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Intangible Assets and Liabilities
 6 Months Ended
Jun. 30, 2021
Intangible Assets And Liabilities Disclosure [Abstract]  
Intangible Assets and Liabilities
Note 15 — 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. 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. This intangible liability 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.
The following tables present Cleco and Cleco Power’s amortization of intangible assets and liabilities:

Cleco
 FOR THE THREE MONTHS ENDED JUNE 30,FOR THE SIX MONTHS
 ENDED JUNE 30,
(THOUSANDS)2021202020212020
Intangible assets
Cleco Katrina/Rita right to bill and collect storm recovery charges
$— $— $— $517 
Trade name$64 $64 $128 $128 
Power supply agreements
$6,400 $6,400 $12,800 $12,800 
Intangible liabilities
LTSA
$871 $871 $1,742 $1,742 
Power supply agreements
$718 $882 $1,600 $1,764 

Cleco Power
 FOR THE THREE MONTHS ENDED JUNE 30,FOR THE SIX MONTHS
 ENDED JUNE 30,
(THOUSANDS)2021202020212020
Cleco Katrina/Rita right to bill and collect storm recovery charges
$— $— $— $517 
The following tables summarize the balances for intangible assets and liabilities subject to amortization for Cleco:

Cleco
(THOUSANDS)AT JUNE 30, 2021AT DEC. 31, 2020
Intangible assets
Trade name$5,100 $5,100 
Power supply agreements184,004 184,004 
Total intangible assets carrying amount189,104 189,104 
Intangible liabilities
LTSA
24,100 24,100 
Power supply agreements
14,200 14,200 
Total intangible liability carrying amount38,300 38,300 
Net intangible assets carrying amount150,804 150,804 
Accumulated amortization(73,517)(63,932)
Net intangible assets subject to amortization$77,287 $86,872