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Segment Disclosures
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Disclosures
Note 10 — Segment Disclosures
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 Quarterly Report on Form 10-Q has been recast as a result of the determination during the third quarter of 2023 that the Cleco Cajun Purchasers are not expected to acquire the natural gas derivative instruments relating to the Cleco Cajun Sale Group. 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 THREE MONTHS ENDED MAR. 31, 2024 (THOUSANDS)
CLECO POWER
Revenue 
Electric operations$253,794 
Other operations27,218 
Affiliate revenue8,869 
Electric customer credits(1,847)
Operating revenue, net$288,034 
Net loss
$(6,648)
Add: Depreciation and amortization94,004 
Less: Interest income1,288 
Add: Interest charges23,484 
Add: Federal and state income tax benefit
(960)
EBITDA$108,592 
FOR THE THREE MONTHS ENDED MAR. 31, 2024 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue
Electric operations$253,794 $(2,323)$— $251,471 
Other operations27,218 — — 27,218 
Affiliate revenue8,869 29,667 (38,536)— 
Electric customer credits(1,847)— — (1,847)
Operating revenue, net$288,034 $27,344 $(38,536)$276,842 
Depreciation and amortization$94,004 $4,371 
(1)
$— $98,375 
Interest income$1,288 $293 $(173)$1,408 
Interest charges$23,484 $17,452 $(174)$40,762 
Federal and state income tax (benefit) expense
$(960)$38,631 $— $37,671 
Loss from continuing operations, net of income taxes
$(6,648)$(82,545)$— $(89,193)
Income from discontinued operations, net of income taxes
— 31,962 — 31,962 
Net loss
$(6,648)$(50,583)$— $(57,231)
Additions to property, plant, and equipment$39,494 $(2,530)$— $36,964 
Equity investment in investee (2)
$1,916 $(507,329)$507,329 $1,916 
Goodwill (2)
$1,490,797 $— $— $1,490,797 
Total segment assets (2)
$6,865,060 $822,793 $369,109 $8,056,962 
(1) Includes $2.3 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.
(2) Balances at March 31, 2024.
FOR THE THREE MONTHS ENDED MAR. 31, 2023 (THOUSANDS)
CLECO POWER
Revenue
Electric operations$296,348 
Other operations27,303 
Affiliate revenue1,688 
Electric customer credits(651)
Operating revenue, net$324,688 
Net income$22,817 
Add: Depreciation and amortization50,733 
Less: Interest income1,185 
Add: Interest charges24,338 
Add: Federal and state income tax expense1,490 
EBITDA$98,193 

FOR THE THREE MONTHS ENDED MAR. 31, 2023 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue
Electric operations$296,348 $(2,420)$— $293,928 
Other operations27,303 1 — 27,304 
Affiliate revenue1,688 27,514 (29,202)— 
Electric customer credits(651)— — (651)
Operating revenue, net$324,688 $25,095 $(29,202)$320,581 
Depreciation and amortization$50,733 $4,476 
(1)
$— $55,209 
Interest income $1,185 $143 $(61)$1,267 
Interest charges$24,338 $15,211 $(61)$39,488 
Federal and state income tax expense
$1,490 $42,203 $— $43,693 
Income (loss) from continuing operations, net of income taxes
$22,817 $(145,892)$— $(123,075)
Income from discontinued operations, net of income taxes
— 19,053 — 19,053 
Net income (loss)
$22,817 $(126,839)$— $(104,022)
Additions to property, plant, and equipment$58,066 $2,033 $— $60,099 
Equity investment in investees (2)
$1,992 $(467,329)$467,329 $1,992 
Goodwill (2)
$1,490,797 $— $— $1,490,797 
Total segment assets (2)
$6,920,339 $870,743 $309,311 $8,100,393 
(1) Includes $2.4 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.
(2) Balances at December 31, 2023.
FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)20242023
Net loss
$(57,231)$(104,022)
Less: income from discontinued operations, net of income taxes
31,962 19,053 
Loss from continuing operations, net of income taxes
$(89,193)$(123,075)
Add: Depreciation and amortization98,375 55,209 
Less: Interest income1,408 1,267 
Add: Interest charges40,762 39,488 
Add: Federal and state income tax expense
37,671 43,693 
Add: Other corporate costs and noncash items (1) (2)
22,385 84,145 
Total segment EBITDA$108,592 $98,193 
(1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA.
(2) Includes loss on Cleco Cajun’s natural gas derivatives of $(10.9) million and $(77.4) million, respectively, for the three months ended March 31, 2024, and 2023.