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Intangible Assets and Liabilities
 6 Months Ended
Jun. 30, 2022
Intangible Assets And Liabilities Disclosure [Abstract]  
Intangible Assets and Liabilities
Note 15 — Intangible Assets and Liabilities

Securitized Intangible
On June 22, 2022, Cleco Securitization I acquired the Storm Recovery Property from Cleco Power in the amount of
$415.9 million. The Storm Recovery Property is classified as a securitized intangible asset on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets. This securitized intangible asset will be amortized over the estimated periods needed to collect the required amounts from Cleco Power’s customers to service Cleco Securitization I’s storm recovery bonds, currently estimated through September 2044. There was no amortization during the current period because collections from Cleco Power’s customers have not commenced. Collections will begin after the new storm surcharge becomes effective on September 1, 2022. At the end of its life, this securitized intangible asset will have no residual value. For additional information on Cleco Power’s storm costs and the securitization financing, see Note 5 — “Regulatory Assets and Liabilities,” Note 7 — “Debt,” and Note 17 — “Storm Securitization and Cost Recovery.”

Other Intangibles
As a result of the 2016 Merger, fair value adjustments were recorded on Cleco’s Condensed Consolidated Balance Sheet for the valuation of finite intangible assets relating to long-term wholesale power supply agreements. At the end of their lives, these power supply agreement intangible assets will have no residual value. 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 6 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 table presents Cleco’s amortization of other intangible assets and liabilities included in its Condensed Consolidated Income Statements:

Cleco
 FOR THE THREE MONTHS ENDED JUNE 30,FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)2022202120222021
Intangible assets
Trade name$— $64 $— $128 
Power supply agreements
$6,400 $6,400 $12,800 $12,800 
Intangible liabilities
LTSA
$871 $871 $1,742 $1,742 
Power supply agreements
$389 $718 $778 $1,600 
The following table summarizes the balance of other intangible assets and liabilities subject to amortization for Cleco included in its Condensed Consolidated Balance Sheets:

Cleco
(THOUSANDS)AT JUNE 30, 2022AT DEC. 31, 2021
Intangible assets
Power supply agreements$184,004 $184,004 
Total intangible assets carrying amount184,004 184,004 
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 amount145,704 145,704 
Accumulated amortization(92,745)(82,466)
Net intangible assets subject to amortization$52,959 $63,238