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Disclosures about Segments
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Disclosures about Segments
Note 12 — Disclosures about Segments
Cleco
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’s Board of Managers. The reportable segment prepares budgets that are presented to and approved by Cleco’s Board 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 Cleco Cajun Transaction, see Note 3 — “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.

SEGMENT INFORMATION
FOR THE YEAR ENDED DEC. 31, 2020
(THOUSANDS)CLECO POWERCLECO CAJUNTOTAL SEGMENTS
Revenue  
Electric operations$1,015,018 $365,555 $1,380,573 
Other operations65,237 121,747 186,984 
Affiliate revenue5,156 204 5,360 
Electric customer credits(53,119)(153)(53,272)
Operating revenue, net$1,032,292 $487,353 $1,519,645 
Net income$96,655 $89,492 $186,147 
Add: Depreciation and amortization166,987 47,183 
(1)
214,170 
Less: Interest income3,362 273 3,635 
Add: Interest charges73,985 (750)73,235 
Add: Federal and state income tax expense26,799 29,080 55,879 
EBITDA$361,064 $164,732 $525,796 
Additions to property, plant, and equipment$378,042 $8,920 $386,962 
Equity investment in investee$9,072 $— $9,072 
Goodwill$1,490,797 $— $1,490,797 
Total segment assets$6,256,944 $1,029,812 $7,286,756 
(1) Includes $12.4 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(9.2) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction.

FOR THE YEAR ENDED DEC. 31, 2020
(THOUSANDS)TOTAL SEGMENTSOTHERELIMINATIONSTOTAL
Revenue   
Electric operations$1,380,573 $(9,680)$— $1,370,893 
Other operations186,984 3 (6,463)180,524 
Affiliate revenue5,360 129,126 (134,486)— 
Electric customer credits(53,272)— 1 (53,271)
Operating revenue, net$1,519,645 $119,449 $(140,948)$1,498,146 
Depreciation and amortization$214,170 $18,059 
(1)
$— $232,229 
Interest income$3,635 $412 $(99)$3,948 
Interest charges$73,235 $64,728 $(99)$137,864 
Federal and state income tax expense$55,879 $(20,160)$(1)$35,718 
Net income$186,147 $(63,848)$1 $122,300 
Additions to property, plant, and equipment$386,962 $3,051 $— $390,013 
Equity investment in investee$9,072 $— $— $9,072 
Goodwill$1,490,797 $— $— $1,490,797 
Total segment assets$7,286,756 $595,217 $(156,404)$7,725,569 
(1) Includes $9.7 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.
FOR THE YEAR ENDED DEC. 31, 2019
(THOUSANDS)CLECO POWERCLECO CAJUNTOTAL SEGMENTS
Revenue  
Electric operations$1,130,928 $375,489 $1,506,417 
Other operations72,833 117,468 190,301 
Affiliate revenue3,125 108 3,233 
Electric customer credits(38,516)(1,447)(39,963)
Operating revenue, net$1,168,370 $491,618 $1,659,988 
Net income$148,262 $69,411 $217,673 
Add: Depreciation and amortization172,471 38,465 
(1)
210,936 
Less: Interest income4,744 987 5,731 
Add: Interest charges71,279 35 71,314 
Add: Federal and state income tax expense45,452 22,479 67,931 
EBITDA$432,720 $129,403 $562,123 
Additions to property, plant, and equipment$313,962 $9,174 $323,136 
Equity investment in investee$17,072 $— $17,072 
Goodwill$1,490,797 $— $1,490,797 
Total segment assets$5,967,327 $1,011,591 $6,978,918 
(1) Includes $11.4 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(8.4) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction.

FOR THE YEAR ENDED DEC. 31, 2019
(THOUSANDS)TOTAL SEGMENTSOTHERELIMINATIONSTOTAL SEGMENTS
Revenue   
Electric operations$1,506,417 $(9,680)$(1)$1,496,736 
Other operations190,301 2 (7,471)182,832 
Affiliate revenue3,233 109,067 (112,300)— 
Electric customer credits(39,963)— — (39,963)
Operating revenue, net$1,659,988 $99,389 $(119,772)$1,639,605 
Depreciation and amortization$210,936 $17,985 
(1)
$— $228,921 
Interest income$5,731 $974 $(615)$6,090 
Interest charges$71,314 $70,611 $(616)$141,309 
Federal and state income tax expense$67,931 $(24,766)$— $43,165 
Net income (loss)$217,673 $(65,009)$1 $152,665 
Additions to property, plant, and equipment$323,136 $655 $— $323,791 
Equity investment in investee$17,072 $— $— $17,072 
Goodwill$1,490,797 $— $— $1,490,797 
Total segment assets$6,978,918 $546,096 $(48,716)$7,476,298 
(1) Includes $9.7 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.

FOR THE YEAR ENDED DEC. 31, 2018
(THOUSANDS)CLECO POWER
Revenue 
Electric operations$1,191,587 
Other operations82,330 
Affiliate revenue874 
Electric customer credits(33,195)
Operating revenue, net$1,241,596 
Net income$162,257 
Add: Depreciation and amortization162,069 
Less: Interest income5,052 
Add: Interest charges71,303 
Add: Federal and state income tax expense55,924 
EBITDA$446,501 
Additions to property, plant, and equipment$289,153 
Equity investment in investee$18,172 
Goodwill$1,490,797 
Total segment assets$5,839,853 
FOR THE YEAR ENDED DEC. 31, 2018
(THOUSANDS)CLECO POWEROTHERELIMINATIONSTOTAL
Revenue   
Electric operations$1,191,587 $(9,680)$— $1,181,907 
Other operations82,330 2 — 82,332 
Affiliate revenue874 74,591 (75,465)— 
Electric customer credits(33,195)— — (33,195)
Operating revenue, net$1,241,596 $64,913 $(75,465)$1,231,044 
Depreciation and amortization$162,069 $18,024 
(1)
$1 $180,094 
Interest income$5,052 $1,338 $(317)$6,073 
Interest charges$71,303 $55,659 $(320)$126,642 
Federal and state income tax expense$55,924 $(26,541)$(1)$29,382 
Net income (loss)$162,257 $(67,819)$(1)$94,437 
Additions to property, plant, and equipment$289,153 $1,908 $— $291,061 
Equity investment in investee$18,172 $— $— $18,172 
Goodwill$1,490,797 $— $— $1,490,797 
Total segment assets$5,839,853 $633,756 $(36,795)$6,436,814 
(1) Includes $9.7 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.

(THOUSANDS)202020192018
Net income$122,300 $152,665 $94,437 
Add: Depreciation and amortization232,229 228,921 

180,094 
Less: Interest income3,948 6,090 6,073 
Add: Interest charges137,864 141,309 126,642 
Add: Federal and state income tax expense35,718 43,165 29,382 
Add: Other corporate costs and noncash items (1)
1,633 2,153 22,019 
Total segment EBITDA$525,796 $562,123 $446,501 
(1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.
Cleco Power
Cleco Power is a vertically integrated, regulated electric utility operating within Louisiana and Mississippi and is viewed as one unit by management. Discrete financial reports are prepared only at the company level.