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Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2023

Variable Interest Entity [Line Items]

The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets:


(THOUSANDS)	AT SEPT. 30, 2023		AT DEC. 31, 2022
Restricted cash - current	$	6,356	$	14,139
Accounts receivable - affiliate	4,262		3,348
Intangible asset - securitization	402,444		413,123
Total assets	$	413,062	$	430,610
Long-term debt due within one year	$	14,499	$	9,574

Accounts payable - affiliate	95		165
Interest accrued	1,548		9,953
Long-term debt, net	394,787		408,741
Total liabilities	410,929		428,433
Member’s equity	2,133		2,177
Total liabilities and member’s equity	$	413,062	$	430,610

The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income:


	FOR THE THREE MONTHS ENDED SEPT. 30,				FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	2023		2022		2023		2022
Operating revenue	$	9,946	$	5,025	$	25,329	$	5,025
Operating expenses	(5,264)		(90)		(11,017)		(90)
Interest income	188		10		430		10
Interest charges, net	(4,845)		(4,861)		(14,668)		(5,342)
Income (loss) before taxes	$	25	$	84	$	74	$	(397)

CLECO POWER

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities

The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets:


(THOUSANDS)	AT SEPT. 30, 2023		AT DEC. 31, 2022
Restricted cash - current	$	6,356	$	14,139
Accounts receivable - affiliate	4,262		3,348
Intangible asset - securitization	402,444		413,123
Total assets	$	413,062	$	430,610
Long-term debt due within one year	$	14,499	$	9,574

Accounts payable - affiliate	95		165
Interest accrued	1,548		9,953
Long-term debt, net	394,787		408,741
Total liabilities	410,929		428,433
Member’s equity	2,133		2,177
Total liabilities and member’s equity	$	413,062	$	430,610

The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income:


	FOR THE THREE MONTHS ENDED SEPT. 30,				FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	2023		2022		2023		2022
Operating revenue	$	9,946	$	5,025	$	25,329	$	5,025
Operating expenses	(5,264)		(90)		(11,017)		(90)
Interest income	188		10		430		10
Interest charges, net	(4,845)		(4,861)		(14,668)		(5,342)
Income (loss) before taxes	$	25	$	84	$	74	$	(397)

The following table compares the carrying amount of Oxbow’s assets and liabilities with Cleco Power’s maximum exposure to loss related to its investment in Oxbow:


(THOUSANDS)	AT SEPT. 30, 2023		AT DEC. 31, 2022
Oxbow’s net assets/liabilities	$	3,985	$	4,145
Cleco Power’s 50% equity	$	1,992	$	2,072
Cleco Power’s maximum exposure to loss	$	1,992	$	2,072

Schedule of Equity Method Investments

The following table presents the components of Cleco Power’s equity investment in Oxbow:


INCEPTION TO DATE (THOUSANDS)	AT SEPT. 30, 2023		AT DEC. 31, 2022
Purchase price	$	12,873	$	12,873
Cash contributions	6,399		6,399
Distributions	(17,280)		(17,200)
Total equity investment in investee	$	1,992	$	2,072

The following table contains summarized financial information for Oxbow:


	FOR THE THREE MONTHS ENDED SEPT. 30,				FOR THE NINE MONTHS ENDED SEPT. 30,
(THOUSANDS)	2023		2022		2023		2022
Operating revenue	$	78	$	65	$	311	$	215
Operating expenses	(78)		(65)		(311)		(215)
Income before taxes	$	—	$	—	$	—	$	—

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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