Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The following table presents the amounts that have been reclassified from continuing operations and included in discontinued operations within Cleco’s Condensed Consolidated Statements of Income for the three months ended March 31, 2024, and 2023:

	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2024		2023
Operating revenue, net
Electric operations	$	128,828	$	108,761
Other operations	31,534		34,714
Operating revenue, net	160,362		143,475
Operating expenses
Fuel used for electric generation*	15,196		10,232
Purchased power	61,940		60,625
Other operations and maintenance	23,291		23,370
Depreciation and amortization	356		14,513
Total operating expenses	100,783		108,740
Operating income	59,579		34,735
Other income, net	126		134
Interest, net	(80)		(1,786)
Loss on classification as held for sale	(17,000)		(96,000)
Income (loss) from discontinued operations before income taxes	42,625		(62,917)
Federal and state income tax expense (benefit)*	10,663		(81,970)
Income from discontinued operations, net of income taxes	$	31,962	$	19,053

* The amounts for the three months ended March 31, 2023, have been recast to exclude net losses, net of income tax benefit associated with Cleco Cajun’s natural gas derivatives of $56.5 million 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; therefore, net losses and the related income tax benefit associated with natural gas derivative instruments relating to the Cleco Cajun Sale Group are no longer presented in discontinued operations. As a result of this recast, an additional adjustment of $64.7 million was made to record tax expense at the projected annual effective income tax rate.

The following table presents the assets and liabilities of the Cleco Cajun Sale Group that have been reclassified as held for sale within Cleco’s Condensed Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023:

(THOUSANDS)	AT MAR. 31, 2024		AT DEC. 31, 2023
Cash, cash equivalents, and restricted cash equivalents	$	4,273	$	4,100
Accounts receivable	47,015		70,001
Fuel inventory, at average cost	59,380		47,243
Materials and supplies, at average cost	36,929		36,283
Energy risk management assets	432		1,066
Property, plant, and equipment, net	651,433		648,676
Prepayments	22,595		18,587
Intangible assets - other	32,569		32,569
Other assets	20,385		20,207
Accumulated loss recognized on classification as held for sale	(190,000)		(173,000)
Total assets held for sale - discontinued operations	$	685,011	$	705,732
Accounts payable	$	31,753	$	30,442
Deferred lease revenue	19,945		19,945
Intangible liabilities	12,695		12,695
Asset retirement obligations	46,678		46,165
Other liabilities	6,312		5,705
Total liabilities held for sale - discontinued operations	$	117,383	$	114,952

The following table presents the cash flows from discontinued operations related to the Cleco Cajun Sale Group for the three months ended March 31, 2024, and 2023:

	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2024		2023
Net cash (used in) provided by operating activities - discontinued operations	$	(4,780)	$	1,696
Net cash provided by (used in) investing activities - discontinued operations	$	4,953	$	(1,689)