Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The following table presents the amounts that have been reclassified from continuing operations and included in discontinued operations within Cleco’s Condensed Consolidated Statements of Income for the three months ended March 31, 2023, and 2022:

	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2023		2022
Operating revenue, net
Electric operations	$	108,761	$	103,633
Other operations	34,714		35,611
Operating revenue, net	143,475		139,244
Operating expenses
Fuel used for electric generation	87,599		(103,087)
Purchased power	60,625		68,108
Other operations and maintenance	23,370		19,056
Depreciation and amortization	14,513		21,890
Total operating expenses	186,107		5,967
Operating (loss) income	(42,632)		133,277
Other income, net	134		87
Interest, net	(1,786)		(865)
Loss on classification as held for sale	(96,000)		—
(Loss) income from discontinued operations before income taxes	(140,284)		132,499
Federal and state income tax (benefit) expense	(38,113)		1,947
(Loss) income from discontinued operations, net of income taxes	$	(102,171)	$	130,552

The following table presents the assets and liabilities of the Cleco Cajun Sale Group that have been reclassified as held for sale within Cleco’s Condensed Consolidated Balance Sheets as of March 31, 2023, and December 31, 2022:

(THOUSANDS)	AT MAR. 31, 2023		AT DEC. 31, 2022
Cash, cash equivalents, and restricted cash equivalents	$	4,074	$	10,567
Accounts receivable	49,309		60,750
Fuel inventory, at average cost	56,157		33,153
Materials and supplies, at average cost	34,574		34,195
Energy risk management assets	46,970		106,164
Property, plant, and equipment, net	624,598		650,936
Prepayments	26,431		23,601
Intangible assets - other	32,569		36,548
Other assets	20,948		23,620
Loss recognized on classification as held for sale	(96,000)		—
Total assets held for sale - discontinued operations	$	799,630	$	979,534
Accounts payable	$	43,318	$	60,586
Deferred lease revenue	19,945		22,246
Intangible liabilities	12,695		13,956
Asset retirement obligations	44,661		63,725
Other liabilities	11,004		10,056
Total liabilities held for sale - discontinued operations	$	131,623	$	170,569

Cleco has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. The following table presents the cash flows from discontinued operations related to the Cleco Cajun Sale Group for the three months ended March 31, 2023, and 2022:

	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2023		2022
Net cash (used in) provided by operating activities - discontinued operations	$	(4,804)	$	27,771
Net cash used in investing activities - discontinued operations	$	(1,689)	$	(1,471)