Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 22, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'CLECO CORP | ' |
Entity Central Index Key | '0001089819 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Cleco Corporation Common Stock Shares Outstanding | ' | 60,377,666 |
Cleco Power [Member] | ' | ' |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'CLECO POWER LLC | ' |
Entity Central Index Key | '0000018672 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Operating revenue | ' | ' | ' | ' |
Electric operations | $352,763 | $314,766 | $939,519 | $796,957 |
Other operations | 19,497 | 14,843 | 48,878 | 37,917 |
Affiliate revenue | 0 | 0 | 0 | 0 |
Gross operating revenue | 372,260 | 329,609 | 988,397 | 834,874 |
Electric customer credits | -874 | -846 | -23,555 | -1,270 |
Operating revenue, net | 371,386 | 328,763 | 964,842 | 833,604 |
Operating expenses | ' | ' | ' | ' |
Fuel used for electric generation | 104,463 | 101,752 | 220,206 | 259,728 |
Power purchased for utility customers | 63,024 | 5,999 | 197,141 | 24,795 |
Other operations | 30,992 | 30,057 | 87,074 | 88,420 |
Maintenance | 20,558 | 20,427 | 79,173 | 64,372 |
Depreciation | 37,834 | 41,756 | 117,145 | 110,529 |
Taxes other than income taxes | 7,273 | 12,007 | 32,946 | 34,926 |
(Gain) loss on sale of assets | 0 | -29 | -145 | 817 |
Total operating expenses | 264,144 | 211,969 | 733,540 | 583,587 |
Operating Income (loss) | 107,242 | 116,794 | 231,302 | 250,017 |
Interest income | 416 | 332 | 1,369 | 789 |
Allowance for equity funds used during construction | 631 | 1,303 | 4,291 | 2,880 |
Other income | 848 | 2,837 | 4,314 | 12,282 |
Other expense | -685 | -1,456 | -1,727 | -2,146 |
Interest charges | ' | ' | ' | ' |
Interest charges, including amortization of debt expense, premium, and discount, net | 13,375 | 19,436 | 54,767 | 62,284 |
Allowance for borrowed funds used during construction | -200 | -422 | -1,259 | -926 |
Total interest charges | 13,175 | 19,014 | 53,508 | 61,358 |
Income before income taxes | 95,277 | 100,796 | 186,041 | 202,464 |
Federal and state income tax expense | 24,442 | 34,389 | 52,649 | 66,892 |
Net income | 70,835 | 66,407 | 133,392 | 135,572 |
Net income applicable to common stock | 70,835 | 66,407 | 133,392 | 135,572 |
Average shares of common stock outstanding | ' | ' | ' | ' |
Average number of basic common shares outstanding (in shares) | 60,372,569 | 60,450,384 | 60,410,122 | 60,428,944 |
Average number of diluted common shares outstanding (in shares) | 60,689,596 | 60,748,647 | 60,711,543 | 60,694,632 |
Basic earnings per share | ' | ' | ' | ' |
Net income applicable to common stock (in dollars per share) | $1.17 | $1.10 | $2.21 | $2.25 |
Diluted earnings per share | ' | ' | ' | ' |
Net income applicable to common stock (in dollars per share) | $1.17 | $1.09 | $2.20 | $2.23 |
Dividends declared per share of common stock | $0.40 | $0.36 | $1.16 | $1.06 |
Cleco Power [Member] | ' | ' | ' | ' |
Operating revenue | ' | ' | ' | ' |
Electric operations | 352,763 | 314,766 | 939,519 | 796,957 |
Other operations | 18,957 | 14,301 | 47,256 | 36,366 |
Affiliate revenue | 332 | 335 | 998 | 1,005 |
Gross operating revenue | 372,052 | 329,402 | 987,773 | 834,328 |
Electric customer credits | -874 | -846 | -23,555 | -1,270 |
Operating revenue, net | 371,178 | 328,556 | 964,218 | 833,058 |
Operating expenses | ' | ' | ' | ' |
Fuel used for electric generation | 104,463 | 101,752 | 220,206 | 259,728 |
Power purchased for utility customers | 63,024 | 18,339 | 202,608 | 51,278 |
Other operations | 30,816 | 28,471 | 85,279 | 83,385 |
Maintenance | 19,926 | 17,478 | 76,386 | 55,857 |
Depreciation | 37,518 | 39,962 | 115,016 | 105,251 |
Taxes other than income taxes | 7,128 | 10,891 | 31,197 | 31,554 |
Total operating expenses | 262,875 | 216,893 | 730,692 | 587,053 |
Operating Income (loss) | 108,303 | 111,663 | 233,526 | 246,005 |
Interest income | 398 | 331 | 1,349 | 784 |
Allowance for equity funds used during construction | 631 | 1,303 | 4,291 | 2,880 |
Other income | 476 | 2,838 | 1,228 | 4,606 |
Other expense | -684 | -2,239 | -1,625 | -3,693 |
Interest charges | ' | ' | ' | ' |
Interest charges, including amortization of debt expense, premium, and discount, net | 14,686 | 19,078 | 56,144 | 61,808 |
Allowance for borrowed funds used during construction | -200 | -422 | -1,259 | -926 |
Total interest charges | 14,486 | 18,656 | 54,885 | 60,882 |
Income before income taxes | 94,638 | 95,240 | 183,884 | 189,700 |
Federal and state income tax expense | 29,094 | 33,355 | 59,375 | 65,558 |
Net income | $65,544 | $61,885 | $124,509 | $124,142 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $70,835 | $66,407 | $133,392 | $135,572 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Amortization of postretirement benefits (net of tax) | 318 | 497 | 1,600 | 1,619 |
Net gain on cash flow hedges (net of tax) | 53 | 53 | 159 | 1,426 |
Total other comprehensive income, net of tax | 371 | 550 | 1,759 | 3,045 |
Comprehensive income, net of tax | 71,206 | 66,957 | 135,151 | 138,617 |
Cleco Power [Member] | ' | ' | ' | ' |
Net income | 65,544 | 61,885 | 124,509 | 124,142 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Amortization of postretirement benefits (net of tax) | 92 | 207 | 839 | 727 |
Net gain on cash flow hedges (net of tax) | 53 | 53 | 159 | 1,426 |
Total other comprehensive income, net of tax | 145 | 260 | 998 | 2,153 |
Comprehensive income, net of tax | $65,689 | $62,145 | $125,507 | $126,295 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net tax expense of amortization of postretirement benefits | $199 | $311 | $1,001 | $1,013 |
Net tax expense on cash flow hedges | 33 | 33 | 99 | 892 |
Cleco Power [Member] | ' | ' | ' | ' |
Net tax expense of amortization of postretirement benefits | 58 | 130 | 525 | 455 |
Net tax expense on cash flow hedges | $33 | $33 | $99 | $892 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $11,210 | $28,656 |
Restricted cash and cash equivalents | 3,471 | 8,986 |
Customer accounts receivable (less allowance for doubtful accounts) | 62,995 | 50,567 |
Other accounts receivable | 41,629 | 46,981 |
Unbilled revenue | 49,410 | 31,166 |
Fuel inventory, at average cost | 56,278 | 60,913 |
Material and supplies inventory, at average cost | 66,941 | 62,811 |
Energy risk management assets | 18,504 | 9,020 |
Accumulated deferred federal and state income taxes, net | 37,899 | 94,179 |
Accumulated deferred fuel | 40,217 | 0 |
Cash surrender value of company-/trust-owned life insurance policies | 70,405 | 64,720 |
Prepayments | 8,141 | 9,204 |
Regulatory assets | 12,962 | 5,975 |
Other current assets | 24 | 404 |
Total current assets | 480,086 | 473,582 |
Property, plant, and equipment | ' | ' |
Property, plant, and equipment | 4,444,893 | 4,326,522 |
Accumulated depreciation | -1,419,001 | -1,351,223 |
Net property, plant, and equipment | 3,025,892 | 2,975,299 |
Construction work in progress | 118,351 | 107,841 |
Total property, plant, and equipment, net | 3,144,243 | 3,083,140 |
Equity investment in investees | 14,540 | 14,540 |
Prepayments | 4,517 | 4,510 |
Restricted cash and cash equivalents | 15,537 | 5,033 |
Restricted investments | 0 | 12,829 |
Regulatory assets - deferred taxes, net | 236,622 | 229,173 |
Regulatory assets | 234,082 | 249,677 |
Net investment in direct financing lease | 13,505 | 13,523 |
Intangible asset | 93,826 | 106,007 |
Other deferred charges | 19,356 | 23,248 |
Total assets | 4,256,314 | 4,215,262 |
Current liabilities | ' | ' |
Long-term debt due within one year | 18,236 | 17,182 |
Accounts payable | 120,675 | 110,544 |
Customer deposits | 52,745 | 48,456 |
Provision for rate refund | 2,289 | 3,533 |
Taxes payable | 24,178 | 18,680 |
Interest accrued | 21,570 | 12,188 |
Accumulated deferred fuel | 0 | 3,869 |
Energy risk management liabilities | 1,732 | 382 |
Deferred compensation | 10,895 | 11,081 |
Uncertain tax positions | 0 | 4,610 |
Other current liabilities | 15,068 | 12,948 |
Total current liabilities | 267,388 | 243,473 |
Long-term liabilities and deferred credits | ' | ' |
Accumulated deferred federal and state income taxes, net | 874,919 | 869,150 |
Accumulated deferred investment tax credits | 4,409 | 5,144 |
Postretirement benefit obligations | 107,272 | 103,483 |
Restricted storm reserve | 14,707 | 17,646 |
Tax credit fund investment, net | 9,379 | 41,840 |
Contingent sale obligations | 0 | 900 |
Other deferred credits | 19,191 | 31,929 |
Total long-term liabilities and deferred credits | 1,029,877 | 1,070,092 |
Capitalization | ' | ' |
Long-term debt, net | 1,320,178 | 1,315,500 |
Total liabilities | 2,617,443 | 2,629,065 |
Commitments and Contingencies (Note 11) | ' | ' |
Shareholders’ equity | ' | ' |
Common stock | 61,051 | 61,047 |
Premium on common stock | 417,356 | 422,624 |
Retained earnings | 1,211,651 | 1,149,003 |
Treasury stock, at cost | -27,070 | -20,601 |
Accumulated other comprehensive loss | -24,117 | -25,876 |
Total shareholders’ equity | 1,638,871 | 1,586,197 |
Total liabilities and shareholders’ equity | 4,256,314 | 4,215,262 |
Cleco Power [Member] | ' | ' |
Current assets | ' | ' |
Cash and cash equivalents | 7,400 | 21,055 |
Restricted cash and cash equivalents | 3,471 | 8,986 |
Customer accounts receivable (less allowance for doubtful accounts) | 62,995 | 50,567 |
Accounts receivable - affiliate | 23,498 | 1,045 |
Other accounts receivable | 41,441 | 46,939 |
Unbilled revenue | 49,410 | 31,166 |
Fuel inventory, at average cost | 56,278 | 60,913 |
Material and supplies inventory, at average cost | 66,941 | 59,964 |
Energy risk management assets | 18,504 | 9,020 |
Accumulated deferred federal and state income taxes, net | 0 | 80,981 |
Accumulated deferred fuel | 40,217 | 0 |
Cash surrender value of company-/trust-owned life insurance policies | 19,591 | 19,326 |
Prepayments | 6,988 | 7,074 |
Regulatory assets | 12,962 | 5,975 |
Other current assets | 0 | 388 |
Total current assets | 409,696 | 403,399 |
Property, plant, and equipment | ' | ' |
Property, plant, and equipment | 4,429,881 | 4,052,774 |
Accumulated depreciation | -1,409,364 | -1,260,843 |
Net property, plant, and equipment | 3,020,517 | 2,791,931 |
Construction work in progress | 115,427 | 104,113 |
Total property, plant, and equipment, net | 3,135,944 | 2,896,044 |
Equity investment in investees | 14,532 | 14,532 |
Prepayments | 4,517 | 4,510 |
Restricted cash and cash equivalents | 15,516 | 5,012 |
Restricted investments | 0 | 12,829 |
Regulatory assets - deferred taxes, net | 236,622 | 229,173 |
Regulatory assets | 234,082 | 249,677 |
Intangible asset | 93,826 | 106,007 |
Other deferred charges | 16,661 | 22,529 |
Total assets | 4,161,396 | 3,943,712 |
Current liabilities | ' | ' |
Long-term debt due within one year | 18,236 | 17,182 |
Accounts payable | 113,508 | 98,785 |
Accounts payable - affiliate | 8,089 | 8,386 |
Customer deposits | 52,745 | 48,456 |
Provision for rate refund | 2,289 | 3,533 |
Taxes payable | 23,918 | 6,700 |
Interest accrued | 22,173 | 13,589 |
Accumulated deferred fuel | 0 | 3,869 |
Energy risk management liabilities | 1,732 | 382 |
Accumulated deferred federal and state income taxes, net | 6,552 | 0 |
Other current liabilities | 11,709 | 9,791 |
Total current liabilities | 260,951 | 210,673 |
Long-term liabilities and deferred credits | ' | ' |
Accumulated deferred federal and state income taxes, net | 975,726 | 945,559 |
Accumulated deferred investment tax credits | 4,409 | 5,144 |
Postretirement benefit obligations | 54,980 | 52,953 |
Restricted storm reserve | 14,707 | 17,646 |
Other deferred credits | 18,285 | 30,664 |
Total long-term liabilities and deferred credits | 1,068,107 | 1,051,966 |
Capitalization | ' | ' |
Long-term debt, net | 1,283,178 | 1,310,500 |
Total capitalization | 2,832,338 | 2,681,073 |
Commitments and Contingencies (Note 11) | ' | ' |
Shareholders’ equity | ' | ' |
Accumulated other comprehensive loss | -14,179 | -15,177 |
Total shareholders’ equity | 1,549,160 | 1,370,573 |
Total liabilities and shareholders’ equity | $4,161,396 | $3,943,712 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets | ' | ' |
Customer accounts receivable, allowance for doubtful accounts | $796 | $849 |
Shareholders’ equity | ' | ' |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 61,051,286 | 61,047,006 |
Common stock, outstanding (in shares) | 60,377,666 | 60,454,520 |
Treasury stock, at cost (in shares) | 673,620 | 592,486 |
Cleco Power [Member] | ' | ' |
Current assets | ' | ' |
Customer accounts receivable, allowance for doubtful accounts | $796 | $849 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities | ' | ' |
Net income | $133,392 | $135,572 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 124,515 | 120,792 |
Unearned compensation expense | 4,974 | 4,707 |
Allowance for equity funds used during construction | -4,291 | -2,880 |
Net deferred income taxes | 51,584 | 60,172 |
Deferred fuel costs | -23,908 | 2,906 |
Cash surrender value of company-/trust-owned life insurance | -2,854 | -1,631 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -19,666 | -30,167 |
Unbilled revenue | -18,245 | -4,967 |
Fuel, materials and supplies inventory | 505 | -5,595 |
Prepayments | 2,544 | -233 |
Accounts payable | -14,767 | -15,691 |
Customer deposits | 11,979 | 9,777 |
Postretirement benefit obligations | 6,501 | -26,968 |
Regulatory assets and liabilities, net | -2,881 | -28,727 |
Other deferred accounts | -17,006 | -7,480 |
Taxes accrued | 969 | 70,188 |
Interest accrued | 9,381 | 11,793 |
Other operating | 2,830 | -1,903 |
Net cash provided by operating activities | 245,556 | 289,665 |
Investing activities | ' | ' |
Additions to property, plant, and equipment | -160,181 | -131,521 |
Allowance for equity funds used during construction | 4,291 | 2,880 |
Return of investment in company-owned life insurance | 1,303 | 0 |
Premiums paid on company-/trust-owned life insurance | -2,831 | -3,705 |
Return of equity investment in tax credit fund | 1,541 | 473 |
Contributions to tax credit fund | -36,252 | -38,940 |
Transfer of cash (to) from restricted accounts | -4,989 | 5,750 |
Purchase of restricted investments | 0 | -6,422 |
Sale of restricted investments | 11,138 | 0 |
Maturity of restricted investments | 1,458 | 5,003 |
Other investing | -413 | 1,671 |
Net cash used in investing activities | -184,935 | -164,811 |
Financing activities | ' | ' |
Draws on credit facility | 189,000 | 198,000 |
Payments on credit facility | -167,000 | -223,000 |
Issuance of long-term debt | 0 | 160,000 |
Retirement of long-term debt | -14,876 | -113,969 |
Repurchase of long-term debt | 0 | -60,000 |
Repurchase of common stock | -12,449 | 0 |
Settlement of interest rate swap | 0 | -3,269 |
Dividends paid on common stock | -70,879 | -64,448 |
Other financing | -1,863 | -2,388 |
Net cash used in financing activities | -78,067 | -109,074 |
Net (decrease) increase in cash and cash equivalents | -17,446 | 15,780 |
Cash and cash equivalents at beginning of period | 28,656 | 31,020 |
Cash and cash equivalents at end of period | 11,210 | 46,800 |
Supplementary cash flow information | ' | ' |
Interest paid, net of amount capitalized | 42,536 | 45,464 |
Income taxes paid (refunded), net | 15,321 | -47,318 |
Supplementary non-cash investing and financing activities | ' | ' |
Accrued additions to property, plant, and equipment | 10,777 | 12,869 |
Non-cash additions to property, plant, and equipment, net | 0 | 1,280 |
Issuance of common stock – ESPP | 220 | 240 |
Cleco Power [Member] | ' | ' |
Operating activities | ' | ' |
Net income | 124,509 | 124,142 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 120,950 | 114,078 |
Unearned compensation expense | 1,461 | 1,204 |
Allowance for equity funds used during construction | -4,291 | -2,880 |
Net deferred income taxes | 66,426 | 70,864 |
Deferred fuel costs | -23,908 | 2,906 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -19,492 | -30,125 |
Unbilled revenue | -18,245 | -4,967 |
Fuel, materials and supplies inventory | 538 | -5,500 |
Prepayments | 1,736 | 29 |
Accounts payable | -10,656 | -12,296 |
Customer deposits | 11,979 | 9,777 |
Postretirement benefit obligations | 3,594 | -29,784 |
Regulatory assets and liabilities, net | -2,881 | -28,727 |
Other deferred accounts | -12,341 | -10,143 |
Taxes accrued | -5,139 | 20,043 |
Interest accrued | 8,584 | 12,182 |
Other operating | 787 | 1,194 |
Net cash provided by operating activities | 243,611 | 231,997 |
Investing activities | ' | ' |
Additions to property, plant, and equipment | -159,320 | -126,977 |
Allowance for equity funds used during construction | 4,291 | 2,880 |
Return of investment in company-owned life insurance | 1,303 | 0 |
Transfer of cash (to) from restricted accounts | -4,989 | 5,750 |
Purchase of restricted investments | 0 | -6,422 |
Sale of restricted investments | 11,138 | 0 |
Maturity of restricted investments | 1,458 | 5,003 |
Other investing | 587 | 1,586 |
Net cash used in investing activities | -145,532 | -118,180 |
Financing activities | ' | ' |
Draws on credit facility | 122,000 | 160,000 |
Payments on credit facility | -132,000 | -160,000 |
Issuance of long-term debt | 0 | 160,000 |
Retirement of long-term debt | -14,876 | -113,969 |
Repurchase of long-term debt | 0 | -60,000 |
Settlement of interest rate swap | 0 | -3,269 |
Distribution to parent | -85,000 | -75,000 |
Other financing | -1,858 | -2,387 |
Net cash used in financing activities | -111,734 | -94,625 |
Net (decrease) increase in cash and cash equivalents | -13,655 | 19,192 |
Cash and cash equivalents at beginning of period | 21,055 | 23,368 |
Cash and cash equivalents at end of period | 7,400 | 42,560 |
Supplementary cash flow information | ' | ' |
Interest paid, net of amount capitalized | 42,467 | 45,248 |
Income taxes paid (refunded), net | 257 | -456 |
Supplementary non-cash investing and financing activities | ' | ' |
Accrued additions to property, plant, and equipment | 10,720 | 12,591 |
Non-cash additions to property, plant, and equipment, net | $176,244 | $1,280 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Common Shareholders' Equity (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Premium on Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Balances at Dec. 31, 2012 | $1,499,213 | $60,962 | ($21,072) | $416,619 | $1,075,074 | ($32,370) |
Balance (in shares) at Dec. 31, 2012 | ' | ' | -606,025 | ' | ' | ' |
Balance (in shares) at Dec. 31, 2012 | ' | 60,961,570 | ' | ' | ' | ' |
Stock Issued or Granted During Period, Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' |
Common stock issued for compensatory plans | 4,768 | 85 | 389 | 4,294 | ' | ' |
Common stock issued for compensatory plans (in shares) | ' | 85,436 | 11,177 | ' | ' | ' |
Treasury Stock Acquired [Abstract] | ' | ' | ' | ' | ' | ' |
Dividends on common stock | -64,684 | ' | ' | ' | -64,684 | ' |
Net income | 135,572 | ' | ' | ' | 135,572 | ' |
Other comprehensive income, net of tax | 3,045 | ' | ' | ' | ' | 3,045 |
Balances at Sep. 30, 2013 | 1,577,914 | 61,047 | -20,683 | 420,913 | 1,145,962 | -29,325 |
Balance (in shares) at Sep. 30, 2013 | ' | ' | -594,848 | ' | ' | ' |
Balance (in shares) at Sep. 30, 2013 | ' | 61,047,006 | ' | ' | ' | ' |
Balances at Dec. 31, 2013 | 1,586,197 | 61,047 | -20,601 | 422,624 | 1,149,003 | -25,876 |
Balance (in shares) at Dec. 31, 2013 | -592,486 | ' | -592,486 | ' | ' | ' |
Balance (in shares) at Dec. 31, 2013 | 61,047,006 | 61,047,006 | ' | ' | ' | ' |
Stock Issued or Granted During Period, Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' |
Common stock issued for compensatory plans | 716 | 4 | 5,980 | -5,268 | ' | ' |
Common stock issued for compensatory plans (in shares) | ' | 4,280 | 168,866 | ' | ' | ' |
Treasury Stock Acquired [Abstract] | ' | ' | ' | ' | ' | ' |
Repurchase of common stock | -12,449 | ' | -12,449 | ' | ' | ' |
Repurchase of common stock (in shares) | ' | ' | -250,000 | ' | ' | ' |
Dividends on common stock | -70,744 | ' | ' | ' | -70,744 | ' |
Net income | 133,392 | ' | ' | ' | 133,392 | ' |
Other comprehensive income, net of tax | 1,759 | ' | ' | ' | ' | 1,759 |
Balances at Sep. 30, 2014 | $1,638,871 | $61,051 | ($27,070) | $417,356 | $1,211,651 | ($24,117) |
Balance (in shares) at Sep. 30, 2014 | -673,620 | ' | -673,620 | ' | ' | ' |
Balance (in shares) at Sep. 30, 2014 | 61,051,286 | 61,051,286 | ' | ' | ' | ' |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Common Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Dividends on common stock per share | $0.40 | $0.36 | $1.16 | $1.06 |
Consolidated_Statement_of_Chan2
Consolidated Statement of Changes in Member's Equity (USD $) | Total | Accumulated Other Comprehensive Income (Loss) [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] |
In Thousands, unless otherwise specified | Member's Equity [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Balances at Dec. 31, 2012 | $1,499,213 | ($32,370) | $1,319,919 | $1,340,340 | ($20,421) |
Increase (Decrease) in Member's Equity [Roll Forward] | ' | ' | ' | ' | ' |
Other comprehensive income, net of tax | 3,045 | 3,045 | 2,153 | ' | 2,153 |
Distribution to parent | ' | ' | -75,000 | -75,000 | ' |
Net income | 135,572 | ' | 124,142 | 124,142 | ' |
Balances at Sep. 30, 2013 | 1,577,914 | -29,325 | 1,371,214 | 1,389,482 | -18,268 |
Balances at Jun. 30, 2013 | ' | ' | ' | ' | ' |
Increase (Decrease) in Member's Equity [Roll Forward] | ' | ' | ' | ' | ' |
Other comprehensive income, net of tax | 550 | ' | 260 | ' | ' |
Net income | 66,407 | ' | 61,885 | ' | ' |
Balances at Sep. 30, 2013 | 1,577,914 | ' | 1,371,214 | ' | ' |
Balances at Dec. 31, 2013 | 1,586,197 | -25,876 | 1,370,573 | 1,385,750 | -15,177 |
Increase (Decrease) in Member's Equity [Roll Forward] | ' | ' | ' | ' | ' |
Other comprehensive income, net of tax | 1,759 | 1,759 | 998 | ' | 998 |
Contributions | ' | ' | 138,080 | 138,080 | ' |
Distribution to parent | ' | ' | -85,000 | -85,000 | ' |
Net income | 133,392 | ' | 124,509 | 124,509 | ' |
Balances at Sep. 30, 2014 | 1,638,871 | -24,117 | 1,549,160 | 1,563,339 | -14,179 |
Balances at Jun. 30, 2014 | ' | ' | ' | ' | ' |
Increase (Decrease) in Member's Equity [Roll Forward] | ' | ' | ' | ' | ' |
Other comprehensive income, net of tax | 371 | ' | 145 | ' | ' |
Net income | 70,835 | ' | 65,544 | ' | ' |
Balances at Sep. 30, 2014 | $1,638,871 | ' | $1,549,160 | ' | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||||||||||||||
Note 1 — Summary of Significant Accounting Policies | ||||||||||||||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||||||||||||||
The accompanying Condensed Consolidated Financial Statements of Cleco include the accounts of Cleco and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. | ||||||||||||||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||||||||||||||
The Condensed Consolidated Financial Statements of Cleco Corporation and Cleco Power have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all of the information and notes required by GAAP for annual financial statements. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements. Because the interim Condensed Consolidated Financial Statements and the accompanying notes do not include all of the information and notes required by GAAP for annual financial statements, the Condensed Consolidated Financial Statements and other information included in this quarterly report should be read in conjunction with the Consolidated Financial Statements and accompanying notes in the Registrants’ Combined Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||
These Condensed Consolidated Financial Statements, in the opinion of management, reflect all normal recurring adjustments that are necessary to fairly present the financial position and results of operations of Cleco. Amounts reported in Cleco’s interim financial statements are not necessarily indicative of amounts expected for the annual periods due to the effects of seasonal temperature variations on energy consumption, regulatory rulings, the timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices, discrete income tax items, and other factors. | ||||||||||||||||||||||||||||||||
In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. For information on recent authoritative guidance and its effect on financial results, see Note 2 — “Recent Authoritative Guidance.” | ||||||||||||||||||||||||||||||||
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. During the third quarter of 2014, Cleco Power began using actual customer energy consumption data available from its installation of AMI to calculate unbilled revenues. | ||||||||||||||||||||||||||||||||
Property, Plant, and Equipment | ||||||||||||||||||||||||||||||||
Property, plant, and equipment consists primarily of regulated utility generation and energy transmission assets. Regulated assets, utilized primarily for retail 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 share of the cost to construct or purchase the assets. | ||||||||||||||||||||||||||||||||
During 2014, Cleco Power’s investment in regulated utility property, plant, and equipment increased primarily due to the transfer of Coughlin from Midstream to Cleco Power. The transfer of Coughlin was recorded on Cleco Power’s books at the historical carrying value of $176.0 million, net of the related accumulated depreciation of $82.6 million. The transfer of Coughlin followed the accounting guidance for a business under common control, which is typically accounted for as if the transfer had occurred at the beginning of the period. However, management determined the retrospective application of this transfer to be quantitatively and qualitatively immaterial when taken as a whole in relation to Cleco Power’s Condensed Consolidated Financial Statements. As a result, Cleco Power’s Condensed Consolidated Financial Statements were not retrospectively adjusted to reflect the transfer. For more information regarding the Coughlin transfer, see Note 14 — “Coughlin Transfer.” | ||||||||||||||||||||||||||||||||
Cleco’s property, plant, and equipment consisted of: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2014 | AT DEC. 31, 2013 | ||||||||||||||||||||||||||||||
Regulated utility plants | $ | 4,429,881 | $ | 4,052,774 | ||||||||||||||||||||||||||||
Other | 15,012 | 273,748 | ||||||||||||||||||||||||||||||
Total property, plant, and equipment | 4,444,893 | 4,326,522 | ||||||||||||||||||||||||||||||
Accumulated depreciation | (1,419,001 | ) | (1,351,223 | ) | ||||||||||||||||||||||||||||
Net property, plant, and equipment | $ | 3,025,892 | $ | 2,975,299 | ||||||||||||||||||||||||||||
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 corporate purposes. Cleco’s restricted cash and cash equivalents consisted of: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2014 | AT DEC. 31, 2013 | ||||||||||||||||||||||||||||||
Diversified Lands’ mitigation escrow | $ | 21 | $ | 21 | ||||||||||||||||||||||||||||
Cleco Katrina/Rita’s storm recovery bonds | 3,471 | 8,986 | ||||||||||||||||||||||||||||||
Cleco Power’s future storm restoration costs | 14,706 | 4,726 | ||||||||||||||||||||||||||||||
Cleco Power’s building renovation escrow | 810 | 286 | ||||||||||||||||||||||||||||||
Total restricted cash and cash equivalents | $ | 19,008 | $ | 14,019 | ||||||||||||||||||||||||||||
Cleco Katrina/Rita has the right to bill and collect storm restoration costs from Cleco Power’s customers. As cash is collected, it is restricted for payment of administration fees, interest, and principal on storm recovery bonds. During the nine months ended September 30, 2014, Cleco Katrina/Rita collected $15.1 million net of administration fees. In March and September 2014, Cleco Katrina/Rita used $7.6 million and $7.3 million, respectively, for scheduled storm recovery bond principal payments and $3.0 million and $2.7 million, respectively, for related interest. | ||||||||||||||||||||||||||||||||
Cleco Power’s restricted cash and cash equivalents held for future storm restoration costs increased $10.0 million from December 31, 2013, primarily due to the transfer of $13.2 million of restricted investments that were held with an outside investment manager and liquidated during the first quarter of 2014. This increase was partially offset by the transfer of $4.0 million to cover the expenses associated with storm activity during the first quarter of 2014. | ||||||||||||||||||||||||||||||||
In connection with Cleco Power’s building modernization project, Cleco Power was required to establish an escrow account with a qualified financial institution and deposit all retainage monies as they accrue under the construction contract. Upon completion of the construction work, the funds including any interest held in the escrow account will be released from escrow and paid to the construction contractor. | ||||||||||||||||||||||||||||||||
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 are required to disclose the fair value of certain assets and liabilities by one of three levels when required for recognition purposes under GAAP. For more information about fair value levels, see Note 4 — “Fair Value Accounting.” | ||||||||||||||||||||||||||||||||
Risk Management | ||||||||||||||||||||||||||||||||
Market risk inherent in Cleco’s market risk-sensitive instruments and positions includes potential changes in value arising from changes in interest rates and the commodity market prices of power, FTRs, and natural gas in the industry on different energy exchanges. Cleco’s Energy Market Risk Management Policy authorizes the use of various derivative instruments, including exchange traded futures and option contracts, forward purchase and sales contracts, and swap transactions to reduce exposure to fluctuations in the price of power, FTRs, and natural gas. Cleco applies the authoritative guidance as it relates to derivatives and hedging to determine whether the market risk-sensitive instruments and positions are required to be marked-to-market. Generally, Cleco Power’s market risk-sensitive instruments and positions qualify for the normal-purchase, normal-sale exception to mark-to-market accounting because Cleco Power takes physical delivery and the instruments and positions are used to satisfy customer requirements. | ||||||||||||||||||||||||||||||||
Cleco Power may also enter into risk mitigating positions that would not meet the requirements of a normal-purchase, normal-sale transaction in order to attempt to mitigate the volatility in customer fuel costs. These positions are marked-to-market with the resulting gain or loss recorded on Cleco and Cleco Power's Condensed Consolidated Balance Sheets as a component of energy risk management assets or liabilities. Such gain or loss is deferred as a component of deferred fuel assets or liabilities in accordance with regulatory policy. When these positions close, actual gains or losses are included in the FAC and reflected on customers’ bills as a component of the fuel cost adjustment. There were no open natural gas positions at September 30, 2014 or December 31, 2013. | ||||||||||||||||||||||||||||||||
In connection with joining MISO, Cleco Power received a direct allocation of FTRs in November 2013. Cleco Power currently purchases the majority of its FTRs in annual auctions facilitated by MISO during the second quarter of each year and may also purchase additional FTRs in monthly auctions facilitated by MISO. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Cleco Power’s customer load. They are not designated as hedging instruments for accounting purposes. Cleco Power initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Cleco Power are included in Accumulated deferred fuel on Cleco and Cleco Power's Condensed Consolidated Balance Sheets. Realized gains or losses on settled FTRs are recorded in Electric operations or Power purchased for utility customers on Cleco and Cleco Power’s Condensed Consolidated Statements of Income. At September 30, 2014, Cleco and Cleco Power's Condensed Consolidated Balance Sheets reflected the fair value of open FTR positions of $18.5 million in Energy risk management assets and $1.7 million in Energy risk management liabilities, compared to $9.0 million in Energy risk management assets and $0.4 million in Energy risk management liabilities at December 31, 2013. For more information on FTRs, see Note 4 — “Fair Value Accounting — Derivatives and Hedging — Commodity Contracts.” | ||||||||||||||||||||||||||||||||
Cleco and Cleco Power maintain a master netting agreement policy and monitor credit risk exposure through review of counterparty credit quality, counterparty credit exposure, and counterparty concentration levels. Cleco manages these risks by establishing appropriate credit and concentration limits on transactions with counterparties and by requiring contractual guarantees, cash deposits, or letters of credit from counterparties or their affiliates, as deemed necessary. Cleco Power has agreements in place with counterparties that authorize the netting of financial buys and sells and contract payments to mitigate credit risk for transactions entered into for risk management purposes. | ||||||||||||||||||||||||||||||||
Cleco may 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 more information on the interest rate risk contracts affecting Cleco's current financial statements, see Note 4 — “Fair Value Accounting — Derivatives and Hedging — Interest Rate Derivatives.” | ||||||||||||||||||||||||||||||||
Accounting for MISO Transactions | ||||||||||||||||||||||||||||||||
Cleco Power participates in MISO’s Energy and Operating Reserve market where hourly sales and purchases are netted. If the hourly activity nets to sales, the result is reported in Electric operations; however, if the hourly activity nets to purchases, the result is reported in Power purchased for utility customers on Cleco and Cleco Power’s Condensed Consolidated Statements of Income. | ||||||||||||||||||||||||||||||||
Earnings per Average Common Share | ||||||||||||||||||||||||||||||||
The following tables show the calculation of basic and diluted earnings per share: | ||||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS) | INCOME | SHARES | PER SHARE | INCOME | SHARES | PER SHARE | ||||||||||||||||||||||||||
AMOUNT | AMOUNT | |||||||||||||||||||||||||||||||
Basic net income applicable to common stock | $ | 70,835 | 60,372,569 | $ | 1.17 | $ | 66,407 | 60,450,384 | $ | 1.1 | ||||||||||||||||||||||
Effect of dilutive securities | ||||||||||||||||||||||||||||||||
Add: restricted stock (LTICP) | 317,027 | 298,263 | ||||||||||||||||||||||||||||||
Diluted net income applicable to common stock | $ | 70,835 | 60,689,596 | $ | 1.17 | $ | 66,407 | 60,748,647 | $ | 1.09 | ||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS) | INCOME | SHARES | PER SHARE | INCOME | SHARES | PER SHARE | ||||||||||||||||||||||||||
AMOUNT | AMOUNT | |||||||||||||||||||||||||||||||
Basic net income applicable to common stock | $ | 133,392 | 60,410,122 | $ | 2.21 | $ | 135,572 | 60,428,944 | $ | 2.25 | ||||||||||||||||||||||
Effect of dilutive securities | ||||||||||||||||||||||||||||||||
Add: restricted stock (LTICP) | 301,421 | 265,688 | ||||||||||||||||||||||||||||||
Diluted net income applicable to common stock | $ | 133,392 | 60,711,543 | $ | 2.2 | $ | 135,572 | 60,694,632 | $ | 2.23 | ||||||||||||||||||||||
Stock option grants are excluded from the computation of diluted earnings per share if the exercise price is higher than the average market price. There were no stock option grants awarded or outstanding during the nine months ended September 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||||||||||
At September 30, 2014, Cleco had two stock-based compensation plans, the ESPP and the LTICP. Substantially all employees, excluding officers and general managers, may choose to participate in the ESPP and purchase a limited amount of common stock at a discount through a stock option agreement. In accordance with the Merger Agreement, the ESPP has been suspended pending the completion of the Merger. Effective upon the completion of the Merger, the ESPP will be cancelled. Options or restricted shares of stock, known as non-vested stock as defined by the authoritative guidance on stock-based compensation, common stock equivalents, and stock appreciation rights may be granted to certain officers, key employees, or directors of Cleco Corporation and its subsidiaries pursuant to the LTICP. For more information about the Merger, see Note 15 — “Subsequent Event — Agreement and Plan of Merger.” | ||||||||||||||||||||||||||||||||
During the nine months ended September 30, 2014, Cleco granted 122,222 shares of non-vested stock to certain officers and key employees of Cleco Corporation and its subsidiaries pursuant to the LTICP. | ||||||||||||||||||||||||||||||||
Cleco and Cleco Power reported pre-tax compensation expense for their share-based compensation plans as shown in the following table: | ||||||||||||||||||||||||||||||||
CLECO CORPORATION | CLECO POWER | CLECO CORPORATION | CLECO POWER | |||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Equity classification | ||||||||||||||||||||||||||||||||
Non-vested stock | $ | 1,344 | $ | 1,585 | $ | 528 | $ | 492 | $ | 4,798 | $ | 4,487 | $ | 1,461 | $ | 1,204 | ||||||||||||||||
Total equity classification | $ | 1,344 | $ | 1,585 | $ | 528 | $ | 492 | $ | 4,798 | $ | 4,487 | $ | 1,461 | $ | 1,204 | ||||||||||||||||
Liability classification | ||||||||||||||||||||||||||||||||
Common stock equivalent units | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||||||||
Total pre-tax compensation expense | $ | 1,344 | $ | 1,585 | $ | 528 | $ | 492 | $ | 4,798 | $ | 4,488 | $ | 1,461 | $ | 1,205 | ||||||||||||||||
Tax benefit | $ | 517 | $ | 610 | $ | 203 | $ | 189 | $ | 1,846 | $ | 1,727 | $ | 562 | $ | 463 | ||||||||||||||||
Common Stock Repurchase Program | ||||||||||||||||||||||||||||||||
In January 2011, Cleco Corporation’s Board of Directors approved the implementation of a common stock repurchase program. This program authorizes management to repurchase, from time to time, shares of common stock so that Cleco’s diluted average shares of common stock outstanding remain approximately equal to its diluted average shares of common stock outstanding for 2010. Under this program, purchases may be made on a discretionary basis at times and in amounts as determined by management, subject to market conditions, legal requirements, and other factors. Purchases under the program will not be announced in advance and may be made in the open market or through privately negotiated transactions. During the first quarter of 2014, Cleco Corporation repurchased 250,000 shares of common stock. No other shares of common stock were repurchased during the nine months ended September 30, 2014 or 2013. In accordance with the Merger Agreement, until the completion of the Merger, no additional common stock will be repurchased under this program. For more information about the Merger, see Note 15 — “Subsequent Event — Agreement and Plan of Merger.” |
Recent_Authoritative_Guidance
Recent Authoritative Guidance | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Authoritative Guidance | ' |
Note 2 — Recent Authoritative Guidance | |
The Registrants adopted, or will adopt, the recent authoritative guidance listed below on their respective effective dates. | |
In January 2014, FASB amended the accounting guidance for investments in qualified affordable housing projects. This guidance modifies the conditions that must be met to present the pre-tax effects and related tax benefits of such investments as a component of income taxes. The adoption of this guidance is effective for annual periods and interim reporting periods within those annual periods, beginning after December 31, 2014. The adoption of this guidance is not expected to have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |
In January 2014, FASB amended the accounting guidance for service concession arrangements. This guidance states that certain service concession arrangements with public-sector grantors are not within the scope of lease accounting. Operating entities entering into these arrangements should not recognize the related infrastructure as its property, plant, and equipment and should apply other accounting guidance. The adoption of this guidance is effective for interim periods beginning after December 15, 2014. The adoption of this guidance is not expected to have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |
In April 2014, FASB amended the accounting guidance for the reporting of discontinued operations. These amendments improve the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have or will have a major effect on an entity’s operations and financial results. This guidance also requires additional disclosures about discontinued operations. The adoption of this guidance is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. The adoption of this guidance is not expected to have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |
In May 2014, FASB amended the accounting guidance for revenue recognition. The amended guidance affects entities that enter into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The adoption of this guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Management is currently evaluating the effect the adoption of this guidance will have on the financial condition, results of operations, and cash flows of the Registrants. | |
In June 2014, FASB amended the accounting guidance for transfers and servicing specifically related to repurchase-to-maturity transactions, repurchase financings and disclosures. Entities will be subject to new disclosure requirements for certain transactions that involve a transfer of a financial asset accounted for as a sale. All entities will also be subject to new disclosure requirements for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings. The adoption of this guidance is effective for the first interim or annual period beginning after December 15, 2014. The adoption of this guidance is not expected to have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |
In June 2014, FASB amended the accounting guidance for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The amendments in this guidance require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The adoption of this guidance is effective for annual periods beginning after December 15, 2015, including interim periods within that reporting period. The adoption of this guidance is not expected to have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |
In August 2014, FASB amended the accounting guidance for the presentation and disclosure of uncertainties about an entity’s ability to continue as a going concern. This guidance requires management to evaluate and disclose whether there is substantial doubt about its ability to continue as a going concern. The guidance provides that management should consider relevant conditions or events that are known or reasonably known on the date the financial statements are issued. The adoption of this guidance is effective for annual reporting periods ending after December 15, 2016, and for annual periods and interim periods thereafter. The adoption of this guidance is not expected to have an effect on the financial condition, results of operations, or cash flows of the Registrants. |
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | |||||||
Regulatory Assets and Liabilities | ' | |||||||
Note 3 — Regulatory Assets and Liabilities | ||||||||
Cleco Power follows the authoritative guidance on regulated operations, which allows utilities to capitalize or defer certain costs based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered through the ratemaking process. The following table summarizes Cleco Power’s regulatory assets and liabilities. | ||||||||
(THOUSANDS) | AT SEPT. 30, 2014 | AT DEC. 31, 2013 | ||||||
Regulatory assets – deferred taxes, net | $ | 236,622 | $ | 229,173 | ||||
Mining costs | $ | 12,108 | $ | 14,019 | ||||
Interest costs | 5,672 | 5,943 | ||||||
Asset removal costs | 991 | 936 | ||||||
Postretirement plan costs | 88,329 | 93,333 | ||||||
Tree trimming costs | 7,271 | 4,840 | ||||||
Training costs | 7,058 | 7,175 | ||||||
Surcredits, net | 14,493 | 16,738 | ||||||
Amended lignite mining agreement contingency | 3,781 | 3,781 | ||||||
Power purchase agreement capacity costs | — | 9,749 | ||||||
AMI deferred revenue requirement | 5,999 | 4,682 | ||||||
Production O&M expenses | 7,755 | 8,459 | ||||||
AFUDC equity gross-up | 73,063 | 73,306 | ||||||
Rate case costs | — | 45 | ||||||
Acadia Unit 1 acquisition costs | 2,680 | 2,760 | ||||||
Financing costs | 9,495 | 9,772 | ||||||
Biomass costs | 90 | 114 | ||||||
MISO integration costs | 3,509 | — | ||||||
Coughlin transaction costs | 1,068 | — | ||||||
Corporate franchise tax | 2,274 | — | ||||||
Acadia FRP true-up | 754 | — | ||||||
Other | 654 | — | ||||||
Total regulatory assets | $ | 247,044 | $ | 255,652 | ||||
Fuel and purchased power | 40,217 | (3,869 | ) | |||||
Total regulatory assets, net | $ | 523,883 | $ | 480,956 | ||||
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 accumulated deferred income tax 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 also was allowed to record a corresponding regulatory asset in an amount representing the flow back of the carrying charges to ratepayers. This amount is being amortized over various terms of the established surcredits. | ||||||||
As a result of a settlement with the LPSC, Cleco Power is required to implement a surcredit when funds are withdrawn from the restricted storm reserve. In March 2014, Cleco Power withdrew $4.0 million from the restricted storm reserve to pay for storm damages, resulting in the establishment of a new surcredit. This surcredit will be utilized to partially replenish the storm reserve. | ||||||||
In the third quarter of 2013 and the first quarter of 2014, Cleco Power recorded true-ups 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 has recorded a regulatory asset that represents the amounts that will be collected from ratepayers in future periods. | ||||||||
On June 18, 2014, the LPSC approved Cleco Power’s FRP extension. A provision of the FRP extension was to reduce base rates by the amount of the surcredits, beginning July 1, 2014. These amounts are being collected and amortized over a four-year period. For more information on the FRP extension, see Note 9 — “Electric Customer Credits.” | ||||||||
Power Purchase Agreement Capacity Costs | ||||||||
In March 2012, Cleco Power received approval from the LPSC for a three-year power purchase agreement with Evangeline providing 730 MW of capacity and energy beginning May 1, 2012 and ending April 30, 2015. The LPSC order allowed Cleco Power to defer and recover a portion of capacity costs associated with the power purchase agreement. On March 15, 2014, Coughlin was transferred to Cleco Power, and the power purchase agreement was terminated. At June 30, 2014, the regulatory asset was fully amortized. | ||||||||
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, as a regulatory asset, the estimated revenue requirements for the AMI project. The amount of the regulatory asset, including carrying charges, was capped by the LPSC at $20.0 million. On June 18, 2014, the LPSC approved Cleco Power’s FRP extension, and the AMI regulatory asset and project capital costs were included in rate base. The AMI deferred revenue requirement is being recovered over the remaining economic life of the meters, or approximately 11 years, beginning July 1, 2014. | ||||||||
Production O&M Expenses | ||||||||
In September 2009, the LPSC authorized Cleco Power to defer, as a regulatory asset, production O&M expenses, net of fuel and payroll, above the retail jurisdictional portion of $25.6 million annually (deferral threshold). On June 18, 2014, the LPSC approved Cleco Power’s FRP extension, which increased the O&M deferral threshold to $45.0 million annually. The amount of the regulatory asset is capped at $23.0 million. Also, as part of the FRP extension, the LPSC allowed Cleco Power to recover collection of the amount deferred in each calendar year, if any, over the following three-year regulatory period, beginning July 1. In December 2013, Cleco Power deferred $8.5 million as a regulatory asset and began recovering this amount on July 1, 2014. | ||||||||
MISO Integration Costs | ||||||||
On June 18, 2014, the LPSC approved Cleco Power’s request to recover the integration costs associated with Cleco Power joining MISO. The MISO integration costs are being recovered over a four-year period, beginning July 1, 2014. | ||||||||
Coughlin Transaction Costs | ||||||||
On January 15, 2014, the LPSC authorized Cleco Power to create a regulatory asset for the Coughlin transfer transaction costs. The Coughlin transaction costs are being recovered over the 35-year life of the plant, beginning July 1, 2014. | ||||||||
Corporate Franchise Tax | ||||||||
As part of the FRP extension approved by the LPSC on June 18, 2014, Cleco Power was authorized to recover the retail portion of state corporate franchise taxes paid, including $3.7 million remitted to the State of Louisiana on April 15, 2014. The deferred corporate franchise taxes are being recovered over 12 months, beginning July 1, 2014. | ||||||||
Acadia FRP True-up | ||||||||
For the FRP period July 1, 2013 through June 30, 2014, Cleco Power was authorized by the LPSC to recover the estimated revenue requirement of $58.3 million related to Acadia Unit 1. In June 2014, Cleco Power determined that it had under-recovered $0.8 million in revenue during the period from customers based on the actual revenue requirement for Acadia Unit 1. The amount representing the under-collection was deferred and is expected to be recovered from customers over 12 months, beginning July 1, 2015. | ||||||||
Other | ||||||||
On June 18, 2014, the LPSC approved Cleco Power’s FRP extension which authorized the recovery of previously deferred costs incurred as a result of Cleco Power’s FRP extension filing, the 2003 through 2008 fuel audit, and a biomass study. These costs are being recovered over a three-year period, beginning July 1, 2014. | ||||||||
Fuel and Purchased Power Costs | ||||||||
The cost of fuel used for electric generation and the cost of power purchased for utility customers are recovered through the LPSC-established FAC, which enables Cleco Power to pass on to its customers substantially all such charges. For the three months ended September 30, 2014, approximately 76% of Cleco Power’s total fuel cost was regulated by the LPSC, while the remainder was regulated by FERC. | ||||||||
The $44.1 million increase in the under/over recovered costs was primarily due to $25.9 million of higher than normal fuel costs during plant outages, the addition of a new wholesale customer, and the timing of collections of fuel expenses. Also contributing was an $18.2 million increase due to the settlement of previously open FTR positions and a mark-to-market loss on current open FTR positions. |
Fair_Value_Accounting
Fair Value Accounting | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Accounting | ' | |||||||||||||||||||||||||||||||
Note 4 — Fair Value Accounting | ||||||||||||||||||||||||||||||||
The amounts reflected in Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2014 and December 31, 2013, for cash equivalents, restricted cash equivalents, accounts receivable, other accounts receivable, and accounts payable approximate fair value because of their short-term nature. | ||||||||||||||||||||||||||||||||
The following tables summarize the carrying value and estimated market value of Cleco and Cleco Power’s financial instruments not measured at fair value in Cleco and Cleco Power’s Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
Cleco | ||||||||||||||||||||||||||||||||
AT SEPT. 30, 2014 | AT DEC. 31, 2013 | |||||||||||||||||||||||||||||||
(THOUSANDS) | CARRYING | ESTIMATED | CARRYING | ESTIMATED | ||||||||||||||||||||||||||||
VALUE | FAIR VALUE | VALUE | FAIR VALUE | |||||||||||||||||||||||||||||
Financial instruments not marked-to-market: | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 4,400 | $ | 4,400 | $ | 22,204 | $ | 22,204 | ||||||||||||||||||||||||
Restricted cash equivalents | $ | 18,802 | $ | 18,802 | $ | 14,019 | $ | 14,019 | ||||||||||||||||||||||||
Long-term debt, excluding debt issuance costs | $ | 1,338,354 | $ | 1,534,758 | $ | 1,331,230 | $ | 1,420,048 | ||||||||||||||||||||||||
Cleco Power | ||||||||||||||||||||||||||||||||
AT SEPT. 30, 2014 | AT DEC. 31, 2013 | |||||||||||||||||||||||||||||||
(THOUSANDS) | CARRYING | ESTIMATED | CARRYING | ESTIMATED | ||||||||||||||||||||||||||||
VALUE | FAIR VALUE | VALUE | FAIR VALUE | |||||||||||||||||||||||||||||
Financial instruments not marked-to-market: | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 1,000 | $ | 1,000 | $ | 14,900 | $ | 14,900 | ||||||||||||||||||||||||
Restricted cash equivalents | $ | 18,781 | $ | 18,781 | $ | 13,998 | $ | 13,998 | ||||||||||||||||||||||||
Long-term debt, excluding debt issuance costs | $ | 1,301,354 | $ | 1,497,758 | $ | 1,326,230 | $ | 1,415,048 | ||||||||||||||||||||||||
Fair Value Measurements and Disclosures | ||||||||||||||||||||||||||||||||
The authoritative guidance on fair value measurements requires entities to classify assets and liabilities that are either measured or disclosed 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 or disclosed on a recurring basis and within the scope of the authoritative guidance for fair value measurements and disclosures. | ||||||||||||||||||||||||||||||||
Cleco | ||||||||||||||||||||||||||||||||
CLECO CONSOLIDATED FAIR VALUE MEASUREMENTS AT REPORTING DATE USING: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2014 | QUOTED PRICES IN | SIGNIFICANT | SIGNIFICANT | AT DEC. 31, 2013 | QUOTED PRICES IN | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||||||
ACTIVE MARKETS | OTHER | UNOBSERVABLE | ACTIVE MARKETS | OTHER | UNOBSERVABLE | |||||||||||||||||||||||||||
FOR IDENTICAL | OBSERVABLE | INPUTS | FOR IDENTICAL | OBSERVABLE | INPUTS | |||||||||||||||||||||||||||
ASSETS | INPUTS | (LEVEL 3) | ASSETS | INPUTS | (LEVEL 3) | |||||||||||||||||||||||||||
(LEVEL 1) | (LEVEL 2) | (LEVEL 1) | (LEVEL 2) | |||||||||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||||||||||
Institutional money market funds | $ | 23,202 | $ | — | $ | 23,202 | $ | — | $ | 36,100 | $ | — | $ | 36,100 | $ | — | ||||||||||||||||
Commercial paper | — | — | — | — | 1,483 | — | 1,483 | — | ||||||||||||||||||||||||
Municipal bonds | — | — | — | — | 9,831 | — | 9,831 | — | ||||||||||||||||||||||||
Corporate bonds | — | — | — | — | 515 | — | 515 | — | ||||||||||||||||||||||||
Federal agency mortgage-backed securities | — | — | — | — | 1,000 | — | 1,000 | — | ||||||||||||||||||||||||
FTRs | 18,504 | — | — | 18,504 | 9,020 | — | — | 9,020 | ||||||||||||||||||||||||
Total assets | $ | 41,706 | $ | — | $ | 23,202 | $ | 18,504 | $ | 57,949 | $ | — | $ | 48,929 | $ | 9,020 | ||||||||||||||||
Liability Description | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 1,534,758 | $ | — | $ | 1,534,758 | $ | — | $ | 1,420,048 | $ | — | $ | 1,420,048 | $ | — | ||||||||||||||||
FTRs | 1,732 | — | — | 1,732 | 382 | — | — | 382 | ||||||||||||||||||||||||
Total liabilities | $ | 1,536,490 | $ | — | $ | 1,534,758 | $ | 1,732 | $ | 1,420,430 | $ | — | $ | 1,420,048 | $ | 382 | ||||||||||||||||
Cleco Power | ||||||||||||||||||||||||||||||||
CLECO POWER FAIR VALUE MEASUREMENTS AT REPORTING DATE USING: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2014 | QUOTED PRICES IN | SIGNIFICANT | SIGNIFICANT | AT DEC. 31, 2013 | QUOTED PRICES IN | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||||||
ACTIVE MARKETS | OTHER | UNOBSERVABLE | ACTIVE MARKETS | OTHER | UNOBSERVABLE | |||||||||||||||||||||||||||
FOR IDENTICAL | OBSERVABLE | INPUTS | FOR IDENTICAL | OBSERVABLE | INPUTS | |||||||||||||||||||||||||||
ASSETS | INPUTS | (LEVEL 3) | ASSETS | INPUTS | (LEVEL 3) | |||||||||||||||||||||||||||
(LEVEL 1) | (LEVEL 2) | (LEVEL 1) | (LEVEL 2) | |||||||||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||||||||||
Institutional money market funds | $ | 19,781 | $ | — | $ | 19,781 | $ | — | $ | 28,775 | $ | — | $ | 28,775 | $ | — | ||||||||||||||||
Commercial paper | — | — | — | — | 1,483 | — | 1,483 | — | ||||||||||||||||||||||||
Municipal bonds | — | — | — | — | 9,831 | — | 9,831 | — | ||||||||||||||||||||||||
Corporate bonds | — | — | — | — | 515 | — | 515 | — | ||||||||||||||||||||||||
Federal agency mortgage-backed securities | — | — | — | — | 1,000 | — | 1,000 | — | ||||||||||||||||||||||||
FTRs | 18,504 | — | — | 18,504 | 9,020 | — | — | 9,020 | ||||||||||||||||||||||||
Total assets | $ | 38,285 | $ | — | $ | 19,781 | $ | 18,504 | $ | 50,624 | $ | — | $ | 41,604 | $ | 9,020 | ||||||||||||||||
Liability Description | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 1,497,758 | $ | — | $ | 1,497,758 | $ | — | $ | 1,415,048 | $ | — | $ | 1,415,048 | $ | — | ||||||||||||||||
FTRs | 1,732 | — | — | 1,732 | 382 | — | — | 382 | ||||||||||||||||||||||||
Total liabilities | $ | 1,499,490 | $ | — | $ | 1,497,758 | $ | 1,732 | $ | 1,415,430 | $ | — | $ | 1,415,048 | $ | 382 | ||||||||||||||||
The following tables summarize the net changes in the fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | ||||||||||||||||||||||||||||||||
Beginning balance at July 1, 2014 | $ | 42,972 | ||||||||||||||||||||||||||||||
Unrealized losses* | (6,190 | ) | ||||||||||||||||||||||||||||||
Purchases and settlements | (20,010 | ) | ||||||||||||||||||||||||||||||
Ending balance at Sept. 30, 2014 | $ | 16,772 | ||||||||||||||||||||||||||||||
* Unrealized gains and losses are reported in Accumulated deferred fuel on the balance sheet. | ||||||||||||||||||||||||||||||||
(THOUSANDS) | ||||||||||||||||||||||||||||||||
Beginning balance at January 1, 2014 | $ | 8,638 | ||||||||||||||||||||||||||||||
Unrealized losses* | (9,610 | ) | ||||||||||||||||||||||||||||||
Purchases and settlements | 17,744 | |||||||||||||||||||||||||||||||
Ending balance at Sept. 30, 2014 | $ | 16,772 | ||||||||||||||||||||||||||||||
* Unrealized gains and losses are reported in Accumulated deferred fuel on the balance sheet. | ||||||||||||||||||||||||||||||||
The following table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
FAIR VALUE | VALUATION TECHNIQUE | SIGNIFICANT | FORWARD PRICE RANGE | |||||||||||||||||||||||||||||
UNOBSERVABLE INPUTS | ||||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT FORWARD PRICE RANGE) | Assets | Liabilities | Low | High | ||||||||||||||||||||||||||||
FTRs at Sept. 30, 2014 | $ | 18,504 | $ | 1,732 | Discounted cash flow | Estimated auction price | $ | (5.73 | ) | $ | 5.62 | |||||||||||||||||||||
FTRs at Dec. 31, 2013 | $ | 9,020 | $ | 382 | Discounted cash flow | Estimated auction price | $ | (4.88 | ) | $ | 33.75 | |||||||||||||||||||||
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 number 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 and then discounted to the current period using a United States Treasury published interest rate as a proxy for a risk-free rate of return. Cleco has consistently applied the Level 2 fair value technique from fiscal period to fiscal period. 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 therefore estimated prices are used in the discounted cash flow approach. | ||||||||||||||||||||||||||||||||
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 September 30, 2014, 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 institutional money market funds were reported on the Cleco Condensed Consolidated Balance Sheet in cash and cash equivalents, current restricted cash and cash equivalents, and non-current restricted cash and cash equivalents of $4.4 million, $3.5 million, and $15.3 million, respectively, at September 30, 2014. At Cleco Power, the institutional money market funds were reported on the Condensed Consolidated Balance Sheet in cash and cash equivalents, current restricted cash and cash equivalents, and non-current restricted cash and cash equivalents of $1.0 million, $3.5 million, and $15.3 million, respectively, at September 30, 2014. 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 in order to maintain liquidity and achieve the goal of a net asset value of a dollar. The risk associated with this class is price volatility associated with the underlying securities of the fund. | ||||||||||||||||||||||||||||||||
The commercial paper, municipal bonds, corporate bonds, and federal agency mortgage-backed securities were reported on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets in restricted investments in the amount of $1.5 million, $9.8 million, $0.5 million, and $1.0 million at December 31, 2013, respectively. During the first quarter of 2014, Cleco ended its relationship with its outside investment manager and liquidated all holdings in these restricted investments. The Level 2 commercial paper, municipal bonds, corporate bonds, and federal agency mortgage-backed securities consisted of a single class. In order to maximize income, meet the requirements established by the LPSC for the restricted reserve fund, and maintain safety and liquidity, restricted cash and cash equivalents were invested in short-term, fixed-income debt instruments. The risk associated with this class was price volatility associated with the commercial paper, municipal bonds, corporate bonds, and federal agency mortgage-backed securities. Quarterly, Cleco received reports from the trustee for the investment manager which provided the fair value measurement. Cleco performed an evaluation of those reports to verify the fair value of the securities. | ||||||||||||||||||||||||||||||||
In connection with joining MISO, Cleco Power received a direct allocation of FTRs in November 2013. Cleco Power currently purchases the majority of its FTRs in auctions facilitated by MISO during the second quarter of each year and may also purchase additional FTRs in monthly auctions facilitated by MISO. Cleco Power’s FTRs were priced using MISO’s monthly estimated auction prices. The monthly estimated auction prices are discounted to net present value to determine fair value. 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. For more information about FTRs, see “— Derivatives and Hedging.” | ||||||||||||||||||||||||||||||||
The Level 2 long-term debt liability consists of a single class. In order to fund capital requirements, Cleco issues long-term, fixed and variable rate 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 that issued the debt. | ||||||||||||||||||||||||||||||||
During the nine months ended September 30, 2014, and the year ended December 31, 2013, Cleco did not experience any transfers between levels. | ||||||||||||||||||||||||||||||||
Restricted Investments | ||||||||||||||||||||||||||||||||
In 2007, the LPSC authorized the funding and securitization of a $50.0 million reserve for Cleco Power’s future storm costs. In July 2012, Cleco Power transferred $13.0 million of the related restricted cash and cash equivalents to an outside investment manager. Investments made by the investment manager were restricted to the criteria established by management in Cleco Power’s guidelines for short-term investments. At December 31, 2013, the investments included cash and cash equivalents and debt securities. During the first quarter of 2014, Cleco ended its relationship with this outside investment manager and liquidated all holdings in these restricted investments. | ||||||||||||||||||||||||||||||||
The cash and cash equivalents portion of the investments were reflected in Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at December 31, 2013, as restricted cash and cash equivalents at their approximate fair value because of their short-term nature. | ||||||||||||||||||||||||||||||||
The debt securities portion of the investments were recorded at fair value on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at December 31, 2013, as restricted investments. The investments in debt securities included municipal bonds, corporate bonds, federal agency mortgage-backed securities, and commercial paper with original maturity dates of more than three months and were classified as available-for-sale securities and reported at fair value. Because Cleco Power’s investment strategy for these investments was within the requirements established by the LPSC for the restricted reserve fund, realized and unrealized gains and losses, interest income, investment management fees, and custody fees were recorded directly to Cleco Power’s restricted storm reserve rather than in earnings or OCI. As a result, no amounts were recorded to OCI for these investments. The unrealized gains and losses on Cleco Power’s debt securities at December 31, 2013, were caused by interest rate movements. | ||||||||||||||||||||||||||||||||
The following table provides a reconciliation of Cleco Power’s available-for-sale debt securities from amortized cost to fair value at December 31, 2013: | ||||||||||||||||||||||||||||||||
AT DEC. 31, 2013 | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AMORTIZED | TOTAL | TOTAL | FAIR VALUE | ||||||||||||||||||||||||||||
COST | UNREALIZED GAINS (1) | UNREALIZED | ||||||||||||||||||||||||||||||
LOSSES (1) | ||||||||||||||||||||||||||||||||
Municipal bonds | $ | 9,838 | $ | 8 | $ | (15 | ) | $ | 9,831 | |||||||||||||||||||||||
Corporate bonds | 513 | 2 | — | 515 | ||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | 1,000 | — | — | 1,000 | ||||||||||||||||||||||||||||
Commercial paper | 1,483 | — | — | 1,483 | ||||||||||||||||||||||||||||
Total available-for-sale debt securities | $ | 12,834 | $ | 10 | $ | (15 | ) | $ | 12,829 | |||||||||||||||||||||||
(1) Unrealized gains and losses were recorded to the restricted storm reserve. | ||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2014, Cleco Power recognized less than $0.1 million of realized gains as a result of the portfolio liquidation during the first quarter of 2014. Realized gains and losses were determined on a specific identification basis. | ||||||||||||||||||||||||||||||||
Derivatives and Hedging | ||||||||||||||||||||||||||||||||
The authoritative guidance on derivatives and hedging requires entities to provide transparent disclosures about a company’s derivative activities and how the related hedged items affect a company’s financial position, financial performance, and cash flows. Cleco is required to provide qualitative and quantitative disclosures about derivative fair value, gains and losses, and credit-risk-related contingent features in derivative agreements. | ||||||||||||||||||||||||||||||||
Commodity Contracts | ||||||||||||||||||||||||||||||||
The following table presents the fair values of derivative instruments and their respective line items as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||||||||||||||||||||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT SEPT. 30, 2014 | AT DEC. 31, 2013 | |||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
FTRs: | ||||||||||||||||||||||||||||||||
Current | Energy risk management assets | $ | 18,504 | $ | 9,020 | |||||||||||||||||||||||||||
Current | Energy risk management liabilities | 1,732 | 382 | |||||||||||||||||||||||||||||
Total | $ | 16,772 | $ | 8,638 | ||||||||||||||||||||||||||||
The following tables present the effect of derivatives not designated as hedging instruments on Cleco and Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2014: | ||||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, 2014 | ||||||||||||||||||||||||||||||||
(THOUSANDS) | DERIVATIVES LINE ITEM | AMOUNT OF GAIN/(LOSS) | ||||||||||||||||||||||||||||||
RECOGNIZED IN INCOME ON DERIVATIVES | ||||||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
FTRs | Electric operations | $ | 27,618 | |||||||||||||||||||||||||||||
FTRs | Power purchased for utility customers | (20,122 | ) | |||||||||||||||||||||||||||||
Total | $ | 7,496 | ||||||||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, 2014 | ||||||||||||||||||||||||||||||||
(THOUSANDS) | DERIVATIVES LINE ITEM | AMOUNT OF GAIN/(LOSS) | ||||||||||||||||||||||||||||||
RECOGNIZED IN INCOME ON DERIVATIVES | ||||||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
FTRs | Electric operations | $ | 52,946 | |||||||||||||||||||||||||||||
FTRs | Power purchased for utility customers | (30,871 | ) | |||||||||||||||||||||||||||||
Total | $ | 22,075 | ||||||||||||||||||||||||||||||
At September 30, 2014 and December 31, 2013, Cleco Power had no open positions hedged for natural gas. | ||||||||||||||||||||||||||||||||
In connection with joining MISO, Cleco Power received a direct allocation of FTRs in November 2013. Cleco Power currently purchases the majority of its FTRs in annual auctions facilitated by MISO during the second quarter of each year and may also purchase additional FTRs in monthly auctions facilitated by MISO. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Cleco Power’s customer load. They are not designated as hedging instruments. At September 30, 2014 and December 31, 2013, Cleco Power had 16.8 million MWh and 6.8 million MWh, respectively, of FTRs outstanding. | ||||||||||||||||||||||||||||||||
Interest Rate Derivatives | ||||||||||||||||||||||||||||||||
In November 2011, Cleco Power entered into a pay fixed/receive variable forward starting interest rate swap contract in order to mitigate the interest rate exposure on coupon payments related to the remaining $50.0 million fixed-rate forecasted debt issuance. The forward starting interest rate swap had a spot 30-year all-in swap rate of 3.05%, notional amount of $50.0 million, with a pricing date of May 14, 2013, or the issuance of the notes, whichever was earlier. The forward starting interest rate swap met the criteria of a cash flow hedge under the authoritative guidance as it related to derivatives and hedging and was carried on the balance sheet at its fair value. | ||||||||||||||||||||||||||||||||
During the first quarter of 2013, Cleco determined that the forward starting interest rate swap ceased to be highly effective in offsetting changes in the cash flows of the forecasted coupon payments and discontinued hedge accounting prospectively. In May 2013, upon pricing of the 2008 Series B GO Zone bonds, Cleco Power settled the forward starting interest rate swap at a loss of $3.3 million. Of this amount, Cleco Power deferred $2.9 million as a regulatory asset and recognized $0.4 million in OCI. In May 2013, Cleco Power began amortizing these losses over the 25-year term of the related debt. | ||||||||||||||||||||||||||||||||
The following table presents the effect of derivatives designated as hedging instruments on Cleco and Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(THOUSANDS) | AMOUNT | AMOUNT OF LOSS | AMOUNT | AMOUNT OF LOSS | ||||||||||||||||||||||||||||
OF GAIN | RECLASSIFIED FROM | OF GAIN | RECLASSIFIED FROM | |||||||||||||||||||||||||||||
RECOGNIZED | ACCUMULATED OCI | RECOGNIZED | ACCUMULATED OCI | |||||||||||||||||||||||||||||
IN OCI | INTO INCOME | IN OCI | INTO INCOME | |||||||||||||||||||||||||||||
(EFFECTIVE PORTION) | (EFFECTIVE PORTION) | |||||||||||||||||||||||||||||||
Interest rate | $ | — | $ | (86 | )* | $ | — | $ | (86 | )* | ||||||||||||||||||||||
derivatives (1) | ||||||||||||||||||||||||||||||||
* The loss reclassified from accumulated OCI into income (effective portion) is reflected in interest charges. | ||||||||||||||||||||||||||||||||
(1) During the three months ended September 30, 2014 and 2013, Cleco had no ineffectiveness and losses related to the interest rate derivatives as a regulatory asset. | ||||||||||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(THOUSANDS) | AMOUNT | AMOUNT OF LOSS | AMOUNT | AMOUNT OF LOSS | ||||||||||||||||||||||||||||
OF GAIN | RECLASSIFIED FROM | OF GAIN | RECLASSIFIED FROM | |||||||||||||||||||||||||||||
RECOGNIZED | ACCUMULATED OCI | RECOGNIZED | ACCUMULATED OCI | |||||||||||||||||||||||||||||
IN OCI | INTO INCOME | IN OCI | INTO INCOME | |||||||||||||||||||||||||||||
(EFFECTIVE PORTION) | (EFFECTIVE PORTION) | |||||||||||||||||||||||||||||||
Interest rate | $ | — | $ | (258 | )* | $ | 1,762 | $ | (165 | )* | ||||||||||||||||||||||
derivatives (1) | ||||||||||||||||||||||||||||||||
* The loss reclassified from accumulated OCI into income (effective portion) is reflected in interest charges. | ||||||||||||||||||||||||||||||||
(1) During the nine months ended September 30, 2014, Cleco had no ineffectiveness and losses related to the interest rate derivatives as a regulatory asset. During the nine months ended September 30, 2013, Cleco recorded ineffectiveness and losses related to the interest rate derivatives as a regulatory asset of $3.3 million. | ||||||||||||||||||||||||||||||||
At September 30, 2014, Cleco Power expected $0.3 million of the effective portion of deferred net losses related to interest rate derivatives to be reclassed from accumulated OCI to interest charges over the next 12 months. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
Note 5 — Debt | |
Short-term Debt | |
At September 30, 2014 and December 31, 2013, Cleco and Cleco Power had no short-term debt outstanding. | |
Long-term Debt | |
At September 30, 2014, Cleco’s long-term debt outstanding was $1.34 billion, of which $18.2 million was due within one year. The long-term debt due within one year at September 30, 2014, represents $15.8 million principal payments for the Cleco Katrina/Rita storm recovery bonds and $2.4 million of capital lease payments. | |
For Cleco, long-term debt increased $5.7 million from December 31, 2013, primarily due to a $22.0 million net increase in credit facility draws and debt discount amortizations of $0.3 million. These increases were partially offset by $14.9 million scheduled Cleco Katrina/Rita storm recovery bond principal payments made in March and September 2014, and a $1.7 million decrease in capital lease obligations. | |
At September 30, 2014, Cleco Power’s long-term debt outstanding was $1.30 billion, of which $18.2 million was due within one year. The long-term debt due within one year at September 30, 2014, represents $15.8 million principal payments for the Cleco Katrina/Rita storm recovery bonds and $2.4 million of capital lease payments. | |
For Cleco Power, long-term debt decreased $26.3 million from December 31, 2013, primarily due to $14.9 million scheduled Cleco Katrina/Rita storm recovery bond principal payments made in March and September 2014, a $10.0 million decrease in net credit facility draws, and a $1.7 million decrease in capital lease obligations. These decreases were partially offset by debt discount amortizations of $0.3 million. | |
Credit Facilities | |
At September 30, 2014, Cleco Corporation had $37.0 million of borrowings outstanding under its $250.0 million credit facility at an all-in interest rate of 1.235%. The borrowings under the credit facility are considered to be long-term because the credit facility expires in 2018. The borrowing costs under the facility are equal to LIBOR plus 1.075% or ABR plus 0.075%, plus facility fees of 0.175%. | |
At September 30, 2014, Cleco Power had $10.0 million of borrowings outstanding under its $300.0 million credit facility at an all-in interest rate of 1.02%. The borrowings under the credit facility are considered to be long-term because the credit facility expires in 2018. The borrowing costs under the facility are equal to LIBOR plus 0.9% or ABR, plus facility fees of 0.1%. In December 2013, Cleco Power provided a $1.0 million letter of credit to MISO pursuant to the credit requirements of FTRs. This letter of credit automatically renews each year and reduces Cleco Power’s credit facility capacity. On April 8, 2014, Cleco Power increased the letter of credit to $2.0 million. |
Pension_Plan_and_Employee_Bene
Pension Plan and Employee Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pension Plan and Employee Benefits | ' | |||||||||||||||
Note 6 — Pension Plan and Employee Benefits | ||||||||||||||||
Pension Plan and Other Benefits Plan | ||||||||||||||||
Most 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 calendar years during the last ten years of employment with Cleco. Cleco’s policy is to base its contributions to the employee pension plan upon actuarial computations utilizing the projected unit credit method, subject to the IRS’s full funding limitation. Cleco does not expect to make any required or discretionary contributions to the pension plan in 2014. In January 2013, Cleco Power made $34.0 million in discretionary contributions to the pension plan designated for the 2012 plan year. The required contributions are driven by liability funding target percentages set by law which could cause the required contributions to be uneven among the years. The ultimate amount and timing of the contributions may be affected by changes in the discount rate, changes in the funding regulations, and actual returns on fund assets. Cleco Power is considered the plan sponsor and Support Group is considered the plan administrator. | ||||||||||||||||
Cleco’s retirees and their dependents may be eligible to receive medical, dental, vision, and life insurance benefits (other benefits). Cleco recognizes the expected cost of these other benefits during the periods in which the benefits are earned. | ||||||||||||||||
The components of net periodic pension and other benefit cost for the three and nine months ended September 30, 2014 and 2013, are as follows: | ||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | ||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Components of periodic benefit cost: | ||||||||||||||||
Service cost | $ | 2,013 | $ | 2,472 | $ | 347 | $ | 614 | ||||||||
Interest cost | 4,963 | 4,485 | 432 | 214 | ||||||||||||
Expected return on plan assets | (6,127 | ) | (5,861 | ) | — | — | ||||||||||
Amortizations: | ||||||||||||||||
Transition obligation | — | — | 2 | 6 | ||||||||||||
Prior period service cost (credit) | (18 | ) | (18 | ) | 29 | — | ||||||||||
Net loss | 1,686 | 3,304 | 147 | 213 | ||||||||||||
Net periodic benefit cost | $ | 2,517 | $ | 4,382 | $ | 957 | $ | 1,047 | ||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Components of periodic benefit cost: | ||||||||||||||||
Service cost | $ | 6,038 | $ | 7,417 | $ | 1,157 | $ | 1,242 | ||||||||
Interest cost | 14,888 | 13,455 | 1,357 | 1,176 | ||||||||||||
Expected return on plan assets | (18,380 | ) | (17,584 | ) | — | — | ||||||||||
Amortizations: | ||||||||||||||||
Transition obligation | — | — | 12 | 15 | ||||||||||||
Prior period service cost (credit) | (53 | ) | (53 | ) | 89 | — | ||||||||||
Net loss | 5,057 | 9,913 | 502 | 849 | ||||||||||||
Net periodic benefit cost | $ | 7,550 | $ | 13,148 | $ | 3,117 | $ | 3,282 | ||||||||
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 three and nine months ended September 30, 2014 was $0.4 million and $1.3 million, respectively. The amounts for the same periods in 2013 were $0.6 million and $1.9 million, respectively. | ||||||||||||||||
Cleco Corporation 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 current portion of the other benefits liability for Cleco at September 30, 2014 and December 31, 2013, was $3.5 million. The current portion of the other benefits liability for Cleco Power at September 30, 2014 and December 31, 2013, was $3.2 million. The expense related to other benefits reflected in Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2014, was $0.8 million and $2.7 million, respectively. The amounts for the same periods in 2013 were $0.9 million and $2.8 million, respectively. | ||||||||||||||||
SERP | ||||||||||||||||
Certain Cleco officers are covered by SERP. SERP is a non-qualified, non-contributory, defined benefit pension plan. Benefits under the plan reflect an employee’s years of service, age at retirement, and the sum of the highest base salary paid out of the last five calendar years plus the average of the three highest cash bonuses paid during the 60 months prior to retirement, reduced by benefits received from any other defined benefit pension plan, supplemental executive retirement plan, or Cleco contributions under the enhanced 401(k) Plan to the extent such contributions exceed the limits of the 401(k) Plan. 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 designated as the beneficiary for life insurance policies issued on SERP participants. 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 from which the officer retired. Cleco Power is considered the plan sponsor and Support Group is considered the plan administrator. On July 24, 2014, the Board of Directors of Cleco voted to close SERP to new participants. With regard to current SERP participants, including former employees or their beneficiaries, all terms of SERP will continue. Management will look at current market trends as it evaluates Cleco’s future compensation strategy. | ||||||||||||||||
The components of net periodic SERP benefit cost for the three and nine months ended September 30, 2014 and 2013, are as follows: | ||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Components of periodic benefit cost: | ||||||||||||||||
Service cost | $ | 570 | $ | 514 | $ | 1,708 | $ | 1,541 | ||||||||
Interest cost | 757 | 645 | 2,271 | 1,934 | ||||||||||||
Amortizations: | ||||||||||||||||
Prior period service cost | 13 | 13 | 40 | 40 | ||||||||||||
Net loss | 469 | 576 | 1,407 | 1,728 | ||||||||||||
Net periodic benefit cost | $ | 1,809 | $ | 1,748 | $ | 5,426 | $ | 5,243 | ||||||||
The SERP liabilities are reported on the individual subsidiaries’ financial statements. The current portion of the SERP liability for Cleco at September 30, 2014 and December 31, 2013, was $2.8 million. The current portion of the SERP liability for Cleco Power at September 30, 2014 and December 31, 2013, was $0.9 million and $0.7 million, respectively. The expense related to SERP reflected on Cleco Power’s Condensed Consolidated Statements of Income was $0.4 million and $1.3 million for the three and nine months ended September 30, 2014, compared to $0.4 million and $1.2 million for the same period in 2013. | ||||||||||||||||
401(k) Plan | ||||||||||||||||
Cleco’s 401(k) Plan is intended to provide active, eligible employees with voluntary, long-term savings and investment opportunities. The 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 Plan, employer contributions can be in the form of Cleco Corporation stock or cash. Cash contributions are invested in proportion to the participant’s voluntary contribution investment choices. Plan participants are allowed to choose whether to have dividends on Cleco Corporation common stock distributed in cash or reinvested in additional shares of Cleco Corporation common stock. Participation in the Plan is voluntary, and active Cleco employees are eligible to participate. Cleco’s 401(k) Plan expense for the three and nine months ended September 30, 2014 and 2013 is as follows: | ||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
401(k) Plan expense | $ | 1,015 | $ | 936 | $ | 3,585 | $ | 3,361 | ||||||||
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 three and nine months ended September 30, 2014, was $0.2 million and $0.7 million, respectively. The amounts for the same periods in 2013 were $0.2 million and $0.8 million, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Note 7 — Income Taxes | ||||||||||||||||
The following table summarizes the effective income tax rates for Cleco and Cleco Power for the three and nine month periods ended September 30, 2014 and 2013. | ||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cleco | 25.7 | % | 34.1 | % | 28.3 | % | 33 | % | ||||||||
Cleco Power | 30.7 | % | 35 | % | 32.3 | % | 34.6 | % | ||||||||
Effective Tax Rates | ||||||||||||||||
For the three and nine months ended September 30, 2014 and 2013, the effective income tax rate for Cleco was different than the federal statutory rate primarily due to favorable settlements with taxing authorities, the flowthrough of state tax benefits associated with AFUDC equity, permanent tax differences, benefits delivered from Cleco’s investment in the NMTC Fund, and state tax expense. | ||||||||||||||||
For the three and nine months ended September 30, 2014 and 2013, the effective income tax rate for Cleco Power was different than the federal statutory rate primarily due to favorable settlements with taxing authorities, the flowthrough of state tax benefits associated with AFUDC equity, permanent tax differences, and state tax expense. | ||||||||||||||||
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. As of September 30, 2014 and December 31, 2013, Cleco had a deferred tax asset resulting from NMTC carryforwards of $94.3 million and $95.4 million, respectively. If the NMTC carryforwards are not utilized, they will begin to expire in 2029. Management considers it more likely than not that all deferred tax assets related to NMTC carryforwards will be realized; therefore, no valuation allowance has been recorded. | ||||||||||||||||
Net Operating Losses | ||||||||||||||||
As of September 30, 2014, Cleco had a net operating loss carryforward of $303.9 million primarily related to a tax accounting method change for bonus depreciation associated with Madison Unit 3. Cleco considers it more likely than not that these income tax losses generated will be utilized to reduce future income taxes, and Cleco expects to 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. The total amounts of interest payable and interest expense related to uncertain tax positions, as reflected on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets and Statements of Income, are shown in the following tables. | ||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2014 | AT DEC. 31, 2013 | ||||||||||||||
Interest payable | ||||||||||||||||
Cleco | $ | — | $ | 88 | ||||||||||||
Cleco Power | $ | — | $ | 11 | ||||||||||||
The interest payable reflects the amount of interest anticipated to be paid to or received from taxing authorities. These amounts do not include any offset for amounts that may be recovered from customers under existing rate orders. The amounts expected to be recoverable from Cleco Power’s customers under existing rate orders for settled positions at September 30, 2014 and December 31, 2013, are $6.1 million and $8.4 million, respectively. | ||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Interest charges | ||||||||||||||||
Cleco | $ | — | $ | 174 | $ | — | $ | (116 | ) | |||||||
Cleco Power | $ | — | $ | 113 | $ | — | $ | 354 | ||||||||
The interest charges reflect the amount of interest anticipated to be paid to or received from taxing authorities. These amounts do not include any offset for the amounts that may be recovered from customers under the existing rate orders. The amounts expected to be recoverable from Cleco Power’s customers under existing rate orders for settled positions at September 30, 2014, increased by $0.6 million from December 31, 2013. The amounts expected to be recoverable from Cleco Power’s customers under existing rate orders for settled positions at September 30, 2013, increased by $2.2 million from December 31, 2012. | ||||||||||||||||
The federal income tax year that remains subject to examination by the IRS is 2013. At December 31, 2012, Cleco deposited $60.4 million with the IRS for outstanding audits. Upon settlement with the IRS, in January 2013, Cleco received a refund of tax and interest of $42.3 million relating to tax years 2001 through 2008. The IRS has concluded its audit for the years 2010 through 2012. In August 2014, Cleco received approval from the Joint Committee on Taxation for tax years 2010 and 2011. The 2012 tax year did not require Joint Committee on Taxation approval. | ||||||||||||||||
The Louisiana state income tax years that remain subject to examination by the Louisiana Department of Revenue are 2011 through 2013. In August 2014, Cleco reached a settlement for tax years 2011 and 2013. The favorable impact from the settlement was reflected in various line items in the financial statements. | ||||||||||||||||
In 2013, Cleco reclassified all uncertain tax positions to current from noncurrent as it expected to settle all outstanding audits within the next 12 months. During 2014, Cleco decreased its liability for uncertain tax positions as a result of favorable settlements with taxing authorities. Cleco estimates that it is reasonably possible that the balance of unrecognized tax benefits as of September 30, 2014, for Cleco and Cleco Power would be unchanged in the next 12 months as a result of reaching a settlement with taxing authorities. The settlement of open tax years could involve the payment of additional taxes, the adjustment of deferred taxes, and/or the recognition of tax benefits, which may have an effect on Cleco’s effective tax rate. | ||||||||||||||||
Cleco classifies income tax penalties as a component of other expense. For the three and nine months ended September 30, 2014 and 2013, the amount of penalties recognized was immaterial. |
Disclosures_about_Segments
Disclosures about Segments | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Disclosures about Segments | ' | |||||||||||||||||||
Note 8 — Disclosures about Segments | ||||||||||||||||||||
Cleco’s reportable segments are based on its method of internal reporting, which disaggregates business units by its first-tier subsidiary. As a result of the Coughlin transfer from Evangeline to Cleco Power, Midstream no longer meets the requirements to be disclosed as a separate reportable segment. Management determined the retrospective application of this transfer to be quantitatively and qualitatively immaterial when taken as a whole in relation to Cleco Power’s financial statements. As a result, Cleco’s segment reporting disclosures were not retrospectively adjusted to reflect the transfer. For more information, see Note 14 — “Coughlin Transfer.” For the reporting period beginning April 1, 2014, the remaining operations of Midstream are included as Other in the following table, along with the holding company, a shared services subsidiary, two transmission interconnection facility subsidiaries, and an investment subsidiary. | ||||||||||||||||||||
The reportable segment engages in business activities from which it earns revenue and incurs expenses. Segment managers report periodically to Cleco’s Chief Executive Officer (the chief operating decision-maker) with discrete financial information and, at least quarterly, present discrete financial information to Cleco Corporation’s Board of Directors. The reportable segment prepared budgets for 2014 that were presented to and approved by Cleco Corporation’s Board of Directors. | ||||||||||||||||||||
The financial results of Cleco’s segments are presented on an accrual basis. Management evaluates the performance of its segment and allocates resources to it based on segment profit and the requirements to implement new strategic initiatives and projects to meet current business objectives. Material intercompany transactions occur on a regular basis. Prior to March 15, 2014, these intercompany transactions related primarily to the power purchase agreement between Cleco Power and Evangeline that began in 2012 and joint and common administrative support services provided by Support Group. Subsequent to March 15, 2014, these intercompany transactions relate primarily to joint and common administrative support services provided by Support Group. | ||||||||||||||||||||
SEGMENT INFORMATION FOR THE THREE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||
2014 (THOUSANDS) | CLECO POWER | OTHER | ELIMINATIONS | CONSOLIDATED | ||||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 352,763 | $ | — | $ | — | $ | 352,763 | ||||||||||||
Other operations | 18,957 | 540 | — | 19,497 | ||||||||||||||||
Electric customer credits | (874 | ) | — | — | (874 | ) | ||||||||||||||
Affiliate revenue | 332 | 14,745 | (15,077 | ) | — | |||||||||||||||
Operating revenue, net | $ | 371,178 | $ | 15,285 | $ | (15,077 | ) | $ | 371,386 | |||||||||||
Depreciation | $ | 37,518 | $ | 317 | $ | (1 | ) | $ | 37,834 | |||||||||||
Interest charges | $ | 14,486 | $ | (1,421 | ) | $ | 110 | $ | 13,175 | |||||||||||
Interest income | $ | 398 | $ | (91 | ) | $ | 109 | $ | 416 | |||||||||||
Federal and state income tax expense (benefit) | $ | 29,094 | $ | (4,651 | ) | $ | (1 | ) | $ | 24,442 | ||||||||||
Net income | $ | 65,544 | $ | 5,290 | $ | 1 | $ | 70,835 | ||||||||||||
Additions to long-lived assets | $ | 35,955 | $ | 102 | $ | — | $ | 36,057 | ||||||||||||
Equity investment in investees | $ | 14,532 | $ | 8 | $ | — | $ | 14,540 | ||||||||||||
Total segment assets | $ | 4,161,396 | $ | 54,394 | $ | 40,524 | $ | 4,256,314 | ||||||||||||
2013 (THOUSANDS) | CLECO POWER | MIDSTREAM | OTHER | ELIMINATIONS | CONSOLIDATED | |||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 314,766 | $ | — | $ | — | $ | — | $ | 314,766 | ||||||||||
Tolling operations | — | 12,339 | — | (12,339 | ) | — | ||||||||||||||
Other operations | 14,301 | 1 | 541 | — | 14,843 | |||||||||||||||
Electric customer credits | (846 | ) | — | — | — | (846 | ) | |||||||||||||
Affiliate revenue | 335 | — | 13,313 | (13,648 | ) | $ | — | |||||||||||||
Operating revenue, net | $ | 328,556 | $ | 12,340 | $ | 13,854 | $ | (25,987 | ) | $ | 328,763 | |||||||||
Depreciation | $ | 39,962 | $ | 1,522 | $ | 272 | $ | — | $ | 41,756 | ||||||||||
Interest charges | $ | 18,656 | $ | 312 | $ | (110 | ) | $ | 156 | $ | 19,014 | |||||||||
Interest income | $ | 331 | $ | — | $ | (156 | ) | $ | 157 | $ | 332 | |||||||||
Federal and state income tax expense (benefit) | $ | 33,355 | $ | 4,083 | $ | (3,048 | ) | $ | (1 | ) | $ | 34,389 | ||||||||
Net income | $ | 61,885 | $ | 1,164 | $ | 3,358 | $ | — | $ | 66,407 | ||||||||||
Additions to long-lived assets | $ | 38,585 | $ | 337 | $ | 358 | $ | — | $ | 39,280 | ||||||||||
Equity investment in investees (1) | $ | 14,532 | $ | — | $ | 8 | $ | — | $ | 14,540 | ||||||||||
Total segment assets (1) | $ | 3,943,712 | $ | 225,832 | $ | 88,234 | $ | (42,516 | ) | $ | 4,215,262 | |||||||||
(1) Balances as of December 31, 2013 | ||||||||||||||||||||
SEGMENT INFORMATION FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||
2014 (THOUSANDS) | CLECO POWER | OTHER | ELIMINATIONS | CONSOLIDATED | ||||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 939,519 | $ | — | $ | — | $ | 939,519 | ||||||||||||
Tolling operations | — | 5,467 | (5,467 | ) | — | |||||||||||||||
Other operations | 47,256 | 1,622 | — | 48,878 | ||||||||||||||||
Electric customer credits | (23,555 | ) | — | — | (23,555 | ) | ||||||||||||||
Affiliate revenue | 998 | 42,091 | (43,089 | ) | — | |||||||||||||||
Operating revenue | $ | 964,218 | $ | 49,180 | $ | (48,556 | ) | $ | 964,842 | |||||||||||
Depreciation | $ | 115,016 | $ | 2,129 | $ | — | $ | 117,145 | ||||||||||||
Interest charges | $ | 54,885 | $ | (1,727 | ) | $ | 350 | $ | 53,508 | |||||||||||
Interest income | $ | 1,349 | $ | (331 | ) | $ | 351 | $ | 1,369 | |||||||||||
Federal and state income tax expense (benefit) | $ | 59,375 | $ | (6,726 | ) | $ | — | $ | 52,649 | |||||||||||
Net income | $ | 124,509 | $ | 8,883 | $ | — | $ | 133,392 | ||||||||||||
Additions to (reductions in) long-lived assets | $ | 327,916 | $ | (175,666 | ) | $ | — | $ | 152,250 | |||||||||||
Equity investment in investees | $ | 14,532 | $ | 8 | $ | — | $ | 14,540 | ||||||||||||
Total segment assets | $ | 4,161,396 | $ | 54,394 | $ | 40,524 | $ | 4,256,314 | ||||||||||||
2013 (THOUSANDS) | CLECO POWER | MIDSTREAM | OTHER | ELIMINATIONS | CONSOLIDATED | |||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 796,957 | $ | — | $ | — | $ | — | $ | 796,957 | ||||||||||
Tolling operations | — | 26,483 | — | (26,483 | ) | — | ||||||||||||||
Other operations | 36,366 | 2 | 1,550 | (1 | ) | 37,917 | ||||||||||||||
Electric customer credits | (1,270 | ) | — | — | — | (1,270 | ) | |||||||||||||
Affiliate revenue | 1,005 | — | 40,406 | (41,411 | ) | — | ||||||||||||||
Operating revenue | $ | 833,058 | $ | 26,485 | $ | 41,956 | $ | (67,895 | ) | $ | 833,604 | |||||||||
Depreciation | $ | 105,251 | $ | 4,523 | $ | 755 | $ | — | $ | 110,529 | ||||||||||
Interest charges | $ | 60,882 | $ | (338 | ) | $ | 334 | $ | 480 | $ | 61,358 | |||||||||
Interest income | $ | 784 | $ | — | $ | (474 | ) | $ | 479 | $ | 789 | |||||||||
Federal and state income tax expense (benefit) | $ | 65,558 | $ | 7,221 | $ | (5,887 | ) | $ | — | $ | 66,892 | |||||||||
Net income | $ | 124,142 | $ | 6,180 | $ | 5,251 | $ | (1 | ) | $ | 135,572 | |||||||||
Additions to long-lived assets | $ | 124,731 | $ | 2,664 | $ | 1,629 | $ | — | $ | 129,024 | ||||||||||
Equity investment in investees (1) | $ | 14,532 | $ | — | $ | 8 | $ | — | $ | 14,540 | ||||||||||
Total segment assets (1) | $ | 3,943,712 | $ | 225,832 | $ | 88,234 | $ | (42,516 | ) | $ | 4,215,262 | |||||||||
(1) Balances as of December 31, 2013 | ||||||||||||||||||||
Electric_Customer_Credits
Electric Customer Credits | 9 Months Ended |
Sep. 30, 2014 | |
Regulated Operations [Abstract] | ' |
Electric Customer Credits | ' |
Note 9 — Electric Customer Credits | |
Prior to July 1, 2014, Cleco Power’s annual retail earnings were subject to the terms of an FRP established by the LPSC effective February 12, 2010. The FRP allowed Cleco Power the opportunity to earn a target return on equity of 10.7%, including returning to retail customers 60% of retail earnings between 11.3% and 12.3% and all retail earnings over 12.3%. In April 2013, Cleco Power filed an application with the LPSC to extend its current FRP and to seek rate recovery of the Coughlin transfer. On June 18, 2014, the LPSC approved Cleco Power’s FRP extension and finalized the rate treatment of Coughlin. The LPSC’s implementing order was issued on June 27, 2014. Effective July 1, 2014, under the terms of the FRP extension, Cleco Power has the opportunity to earn a target return on equity of 10.0%, including returning to retail customers 60% of retail earnings between 10.9% and 11.75% and all retail earnings over 11.75%. The amount of credits due customers, if any, is determined by Cleco Power and the LPSC annually. The ultimate amount of any customer refund is subject to LPSC approval. Cleco Power must file annual monitoring reports no later than October 31 for the 12-month period ending June 30. The next FRP extension must be filed by June 30, 2017. | |
On October 31, 2013, Cleco Power filed its monitoring report for the 12 months ended June 30, 2013, which indicated that $2.2 million was due to be returned to customers. On April 9, 2014, the LPSC Staff filed their report indicating agreement with Cleco Power’s refund calculation for the 12 months ended June 30, 2013. On June 18, 2014, the LPSC approved the Staff’s report, authorizing refunds for this filing. Cleco Power credited retail customers’ bills for this refund in September 2014. Also, as part of Cleco Power’s approved FRP extension, retail customers received a $22.3 million refund, which was included on customers’ bills in September 2014. | |
Cleco Power expects to file its monitoring report for the 12 months ended June 30, 2014 on or before October 31, 2014, which will indicate that approximately $1.7 million is due to be returned to retail customers and this amount is accrued at September 30, 2014. The accrual for estimated Electric customer credits reflected on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2014 and December 31, 2013, was $2.3 million and $3.5 million, respectively. |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Variable Interest Entities [Abstract] | ' | |||||||||||||||
Variable Interest Entities | ' | |||||||||||||||
Note 10 — Variable Interest Entities | ||||||||||||||||
Cleco and Cleco Power report investments in VIEs in accordance with the authoritative guidance. Cleco and Cleco Power report the investment in Oxbow under the equity method of accounting. Under the equity method, the assets and liabilities of Oxbow are reported as equity investment in investees on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of Oxbow are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Condensed Consolidated Statements of Income. | ||||||||||||||||
Equity Method VIEs | ||||||||||||||||
Equity investment in investees at September 30, 2014, primarily represents Cleco Power’s $14.5 million investment in Oxbow. Equity investments that are less than 100% owned by Diversified Lands represented less than $0.1 million of the total balance. | ||||||||||||||||
Oxbow | ||||||||||||||||
Oxbow is owned 50% by Cleco Power and 50% by SWEPCO and is accounted for as an equity method investment. 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 September 30, 2014, consisted of its equity investment of $14.5 million. The following table presents the components of Cleco Power’s equity investment in Oxbow. | ||||||||||||||||
INCEPTION TO DATE (THOUSANDS) | AT SEPT. 30, 2014 | AT DEC. 31, 2013 | ||||||||||||||
Purchase price | $ | 12,873 | $ | 12,873 | ||||||||||||
Cash contributions | 1,659 | 1,659 | ||||||||||||||
Total equity investment in investee | $ | 14,532 | $ | 14,532 | ||||||||||||
The following table compares the carrying amount of Oxbow’s assets and liabilities with Cleco Power’s maximum exposure to loss related to its investment in Oxbow. | ||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2014 | AT DEC. 31, 2013 | ||||||||||||||
Oxbow’s net assets/liabilities | $ | 29,065 | $ | 29,065 | ||||||||||||
Cleco Power’s 50% equity | $ | 14,532 | $ | 14,532 | ||||||||||||
Cleco Power’s maximum exposure to loss | $ | 14,532 | $ | 14,532 | ||||||||||||
The following tables contain summarized financial information for Oxbow. | ||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2014 | AT DEC. 31, 2013 | ||||||||||||||
Current assets | $ | 2,555 | $ | 2,289 | ||||||||||||
Property, plant, and equipment, net | 22,512 | 22,611 | ||||||||||||||
Other assets | 4,127 | 4,256 | ||||||||||||||
Total assets | $ | 29,194 | $ | 29,156 | ||||||||||||
Current liabilities | $ | 129 | $ | 91 | ||||||||||||
Partners’ capital | 29,065 | 29,065 | ||||||||||||||
Total liabilities and partners’ capital | $ | 29,194 | $ | 29,156 | ||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating revenue | $ | 584 | $ | 856 | $ | 1,595 | $ | 1,795 | ||||||||
Operating expenses | 584 | 856 | 1,595 | 1,795 | ||||||||||||
Income before taxes | $ | — | $ | — | $ | — | $ | — | ||||||||
Oxbow’s property, plant, and equipment, net consists of land and lignite reserves. The lignite reserves are intended to be used to provide fuel to the Dolet Hills Power Station. DHLC mines the lignite reserves at Oxbow through the Amended Lignite Mining Agreement. | ||||||||||||||||
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 | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees [Abstract] | ' | |||||||||||||||||||
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | ' | |||||||||||||||||||
Note 11 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | ||||||||||||||||||||
Litigation | ||||||||||||||||||||
Devil’s Swamp | ||||||||||||||||||||
In October 2007, Cleco received a Special Notice for Remedial Investigation and Feasibility Study (RI/FS) from the EPA pursuant to CERCLA (also known as the Superfund statute). CERCLA establishes several classes of PRPs for a contaminated site, and imposes strict, joint, and several liability on those PRPs for the cost of response to the contamination. The special notice requested that Cleco Corporation and Cleco Power, along with many other listed PRPs, enter into negotiations with the EPA for the performance of an RI/FS at an area known as the Devil’s Swamp Lake site just northwest of Baton Rouge, Louisiana. The EPA identified Cleco as one of many companies that sent polychlorinated biphenyl (PCB) wastes for disposal to the site. The Devil’s Swamp Lake site has been proposed to be added to the National Priorities List based on the release of PCBs to fisheries and wetlands located on the site, but no final determination has been made. The PRPs began discussing a potential proposal to the EPA in February 2008. The EPA issued a Unilateral Administrative Order to PRP’s Clean Harbors, Inc. and Baton Rouge Disposal to Conduct an RI/FS in December 2009. The Tier 1 part of the study was complete in June 2012. Field activities for the Tier 2 investigation were completed in July 2012. Currently, the study/remedy selection task continues, and there is no record of a decision. Therefore, management is unable to determine how significant Cleco’s share of the costs associated with the RI/FS and possible response action at the facility site, if any, may be and whether or not this will have a material adverse effect on the Registrants’ financial condition, results of operations, or cash flows. | ||||||||||||||||||||
Discrimination Complaints | ||||||||||||||||||||
In December 2009, a complaint was filed in the United States District Court for the Western District of Louisiana (the Court) on behalf of eight current employees and four former employees alleging that Cleco discriminated against each of them on the basis of race. Each was seeking various remedies provided under applicable statutes prohibiting racial discrimination in the workplace, and together, the plaintiffs requested monetary compensation exceeding $35.0 million. In July 2010, the plaintiffs moved to add an additional current employee alleging that Cleco had discriminated on the basis of race. The additional plaintiff sought compensation of no less than $2.5 million and became the thirteenth plaintiff. In April 2011, Cleco entered into a settlement with one of the current employees which resulted in a dismissal of one of the thirteen cases with prejudice. In September 2011, the Court ruled on Cleco’s summary judgment motions, with the end result that eleven of the twelve remaining plaintiffs had at least one claim remaining. In February 2013, the Court ruled on the second motion for summary judgment, filed by Cleco in March 2012, in each of the eleven cases and each such case was dismissed with prejudice. Appeals were filed in ten of the eleven dismissed cases to the United States Court of Appeals for the Fifth Circuit (the Fifth Circuit). In June 2013, the Fifth Circuit clerk dismissed the appeals of two of the current employees due to their failure to file a brief in support of their respective appeals. On various dates in August through November 2013, the Fifth Circuit affirmed the trial court judgments in favor of Cleco in seven of the eight remaining cases. On April 8, 2014, the Fifth Circuit affirmed the Court’s summary judgment dismissing the wrongful termination and other discrimination claims of the one remaining plaintiff, a former employee who served as one of Cleco’s human resource representatives. Excluded from the ruling was one claim that the former employee alleged was the result of a disciplinary warning Cleco issued to the former employee. This one claim has been remanded to the Court, and the trial is currently scheduled to commence on January 20, 2015. | ||||||||||||||||||||
City of Opelousas | ||||||||||||||||||||
In March 2010, a complaint was filed in the 27th Judicial District Court of St. Landry Parish, State of Louisiana, on behalf of three Cleco Power customers in Opelousas, Louisiana. The complaint alleged that Cleco Power overcharged the plaintiffs by applying to customers in Opelousas the same retail rates as Cleco Power applies to all of its retail customers. The plaintiffs claimed that Cleco Power owed customers in Opelousas more than $30.0 million as a result of the alleged overcharges. The plaintiffs alleged that Cleco Power should have established, solely for customers in Opelousas, retail rates that were separate and distinct from the retail rates that apply to other customers of Cleco Power and that Cleco Power should not have collected from customers in Opelousas the storm surcharge approved by the LPSC following hurricanes Katrina and Rita. In April 2010, Cleco Power filed a petition with the LPSC appealing to its expertise in declaring that the ratepayers of Opelousas had been properly charged the rates that were applicable to Cleco Power’s retail customers and that no overcharges had been collected. | ||||||||||||||||||||
In May 2010, a second class action lawsuit was filed in the 27th Judicial District Court for St. Landry Parish, State of Louisiana, repeating the allegations of the first complaint, which was submitted on behalf of 249 Opelousas residents. In January 2011, the presiding judge in the state court proceeding ruled that the jurisdiction to hear the two class actions resided in the state court and not with the LPSC as argued by both Cleco Power and the LPSC Staff. Both Cleco Power and the LPSC Staff appealed this ruling to the Third Circuit Court of Appeals for the State of Louisiana (Third Circuit). In September 2011, the Third Circuit denied both appeals. In October 2011, both Cleco Power and the LPSC appealed the Third Circuit’s ruling to the Louisiana Supreme Court. In February 2011, the administrative law judge (ALJ) in the LPSC proceeding ruled that the LPSC has jurisdiction to decide the claims raised by the class action plaintiffs. At its December 2011 Business and Executive Session, the LPSC adopted the ALJ’s recommendation that Cleco Power be granted summary judgment in its declaratory action finding that Cleco Power’s ratepayers in the City of Opelousas had been served under applicable rates and policies approved by the LPSC and Cleco Power’s Opelousas ratepayers had not been overcharged in connection with LPSC rates or ratemaking. In January 2012, the class action plaintiffs filed their appeal of such LPSC decision to the 19th Judicial District Court for East Baton Rouge Parish, State of Louisiana. In December 2012, the Louisiana Supreme Court issued its opinion accepting Cleco Power’s jurisdictional arguments and dismissed the state court claims. The appeal of the plaintiffs to the 19th Judicial District Court to review the LPSC ruling in Cleco Power’s favor that it had properly charged the ratepayers of Opelousas was dismissed with prejudice on May 21, 2014. With this dismissal, the matter is fully resolved in favor of Cleco Power. | ||||||||||||||||||||
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 in the event of a negative outcome may be in excess of amounts currently accrued. Management regularly analyzes information and, as of September 30, 2014, believes the probable and reasonably estimable liabilities based on the eventual disposition of these matters is approximately $7.4 million and has accrued this amount. | ||||||||||||||||||||
Off-Balance Sheet Commitments | ||||||||||||||||||||
Cleco Corporation 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 Corporation’s subsidiaries and equity investees (affiliates). Cleco Corporation 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 in the authoritative guidance. | ||||||||||||||||||||
Cleco Corporation 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 Corporation 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’s Condensed Consolidated Balance Sheets because management has determined that Cleco’s affiliates are able to perform these obligations under their contracts and that it is not probable that payments by Cleco will be required. Cleco’s off-balance sheet commitments as of September 30, 2014, are summarized in the following table and a discussion of the off-balance sheet commitments follows the table. The discussion should be read in conjunction with the table to understand the impact of the off-balance sheet commitments on Cleco’s financial condition. | ||||||||||||||||||||
AT SEPT. 30, 2014 | ||||||||||||||||||||
(THOUSANDS) | FACE AMOUNT | |||||||||||||||||||
Cleco Corporation | ||||||||||||||||||||
Guarantee issued to Entergy Mississippi on behalf of Attala | $ | 500 | ||||||||||||||||||
Cleco Power | ||||||||||||||||||||
Obligations under standby letter of credit issued to the Louisiana Department of Labor | 3,725 | |||||||||||||||||||
Obligations under standby letter of credit issued to MISO | 2,000 | |||||||||||||||||||
Total | $ | 6,225 | ||||||||||||||||||
There were no reductions against the face amount for any of these commitments. | ||||||||||||||||||||
In January 2006, Cleco Corporation provided a $0.5 million guarantee to Entergy Mississippi for Attala’s obligations under the Interconnection Agreement. This guarantee will be effective until obligations are performed or extinguished. | ||||||||||||||||||||
The State of Louisiana allows employers of certain financial net worth to self-insure their workers’ compensation benefits. Cleco Power has a certificate of self-insurance from the Louisiana Office of Workers’ Compensation and is required to post a $3.7 million letter of credit, an amount equal to 110% of the average losses over the previous three years, as surety. | ||||||||||||||||||||
In December 2013, Cleco Power provided a $1.0 million letter of credit to MISO pursuant to the credit requirements of FTRs. On April 8, 2014, Cleco Power increased the letter of credit to $2.0 million. The letter of credit automatically renews each year and reduces Cleco Power’s credit facility capacity. | ||||||||||||||||||||
Cleco Corporation provided indemnifications to Cleco Power as a result of the transfer of Coughlin to Cleco Power on March 15, 2014. Cleco Power also provided indemnifications to Cleco Corporation and Evangeline as a result of the transfer of Coughlin to Cleco Power. The maximum amount of the potential payment to Cleco Power, Cleco Corporation, and Evangeline for their respective indemnifications is $40.0 million, except for indemnifications relating to the fundamental organizational structure of Cleco Corporation and Evangeline and of Cleco Power, respectively, of which the maximum amount is $400.0 million. | ||||||||||||||||||||
On-Balance Sheet Guarantees | ||||||||||||||||||||
Cleco Corporation provided a limited guarantee and an indemnification to Entergy Louisiana and Entergy Gulf States for Perryville’s performance, indemnity, representation, and warranty obligations under the Sale Agreement, the Power Purchase Agreement, and other ancillary agreements related to the sale of the Perryville facility in 2004. This is a continuing guarantee and all obligations of Cleco Corporation shall continue until the guaranteed obligations have been fully performed or otherwise extinguished. The maximum amount of the potential payment to Entergy Louisiana and Entergy Gulf States is $42.4 million. Currently, management does not expect to be required to pay Entergy Louisiana and Entergy Gulf States under the guarantee. | ||||||||||||||||||||
In April 2011, Acadia completed its disposition of Acadia Unit 2 to Entergy Louisiana. Limited guarantees and indemnifications were provided to Entergy Louisiana and an indemnification liability of $21.8 million, which represented the fair value of these indemnifications was recorded on Cleco’s Condensed Consolidated Balance Sheet. The indemnification liabilities were reduced through expiration of the contractual life or through a reduction in the probability of a claim arising. For the nine months ended September 30, 2014 and 2013, income of $0.9 million and $6.9 million was recognized, respectively. This is a continuing guarantee and all obligations of Cleco Corporation shall continue until the guaranteed obligations have been fully performed or otherwise extinguished. Currently, management does not expect to be required to pay Entergy Louisiana under the guarantee. | ||||||||||||||||||||
As part of the Amended Lignite Mining Agreement, Cleco Power and SWEPCO, joint owners of Dolet Hills, have agreed to pay the loan and lease principal obligations of the lignite miner, DHLC, when due if they do 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. At September 30, 2014, Cleco Power had a liability of $3.8 million related to the amended agreement. The maximum projected payment by Cleco Power under this guarantee is estimated to be $98.1 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. The Amended Lignite Mining Agreement is not expected to terminate pursuant to its terms until 2036 and 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 the guarantee. | ||||||||||||||||||||
In its bylaws, Cleco Corporation has agreed to indemnify directors, officers, agents, and employees who are made a party to a pending or completed suit, arbitration, investigation, or other proceeding whether civil, criminal, investigative, or administrative, if the basis of inclusion arises as the result of acts conducted in the discharge of their official capacity. Cleco Corporation has purchased various insurance policies to reduce the risks associated with the indemnification. In its operating agreement, Cleco Power provides for the same indemnification as described above with respect to its managers, officers, agents, and employees. | ||||||||||||||||||||
Generally, neither Cleco Corporation nor Cleco Power has recourse that would enable them to recover amounts paid under their guarantee or indemnification obligations. The one exception is the insurance contracts associated with the indemnification of directors, managers, officers, agents, and employees. There are no assets held as collateral for third parties that either Cleco Corporation or Cleco Power could obtain and liquidate to recover amounts paid pursuant to the guarantees or indemnification obligations. | ||||||||||||||||||||
The following table summarizes the expected amount of commitment termination per period of off-balance sheet commitments and on-balance sheet guarantees discussed above. | ||||||||||||||||||||
AT SEPT. 30, 2014 | ||||||||||||||||||||
AMOUNT OF COMMITMENT EXPIRATION PER PERIOD | ||||||||||||||||||||
(THOUSANDS) | NET | LESS THAN | 1-3 YEARS | 3-5 YEARS | MORE | |||||||||||||||
AMOUNT | ONE YEAR | THAN | ||||||||||||||||||
COMMITTED | 5 YEARS | |||||||||||||||||||
Off-balance sheet commitments | $ | 6,225 | $ | — | $ | — | $ | — | $ | 6,225 | ||||||||||
On-balance sheet guarantees | 3,781 | — | — | — | 3,781 | |||||||||||||||
Total | $ | 10,006 | $ | — | $ | — | $ | — | $ | 10,006 | ||||||||||
Other Commitments | ||||||||||||||||||||
NMTC Fund | ||||||||||||||||||||
In 2008, Cleco Corporation and US Bancorp Community Development Corporation (USBCDC) formed the NMTC Fund. Cleco has a 99.9% membership interest in the NMTC Fund and USBCDC has a 0.1% interest. The purpose of the NMTC Fund is to invest in projects located in qualified active low-income communities that are underserved by typical debt capital markets. These investments are designed to generate NMTCs and Historical Rehabilitation tax credits. The NMTC Fund was later amended to include renewable energy investments. The majority of the energy investments qualify for grants under Section 1603 of the ARRA. The tax benefits received from the NMTC Fund reduce the federal income tax obligations of Cleco Corporation. In total, Cleco Corporation will contribute $283.6 million of equity contributions to the NMTC Fund and will receive at least $301.9 million in the form of tax credits, tax losses, capital gains/losses, earnings, and cash over the life of the investment, which ends in 2017. The $18.3 million difference between equity contributions and total benefits received will be recognized over the life of the NMTC Fund as net tax benefits are delivered. The following table reflects remaining future equity contributions. | ||||||||||||||||||||
(THOUSANDS) | CONTRIBUTION | |||||||||||||||||||
Three months ending Dec. 31, 2014 | $ | 19,063 | ||||||||||||||||||
Years ending Dec. 31, | ||||||||||||||||||||
2015 | 4,552 | |||||||||||||||||||
2016 | 2,707 | |||||||||||||||||||
2017 | 2,707 | |||||||||||||||||||
Total | $ | 29,029 | ||||||||||||||||||
Of the $29.0 million, $23.2 million is due to be paid within the next 12 months. Due to the right of offset, the investment and associated debt are presented on Cleco’s Condensed Consolidated Balance Sheet in the line item Tax credit fund investment, net. The amount of tax benefits delivered in excess of capital contributions as of September 30, 2014, was $46.1 million. The amount of tax benefits delivered but not utilized as of September 30, 2014, was $97.7 million and is reflected as a deferred tax asset. | ||||||||||||||||||||
The equity contribution does not contain a stated rate of interest. Cleco Corporation has recorded the liability and investment at its calculated fair value within the framework of the authoritative guidance. In order to calculate the fair value, management used an imputed rate of interest assuming that Cleco Corporation obtained financing of a similar nature from a third party. The imputed interest rate was used in a net present value model in order to calculate the fair value of the remaining portion of the delayed equity contributions. The following table contains the disclosures required by the authoritative guidelines for equity investments with an imputed interest rate. | ||||||||||||||||||||
(THOUSANDS) | ||||||||||||||||||||
Equity contributions, imputed interest rate 6% | ||||||||||||||||||||
Principal payment schedule above: | $ | 29,029 | ||||||||||||||||||
Less: unamortized discount | 1,279 | |||||||||||||||||||
Total | $ | 27,750 | ||||||||||||||||||
The gross investment amortization expense will be recognized over a nine-year period, with three years remaining under the new amendment, using the cost method in accordance with the authoritative guidance for investments. The grants received under Section 1603, which allow certain projects to receive a federal grant in lieu of tax credits, and other cash reduce the basis of the investment. Periodic amortization of the investment and the deferred taxes generated by the basis reduction temporary difference are included as components of income tax expense. | ||||||||||||||||||||
Other | ||||||||||||||||||||
Cleco has accrued for liabilities related to third parties and employee medical benefits. Cleco has also accrued additional taxes other than income taxes at the state and local level. | ||||||||||||||||||||
Risks and Uncertainties | ||||||||||||||||||||
Cleco Corporation | ||||||||||||||||||||
Cleco Corporation could be subject to possible adverse consequences if Cleco’s counterparties fail to perform their obligations or if Cleco Corporation or its affiliates are not in compliance with loan agreements or bond indentures. | ||||||||||||||||||||
Other | ||||||||||||||||||||
Access to capital markets is a significant source of funding for both short- and long-term capital requirements not satisfied by operating cash flows. If Cleco Corporation’s credit ratings were to be downgraded by Moody’s or S&P, Cleco Corporation would be required to pay additional fees and higher interest rates under its bank credit and other debt agreements. | ||||||||||||||||||||
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 to be taken and Cleco’s financial condition could be materially adversely affected. | ||||||||||||||||||||
Cleco Power | ||||||||||||||||||||
Cleco Power began participating in the MISO market in December 2013. 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 LMP costs. Physical transmission constraints present in the MISO market could increase energy costs within Cleco Power’s pricing zone. Cleco Power uses FTRs to mitigate the transmission congestion risk. Changes to anticipated transmission paths may result in an unexpected increase in energy costs to Cleco Power. | ||||||||||||||||||||
Access to capital markets is a significant source of funding for both short- and long-term capital requirements not satisfied by operating cash flows. Cleco Power pays fees and interest under its bank credit agreements based on the highest rating held. If Cleco Power’s credit ratings were to be downgraded by Moody’s or S&P, Cleco Power would be required to pay additional fees and higher interest rates under its bank credit agreements. Cleco Power’s collateral for derivatives is based on the lowest rating held. If Cleco Power’s credit ratings were to be downgraded by Moody’s or S&P, Cleco Power would be required to pay additional collateral for derivatives. |
Affiliate_Transactions
Affiliate Transactions | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Affiliate Transactions | ' | ||||||||||||||||
Note 12 — Affiliate Transactions | |||||||||||||||||
Cleco Power has affiliate balances that are payable to or due from its affiliates. The following table is a summary of those balances. | |||||||||||||||||
AT SEPT. 30, 2014 | AT DEC. 31, 2013 | ||||||||||||||||
(THOUSANDS) | ACCOUNTS | ACCOUNTS | ACCOUNTS | ACCOUNTS | |||||||||||||
RECEIVABLE | PAYABLE | RECEIVABLE | PAYABLE | ||||||||||||||
Cleco Corporation | $ | 22,740 | $ | 449 | $ | 379 | $ | 389 | |||||||||
Support Group | 750 | 7,444 | 634 | 5,972 | |||||||||||||
Evangeline | — | 196 | 4 | 2,024 | |||||||||||||
Other | 8 | (1) | — | (1) | 28 | (2) | 1 | (2) | |||||||||
Total | $ | 23,498 | $ | 8,089 | $ | 1,045 | $ | 8,386 | |||||||||
(1) Represents Attala, Diversified Lands, and Perryville | |||||||||||||||||
(2) Represents Attala, Diversified Lands, Midstream, and Perryville | |||||||||||||||||
The increase in the accounts receivable from Cleco Corporation is the result of net settlements with taxing authorities. This receivable will be netted against future income tax payments that Cleco Corporation will pay on behalf of Cleco Power. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Comprehensive Income (Loss) Note | ' | |||||||||||||||||||||||
Note 13 — 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 and amounts in parentheses indicate debits. | ||||||||||||||||||||||||
Cleco | ||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(THOUSANDS) | POSTRETIREMENT | NET LOSS | TOTAL | POSTRETIREMENT | NET LOSS | TOTAL | ||||||||||||||||||
BENEFIT | ON CASH FLOW | ACCUMULATED | BENEFIT | ON CASH FLOW | ACCUMULATED OTHER | |||||||||||||||||||
NET LOSS | HEDGES | OTHER | NET LOSS | HEDGES | COMPREHENSIVE | |||||||||||||||||||
COMPREHENSIVE | LOSS | |||||||||||||||||||||||
LOSS | ||||||||||||||||||||||||
Balances beginning of period | $ | (18,443 | ) | $ | (6,045 | ) | $ | (24,488 | ) | $ | (23,619 | ) | $ | (6,256 | ) | $ | (29,875 | ) | ||||||
Amounts reclassified from accumulated other | ||||||||||||||||||||||||
comprehensive income: | ||||||||||||||||||||||||
Amortization of postretirement benefit net loss | 318 | — | 318 | 497 | — | 497 | ||||||||||||||||||
Reclassification of net loss to interest charges | — | 53 | 53 | — | 53 | 53 | ||||||||||||||||||
Net current-period other comprehensive income | 318 | 53 | 371 | 497 | 53 | 550 | ||||||||||||||||||
Balances, Sept. 30 | $ | (18,125 | ) | $ | (5,992 | ) | $ | (24,117 | ) | $ | (23,122 | ) | $ | (6,203 | ) | $ | (29,325 | ) | ||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(THOUSANDS) | POSTRETIREMENT | NET LOSS | TOTAL | POSTRETIREMENT | NET LOSS | TOTAL | ||||||||||||||||||
BENEFIT | ON CASH FLOW | ACCUMULATED | BENEFIT | ON CASH FLOW | ACCUMULATED OTHER | |||||||||||||||||||
NET LOSS | HEDGES | OTHER | NET LOSS | HEDGES | COMPREHENSIVE | |||||||||||||||||||
COMPREHENSIVE | LOSS | |||||||||||||||||||||||
LOSS | ||||||||||||||||||||||||
Balances beginning of period | $ | (19,725 | ) | $ | (6,151 | ) | $ | (25,876 | ) | $ | (24,741 | ) | $ | (7,629 | ) | $ | (32,370 | ) | ||||||
Other comprehensive income before reclassifications: | ||||||||||||||||||||||||
Net derivative gain | — | — | — | — | 1,355 | 1,355 | ||||||||||||||||||
Amounts reclassified from accumulated other | ||||||||||||||||||||||||
comprehensive income: | ||||||||||||||||||||||||
Amortization of postretirement benefit net loss | 1,600 | — | 1,600 | 1,619 | — | 1,619 | ||||||||||||||||||
Reclassification of net loss to interest charges | — | 159 | 159 | — | 102 | 102 | ||||||||||||||||||
Reclassification of ineffectiveness to regulatory asset | — | — | — | — | (31 | ) | (31 | ) | ||||||||||||||||
Net current-period other comprehensive income | 1,600 | 159 | 1,759 | 1,619 | 1,426 | 3,045 | ||||||||||||||||||
Balances, Sept. 30 | $ | (18,125 | ) | $ | (5,992 | ) | $ | (24,117 | ) | $ | (23,122 | ) | $ | (6,203 | ) | $ | (29,325 | ) | ||||||
Cleco Power | ||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(THOUSANDS) | POSTRETIREMENT | NET LOSS | TOTAL | POSTRETIREMENT | NET LOSS | TOTAL | ||||||||||||||||||
BENEFIT | ON CASH FLOW | ACCUMULATED | BENEFIT | ON CASH FLOW | ACCUMULATED OTHER | |||||||||||||||||||
NET LOSS | HEDGES | OTHER | NET LOSS | HEDGES | COMPREHENSIVE | |||||||||||||||||||
COMPREHENSIVE | LOSS | |||||||||||||||||||||||
LOSS | ||||||||||||||||||||||||
Balances beginning of period | $ | (8,279 | ) | $ | (6,045 | ) | $ | (14,324 | ) | $ | (12,272 | ) | $ | (6,256 | ) | $ | (18,528 | ) | ||||||
Amounts reclassified from accumulated other | ||||||||||||||||||||||||
comprehensive income: | ||||||||||||||||||||||||
Amortization of postretirement benefit net loss | 92 | — | 92 | 207 | — | 207 | ||||||||||||||||||
Reclassification of net loss to interest charges | — | 53 | 53 | — | 53 | 53 | ||||||||||||||||||
Net current-period other comprehensive income | 92 | 53 | 145 | 207 | 53 | 260 | ||||||||||||||||||
Balances, Sept. 30 | $ | (8,187 | ) | $ | (5,992 | ) | $ | (14,179 | ) | $ | (12,065 | ) | $ | (6,203 | ) | $ | (18,268 | ) | ||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(THOUSANDS) | POSTRETIREMENT | NET LOSS | TOTAL | POSTRETIREMENT | NET LOSS | TOTAL | ||||||||||||||||||
BENEFIT | ON CASH FLOW | ACCUMULATED | BENEFIT | ON CASH FLOW | ACCUMULATED OTHER | |||||||||||||||||||
NET LOSS | HEDGES | OTHER | NET LOSS | HEDGES | COMPREHENSIVE | |||||||||||||||||||
COMPREHENSIVE | LOSS | |||||||||||||||||||||||
LOSS | ||||||||||||||||||||||||
Balances beginning of period | $ | (9,026 | ) | $ | (6,151 | ) | $ | (15,177 | ) | $ | (12,792 | ) | $ | (7,629 | ) | $ | (20,421 | ) | ||||||
Other comprehensive income before reclassifications: | ||||||||||||||||||||||||
Net derivative gain | — | — | — | — | 1,355 | 1,355 | ||||||||||||||||||
Amounts reclassified from accumulated other | ||||||||||||||||||||||||
comprehensive income: | ||||||||||||||||||||||||
Amortization of postretirement benefit net loss | 839 | — | 839 | 727 | — | 727 | ||||||||||||||||||
Reclassification of net loss to interest charges | — | 159 | 159 | — | 102 | 102 | ||||||||||||||||||
Reclassification of ineffectiveness to regulatory asset | — | — | — | — | (31 | ) | (31 | ) | ||||||||||||||||
Net current-period other comprehensive income | 839 | 159 | 998 | 727 | 1,426 | 2,153 | ||||||||||||||||||
Balances, Sept. 30 | $ | (8,187 | ) | $ | (5,992 | ) | $ | (14,179 | ) | $ | (12,065 | ) | $ | (6,203 | ) | $ | (18,268 | ) |
Coughlin_Transfer_Coughlin_Tra
Coughlin Transfer Coughlin Transfer | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Coughlin Transfer [Abstract] | ' | ||||
Related Party Transactions Disclosure | ' | ||||
Note 14 — Coughlin Transfer | |||||
In October 2012, Cleco Power announced that Evangeline was the winning bidder in Cleco Power’s 2012 Long-Term Request for Proposal for up to 800 MW to meet long-term capacity and energy needs. In December 2012, Cleco Power and Evangeline executed definitive agreements to transfer ownership and control of Coughlin from Evangeline to Cleco Power. On March 15, 2014, Coughlin was transferred to Cleco Power with a net book value of $176.0 million. Cleco Power finalized the rate treatment of Coughlin as part of its FRP extension proceeding before the LPSC on June 18, 2014. |
Subsequent_Event_Agreement_and
Subsequent Event - Agreement and Plan of Merger | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Subsequent Events [Abstract] | ' | ||||
Subsequent Events | ' | ||||
Note 15 — Subsequent Event — Agreement and Plan of Merger | |||||
On October 17, 2014, Cleco Corporation entered into the Merger Agreement with Como and Merger Sub providing for the merger of Merger Sub with and into Cleco Corporation, with Cleco Corporation surviving the Merger as an indirect, wholly-owned subsidiary of Como. Pursuant to the Merger Agreement, at the effective time of the Merger each outstanding share of Cleco Corporation common stock, par value $1.00 per share (a “Share”, and collectively, the “Shares”) (other than Shares that are (i) owned by Cleco Corporation, Como, Merger Sub or any other direct or indirect wholly-owned subsidiary of Como or Cleco Corporation and (ii) Shares that are owned by shareholders who have perfected and not withdrawn a demand for appraisal rights, to the extent available under the Louisiana Business Corporation Law), will be converted into the right to receive $55.37 per Share in cash, without interest, with all dividends payable before the effective time of the Merger. | |||||
The Merger is subject to several conditions, including, among others, approval of the shareholders of Cleco Corporation, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and the receipt of approvals from FERC, the LPSC, the Federal Communications Commission, and the Committee on Foreign Investment in the United States. In addition, the obligations of Como and Merger Sub to consummate the Merger are subject to the required regulatory approvals not, individually or in the aggregate, imposing terms, conditions, liabilities, obligations, commitments or sanctions that constitute a “burdensome effect” (as defined in the Merger Agreement). | |||||
The Merger Agreement may be terminated by either Cleco Corporation or Como under certain circumstances, including if the Merger is not completed by October 17, 2015 (subject to an automatic extension to April 17, 2016, if all of the conditions to closing, other than the conditions related to obtaining regulatory approvals, have been satisfied, or under certain other limited circumstances to permit Como to obtain financing for the transaction). The Merger Agreement also provides for certain termination rights for both Cleco Corporation and Como, and further provides that, upon termination of the Merger Agreement under certain specified circumstances, Cleco Corporation will be required to pay Como a termination fee of $120.0 million. If the Merger Agreement is terminated due to lack of shareholder approval, Cleco Corporation will be required to reimburse Como expenses up to $18.0 million (which reimbursement will reduce any termination fee that may subsequently become payable by Cleco Corporation). In addition, if the Merger Agreement is terminated under certain specified circumstances, Como will be required to pay a termination fee to Cleco Corporation equal to $180.0 million. If the Merger Agreement is terminated due to lack of regulatory approval, neither Cleco Corporation nor Como would be required to pay a termination fee. For more information regarding the terms of the Merger, including a copy of the Merger Agreement, see Cleco Corporation’s Current Report on Form 8-K filed with the SEC on October 20, 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation, Policy | ' |
The accompanying Condensed Consolidated Financial Statements of Cleco include the accounts of Cleco and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. | |
Basis of Presentation, Policy | ' |
The Condensed Consolidated Financial Statements of Cleco Corporation and Cleco Power have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all of the information and notes required by GAAP for annual financial statements. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements. Because the interim Condensed Consolidated Financial Statements and the accompanying notes do not include all of the information and notes required by GAAP for annual financial statements, the Condensed Consolidated Financial Statements and other information included in this quarterly report should be read in conjunction with the Consolidated Financial Statements and accompanying notes in the Registrants’ Combined Annual Report on Form 10-K for the year ended December 31, 2013. | |
These Condensed Consolidated Financial Statements, in the opinion of management, reflect all normal recurring adjustments that are necessary to fairly present the financial position and results of operations of Cleco. Amounts reported in Cleco’s interim financial statements are not necessarily indicative of amounts expected for the annual periods due to the effects of seasonal temperature variations on energy consumption, regulatory rulings, the timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices, discrete income tax items, and other factors. | |
In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. | |
Unbilled Revenue, Policy | ' |
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. During the third quarter of 2014, Cleco Power began using actual customer energy consumption data available from its installation of AMI to calculate unbilled revenues. | |
Property, Plant, and Equipment, Policy | ' |
Property, plant, and equipment consists primarily of regulated utility generation and energy transmission assets. Regulated assets, utilized primarily for retail 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 share of the cost to construct or purchase the assets. | |
Restricted Cash and Cash Equivalents, Policy | ' |
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 corporate purposes. | |
Cleco Katrina/Rita has the right to bill and collect storm restoration costs from Cleco Power’s customers. As cash is collected, it is restricted for payment of administration fees, interest, and principal on storm recovery bonds. | |
Fair Value Measurements and Disclosures, Policy | ' |
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 are required to disclose the fair value of certain assets and liabilities by one of three levels when required for recognition purposes under GAAP. | |
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 number 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 and then discounted to the current period using a United States Treasury published interest rate as a proxy for a risk-free rate of return. Cleco has consistently applied the Level 2 fair value technique from fiscal period to fiscal period. 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 therefore estimated prices are used in the discounted cash flow approach. | |
Risk Management, Policy | ' |
Market risk inherent in Cleco’s market risk-sensitive instruments and positions includes potential changes in value arising from changes in interest rates and the commodity market prices of power, FTRs, and natural gas in the industry on different energy exchanges. Cleco’s Energy Market Risk Management Policy authorizes the use of various derivative instruments, including exchange traded futures and option contracts, forward purchase and sales contracts, and swap transactions to reduce exposure to fluctuations in the price of power, FTRs, and natural gas. Cleco applies the authoritative guidance as it relates to derivatives and hedging to determine whether the market risk-sensitive instruments and positions are required to be marked-to-market. Generally, Cleco Power’s market risk-sensitive instruments and positions qualify for the normal-purchase, normal-sale exception to mark-to-market accounting because Cleco Power takes physical delivery and the instruments and positions are used to satisfy customer requirements. | |
Cleco Power may also enter into risk mitigating positions that would not meet the requirements of a normal-purchase, normal-sale transaction in order to attempt to mitigate the volatility in customer fuel costs. These positions are marked-to-market with the resulting gain or loss recorded on Cleco and Cleco Power's Condensed Consolidated Balance Sheets as a component of energy risk management assets or liabilities. Such gain or loss is deferred as a component of deferred fuel assets or liabilities in accordance with regulatory policy. When these positions close, actual gains or losses are included in the FAC and reflected on customers’ bills as a component of the fuel cost adjustment. There were no open natural gas positions at September 30, 2014 or December 31, 2013. | |
In connection with joining MISO, Cleco Power received a direct allocation of FTRs in November 2013. Cleco Power currently purchases the majority of its FTRs in annual auctions facilitated by MISO during the second quarter of each year and may also purchase additional FTRs in monthly auctions facilitated by MISO. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Cleco Power’s customer load. They are not designated as hedging instruments for accounting purposes. Cleco Power initially records FTRs at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on FTRs held by Cleco Power are included in Accumulated deferred fuel on Cleco and Cleco Power's Condensed Consolidated Balance Sheets. Realized gains or losses on settled FTRs are recorded in Electric operations or Power purchased for utility customers on Cleco and Cleco Power’s Condensed Consolidated Statements of Income. At September 30, 2014, Cleco and Cleco Power's Condensed Consolidated Balance Sheets reflected the fair value of open FTR positions of $18.5 million in Energy risk management assets and $1.7 million in Energy risk management liabilities, compared to $9.0 million in Energy risk management assets and $0.4 million in Energy risk management liabilities at December 31, 2013. For more information on FTRs, see Note 4 — “Fair Value Accounting — Derivatives and Hedging — Commodity Contracts.” | |
Cleco and Cleco Power maintain a master netting agreement policy and monitor credit risk exposure through review of counterparty credit quality, counterparty credit exposure, and counterparty concentration levels. Cleco manages these risks by establishing appropriate credit and concentration limits on transactions with counterparties and by requiring contractual guarantees, cash deposits, or letters of credit from counterparties or their affiliates, as deemed necessary. Cleco Power has agreements in place with counterparties that authorize the netting of financial buys and sells and contract payments to mitigate credit risk for transactions entered into for risk management purposes. | |
Cleco may 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. | |
Accounting for MISO Transactions, Policy | ' |
Cleco Power participates in MISO’s Energy and Operating Reserve market where hourly sales and purchases are netted. If the hourly activity nets to sales, the result is reported in Electric operations; however, if the hourly activity nets to purchases, the result is reported in Power purchased for utility customers on Cleco and Cleco Power’s Condensed Consolidated Statements of Income. | |
Earnings Per Average Common Share, Policy | ' |
Stock option grants are excluded from the computation of diluted earnings per share if the exercise price is higher than the average market price. | |
Stock-Based Compensation, Policy | ' |
At September 30, 2014, Cleco had two stock-based compensation plans, the ESPP and the LTICP. Substantially all employees, excluding officers and general managers, may choose to participate in the ESPP and purchase a limited amount of common stock at a discount through a stock option agreement. In accordance with the Merger Agreement, the ESPP has been suspended pending the completion of the Merger. Effective upon the completion of the Merger, the ESPP will be cancelled. Options or restricted shares of stock, known as non-vested stock as defined by the authoritative guidance on stock-based compensation, common stock equivalents, and stock appreciation rights may be granted to certain officers, key employees, or directors of Cleco Corporation and its subsidiaries pursuant to the LTICP. | |
Common Stock Repurchase Program, Policy | ' |
In January 2011, Cleco Corporation’s Board of Directors approved the implementation of a common stock repurchase program. This program authorizes management to repurchase, from time to time, shares of common stock so that Cleco’s diluted average shares of common stock outstanding remain approximately equal to its diluted average shares of common stock outstanding for 2010. Under this program, purchases may be made on a discretionary basis at times and in amounts as determined by management, subject to market conditions, legal requirements, and other factors. Purchases under the program will not be announced in advance and may be made in the open market or through privately negotiated transactions. | |
Recent Authoritative Guidance, Policy | ' |
The Registrants adopted, or will adopt, the recent authoritative guidance listed below on their respective effective dates. | |
In January 2014, FASB amended the accounting guidance for investments in qualified affordable housing projects. This guidance modifies the conditions that must be met to present the pre-tax effects and related tax benefits of such investments as a component of income taxes. The adoption of this guidance is effective for annual periods and interim reporting periods within those annual periods, beginning after December 31, 2014. The adoption of this guidance is not expected to have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |
In January 2014, FASB amended the accounting guidance for service concession arrangements. This guidance states that certain service concession arrangements with public-sector grantors are not within the scope of lease accounting. Operating entities entering into these arrangements should not recognize the related infrastructure as its property, plant, and equipment and should apply other accounting guidance. The adoption of this guidance is effective for interim periods beginning after December 15, 2014. The adoption of this guidance is not expected to have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |
In April 2014, FASB amended the accounting guidance for the reporting of discontinued operations. These amendments improve the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have or will have a major effect on an entity’s operations and financial results. This guidance also requires additional disclosures about discontinued operations. The adoption of this guidance is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. The adoption of this guidance is not expected to have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |
In May 2014, FASB amended the accounting guidance for revenue recognition. The amended guidance affects entities that enter into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The adoption of this guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Management is currently evaluating the effect the adoption of this guidance will have on the financial condition, results of operations, and cash flows of the Registrants. | |
In June 2014, FASB amended the accounting guidance for transfers and servicing specifically related to repurchase-to-maturity transactions, repurchase financings and disclosures. Entities will be subject to new disclosure requirements for certain transactions that involve a transfer of a financial asset accounted for as a sale. All entities will also be subject to new disclosure requirements for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings. The adoption of this guidance is effective for the first interim or annual period beginning after December 15, 2014. The adoption of this guidance is not expected to have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |
In June 2014, FASB amended the accounting guidance for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The amendments in this guidance require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The adoption of this guidance is effective for annual periods beginning after December 15, 2015, including interim periods within that reporting period. The adoption of this guidance is not expected to have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |
In August 2014, FASB amended the accounting guidance for the presentation and disclosure of uncertainties about an entity’s ability to continue as a going concern. This guidance requires management to evaluate and disclose whether there is substantial doubt about its ability to continue as a going concern. The guidance provides that management should consider relevant conditions or events that are known or reasonably known on the date the financial statements are issued. The adoption of this guidance is effective for annual reporting periods ending after December 15, 2016, and for annual periods and interim periods thereafter. The adoption of this guidance is not expected to have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |
Regulatory Assets and Liabilities, Policy | ' |
Cleco Power follows the authoritative guidance on regulated operations, which allows utilities to capitalize or defer certain costs based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered through the ratemaking process. | |
Marketable Securities, Available-for-sale Securities, Policy | ' |
Because Cleco Power’s investment strategy for these investments was within the requirements established by the LPSC for the restricted reserve fund, realized and unrealized gains and losses, interest income, investment management fees, and custody fees were recorded directly to Cleco Power’s restricted storm reserve rather than in earnings or OCI. As a result, no amounts were recorded to OCI for these investments. | |
Pension and Other Postretirement Plans, Policy | ' |
Cleco’s 401(k) Plan is intended to provide active, eligible employees with voluntary, long-term savings and investment opportunities. The 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 Plan, employer contributions can be in the form of Cleco Corporation stock or cash. Cash contributions are invested in proportion to the participant’s voluntary contribution investment choices. Plan participants are allowed to choose whether to have dividends on Cleco Corporation common stock distributed in cash or reinvested in additional shares of Cleco Corporation common stock. Participation in the Plan is voluntary, and active Cleco employees are eligible to participate. | |
Cleco’s retirees and their dependents may be eligible to receive medical, dental, vision, and life insurance benefits (other benefits). Cleco recognizes the expected cost of these other benefits during the periods in which the benefits are earned. | |
Certain Cleco officers are covered by SERP. SERP is a non-qualified, non-contributory, defined benefit pension plan. Benefits under the plan reflect an employee’s years of service, age at retirement, and the sum of the highest base salary paid out of the last five calendar years plus the average of the three highest cash bonuses paid during the 60 months prior to retirement, reduced by benefits received from any other defined benefit pension plan, supplemental executive retirement plan, or Cleco contributions under the enhanced 401(k) Plan to the extent such contributions exceed the limits of the 401(k) Plan. | |
Most 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 calendar years during the last ten years of employment with Cleco. Cleco’s policy is to base its contributions to the employee pension plan upon actuarial computations utilizing the projected unit credit method, subject to the IRS’s full funding limitation. | |
Income Tax, Policy | ' |
Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. | |
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 expense. | |
Segment Reporting, Policy | ' |
The financial results of Cleco’s segments are presented on an accrual basis. Management evaluates the performance of its segment and allocates resources to it based on segment profit and the requirements to implement new strategic initiatives and projects to meet current business objectives. | |
Equity Method Investments, Policy | ' |
Cleco and Cleco Power report investments in VIEs in accordance with the authoritative guidance. Cleco and Cleco Power report the investment in Oxbow under the equity method of accounting. Under the equity method, the assets and liabilities of Oxbow are reported as equity investment in investees on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of Oxbow are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Condensed Consolidated Statements of Income. | |
Consolidation, Variable Interest Entity, Policy | ' |
Oxbow is owned 50% by Cleco Power and 50% by SWEPCO and is accounted for as an equity method investment. Cleco Power is not the primary beneficiary because it shares the power to control Oxbow’s significant activities with SWEPCO. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||||||||
Property, Plant, and Equipment | ' | |||||||||||||||||||||||||||||||
Cleco’s property, plant, and equipment consisted of: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2014 | AT DEC. 31, 2013 | ||||||||||||||||||||||||||||||
Regulated utility plants | $ | 4,429,881 | $ | 4,052,774 | ||||||||||||||||||||||||||||
Other | 15,012 | 273,748 | ||||||||||||||||||||||||||||||
Total property, plant, and equipment | 4,444,893 | 4,326,522 | ||||||||||||||||||||||||||||||
Accumulated depreciation | (1,419,001 | ) | (1,351,223 | ) | ||||||||||||||||||||||||||||
Net property, plant, and equipment | $ | 3,025,892 | $ | 2,975,299 | ||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents | ' | |||||||||||||||||||||||||||||||
Cleco’s restricted cash and cash equivalents consisted of: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2014 | AT DEC. 31, 2013 | ||||||||||||||||||||||||||||||
Diversified Lands’ mitigation escrow | $ | 21 | $ | 21 | ||||||||||||||||||||||||||||
Cleco Katrina/Rita’s storm recovery bonds | 3,471 | 8,986 | ||||||||||||||||||||||||||||||
Cleco Power’s future storm restoration costs | 14,706 | 4,726 | ||||||||||||||||||||||||||||||
Cleco Power’s building renovation escrow | 810 | 286 | ||||||||||||||||||||||||||||||
Total restricted cash and cash equivalents | $ | 19,008 | $ | 14,019 | ||||||||||||||||||||||||||||
Earnings per Average Common Share | ' | |||||||||||||||||||||||||||||||
The following tables show the calculation of basic and diluted earnings per share: | ||||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS) | INCOME | SHARES | PER SHARE | INCOME | SHARES | PER SHARE | ||||||||||||||||||||||||||
AMOUNT | AMOUNT | |||||||||||||||||||||||||||||||
Basic net income applicable to common stock | $ | 70,835 | 60,372,569 | $ | 1.17 | $ | 66,407 | 60,450,384 | $ | 1.1 | ||||||||||||||||||||||
Effect of dilutive securities | ||||||||||||||||||||||||||||||||
Add: restricted stock (LTICP) | 317,027 | 298,263 | ||||||||||||||||||||||||||||||
Diluted net income applicable to common stock | $ | 70,835 | 60,689,596 | $ | 1.17 | $ | 66,407 | 60,748,647 | $ | 1.09 | ||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS) | INCOME | SHARES | PER SHARE | INCOME | SHARES | PER SHARE | ||||||||||||||||||||||||||
AMOUNT | AMOUNT | |||||||||||||||||||||||||||||||
Basic net income applicable to common stock | $ | 133,392 | 60,410,122 | $ | 2.21 | $ | 135,572 | 60,428,944 | $ | 2.25 | ||||||||||||||||||||||
Effect of dilutive securities | ||||||||||||||||||||||||||||||||
Add: restricted stock (LTICP) | 301,421 | 265,688 | ||||||||||||||||||||||||||||||
Diluted net income applicable to common stock | $ | 133,392 | 60,711,543 | $ | 2.2 | $ | 135,572 | 60,694,632 | $ | 2.23 | ||||||||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||||||||||||||||||
Cleco and Cleco Power reported pre-tax compensation expense for their share-based compensation plans as shown in the following table: | ||||||||||||||||||||||||||||||||
CLECO CORPORATION | CLECO POWER | CLECO CORPORATION | CLECO POWER | |||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Equity classification | ||||||||||||||||||||||||||||||||
Non-vested stock | $ | 1,344 | $ | 1,585 | $ | 528 | $ | 492 | $ | 4,798 | $ | 4,487 | $ | 1,461 | $ | 1,204 | ||||||||||||||||
Total equity classification | $ | 1,344 | $ | 1,585 | $ | 528 | $ | 492 | $ | 4,798 | $ | 4,487 | $ | 1,461 | $ | 1,204 | ||||||||||||||||
Liability classification | ||||||||||||||||||||||||||||||||
Common stock equivalent units | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||||||||||
Total pre-tax compensation expense | $ | 1,344 | $ | 1,585 | $ | 528 | $ | 492 | $ | 4,798 | $ | 4,488 | $ | 1,461 | $ | 1,205 | ||||||||||||||||
Tax benefit | $ | 517 | $ | 610 | $ | 203 | $ | 189 | $ | 1,846 | $ | 1,727 | $ | 562 | $ | 463 | ||||||||||||||||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) (Cleco Power [Member]) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Cleco Power [Member] | ' | |||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | |||||||
Schedule of Regulatory Assets | ' | |||||||
The following table summarizes Cleco Power’s regulatory assets and liabilities. | ||||||||
(THOUSANDS) | AT SEPT. 30, 2014 | AT DEC. 31, 2013 | ||||||
Regulatory assets – deferred taxes, net | $ | 236,622 | $ | 229,173 | ||||
Mining costs | $ | 12,108 | $ | 14,019 | ||||
Interest costs | 5,672 | 5,943 | ||||||
Asset removal costs | 991 | 936 | ||||||
Postretirement plan costs | 88,329 | 93,333 | ||||||
Tree trimming costs | 7,271 | 4,840 | ||||||
Training costs | 7,058 | 7,175 | ||||||
Surcredits, net | 14,493 | 16,738 | ||||||
Amended lignite mining agreement contingency | 3,781 | 3,781 | ||||||
Power purchase agreement capacity costs | — | 9,749 | ||||||
AMI deferred revenue requirement | 5,999 | 4,682 | ||||||
Production O&M expenses | 7,755 | 8,459 | ||||||
AFUDC equity gross-up | 73,063 | 73,306 | ||||||
Rate case costs | — | 45 | ||||||
Acadia Unit 1 acquisition costs | 2,680 | 2,760 | ||||||
Financing costs | 9,495 | 9,772 | ||||||
Biomass costs | 90 | 114 | ||||||
MISO integration costs | 3,509 | — | ||||||
Coughlin transaction costs | 1,068 | — | ||||||
Corporate franchise tax | 2,274 | — | ||||||
Acadia FRP true-up | 754 | — | ||||||
Other | 654 | — | ||||||
Total regulatory assets | $ | 247,044 | $ | 255,652 | ||||
Fuel and purchased power | 40,217 | (3,869 | ) | |||||
Total regulatory assets, net | $ | 523,883 | $ | 480,956 | ||||
Fair_Value_Accounting_Tables
Fair Value Accounting (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value [Line Items] | ' | |||||||||||||||||||||||||||||||
Fair Value By Balance Sheet Grouping | ' | |||||||||||||||||||||||||||||||
The following tables summarize the carrying value and estimated market value of Cleco and Cleco Power’s financial instruments not measured at fair value in Cleco and Cleco Power’s Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
Cleco | ||||||||||||||||||||||||||||||||
AT SEPT. 30, 2014 | AT DEC. 31, 2013 | |||||||||||||||||||||||||||||||
(THOUSANDS) | CARRYING | ESTIMATED | CARRYING | ESTIMATED | ||||||||||||||||||||||||||||
VALUE | FAIR VALUE | VALUE | FAIR VALUE | |||||||||||||||||||||||||||||
Financial instruments not marked-to-market: | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 4,400 | $ | 4,400 | $ | 22,204 | $ | 22,204 | ||||||||||||||||||||||||
Restricted cash equivalents | $ | 18,802 | $ | 18,802 | $ | 14,019 | $ | 14,019 | ||||||||||||||||||||||||
Long-term debt, excluding debt issuance costs | $ | 1,338,354 | $ | 1,534,758 | $ | 1,331,230 | $ | 1,420,048 | ||||||||||||||||||||||||
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 or disclosed on a recurring basis and within the scope of the authoritative guidance for fair value measurements and disclosures. | ||||||||||||||||||||||||||||||||
Cleco | ||||||||||||||||||||||||||||||||
CLECO CONSOLIDATED FAIR VALUE MEASUREMENTS AT REPORTING DATE USING: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2014 | QUOTED PRICES IN | SIGNIFICANT | SIGNIFICANT | AT DEC. 31, 2013 | QUOTED PRICES IN | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||||||
ACTIVE MARKETS | OTHER | UNOBSERVABLE | ACTIVE MARKETS | OTHER | UNOBSERVABLE | |||||||||||||||||||||||||||
FOR IDENTICAL | OBSERVABLE | INPUTS | FOR IDENTICAL | OBSERVABLE | INPUTS | |||||||||||||||||||||||||||
ASSETS | INPUTS | (LEVEL 3) | ASSETS | INPUTS | (LEVEL 3) | |||||||||||||||||||||||||||
(LEVEL 1) | (LEVEL 2) | (LEVEL 1) | (LEVEL 2) | |||||||||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||||||||||
Institutional money market funds | $ | 23,202 | $ | — | $ | 23,202 | $ | — | $ | 36,100 | $ | — | $ | 36,100 | $ | — | ||||||||||||||||
Commercial paper | — | — | — | — | 1,483 | — | 1,483 | — | ||||||||||||||||||||||||
Municipal bonds | — | — | — | — | 9,831 | — | 9,831 | — | ||||||||||||||||||||||||
Corporate bonds | — | — | — | — | 515 | — | 515 | — | ||||||||||||||||||||||||
Federal agency mortgage-backed securities | — | — | — | — | 1,000 | — | 1,000 | — | ||||||||||||||||||||||||
FTRs | 18,504 | — | — | 18,504 | 9,020 | — | — | 9,020 | ||||||||||||||||||||||||
Total assets | $ | 41,706 | $ | — | $ | 23,202 | $ | 18,504 | $ | 57,949 | $ | — | $ | 48,929 | $ | 9,020 | ||||||||||||||||
Liability Description | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 1,534,758 | $ | — | $ | 1,534,758 | $ | — | $ | 1,420,048 | $ | — | $ | 1,420,048 | $ | — | ||||||||||||||||
FTRs | 1,732 | — | — | 1,732 | 382 | — | — | 382 | ||||||||||||||||||||||||
Total liabilities | $ | 1,536,490 | $ | — | $ | 1,534,758 | $ | 1,732 | $ | 1,420,430 | $ | — | $ | 1,420,048 | $ | 382 | ||||||||||||||||
Effect of Derivatives On Consolidated Statements of Income | ' | |||||||||||||||||||||||||||||||
The following table presents the effect of derivatives designated as hedging instruments on Cleco and Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(THOUSANDS) | AMOUNT | AMOUNT OF LOSS | AMOUNT | AMOUNT OF LOSS | ||||||||||||||||||||||||||||
OF GAIN | RECLASSIFIED FROM | OF GAIN | RECLASSIFIED FROM | |||||||||||||||||||||||||||||
RECOGNIZED | ACCUMULATED OCI | RECOGNIZED | ACCUMULATED OCI | |||||||||||||||||||||||||||||
IN OCI | INTO INCOME | IN OCI | INTO INCOME | |||||||||||||||||||||||||||||
(EFFECTIVE PORTION) | (EFFECTIVE PORTION) | |||||||||||||||||||||||||||||||
Interest rate | $ | — | $ | (86 | )* | $ | — | $ | (86 | )* | ||||||||||||||||||||||
derivatives (1) | ||||||||||||||||||||||||||||||||
* The loss reclassified from accumulated OCI into income (effective portion) is reflected in interest charges. | ||||||||||||||||||||||||||||||||
(1) During the three months ended September 30, 2014 and 2013, Cleco had no ineffectiveness and losses related to the interest rate derivatives as a regulatory asset. | ||||||||||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(THOUSANDS) | AMOUNT | AMOUNT OF LOSS | AMOUNT | AMOUNT OF LOSS | ||||||||||||||||||||||||||||
OF GAIN | RECLASSIFIED FROM | OF GAIN | RECLASSIFIED FROM | |||||||||||||||||||||||||||||
RECOGNIZED | ACCUMULATED OCI | RECOGNIZED | ACCUMULATED OCI | |||||||||||||||||||||||||||||
IN OCI | INTO INCOME | IN OCI | INTO INCOME | |||||||||||||||||||||||||||||
(EFFECTIVE PORTION) | (EFFECTIVE PORTION) | |||||||||||||||||||||||||||||||
Interest rate | $ | — | $ | (258 | )* | $ | 1,762 | $ | (165 | )* | ||||||||||||||||||||||
derivatives (1) | ||||||||||||||||||||||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||||||||||||||||||
The following tables summarize the net changes in the fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | ||||||||||||||||||||||||||||||||
Beginning balance at July 1, 2014 | $ | 42,972 | ||||||||||||||||||||||||||||||
Unrealized losses* | (6,190 | ) | ||||||||||||||||||||||||||||||
Purchases and settlements | (20,010 | ) | ||||||||||||||||||||||||||||||
Ending balance at Sept. 30, 2014 | $ | 16,772 | ||||||||||||||||||||||||||||||
* Unrealized gains and losses are reported in Accumulated deferred fuel on the balance sheet. | ||||||||||||||||||||||||||||||||
(THOUSANDS) | ||||||||||||||||||||||||||||||||
Beginning balance at January 1, 2014 | $ | 8,638 | ||||||||||||||||||||||||||||||
Unrealized losses* | (9,610 | ) | ||||||||||||||||||||||||||||||
Purchases and settlements | 17,744 | |||||||||||||||||||||||||||||||
Ending balance at Sept. 30, 2014 | $ | 16,772 | ||||||||||||||||||||||||||||||
* Unrealized gains and losses are reported in Accumulated deferred fuel on the balance sheet. | ||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | ' | |||||||||||||||||||||||||||||||
The following table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
FAIR VALUE | VALUATION TECHNIQUE | SIGNIFICANT | FORWARD PRICE RANGE | |||||||||||||||||||||||||||||
UNOBSERVABLE INPUTS | ||||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT FORWARD PRICE RANGE) | Assets | Liabilities | Low | High | ||||||||||||||||||||||||||||
FTRs at Sept. 30, 2014 | $ | 18,504 | $ | 1,732 | Discounted cash flow | Estimated auction price | $ | (5.73 | ) | $ | 5.62 | |||||||||||||||||||||
FTRs at Dec. 31, 2013 | $ | 9,020 | $ | 382 | Discounted cash flow | Estimated auction price | $ | (4.88 | ) | $ | 33.75 | |||||||||||||||||||||
Cleco Power [Member] | ' | |||||||||||||||||||||||||||||||
Fair Value [Line Items] | ' | |||||||||||||||||||||||||||||||
Fair Value By Balance Sheet Grouping | ' | |||||||||||||||||||||||||||||||
Cleco Power | ||||||||||||||||||||||||||||||||
AT SEPT. 30, 2014 | AT DEC. 31, 2013 | |||||||||||||||||||||||||||||||
(THOUSANDS) | CARRYING | ESTIMATED | CARRYING | ESTIMATED | ||||||||||||||||||||||||||||
VALUE | FAIR VALUE | VALUE | FAIR VALUE | |||||||||||||||||||||||||||||
Financial instruments not marked-to-market: | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 1,000 | $ | 1,000 | $ | 14,900 | $ | 14,900 | ||||||||||||||||||||||||
Restricted cash equivalents | $ | 18,781 | $ | 18,781 | $ | 13,998 | $ | 13,998 | ||||||||||||||||||||||||
Long-term debt, excluding debt issuance costs | $ | 1,301,354 | $ | 1,497,758 | $ | 1,326,230 | $ | 1,415,048 | ||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | ' | |||||||||||||||||||||||||||||||
The following table provides a reconciliation of Cleco Power’s available-for-sale debt securities from amortized cost to fair value at December 31, 2013: | ||||||||||||||||||||||||||||||||
AT DEC. 31, 2013 | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AMORTIZED | TOTAL | TOTAL | FAIR VALUE | ||||||||||||||||||||||||||||
COST | UNREALIZED GAINS (1) | UNREALIZED | ||||||||||||||||||||||||||||||
LOSSES (1) | ||||||||||||||||||||||||||||||||
Municipal bonds | $ | 9,838 | $ | 8 | $ | (15 | ) | $ | 9,831 | |||||||||||||||||||||||
Corporate bonds | 513 | 2 | — | 515 | ||||||||||||||||||||||||||||
Federal agency mortgage-backed securities | 1,000 | — | — | 1,000 | ||||||||||||||||||||||||||||
Commercial paper | 1,483 | — | — | 1,483 | ||||||||||||||||||||||||||||
Total available-for-sale debt securities | $ | 12,834 | $ | 10 | $ | (15 | ) | $ | 12,829 | |||||||||||||||||||||||
(1) Unrealized gains and losses were recorded to the restricted storm reserve. | ||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis | ' | |||||||||||||||||||||||||||||||
Cleco Power | ||||||||||||||||||||||||||||||||
CLECO POWER FAIR VALUE MEASUREMENTS AT REPORTING DATE USING: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2014 | QUOTED PRICES IN | SIGNIFICANT | SIGNIFICANT | AT DEC. 31, 2013 | QUOTED PRICES IN | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||||||
ACTIVE MARKETS | OTHER | UNOBSERVABLE | ACTIVE MARKETS | OTHER | UNOBSERVABLE | |||||||||||||||||||||||||||
FOR IDENTICAL | OBSERVABLE | INPUTS | FOR IDENTICAL | OBSERVABLE | INPUTS | |||||||||||||||||||||||||||
ASSETS | INPUTS | (LEVEL 3) | ASSETS | INPUTS | (LEVEL 3) | |||||||||||||||||||||||||||
(LEVEL 1) | (LEVEL 2) | (LEVEL 1) | (LEVEL 2) | |||||||||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||||||||||
Institutional money market funds | $ | 19,781 | $ | — | $ | 19,781 | $ | — | $ | 28,775 | $ | — | $ | 28,775 | $ | — | ||||||||||||||||
Commercial paper | — | — | — | — | 1,483 | — | 1,483 | — | ||||||||||||||||||||||||
Municipal bonds | — | — | — | — | 9,831 | — | 9,831 | — | ||||||||||||||||||||||||
Corporate bonds | — | — | — | — | 515 | — | 515 | — | ||||||||||||||||||||||||
Federal agency mortgage-backed securities | — | — | — | — | 1,000 | — | 1,000 | — | ||||||||||||||||||||||||
FTRs | 18,504 | — | — | 18,504 | 9,020 | — | — | 9,020 | ||||||||||||||||||||||||
Total assets | $ | 38,285 | $ | — | $ | 19,781 | $ | 18,504 | $ | 50,624 | $ | — | $ | 41,604 | $ | 9,020 | ||||||||||||||||
Liability Description | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 1,497,758 | $ | — | $ | 1,497,758 | $ | — | $ | 1,415,048 | $ | — | $ | 1,415,048 | $ | — | ||||||||||||||||
FTRs | 1,732 | — | — | 1,732 | 382 | — | — | 382 | ||||||||||||||||||||||||
Total liabilities | $ | 1,499,490 | $ | — | $ | 1,497,758 | $ | 1,732 | $ | 1,415,430 | $ | — | $ | 1,415,048 | $ | 382 | ||||||||||||||||
Not Designated as Hedging Instrument [Member] | ' | |||||||||||||||||||||||||||||||
Fair Value [Line Items] | ' | |||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||||||||||||||||||
The following table presents the fair values of derivative instruments and their respective line items as recorded on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets at September 30, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||||||||||||||||||||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT SEPT. 30, 2014 | AT DEC. 31, 2013 | |||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
FTRs: | ||||||||||||||||||||||||||||||||
Current | Energy risk management assets | $ | 18,504 | $ | 9,020 | |||||||||||||||||||||||||||
Current | Energy risk management liabilities | 1,732 | 382 | |||||||||||||||||||||||||||||
Total | $ | 16,772 | $ | 8,638 | ||||||||||||||||||||||||||||
Effect of Derivatives On Consolidated Statements of Income | ' | |||||||||||||||||||||||||||||||
The following tables present the effect of derivatives not designated as hedging instruments on Cleco and Cleco Power’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2014: | ||||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, 2014 | ||||||||||||||||||||||||||||||||
(THOUSANDS) | DERIVATIVES LINE ITEM | AMOUNT OF GAIN/(LOSS) | ||||||||||||||||||||||||||||||
RECOGNIZED IN INCOME ON DERIVATIVES | ||||||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
FTRs | Electric operations | $ | 27,618 | |||||||||||||||||||||||||||||
FTRs | Power purchased for utility customers | (20,122 | ) | |||||||||||||||||||||||||||||
Total | $ | 7,496 | ||||||||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, 2014 | ||||||||||||||||||||||||||||||||
(THOUSANDS) | DERIVATIVES LINE ITEM | AMOUNT OF GAIN/(LOSS) | ||||||||||||||||||||||||||||||
RECOGNIZED IN INCOME ON DERIVATIVES | ||||||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
FTRs | Electric operations | $ | 52,946 | |||||||||||||||||||||||||||||
FTRs | Power purchased for utility customers | (30,871 | ) | |||||||||||||||||||||||||||||
Total | $ | 22,075 | ||||||||||||||||||||||||||||||
Pension_Plan_and_Employee_Bene1
Pension Plan and Employee Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
401(k) Plan [Abstract] | ' | |||||||||||||||
401(k) Plan expense | ' | |||||||||||||||
Cleco’s 401(k) Plan expense for the three and nine months ended September 30, 2014 and 2013 is as follows: | ||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
401(k) Plan expense | $ | 1,015 | $ | 936 | $ | 3,585 | $ | 3,361 | ||||||||
Pension Benefits [Member] | ' | |||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||
Net periodic benefit costs | ' | |||||||||||||||
The components of net periodic pension and other benefit cost for the three and nine months ended September 30, 2014 and 2013, are as follows: | ||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | ||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Components of periodic benefit cost: | ||||||||||||||||
Service cost | $ | 2,013 | $ | 2,472 | $ | 347 | $ | 614 | ||||||||
Interest cost | 4,963 | 4,485 | 432 | 214 | ||||||||||||
Expected return on plan assets | (6,127 | ) | (5,861 | ) | — | — | ||||||||||
Amortizations: | ||||||||||||||||
Transition obligation | — | — | 2 | 6 | ||||||||||||
Prior period service cost (credit) | (18 | ) | (18 | ) | 29 | — | ||||||||||
Net loss | 1,686 | 3,304 | 147 | 213 | ||||||||||||
Net periodic benefit cost | $ | 2,517 | $ | 4,382 | $ | 957 | $ | 1,047 | ||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Components of periodic benefit cost: | ||||||||||||||||
Service cost | $ | 6,038 | $ | 7,417 | $ | 1,157 | $ | 1,242 | ||||||||
Interest cost | 14,888 | 13,455 | 1,357 | 1,176 | ||||||||||||
Expected return on plan assets | (18,380 | ) | (17,584 | ) | — | — | ||||||||||
Amortizations: | ||||||||||||||||
Transition obligation | — | — | 12 | 15 | ||||||||||||
Prior period service cost (credit) | (53 | ) | (53 | ) | 89 | — | ||||||||||
Net loss | 5,057 | 9,913 | 502 | 849 | ||||||||||||
Net periodic benefit cost | $ | 7,550 | $ | 13,148 | $ | 3,117 | $ | 3,282 | ||||||||
SERP Benefits [Member] | ' | |||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||
Net periodic benefit costs | ' | |||||||||||||||
The components of net periodic SERP benefit cost for the three and nine months ended September 30, 2014 and 2013, are as follows: | ||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Components of periodic benefit cost: | ||||||||||||||||
Service cost | $ | 570 | $ | 514 | $ | 1,708 | $ | 1,541 | ||||||||
Interest cost | 757 | 645 | 2,271 | 1,934 | ||||||||||||
Amortizations: | ||||||||||||||||
Prior period service cost | 13 | 13 | 40 | 40 | ||||||||||||
Net loss | 469 | 576 | 1,407 | 1,728 | ||||||||||||
Net periodic benefit cost | $ | 1,809 | $ | 1,748 | $ | 5,426 | $ | 5,243 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Effective income tax rates | ' | |||||||||||||||
The following table summarizes the effective income tax rates for Cleco and Cleco Power for the three and nine month periods ended September 30, 2014 and 2013. | ||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Cleco | 25.7 | % | 34.1 | % | 28.3 | % | 33 | % | ||||||||
Cleco Power | 30.7 | % | 35 | % | 32.3 | % | 34.6 | % | ||||||||
Liability and expense related to unrecognized tax benefits | ' | |||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Interest charges | ||||||||||||||||
Cleco | $ | — | $ | 174 | $ | — | $ | (116 | ) | |||||||
Cleco Power | $ | — | $ | 113 | $ | — | $ | 354 | ||||||||
The total amounts of interest payable and interest expense related to uncertain tax positions, as reflected on Cleco and Cleco Power’s Condensed Consolidated Balance Sheets and Statements of Income, are shown in the following tables. | ||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2014 | AT DEC. 31, 2013 | ||||||||||||||
Interest payable | ||||||||||||||||
Cleco | $ | — | $ | 88 | ||||||||||||
Cleco Power | $ | — | $ | 11 | ||||||||||||
Disclosures_about_Segments_Tab
Disclosures about Segments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
SEGMENT INFORMATION FOR THE THREE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||
2014 (THOUSANDS) | CLECO POWER | OTHER | ELIMINATIONS | CONSOLIDATED | ||||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 352,763 | $ | — | $ | — | $ | 352,763 | ||||||||||||
Other operations | 18,957 | 540 | — | 19,497 | ||||||||||||||||
Electric customer credits | (874 | ) | — | — | (874 | ) | ||||||||||||||
Affiliate revenue | 332 | 14,745 | (15,077 | ) | — | |||||||||||||||
Operating revenue, net | $ | 371,178 | $ | 15,285 | $ | (15,077 | ) | $ | 371,386 | |||||||||||
Depreciation | $ | 37,518 | $ | 317 | $ | (1 | ) | $ | 37,834 | |||||||||||
Interest charges | $ | 14,486 | $ | (1,421 | ) | $ | 110 | $ | 13,175 | |||||||||||
Interest income | $ | 398 | $ | (91 | ) | $ | 109 | $ | 416 | |||||||||||
Federal and state income tax expense (benefit) | $ | 29,094 | $ | (4,651 | ) | $ | (1 | ) | $ | 24,442 | ||||||||||
Net income | $ | 65,544 | $ | 5,290 | $ | 1 | $ | 70,835 | ||||||||||||
Additions to long-lived assets | $ | 35,955 | $ | 102 | $ | — | $ | 36,057 | ||||||||||||
Equity investment in investees | $ | 14,532 | $ | 8 | $ | — | $ | 14,540 | ||||||||||||
Total segment assets | $ | 4,161,396 | $ | 54,394 | $ | 40,524 | $ | 4,256,314 | ||||||||||||
2013 (THOUSANDS) | CLECO POWER | MIDSTREAM | OTHER | ELIMINATIONS | CONSOLIDATED | |||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 314,766 | $ | — | $ | — | $ | — | $ | 314,766 | ||||||||||
Tolling operations | — | 12,339 | — | (12,339 | ) | — | ||||||||||||||
Other operations | 14,301 | 1 | 541 | — | 14,843 | |||||||||||||||
Electric customer credits | (846 | ) | — | — | — | (846 | ) | |||||||||||||
Affiliate revenue | 335 | — | 13,313 | (13,648 | ) | $ | — | |||||||||||||
Operating revenue, net | $ | 328,556 | $ | 12,340 | $ | 13,854 | $ | (25,987 | ) | $ | 328,763 | |||||||||
Depreciation | $ | 39,962 | $ | 1,522 | $ | 272 | $ | — | $ | 41,756 | ||||||||||
Interest charges | $ | 18,656 | $ | 312 | $ | (110 | ) | $ | 156 | $ | 19,014 | |||||||||
Interest income | $ | 331 | $ | — | $ | (156 | ) | $ | 157 | $ | 332 | |||||||||
Federal and state income tax expense (benefit) | $ | 33,355 | $ | 4,083 | $ | (3,048 | ) | $ | (1 | ) | $ | 34,389 | ||||||||
Net income | $ | 61,885 | $ | 1,164 | $ | 3,358 | $ | — | $ | 66,407 | ||||||||||
Additions to long-lived assets | $ | 38,585 | $ | 337 | $ | 358 | $ | — | $ | 39,280 | ||||||||||
Equity investment in investees (1) | $ | 14,532 | $ | — | $ | 8 | $ | — | $ | 14,540 | ||||||||||
Total segment assets (1) | $ | 3,943,712 | $ | 225,832 | $ | 88,234 | $ | (42,516 | ) | $ | 4,215,262 | |||||||||
(1) Balances as of December 31, 2013 | ||||||||||||||||||||
SEGMENT INFORMATION FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||
2014 (THOUSANDS) | CLECO POWER | OTHER | ELIMINATIONS | CONSOLIDATED | ||||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 939,519 | $ | — | $ | — | $ | 939,519 | ||||||||||||
Tolling operations | — | 5,467 | (5,467 | ) | — | |||||||||||||||
Other operations | 47,256 | 1,622 | — | 48,878 | ||||||||||||||||
Electric customer credits | (23,555 | ) | — | — | (23,555 | ) | ||||||||||||||
Affiliate revenue | 998 | 42,091 | (43,089 | ) | — | |||||||||||||||
Operating revenue | $ | 964,218 | $ | 49,180 | $ | (48,556 | ) | $ | 964,842 | |||||||||||
Depreciation | $ | 115,016 | $ | 2,129 | $ | — | $ | 117,145 | ||||||||||||
Interest charges | $ | 54,885 | $ | (1,727 | ) | $ | 350 | $ | 53,508 | |||||||||||
Interest income | $ | 1,349 | $ | (331 | ) | $ | 351 | $ | 1,369 | |||||||||||
Federal and state income tax expense (benefit) | $ | 59,375 | $ | (6,726 | ) | $ | — | $ | 52,649 | |||||||||||
Net income | $ | 124,509 | $ | 8,883 | $ | — | $ | 133,392 | ||||||||||||
Additions to (reductions in) long-lived assets | $ | 327,916 | $ | (175,666 | ) | $ | — | $ | 152,250 | |||||||||||
Equity investment in investees | $ | 14,532 | $ | 8 | $ | — | $ | 14,540 | ||||||||||||
Total segment assets | $ | 4,161,396 | $ | 54,394 | $ | 40,524 | $ | 4,256,314 | ||||||||||||
2013 (THOUSANDS) | CLECO POWER | MIDSTREAM | OTHER | ELIMINATIONS | CONSOLIDATED | |||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 796,957 | $ | — | $ | — | $ | — | $ | 796,957 | ||||||||||
Tolling operations | — | 26,483 | — | (26,483 | ) | — | ||||||||||||||
Other operations | 36,366 | 2 | 1,550 | (1 | ) | 37,917 | ||||||||||||||
Electric customer credits | (1,270 | ) | — | — | — | (1,270 | ) | |||||||||||||
Affiliate revenue | 1,005 | — | 40,406 | (41,411 | ) | — | ||||||||||||||
Operating revenue | $ | 833,058 | $ | 26,485 | $ | 41,956 | $ | (67,895 | ) | $ | 833,604 | |||||||||
Depreciation | $ | 105,251 | $ | 4,523 | $ | 755 | $ | — | $ | 110,529 | ||||||||||
Interest charges | $ | 60,882 | $ | (338 | ) | $ | 334 | $ | 480 | $ | 61,358 | |||||||||
Interest income | $ | 784 | $ | — | $ | (474 | ) | $ | 479 | $ | 789 | |||||||||
Federal and state income tax expense (benefit) | $ | 65,558 | $ | 7,221 | $ | (5,887 | ) | $ | — | $ | 66,892 | |||||||||
Net income | $ | 124,142 | $ | 6,180 | $ | 5,251 | $ | (1 | ) | $ | 135,572 | |||||||||
Additions to long-lived assets | $ | 124,731 | $ | 2,664 | $ | 1,629 | $ | — | $ | 129,024 | ||||||||||
Equity investment in investees (1) | $ | 14,532 | $ | — | $ | 8 | $ | — | $ | 14,540 | ||||||||||
Total segment assets (1) | $ | 3,943,712 | $ | 225,832 | $ | 88,234 | $ | (42,516 | ) | $ | 4,215,262 | |||||||||
(1) Balances as of December 31, 2013 | ||||||||||||||||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) (Cleco Power [Member]) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Cleco Power [Member] | ' | |||||||||||||||
Variable Interest Entity [Line Items] | ' | |||||||||||||||
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. | ||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2014 | AT DEC. 31, 2013 | ||||||||||||||
Oxbow’s net assets/liabilities | $ | 29,065 | $ | 29,065 | ||||||||||||
Cleco Power’s 50% equity | $ | 14,532 | $ | 14,532 | ||||||||||||
Cleco Power’s maximum exposure to loss | $ | 14,532 | $ | 14,532 | ||||||||||||
Equity Method Investments | ' | |||||||||||||||
The following tables contain summarized financial information for Oxbow. | ||||||||||||||||
(THOUSANDS) | AT SEPT. 30, 2014 | AT DEC. 31, 2013 | ||||||||||||||
Current assets | $ | 2,555 | $ | 2,289 | ||||||||||||
Property, plant, and equipment, net | 22,512 | 22,611 | ||||||||||||||
Other assets | 4,127 | 4,256 | ||||||||||||||
Total assets | $ | 29,194 | $ | 29,156 | ||||||||||||
Current liabilities | $ | 129 | $ | 91 | ||||||||||||
Partners’ capital | 29,065 | 29,065 | ||||||||||||||
Total liabilities and partners’ capital | $ | 29,194 | $ | 29,156 | ||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | FOR THE NINE MONTHS ENDED SEPT. 30, | |||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating revenue | $ | 584 | $ | 856 | $ | 1,595 | $ | 1,795 | ||||||||
Operating expenses | 584 | 856 | 1,595 | 1,795 | ||||||||||||
Income before taxes | $ | — | $ | — | $ | — | $ | — | ||||||||
The following table presents the components of Cleco Power’s equity investment in Oxbow. | ||||||||||||||||
INCEPTION TO DATE (THOUSANDS) | AT SEPT. 30, 2014 | AT DEC. 31, 2013 | ||||||||||||||
Purchase price | $ | 12,873 | $ | 12,873 | ||||||||||||
Cash contributions | 1,659 | 1,659 | ||||||||||||||
Total equity investment in investee | $ | 14,532 | $ | 14,532 | ||||||||||||
Litigation_Other_Commitments_a1
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Other Commitments [Line Items] | ' | |||||||||||||||||||
Other Commitments | ' | |||||||||||||||||||
The following table summarizes the expected amount of commitment termination per period of off-balance sheet commitments and on-balance sheet guarantees discussed above. | ||||||||||||||||||||
AT SEPT. 30, 2014 | ||||||||||||||||||||
AMOUNT OF COMMITMENT EXPIRATION PER PERIOD | ||||||||||||||||||||
(THOUSANDS) | NET | LESS THAN | 1-3 YEARS | 3-5 YEARS | MORE | |||||||||||||||
AMOUNT | ONE YEAR | THAN | ||||||||||||||||||
COMMITTED | 5 YEARS | |||||||||||||||||||
Off-balance sheet commitments | $ | 6,225 | $ | — | $ | — | $ | — | $ | 6,225 | ||||||||||
On-balance sheet guarantees | 3,781 | — | — | — | 3,781 | |||||||||||||||
Total | $ | 10,006 | $ | — | $ | — | $ | — | $ | 10,006 | ||||||||||
Off-Balance Sheet Commitments | ' | |||||||||||||||||||
Cleco’s off-balance sheet commitments as of September 30, 2014, are summarized in the following table and a discussion of the off-balance sheet commitments follows the table. The discussion should be read in conjunction with the table to understand the impact of the off-balance sheet commitments on Cleco’s financial condition. | ||||||||||||||||||||
AT SEPT. 30, 2014 | ||||||||||||||||||||
(THOUSANDS) | FACE AMOUNT | |||||||||||||||||||
Cleco Corporation | ||||||||||||||||||||
Guarantee issued to Entergy Mississippi on behalf of Attala | $ | 500 | ||||||||||||||||||
Cleco Power | ||||||||||||||||||||
Obligations under standby letter of credit issued to the Louisiana Department of Labor | 3,725 | |||||||||||||||||||
Obligations under standby letter of credit issued to MISO | 2,000 | |||||||||||||||||||
Total | $ | 6,225 | ||||||||||||||||||
There were no reductions against the face amount for any of these commitments. | ||||||||||||||||||||
Equity Investments with an Imputed Interest Rate | ' | |||||||||||||||||||
The following table contains the disclosures required by the authoritative guidelines for equity investments with an imputed interest rate. | ||||||||||||||||||||
(THOUSANDS) | ||||||||||||||||||||
Equity contributions, imputed interest rate 6% | ||||||||||||||||||||
Principal payment schedule above: | $ | 29,029 | ||||||||||||||||||
Less: unamortized discount | 1,279 | |||||||||||||||||||
Total | $ | 27,750 | ||||||||||||||||||
New Markets Tax Credit [Member] | ' | |||||||||||||||||||
Other Commitments [Line Items] | ' | |||||||||||||||||||
Other Commitments | ' | |||||||||||||||||||
The following table reflects remaining future equity contributions. | ||||||||||||||||||||
(THOUSANDS) | CONTRIBUTION | |||||||||||||||||||
Three months ending Dec. 31, 2014 | $ | 19,063 | ||||||||||||||||||
Years ending Dec. 31, | ||||||||||||||||||||
2015 | 4,552 | |||||||||||||||||||
2016 | 2,707 | |||||||||||||||||||
2017 | 2,707 | |||||||||||||||||||
Total | $ | 29,029 | ||||||||||||||||||
Affiliate_Transactions_Affilia
Affiliate Transactions Affiliate Transactions (Tables) (Cleco Power [Member]) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Cleco Power [Member] | ' | ||||||||||||||||
Related Party Transaction [Line Items] | ' | ||||||||||||||||
Schedule of Related Party Transactions | ' | ||||||||||||||||
Cleco Power has affiliate balances that are payable to or due from its affiliates. The following table is a summary of those balances. | |||||||||||||||||
AT SEPT. 30, 2014 | AT DEC. 31, 2013 | ||||||||||||||||
(THOUSANDS) | ACCOUNTS | ACCOUNTS | ACCOUNTS | ACCOUNTS | |||||||||||||
RECEIVABLE | PAYABLE | RECEIVABLE | PAYABLE | ||||||||||||||
Cleco Corporation | $ | 22,740 | $ | 449 | $ | 379 | $ | 389 | |||||||||
Support Group | 750 | 7,444 | 634 | 5,972 | |||||||||||||
Evangeline | — | 196 | 4 | 2,024 | |||||||||||||
Other | 8 | (1) | — | (1) | 28 | (2) | 1 | (2) | |||||||||
Total | $ | 23,498 | $ | 8,089 | $ | 1,045 | $ | 8,386 | |||||||||
(1) Represents Attala, Diversified Lands, and Perryville | |||||||||||||||||
(2) Represents Attala, Diversified Lands, Midstream, and Perryville |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Loss [Line Items] | ' | |||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (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 and amounts in parentheses indicate debits. | ||||||||||||||||||||||||
Cleco | ||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(THOUSANDS) | POSTRETIREMENT | NET LOSS | TOTAL | POSTRETIREMENT | NET LOSS | TOTAL | ||||||||||||||||||
BENEFIT | ON CASH FLOW | ACCUMULATED | BENEFIT | ON CASH FLOW | ACCUMULATED OTHER | |||||||||||||||||||
NET LOSS | HEDGES | OTHER | NET LOSS | HEDGES | COMPREHENSIVE | |||||||||||||||||||
COMPREHENSIVE | LOSS | |||||||||||||||||||||||
LOSS | ||||||||||||||||||||||||
Balances beginning of period | $ | (18,443 | ) | $ | (6,045 | ) | $ | (24,488 | ) | $ | (23,619 | ) | $ | (6,256 | ) | $ | (29,875 | ) | ||||||
Amounts reclassified from accumulated other | ||||||||||||||||||||||||
comprehensive income: | ||||||||||||||||||||||||
Amortization of postretirement benefit net loss | 318 | — | 318 | 497 | — | 497 | ||||||||||||||||||
Reclassification of net loss to interest charges | — | 53 | 53 | — | 53 | 53 | ||||||||||||||||||
Net current-period other comprehensive income | 318 | 53 | 371 | 497 | 53 | 550 | ||||||||||||||||||
Balances, Sept. 30 | $ | (18,125 | ) | $ | (5,992 | ) | $ | (24,117 | ) | $ | (23,122 | ) | $ | (6,203 | ) | $ | (29,325 | ) | ||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(THOUSANDS) | POSTRETIREMENT | NET LOSS | TOTAL | POSTRETIREMENT | NET LOSS | TOTAL | ||||||||||||||||||
BENEFIT | ON CASH FLOW | ACCUMULATED | BENEFIT | ON CASH FLOW | ACCUMULATED OTHER | |||||||||||||||||||
NET LOSS | HEDGES | OTHER | NET LOSS | HEDGES | COMPREHENSIVE | |||||||||||||||||||
COMPREHENSIVE | LOSS | |||||||||||||||||||||||
LOSS | ||||||||||||||||||||||||
Balances beginning of period | $ | (19,725 | ) | $ | (6,151 | ) | $ | (25,876 | ) | $ | (24,741 | ) | $ | (7,629 | ) | $ | (32,370 | ) | ||||||
Other comprehensive income before reclassifications: | ||||||||||||||||||||||||
Net derivative gain | — | — | — | — | 1,355 | 1,355 | ||||||||||||||||||
Amounts reclassified from accumulated other | ||||||||||||||||||||||||
comprehensive income: | ||||||||||||||||||||||||
Amortization of postretirement benefit net loss | 1,600 | — | 1,600 | 1,619 | — | 1,619 | ||||||||||||||||||
Reclassification of net loss to interest charges | — | 159 | 159 | — | 102 | 102 | ||||||||||||||||||
Reclassification of ineffectiveness to regulatory asset | — | — | — | — | (31 | ) | (31 | ) | ||||||||||||||||
Net current-period other comprehensive income | 1,600 | 159 | 1,759 | 1,619 | 1,426 | 3,045 | ||||||||||||||||||
Balances, Sept. 30 | $ | (18,125 | ) | $ | (5,992 | ) | $ | (24,117 | ) | $ | (23,122 | ) | $ | (6,203 | ) | $ | (29,325 | ) | ||||||
Cleco Power [Member] | ' | |||||||||||||||||||||||
Accumulated Other Comprehensive Loss [Line Items] | ' | |||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
Cleco Power | ||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(THOUSANDS) | POSTRETIREMENT | NET LOSS | TOTAL | POSTRETIREMENT | NET LOSS | TOTAL | ||||||||||||||||||
BENEFIT | ON CASH FLOW | ACCUMULATED | BENEFIT | ON CASH FLOW | ACCUMULATED OTHER | |||||||||||||||||||
NET LOSS | HEDGES | OTHER | NET LOSS | HEDGES | COMPREHENSIVE | |||||||||||||||||||
COMPREHENSIVE | LOSS | |||||||||||||||||||||||
LOSS | ||||||||||||||||||||||||
Balances beginning of period | $ | (8,279 | ) | $ | (6,045 | ) | $ | (14,324 | ) | $ | (12,272 | ) | $ | (6,256 | ) | $ | (18,528 | ) | ||||||
Amounts reclassified from accumulated other | ||||||||||||||||||||||||
comprehensive income: | ||||||||||||||||||||||||
Amortization of postretirement benefit net loss | 92 | — | 92 | 207 | — | 207 | ||||||||||||||||||
Reclassification of net loss to interest charges | — | 53 | 53 | — | 53 | 53 | ||||||||||||||||||
Net current-period other comprehensive income | 92 | 53 | 145 | 207 | 53 | 260 | ||||||||||||||||||
Balances, Sept. 30 | $ | (8,187 | ) | $ | (5,992 | ) | $ | (14,179 | ) | $ | (12,065 | ) | $ | (6,203 | ) | $ | (18,268 | ) | ||||||
FOR THE NINE MONTHS ENDED SEPT. 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(THOUSANDS) | POSTRETIREMENT | NET LOSS | TOTAL | POSTRETIREMENT | NET LOSS | TOTAL | ||||||||||||||||||
BENEFIT | ON CASH FLOW | ACCUMULATED | BENEFIT | ON CASH FLOW | ACCUMULATED OTHER | |||||||||||||||||||
NET LOSS | HEDGES | OTHER | NET LOSS | HEDGES | COMPREHENSIVE | |||||||||||||||||||
COMPREHENSIVE | LOSS | |||||||||||||||||||||||
LOSS | ||||||||||||||||||||||||
Balances beginning of period | $ | (9,026 | ) | $ | (6,151 | ) | $ | (15,177 | ) | $ | (12,792 | ) | $ | (7,629 | ) | $ | (20,421 | ) | ||||||
Other comprehensive income before reclassifications: | ||||||||||||||||||||||||
Net derivative gain | — | — | — | — | 1,355 | 1,355 | ||||||||||||||||||
Amounts reclassified from accumulated other | ||||||||||||||||||||||||
comprehensive income: | ||||||||||||||||||||||||
Amortization of postretirement benefit net loss | 839 | — | 839 | 727 | — | 727 | ||||||||||||||||||
Reclassification of net loss to interest charges | — | 159 | 159 | — | 102 | 102 | ||||||||||||||||||
Reclassification of ineffectiveness to regulatory asset | — | — | — | — | (31 | ) | (31 | ) | ||||||||||||||||
Net current-period other comprehensive income | 839 | 159 | 998 | 727 | 1,426 | 2,153 | ||||||||||||||||||
Balances, Sept. 30 | $ | (8,187 | ) | $ | (5,992 | ) | $ | (14,179 | ) | $ | (12,065 | ) | $ | (6,203 | ) | $ | (18,268 | ) |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies, Property, Plant, and Equipment (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 15, 2014 |
In Thousands, unless otherwise specified | Cleco Power [Member] | Cleco Power [Member] | Transfer of Coughlin from affiliate [Member] | Transfer of Coughlin from affiliate [Member] | ||
Evangeline [Member] | Evangeline [Member] | |||||
Cleco Power [Member] | Cleco Power [Member] | |||||
Public Utility, Property, Plant, and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Regulated utility plants | $4,429,881 | $4,052,774 | ' | ' | ' | ' |
Other | 15,012 | 273,748 | ' | ' | ' | ' |
Total property, plant, and equipment | 4,444,893 | 4,326,522 | 4,429,881 | 4,052,774 | ' | ' |
Accumulated depreciation | -1,419,001 | -1,351,223 | -1,409,364 | -1,260,843 | -82,600 | ' |
Net property, plant, and equipment | $3,025,892 | $2,975,299 | $3,020,517 | $2,791,931 | ' | $176,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies, Restricted Cash and Cash Equivalents (Details) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
Diversified Lands’ mitigation escrow | Diversified Lands’ mitigation escrow | Cleco Katrina/Rita’s storm recovery bonds | Cleco Katrina/Rita’s storm recovery bonds | Cleco Katrina/Rita’s storm recovery bonds | Cleco Katrina/Rita’s storm recovery bonds | Cleco Power’s future storm restoration costs | Cleco Power’s future storm restoration costs | Cleco Power’s building renovation escrow | Cleco Power’s building renovation escrow | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | ||||
Cleco Power’s future storm restoration costs | ||||||||||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash and cash equivalents | $19,008,000 | ' | $14,019,000 | $21,000 | $21,000 | $3,471,000 | ' | $3,471,000 | $8,986,000 | $14,706,000 | $4,726,000 | $810,000 | $286,000 | ' | ' | ' |
Restricted Cash and Cash Equivalents, Cleco Katrina/Rita Storm Recover Bond Variance [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash collected by Cleco Katrina/Rita, net of administration fees | ' | ' | ' | ' | ' | ' | ' | 15,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash used by Cleco Katrina/Rita for bond principal payments | ' | ' | ' | ' | ' | 7,300,000 | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash used by Cleco Katrina/Rita for bond interest payments | ' | ' | ' | ' | ' | 2,700,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Restricted Cash and Cash Equivalents, Future Storm Restoration Costs[Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in cash and cash equivalents held for future storm restoration costs | 4,989,000 | -5,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,989,000 | -5,750,000 | 10,000,000 |
Transfer of restricted investments to restricted cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,200,000 |
Transfer of restricted cash to cover storm expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,000,000 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Summary of Significant Accounting Policies, Risk Management (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | MMBTU | MMBTU |
Cleco Power [Member] | Natural gas derivative [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Number of open natural gas positions | 0 | 0 |
Energy risk management assets | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
FTRs in Energy risk management asset | 18,504 | 9,020 |
Energy risk management assets | Cleco Power [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
FTRs in Energy risk management asset | 18,500 | 9,000 |
Energy risk management liabilities | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
FTRs in Energy risk management liability | 1,732 | 382 |
Energy risk management liabilities | Cleco Power [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
FTRs in Energy risk management liability | 1,700 | 400 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies, Earnings Per Average Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income | ' | ' | ' | ' |
Basic net income applicable to common stock | $70,835 | $66,407 | $133,392 | $135,572 |
Diluted net income applicable to common stock | $70,835 | $66,407 | $133,392 | $135,572 |
Shares | ' | ' | ' | ' |
Average number of basic common shares outstanding (in shares) | 60,372,569 | 60,450,384 | 60,410,122 | 60,428,944 |
Effect of dilutive securities | ' | ' | ' | ' |
Add: restricted stock (LITCP) (in shares) | 317,027 | 298,263 | 301,421 | 265,688 |
Average number of diluted common shares outstanding (in shares) | 60,689,596 | 60,748,647 | 60,711,543 | 60,694,632 |
Per Share Amount | ' | ' | ' | ' |
Net income applicable to common stock (in dollars per share) | $1.17 | $1.10 | $2.21 | $2.25 |
Diluted net income per average common share (in dollars per share) | $1.17 | $1.09 | $2.20 | $2.23 |
Stock option grants during period (in shares) | ' | ' | 0 | 0 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies, Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Stock-Based Compensation [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $1,344 | $1,585 | $4,798 | $4,488 |
Tax benefit | 517 | 610 | 1,846 | 1,727 |
Equity Classification [Member] | ' | ' | ' | ' |
Stock-Based Compensation [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 1,344 | 1,585 | 4,798 | 4,487 |
Non-vested Stock [Member] | ' | ' | ' | ' |
Stock-Based Compensation [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 1,344 | 1,585 | 4,798 | 4,487 |
Common Stock Equivalent Units [Member] | ' | ' | ' | ' |
Stock-Based Compensation [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 0 | 0 | 0 | 1 |
Cleco Power [Member] | ' | ' | ' | ' |
Stock-Based Compensation [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 528 | 492 | 1,461 | 1,205 |
Tax benefit | 203 | 189 | 562 | 463 |
Cleco Power [Member] | Equity Classification [Member] | ' | ' | ' | ' |
Stock-Based Compensation [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 528 | 492 | 1,461 | 1,204 |
Cleco Power [Member] | Non-vested Stock [Member] | ' | ' | ' | ' |
Stock-Based Compensation [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 528 | 492 | 1,461 | 1,204 |
Cleco Power [Member] | Common Stock Equivalent Units [Member] | ' | ' | ' | ' |
Stock-Based Compensation [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $0 | $0 | $0 | $1 |
LTICP [Member] | Non-vested Stock [Member] | ' | ' | ' | ' |
Stock-Based Compensation [Line Items] | ' | ' | ' | ' |
Non-vested stock granted during the period (in shares) | ' | ' | 122,222 | ' |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies Summary of Significant Accounting Policies, Common Stock Repurchase Program (Details) (Cleco Corporation [Member]) | 3 Months Ended | 6 Months Ended | 9 Months Ended |
Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
Cleco Corporation [Member] | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Repurchase of common stock (in shares) | 250,000 | 0 | 0 |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities, Summary of Regulatory Assets and Liabilities (Details) (Cleco Power [Member], USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | $247,044 | ' | $255,652 |
Total regulatory assets, net | 523,883 | ' | 480,956 |
Fuel and purchased power | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory liabilities | ' | ' | -3,869 |
Regulatory assets – deferred taxes, net | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 236,622 | ' | 229,173 |
Mining costs | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 12,108 | ' | 14,019 |
Interest costs | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 5,672 | ' | 5,943 |
Asset removal costs | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 991 | ' | 936 |
Postretirement plan costs | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 88,329 | ' | 93,333 |
Tree trimming costs | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 7,271 | ' | 4,840 |
Training costs | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 7,058 | ' | 7,175 |
Surcredits, net | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 14,493 | ' | 16,738 |
Amended lignite mining agreement contingency | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 3,781 | ' | 3,781 |
Power purchase agreement capacity costs | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 0 | ' | 9,749 |
AMI deferred revenue requirement | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 5,999 | ' | 4,682 |
Production O&M expenses | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 7,755 | ' | 8,459 |
AFUDC equity gross-up | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 73,063 | ' | 73,306 |
Rate case costs | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 0 | ' | 45 |
Acquisition/ transaction costs [Member] | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 2,680 | ' | 2,760 |
Financing costs | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 9,495 | ' | 9,772 |
Biomass costs | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 90 | ' | 114 |
MISO integration costs | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 3,509 | ' | 0 |
Corporate franchise tax | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 2,274 | ' | 0 |
Acadia FRP true-up | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 754 | 800 | 0 |
Other | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 654 | ' | 0 |
Fuel and purchased power | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | 40,217 | ' | ' |
Coughlin transaction costs | Acquisition/ transaction costs [Member] | ' | ' | ' |
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' |
Regulatory assets | $1,068 | ' | $0 |
Regulatory_Assets_and_Liabilit3
Regulatory Assets and Liabilities, Additional Disclosures (Details) (Cleco Power [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 18, 2014 | Sep. 30, 2009 | Feb. 28, 2011 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 15, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
Evangeline [Member] | Surcredits, net | Surcredits, net | Surcredits, net | AMI deferred revenue requirement | AMI deferred revenue requirement | Production O&M expenses | Production O&M expenses | MISO integration costs | MISO integration costs | Acquisition/ transaction costs [Member] | Acquisition/ transaction costs [Member] | Corporate franchise tax | Corporate franchise tax | Acadia FRP true-up | Acadia FRP true-up | Acadia FRP true-up | Other | Other | Fuel and purchased power | Fuel and purchased power | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Louisiana Public Service Commission [Member] | State and Local Jurisdiction [Member] | Coughlin transaction costs | Coughlin transaction costs | FRP extension [Member] | |||
Evangeline Power Purchase Agreement [Member] | FTRs [Member] | AMI deferred revenue requirement | Production O&M expenses | Fuel and purchased power | Corporate franchise tax | Acquisition/ transaction costs [Member] | Acquisition/ transaction costs [Member] | Acadia FRP true-up | ||||||||||||||||||||||||
MW | ||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Withdrawal from Restricted Storm Reserve | ' | ' | ' | $4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Power Purchase Agreement, Term of Contract | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capacity and energy provided by a power purchase agreement (in MW) | ' | ' | 730 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory Assets | 247,044,000 | 255,652,000 | ' | ' | 14,493,000 | 16,738,000 | 5,999,000 | 4,682,000 | 7,755,000 | 8,459,000 | 3,509,000 | 0 | 2,680,000 | 2,760,000 | 2,274,000 | 0 | 754,000 | 800,000 | 0 | 654,000 | 0 | 40,217,000 | ' | ' | ' | 20,000,000 | 23,000,000 | ' | 3,700,000 | 1,068,000 | 0 | ' |
Regulatory Noncurrent Asset, Amortization Period | ' | ' | ' | ' | 'P4Y | ' | 'P11Y | ' | 'P3Y | ' | 'P4Y | ' | ' | ' | ' | ' | ' | ' | ' | 'P3Y | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'P35Y | ' | ' |
Production O&M expenses (deferral threshold) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | 25,600,000 | ' | ' | ' | ' | ' | ' | ' |
Regulatory Current Liability, Amortization Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'P0Y12M | ' | 'P0Y12M | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Revenue Requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,300,000 |
Percentage of total fuel cost regulated by LPSC (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76.00% | ' | ' | ' | ' |
Increase (decrease) in under/over recovered costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in fuel and purchased power costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase due to the settlement of previously open FTR positions and a mark-to-market loss on current open FTR positions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Accounting_Carrying
Fair Value Accounting, Carrying Value and Estimated Fair Value (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Value [Member] | ' | ' |
Financial instruments not marked-to-market [Abstract] | ' | ' |
Cash equivalents | $4,400 | $22,204 |
Restricted cash equivalents | 18,802 | 14,019 |
Long-term debt, excluding debt issuance costs | 1,338,354 | 1,331,230 |
Estimated Fair Value [Member] | ' | ' |
Financial instruments not marked-to-market [Abstract] | ' | ' |
Cash equivalents | 4,400 | 22,204 |
Restricted cash equivalents | 18,802 | 14,019 |
Long-term debt, excluding debt issuance costs | 1,534,758 | 1,420,048 |
Cleco Power [Member] | Carrying Value [Member] | ' | ' |
Financial instruments not marked-to-market [Abstract] | ' | ' |
Cash equivalents | 1,000 | 14,900 |
Restricted cash equivalents | 18,781 | 13,998 |
Long-term debt, excluding debt issuance costs | 1,301,354 | 1,326,230 |
Cleco Power [Member] | Estimated Fair Value [Member] | ' | ' |
Financial instruments not marked-to-market [Abstract] | ' | ' |
Cash equivalents | 1,000 | 14,900 |
Restricted cash equivalents | 18,781 | 13,998 |
Long-term debt, excluding debt issuance costs | $1,497,758 | $1,415,048 |
Fair_Value_Accounting_Fair_Val
Fair Value Accounting, Fair Value Measurements and Disclosures(Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Restricted Cash and Cash Equivalents, Current [Member] | Restricted Cash and Cash Equivalents, Noncurrent [Member] | Cash and Cash Equivalents [Member] | Commercial Paper [Member] | Municipal Bonds [Member] | Corporate Bonds [Member] | Federal Agency Mortgage-Backed Securities [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | FTRs [Member] | FTRs [Member] | FTRs [Member] | FTRs [Member] | FTRs [Member] | FTRs [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | |||
Restricted Investment, Noncurrent [Member] | Restricted Investment, Noncurrent [Member] | Restricted Investment, Noncurrent [Member] | Restricted Investment, Noncurrent [Member] | Restricted Cash and Cash Equivalents, Current [Member] | Restricted Cash and Cash Equivalents, Noncurrent [Member] | Cash and Cash Equivalents [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Municipal Bonds [Member] | Municipal Bonds [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Federal Agency Mortgage-Backed Securities [Member] | Federal Agency Mortgage-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Low [Member] | Low [Member] | High [Member] | High [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | ||||||
Restricted Investment, Noncurrent [Member] | Restricted Investment, Noncurrent [Member] | Restricted Investment, Noncurrent [Member] | Restricted Investment, Noncurrent [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Municipal Bonds [Member] | Municipal Bonds [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Federal Agency Mortgage-Backed Securities [Member] | Federal Agency Mortgage-Backed Securities [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Municipal Bonds [Member] | Municipal Bonds [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Federal Agency Mortgage-Backed Securities [Member] | Federal Agency Mortgage-Backed Securities [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Municipal Bonds [Member] | Municipal Bonds [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Federal Agency Mortgage-Backed Securities [Member] | Federal Agency Mortgage-Backed Securities [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Municipal Bonds [Member] | Municipal Bonds [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Federal Agency Mortgage-Backed Securities [Member] | Federal Agency Mortgage-Backed Securities [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||||||||||||||||||||||||||
Commercial Paper [Member] | Commercial Paper [Member] | Municipal Bonds [Member] | Municipal Bonds [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Federal Agency Mortgage-Backed Securities [Member] | Federal Agency Mortgage-Backed Securities [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Municipal Bonds [Member] | Municipal Bonds [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Federal Agency Mortgage-Backed Securities [Member] | Federal Agency Mortgage-Backed Securities [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Municipal Bonds [Member] | Municipal Bonds [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Federal Agency Mortgage-Backed Securities [Member] | Federal Agency Mortgage-Backed Securities [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Municipal Bonds [Member] | Municipal Bonds [Member] | Corporate Bonds [Member] | Corporate Bonds [Member] | Federal Agency Mortgage-Backed Securities [Member] | Federal Agency Mortgage-Backed Securities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Institutional money market funds | ' | ' | $3,500,000 | $15,300,000 | $4,400,000 | ' | ' | ' | ' | $3,500,000 | $15,300,000 | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23,202,000 | $36,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | $23,202,000 | $36,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | $19,781,000 | $28,775,000 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | $19,781,000 | $28,775,000 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale debt securities | ' | ' | ' | ' | ' | 1,500,000 | 9,800,000 | 500,000 | 1,000,000 | ' | ' | ' | 1,483,000 | 1,500,000 | 9,831,000 | 9,800,000 | 515,000 | 500,000 | 1,000,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,483,000 | 0 | 9,831,000 | 0 | 515,000 | 0 | 1,000,000 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 1,483,000 | 0 | 9,831,000 | 0 | 515,000 | 0 | 1,000,000 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 1,483,000 | 0 | 9,831,000 | 0 | 515,000 | 0 | 1,000,000 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 1,483,000 | 0 | 9,831,000 | 0 | 515,000 | 0 | 1,000,000 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
FTR assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,504,000 | 9,020,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 18,504,000 | 9,020,000 | ' | ' | ' | ' | ' | ' | ' | ' | 18,504,000 | 9,020,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 18,504,000 | 9,020,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,706,000 | 57,949,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 23,202,000 | 48,929,000 | ' | ' | ' | ' | ' | ' | ' | ' | 18,504,000 | 9,020,000 | ' | ' | ' | ' | ' | ' | ' | ' | 38,285,000 | 50,624,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 19,781,000 | 41,604,000 | ' | ' | ' | ' | ' | ' | ' | ' | 18,504,000 | 9,020,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Liability Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,534,758,000 | 1,420,048,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 1,534,758,000 | 1,420,048,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 1,497,758,000 | 1,415,048,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 1,497,758,000 | 1,415,048,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
FTR liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,732,000 | 382,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 1,732,000 | 382,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,732,000 | 382,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 1,732,000 | 382,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,536,490,000 | 1,420,430,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 1,534,758,000 | 1,420,048,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,732,000 | 382,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,499,490,000 | 1,415,430,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 1,497,758,000 | 1,415,048,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,732,000 | 382,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning fair value of FTR assets (liabilities), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,972,000 | 8,638,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,190,000 | -9,610,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases and settlements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,010,000 | 17,744,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending fair value of FTR assets (liabilities), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,772,000 | 16,772,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FTRs Forward Price Range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5.73 | -4.88 | 5.62 | 33.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers between fair value levels | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Accounting_Restrict
Fair Value Accounting, Restricted Investments (Details) (Cleco Power [Member], USD $) | 9 Months Ended | |||||||
Sep. 30, 2014 | Jul. 31, 2012 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Municipal Bonds [Member] | Corporate Bonds [Member] | Federal Agency Mortgage-Backed Securities [Member] | Commercial Paper [Member] | Available-For-Sale Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
LPSC authorized storm reserve funding | ' | ' | $50,000,000 | ' | ' | ' | ' | ' |
Amount of restricted cash and cash equivalents transfered to an investment manager | ' | 13,000,000 | ' | ' | ' | ' | ' | ' |
Reconciliation of available-for-sale debt securities from amortized cost to fair value[Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost | ' | ' | ' | 9,838,000 | 513,000 | 1,000,000 | 1,483,000 | 12,834,000 |
Total Unrealized Gains | ' | ' | ' | 8,000 | 2,000 | 0 | 0 | 10,000 |
Total Unrealized Losses | ' | ' | ' | 15,000 | 0 | 0 | 0 | 15,000 |
Fair Value | ' | ' | ' | 9,831,000 | 515,000 | 1,000,000 | 1,483,000 | 12,829,000 |
Realized gain on available-for-sale debt securities, less than | $100,000 | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Accounting_Derivati
Fair Value Accounting, Derivatives and Hedging (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | 30-May-13 | Nov. 30, 2011 | 31-May-13 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Energy risk management assets | Energy risk management assets | Energy risk management liabilities | Energy risk management liabilities | Electric operations | Electric operations | Power purchased for utility customers | Power purchased for utility customers | Derivatives Not Designated As Hedging Instruments [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Interest rate derivatives [Member] | Interest rate derivatives [Member] | Interest rate derivatives [Member] | Interest rate derivatives [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | |||
Derivatives Designated as Hedging Instruments [Member] | Derivatives Designated as Hedging Instruments [Member] | Derivatives Designated as Hedging Instruments [Member] | Derivatives Designated as Hedging Instruments [Member] | MWh | MWh | Energy risk management assets | Energy risk management assets | Energy risk management liabilities | Energy risk management liabilities | Interest rate swap [Member] | Interest rate swap [Member] | Interest rate swap [Member] | Interest rate derivatives [Member] | Natural gas derivative [Member] | Natural gas derivative [Member] | |||||||||||||
Derivatives Designated as Hedging Instruments [Member] | MMBTU | MMBTU | ||||||||||||||||||||||||||
FTRs, at Fair Value, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FTRs in Energy risk management asset | ' | ' | $18,504,000 | $9,020,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18,500,000 | $9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
FTRs in Energy risk management liability | ' | ' | ' | ' | 1,732,000 | 382,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | 400,000 | ' | ' | ' | ' | ' | ' |
Total FTRs Not Designated as Hedging Instruments, at Fair Value, Net | 16,772,000 | 8,638,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FTRs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on FTRs Not Designated as Hedging Instruments Recognized in Income | ' | ' | ' | ' | ' | ' | 27,618,000 | 52,946,000 | -20,122,000 | -30,871,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gain (loss) on FTRs recognized in income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,496,000 | 22,075,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of open natural gas positions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Number of FTRs Held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,800,000 | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed-Rate forecasted debt issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' |
Remaining maturity of derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' |
Interest rate on derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.05% | ' | ' | ' | ' |
Gain (Loss) on the settlement of forward starting interest rate derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,300,000 | ' | ' | ' |
Gain (Loss) deferred as a regulatory asset on settlement of forward starting interest rate derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,900,000 | ' | ' | ' |
Gain (loss) on forward starting interest rate swap remaining in accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -400,000 | ' | ' | ' |
Amortization period of loss on settlement of the forward starting interest rate derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 years | ' | ' | ' | ' | ' |
Schedule of Derivative Instruments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) recognized in other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 1,762,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) reclassified from accumulated OCI into income, effective portion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -86,000 | -86,000 | -258,000 | -165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net hedge ineffectiveness gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective portion of deferred net gain (loss) to interest rate derivatives to be reclassified from accum OCI to interest charges during the next 12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($300,000) | ' | ' |
Debt_Shortterm_Debt_Details
Debt, Short-term Debt (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Short-term debt | $0 | $0 |
Cleco Power [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term debt | $0 | $0 |
Debt_Longterm_Debt_Details
Debt, Long-term Debt (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt Outstanding | $1,340,000,000 | ' |
Long-term debt due within one year | 18,236,000 | 17,182,000 |
Capital lease payments due within one year | 2,400,000 | ' |
Increase (decrease) in debt instrument, net | 5,700,000 | ' |
Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Increase (decrease) in debt instrument, net | 22,000,000 | ' |
Capital Lease Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Increase (decrease) in debt instrument, net | -1,700,000 | ' |
Debt Discount Amortization [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Increase (decrease) in debt instrument, net | 300,000 | ' |
Cleco Katrina Rita Storm Recovery Bonds [Member] | Cleco Katrina Rita Storm Recovery Bonds principal payment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal payments for Cleco Katrina/Rita storm recovery bonds due within one year | 15,800,000 | ' |
Increase (decrease) in debt instrument, net | -14,900,000 | ' |
Cleco Power [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt Outstanding | 1,300,000,000 | ' |
Long-term debt due within one year | 18,236,000 | 17,182,000 |
Capital lease payments due within one year | 2,400,000 | ' |
Increase (decrease) in debt instrument, net | -26,300,000 | ' |
Cleco Power [Member] | Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Increase (decrease) in debt instrument, net | -10,000,000 | ' |
Cleco Power [Member] | Capital Lease Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Increase (decrease) in debt instrument, net | -1,700,000 | ' |
Cleco Power [Member] | Debt Discount Amortization [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Increase (decrease) in debt instrument, net | 300,000 | ' |
Cleco Power [Member] | Cleco Katrina Rita Storm Recovery Bonds [Member] | Cleco Katrina Rita Storm Recovery Bonds principal payment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal payments for Cleco Katrina/Rita storm recovery bonds due within one year | 15,800,000 | ' |
Increase (decrease) in debt instrument, net | ($14,900,000) | ' |
Debt_Credit_Facilities_Details
Debt, Credit Facilities (Details) (Credit Facility [Member], USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Cleco Corporation [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit facility, borrowings outstanding | $37 | ' | ' |
Credit facility, current borrowing capacity | 250 | ' | ' |
Credit Facility, Facility Fees Percentage (in hundredths) | 0.18% | ' | ' |
Cleco Power [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit facility, borrowings outstanding | 10 | ' | ' |
Credit facility, current borrowing capacity | 300 | ' | ' |
Letters of credit outstanding, amount | ' | $2 | $1 |
Credit Facility, Facility Fees Percentage (in hundredths) | 0.10% | ' | ' |
London Interbank Offered Rate (LIBOR) [Member] | Cleco Corporation [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit facility, all-in interest rate (in hundredths) | 1.24% | ' | ' |
Credit facility, Basis Spread on Variable Rate (in hundredths) | 1.08% | ' | ' |
London Interbank Offered Rate (LIBOR) [Member] | Cleco Power [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit facility, all-in interest rate (in hundredths) | 1.02% | ' | ' |
Credit facility, Basis Spread on Variable Rate (in hundredths) | 0.90% | ' | ' |
ABR [Member] | Cleco Corporation [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit facility, Basis Spread on Variable Rate (in hundredths) | 0.08% | ' | ' |
Pension_Plan_and_Employee_Bene2
Pension Plan and Employee Benefits, Pension Plan and Other Benefits Plan (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Other Benefits [Member] | Other Benefits [Member] | Other Benefits [Member] | Other Benefits [Member] | Other Benefits [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Other Subsidiaries [Member] | Other Subsidiaries [Member] | Other Subsidiaries [Member] | Other Subsidiaries [Member] | |
Pension Benefits [Member] | Other Benefits [Member] | Other Benefits [Member] | Other Benefits [Member] | Other Benefits [Member] | Other Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension contributions designated for prior plan year | ' | ' | ' | ' | ' | ' | ' | ' | ' | $34,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of periodic benefit costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | 2,013,000 | 2,472,000 | 6,038,000 | 7,417,000 | 347,000 | 614,000 | 1,157,000 | 1,242,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest cost | 4,963,000 | 4,485,000 | 14,888,000 | 13,455,000 | 432,000 | 214,000 | 1,357,000 | 1,176,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected return on plan assets | -6,127,000 | -5,861,000 | -18,380,000 | -17,584,000 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transition obligation | 0 | 0 | 0 | 0 | 2,000 | 6,000 | 12,000 | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior period service cost (credit) | -18,000 | -18,000 | -53,000 | -53,000 | 29,000 | 0 | 89,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | 1,686,000 | 3,304,000 | 5,057,000 | 9,913,000 | 147,000 | 213,000 | 502,000 | 849,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net periodic benefit cost | 2,517,000 | 4,382,000 | 7,550,000 | 13,148,000 | 957,000 | 1,047,000 | 3,117,000 | 3,282,000 | ' | ' | 800,000 | 900,000 | 2,700,000 | 2,800,000 | ' | 400,000 | 600,000 | 1,300,000 | 1,900,000 |
Postemployment Benefits Liability, Current | ' | ' | ' | ' | $3,500,000 | ' | $3,500,000 | ' | $3,500,000 | ' | $3,200,000 | ' | $3,200,000 | ' | $3,200,000 | ' | ' | ' | ' |
Pension_Plan_and_Employee_Bene3
Pension Plan and Employee Benefits, SERP (Details) (SERP Benefits [Member], USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Components of periodic benefit costs | ' | ' | ' | ' | ' |
Service cost | $570,000 | $514,000 | $1,708,000 | $1,541,000 | ' |
Interest cost | 757,000 | 645,000 | 2,271,000 | 1,934,000 | ' |
Prior period service cost | 13,000 | 13,000 | 40,000 | 40,000 | ' |
Net loss | 469,000 | 576,000 | 1,407,000 | 1,728,000 | ' |
Net periodic benefit cost | 1,809,000 | 1,748,000 | 5,426,000 | 5,243,000 | ' |
Curent portion of SERP liability | 2,800,000 | ' | 2,800,000 | ' | 2,700,000 |
Cleco Power [Member] | ' | ' | ' | ' | ' |
Components of periodic benefit costs | ' | ' | ' | ' | ' |
Net periodic benefit cost | 400,000 | 400,000 | 1,300,000 | 1,200,000 | ' |
Curent portion of SERP liability | $900,000 | ' | $900,000 | ' | $700,000 |
Pension_Plan_and_Employee_Bene4
Pension Plan and Employee Benefits, 401 (K) Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
401(k) Plan [Abstract] | ' | ' | ' | ' |
401(k) Plan expense | $1,015 | $936 | $3,585 | $3,361 |
Other Subsidiaries [Member] | ' | ' | ' | ' |
401(k) Plan [Abstract] | ' | ' | ' | ' |
401(k) Plan expense | $200 | $200 | $700 | $800 |
Income_Taxes_Effective_Tax_Rat
Income Taxes, Effective Tax Rate Reconciliation (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Effective Income Tax Rate [Line Items] | ' | ' | ' | ' |
Effective income tax rates | 25.70% | 34.10% | 28.30% | 33.00% |
Cleco Power [Member] | ' | ' | ' | ' |
Effective Income Tax Rate [Line Items] | ' | ' | ' | ' |
Effective income tax rates | 30.70% | 35.00% | 32.30% | 34.60% |
Income_Taxes_Valuation_Allowan
Income Taxes, Valuation Allowance (Details) (New Markets Tax Credit Carryforward [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
New Markets Tax Credit Carryforward [Member] | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' |
Tax Credit Carryforward, Valuation Allowance | $0 | ' |
Tax credit carryforwards, Deferred Tax Asset | $94.30 | $95.40 |
Income_Taxes_Income_Tax_Uncert
Income Taxes, Income Tax Uncertainties (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Uncertain Tax Positions [Abstract] | ' | ' | ' | ' | ' |
Interest payable associated with uncertain tax positions | $0 | ' | $0 | ' | $88,000 |
Interest charges related to uncertain tax positions | 0 | 174,000 | 0 | -116,000 | ' |
Cleco Power [Member] | ' | ' | ' | ' | ' |
Uncertain Tax Positions [Abstract] | ' | ' | ' | ' | ' |
Interest payable associated with uncertain tax positions | 0 | ' | 0 | ' | 11,000 |
Amounts expected to be recovered from customers under existing rate orders | 6,100,000 | ' | 6,100,000 | ' | 8,400,000 |
Interest charges related to uncertain tax positions | 0 | 113,000 | 0 | 354,000 | ' |
Increase (Decrease) in Interest Charges Recoverable from Customers | ' | ' | $600,000 | $2,200,000 | ' |
Income_Taxes_Income_Tax_Examin
Income Taxes Income Tax Examination (Details) (Internal Revenue Service (IRS) [Member], USD $) | Jan. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Internal Revenue Service (IRS) [Member] | ' | ' |
Income Tax Examination [Line Items] | ' | ' |
Deposits with IRS | ' | $60.40 |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | ($42.30) | ' |
Income_Taxes_Income_Taxes_Net_
Income Taxes Income Taxes, Net Operating Losses (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carryforwards | $303.90 |
Disclosures_about_Segments_Det
Disclosures about Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
entity | entity | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Number of transmission interconnection facility subsidiaries | 2 | ' | 2 | ' | ' |
Revenue | ' | ' | ' | ' | ' |
Electric operations | $352,763 | $314,766 | $939,519 | $796,957 | ' |
Tolling operations | ' | 0 | 0 | 0 | ' |
Other operations | 19,497 | 14,843 | 48,878 | 37,917 | ' |
Electric customer credits | -874 | -846 | -23,555 | -1,270 | ' |
Affiliate revenue | 0 | 0 | 0 | 0 | ' |
Operating revenue, net | 371,386 | 328,763 | 964,842 | 833,604 | ' |
Depreciation | 37,834 | 41,756 | 117,145 | 110,529 | ' |
Interest charges | 13,175 | 19,014 | 53,508 | 61,358 | ' |
Interest income | 416 | 332 | 1,369 | 789 | ' |
Federal and state income tax expense (benefit) | 24,442 | 34,389 | 52,649 | 66,892 | ' |
Net Income (loss) | 70,835 | 66,407 | 133,392 | 135,572 | ' |
Additions to (reductions in) long-lived assets | 36,057 | 39,280 | 152,250 | 129,024 | ' |
Equity investment in investees | 14,540 | ' | 14,540 | ' | 14,540 |
Total segment assets | 4,256,314 | ' | 4,256,314 | ' | 4,215,262 |
Operating Segments [Member] | Cleco Power [Member] | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' |
Electric operations | 352,763 | 314,766 | 939,519 | 796,957 | ' |
Tolling operations | ' | 0 | 0 | 0 | ' |
Other operations | 18,957 | 14,301 | 47,256 | 36,366 | ' |
Electric customer credits | -874 | -846 | -23,555 | -1,270 | ' |
Affiliate revenue | 332 | 335 | 998 | 1,005 | ' |
Operating revenue, net | 371,178 | 328,556 | 964,218 | 833,058 | ' |
Depreciation | 37,518 | 39,962 | 115,016 | 105,251 | ' |
Interest charges | 14,486 | 18,656 | 54,885 | 60,882 | ' |
Interest income | 398 | 331 | 1,349 | 784 | ' |
Federal and state income tax expense (benefit) | 29,094 | 33,355 | 59,375 | 65,558 | ' |
Net Income (loss) | 65,544 | 61,885 | 124,509 | 124,142 | ' |
Additions to (reductions in) long-lived assets | 35,955 | 38,585 | 327,916 | 124,731 | ' |
Equity investment in investees | 14,532 | ' | 14,532 | ' | 14,532 |
Total segment assets | 4,161,396 | ' | 4,161,396 | ' | 3,943,712 |
Operating Segments [Member] | Midstream [Member] | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' |
Electric operations | ' | 0 | ' | 0 | ' |
Tolling operations | ' | 12,339 | ' | 26,483 | ' |
Other operations | ' | 1 | ' | 2 | ' |
Electric customer credits | ' | 0 | ' | 0 | ' |
Affiliate revenue | ' | 0 | ' | 0 | ' |
Operating revenue, net | ' | 12,340 | ' | 26,485 | ' |
Depreciation | ' | 1,522 | ' | 4,523 | ' |
Interest charges | ' | 312 | ' | -338 | ' |
Interest income | ' | 0 | ' | 0 | ' |
Federal and state income tax expense (benefit) | ' | 4,083 | ' | 7,221 | ' |
Net Income (loss) | ' | 1,164 | ' | 6,180 | ' |
Additions to (reductions in) long-lived assets | ' | 337 | ' | 2,664 | ' |
Equity investment in investees | ' | ' | ' | ' | 0 |
Total segment assets | ' | ' | ' | ' | 225,832 |
Operating Segments [Member] | Other [Member] | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' |
Electric operations | 0 | 0 | 0 | 0 | ' |
Tolling operations | ' | 0 | 5,467 | 0 | ' |
Other operations | 540 | 541 | 1,622 | 1,550 | ' |
Electric customer credits | 0 | 0 | 0 | 0 | ' |
Affiliate revenue | 14,745 | 13,313 | 42,091 | 40,406 | ' |
Operating revenue, net | 15,285 | 13,854 | 49,180 | 41,956 | ' |
Depreciation | 317 | 272 | 2,129 | 755 | ' |
Interest charges | -1,421 | -110 | -1,727 | 334 | ' |
Interest income | -91 | -156 | -331 | -474 | ' |
Federal and state income tax expense (benefit) | -4,651 | -3,048 | -6,726 | -5,887 | ' |
Net Income (loss) | 5,290 | 3,358 | 8,883 | 5,251 | ' |
Additions to (reductions in) long-lived assets | 102 | 358 | -175,666 | 1,629 | ' |
Equity investment in investees | 8 | ' | 8 | ' | 8 |
Total segment assets | 54,394 | ' | 54,394 | ' | 88,234 |
Intersegment Elimination [Member] | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' |
Electric operations | 0 | 0 | 0 | 0 | ' |
Tolling operations | ' | -12,339 | -5,467 | -26,483 | ' |
Other operations | 0 | 0 | 0 | -1 | ' |
Electric customer credits | 0 | 0 | 0 | 0 | ' |
Affiliate revenue | -15,077 | -13,648 | -43,089 | -41,411 | ' |
Operating revenue, net | -15,077 | -25,987 | -48,556 | -67,895 | ' |
Depreciation | -1 | 0 | 0 | 0 | ' |
Interest charges | 110 | 156 | 350 | 480 | ' |
Interest income | 109 | 157 | 351 | 479 | ' |
Federal and state income tax expense (benefit) | -1 | -1 | 0 | 0 | ' |
Net Income (loss) | 1 | 0 | 0 | -1 | ' |
Additions to (reductions in) long-lived assets | 0 | 0 | 0 | 0 | ' |
Equity investment in investees | 0 | ' | 0 | ' | 0 |
Total segment assets | $40,524 | ' | $40,524 | ' | ($42,516) |
Electric_Customer_Credits_Deta
Electric Customer Credits (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | |||
Louisiana Public Service Commission [Member] | Louisiana Public Service Commission [Member] | Louisiana Public Service Commission [Member] | Louisiana Public Service Commission [Member] | Louisiana Public Service Commission [Member] | |||||
2010 FRP [Member] | FRP extension [Member] | FRP extension [Member] | 2013 FRP Monitoring Report [Member] | 2014 FRP Monitoring Report [Member] | |||||
Public Utilities, General Disclosures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target return on equity allowed by FRP (in hundredths) | ' | ' | ' | ' | 10.70% | ' | 10.00% | ' | ' |
Percentage of retail earnings within range to be returned to customers (in hundredths) | ' | ' | ' | ' | 60.00% | ' | 60.00% | ' | ' |
Return on equity for customer credit, low range (in hundredths) | ' | ' | ' | ' | 11.30% | ' | 10.90% | ' | ' |
Return on equity for customer credit, high range (in hundredths) | ' | ' | ' | ' | 12.30% | ' | 11.75% | ' | ' |
Customer Refundable Fees, Refund Payments | ' | ' | ' | ' | ' | $22,300,000 | ' | $2,200,000 | ' |
Customer refundable fees, expected refund | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 |
Accrual for estimated Electric customer credits | $2,289,000 | $3,533,000 | $2,289,000 | $3,533,000 | ' | ' | ' | ' | ' |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Components of equity method investments [Abstract] | ' | ' | ' | ' | ' |
Total equity investment in investee | $14,540 | ' | $14,540 | ' | $14,540 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' | ' | ' |
Summarized financial information [Abstract] | ' | ' | ' | ' | ' |
Current assets | 2,555 | ' | 2,555 | ' | 2,289 |
Total assets | 29,194 | ' | 29,194 | ' | 29,156 |
Current liabilities | 129 | ' | 129 | ' | 91 |
Partners’ capital | 29,065 | ' | 29,065 | ' | 29,065 |
Total liabilities and partners’ capital | 29,194 | ' | 29,194 | ' | 29,156 |
Operating revenue | 584 | 856 | 1,595 | 1,795 | ' |
Operating expenses | 584 | 856 | 1,595 | 1,795 | ' |
Income before taxes | 0 | 0 | 0 | 0 | ' |
Property, plant, and equipment, net [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' | ' | ' |
Summarized financial information [Abstract] | ' | ' | ' | ' | ' |
Other assets | 22,512 | ' | 22,512 | ' | 22,611 |
Other Assets [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' | ' | ' |
Summarized financial information [Abstract] | ' | ' | ' | ' | ' |
Other assets | 4,127 | ' | 4,127 | ' | 4,256 |
Cleco Power [Member] | ' | ' | ' | ' | ' |
Components of equity method investments [Abstract] | ' | ' | ' | ' | ' |
Total equity investment in investee | 14,532 | ' | 14,532 | ' | 14,532 |
Cleco Power [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' |
Variable interest entity, ownership percentage (in hundredths) | ' | ' | 50.00% | ' | ' |
Ownership percentage by other parties (in hundredths) | ' | ' | 50.00% | ' | ' |
Components of equity method investments [Abstract] | ' | ' | ' | ' | ' |
Purchase price | 12,873 | ' | 12,873 | ' | 12,873 |
Cash contributions | 1,659 | ' | 1,659 | ' | 1,659 |
Total equity investment in investee | 14,532 | ' | 14,532 | ' | 14,532 |
Comparison of carrying amount of assets and liabilities to maximum loss exposure [Abstract] | ' | ' | ' | ' | ' |
Cleco Power’s 50% equity | 14,532 | ' | 14,532 | ' | 14,532 |
Cleco Power’s maximum exposure to loss | 14,532 | ' | 14,532 | ' | 14,532 |
Summarized financial information [Abstract] | ' | ' | ' | ' | ' |
Partners’ capital | 29,065 | ' | 29,065 | ' | 29,065 |
Diversified Lands [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' | ' | ' |
Components of equity method investments [Abstract] | ' | ' | ' | ' | ' |
Total equity investment in investee | $100 | ' | $100 | ' | ' |
Litigation_Other_Commitments_a2
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Litigation (Details) (USD $) | Sep. 30, 2014 | 31-May-10 | Mar. 31, 2010 | Jan. 31, 2011 | Sep. 30, 2014 | Dec. 31, 2009 | Sep. 30, 2014 | Jul. 31, 2010 |
In Millions, unless otherwise specified | Other Litigation Matters [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Judicial Ruling [Member] | Judicial Ruling [Member] | Pending Litigation [Member] | Pending Litigation [Member] |
City of Opelousas Litigation [Member] | City of Opelousas Litigation [Member] | City of Opelousas Litigation [Member] | Discrimination Complaint [Member] | Minimum [Member] | Discrimination Complaint [Member] | Minimum [Member] | ||
resident | customer | claim | plaintiff | Discrimination Complaint [Member] | plaintiff | Discrimination Complaint [Member] | ||
Litigation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency, damages sought, minimum amount | ' | ' | $30 | ' | ' | $35 | ' | $2.50 |
Loss contingency, number of plaintiffs (in ones) | ' | 249 | 3 | ' | 11 | ' | 1 | ' |
Number of class action law suits (in ones) | ' | ' | ' | 2 | ' | ' | ' | ' |
Amount of estimated possible loss | $7.40 | ' | ' | ' | ' | ' | ' | ' |
Litigation_Other_Commitments_a3
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Off-Balance Sheet Commitments (Details) (USD $) | Sep. 30, 2014 | Jan. 31, 2006 | Sep. 30, 2014 | Apr. 08, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 15, 2014 | Mar. 15, 2014 | Mar. 15, 2014 | Mar. 15, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Attala [Member] | Attala [Member] | MISO [Member] | MISO [Member] | MISO [Member] | Louisiana Department of Labor [Member] | Evangeline [Member] | Evangeline [Member] | Evangeline [Member] | Evangeline [Member] | Off-balance sheet commitments [Member] |
Cleco Corporation [Member] | Cleco Corporation [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Transfer of assets from affiliate [Member] | Transfer of assets from affiliate [Member] | Transfer of assets from affiliate [Member] | Transfer of assets from affiliate [Member] | ||
Guarantee Issued to Entergy Mississippi on behalf of Attala [Member] | Guarantee Issued to Entergy Mississippi on behalf of Attala [Member] | Obligations Under Standby Letter of Credit [Member] | Obligations Under Standby Letter of Credit [Member] | Obligations Under Standby Letter of Credit [Member] | Obligations Under Standby Letter of Credit [Member] | Indemnification Agreement [Member] | Indemnification Agreement INCLUDING fundamental organizational structure [Member] | Cleco Power [Member] | Cleco Power [Member] | ||
Indemnification Agreement [Member] | Indemnification Agreement INCLUDING fundamental organizational structure [Member] | ||||||||||
Other Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount | $500 | $500 | $2,000 | $2,000 | $1,000 | $3,725 | $40,000 | $400,000 | $40,000 | $400,000 | $6,225 |
Percentage of average losses on which letter of credit is based (in hundredths) | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' | ' |
Litigation_Other_Commitments_a4
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Disclosures about Guarantees (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Apr. 30, 2011 | |
2004 sale of Perryville facility [Member] | Performance Guarantee [Member] | ' | ' | ' |
Disclosures about Guarantees [Abstract] | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $42,400,000 | ' | ' |
Acadia Unit 2 Transaction [Member] | Guarantee Issued to Cleco Power on behalf of Acadia [Member] | ' | ' | ' |
Disclosures about Guarantees [Abstract] | ' | ' | ' |
Guarantees, Fair Value Disclosure | ' | ' | 21,800,000 |
Income from contractual expiration of indemnification | 900,000 | 6,900,000 | ' |
Off-balance sheet commitments [Member] | ' | ' | ' |
Disclosures about Guarantees [Abstract] | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 6,225,000 | ' | ' |
Amount of Commitment Expiration Per Period [Abstract] | ' | ' | ' |
Less than one year | 0 | ' | ' |
1-3 Years | 0 | ' | ' |
3-5 Years | 0 | ' | ' |
More than 5 years | 6,225,000 | ' | ' |
Total | 6,225,000 | ' | ' |
On-balance sheet guarantees [Member] | ' | ' | ' |
Amount of Commitment Expiration Per Period [Abstract] | ' | ' | ' |
Less than one year | 0 | ' | ' |
1-3 Years | 0 | ' | ' |
3-5 Years | 0 | ' | ' |
More than 5 years | 3,781,000 | ' | ' |
Total | 3,781,000 | ' | ' |
Off-balance sheet commitment and on-balance sheet guarantees [Member] | ' | ' | ' |
Amount of Commitment Expiration Per Period [Abstract] | ' | ' | ' |
Less than one year | 0 | ' | ' |
1-3 Years | 0 | ' | ' |
3-5 Years | 0 | ' | ' |
More than 5 years | 10,006,000 | ' | ' |
Total | 10,006,000 | ' | ' |
Cleco Power [Member] | Lignite Mining Agreement Guarantee [Member] | Financial Guarantee [Member] | ' | ' | ' |
Disclosures about Guarantees [Abstract] | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 98,100,000 | ' | ' |
Guarantor Obligations, Current Carrying Value | $3,800,000 | ' | ' |
Litigation_Other_Commitments_a5
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Other Commitments (Details) (New Markets Tax Credit [Member], USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2008 | |
New Markets Tax Credit [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Membership interest in U.S Bank New Markets Tax Credit Fund (in hundredths) | ' | 99.90% |
Equity contributions to be made to the Fund | $283,600,000 | ' |
Net tax benefits to be received from the Fund | 301,900,000 | ' |
Difference between equity contributions and total benefits received will be recognized over the life of the Fund as net tax benefits | 18,300,000 | ' |
Future equity contributions to the NMTC Fund [Abstract] | ' | ' |
Three months ending Dec. 31, 2014 | 19,063,000 | ' |
Year ending Dec. 31, 2015 | 4,552,000 | ' |
Year ending Dec. 31, 2016 | 2,707,000 | ' |
Year ending Dec. 31, 2017 | 2,707,000 | ' |
Total | 29,029,000 | ' |
Total future equity contributions | 29,029,000 | ' |
Future equity contributions due within the next 12 months | 23,200,000 | ' |
Tax Benefits in Excess of Capital Contributions | 46,100,000 | ' |
Tax benefits not utilized | 97,700,000 | ' |
Equity contributions, imputed interest rate 6%[Abstract] | ' | ' |
Equity contributions - imputed interst rate (in hundredths) | 6.00% | ' |
Principal payment schedule above: | 29,029,000 | ' |
Less: unamortized discount | 1,279,000 | ' |
Total | $27,750,000 | ' |
Period of recognition of gross investment amortization expense (in years) | '9 years | ' |
Remaining period of recognition of gross investment amortization expense (in years) | '3 years | ' |
Affiliate_Transactions_Details
Affiliate Transactions (Details) (Cleco Power [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable - affiliate | $23,498 | $1,045 |
Accounts payable - affiliate | 8,089 | 8,386 |
Cleco Corporation [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable - affiliate | 22,740 | 379 |
Accounts payable - affiliate | 449 | 389 |
Support Group [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable - affiliate | 750 | 634 |
Accounts payable - affiliate | 7,444 | 5,972 |
Evangeline [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable - affiliate | 0 | 4 |
Accounts payable - affiliate | 196 | 2,024 |
Others [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts receivable - affiliate | 8 | 28 |
Accounts payable - affiliate | $0 | $1 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive loss, Beginning Balance | ($24,488) | ($29,875) | ($25,876) | ($32,370) |
Other comprehensive income before reclassifications: | ' | ' | 0 | 1,355 |
Net current-period other comprehensive income | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | 318 | 497 | 1,600 | 1,619 |
Net current-period other comprehensive income | 371 | 550 | 1,759 | 3,045 |
Accumulated other comprehensive loss, Ending Balance | -24,117 | -29,325 | -24,117 | -29,325 |
Regulatory Asset [Member] | ' | ' | ' | ' |
Net current-period other comprehensive income | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | ' | ' | 0 | -31 |
Interest Expense [Member] | ' | ' | ' | ' |
Net current-period other comprehensive income | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | 53 | 53 | 159 | 102 |
Postretirement Benefit Net Loss [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive loss, Beginning Balance | -18,443 | -23,619 | -19,725 | -24,741 |
Net current-period other comprehensive income | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | 318 | 497 | 1,600 | 1,619 |
Net current-period other comprehensive income | 318 | 497 | 1,600 | 1,619 |
Accumulated other comprehensive loss, Ending Balance | -18,125 | -23,122 | -18,125 | -23,122 |
Net Loss on Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive loss, Beginning Balance | -6,045 | -6,256 | -6,151 | -7,629 |
Other comprehensive income before reclassifications: | ' | ' | 0 | 1,355 |
Net current-period other comprehensive income | ' | ' | ' | ' |
Net current-period other comprehensive income | 53 | 53 | 159 | 1,426 |
Accumulated other comprehensive loss, Ending Balance | -5,992 | -6,203 | -5,992 | -6,203 |
Net Loss on Cash Flow Hedges [Member] | Regulatory Asset [Member] | ' | ' | ' | ' |
Net current-period other comprehensive income | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | ' | ' | 0 | -31 |
Net Loss on Cash Flow Hedges [Member] | Interest Expense [Member] | ' | ' | ' | ' |
Net current-period other comprehensive income | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | 53 | 53 | 159 | 102 |
Cleco Power [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive loss, Beginning Balance | -14,324 | -18,528 | -15,177 | -20,421 |
Other comprehensive income before reclassifications: | ' | ' | 0 | 1,355 |
Net current-period other comprehensive income | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | 92 | 207 | 839 | 727 |
Net current-period other comprehensive income | 145 | 260 | 998 | 2,153 |
Accumulated other comprehensive loss, Ending Balance | -14,179 | -18,268 | -14,179 | -18,268 |
Cleco Power [Member] | Regulatory Asset [Member] | ' | ' | ' | ' |
Net current-period other comprehensive income | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | ' | ' | 0 | -31 |
Cleco Power [Member] | Interest Expense [Member] | ' | ' | ' | ' |
Net current-period other comprehensive income | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | 53 | 53 | 159 | 102 |
Cleco Power [Member] | Postretirement Benefit Net Loss [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive loss, Beginning Balance | -8,279 | -12,272 | -9,026 | -12,792 |
Net current-period other comprehensive income | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | 92 | 207 | 839 | 727 |
Net current-period other comprehensive income | 92 | 207 | 839 | 727 |
Accumulated other comprehensive loss, Ending Balance | -8,187 | -12,065 | -8,187 | -12,065 |
Cleco Power [Member] | Net Loss on Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' | ' |
Accumulated other comprehensive loss, Beginning Balance | -6,045 | -6,256 | -6,151 | -7,629 |
Other comprehensive income before reclassifications: | ' | ' | 0 | 1,355 |
Net current-period other comprehensive income | ' | ' | ' | ' |
Net current-period other comprehensive income | 53 | 53 | 159 | 1,426 |
Accumulated other comprehensive loss, Ending Balance | -5,992 | -6,203 | -5,992 | -6,203 |
Cleco Power [Member] | Net Loss on Cash Flow Hedges [Member] | Regulatory Asset [Member] | ' | ' | ' | ' |
Net current-period other comprehensive income | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | ' | ' | 0 | -31 |
Cleco Power [Member] | Net Loss on Cash Flow Hedges [Member] | Interest Expense [Member] | ' | ' | ' | ' |
Net current-period other comprehensive income | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income, net of tax | $53 | $53 | $159 | $102 |
Coughlin_Transfer_Coughlin_Tra1
Coughlin Transfer Coughlin Transfer (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 15, 2014 |
MW | Cleco Power [Member] | Cleco Power [Member] | Transfer of Coughlin from affiliate [Member] | |||
Evangeline [Member] | ||||||
Cleco Power [Member] | ||||||
Related Party [Line Items] | ' | ' | ' | ' | ' | ' |
Long-term Request for Proposal of Electric Power to meet long-term capacity (MW) | 800 | ' | ' | ' | ' | ' |
Net book value | ' | $3,025,892 | $2,975,299 | $3,020,517 | $2,791,931 | $176,000 |
Subsequent_Event_Agreement_and1
Subsequent Event - Agreement and Plan of Merger (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 17, 2014 | Oct. 17, 2014 | Oct. 17, 2014 |
In Millions, except Per Share data, unless otherwise specified | Subsequent Event [Member] | Cleco Corporation [Member] | Como [Member] | ||
Subsequent Event [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $1 | $1 | $1 | ' | ' |
Merger Agreement Price, per Share | ' | ' | $55.37 | ' | ' |
Merger Agreement, Required Termination Fee | ' | ' | ' | $120 | $180 |
Merger Agreement, Termination of Agreement, Required Reimburse of Expenses | ' | ' | ' | $18 | ' |