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Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2024

Variable Interest Entity [Line Items]

The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets:


(THOUSANDS)	AT MAR. 31, 2024		AT DEC. 31, 2023
Restricted cash - current	$	7,684	$	15,818
Accounts receivable - affiliate	2,472		3,492
Intangible asset - securitization	395,331		398,658
Total assets	$	405,487	$	417,968
Long-term debt due within one year	$	14,790	$	14,499
Accounts payable	15		—
Accounts payable - affiliate	62		176
Interest accrued	1,522		6,191
Long-term debt, net	386,965		394,944
Total liabilities	403,354		415,810
Member’s equity	2,133		2,158
Total liabilities and member’s equity	$	405,487	$	417,968

The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income:


	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2024		2023
Operating revenue	$	8,036	$	9,177
Operating expenses	(3,466)		(4,354)
Interest income	228		158
Interest charges, net	(4,773)		(4,956)
Income before taxes	$	25	$	25

CLECO POWER

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities

The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Condensed Consolidated Balance Sheets:


(THOUSANDS)	AT MAR. 31, 2024		AT DEC. 31, 2023
Restricted cash - current	$	7,684	$	15,818
Accounts receivable - affiliate	2,472		3,492
Intangible asset - securitization	395,331		398,658
Total assets	$	405,487	$	417,968
Long-term debt due within one year	$	14,790	$	14,499
Accounts payable	15		—
Accounts payable - affiliate	62		176
Interest accrued	1,522		6,191
Long-term debt, net	386,965		394,944
Total liabilities	403,354		415,810
Member’s equity	2,133		2,158
Total liabilities and member’s equity	$	405,487	$	417,968

The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Condensed Consolidated Statements of Income:


	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2024		2023
Operating revenue	$	8,036	$	9,177
Operating expenses	(3,466)		(4,354)
Interest income	228		158
Interest charges, net	(4,773)		(4,956)
Income before taxes	$	25	$	25

The following table compares the carrying amount of Oxbow’s assets and liabilities with Cleco Power’s maximum exposure to loss related to its investment in Oxbow:


(THOUSANDS)	AT MAR. 31, 2024		AT DEC. 31, 2023
Oxbow’s net assets/liabilities	$	3,832	$	3,985
Cleco Power’s 50% equity	$	1,916	$	1,992
Cleco Power’s maximum exposure to loss	$	1,916	$	1,992

Schedule of Equity Method Investments

The following table presents the components of Cleco Power’s equity investment in Oxbow:


INCEPTION TO DATE (THOUSANDS)	AT MAR. 31, 2024		AT DEC. 31, 2023
Purchase price	$	12,873	$	12,873
Cash contributions	6,399		6,399
Distributions	(18,034)		(17,280)
Equity income from investee	678		—
Total equity investment in investee	$	1,916	$	1,992

The following table contains summarized financial information for Oxbow:


	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2024		2023
Operating revenue	$	184	$	124
Operating expenses	(87)		(124)
Gain on sale of property	1,356		—
Interest income	(97)		—
Income before taxes	$	1,356	$	—

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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