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Disclosures about Segments
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Disclosures about Segments
Note 12 — Disclosures about Segments
Cleco
Cleco’s reportable segments are based on its method of internal reporting, which disaggregates business units by its first-tier subsidiaries. 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 Holdings’ 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 Holdings’ 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 are 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
and 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 YEAR ENDED DEC. 31, 2022
(THOUSANDS)CLECO POWERCLECO CAJUNTOTAL SEGMENTS
Revenue  
Electric operations$1,523,066 $496,042 $2,019,108 
Other operations98,759 148,823 247,582 
Affiliate revenue6,377 — 6,377 
Electric customer credits(7,674)— (7,674)
Operating revenue, net$1,620,528 $644,865 $2,265,393 
Net income$170,057 $73,830 $243,887 
Add: Depreciation and amortization178,231 75,157 
(1)
253,388 
Less: Interest income5,082 1,122 6,204 
Add: Interest charges88,218 523 88,741 
Add: Federal and state income tax expense2,503 24,565 27,068 
EBITDA$433,927 $172,953 $606,880 
Additions to property, plant, and equipment$228,940 $6,867 $235,807 
Equity investment in investee$2,072 $— $2,072 
Goodwill$1,490,797 $— $1,490,797 
Total segment assets$6,834,970 $1,019,241 $7,854,211 
(1) Includes $14.4 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(9.2) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction.

FOR THE YEAR ENDED DEC. 31, 2022
(THOUSANDS)TOTAL SEGMENTSOTHERELIMINATIONSTOTAL
Revenue   
Electric operations$2,019,108 $(9,680)$(1)$2,009,427 
Other operations247,582 9 (10,212)237,379 
Affiliate revenue6,377 109,015 (115,392)— 
Electric customer credits(7,674)— — (7,674)
Operating revenue, net$2,265,393 $99,344 $(125,605)$2,239,132 
Depreciation and amortization$253,388 $17,588 
(1)
$— $270,976 
Interest income$6,204 $265 $(97)$6,372 
Interest charges$88,741 $62,513 $(96)$151,158 
Federal and state income tax expense (benefit)$27,068 $(26,151)$— $917 
Net income (loss)$243,887 $(55,076)$— $188,811 
Additions to property, plant, and equipment$235,807 $960 $— $236,767 
Equity investment in investee$2,072 $(320,348)$320,348 $2,072 
Goodwill$1,490,797 $— $— $1,490,797 
Total segment assets$7,854,211 $217,855 $181,683 $8,253,749 
(1) Includes $9.7 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.
FOR THE YEAR ENDED DEC. 31, 2021
(THOUSANDS)CLECO POWERCLECO CAJUNTOTAL SEGMENTS
Revenue  
Electric operations$1,202,249 $398,226 $1,600,475 
Other operations74,625 128,749 203,374 
Affiliate revenue5,641 — 5,641 
Electric customer credits(40,878)244 (40,634)
Operating revenue, net$1,241,637 $527,219 $1,768,856 
Net income$134,088 $115,632 $249,720 
Add: Depreciation and amortization173,498 56,438 
(1)
229,936 
Less: Interest income3,294 15 3,309 
Add: Interest charges73,090 803 73,893 
Add: Federal and state income tax (benefit) expense(9,353)42,283 32,930 
EBITDA$368,029 $215,141 $583,170 
Additions to property, plant, and equipment$300,957 $9,081 $310,038 
Equity investment in investee$2,072 $— $2,072 
Goodwill$1,490,797 $— $1,490,797 
Total segment assets$6,620,298 $1,104,090 $7,724,388 
(1) Includes $13.5 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(9.2) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction.

FOR THE YEAR ENDED DEC. 31, 2021
(THOUSANDS)TOTAL SEGMENTSOTHERELIMINATIONSTOTAL SEGMENTS
Revenue   
Electric operations$1,600,475 $(9,680)$1 $1,590,796 
Other operations203,374 8 (7,615)195,767 
Affiliate revenue5,641 113,623 (119,264)— 
Electric customer credits(40,634)— — (40,634)
Operating revenue, net$1,768,856 $103,951 $(126,878)$1,745,929 
Depreciation and amortization$229,936 $21,495 
(1)
$— $251,431 
Interest income$3,309 $125 $(122)$3,312 
Interest charges$73,893 $60,564 $(121)$134,336 
Federal and state income tax expense (benefit)$32,930 $(19,819)$— $13,111 
Net income (loss)$249,720 $(54,754)$— $194,966 
Additions to property, plant, and equipment$310,038 $1,103 $— $311,141 
Equity investment in investee$2,072 $(46,901)$46,901 $2,072 
Goodwill$1,490,797 $— $— $1,490,797 
Total segment assets$7,724,388 $619,101 $(218,471)$8,125,018 
(1) Includes $9.7 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.
FOR THE YEAR ENDED DEC. 31, 2020
(THOUSANDS)CLECO POWERCLECO CAJUNTOTAL SEGMENTS
Revenue 
Electric operations$1,015,018 $365,555 $1,380,573 
Other operations65,237 121,747 186,984 
Affiliate revenue5,156 204 5,360 
Electric customer credits(53,119)(153)(53,272)
Operating revenue, net$1,032,292 $487,353 $1,519,645 
Net income$96,655 $89,492 $186,147 
Add: Depreciation and amortization166,987 47,183 
(1)
214,170 
Less: Interest income3,362 273 3,635 
Add: Interest charges73,985 (750)73,235 
Add: Federal and state income tax expense26,799 29,080 55,879 
EBITDA$361,064 $164,732 $525,796 
Additions to property, plant, and equipment$377,044 $8,920 $385,964 
Equity investment in investee$9,072 $— $9,072 
Goodwill$1,490,797 $— $1,490,797 
Total segment assets$6,256,944 $1,029,812 $7,286,756 
(1) Includes $12.4 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(9.2) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction.

FOR THE YEAR ENDED DEC. 31, 2020
(THOUSANDS)TOTAL SEGMENTSOTHERELIMINATIONSTOTAL
Revenue   
Electric operations$1,380,573 $(9,680)$— $1,370,893 
Other operations186,984 3 (6,463)180,524 
Affiliate revenue5,360 129,126 (134,486)— 
Electric customer credits(53,272)— 1 (53,271)
Operating revenue, net$1,519,645 $119,449 $(140,948)$1,498,146 
Depreciation and amortization$214,170 $18,059 
(1)
$— $232,229 
Interest income$3,635 $412 $(99)$3,948 
Interest charges$73,235 $64,728 $(99)$137,864 
Federal and state income tax expense (benefit)$55,879 $(20,160)$(1)$35,718 
Net income (loss)$186,147 $(63,848)$1 $122,300 
Additions to property, plant, and equipment$385,964 $3,051 $— $389,015 
Equity investment in investee$9,072 $— $— $9,072 
Goodwill$1,490,797 $— $— $1,490,797 
Total segment assets$7,286,756 $595,217 $(156,404)$7,725,569 
(1) Includes $9.7 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.

FOR THE YEARS ENDED DEC. 31,
(THOUSANDS)202220212020
Net income$188,811 $194,966 $122,300 
Add: Depreciation and amortization270,976 251,431 

232,229 
Less: Interest income6,372 3,312 3,948 
Add: Interest charges151,158 134,336 137,864 
Add: Federal and state income tax expense917 13,111 35,718 
Add (less): Other corporate costs and noncash items (1)
1,390 (7,362)1,633 
Total segment EBITDA$606,880 $583,170 $525,796 
(1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.

Cleco Power
Cleco Power is a vertically integrated, regulated electric utility operating within Louisiana and Mississippi and is viewed as one unit by management. Discrete financial reports are prepared only at the company level.