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Schedule I Financial Statements of Cleco Holdings (Parent Company Only)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule I Financial Statements of Cleco Holdings (Parent Company Only)
CLECO HOLDINGS (Parent Company Only)SCHEDULE I
Condensed Statements of Income
FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202320222021
Operating expenses
Administrative and general$1,206 $1,088 $1,644 
Merger transaction costs665 228 436 
Other operating expense268 246 247 
Total operating expenses2,139 1,562 2,327 
Operating loss(2,139)(1,562)(2,327)
Equity income from subsidiaries, net of tax39,874 231,702 234,512 
Interest, net(74,578)(62,267)(60,461)
Other income (expense), net2,568 (724)8,788 
(Loss) income before income taxes(34,275)167,149 180,512 
Federal and state income tax benefit(19,048)(21,662)(14,454)
Net (loss) income$(15,227)$188,811 $194,966 
The accompanying notes are an integral part of the condensed financial statements.
CLECO HOLDINGS (Parent Company Only) SCHEDULE I
Condensed Statements of Comprehensive Income
FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202320222021
Net income$(15,227)$188,811 $194,966 
Other comprehensive income, net of tax
Postretirement benefits gain (loss) (net of tax benefit of $1,905, tax expense of $8,728, and tax expense of $394, respectively)
(5,171)23,688 2,167 
Total other comprehensive income (loss), net of tax(5,171)23,688 2,167 
Comprehensive income, net of tax$(20,398)$212,499 $197,133 
The accompanying notes are an integral part of the financial statements.
CLECO HOLDINGS (Parent Company Only)SCHEDULE I
Condensed Balance Sheets
AT DEC. 31,
(THOUSANDS)20232022
Assets
  
Current assets
  
Cash and cash equivalents
$5,153 $2,556 
Accounts receivable - affiliate
38,364 31,242 
Other accounts receivable
2,441 1,781 
Taxes receivable, net
44,025 13,242 
Cash surrender value of trust-owned life insurance policies
47,129 43,388 
Other current assets66 65 
Total current assets
137,178 92,274 
Equity investment in subsidiaries
4,180,082 4,292,018 
Accumulated deferred federal and state income taxes, net
123,950 145,513 
Other deferred charges
570 788 
Total assets
$4,441,780 $4,530,593 
Liabilities and member's equity
  
Liabilities
Current liabilities
Long-term debt due within one year
$66,497 $230,523 
Accounts payable
842 1,900 
Short-term debt
110,000 64,000 
Accounts payable - affiliate
19,935 17,496 
Taxes payable, net
6 33 
Interest accrued
10,458 10,264 
Deferred compensation
14,277 12,162 
Other current liabilities
255 749 
Total current liabilities
222,270 337,127 
Postretirement benefit obligations
2,851 2,774 
Other deferred credits
313 313 
Long-term debt, net
1,343,173 1,243,312 
Total liabilities
1,568,607 1,583,526 
Commitments and contingencies (Note 5)
Member's equity2,873,173 2,947,067 
Total liabilities and member's equity
$4,441,780 $4,530,593 
The accompanying notes are an integral part of the condensed financial statements.  
CLECO HOLDINGS (Parent Company Only) SCHEDULE I
Condensed Statements of Cash Flows
FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202320222021
Operating activities
Net cash provided by operating activities$75,548 $180,270 $56,054 
Investing activities
Return on investment in trust-owned life insurance policies417 35,175 — 
Net cash provided by investing activities417 35,175 — 
Financing activities
Draws on credit facility100,000 64,000 — 
Payments on credit facility(54,000)— — 
Repayment of long-term debt(65,600)(67,700)(66,000)
Payment of financing costs(272)(9)(1,268)
Distributions to member(53,496)(219,588)— 
Net cash used in financing activities(73,368)(223,297)(67,268)
Net increase (decrease) in cash and cash equivalents2,597 (7,852)(11,214)
Cash and cash equivalents at beginning of period2,556 10,408 21,622 
Cash and cash equivalents at end of period$5,153 $2,556 $10,408 
Supplementary cash flow information
Interest paid, net of amount capitalized$72,537 $59,848 $57,688 
Income taxes paid, net$2,162 $— $— 
The accompanying notes are an integral part of the condensed financial statements.
Note 1 — Summary of Significant Accounting Policies
The condensed financial statements represent the financial information required by SEC Regulation S-X 5-04 for Cleco Holdings, which requires the inclusion of parent company only financial statements if the restricted net assets of consolidated subsidiaries exceed 25% of total consolidated net assets as of the last day of its most recent fiscal year. As of December 31, 2023, Cleco Holdings’ restricted net assets of consolidated subsidiaries were $1.36 billion and exceeded 25% of its total consolidated net assets.
Cleco Holdings’ major, first-tier subsidiaries are Cleco Power and Cleco Cajun. Cleco Power contains the LPSC-jurisdictional generation, transmission, and distribution electric utility operations serving its retail and wholesale customers. Cleco Cajun is an unregulated electric utility company that owns generation and transmission assets and supplies wholesale power and capacity to its customers.
The accompanying financial statements have been prepared to present the results of operations, financial condition, and cash flows of Cleco Holdings on a stand-alone basis as a holding company. Investments in subsidiaries and other investees are presented using the equity method. These financial statements should be read in conjunction with Cleco’s consolidated financial statements.
Note 2 — Debt
At December 31, 2023, Cleco Holdings had $110.0 million of outstanding borrowings under its $175.0 million revolving credit facility at a weighted average all-in interest rate of 7.079%. At December 31, 2022, Cleco Holdings had $64.0 million of outstanding borrowings under its credit facility.
At December 31, 2023, Cleco Holding’s long-term debt outstanding was $1.41 billion, of which $66.5 million was due within one year. The amount due within one year primarily represents $66.7 million of principal payments on Cleco Holdings’ bank term loan due in May 2024, which also represents the amount required to be paid by the Cleco Cajun Acquisition commitments to the LPSC.
On May 1, 2023, Cleco Holdings amended certain terms of the supplemental indenture governing its $165.0 million senior notes due in 2023. As a result, the interest rate of the senior notes changed to a floating interest rate equal to SOFR plus 1.725% and the maturity date was extended from May 1, 2023, to May 1, 2025.
On February 17, 2023, Cleco Holdings amended its revolving credit facility and bank term loans to transition the benchmark interest rate from LIBOR to SOFR.
Cleco Holdings’ $175.0 million revolving credit agreement matures on May 21, 2026. Under this agreement, Cleco Holdings is required to maintain total indebtedness less than or equal to 65.0% of total capitalization. At December 31, 2023, the borrowing costs for amounts drawn under this agreement were equal to SOFR plus 1.725% or ABR plus 0.625%, plus commitment fees of 0.275% paid on the unused portion of the facility. If Cleco Holdings’ credit ratings were to be downgraded one level by the credit rating agencies, Cleco Holdings may be required to pay incremental interest and commitment fees of 0.125% and 0.05%, respectively.
Upon approval of the Cleco Cajun Acquisition, commitments were made to the LPSC by Cleco Holdings, including repayment of $400.0 million of Cleco Holdings’ debt by December 31, 2024. As of December 31, 2023, Cleco Holdings was in compliance with these commitments. The cumulative minimum principal amounts committed to be repaid for each year through 2024 are as follows:

(THOUSANDS)
For the year ending Dec. 31,
2019$66,700 
2020$133,300 
2021$200,000 
2022$267,700 
2023$333,300 
2024$400,000 

The principal amounts payable under long-term debt agreements for each year through 2028 and thereafter are as follows:

AMOUNTS PAYABLE UNDER LONG-TERM DEBT ARRANGEMENTS(THOUSANDS)
For the year ending Dec. 31,
2024$66,700 
2025$165,000 
2026$535,000 
2027$— 
2028$— 
Thereafter$650,000 
Note 3 — Cash Distributions and Equity Contributions
Some provisions in Cleco Power’s debt instruments restrict the amount of equity available for distribution to Cleco Holdings by Cleco Power by requiring Cleco Power’s total indebtedness to be less than or equal to 65.0% of total capitalization. In addition, the 2016 Merger Commitments provide for limitations on the amount of distributions that may be paid from Cleco Power to Cleco Holdings, depending on Cleco Power’s common equity ratio and its corporate credit ratings.
The following table summarizes the cash distributions Cleco Holdings received from affiliates during 2023, 2022, and 2021:

 FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202320222021
Cleco Power$94,838 $105,500 $— 
Cleco Cajun40,000 137,000 111,000 
Total$134,838 $242,500 $111,000 

During the years ended December 31, 2023, 2022, and 2021, Cleco Holdings made no contributions to affiliates.
During the years ended December 31, 2023, 2022, and 2021, Cleco Holdings received no equity contributions from Cleco Group.
During the years ended December 31, 2023 and December 31, 2022, Cleco Holdings made $53.5 million and $219.6 million, respectively, of distribution payments to Cleco
Group. During the year ended December 31, 2021, Cleco Holdings made no distribution payments to Cleco Group.
Note 4 — Income Taxes
Cleco Holdings’ (Parent Company Only) Condensed Statements of Income reflect income tax expense (benefit) for the following line items:

 FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202320222021
Federal and state income tax benefit
$(19,048)$(21,662)$(14,454)
Equity income from subsidiaries - federal and state income tax (benefit) expense
$(44,268)$22,579 $27,565 
Note 5 — Commitments and Contingencies
For information regarding commitments and contingencies related to Cleco Holdings, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees.”