Cover
Cover - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Jun. 30, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2020 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity File Number | 1-15759 | |
Entity Registrant Name | CLECO CORPORATE HOLDINGS LLC | |
Entity Incorporation, State or Country Code | LA | |
Entity Tax Identification Number | 72-1445282 | |
Entity Address, Address Line One | 2030 Donahue Ferry Road | |
Entity Address, City or Town | Pineville | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 71360-5226 | |
City Area Code | 318 | |
Local Phone Number | 484-7400 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Public Float | $ 0 | |
Entity Central Index Key | 0001089819 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
CLECO POWER | ||
Entity Information [Line Items] | ||
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 1-05663 | |
Entity Registrant Name | CLECO POWER LLC | |
Entity Incorporation, State or Country Code | LA | |
Entity Tax Identification Number | 72-0244480 | |
Entity Address, Address Line One | 2030 Donahue Ferry Road | |
Entity Address, City or Town | Pineville | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 71360-5226 | |
City Area Code | 318 | |
Local Phone Number | 484-7400 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | Yes | |
Entity Current Reporting Status | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Central Index Key | 0000018672 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating revenue | |||
Electric operations | $ 1,370,893 | $ 1,496,736 | $ 1,181,907 |
Other operations | 180,524 | 182,832 | 82,332 |
Affiliate revenue | 0 | 0 | 0 |
Gross operating revenue | 1,551,417 | 1,679,568 | 1,264,239 |
Electric customer credits | (53,271) | (39,963) | (33,195) |
Operating revenue, net | 1,498,146 | 1,639,605 | 1,231,044 |
Operating expenses | |||
Fuel used for electric generation | 326,869 | 466,831 | 382,556 |
Purchased power | 282,255 | 280,991 | 168,180 |
Other operations and maintenance | 299,640 | 291,031 | 197,032 |
Depreciation and amortization | 219,363 | 216,320 | 170,414 |
Taxes other than income taxes | 61,321 | 61,870 | 48,791 |
Merger transaction and commitment costs | 3,606 | 7,668 | 19,514 |
Total operating expenses | 1,193,054 | 1,324,711 | 986,487 |
Operating income | 305,092 | 314,894 | 244,557 |
Interest income | 3,948 | 6,090 | 6,073 |
Allowance for equity funds used during construction | 998 | 15,397 | 14,159 |
Other (expense) income, net | (14,156) | 758 | (14,328) |
Interest charges | |||
Interest charges, net | 139,272 | 147,346 | 131,348 |
Allowance for borrowed funds used during construction | (1,408) | (6,037) | (4,706) |
Total interest charges | 137,864 | 141,309 | 126,642 |
Income before income taxes | 158,018 | 195,830 | 123,819 |
Federal and state income tax expense | 35,718 | 43,165 | 29,382 |
Net income | 122,300 | 152,665 | 94,437 |
CLECO POWER | |||
Operating revenue | |||
Electric operations | 1,015,018 | 1,130,928 | 1,191,587 |
Other operations | 65,237 | 72,833 | 82,330 |
Affiliate revenue | 5,156 | 3,125 | 874 |
Gross operating revenue | 1,085,411 | 1,206,886 | 1,274,791 |
Electric customer credits | (53,119) | (38,516) | (33,195) |
Operating revenue, net | 1,032,292 | 1,168,370 | 1,241,596 |
Operating expenses | |||
Fuel used for electric generation | 293,492 | 385,317 | 382,556 |
Purchased power | 100,698 | 111,208 | 168,180 |
Other operations and maintenance | 221,146 | 207,164 | 202,552 |
Depreciation and amortization | 166,987 | 172,471 | 162,069 |
Taxes other than income taxes | 44,631 | 43,742 | 47,267 |
Total operating expenses | 826,954 | 919,902 | 962,624 |
Operating income | 205,338 | 248,468 | 278,972 |
Interest income | 3,362 | 4,744 | 5,052 |
Allowance for equity funds used during construction | 998 | 15,397 | 14,159 |
Other (expense) income, net | (12,259) | (3,616) | (8,699) |
Interest charges | |||
Interest charges, net | 75,393 | 77,316 | 76,009 |
Allowance for borrowed funds used during construction | (1,408) | (6,037) | (4,706) |
Total interest charges | 73,985 | 71,279 | 71,303 |
Income before income taxes | 123,454 | 193,714 | 218,181 |
Federal and state income tax expense | 26,799 | 45,452 | 55,924 |
Net income | $ 96,655 | $ 148,262 | $ 162,257 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 122,300 | $ 152,665 | $ 94,437 |
Other comprehensive income, net of tax | |||
Postretirement benefits (loss) gain, net of tax expense (benefit) | (8,283) | (19,299) | 5,296 |
Total other comprehensive (loss) income, net of tax | (8,283) | (19,299) | 5,296 |
Comprehensive income, net of tax | 114,017 | 133,366 | 99,733 |
CLECO POWER | |||
Net income | 96,655 | 148,262 | 162,257 |
Other comprehensive income, net of tax | |||
Postretirement benefits (loss) gain, net of tax expense (benefit) | (2,422) | (9,657) | 2,743 |
Amortization of interest rate derivatives to earnings | 254 | 254 | 254 |
Total other comprehensive (loss) income, net of tax | (2,168) | (9,403) | 2,997 |
Comprehensive income, net of tax | $ 94,487 | $ 138,859 | $ 165,254 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax (expense) benefit of postretirement benefits gain (loss) | $ 2,922 | $ 6,808 | $ 1,868 |
CLECO POWER | |||
Tax (expense) benefit of postretirement benefits gain (loss) | 855 | 3,408 | 968 |
Net tax expense (benefit) of net derivative gain (loss) | $ 90 | $ 90 | $ 90 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 84,976 | $ 116,292 |
Restricted cash and cash equivalents | 4,545 | 11,100 |
Customer accounts receivable (less allowance for doubtful accounts) | 82,511 | 83,591 |
Other accounts receivable | 32,076 | 35,731 |
Unbilled revenue | 40,127 | 33,207 |
Fuel inventory, at average cost | 109,494 | 83,061 |
Materials and supplies, at average cost | 132,449 | 118,858 |
Energy risk management assets | 13,081 | 7,023 |
Accumulated deferred fuel | 28,194 | 22,910 |
Cash surrender value of company-/trust-owned life insurance policies | 89,138 | 86,096 |
Prepayments | 14,549 | 7,711 |
Regulatory assets | 21,041 | 19,807 |
Other current assets | 12,711 | 12,688 |
Total current assets | 664,892 | 638,075 |
Property, plant, and equipment | ||
Property, plant, and equipment | 5,337,190 | 4,982,255 |
Accumulated depreciation | (672,271) | (454,874) |
Net property, plant, and equipment | 4,664,919 | 4,527,381 |
Construction work in progress | 124,622 | 117,630 |
Total property, plant, and equipment, net | 4,789,541 | 4,645,011 |
Equity investment in investee | 9,072 | 17,072 |
Goodwill | 1,490,797 | 1,490,797 |
Prepayments | 23,405 | 25,949 |
Operating lease right of use assets | 26,172 | 28,791 |
Restricted cash and cash equivalents | 744 | 15,203 |
Note receivable | 14,506 | 15,198 |
Regulatory assets | 554,609 | 422,431 |
Intangible assets | 111,731 | 138,103 |
Other deferred charges | 40,100 | 39,668 |
Total assets | 7,725,569 | 7,476,298 |
Current liabilities | ||
Short-term debt | 75,000 | 0 |
Long-term debt and finance leases due within one year | 66,682 | 125,986 |
Accounts payable | 161,357 | 158,863 |
Accounts payable - affiliate | 41,283 | 33,780 |
Customer deposits | 58,718 | 58,289 |
Provision for rate refund | 9,444 | 38,903 |
Taxes payable, net | 7,530 | 8,931 |
Interest accrued | 15,583 | 19,001 |
Energy risk management liabilities | 2,453 | 4,113 |
Regulatory liabilities - other | 23,509 | 6,675 |
Deferred compensation | 13,240 | 12,115 |
Other current liabilities | 49,813 | 44,683 |
Total current liabilities | 524,612 | 511,339 |
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 661,376 | 657,058 |
Postretirement benefit obligations | 314,653 | 283,075 |
Regulatory liabilities - deferred taxes, net | 157,056 | 146,948 |
Restricted storm reserve | 0 | 12,285 |
Deferred lease revenue | 40,657 | 49,862 |
Intangible liabilities | 24,859 | 31,872 |
Asset retirement obligations | 27,986 | 23,173 |
Operating lease liabilities | 23,333 | 25,779 |
Other deferred credits | 28,627 | 27,222 |
Total long-term liabilities and deferred credits | 1,278,547 | 1,257,274 |
Long-term debt and finance leases, net | 3,165,387 | 3,064,679 |
Total liabilities | 4,968,546 | 4,833,292 |
Commitments and contingencies (Note 15) | ||
Member’s equity | ||
Member’s equity | 2,757,023 | 2,643,006 |
Total liabilities and member’s equity | 7,725,569 | 7,476,298 |
CLECO POWER | ||
Current assets | ||
Cash and cash equivalents | 24,846 | 55,489 |
Restricted cash and cash equivalents | 4,545 | 11,100 |
Customer accounts receivable (less allowance for doubtful accounts) | 43,852 | 39,165 |
Accounts receivable - affiliate | 14,605 | 14,481 |
Other accounts receivable | 27,535 | 24,604 |
Unbilled revenue | 40,127 | 33,207 |
Fuel inventory, at average cost | 63,234 | 59,602 |
Materials and supplies, at average cost | 105,340 | 91,941 |
Energy risk management assets | 4,337 | 6,311 |
Accumulated deferred fuel | 28,194 | 22,910 |
Cash surrender value of company-/trust-owned life insurance policies | 16,184 | 17,574 |
Prepayments | 7,163 | 4,786 |
Regulatory assets | 13,305 | 10,973 |
Other current assets | 830 | 655 |
Total current assets | 394,097 | 392,798 |
Property, plant, and equipment | ||
Property, plant, and equipment | 5,824,378 | 5,489,457 |
Accumulated depreciation | (2,067,362) | (1,905,031) |
Net property, plant, and equipment | 3,757,016 | 3,584,426 |
Construction work in progress | 110,613 | 111,687 |
Total property, plant, and equipment, net | 3,867,629 | 3,696,113 |
Equity investment in investee | 9,072 | 17,072 |
Prepayments | 1,496 | 2,693 |
Operating lease right of use assets | 26,006 | 28,633 |
Restricted cash and cash equivalents | 0 | 14,363 |
Note receivable | 14,506 | 15,198 |
Regulatory assets | 414,535 | 272,289 |
Other deferred charges | 38,806 | 37,371 |
Total assets | 4,766,147 | 4,476,530 |
Current liabilities | ||
Short-term debt | 75,000 | 0 |
Long-term debt and finance leases due within one year | 682 | 61,587 |
Accounts payable | 106,089 | 110,096 |
Accounts payable - affiliate | 72,068 | 14,123 |
Customer deposits | 58,718 | 58,289 |
Provision for rate refund | 8,630 | 38,241 |
Taxes payable, net | 4,778 | 38,888 |
Interest accrued | 5,357 | 7,972 |
Energy risk management liabilities | 1,121 | 586 |
Regulatory liabilities - other | 23,509 | 6,675 |
Other current liabilities | 24,754 | 22,802 |
Total current liabilities | 380,706 | 359,259 |
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 634,598 | 657,834 |
Postretirement benefit obligations | 230,825 | 206,270 |
Regulatory liabilities - deferred taxes, net | 157,056 | 146,948 |
Restricted storm reserve | 0 | 12,285 |
Asset retirement obligations | 11,364 | 7,325 |
Operating lease liabilities | 23,295 | 25,658 |
Other deferred credits | 18,167 | 20,187 |
Total long-term liabilities and deferred credits | 1,075,305 | 1,076,507 |
Long-term debt and finance leases, net | 1,502,257 | 1,327,372 |
Commitments and contingencies (Note 15) | ||
Member’s equity | ||
Member’s equity | 1,807,879 | 1,713,392 |
Total liabilities and member’s equity | 4,766,147 | 4,476,530 |
Total capitalization | $ 3,310,136 | $ 3,040,764 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for credit losses | $ 2,758 | $ 3,005 |
CLECO POWER | ||
Allowance for credit losses | $ 2,758 | $ 3,005 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Operating activities | |||||
Net income | $ 122,300 | $ 152,665 | $ 94,437 | ||
Adjustment to reconcile net income to net cash provided by operating activities | |||||
Depreciation and amortization | 249,494 | 245,682 | 187,426 | ||
Provision for credit losses | 5,488 | 2,348 | 797 | ||
Unearned compensation expense | 5,715 | 5,409 | 5,837 | ||
Allowance for equity funds used during construction | (998) | (15,397) | (14,159) | ||
(Gain) loss on risk management assets and liabilities, net | (13,261) | 10,180 | 0 | ||
Deferred lease revenue | (9,205) | (8,439) | 0 | ||
Deferred income taxes | 35,876 | 40,081 | 6,543 | ||
Deferred fuel costs | (4,142) | 11,132 | (18,549) | ||
Cash surrender value of company-/trust-owned life insurance | (3,042) | (5,705) | 2,726 | ||
Changes in assets and liabilities | |||||
Accounts receivable | (8,772) | (9,532) | 3,123 | ||
Accounts receivable - affiliate | (621) | (1,041) | 635 | ||
Unbilled revenue | (6,920) | 2,107 | 1,084 | ||
Fuel inventory and materials and supplies | (39,602) | 18,463 | (2,981) | ||
Prepayments | (20,117) | (14,479) | 153 | ||
Accounts payable | (19,612) | 13,507 | 18,898 | ||
Accounts payable - affiliate | 1,470 | 3,175 | 0 | ||
Customer deposits | 6,663 | 5,888 | 13,757 | ||
Provision for merger commitments | 560 | (1,848) | (3,273) | ||
Postretirement benefit obligations | (9,588) | (10,981) | 4,646 | ||
Regulatory assets and liabilities, net | (76,428) | 90 | 3,032 | ||
Other deferred accounts | 16,931 | 7,147 | 9,748 | ||
Taxes accrued | 4,633 | (3,619) | 20,976 | ||
Interest accrued | (3,417) | 3,173 | 1,124 | ||
Deferred compensation | 1,125 | 1,316 | (1,521) | ||
Other operating | 5,151 | (6,909) | 2,798 | ||
Net cash provided by operating activities | 205,819 | 430,119 | 317,761 | ||
Investing activities | |||||
Additions to property, plant, and equipment | (390,013) | (323,791) | (291,061) | ||
Allowance for equity funds used during construction | 998 | 15,397 | 14,159 | ||
Reimbursement for property loss | 115 | 141 | 1,375 | ||
Return of equity investment in investee | 8,000 | 1,100 | 0 | ||
Return of investment in company-owned life insurance | 1,912 | 3,761 | 0 | ||
Return of equity investment in tax credit fund | 0 | 1,625 | 2,775 | ||
Issuance of note receivable | 0 | 0 | (16,800) | ||
Payment to acquire business, net of cash received | 0 | (814,969) | 0 | ||
Other investing | 1,081 | 1,313 | 1,392 | ||
Net cash used in investing activities | (377,907) | (1,115,423) | (288,160) | ||
Financing activities | |||||
Draws on credit facilities | 238,000 | 108,000 | 0 | ||
Payments on credit facilities | (163,000) | (108,000) | 0 | ||
Issuances of long-term debt | 125,000 | 700,000 | 50,000 | ||
Repayments of long-term debt | (75,055) | (390,571) | (19,193) | ||
Payment of financing costs | (4,570) | (5,959) | (791) | ||
Contribution from member | 0 | 384,900 | 0 | ||
Distributions to member | 0 | 0 | (71,350) | ||
Other financing | (617) | (557) | (383) | ||
Net cash provided by (used in) financing activities | 119,758 | 687,813 | (41,717) | ||
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | (52,330) | 2,509 | (12,116) | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 142,595 | [1] | 140,086 | 152,202 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 90,265 | [2] | 142,595 | [1] | 140,086 |
Supplementary cash flow information | |||||
Interest paid, net of amount capitalized | 130,544 | 130,988 | 124,154 | ||
Income taxes (refunded) paid, net | (2,777) | (19) | 272 | ||
Supplementary non-cash investing and financing activities | |||||
Accrued additions to property, plant, and equipment | 7,943 | 16,124 | 56,450 | ||
Non-cash additions to property, plant, and equipment | 0 | 52 | 1,224 | ||
Incurrence of finance lease obligation - barges | 0 | 0 | 16,800 | ||
CLECO POWER | |||||
Operating activities | |||||
Net income | 96,655 | 148,262 | 162,257 | ||
Adjustment to reconcile net income to net cash provided by operating activities | |||||
Depreciation and amortization | 172,452 | 178,245 | 168,248 | ||
Provision for credit losses | 5,100 | 2,348 | 797 | ||
Unearned compensation expense | 1,150 | 974 | 1,873 | ||
Allowance for equity funds used during construction | (998) | (15,397) | (14,159) | ||
Deferred income taxes | 6,165 | 21,799 | (11,545) | ||
Deferred fuel costs | (4,142) | 11,132 | (18,549) | ||
Cash surrender value of company-/trust-owned life insurance | 1,390 | 2,923 | (219) | ||
Changes in assets and liabilities | |||||
Accounts receivable | (21,289) | (4,740) | 3,967 | ||
Accounts receivable - affiliate | 3,403 | 728 | 426 | ||
Unbilled revenue | (6,920) | 2,107 | 1,084 | ||
Fuel inventory and materials and supplies | (16,609) | 21,121 | (2,981) | ||
Prepayments | (1,414) | 386 | 107 | ||
Accounts payable | (27,401) | 14,659 | 22,419 | ||
Accounts payable - affiliate | (276) | 5,912 | (4,700) | ||
Customer deposits | 6,663 | 5,888 | 13,757 | ||
Provision for merger commitments | (1,752) | (1,848) | (3,273) | ||
Postretirement benefit obligations | (12,321) | (10,078) | 4,252 | ||
Regulatory assets and liabilities, net | (78,416) | (1,897) | 1,044 | ||
Other deferred accounts | 17,262 | 6,338 | 5,421 | ||
Taxes accrued | 23,442 | (20,881) | 16,566 | ||
Interest accrued | (2,614) | (280) | 1,169 | ||
Other operating | 2,773 | (2,541) | 2,569 | ||
Net cash provided by operating activities | 127,779 | 352,484 | 339,688 | ||
Investing activities | |||||
Additions to property, plant, and equipment | (378,042) | (313,962) | (289,153) | ||
Allowance for equity funds used during construction | 998 | 15,397 | 14,159 | ||
Reimbursement for property loss | 115 | 141 | 1,375 | ||
Return of equity investment in investee | 8,000 | 1,100 | 0 | ||
Return of investment in company-owned life insurance | 1,912 | 3,761 | 0 | ||
Issuance of note receivable | 0 | 0 | (16,800) | ||
Other investing | 1,081 | 1,313 | 1,392 | ||
Net cash used in investing activities | (365,936) | (292,250) | (289,027) | ||
Financing activities | |||||
Draws on credit facilities | 150,000 | 33,000 | 0 | ||
Payments on credit facilities | (75,000) | (33,000) | 0 | ||
Issuances of long-term debt | 125,000 | 0 | 50,000 | ||
Repayments of long-term debt | (11,055) | (20,571) | (19,193) | ||
Payment of financing costs | (1,732) | (31) | (766) | ||
Distributions to member | 0 | (20,000) | (121,400) | ||
Other financing | (617) | (557) | (382) | ||
Net cash provided by (used in) financing activities | 186,596 | (41,159) | (91,741) | ||
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | (51,561) | 19,075 | (41,080) | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 80,952 | [3] | 61,877 | 102,957 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 29,391 | [4] | 80,952 | [3] | 61,877 |
Supplementary cash flow information | |||||
Interest paid, net of amount capitalized | 67,799 | 67,391 | 70,357 | ||
Supplementary non-cash investing and financing activities | |||||
Accrued additions to property, plant, and equipment | 6,824 | 14,894 | 55,718 | ||
Incurrence of finance lease obligation - barges | $ 0 | $ 0 | $ 16,800 | ||
[1] | Includes cash and cash equivalents of $116,292, current restricted cash and cash equivalents of $11,100, and non-current restricted cash and cash equivalents of $15,203. | ||||
[2] | Includes cash and cash equivalents of $84,976, current restricted cash and cash equivalents of $4,545, and non-current restricted cash and cash equivalents of $744. | ||||
[3] | (1) Includes cash and cash equivalents of $55,489, current restricted cash and cash equivalents of $11,100, and non-current restricted cash and cash equivalents of $14,363. | ||||
[4] | (2) Includes cash and cash equivalents of $24,846, current restricted cash and cash equivalents of $4,545, and non-current restricted cash and cash equivalents of $0. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 84,976 | $ 116,292 |
Restricted cash and cash equivalents, current | 4,545 | 11,100 |
Restricted cash and cash equivalents, noncurrent | 744 | 15,203 |
CLECO POWER | ||
Cash and cash equivalents | 24,846 | 55,489 |
Restricted cash and cash equivalents, current | 4,545 | 11,100 |
Restricted cash and cash equivalents, noncurrent | $ 0 | $ 14,363 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Member's Equity - USD ($) $ in Thousands | Total | MEMBERSHIP INTEREST | RETAINED EARNINGS | AOCI | CLECO POWER | CLECO POWERMEMBERSHIP INTEREST | CLECO POWERAOCI |
Balance, beginning at Dec. 31, 2017 | $ 2,096,357 | $ 2,069,376 | $ 29,902 | $ (2,921) | $ 1,550,679 | $ 1,564,362 | $ (13,683) |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Distributions to member | (71,350) | (71,350) | (121,400) | (121,400) | |||
Net income | 94,437 | 94,437 | 162,257 | 162,257 | |||
Other comprehensive income (loss), net of tax | 5,296 | 5,296 | 2,997 | 2,997 | |||
Reclassification of effect of tax rate change | 0 | 589 | (589) | 0 | 2,496 | (2,496) | |
Balance, ending at Dec. 31, 2018 | 2,124,740 | 2,069,376 | 53,578 | 1,786 | 1,594,533 | 1,607,715 | (13,182) |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Distributions to member | (20,000) | (20,000) | |||||
Contributions from member | 384,900 | 384,900 | 0 | ||||
Net income | 152,665 | 152,665 | 148,262 | 148,262 | |||
Other comprehensive income (loss), net of tax | (19,299) | (19,299) | (9,403) | (9,403) | |||
Balance, ending at Dec. 31, 2019 | 2,643,006 | 2,454,276 | 206,243 | (17,513) | 1,713,392 | 1,735,977 | (22,585) |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 122,300 | 122,300 | 96,655 | 96,655 | |||
Other comprehensive income (loss), net of tax | (8,283) | (8,283) | (2,168) | (2,168) | |||
Balance, ending at Dec. 31, 2020 | $ 2,757,023 | $ 2,454,276 | $ 328,543 | $ (25,796) | $ 1,807,879 | $ 1,832,632 | $ (24,753) |
The Company
The Company | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | Note 1 — The Company Cleco is composed of the following: • Cleco Power, a regulated electric utility subsidiary, which owns 10 generating units with a total rated capacity of 3,360 MW and serves approximately 290,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana and Mississippi. Cleco Power also owns a 50% interest in an entity that owns lignite reserves. Cleco Power owns all of the outstanding membership interests in Cleco Katrina/Rita, a special purpose entity that is consolidated with Cleco Power in its financial statements. • 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 Cajun owns all of the outstanding membership interest in Cottonwood Energy. Upon the closing of the Cleco Cajun Transaction, Cottonwood Energy entered into the Cottonwood Sale Leaseback. For more information on the Cleco Cajun Transaction, see Note 3 — “Business Combinations.” • Cleco’s other operations consist of the following: ◦ Cleco Holdings, a holding company, ◦ Support Group, a shared services subsidiary, ◦ Diversified Lands, an investment subsidiary, and ◦ Attala and Perryville, two subsidiaries that owned and operated transmission interconnection facilities prior to the assets being sold by Cleco on December 29, 2017. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies reopening plan, reducing some of the restrictions that were in effect. The COVID-19 pandemic may significantly worsen in the U.S. during the upcoming months, which may cause federal, state, and local governments to reconsider restrictions on business and social activities. In the event governments increase restrictions, the reopening of the economy may be further curtailed. Cleco has modified some of its business operations, as these restrictions have significantly impacted many sectors of the economy. Impacts include record levels of unemployment, with businesses, nonprofit organizations, and governmental entities modifying, curtailing, or ceasing normal operations. Cleco has also modified and continues to adjust certain business practices to conform to government restrictions and best practices encouraged by the CDC, WHO, and other governmental and regulatory authorities. Cleco cannot predict the full impact that COVID-19, or the significant disruption and volatility currently being experienced in the markets, will have on its business, cash flows, liquidity, financial condition, and results of operations at this time, due to numerous uncertainties. The ultimate impacts will depend on future developments, including, among others, the ultimate geographic spread of COVID-19, the consequences of governmental and other measures designed to prevent the spread of COVID-19, the availability and timely distribution of effective treatments and vaccines, the duration of the pandemic, actions taken by governmental authorities, customers, suppliers and other third parties, workforce availability, and the timing and extent to which normal economic and operating conditions resume. Use of 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. Cleco’s consolidated financial statements include the financial results of Cleco Cajun from the closing of the Cleco Cajun Transaction on February 4, 2019, through December 31, 2020. For more information on the Cleco Cajun Transaction, see Note 3 — “Business Combinations.” 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.” Intangible Assets and Liabilities Intangible assets include Cleco Katrina/Rita’s right to bill and collect storm recovery charges through March 2020, fair value Statements of Cash Flows Cleco 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 and Cleco Cajun’s rates for transmission services are regulated by FERC. Rates for wholesale power sales are based on market-based rates, pending FERC review of Cleco’s generation market power analysis. 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 and refund of certain assets. 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 through the ratemaking process. Regulatory assets and liabilities are amortized consistent with the treatment of the related cost in the ratemaking process. Pursuant to this regulatory approval, 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 6 — “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. In June 2020, Cleco Power remeasured its ARO liability and recorded a $3.3 million increase due to the expected retirement of Dolet Hills Power Station. In September 2020, Cleco Cajun recorded a $0.9 million decrease to its ARO liability associated with the Sterlington generating station as a result of the retirement of the plant. In October 2020, Cleco Power and Cleco Cajun recorded a $0.3 million and $1.1 million, respectively, increase to their ARO liability as a result of the decision to accelerate closure of certain ash management areas in order to comply with updated environmental regulations. For more information on Cleco Power’s current AROs, see Note 6 — “Regulatory Assets and Liabilities — AROs” and Note 15 — “Litigation, Other Commitments and Contingencies, and Disclosures and Guarantee — Risks and Uncertainties.” Property, Plant, and Equipment Property, plant, and equipment consists primarily of utility generation and energy transmission and distribution assets. Assets utilized primarily for retail and wholesale operations and electric transmission and distribution are stated at the cost of construction, 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 7 — “Jointly Owned Generation Units.” 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. On August 1, 2019, Cleco and Cleco Power began amortizing the computer software related to the START project. The amounts of unamortized computer software costs on Cleco’s Consolidated Balance Sheets at December 31, 2020, and 2019 were $178.1 million and $168.6 million, respectively. The amounts of unamortized computer software costs on Cleco Power’s Consolidated Balance Sheets at December 31, 2020, and 2019 were $177.0 million and $166.2 million, respectively. Amortization of capitalized computer software costs charged to expense in Cleco and Cleco Power’s Consolidated Statements of Income for the years ending December 31, 2020, 2019, and 2018 is shown in the following tables: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Amortization $ 11,015 $ 4,917 $ 2,154 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Amortization $ 10,379 $ 4,321 $ 1,607 Upon retirement or disposition, the cost of Cleco Power and Cleco Cajun’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. Cleco Cajun’s depreciation on property, plant, and equipment is calculated primarily on a composite basis over the useful lives of the assets. Depreciation on all other 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: CATEGORY (YEARS) CLECO CLECO POWER Utility Plants Generation 6 – 95 10 – 95 Distribution 15 – 50 15 – 50 Transmission 5 – 55 5 – 55 Other utility plant 2 – 45 5 – 45 Other property, plant, and equipment 5 – 45 5 – 45 At December 31, 2020, and 2019, Cleco and Cleco Power’s property, plant, and equipment consisted of the following: Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Utility plants Generation $ 2,915,349 $ 2,812,843 Distribution 1,357,714 1,153,086 Transmission 667,398 660,279 Other utility plant 391,057 350,683 Other property, plant, and equipment 5,672 5,364 Total property, plant, and equipment 5,337,190 4,982,255 Accumulated depreciation (672,271) (454,874) Net property, plant, and equipment $ 4,664,919 $ 4,527,381 Cleco Power AT DEC. 31, (THOUSANDS) 2020 2019 Regulated utility plants Generation $ 2,673,271 $ 2,633,590 Distribution 1,796,841 1,593,104 Transmission 857,833 805,701 Other utility plant 496,433 457,062 Total property, plant, and equipment 5,824,378 5,489,457 Accumulated depreciation (2,067,362) (1,905,031) Net property, plant, and equipment $ 3,757,016 $ 3,584,426 On February 4, 2019, Cleco acquired $741.2 million of unregulated property, plant, and equipment as a result of the Cleco Cajun Transaction. These assets were recorded at fair market value at the date of the acquisition. For more information on the Cleco Cajun Transaction, see Note 3 — “Business Combinations.” During 2020, Cleco Power’s regulated utility property, plant, and equipment increased primarily due to the costs related to Hurricanes Laura, Delta, and Zeta, and other capital projects. 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, 2020, and 2019, Cleco Power had deferred $2.5 million and $1.4 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 Fuel inventory consists primarily of petroleum coke, coal, limestone, lignite, and natural gas used to generate electricity. 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. 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. In response to the COVID-19 pandemic, the LPSC issued an executive order prohibiting the disconnection of utilities for nonpayment from March 13, 2020, through July 16, 2020. As a result of this executive order, Cleco Power suspended the assessment of late fees, disconnections, and the utilization of collection agencies, which resulted in no additional charge-offs during the second and third quarters of 2020. On July 16, 2020, Cleco Power began setting up payment plan arrangements for customers with past due balances to be repaid over a period of up to 18 months . On August 27, 2020, Hurricane Laura made landfall in southwest Louisiana causing substantial damage to Cleco’s distribution and transmission facilities and to the properties of Cleco’s customers. Although Cleco’s service territory experienced a recent decline in the economy related to these events, the economic outlook at December 31, 2020, was still within range of its historical credit loss analysis. Cleco began resuming disconnections and late fees and utilizing collection agencies on October 1, 2020. In October 2020, hurricanes Delta and Zeta made landfall in south Louisiana causing substantial damage to Cleco’s distribution and transmission facilities and to the properties of Cleco’s customers. Due to the hurricanes, Cleco suspended disconnections for part of October and began resuming disconnections on November 3, 2020. The table below presents the changes in the allowance for credit losses by receivable for Cleco and Cleco Power: Cleco (THOUSANDS) ACCOUNTS OTHER* TOTAL Balances, Dec. 31, 2019 $ 3,005 $ 1,250 $ 4,255 CECL adoption 71 — 71 Current period provision 5,029 388 5,417 Charge-offs (6,423) — (6,423) Recovery 1,076 — 1,076 Balances, Dec. 31, 2020 $ 2,758 $ 1,638 $ 4,396 * Loan held at Diversified Lands that was fully reserved for at December 31, 2020. Cleco Power (THOUSANDS) ACCOUNTS Balances, Dec. 31, 2019 $ 3,005 CECL adoption 71 Current period provision 5,029 Charge-offs (6,423) Recovery 1,076 Balances, Dec. 31, 2020 $ 2,758 For more information on the adoption of CECL, see “— Recent Authoritative Guidance.” 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 damage to lines, Cleco Power maintains an LPSC-approved funded storm reserve. 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, 2020, and 2019, the general liability and workers compensation reserves together were $4.5 million and $4.3 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. 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 and Cleco Power’s restricted cash and cash equivalents consisted of: Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Current Cleco Katrina/Rita’s storm recovery bonds $ 2,626 $ 9,632 Cleco Power’s charitable contributions 1,718 1,200 Cleco Power’s rate credit escrow 201 268 Total current 4,545 11,100 Non-current Diversified Lands’ mitigation escrow 22 21 Cleco Cajun’s defense fund 722 719 Cleco Cajun’s margin deposits — 100 Cleco Power’s future storm restoration costs — 12,269 Cleco Power’s charitable contributions — 2,094 Total non-current 744 15,203 Total restricted cash and cash equivalents $ 5,289 $ 26,303 Cleco Power AT DEC. 31, (THOUSANDS) 2020 2019 Current Cleco Katrina/Rita’s storm recovery bonds $ 2,626 $ 9,632 Charitable contributions 1,718 1,200 Rate credit escrow 201 268 Total current 4,545 11,100 Non-current Future storm restoration costs — 12,269 Charitable contributions — 2,094 Total non-current — 14,363 Total restricted cash and cash equivalents $ 4,545 $ 25,463 Cleco Katrina/Rita had the right to bill and collect storm restoration costs from Cleco Power’s customers. As cash was collected, it was restricted for payment of administration fees, interest, and principal on storm recovery bonds. The change from December 31, 2019, to December 31, 2020, was due to Cleco Katrina/Rita using $11.1 million for the final storm recovery bond principal payment and $0.3 million for the related final interest payment, partially offset by collections of $4.4 million net of administration fees. At December 31, 2020, the remaining $2.6 million of restricted cash is expected to be used for final administrative and winding up activities of Cleco Katrina/Rita, including refunds to Cleco Power customers for amounts remaining after all other costs are paid. Cleco Power’s restricted cash and cash equivalents held for future storm restoration costs decreased $12.3 million from December 31, 2019, primarily due to the transfer of $8.3 million towards the costs associated with Hurricane Laura and $4.0 million to cover costs associated with other storms. For more information about Hurricane Laura, see Note 19 — “Storm Restoration.” Equity Investments Cleco and Cleco Power account for investments in unconsolidated affiliated companies using the equity method of accounting. The amounts reported on Cleco 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 and Cleco Power’s Consolidated Statements of Income. Income Taxes Cleco accounts for income taxes under the asset and liability method. Cleco provides for federal and state income taxes currently payable, as well as for those deferred due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets and liabilities are classified as non-current on Cleco and Cleco Power’s Consolidated Balance Sheets. Cleco’s income tax expense and related regulatory assets and liabilities could be affected by changes in its assumptions and estimates and by ultimate resolution of assumptions and estimates with taxing authorities. 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 sales 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 regulators. Sales taxes and pass-through fees collected on the sale of electricity are not recorded in utility revenue. 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 and Cleco Power’s Consolidated Statements of Income but are reflected at gross amounts on Cleco and Cleco Power’s Consolidated Balance Sheets as a receivable until the tax is collected and as a payable until the liability is paid. Cleco currently has no sales tax collected from customers reflected on its income statement. Franchise Fees Cleco Power collects a consumer fee for one of its franchise agreements. This fee is not recorded on Cleco and Cleco Power’s Consolidated Statements of Income as revenue and expense, but is reflected at gross amounts on Cleco and Cleco Power’s Consolidated Balance Sheets as a receivable until it is collected and as a payable until the liability is paid. AFUDC 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 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 8 — “Fair Value Accounting.” Derivatives and Other Risk Management Activity Cleco’s Energy Market Risk Management Policy authorizes hedging of commodity price risk with physical or financially settled derivative instruments. Some of these contracts may qualify for the normal purchase, normal sale (NPNS) exception under derivative accounting guidance. Contracts that do not qualify for NPNS accounting treatment or are not elected for NPNS accounting treatment are marked-to-market and recorded on the balance sheet at their fair value. Cleco Power and Cleco Cajun are awarded and/or purchase FTRs in auctions facilitated by MISO. The majority of these FTRs are purchased in annual auctions during the second quarter, but additional FTRs may be purchased in monthly auctions. FTRs represent economic hedges of future congestion charges that will be incurred in serving customer load. FTRs are derivatives not designated as hedging instruments for accounting purposes. Cleco Power’s FTRs are marked-to-market with the resulting unrealized gains or losses deferred as a component of deferred fuel assets or liabilities in accordance with regulatory policy. At settlement, realized gains or losses are included in the FAC and reflected on customers’ bills as a component of the fuel charge. Cleco Cajun’s FTRs are marked-to-market with the resulting unrealized gains and losses recorded on the income statement as a component of purchased power expense. At settlement, realized gains or losses are also recorded on the income statement as a component of purchased power expense. Cleco Cajun has fixed price physical forwards and financial swaps contracts. Management did not elect to apply hedge accounting to these contracts as allowed under applicable accounting standards. When these contracts are marked-to-market, the resulting unrealized gain or loss is recorded on the income statement as a component of fuel expense. At settlement, realized gains or losses are also recorded on the income statement as a component of fuel expense. For more information on FTRs and other commodity derivatives, see Note 8 — “Fair Value Accounting — Commodity Contracts.” Cleco may also enter into contracts to mitigate the volatility in interest rate risk. These contracts include, but are not limited to, interest rate swaps and treasury rate locks. For each reporting period presented, the Registrants did not enter into any contracts to mitigate the volatility in interest rate risk. Accounting for MISO Transactions Cleco Power and Cleco Cajun participate in MISO’s Energy and Operating Reserve market where sales and purchases are netted hourly. If the hourly activity nets to sales, the result is reported in Electric operations on Cleco and Cleco Power’s Consolidated Statements of Income. If the hourly activity nets to purchases, the result is reported in Purchased power on Cleco and Cleco Power’s Consolidated Statements of Income. Leases In February 2016, FASB amended the guidance to account for leases. Effective January 1, 2019, Cleco adopted the amended accounting guidance. 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 4 — “Leases.” Recent Authoritative Guidance In June 2016, FASB amended the guidance for the measurement of credit losses on receivables and certain other assets. In-scope items for Cleco include unbilled revenue, trade receivables, notes receivables, other accounts receivables, and guarantees. The guidance requires use of a current expected loss model, which may result in earlier recognition of credit losses. Effective January 1, 2020, Cleco adopted the amended guidance using the prospective transition method. Adoption of this standard resulted in less than a $0.1 million increase in credit loss reserves related to unbilled revenue and trade receivables. The current expected credit loss model did not impact reserves related to any other in-scope items. For more information on Cleco’s accounting for credit losses, see “— Reserves for Credit Losses.” In August 2018, FASB issued guidance that allows for the deferral of certain implementation costs incurred in a cloud computing arrangement. Effective January 1, 2020, Cleco adopted the guidance using the prospective transition method. Adoption of this guidance did not materially impact the Registrants’ results of operations, financial condition, or cash flows. 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 may be applied from March 12, 2020, through December 31, 2022. Management has initiated a review of contracts to identify those with reference rates that will be discontinued and expects to apply this guidance on an on-going basis. Management does not expect this guidance to have a significant impact on the Registrants’ results of operations, financial condition, or cash flows. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | Note 3 — Business Combinations On February 4, 2019, Cleco Cajun acquired from NRG Energy all of the outstanding membership interests in South Central Generating. This acquisition enabled Cleco to significantly increase the scale of its operations in Louisiana and included the following: • a 176-MW natural-gas-fired generating station located in Sterlington, Louisiana, • a 220-MW natural-gas-fired facility and a 210-MW natural-gas-fired peaking facility, both located in Jarreau, Louisiana, • a 580-MW coal-fired generating facility, a 540-MW natural-gas-fired generating station, and 58% of a 588-MW coal-fired generating station all located in New Roads, Louisiana, • 225 MW of a 300-MW natural-gas-fired peaking facility located in Jennings, Louisiana, • a 1,263-MW natural-gas-fired generating station located in Deweyville, Texas (the Cottonwood Plant), • wholesale contracts to provide electricity and capacity to nine Louisiana cooperatives, five municipalities across Arkansas, Louisiana, and Texas, and one investor-owned utility, • transmission assets, which consist of equipment and land required to connect the generation stations and the wholesale customers to the transmission grid, and • current assets consisting of cash, inventory, receivables and other miscellaneous assets. Since the Cleco Cajun Transaction on February 4, 2019, two of the five contracts with municipalities have expired and were not renewed. Also, the Sterlington generating station was retired in December 2020. Cleco Cajun, NRG Energy, and South Central Generating each made customary representations, warranties and covenants in the Cleco Cajun Transaction, which include customary indemnification provisions. Cleco Holdings has agreed to guarantee the obligations of Cleco Cajun, subject to certain limitations. In addition, a lease agreement was 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 no later than May 2025. Upon closing, Cottonwood Energy became a subsidiary of Cleco Cajun. Regulatory Matters In January 2019, the LPSC approved the Cleco Cajun Transaction. Approval of the transaction was conditioned upon certain commitments, including holding Cleco Power ratepayers harmless for any adverse impacts, increased costs of debt or equity, and credit rating downgrades attributable to the Cleco Cajun Transaction; the repayment of $400.0 million of Cleco Holdings’ debt by 2024; and a $4.0 million annual reduction to Cleco Power’s retail customer rates. For more information about the rate reduction and debt commitments, see Note 6 — “Regulatory Assets and Liabilities” and Note 9 — “Debt,” respectively. South Central Generating In 2017, Louisiana Generating received insurance settlement proceeds for costs incurred to resolve a lawsuit which was brought by the EPA and the LDEQ against Louisiana Generating related to Big Cajun II, Unit 3. As part of the Cleco Cajun Transaction, Cleco Cajun assumed a $10.0 million contingent liability and NRG Energy indemnified Cleco for losses associated with this litigation matter. As a result, Cleco also recorded a $10.0 million indemnification asset, which was included in the purchase price allocation and included in other current assets on Cleco’s Condensed Consolidated Balance Sheets. For more information on litigation involving South Central Generating, see Note 15 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — South Central Generating.” Accounting for the Cleco Cajun Transaction As consideration for all of the outstanding membership interest in South Central Generating, Cleco paid cash of approximately $962.2 million, which represents the $1.0 billion acquisition price net of working capital and other adjustments of $37.8 million. In connection with the Cleco Cajun Transaction on February 4, 2019, Cleco Holdings borrowed $300.0 million under a bridge loan agreement and $100.0 million under a term loan agreement. Both loan agreements are variable rate debt and have a three-year term. Both loan agreements contain certain financial covenants, including requiring Cleco Holdings to maintain (i) a debt to capital ratio (as defined in the applicable agreement) below 65% and (ii) a rating applicable to Cleco’s senior debt rating (as defined in the applicable agreement). On September 11, 2019, Cleco Holdings refinanced the remaining amounts due under the $300.0 million bridge loan agreement and a portion of the $100.0 million term loan agreement with the proceeds from the private placement of $300.0 million aggregate principal amount of senior notes. For more information, see Note 9 — “Debt.” Also, in connection with the Cleco Cajun Transaction, Cleco Holdings increased its credit facility capacity by $75.0 million, for a total capacity of $175.0 million. All other terms remained the same. Also, in connection with the Cleco Cajun Transaction on February 4, 2019, Cleco Holdings made a $75.0 million draw on its credit facility, which was repaid on February 5, 2019. The remaining cash required to finance the transaction consisted of an equity contribution from Cleco Group of $384.9 million and $102.3 million from cash on hand at Cleco Holdings. Cleco Cajun accounted for the Cleco Cajun Transaction as a business combination, and accordingly, the assets acquired and liabilities assumed were recorded at their estimated fair values as of the date of the acquisition. Cleco made certain measurement period adjustments at June 30, 2019. The following chart presents Cleco’s current purchase price allocation: Purchase Price Allocation (THOUSANDS) Current assets Cash and cash equivalents $ 146,494 Customer and other accounts receivable 49,809 Fuel inventory 22,060 Materials and supplies 25,659 Energy risk management assets 4,193 Other current assets 10,056 Non-current assets Property, plant, and equipment, net 741,203 Prepayments 36,166 Restricted cash and cash equivalents 707 Intangible assets 98,900 Other deferred charges 133 Total assets acquired 1,135,380 Current liabilities Accounts payable 38,478 Taxes payable 723 Energy risk management liabilities 241 Other current liabilities 14,570 Non-current liabilities Accumulated deferred federal and state income taxes, net 7,165 Deferred lease revenue 58,300 Intangible liabilities 38,300 Asset retirement obligations 15,323 Operating lease liabilities 110 Total liabilities assumed 173,210 Total purchase price consideration $ 962,170 The fair values of Cleco Cajun’s acquired assets and assumed liabilities were determined based on significant estimates and assumptions, including projected future cash flows and discount rates reflecting risk inherent in those future cash flows. There were also estimates made to determine the expected useful lives of each class of assets acquired. On the date of the acquisition, 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. The fair value of intangible assets of $98.9 million and intangible liabilities of $14.2 million was reflected in the purchase price allocation. The valuation of the acquired intangible assets and liabilities was estimated by applying the income method, which is based upon discounted projected future cash flows associated with the underlying contracts. The power supply agreement intangible assets and liabilities are being amortized to Electric operations on Cleco’s Consolidated Statement of Income over the remaining term of the applicable agreements. As part of the Cleco Cajun Transaction, Cleco assumed an LTSA for maintenance services related to the Cottonwood Plant. The fair value of the LTSA was estimated by applying the income method. An intangible liability of $24.1 million was reflected in the purchase price allocation and is being amortized using the straight-line method over the estimated remaining life of the LTSA at the time it was acquired. The amortization is included as a reduction to the LTSA prepayments on Cleco’s Consolidated Balance Sheet. On the date of the acquisition, the fair value of the lease between Cottonwood Energy and a special-purpose entity that is a subsidiary of NRG Energy was estimated by applying the income method. Deferred lease revenue of $58.3 million was reflected in the purchase price allocation and is being amortized over the term of the lease agreement. The amortization is included in Other operations revenue on Cleco’s Consolidated Statement of Income. During the second quarter of 2019, certain modifications were made to the preliminary valuations as of February 4, 2019, due to the refinement of valuation models, assumptions, and inputs. The measurement period adjustments were based upon information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the measurement of the amounts recognized at that date. Measurement Period Adjustments (THOUSANDS) AT JUNE 30, 2019 Current assets Customer and other accounts receivable $ 1,408 Other current assets $ 56 Non-current assets Property, plant, and equipment, net $ 13,297 Prepayments $ (56) Intangible assets $ (3,600) Other deferred charges $ 1 Current liabilities Accounts payable $ 3,022 Energy risk management liabilities $ (1) Other current liabilities $ 327 Non-current liabilities Accumulated deferred federal and state income taxes, net $ 421 Deferred lease revenue $ (3,600) Intangible liabilities $ 6,400 Asset retirement obligations $ 4,534 Operating lease liabilities $ 3 The measurement period adjustments resulted in an increase in electric operations revenue of $0.5 million, a decrease in other operations revenue of $0.1 million, and an increase in depreciation expense of $0.2 million recorded for the three months ended June 30, 2019. As of December 31, 2019, Cleco completed its evaluation and determination of the fair value of assets acquired and liabilities assumed in the Cleco Cajun Transaction. There were no adjustments to those amounts during the third and fourth quarters of 2019. Pro forma Impact of the Cleco Cajun Transaction The following table includes the unaudited pro forma financial information reflecting the consolidated results of operations of Cleco as if the Cleco Cajun Transaction had taken place on January 1, 2018. The pro forma net income for the year ended December 31, 2019, was adjusted to exclude nonrecurring transaction-related expenses of $4.7 million. The pro forma net income for the year ended December 31, 2018, includes nonrecurring transaction-related expenses. The unaudited pro forma financial information presented in the following table is not necessarily indicative of the consolidated results of operations that would have been achieved had the transaction taken place on the dates indicated, or the future consolidated results of operations of the combined companies. Unaudited Pro Forma Financial Information FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2019 2018 Operating revenue, net $ 1,660,362 $ 1,668,022 Net income $ 154,898 $ 170,224 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 4 — 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. On July 9, 2019, one municipal lease was renewed for an additional 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. Cleco Power has a lease for 113 railcars for coal transportation which expires on March 31, 2021. Cleco Cajun has a lease for 135 railcars for coal transportation, which commenced in February 2019 and was a short-term lease with an initial term of 12 months. On January 27, 2020, this lease was renewed and expires on March 31, 2021. This lease renews for additional one-month terms unless Cleco Cajun chooses to terminate. Cleco reassesses its need for the railcars upon the expiration of each term. Cleco pays a monthly rental fee per car. The railcar leases do 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 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 and Cleco Power’s long-term operating leases together with the present value of the net minimum lease payments as of December 31, 2020: (THOUSANDS) CLECO POWER CLECO Years ending Dec. 31, 2021 $ 3,543 $ 3,682 2022 3,289 3,320 2023 3,234 3,262 2024 3,216 3,236 2025 3,216 3,216 Thereafter 15,401 15,401 Total minimum lease payments 31,899 32,117 Less: amount representing interest 5,932 5,982 Present value of net minimum operating lease payments $ 25,967 $ 26,135 Current liabilities $ 2,672 $ 2,802 Non-current liabilities $ 23,295 $ 23,333 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 the years ended December 31, 2020, 2019, and 2018, Cleco Power paid $2.2 million, $2.2 million, and $2.0 million, respectively, in lease payments. For the years ended December 31, 2020, 2019, and 2018, Cleco Power received $0.8 million, $1.7 million, and $0.5 million, respectively, of revenue from subleases. The following is an analysis of the leased property under the finance lease: (THOUSANDS) AT DEC. 31, 2020 AT DEC. 31, 2019 Barges $ 16,800 $ 16,800 Accumulated amortization (3,080) (1,960) Net finance lease asset $ 13,720 $ 14,840 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, 2020: (THOUSANDS) Years ending Dec. 31, 2021 $ 2,203 2022 2,203 2023 2,203 2024 2,203 2025 2,203 Thereafter 15,472 Total minimum lease payments 26,487 Less: amount representing interest 11,243 Present value of net minimum finance lease payments $ 15,244 Current liabilities $ 682 Non-current liabilities $ 14,562 Additional Lessee Disclosures Cleco 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, 2020, and 2019: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Finance lease cost Amortization of ROU assets $ 1,120 $ 1,120 Interest on lease liabilities 1,587 1,646 Operating lease cost 4,576 4,528 Variable lease cost 301 515 Total lease cost $ 7,584 $ 7,809 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Finance lease cost Amortization of ROU assets $ 1,120 $ 1,120 Interest on lease liabilities 1,587 1,646 Operating lease cost 4,191 4,303 Variable lease cost 301 515 Total lease cost $ 7,199 $ 7,584 The following tables present additional information related to Cleco and Cleco Power’s operating and finance leases as of and for the years ended December 31, 2020, and 2019: Cleco AT DEC. 31, (THOUSANDS) BALANCE SHEET LINE ITEM 2020 2019 Supplemental balance sheet information ROU assets Operating Operating lease right of use assets $ 26,172 $ 28,791 Finance Property, plant, and equipment 13,720 14,840 Total ROU assets $ 39,892 $ 43,631 Current lease liabilities Operating Other current liabilities $ 2,802 $ 2,978 Finance Long-term debt and finance leases due within one year 682 617 Non-current lease liabilities Operating Operating lease liabilities 23,333 25,779 Finance Long-term debt and finance leases, net 14,562 15,244 Total lease liabilities $ 41,379 $ 44,618 Cleco Power AT DEC. 31, (THOUSANDS) BALANCE SHEET LINE ITEM 2020 2019 Supplemental balance sheet information ROU assets Operating Operating lease right of use assets $ 26,006 $ 28,633 Finance Property, plant, and equipment 13,720 14,840 Total ROU assets $ 39,726 $ 43,473 Current lease liabilities Operating Other current liabilities $ 2,672 $ 2,935 Finance Long-term debt and finance leases due within one year 682 617 Non-current lease liabilities Operating Operating lease liabilities 23,295 25,658 Finance Long-term debt and finance leases, net 14,562 15,244 Total lease liabilities $ 41,211 $ 44,454 Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,504 $ 4,452 Operating cash flows from finance leases $ 1,587 $ 1,646 Financing cash flows from finance leases $ 617 $ 557 ROU assets obtained in exchange for new lease liabilities $ — $ 15,881 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,120 $ 4,203 Operating cash flows from finance leases $ 1,587 $ 1,646 Financing cash flows from finance leases $ 617 $ 557 ROU assets obtained in exchange for new lease liabilities $ — $ 15,749 Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Other supplemental information Operating leases Weighted-average remaining lease term 9.9 years 10.8 years Weighted-average discount rate 4.31 % 4.31 % Finance leases Weighted-average remaining lease term 12.3 years 13.3 years Weighted-average discount rate 10.18 % 10.18 % Cleco Power AT DEC. 31, 2020 (THOUSANDS) 2020 2019 Other supplemental information Operating leases Weighted-average remaining lease term 10.0 years 10.8 years Weighted-average discount rate 4.31 % 4.31 % Finance leases Weighted-average remaining lease term 12.3 years 13.3 years Weighted-average discount rate 10.18 % 10.18 % 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 entity with lessor arrangements. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the years ended December 31, 2020, and 2019 was as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Fixed payments $ 40,000 $ 36,667 Variable payments 20,883 20,415 Amortization of deferred lease liability (1) 9,205 8,438 Total lease income $ 70,088 $ 65,520 (1) 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: (THOUSANDS) Years ending Dec. 31, 2021 $ 40,000 2022 40,000 2023 40,000 2024 40,000 2025 16,667 Total payments $ 176,667 Depreciation expense associated with Cleco’s property under the Cottonwood Sale Leaseback for the year ended December 31, 2020, and 2019, was $29.3 million and $22.7 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: AT DEC. 31, (THOUSANDS) 2020 2019 Property, plant, and equipment $ 552,659 $ 540,409 Accumulated depreciation (52,053) (22,741) Net property, plant, and equipment $ 500,606 $ 517,668 |
Leases | Note 4 — 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. On July 9, 2019, one municipal lease was renewed for an additional 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. Cleco Power has a lease for 113 railcars for coal transportation which expires on March 31, 2021. Cleco Cajun has a lease for 135 railcars for coal transportation, which commenced in February 2019 and was a short-term lease with an initial term of 12 months. On January 27, 2020, this lease was renewed and expires on March 31, 2021. This lease renews for additional one-month terms unless Cleco Cajun chooses to terminate. Cleco reassesses its need for the railcars upon the expiration of each term. Cleco pays a monthly rental fee per car. The railcar leases do 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 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 and Cleco Power’s long-term operating leases together with the present value of the net minimum lease payments as of December 31, 2020: (THOUSANDS) CLECO POWER CLECO Years ending Dec. 31, 2021 $ 3,543 $ 3,682 2022 3,289 3,320 2023 3,234 3,262 2024 3,216 3,236 2025 3,216 3,216 Thereafter 15,401 15,401 Total minimum lease payments 31,899 32,117 Less: amount representing interest 5,932 5,982 Present value of net minimum operating lease payments $ 25,967 $ 26,135 Current liabilities $ 2,672 $ 2,802 Non-current liabilities $ 23,295 $ 23,333 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 the years ended December 31, 2020, 2019, and 2018, Cleco Power paid $2.2 million, $2.2 million, and $2.0 million, respectively, in lease payments. For the years ended December 31, 2020, 2019, and 2018, Cleco Power received $0.8 million, $1.7 million, and $0.5 million, respectively, of revenue from subleases. The following is an analysis of the leased property under the finance lease: (THOUSANDS) AT DEC. 31, 2020 AT DEC. 31, 2019 Barges $ 16,800 $ 16,800 Accumulated amortization (3,080) (1,960) Net finance lease asset $ 13,720 $ 14,840 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, 2020: (THOUSANDS) Years ending Dec. 31, 2021 $ 2,203 2022 2,203 2023 2,203 2024 2,203 2025 2,203 Thereafter 15,472 Total minimum lease payments 26,487 Less: amount representing interest 11,243 Present value of net minimum finance lease payments $ 15,244 Current liabilities $ 682 Non-current liabilities $ 14,562 Additional Lessee Disclosures Cleco 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, 2020, and 2019: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Finance lease cost Amortization of ROU assets $ 1,120 $ 1,120 Interest on lease liabilities 1,587 1,646 Operating lease cost 4,576 4,528 Variable lease cost 301 515 Total lease cost $ 7,584 $ 7,809 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Finance lease cost Amortization of ROU assets $ 1,120 $ 1,120 Interest on lease liabilities 1,587 1,646 Operating lease cost 4,191 4,303 Variable lease cost 301 515 Total lease cost $ 7,199 $ 7,584 The following tables present additional information related to Cleco and Cleco Power’s operating and finance leases as of and for the years ended December 31, 2020, and 2019: Cleco AT DEC. 31, (THOUSANDS) BALANCE SHEET LINE ITEM 2020 2019 Supplemental balance sheet information ROU assets Operating Operating lease right of use assets $ 26,172 $ 28,791 Finance Property, plant, and equipment 13,720 14,840 Total ROU assets $ 39,892 $ 43,631 Current lease liabilities Operating Other current liabilities $ 2,802 $ 2,978 Finance Long-term debt and finance leases due within one year 682 617 Non-current lease liabilities Operating Operating lease liabilities 23,333 25,779 Finance Long-term debt and finance leases, net 14,562 15,244 Total lease liabilities $ 41,379 $ 44,618 Cleco Power AT DEC. 31, (THOUSANDS) BALANCE SHEET LINE ITEM 2020 2019 Supplemental balance sheet information ROU assets Operating Operating lease right of use assets $ 26,006 $ 28,633 Finance Property, plant, and equipment 13,720 14,840 Total ROU assets $ 39,726 $ 43,473 Current lease liabilities Operating Other current liabilities $ 2,672 $ 2,935 Finance Long-term debt and finance leases due within one year 682 617 Non-current lease liabilities Operating Operating lease liabilities 23,295 25,658 Finance Long-term debt and finance leases, net 14,562 15,244 Total lease liabilities $ 41,211 $ 44,454 Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,504 $ 4,452 Operating cash flows from finance leases $ 1,587 $ 1,646 Financing cash flows from finance leases $ 617 $ 557 ROU assets obtained in exchange for new lease liabilities $ — $ 15,881 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,120 $ 4,203 Operating cash flows from finance leases $ 1,587 $ 1,646 Financing cash flows from finance leases $ 617 $ 557 ROU assets obtained in exchange for new lease liabilities $ — $ 15,749 Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Other supplemental information Operating leases Weighted-average remaining lease term 9.9 years 10.8 years Weighted-average discount rate 4.31 % 4.31 % Finance leases Weighted-average remaining lease term 12.3 years 13.3 years Weighted-average discount rate 10.18 % 10.18 % Cleco Power AT DEC. 31, 2020 (THOUSANDS) 2020 2019 Other supplemental information Operating leases Weighted-average remaining lease term 10.0 years 10.8 years Weighted-average discount rate 4.31 % 4.31 % Finance leases Weighted-average remaining lease term 12.3 years 13.3 years Weighted-average discount rate 10.18 % 10.18 % 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 entity with lessor arrangements. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the years ended December 31, 2020, and 2019 was as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Fixed payments $ 40,000 $ 36,667 Variable payments 20,883 20,415 Amortization of deferred lease liability (1) 9,205 8,438 Total lease income $ 70,088 $ 65,520 (1) 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: (THOUSANDS) Years ending Dec. 31, 2021 $ 40,000 2022 40,000 2023 40,000 2024 40,000 2025 16,667 Total payments $ 176,667 Depreciation expense associated with Cleco’s property under the Cottonwood Sale Leaseback for the year ended December 31, 2020, and 2019, was $29.3 million and $22.7 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: AT DEC. 31, (THOUSANDS) 2020 2019 Property, plant, and equipment $ 552,659 $ 540,409 Accumulated depreciation (52,053) (22,741) Net property, plant, and equipment $ 500,606 $ 517,668 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 5 — Revenue Recognition Revenue from Contracts with Customers Retail Utility Revenue Cleco’s retail revenue from contracts with customers is generated primarily from Cleco Power’s regulated revenue 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 Cleco Power’s 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. Cleco Power uses actual customer energy consumption data available from AMI to calculate unbilled revenue. Also included in Cleco Power’s retail revenue is electric customer credits, which primarily represents the accrued estimated refunds to Cleco Power’s retail customers for the tax related benefits of the TCJA. Wholesale Revenue Cleco’s wholesale revenue is generated primarily through the sale of energy and capacity to 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. For 2019 and 2018, other revenue includes Cleco Power’s Teche Unit 3 SSR revenue. 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 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 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 4 — “Leases — Lessor Agreements — Cottonwood Sale Leaseback Agreement.” Disaggregated Revenue Upon the completion of the Cleco Cajun Transaction on February 4, 2019, Cleco Cajun became a reportable segment. For more information on the Cleco Cajun Transaction, see Note 3 — “Business Combinations.” Operating revenue, net for the year ended December 31, 2020, and 2019, was as follows: FOR THE YEAR ENDED DEC. 31, 2020 (THOUSANDS) CLECO POWER CLECO CAJUN OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 402,050 $ — $ — $ — $ 402,050 Commercial (1) 256,964 — — — 256,964 Industrial (1) 137,920 — — — 137,920 Other retail (1) 14,235 — — — 14,235 Surcharge 2,440 — — — 2,440 Electric customer credits (52,208) — — — (52,208) Total retail revenue 761,401 — — — 761,401 Wholesale, net 192,187 (1) 365,555 (9,680) (2) — 548,062 Transmission, net 49,164 (3) 51,449 (4) — (6,463) 94,150 Other 15,162 — — 1 15,163 Affiliate (5) 5,156 204 129,126 (134,486) — Total revenue from contracts with customers 1,023,070 417,208 119,446 (140,948) 1,418,776 Revenue unrelated to contracts with customers Other 9,222 (6) 70,145 (7) 3 — 79,370 Total revenue unrelated to contracts with customers 9,222 70,145 3 — 79,370 Operating revenue, net $ 1,032,292 $ 487,353 $ 119,449 $ (140,948) $ 1,498,146 (1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes $0.9 million of electric customer credits. (4) Includes $0.2 million of electric customer credits. (5) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (6) Represents realized gains associated with FTRs. (7) Includes $60.9 million in lease revenue related to the Cottonwood Sale Leaseback and $9.2 million of deferred lease revenue amortization. FOR THE YEAR ENDED DEC. 31, 2019 (THOUSANDS) CLECO POWER CLECO CAJUN OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 415,242 $ — $ — $ — $ 415,242 Commercial (1) 289,197 — — — 289,197 Industrial (1) 149,711 — — — 149,711 Other retail (1) 15,046 — — — 15,046 Surcharge 22,132 — — — 22,132 Electric customer credits (35,880) — — — (35,880) Total retail revenue 855,448 — — — 855,448 Wholesale, net 226,978 (1) 374,635 (2) (9,680) (3) (1) 591,932 Transmission 50,874 (4) 51,315 (5) — (7,471) 94,718 Other 19,324 (6) — 2 — 19,326 Affiliate (7) 3,125 108 109,067 (112,300) — Total revenue from contracts with customers 1,155,749 426,058 99,389 (119,772) 1,561,424 Revenue unrelated to contracts with customers Other 12,621 (8) 65,560 (9) — — 78,181 Total revenue unrelated to contracts with customers 12,621 65,560 — — 78,181 Operating revenue, net $ 1,168,370 $ 491,618 $ 99,389 $ (119,772) $ 1,639,605 (1) Includes fuel recovery revenue. (2) Includes $0.8 million of electric customer credits. (3) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (4) Includes $2.6 million of electric customer credits. (5) Includes $0.7 million of electric customer credits. (6) Includes $16.1 million of other miscellaneous fee revenue and $3.2 million of Teche Unit 3 SSR revenue. (7) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (8) Includes realized gains associated with FTRs of $12.4 million and LCFC revenue of $0.2 million. (9) Includes $57.1 million in lease revenue related to the Cottonwood Sale Leaseback and $8.4 million of deferred lease revenue amortization. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | Note 6 — Regulatory Assets and Liabilities Cleco Power capitalizes or defers certain costs for recovery from customers and recognizes a liability for amounts expected to be returned to 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. 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: Cleco Power AT DEC. 31, REMAINING RECOVERY PERIOD (YRS.) (THOUSANDS) 2020 2019 Regulatory assets Acadia Unit 1 acquisition costs $ 2,019 $ 2,124 19 Accumulated deferred fuel 28,194 22,910 * AFUDC equity gross-up (1) 69,670 72,766 * AMI deferred revenue requirement 2,591 3,136 5 AROs 5,488 3,668 * Coughlin transaction costs 876 906 28.5 COVID-19 executive order 2,953 — * Deferred storm restoration costs - Hurricane Delta 17,051 — * Deferred storm restoration costs - Hurricane Laura 54,406 — * Deferred storm restoration costs - Hurricane Zeta 3,493 — * Dolet Hills closure costs 48,982 — * Emergency declarations 270 1,349 0.5 Energy efficiency 2,820 2,820 2 Financing costs 7,184 7,554 * Interest costs 3,708 3,958 * Non-service cost of postretirement benefits 9,901 6,739 * Other 4,229 987 * Postretirement costs 165,437 151,543 * Production operations and maintenance expenses 4,058 7,985 * Rodemacher Unit 2 closure costs 1,333 — * St. Mary Clean Energy Center 3,479 — * Surcredits, net (1) — 145 * Training costs 6,085 6,241 39 Tree trimming costs 11,807 11,341 * Total regulatory assets 456,034 306,172 Regulatory liabilities AFUDC (4,218) — * Corporate franchise tax, net (763) (1,145) * Deferred taxes, net (175,584) (146,948) * Other — (834) * St. Mary Clean Energy Center — (4,696) * Total regulatory liabilities (180,565) (153,623) Total regulatory assets, net $ 275,469 $ 152,549 (1) Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2020, and 2019, respectively. All other assets are earning a return on investment. * For information related to the remaining recovery periods, refer to the following disclosures for each specific regulatory asset. The following table summarizes Cleco’s net regulatory assets and liabilities: Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Total Cleco Power regulatory assets, net $ 275,469 $ 152,549 2016 Merger adjustments (1) Fair value of long-term debt 119,553 127,977 Postretirement costs 15,411 17,399 Financing costs 7,592 7,935 Debt issuance costs 5,254 5,665 Total Cleco regulatory assets, net $ 423,279 $ 311,525 (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 2020, approximately 76% of Cleco Power’s total fuel cost was regulated by the LPSC. 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 of Cleco Power’s AROs, see Note 2 — “Summary of Significant Accounting Policies — AROs.” 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 costs associated with the disconnect fees and incremental costs over a four-year period. At December 31, 2020, Cleco Power had a regulatory asset of $3.0 million for expenses incurred. Deferred Storm Restoration Costs On August 27, 2020, Hurricane Laura made landfall in southwest Louisiana as a Category 4 storm, causing power outages for approximately 140,000 of Cleco Power’s electric customers located primarily in central and southwest Louisiana. On October 9, 2020, Hurricane Delta made landfall in southwest Louisiana as a Category 2 storm, causing peak power outages for approximately 132,000 of Cleco Power’s electric customers located primarily in central and south Louisiana. On October 28, 2020, Hurricane Zeta made landfall in southeast Louisiana as a Category 2 storm, causing peak power outages for approximately 73,000 of Cleco Power’s electric customers located primarily in southeast Louisiana. The LPSC approved utilities establishing a regulatory asset to track and defer non-capital expenses associated with the hurricanes. On December 4, 2020, Cleco Power made a filing with the LPSC requesting interim rate recovery for return on certain storm damage costs until such time that securitization of the costs associated with Hurricanes Laura, Delta, and Zeta can be completed. For more information about Hurricanes Laura, Delta, and Zeta, see Note 19 — “Storm Restoration.” Dolet Hills Closure Costs In June 2020, Cleco Power revised depreciation rates for the Dolet Hills Power Station to utilize the December 2021 expected end-of-life and early closure 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. At December 31, 2020, Cleco Power had $49.0 million deferred as a regulatory asset for accelerated depreciation. Cleco Power anticipates filing an application in March 2021 with the LPSC giving notice that the Dolet Hills Power Station will be retired at the end of 2021 and requesting the approval of the regulatory treatment and recovery of the stranded costs and decommissioning costs over 20 years. For more information on the Dolet Hills Power Station, see Note 15 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — Risks and Uncertainties.” Emergency Declarations In August 2016, the LPSC issued emergency declaration executive orders following flooding events in south Louisiana which prohibited public utilities from disconnecting or charging late fees to customers for non-payment in affected parishes. In January 2017, the LPSC issued an order that terminated the executive orders effective March 1, 2017, and allowed public utilities to formally petition the LPSC to recover lost revenues as a result of the executive orders. In July 2017, Cleco Power began recovering lost revenues associated with the flooding events and expects the regulatory assets to be fully amortized by June 2021. 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. 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 Regulatory Assets (Liabilities), Net At December 31, 2020, Other, net consisted of a $3.9 million regulatory asset for the Coughlin Pipeline revenue requirement and a $0.3 million regulatory asset for the increase in revenue requirements resulting from the decrease in excess ADIT used to fund the TCJA bill credits. The regulatory liability for the LPSC Cleco Cajun Transaction commitment was fully amortized during 2020. 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 seeks recovery in the new FRP with the completion of the rate case. Cleco Power anticipates collecting this amount over 12 months, subject to regulatory approval of Cleco Power’s new FRP. On November 13, 2020, the LPSC approved the establishment of a regulatory asset for the increase in revenue requirements caused by the increase in rate base as the excess ADIT balances decrease. The mechanism to collect the balance of this regulatory asset will be determined in Cleco Power’s current LPSC base rate case. Cleco Power’s current base rate case is ongoing and management is unable to determine its outcome. On November 30, 2020, Cleco Power received approval of its application to extend the TCJA bill credits from November 30, 2020, until such time that the rate case is complete. For more information about the excess ADIT, see Note 13 — “Regulation and Rates — TCJA.” In January 2019, the LPSC approved the Cleco Cajun Transaction. Approval of the Cleco Cajun Transaction was conditioned upon certain commitments, including a $4.0 million annual reduction to Cleco Power’s retail customer rates. For the period from February 4, 2019, to June 30, 2019, Cleco Power recorded a regulatory liability for the annual reduction until the July 1, 2019, FRP rate adjustment reflected the annual savings. Also on July 1, 2019, Cleco Power began amortizing the regulatory liability over 12 months. In June 2020, Cleco Power had fully amortized the regulatory liability. Due to the delay in the current base rate case, Cleco Power continues to charge FRP rates established in July 2019. 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 seven years as of December 31, 2020, 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 $45.0 million, adjusted annually for a growth factor (deferral threshold). The amount of the regulatory asset is capped at $23.0 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 no deferral in 2020 or 2019. Rodemacher Unit 2 Closure Costs As a result of environmental regulations, 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. At December 31, 2020, Cleco Power had $1.3 million deferred as a regulatory asset for accelerated depreciation. St. Mary Clean Energy Center On July 1, 2018, Cleco Power began collecting the revenue requirements related to the St. Mary Clean Energy Center project based on expected commercial operations in the third quarter of 2018. Due to the delay in commercial operations, Cleco Power recorded a $9.6 million regulatory liability for over collections for the 12-month period ending June 30, 2019. On July 1, 2019, Cleco Power’s rider FRP rates were adjusted by the amount of the over collection and the liability was amortized over a period of 12 months. Due to the delay in the current base rate case, Cleco Power continues to charge FRP rates established in July 2019, which includes a portion of the revenue requirements adjusted by the over collections. On February 12, 2021, Cleco Power received its first set of data requests from the LPSC. Cleco Power had a regulatory asset of $3.5 million at December 31, 2020, for the resulting under collection of revenue related to St. Mary Clean Energy Center project. Surcredits, Net Cleco Power has recorded surcredits as the result of a settlement with the LPSC that addressed, among other things, the recovery of the storm damages related to hurricanes and uncertain tax positions. In the settlement, Cleco Power was required to implement surcredits to provide ratepayers with the economic benefit of the carrying charges of certain ADIT liabilities at a rate of return which was set by the LPSC. The settlement, through a true-up mechanism, allows the surcredits to be adjusted to reflect the actual tax deductions allowed by the IRS. Cleco Power recorded a true-up to the surcredits to reflect the actual tax deductions allowed by the IRS for storm damages and uncertain tax positions. As a result of the true-ups, Cleco Power recorded a regulatory asset that represents excess surcredits refunded to customers that were collected from ratepayers and amortized over a four-year period, through June 2018. Cleco Power began collecting the balance as part of the July 1, 2019, FRP rate adjustment. 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 can 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. AFUDC 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. At December 31, 2020, Cleco Power had a regulatory liability of $4.2 million for the retail portion of AFUDC calculated under the FERC waiver. Corporate Franchise Tax, Net As part of the FRP extension approved by the LPSC in June 2014, Cleco Power was authorized to recover through a rider the retail portion of state corporate franchise taxes paid. The retail portion of state corporate franchise taxes paid each year will be recovered over 12 months beginning July 1 of the following year. Deferred Taxes, Net |
Jointly Owned Generation Units
Jointly Owned Generation Units | 12 Months Ended |
Dec. 31, 2020 | |
Regulated Operations [Abstract] | |
Jointly Owned Generation Units | Note 7 — Jointly Owned Generation Units 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 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, 2020, the investment in and accumulated depreciation for each generating unit on Cleco and Cleco Power’s Consolidated Balance Sheets were as follows: Cleco AT DEC. 31, 2020 (THOUSANDS, EXCEPT PERCENTAGES AND MW) RODEMACHER UNIT 2 DOLET HILLS POWER STATION BAYOU COVE BIG CAJUN II - UNIT 3 TOTAL Utility plant in service $ 75,958 $ 186,971 $ 40,421 $ 15,787 $ 319,137 Accumulated depreciation $ 10,932 $ 86,030 $ 4,479 $ 1,968 $ 103,409 Construction work in progress $ 1,090 $ 2,548 $ — $ 916 $ 4,554 Ownership interest percentage 30 % 50 % 75 % 58 % Rated capacity (MW) 523 650 300 588 Ownership interest (MW) 157 325 225 341 Cleco Power AT DEC. 31, 2020 (THOUSANDS, EXCEPT PERCENTAGES AND MW) RODEMACHER UNIT 2 DOLET HILLS POWER STATION TOTAL Utility plant in service $ 150,138 $ 404,467 $ 554,605 Accumulated depreciation $ 85,112 $ 303,526 $ 388,638 Construction work in progress $ 1,090 $ 2,548 $ 3,638 Ownership interest percentage 30 % 50 % Rated capacity (MW) 523 650 Ownership interest (MW) 157 325 |
Fair Value Accounting
Fair Value Accounting | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | Note 8 — Fair Value Accounting The amounts reflected in Cleco and Cleco Power’s Consolidated Balance Sheets at December 31, 2020, and 2019, 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. 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. The following tables summarize the carrying value and estimated market value of Cleco and Cleco Power’s financial instruments not measured at fair value on Cleco and Cleco Power’s Consolidated Balance Sheets: Cleco AT DEC. 31, 2020 2019 (THOUSANDS) CARRYING FAIR VALUE CARRYING FAIR VALUE Long-term debt $ 3,230,500 $ 3,541,349 $ 3,188,664 $ 3,371,915 * The carrying value of long-term debt does not include deferred issuance costs of $13.4 million at December 31, 2020, and $13.7 million at December 31, 2019. Cleco Power AT DEC. 31, 2020 2019 (THOUSANDS) CARRYING FAIR VALUE CARRYING FAIR VALUE Long-term debt $ 1,494,947 $ 1,794,799 $ 1,380,688 $ 1,601,865 * The carrying value of long-term debt does not include deferred issuance costs of $7.0 million at December 31, 2020, and $7.4 million at December 31, 2019. 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. Fair Value Measurements and Disclosures Cleco classifies assets and liabilities that are measured at their fair value according to three different levels depending on the inputs used in determining fair value. The following tables disclose for Cleco and Cleco Power the fair value of financial assets and liabilities measured on a recurring basis: Cleco FAIR VALUE MEASUREMENTS AT REPORTING DATE (THOUSANDS) AT DEC. 31, 2020 QUOTED SIGNIFICANT SIGNIFICANT AT DEC. 31, 2019 QUOTED SIGNIFICANT SIGNIFICANT Asset Description Institutional money market funds $ 86,001 $ — $ 86,001 $ — $ 129,643 $ — $ 129,643 $ — FTRs 4,805 — — 4,805 6,822 — — 6,822 Other commodity derivatives 8,599 — 8,599 — 201 — 201 — Total assets $ 99,405 $ — $ 94,600 $ 4,805 $ 136,666 $ — $ 129,844 $ 6,822 Liability Description FTRs $ 1,625 $ — $ — $ 1,625 $ 1,044 $ — $ — $ 1,044 Other commodity derivatives 1,612 — 1,612 — 5,373 — 5,373 — Total liabilities $ 3,237 $ — $ 1,612 $ 1,625 $ 6,417 $ — $ 5,373 $ 1,044 Cleco Power FAIR VALUE MEASUREMENTS AT REPORTING DATE (THOUSANDS) AT DEC. 31, 2020 QUOTED SIGNIFICANT SIGNIFICANT AT DEC. 31, 2019 QUOTED SIGNIFICANT SIGNIFICANT Asset Description Institutional money market funds $ 25,357 $ — $ 25,357 $ — $ 74,903 $ — $ 74,903 $ — FTRs 4,337 — — 4,337 6,311 — — 6,311 Total assets $ 29,694 $ — $ 25,357 $ 4,337 $ 81,214 $ — $ 74,903 $ 6,311 Liability Description FTRs $ 1,121 $ — $ — $ 1,121 $ 586 $ — $ — $ 586 Total liabilities $ 1,121 $ — $ — $ 1,121 $ 586 $ — $ — $ 586 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: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Beginning balance $ 5,778 $ 22,887 Unrealized (losses) gains * 187 (1,659) Purchases 11,333 27,881 Settlements (14,118) (43,331) Ending balance $ 3,180 $ 5,778 * Cleco Power’s unrealized (losses) gains are reported through Accumulated deferred fuel on Cleco’s Consolidated Balance Sheet. Cleco Cajun’s unrealized (losses) gains are reported through Purchased power on Cleco’s Consolidated Income Statement. Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Beginning balance $ 5,725 $ 22,887 Unrealized (losses) gains * 450 (945) Purchases 9,378 21,609 Settlements (12,337) (37,826) Ending balance $ 3,216 $ 5,725 * Unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco Power's Consolidated Balance Sheets. 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, 2020: Cleco FAIR VALUE VALUATION TECHNIQUE SIGNIFICANT FORWARD PRICE RANGE (THOUSANDS, EXCEPT DOLLAR PER MWh) Assets Liabilities Low High FTRs at December 31, 2020 $ 4,805 $ 1,625 RTO auction pricing FTR price - per MWh $ (3.49) $ 4.36 FTRs at December 31, 2019 $ 6,822 $ 1,044 RTO auction pricing FTR price - per MWh $ (2.57) $ 2.86 Cleco Power FAIR VALUE VALUATION TECHNIQUE SIGNIFICANT FORWARD PRICE RANGE (THOUSANDS, EXCEPT DOLLAR PER MWh) Assets Liabilities Low High FTRs at December 31, 2020 $ 4,337 $ 1,121 RTO auction pricing FTR price - per MWh $ (3.34) $ 4.36 FTRs at December 31, 2019 $ 6,311 $ 586 RTO auction pricing FTR price - per MWh $ (2.04) $ 2.86 Cleco utilizes different valuation techniques for fair value calculations. In order to measure the fair value for Level 1 assets and liabilities, Cleco obtains the closing price from published indices in active markets for the various instruments and multiplies this price by the appropriate volume of instruments held. Level 2 fair values are determined by obtaining the closing price of similar assets and liabilities from published indices in active markets. Institutional money market funds assets are discounted to the current period using a U.S. Treasury published interest rate as a proxy for a risk-free rate of return. Level 3 fair values occur in situations in which there is little, if any, market activity for the asset or liability at the measurement date and prices are not observable. Cleco has consistently applied the Level 2 and Level 3 fair value techniques from fiscal period to fiscal period. Significant increases or decreases in any of those inputs in isolation would result in a significantly different fair value measurement. The assets and liabilities reported at fair value are grouped into classes based on the underlying nature and risks associated with the individual asset or liability. At December 31, 2020, Cleco and Cleco Power were exposed to concentrations of credit risk through their short-term investments classified as cash equivalents and restricted cash equivalents. The following tables present the institutional money market funds in cash and cash equivalents and restricted cash and cash equivalents as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at December 31, 2020, and 2019: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Cash and cash equivalents $ 80,712 $ 103,409 Current restricted cash and cash equivalents $ 4,545 $ 11,100 Non-current restricted cash and cash equivalents $ 744 $ 15,134 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Cash and cash equivalents $ 20,812 $ 49,509 Current restricted cash and cash equivalents $ 4,545 $ 11,100 Non-current restricted cash and cash equivalents $ — $ 14,294 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 by either Cleco or Cleco Power. The Level 2 institutional 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. Treasury 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. Other commodity derivatives include fixed price physical forwards and swap transactions. These other commodity derivatives are recorded at fair value and categorized as Level 2 because pricing is indexed to other contracts. These contracts contain counterparty credit risk because they are transacted directly with a counterparty and are not cleared on an exchange. Cleco may be required to provide credit support or pay liquidated damages 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, and changes in the amounts counterparties owe to Cleco. Changes in any of these factors could cause the amount of requested credit support to increase or decrease. Cleco Power and Cleco Cajun’s FTRs were priced using MISO’s monthly auction prices. Forward seasonal periods are not included in every monthly auction; therefore, the average of the most recent seasonal auction prices is used for monthly valuation. FTRs are categorized as Level 3 fair value measurements because the only relevant pricing available comes from MISO auctions, which occur monthly in the Multi-Period Monthly Auction. During the years ended December 31, 2020, and 2019, Cleco did not experience any transfers between levels within the fair value hierarchy. Commodity Contracts The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco and Cleco Power’s Consolidated Balance Sheets at December 31, 2020, and 2019: Cleco DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS (THOUSANDS) BALANCE SHEET LINE ITEM AT DEC. 31, 2020 AT DEC. 31, 2019 Commodity-related contracts FTRs Current Energy risk management assets $ 4,805 $ 6,822 Current Energy risk management liabilities (1,625) (1,044) Other commodity derivatives Current Energy risk management assets 8,276 201 Non-current Other deferred charges 323 — Current Energy risk management liabilities (828) (3,069) Non-current Other deferred credits (784) (2,304) Commodity-related contracts, net $ 10,167 $ 606 Cleco Power DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS (THOUSANDS) BALANCE SHEET LINE ITEM AT DEC. 31, 2020 AT DEC. 31, 2019 Commodity-related contracts FTRs: Current Energy risk management assets $ 4,337 $ 6,311 Current Energy risk management liabilities (1,121) (586) Commodity-related contracts, net $ 3,216 $ 5,725 The following tables present the effect of derivatives not designated as hedging instruments on Cleco and Cleco Power’s Consolidated Statements of Income for the years December 31, 2020, 2019, and 2018: Cleco AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES FOR THE YEAR ENDED DEC. 31, (THOUSANDS) DERIVATIVES LINE ITEM 2020 2019 2018 Commodity contracts FTRs (1) Electric operations $ 9,213 $ 13,043 $ 39,659 FTRs (1) Purchased power (3,467) (15,685) (4,566) Other commodity derivatives Fuel used for electric generation (12,159) (5,172) — Total $ (6,413) $ (7,814) $ 35,093 (1) For the years ended December 31, 2020, 2019, and 2018, unrealized gains (losses) associated with FTRs for Cleco Power of $0.5 million, $(1.7) million and $11.9 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. Cleco Power AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES FOR THE YEAR ENDED DEC. 31, (THOUSANDS) DERIVATIVES LINE ITEM 2020 2019 2018 Commodity contracts FTRs (1) Electric operations $ 9,213 $ 13,047 $ 39,659 FTRs (1) Purchased power (6,803) (6,066) (4,566) Total $ 2,410 $ 6,981 $ 35,093 (1) For the years ended December 31, 2020, 2019, and 2018, unrealized gains (losses) associated with FTRs of $0.5 million, $(0.9) million, and $11.9 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Note 9 — Debt Cleco Power’s total long-term indebtedness as of December 31, 2020, and 2019 was as follows: Cleco Power AT DEC. 31, (THOUSANDS) 2020 2019 Bonds Senior notes, 2.94%, due 2022 $ 25,000 $ 25,000 Senior notes, 3.08%, due 2023 100,000 100,000 Senior notes, 3.17%, due 2024 50,000 50,000 Senior notes, 3.68%, due 2025 75,000 75,000 Senior notes, 3.47%, due 2026 130,000 130,000 Senior notes, 4.33%, due 2027 50,000 50,000 Senior notes, 3.57%, due 2028 200,000 200,000 Senior notes, 6.50%, due 2035 295,000 295,000 Senior notes, 6.00%, due 2040 250,000 250,000 Senior notes, 5.12%, due 2041 100,000 100,000 Series A GO Zone bonds, 2.50%, due 2038, mandatory tender in 2025 50,000 50,000 Series B GO Zone bonds, 4.25%, due 2038 50,000 50,000 Cleco Katrina/Rita’s storm recovery bonds, 5.61%, due 2023 — 11,055 Total bonds 1,375,000 1,386,055 Bank term loan, variable rate, due 2022 125,000 — Finance leases Barge lease obligations 15,244 15,861 Gross amount of long-term debt and finance leases 1,515,244 1,401,916 Less: long-term debt due within one year — 60,970 Less: finance leases classified as long-term debt due within one year 682 617 Unamortized debt discount (5,053) (5,368) Unamortized debt issuance costs (7,252) (7,589) Total long-term debt and finance leases, net $ 1,502,257 $ 1,327,372 Cleco’s total long-term indebtedness as of December 31, 2020, and 2019 was as follows: Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Total Cleco Power long-term debt and finance leases, net $ 1,502,257 $ 1,327,372 Cleco Holdings’ long-term debt, net Senior notes, 3.250%, due 2023 165,000 165,000 Senior notes, 3.743%, due 2026 535,000 535,000 Senior notes, 3.375%, due 2029 300,000 300,000 Senior notes, 4.973%, due 2046 350,000 350,000 Bank term loan, variable rate, due 2022 266,000 300,000 Bank term loan, variable rate, due 2022 — 30,000 Long-term debt due within one year (66,000) (64,398) Unamortized debt issuance costs (1) (6,423) (6,271) Fair value adjustment 119,553 127,976 Total Cleco long-term debt and finance leases, net $ 3,165,387 $ 3,064,679 (1) For December 31, 2020, and 2019, this amount includes unamortized debt issuance costs for Cleco Holdings of $11.7 million and $11.9 million, respectively, partially offset by deferred debt issuance costs eliminated as a result of the 2016 Merger of $5.3 million and $5.6 million, respectively. For more information, see Note 6 — “Regulatory Assets and Liabilities — Cleco Holdings’ 2016 Merger Adjustments.” The principal amounts payable under long-term debt agreements for each year through 2025 and thereafter are as follows: (THOUSANDS) CLECO CLECO POWER For the year ending Dec. 31, 2021 $ — $ — 2022 $ 416,000 $ 150,000 2023 $ 265,000 $ 100,000 2024 $ 50,000 $ 50,000 2025 (1) $ 75,000 $ 75,000 Thereafter $ 2,310,000 $ 1,125,000 (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 2025 and thereafter are as follows: (THOUSANDS) CLECO CLECO POWER For the year ending Dec. 31, 2021 $ 682 $ 682 2022 $ 755 $ 755 2023 $ 836 $ 836 2024 $ 925 $ 925 2025 $ 1,023 $ 1,023 Thereafter $ 11,023 $ 11,023 For more information on the finance agreement, see Note 4 — “Leases — Finance Lease.” Cleco Power Debt At December 31, 2020, Cleco Power had $75.0 million of short-term debt outstanding under its $300.0 million revolving credit facility, at an all-in interest rate of 1.40%. For more information on Cleco Power’s revolving credit facility, see “— Credit Facilities.” There were no amounts outstanding under the uncommitted line of credit at December 31, 2020. Cleco Power had no short-term debt outstanding at December 31, 2019. At December 31, 2020, Cleco Power’s long-term debt and finance leases outstanding was $1.50 billion, of which $0.7 million was due within one year. The amount due within one year represents the amount due on the finance lease with Savage Inland Marine. For more information on this finance agreement, see Note 4 — “Leases — Finance Lease.” On March 2, 2020, Cleco Power completed the repayment of its Cleco Katrina/Rita storm recovery bonds issued in March 2008. On May 1, 2020, Cleco Power repriced at a mandatory tender date its $50.0 million 2008 Series A GO Zone bonds and entered into a new interest rate period with a mandatory tender date of May 1, 2025. The interest rate for the new interest rate period is fixed at 2.50% per annum. On August 28, 2020, Cleco Power entered into a $125.0 million variable rate bank term loan due June 28, 2022. Amounts outstanding under the bank term loan bear interest at a base rate plus 0.250% or LIBOR plus 1.25%. At December 31, 2020, the all-in interest rate under the term loan was 1.40%, which was based on LIBOR. Cleco Debt At December 31, 2020, Cleco had $75.0 million of short-term debt outstanding under its $475.0 million revolving credit facilities, at an all-in interest rate of 1.40%. As a result of the COVID-19 pandemic, Cleco has implemented certain measures that it believes will provide financial flexibility and help Cleco maintain liquidity. For additional discussion regarding certain risks associated with the COVID-19 pandemic, see Part I, Item 1A “Risk Factors — Operational Risks — COVID-19.” Cleco had no short-term debt outstanding at December 31, 2019. At December 31, 2020, Cleco’s long-term debt and finance leases outstanding was $3.23 billion, of which $66.7 million was due within one year. The long-term debt due within one year at December 31, 2020, primarily represents $66.0 million of principal payments on Cleco Holdings’ debt as required by the Cleco Cajun Transaction commitments to the LPSC. On September 11, 2019, Cleco Holdings completed the private placement of $300.0 million aggregate principal amount of its 3.375% senior notes due September 15, 2029. The proceeds from the issuance were used to repay the remaining amounts due under the $300.0 million bridge loan agreement and to repay a portion of the $100.0 million term loan agreement, both entered into in connection with the Cleco Cajun Transaction. On July 14, 2020, Cleco Holdings completed an exchange offer for its outstanding 3.375% senior notes, which were not registered under the Securities Act of 1933, as amended, for an equal principal amount of newly issued 3.375% senior notes due September 15, 2029, that were so registered. Cleco Holdings did not receive any proceeds from the exchange offer. 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, 2020, 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: (THOUSANDS) For the year ending Dec. 31, 2019 $ 66,700 2020 $ 133,300 2021 $ 200,000 2022 $ 267,700 2023 $ 333,300 2024 $ 400,000 Credit Facilities At December 31, 2020, Cleco had two separate revolving credit facilities, one for Cleco Holdings in the amount of $175.0 million with no outstanding borrowings and one for Cleco Power in the amount of $300.0 million with outstanding borrowings of $75.0 million. The total of all revolving credit facilities creates a maximum aggregate capacity of $475.0 million with outstanding borrowings of $75.0 million. On May 15, 2020, Cleco Holdings entered into amendments for its revolving credit agreement. These amendments extend the terms of its revolving credit facility through June 2022. Under covenants contained in Cleco Holdings’ revolving credit facility, Cleco is required to maintain total indebtedness less than or equal to 65% of total capitalization. At December 31, 2020, Cleco Holdings was in compliance with the covenants of its revolving credit facility. At December 31, 2020, the borrowing costs under the facility were equal to LIBOR plus 1.875% or ABR plus 0.875%, plus commitment fees of 0.30%. If Cleco Holdings’ credit ratings were to be downgraded one level by the credit rating agencies, Cleco Holdings may be required to pay higher fees and additional interest of 0.50% under the pricing levels of its revolving credit facility. On May 15, 2020, Cleco Power entered into an amendment for its revolving credit agreement. This amendment extends the term of the revolving credit facility through 2022. Under covenants contained in Cleco Power’s revolving credit facility, Cleco Power is required to maintain total indebtedness less than or equal to 65% of total capitalization. At December 31, 2020, Cleco Power was in compliance with the covenants of its credit facility. At December 31, 2020, the borrowing costs under the facility were equal to LIBOR plus 1.25% or ABR plus 0.25%, plus commitment fees of 0.15%. If Cleco Power’s credit ratings were to be downgraded one level by the credit rating agencies, Cleco Power may be required to pay higher fees and additional interest of 0.125% under the pricing levels of its revolving credit facility. If Cleco Holdings or Cleco Power were to default under the 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 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. |
Pension Plan and Employee Benef
Pension Plan and Employee Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension Plan and Employee Benefits | Note 10 — 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 five 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 3.15% and 3.65% for years ended December 31, 2020, and 2019, 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, 2020, and 2019 are presented in the following table: PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2020 2019 Change in benefit obligation Benefit obligation at beginning of period $ 610,323 $ 530,936 $ 52,722 $ 40,455 Service cost 9,820 8,414 2,153 1,191 Interest cost 20,816 22,485 1,651 1,646 Plan participants’ contributions — — 1,289 1,229 Actuarial loss (gain) 71,708 73,655 4,221 13,897 Expenses paid (2,661) (2,933) — — Benefits paid (23,622) (22,234) (5,705) (5,696) Benefit obligation at end of period 686,384 610,323 56,331 52,722 Change in plan assets Fair value of plan assets at beginning of period 460,097 391,933 — — Actual return on plan assets 66,557 81,081 — — Employer contributions 15,750 12,250 — — Expenses paid (2,662) (2,933) — — Benefits paid (23,622) (22,234) — — Fair value of plan assets at end of period 516,120 460,097 — — Unfunded status $ (170,264) $ (150,226) $ (56,331) $ (52,722) The employee pension plan accumulated benefit obligation at December 31, 2020, and 2019 is presented in the following table: PENSION BENEFITS AT DEC. 31, (THOUSANDS) 2020 2019 Accumulated benefit obligation $ 636,199 $ 568,354 The pension net actuarial loss was $30.1 million and $19.1 million for the years ended December 31, 2020, and 2019, respectively. The pension net actuarial loss for the years ended December 31, 2020, and 2019, was primarily due to a decline in the discount rate, partially offset by greater than expected returns on the fair value of plan assets. The Other Benefits net actuarial loss was $4.2 million and $13.9 million for the years ended December 31, 2020, and 2019, respectively. The Other Benefits net actuarial loss for the year ended December 31, 2020, was primarily due to a decline in the discount rate. The Other Benefits net actuarial loss for the year ended December 31, 2019, was primarily due to an increase in the rate assumption for medical and dental participation and a decline in the discount rate. The following table presents the net actuarial gains/losses and prior service costs/credits 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 December 31, 2020, and 2019: PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2020 2019 Net actuarial loss (gain) occurring during period $ 30,126 $ 19,075 $ 4,221 $ 13,897 Net actuarial loss amortized during period $ 16,292 $ 7,849 $ 1,389 $ 21 Prior service credit amortized during period $ (60) $ (71) $ — $ — The following table presents net actuarial gains/losses and prior service costs/credits 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, 2020, and 2019: PENSION BENEFITS OTHER BENEFITS AT DEC. 31, AT DEC. 31, (THOUSANDS) 2020 2019 2020 2019 Net actuarial loss $ 165,437 $ 151,603 $ 21,342 $ 15,732 Prior service credit $ — $ (60) $ — $ — The non-service components of net periodic pension and Other Benefits cost are included in Other income (expense), net within Cleco and Cleco Power’s Consolidated Statements of Income. The components of net periodic pension and Other Benefits costs for 2020, 2019, and 2018 are as follows: PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 2020 2019 2018 Components of periodic benefit costs Service cost $ 9,820 $ 8,414 $ 9,507 $ 2,153 $ 1,191 $ 1,320 Interest cost 20,816 22,485 20,860 1,651 1,646 1,465 Expected return on plan assets (24,974) (26,502) (23,773) — — — Amortizations Prior service credit (60) (71) (71) — — — Net loss (gain) 16,292 7,849 12,312 1,389 21 135 Net periodic benefit cost $ 21,894 $ 12,175 $ 18,835 $ 5,193 $ 2,858 $ 2,920 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, 2020, 2019, and 2018 was $3.5 million, $2.2 million, and $2.0 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, 2020, 2019, and 2018 was $4.8 million, $3.1 million, and $3.3 million, respectively. The current and non-current portions of the Other Benefits liability for Cleco and Cleco Power at December 31, 2020, and 2019 are as follows: Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Current $ 4,463 $ 4,401 Non-current $ 51,868 $ 48,321 Cleco Power AT DEC. 31, (THOUSANDS) 2020 2019 Current $ 3,865 $ 3,815 Non-current $ 40,734 $ 42,080 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: PENSION BENEFITS OTHER BENEFITS AT DEC. 31, AT DEC. 31, 2020 2019 2020 2019 Weighted-average assumptions used to determine the benefit obligation Discount rate 2.74 % 3.43 % 2.39 % 3.25 % Rate of compensation increase 2.75 % 2.81 % N/A N/A PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, 2020 2019 2018 2020 2019 2018 Weighted-average assumptions used to determine the net benefit cost Discount rate 3.43 % 4.35 % 3.73 % 3.25 % 4.16 % 3.47 % Expected return on plan assets 5.91 % 6.55 % 5.86 % N/A N/A N/A Rate of compensation increase 2.75 % 2.81 % 2.93 % N/A N/A N/A 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 2021 periodic expense, Cleco decreased the expected long-term return on plan assets to 5.00%. Cleco expects pension expense to increase in 2021 by approximately $2.9 million due to a decrease in the discount rate and a decrease 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, 2020, 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. • Level 1 – unadjusted quoted prices in active, liquid markets for the identical asset or liability, • Level 2 – quoted prices for similar assets and liabilities in active markets or other inputs that are observable for the asset or liability, including inputs that can be corroborated by observable market data, observable interest rate yield curves and volatilities, and • Level 3 – unobservable inputs based upon the entities’ own assumptions. There have been no changes in the methodologies for determining fair value at December 31, 2020, and 2019. The following tables disclose the pension plan’s fair value of financial assets measured on a recurring basis: (THOUSANDS) AT DEC. 31, 2020 QUOTED PRICES SIGNIFICANT SIGNIFICANT Asset Description Cash equivalents $ 19,567 $ — $ 19,567 $ — Government securities 26,863 — 26,863 — Mutual funds Domestic 107,055 107,055 — — International 60,104 60,104 — — Real estate funds 35,962 — — 35,962 Corporate debt 192,261 — 192,261 — Total $ 441,812 $ 167,159 $ 238,691 $ 35,962 Investments measured at net asset value* 72,044 Interest accrual 2,264 Total net assets $ 516,120 *Investments measured at net asset value consist of Common/collective trust. (THOUSANDS) AT DEC. 31, 2019 QUOTED PRICES SIGNIFICANT SIGNIFICANT Asset Description Cash equivalents $ 4,810 $ — $ 4,810 $ — Government securities 19,517 — 19,517 — Mutual funds Domestic 102,184 102,184 — — International 53,041 53,041 — — Real estate funds 18,017 — — 18,017 Corporate debt 157,109 — 157,109 — Total $ 354,678 $ 155,225 $ 181,436 $ 18,017 Investments measured at net asset value* 103,326 Interest accrual 2,093 Total net assets $ 460,097 *Investments measured at net asset value consist of Common/collective trust. 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, 2020, and 2019: (THOUSANDS) Balance, Dec. 31, 2018 $ 20,298 Realized losses 370 Unrealized gains (1,727) Purchases 759 Sales (1,683) Balance, Dec. 31, 2019 $ 18,017 Realized gains 251 Unrealized losses (1,603) Purchases 20,893 Sales (1,596) Balance, Dec. 31, 2020 $ 35,962 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 2020, the return on plan assets was 15.89% compared to an expected long-term return of 5.91%. The 2019 return on pension plan assets was 22.17% compared to an expected long-term return of 6.55%. As of December 31, 2020, 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 three- to five-year 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, Customer 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 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 default. • 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 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, 2020: PERCENT OF TOTAL PLAN ASSETS AT DEC. 31, 2020 MINIMUM TARGET MAXIMUM Return-seeking Domestic equity 19 % International equity 20 % Multi-asset credit 6 % Real estate 5 % Total return-seeking 45 % 50 % 55 % Liability hedging* 45 % 50 % 55 % *Liability hedging has no target subcategories. The assumed health care cost trend rates used to measure the expected cost of Other Benefits is 5.0% for 2021 and remains at 5.0% thereafter. The rate used for 2020 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 obligation plan for each year through 2025 and the next five years thereafter are listed in the following table: (THOUSANDS) PENSION BENEFITS OTHER For the year ending Dec. 31, 2021 $ 25,568 $ 4,516 2022 $ 26,904 $ 4,551 2023 $ 28,064 $ 4,515 2024 $ 29,140 $ 4,533 2025 $ 30,336 $ 4,497 Next five years $ 164,801 $ 21,676 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 five Cleco does not fund the SERP liability, but instead pays for current benefits out of the general funds available. Cleco Power has formed a rabbi trust. The life insurance policies issued on SERP participants designate the rabbi trust as the beneficiary. Market conditions could have a significant impact on the cash surrender value of the life insurance policies. Proceeds from the life insurance policies are expected to be used to pay the SERP participants’ death benefits, as well as future SERP payments. However, 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. All SERP benefits are paid out of the general cash available of the respective companies that employed the officer. Cleco Power is the plan sponsor and Support Group is the plan administrator. SERP’s funded status at December 31, 2020, and 2019 is presented in the following table: SERP BENEFITS FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Change in benefit obligation Benefit obligation at beginning of period $ 89,128 $ 78,414 Service cost 399 330 Interest cost 2,932 3,326 Actuarial loss (gain) 9,621 11,608 Benefits paid (4,590) (4,550) Plan amendments (265) — Benefit obligation at end of period $ 97,225 $ 89,128 SERP’s accumulated benefit obligation at December 31, 2020, and 2019 is presented in the following table: SERP BENEFITS AT DEC. 31, (THOUSANDS) 2020 2019 Accumulated benefit obligation $ 97,225 $ 89,128 The following table presents net actuarial gains/losses and prior service costs/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, 2020, and 2019: SERP BENEFITS FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Net actuarial loss (gain) occurring during year $ 9,621 $ 11,608 Net actuarial loss amortized during year $ 3,185 $ 1,544 Prior service credit amortized during year $ (215) $ (160) 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, 2020, and 2019: SERP BENEFITS AT DEC. 31 (THOUSANDS) 2020 2019 Net actuarial loss $ 34,825 $ 28,731 Prior service credit $ (1,728) $ (1,678) The non-service components of net periodic benefit cost related to SERP are included in Other income (expense), net within Cleco and Cleco Power’s Consolidated Statements of Income. The components of the net SERP costs for 2020, 2019, and 2018 are as follows: SERP BENEFITS FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Components of periodic benefit costs Service cost $ 399 $ 330 $ 542 Interest cost 2,932 3,326 3,077 Amortizations Prior service credit (215) (160) (160) Net loss 3,186 1,544 2,913 Net periodic benefit cost $ 6,302 $ 5,040 $ 6,372 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: SERP BENEFITS AT DEC. 31, 2020 2019 Weighted-average assumptions used to determine the benefit obligation Discount rate 2.64 % 3.37 % Rate of compensation increase N/A 5.00 % SERP BENEFITS 2020 2019 2018 Weighted-average assumptions used to determine the net benefit cost Discount rate 3.37 % 4.34 % 3.70 % Rate of compensation increase N/A 5.00 % 5.00 % The expense related to SERP reflected on Cleco Power’s Consolidated Statements of Income for the years ended December 31, 2020, 2019, and 2018 was $1.0 million , $0.8 million, and $1.4 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, 2020, and 2019 are as follows: Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Current $ 4,703 $ 4,599 Non-current $ 92,522 $ 84,529 Cleco Power AT DEC. 31, (THOUSANDS) 2020 2019 Current $ 711 $ 760 Non-current $ 19,828 $ 13,964 The projected benefit payments for SERP for each year through 2025 and the next five years thereafter are shown in the following table: (THOUSANDS) 2021 2022 2023 2024 2025 NEXT FIVE SERP $ 4,764 $ 4,756 $ 4,809 $ 4,867 $ 5,000 $ 25,178 401(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) was amended upon the close of the Cleco Cajun Transaction to include Cleco Cajun employees. Effective October 1, 2020, Cleco’s 401(k) Plan was restated to implement the Setting Every Community Up for Retirement Act of 2019, and the CARES Act to permit COVID-19 distributions along with other provisions. Cleco’s 401(k) Plan expense for the years ended December 31, 2020, 2019, and 2018 was as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 401(k) Plan expense $ 9,685 $ 7,861 $ 5,884 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, 2020, 2019, and 2018 was as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 401(k) Plan expense $ 4,424 $ 3,408 $ 1,066 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11 — Income Taxes Cleco For the years ended December 31, 2020, 2019, and 2018, income tax expense was higher than the amount computed by applying the statutory federal rate. The differences are as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS, EXCEPT PERCENTAGES) 2020 2019 2018 Income before tax $ 158,018 $ 195,830 $ 123,819 Statutory rate 21.0 % 21.0 % 21.0 % Tax expense at federal statutory rate $ 33,184 $ 41,124 $ 26,002 Increase (decrease) Plant differences, including AFUDC flowthrough 5,100 (4,687) (401) State income taxes, net of federal benefit 7,190 9,565 6,288 Return to accrual adjustment 7,218 (3,963) (193) NMTC — — (1,578) Amortization of excess ADIT (16,667) — — Other, net (307) 1,126 (736) Total tax expense $ 35,718 $ 43,165 $ 29,382 Effective rate 22.6 % 22.0 % 23.7 % Information about current and deferred income tax expense is as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Current federal income tax (benefit) expense $ (2,634) $ 1,600 $ 15,304 Deferred federal income tax expense 21,865 37,963 5,863 Amortization of accumulated deferred investment tax credits (159) (191) (236) Total federal income tax expense $ 19,072 $ 39,372 $ 20,931 Current state income tax expense 2,636 1,675 7,771 Deferred state income tax expense 14,010 2,118 680 Total state income tax expense $ 16,646 $ 3,793 $ 8,451 Total federal and state income tax expense $ 35,718 $ 43,165 $ 29,382 Items charged or credited directly to member’s equity Federal deferred (2,202) (5,130) 1,408 State deferred (720) (1,678) 460 Total tax expense (benefit) from items charged directly to member’s equity $ (2,922) $ (6,808) $ 1,868 Total federal and state income tax expense $ 32,796 $ 36,357 $ 31,250 The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2020, and 2019 was comprised of the following: AT DEC. 31, (THOUSANDS) 2020 2019 Depreciation and property basis differences $ (865,807) $ (862,263) Net operating loss carryforward 109,819 120,955 NMTC 92,364 92,364 Fuel costs (8,906) (3,984) Other comprehensive income 13,016 10,612 Regulated operations regulatory liability, net 47,060 34,836 Postretirement benefits 25,775 22,691 Merger fair value adjustments (51,073) (52,957) Other (23,624) (19,312) Accumulated deferred federal and state income taxes, net $ (661,376) $ (657,058) Cleco Power For the years ended December 31, 2020, 2019, and 2018, income tax expense was higher than the amount computed by applying the statutory rate. The differences are as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS, EXCEPT PERCENTAGES) 2020 2019 2018 Income before tax $ 123,454 $ 193,714 $ 218,181 Statutory rate 21.0 % 21.0 % 21.0 % Tax expense at federal statutory rate $ 25,925 $ 40,680 $ 45,818 Increase (decrease) Plant differences, including AFUDC flowthrough 5,100 (4,687) (401) State income taxes, net of federal benefit 6,303 11,683 11,080 Return to accrual adjustment 7,082 (2,008) 483 Amortization of excess ADIT (16,667) — — Other, net (944) (216) (1,056) Total taxes $ 26,799 $ 45,452 $ 55,924 Effective rate 21.7 % 23.5 % 25.6 % Information about current and deferred income tax expense is as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Current federal income tax expense $ 15,724 $ 14,781 $ 44,411 Deferred federal income tax (benefit) expense (5,033) 22,443 (9,033) Amortization of accumulated deferred investment tax credits (159) (191) (236) Total federal income tax expense $ 10,532 $ 37,033 $ 35,142 Current state income tax expense 5,069 9,063 23,293 Deferred state income tax benefit 11,198 (644) (2,511) Total state income tax expense $ 16,267 $ 8,419 $ 20,782 Total federal and state income taxes $ 26,799 $ 45,452 $ 55,924 Items charged or credited directly to members’ equity Federal deferred (576) (2,500) 797 State deferred (189) (818) 261 Total tax expense (benefit) from items charged directly to member’s equity $ (765) $ (3,318) $ 1,058 Total federal and state income tax expense $ 26,034 $ 42,134 $ 56,982 The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2020, and 2019 was comprised of the following: AT DEC. 31, (THOUSANDS) 2020 2019 Depreciation and property basis differences $ (725,034) $ (705,423) Net operating loss carryforward 35,442 2,714 Fuel costs (7,072) (5,608) Other comprehensive income 8,274 7,510 Regulated operations regulatory liability, net 47,060 34,836 Postretirement benefits 11,951 10,044 Other (5,219) (1,907) Accumulated deferred federal and state income taxes, net $ (634,598) $ (657,834) 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, 2020, and 2019, Cleco had a deferred tax asset resulting from a NMTC carryforward of $92.4 million. 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 2019 tax year, Cleco created a federal net operating loss of approximately $433.2 million. For the 2020 tax year, Cleco expects to create an additional federal net operating loss of $65.0 million and a state net operating loss of $134.6 million. For the 2020 tax year, Cleco Power expects to create a federal net operating loss of $136.3 million and a state operating loss of $134.6 million. The federal net operating loss may be carried forward indefinitely, and state net operating loss carryforwards will begin to expire in 2040. Cleco considers it more likely than not that these income tax losses will be utilized to reduce future income tax payments and utilize the entire net operating loss carryforward 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, 2020, and 2019, Cleco and Cleco Power had no interest payable related to uncertain tax positions. For the years ended December 31, 2020, 2019, and 2018, Cleco and Cleco Power had no interest expense related to uncertain tax positions. At December 31, 2020, and 2019, Cleco and Cleco Power had no liability for unrecognized tax positions. Cleco estimates that it is reasonably possible that the balance of unrecognized tax benefits as of December 31, 2020, for Cleco and Cleco Power would be unchanged in the next 12 months. The settlement of open tax years could involve the payment of additional taxes, and/or the recognition of tax benefits, which may affect Cleco’s effective income tax rate. Income Tax Audits Cleco participates in the IRS’s Compliance Assurance Process in which financial results are examined and agreed upon prior to filing federal consolidated tax returns. While the statute of limitations remains open for tax years 2017, 2018, and 2019, management believes the likelihood of further examination by the IRS is remote. The state income tax years 2017, 2018, and 2019 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, 2020, 2019, and 2018, 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, 2020, and 2019, Cleco and Cleco Power had $352.4 million and $375.0 million, accrued for the excess ADIT, respectively. For more information on the regulatory treatment of the TCJA regulatory liability, see Note 6 — “Regulatory Assets and Liabilities — Income Taxes” and Note 13 — “Regulation and Rates — TCJA.” Additionally, as a result of the TCJA, effective for tax years beginning after December 31, 2017, corporations are no longer subject to the alternative minimum tax (AMT). For companies with unused AMT credits, the credits may be carried forward and used as refundable credits for tax years beginning after 2017, but before 2022. At December 31, 2019, Cleco had $1.4 million in non-current AMT credits recorded in Other deferred charges on Cleco’s Consolidated Balance Sheets. The CARES Act passed in 2020 allowed businesses to claim the refund in the current year. Cleco used the remaining unused AMT credits in 2020. CARES Act On March 27, 2020, the CARES Act was enacted and signed into law in response to the COVID-19 pandemic. Among other provisions, the CARES Act includes modifications on the limitations of business interest for the 2020 and 2019 tax years. The modifications increase the allowable business interest deduction from 30% to 50% of adjusted taxable income. Cleco did not have any disallowed interest for the 2019 tax year and does not anticipate having any disallowed interest for the 2020 tax year. |
Disclosures about Segments
Disclosures about Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Disclosures about Segments | Note 12 — Disclosures about Segments Cleco Cleco’s reportable segments are based on its method of internal reporting, which disaggregates business units by its first-tier subsidiary. 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’s Board of Managers. The reportable segment prepares budgets that are presented to and approved by Cleco’s Board of Managers. The column shown as Other in the following tables includes the holding company, a shared services subsidiary, and an investment subsidiary. Upon the completion of the Cleco Cajun Transaction on February 4, 2019, Cleco Cajun became a reportable segment. For more information on the Cleco Cajun Transaction, see Note 3 — “Business Combinations.” There are no other 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. These intercompany transactions relate primarily to joint and common administrative support services as well as transmission services provided by Cleco Power to Cleco Cajun. SEGMENT INFORMATION FOR THE YEAR ENDED DEC. 31, 2020 (THOUSANDS) CLECO POWER CLECO CAJUN TOTAL SEGMENTS Revenue Electric operations $ 1,015,018 $ 365,555 $ 1,380,573 Other operations 65,237 121,747 186,984 Affiliate revenue 5,156 204 5,360 Electric customer credits (53,119) (153) (53,272) Operating revenue, net $ 1,032,292 $ 487,353 $ 1,519,645 Net income $ 96,655 $ 89,492 $ 186,147 Add: Depreciation and amortization 166,987 47,183 (1) 214,170 Less: Interest income 3,362 273 3,635 Add: Interest charges 73,985 (750) 73,235 Add: Federal and state income tax expense 26,799 29,080 55,879 EBITDA $ 361,064 $ 164,732 $ 525,796 Additions to property, plant, and equipment $ 378,042 $ 8,920 $ 386,962 Equity investment in investee $ 9,072 $ — $ 9,072 Goodwill $ 1,490,797 $ — $ 1,490,797 Total segment assets $ 6,256,944 $ 1,029,812 $ 7,286,756 (1) Includes $12.4 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(9.2) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. FOR THE YEAR ENDED DEC. 31, 2020 (THOUSANDS) TOTAL SEGMENTS OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,380,573 $ (9,680) $ — $ 1,370,893 Other operations 186,984 3 (6,463) 180,524 Affiliate revenue 5,360 129,126 (134,486) — Electric customer credits (53,272) — 1 (53,271) Operating revenue, net $ 1,519,645 $ 119,449 $ (140,948) $ 1,498,146 Depreciation and amortization $ 214,170 $ 18,059 (1) $ — $ 232,229 Interest income $ 3,635 $ 412 $ (99) $ 3,948 Interest charges $ 73,235 $ 64,728 $ (99) $ 137,864 Federal and state income tax expense $ 55,879 $ (20,160) $ (1) $ 35,718 Net income $ 186,147 $ (63,848) $ 1 $ 122,300 Additions to property, plant, and equipment $ 386,962 $ 3,051 $ — $ 390,013 Equity investment in investee $ 9,072 $ — $ — $ 9,072 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 7,286,756 $ 595,217 $ (156,404) $ 7,725,569 (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 YEAR ENDED DEC. 31, 2019 (THOUSANDS) CLECO POWER CLECO CAJUN TOTAL SEGMENTS Revenue Electric operations $ 1,130,928 $ 375,489 $ 1,506,417 Other operations 72,833 117,468 190,301 Affiliate revenue 3,125 108 3,233 Electric customer credits (38,516) (1,447) (39,963) Operating revenue, net $ 1,168,370 $ 491,618 $ 1,659,988 Net income $ 148,262 $ 69,411 $ 217,673 Add: Depreciation and amortization 172,471 38,465 (1) 210,936 Less: Interest income 4,744 987 5,731 Add: Interest charges 71,279 35 71,314 Add: Federal and state income tax expense 45,452 22,479 67,931 EBITDA $ 432,720 $ 129,403 $ 562,123 Additions to property, plant, and equipment $ 313,962 $ 9,174 $ 323,136 Equity investment in investee $ 17,072 $ — $ 17,072 Goodwill $ 1,490,797 $ — $ 1,490,797 Total segment assets $ 5,967,327 $ 1,011,591 $ 6,978,918 (1) Includes $11.4 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(8.4) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. FOR THE YEAR ENDED DEC. 31, 2019 (THOUSANDS) TOTAL SEGMENTS OTHER ELIMINATIONS TOTAL SEGMENTS Revenue Electric operations $ 1,506,417 $ (9,680) $ (1) $ 1,496,736 Other operations 190,301 2 (7,471) 182,832 Affiliate revenue 3,233 109,067 (112,300) — Electric customer credits (39,963) — — (39,963) Operating revenue, net $ 1,659,988 $ 99,389 $ (119,772) $ 1,639,605 Depreciation and amortization $ 210,936 $ 17,985 (1) $ — $ 228,921 Interest income $ 5,731 $ 974 $ (615) $ 6,090 Interest charges $ 71,314 $ 70,611 $ (616) $ 141,309 Federal and state income tax expense $ 67,931 $ (24,766) $ — $ 43,165 Net income (loss) $ 217,673 $ (65,009) $ 1 $ 152,665 Additions to property, plant, and equipment $ 323,136 $ 655 $ — $ 323,791 Equity investment in investee $ 17,072 $ — $ — $ 17,072 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 6,978,918 $ 546,096 $ (48,716) $ 7,476,298 (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 YEAR ENDED DEC. 31, 2018 (THOUSANDS) CLECO POWER Revenue Electric operations $ 1,191,587 Other operations 82,330 Affiliate revenue 874 Electric customer credits (33,195) Operating revenue, net $ 1,241,596 Net income $ 162,257 Add: Depreciation and amortization 162,069 Less: Interest income 5,052 Add: Interest charges 71,303 Add: Federal and state income tax expense 55,924 EBITDA $ 446,501 Additions to property, plant, and equipment $ 289,153 Equity investment in investee $ 18,172 Goodwill $ 1,490,797 Total segment assets $ 5,839,853 FOR THE YEAR ENDED DEC. 31, 2018 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,191,587 $ (9,680) $ — $ 1,181,907 Other operations 82,330 2 — 82,332 Affiliate revenue 874 74,591 (75,465) — Electric customer credits (33,195) — — (33,195) Operating revenue, net $ 1,241,596 $ 64,913 $ (75,465) $ 1,231,044 Depreciation and amortization $ 162,069 $ 18,024 (1) $ 1 $ 180,094 Interest income $ 5,052 $ 1,338 $ (317) $ 6,073 Interest charges $ 71,303 $ 55,659 $ (320) $ 126,642 Federal and state income tax expense $ 55,924 $ (26,541) $ (1) $ 29,382 Net income (loss) $ 162,257 $ (67,819) $ (1) $ 94,437 Additions to property, plant, and equipment $ 289,153 $ 1,908 $ — $ 291,061 Equity investment in investee $ 18,172 $ — $ — $ 18,172 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 5,839,853 $ 633,756 $ (36,795) $ 6,436,814 (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. (THOUSANDS) 2020 2019 2018 Net income $ 122,300 $ 152,665 $ 94,437 Add: Depreciation and amortization 232,229 228,921 180,094 Less: Interest income 3,948 6,090 6,073 Add: Interest charges 137,864 141,309 126,642 Add: Federal and state income tax expense 35,718 43,165 29,382 Add: Other corporate costs and noncash items (1) 1,633 2,153 22,019 Total segment EBITDA $ 525,796 $ 562,123 $ 446,501 (1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA. 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
Regulation and Rates | 12 Months Ended |
Dec. 31, 2020 | |
Regulated Operations [Abstract] | |
Regulation and Rates | Note 13 — Regulation and Rates Provision for rate refund on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets consisted primarily of the following: (THOUSANDS) AT DEC. 31, 2020 AT DEC. 31, 2019 TCJA $ 2,057 $ 28,700 FERC audit $ 1,912 $ 3,482 FRP $ 1,786 $ 1,851 Cleco Katrina/Rita storm recovery charges $ 1,617 $ — Site-specific industrial customer $ 710 $ 844 Transmission ROE $ 595 $ 1,020 TCJA The provisions of the TCJA reduced the top federal statutory corporate income tax rate from 35% to 21%. As a result of the tax rate reduction, on January 1, 2018, Cleco Power began accruing an estimated reserve for the reduction in the federal statutory corporate income tax rate. In February 2018, the LPSC directed utilities, including Cleco Power, to provide considerations of the appropriate manner to flow through to ratepayers the benefits of the reduction in corporate income taxes as a result of the TCJA. 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 July 2019, the LPSC approved Cleco Power’s motion to address the rate redesign and the regulatory liability for excess ADIT, resulting from the enactment of the TCJA, in Cleco Power’s current base rate case. As a result of the delay in the rate case, on July 15, 2020, the LPSC approved Cleco Power’s application to extend 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 November 2020. On November 13, 2020, Cleco Power again received approval of its application to extend the TCJA bill credits from November 30, 2020, until such time that the rate case is complete. The $7.0 million monthly refund will consist of approximately $4.4 million, which is to be funded by the unprotected excess ADIT, and approximately $2.5 million, which is the change in the federal statutory corporate income tax rate from 35% to 21%. At December 31, 2020, Cleco Power had $2.1 million accrued for the estimated federal tax-related benefits from the TCJA. The mechanism to refund the remaining balance of the excess ADIT will be determined in Cleco Power’s current LPSC base rate case. At December 31, 2020, Cleco Power had $352.4 million accrued for the excess ADIT, of which $18.5 million is reflected in current regulatory liabilities. Cleco Power’s current base rate case is ongoing and management is unable to determine its outcome. FERC Audit For more information about the FERC audit, see Note 15 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — FERC Audit.” FRP Cleco Power’s annual retail earnings are subject to an FRP that was approved by the LPSC in June 2014. Under the terms of Cleco Power’s current FRP, Cleco Power is allowed 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% 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. Credits are typically included on customers’ bills the following summer, but the amount and timing of the refunds are ultimately subject to LPSC approval. Cleco Power’s FRP had a four-year term, which was set to expire in June 2018. As a result of the 2016 Merger, the FRP was extended an additional two years with an expiration of June 2020, and Cleco Power was required to file a new base rate case in June 2019 with any change in rates to be implemented in July 2020. On June 28, 2019, Cleco Power filed an application with the LPSC for a new FRP. However, there has been a delay in the current base rate case. Cleco Power has responded to multiple sets of data requests relating to the new FRP. Unless the 2014 FRP were to be extended by order of the LPSC, the FRP rates established in July 2019 will remain in effect, and an FRP monitoring report for the 12-month period ending June 30, 2020, will not be required. Cleco Power anticipates new rates to be effective in the first half of 2021. However, management is unable to determine the outcome of the base rate case relating to the new FRP. Under the 2014 FRP, Cleco Power must file annual monitoring reports no later than October 31 for the 12-month period ending June 30. Cleco Power filed its monitoring report for the 12 months ended June 30, 2017, on October 31, 2017, indicating that no FRP refund was due. In January 2020, Cleco Power reached an agreement with the LPSC regarding the treatment and realignment of SSR revenue between base and fuel revenue. The result of the realignment confirmed no FRP refund was due for the 12-month period ended June 30, 2017. The monitoring report was approved by the LPSC on February 19, 2020. Cleco Power filed its monitoring report for the 12 months ended June 30, 2018, on October 31, 2018, indicating no FRP refund was due. The settlement with the LPSC in January 2020 for the treatment and realignment of SSR revenues between base and fuel revenues resulted in a $2.3 million FRP refund for the 12-month period ended June 30, 2018, which was refunded on March 2020 bills as agreed to in the settlement of the 2017 monitoring report. The 2018 monitoring report was approved by the LPSC on March 27, 2020, indicating the FRP refund of $2.3 million and no adjustments to rider FRP. Cleco Power filed its monitoring report for the 12 months ended June 30, 2019, on October 31, 3019, indicating that no refund was due. Cleco Power has responded to data requests relating to the 2019 FRP monitoring report. Cleco Power’s monitoring reports also included a $1.2 million annual cost of service savings as a result of the 2016 Merger Commitments. The cost of service savings are not subject to the target ROE or any sharing mechanism. The cost of service savings are refunded annually in September and will continue until Cleco Power’s next FRP is in effect, which is expected in the first half of 2021. At December 31, 2020, Cleco Power had $1.8 million accrued for the estimated cost of service savings refunds. Cleco Katrina/Rita Storm Recovery Charges 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. Amounts remaining after the final principal and interest payment on the storm recovery bonds, which was paid on March 2, 2020, and payments for final administrative and winding up activities are subject to refund. For more information on the storm recovery bonds, see Note 2 — “Summary of Significant Accounting Policies — Restricted Cash and Cash Equivalents” and Note 17 — “Intangible Assets, Intangible Liabilities, and Goodwill.” Transmission ROE Two complaints were filed with FERC seeking to reduce the ROE component of the transmission rates that MISO transmission owners, including Cleco Power, may collect under the MISO tariff. As of December 31, 2020, Cleco Power had $0.6 million accrued for the change in ROE. For more information on the ROE complaint, see Note 15 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — Transmission ROE.” 2016 Merger Commitments On March 28, 2016, the LPSC approved the 2016 Merger. The LPSC’s written order approving the 2016 Merger was issued on April 7, 2016. Approval of the 2016 Merger was conditioned upon certain commitments, including $136.0 million of customer rate credits. As of December 31, 2020, Cleco Power had issued $136.0 million of customer rate credits. Also included in the 2016 Merger Commitments were $2.5 million of contributions for economic development for Louisiana state and local organizations to be disbursed over five years, an additional $7.0 million one-time contribution in 2016 for economic development in Cleco Power’s service territory to be administered by Louisiana Economic Development, and $6.0 million of charitable contributions to be disbursed over five years. At December 31, 2020, Cleco Power had $2.1 million remaining accrued for the 2016 Merger Commitments discussed above. SSR In September 2016, Cleco Power filed an Attachment Y with MISO requesting retirement of Teche Unit 3 effective April 1, 2017. MISO conducted a study which determined the proposed retirement of Teche Unit 3 would result in violations of specific applicable reliability standards for which no mitigation is available. As a result, MISO designated Teche Unit 3 as an SSR unit until such time that an appropriate alternative solution could be implemented to mitigate reliability issues. One mitigating factor identified was Cleco Power’s Terrebonne to Bayou Vista Transmission project, which was completed in April 2019. Cleco Power received a termination notice, effective April 30, 2019, and filed paperwork to withdraw the filed Attachment Y. While operating as an SSR unit, Cleco Power received monthly payments that included recovery of expenses, including capital expenditures, related to the operations of Teche Unit 3. Additionally, MISO allocated SSR costs to the load serving entities that required the operation of the SSR unit, including Cleco Power. These payments and cost allocations were finalized as part of a MISO SSR settlement approved in December 2018. Cleco Power operated Teche Unit 3 as an SSR unit from April 2017 until April 2019. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note 14 — 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 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 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, 2020, consisted of its equity investment of $9.1 million. During 2020, Cleco Power received $8.0 million from Oxbow as a return of investment. The following table presents the components of Cleco Power’s equity investment in Oxbow: AT DEC. 31, INCEPTION TO DATE (THOUSANDS) 2020 2019 Purchase price $ 12,873 $ 12,873 Cash contributions 6,399 6,399 Dividend received (10,200) (2,200) Total equity investment in investee $ 9,072 $ 17,072 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: AT DEC. 31, (THOUSANDS) 2020 2019 Oxbow’s net assets/liabilities $ 18,145 $ 34,145 Cleco Power’s 50% equity $ 9,072 $ 17,072 Cleco Power’s maximum exposure to loss $ 9,072 $ 17,072 The following tables contain summarized financial information for Oxbow: AT DEC. 31, (THOUSANDS) 2020 2019 Current assets $ 16,805 $ 2,239 Property, plant, and equipment, net 4,910 23,738 Other assets 3,360 9,364 Total assets $ 25,075 $ 35,341 Current liabilities $ 369 $ 1,196 Other liabilities 6,561 — Partners’ capital 18,145 34,145 Total liabilities and partners’ capital $ 25,075 $ 35,341 FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Operating revenue $ 34,827 $ 8,886 $ 6,992 Operating expenses 34,827 8,886 6,992 Income before taxes $ — $ — $ — Prior to June 30, 2020, DHLC mined lignite reserves at Oxbow through the Amended Lignite Mining Agreement. The lignite reserves are intended to be used to provide fuel to the Dolet Hills Power Station. Under the Amended Lignite Mining Agreement, DHLC bills Cleco Power its proportionate share of incurred lignite extraction and associated mining-related costs. Oxbow bills Cleco Power its proportionate share of incurred costs related to mineral rights and land leases. 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. |
Litigation, Other Commitments a
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | Note 15 — 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. 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. According to the petition filed by Gulf Coast in the 12 th Judicial District Court for Avoyelles Parish, Louisiana (the “District Court”), 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 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 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 District Court lifted the stay at the request of Gulf Coast. The parties are currently participating in discovery. 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. Sabine River Flood In March 2017, Cleco was served with a summons in Perry Bonin, Ace Chandler, and Michael Manuel, et al v. Sabine River Authority of Texas and Sabine River Authority of Louisiana , No. B-160173-C. The action was filed in the 163rd Judicial District Court for Orange County, Texas, and relates to flooding that occurred in Texas and Louisiana in March 2016. The plaintiffs have alleged that the flooding was the result of the release of water from the Toledo Bend spillway gates into the Sabine River. While the plaintiffs have made numerous allegations, they have specifically alleged that Cleco Power, included as one of several companies and governmental bodies, failed to repair one of the two hydroelectric generators at the Toledo Bend Dam, which in turn contributed to the flooding. Cleco Power does not operate the hydroelectric generator. The suit was removed to federal court in Texas. The new federal case is Perry Bonin, et al. v. Sabine River Authority of Texas et al. , No. 17-cv-134, U.S. District Court for the Eastern District of Texas ( Bonin Case ). The plaintiffs moved to remand the case to state court, but the district court found that the case raises a substantial federal question and denied the motion to remand. Cleco Power, along with its co-defendants, filed a motion to dismiss on various grounds, primarily arguing that the plaintiffs’ claims are preempted because they infringe on FERC’s exclusive control of dam operations. The district court granted the motion to dismiss in part, declining to rule on some of the arguments raised by the defendants, and granted the plaintiffs leave to amend their complaint. The plaintiffs filed a Fifth Amended Complaint in March 2018. Cleco Power filed a new motion to dismiss the plaintiffs’ claims. In March 2018, approximately 26 other individual plaintiffs filed a petition against Cleco Power and other defendants in Larry Addison, et al. v. Sabine River Authority of Texas, et al. , No. D180096-C. The action was filed in the 260th Judicial District Court for Orange County, Texas. The defendants removed the case to federal court in April 2018. The new federal case is Larry Addison, et al. v. Sabine River Authority of Texas, et al ., No. 18-cv-153, U.S. District Court for the Eastern District of Texas. The allegations are essentially identical to those in the Bonin Case . Also, in April 2018, Cleco Power filed a motion to dismiss on the same grounds that previously were successful in the Bonin Case . In July 2018, the district court entered an order consolidating the Addison Case with the Bonin Case . Management believes that both cases, as they relate to Cleco Power, have no merit. In August 2018, the Judge entered an order requiring the plaintiffs to file a more definitive statement to clarify the plaintiffs’ claims. In response thereto, the plaintiffs filed a Sixth Amended Petition in September 2018. Cleco Power filed a response in October 2018. All claims were dismissed against Cleco Power by ruling of the Judge on March 18, 2019. The plaintiffs appealed the dismissal with the U.S. Court of Appeals for the Fifth Circuit. On June 4, 2020, the Fifth Circuit Court of Appeals affirmed the dismissal of all claims against Cleco Power. 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, No. 263339. 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 Industries 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 16 th Judicial District Court for St. Mary Parish, No. 133910-A. 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, which stay order remains in place until lifted. The 16 th 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 filed a motion for a new trial. The hearing on this motion was held on February 5, 2021, and the 16 th Judicial District Court judge denied Saulsbury’s motion for a new trial. It is anticipated that this decision will be appealed. LPSC Audits Fuel Audit 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. The LPSC FAC General Order issued in November 1997, in Docket No. U-21497 provides that an audit of FAC filings will be performed at least every other year. On March 31, 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 is $565.8 million. Cleco Power has responded to several sets of data requests from the LPSC. 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. Environmental Audit In 2009, the LPSC issued Docket No. U-29380 Subdocket A, which provides Cleco Power an EAC to recover from its customers certain costs of environmental compliance. 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. On March 3, 2020, Cleco Power received notice from the LPSC of the EAC audit for the period of January 2018 to December 2019. The total amount of environmental expense included in the audit is $26.2 million. Cleco Power has responded to several sets of data requests from the LPSC. 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 new 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 directs the EPA to consider issuing a proposed rule by August 2021 to suspend, revise, or rescind the 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. FERC Audit Generally, Cleco Power records wholesale transmission revenue through approved formula rates, Attachment O of the MISO tariff, and certain grandfathered agreements. The calculation of the rate formulas, as well as FERC accounting and reporting requirements, are subject to periodic audits by FERC. In March 2018, the Division of Audits and Accounting, within the Office of Enforcement of FERC, initiated an audit of Cleco Power for the period of January 1, 2014, through June 30, 2019. On September 27, 2019, Cleco Power received the final audit report, which indicated 12 findings of noncompliance with a combination of FERC accounting and reporting requirements and computation of revenue requirements along with 59 recommendations associated with the audit period. Cleco Power submitted a plan for implementing the audit recommendations on October 28, 2019. Cleco Power also submitted the refund analysis on November 7, 2019, which resulted in a refund related to the FERC audit findings, pending final assessment by the FERC Division of Audits and Accounting, which is expected in the third quarter of 2021. At December 31, 2020, Cleco Power had $1.9 million recorded in Provision for rate refund on Cleco and Cleco Power’s Consolidated Balance Sheets for the estimated refund. This amount is being refunded to Cleco Power’s wholesale transmission customers as a combination of refund payments and a reduction in Attachment O and grandfathered agreement rates over 12 months beginning June 1, 2020. Transmission ROE Two complaints were filed with FERC seeking to reduce the ROE component of the transmission rates that MISO transmission owners, including Cleco, may collect under the MISO tariff. The complaints sought to reduce the 12.38% ROE used in MISO’s transmission rates to a proposed 6.68%. The complaints covered the period December 2013 through May 2016. In June 2016, an administrative law judge issued an initial decision in the second rate case docket recommending a 9.70% base ROE. In September 2016, FERC issued a Final Order in response to the first complaint establishing a 10.32% ROE. However, on November 21, 2019, FERC voted to adopt a new methodology for evaluating base ROE for public utilities under the Federal Power Act. In addition, FERC set the MISO transmission owners’ region-wide base ROE at 9.88% for the refund period covered in the first complaint and going forward. The draft FERC order further found that complainants in the second complaint proceeding failed to show that the 9.88% base ROE was unjust and unreasonable and thus dismissed the second complaint. On May 21, 2020, FERC issued Opinion No. 569-A, which granted rehearing in part of Opinion No. 569, which had revised FERC’s methodology for analyzing the base ROE component of public utility rates under section 206 of the Federal Power Act. Opinion No. 569-A further refines FERC’s ROE methodology and finds that the MISO Transmission Owners’ base ROE should be set at 10.02% instead of 9.88%. Cleco Power is unable to determine when a final FERC Order will be issued. As of December 31, 2020, Cleco Power had $0.6 million accrued for the change in the ROE. In November 2014, the MISO transmission owners committee, of which Cleco is a member, filed a request with FERC for an incentive to increase the new ROE by 50 basis points for RTO participation as allowed by the MISO tariff. In January 2015, FERC granted the request. Beginning January 1, 2020, the collection of the adder was included in MISO’s transmission rates for a total ROE of 10.38%. On June 1, 2020, the total ROE included in MISO’s transmission rate was 10.52%. South Central Generating In 2017, Louisiana Generating received insurance settlement proceeds for costs incurred to resolve a lawsuit which was brought by the EPA and the LDEQ against Louisiana Generating related to Big Cajun II, Unit 3. Entergy Gulf States, as co-owner of Big Cajun II, Unit 3, is expected to be allocated a portion of the insurance settlement proceeds. Any amount allocated to Entergy Gulf States will be determined by ongoing litigation and negotiations. South Central Generating estimated this amount to be $10.0 million. As part of the Cleco Cajun Transaction, Cleco Cajun assumed the $10.0 million contingent liability and NRG Energy indemnified Cleco for losses associated with this litigation matter. As a result, Cleco also recorded a $10.0 million indemnification asset, which was included in the purchase price allocation and included in Other current assets on Cleco’s Consolidated Balance Sheets. 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. Management is unable to estimate any potential losses that Cleco Cajun may ultimately be responsible for with respect to any one of these matters. As part of the Cleco Cajun Transaction, NRG Energy indemnified Cleco for losses as of the closing date associated with 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, 2020, believes the probable and reasonably estimable liabilities based on the eventual disposition of these matters are $5.4 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 and Cleco Power’s Consolidated Balance Sheets because management has determined that Cleco 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 and Evangeline as a result of the transfer of Coughlin to Cleco Power. The maximum amount of the potential payment to Cleco Power, Cleco Holdings, and Evangeline 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 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 paid on behalf of the miner would be credited by the lignite miner against future invoices for lignite delivered. The maximum projected payment by Cleco Power under this guarantee is estimated to be $32.6 million ; however, the Amended Lignite Mining Agreement does not contain a cap. The projection is based on the forecasted loan and lease obligations to be incurred by DHLC, primarily for purchases of equipment. Cleco Power has the right to dispute the incurrence of loan and lease obligations through the review of the mining plan before the incurrence of such loan and lease obligations. In April 2020, Cleco Power and SWEPCO mutually agreed to not 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 December 31, 2020, all lignite reserves intended to be extracted from the Oxbow mine 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. The Amended Lignite Mining Agreement does not affect the amount the Registrants can borrow under their credit facilities. Currently, management does not expect to be required to pay DHLC under this guarantee. Cleco Holdings, in relation to Cleco Cajun’s participation in MISO, and Cleco Power have letters of credit to MISO pursuant to energy market requirements. In June 2020, Cleco Holdings decreased its MISO letter of credit from $34.5 million to $1.3 million. The letters of credit automatically renew each year and have no impact on Cleco Holdings’ or Cleco Power’s revolving credit facility. On February 24, 2021, Cleco Power and Cleco Cajun posted collateral in the amount of $21.0 million and $5.0 million, respectively, as a result of increased net purchased power costs related to Winter Storms Uri and Viola exceeding the respective unsecured credit capacity with MISO. For more information on these severe winter storms, see Note 19 — “Storm Restoration — Winter Storms Uri and Viola.” 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, 2020. Cleco Power and Cleco Cajun have several unconditional long-term purchase obligations primarily related to the purchase of petroleum coke, limestone, 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, 2020, is as follows: (THOUSANDS) CLECO POWER CLECO For the year ending Dec. 31, 2021 $ 20,991 $ 45,958 2022 21,279 24,307 2023 8,747 9,906 2024 7,984 8,491 2025 7,931 9,512 Thereafter 16,515 10,869 Total long-term purchase obligations $ 83,447 $ 109,043 Cleco’s payments under these agreements for the years ended December 31, 2020, 2019, and 2018 were $92.5 million, $94.8 million, and $70.5 million, respectively. Cleco Power’s payments under these agreements for the years ended December 31, 2020, 2019, and 2018 were $24.8 million, $35.3 million, and $60.7 million, respectively. Other Commitments Cleco has accrued for liabilities related to third parties, employee medical benefits, and AROs. 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. Cleco Power and Cleco Cajun are participants in the MISO market. Energy prices in the MISO market are based on LMP, which includes a component directly related to congestion on the transmission system. Pricing zones with greater transmission congestion may have higher LMPs. Physical transmission constraints present in the MISO market could increase energy costs within prici |
Affiliate Transactions
Affiliate Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Affiliate Transactions | Note 16 — 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, 2020, 2019, and 2018. At December 31, 2020, and 2019, Cleco Holdings had accounts payable of $41.3 million and $33.8 million, respectively, due to Cleco Group primarily for affiliate settlement of taxes payable. For the years ended December 31, 2020 and 2019, respectively, 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: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Support Group Other operations and maintenance $ 94,798 $ 73,090 $ 56,669 Taxes other than income taxes $ — $ (73) $ 6 Other expense $ 43 $ 64 $ 290 Cleco Holdings Other expense $ — $ — $ 1,007 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: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Other operations revenue Cleco Cajun $ 6,463 $ 7,471 $ — Affiliate revenue Support Group 4,715 3,088 874 Cleco Cajun 441 37 — Other income Cleco Holdings — 149 1,092 Total $ 11,619 $ 10,745 $ 1,966 Cleco Power had the following affiliate receivable and payable balances associated with the service agreements: AT DEC. 31, 2020 2019 (THOUSANDS) ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE Cleco Holdings $ 10,353 $ 57,713 $ 10,351 $ 194 Support Group 3,248 14,355 3,172 13,890 Cleco Cajun 1,004 — 958 39 Total $ 14,605 $ 72,068 $ 14,481 $ 14,123 Oxbow bills 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 December 31, 2020, and 2019, Cleco Power recorded $17.4 million, and $4.4 million, respectively, of its proportionate share of incurred costs. At December 31, 2020, and 2019, Cleco Power had $0.3 million and $0.2 million, respectively, payable to Oxbow. For more information on Cleco Power’s variable interest in Oxbow, see Note 14 — “Variable Interest Entities.” During 2020, Cleco Power made no distribution payments to Cleco Holdings. During 2019 and 2018, Cleco Power made $20.0 million, and $121.4 million, respectively, of distribution payments to Cleco Holdings. Cleco Power received no equity contributions from Cleco Holdings in 2020, 2019, and 2018. 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 Power’s affiliates is transferred with a like amount of assets to Cleco Power monthly. The following table shows the expense of the pension plan related to Cleco Power’s affiliates for the years ended 2020 and 2019: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Support Group $ 3,155 $ 1,316 Cleco Cajun $ 351 $ 239 |
Intangible Assets, Intangible L
Intangible Assets, Intangible Liabilities, and Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Intangible Liabilities and Goodwill | Note 17 — Intangible Assets, Intangible Liabilities, and Goodwill During 2008, Cleco Katrina/Rita acquired a $177.5 million intangible asset which includes $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. The intangible asset’s amortization expense was based on the estimated collections from Cleco Power’s customers. Cleco Katrina/Rita records amortization expense based on actual collections. At the date of the 2016 Merger, the gross balance of the Cleco Katrina/Rita intangible asset for Cleco was adjusted to be net of accumulated amortization, as no accumulated amortization existed at such date. As a result of the 2016 Merger, fair value adjustments were recorded on Cleco’s Consolidated Balance Sheet for the valuation of the Cleco trade name and long-term wholesale power supply agreements. At the end of their life, these intangible assets will have no residual value. The trade name intangible asset is being amortized over its estimated economic useful life of 20 years. The intangible assets related to the power supply agreements are amortized over the estimated life of each applicable contract ranging between seven 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. The fair value of intangible assets of $98.9 million and intangible liabilities of $14.2 million was reflected in the purchase price allocation. At the end of their life, these intangible assets and liabilities will have no residual value. These intangibles are amortized over the estimated life of each applicable contract ranging between two As part of the Cleco Cajun Transaction, Cleco assumed an LTSA for maintenance services related to the Cottonwood Plant. An intangible liability of $24.1 million was reflected in the purchase price allocation and is being amortized using the straight-line method over the estimated remaining life of the LTSA of seven years. The amortization is included as a reduction to the LTSA prepayments on Cleco’s Consolidated Balance Sheet. For more information on the fair value adjustments of intangible assets and liabilities related to the Cleco Cajun Transaction, see Note 3 — “Business Combinations.” The following tables present Cleco and Cleco Power’s amortization of intangible assets and liabilities: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Intangible assets Cleco Katrina/Rita right to bill and collect storm recover charges $ 517 $ 20,576 $ 20,608 Trade name $ 255 $ 255 $ 255 Power supply agreements $ 25,600 $ 24,273 $ 9,680 Intangible liabilities LTSA $ 3,484 $ 3,234 $ — Power supply agreements $ 3,528 $ 3,194 $ — No impairments for intangibles in the table above for 2020, 2019, and 2018. Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Cleco Katrina/Rita right to bill and collect storm recovery charges $ 517 $ 20,576 $ 20,608 The following tables summarize the balances for intangible assets and liabilities subject to amortization for Cleco and Cleco Power: Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Intangible assets Cleco Katrina/Rita right to bill and collect storm recovery charges $ 70,594 $ 70,594 Trade name 5,100 5,100 Power supply agreements 184,004 184,004 Total intangible assets carrying amount 259,698 259,698 Intangible liabilities LTSA 24,100 24,100 Power supply agreements 14,200 14,200 Total intangible liabilities carrying amount 38,300 38,300 Net intangible assets carrying amount 221,398 221,398 Accumulated amortization (134,526) (115,167) Net intangible assets subject to amortization $ 86,872 $ 106,231 Cleco Power AT DEC. 31, (THOUSANDS) 2020 2019 Cleco Katrina/Rita right to bill and collect storm recovery charges $ 177,537 $ 177,537 Accumulated amortization (177,537) (177,020) Net intangible assets subject to amortization $ — $ 517 The following table summarizes the amortization expense related to intangible assets and liabilities expected to be recognized in Cleco’s Consolidated Statements of Income: Cleco (THOUSANDS) INTANGIBLE ASSETS INTANGIBLE LIABILITIES For the year ending Dec. 31, 2021 $ 25,855 $ (5,862) 2022 $ 25,855 $ (5,041) 2023 $ 25,628 $ (5,041) 2024 $ 19,056 $ (5,041) 2025 $ 5,292 $ (3,875) Thereafter $ 10,046 $ — Goodwill 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 and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. Application of the goodwill impairment test requires significant judgments, including the identification of reporting units, assignments of assets and liabilities to reporting units, assignment of goodwill to reporting units, and the determination of the fair value of the reporting units. Cleco conducted its 2020 annual impairment test using an August 1, 2020, measurement date. The fair value of the Cleco Power reporting unit was estimated 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. Significant assumptions used in these fair value estimates include estimation of future cash flows related to capital expenditures, long-term rate of growth, and weighted-average cost of capital or discount rate. Changes in these assumptions could materially affect the determination of fair value and goodwill impairment at Cleco Power. Based on the tests performed, management has determined that the fair value of Cleco Power reporting unit exceeds the carrying value resulting in no impairment of Cleco Power’s goodwill for 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 18 — 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. Cleco (THOUSANDS) POSTRETIREMENT BENEFIT NET GAIN (LOSS) Balances, Dec. 31, 2017 $ (2,921) Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year 3,681 Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net loss 1,615 Reclassification of effect of tax rate change (589) Balances, Dec. 31, 2018 $ 1,786 Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year (18,877) Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net gain (422) Balances, Dec. 31, 2019 $ (17,513) Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year (10,026) Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net loss 1,743 Balances, Dec. 31, 2020 $ (25,796) Cleco Power (THOUSANDS) POSTRETIREMENT BENEFIT NET (LOSS) GAIN NET (LOSS) GAIN ON CASH FLOW HEDGES TOTAL AOCI Balances, Dec. 31, 2017 $ (8,377) $ (5,306) $ (13,683) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year 954 — 954 Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 1,789 — 1,789 Reclassification of net loss to interest charges — 254 254 Reclassification of effect of tax rate change (1,426) (1,070) (2,496) Balances, Dec. 31, 2018 $ (7,060) $ (6,122) $ (13,182) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year (10,344) — (10,344) Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 687 — 687 Reclassification of net loss to interest charges — 254 254 Balances, Dec. 31, 2019 $ (16,717) $ (5,868) $ (22,585) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year (4,050) — (4,050) Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 1,628 — 1,628 Reclassification of net gain to interest charges — 254 254 Balances, Dec. 31, 2020 $ (19,139) $ (5,614) $ (24,753) |
Storm Restoration
Storm Restoration | 12 Months Ended |
Dec. 31, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Storm Restoration | Note 19 — Storm Restoration Hurricanes Laura, Delta, and Zeta In August and October 2020, Cleco’s service territories were impacted by three separate hurricanes. While the hurricanes did not have a material impact on Cleco Cajun, Cleco Power’s distribution and transmission systems sustained substantial damage. On August 27, 2020, Hurricane Laura made landfall in southwest Louisiana as a Category 4 storm, causing catastrophic damage to portions of Cleco Power’s service territory and causing power outages for approximately 140,000 of Cleco Power’s electric customers located primarily in central and southwest Louisiana. By September 18, 2020, power was restored to 100% of customers who could receive power. Cleco Power’s total storm restoration costs related to Hurricane Laura is approximately $180.3 million. Cleco Power continues to work to restore the distribution and transmission systems to their pre-storm condition. The damage to equipment from the storm required replacement, as well as repair of existing assets. Therefore, the balance sheets of Cleco and Cleco Power reflect the capitalization of approximately 62%, or approximately $112.5 million, of the total restoration costs recorded at December 31, 2020. Approximately $9.4 million of the repair-related restoration cost associated with Hurricane Laura was offset against Cleco Power’s existing storm damage reserve, and $54.4 million of costs was recorded as a regulatory asset, as allowed by the LPSC. On October 9, 2020, Hurricane Delta made landfall in southwest Louisiana as a Category 2 storm resulting in power outages for approximately 132,000 of Cleco Power’s electric customers located primarily in central and south Louisiana. By October 16, 2020, power was restored to 100% of customers who could receive power. Cleco Power’s total storm restoration costs related to Hurricane Delta is approximately $50.7 million. The damage to equipment from the storm required replacement, as well as repair of existing assets. Therefore, the balance sheets of Cleco and Cleco Power reflect the capitalization of approximately 65%, or approximately $32.9 million, of the total restoration costs recorded at December 31, 2020. At December 31, 2020, Cleco Power recognized $17.1 million as a regulatory asset for deferred, non-capital Hurricane Delta storm restoration costs, as allowed by the LPSC. On October 28, 2020, Hurricane Zeta made landfall in southeast Louisiana as a Category 2 storm resulting in power outages for approximately 73,000 of Cleco Power’s electric customers located primarily in southeast Louisiana. By October 31, 2020, service was restored to 100% of customers who could receive power. Cleco Power’s total storm restoration costs related to Hurricane Zeta is approximately $8.6 million. The damage to equipment from the storm required replacement, as well as repair of existing assets. Therefore, the balance sheets of Cleco and Cleco Power reflect the capitalization of approximately 57%, or approximately $4.9 million, of the total restoration costs recorded at December 31, 2020. At December 31, 2020, Cleco Power recognized $3.5 million as a regulatory asset for deferred, non-capital Hurricane Zeta storm restoration costs, as allowed by the LPSC. On December 4, 2020, Cleco Power filed an application with the LPSC requesting an interim rate recovery for return on the storm restoration costs associated with the hurricanes until such time securitization of such costs can be completed. Cleco Power, in line with other impacted utilities, will seek available funds from the U.S. government for relief of costs incurred from Hurricanes Laura, Delta, and Zeta. Cleco Power cannot predict the likelihood that any reimbursement from the U.S. government ultimately will be approved. In addition to securitization, other recovery options are being analyzed. Winter Storms Uri and Viola In February 2021, Cleco’s service territories experienced extreme and unprecedented winter weather that resulted in damage to Cleco Power’s distribution and transmission assets, electricity generation supply shortages, natural gas supply shortages and increased wholesale prices of natural gas in the United States, primarily due to prolonged freezing temperatures. On February 14, 2021, Winter Storm Uri reached Louisiana resulting in power outages for approximately 11,000 of Cleco Power’s electric customers located primarily in south Louisiana. By February 17, 2021, power was restored to 100% of customers who could receive power. On February 17, 2021, Winter Storm Viola reached Louisiana resulting in power outages for approximately 43,000 of Cleco Power’s electric customers located primarily in central and south Louisiana. By February 22, 2021, power was restored to 100% of customers who could receive power. Cleco Power’s current estimate of the total storm restoration costs related to Winter Storms Uri and Viola is between $9.0 million and $10.0 million. Cleco Power continues its restoration efforts as damage to its distribution and transmission assets is still being assessed. Cleco Power anticipates the establishment of a regulatory asset for non-capital expenses incurred related to Winter Storms Uri and Viola, subject to LPSC approval. On February 16, 2021, Cleco was notified by the regional reliability coordinator, MISO, that extremely cold temperatures were causing an increase in demand for power, which resulted in an overload of the power grid. The electricity generation shortages necessitated MISO to implement controlled outages in certain of its service areas. To help protect the stability of the power grid and prevent prolonged outages, MISO instructed Cleco to reduce demand on the power grid by initiating periodic outages to customers across Louisiana. The periodic power outages were minimal and suspended within one hour of initiation at the direction of MISO because the power shortage was no longer threatening the reliability of the power grid. Cleco Power’s current estimate of incremental fuel and purchased power costs incurred as a result of Winter Storms Uri and Viola is between $45.0 million and $55.0 million. As a result of of the increase in net purchased power costs exceeding its unsecured credit capacity with MISO, on February 24, 2021, Cleco Power posted collateral in the amount of $21.0 million with MISO. Cleco Power expects to settle the majority of its purchase power obligations with MISO associated with the winter storms and eliminate associated collateral postings by March 9, 2021. These amounts are preliminary estimates and are subject to final settlement. Management expects to seek recovery of these costs through Cleco Power’s FAC. Recovery of these costs are subject to LPSC review and the LPSC could disallow timely and full recovery of these costs. Cleco Cajun currently estimates the incremental negative impact of Winter Storms Uri and Viola on operations to be between $10.0 million and $15.0 million. As a result of of the increase in net purchased power costs exceeding its unsecured credit capacity with MISO, on February 24, 2021, Cleco Cajun posted collateral in the amount of $5.0 million with MISO. Cleco Cajun expects to settle the majority of its power purchase obligations with MISO associated with the winter storms and eliminate associated collateral postings by March 9, 2021. The incremental impact to Cleco Cajun’s operations is a preliminary estimate and subject to final settlement. Management is still assessing the expected impact that these winter storms and related events will have on the Registrants’ financial condition, results of operations, cash flows, or liquidity. |
Schedule I Financial Statements
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 2018 Operating expenses Administrative and general $ 1,497 $ 3,263 $ 1,269 Merger transaction costs 3,606 7,803 19,514 Other operating expense 239 130 318 Total operating expenses 5,342 11,196 21,101 Operating loss (5,342) (11,196) (21,101) Equity income from subsidiaries, net of tax 173,337 205,187 149,543 Interest, net (64,362) (70,252) (54,635) Other income (expense), net 3,021 8,568 (1,687) Income before income taxes 106,654 132,307 72,120 Federal and state income tax benefit (15,646) (20,358) (22,317) Net income $ 122,300 $ 152,665 $ 94,437 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) 2020 2019 2018 Net income $ 122,300 $ 152,665 $ 94,437 Other comprehensive income, net of tax Postretirement benefits (loss) gain (net of tax benefit of $2,922, tax benefit of $6,808, and tax expense of $1,868, respectively) (8,283) (19,299) 5,296 Total other comprehensive income (loss), net of tax (8,283) (19,299) 5,296 Comprehensive income, net of tax $ 114,017 $ 133,366 $ 99,733 The accompanying notes are an integral part of the condensed financial statements. CLECO HOLDINGS (Parent Company Only) SCHEDULE I Condensed Balance Sheets AT DEC. 31, (THOUSANDS) 2020 2019 Assets Current assets Cash and cash equivalents $ 21,622 $ 15,008 Accounts receivable - affiliate 75,948 14,231 Other accounts receivable 599 2,650 Taxes receivable, net 4,196 6,726 Cash surrender value of trust-owned life insurance policies 72,954 68,523 Total current assets 175,319 107,138 Equity investment in subsidiaries 4,181,383 4,150,953 Accumulated deferred federal and state income taxes, net 134,809 127,655 Other deferred charges 812 1,831 Total assets $ 4,492,323 $ 4,387,577 Liabilities and member's equity Liabilities Current liabilities Long-term debt due within one year $ 66,000 $ 63,300 Accounts payable 735 1,448 Accounts payable - affiliate 99,822 47,184 Interest accrued 10,158 11,005 Deferred compensation 13,240 12,115 Other current liabilities 756 274 Total current liabilities 190,711 135,326 Postretirement benefit obligations 4,453 4,481 Other deferred credits 1,813 — Long-term debt, net 1,538,323 1,604,764 Total liabilities 1,735,300 1,744,571 Commitments and contingencies (Note 6) Member's equity 2,757,023 2,643,006 Total liabilities and member's equity $ 4,492,323 $ 4,387,577 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) 2020 2019 2018 Operating activities Net cash provided by operating activities $ 73,452 $ 189,644 $ 97,614 Investing activities Return of equity investment in tax credit fund — 1,625 2,775 Contribution to subsidiary — (962,170) (1,250) Other investing — — 442 Net cash (used in) provided by investing activities — (960,545) 1,967 Financing activities Draws on credit facility 88,000 75,000 — Payments on credit facility (88,000) (75,000) — Issuance of long-term debt — 700,000 — Repayment of long-term debt (64,000) (370,000) — Payment of financing costs (2,838) (5,929) (25) Contribution from member — 384,900 — Distributions to member — — (71,350) Net cash (used in) provided by financing activities (66,838) 708,971 (71,375) Net increase (decrease) in cash and cash equivalents 6,614 (61,930) 28,206 Cash and cash equivalents at beginning of period 15,008 76,938 48,732 Cash and cash equivalents at end of period $ 21,622 $ 15,008 $ 76,938 Supplementary cash flow information Interest paid, net of amount capitalized $ 62,745 $ 56,768 $ 53,798 Income taxes (refunded) paid, net $ (2,942) $ (19) $ 2 Supplementary non-cash investing and financing activity Non-cash contribution to subsidiary, net of tax $ — $ — $ 3,865 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, 2020, Cleco Holdings’ restricted net assets of consolidated subsidiaries were $1.51 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. Upon completion of the Cleco Cajun Transaction, Cleco Cajun became a major, first tier subsidiary. Cleco Cajun is an unregulated electric utility company that owns generation and transmission assets and supplies wholesale power and capacity to its customers. For more information about the Cleco Cajun Transaction, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — Business Combinations.” 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 — Debt At December 31, 2020, and 2019 Cleco Holdings had no short-term debt outstanding. At December 31, 2020, Cleco Holding’s long-term debt outstanding was $1.60 billion, of which $66.0 million was due within one year. The amount due within one year represents principal payments on Cleco Holdings’ debt as required by the Cleco Cajun Transaction commitments to the LPSC. On September 11, 2019, Cleco Holdings completed the private placement of $300.0 million aggregate principal amount of its 3.375% senior notes due September 15, 2029. The proceeds from the issuance were used to repay the remaining amounts due under the $300.0 million bridge loan agreement and a portion of the $100.0 million term loan agreement, both entered into in connection with the Cleco Cajun Transaction. On July 14, 2020, Cleco Holdings completed an exchange offer for its outstanding 3.375% senior notes, which were not registered under the Securities Act of 1933, as amended, for an equal principal amount of newly issued 3.375% senior notes due September 15, 2029, that were so registered. Cleco Holdings did not receive any proceeds from the exchange offer. Upon approval of the Cleco Cajun Transaction, 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, 2020, 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: (THOUSANDS) For the year ending Dec. 31, 2019 $ 66,700 2020 $ 133,300 2021 $ 200,000 2022 $ 267,700 2023 $ 333,300 2024 $ 400,000 The principal amounts payable under long-term debt agreements for each year through 2025 and thereafter are as follows: AMOUNTS PAYABLE UNDER LONG-TERM DEBT ARRANGEMENTS (THOUSANDS) For the year ending Dec. 31, 2021 $ — 2022 $ 266,000 2023 $ 165,000 2024 $ — 2025 $ — Thereafter $ 1,185,000 Note 3 — 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% 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 2020, 2019, and 2018: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Cleco Power $ — $ 20,000 $ 121,400 Cleco Cajun 134,000 205,000 — Perryville — — 225 Attala — — 217 Total $ 134,000 $ 225,000 $ 121,842 During the years ended December 31, 2020, and 2019, Cleco Holdings made no non-cash equity contributions to affiliates. During the year ended December 31, 2018, Cleco Holdings made $1.8 million and $2.1 million in non-cash equity contributions to Perryville and Attala, respectively. During the year ended December 31, 2020, Cleco Holdings made no cash contributions to affiliates. During the year ended December 31, 2019, Cleco Holdings made $962.2 million of contributions to Cleco Cajun to finance the Cleco Cajun Transaction. During the year ended December 31, 2018, Cleco Holdings made $1.3 million of contributions to Cleco Cajun. During the years ended December 31, 2020, and 2018, Cleco Holdings received no equity contributions from Cleco Group. During the year ended December 31, 2019, Cleco Holdings received $384.9 million equity contributions from Cleco Group. During the years ended December 31, 2020, and 2019, Cleco Holdings made no distribution payments to Cleco Group. During the year ended December 31, 2018, Cleco Holdings made $71.4 million of distribution payments to Cleco Group. Note 4 — Income Taxes Cleco Holdings’ (Parent Company Only) Condensed Statements of Income reflect income tax expense (benefit) for the following line items: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Federal and state income tax benefit $ (15,646) $ (20,358) $ (22,317) Equity income from subsidiaries - federal and state income tax expense $ 51,364 $ 63,523 $ 51,699 Note 5 — 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 15 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees.” |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | CLECO SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (THOUSANDS) BALANCE AT BEGINNING OF PERIOD ADDITIONS DEDUCTIONS BALANCE AT END OF PERIOD (1) Allowance for Uncollectible Accounts Year Ended Dec. 31, 2020 $ 3,005 $ 6,176 $ 6,423 $ 2,758 Year Ended Dec. 31, 2019 $ 814 $ 2,323 $ 132 $ 3,005 Year Ended Dec. 31, 2018 $ 1,457 $ 977 $ 1,620 $ 814 (1) Deducted in the consolidated balance sheet (THOUSANDS) BALANCE AT BEGINNING OF PERIOD ADDITIONS DEDUCTIONS BALANCE AT END OF PERIOD (1) Unrestricted Storm Reserve Year Ended Dec. 31, 2020 $ 1,100 $ 12,329 $ 13,429 $ — Year Ended Dec. 31, 2019 $ 3,672 $ 4,000 $ 6,572 $ 1,100 Year Ended Dec. 31, 2018 $ 4,186 $ — $ 514 $ 3,672 Restricted Storm Reserve Year Ended Dec. 31, 2020 $ 12,285 $ 44 $ 12,329 $ — Year Ended Dec. 31, 2019 $ 15,485 $ 800 $ 4,000 $ 12,285 Year Ended Dec. 31, 2018 $ 14,469 $ 1,016 $ — $ 15,485 (1) Included 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 Uncollectible Accounts Year Ended Dec. 31, 2020 $ 3,005 $ 6,176 $ 6,423 $ 2,758 Year Ended Dec. 31, 2019 $ 814 $ 2,323 $ 132 $ 3,005 Year Ended Dec. 31, 2018 $ 1,457 $ 977 $ 1,620 $ 814 (1) Deducted in the consolidated balance sheet (THOUSANDS) BALANCE AT BEGINNING OF PERIOD ADDITIONS DEDUCTIONS BALANCE AT END OF PERIOD (1) Unrestricted Storm Reserve Year Ended Dec. 31, 2020 $ 1,100 $ 12,329 $ 13,429 $ — Year Ended Dec. 31, 2019 $ 3,672 $ 4,000 $ 6,572 $ 1,100 Year Ended Dec. 31, 2018 $ 4,186 $ — $ 514 $ 3,672 Restricted Storm Reserve Year Ended Dec. 31, 2020 $ 12,285 $ 44 $ 12,329 $ — Year Ended Dec. 31, 2019 $ 15,485 $ 800 $ 4,000 $ 12,285 Year Ended Dec. 31, 2018 $ 14,469 $ 1,016 $ — $ 15,485 (1) Included in the consolidated balance sheet |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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. |
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.Cleco conducted its 2020 annual impairment test using an August 1, 2020, measurement date. The fair value of the Cleco Power reporting unit was estimated 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. Significant assumptions used in these fair value estimates include estimation of future cash flows related to capital expenditures, long-term rate of growth, and weighted-average cost of capital or discount rate. Changes in these assumptions could materially affect the determination of fair value and goodwill impairment at Cleco Power. |
Intangible Assets and Liabilities | Intangible Assets and Liabilities Intangible assets include Cleco Katrina/Rita’s right to bill and collect storm recovery charges through March 2020, fair value |
Statements of Cash Flows | Cleco 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 and Cleco Cajun’s rates for transmission services are regulated by FERC. Rates for wholesale power sales are based on market-based rates, pending FERC review of Cleco’s generation market power analysis. 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 and refund of certain assets. 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 through the ratemaking process. Regulatory assets and liabilities are amortized consistent with the treatment of the related cost in the ratemaking process. Pursuant to this regulatory approval, 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 capitalizes or defers certain costs for recovery from customers and recognizes a liability for amounts expected to be returned to 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.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. |
Property, Plant, and Equipment | Property, plant, and equipment consists primarily of utility generation and energy transmission and distribution assets. Assets utilized primarily for retail and wholesale operations and electric transmission and distribution are stated at the cost of construction, 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 and Cleco Cajun’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 | Fuel inventory consists primarily of petroleum coke, coal, limestone, lignite, and natural gas used to generate electricity. 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. |
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. In response to the COVID-19 pandemic, the LPSC issued an executive order prohibiting the disconnection of utilities for nonpayment from March 13, 2020, through July 16, 2020. As a result of this executive order, Cleco Power suspended the assessment of late fees, disconnections, and the utilization of collection agencies, which resulted in no additional charge-offs during the second and third quarters of 2020. On July 16, 2020, Cleco Power began setting up payment plan arrangements for customers with past due balances to be repaid over a period of up to 18 months . On August 27, 2020, Hurricane Laura made landfall in southwest Louisiana causing substantial damage to Cleco’s distribution and transmission facilities and to the properties of Cleco’s customers. Although Cleco’s service territory experienced a recent decline in the economy related to these events, the economic outlook at December 31, 2020, was still within range of its historical credit loss analysis. Cleco began resuming disconnections and late fees and utilizing collection agencies on October 1, 2020. In October 2020, hurricanes Delta and Zeta made landfall in south Louisiana causing substantial damage to Cleco’s distribution and transmission facilities and to the properties of Cleco’s customers. Due to the hurricanes, Cleco suspended disconnections for part of October and began resuming disconnections on November 3, 2020. |
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 damage to lines, Cleco Power maintains an LPSC-approved funded storm reserve. 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.Cleco Katrina/Rita had the right to bill and collect storm restoration costs from Cleco Power’s customers. As cash was collected, it was restricted for payment of administration fees, interest, and principal on storm recovery bonds. |
Equity Investments | Cleco and Cleco Power account for investments in unconsolidated affiliated companies using the equity method of accounting. The amounts reported on Cleco 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 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 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 and Cleco Power’s Consolidated Statements of Income |
Income Taxes | Cleco accounts for income taxes under the asset and liability method. Cleco provides for federal and state income taxes currently payable, as well as for those deferred due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets and liabilities are classified as non-current on Cleco and Cleco Power’s Consolidated Balance Sheets. Cleco’s income tax expense and related regulatory assets and liabilities could be affected by changes in its assumptions and estimates and by ultimate resolution of assumptions and estimates with taxing authorities. 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 sales 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 regulators. Sales taxes and pass-through fees collected on the sale of electricity are not recorded in utility revenue. 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 and Cleco Power’s Consolidated Statements of Income but are reflected at gross amounts on Cleco and Cleco Power’s Consolidated Balance Sheets as a receivable until the tax is collected and as a payable until the liability is paid. Cleco currently has no sales tax collected from customers reflected on its income statement. Franchise Fees Cleco Power collects a consumer fee for one of its franchise agreements. This fee is not recorded on Cleco and Cleco Power’s Consolidated Statements of Income as revenue and expense, but is reflected at gross amounts on Cleco and Cleco Power’s Consolidated Balance Sheets as a receivable until it is collected and as a payable until the liability is paid. |
AFUDC | 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. |
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.Cleco utilizes different valuation techniques for fair value calculations. In order to measure the fair value for Level 1 assets and liabilities, Cleco obtains the closing price from published indices in active markets for the various instruments and multiplies this price by the appropriate volume of instruments held. Level 2 fair values are determined by obtaining the closing price of similar assets and liabilities from published indices in active markets. Institutional money market funds assets are discounted to the current period using a U.S. Treasury published interest rate as a proxy for a risk-free rate of return. Level 3 fair values occur in situations in which there is little, if any, market activity for the asset or liability at the measurement date and prices are not observable. Cleco has consistently applied the Level 2 and Level 3 fair value techniques from fiscal period to fiscal period. Significant increases or decreases in any of those inputs in isolation would result in a significantly different fair value measurement. The assets and liabilities reported at fair value are grouped into classes based on the underlying nature and risks associated with the individual asset or liability. |
Derivatives and Other Risk Management Activity | Cleco’s Energy Market Risk Management Policy authorizes hedging of commodity price risk with physical or financially settled derivative instruments. Some of these contracts may qualify for the normal purchase, normal sale (NPNS) exception under derivative accounting guidance. Contracts that do not qualify for NPNS accounting treatment or are not elected for NPNS accounting treatment are marked-to-market and recorded on the balance sheet at their fair value. Cleco Power and Cleco Cajun are awarded and/or purchase FTRs in auctions facilitated by MISO. The majority of these FTRs are purchased in annual auctions during the second quarter, but additional FTRs may be purchased in monthly auctions. FTRs represent economic hedges of future congestion charges that will be incurred in serving customer load. FTRs are derivatives not designated as hedging instruments for accounting purposes. Cleco Power’s FTRs are marked-to-market with the resulting unrealized gains or losses deferred as a component of deferred fuel assets or liabilities in accordance with regulatory policy. At settlement, realized gains or losses are included in the FAC and reflected on customers’ bills as a component of the fuel charge. Cleco Cajun’s FTRs are marked-to-market with the resulting unrealized gains and losses recorded on the income statement as a component of purchased power expense. At settlement, realized gains or losses are also recorded on the income statement as a component of purchased power expense. Cleco Cajun has fixed price physical forwards and financial swaps contracts. Management did not elect to apply hedge accounting to these contracts as allowed under applicable accounting standards. When these contracts are marked-to-market, the resulting unrealized gain or loss is recorded on the income statement as a component of fuel expense. At settlement, realized gains or losses are also recorded on the income statement as a component of fuel expense. For more information on FTRs and other commodity derivatives, see Note 8 — “Fair Value Accounting — Commodity Contracts.” Cleco may also enter into contracts to mitigate the volatility in interest rate risk. These contracts include, but are not limited to, interest rate swaps and treasury rate locks. For each reporting period presented, the Registrants did not enter into any contracts to mitigate the volatility in interest rate risk. |
Accounting for MISO Transactions | Cleco Power and Cleco Cajun participate in MISO’s Energy and Operating Reserve market where sales and purchases are netted hourly. If the hourly activity nets to sales, the result is reported in Electric operations on Cleco and Cleco Power’s Consolidated Statements of Income. If the hourly activity nets to purchases, the result is reported in Purchased power on Cleco and Cleco Power’s Consolidated Statements of Income. |
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 4 — “Leases.” |
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 4 — “Leases.” |
Recent Authoritative Guidance | In June 2016, FASB amended the guidance for the measurement of credit losses on receivables and certain other assets. In-scope items for Cleco include unbilled revenue, trade receivables, notes receivables, other accounts receivables, and guarantees. The guidance requires use of a current expected loss model, which may result in earlier recognition of credit losses. Effective January 1, 2020, Cleco adopted the amended guidance using the prospective transition method. Adoption of this standard resulted in less than a $0.1 million increase in credit loss reserves related to unbilled revenue and trade receivables. The current expected credit loss model did not impact reserves related to any other in-scope items. For more information on Cleco’s accounting for credit losses, see “— Reserves for Credit Losses.” In August 2018, FASB issued guidance that allows for the deferral of certain implementation costs incurred in a cloud computing arrangement. Effective January 1, 2020, Cleco adopted the guidance using the prospective transition method. Adoption of this guidance did not materially impact the Registrants’ results of operations, financial condition, or cash flows. 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 may be applied from March 12, 2020, through December 31, 2022. Management has initiated a review of contracts to identify those with reference rates that will be discontinued and expects to apply this guidance on an on-going basis. Management does not expect this guidance to have a significant impact on the Registrants’ results of operations, financial condition, or cash flows. |
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. These intercompany transactions relate primarily to joint and common administrative support services as well as transmission services provided by Cleco Power to Cleco Cajun. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Retail Utility Revenue Cleco’s retail revenue from contracts with customers is generated primarily from Cleco Power’s regulated revenue 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 Cleco Power’s 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. Cleco Power uses actual customer energy consumption data available from AMI to calculate unbilled revenue. Also included in Cleco Power’s retail revenue is electric customer credits, which primarily represents the accrued estimated refunds to Cleco Power’s retail customers for the tax related benefits of the TCJA. Wholesale Revenue Cleco’s wholesale revenue is generated primarily through the sale of energy and capacity to 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 |
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 five five |
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 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 and Cleco Power’s Consolidated Statements of Income. |
Intangible Assets | During 2008, Cleco Katrina/Rita acquired a $177.5 million intangible asset which includes $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. The intangible asset’s amortization expense was based on the estimated collections from Cleco Power’s customers. Cleco Katrina/Rita records amortization expense based on actual collections. At the date of the 2016 Merger, the gross balance of the Cleco Katrina/Rita intangible asset for Cleco was adjusted to be net of accumulated amortization, as no accumulated amortization existed at such date. As a result of the 2016 Merger, fair value adjustments were recorded on Cleco’s Consolidated Balance Sheet for the valuation of the Cleco trade name and long-term wholesale power supply agreements. At the end of their life, these intangible assets will have no residual value. The trade name intangible asset is being amortized over its estimated economic useful life of 20 years. The intangible assets related to the power supply agreements are amortized over the estimated life of each applicable contract ranging between seven |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Line Items] | |
Schedule of Amortization of Computer Software | Amortization of capitalized computer software costs charged to expense in Cleco and Cleco Power’s Consolidated Statements of Income for the years ending December 31, 2020, 2019, and 2018 is shown in the following tables: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Amortization $ 11,015 $ 4,917 $ 2,154 The following tables present Cleco and Cleco Power’s amortization of intangible assets and liabilities: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Intangible assets Cleco Katrina/Rita right to bill and collect storm recover charges $ 517 $ 20,576 $ 20,608 Trade name $ 255 $ 255 $ 255 Power supply agreements $ 25,600 $ 24,273 $ 9,680 Intangible liabilities LTSA $ 3,484 $ 3,234 $ — Power supply agreements $ 3,528 $ 3,194 $ — No impairments for intangibles in the table above for 2020, 2019, and 2018. |
Schedule of Property, Plant, and Equipment | Depreciation on all other 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: CATEGORY (YEARS) CLECO CLECO POWER Utility Plants Generation 6 – 95 10 – 95 Distribution 15 – 50 15 – 50 Transmission 5 – 55 5 – 55 Other utility plant 2 – 45 5 – 45 Other property, plant, and equipment 5 – 45 5 – 45 At December 31, 2020, and 2019, Cleco and Cleco Power’s property, plant, and equipment consisted of the following: Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Utility plants Generation $ 2,915,349 $ 2,812,843 Distribution 1,357,714 1,153,086 Transmission 667,398 660,279 Other utility plant 391,057 350,683 Other property, plant, and equipment 5,672 5,364 Total property, plant, and equipment 5,337,190 4,982,255 Accumulated depreciation (672,271) (454,874) Net property, plant, and equipment $ 4,664,919 $ 4,527,381 |
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: Cleco (THOUSANDS) ACCOUNTS OTHER* TOTAL Balances, Dec. 31, 2019 $ 3,005 $ 1,250 $ 4,255 CECL adoption 71 — 71 Current period provision 5,029 388 5,417 Charge-offs (6,423) — (6,423) Recovery 1,076 — 1,076 Balances, Dec. 31, 2020 $ 2,758 $ 1,638 $ 4,396 * Loan held at Diversified Lands that was fully reserved for at December 31, 2020. Cleco Power (THOUSANDS) ACCOUNTS Balances, Dec. 31, 2019 $ 3,005 CECL adoption 71 Current period provision 5,029 Charge-offs (6,423) Recovery 1,076 Balances, Dec. 31, 2020 $ 2,758 |
Schedule of Restricted Cash and Cash Equivalents | Cleco and Cleco Power’s restricted cash and cash equivalents consisted of: Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Current Cleco Katrina/Rita’s storm recovery bonds $ 2,626 $ 9,632 Cleco Power’s charitable contributions 1,718 1,200 Cleco Power’s rate credit escrow 201 268 Total current 4,545 11,100 Non-current Diversified Lands’ mitigation escrow 22 21 Cleco Cajun’s defense fund 722 719 Cleco Cajun’s margin deposits — 100 Cleco Power’s future storm restoration costs — 12,269 Cleco Power’s charitable contributions — 2,094 Total non-current 744 15,203 Total restricted cash and cash equivalents $ 5,289 $ 26,303 |
CLECO POWER | |
Accounting Policies [Line Items] | |
Schedule of Amortization of Computer Software | Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Amortization $ 10,379 $ 4,321 $ 1,607 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Cleco Katrina/Rita right to bill and collect storm recovery charges $ 517 $ 20,576 $ 20,608 |
Schedule of Property, Plant, and Equipment | Cleco Power AT DEC. 31, (THOUSANDS) 2020 2019 Regulated utility plants Generation $ 2,673,271 $ 2,633,590 Distribution 1,796,841 1,593,104 Transmission 857,833 805,701 Other utility plant 496,433 457,062 Total property, plant, and equipment 5,824,378 5,489,457 Accumulated depreciation (2,067,362) (1,905,031) Net property, plant, and equipment $ 3,757,016 $ 3,584,426 |
Schedule of Restricted Cash and Cash Equivalents | Cleco Power AT DEC. 31, (THOUSANDS) 2020 2019 Current Cleco Katrina/Rita’s storm recovery bonds $ 2,626 $ 9,632 Charitable contributions 1,718 1,200 Rate credit escrow 201 268 Total current 4,545 11,100 Non-current Future storm restoration costs — 12,269 Charitable contributions — 2,094 Total non-current — 14,363 Total restricted cash and cash equivalents $ 4,545 $ 25,463 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Assets Acquired and Liabilities Assumed and Measurement Period Adjustments | The following chart presents Cleco’s current purchase price allocation: Purchase Price Allocation (THOUSANDS) Current assets Cash and cash equivalents $ 146,494 Customer and other accounts receivable 49,809 Fuel inventory 22,060 Materials and supplies 25,659 Energy risk management assets 4,193 Other current assets 10,056 Non-current assets Property, plant, and equipment, net 741,203 Prepayments 36,166 Restricted cash and cash equivalents 707 Intangible assets 98,900 Other deferred charges 133 Total assets acquired 1,135,380 Current liabilities Accounts payable 38,478 Taxes payable 723 Energy risk management liabilities 241 Other current liabilities 14,570 Non-current liabilities Accumulated deferred federal and state income taxes, net 7,165 Deferred lease revenue 58,300 Intangible liabilities 38,300 Asset retirement obligations 15,323 Operating lease liabilities 110 Total liabilities assumed 173,210 Total purchase price consideration $ 962,170 Measurement Period Adjustments (THOUSANDS) AT JUNE 30, 2019 Current assets Customer and other accounts receivable $ 1,408 Other current assets $ 56 Non-current assets Property, plant, and equipment, net $ 13,297 Prepayments $ (56) Intangible assets $ (3,600) Other deferred charges $ 1 Current liabilities Accounts payable $ 3,022 Energy risk management liabilities $ (1) Other current liabilities $ 327 Non-current liabilities Accumulated deferred federal and state income taxes, net $ 421 Deferred lease revenue $ (3,600) Intangible liabilities $ 6,400 Asset retirement obligations $ 4,534 Operating lease liabilities $ 3 |
Schedule of Unaudited Pro Forma Information | The unaudited pro forma financial information presented in the following table is not necessarily indicative of the consolidated results of operations that would have been achieved had the transaction taken place on the dates indicated, or the future consolidated results of operations of the combined companies. Unaudited Pro Forma Financial Information FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2019 2018 Operating revenue, net $ 1,660,362 $ 1,668,022 Net income $ 154,898 $ 170,224 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 and Cleco Power’s long-term operating leases together with the present value of the net minimum lease payments as of December 31, 2020: (THOUSANDS) CLECO POWER CLECO Years ending Dec. 31, 2021 $ 3,543 $ 3,682 2022 3,289 3,320 2023 3,234 3,262 2024 3,216 3,236 2025 3,216 3,216 Thereafter 15,401 15,401 Total minimum lease payments 31,899 32,117 Less: amount representing interest 5,932 5,982 Present value of net minimum operating lease payments $ 25,967 $ 26,135 Current liabilities $ 2,672 $ 2,802 Non-current liabilities $ 23,295 $ 23,333 |
Schedule of Leased Property Under Finance Lease | The following is an analysis of the leased property under the finance lease: (THOUSANDS) AT DEC. 31, 2020 AT DEC. 31, 2019 Barges $ 16,800 $ 16,800 Accumulated amortization (3,080) (1,960) Net finance lease asset $ 13,720 $ 14,840 |
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, 2020: (THOUSANDS) Years ending Dec. 31, 2021 $ 2,203 2022 2,203 2023 2,203 2024 2,203 2025 2,203 Thereafter 15,472 Total minimum lease payments 26,487 Less: amount representing interest 11,243 Present value of net minimum finance lease payments $ 15,244 Current liabilities $ 682 Non-current liabilities $ 14,562 The principal amounts payable under the finance lease agreement for each year through 2025 and thereafter are as follows: (THOUSANDS) CLECO CLECO POWER For the year ending Dec. 31, 2021 $ 682 $ 682 2022 $ 755 $ 755 2023 $ 836 $ 836 2024 $ 925 $ 925 2025 $ 1,023 $ 1,023 Thereafter $ 11,023 $ 11,023 |
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, 2020, and 2019: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Finance lease cost Amortization of ROU assets $ 1,120 $ 1,120 Interest on lease liabilities 1,587 1,646 Operating lease cost 4,576 4,528 Variable lease cost 301 515 Total lease cost $ 7,584 $ 7,809 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Finance lease cost Amortization of ROU assets $ 1,120 $ 1,120 Interest on lease liabilities 1,587 1,646 Operating lease cost 4,191 4,303 Variable lease cost 301 515 Total lease cost $ 7,199 $ 7,584 The following tables present additional information related to Cleco and Cleco Power’s operating and finance leases as of and for the years ended December 31, 2020, and 2019: Cleco AT DEC. 31, (THOUSANDS) BALANCE SHEET LINE ITEM 2020 2019 Supplemental balance sheet information ROU assets Operating Operating lease right of use assets $ 26,172 $ 28,791 Finance Property, plant, and equipment 13,720 14,840 Total ROU assets $ 39,892 $ 43,631 Current lease liabilities Operating Other current liabilities $ 2,802 $ 2,978 Finance Long-term debt and finance leases due within one year 682 617 Non-current lease liabilities Operating Operating lease liabilities 23,333 25,779 Finance Long-term debt and finance leases, net 14,562 15,244 Total lease liabilities $ 41,379 $ 44,618 Cleco Power AT DEC. 31, (THOUSANDS) BALANCE SHEET LINE ITEM 2020 2019 Supplemental balance sheet information ROU assets Operating Operating lease right of use assets $ 26,006 $ 28,633 Finance Property, plant, and equipment 13,720 14,840 Total ROU assets $ 39,726 $ 43,473 Current lease liabilities Operating Other current liabilities $ 2,672 $ 2,935 Finance Long-term debt and finance leases due within one year 682 617 Non-current lease liabilities Operating Operating lease liabilities 23,295 25,658 Finance Long-term debt and finance leases, net 14,562 15,244 Total lease liabilities $ 41,211 $ 44,454 Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,504 $ 4,452 Operating cash flows from finance leases $ 1,587 $ 1,646 Financing cash flows from finance leases $ 617 $ 557 ROU assets obtained in exchange for new lease liabilities $ — $ 15,881 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,120 $ 4,203 Operating cash flows from finance leases $ 1,587 $ 1,646 Financing cash flows from finance leases $ 617 $ 557 ROU assets obtained in exchange for new lease liabilities $ — $ 15,749 Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Other supplemental information Operating leases Weighted-average remaining lease term 9.9 years 10.8 years Weighted-average discount rate 4.31 % 4.31 % Finance leases Weighted-average remaining lease term 12.3 years 13.3 years Weighted-average discount rate 10.18 % 10.18 % Cleco Power AT DEC. 31, 2020 (THOUSANDS) 2020 2019 Other supplemental information Operating leases Weighted-average remaining lease term 10.0 years 10.8 years Weighted-average discount rate 4.31 % 4.31 % Finance leases Weighted-average remaining lease term 12.3 years 13.3 years Weighted-average discount rate 10.18 % 10.18 % |
Schedule of Lease Income Under Cottonwood Sale Leaseback | Cleco Cajun is Cleco’s only entity with lessor arrangements. Cleco Cajun’s lease income under the Cottonwood Sale Leaseback for the years ended December 31, 2020, and 2019 was as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Fixed payments $ 40,000 $ 36,667 Variable payments 20,883 20,415 Amortization of deferred lease liability (1) 9,205 8,438 Total lease income $ 70,088 $ 65,520 |
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: (THOUSANDS) Years ending Dec. 31, 2021 $ 40,000 2022 40,000 2023 40,000 2024 40,000 2025 16,667 Total payments $ 176,667 |
Schedule of Property Associated with Cottonwood Sale Leaseback | Property associated with the Cottonwood Sale Leaseback was as follows: AT DEC. 31, (THOUSANDS) 2020 2019 Property, plant, and equipment $ 552,659 $ 540,409 Accumulated depreciation (52,053) (22,741) Net property, plant, and equipment $ 500,606 $ 517,668 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Operating revenue, net for the year ended December 31, 2020, and 2019, was as follows: FOR THE YEAR ENDED DEC. 31, 2020 (THOUSANDS) CLECO POWER CLECO CAJUN OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 402,050 $ — $ — $ — $ 402,050 Commercial (1) 256,964 — — — 256,964 Industrial (1) 137,920 — — — 137,920 Other retail (1) 14,235 — — — 14,235 Surcharge 2,440 — — — 2,440 Electric customer credits (52,208) — — — (52,208) Total retail revenue 761,401 — — — 761,401 Wholesale, net 192,187 (1) 365,555 (9,680) (2) — 548,062 Transmission, net 49,164 (3) 51,449 (4) — (6,463) 94,150 Other 15,162 — — 1 15,163 Affiliate (5) 5,156 204 129,126 (134,486) — Total revenue from contracts with customers 1,023,070 417,208 119,446 (140,948) 1,418,776 Revenue unrelated to contracts with customers Other 9,222 (6) 70,145 (7) 3 — 79,370 Total revenue unrelated to contracts with customers 9,222 70,145 3 — 79,370 Operating revenue, net $ 1,032,292 $ 487,353 $ 119,449 $ (140,948) $ 1,498,146 (1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (3) Includes $0.9 million of electric customer credits. (4) Includes $0.2 million of electric customer credits. (5) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (6) Represents realized gains associated with FTRs. (7) Includes $60.9 million in lease revenue related to the Cottonwood Sale Leaseback and $9.2 million of deferred lease revenue amortization. FOR THE YEAR ENDED DEC. 31, 2019 (THOUSANDS) CLECO POWER CLECO CAJUN OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 415,242 $ — $ — $ — $ 415,242 Commercial (1) 289,197 — — — 289,197 Industrial (1) 149,711 — — — 149,711 Other retail (1) 15,046 — — — 15,046 Surcharge 22,132 — — — 22,132 Electric customer credits (35,880) — — — (35,880) Total retail revenue 855,448 — — — 855,448 Wholesale, net 226,978 (1) 374,635 (2) (9,680) (3) (1) 591,932 Transmission 50,874 (4) 51,315 (5) — (7,471) 94,718 Other 19,324 (6) — 2 — 19,326 Affiliate (7) 3,125 108 109,067 (112,300) — Total revenue from contracts with customers 1,155,749 426,058 99,389 (119,772) 1,561,424 Revenue unrelated to contracts with customers Other 12,621 (8) 65,560 (9) — — 78,181 Total revenue unrelated to contracts with customers 12,621 65,560 — — 78,181 Operating revenue, net $ 1,168,370 $ 491,618 $ 99,389 $ (119,772) $ 1,639,605 (1) Includes fuel recovery revenue. (2) Includes $0.8 million of electric customer credits. (3) Amortization of intangible assets related to Cleco Power’s wholesale power supply agreements. (4) Includes $2.6 million of electric customer credits. (5) Includes $0.7 million of electric customer credits. (6) Includes $16.1 million of other miscellaneous fee revenue and $3.2 million of Teche Unit 3 SSR revenue. (7) Includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (8) Includes realized gains associated with FTRs of $12.4 million and LCFC revenue of $0.2 million. (9) Includes $57.1 million in lease revenue related to the Cottonwood Sale Leaseback and $8.4 million of deferred lease revenue amortization. |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Assets and Liabilities [Line Items] | |
Schedule of Regulatory Assets | The following table summarizes Cleco’s net regulatory assets and liabilities: Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Total Cleco Power regulatory assets, net $ 275,469 $ 152,549 2016 Merger adjustments (1) Fair value of long-term debt 119,553 127,977 Postretirement costs 15,411 17,399 Financing costs 7,592 7,935 Debt issuance costs 5,254 5,665 Total Cleco regulatory assets, net $ 423,279 $ 311,525 (1) Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger. |
Schedule of Regulatory Liabilities | The following table summarizes Cleco’s net regulatory assets and liabilities: Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Total Cleco Power regulatory assets, net $ 275,469 $ 152,549 2016 Merger adjustments (1) Fair value of long-term debt 119,553 127,977 Postretirement costs 15,411 17,399 Financing costs 7,592 7,935 Debt issuance costs 5,254 5,665 Total Cleco regulatory assets, net $ 423,279 $ 311,525 (1) Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger. |
CLECO POWER | |
Regulatory Assets and Liabilities [Line Items] | |
Schedule of Regulatory Assets | The following table summarizes Cleco Power’s regulatory assets and liabilities: Cleco Power AT DEC. 31, REMAINING RECOVERY PERIOD (YRS.) (THOUSANDS) 2020 2019 Regulatory assets Acadia Unit 1 acquisition costs $ 2,019 $ 2,124 19 Accumulated deferred fuel 28,194 22,910 * AFUDC equity gross-up (1) 69,670 72,766 * AMI deferred revenue requirement 2,591 3,136 5 AROs 5,488 3,668 * Coughlin transaction costs 876 906 28.5 COVID-19 executive order 2,953 — * Deferred storm restoration costs - Hurricane Delta 17,051 — * Deferred storm restoration costs - Hurricane Laura 54,406 — * Deferred storm restoration costs - Hurricane Zeta 3,493 — * Dolet Hills closure costs 48,982 — * Emergency declarations 270 1,349 0.5 Energy efficiency 2,820 2,820 2 Financing costs 7,184 7,554 * Interest costs 3,708 3,958 * Non-service cost of postretirement benefits 9,901 6,739 * Other 4,229 987 * Postretirement costs 165,437 151,543 * Production operations and maintenance expenses 4,058 7,985 * Rodemacher Unit 2 closure costs 1,333 — * St. Mary Clean Energy Center 3,479 — * Surcredits, net (1) — 145 * Training costs 6,085 6,241 39 Tree trimming costs 11,807 11,341 * Total regulatory assets 456,034 306,172 Regulatory liabilities AFUDC (4,218) — * Corporate franchise tax, net (763) (1,145) * Deferred taxes, net (175,584) (146,948) * Other — (834) * St. Mary Clean Energy Center — (4,696) * Total regulatory liabilities (180,565) (153,623) Total regulatory assets, net $ 275,469 $ 152,549 (1) Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2020, and 2019, respectively. All other assets are earning a return on investment. * For information related to the remaining recovery periods, refer to the following disclosures for each specific regulatory asset. |
Schedule of Regulatory Liabilities | The following table summarizes Cleco Power’s regulatory assets and liabilities: Cleco Power AT DEC. 31, REMAINING RECOVERY PERIOD (YRS.) (THOUSANDS) 2020 2019 Regulatory assets Acadia Unit 1 acquisition costs $ 2,019 $ 2,124 19 Accumulated deferred fuel 28,194 22,910 * AFUDC equity gross-up (1) 69,670 72,766 * AMI deferred revenue requirement 2,591 3,136 5 AROs 5,488 3,668 * Coughlin transaction costs 876 906 28.5 COVID-19 executive order 2,953 — * Deferred storm restoration costs - Hurricane Delta 17,051 — * Deferred storm restoration costs - Hurricane Laura 54,406 — * Deferred storm restoration costs - Hurricane Zeta 3,493 — * Dolet Hills closure costs 48,982 — * Emergency declarations 270 1,349 0.5 Energy efficiency 2,820 2,820 2 Financing costs 7,184 7,554 * Interest costs 3,708 3,958 * Non-service cost of postretirement benefits 9,901 6,739 * Other 4,229 987 * Postretirement costs 165,437 151,543 * Production operations and maintenance expenses 4,058 7,985 * Rodemacher Unit 2 closure costs 1,333 — * St. Mary Clean Energy Center 3,479 — * Surcredits, net (1) — 145 * Training costs 6,085 6,241 39 Tree trimming costs 11,807 11,341 * Total regulatory assets 456,034 306,172 Regulatory liabilities AFUDC (4,218) — * Corporate franchise tax, net (763) (1,145) * Deferred taxes, net (175,584) (146,948) * Other — (834) * St. Mary Clean Energy Center — (4,696) * Total regulatory liabilities (180,565) (153,623) Total regulatory assets, net $ 275,469 $ 152,549 (1) Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2020, and 2019, respectively. All other assets are earning a return on investment. * For information related to the remaining recovery periods, refer to the following disclosures for each specific regulatory asset. |
Jointly Owned Generation Units
Jointly Owned Generation Units (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Schedule of Jointly Owned Generation Units | At December 31, 2020, the investment in and accumulated depreciation for each generating unit on Cleco and Cleco Power’s Consolidated Balance Sheets were as follows: Cleco AT DEC. 31, 2020 (THOUSANDS, EXCEPT PERCENTAGES AND MW) RODEMACHER UNIT 2 DOLET HILLS POWER STATION BAYOU COVE BIG CAJUN II - UNIT 3 TOTAL Utility plant in service $ 75,958 $ 186,971 $ 40,421 $ 15,787 $ 319,137 Accumulated depreciation $ 10,932 $ 86,030 $ 4,479 $ 1,968 $ 103,409 Construction work in progress $ 1,090 $ 2,548 $ — $ 916 $ 4,554 Ownership interest percentage 30 % 50 % 75 % 58 % Rated capacity (MW) 523 650 300 588 Ownership interest (MW) 157 325 225 341 |
CLECO POWER | |
Jointly Owned Utility Plant Interests [Line Items] | |
Schedule of Jointly Owned Generation Units | Cleco Power AT DEC. 31, 2020 (THOUSANDS, EXCEPT PERCENTAGES AND MW) RODEMACHER UNIT 2 DOLET HILLS POWER STATION TOTAL Utility plant in service $ 150,138 $ 404,467 $ 554,605 Accumulated depreciation $ 85,112 $ 303,526 $ 388,638 Construction work in progress $ 1,090 $ 2,548 $ 3,638 Ownership interest percentage 30 % 50 % Rated capacity (MW) 523 650 Ownership interest (MW) 157 325 |
Fair Value Accounting (Tables)
Fair Value Accounting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value [Line Items] | |
Schedule of Carrying Value and Estimated Fair Value | The following tables summarize the carrying value and estimated market value of Cleco and Cleco Power’s financial instruments not measured at fair value on Cleco and Cleco Power’s Consolidated Balance Sheets: Cleco AT DEC. 31, 2020 2019 (THOUSANDS) CARRYING FAIR VALUE CARRYING FAIR VALUE Long-term debt $ 3,230,500 $ 3,541,349 $ 3,188,664 $ 3,371,915 * The carrying value of long-term debt does not include deferred issuance costs of $13.4 million at December 31, 2020, and $13.7 million at December 31, 2019. |
Schedule of Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis | The following tables disclose for Cleco and Cleco Power the fair value of financial assets and liabilities measured on a recurring basis: Cleco FAIR VALUE MEASUREMENTS AT REPORTING DATE (THOUSANDS) AT DEC. 31, 2020 QUOTED SIGNIFICANT SIGNIFICANT AT DEC. 31, 2019 QUOTED SIGNIFICANT SIGNIFICANT Asset Description Institutional money market funds $ 86,001 $ — $ 86,001 $ — $ 129,643 $ — $ 129,643 $ — FTRs 4,805 — — 4,805 6,822 — — 6,822 Other commodity derivatives 8,599 — 8,599 — 201 — 201 — Total assets $ 99,405 $ — $ 94,600 $ 4,805 $ 136,666 $ — $ 129,844 $ 6,822 Liability Description FTRs $ 1,625 $ — $ — $ 1,625 $ 1,044 $ — $ — $ 1,044 Other commodity derivatives 1,612 — 1,612 — 5,373 — 5,373 — Total liabilities $ 3,237 $ — $ 1,612 $ 1,625 $ 6,417 $ — $ 5,373 $ 1,044 |
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: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Beginning balance $ 5,778 $ 22,887 Unrealized (losses) gains * 187 (1,659) Purchases 11,333 27,881 Settlements (14,118) (43,331) Ending balance $ 3,180 $ 5,778 * Cleco Power’s unrealized (losses) gains are reported through Accumulated deferred fuel on Cleco’s Consolidated Balance Sheet. Cleco Cajun’s unrealized (losses) gains are reported through Purchased power on Cleco’s Consolidated Income Statement. |
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, 2020: Cleco FAIR VALUE VALUATION TECHNIQUE SIGNIFICANT FORWARD PRICE RANGE (THOUSANDS, EXCEPT DOLLAR PER MWh) Assets Liabilities Low High FTRs at December 31, 2020 $ 4,805 $ 1,625 RTO auction pricing FTR price - per MWh $ (3.49) $ 4.36 FTRs at December 31, 2019 $ 6,822 $ 1,044 RTO auction pricing FTR price - per MWh $ (2.57) $ 2.86 |
Schedule of Institutional Money Market Funds | The following tables present the institutional money market funds in cash and cash equivalents and restricted cash and cash equivalents as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at December 31, 2020, and 2019: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Cash and cash equivalents $ 80,712 $ 103,409 Current restricted cash and cash equivalents $ 4,545 $ 11,100 Non-current restricted cash and cash equivalents $ 744 $ 15,134 |
Schedule of Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets | The following tables present the fair values of derivative instruments and their respective line items as recorded on Cleco and Cleco Power’s Consolidated Balance Sheets at December 31, 2020, and 2019: Cleco DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS (THOUSANDS) BALANCE SHEET LINE ITEM AT DEC. 31, 2020 AT DEC. 31, 2019 Commodity-related contracts FTRs Current Energy risk management assets $ 4,805 $ 6,822 Current Energy risk management liabilities (1,625) (1,044) Other commodity derivatives Current Energy risk management assets 8,276 201 Non-current Other deferred charges 323 — Current Energy risk management liabilities (828) (3,069) Non-current Other deferred credits (784) (2,304) Commodity-related contracts, net $ 10,167 $ 606 |
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 and Cleco Power’s Consolidated Statements of Income for the years December 31, 2020, 2019, and 2018: Cleco AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES FOR THE YEAR ENDED DEC. 31, (THOUSANDS) DERIVATIVES LINE ITEM 2020 2019 2018 Commodity contracts FTRs (1) Electric operations $ 9,213 $ 13,043 $ 39,659 FTRs (1) Purchased power (3,467) (15,685) (4,566) Other commodity derivatives Fuel used for electric generation (12,159) (5,172) — Total $ (6,413) $ (7,814) $ 35,093 (1) For the years ended December 31, 2020, 2019, and 2018, unrealized gains (losses) associated with FTRs for Cleco Power of $0.5 million, $(1.7) million and $11.9 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. |
CLECO POWER | |
Fair Value [Line Items] | |
Schedule of Carrying Value and Estimated Fair Value | Cleco Power AT DEC. 31, 2020 2019 (THOUSANDS) CARRYING FAIR VALUE CARRYING FAIR VALUE Long-term debt $ 1,494,947 $ 1,794,799 $ 1,380,688 $ 1,601,865 * The carrying value of long-term debt does not include deferred issuance costs of $7.0 million at December 31, 2020, and $7.4 million at December 31, 2019. |
Schedule of Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis | Cleco Power FAIR VALUE MEASUREMENTS AT REPORTING DATE (THOUSANDS) AT DEC. 31, 2020 QUOTED SIGNIFICANT SIGNIFICANT AT DEC. 31, 2019 QUOTED SIGNIFICANT SIGNIFICANT Asset Description Institutional money market funds $ 25,357 $ — $ 25,357 $ — $ 74,903 $ — $ 74,903 $ — FTRs 4,337 — — 4,337 6,311 — — 6,311 Total assets $ 29,694 $ — $ 25,357 $ 4,337 $ 81,214 $ — $ 74,903 $ 6,311 Liability Description FTRs $ 1,121 $ — $ — $ 1,121 $ 586 $ — $ — $ 586 Total liabilities $ 1,121 $ — $ — $ 1,121 $ 586 $ — $ — $ 586 |
Schedule of Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 | Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Beginning balance $ 5,725 $ 22,887 Unrealized (losses) gains * 450 (945) Purchases 9,378 21,609 Settlements (12,337) (37,826) Ending balance $ 3,216 $ 5,725 * Unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco Power's Consolidated Balance Sheets. |
Schedule of Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions | Cleco Power FAIR VALUE VALUATION TECHNIQUE SIGNIFICANT FORWARD PRICE RANGE (THOUSANDS, EXCEPT DOLLAR PER MWh) Assets Liabilities Low High FTRs at December 31, 2020 $ 4,337 $ 1,121 RTO auction pricing FTR price - per MWh $ (3.34) $ 4.36 FTRs at December 31, 2019 $ 6,311 $ 586 RTO auction pricing FTR price - per MWh $ (2.04) $ 2.86 |
Schedule of Institutional Money Market Funds | Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Cash and cash equivalents $ 20,812 $ 49,509 Current restricted cash and cash equivalents $ 4,545 $ 11,100 Non-current restricted cash and cash equivalents $ — $ 14,294 |
Schedule of Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets | Cleco Power DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS (THOUSANDS) BALANCE SHEET LINE ITEM AT DEC. 31, 2020 AT DEC. 31, 2019 Commodity-related contracts FTRs: Current Energy risk management assets $ 4,337 $ 6,311 Current Energy risk management liabilities (1,121) (586) Commodity-related contracts, net $ 3,216 $ 5,725 |
Schedule of Amount of Gain (Loss) Recognized in Income on Derivatives | Cleco Power AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES FOR THE YEAR ENDED DEC. 31, (THOUSANDS) DERIVATIVES LINE ITEM 2020 2019 2018 Commodity contracts FTRs (1) Electric operations $ 9,213 $ 13,047 $ 39,659 FTRs (1) Purchased power (6,803) (6,066) (4,566) Total $ 2,410 $ 6,981 $ 35,093 (1) For the years ended December 31, 2020, 2019, and 2018, unrealized gains (losses) associated with FTRs of $0.5 million, $(0.9) million, and $11.9 million, respectively, were reported through Accumulated deferred fuel on the balance sheet. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Instrument [Line Items] | |
Schedule of Total Indebtedness | Cleco’s total long-term indebtedness as of December 31, 2020, and 2019 was as follows: Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Total Cleco Power long-term debt and finance leases, net $ 1,502,257 $ 1,327,372 Cleco Holdings’ long-term debt, net Senior notes, 3.250%, due 2023 165,000 165,000 Senior notes, 3.743%, due 2026 535,000 535,000 Senior notes, 3.375%, due 2029 300,000 300,000 Senior notes, 4.973%, due 2046 350,000 350,000 Bank term loan, variable rate, due 2022 266,000 300,000 Bank term loan, variable rate, due 2022 — 30,000 Long-term debt due within one year (66,000) (64,398) Unamortized debt issuance costs (1) (6,423) (6,271) Fair value adjustment 119,553 127,976 Total Cleco long-term debt and finance leases, net $ 3,165,387 $ 3,064,679 (1) For December 31, 2020, and 2019, this amount includes unamortized debt issuance costs for Cleco Holdings of $11.7 million and $11.9 million, respectively, partially offset by deferred debt issuance costs eliminated as a result of the 2016 Merger of $5.3 million and $5.6 million, respectively. For more information, see Note 6 — “Regulatory Assets and Liabilities — Cleco Holdings’ 2016 Merger Adjustments.” |
Schedule of Future Amounts Payable Under Long-Term Debt Agreements | The principal amounts payable under long-term debt agreements for each year through 2025 and thereafter are as follows: (THOUSANDS) CLECO CLECO POWER For the year ending Dec. 31, 2021 $ — $ — 2022 $ 416,000 $ 150,000 2023 $ 265,000 $ 100,000 2024 $ 50,000 $ 50,000 2025 (1) $ 75,000 $ 75,000 Thereafter $ 2,310,000 $ 1,125,000 (1) Does not include Series A GO Zone bonds that have a maturity date of December 2038 but a mandatory tender in May 2025. (THOUSANDS) For the year ending Dec. 31, 2019 $ 66,700 2020 $ 133,300 2021 $ 200,000 2022 $ 267,700 2023 $ 333,300 2024 $ 400,000 |
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, 2020: (THOUSANDS) Years ending Dec. 31, 2021 $ 2,203 2022 2,203 2023 2,203 2024 2,203 2025 2,203 Thereafter 15,472 Total minimum lease payments 26,487 Less: amount representing interest 11,243 Present value of net minimum finance lease payments $ 15,244 Current liabilities $ 682 Non-current liabilities $ 14,562 The principal amounts payable under the finance lease agreement for each year through 2025 and thereafter are as follows: (THOUSANDS) CLECO CLECO POWER For the year ending Dec. 31, 2021 $ 682 $ 682 2022 $ 755 $ 755 2023 $ 836 $ 836 2024 $ 925 $ 925 2025 $ 1,023 $ 1,023 Thereafter $ 11,023 $ 11,023 |
CLECO POWER | |
Debt Instrument [Line Items] | |
Schedule of Total Indebtedness | Cleco Power’s total long-term indebtedness as of December 31, 2020, and 2019 was as follows: Cleco Power AT DEC. 31, (THOUSANDS) 2020 2019 Bonds Senior notes, 2.94%, due 2022 $ 25,000 $ 25,000 Senior notes, 3.08%, due 2023 100,000 100,000 Senior notes, 3.17%, due 2024 50,000 50,000 Senior notes, 3.68%, due 2025 75,000 75,000 Senior notes, 3.47%, due 2026 130,000 130,000 Senior notes, 4.33%, due 2027 50,000 50,000 Senior notes, 3.57%, due 2028 200,000 200,000 Senior notes, 6.50%, due 2035 295,000 295,000 Senior notes, 6.00%, due 2040 250,000 250,000 Senior notes, 5.12%, due 2041 100,000 100,000 Series A GO Zone bonds, 2.50%, due 2038, mandatory tender in 2025 50,000 50,000 Series B GO Zone bonds, 4.25%, due 2038 50,000 50,000 Cleco Katrina/Rita’s storm recovery bonds, 5.61%, due 2023 — 11,055 Total bonds 1,375,000 1,386,055 Bank term loan, variable rate, due 2022 125,000 — Finance leases Barge lease obligations 15,244 15,861 Gross amount of long-term debt and finance leases 1,515,244 1,401,916 Less: long-term debt due within one year — 60,970 Less: finance leases classified as long-term debt due within one year 682 617 Unamortized debt discount (5,053) (5,368) Unamortized debt issuance costs (7,252) (7,589) Total long-term debt and finance leases, net $ 1,502,257 $ 1,327,372 |
Pension Plan and Employee Ben_2
Pension Plan and Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, and 2019 are presented in the following table: PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2020 2019 Change in benefit obligation Benefit obligation at beginning of period $ 610,323 $ 530,936 $ 52,722 $ 40,455 Service cost 9,820 8,414 2,153 1,191 Interest cost 20,816 22,485 1,651 1,646 Plan participants’ contributions — — 1,289 1,229 Actuarial loss (gain) 71,708 73,655 4,221 13,897 Expenses paid (2,661) (2,933) — — Benefits paid (23,622) (22,234) (5,705) (5,696) Benefit obligation at end of period 686,384 610,323 56,331 52,722 Change in plan assets Fair value of plan assets at beginning of period 460,097 391,933 — — Actual return on plan assets 66,557 81,081 — — Employer contributions 15,750 12,250 — — Expenses paid (2,662) (2,933) — — Benefits paid (23,622) (22,234) — — Fair value of plan assets at end of period 516,120 460,097 — — Unfunded status $ (170,264) $ (150,226) $ (56,331) $ (52,722) SERP’s funded status at December 31, 2020, and 2019 is presented in the following table: SERP BENEFITS FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Change in benefit obligation Benefit obligation at beginning of period $ 89,128 $ 78,414 Service cost 399 330 Interest cost 2,932 3,326 Actuarial loss (gain) 9,621 11,608 Benefits paid (4,590) (4,550) Plan amendments (265) — Benefit obligation at end of period $ 97,225 $ 89,128 |
Schedule of Accumulated Benefit Obligation | The employee pension plan accumulated benefit obligation at December 31, 2020, and 2019 is presented in the following table: PENSION BENEFITS AT DEC. 31, (THOUSANDS) 2020 2019 Accumulated benefit obligation $ 636,199 $ 568,354 SERP’s accumulated benefit obligation at December 31, 2020, and 2019 is presented in the following table: SERP BENEFITS AT DEC. 31, (THOUSANDS) 2020 2019 Accumulated benefit obligation $ 97,225 $ 89,128 |
Schedule of Amounts Recognized in Other Comprehensive Income | The following table presents the net actuarial gains/losses and prior service costs/credits 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 December 31, 2020, and 2019: PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2020 2019 Net actuarial loss (gain) occurring during period $ 30,126 $ 19,075 $ 4,221 $ 13,897 Net actuarial loss amortized during period $ 16,292 $ 7,849 $ 1,389 $ 21 Prior service credit amortized during period $ (60) $ (71) $ — $ — The following table presents net actuarial gains/losses and prior service costs/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, 2020, and 2019: SERP BENEFITS FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Net actuarial loss (gain) occurring during year $ 9,621 $ 11,608 Net actuarial loss amortized during year $ 3,185 $ 1,544 Prior service credit amortized during year $ (215) $ (160) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income | The following table presents net actuarial gains/losses and prior service costs/credits 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, 2020, and 2019: PENSION BENEFITS OTHER BENEFITS AT DEC. 31, AT DEC. 31, (THOUSANDS) 2020 2019 2020 2019 Net actuarial loss $ 165,437 $ 151,603 $ 21,342 $ 15,732 Prior service credit $ — $ (60) $ — $ — 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, 2020, and 2019: SERP BENEFITS AT DEC. 31 (THOUSANDS) 2020 2019 Net actuarial loss $ 34,825 $ 28,731 Prior service credit $ (1,728) $ (1,678) |
Schedule of Components of Net Periodic Pension and Other Benefit Costs | The components of net periodic pension and Other Benefits costs for 2020, 2019, and 2018 are as follows: PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 2020 2019 2018 Components of periodic benefit costs Service cost $ 9,820 $ 8,414 $ 9,507 $ 2,153 $ 1,191 $ 1,320 Interest cost 20,816 22,485 20,860 1,651 1,646 1,465 Expected return on plan assets (24,974) (26,502) (23,773) — — — Amortizations Prior service credit (60) (71) (71) — — — Net loss (gain) 16,292 7,849 12,312 1,389 21 135 Net periodic benefit cost $ 21,894 $ 12,175 $ 18,835 $ 5,193 $ 2,858 $ 2,920 SERP BENEFITS FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Components of periodic benefit costs Service cost $ 399 $ 330 $ 542 Interest cost 2,932 3,326 3,077 Amortizations Prior service credit (215) (160) (160) Net loss 3,186 1,544 2,913 Net periodic benefit cost $ 6,302 $ 5,040 $ 6,372 |
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, 2020, and 2019 are as follows: Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Current $ 4,463 $ 4,401 Non-current $ 51,868 $ 48,321 Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Current $ 4,703 $ 4,599 Non-current $ 92,522 $ 84,529 |
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: PENSION BENEFITS OTHER BENEFITS AT DEC. 31, AT DEC. 31, 2020 2019 2020 2019 Weighted-average assumptions used to determine the benefit obligation Discount rate 2.74 % 3.43 % 2.39 % 3.25 % Rate of compensation increase 2.75 % 2.81 % N/A N/A PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, 2020 2019 2018 2020 2019 2018 Weighted-average assumptions used to determine the net benefit cost Discount rate 3.43 % 4.35 % 3.73 % 3.25 % 4.16 % 3.47 % Expected return on plan assets 5.91 % 6.55 % 5.86 % N/A N/A N/A Rate of compensation increase 2.75 % 2.81 % 2.93 % N/A N/A N/A SERP BENEFITS AT DEC. 31, 2020 2019 Weighted-average assumptions used to determine the benefit obligation Discount rate 2.64 % 3.37 % Rate of compensation increase N/A 5.00 % SERP BENEFITS 2020 2019 2018 Weighted-average assumptions used to determine the net benefit cost Discount rate 3.37 % 4.34 % 3.70 % Rate of compensation increase N/A 5.00 % 5.00 % |
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: (THOUSANDS) AT DEC. 31, 2020 QUOTED PRICES SIGNIFICANT SIGNIFICANT Asset Description Cash equivalents $ 19,567 $ — $ 19,567 $ — Government securities 26,863 — 26,863 — Mutual funds Domestic 107,055 107,055 — — International 60,104 60,104 — — Real estate funds 35,962 — — 35,962 Corporate debt 192,261 — 192,261 — Total $ 441,812 $ 167,159 $ 238,691 $ 35,962 Investments measured at net asset value* 72,044 Interest accrual 2,264 Total net assets $ 516,120 *Investments measured at net asset value consist of Common/collective trust. (THOUSANDS) AT DEC. 31, 2019 QUOTED PRICES SIGNIFICANT SIGNIFICANT Asset Description Cash equivalents $ 4,810 $ — $ 4,810 $ — Government securities 19,517 — 19,517 — Mutual funds Domestic 102,184 102,184 — — International 53,041 53,041 — — Real estate funds 18,017 — — 18,017 Corporate debt 157,109 — 157,109 — Total $ 354,678 $ 155,225 $ 181,436 $ 18,017 Investments measured at net asset value* 103,326 Interest accrual 2,093 Total net assets $ 460,097 *Investments measured at net asset value consist of Common/collective trust. The following chart shows the dynamic asset allocation based on the funded ratio at December 31, 2020: PERCENT OF TOTAL PLAN ASSETS AT DEC. 31, 2020 MINIMUM TARGET MAXIMUM Return-seeking Domestic equity 19 % International equity 20 % Multi-asset credit 6 % Real estate 5 % Total return-seeking 45 % 50 % 55 % Liability hedging* 45 % 50 % 55 % *Liability hedging has no target subcategories. |
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, 2020, and 2019: (THOUSANDS) Balance, Dec. 31, 2018 $ 20,298 Realized losses 370 Unrealized gains (1,727) Purchases 759 Sales (1,683) Balance, Dec. 31, 2019 $ 18,017 Realized gains 251 Unrealized losses (1,603) Purchases 20,893 Sales (1,596) Balance, Dec. 31, 2020 $ 35,962 |
Schedule of Projected Benefit Payments and Projected Receipts | The projected benefit payments for the employee pension plan and Other Benefits obligation plan for each year through 2025 and the next five years thereafter are listed in the following table: (THOUSANDS) PENSION BENEFITS OTHER For the year ending Dec. 31, 2021 $ 25,568 $ 4,516 2022 $ 26,904 $ 4,551 2023 $ 28,064 $ 4,515 2024 $ 29,140 $ 4,533 2025 $ 30,336 $ 4,497 Next five years $ 164,801 $ 21,676 The projected benefit payments for SERP for each year through 2025 and the next five years thereafter are shown in the following table: (THOUSANDS) 2021 2022 2023 2024 2025 NEXT FIVE SERP $ 4,764 $ 4,756 $ 4,809 $ 4,867 $ 5,000 $ 25,178 |
Schedule of 401(k) Plan Expense | Cleco’s 401(k) Plan expense for the years ended December 31, 2020, 2019, and 2018 was as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 401(k) Plan expense $ 9,685 $ 7,861 $ 5,884 FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 401(k) Plan expense $ 4,424 $ 3,408 $ 1,066 |
CLECO POWER | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Schedule of Amounts Recognized in Balance Sheet | Cleco Power AT DEC. 31, (THOUSANDS) 2020 2019 Current $ 3,865 $ 3,815 Non-current $ 40,734 $ 42,080 Cleco Power AT DEC. 31, (THOUSANDS) 2020 2019 Current $ 711 $ 760 Non-current $ 19,828 $ 13,964 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | The differences are as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS, EXCEPT PERCENTAGES) 2020 2019 2018 Income before tax $ 158,018 $ 195,830 $ 123,819 Statutory rate 21.0 % 21.0 % 21.0 % Tax expense at federal statutory rate $ 33,184 $ 41,124 $ 26,002 Increase (decrease) Plant differences, including AFUDC flowthrough 5,100 (4,687) (401) State income taxes, net of federal benefit 7,190 9,565 6,288 Return to accrual adjustment 7,218 (3,963) (193) NMTC — — (1,578) Amortization of excess ADIT (16,667) — — Other, net (307) 1,126 (736) Total tax expense $ 35,718 $ 43,165 $ 29,382 Effective rate 22.6 % 22.0 % 23.7 % |
Schedule of Current and Deferred Income Tax Expense | Information about current and deferred income tax expense is as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Current federal income tax (benefit) expense $ (2,634) $ 1,600 $ 15,304 Deferred federal income tax expense 21,865 37,963 5,863 Amortization of accumulated deferred investment tax credits (159) (191) (236) Total federal income tax expense $ 19,072 $ 39,372 $ 20,931 Current state income tax expense 2,636 1,675 7,771 Deferred state income tax expense 14,010 2,118 680 Total state income tax expense $ 16,646 $ 3,793 $ 8,451 Total federal and state income tax expense $ 35,718 $ 43,165 $ 29,382 Items charged or credited directly to member’s equity Federal deferred (2,202) (5,130) 1,408 State deferred (720) (1,678) 460 Total tax expense (benefit) from items charged directly to member’s equity $ (2,922) $ (6,808) $ 1,868 Total federal and state income tax expense $ 32,796 $ 36,357 $ 31,250 |
Schedule of Deferred Tax Assets and Liabilities | The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2020, and 2019 was comprised of the following: AT DEC. 31, (THOUSANDS) 2020 2019 Depreciation and property basis differences $ (865,807) $ (862,263) Net operating loss carryforward 109,819 120,955 NMTC 92,364 92,364 Fuel costs (8,906) (3,984) Other comprehensive income 13,016 10,612 Regulated operations regulatory liability, net 47,060 34,836 Postretirement benefits 25,775 22,691 Merger fair value adjustments (51,073) (52,957) Other (23,624) (19,312) Accumulated deferred federal and state income taxes, net $ (661,376) $ (657,058) |
CLECO POWER | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation | The differences are as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS, EXCEPT PERCENTAGES) 2020 2019 2018 Income before tax $ 123,454 $ 193,714 $ 218,181 Statutory rate 21.0 % 21.0 % 21.0 % Tax expense at federal statutory rate $ 25,925 $ 40,680 $ 45,818 Increase (decrease) Plant differences, including AFUDC flowthrough 5,100 (4,687) (401) State income taxes, net of federal benefit 6,303 11,683 11,080 Return to accrual adjustment 7,082 (2,008) 483 Amortization of excess ADIT (16,667) — — Other, net (944) (216) (1,056) Total taxes $ 26,799 $ 45,452 $ 55,924 Effective rate 21.7 % 23.5 % 25.6 % |
Schedule of Current and Deferred Income Tax Expense | Information about current and deferred income tax expense is as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Current federal income tax expense $ 15,724 $ 14,781 $ 44,411 Deferred federal income tax (benefit) expense (5,033) 22,443 (9,033) Amortization of accumulated deferred investment tax credits (159) (191) (236) Total federal income tax expense $ 10,532 $ 37,033 $ 35,142 Current state income tax expense 5,069 9,063 23,293 Deferred state income tax benefit 11,198 (644) (2,511) Total state income tax expense $ 16,267 $ 8,419 $ 20,782 Total federal and state income taxes $ 26,799 $ 45,452 $ 55,924 Items charged or credited directly to members’ equity Federal deferred (576) (2,500) 797 State deferred (189) (818) 261 Total tax expense (benefit) from items charged directly to member’s equity $ (765) $ (3,318) $ 1,058 Total federal and state income tax expense $ 26,034 $ 42,134 $ 56,982 |
Schedule of Deferred Tax Assets and Liabilities | The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2020, and 2019 was comprised of the following: AT DEC. 31, (THOUSANDS) 2020 2019 Depreciation and property basis differences $ (725,034) $ (705,423) Net operating loss carryforward 35,442 2,714 Fuel costs (7,072) (5,608) Other comprehensive income 8,274 7,510 Regulated operations regulatory liability, net 47,060 34,836 Postretirement benefits 11,951 10,044 Other (5,219) (1,907) Accumulated deferred federal and state income taxes, net $ (634,598) $ (657,834) |
Disclosures about Segments (Tab
Disclosures about Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | SEGMENT INFORMATION FOR THE YEAR ENDED DEC. 31, 2020 (THOUSANDS) CLECO POWER CLECO CAJUN TOTAL SEGMENTS Revenue Electric operations $ 1,015,018 $ 365,555 $ 1,380,573 Other operations 65,237 121,747 186,984 Affiliate revenue 5,156 204 5,360 Electric customer credits (53,119) (153) (53,272) Operating revenue, net $ 1,032,292 $ 487,353 $ 1,519,645 Net income $ 96,655 $ 89,492 $ 186,147 Add: Depreciation and amortization 166,987 47,183 (1) 214,170 Less: Interest income 3,362 273 3,635 Add: Interest charges 73,985 (750) 73,235 Add: Federal and state income tax expense 26,799 29,080 55,879 EBITDA $ 361,064 $ 164,732 $ 525,796 Additions to property, plant, and equipment $ 378,042 $ 8,920 $ 386,962 Equity investment in investee $ 9,072 $ — $ 9,072 Goodwill $ 1,490,797 $ — $ 1,490,797 Total segment assets $ 6,256,944 $ 1,029,812 $ 7,286,756 (1) Includes $12.4 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(9.2) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. FOR THE YEAR ENDED DEC. 31, 2020 (THOUSANDS) TOTAL SEGMENTS OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,380,573 $ (9,680) $ — $ 1,370,893 Other operations 186,984 3 (6,463) 180,524 Affiliate revenue 5,360 129,126 (134,486) — Electric customer credits (53,272) — 1 (53,271) Operating revenue, net $ 1,519,645 $ 119,449 $ (140,948) $ 1,498,146 Depreciation and amortization $ 214,170 $ 18,059 (1) $ — $ 232,229 Interest income $ 3,635 $ 412 $ (99) $ 3,948 Interest charges $ 73,235 $ 64,728 $ (99) $ 137,864 Federal and state income tax expense $ 55,879 $ (20,160) $ (1) $ 35,718 Net income $ 186,147 $ (63,848) $ 1 $ 122,300 Additions to property, plant, and equipment $ 386,962 $ 3,051 $ — $ 390,013 Equity investment in investee $ 9,072 $ — $ — $ 9,072 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 7,286,756 $ 595,217 $ (156,404) $ 7,725,569 (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 YEAR ENDED DEC. 31, 2019 (THOUSANDS) CLECO POWER CLECO CAJUN TOTAL SEGMENTS Revenue Electric operations $ 1,130,928 $ 375,489 $ 1,506,417 Other operations 72,833 117,468 190,301 Affiliate revenue 3,125 108 3,233 Electric customer credits (38,516) (1,447) (39,963) Operating revenue, net $ 1,168,370 $ 491,618 $ 1,659,988 Net income $ 148,262 $ 69,411 $ 217,673 Add: Depreciation and amortization 172,471 38,465 (1) 210,936 Less: Interest income 4,744 987 5,731 Add: Interest charges 71,279 35 71,314 Add: Federal and state income tax expense 45,452 22,479 67,931 EBITDA $ 432,720 $ 129,403 $ 562,123 Additions to property, plant, and equipment $ 313,962 $ 9,174 $ 323,136 Equity investment in investee $ 17,072 $ — $ 17,072 Goodwill $ 1,490,797 $ — $ 1,490,797 Total segment assets $ 5,967,327 $ 1,011,591 $ 6,978,918 (1) Includes $11.4 million of amortization of intangible assets and liabilities related to wholesale power supply agreements and $(8.4) million of deferred lease revenue amortization as a result of the Cleco Cajun Transaction. FOR THE YEAR ENDED DEC. 31, 2019 (THOUSANDS) TOTAL SEGMENTS OTHER ELIMINATIONS TOTAL SEGMENTS Revenue Electric operations $ 1,506,417 $ (9,680) $ (1) $ 1,496,736 Other operations 190,301 2 (7,471) 182,832 Affiliate revenue 3,233 109,067 (112,300) — Electric customer credits (39,963) — — (39,963) Operating revenue, net $ 1,659,988 $ 99,389 $ (119,772) $ 1,639,605 Depreciation and amortization $ 210,936 $ 17,985 (1) $ — $ 228,921 Interest income $ 5,731 $ 974 $ (615) $ 6,090 Interest charges $ 71,314 $ 70,611 $ (616) $ 141,309 Federal and state income tax expense $ 67,931 $ (24,766) $ — $ 43,165 Net income (loss) $ 217,673 $ (65,009) $ 1 $ 152,665 Additions to property, plant, and equipment $ 323,136 $ 655 $ — $ 323,791 Equity investment in investee $ 17,072 $ — $ — $ 17,072 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 6,978,918 $ 546,096 $ (48,716) $ 7,476,298 (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 YEAR ENDED DEC. 31, 2018 (THOUSANDS) CLECO POWER Revenue Electric operations $ 1,191,587 Other operations 82,330 Affiliate revenue 874 Electric customer credits (33,195) Operating revenue, net $ 1,241,596 Net income $ 162,257 Add: Depreciation and amortization 162,069 Less: Interest income 5,052 Add: Interest charges 71,303 Add: Federal and state income tax expense 55,924 EBITDA $ 446,501 Additions to property, plant, and equipment $ 289,153 Equity investment in investee $ 18,172 Goodwill $ 1,490,797 Total segment assets $ 5,839,853 FOR THE YEAR ENDED DEC. 31, 2018 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,191,587 $ (9,680) $ — $ 1,181,907 Other operations 82,330 2 — 82,332 Affiliate revenue 874 74,591 (75,465) — Electric customer credits (33,195) — — (33,195) Operating revenue, net $ 1,241,596 $ 64,913 $ (75,465) $ 1,231,044 Depreciation and amortization $ 162,069 $ 18,024 (1) $ 1 $ 180,094 Interest income $ 5,052 $ 1,338 $ (317) $ 6,073 Interest charges $ 71,303 $ 55,659 $ (320) $ 126,642 Federal and state income tax expense $ 55,924 $ (26,541) $ (1) $ 29,382 Net income (loss) $ 162,257 $ (67,819) $ (1) $ 94,437 Additions to property, plant, and equipment $ 289,153 $ 1,908 $ — $ 291,061 Equity investment in investee $ 18,172 $ — $ — $ 18,172 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 5,839,853 $ 633,756 $ (36,795) $ 6,436,814 (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. (THOUSANDS) 2020 2019 2018 Net income $ 122,300 $ 152,665 $ 94,437 Add: Depreciation and amortization 232,229 228,921 180,094 Less: Interest income 3,948 6,090 6,073 Add: Interest charges 137,864 141,309 126,642 Add: Federal and state income tax expense 35,718 43,165 29,382 Add: Other corporate costs and noncash items (1) 1,633 2,153 22,019 Total segment EBITDA $ 525,796 $ 562,123 $ 446,501 (1) Adjustments made for Other and Elimination totals not allocated to total segment EBITDA. |
Regulation and Rates (Tables)
Regulation and Rates (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Regulated Operations [Abstract] | |
Schedule Of Rate Refund Liability | Provision for rate refund on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets consisted primarily of the following: (THOUSANDS) AT DEC. 31, 2020 AT DEC. 31, 2019 TCJA $ 2,057 $ 28,700 FERC audit $ 1,912 $ 3,482 FRP $ 1,786 $ 1,851 Cleco Katrina/Rita storm recovery charges $ 1,617 $ — Site-specific industrial customer $ 710 $ 844 Transmission ROE $ 595 $ 1,020 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) - CLECO POWER | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | |
Schedule of Equity Method Investments | The following table presents the components of Cleco Power’s equity investment in Oxbow: AT DEC. 31, INCEPTION TO DATE (THOUSANDS) 2020 2019 Purchase price $ 12,873 $ 12,873 Cash contributions 6,399 6,399 Dividend received (10,200) (2,200) Total equity investment in investee $ 9,072 $ 17,072 The following tables contain summarized financial information for Oxbow: AT DEC. 31, (THOUSANDS) 2020 2019 Current assets $ 16,805 $ 2,239 Property, plant, and equipment, net 4,910 23,738 Other assets 3,360 9,364 Total assets $ 25,075 $ 35,341 Current liabilities $ 369 $ 1,196 Other liabilities 6,561 — Partners’ capital 18,145 34,145 Total liabilities and partners’ capital $ 25,075 $ 35,341 FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Operating revenue $ 34,827 $ 8,886 $ 6,992 Operating expenses 34,827 8,886 6,992 Income before taxes $ — $ — $ — |
Schedule of Comparison of Investee's Assets and Liabilities with Maximum Exposure to Loss | 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: AT DEC. 31, (THOUSANDS) 2020 2019 Oxbow’s net assets/liabilities $ 18,145 $ 34,145 Cleco Power’s 50% equity $ 9,072 $ 17,072 Cleco Power’s maximum exposure to loss $ 9,072 $ 17,072 |
Litigation, Other Commitments_2
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, is as follows: (THOUSANDS) CLECO POWER CLECO For the year ending Dec. 31, 2021 $ 20,991 $ 45,958 2022 21,279 24,307 2023 8,747 9,906 2024 7,984 8,491 2025 7,931 9,512 Thereafter 16,515 10,869 Total long-term purchase obligations $ 83,447 $ 109,043 |
Affiliate Transactions (Tables)
Affiliate Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Support Group Other operations and maintenance $ 94,798 $ 73,090 $ 56,669 Taxes other than income taxes $ — $ (73) $ 6 Other expense $ 43 $ 64 $ 290 Cleco Holdings Other expense $ — $ — $ 1,007 The following table is a summary of revenue received from affiliates included in Cleco Power’s Consolidated Statements of Income: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Other operations revenue Cleco Cajun $ 6,463 $ 7,471 $ — Affiliate revenue Support Group 4,715 3,088 874 Cleco Cajun 441 37 — Other income Cleco Holdings — 149 1,092 Total $ 11,619 $ 10,745 $ 1,966 Cleco Power had the following affiliate receivable and payable balances associated with the service agreements: AT DEC. 31, 2020 2019 (THOUSANDS) ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE Cleco Holdings $ 10,353 $ 57,713 $ 10,351 $ 194 Support Group 3,248 14,355 3,172 13,890 Cleco Cajun 1,004 — 958 39 Total $ 14,605 $ 72,068 $ 14,481 $ 14,123 FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 Support Group $ 3,155 $ 1,316 Cleco Cajun $ 351 $ 239 |
Intangible Assets, Intangible_2
Intangible Assets, Intangible Liabilities, and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Amortization of Intangible Assets and Liabilities | Amortization of capitalized computer software costs charged to expense in Cleco and Cleco Power’s Consolidated Statements of Income for the years ending December 31, 2020, 2019, and 2018 is shown in the following tables: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Amortization $ 11,015 $ 4,917 $ 2,154 The following tables present Cleco and Cleco Power’s amortization of intangible assets and liabilities: Cleco FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Intangible assets Cleco Katrina/Rita right to bill and collect storm recover charges $ 517 $ 20,576 $ 20,608 Trade name $ 255 $ 255 $ 255 Power supply agreements $ 25,600 $ 24,273 $ 9,680 Intangible liabilities LTSA $ 3,484 $ 3,234 $ — Power supply agreements $ 3,528 $ 3,194 $ — No impairments for intangibles in the table above for 2020, 2019, and 2018. |
Schedule of Finite-Lived Intangible Assets and Liabilities | The following tables summarize the balances for intangible assets and liabilities subject to amortization for Cleco and Cleco Power: Cleco AT DEC. 31, (THOUSANDS) 2020 2019 Intangible assets Cleco Katrina/Rita right to bill and collect storm recovery charges $ 70,594 $ 70,594 Trade name 5,100 5,100 Power supply agreements 184,004 184,004 Total intangible assets carrying amount 259,698 259,698 Intangible liabilities LTSA 24,100 24,100 Power supply agreements 14,200 14,200 Total intangible liabilities carrying amount 38,300 38,300 Net intangible assets carrying amount 221,398 221,398 Accumulated amortization (134,526) (115,167) Net intangible assets subject to amortization $ 86,872 $ 106,231 |
Schedule of Expected Amortization Expense | The following table summarizes the amortization expense related to intangible assets and liabilities expected to be recognized in Cleco’s Consolidated Statements of Income: Cleco (THOUSANDS) INTANGIBLE ASSETS INTANGIBLE LIABILITIES For the year ending Dec. 31, 2021 $ 25,855 $ (5,862) 2022 $ 25,855 $ (5,041) 2023 $ 25,628 $ (5,041) 2024 $ 19,056 $ (5,041) 2025 $ 5,292 $ (3,875) Thereafter $ 10,046 $ — |
CLECO POWER | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Amortization of Intangible Assets and Liabilities | Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Amortization $ 10,379 $ 4,321 $ 1,607 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2020 2019 2018 Cleco Katrina/Rita right to bill and collect storm recovery charges $ 517 $ 20,576 $ 20,608 |
Schedule of Finite-Lived Intangible Assets and Liabilities | Cleco Power AT DEC. 31, (THOUSANDS) 2020 2019 Cleco Katrina/Rita right to bill and collect storm recovery charges $ 177,537 $ 177,537 Accumulated amortization (177,537) (177,020) Net intangible assets subject to amortization $ — $ 517 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Loss [Line Items] | |
Schedule of Components of Accumulated Other Comprehensive Loss | Cleco (THOUSANDS) POSTRETIREMENT BENEFIT NET GAIN (LOSS) Balances, Dec. 31, 2017 $ (2,921) Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year 3,681 Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net loss 1,615 Reclassification of effect of tax rate change (589) Balances, Dec. 31, 2018 $ 1,786 Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year (18,877) Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net gain (422) Balances, Dec. 31, 2019 $ (17,513) Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year (10,026) Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net loss 1,743 Balances, Dec. 31, 2020 $ (25,796) Cleco Power (THOUSANDS) POSTRETIREMENT BENEFIT NET (LOSS) GAIN NET (LOSS) GAIN ON CASH FLOW HEDGES TOTAL AOCI Balances, Dec. 31, 2017 $ (8,377) $ (5,306) $ (13,683) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year 954 — 954 Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 1,789 — 1,789 Reclassification of net loss to interest charges — 254 254 Reclassification of effect of tax rate change (1,426) (1,070) (2,496) Balances, Dec. 31, 2018 $ (7,060) $ (6,122) $ (13,182) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year (10,344) — (10,344) Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 687 — 687 Reclassification of net loss to interest charges — 254 254 Balances, Dec. 31, 2019 $ (16,717) $ (5,868) $ (22,585) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year (4,050) — (4,050) Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 1,628 — 1,628 Reclassification of net gain to interest charges — 254 254 Balances, Dec. 31, 2020 $ (19,139) $ (5,614) $ (24,753) |
CLECO POWER | |
Accumulated Other Comprehensive Loss [Line Items] | |
Schedule of Components of Accumulated Other Comprehensive Loss | Cleco Power (THOUSANDS) POSTRETIREMENT BENEFIT NET (LOSS) GAIN NET (LOSS) GAIN ON CASH FLOW HEDGES TOTAL AOCI Balances, Dec. 31, 2017 $ (8,377) $ (5,306) $ (13,683) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year 954 — 954 Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 1,789 — 1,789 Reclassification of net loss to interest charges — 254 254 Reclassification of effect of tax rate change (1,426) (1,070) (2,496) Balances, Dec. 31, 2018 $ (7,060) $ (6,122) $ (13,182) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year (10,344) — (10,344) Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 687 — 687 Reclassification of net loss to interest charges — 254 254 Balances, Dec. 31, 2019 $ (16,717) $ (5,868) $ (22,585) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year (4,050) — (4,050) Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 1,628 — 1,628 Reclassification of net gain to interest charges — 254 254 Balances, Dec. 31, 2020 $ (19,139) $ (5,614) $ (24,753) |
The Company (Details)
The Company (Details) customer in Thousands | Dec. 31, 2020entitycustomergeneration_unitMW |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Number of transmission interconnection facility subsidiaries | entity | 2 |
CLECO POWER | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Number of generating units owned | generation_unit | 10 |
Nameplate capacity of all generating units (MW) | MW | 3,360 |
Approximate number of customers served | customer | 290 |
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 Accoun_4
Summary of Significant Accounting Policies - Asset Retirement Obligation (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Oct. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | |
CLECO POWER | |||
Asset Retirement Obligation [Line Items] | |||
Increase (decrease) to ARO | $ 0.3 | $ 3.3 | |
Cleco Cajun | |||
Asset Retirement Obligation [Line Items] | |||
Increase (decrease) to ARO | $ 1.1 | $ (0.9) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 04, 2019 | |
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Capitalized software, net | $ 178,100 | $ 168,600 | ||
Capitalized software costs, amortization | 11,015 | 4,917 | $ 2,154 | |
Property, plant and equipment, net | 4,789,541 | 4,645,011 | ||
Utility plants | ||||
Generation | 2,915,349 | 2,812,843 | ||
Distribution | 1,357,714 | 1,153,086 | ||
Transmission | 667,398 | 660,279 | ||
Other utility plant | 391,057 | 350,683 | ||
Other property, plant, and equipment | 5,672 | 5,364 | ||
Total property, plant, and equipment | 5,337,190 | 4,982,255 | ||
Accumulated depreciation | (672,271) | (454,874) | ||
Net property, plant, and equipment | $ 4,664,919 | 4,527,381 | ||
MINIMUM | ||||
Estimated Useful Lives (in years) | ||||
Utility plants, generation (in years) | 6 years | |||
Utility plants, distribution (in years) | 15 years | |||
Utility plants, transmission (in years) | 5 years | |||
Utility plants, other utility plant (in years) | 2 years | |||
Other property, plant, and equipment (in years) | 5 years | |||
MAXIMUM | ||||
Estimated Useful Lives (in years) | ||||
Utility plants, generation (in years) | 95 years | |||
Utility plants, distribution (in years) | 50 years | |||
Utility plants, transmission (in years) | 55 years | |||
Utility plants, other utility plant (in years) | 45 years | |||
Other property, plant, and equipment (in years) | 45 years | |||
CLECO POWER | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Capitalized software, net | $ 177,000 | 166,200 | ||
Capitalized software costs, amortization | 10,379 | 4,321 | $ 1,607 | |
Property, plant and equipment, net | 3,867,629 | 3,696,113 | ||
Utility plants | ||||
Generation | 2,673,271 | 2,633,590 | ||
Distribution | 1,796,841 | 1,593,104 | ||
Transmission | 857,833 | 805,701 | ||
Other utility plant | 496,433 | 457,062 | ||
Total property, plant, and equipment | 5,824,378 | 5,489,457 | ||
Accumulated depreciation | (2,067,362) | (1,905,031) | ||
Net property, plant, and equipment | $ 3,757,016 | $ 3,584,426 | ||
CLECO POWER | MINIMUM | ||||
Estimated Useful Lives (in years) | ||||
Utility plants, generation (in years) | 10 years | |||
Utility plants, distribution (in years) | 15 years | |||
Utility plants, transmission (in years) | 5 years | |||
Utility plants, other utility plant (in years) | 5 years | |||
Other property, plant, and equipment (in years) | 5 years | |||
CLECO POWER | MAXIMUM | ||||
Estimated Useful Lives (in years) | ||||
Utility plants, generation (in years) | 95 years | |||
Utility plants, distribution (in years) | 50 years | |||
Utility plants, transmission (in years) | 55 years | |||
Utility plants, other utility plant (in years) | 45 years | |||
Other property, plant, and equipment (in years) | 45 years | |||
Cleco Cajun | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, net | $ 741,200 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Deferred Project Costs (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
CLECO POWER | ||
Accounting Policies [Line Items] | ||
Deferred project costs | $ 2.5 | $ 1.4 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Changes in Allowance for Credit Losses (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Accounting Policies [Line Items] | |
Receivable, threshold period past due | 20 days |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Balances, Dec. 31, 2019 | $ 3,005 |
Current period provision | 5,029 |
Charge-offs | (6,423) |
Recovery | 1,076 |
Balances, Dec. 31, 2020 | 2,758 |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |
Balances, Dec. 31, 2019 | 1,250 |
Current period provision | 388 |
Charge-offs | 0 |
Recovery | 0 |
Balances, Dec. 31, 2020 | 1,638 |
Receivable, Allowance For Credit Loss [Roll Forward] | |
Balances, Dec. 31, 2019 | 4,255 |
Current period provision | 5,417 |
Charge-offs | (6,423) |
Recovery | 1,076 |
Balances, Dec. 31, 2020 | 4,396 |
Accounting Standards Update 2016-13 | CECL adoption | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Balances, Dec. 31, 2019 | 71 |
Receivable, Allowance For Credit Loss [Roll Forward] | |
Balances, Dec. 31, 2019 | $ 71 |
Cleco Power | |
Accounting Policies [Line Items] | |
Past due balances, repayment plan, period | 18 months |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Balances, Dec. 31, 2019 | $ 3,005 |
Current period provision | 5,029 |
Charge-offs | (6,423) |
Recovery | 1,076 |
Balances, Dec. 31, 2020 | 2,758 |
Cleco Power | Accounting Standards Update 2016-13 | CECL adoption | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Balances, Dec. 31, 2019 | $ 71 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Reserves (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Cleco Holdings | ||
Accounting Policies [Line Items] | ||
General liability and workers compensation reserves | $ 4.5 | $ 4.3 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | $ 4,545 | $ 11,100 | |
Non-current | 744 | 15,203 | |
Total restricted cash and cash equivalents | 5,289 | 26,303 | |
Remaining restricted cash to be used for final administration and winding up activities | 2,600 | ||
Decrease in restricted cash and cash equivalents | 52,330 | (2,509) | $ 12,116 |
Cleco Katrina/Rita’s storm recovery bonds | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 2,626 | 9,632 | |
Cleco Power’s charitable contributions | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 1,718 | 1,200 | |
Non-current | 0 | 2,094 | |
Cleco Power’s rate credit escrow | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 201 | 268 | |
Diversified Lands’ mitigation escrow | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Non-current | 22 | 21 | |
Cleco Cajun’s defense fund | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Non-current | 722 | 719 | |
Cleco Cajun’s margin deposits | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Non-current | 0 | 100 | |
Future storm restoration costs | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Non-current | 0 | 12,269 | |
Decrease in restricted cash and cash equivalents | 12,300 | ||
Future storm restoration costs | Deferred storm restoration costs - Hurricane Laura | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Decrease in restricted cash and cash equivalents | 8,300 | ||
Future storm restoration costs | Other Storms | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Decrease in restricted cash and cash equivalents | 4,000 | ||
Cleco Katrina/Rita scheduled storm recovery bond principal payments | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Payments for investment in restricted cash from pollution control bond | 11,100 | ||
Cleco Katrina/Rita related interest payments | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Payments for investment in restricted cash from pollution control bond | 300 | ||
Cleco Katrina/Rita administrative fees | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Payments from distribution in restricted cash from pollution control bond | 4,400 | ||
CLECO POWER | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 4,545 | 11,100 | |
Non-current | 0 | 14,363 | |
Total restricted cash and cash equivalents | 4,545 | 25,463 | |
Decrease in restricted cash and cash equivalents | 51,561 | (19,075) | $ 41,080 |
CLECO POWER | Cleco Katrina/Rita’s storm recovery bonds | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 2,626 | 9,632 | |
CLECO POWER | Cleco Power’s charitable contributions | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 1,718 | 1,200 | |
Non-current | 0 | 2,094 | |
CLECO POWER | Cleco Power’s rate credit escrow | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Current | 201 | 268 | |
CLECO POWER | Future storm restoration costs | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
Non-current | $ 0 | $ 12,269 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Equity Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Impairments | $ 0 | $ 0 | $ 0 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - AFUDC (Details) - CLECO POWER | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Public Utilities, General Disclosures [Line Items] | |||
Composite AFUDC rate, including borrowed and other funds, pre-tax | 10.14% | 10.71% | 9.58% |
Public utilities, rate net of tax | 7.96% | 8.37% | 7.08% |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Recent Authoritative Guidance Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Credit loss | $ 2,758 | $ 3,005 | |
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Credit loss | $ 100 | $ 71 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) | Feb. 04, 2019USD ($)cooperativeinvestor_owned_utilitymunicipalityMW | Jan. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||||||
Proceeds from long-term lines of credit | $ 238,000,000 | $ 108,000,000 | $ 0 | |||
Regulated operating revenue, electric, non-nuclear | 1,370,893,000 | 1,496,736,000 | 1,181,907,000 | |||
Decrease in other operating income | (180,524,000) | (182,832,000) | (82,332,000) | |||
Depreciation expense | 219,363,000 | 216,320,000 | 170,414,000 | |||
Power supply agreements | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, finite-lived intangibles | $ 98,900,000 | |||||
Power supply agreements | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, recognized identifiable assets and intangible liabilities | 14,200,000 | |||||
NRG South Central | ||||||
Business Acquisition [Line Items] | ||||||
Repayments of long-term debt | 400,000,000 | $ 400,000,000 | ||||
Business combination, liabilities arising from contingencies, amount recognized | 10,000,000 | |||||
Business combination, indemnification assets, amount as of acquisition date | 10,000,000 | |||||
Purchase price consideration | 962,200,000 | |||||
Cash paid | 1,000,000,000 | |||||
Working capital adjustment | 37,800,000 | |||||
Business combination, finite-lived intangibles | 98,900,000 | |||||
Business combination, recognized identifiable assets and intangible liabilities | 38,300,000 | |||||
Business combination, deferred revenue | 58,300,000 | |||||
Net income | 154,898,000 | 170,224,000 | ||||
NRG South Central | Fair Value Adjustments | ||||||
Business Acquisition [Line Items] | ||||||
Regulated operating revenue, electric, non-nuclear | $ 500,000 | |||||
Decrease in other operating income | 100,000 | |||||
Depreciation expense | $ 200,000 | |||||
NRG South Central | Acquisition-related Costs | ||||||
Business Acquisition [Line Items] | ||||||
Net income | 4,700,000 | |||||
NRG South Central | Power supply agreements | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, recognized identifiable assets and intangible liabilities | 14,200,000 | |||||
NRG South Central | LTSA | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, recognized identifiable assets and intangible liabilities | $ 24,100,000 | |||||
Cleco Cajun | ||||||
Business Acquisition [Line Items] | ||||||
Number of customers served | investor_owned_utility | 1 | |||||
CLECO POWER | ||||||
Business Acquisition [Line Items] | ||||||
Public utilities, requested rate increase (decrease), amount | $ (4,000,000) | |||||
Proceeds from long-term lines of credit | 150,000,000 | 33,000,000 | 0 | |||
Regulated operating revenue, electric, non-nuclear | 1,015,018,000 | 1,130,928,000 | 1,191,587,000 | |||
Decrease in other operating income | (65,237,000) | (72,833,000) | (82,330,000) | |||
Depreciation expense | $ 166,987,000 | $ 172,471,000 | $ 162,069,000 | |||
Cleco Holdings | ||||||
Business Acquisition [Line Items] | ||||||
Debt instrument, term | 3 years | |||||
Debt to capital ratio | 0.65 | |||||
Cleco Holdings | Revolving Credit Facility | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from credit facility | $ 75,000,000 | |||||
Line of credit facility, maximum borrowing capacity | 175,000,000 | |||||
Proceeds from long-term lines of credit | 75,000,000 | |||||
Cleco Holdings | Bridge Loan | ||||||
Business Acquisition [Line Items] | ||||||
Debt instrument, face amount | 300,000,000 | |||||
Cleco Holdings | Loans Payable | ||||||
Business Acquisition [Line Items] | ||||||
Debt instrument, face amount | 100,000,000 | |||||
Cleco Holdings | NRG South Central | ||||||
Business Acquisition [Line Items] | ||||||
Cash paid | 102,300,000 | |||||
Cleco Group | NRG South Central | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, equity interests issued and issuable | $ 384,900,000 | |||||
Sterlington, Louisiana | Natural-gas-fired Generating Station | Cleco Cajun | ||||||
Business Acquisition [Line Items] | ||||||
Number of megawatts in station or facility (mw) | MW | 176 | |||||
Jarreau, Louisiana | Natural-gas-fired Facility | Cleco Cajun | ||||||
Business Acquisition [Line Items] | ||||||
Number of megawatts in station or facility (mw) | MW | 220 | |||||
Jarreau, Louisiana | Natural-gas-fired Peaking Facility | Cleco Cajun | ||||||
Business Acquisition [Line Items] | ||||||
Number of megawatts in station or facility (mw) | MW | 210 | |||||
New Roads, Louisiana | Natural-gas-fired Generating Station | Cleco Cajun | ||||||
Business Acquisition [Line Items] | ||||||
Number of megawatts in station or facility (mw) | MW | 540 | |||||
New Roads, Louisiana | Coal-fired Generating Facility | Cleco Cajun | ||||||
Business Acquisition [Line Items] | ||||||
Number of megawatts in station or facility (mw) | MW | 580 | |||||
New Roads, Louisiana | Coal-fired Generating Station | Cleco Cajun | Jointly Owned Electricity Generation Plant | ||||||
Business Acquisition [Line Items] | ||||||
Number of megawatts in station or facility (mw) | MW | 588 | |||||
Ownership interest percentage | 58.00% | |||||
Jennings, Louisiana | Cleco Cajun | ||||||
Business Acquisition [Line Items] | ||||||
Number of megawatts in station or facility (mw) | MW | 225 | |||||
Jennings, Louisiana | Natural-gas-fired Peaking Facility | Cleco Cajun | ||||||
Business Acquisition [Line Items] | ||||||
Number of megawatts in station or facility (mw) | MW | 300 | |||||
Deweyville, Texas | Natural-gas-fired Generating Station | Cleco Cajun | ||||||
Business Acquisition [Line Items] | ||||||
Number of megawatts in station or facility (mw) | MW | 1,263 | |||||
Louisiana | Cleco Cajun | ||||||
Business Acquisition [Line Items] | ||||||
Number of customers served | cooperative | 9 | |||||
Arkansas, Louisiana, And Texas | Cleco Cajun | ||||||
Business Acquisition [Line Items] | ||||||
Number of customers served | municipality | 5 |
Business Combinations - Purchas
Business Combinations - Purchase Price Allocation (Details) - NRG South Central $ in Thousands | Feb. 04, 2019USD ($) |
Current assets | |
Cash and cash equivalents | $ 146,494 |
Customer and other accounts receivable | 49,809 |
Energy risk management assets | 4,193 |
Other current assets | 10,056 |
Non-current assets | |
Property, plant, and equipment, net | 741,203 |
Prepayments | 36,166 |
Restricted cash and cash equivalents | 707 |
Intangible assets | 98,900 |
Other deferred charges | 133 |
Total assets acquired | 1,135,380 |
Current liabilities | |
Accounts payable | 38,478 |
Taxes payable | 723 |
Energy risk management liabilities | 241 |
Other current liabilities | 14,570 |
Non-current liabilities | |
Accumulated deferred federal and state income taxes, net | 7,165 |
Deferred lease revenue | 58,300 |
Intangible liabilities | 38,300 |
Asset retirement obligations | 15,323 |
Operating lease liabilities | 110 |
Total liabilities assumed | 173,210 |
Total purchase price consideration | 962,170 |
Fuel inventory | |
Current assets | |
Inventory | 22,060 |
Materials and supplies | |
Current assets | |
Inventory | $ 25,659 |
Business Combinations - Fair Va
Business Combinations - Fair Value Adjustments (Details) - NRG South Central $ in Thousands | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Current assets | |
Customer and other accounts receivable | $ 1,408 |
Other current assets | 56 |
Non-current assets | |
Property, plant, and equipment, net | 13,297 |
Prepayments | (56) |
Intangible assets | (3,600) |
Other deferred charges | 1 |
Current liabilities | |
Accounts payable | 3,022 |
Energy risk management liabilities | (1) |
Other current liabilities | 327 |
Non-current liabilities | |
Accumulated deferred federal and state income taxes, net | 421 |
Deferred lease revenue | (3,600) |
Intangible liabilities | 6,400 |
Asset retirement obligations | 4,534 |
Operating lease liabilities | $ 3 |
Business Combinations - Pro For
Business Combinations - Pro Forma Information (Details) - NRG South Central - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Operating revenue, net | $ 1,660,362 | $ 1,668,022 |
Net income | $ 154,898 | $ 170,224 |
Leases - Operating Lease (Detai
Leases - Operating Lease (Details) | Dec. 31, 2020 | Dec. 31, 2020municipality | Dec. 31, 2020nonmunicipal_public_body | Dec. 31, 2020railcar | Dec. 31, 2020towboat | Jul. 09, 2019 |
CLECO POWER | ||||||
Operating Leased Assets [Line Items] | ||||||
Operating lease, number of lessors | 2 | 1 | ||||
CLECO POWER | Railroad Transportation Equipment | ||||||
Operating Leased Assets [Line Items] | ||||||
Lessee, operating lease, number of leased assets | 113 | |||||
CLECO POWER | Maritime Equipment | ||||||
Operating Leased Assets [Line Items] | ||||||
Lessee, operating lease, renewal term | 5 years | |||||
Term of operating lease (in years) | 10 years | |||||
Lessee, operating lease, number of leased assets | towboat | 3 | |||||
Cleco Cajun | Railroad Transportation Equipment | ||||||
Operating Leased Assets [Line Items] | ||||||
Lessee, operating lease, renewal term | 1 month | |||||
Term of operating lease (in years) | 12 months | |||||
Lessee, operating lease, number of leased assets | 135 | |||||
Municipality One | CLECO POWER | Utility System | ||||||
Operating Leased Assets [Line Items] | ||||||
Lessee, operating lease, renewal term | 10 years | |||||
Municipality Two | CLECO POWER | Utility System | ||||||
Operating Leased Assets [Line Items] | ||||||
Term of operating lease (in years) | 10 years | |||||
Non-Municipal Public Body | CLECO POWER | Utility System | ||||||
Operating Leased Assets [Line Items] | ||||||
Term of operating lease (in years) | 27 years |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Due Under Long-Term Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Years ending Dec. 31, | ||
2021 | $ 3,682 | |
2022 | 3,320 | |
2023 | 3,262 | |
2024 | 3,236 | |
2025 | 3,216 | |
Thereafter | 15,401 | |
Total minimum lease payments | 32,117 | |
Less: amount representing interest | 5,982 | |
Present value of net minimum operating lease payments | 26,135 | |
Current liabilities | 2,802 | $ 2,978 |
Non-current liabilities | 23,333 | 25,779 |
CLECO POWER | ||
Years ending Dec. 31, | ||
2021 | 3,543 | |
2022 | 3,289 | |
2023 | 3,234 | |
2024 | 3,216 | |
2025 | 3,216 | |
Thereafter | 15,401 | |
Total minimum lease payments | 31,899 | |
Less: amount representing interest | 5,932 | |
Present value of net minimum operating lease payments | 25,967 | |
Current liabilities | 2,672 | 2,935 |
Non-current liabilities | $ 23,295 | $ 25,658 |
Leases - Finance Lease (Details
Leases - Finance Lease (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($)event | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 30, 2018barge | |
Lessee, Lease, Description [Line Items] | ||||
Finance lease, number of cancellation events triggering early termination | event | 1 | |||
Finance lease, number of cancellation events | event | 4 | |||
CLECO POWER | ||||
Lessee, Lease, Description [Line Items] | ||||
Finance lease, principal interest | $ | $ 2.2 | $ 2.2 | $ 2 | |
Sublease income | $ | $ 0.8 | $ 1.7 | $ 0.5 | |
Maritime Equipment | CLECO POWER | ||||
Lessee, Lease, Description [Line Items] | ||||
Finance lease, number of leased assets | barge | 42 |
Leases - Analysis of Leased Pro
Leases - Analysis of Leased Property Under Finance Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lessor, Lease, Description [Line Items] | ||
Net finance lease asset | $ 13,720 | $ 14,840 |
Cleco Power | ||
Lessor, Lease, Description [Line Items] | ||
Barges | 16,800 | 16,800 |
Accumulated amortization | (3,080) | (1,960) |
Net finance lease asset | $ 13,720 | $ 14,840 |
Leases - Future Minimum Lease_2
Leases - Future Minimum Lease Payments Due Under Finance Lease (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Years ending Dec. 31, | ||
Current liabilities | $ 682 | $ 617 |
Non-current liabilities | 14,562 | 15,244 |
Cleco Power | ||
Years ending Dec. 31, | ||
2021 | 2,203 | |
2022 | 2,203 | |
2023 | 2,203 | |
2024 | 2,203 | |
2025 | 2,203 | |
Thereafter | 15,472 | |
Total minimum lease payments | 26,487 | |
Less: amount representing interest | 11,243 | |
Present value of net minimum finance lease payments | 15,244 | 15,861 |
Current liabilities | 682 | 617 |
Non-current liabilities | $ 14,562 | $ 15,244 |
Leases - Total Lease Costs (Det
Leases - Total Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finance lease cost | ||
Amortization of ROU assets | $ 1,120 | $ 1,120 |
Interest on lease liabilities | 1,587 | 1,646 |
Operating lease cost | 4,576 | 4,528 |
Variable lease cost | 301 | 515 |
Total lease cost | 7,584 | 7,809 |
Cleco Power | ||
Finance lease cost | ||
Amortization of ROU assets | 1,120 | 1,120 |
Interest on lease liabilities | 1,587 | 1,646 |
Operating lease cost | 4,191 | 4,303 |
Variable lease cost | 301 | 515 |
Total lease cost | $ 7,199 | $ 7,584 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet and Cash Flow Information and Other Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
ROU assets | ||
Operating | $ 26,172 | $ 28,791 |
Finance | 13,720 | 14,840 |
Total ROU assets | 39,892 | 43,631 |
Current lease liabilities | ||
Operating | 2,802 | 2,978 |
Finance | 682 | 617 |
Non-current lease liabilities | ||
Operating | 23,333 | 25,779 |
Finance | 14,562 | 15,244 |
Total lease liabilities | 41,379 | 44,618 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | 4,504 | 4,452 |
Operating cash flows from finance leases | 1,587 | 1,646 |
Financing cash flows from finance leases | 617 | 557 |
ROU assets obtained in exchange for new lease liabilities | $ 0 | $ 15,881 |
Operating leases | ||
Weighted average remaining lease term (in years) | 9 years 10 months 24 days | 10 years 9 months 18 days |
Weighted-average discount rate | 4.31% | 4.31% |
Finance leases | ||
Weighted average remaining lease term (in years) | 12 years 3 months 18 days | 13 years 3 months 18 days |
Weighted-average discount rate | 10.18% | 10.18% |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
CLECO POWER | ||
ROU assets | ||
Operating | $ 26,006 | $ 28,633 |
Finance | 13,720 | 14,840 |
Total ROU assets | 39,726 | 43,473 |
Current lease liabilities | ||
Operating | 2,672 | 2,935 |
Finance | 682 | 617 |
Non-current lease liabilities | ||
Operating | 23,295 | 25,658 |
Finance | 14,562 | 15,244 |
Total lease liabilities | 41,211 | 44,454 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | 4,120 | 4,203 |
Operating cash flows from finance leases | 1,587 | 1,646 |
Financing cash flows from finance leases | 617 | 557 |
ROU assets obtained in exchange for new lease liabilities | $ 0 | $ 15,749 |
Operating leases | ||
Weighted average remaining lease term (in years) | 10 years | 10 years 9 months 18 days |
Weighted-average discount rate | 4.31% | 4.31% |
Finance leases | ||
Weighted average remaining lease term (in years) | 12 years 3 months 18 days | 13 years 3 months 18 days |
Weighted-average discount rate | 10.18% | 10.18% |
Leases - Cottonwood Sale Leaseb
Leases - Cottonwood Sale Leaseback Agreement (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Fixed lease payments per year | $ 40 | |
Sale leaseback transaction, depreciation expense | $ 29.3 | $ 22.7 |
Leases - Lease Income Under Cot
Leases - Lease Income Under Cottonwood Sale Leaseback (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Fixed payments | $ 40,000 | $ 36,667 |
Variable payments | 20,883 | 20,415 |
Amortization of deferred lease liability | 9,205 | 8,438 |
Total lease income | $ 70,088 | $ 65,520 |
Leases - Remaining Minimum Leas
Leases - Remaining Minimum Lease Payments To Be Received (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Years ending Dec. 31, | |
2021 | $ 40,000 |
2022 | 40,000 |
2023 | 40,000 |
2024 | 40,000 |
2025 | 16,667 |
Total payments | $ 176,667 |
Leases - Property Associated wi
Leases - Property Associated with Sale Leaseback (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Property, plant, and equipment | $ 552,659 | $ 540,409 |
Accumulated depreciation | (52,053) | (22,741) |
Net property, plant, and equipment | $ 500,606 | $ 517,668 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Payment terms | 20 days |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 73.2 |
CLECO POWER | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 73.2 |
Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Minimum | CLECO POWER | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 14 years |
Maximum | CLECO POWER | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 14 years |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | $ 1,418,776 | $ 1,561,424 | |
Total revenue from contracts with customers | |||
Other | 79,370 | 78,181 | |
Total revenue unrelated to contracts with customers | 79,370 | 78,181 | |
Operating revenue, net | 1,498,146 | 1,639,605 | $ 1,231,044 |
Electric customer credits | 53,271 | 39,963 | 33,195 |
Sales-type lease, lease income | 70,088 | 65,520 | |
Recognition of deferred lease income | 9,205 | 8,439 | 0 |
TOTAL SEGMENTS | |||
Total revenue from contracts with customers | |||
Operating revenue, net | 1,519,645 | 1,659,988 | 1,241,596 |
Electric customer credits | 53,272 | 39,963 | 33,195 |
OTHER | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 119,446 | 99,389 | |
Total revenue from contracts with customers | |||
Other | 3 | 0 | |
Total revenue unrelated to contracts with customers | 3 | 0 | |
Operating revenue, net | 119,449 | 99,389 | 64,913 |
Electric customer credits | 0 | 0 | 0 |
ELIMINATIONS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | (140,948) | (119,772) | |
Total revenue from contracts with customers | |||
Other | 0 | 0 | |
Total revenue unrelated to contracts with customers | 0 | 0 | |
Operating revenue, net | (140,948) | (119,772) | (75,465) |
Electric customer credits | (1) | 0 | 0 |
Total retail revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 761,401 | 855,448 | |
Total retail revenue | OTHER | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Total retail revenue | ELIMINATIONS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 402,050 | 415,242 | |
Residential | OTHER | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Residential | ELIMINATIONS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 256,964 | 289,197 | |
Commercial | OTHER | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Commercial | ELIMINATIONS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 137,920 | 149,711 | |
Industrial | OTHER | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Industrial | ELIMINATIONS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Other retail | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 14,235 | 15,046 | |
Other retail | OTHER | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Other retail | ELIMINATIONS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Surcharge | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 2,440 | 22,132 | |
Surcharge | OTHER | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Surcharge | ELIMINATIONS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Electric customer credits | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | (52,208) | (35,880) | |
Electric customer credits | OTHER | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Electric customer credits | ELIMINATIONS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Wholesale, net | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 548,062 | 591,932 | |
Wholesale, net | OTHER | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | (9,680) | (9,680) | |
Wholesale, net | ELIMINATIONS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | (1) | |
Transmission, net | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 94,150 | 94,718 | |
Transmission, net | OTHER | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Transmission, net | ELIMINATIONS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | (6,463) | (7,471) | |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 15,163 | 19,326 | |
Other | OTHER | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 2 | |
Other | ELIMINATIONS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 1 | 0 | |
Affiliate | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
Affiliate | OTHER | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 129,126 | 109,067 | |
Affiliate | ELIMINATIONS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | (134,486) | (112,300) | |
CLECO POWER | FTRs | |||
Total revenue from contracts with customers | |||
Other | 12,400 | ||
CLECO POWER | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 1,023,070 | 1,155,749 | |
Total revenue from contracts with customers | |||
Other | 9,222 | 12,621 | |
Total revenue unrelated to contracts with customers | 9,222 | 12,621 | |
Operating revenue, net | 1,032,292 | 1,168,370 | 1,241,596 |
Electric customer credits | 53,119 | 38,516 | $ 33,195 |
CLECO POWER | Total retail revenue | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 761,401 | 855,448 | |
CLECO POWER | Residential | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 402,050 | 415,242 | |
CLECO POWER | Commercial | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 256,964 | 289,197 | |
CLECO POWER | Industrial | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 137,920 | 149,711 | |
CLECO POWER | Other retail | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 14,235 | 15,046 | |
CLECO POWER | Surcharge | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 2,440 | 22,132 | |
CLECO POWER | Electric customer credits | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | (52,208) | (35,880) | |
CLECO POWER | Wholesale, net | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 192,187 | 226,978 | |
CLECO POWER | Transmission, net | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 49,164 | 50,874 | |
Total revenue from contracts with customers | |||
Electric customer credits | 900 | 2,600 | |
CLECO POWER | Other | SSR | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 3,200 | ||
CLECO POWER | Other | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 15,162 | 19,324 | |
Total revenue from contracts with customers | |||
Other miscellaneous fee revenue | 16,100 | ||
CLECO POWER | Affiliate | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 5,156 | 3,125 | |
CLECO POWER | Lost contribution to fixed cost | |||
Total revenue from contracts with customers | |||
Other | 200 | ||
CLECO CAJUN | |||
Total revenue from contracts with customers | |||
Sales-type lease, lease income | 57,100 | ||
Recognition of deferred lease income | 9,200 | 8,400 | |
CLECO CAJUN | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 417,208 | 426,058 | |
Total revenue from contracts with customers | |||
Other | 70,145 | 65,560 | |
Total revenue unrelated to contracts with customers | 70,145 | 65,560 | |
Operating revenue, net | 487,353 | 491,618 | |
Sales-type lease, lease income | 60,900 | ||
CLECO CAJUN | Total retail revenue | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
CLECO CAJUN | Residential | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
CLECO CAJUN | Commercial | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
CLECO CAJUN | Industrial | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
CLECO CAJUN | Other retail | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
CLECO CAJUN | Surcharge | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
CLECO CAJUN | Electric customer credits | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
CLECO CAJUN | Wholesale, net | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 365,555 | 374,635 | |
Total revenue from contracts with customers | |||
Electric customer credits | 800 | ||
CLECO CAJUN | Transmission, net | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 51,449 | 51,315 | |
Total revenue from contracts with customers | |||
Electric customer credits | 200 | 700 | |
CLECO CAJUN | Other | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | |
CLECO CAJUN | Affiliate | TOTAL SEGMENTS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contracts with customers | $ 204 | $ 108 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities - Summary of Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | |
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets, net | $ 423,279 | $ 311,525 | |
COVID-19 executive order | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 3,000 | ||
Deferred storm restoration costs - Hurricane Delta | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 17,100 | ||
Deferred storm restoration costs - Hurricane Zeta | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 3,500 | ||
Financing costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 7,592 | 7,935 | |
Postretirement costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 15,411 | 17,399 | |
Debt issuance costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 5,254 | 5,665 | |
Fair value of long-term debt | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 119,553 | 127,977 | |
CLECO POWER | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 456,034 | 306,172 | |
Total regulatory liabilities | (180,565) | (153,623) | |
Total regulatory assets, net | 275,469 | 152,549 | |
CLECO POWER | AFUDC | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory liabilities | (4,218) | 0 | |
CLECO POWER | Corporate franchise tax, net | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory liabilities | (763) | (1,145) | |
CLECO POWER | Deferred taxes, net | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory liabilities | (175,584) | (146,948) | |
CLECO POWER | Other | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory liabilities | 0 | (834) | |
CLECO POWER | St. Mary Clean Energy Center | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory liabilities | 0 | (4,696) | $ (9,600) |
CLECO POWER | Acquisition costs or Transaction costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | $ 2,019 | 2,124 | |
REMAINING RECOVERY PERIOD (YRS.) | 19 years | ||
CLECO POWER | Acquisition costs or Transaction costs | Natural Gas Processing Plant | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | $ 876 | 906 | |
REMAINING RECOVERY PERIOD (YRS.) | 28 years 6 months | ||
CLECO POWER | Accumulated deferred fuel | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | $ 28,194 | 22,910 | |
CLECO POWER | AFUDC equity gross-up | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 69,670 | 72,766 | |
CLECO POWER | AMI deferred revenue requirement | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | $ 2,591 | 3,136 | |
REMAINING RECOVERY PERIOD (YRS.) | 5 years | ||
CLECO POWER | AROs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | $ 5,488 | 3,668 | |
CLECO POWER | COVID-19 executive order | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 2,953 | 0 | |
CLECO POWER | Deferred storm restoration costs - Hurricane Delta | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 17,051 | 0 | |
CLECO POWER | Deferred storm restoration costs - Hurricane Laura | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 54,406 | 0 | |
CLECO POWER | Deferred storm restoration costs - Hurricane Zeta | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 3,493 | 0 | |
CLECO POWER | Accelerated depreciation | RODEMACHER UNIT 2 | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 1,333 | 0 | |
CLECO POWER | Accelerated depreciation | DOLET HILLS POWER STATION | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 48,982 | 0 | |
CLECO POWER | Emergency declarations | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | $ 270 | 1,349 | |
REMAINING RECOVERY PERIOD (YRS.) | 6 months | ||
CLECO POWER | Energy efficiency | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | $ 2,820 | 2,820 | |
REMAINING RECOVERY PERIOD (YRS.) | 2 years | ||
CLECO POWER | Financing costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | $ 7,184 | 7,554 | |
CLECO POWER | Interest costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 3,708 | 3,958 | |
CLECO POWER | Non-service cost of postretirement benefits | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 9,901 | 6,739 | |
CLECO POWER | Other | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 4,229 | 987 | |
CLECO POWER | Other | Natural Gas Processing Plant | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 3,900 | ||
CLECO POWER | Postretirement costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 165,437 | 151,543 | |
CLECO POWER | Production operations and maintenance expenses | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 4,058 | 7,985 | |
CLECO POWER | St. Mary Clean Energy Center | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 3,479 | 0 | |
CLECO POWER | Surcredits | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | 0 | 145 | |
CLECO POWER | Training costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | $ 6,085 | 6,241 | |
REMAINING RECOVERY PERIOD (YRS.) | 39 years | ||
CLECO POWER | Tree trimming costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets | $ 11,807 | $ 11,341 |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities - Narrative (Details) customer in Thousands | Apr. 13, 2016instrument | Jan. 31, 2019USD ($) | May 31, 2013USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020 | Dec. 31, 2011USD ($)treasury_rate_lock | Oct. 28, 2020customer | Oct. 09, 2020customer | Aug. 27, 2020customer | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Oct. 31, 2016USD ($) |
Excess A D I T | LPSC | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory liability | $ 352,400,000 | $ 375,000,000 | ||||||||||
Treasury Lock | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Number of instruments settled | instrument | 2 | |||||||||||
AMI deferred revenue requirement | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory assets amortization period (in years/months) | 11 years | |||||||||||
COVID-19 executive order | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory assets amortization period (in years/months) | 4 years | |||||||||||
Total regulatory assets | $ 3,000,000 | |||||||||||
Financing costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Total regulatory assets | 7,592,000 | 7,935,000 | ||||||||||
Postretirement costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Total regulatory assets | 15,411,000 | 17,399,000 | ||||||||||
CLECO POWER | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Total regulatory assets | 456,034,000 | 306,172,000 | ||||||||||
Annual reduction to retail customer rates | $ 4,000,000 | |||||||||||
Regulatory liability | 180,565,000 | 153,623,000 | ||||||||||
CLECO POWER | Deferred storm restoration costs - Hurricane Laura | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Number of customers affected with power outage | customer | 140,000 | |||||||||||
CLECO POWER | Deferred storm restoration costs - Hurricane Delta | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Number of customers affected with power outage | customer | 132,000 | |||||||||||
CLECO POWER | Deferred storm restoration costs - Hurricane Zeta | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Number of customers affected with power outage | customer | 73,000 | |||||||||||
CLECO POWER | St. Mary Clean Energy Center | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory liability | $ 0 | 4,696,000 | $ 9,600,000 | |||||||||
CLECO POWER | Corporate franchise tax, net | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory liabilities amortization period (in years/months) | 12 months | |||||||||||
Regulatory liability | $ 763,000 | 1,145,000 | ||||||||||
CLECO POWER | Excess A D I T | LPSC | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory liability | 352,400,000 | 375,000,000 | ||||||||||
CLECO POWER | AFUDC | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory liability | $ 4,218,000 | 0 | ||||||||||
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 | Interest Rate Swap | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Loss on settlements | $ 3,300,000 | |||||||||||
CLECO POWER | Acquisition costs or transaction costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory assets amortization period (in years/months) | 30 years | |||||||||||
Total regulatory assets | $ 2,019,000 | 2,124,000 | ||||||||||
CLECO POWER | Acquisition costs or transaction costs | Natural Gas Processing Plant | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory assets amortization period (in years/months) | 35 years | |||||||||||
Total regulatory assets | $ 876,000 | 906,000 | ||||||||||
CLECO POWER | Accumulated deferred fuel | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Percentage of total fuel cost regulated by the LPSC (in hundredths) | 76.00% | |||||||||||
Total regulatory assets | $ 28,194,000 | 22,910,000 | ||||||||||
CLECO POWER | AMI deferred revenue requirement | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Total regulatory assets | 2,591,000 | 3,136,000 | ||||||||||
CLECO POWER | COVID-19 executive order | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Total regulatory assets | $ 2,953,000 | 0 | ||||||||||
CLECO POWER | Accelerated depreciation | DOLET HILLS POWER STATION | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory assets amortization period (in years/months) | 20 years | |||||||||||
Total regulatory assets | $ 48,982,000 | 0 | ||||||||||
CLECO POWER | Accelerated depreciation | RODEMACHER UNIT 2 | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Total regulatory assets | $ 1,333,000 | 0 | ||||||||||
CLECO POWER | Energy efficiency | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory assets amortization period (in years/months) | 4 years | |||||||||||
Total regulatory assets | $ 2,820,000 | 2,820,000 | ||||||||||
CLECO POWER | Financing costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Total regulatory assets | 7,184,000 | 7,554,000 | ||||||||||
CLECO POWER | Financing costs | Treasury Lock | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Total regulatory assets | $ 7,400,000 | |||||||||||
CLECO POWER | Financing costs | Interest Rate Swap | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Total regulatory assets | $ 2,900,000 | |||||||||||
CLECO POWER | Other | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Total regulatory assets | 4,229,000 | 987,000 | ||||||||||
CLECO POWER | Other | Natural Gas Processing Plant | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Total regulatory assets | 3,900,000 | |||||||||||
CLECO POWER | Other | Other | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Total regulatory assets | $ 300,000 | |||||||||||
CLECO POWER | Postretirement costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory assets amortization period (in years/months) | 7 years | |||||||||||
Total regulatory assets | $ 165,437,000 | 151,543,000 | ||||||||||
CLECO POWER | Production O&M Expenses | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory assets amortization period (in years/months) | 3 years | |||||||||||
Retail jurisdictional portion | $ 45,000,000 | |||||||||||
CLECO POWER | Production O&M Expenses | MAXIMUM | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Total regulatory assets | 23,000,000 | |||||||||||
CLECO POWER | St. Mary Clean Energy Center | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Total regulatory assets | $ 3,479,000 | 0 | ||||||||||
CLECO POWER | Surcredits | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory assets amortization period (in years/months) | 4 years | |||||||||||
Total regulatory assets | $ 0 | 145,000 | ||||||||||
CLECO POWER | Training costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory assets amortization period (in years/months) | 50 years | |||||||||||
Total regulatory assets | $ 6,085,000 | 6,241,000 | ||||||||||
CLECO POWER | Tree trimming costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Total regulatory assets | $ 11,807,000 | $ 11,341,000 | ||||||||||
Maximum amount of costs approved to defer | $ 10,900,000 | |||||||||||
Cleco Cajun | LPSC 2016-2017 Fuel Audit | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Annual reduction to retail customer rates | $ 4,000,000 | |||||||||||
Regulatory liabilities amortization period (in years/months) | 12 months |
Jointly Owned Generation Unit_2
Jointly Owned Generation Units (Details) $ in Thousands | Dec. 31, 2020USD ($)MW |
Jointly Owned Utility Plant Interests [Line Items] | |
Utility plant in service | $ 319,137 |
Accumulated depreciation | 103,409 |
Construction work in progress | 4,554 |
RODEMACHER UNIT 2 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Utility plant in service | 75,958 |
Accumulated depreciation | 10,932 |
Construction work in progress | $ 1,090 |
Ownership interest percentage | 30.00% |
Rated capacity (MW) | MW | 523 |
Ownership interest (MW) | MW | 157 |
DOLET HILLS POWER STATION | |
Jointly Owned Utility Plant Interests [Line Items] | |
Utility plant in service | $ 186,971 |
Accumulated depreciation | 86,030 |
Construction work in progress | $ 2,548 |
Ownership interest percentage | 50.00% |
Rated capacity (MW) | MW | 650 |
Ownership interest (MW) | MW | 325 |
BAYOU COVE | |
Jointly Owned Utility Plant Interests [Line Items] | |
Utility plant in service | $ 40,421 |
Accumulated depreciation | 4,479 |
Construction work in progress | $ 0 |
Ownership interest percentage | 75.00% |
Rated capacity (MW) | MW | 300 |
Ownership interest (MW) | MW | 225 |
BIG CAJUN II - UNIT 3 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Utility plant in service | $ 15,787 |
Accumulated depreciation | 1,968 |
Construction work in progress | $ 916 |
Ownership interest percentage | 58.00% |
Rated capacity (MW) | MW | 588 |
Ownership interest (MW) | MW | 341 |
CLECO POWER | |
Jointly Owned Utility Plant Interests [Line Items] | |
Utility plant in service | $ 554,605 |
Accumulated depreciation | 388,638 |
Construction work in progress | 3,638 |
CLECO POWER | RODEMACHER UNIT 2 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Utility plant in service | 150,138 |
Accumulated depreciation | 85,112 |
Construction work in progress | $ 1,090 |
Ownership interest percentage | 30.00% |
Rated capacity (MW) | MW | 523 |
Ownership interest (MW) | MW | 157 |
CLECO POWER | DOLET HILLS POWER STATION | |
Jointly Owned Utility Plant Interests [Line Items] | |
Utility plant in service | $ 404,467 |
Accumulated depreciation | 303,526 |
Construction work in progress | $ 2,548 |
Ownership interest percentage | 50.00% |
Rated capacity (MW) | MW | 650 |
Ownership interest (MW) | MW | 325 |
Fair Value Accounting - Carryin
Fair Value Accounting - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred debt issuance costs not included in the carrying value of long-term debt | $ 13,400 | $ 13,700 |
CARRYING VALUE* | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,230,500 | 3,188,664 |
FAIR VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,541,349 | 3,371,915 |
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 | 7,000 | 7,400 |
CLECO POWER | CARRYING VALUE* | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,494,947 | 1,380,688 |
CLECO POWER | FAIR VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 1,794,799 | $ 1,601,865 |
Fair Value Accounting - Fair Va
Fair Value Accounting - Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis (Details) - Measured On A Recurring Basis - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Asset Description | ||
Institutional money market funds | $ 86,001 | $ 129,643 |
Total assets | 99,405 | 136,666 |
Liability Description | ||
Total liabilities | 3,237 | 6,417 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | ||
Asset Description | ||
Institutional money market funds | 0 | 0 |
Total assets | 0 | 0 |
Liability Description | ||
Total liabilities | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | ||
Asset Description | ||
Institutional money market funds | 86,001 | 129,643 |
Total assets | 94,600 | 129,844 |
Liability Description | ||
Total liabilities | 1,612 | 5,373 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Asset Description | ||
Institutional money market funds | 0 | 0 |
FTRs and other commodity derivatives | 4,805 | 6,822 |
Total assets | 4,805 | 6,822 |
Liability Description | ||
FTRs and other commodity derivatives | 1,625 | 1,044 |
Total liabilities | 1,625 | 1,044 |
CLECO POWER | ||
Asset Description | ||
Institutional money market funds | 25,357 | 74,903 |
Total assets | 29,694 | 81,214 |
Liability Description | ||
Total liabilities | 1,121 | 586 |
CLECO POWER | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | ||
Asset Description | ||
Institutional money market funds | 0 | 0 |
Total assets | 0 | 0 |
Liability Description | ||
Total liabilities | 0 | 0 |
CLECO POWER | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | ||
Asset Description | ||
Institutional money market funds | 25,357 | 74,903 |
Total assets | 25,357 | 74,903 |
Liability Description | ||
Total liabilities | 0 | 0 |
CLECO POWER | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Asset Description | ||
Institutional money market funds | 0 | 0 |
FTRs and other commodity derivatives | 4,337 | 6,311 |
Total assets | 4,337 | 6,311 |
Liability Description | ||
FTRs and other commodity derivatives | 1,121 | 586 |
Total liabilities | 1,121 | 586 |
Financial Transmission Right | ||
Asset Description | ||
FTRs and other commodity derivatives | 4,805 | 6,822 |
Liability Description | ||
FTRs and other commodity derivatives | 1,625 | 1,044 |
Financial Transmission Right | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | ||
Asset Description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability Description | ||
FTRs and other commodity derivatives | 0 | 0 |
Financial Transmission Right | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | ||
Asset Description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability Description | ||
FTRs and other commodity derivatives | 0 | 0 |
Financial Transmission Right | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Asset Description | ||
FTRs and other commodity derivatives | 4,805 | 6,822 |
Liability Description | ||
FTRs and other commodity derivatives | 1,625 | 1,044 |
Financial Transmission Right | CLECO POWER | ||
Asset Description | ||
FTRs and other commodity derivatives | 4,337 | 6,311 |
Liability Description | ||
FTRs and other commodity derivatives | 1,121 | 586 |
Financial Transmission Right | CLECO POWER | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | ||
Asset Description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability Description | ||
FTRs and other commodity derivatives | 0 | 0 |
Financial Transmission Right | CLECO POWER | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | ||
Asset Description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability Description | ||
FTRs and other commodity derivatives | 0 | 0 |
Financial Transmission Right | CLECO POWER | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Asset Description | ||
FTRs and other commodity derivatives | 4,337 | 6,311 |
Liability Description | ||
FTRs and other commodity derivatives | 1,121 | 586 |
Other commodity derivatives | ||
Asset Description | ||
FTRs and other commodity derivatives | 8,599 | 201 |
Liability Description | ||
FTRs and other commodity derivatives | 1,612 | 5,373 |
Other commodity derivatives | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | ||
Asset Description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability Description | ||
FTRs and other commodity derivatives | 0 | 0 |
Other commodity derivatives | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | ||
Asset Description | ||
FTRs and other commodity derivatives | 8,599 | 201 |
Liability Description | ||
FTRs and other commodity derivatives | 1,612 | 5,373 |
Other commodity derivatives | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Asset Description | ||
FTRs and other commodity derivatives | 0 | 0 |
Liability Description | ||
FTRs and other commodity derivatives | $ 0 | $ 0 |
Fair Value Accounting -Net Chan
Fair Value Accounting -Net Changes in Net Fair Value of FTR Assets and Liabilities Classified as Level 3 (Details) - FTRs - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | $ 5,778 | $ 22,887 |
Unrealized (losses) gains | 187 | (1,659) |
Purchases | 11,333 | 27,881 |
Settlements | (14,118) | (43,331) |
Ending balance | 3,180 | 5,778 |
CLECO POWER | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | 5,725 | 22,887 |
Unrealized (losses) gains | 450 | (945) |
Purchases | 9,378 | 21,609 |
Settlements | (12,337) | (37,826) |
Ending balance | $ 3,216 | $ 5,725 |
Fair Value Accounting - Signifi
Fair Value Accounting - Significant Unobservable Inputs Used in Developing Fair Value of Level 3 Positions (Details) $ in Thousands | Dec. 31, 2020USD ($)$ / MW | Dec. 31, 2019USD ($)$ / MW |
MINIMUM | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Forward price range (usd per MWh) | $ / MW | (3.49) | (2.57) |
MAXIMUM | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Forward price range (usd per MWh) | $ / MW | 4.36 | 2.86 |
Measured On A Recurring Basis | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets | $ | $ 4,805 | $ 6,822 |
Liabilities | $ | $ 1,625 | $ 1,044 |
CLECO POWER | MINIMUM | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Forward price range (usd per MWh) | $ / MW | (3.34) | (2.04) |
CLECO POWER | MAXIMUM | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Forward price range (usd per MWh) | $ / MW | 4.36 | 2.86 |
CLECO POWER | Measured On A Recurring Basis | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets | $ | $ 4,337 | $ 6,311 |
Liabilities | $ | $ 1,121 | $ 586 |
Fair Value Accounting - Institu
Fair Value Accounting - Institutional Money Market Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 80,712 | $ 103,409 |
Cleco Power | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Cash equivalents | 20,812 | 49,509 |
Restricted Cash and Cash Equivalents, Current | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 4,545 | 11,100 |
Restricted Cash and Cash Equivalents, Current | Cleco Power | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 4,545 | 11,100 |
Restricted Cash and Cash Equivalents, Noncurrent | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | 744 | 15,134 |
Restricted Cash and Cash Equivalents, Noncurrent | Cleco Power | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Restricted cash and cash equivalents | $ 0 | $ 14,294 |
Fair Value Accounting - Fair _2
Fair Value Accounting - Fair Value of Derivative Instruments as Recorded in Condensed Consolidated Balance Sheets (Details) - Derivatives Not Designated as Hedging Instrument - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commodity-related contracts | ||
Commodity-related contracts, net | $ 10,167 | $ 606 |
CLECO POWER | ||
Commodity-related contracts | ||
Commodity-related contracts, net | 3,216 | 5,725 |
FTRs | Energy risk management assets | ||
Commodity-related contracts | ||
Derivative asset | 4,805 | 6,822 |
FTRs | Energy risk management assets | CLECO POWER | ||
Commodity-related contracts | ||
Derivative asset | 4,337 | 6,311 |
FTRs | Energy risk management liabilities | ||
Commodity-related contracts | ||
Derivative liability | (1,625) | (1,044) |
FTRs | Energy risk management liabilities | CLECO POWER | ||
Commodity-related contracts | ||
Derivative liability | (1,121) | (586) |
Other commodity derivatives | Energy risk management assets | ||
Commodity-related contracts | ||
Derivative asset | 8,276 | 201 |
Other commodity derivatives | Energy risk management liabilities | ||
Commodity-related contracts | ||
Derivative liability | (828) | (3,069) |
Other commodity derivatives | Other deferred charges | ||
Commodity-related contracts | ||
Derivative asset | 323 | 0 |
Other commodity derivatives | Other deferred credits | ||
Commodity-related contracts | ||
Derivative liability | $ (784) | $ (2,304) |
Fair Value Accounting - Amount
Fair Value Accounting - Amount of Gain (Loss) Recognized in Income on Derivatives (Details) - Derivatives Not Designated as Hedging Instrument - FTRs - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net gain (loss) recognized in income on derivatives | $ (6,413) | $ (7,814) | $ 35,093 |
Electric operations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of gain recognized in income on derivatives | 9,213 | 13,043 | 39,659 |
Purchased power | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of loss recognized in income on derivatives | (3,467) | (15,685) | (4,566) |
Fuel Used For Electric Generation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of loss recognized in income on derivatives | (12,159) | (5,172) | 0 |
Accumulated Deferred Fuel | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized gains (losses) associated with FTRs | 500 | (1,700) | 11,900 |
CLECO POWER | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net gain (loss) recognized in income on derivatives | 2,410 | 6,981 | 35,093 |
CLECO POWER | Electric operations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of gain recognized in income on derivatives | 9,213 | 13,047 | 39,659 |
CLECO POWER | Purchased power | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of loss recognized in income on derivatives | (6,803) | (6,066) | (4,566) |
CLECO POWER | Accumulated Deferred Fuel | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized gains (losses) associated with FTRs | $ 500 | $ (900) | $ 11,900 |
Fair Value Accounting - Narrati
Fair Value Accounting - Narrative (Details) MWh in Millions, MMBTU in Millions | 12 Months Ended | |||
Dec. 31, 2020MWh | Dec. 31, 2020MMBTU | Dec. 31, 2019MWh | Dec. 31, 2019MMBTU | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Volume outstanding (MWh / MMBtu) | 15.3 | 73 | 14.6 | 58.5 |
CLECO POWER | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Volume outstanding (MWh / MMBtu) | 9.5 | 9.2 |
Debt - Total Indebtedness (Deta
Debt - Total Indebtedness (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | May 01, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Total Long-term debt and finance Leases, net | $ 3,165,387 | $ 3,064,679 | |
Finance | 682 | 617 | |
Unamortized debt issuance costs | (13,400) | (13,700) | |
Cleco Power | |||
Debt Instrument [Line Items] | |||
Total Long-term debt and finance Leases, net | 1,502,257 | 1,327,372 | |
Total bonds | 1,375,000 | 1,386,055 | |
Barge lease obligations | 15,244 | 15,861 | |
Gross amount of long-term debt and finance leases | 1,515,244 | 1,401,916 | |
Less: long-term debt due within one year | 0 | 60,970 | |
Finance | 682 | 617 | |
Unamortized debt discount | (5,053) | (5,368) | |
Unamortized debt issuance costs | (7,252) | (7,589) | |
Unamortized debt issuance costs | (7,000) | (7,400) | |
Cleco Power | Senior notes, 2.94%, due 2022 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 25,000 | 25,000 | |
Interest rate | 2.94% | ||
Cleco Power | Senior notes, 3.08%, due 2023 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 100,000 | 100,000 | |
Interest rate | 3.08% | ||
Cleco Power | Senior notes, 3.17%, due 2024 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 50,000 | 50,000 | |
Interest rate | 3.17% | ||
Cleco Power | Senior notes, 3.68%, due 2025 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 75,000 | 75,000 | |
Interest rate | 3.68% | ||
Cleco Power | Senior notes, 3.47%, due 2026 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 130,000 | 130,000 | |
Interest rate | 3.47% | ||
Cleco Power | Senior notes, 4.33%, due 2027 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 50,000 | 50,000 | |
Interest rate | 4.33% | ||
Cleco Power | Senior notes, 3.57%, due 2028 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 200,000 | 200,000 | |
Interest rate | 3.57% | ||
Cleco Power | Senior notes, 6.50%, due 2035 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 295,000 | 295,000 | |
Interest rate | 6.50% | ||
Cleco Power | Senior notes, 6.00%, due 2040 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 250,000 | 250,000 | |
Interest rate | 6.00% | ||
Cleco Power | Senior notes, 5.12%, due 2041 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 100,000 | 100,000 | |
Interest rate | 5.12% | ||
Cleco Power | Series A GO Zone bonds, 2.50%, due 2038, mandatory tender in 2025 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 50,000 | 50,000 | |
Interest rate | 2.50% | 2.50% | |
Cleco Power | Series B GO Zone bonds, 4.25%, due 2038 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 50,000 | 50,000 | |
Interest rate | 4.25% | ||
Cleco Power | Cleco Katrina/Rita’s storm recovery bonds, 5.61%, due 2023 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 0 | 11,055 | |
Interest rate | 5.61% | ||
Cleco Power | Bank term loan, variable rate, due 2022 | |||
Debt Instrument [Line Items] | |||
Bank term loan, variable rate, due 2022 | $ 125,000 | 0 | |
Cleco Holdings | |||
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | (11,700) | (11,900) | |
Long-term debt due within one year | (66,000) | (64,398) | |
Unamortized debt issuance costs | (6,423) | (6,271) | |
Fair value adjustment | 119,553 | 127,976 | |
Deferred debt issuance costs eliminated as a result of the 2016 Merger | 5,300 | 5,600 | |
Cleco Holdings | Senior notes, 3.250%, due 2023 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 165,000 | 165,000 | |
Interest rate | 3.25% | ||
Cleco Holdings | Senior notes, 3.743%, due 2026 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 535,000 | 535,000 | |
Interest rate | 3.743% | ||
Cleco Holdings | Senior notes, 3.375%, due 2029 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 300,000 | 300,000 | |
Interest rate | 3.375% | ||
Cleco Holdings | Senior notes, 4.973%, due 2046 | |||
Debt Instrument [Line Items] | |||
Total bonds | $ 350,000 | 350,000 | |
Interest rate | 4.973% | ||
Cleco Holdings | Bank term loan, due 2022 | |||
Debt Instrument [Line Items] | |||
Bank term loan, variable rate, due 2022 | $ 266,000 | 300,000 | |
Cleco Holdings | Bank term loan two, due 2022 | |||
Debt Instrument [Line Items] | |||
Bank term loan, variable rate, due 2022 | $ 0 | $ 30,000 |
Debt - Future Amounts Payable U
Debt - Future Amounts Payable Under Long-Term Debt Agreements (Details) - Long-term Debt Agreements $ in Thousands | Dec. 31, 2020USD ($) |
For the year ending Dec. 31, | |
2021 | $ 0 |
2022 | 416,000 |
2023 | 265,000 |
2024 | 50,000 |
2025 | 75,000 |
Thereafter | 2,310,000 |
CLECO POWER | |
For the year ending Dec. 31, | |
2021 | 0 |
2022 | 150,000 |
2023 | 100,000 |
2024 | 50,000 |
2025 | 75,000 |
Thereafter | $ 1,125,000 |
Debt - Principal Amounts Payabl
Debt - Principal Amounts Payable Under Finance Lease Agreement (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Years ending Dec. 31, | |
2021 | $ 682 |
2022 | 755 |
2023 | 836 |
2024 | 925 |
2025 | 1,023 |
Thereafter | 11,023 |
Cleco Power | |
Years ending Dec. 31, | |
2021 | 682 |
2022 | 755 |
2023 | 836 |
2024 | 925 |
2025 | 1,023 |
Thereafter | $ 11,023 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Aug. 28, 2020USD ($) | Feb. 04, 2019USD ($) | Jan. 31, 2019USD ($) | Sep. 11, 2019USD ($) | Dec. 31, 2020USD ($)facility | May 01, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt [Line Items] | |||||||
Short-term debt | $ 75,000,000 | $ 0 | |||||
Long-term debt outstanding | 3,230,000,000 | ||||||
Long term debt And finance lease obligations current | 66,700,000 | ||||||
Long-term debt | 400,000,000 | ||||||
Long-term debt outstanding, due within one year | $ 66,682,000 | 125,986,000 | |||||
Line Of Credit, Number Of Revolving Credit Facilities | facility | 2 | ||||||
Cleco Cajun Transaction commitments | |||||||
Debt [Line Items] | |||||||
Long-term debt outstanding, due within one year | $ 66,000,000 | ||||||
NRG South Central | |||||||
Debt [Line Items] | |||||||
Repayments of long-term debt | $ 400,000,000 | $ 400,000,000 | |||||
CLECO POWER | |||||||
Debt [Line Items] | |||||||
Short-term debt | 75,000,000 | 0 | |||||
Long-term debt outstanding | 1,500,000,000 | ||||||
Long term debt And finance lease obligations current | 700,000 | ||||||
Long-term debt outstanding, due within one year | $ 682,000 | $ 61,587,000 | |||||
CLECO POWER | Series A GO Zone bonds, 2.50%, due 2038, mandatory tender in 2025 | |||||||
Debt [Line Items] | |||||||
Interest rate | 2.50% | 2.50% | |||||
Aggregate principal amount | $ 50,000,000 | ||||||
CLECO POWER | Secured Debt | Variable Rate Bank Term Loan | |||||||
Debt [Line Items] | |||||||
Interest rate | 1.40% | ||||||
Long-term debt | $ 125,000,000 | ||||||
CLECO POWER | Secured Debt | Variable Rate Bank Term Loan | LIBOR | |||||||
Debt [Line Items] | |||||||
Basis spread on variable rate | 0.25% | ||||||
CLECO POWER | Secured Debt | Variable Rate Bank Term Loan | ABR | |||||||
Debt [Line Items] | |||||||
Basis spread on variable rate | 1.25% | ||||||
CLECO POWER | Line of Credit | |||||||
Debt [Line Items] | |||||||
Maximum borrowing capacity | $ 300,000,000 | ||||||
CLECO POWER | Line of Credit | LIBOR | |||||||
Debt [Line Items] | |||||||
Basis spread on variable rate | 1.25% | ||||||
CLECO POWER | Line of Credit | ABR | |||||||
Debt [Line Items] | |||||||
Basis spread on variable rate | 0.25% | ||||||
Cleco Holdings | Senior Notes 3.375% Due September 15, 2029 | |||||||
Debt [Line Items] | |||||||
Interest rate | 3.375% | ||||||
Aggregate principal amount | $ 300,000,000 | ||||||
Cleco Holdings | Bridge Loan Agreement | |||||||
Debt [Line Items] | |||||||
Repayments of long-term debt | 300,000,000 | ||||||
Cleco Holdings | Bank Term Loan Agreement | |||||||
Debt [Line Items] | |||||||
Repayments of long-term debt | $ 100,000,000 | ||||||
Cleco Holdings | Line of Credit | |||||||
Debt [Line Items] | |||||||
Maximum borrowing capacity | $ 175,000,000 | ||||||
Cleco Holdings | Line of Credit | LIBOR | |||||||
Debt [Line Items] | |||||||
Basis spread on variable rate | 1.875% | ||||||
Cleco Holdings | Line of Credit | ABR | |||||||
Debt [Line Items] | |||||||
Basis spread on variable rate | 0.875% | ||||||
Line of Credit | |||||||
Debt [Line Items] | |||||||
Maximum borrowing capacity | $ 475,000,000 | ||||||
Interest rate | 1.40% | ||||||
Line of Credit | CLECO POWER | |||||||
Debt [Line Items] | |||||||
Maximum borrowing capacity | $ 300,000,000 | ||||||
Interest rate | 1.40% |
Debt - Cumulative Minimum Princ
Debt - Cumulative Minimum Principal Amounts Committed to be Repaid (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 66,700 |
2020 | 133,300 |
2021 | 200,000 |
2022 | 267,700 |
2023 | 333,300 |
2024 | $ 400,000 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($) | May 15, 2020 | Feb. 04, 2019 | |
Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Borrowings outstanding | $ 75,000,000 | ||
Cleco Holdings | |||
Line of Credit Facility [Line Items] | |||
Ratio of total indebtedness to total capitalization | 0.65 | ||
Cleco Holdings | MAXIMUM | |||
Line of Credit Facility [Line Items] | |||
Ratio of total indebtedness to total capitalization | 0.65 | ||
Cleco Holdings | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 175,000,000 | ||
Borrowings outstanding | 0 | ||
Line of credit facility, remaining borrowing capacity | $ 475,000,000 | ||
Commitment fees | 0.30% | ||
Higher fees if downgraded | 0.50% | ||
Additional interest if downgraded | 0.50% | ||
Cleco Holdings | Line of Credit | ABR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.875% | ||
Cleco Holdings | Line of Credit | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.875% | ||
CLECO POWER | MAXIMUM | |||
Line of Credit Facility [Line Items] | |||
Ratio of total indebtedness to total capitalization | 0.65 | 65 | |
CLECO POWER | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 300,000,000 | ||
Borrowings outstanding | $ 75,000,000 | ||
Higher fees if downgraded | 0.125% | ||
Additional interest if downgraded | 0.125% | ||
CLECO POWER | Line of Credit | ABR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 0.25% | ||
Commitment fees | 0.15% | ||
CLECO POWER | Line of Credit | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate | 1.25% |
Pension Plan and Employee Ben_3
Pension Plan and Employee Benefits - Narrative (Details) | Dec. 04, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)bonusshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017officer |
U.S. Equity Portfolios | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Maximum percentage of equity holdings in portfolio | 10.00% | ||||||
Minimum number of stocks to be owned per portfolio (in shares) | shares | 25 | ||||||
International Equity - Developed Markets Portfolios | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Maximum percentage of equity holdings in portfolio | 5.00% | ||||||
Minimum number of stocks to be owned per portfolio (in shares) | shares | 30 | ||||||
Emerging Markets Portfolios | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Maximum percentage of equity holdings in portfolio | 10.00% | ||||||
Minimum number of stocks to be owned per portfolio (in shares) | shares | 30 | ||||||
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 | $ 12,300,000 | $ 15,750,000 | $ 12,250,000 | |||
Estimated pension contributions required through 2025 | $ 53,500,000 | ||||||
Defined benefit plan, interest crediting rate | 3.15% | 3.65% | |||||
Net actuarial gain (loss) occurring during the period | $ (30,126,000) | $ (19,075,000) | |||||
Net periodic benefit cost | $ 21,894,000 | $ 12,175,000 | $ 18,835,000 | ||||
Expected return on plan assets | 5.91% | 6.55% | 5.86% | ||||
Actual return on plan assets | 15.89% | 22.17% | |||||
OTHER BENEFITS | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Employer contributions | $ 0 | $ 0 | |||||
Net actuarial gain (loss) occurring during the period | (4,221,000) | (13,897,000) | |||||
Net periodic benefit cost | 5,193,000 | $ 2,858,000 | $ 2,920,000 | ||||
Assets set aside in a trust | $ 0 | ||||||
Assumed health care cost trend rates for next fiscal year | 5.00% | 5.00% | |||||
Ultimate health care trend rate | 5.00% | ||||||
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 | $ (9,621,000) | $ (11,608,000) | |||||
Net periodic benefit cost | $ 6,302,000 | 5,040,000 | 6,372,000 | ||||
Number of highest cash bonuses | bonus | 5 | ||||||
Number of executive officers with capped benefits | officer | 2 | ||||||
CLECO POWER | PENSION BENEFITS | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Employer contributions | $ 67,000,000 | ||||||
CLECO POWER | OTHER BENEFITS | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net periodic benefit cost | 4,800,000 | 3,100,000 | 3,300,000 | ||||
CLECO POWER | SERP BENEFITS | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net periodic benefit cost | 1,000,000 | 800,000 | 1,400,000 | ||||
Support Group | PENSION BENEFITS | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net periodic benefit cost | $ 3,500,000 | $ 2,200,000 | $ 2,000,000 | ||||
Forecast [Member] | PENSION BENEFITS | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Expected return on plan assets | 5.00% | ||||||
Increase in expected pension costs | $ 2,900,000 |
Pension Plan and Employee Ben_4
Pension Plan and Employee Benefits - Benefit Obligation, Plan Assets, and Funded Status (Details) - USD ($) $ in Thousands | Dec. 04, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
PENSION BENEFITS | |||||
Change in benefit obligation | |||||
Benefit obligation at beginning of period | $ 610,323 | $ 530,936 | |||
Service cost | 9,820 | 8,414 | $ 9,507 | ||
Interest cost | 20,816 | 22,485 | 20,860 | ||
Plan participants’ contributions | 0 | 0 | |||
Actuarial loss (gain) | 71,708 | 73,655 | |||
Expenses paid | (2,661) | (2,933) | |||
Benefits paid | (23,622) | (22,234) | |||
Benefit obligation at end of period | 686,384 | 610,323 | 530,936 | ||
Change in plan assets | |||||
Fair value of plan assets at beginning of period | 460,097 | 391,933 | |||
Actual return on plan assets | 66,557 | 81,081 | |||
Employer contributions | $ 15,800 | $ 12,300 | 15,750 | 12,250 | |
Expenses paid | (2,662) | (2,933) | |||
Benefits paid | (23,622) | (22,234) | |||
Fair value of plan assets at end of period | 516,120 | 460,097 | 391,933 | ||
Unfunded status | (170,264) | (150,226) | |||
Accumulated benefit obligation | 636,199 | 568,354 | |||
OTHER BENEFITS | |||||
Change in benefit obligation | |||||
Benefit obligation at beginning of period | 52,722 | 40,455 | |||
Service cost | 2,153 | 1,191 | 1,320 | ||
Interest cost | 1,651 | 1,646 | 1,465 | ||
Plan participants’ contributions | 1,289 | 1,229 | |||
Actuarial loss (gain) | 4,221 | 13,897 | |||
Expenses paid | 0 | 0 | |||
Benefits paid | (5,705) | (5,696) | |||
Benefit obligation at end of period | 56,331 | 52,722 | 40,455 | ||
Change in plan assets | |||||
Fair value of plan assets at beginning of period | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Employer contributions | 0 | 0 | |||
Expenses paid | 0 | 0 | |||
Benefits paid | 0 | 0 | |||
Fair value of plan assets at end of period | 0 | 0 | 0 | ||
Unfunded status | (56,331) | (52,722) | |||
SERP BENEFITS | |||||
Change in benefit obligation | |||||
Benefit obligation at beginning of period | 89,128 | 78,414 | |||
Service cost | 399 | 330 | 542 | ||
Interest cost | 2,932 | 3,326 | 3,077 | ||
Actuarial loss (gain) | 9,621 | 11,608 | |||
Benefits paid | (4,590) | (4,550) | |||
Plan amendments | (265) | 0 | |||
Benefit obligation at end of period | 97,225 | 89,128 | $ 78,414 | ||
Change in plan assets | |||||
Accumulated benefit obligation | $ 97,225 | $ 89,128 |
Pension Plan and Employee Ben_5
Pension Plan and Employee Benefits - Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
PENSION BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) occurring during period | $ 30,126 | $ 19,075 |
Net actuarial loss amortized during period | 16,292 | 7,849 |
Prior service credit amortized during period | (60) | (71) |
Net actuarial loss | 165,437 | 151,603 |
Prior service credit | 0 | (60) |
OTHER BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) occurring during period | 4,221 | 13,897 |
Net actuarial loss amortized during period | 1,389 | 21 |
Prior service credit amortized during period | 0 | 0 |
Net actuarial loss | 21,342 | 15,732 |
Prior service credit | 0 | 0 |
SERP BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) occurring during period | 9,621 | 11,608 |
Net actuarial loss amortized during period | 3,185 | 1,544 |
Prior service credit amortized during period | (215) | (160) |
Net actuarial loss | 34,825 | 28,731 |
Prior service credit | $ (1,728) | $ (1,678) |
Pension Plan and Employee Ben_6
Pension Plan and Employee Benefits - Components of Periodic Benefit Costs and Weighted-Average Assumptions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted-average assumptions used to determine the benefit obligation | |||
Rate of compensation increase | 2.75% | 2.81% | |
Weighted-average assumptions used to determine the net benefit cost | |||
Rate of compensation increase | 2.75% | 2.81% | 2.93% |
PENSION BENEFITS | |||
Components of periodic benefit costs | |||
Service cost | $ 9,820 | $ 8,414 | $ 9,507 |
Interest cost | 20,816 | 22,485 | 20,860 |
Expected return on plan assets | (24,974) | (26,502) | (23,773) |
Amortizations | |||
Prior service credit | (60) | (71) | (71) |
Net loss (gain) | 16,292 | 7,849 | 12,312 |
Net periodic benefit cost | $ 21,894 | $ 12,175 | $ 18,835 |
Weighted-average assumptions used to determine the benefit obligation | |||
Discount rate | 2.74% | 3.43% | |
Weighted-average assumptions used to determine the net benefit cost | |||
Discount rate | 3.43% | 4.35% | 3.73% |
Expected return on plan assets | 5.91% | 6.55% | 5.86% |
OTHER BENEFITS | |||
Components of periodic benefit costs | |||
Service cost | $ 2,153 | $ 1,191 | $ 1,320 |
Interest cost | 1,651 | 1,646 | 1,465 |
Expected return on plan assets | 0 | 0 | 0 |
Amortizations | |||
Prior service credit | 0 | 0 | 0 |
Net loss (gain) | 1,389 | 21 | 135 |
Net periodic benefit cost | $ 5,193 | $ 2,858 | $ 2,920 |
Weighted-average assumptions used to determine the benefit obligation | |||
Discount rate | 2.39% | 3.25% | |
Weighted-average assumptions used to determine the net benefit cost | |||
Discount rate | 3.25% | 4.16% | 3.47% |
SERP BENEFITS | |||
Components of periodic benefit costs | |||
Service cost | $ 399 | $ 330 | $ 542 |
Interest cost | 2,932 | 3,326 | 3,077 |
Amortizations | |||
Prior service credit | (215) | (160) | (160) |
Net loss (gain) | 3,186 | 1,544 | 2,913 |
Net periodic benefit cost | $ 6,302 | $ 5,040 | $ 6,372 |
Weighted-average assumptions used to determine the benefit obligation | |||
Discount rate | 2.64% | 3.37% | |
Rate of compensation increase | 5.00% | ||
Weighted-average assumptions used to determine the net benefit cost | |||
Discount rate | 3.37% | 4.34% | 3.70% |
Rate of compensation increase | 5.00% | 5.00% |
Pension Plan and Employee Ben_7
Pension Plan and Employee Benefits - Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | $ 314,653 | $ 283,075 |
OTHER BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 4,463 | 4,401 |
Non-current | 51,868 | 48,321 |
SERP BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
SERP, current | 4,703 | 4,599 |
SERP, noncurrent | 92,522 | 84,529 |
CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | 230,825 | 206,270 |
CLECO POWER | OTHER BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 3,865 | 3,815 |
Non-current | 40,734 | 42,080 |
CLECO POWER | SERP BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
SERP, current | 711 | 760 |
SERP, noncurrent | $ 19,828 | $ 13,964 |
Pension Plan and Employee Ben_8
Pension Plan and Employee Benefits - Fair Value of Pension Plan Assets (Details) - PENSION BENEFITS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | $ 516,120 | $ 460,097 | $ 391,933 |
Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 19,567 | 4,810 | |
Government securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 26,863 | 19,517 | |
Mutual funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 107,055 | 102,184 | |
Mutual funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 60,104 | 53,041 | |
Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 35,962 | 18,017 | |
Corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 192,261 | 157,109 | |
Interest accrual | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 2,264 | 2,093 | |
Defined Benefit Plan, Common Collective Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | $ 72,044 | $ 103,326 | |
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List] | us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember | us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember | |
Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | $ 441,812 | $ 354,678 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 167,159 | 155,225 | |
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 | 107,055 | 102,184 | |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Mutual funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 60,104 | 53,041 | |
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 | 238,691 | 181,436 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 19,567 | 4,810 | |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Government securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 26,863 | 19,517 | |
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 | 192,261 | 157,109 | |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | 35,962 | 18,017 | |
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 | 35,962 | 18,017 | $ 20,298 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total net assets | $ 0 | $ 0 |
Pension Plan and Employee Ben_9
Pension Plan and Employee Benefits - Unobservable Input Reconciliation (Details) - PENSION BENEFITS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation[Roll Forward] | ||
Fair value of plan assets at beginning of period | $ 460,097 | $ 391,933 |
Fair value of plan assets at end of period | 516,120 | 460,097 |
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 | 18,017 | |
Fair value of plan assets at end of period | 35,962 | 18,017 |
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 | 18,017 | |
Fair value of plan assets at end of period | 35,962 | 18,017 |
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 | 18,017 | 20,298 |
Realized gains (losses) | 251 | 370 |
Unrealized gains (losses) | (1,603) | (1,727) |
Purchases | 20,893 | 759 |
Sales | (1,596) | (1,683) |
Fair value of plan assets at end of period | $ 35,962 | $ 18,017 |
Pension Plan and Employee Be_10
Pension Plan and Employee Benefits - Pension Plan Investment Objectives (Details) - PENSION BENEFITS | Dec. 31, 2020 |
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 Be_11
Pension Plan and Employee Benefits - Projected Benefit Payments and Projected Receipts (Details) $ in Thousands | Dec. 31, 2020USD ($) |
PENSION BENEFITS | |
For the year ending Dec. 31, | |
2021 | $ 25,568 |
2022 | 26,904 |
2023 | 28,064 |
2024 | 29,140 |
2025 | 30,336 |
Next five years | 164,801 |
OTHER BENEFITS | |
For the year ending Dec. 31, | |
2021 | 4,516 |
2022 | 4,551 |
2023 | 4,515 |
2024 | 4,533 |
2025 | 4,497 |
Next five years | 21,676 |
SERP BENEFITS | |
For the year ending Dec. 31, | |
2021 | 4,764 |
2022 | 4,756 |
2023 | 4,809 |
2024 | 4,867 |
2025 | 5,000 |
Next five years | $ 25,178 |
Pension Plan and Employee Be_12
Pension Plan and Employee Benefits - 401 (K) Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) Plan expense | $ 9,685 | $ 7,861 | $ 5,884 |
Support Group | |||
Defined Contribution Plan Disclosure [Line Items] | |||
401(k) Plan expense | $ 4,424 | $ 3,408 | $ 1,066 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate [Line Items] | |||
Income before tax | $ 158,018 | $ 195,830 | $ 123,819 |
Statutory rate | 21.00% | 21.00% | 21.00% |
Tax expense at federal statutory rate | $ 33,184 | $ 41,124 | $ 26,002 |
Increase (decrease) | |||
Plant differences, including AFUDC flowthrough | 5,100 | (4,687) | (401) |
State income taxes, net of federal benefit | 7,190 | 9,565 | 6,288 |
Return to accrual adjustment | 7,218 | (3,963) | (193) |
NMTC | 0 | 0 | (1,578) |
Amortization of excess ADIT | (16,667) | 0 | 0 |
Other, net | (307) | 1,126 | (736) |
Total tax expense | $ 35,718 | $ 43,165 | $ 29,382 |
Effective rate | 22.60% | 22.00% | 23.70% |
CLECO POWER | |||
Effective Income Tax Rate [Line Items] | |||
Income before tax | $ 123,454 | $ 193,714 | $ 218,181 |
Statutory rate | 21.00% | 21.00% | 21.00% |
Tax expense at federal statutory rate | $ 25,925 | $ 40,680 | $ 45,818 |
Increase (decrease) | |||
Plant differences, including AFUDC flowthrough | 5,100 | (4,687) | (401) |
State income taxes, net of federal benefit | 6,303 | 11,683 | 11,080 |
Return to accrual adjustment | 7,082 | (2,008) | 483 |
Amortization of excess ADIT | (16,667) | 0 | 0 |
Other, net | (944) | (216) | (1,056) |
Total tax expense | $ 26,799 | $ 45,452 | $ 55,924 |
Effective rate | 21.70% | 23.50% | 25.60% |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Components of Income Tax Expense [Line Items] | |||
Current federal income tax (benefit) expense | $ (2,634) | $ 1,600 | $ 15,304 |
Deferred federal income tax expense | 21,865 | 37,963 | 5,863 |
Amortization of accumulated deferred investment tax credits | (159) | (191) | (236) |
Total federal income tax expense | 19,072 | 39,372 | 20,931 |
Current state income tax expense | 2,636 | 1,675 | 7,771 |
Deferred state income tax expense | 14,010 | 2,118 | 680 |
Total state income tax expense | 16,646 | 3,793 | 8,451 |
Total tax expense | 35,718 | 43,165 | 29,382 |
Items charged or credited directly to member’s equity | |||
Total tax expense (benefit) from items charged directly to member’s equity | (2,922) | (6,808) | 1,868 |
Total federal and state income tax expense | 32,796 | 36,357 | 31,250 |
Federal deferred | |||
Items charged or credited directly to member’s equity | |||
Total tax expense (benefit) from items charged directly to member’s equity | (2,202) | (5,130) | 1,408 |
State deferred | |||
Items charged or credited directly to member’s equity | |||
Total tax expense (benefit) from items charged directly to member’s equity | (720) | (1,678) | 460 |
CLECO POWER | |||
Components of Income Tax Expense [Line Items] | |||
Current federal income tax (benefit) expense | 15,724 | 14,781 | 44,411 |
Deferred federal income tax expense | (5,033) | 22,443 | (9,033) |
Amortization of accumulated deferred investment tax credits | (159) | (191) | (236) |
Total federal income tax expense | 10,532 | 37,033 | 35,142 |
Current state income tax expense | 5,069 | 9,063 | 23,293 |
Deferred state income tax expense | 11,198 | (644) | (2,511) |
Total state income tax expense | 16,267 | 8,419 | 20,782 |
Total tax expense | 26,799 | 45,452 | 55,924 |
Items charged or credited directly to member’s equity | |||
Total tax expense (benefit) from items charged directly to member’s equity | (765) | (3,318) | 1,058 |
Total federal and state income tax expense | 26,034 | 42,134 | 56,982 |
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 | (576) | (2,500) | 797 |
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 | $ (189) | $ (818) | $ 261 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated Deferred Federal and State Income Tax Assets and Liabilities [Line Items] | ||
Depreciation and property basis differences | $ (865,807) | $ (862,263) |
Net operating loss carryforward | 109,819 | 120,955 |
NMTC | 92,364 | 92,364 |
Fuel costs | (8,906) | (3,984) |
Other comprehensive income | 13,016 | 10,612 |
Regulated operations regulatory liability, net | 47,060 | 34,836 |
Postretirement benefits | 25,775 | 22,691 |
Merger fair value adjustments | (51,073) | (52,957) |
Other | (23,624) | (19,312) |
Accumulated deferred federal and state income taxes, net | (661,376) | (657,058) |
CLECO POWER | ||
Accumulated Deferred Federal and State Income Tax Assets and Liabilities [Line Items] | ||
Depreciation and property basis differences | (725,034) | (705,423) |
Net operating loss carryforward | 35,442 | 2,714 |
Fuel costs | (7,072) | (5,608) |
Other comprehensive income | 8,274 | 7,510 |
Regulated operations regulatory liability, net | 47,060 | 34,836 |
Postretirement benefits | 11,951 | 10,044 |
Other | (5,219) | (1,907) |
Accumulated deferred federal and state income taxes, net | $ (634,598) | $ (657,834) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 |
Other deferred charges | 28,627,000 | 27,222,000 | |
Scenario, Adjustment | |||
Valuation Allowance [Line Items] | |||
Other deferred charges | 1,400,000 | ||
LPSC | Excess A D I T | |||
Valuation Allowance [Line Items] | |||
Regulatory liability | 352,400,000 | 375,000,000 | |
NMTC | |||
Valuation Allowance [Line Items] | |||
NMTC carryforwards | 92,400,000 | 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 | 180,565,000 | 153,623,000 | |
Other deferred charges | 18,167,000 | 20,187,000 | |
CLECO POWER | LPSC | Excess A D I T | |||
Valuation Allowance [Line Items] | |||
Regulatory liability | 352,400,000 | 375,000,000 | |
CLECO POWER | NMTC | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | 0 | ||
Federal | |||
Valuation Allowance [Line Items] | |||
Net operating loss carryforwards | 65,000,000 | $ 433,200,000 | |
Federal | CLECO POWER | |||
Valuation Allowance [Line Items] | |||
Net operating loss carryforwards | 136,300,000 | ||
State | |||
Valuation Allowance [Line Items] | |||
Net operating loss carryforwards | 134,600,000 | ||
State | CLECO POWER | |||
Valuation Allowance [Line Items] | |||
Net operating loss carryforwards | $ 134,600,000 |
Disclosures about Segments (Det
Disclosures about Segments (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)reporting_unit | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 13, 2016USD ($) | |
Revenue | ||||
Electric operations | $ 1,370,893 | $ 1,496,736 | $ 1,181,907 | |
Other operations | 180,524 | 182,832 | 82,332 | |
Affiliate revenue | 0 | 0 | 0 | |
Electric customer credits | (53,271) | (39,963) | (33,195) | |
Operating revenue, net | 1,498,146 | 1,639,605 | 1,231,044 | |
Net income | 122,300 | 152,665 | 94,437 | |
Add: Depreciation and amortization | 232,229 | 228,921 | 180,094 | |
Less: Interest income | 3,948 | 6,090 | 6,073 | |
Add: Interest charges | 137,864 | 141,309 | 126,642 | |
Add: Federal and state income tax expense | 35,718 | 43,165 | 29,382 | |
Add: Other corporate costs and noncash items | 1,633 | 2,153 | 22,019 | |
EBITDA | 525,796 | 562,123 | 446,501 | |
Additions to property, plant, and equipment | 390,013 | 323,791 | 291,061 | |
Equity investment in investee | 9,072 | 17,072 | 18,172 | |
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | $ 1,490,000 |
Total segment assets | 7,725,569 | 7,476,298 | 6,436,814 | |
Power supply agreements | ||||
Revenue | ||||
Amortization of intangible assets | $ (25,600) | (24,273) | (9,680) | |
CLECO POWER | ||||
Revenue | ||||
Number of reporting units | reporting_unit | 1 | |||
TOTAL SEGMENTS | ||||
Revenue | ||||
Electric operations | $ 1,380,573 | 1,506,417 | 1,191,587 | |
Other operations | 186,984 | 190,301 | 82,330 | |
Affiliate revenue | 5,360 | 3,233 | 874 | |
Electric customer credits | (53,272) | (39,963) | (33,195) | |
Operating revenue, net | 1,519,645 | 1,659,988 | 1,241,596 | |
Net income | 186,147 | 217,673 | 162,257 | |
Add: Depreciation and amortization | 214,170 | 210,936 | 162,069 | |
Less: Interest income | 3,635 | 5,731 | 5,052 | |
Add: Interest charges | 73,235 | 71,314 | 71,303 | |
Add: Federal and state income tax expense | 55,879 | 67,931 | 55,924 | |
EBITDA | 525,796 | 562,123 | ||
Additions to property, plant, and equipment | 386,962 | 323,136 | 289,153 | |
Equity investment in investee | 9,072 | 17,072 | 18,172 | |
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | |
Total segment assets | 7,286,756 | 6,978,918 | 5,839,853 | |
TOTAL SEGMENTS | CLECO POWER | ||||
Revenue | ||||
Electric operations | 1,015,018 | 1,130,928 | 1,191,587 | |
Other operations | 65,237 | 72,833 | 82,330 | |
Affiliate revenue | 5,156 | 3,125 | 874 | |
Electric customer credits | (53,119) | (38,516) | (33,195) | |
Operating revenue, net | 1,032,292 | 1,168,370 | 1,241,596 | |
Net income | 96,655 | 148,262 | 162,257 | |
Add: Depreciation and amortization | 166,987 | 172,471 | 162,069 | |
Less: Interest income | 3,362 | 4,744 | 5,052 | |
Add: Interest charges | 73,985 | 71,279 | 71,303 | |
Add: Federal and state income tax expense | 26,799 | 45,452 | 55,924 | |
EBITDA | 361,064 | 432,720 | 446,501 | |
Additions to property, plant, and equipment | 378,042 | 313,962 | 289,153 | |
Equity investment in investee | 9,072 | 17,072 | 18,172 | |
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | |
Total segment assets | 6,256,944 | 5,967,327 | 5,839,853 | |
TOTAL SEGMENTS | Cleco Cajun | ||||
Revenue | ||||
Electric operations | 365,555 | 375,489 | ||
Other operations | 121,747 | 117,468 | ||
Affiliate revenue | 204 | 108 | ||
Electric customer credits | (153) | (1,447) | ||
Operating revenue, net | 487,353 | 491,618 | ||
Net income | 89,492 | 69,411 | ||
Add: Depreciation and amortization | 47,183 | 38,465 | ||
Less: Interest income | 273 | 987 | ||
Add: Interest charges | (750) | 35 | ||
Add: Federal and state income tax expense | 29,080 | 22,479 | ||
EBITDA | 164,732 | 129,403 | ||
Additions to property, plant, and equipment | 8,920 | 9,174 | ||
Equity investment in investee | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Total segment assets | 1,029,812 | 1,011,591 | ||
Amortization of deferred lease income | (9,200) | (8,400) | ||
TOTAL SEGMENTS | Cleco Cajun | Power supply agreements | ||||
Revenue | ||||
Amortization of intangible assets and liabilities | 12,400 | 11,400 | ||
OTHER | ||||
Revenue | ||||
Electric operations | (9,680) | (9,680) | (9,680) | |
Other operations | 3 | 2 | 2 | |
Affiliate revenue | 129,126 | 109,067 | 74,591 | |
Electric customer credits | 0 | 0 | 0 | |
Operating revenue, net | 119,449 | 99,389 | 64,913 | |
Net income | (63,848) | (65,009) | (67,819) | |
Add: Depreciation and amortization | 18,059 | 17,985 | 18,024 | |
Less: Interest income | 412 | 974 | 1,338 | |
Add: Interest charges | 64,728 | 70,611 | 55,659 | |
Add: Federal and state income tax expense | (20,160) | (24,766) | (26,541) | |
Additions to property, plant, and equipment | 3,051 | 655 | 1,908 | |
Equity investment in investee | 0 | 0 | 0 | |
Goodwill | 0 | 0 | 0 | |
Total segment assets | 595,217 | 546,096 | 633,756 | |
OTHER | CLECO POWER | Power supply agreements | ||||
Revenue | ||||
Amortization of intangible assets | 9,700 | (9,700) | (9,700) | |
ELIMINATIONS | ||||
Revenue | ||||
Electric operations | 0 | (1) | 0 | |
Other operations | (6,463) | (7,471) | 0 | |
Affiliate revenue | (134,486) | (112,300) | (75,465) | |
Electric customer credits | 1 | 0 | 0 | |
Operating revenue, net | (140,948) | (119,772) | (75,465) | |
Net income | 1 | 1 | (1) | |
Add: Depreciation and amortization | 0 | 0 | 1 | |
Less: Interest income | (99) | (615) | (317) | |
Add: Interest charges | (99) | (616) | (320) | |
Add: Federal and state income tax expense | (1) | 0 | (1) | |
Additions to property, plant, and equipment | 0 | 0 | 0 | |
Equity investment in investee | 0 | 0 | 0 | |
Goodwill | 0 | 0 | 0 | |
Total segment assets | $ (156,404) | $ (48,716) | $ (36,795) |
Regulation and Rates - Provisio
Regulation and Rates - Provision for Rate Refund (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 31, 2019 |
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | $ 9,444 | $ 38,903 | |
Cleco Power | |||
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | 8,630 | 38,241 | $ 79,200 |
TCJA | Cleco Power | |||
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | 2,057 | 28,700 | |
FERC audit | Cleco Power | |||
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | 1,912 | 3,482 | |
FRP | Cleco Power | |||
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | 1,786 | 1,851 | |
Cleco Katrina/Rita storm recovery charges | Cleco Power | |||
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | 1,617 | 0 | |
Site-specific industrial customer | Cleco Power | |||
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | 710 | 844 | |
Transmission ROE | Cleco Power | |||
Public Utilities, General Disclosures [Line Items] | |||
Provision for rate refund | $ 595 | $ 1,020 |
Regulation and Rates - Narrativ
Regulation and Rates - Narrative (Details) $ in Thousands | Apr. 07, 2016USD ($) | Dec. 31, 2020USD ($)complaint | Jun. 30, 2020 | Jun. 30, 2018USD ($) | Jul. 15, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 31, 2019USD ($) | Jun. 30, 2017USD ($) |
Public Utilities, General Disclosures [Line Items] | ||||||||
Provision for rate refund | $ 9,444 | $ 38,903 | ||||||
Current regulatory liabilities | 23,509 | 6,675 | ||||||
LPSC | Excess A D I T | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Regulatory liabilities | $ 352,400 | 375,000 | ||||||
FERC | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Number of complaints filed | complaint | 2 | |||||||
CLECO POWER | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Provision for rate refund | $ 8,630 | 38,241 | $ 79,200 | |||||
Regulatory liabilities | 180,565 | 153,623 | ||||||
Current regulatory liabilities | 23,509 | 6,675 | ||||||
FRP, expiration period | 2 years | 4 years | ||||||
Merger commitments | 2,100 | |||||||
CLECO POWER | 2019 FRP Monitoring Report | Cost savings | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Provision for rate refund | 1,800 | |||||||
CLECO POWER | LPSC | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
TCJA, bill credit per month | $ 7,000 | |||||||
Bill credit per month related to change in federal statutory tax rate | 2,500 | |||||||
Bill credit related to unprotected excess ADIT | $ 4,400 | |||||||
Estimated refund for the tax-related benefits from the TCJA | 2,100 | |||||||
CLECO POWER | LPSC | Rate credits | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Merger commitments | $ 136,000 | |||||||
Rate credits issued to customers | 136,000 | |||||||
CLECO POWER | LPSC | Contributions for economic development | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Merger commitments | $ 2,500 | |||||||
Disbursement period | 5 years | |||||||
CLECO POWER | LPSC | Economic development contribution | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Merger commitments | $ 7,000 | |||||||
CLECO POWER | LPSC | Charitable contributions to be disbursed over five years | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Merger commitments | $ 6,000 | |||||||
Disbursement period | 5 years | |||||||
CLECO POWER | LPSC | Cost savings | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Regulatory liabilities | $ 6,100 | |||||||
CLECO POWER | LPSC | FRP | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Return on equity established by FERC | 10.00% | |||||||
Percentage of retail earnings within range to be returned to customers | 60.00% | |||||||
Return on equity for customer credit, low range | 10.90% | |||||||
Return on equity for customer refund, high range | 11.75% | |||||||
CLECO POWER | LPSC | FRP | MAXIMUM | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Return on equity established by FERC | 10.90% | |||||||
CLECO POWER | LPSC | 2018 FRP Monitoring report | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Provision for rate refund | $ 2,300 | |||||||
CLECO POWER | LPSC | A2017 F R P Monitoring Report Cost of Service Savings | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Provision for rate refund | $ 1,200 | |||||||
CLECO POWER | LPSC | Excess A D I T | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Regulatory liabilities | $ 352,400 | $ 375,000 | ||||||
Current regulatory liabilities | 18,500 | |||||||
CLECO POWER | FERC | Transmission return on equity | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Provision for rate refund | $ 600 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | |||
Equity investment in investee | $ 9,072 | $ 17,072 | $ 18,172 |
Equity method investment, return of capital | 8,000 | 1,100 | 0 |
CLECO POWER | |||
Variable Interest Entity [Line Items] | |||
Equity investment in investee | 9,072 | 17,072 | |
Equity method investment, return of capital | $ 8,000 | $ 1,100 | $ 0 |
CLECO POWER | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entity, ownership percentage | 50.00% | ||
Ownership percentage by other parties | 50.00% |
Variable Interest Entities - Eq
Variable Interest Entities - Equity Method investments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | |||
Total equity investment in investee | $ 9,072 | $ 17,072 | $ 18,172 |
Cleco Power | |||
Variable Interest Entity [Line Items] | |||
Purchase price | 12,873 | 12,873 | |
Cash contributions | 6,399 | 6,399 | |
Dividend received | (10,200) | (2,200) | |
Total equity investment in investee | $ 9,072 | $ 17,072 |
Variable Interest Entities - Ca
Variable Interest Entities - Carrying Amount of Assets and Liabilities with Maximum Exposure to Loss (Details) - Cleco Power - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Oxbow’s net assets/liabilities | $ 18,145 | $ 34,145 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Cleco Power’s 50% equity | 9,072 | 17,072 |
Cleco Power’s maximum exposure to loss | $ 9,072 | $ 17,072 |
Variable Interest Entities - Su
Variable Interest Entities - Summarized Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | |||
Current assets | $ 664,892 | $ 638,075 | |
Total assets | 7,725,569 | 7,476,298 | $ 6,436,814 |
Current liabilities | 524,612 | 511,339 | |
Total liabilities and member’s equity | 7,725,569 | 7,476,298 | |
Operating revenue | 1,498,146 | 1,639,605 | 1,231,044 |
Cleco Power | |||
Variable Interest Entity [Line Items] | |||
Current assets | 394,097 | 392,798 | |
Total assets | 4,766,147 | 4,476,530 | |
Current liabilities | 380,706 | 359,259 | |
Partners’ capital | 18,145 | 34,145 | |
Total liabilities and member’s equity | 4,766,147 | 4,476,530 | |
Operating revenue | 1,032,292 | 1,168,370 | 1,241,596 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Cleco Power | |||
Variable Interest Entity [Line Items] | |||
Current assets | 16,805 | 2,239 | |
Total assets | 25,075 | 35,341 | |
Current liabilities | 369 | 1,196 | |
Other liabilities | 6,561 | 0 | |
Partners’ capital | 18,145 | 34,145 | |
Total liabilities and member’s equity | 25,075 | 35,341 | |
Operating revenue | 34,827 | 8,886 | 6,992 |
Operating expenses | 34,827 | 8,886 | 6,992 |
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] | |||
Noncurrent assets | 4,910 | 23,738 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Cleco Power | Other assets | |||
Variable Interest Entity [Line Items] | |||
Noncurrent assets | $ 3,360 | $ 9,364 |
Litigation, Other Commitments_3
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Litigation (Details) $ in Thousands | Jun. 01, 2020 | May 21, 2020 | Jan. 01, 2020 | Apr. 13, 2016claim | Mar. 31, 2018plaintiff | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2015USD ($) | Nov. 30, 2014 | Nov. 30, 2013 | Dec. 31, 2019USD ($) | May 31, 2016complaint | Dec. 31, 2020USD ($)generation_unit | Sep. 27, 2019recommendationfinding | Jul. 31, 2019USD ($) | Feb. 04, 2019USD ($) | Mar. 31, 2017generation_unit |
Litigation [Line Items] | |||||||||||||||||
Accrual for various litigation matters | $ 5,400 | ||||||||||||||||
Provision for rate refund | $ 38,903 | 9,444 | |||||||||||||||
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 | ||||||||||||||||
FERC | |||||||||||||||||
Litigation [Line Items] | |||||||||||||||||
Estimated refund interest amount | $ 1,900 | ||||||||||||||||
CLECO POWER | |||||||||||||||||
Litigation [Line Items] | |||||||||||||||||
Number of generating units owned | generation_unit | 10 | ||||||||||||||||
Provision for rate refund | 38,241 | $ 8,630 | $ 79,200 | ||||||||||||||
CLECO POWER | FERC | |||||||||||||||||
Litigation [Line Items] | |||||||||||||||||
Number of findings | finding | 12 | ||||||||||||||||
Number of recommendations | recommendation | 59 | ||||||||||||||||
Accrual for various litigation matters | $ 600 | ||||||||||||||||
CLECO POWER | LPSC Jan 2016 To Dec 2017 EAC Audit | |||||||||||||||||
Litigation [Line Items] | |||||||||||||||||
Environmental expenses included in audit | 26,200 | ||||||||||||||||
CLECO POWER | MISO Transmission Rates | |||||||||||||||||
Litigation [Line Items] | |||||||||||||||||
Return on equity proposed/recommended | 10.52% | 10.38% | 10.32% | 9.70% | |||||||||||||
CLECO POWER | MISO Transmission Rates | FERC | |||||||||||||||||
Litigation [Line Items] | |||||||||||||||||
Number of actions filed | complaint | 2 | ||||||||||||||||
Return on equity established by FERC | 12.38% | ||||||||||||||||
Return on equity proposed/recommended | 10.02% | 9.88% | 6.68% | ||||||||||||||
Requested rate increase | 0.00% | ||||||||||||||||
CLECO POWER | LPSC 2016-2017 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 | ||||||||||||||||
Pending Litigation | Perry Bonin, Ace Chandler, and Michael Manuel, et al v. Sabine River Authority of Texas and Sabine River Authority of Louisiana, No. B-160173-C | |||||||||||||||||
Litigation [Line Items] | |||||||||||||||||
Number of generation units failed to repair | generation_unit | 1 | ||||||||||||||||
Number of generating units owned | generation_unit | 2 | ||||||||||||||||
Pending Litigation | Larry Addison, Et Al. V. Sabine River Authority Of Texas, Et Al | |||||||||||||||||
Litigation [Line Items] | |||||||||||||||||
Number of plaintiffs | plaintiff | 26 | ||||||||||||||||
NRG South Central | |||||||||||||||||
Litigation [Line Items] | |||||||||||||||||
Indemnification assets | $ 10,000 | ||||||||||||||||
Contingent liability | $ 10,000 |
Litigation, Other Commitments_4
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Off-Balance Sheet Commitments and Guarantees (Details) - USD ($) | Feb. 25, 2021 | Feb. 24, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | May 31, 2020 |
CLECO POWER | |||||
Guarantor Obligations [Line Items] | |||||
Assets held as collateral for third parties | $ 0 | ||||
CLECO POWER | Subsequent Event | |||||
Guarantor Obligations [Line Items] | |||||
Margin call, transmission amount | $ 21,000,000 | ||||
CLECO POWER | Letter of Credit | Subsequent Event | |||||
Guarantor Obligations [Line Items] | |||||
Margin call, transmission amount | $ 21,000,000 | ||||
Cleco Holdings | |||||
Guarantor Obligations [Line Items] | |||||
Assets held as collateral for third parties | 0 | ||||
Cleco Holdings | Letter of Credit | |||||
Guarantor Obligations [Line Items] | |||||
Letters of credit | $ 1,300,000 | $ 34,500,000 | |||
Cleco Cajun | Subsequent Event | |||||
Guarantor Obligations [Line Items] | |||||
Margin call, transmission amount | $ 5,000,000 | ||||
Cleco Cajun | Letter of Credit | Subsequent Event | |||||
Guarantor Obligations [Line Items] | |||||
Margin call, transmission amount | $ 5,000,000 | ||||
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 | ||||
Guarantee Issued to Entergy Mississippi on behalf of Attala | CLECO POWER | |||||
Guarantor Obligations [Line Items] | |||||
Maximum amount of potential payment | $ 32,600,000 |
Litigation, Other Commitments_5
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Long-Term Purchase Obligations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
FUTURE PAYMENTS UNDER LONG-TERM PURCHASE OBLIGATIONS | |||
2021 | $ 45,958,000 | ||
2022 | 24,307,000 | ||
2023 | 9,906,000 | ||
2024 | 8,491,000 | ||
2025 | 9,512,000 | ||
Thereafter | 10,869,000 | ||
Total long-term purchase obligations | 109,043,000 | ||
Payments under long-term purchase obligations | 92,500,000 | $ 94,800,000 | $ 70,500,000 |
CLECO POWER | |||
FUTURE PAYMENTS UNDER LONG-TERM PURCHASE OBLIGATIONS | |||
2021 | 20,991,000 | ||
2022 | 21,279,000 | ||
2023 | 8,747,000 | ||
2024 | 7,984,000 | ||
2025 | 7,931,000 | ||
Thereafter | 16,515,000 | ||
Total long-term purchase obligations | 83,447,000 | ||
Payments under long-term purchase obligations | 24,800,000 | $ 35,300,000 | $ 60,700,000 |
Cleco Holdings | Purchase of coal, petroleum coke, limestone, entergy capacity and energy delivery facilities | |||
FUTURE PAYMENTS UNDER LONG-TERM PURCHASE OBLIGATIONS | |||
Total long-term purchase obligations | $ 0 |
Litigation, Other Commitments_6
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Risk and Uncertainties (Details) - Cleco Power - USD ($) $ in Millions | 1 Months Ended | |||
Oct. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Litigation [Line Items] | ||||
Increase in ARO liabilities | $ 0.3 | $ 3.3 | ||
Oxbow | ||||
Litigation [Line Items] | ||||
Costs to be billed | $ 0.3 | $ 0.2 | ||
Dolet Hills Power Station | ||||
Litigation [Line Items] | ||||
Increase in ARO liabilities | $ 3.3 | |||
Investment balance | 99 | |||
Dolet Hills Power Station | DHLC | ||||
Litigation [Line Items] | ||||
Costs to be billed | 154.2 | |||
Oxbow | Oxbow | ||||
Litigation [Line Items] | ||||
Costs to be billed | $ 7.7 |
Affiliate Transactions - Narrat
Affiliate Transactions - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Affiliate Transaction [Line Items] | |||
Accounts payable - affiliate | $ 41,283 | $ 33,780 | |
Distributions to member | $ 71,350 | ||
Contributions from member | 384,900 | ||
Cleco Holdings | |||
Affiliate Transaction [Line Items] | |||
Accounts payable - affiliate | 41,300 | 33,800 | |
CLECO POWER | |||
Affiliate Transaction [Line Items] | |||
Accounts payable - affiliate | 72,068 | 14,123 | |
Distributions to member | 20,000 | 121,400 | |
CLECO POWER | Oxbow | |||
Affiliate Transaction [Line Items] | |||
Due to Affiliate | 300 | 200 | |
CLECO POWER | Support Group | |||
Affiliate Transaction [Line Items] | |||
Accounts payable - affiliate | 14,355 | 13,890 | |
CLECO POWER | Support Group | Oxbow | |||
Affiliate Transaction [Line Items] | |||
Cost of mineral rights and land leases | 17,400 | 4,400 | |
CLECO POWER | Cleco Cajun | |||
Affiliate Transaction [Line Items] | |||
Accounts payable - affiliate | 0 | 39 | |
CLECO POWER | Cleco Holdings | |||
Affiliate Transaction [Line Items] | |||
Accounts payable - affiliate | 57,713 | 194 | |
Distributions to member | 0 | 20,000 | 121,400 |
Contributions from member | 0 | 0 | $ 0 |
Cleco Holdings | Cleco Holdings | |||
Affiliate Transaction [Line Items] | |||
Distributions to member | $ 0 | $ 0 |
Affiliate Transactions - Summar
Affiliate Transactions - Summary of Charges From Affiliates (Details) - Cleco Power - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other operations and maintenance | Support Group | |||
Affiliate Transaction [Line Items] | |||
Charges from each affiliate | $ 94,798 | $ 73,090 | $ 56,669 |
Taxes other than income taxes | Support Group | |||
Affiliate Transaction [Line Items] | |||
Charges from each affiliate | 0 | (73) | 6 |
Other expense | Support Group | |||
Affiliate Transaction [Line Items] | |||
Charges from each affiliate | 43 | 64 | 290 |
Other expense | Cleco Holdings | |||
Affiliate Transaction [Line Items] | |||
Charges from each affiliate | $ 0 | $ 0 | $ 1,007 |
Affiliate Transactions - Summ_2
Affiliate Transactions - Summary of Revenue Received From Affiliates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Affiliate Transaction [Line Items] | |||
Affiliate revenue | $ 0 | $ 0 | $ 0 |
Cleco Power | |||
Affiliate Transaction [Line Items] | |||
Affiliate revenue | 5,156 | 3,125 | 874 |
Total | 11,619 | 10,745 | 1,966 |
Cleco Cajun | Cleco Power | |||
Affiliate Transaction [Line Items] | |||
Other operations revenue | 6,463 | 7,471 | 0 |
Affiliate revenue | 441 | 37 | 0 |
Support Group | Cleco Power | |||
Affiliate Transaction [Line Items] | |||
Affiliate revenue | 4,715 | 3,088 | 874 |
Cleco Holdings | Cleco Power | |||
Affiliate Transaction [Line Items] | |||
Other income | $ 0 | $ 149 | $ 1,092 |
Affiliate Transactions - Summ_3
Affiliate Transactions - Summary of Balances Payable To or Due From Affiliates (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Affiliate Transaction [Line Items] | ||
Accounts payable - affiliate | $ 41,283 | $ 33,780 |
Cleco Power | ||
Affiliate Transaction [Line Items] | ||
Accounts receivable - affiliate | 14,605 | 14,481 |
Accounts payable - affiliate | 72,068 | 14,123 |
Cleco Holdings | ||
Affiliate Transaction [Line Items] | ||
Accounts payable - affiliate | 41,300 | 33,800 |
Cleco Holdings | Cleco Power | ||
Affiliate Transaction [Line Items] | ||
Accounts receivable - affiliate | 10,353 | 10,351 |
Accounts payable - affiliate | 57,713 | 194 |
Support Group | Cleco Power | ||
Affiliate Transaction [Line Items] | ||
Accounts receivable - affiliate | 3,248 | 3,172 |
Accounts payable - affiliate | 14,355 | 13,890 |
Cleco Cajun | Cleco Power | ||
Affiliate Transaction [Line Items] | ||
Accounts receivable - affiliate | 1,004 | 958 |
Accounts payable - affiliate | $ 0 | $ 39 |
Affiliate Transactions - Summ_4
Affiliate Transactions - Summary of Expense of Pension Plan (Details) - Pension plan - Cleco Power - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Support Group | ||
Affiliate Transaction [Line Items] | ||
Charges from each affiliate | $ 3,155 | $ 1,316 |
Cleco Cajun | ||
Affiliate Transaction [Line Items] | ||
Charges from each affiliate | $ 351 | $ 239 |
Intangible Assets, Intangible_3
Intangible Assets, Intangible Liabilities, and Goodwill - Narrative (Details) - USD ($) | Feb. 04, 2019 | Dec. 31, 2020 | Dec. 31, 2008 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 13, 2016 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Residual value | $ 0 | ||||||
Goodwill | $ 1,490,797,000 | $ 1,490,797,000 | $ 1,490,797,000 | $ 1,490,000,000 | |||
CLECO POWER | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Impairment of goodwill | 0 | ||||||
Power supply agreements | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Preliminary fair value of intangible liabilities | $ 14,200,000 | ||||||
Power supply agreements | CLECO POWER | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible liabilities residual value | 0 | ||||||
LTSA | Cleco Cajun | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible liabilities | $ 24,100,000 | ||||||
Intangible liabilities, remaining life | 7 years | ||||||
Right To Bill And Collect Storm Recovery Charges From Customers | Cleco Katrina/Rita | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Acquired intangible asset | $ 177,500,000 | ||||||
Right to Bill and Collect, Storm Recovery Charges From Customers, Net of Financing Costs | Cleco Katrina/Rita | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Acquired intangible asset | 176,000,000 | ||||||
Financing costs | Cleco Katrina/Rita | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Acquired intangible asset | $ 1,500,000 | ||||||
Trade name | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Residual value | $ 0 | ||||||
Intangible asset expected useful life (in years) | 20 years | ||||||
Power supply agreements | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Preliminary fair value of intangible assets | $ 98,900,000 | ||||||
Power supply agreements | MINIMUM | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset expected useful life (in years) | 7 years | ||||||
Power supply agreements | MAXIMUM | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset expected useful life (in years) | 19 years | ||||||
Power supply agreements | CLECO POWER | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Residual value | $ 0 | ||||||
Power supply agreements | CLECO POWER | MINIMUM | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets, remaining life (in years) | 2 years | ||||||
Power supply agreements | CLECO POWER | MAXIMUM | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible assets, remaining life (in years) | 8 years |
Intangible Assets, Intangible_4
Intangible Assets, Intangible Liabilities, and Goodwill - Schedule of Amortization of Intangible Assets and Liabilities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Impairments for intangibles | $ 0 | $ 0 | $ 0 |
Power supply agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible liabilities | 3,528,000 | 3,194,000 | 0 |
LTSA | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible liabilities | 3,484,000 | 3,234,000 | 0 |
Cleco Katrina/Rita right to bill and collect storm recover charges | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 517,000 | 20,576,000 | 20,608,000 |
Cleco Katrina/Rita right to bill and collect storm recover charges | Cleco Power | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 517,000 | 20,576,000 | 20,608,000 |
Trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 255,000 | 255,000 | 255,000 |
Power supply agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 25,600,000 | $ 24,273,000 | $ 9,680,000 |
Intangible Assets, Intangible_5
Intangible Assets, Intangible Liabilities, and Goodwill - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 259,698 | $ 259,698 |
Intangible liabilities, gross | 38,300 | 38,300 |
Net intangible assets carrying amount | 221,398 | 221,398 |
Accumulated amortization | (134,526) | (115,167) |
Net intangible assets subject to amortization | 86,872 | 106,231 |
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 |
Cleco Katrina/Rita right to bill and collect storm recover charges | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 70,594 | 70,594 |
Cleco Katrina/Rita right to bill and collect storm recover charges | CLECO POWER | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net intangible assets carrying amount | 177,537 | 177,537 |
Accumulated amortization | (177,537) | (177,020) |
Net intangible assets subject to amortization | 0 | 517 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 5,100 | 5,100 |
Power supply agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 184,004 | $ 184,004 |
Intangible Assets, Intangible_6
Intangible Assets, Intangible Liabilities, and Goodwill - Expected Amortization Expense (Details) $ in Thousands | Dec. 31, 2020USD ($) |
INTANGIBLE ASSETS | |
2021 | $ 25,855 |
2022 | 25,855 |
2023 | 25,628 |
2024 | 19,056 |
2025 | 5,292 |
Thereafter | 10,046 |
INTANGIBLE LIABILITIES | |
2021 | (5,862) |
2022 | (5,041) |
2023 | (5,041) |
2024 | (5,041) |
2025 | (3,875) |
Thereafter | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning | $ 2,643,006 | $ 2,124,740 | $ 2,096,357 |
Amounts reclassified from accumulated other comprehensive income (loss) | |||
Reclassification of effect of tax rate change | 0 | ||
Balance, ending | 2,757,023 | 2,643,006 | 2,124,740 |
CLECO POWER | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning | 1,713,392 | 1,594,533 | 1,550,679 |
Other comprehensive income before reclassifications | |||
Postretirement benefit adjustments incurred during the year | (4,050) | (10,344) | 954 |
Amounts reclassified from accumulated other comprehensive income (loss) | |||
Amortization of postretirement benefit net gain (loss) | 1,628 | 687 | 1,789 |
Reclassification of net gain to interest charges | 254 | 254 | 254 |
Reclassification of effect of tax rate change | 0 | ||
Balance, ending | 1,807,879 | 1,713,392 | 1,594,533 |
POSTRETIREMENT BENEFIT NET GAIN (LOSS) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning | (17,513) | 1,786 | (2,921) |
Other comprehensive income before reclassifications | |||
Postretirement benefit adjustments incurred during the year | (10,026) | (18,877) | 3,681 |
Amounts reclassified from accumulated other comprehensive income (loss) | |||
Amortization of postretirement benefit net gain (loss) | 1,743 | (422) | 1,615 |
Reclassification of effect of tax rate change | (589) | ||
Balance, ending | (25,796) | (17,513) | 1,786 |
POSTRETIREMENT BENEFIT NET GAIN (LOSS) | CLECO POWER | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning | (16,717) | (7,060) | (8,377) |
Other comprehensive income before reclassifications | |||
Postretirement benefit adjustments incurred during the year | (4,050) | (10,344) | 954 |
Amounts reclassified from accumulated other comprehensive income (loss) | |||
Amortization of postretirement benefit net gain (loss) | 1,628 | 687 | 1,789 |
Reclassification of net gain to interest charges | 0 | 0 | 0 |
Reclassification of effect of tax rate change | (1,426) | ||
Balance, ending | (19,139) | (16,717) | (7,060) |
NET (LOSS) GAIN ON CASH FLOW HEDGES | CLECO POWER | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning | (5,868) | (6,122) | (5,306) |
Other comprehensive income before reclassifications | |||
Postretirement benefit adjustments incurred during the year | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | |||
Amortization of postretirement benefit net gain (loss) | 0 | 0 | 0 |
Reclassification of net gain to interest charges | 254 | 254 | 254 |
Reclassification of effect of tax rate change | (1,070) | ||
Balance, ending | (5,614) | (5,868) | (6,122) |
TOTAL AOCI | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning | (17,513) | 1,786 | (2,921) |
Amounts reclassified from accumulated other comprehensive income (loss) | |||
Reclassification of effect of tax rate change | (589) | ||
Balance, ending | (25,796) | (17,513) | 1,786 |
TOTAL AOCI | CLECO POWER | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning | (22,585) | (13,182) | (13,683) |
Amounts reclassified from accumulated other comprehensive income (loss) | |||
Reclassification of effect of tax rate change | (2,496) | ||
Balance, ending | $ (24,753) | $ (22,585) | $ (13,182) |
Storm Restoration (Details)
Storm Restoration (Details) customer in Thousands, $ in Thousands | Feb. 24, 2021USD ($) | Feb. 14, 2021USD ($)customer | Oct. 28, 2020USD ($)customer | Oct. 09, 2020USD ($)customer | Aug. 27, 2020USD ($)customer | Feb. 28, 2021USD ($) | Oct. 31, 2020hurricane | Dec. 31, 2020USD ($) | Feb. 22, 2021 | Feb. 17, 2021customer | Oct. 16, 2020 | Sep. 18, 2020 | Dec. 31, 2019USD ($) |
Deferred storm restoration costs - Hurricane Delta | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Total regulatory assets | $ 17,100 | ||||||||||||
Deferred storm restoration costs - Hurricane Zeta | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Total regulatory assets | 3,500 | ||||||||||||
Cleco Power | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Total regulatory assets | 456,034 | $ 306,172 | |||||||||||
Cleco Power | Subsequent Event | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Margin call, transmission amount | $ 21,000 | ||||||||||||
Cleco Power | Deferred storm restoration costs - Hurricane Laura | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Total regulatory assets | 54,406 | 0 | |||||||||||
Cleco Power | Deferred storm restoration costs - Hurricane Delta | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Total regulatory assets | 17,051 | 0 | |||||||||||
Cleco Power | Deferred storm restoration costs - Hurricane Zeta | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Total regulatory assets | 3,493 | $ 0 | |||||||||||
Cleco Cajun | Subsequent Event | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Margin call, transmission amount | $ 5,000 | ||||||||||||
Natural Disasters and Other Casualty Events | Cleco Power | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Number of hurricanes | hurricane | 3 | ||||||||||||
Deferred storm restoration costs - Hurricane Laura | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Capitalized storm restoration costs | 112,500 | ||||||||||||
Deferred storm restoration costs - Hurricane Laura | Cleco Power | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Number of customers affected with power outage | customer | 140,000 | ||||||||||||
Percentage of customers affected by the hurricane with power restored | 100.00% | ||||||||||||
Storm restoration costs | $ 180,300 | ||||||||||||
Capitalization percentage | 62.00% | ||||||||||||
Storm damage provision | 9,400 | ||||||||||||
Deferred storm restoration costs - Hurricane Delta | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Capitalized storm restoration costs | 32,900 | ||||||||||||
Deferred storm restoration costs - Hurricane Delta | Cleco Power | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Number of customers affected with power outage | customer | 132,000 | ||||||||||||
Percentage of customers affected by the hurricane with power restored | 100.00% | ||||||||||||
Storm restoration costs | $ 50,700 | ||||||||||||
Capitalization percentage | 65.00% | ||||||||||||
Deferred storm restoration costs - Hurricane Zeta | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Capitalized storm restoration costs | $ 4,900 | ||||||||||||
Deferred storm restoration costs - Hurricane Zeta | Cleco Power | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Number of customers affected with power outage | customer | 73,000 | ||||||||||||
Percentage of customers affected by the hurricane with power restored | 100.00% | ||||||||||||
Storm restoration costs | $ 8,600 | ||||||||||||
Capitalization percentage | 57.00% | ||||||||||||
Winter storm Uri | Cleco Power | Subsequent Event | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Number of customers affected with power outage | customer | 11 | ||||||||||||
Percentage of customers affected by the hurricane with power restored | 100.00% | ||||||||||||
Winter storm Viola | Cleco Power | Subsequent Event | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Number of customers affected with power outage | customer | 43 | ||||||||||||
Percentage of customers affected by the hurricane with power restored | 100.00% | ||||||||||||
Winter Storms Uri & Viola | Cleco Power | Subsequent Event | MINIMUM | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Storm restoration costs | $ 9,000 | ||||||||||||
Fuel and purchased power costs | $ 45,000 | ||||||||||||
Winter Storms Uri & Viola | Cleco Power | Subsequent Event | MAXIMUM | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Storm restoration costs | $ 10,000 | ||||||||||||
Fuel and purchased power costs | 55,000 | ||||||||||||
Winter Storms Uri & Viola | Cleco Cajun | Subsequent Event | MINIMUM | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Fuel and purchased power costs | 10,000 | ||||||||||||
Winter Storms Uri & Viola | Cleco Cajun | Subsequent Event | MAXIMUM | |||||||||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||||||||
Fuel and purchased power costs | $ 15,000 |
Schedule I Financial Statemen_2
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expenses | |||
Merger transaction costs | $ 3,606 | $ 7,668 | $ 19,514 |
Total operating expenses | 1,193,054 | 1,324,711 | 986,487 |
Operating income | 305,092 | 314,894 | 244,557 |
Other (expense) income, net | (14,156) | 758 | (14,328) |
Income before income taxes | 158,018 | 195,830 | 123,819 |
Federal and state income tax expense | 35,718 | 43,165 | 29,382 |
Net income | 122,300 | 152,665 | 94,437 |
Cleco Holdings | |||
Operating expenses | |||
Administrative and general | 1,497 | 3,263 | 1,269 |
Merger transaction costs | 3,606 | 7,803 | 19,514 |
Other operating expense | 239 | 130 | 318 |
Total operating expenses | 5,342 | 11,196 | 21,101 |
Operating income | (5,342) | (11,196) | (21,101) |
Equity income from subsidiaries, net of tax | 173,337 | 205,187 | 149,543 |
Interest, net | (64,362) | (70,252) | (54,635) |
Other (expense) income, net | 3,021 | 8,568 | (1,687) |
Income before income taxes | 106,654 | 132,307 | 72,120 |
Federal and state income tax expense | (15,646) | (20,358) | (22,317) |
Net income | $ 122,300 | $ 152,665 | $ 94,437 |
Schedule I Financial Statemen_3
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Statements of Comprehensive Income [Abstract] | |||
Net income | $ 122,300 | $ 152,665 | $ 94,437 |
Other comprehensive income (loss), net of tax | |||
Postretirement benefits (loss) gain, net of tax expense (benefit) | (8,283) | (19,299) | 5,296 |
Total other comprehensive (loss) income, net of tax | (8,283) | (19,299) | 5,296 |
Comprehensive income, net of tax | 114,017 | 133,366 | 99,733 |
Cleco Holdings | |||
Condensed Statements of Comprehensive Income [Abstract] | |||
Net income | 122,300 | 152,665 | 94,437 |
Other comprehensive income (loss), net of tax | |||
Postretirement benefits (loss) gain, net of tax expense (benefit) | (8,283) | (19,299) | 5,296 |
Total other comprehensive (loss) income, net of tax | (8,283) | (19,299) | 5,296 |
Comprehensive income, net of tax | $ 114,017 | $ 133,366 | $ 99,733 |
Schedule I Financial Statemen_4
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Statements of Comprehensive Income Parenthetical (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Statements, Captions [Line Items] | |||
Tax (expense) benefit of postretirement benefits gain (loss) | $ 2,922 | $ 6,808 | $ 1,868 |
Cleco Holdings | |||
Condensed Financial Statements, Captions [Line Items] | |||
Tax (expense) benefit of postretirement benefits gain (loss) | $ 2,922 | $ 6,808 | $ 1,868 |
Schedule I Financial Statemen_5
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||||
Cash and cash equivalents | $ 84,976 | $ 116,292 | ||
Other accounts receivable | 32,076 | 35,731 | ||
Cash surrender value of trust-owned life insurance policies | 89,138 | 86,096 | ||
Total current assets | 664,892 | 638,075 | ||
Equity investment in subsidiaries | 9,072 | 17,072 | $ 18,172 | |
Other deferred charges | 40,100 | 39,668 | ||
Total assets | 7,725,569 | 7,476,298 | 6,436,814 | |
Current liabilities | ||||
Accounts payable | 161,357 | 158,863 | ||
Accounts payable - affiliate | 41,283 | 33,780 | ||
Interest accrued | 15,583 | 19,001 | ||
Deferred compensation | 13,240 | 12,115 | ||
Other current liabilities | 49,813 | 44,683 | ||
Total current liabilities | 524,612 | 511,339 | ||
Postretirement benefit obligations | 314,653 | 283,075 | ||
Other deferred credits | 28,627 | 27,222 | ||
Total liabilities | 4,968,546 | 4,833,292 | ||
Commitments and contingencies (Note 6) | ||||
Member’s equity | ||||
Member’s equity | 2,757,023 | 2,643,006 | $ 2,124,740 | $ 2,096,357 |
Total liabilities and member’s equity | 7,725,569 | 7,476,298 | ||
Cleco Holdings | ||||
Current assets | ||||
Cash and cash equivalents | 21,622 | 15,008 | ||
Accounts receivable - affiliate | 75,948 | 14,231 | ||
Other accounts receivable | 599 | 2,650 | ||
Taxes receivable, net | 4,196 | 6,726 | ||
Cash surrender value of trust-owned life insurance policies | 72,954 | 68,523 | ||
Total current assets | 175,319 | 107,138 | ||
Equity investment in subsidiaries | 4,181,383 | 4,150,953 | ||
Accumulated deferred federal and state income taxes, net | 134,809 | 127,655 | ||
Other deferred charges | 812 | 1,831 | ||
Total assets | 4,492,323 | 4,387,577 | ||
Current liabilities | ||||
Long-term debt due within one year | 66,000 | 63,300 | ||
Accounts payable | 735 | 1,448 | ||
Accounts payable - affiliate | 99,822 | 47,184 | ||
Interest accrued | 10,158 | 11,005 | ||
Deferred compensation | 13,240 | 12,115 | ||
Other current liabilities | 756 | 274 | ||
Total current liabilities | 190,711 | 135,326 | ||
Postretirement benefit obligations | 4,453 | 4,481 | ||
Other deferred credits | 1,813 | 0 | ||
Long-term debt, net | 1,538,323 | 1,604,764 | ||
Total liabilities | 1,735,300 | 1,744,571 | ||
Commitments and contingencies (Note 6) | ||||
Member’s equity | ||||
Member’s equity | 2,757,023 | 2,643,006 | ||
Total liabilities and member’s equity | $ 4,492,323 | $ 4,387,577 |
Schedule I Financial Statemen_6
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Operating activities | |||||
Net cash provided by operating activities | $ 205,819 | $ 430,119 | $ 317,761 | ||
Investing activities | |||||
Return on equity investment in investee | 8,000 | 1,100 | 0 | ||
Other investing | 1,081 | 1,313 | 1,392 | ||
Net cash used in investing activities | (377,907) | (1,115,423) | (288,160) | ||
Financing activities | |||||
Draws on credit facilities | 238,000 | 108,000 | 0 | ||
Payments on credit facilities | (163,000) | (108,000) | 0 | ||
Payment of financing costs | (4,570) | (5,959) | (791) | ||
Distributions to member | 0 | 0 | (71,350) | ||
Net cash provided by (used in) financing activities | 119,758 | 687,813 | (41,717) | ||
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | (52,330) | 2,509 | (12,116) | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 142,595 | [1] | 140,086 | 152,202 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 90,265 | [2] | 142,595 | [1] | 140,086 |
Supplementary cash flow information | |||||
Interest paid, net of amount capitalized | 130,544 | 130,988 | 124,154 | ||
Income taxes (refunded) paid, net | (2,777) | (19) | 272 | ||
Cleco Holdings | |||||
Operating activities | |||||
Net cash provided by operating activities | 73,452 | 189,644 | 97,614 | ||
Investing activities | |||||
Return on equity investment in investee | 0 | 1,625 | 2,775 | ||
Contribution to subsidiary | 0 | (962,170) | (1,250) | ||
Other investing | 0 | 0 | 442 | ||
Net cash used in investing activities | 0 | (960,545) | 1,967 | ||
Financing activities | |||||
Draws on credit facilities | 88,000 | 75,000 | 0 | ||
Payments on credit facilities | (88,000) | (75,000) | 0 | ||
Issuances of long-term debt | 0 | 700,000 | 0 | ||
Repayments of long-term debt | (64,000) | (370,000) | 0 | ||
Payment of financing costs | (2,838) | (5,929) | (25) | ||
Contribution from member | 0 | 384,900 | 0 | ||
Distributions to member | 0 | 0 | (71,350) | ||
Net cash provided by (used in) financing activities | (66,838) | 708,971 | (71,375) | ||
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 6,614 | (61,930) | 28,206 | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 15,008 | 76,938 | 48,732 | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 21,622 | 15,008 | 76,938 | ||
Supplementary cash flow information | |||||
Interest paid, net of amount capitalized | 62,745 | 56,768 | 53,798 | ||
Income taxes (refunded) paid, net | (2,942) | (19) | 2 | ||
Supplementary non-cash investing and financing activities | |||||
Non-cash contribution to subsidiary, net of tax | $ 0 | $ 0 | $ 3,865 | ||
[1] | Includes cash and cash equivalents of $116,292, current restricted cash and cash equivalents of $11,100, and non-current restricted cash and cash equivalents of $15,203. | ||||
[2] | Includes cash and cash equivalents of $84,976, current restricted cash and cash equivalents of $4,545, and non-current restricted cash and cash equivalents of $744. |
Schedule I Financial Statemen_7
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Summary of Significant Accounting Policies (Details) - Cleco Holdings $ in Millions | Dec. 31, 2020USD ($) |
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 | $ 1,510 |
Schedule I Financial Statemen_8
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Debt (Details) - USD ($) | Feb. 04, 2019 | Jan. 31, 2019 | Sep. 11, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Financial Statements, Captions [Line Items] | ||||||
Short-term debt outstanding | $ 75,000,000 | $ 0 | ||||
Long-term debt outstanding | 3,230,000,000 | |||||
Long-term debt and finance leases due within one year | 66,682,000 | 125,986,000 | ||||
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 | $ 400,000,000 | ||||
Cleco Holdings | Senior Notes 3.375% Due September 15, 2029 | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Aggregate principal amount | $ 300,000,000 | |||||
Interest rate | 3.375% | |||||
Cleco Holdings | Bridge Loan Agreement | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Repayments of long-term debt | $ 300,000,000 | |||||
Cleco Holdings | Bank Term Loan Agreement | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Repayments of long-term debt | $ 100,000,000 | |||||
Cleco Holdings | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Short-term debt outstanding | 0 | 0 | ||||
Long-term debt outstanding | 1,600,000,000 | |||||
Long-term debt and finance leases due within one year | 66,000,000 | |||||
Repayments of long-term debt | 64,000,000 | $ 370,000,000 | $ 0 | |||
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, | ||||||
2021 | 0 | |||||
2022 | 266,000,000 | |||||
2023 | 165,000,000 | |||||
2024 | 0 | |||||
2025 | 0 | |||||
Thereafter | $ 1,185,000,000 |
Schedule I Financial Statemen_9
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Cash Distributions and Equity Contributions (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 15, 2020 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Contribution from member/parent | $ 384,900,000 | |||
Distributions to member | $ 71,350,000 | |||
CLECO POWER | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Distributions to member | 20,000,000 | 121,400,000 | ||
CLECO POWER | Cleco Holdings | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Contribution from member/parent | $ 0 | 0 | 0 | |
Distributions to member | $ 0 | 20,000,000 | 121,400,000 | |
CLECO POWER | MAXIMUM | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Ratio of total indebtedness to total capitalization | 0.65 | 65 | ||
Cleco Holdings | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash distributions received from affiliates | $ 134,000,000 | 225,000,000 | 121,842,000 | |
Contribution to subsidiary | 0 | 962,170,000 | 1,250,000 | |
Cleco Holdings | CLECO POWER | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash distributions received from affiliates | 0 | 20,000,000 | 121,400,000 | |
Cleco Holdings | Cleco Cajun | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash distributions received from affiliates | 134,000,000 | 205,000,000 | 0 | |
Cleco Holdings | Perryville | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash distributions received from affiliates | 0 | 0 | 225,000 | |
Contribution to subsidiary | 1,800,000 | |||
Cleco Holdings | Attala | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash distributions received from affiliates | 0 | 0 | 217,000 | |
Contribution to subsidiary | 2,100,000 | |||
Cleco Holdings | Cleco Holdings | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Contributions made to affiliates | 0 | 0 | ||
Contribution from member/parent | 0 | 384,900,000 | 0 | |
Distributions to member | 0 | 0 | 71,400,000 | |
Cleco Holdings | Limited Liability Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Contributions made to affiliates | $ 0 | $ 962,200,000 | $ 1,300,000 |
Schedule I Financial Stateme_10
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||
Federal and state income tax benefit | $ 35,718 | $ 43,165 | $ 29,382 |
Cleco Holdings | |||
Income Tax Contingency [Line Items] | |||
Federal and state income tax benefit | (15,646) | (20,358) | (22,317) |
Equity income from subsidiaries - federal and state income tax expense | $ 51,364 | $ 63,523 | $ 51,699 |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for Uncollectible Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
BALANCE AT BEGINNING OF PERIOD | $ 3,005 | $ 814 | $ 1,457 |
ADDITIONS | 6,176 | 2,323 | 977 |
DEDUCTIONS | 6,423 | 132 | 1,620 |
BALANCE AT END OF PERIOD | 2,758 | 3,005 | 814 |
Allowance for Uncollectible Accounts | CLECO POWER | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
BALANCE AT BEGINNING OF PERIOD | 3,005 | 814 | 1,457 |
ADDITIONS | 6,176 | 2,323 | 977 |
DEDUCTIONS | 6,423 | 132 | 1,620 |
BALANCE AT END OF PERIOD | 2,758 | 3,005 | 814 |
Unrestricted Storm Reserve | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
BALANCE AT BEGINNING OF PERIOD | 1,100 | 3,672 | 4,186 |
ADDITIONS | 12,329 | 4,000 | 0 |
DEDUCTIONS | 13,429 | 6,572 | 514 |
BALANCE AT END OF PERIOD | 0 | 1,100 | 3,672 |
Unrestricted Storm Reserve | CLECO POWER | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
BALANCE AT BEGINNING OF PERIOD | 1,100 | 3,672 | 4,186 |
ADDITIONS | 12,329 | 4,000 | 0 |
DEDUCTIONS | 13,429 | 6,572 | 514 |
BALANCE AT END OF PERIOD | 0 | 1,100 | 3,672 |
Restricted Storm Reserve | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
BALANCE AT BEGINNING OF PERIOD | 12,285 | 15,485 | 14,469 |
ADDITIONS | 44 | 800 | 1,016 |
DEDUCTIONS | 12,329 | 4,000 | 0 |
BALANCE AT END OF PERIOD | 0 | 12,285 | 15,485 |
Restricted Storm Reserve | CLECO POWER | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
BALANCE AT BEGINNING OF PERIOD | 12,285 | 15,485 | 14,469 |
ADDITIONS | 44 | 800 | 1,016 |
DEDUCTIONS | 12,329 | 4,000 | 0 |
BALANCE AT END OF PERIOD | $ 0 | $ 12,285 | $ 15,485 |