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Schedule I Financial Statements of Cleco Holdings (Parent Company Only)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule I Financial Statements of Cleco Holdings (Parent Company Only)
CLECO HOLDINGS (Parent Company Only)SCHEDULE I
Condensed Statements of Income
FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202420232022
Operating income
$8,158 $— $— 
Operating expenses
Administrative and general3,049 1,206 1,088 
Merger transaction costs19 665 228 
Other operating expense
6,642 268 246 
Total operating expenses9,710 2,139 1,562 
Operating loss(1,552)(2,139)(1,562)
Equity income from continuing operations of subsidiaries, net of income taxes
115,123 25,232 276,039 
Interest, net(45,562)(74,578)(62,267)
Other income (expense), net1,407 2,568 (724)
Income (loss) from continuing operations before income taxes
69,416 (48,917)211,486 
Federal and state income tax expense (benefit)
4,515 (19,048)(21,662)
Income (loss) from continuing operations, net of income taxes
64,901 (29,869)233,148 
Equity income (loss) from discontinued operations of subsidiary, net of income taxes
45,517 14,642 (44,337)
Net income (loss)
$110,418 $(15,227)$188,811 
The accompanying notes are an integral part of the condensed financial statements.
CLECO HOLDINGS (Parent Company Only) SCHEDULE I
Condensed Statements of Comprehensive Income
FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202420232022
Net income (loss)
$110,418 $(15,227)$188,811 
Other comprehensive income, net of tax
Postretirement benefits gain (loss) (net of tax expense of $973 in 2024, tax benefit of $1,905 in 2023, and tax expense of $8,728 in 2022)
2,428 (5,171)23,688 
Total other comprehensive (loss) income, net of tax
2,428 (5,171)23,688 
Comprehensive income (loss), net of tax
$112,846 $(20,398)$212,499 
The accompanying notes are an integral part of the financial statements.
CLECO HOLDINGS (Parent Company Only)SCHEDULE I
Condensed Balance Sheets
AT DEC. 31,
(THOUSANDS)20242023
Assets
  
Current assets
  
Cash and cash equivalents
$6,758 $5,153 
Accounts receivable - affiliate
44,158 38,364 
Other accounts receivable
743 2,441 
Taxes receivable, net
— 44,025 
Cash surrender value of trust-owned life insurance policies
51,768 47,129 
Other current assets90 66 
Total current assets
103,517 137,178 
Equity investment in subsidiaries - continuing operations
3,674,855 3,623,898 
Equity investment in subsidiaries - discontinued operations
— 556,184 
Accumulated deferred federal and state income taxes, net
87,574 123,950 
Receivable - Cleco Cajun Divestiture
98,153 — 
Other deferred charges
844 570 
Total assets
$3,964,943 $4,441,780 
Liabilities and member's equity
  
Liabilities
Current liabilities
Long-term debt due within one year
$— $66,497 
Accounts payable
2,435 842 
Short-term debt
10,000 110,000 
Accounts payable - affiliate
32,989 19,935 
Taxes payable, net
44,714 6 
Interest accrued
8,138 10,458 
Deferred compensation
17,013 14,277 
Other current liabilities
679 255 
Total current liabilities
115,968 222,270 
Postretirement benefit obligations
2,726 2,851 
Other deferred credits
679 313 
Long-term debt, net
1,004,556 1,343,173 
Total liabilities
1,123,929 1,568,607 
Commitments and contingencies (Note 5)
Member's equity2,841,014 2,873,173 
Total liabilities and member's equity
$3,964,943 $4,441,780 
The accompanying notes are an integral part of the condensed financial statements.  
CLECO HOLDINGS (Parent Company Only) SCHEDULE I
Condensed Statements of Cash Flows
FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202420232022
Operating activities
Net cash provided by operating activities$189,344 $75,548 $180,270 
Investing activities
Proceeds from Cleco Cajun Divestiture (net of transaction fees of $10.8 million)
463,769 — — 
Return on investment in trust-owned life insurance policies— 417 35,175 
Net cash provided by investing activities463,769 417 35,175 
Financing activities
Draws on credit facility32,000 100,000 64,000 
Payments on credit facility(132,000)(54,000)— 
Repayment of long-term debt(406,700)(65,600)(67,700)
Distributions to member(145,005)(53,496)(219,588)
Other financing197 (272)(9)
Net cash used in financing activities(651,508)(73,368)(223,297)
Net increase (decrease) in cash and cash equivalents1,605 2,597 (7,852)
Cash and cash equivalents at beginning of period5,153 2,556 10,408 
Cash and cash equivalents at end of period$6,758 $5,153 $2,556 
Supplementary cash flow information
Interest paid, net of amount capitalized$58,970 $72,537 $59,848 
Income taxes paid, net$9,138 $2,162 $— 
The accompanying notes are an integral part of the condensed financial statements.
Note 1 — Summary of Significant Accounting Policies
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, 2024, Cleco Holdings’ restricted net assets of consolidated subsidiaries were $1.32 billion and exceeded 25% of its total consolidated net assets.
Cleco Holdings’ major, first-tier subsidiary is Cleco Power, and prior to the close of the Cleco Cajun Divestiture, Cleco Cajun. Cleco Power contains the LPSC-jurisdictional generation, transmission, and distribution electric utility operations serving its retail and wholesale customers.
Cleco Cajun was an unregulated electric utility that owned generation and transmission assets and supplied wholesale power and capacity to its customers. On June 1, 2024, the Cleco Cajun Divestiture closed. For more information, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — “Discontinued Operations.”
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.
Note 2 — Discontinued Operations
In March 2023, Cleco Holdings’ management, with the support of its Board of Managers, committed to a plan of action for the disposition of the Cleco Cajun Sale Group. As a result, Cleco Holdings’ management determined that the criteria under GAAP for the Cleco Cajun Sale Group to be classified as held for sale were met, and the sale represents a strategic shift that will have a major effect on Cleco’s future operations and financial results. Therefore, in the Condensed Statements of Income, the results of operations of the Cleco Cajun Sale Group have been presented as discontinued operations in Equity income (loss) from discontinued operations of subsidiary, net of income taxes. Cleco Holdings’ share of the Cleco Cajun Sale Group’s net assets are classified as held for sale in Equity investment in subsidiaries – discontinued operations on the Condensed Balance Sheets. The results of operations of the Cleco Cajun Sale Group previously presented as continuing operations for the years ended December 31, 2023, and 2022 in the 2023 Condensed Statements of Income included in Schedule I of the 2023 Form 10-K have been revised to correct an error in presentation and is presented as discontinued operations in Equity income (loss) from discontinued operations of subsidiary, net of income taxes on the Condensed Statements of Income. Cleco Holdings’ share of Cleco Cajun’s net assets at December 31, 2023, in the 2023 Condensed Balance Sheets included in Schedule I of the 2023 Form 10-K have been revised to correct an error in classification and is presented as held for sale in
Equity investment in subsidiaries – discontinued operations on the Condensed Balance Sheets.
On June 1, 2024, the Cleco Cajun Sellers completed the sale of the Cleco Cajun Sale Group. Upon closing, the Cleco Cajun Sellers received $474.5 million, net of adjustments as set forth in the Cleco Cajun Divestiture Purchase and Sale Agreement and adjustments based on net working capital. Also, in conjunction with the closing of the Cleco Cajun Divestiture, the Cleco Cajun Sellers paid $10.8 million to professional service firms that were engaged to facilitate the transaction. Cleco expects to receive an additional $113.0 million by June 2026, which is not contingent upon the post-divestiture performance of the divested business. This receivable is discounted to its net present value and recorded in Receivable - Cleco Cajun Divestiture on the Condensed Balance Sheet.
Note 3 — Debt
At December 31, 2024, and 2023, Cleco Holdings had $10.0 million and $110.0 million, respectively, of short-term debt outstanding under its $175.0 million revolving credit facility.
At December 31, 2024, Cleco Holdings’ long-term debt outstanding was $1.00 billion, none of which was due within one year.
On April 26, 2024, Cleco Holdings repaid its $66.7 million bank term loan that was due on May 21, 2024. On June 4, 2024, Cleco Holdings redeemed its $165.0 million floating rate senior notes due in May 2025.
On May 17, 2024, Cleco Holdings entered into a $175.0 million revolving credit agreement. This agreement replaced Cleco Holdings’ existing revolving credit agreement and matures on May 17, 2029. Under this agreement, Cleco Holdings is required to maintain total indebtedness, not including securitization indebtedness, less than or equal to 65% of total capitalization. The borrowing costs under Cleco Holdings’ revolving credit agreement are currently equal to SOFR plus 1.725% or ABR plus 0.625%, plus commitment fees of 0.275% 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 higher commitment fees and additional interest of 0.05%. At December 31, 2024, Cleco Holdings had $10.0 million of borrowings outstanding under its revolving credit facility.
On September 20, 2024, Cleco Holdings’ individual $10.0 million uncommitted line of credit expired. Previously, this line of credit was being renewed on an annual basis.
On November 27, 2024, Cleco Holdings completed a voluntary tender offer for its 3.743% senior notes due in May 2026 in an aggregate principal amount of $175.0 million.
Upon approval of the Cleco Cajun Acquisition, commitments were made to the LPSC by Cleco Holdings, including repayment of $400.0 million of Cleco Holdings’ debt by December 31, 2024. As of December 31, 2024, Cleco Holdings had satisfied this commitment.
The principal amounts payable under long-term debt agreements for each year through 2029 and thereafter are as follows:

AMOUNTS PAYABLE UNDER LONG-TERM DEBT ARRANGEMENTS(THOUSANDS)
For the year ending Dec. 31,
2025$— 
2026$360,000 
2027$— 
2028$— 
2029$300,000 
Thereafter$350,000 
Note 4 — Cash Distributions and Equity Contributions
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 2024, 2023, and 2022:

 FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202420232022
Cleco Power$95,000 $94,838 $105,500 
Cleco Cajun101,000 40,000 137,000 
Total$196,000 $134,838 $242,500 
During the years ended December 31, 2024, 2023, and 2022, Cleco Holdings made no contributions to affiliates.
During the years ended December 31, 2024, 2023, and 2022, Cleco Holdings received no equity contributions from Cleco Group.
During the years ended December 31, 2024, 2023, and 2022, Cleco Holdings made $145.0 million, $53.5 million, and $219.6 million, respectively, of distribution payments to Cleco Group.
Note 5 — Income Taxes
Cleco Holdings’ (Parent Company Only) Condensed Statements of Income reflect income tax (benefit) expense for the following line items:

 FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)202420232022
Federal and state income tax expense (benefit)
$4,515 $(19,048)$(21,662)
Equity income from subsidiaries - federal and state income tax (benefit) expense
$(5,254)$(44,268)$22,579 
Note 6 — Commitments and Contingencies
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 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees.”