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Disclosures about Segments
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Disclosures about Segments
Note 10 — 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, in the case of Cleco Power, Cleco Power’s Boards of Managers. The reportable segment prepares budgets that are presented to and approved by
Cleco and, in the case of Cleco Power, 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. There were no 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 Three Months Ended Mar. 31,
2021 (THOUSANDS)
CLECO POWERCLECO CAJUNTOTAL SEGMENTS
Revenue  
Electric operations$267,158 $101,507 $368,665 
Other operations18,626 33,039 51,665 
Affiliate revenue1,655 — 1,655 
Electric customer credits(20,976)— (20,976)
Operating revenue, net$266,463 $134,546 $401,009 
Net income $18,425 $14,481 $32,906 
Add: Depreciation and amortization42,076 11,653 
(1)
53,729 
Less: Interest income642 3 645 
Add: Interest charges18,646 (152)18,494 
Add: Federal and state income tax (benefit) expense (9,723)4,610 (5,113)
EBITDA$68,782 $30,589 $99,371 
Additions to property, plant, and equipment$37,150 $2,313 $39,463 
Equity investment in investee$7,322 $— $7,322 
Goodwill$1,490,797 $— $1,490,797 
Total segment assets$6,341,061 $1,031,541 $7,372,602 
(1) Includes $3.1 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(2.3) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction.
2021 (THOUSANDS)
TOTAL SEGMENTSOTHERELIMINATIONSTOTAL
Revenue
Electric operations$368,665 $(2,420)$— $366,245 
Other operations51,665 1 (1,940)49,726 
Affiliate revenue1,655 27,156 (28,811)— 
Electric customer credits(20,976)— — (20,976)
Operating revenue, net$401,009 $24,737 $(30,751)$394,995 
Depreciation and amortization$53,729 $4,435 
(1)
$— $58,164 
Interest income$645 $43 $(41)$647 
Interest charges$18,494 $15,440 $(43)$33,891 
Federal and state income tax (benefit) $(5,113)$(4,307)$— $(9,420)
Net income (loss)$32,906 $(12,579)$— $20,327 
Additions to property, plant, and equipment$39,463 $(805)$— $38,658 
Equity investment in investee$7,322 $— $— $7,322 
Goodwill$1,490,797 $— $— $1,490,797 
Total segment assets$7,372,602 $586,718 $(168,044)$7,791,276 
(1) Includes $2.4 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.

2020 (THOUSANDS)
CLECO POWERCLECO CAJUNTOTAL SEGMENTS
Revenue
Electric operations$224,430 $89,147 $313,577 
Other operations15,764 30,961 46,725 
Affiliate revenue1,106 161 1,267 
Electric customer credits(8,340)(153)(8,493)
Operating revenue, net$232,960 $120,116 $353,076 
Net income$11,831 $19,535 $31,366 
Add: Depreciation and amortization43,677 10,900 
(1)
54,577 
Less: Interest income954 155 1,109 
Add: Interest charges18,581 10 18,591 
Add: Federal and state income tax expense3,338 6,421 9,759 
EBITDA$76,473 $36,711 $113,184 
Additions to property, plant, and equipment$61,477 $3,341 $64,818 
Equity investment in investees (2)
$9,072 $— $9,072 
Goodwill (2)
$1,490,797 $— $1,490,797 
Total segment assets (2)
$6,256,944 $1,029,812 $7,286,756 
(1) Includes $3.1 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(2.3) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction.
(2) Balances as of December 31, 2020.

2020 (THOUSANDS)
TOTAL SEGMENTSOTHERELIMINATIONSTOTAL
Revenue
Electric operations$313,577 $(2,420)$— $311,157 
Other operations46,725 1 (1,818)44,908 
Affiliate revenue1,267 29,278 (30,545)— 
Electric customer credits(8,493)— — (8,493)
Operating revenue, net$353,076 $26,859 $(32,363)$347,572 
Depreciation and amortization$54,577 $4,514 
(1)
$(1)$59,090 
Interest income $1,109 $100 $(52)$1,157 
Interest charges$18,591 $16,610 $(52)$35,149 
Federal and state income tax expense (benefit)$9,759 $(8,197)$— $1,562 
Net income (loss)$31,366 $(25,039)$1 $6,328 
Additions to property, plant, and equipment$64,818 $806 $— $65,624 
Equity investment in investees (2)
$9,072 $— $— $9,072 
Goodwill (2)
$1,490,797 $— $— $1,490,797 
Total segment assets (2)
$7,286,756 $595,217 $(156,404)$7,725,569 
(1) Includes $2.4 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.
(2) Balances as of December 31, 2020.
  
FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)20212020
Net income$20,327 $6,328 
Add: Depreciation and amortization58,164 59,090 
Less: Interest income647 1,157 
Add: Interest charges33,891 35,149 
Add: Federal and state income tax (benefit) expense (9,420)1,562 
Add: Other corporate costs and noncash items (1)
(2,944)12,212 
Total segment EBITDA$99,371 $113,184 
(1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.