Disclosures about Segments (Tables)

9 Months Ended

Sep. 30, 2021


Segment Information for the Three Months Ended Sept. 30,
2021 (THOUSANDS)	CLECO POWER		CLECO CAJUN			TOTAL SEGMENTS
Revenue
Electric operations	$	357,084	$	107,500		$	464,584
Other operations	22,779		35,158			57,937
Affiliate revenue	1,380		—			1,380
Electric customer credits	(691)		—			(691)
Operating revenue, net	$	380,552	$	142,658		$	523,210
Net income	$	56,561	$	86,744		$	143,305
Add: Depreciation and amortization	43,526		12,623		(1)	56,149
Less: Interest income	936		4			940
Add: Interest charges	18,509		1,117			19,626
Add: Federal and state income tax expense	548		29,888			30,436



EBITDA	$	118,208	$	130,368		$	248,576




(1) Includes $3.6 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 SEGMENTS		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	464,584	$	(2,420)		$	—	$	462,164
Other operations	57,937		1			(2,217)		55,721
Affiliate revenue	1,380		32,116			(33,496)		—
Electric customer credits	(691)		—			—		(691)
Operating revenue, net	$	523,210	$	29,697		$	(35,713)	$	517,194
Depreciation and amortization	$	56,149	$	8,189	(1)	$	—	$	64,338
Interest income	$	940	$	43		$	(42)	$	941
Interest charges	$	19,626	$	15,044		$	(41)	$	34,629

Federal and state income tax expense	$	30,436	$	133		$	—	$	30,569
Net income (loss)	$	143,305	$	(23,396)		$	1	$	119,910




(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 POWER		CLECO CAJUN			TOTAL SEGMENTS
Revenue
Electric operations	$	288,852	$	99,956		$	388,808
Other operations	17,775		31,331			49,106
Affiliate revenue	1,506		—			1,506
Electric customer credits	(16,534)		—			(16,534)
Operating revenue, net	$	291,599	$	131,287		$	422,886
Net income	$	36,092	$	38,357		$	74,449
Add: Depreciation and amortization	40,268		11,344		(1)	51,612
Less: Interest income	789		10			799
Add: Interest charges	18,441		(484)			17,957
Add: Federal and state income tax expense	18,076		12,258			30,334
EBITDA	$	112,088	$	61,465		$	173,553




(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.


2020 (THOUSANDS)	TOTAL SEGMENTS		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	388,808	$	(2,420)		$	—	$	386,388
Other operations	49,106		1			(1,510)		47,597
Affiliate revenue	1,506		35,522			(37,028)		—
Electric customer credits	(16,534)		—			—		(16,534)
Operating revenue, net	$	422,886	$	33,103		$	(38,538)	$	417,451
Depreciation and amortization	$	51,612	$	4,497	(1)	$	—	$	56,109
Interest income	$	799	$	121		$	(10)	$	910
Interest charges	$	17,957	$	16,115		$	(12)	$	34,060
Federal and state income tax expense (benefit)	$	30,334	$	(5,260)		$	1	$	25,075
Net income (loss)	$	74,449	$	(14,154)		$	2	$	60,297




(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.


Segment Information for the Nine Months Ended Sept. 30,
2021 (THOUSANDS)	CLECO POWER		CLECO CAJUN			TOTAL SEGMENTS
Revenue
Electric operations	$	887,191	$	300,415		$	1,187,606
Other operations	57,674		98,851			156,525
Affiliate revenue	4,259		—			4,259
Electric customer credits	(40,429)		244			(40,185)
Operating revenue, net	$	908,695	$	399,510		$	1,308,205
Net income	$	102,407	$	153,719		$	256,126
Add: Depreciation and amortization	126,534		36,614		(2)	163,148
Less: Interest income	2,404		10			2,414
Add: Interest charges	55,392		786			56,178
Add: Federal and state income tax (benefit) expense	(219)		52,561			52,342
EBITDA	$	281,710	$	243,670		$	525,380
Additions to property, plant, and equipment	$	202,940	$	5,904		$	208,844
Equity investment in investees (1)	$	3,822	$	—		$	3,822
Goodwill (1)	$	1,490,797	$	—		$	1,490,797
Total segment assets (1)	$	6,746,838	$	1,212,968		$	7,959,806
(1) Balances as of September 30, 2021. (2) Includes $10.0 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(6.9) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction.


2021 (THOUSANDS)	TOTAL SEGMENTS		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	1,187,606	$	(7,260)		$	(1)	$	1,180,345
Other operations	156,525		4			(5,752)		150,777
Affiliate revenue	4,259		85,392			(89,651)		—
Electric customer credits	(40,185)		—			—		(40,185)
Operating revenue, net	$	1,308,205	$	78,136		$	(95,404)	$	1,290,937
Depreciation and amortization	$	163,148	$	17,052	(2)	$	(1)	$	180,199
Interest income	$	2,414	$	100		$	(98)	$	2,416
Interest charges	$	56,178	$	45,732		$	(98)	$	101,812
Federal and state income tax expense (benefit)	$	52,342	$	(21,357)		$	—	$	30,985
Net income (loss)	$	256,126	$	(37,068)		$	1	$	219,059
Additions to property, plant, and equipment	$	208,844	$	1,116		$	—	$	209,960
Equity investment in investees (1)	$	3,822	$	19,099		$	(19,099)	$	3,822
Goodwill (1)	$	1,490,797	$	—		$	—	$	1,490,797
Total segment assets (1)	$	7,959,806	$	685,410		$	(249,409)	$	8,395,807
(1) Balances as of September 30, 2021. (2) Includes $7.3 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 POWER		CLECO CAJUN			TOTAL SEGMENTS
Revenue
Electric operations	$	752,925	$	273,836		$	1,026,761
Other operations	49,443		92,928			142,371
Affiliate revenue	3,852		204			4,056
Electric customer credits	(33,974)		(153)			(34,127)
Operating revenue, net	$	772,246	$	366,815		$	1,139,061
Net income	$	76,156	$	84,655		$	160,811
Add: Depreciation and amortization	125,541		33,385		(2)	158,926
Less: Interest income	2,498		269			2,767
Add: Interest charges	55,624		(353)			55,271
Add: Federal and state income tax expense	30,770		27,280			58,050
EBITDA	$	285,593	$	144,698		$	430,291
Additions to property, plant, and equipment	$	205,765	$	7,908		$	213,673
Equity investment in investees (1)	$	9,072	$	—		$	9,072
Goodwill (1)	$	1,490,797	$	—		$	1,490,797
Total segment assets (1)	$	6,256,944	$	1,029,812		$	7,286,756
(1) Balances as of December 31, 2020. (2) Includes $9.3 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(6.9) million deferred lease revenue amortization as a result of the Cleco Cajun Transaction.


2020 (THOUSANDS)	TOTAL SEGMENTS		OTHER			ELIMINATIONS		TOTAL
Revenue
Electric operations	$	1,026,761	$	(7,260)		$	—	$	1,019,501
Other operations	142,371		2			(4,966)		137,407
Affiliate revenue	4,056		93,938			(97,994)		—
Electric customer credits	(34,127)		—			1		(34,126)
Operating revenue, net	$	1,139,061	$	86,680		$	(102,959)	$	1,122,782
Depreciation and amortization	$	158,926	$	13,575	(2)	$	1	$	172,502
Interest income	$	2,767	$	276		$	(79)	$	2,964
Interest charges	$	55,271	$	48,731		$	(79)	$	103,923
Federal and state income tax expense (benefit)	$	58,050	$	(17,821)		$	1	$	40,230
Net income (loss)	$	160,811	$	(51,019)		$	1	$	109,793
Additions to property, plant, and equipment	$	213,673	$	2,019		$	—	$	215,692
Equity investment in investees (1)	$	9,072	$	—		$	—	$	9,072
Goodwill (1)	$	1,490,797	$	—		$	—	$	1,490,797
Total segment assets (1)	$	7,286,756	$	595,217		$	(156,404)	$	7,725,569
(1) Balances as of December 31, 2020. (2) Includes $7.3 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.


	FOR THE THREE MONTHS ENDED SEPT. 30,				FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	2021		2020		2021		2020
Net income	$	119,910	$	60,297	$	219,059	$	109,793
Add: Depreciation and amortization	64,338		56,109		180,199		172,502

Less: Interest income	941		910		2,416		2,964
Add: Interest charges	34,629		34,060		101,812		103,923
Add: Federal and state income tax expense	30,569		25,075		30,985		40,230
Add: Other corporate costs and noncash items (1)	71		(1,078)		(4,259)		6,807
Total segment EBITDA	$	248,576	$	173,553	$	525,380	$	430,291
(1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.