) | % | |||||||||||||||
Operating expenses | 856,170 | 990,709 | 134,539 | 13.6 | % | ||||||||||||||||||
Operating income | 266,612 | 239,321 | 27,291 | 11.4 | % | ||||||||||||||||||
Interest income | 2,964 | 4,456 | (1,492) | (33.5) | % | ||||||||||||||||||
Allowance for equity funds used during construction | 197 | 14,825 | (14,628) | (98.7) | % | ||||||||||||||||||
Other (expense) income, net | (15,827) | 292 | (16,119) | * | |||||||||||||||||||
Interest charges | 103,923 | 105,671 | 1,748 | 1.7 | % | ||||||||||||||||||
Federal and state income tax expense | 40,230 | 32,355 | (7,875) | (24.3) | % | ||||||||||||||||||
Net income | $ | 109,793 | $ | 120,868 | $ | (11,075) | (9.2) | % | |||||||||||||||
*Not meaningful |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Cleco Power | |||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Base | $ | 497,589 | $ | 508,435 | $ | (10,846) | (2.1) | % | |||||||||||||||
Fuel cost recovery | 255,336 | 354,534 | (99,198) | (28.0) | % | ||||||||||||||||||
Electric customer credits | (33,974) | (30,565) | (3,409) | (11.2) | % | ||||||||||||||||||
Other operations | 49,443 | 53,318 | (3,875) | (7.3) | % | ||||||||||||||||||
Affiliate revenue | 3,852 | 971 | 2,881 | 296.7 | % | ||||||||||||||||||
Operating revenue, net | 772,246 | 886,693 | (114,447) | (12.9) | % | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Recoverable fuel and purchased power | 256,017 | 354,532 | 98,515 | 27.8 | % | ||||||||||||||||||
Non-recoverable fuel and purchased power | 23,996 | 25,713 | 1,717 | 6.7 | % | ||||||||||||||||||
Other operations and maintenance | 164,207 | 148,330 | (15,877) | (10.7) | % | ||||||||||||||||||
Depreciation and amortization | 125,541 | 126,610 | 1,069 | 0.8 | % | ||||||||||||||||||
Taxes other than income taxes | 33,132 | 33,023 | (109) | (0.3) | % | ||||||||||||||||||
Total operating expenses | 602,893 | 688,208 | 85,315 | 12.4 | % | ||||||||||||||||||
Operating income | 169,353 | 198,485 | (29,132) | (14.7) | % | ||||||||||||||||||
Interest income | 2,498 | 3,281 | (783) | (23.9) | % | ||||||||||||||||||
Allowance for equity funds used during construction | 197 | 14,825 | (14,628) | (98.7) | % | ||||||||||||||||||
Other expense, net | (9,498) | (2,091) | (7,407) | (354.2) | % | ||||||||||||||||||
Interest charges | 55,624 | 52,498 | (3,126) | (6.0) | % | ||||||||||||||||||
Federal and state income tax expense | 30,770 | 34,407 | 3,637 | 10.6 | % | ||||||||||||||||||
Net income | $ | 76,156 | $ | 127,595 | $ | (51,439) | (40.3) | % | |||||||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||||
(Million kWh) | 2020 | 2019 | FAVORABLE/ (UNFAVORABLE) | ||||||||||||||
Electric sales | |||||||||||||||||
Residential | 2,843 | 2,855 | (0.4) | % | |||||||||||||
Commercial | 1,959 | 2,118 | (7.5) | % | |||||||||||||
Industrial | 1,417 | 1,483 | (4.5) | % | |||||||||||||
Other retail | 94 | 97 | (3.1) | % | |||||||||||||
Total retail | 6,313 | 6,553 | (3.7) | % | |||||||||||||
Sales for resale | 2,289 | 2,387 | (4.1) | % | |||||||||||||
Total retail and wholesale customer sales | 8,602 | 8,940 | (3.8) | % |
FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||||
(THOUSANDS) | 2020 | 2019 | FAVORABLE/ (UNFAVORABLE) | ||||||||||||||
Electric sales | |||||||||||||||||
Residential | $ | 239,196 | $ | 229,430 | 4.3 | % | |||||||||||
Commercial | 143,516 | 149,089 | (3.7) | % | |||||||||||||
Industrial | 61,220 | 61,575 | (0.6) | % | |||||||||||||
Other retail | 8,146 | 8,029 | 1.5 | % | |||||||||||||
Surcharge | 2,440 | 16,973 | (85.6) | % | |||||||||||||
Total retail | 454,518 | 465,096 | (2.3) | % | |||||||||||||
Sales for resale | 43,071 | 43,339 | (0.6) | % | |||||||||||||
Total base revenue | $ | 497,589 | $ | 508,435 | (2.1) | % |
FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||||||||||||||||
2019 CHANGE | |||||||||||||||||||||||||||||
2020 | 2019 | NORMAL | PRIOR YEAR | NORMAL | |||||||||||||||||||||||||
Heating degree-days | 615 | 778 | 942 | (21.0) | % | (34.7) | % | ||||||||||||||||||||||
Cooling degree-days | 2,866 | 2,869 | 2,531 | (0.1) | % | 13.2 | % |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Cleco Cajun | |||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2020 | 2019 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Electric operations | $ | 273,836 | $ | 274,610 | $ | (774) | (0.3) | % | |||||||||||||||
Other operations | 92,928 | 83,619 | 9,309 | 11.1 | % | ||||||||||||||||||
Electric customer credits | (153) | (1,267) | 1,114 | 87.9 | % | ||||||||||||||||||
Affiliate revenue | 204 | 31 | 173 | 100.0 | % | ||||||||||||||||||
Operating revenue, net | 366,815 | 356,993 | 9,822 | 2.8 | % | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Fuel used for electric generation | 13,366 | 57,724 | 44,358 | 76.8 | % | ||||||||||||||||||
Purchased power | 138,744 | 136,259 | (2,485) | (1.8) | % | ||||||||||||||||||
Other operations and maintenance | 62,894 | 64,313 | 1,419 | 2.2 | % | ||||||||||||||||||
Depreciation and amortization | 30,995 | 25,555 | (5,440) | (21.3) | % | ||||||||||||||||||
Taxes other than income taxes | 9,585 | 11,583 | 1,998 | 17.2 | % | ||||||||||||||||||
Total operating expenses | 255,584 | 295,434 | 39,850 | 13.5 | % | ||||||||||||||||||
Operating income | 111,231 | 61,559 | 49,672 | 80.7 | % | ||||||||||||||||||
Interest income | 269 | 842 | (573) | (68.1) | % | ||||||||||||||||||
Other income, net | 82 | (444) | 526 | 118.5 | % | ||||||||||||||||||
Interest charges | (353) | — | 353 | 100.0 | % | ||||||||||||||||||
Federal and state income tax expense | 27,280 | 15,169 | (12,111) | (79.8) | % | ||||||||||||||||||
Net income | $ | 84,655 | $ | 46,788 | $ | 37,867 | 80.9 | % | |||||||||||||||
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
(THOUSANDS) | CLECO POWER | CLECO CAJUN | CLECO POWER | CLECO CAJUN | ||||||||||||||||||||||
Net income | $ | 36,092 | $ | 38,357 | $ | 51,527 | $ | 22,806 | ||||||||||||||||||
Add: Depreciation and amortization | 40,268 | 11,344 | (1) | 44,903 | 10,880 | (2) | ||||||||||||||||||||
Less: Interest income | 789 | 10 | 1,421 | 220 | ||||||||||||||||||||||
Add: Interest charges | 18,441 | (484) | 17,983 | — | ||||||||||||||||||||||
Add: Federal and state income tax expense | 18,076 | 12,258 | 12,431 | 7,612 | ||||||||||||||||||||||
EBITDA | $ | 112,088 | $ | 61,465 | $ | 125,423 | $ | 41,078 | ||||||||||||||||||
(1) Includes $3.1 million of amortization of intangible assets and liabilities related to wholesale power supply agreements as a result of the Cleco Cajun Transaction and $(2.3) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. (2) Includes $3.2 million of amortization of intangible assets and liabilities related to wholesale power supply agreements as a result of the Cleco Cajun Transaction and $(2.3) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. |
FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
(THOUSANDS) | CLECO POWER | CLECO CAJUN | CLECO POWER | CLECO CAJUN | ||||||||||||||||||||||
Net income | $ | 76,156 | $ | 84,655 | $ | 127,595 | $ | 46,788 | ||||||||||||||||||
Add: Depreciation and amortization | 125,541 | 33,385 | (1) | 126,610 | 27,679 | (2) | ||||||||||||||||||||
Less: Interest income | 2,498 | 269 | 3,281 | 842 | ||||||||||||||||||||||
Add: Interest charges | 55,624 | (353) | 52,498 | — | ||||||||||||||||||||||
Add: Federal and state income tax expense | 30,770 | 27,280 | 34,407 | 15,169 | ||||||||||||||||||||||
EBITDA | $ | 285,593 | $ | 144,698 | $ | 337,829 | $ | 88,794 | ||||||||||||||||||
(1) Includes $9.3 million of amortization of intangible assets and liabilities related to wholesale power supply agreements as a result of the Cleco Cajun Transaction and $(6.9) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. (2) Includes $8.3 million of amortization of intangible assets and liabilities related to wholesale power supply agreements as a result of the Cleco Cajun Transaction and $(6.1) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. |
FINANCIAL CONDITION |
SENIOR UNSECURED DEBT | CORPORATE/LONG-TERM ISSUER | ||||||||||||||||||||||
S&P | MOODY’S | FITCH | S&P | MOODY’S | FITCH | ||||||||||||||||||
Cleco Holdings | BBB- | Baa3 | BBB- | BBB- | Baa3 | BBB- | |||||||||||||||||
Cleco Power | BBB+ | A3 | BBB+ | BBB+ | A3 | BBB |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
CRITICAL ACCOUNTING POLICIES |
CLECO POWER — NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS |
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
RISK OVERVIEW |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
Cleco | ||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT SEPT. 30, 2020 | ||||||
Commodity-related contracts | ||||||||
FTRs | ||||||||
Current | Energy risk management assets | $ | 7,907 | |||||
Current | Energy risk management liabilities | (2,580) | ||||||
Other commodity derivatives | ||||||||
Current | Energy risk management assets | 12,067 | ||||||
Non-current | Other deferred charges | 5,276 | ||||||
Commodity-related contracts, net | $ | 22,670 |
Cleco Power | ||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT SEPT. 30, 2020 | ||||||
Commodity-related contracts | ||||||||
FTRs | ||||||||
Current | Energy risk management assets | $ | 7,177 | |||||
Current | Energy risk management liabilities | (1,765) | ||||||
Commodity-related contracts, net | $ | 5,412 |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
FOR THE THREE MONTHS ENDED SEPT. 30, 2020 | FOR THE NINE MONTHS ENDED SEPT. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2020 | HIGH | LOW | AVERAGE | HIGH | LOW | AVERAGE | ||||||||||||||||||||||||||||||||||
Cleco | $ | 6,347 | $ | 6,347 | $ | 4,196 | $ | 5,083 | $ | 6,507 | $ | 2,087 | $ | 4,746 |
ITEM 4. CONTROLS AND PROCEDURES |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
PART II — OTHER INFORMATION |
ITEM 1. LEGAL PROCEEDINGS |
CLECO |
CLECO POWER |
ITEM 1A. RISK FACTORS |
OPERATIONAL RISKS |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
REGULATORY RISKS |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
ITEM 6. EXHIBITS | |||||
CLECO | |||||
10.1 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||
CLECO POWER | |||||
10.1 | |||||
31.3 | |||||
31.4 | |||||
32.3 | |||||
32.4 | |||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
CLECO | ||||||||
CLECO POWER | 2020 3RD QUARTER FORM 10-Q |
SIGNATURES |
CLECO CORPORATE HOLDINGS LLC | ||||||||
(Registrant) | ||||||||
By: | /s/ F. Tonita Laprarie | |||||||
F. Tonita Laprarie | ||||||||
Controller and Chief Accounting Officer |
CLECO POWER LLC | ||||||||
(Registrant) | ||||||||
By: | /s/ F. Tonita Laprarie | |||||||
F. Tonita Laprarie | ||||||||
Controller and Chief Accounting Officer |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 31.1 |
Date: | November 9, 2020 |
/s/ William G. Fontenot | |||||
William G. Fontenot President and Chief Executive Officer |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 31.2 |
Date: | November 9, 2020 |
/s/ Kazi K. Hasan | |||||
Kazi K. Hasan Chief Financial Officer |
CLECO POWER LLC | EXHIBIT 31.3 |
Date: | November 9, 2020 |
/s/ William G. Fontenot | |||||
William G. Fontenot Chief Executive Officer |
CLECO POWER LLC | EXHIBIT 31.4 |
Date: | November 9, 2020 |
/s/ Kazi K. Hasan | |||||
Kazi K. Hasan Chief Financial Officer |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 32.1 |
Date: | November 9, 2020 |
/s/ William G. Fontenot | |||||
William G. Fontenot President and Chief Executive Officer |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 32.2 |
Date: | November 9, 2020 |
/s/ Kazi K. Hasan | |||||
Kazi K. Hasan Chief Financial Officer |
CLECO POWER LLC | EXHIBIT 32.3 |
Date: | November 9, 2020 |
/s/ William G. Fontenot | |||||
William G. Fontenot Chief Executive Officer |
CLECO POWER LLC | EXHIBIT 32.4 |
Date: | November 9, 2020 |
/s/ Kazi K. Hasan | |||||
Kazi K. Hasan Chief Financial Officer |
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Operating revenue | ||||
Electric operations | $ 386,388 | $ 451,902 | $ 1,019,501 | $ 1,130,318 |
Other operations | 47,597 | 49,780 | 137,407 | 131,544 |
Affiliate revenue | 0 | 0 | 0 | 0 |
Gross operating revenue | 433,985 | 501,682 | 1,156,908 | 1,261,862 |
Electric customer credits | (16,534) | (13,711) | (34,126) | (31,832) |
Operating revenue, net | 417,451 | 487,971 | 1,122,782 | 1,230,030 |
Operating expenses | ||||
Fuel used for electric generation | 74,142 | 141,722 | 218,643 | 354,921 |
Purchased power | 82,690 | 85,176 | 208,515 | 213,912 |
Other operations and maintenance | 71,131 | 82,913 | 217,693 | 208,608 |
Depreciation and amortization | 52,892 | 57,004 | 162,852 | 158,395 |
Taxes other than income taxes | 14,660 | 17,611 | 45,233 | 47,081 |
Merger transaction and commitment costs | 184 | 2,006 | 3,234 | 7,792 |
Total operating expenses | 295,699 | 386,432 | 856,170 | 990,709 |
Operating income | 121,752 | 101,539 | 266,612 | 239,321 |
Interest income | 910 | 1,690 | 2,964 | 4,456 |
Allowance for equity funds used during construction | 144 | 3,619 | 197 | 14,825 |
Other (expense) income, net | (3,374) | (1,363) | (15,827) | 292 |
Interest charges | ||||
Interest charges, net | 34,349 | 37,412 | 104,700 | 111,426 |
Allowance for borrowed funds used during construction | (289) | (1,580) | (777) | (5,755) |
Total interest charges | 34,060 | 35,832 | 103,923 | 105,671 |
Income before income taxes | 85,372 | 69,653 | 150,023 | 153,223 |
Federal and state income tax expense | 25,075 | 14,088 | 40,230 | 32,355 |
Net income | 60,297 | 55,565 | 109,793 | 120,868 |
CLECO POWER | ||||
Operating revenue | ||||
Electric operations | 288,852 | 339,869 | 752,925 | 862,969 |
Other operations | 17,775 | 18,485 | 49,443 | 53,318 |
Affiliate revenue | 1,506 | 334 | 3,852 | 971 |
Gross operating revenue | 308,133 | 358,688 | 806,220 | 917,258 |
Electric customer credits | (16,534) | (13,711) | (33,974) | (30,565) |
Operating revenue, net | 291,599 | 344,977 | 772,246 | 886,693 |
Operating expenses | ||||
Fuel used for electric generation | 80,148 | 116,831 | 205,276 | 297,197 |
Purchased power | 32,096 | 34,908 | 74,737 | 83,048 |
Other operations and maintenance | 52,595 | 57,718 | 164,207 | 148,330 |
Depreciation and amortization | 40,268 | 44,903 | 125,541 | 126,610 |
Taxes other than income taxes | 11,408 | 12,485 | 33,132 | 33,023 |
Total operating expenses | 216,515 | 266,845 | 602,893 | 688,208 |
Operating income | 75,084 | 78,132 | 169,353 | 198,485 |
Interest income | 789 | 1,421 | 2,498 | 3,281 |
Allowance for equity funds used during construction | 144 | 3,619 | 197 | 14,825 |
Other (expense) income, net | (3,408) | (1,231) | (9,498) | (2,091) |
Interest charges | ||||
Interest charges, net | 18,730 | 19,563 | 56,401 | 58,253 |
Allowance for borrowed funds used during construction | (289) | (1,580) | (777) | (5,755) |
Total interest charges | 18,441 | 17,983 | 55,624 | 52,498 |
Income before income taxes | 54,168 | 63,958 | 106,926 | 162,002 |
Federal and state income tax expense | 18,076 | 12,431 | 30,770 | 34,407 |
Net income | $ 36,092 | $ 51,527 | $ 76,156 | $ 127,595 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Net income | $ 60,297 | $ 55,565 | $ 109,793 | $ 120,868 |
Other comprehensive income (loss), net of tax | ||||
Postretirement benefits gain (loss), net of tax expense (benefit) | 448 | (37) | 1,304 | (319) |
Total other comprehensive (loss) income, net of tax | 448 | (37) | 1,304 | (319) |
Comprehensive income, net of tax | 60,745 | 55,528 | 111,097 | 120,549 |
CLECO POWER | ||||
Net income | 36,092 | 51,527 | 76,156 | 127,595 |
Other comprehensive income (loss), net of tax | ||||
Postretirement benefits gain (loss), net of tax expense (benefit) | 373 | 230 | 1,218 | 515 |
Amortization of interest rate derivatives to earnings | 63 | 63 | 191 | 191 |
Total other comprehensive (loss) income, net of tax | 436 | 293 | 1,409 | 706 |
Comprehensive income, net of tax | $ 36,528 | $ 51,820 | $ 77,565 | $ 128,301 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Tax (expense) benefit of postretirement benefits gain (loss) | $ (159) | $ 13 | $ (460) | $ 112 |
CLECO POWER | ||||
Tax (expense) benefit of postretirement benefits gain (loss) | (132) | (81) | (430) | (182) |
Tax expense on amortization of interest rate derivatives to earnings | $ 22 | $ 22 | $ 67 | $ 67 |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Customer accounts receivable, allowance for credit losses | $ 5,581 | $ 3,005 |
CLECO POWER | ||
Customer accounts receivable, allowance for credit losses | $ 5,581 | $ 3,005 |
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Cash and cash equivalents | $ 528,678 | $ 116,292 |
Restricted cash and cash equivalents, current | 4,619 | 11,100 |
Restricted cash and cash equivalents, noncurrent | 744 | 15,203 |
CLECO POWER | ||
Cash and cash equivalents | 325,443 | 55,489 |
Restricted cash and cash equivalents, current | 4,619 | 11,100 |
Restricted cash and cash equivalents, noncurrent | $ 0 | $ 14,363 |
Condensed Consolidated Statements of Changes in Member’s Equity (Unaudited) - USD ($) $ in Thousands |
Total |
MEMBERSHIP INTEREST |
RETAINED EARNINGS |
AOCI |
CLECO POWER |
CLECO POWER
MEMBERSHIP INTEREST
|
CLECO POWER
AOCI
|
---|---|---|---|---|---|---|---|
Balances, beginning of period at Dec. 31, 2018 | $ 2,124,740 | $ 2,069,376 | $ 53,578 | $ 1,786 | $ 1,594,533 | $ 1,607,715 | $ (13,182) |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Contribution from member | 384,900 | 384,900 | |||||
Net income | 120,868 | 120,868 | 127,595 | 127,595 | |||
Other comprehensive income (loss), net of tax | (319) | (319) | 706 | 706 | |||
Balances, end of period at Sep. 30, 2019 | 2,630,189 | 2,454,276 | 174,446 | 1,467 | 1,722,834 | 1,735,310 | (12,476) |
Balances, beginning of period at Jun. 30, 2019 | 2,574,661 | 2,454,276 | 118,881 | 1,504 | 1,671,014 | 1,683,783 | (12,769) |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 55,565 | 55,565 | 51,527 | 51,527 | |||
Other comprehensive income (loss), net of tax | (37) | (37) | 293 | 293 | |||
Balances, end of period at Sep. 30, 2019 | 2,630,189 | 2,454,276 | 174,446 | 1,467 | 1,722,834 | 1,735,310 | (12,476) |
Balances, beginning of period at Dec. 31, 2019 | 2,643,006 | 2,454,276 | 206,243 | (17,513) | 1,713,392 | 1,735,977 | (22,585) |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 109,793 | 109,793 | 76,156 | 76,156 | |||
Other comprehensive income (loss), net of tax | 1,304 | 1,304 | 1,409 | 1,409 | |||
Balances, end of period at Sep. 30, 2020 | 2,754,103 | 2,454,276 | 316,036 | (16,209) | 1,790,957 | 1,812,133 | (21,176) |
Balances, beginning of period at Jun. 30, 2020 | 2,693,358 | 2,454,276 | 255,739 | (16,657) | 1,754,429 | 1,776,041 | (21,612) |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 60,297 | 60,297 | 36,092 | 36,092 | |||
Other comprehensive income (loss), net of tax | 448 | 448 | 436 | 436 | |||
Balances, end of period at Sep. 30, 2020 | $ 2,754,103 | $ 2,454,276 | $ 316,036 | $ (16,209) | $ 1,790,957 | $ 1,812,133 | $ (21,176) |
Summary of Significant Accounting Policies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies |
Principles of Consolidation The accompanying condensed consolidated financial statements of Cleco include the accounts of Cleco and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. Cleco’s condensed consolidated financial statements include the financial results of Cleco Cajun from the closing of the Cleco Cajun Transaction on February 4, 2019, through September 30, 2020. For more information about the Cleco Cajun Transaction, see Note 2 — “Business Combinations.” Basis of Presentation The condensed consolidated financial statements of Cleco and Cleco Power have been prepared in accordance with GAAP for interim financial information and with the instructions to the Form 10-Q and Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. The year-end condensed consolidated balance sheet data was derived from audited financial statements. Because the interim condensed consolidated financial statements and the accompanying notes do not include all of the information and notes required by GAAP for annual financial statements, the condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2019. These condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments that are necessary to fairly state the financial position and results of operations of Cleco and Cleco Power. Amounts reported in Cleco and Cleco Power’s interim financial statements are not necessarily indicative of amounts expected for the annual periods due to the effects of seasonal temperature variations on energy consumption, regulatory rulings, the timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices, discrete income tax items, and other factors. On March 11, 2020, WHO declared the outbreak of COVID-19 to be a global pandemic, and on March 13, 2020, the U.S. declared a national emergency. In response to these declarations and the rapid spread of COVID-19, federal, state and local governments imposed varying degrees of restrictions on business and social activities to contain COVID-19, including quarantine and “stay-at-home” orders and directives in Cleco’s service territory. State and local authorities have also implemented multistep policies with the goal of reopening various sectors of the economy such as retail establishments, health and personal care businesses, and restaurants, among others. However, certain jurisdictions have begun reopening only to delay these plans or return to restrictions in the face of increases in new COVID-19 cases. For example, the governor of the state of Louisiana issued orders in May 2020 to allow businesses to reopen at varying levels of capacity in May and June 2020. To address the June 2020 spike in COVID-19 cases, such reopening activities were temporarily paused or scaled back, and also included closing certain establishments. These restrictions resulted in a decline in new COVID-19 cases, and in September 2020, the State of Louisiana entered into the next phase of its multistep reopening plan. The COVID-19 outbreak may significantly worsen in the U.S. during the upcoming winter months, which may cause federal, state, and local governments to reconsider restrictions on business and social activities. In the event governments increase restrictions, the reopening of the economy may be further curtailed. Cleco has modified some of its business operations, as these restrictions have significantly impacted many sectors of the economy. Impacts include record levels of unemployment, with businesses, nonprofit organizations, and governmental entities modifying, curtailing, or ceasing normal operations. Cleco has also modified and continues to adjust certain business practices to conform to government restrictions and best practices encouraged by the CDC, WHO, and other governmental and regulatory authorities. Cleco cannot predict the full impact that COVID-19, or the significant disruption and volatility currently being experienced in the markets, will have on its business, cash flows, liquidity, financial condition, and results of operations at this time, due to numerous uncertainties. The ultimate impacts will depend on future developments, including, among others, the ultimate geographic spread of COVID-19, the consequences of governmental and other measures designed to prevent the spread of COVID-19, the development of effective treatments, the duration of the pandemic, actions taken by governmental authorities, customers, suppliers and other third parties, workforce availability, and the timing and extent to which normal economic and operating conditions resume. In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. For information on recent authoritative guidance and its effect on financial results, see Note 3 — “Recent Authoritative Guidance.” Restricted Cash and Cash Equivalents Various agreements to which Cleco is subject contain covenants that restrict its use of cash. As certain provisions under these agreements are met, cash is transferred out of related escrow accounts and becomes available for its intended purposes and/or general corporate purposes. Cleco and Cleco Power’s restricted cash and cash equivalents consisted of the following:
Cleco Katrina/Rita had the right to bill and collect storm restoration costs from Cleco Power’s customers. As cash was collected, it was restricted for payment of administration fees, interest, and principal on storm recovery bonds. The change from December 31, 2019, to September 30, 2020, was due to Cleco Katrina/Rita using $11.1 million for the final storm recovery bond principal payment and $0.3 million for the related final interest payment, partially offset by collections of $4.4 million net of administration fees. At September 30, 2020, the remaining $2.6 million of restricted cash is expected to be used for final administrative and winding up activities of Cleco Katrina/Rita, including refunds to Cleco Power customers for amounts remaining after all other costs are paid. Cleco Power’s restricted cash and cash equivalents held for future storm restoration costs decreased $12.3 million from December 31, 2019, primarily due to the transfer of $8.3 million towards the costs associated with Hurricane Laura and $4.0 million to cover costs associated with other storms. For more information about Hurricane Laura, see Note 18 — “Storm Restoration.” Reserves for Credit Losses Customer accounts receivable are recorded at the invoiced amount and do not bear interest. Customer accounts receivables are generally considered to become past due 20 days after the billing date. Cleco recognizes write-offs within the allowance for credit losses once all recovery methods have been exhausted. It is the policy of management to review accounts receivable and unbilled revenue monthly using a reserve matrix based on historical bad debt write-offs as well as current and forecasted economic conditions to establish a credit loss estimate. Management’s historical credit loss analysis included periods of economic recessions, natural disasters, and temporary changes to collection policies. Due to the critical necessity of electricity, none of these past events have significantly impacted Cleco’s credit loss rates. In response to the COVID-19 pandemic, the LPSC issued an executive order prohibiting the disconnection of utilities for nonpayment from March 13, 2020, through July 16, 2020. As a result of this executive order, Cleco Power suspended the assessment of late fees, disconnections, and the utilization of collection agencies, which resulted in no additional charge-offs during the second and third quarters of 2020. On July 16, 2020, Cleco Power began setting up payment plan arrangements for customers with past due balances to be repaid over a period of up to 18 months. On August 27, 2020, Hurricane Laura made landfall in southwest Louisiana causing substantial damage to Cleco’s distribution and transmission facilities and to the properties of Cleco’s customers. Although Cleco’s service territory experienced a recent decline in the economy related to these events, the economic outlook at September 30, 2020, was still within range of its historical credit loss analysis. Cleco began reinstating disconnections and late fees and utilizing collection agencies on October 1, 2020. The table below presents the changes in the allowance for credit losses by receivable for Cleco and Cleco Power:
* Loan held at Diversified Lands that was fully reserved for at September 30, 2020.
* Loan held at Diversified Lands that was fully reserved for at September 30, 2020.
Fair Value Measurements and Disclosures Various accounting pronouncements require certain assets and liabilities to be measured at their fair values. Some assets and liabilities are required to be measured at their fair value each reporting period, while others are required to be measured only one time, generally the date of acquisition or debt issuance. Cleco and Cleco Power disclose the fair value of certain assets and liabilities by one of three levels when required for recognition purposes. For more information about fair value levels, see Note 7 — “Fair Value Accounting.”
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Business Combinations |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations |
On February 4, 2019, Cleco Cajun acquired from NRG Energy all of the outstanding membership interests in South Central Generating. This acquisition enabled Cleco to significantly increase the scale of its operations in Louisiana. Accounting for the Cleco Cajun Transaction As consideration for all of the outstanding membership interest in South Central Generating, Cleco paid cash of approximately $962.2 million, which represents the $1.0 billion acquisition price net of working capital and other adjustments of $37.8 million. Cleco Cajun accounted for the Cleco Cajun Transaction as a business combination, and accordingly, the assets acquired and liabilities assumed were recorded at their estimated fair values as of the date of the acquisition. Cleco made certain measurement period adjustments at June 30, 2019. The following chart presents Cleco’s purchase price allocation:
During the second quarter of 2019, certain modifications were made to the preliminary valuations as of February 4, 2019, due to the refinement of valuation models, assumptions, and inputs. The measurement period adjustments were based upon information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the measurement of the amounts recognized at that date.
The measurement period adjustments resulted in an increase in electric operations revenue of $0.5 million, a decrease in other operations revenue of $0.1 million, and an increase in depreciation expense of $0.2 million recorded for the three months ended June 30, 2019. As of December 31, 2019, Cleco completed its evaluation and determination of the fair value of assets acquired and liabilities assumed in the Cleco Cajun Transaction. There were no adjustments to those amounts during the third and fourth quarters of 2019. Pro forma Impact of the Cleco Cajun Transaction The following table includes the unaudited pro forma financial information reflecting the consolidated results of operations of Cleco as if the Cleco Cajun Transaction had taken place on January 1, 2018. The pro forma net income for the three and nine months ended September 30, 2019, was adjusted to exclude nonrecurring transaction-related expenses of $0.6 million and $4.5 million, respectively. The unaudited pro forma financial information presented in the following table is not necessarily indicative of the consolidated results of operations that would have been achieved had the transaction taken place on the date indicated, or the future consolidated results of operations of the combined companies.
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Recent Authoritative Guidance |
9 Months Ended | ||||||
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Sep. 30, 2020 | |||||||
Accounting Changes and Error Corrections [Abstract] | |||||||
Recent Authoritative Guidance |
In June 2016, FASB amended the guidance for the measurement of credit losses on receivables and certain other assets. In-scope items for Cleco include unbilled revenue, trade receivables, notes receivables, other accounts receivables, and guarantees. The guidance requires use of a current expected loss model, which may result in earlier recognition of credit losses. Effective January 1, 2020, Cleco adopted the amended guidance using the prospective transition method. Adoption of this standard resulted in a $0.1 million increase in credit loss reserves related to unbilled revenue and trade receivables. The current expected credit loss model did not impact reserves related to any other in-scope items. For more information on Cleco’s accounting for credit losses, see Note 1 — “Summary of Significant Accounting Policies — Reserves for Credit Losses.” In August 2018, FASB issued guidance that allows for the deferral of certain implementation costs incurred in a cloud computing arrangement. Effective January 1, 2020, Cleco adopted the guidance using the prospective transition method. Adoption of this guidance did not materially impact the Registrants’ results of operations, financial condition, or cash flows. In March 2020, FASB issued optional guidance for a limited period of time that applies to entities meeting certain criteria for the contract modifications or hedging relationships that are referencing LIBOR or another reference rate expected to be discontinued due to reference rate reform. The guidance includes a general principal that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The optional guidance may be applied from March 12, 2020, through December 31, 2022. Management is evaluating this guidance and the impact it may have on the Registrants’ results of operations, financial condition, or cash flows.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases |
Cleco maintains operating and finance leases in its ordinary course of business activities. Cottonwood Sale Leaseback Agreement Upon closing the Cleco Cajun Transaction, the Cottonwood Sale Leaseback was executed. Under the terms of the lease, NRG Energy will operate the Cottonwood Plant, incur all costs, and receive all revenues from the operations of the plant. Cottonwood Energy will receive fixed lease payments of $40.0 million per year and variable lease payments for LTSA costs and property taxes paid by NRG Energy on behalf of Cleco. Cleco may terminate the lease contract under specific circumstances stated in the lease contract. The residual value under the Cottonwood Sale Leaseback is expected to be recovered through sales of power generation from the plant. The residual value of the Cottonwood Plant has been determined using the plant’s estimated economic life. Cleco Cajun is Cleco’s only entity with lessor arrangements. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the three and nine months ended September 30, 2020, and 2019, was as follows:
* Consists of amortization of the deferred lease revenue resulting from the fair value of the lease between Cottonwood Energy and a special-purpose entity that is a subsidiary of NRG Energy. For more information, see Note 2 — “Business Combinations.”
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Leases |
Cleco maintains operating and finance leases in its ordinary course of business activities. Cottonwood Sale Leaseback Agreement Upon closing the Cleco Cajun Transaction, the Cottonwood Sale Leaseback was executed. Under the terms of the lease, NRG Energy will operate the Cottonwood Plant, incur all costs, and receive all revenues from the operations of the plant. Cottonwood Energy will receive fixed lease payments of $40.0 million per year and variable lease payments for LTSA costs and property taxes paid by NRG Energy on behalf of Cleco. Cleco may terminate the lease contract under specific circumstances stated in the lease contract. The residual value under the Cottonwood Sale Leaseback is expected to be recovered through sales of power generation from the plant. The residual value of the Cottonwood Plant has been determined using the plant’s estimated economic life. Cleco Cajun is Cleco’s only entity with lessor arrangements. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the three and nine months ended September 30, 2020, and 2019, was as follows:
* Consists of amortization of the deferred lease revenue resulting from the fair value of the lease between Cottonwood Energy and a special-purpose entity that is a subsidiary of NRG Energy. For more information, see Note 2 — “Business Combinations.”
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Leases |
Cleco maintains operating and finance leases in its ordinary course of business activities. Cottonwood Sale Leaseback Agreement Upon closing the Cleco Cajun Transaction, the Cottonwood Sale Leaseback was executed. Under the terms of the lease, NRG Energy will operate the Cottonwood Plant, incur all costs, and receive all revenues from the operations of the plant. Cottonwood Energy will receive fixed lease payments of $40.0 million per year and variable lease payments for LTSA costs and property taxes paid by NRG Energy on behalf of Cleco. Cleco may terminate the lease contract under specific circumstances stated in the lease contract. The residual value under the Cottonwood Sale Leaseback is expected to be recovered through sales of power generation from the plant. The residual value of the Cottonwood Plant has been determined using the plant’s estimated economic life. Cleco Cajun is Cleco’s only entity with lessor arrangements. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the three and nine months ended September 30, 2020, and 2019, was as follows:
* Consists of amortization of the deferred lease revenue resulting from the fair value of the lease between Cottonwood Energy and a special-purpose entity that is a subsidiary of NRG Energy. For more information, see Note 2 — “Business Combinations.”
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended September 30, 2020, and 2019, was as follows:
(1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (4) Includes realized gains associated with FTRs of $3.0 million. (5) Includes $15.2 million in lease revenue related to the Cottonwood Sale Leaseback and $2.3 million of deferred lease revenue amortization.
(1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Other miscellaneous fee revenue. (4) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (5) Includes realized gains associated with FTRs. (6) Includes $16.0 million in lease revenue related to the Cottonwood Sale Leaseback and $2.3 million of deferred lease revenue amortization.
(1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes $0.8 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 $6.3 million. (7) Includes $46.0 million in lease revenue related to the Cottonwood Sale Leaseback and $6.9 million of deferred lease revenue amortization.
(1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes $11.4 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 $11.7 million and the reversal of the Lost Contribution to Fixed Cost revenue of $2.6 million. (6) Includes $40.9 million in lease revenue related to the Cottonwood Sale Leaseback and $6.1 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 September 30, 2020, Cleco and Cleco Power had $75.7 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.
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Regulatory Assets and Liabilities |
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities |
Cleco Power capitalizes or defers certain costs for recovery from customers and recognizes a liability for amounts expected to be returned to customers based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable; however, if in the future, as a result of regulatory changes or competition, Cleco Power’s ability to recover these regulatory assets would no longer be probable, then to the extent that such regulatory assets were determined not to be recoverable, Cleco Power would be required to write-down such assets. In addition, potential deregulation of the industry or possible future changes in the method of rate regulation of Cleco Power could require discontinuance of the application of the authoritative guidance on regulated operations. The following table summarizes Cleco Power’s regulatory assets and liabilities:
The following table summarizes Cleco’s net regulatory assets and liabilities:
* Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger. COVID-19 Executive Order On March 13, 2020, the LPSC issued an executive order prohibiting the disconnection of utilities for nonpayment. This order resulted in an increase of expenses for Cleco Power. On April 29, 2020, the LPSC issued an order allowing utilities to establish a regulatory asset for expenses incurred from the suspension of disconnections and collection of late fees imposed by the LPSC executive order. On July 1, 2020, the LPSC issued an order terminating the moratorium on disconnections effective July 16, 2020. Cleco began reinstating disconnections and late fees and utilizing collection agencies on October 1, 2020. At September 30, 2020, Cleco Power recognized a regulatory asset of $3.0 million for expenses incurred. Deferred Storm Restoration Costs — Hurricane Laura On August 27, 2020, Hurricane Laura made landfall in southwest Louisiana as a Category 4 storm, causing power outages for approximately 140,000 of Cleco Power’s electric customers located primarily in central and southwest Louisiana. In September 2020, the LPSC approved utilities establishing a regulatory asset to track and defer non-capital expenses associated with Hurricane Laura. At September 30, 2020, Cleco Power recognized a regulatory asset of $57.7 million for deferred storm costs, which was the remaining balance of non-capital expenses associated with Hurricane Laura after Cleco Power’s storm reserve was exhausted. Cleco Power anticipates making a filing with the LPSC in the fourth quarter of 2020 requesting interim rate recovery for return on the cost of the storm until such time securitization of the costs associated with Hurricane Laura can be completed. For more information about Hurricane Laura, see Note 18 — “Storm Restoration.” Dolet Hills Closure Costs In June 2020, Cleco Power revised depreciation rates for the Dolet Hills Power Station to utilize the December 2021 expected end-of-life and early closure of the Dolet Hills Power Station and defer depreciation expense to a regulatory asset for the amount in excess of the previously LPSC-approved depreciation rates. At September 30, 2020, Cleco Power had $28.6 million accrued as a regulatory asset for accelerated depreciation and closure costs. For more information on the Dolet Hills Power Station, see Note 14 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — Risks and Uncertainties.” St. Mary Clean Energy Center On July 1, 2018, Cleco Power began collecting the revenue requirements related to the St. Mary Clean Energy Center project based on expected commercial operations in the third quarter of 2018. Due to the delay in commercial operations, Cleco Power recorded a $9.6 million regulatory liability for over collections for the 12-month period ending June 30, 2019. On July 1, 2019, Cleco Power’s rider FRP rates were adjusted by the amount of the over collection and the liability was amortized over a period of 12 months. Due to the delay in the current base rate case, Cleco Power continues to charge FRP rates established in July 2019, which includes a portion of the revenue requirements adjusted by the over collections. Cleco Power accrued a regulatory asset of $1.7 million at September 30, 2020, for the resulting under collection of revenue related to St. Mary Clean Energy Center project.
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Fair Value Accounting |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Accounting |
The amounts reflected on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2020, and December 31, 2019, for cash equivalents, restricted cash equivalents, accounts receivable, other accounts receivable, short-term debt, and accounts payable approximate fair value because of their short-term nature. Cleco applies the provisions of the fair value measurement standard to its non-recurring, non-financial measurements including business combinations, as well as impairment related to goodwill and other long-lived assets. The following tables summarize the carrying value and estimated market value of Cleco and Cleco Power’s financial instruments not measured at fair value on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets:
* The carrying value of long-term debt does not include deferred issuance costs of $14.0 million at September 30, 2020, and $13.7 million at December 31, 2019.
* The carrying value of long-term debt does not include deferred issuance costs of $7.2 million at September 30, 2020, and $7.4 million at December 31, 2019. In order to fund capital requirements, Cleco issues fixed and variable rate long-term debt with various tenors. The fair value of this class fluctuates as the market interest rates for fixed and variable rate debt with similar tenors and credit ratings change. The fair value of the debt could also change from period to period due to changes in the credit rating of the Cleco entity by which the debt was issued. The fair value of long-term debt is classified as Level 2 in the fair value hierarchy. Fair Value Measurements and Disclosures Cleco classifies assets and liabilities that are measured at their fair value according to three different levels depending on the inputs used in determining fair value. The following tables disclose for Cleco and Cleco Power the fair value of financial assets and liabilities measured on a recurring basis:
The following tables summarize the changes in the net fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy for Cleco and Cleco Power:
The following tables quantify the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of September 30, 2020, and December 31, 2019:
Cleco utilizes different valuation techniques for fair value calculations. In order to measure the fair value for Level 1 assets and liabilities, Cleco obtains the closing price from published indices in active markets for the various instruments and multiplies this price by the appropriate number of instruments held. Level 2 fair values are determined by obtaining the closing price of similar assets and liabilities from published indices in active markets. Institutional money market funds assets are discounted to the current period using a U.S. Treasury published interest rate as a proxy for a risk-free rate of return. Level 3 fair values occur in situations in which there is little, if any, market activity for the asset or liability at the measurement date and prices are not observable. Cleco has consistently applied the Level 2 and Level 3 fair value techniques from fiscal period to fiscal period. Significant increases or decreases in any of those inputs in isolation would result in a significantly different fair value measurement. The assets and liabilities reported at fair value are grouped into classes based on the underlying nature and risks associated with the individual asset or liability. At September 30, 2020, Cleco and Cleco Power were exposed to concentrations of credit risk through their short-term investments classified as cash equivalents and restricted cash equivalents. The following tables present the institutional money market funds in cash and cash equivalents and restricted cash and cash equivalents as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2020, and December 31, 2019:
If the money market funds failed to perform under the terms of the investments, Cleco and Cleco Power would be exposed to a loss of the invested amounts. Collateral on these types of investments is not required by either Cleco or Cleco Power. The Level 2 institutional money market funds asset consists of a single class. In order to capture interest income and minimize risk, cash is invested in money market funds that invest primarily in short-term securities issued by the U.S. Treasury to maintain liquidity and achieve the goal of a net asset value of a dollar. The risks associated with this class are counterparty risk of the fund manager and risk of price volatility associated with the underlying securities of the fund. Other commodity derivatives include fixed price physical forwards and swap transactions. These contracts contain counterparty credit risk because they are transacted directly with a counterparty and are not cleared on an exchange. With respect to any open trading contracts that Cleco has entered into or may enter into in the future, Cleco may be required to provide credit support or pay liquidated damages under such contracts. The amount of credit support that Cleco may be required to provide at any point in the future is dependent on the amount of the initial contract, changes in the market price, changes in open contracts, and changes in the amounts counterparties owe to Cleco. Changes in any of these factors could cause the amount of requested credit support to increase or decrease. These other commodity derivatives are recorded at fair value and categorized as Level 2 because pricing is indexed to other contracts. Cleco Power and Cleco Cajun’s FTRs were priced using MISO’s monthly auction prices. Forward seasonal periods are not included in every monthly auction; therefore, the average of the most recent seasonal auction prices is used for monthly valuation. FTRs are categorized as Level 3 fair value measurements because the only relevant pricing available comes from MISO auctions, which occur monthly in the Multi-Period Monthly Auction. During the nine months ended September 30, 2020, and the year ended December 31, 2019, Cleco did not experience any transfers between levels within the fair value hierarchy. Commodity Contracts The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2020, and December 31, 2019:
The following tables present the effect of derivatives not designated as hedging instruments on Cleco and Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2020, and 2019:
(1) For the three and nine months ended September 30, 2020, unrealized gains associated with FTRs for Cleco Power of $0.4 million and $1.4 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. For the three and nine months ended September 30, 2019, unrealized losses associated with FTRs for Cleco Power of $1.7 million and $3.6 million, respectively, were reported through Accumulated deferred fuel on the balance sheet.
(1) For the three and nine months ended September 30, 2020, unrealized gains associated with FTRs of $0.4 million and $1.4 million, respectively. were reported through Accumulated deferred fuel on the balance sheet. For the three and nine months ended September 30, 2019, unrealized losses associated with FTRs of $1.7 million and $3.6 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. |
Debt |
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Sep. 30, 2020 | |||||||
Debt Disclosure [Abstract] | |||||||
Debt |
On March 2, 2020, Cleco Power made the final $11.1 million principal payment and completed the repayment in full of its Cleco Katrina/Rita storm recovery bonds issued in March 2008. On May 1, 2020, Cleco Power repriced at a mandatory tender date its $50.0 million 2008 series A GO Zone bonds and entered into a new interest rate period with a mandatory tender date of May 1, 2025. The interest rate for the new interest rate period is fixed at 2.50% per annum. On May 15, 2020, Cleco Power entered into an amendment for its revolving credit agreement. This amendment extends the term of the revolving credit agreement through June 28, 2022. At September 30, 2020, Cleco Power had $150.0 million of borrowings outstanding under its $300.0 million revolving credit facility at an all-in interest rate of 1.41%. The borrowing costs under the agreement currently are equal to LIBOR plus 1.25% or ABR plus 0.25%, plus commitment fees of 0.15%. On August 28, 2020, Cleco Power entered into a $125.0 million variable rate bank term loan due June 28, 2022. Amounts outstanding under the bank term loan bear interest at a base rate plus 0.250% or LIBOR plus 1.25%. At September 30, 2020, the all-in interest rate under the term loan was 1.40%, which was based on LIBOR. On May 15, 2020, Cleco Holdings entered into amendments for its revolving credit agreement and two outstanding term loan agreements. These amendments extend the terms of each agreement through June 28, 2022. At September 30, 2020, Cleco Holdings had $88.0 million of borrowings outstanding under its $175.0 million revolving credit facility at an all-in interest rate of 2.035%. The borrowing costs under the facility currently are equal to LIBOR plus 1.875% or ABR plus 0.875%, plus commitment fees of 0.30%. At September 30, 2020, Cleco Holdings had $330.0 million long-term variable rate bank term loans outstanding. One bank term loan had a balance of $300.0 million outstanding, at an interest rate of LIBOR plus 1.875%, for an all-in interest rate of 2.035% at September 30, 2020. Another bank term loan had a balance of $30.0 million outstanding, at an interest rate of LIBOR plus 1.875%, for an all-in interest rate of 2.035% at September 30, 2020. On September 11, 2019, Cleco Holdings completed the private placement of $300.0 million aggregate principal amount of its 3.375% senior notes due September 15, 2029. The proceeds from the issuance were used to repay the remaining amounts due under the $300.0 million bridge loan agreement and a portion of the $100.0 million term loan agreement, both entered into in connection with the Cleco Cajun Transaction. On July 14, 2020, Cleco Holdings completed an exchange offer for its outstanding 3.375% senior notes, which were not registered under the Securities Act of 1993, as amended, for an equal principal amount of newly issued 3.375% senior notes due September 15, 2029, that were so registered. Cleco Holdings did not receive any proceeds from the exchange offer.
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Pension Plan and Employee Benefits |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plan and Employee Benefits |
Pension Plan and Other Benefits Plan Employees hired before August 1, 2007, are covered by a non-contributory, defined benefit pension plan. In September 2019, Cleco made a $12.3 million discretionary contribution to the pension plan. Based on updated funding assumptions at December 31, 2019, management estimates that $66.5 million in pension contributions will be required through 2024. Cleco expects to make a $15.7 million minimum required contribution to the pension plan in the fourth quarter of 2020. Cleco Power is the plan sponsor and Support Group is the plan administrator. The pension plan was amended on February 4, 2019, to include certain former NRG Energy employees who are now Cleco Cajun employees. The Cleco Cajun employees are eligible to participate as a cash balance participant and are credited with all service that was credited to them under the NRG Pension Plan as of February 4, 2019. Benefits under the plan amendment reflect an employee’s years of service, age at retirement, and accrued benefit at retirement. Cleco’s retirees may be eligible to receive Other Benefits. Dependents of Cleco’s retirees may also be eligible to receive Other Benefits with the exception of life insurance benefits. The non-service components of net periodic pension and Other Benefits cost are included in Other income (expense), net within Cleco and Cleco Power’s Condensed Consolidated Statements of Income. The components of net periodic pension and Other Benefits cost for the three and nine months ended September 30, 2020, and 2019 were as follows:
Because Cleco Power is the pension plan sponsor and the related trust holds the assets, the net unfunded status of the pension plan is reflected at Cleco Power. The liability of Cleco’s other subsidiaries is transferred with a like amount of assets to Cleco Power monthly. The expense of the pension plan related to Cleco’s other subsidiaries for the three and nine months ended September 30, 2020, was $0.9 million and $2.6 million, respectively. The expense of the pension plan related to Cleco’s other subsidiaries for the three and nine months ended September 30, 2019, was $0.5 million and $1.6 million, respectively. Cleco Holdings is the plan sponsor for the other benefit plans. There are no assets set aside in a trust, and the liabilities are reported on the individual subsidiaries’ financial statements. The expense related to other benefits reflected in Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2020, was $1.1 million and $3.6 million, respectively. The expense related to other benefits reflected in Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2019, was $0.9 million and $2.3 million, respectively. The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at September 30, 2020, and December 31, 2019, were as follows:
SERP Certain Cleco officers are covered by SERP. Cleco does not fund the SERP liability, but instead pays for current benefits out of the general funds available. Cleco Power has formed a rabbi trust. The life insurance policies issued on SERP participants designate the rabbi trust as the beneficiary. Market conditions could have a significant impact on the cash surrender value of the life insurance policies. Proceeds from the life insurance policies are expected to be used to pay the SERP participants’ death benefits, as well as future SERP payments. However, because SERP is a non-qualified plan, the assets of the trust could be used to satisfy general creditors of Cleco Power in the event of insolvency. All SERP benefits are paid out of the general cash available of the respective companies that employed the officer. Cleco Power is the plan sponsor and Support Group is the plan administrator. The non-service components of net periodic benefit cost related to SERP are included in Other income (expense), net within Cleco and Cleco Power’s Condensed Consolidated Statements of Income. The components of the net periodic benefit cost related to SERP for the three and nine months ended September 30, 2020, and 2019 were as follows:
The expense related to SERP reflected on Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2020, was $0.2 million and $0.7 million, respectively. The expense related to SERP reflected on Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2019, was $0.2 million and $0.6 million, respectively. Liabilities relating to SERP are reported on the individual subsidiaries’ financial statements. The current and non-current portions of the SERP liability for Cleco and Cleco Power at September 30, 2020, and December 31, 2019, were as follows:
401(k) Plan Cleco’s 401(k) Plan is intended to provide active, eligible employees with voluntary, long-term savings and investment opportunities. The 401(k) Plan is a defined contribution plan and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974. In accordance with the 401(k) Plan, employer contributions are made in the form of cash. Cash contributions are invested in proportion to the participant’s voluntary contribution investment choices. Participation in the Plan is voluntary, and active Cleco employees are eligible to participate. Cleco’s 401(k) Plan was amended upon the close of the Cleco Cajun Transaction to include Cleco Cajun employees. Cleco’s 401(k) Plan expense for the three and nine months ended September 30, 2020, and 2019 was as follows:
Cleco Power is the plan sponsor for the 401(k) Plan. The expense of the 401(k) Plan related to Cleco’s other subsidiaries for the three and nine months ended September 30, 2020, and 2019 was as follows:
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Income Taxes |
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Income Taxes |
Effective Tax Rates The following tables summarize the effective income tax rates for Cleco and Cleco Power for the three and nine months ended September 30, 2020, and 2019:
For the three and nine months ended September 30, 2020, and 2019, the effective income tax rates for both Cleco and Cleco Power were different than the federal statutory rate primarily due to permanent tax differences; the flowthrough of tax benefits, including AFUDC equity; amortization of excess ADIT; adjustments for tax returns as filed; and state tax expense. Net Operating Loss For the 2019 tax year, Cleco created $433.2 million of federal net operating losses primarily due to the Cleco Cajun Transaction. The federal net operating loss may be carried forward indefinitely. Uncertain Tax Positions Cleco classifies all interest related to uncertain tax positions as a component of interest payable and interest expense. At September 30, 2020, and December 31, 2019, Cleco and Cleco Power had no liability for uncertain tax positions or interest payable related to uncertain tax positions. Cleco estimates that it is reasonably possible that the balance of unrecognized tax benefits as of September 30, 2020, for Cleco and Cleco Power would be unchanged in the next 12 months. The settlement of open tax years could involve the payment of additional taxes, and/or the recognition of tax benefits, which may have an effect on Cleco’s effective tax rate. Income Tax Audits Cleco participates in the IRS’s Compliance Assurance Process in which financial results are examined and agreed upon prior to filing the federal consolidated tax return. While the statute of limitations remains open for tax years 2017, 2018, and 2019, management believes the likelihood of further examination by the IRS is remote. The state income tax years 2016, 2017, and 2018 remain subject to examination by the Louisiana Department of Revenue. Cleco classifies income tax penalties as a component of other expense. For the three and nine months ended September 30, 2020, and 2019, no penalties were recognized. CARES Act On March 27, 2020, the CARES Act was enacted and signed into law in response to the COVID-19 pandemic. Among other provisions, the CARES Act includes modifications on the limitations of business interest for the 2019 and 2020 tax years. The modifications increase the allowable business interest deduction from 30% to 50% of adjusted taxable income. The modification increased Cleco’s allowable interest expense deduction and, as a result, decreased taxable income, creating larger net operating loss carryforwards for the tax year ended December 31, 2019. Cleco did not have any disallowed interest for the 2019 tax year and does not expect any disallowed interest for the 2020 tax year.
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Disclosures about Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, who is Cleco’s chief operating decision maker, 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, and an investment subsidiary. 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.” There are no other changes to Cleco’s existing reportable segments. The financial results in the following tables are presented on an accrual basis. EBITDA is a key non-GAAP financial measure used by the CEO to assess the operating performance of Cleco’s segments. Management evaluates the performance of Cleco’s segments and allocates resources to them based on segment profit and the requirements to implement strategic initiatives and projects to meet current business objectives. EBITDA is defined as net income adjusted for interest, income taxes, depreciation, and amortization. Depreciation and amortization in the following tables includes amortization of intangible assets and liabilities recorded for the fair value adjustment of wholesale power supply agreements as a result of the 2016 Merger and the Cleco Cajun Transaction, as well as amortization of deferred lease revenue resulting from the Cleco Cajun Transaction. Material intercompany transactions occur on a regular basis. These intercompany transactions relate primarily to joint and common administrative support services as well as transmission services provided by Cleco Power to Cleco Cajun.
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Regulation and Rates |
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulation and Rates |
Provision for rate refund on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets consisted primarily of the following:
FERC Audit For more information about the FERC audit, see Note 14 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — FERC Audit.” TCJA The provisions of the TCJA reduced the top federal statutory corporate income tax rate from 35% to 21%. As a result of the tax rate reduction, on January 1, 2018, Cleco Power began accruing an estimated reserve for the reduction in the federal statutory corporate income tax rate. In February 2018, the LPSC directed utilities, including Cleco Power, to provide considerations of the appropriate manner to flow through to ratepayers the benefits of the reduction in corporate income taxes as a result of the TCJA. In July 2019, the LPSC approved Cleco Power’s rate refund of $79.2 million, plus interest, for the reduction in the statutory federal tax rate for the period from January 2018 to June 2020. The refund was credited to customers over 12 months beginning August 1, 2019. In July 2019, the LPSC approved Cleco Power’s motion to address the rate redesign and the regulatory liability for excess ADIT, resulting from the enactment of the TCJA, in Cleco Power’s current base rate case. On July 15, 2020, the LPSC approved Cleco Power’s application to extend the TCJA bill credits at the same rate as determined in the initial TCJA refund of approximately $7.0 million per month. The extension was for the period of August 2020 through November 2020. The refund will consist of the change in the federal statutory corporate income tax rate from 35% to 21%, which is approximately $2.5 million per month and an additional $4.4 million that will be refunded by the unprotected excess ADIT. At September 30, 2020, Cleco Power had $2.1 million accrued for the estimated federal tax-related benefits from the TCJA. The mechanism to refund the remaining balance of the excess ADIT will be determined in Cleco Power’s current LPSC base rate case. At September 30, 2020, Cleco Power had $366.0 million accrued for the excess ADIT, of which $28.4 million is reflected in current regulatory liabilities. Cleco Power’s current base rate case is ongoing and management is unable to determine its outcome. On September 30, 2020, Cleco Power filed an application to extend the TCJA bill credits from November 30, 2020, until such time that the rate case is complete. Cleco Katrina/Rita Storm Recovery Charges Cleco Katrina/Rita had the right to bill and collect storm restoration costs from Cleco Power’s customers to pay administrative fees, interest, and principal on the Cleco Katrina/Rita storm recovery bonds. Amounts remaining after the final principal and interest payments on the storm recovery bonds, which was paid on March 2, 2020, and payments for final administrative and winding up activities are subject to refund. For more information on the storm recovery bonds, see Note 1 — “Summary of Significant Accounting Policies — Restricted Cash and Cash Equivalents” and Note 16 — “Intangible Assets and Liabilities.” FRP Cleco Power’s annual retail earnings are subject to an FRP that was approved by the LPSC in June 2014. Under the terms of Cleco Power’s current FRP, Cleco Power is allowed to earn a target ROE of 10.0%, while providing the opportunity to earn up to 10.9%. Additionally, 60.0% of retail earnings between 10.9% and 11.75%, and all retail earnings over 11.75%, are required to be refunded to customers. The amount of credits due to customers, if any, is determined by Cleco Power and the LPSC, annually. Credits are typically included on customers’ bills the following summer, but the amount and timing of the refunds are ultimately subject to LPSC approval. Cleco Power’s FRP had a four-year term, which was set to expire in June 2018. As a result of the 2016 Merger, the FRP was extended an additional two years with an expiration of June 2020, and Cleco Power was required to file a new base rate case in June 2019 with any change in rates to be implemented in July 2020. On June 28, 2019, Cleco Power filed an application with the LPSC for a new FRP. Cleco Power has responded to multiple sets of data requests relating to the new FRP. However, due to COVID-19, there has been a delay in the current base rate case. Unless the 2014 FRP were to be extended by order of the LPSC, the FRP rates established in July 2019 will remain in effect, and an FRP monitoring report for the 12-month period ending June 30, 2020, will not be required. Cleco Power anticipates new rates to be effective in the first half of 2021. However, management is unable to determine the outcome of the base rate case relating to the new FRP. Under the 2014 FRP, Cleco Power must file annual monitoring reports no later than October 31 for the 12-month period ending June 30. Cleco Power filed its monitoring report for the 12 months ended June 30, 2017, on October 31, 2017, indicating that no FRP refund was due. In January 2020, Cleco Power reached an agreement with the LPSC regarding the treatment and realignment of SSR revenue between base and fuel revenue. The result of the realignment confirmed no FRP refund was due for the 12-month period ended June 30, 2017. The monitoring report was approved by the LPSC on February 19, 2020. Cleco Power filed its monitoring report for the 12 months ended June 30, 2018, on October 31, 2018, indicating no FRP refund was due. The settlement with the LPSC in January 2020 for the treatment and realignment of SSR revenues between base and fuel revenues resulted in a $2.3 million FRP refund for the 12-month period ended June 30, 2018, which was refunded on March 2020 bills as agreed to in the settlement of the 2017 monitoring report. The 2018 monitoring report was approved by the LPSC on March 27, 2020, indicating the FRP refund of $2.3 million and no adjustments to rider FRP. Cleco Power filed its monitoring report for the 12 months ended June 30, 2019, on October 31, 3019, indicating that no refund was due. Cleco Power has responded to data requests relating to the 2019 FRP monitoring report. Cleco Power’s monitoring reports also included a $1.2 million annual cost of service savings as a result of the 2016 Merger Commitments. The cost of service savings are not subject to the target ROE or any sharing mechanism. The cost of service savings are refunded annually in September and will continue until Cleco Power’s next FRP is in effect, which is expected in the first half of 2021. At September 30, 2020, Cleco Power had $1.5 million accrued for the estimated cost of service savings refunds. Transmission ROE Two complaints were filed with FERC seeking to reduce the ROE component of the transmission rates that MISO transmission owners, including Cleco, may collect under the MISO tariff. As of September 30, 2020, Cleco Power had $0.6 million accrued for the change in ROE. For more information on the ROE complaints, see Note 14 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — Transmission ROE.” SSR In September 2016, Cleco Power filed an Attachment Y with MISO requesting retirement of Teche Unit 3 effective April 1, 2017. MISO conducted a study which determined the proposed retirement of Teche Unit 3 would result in violations of specific applicable reliability standards for which no mitigation is available. As a result, MISO designated Teche Unit 3 as an SSR unit until such time that an appropriate alternative solution could be implemented to mitigate reliability issues. One mitigating factor identified was Cleco Power’s Terrebonne to Bayou Vista Transmission project, which was completed in April 2019. Cleco Power received a termination notice, effective April 30, 2019, and filed paperwork to withdraw the filed Attachment Y. While operating as an SSR unit, Cleco Power received monthly payments that included recovery of expenses, including capital expenditures, related to the operations of Teche Unit 3. Additionally, MISO allocated SSR costs to the load serving entities that required the operation of the SSR unit, including Cleco Power. These payments and cost allocations were finalized as part of a MISO SSR settlement approved in December 2018. Cleco Power operated Teche Unit 3 as an SSR unit from April 2017 until April 2019. Cleco Power expects Teche Unit 3 to be available to run until the estimated 2021 in-service date of the Bayou Vista to Segura Transmission project, at which time Cleco Power does not expect to offer the unit into MISO, barring any grid or customer reliability issues or other similar reasons. At September 30, 2020, Cleco Power had $6.1 million accrued for the net capital refund for capital expenditures paid for by third parties while operating under the SSR agreement. As part of the settlement, one of the load serving entities agreed to reimburse Cleco Power for their portion of the capital refund. Management is unable to determine the timing of the capital refund.
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Variable Interest Entities |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities |
Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Condensed Consolidated Statements of Income. Oxbow is owned 50% by Cleco Power and 50% by SWEPCO. Cleco Power is not the primary beneficiary because it shares the power to control Oxbow’s significant activities with SWEPCO. Cleco Power’s current assessment of its maximum exposure to loss related to Oxbow at September 30, 2020, consisted of its equity investment of $13.1 million. During the three months ended September 30, 2020, Cleco Power received $4.0 million from Oxbow as a return of equity investment. The following table presents the components of Cleco Power’s equity investment in Oxbow:
The following table compares the carrying amount of Oxbow’s assets and liabilities with Cleco Power’s maximum exposure to loss related to its investment in Oxbow:
The following table contains summarized financial information for Oxbow:
Prior to June 30, 2020, DHLC mined lignite reserves at Oxbow through the Amended Lignite Mining Agreement. The lignite reserves are intended to be used to provide fuel to the Dolet Hills Power Station. Under the Amended Lignite Mining Agreement, DHLC bills Cleco Power its proportionate share of incurred lignite extraction and associated mining-related costs. Oxbow bills Cleco Power its proportionate share of incurred costs related to mineral rights and land leases. For more information on DHLC and the Oxbow mine, see Note 14 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Risks and Uncertainties.” Oxbow has no third-party agreements, guarantees, or other third-party commitments that contain obligations affecting Cleco Power’s investment in Oxbow.
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Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees |
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Sep. 30, 2020 | |||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees |
Litigation 2016 Merger In connection with the 2016 Merger, four actions were filed in the Ninth Judicial District Court for Rapides Parish, Louisiana and three actions were filed in the Civil District Court for Orleans Parish, Louisiana. The petitions in each action generally alleged, among other things, that the members of Cleco Corporation’s Board of Directors breached their fiduciary duties by, among other things, conducting an allegedly inadequate sale process, agreeing to the 2016 Merger at a price that allegedly undervalued Cleco, and failing to disclose material information about the 2016 Merger. The petitions also alleged that Como 1, Cleco Corporation, Merger Sub, and, in some cases, certain of the investors in Como 1 either aided and abetted or entered into a civil conspiracy to advance those supposed breaches of duty. The petitions sought various remedies, including monetary damages, which includes attorneys’ fees and expenses. The four actions filed in the Ninth Judicial District Court for Rapides Parish are captioned as follows: •Braunstein v. Cleco Corporation, No. 251,383B (filed October 27, 2014), •Moore v. Macquarie Infrastructure and Real Assets, No. 251,417C (filed October 30, 2014), •Trahan v. Williamson, No. 251,456C (filed November 5, 2014), and •L’Herisson v. Macquarie Infrastructure and Real Assets, No. 251,515F (filed November 14, 2014). In November 2014, the plaintiff in the Braunstein action moved for a dismissal of the action without prejudice, and that motion was granted in November 2014. In December 2014, the Court consolidated the remaining three actions and appointed interim co-lead counsel, and dismissed the investors in Cleco Partners as defendants, per agreement of the parties. Also, in December 2014, the plaintiffs in the consolidated action filed a Consolidated Amended Verified Derivative and Class Action Petition for Damages and Preliminary and Permanent Injunction. The three actions filed in the Civil District Court for Orleans Parish were captioned as follows: •Butler v. Cleco Corporation, No. 2014-10776 (filed November 7, 2014), •Creative Life Services, Inc. v. Cleco Corporation, No. 2014-11098 (filed November 19, 2014), and •Cashen v. Cleco Corporation, No. 2014-11236 (filed November 21, 2014). In December 2014, the directors and Cleco filed declinatory exceptions in each action on the basis that each action was improperly brought in Orleans Parish and should either be transferred to the Ninth Judicial District Court for Rapides Parish or dismissed. Also, in December 2014, the plaintiffs in each action jointly filed a motion to consolidate the three actions pending in Orleans Parish and to appoint interim co-lead plaintiffs and co-lead counsel. In January 2015, the Court in the Creative Life Services case sustained the defendants’ declinatory exceptions and dismissed the case so that it could be transferred to the Ninth Judicial District Court for Rapides Parish. In February 2015, the plaintiffs in Butler and Cashen also consented to the dismissal of their cases from Orleans Parish so they could be transferred to the Ninth Judicial District Court for Rapides Parish. By operation of the December 2014 order of the Ninth Judicial District Court for Rapides Parish, the Butler, Cashen, and Creative Life Services actions were consolidated into the actions pending in Rapides Parish. In February 2015, the Ninth Judicial District Court for Rapides Parish held a hearing on a motion for preliminary injunction filed by plaintiffs in the consolidated action seeking to enjoin the shareholder vote for approval of the Merger Agreement. The District Court heard and denied the plaintiffs’ motion. In June 2015, the plaintiffs filed their Second Consolidated Amended Verified Derivative and Class Action Petition. Cleco filed exceptions seeking dismissal of the second amended petition in July 2015. The LPSC voted to approve the 2016 Merger before the Court could consider the plaintiffs’ peremptory exceptions. In March 2016 and May 2016, the plaintiffs filed their Third Consolidated Amended Verified Derivative Petition for Damages and Preliminary and Permanent Injunction and their Fourth Verified Consolidated Amended Class Action Petition, respectively. The fourth amended petition, which remains the operative petition and was filed after the 2016 Merger closed, eliminated the request for preliminary and permanent injunction and also named an additional executive officer as a defendant. The defendants filed exceptions seeking dismissal of the fourth amended Petition. In September 2016, the District Court granted the exceptions of no cause of action and no right of action and dismissed all claims asserted by the former shareholders. The plaintiffs appealed the District Court’s ruling to the Louisiana Third Circuit Court of Appeal. In December 2017, the Third Circuit Court of Appeal issued an order reversing and remanding the case to the District Court for further proceedings. In January 2018, Cleco filed a writ with the Louisiana Supreme Court seeking review of the Third Circuit Court of Appeal’s decision. The writ was denied in March 2018 and the parties are engaged in discovery in the District Court. In November 2018, Cleco filed renewed exceptions of no cause of action and res judicata, seeking to dismiss all claims. On December 21, 2018, the court dismissed Cleco Partners and Cleco Holdings as defendants per the agreement of the parties, leaving as the only remaining defendants certain former executive officers and independent directors. The District Court denied the defendants’ exceptions on January 14, 2019. A hearing on the plaintiffs’ motion for certification of a class was scheduled for August 26, 2019; however, prior to the hearing, the parties reached an agreement to certify a limited class. On September 7, 2019, the District Court certified a class limited to shareholders who voted against, abstained from voting, or did not vote on the 2016 Merger. Cleco believes that the allegations of the petitions in each action are without merit and that it has substantial meritorious defenses to the claims set forth in each of the petitions. Gulf Coast Spinning In September 2015, a potential customer sued Cleco for failure to fully perform an alleged verbal agreement to lend or otherwise fund its startup costs to the extent of $6.5 million. Gulf Coast Spinning Company, LLC (Gulf Coast), the primary plaintiff, alleges that Cleco promised to assist it in raising approximately $60.0 million, which Gulf Coast needed to construct a cotton spinning facility near Bunkie, Louisiana. According to the petition filed by Gulf Coast in the 12th Judicial District Court for Avoyelles Parish, Louisiana (the “District Court”), Cleco made such promises of funding assistance in order to cultivate a new industrial electric customer which would increase its revenues under a power supply agreement that it executed with Gulf Coast. Gulf Coast seeks unspecified damages arising from its inability to raise sufficient funds to complete the project, including lost profits. Cleco filed an Exception of No Cause of Action arguing that the case should be dismissed. The District Court denied Cleco’s exception in December 2015, after considering briefs and arguments. In January 2016, Cleco appealed the District Court’s denial of its exception by filing with the Third Circuit Court of Appeal. In June 2016, the Third Circuit Court of Appeal denied the request to have the case dismissed. In July 2016, Cleco filed a writ to the Louisiana Supreme Court seeking a review of the District Court’s denial of Cleco’s exception. In November 2016, the Louisiana Supreme Court denied Cleco’s writ application. In February 2016, the parties agreed to a stay of all proceedings pending discussions concerning settlement. In May 2016, the District Court lifted the stay at the request of Gulf Coast. The parties are currently participating in discovery. Cleco believes the allegations of the petition are contradicted by the written documents executed by Gulf Coast, are otherwise without merit, and that it has substantial meritorious defenses to the claims alleged by Gulf Coast. Sabine River Flood In March 2017, Cleco was served with a summons in Perry Bonin, Ace Chandler, and Michael Manuel, et al. v. Sabine River Authority of Texas and Sabine River Authority of Louisiana, No. B-160173-C. The action was filed in the 163rd Judicial District Court for Orange County, Texas, and relates to flooding that occurred in Texas and Louisiana in March 2016. The plaintiffs have alleged that the flooding was the result of the release of water from the Toledo Bend spillway gates into the Sabine River. While the plaintiffs have made numerous allegations, they have specifically alleged that Cleco Power, included as one of several companies and governmental bodies, failed to repair one of the two hydroelectric generators at the Toledo Bend Dam, which in turn contributed to the flooding. Cleco Power does not operate the hydroelectric generator. The suit was removed to federal court in Texas. The new federal case is Perry Bonin, et al. v. Sabine River Authority of Texas et al., No. 17-cv-134, U.S. District Court for the Eastern District of Texas (Bonin Case). The plaintiffs moved to remand the case to state court, but the district court found that the case raises a substantial federal question and denied the motion to remand. Cleco Power, along with its co-defendants, filed a motion to dismiss on various grounds, primarily arguing that the plaintiffs’ claims are preempted because they infringe on FERC’s exclusive control of dam operations. The district court granted the motion to dismiss in part, declining to rule on some of the arguments raised by the defendants, and granted the plaintiffs leave to amend their complaint. The plaintiffs filed a Fifth Amended Complaint in March 2018. Cleco Power filed a new motion to dismiss the plaintiffs’ claims. In March 2018, approximately 26 other individual plaintiffs filed a petition against Cleco Power and other defendants in Larry Addison, et al. v. Sabine River Authority of Texas, et al., No. D180096-C. The action was filed in the 260th Judicial District Court for Orange County, Texas. The defendants removed the case to federal court in April 2018. The new federal case is Larry Addison, et al. v. Sabine River Authority of Texas, et al., No. 18-cv-153, U.S. District Court for the Eastern District of Texas. The allegations are essentially identical to those in the Bonin Case. Also, in April 2018, Cleco Power filed a motion to dismiss on the same grounds that previously were successful in the Bonin Case. In July 2018, the district court entered an order consolidating the Addison Case with the Bonin Case. Management believes that both cases, as they relate to Cleco Power, have no merit. In August 2018, the Judge entered an order requiring the plaintiffs to file a more definitive statement to clarify the plaintiffs’ claims. In response thereto, the plaintiffs filed a Sixth Amended Petition in September 2018. Cleco Power filed a response in October 2018. All claims were dismissed against Cleco Power by ruling of the Judge on March 18, 2019. The plaintiffs appealed the dismissal with the U.S. Court of Appeals for the Fifth Circuit. On June 4, 2020, the Fifth Circuit Court of Appeals affirmed the dismissal of all claims against Cleco Power. Dispute with Saulsbury Industries In October 2018, Cleco Power sued Saulsbury Industries, Inc., the former general contractor for the St. Mary Clean Energy Center project, seeking damages for Saulsbury Industries, Inc.’s failure to complete the St. Mary Clean Energy Center project on time and for costs incurred by Cleco Power in hiring a replacement general contractor. The action was filed in the Ninth Judicial District Court for Rapides Parish, No. 263339. Saulsbury Industries, Inc. removed the case to the U.S. District Court for the Western District of Louisiana, on March 1, 2019. On September 14, 2020, Cabot Industries was allowed to join the case pending in the Ninth Judicial District Court for Rapides Parish. In January 2019, Cleco Power was served with a summons in Saulsbury Industries, Inc. v. Cabot Corporation and Cleco Power LLC, in the U.S. District Court for the Western District of Louisiana. Saulsbury Industries, Inc. alleged that Cleco Power and Cabot Corporation caused delays in the St. Mary Clean Energy Center project, resulting in alleged impacts to Saulsbury Industries, Inc.’s direct and indirect costs. On June 5, 2019, Cleco Power and Cabot Corporation each filed separate motions to dismiss. On October 24, 2019, the District Court denied Cleco’s motion as premature and ruled that Saulsbury Industries, Inc. had six weeks to conduct discovery on specified jurisdictional issues. The Magistrate Judge presiding over the Western District of Louisiana consolidated cases issued a report and recommendation to the District Judge that the case instituted by Saulsbury Industries, Inc. be dismissed without prejudice and the case initiated by Cleco Power be remanded to the Ninth Judicial District Court for Rapides Parish. Saulsbury Industries, Inc. did not oppose the Magistrate Judge’s report and recommendation, and the District Judge issued a ruling that adopted the Magistrate Judge’s report and recommendation, which included reasoning consistent with Cleco Power’s arguments. Thus, the federal consolidated cases are now closed. On October 10, 2019, Cleco Power was served with a summons in Saulsbury Industries, Inc. v. Cabot Corporation and Cleco Power LLC in the 16th Judicial District Court for St. Mary Parish, No. 133910-A. Saulsbury Industries, Inc. asserted the same claim as the Western District Litigation and further asserts claims for payment on an open account. On December 9, 2019, Cleco moved to stay the case, arguing that the Rapides Parish suit should proceed. On February 14, 2020, the court granted Cleco’s motion, which stay order remains in place until lifted. The 16th Judicial District Court for the St. Mary Parish case held a hearing on October 16, 2020, and the judge granted Cleco’s declinatory exceptions of lis pendens. Thus, the St. Mary’s Parish case has been dismissed. LPSC Audits Fuel Audit Generally, Cleco Power’s cost of fuel used for electric generation and the cost of purchased power are recovered through the LPSC-established FAC that enables Cleco Power to pass on to its customers substantially all such charges. Recovery of FAC costs is subject to periodic fuel audits by the LPSC. The LPSC FAC General Order issued in November 1997, in Docket No. U-21497 provides that an audit of FAC filings will be performed at least every other year. On March 31, 2020, Cleco Power received a notice of audit from the LPSC for the period of January 2018 to December 2019. The total amount of fuel expense included in the audit is $565.8 million. On September 10, 2020, Cleco Power responded to its first set of data requests from the LPSC. Cleco Power has FAC filings for January 2020 and thereafter that remain subject to audit. Management is unable to predict or give a reasonable estimate of the possible range of the disallowance, if any, related to these filings. Historically, the disallowances have not been material. If a disallowance of fuel cost is ordered resulting in a refund, any such refund could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants. Environmental Audit In 2009, the LPSC issued Docket No. U-29380 Subdocket A, which provides Cleco Power an EAC to recover from its customers certain costs of environmental compliance. The costs eligible for recovery are prudently incurred air emissions credits associated with complying with federal, state, and local air emission regulations that apply to the generation of electricity reduced by the sale of such allowances. Also eligible for recovery are variable emission mitigation costs, which are the costs of reagents such as ammonia and limestone that are a part of the fuel mix used to reduce air emissions, among other things. On March 3, 2020, Cleco Power received notice from the LPSC of the EAC audit for the period of January 2018 to December 2019. The total amount of environmental expense included in the audit is $26.2 million. Cleco Power has responded to several sets of data requests. Cleco Power has EAC filings for January 2020 and thereafter that remain subject to audit. Management is unable to predict or give a reasonable estimate of the possible range of the disallowance, if any, related to these filings. Historically, the disallowances have not been material. If a disallowance of environmental cost is ordered resulting in a refund to Cleco Power’s customers, any such refund could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants. Cleco Power incurs environmental compliance expenses for reagents associated with the compliance standards of Mercury and Air Toxics Standards (MATS). These expenses are also eligible for recovery through Cleco Power’s EAC and are subject to periodic review by the LPSC. In May 2020, the EPA finalized a rule that concluded that it is not appropriate and necessary to regulate hazardous air pollutants from coal- and oil-fired electric generating units. However, the EPA concluded that coal- and oil-fired electric generating units would not be removed from the list of regulated sources of hazardous air pollutants and would remain subject to MATS. The EPA also determined that the results of its risk and technology review did not require any revisions to the emissions standards. Several petitions for review of the rule’s findings were filed between May and July 2020 in the D.C. Circuit Court of Appeals. Management is unable to determine whether the outcome of the D.C. Circuit Court of Appeals review will result in changes to the standards of MATS. FERC Audit Generally, Cleco Power records wholesale transmission revenue through approved formula rates, Attachment O of the MISO tariff and certain grandfathered agreements. The calculation of the rate formulas, as well as FERC accounting and reporting requirements, are subject to periodic audits by FERC. In March 2018, the Division of Audits and Accounting, within the Office of Enforcement of FERC, initiated an audit of Cleco Power for the period of January 1, 2014, through June 30, 2019. On September 27, 2019, Cleco Power received the final audit report, which indicated 12 findings of noncompliance with a combination of FERC accounting and reporting requirements and computation of revenue requirements along with 59 recommendations associated with the audit period. Cleco Power submitted a plan for implementing the audit recommendations on October 28, 2019. Cleco Power also submitted the refund analysis on November 7, 2019, which resulted in a refund related to the FERC audit findings, pending final assessment by the FERC Division of Audits and Accounting. At September 30, 2020, Cleco Power had $2.7 million recorded in Provision for rate refund on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets for the estimated refund. This amount is being refunded to Cleco Power’s wholesale transmission customers as a reduction in Attachment O and grandfathered agreement rates over 12 months beginning June 1, 2020. Transmission ROE Two complaints were filed with FERC seeking to reduce the ROE component of the transmission rates that MISO transmission owners, including Cleco, may collect under the MISO tariff. The complaints sought to reduce the 12.38% ROE used in MISO’s transmission rates to a proposed 6.68%. The complaints covered the period December 2013 through May 2016. In June 2016, an administrative law judge issued an initial decision in the second rate case docket recommending a 9.70% base ROE. In September 2016, FERC issued a Final Order in response to the first complaint establishing a 10.32% ROE. However, on November 21, 2019, FERC voted to adopt a new methodology for evaluating base ROE for public utilities under the Federal Power Act. In addition, FERC set the MISO transmission owners’ region-wide base ROE at 9.88% for the refund period covered in the first complaint and going forward. The draft FERC order further found that complainants in the second complaint proceeding failed to show that the 9.88% base ROE was unjust and unreasonable and thus dismissed the second complaint. On May 21, 2020, FERC issued Opinion No. 569-A, which granted rehearing in part of Opinion No. 569, which had revised FERC’s methodology for analyzing the base ROE component of public utility rates under section 206 of the Federal Power Act. Opinion No. 569-A further refines FERC’s ROE methodology and finds that the MISO Transmission Owners’ base ROE should be set at 10.02% instead of 9.88%. Cleco Power is unable to determine when a final FERC Order will be issued. As of September 30, 2020, Cleco Power had $0.6 million accrued for the change in the ROE. In November 2014, the MISO transmission owners committee, of which Cleco is a member, filed a request with FERC for an incentive to increase the new ROE by 50 basis points for RTO participation as allowed by the MISO tariff. In January 2015, FERC granted the request. Beginning January 1, 2020, the collection of the adder is being included in MISO’s transmission rates for a total ROE of 10.38%. South Central Generating In 2017, Louisiana Generating received insurance settlement proceeds for costs incurred to resolve a lawsuit which was brought by the EPA and the LDEQ against Louisiana Generating related to Big Cajun II, Unit 3. Entergy Gulf States, as co-owner of Big Cajun II, Unit 3, is expected to be allocated a portion of the insurance settlement proceeds. Any amount allocated to Entergy Gulf States will be determined by ongoing litigation and negotiations. South Central Generating estimated this amount to be $10.0 million. As part of the Cleco Cajun Transaction, Cleco Cajun assumed the $10.0 million contingent liability and NRG Energy indemnified Cleco for losses associated with this litigation matter. As a result, Cleco also recorded a $10.0 million indemnification asset, which was included in the purchase price allocation and included in Other current assets on Cleco’s Condensed Consolidated Balance Sheets. Prior to the Cleco Cajun Transaction, South Central Generating was involved in various litigation matters, including environmental and contract proceedings, before various courts regarding matters arising out of the ordinary course of business. Management is unable to estimate any potential losses that Cleco Cajun may ultimately be responsible for with respect to any one of these matters. As part of the Cleco Cajun Transaction, NRG Energy indemnified Cleco for losses as of the closing date associated with matters that existed as of the closing date, including pending litigation. Other Cleco is involved in various litigation matters, including regulatory, environmental, and administrative proceedings before various courts, regulatory commissions, arbitrators, and governmental agencies regarding matters arising in the ordinary course of business. The liability Cleco may ultimately incur with respect to any one of these matters may be in excess of amounts currently accrued. Management regularly analyzes current information and, as of September 30, 2020, believes the probable and reasonably estimable liabilities based on the eventual disposition of these matters are $5.3 million and has accrued this amount. Off-Balance Sheet Commitments and Guarantees Cleco Holdings and Cleco Power have entered into various off-balance sheet commitments, in the form of guarantees and standby letters of credit, in order to facilitate their activities and the activities of Cleco Holdings’ subsidiaries and equity investees (affiliates). Cleco Holdings and Cleco Power have also agreed to contractual terms that require the Registrants to pay third parties if certain triggering events occur. These contractual terms generally are defined as guarantees. Cleco Holdings entered into these off-balance sheet commitments in order to entice desired counterparties to contract with its affiliates by providing some measure of credit assurance to the counterparty in the event Cleco’s affiliates do not fulfill certain contractual obligations. If Cleco Holdings had not provided the off-balance sheet commitments, the desired counterparties may not have contracted with Cleco’s affiliates, or may have contracted with them at terms less favorable to its affiliates. The off-balance sheet commitments are not recognized on Cleco and Cleco Power’s Consolidated Balance Sheets because management has determined that Cleco and Cleco Power’s affiliates are able to perform the obligations under their contracts and that it is not probable that payments by Cleco or Cleco Power will be required. Cleco Holdings provided guarantees and indemnities to Entergy Louisiana and Entergy Gulf States as a result of the sale of the Perryville generation facility in 2005. The remaining indemnifications relate to environmental matters that may have been present prior to closing. These remaining indemnifications have no time limitations. The maximum amount of the potential payment to Entergy Louisiana and Entergy Gulf States is $42.4 million. Management does not expect to be required to pay Entergy Louisiana and Entergy Gulf States under these guarantees. On behalf of Acadia, Cleco Holdings provided guarantees and indemnifications as a result of the sales of Acadia Unit 1 to Cleco Power and Acadia Unit 2 to Entergy Louisiana in 2010 and 2011, respectively. The remaining indemnifications relate to the fundamental organizational structure of Acadia. These remaining indemnifications have no time limitations or maximum potential future payments. Management does not expect to be required to pay Cleco Power or Entergy Louisiana under these guarantees. Cleco Holdings provided indemnifications to Cleco Power as a result of the transfer of Coughlin to Cleco Power in March 2014. Cleco Power also provided indemnifications to Cleco Holdings and Evangeline as a result of the transfer of Coughlin to Cleco Power. The maximum amount of the potential payment to Cleco Power, Cleco Holdings, and Evangeline for their respective indemnifications is $40.0 million, except for indemnifications relating to the fundamental organizational structure of each respective entity, of which the maximum amount is $400.0 million. Management does not expect to be required to make any payments under these indemnifications. As part of the Amended Lignite Mining Agreement, Cleco Power and SWEPCO, joint owners of Dolet Hills Power Station, have agreed to pay the loan and lease principal obligations of the lignite miner, DHLC, when due if DHLC does not have sufficient funds or credit to pay. Any amounts paid on behalf of the miner would be credited by the lignite miner against future invoices for lignite delivered. The maximum projected payment by Cleco Power under this guarantee is estimated to be $83.0 million; however, the Amended Lignite Mining Agreement does not contain a cap. The projection is based on the forecasted loan and lease obligations to be incurred by DHLC, primarily for purchases of equipment. Cleco Power has the right to dispute the incurrence of loan and lease obligations through the review of the mining plan before the incurrence of such loan and lease obligations. In April 2020, Cleco Power and SWEPCO mutually agreed to not develop additional mining areas for future lignite extraction and subsequently provided notice to the LPSC of the intent to cease mining at the Dolet Hills and Oxbow mines by June 2020. The mine closures are subject to LPSC review and approval. As of September 30, 2020, all lignite reserves intended to be extracted from the Oxbow mine had been extracted. On October 6, 2020, Cleco Power and SWEPCO made a joint filing with the LPSC seeking authorization to close the Oxbow mine and to include and defer certain accelerated mine closing costs in fuel and related ratemaking treatment. The Amended Lignite Mining Agreement does not affect the amount the Registrants can borrow under their credit facilities. Currently, management does not expect to be required to pay DHLC under this guarantee. Cleco Holdings, in relation to Cleco Cajun’s participation in MISO, and Cleco Power have letters of credit to MISO pursuant to energy market requirements. In June 2020, Cleco Holdings decreased its MISO letter of credit from $34.5 million to $1.3 million. The letters of credit automatically renew each year and have no impact on Cleco Holdings’ or Cleco Power’s revolving credit facility. Generally, neither Cleco Holdings nor Cleco Power has recourse that would enable them to recover amounts paid under their guarantee or indemnification obligations. There are no assets held as collateral for third parties that either Cleco Holdings or Cleco Power could obtain and liquidate to recover amounts paid pursuant to the guarantees or indemnification obligations. Other Commitments Cleco has accrued for liabilities related to third parties, employee medical benefits, and AROs. Risks and Uncertainties Cleco could be subject to possible adverse consequences if Cleco’s counterparties fail to perform their obligations or if Cleco or its affiliates are not in compliance with loan agreements or bond indentures. Access to capital markets is a significant source of funding for both short- and long-term capital requirements not satisfied by operating cash flows. Changes in the regulatory environment or market forces could cause Cleco to determine its assets have suffered an other-than-temporary decline in value, whereby an impairment would be required and Cleco’s financial condition could be materially adversely affected. Cleco Power and Cleco Cajun are participants in the MISO market. Energy prices in the MISO market are based on LMP, which includes a component directly related to congestion on the transmission system. Pricing zones with greater transmission congestion may have higher LMPs. Physical transmission constraints present in the MISO market could increase energy costs within pricing zones. Cleco Power and Cleco Cajun use FTRs to mitigate transmission congestion price risks. Changes to anticipated transmission paths may result in an unexpected increase in energy costs. On March 1, 2019, Cleco Power began to operate Dolet Hills Power Station from June through September of each year; however, Dolet Hills Power Station will continue to be available to operate in other months, if needed. In January 2020, Cleco Power’s joint owner in Dolet Hills Power Station unilaterally entered into a settlement with the Arkansas Public Service Commission to seek regulatory approval to retire the Dolet Hills Power Station by the end of 2026. This settlement did not bind Cleco Power to agree to retire the Dolet Hills Power Station by 2026. In April 2020, Cleco Power and SWEPCO mutually agreed to not develop additional mining areas for future lignite extraction and subsequently provided notice to the LPSC of the intent to cease mining at the Dolet Hills and Oxbow mines by June 2020, subject to LPSC review and approval. As of September 30, 2020, all lignite reserves intended to be extracted from the Oxbow mine had been extracted. On October 6, 2020, Cleco Power and SWEPCO made a joint filing with the LPSC seeking authorization to close the Oxbow mine, and to include and defer certain accelerated mine closing costs in fuel and related ratemaking treatment. Expected early closure of the mines has resulted in increased costs that will be billed through the fuel adjustment clause, which management currently believes are recoverable. Management does not believe the early closure of the mines will have an adverse impact on the recovery value of the Dolet Hills Power Station. Cleco Power expects to have sufficient lignite fuel available to continue seasonal operations of the Dolet Hills Power Station through the 2021 seasonal operation period. Also in April 2020, Cleco Power announced its intent to seek regulatory approval to retire the Dolet Hills Power Station at the end of 2021, subject to recovery mechanisms. This announcement did not bind Cleco Power to a specific retirement plan and Cleco Power continued to evaluate the cost of operating the Dolet Hills Power Station compared with other alternatives to determine the best course of action for the Dolet Hills Power Station within the LPSC regulatory requirements and recovery mechanisms. In June 2020, Cleco Power remeasured its ARO liabilities due to the expected abandonment of the Dolet Hills Power Station. Cleco Power’s ARO liability increased $3.3 million as a result of this remeasurement. At September 30, 2020, Cleco Power’s undivided interest in the Dolet Hills Power Station was $156.2 million and was included in base rates. Fuel costs incurred by Dolet Hills Power Station are recoverable by Cleco Power through active fuel adjustment clauses. Under the Amended Lignite Mining Agreement, DHLC bills Cleco Power its proportionate share of incurred lignite extraction and associated mining-related costs as fuel is delivered. As of September 30, 2020, DHLC estimates $163.5 million of costs will be billed to Cleco Power prior to the closure of the Dolet Hills Power Station. In 2009, Cleco Power acquired an interest in Oxbow, which owns mineral rights and land leases. Under a joint operating agreement pertaining to the Oxbow mineral rights and land leases, Oxbow bills Cleco Power its proportionate share of incurred costs. As of September 30, 2020, Oxbow estimates approximately $10.4 million of costs will be billed to Cleco Power prior to the closure of the Dolet Hills Power Station. If any of these costs are not recoverable, it could materially impact the Registrants’ results of operations, financial condition, or cash flows.
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Affiliate Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate Transactions |
At September 30, 2020, and December 31, 2019, Cleco had an affiliate payable of $35.3 million and $33.8 million, respectively, to Cleco Group primarily for settlement of taxes payable. Cleco Power has balances that are payable to or due from its affiliates. The following table is a summary of those balances:
Oxbow bills Cleco Power its proportionate share of incurred costs related to mineral rights and land leases. These costs are included in fuel inventory and are recoverable from Cleco Power customers through the LPSC-established FAC or related wholesale contract provisions. During the three and nine months ended September 30, 2020, Cleco Power recorded $1.1 million and $16.6 million, respectively, of its proportionate share of incurred costs. During the three and nine months ended September 30, 2019, Cleco Power recorded $1.4 million and $3.6 million, respectively, of its proportionate share of incurred costs. At September 30, 2020, and December 31, 2019, Cleco Power had $0.3 million and $0.2 million, respectively, payable to Oxbow. For more information on Cleco Power’s variable interest in Oxbow, see Note 13 — “Variable Interest Entities.”
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Intangible Assets and Liabilities |
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Intangible Assets and Liabilities |
During 2008, Cleco Katrina/Rita acquired a $177.5 million intangible asset which includes $176.0 million for the right to bill and collect storm recovery charges from customers of Cleco Power and $1.5 million of financing costs. This intangible asset was fully amortized in March 2020 and had no residual value at the end of its life. As a result of the 2016 Merger, fair value adjustments were recorded on Cleco’s Condensed Consolidated Balance Sheet for the valuation of the Cleco trade name and long-term wholesale power supply agreements. At the end of their lives, these intangible assets will have no residual value. The trade name intangible asset is being amortized over its estimated economic useful life of 20 years. The intangible assets related to the power supply agreements are amortized over the estimated life of each applicable contract ranging between 7 and 19 years, and the amortization is included in Electric operations on Cleco’s Condensed Consolidated Statements of Income. As a result of the Cleco Cajun Transaction, fair value adjustments were recorded on Cleco’s Condensed Consolidated Balance Sheet for the difference between the contract and market price of acquired long-term wholesale power agreements. The fair value of intangible assets of $98.9 million and intangible liabilities of $14.2 million was reflected in the purchase price allocation. At the end of their lives, these intangible assets and liabilities will have no residual value. These intangibles are amortized over the estimated life of each applicable contract ranging between 2 and 8 years. The amortization is included in Electric operations on Cleco’s Condensed Consolidated Statements of Income. As part of the Cleco Cajun Transaction, Cleco assumed an LTSA for maintenance services related to the Cottonwood Plant. An intangible liability of $24.1 million was reflected in the purchase price allocation and is being amortized using the straight-line method over the estimated life of the LTSA of seven years. The amortization is included as a reduction to the LTSA prepayments on Cleco’s Condensed Consolidated Balance Sheet. For more information on the fair value adjustments of intangible assets and liabilities related to the Cleco Cajun Transaction, see Note 2 — “Business Combinations.” The following tables present Cleco and Cleco Power’s amortization of intangible assets and liabilities:
The following tables summarize the balances for intangible assets and liabilities subject to amortization for Cleco and Cleco Power:
Goodwill On April 13, 2016, in connection with the completion of the 2016 Merger, Cleco recognized goodwill of $1.49 billion. Management assigned the recognized goodwill to the Cleco Power reporting unit. Goodwill is required to be tested for impairment at the reporting segment level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. Application of the goodwill impairment test requires significant judgments, including the identification of reporting units, assignments of assets and liabilities to reporting units, assignment of goodwill to reporting units, and the determination of the fair value of the reporting units. Cleco conducted its 2020 annual impairment test using an August 1, 2020, measurement date. The fair value of the Cleco Power reporting unit was estimated using a weighted combination of the income approach, which estimates fair value based on discounted cash flows, and the market approach, which estimates fair value based on market comparables within the utility and energy industries. Significant assumptions used in these fair value estimates include estimation of future cash flows related to capital expenditures, long-term rate of growth, and weighted-average cost of capital or discount rate. Changes in these assumptions could materially affect the determination of fair value and goodwill impairment at Cleco Power. Based on the tests performed, management has determined that the fair value of the Cleco Power reporting unit exceeds the carrying value resulting in no impairment of Cleco Power’s goodwill as of August 1, 2020.
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Accumulated Other Comprehensive Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss |
The components of accumulated other comprehensive loss are summarized in the following tables for Cleco and Cleco Power. All amounts are reported net of income taxes. Amounts in parentheses indicate debits.
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Storm Restoration |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||
Unusual or Infrequent Items, or Both [Abstract] | |||||||||||||||||||||||||||||||
Storm Restorations |
In August and October 2020, Cleco Power’s distribution and transmission systems sustained substantial damage from three separate hurricanes. On August 27, 2020, Hurricane Laura made landfall in southwest Louisiana as a Category 4 storm, causing catastrophic damage to portions of Cleco Power’s service territory and causing power outages for approximately 140,000 of Cleco Power’s electric customers located primarily in central and southwest Louisiana. By September 18, 2020, power was restored to 100% of customers who could receive power. Cleco Power’s current estimate of the total storm restoration costs related to Hurricane Laura is between $185.0 million and $190.0 million. Cleco Power continues to work to restore the distribution and transmission systems to their pre-storm condition. The damage to equipment from the storm required replacement, as well as repair of existing assets. Therefore, the balance sheets of Cleco and Cleco Power reflect the capitalization of approximately 63% of the $180.9 million in restoration costs recorded at September 30, 2020, or approximately $113.8 million. Approximately $9.4 million of the repair-related restoration cost associated with Hurricane Laura was offset against Cleco Power’s existing storm damage reserve, and the remaining $57.7 million was recorded as a regulatory asset, as allowed by the LPSC on September 16, 2020. On October 9, 2020, Hurricane Delta made landfall in southwest Louisiana as a Category 2 storm resulting in power outages for approximately 132,000 of Cleco Power’s electric customers located primarily in central and south Louisiana. By October 16, 2020, power was restored to 100% of customers who could receive power. Cleco Power’s current estimate of total storm restoration costs related to Hurricane Delta is between $50.0 million and $55.0 million. Cleco Power anticipates the establishment of a regulatory asset for non-capital expenses incurred related to Hurricane Delta, subject to LPSC approval. On October 28, 2020, Hurricane Zeta made landfall in southeast Louisiana as a Category 2 storm resulting in power outages for approximately 73,000 of Cleco Power’s electric customers located primarily in southeast Louisiana. By October 31, 2020, service was restored to 100% of customers who could receive power. Cleco Power’s current estimate of total storm restoration costs related to Hurricane Zeta is between $7.0 million and $8.0 million. Cleco Power anticipates the establishment of a regulatory asset for non-capital expenses incurred related to Hurricane Zeta, subject to LPSC approval. Cleco Power anticipates making a filing with the LPSC in the fourth quarter of 2020 requesting an interim rate recovery for return on the storm restoration costs associated with Hurricanes Laura, Delta, and Zeta until such time securitization of such costs can be completed. Cleco Power, in line with other impacted utilities, will seek available funds from the U.S. government for relief of costs incurred from Hurricanes Laura, Delta, and Zeta. Cleco Power cannot predict the likelihood that any reimbursement from the U.S. government ultimately will be approved. In addition to securitization, other recovery options are being analyzed, including customer surcharge.
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Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The accompanying condensed consolidated financial statements of Cleco include the accounts of Cleco and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. Cleco’s condensed consolidated financial statements include the financial results of Cleco Cajun from the closing of the Cleco Cajun Transaction on February 4, 2019, through September 30, 2020 |
Basis of Presentation | The condensed consolidated financial statements of Cleco and Cleco Power have been prepared in accordance with GAAP for interim financial information and with the instructions to the Form 10-Q and Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. The year-end condensed consolidated balance sheet data was derived from audited financial statements. Because the interim condensed consolidated financial statements and the accompanying notes do not include all of the information and notes required by GAAP for annual financial statements, the condensed consolidated financial statements and other information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2019. These condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments that are necessary to fairly state the financial position and results of operations of Cleco and Cleco Power. Amounts reported in Cleco and Cleco Power’s interim financial statements are not necessarily indicative of amounts expected for the annual periods due to the effects of seasonal temperature variations on energy consumption, regulatory rulings, the timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices, discrete income tax items, and other factors. On March 11, 2020, WHO declared the outbreak of COVID-19 to be a global pandemic, and on March 13, 2020, the U.S. declared a national emergency. In response to these declarations and the rapid spread of COVID-19, federal, state and local governments imposed varying degrees of restrictions on business and social activities to contain COVID-19, including quarantine and “stay-at-home” orders and directives in Cleco’s service territory. State and local authorities have also implemented multistep policies with the goal of reopening various sectors of the economy such as retail establishments, health and personal care businesses, and restaurants, among others. However, certain jurisdictions have begun reopening only to delay these plans or return to restrictions in the face of increases in new COVID-19 cases. For example, the governor of the state of Louisiana issued orders in May 2020 to allow businesses to reopen at varying levels of capacity in May and June 2020. To address the June 2020 spike in COVID-19 cases, such reopening activities were temporarily paused or scaled back, and also included closing certain establishments. These restrictions resulted in a decline in new COVID-19 cases, and in September 2020, the State of Louisiana entered into the next phase of its multistep reopening plan. The COVID-19 outbreak may significantly worsen in the U.S. during the upcoming winter months, which may cause federal, state, and local governments to reconsider restrictions on business and social activities. In the event governments increase restrictions, the reopening of the economy may be further curtailed. Cleco has modified some of its business operations, as these restrictions have significantly impacted many sectors of the economy. Impacts include record levels of unemployment, with businesses, nonprofit organizations, and governmental entities modifying, curtailing, or ceasing normal operations. Cleco has also modified and continues to adjust certain business practices to conform to government restrictions and best practices encouraged by the CDC, WHO, and other governmental and regulatory authorities. Cleco cannot predict the full impact that COVID-19, or the significant disruption and volatility currently being experienced in the markets, will have on its business, cash flows, liquidity, financial condition, and results of operations at this time, due to numerous uncertainties. The ultimate impacts will depend on future developments, including, among others, the ultimate geographic spread of COVID-19, the consequences of governmental and other measures designed to prevent the spread of COVID-19, the development of effective treatments, the duration of the pandemic, actions taken by governmental authorities, customers, suppliers and other third parties, workforce availability, and the timing and extent to which normal economic and operating conditions resume. In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
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Restricted Cash and Cash Equivalents | Various agreements to which Cleco is subject contain covenants that restrict its use of cash. As certain provisions under these agreements are met, cash is transferred out of related escrow accounts and becomes available for its intended purposes and/or general corporate purposes.Cleco Katrina/Rita had the right to bill and collect storm restoration costs from Cleco Power’s customers. As cash was collected, it was restricted for payment of administration fees, interest, and principal on storm recovery bonds. |
Reserves for Credit Losses | Customer accounts receivable are recorded at the invoiced amount and do not bear interest. Customer accounts receivables are generally considered to become past due 20 days after the billing date. Cleco recognizes write-offs within the allowance for credit losses once all recovery methods have been exhausted. It is the policy of management to review accounts receivable and unbilled revenue monthly using a reserve matrix based on historical bad debt write-offs as well as current and forecasted economic conditions to establish a credit loss estimate. Management’s historical credit loss analysis included periods of economic recessions, natural disasters, and temporary changes to collection policies. Due to the critical necessity of electricity, none of these past events have significantly impacted Cleco’s credit loss rates. In response to the COVID-19 pandemic, the LPSC issued an executive order prohibiting the disconnection of utilities for nonpayment from March 13, 2020, through July 16, 2020. As a result of this executive order, Cleco Power suspended the assessment of late fees, disconnections, and the utilization of collection agencies, which resulted in no additional charge-offs during the second and third quarters of 2020. On July 16, 2020, Cleco Power began setting up payment plan arrangements for customers with past due balances to be repaid over a period of up to 18 months. On August 27, 2020, Hurricane Laura made landfall in southwest Louisiana causing substantial damage to Cleco’s distribution and transmission facilities and to the properties of Cleco’s customers. Although Cleco’s service territory experienced a recent decline in the economy related to these events, the economic outlook at September 30, 2020, was still within range of its historical credit loss analysis. |
Fair Value Measurements and Disclosures | Various accounting pronouncements require certain assets and liabilities to be measured at their fair values. Some assets and liabilities are required to be measured at their fair value each reporting period, while others are required to be measured only one time, generally the date of acquisition or debt issuance. Cleco and Cleco Power disclose the fair value of certain assets and liabilities by one of three levels when required for recognition purposes. |
Recent Authoritative Guidance | In June 2016, FASB amended the guidance for the measurement of credit losses on receivables and certain other assets. In-scope items for Cleco include unbilled revenue, trade receivables, notes receivables, other accounts receivables, and guarantees. The guidance requires use of a current expected loss model, which may result in earlier recognition of credit losses. Effective January 1, 2020, Cleco adopted the amended guidance using the prospective transition method. Adoption of this standard resulted in a $0.1 million increase in credit loss reserves related to unbilled revenue and trade receivables. The current expected credit loss model did not impact reserves related to any other in-scope items. For more information on Cleco’s accounting for credit losses, see Note 1 — “Summary of Significant Accounting Policies — Reserves for Credit Losses.” In August 2018, FASB issued guidance that allows for the deferral of certain implementation costs incurred in a cloud computing arrangement. Effective January 1, 2020, Cleco adopted the guidance using the prospective transition method. Adoption of this guidance did not materially impact the Registrants’ results of operations, financial condition, or cash flows. In March 2020, FASB issued optional guidance for a limited period of time that applies to entities meeting certain criteria for the contract modifications or hedging relationships that are referencing LIBOR or another reference rate expected to be discontinued due to reference rate reform. The guidance includes a general principal that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The optional guidance may be applied from March 12, 2020, through December 31, 2022. Management is evaluating this guidance and the impact it may have on the Registrants’ results of operations, financial condition, or cash flows.
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Regulatory Assets and Liabilities | Cleco Power capitalizes or defers certain costs for recovery from customers and recognizes a liability for amounts expected to be returned to customers based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable; however, if in the future, as a result of regulatory changes or competition, Cleco Power’s ability to recover these regulatory assets would no longer be probable, then to the extent that such regulatory assets were determined not to be recoverable, Cleco Power would be required to write-down such assets. In addition, potential deregulation of the industry or possible future changes in the method of rate regulation of Cleco Power could require discontinuance of the application of the authoritative guidance on regulated operations.
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Pension Plan and Employee Benefits | Employees hired before August 1, 2007, are covered by a non-contributory, defined benefit pension plan. In September 2019, Cleco made a $12.3 million discretionary contribution to the pension plan. Based on updated funding assumptions at December 31, 2019, management estimates that $66.5 million in pension contributions will be required through 2024. Cleco expects to make a $15.7 million minimum required contribution to the pension plan in the fourth quarter of 2020. Cleco Power is the plan sponsor and Support Group is the plan administrator. The pension plan was amended on February 4, 2019, to include certain former NRG Energy employees who are now Cleco Cajun employees. The Cleco Cajun employees are eligible to participate as a cash balance participant and are credited with all service that was credited to them under the NRG Pension Plan as of February 4, 2019. Benefits under the plan amendment reflect an employee’s years of service, age at retirement, and accrued benefit at retirement. Cleco’s retirees may be eligible to receive Other Benefits. Dependents of Cleco’s retirees may also be eligible to receive Other Benefits with the exception of life insurance benefits. The non-service components of net periodic pension and Other Benefits cost are included in Other income (expense), net within Cleco and Cleco Power’s Condensed Consolidated Statements of Income. Certain Cleco officers are covered by SERP. Cleco does not fund the SERP liability, but instead pays for current benefits out of the general funds available. Cleco Power has formed a rabbi trust. The life insurance policies issued on SERP participants designate the rabbi trust as the beneficiary. Market conditions could have a significant impact on the cash surrender value of the life insurance policies. Proceeds from the life insurance policies are expected to be used to pay the SERP participants’ death benefits, as well as future SERP payments. However, because SERP is a non-qualified plan, the assets of the trust could be used to satisfy general creditors of Cleco Power in the event of insolvency. All SERP benefits are paid out of the general cash available of the respective companies that employed the officer. Cleco Power is the plan sponsor and Support Group is the plan administrator.The non-service components of net periodic benefit cost related to SERP are included in Other income (expense), net within Cleco and Cleco Power’s Condensed Consolidated Statements of Income.Cleco’s 401(k) Plan is intended to provide active, eligible employees with voluntary, long-term savings and investment opportunities. The 401(k) Plan is a defined contribution plan and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974. In accordance with the 401(k) Plan, employer contributions are made in the form of cash. Cash contributions are invested in proportion to the participant’s voluntary contribution investment choices. Participation in the Plan is voluntary, and active Cleco employees are eligible to participate.
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Income Taxes | Cleco classifies all interest related to uncertain tax positions as a component of interest payable and interest expense.Cleco classifies income tax penalties as a component of other expense. |
Variable Interest Entities | Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Condensed Consolidated Statements of Income. |
Equity Method Investments | Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Condensed Consolidated Statements of Income. |
Accounting Changes and Error Corrections (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Authoritative Guidance | In June 2016, FASB amended the guidance for the measurement of credit losses on receivables and certain other assets. In-scope items for Cleco include unbilled revenue, trade receivables, notes receivables, other accounts receivables, and guarantees. The guidance requires use of a current expected loss model, which may result in earlier recognition of credit losses. Effective January 1, 2020, Cleco adopted the amended guidance using the prospective transition method. Adoption of this standard resulted in a $0.1 million increase in credit loss reserves related to unbilled revenue and trade receivables. The current expected credit loss model did not impact reserves related to any other in-scope items. For more information on Cleco’s accounting for credit losses, see Note 1 — “Summary of Significant Accounting Policies — Reserves for Credit Losses.” In August 2018, FASB issued guidance that allows for the deferral of certain implementation costs incurred in a cloud computing arrangement. Effective January 1, 2020, Cleco adopted the guidance using the prospective transition method. Adoption of this guidance did not materially impact the Registrants’ results of operations, financial condition, or cash flows. In March 2020, FASB issued optional guidance for a limited period of time that applies to entities meeting certain criteria for the contract modifications or hedging relationships that are referencing LIBOR or another reference rate expected to be discontinued due to reference rate reform. The guidance includes a general principal that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The optional guidance may be applied from March 12, 2020, through December 31, 2022. Management is evaluating this guidance and the impact it may have on the Registrants’ results of operations, financial condition, or cash flows.
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Organization, Consolidation and Presentation of Financial Statements (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Condensed Consolidated Statements of Income. |
Summary of Significant Accounting Policies (Tables) |
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Restricted Cash and Cash Equivalents | Cleco and Cleco Power’s restricted cash and cash equivalents consisted of the following:
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Changes in Allowance for Credit Losses, Accounts Receivable | The table below presents the changes in the allowance for credit losses by receivable for Cleco and Cleco Power:
* Loan held at Diversified Lands that was fully reserved for at September 30, 2020.
* Loan held at Diversified Lands that was fully reserved for at September 30, 2020.
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Changes in Allowance for Credit Losses, Other | The table below presents the changes in the allowance for credit losses by receivable for Cleco and Cleco Power:
* Loan held at Diversified Lands that was fully reserved for at September 30, 2020.
* Loan held at Diversified Lands that was fully reserved for at September 30, 2020.
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Business Combinations (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets Acquired and Liabilities Assumed and Measurement Period Adjustments | The following chart presents Cleco’s purchase price allocation:
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Unaudited Pro Forma Information | The unaudited pro forma financial information presented in the following table is not necessarily indicative of the consolidated results of operations that would have been achieved had the transaction taken place on the date indicated, or the future consolidated results of operations of the combined companies.
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Income Under Cottonwood Sale Leaseback | Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the three and nine months ended September 30, 2020, and 2019, was as follows:
* Consists of amortization of the deferred lease revenue resulting from the fair value of the lease between Cottonwood Energy and a special-purpose entity that is a subsidiary of NRG Energy. For more information, see Note 2 — “Business Combinations.”
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Revenue Recognition (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | Operating revenue, net for the three and nine months ended September 30, 2020, and 2019, was as follows:
(1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (4) Includes realized gains associated with FTRs of $3.0 million. (5) Includes $15.2 million in lease revenue related to the Cottonwood Sale Leaseback and $2.3 million of deferred lease revenue amortization.
(1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Other miscellaneous fee revenue. (4) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (5) Includes realized gains associated with FTRs. (6) Includes $16.0 million in lease revenue related to the Cottonwood Sale Leaseback and $2.3 million of deferred lease revenue amortization.
(1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes $0.8 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 $6.3 million. (7) Includes $46.0 million in lease revenue related to the Cottonwood Sale Leaseback and $6.9 million of deferred lease revenue amortization.
(1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes $11.4 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 $11.7 million and the reversal of the Lost Contribution to Fixed Cost revenue of $2.6 million. (6) Includes $40.9 million in lease revenue related to the Cottonwood Sale Leaseback and $6.1 million of deferred lease revenue amortization.
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Regulatory Assets and Liabilities (Tables) |
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Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets | The following table summarizes Cleco’s net regulatory assets and liabilities:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets | The following table summarizes Cleco Power’s regulatory assets and liabilities:
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Schedule of Regulatory Liabilities | The following table summarizes Cleco Power’s regulatory assets and liabilities:
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Fair Value Accounting (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value and Estimated Fair Value | The following tables summarize the carrying value and estimated market value of Cleco and Cleco Power’s financial instruments not measured at fair value on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets:
* The carrying value of long-term debt does not include deferred issuance costs of $14.0 million at September 30, 2020, and $13.7 million at December 31, 2019.
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Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis | The following tables disclose for Cleco and Cleco Power the fair value of financial assets and liabilities measured on a recurring basis:
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Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 | The following tables summarize the changes in the net fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy for Cleco and Cleco Power:
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Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions | The following tables quantify the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of September 30, 2020, and December 31, 2019:
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Institutional Money Market Funds | The following tables present the institutional money market funds in cash and cash equivalents and restricted cash and cash equivalents as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2020, and December 31, 2019:
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Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets | The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2020, and December 31, 2019:
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Amount of Gain (Loss) Recognized in Income on Derivatives | The following tables present the effect of derivatives not designated as hedging instruments on Cleco and Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2020, and 2019:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value and Estimated Fair Value |
* The carrying value of long-term debt does not include deferred issuance costs of $7.2 million at September 30, 2020, and $7.4 million at December 31, 2019.
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Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis |
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Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 |
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Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions |
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Institutional Money Market Funds |
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Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets |
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Amount of Gain (Loss) Recognized in Income on Derivatives |
(1) For the three and nine months ended September 30, 2020, unrealized gains associated with FTRs of $0.4 million and $1.4 million, respectively. were reported through Accumulated deferred fuel on the balance sheet. For the three and nine months ended September 30, 2019, unrealized losses associated with FTRs of $1.7 million and $3.6 million, respectively, were reported through Accumulated deferred fuel on the balance sheet.
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Pension Plan and Employee Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Pension and Other Benefits Cost | The components of net periodic pension and Other Benefits cost for the three and nine months ended September 30, 2020, and 2019 were as follows:
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Current and Non-Current Portions of Other Benefits Liability | The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at September 30, 2020, and December 31, 2019, were as follows:
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Expense of the 401(k) Plan | Cleco’s 401(k) Plan expense for the three and nine months ended September 30, 2020, and 2019 was as follows:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current and Non-Current Portions of Other Benefits Liability |
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rate [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rates | The following tables summarize the effective income tax rates for Cleco and Cleco Power for the three and nine months ended September 30, 2020, and 2019:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rate [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rates |
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Disclosures about Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | The financial results in the following tables are presented on an accrual basis. EBITDA is a key non-GAAP financial measure used by the CEO to assess the operating performance of Cleco’s segments. Management evaluates the performance of Cleco’s segments and allocates resources to them based on segment profit and the requirements to implement strategic initiatives and projects to meet current business objectives. EBITDA is defined as net income adjusted for interest, income taxes, depreciation, and amortization. Depreciation and amortization in the following tables includes amortization of intangible assets and liabilities recorded for the fair value adjustment of wholesale power supply agreements as a result of the 2016 Merger and the Cleco Cajun Transaction, as well as amortization of deferred lease revenue resulting from the Cleco Cajun Transaction. Material intercompany transactions occur on a regular basis. These intercompany transactions relate primarily to joint and common administrative support services as well as transmission services provided by Cleco Power to Cleco Cajun.
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Regulation and Rates (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Provision of Rate Refund | Provision for rate refund on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets consisted primarily of the following:
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Variable Interest Entities (Tables) - CLECO POWER |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments | The following table presents the components of Cleco Power’s equity investment in Oxbow:
The following table contains summarized financial information for Oxbow:
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Carrying Amount of Assets and Liabilities with Maximum Exposure to Loss | The following table compares the carrying amount of Oxbow’s assets and liabilities with Cleco Power’s maximum exposure to loss related to its investment in Oxbow:
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Affiliate Transactions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Balances Payable To or Due From Affiliates | The following table is a summary of those balances:
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Intangible Assets and Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortization of Intangible Assets and Liabilities | The following tables present Cleco and Cleco Power’s amortization of intangible assets and liabilities:
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Schedule of Finite-Lived Intangible Assets and Liabilities | The following tables summarize the balances for intangible assets and liabilities subject to amortization for Cleco and Cleco Power:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortization of Intangible Assets and Liabilities |
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Schedule of Finite-Lived Intangible Assets and Liabilities |
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Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income Loss | The components of accumulated other comprehensive loss are summarized in the following tables for Cleco and Cleco Power. All amounts are reported net of income taxes. Amounts in parentheses indicate debits.
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income Loss |
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Summary of Significant Accounting Policies - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | $ 4,619 | $ 11,100 |
Non-current | 744 | 15,203 |
Total restricted cash and cash equivalents | 5,363 | 26,303 |
Remaining restricted cash to be used for final administration and winding up activities | 2,600 | |
CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 4,619 | 11,100 |
Non-current | 0 | 14,363 |
Total restricted cash and cash equivalents | 4,619 | 25,463 |
Cleco Katrina/Rita’s storm recovery bonds | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 2,626 | 9,632 |
Cleco Katrina/Rita’s storm recovery bonds | CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 2,626 | 9,632 |
Charitable contributions | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 1,765 | 1,200 |
Non-current | 0 | 2,094 |
Charitable contributions | CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 1,765 | 1,200 |
Non-current | 0 | 2,094 |
Rate credit escrow | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 228 | 268 |
Rate credit escrow | CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Current | 228 | 268 |
Diversified Lands’ mitigation escrow | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current | 23 | 21 |
Cleco Cajun’s defense fund | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current | 721 | 719 |
Cleco Cajun’s margin deposits | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current | 0 | 100 |
Future storm restoration costs | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current | 0 | 12,269 |
Decrease in restricted cash and cash equivalents | 12,300 | |
Future storm restoration costs | Hurricane Laura | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Decrease in restricted cash and cash equivalents | 8,300 | |
Future storm restoration costs | Other Storms | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Decrease in restricted cash and cash equivalents | 4,000 | |
Future storm restoration costs | CLECO POWER | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Non-current | 0 | $ 12,269 |
Cleco Katrina/Rita scheduled storm recovery bond principal payments | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Payments for investment in restricted cash from pollution control bond | 11,100 | |
Cleco Katrina/Rita related interest payments | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Payments for investment in restricted cash from pollution control bond | 300 | |
Cleco Katrina/Rita administration fees | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Payments from distribution in restricted cash from pollution control bond | $ 4,400 |
Summary of Significant Accounting Policies - Changes in Allowance for Credit Losses (Details) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
|
|
Accounting Policies [Abstract] | ||
Receivable, threshold period past due | 20 days | 20 days |
ACCOUNTS RECEIVABLE | ||
Accounts receivable, beginning balance | $ 3,486 | $ 3,005 |
Current period provision | 2,041 | 5,675 |
Charge-offs | (4,091) | |
Recovery | 54 | 921 |
Balances, Sept. 30, 2020 | 5,581 | 5,581 |
OTHER | ||
Financing receivable, beginning balance | 1,638 | 1,250 |
Current period provision | 0 | 388 |
Charge-offs | 0 | |
Recovery | 0 | 0 |
Balances, Sept. 30, 2020 | 1,638 | 1,638 |
TOTAL | ||
Total, beginning balance | 5,124 | 4,255 |
Current period provision | 2,041 | 6,063 |
Charge-offs | (4,091) | |
Recovery | 54 | 921 |
Balances, Sept. 30, 2020 | 7,219 | $ 7,219 |
CLECO POWER | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Past due balances, repayment plan, period | 18 months | |
ACCOUNTS RECEIVABLE | ||
Accounts receivable, beginning balance | 3,486 | $ 3,005 |
Current period provision | 2,041 | 5,675 |
Charge-offs | (4,091) | |
Recovery | 54 | 921 |
Balances, Sept. 30, 2020 | 5,581 | 5,581 |
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | ||
ACCOUNTS RECEIVABLE | ||
Accounts receivable, beginning balance | 100 | |
TOTAL | ||
Balances, Sept. 30, 2020 | 71 | 71 |
Accounting Standards Update 2016-13 | CLECO POWER | Cumulative Effect, Period of Adoption, Adjustment | ||
ACCOUNTS RECEIVABLE | ||
Balances, Sept. 30, 2020 | $ 71 | $ 71 |
Business Combinations - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Feb. 04, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Business Acquisition [Line Items] | ||||||
Electric operations revenue | $ 386,388 | $ 451,902 | $ 1,019,501 | $ 1,130,318 | ||
Other operations revenue | (47,597) | (49,780) | (137,407) | (131,544) | ||
Depreciation expense | $ 52,892 | 57,004 | $ 162,852 | 158,395 | ||
South Central Generating | ||||||
Business Acquisition [Line Items] | ||||||
Consideration transferred | $ 962,200 | |||||
Acquisition price | 1,000,000 | |||||
Working capital and other adjustments | $ 37,800 | |||||
Pro forma net income | 56,004 | 122,771 | ||||
South Central Generating | Fair Value Adjustments | ||||||
Business Acquisition [Line Items] | ||||||
Electric operations revenue | $ 500 | |||||
Other operations revenue | 100 | |||||
Depreciation expense | $ 200 | |||||
South Central Generating | Transaction-related Expenses | ||||||
Business Acquisition [Line Items] | ||||||
Pro forma net income | $ 600 | $ 4,500 |
Business Combinations - Assets Acquired and Liabilities Assumed (Details) - South Central Generating $ in Thousands |
Feb. 04, 2019
USD ($)
|
---|---|
Current assets | |
Cash and cash equivalents | $ 146,494 |
Customer and other accounts receivable | 49,809 |
Energy risk management assets | 4,193 |
Other current assets | 10,056 |
Non-current assets | |
Property, plant, and equipment, net | 741,203 |
Prepayments | 36,166 |
Restricted cash and cash equivalents | 707 |
Intangible assets | 98,900 |
Other deferred charges | 133 |
Total assets acquired | 1,135,380 |
Current liabilities | |
Accounts payable | 38,478 |
Taxes payable | 723 |
Energy risk management liabilities | 241 |
Other current liabilities | 14,570 |
Non-current liabilities | |
Accumulated deferred federal and state income taxes, net | 7,165 |
Deferred lease revenue | 58,300 |
Intangible liabilities | 38,300 |
Asset retirement obligations | 15,323 |
Operating lease liabilities | 110 |
Total liabilities assumed | 173,210 |
Total purchase price consideration | 962,170 |
Fuel inventory | |
Current assets | |
Inventory | 22,060 |
Materials and supplies | |
Current assets | |
Inventory | $ 25,659 |
Business Combinations - Measurement Period Adjustments (Details) - South Central Generating $ in Thousands |
3 Months Ended |
---|---|
Jun. 30, 2019
USD ($)
| |
Current assets | |
Customer and other accounts receivable | $ 1,408 |
Other current assets | 56 |
Non-current assets | |
Property, plant, and equipment, net | 13,297 |
Prepayments | (56) |
Intangible assets | (3,600) |
Other deferred charges | 1 |
Current liabilities | |
Accounts payable | 3,022 |
Energy risk management liabilities | (1) |
Other current liabilities | 327 |
Non-current liabilities | |
Accumulated deferred federal and state income taxes, net | 421 |
Deferred lease revenue | (3,600) |
Intangible liabilities | 6,400 |
Asset retirement obligations | 4,534 |
Operating lease liabilities | $ 3 |
Business Combinations - Unaudited Pro Forma Information (Details) - South Central Generating - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2019 |
Sep. 30, 2019 |
|
Business Acquisition [Line Items] | ||
Operating revenue, net | $ 487,971 | $ 1,250,787 |
Net income | $ 56,004 | $ 122,771 |
Recent Authoritative Guidance (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Credit loss | $ 5,581 | $ 3,486 | $ 3,005 |
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Credit loss | $ 100 |
Leases - Cottonwood Sale Leaseback Agreement (Details) |
Sep. 30, 2020
USD ($)
|
---|---|
Cottonwood Energy | |
Lessor, Lease, Description [Line Items] | |
Fixed lease payments per year | $ 40,000,000.0 |
Leases - Lease Income Under Cottonwood Sale Leaseback (Details) - Cleco Cajun - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Lessor, Lease, Description [Line Items] | ||||
Fixed payments | $ 10,000 | $ 10,000 | $ 30,000 | $ 26,667 |
Variable payments | 5,190 | 6,010 | 15,950 | 14,248 |
Amortization of deferred lease liability | 2,301 | 2,301 | 6,904 | 6,137 |
Total lease income | $ 17,491 | $ 18,311 | $ 52,854 | $ 47,052 |
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 396,924 | $ 467,647 | $ 1,063,613 | $ 1,173,792 |
Revenue unrelated to contracts with customers | ||||
Other | 20,527 | 20,324 | 59,169 | 56,238 |
Total revenue unrelated to contracts with customers | 20,527 | 20,324 | 59,169 | 56,238 |
Operating revenue, net | 417,451 | 487,971 | 1,122,782 | 1,230,030 |
Deferred lease amortization | 6,904 | 6,137 | ||
Electric customer credits | 16,534 | 13,711 | 34,126 | 31,832 |
Total retail revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 217,090 | 254,604 | 573,294 | 643,612 |
Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 128,981 | 142,265 | 308,525 | 327,340 |
Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 68,220 | 84,816 | 190,905 | 218,209 |
Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 32,809 | 36,830 | 94,227 | 109,545 |
Other retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 3,614 | 4,234 | 10,416 | 11,391 |
Surcharge | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 170 | 2,440 | 7,692 | |
Electric customer credits | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | (16,534) | (13,711) | (33,219) | (30,565) |
Wholesale, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 149,752 | 181,564 | 406,715 | 445,629 |
Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 26,964 | 27,027 | 73,187 | 69,909 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 3,118 | 4,452 | 10,417 | 14,642 |
Affiliate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
CLECO POWER | ||||
Revenue unrelated to contracts with customers | ||||
Deferred lease amortization | 2,300 | 6,900 | 6,100 | |
CLECO POWER | Price Risk Derivative | ||||
Revenue unrelated to contracts with customers | ||||
Other | 3,000 | 6,300 | 11,700 | |
CLECO POWER | Other | SSR | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 3,200 | |||
CLECO POWER | Lost contribution to fixed cost | ||||
Revenue unrelated to contracts with customers | ||||
Other | 2,600 | |||
CLECO CAJUN | ||||
Revenue unrelated to contracts with customers | ||||
Lease revenue | 16,000 | 46,000 | 40,900 | |
Deferred lease amortization | 2,300 | |||
OPERATING SEGMENTS | ||||
Revenue unrelated to contracts with customers | ||||
Operating revenue, net | 422,886 | 493,198 | 1,139,061 | 1,243,686 |
Electric customer credits | 16,534 | 13,711 | 34,127 | 31,832 |
OPERATING SEGMENTS | CLECO POWER | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 288,586 | 342,982 | 765,974 | 877,535 |
Revenue unrelated to contracts with customers | ||||
Other | 3,013 | 1,995 | 6,272 | 9,158 |
Total revenue unrelated to contracts with customers | 3,013 | 1,995 | 6,272 | 9,158 |
Operating revenue, net | 291,599 | 344,977 | 772,246 | 886,693 |
Electric customer credits | 16,534 | 13,711 | 33,974 | 30,565 |
OPERATING SEGMENTS | CLECO POWER | Total retail revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 217,090 | 254,604 | 573,294 | 643,612 |
OPERATING SEGMENTS | CLECO POWER | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 128,981 | 142,265 | 308,525 | 327,340 |
OPERATING SEGMENTS | CLECO POWER | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 68,220 | 84,816 | 190,905 | 218,209 |
OPERATING SEGMENTS | CLECO POWER | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 32,809 | 36,830 | 94,227 | 109,545 |
OPERATING SEGMENTS | CLECO POWER | Other retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 3,614 | 4,234 | 10,416 | 11,391 |
OPERATING SEGMENTS | CLECO POWER | Surcharge | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 170 | 2,440 | 7,692 | |
OPERATING SEGMENTS | CLECO POWER | Electric customer credits | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | (16,534) | (13,711) | (33,219) | (30,565) |
OPERATING SEGMENTS | CLECO POWER | Wholesale, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 52,216 | 69,558 | 140,139 | 179,633 |
OPERATING SEGMENTS | CLECO POWER | Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 14,656 | 14,034 | 38,273 | 38,679 |
Revenue unrelated to contracts with customers | ||||
Electric customer credits | 800 | |||
OPERATING SEGMENTS | CLECO POWER | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 3,118 | 4,452 | 10,416 | 14,640 |
Revenue unrelated to contracts with customers | ||||
Other miscellaneous fee revenue | 11,400 | |||
OPERATING SEGMENTS | CLECO POWER | Affiliate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,506 | 334 | 3,852 | 971 |
OPERATING SEGMENTS | CLECO CAJUN | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 113,774 | 129,892 | 313,920 | 309,912 |
Revenue unrelated to contracts with customers | ||||
Other | 17,513 | 18,329 | 52,895 | 47,081 |
Total revenue unrelated to contracts with customers | 17,513 | 18,329 | 52,895 | 47,081 |
Operating revenue, net | 131,287 | 148,221 | 366,815 | 356,993 |
Lease revenue | 15,200 | |||
Electric customer credits | 0 | 0 | 153 | 1,267 |
OPERATING SEGMENTS | CLECO CAJUN | Total retail revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Other retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Surcharge | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | |
OPERATING SEGMENTS | CLECO CAJUN | Electric customer credits | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Wholesale, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 99,956 | 114,426 | 273,836 | 273,256 |
OPERATING SEGMENTS | CLECO CAJUN | Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 13,818 | 15,435 | 39,880 | 36,625 |
Revenue unrelated to contracts with customers | ||||
Electric customer credits | 200 | |||
OPERATING SEGMENTS | CLECO CAJUN | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OPERATING SEGMENTS | CLECO CAJUN | Affiliate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 31 | 204 | 31 |
OTHER | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 33,102 | 25,832 | 86,678 | 70,542 |
Revenue unrelated to contracts with customers | ||||
Other | 1 | 0 | 2 | 0 |
Total revenue unrelated to contracts with customers | 1 | 0 | 2 | 0 |
Operating revenue, net | 33,103 | 25,832 | 86,680 | 70,542 |
Electric customer credits | 0 | 0 | 0 | 0 |
OTHER | Total retail revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OTHER | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OTHER | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OTHER | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OTHER | Other retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OTHER | Surcharge | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | |
OTHER | Electric customer credits | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OTHER | Wholesale, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | (2,420) | (2,420) | (7,260) | (7,260) |
OTHER | Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
OTHER | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 2 |
OTHER | Affiliate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 35,522 | 28,252 | 93,938 | 77,800 |
ELIMINATIONS | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | (38,538) | (31,059) | (102,959) | (84,197) |
Revenue unrelated to contracts with customers | ||||
Other | 0 | 0 | 0 | (1) |
Total revenue unrelated to contracts with customers | 0 | 0 | 0 | (1) |
Operating revenue, net | (38,538) | (31,059) | (102,959) | (84,198) |
Electric customer credits | 0 | 0 | (1) | 0 |
ELIMINATIONS | Total retail revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ELIMINATIONS | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ELIMINATIONS | Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ELIMINATIONS | Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ELIMINATIONS | Other retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ELIMINATIONS | Surcharge | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | |
ELIMINATIONS | Electric customer credits | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ELIMINATIONS | Wholesale, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
ELIMINATIONS | Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | (1,510) | (2,442) | (4,966) | (5,395) |
ELIMINATIONS | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0 | 0 | 1 | 0 |
ELIMINATIONS | Affiliate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ (37,028) | $ (28,617) | $ (97,994) | $ (78,802) |
Revenue Recognition - Narrative (Details) $ in Millions |
Sep. 30, 2020
USD ($)
|
---|---|
Revenue from Contract with Customer [Abstract] | |
Unsatisfied performance obligations | $ 75.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 15 years |
Regulatory Assets and Liabilities - Schedule of Regulatory Assets (Details) customer in Thousands, $ in Thousands |
Sep. 30, 2020
USD ($)
|
Aug. 27, 2020
customer
|
Dec. 31, 2019
USD ($)
|
---|---|---|---|
Financing costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 7,677 | $ 7,935 | |
Postretirement costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 15,908 | 17,399 | |
Fair value of long-term debt | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 121,404 | 127,977 | |
Debt issuance costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 5,337 | 5,665 | |
CLECO POWER | Hurricane Laura | |||
Regulatory Assets [Line Items] | |||
Number of customers affected with power outage | customer | 140 | ||
CLECO POWER | Acquisition/ transaction costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 2,045 | 2,124 | |
CLECO POWER | Acquisition/ transaction costs | Coughlin transaction costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 884 | 906 | |
CLECO POWER | Accumulated deferred fuel | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 43,612 | 22,910 | |
CLECO POWER | AFUDC equity gross-up | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 70,444 | 72,766 | |
CLECO POWER | AMI deferred revenue requirement | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 2,727 | 3,136 | |
CLECO POWER | AROs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 4,805 | 3,668 | |
CLECO POWER | COVID-19 executive order | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 2,953 | 0 | |
CLECO POWER | Deferred storm restoration costs — Hurricane Laura | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 57,669 | 0 | |
CLECO POWER | Dolet Hills closure costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 28,635 | 0 | |
CLECO POWER | Emergency declarations | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 408 | 1,349 | |
CLECO POWER | Energy efficiency | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 2,820 | 2,820 | |
CLECO POWER | Financing costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 7,276 | 7,554 | |
CLECO POWER | Interest costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 3,771 | 3,958 | |
CLECO POWER | Non-service cost of postretirement benefits | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 8,891 | 6,739 | |
CLECO POWER | Other, net | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 3,206 | 153 | |
CLECO POWER | Postretirement costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 139,369 | 151,543 | |
CLECO POWER | Production operations and maintenance expenses | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 4,754 | 7,985 | |
CLECO POWER | St. Mary Clean Energy Center | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 1,740 | ||
CLECO POWER | Surcredits, net | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 0 | 145 | |
CLECO POWER | Training costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 6,124 | 6,241 | |
CLECO POWER | Tree trimming costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 12,241 | $ 11,341 |
Regulatory Assets and Liabilities - Schedule of Regulatory Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
---|---|---|---|
Regulatory Liabilities [Line Items] | |||
Total regulatory assets, net | $ 408,265 | $ 311,525 | |
CLECO POWER | |||
Regulatory Liabilities [Line Items] | |||
Total regulatory assets, net | 257,939 | 152,549 | |
CLECO POWER | Corporate franchise tax, net | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities | (1,262) | (1,145) | |
CLECO POWER | Deferred taxes, net | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities | $ (145,173) | (146,948) | |
CLECO POWER | St. Mary Clean Energy Center | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities | $ (4,696) | $ (9,600) |
Fair Value Accounting - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred debt issuance costs not included in the carrying value of long-term debt | $ 14,000 | $ 13,700 |
CLECO POWER | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred debt issuance costs not included in the carrying value of long-term debt | 7,200 | 7,400 |
CARRYING VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,296,274 | 3,188,664 |
CARRYING VALUE | CLECO POWER | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,494,870 | 1,380,688 |
FAIR VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,775,943 | 3,371,915 |
FAIR VALUE | CLECO POWER | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 1,934,186 | $ 1,601,865 |
Fair Value Accounting - Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis (Details) - Measured on a Recurring Basis - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Asset description | ||
Institutional money market funds | $ 530,475 | $ 129,643 |
Total assets | 555,725 | 136,666 |
Liability description | ||
Total liabilities | 2,580 | 6,417 |
CLECO POWER | ||
Asset description | ||
Institutional money market funds | 326,731 | 74,903 |
Total assets | 333,908 | 81,214 |
Liability description | ||
Total liabilities | 1,765 | 586 |
FTRs | ||
Asset description | ||
FTRs and other commodity derivatives | 7,907 | 6,822 |
Liability description | ||
FTRs and other commodity derivatives | 2,580 | 1,044 |
FTRs | CLECO POWER | ||
Asset description | ||
FTRs and other commodity derivatives | 7,177 | 6,311 |
Liability description | ||
FTRs and other commodity derivatives | 1,765 | 586 |
Other commodity derivatives | ||
Asset description | ||
FTRs and other commodity derivatives | 17,343 | 201 |
Liability description | ||
FTRs and other commodity derivatives | 0 | 5,373 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | ||
Asset description | ||
Institutional money market funds | 0 | 0 |
Total assets | 0 | 0 |
Liability description | ||
Total liabilities | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | CLECO POWER | ||
Asset description | ||
Institutional money market funds | 0 | 0 |
Total assets | 0 | 0 |
Liability description | ||
Total liabilities | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | FTRs | ||
Asset description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability description | ||
FTRs and other commodity derivatives | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | FTRs | CLECO POWER | ||
Asset description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability description | ||
FTRs and other commodity derivatives | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Other commodity derivatives | ||
Asset description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability description | ||
FTRs and other commodity derivatives | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | ||
Asset description | ||
Institutional money market funds | 530,475 | 129,643 |
Total assets | 547,818 | 129,844 |
Liability description | ||
Total liabilities | 0 | 5,373 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | CLECO POWER | ||
Asset description | ||
Institutional money market funds | 326,731 | 74,903 |
Total assets | 326,731 | 74,903 |
Liability description | ||
Total liabilities | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | FTRs | ||
Asset description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability description | ||
FTRs and other commodity derivatives | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | FTRs | CLECO POWER | ||
Asset description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability description | ||
FTRs and other commodity derivatives | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Other commodity derivatives | ||
Asset description | ||
FTRs and other commodity derivatives | 17,343 | 201 |
Liability description | ||
FTRs and other commodity derivatives | 0 | 5,373 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Asset description | ||
Institutional money market funds | 0 | 0 |
FTRs and other commodity derivatives | 7,907 | 6,822 |
Total assets | 7,907 | 6,822 |
Liability description | ||
FTRs and other commodity derivatives | 2,580 | 1,044 |
Total liabilities | 2,580 | 1,044 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | CLECO POWER | ||
Asset description | ||
Institutional money market funds | 0 | 0 |
FTRs and other commodity derivatives | 7,177 | 6,311 |
Total assets | 7,177 | 6,311 |
Liability description | ||
FTRs and other commodity derivatives | 1,765 | 586 |
Total liabilities | 1,765 | 586 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | FTRs | ||
Asset description | ||
FTRs and other commodity derivatives | 7,907 | 6,822 |
Liability description | ||
FTRs and other commodity derivatives | 2,580 | 1,044 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | FTRs | CLECO POWER | ||
Asset description | ||
FTRs and other commodity derivatives | 7,177 | 6,311 |
Liability description | ||
FTRs and other commodity derivatives | 1,765 | 586 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Other commodity derivatives | ||
Asset description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability description | ||
FTRs and other commodity derivatives | $ 0 | $ 0 |
Fair Value Accounting - Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 (Details) - Commodity-related contracts - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | $ 8,040 | $ 14,665 | $ 5,778 | $ 22,887 |
Unrealized losses | 4 | (1,234) | (736) | (4,488) |
Purchases | 443 | 557 | 10,175 | 26,401 |
Settlements | (3,160) | (5,319) | (9,890) | (36,131) |
Ending balance | 5,327 | 8,669 | 5,327 | 8,669 |
CLECO POWER | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | 7,511 | 13,910 | 5,725 | 22,887 |
Unrealized losses | 426 | (1,700) | 1,355 | (3,644) |
Purchases | 443 | 1,133 | 8,219 | 20,961 |
Settlements | (2,968) | (5,319) | (9,887) | (32,180) |
Ending balance | $ 5,412 | $ 8,024 | $ 5,412 | $ 8,024 |
Fair Value Accounting - Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions (Details) - Measured on a Recurring Basis - Level 3 $ in Thousands |
Sep. 30, 2020
USD ($)
$ / MW
|
Dec. 31, 2019
USD ($)
$ / MW
|
---|---|---|
FAIR VALUE | ||
ASSETS | $ | $ 7,907 | $ 6,822 |
LIABILITIES | $ | 2,580 | 1,044 |
CLECO POWER | ||
FAIR VALUE | ||
ASSETS | $ | 7,177 | 6,311 |
LIABILITIES | $ | $ 1,765 | $ 586 |
Minimum | ||
FAIR VALUE | ||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | (4.01) | (2.57) |
Minimum | CLECO POWER | ||
FAIR VALUE | ||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | (2.41) | (2.04) |
Maximum | ||
FAIR VALUE | ||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | 4.62 | 2.86 |
Maximum | CLECO POWER | ||
FAIR VALUE | ||
FORWARD PRICE RANGE (usd per mwh) | $ / MW | 4.62 | 2.86 |
Fair Value Accounting - Institutional Money Market Funds (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 525,112 | $ 103,409 |
CLECO POWER | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 322,112 | 49,509 |
Current restricted cash and cash equivalents | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 4,619 | 11,100 |
Current restricted cash and cash equivalents | CLECO POWER | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 4,619 | 11,100 |
Non-current restricted cash and cash equivalents | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 744 | 15,134 |
Non-current restricted cash and cash equivalents | CLECO POWER | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | $ 0 | $ 14,294 |
Fair Value Accounting - Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets (Details) - DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Commodity-related contracts | ||
Commodity-related contracts, net | $ 22,670 | $ 606 |
Commodity-related contracts | CLECO POWER | ||
Commodity-related contracts | ||
Commodity-related contracts, net | 5,412 | 5,725 |
Commodity-related contracts | Energy risk management assets | ||
Commodity-related contracts | ||
Derivative asset | 7,907 | 6,822 |
Commodity-related contracts | Energy risk management assets | CLECO POWER | ||
Commodity-related contracts | ||
Derivative asset | 7,177 | 6,311 |
Commodity-related contracts | Energy risk management liabilities | ||
Commodity-related contracts | ||
Derivative liability | (2,580) | (1,044) |
Commodity-related contracts | Energy risk management liabilities | CLECO POWER | ||
Commodity-related contracts | ||
Derivative liability | (1,765) | (586) |
Other commodity derivatives | Energy risk management assets | ||
Commodity-related contracts | ||
Derivative asset | 12,067 | 201 |
Other commodity derivatives | Energy risk management liabilities | ||
Commodity-related contracts | ||
Derivative liability | 0 | (3,069) |
Other commodity derivatives | Other deferred charges | ||
Commodity-related contracts | ||
Derivative asset | 5,276 | 0 |
Other commodity derivatives | Other deferred credits | ||
Commodity-related contracts | ||
Derivative liability | $ 0 | $ (2,304) |
Fair Value Accounting - Amount of Gain (Loss) Recognized in Income on Derivatives (Details) - DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS - Commodity-related contracts - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Commodity-related contracts | ||||
Net gain (loss) recognized in income on derivatives | $ 22,557 | $ 2,823 | $ 27,724 | $ 115 |
Accumulated deferred fuel | ||||
Commodity-related contracts | ||||
Unrealized gains (losses) associated with FTRs | 400 | (1,700) | 1,400 | (3,600) |
CLECO POWER | ||||
Commodity-related contracts | ||||
Net gain (loss) recognized in income on derivatives | 687 | 169 | 1,865 | 7,600 |
CLECO POWER | Accumulated deferred fuel | ||||
Commodity-related contracts | ||||
Unrealized gains (losses) associated with FTRs | 400 | (1,700) | 1,400 | (3,600) |
Electric operations | ||||
Commodity-related contracts | ||||
Gain recognized in income on derivatives | 3,013 | 1,997 | 6,262 | 12,396 |
Electric operations | CLECO POWER | ||||
Commodity-related contracts | ||||
Gain recognized in income on derivatives | 3,013 | 1,997 | 6,262 | 12,400 |
Purchased power | ||||
Commodity-related contracts | ||||
Loss recognized in income on derivatives | (763) | (2,648) | (1,053) | (12,985) |
Purchased power | CLECO POWER | ||||
Commodity-related contracts | ||||
Loss recognized in income on derivatives | (2,326) | (1,828) | (4,397) | (4,800) |
Fuel used for electric generation | ||||
Commodity-related contracts | ||||
Gain recognized in income on derivatives | $ 20,307 | $ 3,474 | $ 22,515 | $ 704 |
Fair Value Accounting - Narrative (Details) MWh in Millions, MMBTU in Millions |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020
MWh
|
Sep. 30, 2020
MMBTU
|
Dec. 31, 2019
MWh
|
Dec. 31, 2019
MMBTU
|
|
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||
Volume outstanding | 24.1 | 63.9 | 14.6 | 58.5 |
CLECO POWER | ||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||
Volume outstanding | 14.8 | 9.2 |
Debt (Details) - USD ($) |
9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Aug. 28, 2020 |
Mar. 02, 2020 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Jul. 14, 2020 |
May 01, 2020 |
Sep. 11, 2019 |
Feb. 04, 2019 |
|
Debt [Line Items] | ||||||||
Final principal payment | $ 11,055,000 | $ 390,571,000 | ||||||
Cleco Katrina/Rita’s storm recovery bonds | ||||||||
Debt [Line Items] | ||||||||
Final principal payment | $ 11,100,000 | |||||||
CLECO POWER | ||||||||
Debt [Line Items] | ||||||||
Final principal payment | 11,055,000 | $ 20,571,000 | ||||||
CLECO POWER | Line of credit | ||||||||
Debt [Line Items] | ||||||||
Borrowings outstanding | 150,000,000.0 | |||||||
Maximum borrowing capacity | $ 300,000,000.0 | |||||||
All-in interest rate | 1.41% | |||||||
Commitment fees (as a percent) | 0.15% | |||||||
CLECO POWER | Line of credit | LIBOR | ||||||||
Debt [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 1.25% | |||||||
CLECO POWER | Line of credit | ABR | ||||||||
Debt [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 0.25% | |||||||
CLECO POWER | 2008 series A GO Zone bonds | ||||||||
Debt [Line Items] | ||||||||
Aggregate principal amount | $ 50,000,000.0 | |||||||
Debt instrument, interest rate | 2.50% | |||||||
CLECO POWER | Variable rate bank term loan | Term Loan | ||||||||
Debt [Line Items] | ||||||||
Aggregate principal amount | $ 125,000,000.0 | |||||||
All-in interest rate | 1.40% | |||||||
CLECO POWER | Variable rate bank term loan | Term Loan | LIBOR | ||||||||
Debt [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 1.25% | |||||||
CLECO POWER | Variable rate bank term loan | Term Loan | Base rate | ||||||||
Debt [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 0.25% | |||||||
CLECO HOLDINGS | Line of credit | ||||||||
Debt [Line Items] | ||||||||
Borrowings outstanding | $ 88,000,000.0 | |||||||
Maximum borrowing capacity | $ 175,000,000.0 | |||||||
All-in interest rate | 2.035% | |||||||
Commitment fees (as a percent) | 0.30% | |||||||
CLECO HOLDINGS | Line of credit | LIBOR | ||||||||
Debt [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 1.875% | |||||||
CLECO HOLDINGS | Line of credit | ABR | ||||||||
Debt [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 0.875% | |||||||
CLECO HOLDINGS | Variable rate bank term loan | Term Loan | ||||||||
Debt [Line Items] | ||||||||
Long-term debt outstanding | $ 330,000,000.0 | |||||||
CLECO HOLDINGS | Bank term loan 1 | Term Loan | ||||||||
Debt [Line Items] | ||||||||
All-in interest rate | 2.035% | |||||||
Long-term debt outstanding | $ 300,000,000.0 | |||||||
CLECO HOLDINGS | Bank term loan 1 | Term Loan | LIBOR | ||||||||
Debt [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 1.875% | |||||||
CLECO HOLDINGS | Bank term loan 2 | Term Loan | ||||||||
Debt [Line Items] | ||||||||
All-in interest rate | 2.035% | |||||||
Long-term debt outstanding | $ 30,000,000.0 | |||||||
CLECO HOLDINGS | Bank term loan 2 | Term Loan | LIBOR | ||||||||
Debt [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 1.875% | |||||||
CLECO HOLDINGS | 3.375% Senior notes | Senior Notes | ||||||||
Debt [Line Items] | ||||||||
Aggregate principal amount | $ 300,000,000.0 | |||||||
Debt instrument, interest rate | 3.375% | 3.375% | ||||||
CLECO HOLDINGS | Bridge loan agreement | Loans payable | ||||||||
Debt [Line Items] | ||||||||
Aggregate principal amount | $ 300,000,000.0 | |||||||
CLECO HOLDINGS | Bank term loan agreement | Loans payable | ||||||||
Debt [Line Items] | ||||||||
Aggregate principal amount | $ 100,000,000.0 |
Pension Plan and Employee Benefits - Narrative (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discretionary contribution | $ 12,300,000 | |||||
Pension contributions required through 2024 | $ 66,500,000 | |||||
Defined benefit plan contributions by employer | $ 5,473,000 | $ 3,044,000 | $ 16,423,000 | $ 9,132,000 | ||
Pension Plan | Other Subsidiaries | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan contributions by employer | 900,000 | 500,000 | 2,600,000 | 1,600,000 | ||
Pension Plan | Minimum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Expected contributions in 2020 | $ 15,700,000 | |||||
Other Benefits Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan contributions by employer | 1,380,000 | 868,000 | 3,895,000 | 2,156,000 | ||
Assets held-in-trust, noncurrent | 0 | 0 | ||||
Other Benefits Plan | CLECO POWER | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan contributions by employer | 1,100,000 | 900,000 | 3,600,000 | 2,300,000 | ||
SERP | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan contributions by employer | 1,575,000 | 1,260,000 | 4,726,000 | 3,780,000 | ||
SERP | CLECO POWER | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan contributions by employer | $ 200,000 | $ 200,000 | $ 700,000 | $ 600,000 |
Pension Plan and Employee Benefits - Net Periodic Pension and Benefits Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
PENSION BENEFITS | ||||
Components of periodic benefit costs | ||||
Service cost | $ 2,455 | $ 2,104 | $ 7,365 | $ 6,311 |
Interest cost | 5,204 | 5,621 | 15,612 | 16,864 |
Expected return on plan assets | (6,244) | (6,625) | (18,731) | (19,876) |
Amortizations | ||||
Prior period service credit | (15) | (18) | (45) | (54) |
Net loss | 4,073 | 1,962 | 12,222 | 5,887 |
Net periodic benefit cost | 5,473 | 3,044 | 16,423 | 9,132 |
OTHER BENEFITS | ||||
Components of periodic benefit costs | ||||
Service cost | 600 | 328 | 1,615 | 896 |
Interest cost | 418 | 435 | 1,238 | 1,235 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortizations | ||||
Prior period service credit | 0 | 0 | 0 | 0 |
Net loss | 362 | 105 | 1,042 | 25 |
Net periodic benefit cost | 1,380 | 868 | 3,895 | 2,156 |
SERP | ||||
Components of periodic benefit costs | ||||
Service cost | 100 | 82 | 300 | 247 |
Interest cost | 733 | 831 | 2,199 | 2,494 |
Amortizations | ||||
Prior period service credit | (54) | (34) | (161) | (104) |
Net loss | 796 | 381 | 2,388 | 1,143 |
Net periodic benefit cost | $ 1,575 | $ 1,260 | $ 4,726 | $ 3,780 |
Pension Plan and Employee Benefits - Current and Non-Current Portions of the Other Benefits Liability (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | $ 285,964 | $ 283,075 |
CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | 209,809 | 206,270 |
Other Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 4,401 | 4,401 |
Non-current | 47,874 | 48,321 |
Other Benefits Plan | CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 3,815 | 3,815 |
Non-current | $ 41,673 | $ 42,080 |
Pension Plan and Employee Benefits - Current and Non-Current Portions of SERP Liability (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | $ 285,964 | $ 283,075 |
SERP Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 4,599 | 4,599 |
Non-current | 83,619 | 84,529 |
CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | 209,809 | 206,270 |
CLECO POWER | SERP Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 760 | 760 |
Non-current | $ 13,665 | $ 13,964 |
Pension Plan and Employee Benefits - 401 (K) Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Defined Contribution Plan Disclosure [Line Items] | ||||
401(k) Plan expense | $ 2,356 | $ 2,077 | $ 7,509 | $ 6,136 |
Other Subsidiaries | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
401(k) Plan expense | $ 996 | $ 873 | $ 3,491 | $ 2,625 |
Income Taxes - Effective Tax Rate Reconciliation (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Effective Income Tax Rate [Line Items] | ||||
Effective tax rate | 29.40% | 20.20% | 26.80% | 21.10% |
CLECO POWER | ||||
Effective Income Tax Rate [Line Items] | ||||
Effective tax rate | 33.40% | 19.40% | 28.80% | 21.20% |
Income Taxes - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Uncertain Tax Positions [Line Items] | |||||
Liability for uncertain tax positions | $ 0 | $ 0 | $ 0 | ||
Interest payable related to uncertain tax positions | 0 | 0 | 0 | ||
Penalties | $ 0 | $ 0 | $ 0 | $ 0 | |
Federal | |||||
Uncertain Tax Positions [Line Items] | |||||
Net operating losses | $ 433,200,000 |
Disclosures about Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
Apr. 13, 2016 |
|
Revenue | ||||||
Electric operations | $ 386,388 | $ 451,902 | $ 1,019,501 | $ 1,130,318 | ||
Other operations | 47,597 | 49,780 | 137,407 | 131,544 | ||
Affiliate revenue | 0 | 0 | 0 | 0 | ||
Electric customer credits | (16,534) | (13,711) | (34,126) | (31,832) | ||
Operating revenue, net | 417,451 | 487,971 | 1,122,782 | 1,230,030 | ||
Net income | 60,297 | 55,565 | 109,793 | 120,868 | ||
Depreciation and amortization | 56,109 | 60,295 | 172,502 | 167,779 | ||
Interest income | 910 | 1,690 | 2,964 | 4,456 | ||
Interest charges | 34,060 | 35,832 | 103,923 | 105,671 | ||
Federal and state income tax expense (benefit) | 25,075 | 14,088 | 40,230 | 32,355 | ||
Other corporate costs and noncash items | (1,078) | 2,411 | 6,807 | 4,406 | ||
EBITDA | 173,553 | 166,501 | 430,291 | 426,623 | ||
Additions to property, plant, and equipment | 215,692 | 251,845 | ||||
Equity investment in investees | 13,072 | 13,072 | $ 17,072 | |||
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | $ 1,490,000 | ||
Total assets | 8,098,074 | 8,098,074 | 7,476,298 | |||
CLECO POWER | ||||||
Revenue | ||||||
Electric operations | 288,852 | 339,869 | 752,925 | 862,969 | ||
Other operations | 17,775 | 18,485 | 49,443 | 53,318 | ||
Affiliate revenue | 1,506 | 334 | 3,852 | 971 | ||
Electric customer credits | (16,534) | (13,711) | (33,974) | (30,565) | ||
Operating revenue, net | 291,599 | 344,977 | 772,246 | 886,693 | ||
Net income | 36,092 | 51,527 | 76,156 | 127,595 | ||
Interest income | 789 | 1,421 | 2,498 | 3,281 | ||
Interest charges | 18,441 | 17,983 | 55,624 | 52,498 | ||
Federal and state income tax expense (benefit) | 18,076 | 12,431 | 30,770 | 34,407 | ||
Additions to property, plant, and equipment | 205,765 | 247,987 | ||||
Equity investment in investees | 13,072 | 13,072 | 17,072 | |||
Total assets | 4,983,138 | 4,983,138 | 4,476,530 | |||
Power supply agreements | ||||||
Revenue | ||||||
Amortization of intangible assets | 6,400 | 6,474 | 19,200 | 17,873 | ||
OPERATING SEGMENTS | ||||||
Revenue | ||||||
Electric operations | 388,808 | 454,322 | 1,026,761 | 1,137,579 | ||
Other operations | 49,106 | 52,222 | 142,371 | 136,937 | ||
Affiliate revenue | 1,506 | 365 | 4,056 | 1,002 | ||
Electric customer credits | (16,534) | (13,711) | (34,127) | (31,832) | ||
Operating revenue, net | 422,886 | 493,198 | 1,139,061 | 1,243,686 | ||
Net income | 74,449 | 74,333 | 160,811 | 174,383 | ||
Depreciation and amortization | 51,612 | 55,783 | 158,926 | 154,289 | ||
Interest income | 799 | 1,641 | 2,767 | 4,123 | ||
Interest charges | 17,957 | 17,983 | 55,271 | 52,498 | ||
Federal and state income tax expense (benefit) | 30,334 | 20,043 | 58,050 | 49,576 | ||
EBITDA | 173,553 | 166,501 | 430,291 | 426,623 | ||
Additions to property, plant, and equipment | 213,673 | 251,641 | ||||
Equity investment in investees | 13,072 | 13,072 | 17,072 | |||
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | |||
Total assets | 7,540,322 | 7,540,322 | 6,978,918 | |||
OPERATING SEGMENTS | CLECO POWER | ||||||
Revenue | ||||||
Electric operations | 288,852 | 339,869 | 752,925 | 862,969 | ||
Other operations | 17,775 | 18,485 | 49,443 | 53,318 | ||
Affiliate revenue | 1,506 | 334 | 3,852 | 971 | ||
Electric customer credits | (16,534) | (13,711) | (33,974) | (30,565) | ||
Operating revenue, net | 291,599 | 344,977 | 772,246 | 886,693 | ||
Net income | 36,092 | 51,527 | 76,156 | 127,595 | ||
Depreciation and amortization | 40,268 | 44,903 | 125,541 | 126,610 | ||
Interest income | 789 | 1,421 | 2,498 | 3,281 | ||
Interest charges | 18,441 | 17,983 | 55,624 | 52,498 | ||
Federal and state income tax expense (benefit) | 18,076 | 12,431 | 30,770 | 34,407 | ||
EBITDA | 112,088 | 125,423 | 285,593 | 337,829 | ||
Additions to property, plant, and equipment | 205,765 | 247,987 | ||||
Equity investment in investees | 13,072 | 13,072 | 17,072 | |||
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | |||
Total assets | 6,473,935 | 6,473,935 | 5,967,327 | |||
OPERATING SEGMENTS | CLECO CAJUN | ||||||
Revenue | ||||||
Electric operations | 99,956 | 114,453 | 273,836 | 274,610 | ||
Other operations | 31,331 | 33,737 | 92,928 | 83,619 | ||
Affiliate revenue | 0 | 31 | 204 | 31 | ||
Electric customer credits | 0 | 0 | (153) | (1,267) | ||
Operating revenue, net | 131,287 | 148,221 | 366,815 | 356,993 | ||
Net income | 38,357 | 22,806 | 84,655 | 46,788 | ||
Depreciation and amortization | 11,344 | 10,880 | 33,385 | 27,679 | ||
Interest income | 10 | 220 | 269 | 842 | ||
Interest charges | (484) | 0 | (353) | 0 | ||
Federal and state income tax expense (benefit) | 12,258 | 7,612 | 27,280 | 15,169 | ||
EBITDA | 61,465 | 41,078 | 144,698 | 88,794 | ||
Additions to property, plant, and equipment | 7,908 | 3,654 | ||||
Equity investment in investees | 0 | 0 | 0 | |||
Goodwill | 0 | 0 | 0 | |||
Total assets | 1,066,387 | 1,066,387 | 1,011,591 | |||
Amortization of deferred lease income | (2,300) | (2,300) | (6,900) | (6,100) | ||
OPERATING SEGMENTS | CLECO CAJUN | Power supply agreements | ||||||
Revenue | ||||||
Amortization of intangible assets and liabilities | 3,100 | 3,200 | 9,300 | 8,300 | ||
OTHER | ||||||
Revenue | ||||||
Electric operations | (2,420) | (2,420) | (7,260) | (7,260) | ||
Other operations | 1 | 0 | 2 | 2 | ||
Affiliate revenue | 35,522 | 28,252 | 93,938 | 77,800 | ||
Electric customer credits | 0 | 0 | 0 | 0 | ||
Operating revenue, net | 33,103 | 25,832 | 86,680 | 70,542 | ||
Net income | (14,154) | (18,768) | (51,019) | (53,515) | ||
Depreciation and amortization | 4,497 | 4,512 | 13,575 | 13,491 | ||
Interest income | 121 | 228 | 276 | 841 | ||
Interest charges | 16,115 | 18,028 | 48,731 | 53,682 | ||
Federal and state income tax expense (benefit) | (5,260) | (5,955) | (17,821) | (17,220) | ||
Additions to property, plant, and equipment | 2,019 | 204 | ||||
Equity investment in investees | 0 | 0 | 0 | |||
Goodwill | 0 | 0 | 0 | |||
Total assets | 606,687 | 606,687 | 546,096 | |||
OTHER | Power supply agreements | CLECO POWER | ||||||
Revenue | ||||||
Amortization of intangible assets | 2,400 | 2,400 | 7,300 | 7,300 | ||
ELIMINATIONS | ||||||
Revenue | ||||||
Electric operations | 0 | 0 | 0 | (1) | ||
Other operations | (1,510) | (2,442) | (4,966) | (5,395) | ||
Affiliate revenue | (37,028) | (28,617) | (97,994) | (78,802) | ||
Electric customer credits | 0 | 0 | 1 | 0 | ||
Operating revenue, net | (38,538) | (31,059) | (102,959) | (84,198) | ||
Net income | 2 | 0 | 1 | 0 | ||
Depreciation and amortization | 0 | 0 | 1 | (1) | ||
Interest income | (10) | (179) | (79) | (508) | ||
Interest charges | (12) | (179) | (79) | (509) | ||
Federal and state income tax expense (benefit) | 1 | $ 0 | 1 | (1) | ||
Additions to property, plant, and equipment | 0 | $ 0 | ||||
Equity investment in investees | 0 | 0 | 0 | |||
Goodwill | 0 | 0 | 0 | |||
Total assets | $ (48,935) | $ (48,935) | $ (48,716) |
Regulation and Rates - Provision for Rate Refund (Details) - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
Jul. 31, 2019 |
---|---|---|---|
Regulation and Rates [Line Items] | |||
Provision for rate refund | $ 9,852,000 | $ 38,903,000 | |
FERC audit | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 2,724,000 | 3,482,000 | |
TCJA tax-related benefits | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 2,057,000 | 28,700,000 | |
Cleco Katrina/Rita storm recovery charges | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 1,630,000 | 0 | |
Cost of service savings | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 1,483,000 | 1,851,000 | |
Site-specific industrial customer | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 596,000 | 844,000 | |
Change in transmission ROE | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 595,000 | 1,020,000 | |
CLECO POWER | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 9,038,000 | 38,241,000 | $ 79,200,000 |
CLECO POWER | FERC audit | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 2,724,000 | 3,482,000 | |
CLECO POWER | TCJA tax-related benefits | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 2,057,000 | 28,700,000 | |
CLECO POWER | Cleco Katrina/Rita storm recovery charges | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 1,630,000 | 0 | |
CLECO POWER | Cost of service savings | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 1,483,000 | 1,851,000 | |
CLECO POWER | Site-specific industrial customer | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | 596,000 | 844,000 | |
CLECO POWER | Change in transmission ROE | |||
Regulation and Rates [Line Items] | |||
Provision for rate refund | $ 595,000 | $ 1,020,000 |
Regulation and Rates - Narrative (Details) |
9 Months Ended | 24 Months Ended | 48 Months Ended | ||||
---|---|---|---|---|---|---|---|
Sep. 30, 2020
USD ($)
complaint
|
Jun. 30, 2020 |
Jun. 30, 2018
USD ($)
|
Jul. 15, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Jul. 31, 2019
USD ($)
|
Jun. 30, 2017
USD ($)
|
|
Regulation and Rates [Line Items] | |||||||
Refund due to customers | $ 9,852,000 | $ 38,903,000 | |||||
Current regulatory liabilities | $ 29,651,000 | 6,675,000 | |||||
FERC | |||||||
Regulation and Rates [Line Items] | |||||||
Number of complaints filed | complaint | 2 | ||||||
CLECO POWER | |||||||
Regulation and Rates [Line Items] | |||||||
Refund due to customers | $ 9,038,000 | 38,241,000 | $ 79,200,000 | ||||
Current regulatory liabilities | 29,651,000 | $ 6,675,000 | |||||
FRP, expiration period | 2 years | 4 years | |||||
CLECO POWER | 2019 FRP Monitoring Report | Merger Commitments, cost savings | |||||||
Regulation and Rates [Line Items] | |||||||
Refund due to customers | 1,500,000 | ||||||
CLECO POWER | LPSC | |||||||
Regulation and Rates [Line Items] | |||||||
TCJA, bill credit per month | $ 7,000,000.0 | ||||||
Bill credit per month related to change in federal statutory tax rate | 2,500,000 | ||||||
Bill credit related to unprotected excess ADIT | $ 4,400,000 | ||||||
Estimated refund for the tax-related benefits from the TCJA | 2,100,000 | ||||||
CLECO POWER | LPSC | Merger Commitments, cost savings | |||||||
Regulation and Rates [Line Items] | |||||||
Regulatory liabilities | $ 6,100,000 | ||||||
CLECO POWER | LPSC | FRP | |||||||
Regulation and Rates [Line Items] | |||||||
Target ROE allowed by FRP | 10.00% | ||||||
Percentage of retail earnings within range to be returned to customers (in hundredths) | 60.00% | ||||||
ROE for customer credit, low range | 10.90% | ||||||
ROE for customer credit, high range | 11.75% | ||||||
CLECO POWER | LPSC | FRP | Maximum | |||||||
Regulation and Rates [Line Items] | |||||||
Target ROE allowed by FRP | 10.90% | ||||||
CLECO POWER | LPSC | 2018 FRP Monitoring Report | |||||||
Regulation and Rates [Line Items] | |||||||
Refund due to customers | $ 2,300,000 | ||||||
CLECO POWER | LPSC | 2017 FRP Monitoring Report, Cost of Service Savings | |||||||
Regulation and Rates [Line Items] | |||||||
Refund due to customers | $ 1,200,000 | ||||||
CLECO POWER | LPSC | Excess ADIT | |||||||
Regulation and Rates [Line Items] | |||||||
Regulatory liabilities | $ 366,000,000.0 | ||||||
Current regulatory liabilities | 28,400,000 | ||||||
CLECO POWER | FERC | Transmission return on equity | |||||||
Regulation and Rates [Line Items] | |||||||
Refund due to customers | $ 600,000 |
Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Variable Interest Entity [Line Items] | ||||
Equity investment in investee | $ 13,072 | $ 13,072 | $ 17,072 | |
Cash dividends | 4,000 | $ 500 | ||
CLECO POWER | ||||
Variable Interest Entity [Line Items] | ||||
Equity investment in investee | 13,072 | 13,072 | $ 17,072 | |
Cash dividends | $ 4,000 | $ 4,000 | $ 500 | |
CLECO POWER | Oxbow | ||||
Variable Interest Entity [Line Items] | ||||
Ownership percentage by Cleco Power (in hundredths) | 50.00% | |||
Ownership percentage by other parties (in hundredths) | 50.00% |
Variable Interest Entities - Equity Method Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Schedule of Equity Method Investments [Line Items] | |||||
Total equity investment in investee | $ 13,072 | $ 13,072 | $ 17,072 | ||
Operating revenue, net | 417,451 | $ 487,971 | 1,122,782 | $ 1,230,030 | |
CLECO POWER | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Purchase price | 12,873 | 12,873 | 12,873 | ||
Cash contributions | 6,399 | 6,399 | 6,399 | ||
Dividends | (6,200) | (6,200) | (2,200) | ||
Total equity investment in investee | 13,072 | 13,072 | $ 17,072 | ||
Operating revenue, net | 291,599 | 344,977 | 772,246 | 886,693 | |
CLECO POWER | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Operating revenue, net | 2,275 | 2,776 | 33,266 | 7,114 | |
Operating expenses | 2,275 | 2,776 | 33,266 | 7,114 | |
Income before taxes | $ 0 | $ 0 | $ 0 | $ 0 |
Variable Interest Entities - Carrying Amount of Assets and Liabilities with Maximum Exposure to Loss (Details) - CLECO POWER - Oxbow - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Oxbow’s net assets/liabilities | $ 26,145 | $ 34,145 |
Cleco Power’s 50% equity | 13,072 | 17,072 |
Cleco Power’s maximum exposure to loss | $ 13,072 | $ 17,072 |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Litigation (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | 24 Months Ended | 30 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 21, 2020 |
Mar. 03, 2020
USD ($)
|
Jan. 01, 2020 |
Mar. 31, 2018
plaintiff
|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015
USD ($)
|
Dec. 31, 2014
claim
|
Nov. 30, 2014 |
Mar. 31, 2017
claim
generation_unit
|
Sep. 30, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
May 31, 2016
complaint
|
Sep. 27, 2019
recommendation
finding
|
Feb. 04, 2019
USD ($)
|
|
Loss Contingencies [Line Items] | |||||||||||||||
Loss contingency, estimate of possible loss | $ 5.3 | ||||||||||||||
South Central Generating | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Indemnification asset | $ 10.0 | ||||||||||||||
Contingent liability | $ 10.0 | ||||||||||||||
FERC | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Estimated refund interest amount | 2.7 | ||||||||||||||
FERC | MISO Transmission Rates | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Public utilities, requested rate increase (decrease), percentage (in hundredths) | 0.50% | ||||||||||||||
Gulf Coast Spinning start up costs | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Allegations by plaintiff, failure to perform | $ 6.5 | ||||||||||||||
Gulf Coast Spinning construction of cotton spinning facility | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Allegations by plaintiff, failure to perform | $ 60.0 | ||||||||||||||
Actions filed in the 9th Judicial District Court | Alleged Breach of Fiduciary Duties | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of actions filed | claim | 4 | ||||||||||||||
Actions filed in the Civil District Court | Alleged Breach of Fiduciary Duties | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of actions filed | claim | 3 | 3 | |||||||||||||
Larry Addison, Et Al. V. Sabine River Authority of Texas, Et Al | Pending Litigation | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of plaintiffs | plaintiff | 26 | ||||||||||||||
Perry Bonin, Ace Chandler, and Michael Manuel, et al v. Sabine River Authority of Texas and Sabine River Authority of Louisiana, No. B-160173-C | Pending Litigation | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of generation units failed to repair | generation_unit | 1 | ||||||||||||||
Number of generation units owned | generation_unit | 2 | ||||||||||||||
CLECO POWER | LPSC 2018-2019 Fuel Audit | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Fuel expense | $ 565.8 | ||||||||||||||
CLECO POWER | MISO Transmission Rates | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Public utilities, proposed return on equity, percentage (in hundredths) | 10.38% | 10.32% | 9.70% | ||||||||||||
CLECO POWER | LPSC | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Environmental expense | $ 26.2 | ||||||||||||||
CLECO POWER | FERC | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of findings | finding | 12 | ||||||||||||||
Number of recommendations | recommendation | 59 | ||||||||||||||
Estimated refund interest amount | 2.7 | ||||||||||||||
Loss contingency, estimate of possible loss | $ 0.6 | ||||||||||||||
CLECO POWER | FERC | MISO Transmission Rates | |||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||
Number of actions filed | complaint | 2 | ||||||||||||||
Public utilities, approved return on equity, percentage (In hundredths) | 12.38% | ||||||||||||||
Public utilities, proposed return on equity, percentage (in hundredths) | 10.02% | 9.88% | 6.68% |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Off-Balance Sheet Commitments and Guarantees (Details) - USD ($) |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2020 |
Jun. 30, 2020 |
May 31, 2020 |
|
Guarantor Obligations [Line Items] | |||
Guarantor obligations, collateral held directly or by third parties, amount | $ 0 | ||
Performance Guarantee | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | 42,400,000 | ||
Indemnification Agreement | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | 40,000,000.0 | ||
Indemnification Agreement including fundamental organizational structure | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | 400,000,000.0 | ||
CLECO POWER | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations, collateral held directly or by third parties, amount | 0 | ||
CLECO POWER | Indemnification Agreement | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | 40,000,000.0 | ||
CLECO POWER | Indemnification Agreement including fundamental organizational structure | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | 400,000,000.0 | ||
CLECO POWER | Financial Guarantee | |||
Guarantor Obligations [Line Items] | |||
Guarantor obligations, maximum exposure, undiscounted | $ 83,000,000.0 | ||
CLECO HOLDINGS | Letters of Credit | |||
Guarantor Obligations [Line Items] | |||
Letters of credit | $ 1,300,000 | $ 34,500,000 |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Risks and Uncertainties (Details) - CLECO POWER - USD ($) $ in Millions |
1 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Sep. 30, 2020 |
|
Oxbow | ||
Loss Contingencies [Line Items] | ||
Costs to be billed | $ 0.3 | |
Dolet Hills Power Station | ||
Loss Contingencies [Line Items] | ||
Increase in ARO liabilities | $ 3.3 | |
Investment balance | 156.2 | |
Dolet Hills Power Station | DHLC | ||
Loss Contingencies [Line Items] | ||
Costs to be billed | 163.5 | |
Oxbow | Oxbow | ||
Loss Contingencies [Line Items] | ||
Costs to be billed | $ 10.4 |
Affiliate Transactions - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Related Party Transactions [Abstract] | |||||
Accounts payable - affiliate | $ 35,250 | $ 35,250 | $ 33,780 | ||
CLECO POWER | |||||
Related Party Transactions [Abstract] | |||||
Accounts payable - affiliate | 14,688 | 14,688 | 14,123 | ||
CLECO POWER | Affiliates | |||||
Related Party Transactions [Abstract] | |||||
Accounts payable - affiliate | 14,580 | 14,580 | 13,890 | ||
CLECO POWER | Oxbow | |||||
Related Party Transaction [Line Items] | |||||
Due to affiliates | 300 | 300 | |||
CLECO POWER | Oxbow | Affiliates | |||||
Related Party Transaction [Line Items] | |||||
Cost of mineral rights and land leases | $ 1,100 | $ 1,400 | $ 16,600 | $ 3,600 | |
Due to affiliates | $ 200 |
Affiliate Transactions - Summary of Balances Payable To or Due From Affiliates (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Related Party Transaction [Line Items] | ||
ACCOUNTS PAYABLE | $ 35,250 | $ 33,780 |
CLECO POWER | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 13,388 | 14,481 |
ACCOUNTS PAYABLE | 14,688 | 14,123 |
CLECO POWER | Cleco Holdings | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 10,349 | 10,351 |
ACCOUNTS PAYABLE | 102 | 194 |
CLECO POWER | Support Group | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 2,031 | 3,172 |
ACCOUNTS PAYABLE | 14,580 | 13,890 |
CLECO POWER | Cleco Cajun | ||
Related Party Transaction [Line Items] | ||
ACCOUNTS RECEIVABLE | 1,008 | 958 |
ACCOUNTS PAYABLE | $ 6 | $ 39 |
Intangible Assets and Liabilities - Narrative (Details) - USD ($) |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Feb. 04, 2019 |
Sep. 30, 2020 |
Dec. 31, 2008 |
Mar. 31, 2020 |
|
Trade name | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, residual value | $ 0 | |||
Finite-lived intangible asset, useful life | 20 years | |||
Power supply agreements | Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible asset, useful life | 7 years | |||
Power supply agreements | Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible asset, useful life | 19 years | |||
Cleco Katrina/Rita | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, residual value | $ 0 | |||
Cleco Katrina/Rita | Cleco Katrina/Rita right to bill and collect storm recovery charges | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets acquired | $ 177,500,000 | |||
Cleco Katrina/Rita | Cleco Katrina/Rita right to bill and collect storm recovery charges from customers, net of financing costs | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets acquired | 176,000,000.0 | |||
Cleco Katrina/Rita | Financing costs | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived intangible assets acquired | $ 1,500,000 | |||
Cleco Cajun | Power supply agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Preliminary fair value of intangible liabilities | $ 14,200,000 | |||
Cleco Cajun | LTSA | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible liabilities | $ 24,100,000 | |||
Intangible liabilities, remaining life | 7 years | |||
Cleco Cajun | Power supply agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, residual value | $ 0 | |||
Preliminary fair value of intangible assets | $ 98,900,000 | |||
Cleco Cajun | Power supply agreements | Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, remaining life | 2 years | |||
Cleco Cajun | Power supply agreements | Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, remaining life | 8 years |
Intangible Assets and Liabilities - Schedule of Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
LTSA | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible liabilities | $ 882 | $ 871 | $ 2,646 | $ 2,323 |
Power supply agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible liabilities | 871 | 882 | 2,613 | 2,352 |
Cleco Katrina/Rita right to bill and collect storm recovery charges | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 0 | 5,660 | 517 | 15,702 |
Cleco Katrina/Rita right to bill and collect storm recovery charges | CLECO POWER | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 0 | 5,660 | 517 | 15,702 |
Trade name | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 64 | 64 | 191 | 191 |
Power supply agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 6,400 | $ 6,474 | $ 19,200 | $ 17,873 |
Intangible Assets and Liabilities - Schedule of Finite-Lived Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets carrying amount | $ 259,698 | $ 259,698 |
Total intangible liability carrying amount | 38,300 | 38,300 |
Net intangible assets carrying amount | 221,398 | 221,398 |
Accumulated amortization | (129,815) | (115,167) |
Net intangible assets subject to amortization | 91,583 | 106,231 |
Net intangible assets subject to amortization | 118,195 | 138,103 |
LTSA | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible liability carrying amount | 24,100 | 24,100 |
Power supply agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible liability carrying amount | 14,200 | 14,200 |
Cleco Katrina/Rita right to bill and collect storm recovery charges | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets carrying amount | 70,594 | 70,594 |
Cleco Katrina/Rita right to bill and collect storm recovery charges | CLECO POWER | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets carrying amount | 177,537 | 177,537 |
Accumulated amortization | (177,537) | (177,020) |
Net intangible assets subject to amortization | 0 | 517 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets carrying amount | 5,100 | 5,100 |
Power supply agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets carrying amount | $ 184,004 | $ 184,004 |
Intangible Assets and Liabilities - Goodwill (Details) - USD ($) |
Sep. 30, 2020 |
Aug. 01, 2020 |
Dec. 31, 2019 |
Apr. 13, 2016 |
---|---|---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 1,490,797,000 | $ 1,490,797,000 | $ 1,490,000,000 | |
Accumulated impairment charges | $ 0 |
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, beginning of period | $ 2,693,358 | $ 2,574,661 | $ 2,643,006 | $ 2,124,740 |
Balances, end of period | 2,754,103 | 2,630,189 | 2,754,103 | 2,630,189 |
TOTAL AOCI | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, beginning of period | (16,657) | 1,504 | (17,513) | 1,786 |
Balances, end of period | (16,209) | 1,467 | (16,209) | 1,467 |
POSTRETIREMENT BENEFIT NET LOSS | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, beginning of period | (16,657) | 1,504 | (17,513) | 1,786 |
Amounts reclassified from AOCI | 448 | (37) | 1,304 | (319) |
Balances, end of period | (16,209) | 1,467 | (16,209) | 1,467 |
CLECO POWER | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, beginning of period | 1,754,429 | 1,671,014 | 1,713,392 | 1,594,533 |
Balances, end of period | 1,790,957 | 1,722,834 | 1,790,957 | 1,722,834 |
CLECO POWER | TOTAL AOCI | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, beginning of period | (21,612) | (12,769) | (22,585) | (13,182) |
Balances, end of period | (21,176) | (12,476) | (21,176) | (12,476) |
CLECO POWER | POSTRETIREMENT BENEFIT NET LOSS | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, beginning of period | (15,872) | (6,775) | (16,717) | (7,060) |
Amounts reclassified from AOCI | 373 | 230 | 1,218 | 515 |
Balances, end of period | (15,499) | (6,545) | (15,499) | (6,545) |
CLECO POWER | NET LOSS ON CASH FLOW HEDGES | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, beginning of period | (5,740) | (5,994) | (5,868) | (6,122) |
Amounts reclassified from AOCI | 63 | 63 | 191 | 191 |
Balances, end of period | $ (5,677) | $ (5,931) | $ (5,677) | $ (5,931) |
Storm Restoration (Details) customer in Thousands, $ in Thousands |
2 Months Ended | 3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Oct. 28, 2020
USD ($)
customer
|
Oct. 09, 2020
USD ($)
customer
|
Aug. 27, 2020
USD ($)
customer
|
Oct. 28, 2020
hurricane
customer
|
Sep. 30, 2020
USD ($)
|
Oct. 31, 2020 |
Oct. 16, 2020 |
Sep. 18, 2020 |
Dec. 31, 2019
USD ($)
|
|
Hurricane Laura | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Capitalized storm restoration costs | $ 113,800 | ||||||||
CLECO POWER | Deferred storm restoration costs — Hurricane Laura | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Regulatory assets | 57,669 | $ 0 | |||||||
CLECO POWER | Natural Disasters and Other Casualty Events | Subsequent Event | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Number of hurricanes | hurricane | 3 | ||||||||
CLECO POWER | Hurricane Laura | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Number of customers affected with power outage | customer | 140 | ||||||||
Percentage of customers affected by the hurricane with power restored | 100.00% | ||||||||
Estimate of storm restoration costs | $ 180,900 | ||||||||
Capitalization percentage | 63.00% | ||||||||
Capitalized storm restoration costs | 113,800 | ||||||||
Storm damage provision | $ 9,400 | ||||||||
CLECO POWER | Hurricane Laura | Minimum | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Estimate of storm restoration costs | $ 185,000 | ||||||||
CLECO POWER | Hurricane Laura | Maximum | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Estimate of storm restoration costs | $ 190,000 | ||||||||
CLECO POWER | Hurricane Delta | Subsequent Event | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Number of customers affected with power outage | customer | 132 | ||||||||
Percentage of customers affected by the hurricane with power restored | 100.00% | ||||||||
CLECO POWER | Hurricane Delta | Subsequent Event | Minimum | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Estimate of storm restoration costs | $ 50,000 | ||||||||
CLECO POWER | Hurricane Delta | Subsequent Event | Maximum | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Estimate of storm restoration costs | $ 55,000 | ||||||||
CLECO POWER | Hurricane Zeta | Subsequent Event | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Number of customers affected with power outage | customer | 73 | 73 | |||||||
Percentage of customers affected by the hurricane with power restored | 100.00% | ||||||||
CLECO POWER | Hurricane Zeta | Subsequent Event | Minimum | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Estimate of storm restoration costs | $ 7,000 | ||||||||
CLECO POWER | Hurricane Zeta | Subsequent Event | Maximum | |||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||
Estimate of storm restoration costs | $ 8,000 |
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