Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023, and 2022:

	FOR THE THREE MONTHS ENDED JUNE 30,				FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2023		2022		2023		2022
Operating revenue, net
Electric operations	$	123,462	$	126,089	$	232,223	$	229,722
Other operations	26,469		36,712		61,182		72,324
Operating revenue, net	149,931		162,801		293,405		302,046
Operating expenses
Fuel used for electric generation	23,548		18,954		111,147		(84,134)
Purchased power	47,962		95,522		108,587		163,630
Other operations and maintenance	23,945		21,942		47,313		41,000
Depreciation and amortization	502		21,929		15,015		43,819
Total operating expenses	95,957		158,347		282,062		164,315
Operating income	53,974		4,454		11,343		137,731
Other (expense) income, net	(3)		(4)		131		84
Interest, net	(1,924)		(1,085)		(3,710)		(1,951)
Loss on classification as held for sale	(20,000)		—		(116,000)		—
Income (loss) from discontinued operations before income taxes	32,047		3,365		(108,236)		135,864
Federal and state income tax expense (benefit)	7,775		33,103		(30,337)		35,050
Income (loss) from discontinued operations, net of income taxes	$	24,272	$	(29,738)	$	(77,899)	$	100,814

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 June 30, 2023, and December 31, 2022:

(THOUSANDS)	AT JUNE 30, 2023		AT DEC. 31, 2022
Cash, cash equivalents, and restricted cash equivalents	$	4,082	$	10,567
Accounts receivable	61,986		60,750
Fuel inventory, at average cost	95,147		33,153
Materials and supplies, at average cost	34,790		34,195
Energy risk management assets	42,752		106,164
Property, plant, and equipment, net	637,165		650,936
Prepayments	20,515		23,601
Intangible assets - other	32,569		36,548
Other assets	20,991		23,620
Loss recognized on classification as held for sale	(116,000)		—
Total assets held for sale - discontinued operations	$	833,997	$	979,534
Accounts payable	$	52,455	$	60,586
Deferred lease revenue	19,945		22,246
Intangible liabilities	12,695		13,956
Asset retirement obligations	45,212		63,725
Other liabilities	15,347		10,056
Total liabilities held for sale - discontinued operations	$	145,654	$	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 and six months ended June 30, 2023, and 2022:

	FOR THE SIX MONTHS ENDED JUNE 30,
(THOUSANDS)	2023		2022
Net cash (used in) provided by operating activities - discontinued operations	$	(2,454)	$	2,865
Net cash used in investing activities - discontinued operations	$	(4,031)	$	(2,839)