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Segment Disclosures
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Disclosures
Note 13 — Segment Disclosures
Cleco
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 Annual Report on Form 10-K 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, natural gas derivatives at Cleco Cajun, 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 YEAR ENDED DEC. 31, 2023 (THOUSANDS)CLECO POWER
Revenue 
Electric operations$1,197,369 
Other operations111,561 
Affiliate revenue8,904 
Electric customer credits(60,689)
Operating revenue, net$1,257,145 
Net income$137,149 
Add: Depreciation and amortization191,745 
Less: Interest income5,011 
Add: Interest charges98,879 
Add: Federal and state income tax benefit
(4,434)
EBITDA$418,328 

FOR THE YEAR ENDED DEC. 31, 2023 (THOUSANDS)CLECO POWEROTHERELIMINATIONSTOTAL
Revenue    
Electric operations$1,197,369 $(9,454)$— $1,187,915 
Other operations111,561 5 (1)111,565 
Affiliate revenue8,904 120,716 (129,620)— 
Electric customer credits(60,689)— — (60,689)
Operating revenue, net$1,257,145 $111,267 $(129,621)$1,238,791 
Depreciation and amortization$191,745 $17,644 
(1)
$— $209,389 
Interest income$5,011 $571 $(189)$5,393 
Interest charges$98,879 $66,165 $(188)$164,856 
Federal and state income tax benefit
$(4,434)$(60,639)$— $(65,073)
Income (loss) from continuing operations, net of income taxes$137,149 $(167,018)$— $(29,869)
Income from discontinued operations, net of income taxes
$— $14,642 $— $14,642 
Net income (loss)$137,149 $(152,376)$— $(15,227)
Additions to property, plant, and equipment$220,982 $9,256 $— $230,238 
Equity investment in investee$1,992 $(467,329)$467,329 $1,992 
Goodwill$1,490,797 $— $— $1,490,797 
Total segment assets$6,920,339 $870,743 $309,311 $8,100,393 
(1) Includes $9.5 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.
FOR THE YEAR ENDED DEC. 31, 2022 (THOUSANDS)CLECO POWER
Revenue 
Electric operations$1,523,066 
Other operations98,759 
Affiliate revenue6,377 
Electric customer credits(7,674)
Operating revenue, net$1,620,528 
Net income$170,057 
Add: Depreciation and amortization178,231 
Less: Interest income5,082 
Add: Interest charges88,218 
Add: Federal and state income tax expense
2,503 
EBITDA$433,927 

FOR THE YEAR ENDED DEC. 31, 2022 (THOUSANDS)CLECO POWEROTHERELIMINATIONSTOTAL
Revenue   
Electric operations$1,523,066 $(9,680)$— $1,513,386 
Other operations98,759 9 — 98,768 
Affiliate revenue6,377 109,015 (115,392)— 
Electric customer credits(7,674)— — (7,674)
Operating revenue, net$1,620,528 $99,344 $(115,392)$1,604,480 
Depreciation and amortization$178,231 $17,588 
(1)
$— $195,819 
Interest income$5,082 $265 $(97)$5,250 
Interest charges$88,218 $55,834 $(96)$143,956 
Federal and state income tax expense
$2,503 $17,532 $— $20,035 
Income (loss) from continuing operations, net of income taxes$170,057 $63,093 $(2)$233,148 
Loss from discontinued operations, net of income taxes$— $(44,337)$— $(44,337)
Net income (loss)$170,057 $18,756 $(2)$188,811 
Additions to property, plant, and equipment$228,940 $7,827 $— $236,767 
Equity investment in investee$2,072 $(320,348)$320,348 $2,072 
Goodwill$1,490,797 $— $— $1,490,797 
Total segment assets$6,834,970 $1,237,096 $181,683 $8,253,749 
(1) Includes $9.7 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.

FOR THE YEAR ENDED DEC. 31, 2021 (THOUSANDS)CLECO POWER
Revenue 
Electric operations$1,202,249 
Other operations74,625 
Affiliate revenue5,641 
Electric customer credits(40,878)
Operating revenue, net$1,241,637 
Net income$134,088 
Add: Depreciation and amortization173,498 
Less: Interest income3,294 
Add: Interest charges73,090 
Add: Federal and state income tax (benefit)
(9,353)
EBITDA$368,029 
FOR THE YEAR ENDED DEC. 31, 2021 (THOUSANDS)CLECO POWEROTHERELIMINATIONSTOTAL
Revenue   
Electric operations$1,202,249 $(9,680)$— $1,192,569 
Other operations74,625 8 — 74,633 
Affiliate revenue5,641 113,623 (119,264)— 
Electric customer credits(40,878)— — (40,878)
Operating revenue, net$1,241,637 $103,951 $(119,264)$1,226,324 
Depreciation and amortization$173,498 $21,495 
(1)
$— $194,993 
Interest income$3,294 $125 $(122)$3,297 
Interest charges$73,090 $55,830 $(122)$128,798 
Federal and state income tax expense (benefit)$(9,353)$10,686 $— $1,333 
Income from continuing operations, net of income taxes
$134,088 $25,924 $1 $160,013 
Income from discontinued operations, net of income taxes
$— $34,953 $— $34,953 
Net income
$134,088 $60,877 $1 $194,966 
Additions to property, plant, and equipment$300,957 $10,184 $— $311,141 
Equity investment in investee$2,072 $(46,901)$46,901 $2,072 
Goodwill$1,490,797 $— $— $1,490,797 
Total segment assets$6,620,298 $1,723,191 $(218,471)$8,125,018 
(1) Includes $9.7 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.

FOR THE YEARS ENDED DEC. 31,
(THOUSANDS)202320222021
Net income
$(15,227)$188,811 $194,966 
Less: income (loss) from discontinued operations, net of income taxes14,642 (44,337)34,953 
Income from continuing operations, net of income taxes
(29,869)233,148 160,013 
Add: Depreciation and amortization209,389 195,819 

194,993 
Less: Interest income5,393 5,250 3,297 
Add: Interest charges164,856 143,956 128,798 
Add: Federal and state income tax (benefit) expense
(65,073)20,035 1,333 
Add (less): Other corporate costs and noncash items (1) (2)
144,418 (153,781)(113,811)
Total segment EBITDA$418,328 $433,927 $368,029 
(1) Adjustments made for Other and Eliminations totals not allocated to Total segment EBITDA.
(2) Includes (loss) gain on Cleco Cajun’s natural gas derivatives of $(116.8) million, $180.5 million, and $134.1 million, respectively, for the years ended December 31, 2023, 2022, and 2021.
Cleco Power
Cleco Power is a vertically integrated, regulated electric utility operating within Louisiana, and is viewed as one unit by management. Discrete financial reports are prepared only at the company level.