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Cleco Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income (loss) $ 110,418 $ (15,227) $ 188,811
Adjustment to reconcile net income (loss) to net cash provided by operating activities      
Depreciation and amortization 259,292 237,614 289,486
Provision for credit losses 2,048 5,506 3,357
Regulatory disallowance 0 0 13,841
Electric customer credits 1,300 58,700 0
Unearned compensation expense 8,774 10,102 5,502
Allowance for equity funds used during construction (2,310) (5,747) (3,740)
Loss (gain) on energy risk management assets and liabilities, net 5,276 103,876 (21,805)
Loss on Cleco Cajun Divestiture 43,715 173,000 0
Deferred lease revenue 0 (2,301) (9,205)
Deferred income taxes (22,504) (75,103) (7,911)
Cash surrender value of company/trust-owned life insurance (2,451) (2,211) 1,266
Derecognition of previously deferred Project Diamond Vault costs 10,336 0 0
Changes in assets and liabilities      
Unbilled revenue (1,831) 3,184 (8,377)
Fuel inventory and materials and supplies (68,494) (52,621) (43,703)
Prepayments (10,108) (22,438) (15,846)
Accounts payable (11,856) (37,827) 20,711
Accounts payable - affiliate 10,685 (2,409) (38,206)
Customer deposits 7,654 5,311 6,778
Postretirement benefit obligations (28,989) (2,793) (847)
Regulatory assets and liabilities, net (5,397) 7,592 21,537
Deferred fuel recoveries (4,515) 54,028 8,742
Asset retirement obligations (6,701) (7,348) (4,958)
Other deferred accounts 2,943 (4,422) (8,339)
Taxes accrued 39,010 225 11,337
Interest accrued (2,290) (3,330) 10,337
Energy risk management assets and liabilities, net (8,973) (6,500) 6,500
Storm reserves (37,094) 2,790 1,006
Other operating (1,079) 874 (8,205)
Net cash provided by operating activities 296,805 421,192 344,912
Investing activities      
Additions to property, plant, and equipment (259,525) (230,238) (236,767)
Return of investment in company-/trust-owned life insurance 0 417 41,671
Payments received on note receivable 11,914 822 761
Proceeds from sale of discontinued operations (net of transaction fees of $10.8 million) 463,769 0 0
Other investing 1,081 1,183 1,078
Net cash provided by (used in) investing activities 217,239 (227,816) (193,257)
Financing activities      
Draws on revolving credit facilities 142,000 125,000 226,000
Payments on revolving credit facilities (132,000) (124,000) (117,000)
Issuances of long-term debt 16,599 100,000 424,946
Repayments of long-term debt (487,798) (175,174) (417,700)
Payment of financing costs (7) (375) (6,968)
Distributions to member (145,005) (53,496) (219,588)
Other financing (1,017) (836) (755)
Net cash used in financing activities (607,228) (128,881) (111,065)
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents (93,184) 64,495 40,590
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 256,067 [1] 191,572 150,982
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period 162,883 [1] 256,067 [1] 191,572
Supplementary cash flow information      
Interest paid, net of amount capitalized 155,670 170,680 131,760
Income taxes paid, net 9,138 2,162 0
Supplementary non-cash investing and financing activities      
Accrued additions to property, plant, and equipment 5,010 5,052 10,247
Reduction in property, plant, and equipment due to regulatory disallowance 0 0 13,841
Reduction in property, plant, and equipment due to securitization of capitalized storm costs 0 0 197,689
Nonrelated Party      
Changes in assets and liabilities      
Accounts receivable 20,319 8,112 (61,848)
Affiliate      
Changes in assets and liabilities      
Accounts receivable $ (10,373) $ (9,445) $ (11,309)
[1]
(1) Includes cash and cash equivalents of $122,576, current restricted cash and cash equivalents of $15,818, and non-current restricted cash and cash equivalents of $113,573. Also includes cash, cash equivalents, and restricted cash equivalents in assets held for sale of $4,100.
(2) Includes cash and cash equivalents of $30,472, current restricted cash and cash equivalents of $15,918, and non-current restricted cash and cash equivalents of $116,493.