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Segment Disclosures
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Disclosures
Note 11 — Segment Disclosures
Segment disclosures are based on Cleco’s method of internal reporting, which disaggregates business units by first-tier subsidiary. The financial information for historical periods provided in this report has been recast to reflect the presentation of the Cleco Cajun Sale Group as discontinued operations within the Other column. Cleco’s segment structure and its allocation of corporate expenses were updated to reflect how management measures performance and allocates resources. Cleco has recast data from prior periods to reflect this change to conform to the current year presentation. For more information, see Note 3 — “Discontinued Operations.”
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, an investment subsidiary, and discontinued operations.
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 segment. Management evaluates the performance of Cleco’s segment and allocates resources to it 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 recorded for the fair value adjustment of wholesale power supply agreements as a result of the 2016 Merger. Material intercompany transactions occur on a regular basis. These intercompany transactions relate primarily to joint and common administrative support services.
Segment Information for the Three Months Ended Mar. 31,
2023 (THOUSANDS)
CLECO POWER
Revenue 
Electric operations$296,348 
Other operations27,303 
Affiliate revenue1,688 
Electric customer credits(651)
Operating revenue, net$324,688 
Net income $22,817 
Add: Depreciation and amortization50,733 
Less: Interest income1,185 
Add: Interest charges24,338 
Add: Federal and state income tax expense 1,490 
EBITDA$98,193 
2023 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue
Electric operations$296,348 $(2,420)$— $293,928 
Other operations27,303 1 — 27,304 
Affiliate revenue1,688 27,514 (29,202)— 
Electric customer credits(651)— — (651)
Operating revenue, net$324,688 $25,095 $(29,202)$320,581 
Depreciation and amortization$50,733 $4,476 
(1)
$— $55,209 
Interest income$1,185 $143 $(61)$1,267 
Interest charges$24,338 $15,211 $(61)$39,488 
Federal and state income tax expense $1,490 $(1,655)$— $(165)
Income (loss) from continuing operations, net of income taxes$22,817 $(24,668)$— $(1,851)
Loss from discontinued operations, net of income taxes$— $(102,171)$— $(102,171)
Net income (loss)$22,817 $(126,839)$— $(104,022)
Additions to property, plant, and equipment$58,066 $2,033 $— $60,099 
Equity investment in investee (2)
$2,072 $(320,348)$320,348 $2,072 
Goodwill (2)
$1,490,797 $— $— $1,490,797 
Total segment assets (2)
$6,836,444 $1,059,272 $176,363 $8,072,079 
(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.
(2) Balances as of March 31, 2023.
2022 (THOUSANDS)
CLECO POWER
Revenue
Electric operations$296,097 
Other operations19,084 
Affiliate revenue1,459 
Electric customer credits(136)
Operating revenue, net$316,504 
Net income$39,024 
Add: Depreciation and amortization45,239 
Less: Interest income740 
Add: Interest charges18,801 
Add: Federal and state income tax expense724 
EBITDA$103,048 

2022 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue
Electric operations$296,097 $(2,420)$— $293,677 
Other operations19,084 1 1 19,086 
Affiliate revenue1,459 27,393 (28,852)— 
Electric customer credits(136)— — (136)
Operating revenue, net$316,504 $24,974 $(28,851)$312,627 
Depreciation and amortization$45,239 $4,379 
(1)
$— $49,618 
Interest income $740 $31 $(28)$743 
Interest charges$18,801 $13,867 $(27)$32,641 
Federal and state income tax expense (benefit)$724 $(8,257)$— $(7,533)
Income from continuing operations, net of income taxes$39,024 $(13,833)$1 $25,192 
Income from discontinued operations, net of income taxes$— $130,552 $— $130,552 
Net income $39,024 $116,719 $1 $155,744 
Additions to property, plant, and equipment$38,492 $1,707 $— $40,199 
Equity investment in investees (2)
$2,072 $(320,348)$320,348 $2,072 
Goodwill (2)
$1,490,797 $— $— $1,490,797 
Total segment assets (2)
$6,834,970 $1,237,097 $181,683 $8,253,750 
(1) Includes $2.4 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.
(2) Balances as of December 31, 2022.
FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)20232022
Net (loss) income$(104,022)$155,744 
Less: (Loss) income from discontinued operations, net of income taxes(102,171)130,552 
(Loss) income from continuing operations, net of income taxes$(1,851)$25,192 
Add: Depreciation and amortization55,209 49,618 
Less: Interest income1,267 743 
Add: Interest charges39,488 32,641 
Add: Federal and state income tax benefit(165)(7,533)
Add: Other corporate costs and noncash items*
6,779 3,873 
Total segment EBITDA$98,193 $103,048 
* Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.