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Segment Disclosures
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Disclosures
Note 13 — Segment Disclosures
Cleco
Segment disclosures are based on Cleco’s method of internal reporting, which disaggregates business units by first-tier subsidiary. Cleco’s segment structure and its allocation of corporate expenses were updated to reflect how management measures performance and allocates resources.
Segment managers report periodically to Cleco’s CEO, who is Cleco’s chief operating decision maker, with discrete financial information and, at least quarterly, present discrete financial information to Cleco Holdings’ and, in the case of Cleco Power, Cleco Power’s Boards of Managers. The reportable segment prepares budgets that are presented to and approved by Cleco Holdings’ and, in the case of Cleco Power, Cleco Power’s Boards of Managers. The column shown as Other in the following tables includes the holding company, a shared services subsidiary, an investment subsidiary, discontinued operations, and Cleco Cajun’s natural gas derivatives. After the closing of the Cleco Cajun Divestiture, all of Cleco Cajun’s natural gas derivative contracts were liquidated.
The financial results in the following tables are presented on an accrual basis. EBITDA is a key non-GAAP financial measure used by the CEO to assess the operating performance of Cleco’s segment. Management evaluates the performance of Cleco’s segment and allocates resources to it based on segment profit and the requirements to implement strategic initiatives and projects to meet current business objectives. EBITDA is defined as net income adjusted for interest, income taxes, depreciation, and amortization. Depreciation and amortization in the following tables includes amortization of intangible assets recorded for the fair value adjustment of wholesale power supply agreements as a result of the 2016 Merger. Material intercompany transactions occur on a regular basis. These intercompany transactions relate primarily to joint and common administrative support services.
SEGMENT INFORMATION
FOR THE YEAR ENDED DEC. 31, 2024 (THOUSANDS)
CLECO POWER
Revenue 
Base revenue
$729,273 
Fuel cost recovery revenue (1)
321,980 
Other operations95,137 
Affiliate revenue12,452 
Electric customer credits(3,940)
Operating revenue, net$1,154,902 
Less:
Recoverable fuel and purchased power (1)
$321,980 
Non-recoverable fuel and purchased power
32,752 
Other operations and maintenance (2)
245,651 
Taxes other than income taxes
57,754 
Other segment items (3)
8,164 
EBITDA$488,601 
(1) These pass through items are regularly provided to the chief operating decision maker as a net amount.
(2) Includes administrative and general expenses of $95.3 million.
(3) Includes amounts for equity portions of AFUDC, pension non-service costs, and changes in the cash surrender value of life insurance policies.
FOR THE YEAR ENDED DEC. 31, 2024 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue    
Base revenue
$729,273 $(2,881)
(1)
$(1)$726,391 
Fuel cost recovery revenue
321,980 — — $321,980 
Other operations95,137 8,162 (22)103,277 
Affiliate revenue12,452 108,127 (120,579)— 
Electric customer credits(3,940)— — (3,940)
Operating revenue, net$1,154,902 $113,408 $(120,602)$1,147,708 
Depreciation and amortization$236,444 $11,143 
(1)
$1 $247,588 
Interest income$4,125 $11,291 $(349)$15,067 
Interest charges$98,858 $55,046 $(349)$153,555 
Federal and state income tax expense (benefit)
$18,506 $(4,450)$— $14,056 
Income (loss) from continuing operations, net of income taxes$138,918 $(74,017)$— $64,901 
Income from discontinued operations, net of income taxes
$— $45,517 $— $45,517 
Net income (loss)$138,918 $(28,500)$— $110,418 
Additions to property, plant, and equipment$255,336 $4,189 $— $259,525 
Equity investment in investee$1,916 $(848,952)$848,952 $1,916 
Goodwill$1,490,797 $— $— $1,490,797 
Total segment assets$6,879,566 $(286,556)$776,596 $7,369,606 
(1) Includes $2.9 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.

FOR THE YEAR ENDED DEC. 31, 2023 (THOUSANDS)
CLECO POWER
Revenue 
Base revenue
$692,866 
Fuel cost recovery revenue (1)
504,503 
Other operations111,561 
Affiliate revenue8,904 
Electric customer credits(60,689)
Operating revenue, net$1,257,145 
Less:
Recoverable fuel and purchased power (1)
$504,512 
Non-recoverable fuel and purchased power
45,485 
Other operations and maintenance (2)
233,863 
Taxes other than income taxes
60,676 
Other segment items (3)
(5,719)
EBITDA$418,328 
(1) These pass through items are regularly provided to the chief operating decision maker as a net amount.
(2) Includes administrative and general expenses of $83.5 million.
(3) Includes amounts for equity portions of AFUDC, pension non-service costs, and changes in the cash surrender value of life insurance policies.

FOR THE YEAR ENDED DEC. 31, 2023 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue    
Base revenue
$692,866 $(9,454)
(1)
$— $683,412 
Fuel cost recovery revenue
504,503 — — $504,503 
Other operations111,561 5 (1)111,565 
Affiliate revenue8,904 120,716 (129,620)— 
Electric customer credits(60,689)— — (60,689)
Operating revenue, net$1,257,145 $111,267 $(129,621)$1,238,791 
Depreciation and amortization$191,745 $17,644 
(1)
$— $209,389 
Interest income$5,011 $571 $(189)$5,393 
Interest charges$98,879 $66,165 $(188)$164,856 
Federal and state income tax benefit
$(4,434)$(60,639)$— $(65,073)
Income (loss) from continuing operations, net of income taxes$137,149 $(167,018)$— $(29,869)
Loss from discontinued operations, net of income taxes$— $14,642 $— $14,642 
Net income (loss)$137,149 $(152,376)$— $(15,227)
Additions to property, plant, and equipment$220,982 $9,256 $— $230,238 
Equity investment in investee$1,992 $(467,329)$467,329 $1,992 
Goodwill$1,490,797 $— $— $1,490,797 
Total segment assets$6,920,339 $870,743 $309,311 $8,100,393 
(1) Includes $9.5 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.
FOR THE YEAR ENDED DEC. 31, 2022 (THOUSANDS)
CLECO POWER
Revenue 
Base revenue
$685,419 
Fuel cost recovery revenue (1)
837,647 
Other operations98,759 
Affiliate revenue6,377 
Electric customer credits(7,674)
Operating revenue, net$1,620,528 
Less:
Recoverable fuel and purchased power (1)
$837,647 
Non-recoverable fuel and purchased power
59,846 
Other operations and maintenance (2)
216,851 
Taxes other than income taxes
55,075 
Regulatory disallowance13,841 
Other segment items (3)
3,341 
EBITDA$433,927 
(1) These pass through items are regularly provided to the chief operating decision maker as a net amount.
(2) Includes administrative and general expenses of $63.7 million.
(3) Includes amounts for equity portions of AFUDC, pension non-service costs, and changes in the cash surrender value of life insurance policies.

FOR THE YEAR ENDED DEC. 31, 2022 (THOUSANDS)
CLECO POWEROTHERELIMINATIONSTOTAL
Revenue    
Base revenue
$685,419 $(9,680)
(1)
$— $675,739 
Fuel cost recovery revenue
837,647 — — $837,647 
Other operations98,759 9 — 98,768 
Affiliate revenue6,377 109,015 (115,392)— 
Electric customer credits(7,674)— — (7,674)
Operating revenue, net$1,620,528 $99,344 $(115,392)$1,604,480 
Depreciation and amortization$178,231 $17,588 
(1)
$— $195,819 
Interest income$5,082 $265 $(97)$5,250 
Interest charges$88,218 $55,834 $(96)$143,956 
Federal and state income tax expense
$2,503 $17,532 $— $20,035 
Income from continuing operations, net of income taxes
$170,057 $63,093 $(2)$233,148 
Income from discontinued operations, net of income taxes
$— $(44,337)$— $(44,337)
Net income
$170,057 $18,756 $(2)$188,811 
Additions to property, plant, and equipment$228,940 $7,827 $— $236,767 
Equity investment in investee$2,072 $(320,348)$320,348 $2,072 
Goodwill$1,490,797 $— $— $1,490,797 
Total segment assets$6,834,970 $1,237,096 $181,683 $8,253,749 
(1) Includes $9.7 million of amortization of intangible assets related to Cleco Power’s wholesale power supply agreements as a result of the 2016 Merger.

FOR THE YEARS ENDED DEC. 31,
(THOUSANDS)202420232022
Net income (loss)
$110,418 $(15,227)$188,811 
Less: income (loss) from discontinued operations, net of income taxes45,517 14,642 (44,337)
Income (loss) from continuing operations, net of income taxes
64,901 (29,869)233,148 
Add: Depreciation and amortization247,588 209,389 

195,819 
Less: Interest income15,067 5,393 5,250 
Add: Interest charges153,555 164,856 143,956 
Add: Federal and state income tax expense (benefit)
14,056 (65,073)20,035 
Add (less): Other corporate costs and noncash items (1) (2)
23,568 144,418 (153,781)
Total segment EBITDA$488,601 $418,328 $433,927 
(1) Adjustments made for Other and Eliminations totals not allocated to total segment EBITDA.
(2) Includes (loss) gain on Cleco Cajun’s natural gas derivatives of $(6.5) million, $(116.8) million, and $180.5 million, respectively, for the years ended December 31, 2024, 2023, and 2022.

Cleco Power
Cleco Power is a vertically integrated, regulated electric utility operating within Louisiana, and is viewed as one unit by management. Discrete financial reports are prepared only at the company level.