Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Line Items]

Schedule of Amortization of Computer Software

Amortization of capitalized computer software costs charged to expense in Cleco’s and Cleco Power’s Consolidated Statements of Income for the years ending December 31, 2023, 2022, and 2021 is shown in the following tables:

Cleco
	FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)	2023		2022		2021
Amortization	$	11,092	$	11,881	$	11,561

The following table presents amortization of other intangible assets in Cleco’s Consolidated Statements of Income:

Cleco
	FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)	2023		2022		2021
Intangible assets
Trade name	$	—	$	—	$	3,897
Power supply agreements	$	9,454	$	9,680	$	9,680
An impairment on the Trade name intangible asset was recognized in 2021. No other impairments for intangibles listed in the table above were recognized in 2023, 2022, or 2021.

Schedule of Property, Plant, and Equipment

Depreciation on property, plant, and equipment is calculated primarily on a straight-line basis over the useful lives of the assets. The following table presents the useful lives of depreciable assets for Cleco and Cleco Power:

CATEGORY (YEARS)	YEARS
Utility Plants
Generation	10	–	55
Distribution	15	–	50
Transmission	5	–	55
Other utility plant	5	–	45
Other property, plant, and equipment	5	–	45

At December 31, 2023, and 2022, Cleco’s and Cleco Power’s property, plant, and equipment consisted of the following:

Cleco
	AT DEC. 31,
(THOUSANDS)	2023		2022
Utility plants
Generation	$	1,944,260	$	1,926,482
Distribution	1,585,742		1,429,374
Transmission	844,897		789,181
Other utility plant	454,329		449,431
Other property, plant, and equipment	9,766		9,571
Total property, plant, and equipment	4,838,994		4,604,039
Accumulated depreciation	(924,624)		(752,376)
Net property, plant, and equipment	$	3,914,370	$	3,851,663

The plant acquisition adjustment and accumulated amortization are reported in Property, plant, and equipment and Accumulated depreciation, respectively, on Cleco’s and Cleco Power’s Consolidated Balance Sheets at December 31, 2023, and 2022, and are shown in the following tables:

Cleco
	AT DEC. 31,
(THOUSANDS)	2023		2022
Acadia Unit 1
Plant acquisition adjustment	$	76,116	$	76,116
Accumulated amortization	(24,566)		(21,383)
Net plant acquisition adjustment	$	51,550	$	54,733

Schedule of Changes in Allowance for Credit Losses, Accounts Receivable

The table below presents the changes in the allowance for credit losses by receivable for Cleco and Cleco Power:

Cleco
(THOUSANDS)	ACCOUNTS RECEIVABLE		OTHER		TOTAL
Balances, Dec. 31, 2021	$	1,302	$	1,638	$	2,940
Current period provision	3,362		—		3,362
Charge-offs	(4,800)		—		(4,800)
Recovery	1,283		—		1,283
Balances, Dec. 31, 2022	1,147		1,638		2,785
Current period provision	5,506		—		5,506
Charge-offs	(4,939)		—		(4,939)
Recovery	1,298		—		1,298
Balances, Dec. 31, 2023	$	3,012	$	1,638	$	4,650

Schedule of Restricted Cash and Cash Equivalents

Cleco’s and Cleco Power’s restricted cash and cash equivalents consisted of the following:

Cleco
	AT DEC. 31,
(THOUSANDS)	2023		2022
Current
Cleco Power’s storm restoration costs - Hurricane Ida	$	—	$	9,409
Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service	15,818		14,140
Total current	15,818		23,549
Non-current
Diversified Lands’ mitigation escrow	24		23
Cleco Power’s future storm restoration costs	113,549		103,306
Cleco Power’s storm restoration costs - Hurricane Ida	—		6,086
Total non-current	113,573		109,415
Total restricted cash and cash equivalents	$	129,391	$	132,964

Schedule of Composite AFUDC Rates and Capitalized Interest Rates

The following tables show the composite AFUDC rates, including borrowed and other funds for the years ended December 31, 2023, 2022, and 2021:

							FOR THE YEAR ENDED DEC. 31,
	2023				2022				2021
	PRETAX BASIS		NET OF TAX		PRETAX BASIS		NET OF TAX		PRETAX BASIS		NET OF TAX
AFUDC composite rate	8.11	%	6.50	%	9.06	%	7.09	%	10.05	%	7.81	%

CLECO POWER

Accounting Policies [Line Items]

Schedule of Amortization of Computer Software

Cleco Power
	FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)	2023		2022		2021
Amortization	$	10,650	$	11,614	$	11,268

Schedule of Property, Plant, and Equipment

Depreciation on property, plant, and equipment is calculated primarily on a straight-line basis over the useful lives of the assets. The following table presents the useful lives of depreciable assets for Cleco and Cleco Power:

CATEGORY (YEARS)	YEARS
Utility Plants
Generation	10	–	55
Distribution	15	–	50
Transmission	5	–	55
Other utility plant	5	–	45
Other property, plant, and equipment	5	–	45

Cleco Power
	AT DEC. 31,
(THOUSANDS)	2023		2022
Regulated utility plants
Generation	$	2,339,410	$	2,321,640
Distribution	2,022,257		1,866,662
Transmission	1,056,218		1,000,783
Other utility plant	551,470		547,441
Total property, plant, and equipment	5,969,355		5,736,526
Accumulated depreciation	(2,244,217)		(2,082,153)
Net property, plant, and equipment	$	3,725,138	$	3,654,373

Cleco Power
	AT DEC. 31,
(THOUSANDS)	2023		2022
Acadia Unit 1
Plant acquisition adjustment	$	95,578	$	95,578
Accumulated amortization	(44,028)		(40,845)
Net plant acquisition adjustment	$	51,550	$	54,733

Schedule of Changes in Allowance for Credit Losses, Accounts Receivable

Cleco Power
(THOUSANDS)	ACCOUNTS RECEIVABLE
Balances, Dec. 31, 2021	$	1,302
Current period provision	3,362
Charge-offs	(4,800)
Recovery	1,283
Balances, Dec. 31, 2022	1,147
Current period provision	5,506
Charge-offs	(4,939)
Recovery	1,298
Balances, Dec. 31, 2023	$	3,012

Schedule of Restricted Cash and Cash Equivalents

Cleco Power
	AT DEC. 31,
(THOUSANDS)	2023		2022
Current
Storm restoration costs - Hurricane Ida	$	—	$	9,409
Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service	15,818		14,140
Total current	15,818		23,549
Non-current
Future storm restoration costs	113,549		103,306
Storm restoration costs - Hurricane Ida	—		6,086
Total non-current	113,549		109,392
Total restricted cash and cash equivalents	$	129,367	$	132,941

Schedule of Composite AFUDC Rates and Capitalized Interest Rates

The following tables show the composite AFUDC rates, including borrowed and other funds for the years ended December 31, 2023, 2022, and 2021:

							FOR THE YEAR ENDED DEC. 31,
	2023				2022				2021
	PRETAX BASIS		NET OF TAX		PRETAX BASIS		NET OF TAX		PRETAX BASIS		NET OF TAX
AFUDC composite rate	8.11	%	6.50	%	9.06	%	7.09	%	10.05	%	7.81	%