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Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2025

Variable Interest Entity [Line Items]

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


(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
Restricted cash - current	$	7,187	$	15,918
Accounts receivable - affiliate	2,506		4,683
Intangible asset - securitization	381,569		384,908
Total assets	$	391,262	$	405,509
Long-term debt due within one year	$	15,390	$	15,087
Accounts payable	20		—
Accounts payable - affiliate	69		1,800
Interest accrued	1,472		5,997
Long-term debt, net	372,178		380,468
Total liabilities	389,129		403,352
Member’s equity	2,133		2,157
Total liabilities and member’s equity	$	391,262	$	405,509

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


	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2025		2024
Operating revenue	$	7,937	$	8,036
Operating expenses	(3,477)		(3,466)
Interest income	184		228
Interest charges, net	(4,619)		(4,773)
Net income	$	25	$	25

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


(THOUSANDS)	AT MAR. 31, 2025
Restricted cash - current	$	2,540

Intangible asset - securitization	299,735
Total assets	$	302,275
Long-term debt due within one year	$	3,214

Accounts payable - affiliate	19
Interest accrued	825
Long-term debt, net	296,794
Total liabilities	300,852
Member’s equity	1,423
Total liabilities and member’s equity	$	302,275

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


(THOUSANDS)	FOR THE THREE MONTHS ENDED MAR. 31, 2025

Operating expenses	$	(18)

Interest charges, net	(847)
Net loss	$	(865)

CLECO POWER

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities

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


(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
Restricted cash - current	$	7,187	$	15,918
Accounts receivable - affiliate	2,506		4,683
Intangible asset - securitization	381,569		384,908
Total assets	$	391,262	$	405,509
Long-term debt due within one year	$	15,390	$	15,087
Accounts payable	20		—
Accounts payable - affiliate	69		1,800
Interest accrued	1,472		5,997
Long-term debt, net	372,178		380,468
Total liabilities	389,129		403,352
Member’s equity	2,133		2,157
Total liabilities and member’s equity	$	391,262	$	405,509

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


	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2025		2024
Operating revenue	$	7,937	$	8,036
Operating expenses	(3,477)		(3,466)
Interest income	184		228
Interest charges, net	(4,619)		(4,773)
Net income	$	25	$	25

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


(THOUSANDS)	AT MAR. 31, 2025
Restricted cash - current	$	2,540

Intangible asset - securitization	299,735
Total assets	$	302,275
Long-term debt due within one year	$	3,214

Accounts payable - affiliate	19
Interest accrued	825
Long-term debt, net	296,794
Total liabilities	300,852
Member’s equity	1,423
Total liabilities and member’s equity	$	302,275

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


(THOUSANDS)	FOR THE THREE MONTHS ENDED MAR. 31, 2025

Operating expenses	$	(18)

Interest charges, net	(847)
Net loss	$	(865)

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


(THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
Oxbow’s net assets/liabilities	$	3,832	$	3,832
Cleco Power’s 50% equity	$	1,916	$	1,916
Cleco Power’s maximum exposure to loss	$	1,916	$	1,916

Schedule of Equity Method Investments

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


INCEPTION TO DATE (THOUSANDS)	AT MAR. 31, 2025		AT DEC. 31, 2024
Purchase price	$	12,873	$	12,873
Cash contributions	6,399		6,399
Distributions	(18,033)		(18,033)
Equity income from investee	677		677
Total equity investment in investee	$	1,916	$	1,916

The following table contains summarized financial information for Oxbow:


	FOR THE THREE MONTHS ENDED MAR. 31,
(THOUSANDS)	2025		2024
Operating revenue	$	103	$	184
Operating expenses	(103)		(87)
Gain on sale of property	—		1,356
Interest income	—		(97)
Income before taxes	$	—	$	1,356

- Definition

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

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- Definition

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

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