XML 67 R51.htm IDEA: XBRL DOCUMENT v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Taxes [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation The differences are as follows:
FOR THE YEAR ENDED DEC. 31,
(THOUSANDS, EXCEPT PERCENTAGES)202220212020
Income before tax$189,728 $208,077 $158,018 
Statutory rate21.0 %21.0 %21.0 %
Tax expense at federal statutory rate$39,843 $43,696 $33,184 
Increase (decrease)
Flowthrough of tax benefits(12,272)(356)5,100 
State income taxes, net of federal benefit12,177 9,619 7,190 
Return to accrual adjustment128 (3,862)7,218 
Permanent adjustments(6,578)(91)(33)
Amortization of excess ADIT(32,639)(37,254)(16,667)
Other, net258 1,359 (274)
Total tax expense $917 $13,111 $35,718 
Effective rate0.5 %6.3 %22.6 %
Schedule of Current and Deferred Income Tax Expense
Information about current and deferred income tax expense is as follows:

FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202220212020
Current federal income tax expense (benefit)$1,351 $(2)$(2,634)
Deferred federal income tax expense (benefit)2,546 (9,581)21,865 
Amortization of accumulated deferred investment tax credits
(134)(142)(159)
Total federal income tax (benefit) expense $3,763 $(9,725)$19,072 
Current state income tax expense (benefit)7,611 (699)2,636 
Deferred state income tax (benefit) expense (10,457)23,535 14,010 
Total state income tax expense
$(2,846)$22,836 $16,646 
Total federal and state income tax expense
$917 $13,111 $35,718 
Items charged or credited directly to member’s equity
Federal deferred6,297 514 (2,202)
State deferred2,431 (120)(720)
Total tax expense (benefit) from items charged directly to member’s equity$8,728 $394 $(2,922)
Total federal and state income tax expense $9,645 $13,505 $32,796 
Schedule of Deferred Tax Assets and Liabilities
The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2022, and 2021 was comprised of the following:

AT DEC. 31,
(THOUSANDS)20222021
Depreciation and property basis differences
$(869,796)$(885,747)
Net operating loss carryforward135,914 195,488 
NMTC88,245 92,364 
Fuel costs(41,233)(38,070)
Other comprehensive income4,022 12,750 
Regulated operations regulatory liability, net
(114,711)(93,990)
Postretirement benefits
38,418 34,683 
Merger fair value adjustments(47,929)(49,806)
Other(13,230)(23,436)
Accumulated deferred federal and state income taxes, net
$(820,300)$(755,764)
CLECO POWER  
Income Taxes [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation The differences are as follows:
 FOR THE YEAR ENDED DEC. 31,
(THOUSANDS, EXCEPT PERCENTAGES)202220212020
Income before tax$172,560 $124,735 $123,454 
Statutory rate21.0 %21.0 %21.0 %
Tax expense at federal statutory rate
$36,238 $26,194 $25,925 
Increase (decrease)  
Flowthrough of tax benefits(12,272)(356)5,100 
State income taxes, net of federal benefit
12,109 6,343 6,303 
Return to accrual adjustment
14 (3,831)7,082 
Amortization of excess ADIT(32,639)(37,254)(16,667)
Other, net(947)(449)(944)
Total taxes$2,503 $(9,353)$26,799 
Effective rate1.5 %(7.5)%21.7 %
Schedule of Current and Deferred Income Tax Expense
Information about current and deferred income tax expense is as follows:

 FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202220212020
Current federal income tax expense
$4,921 $— $15,724 
Deferred federal income tax benefit(1,926)(23,071)(5,033)
Amortization of accumulated deferred investment tax credits
(134)(142)(159)
Total federal income tax expense (benefit) $2,861 $(23,213)$10,532 
Current state income tax expense
2,406 — 5,069 
Deferred state income tax (benefit) expense(2,764)13,860 11,198 
Total state income tax expense
$(358)$13,860 $16,267 
Total federal and state income tax expense (benefit)$2,503 $(9,353)$26,799 
Items charged or credited directly to members’ equity
  
Federal deferred2,610 1,714 (576)
State deferred1,008 338 (189)
Total tax expense (benefit) from items charged directly to member’s equity$3,618 $2,052 $(765)
Total federal and state income tax expense (benefit) $6,121 $(7,301)$26,034 
Schedule of Deferred Tax Assets and Liabilities
The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2022, and 2021 was comprised of the following:
AT DEC. 31,
(THOUSANDS)20222021
Depreciation and property basis differences
$(754,200)$(744,594)
Net operating loss carryforward94,555 125,392 
Fuel costs(13,594)(14,552)
Other comprehensive income2,604 6,222 
Regulated operations regulatory liability, net
(114,711)(93,990)
Postretirement benefits
24,946 20,649 
Other(9,727)(6,606)
Accumulated deferred federal and state income taxes, net
$(770,127)$(707,479)