(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
TABLE OF CONTENTS | ||||||||
PAGE | ||||||||
ITEM 6. | ||||||||
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
GLOSSARY OF TERMS |
ABBREVIATION OR ACRONYM | DEFINITION | ||||
2016 Merger | Merger of Merger Sub with and into Cleco Corporation pursuant to the terms of the Merger Agreement which was completed on April 13, 2016 | ||||
2016 Merger Commitments | Cleco Partners’, Cleco Group’s, Cleco Holdings’, and Cleco Power’s 77 commitments to the LPSC as defined in Docket No. U-33434 | ||||
401(k) Plan | Cleco Power 401(k) Savings and Investment Plan | ||||
ABR | Alternate Base Rate which is the greater of the prime rate, the federal funds effective rate plus 0.50%, or LIBOR plus 1.0% | ||||
Acadia | Acadia Power Partners, LLC, previously a wholly owned subsidiary of Midstream. Acadia Power Partners, LLC was dissolved effective August 29, 2014. | ||||
Acadia Unit 1 | Cleco Power’s 580-MW, combined cycle power plant located at the Acadia Power Station in Eunice, Louisiana | ||||
Acadia Unit 2 | Entergy Louisiana’s 580-MW, combined cycle power plant located at the Acadia Power Station in Eunice, Louisiana, which is operated by Cleco Power | ||||
ACE | Affordable Clean Energy | ||||
ADIT | Accumulated Deferred Income Tax | ||||
AFUDC | Allowance for Funds Used During Construction | ||||
Amended Lignite Mining Agreement | Amended and restated lignite mining agreement effective December 29, 2009 | ||||
AMI | Advanced Metering Infrastructure | ||||
AOCI | Accumulated Other Comprehensive Income (Loss) | ||||
ARO | Asset Retirement Obligation | ||||
BCI | British Columbia Investment Management Corporation | ||||
Big Cajun II | Cleco Cajun’s generating facility located in New Roads, Louisiana consisting of Unit 1, Unit 2, and Unit 3. Cleco Cajun has a 58% ownership interest in the capacity of Unit 3. | ||||
Big Cajun II, Unit 1 | A 580-MW coal-fired generating unit at Cleco Cajun’s plant site in New Roads, Louisiana. | ||||
CAA | Clean Air Act | ||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act of March 2020 | ||||
CCR | Coal combustion by-products or residual | ||||
CECL | Current Expected Credit Losses | ||||
CEO | Chief Executive Officer | ||||
CFO | Chief Financial Officer | ||||
CIP | Critical Infrastructure Protection | ||||
Cleco | Cleco Holdings and its subsidiaries | ||||
Cleco Cajun | Cleco Cajun LLC and its subsidiaries | ||||
Cleco Cajun Transaction | The transaction between Cleco Cajun and NRG Energy in which Cleco Cajun acquired all the membership interest in South Central Generating, which closed on February 4, 2019, pursuant to the Purchase and Sale Agreement, which includes the Cottonwood Sale Leaseback | ||||
Cleco Corporation | Pre-2016 Merger entity that was converted to a limited liability company and changed its name to Cleco Corporate Holdings LLC on April 13, 2016 | ||||
Cleco Group | Cleco Group LLC, a wholly owned subsidiary of Cleco Partners | ||||
Cleco Holdings | Cleco Corporate Holdings LLC, a wholly owned subsidiary of Cleco Group | ||||
Cleco Katrina/Rita | Cleco Katrina/Rita Hurricane Recovery Funding LLC, a wholly owned subsidiary of Cleco Power. Cleco Katrina Rita Hurricane Recovery Funding LLC was dissolved effective January 5, 2023. | ||||
Cleco Partners | Cleco Partners L.P., a Delaware limited partnership that is owned by a consortium of investors, including funds or investment vehicles managed by MAM, BCI, John Hancock Financial, and other infrastructure investors | ||||
Cleco Power | Cleco Power LLC and its subsidiaries, a wholly owned subsidiary of Cleco Holdings | ||||
Cleco Securitization I | Cleco Securitization I LLC, a special-purpose, wholly owned subsidiary of Cleco Power | ||||
CO2 | Carbon dioxide | ||||
Como 1 | Como 1, L.P., currently known as Cleco Partners | ||||
Consent Decree | The Consent Decree, entered March 5, 2013, in Civil Action No. 09-100-JJB-DLD, U.S. District Court for the Middle District of Louisiana, by and among the EPA, the LDEQ, and Louisiana Generating relating to Big Cajun II, Unit 1 located in New Roads, Louisiana | ||||
Cottonwood Energy | Cottonwood Energy Company LP, a wholly owned subsidiary of Cleco Cajun. Prior to the closing of the Cleco Cajun Transaction on February 4, 2019, Cottonwood Energy was an indirect subsidiary of South Central Generating. | ||||
Cottonwood Plant | Cleco Cajun’s 1,263-MW, natural-gas-fired generating station located in Deweyville, Texas | ||||
Cottonwood Sale Leaseback | A lease agreement executed and delivered between Cottonwood Energy and a special-purpose entity that is a subsidiary of NRG Energy pursuant to which NRG Energy will lease back the Cottonwood Plant and will operate it until no later than May 2025. | ||||
Coughlin | Cleco Power’s 775-MW, combined-cycle power plant located in St. Landry, Louisiana |
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CLECO POWER | 2022 FORM 10-K |
ABBREVIATION OR ACRONYM | DEFINITION | ||||
COVID-19 | Coronavirus disease 2019, including any variant thereof, and the related global outbreak that was subsequently declared a pandemic by WHO in March 2020 | ||||
CPP | Clean Power Plan | ||||
CSAPR | Cross-State Air Pollution Rule | ||||
DHLC | Dolet Hills Lignite Company, LLC, a wholly owned subsidiary of SWEPCO | ||||
Diversified Lands | Diversified Lands LLC, a wholly owned subsidiary of Cleco Holdings | ||||
Dolet Hills | A facility consisting of Dolet Hills Power Station, the Dolet Hills mine, and the Oxbow mine | ||||
Dolet Hills Power Station | A 650-MW generating unit at Cleco Power’s plant site in Mansfield, Louisiana. Cleco Power has a 50% ownership interest in the capacity of the Dolet Hills Power Station. The Dolet Hills Power Station was retired on December 31, 2021. | ||||
EAC | Environmental Adjustment Clause | ||||
EAF | Equivalent Availability Factor | ||||
EBITDA | Earnings before interest, income taxes, depreciation, and amortization | ||||
EGU | Electric Generating Unit | ||||
EFORd | Equivalent Forced Outage Rate on demand | ||||
EMT | Executive Management Team | ||||
Entergy Gulf States | Entergy Gulf States Louisiana, LLC | ||||
Entergy Louisiana | Entergy Louisiana, LLC | ||||
EPA | U.S. Environmental Protection Agency | ||||
ERO | Electric Reliability Organization | ||||
ESG | Environmental, Social, and Governance | ||||
Evangeline | Cleco Evangeline LLC, a wholly owned subsidiary of Midstream. Cleco Evangeline LLC was dissolved effective July 29, 2021. | ||||
FAC | Fuel Adjustment Clause | ||||
FASB | Financial Accounting Standards Board | ||||
FERC | Federal Energy Regulatory Commission | ||||
Fitch | Fitch Ratings, a credit rating agency | ||||
FTR | Financial Transmission Right | ||||
FRP | Formula Rate Plan | ||||
GAAP | Generally Accepted Accounting Principles in the U.S. | ||||
GHG | Greenhouse gas | ||||
GO Zone | Gulf Opportunity Zone Act of 2005 (Public Law 109-135) | ||||
IRA of 2022 | Federal tax legislation commonly referred to as the Inflation Reduction Act of 2022 | ||||
IRC | Internal Revenue Code | ||||
IRS | Internal Revenue Service | ||||
ISO | Independent System Operator | ||||
kWh | Kilowatt-hour(s) | ||||
LCFC | Lost Contribution to Fixed Cost | ||||
LDEQ | Louisiana Department of Environmental Quality | ||||
LIBOR | London Interbank Offered Rate | ||||
LMP | Locational Marginal Price | ||||
Louisiana Generating | Louisiana Generating, LLC, a wholly owned subsidiary of South Central Generating | ||||
LPSC | Louisiana Public Service Commission | ||||
LTIP | Long-Term Incentive Plan | ||||
LTSA | Long-Term Parts and Service Agreement between Cottonwood Energy and a third party, dated January 19, 2001, that Cleco Cajun assumed as a result of the Cleco Cajun Transaction to provide maintenance services related to the Cottonwood Plant | ||||
Madison Unit 3 | A 641-MW generating unit at Cleco Power’s plant site in Boyce, Louisiana | ||||
MAM | Macquarie Asset Management | ||||
MATS | Mercury and Air Toxics Standards | ||||
Merger Agreement | Agreement and Plan of Merger, dated as of October 17, 2014, by and among Cleco Partners, Merger Sub, and Cleco Corporation relating to the 2016 Merger | ||||
Merger Sub | Cleco MergerSub Inc., previously an indirect wholly owned subsidiary of Cleco Partners that was merged with and into Cleco Corporation, with Cleco Corporation surviving the 2016 Merger, and Cleco Corporation converting to a limited liability company and changing its name to Cleco Holdings | ||||
Midstream | Cleco Midstream Resources LLC, a wholly owned subsidiary of Cleco Holdings | ||||
MISO | Midcontinent Independent System Operator, Inc. | ||||
MMBtu | One million British thermal units | ||||
Moody’s | Moody’s Investors Service, a credit rating agency | ||||
MW | Megawatt(s) | ||||
MWh | Megawatt-hour(s) | ||||
N/A | Not Applicable | ||||
NAAQS | National Ambient Air Quality Standards | ||||
NERC | North American Electric Reliability Corporation |
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CLECO POWER | 2022 FORM 10-K |
ABBREVIATION OR ACRONYM | DEFINITION | ||||
NMTC | New Markets Tax Credit | ||||
Not Meaningful | A percentage comparison of these items is not statistically meaningful because the percentage difference is greater than 1,000% | ||||
NO2 | Nitrogen dioxide | ||||
NOx | Nitrogen oxide | ||||
NRG Energy | NRG Energy, Inc. | ||||
NRG South Central | NRG South Central Generating LLC | ||||
NSPS | New Source Performance Standards | ||||
Other Benefits | Includes medical, dental, vision, and life insurance for Cleco’s retirees | ||||
Oxbow | Oxbow Lignite Company, LLC, 50% owned by Cleco Power and 50% owned by SWEPCO | ||||
Paris Agreement | The Paris Agreement, often referred to as the Paris Accords or the Paris Climate Accords, is an international treaty on climate change, adopted in 2015. It covers climate change mitigation, adaptation, and finance. | ||||
PCB | Polychlorinated biphenyl | ||||
Perryville | Perryville Energy Partners, L.L.C., a wholly owned subsidiary of Cleco Holdings. Perryville Energy Partners, L.L.C. was dissolved effective September 8, 2021. | ||||
ppb | Parts per billion | ||||
Purchase and Sale Agreement | Purchase and Sale Agreement, dated as of February 6, 2018, by and among NRG Energy, South Central Generating, and Cleco Cajun | ||||
Registrant(s) | Cleco Holdings and/or Cleco Power | ||||
Rodemacher Unit 2 | A 523-MW generating unit at Cleco Power’s plant site in Boyce, Louisiana. Cleco Power has a 30% ownership interest in the capacity of Rodemacher Unit 2. | ||||
ROE | Return on Equity | ||||
ROIC | Return on Invested Capital | ||||
ROU | Right of Use | ||||
RTO | Regional Transmission Organization | ||||
S&P | S&P Global Ratings, a division of S&P Global Inc, a credit rating agency | ||||
SAIDI | System Average Interruption Duration Index | ||||
SEC | U.S. Securities and Exchange Commission | ||||
SERP | Supplemental Executive Retirement Plan | ||||
SIP | State Implementation Plan | ||||
SO2 | Sulfur dioxide | ||||
SOFR | Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York | ||||
South Central Generating | South Central Generating LLC, formerly NRG South Central Generating LLC, a wholly owned subsidiary of Cleco Cajun | ||||
START | Strategic Alignment and Real-Time Transformation | ||||
STIP | Short-Term Incentive Plan | ||||
Storm Recovery Property | Storm Recovery Property as defined in the financing order issued by the LPSC in April 2022, which includes the right to impose, bill, charge, collect, and receive unamortized storm recovery costs from Cleco Power’s retail customers. | ||||
Support Group | Cleco Support Group LLC, a wholly owned subsidiary of Cleco Holdings | ||||
SWEPCO | Southwestern Electric Power Company, an electric utility subsidiary of American Electric Power Company, Inc. | ||||
TCJA | Federal tax legislation commonly referred to as the Tax Cuts and Jobs Act of 2017 | ||||
Teche Unit 3 | A 359-MW generating unit at Cleco Power’s plant site in Baldwin, Louisiana | ||||
WHO | World Health Organization | ||||
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS |
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PART I |
ITEM 1. BUSINESS |
GENERAL |
HUMAN CAPITAL |
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OPERATIONS |
GENERATING STATION | YEAR OF INITIAL OPERATION | RATED CAPACITY (MW) | NET CAPACITY (MW) | (1) | PRIMARY FUEL USED FOR GENERATION | GENERATION TYPE | |||||||||||||||||
Brame Energy Center | |||||||||||||||||||||||
Nesbitt Unit 1 | 1975 | 440 | 424 | natural gas | steam | ||||||||||||||||||
Rodemacher Unit 2 | 1982 | 157 | (2) | 147 | (2) | coal | steam | ||||||||||||||||
Madison Unit 3 | 2010 | 641 | 627 | petroleum coke/coal | steam | ||||||||||||||||||
Acadia Unit 1 | 2002 | 580 | 538 | natural gas | combined cycle | ||||||||||||||||||
Coughlin Unit 6 | 2000 | 264 | 254 | natural gas | combined cycle | ||||||||||||||||||
Coughlin Unit 7 | 2000 | 511 | 481 | natural gas | combined cycle | ||||||||||||||||||
Teche Unit 3 | 1971 | 359 | 272 | natural gas | steam | ||||||||||||||||||
Teche Unit 4 | 2011 | 33 | 34 | natural gas | combustion | ||||||||||||||||||
St. Mary Clean Energy Center | 2019 | 50 | 47 | waste heat | steam | ||||||||||||||||||
Total generating capability | 3,035 | 2,824 |
YEAR | THOUSAND MWh | PERCENT OF TOTAL ENERGY REQUIREMENTS | |||||||||
2022 | 10,842 | 87.0 | % | ||||||||
2021 | 10,774 | 90.7 | % | ||||||||
2020 | 11,801 | 101.5 | % | ||||||||
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LIGNITE | COAL | NATURAL GAS | PETROLEUM COKE | RENEWABLES | WEIGHTED AVERAGE COST PER MWh | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
YEAR | COST PER MWh | PERCENT OF GENERATION | COST PER MWh | PERCENT OF GENERATION | COST PER MWh | PERCENT OF GENERATION | COST PER MWh | PERCENT OF GENERATION | PERCENT OF GENERATION | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | N/A (1) | N/A (1) | $ | 31.56 | 14.1 | % | $ | 54.78 | 66.7 | % | $ | 57.64 | 17.0 | % | 2.2 | % | $ | 51.02 | |||||||||||||||||||||||||||||||||||||||||
2021 | $ | 134.76 | 4.3 | % | $ | 24.20 | 14.7 | % | $ | 33.71 | 55.2 | % | $ | 31.62 | 23.9 | % | 1.9 | % | $ | 35.75 | |||||||||||||||||||||||||||||||||||||||
2020 | $ | 159.10 | 2.9 | % | $ | 25.49 | 9.1 | % | $ | 16.97 | 66.2 | % | $ | 17.40 | 20.3 | % | 1.5 | % | $ | 21.90 | |||||||||||||||||||||||||||||||||||||||
NATURAL GAS SUPPLIER | 2022 PURCHASES (MMBtu) | AVERAGE AMOUNT PURCHASED PER DAY (MMBtu) | PERCENT OF TOTAL NATURAL GAS USED | ||||||||||||||
Tenaska Marketing Ventures | 12,889,300 | 35,313 | 22.1 | % | |||||||||||||
Mansfield Power and Gas | 12,088,311 | 33,119 | 20.8 | % | |||||||||||||
Spire Marketing, Inc | 4,807,300 | 13,171 | 8.3 | % | |||||||||||||
Sabine Pass Liquefaction, LLC | 3,842,500 | 10,527 | 6.6 | % | |||||||||||||
Total Gas & Power North America, Inc | 3,774,700 | 10,342 | 6.5 | % | |||||||||||||
Cima Energy LP | 3,470,700 | 9,509 | 6.0 | % | |||||||||||||
Nextera Energy Resources | 2,945,400 | 8,070 | 5.1 | % | |||||||||||||
Vitol, Inc | 1,784,463 | 4,889 | 3.1 | % | |||||||||||||
Others | 12,623,629 | 34,585 | 21.5 | % | |||||||||||||
Total | 58,226,303 | 159,525 | 100.0 | % | |||||||||||||
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GENERATING STATION | COMMENCEMENT OF COMMERCIAL OPERATION | RATED CAPACITY (MW) | NET CAPACITY (MW) | (1) | PRIMARY FUEL USED FOR GENERATION | GENERATION TYPE | |||||||||||||||||
Bayou Cove (2) | 2002 | 225 | 221 | natural gas | combustion | ||||||||||||||||||
Big Cajun I | |||||||||||||||||||||||
Unit 1 and Unit 2 | 1972 | 220 | 172 | natural gas | steam | ||||||||||||||||||
Unit 3 and Unit 4 | 2001 | 210 | 193 | natural gas | combustion | ||||||||||||||||||
Big Cajun II | |||||||||||||||||||||||
Unit 1 | 1981 | 580 | 532 | coal | steam | ||||||||||||||||||
Unit 2 | 1982 | 540 | 552 | natural gas | steam | ||||||||||||||||||
Unit 3 | 1983 | 341 | (4) | 318 | (4) | coal | steam | ||||||||||||||||
Cottonwood (3) | 2003 | 1,263 | 1,166 | natural gas | combined cycle | ||||||||||||||||||
Total generating capability | 3,379 | 3,154 |
REGULATORY MATTERS, INDUSTRY DEVELOPMENTS, AND FRANCHISES |
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ENVIRONMENTAL MATTERS |
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ITEM 1A. RISK FACTORS |
STRUCTURAL RISKS |
OPERATIONAL RISKS |
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REGULATORY RISKS |
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FINANCIAL RISKS |
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GENERAL RISK FACTORS |
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ITEM 1B. UNRESOLVED STAFF COMMENTS |
ITEM 2. PROPERTIES |
CLECO POWER |
CLECO CAJUN |
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ITEM 3. LEGAL PROCEEDINGS |
CLECO |
CLECO POWER |
ITEM 4. MINE SAFETY DISCLOSURES |
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PART II |
ITEM 5. MARKET FOR REGISTRANTS’ COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES |
CLECO HOLDINGS |
CLECO POWER |
ITEM 6. RESERVED |
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
OVERVIEW |
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RESULTS OF OPERATIONS |
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FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2022 | 2021 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue, net | $ | 2,239,132 | $ | 1,745,929 | $ | 493,203 | 28.2 | % | |||||||||||||||
Operating expenses | 1,897,245 | 1,401,052 | (496,193) | (35.4) | % | ||||||||||||||||||
Operating income | 341,887 | 344,877 | (2,990) | (0.9) | % | ||||||||||||||||||
Interest income | 6,372 | 3,312 | 3,060 | 92.4 | % | ||||||||||||||||||
Allowance for equity funds used during construction | 3,740 | 9,905 | (6,165) | (62.2) | % | ||||||||||||||||||
Other expense, net | (11,113) | (15,681) | 4,568 | 29.1 | % | ||||||||||||||||||
Interest charges | 151,158 | 134,336 | (16,822) | (12.5) | % | ||||||||||||||||||
Federal and state income tax expense | 917 | 13,111 | 12,194 | 93.0 | % | ||||||||||||||||||
Net income | $ | 188,811 | $ | 194,966 | $ | (6,155) | (3.2) | % | |||||||||||||||
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FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2022 | 2021 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Base | $ | 685,419 | $ | 652,573 | $ | 32,846 | 5.0 | % | |||||||||||||||
Fuel cost recovery | 837,647 | 549,676 | 287,971 | 52.4 | % | ||||||||||||||||||
Electric customer credits | (7,674) | (40,878) | 33,204 | 81.2 | % | ||||||||||||||||||
Other operations | 98,759 | 74,625 | 24,134 | 32.3 | % | ||||||||||||||||||
Affiliate revenue | 6,377 | 5,641 | 736 | 13.0 | % | ||||||||||||||||||
Operating revenue, net | 1,620,528 | 1,241,637 | 378,891 | 30.5 | % | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Recoverable fuel and purchased power | 837,647 | 549,677 | (287,970) | (52.4) | % | ||||||||||||||||||
Non-recoverable fuel and purchased power | 59,846 | 41,420 | (18,426) | (44.5) | % | ||||||||||||||||||
Other operations and maintenance | 216,851 | 223,257 | 6,406 | 2.9 | % | ||||||||||||||||||
Depreciation and amortization | 178,231 | 173,498 | (4,733) | (2.7) | % | ||||||||||||||||||
Taxes other than income taxes | 55,075 | 49,598 | (5,477) | (11.0) | % | ||||||||||||||||||
Regulatory disallowance | 13,841 | — | (13,841) | (100.0) | % | ||||||||||||||||||
Total operating expenses | 1,361,491 | 1,037,450 | (324,041) | (31.2) | % | ||||||||||||||||||
Operating income | 259,037 | 204,187 | 54,850 | 26.9 | % | ||||||||||||||||||
Interest income | 5,082 | 3,294 | 1,788 | 54.3 | % | ||||||||||||||||||
Allowance for equity funds used during construction | 3,740 | 9,905 | (6,165) | (62.2) | % | ||||||||||||||||||
Other expense, net | (7,081) | (19,561) | 12,480 | 63.8 | % | ||||||||||||||||||
Interest charges | 88,218 | 73,090 | (15,128) | (20.7) | % | ||||||||||||||||||
Federal and state income tax expense (benefit) | 2,503 | (9,353) | (11,856) | (126.8) | % | ||||||||||||||||||
Net income | $ | 170,057 | $ | 134,088 | $ | 35,969 | 26.8 | % | |||||||||||||||
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FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
FAVORABLE/ | |||||||||||||||||
(MILLION kWh) | 2022 | 2021 | (UNFAVORABLE) | ||||||||||||||
Electric sales | |||||||||||||||||
Residential | 3,787 | 3,653 | 3.7 | % | |||||||||||||
Commercial | 2,674 | 2,564 | 4.3 | % | |||||||||||||
Industrial | 2,282 | 2,170 | 5.2 | % | |||||||||||||
Other retail | 121 | 125 | (3.2) | % | |||||||||||||
Total retail | 8,864 | 8,512 | 4.1 | % | |||||||||||||
Sales for resale | 3,061 | 2,880 | 6.3 | % | |||||||||||||
Total retail and wholesale customer sales | 11,925 | 11,392 | 4.7 | % |
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||
FAVORABLE/ | ||||||||||||||||||||
(THOUSANDS) | 2022 | 2021 | (UNFAVORABLE) | |||||||||||||||||
Electric sales | ||||||||||||||||||||
Residential | $ | 322,545 | $ | 304,761 | 5.8 | % | ||||||||||||||
Commercial | 200,031 | 189,802 | 5.4 | % | ||||||||||||||||
Industrial | 90,243 | 88,661 | 1.8 | % | ||||||||||||||||
Other retail | 11,032 | 10,984 | 0.4 | % | ||||||||||||||||
Total retail | 623,851 | 594,208 | 5.0 | % | ||||||||||||||||
Sales for resale | 61,568 | 58,365 | 5.5 | % | ||||||||||||||||
Total base revenue | $ | 685,419 | $ | 652,573 | 5.0 | % |
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||||||||
2022 CHANGE | |||||||||||||||||||||||||||||
2022 | 2021 | NORMAL | PRIOR YEAR | NORMAL | |||||||||||||||||||||||||
Cooling degree-days | 3,095 | 3,141 | 2,779 | (1.5) | % | 11.4 | % | ||||||||||||||||||||||
Heating degree-days | 1,650 | 1,314 | 1,547 | 25.6 | % | 6.7 | % |
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Cleco Cajun | |||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2022 | 2021 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Electric operations | $ | 496,042 | $ | 398,226 | $ | 97,816 | 24.6 | % | |||||||||||||||
Electric customer credits | — | 244 | (244) | (100.0) | % | ||||||||||||||||||
Other operations | 148,823 | 128,749 | 20,074 | 15.6 | % | ||||||||||||||||||
Operating revenue, net | 644,865 | 527,219 | 117,646 | 22.3 | % | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Fuel used for electric generation | (11,327) | (47,052) | (35,725) | (75.9) | % | ||||||||||||||||||
Purchased power | 380,233 | 257,703 | (122,530) | (47.5) | % | ||||||||||||||||||
Other operations and maintenance | 95,958 | 93,460 | (2,498) | (2.7) | % | ||||||||||||||||||
Depreciation and amortization | 69,999 | 52,102 | (17,897) | (34.3) | % | ||||||||||||||||||
Taxes other than income taxes | 12,318 | 11,675 | (643) | (5.5) | % | ||||||||||||||||||
Total operating expenses | 547,181 | 367,888 | (179,293) | (48.7) | % | ||||||||||||||||||
Operating income | 97,684 | 159,331 | (61,647) | (38.7) | % | ||||||||||||||||||
Interest income | 1,122 | 15 | 1,107 | * | |||||||||||||||||||
Other income (expense), net | 112 | (628) | 740 | 117.8 | % | ||||||||||||||||||
Interest charges | 523 | 803 | 280 | 34.9 | % | ||||||||||||||||||
Federal and state income tax expense | 24,565 | 42,283 | 17,718 | 41.9 | % | ||||||||||||||||||
Net income | $ | 73,830 | $ | 115,632 | $ | (41,802) | (36.2) | % | |||||||||||||||
*Not meaningful |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco | |||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2021 | 2020 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue, net | $ | 1,745,929 | $ | 1,498,146 | $ | 247,783 | 16.5 | % | |||||||||||||||
Operating expenses | 1,401,052 | 1,193,054 | (207,998) | (17.4) | % | ||||||||||||||||||
Operating income | 344,877 | 305,092 | 39,785 | 13.0 | % | ||||||||||||||||||
Interest income | 3,312 | 3,948 | (636) | (16.1) | % | ||||||||||||||||||
Allowance for equity funds used during construction | 9,905 | 998 | 8,907 | 892.5 | % | ||||||||||||||||||
Other expense, net | (15,681) | (14,156) | (1,525) | (10.8) | % | ||||||||||||||||||
Interest charges | 134,336 | 137,864 | 3,528 | 2.6 | % | ||||||||||||||||||
Federal and state income tax expense | 13,111 | 35,718 | 22,607 | 63.3 | % | ||||||||||||||||||
Net income | $ | 194,966 | $ | 122,300 | $ | 72,666 | 59.4 | % | |||||||||||||||
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco Power | |||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2021 | 2020 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Base | $ | 652,573 | $ | 654,346 | $ | (1,773) | (0.3) | % | |||||||||||||||
Fuel cost recovery | 549,676 | 360,672 | 189,004 | 52.4 | % | ||||||||||||||||||
Electric customer credits | (40,878) | (53,119) | 12,241 | 23.0 | % | ||||||||||||||||||
Other operations | 74,625 | 65,237 | 9,388 | 14.4 | % | ||||||||||||||||||
Affiliate revenue | 5,641 | 5,156 | 485 | 9.4 | % | ||||||||||||||||||
Operating revenue, net | 1,241,637 | 1,032,292 | 209,345 | 20.3 | % | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Recoverable fuel and purchased power | 549,677 | 360,664 | (189,013) | (52.4) | % | ||||||||||||||||||
Non-recoverable fuel and purchased power | 41,420 | 33,526 | (7,894) | (23.5) | % | ||||||||||||||||||
Other operations and maintenance | 223,257 | 221,146 | (2,111) | (1.0) | % | ||||||||||||||||||
Depreciation and amortization | 173,498 | 166,987 | (6,511) | (3.9) | % | ||||||||||||||||||
Taxes other than income taxes | 49,598 | 44,631 | (4,967) | (11.1) | % | ||||||||||||||||||
Total operating expenses | 1,037,450 | 826,954 | (210,496) | (25.5) | % | ||||||||||||||||||
Operating income | 204,187 | 205,338 | (1,151) | (0.6) | % | ||||||||||||||||||
Interest income | 3,294 | 3,362 | (68) | (2.0) | % | ||||||||||||||||||
Allowance for equity funds used during construction | 9,905 | 998 | 8,907 | 892.5 | % | ||||||||||||||||||
Other expense, net | (19,561) | (12,259) | (7,302) | (59.6) | % | ||||||||||||||||||
Interest charges | 73,090 | 73,985 | 895 | 1.2 | % | ||||||||||||||||||
Federal and state income tax (benefit) expense | (9,353) | 26,799 | 36,152 | 134.9 | % | ||||||||||||||||||
Net income | $ | 134,088 | $ | 96,655 | $ | 37,433 | 38.7 | % | |||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
FAVORABLE/ | |||||||||||||||||
(MILLION kWh) | 2021 | 2020 | (UNFAVORABLE) | ||||||||||||||
Electric sales | |||||||||||||||||
Residential | 3,653 | 3,642 | 0.3 | % | |||||||||||||
Commercial | 2,564 | 2,521 | 1.7 | % | |||||||||||||
Industrial | 2,170 | 1,971 | 10.1 | % | |||||||||||||
Other retail | 125 | 125 | — | % | |||||||||||||
Total retail | 8,512 | 8,259 | 3.1 | % | |||||||||||||
Sales for resale | 2,880 | 2,957 | (2.6) | % | |||||||||||||
Total retail and wholesale customer sales | 11,392 | 11,216 | 1.6 | % |
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
FAVORABLE/ | |||||||||||||||||
(THOUSANDS) | 2021 | 2020 | (UNFAVORABLE) | ||||||||||||||
Electric sales | |||||||||||||||||
Residential | $ | 304,761 | $ | 305,430 | (0.2) | % | |||||||||||
Commercial | 189,802 | 189,066 | 0.4 | % | |||||||||||||
Industrial | 88,661 | 87,313 | 1.5 | % | |||||||||||||
Other retail | 10,984 | 10,895 | 0.8 | % | |||||||||||||
Surcharge | — | 2,440 | (100.0) | % | |||||||||||||
Total retail | 594,208 | 595,144 | (0.2) | % | |||||||||||||
Sales for resale | 58,365 | 59,202 | (1.4) | % | |||||||||||||
Total base revenue | $ | 652,573 | $ | 654,346 | (0.3) | % |
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||||||||
2021 CHANGE | |||||||||||||||||||||||||||||
2021 | 2020 | NORMAL | PRIOR YEAR | NORMAL | |||||||||||||||||||||||||
Cooling degree-days | 3,141 | 3,179 | 2,779 | (1.2) | % | 13.0 | % | ||||||||||||||||||||||
Heating degree-days | 1,314 | 1,105 | 1,546 | 18.9 | % | (15.0) | % |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco Cajun | |||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||
FAVORABLE/(UNFAVORABLE) | |||||||||||||||||||||||
(THOUSANDS) | 2021 | 2020 | VARIANCE | CHANGE | |||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Electric operations | $ | 398,226 | $ | 365,555 | $ | 32,671 | 8.9 | % | |||||||||||||||
Electric customer credits | 244 | (153) | 397 | 259.5 | % | ||||||||||||||||||
Other operations | 128,749 | 121,747 | 7,002 | 5.8 | % | ||||||||||||||||||
Affiliate revenue | — | 204 | (204) | (100.0) | % | ||||||||||||||||||
Operating revenue, net | 527,219 | 487,353 | 39,866 | 8.2 | % | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Fuel used for electric generation | (47,052) | 33,377 | 80,429 | 241.0 | % | ||||||||||||||||||
Purchased power | 257,703 | 188,020 | (69,683) | (37.1) | % | ||||||||||||||||||
Other operations and maintenance | 93,460 | 91,250 | (2,210) | (2.4) | % | ||||||||||||||||||
Depreciation and amortization | 52,102 | 43,997 | (8,105) | (18.4) | % | ||||||||||||||||||
Taxes other than income taxes | 11,675 | 13,415 | 1,740 | 13.0 | % | ||||||||||||||||||
Total operating expenses | 367,888 | 370,059 | 2,171 | 0.6 | % | ||||||||||||||||||
Operating income | 159,331 | 117,294 | 42,037 | 35.8 | % | ||||||||||||||||||
Interest income | 15 | 273 | (258) | (94.5) | % | ||||||||||||||||||
Other (expense) income, net | (628) | 255 | (883) | (346.3) | % | ||||||||||||||||||
Interest charges | 803 | (750) | (1,553) | (207.1) | % | ||||||||||||||||||
Federal and state income tax expense | 42,283 | 29,080 | (13,203) | (45.4) | % | ||||||||||||||||||
Net income | $ | 115,632 | $ | 89,492 | $ | 26,140 | 29.2 | % | |||||||||||||||
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
(THOUSANDS) | CLECO POWER | CLECO CAJUN | CLECO POWER | CLECO CAJUN | CLECO POWER | CLECO CAJUN | ||||||||||||||||||||||||||||||||
Net income | $ | 170,057 | $ | 73,830 | $ | 134,088 | $ | 115,632 | $ | 96,655 | $ | 89,492 | ||||||||||||||||||||||||||
Add: Depreciation and amortization | 178,231 | 75,157 | (1) | 173,498 | 56,438 | (2) | 166,987 | 47,183 | (3) | |||||||||||||||||||||||||||||
Less: Interest income | 5,082 | 1,122 | 3,294 | 15 | 3,362 | 273 | ||||||||||||||||||||||||||||||||
Add: Interest charges | 88,218 | 523 | 73,090 | 803 | 73,985 | (750) | ||||||||||||||||||||||||||||||||
Add (less): Federal and state income tax expense (benefit) | 2,503 | 24,565 | (9,353) | 42,283 | 26,799 | 29,080 | ||||||||||||||||||||||||||||||||
EBITDA | $ | 433,927 | $ | 172,953 | $ | 368,029 | $ | 215,141 | $ | 361,064 | $ | 164,732 | ||||||||||||||||||||||||||
(1) Includes $14.4 million of amortization of intangible assets and liabilities related to wholesale power supply agreements as a result of the Cleco Cajun Transaction and $(9.2) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. (2) Includes $13.5 million of amortization of intangible assets and liabilities related to wholesale power supply agreements as a result of the Cleco Cajun Transaction and $(9.2) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. (3) Includes $12.4 million of amortization of intangible assets and liabilities related to wholesale power supply agreements as a result of the Cleco Cajun Transaction and $(9.2) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. |
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS, EXCEPT PER SHARE AND PERCENTAGES) | 2022 | 2021 | 2020 | ||||||||||||||
Operating revenue, net (excluding intercompany revenue) | |||||||||||||||||
Cleco Power | $ | 1,603,938 | $ | 1,228,382 | $ | 1,020,674 | |||||||||||
Cleco Cajun | 644,865 | 527,219 | 487,149 | ||||||||||||||
Other | (9,671) | (9,672) | (9,677) | ||||||||||||||
Total | $ | 2,239,132 | $ | 1,745,929 | $ | 1,498,146 | |||||||||||
Income before income taxes | $ | 189,728 | $ | 208,077 | $ | 158,018 | |||||||||||
Net income | $ | 188,811 | $ | 194,966 | $ | 122,300 | |||||||||||
Capitalization | |||||||||||||||||
Member’s equity | 48.42 | % | 46.56 | % | 46.55 | % | |||||||||||
Long-term debt and finance leases (1) | 51.58 | % | 53.44 | % | 53.45 | % | |||||||||||
Member’s equity | $ | 2,947,067 | $ | 2,954,156 | $ | 2,757,023 | |||||||||||
Long-term debt and finance leases (1) | $ | 3,139,094 | $ | 3,390,033 | $ | 3,165,387 | |||||||||||
Total assets | $ | 8,253,749 | $ | 8,125,018 | $ | 7,725,569 | |||||||||||
CLECO POWER — NARRATIVE ANALYSIS OF RESULTS OF OPERATIONS |
CRITICAL ACCOUNTING ESTIMATES |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
ACTUARIAL ASSUMPTION (THOUSANDS) | CHANGE IN ASSUMPTION | CHANGE IN PROJECTED BENEFIT OBLIGATION | CHANGE IN ESTIMATED BENEFIT COST | ||||||||||||||
Discount rate | 0.5% increase | $ | (27,009) | $ | 426 | ||||||||||||
0.5% decrease | $ | 29,758 | $ | (509) | |||||||||||||
Salary scale | 0.5% increase | $ | 4,053 | $ | 401 | ||||||||||||
0.5% decrease | $ | (3,744) | $ | (369) | |||||||||||||
Expected return on assets | 0.5% increase | $ | — | $ | (2,245) | ||||||||||||
0.5% decrease | $ | — | $ | 2,245 |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
FINANCIAL CONDITION |
SENIOR UNSECURED DEBT | CORPORATE/LONG-TERM ISSUER | ||||||||||||||||||||||
S&P | MOODY’S | FITCH | S&P | MOODY’S | FITCH | ||||||||||||||||||
Cleco Holdings | BBB- | Baa3 | BBB- | BBB- | Baa3 | BBB- | |||||||||||||||||
Cleco Power | BBB+ | A3 | BBB+ | BBB+ | A3 | BBB |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | CLECO POWER | ||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||||||||||||
(THOUSANDS) | 2022 | 2021 | VARIANCE | 2022 | 2021 | VARIANCE | |||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 344,912 | $ | 182,640 | $ | 162,272 | $ | 274,265 | $ | 102,518 | $ | 171,747 | |||||||||||||||||||||||
Net cash used in investing activities | (193,257) | (300,833) | 107,576 | (220,693) | (290,745) | 70,052 | |||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (111,065) | 178,910 | (289,975) | 6,731 | 246,177 | (239,446) | |||||||||||||||||||||||||||||
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 40,590 | $ | 60,717 | $ | (20,127) | $ | 60,303 | $ | 57,950 | $ | 2,353 |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | CLECO POWER | ||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||||||||||||
(THOUSANDS) | 2021 | 2020 | VARIANCE | 2021 | 2020 | VARIANCE | |||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 182,640 | $ | 205,819 | $ | (23,179) | $ | 102,518 | $ | 127,779 | $ | (25,261) | |||||||||||||||||||||||
Net cash used in investing activities | (300,833) | (377,907) | 77,074 | (290,745) | (365,936) | 75,191 | |||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | 178,910 | 119,758 | 59,152 | 246,177 | 186,596 | 59,581 | |||||||||||||||||||||||||||||
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 60,717 | $ | (52,330) | $ | 113,047 | $ | 57,950 | $ | (51,561) | $ | 109,511 |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco | |||||||||||||||||||||||
PROJECT (THOUSANDS) | 2023 | % | 2023-2027 | % | |||||||||||||||||||
Environmental | $ | 4,000 | 1 | % | $ | 57,000 | 3 | % | |||||||||||||||
New business | 27,000 | 10 | % | 135,000 | 8 | % | |||||||||||||||||
Renewables and electrification | 25,000 | 9 | % | 245,000 | 15 | % | |||||||||||||||||
Transmission reliability | 11,000 | 4 | % | 15,000 | 1 | % | |||||||||||||||||
General (1) | 201,000 | 76 | % | 1,192,000 | 73 | % | |||||||||||||||||
Total capital expenditures (2) | $ | 268,000 | 100 | % | $ | 1,644,000 | 100 | % | |||||||||||||||
Debt payments | 340,000 | (3) | 1,410,000 | ||||||||||||||||||||
Total capital expenditures and debt payments | $ | 608,000 | $ | 3,054,000 | |||||||||||||||||||
(1) Primarily consists of rehabilitation projects of older transmission, distribution, and generation assets and hardware and software upgrades at Cleco Power. (2) Does not include costs related to Project Diamond Vault. (3) Consists of the principal amount committed to be repaid as a result of the Cleco Cajun Transaction as well as other long-term debt obligations with maturity dates in 2023. For more information on the future debt payments, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 9 — Debt.” |
Cleco Power | |||||||||||||||||||||||
PROJECT (THOUSANDS) | 2023 | % | 2023-2027 | % | |||||||||||||||||||
Environmental | $ | 4,000 | 2 | % | $ | 57,000 | 4 | % | |||||||||||||||
New business | 27,000 | 11 | % | 135,000 | 9 | % | |||||||||||||||||
Renewables and electrification | 25,000 | 10 | % | 245,000 | 16 | % | |||||||||||||||||
Transmission reliability | 11,000 | 4 | % | 15,000 | 1 | % | |||||||||||||||||
General (1) | 188,000 | 73 | % | 1,125,000 | 70 | % | |||||||||||||||||
Total capital expenditures (2) | $ | 255,000 | 100 | % | $ | 1,577,000 | 100 | % | |||||||||||||||
Debt payments | 110,000 | (3) | 580,000 | ||||||||||||||||||||
Total capital expenditures and debt payments | $ | 365,000 | $ | 2,157,000 | |||||||||||||||||||
(1) Primarily consists of rehabilitation projects of older transmission, distribution, and generation assets and hardware and software upgrades. (2) Does not include costs related to Project Diamond Vault. (3) For more information on the future debt payments, see Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 9 — Debt.” |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
PAYMENTS DUE BY PERIOD | |||||||||||||||||
CONTRACTUAL OBLIGATIONS (THOUSANDS) | TOTAL | UP TO 12 MONTHS | BEYOND 12 MONTHS | ||||||||||||||
Cleco | |||||||||||||||||
Long-term debt (1) | $ | 5,076,468 | $ | 164,563 | $ | 4,911,905 | |||||||||||
Purchase obligations | $ | 575,527 | $ | 474,124 | $ | 101,403 | |||||||||||
Other long-term liabilities (2) | $ | 17,035 | $ | 2,561 | $ | 14,474 | |||||||||||
Cleco Power | |||||||||||||||||
Long-term debt (1) | $ | 3,038,903 | $ | 106,774 | $ | 2,932,129 | |||||||||||
Purchase obligations | $ | 331,633 | $ | 239,109 | $ | 92,524 | |||||||||||
Other long-term liabilities (2) | $ | 4,800 | $ | 1,600 | $ | 3,200 | |||||||||||
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
RISK OVERVIEW |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
FOR THE YEAR ENDED DEC. 31, 2022 | |||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2022 | HIGH | LOW | AVERAGE | |||||||||||||||||||
Cleco | $ | 26,128 | $ | 79,618 | $ | 22,142 | $ | 42,657 | |||||||||||||||
Cleco Power | $ | 3,464 | $ | 5,370 | $ | 1,117 | $ | 1,982 |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
Report of Independent Registered Public Accounting Firm |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | |||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Operating revenue | |||||||||||||||||
Electric operations | $ | $ | $ | ||||||||||||||
Other operations | |||||||||||||||||
Gross operating revenue | |||||||||||||||||
Electric customer credits | ( | ( | ( | ||||||||||||||
Operating revenue, net | |||||||||||||||||
Operating expenses | |||||||||||||||||
Fuel used for electric generation | |||||||||||||||||
Purchased power | |||||||||||||||||
Other operations and maintenance | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Taxes other than income taxes | |||||||||||||||||
Regulatory disallowance | |||||||||||||||||
Total operating expenses | |||||||||||||||||
Operating income | |||||||||||||||||
Interest income | |||||||||||||||||
Allowance for equity funds used during construction | |||||||||||||||||
Other expense, net | ( | ( | ( | ||||||||||||||
Interest charges | |||||||||||||||||
Interest charges, net | |||||||||||||||||
Allowance for borrowed funds used during construction | ( | ( | ( | ||||||||||||||
Total interest charges | |||||||||||||||||
Income before income taxes | |||||||||||||||||
Federal and state income tax expense | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | |||||||||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||
Postretirement benefits gain (loss) (net of tax expense of $ | ( | ||||||||||||||||
Total other comprehensive income (loss), net of tax | ( | ||||||||||||||||
Comprehensive income, net of tax | $ | $ | $ | ||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | |||||||||||
Consolidated Balance Sheets | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and cash equivalents | |||||||||||
Customer accounts receivable (less allowance for credit losses of $ | |||||||||||
Accounts receivable - affiliate | |||||||||||
Other accounts receivable | |||||||||||
Taxes receivable | |||||||||||
Unbilled revenue | |||||||||||
Fuel inventory, at average cost | |||||||||||
Materials and supplies, at average cost | |||||||||||
Energy risk management assets | |||||||||||
Accumulated deferred fuel | |||||||||||
Cash surrender value of company-/trust-owned life insurance policies | |||||||||||
Prepayments | |||||||||||
Regulatory assets | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment | |||||||||||
Property, plant, and equipment | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Net property, plant, and equipment | |||||||||||
Construction work in progress | |||||||||||
Total property, plant, and equipment, net | |||||||||||
Equity investment in investee | |||||||||||
Goodwill | |||||||||||
Prepayments | |||||||||||
Operating lease right of use assets | |||||||||||
Restricted cash and cash equivalents | |||||||||||
Note receivable | |||||||||||
Regulatory assets - deferred taxes, net | |||||||||||
Regulatory assets | |||||||||||
Intangible asset - securitization | |||||||||||
Intangible assets - other | |||||||||||
Energy risk management assets | |||||||||||
Other deferred charges | |||||||||||
Total assets | $ | $ | |||||||||
The accompanying notes are an integral part of the consolidated financial statements. | |||||||||||
(Continued on next page) |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | |||||||||||
Consolidated Balance Sheets | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Liabilities and member’s equity | |||||||||||
Liabilities | |||||||||||
Current liabilities | |||||||||||
Short-term debt | $ | $ | |||||||||
Long-term debt and finance leases due within one year | |||||||||||
Accounts payable | |||||||||||
Accounts payable - affiliate | |||||||||||
Customer deposits | |||||||||||
Provision for rate refund | |||||||||||
Taxes payable | |||||||||||
Interest accrued | |||||||||||
Energy risk management liabilities | |||||||||||
Regulatory liabilities - deferred taxes, net | |||||||||||
Deferred compensation | |||||||||||
Storm reserves | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term liabilities and deferred credits | |||||||||||
Accumulated deferred federal and state income taxes, net | |||||||||||
Postretirement benefit obligations | |||||||||||
Regulatory liabilities - deferred taxes, net | |||||||||||
Storm reserves | |||||||||||
Deferred lease revenue | |||||||||||
Intangible liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Operating lease liabilities | |||||||||||
Other deferred credits | |||||||||||
Total long-term liabilities and deferred credits | |||||||||||
Long-term debt and finance leases, net | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 15) | |||||||||||
Member’s equity | |||||||||||
Total liabilities and member’s equity | $ | $ | |||||||||
The accompanying notes are an integral part of the consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | |||||||||||||||||
Operating activities | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustment to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Provision for credit losses | ||||||||||||||||||||
Regulatory disallowance | ||||||||||||||||||||
Unearned compensation expense | ||||||||||||||||||||
Allowance for equity funds used during construction | ( | ( | ( | |||||||||||||||||
Gain on risk management assets and liabilities, net | ( | ( | ( | |||||||||||||||||
Deferred lease revenue | ( | ( | ( | |||||||||||||||||
Deferred income taxes | ( | |||||||||||||||||||
Cash surrender value of company-/trust-owned life insurance | ( | ( | ||||||||||||||||||
Changes in assets and liabilities | ||||||||||||||||||||
Accounts receivable | ( | ( | ( | |||||||||||||||||
Accounts receivable - affiliate | ( | ( | ( | |||||||||||||||||
Unbilled revenue | ( | ( | ||||||||||||||||||
Fuel inventory and materials and supplies | ( | ( | ||||||||||||||||||
Prepayments | ( | ( | ( | |||||||||||||||||
Accounts payable | ( | ( | ||||||||||||||||||
Accounts payable - affiliate | ( | |||||||||||||||||||
Customer deposits | ||||||||||||||||||||
Provision for merger commitments | ( | |||||||||||||||||||
Postretirement benefit obligations | ( | ( | ||||||||||||||||||
Regulatory assets and liabilities, net | ( | ( | ||||||||||||||||||
Deferred fuel recoveries | ( | ( | ||||||||||||||||||
Asset retirement obligations | ( | ( | ||||||||||||||||||
Other deferred accounts | ( | ( | ( | |||||||||||||||||
Taxes accrued | ( | |||||||||||||||||||
Interest accrued | ( | ( | ||||||||||||||||||
Energy risk management collateral received | ||||||||||||||||||||
Other operating | ( | ( | ||||||||||||||||||
Net cash provided by operating activities | ||||||||||||||||||||
Investing activities | ||||||||||||||||||||
Additions to property, plant, and equipment | ( | ( | ( | |||||||||||||||||
Return of equity investment in investee | ||||||||||||||||||||
Return of investment in company-/trust-owned life insurance | ||||||||||||||||||||
Other investing | ||||||||||||||||||||
Net cash used in investing activities | ( | ( | ( | |||||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements. | ||||||||||||||||||||
(Continued on next page) |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | |||||||||||||||||
Financing activities | ||||||||||||||||||||
Draws on revolving credit facilities | ||||||||||||||||||||
Payments on revolving credit facilities | ( | ( | ( | |||||||||||||||||
Issuances of long-term debt | ||||||||||||||||||||
Repayments of long-term debt | ( | ( | ( | |||||||||||||||||
Payment of financing costs | ( | ( | ( | |||||||||||||||||
Distributions to member | ( | |||||||||||||||||||
Other financing | ( | ( | ( | |||||||||||||||||
Net cash (used in) provided by financing activities | ( | |||||||||||||||||||
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | ( | |||||||||||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | (1) | |||||||||||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | $ | (2) | $ | (1) | $ | |||||||||||||||
Supplementary cash flow information | ||||||||||||||||||||
Interest paid, net of amount capitalized | $ | $ | $ | |||||||||||||||||
Income taxes refunded, net | $ | $ | $ | ( | ||||||||||||||||
Supplementary non-cash investing and financing activities | ||||||||||||||||||||
Accrued additions to property, plant, and equipment | $ | $ | $ | |||||||||||||||||
Reduction in property, plant, and equipment due to regulatory disallowance | $ | $ | $ | |||||||||||||||||
Reduction in property, plant, and equipment due to securitization of capitalized storm costs | $ | $ | $ | |||||||||||||||||
(1) Includes cash and cash equivalents of $ (2) Includes cash and cash equivalents of $ | ||||||||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | |||||||||||||||||||||||
Consolidated Statements of Changes in Member’s Equity | |||||||||||||||||||||||
(THOUSANDS) | MEMBERSHIP INTEREST | RETAINED EARNINGS | AOCI | TOTAL MEMBER’S EQUITY | |||||||||||||||||||
Balances, Dec. 31, 2019 | $ | $ | $ | ( | $ | ||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | ( | ( | |||||||||||||||||||
Balances, Dec. 31, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Other comprehensive income, net of tax | — | — | |||||||||||||||||||||
Balances, Dec. 31, 2021 | $ | $ | $ | ( | $ | ||||||||||||||||||
Distributions to member | — | ( | — | ( | |||||||||||||||||||
Net income | — | — | |||||||||||||||||||||
Other comprehensive income, net of tax | — | — | |||||||||||||||||||||
Balances, Dec. 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Report of Independent Registered Public Accounting Firm |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO POWER | |||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Operating revenue | |||||||||||||||||
Electric operations | $ | $ | $ | ||||||||||||||
Other operations | |||||||||||||||||
Affiliate revenue | |||||||||||||||||
Gross operating revenue | |||||||||||||||||
Electric customer credits | ( | ( | ( | ||||||||||||||
Operating revenue, net | |||||||||||||||||
Operating expenses | |||||||||||||||||
Fuel used for electric generation | |||||||||||||||||
Purchased power | |||||||||||||||||
Other operations and maintenance | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Taxes other than income taxes | |||||||||||||||||
Regulatory disallowance | |||||||||||||||||
Total operating expenses | |||||||||||||||||
Operating income | |||||||||||||||||
Interest income | |||||||||||||||||
Allowance for equity funds used during construction | |||||||||||||||||
Other expense, net | ( | ( | ( | ||||||||||||||
Interest charges | |||||||||||||||||
Interest charges, net | |||||||||||||||||
Allowance for borrowed funds used during construction | ( | ( | ( | ||||||||||||||
Total interest charges | |||||||||||||||||
Income before income taxes | |||||||||||||||||
Federal and state income tax expense (benefit) | ( | ||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO POWER | |||||||||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||
Postretirement benefits gain (loss) (net of tax expense of $ | ( | ||||||||||||||||
Amortization of interest rate derivatives to earnings (net of tax expense of $ | |||||||||||||||||
Total other comprehensive income (loss), net of tax | ( | ||||||||||||||||
Comprehensive income, net of tax | $ | $ | $ | ||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO POWER | |||||||||||
Consolidated Balance Sheets | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Assets | |||||||||||
Utility plant and equipment | |||||||||||
Property, plant, and equipment | $ | $ | |||||||||
Accumulated depreciation | ( | ( | |||||||||
Net property, plant, and equipment | |||||||||||
Construction work in progress | |||||||||||
Total utility plant and equipment, net | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash and cash equivalents | |||||||||||
Customer accounts receivable (less allowance for credit losses of $ | |||||||||||
Accounts receivable - affiliate | |||||||||||
Other accounts receivable | |||||||||||
Unbilled revenue | |||||||||||
Fuel inventory, at average cost | |||||||||||
Materials and supplies, at average cost | |||||||||||
Energy risk management assets | |||||||||||
Accumulated deferred fuel | |||||||||||
Cash surrender value of company-owned life insurance policies | |||||||||||
Prepayments | |||||||||||
Regulatory assets | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Equity investment in investee | |||||||||||
Prepayments | |||||||||||
Operating lease right of use assets | |||||||||||
Restricted cash and cash equivalents | |||||||||||
Note receivable | |||||||||||
Regulatory assets - deferred taxes, net | |||||||||||
Regulatory assets | |||||||||||
Intangible asset - securitization | |||||||||||
Other deferred charges | |||||||||||
Total assets | $ | $ | |||||||||
The accompanying notes are an integral part of the consolidated financial statements. | |||||||||||
(Continued on next page) |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO POWER | |||||||||||
Consolidated Balance Sheets | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Liabilities and member’s equity | |||||||||||
Member’s equity | $ | $ | |||||||||
Long-term debt and finance leases, net | |||||||||||
Total capitalization | |||||||||||
Current liabilities | |||||||||||
Short-term debt | |||||||||||
Long-term debt and finance leases due within one year | |||||||||||
Accounts payable | |||||||||||
Accounts payable - affiliate | |||||||||||
Customer deposits | |||||||||||
Provision for rate refund | |||||||||||
Taxes payable, net | |||||||||||
Interest accrued | |||||||||||
Energy risk management liabilities | |||||||||||
Regulatory liabilities - deferred taxes, net | |||||||||||
Storm reserves | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Commitments and contingencies (Note 15) | |||||||||||
Long-term liabilities and deferred credits | |||||||||||
Accumulated deferred federal and state income taxes, net | |||||||||||
Postretirement benefit obligations | |||||||||||
Regulatory liabilities - deferred taxes, net | |||||||||||
Storm reserves | |||||||||||
Asset retirement obligations | |||||||||||
Operating lease liabilities | |||||||||||
Other deferred credits | |||||||||||
Total long-term liabilities and deferred credits | |||||||||||
Total liabilities and member’s equity | $ | $ | |||||||||
The accompanying notes are an integral part of the consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO POWER | ||||||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | |||||||||||||||||
Operating activities | ||||||||||||||||||||
Net income | $ | $ | $ | |||||||||||||||||
Adjustment to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Provision for credit losses | ||||||||||||||||||||
Regulatory disallowance | ||||||||||||||||||||
Allowance for equity funds used during construction | ( | ( | ( | |||||||||||||||||
Deferred income taxes | ( | ( | ||||||||||||||||||
Changes in assets and liabilities | ||||||||||||||||||||
Accounts receivable | ( | ( | ( | |||||||||||||||||
Accounts receivable - affiliate | ||||||||||||||||||||
Unbilled revenue | ( | ( | ||||||||||||||||||
Fuel inventory and materials and supplies | ( | ( | ||||||||||||||||||
Prepayments | ( | ( | ( | |||||||||||||||||
Accounts payable | ( | ( | ||||||||||||||||||
Accounts payable - affiliate | ( | ( | ( | |||||||||||||||||
Customer deposits | ||||||||||||||||||||
Provision for merger commitments | ( | ( | ||||||||||||||||||
Postretirement benefit obligations | ( | |||||||||||||||||||
Regulatory assets and liabilities, net | ( | ( | ||||||||||||||||||
Deferred fuel recoveries | ( | ( | ||||||||||||||||||
Asset retirement obligations | ( | |||||||||||||||||||
Other deferred accounts | ( | ( | ( | |||||||||||||||||
Taxes accrued | ( | |||||||||||||||||||
Interest accrued | ( | ( | ||||||||||||||||||
Other operating | ( | ( | ||||||||||||||||||
Net cash provided by operating activities | ||||||||||||||||||||
Investing activities | ||||||||||||||||||||
Additions to property, plant, and equipment | ( | ( | ( | |||||||||||||||||
Return of equity investment in investee | ||||||||||||||||||||
Return of investment in company-owned life insurance | ||||||||||||||||||||
Other investing | ||||||||||||||||||||
Net cash used in investing activities | ( | ( | ( | |||||||||||||||||
Financing activities | ||||||||||||||||||||
Draws on revolving credit facility | ||||||||||||||||||||
Payments on revolving credit facility | ( | ( | ( | |||||||||||||||||
Issuances of long-term debt | ||||||||||||||||||||
Repayments of long-term debt | ( | ( | ||||||||||||||||||
Payment of financing costs | ( | ( | ( | |||||||||||||||||
Distributions to member | ( | |||||||||||||||||||
Other financing | ( | ( | ( | |||||||||||||||||
Net cash provided by financing activities | ||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | ( | |||||||||||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | (1) | |||||||||||||||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | $ | (2) | $ | (1) | $ | |||||||||||||||
Supplementary cash flow information | ||||||||||||||||||||
Interest paid, net of amount capitalized | $ | $ | $ | |||||||||||||||||
Supplementary non-cash investing and financing activities | ||||||||||||||||||||
Accrued additions to property, plant, and equipment | $ | $ | $ | |||||||||||||||||
Reduction in property, plant, and equipment due to regulatory disallowance | $ | $ | $ | |||||||||||||||||
Reduction in property, plant, and equipment due to securitization of capitalized storm costs | $ | $ | $ | |||||||||||||||||
(1) Includes cash and cash equivalents of $ (2) Includes cash and cash equivalents of $ | ||||||||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO POWER | |||||||||||||||||
Consolidated Statements of Changes in Member’s Equity | |||||||||||||||||
(THOUSANDS) | MEMBER’S EQUITY | AOCI | TOTAL MEMBER’S EQUITY | ||||||||||||||
Balances, Dec. 31, 2019 | $ | $ | ( | $ | |||||||||||||
Net income | — | ||||||||||||||||
Other comprehensive loss, net of tax | — | ( | ( | ||||||||||||||
Balances, Dec. 31, 2020 | $ | $ | ( | $ | |||||||||||||
Net income | — | ||||||||||||||||
Other comprehensive income, net of tax | — | ||||||||||||||||
Balances, Dec. 31, 2021 | $ | $ | ( | $ | |||||||||||||
Distributions to member | ( | — | ( | ||||||||||||||
Net income | — | ||||||||||||||||
Other comprehensive income, net of tax | — | ||||||||||||||||
Balances, Dec. 31, 2022 | $ | $ | ( | $ | |||||||||||||
The accompanying notes are an integral part of the consolidated financial statements. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Index to Applicable Notes to the Financial Statements of the Registrants |
Note 1 | The Company | Cleco and Cleco Power | ||||||
Note 2 | Summary of Significant Accounting Policies | Cleco and Cleco Power | ||||||
Note 3 | Leases | Cleco and Cleco Power | ||||||
Note 4 | Revenue Recognition | Cleco and Cleco Power | ||||||
Note 5 | Regulatory Assets and Liabilities | Cleco and Cleco Power | ||||||
Note 6 | Jointly Owned Generation Facilities | Cleco and Cleco Power | ||||||
Note 7 | Fair Value Accounting Instruments | Cleco and Cleco Power | ||||||
Note 8 | Derivative Instruments | Cleco and Cleco Power | ||||||
Note 9 | Debt | Cleco and Cleco Power | ||||||
Note 10 | Pension Plan and Employee Benefits | Cleco and Cleco Power | ||||||
Note 11 | Income Taxes | Cleco and Cleco Power | ||||||
Note 12 | Disclosures about Segments | Cleco | ||||||
Note 13 | Regulation and Rates | Cleco and Cleco Power | ||||||
Note 14 | Variable Interest Entities | Cleco and Cleco Power | ||||||
Note 15 | Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | Cleco and Cleco Power | ||||||
Note 16 | Affiliate Transactions | Cleco and Cleco Power | ||||||
Note 17 | Intangible Assets, Intangible Liabilities, and Goodwill | Cleco and Cleco Power | ||||||
Note 18 | Accumulated Other Comprehensive Loss | Cleco and Cleco Power | ||||||
Note 19 | Securitization | Cleco and Cleco Power |
Notes to the Financial Statements |
Note 1 — The Company |
Note 2 — Summary of Significant Accounting Policies |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco | |||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Amortization | $ | $ | $ |
Cleco Power | |||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Amortization | $ | $ | $ |
CATEGORY (YEARS) | CLECO | CLECO POWER | |||||||||||||||||||||
Utility Plants | |||||||||||||||||||||||
Generation | – | – | |||||||||||||||||||||
Distribution | – | – | |||||||||||||||||||||
Transmission | – | – | |||||||||||||||||||||
Other utility plant | – | – | |||||||||||||||||||||
Other property, plant, and equipment | – | – |
Cleco | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Utility plants | |||||||||||
Generation | $ | $ | |||||||||
Distribution | |||||||||||
Transmission | |||||||||||
Other utility plant | |||||||||||
Other property, plant, and equipment | |||||||||||
Total property, plant, and equipment | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Net property, plant, and equipment | $ | $ |
Cleco Power | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Regulated utility plants | |||||||||||
Generation | $ | $ | |||||||||
Distribution | |||||||||||
Transmission | |||||||||||
Other utility plant | |||||||||||
Total property, plant, and equipment | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Net property, plant, and equipment | $ | $ |
Cleco | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Acadia Unit 1 | |||||||||||
Plant acquisition adjustment | $ | $ | |||||||||
Accumulated amortization | ( | ( | |||||||||
Net plant acquisition adjustment | $ | $ | |||||||||
Cleco Power | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Acadia Unit 1 | |||||||||||
Plant acquisition adjustment | $ | $ | |||||||||
Accumulated amortization | ( | ( | |||||||||
Net plant acquisition adjustment | $ | $ | |||||||||
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco | |||||||||||
(THOUSANDS) | ACCOUNTS RECEIVABLE | OTHER* | TOTAL | ||||||||
Balances, Dec. 31, 2020 | $ | $ | $ | ||||||||
Current period provision | |||||||||||
Charge-offs | ( | ( | |||||||||
Recovery | |||||||||||
Balances, Dec. 31, 2021 | |||||||||||
Current period provision | |||||||||||
Charge-offs | ( | ( | |||||||||
Recovery | |||||||||||
Balances, Dec. 31, 2022 | $ | $ | $ | ||||||||
* Loan held at Diversified Lands that was fully reserved for at December 31, 2020. |
Cleco Power | |||||
(THOUSANDS) | ACCOUNTS RECEIVABLE | ||||
Balance, Dec. 31, 2020 | $ | ||||
Current period provision | |||||
Charge-offs | ( | ||||
Recovery | |||||
Balance, Dec. 31, 2021 | |||||
Current period provision | |||||
Charge-offs | ( | ||||
Recovery | |||||
Balance, Dec. 31, 2022 | $ |
Cleco | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Current | |||||||||||
Cleco Katrina/Rita’s storm recovery surcharge | $ | $ | |||||||||
Cleco Power’s storm restoration costs - Hurricane Ida | |||||||||||
Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service | |||||||||||
Total current | |||||||||||
Non-current | |||||||||||
Diversified Lands’ mitigation escrow | |||||||||||
Cleco Cajun’s defense fund | |||||||||||
Cleco Power’s future storm restoration costs | |||||||||||
Cleco Power’s storm restoration costs - Hurricane Ida | |||||||||||
Total non-current | |||||||||||
Total restricted cash and cash equivalents | $ | $ |
Cleco Power | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Current | |||||||||||
Cleco Katrina/Rita’s storm recovery surcharges | $ | $ | |||||||||
Storm restoration costs - Hurricane Ida | |||||||||||
Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service | |||||||||||
Total current | |||||||||||
Non-current | |||||||||||
Future storm restoration costs | |||||||||||
Storm restoration costs - Hurricane Ida | |||||||||||
Total non-current | |||||||||||
Total restricted cash and cash equivalents | $ | $ |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco | ||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, | ||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||
PRETAX BASIS | NET OF TAX | PRETAX BASIS | NET OF TAX | PRETAX BASIS | NET OF TAX | |||||||||||||||||||||
AFUDC composite rate | % | % | % | % | % | % | ||||||||||||||||||||
Capitalized interest rate | % | N/A | % | N/A | % | N/A | ||||||||||||||||||||
Cleco Power | ||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, | ||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||
PRETAX BASIS | NET OF TAX | PRETAX BASIS | NET OF TAX | PRETAX BASIS | NET OF TAX | |||||||||||||||||||||
AFUDC composite rate | % | % | % | % | % | % | ||||||||||||||||||||
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Note 3 — Leases |
(THOUSANDS) | CLECO POWER | CLECO | |||||||||
Years ending Dec. 31, | |||||||||||
2023 | $ | $ | |||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
Thereafter | |||||||||||
Total minimum lease payments | |||||||||||
Less: amount representing interest | |||||||||||
Present value of net minimum operating lease payments | $ | $ | |||||||||
Current liabilities | $ | $ | |||||||||
Non-current liabilities | $ | $ |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
(THOUSANDS) | AT DEC. 31, 2022 | AT DEC. 31, 2021 | |||||||||
Barges | $ | $ | |||||||||
Accumulated amortization | ( | ( | |||||||||
Net finance lease asset | $ | $ |
(THOUSANDS) | |||||
Years ending Dec. 31, | |||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total minimum lease payments | |||||
Less: amount representing interest | |||||
Present value of net minimum finance lease payments | $ | ||||
Current liabilities | $ | ||||
Non-current liabilities | $ |
Cleco | |||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Finance lease cost | |||||||||||
Amortization of ROU assets | $ | $ | |||||||||
Interest on lease liabilities | |||||||||||
Operating lease cost | |||||||||||
Variable lease cost | |||||||||||
Total lease cost | $ | $ |
Cleco Power | |||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Finance lease cost | |||||||||||
Amortization of ROU assets | $ | $ | |||||||||
Interest on lease liabilities | |||||||||||
Operating lease cost | |||||||||||
Variable lease cost | |||||||||||
Total lease cost | $ | $ |
Cleco | ||||||||||||||
AT DEC. 31, | ||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | 2022 | 2021 | |||||||||||
Supplemental balance sheet information | ||||||||||||||
ROU assets | ||||||||||||||
Operating | Operating lease right of use assets | $ | $ | |||||||||||
Finance | ||||||||||||||
Total ROU assets | $ | $ | ||||||||||||
Current lease liabilities | ||||||||||||||
Operating | $ | $ | ||||||||||||
Finance | ||||||||||||||
Non-current lease liabilities | ||||||||||||||
Operating | Operating lease liabilities | |||||||||||||
Finance | ||||||||||||||
Total lease liabilities | $ | $ |
Cleco Power | ||||||||||||||
AT DEC. 31, | ||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | 2022 | 2021 | |||||||||||
Supplemental balance sheet information | ||||||||||||||
ROU assets | ||||||||||||||
Operating | Operating lease right of use assets | $ | $ | |||||||||||
Finance | ||||||||||||||
Total ROU assets | $ | $ | ||||||||||||
Current lease liabilities | ||||||||||||||
Operating | $ | $ | ||||||||||||
Finance | ||||||||||||||
Non-current lease liabilities | ||||||||||||||
Operating | Operating lease liabilities | |||||||||||||
Finance | ||||||||||||||
Total lease liabilities | $ | $ |
Cleco | ||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||
(THOUSANDS) | 2022 | 2021 | ||||||||||||
Supplemental cash flow information | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||
Operating cash flows from operating leases | $ | $ | ||||||||||||
Operating cash flows from finance leases | $ | $ | ||||||||||||
Financing cash flows from finance leases | $ | $ | ||||||||||||
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco Power | ||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||
(THOUSANDS) | 2022 | 2021 | ||||||||||||
Supplemental cash flow information | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||
Operating cash flows from operating leases | $ | $ | ||||||||||||
Operating cash flows from finance leases | $ | $ | ||||||||||||
Financing cash flows from finance leases | $ | $ | ||||||||||||
Cleco | ||||||||||||||
AT DEC. 31, | ||||||||||||||
(THOUSANDS) | 2022 | 2021 | ||||||||||||
Other supplemental information | ||||||||||||||
Operating leases | ||||||||||||||
Weighted-average remaining lease term | ||||||||||||||
Weighted-average discount rate | % | % | ||||||||||||
Finance leases | ||||||||||||||
Weighted-average remaining lease term | ||||||||||||||
Weighted-average discount rate | % | % |
Cleco Power | ||||||||||||||
AT DEC. 31, 2022 | ||||||||||||||
(THOUSANDS) | 2022 | 2021 | ||||||||||||
Other supplemental information | ||||||||||||||
Operating leases | ||||||||||||||
Weighted-average remaining lease term | ||||||||||||||
Weighted-average discount rate | % | % | ||||||||||||
Finance leases | ||||||||||||||
Weighted-average remaining lease term | ||||||||||||||
Weighted-average discount rate | % | % |
FOR THE YEAR ENDED DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Fixed payments | $ | $ | |||||||||
Variable payments | |||||||||||
Amortization of deferred lease liability (1) | |||||||||||
Total lease income | $ | $ |
(THOUSANDS) | |||||
Years ending Dec. 31, | |||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
Total payments | $ |
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Property, plant, and equipment | $ | $ | |||||||||
Accumulated depreciation | ( | ( | |||||||||
Net property, plant, and equipment | $ | $ |
Note 4 — Revenue Recognition |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
FOR THE YEAR ENDED DEC. 31, 2022 | |||||||||||||||||||||||||||||
(THOUSANDS) | CLECO POWER | CLECO CAJUN | OTHER | ELIMINATIONS | TOTAL | ||||||||||||||||||||||||
Revenue from contracts with customers | |||||||||||||||||||||||||||||
Retail revenue | |||||||||||||||||||||||||||||
Residential (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Commercial (1) | |||||||||||||||||||||||||||||
Industrial (1) | |||||||||||||||||||||||||||||
Other retail (1) | |||||||||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||||||||
Total retail revenue | |||||||||||||||||||||||||||||
Wholesale, net | (1) | (2) | ( | (3) | |||||||||||||||||||||||||
Transmission | ( | ||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Affiliate (4) | ( | ||||||||||||||||||||||||||||
Total revenue from contracts with customers | ( | ||||||||||||||||||||||||||||
Revenue unrelated to contracts with customers | |||||||||||||||||||||||||||||
Securitization | |||||||||||||||||||||||||||||
Other | (5) | (6) | ( | ||||||||||||||||||||||||||
Total revenue unrelated to contracts with customers | ( | ||||||||||||||||||||||||||||
Operating revenue, net | $ | $ | $ | $ | ( | $ |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
FOR THE YEAR ENDED DEC. 31, 2021 | |||||||||||||||||||||||||||||
(THOUSANDS) | CLECO POWER | CLECO CAJUN | OTHER | ELIMINATIONS | TOTAL | ||||||||||||||||||||||||
Revenue from contracts with customers | |||||||||||||||||||||||||||||
Retail revenue | |||||||||||||||||||||||||||||
Residential (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Commercial (1) | |||||||||||||||||||||||||||||
Industrial (1) | |||||||||||||||||||||||||||||
Other retail (1) | |||||||||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||||||||
Total retail revenue | |||||||||||||||||||||||||||||
Wholesale, net | (1) | (2) | ( | (3) | |||||||||||||||||||||||||
Transmission, net | (4) | (5) | ( | ||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Affiliate (6) | ( | ||||||||||||||||||||||||||||
Total revenue from contracts with customers | ( | ||||||||||||||||||||||||||||
Revenue unrelated to contracts with customers | |||||||||||||||||||||||||||||
Other | (7) | (8) | |||||||||||||||||||||||||||
Total revenue unrelated to contracts with customers | |||||||||||||||||||||||||||||
Operating revenue, net | $ | $ | $ | $ | ( | $ |
FOR THE YEAR ENDED DEC. 31, 2020 | |||||||||||||||||||||||||||||
(THOUSANDS) | CLECO POWER | CLECO CAJUN | OTHER | ELIMINATIONS | TOTAL | ||||||||||||||||||||||||
Revenue from contracts with customers | |||||||||||||||||||||||||||||
Retail revenue | |||||||||||||||||||||||||||||
Residential (1) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Commercial (1) | |||||||||||||||||||||||||||||
Industrial (1) | |||||||||||||||||||||||||||||
Other retail (1) | |||||||||||||||||||||||||||||
Storm recovery surcharge | |||||||||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||||||||
Total retail revenue | |||||||||||||||||||||||||||||
Wholesale, net | (1) | (2) | ( | (3) | |||||||||||||||||||||||||
Transmission | (4) | (5) | ( | ||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Affiliate (6) | ( | ||||||||||||||||||||||||||||
Total revenue from contracts with customers | ( | ||||||||||||||||||||||||||||
Revenue unrelated to contracts with customers | |||||||||||||||||||||||||||||
Other | (7) | (8) | |||||||||||||||||||||||||||
Total revenue unrelated to contracts with customers | |||||||||||||||||||||||||||||
Operating revenue, net | $ | $ | $ | $ | ( | $ |
Note 5 — Regulatory Assets and Liabilities |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco Power | ||||||||||||||||||||
AT DEC. 31, | REMAINING RECOVERY PERIOD (YRS.) | |||||||||||||||||||
(THOUSANDS) | 2022 | 2021 | ||||||||||||||||||
Regulatory assets | ||||||||||||||||||||
Acadia Unit 1 acquisition costs | $ | $ | ||||||||||||||||||
Accumulated deferred fuel (1) | Various | (9) | ||||||||||||||||||
Affordability study | ||||||||||||||||||||
AFUDC equity gross-up | Various | (2) | ||||||||||||||||||
AMI deferred revenue requirement | ||||||||||||||||||||
AROs (1)(8) | ||||||||||||||||||||
Bayou Vista to Segura transmission project deferred revenue requirement | ||||||||||||||||||||
Coughlin transaction costs | ||||||||||||||||||||
COVID-19 executive order (8) | ||||||||||||||||||||
Deferred lignite and mine closure costs (8) | ||||||||||||||||||||
Deferred storm restoration costs - Hurricane Delta (6) | ||||||||||||||||||||
Deferred storm restoration costs - Hurricane Ida (7) | ||||||||||||||||||||
Deferred storm restoration costs - Hurricane Laura (6) | ||||||||||||||||||||
Deferred storm restoration costs - Hurricane Zeta (6) | ||||||||||||||||||||
Deferred storm restoration costs - Winter Storms Uri & Viola | ||||||||||||||||||||
Dolet Hills Power Station closure costs (8) | ||||||||||||||||||||
Energy efficiency | ||||||||||||||||||||
Financing costs (1) | Various | (3) | ||||||||||||||||||
Interest costs | Various | (2) | ||||||||||||||||||
Madison Unit 3 property taxes | Various | (9) | ||||||||||||||||||
Non-service cost of postretirement benefits | Various | (2) | ||||||||||||||||||
Other | Various | (9) | ||||||||||||||||||
Postretirement costs | Various | (4) | ||||||||||||||||||
Production operations and maintenance expenses | Various | (5) | ||||||||||||||||||
Rodemacher Unit 2 deferred costs (8) | ||||||||||||||||||||
St. Mary Clean Energy Center | ||||||||||||||||||||
Training costs | ||||||||||||||||||||
Tree trimming costs | ||||||||||||||||||||
Total regulatory assets | ||||||||||||||||||||
Regulatory liabilities | ||||||||||||||||||||
Deferred taxes, net | ( | ( | Various | (9) | ||||||||||||||||
Storm reserves | ( | Various | (9) | |||||||||||||||||
Total regulatory liabilities | ( | ( | ||||||||||||||||||
Total regulatory assets, net | $ | $ | ||||||||||||||||||
(1) Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2022, and 2021, respectively. All other assets are earning a return on investment. (2) Amortized over the estimated lives of the respective assets. (3) Amortized over the terms of the related debt issuances. (4) Amortized over the average service life of the remaining plan participants. (5) Deferral is recovered over the following -year regulatory period. (6) From June 1, 2021, through August 31, 2022, these were being recovered through the interim storm recovery rate. For more information, see Note 19 — “Securitization.” (7) Currently not in a recovery period. The balance remaining represents amounts under prudency review by the LPSC. (8) Currently not in a recovery period. (9) For more information on the remaining recovery period, refer to the following disclosures for each specific regulatory asset or liability. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Total Cleco Power regulatory assets, net | $ | $ | |||||||||
2016 Merger adjustments (1) | |||||||||||
Fair value of long-term debt | |||||||||||
Postretirement costs | |||||||||||
Financing costs | |||||||||||
Debt issuance costs | |||||||||||
Total Cleco regulatory assets, net | $ | $ |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Note 6 — Jointly Owned Generation Facilities |
Cleco | |||||||||||||||||||||||||||||||||||
AT DEC. 31, 2022 | |||||||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT PERCENTAGES AND MW) | UTILITY PLANT IN SERVICE | ACCUMULATED DEPRECIATION | CONSTRUCTION WORK IN PROGRESS | OWNERSHIP INTEREST PERCENTAGE | RATED CAPACITY (MW) | OWNERSHIP INTEREST (MW) | |||||||||||||||||||||||||||||
Acadia Power Station common facilities (1) | $ | $ | $ | % | |||||||||||||||||||||||||||||||
Bayou Cove common facilities (2) | $ | $ | $ | % | |||||||||||||||||||||||||||||||
Big Cajun II | |||||||||||||||||||||||||||||||||||
Unit 3 | $ | $ | $ | % | |||||||||||||||||||||||||||||||
Common facilities - Units 1, 2, and 3 | $ | $ | $ | % | |||||||||||||||||||||||||||||||
Brame Energy Center | |||||||||||||||||||||||||||||||||||
Rodemacher Unit 2 | $ | $ | $ | % | |||||||||||||||||||||||||||||||
Common facilities - Nesbitt Unit 1 and Rodemacher Unit 2 | $ | $ | $ | % | |||||||||||||||||||||||||||||||
Common facilities - Rodemacher Unit 2 and Madison Unit 3 | $ | $ | $ | % | |||||||||||||||||||||||||||||||
Common facilities - Nesbitt Unit 1, Rodemacher Unit 2, and Madison Unit 3 | $ | $ | $ | % | |||||||||||||||||||||||||||||||
Cleco Power | |||||||||||||||||||||||||||||||||||
AT DEC. 31, 2022 | |||||||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT PERCENTAGES AND MW) | UTILITY PLANT IN SERVICE | ACCUMULATED DEPRECIATION | CONSTRUCTION WORK IN PROGRESS | OWNERSHIP INTEREST PERCENTAGE | RATED CAPACITY (MW) | OWNERSHIP INTEREST (MW) | |||||||||||||||||||||||||||||
Acadia Power Station common facilities (1) | $ | $ | $ | % | |||||||||||||||||||||||||||||||
Brame Energy Center | |||||||||||||||||||||||||||||||||||
Rodemacher Unit 2 | $ | $ | $ | % | |||||||||||||||||||||||||||||||
Common facilities - Nesbitt Unit 1 and Rodemacher Unit 2 | $ | $ | $ | % | |||||||||||||||||||||||||||||||
Common facilities - Rodemacher Unit 2 and Madison Unit 3 | $ | $ | $ | % | |||||||||||||||||||||||||||||||
Common facilities - Nesbitt Unit 1, Rodemacher Unit 2, and Madison Unit 3 | $ | $ | $ | % |
Note 7 — Fair Value Accounting Instruments |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco | |||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS AT REPORTING DATE | |||||||||||||||||||||||||||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2022 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | AT DEC. 31, 2021 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||||||||||||||||||||||||||||||||||||||
Asset Description | |||||||||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
FTRs | |||||||||||||||||||||||||||||||||||||||||||||||
Natural gas derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Liability Description | |||||||||||||||||||||||||||||||||||||||||||||||
FTRs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Natural gas derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco Power | |||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS AT REPORTING DATE | |||||||||||||||||||||||||||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2022 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | AT DEC. 31, 2021 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||||||||||||||||||||||||||||||||||||||
Asset Description | |||||||||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
FTRs | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Liability Description | |||||||||||||||||||||||||||||||||||||||||||||||
FTRs | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Natural gas derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ |
Cleco | |||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Current restricted cash and cash equivalents | $ | $ | |||||||||
Non-current restricted cash and cash equivalents | $ | $ |
Cleco Power | |||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Current restricted cash and cash equivalents | $ | $ | |||||||||
Non-current restricted cash and cash equivalents | $ | $ |
Cleco | |||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Beginning balance | $ | $ | $ | ||||||||||||||
Unrealized (losses) gains * | ( | ||||||||||||||||
Purchases | |||||||||||||||||
Settlements | ( | ( | ( | ||||||||||||||
Ending balance | $ | $ | $ | ||||||||||||||
* Cleco Power’s unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco’s Consolidated Balance Sheet. Cleco Cajun’s unrealized gains (losses) are reported through Purchased power on Cleco’s Consolidated Statement of Income. |
Cleco Power | |||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Beginning balance | $ | $ | $ | ||||||||||||||
Unrealized (losses) gains * | ( | ||||||||||||||||
Purchases | |||||||||||||||||
Settlements | ( | ( | ( | ||||||||||||||
Ending balance | $ | $ | $ | ||||||||||||||
* Unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco Power's Consolidated Balance Sheets. |
Cleco | |||||||||||||||||||||||||||||||||||
FAIR VALUE | VALUATION TECHNIQUE | SIGNIFICANT UNOBSERVABLE INPUTS | FORWARD PRICE RANGE | ||||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT DOLLAR PER MWh) | Assets | Liabilities | Low | High | |||||||||||||||||||||||||||||||
FTRs at Dec. 31, 2022 | $ | $ | RTO auction pricing | FTR price - per MWh | $ | ( | $ | ||||||||||||||||||||||||||||
FTRs at Dec. 31, 2021 | $ | $ | RTO auction pricing | FTR price - per MWh | $ | ( | $ |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco Power | |||||||||||||||||||||||||||||||||||
FAIR VALUE | VALUATION TECHNIQUE | SIGNIFICANT UNOBSERVABLE INPUTS | FORWARD PRICE RANGE | ||||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT DOLLAR PER MWh) | Assets | Liabilities | Low | High | |||||||||||||||||||||||||||||||
FTRs at Dec. 31, 2022 | $ | $ | RTO auction pricing | FTR price - per MWh | $ | ( | $ | ||||||||||||||||||||||||||||
FTRs at Dec. 31, 2021 | $ | $ | RTO auction pricing | FTR price - per MWh | $ | ( | $ |
Cleco | |||||||||||||||||||||||
AT DEC. 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
(THOUSANDS) | CARRYING VALUE* | FAIR VALUE | CARRYING VALUE* | FAIR VALUE | |||||||||||||||||||
Long-term debt | $ | $ | $ | $ |
Cleco Power | |||||||||||||||||||||||
AT DEC. 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
(THOUSANDS) | CARRYING VALUE* | FAIR VALUE | CARRYING VALUE* | FAIR VALUE | |||||||||||||||||||
Long-term debt | $ | $ | $ | $ |
Note 8 — Derivative Instruments |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco | ||||||||||||||||||||||||||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||||||||||||||||||||||||||||||||
AT DEC. 31, 2022 | ||||||||||||||||||||||||||||||||
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET (1) | |||||||||||||||||||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | GROSS ASSET (LIABILITY) | CASH COLLATERAL | NET ASSET (LIABILITY) ON THE BALANCE SHEET | COLLATERAL | NET AMOUNT | ||||||||||||||||||||||||||
Commodity-related contracts | ||||||||||||||||||||||||||||||||
FTRs | ||||||||||||||||||||||||||||||||
Current | Energy risk management assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Current | Energy risk management liabilities | ( | ( | ( | ||||||||||||||||||||||||||||
Natural gas derivatives | ||||||||||||||||||||||||||||||||
Current | Energy risk management assets | ( | ( | |||||||||||||||||||||||||||||
Non-current | Energy risk management assets | ( | ||||||||||||||||||||||||||||||
Current | Energy risk management liabilities | ( | ( | ( | ||||||||||||||||||||||||||||
Commodity-related contracts, net | $ | $ | ( | $ | $ | ( | $ |
Cleco | ||||||||||||||||||||||||||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||||||||||||||||||||||||||||||||
AT DEC. 31, 2021 | ||||||||||||||||||||||||||||||||
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET (1) | |||||||||||||||||||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | GROSS ASSET (LIABILITY) | CONTRACT NETTING | NET ASSET (LIABILITY) ON THE BALANCE SHEET | COLLATERAL | NET AMOUNT | ||||||||||||||||||||||||||
Commodity-related contracts | ||||||||||||||||||||||||||||||||
FTRs | ||||||||||||||||||||||||||||||||
Current | Energy risk management assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Current | Energy risk management liabilities | ( | ( | ( | ||||||||||||||||||||||||||||
Natural gas derivatives | ||||||||||||||||||||||||||||||||
Current | Energy risk management assets | ( | ( | |||||||||||||||||||||||||||||
Non-current | Energy risk management assets | |||||||||||||||||||||||||||||||
Current | Energy risk management liabilities | ( | ||||||||||||||||||||||||||||||
Commodity-related contracts, net | $ | $ | $ | $ | ( | $ |
Cleco Power | ||||||||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||||||||||||||
AT DEC. 31, | ||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | 2022 | 2021 | |||||||||||
Commodity-related contracts | ||||||||||||||
FTRs | ||||||||||||||
Current | Energy risk management assets | $ | $ | |||||||||||
Current | Energy risk management liabilities | ( | ( | |||||||||||
Natural gas derivatives | ||||||||||||||
Current | Energy risk management liabilities | ( | ||||||||||||
Commodity-related contracts, net | $ | ( | $ |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco | |||||||||||||||||||||||
AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES | |||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||
(THOUSANDS) | DERIVATIVES LINE ITEM | 2022 | 2021 | 2020 | |||||||||||||||||||
Commodity contracts | |||||||||||||||||||||||
FTRs (1) | Electric operations | $ | $ | $ | |||||||||||||||||||
FTRs (1) | Purchased power | ( | ( | (2) | ( | (2) | |||||||||||||||||
Natural gas derivatives (3) | Fuel used for electric generation | (2) | |||||||||||||||||||||
Total | $ | $ | $ |
Cleco Power | ||||||||||||||||||||
AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES | ||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||
(THOUSANDS) | DERIVATIVES LINE ITEM | 2022 | 2021 | 2020 | ||||||||||||||||
Commodity contracts (1) | ||||||||||||||||||||
FTRs (2) | Electric operations | $ | $ | $ | ||||||||||||||||
FTRs (2) | Purchased power | ( | ( | ( | ||||||||||||||||
Total | $ | $ | $ |
Cleco | |||||||||||||||||
TOTAL VOLUME OUTSTANDING | |||||||||||||||||
UNIT OF MEASURE | AT DEC. 31, | ||||||||||||||||
(THOUSAND) | 2022 | 2021 | |||||||||||||||
Commodity-related contracts | |||||||||||||||||
FTRs | MWh | ||||||||||||||||
Natural gas derivatives | MMBtus |
Cleco Power | |||||||||||||||||
TOTAL VOLUME OUTSTANDING | |||||||||||||||||
UNIT OF MEASURE | AT DEC. 31, | ||||||||||||||||
(THOUSAND) | 2022 | 2021 | |||||||||||||||
Commodity-related contracts | |||||||||||||||||
FTRs | MWh | ||||||||||||||||
Natural gas derivatives | MMBtus |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Note 9 — Debt |
Cleco Power | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Bonds | |||||||||||
Senior notes, | $ | $ | |||||||||
Senior notes, | |||||||||||
Senior notes, | |||||||||||
Senior notes, | |||||||||||
Senior notes, | |||||||||||
Senior notes, | |||||||||||
Senior notes, | |||||||||||
Senior notes, | |||||||||||
Senior notes, | |||||||||||
Senior notes, | |||||||||||
Senior notes, floating rate, due 2023 | |||||||||||
Series A GO Zone bonds, | |||||||||||
Series B GO Zone bonds, | |||||||||||
Cleco Securitization I’s storm recovery bonds, | |||||||||||
Cleco Securitization I’s storm recovery bonds, | |||||||||||
Total bonds | |||||||||||
Bank term loan, variable rate, due 2024 | |||||||||||
Finance leases | |||||||||||
Barge lease obligations | |||||||||||
Gross amount of long-term debt and finance leases | |||||||||||
Long-term debt due within one year | ( | ( | |||||||||
Finance leases classified as long-term debt due within one year | ( | ( | |||||||||
Unamortized debt discount | ( | ( | |||||||||
Unamortized debt issuance costs | ( | ( | |||||||||
Total long-term debt and finance leases, net | $ | $ |
Cleco | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Total Cleco Power long-term debt and finance leases, net | $ | $ | |||||||||
Cleco Holdings’ long-term debt, net | |||||||||||
Senior notes, | |||||||||||
Senior notes, | |||||||||||
Senior notes, | |||||||||||
Senior notes, | |||||||||||
Bank term loan, variable rate, due 2024 | |||||||||||
Long-term debt due within one year | ( | ( | |||||||||
Unamortized debt issuance costs(1) | ( | ( | |||||||||
Fair value adjustment | |||||||||||
Total Cleco long-term debt and finance leases, net | $ | $ |
(THOUSANDS) | CLECO POWER | CLECO | ||||||
For the year ending Dec. 31, | ||||||||
2023 | $ | $ | ||||||
2024 | $ | $ | ||||||
2025(1) | $ | $ | ||||||
2026 | $ | $ | ||||||
2027 | $ | $ | ||||||
Thereafter | $ | $ |
(THOUSANDS) | CLECO POWER | CLECO | ||||||
For the year ending Dec. 31, | ||||||||
2023 | $ | $ | ||||||
2024 | $ | $ | ||||||
2025 | $ | $ | ||||||
2026 | $ | $ | ||||||
2027 | $ | $ | ||||||
Thereafter | $ | $ |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
(THOUSANDS) | ||||||||
For the year ending Dec. 31, | ||||||||
2019 | $ | |||||||
2020 | $ | |||||||
2021 | $ | |||||||
2022 | $ | |||||||
2023 | $ | |||||||
2024 | $ | |||||||
Note 10 — Pension Plan and Employee Benefits |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
PENSION BENEFITS | OTHER BENEFITS | ||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||
Benefit obligation at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Service cost | |||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Plan participants’ contributions | |||||||||||||||||||||||
Actuarial gain | ( | ( | ( | ( | |||||||||||||||||||
Expenses paid | ( | ( | |||||||||||||||||||||
Benefits paid | ( | ( | ( | ( | |||||||||||||||||||
Special/contractual termination benefits | |||||||||||||||||||||||
Benefit obligation at end of period | |||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||
Fair value of plan assets at beginning of period | |||||||||||||||||||||||
Actual (loss) gain return on plan assets | ( | ||||||||||||||||||||||
Expenses paid | ( | ( | |||||||||||||||||||||
Benefits paid | ( | ( | |||||||||||||||||||||
Fair value of plan assets at end of period | |||||||||||||||||||||||
Unfunded status | $ | ( | $ | ( | $ | ( | $ | ( |
PENSION BENEFITS | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Accumulated benefit obligation | $ | $ |
PENSION BENEFITS | OTHER BENEFITS | ||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net actuarial gain occurring during period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net actuarial loss amortized during period | $ | $ | $ | $ | |||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | ||||||||||||||||||||||
AT DEC. 31, | AT DEC. 31, | ||||||||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net actuarial loss | $ | $ | $ | $ | |||||||||||||||||||
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
PENSION BENEFITS | OTHER BENEFITS | ||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||
Components of periodic benefit costs | |||||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ||||||||||||||||||||||||||||||||
Amortizations | |||||||||||||||||||||||||||||||||||
Prior service credit | ( | ||||||||||||||||||||||||||||||||||
Net loss | |||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Special/contractual termination benefits | |||||||||||||||||||||||||||||||||||
Total benefit cost | $ | $ | $ | $ | $ | $ |
Cleco | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
Cleco Power | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
PENSION BENEFITS | OTHER BENEFITS | ||||||||||||||||||||||
AT DEC. 31, | AT DEC. 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Weighted-average assumptions used to determine the benefit obligation | |||||||||||||||||||||||
Discount rate | % | % | % | % | |||||||||||||||||||
Rate of compensation increase | % | % | N/A | N/A |
PENSION BENEFITS | OTHER BENEFITS | ||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||||||||||||||||||||||||||
Discount rate | % | % | % | % | % | % | |||||||||||||||||||||||||||||
Expected return on plan assets | % | % | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||
Rate of compensation increase | % | % | % | N/A | N/A | N/A |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
(THOUSANDS) | AT DEC. 31, 2022 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | ||||||||||||||||||||||
Government securities | ||||||||||||||||||||||||||
Mutual funds | ||||||||||||||||||||||||||
Domestic | ||||||||||||||||||||||||||
International | ||||||||||||||||||||||||||
Real estate funds | ||||||||||||||||||||||||||
Corporate debt | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Interest accrual | ||||||||||||||||||||||||||
Total net assets | $ | |||||||||||||||||||||||||
*Investments measured at net asset value consist of Common/collective trust. |
(THOUSANDS) | AT DEC. 31, 2021 | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | ||||||||||||||||||||||
Government securities | ||||||||||||||||||||||||||
Mutual funds | ||||||||||||||||||||||||||
Domestic | ||||||||||||||||||||||||||
International | ||||||||||||||||||||||||||
Real estate funds | ||||||||||||||||||||||||||
Corporate debt | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Interest accrual | ||||||||||||||||||||||||||
Total net assets | $ | |||||||||||||||||||||||||
*Investments measured at net asset value consist of Common/collective trust. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
(THOUSANDS) | |||||
Balance, Dec. 31, 2020 | $ | ||||
Realized gains | |||||
Unrealized gains | |||||
Purchases | |||||
Sales | ( | ||||
Balance, Dec. 31, 2021 | $ | ||||
Realized losses | ( | ||||
Unrealized gains | |||||
Purchases | |||||
Sales | ( | ||||
Balance, Dec. 31, 2022 | $ |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
PERCENT OF TOTAL PLAN ASSETS | |||||||||||||||||
AT DEC. 31, 2022 | |||||||||||||||||
MINIMUM | TARGET | MAXIMUM | |||||||||||||||
Return-seeking | |||||||||||||||||
Domestic equity | % | ||||||||||||||||
International equity | % | ||||||||||||||||
Multi-asset credit | % | ||||||||||||||||
Real estate | % | ||||||||||||||||
Total return-seeking | % | % | % | ||||||||||||||
Liability hedging* | % | % | % | ||||||||||||||
*Liability hedging has no target subcategories. |
(THOUSANDS) | PENSION BENEFITS | OTHER BENEFITS, GROSS | |||||||||
For the year ending Dec. 31, | |||||||||||
2023 | $ | $ | |||||||||
2024 | $ | $ | |||||||||
2025 | $ | $ | |||||||||
2026 | $ | $ | |||||||||
2027 | $ | $ | |||||||||
Five years thereafter | $ | $ |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
SERP BENEFITS | |||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Change in benefit obligation | |||||||||||
Benefit obligation at beginning of period | $ | $ | |||||||||
Service cost | |||||||||||
Interest cost | |||||||||||
Actuarial gain | ( | ( | |||||||||
Benefits paid | ( | ( | |||||||||
Benefit obligation at end of period | $ | $ |
SERP BENEFITS | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Accumulated benefit obligation | $ | $ |
SERP BENEFITS | |||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Net actuarial gain occurring during year | $ | ( | $ | ( | |||||||
Net actuarial loss amortized during year | $ | $ | |||||||||
Prior service credit amortized during year | $ | ( | $ | ( |
SERP BENEFITS | |||||||||||
AT DEC. 31 | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Net actuarial loss | $ | $ | |||||||||
Prior service credit | $ | ( | $ | ( |
SERP BENEFITS | |||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Components of periodic benefit costs | |||||||||||||||||
Service cost | $ | $ | $ | ||||||||||||||
Interest cost | |||||||||||||||||
Amortizations | |||||||||||||||||
Prior service credit | ( | ( | ( | ||||||||||||||
Net loss | |||||||||||||||||
Net periodic benefit cost | $ | $ | $ | ||||||||||||||
SERP BENEFITS | |||||||||||
AT DEC. 31, | |||||||||||
2022 | 2021 | ||||||||||
Weighted-average assumptions used to determine the benefit obligation | |||||||||||
Discount rate | % | % | |||||||||
Rate of compensation increase | N/A | N/A |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
SERP BENEFITS | |||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||||||||
Discount rate | % | % | % | ||||||||||||||
Rate of compensation increase | N/A | N/A | N/A |
Cleco | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
Cleco Power | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Current | $ | $ | |||||||||
Non-current | $ | $ |
(THOUSANDS) | 2023 | 2024 | 2025 | 2026 | 2027 | FIVE YEARS THEREAFTER | |||||||||||||||||||||||||||||
SERP | $ | $ | $ | $ | $ | $ |
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
401(k) Plan expense | $ | $ | $ |
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
401(k) Plan expense | $ | $ | $ |
Note 11 — Income Taxes |
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS, EXCEPT PERCENTAGES) | 2022 | 2021 | 2020 | ||||||||||||||
Income before tax | $ | $ | $ | ||||||||||||||
Statutory rate | % | % | % | ||||||||||||||
Tax expense at federal statutory rate | $ | $ | $ | ||||||||||||||
Increase (decrease) | |||||||||||||||||
Flowthrough of tax benefits | ( | ( | |||||||||||||||
State income taxes, net of federal benefit | |||||||||||||||||
Return to accrual adjustment | ( | ||||||||||||||||
Permanent adjustments | ( | ( | ( | ||||||||||||||
Amortization of excess ADIT | ( | ( | ( | ||||||||||||||
Other, net | ( | ||||||||||||||||
Total tax expense | $ | $ | $ | ||||||||||||||
Effective rate | % | % | % |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Current federal income tax expense (benefit) | $ | $ | ( | $ | ( | ||||||||||||
Deferred federal income tax expense (benefit) | ( | ||||||||||||||||
Amortization of accumulated deferred investment tax credits | ( | ( | ( | ||||||||||||||
Total federal income tax (benefit) expense | $ | $ | ( | $ | |||||||||||||
Current state income tax expense (benefit) | ( | ||||||||||||||||
Deferred state income tax (benefit) expense | ( | ||||||||||||||||
Total state income tax expense | $ | ( | $ | $ | |||||||||||||
Total federal and state income tax expense | $ | $ | $ | ||||||||||||||
Items charged or credited directly to member’s equity | |||||||||||||||||
Federal deferred | ( | ||||||||||||||||
State deferred | ( | ( | |||||||||||||||
Total tax expense (benefit) from items charged directly to member’s equity | $ | $ | $ | ( | |||||||||||||
Total federal and state income tax expense | $ | $ | $ |
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Depreciation and property basis differences | $ | ( | $ | ( | |||||||
Net operating loss carryforward | |||||||||||
NMTC | |||||||||||
Fuel costs | ( | ( | |||||||||
Other comprehensive income | |||||||||||
Regulated operations regulatory liability, net | ( | ( | |||||||||
Postretirement benefits | |||||||||||
Merger fair value adjustments | ( | ( | |||||||||
Other | ( | ( | |||||||||
Accumulated deferred federal and state income taxes, net | $ | ( | $ | ( |
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS, EXCEPT PERCENTAGES) | 2022 | 2021 | 2020 | ||||||||||||||
Income before tax | $ | $ | $ | ||||||||||||||
Statutory rate | % | % | % | ||||||||||||||
Tax expense at federal statutory rate | $ | $ | $ | ||||||||||||||
Increase (decrease) | |||||||||||||||||
Flowthrough of tax benefits | ( | ( | |||||||||||||||
State income taxes, net of federal benefit | |||||||||||||||||
Return to accrual adjustment | ( | ||||||||||||||||
Amortization of excess ADIT | ( | ( | ( | ||||||||||||||
Other, net | ( | ( | ( | ||||||||||||||
Total taxes | $ | $ | ( | $ | |||||||||||||
Effective rate | % | ( | % | % |
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Current federal income tax expense | $ | $ | $ | ||||||||||||||
Deferred federal income tax benefit | ( | ( | ( | ||||||||||||||
Amortization of accumulated deferred investment tax credits | ( | ( | ( | ||||||||||||||
Total federal income tax expense (benefit) | $ | $ | ( | $ | |||||||||||||
Current state income tax expense | |||||||||||||||||
Deferred state income tax (benefit) expense | ( | ||||||||||||||||
Total state income tax expense | $ | ( | $ | $ | |||||||||||||
Total federal and state income tax expense (benefit) | $ | $ | ( | $ | |||||||||||||
Items charged or credited directly to members’ equity | |||||||||||||||||
Federal deferred | ( | ||||||||||||||||
State deferred | ( | ||||||||||||||||
Total tax expense (benefit) from items charged directly to member’s equity | $ | $ | $ | ( | |||||||||||||
Total federal and state income tax expense (benefit) | $ | $ | ( | $ |
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Depreciation and property basis differences | $ | ( | $ | ( | |||||||
Net operating loss carryforward | |||||||||||
Fuel costs | ( | ( | |||||||||
Other comprehensive income | |||||||||||
Regulated operations regulatory liability, net | ( | ( | |||||||||
Postretirement benefits | |||||||||||
Other | ( | ( | |||||||||
Accumulated deferred federal and state income taxes, net | $ | ( | $ | ( |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Note 12 — Disclosures about Segments |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
SEGMENT INFORMATION | |||||||||||||||||
FOR THE YEAR ENDED DEC. 31, 2022 | |||||||||||||||||
(THOUSANDS) | CLECO POWER | CLECO CAJUN | TOTAL SEGMENTS | ||||||||||||||
Revenue | |||||||||||||||||
Electric operations | $ | $ | $ | ||||||||||||||
Other operations | |||||||||||||||||
Affiliate revenue | |||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||
Operating revenue, net | $ | $ | $ | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Add: Depreciation and amortization | (1) | ||||||||||||||||
Less: Interest income | |||||||||||||||||
Add: Interest charges | |||||||||||||||||
Add: Federal and state income tax expense | |||||||||||||||||
EBITDA | $ | $ | $ | ||||||||||||||
Additions to property, plant, and equipment | $ | $ | $ | ||||||||||||||
Equity investment in investee | $ | $ | $ | ||||||||||||||
Goodwill | $ | $ | $ | ||||||||||||||
Total segment assets | $ | $ | $ | ||||||||||||||
(1) Includes $ |
FOR THE YEAR ENDED DEC. 31, 2022 | |||||||||||||||||||||||
(THOUSANDS) | TOTAL SEGMENTS | OTHER | ELIMINATIONS | TOTAL | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Electric operations | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Other operations | ( | ||||||||||||||||||||||
Affiliate revenue | ( | ||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||
Operating revenue, net | $ | $ | $ | ( | $ | ||||||||||||||||||
Depreciation and amortization | $ | $ | (1) | $ | $ | ||||||||||||||||||
Interest income | $ | $ | $ | ( | $ | ||||||||||||||||||
Interest charges | $ | $ | $ | ( | $ | ||||||||||||||||||
Federal and state income tax expense (benefit) | $ | $ | ( | $ | $ | ||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ||||||||||||||||||
Additions to property, plant, and equipment | $ | $ | $ | $ | |||||||||||||||||||
Equity investment in investee | $ | $ | ( | $ | $ | ||||||||||||||||||
Goodwill | $ | $ | $ | $ | |||||||||||||||||||
Total segment assets | $ | $ | $ | $ | |||||||||||||||||||
(1) Includes $ |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
FOR THE YEAR ENDED DEC. 31, 2021 | |||||||||||||||||
(THOUSANDS) | CLECO POWER | CLECO CAJUN | TOTAL SEGMENTS | ||||||||||||||
Revenue | |||||||||||||||||
Electric operations | $ | $ | $ | ||||||||||||||
Other operations | |||||||||||||||||
Affiliate revenue | |||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||
Operating revenue, net | $ | $ | $ | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Add: Depreciation and amortization | (1) | ||||||||||||||||
Less: Interest income | |||||||||||||||||
Add: Interest charges | |||||||||||||||||
Add: Federal and state income tax (benefit) expense | ( | ||||||||||||||||
EBITDA | $ | $ | $ | ||||||||||||||
Additions to property, plant, and equipment | $ | $ | $ | ||||||||||||||
Equity investment in investee | $ | $ | $ | ||||||||||||||
Goodwill | $ | $ | $ | ||||||||||||||
Total segment assets | $ | $ | $ | ||||||||||||||
(1) Includes $ |
FOR THE YEAR ENDED DEC. 31, 2021 | |||||||||||||||||||||||
(THOUSANDS) | TOTAL SEGMENTS | OTHER | ELIMINATIONS | TOTAL SEGMENTS | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Electric operations | $ | $ | ( | $ | $ | ||||||||||||||||||
Other operations | ( | ||||||||||||||||||||||
Affiliate revenue | ( | ||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||
Operating revenue, net | $ | $ | $ | ( | $ | ||||||||||||||||||
Depreciation and amortization | $ | $ | (1) | $ | $ | ||||||||||||||||||
Interest income | $ | $ | $ | ( | $ | ||||||||||||||||||
Interest charges | $ | $ | $ | ( | $ | ||||||||||||||||||
Federal and state income tax expense (benefit) | $ | $ | ( | $ | $ | ||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ||||||||||||||||||
Additions to property, plant, and equipment | $ | $ | $ | $ | |||||||||||||||||||
Equity investment in investee | $ | $ | ( | $ | $ | ||||||||||||||||||
Goodwill | $ | $ | $ | $ | |||||||||||||||||||
Total segment assets | $ | $ | $ | ( | $ | ||||||||||||||||||
(1) Includes $ |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
FOR THE YEAR ENDED DEC. 31, 2020 | |||||||||||||||||
(THOUSANDS) | CLECO POWER | CLECO CAJUN | TOTAL SEGMENTS | ||||||||||||||
Revenue | |||||||||||||||||
Electric operations | $ | $ | $ | ||||||||||||||
Other operations | |||||||||||||||||
Affiliate revenue | |||||||||||||||||
Electric customer credits | ( | ( | ( | ||||||||||||||
Operating revenue, net | $ | $ | $ | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Add: Depreciation and amortization | (1) | ||||||||||||||||
Less: Interest income | |||||||||||||||||
Add: Interest charges | ( | ||||||||||||||||
Add: Federal and state income tax expense | |||||||||||||||||
EBITDA | $ | $ | $ | ||||||||||||||
Additions to property, plant, and equipment | $ | $ | $ | ||||||||||||||
Equity investment in investee | $ | $ | $ | ||||||||||||||
Goodwill | $ | $ | $ | ||||||||||||||
Total segment assets | $ | $ | $ | ||||||||||||||
(1) Includes $ |
FOR THE YEAR ENDED DEC. 31, 2020 | |||||||||||||||||||||||
(THOUSANDS) | TOTAL SEGMENTS | OTHER | ELIMINATIONS | TOTAL | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Electric operations | $ | $ | ( | $ | $ | ||||||||||||||||||
Other operations | ( | ||||||||||||||||||||||
Affiliate revenue | ( | ||||||||||||||||||||||
Electric customer credits | ( | ( | |||||||||||||||||||||
Operating revenue, net | $ | $ | $ | ( | $ | ||||||||||||||||||
Depreciation and amortization | $ | $ | (1) | $ | $ | ||||||||||||||||||
Interest income | $ | $ | $ | ( | $ | ||||||||||||||||||
Interest charges | $ | $ | $ | ( | $ | ||||||||||||||||||
Federal and state income tax expense (benefit) | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ||||||||||||||||||
Additions to property, plant, and equipment | $ | $ | $ | $ | |||||||||||||||||||
Equity investment in investee | $ | $ | $ | $ | |||||||||||||||||||
Goodwill | $ | $ | $ | $ | |||||||||||||||||||
Total segment assets | $ | $ | $ | ( | $ | ||||||||||||||||||
(1) Includes $ |
FOR THE YEARS ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Add: Depreciation and amortization | |||||||||||||||||
Less: Interest income | |||||||||||||||||
Add: Interest charges | |||||||||||||||||
Add: Federal and state income tax expense | |||||||||||||||||
Add (less): Other corporate costs and noncash items (1) | ( | ||||||||||||||||
Total segment EBITDA | $ | $ | $ | ||||||||||||||
(1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Note 13 — Regulation and Rates |
AT DEC. 31, | ||||||||
(THOUSANDS) | 2022 | 2021 | ||||||
Cleco Katrina/Rita storm recovery charges | $ | $ | ||||||
FRP | $ | $ | ||||||
Site-specific industrial customer | $ | $ | ||||||
TCJA | $ | $ | ||||||
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Note 14 — Variable Interest Entities |
(THOUSANDS) | AT DEC. 31, 2022 | ||||
Restricted cash - current | $ | ||||
Accounts receivable - affiliate | |||||
Intangible asset - securitization | |||||
Total assets | $ | ||||
Long-term debt due within one year | $ | ||||
Accounts payable - affiliate | |||||
Interest accrued | |||||
Long-term debt, net | |||||
Member’s equity | |||||
Total liabilities and member’s equity | $ |
(THOUSANDS) | FOR THE YEAR ENDED DEC. 31, 2022 | ||||
Operating revenue | $ | ||||
Operating expenses | ( | ||||
Interest income | |||||
Interest charges, net | ( | ||||
Income before taxes | $ |
AT DEC. 31, | |||||||||||
INCEPTION TO DATE (THOUSANDS) | 2022 | 2021 | |||||||||
Purchase price | $ | $ | |||||||||
Cash contributions | |||||||||||
Distributions | ( | ( | |||||||||
Total equity investment in investee | $ | $ |
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Oxbow’s net assets/liabilities | $ | $ | |||||||||
Cleco Power’s 50% equity | $ | $ | |||||||||
Cleco Power’s maximum exposure to loss | $ | $ |
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Current assets | $ | $ | |||||||||
Property, plant, and equipment, net | |||||||||||
Total assets | $ | $ | |||||||||
Current liabilities | $ | $ | |||||||||
Other liabilities | |||||||||||
Partners’ capital | |||||||||||
Total liabilities and partners’ capital | $ | $ |
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Operating revenue | $ | $ | $ | ||||||||||||||
Operating expenses | ( | ( | ( | ||||||||||||||
Income before taxes | $ | $ | $ |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Note 15 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
(THOUSANDS) | CLECO POWER | CLECO | |||||||||
For the year ending Dec. 31, | |||||||||||
2023 | $ | $ | |||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
Thereafter | |||||||||||
Total long-term purchase obligations | $ | $ |
(THOUSANDS) | CLECO CAJUN | CLECO POWER | CLECO | ||||||||
Balance, Dec. 31, 2020 | $ | $ | $ | ||||||||
Liabilities settled | ( | ( | |||||||||
Accretion | |||||||||||
Revisions and adjustments | |||||||||||
Balance, Dec. 31, 2021 | $ | $ | $ | ||||||||
Liabilities settled | ( | ( | ( | ||||||||
Accretion | |||||||||||
Revisions and adjustments | |||||||||||
Balance, Dec. 31, 2022 | $ | $ | $ |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Note 16 — Affiliate Transactions |
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Support Group | |||||||||||||||||
Other operations and maintenance | $ | $ | $ | ||||||||||||||
Taxes other than income taxes | $ | ( | $ | $ | |||||||||||||
Other expense | $ | $ | $ | ||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Other operations revenue | |||||||||||||||||
Cleco Cajun | $ | $ | $ | ||||||||||||||
Affiliate revenue | |||||||||||||||||
Support Group | |||||||||||||||||
Cleco Cajun | |||||||||||||||||
Other income | |||||||||||||||||
Total | $ | $ | $ |
AT DEC. 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
(THOUSANDS) | ACCOUNTS RECEIVABLE | ACCOUNTS PAYABLE | ACCOUNTS RECEIVABLE | ACCOUNTS PAYABLE | |||||||||||||||||||
Cleco Holdings | $ | $ | $ | $ | |||||||||||||||||||
Support Group | |||||||||||||||||||||||
Cleco Cajun | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Note 17 — Intangible Assets, Intangible Liabilities, and Goodwill |
(THOUSANDS) | AT DEC. 31, 2022 | ||||
Storm Recovery Property intangible asset | $ | ||||
Accumulated amortization | ( | ||||
Net intangible asset subject to amortization | $ |
Cleco | |||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Intangible assets | |||||||||||||||||
Trade name | $ | $ | $ | ||||||||||||||
Power supply agreements | $ | $ | $ | ||||||||||||||
Intangible liabilities | |||||||||||||||||
LTSA | $ | $ | $ | ||||||||||||||
Power supply agreements | $ | $ | $ | ||||||||||||||
An impairment on the Trade name intangible asset was recognized in 2021. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Intangible assets | |||||||||||
Power supply agreements | $ | $ | |||||||||
Total intangible assets carrying amount | $ | $ | |||||||||
Intangible liabilities | |||||||||||
LTSA | |||||||||||
Power supply agreements | |||||||||||
Total intangible liabilities carrying amount | |||||||||||
Net intangible assets carrying amount | |||||||||||
Accumulated amortization | ( | ( | |||||||||
Net intangible assets subject to amortization | $ | $ |
Cleco | ||||||||
(THOUSANDS) | INTANGIBLE ASSETS | INTANGIBLE LIABILITIES | ||||||
For the year ending Dec. 31, | ||||||||
2023 | $ | $ | ||||||
2024 | $ | $ | ||||||
2025 | $ | $ | ||||||
2026 | $ | $ | ||||||
2027 | $ | $ | ||||||
Thereafter | $ | $ |
Note 18 — Accumulated Other Comprehensive Loss |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Cleco | |||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET GAIN (LOSS) | ||||
Balance, Dec. 31, 2019 | $ | ( | |||
Other comprehensive income before reclassifications | |||||
Postretirement benefit adjustments incurred during the year | ( | ||||
Amounts reclassified from accumulated other comprehensive income | |||||
Amortization of postretirement benefit net loss | |||||
Balance, Dec. 31, 2020 | $ | ( | |||
Other comprehensive income before reclassifications | |||||
Postretirement benefit adjustments incurred during the year | |||||
Amounts reclassified from accumulated other comprehensive income | |||||
Amortization of postretirement benefit net loss | |||||
Balance, Dec. 31, 2021 | $ | ( | |||
Other comprehensive income before reclassifications | |||||
Postretirement benefit adjustments incurred during the year | |||||
Amounts reclassified from accumulated other comprehensive income | |||||
Amortization of postretirement benefit net loss | |||||
Balance, Dec. 31, 2022 | $ |
Cleco Power | |||||||||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET (LOSS) GAIN | NET (LOSS) GAIN ON CASH FLOW HEDGES | TOTAL AOCI | ||||||||||||||
Balances, Dec. 31, 2019 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive loss before reclassifications | |||||||||||||||||
Postretirement benefit adjustments incurred during the year | ( | — | ( | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||
Amortization of postretirement benefit net loss | — | ||||||||||||||||
Reclassification of net loss to interest charges | — | ||||||||||||||||
Balances, Dec. 31, 2020 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive loss before reclassifications | |||||||||||||||||
Postretirement benefit adjustments incurred during the year | — | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||
Amortization of postretirement benefit net loss | — | ||||||||||||||||
Reclassification of net loss to interest charges | — | ||||||||||||||||
Balances, Dec. 31, 2021 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive loss before reclassifications | |||||||||||||||||
Postretirement benefit adjustments incurred during the year | — | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||
Amortization of postretirement benefit net loss | — | ||||||||||||||||
Reclassification of net loss to interest charges | — | ||||||||||||||||
Balances, Dec. 31, 2022 | $ | ( | $ | ( | $ | ( |
Note 19 — Securitization |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. CONTROLS AND PROCEDURES |
ITEM 9B. OTHER INFORMATION |
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
PART III |
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE OF THE REGISTRANTS |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
NAME OF EXECUTIVE | POSITION AND FIVE-YEAR EMPLOYMENT HISTORY | ||||
William G. Fontenot Cleco Holdings Cleco Power Cleco Cajun | President and CEO since January 2018. CEO since February 2019; President and CEO from January 2018 to February 2019. CEO since February 2019. (Age 60) | ||||
Kristin L. Guillory Cleco Holdings Cleco Power Cleco Cajun | CFO since July 2021; Treasurer from February 2018 to September 2019; General Manager Finance and Assistant Treasurer from May 2016 to February 2018. CFO since July 2021; President from September 2019 to July 2021. (Age 40) |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
NAME OF EXECUTIVE | POSITION AND FIVE-YEAR EMPLOYMENT HISTORY | ||||
Robert R. LaBorde, Jr. Cleco Holdings | Chief Operations & Sustainability Officer since January 2022; Chief Operations Officer from February 2019 to January 2022; Vice President Generation Operations & Environmental Services from April 2016 to February 2019. (Age 55) | ||||
Justin S. Hilton Cleco Power Cleco Holdings Cleco Power | President since February 2019. Vice President MISO Operations from April 2016 to February 2019. (Age 53) | ||||
William B. Conway, Jr. Cleco Holdings Cleco Power | Chief Development Officer, Chief Compliance Officer and General Counsel since June 2022; Chief Compliance Officer and General Counsel since July 2020; Retired from May 2017 to June 2020. (Age 65) | ||||
Mark A. Madsen Cleco Holdings | Chief Information & Supply Chain Officer since August 2020; Chief Digital & Information Officer from May 2019 to August 2020; Chief Information Officer, Vice President of IT - Waste Management Inc. from March 2010 to January 2019. (Age 53) | ||||
Normanique G. Preston Cleco Holdings | Chief Human Resources & Diversity Officer since September 2019; Vice President Human Resources from August 2018 to September 2019; Vice President - Human Resources, Dynegy, Inc. from November 2015 to June 2018. (Age 56) | ||||
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
ITEM 11. EXECUTIVE COMPENSATION |
2022 PAY ELEMENT | DESCRIPTION | ||||
Base Salary | • Fixed pay element • Delivered in cash | ||||
Annual Cash Incentive (STIP) | • Performance-based annual incentive plan that pays out in cash • Adjusted EBITDA is the primary metric for the named executive officers • Additional metrics include safety, system reliability, customer service, generation fleet availability, and milestone measures | ||||
Long-Term Incentives | • Performance-based incentive paid in cash currently with a three-year cycle • Payout is contingent on Average ROIC and Total Shareholder Return (TSR), each weighted at 50% | ||||
Benefits | • Broad-based benefits such as group medical, dental, vision, and prescription drug coverage; basic life insurance; supplemental life insurance; dependent life insurance; accidental death and dismemberment insurance; a defined benefit pension plan (for those employees hired prior to August 1, 2007); and a 401(k) Plan with a Company match for those employees hired before August 1, 2007, as well as a 401(k) Plan with an enhanced benefit for those employees hired on or after August 1, 2007 | ||||
Executive Benefits | • SERP (closed to new participants in 2014) • Nonqualified Deferred Compensation Plan | ||||
Perquisites | • Limited to executive physicals, spousal/companion travel, and relocation assistance |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
2022 PEER GROUP COMPANIES | ||||||||
ALLETE, Inc. | Hawaiian Electric Industries, Inc. | Otter Tail Corporation | ||||||
Alliant Energy Corporation | IDACORP, Inc. | Pinnacle West Capital Corporation | ||||||
Avista Corporation | NorthWestern Corporation | PNM Resources, Inc. | ||||||
Black Hills Corporation | OGE Energy Corp. | Portland General Electric Company |
NAME | 2022 BASE SALARY | 2022 % CHANGE (1) | ||||||
Mr. Fontenot | $ | 721,000 | 0.0 | % | ||||
Ms. Guillory | $ | 390,000 | 2.6 | % | ||||
Mr. LaBorde | $ | 350,000 | 12.9 | % | ||||
Mr. Hilton (2) | $ | 295,000 | 3.5 | % | ||||
Mr. Conway | $ | 385,000 | 5.5 | % |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
NAME | TARGET AS % OF BASE SALARY | ||||
Mr. Fontenot (1) | 115% | ||||
Ms. Guillory | 65% | ||||
Mr. LaBorde | 50% | ||||
Mr. Hilton (2) | 50% | ||||
Mr. Conway | 60% |
CONSOLIDATED | BUSINESS UNIT | MILESTONE MEASURES | ||||||||||||||||||||||||||||||
SAFETY | ADJUSTED EBITDA | EFORd | PEAK EAF | CUSTOMER SATISFACTION | LPSC SAIDI | ADJUSTED EBITDA | ||||||||||||||||||||||||||
Cleco Power | 10% | 20% | 10% | 15% | 5% | 20% | 20% | |||||||||||||||||||||||||
Cleco Support (1) | 10% | 45% | 7.5% | 7.5% | 7.5% | 2.5% | 20% | |||||||||||||||||||||||||
Cleco Cajun | 10% | 20% | 5% | 15% | 30% | 20% |
SAFETY - TRIR MATRIX (4%) | |||||
PERFORMANCE LEVEL | % OF TRIR TARGET AWARD PAID | ||||
Above 0.623 | 0% | ||||
0.530 - 0.623 | 50% | ||||
0.436 - 0.529 | 100% | ||||
0.343 - 0.435 | 150% | ||||
At or below 0.342 | 200% | ||||
2022 Result (0.845) | 0% |
SAFETY - DART MATRIX (4%) | |||||
PERFORMANCE LEVEL | % OF DART TARGET AWARD PAID | ||||
Above 0.342 | 0% | ||||
0.291 - 0.342 | 50% | ||||
0.239 - 0.290 | 100% | ||||
0.187 - 0.238 | 150% | ||||
At or below 0.186 | 200% | ||||
2022 Results (0.384) | 0% |
SAFETY - CONTRACTOR TRIR MATRIX (2%) | |||||
PERFORMANCE LEVEL | % OF DART TARGET AWARD PAID | ||||
Above 1.057 | 0% | ||||
At or below 1.057 | 100% | ||||
2022 Results (0.772) | 100% |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
ADJUSTED EBITDA MATRIX - CONSOLIDATED | |||||
PERFORMANCE LEVEL | % OF FINANCIAL TARGET AWARD PAID | ||||
Below $547.7 million | 0% | ||||
Below $604.5 and at or above $547.7 million | 50% | ||||
$604.5 million | 100% | ||||
Above $604.5 and below $668.0 million | 150% | ||||
At or above $668.0 million | 200% | ||||
2022 Result - $585.4 million | 83.2% |
EFORd MATRIX - CLECO POWER (10%) | |||||
PERFORMANCE LEVEL | % OF EFORd TARGET AWARD PAID | ||||
Above 8.70% | 0% | ||||
6.49% - 8.70% | 50% | ||||
4.28% - 6.48% | 100% | ||||
2.06% - 4.27% | 150% | ||||
At or below 2.05% | 200% | ||||
2022 Result (8.88%) | 0% |
EFORd MATRIX - CLECO CAJUN (5%) | |||||
PERFORMANCE LEVEL | % of EFORd TARGET AWARD PAID | ||||
Above 10.92% | 0% | ||||
8.19% - 10.92% | 50% | ||||
5.45% - 8.18% | 100% | ||||
2.72% - 5.44% | 150% | ||||
At or below 2.71% | 200% | ||||
2022 Result (4.92%) | 150% |
PEAK EAF MATRIX - CLECO CAJUN (15%) | |||||
PERFORMANCE LEVEL | % OF PEAK EAF TARGET AWARD PAID | ||||
Below 95.95% | 0% | ||||
96.95% - 95.95% | 50% | ||||
97.97% - 96.96% | 100% | ||||
99.00% - 97.98% | 150% | ||||
At or above 99.01% | 200% | ||||
2022 Result (97.02%) | 100% |
CUSTOMER SATISFACTION MATRIX - CLECO POWER (15%) | |||||
PERFORMANCE LEVEL | % OF CUSTOMER SATISFACTION TARGET AWARD PAID | ||||
Below 25th Percentile | 0% | ||||
25th - 49th Percentile | 50% | ||||
50th - 74th Percentile | 100% | ||||
75th - 89th Percentile | 150% | ||||
At or above 90th Percentile | 200% | ||||
2022 Result - Below 25th Percentile | 0% |
LPSC SAIDI MATRIX - CLECO POWER (5%) | |||||
PERFORMANCE LEVEL | % OF LPSC SAIDI TARGET AWARD PAID | ||||
Above 2.87 | 0% | ||||
At or below 2.87 | 100% | ||||
2022 Result (2.76) | 100% |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
ADJUSTED EBITDA MATRIX - CLECO POWER (20%) | |||||
PERFORMANCE LEVEL | % OF FINANCIAL TARGET AWARD PAID | ||||
Below $426.6 million | 0 | % | |||
Below $461.2 and at or above $426.6 million | 50 | % | |||
$461.2 million | 100 | % | |||
Above $461.2 and below $495.8 million | 150 | % | |||
At or above $495.8 million | 200 | % | |||
2022 Result - $449.4 million | 82.9% |
ADJUSTED EBITDA MATRIX - CLECO CAJUN (30%) | |||||
PERFORMANCE LEVEL | % OF FINANCIAL TARGET AWARD PAID | ||||
Below $120.8 million | 0 | % | |||
Below $143.0 million and at or above $120.8 million | 50 | % | |||
$143.2 million | 100 | % | |||
Above $143.2 and below $171.7 million | 150 | % | |||
At or above $171.7 million | 200 | % | |||
2022 Result - $136.3 million | 84.8% |
MILESTONE MEASURES (20% with up to a 5% stretch) | |||||
2022 RESULTS | % OF MILESTONE TARGET AWARD PAID | ||||
Cleco Power | 22.5% | ||||
Support Group | 22.5% | ||||
Cleco Cajun | 22.5% |
% OF TARGET | x | AWARD LEVEL | = | % OF PAYOUT | ||||||||||||||||
Safety Consolidated | 10 | % | 20.0 | % | 2.0% | |||||||||||||||
Adjusted EBITDA Consolidated | 20 | % | 41.6 | % | 8.32% | |||||||||||||||
EFORd | 10 | % | 0.0 | % | 0% | |||||||||||||||
Customer Satisfaction | 15 | % | 0.0 | % | 0% | |||||||||||||||
LPSC SAIDI | 5 | % | 100.0 | % | 5.0% | |||||||||||||||
Adjusted EBITDA | 20 | % | 124.4 | % | 24.87% | |||||||||||||||
Milestone Measures (stretch included) | 20 | % | 112.5 | % | 22.50 | % | ||||||||||||||
Resulting Total (1) | 100 | % | 62.70 | % |
% OF TARGET | x | AWARD LEVEL | = | % OF PAYOUT | ||||||||||||||||
Safety Consolidated | 10 | % | 20.0 | % | 2.00 | % | ||||||||||||||
Adjusted EBITDA Consolidated | 45 | % | 83.2 | % | 37.45 | % | ||||||||||||||
EFORd | 7.5 | % | 50.0 | % | 3.75 | % | ||||||||||||||
Peak EAF | 7.5 | % | 100.0 | % | 7.50 | % | ||||||||||||||
Customer Satisfaction | 7.5 | % | 0.0 | % | 0.00 | % | ||||||||||||||
LPSC SAIDI | 2.5 | % | 100.0 | % | 2.50 | % | ||||||||||||||
Milestone Measures (stretch included) | 20 | % | 112.5 | % | 22.50 | % | ||||||||||||||
Resulting Total (1) | 100 | % | 75.70 | % |
% OF TARGET | x | AWARD LEVEL | = | % OF PAYOUT | ||||||||||||||||
Safety Consolidated | 10 | % | 20.0 | % | 2.00 | % | ||||||||||||||
Adjusted EBITDA Consolidated | 20 | % | 41.6 | % | 8.32 | % | ||||||||||||||
EFORd | 5 | % | 150.0 | % | 7.50 | % | ||||||||||||||
Peak EAF | 15 | % | 100.0 | % | 15.00 | % | ||||||||||||||
Adjusted EBITDA | 30 | % | 113.1 | % | 33.94 | % | ||||||||||||||
Milestone Measures (stretch included) | 20 | % | 112.5 | % | 22.50 | % | ||||||||||||||
Resulting Total (1) | 100 | % | 89.30 | % |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
NAME | TARGET AS % OF BASE SALARY(1) | ||||
Mr. Fontenot | 236 | % | |||
Ms. Guillory | 120 | % | |||
Mr. LaBorde | 85 | % | |||
Mr. Hilton (2) | 90 | % | |||
Mr. Conway | 105 | % |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
NAME AND PRINCIPAL POSITION | YEAR | SALARY($) | BONUS($) | NON-EQUITY INCENTIVE PLAN COMPENSATION ($) | CHANGE IN PENSION VALUE AND NONQUALIFIED DEFERRED COMPENSATION EARNINGS ($)(1) | ALL OTHER COMPENSATION ($) | TOTAL ($) | ||||||||||||||||
A | B | C | D | E | F | G | H | ||||||||||||||||
William G. Fontenot, (2) | 2022 | $ | 721,000 | $ | 0 | $ | 1,888,467 | $ | 0 | $ | 26,709 | $ | 2,636,176 | ||||||||||
President & CEO | 2021 | $ | 719,385 | $ | 0 | $ | 2,200,081 | $ | 42,503 | $ | 20,877 | $ | 2,982,846 | ||||||||||
2020 | $ | 721,154 | $ | 0 | $ | 1,806,020 | $ | 1,320,099 | $ | 17,520 | $ | 3,864,793 | |||||||||||
Kristin L. Guillory, (3) | 2022 | $ | 389,231 | $ | 0 | $ | 403,162 | $ | 0 | $ | 14,440 | $ | 806,833 | ||||||||||
CFO | 2021 | $ | 320,000 | $ | 0 | $ | 329,917 | $ | 12,029 | $ | 12,251 | $ | 674,197 | ||||||||||
Robert R. LaBorde, Jr., | 2022 | $ | 346,923 | $ | 0 | $ | 345,911 | $ | 0 | $ | 26,828 | $ | 719,662 | ||||||||||
Chief Operations & Sustainability Officer | 2021 | $ | 308,462 | $ | 0 | $ | 442,313 | $ | 0 | $ | 26,673 | $ | 777,448 | ||||||||||
2020 | $ | 298,269 | $ | 0 | $ | 319,608 | $ | 485,114 | $ | 13,693 | $ | 1,116,684 | |||||||||||
Justin S. Hilton, | 2022 | $ | 294,231 | $ | 0 | $ | 316,116 | $ | 0 | $ | 13,035 | $ | 623,382 | ||||||||||
President - Cleco Power | 2021 | $ | 284,231 | $ | 0 | $ | 416,023 | $ | 50,551 | $ | 12,241 | $ | 763,046 | ||||||||||
2020 | $ | 283,846 | $ | 0 | $ | 237,357 | $ | 376,853 | $ | 10,050 | $ | 908,106 | |||||||||||
William B. Conway, Jr., (3) | 2022 | $ | 383,462 | $ | 0 | $ | 433,169 | $ | 0 | $ | 24,138 | $ | 840,769 | ||||||||||
Chief Corporate Development & Compliance Officer & General Counsel | 2021 | $ | 363,846 | $ | 0 | $ | 186,108 | $ | 0 | $ | 13,462 | $ | 563,416 |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
MR. FONTENOT | MS. GUILLORY | MR. LABORDE | MR. HILTON | MR. CONWAY | |||||||||||||
Cleco Contributions to 401(k) Plan | $ | 12,200 | $ | 13,602 | $ | 26,029 | $ | 11,884 | $ | 23,338 | |||||||
Taxable Group Term Life Insurance | 830 | 38 | 350 | 350 | 0 | ||||||||||||
Spousal Travel | 4,960 | 0 | 0 | 0 | 0 | ||||||||||||
Memberships | 800 | 800 | 0 | 800 | 800 | ||||||||||||
Unused vacation payout at separation/retirement | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Severance | 0 | 0 | 0 | 0 | 0 | ||||||||||||
FICA Tax on SERP | 7,919 | 0 | 449 | 0 | 0 | ||||||||||||
Total Other Compensation | $ | 26,709 | $ | 14,440 | $ | 26,828 | $ | 13,034 | $ | 24,138 |
NAME | GRANT DATE | ESTIMATED FUTURE PAYMENTS UNDER NON-EQUITY INCENTIVE PLAN AWARDS (STIP) | ESTIMATED FUTURE PAYMENTS UNDER NON-EQUITY INCENTIVE PLAN AWARDS (2022-2024 LTIP GRANT) | |||||||||||||||||||||||
THRESHOLD ($) | TARGET ($) | MAXIMUM ($) | THRESHOLD ($) | TARGET ($) | MAXIMUM ($) | |||||||||||||||||||||
A | B | C | D | E | F | G | H | |||||||||||||||||||
Mr. Fontenot | 01/01/22 | $ | 0 | $ | 829,150 | $ | 1,442,000 | $ | 0 | $ | 1,700,000 | $ | 3,400,000 | |||||||||||||
Ms. Guillory | 01/01/22 | $ | 0 | $ | 253,000 | $ | 506,000 | $ | 0 | $ | 468,000 | $ | 936,000 | |||||||||||||
Mr. Conway | 01/01/22 | $ | 0 | $ | 230,077 | $ | 460,154 | $ | 0 | $ | 404,250 | $ | 808,500 | |||||||||||||
Mr. LaBorde | 01/01/22 | $ | 0 | $ | 173,462 | $ | 346,923 | $ | 0 | $ | 297,500 | $ | 595,000 | |||||||||||||
Mr. Hilton | 01/01/22 | $ | 0 | $ | 147,115 | $ | 294,231 | $ | 0 | $ | 265,500 | $ | 531,000 |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
NAME | PLAN NAME (s) | NUMBER OF YEARS OF CREDITED SERVICE (#) | PRESENT VALUE OF ACCUMULATED BENEFIT ($) | PAYMENTS DURING LAST FISCAL YEAR ($) | ||||||||||||||||
Mr. Fontenot | Cleco Corporate Holdings LLC Pension Plan | 36 | $ | 1,908,912 | $ | 0 | ||||||||||||||
Cleco Corporation SERP | 36 | $ | 3,523,112 | $ | 0 | |||||||||||||||
Ms. Guillory (1) | Cleco Corporate Holdings LLC Pension Plan | 18 | $ | 362,401 | $ | 0 | ||||||||||||||
Cleco Corporation SERP | 0 | $ | 0 | $ | 0 | |||||||||||||||
Mr. LaBorde (2) | Cleco Corporate Holdings LLC Pension Plan | 16 | $ | 471,383 | $ | 0 | ||||||||||||||
Cleco Corporation SERP | 14 | $ | 1,230,648 | $ | 0 | |||||||||||||||
Mr. Hilton (3) | Cleco Corporate Holdings LLC Pension Plan | 33 | $ | 1,298,559 | $ | 0 | ||||||||||||||
Cleco Corporation SERP | 0 | $ | 0 | $ | 0 | |||||||||||||||
Mr. Conway (4) | Cleco Corporate Holdings LLC Pension Plan | 0 | $ | 0 | $ | 0 | ||||||||||||||
Cleco Corporation SERP | 0 | $ | 0 | $ | 0 |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
ESTIMATED PAYMENTS AT 55 (OR ACTUAL ATTAINED AGE IF GREATER THAN 55) | |||||||||||
PENSION | SERP | TOTAL | |||||||||
Mr. Fontenot | $ | 132,303 | $ | 162,697 | $ | 295,000 | |||||
Ms. Guillory | $ | 57,075 | $ | 0 | $ | 57,075 | |||||
Mr. LaBorde | $ | 40,020 | $ | 58,279 | $ | 98,299 | |||||
Mr. Hilton | $ | 108,740 | $ | 0 | $ | 108,740 | |||||
Mr. Conway (1) | $ | 0 | $ | 0 | $ | 0 | |||||
(1) Mr. Conway did not participant in the Pension Plan, as he was hired after August 1, 2007, nor SERP, as he was hired after the plan was closed to new participants in July 2014. |
NAME | EXECUTIVE OFFICER CONTRIBUTIONS IN 2022 ($)(1) | COMPANY CONTRIBUTIONS IN 2022 ($) | AGGREGATE EARNINGS IN 2022 ($) (2) | AGGREGATE WITHDRAWALS/ DISTRIBUTIONS IN 2022 ($) | AGGREGATE BALANCE AT DECEMBER 31, 2022 ($)(3) | ||||||||||||
A | B | C | D | E | F | ||||||||||||
Mr. Fontenot | $ | 467,966 | $ | 0 | $ | 0 | $ | 0 | $ | 3,038,029 | |||||||
Ms. Guillory | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||
Mr. LaBorde | $ | 80,866 | $ | 0 | $ | 0 | $ | 0 | $ | 798,595 | |||||||
Mr. Hilton | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||
Mr. Conway | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Mr. Fontenot | |||||||||||||||||||||||
VALUE OF PAYMENT/BENEFIT | TERMINATION BY EXECUTIVE | DISABILITY | DEATH | RETIREMENT | CONSTRUCTIVE TERMINATION | TERMINATION FOR CAUSE | CHANGE IN CONTROL | ||||||||||||||||
Cash Severance | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 721,000 | $ | 0 | $ | 3,009,405 | |||||||||
Annual Cash Bonus | 0 | 667,467 | 667,467 | 667,467 | 667,467 | 0 | 0 | ||||||||||||||||
Long-Term Incentive | 0 | 2,921,000 | 2,921,000 | 2,921,000 | 2,921,000 | 0 | 5,050,000 | ||||||||||||||||
Cash Payment in Lieu of Outplacement Services | 0 | 0 | 0 | 0 | 50,000 | 0 | 0 | ||||||||||||||||
Present Value of Incremental SERP Payments(1) | 0 | 201,869 | 3,705,198 | 0 | 0 | (2,502,107) | 2,017,684 | ||||||||||||||||
SERP Supplemental Death Benefit | 0 | 0 | 2,163,000 | 0 | 0 | 0 | 0 | ||||||||||||||||
Purchase of Principal Residence/Relocation | 0 | 0 | 0 | 0 | 0 | 0 | 83,500 | ||||||||||||||||
COBRA Medical Coverage | 0 | 0 | 0 | 0 | 31,033 | 0 | 41,377 | ||||||||||||||||
Total Incremental Value | $ | 0 | $ | 3,790,336 | $ | 9,456,665 | $ | 3,588,467 | $ | 4,390,500 | $ | (2,502,107) | $ | 10,201,966 |
Ms. Guillory | |||||||||||||||||||||||
VALUE OF PAYMENT/BENEFIT | TERMINATION BY EXECUTIVE | DISABILITY | DEATH | RETIREMENT (1) | CONSTRUCTIVE TERMINATION | TERMINATION FOR CAUSE | CHANGE IN CONTROL | ||||||||||||||||
Cash Severance | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 390,000 | $ | 0 | $ | 1,141,184 | |||||||||
Annual Cash Bonus | 0 | 191,522 | 191,522 | 0 | 191,522 | 0 | 0 | ||||||||||||||||
Long-Term Incentive | 0 | 565,640 | 565,640 | 0 | 565,640 | 0 | 1,051,000 | ||||||||||||||||
Cash Payment in Lieu of Outplacement Services | 0 | 0 | 0 | 0 | 25,000 | 0 | 0 | ||||||||||||||||
Present Value of Incremental SERP Payments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
SERP Supplemental Death Benefit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Purchase of Principal Residence/Relocation Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 83,500 | ||||||||||||||||
COBRA Medical Coverage | 0 | 0 | 0 | 0 | 31,033 | 0 | 41,377 | ||||||||||||||||
Total Incremental Value | $ | 0 | $ | 757,162 | $ | 757,162 | $ | 0 | $ | 1,203,195 | $ | 0 | $ | 2,317,061 |
Mr. LaBorde | |||||||||||||||||||||||
VALUE OF PAYMENT/BENEFIT | TERMINATION BY EXECUTIVE | DISABILITY | DEATH | RETIREMENT (1) | CONSTRUCTIVE TERMINATION | TERMINATION FOR CAUSE | CHANGE IN CONTROL | ||||||||||||||||
Cash Severance | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 350,000 | $ | 0 | $ | 1,026,577 | |||||||||
Annual Cash Bonus | 0 | 131,311 | 131,311 | 0 | 131,311 | 0 | 0 | ||||||||||||||||
Long-Term Incentive | 0 | 510,100 | 510,100 | 0 | 510,100 | 0 | 882,000 | ||||||||||||||||
Cash Payment in Lieu of Outplacement Services | 0 | 0 | 0 | 0 | 25,000 | 0 | 0 | ||||||||||||||||
Present Value of Incremental SERP Payments(2) | 0 | 638,730 | 1,500,205 | 0 | 0 | (932,667) | 939,794 | ||||||||||||||||
SERP Supplemental Death Benefit | 0 | 0 | 875,000 | 0 | 0 | 0 | 0 | ||||||||||||||||
Purchase of Principal Residence/Relocation Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 83,500 | ||||||||||||||||
COBRA Medical Coverage | 0 | 0 | 0 | 0 | 31,033 | 0 | 41,377 | ||||||||||||||||
Total Incremental Value | $ | 0 | $ | 1,280,141 | $ | 3,016,616 | $ | 0 | $ | 1,047,444 | $ | (932,667) | $ | 2,973,248 |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Mr. Hilton | |||||||||||||||||||||||
VALUE OF PAYMENT/BENEFIT | TERMINATION BY EXECUTIVE | DISABILITY | DEATH | RETIREMENT (1) | CONSTRUCTIVE TERMINATION | TERMINATION FOR CAUSE | CHANGE IN CONTROL | ||||||||||||||||
Cash Severance | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 295,000 | $ | 0 | $ | 864,540 | |||||||||
Annual Cash Bonus | 0 | 92,242 | 92,242 | 0 | 92,242 | 0 | 0 | ||||||||||||||||
Long-Term Incentive | 0 | 502,350 | 502,350 | 0 | 502,350 | 0 | 853,000 | ||||||||||||||||
Cash Payment in Lieu of Outplacement Services | 0 | 0 | 0 | 0 | 25,000 | 0 | 0 | ||||||||||||||||
Present Value of Incremental SERP Payments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
SERP Supplemental Death Benefit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Purchase of Principal Residence/Relocation Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 83,500 | ||||||||||||||||
COBRA Medical Coverage | 0 | 0 | 0 | 0 | 31,033 | 0 | 41,377 | ||||||||||||||||
Total Incremental Value | $ | 0 | $ | 594,592 | $ | 594,592 | $ | 0 | $ | 945,625 | $ | 0 | $ | 1,842,417 |
Mr. Conway | |||||||||||||||||||||||
VALUE OF PAYMENT/BENEFIT | TERMINATION BY EXECUTIVE | DISABILITY | DEATH | RETIREMENT (1) | CONSTRUCTIVE TERMINATION | TERMINATION FOR CAUSE | CHANGE IN CONTROL | ||||||||||||||||
Cash Severance | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 385,000 | $ | 0 | $ | 955,771 | |||||||||
Annual Cash Bonus | 0 | 174,169 | 174,169 | 0 | 174,169 | 0 | 0 | ||||||||||||||||
Long-Term Incentive | 0 | 649,250 | 649,250 | 0 | 649,250 | 0 | 1,137,500 | ||||||||||||||||
Cash Payment in Lieu of Outplacement Services | 0 | 0 | 0 | 0 | 25,000 | 0 | 0 | ||||||||||||||||
SERP Supplemental Death Benefit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Purchase of Principal Residence/Relocation Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 83,500 | ||||||||||||||||
COBRA Medical Coverage | 0 | 0 | 0 | 0 | 34,846 | 0 | 46,461 | ||||||||||||||||
Total Incremental Value | $ | 0 | $ | 823,419 | $ | 823,419 | $ | 0 | $ | 1,268,265 | $ | 0 | $ | 2,223,232 |
NAME (1) | FEES EARNED OR PAID IN CASH ($) | TOTAL ($) | ||||||
A | B | C | ||||||
Rick Gallot | $ | 160,000 | $ | 160,000 | ||||
Randy Gilchrist | $ | 160,000 | $ | 160,000 | ||||
Peggy Scott | $ | 250,000 | $ | 250,000 | ||||
Melissa Stark | $ | 3,750 | $ | 3,750 | ||||
Bruce Wainer | $ | 160,000 | $ | 160,000 |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES |
2022 | 2021 | ||||||||||
Audit fees | $ | 2,420,500 | $ | 2,258,964 | |||||||
Audit-related fees | 208,500 | 206,250 | |||||||||
Tax fees | 593,017 | 394,920 | |||||||||
Other fees | 60,251 | 8,251 | |||||||||
Total | $ | 3,282,268 | $ | 2,868,385 |
2022 | 2021 | ||||||||||
Audit fees | $ | 1,961,400 | $ | 1,846,721 | |||||||
Audit-related fees | 177,500 | 176,250 | |||||||||
Tax fees | 474,414 | 315,936 | |||||||||
Other fees | 8,671 | 6,601 | |||||||||
Total | $ | 2,621,985 | $ | 2,345,508 |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
PART IV |
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES | ||||||||
FORM 10-K ANNUAL REPORT | ||||||||
Report of Independent Registered Public Accounting Firm (PCAOB ID | ||||||||
Report of Independent Registered Public Accounting Firm (PCAOB ID | ||||||||
15(a)(2) | Financial Statement Schedules | |||||||
Financial Statement Schedules other than those shown in the above index are omitted because they are either not required or are not applicable or the required information is shown in the Consolidated Financial Statements and Notes thereto | ||||||||
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
EXHIBITS | |||||||||||||||||
CLECO | SEC FILE OR REGISTRATION NUMBER | REGISTRATION STATEMENT OR REPORT | EXHIBIT NUMBER | ||||||||||||||
2(a) | 1-15759 | 8-K(10/20/14) | 2.1 | ||||||||||||||
2(b) | 1-15759 | 10-Q(3/18) | 2.1 | ||||||||||||||
2(c) | 1-15759 | 8-K(2/8/19) | 10.6 | ||||||||||||||
3(a) | 1-15759 | 8-K(4/19/16) | 3.1 | ||||||||||||||
3(b) | 1-15759 | 8-K(4/19/16) | 3.2 | ||||||||||||||
4(a)(1) | Indenture between Cleco Power (as successor) and Bankers Trust Company, as Trustee, dated as of October 1, 1988 | 33-24896 | S-3(10/11/88) | 4(b) | |||||||||||||
4(a)(2) | 333-02895 | S-3(4/29/96) | 4(a)(2) | ||||||||||||||
4(a)(3) | 333-52540 | S-3/A(1/26/01) | 4(a)(2) | ||||||||||||||
4(a)(4) | 333-52540 | S-3/A(1/26/01) | 4(a)(3) | ||||||||||||||
4(a)(5) | 1-05663 | 8-K(11/28/05) | 4.1 | ||||||||||||||
4(a)(6) | 1-05663 | 8-K(11/12/09) | 4.1 | ||||||||||||||
4(a)(7) | 1-05663 | 8-K(11/15/10) | 4.1 | ||||||||||||||
4(b)(1) | 1-15759 | 8-K(5/17/16) | 4.1 | ||||||||||||||
4(b)(2) | 1-15759 | 8-K(5/17/16) | 4.2 | ||||||||||||||
4(b)(3) | 1-15759 | 8-K(5/17/16) | 4.3 | ||||||||||||||
4(b)(4) | 1-15759 | 8-K(5/24/16) | 4.2 | ||||||||||||||
4(c)(1) | 1-15759 | 8-K(9/12/19) | 4.1 | ||||||||||||||
4(c)(2) | 1-15759 | 8-K(9/12/19) | 4.2 | ||||||||||||||
4(d) | 1-05663 | 10-Q(9/99) | 4(c) | ||||||||||||||
** | 10(a)(1) | 1-15759 | 10-K(2008) | 10(f)(4) | |||||||||||||
** | 10(a)(2) | 1-15759 | 8-K(12/9/08) | 10.3 | |||||||||||||
** | 10(a)(3) | 1-15759 | 10-Q(9/11) | 10.2 | |||||||||||||
** | 10(a)(4) | 1-15759 | 10-K(2014) | 10(c)(10) | |||||||||||||
** | 10(a)(5) | 1-15759 | 8-K(12/21/17) | 10.2 | |||||||||||||
** | 10(a)(6) | 1-15759 | 10-K(2003) | 10(e)(1)(c) | |||||||||||||
** | 10(a)(7) | 1-15759 | 10-K(2002) | 10(z)(1) | |||||||||||||
** | 10(a)(8) | 1-15759 | 10-K(2004) | 10(v)(3) | |||||||||||||
** | 10(b)(1) | 1-15759 | 10-Q(6/21) | 10.3 | |||||||||||||
** | 10(b)(2) | 1-15759 | 8-K(3/28/17) | 10.1 | |||||||||||||
** | 10(b)(3) | 1-15759 | 8-K(4/27/11) | 10.1 | |||||||||||||
** | 10(b)(4) | 1-15759 | 8-K(12/21/17) | 10.1 | |||||||||||||
** | 10(c)(1) | 333-59696 | S-8(4/27/01) | 4.3 | |||||||||||||
** | 10(c)(2) | 1-15759 | 10-K(2008) | 10(n)(5) | |||||||||||||
** | 10(c)(3) | 1-15759 | 8-K(12/9/08) | 10.2 | |||||||||||||
** | 10(c)(4) | 1-15759 | 10-K(2003) | 10(u) | |||||||||||||
** | 10(c)(5) | 1-15759 | 10-Q(9/11) | 10.5 | |||||||||||||
10(d)(1) | 1-05663 | 8-K(05/09/12) | 10.1 | ||||||||||||||
10(d)(2) | 1-15759 | 8-K(11/13/15) | 10.1 | ||||||||||||||
10(d)(3) | 1-05663 | 8-K(12/21/16) | 10.1 | ||||||||||||||
10(d)(4) | 1-15759 | 8-K(12/21/17) | 10.1 | ||||||||||||||
10(d)(5) | 1-15759 | 8-K(2/8/19) | 10.2 | ||||||||||||||
10(d)(6) | 1-15759 | 8-K(5/21/20) | 10.1 | ||||||||||||||
10(d)(7) | 1-15759 | 8-K(5/26/21) | 10.1 | ||||||||||||||
10(d)(8) | 1-15759 | 8-K(5/26/21) | 10.2 | ||||||||||||||
10(d)(9) | 1-15759 | 8-K(5/26/21) | 10.1 |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
EXHIBITS | |||||||||||||||||
CLECO | SEC FILE OR REGISTRATION NUMBER | REGISTRATION STATEMENT OR REPORT | EXHIBIT NUMBER | ||||||||||||||
10(d)(10) | 1-15759 | 8-K(5/26/21) | 10.2 | ||||||||||||||
10(e)(1) | 1-15759 | 10-Q(3/17) | 10.3 | ||||||||||||||
10(e)(2) | 1-15759 | 10-Q(3/17) | 10.4 | ||||||||||||||
10(e)(3) | 1-15759 | 10-Q(3/17) | 10.5 | ||||||||||||||
10(f) | 1-15759 | 10-Q(3/22) | 10.1 | ||||||||||||||
10(g) | 1-15759 | 10-Q(3/17) | 10.6 | ||||||||||||||
* | 21 | ||||||||||||||||
* | 24(a) | ||||||||||||||||
* | 31.1 | ||||||||||||||||
* | 31.2 | ||||||||||||||||
* | 32.1 | ||||||||||||||||
* | 32.2 | ||||||||||||||||
* | 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||||||||||
* | 101.SCH | Inline XBRL Taxonomy Extension Schema | |||||||||||||||
* | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |||||||||||||||
* | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |||||||||||||||
* | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | |||||||||||||||
* | 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |||||||||||||||
* | 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO POWER | SEC FILE OR REGISTRATION NUMBER | REGISTRATION STATEMENT OR REPORT | EXHIBIT NUMBER | ||||||||||||||
3(a) | 1-05663 | 8-K(4/19/16) | 3.3 | ||||||||||||||
3(b) | 1-05663 | 8-K(4/19/16) | 3.4 | ||||||||||||||
4(a)(1) | Indenture between the Company and Bankers Trust Company, as Trustee, dated as of October 1, 1988 | 33-24896 | S-3(10/11/88) | 4(b) | |||||||||||||
4(a)(2) | 333-02895 | S-3(4/29/96) | 4(a)(2) | ||||||||||||||
4(a)(3) | 333-52540 | S-3/A(1/26/01) | 4(a)(2) | ||||||||||||||
4(a)(4) | 333-52540 | S-3/A(1/26/01) | 4(a)(3) | ||||||||||||||
4(a)(5) | 1-05663 | 8-K(7/6/05) | 4.1 | ||||||||||||||
4(a)(6) | 1-05663 | 8-K(11/28/05) | 4.1 | ||||||||||||||
4(a)(7) | 1-05663 | 8-K(6/2/08) | 4.1 | ||||||||||||||
4(a)(8) | 1-05663 | 8-K(11/12/09) | 4.1 | ||||||||||||||
4(a)(9) | 1-05663 | 8-K(11/15/10) | 4.1 | ||||||||||||||
4(b) | 333-71643-01 | 10-Q(9/99) | 4(c) | ||||||||||||||
4(c) | 1-05663 | 8-K(11/20/07) | 4.1 | ||||||||||||||
4(d) | 1-05663 | 10-Q(3/10) | 4.1 | ||||||||||||||
4(e) | 1-05663 | 10-Q(3/10) | 4.2 | ||||||||||||||
4(f)(1) | 1-05663 | 8-K(09/10/21) | 4.1 | ||||||||||||||
4(f)(2) | 1-05663 | 8-K(09/10/21) | 4.2 | ||||||||||||||
4(f)(3) | 1-05663 | 8-K(09/10/21) | 4.3 | ||||||||||||||
4(g)(1) | 1-05663 | 8-K(6/22/22) | 4.1 | ||||||||||||||
4(g)(2) | 1-05663 | 8-K(6/22/22) | 4.2 | ||||||||||||||
** | 10(a) | Supplemental Executive Retirement Plan | 1-05663 | 10-K(1992) | 10(o)(1) | ||||||||||||
10(b)(1) | 1-05663 | 8-K(12/19/11) | 10.1 | ||||||||||||||
10(b)(2) | 1-05663 | 8-K(05/09/12) | 10.1 | ||||||||||||||
10(b)(3) | 1-05663 | 8-K(11/13/15) | 10.1 | ||||||||||||||
10(b)(4) | 1-05663 | 8-K(12/21/16) | 10.1 | ||||||||||||||
10(b)(5) | 1-05663 | 8-K(12/21/17) | 10.1 | ||||||||||||||
10(b)(6) | 1-05663 | 8-K(5/26/21) | 10.1 | ||||||||||||||
10(b)(7) | 1-05663 | 8-K(5/26/21) | 10.2 | ||||||||||||||
10(c) | 1-05663 | 8-K(4/19/16) | 10.4 | ||||||||||||||
** | 10(d)(1) | 1-05663 | 8-K(3/28/17) | 10.1 | |||||||||||||
** | 10(d)(2) | 1-05663 | 8-K(12/21/17) | 10.1 | |||||||||||||
10(e) | 1-05663 | 10-Q(3/22) | 10.1 | ||||||||||||||
10(f)(1) | 1-05663 | 8-K(6/22/22) | 10.1 | ||||||||||||||
10(f)(2) | 1-05663 | 8-K(6/22/22) | 10.2 | ||||||||||||||
10(f)(3) | 1-05663 | 8-K(6/22/22) | 10.3 | ||||||||||||||
* | 24(a) | ||||||||||||||||
* | 31.3 | ||||||||||||||||
* | 31.4 | ||||||||||||||||
* | 32.3 | ||||||||||||||||
* | 32.4 | ||||||||||||||||
* | 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||||||||||
* | 101.SCH | Inline XBRL Taxonomy Extension Schema | |||||||||||||||
* | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |||||||||||||||
* | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |||||||||||||||
* | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO POWER | SEC FILE OR REGISTRATION NUMBER | REGISTRATION STATEMENT OR REPORT | EXHIBIT NUMBER | ||||||||||||||
* | 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |||||||||||||||
* | 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
ITEM 16. FORM 10-K SUMMARY |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO HOLDINGS (Parent Company Only) | SCHEDULE I |
Condensed Statements of Income | |||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Operating expenses | |||||||||||||||||
Administrative and general | $ | $ | $ | ||||||||||||||
Merger transaction costs | |||||||||||||||||
Other operating expense | |||||||||||||||||
Total operating expenses | |||||||||||||||||
Operating loss | ( | ( | ( | ||||||||||||||
Equity income from subsidiaries, net of tax | |||||||||||||||||
Interest, net | ( | ( | ( | ||||||||||||||
Other (expense) income, net | ( | ||||||||||||||||
Income before income taxes | |||||||||||||||||
Federal and state income tax benefit | ( | ( | ( | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
The accompanying notes are an integral part of the condensed financial statements. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO HOLDINGS (Parent Company Only) | SCHEDULE I |
Condensed Statements of Comprehensive Income | |||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||
Postretirement benefits gain (loss) (net of tax expense of $ | ( | ||||||||||||||||
Total other comprehensive income (loss), net of tax | ( | ||||||||||||||||
Comprehensive income, net of tax | $ | $ | $ | ||||||||||||||
The accompanying notes are an integral part of the condensed financial statements. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO HOLDINGS (Parent Company Only) | SCHEDULE I |
Condensed Balance Sheets | |||||||||||
AT DEC. 31, | |||||||||||
(THOUSANDS) | 2022 | 2021 | |||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable - affiliate | |||||||||||
Other accounts receivable | |||||||||||
Taxes receivable, net | |||||||||||
Cash surrender value of trust-owned life insurance policies | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Equity investment in subsidiaries | |||||||||||
Accumulated deferred federal and state income taxes, net | |||||||||||
Other deferred charges | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and member's equity | |||||||||||
Liabilities | |||||||||||
Current liabilities | |||||||||||
Long-term debt due within one year | $ | $ | |||||||||
Accounts payable | |||||||||||
Short-term debt | |||||||||||
Accounts payable - affiliate | |||||||||||
Taxes payable, net | |||||||||||
Interest accrued | |||||||||||
Deferred compensation | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Postretirement benefit obligations | |||||||||||
Other deferred credits | |||||||||||
Long-term debt, net | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 5) | |||||||||||
Member's equity | |||||||||||
Total liabilities and member's equity | $ | $ | |||||||||
The accompanying notes are an integral part of the condensed financial statements. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO HOLDINGS (Parent Company Only) | SCHEDULE I |
Condensed Statements of Cash Flows | |||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Operating activities | |||||||||||||||||
Net cash provided by operating activities | $ | $ | $ | ||||||||||||||
Investing activities | |||||||||||||||||
Return on investment in trust-owned life insurance policies | |||||||||||||||||
Net cash provided by investing activities | |||||||||||||||||
Financing activities | |||||||||||||||||
Draws on credit facility | |||||||||||||||||
Payments on credit facility | ( | ||||||||||||||||
Repayment of long-term debt | ( | ( | ( | ||||||||||||||
Payment of financing costs | ( | ( | ( | ||||||||||||||
Distributions to member | ( | ||||||||||||||||
Net cash used in financing activities | ( | ( | ( | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | ( | ( | |||||||||||||||
Cash and cash equivalents at beginning of period | |||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | $ | ||||||||||||||
Supplementary cash flow information | |||||||||||||||||
Interest paid, net of amount capitalized | $ | $ | $ | ||||||||||||||
Income taxes refunded, net | $ | $ | $ | ( | |||||||||||||
The accompanying notes are an integral part of the condensed financial statements. |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO HOLDINGS (Parent Company Only) Notes to the Condensed Financial Statements |
Note 1 — Summary of Significant Accounting Policies |
Note 2 — Debt |
(THOUSANDS) | ||||||||
For the year ending Dec. 31, | ||||||||
2019 | $ | |||||||
2020 | $ | |||||||
2021 | $ | |||||||
2022 | $ | |||||||
2023 | $ | |||||||
2024 | $ | |||||||
AMOUNTS PAYABLE UNDER LONG-TERM DEBT ARRANGEMENTS | (THOUSANDS) | ||||
For the year ending Dec. 31, | |||||
2023 | $ | ||||
2024 | $ | ||||
2025 | $ | ||||
2026 | $ | ||||
2027 | $ | ||||
Thereafter | $ |
Note 3 — Cash Distributions and Equity Contributions |
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Cleco Power | $ | $ | $ | ||||||||||||||
Cleco Cajun | |||||||||||||||||
Total | $ | $ | $ |
Note 4 — Income Taxes |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||
(THOUSANDS) | 2022 | 2021 | 2020 | ||||||||||||||
Federal and state income tax benefit | $ | ( | $ | ( | $ | ( | |||||||||||
Equity income from subsidiaries - federal and state income tax expense | $ | $ | $ |
Note 5 — Commitments and Contingencies |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
CLECO | SCHEDULE II | ||||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||||
(THOUSANDS) | BALANCE AT BEGINNING OF PERIOD | ADDITIONS | DEDUCTIONS | BALANCE AT END OF PERIOD (1) | |||||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||||||
Year Ended Dec. 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||
Year Ended Dec. 31, 2021 | $ | $ | $ | $ | |||||||||||||||||||
Year Ended Dec. 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||
(1) Deducted in the consolidated balance sheet |
CLECO POWER | SCHEDULE II | ||||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||||
(THOUSANDS) | BALANCE AT BEGINNING OF PERIOD | ADDITIONS | DEDUCTIONS | BALANCE AT END OF PERIOD (1) | |||||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||||||
Year Ended Dec. 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||
Year Ended Dec. 31, 2021 | $ | $ | $ | $ | |||||||||||||||||||
Year Ended Dec. 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||
(1) Deducted in the consolidated balance sheet |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Signatures |
CLECO CORPORATE HOLDINGS LLC | ||||||||
(Registrant) | ||||||||
By: | /s/ William G. Fontenot | |||||||
(William G. Fontenot) | ||||||||
(President & Chief Executive Officer) |
SIGNATURE | TITLE | DATE | |||||||||
/s/ William G. Fontenot | President & Chief Executive Officer | March 8, 2023 | |||||||||
(William G. Fontenot) | (Principal Executive Officer) | ||||||||||
/s/ Kristin L. Guillory | Chief Financial Officer | March 8, 2023 | |||||||||
(Kristin L. Guillory) | (Principal Financial Officer) | ||||||||||
/s/ Tonita Laprarie | Controller and Chief Accounting Officer | March 8, 2023 | |||||||||
(Tonita Laprarie) | (Principal Accounting Officer) |
MANAGERS* | ||||||||
Andrew M. Chapman | ||||||||
Paraskevas Fronimos | ||||||||
Richard J. Gallot, Jr. | ||||||||
David R. Gilchrist | ||||||||
Gerald C. Hanrahan, Jr. | ||||||||
Christopher J. Leslie | ||||||||
Jon R. R. Perry | ||||||||
Aaron J. Rubin | ||||||||
Peggy B. Scott | ||||||||
Domingo Solís-Hernández | ||||||||
Steven J. Turner | ||||||||
Bruce D. Wainer |
*By: | /s/ William G. Fontenot | March 8, 2023 | ||||||||||||
(William G. Fontenot, as Attorney-in-Fact) |
CLECO | ||||||||
CLECO POWER | 2022 FORM 10-K |
Signatures |
CLECO POWER LLC | ||||||||
(Registrant) | ||||||||
By: | /s/ William G. Fontenot | |||||||
(William G. Fontenot) | ||||||||
(Chief Executive Officer) |
SIGNATURE | TITLE | DATE | |||||||||
/s/ William G. Fontenot | Chief Executive Officer | March 8, 2023 | |||||||||
(William G. Fontenot) | (Principal Executive Officer) | ||||||||||
/s/ Kristin L. Guillory | Chief Financial Officer | March 8, 2023 | |||||||||
(Kristin L. Guillory) | (Principal Financial Officer) | ||||||||||
/s/ Tonita Laprarie | Controller and Chief Accounting Officer | March 8, 2023 | |||||||||
(Tonita Laprarie) | (Principal Accounting Officer) |
MANAGERS* | ||||||||
Andrew M. Chapman | ||||||||
Paraskevas Fronimos | ||||||||
Richard J. Gallot, Jr. | ||||||||
David R. Gilchrist | ||||||||
Gerald C. Hanrahan, Jr. | ||||||||
Christopher J. Leslie | ||||||||
Jon R. R. Perry | ||||||||
Aaron J. Rubin | ||||||||
Peggy B. Scott | ||||||||
Domingo Solís-Hernández | ||||||||
Melissa Stark | ||||||||
Steven J. Turner | ||||||||
Bruce D. Wainer |
*By: | /s/ William G. Fontenot | March 8, 2023 | ||||||||||||
(William G. Fontenot, as Attorney-in-Fact) |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 21 | ||||
Subsidiaries of the Registrant as of December 31, 2022 |
| SUBSIDIARIES OF REGISTRANT OR ORGANIZATION | STATE OF INCORPORATION | |||||||||
CLE Intrastate Pipeline Company LLC | Louisiana | ||||||||||
Cleco Cajun LLC | Louisiana | ||||||||||
Cleco Midstream Resources LLC | Louisiana | ||||||||||
Cleco Power LLC | Louisiana | ||||||||||
Cleco Securitization I LLC | Louisiana | ||||||||||
Cleco Support Group LLC | Louisiana | ||||||||||
Diversified Lands LLC | Louisiana | ||||||||||
Oxbow Lignite Company, LLC (50% interest) | Delaware | ||||||||||
South Central Generating LLC | Delaware |
/s/ Andrew M. Chapman | |||||
Andrew M. Chapman |
/s/ Paraskevas Fronimos | |||||
Paraskevas Fronimos |
/s/ Richard J. Gallot, Jr. | |||||
Richard J. Gallot, Jr. |
/s/ David R. Gilchrist | |||||
David R. Gilchrist |
/s/ Gerald C. Hanrahan, Jr. | |||||
Gerald C. Hanrahan, Jr. |
/s/ Christopher J. Leslie | |||||
Christopher J. Leslie |
/s/ Jon R. R. Perry | |||||
Jon R. R. Perry |
/s/ Aaron J. Rubin | |||||
Aaron J. Rubin |
/s/ Peggy B. Scott | |||||
Peggy B. Scott |
/s/ Domingo Solís-Hernández | |||||
Domingo Solís-Hernández |
/s/ Steven J. Turner | |||||
Steven J. Turner |
/s/ Bruce D. Wainer | |||||
Bruce D. Wainer |
/s/ Melissa Stark | |||||
Melissa Stark |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 31.1 |
Date: | March 8, 2023 | ||||
/s/ William G. Fontenot | |||||
William G. Fontenot President & Chief Executive Officer |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 31.2 |
Date: | March 8, 2023 | ||||
/s/ Kristin L. Guillory | |||||
Kristin L. Guillory Chief Financial Officer |
CLECO POWER LLC | EXHIBIT 31.3 |
Date: | March 8, 2023 | ||||
/s/ William G. Fontenot | |||||
William G. Fontenot Chief Executive Officer |
CLECO POWER LLC | EXHIBIT 31.4 |
Date: | March 8, 2023 | ||||
/s/ Kristin L. Guillory | |||||
Kristin L. Guillory Chief Financial Officer |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 32.1 |
CERTIFICATION PURSUANT TO | ||
18 U.S.C. SECTION 1350, | ||
AS ADOPTED PURSUANT TO | ||
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 |
Date: | March 8, 2023 | ||||
/s/ William G. Fontenot | |||||
William G. Fontenot President & Chief Executive Officer |
CLECO CORPORATE HOLDINGS LLC | EXHIBIT 32.2 |
CERTIFICATION PURSUANT TO | ||
18 U.S.C. SECTION 1350, | ||
AS ADOPTED PURSUANT TO | ||
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 |
Date: | March 8, 2023 | ||||
/s/ Kristin L. Guillory | |||||
Kristin L. Guillory Chief Financial Officer |
CLECO POWER LLC | EXHIBIT 32.3 |
CERTIFICATION PURSUANT TO | ||
18 U.S.C. SECTION 1350, | ||
AS ADOPTED PURSUANT TO | ||
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 |
Date: | March 8, 2023 | ||||
/s/ William G. Fontenot | |||||
William G. Fontenot Chief Executive Officer |
CLECO POWER LLC | EXHIBIT 32.4 |
CERTIFICATION PURSUANT TO | ||
18 U.S.C. SECTION 1350, | ||
AS ADOPTED PURSUANT TO | ||
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 |
Date: | March 8, 2023 | ||||
/s/ Kristin L. Guillory | |||||
Kristin L. Guillory Chief Financial Officer |
Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Auditor [Line Items] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 238 |
Auditor Location | New Orleans, Louisiana |
Cleco Power | |
Auditor [Line Items] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 238 |
Auditor Location | New Orleans, Louisiana |
Cleco Consolidated Statements of Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Operating revenue | |||
Electric operations | $ 2,009,427 | $ 1,590,796 | $ 1,370,893 |
Other operations | 237,379 | 195,767 | 180,524 |
Gross operating revenue | 2,246,806 | 1,786,563 | 1,551,417 |
Electric customer credits | (7,674) | (40,634) | (53,271) |
Operating revenue, net | 2,239,132 | 1,745,929 | 1,498,146 |
Operating expenses | |||
Fuel used for electric generation | 599,410 | 349,227 | 326,869 |
Purchased power | 656,776 | 444,905 | 282,255 |
Other operations and maintenance | 300,785 | 304,996 | 303,246 |
Depreciation and amortization | 256,138 | 237,415 | 219,363 |
Taxes other than income taxes | 70,295 | 64,509 | 61,321 |
Regulatory disallowance | 13,841 | 0 | 0 |
Total operating expenses | 1,897,245 | 1,401,052 | 1,193,054 |
Operating income | 341,887 | 344,877 | 305,092 |
Interest income | 6,372 | 3,312 | 3,948 |
Allowance for equity funds used during construction | 3,740 | 9,905 | 998 |
Other expense, net | (11,113) | (15,681) | (14,156) |
Interest charges | |||
Interest charges, net | 152,975 | 137,050 | 139,272 |
Allowance for borrowed funds used during construction | (1,817) | (2,714) | (1,408) |
Total interest charges | 151,158 | 134,336 | 137,864 |
Income before income taxes | 189,728 | 208,077 | 158,018 |
Federal and state income tax expense | 917 | 13,111 | 35,718 |
Net income | $ 188,811 | $ 194,966 | $ 122,300 |
Cleco Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 188,811 | $ 194,966 | $ 122,300 |
Other comprehensive income, net of tax | |||
Postretirement benefits gain (loss), net of tax expense (benefit) | 23,688 | 2,167 | (8,283) |
Total other comprehensive income (loss), net of tax | 23,688 | 2,167 | (8,283) |
Comprehensive income, net of tax | $ 212,499 | $ 197,133 | $ 114,017 |
Cleco Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | |||
Tax (expense) benefit of postretirement benefits gain (loss) | $ (8,728) | $ (394) | $ 2,922 |
Cleco Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Customer accounts receivable, allowance for credit losses | $ 1,147 | $ 1,302 |
Cleco Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 57,875 | $ 148,563 |
Restricted cash - current | 23,549 | 1,674 |
Restricted cash and cash equivalents, noncurrent | $ 110,148 | $ 745 |
Cleco Consolidated Statements of Changes in Member’s Equity - USD ($) $ in Thousands |
Total |
MEMBERSHIP INTEREST |
RETAINED EARNINGS |
TOTAL AOCI |
---|---|---|---|---|
Balance, beginning of period at Dec. 31, 2019 | $ 2,643,006 | $ 2,454,276 | $ 206,243 | $ (17,513) |
Increase (Decrease) in Equity [Roll Forward] | ||||
Net income | 122,300 | 122,300 | ||
Other comprehensive income (loss), net of tax | (8,283) | (8,283) | ||
Balance, end of period at Dec. 31, 2020 | 2,757,023 | 2,454,276 | 328,543 | (25,796) |
Increase (Decrease) in Equity [Roll Forward] | ||||
Net income | 194,966 | 194,966 | ||
Other comprehensive income (loss), net of tax | 2,167 | 2,167 | ||
Balance, end of period at Dec. 31, 2021 | 2,954,156 | 2,454,276 | 523,509 | (23,629) |
Increase (Decrease) in Equity [Roll Forward] | ||||
Distributions to member | (219,588) | (219,588) | ||
Net income | 188,811 | 188,811 | ||
Other comprehensive income (loss), net of tax | 23,688 | 23,688 | ||
Balance, end of period at Dec. 31, 2022 | $ 2,947,067 | $ 2,454,276 | $ 492,732 | $ 59 |
Cleco Power Consolidated Statements of Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Operating revenue | |||
Electric operations | $ 2,009,427 | $ 1,590,796 | $ 1,370,893 |
Other operations | 237,379 | 195,767 | 180,524 |
Affiliate revenue | 0 | 0 | 0 |
Gross operating revenue | 2,246,806 | 1,786,563 | 1,551,417 |
Electric customer credits | (7,674) | (40,634) | (53,271) |
Operating revenue, net | 2,239,132 | 1,745,929 | 1,498,146 |
Operating expenses | |||
Fuel used for electric generation | 599,410 | 349,227 | 326,869 |
Purchased power | 656,776 | 444,905 | 282,255 |
Other operations and maintenance | 300,785 | 304,996 | 303,246 |
Depreciation and amortization | 256,138 | 237,415 | 219,363 |
Taxes other than income taxes | 70,295 | 64,509 | 61,321 |
Regulatory disallowance | 13,841 | 0 | 0 |
Total operating expenses | 1,897,245 | 1,401,052 | 1,193,054 |
Operating income | 341,887 | 344,877 | 305,092 |
Less: Interest income | 6,372 | 3,312 | 3,948 |
Allowance for equity funds used during construction | 3,740 | 9,905 | 998 |
Other expense, net | (11,113) | (15,681) | (14,156) |
Interest charges | |||
Interest charges, net | 152,975 | 137,050 | 139,272 |
Allowance for borrowed funds used during construction | (1,817) | (2,714) | (1,408) |
Total interest charges | 151,158 | 134,336 | 137,864 |
Income before income taxes | 189,728 | 208,077 | 158,018 |
Federal and state income tax expense (benefit) | 917 | 13,111 | 35,718 |
Net income | 188,811 | 194,966 | 122,300 |
Cleco Power | |||
Operating revenue | |||
Electric operations | 1,523,066 | 1,202,249 | 1,015,018 |
Other operations | 98,759 | 74,625 | 65,237 |
Affiliate revenue | 6,377 | 5,641 | 5,156 |
Gross operating revenue | 1,628,202 | 1,282,515 | 1,085,411 |
Electric customer credits | (7,674) | (40,878) | (53,119) |
Operating revenue, net | 1,620,528 | 1,241,637 | 1,032,292 |
Operating expenses | |||
Fuel used for electric generation | 610,737 | 396,279 | 293,492 |
Purchased power | 286,756 | 194,818 | 100,698 |
Other operations and maintenance | 216,851 | 223,257 | 221,146 |
Depreciation and amortization | 178,231 | 173,498 | 166,987 |
Taxes other than income taxes | 55,075 | 49,598 | 44,631 |
Regulatory disallowance | 13,841 | 0 | 0 |
Total operating expenses | 1,361,491 | 1,037,450 | 826,954 |
Operating income | 259,037 | 204,187 | 205,338 |
Less: Interest income | 5,082 | 3,294 | 3,362 |
Allowance for equity funds used during construction | 3,740 | 9,905 | 998 |
Other expense, net | (7,081) | (19,561) | (12,259) |
Interest charges | |||
Interest charges, net | 90,035 | 75,804 | 75,393 |
Allowance for borrowed funds used during construction | (1,817) | (2,714) | (1,408) |
Total interest charges | 88,218 | 73,090 | 73,985 |
Income before income taxes | 172,560 | 124,735 | 123,454 |
Federal and state income tax expense (benefit) | 2,503 | (9,353) | 26,799 |
Net income | $ 170,057 | $ 134,088 | $ 96,655 |
Cleco Power Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Net income | $ 188,811 | $ 194,966 | $ 122,300 |
Other comprehensive income, net of tax | |||
Postretirement benefits gain (loss), net of tax expense (benefit) | 23,688 | 2,167 | (8,283) |
Total other comprehensive income (loss), net of tax | 23,688 | 2,167 | (8,283) |
Comprehensive income, net of tax | 212,499 | 197,133 | 114,017 |
CLECO POWER | |||
Net income | 170,057 | 134,088 | 96,655 |
Other comprehensive income, net of tax | |||
Postretirement benefits gain (loss), net of tax expense (benefit) | 9,567 | 6,254 | (2,422) |
Amortization of interest rate derivatives to earnings, net of tax expense (benefit) | 251 | 316 | 254 |
Total other comprehensive income (loss), net of tax | 9,818 | 6,570 | (2,168) |
Comprehensive income, net of tax | $ 179,875 | $ 140,658 | $ 94,487 |
Cleco Power Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Tax (expense) benefit of postretirement benefits gain (loss) | $ (8,728) | $ (394) | $ 2,922 |
CLECO POWER | |||
Tax (expense) benefit of postretirement benefits gain (loss) | (3,525) | (2,024) | 855 |
Tax expense on amortization of interest rate derivatives to earnings | $ (93) | $ (28) | $ (90) |
Cleco Power Consolidated Balance Sheets - USD ($) |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Utility plant and equipment | ||
Property, plant, and equipment | $ 5,445,066,000 | $ 5,416,722,000 |
Accumulated depreciation | (946,576,000) | (700,991,000) |
Net property, plant, and equipment | 4,498,490,000 | 4,715,731,000 |
Construction work in progress | 116,550,000 | 100,163,000 |
Total property, plant, and equipment, net | 4,615,040,000 | 4,815,894,000 |
Current assets | ||
Cash and cash equivalents | 57,875,000 | 148,563,000 |
Restricted cash and cash equivalents | 23,549,000 | 1,674,000 |
Customer accounts receivable (less allowance for credit losses) | 125,863,000 | 91,869,000 |
Accounts receivable - affiliate | 14,613,000 | 3,041,000 |
Other accounts receivable | 42,935,000 | 27,818,000 |
Unbilled revenue | 46,040,000 | 37,663,000 |
Fuel inventory, at average cost | 90,231,000 | 68,838,000 |
Materials and supplies, at average cost | 151,138,000 | 133,666,000 |
Energy risk management assets | 49,839,000 | 43,479,000 |
Accumulated deferred fuel | 57,881,000 | 56,826,000 |
Cash surrender value of company-owned life insurance policies | 52,859,000 | 98,576,000 |
Prepayments | 16,809,000 | 13,283,000 |
Regulatory assets | 47,173,000 | 29,261,000 |
Other current assets | 7,062,000 | 12,839,000 |
Total current assets | 783,867,000 | 767,960,000 |
Equity investment in subsidiaries | 2,072,000 | 2,072,000 |
Prepayments | 24,926,000 | 21,598,000 |
Operating lease right of use assets | 22,673,000 | 24,014,000 |
Restricted cash and cash equivalents | 110,148,000 | 745,000 |
Note receivable | 12,908,000 | 13,744,000 |
Regulatory assets - deferred taxes, net | 8,803,000 | 0 |
Regulatory assets | 611,917,000 | 810,820,000 |
Other deferred charges | 41,945,000 | 44,177,000 |
Total assets | 8,253,749,000 | 8,125,018,000 |
Liabilities and member’s equity | ||
Member’s equity | 2,947,067,000 | 2,954,156,000 |
Long-term debt and finance leases, net | 3,139,094,000 | 3,390,033,000 |
Current liabilities | ||
Short-term debt | 109,000,000 | 0 |
Long-term debt and finance leases due within one year | 340,867,000 | 93,455,000 |
Accounts payable | 192,213,000 | 167,886,000 |
Accounts payable - affiliate | 13,092,000 | 51,297,000 |
Customer deposits | 57,851,000 | 60,852,000 |
Provision for rate refund | 3,074,000 | 5,682,000 |
Taxes payable, net | 17,448,000 | 6,311,000 |
Interest accrued | 25,540,000 | 15,203,000 |
Energy risk management liabilities | 8,841,000 | 834,000 |
Regulatory liabilities - deferred taxes, net | 42,890,000 | 44,072,000 |
Storm reserves | 9,409,000 | 0 |
Other current liabilities | 40,310,000 | 53,150,000 |
Total current liabilities | 872,697,000 | 513,162,000 |
Commitments and contingencies (Note 15) | ||
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 820,300,000 | 755,764,000 |
Postretirement benefit obligations | 200,580,000 | 291,606,000 |
Regulatory liabilities - deferred taxes, net | 0 | 51,472,000 |
Storm reserves | 109,353,000 | 0 |
Asset retirement obligations | 73,653,000 | 69,667,000 |
Operating lease liabilities | 19,819,000 | 21,128,000 |
Other deferred credits | 34,984,000 | 27,582,000 |
Total long-term liabilities and deferred credits | 1,294,891,000 | 1,267,667,000 |
Total liabilities and member’s equity | 8,253,749,000 | 8,125,018,000 |
Storm recovery property | ||
Current assets | ||
Intangible asset - securitization | 413,123,000 | 0 |
CLECO POWER | ||
Utility plant and equipment | ||
Property, plant, and equipment | 5,736,526,000 | 5,745,489,000 |
Accumulated depreciation | (2,082,153,000) | (1,919,766,000) |
Net property, plant, and equipment | 3,654,373,000 | 3,825,723,000 |
Construction work in progress | 113,470,000 | 94,573,000 |
Total property, plant, and equipment, net | 3,767,843,000 | 3,920,296,000 |
Current assets | ||
Cash and cash equivalents | 14,703,000 | 85,667,000 |
Restricted cash and cash equivalents | 23,549,000 | 1,674,000 |
Customer accounts receivable (less allowance for credit losses) | 72,646,000 | 48,551,000 |
Accounts receivable - affiliate | 3,771,000 | 13,612,000 |
Other accounts receivable | 33,444,000 | 21,931,000 |
Unbilled revenue | 46,040,000 | 37,663,000 |
Fuel inventory, at average cost | 57,078,000 | 46,121,000 |
Materials and supplies, at average cost | 116,943,000 | 101,502,000 |
Energy risk management assets | 2,570,000 | 5,515,000 |
Accumulated deferred fuel | 57,881,000 | 56,826,000 |
Cash surrender value of company-owned life insurance policies | 9,471,000 | 16,260,000 |
Prepayments | 11,765,000 | 7,784,000 |
Regulatory assets | 39,438,000 | 21,526,000 |
Other current assets | 838,000 | 782,000 |
Total current assets | 490,137,000 | 465,414,000 |
Equity investment in subsidiaries | 2,072,000 | 2,072,000 |
Prepayments | 1,493,000 | 1,243,000 |
Operating lease right of use assets | 22,628,000 | 23,970,000 |
Restricted cash and cash equivalents | 109,392,000 | 0 |
Note receivable | 12,908,000 | 13,744,000 |
Regulatory assets - deferred taxes, net | 8,803,000 | 0 |
Regulatory assets | 491,978,000 | 680,813,000 |
Other deferred charges | 23,796,000 | 21,949,000 |
Total assets | 5,344,173,000 | 5,129,501,000 |
Liabilities and member’s equity | ||
Member’s equity | 2,022,912,000 | 1,948,537,000 |
Long-term debt and finance leases, net | 1,786,447,000 | 1,800,854,000 |
Total capitalization | 3,809,359,000 | 3,749,391,000 |
Current liabilities | ||
Short-term debt | 45,000,000 | 0 |
Long-term debt and finance leases due within one year | 110,344,000 | 25,755,000 |
Accounts payable | 119,435,000 | 114,493,000 |
Accounts payable - affiliate | 12,448,000 | 69,729,000 |
Customer deposits | 57,851,000 | 60,852,000 |
Provision for rate refund | 3,074,000 | 5,682,000 |
Taxes payable, net | 15,277,000 | 5,494,000 |
Interest accrued | 15,276,000 | 5,080,000 |
Energy risk management liabilities | 4,864,000 | 597,000 |
Regulatory liabilities - deferred taxes, net | 42,890,000 | 44,072,000 |
Storm reserves | 9,409,000 | 0 |
Other current liabilities | 18,360,000 | 23,467,000 |
Total current liabilities | 454,228,000 | 355,221,000 |
Commitments and contingencies (Note 15) | ||
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 770,127,000 | 707,479,000 |
Postretirement benefit obligations | 137,754,000 | 205,214,000 |
Regulatory liabilities - deferred taxes, net | 0 | 51,472,000 |
Storm reserves | 109,353,000 | 0 |
Asset retirement obligations | 15,301,000 | 19,456,000 |
Operating lease liabilities | 19,790,000 | 21,100,000 |
Other deferred credits | 28,261,000 | 20,168,000 |
Total long-term liabilities and deferred credits | 1,080,586,000 | 1,024,889,000 |
Total liabilities and member’s equity | 5,344,173,000 | 5,129,501,000 |
CLECO POWER | Storm recovery property | ||
Current assets | ||
Intangible asset - securitization | $ 413,123,000 | $ 0 |
Cleco Power Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Customer accounts receivable, allowance for credit losses | $ 1,147 | $ 1,302 |
CLECO POWER | ||
Customer accounts receivable, allowance for credit losses | $ 1,147 | $ 1,302 |
Cleco Power Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||||||
Operating activities | |||||||||
Net income | $ 188,811 | $ 194,966 | $ 122,300 | ||||||
Adjustment to reconcile net income to net cash provided by operating activities | |||||||||
Depreciation and amortization | 289,486 | 273,392 | 249,494 | ||||||
Provision for credit losses | 3,357 | 5,471 | 5,488 | ||||||
Regulatory disallowance | 13,841 | 0 | 0 | ||||||
Allowance for equity funds used during construction | (3,740) | (9,905) | (998) | ||||||
Deferred income taxes | (7,911) | 13,954 | 35,876 | ||||||
Changes in assets and liabilities | |||||||||
Accounts receivable | (61,848) | (25,865) | (8,772) | ||||||
Accounts receivable - affiliate | (11,309) | (1,379) | (621) | ||||||
Unbilled revenue | (8,377) | 2,464 | (6,920) | ||||||
Fuel inventory and materials and supplies | (43,703) | 30,254 | (39,602) | ||||||
Prepayments | (15,846) | (12,097) | (20,117) | ||||||
Accounts payable | 20,711 | (2,379) | (19,612) | ||||||
Accounts payable - affiliate | (38,206) | 10,014 | 1,470 | ||||||
Customer deposits | 6,778 | 11,241 | 6,663 | ||||||
Provision for merger commitments | 0 | (2,620) | 560 | ||||||
Postretirement benefit obligations | (847) | 7,106 | (9,588) | ||||||
Regulatory assets and liabilities, net | 21,537 | (163,788) | (76,428) | ||||||
Deferred fuel recoveries | 8,742 | (29,405) | (4,142) | ||||||
Asset retirement obligations | (4,958) | (959) | 461 | ||||||
Other deferred accounts | (7,333) | (13,032) | (17,392) | ||||||
Taxes accrued | 11,337 | (10,145) | 4,633 | ||||||
Interest accrued | 10,337 | (380) | (3,417) | ||||||
Other operating | (8,205) | (1,989) | 6,276 | ||||||
Net cash provided by operating activities | 344,912 | 182,640 | 205,819 | ||||||
Investing activities | |||||||||
Additions to property, plant, and equipment | (236,767) | (311,141) | (389,015) | ||||||
Return of equity investment in investee | 0 | 7,000 | 8,000 | ||||||
Return of investment in company-/trust-owned life insurance | 41,671 | 820 | 1,912 | ||||||
Other investing | 1,839 | 2,488 | 1,196 | ||||||
Net cash used in investing activities | (193,257) | (300,833) | (377,907) | ||||||
Financing activities | |||||||||
Draws on revolving credit facilities | 226,000 | 185,000 | 238,000 | ||||||
Payments on revolving credit facilities | (117,000) | (260,000) | (163,000) | ||||||
Issuances of long-term debt | 424,946 | 325,000 | 125,000 | ||||||
Repayments of long-term debt | (417,700) | (66,000) | (75,055) | ||||||
Payment of financing costs | (6,968) | (4,408) | (4,570) | ||||||
Distributions to member | (219,588) | 0 | 0 | ||||||
Other financing | (755) | (682) | (617) | ||||||
Net cash (used in) provided by financing activities | (111,065) | 178,910 | 119,758 | ||||||
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | 40,590 | 60,717 | (52,330) | ||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 150,982 | [1] | 90,265 | 142,595 | |||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 191,572 | [1] | 150,982 | [1] | 90,265 | ||||
Supplementary cash flow information | |||||||||
Interest paid, net of amount capitalized | 131,760 | 126,061 | 130,544 | ||||||
Supplementary non-cash investing and financing activities | |||||||||
Accrued additions to property, plant, and equipment | 10,247 | 10,369 | 7,943 | ||||||
Reduction in property, plant, and equipment due to regulatory disallowance | 13,841 | 0 | 0 | ||||||
Reduction in property, plant, and equipment due to securitization of capitalized storm costs | 197,689 | 0 | 0 | ||||||
CLECO POWER | |||||||||
Operating activities | |||||||||
Net income | 170,057 | 134,088 | 96,655 | ||||||
Adjustment to reconcile net income to net cash provided by operating activities | |||||||||
Depreciation and amortization | 185,029 | 182,373 | 172,452 | ||||||
Provision for credit losses | 3,357 | 5,471 | 5,100 | ||||||
Regulatory disallowance | 13,841 | 0 | 0 | ||||||
Allowance for equity funds used during construction | (3,740) | (9,905) | (998) | ||||||
Deferred income taxes | (4,690) | (9,211) | 6,165 | ||||||
Changes in assets and liabilities | |||||||||
Accounts receivable | (48,353) | (19,707) | (21,289) | ||||||
Accounts receivable - affiliate | 13,253 | 5,531 | 3,403 | ||||||
Unbilled revenue | (8,377) | 2,464 | (6,920) | ||||||
Fuel inventory and materials and supplies | (27,764) | 11,767 | (16,609) | ||||||
Prepayments | (3,808) | (2,370) | (1,414) | ||||||
Accounts payable | (854) | 1,135 | (27,401) | ||||||
Accounts payable - affiliate | (56,714) | (2,071) | (276) | ||||||
Customer deposits | 6,778 | 11,241 | 6,663 | ||||||
Provision for merger commitments | 0 | (2,120) | (1,752) | ||||||
Postretirement benefit obligations | 215 | 5,586 | (12,321) | ||||||
Regulatory assets and liabilities, net | 19,550 | (165,775) | (78,416) | ||||||
Deferred fuel recoveries | 8,742 | (29,405) | (4,142) | ||||||
Asset retirement obligations | (4,728) | 0 | 0 | ||||||
Other deferred accounts | (2,281) | (6,199) | (17,710) | ||||||
Taxes accrued | 9,704 | (7,647) | 23,442 | ||||||
Interest accrued | 10,196 | (277) | (2,614) | ||||||
Other operating | (5,148) | (2,451) | 5,761 | ||||||
Net cash provided by operating activities | 274,265 | 102,518 | 127,779 | ||||||
Investing activities | |||||||||
Additions to property, plant, and equipment | (228,940) | (300,957) | (377,044) | ||||||
Return of equity investment in investee | 0 | 7,000 | 8,000 | ||||||
Return of investment in company-/trust-owned life insurance | 6,496 | 820 | 1,912 | ||||||
Other investing | 1,751 | 2,392 | 1,196 | ||||||
Net cash used in investing activities | (220,693) | (290,745) | (365,936) | ||||||
Financing activities | |||||||||
Draws on revolving credit facilities | 162,000 | 185,000 | 150,000 | ||||||
Payments on revolving credit facilities | (117,000) | (260,000) | (75,000) | ||||||
Issuances of long-term debt | 424,946 | 325,000 | 125,000 | ||||||
Repayments of long-term debt | (350,000) | 0 | (11,055) | ||||||
Payment of financing costs | (6,960) | (3,141) | (1,732) | ||||||
Distributions to member | (105,500) | 0 | 0 | ||||||
Other financing | (755) | (682) | (617) | ||||||
Net cash (used in) provided by financing activities | 6,731 | 246,177 | 186,596 | ||||||
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | 60,303 | 57,950 | (51,561) | ||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 87,341 | [2] | 29,391 | 80,952 | |||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 147,644 | [2] | 87,341 | [2] | 29,391 | ||||
Supplementary cash flow information | |||||||||
Interest paid, net of amount capitalized | 71,912 | 68,373 | 67,799 | ||||||
Supplementary non-cash investing and financing activities | |||||||||
Accrued additions to property, plant, and equipment | 9,954 | 9,696 | 6,824 | ||||||
Reduction in property, plant, and equipment due to regulatory disallowance | 13,841 | 0 | 0 | ||||||
Reduction in property, plant, and equipment due to securitization of capitalized storm costs | $ 197,689 | $ 0 | $ 0 | ||||||
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Cleco Power Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Cash and cash equivalents | $ 57,875 | $ 148,563 |
Restricted cash - current | 23,549 | 1,674 |
Restricted cash and cash equivalents, noncurrent | 110,148 | 745 |
CLECO POWER | ||
Cash and cash equivalents | 14,703 | 85,667 |
Restricted cash - current | 23,549 | 1,674 |
Restricted cash and cash equivalents, noncurrent | $ 109,392 | $ 0 |
Cleco Power Consolidated Statements of Changes in Member’s Equity - USD ($) $ in Thousands |
Total |
MEMBERSHIP INTEREST |
TOTAL AOCI |
CLECO POWER |
CLECO POWER
MEMBERSHIP INTEREST
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CLECO POWER
TOTAL AOCI
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CLECO POWER
MEMBER’S EQUITY
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Balance, beginning of period at Dec. 31, 2019 | $ 2,643,006 | $ 2,454,276 | $ (17,513) | $ 1,713,392 | $ 1,735,977 | $ (22,585) | |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 122,300 | 96,655 | 96,655 | ||||
Other comprehensive income (loss), net of tax | (8,283) | (8,283) | (2,168) | (2,168) | |||
Balance, end of period at Dec. 31, 2020 | 2,757,023 | 2,454,276 | (25,796) | 1,807,879 | 1,832,632 | (24,753) | |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 194,966 | 134,088 | 134,088 | ||||
Other comprehensive income (loss), net of tax | 2,167 | 2,167 | 6,570 | 6,570 | |||
Balance, end of period at Dec. 31, 2021 | 2,954,156 | 2,454,276 | (23,629) | 1,948,537 | 1,966,720 | (18,183) | |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Distributions to member | (105,500) | $ (105,500) | |||||
Net income | 188,811 | 170,057 | 170,057 | ||||
Other comprehensive income (loss), net of tax | 23,688 | 23,688 | 9,818 | 9,818 | |||
Balance, end of period at Dec. 31, 2022 | $ 2,947,067 | $ 2,454,276 | $ 59 | $ 2,022,912 | $ 2,031,277 | $ (8,365) |
The Company |
12 Months Ended | ||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||
The Company |
Cleco is composed of the following: •Cleco Power, a regulated electric utility subsidiary, which owns nine generating units with a total rated capacity of 3,035 MW and serves approximately 293,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana and Mississippi. Cleco Power also owns a 50% interest in Oxbow. Cleco Power owns all of the outstanding membership interests in Cleco Securitization I, a special purpose limited liability company that is consolidated with Cleco Power in its financial statements. For more information on Oxbow and Cleco Securitization I, see Note 14 — “Variable Interest Entities.” •Cleco Cajun, an unregulated electric utility subsidiary, which owns 14 generating units with a total rated capacity of 3,379 MW and supplies wholesale power and capacity in Arkansas, Louisiana, and Texas. •Cleco’s other operations consist of the following: ◦Cleco Holdings, a holding company, ◦Support Group, a shared services subsidiary, and ◦Diversified Lands, an investment subsidiary.
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Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies |
Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation The accompanying consolidated financial statements of Cleco include the accounts of Cleco and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. Following the formation of Cleco Securitization I and the closing of the storm recovery securitization financing on June 22, 2022, Cleco Power became the primary beneficiary of Cleco Securitization I, and as a result, the financial statements of Cleco Securitization I are consolidated with the financial statements of Cleco Power. For additional information about Cleco Securitization I, see Note 14 — “Variable Interest Entities.” For additional information about the storm recovery securitization financing and its regulatory impacts, see Note 5 — “Regulatory Assets and Liabilities — Deferred Storm Restoration Costs” and Note 19 — “Securitization.” Goodwill Goodwill is the excess of the purchase price (consideration transferred and liabilities assumed) over the estimated fair value of net assets of the acquired business and is not subject to amortization. Goodwill is assessed as of August 1 of each year or more often if an event occurs or circumstances change that would indicate the carrying amount may be impaired. For more information on goodwill, see Note 17 — “Intangible Assets, Intangible Liabilities, and Goodwill — Goodwill.” Intangible Assets and Liabilities At December 31, 2022, intangible assets included Cleco Securitization I’s right to bill and collect storm recovery charges and fair value adjustments for acquired long-term wholesale power supply agreements. Intangible liabilities included fair value adjustments for acquired long-term wholesale power supply agreements as well as a fair value adjustment for the LTSA assumed for maintenance services related to the Cottonwood Plant. These intangible assets and liabilities are being amortized in a manner that best reflects the economic impact derived from such assets and liabilities. Prior to being fully impaired during the third quarter of 2021, intangible assets also included an adjustment related to the Cleco Power tradename as a result of the 2016 Merger. Impairment is tested if there are events or circumstances that indicate that an impairment analysis should be performed. If such an event or circumstance occurs, intangible impairment testing is performed prior to goodwill impairment testing. Impairment is calculated as the excess of the asset and liabilities’ respective carrying amounts over their respective fair values. For more information on intangible assets and liabilities, see Note 17 — “Intangible Assets, Intangible Liabilities, and Goodwill.”Statements of Cash Flows Cleco’s and Cleco Power’s Consolidated Statements of Cash Flows are prepared using the indirect method. This method requires adjusting net income to remove the effects of all deferrals and accruals of operating cash receipts and payments and to remove items whose cash effects are related to investing and financing cash flows. Derivatives meeting the definition of an accounting hedge are classified in the same category as the item being hedged. Regulation Cleco Power is subject to regulation by FERC and the LPSC. Cleco Cajun is subject to regulation by FERC. Cleco complies with the accounting policies and practices prescribed by its regulatory commissions. Cleco Power’s retail rates are regulated by the LPSC. Cleco Power’s and Cleco Cajun’s rates for transmission services are regulated by FERC. Rates for wholesale power sales are based on market-based rates. Cleco Power must evaluate its various transactions related to regulatory orders and accounting guidance to ensure the appropriate timing of revenue recognition, the evaluation of cost deferral, and the recoverability of certain assets and refund of certain liabilities. Cleco Power capitalizes or defers certain costs for recovery from its customers and recognizes a liability for amounts expected to be returned to its customers based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. Regulatory assets and liabilities are amortized consistent with the treatment in the ratemaking process. Pursuant to this regulatory process, Cleco has recorded regulatory assets and liabilities. Any future plan adopted by the LPSC for purposes of transitioning utilities from LPSC regulation to retail competition may affect the regulatory assets and liabilities recorded by Cleco if the criteria for the application of the authoritative guidelines for industry regulated operations cannot continue to be met. At this time, Cleco cannot predict whether any legislation or regulation affecting Cleco will be enacted or adopted and, if enacted, what form such legislation or regulation may take. For more information regarding the regulatory assets and liabilities recorded by Cleco Power, see Note 5 — “Regulatory Assets and Liabilities.” AROs Cleco and Cleco Power recognize an ARO when there is a legal obligation under existing or enacted law, statute, written or oral contract, or by legal construction under the doctrine of promissory estoppel to incur costs to remove an asset when the asset is retired. These guidelines also require an ARO, which is conditional on a future event, to be recorded even if the event has not yet occurred. Cleco and Cleco Power recognize AROs at the present value of the projected liability in the period in which it is incurred, if a reasonable estimate of fair value can be made. The liability is accreted to its present value each accounting period. Cleco Power defers this accretion as a regulatory asset based on its determination that these costs can be collected from customers. Concurrent with the recognition of the liability, Cleco and Cleco Power capitalize these costs to the related property, plant, and equipment asset. These capitalized costs are depreciated over the same period as the related property asset. Cleco Power also defers the current depreciation of the asset retirement cost as a regulatory asset. For more information on the regulatory treatment of Cleco Power’s AROs, see Note 5 — “Regulatory Assets and Liabilities — AROs.” For more information on Cleco’s ARO activity, see Note 15 — “Litigation, Other Commitments and Contingencies, and Disclosures and Guarantees — Other Commitments.” Property, Plant, and Equipment Property, plant, and equipment consists primarily of utility generation and energy transmission and distribution assets. Property, plant, and equipment are stated at the cost to acquire or construct the assets, which includes certain materials, labor, payroll taxes and benefits, administrative and general costs, and the estimated cost of funds used during construction. Jointly owned assets are reflected in property, plant, and equipment at Cleco Power’s and Cleco Cajun’s share of the cost to construct or purchase the respective assets. For information on jointly owned assets, see Note 6 — “Jointly Owned Generation Facilities.” At the date of the 2016 Merger, Cleco’s gross balance of fixed depreciable assets was adjusted to be net of accumulated depreciation, as no accumulated depreciation existed on such date. Since pushdown accounting was not elected at the Cleco Power level, Cleco Power retained its accumulated depreciation. Cleco’s cost of improvements to property, plant, and equipment is capitalized. Costs associated with repairs and major maintenance projects are expensed as incurred. Cleco capitalizes the cost to purchase or develop software for internal use. Upon retirement or disposition, the cost of Cleco Power’s depreciable plant and the cost of removal, net of salvage value, are charged to accumulated depreciation. For Cleco’s other subsidiaries, upon disposition or retirement of depreciable assets, the difference between the net book value of the property and any proceeds received for the property is recorded as a gain or loss on asset disposition on Cleco’s Consolidated Statements of Income. Any cost incurred to remove the asset is charged to expense. The amounts of unamortized computer software costs on Cleco’s Consolidated Balance Sheets at December 31, 2022, and 2021 were $168.6 million and $172.7 million, respectively. The amounts of unamortized computer software costs on Cleco Power’s Consolidated Balance Sheets at December 31, 2022, and 2021 were $162.3 million and $167.4 million, respectively. 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, 2022, 2021, and 2020 is shown in the following tables:
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:
At December 31, 2022, and 2021, Cleco’s and Cleco Power’s property, plant, and equipment consisted of the following:
During 2022, Cleco Power’s regulated utility property, plant, and equipment decreased primarily due to the securitization of storm restoration costs in June 2022. This decrease was partially offset by increased costs related to transmission projects and other capital projects. For more information on the securitization of storm restoration costs, see Note 19 — “Securitization.” Cleco Power’s property, plant, and equipment includes plant acquisition costs related primarily to the acquisition of Acadia Unit 1 in 2010. 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, 2022, and 2021, and are shown in the following tables:
Deferred Project Costs Cleco Power defers costs related to the initial stage of a construction project during which time the feasibility of the construction of property, plant, and equipment is being investigated. At December 31, 2022, and 2021, Cleco Power had deferred $5.8 million and $4.5 million, respectively, for projects that are in the initial stages of development. These amounts are classified as Other deferred charges on Cleco Power’s Consolidated Balance Sheets. Fuel Inventory and Materials and Supplies At December 31, 2022, fuel inventory consisted primarily of petroleum coke, coal, limestone, and natural gas used to generate electricity. Prior to the retirement of the Dolet Hills Power Station on December 31, 2021, fuel inventory also consisted of lignite. Materials and supplies consists of transmission and distribution line construction and repair materials. It also consists of generating station and transmission and distribution substation repair materials. Both fuel inventory and materials and supplies are recorded at the lower of cost or net realizable value using the average cost method and are issued from stock using the average cost of existing stock. Materials and supplies are recorded when purchased and subsequently charged to expense or capitalized to property, plant, and equipment when installed.Reserves for Credit Losses Customer accounts receivable are recorded at the invoiced amount and do not bear interest. Customer accounts receivables are generally considered to become past due 20 days after the billing date. Cleco recognizes write-offs within the allowance for credit losses once all recovery methods have been exhausted. It is the policy of management to review accounts receivable and unbilled revenue monthly using a reserve matrix based on historical bad debt write-offs as well as current and forecasted economic conditions to establish a credit loss estimate. Management’s historical credit loss analysis included periods of economic recessions, natural disasters, and temporary changes to collection policies. Due to the critical necessity of electricity, none of these past events have significantly impacted Cleco’s credit loss rates. As a result of the market price volatility of natural gas experienced throughout 2022, Cleco has experienced significant increases to the pass-through fuel component of retail customer energy bills. Due to these increased customer fuel costs, along with the impacts of a 40-year high inflation rate, Cleco has experienced increases in credit loss reserves. These factors have not been and are not expected to be material to Cleco’s results of operations, financial condition, or cash flows. The table below presents the changes in the allowance for credit losses by receivable for Cleco and Cleco Power:
Other Reserves Cleco maintains property insurance on generating stations, buildings and contents, and substations. Cleco is self-insured for any damage to its power lines. To mitigate the exposure to potential financial loss for storm-related damage to lines and property, the LPSC approved Cleco Power to establish a newly funded storm reserve. For more information on the storm reserve, see Note 5 — “Regulatory Assets and Liabilities — Storm Reserves.” Cleco also maintains liability and workers’ compensation insurance to mitigate financial losses due to injuries and damages to the property of others. Cleco’s insurance covers claims that exceed certain self-insured limits. For claims within certain self-insured limits, Cleco maintains reserves. At December 31, 2022, and 2021, the general liability and workers compensation reserves together were $6.9 million and $6.0 million, respectively. Additionally, Cleco maintains directors and officers insurance to protect managers from claims which may arise from their decisions and actions taken within the scope of their regular duties. Cash EquivalentsCleco considers highly liquid, marketable securities, and other similar instruments with original maturity dates of three months or less to be cash equivalents.Restricted Cash and Cash Equivalents Various agreements to which Cleco is subject contain covenants that restrict its use of cash. As certain provisions under these agreements are met, cash is transferred out of related escrow accounts and becomes available for its intended purposes and/or general company purposes. Cleco’s and Cleco Power’s restricted cash and cash equivalents consisted of the following:
In April 2021, after payments for all final administrative and winding up activities of Cleco Katrina/Rita were made, Cleco Katrina/Rita transferred its remaining restricted cash to Cleco Power to be used to benefit retail customers in a manner to be approved by the LPSC. In September 2022, the remaining $1.6 million was refunded to Cleco Power’s retail customers. On June 22, 2022, the storm recovery securitization financing was completed. In connection with this financing, and as approved by the LPSC, newly funded storm reserves for future storm restoration costs and Hurricane Ida storm restoration costs were established at Cleco Power. The establishment of these reserves resulted in the establishment of corresponding restricted cash and cash equivalents accounts. Additionally, restricted cash and cash equivalents accounts were established for payment of Cleco Securitization I’s estimated operating expenses, storm recovery bond issuance costs, and payment of debt service on those storm recovery bonds. For more information on the storm recovery securitization financing, see Note 19 — “Securitization.”Equity Investments Cleco and Cleco Power account for investments in unconsolidated affiliated companies using the equity method of accounting. The amounts reported on Cleco’s and Cleco Power’s Consolidated Balance Sheets represent assets contributed by Cleco or Cleco Power, plus their share of the net income of the affiliate, less any distributions of earnings (dividends) received from the affiliate. The revenues and expenses (excluding income taxes) of these affiliates are netted and reported on one line item as equity income from investees on Cleco’s and Cleco Power’s Consolidated Statements of Income. Cleco evaluates for impairments of equity method investments at each balance sheet date to determine if events and circumstances have occurred that indicate a possible other-than-temporary decline in the fair value of the investment and the possible inability to recover the carrying value through operations. Cleco uses estimates of the future cash flows from the investee and observable market transactions in order to calculate fair value and recoverability. An impairment is recognized when an other-than-temporary decline in market value occurs and recovery of the carrying value is not probable. There were no impairments recorded for 2022, 2021, or 2020. For more information on Cleco’s equity investments, see Note 14 — “Variable Interest Entities.”Income Taxes Cleco accounts for income taxes under the asset and liability method. Income taxes recorded on the income statement and related balance sheet amounts are comprised of a current portion and a deferred portion. The current portion represents Cleco’s estimate of the income taxes payable or receivable for the current year. The deferred portion represents Cleco’s estimate of the future income tax effects of events that have been recognized in the financial statements or income tax returns in the current or prior years. Cleco makes assumptions and estimates when it records income taxes, such as its ability to deduct items on its tax returns, the timing of the deduction, and the effect of regulation on income taxes. Cleco’s income tax expense and benefit and related assets and liabilities could be affected by changes in its assumptions and estimates and by ultimate resolution of assumptions and estimates with taxing authorities and changes in tax regulations, the actual results may differ from the estimated results based on these assumptions and may have a material effect on Cleco’s results of operations. Cleco Group files a federal income tax return for all wholly owned subsidiaries. Cleco Power computes its federal and state income taxes as if it were a stand-alone taxpayer. The LPSC generally requires Cleco Power to flow the effects of state income taxes to customers. For more information on income taxes, see Note 11 — “Income Taxes.”Investment Tax Credits Investment tax credits, which were deferred for financial statement purposes, are amortized as a reduction to income tax expense over the estimated service lives of the properties that gave rise to the credits. Debt Issuance Costs, Premiums, and Discounts Issuance costs, premiums, and discounts applicable to debt securities are amortized to interest expense ratably over the lives of the related issuances. Expenses and call premiums related to refinanced Cleco Power debt are deferred and amortized over the life of the new issuance. Debt issuance costs, premiums, and discounts are presented as a direct deduction from the carrying value of the related debt liability. Revenue and Fuel Costs Utility Revenue Revenue from retail sales and transmission of electricity is recognized when the service is provided. The costs of fuel and purchased power used for Cleco Power’s retail customers currently are recovered from its customers through Cleco Power’s FAC. These costs are subject to audit and final determination by the LPSC. Sales taxes and pass-through fees collected on the sale of electricity are not recorded in utility revenue. Cleco recognizes wholesale revenue, inclusive of both energy and capacity performance obligations, under the invoice practical expedient for the amount Cleco has the right to invoice. Unbilled Revenue Cleco Power accrues estimated revenue monthly for energy used by customers but not yet billed. The monthly estimated unbilled revenue amounts are recorded as unbilled revenue and a receivable. Cleco Power uses actual customer energy consumption data available from AMI to calculate unbilled revenues. Other Operations Revenue Other operations revenue is recognized at the time products or services are provided to and accepted by customers, and collectability is reasonably assured. Sales and Use Taxes Cleco collects a sales and use tax on the sale of electricity that subsequently is remitted to the state in accordance with state law. These amounts are not recorded as income or expense on Cleco’s or Cleco Power’s Consolidated Statements of Income but are reflected at gross amounts on Cleco’s and Cleco Power’s Consolidated Balance Sheets as a receivable until the tax is collected and as a payable until the liability is paid. Franchise and Consumer Fees Cleco Power operates under nonexclusive franchise rights granted by municipalities through franchise agreements in which franchise fees are collected and paid. A portion of the franchise fees associated with these franchise agreements is collected by Cleco Power from its retail customers and submitted to the municipality. These fees are recorded as a receivable until it is collected and as a payable until the liability is paid. Cleco Power also pays periodic franchise fees to the government units, which may include upfront payments upon the renewal of the franchise agreement. The upfront payments are amortized over the life of the franchise agreement and the periodic fees are expensed in the period in which they are incurred. These amounts are recovered from retail customers through base rates. Cleco Power collects a consumer fee for one of its franchise agreements. This fee is not recorded on Cleco’s and Cleco Power’s Consolidated Statements of Income as revenue and expense, but is reflected at gross amounts on Cleco’s and Cleco Power’s Consolidated Balance Sheets as a receivable until it is collected and as a payable until the liability is paid. AFUDC and Capitalized Interest The capitalization of AFUDC by Cleco Power is a utility accounting practice prescribed by FERC and the LPSC. AFUDC represents the estimated debt and equity costs of capital funds that are necessary to finance construction of new and existing facilities. While cash is not realized currently from such allowance, AFUDC increases the revenue requirement over the same life of the plant through a higher rate base and higher depreciation. Under regulatory practices, a return on and recovery of AFUDC is permitted in setting rates charged for utility services. For 2020, Cleco Power’s average short-term debt balance exceeded its average construction work-in-progress balance; however, Cleco Power elected the FERC capital structure waiver contained in FERC Docket Number AC20-127-000. The FERC waiver allowed Cleco Power to substitute the average short-term debt of the prior year for the short-term debt balance in the AFUDC rate calculation to compensate for effects of carrying larger short-term debt balances to accommodate unexpected COVID-19 expenses. The capitalization of interest by Cleco Cajun represents the cost of capital funds used to finance plant additions during the construction period. Interest is capitalized as part of the cost of the utility plant and amortized over the related assets’ useful lives. The following tables show the composite AFUDC rates, including borrowed and other funds, and the capitalized interest rate for the years ended December 31, 2022, 2021, and 2020:
Fair Value Measurements and Disclosures Various accounting pronouncements require certain assets and liabilities to be measured at their fair values. Some assets and liabilities are required to be measured at their fair value each reporting period, while others are required to be measured only one time, generally the date of acquisition or debt issuance. Cleco and Cleco Power disclose the fair value of certain assets and liabilities by one of three levels when required for recognition purposes. For more information about fair value levels, see Note 7 — “Fair Value Accounting Instruments.” Derivatives and Other Risk Management Activity Accounting guidance requires derivative instruments and hedging activities to be recognized at fair value on the balance sheet. Cleco may elect the normal purchase and normal sale scope exception to the application of fair value accounting for these instruments and activities if they meet certain accounting criteria. Cleco’s Energy Market Risk Management Policy authorizes hedging against commodity price risk with physical or financially settled derivative instruments. For Cleco Power, due to regulatory treatment, associated mark-to-market adjustments for changes in fair value of recognized derivatives are generally recognized in Accumulated deferred fuel on the balance sheet. For Cleco Cajun, the changes in the fair value of recognized derivatives are recorded in current earnings. For more information on derivative instruments, see Note 8 — “Derivative Instruments.” Accounting for MISO Transactions Cleco Power and Cleco Cajun participate in MISO’s Energy and Operating Reserve market and have the opportunity to participate in the MISO capacity market. If the hourly activity nets to sales, the results are reported in Electric operations on Cleco’s and Cleco Power’s Consolidated Statements of Income. If the hourly activity nets to purchases, the results are reported in Purchased power on Cleco’s and Cleco Power’s Consolidated Statements of Income. Power sales and purchases in the MISO market are made at prevailing market prices, also known as LMP, which represents the cost of providing the next MW of electrical energy at a specific location on the grid. LMP includes a component directly related to congestion on the transmission system and, as a result, can be different based on the location and time of the day the energy is dispatched causing energy costs to increase. Leases Cleco determines if a contract is a lease at its inception. A lease is deemed to exist when the right to control the use of identified property, plant, or equipment is conveyed through a contract for a certain period of time and consideration is paid. If a contract is determined to be a lease, Cleco recognizes a ROU asset and lease liability at the commencement date based on the present value of lease payments over the lease term. The present value of the lease payments is determined by using the implicit interest rate if readily determinable. Cleco’s incremental borrowing rate for a term similar to the duration of the lease based on information available at the commencement date is used if the implicit interest rate is not readily determinable. Cleco recognizes ROU assets and lease liabilities for leasing arrangements with terms greater than one year. Except for the marine transportation asset class, Cleco accounts for lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Cleco’s marine transportation contracts, which include barges and towboats, contain non-lease components, such as maintenance and labor. Cleco allocates the consideration in these contracts between lease and non-lease components based on estimates of fair value from third parties that typically execute leases for this class of assets. Expense for a lessee operating lease is recognized as a single lease cost on a straight-line basis over the lease term and reflected in the appropriate income statement line item based on the leased asset’s function. Income for a lessor operating lease is recognized as a single lease income item on a straight-line basis over the lease term and reflected in the appropriate income statement line item based on the lease asset’s function. For more information on leases, see Note 3 — “Leases.” Recent Authoritative Guidance In March 2020, FASB issued optional guidance, for a limited period of time, that applies to entities meeting certain criteria for the contract modifications or hedging relationships that are referencing LIBOR or another reference rate expected to be discontinued due to reference rate reform. The guidance includes a general principal that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The optional guidance could be applied from March 12, 2020, through December 31, 2022. Management has identified contracts with reference rates that will be discontinued, primarily related to long-term debt obligations. Certain debt contracts have been amended to include fallback provisions that provide substitute reference rates in the event LIBOR is discontinued or deemed to no longer be representative or prior to such events, at the option of Cleco and the administrative agent. Management will continue to modify contracts to include similar fallback language and expects to apply this guidance on an ongoing basis. Management does not expect this guidance to have a significant impact on the Registrants’ results of operations, financial condition, or cash flows. In November 2021, FASB issued guidance requiring annual disclosures about government assistance with the objective of increasing transparency and reducing existing diversity in practice. This guidance requires disclosure of the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on the entity’s financial statements. This guidance is effective for annual periods beginning after December 15, 2021. Funding is being sought for relief of incurred storm costs. In addition, a congressional appropriation has been secured, subject to the U.S. Department of Energy’s grant process, to help offset future costs associated with Cleco Power’s Project Diamond Vault. Management will continue to monitor this activity to determine what, if any, disclosures are required. Management does not expect this guidance to have a significant impact on the results of operations financial condition, or cash flows of the Registrants.
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Leases |
Cleco maintains operating and finance leases in its ordinary course of business activities. Operating Leases Cleco Power leases utility systems from two municipalities and one non-municipal public body. One municipal lease has a term of 10 years and expires on August 11, 2031. The second municipal lease has a term of 10 years and expires on May 13, 2028. The non-municipal lease has a term of 27 years and expires on July 31, 2039. Each utility system lease contains fixed and variable components, as well as provisions for extensions. During 2021, Cleco Power renewed its lease for 113 railcars for coal transportation, which expires on March 31, 2024. Cleco Power reassesses its need for the railcars upon the expiration of each term. Cleco Power pays a monthly rental fee per car. The railcar lease does not contain contingent rent payments. Cleco Power has leases for three towboats in order to transport petroleum coke to Madison Unit 3. Each of the towboat leases has a term of 10 years and expires on March 31, 2028. Under these agreements, the rates are adjusted annually per the Producer Price Index. Each lease contains provisions for a five-year extension. Cleco’s and Cleco Power’s remaining operating leases provide for office and operating facilities, office equipment, and tower rentals. The following is a schedule by year of future minimum lease payments due under Cleco’s and Cleco Power’s long-term operating leases together with the present value of the net minimum lease payments as of December 31, 2022:
Finance Lease In April 2018, Cleco Power entered into an agreement with Savage Inland Marine for continued use of 42 barges used to transport petroleum coke to Madison Unit 3 through March 2033. The agreement meets the accounting definition of a finance lease. The barge lease rate contains both a fixed and variable component, of which the latter is adjusted every third anniversary of the agreement for estimated executory costs. If the barges are idle, the lessor is required to attempt to sublease the barges to third parties with the revenue reducing Cleco Power’s lease payment. This agreement contains a provision for early termination upon the occurrence of any one of four cancellation events. For each of the years ended December 31, 2022, 2021, and 2020, Cleco Power paid $2.2 million in lease payments. For the years ended December 31, 2022, 2021, and 2020, Cleco Power received $0.6 million, $0.2 million, and $0.8 million, respectively, of revenue from subleases. The following is an analysis of the leased property under the finance lease:
The following is a schedule by year of future minimum lease payments due under the finance lease together with the present value of the net minimum lease payments as of December 31, 2022:
Additional Lessee Disclosures Cleco’s and Cleco Power’s total lease cost includes amounts on the income statement, as well as amounts capitalized as part of property, plant, or equipment or inventory. The following tables reflect total lease costs for Cleco and Cleco Power for the years ended December 31, 2022, and 2021:
The following tables present additional information related to Cleco’s and Cleco Power’s operating and finance leases as of and for the years ended December 31, 2022, and 2021:
Cottonwood Sale Leaseback Agreement Upon closing the Cleco Cajun Transaction, the Cottonwood Sale Leaseback was executed. Under the terms of the lease, NRG Energy will operate the Cottonwood Plant, incur all costs, and receive all revenues from the operations of the plant. Cottonwood Energy will receive fixed lease payments of $40.0 million per year and variable lease payments for LTSA costs and property taxes paid by NRG Energy on behalf of Cleco. Cleco may terminate the lease contract under specific circumstances stated in the lease contract. The residual value under the Cottonwood Sale Leaseback is expected to be recovered through sales of power generation from the plant. The residual value of the Cottonwood Plant has been determined using the plant’s estimated economic life. Cleco Cajun is Cleco’s only subsidiary with lessor arrangements. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback is included in within Cleco’s Consolidated Statement of Income. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the years ended December 31, 2022, and 2021 was as follows:
(1) Consists of amortization of the deferred lease revenue resulting from the fair value of the lease between Cottonwood Energy and a special-purpose entity that is a subsidiary of NRG Energy. The remaining minimum lease payments to be received under the Cottonwood Sale Leaseback are as follows:
Depreciation expense associated with Cleco’s property under the Cottonwood Sale Leaseback for the years ended December 31, 2022, 2021, and 2020, was $33.9 million, $32.0 million, and $29.3 million, respectively. Cleco calculated depreciation on a straight-line basis over the useful life of the asset. Property associated with the Cottonwood Sale Leaseback was as follows:
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Leases |
Cleco maintains operating and finance leases in its ordinary course of business activities. Operating Leases Cleco Power leases utility systems from two municipalities and one non-municipal public body. One municipal lease has a term of 10 years and expires on August 11, 2031. The second municipal lease has a term of 10 years and expires on May 13, 2028. The non-municipal lease has a term of 27 years and expires on July 31, 2039. Each utility system lease contains fixed and variable components, as well as provisions for extensions. During 2021, Cleco Power renewed its lease for 113 railcars for coal transportation, which expires on March 31, 2024. Cleco Power reassesses its need for the railcars upon the expiration of each term. Cleco Power pays a monthly rental fee per car. The railcar lease does not contain contingent rent payments. Cleco Power has leases for three towboats in order to transport petroleum coke to Madison Unit 3. Each of the towboat leases has a term of 10 years and expires on March 31, 2028. Under these agreements, the rates are adjusted annually per the Producer Price Index. Each lease contains provisions for a five-year extension. Cleco’s and Cleco Power’s remaining operating leases provide for office and operating facilities, office equipment, and tower rentals. The following is a schedule by year of future minimum lease payments due under Cleco’s and Cleco Power’s long-term operating leases together with the present value of the net minimum lease payments as of December 31, 2022:
Finance Lease In April 2018, Cleco Power entered into an agreement with Savage Inland Marine for continued use of 42 barges used to transport petroleum coke to Madison Unit 3 through March 2033. The agreement meets the accounting definition of a finance lease. The barge lease rate contains both a fixed and variable component, of which the latter is adjusted every third anniversary of the agreement for estimated executory costs. If the barges are idle, the lessor is required to attempt to sublease the barges to third parties with the revenue reducing Cleco Power’s lease payment. This agreement contains a provision for early termination upon the occurrence of any one of four cancellation events. For each of the years ended December 31, 2022, 2021, and 2020, Cleco Power paid $2.2 million in lease payments. For the years ended December 31, 2022, 2021, and 2020, Cleco Power received $0.6 million, $0.2 million, and $0.8 million, respectively, of revenue from subleases. The following is an analysis of the leased property under the finance lease:
The following is a schedule by year of future minimum lease payments due under the finance lease together with the present value of the net minimum lease payments as of December 31, 2022:
Additional Lessee Disclosures Cleco’s and Cleco Power’s total lease cost includes amounts on the income statement, as well as amounts capitalized as part of property, plant, or equipment or inventory. The following tables reflect total lease costs for Cleco and Cleco Power for the years ended December 31, 2022, and 2021:
The following tables present additional information related to Cleco’s and Cleco Power’s operating and finance leases as of and for the years ended December 31, 2022, and 2021:
Cottonwood Sale Leaseback Agreement Upon closing the Cleco Cajun Transaction, the Cottonwood Sale Leaseback was executed. Under the terms of the lease, NRG Energy will operate the Cottonwood Plant, incur all costs, and receive all revenues from the operations of the plant. Cottonwood Energy will receive fixed lease payments of $40.0 million per year and variable lease payments for LTSA costs and property taxes paid by NRG Energy on behalf of Cleco. Cleco may terminate the lease contract under specific circumstances stated in the lease contract. The residual value under the Cottonwood Sale Leaseback is expected to be recovered through sales of power generation from the plant. The residual value of the Cottonwood Plant has been determined using the plant’s estimated economic life. Cleco Cajun is Cleco’s only subsidiary with lessor arrangements. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback is included in within Cleco’s Consolidated Statement of Income. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the years ended December 31, 2022, and 2021 was as follows:
(1) Consists of amortization of the deferred lease revenue resulting from the fair value of the lease between Cottonwood Energy and a special-purpose entity that is a subsidiary of NRG Energy. The remaining minimum lease payments to be received under the Cottonwood Sale Leaseback are as follows:
Depreciation expense associated with Cleco’s property under the Cottonwood Sale Leaseback for the years ended December 31, 2022, 2021, and 2020, was $33.9 million, $32.0 million, and $29.3 million, respectively. Cleco calculated depreciation on a straight-line basis over the useful life of the asset. Property associated with the Cottonwood Sale Leaseback was as follows:
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition |
Revenue from Contracts with Customers Retail Revenue Retail revenue from contracts with customers is generated primarily from Cleco’s regulated electric sales from residential, commercial, and industrial customers. Cleco Power recognizes retail revenue from these contracts as a series, and progress towards satisfaction of the performance obligation is measured using an output method based on kWh delivered. Accordingly, revenue from electricity sales is recognized as energy is delivered to the customer. Cleco Power bills retail customers, based on rates regulated by the LPSC, on a monthly basis with payments generally due within 20 days of the invoice date. Included in retail revenue is unbilled electric revenue, which represents the amount customers will be billed for services rendered from the meter reading from the most recent bill to the end of the respective accounting period. Actual customer energy consumption data available from AMI is used to calculate unbilled revenue. Also included in retail revenue is electric customer credits, which primarily represents the credits to retail customers for the federal tax-related benefits of the TCJA prior to the settlement of the current retail rate plan. Subsequent to the settlement of the current retail rate plan, these credits offset base revenue. Wholesale Revenue Cleco’s wholesale revenue is generated primarily through the sale of energy and capacity to electric cooperatives and municipalities. The electricity revenue performance obligations, representing both energy and capacity, are satisfied as a series of performance obligations, and progress towards satisfaction of the performance obligations are measured using an output method. The energy performance obligation measure of progress is based on kWh delivered. The capacity performance obligation measure of progress is based on time elapsed and is recognized each month as Cleco’s generating units stand ready to deliver electricity to the customer. Cleco recognizes wholesale revenue, inclusive of both performance obligations, under the invoice practical expedient for the amount Cleco has the right to invoice. Cleco, through Cleco Power and Cleco Cajun, charges its wholesale customers market based rates that are subject to FERC’s triennial market power analysis. Cleco also enters into transactions through MISO for spot energy sales which are transacted in the Day-Ahead Energy and Operating Reserves Market and the Real-Time Energy and Operating Reserves Market. Transmission Revenue Cleco Power and Cleco Cajun earn transmission revenues pursuant to MISO’s FERC filed tariff. The performance obligation of transmission service is satisfied as service is provided. Revenue from the transmission of electricity for Cleco Power and Cleco Cajun is recorded based on a separate FERC-approved annual filing rate mechanism effective June 1 of each year. These rates are based on the respective costs to provide transmission services. Other Revenue Other revenue from contracts with customers, which is not a significant source of Cleco’s revenue, consisted of customer-forfeited discounts and reconnect fees, electric property rental, and other miscellaneous fees. The performance obligation under these contracts is satisfied and revenue is recognized as control of the products is delivered or services are rendered. Revenue Unrelated to Contracts with Customers On September 1, 2022, Cleco Power began billing and collecting, on behalf of Cleco Securitization I, a new storm recovery surcharge from all retail customers. This surcharge represents the recovery of costs incurred by Cleco Power as a result of Hurricanes Laura, Delta, Zeta, and Ida and Winter Storms Uri and Viola, as well as interest and associated expenses. Cleco Power remits the collected storm recovery surcharge to Cleco Securitization I to service Cleco Securitization I’s storm recovery bonds. The storm recovery surcharge will continue to be billed and collected from Cleco Power’s retail customers through the life of the Cleco Securitization I storm recovery bonds. For more information about the securitization of storm costs, see Note 19 — “Securitization.” Cleco’s energy-related transactions with the following characteristics qualify as derivative contracts and are recorded pursuant to derivatives and hedging accounting guidance: a) their value is based on the notional amount or payment provisions of an underlying asset; b) they require no or a diminutive initial net investment; and c) their terms require or permit net settlement. Cleco Cajun’s other revenue primarily includes fixed lease payments and certain variable payments for costs paid by NRG Energy on behalf of Cleco. For more information on the Cottonwood lease agreement, see Note 3 — “Leases — Additional Lessee Disclosures — Cottonwood Sale Leaseback Agreement.” Disaggregated Revenue Operating revenue, net for the years ended December 31, 2022, 2021, and 2020 was as follows:
(1) Includes fuel recovery revenue. (2) Includes $(14.4) million of amortization of intangible assets and liabilities related to Cleco Cajun’s wholesale power supply agreements. (3) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (4) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (5) Represents realized gains associated with FTRs. (6) Includes $62.4 million in lease revenue related to the Cottonwood Sale Leaseback and $9.2 million of deferred lease revenue amortization.
(1) Includes fuel recovery revenue. (2) Includes $(13.5) million of amortization of intangible assets and liabilities related to Cleco Cajun’s wholesale power supply agreements. (3) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (4) Includes $0.1 million of electric customer credits. (5) Includes $0.2 million of electric customer credits. (6) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (7) Represents realized gains associated with FTRs. (8) Includes $58.2 million in lease revenue related to the Cottonwood Sale Leaseback and $9.2 million of deferred lease revenue amortization.
(1) Includes fuel recovery revenue. (2) Includes $(12.4) million of amortization of intangible assets and liabilities related to Cleco Cajun’s wholesale power supply agreements. (3) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (4) Includes $(0.9) million of electric customer credits. (5) Includes $(0.2) million of electric customer credits. (6) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (7) Represents realized gains associated with FTRs. (8) Includes $60.9 million in lease revenue related to the Cottonwood Sale Leaseback and $9.2 million of deferred lease revenue amortization. |
Regulatory Assets and Liabilities |
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Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities |
Cleco Power recognizes an asset for certain costs capitalized or deferred for recovery from customers and recognizes a liability for amounts expected to be returned to customers or collected for future expected costs. Cleco Power records these assets and liabilities based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable; however, if in the future, as a result of regulatory changes or competition, Cleco Power’s ability to recover these regulatory assets would no longer be probable, then to the extent that such regulatory assets were determined not to be recoverable, Cleco Power would be required to write-down such assets. In addition, potential deregulation of the industry or possible future changes in the method of rate regulation of Cleco Power, could require discontinuance of the application of the authoritative guidance of regulated operations. The following table summarizes Cleco Power’s regulatory assets and liabilities:
The following table summarizes Cleco’s net regulatory assets and liabilities:
(1) Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger. Acadia Unit 1 Acquisition Costs In 2009, the LPSC approved Cleco Power’s request to establish a regulatory asset for costs incurred as a result of the acquisition by Cleco Power of Acadia Unit 1 and half of Acadia Power Station’s related common facilities. The Acadia Unit 1 acquisition costs are being recovered over a 30-year period beginning February 2010. Accumulated Deferred Fuel Cleco Power is allowed to recover the cost of fuel used for electric generation and power purchased for utility customers through the LPSC-established FAC or related wholesale contract provisions, which enable Cleco Power to pass on to its customers substantially all such charges. The difference between fuel and purchased power revenues collected from retail and wholesale customers and the current fuel and purchased power costs is generally recorded as Accumulated deferred fuel on Cleco Power’s Consolidated Balance Sheet. For 2022, approximately 78% of Cleco Power’s total fuel cost was regulated by the LPSC. Affordability Study On June 16, 2021, the LPSC approved Cleco Power’s current retail rate plan. As a result, Cleco Power was allowed to establish a regulatory asset related to outside consulting fees for the assessment of Cleco Power’s practices and assistance in the identification of potential cost savings opportunities, while maintaining superior levels of employee safety, reliability, customer service, environmental stewardship, community involvement, and regulatory transparency. In July 2021, the regulatory asset began being amortized over 10 years. AFUDC Equity Gross-Up Cleco Power capitalizes equity AFUDC as a cost component of construction projects. Cleco Power has recorded a regulatory asset to recover the tax gross-up related to the equity component of AFUDC. These costs are being amortized over the estimated lives of the respective assets constructed. AMI Deferred Revenue Requirement In February 2011, the LPSC approved Cleco Power’s stipulated settlement in Docket No. U-31393 allowing Cleco Power to defer the estimated revenue requirements for the AMI project as a regulatory asset. In June 2014, the LPSC approved Cleco Power’s recovery of the AMI regulatory asset over the average life of the AMI meters, or 11 years. In July 2014, Cleco Power began recovering the AMI deferred revenue requirement. AROs Cleco Power recorded an ARO liability for the retirement of certain ash disposal facilities. The ARO regulatory asset represents the accretion of the ARO liability and the depreciation of the related assets. For more information on the accounting treatment and net changes of Cleco Power’s AROs, see Note 2 — “Summary of Significant Accounting Policies — AROs,” and Note 15 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Other Commitments.” Bayou Vista To Segura Transmission Project Deferred Revenue Requirement On June 16, 2021, the LPSC approved Cleco Power’s current retail rate plan. As a result, Cleco Power was allowed to establish a regulatory asset and recover the revenue requirements, including interest at Cleco Power’s weighted average cost of capital, starting in the month after completion of each phase of the Bayou Vista to Segura Transmission project. The northern phase of the project was completed in August 2021, and the southern phase was completed in December 2021. At December 31, 2022, Cleco Power had a regulatory asset for the deferred revenue associated with the Bayou Vista to Segura Transmission project. The regulatory asset is being amortized over 12 months beginning July 1, 2022. Coughlin Transaction Costs In January 2014, the LPSC authorized Cleco Power to create a regulatory asset for the transaction costs related to the transfer of Coughlin from Evangeline to Cleco Power. The Coughlin transaction costs are being recovered over a 35-year period beginning July 2014. COVID-19 Executive Order On March 13, 2020, the LPSC issued an executive order prohibiting the disconnection of utilities for nonpayment. This order resulted in an increase of expenses and a loss of revenue for Cleco Power. On April 29, 2020, the LPSC issued an order allowing utilities to establish a regulatory asset for expenses incurred from the suspension of disconnections and collection of late fees imposed by the LPSC executive order. On July 1, 2020, the LPSC issued an order terminating the moratorium on disconnections effective July 16, 2020. Cleco began resuming disconnections and late fees and utilizing collection agencies on October 1, 2020. On December 4, 2020, Cleco Power made a filing with the LPSC requesting the recovery of the regulatory asset as well as the lost revenue associated with the disconnection fees and incremental costs over a four-year period. Cleco Power has a regulatory asset for expenses incurred related to the executive order and anticipates approval by the LPSC for recovery of these expenses in the second quarter of 2023. Deferred Lignite and Mine Closure Costs On October 6, 2020, Cleco Power and SWEPCO made a joint filing with the LPSC seeking authorization to close the Oxbow mine and to include and defer certain accelerated mine closing costs in fuel and related ratemaking treatment. On March 17, 2021, the LPSC approved the establishment of a regulatory asset for certain lignite costs that would otherwise be billed through Cleco Power’s FAC and any reasonable incremental third-party professional costs related to the closure of the mine. Cleco Power has a regulatory asset for deferred fuel and mine-related incurred costs, which were included in the application filed with the LPSC on January 31, 2022. Recovery of these costs is subject to a prudency review by the LPSC, which is currently in progress. For more information on the Oxbow mine, see Note 15 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Risks and Uncertainties.” For more information on the prudency review related to the deferred fuel and other mine-related closure costs, see Note 15 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Prudency Reviews — Deferred Lignite and Mine Closure Costs.” Deferred Storm Restoration Costs In 2020 and 2021, Cleco Power’s distribution and transmission systems sustained substantial damage from four separate hurricanes, Hurricanes Laura, Delta, Zeta, and Ida, and two severe winter storms, Winter Storms Uri and Viola. Cleco Power established a separate regulatory asset to track and defer non-capital expenses associated with each corresponding storm, as approved by the LPSC. On June 22, 2022, through Cleco Securitization I, Cleco Power completed a securitized financing of Storm Recovery Property, which included the previously mentioned storm restoration costs that were deferred as regulatory assets. In connection with that securitization financing, Cleco Securitization I used the net proceeds from its issuance of storm recovery bonds to purchase the Storm Recovery Property from Cleco Power. Prior to September 1, 2022, certain costs for Hurricanes Laura, Delta, and Zeta were recovered through the interim storm recovery rate. The balances remaining at December 30, 2022, for Hurricanes Laura, Delta, and Zeta are due to the timing of collections of the interim storm rate and are expected to be funded by the storm reserve, pending approval by the LPSC. The costs remaining at December 31, 2022, for Hurricane Ida are currently under a prudency review by the LPSC. Cleco Power is unable to determine the outcome or timing of such review. For more information on the storm recovery securitization financing, see Note 19 — “Securitization.” Dolet Hills Power Station Closure Costs In June 2020, Cleco Power revised depreciation rates for the Dolet Hills Power Station to utilize the December 31, 2021, expected end-of-life and early retirement of the Dolet Hills Power Station and defer depreciation expense to a regulatory asset for the amount in excess of the previously LPSC-approved depreciation rates. The Dolet Hills Power Station was retired on December 31, 2021. On January 31, 2022, Cleco Power filed an application with the LPSC requesting approval of the regulatory treatment and recovery of stranded and decommissioning costs associated with the retirement of the Dolet Hills Power Station over 20 years. Cleco Power has a regulatory asset for stranded costs. These costs are currently under a prudency review by the LPSC. For more information on the Dolet Hills Power Station, see Note 15 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Risks and Uncertainties.” For more information on the prudency review for these costs see, “— Risks and Uncertainties.” Energy Efficiency In December 2018, Cleco Power filed a letter of intent with the LPSC to recover the under recovery of the accumulated decrease in revenues, also known as the LCFC, associated with the energy efficiency program for years 2014 through 2018 to be recovered over a four-year period. Cleco Power began collecting the accumulated LCFC revenues in Cleco Power’s energy efficiency rates effective March 1, 2019. On October 21, 2019, Cleco Power received notice of approval from the LPSC allowing recovery of the accumulated LCFC revenues. Financing Costs In 2011, Cleco Power entered into and settled two treasury rate locks. Of the $26.8 million in settlements, $7.4 million was deferred as a regulatory asset relating to ineffectiveness of the hedge relationships. Also in 2011, Cleco Power entered into a forward starting swap contract. These derivatives were entered into in order to mitigate the interest rate exposure on coupon payments related to forecasted debt issuances. In May 2013, the forward starting interest rate swap was settled at a loss of $3.3 million. Cleco Power deferred $2.9 million of the losses as a regulatory asset, which is being amortized over the terms of the related debt issuances. Interest Costs Cleco Power’s deferred interest costs include additional deferred capital construction financing costs authorized by the LPSC. These costs are being amortized over the estimated lives of the respective assets. Madison Unit 3 Property Taxes On June 16, 2021, the LPSC approved Cleco Power’s current retail rate plan. As a result, beginning July 1, 2022, Cleco Power is allowed to recover property taxes paid for Madison Unit 3, including a carrying charge at Cleco Power’s weighted average cost of capital, grossed up for income taxes. The amount included in the cost recovery mechanism each year will amortize over 12 months. Non-Service Cost of Postretirement Benefits On January 1, 2018, FASB’s amended guidance related to defined benefit pension and other postretirement plans became effective. The amendment allows only the service cost component of net benefit cost to be eligible for capitalization within property, plant, and equipment. Beginning January 1, 2018, Cleco Power’s non-service cost previously eligible for capitalization into property, plant, and equipment are being deferred to a regulatory asset and will be amortized over the estimated lives of the respective assets. Other On June 16, 2021, the LPSC approved Cleco Power’s current retail rate plan resulting in Cleco Power establishing several regulatory assets. Annually, Cleco Power is allowed to defer, as a regulatory asset, the undercollection of revenues related to the Northlake Transmission Agreement. The amount recorded in the regulatory asset will be amortized over the following regulatory period, beginning on July 1. At December 31, 2022, Cleco Power had a regulatory asset of $2.9 million relating to the Northlake Transmission Agreement. In addition, the LPSC approved recovery of other previously deferred costs associated with Cleco Power’s current retail rate plan, which began being amortized over four years on July 1, 2021. At December 31, 2022, Cleco Power had a regulatory asset of $7.3 million for these deferred costs. In June 2017, the LPSC approved the establishment of a regulatory asset upon the completion of the Coughlin Pipeline project for the revenue requirement associated with the project, until Cleco Power’s current retail rate plan was approved. As approved by the LPSC in Cleco Power’s current retail rate plan, the regulatory asset began being amortized over four years on July 1, 2021. At December 31, 2022, Cleco Power had a regulatory asset of $3.4 million related to the deferred revenue associated with the Coughlin Pipeline project. Effective for income tax periods beginning on or after January 1, 2022, the Louisiana state corporate income tax rate was decreased from 8% to 7.5% and the state deduction for federal income taxes paid was eliminated. These changes resulted in an increase in income tax expense. Therefore, Cleco Power established a regulatory asset of $2.3 million for the increased revenue requirements associated with the income tax expense in excess of the amount previously approved by the LPSC. Cleco Power plans to seek recovery of this regulatory asset in its next rate case, which is required to be filed by March 31, 2023. Postretirement Costs Cleco Power recognizes the funded status of its postretirement benefit plans as a net liability or asset. The net liability or asset is defined as the difference between the benefit obligation and the fair market value of plan assets. For defined benefit pension plans, the benefit obligation is the projected benefit obligation. Historically, the LPSC has allowed Cleco Power to recover pension plan expense. Cleco Power, therefore, recognizes a regulatory asset based on its determination that these costs can be collected from customers. These costs are amortized to pension expense over the average service life of the remaining plan participants (approximately five years as of December 31, 2022, for Cleco’s plan) when it exceeds certain thresholds. The amount and timing of the recovery will be based on the changing funded status of the pension plan in future periods. For more information on Cleco’s pension plan and adoption of these authoritative guidelines, see Note 10 — “Pension Plan and Employee Benefits.” Production Operations and Maintenance Expenses Annually, Cleco Power is allowed to defer, as a regulatory asset, production operations and maintenance expenses, net of fuel and payroll, above the retail jurisdictional portion of $34.9 million, adjusted annually for a growth factor (deferral threshold). The amount of the regulatory asset is capped at $25.0 million. The LPSC allows Cleco Power to recover the amount deferred in any calendar year over the following three-year regulatory period, beginning on July 1, when the annual rates are set. Cleco Power had a deferral of $2.4 million in 2022 and a deferral of $9.7 million in 2021. Rodemacher Unit 2 Deferred Costs As a result of environmental regulations enacted during 2020, Cleco Power revised Rodemacher Unit 2’s expected end-of-life to coincide with its application to the EPA for an alternative closure date of October 17, 2028. Rodemacher Unit 2’s depreciation expense in excess of the previously LPSC-approved depreciation rates are deferred to a regulatory asset. St. Mary Clean Energy Center Cleco Power has a regulatory asset for the revenue requirements related to the planning and construction costs incurred for the St. Mary Clean Energy Center. As approved by the LPSC in Cleco Power’s current retail rate plan, the regulatory asset began being amortized over four years on July 1, 2021. On September 21, 2022, the LPSC approved a settlement disallowing recovery of $15.0 million, which resulted in a $13.8 million impairment charge and a reduction of the associated property, plant, and equipment net book value. The approved settlement also included refunding $10.4 million to Cleco Power’s retail customers. As a result, a regulatory asset of $3.8 million was recognized for the incurred refund liability for retail revenues that will continue to be collected until Cleco Power’s current base rates are reset in its next rate case, which is expected on July 1, 2024. On October 1, 2022, Cleco Power began amortizing the $3.8 million regulatory asset to Electric customer credits on its Consolidated Statement of Income as amounts are collected from customers. For more information on the settlement and disallowance, see Note 15 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Prudency Reviews — St. Mary Clean Energy Center.” Training Costs In 2008, the LPSC approved Cleco Power’s request to establish a regulatory asset for training costs associated with existing processes and technology for new employees at Madison Unit 3. Recovery of these expenditures was approved by the LPSC in 2009. In 2010, Cleco Power began amortizing the regulatory asset over a 50-year period. Tree Trimming Costs In October 2016, the LPSC approved Cleco Power to defer and recover through its base rates tree trimming costs. The LPSC authorized a deferral up to $10.9 million, excluding debt carrying costs. Cleco Power is currently collecting deferred tree trimming costs through its base rates and expects them to be fully amortized by 2026. Cleco Holdings’ 2016 Merger Adjustments As a result of the 2016 Merger, Cleco implemented acquisition accounting, which eliminated AOCI at the Cleco consolidated level on the date of the 2016 Merger. Cleco will continue to recover expenses related to certain postretirement costs; therefore, Cleco recognized a regulatory asset based on its determination that these costs that are probable of recovery continue to be collected from customers. These costs will be amortized to Other operations expense over the average remaining service period of participating employees. Cleco will also continue to recover financing costs associated with the settlement of two treasury rate locks and a forward starting swap contract that were previously recognized in AOCI. Additionally, as a result of the 2016 Merger, a regulatory asset was recorded for debt issuance costs that were eliminated at Cleco and a regulatory asset was recorded for the difference between the carrying value and the fair value of long-term debt. These regulatory assets are being amortized over the terms of the related debt issuances, unless the debt is redeemed prior to maturity, at which time any unamortized related regulatory asset will be derecognized. Deferred Taxes, Net The regulatory assets and liabilities recorded for deferred income taxes represent the effect of tax benefits or detriments that must be flowed through to customers as they are received or paid. The amounts deferred are attributable to differences between book and tax recovery periods. In 2017, the TCJA was enacted. Changes in the IRC from the TCJA had a material impact on the Registrants’ financial statements in 2017. Tax effects of changes in tax laws must be recognized in the period in which the law is enacted. Also, deferred tax assets and liabilities must be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. At December 31, 2022, and 2021, Cleco and Cleco Power had $257.4 million and $302.0 million, respectively, accrued for the excess ADIT as a result of the TCJA. For more information on the status of the TCJA regulatory liability, see Note 13 — “Regulation and Rates — Regulatory Refunds — TCJA.” Storm Reserves On June 22, 2022, in conjunction with the storm recovery securitization financing and pursuant to the financing order issued by the LPSC on April 1, 2022, newly funded storm reserves for future storm restoration costs and Hurricane Ida storm restoration costs were established. Upon the closing of the securitization financing, Cleco Power withdrew $79.6 million from the LPSC approved Hurricane Ida storm reserve. At December 31, 2022, Cleco Power had total storm reserves of $118.8 million, comprised of $103.3 million for future storm restoration costs and $15.5 million related to the Hurricane Ida storm reserve. The current portion of $9.4 million for the Hurricane Ida storm reserve is recorded in Other current liabilities on Cleco’s and Cleco Power’s Consolidated Balance Sheets. The current portion represents those deferred storm costs recorded in the related Hurricane Ida regulatory asset that are currently under a prudency review by the LPSC.
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Jointly Owned Generation Facilities |
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jointly Owned Generation Facilities |
Cleco Power and Cleco Cajun operate electric generation units that are jointly owned with other utilities. The joint-owners are responsible for their own share of the capital and the operating and maintenance costs of the respective units. Cleco Power and Cleco Cajun are responsible for their own share of the direct expenses of their respective jointly owned generation units. Cleco Power’s share of expenses is included in the operating expenses on Cleco’s and Cleco Power’s Consolidated Statements of Income. Cleco Cajun’s share of expenses is included in the operating expenses on Cleco’s Consolidated Statement of Income. At December 31, 2022, the investment in and accumulated depreciation for each generating facility on Cleco’s and Cleco Power’s Consolidated Balance Sheets were as follows:
(1) Cleco Power has a 100% ownership interest in Acadia Unit 1. The common facilities at the Acadia Power Station are jointly owned. (2) Cleco Cajun has a 100% ownership interest in Bayou Cove Units 2, 3, and 4. The common facilities at Bayou Cove are jointly owned.
(1) Cleco Power has a 100% ownership interest in Acadia Unit 1. The common facilities at the Acadia Power Station are jointly owned.
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Fair Value Accounting Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Accounting Instruments |
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable inputs. Cleco makes certain assumptions it believes that market participants would use in pricing assets or liabilities, including assumptions about risks such as the risks inherent in valuation techniques and risks associated with inputs to those valuation techniques. Credit risk of Cleco and its counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which were immaterial at December 31, 2022, and 2021. Cleco’s valuation techniques maximize the use of observable market-based inputs and minimize the use of unobservable inputs. A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The fair value hierarchy gives the highest priority to quoted prices, unadjusted, in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. Significant increases or decreases in any of those inputs in isolation could result in a significantly different fair value measurement. Cleco classifies fair value balances based on the fair value hierarchy defined as follows: •Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities that Cleco can observe as of the reporting date. •Level 2 — inputs other than quoted prices included within Level 1 that are similar and directly observable for the asset or liability or indirectly observable through corroboration with observable market data. •Level 3 — unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints. Cleco applies the provisions of the fair value measurement standard to its non-recurring, non-financial measurements including business combinations as well as impairment related to goodwill and other long-lived assets. Fair Value Measurements on a Recurring Basis The amounts reflected in Cleco’s and Cleco Power’s Consolidated Balance Sheets at December 31, 2022, and 2021, for cash equivalents, restricted cash equivalents, accounts receivable, other accounts receivable, short-term debt, and accounts payable approximate fair value because of their short-term nature. The following tables disclose the fair value of financial assets and liabilities measured on a recurring basis on Cleco’s and Cleco Power’s Consolidated Balance Sheets. These amounts are presented on a gross basis before consideration of amounts netted under master netting agreements and the application of collateral received or paid:
Cleco has consistently applied the Level 2 and Level 3 fair value techniques between comparative fiscal periods. During the years ended December 31, 2022, and 2021, Cleco did not experience any transfers into or out of Level 3 of the fair value hierarchy. Money Market Funds Cleco and Cleco Power have investments in money market funds that have a maturity of three months or less when purchased. The following tables present the money market funds as recorded on Cleco’s and Cleco Power’s Consolidated Balance Sheets at December 31, 2022, and 2021:
FTRs FTRs are financial instruments used to provide a financial hedge to manage the risk of transmission congestion charges between MISO nodes in MISO’s Day-Ahead Energy Market. Cleco Power and Cleco Cajun are awarded and/or purchase FTRs in auctions facilitated by MISO. FTRs are derivatives not designated as hedging instruments for accounting purposes. FTRs are valued using MISO’s monthly auction prices as a price index reference (Level 3). For Cleco Power, unrealized gains or losses are deferred as a component of Accumulated deferred fuel on the balance sheet in accordance with regulatory policy, and at settlement, realized gains or losses are included in Cleco Power’s FAC and reflected on customers’ bills as a component of the fuel charge. For Cleco Cajun, unrealized gains or losses as well as realized gains or losses at settlement are recorded on the income statement as a component of purchased power expense. The following tables summarize the net changes in the net fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy for Cleco and Cleco Power:
The following tables quantify the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of December 31, 2022, and 2021:
Natural Gas Derivatives Cleco Power and Cleco Cajun enter into physical and financial natural gas commodity contracts from time to time. Management has not elected to apply hedge accounting to these contracts as allowed under applicable accounting standards. Physical instruments include long-term purchase contracts. Financial instruments include swaps contracts. Cleco Power’s natural gas derivative contracts are marked-to-market with the resulting unrealized gain or loss recorded as a component of Accumulated deferred fuel on the balance sheet. At settlement, realized gains or losses are included in Cleco Power’s FAC and reflected on customer’s bills as a component of the fuel charge. Cleco Cajun’s unrealized gains or losses as well as realized gains or losses at settlement are recorded on the income statement as a component of fuel expense. Fair Value Measurements on a Nonrecurring Basis The following tables summarize the carrying value and estimated market value of Cleco’s and Cleco Power’s financial instruments not measured at fair value on Cleco’s and Cleco Power’s Consolidated Balance Sheets:
* The carrying value of long-term debt does not include deferred issuance costs of $16.2 million at December 31, 2022, and $13.2 million at December 31, 2021.
* The carrying value of long-term debt does not include deferred issuance costs of $12.3 million at December 31, 2022, and $7.9 million at December 31, 2021. In order to fund capital requirements, Cleco issues fixed and variable rate long-term debt with various tenors. The fair value of this class fluctuates as the market interest rates for fixed and variable rate debt with similar tenors and credit ratings change. The fair value of the debt could also change from period to period due to changes in the credit rating of the Cleco entity by which the debt was issued. The fair value of long-term debt is classified as Level 2 in the fair value hierarchy. Concentrations of Credit Risk At December 31, 2022, Cleco and Cleco Power were exposed to concentrations of credit risk through their short-term investments classified as cash equivalents and restricted cash equivalents. If the money market funds failed to perform under the terms of the investments, Cleco and Cleco Power would be exposed to a loss of the invested amounts. Collateral on these types of investments is not required. The Level 1 money market funds asset consists of a single class. In order to capture interest income and minimize risk, cash is invested in money market funds that invest primarily in short-term securities issued by the U.S. government to maintain liquidity and achieve the goal of a net asset value of a dollar. The risks associated with this class are counterparty risk of the fund manager and risk of price volatility associated with the underlying securities of the fund. When Cleco enters into commodity derivative or physical commodity transactions directly with market participants, Cleco may be exposed to counterparty credit risk. Cleco is exposed to counterparty credit risk when a counterparty fails to meet their financial obligations causing Cleco to potentially incur replacement cost losses. Cleco enters into master agreements with counterparties that govern the risk of credit default and allow for collateralization above prenegotiated thresholds to help mitigate potential losses. Alternatively, Cleco may be required to provide credit support with respect to any open trading contracts that Cleco has entered into or may enter into in the future. The amount of credit support that Cleco may be required to provide at any point in the future is dependent on the amount of the initial contract, changes in the market price, changes in open contracts, changes in the amounts counterparties owe to Cleco, and any prenegotiated unsecured thresholds agreed to in the master contract. Changes in any of these factors could cause the amount of requested credit support to increase or decrease.
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments |
In the normal course of business, Cleco is exposed to a number of market risks. Cleco uses derivatives primarily to mitigate commodity price risk, particularly fuel price risk. Cleco Power has limited exposure to effects of market price risk because it operates primarily under cost-based rate regulation. Cleco Power utilizes derivative instruments to hedge against the exposure of transmission congestion costs and price volatility inherent in fuel purchased for electric generation that are recovered from customers. On Cleco’s Consolidated Balance Sheets, the fair value of amounts associated with Cleco Cajun’s derivative instruments are offset with related cash collateral balances with the same counterparty. Cleco has not elected to designate any of its current instruments as an accounting hedge. At December 31, 2022, cash collateral received from counterparties by Cleco Cajun was $6.5 million, all of which was netted against the current portion of Energy risk management assets on Cleco’s Consolidated Balance Sheet. At December 31, 2021, there was no cash collateral posted with or received from counterparties that was netted on Cleco’s Consolidated Balance Sheet. The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco’s and Cleco Power’s Consolidated Balance Sheets at December 31, 2022, and 2021:
(1) Represents letters of credit by counterparties.
(1) Represents letters of credit by counterparties.
The following tables present the effect of derivatives not designated as hedging instruments on Cleco’s and Cleco Power’s Consolidated Statements of Income for the years December 31, 2022, 2021, and 2020:
(1) For the years ended December 31, 2022, 2021, and 2020, unrealized (losses) gains associated with FTRs for Cleco Power of $(0.5) million, $2.8 million and $0.5 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. (2) Prior year balance has been revised to correct errors that were immaterial for the years ended December 31, 2021, and 2020. (3) For the year ended December 31, 2022, unrealized gains associated with natural gas derivatives for Cleco Power of $4.9 million were reported through Accumulated deferred fuel on the balance sheet. Cleco Power had no natural gas derivatives during the years ended December 31, 2021, and 2020.
(1) For the year ended December 31, 2022, unrealized gains associated with natural gas derivatives of $4.9 million were reported through Accumulated deferred fuel on the balance sheet. Cleco Power had no natural gas derivatives during the years ended December 31, 2021, and 2020. (2) For the years ended December 31, 2022, 2021, and 2020, unrealized (losses) gains associated with FTRs of $(0.5) million, $2.8 million, and $0.5 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. The following tables present the volume of commodity-related derivative contracts outstanding at December 31, 2022, and 2021 for Cleco and Cleco Power:
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt |
Cleco Power’s total long-term indebtedness as of December 31, 2022, and 2021 was as follows:
Cleco’s total long-term indebtedness as of December 31, 2022, and 2021 was as follows:
(1) For December 31, 2022, and 2021, this amount includes unamortized debt issuance costs for Cleco Holdings of $8.5 million and $10.2 million, respectively, partially offset by deferred debt issuance costs eliminated as a result of the 2016 Merger of $4.6 million and $4.9 million, respectively. For more information, see Note 5 — “Regulatory Assets and Liabilities — Cleco Holdings’ 2016 Merger Adjustments.” The principal amounts payable under long-term debt agreements for each year through 2027 and thereafter are as follows:
(1) Does not include Series A GO Zone bonds that have a maturity date of December 2038 but a mandatory tender in May 2025. The principal amounts payable under the finance lease agreement for each year through 2027 and thereafter are as follows:
For more information on the finance agreement, see Note 3 — “Leases — Finance Lease.” Cleco Power At December 31, 2022, Cleco Power had $110.3 million of long-term debt and finance leases due within one year. The amount due within one year primarily represents $100.0 million of Cleco Power’s senior notes due in December 2023 and $9.6 million of Cleco Securitization I storm recovery bond principal payments scheduled to be paid in March and September 2023. On June 22, 2022, Cleco Securitization I issued $425.0 million aggregate principal amount of its senior secured storm recovery bonds. The storm recovery bonds were issued in two tranches. One tranche of $125.0 million aggregate principal amount was issued with an interest rate of 4.016% and an expected weighted average life of 4.79 years. A second tranche of $300.0 million aggregate principal amount was issued with an interest rate of 4.646% and an expected weighted average life of 15 years. The storm recovery bonds are governed by an indenture between Cleco Securitization I and the indenture trustee. The indenture contains certain covenants that restrict Cleco Securitization I’s ability to sell, transfer, convey, exchange, or otherwise dispose of its assets. For more information on the storm recovery securitization financing, see Note 19 — “Securitization.” On June 23, 2022, following the closing of the storm recovery bonds offering, Cleco Power redeemed its $325.0 million floating rate senior notes issued in September 2021 at par. On December 16, 2022, Cleco Power repaid its $25.0 million 2.94% fixed rate senior notes issued in December 2017 at par. Other than Cleco Securitization I’s storm recovery bonds, all of Cleco Power’s debt outstanding at December 31, 2022, and 2021 is unsecured and unsubordinated. Cleco At December 31, 2022, Cleco had $340.9 million of long-term debt and finance leases due within one year. The long-term debt due within one year at December 31, 2022, primarily represents $165.0 million of Cleco Holdings’ senior notes due in May 2023, $100.0 million of Cleco Power’s senior notes due in December 2023, $65.6 million of principal payments on Cleco Holdings’ debt as required by the Cleco Cajun Transaction commitments to the LPSC, and $9.6 million of Cleco Securitization I storm recovery bond principal payments scheduled to be paid in March and September 2023. Other than Cleco Securitization I’s storm recovery bonds, all of Cleco’s debt outstanding at December 31, 2022, and 2021 is unsecured and unsubordinated. Upon approval of the Cleco Cajun Transaction, commitments were made to the LPSC by Cleco, including repayment of $400.0 million of Cleco Holdings’ debt by December 31, 2024. As of December 31, 2022, 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:
Credit Facilities At December 31, 2022, Cleco had $109.0 million short-term debt outstanding under its two separate revolving credit facilities. Cleco Holdings’ credit facility, in the amount of $175.0 million, had $64.0 million of outstanding borrowings at December 31, 2022. Cleco Power’s credit facility, in the amount of $300.0 million, had $45.0 million of outstanding borrowings at December 31, 2022. The total of all revolving credit facilities creates a maximum aggregate capacity of $475.0 million. Cleco and Cleco Power had no short-term debt outstanding at December 31, 2021. Cleco Holdings and Cleco Power had no amounts outstanding under their uncommitted lines of credit at December 31, 2022, and 2021. Cleco Holdings’ revolving credit facility provides funding for working capital and other financing needs. The revolving credit facility includes restrictive financial covenants and expires in May 2026. Under covenants contained in Cleco Holdings’ revolving credit facility, Cleco is required to maintain total indebtedness less than or equal to 65.0% of total capitalization. At December 31, 2022, Cleco Holdings was in compliance with the covenants of its revolving credit facility. At December 31, 2022, the borrowing costs for amounts drawn under the facility were equal to LIBOR plus 1.625% 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, under the pricing levels of its revolving credit facility. Cleco Power’s revolving credit facility provides funding for working capital and other financing needs. The revolving credit facility includes restrictive financial covenants and expires in May 2026. Under covenants contained in Cleco Power’s revolving credit facility, Cleco Power is required to maintain total indebtedness less than or equal to 65.0% of total capitalization. At December 31, 2022, Cleco Power was in compliance with the covenants of its credit facility. At December 31, 2022, the borrowing costs for amounts drawn under the facility were equal to LIBOR plus 1.25% or ABR plus 0.25%, plus commitment fees of 0.15% paid on the unused portion of the facility. If Cleco Power’s credit ratings were to be downgraded one level by the credit rating agencies, Cleco Power may be required to pay incremental interest and commitment fees of 0.125% and 0.025%, respectively, under the pricing levels of its revolving credit facility. In February 2023, Cleco Holdings and Cleco Power amended their respective revolving credit facilities and bank term loans to transition the benchmark interest rate from LIBOR to SOFR. If Cleco Holdings or Cleco Power were not to comply with certain covenants in their respective revolving credit facilities or other debt agreements, they would be unable to borrow additional funds under the facilities, and the lenders under the respective credit facility or debt agreement could accelerate all principal and interest outstanding. Further, if Cleco Power were to default under its revolving credit facility or other debt agreements, Cleco Holdings would be considered in default under its revolving credit facility.
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Pension Plan and Employee Benefits |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plan and Employee Benefits |
Pension Plan and Other Benefits Plan Employees hired before August 1, 2007, are covered by a non-contributory, defined benefit pension plan. Benefits under the plan reflect an employee’s years of service, age at retirement, and highest total average compensation for any consecutive calendar years during the last ten years of employment with Cleco. Cleco’s policy is to base its contributions to the employee pension plan upon actuarial computations utilizing the projected unit credit method, subject to the IRS’s full funding limitation. Cleco did not make any required or discretionary contributions to the pension plan in 2022 or 2021. In December 2020, Cleco made a $15.8 million required contribution to the pension plan. Cleco has not made and does not expect to make any contributions in 2023. The required contributions are driven by liability funding target percentages set by law which could cause the required contributions to be uneven among the years. Based on the funding assumptions at December 31, 2022, management estimates that $74.5 million in pension contributions will be required through 2027. Future discretionary contributions may be made depending on changes in assumptions, the ability to utilize the contribution as a tax deduction, and requirements concerning recognizing a minimum pension liability. Adverse changes in assumptions or adverse actual events could cause additional minimum contributions. The ultimate amount and timing of the contributions may be affected by changes in the discount rate, changes in the funding regulations, and actual returns on fund assets. Cleco Power is the plan sponsor and Support Group is the plan administrator. The pension plan was amended on February 4, 2019, to include certain former NRG Energy employees who are now Cleco Cajun employees. The Cleco Cajun employees are eligible to participate as a cash balance participant and are credited with all service that was credited to them under the NRG Pension Plan as of February 4, 2019. Benefits under the plan amendment reflect the employee’s years of service, age at retirement, and accrued benefit at retirement. The interest crediting rate on the cash balance plan was 5.07% and 3.06% at December 31, 2022, and 2021, respectively. Cleco’s retirees may be eligible to receive Other Benefits. Dependents of Cleco’s retirees may also be eligible to receive Other Benefits with the exception of life insurance benefits. Cleco recognizes the expected cost of Other Benefits during the periods in which the benefits are earned. The employee pension plan and Other Benefits plan obligation, plan assets, and funded status at December 31, 2022, and 2021 are presented in the following table:
The employee pension plan accumulated benefit obligation at December 31, 2022, and 2021 is presented in the following table:
The following table presents the net actuarial gains/losses included in other comprehensive income for Other Benefits and in regulatory assets for pension related to current year gains and losses as a result of being included in net periodic benefit costs for the employee pension plan and Other Benefits plan for the years ended December 31, 2022, and 2021:
The pension net actuarial gain was $58.1 million for the year ended December 31, 2022, primarily due to an increase in the discount rate, partially offset by lower than expected return on assets. The pension net actuarial gain was $26.9 million for the year ended December 31, 2021, primarily due to an increase in the discount rate and higher than expected return on assets, partially offset by an update to the census data. The Other Benefits net actuarial gain was $10.3 million for the year ended December 31, 2022, primarily due to an increase in the discount rate. The Other Benefits net actuarial gain was less than $0.1 million for the year ended December 31, 2021. The following table presents net actuarial gains/losses in accumulated other comprehensive income for Other Benefits and in regulatory assets for pension that have not been recognized as components of net periodic benefit costs for the employee pension plan and Other Benefits plans at December 31, 2022, and 2021:
The non-service components of net periodic pension and Other Benefits cost are included in Other income (expense), net within Cleco’s and Cleco Power’s Consolidated Statements of Income. The components of net periodic pension and Other Benefits costs for 2022, 2021, and 2020 are as follows:
Effective September 30, 2021, the pension plan was amended to offer an enhanced pension benefit to certain employees participating in the plan that elected to retire during a certain retirement window. Those certain employees who elected by September 30, 2021, to receive the enhanced pension benefits received a 10% increase in calculated pension benefits. This resulted in a special termination benefit cost for Cleco Power and Support Group of $2.4 million and $0.9 million, respectively, that was included as an expense of the pension plan. Because Cleco Power is the pension plan sponsor and the related trust holds the assets, the net unfunded status of the pension plan is reflected at Cleco Power. The liability of Cleco’s other subsidiaries is transferred with a like amount of assets to Cleco Power monthly. The expense of the pension plan related to Cleco’s other subsidiaries for the years ended December 31, 2022, 2021, and 2020 was $3.2 million, $4.5 million, and $3.5 million, respectively. Cleco Holdings is the plan sponsor for the other benefit plans. There are no assets set aside in a trust and the liabilities are reported on the individual subsidiaries’ financial statements. The expense related to Other Benefits reflected in Cleco Power’s Consolidated Statements of Income for the years ended December 31, 2022, 2021, and 2020 was $4.4 million, $4.7 million, and $4.8 million, respectively. The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at December 31, 2022, and 2021 are as follows:
The measurement date used to determine the pension and other postretirement benefits is December 31. The assumptions used to determine the benefit obligation and the periodic costs are as follows:
The expected return on plan assets was determined by examining the risk profile of each target category as compared to the expected return on that risk, within the parameters determined by the Retirement Committee. In assessing the risk as compared to return profile, historical returns as compared to risk were considered. The historical risk compared to returns was adjusted for the expected future long-term relationship between risk and return. The adjustment for the future risk compared to returns was, in part, subjective and not based on any measurable or observable events. For the calculation of the 2023 periodic expense, Cleco increased the discount rate to 5.44% and increased the expected long-term return on plan assets to 6.60%. Cleco expects pension expense to decrease in 2023 by approximately $14.4 million due to an increase in the discount rate and an increase in expected return on plan assets. Employee pension plan assets are invested in accordance with the Pension Plan’s Investment Policy Statement. At December 31, 2022, allowable investments included U.S. Equity Portfolios, International Equity - Developed Markets Portfolios, Emerging Markets Equity Portfolios, Multi-Asset Credits, Treasury Separate Trading of Registered Interest and Principal of Securities (STRIPS), Fixed Income Portfolios - Long Credit and Intermediate Government Credit, and Real Estate Portfolios. Real estate funds and the pooled separate accounts are stated at estimated market value based on appraisal reports prepared annually by independent real estate appraisers (members of the American Institute of Real Estate Appraisers). The estimated market value of recently acquired properties is assumed to approximate cost. Fair Value Disclosures Cleco classifies assets and liabilities measured at their fair value according to three different levels, depending on the inputs used in determining fair value. For more information on the fair value hierarchy, see Note 7 — “Fair Value Accounting Instruments.” There have been no changes in the methodologies for determining fair value at December 31, 2022, and 2021. The following tables disclose the pension plan’s fair value of financial assets measured on a recurring basis:
Level 3 valuations are derived from other valuation methodologies including pricing models, discounted cash flow models, and similar techniques. Level 3 valuations incorporate subjective judgments and consider assumptions including capitalization rates, discount rates, cash flows, and other factors that are not observable in the market. Significant increases or decreases in any of those inputs in isolation would result in a significantly different fair value measurement. The following is a reconciliation of the beginning and ending balances of the pension plan’s real estate funds measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2022, and 2021:
The market-related value of plan assets differs from the fair value of plan assets by the amount of deferred asset gains or losses. Actual asset returns that differ from the expected return on plan assets are deferred and recognized in the market-related value of assets on a straight-line basis over a five-year period. For 2022, the return on plan assets was (19.94)% compared to an expected long-term return of 5.25%. The 2021 return on pension plan assets was 7.14% compared to an expected long-term return of 5.00%. As of December 31, 2022, none of the pension plan participants’ future annual benefits are covered by insurance contracts. Pension Plan Investment Objectives Cleco’s Retirement Committee has established investment performance objectives of the pension plan assets. Over a rolling three- to five-year annualized period, the objectives are for the pension plan’s annualized total return to: •Exceed the (FAS) actuarial assumed rate of return on plan assets, and •Exceed the annualized total return of the following customized index (based on the target allocation in the glide path) consisting of a mixture of S&P 500 Index, Russell 2500 Index, Morgan Stanley Capital International All Country World ex U.S. Index, Morgan Stanley Capital International Emerging Markets Index, Custom Index related to Multi-Asset Credit asset class, Bloomberg Barclays Capital Long Credit Index, Bloomberg Barclays 15+ Year Treasury STRIPS, Bloomberg Barclays Intermediate/Government Credit Index, and National Council of Real Estate Investment Fiduciaries Index. Risk characteristics of the portfolio (annualized standard deviation of returns) should be similar to or less than the custom index. In order to meet the objectives and to control risk, the Retirement Committee has established the following guidelines that the investment managers must follow: U.S. Equity Portfolios •Equity holdings in any single company (including common stock and convertible securities) must not exceed 10% of the manager’s portfolio measured at market value. •A minimum of 25 stocks should be owned in the portfolio. •Equity holdings should represent 90% of the portfolio at all times. •Equity holdings in any one economic sector (as defined by the Global Industry Classification Standard) should not exceed the lesser of three times the sector’s weighting in the S&P 500 Index or 35% of the portfolio. •Marketable common stocks, preferred stocks convertible into common stocks, and fixed income securities convertible into common stocks are the only permissible equity investments. •Securities in foreign (non-U.S.) entities denominated in U.S. dollars are limited to 10% of the manager’s portfolio measured at market value. Securities denominated in currencies other than U.S. dollars are not permissible investments. •The purchase of securities on margin and short sales is prohibited. International Equity - Developed Markets Portfolios •Equity holdings in a single company (including common stock and convertible securities) should not exceed 5% of the manager’s portfolio measured at market value. •A minimum of 30 individual stocks should be owned in the portfolio. •Equity holdings in any industry sector (as defined by the Global Industry Classification Standard) should not exceed 35% of the portfolio measured at market value. •A minimum of 50% of the countries within the Morgan Stanley Capital International All Country World ex U.S. Index should be represented within the portfolio. The allocation to an individual country should not exceed the lesser of 30% or 5 times the country’s weighting within the Morgan Stanley Capital International All Country World ex U.S. Index. •Currency hedging decisions are at the discretion of the investment manager. Emerging Markets Portfolios •Equity holdings in any single company (including common stock and convertible securities) should not exceed 10% of the manager’s portfolio measured at market value. •A minimum of 30 individual stocks should be held within the portfolio. •Equity holdings in any one industry (as defined by Global Industry Classification Standard) should not exceed 25% of the manager’s portfolio at market value. •Equity investments must represent at least 75% of the portfolio under normal circumstances. •A minimum of three countries should be represented within the portfolio. •Illiquid securities which are not readily marketable may represent no more than 10% of portfolio assets. •Currency hedging decisions are at the discretion of the investment manager. Multi-Asset Credits •Assets can include, but would not be limited to, high yield debt, emerging market debt, global investment grade credit and bank loans, as well as fixed income strategies. •Currency hedging decisions are the discretion of the investment manager. Treasury STRIPS •The STRIPS are synthetic zero-coupon bonds that are created by separating each coupon and principal payment of a treasury bond into a separate security. STRIPS take the form of a zero-coupon bond which is sold at a discount to face value and mature at par. They are backed by U.S. Treasury securities. •Implementation of the portfolio is either through Treasury Futures or purchase of Treasury STRIPS through an investment manager. •The benchmark would be Bloomberg Barclays 15+ Year Treasury STRIPS. Fixed Income Portfolios - Long Credit and Intermediate Government Credit •Permitted securities include all U.S. dollar denominated investment grade corporate debt, including sovereign, super-nationals, and Yankee bonds, U.S. government obligations and agency debt, all U.S. dollar denominated investment grade mortgage-backed securities, all U.S. dollar investment grade private placements or securities issued as 144A with or without registration rights. •The portfolio can invest in surplus notes, trust preferred, E-Caps, and Hybrids. These types of securities do have risk of coupon deferral. •The portfolio can invest in both senior and subordinated debt and money market securities: Treasury Bills, Commercial or Asset-backed paper rated A1/P1 or higher. •The duration of the portfolio must be within +/- 1 year of benchmark. •Sub-asset classes included but not limited to: cash, government, government related securities investment, grade credit, mortgage-backed securities asset-backed, securities, private placements, commercial mortgage-backed securities taxable municipal bonds •High yield up to 5% from downgrades with no securities to be held below B- (rated by major rating agencies). Not allowed to purchase high yield securities. (120 day cure period for downgrades below B- - -) •Securities must have a maximum position size of 5% for A rated securities and 3% for BBB rated securities. •Treasury STRIPS managers will have the discretion to utilize U.S. treasury futures and STRIPS as needed to adjust the portfolio duration. Real Estate Portfolios •Real estate funds should be invested primarily in direct equity positions, with debt and other investments representing less than 25% of the fund. •Leverage should be no more than 70% of the gross market value of the fund. •Investments should be focused on existing income-producing properties, with land and development properties representing less than 40% of the fund. The use of futures and options positions which leverage portfolio positions through borrowing, short sales, or other encumbrances of the Plan’s assets is prohibited. The Long Duration fixed income managers, Intermediate Government Credit and Treasury STRIPS manger(s) are exempt from the prohibition on derivatives use, due to the nature of long duration fixed income management. The investment manager shall not purchase any securities of its organization or affiliated entities. The following chart shows the dynamic asset allocation based on the funded ratio at December 31, 2022:
The assumed health care cost trend rates used to measure the expected cost of Other Benefits is 5.0% for 2023 and remains at 5.0% thereafter. The rate used for 2022 was also 5.0%. Assumed health care cost trend rates have a limited effect on the amount reported for Cleco’s health care plans. The projected benefit payments for the employee pension plan and Other Benefits plan for each year through 2027 and the next five years thereafter are listed in the following table:
SERP Certain Cleco officers are covered by SERP. In 2014, SERP was closed to new participants; however, with regard to current SERP participants, including former employees or their beneficiaries, all terms of SERP will continue, other than as described below. SERP is a non-qualified, non-contributory, defined benefit pension plan. Generally, benefits under the plan reflect an employee’s years of service, age at retirement, and the sum of (a) the highest base salary paid out over the last calendar years and (b) the average of the five highest cash bonuses paid during the 60 months prior to retirement. SERP benefits are reduced by retirement benefits received from any other defined benefit pension plan, supplemental executive retirement plan, or Cleco contributions under the enhanced 401(k) Plan to the extent such contributions exceed the amount the employee would have received under the terms of the original 401(k) Plan. Management reviews current market trends as it evaluates Cleco’s future compensation strategy. Cleco does not fund the SERP liability, but instead pays for current benefits out of the cash available of the respective company of the employed officer. Because the SERP is a non-qualified plan, Cleco has purchased life insurance policies on certain SERP participants as a mechanism to provide a source of funding. These polices are held in a rabbi trust formed by Cleco Power. The rabbi trust is the named beneficiary of the life insurance policies and, therefore, receives the proceeds upon death of the insured participants. The life insurance policies may be used to reimburse Cleco for benefits paid from general funds, pay the SERP participants’ death benefits, or pay future SERP payments. Market conditions could have a significant impact on the cash surrender value of the life insurance policies. Because SERP is a non-qualified plan, the assets of the trust could be used to satisfy general creditors of Cleco Power in the event of insolvency. Cleco Power is the plan sponsor and Support Group is the plan administrator. SERP’s funded status at December 31, 2022, and 2021 is presented in the following table:
SERP’s accumulated benefit obligation at December 31, 2022, and 2021 is presented in the following table:
The following table presents net actuarial gains/losses and prior service credits included in other comprehensive income or regulatory assets related to current year gains and losses as a result of being amortized as a component of net periodic benefit costs for SERP for December 31, 2022, and 2021:
The SERP net actuarial gain was $22.1 million for the year ended December 31, 2022, primarily due to an increase in the discount rate. The following table presents net actuarial losses and prior service credit in accumulated other comprehensive income and regulatory assets that have not been recognized as components of net periodic benefit costs for SERP at December 31, 2022, and 2021:
The non-service components of net periodic benefit cost related to SERP are included in Other income (expense), net within Cleco’s and Cleco Power’s Consolidated Statements of Income. The components of the net SERP costs for 2022, 2021, and 2020 are as follows:
The measurement date used to determine the SERP benefits is December 31. The assumptions used to determine the benefit obligation and the periodic costs are as follows:
The expense related to SERP reflected on Cleco Power’s Consolidated Statements of Income for the years ended December 31, 2022, 2021, and 2020 was $0.6 million, $0.6 million, and $1.0 million, respectively. Liabilities relating to SERP are reported on the individual subsidiaries’ financial statements. The current and non-current portions of the SERP liability for Cleco and Cleco Power at December 31, 2022, and 2021 are as follows:
The projected benefit payments for SERP for each year through 2027 and the next five years thereafter are shown in the following table:
401(k) Cleco’s 401(k) Plan is intended to provide active, eligible employees with voluntary, long-term savings and investment opportunities. The 401(k) Plan is a defined contribution plan and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974. In accordance with the 401(k) Plan, employer contributions are made in the form of cash. Cash contributions are invested in proportion to the participant’s voluntary contribution investment choices. Participation in the Plan is voluntary and active Cleco employees are eligible to participate. Cleco’s 401(k) Plan expense for the years ended December 31, 2022, 2021, and 2020 was as follows:
Cleco Power is the plan sponsor for the 401(k) Plan. The expense of the 401(k) Plan related to Cleco’s other subsidiaries for the years ended December 31, 2022, 2021, and 2020 was as follows:
Effective September 30, 2021, the 401(k) plan was amended to offer an enhanced 401(k) benefit to certain employees participating in the plan that elected to retire during a certain retirement window. Those certain employees who elected by September 30, 2021, to receive the enhanced 401(k) benefits received a one-time contribution up to 30% of the employee’s 2021 base salary in accordance with IRS contribution limits. This resulted in a one-time benefit cost of $0.2 million that was included as an expense of the 401(k) plan.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
Cleco For the year ended December 31, 2022, and 2021, income tax expense was lower than the amount computed by applying the statutory federal rate. For the year ended December 31, 2020, income tax expense was higher than the amount computed by applying the statutory federal rate. The differences are as follows:
Information about current and deferred income tax expense is as follows:
The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2022, and 2021 was comprised of the following:
Cleco Power For the year ended December 31, 2022, and 2021, income tax expense was lower than the amount computed by applying the statutory rate. For the year ended 2020, income tax expense was higher than the amount computed by applying the statutory rate. The differences are as follows:
Information about current and deferred income tax expense is as follows:
The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2022, and 2021 was comprised of the following:
Valuation Allowance Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. At December 31, 2022, and 2021, Cleco had a deferred tax asset resulting from a NMTC carryforward of $88.2 million and $92.4 million, respectively. If the NMTC carryforward is not utilized, it will begin to expire in 2030. Management considers it more likely than not that the deferred tax asset related to the NMTC carryforward will be realized; therefore, no valuation allowance has been recorded for Cleco and Cleco Power. Net Operating Losses For the 2021 tax year, Cleco created a federal net operating loss of approximately $718.3 million and a state net operating loss of approximately $423.7 million. For the 2022 tax year, Cleco expects to utilize a federal net operating loss of $192.9 million and a state net operating loss of $82.5 million. For the 2021 tax year, Cleco Power created a federal net operating loss of approximately $422.1 million and a state operating loss of $423.7 million. For the 2022 tax year, Cleco Power expects to utilize a federal net operating loss and state net operating loss of $93.7 million and $82.5 million, respectively. Both the federal and state net operating losses may be carried forward indefinitely. Cleco and Cleco Power consider it more likely than not that these income tax losses will be utilized to reduce future income tax payments, and the entire net operating loss carryforward will be utilized within the statutory deadlines. Uncertain Tax Positions Cleco classifies all interest related to uncertain tax positions as a component of interest payable and interest expense. At December 31, 2022, and 2021, Cleco and Cleco Power had no interest payable related to uncertain tax positions. For the years ended December 31, 2022, 2021, and 2020, Cleco and Cleco Power had no interest expense related to uncertain tax positions. At December 31, 2022, and 2021, Cleco and Cleco Power had no liability for unrecognized tax positions. Income Tax Audits Cleco participates in the IRS’s Compliance Assurance Process in which tax positions are examined and agreed upon prior to filing the federal tax return. While the statute of limitations remains open for tax years 2019, 2020, and 2021, the IRS has completed its review of years 2019 and 2020, and these tax returns were filed consistent with the IRS’s review. The IRS has placed Cleco in the Bridge phase of the Compliance Assurance Process for the 2021 tax year. In this phase, the IRS will not accept any disclosures, conduct any reviews, or provide any assurances. The IRS has accepted Cleco’s application for the Compliance Assurance Process for the 2022 tax year and the Compliance Assurance Maintenance phase for the 2023 tax year. The state income tax years 2019, 2020, and 2021 remain subject to examination by the Louisiana Department of Revenue. Cleco classifies income tax penalties as a component of other expenses. For the years ended December 31, 2022, 2021, and 2020, no penalties were recognized. TCJA On December 22, 2017, the TCJA was enacted into law. The TCJA includes significant changes to the IRC, as amended, including amendments which significantly change the taxation of business entities and includes specific provisions related to rate regulated activities, including Cleco Power. The most significant change that impacts Cleco is the reduction of the corporate federal income tax rate from 35% to 21%. At December 31, 2022, and 2021, Cleco and Cleco Power had $257.4 million and $302.0 million, respectively, accrued for the excess ADIT. For more information on the regulatory treatment of the TCJA regulatory liability, see Note 5 — “Regulatory Assets and Liabilities — Deferred Taxes, Net” and Note 13 — “Regulation and Rates — Regulatory Refunds — TCJA.” CARES Act In March 2020, the CARES Act was signed into law. The CARES Act includes tax relief provisions such as an alternative minimum tax credit refund, a five-year net operating loss carryback from years 2018 through 2020, and deferred payments of employer payroll taxes. During December 2022, Cleco and Cleco Power paid the remaining $3.0 million and $1.8 million, respectively, deferred in employer payroll tax payments for the period of March 27, 2020, through December 31, 2020.
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Disclosures about Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosures about Segments |
Cleco Cleco’s reportable segments are based on its method of internal reporting, which disaggregates business units by its first-tier subsidiaries. Cleco’s reportable segments are Cleco Power and Cleco Cajun. Each reportable segment engages in business activities from which it earns revenue and incurs expenses. 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, and an investment subsidiary. There are no changes to Cleco’s existing reportable segments. 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 segments. Management evaluates the performance of Cleco’s segments and allocates resources to them 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 and liabilities recorded for the fair value adjustment of wholesale power supply agreements as a result of the 2016 Merger and the Cleco Cajun Transaction, as well as amortization of deferred lease revenue resulting from the Cleco Cajun Transaction. Material intercompany transactions occur on a regular basis and relate primarily to joint and common administrative support services as well as transmission services provided by Cleco Power to Cleco Cajun.
Cleco Power Cleco Power is a vertically integrated, regulated electric utility operating within Louisiana and Mississippi and is viewed as one unit by management. Discrete financial reports are prepared only at the company level. |
Regulation and Rates |
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Regulated Operations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulation and Rates |
Regulatory Refunds Provision for rate refund on Cleco’s and Cleco Power’s Consolidated Balance Sheets consisted primarily of the following:
Cleco Katrina/Rita Storm Recovery Charges Prior to the repayment of the Cleco Katrina/Rita storm recovery bonds in March 2020, Cleco Katrina/Rita had the right to bill and collect storm restoration costs from Cleco Power’s customers to pay administrative fees, interest, and principal on the Cleco Katrina/Rita storm recovery bonds. In April 2021, after payments for all final administrative and winding up activities of Cleco Katrina/Rita were made, Cleco Katrina/Rita transferred its remaining restricted cash to Cleco Power. In September 2022, $1.6 million was refunded to retail customers in the form of bill credits as approved by the LPSC on July 27, 2022. FRP Prior to July 1, 2021, Cleco Power’s annual retail earnings were subject to an FRP established by the LPSC in June 2014. The 2014 FRP allowed Cleco Power to earn a target ROE of 10.0%, while providing the opportunity to earn up to 10.9%. Additionally, 60% of retail earnings between 10.9% and 11.75%, and all retail earnings over 11.75% were required to be refunded to customers. On June 16, 2021, the LPSC approved Cleco Power’s new FRP. Effective July 1, 2021, under the terms of the new FRP, Cleco Power is allowed to earn a target ROE of 9.5%, while providing the opportunity to earn up to 10.0%. Additionally, 60.0% of retail earnings between 10.0% and 10.5% and all retail earnings over 10.5%, are required to be refunded to customers. The amount of credits due to customers, if any, is determined by Cleco Power and the LPSC annually. Cleco Power’s next base rate case is required to be filed with the LPSC on or before March 31, 2023. On October 31, 2022, a monitoring report was filed for the 12 months ending June 30, 2022, indicating no refund was due. The LPSC staff is currently reviewing the report and Cleco Power has responded to data requests. Cleco Power anticipates the approval of this report in the third quarter of 2023. Cleco Power continued to accrue the annual cost of service savings resulting from the 2016 Merger Commitments through June 30, 2021. Beginning July 1, 2021, the annual cost of service savings are included in Cleco Power’s current retail rate plan. Cleco Power had $1.2 million accrued for the period of July 1, 2019, through June 30, 2020, which was refunded to customers in September 2022. St. Mary Clean Energy Center In August 2019, the St. Mary Clean Energy Center was placed in service. The planning and construction costs for this facility are currently being recovered through Cleco Power’s base rates and were subject to a prudency review by the LPSC. On September 21, 2022, the LPSC approved a settlement disallowing recovery of $15.0 million of those costs, which resulted in a $13.8 million impairment charge and a reduction of the associated property, plant, and equipment net book value. The approved settlement also included refunding $10.4 million to Cleco Power’s retail customers, which was given back to customers as bill credits in October 2022. For more information about the settlement and disallowance, see Note 15 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — LPSC Audits and Reviews — Prudency Reviews — St. Mary Clean Energy Center.” TCJA The provisions of the TCJA reduced the top federal statutory corporate income tax rate from 35% to 21%. In July 2019, the LPSC approved Cleco Power’s rate refund of $79.2 million, plus interest, for the reduction in the statutory federal tax rate for the period from January 2018 to June 2020. The refund was credited to customers over 12 months beginning August 1, 2019. In 2020, the LPSC approved Cleco Power’s extension of the TCJA bill credits at the same rate as determined in the initial TCJA refund of approximately $7.0 million per month. The extension was for the period of August 2020 through June 30, 2021. The $7.0 million monthly refund consisted of approximately $4.4 million, which was to be funded by the unprotected excess ADIT, and approximately $2.6 million, which is the change in the federal statutory corporate income tax rate from 35% to 21%. At December 31, 2022, Cleco Power had $2.1 million accrued for the estimated federal tax-related benefits from the TCJA. On June 16, 2021, the LPSC approved Cleco Power’s current retail rate plan which includes the settlement of the TCJA protected and unprotected excess ADIT. Effective July 1, 2021, all retail customers will continue receiving bill credits resulting from the TCJA. The target retail portion of the unprotected excess ADIT is approximately $2.5 million monthly and will be credited over a period of three years concluding on June 30, 2024. The retail portion of the protected excess ADIT will be credited until the full amount of the protected excess ADIT has been returned to Cleco Power’s customers through bill credits. At December 31, 2022, Cleco Power had $257.4 million accrued for the excess ADIT, of which $42.9 million is reflected in current regulatory liabilities. Teche Unit 3 On September 7, 2021, Cleco Power filed an Attachment Y with MISO requesting retirement of Teche Unit 3, barring any violations of specific applicable reliability standards. In December 2021, Cleco Power filed notices with the LPSC and MISO to suspend the retirement of Teche Unit 3. As a result, on March 15, 2022, Cleco Power refunded to MISO $4.3 million for capital expenditures paid by third parties while operating Teche Unit 3 as a system support resource unit. On July 13, 2022, Cleco Power filed an Attachment Y with MISO requesting retirement of Teche Unit 3, barring any violations of specific applicable reliability standards. On January 31, 2023, Cleco Power filed a notice with the LPSC to retire Teche Unit 3 on May 31, 2023. |
Variable Interest Entities |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities |
Cleco Securitization I Cleco Securitization I is a special-purpose, wholly owned subsidiary of Cleco Power that was formed for the purpose of issuing storm recovery bonds to finance the securitization of Storm Recovery Property at Cleco Power. On June 22, 2022, the securitized financing was complete. Cleco Securitization I’s assets cannot be used to settle Cleco Power’s obligations and the holders of the storm recovery bonds have no recourse against Cleco Power. For more information about the securitization financing, see Note 19 — “Securitization.” Because Cleco Securitization I’s equity at risk is less than 1% of its total assets, it is considered to be a variable interest entity. Through its equity ownership interest and role as servicer, Cleco Power has the power to direct the most significant financial and operating activities of Cleco Securitization I, including billing, collections, and remittance of retail customer cash receipts to enable Cleco Securitization I to pay the principal and interest payments on the storm recovery bonds. Cleco Power also has the obligation to absorb losses up to its equity investment and rights to receive returns from Cleco Securitization I. Therefore, management has determined that Cleco Power is the primary beneficiary of Cleco Securitization I, and as a result, Cleco Securitization I is included in the consolidated financial statements of Cleco Power. No gain or loss was recognized upon initial consolidation. The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Consolidated Balance Sheets:
The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Consolidated Statements of Income:
Oxbow Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco’s and Cleco Power’s Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco’s and Cleco Power’s Consolidated Statements of Income. Oxbow is owned 50% by Cleco Power and 50% by SWEPCO. Cleco Power is not the primary beneficiary because it shares the power to control Oxbow’s significant activities with SWEPCO. Cleco Power’s current assessment of its maximum exposure to loss related to Oxbow at December 31, 2022, consisted of its equity investment of $2.1 million. The following table presents the components of Cleco Power’s equity investment in Oxbow:
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:
The following tables contain summarized financial information for Oxbow:
Prior to June 30, 2020, DHLC mined lignite reserves at Oxbow through the Amended Lignite Mining Agreement. The lignite reserves were intended to be used to provide fuel to the Dolet Hills Power Station. Under the Amended Lignite Mining Agreement, DHLC billed Cleco Power its proportionate share of incurred lignite extraction and associated mining-related costs. Oxbow billed Cleco Power its proportionate share of incurred costs related to mineral rights and land leases. On October 6, 2020, Cleco Power and SWEPCO made a joint filing with the LPSC seeking authorization to close the Oxbow mine. At December 31, 2021, the Dolet Hills Power Station was retired, and all Cleco Power’s proportionate share of lignite-related costs had been billed by DHLC and Oxbow. For more information on DHLC and the Oxbow mine, see Note 15 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Risks and Uncertainties.” Oxbow has no third-party agreements, guarantees, or other third-party commitments that contain obligations affecting Cleco Power’s investment in Oxbow.
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Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees |
Litigation 2016 Merger In connection with the 2016 Merger, four actions were filed in the Ninth Judicial District Court for Rapides Parish, Louisiana and three actions were filed in the Civil District Court for Orleans Parish, Louisiana. The petitions in each action generally alleged, among other things, that the members of Cleco Corporation’s Board of Directors breached their fiduciary duties by, among other things, conducting an allegedly inadequate sale process, agreeing to the 2016 Merger at a price that allegedly undervalued Cleco, and failing to disclose material information about the 2016 Merger. The petitions also alleged that Como 1, Cleco Corporation, Merger Sub, and, in some cases, certain of the investors in Como 1 either aided and abetted or entered into a civil conspiracy to advance those supposed breaches of duty. The petitions sought various remedies, including monetary damages, which includes attorneys’ fees and expenses. The four actions filed in the Ninth Judicial District Court for Rapides Parish are captioned as follows: •Braunstein v. Cleco Corporation, No. 251,383B (filed October 27, 2014), •Moore v. Macquarie Infrastructure and Real Assets, No. 251,417C (filed October 30, 2014), •Trahan v. Williamson, No. 251,456C (filed November 5, 2014), and •L’Herisson v. Macquarie Infrastructure and Real Assets, No. 251,515F (filed November 14, 2014). In November 2014, the plaintiff in the Braunstein action moved for a dismissal of the action without prejudice, and that motion was granted in November 2014. In December 2014, the court consolidated the remaining three actions and appointed interim co-lead counsel, and dismissed the investors in Cleco Partners as defendants, per agreement of the parties. Also in December 2014, the plaintiffs in the consolidated action filed a Consolidated Amended Verified Derivative and Class Action Petition for Damages and Preliminary and Permanent Injunction. The three actions filed in the Civil District Court for Orleans Parish were captioned as follows: •Butler v. Cleco Corporation, No. 2014-10776 (filed November 7, 2014), •Creative Life Services, Inc. v. Cleco Corporation, No. 2014-11098 (filed November 19, 2014), and •Cashen v. Cleco Corporation, No. 2014-11236 (filed November 21, 2014). In December 2014, the directors and Cleco filed declinatory exceptions in each action on the basis that each action was improperly brought in Orleans Parish and should either be transferred to the Ninth Judicial District Court for Rapides Parish or dismissed. Also, in December 2014, the plaintiffs in each action jointly filed a motion to consolidate the three actions pending in Orleans Parish and to appoint interim co-lead plaintiffs and co-lead counsel. In January 2015, the Court in the Creative Life Services case sustained the defendants’ declinatory exceptions and dismissed the case so that it could be transferred to the Ninth Judicial District Court for Rapides Parish. In February 2015, the plaintiffs in Butler and Cashen also consented to the dismissal of their cases from Orleans Parish so they could be transferred to the Ninth Judicial District Court for Rapides Parish. By operation of the December 2014 order of the Ninth Judicial District Court for Rapides Parish, the Butler, Cashen, and Creative Life Services actions were consolidated into the actions pending in Rapides Parish. In February 2015, the Ninth Judicial District Court for Rapides Parish held a hearing on a motion for preliminary injunction filed by plaintiffs in the consolidated action seeking to enjoin the shareholder vote for approval of the Merger Agreement. The District Court heard and denied the plaintiffs’ motion. In June 2015, the plaintiffs filed their Second Consolidated Amended Verified Derivative and Class Action Petition. Cleco filed exceptions seeking dismissal of the second amended petition in July 2015. The LPSC voted to approve the 2016 Merger before the court could consider the plaintiffs’ peremptory exceptions. In March 2016 and May 2016, the plaintiffs filed their Third Consolidated Amended Verified Derivative Petition for Damages and Preliminary and Permanent Injunction and their Fourth Verified Consolidated Amended Class Action Petition, respectively. The fourth amended petition, which remains the operative petition and was filed after the 2016 Merger closed, eliminated the request for preliminary and permanent injunction and also named an additional executive officer as a defendant. The defendants filed exceptions seeking dismissal of the fourth amended Petition. In September 2016, the District Court granted the exceptions of no cause of action and no right of action and dismissed all claims asserted by the former shareholders. The plaintiffs appealed the District Court’s ruling to the Louisiana Third Circuit Court of Appeal. In December 2017, the Third Circuit Court of Appeal issued an order reversing and remanding the case to the District Court for further proceedings. In January 2018, Cleco filed a writ with the Louisiana Supreme Court seeking review of the Third Circuit Court of Appeal’s decision. The writ was denied in March 2018 and the parties are engaged in discovery in the District Court. In November 2018, Cleco filed renewed exceptions of no cause of action and res judicata, seeking to dismiss all claims. On December 21, 2018, the court dismissed Cleco Partners and Cleco Holdings as defendants per the agreement of the parties, leaving as the only remaining defendants certain former executive officers and independent directors. The District Court denied the defendants’ exceptions on January 14, 2019. A hearing on the plaintiffs’ motion for certification of a class was scheduled for August 26, 2019; however, prior to the hearing, the parties reached an agreement to certify a limited class. On September 7, 2019, the District Court certified a class limited to shareholders who voted against, abstained from voting, or did not vote on the 2016 Merger. On October 18, 2021, the District Court issued an order consistent with a joint motion by the parties to dismiss all claims against the former independent directors leaving two former executives as the only remaining defendants. Cleco believes that the allegations of the petitions in each action are without merit and that it has substantial meritorious defenses to the claims set forth in each of the petitions. Gulf Coast Spinning In September 2015, a potential customer sued Cleco for failure to fully perform an alleged verbal agreement to lend or otherwise fund its startup costs to the extent of $6.5 million. Gulf Coast Spinning Company, LLC (Gulf Coast), the primary plaintiff, alleges that Cleco promised to assist it in raising approximately $60.0 million, which Gulf Coast needed to construct a cotton spinning facility near Bunkie, Louisiana (the Bunkie project). According to the petition filed by Gulf Coast in the 12th Judicial District Court for Avoyelles Parish, Louisiana, Cleco made such promises of funding assistance in order to cultivate a new industrial electric customer which would increase its revenues under a power supply agreement that it executed with Gulf Coast. Gulf Coast seeks unspecified damages arising from its inability to raise sufficient funds to complete the project, including lost profits. Cleco filed an Exception of No Cause of Action arguing that the case should be dismissed. The 12th Judicial District Court denied Cleco’s exception in December 2015, after considering briefs and arguments. In January 2016, Cleco appealed the District Court’s denial of its exception by filing with the Third Circuit Court of Appeal. In June 2016, the Third Circuit Court of Appeal denied the request to have the case dismissed. In July 2016, Cleco filed a writ to the Louisiana Supreme Court seeking a review of the 12th Judicial District Court’s denial of Cleco’s exception. In November 2016, the Louisiana Supreme Court denied Cleco’s writ application. In February 2016, the parties agreed to a stay of all proceedings pending discussions concerning settlement. In May 2016, the 12th Judicial District Court lifted the stay at the request of Gulf Coast. The parties are currently participating in discovery. Diversified Lands loaned $2.0 million to Gulf Coast for the Bunkie project. The loan was secured by a mortgage on the Bunkie project site. Diversified Lands foreclosed on the Bunkie property in February 2020 and has also asserted claims personally against the former owner of Gulf Coast. These claims are based on contracts and credit documents executed by Gulf Coast, the obligations and performance of which were personally guaranteed by the former owner of Gulf Coast. Diversified Lands is seeking recovery of the indebtedness still owed by Gulf Coast to Diversified Lands following the February 2020 foreclosure, which action has been consolidated with the litigation filed by Gulf Coast in the 12th Judicial District Court for Avoyelles Parish, Louisiana. Discovery is ongoing and no trial date has been set. Cleco believes the allegations of the petition are contradicted by the written documents executed by Gulf Coast, are otherwise without merit, and that it has substantial meritorious defenses to the claims alleged by Gulf Coast. Dispute with Saulsbury Industries In October 2018, Cleco Power sued Saulsbury Industries, Inc., the former general contractor for the St. Mary Clean Energy Center project, seeking damages for Saulsbury Industries, Inc.’s failure to complete the St. Mary Clean Energy Center project on time and for costs incurred by Cleco Power in hiring a replacement general contractor. The action was filed in the Ninth Judicial District Court for Rapides Parish, Saulsbury Industries, Inc. removed the case to the U.S. District Court for the Western District of Louisiana, on March 1, 2019. On September 14, 2020, Cabot Corporation was allowed to join the case pending in the Ninth Judicial District Court for Rapides Parish. In January 2019, Cleco Power was served with a summons in Saulsbury Industries, Inc. v. Cabot Corporation and Cleco Power LLC, in the U.S. District Court for the Western District of Louisiana. Saulsbury Industries, Inc. alleged that Cleco Power and Cabot Corporation caused delays in the St. Mary Clean Energy Center project, resulting in alleged impacts to Saulsbury Industries, Inc.’s direct and indirect costs. On June 5, 2019, Cleco Power and Cabot Corporation each filed separate motions to dismiss. On October 24, 2019, the District Court denied Cleco’s motion as premature and ruled that Saulsbury Industries, Inc. had six weeks to conduct discovery on specified jurisdictional issues. The Magistrate Judge presiding over the Western District of Louisiana consolidated cases issued a report and recommendation to the District Judge that the case instituted by Saulsbury Industries, Inc. be dismissed without prejudice and the case initiated by Cleco Power be remanded to the Ninth Judicial District Court for Rapides Parish. Saulsbury Industries Inc. did not oppose the Magistrate Judge’s report and recommendation, and the District Judge issued a ruling that adopted the Magistrate Judge’s report and recommendation, which included reasoning consistent with Cleco Power’s arguments. Thus, the federal consolidated cases are now closed. On October 10, 2019, Cleco Power was served with a summons in Saulsbury Industries, Inc. v. Cabot Corporation and Cleco Power LLC in the 16th Judicial District Court for St. Mary Parish. Saulsbury Industries, Inc. asserted the same claim as the Western District Litigation and further asserts claims for payment on an open account. On December 9, 2019, Cleco moved to stay the case, arguing that the Rapides Parish suit should proceed. On February 14, 2020, the court granted Cleco’s motion. The 16th Judicial District Court for the St. Mary Parish case held a hearing on October 16, 2020, and the judge granted Cleco’s declinatory exceptions of lis pendens. Thus, the St. Mary’s Parish case has been dismissed. Saulsbury appealed this decision. On May 17, 2022, the Court of Appeal, First Circuit, ruled in favor of Cleco and affirmed the decision of the 16th Judicial District Court for St. Mary Parish with respect to Cleco. However, the First Circuit Court reversed the 16th Judicial District Court for St. Mary Parish’s decision dismissing Cabot Corporation from the St. Mary Parish case. All parties filed applications for rehearing, which were denied on June 29, 2022. Cabot Corporation applied for review by the Louisiana Supreme Court of the portion of the First Circuit Court's ruling that denied Cabot Corporation’s exception seeking dismissal from the St. Mary Parish litigation. On November 1, 2022, the Louisiana Supreme Court rendered a decision in favor of Cabot Corporation. The Louisiana Supreme Court’s decision reversed the First Circuit Court’s decision and reinstated the decision of the 16th Judicial District Court granting Cabot Corporation’s declinatory exceptions of lis pendens. The St. Mary Parish case has been dismissed in full. The stay was lifted in the Rapides Parish case and the Rapides Parish case is proceeding. LPSC Audits and Reviews Fuel Audits Generally, Cleco Power’s cost of fuel used for electric generation and the cost of purchased power are recovered through the LPSC-established FAC that enables Cleco Power to pass on to its customers substantially all such charges. Recovery of FAC costs is subject to periodic fuel audits by the LPSC, which are performed at least every other year. In March 2020, Cleco Power received a notice of audit from the LPSC for the period of January 2018 to December 2019. The total amount of fuel expense included in the audit was $565.8 million. On February 16, 2023, the LPSC approved the audit report indicating no material findings. Cleco Power has FAC filings for January 2020 and thereafter that remain subject to audit. Management is unable to predict or give a reasonable estimate of the possible range of the disallowance, if any, related to these filings. Historically, the disallowances have not been material. If a disallowance of fuel cost is ordered resulting in a refund, any such refund could have a material adverse effect on the results of operations, financial condition or cash flows of the Registrants. On March 29, 2021, Cleco Power received approval from the LPSC to recover $50.0 million of incremental fuel and purchased power costs incurred as a result of Winter Storms Uri and Viola over a period of 12 months beginning with the May 2021 bills. On May 11, 2021, Cleco Power received notice of an audit from the LPSC for the fuel costs incurred during the time period required to restore services to Cleco Power’s customers during Winter Storms Uri and Viola. Cleco Power has responded to several data requests. Management is unable to determine the outcome or timing of the audit. Environmental Audit In 2009, the LPSC approved Cleco Power to recover from its customers certain costs of environmental compliance through an EAC. The costs eligible for recovery are those for prudently incurred air emissions credits associated with complying with federal, state, and local air emission regulations that apply to the generation of electricity reduced by the sale of such allowances. Also eligible for recovery are variable emission mitigation costs, which are the costs of reagents such as ammonia and limestone that are a part of the fuel mix used to reduce air emissions, among other things. Cleco Power has EAC filings for January 2020 and thereafter that remain subject to audit. Management is unable to predict or give a reasonable estimate of the possible range of the disallowance, if any, related to these filings. Historically, the disallowances have not been material. If a disallowance of environmental cost is ordered resulting in a refund to Cleco Power’s customers, any such refund could have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants. Cleco Power incurs environmental compliance expenses for reagents associated with the compliance standards of MATS. These expenses are also eligible for recovery through Cleco Power’s EAC and are subject to periodic review by the LPSC. In May 2020, the EPA finalized a rule that concluded that it is not appropriate and necessary to regulate hazardous air pollutants from coal- and oil-fired electric generating units. However, the EPA concluded that coal- and oil-fired electric generating units would not be removed from the list of regulated sources of hazardous air pollutants and would remain subject to MATS. The EPA also determined that the results of its risk and technology review did not require any revisions to the emissions standards. Several petitions for review of the rule’s findings were filed between May and July 2020 in the D.C. Circuit Court of Appeals. On January 20, 2021, the Presidential Administration issued an executive order, which directs federal agency heads to review regulations and other actions over the past four years to determine if they are inconsistent with the policies announced in the executive order. The order specifically directed the EPA to consider issuing a proposed rule to suspend, revise, or rescind the rule. The EPA determined the most environmentally protective course is to implement the rules in the executive order. On February 9, 2022, the EPA published in the Federal Register a proposed rule to revoke the agency’s May 2020 finding with respect to whether it is appropriate and necessary to regulate coal and oil-fired generating units under MATS, but the EPA has not yet acted on a review of the risk and technology determination from the May 2020 rule. Management is unable to determine whether the outcome of the D.C. Circuit Court of Appeals’ review or the EPA’s review of the rule as a result of the executive order will result in changes to the MATS standards. Energy Efficiency Audit In 2013, the LPSC issued a General Order adopting rules promoting energy efficiency programs. Cleco Power began participating in energy efficiency programs in November 2014. Through an approved rate tariff, Cleco Power recovered $8.5 million and $6.8 million for the 2022 and 2021 program years, respectively. On June 9, 2021, the LPSC initiated an audit on program years 2019 and 2020 to consider all program costs. On September 14, 2022, the LPSC approved the audit report indicating no material findings. Program years 2021 and thereafter are subject to audit. Management is unable to predict or give a reasonable estimate of the outcome of this or any future audits. Generally utility companies are allowed to recover from customers the accumulated decrease in revenues associated with the energy efficiency programs. On October 21, 2019, Cleco Power received notice of approval from the LPSC allowing recovery of the accumulated LCFC revenues when base rates reset, which took place on July 1, 2021. Prudency Reviews Deferred Lignite and Mine Closure Costs Cleco Power is seeking recovery for deferred fuel and other mine-related closure costs. Recovery of these costs is subject to a prudency review by the LPSC, which is currently in progress. Cleco Power believes these costs are prudent and recoverable. However, initial testimony by the LPSC Staff advisors filed in August 2022 indicates disagreement with the prudency of these incurred costs. Cleco Power filed rebuttal testimony on September 23, 2022, rebutting the LPSC Staff’s accusations of the lignite mining agreement not being approved by the LPSC, the prudency of the costs incurred, and the recoverability of such costs. A hearing date is scheduled in May 2023 and management expects the prudency review to be completed in the third quarter of 2023. Due to the nature and timing of the regulatory process, Cleco Power is currently unable to determine if any portion of the incurred costs will be disallowed for recovery but continues to assert that recovery of those costs is probable. St. Mary Clean Energy Center In August 2019, the St. Mary Clean Energy Center was placed in service. The St. Mary Clean Energy Center is a partnership with Cabot Corporation, whereby Cleco Power generates power through waste heat recovered from Cabot Corporation’s carbon black manufacturing process. The planning and construction costs incurred for this facility are currently being recovered through Cleco Power’s base rates and were subject to a prudency review by the LPSC. On September 21, 2022, the LPSC approved a settlement disallowing recovery of $15.0 million, which resulted in a $13.8 million impairment charge and a reduction of the associated property, plant, and equipment net book value. The impairment charge is recorded in Regulatory disallowance on Cleco’s and Cleco Power’s Consolidated Statements of Income. The settlement also resulted in a refund to Cleco Power’s retail customers totaling $10.4 million, which was given back to customers as bill credits in October 2022. The $10.4 million refund consisted of $6.6 million for costs recovered in periods prior to September 30, 2022, and $3.8 million for costs to be recovered from October 1, 2022, until Cleco Power’s base rates reset in its next rate case, which is expected to be on July 1, 2024. The refund of costs recovered prior to September 30, 2022, was recorded in Electric customer credits, with the remainder recorded as a regulatory asset on Cleco’s and Cleco Power’s Consolidated Balance Sheets. On October 1, 2022, Cleco Power began amortizing the regulatory asset to Electric customer credits on Cleco’s and Cleco Power’s Consolidated Statements of Income. South Central Generating Prior to the Cleco Cajun Transaction, South Central Generating was involved in various litigation matters, including environmental and contract proceedings, before various courts regarding matters arising out of the ordinary course of business. As of December 31, 2022, management estimates potential losses to be $1.5 million with respect to one of these matters. Management is unable to estimate any potential losses Cleco Cajun may be ultimately responsible for with respect to any of the remaining matters. As part of the Cleco Cajun Transaction, NRG Energy indemnified Cleco for losses as of the closing date associated with some matters that existed as of the closing date, including pending litigation. Other Cleco is involved in various litigation matters, including regulatory, environmental, and administrative proceedings before various courts, regulatory commissions, arbitrators, and governmental agencies regarding matters arising in the ordinary course of business. The liability Cleco may ultimately incur with respect to any one of these matters may be in excess of amounts currently accrued. Management regularly analyzes current information and, as of December 31, 2022, believes the probable and reasonably estimable liabilities based on the eventual disposition of these matters are $6.9 million and has accrued this amount. Off-Balance Sheet Commitments and Guarantees Cleco Holdings and Cleco Power have entered into various off-balance sheet commitments in the form of guarantees and standby letters of credit, in order to facilitate their activities and the activities of Cleco Holdings’ subsidiaries and equity investees (affiliates). Cleco Holdings and Cleco Power have also agreed to contractual terms that require the Registrants to pay third parties if certain triggering events occur. These contractual terms generally are defined as guarantees. Cleco Holdings entered into these off-balance sheet commitments in order to entice desired counterparties to contract with its affiliates by providing some measure of credit assurance to the counterparty in the event Cleco’s affiliates do not fulfill certain contractual obligations. If Cleco Holdings had not provided the off-balance sheet commitments, the desired counterparties may not have contracted with Cleco’s affiliates or may have contracted with them at terms less favorable to its affiliates. The off-balance sheet commitments are not recognized on Cleco’s and Cleco Power’s Consolidated Balance Sheets because management has determined that Cleco’s and Cleco Power’s affiliates are able to perform the obligations under their contracts and that it is not probable that payments by Cleco or Cleco Power will be required. Cleco Holdings provided guarantees and indemnities to Entergy Louisiana and Entergy Gulf States as a result of the sale of the Perryville generation facility in 2005. The remaining indemnifications relate to environmental matters that may have been present prior to closing. These remaining indemnifications have no time limitations. The maximum amount of the potential payment to Entergy Louisiana and Entergy Gulf States is $42.4 million. Management does not expect to be required to pay Entergy Louisiana and Entergy Gulf States under these guarantees. On behalf of Acadia, Cleco Holdings provided guarantees and indemnifications as a result of the sales of Acadia Unit 1 to Cleco Power and Acadia Unit 2 to Entergy Louisiana in 2010 and 2011, respectively. The remaining indemnifications relate to the fundamental organizational structure of Acadia. These remaining indemnifications have no time limitations or maximum potential future payments. Management does not expect to be required to pay Cleco Power or Entergy Louisiana under these guarantees. Cleco Holdings provided indemnifications to Cleco Power as a result of the transfer of Coughlin to Cleco Power in March 2014. Cleco Power also provided indemnifications to Cleco Holdings as a result of the transfer of Coughlin to Cleco Power. The maximum amount of the potential payment to Cleco Power and Cleco Holdings for their respective indemnifications is $40.0 million, except for indemnifications relating to the fundamental organizational structure of each respective entity, of which the maximum amount is $400.0 million. Management does not expect to be required to make any payments under these indemnifications. As part of the Amended Lignite Mining Agreement, Cleco Power and SWEPCO, joint owners of the Dolet Hills Power Station, have agreed to pay the loan and lease principal obligations of the lignite miner, DHLC, when due if DHLC does not have sufficient funds or credit to pay. Any amounts projected to be paid would be based on the forecasted loan and lease obligations to be incurred by DHLC, primarily for reclamation obligations. As of December 31, 2022, Cleco Power does not expect any payments to be made under this guarantee. Cleco Power has the right to dispute the incurrence of loan and lease obligations through the review of the mining reclamation plan before the incurrence of such obligations. The Amended Lignite Mining Agreement does not affect the amount the Registrants can borrow under their credit facilities. In April 2020, Cleco Power and SWEPCO mutually agreed not to develop additional mining areas for future lignite extraction and subsequently provided notice to the LPSC of the intent to cease mining at the Dolet Hills and Oxbow mines by June 2020. The mine closures are subject to LPSC review and approval. As of June 30, 2020, all lignite reserves intended to be extracted from the mines had been extracted. On October 6, 2020, Cleco Power and SWEPCO made a joint filing with the LPSC seeking authorization to close the Oxbow mine and to include and defer certain accelerated mine closing costs in fuel and related ratemaking treatment. For more information on the joint filing, see “— Risks and Uncertainties.” For more information on the LPSC prudency review associated with the mine closure costs, see “— LPSC Audits and Reviews — Prudency Reviews — Deferred Lignite and Mine Closure Costs.” Cleco has letters of credit to MISO pursuant to energy market requirements. The letters of credit automatically renew each year and have no impact on Cleco Holdings’ or Cleco Power’s revolving credit facility. Generally, neither Cleco Holdings nor Cleco Power has recourse that would enable them to recover amounts paid under their guarantee or indemnification obligations. There are no assets held as collateral for third parties that either Cleco Holdings or Cleco Power could obtain and liquidate to recover amounts paid pursuant to the guarantees or indemnification obligations. Long-Term Purchase Obligations Cleco Holdings had no unconditional long-term purchase obligations at December 31, 2022. Cleco Power and Cleco Cajun have several unconditional long-term purchase obligations primarily related to the purchase of fuel, energy delivery facilities, information technology outsourcing, natural gas storage, network monitoring, and software maintenance. The aggregate amount of payments required under such obligations at December 31, 2022, is as follows:
Cleco’s payments under these agreements for the years ended December 31, 2022, 2021, and 2020 were $83.8 million, $59.9 million, and $92.5 million, respectively. Cleco Power’s payments under these agreements for the years ended December 31, 2022, 2021, and 2020 were $49.0 million, $43.3 million, and $24.8 million, respectively. Other Commitments Cleco has accrued for liabilities related to third parties, employee medical benefits, and AROs. In April 2015, the EPA published a final rule in the Federal Register for regulating the disposal and management of CCRs from coal-fired power plants (CCR Rule). The CCR Rule established extensive requirements for existing and new CCR landfills and surface impoundments and all lateral expansions consisting of location restrictions, design and operating criteria, groundwater monitoring and corrective action, closure requirements and post closure care, and recordkeeping, notification, and internet posting requirements. In August 2018, the D.C. Court of Appeals vacated several requirements in the CCR regulation, which included eliminating the previous acceptability of compacted clay material as a liner for impoundments. As a result, in August 2020, the EPA published a final rule in the Federal Register that would set deadlines for costly modifications including retrofitting of clay-lined impoundments with compliant liners or closure of the impoundments. In November 2020, Cleco submitted demonstrations to the EPA specifying its intended course of action for the ash disposal facilities at Rodemacher Unit 2, Dolet Hills Power Station, and Big Cajun II in order to comply with the final CCR Rule. During 2021, additional information was submitted to the LDEQ to revise and update Cleco Power’s compliance strategy. During the third quarter of 2021, management received additional information in connection with Cleco Power’s and Cleco Cajun’s compliance strategies resulting in a revision to the estimated cash flows expected to be required to settle the respective AROs. Therefore, Cleco Power and Cleco Cajun recorded an increase of $11.3 million and $35.4 million, respectively, in their ARO balances. On January 11, 2022, Cleco Power and Cleco Cajun received communication from the EPA that the demonstrations had been deemed complete. However, the demonstrations are still subject to EPA approval based on pending technical reviews. At December 31, 2022, Cleco Power and Cleco Cajun recorded adjustments to their respective AROs due to revised cost estimates. Therefore, Cleco Power recorded an increase of $1.5 million and Cleco Cajun recorded an increase of $10.6 million in their respective ARO balances. The following table summarizes the net changes in the ARO for Cleco and Cleco Power:
As part of the Cleco Cajun Transaction, NRG Energy agreed to indemnify Cleco for certain environmental costs up to $25.0 million associated with the CCR Rule. At December 31, 2022, Cleco Cajun had an indemnification asset totaling $22.8 million. The current portion of the indemnification asset of $5.5 million is reflected in Other current assets and the non-current portion of $17.3 million is reflected in Other deferred charges on Cleco’s Consolidated Balance Sheet. The indemnification asset is expected to be collected as closure costs are incurred. Risks and Uncertainties Cleco could be subject to possible adverse consequences if Cleco’s counterparties fail to perform their obligations or if Cleco or its affiliates are not in compliance with loan agreements or bond indentures. Access to capital markets is a significant source of funding for both short- and long-term capital requirements not satisfied by operating cash flows. Changes in the regulatory environment or market forces could cause Cleco to determine its assets have suffered an other-than-temporary decline in value, whereby an impairment would be required and Cleco’s financial condition could be materially adversely affected. At December 31, 2022, Cleco Power had $147.1 million deferred as a regulatory asset for stranded costs related to the Dolet Hills Power Station retirement and $133.6 million deferred as a regulatory asset for accelerated fuel and mine-related closure costs. On January 31, 2022, Cleco Power filed an application with the LPSC requesting recovery of these costs as well as decommissioning costs associated with the Dolet Hills Power Station retirement. These costs are under a prudency review by the LPSC, which is expected to be complete in the third quarter of 2023. Pending the outcome of the prudency review, Cleco Power intends to include the final costs in its filing for securitization. For more information on this prudency review, see “— Litigation — LPSC Audits and Reviews — Prudency Reviews — Deferred Lignite and Mine Closure Costs.”
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate Transactions |
Cleco Cleco has entered into service agreements with affiliates to receive and to provide goods and professional services. Goods and services received by Cleco primarily involve services provided by Support Group. Support Group provides joint and common administrative support services in the areas of information technology; finance, cash management, accounting, tax, and auditing; human resources; public relations; project consulting; risk management; strategic and corporate development; legal, ethics, and regulatory compliance; facilities management; supply chain and inventory management; and other administrative services. Cleco Power’s affiliates are charged the higher of management’s estimated fair market value or fully loaded costs for goods and services provided by Cleco Power. Cleco, with the exception of Support Group, charges Cleco Power the lower of management’s estimated fair market value or fully loaded costs for goods and services provided in accordance with service agreements. Support Group bills fully loaded costs to affiliates, which includes payroll and non-payroll costs. All charges and revenues from consolidated affiliates were eliminated in Cleco’s Consolidated Statements of Income for the years ending December 31, 2022, 2021, and 2020. At December 31, 2022, Cleco Holdings had an affiliate receivable of $14.6 million, primarily for estimated income taxes paid on behalf of Cleco Group. At December 31, 2021, Cleco Holdings had an affiliate receivable of $3.0 million from Cleco Group primarily for franchise taxes paid on behalf of Cleco Group. At December 31, 2022, and 2021, Cleco Holdings had an affiliate payable of $13.1 million and $51.3 million, respectively to Cleco Group primarily for settlement of taxes payable. For the year ended December 31, 2022, Cleco Holdings made $219.6 million of distribution payments to Cleco Group. During 2021 and 2020, Cleco Holdings made no distribution payments to Cleco Group. Cleco Power Cleco Power has entered into service agreements with affiliates to receive and to provide goods and professional services. Charges from affiliates included in Cleco Power’s Consolidated Statements of Income primarily involve services provided by Support Group in accordance with service agreements. Support Group provides joint and common administrative support services in the areas of information technology; finance, cash management, accounting, tax, and auditing; human resources; public relations; project consulting; risk management; strategic and corporate development; legal, ethics, and regulatory compliance; facilities management; supply chain and inventory management; and other administrative services. With the exception of Support Group, affiliates charge Cleco Power the lower of management’s estimated fair market value or fully loaded costs for goods and services provided in accordance with service agreements. Support Group charges only fully loaded costs. The following table is a summary of charges from each affiliate included in Cleco Power’s Consolidated Statements of Income:
The majority of the services provided by Cleco Power relates to the lease of office space to Support Group and transmission services to Cleco Cajun. Cleco Power charges affiliates the higher of management’s estimated fair market value or fully loaded costs for goods and services provided in accordance with service agreements. The following table is a summary of revenue received from affiliates included in Cleco Power’s Consolidated Statements of Income:
Cleco Power had the following affiliate receivable and payable balances associated with the service agreements:
Oxbow billed Cleco Power its proportionate share of incurred costs related to mineral rights and land leases. These costs are included in fuel inventory and are recoverable from Cleco Power customers through the LPSC-established FAC or related wholesale contract provisions. For the year ended December 31, 2022, Cleco Power did not have any incurred costs. For the year ended December 31, 2021, Cleco Power recorded $2.7 million, of its proportionate share of incurred costs.During 2022, Cleco Power made $105.5 million of distribution payments to Cleco Holdings. During 2021 and 2020, Cleco Power made no distribution payments to Cleco Holdings. Cleco Power received no equity contributions from Cleco Holdings in 2022, 2021, and 2020.
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Intangible Assets, Intangible Liabilities, and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets, Intangible Liabilities and Goodwill |
Securitized Intangible Cleco Securitization On June 22, 2022, Cleco Securitization I acquired the Storm Recovery Property from Cleco Power for a purchase price of $415.9 million. The Storm Recovery Property is classified as a securitized intangible asset on Cleco’s and Cleco Power’s Consolidated Balance Sheets. This securitized intangible asset is being amortized over the estimated periods needed to collect the required amounts from Cleco Power’s customers to service Cleco Securitization I’s storm recovery bonds, currently estimated through September 2044. Amortization is included in Depreciation and amortization on Cleco’s and Cleco Power’s Consolidated Statements of Income. During the year ended December 31, 2022, amortization expense of $2.8 million was recognized. At the end of its life, this securitized intangible asset will have no residual value. The following table summarizes the balance of the securitized intangible asset subject to amortization included on Cleco’s and Cleco Power’s Consolidated Balance Sheets:
For additional information on Cleco Power’s storm costs and the securitization financing, see Note 5 — “Regulatory Assets and Liabilities,” Note 9 — “Debt,” and Note 19 — “Securitization.” Cleco Katrina/Rita During 2008, Cleco Katrina/Rita acquired a $177.5 million intangible asset which included $176.0 million for the right to bill and collect storm recovery charges from customers of Cleco Power and $1.5 million of financing costs. This intangible asset was fully amortized in March 2020 and had no residual value at the end of its life. In 2020, amortization expense of $0.5 million was recognized in Cleco’s and Cleco Power’s Consolidated Statements of Income. Other Intangibles As a result of the 2016 Merger, fair value adjustments were recorded on Cleco’s Consolidated Balance Sheet for the valuation of finite intangible assets relating to long-term wholesale power supply agreements. At the end of their lives, these power supply agreement intangible assets will have no residual value. The intangible assets related to the power supply agreements are amortized over the estimated life of each applicable contract ranging between 7 and 19 years, and the amortization is included in Electric operations on Cleco’s Consolidated Statements of Income. As a result of the 2016 Merger, fair value adjustments were recorded on Cleco’s Consolidated Balance Sheet for the valuation of a finite intangible asset relating to the Cleco Power trade name. In August 2021, a wholesale customer that is currently under contract with Cleco Power through March 31, 2024, informed Cleco Power that it was not selected through its request for proposal process as a provider of load after the first quarter of 2024. Cleco considered this to be a triggering event and determined that the carrying value of the trade name intangible asset may not be recoverable. Therefore, a valuation of the Cleco Power trade name was conducted to test for impairment. A discounted cash flow model utilizing an estimated weighted average cost of capital of 8% was used to determine the fair value of the Cleco Power trade name. As a result, Cleco determined that the fair value of the Cleco Power trade name was less than its carrying value and an of $3.8 million was recognized reducing the carrying value to zero at September 30, 2021. As a result of the Cleco Cajun Transaction, fair value adjustments were recorded on Cleco’s Consolidated Balance Sheet for the difference between the contract and market price of acquired long-term wholesale power agreements. At the end of their lives, these intangible assets and liabilities will have no residual value. These intangibles are amortized over the estimated life of each applicable contract ranging between 6 and 8 years. The amortization is included in Electric operations on Cleco’s Consolidated Statements of Income. As part of the Cleco Cajun Transaction, Cleco assumed an LTSA for maintenance services related to the Cottonwood Plant. This intangible liability is being amortized using the straight-line method over the estimated life of the LTSA of seven years, and is expected to be fully amortized in 2025. The amortization is included as a reduction to the LTSA prepayments on Cleco’s Consolidated Balance Sheet. The following table presents amortization of other intangible assets and liabilities in Cleco’s Consolidated Statements of Income:
The following table summarizes the balance of other intangible assets and liabilities subject to amortization included in Cleco’s Consolidated Balance Sheets:
The following table summarizes the amortization expense related to other intangible assets and liabilities expected to be recognized in Cleco’s Consolidated Statements of Income:
Goodwill On April 13, 2016, in connection with the completion of the 2016 Merger, Cleco recognized goodwill of $1.49 billion. Management assigned the recognized goodwill to the Cleco Power reporting unit. Goodwill is required to be tested for impairment at the reporting unit level on an annual basis or whenever events or circumstances indicate that the value of goodwill may be impaired. In performing the impairment test, Cleco compares the fair value of the reporting unit to its carrying value including goodwill. If the carrying value including goodwill were to exceed the fair value of a reporting unit, an impairment loss would be recognized. A goodwill impairment loss is measured as the amount by which a reporting unit's carrying value exceeds fair value, not to exceed the carrying amount of goodwill. Cleco estimates the reporting unit's fair value using a weighted combination of the income approach, which estimates fair value based on discounted cash flows, and the market approach, which estimates fair value based on market comparables within the utility and energy industries. The income approach cash flow valuations involve a number of estimates that require broad assumptions and significant judgment by management regarding future performance, including estimation of future cash flows related to capital expenditures, the weighted average cost of capital or discount rate and the assumed long-term growth rate approach, which incorporates management's assumptions regarding sustainable long-term growth. The market approach includes significant assumptions around the implied market multiples for certain peer companies. Management selects comparable peers based on each peer’s primary business mix, operations, and market capitalization compared to the applicable reporting unit and calculates implied market multiples based on available projected earnings guidance and peer company market values as of the test date. Cleco performs an annual impairment test each August. In between annual tests, Cleco monitors its estimates and assumptions regarding estimated future cash flows, including the impact of movements in market indicators in future quarters, and will update the impairment analyses if a triggering event occurs. While Cleco believes the assumptions are reasonable, actual results may differ from projections. To the extent projected results or cash flows are revised downward, Cleco may be required to reduce all or a portion of the carrying value of goodwill, which could adversely impact earnings. Cleco conducted its 2022 annual impairment test using an August 1, 2022, measurement date and determined that the estimated fair value of the reporting unit exceeded its carrying value, and no impairment existed.
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Accumulated Other Comprehensive Loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss |
The components of accumulated other comprehensive loss are summarized in the following tables for Cleco and Cleco Power. All amounts are reported net of income taxes. Amounts in parentheses indicate debits.
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Securitization |
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Unusual or Infrequent Items, or Both [Abstract] | |||||||||||||||||||||||||||||||
Securitization |
In 2020 and 2021, Cleco Power’s distribution and transmission systems sustained damage from four separate hurricanes, Hurricanes Laura, Delta, Zeta, and Ida, and two severe winter storms, Winter Storms Uri and Viola. Cleco Power’s total storm restoration costs related to the hurricanes and winter storms totaled approximately $342.7 million. The damage to equipment from the storms required replacement as well as repair of existing assets. As a result, approximately $211.1 million of the total restoration costs were capitalized on Cleco Power’s balance sheet. Cleco Power had regulatory assets totaling $124.3 million for non-capital expenses related to these storms, as allowed by the LPSC. There was also $7.3 million for storm restoration costs related to wholesale operations and maintenance that was expensed on Cleco’s and Cleco Power’s Consolidated Income Statements in the period the costs were incurred. On April 1, 2022, the LPSC issued the financing order authorizing Cleco Power to issue storm recovery bonds in the aggregate principal amount of up to $425.0 million for the securitization of Storm Recovery Property. This included: •the balance of storm costs of $220.1 million, after adjustments and collections through rates for interim storm recovery, for Hurricanes Laura, Delta, and Zeta and Winter Storms Uri and Viola; •$95.0 million for a reserve to fund Hurricane Ida storm restoration costs; •$100.9 million for a reserve to fund future storm restoration costs; and •$9.0 million for estimated upfront securitization costs and ongoing costs. and Liabilities.” For more information about the cash restricted for the storm reserves, see Note 2 — “Summary of Significant Accounting Policies — Restricted Cash and Cash Equivalents.” On June 1, 2021, Cleco Power began collecting $16.0 million annually through rates for interim storm recovery costs associated with Hurricanes Laura, Delta, and Zeta. The interim storm rate recovery continued until the new storm recovery surcharge became effective on September 1, 2022. Cleco Power, in line with other impacted utilities, has sought available funds from the U.S. government for customer relief of costs incurred from the storms. Cleco Power cannot predict the likelihood that any funding from the U.S. government ultimately will be approved.
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Schedule I Financial Statements of Cleco Holdings (Parent Company Only) |
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) |
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, 2022, Cleco Holdings’ restricted net assets of consolidated subsidiaries were $1.37 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.
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 2022, 2021, and 2020:
During the years ended December 31, 2022, 2021, and 2020, Cleco Holdings made no contributions to affiliates. During the years ended December 31, 2022, 2021, and 2020, Cleco Holdings received no equity contributions from Cleco Group. During the year ended December 31, 2022, Cleco Holdings made $219.6 million of distribution payments to Cleco Group. During the years ended December 31, 2021, and 2020, Cleco Holdings made no distribution payments to Cleco Group.
Cleco Holdings’ (Parent Company Only) Condensed Statements of Income reflect income tax expense (benefit) for the following line items:
For information regarding the TCJA, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 11 — Income Taxes — TCJA.”
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 15 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees.”
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Schedule II Valuation and Qualifying Accounts |
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts |
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |
Use of Estimates | The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Principles of Consolidation | The accompanying consolidated financial statements of Cleco include the accounts of Cleco and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. Following the formation of Cleco Securitization I and the closing of the storm recovery securitization financing on June 22, 2022, Cleco Power became the primary beneficiary of Cleco Securitization I, and as a result, the financial statements of Cleco Securitization I are consolidated with the financial statements of Cleco Power. |
Goodwill | Goodwill is the excess of the purchase price (consideration transferred and liabilities assumed) over the estimated fair value of net assets of the acquired business and is not subject to amortization. Goodwill is assessed as of August 1 of each year or more often if an event occurs or circumstances change that would indicate the carrying amount may be impaired. |
Intangible Assets and Liabilities | intangible assets included Cleco Securitization I’s right to bill and collect storm recovery charges and fair value adjustments for acquired long-term wholesale power supply agreements. Intangible liabilities included fair value adjustments for acquired long-term wholesale power supply agreements as well as a fair value adjustment for the LTSA assumed for maintenance services related to the Cottonwood Plant. These intangible assets and liabilities are being amortized in a manner that best reflects the economic impact derived from such assets and liabilities.Prior to being fully impaired during the third quarter of 2021, intangible assets also included an adjustment related to the Cleco Power tradename as a result of the 2016 Merger. Impairment is tested if there are events or circumstances that indicate that an impairment analysis should be performed. If such an event or circumstance occurs, intangible impairment testing is performed prior to goodwill impairment testing. Impairment is calculated as the excess of the asset and liabilities’ respective carrying amounts over their respective fair values. For more information on intangible assets and liabilities |
Statements of Cash Flows | Cleco’s and Cleco Power’s Consolidated Statements of Cash Flows are prepared using the indirect method. This method requires adjusting net income to remove the effects of all deferrals and accruals of operating cash receipts and payments and to remove items whose cash effects are related to investing and financing cash flows. Derivatives meeting the definition of an accounting hedge are classified in the same category as the item being hedged. |
Regulation | Cleco Power is subject to regulation by FERC and the LPSC. Cleco Cajun is subject to regulation by FERC. Cleco complies with the accounting policies and practices prescribed by its regulatory commissions. Cleco Power’s retail rates are regulated by the LPSC. Cleco Power’s and Cleco Cajun’s rates for transmission services are regulated by FERC. Rates for wholesale power sales are based on market-based rates. Cleco Power must evaluate its various transactions related to regulatory orders and accounting guidance to ensure the appropriate timing of revenue recognition, the evaluation of cost deferral, and the recoverability of certain assets and refund of certain liabilities. Cleco Power capitalizes or defers certain costs for recovery from its customers and recognizes a liability for amounts expected to be returned to its customers based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. Regulatory assets and liabilities are amortized consistent with the treatment in the ratemaking process. Pursuant to this regulatory process, Cleco has recorded regulatory assets and liabilities. Any future plan adopted by the LPSC for purposes of transitioning utilities from LPSC regulation to retail competition may affect the regulatory assets and liabilities recorded by Cleco if the criteria for the application of the authoritative guidelines for industry regulated operations cannot continue to be met. At this time, Cleco cannot predict whether any legislation or regulation affecting Cleco will be enacted or adopted and, if enacted, what form such legislation or regulation may take.Cleco Power recognizes an asset for certain costs capitalized or deferred for recovery from customers and recognizes a liability for amounts expected to be returned to customers or collected for future expected costs. Cleco Power records these assets and liabilities based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process.Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable; however, if in the future, as a result of regulatory changes or competition, Cleco Power’s ability to recover these regulatory assets would no longer be probable, then to the extent that such regulatory assets were determined not to be recoverable, Cleco Power would be required to write-down such assets. In addition, potential deregulation of the industry or possible future changes in the method of rate regulation of Cleco Power, could require discontinuance of the application of the authoritative guidance of regulated operations. |
AROs | Cleco and Cleco Power recognize an ARO when there is a legal obligation under existing or enacted law, statute, written or oral contract, or by legal construction under the doctrine of promissory estoppel to incur costs to remove an asset when the asset is retired. These guidelines also require an ARO, which is conditional on a future event, to be recorded even if the event has not yet occurred. Cleco and Cleco Power recognize AROs at the present value of the projected liability in the period in which it is incurred, if a reasonable estimate of fair value can be made. The liability is accreted to its present value each accounting period. Cleco Power defers this accretion as a regulatory asset based on its determination that these costs can be collected from customers. Concurrent with the recognition of the liability, Cleco and Cleco Power capitalize these costs to the related property, plant, and equipment asset. These capitalized costs are depreciated over the same period as the related property asset. Cleco Power also defers the current depreciation of the asset retirement cost as a regulatory asset.
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Property, Plant, and Equipment | Property, plant, and equipment consists primarily of utility generation and energy transmission and distribution assets. Property, plant, and equipment are stated at the cost to acquire or construct the assets, which includes certain materials, labor, payroll taxes and benefits, administrative and general costs, and the estimated cost of funds used during construction. Jointly owned assets are reflected in property, plant, and equipment at Cleco Power’s and Cleco Cajun’s share of the cost to construct or purchase the respective assets.At the date of the 2016 Merger, Cleco’s gross balance of fixed depreciable assets was adjusted to be net of accumulated depreciation, as no accumulated depreciation existed on such date. Since pushdown accounting was not elected at the Cleco Power level, Cleco Power retained its accumulated depreciation.Cleco’s cost of improvements to property, plant, and equipment is capitalized. Costs associated with repairs and major maintenance projects are expensed as incurred. Cleco capitalizes the cost to purchase or develop software for internal use. Upon retirement or disposition, the cost of Cleco Power’s depreciable plant and the cost of removal, net of salvage value, are charged to accumulated depreciation. For Cleco’s other subsidiaries, upon disposition or retirement of depreciable assets, the difference between the net book value of the property and any proceeds received for the property is recorded as a gain or loss on asset disposition on Cleco’s Consolidated Statements of Income. Any cost incurred to remove the asset is charged to expense. |
Deferred Project Costs | Cleco Power defers costs related to the initial stage of a construction project during which time the feasibility of the construction of property, plant, and equipment is being investigated. |
Fuel Inventory and Materials and Supplies | At December 31, 2022, fuel inventory consisted primarily of petroleum coke, coal, limestone, and natural gas used to generate electricity. Prior to the retirement of the Dolet Hills Power Station on December 31, 2021, fuel inventory also consisted of lignite. Materials and supplies consists of transmission and distribution line construction and repair materials. It also consists of generating station and transmission and distribution substation repair materials. Both fuel inventory and materials and supplies are recorded at the lower of cost or net realizable value using the average cost method and are issued from stock using the average cost of existing stock. Materials and supplies are recorded when purchased and subsequently charged to expense or capitalized to property, plant, and equipment when installed.
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Reserves for Credit Losses | Customer accounts receivable are recorded at the invoiced amount and do not bear interest. Customer accounts receivables are generally considered to become past due 20 days after the billing date. Cleco recognizes write-offs within the allowance for credit losses once all recovery methods have been exhausted. It is the policy of management to review accounts receivable and unbilled revenue monthly using a reserve matrix based on historical bad debt write-offs as well as current and forecasted economic conditions to establish a credit loss estimate. Management’s historical credit loss analysis included periods of economic recessions, natural disasters, and temporary changes to collection policies. Due to the critical necessity of electricity, none of these past events have significantly impacted Cleco’s credit loss rates.As a result of the market price volatility of natural gas experienced throughout 2022, Cleco has experienced significant increases to the pass-through fuel component of retail customer energy bills. Due to these increased customer fuel costs, along with the impacts of a 40-year high inflation rate, Cleco has experienced increases in credit loss reserves. These factors have not been and are not expected to be material to Cleco’s results of operations, financial condition, or cash flows. |
Other Reserves | Cleco maintains property insurance on generating stations, buildings and contents, and substations. Cleco is self-insured for any damage to its power lines. To mitigate the exposure to potential financial loss for storm-related damage to lines and property, the LPSC approved Cleco Power to establish a newly funded storm reserve. For more information on the storm reserve, see Note 5 — “Regulatory Assets and Liabilities — Storm Reserves.”Cleco also maintains liability and workers’ compensation insurance to mitigate financial losses due to injuries and damages to the property of others. Cleco’s insurance covers claims that exceed certain self-insured limits. For claims within certain self-insured limits, Cleco maintains reserves.Additionally, Cleco maintains directors and officers insurance to protect managers from claims which may arise from their decisions and actions taken within the scope of their regular duties. |
Cash Equivalents | Cleco considers highly liquid, marketable securities, and other similar instruments with original maturity dates of three months or less to be cash equivalents. |
Restricted Cash and Cash Equivalents | Various agreements to which Cleco is subject contain covenants that restrict its use of cash. As certain provisions under these agreements are met, cash is transferred out of related escrow accounts and becomes available for its intended purposes and/or general company purposes. |
Equity Investments | Cleco and Cleco Power account for investments in unconsolidated affiliated companies using the equity method of accounting. The amounts reported on Cleco’s and Cleco Power’s Consolidated Balance Sheets represent assets contributed by Cleco or Cleco Power, plus their share of the net income of the affiliate, less any distributions of earnings (dividends) received from the affiliate. The revenues and expenses (excluding income taxes) of these affiliates are netted and reported on one line item as equity income from investees on Cleco’s and Cleco Power’s Consolidated Statements of Income.Cleco evaluates for impairments of equity method investments at each balance sheet date to determine if events and circumstances have occurred that indicate a possible other-than-temporary decline in the fair value of the investment and the possible inability to recover the carrying value through operations. Cleco uses estimates of the future cash flows from the investee and observable market transactions in order to calculate fair value and recoverability. An impairment is recognized when an other-than-temporary decline in market value occurs and recovery of the carrying value is not probable.Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco’s and Cleco Power’s Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco’s and Cleco Power’s Consolidated Statements of Income |
Income Taxes | Cleco accounts for income taxes under the asset and liability method. Income taxes recorded on the income statement and related balance sheet amounts are comprised of a current portion and a deferred portion. The current portion represents Cleco’s estimate of the income taxes payable or receivable for the current year. The deferred portion represents Cleco’s estimate of the future income tax effects of events that have been recognized in the financial statements or income tax returns in the current or prior years. Cleco makes assumptions and estimates when it records income taxes, such as its ability to deduct items on its tax returns, the timing of the deduction, and the effect of regulation on income taxes. Cleco’s income tax expense and benefit and related assets and liabilities could be affected by changes in its assumptions and estimates and by ultimate resolution of assumptions and estimates with taxing authorities and changes in tax regulations, the actual results may differ from the estimated results based on these assumptions and may have a material effect on Cleco’s results of operations. Cleco Group files a federal income tax return for all wholly owned subsidiaries. Cleco Power computes its federal and state income taxes as if it were a stand-alone taxpayer. The LPSC generally requires Cleco Power to flow the effects of state income taxes to customers. |
Investment Tax Credits | Investment tax credits, which were deferred for financial statement purposes, are amortized as a reduction to income tax expense over the estimated service lives of the properties that gave rise to the credits.Cleco classifies all interest related to uncertain tax positions as a component of interest payable and interest expense.Cleco classifies income tax penalties as a component of other expenses. |
Debt Issuance Costs, Premiums, and Discounts | Issuance costs, premiums, and discounts applicable to debt securities are amortized to interest expense ratably over the lives of the related issuances. Expenses and call premiums related to refinanced Cleco Power debt are deferred and amortized over the life of the new issuance. Debt issuance costs, premiums, and discounts are presented as a direct deduction from the carrying value of the related debt liability. |
Revenue and Fuel Costs | Utility Revenue Revenue from retail sales and transmission of electricity is recognized when the service is provided. The costs of fuel and purchased power used for Cleco Power’s retail customers currently are recovered from its customers through Cleco Power’s FAC. These costs are subject to audit and final determination by the LPSC. Sales taxes and pass-through fees collected on the sale of electricity are not recorded in utility revenue. Cleco recognizes wholesale revenue, inclusive of both energy and capacity performance obligations, under the invoice practical expedient for the amount Cleco has the right to invoice. Unbilled Revenue Cleco Power accrues estimated revenue monthly for energy used by customers but not yet billed. The monthly estimated unbilled revenue amounts are recorded as unbilled revenue and a receivable. Cleco Power uses actual customer energy consumption data available from AMI to calculate unbilled revenues. Other Operations Revenue Other operations revenue is recognized at the time products or services are provided to and accepted by customers, and collectability is reasonably assured. Sales and Use Taxes Cleco collects a sales and use tax on the sale of electricity that subsequently is remitted to the state in accordance with state law. These amounts are not recorded as income or expense on Cleco’s or Cleco Power’s Consolidated Statements of Income but are reflected at gross amounts on Cleco’s and Cleco Power’s Consolidated Balance Sheets as a receivable until the tax is collected and as a payable until the liability is paid. Franchise and Consumer Fees Cleco Power operates under nonexclusive franchise rights granted by municipalities through franchise agreements in which franchise fees are collected and paid. A portion of the franchise fees associated with these franchise agreements is collected by Cleco Power from its retail customers and submitted to the municipality. These fees are recorded as a receivable until it is collected and as a payable until the liability is paid. Cleco Power also pays periodic franchise fees to the government units, which may include upfront payments upon the renewal of the franchise agreement. The upfront payments are amortized over the life of the franchise agreement and the periodic fees are expensed in the period in which they are incurred. These amounts are recovered from retail customers through base rates. Cleco Power collects a consumer fee for one of its franchise agreements. This fee is not recorded on Cleco’s and Cleco Power’s Consolidated Statements of Income as revenue and expense, but is reflected at gross amounts on Cleco’s and Cleco Power’s Consolidated Balance Sheets as a receivable until it is collected and as a payable until the liability is paid.
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AFUDC and Capitalized Interest | The capitalization of AFUDC by Cleco Power is a utility accounting practice prescribed by FERC and the LPSC. AFUDC represents the estimated debt and equity costs of capital funds that are necessary to finance construction of new and existing facilities. While cash is not realized currently from such allowance, AFUDC increases the revenue requirement over the same life of the plant through a higher rate base and higher depreciation. Under regulatory practices, a return on and recovery of AFUDC is permitted in setting rates charged for utility services. For 2020, Cleco Power’s average short-term debt balance exceeded its average construction work-in-progress balance; however, Cleco Power elected the FERC capital structure waiver contained in FERC Docket Number AC20-127-000. The FERC waiver allowed Cleco Power to substitute the average short-term debt of the prior year for the short-term debt balance in the AFUDC rate calculation to compensate for effects of carrying larger short-term debt balances to accommodate unexpected COVID-19 expenses. The capitalization of interest by Cleco Cajun represents the cost of capital funds used to finance plant additions during the construction period. Interest is capitalized as part of the cost of the utility plant and amortized over the related assets’ useful lives.
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Fair Value Measurements and Disclosures | Various accounting pronouncements require certain assets and liabilities to be measured at their fair values. Some assets and liabilities are required to be measured at their fair value each reporting period, while others are required to be measured only one time, generally the date of acquisition or debt issuance. Cleco and Cleco Power disclose the fair value of certain assets and liabilities by one of three levels when required for recognition purposes. |
Derivatives and Other Risk Management Activity | Accounting guidance requires derivative instruments and hedging activities to be recognized at fair value on the balance sheet. Cleco may elect the normal purchase and normal sale scope exception to the application of fair value accounting for these instruments and activities if they meet certain accounting criteria. Cleco’s Energy Market Risk Management Policy authorizes hedging against commodity price risk with physical or financially settled derivative instruments. For Cleco Power, due to regulatory treatment, associated mark-to-market adjustments for changes in fair value of recognized derivatives are generally recognized in Accumulated deferred fuel on the balance sheet. For Cleco Cajun, the changes in the fair value of recognized derivatives are recorded in current earnings.Cleco Power’s natural gas derivative contracts are marked-to-market with the resulting unrealized gain or loss recorded as a component of Accumulated deferred fuel on the balance sheet. At settlement, realized gains or losses are included in Cleco Power’s FAC and reflected on customer’s bills as a component of the fuel charge. Cleco Cajun’s unrealized gains or losses as well as realized gains or losses at settlement are recorded on the income statement as a component of fuel expense. |
Accounting for MISO Transactions | Cleco Power and Cleco Cajun participate in MISO’s Energy and Operating Reserve market and have the opportunity to participate in the MISO capacity market. If the hourly activity nets to sales, the results are reported in Electric operations on Cleco’s and Cleco Power’s Consolidated Statements of Income. If the hourly activity nets to purchases, the results are reported in Purchased power on Cleco’s and Cleco Power’s Consolidated Statements of Income. Power sales and purchases in the MISO market are made at prevailing market prices, also known as LMP, which represents the cost of providing the next MW of electrical energy at a specific location on the grid. LMP includes a component directly related to congestion on the transmission system and, as a result, can be different based on the location and time of the day the energy is dispatched causing energy costs to increase. |
Leases | Cleco determines if a contract is a lease at its inception. A lease is deemed to exist when the right to control the use of identified property, plant, or equipment is conveyed through a contract for a certain period of time and consideration is paid. If a contract is determined to be a lease, Cleco recognizes a ROU asset and lease liability at the commencement date based on the present value of lease payments over the lease term. The present value of the lease payments is determined by using the implicit interest rate if readily determinable. Cleco’s incremental borrowing rate for a term similar to the duration of the lease based on information available at the commencement date is used if the implicit interest rate is not readily determinable. Cleco recognizes ROU assets and lease liabilities for leasing arrangements with terms greater than one year. Except for the marine transportation asset class, Cleco accounts for lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Cleco’s marine transportation contracts, which include barges and towboats, contain non-lease components, such as maintenance and labor. Cleco allocates the consideration in these contracts between lease and non-lease components based on estimates of fair value from third parties that typically execute leases for this class of assets. Expense for a lessee operating lease is recognized as a single lease cost on a straight-line basis over the lease term and reflected in the appropriate income statement line item based on the leased asset’s function. Income for a lessor operating lease is recognized as a single lease income item on a straight-line basis over the lease term and reflected in the appropriate income statement line item based on the lease asset’s function. For more information on leases, see Note 3 — “Leases.”
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Leases | Cleco determines if a contract is a lease at its inception. A lease is deemed to exist when the right to control the use of identified property, plant, or equipment is conveyed through a contract for a certain period of time and consideration is paid. If a contract is determined to be a lease, Cleco recognizes a ROU asset and lease liability at the commencement date based on the present value of lease payments over the lease term. The present value of the lease payments is determined by using the implicit interest rate if readily determinable. Cleco’s incremental borrowing rate for a term similar to the duration of the lease based on information available at the commencement date is used if the implicit interest rate is not readily determinable. Cleco recognizes ROU assets and lease liabilities for leasing arrangements with terms greater than one year. Except for the marine transportation asset class, Cleco accounts for lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Cleco’s marine transportation contracts, which include barges and towboats, contain non-lease components, such as maintenance and labor. Cleco allocates the consideration in these contracts between lease and non-lease components based on estimates of fair value from third parties that typically execute leases for this class of assets. Expense for a lessee operating lease is recognized as a single lease cost on a straight-line basis over the lease term and reflected in the appropriate income statement line item based on the leased asset’s function. Income for a lessor operating lease is recognized as a single lease income item on a straight-line basis over the lease term and reflected in the appropriate income statement line item based on the lease asset’s function. For more information on leases, see Note 3 — “Leases.”
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Recent Authoritative Guidance | In March 2020, FASB issued optional guidance, for a limited period of time, that applies to entities meeting certain criteria for the contract modifications or hedging relationships that are referencing LIBOR or another reference rate expected to be discontinued due to reference rate reform. The guidance includes a general principal that permits an entity to consider contract modifications due to reference rate reform to be an event that does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The optional guidance could be applied from March 12, 2020, through December 31, 2022. Management has identified contracts with reference rates that will be discontinued, primarily related to long-term debt obligations. Certain debt contracts have been amended to include fallback provisions that provide substitute reference rates in the event LIBOR is discontinued or deemed to no longer be representative or prior to such events, at the option of Cleco and the administrative agent. Management will continue to modify contracts to include similar fallback language and expects to apply this guidance on an ongoing basis. Management does not expect this guidance to have a significant impact on the Registrants’ results of operations, financial condition, or cash flows. In November 2021, FASB issued guidance requiring annual disclosures about government assistance with the objective of increasing transparency and reducing existing diversity in practice. This guidance requires disclosure of the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on the entity’s financial statements. This guidance is effective for annual periods beginning after December 15, 2021. Funding is being sought for relief of incurred storm costs. In addition, a congressional appropriation has been secured, subject to the U.S. Department of Energy’s grant process, to help offset future costs associated with Cleco Power’s Project Diamond Vault. Management will continue to monitor this activity to determine what, if any, disclosures are required. Management does not expect this guidance to have a significant impact on the results of operations financial condition, or cash flows of the Registrants.
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Revenue from Contracts with Customers | Revenue from Contracts with Customers Retail Revenue Retail revenue from contracts with customers is generated primarily from Cleco’s regulated electric sales from residential, commercial, and industrial customers. Cleco Power recognizes retail revenue from these contracts as a series, and progress towards satisfaction of the performance obligation is measured using an output method based on kWh delivered. Accordingly, revenue from electricity sales is recognized as energy is delivered to the customer. Cleco Power bills retail customers, based on rates regulated by the LPSC, on a monthly basis with payments generally due within 20 days of the invoice date. Included in retail revenue is unbilled electric revenue, which represents the amount customers will be billed for services rendered from the meter reading from the most recent bill to the end of the respective accounting period. Actual customer energy consumption data available from AMI is used to calculate unbilled revenue. Also included in retail revenue is electric customer credits, which primarily represents the credits to retail customers for the federal tax-related benefits of the TCJA prior to the settlement of the current retail rate plan. Subsequent to the settlement of the current retail rate plan, these credits offset base revenue. Wholesale Revenue Cleco’s wholesale revenue is generated primarily through the sale of energy and capacity to electric cooperatives and municipalities. The electricity revenue performance obligations, representing both energy and capacity, are satisfied as a series of performance obligations, and progress towards satisfaction of the performance obligations are measured using an output method. The energy performance obligation measure of progress is based on kWh delivered. The capacity performance obligation measure of progress is based on time elapsed and is recognized each month as Cleco’s generating units stand ready to deliver electricity to the customer. Cleco recognizes wholesale revenue, inclusive of both performance obligations, under the invoice practical expedient for the amount Cleco has the right to invoice. Cleco, through Cleco Power and Cleco Cajun, charges its wholesale customers market based rates that are subject to FERC’s triennial market power analysis. Cleco also enters into transactions through MISO for spot energy sales which are transacted in the Day-Ahead Energy and Operating Reserves Market and the Real-Time Energy and Operating Reserves Market. Transmission Revenue Cleco Power and Cleco Cajun earn transmission revenues pursuant to MISO’s FERC filed tariff. The performance obligation of transmission service is satisfied as service is provided. Revenue from the transmission of electricity for Cleco Power and Cleco Cajun is recorded based on a separate FERC-approved annual filing rate mechanism effective June 1 of each year. These rates are based on the respective costs to provide transmission services. Other Revenue Other revenue from contracts with customers, which is not a significant source of Cleco’s revenue, consisted of customer-forfeited discounts and reconnect fees, electric property rental, and other miscellaneous fees. The performance obligation under these contracts is satisfied and revenue is recognized as control of the products is delivered or services are rendered.
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Pension Plan and Employee Benefits | Employees hired before August 1, 2007, are covered by a non-contributory, defined benefit pension plan. Benefits under the plan reflect an employee’s years of service, age at retirement, and highest total average compensation for any consecutive Certain Cleco officers are covered by SERP. In 2014, SERP was closed to new participants; however, with regard to current SERP participants, including former employees or their beneficiaries, all terms of SERP will continue, other than as described below. SERP is a non-qualified, non-contributory, defined benefit pension plan. Generally, benefits under the plan reflect an employee’s years of service, age at retirement, and the sum of (a) the highest base salary paid out over the last calendar years and (b) the average of the five highest cash bonuses paid during the 60 months prior to retirement. SERP benefits are reduced by retirement benefits received from any other defined benefit pension plan, supplemental executive retirement plan, or Cleco contributions under the enhanced 401(k) Plan to the extent such contributions exceed the amount the employee would have received under the terms of the original 401(k) Plan. Management reviews current market trends as it evaluates Cleco’s future compensation strategy. Cleco does not fund the SERP liability, but instead pays for current benefits out of the cash available of the respective company of the employed officer. Because the SERP is a non-qualified plan, Cleco has purchased life insurance policies on certain SERP participants as a mechanism to provide a source of funding. These polices are held in a rabbi trust formed by Cleco Power. The rabbi trust is the named beneficiary of the life insurance policies and, therefore, receives the proceeds upon death of the insured participants. The life insurance policies may be used to reimburse Cleco for benefits paid from general funds, pay the SERP participants’ death benefits, or pay future SERP payments. Market conditions could have a significant impact on the cash surrender value of the life insurance policies. Because SERP is a non-qualified plan, the assets of the trust could be used to satisfy general creditors of Cleco Power in the event of insolvency. Cleco Power is the plan sponsor and Support Group is the plan administrator. Cleco’s 401(k) Plan is intended to provide active, eligible employees with voluntary, long-term savings and investment opportunities. The 401(k) Plan is a defined contribution plan and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974. In accordance with the 401(k) Plan, employer contributions are made in the form of cash. Cash contributions are invested in proportion to the participant’s voluntary contribution investment choices. Participation in the Plan is voluntary and active Cleco employees are eligible to participate.
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calendar years during the last ten years of employment with Cleco. Cleco’s policy is to base its contributions to the employee pension plan upon actuarial computations utilizing the projected unit credit method, subject to the IRS’s full funding limitation.Cleco’s retirees may be eligible to receive Other Benefits. Dependents of Cleco’s retirees may also be eligible to receive Other Benefits with the exception of life insurance benefits. Cleco recognizes the expected cost of Other Benefits during the periods in which the benefits are earned.
Segment Reporting | 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 segments. Management evaluates the performance of Cleco’s segments and allocates resources to them 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 and liabilities recorded for the fair value adjustment of wholesale power supply agreements as a result of the 2016 Merger and the Cleco Cajun Transaction, as well as amortization of deferred lease revenue resulting from the Cleco Cajun Transaction. Material intercompany transactions occur on a regular basis and relate primarily to joint and common administrative support services as well as transmission services provided by Cleco Power to Cleco Cajun. |
Variable Interest Entities | Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco’s and Cleco Power’s Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco’s and Cleco Power’s Consolidated Statements of Income. |
Fair Value Measures and Disclosures (Policies) |
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Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Derivatives, Policy [Policy Text Block] | Accounting guidance requires derivative instruments and hedging activities to be recognized at fair value on the balance sheet. Cleco may elect the normal purchase and normal sale scope exception to the application of fair value accounting for these instruments and activities if they meet certain accounting criteria. Cleco’s Energy Market Risk Management Policy authorizes hedging against commodity price risk with physical or financially settled derivative instruments. For Cleco Power, due to regulatory treatment, associated mark-to-market adjustments for changes in fair value of recognized derivatives are generally recognized in Accumulated deferred fuel on the balance sheet. For Cleco Cajun, the changes in the fair value of recognized derivatives are recorded in current earnings.Cleco Power’s natural gas derivative contracts are marked-to-market with the resulting unrealized gain or loss recorded as a component of Accumulated deferred fuel on the balance sheet. At settlement, realized gains or losses are included in Cleco Power’s FAC and reflected on customer’s bills as a component of the fuel charge. Cleco Cajun’s unrealized gains or losses as well as realized gains or losses at settlement are recorded on the income statement as a component of fuel expense. |
Summary of Significant Accounting Policies (Tables) |
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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, 2022, 2021, and 2020 is shown in the following tables:
The following table presents amortization of other intangible assets and liabilities in Cleco’s Consolidated Statements of Income:
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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:
At December 31, 2022, and 2021, Cleco’s and Cleco Power’s property, plant, and equipment consisted of the following:
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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:
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Schedule of Restricted Cash and Cash Equivalents | Cleco’s and Cleco Power’s restricted cash and cash equivalents consisted of the following:
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Schedule of Composite AFUDC Rates and Capitalized Interest Rates | The following tables show the composite AFUDC rates, including borrowed and other funds, and the capitalized interest rate for the years ended December 31, 2022, 2021, and 2020:
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Schedule of Amortization of Computer Software |
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Schedule of Property, Plant, and Equipment |
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Schedule of Changes in Allowance for Credit Losses, Accounts Receivable |
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Schedule of Restricted Cash and Cash Equivalents |
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Schedule of Composite AFUDC Rates and Capitalized Interest Rates |
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments Due Under Long-Term Operating Leases | The following is a schedule by year of future minimum lease payments due under Cleco’s and Cleco Power’s long-term operating leases together with the present value of the net minimum lease payments as of December 31, 2022:
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Schedule of Leased Property Under Finance Lease | The following is an analysis of the leased property under the finance lease:
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Schedule of Future Minimum Lease Payments Due Under Finance Lease | The following is a schedule by year of future minimum lease payments due under the finance lease together with the present value of the net minimum lease payments as of December 31, 2022:
The principal amounts payable under the finance lease agreement for each year through 2027 and thereafter are as follows:
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Schedule of Total Lease Costs, Supplemental Cash Flow Information, and Other Supplemental Information | The following tables reflect total lease costs for Cleco and Cleco Power for the years ended December 31, 2022, and 2021:
The following tables present additional information related to Cleco’s and Cleco Power’s operating and finance leases as of and for the years ended December 31, 2022, and 2021:
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Schedule of Lease Income Under Cottonwood Sale Leaseback | Cleco Cajun is Cleco’s only subsidiary with lessor arrangements. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback is included in
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within Cleco’s Consolidated Statement of Income. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the years ended December 31, 2022, and 2021 was as follows:||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Remaining Minimum Lease Payments to be Received Under Cottonwood Sale Leaseback | The remaining minimum lease payments to be received under the Cottonwood Sale Leaseback are as follows:
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Schedule of Property Associated with Cottonwood Sale Leaseback | Property associated with the Cottonwood Sale Leaseback was as follows:
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Revenue Recognition (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | Operating revenue, net for the years ended December 31, 2022, 2021, and 2020 was as follows:
(1) Includes fuel recovery revenue. (2) Includes $(14.4) million of amortization of intangible assets and liabilities related to Cleco Cajun’s wholesale power supply agreements. (3) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (4) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (5) Represents realized gains associated with FTRs. (6) Includes $62.4 million in lease revenue related to the Cottonwood Sale Leaseback and $9.2 million of deferred lease revenue amortization.
(1) Includes fuel recovery revenue. (2) Includes $(13.5) million of amortization of intangible assets and liabilities related to Cleco Cajun’s wholesale power supply agreements. (3) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (4) Includes $0.1 million of electric customer credits. (5) Includes $0.2 million of electric customer credits. (6) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (7) Represents realized gains associated with FTRs. (8) Includes $58.2 million in lease revenue related to the Cottonwood Sale Leaseback and $9.2 million of deferred lease revenue amortization.
(1) Includes fuel recovery revenue. (2) Includes $(12.4) million of amortization of intangible assets and liabilities related to Cleco Cajun’s wholesale power supply agreements. (3) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (4) Includes $(0.9) million of electric customer credits. (5) Includes $(0.2) million of electric customer credits. (6) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (7) Represents realized gains associated with FTRs. (8) Includes $60.9 million in lease revenue related to the Cottonwood Sale Leaseback and $9.2 million of deferred lease revenue amortization.
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Regulatory Assets and Liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets | The following table summarizes Cleco’s net regulatory assets and liabilities:
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Schedule of Regulatory Liabilities | The following table summarizes Cleco’s net regulatory assets and liabilities:
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CLECO POWER | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets | The following table summarizes Cleco Power’s regulatory assets and liabilities:
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Schedule of Regulatory Liabilities | The following table summarizes Cleco Power’s regulatory assets and liabilities:
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Jointly Owned Generation Facilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jointly Owned Utility Plant Interests [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Jointly Owned Generation Units | At December 31, 2022, the investment in and accumulated depreciation for each generating facility on Cleco’s and Cleco Power’s Consolidated Balance Sheets were as follows:
(1) Cleco Power has a 100% ownership interest in Acadia Unit 1. The common facilities at the Acadia Power Station are jointly owned. (2) Cleco Cajun has a 100% ownership interest in Bayou Cove Units 2, 3, and 4. The common facilities at Bayou Cove are jointly owned.
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jointly Owned Utility Plant Interests [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Jointly Owned Generation Units |
(1) Cleco Power has a 100% ownership interest in Acadia Unit 1. The common facilities at the Acadia Power Station are jointly owned.
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Fair Value Accounting Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis | The following tables disclose the fair value of financial assets and liabilities measured on a recurring basis on Cleco’s and Cleco Power’s Consolidated Balance Sheets. These amounts are presented on a gross basis before consideration of amounts netted under master netting agreements and the application of collateral received or paid:
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Schedule of Money Market Funds | The following tables present the money market funds as recorded on Cleco’s and Cleco Power’s Consolidated Balance Sheets at December 31, 2022, and 2021:
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Schedule of Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 | The following tables summarize the net changes in the net fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy for Cleco and Cleco Power:
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Schedule of Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions | The following tables quantify the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of December 31, 2022, and 2021:
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Schedule of Carrying Value and Estimated Fair Value | The following tables summarize the carrying value and estimated market value of Cleco’s and Cleco Power’s financial instruments not measured at fair value on Cleco’s and Cleco Power’s Consolidated Balance Sheets:
* The carrying value of long-term debt does not include deferred issuance costs of $16.2 million at December 31, 2022, and $13.2 million at December 31, 2021.
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis |
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Schedule of Money Market Funds |
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Schedule of Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 |
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Schedule of Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions |
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Schedule of Carrying Value and Estimated Fair Value |
* The carrying value of long-term debt does not include deferred issuance costs of $12.3 million at December 31, 2022, and $7.9 million at December 31, 2021.
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Derivative Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Assets | The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco’s and Cleco Power’s Consolidated Balance Sheets at December 31, 2022, and 2021:
(1) Represents letters of credit by counterparties.
(1) Represents letters of credit by counterparties.
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Offsetting Liabilities | The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco’s and Cleco Power’s Consolidated Balance Sheets at December 31, 2022, and 2021:
(1) Represents letters of credit by counterparties.
(1) Represents letters of credit by counterparties.
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Schedule of Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets | The following tables present the volume of commodity-related derivative contracts outstanding at December 31, 2022, and 2021 for Cleco and Cleco Power:
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Schedule of Amount of Gain (Loss) Recognized in Income on Derivatives | The following tables present the effect of derivatives not designated as hedging instruments on Cleco’s and Cleco Power’s Consolidated Statements of Income for the years December 31, 2022, 2021, and 2020:
(1) For the years ended December 31, 2022, 2021, and 2020, unrealized (losses) gains associated with FTRs for Cleco Power of $(0.5) million, $2.8 million and $0.5 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. (2) Prior year balance has been revised to correct errors that were immaterial for the years ended December 31, 2021, and 2020. (3) For the year ended December 31, 2022, unrealized gains associated with natural gas derivatives for Cleco Power of $4.9 million were reported through Accumulated deferred fuel on the balance sheet. Cleco Power had no natural gas derivatives during the years ended December 31, 2021, and 2020.
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Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets |
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Schedule of Amount of Gain (Loss) Recognized in Income on Derivatives |
(1) For the year ended December 31, 2022, unrealized gains associated with natural gas derivatives of $4.9 million were reported through Accumulated deferred fuel on the balance sheet. Cleco Power had no natural gas derivatives during the years ended December 31, 2021, and 2020. (2) For the years ended December 31, 2022, 2021, and 2020, unrealized (losses) gains associated with FTRs of $(0.5) million, $2.8 million, and $0.5 million, respectively, were reported through Accumulated deferred fuel on the balance sheet.
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Total Indebtedness | Cleco’s total long-term indebtedness as of December 31, 2022, and 2021 was as follows:
(1) For December 31, 2022, and 2021, this amount includes unamortized debt issuance costs for Cleco Holdings of $8.5 million and $10.2 million, respectively, partially offset by deferred debt issuance costs eliminated as a result of the 2016 Merger of $4.6 million and $4.9 million, respectively. For more information, see Note 5 — “Regulatory Assets and Liabilities — Cleco Holdings’ 2016 Merger Adjustments.”
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Schedule of Future Amounts Payable Under Long-Term Debt Agreements | The principal amounts payable under long-term debt agreements for each year through 2027 and thereafter are as follows:
(1) Does not include Series A GO Zone bonds that have a maturity date of December 2038 but a mandatory tender in May 2025. As of December 31, 2022, 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:
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Schedule of Principal Amounts Payable Under Finance Lease Agreement | The following is a schedule by year of future minimum lease payments due under the finance lease together with the present value of the net minimum lease payments as of December 31, 2022:
The principal amounts payable under the finance lease agreement for each year through 2027 and thereafter are as follows:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Total Indebtedness | Cleco Power’s total long-term indebtedness as of December 31, 2022, and 2021 was as follows:
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Pension Plan and Employee Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Pension Plans | The employee pension plan and Other Benefits plan obligation, plan assets, and funded status at December 31, 2022, and 2021 are presented in the following table:
SERP’s funded status at December 31, 2022, and 2021 is presented in the following table:
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Schedule of Accumulated Benefit Obligation | The employee pension plan accumulated benefit obligation at December 31, 2022, and 2021 is presented in the following table:
SERP’s accumulated benefit obligation at December 31, 2022, and 2021 is presented in the following table:
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Schedule of Amounts Recognized in Other Comprehensive Income | The following table presents the net actuarial gains/losses included in other comprehensive income for Other Benefits and in regulatory assets for pension related to current year gains and losses as a result of being included in net periodic benefit costs for the employee pension plan and Other Benefits plan for the years ended December 31, 2022, and 2021:
or regulatory assets related to current year gains and losses as a result of being amortized as a component of net periodic benefit costs for SERP for December 31, 2022, and 2021:
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Schedule of Amounts Recognized in Accumulated Other Comprehensive Income | The following table presents net actuarial gains/losses in accumulated other comprehensive income for Other Benefits and in regulatory assets for pension that have not been recognized as components of net periodic benefit costs for the employee pension plan and Other Benefits plans at December 31, 2022, and 2021:
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Schedule of Components of Net Periodic Pension and Other Benefit Costs | The components of net periodic pension and Other Benefits costs for 2022, 2021, and 2020 are as follows:
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Schedule of Amounts Recognized in Balance Sheet | The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at December 31, 2022, and 2021 are as follows:
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Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligation and Net Periodic Costs | The assumptions used to determine the benefit obligation and the periodic costs are as follows:
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Schedule of Fair Value Allocation of Pension Plan | The following tables disclose the pension plan’s fair value of financial assets measured on a recurring basis:
The following chart shows the dynamic asset allocation based on the funded ratio at December 31, 2022:
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Schedule of Pension Plan Unobservable Input Reconciliation | The following is a reconciliation of the beginning and ending balances of the pension plan’s real estate funds measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2022, and 2021:
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Schedule of Projected Benefit Payments and Projected Receipts | The projected benefit payments for the employee pension plan and Other Benefits plan for each year through 2027 and the next five years thereafter are listed in the following table:
The projected benefit payments for SERP for each year through 2027 and the next five years thereafter are shown in the following table:
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Schedule of 401(k) Plan Expense | Cleco’s 401(k) Plan expense for the years ended December 31, 2022, 2021, and 2020 was as follows:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet |
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The differences are as follows:
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Schedule of Current and Deferred Income Tax Expense | Information about current and deferred income tax expense is as follows:
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Schedule of Deferred Tax Assets and Liabilities | The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2022, and 2021 was comprised of the following:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The differences are as follows:
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Schedule of Current and Deferred Income Tax Expense | Information about current and deferred income tax expense is as follows:
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Schedule of Deferred Tax Assets and Liabilities | The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2022, and 2021 was comprised of the following:
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Disclosures about Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment |
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Regulation and Rates (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulated Operations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Rate Refund Liability | Provision for rate refund on Cleco’s and Cleco Power’s Consolidated Balance Sheets consisted primarily of the following:
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Variable Interest Entities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Consolidated Balance Sheets:
The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Consolidated Statements of Income:
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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 Consolidated Balance Sheets:
The following table summarizes the impact of Cleco Securitization I on Cleco’s and Cleco Power’s Consolidated Statements of Income:
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:
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Schedule of Equity Method Investments | The following table presents the components of Cleco Power’s equity investment in Oxbow:
The following tables contain summarized financial information for Oxbow:
|
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Payments under Long-Term Purchase Obligations | The aggregate amount of payments required under such obligations at December 31, 2022, is as follows:
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Asset Retirement Obligation | The following table summarizes the net changes in the ARO for Cleco and Cleco Power:
|
Affiliate Transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | The following table is a summary of charges from each affiliate included in Cleco Power’s Consolidated Statements of Income:
The following table is a summary of revenue received from affiliates included in Cleco Power’s Consolidated Statements of Income:
Cleco Power had the following affiliate receivable and payable balances associated with the service agreements:
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Intangible Assets, Intangible Liabilities, and Goodwill (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets and Liabilities | The following table summarizes the balance of the securitized intangible asset subject to amortization included on Cleco’s and Cleco Power’s Consolidated Balance Sheets:
The following table summarizes the balance of other intangible assets and liabilities subject to amortization included in Cleco’s Consolidated Balance Sheets:
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Schedule of Amortization of Other Intangible Assets and Liabilities | 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, 2022, 2021, and 2020 is shown in the following tables:
The following table presents amortization of other intangible assets and liabilities in Cleco’s Consolidated Statements of Income:
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Schedule of Amortization Expense Related to Other Assets and Liabilities | The following table summarizes the amortization expense related to other intangible assets and liabilities expected to be recognized in Cleco’s Consolidated Statements of Income:
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets and Liabilities | The following table summarizes the balance of the securitized intangible asset subject to amortization included on Cleco’s and Cleco Power’s Consolidated Balance Sheets:
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Schedule of Amortization of Other Intangible Assets and Liabilities |
|
Accumulated Other Comprehensive Loss (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss are summarized in the following tables for Cleco and Cleco Power. All amounts are reported net of income taxes. Amounts in parentheses indicate debits.
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CLECO POWER | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Accumulated Other Comprehensive Loss |
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The Company (Details) customer in Thousands |
Dec. 31, 2022
customer
generation_unit
MW
|
---|---|
CLECO POWER | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Number of generating units owned | generation_unit | 9 |
Nameplate capacity of all generating units (MW) | MW | 3,035 |
Approximate number of customers served | customer | 293 |
CLECO POWER | Oxbow | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Ownership interest in lignite entity | 50.00% |
Cleco Cajun | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Number of generating units owned | generation_unit | 14 |
Nameplate capacity of all generating units (MW) | MW | 3,379 |
Summary of Significant Accounting Policies - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Public Utility, Property, Plant and Equipment [Line Items] | |||
Capitalized software, net | $ 168,600 | $ 172,700 | |
Capitalized software costs, amortization | 12,228 | 11,878 | $ 11,015 |
Property, Plant and Equipment, Net | |||
Generation | 2,737,597 | 2,704,536 | |
Distribution | 1,429,374 | 1,494,411 | |
Transmission | 811,199 | 797,694 | |
Other utility plant | 457,339 | 412,577 | |
Other property, plant, and equipment | 9,557 | 7,504 | |
Total property, plant, and equipment | 5,445,066 | 5,416,722 | |
Accumulated depreciation | (946,576) | (700,991) | |
Net property, plant, and equipment | 4,498,490 | 4,715,731 | |
Acadia Unit 1 acquisition costs | |||
Public Utilities, Property, Plant and Equipment, Acquisition Adjustments | |||
Plant acquisition adjustment | 76,116 | 76,116 | |
Accumulated amortization | (21,383) | (18,201) | |
Net plant acquisition adjustment | $ 54,733 | 57,915 | |
MINIMUM | |||
Utility Plants | |||
Generation | 10 years | ||
Distribution | 15 years | ||
Transmission | 5 years | ||
Other utility plant | 5 years | ||
Other property, plant, and equipment | 5 years | ||
MAXIMUM | |||
Utility Plants | |||
Generation | 55 years | ||
Distribution | 50 years | ||
Transmission | 55 years | ||
Other utility plant | 45 years | ||
Other property, plant, and equipment | 45 years | ||
CLECO POWER | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Capitalized software, net | $ 162,300 | 167,400 | |
Capitalized software costs, amortization | 11,614 | 11,268 | $ 10,379 |
Property, Plant and Equipment, Net | |||
Generation | 2,321,640 | 2,314,285 | |
Distribution | 1,866,662 | 1,933,389 | |
Transmission | 1,000,783 | 988,122 | |
Other utility plant | 547,441 | 509,693 | |
Total property, plant, and equipment | 5,736,526 | 5,745,489 | |
Accumulated depreciation | (2,082,153) | (1,919,766) | |
Net property, plant, and equipment | 3,654,373 | 3,825,723 | |
CLECO POWER | Acadia Unit 1 acquisition costs | |||
Public Utilities, Property, Plant and Equipment, Acquisition Adjustments | |||
Plant acquisition adjustment | 95,578 | 95,578 | |
Accumulated amortization | (40,846) | (37,663) | |
Net plant acquisition adjustment | $ 54,732 | $ 57,915 | |
CLECO POWER | MINIMUM | |||
Utility Plants | |||
Generation | 10 years | ||
Distribution | 15 years | ||
Transmission | 5 years | ||
Other utility plant | 5 years | ||
Other property, plant, and equipment | 5 years | ||
CLECO POWER | MAXIMUM | |||
Utility Plants | |||
Generation | 55 years | ||
Distribution | 50 years | ||
Transmission | 55 years | ||
Other utility plant | 45 years | ||
Other property, plant, and equipment | 45 years |
Summary of Significant Accounting Policies - Deferred Project Costs (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
CLECO POWER | ||
Accounting Policies [Line Items] | ||
Deferred project costs | $ 5.8 | $ 4.5 |
Summary of Significant Accounting Policies - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Accounting Policies [Line Items] | ||
Receivable, threshold period past due | 20 days | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 1,302 | $ 2,758 |
Current period provision | 3,362 | 4,003 |
Charge-offs | (4,800) | (6,919) |
Recovery | 1,283 | 1,460 |
Ending balance | 1,147 | 1,302 |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1,638 | 1,638 |
Current period provision | 0 | 0 |
Charge-offs | 0 | 0 |
Recovery | 0 | 0 |
Ending balance | 1,638 | 1,638 |
Receivable, Allowance For Credit Loss [Roll Forward] | ||
Beginning balance | 2,940 | 4,396 |
Current period provision | 3,362 | 4,003 |
Charge-offs | (4,800) | (6,919) |
Recovery | 1,283 | 1,460 |
Ending balance | 2,785 | 2,940 |
Cleco Power | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1,302 | 2,758 |
Current period provision | 3,362 | 4,003 |
Charge-offs | (4,800) | (6,919) |
Recovery | 1,283 | 1,460 |
Ending balance | $ 1,147 | $ 1,302 |
Summary of Significant Accounting Policies - Other Reserves (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Cleco Holdings | ||
Accounting Policies [Line Items] | ||
General liability and workers compensation reserves | $ 6.9 | $ 6.0 |
Summary of Significant Accounting Policies - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
1 Months Ended | ||
---|---|---|---|
Sep. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | $ 23,549 | $ 1,674 | |
Restricted cash - noncurrent | 110,148 | 745 | |
Total restricted cash and cash equivalents | 133,697 | 2,419 | |
Cleco Katrina/Rita’s storm recovery surcharge | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 0 | 1,674 | |
Cleco Power’s storm restoration costs - Hurricane Ida | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 9,409 | 0 | |
Restricted cash - noncurrent | 6,086 | 0 | |
Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 14,140 | 0 | |
Diversified Lands’ mitigation escrow | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Restricted cash - noncurrent | 23 | 22 | |
Cleco Cajun’s defense fund | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Restricted cash - noncurrent | 733 | 723 | |
Future storm restoration costs | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Restricted cash - noncurrent | 103,306 | 0 | |
CLECO POWER | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 23,549 | 1,674 | |
Restricted cash - noncurrent | 109,392 | 0 | |
Total restricted cash and cash equivalents | 132,941 | 1,674 | |
CLECO POWER | Cleco Katrina/Rita’s storm recovery surcharge | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 0 | 1,674 | |
Customer refund payments | $ 1,600 | ||
CLECO POWER | Cleco Power’s storm restoration costs - Hurricane Ida | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 9,409 | 0 | |
Restricted cash - noncurrent | 6,086 | 0 | |
CLECO POWER | Cleco Securitization I’s operating expenses and storm recovery bond issuance costs and debt service | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 14,140 | 0 | |
CLECO POWER | Future storm restoration costs | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Restricted cash - noncurrent | $ 103,306 | $ 0 |
Summary of Significant Accounting Policies - Equity Investments (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Accounting Policies [Abstract] | |||
Impairments | $ 0 | $ 0 | $ 0 |
Summary of Significant Accounting Policies - AFUDC and Capitalized Interest (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Public Utilities, General Disclosures [Line Items] | |||
AFUDC composite rate, pretax basis | 9.06% | 10.05% | 10.14% |
AFUDC composite rate, net of tax | 7.09% | 7.81% | 7.96% |
Capitalized interest rate, pretax basis | 3.68% | 1.80% | 1.98% |
CLECO POWER | |||
Public Utilities, General Disclosures [Line Items] | |||
AFUDC composite rate, pretax basis | 9.06% | 10.05% | 10.14% |
AFUDC composite rate, net of tax | 7.09% | 7.81% | 7.96% |
Leases - Operating Lease (Details) - Dec. 31, 2022 - CLECO POWER |
Total |
municipality |
nonmunicipal_public_body |
railcar |
towboat |
---|---|---|---|---|---|
Operating Leased Assets [Line Items] | |||||
Operating lease, number of lessors | 2 | 1 | |||
Railroad Transportation Equipment | |||||
Operating Leased Assets [Line Items] | |||||
Lessee, operating lease, number of leased assets | railcar | 113 | ||||
Maritime Equipment | |||||
Operating Leased Assets [Line Items] | |||||
Lessee, operating lease, renewal term | 5 years | ||||
Term of operating lease | 10 years | ||||
Lessee, operating lease, number of leased assets | towboat | 3 | ||||
Municipality One | Utility System | |||||
Operating Leased Assets [Line Items] | |||||
Lessee, operating lease, renewal term | 10 years | ||||
Municipality Two | Utility System | |||||
Operating Leased Assets [Line Items] | |||||
Term of operating lease | 10 years | ||||
Non-Municipal Public Body | Utility System | |||||
Operating Leased Assets [Line Items] | |||||
Term of operating lease | 27 years |
Leases - Future Minimum Lease Payments Due Under Long-Term Operating Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Years ending Dec. 31, | ||
2023 | $ 3,565 | |
2024 | 3,422 | |
2025 | 3,278 | |
2026 | 3,244 | |
2027 | 3,221 | |
Thereafter | 10,026 | |
Total minimum lease payments | 26,756 | |
Less: amount representing interest | 4,011 | |
Present value of net minimum operating lease payments | 22,745 | |
Current liabilities | 2,926 | $ 2,854 |
Non-current liabilities | 19,819 | 21,128 |
CLECO POWER | ||
Years ending Dec. 31, | ||
2023 | 3,534 | |
2024 | 3,398 | |
2025 | 3,275 | |
2026 | 3,241 | |
2027 | 3,221 | |
Thereafter | 10,026 | |
Total minimum lease payments | 26,695 | |
Less: amount representing interest | 4,002 | |
Present value of net minimum operating lease payments | 22,693 | |
Current liabilities | 2,903 | 2,832 |
Non-current liabilities | $ 19,790 | $ 21,100 |
Leases - Finance Lease (Details) - CLECO POWER $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022
USD ($)
event
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Apr. 30, 2018
barge
|
|
Lessee, Lease, Description [Line Items] | ||||
Finance lease, number of cancellation events triggering early termination | event | 1 | |||
Finance lease, number of cancellation events | event | 4 | |||
Finance lease, principal interest | $ | $ 2.2 | $ 2.2 | $ 2.2 | |
Sublease income | $ | $ 0.6 | $ 0.2 | $ 0.8 | |
Maritime Equipment | ||||
Lessee, Lease, Description [Line Items] | ||||
Finance lease, number of leased assets | barge | 42 |
Leases - Analysis of Leased Property Under Finance Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Lessor, Lease, Description [Line Items] | ||
Net finance lease asset | $ 11,480 | $ 12,600 |
Cleco Power | ||
Lessor, Lease, Description [Line Items] | ||
Barges | 16,800 | 16,800 |
Accumulated amortization | (5,320) | (4,200) |
Net finance lease asset | $ 11,480 | $ 12,600 |
Leases - Future Minimum Lease Payments Due Under Finance Lease (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Years ending Dec. 31, | ||
Current liabilities | $ 836 | $ 755 |
Non-current liabilities | 12,971 | 13,807 |
Cleco Power | ||
Years ending Dec. 31, | ||
2023 | 2,203 | |
2024 | 2,203 | |
2025 | 2,203 | |
2026 | 2,203 | |
2027 | 2,203 | |
Thereafter | 11,066 | |
Total minimum lease payments | 22,081 | |
Less: amount representing interest | 8,274 | |
Present value of net minimum finance lease payments | 13,807 | 14,562 |
Current liabilities | 836 | 755 |
Non-current liabilities | $ 12,971 | $ 13,807 |
Leases - Total Lease Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Finance lease cost | ||
Amortization of ROU assets | $ 1,120 | $ 1,120 |
Interest on lease liabilities | 1,448 | 1,521 |
Operating lease cost | 3,710 | 3,985 |
Variable lease cost | 508 | 385 |
Total lease cost | 6,786 | 7,011 |
Cleco Power | ||
Finance lease cost | ||
Amortization of ROU assets | 1,120 | 1,120 |
Interest on lease liabilities | 1,448 | 1,521 |
Operating lease cost | 3,675 | 3,845 |
Variable lease cost | 508 | 385 |
Total lease cost | $ 6,751 | $ 6,871 |
Leases - Supplemental Balance Sheet and Cash Flow Information and Other Supplemental Information (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
ROU assets | ||
Operating lease right of use assets | $ 22,673 | $ 24,014 |
Finance | $ 11,480 | $ 12,600 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant, and equipment | Property, plant, and equipment |
Total ROU assets | $ 34,153 | $ 36,614 |
Current lease liabilities | ||
Operating | $ 2,926 | $ 2,854 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Finance | $ 836 | $ 755 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-term debt outstanding, due within one year | Long-term debt outstanding, due within one year |
Non-current lease liabilities | ||
Operating lease liabilities | $ 19,819 | $ 21,128 |
Finance | $ 12,971 | $ 13,807 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt and finance leases, net | Long-term debt and finance leases, net |
Total lease liabilities | $ 36,552 | $ 38,544 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | 3,720 | 3,938 |
Operating cash flows from finance leases | 1,448 | 1,521 |
Financing cash flows from finance leases | $ 755 | $ 682 |
Operating leases | ||
Weighted-average remaining lease term | 12 years 6 months | 9 years |
Weighted-average discount rate | 4.36% | 4.30% |
Finance leases | ||
Weighted-average remaining lease term | 10 years 3 months 18 days | 11 years 3 months 18 days |
Weighted-average discount rate | 10.18% | 10.18% |
CLECO POWER | ||
ROU assets | ||
Operating lease right of use assets | $ 22,628 | $ 23,970 |
Finance | $ 11,480 | $ 12,600 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant, and equipment | Property, plant, and equipment |
Total ROU assets | $ 34,108 | $ 36,570 |
Current lease liabilities | ||
Operating | $ 2,903 | $ 2,832 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Finance | $ 836 | $ 755 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-term debt outstanding, due within one year | Long-term debt outstanding, due within one year |
Non-current lease liabilities | ||
Operating lease liabilities | $ 19,790 | $ 21,100 |
Finance | $ 12,971 | $ 13,807 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt and finance leases, net | Long-term debt and finance leases, net |
Total lease liabilities | $ 36,500 | $ 38,494 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | 3,685 | 3,800 |
Operating cash flows from finance leases | 1,448 | 1,521 |
Financing cash flows from finance leases | $ 755 | $ 682 |
Operating leases | ||
Weighted-average remaining lease term | 11 years 4 months 24 days | 9 years |
Weighted-average discount rate | 4.35% | 4.30% |
Finance leases | ||
Weighted-average remaining lease term | 10 years 3 months 18 days | 11 years 3 months 18 days |
Weighted-average discount rate | 10.18% | 10.18% |
Leases - Cottonwood Sale Leaseback Agreement (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Lessee, Lease, Description [Line Items] | |||
Sale leaseback transaction, depreciation expense | $ 33.9 | $ 32.0 | $ 29.3 |
Cottonwood Energy | |||
Lessee, Lease, Description [Line Items] | |||
Fixed lease payments per year | $ 40.0 |
Leases - Lease Income Under Cottonwood Sale Leaseback (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Lessee, Lease, Description [Line Items] | ||
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other operations | Other operations |
CLECO CAJUN | ||
Lessee, Lease, Description [Line Items] | ||
Fixed payments | $ 40,000 | $ 40,000 |
Variable payments | 22,359 | 18,226 |
Amortization of deferred lease liability | 9,205 | 9,205 |
Total lease income | $ 71,564 | $ 67,431 |
Leases - Remaining Minimum Lease Payments To Be Received (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
Years ending Dec. 31, | |
2023 | $ 40,000 |
2024 | 40,000 |
2025 | 16,667 |
Total payments | $ 96,667 |
Leases - Property Associated with Sale Leaseback (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
Property, plant, and equipment | $ 572,044 | $ 552,659 |
Accumulated depreciation | (117,981) | (84,065) |
Net property, plant, and equipment | $ 454,063 | $ 468,594 |
Revenue Recognition - Narrative (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
| |
Revenue from Contract with Customer [Abstract] | |
Payment terms | 20 days |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 231.2 |
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 2 years |
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 12 years |
CLECO POWER | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 231.2 |
CLECO POWER | Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 2 years |
CLECO POWER | Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation durations | 12 years |
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | $ 2,140,366 | $ 1,666,839 | $ 1,418,776 |
Total revenue unrelated to contracts with customers | 98,766 | 79,090 | 79,370 |
Operating revenue, net | 2,239,132 | 1,745,929 | 1,498,146 |
Electric customer credits | 7,674 | 40,634 | 53,271 |
Deferred lease revenue amortization | 9,205 | 9,205 | 9,205 |
Total retail revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 1,169,612 | 898,658 | 761,401 |
Residential | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 558,247 | 453,873 | 402,050 |
Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 370,678 | 294,553 | 256,964 |
Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 229,634 | 175,134 | 137,920 |
Other retail | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 18,727 | 16,105 | 14,235 |
Storm recovery surcharge | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 2,440 | ||
Electric customer credits | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | (7,674) | (41,007) | (52,208) |
Wholesale, net | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 818,268 | 639,534 | 548,062 |
Transmission | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 130,520 | 109,848 | 94,150 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 21,966 | 18,799 | 15,163 |
Total revenue unrelated to contracts with customers | 85,519 | 79,090 | 79,370 |
Affiliate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
Securitization | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue unrelated to contracts with customers | 13,247 | ||
TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue, net | 2,265,393 | 1,768,856 | 1,519,645 |
Electric customer credits | 7,674 | 40,634 | 53,272 |
TOTAL SEGMENTS | CLECO POWER | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 1,593,406 | 1,230,040 | 1,023,070 |
Total revenue unrelated to contracts with customers | 27,122 | 11,597 | 9,222 |
Operating revenue, net | 1,620,528 | 1,241,637 | 1,032,292 |
Electric customer credits | 7,674 | 40,878 | 53,119 |
TOTAL SEGMENTS | CLECO POWER | Total retail revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 1,169,612 | 898,658 | 761,401 |
TOTAL SEGMENTS | CLECO POWER | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 558,247 | 453,873 | 402,050 |
TOTAL SEGMENTS | CLECO POWER | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 370,678 | 294,553 | 256,964 |
TOTAL SEGMENTS | CLECO POWER | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 229,634 | 175,134 | 137,920 |
TOTAL SEGMENTS | CLECO POWER | Other retail | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 18,727 | 16,105 | 14,235 |
TOTAL SEGMENTS | CLECO POWER | Storm recovery surcharge | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 2,440 | ||
TOTAL SEGMENTS | CLECO POWER | Electric customer credits | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | (7,674) | (41,007) | (52,208) |
TOTAL SEGMENTS | CLECO POWER | Wholesale, net | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 331,906 | 250,987 | 192,187 |
TOTAL SEGMENTS | CLECO POWER | Transmission | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 63,545 | 55,963 | 49,164 |
Electric customer credits | 100 | 900 | |
TOTAL SEGMENTS | CLECO POWER | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 21,966 | 18,791 | 15,162 |
Total revenue unrelated to contracts with customers | 13,875 | 11,597 | 9,222 |
TOTAL SEGMENTS | CLECO POWER | Affiliate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 6,377 | 5,641 | 5,156 |
TOTAL SEGMENTS | CLECO POWER | Securitization | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue unrelated to contracts with customers | 13,247 | ||
TOTAL SEGMENTS | CLECO CAJUN | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 573,229 | 459,726 | 417,208 |
Total revenue unrelated to contracts with customers | 71,636 | 67,493 | 70,145 |
Operating revenue, net | 644,865 | 527,219 | 487,353 |
Lease revenue | 62,400 | 58,200 | 60,900 |
Deferred lease revenue amortization | 9,200 | 9,200 | 9,200 |
TOTAL SEGMENTS | CLECO CAJUN | Total retail revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
TOTAL SEGMENTS | CLECO CAJUN | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
TOTAL SEGMENTS | CLECO CAJUN | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
TOTAL SEGMENTS | CLECO CAJUN | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
TOTAL SEGMENTS | CLECO CAJUN | Other retail | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
TOTAL SEGMENTS | CLECO CAJUN | Storm recovery surcharge | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | ||
TOTAL SEGMENTS | CLECO CAJUN | Electric customer credits | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
TOTAL SEGMENTS | CLECO CAJUN | Wholesale, net | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 496,042 | 398,226 | 365,555 |
Contract with customer, amortization | (14,400) | (13,500) | (12,400) |
TOTAL SEGMENTS | CLECO CAJUN | Transmission | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 77,187 | 61,500 | 51,449 |
Electric customer credits | 200 | 200 | |
TOTAL SEGMENTS | CLECO CAJUN | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
Total revenue unrelated to contracts with customers | 71,636 | 67,493 | 70,145 |
TOTAL SEGMENTS | CLECO CAJUN | Affiliate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 204 |
TOTAL SEGMENTS | CLECO CAJUN | Securitization | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue unrelated to contracts with customers | 0 | ||
OTHER | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 99,335 | 103,951 | 119,446 |
Total revenue unrelated to contracts with customers | 9 | 0 | 3 |
Operating revenue, net | 99,344 | 103,951 | 119,449 |
Electric customer credits | 0 | 0 | 0 |
OTHER | Total retail revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
OTHER | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
OTHER | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
OTHER | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
OTHER | Other retail | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
OTHER | Storm recovery surcharge | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | ||
OTHER | Electric customer credits | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
OTHER | Wholesale, net | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | (9,680) | (9,680) | (9,680) |
OTHER | Transmission | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
OTHER | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 8 | 0 |
Total revenue unrelated to contracts with customers | 9 | 0 | 3 |
OTHER | Affiliate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 109,015 | 113,623 | 129,126 |
OTHER | Securitization | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue unrelated to contracts with customers | 0 | ||
ELIMINATIONS | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | (125,604) | (126,878) | (140,948) |
Total revenue unrelated to contracts with customers | (1) | 0 | 0 |
Operating revenue, net | (125,605) | (126,878) | (140,948) |
Electric customer credits | 0 | 0 | (1) |
ELIMINATIONS | Total retail revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
ELIMINATIONS | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
ELIMINATIONS | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
ELIMINATIONS | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
ELIMINATIONS | Other retail | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
ELIMINATIONS | Storm recovery surcharge | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | ||
ELIMINATIONS | Electric customer credits | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 0 |
ELIMINATIONS | Wholesale, net | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 1 | 0 |
ELIMINATIONS | Transmission | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | (10,212) | (7,615) | (6,463) |
ELIMINATIONS | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 0 | 0 | 1 |
Total revenue unrelated to contracts with customers | (1) | 0 | 0 |
ELIMINATIONS | Affiliate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | (115,392) | $ (119,264) | $ (134,486) |
ELIMINATIONS | Securitization | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue unrelated to contracts with customers | $ 0 |
Regulatory Assets and Liabilities - Summary of Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets, net | $ 564,123 | $ 801,363 |
Financing costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 6,904 | 7,248 |
Postretirement costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 11,436 | 13,424 |
Fair value of long-term debt | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 104,748 | 112,150 |
Debt issuance costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 4,587 | 4,920 |
CLECO POWER | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 589,297 | 759,165 |
Total regulatory liabilities | (152,849) | (95,544) |
Total regulatory assets, net | 436,448 | 663,621 |
CLECO POWER | Deferred taxes, net | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory liabilities | (34,087) | (95,544) |
CLECO POWER | Storm reserves | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory liabilities | (118,762) | 0 |
CLECO POWER | Acquisition/Transaction costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 1,807 | 1,913 |
Regulatory asset, amortization period | 17 years | |
CLECO POWER | Acquisition/Transaction costs | Coughlin transaction costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 815 | 845 |
Regulatory asset, amortization period | 26 years 6 months | |
CLECO POWER | Accumulated deferred fuel | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 57,881 | 56,826 |
CLECO POWER | Affordability study | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 11,715 | 13,094 |
Regulatory asset, amortization period | 8 years 6 months | |
CLECO POWER | AFUDC equity gross-up | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 63,477 | 66,574 |
CLECO POWER | AMI deferred revenue requirement | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 1,499 | 2,045 |
Regulatory asset, amortization period | 3 years 3 months | |
CLECO POWER | AROs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 17,218 | 15,141 |
CLECO POWER | Bayou Vista to Segura transmission project deferred revenue requirement | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 2,510 | 1,392 |
Regulatory asset, amortization period | 6 months | |
CLECO POWER | COVID-19 executive order | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 2,953 | 2,953 |
CLECO POWER | Deferred Lignite and Mine closure costs | Dolet Hills | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 133,600 | |
CLECO POWER | Deferred Lignite and Mine closure costs | Lignite Mine | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 133,587 | 136,980 |
CLECO POWER | Deferred storm restoration costs - Hurricane Delta | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 109 | 17,113 |
CLECO POWER | Deferred storm restoration costs - Hurricane Ida | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 9,409 | 37,617 |
CLECO POWER | Deferred storm restoration costs - Hurricane Laura | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 457 | 54,282 |
CLECO POWER | Deferred storm restoration costs - Hurricane Zeta | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 9 | 3,296 |
CLECO POWER | Deferred storm restoration costs - Winter Storms Uri & Viola | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 0 | 1,912 |
CLECO POWER | Dolet Hills Power Station closure costs | Dolet Hills | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 147,082 | 145,844 |
CLECO POWER | Energy efficiency | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 235 | 1,645 |
Regulatory asset, amortization period | 3 months | |
CLECO POWER | Financing costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 6,456 | 6,826 |
CLECO POWER | Interest costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 3,210 | 3,459 |
CLECO POWER | Madison Unit 3 property taxes | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 13,038 | 8,362 |
CLECO POWER | Non-service cost of postretirement benefits | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 14,810 | 12,950 |
CLECO POWER | Other | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 14,114 | 11,224 |
CLECO POWER | Postretirement costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | 47,317 | 117,773 |
CLECO POWER | Production operations and maintenance expenses | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 10,443 | 11,058 |
Regulatory asset, amortization period | 3 years | |
CLECO POWER | Rodemacher Unit 2 deferred costs | Rodemacher Unit 2 deferred costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 12,645 | 6,931 |
CLECO POWER | St. Mary Clean Energy Center | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 4,350 | 6,089 |
Regulatory asset, amortization period | 2 years 6 months | |
CLECO POWER | Training costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 5,774 | 5,929 |
Regulatory asset, amortization period | 37 years | |
CLECO POWER | Tree trimming costs | ||
Regulatory Assets and Liabilities [Line Items] | ||
Total regulatory assets | $ 6,377 | $ 9,092 |
Regulatory asset, amortization period | 2 years 3 months |
Regulatory Assets and Liabilities - Narrative (Details) |
1 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 01, 2022 |
Jun. 22, 2022
USD ($)
|
Jan. 31, 2022 |
Jul. 01, 2021 |
Dec. 04, 2020 |
Apr. 13, 2016
instrument
|
Jul. 31, 2021 |
Dec. 31, 2018 |
Jul. 31, 2014 |
Jun. 30, 2014 |
May 31, 2013
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2011
USD ($)
treasury_rate_lock
|
Dec. 31, 2010 |
Dec. 31, 2021
USD ($)
hurricane
storm
|
Oct. 01, 2022
USD ($)
|
Sep. 21, 2022
USD ($)
|
Jul. 31, 2019
USD ($)
|
Oct. 31, 2016
USD ($)
|
|
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Provision for rate refund | $ 3,074,000 | $ 5,682,000 | $ 5,682,000 | |||||||||||||||||
Treasury Lock | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Number of instruments settled | instrument | 2 | |||||||||||||||||||
Excess ADIT | LPSC | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory liability | 257,400,000 | 302,000,000 | 302,000,000 | |||||||||||||||||
Financing costs | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory asset | 6,904,000 | 7,248,000 | 7,248,000 | |||||||||||||||||
Postretirement costs | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory asset | 11,436,000 | 13,424,000 | 13,424,000 | |||||||||||||||||
CLECO POWER | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory asset | 589,297,000 | 759,165,000 | 759,165,000 | |||||||||||||||||
Provision for rate refund | 3,074,000 | 5,682,000 | 5,682,000 | $ 79,200,000 | ||||||||||||||||
Regulatory liability | 152,849,000 | 95,544,000 | $ 95,544,000 | |||||||||||||||||
Securitized storm restoration costs, reserve for future costs | 103,300,000 | |||||||||||||||||||
CLECO POWER | Interest Rate Swap | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Loss on settlements | $ 3,300,000 | |||||||||||||||||||
CLECO POWER | Treasury Lock | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Number of treasury locks | treasury_rate_lock | 2 | |||||||||||||||||||
Loss on settlements | $ 26,800,000 | |||||||||||||||||||
CLECO POWER | Hurricanes | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Number of hurricanes | hurricane | 4 | |||||||||||||||||||
Number of severe winter storms | storm | 2 | |||||||||||||||||||
CLECO POWER | Deferred storm restoration costs - Hurricane Ida | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Securitized storm restoration costs, amount withdrawn | $ 79,600,000 | |||||||||||||||||||
Securitized storm restoration costs, reserve for future costs | 15,500,000 | |||||||||||||||||||
Securitized storm restoration costs, reserve for future costs, current | 9,400,000 | |||||||||||||||||||
CLECO POWER | Excess ADIT | LPSC | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory liability | 257,400,000 | 302,000,000 | $ 302,000,000 | |||||||||||||||||
CLECO POWER | Storm reserves | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory liability | $ 118,762,000 | 0 | 0 | |||||||||||||||||
CLECO POWER | Acquisition costs or transaction costs | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory assets amortization period | 30 years | |||||||||||||||||||
Regulatory asset | $ 1,807,000 | 1,913,000 | 1,913,000 | |||||||||||||||||
CLECO POWER | Acquisition costs or transaction costs | Coughlin transaction costs | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory assets amortization period | 35 years | |||||||||||||||||||
Regulatory asset | $ 815,000 | 845,000 | 845,000 | |||||||||||||||||
CLECO POWER | Accumulated deferred fuel | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Percentage of total fuel cost regulated by the LPSC | 78.00% | |||||||||||||||||||
Regulatory asset | $ 57,881,000 | 56,826,000 | 56,826,000 | |||||||||||||||||
CLECO POWER | Affordability study | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory assets amortization period | 10 years | |||||||||||||||||||
Regulatory asset | 11,715,000 | 13,094,000 | 13,094,000 | |||||||||||||||||
CLECO POWER | AMI deferred revenue requirement | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory assets amortization period | 11 years | |||||||||||||||||||
Regulatory asset | 1,499,000 | 2,045,000 | 2,045,000 | |||||||||||||||||
CLECO POWER | Bayou Vista to Segura transmission project deferred revenue requirement | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory assets amortization period | 12 months | |||||||||||||||||||
Regulatory asset | 2,510,000 | 1,392,000 | 1,392,000 | |||||||||||||||||
CLECO POWER | COVID-19 executive order | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory assets amortization period | 4 years | |||||||||||||||||||
Regulatory asset | 2,953,000 | 2,953,000 | 2,953,000 | |||||||||||||||||
CLECO POWER | Stranded costs | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory asset | 10,443,000 | 11,058,000 | 11,058,000 | |||||||||||||||||
CLECO POWER | Stranded costs | Dolet Hills | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory assets amortization period | 20 years | |||||||||||||||||||
CLECO POWER | Energy efficiency | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory assets amortization period | 4 years | |||||||||||||||||||
Regulatory asset | 235,000 | 1,645,000 | 1,645,000 | |||||||||||||||||
CLECO POWER | Financing costs | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory asset | $ 6,456,000 | 6,826,000 | 6,826,000 | |||||||||||||||||
CLECO POWER | Financing costs | Interest Rate Swap | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory asset | $ 2,900,000 | |||||||||||||||||||
CLECO POWER | Financing costs | Treasury Lock | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory asset | $ 7,400,000 | |||||||||||||||||||
CLECO POWER | Madison Unit 3 property taxes | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory assets amortization period | 12 months | |||||||||||||||||||
Regulatory asset | $ 13,038,000 | 8,362,000 | 8,362,000 | |||||||||||||||||
CLECO POWER | Northlake Transmission Agreement | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory asset | 2,900,000 | |||||||||||||||||||
CLECO POWER | Other Deferred Costs, Primarily Base Rate Case | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory assets amortization period | 4 years | |||||||||||||||||||
Regulatory asset | 7,300,000 | |||||||||||||||||||
CLECO POWER | Coughlin Pipeline Project, Deferred Revenue | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory assets amortization period | 4 years | |||||||||||||||||||
Regulatory asset | 3,400,000 | |||||||||||||||||||
CLECO POWER | Louisiana Tax Amendment, Revenue Requirements | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory asset | $ 2,300,000 | |||||||||||||||||||
CLECO POWER | Postretirement costs | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory assets amortization period | 5 years | |||||||||||||||||||
Regulatory asset | $ 47,317,000 | $ 117,773,000 | 117,773,000 | |||||||||||||||||
CLECO POWER | Production O&M Expenses | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory assets amortization period | 3 years | |||||||||||||||||||
Regulatory asset | 2,400,000 | $ 9,700,000 | 9,700,000 | |||||||||||||||||
Retail jurisdictional portion | 34,900,000 | 34,900,000 | ||||||||||||||||||
CLECO POWER | Production O&M Expenses | MAXIMUM | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory asset | 25,000,000 | 25,000,000 | ||||||||||||||||||
CLECO POWER | St. Mary Clean Energy Center | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory assets amortization period | 4 years | |||||||||||||||||||
Regulatory asset | 4,350,000 | 6,089,000 | 6,089,000 | |||||||||||||||||
CLECO POWER | St. Mary Clean Energy Center | LPSC | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Disallowed recovery costs | $ 15,000,000 | |||||||||||||||||||
Impairment of regulatory asset | 13,800,000 | |||||||||||||||||||
Provision for rate refund | 10,400,000 | |||||||||||||||||||
CLECO POWER | St. Mary Clean Energy Center, Refund Liability | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory asset | 3,800,000 | $ 3,800,000 | ||||||||||||||||||
CLECO POWER | St. Mary Clean Energy Center, Refund Liability | LPSC | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory asset | $ 3,800,000 | |||||||||||||||||||
CLECO POWER | Training costs | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory assets amortization period | 50 years | |||||||||||||||||||
Regulatory asset | 5,774,000 | 5,929,000 | 5,929,000 | |||||||||||||||||
CLECO POWER | Tree trimming costs | ||||||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||||||
Regulatory asset | $ 6,377,000 | $ 9,092,000 | $ 9,092,000 | |||||||||||||||||
Maximum amount of costs approved to defer | $ 10,900,000 |
Jointly Owned Generation Facilities (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
MW
|
---|---|
Acadia Power Station common facilities | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 16,959 |
ACCUMULATED DEPRECIATION | 2,846 |
CONSTRUCTION WORK IN PROGRESS | $ 874 |
OWNERSHIP INTEREST PERCENTAGE | 50.00% |
Acadia Unit 1 | |
Jointly Owned Utility Plant Interests [Line Items] | |
OWNERSHIP INTEREST PERCENTAGE | 100.00% |
Bayou Cove | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 13,476 |
ACCUMULATED DEPRECIATION | 2,901 |
CONSTRUCTION WORK IN PROGRESS | $ 0 |
OWNERSHIP INTEREST PERCENTAGE | 75.00% |
Bayou Cove Units 2, 3 and 4 | |
Jointly Owned Utility Plant Interests [Line Items] | |
OWNERSHIP INTEREST PERCENTAGE | 100.00% |
Common facilities - Units 1, 2, and 3 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 60,319 |
ACCUMULATED DEPRECIATION | 8,230 |
CONSTRUCTION WORK IN PROGRESS | $ 0 |
OWNERSHIP INTEREST PERCENTAGE | 86.00% |
Unit 3 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 19,418 |
ACCUMULATED DEPRECIATION | 4,548 |
CONSTRUCTION WORK IN PROGRESS | $ 178 |
OWNERSHIP INTEREST PERCENTAGE | 58.00% |
RATED CAPACITY (MW) | MW | 588 |
OWNERSHIP INTEREST (MW) | MW | 341 |
Rodemacher Unit 2 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 82,222 |
ACCUMULATED DEPRECIATION | 29,130 |
CONSTRUCTION WORK IN PROGRESS | $ 1,039 |
OWNERSHIP INTEREST PERCENTAGE | 30.00% |
RATED CAPACITY (MW) | MW | 523 |
OWNERSHIP INTEREST (MW) | MW | 157 |
Common facilities - Nesbitt Unit 1 and Rodemacher Unit 2 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 3,337 |
ACCUMULATED DEPRECIATION | 556 |
CONSTRUCTION WORK IN PROGRESS | $ 7 |
OWNERSHIP INTEREST PERCENTAGE | 62.00% |
Common facilities - Rodemacher Unit 2 and Madison Unit 3 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 2,894 |
ACCUMULATED DEPRECIATION | 255 |
CONSTRUCTION WORK IN PROGRESS | $ 66 |
OWNERSHIP INTEREST PERCENTAGE | 69.00% |
Common facilities - Nesbitt Unit 1, Rodemacher Unit 2, and Madison Unit 3 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 10,444 |
ACCUMULATED DEPRECIATION | 1,761 |
CONSTRUCTION WORK IN PROGRESS | $ 57 |
OWNERSHIP INTEREST PERCENTAGE | 77.00% |
CLECO POWER | Acadia Power Station common facilities | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 17,733 |
ACCUMULATED DEPRECIATION | 3,620 |
CONSTRUCTION WORK IN PROGRESS | $ 874 |
OWNERSHIP INTEREST PERCENTAGE | 50.00% |
CLECO POWER | Acadia Unit 1 | |
Jointly Owned Utility Plant Interests [Line Items] | |
OWNERSHIP INTEREST PERCENTAGE | 100.00% |
CLECO POWER | Rodemacher Unit 2 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 155,802 |
ACCUMULATED DEPRECIATION | 102,710 |
CONSTRUCTION WORK IN PROGRESS | $ 1,039 |
OWNERSHIP INTEREST PERCENTAGE | 30.00% |
RATED CAPACITY (MW) | MW | 523 |
OWNERSHIP INTEREST (MW) | MW | 157 |
CLECO POWER | Common facilities - Nesbitt Unit 1 and Rodemacher Unit 2 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 4,744 |
ACCUMULATED DEPRECIATION | 1,964 |
CONSTRUCTION WORK IN PROGRESS | $ 7 |
OWNERSHIP INTEREST PERCENTAGE | 62.00% |
CLECO POWER | Common facilities - Rodemacher Unit 2 and Madison Unit 3 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 2,984 |
ACCUMULATED DEPRECIATION | 345 |
CONSTRUCTION WORK IN PROGRESS | $ 66 |
OWNERSHIP INTEREST PERCENTAGE | 69.00% |
CLECO POWER | Common facilities - Nesbitt Unit 1, Rodemacher Unit 2, and Madison Unit 3 | |
Jointly Owned Utility Plant Interests [Line Items] | |
UTILITY PLANT IN SERVICE | $ 20,487 |
ACCUMULATED DEPRECIATION | 11,804 |
CONSTRUCTION WORK IN PROGRESS | $ 57 |
OWNERSHIP INTEREST PERCENTAGE | 77.00% |
Fair Value Accounting Instruments - Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis (Details) - Measured On A Recurring Basis - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Asset Description | ||
Money market funds | $ 182,574 | $ 145,033 |
Total assets | 291,308 | 239,474 |
Liability Description | ||
Total liabilities | 8,841 | 834 |
FTRs | ||
Asset Description | ||
Derivative assets | 3,088 | 6,977 |
Liability Description | ||
Derivative liabilities | 1,862 | 834 |
Natural gas derivatives | ||
Asset Description | ||
Derivative assets | 105,646 | 87,464 |
Liability Description | ||
Derivative liabilities | 6,979 | 0 |
CLECO POWER | ||
Asset Description | ||
Money market funds | 139,752 | 82,411 |
Total assets | 142,322 | 87,926 |
Liability Description | ||
Total liabilities | 4,864 | 597 |
CLECO POWER | FTRs | ||
Asset Description | ||
Derivative assets | 2,570 | 5,515 |
Liability Description | ||
Derivative liabilities | 294 | 597 |
CLECO POWER | Natural gas derivatives | ||
Liability Description | ||
Derivative liabilities | 4,570 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | ||
Asset Description | ||
Money market funds | 182,574 | 145,033 |
Total assets | 182,574 | 145,033 |
Liability Description | ||
Total liabilities | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | FTRs | ||
Asset Description | ||
Derivative assets | 0 | 0 |
Liability Description | ||
Derivative liabilities | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Natural gas derivatives | ||
Asset Description | ||
Derivative assets | 0 | 0 |
Liability Description | ||
Derivative liabilities | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | CLECO POWER | ||
Asset Description | ||
Money market funds | 139,752 | 82,411 |
Total assets | 139,752 | 82,411 |
Liability Description | ||
Total liabilities | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | CLECO POWER | FTRs | ||
Asset Description | ||
Derivative assets | 0 | 0 |
Liability Description | ||
Derivative liabilities | 0 | 0 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | CLECO POWER | Natural gas derivatives | ||
Liability Description | ||
Derivative liabilities | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | ||
Asset Description | ||
Money market funds | 0 | 0 |
Total assets | 105,646 | 87,464 |
Liability Description | ||
Total liabilities | 6,979 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | FTRs | ||
Asset Description | ||
Derivative assets | 0 | 0 |
Liability Description | ||
Derivative liabilities | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Natural gas derivatives | ||
Asset Description | ||
Derivative assets | 105,646 | 87,464 |
Liability Description | ||
Derivative liabilities | 6,979 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | CLECO POWER | ||
Asset Description | ||
Money market funds | 0 | 0 |
Total assets | 0 | 0 |
Liability Description | ||
Total liabilities | 4,570 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | CLECO POWER | FTRs | ||
Asset Description | ||
Derivative assets | 0 | 0 |
Liability Description | ||
Derivative liabilities | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | CLECO POWER | Natural gas derivatives | ||
Liability Description | ||
Derivative liabilities | 4,570 | 0 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Asset Description | ||
Money market funds | 0 | 0 |
Derivative assets | 3,088 | 6,977 |
Total assets | 3,088 | 6,977 |
Liability Description | ||
Derivative liabilities | 1,862 | 834 |
Total liabilities | 1,862 | 834 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | FTRs | ||
Asset Description | ||
Derivative assets | 3,088 | 6,977 |
Liability Description | ||
Derivative liabilities | 1,862 | 834 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Natural gas derivatives | ||
Asset Description | ||
Derivative assets | 0 | 0 |
Liability Description | ||
Derivative liabilities | 0 | 0 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | CLECO POWER | ||
Asset Description | ||
Money market funds | 0 | 0 |
Derivative assets | 2,570 | 5,515 |
Total assets | 2,570 | 5,515 |
Liability Description | ||
Derivative liabilities | 294 | 597 |
Total liabilities | 294 | 597 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | CLECO POWER | FTRs | ||
Asset Description | ||
Derivative assets | 2,570 | 5,515 |
Liability Description | ||
Derivative liabilities | 294 | 597 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | CLECO POWER | Natural gas derivatives | ||
Liability Description | ||
Derivative liabilities | $ 0 | $ 0 |
Fair Value Accounting Instruments - Money Market Funds (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 49,613 | $ 145,011 |
Current restricted cash and cash equivalents | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 20,202 | 0 |
Non-current restricted cash and cash equivalents | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 112,759 | 22 |
Cleco Power | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 6,813 | 82,411 |
Cleco Power | Current restricted cash and cash equivalents | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 20,202 | 0 |
Cleco Power | Non-current restricted cash and cash equivalents | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | $ 112,737 | $ 0 |
Fair Value Accounting Instruments - Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 (Details) - FTRs - Price risk derivatives - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Beginning balance | $ 6,143 | $ 3,180 | $ 5,778 |
Unrealized (losses) gains | (931) | 2,567 | 187 |
Purchases | 7,467 | 12,061 | 11,333 |
Settlements | (11,453) | (11,665) | (14,118) |
Ending balance | 1,226 | 6,143 | 3,180 |
CLECO POWER | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Beginning balance | 4,918 | 3,216 | 5,725 |
Unrealized (losses) gains | (495) | 2,828 | 450 |
Purchases | 7,270 | 9,871 | 9,378 |
Settlements | (9,417) | (10,997) | (12,337) |
Ending balance | $ 2,276 | $ 4,918 | $ 3,216 |
Fair Value Accounting Instruments - Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
$ / MW
|
Dec. 31, 2021
USD ($)
$ / MW
|
---|---|---|
MINIMUM | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Forward price range (usd per MWh) | $ / MW | (11.21) | (3.94) |
MINIMUM | CLECO POWER | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Forward price range (usd per MWh) | $ / MW | (5.11) | (4.91) |
MAXIMUM | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Forward price range (usd per MWh) | $ / MW | 13.65 | 9.25 |
MAXIMUM | CLECO POWER | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Forward price range (usd per MWh) | $ / MW | 13.65 | 9.25 |
Measured On A Recurring Basis | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets | $ | $ 3,088 | $ 6,977 |
Liabilities | $ | 1,862 | 834 |
Measured On A Recurring Basis | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | CLECO POWER | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets | $ | 2,570 | 5,515 |
Liabilities | $ | $ 294 | $ 597 |
Fair Value Accounting Instruments - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred debt issuance costs not included in the carrying value of long-term debt | $ 16,200 | $ 13,200 |
CARRYING VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,482,556 | 3,482,405 |
FAIR VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,180,208 | 3,752,220 |
CLECO POWER | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred debt issuance costs not included in the carrying value of long-term debt | 12,300 | 7,900 |
CLECO POWER | CARRYING VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,895,508 | 1,820,254 |
CLECO POWER | FAIR VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 1,825,192 | $ 2,085,944 |
Derivative Instruments - Narrative (Details) - USD ($) |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total derivative, collateral, offset | $ 6,500,000 | $ 0 |
Derivative Instruments - Derivative Instruments as Recorded in Consolidated Balance Sheets (Details) - DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS - USD ($) |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
GROSS ASSET (LIABILITY) | ||
Derivative asset (liability), net | $ 106,393,000 | $ 93,607,000 |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative, collateral | (6,500,000) | 0 |
Derivative, contract netting | 0 | |
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Net asset (liability) on the balance sheet | 99,893,000 | 93,607,000 |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET | ||
Collateral, assets | (53,000,000) | (15,000,000) |
NET AMOUNT | ||
Net amount | 46,893,000 | 78,607,000 |
CLECO POWER | ||
GROSS ASSET (LIABILITY) | ||
Derivative asset (liability), net | (2,294,000) | 4,918,000 |
FTRs | ||
GROSS ASSET (LIABILITY) | ||
Derivative asset | 3,088,000 | 6,977,000 |
Derivative liability | (1,862,000) | (834,000) |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative asset, collateral | 0 | |
Derivative liability, collateral | 0 | |
Derivative asset, contract netting | 0 | |
Derivative liability, contract netting | 0 | |
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative asset | 3,088,000 | 6,977,000 |
Derivative liability | (1,862,000) | (834,000) |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET | ||
Collateral, assets | 0 | 0 |
Collateral, liability | 0 | 0 |
NET AMOUNT | ||
Derivative asset, net | 3,088,000 | 6,977,000 |
Derivative liability, net | (1,862,000) | (834,000) |
FTRs | Energy risk management assets, current | CLECO POWER | ||
GROSS ASSET (LIABILITY) | ||
Derivative asset | 2,570,000 | 5,515,000 |
FTRs | Energy risk management liabilities, current | CLECO POWER | ||
GROSS ASSET (LIABILITY) | ||
Derivative liability | (294,000) | (597,000) |
Natural gas derivatives | ||
GROSS ASSET (LIABILITY) | ||
Derivative liability | (6,979,000) | (559,000) |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative liability, collateral | 0 | |
Derivative liability, contract netting | 559,000 | |
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative liability | (6,979,000) | 0 |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET | ||
Collateral, liability | 0 | 0 |
NET AMOUNT | ||
Derivative liability, net | (6,979,000) | 0 |
Natural gas derivatives | Energy risk management assets, current | ||
GROSS ASSET (LIABILITY) | ||
Derivative asset | 53,251,000 | 37,061,000 |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative asset, collateral | (6,500,000) | |
Derivative asset, contract netting | (559,000) | |
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative asset | 46,751,000 | 36,502,000 |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET | ||
Collateral, assets | (32,578,000) | (15,000,000) |
NET AMOUNT | ||
Derivative asset, net | 14,173,000 | 21,502,000 |
Natural gas derivatives | Energy risk management assets, noncurrent | ||
GROSS ASSET (LIABILITY) | ||
Derivative asset | 58,895,000 | 50,962,000 |
GROSS AMOUNTS OFFSET ON THE BALANCE SHEET | ||
Derivative asset, collateral | 0 | |
Derivative asset, contract netting | 0 | |
NET ASSET (LIABILITY) ON THE BALANCE SHEET | ||
Derivative asset | 58,895,000 | 50,962,000 |
GROSS AMOUNTS NOT OFFSET ON THE BALANCE SHEET | ||
Collateral, assets | (20,422,000) | 0 |
NET AMOUNT | ||
Derivative asset, net | 38,473,000 | 50,962,000 |
Natural gas derivatives | Energy risk management liabilities, current | CLECO POWER | ||
GROSS ASSET (LIABILITY) | ||
Derivative liability | $ (4,570,000) | $ 0 |
Derivative Instruments - Amount of Gain (Loss) Recognized in Income on Derivatives (Details) - DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gain (loss) recognized in income on derivatives | $ 183,811,000 | $ 132,128,000 | $ 11,231,000 |
CLECO POWER | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gain (loss) recognized in income on derivatives | 6,787,000 | 2,437,000 | 2,410,000 |
Price risk derivatives | Accumulated Deferred Fuel | CLECO POWER | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Unrealized gains (losses) associated with derivatives | (500,000) | 2,800,000 | 500,000 |
Price risk derivatives | Electric operations | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gain (loss) recognized in income on derivatives | 14,118,000 | 12,797,000 | 9,213,000 |
Price risk derivatives | Electric operations | CLECO POWER | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gain (loss) recognized in income on derivatives | 14,118,000 | 12,797,000 | 9,213,000 |
Price risk derivatives | Purchased power | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gain (loss) recognized in income on derivatives | (10,829,000) | (14,813,000) | (10,141,000) |
Price risk derivatives | Purchased power | CLECO POWER | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gain (loss) recognized in income on derivatives | (7,331,000) | (10,360,000) | (6,803,000) |
Natural gas derivatives | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gain (loss) recognized in income on derivatives | 180,522,000 | $ 134,144,000 | $ 12,159,000 |
Natural gas derivatives | CLECO POWER | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of derivatives held | 0 | 0 | |
Natural gas derivatives | Accumulated Deferred Fuel | CLECO POWER | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Unrealized gains (losses) associated with derivatives | $ 4,900,000 |
Derivative Instruments - Commodity Derivative Contracts (Details) MWh in Thousands, MMBTU in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022
MWh
|
Dec. 31, 2022
MMBTU
|
Dec. 31, 2021
MWh
|
Dec. 31, 2021
MMBTU
|
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Volume outstanding (MWh / MMBtu) | 14,656 | 85,350 | 14,055 | 109,306 |
Cleco Power | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Volume outstanding (MWh / MMBtu) | 9,085 | 4,840 | 8,899 | 0 |
Debt - Total Indebtedness (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Finance leases classified as long-term debt due within one year | $ (836) | $ (755) |
Unamortized debt issuance costs | (16,200) | (13,200) |
Total long-term debt and finance leases, net | 3,139,094 | 3,390,033 |
Cleco Power | ||
Debt Instrument [Line Items] | ||
Total bonds | 1,775,000 | 1,700,000 |
Barge lease obligations | 13,807 | 14,562 |
Gross amount of long-term debt and finance leases | 1,913,807 | 1,839,562 |
Long-term debt due within one year | (109,508) | (25,000) |
Finance leases classified as long-term debt due within one year | (836) | (755) |
Unamortized debt discount | (4,492) | (4,746) |
Unamortized debt issuance costs | (12,524) | (8,207) |
Unamortized debt issuance costs | (12,300) | (7,900) |
Total long-term debt and finance leases, net | $ 1,786,447 | 1,800,854 |
Cleco Power | Senior notes, 2.94%, due 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.94% | |
Total bonds | $ 0 | 25,000 |
Cleco Power | Senior notes, 3.08%, due 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.08% | |
Total bonds | $ 100,000 | 100,000 |
Long-term debt due within one year | $ (100,000) | |
Cleco Power | Senior notes, 3.17%, due 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.17% | |
Total bonds | $ 50,000 | 50,000 |
Cleco Power | Senior notes, 3.68%, due 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.68% | |
Total bonds | $ 75,000 | 75,000 |
Cleco Power | Senior notes, 3.47%, due 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.47% | |
Total bonds | $ 130,000 | 130,000 |
Cleco Power | Senior notes, 4.33%, due 2027 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.33% | |
Total bonds | $ 50,000 | 50,000 |
Cleco Power | Senior notes, 3.57%, due 2028 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.57% | |
Total bonds | $ 200,000 | 200,000 |
Cleco Power | Senior notes, 6.50%, due 2035 | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.50% | |
Total bonds | $ 295,000 | 295,000 |
Cleco Power | Senior notes, 6.00%, due 2040 | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.00% | |
Total bonds | $ 250,000 | 250,000 |
Cleco Power | Senior notes, 5.12%, due 2041 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.12% | |
Total bonds | $ 100,000 | 100,000 |
Cleco Power | Senior notes, floating rate, due 2023 | ||
Debt Instrument [Line Items] | ||
Total bonds | $ 0 | 325,000 |
Cleco Power | Series A GO Zone bonds, 2.50%, due 2038, mandatory tender in 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.50% | |
Total bonds | $ 50,000 | 50,000 |
Cleco Power | Series B GO Zone bonds, 4.25%, due 2038 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.25% | |
Total bonds | $ 50,000 | 50,000 |
Cleco Power | Cleco Securitization I’s storm recovery bonds, 4.016%, due 2033 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.016% | |
Total bonds | $ 125,000 | 0 |
Cleco Power | Cleco Securitization I’s storm recovery bonds, 4.646%, due 2044 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.646% | |
Total bonds | $ 300,000 | 0 |
Cleco Power | Bank term loan, variable rate, due 2024 | ||
Debt Instrument [Line Items] | ||
Bank term loan, variable rate, due 2024 | 125,000 | 125,000 |
Cleco Holdings | ||
Debt Instrument [Line Items] | ||
Long-term debt due within one year | (230,524) | (67,700) |
Unamortized debt issuance costs | (8,500) | (10,200) |
Unamortized debt issuance costs | (3,877) | (5,271) |
Fair value adjustment | 104,748 | 112,150 |
Deferred debt issuance costs eliminated as a result of the 2016 Merger | $ 4,600 | 4,900 |
Cleco Holdings | Senior notes, 3.250%, due 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.25% | |
Total bonds | $ 165,000 | 165,000 |
Long-term debt due within one year | $ (165,000) | |
Cleco Holdings | Senior notes, 3.743%, due 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.743% | |
Total bonds | $ 535,000 | 535,000 |
Cleco Holdings | Senior notes, 3.375%, due 2029 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.375% | |
Total bonds | $ 300,000 | 300,000 |
Cleco Holdings | Senior notes, 4.973%, due 2046 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.973% | |
Total bonds | $ 350,000 | 350,000 |
Cleco Holdings | Bank term loan, variable rate, due 2024 | ||
Debt Instrument [Line Items] | ||
Bank term loan, variable rate, due 2024 | $ 132,300 | $ 200,000 |
Debt - Future Amounts Payable Under Long-Term Debt Agreements (Details) - Long-term Debt Agreements $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
For the year ending Dec. 31, | |
2023 | $ 274,574 |
2024 | 321,799 |
2025 | 90,087 |
2026 | 680,699 |
2027 | 66,336 |
Thereafter | 1,948,805 |
CLECO POWER | |
For the year ending Dec. 31, | |
2023 | 109,574 |
2024 | 189,499 |
2025 | 90,087 |
2026 | 145,699 |
2027 | 66,336 |
Thereafter | $ 1,298,805 |
Debt - Principal Amounts Payable Under Finance Lease Agreement (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
Years ending Dec. 31, | |
2023 | $ 836 |
2024 | 925 |
2025 | 1,023 |
2026 | 1,133 |
2027 | 1,253 |
Thereafter | 8,637 |
Cleco Power | |
Years ending Dec. 31, | |
2023 | 836 |
2024 | 925 |
2025 | 1,023 |
2026 | 1,133 |
2027 | 1,253 |
Thereafter | $ 8,637 |
Debt - Narrative (Details) |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 23, 2022
USD ($)
|
Jun. 22, 2022
USD ($)
|
May 21, 2021 |
Feb. 04, 2019
USD ($)
|
Dec. 31, 2022
USD ($)
facility
|
Dec. 31, 2021
USD ($)
|
May 15, 2020 |
|
Debt [Line Items] | |||||||
Long-term debt outstanding, due within one year | $ 340,867,000 | $ 93,455,000 | |||||
Short-term debt | $ 109,000,000 | 0 | |||||
Number of revolving credit facilities | facility | 2 | ||||||
NRG South Central | |||||||
Debt [Line Items] | |||||||
Repayments of long-term debt | $ 400,000,000 | ||||||
Cleco Cajun Transaction commitments | |||||||
Debt [Line Items] | |||||||
Long-term debt due within one year | $ 65,600,000 | ||||||
CLECO POWER | |||||||
Debt [Line Items] | |||||||
Long-term debt outstanding, due within one year | 110,344,000 | 25,755,000 | |||||
Long-term debt due within one year | 109,508,000 | 25,000,000 | |||||
Short-term debt | $ 45,000,000 | 0 | |||||
CLECO POWER | MAXIMUM | |||||||
Debt [Line Items] | |||||||
Debt to capital ratio | 0.650 | 0.650 | |||||
CLECO POWER | Line of Credit | |||||||
Debt [Line Items] | |||||||
Maximum borrowing capacity | $ 300,000,000 | ||||||
Borrowings outstanding | 45,000,000 | ||||||
Outstanding borrowings | $ 0 | 0 | |||||
CLECO POWER | Line of Credit | Revolving Credit Facility | |||||||
Debt [Line Items] | |||||||
Commitment fees | 0.15% | ||||||
Interest rate, potential additional interest | 0.125% | ||||||
Commitment fee, potential additional fee | 0.025% | ||||||
CLECO POWER | Line of Credit | LIBOR | Revolving Credit Facility | |||||||
Debt [Line Items] | |||||||
Basis spread on variable rate | 1.25% | ||||||
CLECO POWER | Line of Credit | ABR | Revolving Credit Facility | |||||||
Debt [Line Items] | |||||||
Basis spread on variable rate | 0.25% | ||||||
CLECO POWER | Senior notes, 3.08%, due 2023 | |||||||
Debt [Line Items] | |||||||
Long-term debt outstanding, due within one year | $ 100,000,000 | ||||||
Interest rate | 3.08% | ||||||
Long-term debt due within one year | $ 100,000,000 | ||||||
CLECO POWER | Cleco Securitization I, senior secured storm recovery bonds | Secured Debt | |||||||
Debt [Line Items] | |||||||
Long-term debt outstanding, due within one year | 9,600,000 | ||||||
Aggregate principal amount | $ 425,000,000 | ||||||
Long-term debt due within one year | $ 9,600,000 | ||||||
CLECO POWER | Cleco Securitization I, Senior Secured Storm Recovery Bonds, Tranche One | Secured Debt | |||||||
Debt [Line Items] | |||||||
Aggregate principal amount | $ 125,000,000 | ||||||
Interest rate | 4.016% | ||||||
Debt term | 4 years 9 months 14 days | ||||||
CLECO POWER | Cleco Securitization I, Senior Secured Storm Recovery Bonds, Tranche Two | Secured Debt | |||||||
Debt [Line Items] | |||||||
Aggregate principal amount | $ 300,000,000 | ||||||
Interest rate | 4.646% | ||||||
Debt term | 15 years | ||||||
CLECO POWER | Senior notes, floating rate, due 2023 | |||||||
Debt [Line Items] | |||||||
Repayments of long-term debt | $ 325,000,000 | ||||||
CLECO POWER | Senior notes, 2.94%, due 2022 | |||||||
Debt [Line Items] | |||||||
Interest rate | 2.94% | ||||||
Repayments of long-term debt | $ 25,000,000 | ||||||
Cleco Holdings | |||||||
Debt [Line Items] | |||||||
Long-term debt due within one year | $ 230,524,000 | 67,700,000 | |||||
Cleco Holdings | MAXIMUM | |||||||
Debt [Line Items] | |||||||
Debt to capital ratio | 0.650 | ||||||
Cleco Holdings | Line of Credit | |||||||
Debt [Line Items] | |||||||
Maximum borrowing capacity | 175,000,000 | ||||||
Borrowings outstanding | 64,000,000 | ||||||
Line of credit facility, remaining borrowing capacity | 475,000,000 | ||||||
Outstanding borrowings | $ 0 | $ 0 | |||||
Cleco Holdings | Line of Credit | Revolving Credit Facility | |||||||
Debt [Line Items] | |||||||
Commitment fees | 0.275% | ||||||
Interest rate, potential additional interest | 0.125% | ||||||
Commitment fee, potential additional fee | 0.05% | ||||||
Cleco Holdings | Line of Credit | LIBOR | Revolving Credit Facility | |||||||
Debt [Line Items] | |||||||
Basis spread on variable rate | 1.625% | ||||||
Cleco Holdings | Line of Credit | ABR | Revolving Credit Facility | |||||||
Debt [Line Items] | |||||||
Basis spread on variable rate | 0.625% |
Debt - Cumulative Minimum Principal Amounts Committed to be Repaid (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2019 | $ 66,700 |
2020 | 133,300 |
2021 | 200,000 |
2022 | 267,700 |
2023 | 333,300 |
2024 | $ 400,000 |
Pension Plan and Employee Benefits - Narrative (Details) |
1 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
bonus
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Defined Benefit Plan Disclosure [Line Items] | |||||||
401(k) one time benefit, percent of employee's gross pay | 30.00% | 30.00% | |||||
401(k) Plan expense, additional cost | $ 200,000 | ||||||
PENSION BENEFITS | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Consecutive calendar years | 5 years | ||||||
Most recent period of employment | 10 years | ||||||
Employer contributions | $ 15,800,000 | ||||||
Estimated pension contributions required through 2027 | $ 74,500,000 | ||||||
Defined benefit plan, interest crediting rate | 5.07% | 3.06% | |||||
Net actuarial gain (loss) occurring during the period | $ 58,124,000 | $ 26,925,000 | |||||
Special/contractual termination benefits, percent increase in benefits | 10.00% | 10.00% | |||||
Special/contractual termination benefits | 0 | 3,270,000 | $ 0 | ||||
Net periodic benefit cost | $ 16,056,000 | $ 30,391,000 | $ 21,894,000 | ||||
Discount rate | 2.98% | 2.74% | 3.43% | ||||
Expected return on plan assets | 5.25% | 5.00% | 5.91% | ||||
Actual return on plan assets | (19.94%) | (7.14%) | |||||
SERP net actuarial gain | $ 174,733,000 | $ 9,823,000 | |||||
PENSION BENEFITS | Forecast | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Discount rate | 5.44% | ||||||
Expected return on plan assets | 6.60% | ||||||
Decrease in expected pension costs | $ 14,400,000 | ||||||
PENSION BENEFITS | Other Subsidiaries | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net periodic benefit cost | 3,200,000 | 4,500,000 | $ 3,500,000 | ||||
PENSION BENEFITS | Support Group | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Special/contractual termination benefits | $ 900,000 | ||||||
PENSION BENEFITS | CLECO POWER | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Special/contractual termination benefits | $ 2,400,000 | ||||||
OTHER BENEFITS | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net actuarial gain (loss) occurring during the period | 10,289,000 | 81,000 | |||||
Special/contractual termination benefits | 0 | 0 | 0 | ||||
Net periodic benefit cost | 4,898,000 | $ 5,231,000 | $ 5,193,000 | ||||
Assets set aside in a trust | $ 0 | ||||||
Discount rate | 2.82% | 2.39% | 3.25% | ||||
Assumed health care cost trend rates for next fiscal year | 5.00% | ||||||
Assumed health care cost trend rates thereafter next fiscal year | 5.00% | ||||||
Ultimate health care trend rate | 5.00% | ||||||
SERP net actuarial gain | $ 10,289,000 | $ 81,000 | |||||
OTHER BENEFITS | MAXIMUM | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net actuarial gain (loss) occurring during the period | 100,000 | ||||||
OTHER BENEFITS | CLECO POWER | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net periodic benefit cost | $ 4,400,000 | 4,700,000 | $ 4,800,000 | ||||
SERP BENEFITS | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Consecutive calendar years | 5 years | ||||||
Most recent period of employment | 60 months | ||||||
Net actuarial gain (loss) occurring during the period | $ 22,097,000 | 1,932,000 | |||||
Net periodic benefit cost | $ 3,740,000 | $ 3,783,000 | $ 6,302,000 | ||||
Discount rate | 2.95% | 2.64% | 3.37% | ||||
Number of highest cash bonuses | bonus | 5 | ||||||
SERP net actuarial gain | $ 22,097,000 | $ 1,932,000 | |||||
SERP BENEFITS | CLECO POWER | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net periodic benefit cost | $ 600,000 | $ 600,000 | $ 1,000,000 |
Pension Plan and Employee Benefits - Benefit Obligation, Plan Assets, and Funded Status (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
PENSION BENEFITS | |||
Change in benefit obligation | |||
Benefit obligation at beginning of period | $ 680,417 | $ 686,384 | |
Service cost | 8,589 | 10,516 | $ 9,820 |
Interest cost | 19,841 | 18,668 | 20,816 |
Plan participants’ contributions | 0 | 0 | |
Actuarial gain | (174,733) | (9,823) | |
Expenses paid | (3,744) | (3,306) | |
Benefits paid | (29,501) | (25,292) | |
Special/contractual termination benefits | 0 | 3,270 | 0 |
Benefit obligation at end of period | 500,869 | 680,417 | 686,384 |
Change in plan assets | |||
Fair value of plan assets at beginning of period | 527,427 | 516,120 | |
Actual (loss) gain return on plan assets | (91,897) | 39,905 | |
Expenses paid | (3,744) | (3,306) | |
Benefits paid | (29,501) | (25,292) | |
Fair value of plan assets at end of period | 402,285 | 527,427 | 516,120 |
Unfunded status | (98,584) | (152,990) | |
Accumulated benefit obligation | 481,398 | 640,490 | |
OTHER BENEFITS | |||
Change in benefit obligation | |||
Benefit obligation at beginning of period | 55,257 | 56,331 | |
Service cost | 2,204 | 2,425 | 2,153 |
Interest cost | 1,484 | 1,283 | 1,651 |
Plan participants’ contributions | 1,904 | 0 | |
Actuarial gain | (10,289) | (81) | |
Expenses paid | 0 | 0 | |
Benefits paid | (7,254) | (4,701) | |
Special/contractual termination benefits | 0 | 0 | 0 |
Benefit obligation at end of period | 43,306 | 55,257 | 56,331 |
Change in plan assets | |||
Fair value of plan assets at beginning of period | 0 | 0 | |
Actual (loss) gain return on plan assets | 0 | 0 | |
Expenses paid | 0 | 0 | |
Benefits paid | 0 | 0 | |
Fair value of plan assets at end of period | 0 | 0 | 0 |
Unfunded status | (43,306) | (55,257) | |
SERP BENEFITS | |||
Change in benefit obligation | |||
Benefit obligation at beginning of period | 93,179 | 97,225 | |
Service cost | 227 | 232 | 399 |
Interest cost | 2,679 | 2,538 | 2,932 |
Actuarial gain | (22,097) | (1,932) | |
Benefits paid | (5,561) | (4,884) | |
Benefit obligation at end of period | 68,427 | 93,179 | $ 97,225 |
Change in plan assets | |||
Accumulated benefit obligation | $ 68,427 | $ 93,179 |
Pension Plan and Employee Benefits - Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
PENSION BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain occurring during period | $ (58,124) | $ (26,925) |
Net actuarial loss amortized during period | 12,332 | 20,739 |
Net actuarial loss | 47,317 | 117,773 |
OTHER BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain occurring during period | (10,289) | (81) |
Net actuarial loss amortized during period | 1,207 | 1,523 |
Net actuarial loss | 13,705 | 22,785 |
SERP BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain occurring during period | (22,097) | (1,932) |
Net actuarial loss amortized during period | 1,049 | 1,228 |
Prior service credit amortized during period | (215) | (215) |
Net actuarial loss | 8,241 | 31,526 |
Prior service credit | $ (1,299) | $ (1,514) |
Pension Plan and Employee Benefits - Components of Periodic Benefit Costs and Weighted-Average Assumptions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
PENSION BENEFITS | |||
Components of periodic benefit costs | |||
Service cost | $ 8,589 | $ 10,516 | $ 9,820 |
Interest cost | 19,841 | 18,668 | 20,816 |
Expected return on plan assets | (24,706) | (22,801) | (24,974) |
Amortizations | |||
Prior service credit | 0 | 0 | (60) |
Net loss | 12,332 | 20,738 | 16,292 |
Net periodic benefit cost | 16,056 | 27,121 | 21,894 |
Special/contractual termination benefits | 0 | 3,270 | 0 |
Total benefit cost | $ 16,056 | $ 30,391 | $ 21,894 |
Weighted-average assumptions used to determine the benefit obligation | |||
Discount rate | 5.44% | 2.98% | |
Rate of compensation increase | 2.76% | 2.73% | |
Weighted-average assumptions used to determine the net benefit cost | |||
Discount rate | 2.98% | 2.74% | 3.43% |
Expected return on plan assets | 5.25% | 5.00% | 5.91% |
Rate of compensation increase | 2.73% | 2.71% | 2.75% |
OTHER BENEFITS | |||
Components of periodic benefit costs | |||
Service cost | $ 2,204 | $ 2,425 | $ 2,153 |
Interest cost | 1,484 | 1,283 | 1,651 |
Expected return on plan assets | 0 | 0 | 0 |
Amortizations | |||
Prior service credit | 0 | 0 | 0 |
Net loss | 1,210 | 1,523 | 1,389 |
Net periodic benefit cost | 4,898 | 5,231 | 5,193 |
Special/contractual termination benefits | 0 | 0 | 0 |
Total benefit cost | $ 4,898 | $ 5,231 | $ 5,193 |
Weighted-average assumptions used to determine the benefit obligation | |||
Discount rate | 5.61% | 2.82% | |
Weighted-average assumptions used to determine the net benefit cost | |||
Discount rate | 2.82% | 2.39% | 3.25% |
SERP BENEFITS | |||
Components of periodic benefit costs | |||
Service cost | $ 227 | $ 232 | $ 399 |
Interest cost | 2,679 | 2,538 | 2,932 |
Amortizations | |||
Prior service credit | (215) | (215) | (215) |
Net loss | 1,049 | 1,228 | 3,186 |
Total benefit cost | $ 3,740 | $ 3,783 | $ 6,302 |
Weighted-average assumptions used to determine the benefit obligation | |||
Discount rate | 5.46% | 2.95% | |
Weighted-average assumptions used to determine the net benefit cost | |||
Discount rate | 2.95% | 2.64% | 3.37% |
Pension Plan and Employee Benefits - Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | $ 200,580 | $ 291,606 |
OTHER BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 5,024 | 5,181 |
Non-current | 38,282 | 50,093 |
SERP BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
SERP, current | 4,713 | 4,654 |
SERP, noncurrent | 63,714 | 88,523 |
CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | 137,754 | 205,214 |
CLECO POWER | OTHER BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 4,310 | 4,432 |
Non-current | 30,082 | 39,315 |
CLECO POWER | SERP BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
SERP, current | 672 | 679 |
SERP, noncurrent | $ 9,087 | $ 12,909 |
Pension Plan and Employee Benefits - Fair Value of Pension Plan Assets (Details) - PENSION BENEFITS - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | $ 402,285 | $ 527,427 | $ 516,120 |
Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 7,345 | 7,433 | |
Government securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 33,019 | 75,815 | |
Mutual funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 78,349 | 106,694 | |
Mutual funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 39,722 | 56,169 | |
Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 39,370 | 39,091 | |
Corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 103,940 | 166,435 | |
Defined Benefit Plan, Common Collective Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | $ 98,505 | $ 73,771 | |
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible Enumeration] | Fair Value Measured at Net Asset Value Per Share [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |
Interest accrual | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | $ 2,035 | $ 2,019 | |
Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 301,745 | 451,637 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 118,071 | 162,863 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Government securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Mutual funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 78,349 | 106,694 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Mutual funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 39,722 | 56,169 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 144,304 | 249,683 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 7,345 | 7,433 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Government securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 33,019 | 75,815 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Mutual funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Mutual funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 103,940 | 166,435 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 39,370 | 39,091 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Government securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Mutual funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Mutual funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 0 | 0 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 39,370 | 39,091 | $ 35,962 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | $ 0 | $ 0 |
Pension Plan and Employee Benefits - Unobservable Input Reconciliation (Details) - PENSION BENEFITS - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation[Roll Forward] | ||
Fair value of plan assets at beginning of period | $ 527,427 | $ 516,120 |
Fair value of plan assets at end of period | 402,285 | 527,427 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation[Roll Forward] | ||
Fair value of plan assets at beginning of period | 39,091 | |
Fair value of plan assets at end of period | 39,370 | 39,091 |
Real estate funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation[Roll Forward] | ||
Fair value of plan assets at beginning of period | 39,091 | |
Fair value of plan assets at end of period | 39,370 | 39,091 |
Real estate funds | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation[Roll Forward] | ||
Fair value of plan assets at beginning of period | 39,091 | 35,962 |
Realized gains (losses) | (2,451) | 503 |
Unrealized gains (losses) | 4,112 | 3,524 |
Purchases | 2,027 | 1,865 |
Sales | (3,409) | (2,763) |
Fair value of plan assets at end of period | $ 39,370 | $ 39,091 |
Pension Plan and Employee Benefits - Pension Plan Investment Objectives (Details) - PENSION BENEFITS |
Dec. 31, 2022 |
---|---|
Return-seeking | |
Defined Benefit Plan Disclosure [Line Items] | |
Percent of total plan assets | 50.00% |
Domestic equity | |
Defined Benefit Plan Disclosure [Line Items] | |
Percent of total plan assets | 19.00% |
International equity | |
Defined Benefit Plan Disclosure [Line Items] | |
Percent of total plan assets | 20.00% |
Multi-asset credit | |
Defined Benefit Plan Disclosure [Line Items] | |
Percent of total plan assets | 6.00% |
Real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Percent of total plan assets | 5.00% |
Liability hedging | |
Defined Benefit Plan Disclosure [Line Items] | |
Percent of total plan assets | 50.00% |
MINIMUM | Return-seeking | |
Defined Benefit Plan Disclosure [Line Items] | |
Percent of total plan assets | 45.00% |
MINIMUM | Liability hedging | |
Defined Benefit Plan Disclosure [Line Items] | |
Percent of total plan assets | 45.00% |
MAXIMUM | Return-seeking | |
Defined Benefit Plan Disclosure [Line Items] | |
Percent of total plan assets | 55.00% |
MAXIMUM | Liability hedging | |
Defined Benefit Plan Disclosure [Line Items] | |
Percent of total plan assets | 55.00% |
Pension Plan and Employee Benefits - Projected Benefit Payments and Projected Receipts (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
PENSION BENEFITS | |
For the year ending Dec. 31, | |
2023 | $ 30,509 |
2024 | 31,117 |
2025 | 32,015 |
2026 | 32,596 |
2027 | 33,101 |
Five years thereafter | 172,598 |
OTHER BENEFITS | |
For the year ending Dec. 31, | |
2023 | 5,163 |
2024 | 4,937 |
2025 | 4,741 |
2026 | 4,619 |
2027 | 4,526 |
Five years thereafter | 20,325 |
SERP BENEFITS | |
For the year ending Dec. 31, | |
2023 | 4,840 |
2024 | 4,908 |
2025 | 5,054 |
2026 | 5,175 |
2027 | 5,133 |
Five years thereafter | $ 25,167 |
Pension Plan and Employee Benefits - 401 (K) Plans (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) Plan expense | $ 8,704 | $ 9,366 | $ 9,685 |
Support Group | |||
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) Plan expense | $ 4,079 | $ 4,350 | $ 4,424 |
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Effective Income Tax Rate [Line Items] | |||
Income before tax | $ 189,728 | $ 208,077 | $ 158,018 |
Statutory rate | 21.00% | 21.00% | 21.00% |
Tax expense at federal statutory rate | $ 39,843 | $ 43,696 | $ 33,184 |
Increase (decrease) | |||
Flowthrough of tax benefits | (12,272) | (356) | 5,100 |
State income taxes, net of federal benefit | 12,177 | 9,619 | 7,190 |
Return to accrual adjustment | 128 | (3,862) | 7,218 |
Permanent adjustments | (6,578) | (91) | (33) |
Amortization of excess ADIT | (32,639) | (37,254) | (16,667) |
Other, net | 258 | 1,359 | (274) |
Total tax expense | $ 917 | $ 13,111 | $ 35,718 |
Effective rate | 0.50% | 6.30% | 22.60% |
CLECO POWER | |||
Effective Income Tax Rate [Line Items] | |||
Income before tax | $ 172,560 | $ 124,735 | $ 123,454 |
Statutory rate | 21.00% | 21.00% | 21.00% |
Tax expense at federal statutory rate | $ 36,238 | $ 26,194 | $ 25,925 |
Increase (decrease) | |||
Flowthrough of tax benefits | (12,272) | (356) | 5,100 |
State income taxes, net of federal benefit | 12,109 | 6,343 | 6,303 |
Return to accrual adjustment | 14 | (3,831) | 7,082 |
Amortization of excess ADIT | (32,639) | (37,254) | (16,667) |
Other, net | (947) | (449) | (944) |
Total tax expense | $ 2,503 | $ (9,353) | $ 26,799 |
Effective rate | 1.50% | (7.50%) | 21.70% |
Income Taxes - Current and Deferred Income Tax Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Components of Income Tax Expense [Line Items] | |||
Current federal income tax expense (benefit) | $ 1,351 | $ (2) | $ (2,634) |
Deferred federal income tax expense (benefit) | 2,546 | (9,581) | 21,865 |
Amortization of accumulated deferred investment tax credits | (134) | (142) | (159) |
Total federal income tax (benefit) expense | 3,763 | (9,725) | 19,072 |
Current state income tax expense (benefit) | 7,611 | (699) | 2,636 |
Deferred state income tax (benefit) expense | (10,457) | 23,535 | 14,010 |
Total state income tax expense | (2,846) | 22,836 | 16,646 |
Total tax expense | 917 | 13,111 | 35,718 |
Items charged or credited directly to member’s equity | |||
Total tax expense (benefit) from items charged directly to member’s equity | 8,728 | 394 | (2,922) |
Total federal and state income tax expense | 9,645 | 13,505 | 32,796 |
Federal deferred | |||
Items charged or credited directly to member’s equity | |||
Total tax expense (benefit) from items charged directly to member’s equity | 6,297 | 514 | (2,202) |
State deferred | |||
Items charged or credited directly to member’s equity | |||
Total tax expense (benefit) from items charged directly to member’s equity | 2,431 | (120) | (720) |
CLECO POWER | |||
Components of Income Tax Expense [Line Items] | |||
Current federal income tax expense (benefit) | 4,921 | 0 | 15,724 |
Deferred federal income tax expense (benefit) | (1,926) | (23,071) | (5,033) |
Amortization of accumulated deferred investment tax credits | (134) | (142) | (159) |
Total federal income tax (benefit) expense | 2,861 | (23,213) | 10,532 |
Current state income tax expense (benefit) | 2,406 | 0 | 5,069 |
Deferred state income tax (benefit) expense | (2,764) | 13,860 | 11,198 |
Total state income tax expense | (358) | 13,860 | 16,267 |
Total tax expense | 2,503 | (9,353) | 26,799 |
Items charged or credited directly to member’s equity | |||
Total tax expense (benefit) from items charged directly to member’s equity | 3,618 | 2,052 | (765) |
Total federal and state income tax expense | 6,121 | (7,301) | 26,034 |
CLECO POWER | Federal deferred | |||
Items charged or credited directly to member’s equity | |||
Total tax expense (benefit) from items charged directly to member’s equity | 2,610 | 1,714 | (576) |
CLECO POWER | State deferred | |||
Items charged or credited directly to member’s equity | |||
Total tax expense (benefit) from items charged directly to member’s equity | $ 1,008 | $ 338 | $ (189) |
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Accumulated Deferred Federal and State Income Tax Assets and Liabilities [Line Items] | ||
Depreciation and property basis differences | $ (869,796) | $ (885,747) |
Net operating loss carryforward | 135,914 | 195,488 |
NMTC | 88,245 | 92,364 |
Fuel costs | (41,233) | (38,070) |
Other comprehensive income | 4,022 | 12,750 |
Regulated operations regulatory liability, net | (114,711) | (93,990) |
Postretirement benefits | 38,418 | 34,683 |
Merger fair value adjustments | (47,929) | (49,806) |
Other | (13,230) | (23,436) |
Accumulated deferred federal and state income taxes, net | (820,300) | (755,764) |
CLECO POWER | ||
Accumulated Deferred Federal and State Income Tax Assets and Liabilities [Line Items] | ||
Depreciation and property basis differences | (754,200) | (744,594) |
Net operating loss carryforward | 94,555 | 125,392 |
Fuel costs | (13,594) | (14,552) |
Other comprehensive income | 2,604 | 6,222 |
Regulated operations regulatory liability, net | (114,711) | (93,990) |
Postretirement benefits | 24,946 | 20,649 |
Other | (9,727) | (6,606) |
Accumulated deferred federal and state income taxes, net | $ (770,127) | $ (707,479) |
Income Taxes - Narrative (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Valuation Allowance [Line Items] | |||
Interest payable related to uncertain tax positions | $ 0 | $ 0 | |
Interest expense related to uncertain tax positions | 0 | 0 | $ 0 |
Liability for uncertain tax positions | 0 | 0 | |
Penalties recognized | 0 | 0 | 0 |
Payment of deferred employer payroll tax payments | 3,000,000 | ||
LPSC | Excess ADIT | |||
Valuation Allowance [Line Items] | |||
Regulatory liability | 257,400,000 | 302,000,000 | |
Federal | |||
Valuation Allowance [Line Items] | |||
Operating loss carryforwards | 192,900,000 | 718,300,000 | |
State | |||
Valuation Allowance [Line Items] | |||
Operating loss carryforwards | 82,500,000 | 423,700,000 | |
NMTC | |||
Valuation Allowance [Line Items] | |||
NMTC carryforwards | 88,200,000 | 92,400,000 | |
Valuation allowance | 0 | ||
Cleco Power | |||
Valuation Allowance [Line Items] | |||
Interest payable related to uncertain tax positions | 0 | 0 | |
Interest expense related to uncertain tax positions | 0 | 0 | $ 0 |
Liability for uncertain tax positions | 0 | 0 | |
Regulatory liability | 152,849,000 | 95,544,000 | |
Payment of deferred employer payroll tax payments | 1,800,000 | ||
Cleco Power | LPSC | Excess ADIT | |||
Valuation Allowance [Line Items] | |||
Regulatory liability | 257,400,000 | 302,000,000 | |
Cleco Power | Federal | |||
Valuation Allowance [Line Items] | |||
Operating loss carryforwards | 93,700,000 | 422,100,000 | |
Cleco Power | State | |||
Valuation Allowance [Line Items] | |||
Operating loss carryforwards | 82,500,000 | $ 423,700,000 | |
Cleco Power | NMTC | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | $ 0 |
Disclosures about Segments (Details) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022
USD ($)
reporting_unit
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Apr. 13, 2016
USD ($)
|
|
Revenue | ||||
Electric operations | $ 2,009,427 | $ 1,590,796 | $ 1,370,893 | |
Other operations | 237,379 | 195,767 | 180,524 | |
Affiliate revenue | 0 | 0 | 0 | |
Electric customer credits | (7,674) | (40,634) | (53,271) | |
Operating revenue, net | 2,239,132 | 1,745,929 | 1,498,146 | |
Net income (loss) | 188,811 | 194,966 | 122,300 | |
Add: Depreciation and amortization | 270,976 | 251,431 | 232,229 | |
Less: Interest income | 6,372 | 3,312 | 3,948 | |
Add: Interest charges | 151,158 | 134,336 | 137,864 | |
Add: Federal and state income tax (benefit) expense | 917 | 13,111 | 35,718 | |
Add (less): Other corporate costs and noncash items | 1,390 | (7,362) | 1,633 | |
EBITDA | 606,880 | 583,170 | 525,796 | |
Additions to property, plant, and equipment | 236,767 | 311,141 | 389,015 | |
Equity investment in investee | 2,072 | 2,072 | 9,072 | |
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | $ 1,490,000 |
Total segment assets | 8,253,749 | 8,125,018 | 7,725,569 | |
Amortization of intangible assets | (500) | |||
Power supply agreements | ||||
Revenue | ||||
Amortization of intangible assets | $ (25,600) | (25,600) | (25,600) | |
CLECO POWER | ||||
Revenue | ||||
Number of reporting units | reporting_unit | 1 | |||
TOTAL SEGMENTS | ||||
Revenue | ||||
Electric operations | $ 2,019,108 | 1,600,475 | 1,380,573 | |
Other operations | 247,582 | 203,374 | 186,984 | |
Affiliate revenue | 6,377 | 5,641 | 5,360 | |
Electric customer credits | (7,674) | (40,634) | (53,272) | |
Operating revenue, net | 2,265,393 | 1,768,856 | 1,519,645 | |
Net income (loss) | 243,887 | 249,720 | 186,147 | |
Add: Depreciation and amortization | 253,388 | 229,936 | 214,170 | |
Less: Interest income | 6,204 | 3,309 | 3,635 | |
Add: Interest charges | 88,741 | 73,893 | 73,235 | |
Add: Federal and state income tax (benefit) expense | 27,068 | 32,930 | 55,879 | |
EBITDA | 606,880 | 583,170 | 525,796 | |
Additions to property, plant, and equipment | 235,807 | 310,038 | 385,964 | |
Equity investment in investee | 2,072 | 2,072 | 9,072 | |
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | |
Total segment assets | 7,854,211 | 7,724,388 | 7,286,756 | |
TOTAL SEGMENTS | CLECO POWER | ||||
Revenue | ||||
Electric operations | 1,523,066 | 1,202,249 | 1,015,018 | |
Other operations | 98,759 | 74,625 | 65,237 | |
Affiliate revenue | 6,377 | 5,641 | 5,156 | |
Electric customer credits | (7,674) | (40,878) | (53,119) | |
Operating revenue, net | 1,620,528 | 1,241,637 | 1,032,292 | |
Net income (loss) | 170,057 | 134,088 | 96,655 | |
Add: Depreciation and amortization | 178,231 | 173,498 | 166,987 | |
Less: Interest income | 5,082 | 3,294 | 3,362 | |
Add: Interest charges | 88,218 | 73,090 | 73,985 | |
Add: Federal and state income tax (benefit) expense | 2,503 | (9,353) | 26,799 | |
EBITDA | 433,927 | 368,029 | 361,064 | |
Additions to property, plant, and equipment | 228,940 | 300,957 | 377,044 | |
Equity investment in investee | 2,072 | 2,072 | 9,072 | |
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | |
Total segment assets | 6,834,970 | 6,620,298 | 6,256,944 | |
TOTAL SEGMENTS | CLECO CAJUN | ||||
Revenue | ||||
Electric operations | 496,042 | 398,226 | 365,555 | |
Other operations | 148,823 | 128,749 | 121,747 | |
Affiliate revenue | 0 | 0 | 204 | |
Electric customer credits | 0 | 244 | (153) | |
Operating revenue, net | 644,865 | 527,219 | 487,353 | |
Net income (loss) | 73,830 | 115,632 | 89,492 | |
Add: Depreciation and amortization | 75,157 | 56,438 | 47,183 | |
Less: Interest income | 1,122 | 15 | 273 | |
Add: Interest charges | 523 | 803 | (750) | |
Add: Federal and state income tax (benefit) expense | 24,565 | 42,283 | 29,080 | |
EBITDA | 172,953 | 215,141 | 164,732 | |
Additions to property, plant, and equipment | 6,867 | 9,081 | 8,920 | |
Equity investment in investee | 0 | 0 | 0 | |
Goodwill | 0 | 0 | 0 | |
Total segment assets | 1,019,241 | 1,104,090 | 1,029,812 | |
Amortization of deferred lease income | (9,200) | (9,200) | (9,200) | |
TOTAL SEGMENTS | CLECO CAJUN | Power supply agreements | ||||
Revenue | ||||
Amortization of intangible assets and liabilities | 14,400 | 13,500 | 12,400 | |
OTHER | ||||
Revenue | ||||
Electric operations | (9,680) | (9,680) | (9,680) | |
Other operations | 9 | 8 | 3 | |
Affiliate revenue | 109,015 | 113,623 | 129,126 | |
Electric customer credits | 0 | 0 | 0 | |
Operating revenue, net | 99,344 | 103,951 | 119,449 | |
Net income (loss) | (55,076) | (54,754) | (63,848) | |
Add: Depreciation and amortization | 17,588 | 21,495 | 18,059 | |
Less: Interest income | 265 | 125 | 412 | |
Add: Interest charges | 62,513 | 60,564 | 64,728 | |
Add: Federal and state income tax (benefit) expense | (26,151) | (19,819) | (20,160) | |
Additions to property, plant, and equipment | 960 | 1,103 | 3,051 | |
Equity investment in investee | (320,348) | (46,901) | 0 | |
Goodwill | 0 | 0 | 0 | |
Total segment assets | 217,855 | 619,101 | 595,217 | |
OTHER | CLECO POWER | Power supply agreements | ||||
Revenue | ||||
Amortization of intangible assets | 9,700 | (9,700) | (9,700) | |
ELIMINATIONS | ||||
Revenue | ||||
Electric operations | (1) | 1 | 0 | |
Other operations | (10,212) | (7,615) | (6,463) | |
Affiliate revenue | (115,392) | (119,264) | (134,486) | |
Electric customer credits | 0 | 0 | 1 | |
Operating revenue, net | (125,605) | (126,878) | (140,948) | |
Net income (loss) | 0 | 0 | 1 | |
Add: Depreciation and amortization | 0 | 0 | 0 | |
Less: Interest income | (97) | (122) | (99) | |
Add: Interest charges | (96) | (121) | (99) | |
Add: Federal and state income tax (benefit) expense | 0 | 0 | (1) | |
Additions to property, plant, and equipment | 0 | 0 | 0 | |
Equity investment in investee | 320,348 | 46,901 | 0 | |
Goodwill | 0 | 0 | 0 | |
Total segment assets | $ 181,683 | $ (218,471) | $ (156,404) |
Regulation and Rates - Provision for Rate Refund (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Jul. 31, 2019 |
---|---|---|---|
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | $ 3,074 | $ 5,682 | |
Cleco Power | |||
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | 3,074 | 5,682 | $ 79,200 |
Cleco Katrina/Rita storm recovery charges | |||
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | 0 | 1,611 | |
Cleco Katrina/Rita storm recovery charges | Cleco Power | |||
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | 0 | 1,611 | |
FRP | |||
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | 0 | 1,229 | |
FRP | Cleco Power | |||
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | 0 | 1,229 | |
Site-specific industrial customer | |||
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | 903 | 833 | |
Site-specific industrial customer | Cleco Power | |||
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | 903 | 833 | |
TCJA | |||
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | 2,057 | 2,057 | |
TCJA | Cleco Power | |||
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | $ 2,057 | $ 2,057 |
Regulation and Rates - Narrative (Details) - USD ($) $ in Thousands |
1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 21, 2022 |
Jun. 16, 2021 |
Oct. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Oct. 01, 2022 |
Jul. 01, 2021 |
Aug. 31, 2020 |
Jul. 31, 2019 |
|
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Provision for rate refund | $ 5,682 | $ 3,074 | $ 5,682 | ||||||||||
Electric customer credits | 7,674 | 40,634 | $ 53,271 | ||||||||||
Current regulatory liabilities | 44,072 | 42,890 | 44,072 | ||||||||||
Cleco Katrina/Rita storm recovery charges | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Provision for rate refund | 1,611 | 0 | 1,611 | ||||||||||
FRP | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Provision for rate refund | 1,229 | 0 | 1,229 | ||||||||||
LPSC | Excess ADIT | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Regulatory liabilities | 302,000 | 257,400 | 302,000 | ||||||||||
CLECO POWER | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Provision for rate refund | 5,682 | 3,074 | 5,682 | $ 79,200 | |||||||||
Electric customer credits | 7,674 | 40,878 | $ 53,119 | ||||||||||
Regulatory asset | 759,165 | 589,297 | 759,165 | ||||||||||
Regulatory liabilities | 95,544 | 152,849 | 95,544 | ||||||||||
Current regulatory liabilities | 44,072 | 42,890 | 44,072 | ||||||||||
CLECO POWER | St. Mary Clean Energy Center | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Regulatory asset | 6,089 | 4,350 | 6,089 | ||||||||||
CLECO POWER | St. Mary Clean Energy Center, Refund Liability | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Regulatory asset | 3,800 | $ 3,800 | |||||||||||
CLECO POWER | Cleco Katrina/Rita storm recovery charges | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Refund to retail customers | $ 1,600 | ||||||||||||
Provision for rate refund | 1,611 | 0 | 1,611 | ||||||||||
CLECO POWER | FRP | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Provision for rate refund | $ 1,229 | 0 | 1,229 | ||||||||||
CLECO POWER | LPSC | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Electric customer credits | $ 6,600 | ||||||||||||
TCJA, bill credit per month | $ 7,000 | ||||||||||||
Bill credit related to unprotected excess ADIT | 4,400 | ||||||||||||
Bill credit per month related to change in federal statutory tax rate | $ 2,600 | ||||||||||||
Estimated refund for the tax-related benefits from the TCJA | 2,100 | ||||||||||||
CLECO POWER | LPSC | Cost savings | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Regulatory liabilities | 4,300 | ||||||||||||
CLECO POWER | LPSC | FRP | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Return on equity established by FERC | 10.00% | 9.50% | |||||||||||
Percentage of retail earnings within range to be returned to customers | 60.00% | 60.00% | |||||||||||
Return on equity for customer credit, low range | 10.90% | 10.00% | |||||||||||
Return on equity for customer refund, high range | 11.75% | 10.50% | |||||||||||
CLECO POWER | LPSC | FRP | MAXIMUM | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Return on equity established by FERC | 10.90% | 10.00% | |||||||||||
CLECO POWER | LPSC | St. Mary Clean Energy Center | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Refund to retail customers | $ 10,400 | ||||||||||||
Provision for rate refund | 10,400 | ||||||||||||
Disallowed recovery costs | 15,000 | ||||||||||||
Impairment of regulatory asset | 13,800 | ||||||||||||
CLECO POWER | LPSC | St. Mary Clean Energy Center, Refund Liability | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Regulatory asset | $ 3,800 | ||||||||||||
CLECO POWER | LPSC | FRP | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Provision for rate refund | $ 1,200 | ||||||||||||
CLECO POWER | LPSC | Excess ADIT | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Bill credit related to unprotected excess ADIT | $ 2,500 | ||||||||||||
Regulatory liabilities amortization period | 3 years | ||||||||||||
Regulatory liabilities | $ 302,000 | 257,400 | $ 302,000 | ||||||||||
Current regulatory liabilities | $ 42,900 |
Variable Interest Entities - Summary of Cleco Securitization I Financial Statement Impact (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Balance Sheet Related Disclosures [Abstract] | ||||
Restricted cash - current | $ 23,549 | $ 1,674 | ||
Accounts receivable - affiliate | 14,613 | 3,041 | ||
Total assets | 8,253,749 | 8,125,018 | $ 7,725,569 | |
Long-term debt outstanding, due within one year | 340,867 | 93,455 | ||
Accounts payable - affiliate | 13,092 | 51,297 | ||
Interest accrued | 25,540 | 15,203 | ||
Long-term debt, net | 3,139,094 | 3,390,033 | ||
Member’s equity | 2,947,067 | 2,954,156 | 2,757,023 | $ 2,643,006 |
Total liabilities and member’s equity | 8,253,749 | 8,125,018 | ||
Income Statement Related Disclosures [Abstract] | ||||
Operating revenue | 2,239,132 | 1,745,929 | 1,498,146 | |
Operating expenses | (1,897,245) | (1,401,052) | (1,193,054) | |
Interest income | 6,372 | 3,312 | 3,948 | |
Interest charges, net | (152,975) | (137,050) | (139,272) | |
Income before taxes | 189,728 | 208,077 | 158,018 | |
Storm recovery property | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Intangible asset - securitization | 413,123 | 0 | ||
VIE, Primary Beneficiary - Cleco Securitization I | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Restricted cash - current | 14,139 | |||
Accounts receivable - affiliate | 3,348 | |||
Total assets | 430,610 | |||
Long-term debt outstanding, due within one year | 9,574 | |||
Accounts payable - affiliate | 165 | |||
Interest accrued | 9,953 | |||
Long-term debt, net | 408,741 | |||
Member’s equity | 2,177 | |||
Total liabilities and member’s equity | 430,610 | |||
Income Statement Related Disclosures [Abstract] | ||||
Operating revenue | 13,181 | |||
Operating expenses | (2,992) | |||
Interest income | 63 | |||
Interest charges, net | (10,200) | |||
Income before taxes | 52 | |||
VIE, Primary Beneficiary - Cleco Securitization I | Storm recovery property | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Intangible asset - securitization | 413,123 | |||
Cleco Power | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Restricted cash - current | 23,549 | 1,674 | ||
Accounts receivable - affiliate | 3,771 | 13,612 | ||
Total assets | 5,344,173 | 5,129,501 | ||
Long-term debt outstanding, due within one year | 110,344 | 25,755 | ||
Accounts payable - affiliate | 12,448 | 69,729 | ||
Interest accrued | 15,276 | 5,080 | ||
Long-term debt, net | 1,786,447 | 1,800,854 | ||
Member’s equity | 2,022,912 | 1,948,537 | 1,807,879 | $ 1,713,392 |
Total liabilities and member’s equity | 5,344,173 | 5,129,501 | ||
Income Statement Related Disclosures [Abstract] | ||||
Operating revenue | 1,620,528 | 1,241,637 | 1,032,292 | |
Operating expenses | (1,361,491) | (1,037,450) | (826,954) | |
Interest income | 5,082 | 3,294 | 3,362 | |
Interest charges, net | (90,035) | (75,804) | (75,393) | |
Income before taxes | 172,560 | 124,735 | $ 123,454 | |
Cleco Power | Storm recovery property | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Intangible asset - securitization | 413,123 | $ 0 | ||
Cleco Power | VIE, Primary Beneficiary - Cleco Securitization I | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Restricted cash - current | 14,139 | |||
Accounts receivable - affiliate | 3,348 | |||
Total assets | 430,610 | |||
Long-term debt outstanding, due within one year | 9,574 | |||
Accounts payable - affiliate | 165 | |||
Interest accrued | 9,953 | |||
Long-term debt, net | 408,741 | |||
Member’s equity | 2,177 | |||
Total liabilities and member’s equity | 430,610 | |||
Income Statement Related Disclosures [Abstract] | ||||
Operating revenue | 13,181 | |||
Operating expenses | (2,992) | |||
Interest income | 63 | |||
Interest charges, net | (10,200) | |||
Income before taxes | 52 | |||
Cleco Power | VIE, Primary Beneficiary - Cleco Securitization I | Storm recovery property | ||||
Balance Sheet Related Disclosures [Abstract] | ||||
Intangible asset - securitization | $ 413,123 |
Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Variable Interest Entity [Line Items] | |||
Equity investment in investee | $ 2,072 | $ 2,072 | $ 9,072 |
Equity method investment, return of capital | 0 | 7,000 | 8,000 |
CLECO POWER | |||
Variable Interest Entity [Line Items] | |||
Equity investment in investee | 2,072 | 2,072 | |
Equity method investment, return of capital | $ 0 | $ 7,000 | $ 8,000 |
CLECO POWER | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entity, ownership percentage | 50.00% | ||
SWEPCO | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage by other parties | 50.00% |
Variable Interest Entities - Equity Method investments (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Variable Interest Entity [Line Items] | |||
Total equity investment in investee | $ 2,072 | $ 2,072 | $ 9,072 |
Cleco Power | |||
Variable Interest Entity [Line Items] | |||
Purchase price | 12,873 | 12,873 | |
Cash contributions | 6,399 | 6,399 | |
Distributions | (17,200) | (17,200) | |
Total equity investment in investee | $ 2,072 | $ 2,072 |
Variable Interest Entities - Carrying Amount of Assets and Liabilities with Maximum Exposure to Loss (Details) - Cleco Power - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Variable Interest Entity [Line Items] | ||
Oxbow’s net assets/liabilities | $ 4,145 | $ 4,145 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Cleco Power’s 50% equity | 2,072 | 2,072 |
Cleco Power’s maximum exposure to loss | $ 2,072 | $ 2,072 |
Variable interest entity, ownership percentage | 50.00% |
Variable Interest Entities - Summarized Financial Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Variable Interest Entity [Line Items] | |||
Current assets | $ 783,867 | $ 767,960 | |
Total assets | 8,253,749 | 8,125,018 | $ 7,725,569 |
Current liabilities | 872,697 | 513,162 | |
Total liabilities and member’s equity | 8,253,749 | 8,125,018 | |
Operating revenue | 2,239,132 | 1,745,929 | 1,498,146 |
Cleco Power | |||
Variable Interest Entity [Line Items] | |||
Current assets | 490,137 | 465,414 | |
Total assets | 5,344,173 | 5,129,501 | |
Current liabilities | 454,228 | 355,221 | |
Partners’ capital | 4,145 | 4,145 | |
Total liabilities and member’s equity | 5,344,173 | 5,129,501 | |
Operating revenue | 1,620,528 | 1,241,637 | 1,032,292 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Cleco Power | |||
Variable Interest Entity [Line Items] | |||
Current assets | 6,187 | 6,979 | |
Total assets | 9,985 | 10,777 | |
Current liabilities | 395 | 393 | |
Other liabilities | 5,445 | 6,239 | |
Partners’ capital | 4,145 | 4,145 | |
Total liabilities and member’s equity | 9,985 | 10,777 | |
Operating revenue | 332 | 5,155 | 34,827 |
Operating expenses | (332) | (5,155) | (34,827) |
Income before taxes | 0 | 0 | $ 0 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Cleco Power | Property, plant, and equipment, net | |||
Variable Interest Entity [Line Items] | |||
Property, plant, and equipment, net | $ 3,798 | $ 3,798 |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Litigation (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | 24 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 21, 2022
USD ($)
|
Apr. 13, 2016
claim
|
Oct. 31, 2022
USD ($)
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2014
claim
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Oct. 01, 2022
USD ($)
|
Mar. 29, 2021
USD ($)
|
Feb. 29, 2020
USD ($)
|
Jul. 31, 2019
USD ($)
|
|
Litigation [Line Items] | |||||||||||||
Provision for rate refund | $ 3,074 | $ 5,682 | |||||||||||
Electric customer credits | 7,674 | 40,634 | $ 53,271 | ||||||||||
Accrual for various litigation matters | 6,900 | ||||||||||||
Gulf Coast Spinning start up costs | |||||||||||||
Litigation [Line Items] | |||||||||||||
Startup costs | $ 6,500 | ||||||||||||
Gulf Coast Spinning construction of cotton spinning facility | |||||||||||||
Litigation [Line Items] | |||||||||||||
Startup costs | $ 60,000 | ||||||||||||
Gulf Coast Spinning Company, LLC | Diversified Lands LLC | Gulf Coast Spinning construction of cotton spinning facility | |||||||||||||
Litigation [Line Items] | |||||||||||||
Loans payable | $ 2,000 | ||||||||||||
CLECO POWER | |||||||||||||
Litigation [Line Items] | |||||||||||||
Provision for rate refund | 3,074 | 5,682 | $ 79,200 | ||||||||||
Electric customer credits | 7,674 | 40,878 | $ 53,119 | ||||||||||
Regulatory asset | 589,297 | 759,165 | |||||||||||
CLECO POWER | St. Mary Clean Energy Center, Refund Liability | |||||||||||||
Litigation [Line Items] | |||||||||||||
Regulatory asset | 3,800 | $ 3,800 | |||||||||||
CLECO POWER | St. Mary Clean Energy Center | |||||||||||||
Litigation [Line Items] | |||||||||||||
Regulatory asset | 4,350 | 6,089 | |||||||||||
CLECO POWER | LPSC | |||||||||||||
Litigation [Line Items] | |||||||||||||
Recovery of from energy efficiency programs | 8,500 | $ 6,800 | |||||||||||
Electric customer credits | $ 6,600 | ||||||||||||
CLECO POWER | LPSC | St. Mary Clean Energy Center, Refund Liability | |||||||||||||
Litigation [Line Items] | |||||||||||||
Regulatory asset | 3,800 | ||||||||||||
CLECO POWER | LPSC | St. Mary Clean Energy Center | |||||||||||||
Litigation [Line Items] | |||||||||||||
Disallowed recovery costs | 15,000 | ||||||||||||
Impairment of regulatory asset | 13,800 | ||||||||||||
Refund to retail customers | $ 10,400 | ||||||||||||
Provision for rate refund | $ 10,400 | ||||||||||||
CLECO POWER | Deferred storm restoration costs - Winter Storms Uri & Viola | |||||||||||||
Litigation [Line Items] | |||||||||||||
Capitalized storm restoration costs | $ 50,000 | ||||||||||||
CLECO POWER | LPSC 2018-2019 Fuel Audit | |||||||||||||
Litigation [Line Items] | |||||||||||||
Fuel expenses included in audit | $ 565,800 | ||||||||||||
Actions filed in the 9th Judicial District Court | Alleged Breach of Fiduciary Duties | |||||||||||||
Litigation [Line Items] | |||||||||||||
Number of actions filed | claim | 4 | ||||||||||||
Actions filed in the Civil District Court | Alleged Breach of Fiduciary Duties | |||||||||||||
Litigation [Line Items] | |||||||||||||
Number of actions filed | claim | 3 | 3 | |||||||||||
NRG South Central | |||||||||||||
Litigation [Line Items] | |||||||||||||
Accrual for various litigation matters | $ 1,500 |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Off-Balance Sheet Commitments and Guarantees (Details) |
12 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
| |
Guarantor Obligations [Line Items] | |
Assets held as collateral for third parties | $ 0 |
CLECO POWER | |
Guarantor Obligations [Line Items] | |
Assets held as collateral for third parties | 0 |
Performance Guarantee | |
Guarantor Obligations [Line Items] | |
Maximum amount of potential payment | 42,400,000 |
Indemnification Agreement | |
Guarantor Obligations [Line Items] | |
Maximum amount of potential payment | 40,000,000 |
Indemnification Agreement | CLECO POWER | |
Guarantor Obligations [Line Items] | |
Maximum amount of potential payment | 40,000,000 |
Indemnification Agreement, Including Fundamental Organizational Structure | |
Guarantor Obligations [Line Items] | |
Maximum amount of potential payment | 400,000,000 |
Indemnification Agreement, Including Fundamental Organizational Structure | CLECO POWER | |
Guarantor Obligations [Line Items] | |
Maximum amount of potential payment | $ 400,000,000 |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Long-Term Purchase Obligations (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
FUTURE PAYMENTS UNDER LONG-TERM PURCHASE OBLIGATIONS | |||
2023 | $ 83,067,000 | ||
2024 | 61,960,000 | ||
2025 | 25,074,000 | ||
2026 | 6,095,000 | ||
2027 | 5,816,000 | ||
Thereafter | 1,872,000 | ||
Total long-term purchase obligations | 183,884,000 | ||
Payments under long-term purchase obligations | 83,800,000 | $ 59,900,000 | $ 92,500,000 |
CLECO POWER | |||
FUTURE PAYMENTS UNDER LONG-TERM PURCHASE OBLIGATIONS | |||
2023 | 75,692,000 | ||
2024 | 56,627,000 | ||
2025 | 23,317,000 | ||
2026 | 5,430,000 | ||
2027 | 5,365,000 | ||
Thereafter | 1,200,000 | ||
Total long-term purchase obligations | 167,631,000 | ||
Payments under long-term purchase obligations | 49,000,000 | $ 43,300,000 | $ 24,800,000 |
Cleco Holdings | |||
FUTURE PAYMENTS UNDER LONG-TERM PURCHASE OBLIGATIONS | |||
Total long-term purchase obligations | $ 0 |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Asset Retirement Obligation (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jan. 11, 2023 |
Sep. 30, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance | $ 74,339 | $ 28,022 | ||
Liabilities settled | (4,863) | (1,433) | ||
Accretion | 2,605 | 1,077 | ||
Revisions and adjustments | 12,172 | 46,673 | ||
Ending balance | 84,253 | 74,339 | ||
Cleco Power | ||||
Litigation [Line Items] | ||||
ARO increase (decrease) | $ 11,300 | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance | 22,989 | 11,364 | ||
Liabilities settled | (4,728) | 0 | ||
Accretion | 613 | 354 | ||
Revisions and adjustments | 1,526 | 11,271 | ||
Ending balance | 20,400 | 22,989 | ||
Cleco Power | Subsequent Event | ||||
Litigation [Line Items] | ||||
ARO increase (decrease) | $ 1,500 | |||
CLECO CAJUN | ||||
Litigation [Line Items] | ||||
ARO increase (decrease) | $ 35,400 | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance | 51,350 | 16,658 | ||
Liabilities settled | (135) | (1,433) | ||
Accretion | 1,992 | 723 | ||
Revisions and adjustments | 10,646 | 35,402 | ||
Ending balance | 63,853 | $ 51,350 | ||
Indemnification assets, maximum environmental costs | 25,000 | |||
Indemnification assets | 22,800 | |||
Indemnification assets, current | 5,500 | |||
Indemnification assets, noncurrent | $ 17,300 | |||
CLECO CAJUN | Subsequent Event | ||||
Litigation [Line Items] | ||||
ARO increase (decrease) | $ 10,600 |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Risk and Uncertainties (Details) - Cleco Power - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Litigation [Line Items] | ||
Regulatory asset | $ 589,297 | $ 759,165 |
Dolet Hills | Dolet Hills Power Station closure costs | ||
Litigation [Line Items] | ||
Regulatory asset | 147,082 | $ 145,844 |
Dolet Hills | Lignite Mine closure costs | ||
Litigation [Line Items] | ||
Regulatory asset | $ 133,600 |
Affiliate Transactions - Narrative (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Affiliate Transaction [Line Items] | |||
Accounts receivable - affiliate | $ 14,613,000 | $ 3,041,000 | |
Accounts payable - affiliate | 13,092,000 | 51,297,000 | |
Cleco Holdings | |||
Affiliate Transaction [Line Items] | |||
Accounts receivable - affiliate | 14,600,000 | 3,000,000 | |
Accounts payable - affiliate | 13,100,000 | 51,300,000 | |
Cleco Holdings | Cleco Holdings | |||
Affiliate Transaction [Line Items] | |||
Contributions from member | 219,600,000 | 0 | $ 0 |
CLECO POWER | |||
Affiliate Transaction [Line Items] | |||
Accounts receivable - affiliate | 3,771,000 | 13,612,000 | |
Accounts payable - affiliate | 12,448,000 | 69,729,000 | |
Contributions from member | 105,500,000 | ||
CLECO POWER | Cleco Holdings | |||
Affiliate Transaction [Line Items] | |||
Contributions from member | 105,500,000 | 0 | 0 |
Distributions to member | 0 | 0 | $ 0 |
CLECO POWER | Support Group | Oxbow | |||
Affiliate Transaction [Line Items] | |||
Cost of mineral rights and land leases | $ 0 | $ 2,700,000 |
Affiliate Transactions - Summary of Charges From Affiliates (Details) - Cleco Power - Support Group - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Other operations and maintenance | |||
Affiliate Transaction [Line Items] | |||
Charges from each affiliate | $ 87,830 | $ 91,915 | $ 94,798 |
Taxes other than income taxes | |||
Affiliate Transaction [Line Items] | |||
Charges from each affiliate | (41) | 40 | 0 |
Other expense | |||
Affiliate Transaction [Line Items] | |||
Charges from each affiliate | $ 60 | $ 35 | $ 43 |
Affiliate Transactions - Summary of Revenue Received From Affiliates (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Affiliate Transaction [Line Items] | |||
Affiliate revenue | $ 0 | $ 0 | $ 0 |
Cleco Power | |||
Affiliate Transaction [Line Items] | |||
Affiliate revenue | 6,377 | 5,641 | 5,156 |
Total | 16,590 | 13,257 | 11,619 |
Cleco Power | Cleco Cajun | |||
Affiliate Transaction [Line Items] | |||
Other operations revenue | 10,213 | 7,616 | 6,463 |
Affiliate revenue | 902 | 858 | 441 |
Cleco Power | Support Group | |||
Affiliate Transaction [Line Items] | |||
Affiliate revenue | $ 5,475 | $ 4,783 | $ 4,715 |
Affiliate Transactions - Summary of Balances Payable To or Due From Affiliates (Details) - Cleco Power - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Affiliate Transaction [Line Items] | ||
Accounts receivable - affiliate | $ 3,771 | $ 13,612 |
Accounts payable - affiliate | 12,448 | 69,729 |
Cleco Holdings | ||
Affiliate Transaction [Line Items] | ||
Accounts receivable - affiliate | 5 | 10,347 |
Accounts payable - affiliate | 1,138 | 59,627 |
Support Group | ||
Affiliate Transaction [Line Items] | ||
Accounts receivable - affiliate | 2,299 | 2,473 |
Accounts payable - affiliate | 11,305 | 10,038 |
Cleco Cajun | ||
Affiliate Transaction [Line Items] | ||
Accounts receivable - affiliate | 1,467 | 792 |
Accounts payable - affiliate | $ 5 | $ 64 |
Intangible Assets, Intangible Liabilities, and Goodwill - Narrative (Details) |
1 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2022
USD ($)
|
Jun. 22, 2022
USD ($)
|
Aug. 31, 2021
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2008
USD ($)
|
Sep. 30, 2021
USD ($)
|
Mar. 31, 2020
USD ($)
|
Apr. 13, 2016
USD ($)
|
|
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Amortization of intangible assets | $ 500,000 | |||||||||
Residual value | $ 0 | |||||||||
Impairments for intangibles | $ 0 | $ 0 | 0 | |||||||
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Depreciation and amortization | |||||||||
Goodwill | 1,490,797,000 | $ 1,490,797,000 | 1,490,797,000 | $ 1,490,000,000 | ||||||
Impairment of goodwill | $ 0 | |||||||||
Storm recovery property | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived intangible assets acquired | $ 415,900,000 | |||||||||
Amortization of intangible assets | 2,800,000 | |||||||||
Intangible assets | 413,123,000 | 0 | ||||||||
Power supply agreements | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Amortization of intangible assets | 25,600,000 | 25,600,000 | 25,600,000 | |||||||
Residual value | $ 0 | |||||||||
Power supply agreements | MINIMUM | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Intangible asset expected useful life | 7 years | |||||||||
Power supply agreements | MAXIMUM | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Intangible asset expected useful life | 19 years | |||||||||
Trade name | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Amortization of intangible assets | $ 0 | 3,897,000 | 255,000 | |||||||
Impairments for intangibles | $ 3,800,000 | |||||||||
Intangible assets | $ 0 | |||||||||
Trade name | Level 3 | Average rate | Discounted Cash Flow | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Measurement input | 0.08 | |||||||||
Cleco Katrina/Rita | Right To Bill And Collect Storm Recovery Charges From Customers | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived intangible assets acquired | $ 177,500,000 | |||||||||
Cleco Katrina/Rita | Right to Bill and Collect, Storm Recovery Charges From Customers, Net of Financing Costs | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived intangible assets acquired | 176,000,000 | |||||||||
Cleco Katrina/Rita | Financing costs | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Finite-lived intangible assets acquired | $ 1,500,000 | |||||||||
Cleco Power | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Amortization of intangible assets | $ 500,000 | |||||||||
Cleco Power | Storm recovery property | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Intangible assets | $ 413,123,000 | $ 0 | ||||||||
CLECO CAJUN | LTSA | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Intangible liabilities, remaining life | 7 years | |||||||||
CLECO CAJUN | Power supply agreements | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Residual value | $ 0 | |||||||||
CLECO CAJUN | Power supply agreements | MINIMUM | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Intangible assets, remaining life | 6 years | |||||||||
CLECO CAJUN | Power supply agreements | MAXIMUM | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Intangible assets, remaining life | 8 years |
Intangible Assets, Intangible Liabilities, and Goodwill - Schedule of Securitized Intangible Assets Subject to Amortization (Details) - Storm recovery property - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Storm Recovery Property intangible asset | $ 415,946 | |
Accumulated amortization | (2,823) | |
Net intangible asset subject to amortization | 413,123 | $ 0 |
Cleco Power | ||
Finite-Lived Intangible Assets [Line Items] | ||
Storm Recovery Property intangible asset | 415,946 | |
Accumulated amortization | (2,823) | |
Net intangible asset subject to amortization | $ 413,123 | $ 0 |
Intangible Assets, Intangible Liabilities, and Goodwill - Schedule of Other Amortization of Intangible Assets and Liabilities (Details) - USD ($) |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Aug. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 500,000 | |||
Other impairments for intangibles | $ 0 | $ 0 | 0 | |
LTSA | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible liabilities | 3,484,000 | 3,484,000 | 3,484,000 | |
Power supply agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible liabilities | 1,557,000 | 2,378,000 | 3,528,000 | |
Trade name | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 0 | 3,897,000 | 255,000 | |
Other impairments for intangibles | $ 3,800,000 | |||
Power supply agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 25,600,000 | $ 25,600,000 | $ 25,600,000 |
Intangible Assets, Intangible Liabilities, and Goodwill - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Other Intangible Liabilities | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible liabilities, gross | $ 38,300 | $ 38,300 |
LTSA | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible liabilities, gross | 24,100 | 24,100 |
Power supply agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible liabilities, gross | 14,200 | 14,200 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Storm Recovery Property intangible asset | 184,004 | 184,004 |
Net intangible assets carrying amount | 145,704 | 145,704 |
Accumulated amortization | (105,848) | (82,466) |
Net intangible assets subject to amortization | 39,856 | 63,238 |
Power supply agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Storm Recovery Property intangible asset | $ 184,004 | $ 184,004 |
Intangible Assets, Intangible Liabilities, and Goodwill - Expected Amortization Expense (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
INTANGIBLE ASSETS | |
2023 | $ 25,373 |
2024 | 18,801 |
2025 | 5,037 |
2026 | 744 |
2027 | 744 |
Thereafter | 3,112 |
INTANGIBLE LIABILITIES | |
2023 | 5,041 |
2024 | 5,041 |
2025 | 3,873 |
2026 | 0 |
2027 | 0 |
Thereafter | $ 0 |
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | $ 2,954,156 | $ 2,757,023 | $ 2,643,006 |
Other comprehensive income before reclassifications | |||
Balance, end of period | 2,947,067 | 2,954,156 | 2,757,023 |
TOTAL AOCI | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (23,629) | (25,796) | (17,513) |
Other comprehensive income before reclassifications | |||
Balance, end of period | 59 | (23,629) | (25,796) |
POSTRETIREMENT BENEFIT NET GAIN (LOSS) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (23,629) | (25,796) | (17,513) |
Other comprehensive income before reclassifications | |||
Postretirement benefit adjustments incurred during the year | 23,647 | 1,470 | (10,026) |
Amounts reclassified from accumulated other comprehensive loss | 41 | 697 | 1,743 |
Balance, end of period | 59 | (23,629) | (25,796) |
Cleco Power | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | 1,948,537 | 1,807,879 | 1,713,392 |
Other comprehensive income before reclassifications | |||
Postretirement benefit adjustments incurred during the year | 8,339 | 4,606 | (4,050) |
Balance, end of period | 2,022,912 | 1,948,537 | 1,807,879 |
Cleco Power | TOTAL AOCI | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (18,183) | (24,753) | (22,585) |
Other comprehensive income before reclassifications | |||
Balance, end of period | (8,365) | (18,183) | (24,753) |
Cleco Power | POSTRETIREMENT BENEFIT NET GAIN (LOSS) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (12,885) | (19,139) | (16,717) |
Other comprehensive income before reclassifications | |||
Postretirement benefit adjustments incurred during the year | 8,339 | 4,606 | (4,050) |
Amounts reclassified from accumulated other comprehensive loss | 1,228 | 1,648 | 1,628 |
Balance, end of period | (3,318) | (12,885) | (19,139) |
Cleco Power | NET (LOSS) GAIN ON CASH FLOW HEDGES | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (5,298) | (5,614) | (5,868) |
Other comprehensive income before reclassifications | |||
Amounts reclassified from accumulated other comprehensive loss | (251) | (316) | (254) |
Balance, end of period | $ (5,047) | $ (5,298) | $ (5,614) |
Securitization (Details) $ in Thousands |
12 Months Ended | 24 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 01, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
hurricane
storm
|
Dec. 31, 2022
USD ($)
|
Jun. 22, 2022
USD ($)
|
Apr. 01, 2022
USD ($)
|
|
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Securitized storm restoration costs | $ 425,000 | |||||
Hurricanes | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Capitalized storm restoration costs, interim storm recovery amount | $ 16,000 | |||||
Storm recovery, wholesale operations and maintenance | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Estimate of storm restoration costs | $ 7,300 | |||||
Storm recovery, hurricanes Laura, Delta, and Zeta and winter storms Uri and Viola | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Securitized storm restoration costs | 220,100 | |||||
Deferred storm restoration costs - Hurricane Ida | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Securitized storm restoration costs | 95,000 | |||||
Storm recovery, reserve for future storm costs | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Securitized storm restoration costs | 100,900 | |||||
Storm recovery, upfront securitization costs and ongoing costs | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Securitized storm restoration costs | $ 9,000 | |||||
Cleco Power | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Regulatory asset | 759,165 | $ 759,165 | $ 589,297 | |||
Cleco Power | Senior notes, floating rate, due 2023 | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Debt redeemed | $ 325,000 | |||||
Cleco Power | Cleco Securitization I, senior secured storm recovery bonds | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Aggregate principal amount | $ 425,000 | |||||
Cleco Power | Hurricanes | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Number of hurricanes | hurricane | 4 | |||||
Number of severe winter storms | storm | 2 | |||||
Estimate of storm restoration costs | $ 342,700 | |||||
Capitalized storm restoration costs | 211,100 | 211,100 | ||||
Cleco Power | Storm recovery, wholesale operations and maintenance | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Estimate of storm restoration costs | 7,300 | |||||
Cleco Power | Hurricanes | ||||||
Unusual or Infrequent Item, or Both [Line Items] | ||||||
Regulatory asset | $ 124,300 | $ 124,300 |
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Statements of Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Operating expenses | |||
Total operating expenses | $ 1,897,245 | $ 1,401,052 | $ 1,193,054 |
Operating income | 341,887 | 344,877 | 305,092 |
Other (expense) income, net | (11,113) | (15,681) | (14,156) |
Income before income taxes | 189,728 | 208,077 | 158,018 |
Federal and state income tax expense | 917 | 13,111 | 35,718 |
Net income | 188,811 | 194,966 | 122,300 |
Parent Company | |||
Operating expenses | |||
Administrative and general | 1,088 | 1,644 | 1,497 |
Merger transaction costs | 228 | 436 | 3,606 |
Other operating expense | 246 | 247 | 239 |
Total operating expenses | 1,562 | 2,327 | 5,342 |
Operating income | (1,562) | (2,327) | (5,342) |
Equity income from subsidiaries, net of tax | 231,702 | 234,512 | 173,337 |
Interest, net | (62,267) | (60,461) | (64,362) |
Other (expense) income, net | (724) | 8,788 | 3,021 |
Income before income taxes | 167,149 | 180,512 | 106,654 |
Federal and state income tax expense | (21,662) | (14,454) | (15,646) |
Net income | $ 188,811 | $ 194,966 | $ 122,300 |
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Condensed Statements of Comprehensive Income [Abstract] | |||
Net income | $ 188,811 | $ 194,966 | $ 122,300 |
Other comprehensive income (loss), net of tax | |||
Postretirement benefits gain (loss), net of tax expense (benefit) | 23,688 | 2,167 | (8,283) |
Total other comprehensive income (loss), net of tax | 23,688 | 2,167 | (8,283) |
Comprehensive income, net of tax | 212,499 | 197,133 | 114,017 |
Tax (expense) benefit of postretirement benefits gain (loss) | (8,728) | (394) | 2,922 |
Parent Company | |||
Condensed Statements of Comprehensive Income [Abstract] | |||
Net income | 188,811 | 194,966 | 122,300 |
Other comprehensive income (loss), net of tax | |||
Postretirement benefits gain (loss), net of tax expense (benefit) | 23,688 | 2,167 | (8,283) |
Total other comprehensive income (loss), net of tax | 23,688 | 2,167 | (8,283) |
Comprehensive income, net of tax | 212,499 | 197,133 | 114,017 |
Tax (expense) benefit of postretirement benefits gain (loss) | $ (8,728) | $ (394) | $ 2,922 |
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Balance Sheets (Details) - USD ($) |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Current assets | ||||
Cash and cash equivalents | $ 57,875,000 | $ 148,563,000 | ||
Accounts receivable - affiliate | 14,613,000 | 3,041,000 | ||
Other accounts receivable | 42,935,000 | 27,818,000 | ||
Taxes receivable, net | 0 | 564,000 | ||
Cash surrender value of company-owned life insurance policies | 52,859,000 | 98,576,000 | ||
Other current assets | 7,062,000 | 12,839,000 | ||
Total current assets | 783,867,000 | 767,960,000 | ||
Equity investment in subsidiaries | 2,072,000 | 2,072,000 | $ 9,072,000 | |
Other deferred charges | 41,945,000 | 44,177,000 | ||
Total assets | 8,253,749,000 | 8,125,018,000 | 7,725,569,000 | |
Current liabilities | ||||
Accounts payable | 192,213,000 | 167,886,000 | ||
Short-term debt | 109,000,000 | 0 | ||
Accounts payable - affiliate | 13,092,000 | 51,297,000 | ||
Taxes payable | 17,448,000 | 6,311,000 | ||
Interest accrued | 25,540,000 | 15,203,000 | ||
Deferred compensation | 12,162,000 | 14,420,000 | ||
Other current liabilities | 40,310,000 | 53,150,000 | ||
Total current liabilities | 872,697,000 | 513,162,000 | ||
Postretirement benefit obligations | 200,580,000 | 291,606,000 | ||
Other deferred credits | 34,984,000 | 27,582,000 | ||
Total liabilities | 5,306,682,000 | 5,170,862,000 | ||
Commitments and contingencies (Note 5) | ||||
Member’s equity | ||||
Member’s equity | 2,947,067,000 | 2,954,156,000 | $ 2,757,023,000 | $ 2,643,006,000 |
Total liabilities and member’s equity | 8,253,749,000 | 8,125,018,000 | ||
Cleco Cajun Transaction commitments | ||||
Current liabilities | ||||
Long-term debt due within one year | 65,600,000 | |||
Parent Company | ||||
Current assets | ||||
Cash and cash equivalents | 2,556,000 | 10,408,000 | ||
Accounts receivable - affiliate | 31,242,000 | 94,704,000 | ||
Other accounts receivable | 1,781,000 | 419,000 | ||
Taxes receivable, net | 13,242,000 | 4,001,000 | ||
Cash surrender value of company-owned life insurance policies | 43,388,000 | 82,316,000 | ||
Other current assets | 65,000 | 59,000 | ||
Total current assets | 92,274,000 | 191,907,000 | ||
Equity investment in subsidiaries | 4,292,018,000 | 4,304,496,000 | ||
Accumulated deferred federal and state income taxes, net | 145,513,000 | 148,371,000 | ||
Other deferred charges | 788,000 | 1,010,000 | ||
Total assets | 4,530,593,000 | 4,645,784,000 | ||
Current liabilities | ||||
Long-term debt due within one year | 230,523,000 | 67,700,000 | ||
Accounts payable | 1,900,000 | 570,000 | ||
Short-term debt | 64,000,000 | 0 | ||
Accounts payable - affiliate | 17,496,000 | 120,691,000 | ||
Taxes payable | 33,000 | 14,000 | ||
Interest accrued | 10,264,000 | 10,123,000 | ||
Deferred compensation | 12,162,000 | 14,420,000 | ||
Other current liabilities | 749,000 | 748,000 | ||
Total current liabilities | 337,127,000 | 214,266,000 | ||
Postretirement benefit obligations | 2,774,000 | 3,941,000 | ||
Other deferred credits | 313,000 | 1,313,000 | ||
Long-term debt, net | 1,243,312,000 | 1,472,108,000 | ||
Total liabilities | 1,583,526,000 | 1,691,628,000 | ||
Commitments and contingencies (Note 5) | ||||
Member’s equity | ||||
Member’s equity | 2,947,067,000 | 2,954,156,000 | ||
Total liabilities and member’s equity | 4,530,593,000 | $ 4,645,784,000 | ||
Parent Company | Cleco Cajun Transaction commitments | ||||
Current liabilities | ||||
Long-term debt due within one year | 65,600,000 | |||
Parent Company | Senior notes, 3.250%, due 2023 | ||||
Current liabilities | ||||
Long-term debt due within one year | $ 165,000,000 |
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||||
Operating activities | |||||||
Net cash provided by operating activities | $ 344,912 | $ 182,640 | $ 205,819 | ||||
Investing activities | |||||||
Return on investment in trust-owned life insurance policies | 41,671 | 820 | 1,912 | ||||
Net cash used in investing activities | (193,257) | (300,833) | (377,907) | ||||
Financing activities | |||||||
Payment of financing costs | (6,968) | (4,408) | (4,570) | ||||
Distributions to member | (219,588) | 0 | 0 | ||||
Net cash (used in) provided by financing activities | (111,065) | 178,910 | 119,758 | ||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 150,982 | [1] | 90,265 | 142,595 | |||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 191,572 | [1] | 150,982 | [1] | 90,265 | ||
Supplementary cash flow information | |||||||
Interest paid, net of amount capitalized | 131,760 | 126,061 | 130,544 | ||||
Income taxes refunded, net | 0 | 72 | (2,777) | ||||
Parent Company | |||||||
Operating activities | |||||||
Net cash provided by operating activities | 180,270 | 56,054 | 73,452 | ||||
Investing activities | |||||||
Return on investment in trust-owned life insurance policies | 35,175 | 0 | 0 | ||||
Net cash used in investing activities | 35,175 | 0 | 0 | ||||
Financing activities | |||||||
Draws on revolving credit facilities | 64,000 | 0 | 88,000 | ||||
Payments on revolving credit facilities | 0 | 0 | (88,000) | ||||
Repayments of long-term debt | (67,700) | (66,000) | (64,000) | ||||
Payment of financing costs | (9) | (1,268) | (2,838) | ||||
Distributions to member | (219,588) | 0 | 0 | ||||
Net cash (used in) provided by financing activities | (223,297) | (67,268) | (66,838) | ||||
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | (7,852) | (11,214) | 6,614 | ||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 10,408 | 21,622 | 15,008 | ||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 2,556 | 10,408 | 21,622 | ||||
Supplementary cash flow information | |||||||
Interest paid, net of amount capitalized | 59,848 | 57,688 | 62,745 | ||||
Income taxes refunded, net | $ 0 | $ 0 | $ (2,942) | ||||
|
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Summary of Significant Accounting Policies (Details) - Parent Company $ in Millions |
Dec. 31, 2022
USD ($)
|
---|---|
Condensed Financial Statements, Captions [Line Items] | |
Percent of restricted consolidated net assets of consolidated subsidiaries exceeding total consolidated net assets (in hundredths) | 25.00% |
Restricted net assets of consolidated subsidiaries | $ 1,370 |
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Debt (Details) |
12 Months Ended | ||||
---|---|---|---|---|---|
May 21, 2021
USD ($)
|
Feb. 04, 2019
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
For the year ending Dec. 31, | |||||
2020 | $ 133,300,000 | ||||
2021 | 200,000,000 | ||||
2022 | 267,700,000 | ||||
2023 | 333,300,000 | ||||
NRG South Central | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Repayments of long-term debt | $ 400,000,000 | ||||
Cleco Cajun Transaction commitments | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Long-term debt due within one year | 65,600,000 | ||||
Parent Company | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Short-term debt outstanding | 0 | $ 0 | |||
Long-term debt outstanding | 1,470,000,000 | ||||
Long-term debt due within one year | 230,523,000 | 67,700,000 | |||
Debt to capital ratio | 0.650 | ||||
Repayments of long-term debt | 67,700,000 | $ 66,000,000 | $ 64,000,000 | ||
For the year ending Dec. 31, | |||||
2019 | 66,700,000 | ||||
2020 | 133,300,000 | ||||
2021 | 200,000,000 | ||||
2022 | 267,700,000 | ||||
2023 | 333,300,000 | ||||
2024 | 400,000,000 | ||||
For the year ending Dec. 31, | |||||
2023 | 165,000,000 | ||||
2024 | 132,300,000 | ||||
2025 | 0 | ||||
2026 | 535,000,000 | ||||
2027 | 0 | ||||
Thereafter | 650,000,000 | ||||
Parent Company | NRG South Central | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Repayments of long-term debt | $ 400,000,000 | ||||
Parent Company | Senior notes, 3.250%, due 2023 | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Long-term debt due within one year | 165,000,000 | ||||
Parent Company | Cleco Cajun Transaction commitments | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Long-term debt due within one year | 65,600,000 | ||||
Parent Company | Line of Credit | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Aggregate principal amount | $ 175,000,000 | ||||
Parent Company | Line of Credit | Revolving Credit Facility | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Outstanding borrowings | 64,000,000 | ||||
Revolving credit facility | $ 175,000,000 | ||||
Weighted average all-in interest rate | 5.977% | ||||
Commitment fees | 0.275% | ||||
Interest rate, potential additional interest | 0.125% | ||||
Commitment fee, potential additional fee | 0.05% | ||||
Parent Company | Line of Credit | Revolving Credit Facility | LIBOR | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Basis spread on variable rate | 1.625% | ||||
Parent Company | Line of Credit | Revolving Credit Facility | ABR | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Basis spread on variable rate | 0.625% |
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Cash Distributions and Equity Contributions (Details) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
May 21, 2021 |
May 15, 2020 |
|
CLECO POWER | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Contributions from member | $ 105,500,000 | ||||
CLECO POWER | Cleco Holdings | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Contribution from member/parent | 0 | $ 0 | $ 0 | ||
Contributions from member | $ 105,500,000 | 0 | 0 | ||
CLECO POWER | MAXIMUM | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Ratio of total indebtedness to total capitalization | 0.650 | 0.650 | |||
Parent Company | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Ratio of total indebtedness to total capitalization | 0.650 | ||||
Cash distributions received from affiliates | $ 242,500,000 | 111,000,000 | 134,000,000 | ||
Parent Company | CLECO POWER | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash distributions received from affiliates | 105,500,000 | 0 | 0 | ||
Parent Company | CLECO CAJUN | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash distributions received from affiliates | 137,000,000 | 111,000,000 | 134,000,000 | ||
Parent Company | Cleco Holdings | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Contributions made to affiliates | 0 | 0 | 0 | ||
Contribution from member/parent | 0 | 0 | 0 | ||
Contributions from member | $ 219,600,000 | $ 0 | $ 0 |
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Income Tax Contingency [Line Items] | |||
Federal and state income tax expense (benefit) | $ 917 | $ 13,111 | $ 35,718 |
Parent Company | |||
Income Tax Contingency [Line Items] | |||
Federal and state income tax expense (benefit) | (21,662) | (14,454) | (15,646) |
Equity income from subsidiaries - federal and state income tax expense | $ 22,579 | $ 27,565 | $ 51,364 |
Schedule II Valuation and Qualifying Accounts (Details) - Allowance for Credit Losses - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
BALANCE AT BEGINNING OF PERIOD | $ 1,302 | $ 2,758 | $ 3,005 |
ADDITIONS | 4,645 | 5,463 | 6,176 |
DEDUCTIONS | 4,800 | 6,919 | 6,423 |
BALANCE AT END OF PERIOD | 1,147 | 1,302 | 2,758 |
CLECO POWER | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
BALANCE AT BEGINNING OF PERIOD | 1,302 | 2,758 | 3,005 |
ADDITIONS | 4,645 | 5,463 | 6,176 |
DEDUCTIONS | 4,800 | 6,919 | 6,423 |
BALANCE AT END OF PERIOD | $ 1,147 | $ 1,302 | $ 2,758 |
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