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Schedule I Financial Statements of Cleco Holdings (Parent Company Only)
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Schedule I Financial Statements of Cleco Holdings (Parent Company Only)
CLECO HOLDINGS (Parent Company Only)SCHEDULE I
Condensed Statements of Income
FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202020192018
Operating expenses
Administrative and general$1,497 $3,263 $1,269 
Merger transaction costs3,606 7,803 19,514 
Other operating expense239 130 318 
Total operating expenses5,342 11,196 21,101 
Operating loss(5,342)(11,196)(21,101)
Equity income from subsidiaries, net of tax173,337 205,187 149,543 
Interest, net(64,362)(70,252)(54,635)
Other income (expense), net3,021 8,568 (1,687)
Income before income taxes106,654 132,307 72,120 
Federal and state income tax benefit(15,646)(20,358)(22,317)
Net income$122,300 $152,665 $94,437 
The accompanying notes are an integral part of the condensed financial statements.
CLECO HOLDINGS (Parent Company Only) SCHEDULE I
Condensed Statements of Comprehensive Income
FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202020192018
Net income$122,300 $152,665 $94,437 
Other comprehensive income, net of tax
Postretirement benefits (loss) gain (net of tax benefit of $2,922, tax benefit of $6,808, and tax expense of $1,868, respectively)
(8,283)(19,299)5,296 
Total other comprehensive income (loss), net of tax(8,283)(19,299)5,296 
Comprehensive income, net of tax$114,017 $133,366 $99,733 
The accompanying notes are an integral part of the condensed financial statements.
CLECO HOLDINGS (Parent Company Only)SCHEDULE I
Condensed Balance Sheets
AT DEC. 31,
(THOUSANDS)20202019
Assets
  
Current assets
  
Cash and cash equivalents
$21,622 $15,008 
Accounts receivable - affiliate
75,948 14,231 
Other accounts receivable
599 2,650 
Taxes receivable, net
4,196 6,726 
Cash surrender value of trust-owned life insurance policies
72,954 68,523 
Total current assets
175,319 107,138 
Equity investment in subsidiaries
4,181,383 4,150,953 
Accumulated deferred federal and state income taxes, net
134,809 127,655 
Other deferred charges
812 1,831 
Total assets
$4,492,323 $4,387,577 
Liabilities and member's equity
  
Liabilities
Current liabilities
Long-term debt due within one year
$66,000 $63,300 
Accounts payable
735 1,448 
Accounts payable - affiliate
99,822 47,184 
Interest accrued
10,158 11,005 
Deferred compensation
13,240 12,115 
Other current liabilities
756 274 
Total current liabilities
190,711 135,326 
Postretirement benefit obligations
4,453 4,481 
Other deferred credits
1,813 — 
Long-term debt, net
1,538,323 1,604,764 
Total liabilities
1,735,300 1,744,571 
Commitments and contingencies (Note 6)
Member's equity2,757,023 2,643,006 
Total liabilities and member's equity
$4,492,323 $4,387,577 
The accompanying notes are an integral part of the condensed financial statements.  
CLECO HOLDINGS (Parent Company Only) SCHEDULE I
Condensed Statements of Cash Flows
FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202020192018
Operating activities
Net cash provided by operating activities$73,452 $189,644 $97,614 
Investing activities
Return of equity investment in tax credit fund— 1,625 2,775 
Contribution to subsidiary— (962,170)(1,250)
Other investing— — 442 
Net cash (used in) provided by investing activities— (960,545)1,967 
Financing activities
Draws on credit facility88,000 75,000 — 
Payments on credit facility(88,000)(75,000)— 
Issuance of long-term debt— 700,000 — 
Repayment of long-term debt(64,000)(370,000)— 
Payment of financing costs(2,838)(5,929)(25)
Contribution from member— 384,900 — 
Distributions to member— — (71,350)
Net cash (used in) provided by financing activities(66,838)708,971 (71,375)
Net increase (decrease) in cash and cash equivalents6,614 (61,930)28,206 
Cash and cash equivalents at beginning of period15,008 76,938 48,732 
Cash and cash equivalents at end of period$21,622 $15,008 $76,938 
Supplementary cash flow information
Interest paid, net of amount capitalized$62,745 $56,768 $53,798 
Income taxes (refunded) paid, net$(2,942)$(19)$2 
Supplementary non-cash investing and financing activity
Non-cash contribution to subsidiary, net of tax$— $— $3,865 
The accompanying notes are an integral part of the condensed financial statements.
Note 1 — Summary of Significant Accounting Policies
The condensed financial statements represent the financial information required by SEC Regulation S-X 5-04 for Cleco Holdings, which requires the inclusion of parent company only financial statements if the restricted net assets of consolidated subsidiaries exceed 25% of total consolidated net assets as of the last day of its most recent fiscal year. As of December 31, 2020, Cleco Holdings’ restricted net assets of consolidated subsidiaries were $1.51 billion and exceeded 25% of its total consolidated net assets.
Cleco Holdings’ major, first-tier subsidiaries are Cleco Power and Cleco Cajun. Cleco Power contains the LPSC-jurisdictional generation, transmission, and distribution electric utility operations serving its retail and wholesale customers. Upon completion of the Cleco Cajun Transaction, Cleco Cajun became a major, first tier subsidiary. Cleco Cajun is an unregulated electric utility company that owns generation and transmission assets and supplies wholesale power and capacity to its customers. For more information about the Cleco Cajun Transaction, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — Business Combinations.”
The accompanying financial statements have been prepared to present the results of operations, financial condition, and cash flows of Cleco Holdings on a stand-alone basis as a holding company. Investments in subsidiaries and other investees are presented using the equity method. These financial statements should be read in conjunction with Cleco’s consolidated financial statements.
Note 2 — Debt
At December 31, 2020, and 2019 Cleco Holdings had no short-term debt outstanding.
At December 31, 2020, Cleco Holding’s long-term debt outstanding was $1.60 billion, of which $66.0 million was due within one year. The amount due within one year represents principal payments on Cleco Holdings’ debt as required by the Cleco Cajun Transaction commitments to the LPSC.
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 1933, 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.
Upon approval of the Cleco Cajun Transaction, commitments were made to the LPSC by Cleco Holdings, including repayment of $400.0 million of Cleco Holdings’ debt by December 31, 2024. As of December 31, 2020, Cleco Holdings was in compliance with these commitments. The cumulative minimum principal amounts committed to be repaid for each year through 2024 are as follows:
(THOUSANDS)
For the year ending Dec. 31,
2019$66,700 
2020$133,300 
2021$200,000 
2022$267,700 
2023$333,300 
2024$400,000 

The principal amounts payable under long-term debt agreements for each year through 2025 and thereafter are as follows:

AMOUNTS PAYABLE UNDER LONG-TERM DEBT ARRANGEMENTS(THOUSANDS)
For the year ending Dec. 31,
2021$— 
2022$266,000 
2023$165,000 
2024$— 
2025$— 
Thereafter$1,185,000 
Note 3 — Cash Distributions and Equity Contributions
Some provisions in Cleco Power’s debt instruments restrict the amount of equity available for distribution to Cleco Holdings by Cleco Power by requiring Cleco Power’s total indebtedness to be less than or equal to 65% of total capitalization. In addition, the 2016 Merger Commitments provide for limitations on the amount of distributions that may be paid from Cleco Power to Cleco Holdings, depending on Cleco Power’s common equity ratio and its corporate credit ratings.
The following table summarizes the cash distributions Cleco Holdings received from affiliates during 2020, 2019, and 2018:

 FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202020192018
Cleco Power$— $20,000 $121,400 
Cleco Cajun134,000 205,000 — 
Perryville— — 225 
Attala— — 217 
Total$134,000 $225,000 $121,842 

During the years ended December 31, 2020, and 2019, Cleco Holdings made no non-cash equity contributions to affiliates. During the year ended December 31, 2018, Cleco Holdings made $1.8 million and $2.1 million in non-cash equity contributions to Perryville and Attala, respectively.
During the year ended December 31, 2020, Cleco Holdings made no cash contributions to affiliates. During the year ended December 31, 2019, Cleco Holdings made $962.2 million of contributions to Cleco Cajun to finance the Cleco Cajun Transaction. During the year ended December 31, 2018, Cleco Holdings made $1.3 million of contributions to Cleco Cajun.
During the years ended December 31, 2020, and 2018, Cleco Holdings received no equity contributions from Cleco
Group. During the year ended December 31, 2019, Cleco Holdings received $384.9 million equity contributions from Cleco Group.
During the years ended December 31, 2020, and 2019, Cleco Holdings made no distribution payments to Cleco Group. During the year ended December 31, 2018, Cleco Holdings made $71.4 million of distribution payments to Cleco Group.
Note 4 — Income Taxes
Cleco Holdings’ (Parent Company Only) Condensed Statements of Income reflect income tax expense (benefit) for the following line items:
 FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202020192018
Federal and state income tax benefit
$(15,646)$(20,358)$(22,317)
Equity income from subsidiaries - federal and state income tax expense
$51,364 $63,523 $51,699 
For information regarding the TCJA, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 11 — Income Taxes — TCJA.”
Note 5 — Commitments and Contingencies
For information regarding commitments and contingencies related to Cleco Holdings, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 15 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees.”