Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 02, 2015 | Jun. 30, 2014 | |
Entity Information [Line Items] | |||
Entity Registrant Name | CLECO CORP | ||
Entity Central Index Key | 1089819 | ||
Current Fiscal Year End Date | -19 | ||
Document Period End Date | 31-Dec-14 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 60,472,524 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $3,509,403,678 | ||
Cleco Power [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | CLECO POWER LLC | ||
Entity Central Index Key | 18672 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating revenue | |||
Electric operations | $1,225,960 | $1,047,548 | $944,169 |
Other operations | 67,055 | 51,002 | 50,158 |
Affiliate revenue | 0 | 0 | 0 |
Gross operating revenue | 1,293,015 | 1,098,550 | 994,327 |
Electric customer credits | -23,530 | -1,836 | -630 |
Operating revenue, net | 1,269,485 | 1,096,714 | 993,697 |
Operating expenses | |||
Fuel used for electric generation | 322,696 | 329,874 | 280,553 |
Power purchased for utility customers | 242,219 | 45,292 | 53,134 |
Other operations | 117,369 | 121,646 | 120,898 |
Maintenance | 98,999 | 97,441 | 86,488 |
Depreciation | 146,505 | 142,860 | 132,407 |
Taxes other than income taxes | 43,924 | 50,469 | 38,515 |
Merger transaction costs | 17,848 | 0 | 0 |
(Gain) loss on sales of assets | -6,107 | 800 | 51 |
Total operating expenses | 983,453 | 788,382 | 712,046 |
Operating income (loss) | 286,032 | 308,332 | 281,651 |
Interest income | 1,768 | 1,105 | 346 |
Allowance for other funds used during construction | 5,380 | 4,081 | 6,711 |
Other income | 4,790 | 13,857 | 29,117 |
Other expense | -2,509 | -2,861 | -4,694 |
Interest charges | |||
Interest charges, including amortization of debt expense, premium, and discount, net | 75,186 | 85,570 | 86,448 |
Allowance for borrowed funds used during construction | -1,580 | -1,316 | -2,292 |
Total interest charges | 73,606 | 84,254 | 84,156 |
Income before income taxes | 221,855 | 240,260 | 228,975 |
Federal and state income tax expense | 67,116 | 79,575 | 65,327 |
Net income | 154,739 | 160,685 | 163,648 |
Net income applicable to common stock | 154,739 | 160,685 | 163,648 |
Average number of basic common shares outstanding (in shares) | 60,406,001 | 60,434,510 | 60,370,588 |
Average number of diluted common shares outstanding (in shares) | 60,601,458 | 60,720,090 | 60,628,129 |
Basic earnings per share | |||
Net income applicable to common stock (in dollars per share) | $2.56 | $2.66 | $2.71 |
Diluted earnings per share | |||
Net income applicable to common stock (in dollars per share) | $2.55 | $2.65 | $2.70 |
Cleco Power [Member] | |||
Operating revenue | |||
Electric operations | 1,225,960 | 1,047,548 | 944,169 |
Other operations | 64,893 | 48,909 | 48,156 |
Affiliate revenue | 1,326 | 1,338 | 1,372 |
Gross operating revenue | 1,292,179 | 1,097,795 | 993,697 |
Electric customer credits | -23,530 | -1,836 | -630 |
Operating revenue, net | 1,268,649 | 1,095,959 | 993,067 |
Operating expenses | |||
Fuel used for electric generation | 322,696 | 329,874 | 280,249 |
Power purchased for utility customers | 247,686 | 76,962 | 78,683 |
Other operations | 116,664 | 114,884 | 115,072 |
Maintenance | 96,054 | 85,638 | 72,386 |
Depreciation | 144,026 | 135,717 | 125,486 |
Taxes other than income taxes | 41,812 | 46,203 | 33,999 |
(Gain) loss on sales of assets | -4 | 0 | -2 |
Total operating expenses | 968,934 | 789,278 | 705,873 |
Operating income (loss) | 299,715 | 306,681 | 287,194 |
Interest income | 1,707 | 1,100 | 333 |
Allowance for other funds used during construction | 5,380 | 4,081 | 6,711 |
Other income | 1,483 | 4,883 | 5,847 |
Other expense | -2,322 | -4,277 | -4,602 |
Interest charges | |||
Interest charges, including amortization of debt expense, premium, and discount, net | 76,253 | 83,993 | 82,794 |
Allowance for borrowed funds used during construction | -1,580 | -1,316 | -2,292 |
Total interest charges | 74,673 | 82,677 | 80,502 |
Income before income taxes | 231,290 | 229,791 | 214,981 |
Federal and state income tax expense | 76,974 | 79,381 | 68,133 |
Net income | $154,316 | $150,410 | $146,848 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $154,739 | $160,685 | $163,648 |
Other comprehensive income (loss), net of tax: | |||
Postretirement benefits (loss) gain, net of tax | -7,001 | 5,016 | -6,565 |
Net gain on cash flow hedges, net of tax | 212 | 1,478 | 2,334 |
Total other comprehensive (loss) income, net of tax | -6,789 | 6,494 | -4,231 |
Comprehensive income, net of tax | 147,950 | 167,179 | 159,417 |
Cleco Power [Member] | |||
Net income | 154,316 | 150,410 | 146,848 |
Other comprehensive income (loss), net of tax: | |||
Postretirement benefits (loss) gain, net of tax | -2,323 | 3,766 | -2,125 |
Net gain on cash flow hedges, net of tax | 212 | 1,478 | 2,334 |
Total other comprehensive (loss) income, net of tax | -2,111 | 5,244 | 209 |
Comprehensive income, net of tax | $152,205 | $155,654 | $147,057 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comphrehensive Income Parenthetical (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net tax (benefit) expense on post-retirement benefits | ($4,378) | $3,137 | ($4,230) |
Net tax expense on cash flow hedges | 132 | 925 | 1,460 |
Cleco Power [Member] | |||
Net tax (benefit) expense on post-retirement benefits | -1,453 | 2,355 | -1,436 |
Net tax expense on cash flow hedges | $132 | $925 | $1,460 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $44,423 | $28,656 |
Restricted cash and cash equivalents | 8,986 | 8,986 |
Customer accounts receivable (less allowance for doubtful accounts) | 41,500 | 50,567 |
Other accounts receivable | 28,098 | 46,981 |
Unbilled revenue | 38,475 | 31,166 |
Fuel inventory, at average cost | 64,747 | 60,913 |
Material and supplies inventory, at average cost | 71,124 | 62,811 |
Energy risk management assets | 10,776 | 9,020 |
Accumulated deferred federal and state income taxes, net | 76,785 | 94,179 |
Accumulated deferred fuel | 21,554 | 0 |
Cash surrender value of company-/trust-owned life insurance policies | 71,167 | 64,720 |
Prepayments | 10,284 | 9,204 |
Regulatory assets | 12,212 | 5,975 |
Other current assets | 473 | 404 |
Total current assets | 500,604 | 473,582 |
Property, plant and equipment | ||
Property, plant, and equipment | 4,508,960 | 4,326,522 |
Accumulated depreciation | -1,442,960 | -1,351,223 |
Net property, plant, and equipment | 3,066,000 | 2,975,299 |
Construction work in progress | 99,458 | 107,841 |
Total property, plant and equipment, net | 3,165,458 | 3,083,140 |
Equity investment in investees | 14,540 | 14,540 |
Prepayments | 4,891 | 4,510 |
Restricted cash and cash equivalents | 15,130 | 5,033 |
Restricted Investments | 0 | 12,829 |
Regulatory assets - deferred taxes, net | 234,370 | 229,173 |
Regulatory assets | 311,867 | 249,677 |
Net investment in direct financing lease | 13,498 | 13,523 |
Intangible asset | 90,642 | 106,007 |
Tax credit fund investment, net | 7,251 | 0 |
Other deferred charges | 20,822 | 23,248 |
Total assets | 4,379,073 | 4,215,262 |
Current liabilities | ||
Long-term debt due within one year | 18,272 | 17,182 |
Accounts payable | 127,268 | 110,544 |
Customer deposits | 53,411 | 48,456 |
Provision for rate refund | 2,264 | 3,533 |
Taxes payable | 2,197 | 18,680 |
Interest accrued | 8,669 | 12,188 |
Accumulated deferred fuel | 0 | 3,869 |
Energy risk management liabilities | 827 | 382 |
Regulatory liabilities - other | 312 | 0 |
Deferred compensation | 11,374 | 11,081 |
Uncertain tax positions | 0 | 4,610 |
Other current liabilities | 13,176 | 12,948 |
Total current liabilities | 237,770 | 243,473 |
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 918,858 | 869,150 |
Accumulated deferred investment tax credits | 4,161 | 5,144 |
Postretirement benefit obligations | 197,623 | 103,483 |
Regulatory liabilities - other | 312 | 0 |
Restricted storm reserve | 14,916 | 17,646 |
Tax credit fund investment, net | 0 | 41,840 |
Contingent sale obligations | 0 | 900 |
Other deferred credits | 28,510 | 31,929 |
Total long-term liabilities and deferred credits | 1,164,380 | 1,070,092 |
Member's equity | 1,627,270 | 1,586,197 |
Long-term debt, net | 1,349,653 | 1,315,500 |
Total liabilities | 2,751,803 | 2,629,065 |
Commitments and Contingencies (Note 14) | ||
Shareholders' equity | ||
Common stock | 61,051 | 61,047 |
Premium on common stock | 415,482 | 422,624 |
Retained earnings | 1,208,712 | 1,149,003 |
Treasury stock | -25,310 | -20,601 |
Accumulated other comprehensive loss | -32,665 | -25,876 |
Total shareholders' equity | 1,627,270 | 1,586,197 |
Total liabilities and shareholders' equity | 4,379,073 | 4,215,262 |
Cleco Power [Member] | ||
Current assets | ||
Cash and cash equivalents | 39,162 | 21,055 |
Restricted cash and cash equivalents | 8,986 | 8,986 |
Customer accounts receivable (less allowance for doubtful accounts) | 41,500 | 50,567 |
Accounts receivable - affiliate | 23,621 | 1,045 |
Other accounts receivable | 27,949 | 46,939 |
Unbilled revenue | 38,475 | 31,166 |
Fuel inventory, at average cost | 64,747 | 60,913 |
Material and supplies inventory, at average cost | 71,124 | 59,964 |
Energy risk management assets | 10,776 | 9,020 |
Accumulated deferred federal and state income taxes, net | 6,725 | 80,981 |
Accumulated deferred fuel | 21,554 | 0 |
Cash surrender value of company-/trust-owned life insurance policies | 19,678 | 19,326 |
Prepayments | 7,283 | 7,074 |
Regulatory assets | 12,212 | 5,975 |
Other current assets | 368 | 388 |
Total current assets | 394,160 | 403,399 |
Property, plant and equipment | ||
Property, plant, and equipment | 4,495,490 | 4,052,774 |
Accumulated depreciation | -1,433,206 | -1,260,843 |
Net property, plant, and equipment | 3,062,284 | 2,791,931 |
Construction work in progress | 96,702 | 104,113 |
Total property, plant and equipment, net | 3,158,986 | 2,896,044 |
Equity investment in investees | 14,532 | 14,532 |
Prepayments | 4,891 | 4,510 |
Restricted cash and cash equivalents | 15,109 | 5,012 |
Restricted Investments | 0 | 12,829 |
Regulatory assets - deferred taxes, net | 234,370 | 229,173 |
Regulatory assets | 311,867 | 249,677 |
Intangible asset | 90,642 | 106,007 |
Other deferred charges | 18,429 | 22,529 |
Total assets | 4,242,986 | 3,943,712 |
Current liabilities | ||
Long-term debt due within one year | 18,272 | 17,182 |
Accounts payable | 116,925 | 98,785 |
Accounts payable - affiliate | 7,760 | 8,386 |
Customer deposits | 53,411 | 48,456 |
Provision for rate refund | 2,264 | 3,533 |
Taxes payable | 3,115 | 6,700 |
Interest accrued | 9,224 | 13,589 |
Accumulated deferred fuel | 0 | 3,869 |
Energy risk management liabilities | 827 | 382 |
Regulatory liabilities - other | 312 | 0 |
Other current liabilities | 9,380 | 9,791 |
Total current liabilities | 221,490 | 210,673 |
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 1,001,332 | 945,559 |
Accumulated deferred investment tax credits | 4,161 | 5,144 |
Postretirement benefit obligations | 135,825 | 52,953 |
Regulatory liabilities - other | 312 | 0 |
Restricted storm reserve | 14,916 | 17,646 |
Other deferred credits | 26,439 | 30,664 |
Total long-term liabilities and deferred credits | 1,182,985 | 1,051,966 |
Member's equity | 1,545,858 | 1,370,573 |
Long-term debt, net | 1,292,653 | 1,310,500 |
Total capitalization | 2,838,511 | 2,681,073 |
Commitments and Contingencies (Note 14) | ||
Shareholders' equity | ||
Accumulated other comprehensive loss | -17,288 | -15,177 |
Total shareholders' equity | 1,545,858 | 1,370,573 |
Total liabilities and shareholders' equity | $4,242,986 | $3,943,712 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ||
Allowance for Doubtful Accounts Receivable, Current | $922 | $849 |
Liabilities and 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, shares issued | 61,051,286 | 61,047,006 |
Common stock, outstanding (in shares) | 60,421,467 | 60,454,520 |
Treasury stock, at cost (in shares) | 629,819 | 592,486 |
Cleco Power [Member] | ||
Assets | ||
Allowance for Doubtful Accounts Receivable, Current | $922 | $849 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net income | $154,739 | $160,685 | $163,648 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 156,590 | 161,047 | 162,430 |
(Gain) loss on sale of assets | -6,224 | 885 | 51 |
Unearned compensation expense | 6,545 | 6,446 | 6,180 |
Allowance for equity funds used during construction | -5,380 | -4,081 | -6,711 |
Net deferred income taxes | 63,597 | 65,989 | 19,930 |
Deferred fuel costs | -11,558 | 5,630 | -12,222 |
Cash surrender value of company-/trust-owned life insurance | -3,616 | -3,669 | -3,300 |
Changes in assets and liabilities: | |||
Accounts receivable | 11,556 | -26,357 | -11,543 |
Unbilled revenue | -7,310 | -2,504 | 1,468 |
Fuel, materials and supplies inventory | -12,147 | -18,626 | -9,539 |
Prepayments | 27 | -3,502 | -59 |
Accounts payable | 4,481 | -1,656 | -23,016 |
Customer deposits | 14,960 | 12,213 | 11,167 |
Postretirement benefit obligations | 8,864 | -24,541 | 7,485 |
Regulatory assets and liabilities, net | -777 | -30,524 | -31,043 |
Other deferred accounts | -14,691 | -5,547 | -15,695 |
Taxes accrued | -22,685 | 53,197 | 9,786 |
Interest accrued | -3,519 | -768 | -6,676 |
Other operating | 1,717 | -2,627 | 764 |
Net cash provided by operating activities | 335,169 | 341,690 | 263,105 |
Investing activities | |||
Additions to property, plant, and equipment | -207,636 | -188,614 | -245,033 |
Allowance for equity funds used during construction | 5,380 | 4,081 | 6,711 |
Property, plant, and equipment grants | 0 | 729 | 16,647 |
Proceeds from sale of property, plant, and equipment | 9,316 | 1,145 | 1,035 |
Reimbursement for property loss | 191 | 1,306 | 5,454 |
Premiums paid on company-/trust-owned life insurance | -2,831 | -3,705 | -2,973 |
Return of equity investment in tax credit fund | 2,579 | 1,619 | 37,652 |
Contributions to tax credit fund | -55,315 | -51,011 | -59,645 |
Transfer of cash (to) from restricted accounts | -10,097 | 201 | 21,607 |
Purchase of restricted investments | 0 | -8,782 | -11,966 |
Sale of restricted investments | 11,138 | 0 | 0 |
Maturity of restricted investments | 1,458 | 6,816 | 0 |
Other investing | -697 | -1 | 1,347 |
Net cash used in investing activities | -246,514 | -236,216 | -229,164 |
Financing activities | |||
Draws on credit facility | 254,000 | 228,000 | 25,000 |
Payments on credit facility | -202,000 | -228,000 | -10,000 |
Issuance of long-term debt | 0 | 160,000 | 50,000 |
Repayment of long-term debt | -14,876 | -113,969 | -74,368 |
Repurchase of long-term debt | 0 | -60,000 | 0 |
Repurchase of common stock | -12,449 | 0 | -8,007 |
Settlement of interest rate swap | 0 | -3,269 | 0 |
Dividends paid on common stock | -95,044 | -86,376 | -78,844 |
Other financing | -2,519 | -4,224 | -278 |
Net cash used in financing activities | -72,888 | -107,838 | -96,497 |
Net increase (decrease) in cash and cash equivalents | 15,767 | -2,364 | -62,556 |
Cash and cash equivalents at beginning of period | 28,656 | 31,020 | 93,576 |
Cash and cash equivalents at end of period | 44,423 | 28,656 | 31,020 |
Supplementary cash flow information | |||
Interest paid, net of amount capitalized | 74,515 | 77,296 | 80,823 |
Income taxes paid (refunded), net | 15,286 | -47,374 | -624 |
Supplementary non-cash investing and financing activities | |||
Accrued additions to property, plant, and equipment | 12,325 | 18,627 | 16,102 |
Issuance of common stock - ESPP | 220 | 318 | 340 |
Decrease in property, plant, and equipment | 47 | 1,280 | 21,559 |
Cleco Power [Member] | |||
Operating activities | |||
Net income | 154,316 | 150,410 | 146,848 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 151,252 | 147,452 | 137,053 |
Allowance for equity funds used during construction | -5,380 | -4,081 | -6,711 |
Net deferred income taxes | 82,315 | 81,534 | 57,364 |
Deferred fuel costs | -11,558 | 5,630 | -12,222 |
Changes in assets and liabilities: | |||
Accounts receivable | 11,689 | -26,491 | -12,290 |
Unbilled revenue | -7,310 | -2,504 | 1,468 |
Fuel, materials and supplies inventory | -12,114 | -18,539 | -9,361 |
Accounts payable | 5,459 | -848 | -22,874 |
Accounts and notes payable, affiliate | -2,749 | -3,403 | -122 |
Customer deposits | 14,960 | 12,213 | 11,167 |
Postretirement benefit obligations | 4,963 | -28,306 | 5,947 |
Regulatory assets and liabilities, net | -777 | -30,524 | -31,043 |
Other deferred accounts | -10,798 | -8,212 | -19,989 |
Taxes accrued | -26,373 | 5,372 | 4,503 |
Interest accrued | -4,364 | -304 | -5,431 |
Other operating | 3,541 | 5 | -207 |
Net cash provided by operating activities | 347,072 | 279,404 | 244,100 |
Investing activities | |||
Additions to property, plant, and equipment | -206,607 | -181,154 | -238,943 |
Allowance for equity funds used during construction | 5,380 | 4,081 | 6,711 |
Property, plant, and equipment grants | 0 | 729 | 16,647 |
Transfer of cash (to) from restricted accounts | -10,097 | 125 | 21,607 |
Purchase of restricted investments | 0 | -8,782 | -11,966 |
Sale of restricted investments | 11,138 | 0 | 0 |
Maturity of restricted investments | 1,458 | 6,816 | 0 |
Other investing | 2,153 | 2,367 | 2,387 |
Net cash used in investing activities | -196,575 | -175,818 | -203,557 |
Financing activities | |||
Draws on credit facility | 157,000 | 180,000 | 0 |
Payments on credit facility | -157,000 | -160,000 | 0 |
Issuance of long-term debt | 0 | 160,000 | 50,000 |
Repayment of long-term debt | -14,876 | -113,969 | -74,368 |
Repurchase of long-term debt | 0 | -60,000 | 0 |
Settlement of interest rate swap | 0 | -3,269 | 0 |
Distribution to parent | -115,000 | -105,000 | -58,000 |
Other financing | -2,514 | -3,661 | -2,265 |
Net cash used in financing activities | -132,390 | -105,899 | -84,633 |
Net increase (decrease) in cash and cash equivalents | 18,107 | -2,313 | -44,090 |
Cash and cash equivalents at beginning of period | 21,055 | 23,368 | 67,458 |
Cash and cash equivalents at end of period | 39,162 | 21,055 | 23,368 |
Supplementary cash flow information | |||
Interest paid, net of amount capitalized | 74,326 | 77,079 | 80,729 |
Income taxes paid (refunded), net | 257 | -456 | -711 |
Supplementary non-cash investing and financing activities | |||
Accrued additions to property, plant, and equipment | 12,225 | 18,414 | 15,547 |
Decrease in property, plant, and equipment | 47 | 1,280 | 21,559 |
ARO [Member] | |||
Supplementary non-cash investing and financing activities | |||
Non-cash additions to property, plant, and equipment | 4,400 | 0 | 0 |
ARO [Member] | Cleco Power [Member] | |||
Supplementary non-cash investing and financing activities | |||
Non-cash additions to property, plant, and equipment | 4,400 | 0 | 0 |
Coughlin [Member] | Cleco Power [Member] | |||
Supplementary non-cash investing and financing activities | |||
Non-cash additions to property, plant, and equipment | $176,244 | $0 | $0 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Common Shareholders' Equity (USD $) | Total | Common Stock [Member] | Premium on Common Stock [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Stockholders' Equity, Beginning Balance at Dec. 31, 2011 | $1,419,857 | $60,702 | $409,904 | $990,605 | ($13,215) | ($28,139) |
Treasury stock, Beginning Balance (shares) at Dec. 31, 2011 | -410,403 | |||||
Common stock issued, Beginning Balance (shares) at Dec. 31, 2011 | 60,702,342 | |||||
Stock Issued or Granted During Period, Share-based Compensation [Abstract] | ||||||
Common stock issued for compensatory plans, Value | 7,125 | 260 | 6,715 | 150 | ||
Common stock issued for compensatory plans (in shares) | 259,228 | 4,378 | ||||
Treasury Stock Acquired [Abstract] | ||||||
Repurchase of common stock, Value | -8,007 | -8,007 | ||||
Repurchase of common stock (in shares) | -200,000 | |||||
Dividends on common stock | -79,179 | -79,179 | ||||
Net income | 163,648 | 163,648 | ||||
Other comprehensive income (loss), net of tax | -4,231 | -4,231 | ||||
Stockholders' Equity, Ending Balance at Dec. 31, 2012 | 1,499,213 | 60,962 | 416,619 | 1,075,074 | -21,072 | -32,370 |
Treasury stock, Ending Balance (shares) at Dec. 31, 2012 | -606,025 | |||||
Common stock issued, Ending Balance (shares) at Dec. 31, 2012 | 60,961,570 | |||||
Stock Issued or Granted During Period, Share-based Compensation [Abstract] | ||||||
Common stock issued for compensatory plans, Value | 6,561 | 85 | 6,005 | 471 | ||
Common stock issued for compensatory plans (in shares) | 85,436 | 13,539 | ||||
Treasury Stock Acquired [Abstract] | ||||||
Dividends on common stock | -86,756 | -86,756 | ||||
Net income | 160,685 | 160,685 | ||||
Other comprehensive income (loss), net of tax | 6,494 | 6,494 | ||||
Stockholders' Equity, Ending Balance at Dec. 31, 2013 | 1,586,197 | 61,047 | 422,624 | 1,149,003 | -20,601 | -25,876 |
Treasury stock, Ending Balance (shares) at Dec. 31, 2013 | -592,486 | -592,486 | ||||
Common stock issued, Ending Balance (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, Value | 602 | 4 | -7,142 | 7,740 | ||
Common stock issued for compensatory plans (in shares) | 4,280 | 212,667 | ||||
Treasury Stock Acquired [Abstract] | ||||||
Repurchase of common stock, Value | -12,449 | -12,449 | ||||
Repurchase of common stock (in shares) | -250,000 | |||||
Dividends on common stock | -95,030 | -95,030 | ||||
Net income | 154,739 | 154,739 | ||||
Other comprehensive income (loss), net of tax | -6,789 | -6,789 | ||||
Stockholders' Equity, Ending Balance at Dec. 31, 2014 | $1,627,270 | $61,051 | $415,482 | $1,208,712 | ($25,310) | ($32,665) |
Treasury stock, Ending Balance (shares) at Dec. 31, 2014 | -629,819 | -629,819 | ||||
Common stock issued, Ending Balance (shares) at Dec. 31, 2014 | 61,051,286 | 61,051,286 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Common Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Dividends on common stock (in dollars per share) | $0.40 | $0.40 | $0.40 | $0.36 | $0.36 | $0.36 | $0.36 | $0.34 | $1.56 | $1.43 | $1.30 |
Consolidated_Statements_of_Cha2
Consolidated Statements 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 | Accumulated Other Comprehensive Income (Loss) [Member] | Member's Equity [Member] | |||
Stockholders' Equity, Beginning Balance at Dec. 31, 2011 | $1,419,857 | ($28,139) | $1,230,862 | ($20,630) | $1,251,492 |
Other comprehensive income (loss), net of tax | -4,231 | -4,231 | 209 | 209 | |
Distribution to parent | -58,000 | -58,000 | |||
Net income | 163,648 | 146,848 | 146,848 | ||
Stockholders' Equity, Ending Balance at Dec. 31, 2012 | 1,499,213 | -32,370 | 1,319,919 | -20,421 | 1,340,340 |
Distribution to parent | 0 | ||||
Stockholders' Equity, Ending Balance at Mar. 31, 2013 | |||||
Stockholders' Equity, Beginning Balance at Dec. 31, 2012 | 1,499,213 | -32,370 | 1,319,919 | -20,421 | 1,340,340 |
Other comprehensive income (loss), net of tax | 6,494 | 6,494 | 5,244 | 5,244 | |
Distribution to parent | -105,000 | -105,000 | |||
Net income | 160,685 | 150,410 | 150,410 | ||
Stockholders' Equity, Ending Balance at Dec. 31, 2013 | 1,586,197 | -25,876 | 1,370,573 | -15,177 | 1,385,750 |
Stockholders' Equity, Beginning Balance at Sep. 30, 2013 | |||||
Distribution to parent | -30,000 | ||||
Stockholders' Equity, Ending Balance at Dec. 31, 2013 | 1,370,573 | ||||
Non-cash contributions from parent | 138,080 | ||||
Distribution to parent | -35,000 | ||||
Stockholders' Equity, Ending Balance at Mar. 31, 2014 | |||||
Stockholders' Equity, Beginning Balance at Dec. 31, 2013 | 1,586,197 | -25,876 | 1,370,573 | -15,177 | 1,385,750 |
Other comprehensive income (loss), net of tax | -6,789 | -6,789 | -2,111 | -2,111 | |
Non-cash contributions from parent | 138,080 | 138,080 | |||
Distribution to parent | -115,000 | -115,000 | |||
Net income | 154,739 | 154,316 | 154,316 | ||
Stockholders' Equity, Ending Balance at Dec. 31, 2014 | 1,627,270 | -32,665 | 1,545,858 | -17,288 | 1,563,146 |
Stockholders' Equity, Beginning Balance at Sep. 30, 2014 | |||||
Non-cash contributions from parent | 0 | ||||
Distribution to parent | -30,000 | ||||
Stockholders' Equity, Ending Balance at Dec. 31, 2014 | $1,545,858 |
The_Company
The Company | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
The Company | |||||
Note 1 — The Company | |||||
General | |||||
Cleco Corporation is a holding company composed of the following: | |||||
• | Cleco Power, a regulated electric utility subsidiary, which owns eleven generating units with a total nameplate capacity of 3,340 MW and serves approximately 286,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana and Mississippi. Cleco Power also owns a 50% interest in an entity that owns lignite reserves. Cleco Power owns all of the outstanding membership interests in Cleco Katrina/Rita, a special purpose entity that is consolidated with Cleco Power in its financial statements. | ||||
• | Midstream is a wholesale energy subsidiary, regulated by FERC, which owns Evangeline (which owned and operated Coughlin). Prior to March 15, 2014, Evangeline owned two generating units with a total nameplate capacity of 775 MW. On March 15, 2014, Coughlin was transferred from Evangeline to Cleco Power. | ||||
• | Cleco Corporation’s other operations consist of a holding company, two transmission interconnection facility subsidiaries, a shared services subsidiary, and an investment subsidiary. | ||||
On October 17, 2014, Cleco Corporation entered into the Merger Agreement with Cleco Partners 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 Cleco Partners. For more information on the Merger, see “Note 20 — Agreement and Plan of Merger.” |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | |||||||||||||||||||||||||||||||||
Note 2 — Summary of Significant Accounting Policies | |||||||||||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||||||||||||||
The accompanying consolidated financial statements of Cleco include the accounts of Cleco and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. | |||||||||||||||||||||||||||||||||
Statements of Cash Flows | |||||||||||||||||||||||||||||||||
Cleco and Cleco Power’s Consolidated Statements of Cash Flows are prepared using the indirect method described in the authoritative guidance for the presentation of the statement of cash flows. This method requires that net income be adjusted to remove the effects of all deferrals and accruals of operating cash receipts and payments and the effects of all investing and financing cash flow items. Derivatives meeting the definition of an accounting hedge are classified in the same category as the item being hedged. | |||||||||||||||||||||||||||||||||
Regulation | |||||||||||||||||||||||||||||||||
Cleco Power is subject to regulation by FERC and the LPSC. Cleco Power follows GAAP and complies with the accounting policies and practices prescribed by its regulatory commissions. Cleco Power’s retail rates are regulated by the LPSC and its rates for transmission services are regulated by FERC. Rates for wholesale power sales are based on market-based rates, pending FERC review of Cleco Power’s generation market power analysis. Cleco Power follows GAAP in accounting for the effects of rate regulation which allows utilities to capitalize or defer certain costs for recovery from customers and to recognize a liability for amounts expected to be returned to customers based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered through the ratemaking process. Regulatory assets and liabilities are amortized consistent with the treatment of the related cost in the ratemaking process. Pursuant to this regulatory approval and GAAP, Cleco Power has recorded regulatory assets and liabilities. | |||||||||||||||||||||||||||||||||
Any future plan adopted by the LPSC for purposes of transitioning utilities from LPSC regulation to retail competition may affect the regulatory assets and liabilities recorded by Cleco Power if the criteria for the application of the authoritative guidelines for industry regulated operations cannot continue to be met. At this time, Cleco cannot predict whether any legislation or regulation affecting Cleco Power will be enacted or adopted and, if enacted, what form such legislation or regulation may take. | |||||||||||||||||||||||||||||||||
For more information regarding the regulatory assets and liabilities recorded by Cleco Power, see Note 3 — “Regulatory Assets and Liabilities.” | |||||||||||||||||||||||||||||||||
ARO | |||||||||||||||||||||||||||||||||
Cleco Power has recorded AROs in accordance with the authoritative guidance. This authoritative guidance requires an entity to record an ARO when there is a legal obligation under existing or enacted law, statute, written or oral contract, or by legal construction under the doctrine of promissory estoppel to incur costs to remove an asset when the asset is retired. These guidelines also require an ARO which is conditional on a future event to be recorded even if the event has not yet occurred. | |||||||||||||||||||||||||||||||||
Cleco Power recognizes AROs at the present value of the projected liability in the period in which it is incurred, if a reasonable estimate of fair value can be made. The liability is then accreted to its present value each accounting period. Cleco Power defers this accretion as a regulatory asset based on its determination that these costs can be collected from customers. Concurrent with the recognition of the liability, the authoritative guidance requires capitalization of these costs to the related property, plant, and equipment asset. These capitalized costs are depreciated over the same period as the related property asset. Cleco Power also defers the current depreciation of the asset retirement cost as a regulatory asset. Cleco Power has an ARO recorded for the retirement of certain ash disposal facilities. | |||||||||||||||||||||||||||||||||
In May 2010, the EPA released a proposed rule for regulating the disposal and management of CCRs from coal-fired power plants. Rather than offering a single approach, the EPA requested comments on two options for regulating CCRs. The first, known as the “Subtitle C” option, would regulate CCRs as a new special waste subject to many of the requirements for hazardous waste, while the second, known as the “Subtitle D” option, would regulate CCRs in a manner similar to industrial solid waste. Either of the EPA proposed options represented a shift toward more comprehensive and costly requirements for CCR disposal and management, but the Subtitle C option contained significantly more stringent requirements and would have required greater capital and operating costs to comply with that version of the rule, if finalized. The EPA signed the final rule on December 19, 2014, but has not yet published an official version in the Federal Register. Unlike the proposed versions of the rule, the unofficial ruled signed in December 2014, does not require expensive synthetic lining of existing impoundments. Management is currently evaluating the effect the final rule will have on the financial condition, results of operations, and cash flows of the Registrants. | |||||||||||||||||||||||||||||||||
For more information on Cleco Power’s current AROs, see Note 3 — “Regulatory Assets and Liabilities — AROs.” | |||||||||||||||||||||||||||||||||
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. For information on jointly owned assets, see Note 4 — “Jointly Owned Generation Units.” | |||||||||||||||||||||||||||||||||
Cleco’s cost of improvements to property, plant, and equipment is capitalized. Costs associated with repairs and major maintenance projects are expensed as incurred. Cleco capitalizes the cost to purchase or develop software for internal use. The amounts of unamortized computer software costs at December 31, 2014 and 2013, were $11.0 million and $6.5 million, respectively. Amortization of capitalized computer software costs charged to expense for the years ending December 31, 2014, 2013, and 2012, was $1.4 million, $1.4 million, and $1.2 million, respectively. | |||||||||||||||||||||||||||||||||
Upon retirement or disposition, the cost of Cleco Power’s depreciable plant and the cost of removal, net of salvage value, are charged to accumulated depreciation. For Cleco’s other depreciable assets, upon disposition or retirement, the difference between the net book value of the property and any proceeds received for the property is recorded as a gain or loss on asset disposition on Cleco’s Consolidated Statements of Income. Any cost incurred to remove the asset is charged to expense. Annual depreciation provisions expressed as a percentage of average depreciable property for Cleco Power for 2014, 2013, and 2012, were 2.66%, 2.70%, and 2.68%, respectively. | |||||||||||||||||||||||||||||||||
Depreciation on property, plant, and equipment is calculated primarily on a straight-line basis over the useful lives of the assets. The estimated useful life of utility plant assets ranges from 5 years to 95 years. The estimated useful life of other property and equipment ranges from 5 years to 50 years. | |||||||||||||||||||||||||||||||||
At December 31, 2014 and 2013, property, plant, and equipment consisted of the following: | |||||||||||||||||||||||||||||||||
AT DEC. 31, | |||||||||||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Regulated utility plants | $ | 4,495,490 | $ | 4,052,774 | |||||||||||||||||||||||||||||
Other | 13,470 | 273,748 | |||||||||||||||||||||||||||||||
Total property, plant, and equipment | 4,508,960 | 4,326,522 | |||||||||||||||||||||||||||||||
Accumulated depreciation | (1,442,960 | ) | (1,351,223 | ) | |||||||||||||||||||||||||||||
Net property, plant, and equipment | $ | 3,066,000 | $ | 2,975,299 | |||||||||||||||||||||||||||||
During 2014, Cleco’s investment in regulated utility property, plant, and equipment increased primarily due to the transfer of Coughlin from Midstream to Cleco Power, the MATS project, Cleco Power’s building modernization project, and general rehabilitation of transmission, distribution, and generation assets. 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 Consolidated Financial Statements. As a result, Cleco Power’s Consolidated Financial Statements were not retrospectively adjusted to reflect the transfer. For more information regarding the Coughlin transfer, see Note 17 — “Coughlin Transfer.” | |||||||||||||||||||||||||||||||||
Cleco Power’s property, plant, and equipment includes plant acquisition adjustments related to the acquisition of Acadia Unit 1 in 2010 and Teche in 1997. Accumulated amortization associated with the plant acquisition adjustments are reported in accumulated depreciation on Cleco Power’s Consolidated Balance Sheet. The plant acquisition adjustments and accumulated amortization reported in property, plant, and equipment and accumulated depreciation on Cleco Power’s Consolidated Balance Sheet at December 31, 2014 and 2013, are shown in the following table: | |||||||||||||||||||||||||||||||||
AT DEC. 31, | |||||||||||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Acadia Unit 1 | |||||||||||||||||||||||||||||||||
Plant acquisition adjustment | $ | 95,578 | $ | 95,578 | |||||||||||||||||||||||||||||
Less: accumulated amortization | 15,384 | 12,201 | |||||||||||||||||||||||||||||||
Net plant acquisition adjustment | $ | 80,194 | $ | 83,377 | |||||||||||||||||||||||||||||
Teche | |||||||||||||||||||||||||||||||||
Plant acquisition adjustment | $ | 5,359 | $ | 5,359 | |||||||||||||||||||||||||||||
Less: accumulated amortization | 4,488 | 4,234 | |||||||||||||||||||||||||||||||
Net plant acquisition adjustment | $ | 871 | $ | 1,125 | |||||||||||||||||||||||||||||
Deferred Project Costs | |||||||||||||||||||||||||||||||||
Cleco Power defers costs related to the initial stage of a construction project during which time the feasibility of the construction of property, plant, and equipment is being investigated. At December 31, 2014 and 2013, Cleco Power had deferred $0.7 million and $0.4 million, respectively, for various resource planning projects. These projects are in the initial stages of development and as a result are classified as other deferred charges on Cleco’s and Cleco Power’s Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||
Inventories | |||||||||||||||||||||||||||||||||
Fuel inventories consist of petroleum coke, coal, lignite, and natural gas used to generate electricity. | |||||||||||||||||||||||||||||||||
Materials and supplies inventory consists of transmission and distribution line construction and repair materials. It also consists of generating station and transmission and distribution substation repair materials. | |||||||||||||||||||||||||||||||||
Both fuel and materials and supplies inventories are stated at average cost and are issued from inventory using the average cost of existing inventory. Materials and supplies are recorded as inventory when purchased and subsequently charged to expense or capitalized to property, plant, and equipment when installed. | |||||||||||||||||||||||||||||||||
Accounts Receivable | |||||||||||||||||||||||||||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. It is the policy of management to review the outstanding accounts receivable monthly, as well as the bad debt write-offs experienced in the past, and establish an allowance for doubtful accounts. Account balances are charged off against the allowance when management determines it is probable the receivable will not be recovered. At December 31, 2014 and 2013, the balance of the allowance for doubtful accounts was $0.9 million and $0.8 million, respectively. There was no off-balance sheet credit exposure related to Cleco’s customers. | |||||||||||||||||||||||||||||||||
Financing Receivables | |||||||||||||||||||||||||||||||||
At December 31, 2014, Cleco, through Perryville and Attala, had a combined net investment in direct financing lease long-term assets of $13.5 million. The net investment at December 31, 2013, was also $13.5 million. Each subsidiary leases its respective transmission assets to a single counterparty. Both counterparties are considered credit worthy and are expected to pay their obligations when due, thus, no allowance for credit loss has been recognized. Management bases this assessment on the following common factors of each counterparty: | |||||||||||||||||||||||||||||||||
• | both counterparties use the respective transmission facilities to move electricity from its power plants to the regional transmission grid, | ||||||||||||||||||||||||||||||||
• | neither counterparty has another avenue to move electricity from its respective power plants to the regional transmission grid, | ||||||||||||||||||||||||||||||||
• | the stream of payments was approved by FERC through respective rate orders, and | ||||||||||||||||||||||||||||||||
• | both counterparties serve retail and wholesale customers in their respective service territories under LPSC oversight that allows recovery of prudent costs, of which, the stream of payments under the direct financing leases appear to be prudent. | ||||||||||||||||||||||||||||||||
Management monitors both entities for indication of adverse actions by their respective public service commissions and market conditions which would indicate an inability to pay their obligations under the direct financing leases when due. Since the inception of the agreements, each counterparty has paid their respective obligations when due, and at December 31, 2014 and 2013, no amounts were past due. | |||||||||||||||||||||||||||||||||
Reserves | |||||||||||||||||||||||||||||||||
Cleco maintains property insurance on generating stations, buildings and contents, and substations. Cleco is self-insured for any damage to transmission and distribution lines. To mitigate the exposure to potential financial loss for damage to lines, Cleco maintains an LPSC-approved funded storm reserve. | |||||||||||||||||||||||||||||||||
Cleco also maintains liability and workers’ compensation insurance to mitigate financial losses due to injuries and damages to the property of others. Cleco’s insurance covers claims that exceed certain self-insured limits. For claims that do not meet the limits to be covered by insurance, Cleco maintains reserves. At December 31, 2014 and 2013, the general liability and workers compensation reserves together were not material. | |||||||||||||||||||||||||||||||||
Additionally, Cleco maintains directors and officers insurance to protect managers from claims which may arise from their decisions and actions taken within the scope of their regular duties. | |||||||||||||||||||||||||||||||||
Cash Equivalents | |||||||||||||||||||||||||||||||||
Cleco considers highly liquid, marketable securities, and other similar instruments with original maturity dates of three months or less to be cash equivalents. | |||||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||
Various agreements to which Cleco is subject contain covenants that restrict its use of cash. As certain provisions under these agreements are met, cash is transferred out of related escrow accounts and becomes available for its intended purposes and/or general corporate purposes. Cleco’s restricted cash and cash equivalents consisted of: | |||||||||||||||||||||||||||||||||
AT DEC. 31, | |||||||||||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||||
Cleco Katrina/Rita’s storm recovery bonds | $ | 8,986 | $ | 8,986 | |||||||||||||||||||||||||||||
Non-current: | |||||||||||||||||||||||||||||||||
Diversified Lands’ mitigation escrow | 21 | 21 | |||||||||||||||||||||||||||||||
Cleco Power’s future storm restoration costs | 14,915 | 4,726 | |||||||||||||||||||||||||||||||
Cleco Power’s building renovation escrow | 194 | 286 | |||||||||||||||||||||||||||||||
Non-current total | 15,130 | 5,033 | |||||||||||||||||||||||||||||||
Total restricted cash and cash equivalents | $ | 24,116 | $ | 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 2014, Cleco Katrina/Rita collected $20.6 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 increased $10.2 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 and $1.0 million of collections of surcredits to replenish the storm reserve. These increases were partially offset by the transfer of $4.0 million to cover 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. On December 31, 2014, Cleco Power released $0.7 million for the substantial completion of certain building renovations. | |||||||||||||||||||||||||||||||||
Equity Investments | |||||||||||||||||||||||||||||||||
Cleco and Cleco Power account for investments in unconsolidated affiliated companies using the equity method of accounting as defined in the authoritative guidance on investments. The amounts reported on Cleco and Cleco Power’s Consolidated Balance Sheets represent assets contributed by Cleco Corporation or Cleco Power, plus their share of the net income of the affiliate, less any distributions of earnings (dividends) received from the affiliate. The revenues and expenses (excluding income taxes) of these affiliates are netted and reported on one line item as equity income from investees on Cleco and Cleco Power’s Consolidated Statements of Income. For more information, see Note 12 — “Variable Interest Entities.” | |||||||||||||||||||||||||||||||||
Cleco applies the provisions of the authoritative guidance on investments to account for impairments of equity method investments. In accordance with this standard, Cleco evaluates at each balance sheet date whether events and circumstances have occurred that indicate a possible other-than-temporary decline in the fair value of the investment and the possible inability to recover the carrying value through operations. Cleco uses estimates of the future cash flows from the investee and observable market transactions in order to calculate fair value and recoverability. An impairment is recognized when an other-than-temporary decline in market value occurs and recovery of the carrying value is not probable. There were no impairments recorded for 2014, 2013, or 2012. For more information, see Note 12 — “Variable Interest Entities.” | |||||||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||||||
Cleco accounts for income taxes under the asset and liability method. Cleco provides for federal and state income taxes currently payable, as well as for those deferred due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. Cleco’s income tax expense and related regulatory assets and liabilities could be affected by changes in its assumptions and estimates and by ultimate resolution of assumptions and estimates with taxing authorities. Cleco files a federal consolidated income tax return for all wholly owned subsidiaries. Cleco computes its federal and state income taxes as if it were a stand-alone taxpayer. The LPSC generally requires Cleco Power to flow the effects of state income taxes to customers immediately. The LPSC specifically requires that the state tax benefits associated with the deductions related to certain storm damages be normalized. For more information on income taxes, see Note 9 — “Income Taxes.” | |||||||||||||||||||||||||||||||||
Investment Tax Credits | |||||||||||||||||||||||||||||||||
Investment tax credits, which were deferred for financial statement purposes, are amortized as a reduction to income tax expense over the estimated service lives of the properties that gave rise to the credits. | |||||||||||||||||||||||||||||||||
NMTC Fund | |||||||||||||||||||||||||||||||||
In 2008, Cleco Corporation and United States Bancorp Community Development Corporation (USBCDC) formed the NMTC Fund. 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 gross investment amortization expense of the NMTC Fund 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. | |||||||||||||||||||||||||||||||||
For more information, see Note 14 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Other Commitments — NMTC Fund.” | |||||||||||||||||||||||||||||||||
Accounting for Renewable Energy Tax Credits and Grants Under the ARRA | |||||||||||||||||||||||||||||||||
Cleco and the NMTC Fund have elected to receive cash grants under the ARRA for investments in various projects. Cleco has elected to reduce the carrying value of the qualifying assets as cash grants are received, which will reduce the amount of depreciation expense recognized after the underlying assets are placed in service. Certain of the cash grants also reduce the tax basis of the underlying assets. Grants received via the NMTC Fund reduce the carrying value of the investment for GAAP, but do not reduce the income tax basis of the investment. | |||||||||||||||||||||||||||||||||
Debt Expenses, Premiums, and Discounts | |||||||||||||||||||||||||||||||||
Expenses, premiums, and discounts applicable to debt securities are amortized to income ratably over the lives of the related issues. Expenses and call premiums related to refinanced Cleco Power debt are deferred and amortized over the life of the new issue. | |||||||||||||||||||||||||||||||||
Revenue and Fuel Costs | |||||||||||||||||||||||||||||||||
Utility Revenue | |||||||||||||||||||||||||||||||||
Revenue from sales of electricity is recognized when the service is provided. The costs of fuel and purchased power used for retail customers currently are recovered from customers through the FAC. These costs are subject to audit and final determination by regulators. Excise taxes and pass-through fees collected on the sale of electricity are not recorded in utility revenue. | |||||||||||||||||||||||||||||||||
Unbilled Revenue | |||||||||||||||||||||||||||||||||
Cleco Power accrues estimated revenue monthly for energy used by customers but not yet billed. The monthly estimated unbilled revenue amounts are recorded as unbilled revenue and a receivable. 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. | |||||||||||||||||||||||||||||||||
Other Operations Revenue | |||||||||||||||||||||||||||||||||
Other operations revenue is recognized at the time products or services are provided to and accepted by customers. | |||||||||||||||||||||||||||||||||
Franchise Fees | |||||||||||||||||||||||||||||||||
Cleco Power collects a consumer fee for one of its franchise agreements. This fee is not recorded on Cleco’s income statement as revenue and expense, but is reflected at gross amounts on Cleco’s balance sheet as a receivable until it is collected and as a payable until the liability is paid. Cleco currently does not have any excise taxes reflected on its income statement. | |||||||||||||||||||||||||||||||||
AFUDC | |||||||||||||||||||||||||||||||||
The capitalization of AFUDC by Cleco Power is a utility accounting practice prescribed by FERC and the LPSC. AFUDC represents the estimated debt and equity costs of capital funds that are necessary to finance construction of new and existing facilities. While cash is not realized currently from such allowance, AFUDC increases the revenue requirement over the same life of the plant through a higher rate base and higher depreciation. Under regulatory practices, a return on and recovery of AFUDC is permitted in setting rates charged for utility services. The composite AFUDC rate, including borrowed and other funds, was 10.46% on a pre-tax basis (6.47% net of tax) for 2014, 11.6% on a pre-tax basis (7.2% net of tax) for 2013, and 12.1% on a pre-tax basis (7.5% net of tax) for 2012. | |||||||||||||||||||||||||||||||||
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 5 — “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 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 December 31, 2014 or 2013. | |||||||||||||||||||||||||||||||||
As a result of joining MISO, Cleco Power began participating in the FTR market. 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 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 Consolidated Statements of Income. At December 31, 2014, Cleco and Cleco Power's Consolidated Balance Sheets reflected the fair value of open FTR positions of $10.8 million in Energy risk management assets and $0.8 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 5 — “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 5 — “Fair Value Accounting — Derivatives and Hedging — Interest Rate Derivatives.” | |||||||||||||||||||||||||||||||||
Recent Authoritative Guidance | |||||||||||||||||||||||||||||||||
The Registrants adopted, or will adopt, the following recent authoritative guidance on their respective effective dates. | |||||||||||||||||||||||||||||||||
In February 2013, FASB revised the disclosure requirements related to items reclassified out of accumulated other comprehensive income. This guidance is intended to improve the transparency of changes in other comprehensive income. This revision is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. Cleco adopted the revisions to this amendment during the first quarter of 2013. The adoption of this revision did not have an impact on the financial condition, results of operations, or cash flows of the Registrants because it relates to disclosures. For more information on items reclassified out of accumulated other comprehensive income, see Note 18 — “Accumulated Other Comprehensive Loss.” | |||||||||||||||||||||||||||||||||
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 will not 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 will not 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 will not 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. Under the new guidance, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The adoption of this guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Management plans to adopt this guidance effective January 1, 2017, and is currently evaluating the impact 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 will not 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 will not 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 will not have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |||||||||||||||||||||||||||||||||
In November 2014, FASB amended the accounting guidance for derivatives and hedging. This amendment provides guidance for determining whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity. The adoption of this guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this guidance will not have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |||||||||||||||||||||||||||||||||
In November 2014, FASB amended the accounting guidance for business combinations, specifically related to pushdown accounting. This guidance gives an acquired entity the option of applying pushdown accounting in its stand-alone financial statements upon a change-in-control event. The adoption of this guidance was effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. The adoption of this guidance did not have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |||||||||||||||||||||||||||||||||
In January 2015, FASB amended the accounting guidance for extraordinary and unusual items as part of its initiative to reduce complexity in accounting standards. This guidance eliminates from GAAP the concept of extraordinary items. The adoption of this guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this guidance will not have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |||||||||||||||||||||||||||||||||
In February 2015, FASB amended the accounting guidance for the consolidation analysis. All legal entities are subject to reevaluation under this revised consolidation model. The adoption of this guidance is effective for annual periods beginning after December 15, 2015, including interim periods within that reporting period. Management is currently evaluating the impact the adoption of this guidance will have on the financial condition, results of operations, or cash flows of the Registrants. | |||||||||||||||||||||||||||||||||
Earnings per Average Common Share | |||||||||||||||||||||||||||||||||
The following table shows the calculation of basic and diluted earnings per share: | |||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS) | INCOME | SHARES | PER SHARE | INCOME | SHARES | PER SHARE | INCOME | SHARES | PER SHARE | ||||||||||||||||||||||||
AMOUNT | AMOUNT | AMOUNT | |||||||||||||||||||||||||||||||
Basic net income applicable to common stock | $ | 154,739 | 60,406,001 | $ | 2.56 | $ | 160,685 | 60,434,510 | $ | 2.66 | $ | 163,648 | 60,370,588 | $ | 2.71 | ||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||||||||||||
Add: stock option grants | — | — | 4,154 | ||||||||||||||||||||||||||||||
Add: restricted stock (LTICP) | 195,457 | 285,580 | 253,387 | ||||||||||||||||||||||||||||||
Diluted net income applicable to common stock | $ | 154,739 | 60,601,458 | $ | 2.55 | $ | 160,685 | 60,720,090 | $ | 2.65 | $ | 163,648 | 60,628,129 | $ | 2.7 | ||||||||||||||||||
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 excluded from the computation of diluted earnings per share for the year ended 2012. All stock options were exercised during 2012 and no additional options were granted during the years ended 2013 and 2014. | |||||||||||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||||||||||
For information on Cleco’s stock-based compensation, see Note 7 — “Common Stock — Stock-Based Compensation.” | |||||||||||||||||||||||||||||||||
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 Consolidated Statements of Income. |
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities Regulatory Assets and Liabilities | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Regulatory Assets and Liabilities [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 for recovery from customers and to recognize a liability for amounts expected to be returned to customers based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. | |||||||||||
Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable; however, if in the future, as a result of regulatory changes or competition, Cleco Power’s ability to recover these regulatory assets would no longer be probable, then to the extent that such regulatory assets were determined not to be recoverable, Cleco Power would be required to write-down such assets. In addition, potential deregulation of the industry or possible future changes in the method of rate regulation of Cleco Power could require discontinuance of the application of these authoritative guidelines. | |||||||||||
The following table summarizes Cleco Power’s regulatory assets and liabilities: | |||||||||||
AT DEC. 31, | REMAINING | ||||||||||
(THOUSANDS) | 2014 | 2013 | RECOVERY PERIOD | ||||||||
Total federal regulatory asset — income taxes | $ | 124 | $ | 12,528 | |||||||
Total state regulatory asset — income taxes | 106,964 | 89,050 | |||||||||
AFUDC | 129,545 | 130,488 | |||||||||
Total investment tax credit | (2,263 | ) | (2,893 | ) | |||||||
Total regulatory assets — deferred taxes, net | 234,370 | 229,173 | * | ||||||||
Mining costs | 11,470 | 14,019 | 4.5 yrs. | ||||||||
Interest costs | 5,582 | 5,943 | 25 yrs. | ||||||||
AROs (1) | 1,029 | 936 | * | ||||||||
Postretirement costs (1) | 160,903 | 93,333 | * | ||||||||
Tree trimming costs | 8,066 | 4,840 | 4 yrs. | ||||||||
Training costs | 7,019 | 7,175 | 45 yrs. | ||||||||
Surcredits, net (2) | 13,587 | 16,738 | 3.5 yrs. | ||||||||
Amended lignite mining agreement contingency (1) | 3,781 | 3,781 | * | ||||||||
PPA capacity costs | — | 9,749 | — | ||||||||
AMI deferred revenue requirement | 5,863 | 4,682 | 11 yrs. | ||||||||
Production operations and maintenance expenses | 14,761 | 8,459 | * | ||||||||
AFUDC equity gross-up (2) | 72,859 | 73,306 | * | ||||||||
Rate case costs | — | 45 | — | ||||||||
Acadia Unit 1 acquisition costs | 2,653 | 2,760 | 25 yrs. | ||||||||
Financing costs | 9,402 | 9,772 | * | ||||||||
Biomass costs | 82 | 114 | 3 yrs. | ||||||||
MISO integration costs | 3,275 | — | 3.5 yrs. | ||||||||
Coughlin transaction costs | 1,060 | — | 35 yrs. | ||||||||
Corporate franchise tax | 1,223 | — | 0.5 yrs. | ||||||||
Acadia FRP true-up | 754 | — | 0.5 yrs. | ||||||||
Energy efficiency | 114 | — | 1 yr. | ||||||||
Other | 596 | — | 2.5 yrs. | ||||||||
Total regulatory assets | 324,079 | 255,652 | |||||||||
PPA true-up | (624 | ) | — | 0.5 yrs. | |||||||
Fuel and purchased power | 21,554 | (3,869 | ) | * | |||||||
Total regulatory assets, net | $ | 579,379 | $ | 480,956 | |||||||
(1)Represents regulatory assets in which cash has not yet been expended and the assets are offset by liabilities that do not incur a carrying cost. | |||||||||||
(2)Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2014. | |||||||||||
* For information related to the remaining recovery periods, refer to the disclosures below for each specific regulatory asset. | |||||||||||
Income Taxes | |||||||||||
Cleco Power has recorded a net regulatory asset related to deferred income taxes in accordance with the authoritative guidance on income taxes. The related regulatory asset or liability recorded represents the effect of tax benefits or detriments that must be flowed through to customers as they are received or paid. The amounts deferred are attributable to differences between book and tax recovery periods. | |||||||||||
Mining Costs | |||||||||||
Cleco Power operates a generating unit jointly owned with SWEPCO that uses lignite as its fuel source. Cleco Power, along with SWEPCO, maintains a Lignite Mining Agreement with DHLC, the operator of the Dolet Hills Mine. As ordered by the LPSC, Cleco Power’s retail customers began receiving fuel cost savings through the year 2011 while actual mining costs incurred above a certain percentage of the benchmark price were deferred, and could be recovered from retail customers through the FAC only when the actual mining costs are below a certain percentage of the benchmark price. | |||||||||||
In 2006, Cleco Power recognized that there was a possibility it may not recover all or part of the lignite mining costs it had deferred and sought relief from the LPSC. In December 2007, the LPSC approved a settlement agreement between Cleco Power, SWEPCO, and the LPSC Staff authorizing Cleco Power to recover the existing deferred mining cost balance, including interest, over 11.5 years. In connection with its approval of the Oxbow Lignite Mine acquisition, in 2009, the LPSC agreed to discontinue benchmarking and the corresponding potential to defer future lignite mining costs while preserving the recovery of the legacy deferred fuel balance previously authorized. | |||||||||||
Interest Costs | |||||||||||
Cleco Power’s deferred interest costs include additional deferred capital construction financing costs authorized by the LPSC. These costs are being amortized over the estimated lives of the respective assets constructed. | |||||||||||
AROs | |||||||||||
The regulatory asset represents amounts associated with Cleco Power’s AROs. Applying the authoritative guidance for asset retirement and environmental obligations, Cleco Power has recorded an ARO for the retirement of certain ash disposal facilities. At December 31, 2014 and 2013, Cleco Power had $5.1 million and $0.9 million, respectively, in AROs recorded in other deferred credits. In December 2014, Cleco Power recorded an additional $4.1 million of AROs related to ash disposal facilities at Cleco Power’s generating stations. The related ARO asset will be depreciated over the remaining life of the units. For more information on the accounting treatment of Cleco Power’s AROs, see Note 2 — “Summary of Significant Accounting Policies — AROs.” | |||||||||||
Postretirement Costs | |||||||||||
Authoritative guidance on retirement benefits compensation requires companies to recognize the funded status of their postretirement benefit plans as a net liability or asset. The net liability or asset is defined as the difference between the benefit obligation and the fair market value of plan assets. For defined benefit pension plans, the benefit obligation is the projected benefit obligation. Historically, the LPSC has allowed Cleco Power to recover pension plan expense. Cleco Power, therefore, recognizes a regulatory asset based on its determination that these costs can be collected from customers. These costs are amortized to pension expense over the average service life of the remaining plan participants, 10.4 years for Cleco’s plan, when it exceeds certain thresholds. The amount and timing of the recovery will be based on the changing funded status of the pension plan in future periods. For more information on Cleco’s pension plan and adoption of these authoritative guidelines, see Note 8 — “Pension Plan and Employee Benefits.” | |||||||||||
Tree Trimming Costs | |||||||||||
In January 2008, the LPSC approved Cleco Power’s request to establish a regulatory asset for costs incurred to trim, cut, or remove trees that were damaged by Hurricanes Katrina and Rita, but were not addressed as part of the restoration efforts. The regulatory asset was capped at $12.0 million in actual expenditures, plus a 12.4% grossed-up rate of return. Recovery of these expenditures was approved by the LPSC in October 2009. In February 2010, Cleco Power began amortizing the regulatory asset over a five-year period. | |||||||||||
In January 2013, Cleco Power requested to expend and defer up to $8.0 million in additional tree management costs. Cleco Power requested similar accounting treatment as authorized in the initial tree extraction request and requested authorization to accrue actual expenditures to a regulatory asset through the completion date of the tree extraction effort. The LPSC approved this request in April 2013. Cleco Power completed the tree extraction project in February 2015. | |||||||||||
Training Costs | |||||||||||
In February 2008, the LPSC approved Cleco Power’s request to establish a regulatory asset for training costs associated with existing processes and technology for new employees at Madison Unit 3. Recovery of these expenditures was approved by the LPSC in October 2009. In February 2010, Cleco Power began amortizing the regulatory asset over a 50-year period. | |||||||||||
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 a true-up to the surcredits to reflect the actual tax deductions allowed by the IRS for storm damages and uncertain tax positions. As a result of the true-ups, Cleco Power has recorded a regulatory asset that represents excess surcredits refunded to customers that will be collected from ratepayers in future periods. These amounts are being collected and amortized over a four-year period. | |||||||||||
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. For more information on the FRP extension, see Note 11 — “Electric Customer Credits.” | |||||||||||
Amended Lignite Mining Agreement Contingency | |||||||||||
In April 2009, Cleco Power and SWEPCO entered into a series of transactions to acquire additional lignite reserves and mining equipment from the North American Coal Corporation (NAC), each agreeing to purchase a 50% ownership interest in Oxbow from NAC for a combined price of $25.7 million. Cleco Power, SWEPCO, and DHLC entered into the Amended Lignite Mining Agreement which requires DHLC to mine lignite at the existing Dolet Hills Mine along with the Oxbow Mine and deliver the lignite to the Dolet Hills Power Station at cost plus a specified management fee. The mining areas are expected to be sufficient to provide the Dolet Hills Power Station with lignite fuel until at least 2036. | |||||||||||
Among the provisions of the Amended Lignite Mining Agreement, it is a requirement that if DHLC is unable to pay for loans and lease payments when due, Cleco Power will pay 50% of the amounts due. Any payments under this provision will be considered a prepayment of lignite to be delivered in the future and will be credited to future invoices from DHLC. This provision meets the recognition requirements as a guarantee to an unrelated third party. Cleco Power recognized a liability of $3.8 million upon the closing of the transactions. A regulatory asset of $3.8 million was also recognized due to Cleco Power’s ability to recover prudent fuel costs from customers through the FAC. The liability and related regulatory asset will be derecognized when the Amended Lignite Mining Agreement terminates. The maximum projected payment by Cleco Power under this guarantee is estimated to be $69.3 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. | |||||||||||
PPA Capacity Costs and PPA True-up | |||||||||||
In March 2012, Cleco Power received approval from the LPSC for a three-year PPA 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 PPA. On March 15, 2014, Coughlin was transferred to Cleco Power, and the PPA was terminated. At June 30, 2014, the regulatory asset was fully amortized. | |||||||||||
In preparing the FRP monitoring report for the year ended June 30, 2014, Cleco Power determined it had recovered $0.6 million above the actual PPA capacity costs. Cleco Power recorded the overcollection as a regulatory liability and will return it to customers over 12 months beginning July 1, 2015. | |||||||||||
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, is 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 11 years, beginning July 1, 2014. | |||||||||||
Production Operations and Maintenance Expenses | |||||||||||
In September 2009, the LPSC authorized Cleco Power to defer, as a regulatory asset, production operations and maintenance 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 operations and maintenance 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 the amount deferred in any calendar year over the following three-year regulatory period, beginning on July 1, when the annual rates are set. In December 2013, Cleco Power deferred $8.5 million as a regulatory asset and began recovering this amount on July 1, 2014. In December 2014, Cleco Power deferred an additional $7.7 million as a regulatory asset and will begin recovering this amount on July 1, 2015. | |||||||||||
AFUDC Equity Gross-Up | |||||||||||
Cleco Power capitalizes equity AFUDC as a cost component of construction projects in accordance with the authoritative guidance for regulated operations. Cleco Power has recorded a regulatory asset to recover the tax gross-up related to the equity component of AFUDC. These costs are being amortized over the estimated lives of the respective assets constructed. | |||||||||||
Rate Case Costs | |||||||||||
In September 2009, the LPSC approved Cleco Power’s request to recover costs incurred as a result of Cleco Power’s rate case filed in July 2008. The new rates became effective upon the commercial operation of Madison Unit 3 on February 12, 2010, and Cleco Power began amortizing the regulatory asset over a four-year period. At December 31, 2014, the regulatory asset was fully amortized. | |||||||||||
Acadia Unit 1 Acquisition Costs | |||||||||||
In October 2009, the LPSC approved Cleco Power’s request to establish a regulatory asset for costs incurred as a result of the acquisition by Cleco Power of Acadia Unit 1 and half of Acadia Power Station’s related common facilities. Recovery of these expenditures was approved by the LPSC in October 2009. The new rates became effective upon the commencement of commercial operation of Madison Unit 3 and Cleco Power began amortizing the regulatory asset over a 30-year period. | |||||||||||
Financing Costs | |||||||||||
In 2011, Cleco Power entered into and settled two treasury rate locks. Also in 2011, Cleco Power entered into a forward starting swap contract. These derivatives were entered into in order to mitigate the interest rate exposure on coupon payments related to forecasted debt issuances. In May 2013, the forward starting interest rate swap was settled at a loss of $3.3 million. Cleco Power deferred $2.9 million of the losses as a regulatory asset, which is being amortized over the terms of the related debt issuances. | |||||||||||
Biomass Costs | |||||||||||
In November 2011, the LPSC approved Cleco Power’s request to establish a regulatory asset for the non-fuel, non-capital portion of costs incurred to conduct a test burn of biomass fuel at Madison Unit 3. In August 2012, Cleco Power began amortizing these costs over a five-year period. | |||||||||||
MISO Integration Costs | |||||||||||
On June 18, 2014, the LPSC approved Cleco Power’s request to recover the non-capital 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 a 35-year period, 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 through a rider. In April 2014, a payment of $3.7 million was remitted to the State of Louisiana, of which the retail portion was $3.0 million. The deferred corporate franchise taxes are being recovered over 12 months, beginning July 1, 2014. In the third quarter of 2014, Cleco filed its franchise tax return, which reflected a corporate franchise tax of $3.0 million, of which the retail portion was $2.4 million. At December 31, 2014, Cleco had a regulatory liability of $0.3 million for amounts overcollected from July to December 2014 which is netted against the remaining regulatory asset of $1.5 million. The overcollection at December 31, 2014 along with future overcollections in January through June 2015 will be returned to customers when the new FRP rates are set beginning July 1, 2015. | |||||||||||
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. | |||||||||||
Energy Efficiency | |||||||||||
In September 2013, the LPSC issued a General Order adopting rules promoting energy efficiency programs by jurisdictional electric and natural gas utilities. Cleco Power subsequently filed with the LPSC its intent to participate in the Phase I Quick Start portion of the LPSC’s energy efficiency initiative, which runs November 1, 2014 through June 30, 2017. During Phase I, Cleco Power designed several energy efficiency programs and began offering these programs to customers in November 2014. The incremental costs incurred by Cleco Power to design and implement the programs was recorded as a regulatory asset and are being recovered from customers over the initial year of Phase I. | |||||||||||
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 | |||||||||||
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 2014, approximately 82% of Cleco Power’s total fuel cost was regulated by the LPSC, while the remainder was regulated by FERC. | |||||||||||
The $25.4 million increase in the under/over-recovered costs was primarily due to an $18.3 million increase for the settlement of previously open FTR positions and a mark-to-market loss on current open FTR positions. Also contributing was a $7.1 million increase in fuel costs and power purchases as a result of extended plant outages, the addition of a new wholesale customer, and the timing of collection of fuel expenses. |
Jointly_Owned_Generation_Units
Jointly Owned Generation Units | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Regulated Operations [Abstract] | ||||||||||||
Jointly Owned Generation Units | ||||||||||||
Note 4 — Jointly Owned Generation Units | ||||||||||||
Cleco Power operates electric generation units that are jointly owned with other utilities. The joint-owners are responsible for their own share of the capital and the operating and maintenance costs of the respective units. Cleco Power’s share of the direct expenses of the jointly owned generation units is included in the operating expenses of the consolidated statements of income. Cleco Power’s investment in and accumulated depreciation for each generating unit were as follows: | ||||||||||||
AT DEC. 31, 2014 | ||||||||||||
(THOUSANDS, EXCEPT PERCENTAGES AND MW) | RODEMACHER UNIT #2 | DOLET HILLS | TOTAL | |||||||||
Utility plant in service | $ | 98,229 | $ | 389,685 | $ | 487,914 | ||||||
Accumulated depreciation | $ | 72,312 | $ | 211,958 | $ | 284,270 | ||||||
Construction work in progress | $ | 39,641 | $ | 2,075 | $ | 41,716 | ||||||
Ownership interest percentage | 30 | % | 50 | % | ||||||||
Nameplate capacity (MW) | 523 | 650 | ||||||||||
Ownership interest (MW) | 157 | 325 | ||||||||||
Fair_Value_Accounting
Fair Value Accounting | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Fair Value Accounting | ||||||||||||||||||||||||||||||||
Note 5 — Fair Value Accounting | ||||||||||||||||||||||||||||||||
The amounts reflected in Cleco and Cleco Power’s Consolidated Balance Sheets at December 31, 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 Consolidated Balance Sheets: | ||||||||||||||||||||||||||||||||
Cleco | ||||||||||||||||||||||||||||||||
AT DEC. 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(THOUSANDS) | CARRYING | ESTIMATED | CARRYING | ESTIMATED | ||||||||||||||||||||||||||||
VALUE | FAIR VALUE | VALUE | FAIR VALUE | |||||||||||||||||||||||||||||
Financial instruments not marked-to-market | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 39,700 | $ | 39,700 | $ | 22,204 | $ | 22,204 | ||||||||||||||||||||||||
Restricted cash equivalents | $ | 24,001 | $ | 24,001 | $ | 14,019 | $ | 14,019 | ||||||||||||||||||||||||
Long-term debt, excluding debt issuance costs | $ | 1,368,354 | $ | 1,601,816 | $ | 1,331,230 | $ | 1,420,048 | ||||||||||||||||||||||||
Cleco Power | ||||||||||||||||||||||||||||||||
AT DEC. 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(THOUSANDS) | CARRYING | ESTIMATED | CARRYING | ESTIMATED | ||||||||||||||||||||||||||||
VALUE | FAIR VALUE | VALUE | FAIR VALUE | |||||||||||||||||||||||||||||
Financial instruments not marked-to-market | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 34,700 | $ | 34,700 | $ | 14,900 | $ | 14,900 | ||||||||||||||||||||||||
Restricted cash equivalents | $ | 23,980 | $ | 23,980 | $ | 13,998 | $ | 13,998 | ||||||||||||||||||||||||
Long-term debt, excluding debt issuance costs | $ | 1,311,354 | $ | 1,544,816 | $ | 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 DEC. 31, 2014 | QUOTED | SIGNIFICANT | SIGNIFICANT | AT DEC. 31, 2013 | QUOTED | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||||||
PRICES IN | OTHER | UNOBSERVABLE | PRICES IN | OTHER | UNOBSERVABLE | |||||||||||||||||||||||||||
ACTIVE MARKETS | OBSERVABLE | INPUTS | ACTIVE MARKETS | OBSERVABLE | INPUTS | |||||||||||||||||||||||||||
FOR IDENTICAL | INPUTS | (LEVEL 3) | FOR IDENTICAL | INPUTS | (LEVEL 3) | |||||||||||||||||||||||||||
ASSETS | (LEVEL 2) | ASSETS | (LEVEL 2) | |||||||||||||||||||||||||||||
(LEVEL 1) | (LEVEL 1) | |||||||||||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||||||||||
Institutional money market funds | $ | 63,701 | $ | — | $ | 63,701 | $ | — | $ | 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 | 10,776 | — | — | 10,776 | 9,020 | — | — | 9,020 | ||||||||||||||||||||||||
Total assets | $ | 74,477 | $ | — | $ | 63,701 | $ | 10,776 | $ | 57,949 | $ | — | $ | 48,929 | $ | 9,020 | ||||||||||||||||
Liability Description | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 1,601,816 | $ | — | $ | 1,601,816 | $ | — | $ | 1,420,048 | $ | — | $ | 1,420,048 | $ | — | ||||||||||||||||
FTRs | 827 | — | — | 827 | 382 | — | — | 382 | ||||||||||||||||||||||||
Total liabilities | $ | 1,602,643 | $ | — | $ | 1,601,816 | $ | 827 | $ | 1,420,430 | $ | — | $ | 1,420,048 | $ | 382 | ||||||||||||||||
Cleco Power | ||||||||||||||||||||||||||||||||
CLECO POWER FAIR VALUE MEASUREMENTS AT REPORTING DATE USING: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2014 | QUOTED | SIGNIFICANT | SIGNIFICANT | AT DEC. 31, 2013 | QUOTED | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||||||
PRICES IN | OTHER | UNOBSERVABLE | PRICES IN | OTHER | UNOBSERVABLE | |||||||||||||||||||||||||||
ACTIVE MARKETS | OBSERVABLE | INPUTS | ACTIVE MARKETS | OBSERVABLE | INPUTS | |||||||||||||||||||||||||||
FOR IDENTICAL | INPUTS | (LEVEL 3) | FOR IDENTICAL | INPUTS | (LEVEL 3) | |||||||||||||||||||||||||||
ASSETS | (LEVEL 2) | ASSETS | (LEVEL 2) | |||||||||||||||||||||||||||||
(LEVEL 1) | (LEVEL 1) | |||||||||||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||||||||||
Institutional money market funds | $ | 58,680 | $ | — | $ | 58,680 | $ | — | $ | 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 | 10,776 | — | — | 10,776 | 9,020 | — | — | 9,020 | ||||||||||||||||||||||||
Total assets | $ | 69,456 | $ | — | $ | 58,680 | $ | 10,776 | $ | 50,624 | $ | — | $ | 41,604 | $ | 9,020 | ||||||||||||||||
Liability Description | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 1,544,816 | $ | — | $ | 1,544,816 | $ | — | $ | 1,415,048 | $ | — | $ | 1,415,048 | $ | — | ||||||||||||||||
FTRs | 827 | — | — | 827 | 382 | — | — | 382 | ||||||||||||||||||||||||
Total liabilities | $ | 1,545,643 | $ | — | $ | 1,544,816 | $ | 827 | $ | 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 Jan. 1, 2014 | $ | 8,638 | ||||||||||||||||||||||||||||||
Unrealized losses* | (2,651 | ) | ||||||||||||||||||||||||||||||
Purchases and settlements | 3,962 | |||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2014 | $ | 9,949 | ||||||||||||||||||||||||||||||
* 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 as of December 31, 2014: | ||||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT DOLLAR PER MWh) | FAIR VALUE | VALUATION TECHNIQUE | SIGNIFICANT | FORWARD PRICE RANGE | ||||||||||||||||||||||||||||
UNOBSERVABLE INPUTS | ||||||||||||||||||||||||||||||||
Assets | Liabilities | Low | High | |||||||||||||||||||||||||||||
FTRs at December 31, 2014 | $ | 10,776 | $ | 827 | Discounted cash flow | Estimated auction price | $ | (4.12 | ) | $ | 7.76 | |||||||||||||||||||||
FTRs at December 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 are 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. Significant increases or decreases in any of those inputs in isolation would result in a significantly different fair value measurement. | ||||||||||||||||||||||||||||||||
The assets and liabilities reported at fair value are grouped into classes based on the underlying nature and risks associated with the individual asset or liability. | ||||||||||||||||||||||||||||||||
At December 31, 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 Consolidated Balance Sheet in cash and cash equivalents, current restricted cash and cash equivalents, and non-current restricted cash and cash equivalents of $39.7 million, $9.0 million, and $15.0 million, respectively, at December 31, 2014. At Cleco Power, the institutional money market funds were reported on the Consolidated Balance Sheet in cash and cash equivalents, current restricted cash and cash equivalents, and non-current restricted cash and cash equivalents of $34.7 million, $9.0 million, and $15.0 million, respectively, at December 31, 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 issued by the United States Treasury in order to maintain liquidity and achieve the goal of a net asset value of a dollar. The risks associated with this class are counterparty risk of the fund manager and risk of price volatility associated with the underlying securities of the fund. | ||||||||||||||||||||||||||||||||
The commercial paper, municipal bonds, corporate bonds, and federal agency mortgage-backed securities were reported on Cleco and Cleco Power’s 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. | ||||||||||||||||||||||||||||||||
As a result of joining MISO, Cleco Power began participating in the FTR market. 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. 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 years ended December 31, 2014 and 2013, Cleco did not experience any transfers between levels. | ||||||||||||||||||||||||||||||||
Restricted Investments | ||||||||||||||||||||||||||||||||
In September 2007, the LPSC authorized the funding and securitization of a $50.0 million reserve for Cleco Power’s future storm costs. On July 1, 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 Consolidated Balance Sheets at December 31, 2013, as restricted cash and cash equivalents at its approximate fair value because of its short-term nature. | ||||||||||||||||||||||||||||||||
The debt securities portion of the investments were recorded at fair value on Cleco and Cleco Power’s 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 other comprehensive income. As a result, no amounts were recorded to other comprehensive income for these investments. The unrealized gains and losses on Cleco Power’s debt securities as of 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 COST | TOTAL | TOTAL | FAIR VALUE | ||||||||||||||||||||||||||||
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 securities | $ | 12,834 | $ | 10 | $ | (15 | ) | $ | 12,829 | |||||||||||||||||||||||
(1) Unrealized gains and losses are recorded to the restricted storm reserve. | ||||||||||||||||||||||||||||||||
For the year ended December 31, 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 Consolidated Balance Sheets as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||||||||||||||||||||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT DEC. 31, 2014 | AT DEC. 31, 2013 | |||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
FTRs: | ||||||||||||||||||||||||||||||||
Current | Energy risk management assets | $ | 10,776 | $ | 9,020 | |||||||||||||||||||||||||||
Current | Energy risk management liabilities | 827 | 382 | |||||||||||||||||||||||||||||
Total | $ | 9,949 | $ | 8,638 | ||||||||||||||||||||||||||||
The following table presents the effect of derivatives not designated as hedging instruments on Cleco and Cleco Power’s Consolidated Statements of Income for the years December 31, 2014, 2013, and 2012: | ||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(THOUSANDS) | DERIVATIVES LINE ITEM | AMOUNT OF GAIN/(LOSS) | AMOUNT OF GAIN/(LOSS) | AMOUNT OF LOSS | ||||||||||||||||||||||||||||
RECOGNIZED IN | RECOGNIZED IN | RECOGNIZED IN | ||||||||||||||||||||||||||||||
INCOME ON | INCOME ON | INCOME ON | ||||||||||||||||||||||||||||||
DERIVATIVES | DERIVATIVES | DERIVATIVES | ||||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
Fuel cost hedges(1) | Fuel used for electric generation | $ | — | $ | — | $ | (8,277 | ) | ||||||||||||||||||||||||
FTRs(2) | Electric operations | 74,454 | 243 | — | ||||||||||||||||||||||||||||
FTRs(2) | Power purchased for utility customers | (46,386 | ) | (19 | ) | — | ||||||||||||||||||||||||||
Total | $ | 28,068 | $ | 224 | $ | (8,277 | ) | |||||||||||||||||||||||||
(1) At December 31, 2012, Cleco Power had no open fuel cost hedges and as a result, no unrealized losses or deferred losses were reported in Accumulated deferred fuel. | ||||||||||||||||||||||||||||||||
(2) At December 31, 2014, $2.7 million unrealized losses associated with FTRs were reported in Accumulated deferred fuel on the balance sheet. | ||||||||||||||||||||||||||||||||
At December 31, 2014 and 2013, Cleco Power had no open positions hedged for natural gas. | ||||||||||||||||||||||||||||||||
As a result of joining MISO, Cleco Power began participating in the FTR market. 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. FTRs represent rights to congestion credits or charges along a path during a given time frame for a certain MW quantity. They are not designated as hedging instruments for accounting purposes. At December 31, 2014 and 2013, Cleco Power had 8.9 million MWh and 6.8 million MWh, respectively, of FTR’s hedged. | ||||||||||||||||||||||||||||||||
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 the 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. Because of the inputs and common techniques used to calculate fair value, the swap valuation was considered Level 2. | ||||||||||||||||||||||||||||||||
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 other comprehensive income. 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 Consolidated Statements of Income for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(THOUSANDS) | AMOUNT OF GAIN | AMOUNT OF NET LOSS RECLASSIFIED | AMOUNT OF GAIN | AMOUNT OF NET | AMOUNT OF GAIN | AMOUNT OF NET LOSS RECLASSIFIED | ||||||||||||||||||||||||||
RECOGNIZED | FROM AOCI INTO INCOME | RECOGNIZED | LOSS RECLASSIFIED | RECOGNIZED | FROM AOCI INTO INCOME | |||||||||||||||||||||||||||
IN OCI | (EFFECTIVE PORTION) | IN OCI | FROM AOCI INTO INCOME | IN OCI | (EFFECTIVE PORTION) | |||||||||||||||||||||||||||
(EFFECTIVE PORTION) | ||||||||||||||||||||||||||||||||
Interest rate derivatives (1) | $ | — | $ | (344 | )* | $ | 2,202 | $ | (251 | )* | $ | 704 | $ | (60 | )* | |||||||||||||||||
* The (loss) gain reclassified from accumulated other comprehensive income into income is reflected in interest charges. | ||||||||||||||||||||||||||||||||
(1) During the year ended December 31, 2014, Cleco had no ineffectiveness and losses related to the interest rate derivatives as a regulatory asset. During the year ended December 31, 2013, Cleco recorded ineffectiveness and losses related to the interest rate derivatives as a regulatory asset of $3.3 million. | ||||||||||||||||||||||||||||||||
At December 31, 2014, Cleco Power expects $0.3 million of net losses related to interest rate derivatives to be reclassed from accumulated other comprehensive income into earnings over the next 12 months. |
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | ||||||||
Note 6 — Debt | ||||||||
Cleco | ||||||||
Cleco’s total indebtedness as of December 31, 2014 and 2013, was as follows: | ||||||||
AT DEC. 31, | ||||||||
(THOUSANDS) | 2014 | 2013 | ||||||
Bonds | ||||||||
Cleco Power’s senior notes, 4.95%, due 2015 | $ | 50,000 | $ | 50,000 | ||||
Cleco Power’s senior notes, 6.65%, due 2018 | 250,000 | 250,000 | ||||||
Cleco Power’s senior notes, 4.33%, due 2027 | 50,000 | 50,000 | ||||||
Cleco Power’s senior notes, 6.50%, due 2035 | 295,000 | 295,000 | ||||||
Cleco Power’s senior notes, 6.00%, due 2040 | 250,000 | 250,000 | ||||||
Cleco Power’s senior notes, 5.12%, due 2041 | 100,000 | 100,000 | ||||||
Cleco Power’s Series A GO Zone bonds, due 2038, mandatory tender in 2015 | 50,000 | 50,000 | ||||||
Cleco Power’s Series B GO Zone bonds, 4.25%, due 2038 | 50,000 | 50,000 | ||||||
Cleco Power’s solid waste disposal facility bonds, 4.70%, due 2036, callable after November 1, 2016 | 60,000 | 60,000 | ||||||
Cleco Katrina/Rita’s storm recovery bonds, 4.41%, due 2020 | 33,754 | 48,630 | ||||||
Cleco Katrina/Rita’s storm recovery bonds, 5.61%, due 2023 | 67,600 | 67,600 | ||||||
Total bonds | 1,256,354 | 1,271,230 | ||||||
Other long-term debt | ||||||||
Cleco Corporation’s credit facility draws | 57,000 | 5,000 | ||||||
Cleco Power’s bank term loan, due 2015 | 35,000 | 35,000 | ||||||
Cleco Power’s credit facility draws | 20,000 | 20,000 | ||||||
Barge lease obligations, ending 2017 | 6,873 | 9,179 | ||||||
Gross amount of long-term debt | 1,375,227 | 1,340,409 | ||||||
Less: long-term debt due within one year | 15,824 | 14,876 | ||||||
Less: lease obligations classified as long-term debt due within one year | 2,448 | 2,305 | ||||||
Unamortized discount | (7,302 | ) | (7,728 | ) | ||||
Total long-term debt, net | $ | 1,349,653 | $ | 1,315,500 | ||||
The principal amounts payable under long-term debt agreements for each year through 2019 and thereafter are as follows: | ||||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||
Amounts payable under long-term debt agreements | ||||||||
2015 | $ | 100,824 | ||||||
2016 | $ | 16,814 | ||||||
2017 | $ | 17,896 | ||||||
2018 | $ | 346,193 | ||||||
2019 | $ | 20,571 | ||||||
Thereafter | $ | 866,056 | ||||||
In addition to the Cleco Katrina/Rita bond payments due in the next 12 months, the 2015 principal amounts above include $50.0 million of 4.95% senior notes and a $35.0 million bank term loan. While both the senior notes and bank term loan have a 2015 maturity date, Cleco has the intent and ability to refinance both debt securities with long-term debt on or before their respective maturity dates; therefore, the debt securities are classified as long-term debt. | ||||||||
At December 31, 2014 and 2013, Cleco had no short-term debt outstanding. | ||||||||
At December 31, 2014, Cleco’s long-term debt outstanding was $1.37 billion, of which $18.3 million was due within one year, compared to $1.33 billion outstanding at December 31, 2013, which included $17.2 million due within one year. The long-term debt due within one year at December 31, 2014, represents $15.8 million of principal payments for the Cleco Katrina/Rita storm recovery bonds and $2.5 million of capital lease payments. | ||||||||
For Cleco, long-term debt increased $35.2 million from December 31, 2013, primarily due to a $52.0 million increase in Cleco’s net credit facility draws and debt discount amortizations of $0.4 million. These increases were partially offset by $14.9 million of scheduled Cleco Katrina/Rita storm recovery bond principal payments made in March and September 2014 and a $2.3 million decrease in capital lease obligations. | ||||||||
The principal amounts payable under the capital lease agreements for each year through 2017 are as follows: | ||||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||
Amounts payable under capital lease agreements | ||||||||
2015 | $ | 2,448 | ||||||
2016 | $ | 2,607 | ||||||
2017 | $ | 1,818 | ||||||
Cleco Power | ||||||||
Cleco Power’s total indebtedness as of December 31, 2014 and 2013, was as follows: | ||||||||
AT DEC. 31, | ||||||||
(THOUSANDS) | 2014 | 2013 | ||||||
Bonds | ||||||||
Senior notes, 4.95%, due 2015 | $ | 50,000 | $ | 50,000 | ||||
Senior notes, 6.65%, due 2018 | 250,000 | 250,000 | ||||||
Senior notes, 4.33%, due 2027 | 50,000 | 50,000 | ||||||
Senior notes, 6.50%, due 2035 | 295,000 | 295,000 | ||||||
Senior notes, 6.00%, due 2040 | 250,000 | 250,000 | ||||||
Senior notes, 5.12%, due 2041 | 100,000 | 100,000 | ||||||
Series A GO Zone bonds, due 2038, mandatory tender in 2015 | 50,000 | 50,000 | ||||||
Series B GO Zone bonds, 4.25%, due 2038 | 50,000 | 50,000 | ||||||
Solid waste disposal facility bonds, 4.70%, due 2036, callable after November 1, 2016 | 60,000 | 60,000 | ||||||
Cleco Katrina/Rita’s storm recovery bonds, 4.41%, due 2020 | 33,754 | 48,630 | ||||||
Cleco Katrina/Rita’s storm recovery bonds, 5.61%, due 2023 | 67,600 | 67,600 | ||||||
Total bonds | 1,256,354 | 1,271,230 | ||||||
Other long-term debt | ||||||||
Bank term loan, due 2015 | 35,000 | 35,000 | ||||||
Credit facility draws | 20,000 | 20,000 | ||||||
Barge lease obligations, ending 2017 | 6,873 | 9,179 | ||||||
Gross amount of long-term debt | 1,318,227 | 1,335,409 | ||||||
Less: long-term debt due within one year | 15,824 | 14,876 | ||||||
Less: lease obligations classified as long-term debt due within one year | 2,448 | 2,305 | ||||||
Unamortized discount | (7,302 | ) | (7,728 | ) | ||||
Total long-term debt, net | $ | 1,292,653 | $ | 1,310,500 | ||||
The principal amounts payable under long-term debt agreements for each year through 2019 and thereafter are as follows: | ||||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||
Amounts payable under long-term debt agreements | ||||||||
2015 | $ | 100,824 | ||||||
2016 | $ | 16,814 | ||||||
2017 | $ | 17,896 | ||||||
2018 | $ | 289,193 | ||||||
2019 | $ | 20,571 | ||||||
Thereafter | $ | 866,056 | ||||||
In addition to the Cleco Katrina/Rita bond payments due in the next 12 months, the 2015 principal amounts above include $50.0 million of 4.95% senior notes and a $35.0 million bank term loan. While both the senior notes and bank term loan have a 2015 maturity date, Cleco Power has the intent and ability to refinance both debt securities with long-term debt on or before their respective maturity dates; therefore, the debt securities are classified as long-term debt. | ||||||||
At December 31, 2014 and 2013, Cleco Power had no outstanding short-term debt. | ||||||||
At December 31, 2014, Cleco Power’s long-term debt outstanding was $1.31 billion, which included $18.3 million was due within one year, compared to $1.33 billion outstanding at December 31, 2013, of which $17.2 million was due within one year. The long-term debt due within one year at December 31, 2014, represents $15.8 million of principal payments for the Cleco Katrina/Rita storm recovery bonds and $2.5 million of capital lease payments. | ||||||||
For Cleco Power, long-term debt decreased $16.8 million from December 31, 2013, primarily due to $14.9 million of scheduled Cleco Katrina/Rita storm recovery bond principal payments made in March and September 2014 and a $2.3 million decrease in capital lease obligations, partially offset by debt discount amortizations of $0.4 million. | ||||||||
The principal amounts payable under the capital lease agreements for each year through 2017 are as follows: | ||||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||
Amounts payable under capital lease agreements | ||||||||
2015 | $ | 2,448 | ||||||
2016 | $ | 2,607 | ||||||
2017 | $ | 1,818 | ||||||
Credit Facilities | ||||||||
At December 31, 2014, Cleco had two separate revolving credit facilities, one for Cleco Corporation and one for Cleco Power, with a maximum aggregate capacity of $550.0 million. | ||||||||
In October 2013, Cleco Corporation entered into a new, amended and restated $250.0 million revolving credit facility. The credit facility is set to mature on October 16, 2018, and provides for working capital and other needs. In connection with this credit facility, $1.0 million of unamortized debt expense related to Cleco Corporation’s previous credit facility was expensed. The all-in interest rate under this credit facility was equal to LIBOR plus 1.075% or ABR plus 0.075%, plus facility fees of 0.175%. At December 31, 2014, Cleco Corporation had $57.0 million borrowings outstanding under its existing credit facility at an all-in interest rate of 1.245%, leaving an available borrowing capacity of $193.0 million. Under covenants contained in Cleco Corporation’s credit facility, Cleco is required to maintain total indebtedness equal to or less than 65% of total capitalization. At December 31, 2014, $921.9 million of Cleco’s retained earnings was unrestricted. At December 31, 2014, Cleco Corporation was in compliance with the covenants in its credit facility. | ||||||||
In October 2013, Cleco Power entered into a new, amended and restated $300.0 million revolving credit facility. The credit facility is set to mature on October 16, 2018 and provides for working capital and other needs. Cleco Power’s all-in interest rate under this facility is equal to LIBOR plus 0.9% or ABR, plus facility fees of 0.1%. At December 31, 2014, Cleco Power had $20.0 million borrowings outstanding under its existing credit facility at an all-in interest rate of 1.07% and a $2.0 million letter of credit issued under its credit facility, leaving an available borrowing capacity of $278.0 million. The $20.0 million borrowings outstanding at December 31, 2014, were repaid on January 9, 2015. 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. Under covenants contained in Cleco Power’s credit facility, Cleco Power is required to maintain total indebtedness equal to or less than 65% of total capitalization. At December 31, 2014, $852.1 million of Cleco Power’s member’s equity was unrestricted. If Cleco Power defaults under its facility, then Cleco Corporation would be considered in default under its facility. At December 31, 2014, Cleco Power was in compliance with the covenants in its credit facility. |
Common_Stock
Common Stock | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||
Note 7 — Common Stock | ||||||||||||||||||||||||
Stock-Based Plan Descriptions and Share Information | ||||||||||||||||||||||||
At December 31, 2014 and 2013, Cleco had two stock-based compensation plans: the ESPP and the LTICP. 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. Upon the completion of the Merger, unvested shares outstanding under the LTICP will vest at target and be paid out in cash to plan participants in accordance with the terms of the Merger Agreement. Any shares issued in 2015 will be prorated to the target amount. For more information about the Merger, see Note 20 — “Agreement and Plan of Merger.” | ||||||||||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||||||||||
Prior to October 17, 2014, regular, full-time, and part-time employees of Cleco Corporation and its participating subsidiaries, except officers, general managers, and employees who owned 5% or more of Cleco Corporation’s stock, were eligible to participate in the ESPP. An eligible employee elected to participate in the ESPP by entering into an option agreement with Cleco Corporation or its affiliate authorizing payroll deductions to purchase stock at a discounted rate. The amount of payroll deductions required by the plan were to be no less than $10 but no more than $350 each pay period. The payroll deductions were accumulated during a calendar quarter, which was referred to as the “offering period,” and remained as general assets of Cleco pending the purchase of common stock by the plan administrator. No trust or other fiduciary account was established in connection with the ESPP. At the end of each offering period, payroll deductions were automatically applied to the purchase of common stock. Shares of common stock were purchased at a 5% discount of the fair market value as of the last trading day of each offering period. The number of shares of common stock purchased was determined by dividing each participant's payroll deductions during the offering period by the option price of a share of common stock. A participant could purchase a maximum of 62 shares per offering period. Dividends received on shares were automatically reinvested as required by the dividend reinvestment plan (DRIP) provisions of the ESPP. | ||||||||||||||||||||||||
A maximum of 734,000 shares of common stock may be purchased under the ESPP, subject to adjustment for changes in the capitalization of Cleco Corporation. The Compensation Committee of Cleco Corporation's Board of Directors monitors the ESPP. The Compensation Committee and the Board of Directors possess the authority to amend the ESPP, but shareholder approval is required for any amendment that increases the number of shares covered by the ESPP. As of December 31, 2014, there were 396,910 shares of common stock available for purchase under the ESPP. As stated above, the ESPP plan has been suspended pending the completion of the Merger. | ||||||||||||||||||||||||
Long-Term Incentive Compensation Plan | ||||||||||||||||||||||||
Stock options, restricted stock, known as non-vested stock as defined by the authoritative guidance on stock-based compensation, common stock equivalent units, and stock appreciation rights may be granted or awarded to certain officers, key employees, or directors of Cleco Corporation and its affiliates under the LTICP. On December 31, 2009, the 2000 LTICP expired and no further grants or awards were made under this plan. The grants and awards that had been made under the 2000 LTICP are to remain outstanding and in effect until exercised, matured, expired, or forfeited in accordance with their existing terms. At December 31, 2014, 12,720 shares of non-vested Cleco Corporation common stock remained outstanding under the 2000 LTICP. There were no stock options or common stock equivalent units outstanding under this plan at December 31, 2014. | ||||||||||||||||||||||||
With shareholder approval, the 2010 LTICP became effective January 1, 2010. Under this plan, a maximum of 2,250,000 shares of Cleco Corporation common stock can be granted or awarded. At December 31, 2014, there were 1,316,285 shares available for future grants or awards under the 2010 LTICP. | ||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||
Stock options are granted at an exercise price calculated by averaging the high and low stock price on the grant date rounded to the nearest one-eighth. Stock options granted to directors are immediately exercisable and expire after 10 years. Stock options granted to officers and employees vest one-third each year beginning on the third anniversary of the grant date and expire after 10 years. There were no stock options granted during the years ended December 31, 2014, 2013, or 2012. All remaining stock options granted in prior years were exercised during 2012. | ||||||||||||||||||||||||
The total intrinsic value of options exercised during the year ended December 31, 2012, was $1.8 million. Cash received from options exercised under all stock-based compensation plans for the year ended December 31, 2012, was $2.0 million. The associated tax benefit for options exercised for the year ended December 31, 2012, was $0.7 million. No cash was paid to settle equity instruments granted under the stock-based compensation plans for the year ended December 31, 2012. | ||||||||||||||||||||||||
Non-Vested Stock and Common Stock Equivalent Units | ||||||||||||||||||||||||
In 2014, 2013, and 2012, Cleco granted non-vested stock to certain officers, key employees, and directors. Because it can only be settled in shares of Cleco Corporation common stock, non-vested stock is classified as equity. Recipients of non-vested stock have full voting rights of a stockholder. At the time restrictions lapse, the accrued dividend equivalent units are paid to the recipient only to the extent that target shares vest. | ||||||||||||||||||||||||
In order to vest, the non-vested stock requires the satisfaction of a service requirement and a market-based requirement. Recipients of non-vested stock are eligible to receive opportunity instruments if certain market-based measures are exceeded. Cleco also awards non-vested stock with only a service period requirement to employees and directors. These awards require the satisfaction of a pre-determined service period in order for the shares to vest. | ||||||||||||||||||||||||
During 2014, Cleco granted 135,379 shares of non-vested stock to certain officers, key employees, and directors of Cleco pursuant to the LTICP. All of these shares of non-vested stock were granted through Cleco's common stock repurchase program. | ||||||||||||||||||||||||
At December 31, 2014, there were 570,622 non-vested target and opportunity shares for which restrictions had not lapsed. At December 31, 2014, there were 85,187 shares of non-vested stock granted with only a service period requirement that had not yet been completed. | ||||||||||||||||||||||||
Under the 2010 LTICP plan, common stock equivalent units are also available to be awarded. Because they are settled in cash, awarded common stock equivalent units are classified as a liability. Recipients of common stock equivalent units receive dividend equivalent units under the same terms as the dividends paid on non-vested stock. Also like non-vested stock, common stock equivalent units require the satisfaction of a service requirement and a market-based requirement. Recipients of common stock equivalent units are eligible to receive opportunity instruments if certain market-based measures are exceeded. | ||||||||||||||||||||||||
During January 2013, restrictions on all previously awarded common stock equivalent units had lapsed. There were no common stock equivalent units granted in 2014, 2013, or 2012. | ||||||||||||||||||||||||
A summary of non-vested stock activity during the year ended December 31, 2014, is presented in the following table: | ||||||||||||||||||||||||
SHARES | WEIGHTED | |||||||||||||||||||||||
-AVERAGE | ||||||||||||||||||||||||
GRANT-DATE | ||||||||||||||||||||||||
FAIR VALUE | ||||||||||||||||||||||||
Non-vested at January 1, 2014 | 340,998 | $ | 38.26 | |||||||||||||||||||||
Granted | 135,379 | $ | 48.65 | |||||||||||||||||||||
Vested | (155,310 | ) | $ | 37.66 | ||||||||||||||||||||
Forfeited | (9,350 | ) | $ | 44.16 | ||||||||||||||||||||
Non-vested at December 31, 2014 | 311,717 | $ | 42.9 | |||||||||||||||||||||
The fair value of shares of non-vested stock which vested during the years ended December 31, 2014, 2013, and 2012 was $5.8 million, $5.2 million, and $3.1 million, respectively. | ||||||||||||||||||||||||
The fair value of shares of non-vested stock granted during 2014, 2013, and 2012 under the LTICP is estimated on the date of grant and is marked-to-market using the Monte | ||||||||||||||||||||||||
Carlo simulation model with the assumptions listed in the following table: | ||||||||||||||||||||||||
AT DEC. 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Expected term (in years) (1) | 3 | 3 | 3 | |||||||||||||||||||||
Volatility of Cleco stock (2) | 17.3 | % | 18.1 | % | 21.5 | % | ||||||||||||||||||
Correlation between Cleco stock volatility and peer group | 66.5 | % | 69.7 | % | 66 | % | ||||||||||||||||||
Expected dividend yield | 3 | % | 3.2 | % | 3.3 | % | ||||||||||||||||||
Weighted average fair value (Monte Carlo model) | $ | 54.58 | $ | 42.66 | $ | 41.56 | ||||||||||||||||||
(1) The expected term was based on the service period of the award. | ||||||||||||||||||||||||
(2) The volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term. | ||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||
During the years ended December 31, 2014, 2013, and 2012, Cleco did not modify any of the terms of outstanding awards. Cleco has recognized stock-based compensation expense for these provisions in accordance with the non-substantive vesting period approach. | ||||||||||||||||||||||||
Cleco recorded compensation expense for all non-vested options and non-vested stock during the years ended December 31, 2014, 2013, and 2012. Assuming achievement of vesting requirements is probable, stock-based compensation expense of non-vested stock is recorded during the service periods, which are generally three years, after which the restrictions lapse. All stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense in the income statement over the award's requisite service period. Awards that vest pro rata during the requisite service period that contain only a service condition are defined as having a graded vesting schedule and could be treated as multiple awards with separate vesting schedules. However, Cleco has elected to treat grants with graded vesting schedules as one award and recognize the related compensation expense on a straight-line basis over the requisite service period. | ||||||||||||||||||||||||
The ESPP does not contain optionality features beyond those listed by the authoritative guidance on stock-based compensation. Therefore, Cleco is not required to recognize a fair-value expense related to the ESPP. | ||||||||||||||||||||||||
Pre-tax compensation expense reported by Cleco and Cleco Power relating to their share-based compensation plans is shown in the following table: | ||||||||||||||||||||||||
CLECO | CLECO POWER | |||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Equity classification | ||||||||||||||||||||||||
Non-vested stock (1) | $ | 6,308 | $ | 6,147 | $ | 4,429 | $ | 2,004 | $ | 1,754 | $ | 1,074 | ||||||||||||
Stock options (1) | — | — | 11 | — | — | — | ||||||||||||||||||
Total equity classification | $ | 6,308 | $ | 6,147 | $ | 4,440 | $ | 2,004 | $ | 1,754 | $ | 1,074 | ||||||||||||
Liability classification | ||||||||||||||||||||||||
Common stock equivalent units | $ | — | $ | 1 | $ | 1,506 | $ | — | $ | — | $ | 609 | ||||||||||||
Total pre-tax compensation expense | $ | 6,308 | $ | 6,148 | $ | 5,946 | $ | 2,004 | $ | 1,754 | $ | 1,683 | ||||||||||||
Tax benefit (excluding income tax gross-up) | $ | 2,427 | $ | 2,366 | $ | 2,288 | $ | 771 | $ | 675 | $ | 648 | ||||||||||||
(1) For each of the years ended December 31, 2014, 2013, and 2012, compensation expense included in Cleco’s Consolidated Statements of Income related to non-forfeitable dividends paid on non-vested stock that is not expected to vest and stock options was $0.1 million. | ||||||||||||||||||||||||
The amount of stock-based compensation capitalized in property, plant, and equipment on Cleco's Consolidated Balance Sheets for the years ended December 31, 2014 and 2013, was $0.8 million and $0.9 million, respectively. The amount of stock-based compensation capitalized in property, plant, and equipment on Cleco Power's Consolidated Balance Sheets for the years ended December 31, 2014 and 2013, was $0.8 million and $0.7 million, respectively. | ||||||||||||||||||||||||
At December 31, 2014, there were 154,047 non-vested share-based compensation arrangements granted under the LTICP that were expected to vest over an average period of 1.5 years. The total unrecognized before-tax compensation cost was $6.2 million for non-vested stock-based compensation arrangements granted under the LTICP. | ||||||||||||||||||||||||
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 are not announced in advance and may be made in the open market or through privately negotiated transactions. During the year ended December 31, 2014, 250,000 shares of common stock were repurchased by Cleco Corporation. During the year ended December 31, 2013, no shares of common stock were repurchased by Cleco Corporation. During the year ended December 31, 2012, 200,000 shares of common stock were repurchased by Cleco Corporation. In accordance with the Merger Agreement, until the completion of the Merger, no additional common stock will be repurchased under this program without the prior written consent of Cleco Partners. For more information about the Merger, see Note 20 — “Agreement and Plan of Merger.” |
Pension_Plan_and_Employee_Bene
Pension Plan and Employee Benefits | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Pension Plan and Employee Benefits | ||||||||||||||||||||||||
Note 8 — Pension Plan and Employee Benefits | ||||||||||||||||||||||||
In accordance with the authoritative guidance for compensation of retirement benefits, Cleco’s measurement date is the same as its fiscal year end. | ||||||||||||||||||||||||
Pension Plan and Other Benefits Plan | ||||||||||||||||||||||||
Employees hired before August 1, 2007, are covered by a non-contributory, defined benefit pension plan. Benefits under the plan reflect an employee’s years of service, age at retirement, and highest total average compensation for any consecutive five 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 did not make any required or discretionary contributions to the pension plan in 2014. During 2013, Cleco 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 employee pension plan and other benefits obligation plan assets and funded status at December 31, 2014 and 2013, are presented in the following table: | ||||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 392,488 | $ | 431,569 | $ | 43,840 | $ | 45,569 | ||||||||||||||||
Service cost | 8,050 | 9,889 | 1,542 | 1,656 | ||||||||||||||||||||
Interest cost | 19,851 | 17,940 | 1,809 | 1,568 | ||||||||||||||||||||
Plan participants’ contributions | — | — | 872 | 1,241 | ||||||||||||||||||||
Actuarial loss (gain) | 95,576 | (50,133 | ) | 1,228 | (1,768 | ) | ||||||||||||||||||
Expenses paid | (1,671 | ) | (1,916 | ) | — | — | ||||||||||||||||||
Medicare D | — | — | 132 | 194 | ||||||||||||||||||||
Other adjustments | — | — | (551 | ) | 601 | |||||||||||||||||||
Benefits paid | (15,922 | ) | (14,861 | ) | (4,220 | ) | (5,221 | ) | ||||||||||||||||
Benefit obligation at end of year | 498,372 | 392,488 | 44,652 | 43,840 | ||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 384,555 | 344,041 | — | — | ||||||||||||||||||||
Actual return on plan assets | 45,841 | 23,291 | — | — | ||||||||||||||||||||
Employer contributions | — | 34,000 | — | — | ||||||||||||||||||||
Expenses paid | (1,671 | ) | (1,916 | ) | — | — | ||||||||||||||||||
Benefits paid | (15,922 | ) | (14,861 | ) | — | — | ||||||||||||||||||
Fair value of plan assets at end of year | 412,803 | 384,555 | — | — | ||||||||||||||||||||
Unfunded status | $ | (85,569 | ) | $ | (7,933 | ) | $ | (44,652 | ) | $ | (43,840 | ) | ||||||||||||
The employee pension plan accumulated benefit obligation at December 31, 2014 and 2013, is presented in the following table: | ||||||||||||||||||||||||
PENSION BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||||||||||||||
Accumulated benefit obligation | $ | 452,991 | $ | 358,128 | ||||||||||||||||||||
The authoritative guidelines for compensation of retirement benefits require the disclosure of the net actuarial gains/losses, transition obligations/assets, and prior period service costs included in other comprehensive income as a result of being included as a component of net periodic benefit costs. The following table presents those items for the employee pension plan and other benefits plan at December 31, 2014 and 2013: | ||||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Net actuarial loss (gain) occurring during year | $ | 74,242 | $ | (49,978 | ) | $ | 1,228 | $ | (1,768 | ) | ||||||||||||||
Prior service cost occurring during year | $ | — | $ | — | $ | — | $ | 601 | ||||||||||||||||
Net actuarial loss amortized during year | $ | 6,743 | $ | 13,218 | $ | 670 | $ | 1,131 | ||||||||||||||||
Transition obligation amortized during year | $ | — | $ | — | $ | 16 | $ | 20 | ||||||||||||||||
Prior service (credit) cost amortized during year | $ | (71 | ) | $ | (71 | ) | $ | 119 | $ | — | ||||||||||||||
The authoritative guidelines also require the disclosure of the net gains/losses, transition obligations/assets, and prior period service costs/credits in accumulated other comprehensive income for other benefits and in regulatory assets for pension that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2015. The following table presents those items for the employee pension plan and other benefits plans for December 31, 2015, 2014, and 2013: | ||||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
(THOUSANDS) | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||
Net actuarial loss | $ | 13,491 | $ | 161,320 | $ | 93,821 | $ | 865 | $ | 10,710 | $ | 10,703 | ||||||||||||
Transition obligation | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 16 | ||||||||||||
Prior service (credit) cost | $ | (71 | ) | $ | (417 | ) | $ | (488 | ) | $ | 119 | $ | 482 | $ | 601 | |||||||||
The components of net periodic pension and other benefits costs for 2014, 2013, and 2012 are as follows: | ||||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Components of periodic benefit costs | ||||||||||||||||||||||||
Service cost | $ | 8,050 | $ | 9,889 | $ | 8,312 | $ | 1,542 | $ | 1,656 | $ | 1,461 | ||||||||||||
Interest cost | 19,851 | 17,940 | 18,254 | 1,809 | 1,568 | 2,239 | ||||||||||||||||||
Expected return on plan assets | (24,507 | ) | (23,446 | ) | (20,806 | ) | — | — | — | |||||||||||||||
Amortizations: | ||||||||||||||||||||||||
Transition obligation | — | — | — | 16 | 20 | 20 | ||||||||||||||||||
Prior period service (credit) cost | (71 | ) | (71 | ) | (71 | ) | 119 | — | — | |||||||||||||||
Net loss | 6,743 | 13,218 | 8,346 | 670 | 1,131 | 1,479 | ||||||||||||||||||
Net periodic benefit cost | $ | 10,066 | $ | 17,530 | $ | 14,035 | $ | 4,156 | $ | 4,375 | $ | 5,199 | ||||||||||||
Because Cleco Power is the pension plan sponsor and the related trust holds the assets, the net unfunded status of the pension plan is reflected at Cleco Power. The liability of Cleco’s other subsidiaries is transferred with a like amount of assets to Cleco Power monthly. The expense of the pension plan related to Cleco’s other subsidiaries for the years ended December 31, 2014, 2013, and 2012 was $1.7 million, $2.5 million, and $2.2 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. At December 31, 2014 and 2013, the current portion of the other benefits liability for Cleco was $3.5 million and $3.5 million, respectively. At December 31, 2014 and 2013, the current portion of the other benefits liability for Cleco Power was $3.2 million and $3.2 million, respectively. At December 31, 2014 and 2013, the non-current portion of the other benefits liability for Cleco was $41.2 million and $40.4 million, respectively. At December 31, 2014 and 2013, the non-current portion of the other benefits liability for Cleco Power was $31.2 million and $30.7 million, respectively. The expense related to other benefits reflected in Cleco Power’s Consolidated Statements of Income for the years ended December 31, 2014, 2013, and 2012 was $3.6 million, $3.8 million, and $4.5 million, respectively. | ||||||||||||||||||||||||
In March 2010, the President signed the PPACA, a comprehensive health care law. While all provisions of the PPACA are not effective immediately, management does not expect the provisions to materially impact the Registrants’ retiree medical unfunded liability and related expenses. Management will continue to monitor this law and its possible impact on the Registrants. | ||||||||||||||||||||||||
The measurement date used to determine the pension and other postretirement benefits is December 31. The assumptions used to determine the benefit obligation and the periodic costs are as follows: | ||||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Weighted-average assumptions used to determine the benefit obligation as of December 31: | ||||||||||||||||||||||||
Discount rate | 4.21 | % | 5.14 | % | 3.76 | % | 4.46 | % | ||||||||||||||||
Rate of compensation increase | 3.17 | % | 3.26 | % | N/A | N/A | ||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Weighted-average assumptions used to determine the net benefit cost for the year ended December 31: | ||||||||||||||||||||||||
Discount rate | 5.14 | % | 4.19 | % | 5.08 | % | 4.46 | % | 3.54 | % | 4.51 | % | ||||||||||||
Expected return on plan assets | 6.76 | % | 6.78 | % | 6.61 | % | N/A | N/A | N/A | |||||||||||||||
Rate of compensation increase | 3.17 | % | 3.26 | % | 3.37 | % | N/A | N/A | N/A | |||||||||||||||
The expected return on plan assets was determined by examining the risk profile of each target category as compared to the expected return on that risk, within the parameters determined by the retirement committee. The result was also compared to the expected rate of return of other comparable plans. In assessing the risk as compared to return profile, historical returns as compared to risk were considered. The historical risk compared to returns was adjusted for the expected future long-term relationship between risk and return. The adjustment for the future risk compared to returns was, in part, subjective and not based on any measurable or observable events. For the calculation of the 2015 periodic expense, Cleco decreased the expected long-term return on plan assets to 6.15%. | ||||||||||||||||||||||||
Employee pension plan assets may be invested in publicly traded domestic common stocks, including Cleco Corporation common stock; United States Government, federal agency, and corporate obligations; an international equity fund, commercial real estate funds; a hedge fund of funds; and pooled temporary investments. Investments in securities (obligations of United States Government and United States Government Agencies, corporate debt, common/collective trust funds, mutual funds, common stocks, and preferred stock) traded on a national securities exchange are valued at the last reported sales price on the last business day of the year. | ||||||||||||||||||||||||
Real estate funds and the pooled separate accounts are stated at estimated market value based on appraisal reports prepared annually by independent real estate appraisers (members of the American Institute of Real Estate Appraisers). The estimated market value of recently acquired properties is assumed to approximate cost. | ||||||||||||||||||||||||
The hedge fund of funds is stated at fair value based upon financial statements and other financial information reported by the management of the underlying funds. In January 2009, the relationship with the hedge fund of funds manager was restructured to redemption status only. | ||||||||||||||||||||||||
Fair Value Disclosures | ||||||||||||||||||||||||
The authoritative guidance for fair value measurements and disclosures requires entities to classify assets and liabilities measured at their fair value according to three different levels, depending on the inputs used in determining fair value. | ||||||||||||||||||||||||
• | Level 1 – unadjusted quoted prices in active, liquid markets for the identical asset or liability, | |||||||||||||||||||||||
• | Level 2 – quoted prices for similar assets and liabilities in active markets or other inputs that are observable for the asset or liability, including inputs that can be corroborated by observable market data, observable interest rate yield curves and volatilities, and | |||||||||||||||||||||||
• | Level 3 – unobservable inputs based upon the entities’ own assumptions. | |||||||||||||||||||||||
There have been no changes in the methodologies for determining fair value at December 31, 2014 and December 31, 2013. The following tables disclose the pension plan’s fair value of financial assets measured on a recurring basis and within the scope of the authoritative guidance for fair value measurements and disclosures: | ||||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2014 | QUOTED PRICES | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||
IN ACTIVE | OTHER | UNOBSERVABLE | ||||||||||||||||||||||
MARKETS FOR | OBSERVABLE | INPUTS | ||||||||||||||||||||||
IDENTICAL ASSETS | INPUTS | (LEVEL 3) | ||||||||||||||||||||||
(LEVEL 1) | (LEVEL 2) | |||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,180 | $ | — | $ | 5,180 | $ | — | ||||||||||||||||
Common stock | 13,967 | 13,967 | — | — | ||||||||||||||||||||
Preferred stock | 968 | 968 | — | — | ||||||||||||||||||||
Obligations of United States Government and United States Government Agencies | 49,942 | — | 49,942 | — | ||||||||||||||||||||
Mutual funds | ||||||||||||||||||||||||
Domestic | 55,005 | 55,005 | — | — | ||||||||||||||||||||
International | 25,096 | 25,096 | — | — | ||||||||||||||||||||
Common/collective trust fund | 37,542 | — | 37,542 | — | ||||||||||||||||||||
Real estate funds | 18,792 | — | — | 18,792 | ||||||||||||||||||||
Hedge fund of funds | 1,228 | — | — | 1,228 | ||||||||||||||||||||
Corporate debt | 202,253 | — | 202,253 | — | ||||||||||||||||||||
Total | $ | 409,973 | $ | 95,036 | $ | 294,917 | $ | 20,020 | ||||||||||||||||
Interest accrual | 2,830 | |||||||||||||||||||||||
Total net assets | $ | 412,803 | ||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2013 | QUOTED PRICES | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||
IN ACTIVE | OTHER | UNOBSERVABLE | ||||||||||||||||||||||
MARKETS FOR | OBSERVABLE | INPUTS | ||||||||||||||||||||||
IDENTICAL ASSETS | INPUTS | (LEVEL 3) | ||||||||||||||||||||||
(LEVEL 1) | (LEVEL 2) | |||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,942 | $ | — | $ | 5,942 | $ | — | ||||||||||||||||
Common stock | 17,918 | 17,918 | — | — | ||||||||||||||||||||
Preferred stock | 939 | 939 | — | — | ||||||||||||||||||||
Obligations of United States Government and United States Government Agencies | 41,413 | — | 41,413 | — | ||||||||||||||||||||
Mutual funds | ||||||||||||||||||||||||
Domestic | 54,609 | 54,609 | — | — | ||||||||||||||||||||
International | 26,254 | 26,254 | — | — | ||||||||||||||||||||
Common/collective trust fund | 42,078 | — | 42,078 | — | ||||||||||||||||||||
Real estate funds | 17,928 | — | — | 17,928 | ||||||||||||||||||||
Hedge fund of funds | 1,740 | — | — | 1,740 | ||||||||||||||||||||
Corporate debt | 172,950 | — | 172,950 | — | ||||||||||||||||||||
Total | $ | 381,771 | $ | 99,720 | $ | 262,383 | $ | 19,668 | ||||||||||||||||
Interest accrual | 2,784 | |||||||||||||||||||||||
Total net assets | $ | 384,555 | ||||||||||||||||||||||
Level 3 valuations are derived from other valuation methodologies including pricing models, discounted cash flow models, and similar techniques. Level 3 valuations incorporate subjective judgments and consider assumptions including capitalization rates, discounts rates, cash flows, and other factors that are not observable in the market. Significant increases or decreases in any of those inputs in isolation would result in a significantly different fair value measurement. | ||||||||||||||||||||||||
The following is a reconciliation of the beginning and ending balances of the pension plan’s real estate funds and hedge fund of funds measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||
(THOUSANDS) | REAL ESTATE | HEDGE FUND | TOTAL | |||||||||||||||||||||
FUNDS | OF FUNDS | |||||||||||||||||||||||
December 31, 2012 | $ | 17,341 | $ | 2,587 | $ | 19,928 | ||||||||||||||||||
Realized gain | — | 12 | 12 | |||||||||||||||||||||
Unrealized gain | 128 | 71 | 199 | |||||||||||||||||||||
Purchases | 459 | — | 459 | |||||||||||||||||||||
Sales | — | (930 | ) | (930 | ) | |||||||||||||||||||
December 31, 2013 | $ | 17,928 | $ | 1,740 | $ | 19,668 | ||||||||||||||||||
Realized gain | — | 7 | 7 | |||||||||||||||||||||
Unrealized gain | 570 | 46 | 616 | |||||||||||||||||||||
Purchases | 294 | — | 294 | |||||||||||||||||||||
Sales | — | (565 | ) | (565 | ) | |||||||||||||||||||
December 31, 2014 | $ | 18,792 | $ | 1,228 | $ | 20,020 | ||||||||||||||||||
The market-related value of plan assets differs from the fair value of plan assets by the amount of deferred asset gains or losses. Actual asset returns that differ from the expected return on plan assets are deferred and recognized in the market-related value of assets on a straight-line basis over a five-year period. For 2014, the return on plan assets was 11.7% compared to an expected long-term return of 6.76%. The 2013 return on pension plan assets was 5.7% compared to an expected long-term return of 6.78%. | ||||||||||||||||||||||||
As of December 31, 2014, the pension plan held no shares of Cleco Corporation common stock. None of the plan participants’ future annual benefits is covered by insurance contracts. In December 2008, Cleco became aware that, through its hedge fund of funds manager, a portion of its pension plan assets were invested in the Madoff feeder fund investment, Ascot Fund Limited. In January 2009, Cleco Power elected to liquidate the holdings of the hedge fund of funds manager. At December 31, 2014, the fund had $1.2 million remaining to be liquidated. Proceeds from the hedge fund of funds manager will be reallocated to the plan’s other investment managers. | ||||||||||||||||||||||||
Pension Plan Investment Objectives | ||||||||||||||||||||||||
Cleco Corporation’s retirement committee has established investment performance objectives of the pension plan assets. Over a three- to five-year period, the objectives are for the pension plan’s annualized total return to: | ||||||||||||||||||||||||
• | Exceed the assumed rate of return on plan assets, and | |||||||||||||||||||||||
• | Exceed the annualized total return of a customized index consisting of a mixture of S&P 500 Index, Russell 2500 Index, MSCI EAFE Index, Morgan Stanley Capital International Emerging Markets Index, Barclays Capital Long Credit Index, Barclays Capital Long Government/Credit Index, National Council of Real Estate Investment Fiduciaries Index, and United States Treasury Bills plus 5%. | |||||||||||||||||||||||
In order to meet the objectives and to control risk, the retirement committee has established the following guidelines that the investment managers must follow: | ||||||||||||||||||||||||
Domestic Equity Portfolios | ||||||||||||||||||||||||
• | Equity holdings of a single company must not exceed 10% of the manager’s portfolio. | |||||||||||||||||||||||
• | A minimum of 25 stocks should be owned. | |||||||||||||||||||||||
• | Equity holdings in a single sector should not exceed the lesser of three times the sector’s weighting in the S&P 500 Index or 35% of the portfolio. | |||||||||||||||||||||||
• | Equity holdings should represent at least 90% of the portfolio. | |||||||||||||||||||||||
• | Marketable common stocks, preferred stocks convertible into common stocks, and fixed income securities convertible into common stocks are the only permissible equity investments. | |||||||||||||||||||||||
• | Securities in foreign entities denominated in United States dollars are limited to 10%. Securities denominated in currencies other than United States dollars are not permitted. | |||||||||||||||||||||||
• | The purchase of securities on margin and short sales is prohibited. | |||||||||||||||||||||||
International Equity Portfolios | ||||||||||||||||||||||||
Developed Markets | ||||||||||||||||||||||||
• | Equity holdings of a single company should not exceed 5% of the manager’s portfolio. | |||||||||||||||||||||||
• | A minimum of 30 stocks should be owned. | |||||||||||||||||||||||
• | Equity holdings in a single sector should not exceed 35%. | |||||||||||||||||||||||
• | A minimum of 50% of the countries within the MSCI EAFE Index should be represented within the portfolio. The allocation to an individual country should not exceed the lesser of 30% or 5 times the country’s weighting within the MSCI EAFE Index. | |||||||||||||||||||||||
• | Currency hedging decisions are at the discretion of the investment manager. | |||||||||||||||||||||||
Emerging Markets | ||||||||||||||||||||||||
• | Equity holdings in any single company should not exceed 10% of the manager’s portfolio. | |||||||||||||||||||||||
• | A minimum of 30 individual stocks should be owned. | |||||||||||||||||||||||
• | Equity holdings of a single industry should not exceed 25%. | |||||||||||||||||||||||
• | Equity investments must represent at least 75% of the manager’s portfolio. | |||||||||||||||||||||||
• | A minimum of three countries should be represented within the manager’s portfolio. | |||||||||||||||||||||||
• | Illiquid securities which are not readily marketable may represent no more than 10% of the manager’s portfolio. | |||||||||||||||||||||||
• | Currency hedging decisions are at the discretion of the investment manager. | |||||||||||||||||||||||
Fixed Income Portfolio - Long Government/Credit | ||||||||||||||||||||||||
• | Only United States dollar denominated assets permitted, including United States government and agency securities, corporate securities, structured securities, other interest bearing securities, and short-term investments. | |||||||||||||||||||||||
• | At least 85% of the debt securities should be investment grade securities (BBB- by S&P or Baa3 by Moody’s) or higher. | |||||||||||||||||||||||
• | Debt holdings of a single issue or issuer must not exceed 5% of the manager’s portfolio. | |||||||||||||||||||||||
• | Aggregate net notional exposure of futures, options, and swaps must not exceed 30% of the manager’s portfolio. Manager will only execute swaps with counterparties whose credit rating is A2/A or better. | |||||||||||||||||||||||
• | Margin purchases or leverage is prohibited. | |||||||||||||||||||||||
• | The average weighted duration of portfolio security holdings, including derivative exposure, is expected to range within +/- 20% of the Barclays Long Gov/Credit Index duration. | |||||||||||||||||||||||
Fixed Income Portfolio - Long Credit | ||||||||||||||||||||||||
• | Permitted assets include United States government and agency securities, corporate securities, mortgage-backed securities, investment-grade private placements, surplus notes, trust preferred, e-caps, and hybrids, money-market securities, and senior and subordinated debt. | |||||||||||||||||||||||
• | At least 90% of securities must be United States dollar denominated. | |||||||||||||||||||||||
• | At least 70% of the securities must be investment-grade credit. | |||||||||||||||||||||||
• | Securities must have a maximum position size of 5% for A rated securities and 3% for BBB rated securities. | |||||||||||||||||||||||
• | The duration of the portfolio must be within +/- 1 year of benchmark. | |||||||||||||||||||||||
Real Estate Portfolios | ||||||||||||||||||||||||
• | Real estate funds should be invested primarily in direct equity positions, with debt and other investments representing less than 25% of the fund. | |||||||||||||||||||||||
• | Leverage should be no more than 70% of the market value of the fund. | |||||||||||||||||||||||
• | Investments should be focused on existing income-producing properties, with land and development properties representing less than 40% of the fund. | |||||||||||||||||||||||
Hedge Fund of Funds | ||||||||||||||||||||||||
• | The fund should be invested in a minimum of 20 individual partnerships. | |||||||||||||||||||||||
• | No individual partnership should exceed 10% of the fund of funds. | |||||||||||||||||||||||
• | The fund should be diversified across several different “styles” of partnerships, including event-driven strategies, fixed income arbitrage and trading, and other arbitrage strategies. The fund generally should not be invested in emerging markets, short-term only, traditional Commodity Trading Advisor’s, or derivative-only strategies. | |||||||||||||||||||||||
The use of futures and options positions which leverage portfolio positions through borrowing, short sales, or other encumbrances of the Plan’s assets is prohibited: | ||||||||||||||||||||||||
• | Debt portfolios and hedge fund of funds are exempt from the prohibition on derivative use. | |||||||||||||||||||||||
• | Execution of target allocation rebalancing may be implemented through short to intermediate-term use of derivatives overlay strategies. The notional value of derivative positions shall not exceed 20% of the total pension fund’s value at any given time. | |||||||||||||||||||||||
The following chart shows the dynamic asset allocation based on the funded ratio at December 31, 2014: | ||||||||||||||||||||||||
PERCENT OF TOTAL PLAN ASSETS* | ||||||||||||||||||||||||
MINIMUM | TARGET | MAXIMUM | ||||||||||||||||||||||
Return-seeking | ||||||||||||||||||||||||
Domestic equity | 16 | % | ||||||||||||||||||||||
International equity | 16 | % | ||||||||||||||||||||||
Real estate | 7 | % | ||||||||||||||||||||||
Hedge fund of funds | 1 | % | ||||||||||||||||||||||
Total return-seeking | 35 | % | 40 | % | 45 | % | ||||||||||||||||||
Liability hedging | ||||||||||||||||||||||||
Fixed income- long government/credit | 20 | % | ||||||||||||||||||||||
Fixed income - long credit | 40 | % | ||||||||||||||||||||||
Total liability hedging | 55 | % | 60 | % | 64 | % | ||||||||||||||||||
*Minimums and maximums within subcategories not intended to equal total for category. | ||||||||||||||||||||||||
The assumed health care cost trend rates used to measure the expected cost of other benefits is 5.0% for 2015 and remains at 5.0% thereafter. The rate used for 2014 was also 5.0%. Assumed health care cost trend rates have a significant effect on the amount reported for the health care plans. A one-percentage point change in assumed health care cost trend rates would have the following effects on other benefits: | ||||||||||||||||||||||||
ONE-PERCENTAGE POINT | ||||||||||||||||||||||||
(THOUSANDS) | INCREASE | DECREASE | ||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 24 | $ | (28 | ) | |||||||||||||||||||
Effect on postretirement benefit obligation | $ | 272 | $ | (305 | ) | |||||||||||||||||||
The projected benefit payments for the employee pension plan and other benefits obligation plan for each year through 2019 and the next five years thereafter are listed in the following table: | ||||||||||||||||||||||||
(THOUSANDS) | PENSION BENEFITS | OTHER BENEFITS, GROSS | ||||||||||||||||||||||
2015 | $ | 17,343 | $ | 3,534 | ||||||||||||||||||||
2016 | $ | 18,249 | $ | 3,627 | ||||||||||||||||||||
2017 | $ | 19,408 | $ | 3,687 | ||||||||||||||||||||
2018 | $ | 20,510 | $ | 3,763 | ||||||||||||||||||||
2019 | $ | 21,741 | $ | 3,858 | ||||||||||||||||||||
Next five years | $ | 129,225 | $ | 19,171 | ||||||||||||||||||||
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 and 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. In accordance with the Merger Agreement, executives are entitled to enhancement of benefits and accelerated vesting upon terminations of employment that may occur in connection with or following the Merger. Management will look at current market trends as it evaluates Cleco’s future compensation strategy. | ||||||||||||||||||||||||
SERP’s funded status at December 31, 2014 and 2013, is presented in the following table: | ||||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 57,865 | $ | 59,422 | ||||||||||||||||||||
Service cost | 2,278 | 2,055 | ||||||||||||||||||||||
Interest cost | 3,028 | 2,578 | ||||||||||||||||||||||
Actuarial loss (gain) | 13,436 | (3,477 | ) | |||||||||||||||||||||
Benefits paid | (2,705 | ) | (2,713 | ) | ||||||||||||||||||||
Benefit obligation at end of year | $ | 73,902 | $ | 57,865 | ||||||||||||||||||||
SERP’s accumulated benefit obligation at December 31, 2014 and 2013, is presented in the following table: | ||||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||||||||||||||
Accumulated benefit obligation | $ | 67,126 | $ | 53,046 | ||||||||||||||||||||
The authoritative guidelines on compensation for retirement benefits require the disclosure of the net actuarial gains/losses, transition obligations/assets, and prior period service costs included in other comprehensive income as a result of being amortized as a component of net periodic benefit costs. The following table presents those items for the SERP at December 31, 2014 and 2013: | ||||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||||||||||||||
Net actuarial loss (gain) occurring during year | $ | 13,436 | $ | (3,477 | ) | |||||||||||||||||||
Net actuarial loss amortized during year | $ | 1,876 | $ | 2,305 | ||||||||||||||||||||
Prior service cost amortized during year | $ | 54 | $ | 54 | ||||||||||||||||||||
The authoritative guidelines on compensation for retirement benefits also require the disclosure of the net gains/losses, transition obligations/assets, and prior period service costs/credit in accumulated other comprehensive income that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2015. The following table presents those items for SERP for December 31, 2015, 2014, and 2013: | ||||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2015 | 2014 | 2013 | |||||||||||||||||||||
Net actuarial loss | $ | 2,919 | $ | 31,224 | $ | 19,663 | ||||||||||||||||||
Prior service cost | $ | 54 | $ | 173 | $ | 227 | ||||||||||||||||||
The components of the net SERP costs for 2014, 2013, and 2012 are as follows: | ||||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Components of periodic benefit costs: | ||||||||||||||||||||||||
Service cost | $ | 2,278 | $ | 2,055 | $ | 1,487 | ||||||||||||||||||
Interest cost | 3,028 | 2,578 | 2,526 | |||||||||||||||||||||
Amortizations: | ||||||||||||||||||||||||
Prior period service cost | 54 | 54 | 54 | |||||||||||||||||||||
Net loss | 1,875 | 2,305 | 1,764 | |||||||||||||||||||||
Net periodic benefit cost | $ | 7,235 | $ | 6,992 | $ | 5,831 | ||||||||||||||||||
The measurement date used to determine the SERP benefits is December 31. The assumptions used to determine the benefit obligation and the periodic costs are as follows: | ||||||||||||||||||||||||
SERP | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Weighted-average assumptions used to determine the benefit obligation as of December 31: | ||||||||||||||||||||||||
Discount rate | 4.2 | % | 5.09 | % | ||||||||||||||||||||
Rate of compensation increase | 5 | % | 5 | % | ||||||||||||||||||||
SERP | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Weighted-average assumptions used to determine the net benefit cost for the year ended December 31: | ||||||||||||||||||||||||
Discount rate | 5.09 | % | 4.17 | % | 4.99 | % | ||||||||||||||||||
Rate of compensation increase | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Liabilities relating to the SERP are reported on the individual subsidiaries’ financial statements. At December 31, 2014 and 2013, the current portion of the SERP liability for Cleco was $3.0 million and $2.7 million, respectively. At December 31, 2014 and 2013, the current portion of the SERP liability for Cleco Power was $0.8 million and $0.7 million, respectively. At December 31, 2014 and 2013, the non-current portion of the SERP liability for Cleco was $70.9 million and $55.2 million, respectively. At December 31, 2014 and 2013, the non-current portion of the SERP liability for Cleco Power was $19.0 million and $14.3 million, respectively. The expense related to the SERP reflected on Cleco Power’s Consolidated Statements of Income for the years ended December 31, 2014, 2013, and 2012, was $1.7 million, $1.5 million, and $1.5 million, respectively. | ||||||||||||||||||||||||
The projected benefit payments for the SERP for each year through 2019 and the next five years thereafter are shown in the following table: | ||||||||||||||||||||||||
(THOUSANDS) | 2015 | 2016 | 2017 | 2018 | 2019 | NEXT FIVE | ||||||||||||||||||
YEARS | ||||||||||||||||||||||||
SERP | $ | 3,094 | $ | 3,324 | $ | 3,375 | $ | 3,567 | $ | 3,735 | $ | 22,206 | ||||||||||||
401(k) | ||||||||||||||||||||||||
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 years ended December 31, 2014, 2013, and 2012 is as follows: | ||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||||||||||||||
401(k) Plan expense | $ | 4,730 | $ | 4,422 | $ | 4,375 | ||||||||||||||||||
Cleco Power is the plan sponsor for the 401(k) Plan. The expense of the 401(k) Plan related to Cleco’s other subsidiaries was $0.9 million, $1.0 million, and $1.0 million for the years ended December 31, 2014, 2013, and 2012, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | ||||||||||||
Note 9 — Income Taxes | ||||||||||||
Cleco | ||||||||||||
For the years ended December 31, 2014, 2013, and 2012, income tax expense was lower than the amount computed by applying the statutory federal rate to income before tax. The differences are as follows: | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS, EXCEPT FOR %) | 2014 | 2013 | 2012 | |||||||||
Income before tax | $ | 221,855 | $ | 240,260 | $ | 228,975 | ||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Tax at federal statutory rate | $ | 77,649 | $ | 84,091 | $ | 80,141 | ||||||
Increase (decrease): | ||||||||||||
Plant differences, including AFUDC flowthrough | 462 | 427 | (1,222 | ) | ||||||||
Amortization of investment tax credits | (983 | ) | (1,108 | ) | (1,180 | ) | ||||||
State income taxes | 23 | 1,094 | (218 | ) | ||||||||
Settlement with taxing authorities | (9,106 | ) | — | — | ||||||||
New markets tax credits | (754 | ) | (4,806 | ) | (9,261 | ) | ||||||
Other | (175 | ) | (123 | ) | (2,933 | ) | ||||||
Total taxes | $ | 67,116 | $ | 79,575 | $ | 65,327 | ||||||
Effective Rate | 30.3 | % | 33.1 | % | 28.5 | % | ||||||
Information about current and deferred income tax expense is as follows: | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||
Current federal income tax expense | $ | 11,082 | $ | 15,672 | $ | 47,768 | ||||||
Deferred federal income tax expense | 71,061 | 65,237 | 21,724 | |||||||||
Amortization of accumulated deferred investment tax credits | (983 | ) | (1,108 | ) | (1,180 | ) | ||||||
Total federal income tax expense | $ | 81,160 | $ | 79,801 | $ | 68,312 | ||||||
Current state income tax benefit | (6,580 | ) | (978 | ) | (1,192 | ) | ||||||
Deferred state income tax (benefit) expense | (7,464 | ) | 752 | (1,793 | ) | |||||||
Total state income tax benefit | $ | (14,044 | ) | $ | (226 | ) | $ | (2,985 | ) | |||
Total federal and state income tax expense | $ | 67,116 | $ | 79,575 | $ | 65,327 | ||||||
Items charged or credited directly to shareholders’ equity | ||||||||||||
Federal deferred | (3,656 | ) | 3,497 | (2,386 | ) | |||||||
State deferred | (590 | ) | 565 | (385 | ) | |||||||
Total tax (benefit) expense from items charged directly to shareholders’ equity | $ | (4,246 | ) | $ | 4,062 | $ | (2,771 | ) | ||||
Total federal and state income tax expense | $ | 62,870 | $ | 83,637 | $ | 62,556 | ||||||
The $8.3 million decrease in total tax expense from items charged directly to shareholders’ equity in 2014 compared to 2013 was primarily due to the tax effect of other post-employment benefit adjustments booked to accumulated other comprehensive income and interest rate derivatives. | ||||||||||||
Cleco recognizes the amortization of the NMTC Fund investment and the related interest on the liability as a component of current tax expense. The amount of amortization and interest recognized as of December 31, 2014, 2013, and 2012 was $3.4 million, $13.3 million, and $38.6 million, respectively. | ||||||||||||
The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2014 and 2013 was comprised of the following: | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||
Depreciation and property basis differences | $ | (892,725 | ) | $ | (878,298 | ) | ||||||
Net operating loss carryforward | 56,315 | 95,360 | ||||||||||
New markets tax credits | 84,504 | 99,782 | ||||||||||
Fuel costs | (11,686 | ) | (7,229 | ) | ||||||||
Other comprehensive income | 19,576 | 15,330 | ||||||||||
Regulated operations regulatory liability, net | (90,135 | ) | (84,702 | ) | ||||||||
Postretirement benefits other than pension | 812 | (5,075 | ) | |||||||||
Other | (8,734 | ) | (10,139 | ) | ||||||||
Accumulated deferred federal and state income taxes | $ | (842,073 | ) | $ | (774,971 | ) | ||||||
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. Cleco had a deferred tax asset resulting from NMTC carryforwards of $95.4 million as of December 31, 2014 and $95.4 million as of December 31, 2013. 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 December 31, 2014, Cleco had a federal 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 the income tax losses generated will be utilized to reduce future payments of income taxes and Cleco expects to utilize the entire net operating loss carryforward within the statutory deadlines. | ||||||||||||
Cleco Power | ||||||||||||
Income tax expense is lower than the amount computed by applying the statutory rate to income before tax, as follows: | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS, EXCEPT FOR %) | 2014 | 2013 | 2012 | |||||||||
Income before tax | $ | 231,290 | $ | 229,791 | $ | 214,981 | ||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Tax at federal statutory rate | $ | 80,952 | $ | 80,427 | $ | 75,243 | ||||||
Increase (decrease): | ||||||||||||
Plant differences, including AFUDC flowthrough | 462 | 427 | (1,222 | ) | ||||||||
Amortization of investment tax credits | (983 | ) | (1,108 | ) | (1,180 | ) | ||||||
State income taxes | 351 | 730 | (705 | ) | ||||||||
Settlement with taxing authorities | (2,320 | ) | — | — | ||||||||
Other | (1,488 | ) | (1,095 | ) | (4,003 | ) | ||||||
Total taxes | $ | 76,974 | $ | 79,381 | $ | 68,133 | ||||||
Effective Rate | 33.3 | % | 34.5 | % | 31.7 | % | ||||||
Information about current and deferred income tax expense is as follows: | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||
Current federal income tax (benefit) expense | $ | (197 | ) | $ | (33 | ) | $ | 13,008 | ||||
Deferred federal income tax expense | 83,676 | 81,188 | 59,008 | |||||||||
Amortization of accumulated deferred investment tax credits | (983 | ) | (1,108 | ) | (1,180 | ) | ||||||
Total federal income tax expense | $ | 82,496 | $ | 80,047 | $ | 70,836 | ||||||
Current state income tax benefit | (4,161 | ) | (1,012 | ) | (1,060 | ) | ||||||
Deferred state income tax (benefit) expense | (1,361 | ) | 346 | (1,643 | ) | |||||||
Total state income tax benefit | $ | (5,522 | ) | $ | (666 | ) | $ | (2,703 | ) | |||
Total federal and state income taxes | $ | 76,974 | $ | 79,381 | $ | 68,133 | ||||||
Items charged or credited directly to members’ equity | ||||||||||||
Federal deferred | (1,137 | ) | 2,824 | 20 | ||||||||
State deferred | (184 | ) | 456 | 3 | ||||||||
Total tax (benefit) expense from items charged directly to member’s equity | $ | (1,321 | ) | $ | 3,280 | $ | 23 | |||||
Total federal and state income tax expense | $ | 75,653 | $ | 82,661 | $ | 68,156 | ||||||
The $4.6 million decrease in total tax expense from items charged directly to member’s equity in 2014 compared to 2013 was primarily due to the tax effect of other post-employment benefit adjustments booked to accumulated other comprehensive income and interest rate derivatives. | ||||||||||||
The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2014 and 2013, was comprised of the following: | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||
Depreciation and property basis differences | $ | (890,030 | ) | $ | (836,771 | ) | ||||||
Net operating loss carryforward | 12,323 | 81,102 | ||||||||||
Fuel costs | (11,686 | ) | (7,229 | ) | ||||||||
Other comprehensive income | 10,002 | 8,681 | ||||||||||
Regulated operations regulatory liability, net | (90,135 | ) | (84,702 | ) | ||||||||
Postretirement benefits other than pension | (14,346 | ) | (19,056 | ) | ||||||||
Other | (10,735 | ) | (6,603 | ) | ||||||||
Accumulated deferred federal and state income taxes | $ | (994,607 | ) | $ | (864,578 | ) | ||||||
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. Management considers it more likely than not that all deferred tax assets will be realized; therefore, no valuation allowance has been recorded. | ||||||||||||
Net Operating Losses | ||||||||||||
As of December 31, 2014, Cleco had a federal 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 Power considers it more likely than not that the income tax losses generated will be utilized to reduce future income taxes and Cleco Power 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 uncertain tax positions and related interest payable and interest expense, as reflected on Cleco and Cleco Power’s Consolidated Balance Sheets and Statements of Income, are shown in the following tables: | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 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 the existing rate orders. The amounts expected to be recoverable from Cleco Power’s customers under existing rate orders for settled positions at December 31, 2014 and December 31, 2013, are $5.2 million and $8.4 million, respectively. | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||
Interest charges | ||||||||||||
Cleco | $ | — | $ | 154 | $ | (9,223 | ) | |||||
Cleco Power | $ | — | $ | 11 | $ | (11,648 | ) | |||||
The interest charges reflect the amount of interest anticipated to be paid 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. There was no change to the amounts expected to be recoverable from Cleco Power’s customers under existing rate orders for settled positions from December 31, 2014, to December 31, 2013. The amounts expected to be recoverable from Cleco Power’s customers under existing rate orders for settled positions at December 31, 2013, increased by $3.0 million from December 31, 2012. | ||||||||||||
The total liability for unrecognized tax benefits for Cleco and Cleco Power at December 31, 2014, 2013, and 2012 is shown in the following table: | ||||||||||||
Cleco | ||||||||||||
(THOUSANDS) | LIABILITY FOR UNRECOGNIZED | |||||||||||
TAX BENEFITS | ||||||||||||
Balance at January 1, 2012 | $ | 56,235 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reduction for tax positions of prior years | — | |||||||||||
Reduction for settlement with tax authority | (53,109 | ) | ||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2012 | $ | 3,126 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | 2,193 | |||||||||||
Reduction for tax positions of prior years | (248 | ) | ||||||||||
Reduction for settlement with tax authority | — | |||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2013 | $ | 5,071 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reduction for tax positions of prior years | — | |||||||||||
Reduction for settlement with tax authority | (5,071 | ) | ||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2014 | $ | — | ||||||||||
Cleco Power | ||||||||||||
(THOUSANDS) | LIABILITY FOR UNRECOGNIZED | |||||||||||
TAX BENEFITS | ||||||||||||
Balance at January 1, 2012 | $ | 52,558 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reduction for tax positions of prior years | — | |||||||||||
Reduction for settlement with tax authority | (52,310 | ) | ||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2012 | $ | 248 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reduction for tax positions of prior years | (248 | ) | ||||||||||
Reduction for settlement with tax authority | — | |||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2013 | $ | — | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reduction for tax positions of prior years | — | |||||||||||
Reduction for settlement with tax authority | — | |||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2014 | $ | — | ||||||||||
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 2001 through 2010. 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 December 31, 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. | ||||||||||||
In 2014, Cleco entered into the IRS’s Compliance Assurance Process which allows taxpayers to work collaboratively with an IRS team to identify and resolve potential tax issues before the return is filed each year. | ||||||||||||
Cleco classifies income tax penalties as a component of other expenses. During 2014, 2013, and 2012, the amount of penalties recognized was immaterial. |
Disclosures_about_Segments
Disclosures about Segments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Disclosures about Segments | ||||||||||||||||||||
Note 10 — Disclosures about Segments | ||||||||||||||||||||
Cleco | ||||||||||||||||||||
Cleco’s reportable segments are based on its method of internal reporting, which disaggregates business units by 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 17 — “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 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 PPA 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 | ||||||||||||||||||||
2014 (THOUSANDS) | CLECO POWER | OTHER | ELIMINATIONS | CONSOLIDATED | ||||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 1,225,960 | $ | — | $ | — | $ | 1,225,960 | ||||||||||||
Tolling operations | — | 5,467 | (5,467 | ) | — | |||||||||||||||
Other operations | 64,893 | 2,163 | (1 | ) | 67,055 | |||||||||||||||
Electric customer credits | (23,530 | ) | — | — | (23,530 | ) | ||||||||||||||
Affiliate revenue | 1,326 | 56,031 | (57,357 | ) | — | |||||||||||||||
Operating revenue, net | $ | 1,268,649 | $ | 63,661 | $ | (62,825 | ) | $ | 1,269,485 | |||||||||||
Depreciation | $ | 144,026 | $ | 2,479 | $ | — | $ | 146,505 | ||||||||||||
Merger transaction costs | $ | — | $ | 17,848 | $ | — | $ | 17,848 | ||||||||||||
Interest charges | $ | 74,673 | $ | (1,538 | ) | $ | 471 | $ | 73,606 | |||||||||||
Interest income | $ | 1,707 | $ | (410 | ) | $ | 471 | $ | 1,768 | |||||||||||
Federal and state income tax expense (benefit) | $ | 76,974 | $ | (9,858 | ) | $ | — | $ | 67,116 | |||||||||||
Net income | $ | 154,316 | $ | 424 | $ | (1 | ) | $ | 154,739 | |||||||||||
Additions to property, plant, and equipment | $ | 206,607 | $ | 1,029 | $ | — | $ | 207,636 | ||||||||||||
Equity investment in investees | $ | 14,532 | $ | 8 | $ | — | $ | 14,540 | ||||||||||||
Total segment assets | $ | 4,242,986 | $ | 248,654 | $ | (112,567 | ) | $ | 4,379,073 | |||||||||||
2013 (THOUSANDS) | CLECO POWER | MIDSTREAM | OTHER | ELIMINATIONS | CONSOLIDATED | |||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 1,047,548 | $ | — | $ | — | $ | — | $ | 1,047,548 | ||||||||||
Tolling operations | — | 31,670 | (31,670 | ) | — | |||||||||||||||
Other operations | 48,909 | 2 | 2,091 | — | 51,002 | |||||||||||||||
Electric customer credits | (1,836 | ) | — | — | — | (1,836 | ) | |||||||||||||
Affiliate revenue | 1,338 | — | 55,145 | (56,483 | ) | — | ||||||||||||||
Operating revenue, net | $ | 1,095,959 | $ | 31,672 | $ | 57,236 | $ | (88,153 | ) | $ | 1,096,714 | |||||||||
Depreciation | $ | 135,717 | $ | 6,043 | $ | 1,100 | $ | — | $ | 142,860 | ||||||||||
Interest charges | $ | 82,677 | $ | (331 | ) | $ | 1,274 | $ | 634 | $ | 84,254 | |||||||||
Interest income | $ | 1,100 | $ | — | $ | (628 | ) | $ | 633 | $ | 1,105 | |||||||||
Federal and state income tax expense (benefit) | $ | 79,381 | $ | 7,110 | $ | (6,917 | ) | $ | 1 | $ | 79,575 | |||||||||
Net income | $ | 150,410 | $ | 4,372 | $ | 5,903 | $ | — | $ | 160,685 | ||||||||||
Additions to property, plant, and equipment | $ | 184,684 | $ | 4,106 | $ | 3,086 | $ | — | $ | 191,876 | ||||||||||
Equity investment in investees | $ | 14,532 | $ | — | $ | 8 | $ | — | $ | 14,540 | ||||||||||
Total segment assets | $ | 3,943,712 | $ | 225,832 | $ | 88,234 | $ | (42,516 | ) | $ | 4,215,262 | |||||||||
2012 (THOUSANDS) | CLECO POWER | MIDSTREAM | OTHER | ELIMINATIONS | CONSOLIDATED | |||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 944,169 | $ | — | $ | — | $ | — | $ | 944,169 | ||||||||||
Tolling operations | — | 25,559 | — | (25,559 | ) | — | ||||||||||||||
Other operations | 48,156 | 3 | 1,998 | 1 | 50,158 | |||||||||||||||
Electric customer credits | (630 | ) | — | — | — | (630 | ) | |||||||||||||
Affiliate revenue | 1,372 | — | 52,063 | (53,435 | ) | — | ||||||||||||||
Operating revenue, net | $ | 993,067 | $ | 25,562 | $ | 54,061 | $ | (78,993 | ) | $ | 993,697 | |||||||||
Depreciation | $ | 125,486 | $ | 6,006 | $ | 916 | $ | (1 | ) | $ | 132,407 | |||||||||
Interest charges | $ | 80,502 | $ | 770 | $ | 2,269 | $ | 615 | $ | 84,156 | ||||||||||
Interest income | $ | 333 | $ | — | $ | (602 | ) | $ | 615 | $ | 346 | |||||||||
Federal and state income tax expense (benefit) | $ | 68,133 | $ | 6,404 | $ | (9,210 | ) | $ | — | $ | 65,327 | |||||||||
Net income | $ | 146,848 | $ | 9,155 | $ | 7,645 | $ | — | $ | 163,648 | ||||||||||
Additions to property, plant, and equipment | $ | 222,104 | $ | 8,759 | $ | 1,861 | $ | — | $ | 232,724 | ||||||||||
Equity investment in investees | $ | 14,532 | $ | — | $ | 8 | $ | — | $ | 14,540 | ||||||||||
Total segment assets | $ | 3,871,729 | $ | 215,342 | $ | 201,678 | $ | (141,400 | ) | $ | 4,147,349 | |||||||||
Cleco Power | ||||||||||||||||||||
Cleco Power is a vertically integrated, regulated electric utility operating within Louisiana and Mississippi and is viewed as one unit by management. Discrete financial reports are prepared only at the company level. This approach is consistent with the standards applicable to segment reporting as defined by the authoritative guidance on segment reporting. |
Electric_Customer_Credits
Electric Customer Credits | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Regulated Operations [Abstract] | |||||
Electric Customer Credits | |||||
Note 11 — 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 a target return on equity of 10.7%, while providing the opportunity to earn up to 11.3%. Additionally, 60.0% of retail earnings between 11.3% and 12.3% and all retail earnings over 12.3%, were required to be refunded to customers. 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 is allowed to earn a target return on equity of 10.0%, while providing the opportunity to earn up to 10.9%. Additionally, 60% of retail earnings between 10.9% and 11.75% and all retail earnings over 11.75% are required to be refunded to customers. The amount of credits due to customers, if any, is determined by Cleco Power and the LPSC annually. Credits are typically included on customers’ bills the following summer, but the amount and timing of the refunds is ultimately 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, indicating 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. | |||||
On October 31, 2014, Cleco filed its monitoring report for the 12 months ended June 20, 2014. As of December 31, 2014, Cleco Power had accrued $1.6 million to be returned to customers based on the results in the12 month period ended June 30, 2014. The ultimate amount of customer refund is subject to LPSC approval. The accrual for estimated electric customer credits reflected on Cleco Corporation and Cleco Power’s Consolidated Balance Sheets at December 31, 2014 and 2013, was $2.3 million and $3.5 million, respectively. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Variable Interest Entities [Abstract] | ||||||||||||
Variable Interest Entities | ||||||||||||
Note 12 — Variable Interest Entities | ||||||||||||
Cleco and Cleco Power account for investments in VIEs in accordance with the authoritative guidance. Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as equity investment in investees on Cleco and Cleco Power’s Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Consolidated Statements of Income. | ||||||||||||
Equity Method VIEs | ||||||||||||
Equity investment in investees at December 31, 2014, primarily represented 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 December 31, 2014, consisted of its equity investment of $14.5 million. The following table presents the components of Cleco Power’s equity investment in Oxbow: | ||||||||||||
AT DEC. 31, | ||||||||||||
INCEPTION TO DATE (THOUSANDS) | 2014 | 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: | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 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: | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||
Current assets | $ | 2,792 | $ | 2,289 | ||||||||
Property, plant, and equipment, net | 22,457 | 22,611 | ||||||||||
Other assets | 3,847 | 4,256 | ||||||||||
Total assets | $ | 29,096 | $ | 29,156 | ||||||||
Current liabilities | $ | 31 | $ | 91 | ||||||||
Partners’ capital | 29,065 | 29,065 | ||||||||||
Total liabilities and partners’ capital | $ | 29,096 | $ | 29,156 | ||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||
Operating revenue | $ | 2,248 | $ | 2,558 | $ | 1,126 | ||||||
Operating expenses | 2,248 | 2,558 | 1,126 | |||||||||
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. |
Operating_Leases
Operating Leases | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Leases [Abstract] | ||||||||||||
Operating Leases | ||||||||||||
Note 13 — Operating Leases | ||||||||||||
The following is a schedule of operating leases that Cleco maintains in the ordinary course of business activities. The majority of Cleco’s operating leases are for line construction and operating vehicles, railcars for coal deliveries, and towboats which push the barges that deliver solid fuels to the plant site. The remaining leases provide for office and operating facilities and office equipment for both Cleco and Cleco Power. These leases have various terms and expiration dates. The following table is a summary of expected operating lease payments for Cleco and Cleco Power for the years indicated: | ||||||||||||
YEAR ENDING DEC. 31, | ||||||||||||
(THOUSANDS) | CLECO CORPORATION | CLECO | TOTAL | |||||||||
POWER | ||||||||||||
2015 | $ | 309 | $ | 9,952 | $ | 10,261 | ||||||
2016 | 307 | 9,339 | 9,646 | |||||||||
2017 | 307 | 7,504 | 7,811 | |||||||||
2018 | 305 | 3,577 | 3,882 | |||||||||
2019 | — | 3,563 | 3,563 | |||||||||
Thereafter | — | 8,375 | 8,375 | |||||||||
Total operating lease payments | $ | 1,228 | $ | 42,310 | $ | 43,538 | ||||||
Cleco Power has vehicle leases with two vendors. The leases with the first vendor have terms that vary from five to six years. The leases can be extended on a month-by-month basis at the end of the term. The lease payments are fixed amounts for the term of the lease. These leases include distribution line construction and maintenance vehicles. Under most of these leases, Cleco returns the vehicle to the vendor at the end of the lease with no further obligation (assuming certain turn-in provisions are met). However, five of the leases are TRAC (terminal rent adjustment clause) leases whereby the vendor is guaranteed a certain residual value at the end of the lease. For the years ended December 31, 2014, 2013, and 2012, lease expense of $0.4 million, $0.6 million, and $1.0 million was recognized, respectively. | ||||||||||||
The leases with the second vendor have terms that vary from five to seven years. The lease payments are fixed amounts for the term of the lease, based on a percentage of acquisition cost. These leases include distribution line construction and maintenance vehicles, as well as vehicles used throughout Cleco in the generation, distribution, and transmission areas. These leases are TRAC leases, with a specific residual value guaranteed to the vendor. For each of the years ended December 31, 2014, 2013, and 2012, operating lease expense of $0.4 million was recognized. | ||||||||||||
The operating leases for office and operating facilities and office equipment have lease terms from one to ten years. For the year ended December 31, 2014, operating lease expense of $0.3 million was recognized for Cleco Corporation. For each of the years ended December 31, 2013 and 2012, operating lease expense of less than $0.1 million was recognized for Cleco Corporation. For each of the years ended December 31, 2014, 2013, and 2012, operating lease expense of $0.3 million was recognized for Cleco Power. | ||||||||||||
The railcar leases are divided into two groups. The first group has 115 railcars and the lease expires on March 31, 2021. The second group has 116 railcars and the lease expires on March 31, 2017. Cleco Power pays a monthly rental fee per car. For the year ended December 31, 2014, operating lease expense of $1.0 million was recognized. For the years ended December 31, 2013 and 2012, operating lease expense of $1.0 million and $1.1 million was recognized, respectively. The railcar leases do not contain contingent rent payments. | ||||||||||||
The towboat lease expires on August 31, 2017. Cleco Power pays a fixed amount for the towboats that is escalated by 3% each year. For the year ended December 31, 2014, operating lease expense of $4.7 million was recognized. For the years ended December 31, 2013 and 2012, operating lease expense of $4.7 million and $5.6 million was recognized, respectively. |
Litigation_Other_Commitments_a
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees (Notes) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees [Abstract] | ||||||||||||||||||||
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | ||||||||||||||||||||
Note 14 — 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) for a facility known as the Devil’s Swamp Lake site located just northwest of Baton Rouge, Louisiana. CERCLA establishes several classes of PRPs for a contaminated site and imposes strict, joint and several, and retroactive 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 the Devil’s Swamp Lake site. The EPA identified Cleco as one of many companies that sent PCB wastes for disposal to the site. The EPA proposed to add the Devil’s Swamp Lake site to the National Priorities List on March 8, 2004, based on the release of PCBs to fisheries and wetlands located on the site, but no final listing decision has yet been made. The PRPs began discussing a potential proposal to the EPA in February 2008. The EPA issued a Unilateral Administrative Order to two PRPs, Clean Harbors, Inc. and Baton Rouge Disposal, to conduct an RI/FS in December 2009. The Tier 1 part of the study was completed 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 site, if any, may be and whether this will have a material adverse effect on the Registrants’ results of operations, financial condition, 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 sought 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, resulting in eleven of the twelve remaining plaintiffs having 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 is set for trial on May 11, 2015. | ||||||||||||||||||||
Proposed Merger | ||||||||||||||||||||
In connection with the proposed Merger, four actions have been filed in the Ninth Judicial District Court for Rapides Parish, Louisiana and three actions have been filed in the Civil District Court for Orleans Parish, Louisiana. The petitions in each action generally alleged, among other things, that the members of the Cleco Corporation Board of Directors breached their fiduciary duties by, among other things, conducting an allegedly inadequate sale process, agreeing to the Merger at a price that allegedly undervalues Cleco, and failing to disclose material information about the Merger. The petitions also allege that Cleco Partners, Cleco Corporation, Merger Sub, and in some cases, certain of the investors in Cleco Partners, either aided and abetted or entered into a civil conspiracy to advance those supposed breaches of duty. The petitions seek various remedies, including an injunction against the Merger and monetary damages, including attorneys’ fees and expenses. | ||||||||||||||||||||
The four actions filed in the Ninth Judicial District Court for Rapides Parish are captioned as follows: | ||||||||||||||||||||
• | Braunstein v. Cleco Corporation, No. 251,383B (filed October 27, 2014), | |||||||||||||||||||
• | Moore v. Macquarie Infrastructure and Real Assets, No. 251,417C (filed October 30, 2014), | |||||||||||||||||||
• | Trahan v. Williamson, No. 251,456C (filed November 5, 2014), and | |||||||||||||||||||
• | L’Herisson v. Macquarie Infrastructure and Real Assets, No. 251,515F (filed November 14, 2014). | |||||||||||||||||||
On November 14, 2014, the plaintiff in the Braunstein action moved for a dismissal of the action without prejudice, and that motion was granted on November 19, 2014. On December 3, 2014, the court consolidated the remaining three actions and appointed interim co-lead counsel. On December 18, 2014, the plaintiffs in the consolidated action filed a Consolidated Amended Verified Derivative and Class Action Petition for Damages and Preliminary and Permanent Injunction (the Consolidated Petition), which is now the operative petition in the consolidated action. The action names Cleco Corporation, its directors, Cleco Partners, and Merger Sub as defendants. The Consolidated Petition alleges, among other things, that the directors breached their fiduciary duties to Cleco’s shareholders and grossly mismanaged Cleco by approving the Merger Agreement because it does not value Cleco adequately, failing to structure a process through which shareholder value would be maximized, engaging in self-dealing by ignoring conflicts of interest, and failing to disclose material information about the Merger. The Consolidated Petition further alleges that all defendants conspired to commit the breaches of fiduciary duty. Cleco believes that the allegations of the Consolidated Petition are without merit and that it has substantial meritorious defenses to the claims set forth in the Consolidated Petition. | ||||||||||||||||||||
The three actions filed in the Civil District Court for Orleans Parish are captioned as follows: | ||||||||||||||||||||
• | Butler v. Cleco Corporation, No. 2014-10776 (filed November 7, 2014), | |||||||||||||||||||
• | Creative Life Services, Inc. v. Cleco Corporation, No. 2014-11098 (filed November 19, 2014), and | |||||||||||||||||||
• | Cashen v. Cleco Corporation, No. 2014-11236 (filed November 21, 2014). | |||||||||||||||||||
Both the Butler and Cashen actions name Cleco Corporation, its directors, Cleco Partners, Merger Sub, Macquarie Infrastructure and Real Assets Inc. (MIRA), British Columbia Investment Management Corporation, and John Hancock Financial as defendants. The Creative Life Services action names Cleco Corporation, its directors, Cleco Partners, Merger Sub, MIRA, and Macquarie Infrastructure Partners III, L.P., as defendants. On December 11, 2014, the plaintiff in the Butler action filed an Amended Class Action Petition for Damages, which is now the operative petition in that action. Each petition alleges, among other things, that the directors breached their fiduciary duties to Cleco’s shareholders by approving the Merger Agreement because it does not value Cleco adequately, failing to structure a process through which shareholder value would be maximized and engaging in self-dealing by ignoring conflicts of interest. The Butler and Creative Life Services petitions also allege that the directors breached their fiduciary duties by failing to disclose material information about the Merger. Each petition further alleges that Cleco, Cleco Partners, Merger Sub, and certain of the investors in Cleco Partners aided and abetted the directors’ breaches of fiduciary duty. On December 23, 2014, the directors and Cleco filed declinatory exceptions in each action on the basis that each action was improperly brought in Orleans Parish and should either be transferred to the Ninth Judicial District Court for Rapides Parish or dismissed. On December 30, 2014, the plaintiffs in each action jointly filed a motion to consolidate the three actions pending in Orleans Parish and to appoint interim co-lead plaintiffs and co-lead counsel. On January 23, 2015, the Court in the Creative Life Services case sustained the defendants’ declinatory exceptions and dismissed the case so that it could be transferred to the Ninth Judicial District Court for Rapides Parish. On February 5, 2015, the plaintiffs in Butler and Cashen also consented to the dismissal of their cases from Orleans Parish so they could be transferred to the Ninth Judicial District Court for Rapides Parish. On February 25, 2015, the Ninth Judicial District Court for Rapides Parish held a hearing on a motion for preliminary injunction filed by plaintiffs Moore, L’Herisson, and Trahan seeking to enjoin the shareholder vote at the Special Meeting of Shareholders scheduled for February 26, 2015, for approval of the Merger Agreement. Following the hearing, the court denied the plaintiffs’ motion. Cleco believes that the allegations of the petitions in each action are without merit and that it has substantial meritorious defenses to the claims set forth in each of the petitions. | ||||||||||||||||||||
City of Opelousas | ||||||||||||||||||||
In March 2010, a complaint was filed in the 27th Judicial District Court of St. Landry Parish, 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 of St. Landry Parish, 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 resides 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, 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. | ||||||||||||||||||||
LPSC Audits | ||||||||||||||||||||
Fuel Audit | ||||||||||||||||||||
The cost of fuel used for electric generation and the cost of power purchased for utility customers are recovered through the LPSC-established FAC that enables Cleco Power to pass on to its customers substantially all such charges. The LPSC FAC General Order issued in November 1997, in Docket No. U-21497 provides that an audit of FAC filings will be performed at least every other year. In March 2009, the LPSC initiated an audit for the years 2003 through 2008. The total amount of fuel expenses included in the audit was $3.26 billion. In February 2012, the LPSC Staff’s consultant issued an audit report recommending a cost disallowance of $0.4 million plus interest for these filing years. The report was approved by the LPSC on July 18, 2012. Cleco Power made refunds of $0.4 million plus interest to customers during the September 2012 billing cycle. Cleco Power has FAC filings for the years 2009 through 2014 that remain subject to audit. In November 2014, the LPSC initiated an audit of Cleco Power’s fuel and purchased power expenses for the years 2009 through 2013. The total amount of fuel expense included in the audit is $1.73 billion. Management is unable to predict or give a reasonable estimate of the possible range of the disallowance, if any, related to this audit. If a disallowance of fuel costs is ordered, resulting in a refund, any such refund could have a material adverse effect on the Registrants’ results of operations, financial condition, and cash flows. | ||||||||||||||||||||
Environmental Audit | ||||||||||||||||||||
In July 2009, the LPSC issued Docket No. U-29380 Subdocket A, which provides for an EAC to recover from customers certain costs of environmental compliance. The costs eligible for recovery are prudently incurred air emissions credits associated with complying with federal, state, and local air emission regulations that apply to the generation of electricity reduced by the sale of such allowances. Also eligible for recovery are variable emission mitigation costs, which are the costs of reagents such as ammonia and limestone that are a part of the fuel mix used to reduce air emissions, among other things. Cleco Power anticipates incurring additional environmental compliance expenses beginning in the second quarter of 2015 for additional reagents associated with compliance with MATS. These expenses will be eligible for recovery through Cleco Power's EAC and subject to periodic review by the LPSC. Cleco Power has EAC filings for the period November 2010 through December 2014 that remain subject to audit. | ||||||||||||||||||||
Transmission Return on Equity | ||||||||||||||||||||
In November 2013, a group of industrial customers and other stakeholders filed a complaint at FERC seeking to reduce the return on equity component of the transmission rates that MISO transmission owners, including Cleco, may collect under the MISO tariff. The complainants are seeking to reduce the current 12.38% return on equity used in MISO’s transmission rates to a proposed 9.15%. A group of MISO transmission owners have filed responses to the complaint, defending the current return on equity and seeking dismissal of the complaint. On October 16, 2014, FERC issued an order finding that the current MISO return on equity may be unjust and unreasonable and setting the issue for hearing, subject to the outcome of settlement discussion. The settlement proceedings have been terminated. A hearing is set for August 17, 2015. Management is unable to determine if there will be a reduction in the current return on equity. Management believes a reduction, if any, in the return on equity will not have a material adverse effect on the Registrants’ results of operations, financial condition, or cash flows. | ||||||||||||||||||||
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 current information and, as of December 31, 2014, believes the probable and reasonably estimable liabilities based on the eventual disposition of these matters is $9.7 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 and Cleco Power’s Consolidated Balance Sheets because management has determined that Cleco and Cleco Power’s affiliates are able to perform these obligations under their contracts and that it is not probable that payments by Cleco or Cleco Power will be required. Cleco and Cleco Power’s off-balance sheet commitments as of December 31, 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 and Cleco Power’s financial condition. | ||||||||||||||||||||
AT DEC. 31, 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 as a result of the sale of the Perryville facility in 2004. This is a continuing guarantee and all obligations of Cleco Corporation will 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 February 2010, Cleco Power acquired Acadia Unit 1 and limited guarantees and indemnifications were provided to Cleco Power. The maximum amount of the potential payment to Cleco Power for indemnifications was $30.0 million, except for indemnifications relating to the fundamental organizational structure of Acadia against which there was no maximum amount. Cleco Corporation was obligated to pay a maximum of $10.0 million if the claims were not paid to Cleco Power pursuant to the guarantee. An indemnification liability of $13.5 million which represented the fair value of these indemnifications was recorded on Cleco’s 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. At December 31, 2013, the contractual life of the indemnification had expired and there was no remaining liability. For the year ended December 31, 2013, income of $0.4 million was recognized. | ||||||||||||||||||||
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 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. At December 31, 2014, the contractual life of the indemnification had expired and there was no remaining liability. For the years ended December 31, 2014 and 2013, income of $0.9 million and $6.9 million was recognized, respectively. The maximum amount of the potential payment to Entergy Louisiana for the indemnifications is the purchase price of $298.8 million, except for the liabilities retained by Acadia, for which there is no maximum amount. Cleco Corporation is obligated to pay the same maximum amounts as Acadia if Acadia is unable to pay claims to Entergy Louisiana pursuant to the guarantee. 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 December 31, 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 $69.3 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 DEC. 31, 2014 | ||||||||||||||||||||
AMOUNT OF COMMITMENT EXPIRATION PER PERIOD | ||||||||||||||||||||
(THOUSANDS) | NET AMOUNT | LESS THAN | 1-3 YEARS | 3-5 YEARS | MORE THAN | |||||||||||||||
COMMITTED | ONE YEAR | 5 YEARS | ||||||||||||||||||
Off-balance sheet commitments | $ | 6,225 | $ | — | $ | — | $ | — | $ | 6,225 | ||||||||||
On-balance sheet guarantees | 3,781 | — | — | — | 3,781 | |||||||||||||||
Total | $ | 10,006 | $ | — | $ | — | $ | — | $ | 10,006 | ||||||||||
Long-Term Purchase Obligations | ||||||||||||||||||||
Cleco Corporation had no unconditional long-term purchase obligations at December 31, 2014. Cleco Power has several unconditional long-term purchase obligations related to the purchase of coal, petroleum coke, limestone, and energy delivery facilities. The aggregate amount of payments required under such obligations at December 31, 2014, is as follows: | ||||||||||||||||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||||||||||||||
2015 | $ | 92,934 | ||||||||||||||||||
2016 | 31,489 | |||||||||||||||||||
2017 | 18,328 | |||||||||||||||||||
2018 | 14,905 | |||||||||||||||||||
2019 | 3,688 | |||||||||||||||||||
Total long-term purchase obligations | $ | 161,344 | ||||||||||||||||||
Payments under these agreements for the years ended December 31, 2014, 2013, and 2012 were $90.4 million, $105.3 million, and $59.2 million, respectively. | ||||||||||||||||||||
Other Commitments | ||||||||||||||||||||
General Electric Services Corporation | ||||||||||||||||||||
Cleco Power entered into an operating lease agreement that expires in March 2017 with General Electric Equipment Services Corporation for leasing railcars in order to transport coal to Rodemacher Unit 2. For information on the railcar lease, see Note 13 — “Operating Leases.” | ||||||||||||||||||||
NMTC Fund | ||||||||||||||||||||
In 2008, Cleco Corporation and US Bancorp Community Development (USBCDC) formed the NMTC Fund. Cleco Corporation 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 $283.7 million of equity contributions to the NMTC Fund and will receive at least $302.0 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: | ||||||||||||||||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||||||||||||||
2015 | $ | 4,552 | ||||||||||||||||||
2016 | 2,707 | |||||||||||||||||||
2017 | 2,707 | |||||||||||||||||||
Total | $ | 9,966 | ||||||||||||||||||
Of the $10.0 million, $4.6 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 Consolidated Balance Sheet in the line item titled Tax credit fund investment, net. The amount of tax benefits delivered in excess of capital contributions as of December 31, 2014, was $25.9 million. The amount of tax benefits delivered but not utilized as of December 31, 2014, was $119.4 million and is reflected as a deferred tax asset. | ||||||||||||||||||||
During 2014, Cleco contributed $55.3 million to the NMTC Fund, of which $52.6 million was recorded as a reduction to the gross liability. This was the primary reason for the change from a net liability at December 31, 2013 of $41.8 million to a net asset of $7.3 million at December 31, 2014. | ||||||||||||||||||||
The equity contribution does not contain a stated rate of interest. Cleco Corporation has recorded the asset and investment at its calculated fair value at inception within the framework of the authoritative guidance. In order to calculate the fair value, management used an imputed rate of interest assuming 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: | $ | 9,966 | ||||||||||||||||||
Less: unamortized discount | 862 | |||||||||||||||||||
Total | $ | 9,104 | ||||||||||||||||||
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 basis of the investment is reduced by the grants received under Section 1603 of the ARRA, which allow certain projects to receive a federal grant in lieu of tax credits, and other cash. Periodic amortization of the investment and the deferred taxes generated by the basis reduction temporary difference are included as components of income tax expense. | ||||||||||||||||||||
Fuel Transportation Agreement | ||||||||||||||||||||
In October 2007, Cleco Power entered into an agreement that met the accounting definition of a capital lease for barges in order to transport petroleum coke and limestone to Madison Unit 3. On December 28, 2012, Cleco Power entered into an amended agreement for 42 dedicated barges. The amended agreement continues to meet the accounting definition of a capital lease. | ||||||||||||||||||||
Under the amended agreement, the barge lease rate contains both fixed and variable components, of which the latter is adjusted annually per the Producer Price Index (PPI) for executory costs. The initial term of this agreement is from the date of the amendment until August 31, 2017. The term of this agreement will automatically renew for successive periods of two years each unless written notice is provided by either party. After September 2014, Cleco Power had the option to purchase any or all of the dedicated barges. The amended agreement contains a provision for early termination upon the occurrence of any one of four specified cancellation events. | ||||||||||||||||||||
Under both the original agreement and the amended agreement, if the barges are idle, the lessor is required to attempt to sublease the barges to third parties, with the revenue reducing Cleco Power's lease payment. During the year ended December 31, 2014, Cleco Power paid approximately $3.7 million in lease payments and received approximately $0.4 million revenue from subleases. During the year ended December 31, 2013, Cleco Power paid approximately $3.7 million in lease payments and received no revenue from subleases. | ||||||||||||||||||||
The following is an analysis of the leased property under capital leases by major classes: | ||||||||||||||||||||
AT DEC. 31, | ||||||||||||||||||||
CLASSES OF PROPERTY (THOUSANDS) | 2014 | 2013 | ||||||||||||||||||
Barges | $ | 6,486 | $ | 8,918 | ||||||||||||||||
Less: accumulated amortization | 2,306 | 2,171 | ||||||||||||||||||
Net capital leases | $ | 4,180 | $ | 6,747 | ||||||||||||||||
The following is a schedule by years of future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of December 31, 2014: | ||||||||||||||||||||
(THOUSANDS) | ||||||||||||||||||||
Years ending December 31, | ||||||||||||||||||||
2015 | $ | 3,725 | ||||||||||||||||||
2016 | 3,735 | |||||||||||||||||||
2017 | 2,480 | |||||||||||||||||||
Total minimum lease payments | $ | 9,940 | ||||||||||||||||||
Less: executory costs | 2,485 | |||||||||||||||||||
Net minimum lease payments | $ | 7,455 | ||||||||||||||||||
Less: amount representing interest | 582 | |||||||||||||||||||
Present value of net minimum lease payments | $ | 6,873 | ||||||||||||||||||
Current liabilities | $ | 2,448 | ||||||||||||||||||
Non-current liabilities | $ | 4,425 | ||||||||||||||||||
During the years ended December 31, 2014 and 2013, Cleco Power incurred immaterial amounts of contingent rent under the barge agreement related to the increase in the PPI. | ||||||||||||||||||||
Other | ||||||||||||||||||||
Cleco has accrued for liabilities related to third parties and employee medical benefits. | ||||||||||||||||||||
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 | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||
Affiliate Transactions | ||||||||||||||||
Note 15 — Affiliate Transactions | ||||||||||||||||
Cleco | ||||||||||||||||
Cleco has entered into service agreements with affiliates to receive and to provide goods and professional services. Goods and services received by Cleco primarily involve services provided by Support Group. Support Group provides joint and common administrative support services in the areas of information technology; finance, cash management, accounting, and auditing; human resources; investor relations; project consulting; risk management; strategic and corporate development; legal, ethics, and regulatory compliance; facilities management; supply chain and inventory management; and other administrative services. On March 15, 2014, Coughlin was transferred to Cleco Power. Until the transfer in 2014, all of 2013, and 2012, Midstream provided electric power plant operations and maintenance expertise, primarily to Evangeline. | ||||||||||||||||
Cleco is charged the higher of management’s estimated fair market value or fully loaded costs for goods and services provided by Cleco Power. Cleco, with the exception of Support Group, charges Cleco Power the lower of management’s estimated fair market value or fully loaded costs for goods and services provided in accordance with service agreements. Support Group charges only fully loaded costs. | ||||||||||||||||
In accordance with authoritative guidance, all charges from affiliates were eliminated in Cleco’s Consolidated Statements of Income for the years ending December 31, 2014, 2013, and 2012. All affiliate revenue was eliminated in Cleco’s Consolidated Statement of Income for the year ended December 31, 2014, 2013, and 2012. | ||||||||||||||||
At December 31, 2014 and 2013, Cleco had no affiliate balances that were payable to or receivable from its non-consolidated affiliates. | ||||||||||||||||
Cleco Power | ||||||||||||||||
Cleco Power has entered into service agreements with affiliates to receive and to provide goods and professional services. Charges from affiliates included in Cleco Power’s Consolidated Statements of Income primarily involve services provided by Support Group in accordance with service agreements. On March 15, 2014, Coughlin was transferred to Cleco Power. Prior to the transfer, charges from affiliates also included power purchased from Evangeline. Support Group provides joint and common administrative support services in the areas of information technology; finance, cash management, accounting, and auditing; human resources; investor relations; project consulting; risk management; strategic and corporate development; legal, ethics, and regulatory compliance; facilities management; supply chain and inventory management; and other administrative services. For information on the transfer of Coughlin, see Note 17 — “Coughlin Transfer.” | ||||||||||||||||
With the exception of Support Group, affiliates charge Cleco Power the lower of management’s estimated fair market value or fully loaded costs for goods and services provided in accordance with service agreements. Support Group charges only fully loaded costs. The following table is a summary of charges from each affiliate included in Cleco Power’s Consolidated Statements of Income: | ||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||||||
Support Group | ||||||||||||||||
Other operations | $ | 50,801 | $ | 48,694 | $ | 43,171 | ||||||||||
Maintenance | $ | 2,091 | $ | 1,263 | $ | 1,437 | ||||||||||
Taxes other than income taxes | $ | (9 | ) | $ | (6 | ) | $ | (54 | ) | |||||||
Other expenses | $ | 339 | $ | 306 | $ | 932 | ||||||||||
Evangeline | ||||||||||||||||
Purchased power expense | $ | 5,467 | $ | 31,670 | $ | 25,559 | ||||||||||
Other expenses | $ | — | $ | 42 | $ | — | ||||||||||
Diversified Lands | ||||||||||||||||
Other expenses | $ | — | $ | 3 | $ | — | ||||||||||
The majority of the services provided by Cleco Power relates to the lease of office space to Support Group. Cleco Power charges affiliates the higher of management’s estimated fair market value or fully loaded costs for goods and services provided in accordance with service agreements. | ||||||||||||||||
The following table is a summary of revenue received from affiliates included in Cleco Power’s Consolidated Statements of Income: | ||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||||||
Affiliate revenue | ||||||||||||||||
Support Group | $ | 1,322 | $ | 1,318 | $ | 1,335 | ||||||||||
Midstream | — | — | 14 | |||||||||||||
Evangeline | 4 | 20 | 23 | |||||||||||||
Total affiliate revenue | $ | 1,326 | $ | 1,338 | $ | 1,372 | ||||||||||
Other income | ||||||||||||||||
Cleco Corporation | $ | 30 | $ | 26 | $ | — | ||||||||||
Support Group | 10 | — | — | |||||||||||||
Evangeline | 9 | 68 | 11 | |||||||||||||
Diversified Lands | 14 | 45 | 17 | |||||||||||||
Perryville | 5 | 10 | 6 | |||||||||||||
Attala | 5 | 8 | 6 | |||||||||||||
Total other income | $ | 73 | $ | 157 | $ | 40 | ||||||||||
Total | $ | 1,399 | $ | 1,495 | $ | 1,412 | ||||||||||
Cleco Power had the following affiliate receivable and payable balances associated with the service agreements: | ||||||||||||||||
AT DEC. 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(THOUSANDS) | ACCOUNTS | ACCOUNTS | ACCOUNTS | ACCOUNTS | ||||||||||||
RECEIVABLE | PAYABLE | RECEIVABLE | PAYABLE | |||||||||||||
Cleco Corporation | $ | 22,994 | $ | 525 | $ | 379 | $ | 389 | ||||||||
Support Group | 626 | 7,235 | 634 | 5,972 | ||||||||||||
Evangeline | — | — | 4 | 2,024 | ||||||||||||
Other(1) | 1 | — | 28 | 1 | ||||||||||||
Total | $ | 23,621 | $ | 7,760 | $ | 1,045 | $ | 8,386 | ||||||||
(1) 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. | ||||||||||||||||
During 2014, 2013, and 2012, Cleco Power made $115.0 million, $105.0 million, and $58.0 million of distribution payments to Cleco Corporation, respectively. During 2014, Cleco Power received $138.1 million in non-cash equity contributions from Cleco Corporation relating to the transfer of Coughlin. Cleco Power received no equity contributions from Cleco Corporation in 2013 and 2012. | ||||||||||||||||
Cleco Power is the pension plan sponsor and the related trust holds the assets. The net unfunded status of the pension plan is reflected at Cleco Power. The liability of Cleco Power’s affiliates is transferred with a like amount of assets to Cleco Power monthly. The following table shows the expense of the pension plan related to Cleco Power’s affiliates for the years ended 2014 and 2013: | ||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||||||
Support Group | $ | 1,638 | $ | 2,193 | ||||||||||||
Midstream | 49 | 288 | ||||||||||||||
Total | $ | 1,687 | $ | 2,481 | ||||||||||||
Intangible_Asset
Intangible Asset | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Intangible Asset | ||||||||
Note 16 — Intangible Asset | ||||||||
During 2008, Cleco Katrina/Rita acquired a $177.5 million intangible asset which includes $176.0 million for the right to bill and collect storm recovery charges from customers of | ||||||||
Cleco Power and $1.5 million of financing costs. This intangible asset is expected to have a life of 12 years, but may have a life of up to 15 years depending on the time period required to collect the required amount from Cleco Power’s customers. The intangible asset’s expected amortization expense is based on the estimated collections from Cleco Power’s customers. At the end of its life, the asset will have no residual value. During the years ended December 31, 2014, 2013, and 2012, Cleco Katrina/Rita recognized amortization expense of $15.4 million, $14.5 million, and $13.1 million, respectively, based on actual collections. | ||||||||
The following table summarizes the intangible asset balance as of December 31, 2014 and 2013: | ||||||||
AT DEC. 31, | ||||||||
(THOUSANDS) | 2014 | 2013 | ||||||
Gross carrying amount | $ | 177,537 | $ | 177,537 | ||||
Accumulated amortization | 86,895 | 71,530 | ||||||
Intangible asset | $ | 90,642 | $ | 106,007 | ||||
The following table summarizes the amortization expense expected to be recognized during each year through 2019 and thereafter: | ||||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||
Expected amortization expense | ||||||||
2015 | $ | 15,876 | ||||||
2016 | $ | 16,864 | ||||||
2017 | $ | 18,009 | ||||||
2018 | $ | 19,312 | ||||||
2019 | $ | 20,581 | ||||||
Coughlin_Transfer_Coughlin_Tra
Coughlin Transfer Coughlin Transfer | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Coughlin Transfer [Abstract] | |||||
Coughlin Transfer | |||||
Note 17 — Coughlin Transfer | |||||
In October 2012, Cleco Power announced that Evangeline was the winning bidder in Cleco Power’s 2012 long-term RFP 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. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
Note 18 — Accumulated Other Comprehensive Loss | ||||||||||||
The components of accumulated other comprehensive loss are summarized in the following tables for Cleco and Cleco Power. All amounts are reported net of income taxes. Amounts in parentheses indicate debits. | ||||||||||||
Cleco | ||||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET (LOSS) GAIN | NET (LOSS) GAIN ON CASH FLOW HEDGES | TOTAL AOCI | |||||||||
Balances, Dec. 31, 2011 | $ | (18,176 | ) | $ | (9,963 | ) | $ | (28,139 | ) | |||
Other comprehensive (loss) income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | (8,682 | ) | — | (8,682 | ) | |||||||
Net derivative gain | — | 433 | 433 | |||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||
Amortization of postretirement benefit net loss | 2,117 | — | 2,117 | |||||||||
Reclassification of net loss to interest charges | — | 37 | 37 | |||||||||
Reclassification of ineffectiveness to regulatory asset | — | 1,864 | 1,864 | |||||||||
Net current-period other comprehensive (loss) income | (6,565 | ) | 2,334 | (4,231 | ) | |||||||
Balances, Dec. 31, 2012 | $ | (24,741 | ) | $ | (7,629 | ) | $ | (32,370 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | 2,857 | — | 2,857 | |||||||||
Net derivative gain | — | 1,355 | 1,355 | |||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||
Amortization of postretirement benefit net loss | 2,159 | — | 2,159 | |||||||||
Reclassification of net loss to interest charges | — | 154 | 154 | |||||||||
Reclassification of ineffectiveness to regulatory asset | — | (31 | ) | (31 | ) | |||||||
Net current-period other comprehensive income | 5,016 | 1,478 | 6,494 | |||||||||
Balances, Dec. 31, 2013 | $ | (19,725 | ) | $ | (6,151 | ) | $ | (25,876 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | (9,022 | ) | — | (9,022 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income: | ||||||||||||
Amortization of postretirement benefit net loss | 2,021 | — | 2,021 | |||||||||
Reclassification of net loss to interest charges | — | 212 | 212 | |||||||||
Net current-period other comprehensive (loss) income | (7,001 | ) | 212 | (6,789 | ) | |||||||
Balances, Dec. 31, 2014 | $ | (26,726 | ) | $ | (5,939 | ) | $ | (32,665 | ) | |||
Cleco Power | ||||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET (LOSS) GAIN | NET (LOSS) GAIN ON CASH FLOW HEDGES | TOTAL AOCI | |||||||||
Balances, Dec. 31, 2011 | $ | (10,667 | ) | $ | (9,963 | ) | $ | (20,630 | ) | |||
Other comprehensive (loss) income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | (3,285 | ) | — | (3,285 | ) | |||||||
Net derivative gain | — | 433 | 433 | |||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||
Amortization of postretirement benefit net loss | 1,160 | — | 1,160 | |||||||||
Reclassification of net loss to interest charges | — | 37 | 37 | |||||||||
Reclassification of ineffectiveness to regulatory asset | — | 1,864 | 1,864 | |||||||||
Net current-period other comprehensive (loss) income | (2,125 | ) | 2,334 | 209 | ||||||||
Balances, Dec. 31, 2012 | $ | (12,792 | ) | $ | (7,629 | ) | $ | (20,421 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | 2,796 | — | 2,796 | |||||||||
Net derivative gain | — | 1,355 | 1,355 | |||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||
Amortization of postretirement benefit net loss | 970 | — | 970 | |||||||||
Reclassification of net loss to interest charges | — | 154 | 154 | |||||||||
Reclassification of ineffectiveness to regulatory asset | — | (31 | ) | (31 | ) | |||||||
Net current-period other comprehensive income | 3,766 | 1,478 | 5,244 | |||||||||
Balances, Dec. 31, 2013 | $ | (9,026 | ) | $ | (6,151 | ) | $ | (15,177 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | (3,344 | ) | — | (3,344 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income: | ||||||||||||
Amortization of postretirement benefit net loss | 1,021 | — | 1,021 | |||||||||
Reclassification of net loss to interest charges | — | 212 | 212 | |||||||||
Net current-period other comprehensive (loss) income | (2,323 | ) | 212 | (2,111 | ) | |||||||
Balances, Dec. 31, 2014 | $ | (11,349 | ) | $ | (5,939 | ) | $ | (17,288 | ) |
Miscellaneous_Financial_Inform
Miscellaneous Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Miscellaneous Financial Information (Unaudited) | ||||||||||||||||
Note 19 — Miscellaneous Financial Information (Unaudited) | ||||||||||||||||
Cleco | ||||||||||||||||
Quarterly information for Cleco for 2014 and 2013 is shown in the following tables: | ||||||||||||||||
2014 | ||||||||||||||||
(THOUSANDS, EXCEPT PER SHARE AMOUNTS) | 1ST | 2ND | 3RD | 4TH | ||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||||
Operating revenue, net | $ | 284,387 | $ | 309,070 | $ | 371,386 | $ | 304,643 | ||||||||
Operating income | $ | 57,338 | $ | 66,721 | $ | 107,242 | $ | 54,729 | ||||||||
Net income applicable to common stock | $ | 25,924 | $ | 36,633 | $ | 70,835 | $ | 21,347 | ||||||||
Basic net income per average share | $ | 0.43 | $ | 0.61 | $ | 1.17 | $ | 0.35 | ||||||||
Diluted net income per average common share | $ | 0.43 | $ | 0.6 | $ | 1.17 | $ | 0.35 | ||||||||
Dividends on common stock | $ | 0.3625 | $ | 0.4 | $ | 0.4 | $ | 0.4 | ||||||||
Market sales price per share | ||||||||||||||||
High | $ | 50.99 | $ | 59.13 | $ | 59.21 | $ | 55.36 | ||||||||
Low | $ | 45.52 | $ | 49.32 | $ | 48.06 | $ | 46.11 | ||||||||
2013 | ||||||||||||||||
(THOUSANDS, EXCEPT PER SHARE AMOUNTS) | 1ST | 2ND | 3RD | 4TH | ||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||||
Operating revenue, net | $ | 240,947 | $ | 263,894 | $ | 328,763 | $ | 263,109 | ||||||||
Operating income | $ | 58,467 | $ | 74,754 | $ | 116,794 | $ | 58,314 | ||||||||
Net income applicable to common stock | $ | 27,133 | $ | 42,032 | $ | 66,407 | $ | 25,112 | ||||||||
Basic net income per average share | $ | 0.45 | $ | 0.7 | $ | 1.1 | $ | 0.42 | ||||||||
Diluted net income per average common share | $ | 0.45 | $ | 0.69 | $ | 1.09 | $ | 0.41 | ||||||||
Dividends on common stock | $ | 0.3375 | $ | 0.3625 | $ | 0.3625 | $ | 0.3625 | ||||||||
Market sales price per share | ||||||||||||||||
High | $ | 47.17 | $ | 49.52 | $ | 50.42 | $ | 47.79 | ||||||||
Low | $ | 40.39 | $ | 43.75 | $ | 43.76 | $ | 43.69 | ||||||||
Cleco Corporation’s common stock is listed for trading on the NYSE under the ticker symbol “CNL.” On December 31, 2014, Cleco had 5,404 common shareholders and no preferred shareholders, as determined from the records of the transfer agent. | ||||||||||||||||
On January 29, 2015, Cleco Corporation’s Board of Directors declared a quarterly dividend of $0.40 per share payable on February 17, 2015, to common shareholders of record at the close of business on February 10, 2015. | ||||||||||||||||
In January 2014, the Board of Directors declared a quarterly dividend of $0.3625 per share of common stock. | ||||||||||||||||
In April 2014, July 2014, and October 2014, the Board of Directors declared a quarterly dividend of $0.40 per share of common stock. | ||||||||||||||||
In January 2013, Cleco Corporation’s Board of Directors declared a quarterly dividend of $0.3375 per share of common stock. | ||||||||||||||||
In April 2013, July 2013, and October 2013, Cleco Corporation’s Board of Directors declared a quarterly dividend of $0.3625 per share of common stock. | ||||||||||||||||
In accordance with the Merger Agreement, until the completion of the Merger, Cleco Corporation’s Board of Directors may continue the declaration and payment of regular quarterly cash dividends on its common stock, not to exceed $0.40 per share of common stock, with usual record and payment dates for such dividends in accordance with past dividend practices. For more information about the Merger, see Note 20 — “Agreement and Plan of Merger.” | ||||||||||||||||
Cleco Power | ||||||||||||||||
Quarterly information for Cleco Power for 2014 and 2013 is shown in the following tables: | ||||||||||||||||
2014 | ||||||||||||||||
(THOUSANDS) | 1ST | 2ND | 3RD | 4TH | ||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||||
Operating revenue, net | $ | 284,180 | $ | 308,859 | $ | 371,178 | $ | 304,432 | ||||||||
Operating income | $ | 58,188 | $ | 67,032 | $ | 108,303 | $ | 66,189 | ||||||||
Net income | $ | 26,307 | $ | 32,658 | $ | 65,544 | $ | 29,806 | ||||||||
Contributions from Cleco Corporation | $ | 138,080 | $ | — | $ | — | $ | — | ||||||||
Distribution to Cleco Corporation (as sole member) | $ | 35,000 | $ | 35,000 | $ | 15,000 | $ | 30,000 | ||||||||
2013 | ||||||||||||||||
(THOUSANDS) | 1ST | 2ND | 3RD | 4TH | ||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||||
Operating revenue, net | $ | 240,778 | $ | 263,725 | $ | 328,556 | $ | 262,900 | ||||||||
Operating income | $ | 61,765 | $ | 72,579 | $ | 111,663 | $ | 60,678 | ||||||||
Net income | $ | 27,793 | $ | 34,464 | $ | 61,885 | $ | 26,268 | ||||||||
Distribution to Cleco Corporation (as sole member) | $ | — | $ | 25,000 | $ | 50,000 | $ | 30,000 | ||||||||
Agreement_and_Plan_of_Merger
Agreement and Plan of Merger | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Agreement and Plan of Merger | |||||
Note 20 — Agreement and Plan of Merger | |||||
On October 17, 2014, Cleco Corporation entered into the Merger Agreement with Cleco Partners 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 Cleco Partners. 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 (other than Shares that are owned by Cleco Corporation, Cleco Partners, Merger Sub, or any other direct or indirect wholly-owned subsidiary of Cleco Partners or Cleco Corporation), 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, 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 Cleco Partners 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). On February 10, 2015, Cleco Power filed an application with the LPSC seeking approval of the Merger. | |||||
A Special Meeting of Shareholders of Cleco Corporation was held on February 26, 2015, in Pineville, Louisiana to obtain shareholder approval of the Merger Agreement. Cleco Corporation received approval of the Merger Agreement by a vote of approximately 77% of shares of common stock of Cleco Corporation entitled to be cast. Upon completion of the Merger, Cleco Corporation will pay an additional $12.0 million in contingency fees. | |||||
The Merger Agreement may be terminated by either Cleco Corporation or Cleco Partners 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 Cleco Partners to obtain financing for the transaction). The Merger Agreement also provides for certain termination rights for both Cleco Corporation and Cleco Partners, and further provides that, upon termination of the Merger Agreement under certain specified circumstances, Cleco Corporation will be required to pay Cleco Partners a termination fee of $120.0 million. If the Merger Agreement is terminated under certain specified circumstances, Cleco Partners 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 Cleco Partners 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 Reports on Form 8-K filed with the SEC on October 20, 2014, and February 26, 2015, and its definitive Proxy Statement dated January 13, 2015. |
Schedule_I_Financial_Statement
Schedule I Financial Statements of Cleco Corporation | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||
Condensed Financial Information of Parent Company Only | ||||||||||||
CLECO CORPORATION (Parent Company Only) | SCHEDULE I | |||||||||||
Condensed Statements of Income | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||
Operating expenses | ||||||||||||
Administrative and general | $ | 1,534 | $ | 2,501 | $ | 1,154 | ||||||
Merger transaction costs | 17,848 | — | — | |||||||||
Other operating expense | 178 | 418 | 362 | |||||||||
Total operating expenses | $ | 19,560 | $ | 2,919 | $ | 1,516 | ||||||
Operating loss | (19,560 | ) | (2,919 | ) | (1,516 | ) | ||||||
Equity income from subsidiaries, net of tax | 162,331 | 155,360 | 156,783 | |||||||||
Interest, net | (303 | ) | (2,380 | ) | (3,350 | ) | ||||||
Other income | 2,457 | 3,392 | 2,068 | |||||||||
Other expense | (158 | ) | (38 | ) | (13 | ) | ||||||
Income before income taxes | 144,767 | 153,415 | 153,972 | |||||||||
Federal and state income tax benefit | (9,972 | ) | (7,270 | ) | (9,676 | ) | ||||||
Net income applicable to common stock | $ | 154,739 | $ | 160,685 | $ | 163,648 | ||||||
The accompanying notes are an integral part of the condensed financial statements. | ||||||||||||
CLECO CORPORATION (Parent Company Only) | SCHEDULE I | |||||||||||
Condensed Statements of Comprehensive Income | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||
Net income | $ | 154,739 | $ | 160,685 | $ | 163,648 | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Postretirement benefits (loss) gain (net of tax benefit of $4,378 in 2014, tax expense of $3,137 in 2013, and tax benefit of $4,230 in 2012) | (7,001 | ) | 5,016 | (6,565 | ) | |||||||
Net gain on cash flow hedges (net of tax expense of $132 in 2014, $925 in 2013, and $1,460 in 2012) | 212 | 1,478 | 2,334 | |||||||||
Total other comprehensive (loss) income, net of tax | (6,789 | ) | 6,494 | (4,231 | ) | |||||||
Comprehensive income, net of tax | $ | 147,950 | $ | 167,179 | $ | 159,417 | ||||||
The accompanying notes are an integral part of the condensed financial statements. | ||||||||||||
CLECO CORPORATION (Parent Company Only) | SCHEDULE I | |||||||||||
Condensed Balance Sheets | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||
Assets | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 5,069 | $ | 7,375 | ||||||||
Accounts receivable - affiliate | 8,967 | 9,549 | ||||||||||
Taxes receivable, net | 2,288 | — | ||||||||||
Accumulated deferred federal and state income taxes, net | 72,270 | 7,330 | ||||||||||
Cash surrender value of life insurance policies | 51,489 | 45,394 | ||||||||||
Prepayments | 1,229 | — | ||||||||||
Interest receivable | 555 | — | ||||||||||
Other current assets | 12 | — | ||||||||||
Total current assets | 141,879 | 69,648 | ||||||||||
Equity investment in investees | 1,549,063 | 1,553,543 | ||||||||||
Tax credit fund investment, net | 7,251 | — | ||||||||||
Accumulated deferred federal and state income taxes, net | 71,397 | 102,255 | ||||||||||
Other deferred charges | 611 | 719 | ||||||||||
Total assets | $ | 1,770,201 | $ | 1,726,165 | ||||||||
Liabilities and shareholders’ equity | ||||||||||||
Liabilities | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ | 4,386 | $ | 3,218 | ||||||||
Accounts payable - affiliate | 59,014 | 60,590 | ||||||||||
Taxes payable, net | — | 17,161 | ||||||||||
Interest accrued | — | 38 | ||||||||||
Other current liabilities | 12,123 | 11,081 | ||||||||||
Total current liabilities | 75,523 | 92,088 | ||||||||||
Tax credit fund investment, net | — | 41,840 | ||||||||||
Postretirement benefit obligations | 8,337 | — | ||||||||||
Other deferred credits | 2,071 | 1,040 | ||||||||||
Long-term debt | 57,000 | 5,000 | ||||||||||
Total liabilities | 142,931 | 139,968 | ||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||
Shareholders’ equity | ||||||||||||
Common shareholders’ equity | ||||||||||||
Common stock, $1 par value, authorized 100,000,000 shares, issued 61,051,286 and 61,047,006 shares and outstanding 60,421,467 and 60,454,520 shares at December 31, 2014 and 2013, respectively | 61,051 | 61,047 | ||||||||||
Premium on common stock | 415,482 | 422,624 | ||||||||||
Retained earnings | 1,208,712 | 1,149,003 | ||||||||||
Treasury stock, at cost, 629,819 and 592,486 shares at December 31, 2014 and 2013, respectively | (25,310 | ) | (20,601 | ) | ||||||||
Accumulated other comprehensive loss | (32,665 | ) | (25,876 | ) | ||||||||
Total shareholders’ equity | 1,627,270 | 1,586,197 | ||||||||||
Total liabilities and shareholders’ equity | $ | 1,770,201 | $ | 1,726,165 | ||||||||
The accompanying notes are an integral part of the condensed financial statements. | ||||||||||||
CLECO CORPORATION (Parent Company Only) | SCHEDULE I | |||||||||||
Condensed Statements of Cash Flows | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||
Operating activities | ||||||||||||
Net cash provided by operating activities | $ | 108,754 | $ | 159,430 | $ | 79,606 | ||||||
Investing activities | ||||||||||||
Contributions to tax credit fund | (55,315 | ) | (51,011 | ) | (59,645 | ) | ||||||
Return of equity investment in tax credit fund | 2,579 | 1,619 | 37,652 | |||||||||
Other investing | (2,831 | ) | (3,705 | ) | (2,973 | ) | ||||||
Net cash used in investing activities | (55,567 | ) | (53,097 | ) | (24,966 | ) | ||||||
Financing activities | ||||||||||||
Draws on credit facility | 97,000 | 48,000 | 25,000 | |||||||||
Payments on credit facility | (45,000 | ) | (68,000 | ) | (10,000 | ) | ||||||
Repurchase of common stock | (12,449 | ) | — | (8,007 | ) | |||||||
Dividends paid on common stock | (95,044 | ) | (86,376 | ) | (78,844 | ) | ||||||
Other financing | — | — | 1,987 | |||||||||
Net cash used in financing activities | (55,493 | ) | (106,376 | ) | (69,864 | ) | ||||||
Net decrease in cash and cash equivalents | (2,306 | ) | (43 | ) | (15,224 | ) | ||||||
Cash and cash equivalents at beginning of period | 7,375 | 7,418 | 22,642 | |||||||||
Cash and cash equivalents at end of period | $ | 5,069 | $ | 7,375 | $ | 7,418 | ||||||
Supplementary cash flow information | ||||||||||||
Interest paid, net of amount capitalized | $ | 189 | $ | 217 | $ | 95 | ||||||
Income taxes paid (refunded), net | $ | 15,013 | $ | (46,928 | ) | $ | 59 | |||||
Supplementary non-cash investing and financing activity | ||||||||||||
Issuance of common stock - ESPP | $ | 220 | $ | 318 | $ | 340 | ||||||
Non-cash contribution to subsidiary, net of tax | $ | 142,880 | $ | — | $ | — | ||||||
Non-cash distribution from subsidiary, net of tax | $ | 138,080 | $ | — | $ | — | ||||||
The accompanying notes are an integral part of the condensed financial statements. | ||||||||||||
Note 1 — Summary of Significant Accounting Policies | ||||||||||||
The condensed financial statements represent the financial information required by SEC Regulation S-X 5-04 for Cleco Corporation, which requires the inclusion of parent company only financial statements if the restricted net assets of consolidated subsidiaries exceed 25% of total consolidated net assets as of the last day of its most recent fiscal year. As of December 31, 2014, Cleco Corporation’s restricted net assets of consolidated subsidiaries were $673.9 million and exceeded 25% of its total consolidated net assets. | ||||||||||||
Cleco Corporation’s only major, first-tier subsidiary is Cleco Power. Prior to the transfer of Coughlin from Evangeline to Cleco Power on March 15, 2014, Midstream (which owns Evangeline) was also considered a first-tier subsidiary of Cleco Corporation. | ||||||||||||
Cleco Power contains the LPSC-jurisdictional generation, transmission, and distribution electric utility operations serving Cleco’s traditional retail and wholesale customers. Prior to March 15, 2014, Midstream owned and operated a merchant power plant (Coughlin). | ||||||||||||
The accompanying financial statements have been prepared to present the results of operations, financial condition, and cash flows of Cleco Corporation on a stand-alone basis as a holding company. Investments in subsidiaries and other investees are presented using the equity method. These financial statements should be read in conjunction with Cleco’s consolidated financial statements. | ||||||||||||
Note 2 — Debt | ||||||||||||
At December 31, 2014 and 2013, Cleco Corporation had no short-term debt outstanding. | ||||||||||||
At December 31, 2014, Cleco Corporation’s long-term debt outstanding was $57.0 million, of which none was due within one year, compared to $5.0 million of long-term debt at December 31, 2013, of which none was due within one year. The long-term debt at December 31, 2014 and 2013, was the result of outstanding draws on its $250.0 million credit facility. | ||||||||||||
In October 2013, Cleco Corporation entered into a new, amended and restated $250.0 million revolving credit facility. The credit facility is set to mature on October 16, 2018, and provides for working capital and other needs. In connection with the credit facility, $1.0 million of unamortized debt expense related to Cleco Corporation’s previous credit facility was expensed. At December 31, 2014, the all-in interest rate under the facility was equal to one-month LIBOR plus 1.075% or ABR plus 0.075%, plus facility fees of 0.175%. At December 31, 2014, Cleco Corporation had $57.0 million borrowings outstanding under its existing credit facility at an all-in interest rate of 1.245%, leaving an available borrowing capacity of $193.0 million. At December 31, 2014, Cleco Corporation was in compliance with the covenants in its credit facility. | ||||||||||||
Note 3 — Cash Distributions and Equity Contributions | ||||||||||||
Some provisions in Cleco Power’s debt instruments restrict the amount of equity available for distribution to Cleco Corporation by Cleco Power under specified circumstances. The most restrictive covenant requires Cleco Power’s total indebtedness to be less than or equal to 65% of total capitalization. At December 31, 2014, $852.1 million of member’s equity was unrestricted. The following table summarizes the cash distributions Cleco Corporation received from affiliates during 2014, 2013, and 2012: | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||
Cleco Power | $ | 115,000 | $ | 105,000 | $ | 58,000 | ||||||
Diversified Lands | — | — | 2,900 | |||||||||
Perryville | 975 | 700 | 1,500 | |||||||||
Attala | 750 | 400 | 1,300 | |||||||||
Total | $ | 116,725 | $ | 106,100 | $ | 63,700 | ||||||
Cleco Corporation made a $138.1 million non-cash contribution to Cleco Power during 2014 related to the transfer of Coughlin from Evangeline to Cleco Power. Cleco Corporation made no contributions to affiliates during 2013. During 2012, Cleco Corporation contributed $16.2 million to Midstream. | ||||||||||||
Note 4 — Income Taxes | ||||||||||||
Cleco Corporation (Parent Company Only) Condensed Statements of Income reflect income tax benefits of $10.0 million, $7.3 million, and $9.7 million for the years ended December 31, 2014, 2013, and 2012, respectively. In addition to these amounts, income tax expense of $77.1 million, $86.8 million, and $75.0 million is reflected in equity income of subsidiaries, net of tax for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||
Note 5 — Commitments and Contingencies | ||||||||||||
For information regarding commitments and contingencies related to Cleco Corporation, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees.” | ||||||||||||
Note 6 — Agreement and Plan of Merger | ||||||||||||
On October 17, 2014, Cleco Corporation entered into the Merger Agreement with Cleco Partners 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 Cleco Partners. 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 (other than shares that are owned by Cleco Corporation, Cleco Partners, Merger Sub, or any other direct or indirect wholly-owned subsidiary of Cleco Partners or Cleco Corporation), 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, 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 Cleco Partners 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). On February 10, 2015, Cleco Power filed an application with the LPSC seeking approval of the Merger. | ||||||||||||
A Special Meeting of Shareholders of Cleco Corporation was held on February 26, 2015, in Pineville, Louisiana to obtain shareholder approval of the Merger Agreement. Cleco Corporation received approval of the Merger Agreement by a | ||||||||||||
vote of approximately 77% of shares of common stock of Cleco Corporation entitled to be cast. Upon completion of the Merger, Cleco Corporation will pay an additional $12.0 million in contingency fees. | ||||||||||||
For more information regarding the Merger see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 20 — Agreement and Plan of Merger.” |
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ||||||||||||||||
CLECO CORPORATION | SCHEDULE II | |||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
Years Ended Dec. 31, 2014, 2013, and 2012 | ||||||||||||||||
(THOUSANDS) | BALANCE AT | ADDITIONS | UNCOLLECTIBLE | BALANCE AT | ||||||||||||
BEGINNING OF PERIOD | CHARGED | ACCOUNT WRITE OFFS LESS RECOVERIES | END OF | |||||||||||||
TO COSTS AND EXPENSES | PERIOD (1) | |||||||||||||||
Allowance for Uncollectible Accounts | ||||||||||||||||
Year Ended Dec. 31, 2014 | $ | 849 | $ | 1,980 | $ | 1,907 | $ | 922 | ||||||||
Year Ended Dec. 31, 2013 | $ | 1,105 | $ | 1,232 | $ | 1,488 | $ | 849 | ||||||||
Year Ended Dec. 31, 2012 | $ | 1,136 | $ | 828 | $ | 859 | $ | 1,105 | ||||||||
(1) Deducted in the consolidated balance sheet | ||||||||||||||||
(THOUSANDS) | BALANCE AT | ADDITIONS | DEDUCTIONS | BALANCE AT | ||||||||||||
BEGINNING OF | END OF | |||||||||||||||
PERIOD | PERIOD | |||||||||||||||
Unrestricted Storm Reserve | ||||||||||||||||
Year Ended Dec. 31, 2014 | $ | 1,236 | $ | 4,133 | $ | 2,047 | $ | 3,322 | ||||||||
Year Ended Dec. 31, 2013 | $ | 1,792 | $ | — | $ | 556 | $ | 1,236 | ||||||||
Year Ended Dec. 31, 2012 | $ | 1,403 | $ | 10,968 | $ | 10,579 | $ | 1,792 | ||||||||
Restricted Storm Reserve | ||||||||||||||||
Year Ended Dec. 31, 2014 | $ | 17,646 | $ | 1,414 | $ | 4,144 | $ | 14,916 | ||||||||
Year Ended Dec. 31, 2013 | $ | 16,285 | $ | 1,593 | $ | 232 | $ | 17,646 | ||||||||
Year Ended Dec. 31, 2012 | $ | 24,880 | $ | 1,485 | $ | 10,080 | $ | 16,285 | ||||||||
CLECO POWER | SCHEDULE II | |||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
Years Ended Dec. 31, 2014, 2013, and 2012 | ||||||||||||||||
(THOUSANDS) | BALANCE AT | ADDITIONS | UNCOLLECTIBLE | BALANCE AT | ||||||||||||
BEGINNING OF PERIOD | CHARGED | ACCOUNT WRITE-OFFS LESS RECOVERIES | END OF | |||||||||||||
TO COSTS AND EXPENSES | PERIOD (1) | |||||||||||||||
Allowance for Uncollectible Accounts | ||||||||||||||||
Year Ended Dec. 31, 2014 | $ | 849 | $ | 1,980 | $ | 1,907 | $ | 922 | ||||||||
Year Ended Dec. 31, 2013 | $ | 1,105 | $ | 1,232 | $ | 1,488 | $ | 849 | ||||||||
Year Ended Dec. 31, 2012 | $ | 1,136 | $ | 828 | $ | 859 | $ | 1,105 | ||||||||
(1) Deducted in the consolidated balance sheet | ||||||||||||||||
(THOUSANDS) | BALANCE AT BEGINNING OF PERIOD | ADDITIONS | DEDUCTIONS | BALANCE AT | ||||||||||||
END OF | ||||||||||||||||
PERIOD | ||||||||||||||||
Unrestricted Storm Reserve | ||||||||||||||||
Year Ended Dec. 31, 2014 | $ | 1,236 | $ | 4,133 | $ | 2,047 | $ | 3,322 | ||||||||
Year Ended Dec. 31, 2013 | $ | 1,792 | $ | — | $ | 556 | $ | 1,236 | ||||||||
Year Ended Dec. 31, 2012 | $ | 1,403 | $ | 10,968 | $ | 10,579 | $ | 1,792 | ||||||||
Restricted Storm Reserve | ||||||||||||||||
Year Ended Dec. 31, 2014 | $ | 17,646 | $ | 1,414 | $ | 4,144 | $ | 14,916 | ||||||||
Year Ended Dec. 31, 2013 | $ | 16,285 | $ | 1,593 | $ | 232 | $ | 17,646 | ||||||||
Year Ended Dec. 31, 2012 | $ | 24,880 | $ | 1,485 | $ | 10,080 | $ | 16,285 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Use of Estimates, Policy | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
Principles of Consolidation, Policy | The accompanying consolidated financial statements of Cleco include the accounts of Cleco and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. | |
Statements of Cash Flows, Policy | Cleco and Cleco Power’s Consolidated Statements of Cash Flows are prepared using the indirect method described in the authoritative guidance for the presentation of the statement of cash flows. This method requires that net income be adjusted to remove the effects of all deferrals and accruals of operating cash receipts and payments and the effects of all investing and financing cash flow items. Derivatives meeting the definition of an accounting hedge are classified in the same category as the item being hedged. | |
Regulation, Policy | Cleco Power is subject to regulation by FERC and the LPSC. Cleco Power follows GAAP and complies with the accounting policies and practices prescribed by its regulatory commissions. Cleco Power’s retail rates are regulated by the LPSC and its rates for transmission services are regulated by FERC. Rates for wholesale power sales are based on market-based rates, pending FERC review of Cleco Power’s generation market power analysis. Cleco Power follows GAAP in accounting for the effects of rate regulation which allows utilities to capitalize or defer certain costs for recovery from customers and to recognize a liability for amounts expected to be returned to customers based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered through the ratemaking process. Regulatory assets and liabilities are amortized consistent with the treatment of the related cost in the ratemaking process. Pursuant to this regulatory approval and GAAP, Cleco Power has recorded regulatory assets and liabilities. | |
Any future plan adopted by the LPSC for purposes of transitioning utilities from LPSC regulation to retail competition may affect the regulatory assets and liabilities recorded by Cleco Power if the criteria for the application of the authoritative guidelines for industry regulated operations cannot continue to be met. At this time, Cleco cannot predict whether any legislation or regulation affecting Cleco Power will be enacted or adopted and, if enacted, what form such legislation or regulation may take. | ||
Cleco Power follows the authoritative guidance on regulated operations, which allows utilities to capitalize or defer certain costs for recovery from customers and to recognize a liability for amounts expected to be returned to customers based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. | ||
Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable; however, if in the future, as a result of regulatory changes or competition, Cleco Power’s ability to recover these regulatory assets would no longer be probable, then to the extent that such regulatory assets were determined not to be recoverable, Cleco Power would be required to write-down such assets. In addition, potential deregulation of the industry or possible future changes in the method of rate regulation of Cleco Power could require discontinuance of the application of these authoritative guidelines. | ||
Asset Retirement Obligation, Policy | Cleco Power has recorded AROs in accordance with the authoritative guidance. This authoritative guidance requires an entity to record an ARO when there is a legal obligation under existing or enacted law, statute, written or oral contract, or by legal construction under the doctrine of promissory estoppel to incur costs to remove an asset when the asset is retired. These guidelines also require an ARO which is conditional on a future event to be recorded even if the event has not yet occurred. | |
Cleco Power recognizes AROs at the present value of the projected liability in the period in which it is incurred, if a reasonable estimate of fair value can be made. The liability is then accreted to its present value each accounting period. Cleco Power defers this accretion as a regulatory asset based on its determination that these costs can be collected from customers. Concurrent with the recognition of the liability, the authoritative guidance requires capitalization of these costs to the related property, plant, and equipment asset. These capitalized costs are depreciated over the same period as the related property asset. Cleco Power also defers the current depreciation of the asset retirement cost as a regulatory asset. Cleco Power has an ARO recorded for the retirement of certain ash disposal facilities. | ||
In May 2010, the EPA released a proposed rule for regulating the disposal and management of CCRs from coal-fired power plants. Rather than offering a single approach, the EPA requested comments on two options for regulating CCRs. The first, known as the “Subtitle C” option, would regulate CCRs as a new special waste subject to many of the requirements for hazardous waste, while the second, known as the “Subtitle D” option, would regulate CCRs in a manner similar to industrial solid waste. Either of the EPA proposed options represented a shift toward more comprehensive and costly requirements for CCR disposal and management, but the Subtitle C option contained significantly more stringent requirements and would have required greater capital and operating costs to comply with that version of the rule, if finalized. The EPA signed the final rule on December 19, 2014, but has not yet published an official version in the Federal Register. Unlike the proposed versions of the rule, the unofficial ruled signed in December 2014, does not require expensive synthetic lining of existing impoundments. Management is currently evaluating the effect the final rule will have on the financial condition, results of operations, and cash flows of the Registrants. | ||
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. | |
Cleco’s cost of improvements to property, plant, and equipment is capitalized. Costs associated with repairs and major maintenance projects are expensed as incurred. Cleco capitalizes the cost to purchase or develop software for internal use. | ||
Upon retirement or disposition, the cost of Cleco Power’s depreciable plant and the cost of removal, net of salvage value, are charged to accumulated depreciation. For Cleco’s other depreciable assets, upon disposition or retirement, the difference between the net book value of the property and any proceeds received for the property is recorded as a gain or loss on asset disposition on Cleco’s Consolidated Statements of Income. Any cost incurred to remove the asset is charged to expense. | ||
Deferred Project Costs, Policy | Cleco Power defers costs related to the initial stage of a construction project during which time the feasibility of the construction of property, plant, and equipment is being investigated. | |
Inventories, Policy | Both fuel and materials and supplies inventories are stated at average cost and are issued from inventory using the average cost of existing inventory. Materials and supplies are recorded as inventory when purchased and subsequently charged to expense or capitalized to property, plant, and equipment when installed. | |
Accounts Receivable, Policy | Accounts receivable are recorded at the invoiced amount and do not bear interest. It is the policy of management to review the outstanding accounts receivable monthly, as well as the bad debt write-offs experienced in the past, and establish an allowance for doubtful accounts. Account balances are charged off against the allowance when management determines it is probable the receivable will not be recovered. | |
Financing Receivables, Policy | Each subsidiary leases its respective transmission assets to a single counterparty. Both counterparties are considered credit worthy and are expected to pay their obligations when due, thus, no allowance for credit loss has been recognized. Management bases this assessment on the following common factors of each counterparty: | |
• | both counterparties use the respective transmission facilities to move electricity from its power plants to the regional transmission grid, | |
• | neither counterparty has another avenue to move electricity from its respective power plants to the regional transmission grid, | |
• | the stream of payments was approved by FERC through respective rate orders, and | |
• | both counterparties serve retail and wholesale customers in their respective service territories under LPSC oversight that allows recovery of prudent costs, of which, the stream of payments under the direct financing leases appear to be prudent. | |
Management monitors both entities for indication of adverse actions by their respective public service commissions and market conditions which would indicate an inability to pay their obligations under the direct financing leases when due. | ||
Reserves, Policy | Additionally, Cleco maintains directors and officers insurance to protect managers from claims which may arise from their decisions and actions taken within the scope of their regular duties. | |
Cleco maintains property insurance on generating stations, buildings and contents, and substations. Cleco is self-insured for any damage to transmission and distribution lines. To mitigate the exposure to potential financial loss for damage to lines, Cleco maintains an LPSC-approved funded storm reserve. | ||
Cleco also maintains liability and workers’ compensation insurance to mitigate financial losses due to injuries and damages to the property of others. Cleco’s insurance covers claims that exceed certain self-insured limits. For claims that do not meet the limits to be covered by insurance, Cleco maintains reserves. | ||
Cash Equivalents, Policy | Cleco considers highly liquid, marketable securities, and other similar instruments with original maturity dates of three months or less to be cash equivalents. | |
Restricted Cash, Policy | 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. | |
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 | ||
Equity Investments, Policy | Cleco applies the provisions of the authoritative guidance on investments to account for impairments of equity method investments. In accordance with this standard, Cleco evaluates at each balance sheet date whether events and circumstances have occurred that indicate a possible other-than-temporary decline in the fair value of the investment and the possible inability to recover the carrying value through operations. Cleco uses estimates of the future cash flows from the investee and observable market transactions in order to calculate fair value and recoverability. An impairment is recognized when an other-than-temporary decline in market value occurs and recovery of the carrying value is not probable. | |
Cleco and Cleco Power account for investments in unconsolidated affiliated companies using the equity method of accounting as defined in the authoritative guidance on investments. The amounts reported on Cleco and Cleco Power’s Consolidated Balance Sheets represent assets contributed by Cleco Corporation or Cleco Power, plus their share of the net income of the affiliate, less any distributions of earnings (dividends) received from the affiliate. The revenues and expenses (excluding income taxes) of these affiliates are netted and reported on one line item as equity income from investees on Cleco and Cleco Power’s Consolidated Statements of Income. | ||
Cleco and Cleco Power account for investments in VIEs in accordance with the authoritative guidance. Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as equity investment in investees on Cleco and Cleco Power’s Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Consolidated Statements of Income | ||
Income Taxes, Policy | Cleco accounts for income taxes under the asset and liability method. Cleco provides for federal and state income taxes currently payable, as well as for those deferred due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. Cleco’s income tax expense and related regulatory assets and liabilities could be affected by changes in its assumptions and estimates and by ultimate resolution of assumptions and estimates with taxing authorities. Cleco files a federal consolidated income tax return for all wholly owned subsidiaries. Cleco computes its federal and state income taxes as if it were a stand-alone taxpayer. The LPSC generally requires Cleco Power to flow the effects of state income taxes to customers immediately. The LPSC specifically requires that the state tax benefits associated with the deductions related to certain storm damages be normalized. | |
Cleco Power has recorded a net regulatory asset related to deferred income taxes in accordance with the authoritative guidance on income taxes. The related regulatory asset or liability recorded represents the effect of tax benefits or detriments that must be flowed through to customers as they are received or paid. The amounts deferred are attributable to differences between book and tax recovery periods. | ||
Investment Tax Credit, NMTC Fund, Accounting for Renewable Energy Tax Credits and Grants Under ARRA, Policy | In 2008, Cleco Corporation and United States Bancorp Community Development Corporation (USBCDC) formed the NMTC Fund. 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 gross investment amortization expense of the NMTC Fund 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. | |
Investment tax credits, which were deferred for financial statement purposes, are amortized as a reduction to income tax expense over the estimated service lives of the properties that gave rise to the credits. | ||
Cleco and the NMTC Fund have elected to receive cash grants under the ARRA for investments in various projects. Cleco has elected to reduce the carrying value of the qualifying assets as cash grants are received, which will reduce the amount of depreciation expense recognized after the underlying assets are placed in service. Certain of the cash grants also reduce the tax basis of the underlying assets. Grants received via the NMTC Fund reduce the carrying value of the investment for GAAP, but do not reduce the income tax basis of the investment. | ||
Cleco classifies income tax penalties as a component of other expenses. | ||
Cleco classifies all interest related to uncertain tax positions as a component of interest payable and interest expense. | ||
Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. | ||
Debt Expenses, Premiums, and Discounts, Policy | Expenses, premiums, and discounts applicable to debt securities are amortized to income ratably over the lives of the related issues. Expenses and call premiums related to refinanced Cleco Power debt are deferred and amortized over the life of the new issue. | |
Revenue and Fuel Costs, Policy | Utility Revenue | |
Revenue from sales of electricity is recognized when the service is provided. The costs of fuel and purchased power used for retail customers currently are recovered from customers through the FAC. These costs are subject to audit and final determination by regulators. Excise taxes and pass-through fees collected on the sale of electricity are not recorded in utility revenue. | ||
Unbilled Revenue | ||
Cleco Power accrues estimated revenue monthly for energy used by customers but not yet billed. The monthly estimated unbilled revenue amounts are recorded as unbilled revenue and a receivable. 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. | ||
Other Operations Revenue | ||
Other operations revenue is recognized at the time products or services are provided to and accepted by customers. | ||
Franchise Fees | ||
Cleco Power collects a consumer fee for one of its franchise agreements. This fee is not recorded on Cleco’s income statement as revenue and expense, but is reflected at gross amounts on Cleco’s balance sheet as a receivable until it is collected and as a payable until the liability is paid. Cleco currently does not have any excise taxes reflected on its income statement. | ||
Allowance for Funds Used During Construction (AFUDC), Policy | The capitalization of AFUDC by Cleco Power is a utility accounting practice prescribed by FERC and the LPSC. AFUDC represents the estimated debt and equity costs of capital funds that are necessary to finance construction of new and existing facilities. While cash is not realized currently from such allowance, AFUDC increases the revenue requirement over the same life of the plant through a higher rate base and higher depreciation. Under regulatory practices, a return on and recovery of AFUDC is permitted in setting rates charged for utility services. | |
Fair Value Measurement, 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 are 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 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 December 31, 2014 or 2013. | ||
As a result of joining MISO, Cleco Power began participating in the FTR market. 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 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 Consolidated Statements of Income. At December 31, 2014, Cleco and Cleco Power's Consolidated Balance Sheets reflected the fair value of open FTR positions of $10.8 million in Energy risk management assets and $0.8 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 5 — “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. | ||
Recent Authoritative Guidance, Policy | The Registrants adopted, or will adopt, the following recent authoritative guidance on their respective effective dates. | |
In February 2013, FASB revised the disclosure requirements related to items reclassified out of accumulated other comprehensive income. This guidance is intended to improve the transparency of changes in other comprehensive income. This revision is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. Cleco adopted the revisions to this amendment during the first quarter of 2013. The adoption of this revision did not have an impact on the financial condition, results of operations, or cash flows of the Registrants because it relates to disclosures. For more information on items reclassified out of accumulated other comprehensive income, see Note 18 — “Accumulated Other Comprehensive Loss.” | ||
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 will not 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 will not 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 will not 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. Under the new guidance, an entity must identify the performance obligations in a contract, the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts. The adoption of this guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Management plans to adopt this guidance effective January 1, 2017, and is currently evaluating the impact 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 will not 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 will not 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 will not have an effect on the financial condition, results of operations, or cash flows of the Registrants. | ||
In November 2014, FASB amended the accounting guidance for derivatives and hedging. This amendment provides guidance for determining whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity. The adoption of this guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this guidance will not have an effect on the financial condition, results of operations, or cash flows of the Registrants. | ||
In November 2014, FASB amended the accounting guidance for business combinations, specifically related to pushdown accounting. This guidance gives an acquired entity the option of applying pushdown accounting in its stand-alone financial statements upon a change-in-control event. The adoption of this guidance was effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. The adoption of this guidance did not have an effect on the financial condition, results of operations, or cash flows of the Registrants. | ||
In January 2015, FASB amended the accounting guidance for extraordinary and unusual items as part of its initiative to reduce complexity in accounting standards. This guidance eliminates from GAAP the concept of extraordinary items. The adoption of this guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this guidance will not have an effect on the financial condition, results of operations, or cash flows of the Registrants. | ||
In February 2015, FASB amended the accounting guidance for the consolidation analysis. All legal entities are subject to reevaluation under this revised consolidation model. The adoption of this guidance is effective for annual periods beginning after December 15, 2015, including interim periods within that reporting period. Management is currently evaluating the impact the adoption of this guidance will have on the financial condition, results of operations, or cash flows of the Registrants. | ||
Earnings Per 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. | |
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 Consolidated Statements of Income. | |
Regulatory Assets and Liabilities, ARO, Policy | Applying the authoritative guidance for asset retirement and environmental obligations, Cleco Power has recorded an ARO for the retirement of certain ash disposal facilities. | |
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 other comprehensive income. As a result, no amounts were recorded to other comprehensive income for these investments. | |
Share-based Compensation, Option, and Incentive Plans, Policy | Stock options, restricted stock, known as non-vested stock as defined by the authoritative guidance on stock-based compensation, common stock equivalent units, and stock appreciation rights may be granted or awarded to certain officers, key employees, or directors of Cleco Corporation and its affiliates under the LTICP. On December 31, 2009, the 2000 LTICP expired and no further grants or awards were made under this plan. The grants and awards that had been made under the 2000 LTICP are to remain outstanding and in effect until exercised, matured, expired, or forfeited in accordance with their existing terms. At December 31, 2014, 12,720 shares of non-vested Cleco Corporation common stock remained outstanding under the 2000 LTICP. There were no stock options or common stock equivalent units outstanding under this plan at December 31, 2014. | |
With shareholder approval, the 2010 LTICP became effective January 1, 2010. Under this plan, a maximum of 2,250,000 shares of Cleco Corporation common stock can be granted or awarded. At December 31, 2014, there were 1,316,285 shares available for future grants or awards under the 2010 LTICP. | ||
Assuming achievement of vesting requirements is probable, stock-based compensation expense of non-vested stock is recorded during the service periods, which are generally three years, after which the restrictions lapse. All stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense in the income statement over the award's requisite service period. Awards that vest pro rata during the requisite service period that contain only a service condition are defined as having a graded vesting schedule and could be treated as multiple awards with separate vesting schedules. However, Cleco has elected to treat grants with graded vesting schedules as one award and recognize the related compensation expense on a straight-line basis over the requisite service period. | ||
The ESPP does not contain optionality features beyond those listed by the authoritative guidance on stock-based compensation. Therefore, Cleco is not required to recognize a fair-value expense related to the ESPP. | ||
Prior to October 17, 2014, regular, full-time, and part-time employees of Cleco Corporation and its participating subsidiaries, except officers, general managers, and employees who owned 5% or more of Cleco Corporation’s stock, were eligible to participate in the ESPP. An eligible employee elected to participate in the ESPP by entering into an option agreement with Cleco Corporation or its affiliate authorizing payroll deductions to purchase stock at a discounted rate. The amount of payroll deductions required by the plan were to be no less than $10 but no more than $350 each pay period. The payroll deductions were accumulated during a calendar quarter, which was referred to as the “offering period,” and remained as general assets of Cleco pending the purchase of common stock by the plan administrator. No trust or other fiduciary account was established in connection with the ESPP. At the end of each offering period, payroll deductions were automatically applied to the purchase of common stock. Shares of common stock were purchased at a 5% discount of the fair market value as of the last trading day of each offering period. The number of shares of common stock purchased was determined by dividing each participant's payroll deductions during the offering period by the option price of a share of common stock. A participant could purchase a maximum of 62 shares per offering period. Dividends received on shares were automatically reinvested as required by the dividend reinvestment plan (DRIP) provisions of the ESPP. | ||
A maximum of 734,000 shares of common stock may be purchased under the ESPP, subject to adjustment for changes in the capitalization of Cleco Corporation. The Compensation Committee of Cleco Corporation's Board of Directors monitors the ESPP. The Compensation Committee and the Board of Directors possess the authority to amend the ESPP, but shareholder approval is required for any amendment that increases the number of shares covered by the ESPP. As of December 31, 2014, there were 396,910 shares of common stock available for purchase under the ESPP. As stated above, the ESPP plan has been suspended pending the completion of the Merger. | ||
Pension and Other Postretirement Plans, Policy | 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 and 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. | ||
mployees 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’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. | ||
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. | |
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) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||
Property, Plant, and Equipment | At December 31, 2014 and 2013, property, plant, and equipment consisted of the following: | ||||||||||||||||||||||||||||||||
AT DEC. 31, | |||||||||||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Regulated utility plants | $ | 4,495,490 | $ | 4,052,774 | |||||||||||||||||||||||||||||
Other | 13,470 | 273,748 | |||||||||||||||||||||||||||||||
Total property, plant, and equipment | 4,508,960 | 4,326,522 | |||||||||||||||||||||||||||||||
Accumulated depreciation | (1,442,960 | ) | (1,351,223 | ) | |||||||||||||||||||||||||||||
Net property, plant, and equipment | $ | 3,066,000 | $ | 2,975,299 | |||||||||||||||||||||||||||||
Restricted Cash | Cleco’s restricted cash and cash equivalents consisted of: | ||||||||||||||||||||||||||||||||
AT DEC. 31, | |||||||||||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||||
Cleco Katrina/Rita’s storm recovery bonds | $ | 8,986 | $ | 8,986 | |||||||||||||||||||||||||||||
Non-current: | |||||||||||||||||||||||||||||||||
Diversified Lands’ mitigation escrow | 21 | 21 | |||||||||||||||||||||||||||||||
Cleco Power’s future storm restoration costs | 14,915 | 4,726 | |||||||||||||||||||||||||||||||
Cleco Power’s building renovation escrow | 194 | 286 | |||||||||||||||||||||||||||||||
Non-current total | 15,130 | 5,033 | |||||||||||||||||||||||||||||||
Total restricted cash and cash equivalents | $ | 24,116 | $ | 14,019 | |||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table shows the calculation of basic and diluted earnings per share: | ||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS) | INCOME | SHARES | PER SHARE | INCOME | SHARES | PER SHARE | INCOME | SHARES | PER SHARE | ||||||||||||||||||||||||
AMOUNT | AMOUNT | AMOUNT | |||||||||||||||||||||||||||||||
Basic net income applicable to common stock | $ | 154,739 | 60,406,001 | $ | 2.56 | $ | 160,685 | 60,434,510 | $ | 2.66 | $ | 163,648 | 60,370,588 | $ | 2.71 | ||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||||||||||||
Add: stock option grants | — | — | 4,154 | ||||||||||||||||||||||||||||||
Add: restricted stock (LTICP) | 195,457 | 285,580 | 253,387 | ||||||||||||||||||||||||||||||
Diluted net income applicable to common stock | $ | 154,739 | 60,601,458 | $ | 2.55 | $ | 160,685 | 60,720,090 | $ | 2.65 | $ | 163,648 | 60,628,129 | $ | 2.7 | ||||||||||||||||||
Cleco Power [Member] | |||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||||||||||||||
Property, Plant, and Equipment, Schedule of Significant Acquisitions | The plant acquisition adjustments and accumulated amortization reported in property, plant, and equipment and accumulated depreciation on Cleco Power’s Consolidated Balance Sheet at December 31, 2014 and 2013, are shown in the following table: | ||||||||||||||||||||||||||||||||
AT DEC. 31, | |||||||||||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | |||||||||||||||||||||||||||||||
Acadia Unit 1 | |||||||||||||||||||||||||||||||||
Plant acquisition adjustment | $ | 95,578 | $ | 95,578 | |||||||||||||||||||||||||||||
Less: accumulated amortization | 15,384 | 12,201 | |||||||||||||||||||||||||||||||
Net plant acquisition adjustment | $ | 80,194 | $ | 83,377 | |||||||||||||||||||||||||||||
Teche | |||||||||||||||||||||||||||||||||
Plant acquisition adjustment | $ | 5,359 | $ | 5,359 | |||||||||||||||||||||||||||||
Less: accumulated amortization | 4,488 | 4,234 | |||||||||||||||||||||||||||||||
Net plant acquisition adjustment | $ | 871 | $ | 1,125 | |||||||||||||||||||||||||||||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) (Cleco Power [Member]) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Cleco Power [Member] | |||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | |||||||||||
Schedule of Regulatory Assets [Table Text Block] | The following table summarizes Cleco Power’s regulatory assets and liabilities: | ||||||||||
AT DEC. 31, | REMAINING | ||||||||||
(THOUSANDS) | 2014 | 2013 | RECOVERY PERIOD | ||||||||
Total federal regulatory asset — income taxes | $ | 124 | $ | 12,528 | |||||||
Total state regulatory asset — income taxes | 106,964 | 89,050 | |||||||||
AFUDC | 129,545 | 130,488 | |||||||||
Total investment tax credit | (2,263 | ) | (2,893 | ) | |||||||
Total regulatory assets — deferred taxes, net | 234,370 | 229,173 | * | ||||||||
Mining costs | 11,470 | 14,019 | 4.5 yrs. | ||||||||
Interest costs | 5,582 | 5,943 | 25 yrs. | ||||||||
AROs (1) | 1,029 | 936 | * | ||||||||
Postretirement costs (1) | 160,903 | 93,333 | * | ||||||||
Tree trimming costs | 8,066 | 4,840 | 4 yrs. | ||||||||
Training costs | 7,019 | 7,175 | 45 yrs. | ||||||||
Surcredits, net (2) | 13,587 | 16,738 | 3.5 yrs. | ||||||||
Amended lignite mining agreement contingency (1) | 3,781 | 3,781 | * | ||||||||
PPA capacity costs | — | 9,749 | — | ||||||||
AMI deferred revenue requirement | 5,863 | 4,682 | 11 yrs. | ||||||||
Production operations and maintenance expenses | 14,761 | 8,459 | * | ||||||||
AFUDC equity gross-up (2) | 72,859 | 73,306 | * | ||||||||
Rate case costs | — | 45 | — | ||||||||
Acadia Unit 1 acquisition costs | 2,653 | 2,760 | 25 yrs. | ||||||||
Financing costs | 9,402 | 9,772 | * | ||||||||
Biomass costs | 82 | 114 | 3 yrs. | ||||||||
MISO integration costs | 3,275 | — | 3.5 yrs. | ||||||||
Coughlin transaction costs | 1,060 | — | 35 yrs. | ||||||||
Corporate franchise tax | 1,223 | — | 0.5 yrs. | ||||||||
Acadia FRP true-up | 754 | — | 0.5 yrs. | ||||||||
Energy efficiency | 114 | — | 1 yr. | ||||||||
Other | 596 | — | 2.5 yrs. | ||||||||
Total regulatory assets | 324,079 | 255,652 | |||||||||
PPA true-up | (624 | ) | — | 0.5 yrs. | |||||||
Fuel and purchased power | 21,554 | (3,869 | ) | * | |||||||
Total regulatory assets, net | $ | 579,379 | $ | 480,956 | |||||||
(1)Represents regulatory assets in which cash has not yet been expended and the assets are offset by liabilities that do not incur a carrying cost. | |||||||||||
(2)Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2014. | |||||||||||
* For information related to the remaining recovery periods, refer to the disclosures below for each specific regulatory asset. |
Jointly_Owned_Generation_Units1
Jointly Owned Generation Units (Tables) (Cleco Power [Member]) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Cleco Power [Member] | ||||||||||||
Jointly Owned Utility Plant Interests [Line Items] | ||||||||||||
Jointly Owned Generation Units | Cleco Power’s investment in and accumulated depreciation for each generating unit were as follows: | |||||||||||
AT DEC. 31, 2014 | ||||||||||||
(THOUSANDS, EXCEPT PERCENTAGES AND MW) | RODEMACHER UNIT #2 | DOLET HILLS | TOTAL | |||||||||
Utility plant in service | $ | 98,229 | $ | 389,685 | $ | 487,914 | ||||||
Accumulated depreciation | $ | 72,312 | $ | 211,958 | $ | 284,270 | ||||||
Construction work in progress | $ | 39,641 | $ | 2,075 | $ | 41,716 | ||||||
Ownership interest percentage | 30 | % | 50 | % | ||||||||
Nameplate capacity (MW) | 523 | 650 | ||||||||||
Ownership interest (MW) | 157 | 325 | ||||||||||
Fair_Value_Accounting_Tables
Fair Value Accounting (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 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 Consolidated Balance Sheets: | |||||||||||||||||||||||||||||||
Cleco | ||||||||||||||||||||||||||||||||
AT DEC. 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(THOUSANDS) | CARRYING | ESTIMATED | CARRYING | ESTIMATED | ||||||||||||||||||||||||||||
VALUE | FAIR VALUE | VALUE | FAIR VALUE | |||||||||||||||||||||||||||||
Financial instruments not marked-to-market | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 39,700 | $ | 39,700 | $ | 22,204 | $ | 22,204 | ||||||||||||||||||||||||
Restricted cash equivalents | $ | 24,001 | $ | 24,001 | $ | 14,019 | $ | 14,019 | ||||||||||||||||||||||||
Long-term debt, excluding debt issuance costs | $ | 1,368,354 | $ | 1,601,816 | $ | 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 DEC. 31, 2014 | QUOTED | SIGNIFICANT | SIGNIFICANT | AT DEC. 31, 2013 | QUOTED | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||||||
PRICES IN | OTHER | UNOBSERVABLE | PRICES IN | OTHER | UNOBSERVABLE | |||||||||||||||||||||||||||
ACTIVE MARKETS | OBSERVABLE | INPUTS | ACTIVE MARKETS | OBSERVABLE | INPUTS | |||||||||||||||||||||||||||
FOR IDENTICAL | INPUTS | (LEVEL 3) | FOR IDENTICAL | INPUTS | (LEVEL 3) | |||||||||||||||||||||||||||
ASSETS | (LEVEL 2) | ASSETS | (LEVEL 2) | |||||||||||||||||||||||||||||
(LEVEL 1) | (LEVEL 1) | |||||||||||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||||||||||
Institutional money market funds | $ | 63,701 | $ | — | $ | 63,701 | $ | — | $ | 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 | 10,776 | — | — | 10,776 | 9,020 | — | — | 9,020 | ||||||||||||||||||||||||
Total assets | $ | 74,477 | $ | — | $ | 63,701 | $ | 10,776 | $ | 57,949 | $ | — | $ | 48,929 | $ | 9,020 | ||||||||||||||||
Liability Description | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 1,601,816 | $ | — | $ | 1,601,816 | $ | — | $ | 1,420,048 | $ | — | $ | 1,420,048 | $ | — | ||||||||||||||||
FTRs | 827 | — | — | 827 | 382 | — | — | 382 | ||||||||||||||||||||||||
Total liabilities | $ | 1,602,643 | $ | — | $ | 1,601,816 | $ | 827 | $ | 1,420,430 | $ | — | $ | 1,420,048 | $ | 382 | ||||||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | 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 Jan. 1, 2014 | $ | 8,638 | ||||||||||||||||||||||||||||||
Unrealized losses* | (2,651 | ) | ||||||||||||||||||||||||||||||
Purchases and settlements | 3,962 | |||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2014 | $ | 9,949 | ||||||||||||||||||||||||||||||
* Unrealized gains and losses are reported in Accumulated deferred fuel on the balance sheet. | ||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The following table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions as of December 31, 2014: | |||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT DOLLAR PER MWh) | FAIR VALUE | VALUATION TECHNIQUE | SIGNIFICANT | FORWARD PRICE RANGE | ||||||||||||||||||||||||||||
UNOBSERVABLE INPUTS | ||||||||||||||||||||||||||||||||
Assets | Liabilities | Low | High | |||||||||||||||||||||||||||||
FTRs at December 31, 2014 | $ | 10,776 | $ | 827 | Discounted cash flow | Estimated auction price | $ | (4.12 | ) | $ | 7.76 | |||||||||||||||||||||
FTRs at December 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 DEC. 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(THOUSANDS) | CARRYING | ESTIMATED | CARRYING | ESTIMATED | ||||||||||||||||||||||||||||
VALUE | FAIR VALUE | VALUE | FAIR VALUE | |||||||||||||||||||||||||||||
Financial instruments not marked-to-market | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 34,700 | $ | 34,700 | $ | 14,900 | $ | 14,900 | ||||||||||||||||||||||||
Restricted cash equivalents | $ | 23,980 | $ | 23,980 | $ | 13,998 | $ | 13,998 | ||||||||||||||||||||||||
Long-term debt, excluding debt issuance costs | $ | 1,311,354 | $ | 1,544,816 | $ | 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 COST | TOTAL | TOTAL | FAIR VALUE | ||||||||||||||||||||||||||||
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 securities | $ | 12,834 | $ | 10 | $ | (15 | ) | $ | 12,829 | |||||||||||||||||||||||
(1) Unrealized gains and losses are 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 DEC. 31, 2014 | QUOTED | SIGNIFICANT | SIGNIFICANT | AT DEC. 31, 2013 | QUOTED | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||||||
PRICES IN | OTHER | UNOBSERVABLE | PRICES IN | OTHER | UNOBSERVABLE | |||||||||||||||||||||||||||
ACTIVE MARKETS | OBSERVABLE | INPUTS | ACTIVE MARKETS | OBSERVABLE | INPUTS | |||||||||||||||||||||||||||
FOR IDENTICAL | INPUTS | (LEVEL 3) | FOR IDENTICAL | INPUTS | (LEVEL 3) | |||||||||||||||||||||||||||
ASSETS | (LEVEL 2) | ASSETS | (LEVEL 2) | |||||||||||||||||||||||||||||
(LEVEL 1) | (LEVEL 1) | |||||||||||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||||||||||
Institutional money market funds | $ | 58,680 | $ | — | $ | 58,680 | $ | — | $ | 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 | 10,776 | — | — | 10,776 | 9,020 | — | — | 9,020 | ||||||||||||||||||||||||
Total assets | $ | 69,456 | $ | — | $ | 58,680 | $ | 10,776 | $ | 50,624 | $ | — | $ | 41,604 | $ | 9,020 | ||||||||||||||||
Liability Description | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 1,544,816 | $ | — | $ | 1,544,816 | $ | — | $ | 1,415,048 | $ | — | $ | 1,415,048 | $ | — | ||||||||||||||||
FTRs | 827 | — | — | 827 | 382 | — | — | 382 | ||||||||||||||||||||||||
Total liabilities | $ | 1,545,643 | $ | — | $ | 1,544,816 | $ | 827 | $ | 1,415,430 | $ | — | $ | 1,415,048 | $ | 382 | ||||||||||||||||
Derivatives Not Designated as Hedging Instrument [Member] | ||||||||||||||||||||||||||||||||
Fair Value [Line Items] | ||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table presents the fair values of derivative instruments and their respective line items as recorded on Cleco and Cleco Power’s Consolidated Balance Sheets as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||||||||||||||||||||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT DEC. 31, 2014 | AT DEC. 31, 2013 | |||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
FTRs: | ||||||||||||||||||||||||||||||||
Current | Energy risk management assets | $ | 10,776 | $ | 9,020 | |||||||||||||||||||||||||||
Current | Energy risk management liabilities | 827 | 382 | |||||||||||||||||||||||||||||
Total | $ | 9,949 | $ | 8,638 | ||||||||||||||||||||||||||||
Effect of Derivatives On Consolidated Statements of Income | The following table presents the effect of derivatives not designated as hedging instruments on Cleco and Cleco Power’s Consolidated Statements of Income for the years December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(THOUSANDS) | DERIVATIVES LINE ITEM | AMOUNT OF GAIN/(LOSS) | AMOUNT OF GAIN/(LOSS) | AMOUNT OF LOSS | ||||||||||||||||||||||||||||
RECOGNIZED IN | RECOGNIZED IN | RECOGNIZED IN | ||||||||||||||||||||||||||||||
INCOME ON | INCOME ON | INCOME ON | ||||||||||||||||||||||||||||||
DERIVATIVES | DERIVATIVES | DERIVATIVES | ||||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
Fuel cost hedges(1) | Fuel used for electric generation | $ | — | $ | — | $ | (8,277 | ) | ||||||||||||||||||||||||
FTRs(2) | Electric operations | 74,454 | 243 | — | ||||||||||||||||||||||||||||
FTRs(2) | Power purchased for utility customers | (46,386 | ) | (19 | ) | — | ||||||||||||||||||||||||||
Total | $ | 28,068 | $ | 224 | $ | (8,277 | ) | |||||||||||||||||||||||||
(1) At December 31, 2012, Cleco Power had no open fuel cost hedges and as a result, no unrealized losses or deferred losses were reported in Accumulated deferred fuel. | ||||||||||||||||||||||||||||||||
(2) At December 31, 2014, $2.7 million unrealized losses associated with FTRs were reported in Accumulated deferred fuel on the balance sheet. | ||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instrument [Member] | ||||||||||||||||||||||||||||||||
Fair Value [Line Items] | ||||||||||||||||||||||||||||||||
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 Consolidated Statements of Income for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(THOUSANDS) | AMOUNT OF GAIN | AMOUNT OF NET LOSS RECLASSIFIED | AMOUNT OF GAIN | AMOUNT OF NET | AMOUNT OF GAIN | AMOUNT OF NET LOSS RECLASSIFIED | ||||||||||||||||||||||||||
RECOGNIZED | FROM AOCI INTO INCOME | RECOGNIZED | LOSS RECLASSIFIED | RECOGNIZED | FROM AOCI INTO INCOME | |||||||||||||||||||||||||||
IN OCI | (EFFECTIVE PORTION) | IN OCI | FROM AOCI INTO INCOME | IN OCI | (EFFECTIVE PORTION) | |||||||||||||||||||||||||||
(EFFECTIVE PORTION) | ||||||||||||||||||||||||||||||||
Interest rate derivatives (1) | $ | — | $ | (344 | )* | $ | 2,202 | $ | (251 | )* | $ | 704 | $ | (60 | )* | |||||||||||||||||
* The (loss) gain reclassified from accumulated other comprehensive income into income is reflected in interest charges. | ||||||||||||||||||||||||||||||||
(1) During the year ended December 31, 2014, Cleco had no ineffectiveness and losses related to the interest rate derivatives as a regulatory asset. During the year ended December 31, 2013, Cleco recorded ineffectiveness and losses related to the interest rate derivatives as a regulatory asset of $3.3 million. |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | The principal amounts payable under the capital lease agreements for each year through 2017 are as follows: | |||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||
Amounts payable under capital lease agreements | ||||||||
2015 | $ | 2,448 | ||||||
2016 | $ | 2,607 | ||||||
2017 | $ | 1,818 | ||||||
Total Indebtedness | Cleco | |||||||
Cleco’s total indebtedness as of December 31, 2014 and 2013, was as follows: | ||||||||
AT DEC. 31, | ||||||||
(THOUSANDS) | 2014 | 2013 | ||||||
Bonds | ||||||||
Cleco Power’s senior notes, 4.95%, due 2015 | $ | 50,000 | $ | 50,000 | ||||
Cleco Power’s senior notes, 6.65%, due 2018 | 250,000 | 250,000 | ||||||
Cleco Power’s senior notes, 4.33%, due 2027 | 50,000 | 50,000 | ||||||
Cleco Power’s senior notes, 6.50%, due 2035 | 295,000 | 295,000 | ||||||
Cleco Power’s senior notes, 6.00%, due 2040 | 250,000 | 250,000 | ||||||
Cleco Power’s senior notes, 5.12%, due 2041 | 100,000 | 100,000 | ||||||
Cleco Power’s Series A GO Zone bonds, due 2038, mandatory tender in 2015 | 50,000 | 50,000 | ||||||
Cleco Power’s Series B GO Zone bonds, 4.25%, due 2038 | 50,000 | 50,000 | ||||||
Cleco Power’s solid waste disposal facility bonds, 4.70%, due 2036, callable after November 1, 2016 | 60,000 | 60,000 | ||||||
Cleco Katrina/Rita’s storm recovery bonds, 4.41%, due 2020 | 33,754 | 48,630 | ||||||
Cleco Katrina/Rita’s storm recovery bonds, 5.61%, due 2023 | 67,600 | 67,600 | ||||||
Total bonds | 1,256,354 | 1,271,230 | ||||||
Other long-term debt | ||||||||
Cleco Corporation’s credit facility draws | 57,000 | 5,000 | ||||||
Cleco Power’s bank term loan, due 2015 | 35,000 | 35,000 | ||||||
Cleco Power’s credit facility draws | 20,000 | 20,000 | ||||||
Barge lease obligations, ending 2017 | 6,873 | 9,179 | ||||||
Gross amount of long-term debt | 1,375,227 | 1,340,409 | ||||||
Less: long-term debt due within one year | 15,824 | 14,876 | ||||||
Less: lease obligations classified as long-term debt due within one year | 2,448 | 2,305 | ||||||
Unamortized discount | (7,302 | ) | (7,728 | ) | ||||
Total long-term debt, net | $ | 1,349,653 | $ | 1,315,500 | ||||
Future Amounts Payable Under Long-Term Debt Agreements | The principal amounts payable under long-term debt agreements for each year through 2019 and thereafter are as follows: | |||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||
Amounts payable under long-term debt agreements | ||||||||
2015 | $ | 100,824 | ||||||
2016 | $ | 16,814 | ||||||
2017 | $ | 17,896 | ||||||
2018 | $ | 346,193 | ||||||
2019 | $ | 20,571 | ||||||
Thereafter | $ | 866,056 | ||||||
Cleco Power [Member] | ||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | The principal amounts payable under the capital lease agreements for each year through 2017 are as follows: | |||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||
Amounts payable under capital lease agreements | ||||||||
2015 | $ | 2,448 | ||||||
2016 | $ | 2,607 | ||||||
2017 | $ | 1,818 | ||||||
The following is a schedule by years of future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of December 31, 2014: | ||||||||
(THOUSANDS) | ||||||||
Years ending December 31, | ||||||||
2015 | $ | 3,725 | ||||||
2016 | 3,735 | |||||||
2017 | 2,480 | |||||||
Total minimum lease payments | $ | 9,940 | ||||||
Less: executory costs | 2,485 | |||||||
Net minimum lease payments | $ | 7,455 | ||||||
Less: amount representing interest | 582 | |||||||
Present value of net minimum lease payments | $ | 6,873 | ||||||
Current liabilities | $ | 2,448 | ||||||
Non-current liabilities | $ | 4,425 | ||||||
Total Indebtedness | Cleco Power | |||||||
Cleco Power’s total indebtedness as of December 31, 2014 and 2013, was as follows: | ||||||||
AT DEC. 31, | ||||||||
(THOUSANDS) | 2014 | 2013 | ||||||
Bonds | ||||||||
Senior notes, 4.95%, due 2015 | $ | 50,000 | $ | 50,000 | ||||
Senior notes, 6.65%, due 2018 | 250,000 | 250,000 | ||||||
Senior notes, 4.33%, due 2027 | 50,000 | 50,000 | ||||||
Senior notes, 6.50%, due 2035 | 295,000 | 295,000 | ||||||
Senior notes, 6.00%, due 2040 | 250,000 | 250,000 | ||||||
Senior notes, 5.12%, due 2041 | 100,000 | 100,000 | ||||||
Series A GO Zone bonds, due 2038, mandatory tender in 2015 | 50,000 | 50,000 | ||||||
Series B GO Zone bonds, 4.25%, due 2038 | 50,000 | 50,000 | ||||||
Solid waste disposal facility bonds, 4.70%, due 2036, callable after November 1, 2016 | 60,000 | 60,000 | ||||||
Cleco Katrina/Rita’s storm recovery bonds, 4.41%, due 2020 | 33,754 | 48,630 | ||||||
Cleco Katrina/Rita’s storm recovery bonds, 5.61%, due 2023 | 67,600 | 67,600 | ||||||
Total bonds | 1,256,354 | 1,271,230 | ||||||
Other long-term debt | ||||||||
Bank term loan, due 2015 | 35,000 | 35,000 | ||||||
Credit facility draws | 20,000 | 20,000 | ||||||
Barge lease obligations, ending 2017 | 6,873 | 9,179 | ||||||
Gross amount of long-term debt | 1,318,227 | 1,335,409 | ||||||
Less: long-term debt due within one year | 15,824 | 14,876 | ||||||
Less: lease obligations classified as long-term debt due within one year | 2,448 | 2,305 | ||||||
Unamortized discount | (7,302 | ) | (7,728 | ) | ||||
Total long-term debt, net | $ | 1,292,653 | $ | 1,310,500 | ||||
Future Amounts Payable Under Long-Term Debt Agreements | The principal amounts payable under long-term debt agreements for each year through 2019 and thereafter are as follows: | |||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||
Amounts payable under long-term debt agreements | ||||||||
2015 | $ | 100,824 | ||||||
2016 | $ | 16,814 | ||||||
2017 | $ | 17,896 | ||||||
2018 | $ | 289,193 | ||||||
2019 | $ | 20,571 | ||||||
Thereafter | $ | 866,056 | ||||||
Common_Stock_Tables
Common Stock (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||
Fair Value Assumptions of Non-Vested Stock | The fair value of shares of non-vested stock granted during 2014, 2013, and 2012 under the LTICP is estimated on the date of grant and is marked-to-market using the Monte | |||||||||||||||||||||||
Carlo simulation model with the assumptions listed in the following table: | ||||||||||||||||||||||||
AT DEC. 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Expected term (in years) (1) | 3 | 3 | 3 | |||||||||||||||||||||
Volatility of Cleco stock (2) | 17.3 | % | 18.1 | % | 21.5 | % | ||||||||||||||||||
Correlation between Cleco stock volatility and peer group | 66.5 | % | 69.7 | % | 66 | % | ||||||||||||||||||
Expected dividend yield | 3 | % | 3.2 | % | 3.3 | % | ||||||||||||||||||
Weighted average fair value (Monte Carlo model) | $ | 54.58 | $ | 42.66 | $ | 41.56 | ||||||||||||||||||
(1) The expected term was based on the service period of the award. | ||||||||||||||||||||||||
(2) The volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term. | ||||||||||||||||||||||||
Summary of Non-Vested Stock Activity | A summary of non-vested stock activity during the year ended December 31, 2014, is presented in the following table: | |||||||||||||||||||||||
SHARES | WEIGHTED | |||||||||||||||||||||||
-AVERAGE | ||||||||||||||||||||||||
GRANT-DATE | ||||||||||||||||||||||||
FAIR VALUE | ||||||||||||||||||||||||
Non-vested at January 1, 2014 | 340,998 | $ | 38.26 | |||||||||||||||||||||
Granted | 135,379 | $ | 48.65 | |||||||||||||||||||||
Vested | (155,310 | ) | $ | 37.66 | ||||||||||||||||||||
Forfeited | (9,350 | ) | $ | 44.16 | ||||||||||||||||||||
Non-vested at December 31, 2014 | 311,717 | $ | 42.9 | |||||||||||||||||||||
Stock Based Compensation | Pre-tax compensation expense reported by Cleco and Cleco Power relating to their share-based compensation plans is shown in the following table: | |||||||||||||||||||||||
CLECO | CLECO POWER | |||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Equity classification | ||||||||||||||||||||||||
Non-vested stock (1) | $ | 6,308 | $ | 6,147 | $ | 4,429 | $ | 2,004 | $ | 1,754 | $ | 1,074 | ||||||||||||
Stock options (1) | — | — | 11 | — | — | — | ||||||||||||||||||
Total equity classification | $ | 6,308 | $ | 6,147 | $ | 4,440 | $ | 2,004 | $ | 1,754 | $ | 1,074 | ||||||||||||
Liability classification | ||||||||||||||||||||||||
Common stock equivalent units | $ | — | $ | 1 | $ | 1,506 | $ | — | $ | — | $ | 609 | ||||||||||||
Total pre-tax compensation expense | $ | 6,308 | $ | 6,148 | $ | 5,946 | $ | 2,004 | $ | 1,754 | $ | 1,683 | ||||||||||||
Tax benefit (excluding income tax gross-up) | $ | 2,427 | $ | 2,366 | $ | 2,288 | $ | 771 | $ | 675 | $ | 648 | ||||||||||||
(1) For each of the years ended December 31, 2014, 2013, and 2012, compensation expense included in Cleco’s Consolidated Statements of Income related to non-forfeitable dividends paid on non-vested stock that is not expected to vest and stock options was $0.1 million |
Pension_Plan_and_Employee_Bene1
Pension Plan and Employee Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||||||||||||||||
Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Pension Plans | The employee pension plan and other benefits obligation plan assets and funded status at December 31, 2014 and 2013, are presented in the following table: | |||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 392,488 | $ | 431,569 | $ | 43,840 | $ | 45,569 | ||||||||||||||||
Service cost | 8,050 | 9,889 | 1,542 | 1,656 | ||||||||||||||||||||
Interest cost | 19,851 | 17,940 | 1,809 | 1,568 | ||||||||||||||||||||
Plan participants’ contributions | — | — | 872 | 1,241 | ||||||||||||||||||||
Actuarial loss (gain) | 95,576 | (50,133 | ) | 1,228 | (1,768 | ) | ||||||||||||||||||
Expenses paid | (1,671 | ) | (1,916 | ) | — | — | ||||||||||||||||||
Medicare D | — | — | 132 | 194 | ||||||||||||||||||||
Other adjustments | — | — | (551 | ) | 601 | |||||||||||||||||||
Benefits paid | (15,922 | ) | (14,861 | ) | (4,220 | ) | (5,221 | ) | ||||||||||||||||
Benefit obligation at end of year | 498,372 | 392,488 | 44,652 | 43,840 | ||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 384,555 | 344,041 | — | — | ||||||||||||||||||||
Actual return on plan assets | 45,841 | 23,291 | — | — | ||||||||||||||||||||
Employer contributions | — | 34,000 | — | — | ||||||||||||||||||||
Expenses paid | (1,671 | ) | (1,916 | ) | — | — | ||||||||||||||||||
Benefits paid | (15,922 | ) | (14,861 | ) | — | — | ||||||||||||||||||
Fair value of plan assets at end of year | 412,803 | 384,555 | — | — | ||||||||||||||||||||
Unfunded status | $ | (85,569 | ) | $ | (7,933 | ) | $ | (44,652 | ) | $ | (43,840 | ) | ||||||||||||
Accumulated Benefit Obligation | The employee pension plan accumulated benefit obligation at December 31, 2014 and 2013, is presented in the following table: | |||||||||||||||||||||||
PENSION BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||||||||||||||
Accumulated benefit obligation | $ | 452,991 | $ | 358,128 | ||||||||||||||||||||
Amounts Recognized in Other Comprehensive Income | The authoritative guidelines for compensation of retirement benefits require the disclosure of the net actuarial gains/losses, transition obligations/assets, and prior period service costs included in other comprehensive income as a result of being included as a component of net periodic benefit costs. The following table presents those items for the employee pension plan and other benefits plan at December 31, 2014 and 2013: | |||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Net actuarial loss (gain) occurring during year | $ | 74,242 | $ | (49,978 | ) | $ | 1,228 | $ | (1,768 | ) | ||||||||||||||
Prior service cost occurring during year | $ | — | $ | — | $ | — | $ | 601 | ||||||||||||||||
Net actuarial loss amortized during year | $ | 6,743 | $ | 13,218 | $ | 670 | $ | 1,131 | ||||||||||||||||
Transition obligation amortized during year | $ | — | $ | — | $ | 16 | $ | 20 | ||||||||||||||||
Prior service (credit) cost amortized during year | $ | (71 | ) | $ | (71 | ) | $ | 119 | $ | — | ||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income | The authoritative guidelines also require the disclosure of the net gains/losses, transition obligations/assets, and prior period service costs/credits in accumulated other comprehensive income for other benefits and in regulatory assets for pension that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2015. The following table presents those items for the employee pension plan and other benefits plans for December 31, 2015, 2014, and 2013: | |||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
(THOUSANDS) | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||
Net actuarial loss | $ | 13,491 | $ | 161,320 | $ | 93,821 | $ | 865 | $ | 10,710 | $ | 10,703 | ||||||||||||
Transition obligation | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 16 | ||||||||||||
Prior service (credit) cost | $ | (71 | ) | $ | (417 | ) | $ | (488 | ) | $ | 119 | $ | 482 | $ | 601 | |||||||||
Components of Net Periodic Pension and Other Benefit Costs | The components of net periodic pension and other benefits costs for 2014, 2013, and 2012 are as follows: | |||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Components of periodic benefit costs | ||||||||||||||||||||||||
Service cost | $ | 8,050 | $ | 9,889 | $ | 8,312 | $ | 1,542 | $ | 1,656 | $ | 1,461 | ||||||||||||
Interest cost | 19,851 | 17,940 | 18,254 | 1,809 | 1,568 | 2,239 | ||||||||||||||||||
Expected return on plan assets | (24,507 | ) | (23,446 | ) | (20,806 | ) | — | — | — | |||||||||||||||
Amortizations: | ||||||||||||||||||||||||
Transition obligation | — | — | — | 16 | 20 | 20 | ||||||||||||||||||
Prior period service (credit) cost | (71 | ) | (71 | ) | (71 | ) | 119 | — | — | |||||||||||||||
Net loss | 6,743 | 13,218 | 8,346 | 670 | 1,131 | 1,479 | ||||||||||||||||||
Net periodic benefit cost | $ | 10,066 | $ | 17,530 | $ | 14,035 | $ | 4,156 | $ | 4,375 | $ | 5,199 | ||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligation and Net Periodic Costs | The assumptions used to determine the benefit obligation and the periodic costs are as follows: | |||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Weighted-average assumptions used to determine the benefit obligation as of December 31: | ||||||||||||||||||||||||
Discount rate | 4.21 | % | 5.14 | % | 3.76 | % | 4.46 | % | ||||||||||||||||
Rate of compensation increase | 3.17 | % | 3.26 | % | N/A | N/A | ||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Weighted-average assumptions used to determine the net benefit cost for the year ended December 31: | ||||||||||||||||||||||||
Discount rate | 5.14 | % | 4.19 | % | 5.08 | % | 4.46 | % | 3.54 | % | 4.51 | % | ||||||||||||
Expected return on plan assets | 6.76 | % | 6.78 | % | 6.61 | % | N/A | N/A | N/A | |||||||||||||||
Rate of compensation increase | 3.17 | % | 3.26 | % | 3.37 | % | N/A | N/A | N/A | |||||||||||||||
Fair Value Allocation of Pension Plan Assets | The following tables disclose the pension plan’s fair value of financial assets measured on a recurring basis and within the scope of the authoritative guidance for fair value measurements and disclosures: | |||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2014 | QUOTED PRICES | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||
IN ACTIVE | OTHER | UNOBSERVABLE | ||||||||||||||||||||||
MARKETS FOR | OBSERVABLE | INPUTS | ||||||||||||||||||||||
IDENTICAL ASSETS | INPUTS | (LEVEL 3) | ||||||||||||||||||||||
(LEVEL 1) | (LEVEL 2) | |||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,180 | $ | — | $ | 5,180 | $ | — | ||||||||||||||||
Common stock | 13,967 | 13,967 | — | — | ||||||||||||||||||||
Preferred stock | 968 | 968 | — | — | ||||||||||||||||||||
Obligations of United States Government and United States Government Agencies | 49,942 | — | 49,942 | — | ||||||||||||||||||||
Mutual funds | ||||||||||||||||||||||||
Domestic | 55,005 | 55,005 | — | — | ||||||||||||||||||||
International | 25,096 | 25,096 | — | — | ||||||||||||||||||||
Common/collective trust fund | 37,542 | — | 37,542 | — | ||||||||||||||||||||
Real estate funds | 18,792 | — | — | 18,792 | ||||||||||||||||||||
Hedge fund of funds | 1,228 | — | — | 1,228 | ||||||||||||||||||||
Corporate debt | 202,253 | — | 202,253 | — | ||||||||||||||||||||
Total | $ | 409,973 | $ | 95,036 | $ | 294,917 | $ | 20,020 | ||||||||||||||||
Interest accrual | 2,830 | |||||||||||||||||||||||
Total net assets | $ | 412,803 | ||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2013 | QUOTED PRICES | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||
IN ACTIVE | OTHER | UNOBSERVABLE | ||||||||||||||||||||||
MARKETS FOR | OBSERVABLE | INPUTS | ||||||||||||||||||||||
IDENTICAL ASSETS | INPUTS | (LEVEL 3) | ||||||||||||||||||||||
(LEVEL 1) | (LEVEL 2) | |||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,942 | $ | — | $ | 5,942 | $ | — | ||||||||||||||||
Common stock | 17,918 | 17,918 | — | — | ||||||||||||||||||||
Preferred stock | 939 | 939 | — | — | ||||||||||||||||||||
Obligations of United States Government and United States Government Agencies | 41,413 | — | 41,413 | — | ||||||||||||||||||||
Mutual funds | ||||||||||||||||||||||||
Domestic | 54,609 | 54,609 | — | — | ||||||||||||||||||||
International | 26,254 | 26,254 | — | — | ||||||||||||||||||||
Common/collective trust fund | 42,078 | — | 42,078 | — | ||||||||||||||||||||
Real estate funds | 17,928 | — | — | 17,928 | ||||||||||||||||||||
Hedge fund of funds | 1,740 | — | — | 1,740 | ||||||||||||||||||||
Corporate debt | 172,950 | — | 172,950 | — | ||||||||||||||||||||
Total | $ | 381,771 | $ | 99,720 | $ | 262,383 | $ | 19,668 | ||||||||||||||||
Interest accrual | 2,784 | |||||||||||||||||||||||
Total net assets | $ | 384,555 | ||||||||||||||||||||||
The following chart shows the dynamic asset allocation based on the funded ratio at December 31, 2014: | ||||||||||||||||||||||||
PERCENT OF TOTAL PLAN ASSETS* | ||||||||||||||||||||||||
MINIMUM | TARGET | MAXIMUM | ||||||||||||||||||||||
Return-seeking | ||||||||||||||||||||||||
Domestic equity | 16 | % | ||||||||||||||||||||||
International equity | 16 | % | ||||||||||||||||||||||
Real estate | 7 | % | ||||||||||||||||||||||
Hedge fund of funds | 1 | % | ||||||||||||||||||||||
Total return-seeking | 35 | % | 40 | % | 45 | % | ||||||||||||||||||
Liability hedging | ||||||||||||||||||||||||
Fixed income- long government/credit | 20 | % | ||||||||||||||||||||||
Fixed income - long credit | 40 | % | ||||||||||||||||||||||
Total liability hedging | 55 | % | 60 | % | 64 | % | ||||||||||||||||||
*Minimums and maximums within subcategories not intended to equal total for category. | ||||||||||||||||||||||||
Pension Plan Unobservable Input Reconciliation | The following is a reconciliation of the beginning and ending balances of the pension plan’s real estate funds and hedge fund of funds measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||
(THOUSANDS) | REAL ESTATE | HEDGE FUND | TOTAL | |||||||||||||||||||||
FUNDS | OF FUNDS | |||||||||||||||||||||||
December 31, 2012 | $ | 17,341 | $ | 2,587 | $ | 19,928 | ||||||||||||||||||
Realized gain | — | 12 | 12 | |||||||||||||||||||||
Unrealized gain | 128 | 71 | 199 | |||||||||||||||||||||
Purchases | 459 | — | 459 | |||||||||||||||||||||
Sales | — | (930 | ) | (930 | ) | |||||||||||||||||||
December 31, 2013 | $ | 17,928 | $ | 1,740 | $ | 19,668 | ||||||||||||||||||
Realized gain | — | 7 | 7 | |||||||||||||||||||||
Unrealized gain | 570 | 46 | 616 | |||||||||||||||||||||
Purchases | 294 | — | 294 | |||||||||||||||||||||
Sales | — | (565 | ) | (565 | ) | |||||||||||||||||||
December 31, 2014 | $ | 18,792 | $ | 1,228 | $ | 20,020 | ||||||||||||||||||
Assumed Health Care Cost Trend Rates | A one-percentage point change in assumed health care cost trend rates would have the following effects on other benefits: | |||||||||||||||||||||||
ONE-PERCENTAGE POINT | ||||||||||||||||||||||||
(THOUSANDS) | INCREASE | DECREASE | ||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 24 | $ | (28 | ) | |||||||||||||||||||
Effect on postretirement benefit obligation | $ | 272 | $ | (305 | ) | |||||||||||||||||||
Projected Benefit Payments and Projected Receipts | The projected benefit payments for the employee pension plan and other benefits obligation plan for each year through 2019 and the next five years thereafter are listed in the following table: | |||||||||||||||||||||||
(THOUSANDS) | PENSION BENEFITS | OTHER BENEFITS, GROSS | ||||||||||||||||||||||
2015 | $ | 17,343 | $ | 3,534 | ||||||||||||||||||||
2016 | $ | 18,249 | $ | 3,627 | ||||||||||||||||||||
2017 | $ | 19,408 | $ | 3,687 | ||||||||||||||||||||
2018 | $ | 20,510 | $ | 3,763 | ||||||||||||||||||||
2019 | $ | 21,741 | $ | 3,858 | ||||||||||||||||||||
Next five years | $ | 129,225 | $ | 19,171 | ||||||||||||||||||||
401(k) Plan Expense | Cleco’s 401(k) Plan expense for the years ended December 31, 2014, 2013, and 2012 is as follows: | |||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||||||||||||||
401(k) Plan expense | $ | 4,730 | $ | 4,422 | $ | 4,375 | ||||||||||||||||||
SERP Benefits [Member] | ||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||||||||||||||||||||||
Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Pension Plans | SERP’s funded status at December 31, 2014 and 2013, is presented in the following table: | |||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 57,865 | $ | 59,422 | ||||||||||||||||||||
Service cost | 2,278 | 2,055 | ||||||||||||||||||||||
Interest cost | 3,028 | 2,578 | ||||||||||||||||||||||
Actuarial loss (gain) | 13,436 | (3,477 | ) | |||||||||||||||||||||
Benefits paid | (2,705 | ) | (2,713 | ) | ||||||||||||||||||||
Benefit obligation at end of year | $ | 73,902 | $ | 57,865 | ||||||||||||||||||||
Accumulated Benefit Obligation | SERP’s accumulated benefit obligation at December 31, 2014 and 2013, is presented in the following table: | |||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||||||||||||||
Accumulated benefit obligation | $ | 67,126 | $ | 53,046 | ||||||||||||||||||||
Amounts Recognized in Other Comprehensive Income | The authoritative guidelines on compensation for retirement benefits require the disclosure of the net actuarial gains/losses, transition obligations/assets, and prior period service costs included in other comprehensive income as a result of being amortized as a component of net periodic benefit costs. The following table presents those items for the SERP at December 31, 2014 and 2013: | |||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||||||||||||||
Net actuarial loss (gain) occurring during year | $ | 13,436 | $ | (3,477 | ) | |||||||||||||||||||
Net actuarial loss amortized during year | $ | 1,876 | $ | 2,305 | ||||||||||||||||||||
Prior service cost amortized during year | $ | 54 | $ | 54 | ||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income | The authoritative guidelines on compensation for retirement benefits also require the disclosure of the net gains/losses, transition obligations/assets, and prior period service costs/credit in accumulated other comprehensive income that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2015. The following table presents those items for SERP for December 31, 2015, 2014, and 2013: | |||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2015 | 2014 | 2013 | |||||||||||||||||||||
Net actuarial loss | $ | 2,919 | $ | 31,224 | $ | 19,663 | ||||||||||||||||||
Prior service cost | $ | 54 | $ | 173 | $ | 227 | ||||||||||||||||||
Components of Net Periodic Pension and Other Benefit Costs | The components of the net SERP costs for 2014, 2013, and 2012 are as follows: | |||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Components of periodic benefit costs: | ||||||||||||||||||||||||
Service cost | $ | 2,278 | $ | 2,055 | $ | 1,487 | ||||||||||||||||||
Interest cost | 3,028 | 2,578 | 2,526 | |||||||||||||||||||||
Amortizations: | ||||||||||||||||||||||||
Prior period service cost | 54 | 54 | 54 | |||||||||||||||||||||
Net loss | 1,875 | 2,305 | 1,764 | |||||||||||||||||||||
Net periodic benefit cost | $ | 7,235 | $ | 6,992 | $ | 5,831 | ||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligation and Net Periodic Costs | The assumptions used to determine the benefit obligation and the periodic costs are as follows: | |||||||||||||||||||||||
SERP | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Weighted-average assumptions used to determine the benefit obligation as of December 31: | ||||||||||||||||||||||||
Discount rate | 4.2 | % | 5.09 | % | ||||||||||||||||||||
Rate of compensation increase | 5 | % | 5 | % | ||||||||||||||||||||
SERP | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Weighted-average assumptions used to determine the net benefit cost for the year ended December 31: | ||||||||||||||||||||||||
Discount rate | 5.09 | % | 4.17 | % | 4.99 | % | ||||||||||||||||||
Rate of compensation increase | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Projected Benefit Payments and Projected Receipts | The projected benefit payments for the SERP for each year through 2019 and the next five years thereafter are shown in the following table: | |||||||||||||||||||||||
(THOUSANDS) | 2015 | 2016 | 2017 | 2018 | 2019 | NEXT FIVE | ||||||||||||||||||
YEARS | ||||||||||||||||||||||||
SERP | $ | 3,094 | $ | 3,324 | $ | 3,375 | $ | 3,567 | $ | 3,735 | $ | 22,206 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Effective Income Tax Rate Reconciliation | For the years ended December 31, 2014, 2013, and 2012, income tax expense was lower than the amount computed by applying the statutory federal rate to income before tax. The differences are as follows: | |||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS, EXCEPT FOR %) | 2014 | 2013 | 2012 | |||||||||
Income before tax | $ | 221,855 | $ | 240,260 | $ | 228,975 | ||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Tax at federal statutory rate | $ | 77,649 | $ | 84,091 | $ | 80,141 | ||||||
Increase (decrease): | ||||||||||||
Plant differences, including AFUDC flowthrough | 462 | 427 | (1,222 | ) | ||||||||
Amortization of investment tax credits | (983 | ) | (1,108 | ) | (1,180 | ) | ||||||
State income taxes | 23 | 1,094 | (218 | ) | ||||||||
Settlement with taxing authorities | (9,106 | ) | — | — | ||||||||
New markets tax credits | (754 | ) | (4,806 | ) | (9,261 | ) | ||||||
Other | (175 | ) | (123 | ) | (2,933 | ) | ||||||
Total taxes | $ | 67,116 | $ | 79,575 | $ | 65,327 | ||||||
Effective Rate | 30.3 | % | 33.1 | % | 28.5 | % | ||||||
Current and Deferred Income Tax Expense | Information about current and deferred income tax expense is as follows: | |||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||
Current federal income tax expense | $ | 11,082 | $ | 15,672 | $ | 47,768 | ||||||
Deferred federal income tax expense | 71,061 | 65,237 | 21,724 | |||||||||
Amortization of accumulated deferred investment tax credits | (983 | ) | (1,108 | ) | (1,180 | ) | ||||||
Total federal income tax expense | $ | 81,160 | $ | 79,801 | $ | 68,312 | ||||||
Current state income tax benefit | (6,580 | ) | (978 | ) | (1,192 | ) | ||||||
Deferred state income tax (benefit) expense | (7,464 | ) | 752 | (1,793 | ) | |||||||
Total state income tax benefit | $ | (14,044 | ) | $ | (226 | ) | $ | (2,985 | ) | |||
Total federal and state income tax expense | $ | 67,116 | $ | 79,575 | $ | 65,327 | ||||||
Items charged or credited directly to shareholders’ equity | ||||||||||||
Federal deferred | (3,656 | ) | 3,497 | (2,386 | ) | |||||||
State deferred | (590 | ) | 565 | (385 | ) | |||||||
Total tax (benefit) expense from items charged directly to shareholders’ equity | $ | (4,246 | ) | $ | 4,062 | $ | (2,771 | ) | ||||
Total federal and state income tax expense | $ | 62,870 | $ | 83,637 | $ | 62,556 | ||||||
Deferred Tax Assets and Liabilities | The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2014 and 2013 was comprised of the following: | |||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||
Depreciation and property basis differences | $ | (892,725 | ) | $ | (878,298 | ) | ||||||
Net operating loss carryforward | 56,315 | 95,360 | ||||||||||
New markets tax credits | 84,504 | 99,782 | ||||||||||
Fuel costs | (11,686 | ) | (7,229 | ) | ||||||||
Other comprehensive income | 19,576 | 15,330 | ||||||||||
Regulated operations regulatory liability, net | (90,135 | ) | (84,702 | ) | ||||||||
Postretirement benefits other than pension | 812 | (5,075 | ) | |||||||||
Other | (8,734 | ) | (10,139 | ) | ||||||||
Accumulated deferred federal and state income taxes | $ | (842,073 | ) | $ | (774,971 | ) | ||||||
Liability for Unrecognized Tax Benefits | The total amounts of uncertain tax positions and related interest payable and interest expense, as reflected on Cleco and Cleco Power’s Consolidated Balance Sheets and Statements of Income, are shown in the following tables: | |||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 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 the existing rate orders. The amounts expected to be recoverable from Cleco Power’s customers under existing rate orders for settled positions at December 31, 2014 and December 31, 2013, are $5.2 million and $8.4 million, respectively. | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||
Interest charges | ||||||||||||
Cleco | $ | — | $ | 154 | $ | (9,223 | ) | |||||
Cleco Power | $ | — | $ | 11 | $ | (11,648 | ) | |||||
The total liability for unrecognized tax benefits for Cleco and Cleco Power at December 31, 2014, 2013, and 2012 is shown in the following table: | ||||||||||||
Cleco | ||||||||||||
(THOUSANDS) | LIABILITY FOR UNRECOGNIZED | |||||||||||
TAX BENEFITS | ||||||||||||
Balance at January 1, 2012 | $ | 56,235 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reduction for tax positions of prior years | — | |||||||||||
Reduction for settlement with tax authority | (53,109 | ) | ||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2012 | $ | 3,126 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | 2,193 | |||||||||||
Reduction for tax positions of prior years | (248 | ) | ||||||||||
Reduction for settlement with tax authority | — | |||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2013 | $ | 5,071 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reduction for tax positions of prior years | — | |||||||||||
Reduction for settlement with tax authority | (5,071 | ) | ||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2014 | $ | — | ||||||||||
Cleco Power [Member] | ||||||||||||
Effective Income Tax Rate Reconciliation | Cleco Power | |||||||||||
Income tax expense is lower than the amount computed by applying the statutory rate to income before tax, as follows: | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS, EXCEPT FOR %) | 2014 | 2013 | 2012 | |||||||||
Income before tax | $ | 231,290 | $ | 229,791 | $ | 214,981 | ||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Tax at federal statutory rate | $ | 80,952 | $ | 80,427 | $ | 75,243 | ||||||
Increase (decrease): | ||||||||||||
Plant differences, including AFUDC flowthrough | 462 | 427 | (1,222 | ) | ||||||||
Amortization of investment tax credits | (983 | ) | (1,108 | ) | (1,180 | ) | ||||||
State income taxes | 351 | 730 | (705 | ) | ||||||||
Settlement with taxing authorities | (2,320 | ) | — | — | ||||||||
Other | (1,488 | ) | (1,095 | ) | (4,003 | ) | ||||||
Total taxes | $ | 76,974 | $ | 79,381 | $ | 68,133 | ||||||
Effective Rate | 33.3 | % | 34.5 | % | 31.7 | % | ||||||
Current and Deferred Income Tax Expense | Information about current and deferred income tax expense is as follows: | |||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||
Current federal income tax (benefit) expense | $ | (197 | ) | $ | (33 | ) | $ | 13,008 | ||||
Deferred federal income tax expense | 83,676 | 81,188 | 59,008 | |||||||||
Amortization of accumulated deferred investment tax credits | (983 | ) | (1,108 | ) | (1,180 | ) | ||||||
Total federal income tax expense | $ | 82,496 | $ | 80,047 | $ | 70,836 | ||||||
Current state income tax benefit | (4,161 | ) | (1,012 | ) | (1,060 | ) | ||||||
Deferred state income tax (benefit) expense | (1,361 | ) | 346 | (1,643 | ) | |||||||
Total state income tax benefit | $ | (5,522 | ) | $ | (666 | ) | $ | (2,703 | ) | |||
Total federal and state income taxes | $ | 76,974 | $ | 79,381 | $ | 68,133 | ||||||
Items charged or credited directly to members’ equity | ||||||||||||
Federal deferred | (1,137 | ) | 2,824 | 20 | ||||||||
State deferred | (184 | ) | 456 | 3 | ||||||||
Total tax (benefit) expense from items charged directly to member’s equity | $ | (1,321 | ) | $ | 3,280 | $ | 23 | |||||
Total federal and state income tax expense | $ | 75,653 | $ | 82,661 | $ | 68,156 | ||||||
Deferred Tax Assets and Liabilities | The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2014 and 2013, was comprised of the following: | |||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||
Depreciation and property basis differences | $ | (890,030 | ) | $ | (836,771 | ) | ||||||
Net operating loss carryforward | 12,323 | 81,102 | ||||||||||
Fuel costs | (11,686 | ) | (7,229 | ) | ||||||||
Other comprehensive income | 10,002 | 8,681 | ||||||||||
Regulated operations regulatory liability, net | (90,135 | ) | (84,702 | ) | ||||||||
Postretirement benefits other than pension | (14,346 | ) | (19,056 | ) | ||||||||
Other | (10,735 | ) | (6,603 | ) | ||||||||
Accumulated deferred federal and state income taxes | $ | (994,607 | ) | $ | (864,578 | ) | ||||||
Liability for Unrecognized Tax Benefits | ||||||||||||
Cleco Power | ||||||||||||
(THOUSANDS) | LIABILITY FOR UNRECOGNIZED | |||||||||||
TAX BENEFITS | ||||||||||||
Balance at January 1, 2012 | $ | 52,558 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reduction for tax positions of prior years | — | |||||||||||
Reduction for settlement with tax authority | (52,310 | ) | ||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2012 | $ | 248 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reduction for tax positions of prior years | (248 | ) | ||||||||||
Reduction for settlement with tax authority | — | |||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2013 | $ | — | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reduction for tax positions of prior years | — | |||||||||||
Reduction for settlement with tax authority | — | |||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2014 | $ | — | ||||||||||
Disclosures_about_Segments_Tab
Disclosures about Segments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Segment Information | ||||||||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||||||
2014 (THOUSANDS) | CLECO POWER | OTHER | ELIMINATIONS | CONSOLIDATED | ||||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 1,225,960 | $ | — | $ | — | $ | 1,225,960 | ||||||||||||
Tolling operations | — | 5,467 | (5,467 | ) | — | |||||||||||||||
Other operations | 64,893 | 2,163 | (1 | ) | 67,055 | |||||||||||||||
Electric customer credits | (23,530 | ) | — | — | (23,530 | ) | ||||||||||||||
Affiliate revenue | 1,326 | 56,031 | (57,357 | ) | — | |||||||||||||||
Operating revenue, net | $ | 1,268,649 | $ | 63,661 | $ | (62,825 | ) | $ | 1,269,485 | |||||||||||
Depreciation | $ | 144,026 | $ | 2,479 | $ | — | $ | 146,505 | ||||||||||||
Merger transaction costs | $ | — | $ | 17,848 | $ | — | $ | 17,848 | ||||||||||||
Interest charges | $ | 74,673 | $ | (1,538 | ) | $ | 471 | $ | 73,606 | |||||||||||
Interest income | $ | 1,707 | $ | (410 | ) | $ | 471 | $ | 1,768 | |||||||||||
Federal and state income tax expense (benefit) | $ | 76,974 | $ | (9,858 | ) | $ | — | $ | 67,116 | |||||||||||
Net income | $ | 154,316 | $ | 424 | $ | (1 | ) | $ | 154,739 | |||||||||||
Additions to property, plant, and equipment | $ | 206,607 | $ | 1,029 | $ | — | $ | 207,636 | ||||||||||||
Equity investment in investees | $ | 14,532 | $ | 8 | $ | — | $ | 14,540 | ||||||||||||
Total segment assets | $ | 4,242,986 | $ | 248,654 | $ | (112,567 | ) | $ | 4,379,073 | |||||||||||
2013 (THOUSANDS) | CLECO POWER | MIDSTREAM | OTHER | ELIMINATIONS | CONSOLIDATED | |||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 1,047,548 | $ | — | $ | — | $ | — | $ | 1,047,548 | ||||||||||
Tolling operations | — | 31,670 | (31,670 | ) | — | |||||||||||||||
Other operations | 48,909 | 2 | 2,091 | — | 51,002 | |||||||||||||||
Electric customer credits | (1,836 | ) | — | — | — | (1,836 | ) | |||||||||||||
Affiliate revenue | 1,338 | — | 55,145 | (56,483 | ) | — | ||||||||||||||
Operating revenue, net | $ | 1,095,959 | $ | 31,672 | $ | 57,236 | $ | (88,153 | ) | $ | 1,096,714 | |||||||||
Depreciation | $ | 135,717 | $ | 6,043 | $ | 1,100 | $ | — | $ | 142,860 | ||||||||||
Interest charges | $ | 82,677 | $ | (331 | ) | $ | 1,274 | $ | 634 | $ | 84,254 | |||||||||
Interest income | $ | 1,100 | $ | — | $ | (628 | ) | $ | 633 | $ | 1,105 | |||||||||
Federal and state income tax expense (benefit) | $ | 79,381 | $ | 7,110 | $ | (6,917 | ) | $ | 1 | $ | 79,575 | |||||||||
Net income | $ | 150,410 | $ | 4,372 | $ | 5,903 | $ | — | $ | 160,685 | ||||||||||
Additions to property, plant, and equipment | $ | 184,684 | $ | 4,106 | $ | 3,086 | $ | — | $ | 191,876 | ||||||||||
Equity investment in investees | $ | 14,532 | $ | — | $ | 8 | $ | — | $ | 14,540 | ||||||||||
Total segment assets | $ | 3,943,712 | $ | 225,832 | $ | 88,234 | $ | (42,516 | ) | $ | 4,215,262 | |||||||||
2012 (THOUSANDS) | CLECO POWER | MIDSTREAM | OTHER | ELIMINATIONS | CONSOLIDATED | |||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 944,169 | $ | — | $ | — | $ | — | $ | 944,169 | ||||||||||
Tolling operations | — | 25,559 | — | (25,559 | ) | — | ||||||||||||||
Other operations | 48,156 | 3 | 1,998 | 1 | 50,158 | |||||||||||||||
Electric customer credits | (630 | ) | — | — | — | (630 | ) | |||||||||||||
Affiliate revenue | 1,372 | — | 52,063 | (53,435 | ) | — | ||||||||||||||
Operating revenue, net | $ | 993,067 | $ | 25,562 | $ | 54,061 | $ | (78,993 | ) | $ | 993,697 | |||||||||
Depreciation | $ | 125,486 | $ | 6,006 | $ | 916 | $ | (1 | ) | $ | 132,407 | |||||||||
Interest charges | $ | 80,502 | $ | 770 | $ | 2,269 | $ | 615 | $ | 84,156 | ||||||||||
Interest income | $ | 333 | $ | — | $ | (602 | ) | $ | 615 | $ | 346 | |||||||||
Federal and state income tax expense (benefit) | $ | 68,133 | $ | 6,404 | $ | (9,210 | ) | $ | — | $ | 65,327 | |||||||||
Net income | $ | 146,848 | $ | 9,155 | $ | 7,645 | $ | — | $ | 163,648 | ||||||||||
Additions to property, plant, and equipment | $ | 222,104 | $ | 8,759 | $ | 1,861 | $ | — | $ | 232,724 | ||||||||||
Equity investment in investees | $ | 14,532 | $ | — | $ | 8 | $ | — | $ | 14,540 | ||||||||||
Total segment assets | $ | 3,871,729 | $ | 215,342 | $ | 201,678 | $ | (141,400 | ) | $ | 4,147,349 | |||||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) (Cleco Power [Member]) | 12 Months Ended | |||||||||||
Dec. 31, 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: | |||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 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: | |||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||
Current assets | $ | 2,792 | $ | 2,289 | ||||||||
Property, plant, and equipment, net | 22,457 | 22,611 | ||||||||||
Other assets | 3,847 | 4,256 | ||||||||||
Total assets | $ | 29,096 | $ | 29,156 | ||||||||
Current liabilities | $ | 31 | $ | 91 | ||||||||
Partners’ capital | 29,065 | 29,065 | ||||||||||
Total liabilities and partners’ capital | $ | 29,096 | $ | 29,156 | ||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||
Operating revenue | $ | 2,248 | $ | 2,558 | $ | 1,126 | ||||||
Operating expenses | 2,248 | 2,558 | 1,126 | |||||||||
Income before taxes | $ | — | $ | — | $ | — | ||||||
The following table presents the components of Cleco Power’s equity investment in Oxbow: | ||||||||||||
AT DEC. 31, | ||||||||||||
INCEPTION TO DATE (THOUSANDS) | 2014 | 2013 | ||||||||||
Purchase price | $ | 12,873 | $ | 12,873 | ||||||||
Cash contributions | 1,659 | 1,659 | ||||||||||
Total equity investment in investee | $ | 14,532 | $ | 14,532 | ||||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Leases [Abstract] | ||||||||||||
Summary of Expected Operating Lease Payments | The following table is a summary of expected operating lease payments for Cleco and Cleco Power for the years indicated: | |||||||||||
YEAR ENDING DEC. 31, | ||||||||||||
(THOUSANDS) | CLECO CORPORATION | CLECO | TOTAL | |||||||||
POWER | ||||||||||||
2015 | $ | 309 | $ | 9,952 | $ | 10,261 | ||||||
2016 | 307 | 9,339 | 9,646 | |||||||||
2017 | 307 | 7,504 | 7,811 | |||||||||
2018 | 305 | 3,577 | 3,882 | |||||||||
2019 | — | 3,563 | 3,563 | |||||||||
Thereafter | — | 8,375 | 8,375 | |||||||||
Total operating lease payments | $ | 1,228 | $ | 42,310 | $ | 43,538 | ||||||
Litigation_Other_Commitments_a1
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Recorded Unconditional Purchase Obligation [Line Items] | ||||||||||||||||||||
Off-Balance Sheet Commitments | Cleco and Cleco Power’s off-balance sheet commitments as of December 31, 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 and Cleco Power’s financial condition. | |||||||||||||||||||
AT DEC. 31, 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. | ||||||||||||||||||||
Future Equity Contributions | 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 DEC. 31, 2014 | ||||||||||||||||||||
AMOUNT OF COMMITMENT EXPIRATION PER PERIOD | ||||||||||||||||||||
(THOUSANDS) | NET AMOUNT | LESS THAN | 1-3 YEARS | 3-5 YEARS | MORE THAN | |||||||||||||||
COMMITTED | ONE YEAR | 5 YEARS | ||||||||||||||||||
Off-balance sheet commitments | $ | 6,225 | $ | — | $ | — | $ | — | $ | 6,225 | ||||||||||
On-balance sheet guarantees | 3,781 | — | — | — | 3,781 | |||||||||||||||
Total | $ | 10,006 | $ | — | $ | — | $ | — | $ | 10,006 | ||||||||||
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: | $ | 9,966 | ||||||||||||||||||
Less: unamortized discount | 862 | |||||||||||||||||||
Total | $ | 9,104 | ||||||||||||||||||
Future Minimum Capital Lease Payments | The principal amounts payable under the capital lease agreements for each year through 2017 are as follows: | |||||||||||||||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||||||||||||||
Amounts payable under capital lease agreements | ||||||||||||||||||||
2015 | $ | 2,448 | ||||||||||||||||||
2016 | $ | 2,607 | ||||||||||||||||||
2017 | $ | 1,818 | ||||||||||||||||||
Cleco Power [Member] | ||||||||||||||||||||
Recorded Unconditional Purchase Obligation [Line Items] | ||||||||||||||||||||
Long-Term Purchase Obligations | The aggregate amount of payments required under such obligations at December 31, 2014, is as follows: | |||||||||||||||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||||||||||||||
2015 | $ | 92,934 | ||||||||||||||||||
2016 | 31,489 | |||||||||||||||||||
2017 | 18,328 | |||||||||||||||||||
2018 | 14,905 | |||||||||||||||||||
2019 | 3,688 | |||||||||||||||||||
Total long-term purchase obligations | $ | 161,344 | ||||||||||||||||||
Capital Leases by Major Classes | The following is an analysis of the leased property under capital leases by major classes: | |||||||||||||||||||
AT DEC. 31, | ||||||||||||||||||||
CLASSES OF PROPERTY (THOUSANDS) | 2014 | 2013 | ||||||||||||||||||
Barges | $ | 6,486 | $ | 8,918 | ||||||||||||||||
Less: accumulated amortization | 2,306 | 2,171 | ||||||||||||||||||
Net capital leases | $ | 4,180 | $ | 6,747 | ||||||||||||||||
Future Minimum Capital Lease Payments | The principal amounts payable under the capital lease agreements for each year through 2017 are as follows: | |||||||||||||||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||||||||||||||
Amounts payable under capital lease agreements | ||||||||||||||||||||
2015 | $ | 2,448 | ||||||||||||||||||
2016 | $ | 2,607 | ||||||||||||||||||
2017 | $ | 1,818 | ||||||||||||||||||
The following is a schedule by years of future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of December 31, 2014: | ||||||||||||||||||||
(THOUSANDS) | ||||||||||||||||||||
Years ending December 31, | ||||||||||||||||||||
2015 | $ | 3,725 | ||||||||||||||||||
2016 | 3,735 | |||||||||||||||||||
2017 | 2,480 | |||||||||||||||||||
Total minimum lease payments | $ | 9,940 | ||||||||||||||||||
Less: executory costs | 2,485 | |||||||||||||||||||
Net minimum lease payments | $ | 7,455 | ||||||||||||||||||
Less: amount representing interest | 582 | |||||||||||||||||||
Present value of net minimum lease payments | $ | 6,873 | ||||||||||||||||||
Current liabilities | $ | 2,448 | ||||||||||||||||||
Non-current liabilities | $ | 4,425 | ||||||||||||||||||
New Markets Tax Credit [Member] | ||||||||||||||||||||
Recorded Unconditional Purchase Obligation [Line Items] | ||||||||||||||||||||
Future Equity Contributions | The following table reflects remaining future equity contributions: | |||||||||||||||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||||||||||||||
2015 | $ | 4,552 | ||||||||||||||||||
2016 | 2,707 | |||||||||||||||||||
2017 | 2,707 | |||||||||||||||||||
Total | $ | 9,966 | ||||||||||||||||||
Affiliate_Transactions_Tables
Affiliate Transactions (Tables) (Cleco Power [Member]) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Cleco Power [Member] | ||||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||||
Schedule of Related Party Transactions | The following table shows the expense of the pension plan related to Cleco Power’s affiliates for the years ended 2014 and 2013: | |||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||
(THOUSANDS) | 2014 | 2013 | ||||||||||||||
Support Group | $ | 1,638 | $ | 2,193 | ||||||||||||
Midstream | 49 | 288 | ||||||||||||||
Total | $ | 1,687 | $ | 2,481 | ||||||||||||
The following table is a summary of charges from each affiliate included in Cleco Power’s Consolidated Statements of Income: | ||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||||||
Support Group | ||||||||||||||||
Other operations | $ | 50,801 | $ | 48,694 | $ | 43,171 | ||||||||||
Maintenance | $ | 2,091 | $ | 1,263 | $ | 1,437 | ||||||||||
Taxes other than income taxes | $ | (9 | ) | $ | (6 | ) | $ | (54 | ) | |||||||
Other expenses | $ | 339 | $ | 306 | $ | 932 | ||||||||||
Evangeline | ||||||||||||||||
Purchased power expense | $ | 5,467 | $ | 31,670 | $ | 25,559 | ||||||||||
Other expenses | $ | — | $ | 42 | $ | — | ||||||||||
Diversified Lands | ||||||||||||||||
Other expenses | $ | — | $ | 3 | $ | — | ||||||||||
The following table is a summary of revenue received from affiliates included in Cleco Power’s Consolidated Statements of Income: | ||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||||||
Affiliate revenue | ||||||||||||||||
Support Group | $ | 1,322 | $ | 1,318 | $ | 1,335 | ||||||||||
Midstream | — | — | 14 | |||||||||||||
Evangeline | 4 | 20 | 23 | |||||||||||||
Total affiliate revenue | $ | 1,326 | $ | 1,338 | $ | 1,372 | ||||||||||
Other income | ||||||||||||||||
Cleco Corporation | $ | 30 | $ | 26 | $ | — | ||||||||||
Support Group | 10 | — | — | |||||||||||||
Evangeline | 9 | 68 | 11 | |||||||||||||
Diversified Lands | 14 | 45 | 17 | |||||||||||||
Perryville | 5 | 10 | 6 | |||||||||||||
Attala | 5 | 8 | 6 | |||||||||||||
Total other income | $ | 73 | $ | 157 | $ | 40 | ||||||||||
Total | $ | 1,399 | $ | 1,495 | $ | 1,412 | ||||||||||
Cleco Power had the following affiliate receivable and payable balances associated with the service agreements: | ||||||||||||||||
AT DEC. 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(THOUSANDS) | ACCOUNTS | ACCOUNTS | ACCOUNTS | ACCOUNTS | ||||||||||||
RECEIVABLE | PAYABLE | RECEIVABLE | PAYABLE | |||||||||||||
Cleco Corporation | $ | 22,994 | $ | 525 | $ | 379 | $ | 389 | ||||||||
Support Group | 626 | 7,235 | 634 | 5,972 | ||||||||||||
Evangeline | — | — | 4 | 2,024 | ||||||||||||
Other(1) | 1 | — | 28 | 1 | ||||||||||||
Total | $ | 23,621 | $ | 7,760 | $ | 1,045 | $ | 8,386 | ||||||||
(1) Represents Attala, Diversified Lands, Midstream, and Perryville |
Intangible_Asset_Tables
Intangible Asset (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Intangible Asset, Net | The following table summarizes the intangible asset balance as of December 31, 2014 and 2013: | |||||||
AT DEC. 31, | ||||||||
(THOUSANDS) | 2014 | 2013 | ||||||
Gross carrying amount | $ | 177,537 | $ | 177,537 | ||||
Accumulated amortization | 86,895 | 71,530 | ||||||
Intangible asset | $ | 90,642 | $ | 106,007 | ||||
Expected Amortization Expense | The following table summarizes the amortization expense expected to be recognized during each year through 2019 and thereafter: | |||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||
Expected amortization expense | ||||||||
2015 | $ | 15,876 | ||||||
2016 | $ | 16,864 | ||||||
2017 | $ | 18,009 | ||||||
2018 | $ | 19,312 | ||||||
2019 | $ | 20,581 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accumulated Other Comprehensive Loss [Line Items] | ||||||||||||
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss are summarized in the following tables for Cleco and Cleco Power. All amounts are reported net of income taxes. Amounts in parentheses indicate debits. | |||||||||||
Cleco | ||||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET (LOSS) GAIN | NET (LOSS) GAIN ON CASH FLOW HEDGES | TOTAL AOCI | |||||||||
Balances, Dec. 31, 2011 | $ | (18,176 | ) | $ | (9,963 | ) | $ | (28,139 | ) | |||
Other comprehensive (loss) income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | (8,682 | ) | — | (8,682 | ) | |||||||
Net derivative gain | — | 433 | 433 | |||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||
Amortization of postretirement benefit net loss | 2,117 | — | 2,117 | |||||||||
Reclassification of net loss to interest charges | — | 37 | 37 | |||||||||
Reclassification of ineffectiveness to regulatory asset | — | 1,864 | 1,864 | |||||||||
Net current-period other comprehensive (loss) income | (6,565 | ) | 2,334 | (4,231 | ) | |||||||
Balances, Dec. 31, 2012 | $ | (24,741 | ) | $ | (7,629 | ) | $ | (32,370 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | 2,857 | — | 2,857 | |||||||||
Net derivative gain | — | 1,355 | 1,355 | |||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||
Amortization of postretirement benefit net loss | 2,159 | — | 2,159 | |||||||||
Reclassification of net loss to interest charges | — | 154 | 154 | |||||||||
Reclassification of ineffectiveness to regulatory asset | — | (31 | ) | (31 | ) | |||||||
Net current-period other comprehensive income | 5,016 | 1,478 | 6,494 | |||||||||
Balances, Dec. 31, 2013 | $ | (19,725 | ) | $ | (6,151 | ) | $ | (25,876 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | (9,022 | ) | — | (9,022 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income: | ||||||||||||
Amortization of postretirement benefit net loss | 2,021 | — | 2,021 | |||||||||
Reclassification of net loss to interest charges | — | 212 | 212 | |||||||||
Net current-period other comprehensive (loss) income | (7,001 | ) | 212 | (6,789 | ) | |||||||
Balances, Dec. 31, 2014 | $ | (26,726 | ) | $ | (5,939 | ) | $ | (32,665 | ) | |||
Cleco Power [Member] | ||||||||||||
Accumulated Other Comprehensive Loss [Line Items] | ||||||||||||
Components of Accumulated Other Comprehensive Loss | ||||||||||||
Cleco Power | ||||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET (LOSS) GAIN | NET (LOSS) GAIN ON CASH FLOW HEDGES | TOTAL AOCI | |||||||||
Balances, Dec. 31, 2011 | $ | (10,667 | ) | $ | (9,963 | ) | $ | (20,630 | ) | |||
Other comprehensive (loss) income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | (3,285 | ) | — | (3,285 | ) | |||||||
Net derivative gain | — | 433 | 433 | |||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||
Amortization of postretirement benefit net loss | 1,160 | — | 1,160 | |||||||||
Reclassification of net loss to interest charges | — | 37 | 37 | |||||||||
Reclassification of ineffectiveness to regulatory asset | — | 1,864 | 1,864 | |||||||||
Net current-period other comprehensive (loss) income | (2,125 | ) | 2,334 | 209 | ||||||||
Balances, Dec. 31, 2012 | $ | (12,792 | ) | $ | (7,629 | ) | $ | (20,421 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | 2,796 | — | 2,796 | |||||||||
Net derivative gain | — | 1,355 | 1,355 | |||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||
Amortization of postretirement benefit net loss | 970 | — | 970 | |||||||||
Reclassification of net loss to interest charges | — | 154 | 154 | |||||||||
Reclassification of ineffectiveness to regulatory asset | — | (31 | ) | (31 | ) | |||||||
Net current-period other comprehensive income | 3,766 | 1,478 | 5,244 | |||||||||
Balances, Dec. 31, 2013 | $ | (9,026 | ) | $ | (6,151 | ) | $ | (15,177 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | (3,344 | ) | — | (3,344 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income: | ||||||||||||
Amortization of postretirement benefit net loss | 1,021 | — | 1,021 | |||||||||
Reclassification of net loss to interest charges | — | 212 | 212 | |||||||||
Net current-period other comprehensive (loss) income | (2,323 | ) | 212 | (2,111 | ) | |||||||
Balances, Dec. 31, 2014 | $ | (11,349 | ) | $ | (5,939 | ) | $ | (17,288 | ) |
Miscellaneous_Financial_Inform1
Miscellaneous Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information | Cleco | |||||||||||||||
Quarterly information for Cleco for 2014 and 2013 is shown in the following tables: | ||||||||||||||||
2014 | ||||||||||||||||
(THOUSANDS, EXCEPT PER SHARE AMOUNTS) | 1ST | 2ND | 3RD | 4TH | ||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||||
Operating revenue, net | $ | 284,387 | $ | 309,070 | $ | 371,386 | $ | 304,643 | ||||||||
Operating income | $ | 57,338 | $ | 66,721 | $ | 107,242 | $ | 54,729 | ||||||||
Net income applicable to common stock | $ | 25,924 | $ | 36,633 | $ | 70,835 | $ | 21,347 | ||||||||
Basic net income per average share | $ | 0.43 | $ | 0.61 | $ | 1.17 | $ | 0.35 | ||||||||
Diluted net income per average common share | $ | 0.43 | $ | 0.6 | $ | 1.17 | $ | 0.35 | ||||||||
Dividends on common stock | $ | 0.3625 | $ | 0.4 | $ | 0.4 | $ | 0.4 | ||||||||
Market sales price per share | ||||||||||||||||
High | $ | 50.99 | $ | 59.13 | $ | 59.21 | $ | 55.36 | ||||||||
Low | $ | 45.52 | $ | 49.32 | $ | 48.06 | $ | 46.11 | ||||||||
2013 | ||||||||||||||||
(THOUSANDS, EXCEPT PER SHARE AMOUNTS) | 1ST | 2ND | 3RD | 4TH | ||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||||
Operating revenue, net | $ | 240,947 | $ | 263,894 | $ | 328,763 | $ | 263,109 | ||||||||
Operating income | $ | 58,467 | $ | 74,754 | $ | 116,794 | $ | 58,314 | ||||||||
Net income applicable to common stock | $ | 27,133 | $ | 42,032 | $ | 66,407 | $ | 25,112 | ||||||||
Basic net income per average share | $ | 0.45 | $ | 0.7 | $ | 1.1 | $ | 0.42 | ||||||||
Diluted net income per average common share | $ | 0.45 | $ | 0.69 | $ | 1.09 | $ | 0.41 | ||||||||
Dividends on common stock | $ | 0.3375 | $ | 0.3625 | $ | 0.3625 | $ | 0.3625 | ||||||||
Market sales price per share | ||||||||||||||||
High | $ | 47.17 | $ | 49.52 | $ | 50.42 | $ | 47.79 | ||||||||
Low | $ | 40.39 | $ | 43.75 | $ | 43.76 | $ | 43.69 | ||||||||
Cleco Power [Member] | ||||||||||||||||
Quarterly Financial Information | Cleco Power | |||||||||||||||
Quarterly information for Cleco Power for 2014 and 2013 is shown in the following tables: | ||||||||||||||||
2014 | ||||||||||||||||
(THOUSANDS) | 1ST | 2ND | 3RD | 4TH | ||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||||
Operating revenue, net | $ | 284,180 | $ | 308,859 | $ | 371,178 | $ | 304,432 | ||||||||
Operating income | $ | 58,188 | $ | 67,032 | $ | 108,303 | $ | 66,189 | ||||||||
Net income | $ | 26,307 | $ | 32,658 | $ | 65,544 | $ | 29,806 | ||||||||
Contributions from Cleco Corporation | $ | 138,080 | $ | — | $ | — | $ | — | ||||||||
Distribution to Cleco Corporation (as sole member) | $ | 35,000 | $ | 35,000 | $ | 15,000 | $ | 30,000 | ||||||||
2013 | ||||||||||||||||
(THOUSANDS) | 1ST | 2ND | 3RD | 4TH | ||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||||
Operating revenue, net | $ | 240,778 | $ | 263,725 | $ | 328,556 | $ | 262,900 | ||||||||
Operating income | $ | 61,765 | $ | 72,579 | $ | 111,663 | $ | 60,678 | ||||||||
Net income | $ | 27,793 | $ | 34,464 | $ | 61,885 | $ | 26,268 | ||||||||
Distribution to Cleco Corporation (as sole member) | $ | — | $ | 25,000 | $ | 50,000 | $ | 30,000 | ||||||||
The_Company_Details
The Company (Details) | Dec. 31, 2014 | Mar. 14, 2014 |
entity | generationunit | |
MW | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of transmission interconnection facility subsidiaries | 2 | |
Cleco Power [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of generation units owned | 11 | |
Nameplate capacity (MW) | 3,340 | |
Approximate number of customers served | 286,000 | |
Cleco Power [Member] | Oxbow [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest received (in hundredths) | 50.00% | |
Evangeline [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of generation units owned | 2 | |
Nameplate capacity (MW) | 775 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies, Property, Plant, and Equipment (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 15, 2014 | |
Property, Plant, and Equipment [Abstract] | ||||
Capitalized Computer Software Costs, Gross | $11,000,000 | $6,500,000 | ||
Capitalized Computer Software Costs, Amortization | 1,400,000 | 1,400,000 | 1,200,000 | |
Public Utilities, Property, Plant and Equipment, Net [Abstract] | ||||
Regulated utility plants | 4,495,490,000 | 4,052,774,000 | ||
Other | 13,470,000 | 273,748,000 | ||
Total property, plant, and equipment | 4,508,960,000 | 4,326,522,000 | ||
Accumulated depreciation | -1,442,960,000 | -1,351,223,000 | ||
Net property, plant, and equipment | 3,066,000,000 | 2,975,299,000 | ||
Minimum [Member] | ||||
Useful lives of property, plant and equipment [Abstract] | ||||
Utility plant (in years) | 5 years | |||
Other (in years) | 5 years | |||
Maximum [Member] | ||||
Useful lives of property, plant and equipment [Abstract] | ||||
Utility plant (in years) | 95 years | |||
Other (in years) | 50 years | |||
Cleco Power [Member] | ||||
Property, Plant, and Equipment [Abstract] | ||||
Annual depreciation provisions expressed as a percentage of average depreciable property (in hundredths) | 2.66% | 2.70% | 2.68% | |
Public Utilities, Property, Plant and Equipment, Net [Abstract] | ||||
Total property, plant, and equipment | 4,495,490,000 | 4,052,774,000 | ||
Accumulated depreciation | -1,433,206,000 | -1,260,843,000 | ||
Net property, plant, and equipment | 3,062,284,000 | 2,791,931,000 | ||
Transfer of assets from affiliate [Member] | Evangeline [Member] | Cleco Power [Member] | ||||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | ||||
Accumulated depreciation | -82,600,000 | |||
Net property, plant, and equipment | $176,000,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies, Property, Plant, and Equipment, Plant Acquisition Adjustments (Details) (Cleco Power [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Acadia Unit 1 and Facilities Acquisition [Member] | ||
Significant Acquisitions and Disposals [Line Items] | ||
Plant acquisition adjustment | $95,578 | $95,578 |
Less: accumulated amortization | 15,384 | 12,201 |
Net plant acquisition adjustment | 80,194 | 83,377 |
Teche Unit 4 Acquisition [Member] | ||
Significant Acquisitions and Disposals [Line Items] | ||
Plant acquisition adjustment | 5,359 | 5,359 |
Less: accumulated amortization | 4,488 | 4,234 |
Net plant acquisition adjustment | $871 | $1,125 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies, Deferred Project Costs (Details) (Cleco Power [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Cleco Power [Member] | ||
Deferred Project Costs [Line Items] | ||
Resource planning projects | $0.70 | $0.40 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies, Accounts Receivable (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ||
Allowance for Doubtful Accounts Receivable | $0.90 | $0.80 |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $0 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies, Financing Receivables (Details) (Finance Leases Financing Receivable [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finance Leases Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Net | $13.50 | $13.50 |
Financing Receivable, Recorded Investment, Past Due | $0 | $0 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies, Restricted Cash and Cash Equivalents (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||
Current: | $8,986,000 | $8,986,000 | $8,986,000 | |||
Non-current total | 15,130,000 | 5,033,000 | 15,130,000 | |||
Total restricted cash and cash equivalents | 24,116,000 | 14,019,000 | 24,116,000 | |||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Increase (Decrease) in Restricted Cash | 10,097,000 | -201,000 | -21,607,000 | |||
Katrina/Rita storm recovery collections, net of administration fees [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Increase (Decrease) in Restricted Cash | 20,600,000 | |||||
Katrina Rita Bond Principal Payments [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Increase (Decrease) in Restricted Cash | -7,300,000 | -7,600,000 | ||||
Katrina Rita Bond Interest Payments [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Increase (Decrease) in Restricted Cash | -2,700,000 | -3,000,000 | ||||
Diversified Lands Mitigation Escrow Agreement [Member] | ||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||
Non-current total | 21,000 | 21,000 | 21,000 | |||
Future Storm Restoration Costs [Member] | ||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||
Non-current total | 14,915,000 | 4,726,000 | 14,915,000 | |||
Building Renovations Escrow [Member] | ||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||
Non-current total | 194,000 | 286,000 | 194,000 | |||
Cleco Power [Member] | ||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||
Current: | 8,986,000 | 8,986,000 | 8,986,000 | |||
Non-current total | 15,109,000 | 5,012,000 | 15,109,000 | |||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Increase (Decrease) in Restricted Cash | 10,097,000 | -125,000 | -21,607,000 | |||
Cleco Power [Member] | Future Storm Restoration Costs [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Increase (Decrease) in Restricted Cash | 10,200,000 | |||||
Transfer of restricted investments to restricted cash | 13,200,000 | |||||
Collections of surcredits to replenish storm reserve | 1,000,000 | |||||
Transfer of restricted cash to cover storm expenses | 4,000,000 | |||||
Cleco Power [Member] | Building Renovations Escrow [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Increase (Decrease) in Restricted Cash | ($700,000) |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies, Equity Investments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||
Equity Method Investment, Other than Temporary Impairment | $0 | $0 | $0 |
Recovered_Sheet1
Summary of Significant Accounting Policies, AFUDC (Details) (Cleco Power [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cleco Power [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Composite AFUDC rate, including borrowed and other funds, net of tax | 6.47% | 7.20% | 7.50% |
Composite AFUDC rate, including borrowed and other funds, pre-tax | 10.46% | 11.60% | 12.10% |
Recovered_Sheet2
Summary of Significant Accounting Policies, Risk Management (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | MMBTU | 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 | 0 |
Energy risk management assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
FTRs in Energy risk management asset | 10,776 | 9,020 | |
Energy risk management liabilities | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
FTRs in Energy risk management liability | 827 | 382 |
Recovered_Sheet3
Summary of Significant Accounting Policies, Earnings Per Average Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
INCOME | |||||||||||
Basic net income applicable to common stock | $21,347 | $70,835 | $36,633 | $25,924 | $25,112 | $66,407 | $42,032 | $27,133 | $154,739 | $160,685 | $163,648 |
Diluted net income applicable to common stock | $154,739 | $160,685 | $163,648 | ||||||||
SHARES | |||||||||||
Average number of basic common shares outstanding (in shares) | 60,406,001 | 60,434,510 | 60,370,588 | ||||||||
Effect of dilutive securities | |||||||||||
Average number of diluted common shares outstanding (in shares) | 60,601,458 | 60,720,090 | 60,628,129 | ||||||||
PER SHARE AMOUNT | |||||||||||
Net income applicable to common stock (in dollars per share) | $0.35 | $1.17 | $0.61 | $0.43 | $0.42 | $1.10 | $0.70 | $0.45 | $2.56 | $2.66 | $2.71 |
Diluted net income per average common share (in dollars per share) | $0.35 | $1.17 | $0.60 | $0.43 | $0.41 | $1.09 | $0.69 | $0.45 | $2.55 | $2.65 | $2.70 |
Stock option grants excluded from computation of diluted earnings per share | 0 | ||||||||||
Stock option grants during period (in shares) | 0 | 0 | 0 | ||||||||
Employee Stock Option [Member] | |||||||||||
Effect of dilutive securities | |||||||||||
Dilutive securities (in shares) | 0 | 0 | 4,154 | ||||||||
LTICP [Member] | |||||||||||
Effect of dilutive securities | |||||||||||
Dilutive securities (in shares) | 195,457 | 285,580 | 253,387 |
Summary_of_Signification_Accou
Summary of Signification Accounting Policies, Investment Tax Credits, NMTC Fund, and Accounting for Renewable Energy Tax Credits (Details) (New Markets Tax Credit [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
New Markets Tax Credit [Member] | |
Other Commitments [Line Items] | |
Period of Recognition of Gross Investment Amortization Expense | 9 years |
Remaining Period of Recognition of Gross Investment Amortization Expense | 3 years |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities, Summary of Regulatory Assets and Liabilities (Details) (Cleco Power [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 21, 2009 | Jun. 30, 2014 |
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | $324,079 | $255,652 | ||
Total regulatory assets, net | 579,379 | 480,956 | ||
PPA true-up [Member] | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory liabilities | -624 | 0 | ||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 6 months | |||
Total investment tax credit | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory liabilities | -2,263 | -2,893 | ||
Fuel and purchased power | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory liabilities | -3,869 | |||
Total federal regulatory asset b income taxes | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 124 | 12,528 | ||
Total state regulatory asset b income taxes | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 106,964 | 89,050 | ||
AFUDC | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 129,545 | 130,488 | ||
Total regulatory assets b deferred taxes, net | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 234,370 | 229,173 | ||
Mining costs | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 11,470 | 14,019 | ||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 4 years 6 months | |||
Interest costs | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 5,582 | 5,943 | ||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 25 years | |||
AROs (1) | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 1,029 | 936 | ||
Postretirement costs (1) | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 160,903 | 93,333 | ||
Tree trimming costs | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 8,066 | 4,840 | ||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 4 years | |||
Training costs | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 7,019 | 7,175 | ||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 45 years | |||
Surcredits, net (2) | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 13,587 | 16,738 | ||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 3 years 6 months | |||
Amended lignite mining agreement contingency (1) | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 3,781 | 3,781 | ||
PPA capacity costs | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 0 | 9,749 | ||
AMI deferred revenue requirement | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 5,863 | 4,682 | ||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 11 years | |||
Production operations and maintenance expenses | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 14,761 | 8,459 | 25,600 | |
AFUDC equity gross-up (2) | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 72,859 | 73,306 | ||
Rate case costs | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 0 | 45 | ||
Acquisition costs or Transaction costs [Member] | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 2,653 | 2,760 | ||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 25 years | |||
Acquisition costs or Transaction costs [Member] | Natural Gas Processing Plant [Member] | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 1,060 | 0 | ||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 35 years | |||
Financing costs | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 9,402 | 9,772 | ||
Biomass costs | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 82 | 114 | ||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 3 years | |||
MISO integration costs | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 3,275 | 0 | ||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 3 years 6 months | |||
Corporate franchise tax | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 1,223 | 0 | ||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 6 months | |||
Acadia FRP true-up | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 754 | 0 | 800 | |
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 6 months | |||
Energy efficiency | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | 114 | 0 | ||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 1 year | |||
Other | ||||
Regulatory Assets and Liabilities [Line Items] | ||||
Regulatory assets | $596 | $0 | ||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 2 years 6 months |
Regulatory_Assets_and_Liabilit3
Regulatory Assets and Liabilities, Additional Disclosures (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2009 | Sep. 30, 2012 | Dec. 31, 2009 | Mar. 31, 2012 | Jun. 18, 2014 | Jun. 30, 2014 | Apr. 30, 2009 | Feb. 28, 2011 | Sep. 21, 2009 | Sep. 30, 2014 | 7-May-13 | |
MW | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $6,225,000 | $6,225,000 | ||||||||||||||
Regulatory Assets, Noncurrent | 311,867,000 | 249,677,000 | 311,867,000 | |||||||||||||
State and Local Income Tax Expense (Benefit), Continuing Operations | -14,044,000 | -226,000 | -2,985,000 | |||||||||||||
Derivative, Unrealized Gain (Loss) On Derivative | 11,558,000 | -5,630,000 | 12,222,000 | |||||||||||||
Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Assets | 324,079,000 | 255,652,000 | 324,079,000 | |||||||||||||
Regulatory Assets, Noncurrent | 311,867,000 | 249,677,000 | 311,867,000 | |||||||||||||
State and Local Income Tax Expense (Benefit), Continuing Operations | -5,522,000 | -666,000 | -2,703,000 | |||||||||||||
Derivative, Unrealized Gain (Loss) On Derivative | 11,558,000 | -5,630,000 | 12,222,000 | |||||||||||||
PPA true-up [Member] | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory liabilities | 624,000 | 0 | 624,000 | |||||||||||||
PPA true-up [Member] | Evangeline Power Purchase Agreement [Member] | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory liabilities | 600,000 | |||||||||||||||
Corporate franchise tax | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory liabilities | 300,000 | 300,000 | ||||||||||||||
Mining costs | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Noncurrent Asset, Amortization Period | P11Y6M | |||||||||||||||
Regulatory Assets | 11,470,000 | 14,019,000 | 11,470,000 | |||||||||||||
AROs (1) | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Asset Retirement Obligations, Noncurrent | 5,100,000 | 900,000 | 5,100,000 | |||||||||||||
Increase (Decrease) in Asset Retirement Obligations | 4,100,000 | |||||||||||||||
Regulatory Assets | 1,029,000 | 936,000 | 1,029,000 | |||||||||||||
Postretirement costs (1) | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Noncurrent Asset, Amortization Period | P10Y5M | |||||||||||||||
Regulatory Assets | 160,903,000 | 93,333,000 | 160,903,000 | |||||||||||||
Tree trimming costs | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Noncurrent Asset, Amortization Period | P5Y | |||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 8,000,000 | |||||||||||||||
Grossed-up rate of return (in hundredths) | 12.40% | |||||||||||||||
Regulatory Assets | 8,066,000 | 4,840,000 | 8,066,000 | |||||||||||||
Tree trimming costs | Maximum [Member] | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 12,000,000 | |||||||||||||||
Training costs | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Noncurrent Asset, Amortization Period | P50Y | |||||||||||||||
Regulatory Assets | 7,019,000 | 7,175,000 | 7,019,000 | |||||||||||||
Surcredits, net (2) | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Noncurrent Asset, Amortization Period | P4Y | |||||||||||||||
Withdrawal from restricted storm reserve | 4,000,000 | |||||||||||||||
Regulatory Assets | 13,587,000 | 16,738,000 | 13,587,000 | |||||||||||||
Amended lignite mining agreement contingency (1) | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Ownership interest (in hundredths) | 50.00% | |||||||||||||||
Payments to Acquire Businesses, Gross | 25,700,000 | |||||||||||||||
Percentage of loans and lease payments guaranteed by Cleco Power (in hundredths) | 50.00% | |||||||||||||||
Liability recognized for guarantee of loan and lease payments | 3,800,000 | 3,800,000 | ||||||||||||||
Regulatory Assets | 3,781,000 | 3,781,000 | 3,781,000 | |||||||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 69,300,000 | 69,300,000 | ||||||||||||||
PPA capacity costs | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Assets | 0 | 9,749,000 | 0 | |||||||||||||
PPA capacity costs | Evangeline Power Purchase Agreement [Member] | Evangeline [Member] | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Long-term Power Purchase Agreement, Term of Contract | 3 years | |||||||||||||||
Capacity and energy (MW) | 730 | |||||||||||||||
AMI deferred revenue requirement | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Assets | 5,863,000 | 4,682,000 | 5,863,000 | |||||||||||||
AMI deferred revenue requirement | Maximum [Member] | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Noncurrent Asset, Amortization Period | P11Y | |||||||||||||||
Regulatory Assets | 20,000,000 | |||||||||||||||
Production operations and maintenance expenses | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Noncurrent Asset, Amortization Period | P3Y | |||||||||||||||
Regulatory Assets | 14,761,000 | 8,459,000 | 14,761,000 | 25,600,000 | ||||||||||||
Regulatory Assets, Noncurrent | 7,700,000 | 8,500,000 | 7,700,000 | |||||||||||||
Production operations and maintenance expenses | Maximum [Member] | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Assets | 23,000,000 | |||||||||||||||
Utilities Operating Expense, Maintenance and Operations | 45,000,000 | |||||||||||||||
Rate case costs | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Noncurrent Asset, Amortization Period | P4Y | |||||||||||||||
Regulatory Assets | 0 | 45,000 | 0 | |||||||||||||
Acquisition costs or Transaction costs [Member] | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Noncurrent Asset, Amortization Period | P30Y | |||||||||||||||
Regulatory Assets | 2,653,000 | 2,760,000 | 2,653,000 | |||||||||||||
Acquisition costs or Transaction costs [Member] | Natural Gas Processing Plant [Member] | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Noncurrent Asset, Amortization Period | P35Y | |||||||||||||||
Regulatory Assets | 1,060,000 | 0 | 1,060,000 | |||||||||||||
Financing costs | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Assets | 9,402,000 | 9,772,000 | 9,402,000 | |||||||||||||
Gain (Loss) on the settlement of Forward Starting Interest Rate Derivative | -3,300,000 | |||||||||||||||
Deferred Gain (Loss) as a Regulatory Asset of Forward Starting Interest Rate Derivative | -2,900,000 | |||||||||||||||
Biomass costs | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Noncurrent Asset, Amortization Period | P5Y | |||||||||||||||
Regulatory Assets | 82,000 | 114,000 | 82,000 | |||||||||||||
MISO integration costs | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Noncurrent Asset, Amortization Period | P4Y | |||||||||||||||
Regulatory Assets | 3,275,000 | 0 | 3,275,000 | |||||||||||||
Corporate franchise tax | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 3,700,000 | |||||||||||||||
Regulatory Assets | 1,223,000 | 0 | 1,223,000 | |||||||||||||
Regulatory Assets, Noncurrent | 1,500,000 | 1,500,000 | ||||||||||||||
Regulatory Current Asset, Amortization Period | P12M | |||||||||||||||
State and Local Income Tax Expense (Benefit), Continuing Operations | 3,000,000 | |||||||||||||||
Corporate franchise tax | Retail portion [Member] | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 3,000,000 | |||||||||||||||
State and Local Income Tax Expense (Benefit), Continuing Operations | 2,400,000 | |||||||||||||||
Acadia FRP true-up | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 58,300,000 | |||||||||||||||
Regulatory Assets | 754,000 | 0 | 754,000 | 800,000 | ||||||||||||
Regulatory Current Asset, Amortization Period | P12M | |||||||||||||||
Other | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Noncurrent Asset, Amortization Period | P3Y | |||||||||||||||
Regulatory Assets | 596,000 | 0 | 596,000 | |||||||||||||
Fuel and purchased power | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Regulatory Assets | 21,554,000 | 21,554,000 | ||||||||||||||
Percentage of total fuel cost was regulated by the LPSC (in hundredths) | 82.00% | |||||||||||||||
Change in under-recovered fuel costs | 25,400,000 | |||||||||||||||
Change In Deferred Fuel & Purchased Power | 18,300,000 | |||||||||||||||
Fuel and purchased power | FTRs [Member] | Cleco Power [Member] | ||||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||||
Derivative, Unrealized Gain (Loss) On Derivative | $7,100,000 |
Jointly_Owned_Generation_Units2
Jointly Owned Generation Units (Details) (Cleco Power [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | MW |
Jointly Owned Utility Plant Interests [Line Items] | |
Utility plant in service | $487,914 |
Accumulated depreciation | 284,270 |
Construction work in progress | 41,716 |
Nameplate capacity (MW) | 3,340 |
Rodemacher Unit #2 [Member] | |
Jointly Owned Utility Plant Interests [Line Items] | |
Utility plant in service | 98,229 |
Accumulated depreciation | 72,312 |
Construction work in progress | 39,641 |
Ownership interest percentage (in hundredths) | 30.00% |
Nameplate capacity (MW) | 523 |
Ownership interest (MW) | 157 |
Dolet Hills [Member] | |
Jointly Owned Utility Plant Interests [Line Items] | |
Utility plant in service | 389,685 |
Accumulated depreciation | 211,958 |
Construction work in progress | $2,075 |
Ownership interest percentage (in hundredths) | 50.00% |
Nameplate capacity (MW) | 650 |
Ownership interest (MW) | 325 |
Fair_Value_Accounting_Carrying
Fair Value Accounting, Carrying Value and Estimated Fair Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Estimated Fair Value [Member] | ||
Financial instruments not marked-to-market [Abstract] | ||
Cash equivalents | $39,700 | $22,204 |
Restricted cash equivalents | 24,001 | 14,019 |
Long-term debt, excluding debt issuance costs | 1,601,816 | 1,420,048 |
Carrying Value [Member] | ||
Financial instruments not marked-to-market [Abstract] | ||
Cash equivalents | 39,700 | 22,204 |
Restricted cash equivalents | 24,001 | 14,019 |
Long-term debt, excluding debt issuance costs | 1,368,354 | 1,331,230 |
Cleco Power [Member] | Estimated Fair Value [Member] | ||
Financial instruments not marked-to-market [Abstract] | ||
Cash equivalents | 34,700 | 14,900 |
Restricted cash equivalents | 23,980 | 13,998 |
Long-term debt, excluding debt issuance costs | 1,544,816 | 1,415,048 |
Cleco Power [Member] | Carrying Value [Member] | ||
Financial instruments not marked-to-market [Abstract] | ||
Cash equivalents | 34,700 | 14,900 |
Restricted cash equivalents | 23,980 | 13,998 |
Long-term debt, excluding debt issuance costs | $1,311,354 | $1,326,230 |
Fair_Value_Accounting_Fair_Val
Fair Value Accounting, Fair Value Measurements and Disclosures (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Transfers between fair value levels | $0 | |
Restricted Cash and Cash Equivalents, Current [Member] | ||
Asset Description | ||
Institutional money market funds | 9,000,000 | |
Restricted Cash and Cash Equivalents, Noncurrent [Member] | ||
Asset Description | ||
Institutional money market funds | 15,000,000 | |
Cash and Cash Equivalents [Member] | ||
Asset Description | ||
Institutional money market funds | 39,700,000 | |
Commercial Paper [Member] | Restricted Investment, Noncurrent [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 1,500,000 | |
Municipal Bonds [Member] | Restricted Investment, Noncurrent [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 9,800,000 | |
Corporate Bond Securities [Member] | Restricted Investment, Noncurrent [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 500,000 | |
Federal agency mortgage-backed securities [Member] | Restricted Investment, Noncurrent [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 1,000,000 | |
Cleco Power [Member] | Restricted Cash and Cash Equivalents, Current [Member] | ||
Asset Description | ||
Institutional money market funds | 9,000,000 | |
Cleco Power [Member] | Restricted Cash and Cash Equivalents, Noncurrent [Member] | ||
Asset Description | ||
Institutional money market funds | 15,000,000 | |
Cleco Power [Member] | Cash and Cash Equivalents [Member] | ||
Asset Description | ||
Institutional money market funds | 34,700,000 | |
Cleco Power [Member] | Commercial Paper [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 1,483,000 | |
Cleco Power [Member] | Municipal Bonds [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 9,831,000 | |
Cleco Power [Member] | Corporate Bond Securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 515,000 | |
Cleco Power [Member] | Federal agency mortgage-backed securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 1,000,000 | |
FTRs [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning fair value of FTR assets (liabilities), net | 8,638,000 | |
Unrealized losses | -2,651,000 | |
Purchases and settlements | 3,962,000 | |
Ending fair value of FTR assets (liabilities), net | 9,949,000 | |
FTRs [Member] | Low [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
FTRs Forward Price Range | -4.12 | -4.88 |
FTRs [Member] | High [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
FTRs Forward Price Range | 7.76 | 33.75 |
Measured On A Recurring Basis [Member] | ||
Asset Description | ||
Institutional money market funds | 63,701,000 | 36,100,000 |
FTR assets | 10,776,000 | 9,020,000 |
Total Assets | 74,477,000 | 57,949,000 |
Liability Description | ||
Long-term debt | 1,601,816,000 | 1,420,048,000 |
FTR liabilities | 827,000 | 382,000 |
Total Liabilities | 1,602,643,000 | 1,420,430,000 |
Measured On A Recurring Basis [Member] | Commercial Paper [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 1,483,000 |
Measured On A Recurring Basis [Member] | Municipal Bonds [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 9,831,000 |
Measured On A Recurring Basis [Member] | Corporate Bond Securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 515,000 |
Measured On A Recurring Basis [Member] | Federal agency mortgage-backed securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 1,000,000 |
Measured On A Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Asset Description | ||
Institutional money market funds | 0 | 0 |
FTR assets | 0 | 0 |
Total Assets | 0 | 0 |
Liability Description | ||
Long-term debt | 0 | 0 |
FTR liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Measured On A Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial Paper [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 0 |
Measured On A Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal Bonds [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 0 |
Measured On A Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Bond Securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 0 |
Measured On A Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Federal agency mortgage-backed securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 0 |
Measured On A Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Asset Description | ||
Institutional money market funds | 63,701,000 | 36,100,000 |
FTR assets | 0 | 0 |
Total Assets | 63,701,000 | 48,929,000 |
Liability Description | ||
Long-term debt | 1,601,816,000 | 1,420,048,000 |
FTR liabilities | 0 | 0 |
Total Liabilities | 1,601,816,000 | 1,420,048,000 |
Measured On A Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 1,483,000 |
Measured On A Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Bonds [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 9,831,000 |
Measured On A Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Bond Securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 515,000 |
Measured On A Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Federal agency mortgage-backed securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 1,000,000 |
Measured On A Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Asset Description | ||
Institutional money market funds | 0 | 0 |
FTR assets | 10,776,000 | 9,020,000 |
Total Assets | 10,776,000 | 9,020,000 |
Liability Description | ||
Long-term debt | 0 | 0 |
FTR liabilities | 827,000 | 382,000 |
Total Liabilities | 827,000 | 382,000 |
Measured On A Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commercial Paper [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 0 |
Measured On A Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Municipal Bonds [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 0 |
Measured On A Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate Bond Securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 0 |
Measured On A Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Federal agency mortgage-backed securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 0 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | ||
Asset Description | ||
Institutional money market funds | 58,680,000 | 28,775,000 |
FTR assets | 10,776,000 | 9,020,000 |
Total Assets | 69,456,000 | 50,624,000 |
Liability Description | ||
Long-term debt | 1,544,816,000 | 1,415,048,000 |
FTR liabilities | 827,000 | 382,000 |
Total Liabilities | 1,545,643,000 | 1,415,430,000 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Commercial Paper [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 1,483,000 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Municipal Bonds [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 9,831,000 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Corporate Bond Securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 515,000 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Federal agency mortgage-backed securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 1,000,000 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Asset Description | ||
Institutional money market funds | 0 | 0 |
FTR assets | 0 | 0 |
Total Assets | 0 | 0 |
Liability Description | ||
Long-term debt | 0 | 0 |
FTR liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial Paper [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 0 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal Bonds [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 0 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Bond Securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 0 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Federal agency mortgage-backed securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 0 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Asset Description | ||
Institutional money market funds | 58,680,000 | 28,775,000 |
FTR assets | 0 | 0 |
Total Assets | 58,680,000 | 41,604,000 |
Liability Description | ||
Long-term debt | 1,544,816,000 | 1,415,048,000 |
FTR liabilities | 0 | 0 |
Total Liabilities | 1,544,816,000 | 1,415,048,000 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 1,483,000 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Significant Other Observable Inputs (Level 2) [Member] | Municipal Bonds [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 9,831,000 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Bond Securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 515,000 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Significant Other Observable Inputs (Level 2) [Member] | Federal agency mortgage-backed securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 1,000,000 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Asset Description | ||
Institutional money market funds | 0 | 0 |
FTR assets | 10,776,000 | 9,020,000 |
Total Assets | 10,776,000 | 9,020,000 |
Liability Description | ||
Long-term debt | 0 | 0 |
FTR liabilities | 827,000 | 382,000 |
Total Liabilities | 827,000 | 382,000 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commercial Paper [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 0 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Significant Unobservable Inputs (Level 3) [Member] | Municipal Bonds [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 0 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate Bond Securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | 0 | 0 |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | Significant Unobservable Inputs (Level 3) [Member] | Federal agency mortgage-backed securities [Member] | ||
Asset Description | ||
Available-for-sale debt securities | $0 | $0 |
Fair_Value_Accounting_Restrict
Fair Value Accounting, Restricted Investments (Details) (Cleco Power [Member], USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Jul. 31, 2012 | Sep. 30, 2007 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
LPSC authorized storm reserve funding | $50,000,000 | |||
Amount of restricted cash and cash equivalents transferred to an investment manager | 13,000,000 | |||
Municipal Bonds [Member] | ||||
Reconciliation of available-for-sale debt securities from amortized cost to fair value [Abstract] | ||||
Amortized Cost | 9,838,000 | |||
Total Unrealized Gains | 8,000 | |||
Total Unrealized Losses | -15,000 | |||
Fair Value | 9,831,000 | |||
Corporate Bond Securities [Member] | ||||
Reconciliation of available-for-sale debt securities from amortized cost to fair value [Abstract] | ||||
Amortized Cost | 513,000 | |||
Total Unrealized Gains | 2,000 | |||
Total Unrealized Losses | 0 | |||
Fair Value | 515,000 | |||
Federal agency mortgage-backed securities [Member] | ||||
Reconciliation of available-for-sale debt securities from amortized cost to fair value [Abstract] | ||||
Amortized Cost | 1,000,000 | |||
Total Unrealized Gains | 0 | |||
Total Unrealized Losses | 0 | |||
Fair Value | 1,000,000 | |||
Commercial Paper [Member] | ||||
Reconciliation of available-for-sale debt securities from amortized cost to fair value [Abstract] | ||||
Amortized Cost | 1,483,000 | |||
Total Unrealized Gains | 0 | |||
Total Unrealized Losses | 0 | |||
Fair Value | 1,483,000 | |||
Available-For-Sale Debt Securities [Member] | ||||
Reconciliation of available-for-sale debt securities from amortized cost to fair value [Abstract] | ||||
Amortized Cost | 12,834,000 | |||
Total Unrealized Gains | 10,000 | |||
Total Unrealized Losses | -15,000 | |||
Fair Value | 12,829,000 | |||
Other Current Assets [Member] | ||||
Reconciliation of available-for-sale debt securities from amortized cost to fair value [Abstract] | ||||
Realized gain on available-for-sale debt securities, less than | $100,000 |
Fair_Value_Accounting_Derivati
Fair Value Accounting, Derivatives and Hedging (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 30-May-13 | Nov. 30, 2011 | 31-May-13 | |
FTRs, at Fair Value, Net [Abstract] | ||||||
Total FTRs Not Designated as Hedging Instruments, at Fair Value, Net | $9,949,000 | $8,638,000 | ||||
Energy risk management assets | ||||||
FTRs, at Fair Value, Net [Abstract] | ||||||
FTRs in Energy risk management asset | 10,776,000 | 9,020,000 | ||||
Energy risk management liabilities | ||||||
FTRs, at Fair Value, Net [Abstract] | ||||||
FTRs in Energy risk management liability | 827,000 | 382,000 | ||||
Electric operations | ||||||
FTRs [Abstract] | ||||||
Gain (Loss) on FTRs Not Designated as Hedging Instruments | 74,454,000 | 243,000 | 0 | |||
Power purchased for utility customers | ||||||
FTRs [Abstract] | ||||||
Gain (Loss) on FTRs Not Designated as Hedging Instruments | -46,386,000 | -19,000 | 0 | |||
Derivatives Not Designated as Hedging Instrument [Member] | ||||||
FTRs [Abstract] | ||||||
Net gain (loss) on FTRs recognized in income | 28,068,000 | 224,000 | -8,277,000 | |||
Interest Rate Derivatives [Member] | Derivatives Designated as Hedging Instrument [Member] | ||||||
Schedule of Derivative Instruments [Abstract] | ||||||
Gain (Loss) recognized in Other Comprehensive Income (Loss) | 0 | 2,202,000 | 704,000 | |||
Gain (Loss) reclassified from accumulated OCI into income, effective portion, net | -344,000 | -251,000 | -60,000 | |||
Net hedge ineffectiveness gain (loss) | 0 | -3,300,000 | ||||
Energy Related Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Energy risk management assets | ||||||
FTRs [Abstract] | ||||||
Derivative, Unrealized Gain (Loss) On Derivative | 0 | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | |||||
Energy Related Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Power purchased for utility customers | ||||||
FTRs [Abstract] | ||||||
Gain (loss) on fuel cost hedges recognized in income | 0 | 0 | -8,277,000 | |||
Cleco Power [Member] | ||||||
FTRs [Abstract] | ||||||
Number of FTRs Held (MWh) | 8,900,000 | 6,800,000 | ||||
Cleco Power [Member] | Interest rate swap [Member] | ||||||
FTRs [Abstract] | ||||||
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 | |||||
Cleco Power [Member] | Derivatives Not Designated as Hedging Instrument [Member] | FTRs [Member] | Energy risk management assets | ||||||
FTRs [Abstract] | ||||||
Derivative, Unrealized Gain (Loss) On Derivative | -2,700,000 | |||||
Cleco Power [Member] | Interest Rate Derivatives [Member] | Derivatives Designated as Hedging Instrument [Member] | ||||||
Schedule of Derivative Instruments [Abstract] | ||||||
Effective portion of deferred net gain (loss) to interest rate derivative to be reclassified from accumulated OCI to interest charges during the next 12 months | ($300,000) | |||||
Cleco Power [Member] | Energy Related Derivative [Member] | ||||||
FTRs [Abstract] | ||||||
Number of open natural gas positions | 0 | 0 | 0 |
Debt_LongTerm_Debt_Details
Debt, Long-Term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $1,375,227 | $1,340,409 |
Less: Long-term Debt due within one year | 15,824 | 14,876 |
Less: lease obligations classified as long-term debt due within one year | 2,448 | 2,305 |
Unamortized discount | -7,302 | -7,728 |
Long-term debt, net | 1,349,653 | 1,315,500 |
Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 1,318,227 | 1,335,409 |
Less: Long-term Debt due within one year | 15,824 | 14,876 |
Less: lease obligations classified as long-term debt due within one year | 2,448 | 2,305 |
Unamortized discount | -7,302 | -7,728 |
Long-term debt, net | 1,292,653 | 1,310,500 |
Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 1,256,354 | 1,271,230 |
Bonds [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 1,256,354 | 1,271,230 |
Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
Loans Payable to Bank | 35,000 | 35,000 |
Notes Payable to Banks [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Loans Payable to Bank | 35,000 | 35,000 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Capital Lease Obligations | 6,873 | 9,179 |
Less: lease obligations classified as long-term debt due within one year | 2,500 | |
Capital Lease Obligations [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Capital Lease Obligations | 6,873 | 9,179 |
Less: lease obligations classified as long-term debt due within one year | 2,500 | |
Cleco Power's senior notes, 4.95%, due 2015 [Member] | Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 50,000 | 50,000 |
Cleco Power's senior notes, 4.95%, due 2015 [Member] | Bonds [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 50,000 | 50,000 |
Cleco Power's senior notes, 6.65%, due 2018 [Member] | Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 250,000 | 250,000 |
Cleco Power's senior notes, 6.65%, due 2018 [Member] | Bonds [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 250,000 | 250,000 |
Cleco Powers Senior Notes 4.33% due 2027 [Member] | Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 50,000 | 50,000 |
Cleco Powers Senior Notes 4.33% due 2027 [Member] | Bonds [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 50,000 | 50,000 |
Cleco Power's senior notes, 6.50%, due 2035 [Member] | Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 295,000 | 295,000 |
Cleco Power's senior notes, 6.50%, due 2035 [Member] | Bonds [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 295,000 | 295,000 |
Cleco Power's senior notes, 6.00%, due 2040 [Member] | Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 250,000 | 250,000 |
Cleco Power's senior notes, 6.00%, due 2040 [Member] | Bonds [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 250,000 | 250,000 |
Cleco Power's senior notes 5.12% due 2041 [Member] | Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 100,000 | 100,000 |
Cleco Power's senior notes 5.12% due 2041 [Member] | Bonds [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 100,000 | 100,000 |
Series A GO Zone bonds [Member] | Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 50,000 | 50,000 |
Series A GO Zone bonds [Member] | Bonds [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 50,000 | 50,000 |
Series B GO Zone bonds [Member] | Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 50,000 | 50,000 |
Series B GO Zone bonds [Member] | Bonds [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 50,000 | 50,000 |
Cleco Power's solid waste disposal facility bonds, 4.70%, due 2036, callable after November 1, 2016 [Member] | Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 60,000 | 60,000 |
Cleco Power's solid waste disposal facility bonds, 4.70%, due 2036, callable after November 1, 2016 [Member] | Bonds [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 60,000 | 60,000 |
Cleco Katrina/Rita's storm recovery bonds, 4.41%, due 2020 [Member] | Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 33,754 | 48,630 |
Cleco Katrina/Rita's storm recovery bonds, 4.41%, due 2020 [Member] | Bonds [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 33,754 | 48,630 |
Cleco Katrina/Rita's storm recovery bonds, 5.61%, due 2023 [Member] | Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 67,600 | 67,600 |
Cleco Katrina/Rita's storm recovery bonds, 5.61%, due 2023 [Member] | Bonds [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 67,600 | 67,600 |
Cleco Corporation's credit facility [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Line of Credit | 57,000 | 5,000 |
Cleco Power's credit facility [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Line of Credit | 20,000 | 20,000 |
Cleco Power's credit facility [Member] | Line of Credit [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Line of Credit | 20,000 | 20,000 |
Cleco Katrina Rita Storm Recovery Bonds [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Less: Long-term Debt due within one year | 15,800 | |
Cleco Katrina Rita Storm Recovery Bonds [Member] | Unsecured Debt [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Less: Long-term Debt due within one year | $15,800 |
Debt_Debt_Schedule_of_Maturiti
Debt Debt, Schedule of Maturities of Long-Term Debt (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Principal amounts payable under long-term debt agreements [Abstract] | |
2015 | $100,824 |
2016 | 16,814 |
2017 | 17,896 |
2018 | 346,193 |
2019 | 20,571 |
Thereafter | 866,056 |
Cleco Power [Member] | |
Principal amounts payable under long-term debt agreements [Abstract] | |
2015 | 100,824 |
2016 | 16,814 |
2017 | 17,896 |
2018 | 289,193 |
2019 | 20,571 |
Thereafter | $866,056 |
Debt_Additional_Disclosures_De
Debt, Additional Disclosures (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt [Line Items] | ||
Short-term debt outstanding | $0 | $0 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 1,370,000,000 | 1,330,000,000 |
Long-term Debt and Capital Lease Obligations, Current | 18,272,000 | 17,182,000 |
Long-term Debt, principal payments for CKR bonds | 15,824,000 | 14,876,000 |
Capital lease payments/Current liabilities | 2,448,000 | 2,305,000 |
Debt Instrument, Increase (Decrease), Net | 35,200,000 | |
Cleco Power [Member] | ||
Debt [Line Items] | ||
Short-term debt outstanding | 0 | 0 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 1,310,000,000 | 1,330,000,000 |
Long-term Debt and Capital Lease Obligations, Current | 18,272,000 | 17,182,000 |
Long-term Debt, principal payments for CKR bonds | 15,824,000 | 14,876,000 |
Capital lease payments/Current liabilities | 2,448,000 | 2,305,000 |
Debt Instrument, Increase (Decrease), Net | -16,800,000 | |
Capital Lease Obligations [Member] | ||
Debt [Line Items] | ||
Debt Instrument, Increase (Decrease), Net | -2,300,000 | |
Line of Credit [Member] | ||
Debt [Line Items] | ||
Debt Instrument, Increase (Decrease), Net | 52,000,000 | |
Debt Discount Amortization [Member] | ||
Debt [Line Items] | ||
Debt Instrument, Increase (Decrease), Net | 400,000 | |
Debt Discount Amortization [Member] | Cleco Power [Member] | ||
Debt [Line Items] | ||
Debt Instrument, Increase (Decrease), Net | 400,000 | |
Bonds [Member] | Cleco Power's senior notes, 4.95%, due 2015 [Member] | ||
Debt [Line Items] | ||
Unsecured Debt | 50,000,000 | 50,000,000 |
Bonds [Member] | Cleco Power's senior notes, 4.95%, due 2015 [Member] | Cleco Power [Member] | ||
Debt [Line Items] | ||
Unsecured Debt | 50,000,000 | 50,000,000 |
Notes Payable to Banks [Member] | ||
Debt [Line Items] | ||
Loans Payable to Bank | 35,000,000 | 35,000,000 |
Notes Payable to Banks [Member] | Cleco Power [Member] | ||
Debt [Line Items] | ||
Loans Payable to Bank | 35,000,000 | 35,000,000 |
Unsecured Debt [Member] | Cleco Katrina Rita Storm Recovery Bonds [Member] | ||
Debt [Line Items] | ||
Long-term Debt, principal payments for CKR bonds | 15,800,000 | |
Debt Instrument, Increase (Decrease), Net | -14,900,000 | |
Unsecured Debt [Member] | Cleco Katrina Rita Storm Recovery Bonds [Member] | Cleco Power [Member] | ||
Debt [Line Items] | ||
Long-term Debt, principal payments for CKR bonds | 15,800,000 | |
Debt Instrument, Increase (Decrease), Net | -14,900,000 | |
Capital Lease Obligations [Member] | ||
Debt [Line Items] | ||
Capital lease payments/Current liabilities | 2,500,000 | |
Capital Lease Obligations [Member] | Cleco Power [Member] | ||
Debt [Line Items] | ||
Capital lease payments/Current liabilities | 2,500,000 | |
Debt Instrument, Increase (Decrease), Net | ($2,300,000) |
Debt_Capital_Lease_Agreements_
Debt, Capital Lease Agreements (Details) (Capital Lease Obligations [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | |
2015 | $2,448 |
2016 | 2,607 |
2017 | 1,818 |
Cleco Power [Member] | |
Debt Instrument [Line Items] | |
2015 | 2,448 |
2016 | 2,607 |
2017 | $1,818 |
Debt_Debt_Credit_Facilities_De
Debt Debt, Credit Facilities (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Nov. 30, 2013 | Dec. 31, 2014 | Jan. 09, 2015 | Dec. 31, 2013 |
Line of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $550 | |||
Cleco Corporation [Member] | Line of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 250 | |||
Write off of Deferred Debt Issuance Cost | 1 | |||
Facility fees (in hundredths) | 0.18% | |||
Line of Credit Facility, Amount Outstanding | 57 | |||
Available borrowing capacity | 193 | |||
Unrestricted Member's Equity | 921.9 | |||
Cleco Corporation [Member] | Line of Credit [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Ratio of Indebtedness to Net Capital | 0.65 | |||
Cleco Corporation [Member] | Line of Credit [Member] | ABR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
All-in interest rate (in hundredths) | 0.08% | |||
Cleco Corporation [Member] | Line of Credit [Member] | LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
All-in interest rate (in hundredths) | 1.08% | |||
All-in interest rate (in hundredths) | 1.25% | |||
Cleco Power [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Unrestricted Member's Equity | 852.1 | |||
Cleco Power [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Ratio of Indebtedness to Net Capital | 0.65 | |||
Cleco Power [Member] | Line of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 300 | |||
Facility fees (in hundredths) | 0.10% | |||
Line of Credit Facility, Amount Outstanding | 20 | |||
Available borrowing capacity | 278 | |||
Unrestricted Member's Equity | 852.1 | |||
Letters of Credit Outstanding, Amount | 2 | 1 | ||
Cleco Power [Member] | Line of Credit [Member] | Maximum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Ratio of Indebtedness to Net Capital | 0.65 | |||
Cleco Power [Member] | Line of Credit [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Repayments of Lines of Credit | $20 | |||
Cleco Power [Member] | Line of Credit [Member] | LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
All-in interest rate (in hundredths) | 0.90% | |||
All-in interest rate (in hundredths) | 1.07% |
Common_Stock_Employee_Stock_Pu
Common Stock, Employee Stock Purchase Plan (Details) (Employee Stock Purchase Plan [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Employee Stock Purchase Plan [Member] | |
Employee Stock Purchase Plan Disclosures [Line Items] | |
Employee payroll deductions, minimum | $10 |
Employee payroll deductions maximum | $350 |
Discount on the fair market value of shares purchased as of the offering date (in hundredths) | 5.00% |
Maximum number of shares of common stock available to be purchased per participant per offering period (in shares) | 62 |
Maximum number of shares of common stock which may be purchased under the ESPP (in shares) | 734,000 |
Number of shares of common stock available for purchase under the ESPP (in shares) | 396,910 |
Common_Stock_LongTerm_Incentiv
Common Stock, Long-Term Incentive Compensation Plan (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of non-vested shares of common stock outstanding (in shares) | 311,717 | 340,998 |
2000 Long-Term Incentive Compensation Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding under the 2000 LTIP | 0 | |
2000 Long-Term Incentive Compensation Plan [Member] | Common Stock Equivalent Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of non-vested shares of common stock outstanding (in shares) | 0 | |
2000 Long-Term Incentive Compensation Plan [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of non-vested shares of common stock outstanding (in shares) | 12,720 | |
2010 Long-Term Incentive Compensation Plan [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of shares of common stock authorized for issuance under 2010 LTIP (in shares) | 2,250,000 | |
Number of shares of common stock available for future grants under the 2010 LTIP (in shares) | 1,316,285 |
Common_Stock_LongTerm_Incentiv1
Common Stock, Long-Term Incentive Compensation Plan, Stock Options (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted during the year | 0 | 0 | 0 |
Aggregate intrinsic value of options exercised during the year | $1.80 | ||
Cash Received from Exercise of Stock Options | 2 | ||
Tax Benefit Realized from Exercise of Stock Options | 0.7 | ||
Cash paid to settle equity instruments | $0 |
Common_Stock_LongTerm_Incentiv2
Common Stock, Long-Term Incentive Compensation Plan, Non-vested Stock and Common Stock Equivalent Units (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock [Member] | |||
Non-Vested Stock, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Weighted average grant date fair value, non-vested, beginning of period (in dollars per share) | $38.26 | ||
Weighted average grant date fair value, non-vested, granted (in dollars per share) | $48.65 | ||
Weighted average grant date fair value, non-vested, vested (in dollars per share) | $37.66 | ||
Weighted average grant date fair value, non-vested, forfeited (in dollars per share) | $44.16 | ||
Weighted average grant date fair value, non-vested, end of period (in dollars per share) | $42.90 | $38.26 | |
Non-Vested Stock, Activity [Roll Forward] | |||
Shares, non-vested, beginning of period (in shares) | 340,998 | ||
Shares, granted (in shares) | 135,379 | ||
Shares, vested (in shares) | -155,310 | ||
Shares, forfeited (in shares) | -9,350 | ||
Shares, non-vested, end of period (in shares) | 311,717 | 340,998 | |
Non-Vested Stock, Fair Value Assumptions [Abstract] | |||
Expected term (in years) | 3 years | 3 years | 3 years |
Volatility of Cleco stock (in hundredths) | 17.30% | 18.10% | 21.50% |
Correlation between Cleco stock volatility and peer group (in hundredths) | 66.50% | 69.70% | 66.00% |
Expected dividend yield (in hundredths) | 3.00% | 3.20% | 3.30% |
Weighted average fair value (Monte Carlo model) (in dollars per share) | $54.58 | $42.66 | $41.56 |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Non-vested shares of common stock granted during the year (in shares) | 135,379 | ||
Fair value of shares of non-vested stock vested during period | $5.80 | $5.20 | $3.10 |
Restricted Stock [Member] | LTICP [Member] | |||
Non-Vested Stock, Activity [Roll Forward] | |||
Shares, non-vested, end of period (in shares) | 154,047 | ||
Restricted Stock [Member] | 2010 Long-Term Incentive Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Target and opportunity shares for which restrictions had not lapsed | 570,622 | ||
Non-vested shares granted with only a service period requirement that had not yet been completed | 85,187 | ||
Common Stock Equivalent Units [Member] | |||
Non-Vested Stock, Activity [Roll Forward] | |||
Shares, granted (in shares) | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Non-vested shares of common stock granted during the year (in shares) | 0 | 0 | 0 |
Treasury Stock [Member] | Restricted Stock [Member] | 2010 Long-Term Incentive Compensation Plan [Member] | |||
Non-Vested Stock, Activity [Roll Forward] | |||
Shares, granted (in shares) | 135,379 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |||
Non-vested shares of common stock granted during the year (in shares) | 135,379 |
Common_Stock_StockBased_Compen
Common Stock, Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-Tax Compensation Expense | $6,308,000 | $6,148,000 | $5,946,000 |
Tax Benefit (excluding income tax gross-up) | 2,427,000 | 2,366,000 | 2,288,000 |
Compensation expense, non-forfeitable dividends paid on non-vested stock not expected to vest and stock options | 100,000 | 100,000 | 100,000 |
Amount of stock based compensation capitalized | 800,000 | 900,000 | |
Non-vested share-based compensation arrangements, average vesting period (in years) | 1 year 6 months | ||
Equity Classification [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-Tax Compensation Expense | 6,308,000 | 6,147,000 | 4,440,000 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-Tax Compensation Expense | 6,308,000 | 6,147,000 | 4,429,000 |
Non-vested share-based compensation arrangements expected to vest (in shares) | 311,717 | 340,998 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-Tax Compensation Expense | 0 | 0 | 11,000 |
Common Stock Equivalent Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-Tax Compensation Expense | 0 | 1,000 | 1,506,000 |
Cleco Power [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-Tax Compensation Expense | 2,004,000 | 1,754,000 | 1,683,000 |
Tax Benefit (excluding income tax gross-up) | 771,000 | 675,000 | 648,000 |
Amount of stock based compensation capitalized | 800,000 | 700,000 | |
Cleco Power [Member] | Equity Classification [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-Tax Compensation Expense | 2,004,000 | 1,754,000 | 1,074,000 |
Cleco Power [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-Tax Compensation Expense | 2,004,000 | 1,754,000 | 1,074,000 |
Cleco Power [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-Tax Compensation Expense | 0 | 0 | 0 |
Cleco Power [Member] | Common Stock Equivalent Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-Tax Compensation Expense | 0 | 0 | 609,000 |
LTICP [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested share-based compensation arrangements expected to vest (in shares) | 154,047 | ||
Non-Vested Stock, total unrecognized before-tax compensation cost | $6,200,000 |
Common_Stock_Common_Stock_Repu
Common Stock, Common Stock Repurchase Program (Details) (Cleco Corporation [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cleco Corporation [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common stock repurchased (in shares) | 250,000 | 0 | 200,000 |
Pension_Plan_and_Employee_Bene2
Pension Plan and Employee Benefits, Benefit Obligation, Plan Assets, and Funded Status (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost (credit) | ($71,000) | ||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 392,488,000 | 431,569,000 | |
Service cost | 8,050,000 | 9,889,000 | 8,312,000 |
Interest cost | 19,851,000 | 17,940,000 | 18,254,000 |
Plan participants' contributions | 0 | 0 | |
Actuarial loss (gain) | 95,576,000 | -50,133,000 | |
Expenses paid | -1,671,000 | -1,916,000 | |
Medicare D | 0 | 0 | |
Other adjustments | 0 | 0 | |
Benefits paid | -15,922,000 | -14,861,000 | |
Benefit obligation at end of year | 498,372,000 | 392,488,000 | 431,569,000 |
Change in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 384,555,000 | 344,041,000 | |
Actual return on plan assets | 45,841,000 | 23,291,000 | |
Employer contributions | 0 | 34,000,000 | |
Expenses paid | -1,671,000 | -1,916,000 | |
Benefits paid | -15,922,000 | -14,861,000 | |
Fair value of plan assets at end of year | 412,803,000 | 384,555,000 | 344,041,000 |
Unfunded status | -85,569,000 | -7,933,000 | |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost (credit) | 119,000 | ||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 43,840,000 | 45,569,000 | |
Service cost | 1,542,000 | 1,656,000 | 1,461,000 |
Interest cost | 1,809,000 | 1,568,000 | 2,239,000 |
Plan participants' contributions | 872,000 | 1,241,000 | |
Actuarial loss (gain) | 1,228,000 | -1,768,000 | |
Expenses paid | 0 | 0 | |
Medicare D | 132,000 | 194,000 | |
Other adjustments | -551,000 | 601,000 | |
Benefits paid | -4,220,000 | -5,221,000 | |
Benefit obligation at end of year | 44,652,000 | 43,840,000 | 45,569,000 |
Change in plan assets [Roll Forward] | |||
Expenses paid | 0 | 0 | |
Benefits paid | -4,220,000 | -5,221,000 | |
Unfunded status | -44,652,000 | -43,840,000 | |
Postemployment Benefits Liability, Current | 3,500,000 | 3,500,000 | |
Postemployment Benefits Liability, Noncurrent | 41,200,000 | 40,400,000 | |
SERP Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost (credit) | 54,000 | ||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 57,865,000 | 59,422,000 | |
Service cost | 2,278,000 | 2,055,000 | 1,487,000 |
Interest cost | 3,028,000 | 2,578,000 | 2,526,000 |
Actuarial loss (gain) | 13,436,000 | -3,477,000 | |
Benefits paid | -2,705,000 | -2,713,000 | |
Benefit obligation at end of year | 73,902,000 | 57,865,000 | 59,422,000 |
Change in plan assets [Roll Forward] | |||
Benefits paid | -2,705,000 | -2,713,000 | |
Defined Benefit Pension Plan Liabilities, Current | 3,000,000 | 2,700,000 | |
Defined Benefit Pension Plan, Liabilities, Noncurrent | 70,900,000 | 55,200,000 | |
Cleco Power [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension contributions designated for prior plan year | 34,000,000 | ||
Cleco Power [Member] | Other Benefits [Member] | |||
Change in plan assets [Roll Forward] | |||
Postemployment Benefits Liability, Current | 3,200,000 | 3,200,000 | |
Postemployment Benefits Liability, Noncurrent | 31,200,000 | 30,700,000 | |
Cleco Power [Member] | SERP Benefits [Member] | |||
Change in plan assets [Roll Forward] | |||
Defined Benefit Pension Plan Liabilities, Current | 800,000 | 700,000 | |
Defined Benefit Pension Plan, Liabilities, Noncurrent | $19,000,000 | $14,300,000 |
Pension_Plan_and_Employee_Bene3
Pension Plan and Employee Benefits, Amounts Recognized in Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $452,991 | $358,128 |
Amounts recognized in other comprehensive income [Abstract] | ||
Net actuarial loss (gain) occurring during year | 74,242 | -49,978 |
Prior service cost occurring during year | 0 | 0 |
Net actuarial loss amortized during year | 6,743 | 13,218 |
Transition obligation (asset) amortized during year | 0 | 0 |
Prior service cost (credit) amortized during year | -71 | -71 |
Amounts in accumulated other comprehensive income to be recognized in next fiscal year [Abstract] | ||
Net actuarial loss (gain) | 13,491 | |
Transition obligation (asset) | 0 | |
Prior service cost (credit) | -71 | |
Amounts in accumulated other comprehensive income [Abstract] | ||
Net actuarial loss (gain) | 161,320 | 93,821 |
Transition obligation (asset) | 0 | 0 |
Prior service cost (credit) | -417 | -488 |
Other Benefits [Member] | ||
Amounts recognized in other comprehensive income [Abstract] | ||
Net actuarial loss (gain) occurring during year | 1,228 | -1,768 |
Prior service cost occurring during year | 0 | 601 |
Net actuarial loss amortized during year | 670 | 1,131 |
Transition obligation (asset) amortized during year | 16 | 20 |
Prior service cost (credit) amortized during year | 119 | 0 |
Amounts in accumulated other comprehensive income to be recognized in next fiscal year [Abstract] | ||
Net actuarial loss (gain) | 865 | |
Transition obligation (asset) | 0 | |
Prior service cost (credit) | 119 | |
Amounts in accumulated other comprehensive income [Abstract] | ||
Net actuarial loss (gain) | 10,710 | 10,703 |
Transition obligation (asset) | 0 | 16 |
Prior service cost (credit) | 482 | 601 |
SERP Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 67,126 | 53,046 |
Amounts recognized in other comprehensive income [Abstract] | ||
Net actuarial loss (gain) occurring during year | 13,436 | -3,477 |
Net actuarial loss amortized during year | 1,876 | 2,305 |
Prior service cost (credit) amortized during year | 54 | 54 |
Amounts in accumulated other comprehensive income to be recognized in next fiscal year [Abstract] | ||
Net actuarial loss (gain) | 2,919 | |
Prior service cost (credit) | 54 | |
Amounts in accumulated other comprehensive income [Abstract] | ||
Net actuarial loss (gain) | 31,224 | 19,663 |
Prior service cost (credit) | $173 | $227 |
Pension_Plan_and_Employee_Bene4
Pension Plan and Employee Benefits, Components of Periodic Benefit Costs and Weighted-Average Assumptions (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 | |
Pension Benefits [Member] | ||||
Components of periodic benefit costs | ||||
Service cost | $8,050,000 | $9,889,000 | $8,312,000 | |
Interest cost | 19,851,000 | 17,940,000 | 18,254,000 | |
Expected return on plan assets | -24,507,000 | -23,446,000 | -20,806,000 | |
Transition obligation | 0 | 0 | 0 | |
Prior period service cost | -71,000 | -71,000 | -71,000 | |
Net loss | 6,743,000 | 13,218,000 | 8,346,000 | |
Net periodic benefit cost | 10,066,000 | 17,530,000 | 14,035,000 | |
Weighted-average assumptions used to determine the benefit obligation as of December 31: | ||||
Discount rate (in hundredths) | 4.21% | 5.14% | ||
Rate of compensation increase (in hundredths) | 3.17% | 3.26% | ||
Weighted-average assumptions used to determine the net benefit cost (income) for the year ended December 31: | ||||
Discount rate (in hundredths) | 5.14% | 4.19% | 5.08% | |
Expected return on plan assets (in hundredths) | 6.76% | 6.78% | 6.61% | |
Rate of compensation increase (in hundredths) | 3.17% | 3.26% | 3.37% | |
Pension Benefits [Member] | Other Subsidiaries [Member] | ||||
Components of periodic benefit costs | ||||
Net periodic benefit cost | 1,700,000 | 2,500,000 | 2,200,000 | |
Other Benefits [Member] | ||||
Components of periodic benefit costs | ||||
Service cost | 1,542,000 | 1,656,000 | 1,461,000 | |
Interest cost | 1,809,000 | 1,568,000 | 2,239,000 | |
Expected return on plan assets | 0 | 0 | 0 | |
Transition obligation | 16,000 | 20,000 | 20,000 | |
Prior period service cost | 119,000 | 0 | 0 | |
Net loss | 670,000 | 1,131,000 | 1,479,000 | |
Net periodic benefit cost | 4,156,000 | 4,375,000 | 5,199,000 | |
Current portion of other benefits liability | 3,500,000 | 3,500,000 | ||
Weighted-average assumptions used to determine the benefit obligation as of December 31: | ||||
Discount rate (in hundredths) | 3.76% | 4.46% | ||
Weighted-average assumptions used to determine the net benefit cost (income) for the year ended December 31: | ||||
Discount rate (in hundredths) | 4.46% | 3.54% | 4.51% | |
Other Benefits [Member] | Cleco Power [Member] | ||||
Components of periodic benefit costs | ||||
Net periodic benefit cost | 3,600,000 | 3,800,000 | 4,500,000 | |
Current portion of other benefits liability | 3,200,000 | 3,200,000 | ||
SERP Benefits [Member] | ||||
Components of periodic benefit costs | ||||
Service cost | 2,278,000 | 2,055,000 | 1,487,000 | |
Interest cost | 3,028,000 | 2,578,000 | 2,526,000 | |
Prior period service cost | 54,000 | 54,000 | 54,000 | |
Net loss | 1,875,000 | 2,305,000 | 1,764,000 | |
Net periodic benefit cost | 7,235,000 | 6,992,000 | 5,831,000 | |
Weighted-average assumptions used to determine the benefit obligation as of December 31: | ||||
Discount rate (in hundredths) | 4.20% | 5.09% | ||
Rate of compensation increase (in hundredths) | 5.00% | 5.00% | ||
Weighted-average assumptions used to determine the net benefit cost (income) for the year ended December 31: | ||||
Discount rate (in hundredths) | 5.09% | 4.17% | 4.99% | |
Rate of compensation increase (in hundredths) | 5.00% | 5.00% | 5.00% | |
SERP Benefits [Member] | Cleco Power [Member] | ||||
Components of periodic benefit costs | ||||
Net periodic benefit cost | $1,700,000 | $1,500,000 | $1,500,000 | |
Subsequent Event [Member] | Pension Benefits [Member] | ||||
Weighted-average assumptions used to determine the net benefit cost (income) for the year ended December 31: | ||||
Expected return on plan assets (in hundredths) | 6.15% |
Pension_Plan_and_Employee_Bene5
Pension Plan and Employee Benefits, Fair Value of Pension Plan Assets (Details) (Pension Benefits [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $409,973 | $381,771 | |
Interest Accrual | 2,830 | 2,784 | |
Total net assets | 412,803 | 384,555 | 344,041 |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,180 | 5,942 | |
Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,967 | 17,918 | |
Preferred Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 968 | 939 | |
Obligations of U.S. Government and U.S. Government Agencies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 49,942 | 41,413 | |
Mutual funds, Domestic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 55,005 | 54,609 | |
Mutual funds, International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25,096 | 26,254 | |
Common/collective trust fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37,542 | 42,078 | |
Real estate funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18,792 | 17,928 | |
Hedge Fund of Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,228 | 1,740 | |
Corporate debt [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 202,253 | 172,950 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 95,036 | 99,720 | |
Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,967 | 17,918 | |
Level 1 [Member] | Preferred Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 968 | 939 | |
Level 1 [Member] | Obligations of U.S. Government and U.S. Government Agencies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Mutual funds, Domestic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 55,005 | 54,609 | |
Level 1 [Member] | Mutual funds, International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25,096 | 26,254 | |
Level 1 [Member] | Common/collective trust fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Real estate funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Hedge Fund of Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 1 [Member] | Corporate debt [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 294,917 | 262,383 | |
Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,180 | 5,942 | |
Level 2 [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Preferred Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Obligations of U.S. Government and U.S. Government Agencies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 49,942 | 41,413 | |
Level 2 [Member] | Mutual funds, Domestic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Mutual funds, International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Common/collective trust fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37,542 | 42,078 | |
Level 2 [Member] | Real estate funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Hedge Fund of Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 2 [Member] | Corporate debt [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 202,253 | 172,950 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,020 | 19,668 | |
Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Preferred Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Obligations of U.S. Government and U.S. Government Agencies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Mutual funds, Domestic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Mutual funds, International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Common/collective trust fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 [Member] | Real estate funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18,792 | 17,928 | |
Level 3 [Member] | Hedge Fund of Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,228 | 1,740 | |
Level 3 [Member] | Corporate debt [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $0 | $0 |
Pension_Plan_and_Employee_Bene6
Pension Plan and Employee Benefits, Unobservable Input Reconciliation (Details) (Level 3 [Member], Pension Benefits [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair value of plan assets [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $20,020 | $19,668 | $19,928 |
Realized gain | 7 | 12 | |
Unrealized gain | 616 | 199 | |
Purchases | 294 | 459 | |
Sales | -565 | -930 | |
Real estate funds [Member] | |||
Fair value of plan assets [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 18,792 | 17,928 | 17,341 |
Realized gain | 0 | 0 | |
Unrealized gain | 570 | 128 | |
Purchases | 294 | 459 | |
Sales | 0 | 0 | |
Hedge Funds [Member] | |||
Fair value of plan assets [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,228 | 1,740 | 2,587 |
Realized gain | 7 | 12 | |
Unrealized gain | 46 | 71 | |
Purchases | 0 | 0 | |
Sales | ($565) | ($930) |
Pension_Plan_and_Employee_Bene7
Pension Plan and Employee Benefits, Pension Plan Asset Investment Objectives (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |
Maximum notional value of derivative positions of the total pension fund's value | 20.00% |
Pension Benefits [Member] | Domestic equity [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations | 16.00% |
Pension Benefits [Member] | International equity [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations | 16.00% |
Pension Benefits [Member] | Real estate funds [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations | 7.00% |
Pension Benefits [Member] | Hedge Funds [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations | 1.00% |
Pension Benefits [Member] | Return Seeking [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations, minimum | 35.00% |
Target plan allocations | 40.00% |
Target plan allocations, maximum | 45.00% |
Pension Benefits [Member] | Fixed income- long government/credit [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations | 20.00% |
Pension Benefits [Member] | Fixed income- long credit [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations | 40.00% |
Pension Benefits [Member] | Liability Hedging [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations, minimum | 55.00% |
Target plan allocations | 60.00% |
Target plan allocations, maximum | 64.00% |
Pension_Plan_and_Employee_Bene8
Pension Plan and Employee Benefits, Additional Disclosures (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual return on plan assets (in hundredths) | 11.70% | 5.70% | |
Expected return on plan assets (in hundredths) | 6.76% | 6.78% | 6.61% |
Projected benefit payments [Abstract] | |||
2015 | $17,343 | ||
2016 | 18,249 | ||
2017 | 19,408 | ||
2018 | 20,510 | ||
2019 | 21,741 | ||
Next five years | 129,225 | ||
Other Benefits [Member] | |||
Impact of future Medicare subsidies on the components of other benefit costs [Abstract] | |||
Assumed health care cost trend rates for next fiscal year(in hundredths) | 5.00% | 5.00% | |
Ultimate health care trend rate (in hundredths) | 5.00% | ||
Effect of one-percentage point change in assumed health care cost trend rates [Abstract] | |||
Effect of one-percentage point increase on total of service and interest cost components | 24 | ||
Effect of one-percentage point decrease on total of service and interest cost components | -28 | ||
Effect of one-percentage point increase on postretirement benefit obligation | 272 | ||
Effect of one-percentage point decrease on postretirement benefit obligation | -305 | ||
Projected benefit payments [Abstract] | |||
2015 | 3,534 | ||
2016 | 3,627 | ||
2017 | 3,687 | ||
2018 | 3,763 | ||
2019 | 3,858 | ||
Next five years | 19,171 | ||
SERP Benefits [Member] | |||
Projected benefit payments [Abstract] | |||
2015 | 3,094 | ||
2016 | 3,324 | ||
2017 | 3,375 | ||
2018 | 3,567 | ||
2019 | 3,735 | ||
Next five years | $22,206 |
Pension_Plan_and_Employee_Bene9
Pension Plan and Employee Benefits, 401 (K) Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
401(k) Plan [Abstract] | |||
401 (k) Plan expense | $4,730 | $4,422 | $4,375 |
Other Subsidiaries [Member] | |||
401(k) Plan [Abstract] | |||
401 (k) Plan expense | $900 | $1,000 | $1,000 |
Income_Taxes_Effective_Tax_Rat
Income Taxes, Effective Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income tax reconciliation [Abstract] | |||
Income before tax | $221,855 | $240,260 | $228,975 |
Statutory rate (in hundredths) | 35.00% | 35.00% | 35.00% |
Tax at federal statutory rate | 77,649 | 84,091 | 80,141 |
Increase (decrease): | |||
Plant differences, including AFUDC flowthrough | 462 | 427 | -1,222 |
Amortization of investment tax credits | -983 | -1,108 | -1,180 |
State income taxes | 23 | 1,094 | -218 |
Settlement with taxing authorities | -9,106 | 0 | 0 |
New markets tax credits | -754 | -4,806 | -9,261 |
Other | -175 | -123 | -2,933 |
Total taxes | 67,116 | 79,575 | 65,327 |
Effective Rate (in hundredths) | 30.30% | 33.10% | 28.50% |
Cleco Power [Member] | |||
Income tax reconciliation [Abstract] | |||
Income before tax | 231,290 | 229,791 | 214,981 |
Statutory rate (in hundredths) | 35.00% | 35.00% | 35.00% |
Tax at federal statutory rate | 80,952 | 80,427 | 75,243 |
Increase (decrease): | |||
Plant differences, including AFUDC flowthrough | 462 | 427 | -1,222 |
Amortization of investment tax credits | -983 | -1,108 | -1,180 |
State income taxes | 351 | 730 | -705 |
Settlement with taxing authorities | -2,320 | 0 | 0 |
Other | -1,488 | -1,095 | -4,003 |
Total taxes | $76,974 | $79,381 | $68,133 |
Effective Rate (in hundredths) | 33.30% | 34.50% | 31.70% |
Income_Taxes_Current_and_Defer
Income Taxes, Current and Deferred Income Tax Expense (Details) (USD $) | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Current and deferred income tax expense [Abstract] | ||||
Current federal income tax (benefit) expense | $11,082,000 | $15,672,000 | $47,768,000 | |
Deferred federal income tax expense | 71,061,000 | 65,237,000 | 21,724,000 | |
Amortization of accumulated deferred investment tax credits | -983,000 | -1,108,000 | -1,180,000 | |
Total federal income tax expense | 81,160,000 | 79,801,000 | 68,312,000 | |
Current state income tax (benefit) expense | -6,580,000 | -978,000 | -1,192,000 | |
Deferred state income tax expense (benefit) | -7,464,000 | 752,000 | -1,793,000 | |
Total state income tax benefit | -14,044,000 | -226,000 | -2,985,000 | |
Total taxes | 67,116,000 | 79,575,000 | 65,327,000 | |
Items charged or credited directly to shareholders' equity | ||||
Income Tax Effects Allocated Directly to Equity | -4,246,000 | 4,062,000 | -2,771,000 | |
Total federal and state income tax expense | 62,870,000 | 83,637,000 | 62,556,000 | |
Decrease in total tax expense to AOCI | -8,300,000 | |||
Amortization and Interest Recognized | 3,400,000 | 13,300,000 | 38,600,000 | |
Cleco Power [Member] | ||||
Current and deferred income tax expense [Abstract] | ||||
Current federal income tax (benefit) expense | -197,000 | -33,000 | 13,008,000 | |
Deferred federal income tax expense | 83,676,000 | 81,188,000 | 59,008,000 | |
Amortization of accumulated deferred investment tax credits | -983,000 | -1,108,000 | -1,180,000 | |
Total federal income tax expense | 82,496,000 | 80,047,000 | 70,836,000 | |
Current state income tax (benefit) expense | -4,161,000 | -1,012,000 | -1,060,000 | |
Deferred state income tax expense (benefit) | -1,361,000 | 346,000 | -1,643,000 | |
Total state income tax benefit | -5,522,000 | -666,000 | -2,703,000 | |
Total taxes | 76,974,000 | 79,381,000 | 68,133,000 | |
Items charged or credited directly to shareholders' equity | ||||
Income Tax Effects Allocated Directly to Equity | -1,321,000 | 3,280,000 | 23,000 | |
Total federal and state income tax expense | 75,653,000 | 82,661,000 | 68,156,000 | |
Decrease in total tax expense to AOCI | -4,600,000 | |||
Internal Revenue Service (IRS) [Member] | ||||
Items charged or credited directly to shareholders' equity | ||||
Income Tax Effects Allocated Directly to Equity | -3,656,000 | 3,497,000 | -2,386,000 | |
Internal Revenue Service (IRS) [Member] | Cleco Power [Member] | ||||
Items charged or credited directly to shareholders' equity | ||||
Income Tax Effects Allocated Directly to Equity | -1,137,000 | 2,824,000 | 20,000 | |
State and Local Jurisdiction [Member] | ||||
Items charged or credited directly to shareholders' equity | ||||
Income Tax Effects Allocated Directly to Equity | -590,000 | 565,000 | -385,000 | |
State and Local Jurisdiction [Member] | Cleco Power [Member] | ||||
Items charged or credited directly to shareholders' equity | ||||
Income Tax Effects Allocated Directly to Equity | ($184,000) | $456,000 | $3,000 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes, Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of deferred tax assets and liabilities [Abstract] | ||
Depreciation and property basis differences | ($892,725) | ($878,298) |
Net operating loss carryforward | 56,315 | 95,360 |
New market tax credits | 84,504 | 99,782 |
Fuel costs | -11,686 | -7,229 |
SERP - other comprehensive income | 19,576 | 15,330 |
Regulated operations regulatory liability, net | -90,135 | -84,702 |
Postretirement benefits other than pension | 812 | -5,075 |
Other | -8,734 | -10,139 |
Accumulated deferred federal and state income taxes | -842,073 | -774,971 |
Cleco Power [Member] | ||
Components of deferred tax assets and liabilities [Abstract] | ||
Depreciation and property basis differences | -890,030 | -836,771 |
Net operating loss carryforward | 12,323 | 81,102 |
Fuel costs | -11,686 | -7,229 |
SERP - other comprehensive income | 10,002 | 8,681 |
Regulated operations regulatory liability, net | -90,135 | -84,702 |
Postretirement benefits other than pension | -14,346 | -19,056 |
Other | -10,735 | -6,603 |
Accumulated deferred federal and state income taxes | ($994,607) | ($864,578) |
Income_Taxes_Valuation_Allowan
Income Taxes, Valuation Allowance (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Cleco Power [Member] | ||
Valuation Allowance [Line Items] | ||
Tax Credit Carryforward, Valuation Allowance | $0 | |
General Business Tax Credit Carryforward [Member] | ||
Valuation Allowance [Line Items] | ||
Deferred tax asset, NMTC carryforwards | 95.4 | 95.4 |
Tax Credit Carryforward, Valuation Allowance | $0 |
Income_Taxes_Net_Operating_Los
Income Taxes, Net Operating Losses & Uncertain Tax Positions (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2013 | |
Net Operating Losses [Abstract] | |||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $0 | $88,000 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 0 | 154,000 | -9,223,000 | ||
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 0 | 0 | 0 | ||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | 2,193,000 | 0 | ||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 0 | 248,000 | 0 | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 5,071,000 | 0 | 53,109,000 | ||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0 | 0 | 0 | ||
Unrecognized Tax Benefits | 0 | 5,071,000 | 3,126,000 | 56,235,000 | |
Cleco Power [Member] | |||||
Net Operating Losses [Abstract] | |||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 0 | 11,000 | |||
Customer Surcredits | 5,200,000 | 8,400,000 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 0 | 11,000 | -11,648,000 | ||
Increase (Decrease) in Interest Charges Recoverable from Customers | 0 | 3,000,000 | |||
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 0 | 0 | 0 | ||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | 0 | 0 | ||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 0 | 248,000 | 0 | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | 0 | 52,310,000 | ||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0 | 0 | 0 | ||
Unrecognized Tax Benefits | 0 | 0 | 248,000 | 52,558,000 | |
Federal [Member] | |||||
Net Operating Losses [Abstract] | |||||
Net operating loss carryforwards | 303,900,000 | ||||
Deposits with IRS | 60,400,000 | ||||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | ($42,300,000) |
Disclosures_about_Segments_Det
Disclosures about Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
entity | entity | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of transmission interconnection facility subsidiaries | 2 | 2 | |||||||||
Revenue | |||||||||||
Electric operations | $1,225,960 | $1,047,548 | $944,169 | ||||||||
Tolling operations | 0 | 0 | 0 | ||||||||
Other operations | 67,055 | 51,002 | 50,158 | ||||||||
Electric customer credits | -23,530 | -1,836 | -630 | ||||||||
Affiliate revenue | 0 | 0 | 0 | ||||||||
Operating revenue, net | 304,643 | 371,386 | 309,070 | 284,387 | 263,109 | 328,763 | 263,894 | 240,947 | 1,269,485 | 1,096,714 | 993,697 |
Depreciation | 146,505 | 142,860 | 132,407 | ||||||||
Merger transaction costs | 17,848 | 0 | 0 | ||||||||
Interest charges | 73,606 | 84,254 | 84,156 | ||||||||
Interest income | 1,768 | 1,105 | 346 | ||||||||
Federal and state income tax expense | 67,116 | 79,575 | 65,327 | ||||||||
Net Income | 154,739 | 160,685 | 163,648 | ||||||||
Additions to property, plant, and equipment | 207,636 | 191,876 | 232,724 | ||||||||
Equity investment in investees | 14,540 | 14,540 | 14,540 | 14,540 | 14,540 | ||||||
Total segment assets | 4,379,073 | 4,215,262 | 4,379,073 | 4,215,262 | 4,147,349 | ||||||
Operating Segments [Member] | Other Segments [Member] | |||||||||||
Revenue | |||||||||||
Electric operations | 1,225,960 | 1,047,548 | 944,169 | ||||||||
Tolling operations | 0 | 0 | 0 | ||||||||
Other operations | 64,893 | 48,909 | 48,156 | ||||||||
Electric customer credits | -23,530 | -1,836 | -630 | ||||||||
Affiliate revenue | 1,326 | 1,338 | 1,372 | ||||||||
Operating revenue, net | 1,268,649 | 1,095,959 | 993,067 | ||||||||
Depreciation | 144,026 | 135,717 | 125,486 | ||||||||
Merger transaction costs | 0 | ||||||||||
Interest charges | 74,673 | 82,677 | 80,502 | ||||||||
Interest income | 1,707 | 1,100 | 333 | ||||||||
Federal and state income tax expense | 76,974 | 79,381 | 68,133 | ||||||||
Net Income | 154,316 | 150,410 | 146,848 | ||||||||
Additions to property, plant, and equipment | 206,607 | 184,684 | 222,104 | ||||||||
Equity investment in investees | 14,532 | 14,532 | 14,532 | 14,532 | 14,532 | ||||||
Total segment assets | 4,242,986 | 3,943,712 | 4,242,986 | 3,943,712 | 3,871,729 | ||||||
Operating Segments [Member] | Midstream [Member] | |||||||||||
Revenue | |||||||||||
Electric operations | 0 | 0 | |||||||||
Tolling operations | 31,670 | 25,559 | |||||||||
Other operations | 2 | 3 | |||||||||
Electric customer credits | 0 | 0 | |||||||||
Affiliate revenue | 0 | 0 | |||||||||
Operating revenue, net | 31,672 | 25,562 | |||||||||
Depreciation | 6,043 | 6,006 | |||||||||
Interest charges | -331 | 770 | |||||||||
Interest income | 0 | 0 | |||||||||
Federal and state income tax expense | 7,110 | 6,404 | |||||||||
Net Income | 4,372 | 9,155 | |||||||||
Additions to property, plant, and equipment | 4,106 | 8,759 | |||||||||
Equity investment in investees | 0 | 0 | 0 | ||||||||
Total segment assets | 225,832 | 225,832 | 215,342 | ||||||||
Operating Segments [Member] | Corporate and Other [Member] | |||||||||||
Revenue | |||||||||||
Electric operations | 0 | 0 | 0 | ||||||||
Tolling operations | 5,467 | 0 | |||||||||
Other operations | 2,163 | 2,091 | 1,998 | ||||||||
Electric customer credits | 0 | 0 | 0 | ||||||||
Affiliate revenue | 56,031 | 55,145 | 52,063 | ||||||||
Operating revenue, net | 63,661 | 57,236 | 54,061 | ||||||||
Depreciation | 2,479 | 1,100 | 916 | ||||||||
Merger transaction costs | 17,848 | ||||||||||
Interest charges | -1,538 | 1,274 | 2,269 | ||||||||
Interest income | -410 | -628 | -602 | ||||||||
Federal and state income tax expense | -9,858 | -6,917 | -9,210 | ||||||||
Net Income | 424 | 5,903 | 7,645 | ||||||||
Additions to property, plant, and equipment | 1,029 | 3,086 | 1,861 | ||||||||
Equity investment in investees | 8 | 8 | 8 | 8 | 8 | ||||||
Total segment assets | 248,654 | 88,234 | 248,654 | 88,234 | 201,678 | ||||||
Intersegment Eliminations [Member] | |||||||||||
Revenue | |||||||||||
Electric operations | 0 | 0 | 0 | ||||||||
Tolling operations | -5,467 | -31,670 | -25,559 | ||||||||
Other operations | -1 | 0 | 1 | ||||||||
Electric customer credits | 0 | 0 | 0 | ||||||||
Affiliate revenue | -57,357 | -56,483 | -53,435 | ||||||||
Operating revenue, net | -62,825 | -88,153 | -78,993 | ||||||||
Depreciation | 0 | 0 | -1 | ||||||||
Merger transaction costs | 0 | ||||||||||
Interest charges | 471 | 634 | 615 | ||||||||
Interest income | 471 | 633 | 615 | ||||||||
Federal and state income tax expense | 0 | 1 | 0 | ||||||||
Net Income | -1 | 0 | 0 | ||||||||
Additions to property, plant, and equipment | 0 | 0 | 0 | ||||||||
Equity investment in investees | 0 | 0 | 0 | 0 | 0 | ||||||
Total segment assets | -112,567 | -42,516 | -112,567 | -42,516 | -141,400 | ||||||
Cleco Power [Member] | |||||||||||
Revenue | |||||||||||
Electric operations | 1,225,960 | 1,047,548 | 944,169 | ||||||||
Other operations | 64,893 | 48,909 | 48,156 | ||||||||
Electric customer credits | -23,530 | -1,836 | -630 | ||||||||
Affiliate revenue | 1,326 | 1,338 | 1,372 | ||||||||
Operating revenue, net | 304,432 | 371,178 | 308,859 | 284,180 | 262,900 | 328,556 | 263,725 | 240,778 | 1,268,649 | 1,095,959 | 993,067 |
Depreciation | 144,026 | 135,717 | 125,486 | ||||||||
Interest charges | 74,673 | 82,677 | 80,502 | ||||||||
Interest income | 1,707 | 1,100 | 333 | ||||||||
Federal and state income tax expense | 76,974 | 79,381 | 68,133 | ||||||||
Net Income | 154,316 | 150,410 | 146,848 | ||||||||
Equity investment in investees | 14,532 | 14,532 | 14,532 | 14,532 | |||||||
Total segment assets | $4,242,986 | $3,943,712 | $4,242,986 | $3,943,712 |
Electric_Customer_Credits_Deta
Electric Customer Credits (Details) (USD $) | 1 Months Ended | 12 Months Ended | 53 Months Ended | ||
Sep. 30, 2014 | Apr. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Public Utilities, General Disclosures [Line Items] | |||||
Provision for rate refund | $2,264,000 | $3,533,000 | |||
Cleco Power [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Provision for rate refund | 2,264,000 | 3,533,000 | |||
Louisiana Public Service Commission [Member] | FRP extension [Member] | Cleco Power [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Target return on equity allowed by FRP (in hundredths) | 10.00% | ||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 10.90% | ||||
Percentage of retail earnings within range to be returned to customers (in hundredths) | 60.00% | ||||
Return on equity for customer credit, low range (in hundredths) | 10.90% | ||||
Return on equity for customer credit, high range (in hundredths) | 11.75% | ||||
Customer Refundable Fees, Refund Payments | 22,300,000 | ||||
Louisiana Public Service Commission [Member] | 2014 FRP Monitoring Report [Member] | Cleco Power [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Customer refundable fees, expected refund | 1,600,000 | ||||
Louisiana Public Service Commission [Member] | 2013 FRP Monitoring Report [Member] | Cleco Power [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Customer Refundable Fees, Refund Payments | $2,200,000 | ||||
Louisiana Public Service Commission [Member] | 2010 FRP [Member] | Cleco Power [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Target return on equity allowed by FRP (in hundredths) | 10.70% | ||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 11.30% | ||||
Percentage of retail earnings within range to be returned to customers (in hundredths) | 60.00% | ||||
Return on equity for customer credit, low range (in hundredths) | 11.30% | ||||
Return on equity for customer credit, high range (in hundredths) | 12.30% |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | 2,792 | 2,289 | |
Total assets | 29,096 | 29,156 | |
Current liabilities | 31 | 91 | |
Partners' capital | 29,065 | 29,065 | |
Total liabilities and partners' capital | 29,096 | 29,156 | |
Operating revenue | 2,248 | 2,558 | 1,126 |
Operating expenses | 2,248 | 2,558 | 1,126 |
Income before taxes | 0 | 0 | 0 |
Property, plant, and equipment, net [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Summarized financial information [Abstract] | |||
Other assets | 22,457 | 22,611 | |
Other Assets [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Summarized financial information [Abstract] | |||
Other assets | 3,847 | 4,256 | |
Cleco Power [Member] | |||
Components of equity method investments [Abstract] | |||
Total equity investment in investee | 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 | |
Cash contributions | 1,659 | 1,659 | |
Total equity investment in investee | 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 | |
Cleco Power's maximum exposure to loss | 14,532 | 14,532 | |
Summarized financial information [Abstract] | |||
Partners' capital | 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 |
Operating_Leases_Details
Operating Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Expected operating lease payments [Abstract] | |||
2015 | $10,261,000 | ||
2016 | 9,646,000 | ||
2017 | 7,811,000 | ||
2018 | 3,882,000 | ||
2019 | 3,563,000 | ||
Thereafter | 8,375,000 | ||
Total operating lease payments | 43,538,000 | ||
Cleco Power [Member] | |||
Expected operating lease payments [Abstract] | |||
2015 | 9,952,000 | ||
2016 | 9,339,000 | ||
2017 | 7,504,000 | ||
2018 | 3,577,000 | ||
2019 | 3,563,000 | ||
Thereafter | 8,375,000 | ||
Total operating lease payments | 42,310,000 | ||
Cleco Power [Member] | Vehicles [Member] | |||
Operating Leased Assets [Line Items] | |||
Number of vehicle lease vendors | 2 | ||
Cleco Power [Member] | Line Construction and Maintenance Vehicles [Member] | |||
Operating leases, additional disclosures [Abstract] | |||
Lease expenses recognized | 400,000 | 600,000 | 1,000,000 |
Cleco Power [Member] | Railcars Group 1 [Member] | |||
Operating leases, additional disclosures [Abstract] | |||
Number of railcars | 115 | ||
Cleco Power [Member] | Railcars Group 2 [Member] | |||
Operating leases, additional disclosures [Abstract] | |||
Number of railcars | 116 | ||
Cleco Power [Member] | Line Construction, Maintenance, and Service Vehicles [Member] | |||
Operating leases, additional disclosures [Abstract] | |||
Lease expenses recognized | 400,000 | 400,000 | 400,000 |
Cleco Power [Member] | Vehicles, Office and Operating Facilities, and Office Equipment [Member] | |||
Operating leases, additional disclosures [Abstract] | |||
Lease expenses recognized | 300,000 | 300,000 | 300,000 |
Cleco Power [Member] | Railroad Transportation Equipment [Member] | |||
Operating leases, additional disclosures [Abstract] | |||
Lease expenses recognized | 1,000,000 | 1,000,000 | 1,100,000 |
Number of groups of railcar leases | 2 | ||
Cleco Power [Member] | 483211 Inland Water Freight Transportation [Member] | |||
Operating leases, additional disclosures [Abstract] | |||
Lease expenses recognized | 4,700,000 | 4,700,000 | 5,600,000 |
Annual percentage increase to towboat lease | 3.00% | ||
Cleco Corporation [Member] | |||
Expected operating lease payments [Abstract] | |||
2015 | 309,000 | ||
2016 | 307,000 | ||
2017 | 307,000 | ||
2018 | 305,000 | ||
2019 | 0 | ||
Thereafter | 0 | ||
Total operating lease payments | 1,228,000 | ||
Cleco Corporation [Member] | Vehicles, Office and Operating Facilities, and Office Equipment [Member] | |||
Operating leases, additional disclosures [Abstract] | |||
Lease expenses recognized | $300,000 | $100,000 | $100,000 |
Minimum [Member] | Vehicles, Office and Operating Facilities, and Office Equipment [Member] | |||
Operating Leased Assets [Line Items] | |||
Term of operating lease (in years) | 1 year | ||
Minimum [Member] | Cleco Power [Member] | Line Construction and Maintenance Vehicles [Member] | |||
Operating Leased Assets [Line Items] | |||
Term of operating lease (in years) | 5 years | ||
Minimum [Member] | Cleco Power [Member] | Line Construction, Maintenance, and Service Vehicles [Member] | |||
Operating Leased Assets [Line Items] | |||
Term of operating lease (in years) | 5 years | ||
Maximum [Member] | Vehicles, Office and Operating Facilities, and Office Equipment [Member] | |||
Operating Leased Assets [Line Items] | |||
Term of operating lease (in years) | 10 years | ||
Maximum [Member] | Cleco Power [Member] | Line Construction and Maintenance Vehicles [Member] | |||
Operating Leased Assets [Line Items] | |||
Term of operating lease (in years) | 6 years | ||
Maximum [Member] | Cleco Power [Member] | Line Construction, Maintenance, and Service Vehicles [Member] | |||
Operating Leased Assets [Line Items] | |||
Term of operating lease (in years) | 7 years |
Litigation_Other_Commitments_a2
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Litigation (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||
Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2009 | Jul. 31, 2010 | 31-May-10 | Mar. 31, 2010 | Nov. 30, 2014 | Feb. 28, 2012 | Mar. 31, 2009 | Jan. 31, 2011 | |
resident | customer | claim | ||||||||
Cleco Power [Member] | ||||||||||
Litigation [Abstract] | ||||||||||
Fuel expenses included in audit | $1,730,000,000 | $3,260,000,000 | ||||||||
Cost disallowance in audit, excluding interest | 400,000 | |||||||||
Customer fuel credit refund, excluding interest | 400,000 | |||||||||
Federal Energy Regulatory Commission [Member] | MISO Transmission Rates [Member] | ||||||||||
Litigation [Abstract] | ||||||||||
Public Utilities, Approved Return on Equity, Percentage | 12.38% | |||||||||
Public Utilities, Proposed Return on Equity, Percentage | 9.15% | |||||||||
Discrimiation Complaint [Member] | Pending Litigation [Member] | ||||||||||
Litigation [Abstract] | ||||||||||
Loss Contingency, Number of Plaintiffs | 1 | |||||||||
Discrimiation Complaint [Member] | Minimum [Member] | ||||||||||
Litigation [Abstract] | ||||||||||
Loss Contingency, Damages Sought, Value | 35,000,000 | |||||||||
Discrimiation Complaint [Member] | Minimum [Member] | Pending Litigation [Member] | ||||||||||
Litigation [Abstract] | ||||||||||
Loss Contingency, Damages Sought, Value | 2,500,000 | |||||||||
City of Opelousas Litigation [Member] | Cleco Power [Member] | ||||||||||
Litigation [Abstract] | ||||||||||
Loss Contingency, Damages Sought, Value | 30,000,000 | |||||||||
Loss Contingency, Number of Plaintiffs | 249 | 3 | ||||||||
Loss contingency, number of class action lawsuits | 2 | |||||||||
Other Litigation Matters [Member] | ||||||||||
Litigation [Abstract] | ||||||||||
Accrual for various litigation matters | 9,700,000 |
Litigation_Other_Commitments_a3
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Off-Balance Sheet Commitments (Details) (USD $) | Dec. 31, 2014 | Jan. 31, 2006 | Apr. 08, 2014 | Dec. 31, 2013 | Mar. 15, 2014 |
In Thousands, unless otherwise specified | |||||
Guarantor Obligations [Line Items] | |||||
FACE AMOUNT | $6,225 | ||||
Attala [Member] | Cleco Corporation [Member] | Guarantee Issued to Entergy Mississippi on behalf of Attala [Member] | |||||
Guarantor Obligations [Line Items] | |||||
FACE AMOUNT | 500 | 500 | |||
Louisiana Department of Labor [Member] | Cleco Power [Member] | Obligations Under Standby Letter of Credit Issued to the Louisiana Department of Labor [Member] | |||||
Guarantor Obligations [Line Items] | |||||
FACE AMOUNT | 3,725 | ||||
Percentage of average losses on which letter of credit is based (in hundredths) | 110.00% | ||||
MISO [Member] | Cleco Power [Member] | Obligations Under Standby Letter of Credit Issued to the Louisiana Department of Labor [Member] | |||||
Guarantor Obligations [Line Items] | |||||
FACE AMOUNT | 2,000 | 2,000 | 1,000 | ||
Evangeline [Member] | Transfer of assets from affiliate [Member] | Indemnification Agreement [Member] | |||||
Guarantor Obligations [Line Items] | |||||
FACE AMOUNT | 40,000 | ||||
Evangeline [Member] | Transfer of assets from affiliate [Member] | Indemnification Agreement INCLUDING fundamental organizational structure [Member] | |||||
Guarantor Obligations [Line Items] | |||||
FACE AMOUNT | 400,000 | ||||
Evangeline [Member] | Transfer of assets from affiliate [Member] | Cleco Power [Member] | Indemnification Agreement [Member] | |||||
Guarantor Obligations [Line Items] | |||||
FACE AMOUNT | 40,000 | ||||
Evangeline [Member] | Transfer of assets from affiliate [Member] | Cleco Power [Member] | Indemnification Agreement INCLUDING fundamental organizational structure [Member] | |||||
Guarantor Obligations [Line Items] | |||||
FACE AMOUNT | $400,000 |
Litigation_Other_Commitments_a4
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Disclosures about Guarantees (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Apr. 29, 2011 | Feb. 28, 2010 | Feb. 23, 2010 | |
Guarantor Obligations [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $6,225,000 | ||||
Lignite Mining Agreement Guarantee [Member] | Cleco Power [Member] | Financial Guarantee [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 69,300,000 | ||||
On-balance sheet guarantees, expected termination dates [Abstract] | |||||
Current amount of liability | 3,800,000 | ||||
Acadia Unit 2 Transaction [Member] | Guarantee Issued to Entergy Louisiana and Entergy Gulf States for Performance Obligations of Perryville [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 298,800,000 | ||||
Acadia Unit 2 Transaction [Member] | Guarantee Issued to Cleco Power on behalf of Acadia [Member] | |||||
Disclosures about Guarantees [Abstract] | |||||
Fair value of indemnification liability recorded | 0 | 21,800,000 | |||
Income from contractual expiration of indemnification | 900,000 | 6,900,000 | |||
2004 sale of Perryville facility [Member] | Guarantee Issued to Entergy Louisiana and Entergy Gulf States for Performance Obligations of Perryville [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 42,400,000 | ||||
Acadia Unit 1 Transaction [Member] | Guarantee Issued to Cleco Power on behalf of Acadia [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 10,000,000 | ||||
Disclosures about Guarantees [Abstract] | |||||
Fair value of indemnification liability recorded | 0 | 13,500,000 | |||
Income from contractual expiration of indemnification | 400,000 | ||||
Acadia Unit 1 Transaction [Member] | Cleco Power [Member] | Guarantee Issued to Cleco Power on behalf of Acadia [Member] | |||||
Guarantor Obligations [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 30,000,000 | ||||
On-balance sheet guarantees [Member] | |||||
Off-balance sheet commitments, expected termination dates [Abstract] | |||||
Total | 3,781,000 | ||||
LESS THAN ONE YEAR | 0 | ||||
1-3 YEARS | 0 | ||||
3-5 YEARS | 0 | ||||
MORE THAN 5 YEARS | 3,781,000 | ||||
Off-balance sheet commitments [Member] | |||||
Off-balance sheet commitments, expected termination dates [Abstract] | |||||
Total | 6,225,000 | ||||
LESS THAN ONE YEAR | 0 | ||||
1-3 YEARS | 0 | ||||
3-5 YEARS | 0 | ||||
MORE THAN 5 YEARS | 6,225,000 | ||||
Off-balance sheet commitment and on-balance sheet guarantees [Member] | |||||
Off-balance sheet commitments, expected termination dates [Abstract] | |||||
Total | 10,006,000 | ||||
LESS THAN ONE YEAR | 0 | ||||
1-3 YEARS | 0 | ||||
3-5 YEARS | 0 | ||||
MORE THAN 5 YEARS | $10,006,000 |
Litigation_Other_Commitments_a5
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Long-Term Purchase Obligations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cleco Power [Member] | Purchase of coal, petroleum coke, limestone, entergy capacity and energy delivery facilities [Member] | |||
Payments required under long-term purchase obligations [Abstract] | |||
Payments under long-term purchase obligations | $90,400,000 | $105,300,000 | $59,200,000 |
Long-Term Purchase Obligations [Abstract] | |||
2015 | 92,934,000 | ||
2016 | 31,489,000 | ||
2017 | 18,328,000 | ||
2018 | 14,905,000 | ||
2019 | 3,688,000 | ||
Total long-term purchase obligations | 161,344,000 | ||
Cleco Corporation [Member] | |||
Long-Term Purchase Obligations [Abstract] | |||
Total long-term purchase obligations | $0 |
Litigation_Other_Commitments_a6
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, New Markets Tax Credits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2008 | |
Equity contributions with an imputed interest rate [Abstract] | |||
Equity contributions - imputed interest rate (in hundredths) | 6.00% | ||
Tax Credit Fund Investment, Net, Liability | $0 | $41,840,000 | |
Tax Credit Fund Investment, Net, Asset | 7,251,000 | 0 | |
New Markets Tax Credit [Member] | |||
Other Commitments [Line Items] | |||
Equity contributions - Total | 9,966,000 | ||
New Markets Tax Credits [Abstract] | |||
Membership interest in U.S Bank New Markets Tax Credit Fund (in hundredths) | 99.90% | ||
Equity contributions to be made to the Fund | 283,700,000 | ||
Net tax benefits to be received from the Fund | 302,000,000 | ||
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 [Abstract] | |||
2015 | 4,552,000 | ||
2016 | 2,707,000 | ||
2017 | 2,707,000 | ||
Total | 9,966,000 | ||
Equity contributions with an imputed interest rate [Abstract] | |||
Less: unamortized discount | 862,000 | ||
Total | 9,104,000 | ||
Tax benefits in excess of capital contributions | 25,900,000 | ||
Tax benefits not utilized | 119,400,000 | ||
Period (in years) over which gross investment amortization expense is recognized | 9 years | ||
Remaining period (in years) of recognition of gross investment amortization expense | 3 years | ||
Contributions Made to Tax Credit Fund | 55,300,000 | ||
Reduction to Gross Liability of Tax Credit Fund | $52,600,000 |
Litigation_Other_Commitments_a7
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Fuel Transportation Agreement and Capital Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 28, 2012 | |
barge | |||
Future minimum lease payments under capital leases [Abstract] | |||
Capital lease payments/Current liabilities | $2,448,000 | $2,305,000 | |
Cleco Power [Member] | |||
Future minimum lease payments under capital leases [Abstract] | |||
Capital lease payments/Current liabilities | 2,448,000 | 2,305,000 | |
Cleco Power [Member] | Barges [Member] | |||
Capital Leased Assets [Line Items] | |||
Capital Leased Assets, Number of Units | 42 | ||
Fuel Transportation Agreement [Abstract] | |||
Repayments of Long-term Capital Lease Obligations | 3,700,000 | 3,700,000 | |
Analysis of leased property under capital leases by major classes [Abstract] | |||
Barges | 6,486,000 | 8,918,000 | |
Less: accumulated amortization | 2,306,000 | 2,171,000 | |
Net capital leases | 4,180,000 | 6,747,000 | |
Future minimum lease payments under capital leases [Abstract] | |||
2015 | 3,725,000 | ||
2016 | 3,735,000 | ||
2017 | 2,480,000 | ||
Total minimum lease payments | 9,940,000 | ||
Less: executory costs | 2,485,000 | ||
Net minimum lease payments | 7,455,000 | ||
Less: amount representing interest | 582,000 | ||
Present value of net minimum lease payments | 6,873,000 | ||
Capital lease payments/Current liabilities | 2,448,000 | ||
Non-current liabilities | 4,425,000 | ||
Operating Leases, Income Statement, Sublease Revenue | $400,000 | $0 |
Affiliate_Transactions_Details
Affiliate Transactions (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Affiliate Transaction [Line Items] | |||||||||||
Due from (to) related parties | $0 | $0 | $0 | $0 | |||||||
Affiliate revenue | 0 | 0 | 0 | ||||||||
Cleco Power [Member] | |||||||||||
Affiliate Transaction [Line Items] | |||||||||||
Affiliate revenue | 1,326,000 | 1,338,000 | 1,372,000 | ||||||||
Other income from related parties | 73,000 | 157,000 | 40,000 | ||||||||
Total Affiliate Revenue | 1,399,000 | 1,495,000 | 1,412,000 | ||||||||
Accounts receivable - affiliate | 23,621,000 | 1,045,000 | 23,621,000 | 1,045,000 | |||||||
Accounts payable - affiliate | 7,760,000 | 8,386,000 | 7,760,000 | 8,386,000 | |||||||
Distribution to parent | -30,000,000 | -15,000,000 | -35,000,000 | -35,000,000 | -30,000,000 | -50,000,000 | -25,000,000 | 0 | -115,000,000 | -105,000,000 | -58,000,000 |
Non-cash equity contributions from parent | 138,100,000 | 0 | 0 | ||||||||
Transfer of pension plan liability and an equal amount of assets | 1,687,000 | 2,481,000 | |||||||||
Cleco Corporation [Member] | Cleco Power [Member] | |||||||||||
Affiliate Transaction [Line Items] | |||||||||||
Other income from related parties | 30,000 | 26,000 | 0 | ||||||||
Accounts receivable - affiliate | 22,994,000 | 379,000 | 22,994,000 | 379,000 | |||||||
Accounts payable - affiliate | 525,000 | 389,000 | 525,000 | 389,000 | |||||||
Distribution to parent | -115,000,000 | -105,000,000 | -58,000,000 | ||||||||
Support Group [Member] | Cleco Power [Member] | |||||||||||
Affiliate Transaction [Line Items] | |||||||||||
Affiliate revenue | 1,322,000 | 1,318,000 | 1,335,000 | ||||||||
Other income from related parties | 10,000 | 0 | 0 | ||||||||
Accounts receivable - affiliate | 626,000 | 634,000 | 626,000 | 634,000 | |||||||
Accounts payable - affiliate | 7,235,000 | 5,972,000 | 7,235,000 | 5,972,000 | |||||||
Transfer of pension plan liability and an equal amount of assets | 1,638,000 | 2,193,000 | |||||||||
Midstream [Member] | Cleco Power [Member] | |||||||||||
Affiliate Transaction [Line Items] | |||||||||||
Affiliate revenue | 0 | 0 | 14,000 | ||||||||
Transfer of pension plan liability and an equal amount of assets | 49,000 | 288,000 | |||||||||
Evangeline [Member] | Cleco Power [Member] | |||||||||||
Affiliate Transaction [Line Items] | |||||||||||
Affiliate revenue | 4,000 | 20,000 | 23,000 | ||||||||
Other income from related parties | 9,000 | 68,000 | 11,000 | ||||||||
Accounts receivable - affiliate | 0 | 4,000 | 0 | 4,000 | |||||||
Accounts payable - affiliate | 0 | 2,024,000 | 0 | 2,024,000 | |||||||
Diversified Lands [Member] | Cleco Power [Member] | |||||||||||
Affiliate Transaction [Line Items] | |||||||||||
Other income from related parties | 14,000 | 45,000 | 17,000 | ||||||||
Perryville [Member] | Cleco Power [Member] | |||||||||||
Affiliate Transaction [Line Items] | |||||||||||
Other income from related parties | 5,000 | 10,000 | 6,000 | ||||||||
Attala [Member] | Cleco Power [Member] | |||||||||||
Affiliate Transaction [Line Items] | |||||||||||
Other income from related parties | 5,000 | 8,000 | 6,000 | ||||||||
Others [Member] | Cleco Power [Member] | |||||||||||
Affiliate Transaction [Line Items] | |||||||||||
Accounts receivable - affiliate | 1,000 | 28,000 | 1,000 | 28,000 | |||||||
Accounts payable - affiliate | 0 | 1,000 | 0 | 1,000 | |||||||
Other Operations [Member] | Support Group [Member] | Cleco Power [Member] | |||||||||||
Affiliate Transaction [Line Items] | |||||||||||
Expenses from transactions with related parties | 50,801,000 | 48,694,000 | 43,171,000 | ||||||||
Maintenance [Member] | Support Group [Member] | Cleco Power [Member] | |||||||||||
Affiliate Transaction [Line Items] | |||||||||||
Expenses from transactions with related parties | 2,091,000 | 1,263,000 | 1,437,000 | ||||||||
Taxes other than income taxes [Member] | Support Group [Member] | Cleco Power [Member] | |||||||||||
Affiliate Transaction [Line Items] | |||||||||||
Expenses from transactions with related parties | -9,000 | -6,000 | -54,000 | ||||||||
Other Expense [Member] | Support Group [Member] | Cleco Power [Member] | |||||||||||
Affiliate Transaction [Line Items] | |||||||||||
Expenses from transactions with related parties | 339,000 | 306,000 | 932,000 | ||||||||
Other Expense [Member] | Evangeline [Member] | Cleco Power [Member] | |||||||||||
Affiliate Transaction [Line Items] | |||||||||||
Expenses from transactions with related parties | 0 | 42,000 | 0 | ||||||||
Other Expense [Member] | Diversified Lands [Member] | Cleco Power [Member] | |||||||||||
Affiliate Transaction [Line Items] | |||||||||||
Expenses from transactions with related parties | 0 | 3,000 | 0 | ||||||||
Power purchased for utility customers [Member] | Evangeline [Member] | Cleco Power [Member] | |||||||||||
Affiliate Transaction [Line Items] | |||||||||||
Expenses from transactions with related parties | $5,467,000 | $31,670,000 | $25,559,000 |
Intangible_Asset_Details
Intangible Asset (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquired intangible asset | $177,500,000 | |||
Acquired Finite-lived Intangible Asset, Residual Value | 0 | |||
Amortization expense | 15,400,000 | 14,500,000 | 13,100,000 | |
Intangible asset, net [Abstract] | ||||
Gross carrying amount | 177,537,000 | 177,537,000 | ||
Accumulated amortization | 86,895,000 | 71,530,000 | ||
Intangible asset | 90,642,000 | 106,007,000 | ||
Expected amortization expense | ||||
For the year ending December 31, 2015 | 15,876,000 | |||
For the year ending December 31, 2016 | 16,864,000 | |||
For the year ending December 31, 2017 | 18,009,000 | |||
For the year ending December 31, 2018 | 19,312,000 | |||
For the year ending December 31, 2019 | 20,581,000 | |||
Right to bill and collect storm recovery charges from customers [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquired intangible asset | 176,000,000 | |||
Financing costs [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquired intangible asset | $1,500,000 | |||
Minimum [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset expected useful life (in years) | 12 years | |||
Maximum [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset expected useful life (in years) | 15 years |
Coughlin_Transfer_Coughlin_Tra1
Coughlin Transfer Coughlin Transfer (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 15, 2014 |
MW | ||||
Related Party [Line Items] | ||||
Net book value | $3,066,000 | $2,975,299 | ||
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 | 3,062,284 | 2,791,931 | ||
Transfer of Coughlin from affiliate [Member] | Evangeline [Member] | Cleco Power [Member] | ||||
Related Party [Line Items] | ||||
Net book value | $176,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | ($25,876) | ($32,370) | ($28,139) |
Amounts reclassified from accumulated other comprehensive income | 2,021 | 2,159 | 2,117 |
Net current-period other comprehensive income (loss) | -6,789 | 6,494 | -4,231 |
Ending balance | -32,665 | -25,876 | -32,370 |
Cleco Power [Member] | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | -15,177 | -20,421 | -20,630 |
Amounts reclassified from accumulated other comprehensive income | 1,021 | 970 | 1,160 |
Net current-period other comprehensive income (loss) | -2,111 | 5,244 | 209 |
Ending balance | -17,288 | -15,177 | -20,421 |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | -19,725 | -24,741 | -18,176 |
Other comprehensive income (loss) before reclassifications | -9,022 | 2,857 | -8,682 |
Amounts reclassified from accumulated other comprehensive income | 2,021 | 2,159 | 2,117 |
Net current-period other comprehensive income (loss) | -7,001 | 5,016 | -6,565 |
Ending balance | -26,726 | -19,725 | -24,741 |
Accumulated Defined Benefit Plans Adjustment [Member] | Cleco Power [Member] | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | -9,026 | -12,792 | -10,667 |
Other comprehensive income (loss) before reclassifications | -3,344 | 2,796 | -3,285 |
Amounts reclassified from accumulated other comprehensive income | 1,021 | 970 | 1,160 |
Net current-period other comprehensive income (loss) | -2,323 | 3,766 | -2,125 |
Ending balance | -11,349 | -9,026 | -12,792 |
Net Gain (Loss) on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | -6,151 | -7,629 | -9,963 |
Other comprehensive income (loss) before reclassifications | 1,355 | 433 | |
Net current-period other comprehensive income (loss) | 212 | 1,478 | 2,334 |
Ending balance | -5,939 | -6,151 | -7,629 |
Net Gain (Loss) on Cash Flow Hedges [Member] | Cleco Power [Member] | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Beginning balance | -6,151 | -7,629 | -9,963 |
Other comprehensive income (loss) before reclassifications | 1,355 | 433 | |
Net current-period other comprehensive income (loss) | 212 | 1,478 | 2,334 |
Ending balance | -5,939 | -6,151 | -7,629 |
Interest Expense [Member] | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income | 212 | 154 | 37 |
Interest Expense [Member] | Cleco Power [Member] | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income | 212 | 154 | 37 |
Interest Expense [Member] | Net Gain (Loss) on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income | 212 | 154 | 37 |
Interest Expense [Member] | Net Gain (Loss) on Cash Flow Hedges [Member] | Cleco Power [Member] | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income | 212 | 154 | 37 |
Other Assets [Member] | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income | -31 | 1,864 | |
Other Assets [Member] | Cleco Power [Member] | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income | -31 | 1,864 | |
Other Assets [Member] | Net Gain (Loss) on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income | -31 | 1,864 | |
Other Assets [Member] | Net Gain (Loss) on Cash Flow Hedges [Member] | Cleco Power [Member] | |||
Accumulated Other Comprehensive Loss [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income | ($31) | $1,864 |
Miscellaneous_Financial_Inform2
Miscellaneous Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating revenue, net | $304,643 | $371,386 | $309,070 | $284,387 | $263,109 | $328,763 | $263,894 | $240,947 | $1,269,485 | $1,096,714 | $993,697 |
Operating income | 54,729 | 107,242 | 66,721 | 57,338 | 58,314 | 116,794 | 74,754 | 58,467 | 286,032 | 308,332 | 281,651 |
Net income applicable to common stock | 21,347 | 70,835 | 36,633 | 25,924 | 25,112 | 66,407 | 42,032 | 27,133 | 154,739 | 160,685 | 163,648 |
Basic net income per average share (in dollars per share) | $0.35 | $1.17 | $0.61 | $0.43 | $0.42 | $1.10 | $0.70 | $0.45 | $2.56 | $2.66 | $2.71 |
Diluted net income per average common share (in dollars per share) | $0.35 | $1.17 | $0.60 | $0.43 | $0.41 | $1.09 | $0.69 | $0.45 | $2.55 | $2.65 | $2.70 |
Dividends on common stock (in dollars per share) | $0.40 | $0.40 | $0.40 | $0.36 | $0.36 | $0.36 | $0.36 | $0.34 | $1.56 | $1.43 | $1.30 |
Closing market price per share | |||||||||||
High (in dollars per share) | $55.36 | $59.21 | $59.13 | $50.99 | $47.79 | $50.42 | $49.52 | $47.17 | |||
Low (in dollars per share) | $46.11 | $48.06 | $49.32 | $45.52 | $43.69 | $43.76 | $43.75 | $40.39 | |||
Cleco Power [Member] | |||||||||||
Operating revenue, net | 304,432 | 371,178 | 308,859 | 284,180 | 262,900 | 328,556 | 263,725 | 240,778 | 1,268,649 | 1,095,959 | 993,067 |
Operating income | 66,189 | 108,303 | 67,032 | 58,188 | 60,678 | 111,663 | 72,579 | 61,765 | 299,715 | 306,681 | 287,194 |
Net income | 29,806 | 65,544 | 32,658 | 26,307 | 26,268 | 61,885 | 34,464 | 27,793 | |||
Contributions from Cleco Corporation | 0 | 0 | 0 | 138,080 | 138,080 | ||||||
Distribution to Cleco Corporation (as sole member) | ($30,000) | ($15,000) | ($35,000) | ($35,000) | ($30,000) | ($50,000) | ($25,000) | $0 | ($115,000) | ($105,000) | ($58,000) |
Miscellaneous_Financial_Inform3
Miscellaneous Financial Information (Unaudited), Shareholders (Details) | Dec. 31, 2014 |
shareholder | |
Common Stock [Member] | |
Class of Stock [Line Items] | |
Number of shareholders | 5,404 |
Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Number of shareholders | 0 |
Miscellaneous_Financial_Inform4
Miscellaneous Financial Information (Unaudited), Dividends and Preferred Stock Redemption (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Jan. 30, 2015 | |
Dividends Payable [Line Items] | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $0.40 | $0.40 | $0.40 | $0.36 | $0.36 | $0.36 | $0.36 | $0.34 | $1.56 | $1.43 | $1.30 | |||||||||
Common Stock [Member] | ||||||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $0.40 | $0.40 | $0.40 | $0.36 | $0.36 | $0.36 | $0.36 | $0.34 | ||||||||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $0.40 | |||||||||||||||||||
Cleco Corporation [Member] | Maximum [Member] | Common Stock [Member] | ||||||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $0.40 |
Agreement_and_Plan_of_Merger_D
Agreement and Plan of Merger (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 17, 2014 | Dec. 31, 2015 | Feb. 26, 2015 |
In Millions, except Per Share data, unless otherwise specified | |||||
Business Acquisition [Line Items] | |||||
Common stock, par value (in dollars per share) | $1 | $1 | |||
Cleco Partners [Member] | |||||
Business Acquisition [Line Items] | |||||
Merger Agreement, Required Termination Fee | $180 | ||||
Cleco Corporation [Member] | |||||
Business Acquisition [Line Items] | |||||
Merger Agreement, Required Termination Fee | 120 | ||||
Cleco Corporation [Member] | |||||
Business Acquisition [Line Items] | |||||
Common stock, par value (in dollars per share) | $1 | $1 | $1 | ||
Share price at the time of the Merger (in dollars per share) | $55.37 | ||||
Subsequent Event [Member] | Cleco Corporation [Member] | |||||
Business Acquisition [Line Items] | |||||
Additional contingency fees payable upon completion of the Merger | $12 | ||||
Subsequent Event [Member] | Cleco Corporation [Member] | Cleco Corporation [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of shareholder approval of the Merger Agreement (in hundredths) | 77.00% |
Schedule_I_Financial_Statement1
Schedule I Financial Statements of Cleco Corporation, Condensed Statements of Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating expenses | |||||||||||
Merger transaction costs | $17,848 | $0 | $0 | ||||||||
Total operating expenses | 983,453 | 788,382 | 712,046 | ||||||||
Operating income (loss) | 54,729 | 107,242 | 66,721 | 57,338 | 58,314 | 116,794 | 74,754 | 58,467 | 286,032 | 308,332 | 281,651 |
Other income | 4,790 | 13,857 | 29,117 | ||||||||
Other expense | -2,509 | -2,861 | -4,694 | ||||||||
Income before income taxes | 221,855 | 240,260 | 228,975 | ||||||||
Income tax benefit | 67,116 | 79,575 | 65,327 | ||||||||
Net income applicable to common stock | 21,347 | 70,835 | 36,633 | 25,924 | 25,112 | 66,407 | 42,032 | 27,133 | 154,739 | 160,685 | 163,648 |
Cleco Corporation [Member] | |||||||||||
Operating expenses | |||||||||||
Administrative and general | 1,534 | 2,501 | 1,154 | ||||||||
Merger transaction costs | 17,848 | 0 | 0 | ||||||||
Other operating expense | 178 | 418 | 362 | ||||||||
Total operating expenses | 19,560 | 2,919 | 1,516 | ||||||||
Operating income (loss) | -19,560 | -2,919 | -1,516 | ||||||||
Equity income from subsidiaries, net of tax | 162,331 | 155,360 | 156,783 | ||||||||
Interest, net | -303 | -2,380 | -3,350 | ||||||||
Other income | 2,457 | 3,392 | 2,068 | ||||||||
Other expense | -158 | -38 | -13 | ||||||||
Income before income taxes | 144,767 | 153,415 | 153,972 | ||||||||
Income tax benefit | -9,972 | -7,270 | -9,676 | ||||||||
Net income applicable to common stock | $154,739 | $160,685 | $163,648 |
Schedule_I_Financial_Statement2
Schedule I Financial Statements of Cleco Corporation, Condensed Statements of Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Net income | $154,739 | $160,685 | $163,648 |
Other comprehensive income (loss), net of tax: | |||
Postretirement benefits (loss) gain, net of tax | -7,001 | 5,016 | -6,565 |
Net gain on cash flow hedges, net of tax | 212 | 1,478 | 2,334 |
Total other comprehensive (loss) income, net of tax | -6,789 | 6,494 | -4,231 |
Comprehensive income, net of tax | 147,950 | 167,179 | 159,417 |
Cleco Corporation [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income | 154,739 | 160,685 | 163,648 |
Other comprehensive income (loss), net of tax: | |||
Postretirement benefits (loss) gain, net of tax | -7,001 | 5,016 | -6,565 |
Net gain on cash flow hedges, net of tax | 212 | 1,478 | 2,334 |
Total other comprehensive (loss) income, net of tax | -6,789 | 6,494 | -4,231 |
Comprehensive income, net of tax | $147,950 | $167,179 | $159,417 |
Schedule_I_Financial_Statement3
Schedule I Financial Statements of Cleco Corporation, Condensed Statements of Comprehensive Income Parenthetical (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Net tax (benefit) expense on post-retirement benefits | ($4,378) | $3,137 | ($4,230) |
Net tax expense on cash flow hedges | 132 | 925 | 1,460 |
Cleco Corporation [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net tax (benefit) expense on post-retirement benefits | -4,378 | 3,137 | -4,230 |
Net tax expense on cash flow hedges | $132 | $925 | $1,460 |
Schedule_I_Financial_Statement4
Schedule I Financial Statements of Cleco Corporation, Condensed Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $44,423 | $28,656 | $31,020 | $93,576 |
Accumulated deferred federal and state income taxes, net | 76,785 | 94,179 | ||
Cash surrender value of life insurance policies | 71,167 | 64,720 | ||
Prepayments | 10,284 | 9,204 | ||
Other current assets | 473 | 404 | ||
Total current assets | 500,604 | 473,582 | ||
Equity investment in investees | 14,540 | 14,540 | 14,540 | |
Tax credit fund investment, net | 7,251 | 0 | ||
Other deferred charges | 20,822 | 23,248 | ||
Total assets | 4,379,073 | 4,215,262 | 4,147,349 | |
Current liabilities | ||||
Accounts payable | 127,268 | 110,544 | ||
Taxes payable, net | 2,197 | 18,680 | ||
Interest accrued | 8,669 | 12,188 | ||
Other current liabilities | 13,176 | 12,948 | ||
Total current liabilities | 237,770 | 243,473 | ||
Tax credit fund investment, net | 0 | 41,840 | ||
Postretirement benefit obligations | 197,623 | 103,483 | ||
Other deferred credits | 28,510 | 31,929 | ||
Total liabilities | 2,751,803 | 2,629,065 | ||
Commitments and Contingencies (Note 5) | ||||
Common shareholders' equity | ||||
Common stock | 61,051 | 61,047 | ||
Premium on common stock | 415,482 | 422,624 | ||
Retained earnings | 1,208,712 | 1,149,003 | ||
Treasury stock | -25,310 | -20,601 | ||
Accumulated other comprehensive loss | -32,665 | -25,876 | -32,370 | -28,139 |
Total shareholders' equity | 1,627,270 | 1,586,197 | 1,499,213 | 1,419,857 |
Total liabilities and shareholders' equity | 4,379,073 | 4,215,262 | ||
Cleco Corporation [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 5,069 | 7,375 | 7,418 | 22,642 |
Accounts receivable - affiliate | 8,967 | 9,549 | ||
Taxes receivable, net | 2,288 | 0 | ||
Accumulated deferred federal and state income taxes, net | 72,270 | 7,330 | ||
Cash surrender value of life insurance policies | 51,489 | 45,394 | ||
Prepayments | 1,229 | 0 | ||
Interest receivable | 555 | 0 | ||
Other current assets | 12 | 0 | ||
Total current assets | 141,879 | 69,648 | ||
Equity investment in investees | 1,549,063 | 1,553,543 | ||
Tax credit fund investment, net | 7,251 | 0 | ||
Accumulated deferred federal and state income taxes, net | 71,397 | 102,255 | ||
Other deferred charges | 611 | 719 | ||
Total assets | 1,770,201 | 1,726,165 | ||
Current liabilities | ||||
Accounts payable | 4,386 | 3,218 | ||
Accounts payable - affiliate | 59,014 | 60,590 | ||
Taxes payable, net | 0 | 17,161 | ||
Interest accrued | 0 | 38 | ||
Other current liabilities | 12,123 | 11,081 | ||
Total current liabilities | 75,523 | 92,088 | ||
Tax credit fund investment, net | 0 | 41,840 | ||
Postretirement benefit obligations | 8,337 | 0 | ||
Other deferred credits | 2,071 | 1,040 | ||
Long-term debt | 57,000 | 5,000 | ||
Total liabilities | 142,931 | 139,968 | ||
Commitments and Contingencies (Note 5) | ||||
Common shareholders' equity | ||||
Common stock | 61,051 | 61,047 | ||
Premium on common stock | 415,482 | 422,624 | ||
Retained earnings | 1,208,712 | 1,149,003 | ||
Treasury stock | -25,310 | -20,601 | ||
Accumulated other comprehensive loss | -32,665 | -25,876 | ||
Total shareholders' equity | 1,627,270 | 1,586,197 | ||
Total liabilities and shareholders' equity | $1,770,201 | $1,726,165 |
Schedule_I_Financial_Statement5
Schedule I Financial Statements of Cleco Corporation, Condensed Balance Sheet Parentheticals (Details) (USD $) | Dec. 31, 2014 | Oct. 17, 2014 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | |||
Common stock, par value (in dollars per share) | $1 | $1 | |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 | |
Common stock, shares issued | 61,051,286 | 61,047,006 | |
Common stock, outstanding (in shares) | 60,421,467 | 60,454,520 | |
Treasury stock, at cost (in shares) | 629,819 | 592,486 | |
Cleco Corporation [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Common stock, par value (in dollars per share) | $1 | $1 | $1 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 | |
Common stock, shares issued | 61,051,286 | 61,047,006 | |
Common stock, outstanding (in shares) | 60,421,467 | 60,454,520 | |
Treasury stock, at cost (in shares) | 629,819 | 592,486 |
Schedule_I_Financial_Statement6
Schedule I Financial Statements of Cleco Corporation, Condensed Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net cash provided by operating activities | $335,169 | $341,690 | $263,105 |
Investing activities | |||
Contributions to tax credit fund | -55,315 | -51,011 | -59,645 |
Return of equity investment in tax credit fund | 2,579 | 1,619 | 37,652 |
Other investing | -697 | -1 | 1,347 |
Net cash used in investing activities | -246,514 | -236,216 | -229,164 |
Financing activities | |||
Draws on credit facility | 254,000 | 228,000 | 25,000 |
Payments on credit facility | -202,000 | -228,000 | -10,000 |
Repurchase of common stock | -12,449 | 0 | -8,007 |
Dividends paid on common stock | -95,044 | -86,376 | -78,844 |
Other financing | -2,519 | -4,224 | -278 |
Net cash used in financing activities | -72,888 | -107,838 | -96,497 |
Net increase (decrease) in cash and cash equivalents | 15,767 | -2,364 | -62,556 |
Cash and cash equivalents at beginning of period | 28,656 | 31,020 | 93,576 |
Cash and cash equivalents at end of period | 44,423 | 28,656 | 31,020 |
Supplementary cash flow information | |||
Interest paid, net of amount capitalized | 74,515 | 77,296 | 80,823 |
Income taxes paid (refunded), net | 15,286 | -47,374 | -624 |
Supplementary non-cash investing and financing activities | |||
Issuance of common stock - ESPP | 220 | 318 | 340 |
Cleco Corporation [Member] | |||
Operating activities | |||
Net cash provided by operating activities | 108,754 | 159,430 | 79,606 |
Investing activities | |||
Contributions to tax credit fund | -55,315 | -51,011 | -59,645 |
Return of equity investment in tax credit fund | 2,579 | 1,619 | 37,652 |
Other investing | -2,831 | -3,705 | -2,973 |
Net cash used in investing activities | -55,567 | -53,097 | -24,966 |
Financing activities | |||
Draws on credit facility | 97,000 | 48,000 | 25,000 |
Payments on credit facility | -45,000 | -68,000 | -10,000 |
Repurchase of common stock | -12,449 | 0 | -8,007 |
Dividends paid on common stock | -95,044 | -86,376 | -78,844 |
Other financing | 0 | 0 | 1,987 |
Net cash used in financing activities | -55,493 | -106,376 | -69,864 |
Net increase (decrease) in cash and cash equivalents | -2,306 | -43 | -15,224 |
Cash and cash equivalents at beginning of period | 7,375 | 7,418 | 22,642 |
Cash and cash equivalents at end of period | 5,069 | 7,375 | 7,418 |
Supplementary cash flow information | |||
Interest paid, net of amount capitalized | 189 | 217 | 95 |
Income taxes paid (refunded), net | 15,013 | -46,928 | 59 |
Supplementary non-cash investing and financing activities | |||
Issuance of common stock - ESPP | 220 | 318 | 340 |
Non-cash contribution to subsidiary, net of tax | 142,880 | 0 | 0 |
Non-cash distribution from subsidiary, net of tax | $138,080 | $0 | $0 |
Schedule_I_Financial_Statement7
Schedule I Financial Statements of Cleco Corporation, Summary of Significant Accounting Policies (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Summary of Significant Accounting Policies [Abstract] | |
Percent of total consolidated net assets over which parent company only financial statements are required (in hundredths) | 25.00% |
Cleco Corporation [Member] | |
Summary of Significant Accounting Policies [Abstract] | |
Amount of restricted net assets for consolidated subsidiaries | 673.9 |
Percent of total consolidated net assets over which parent company only financial statements are required (in hundredths) | 25.00% |
Schedule_I_Financial_Statement8
Schedule I Financial Statements of Cleco Corporation, Debt (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt [Abstract] | |||
Short-term debt outstanding | $0 | $0 | |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 1,370,000,000 | 1,330,000,000 | |
Long-term Debt and Capital Lease Obligations, Current | 18,272,000 | 17,182,000 | |
Line of Credit [Member] | |||
Debt [Abstract] | |||
Maximum borrowing capacity | 550,000,000 | ||
Cleco Corporation [Member] | |||
Debt [Abstract] | |||
Short-term debt outstanding | 0 | 0 | |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 57,000,000 | 5,000,000 | |
Long-term Debt and Capital Lease Obligations, Current | 0 | 0 | |
Cleco Corporation [Member] | Line of Credit [Member] | |||
Debt [Abstract] | |||
Maximum borrowing capacity | 250,000,000 | ||
Write off of Deferred Debt Issuance Cost | 1,000,000 | ||
Facility fees (in hundredths) | 0.18% | ||
Line of Credit Facility, Amount Outstanding | 57,000,000 | ||
Available borrowing capacity | $193,000,000 | ||
Cleco Corporation [Member] | Line of Credit [Member] | LIBOR [Member] | |||
Debt [Abstract] | |||
All-in interest rate (in hundredths) | 1.08% | ||
All-in interest rate (in hundredths) | 1.25% | ||
Cleco Corporation [Member] | Line of Credit [Member] | ABR [Member] | |||
Debt [Abstract] | |||
All-in interest rate (in hundredths) | 0.08% |
Schedule_I_Financial_Statement9
Schedule I Financial Statements of Cleco Corporation, Cash Distributions and Equity Contributions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cleco Power [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Unrestricted Member's Equity | $852,100,000 | ||
Cleco Power [Member] | Maximum [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Ratio of Indebtedness to Net Capital | 0.65 | ||
Cleco Corporation [Member] | |||
Distributions and Equity Contributions [Abstract] | |||
Cash distributions received from affiliates | 116,725,000 | 106,100,000 | 63,700,000 |
Equity contributions made to affiliates | 0 | ||
Cleco Corporation [Member] | Cleco Power [Member] | |||
Distributions and Equity Contributions [Abstract] | |||
Cash distributions received from affiliates | 115,000,000 | 105,000,000 | 58,000,000 |
Equity contributions made to affiliates | 138,100,000 | ||
Cleco Corporation [Member] | Diversified Lands [Member] | |||
Distributions and Equity Contributions [Abstract] | |||
Cash distributions received from affiliates | 0 | 0 | 2,900,000 |
Cleco Corporation [Member] | Perryville [Member] | |||
Distributions and Equity Contributions [Abstract] | |||
Cash distributions received from affiliates | 975,000 | 700,000 | 1,500,000 |
Cleco Corporation [Member] | Attala [Member] | |||
Distributions and Equity Contributions [Abstract] | |||
Cash distributions received from affiliates | 750,000 | 400,000 | 1,300,000 |
Cleco Corporation [Member] | Midstream [Member] | |||
Distributions and Equity Contributions [Abstract] | |||
Equity contributions made to affiliates | $16,200,000 |
Recovered_Sheet4
Schedule I Financial Statements of Cleco Corporation, Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | |||
Income tax benefit | $67,116,000 | $79,575,000 | $65,327,000 |
Cleco Corporation [Member] | |||
Income Taxes [Abstract] | |||
Income tax benefit | -9,972,000 | -7,270,000 | -9,676,000 |
Income tax expense reflected in equity income of subsidiaries, net of tax | $77,100,000 | $86,800,000 | $75,000,000 |
Recovered_Sheet5
Schedule I Financial Statements of Cleco Corporation, Agreement and Plan of Merger (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 17, 2014 | Dec. 31, 2015 | Feb. 26, 2015 |
In Millions, except Per Share data, unless otherwise specified | |||||
Business Acquisition [Line Items] | |||||
Common stock, par value (in dollars per share) | $1 | $1 | |||
Cleco Partners [Member] | |||||
Business Acquisition [Line Items] | |||||
Common stock, par value (in dollars per share) | $1 | $1 | $1 | ||
Share price at the time of the Merger (in dollars per share) | $55.37 | ||||
Subsequent Event [Member] | Cleco Partners [Member] | |||||
Business Acquisition [Line Items] | |||||
Additional contingency fees payable upon completion of the Merger | $12 | ||||
Subsequent Event [Member] | Cleco Partners [Member] | Cleco Corporation [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of shareholder approval of the Merger Agreement (in hundredths) | 77.00% |
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cleco Power [Member] | Allowance for Uncollectible Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $849 | $1,105 | $1,136 |
Additions charged to costs and expenses | 1,980 | 1,232 | 828 |
Uncollectible account write-offs less recoveries | 1,907 | 1,488 | 859 |
Balance at end of period | 922 | 849 | 1,105 |
Cleco Power [Member] | Unrestricted Storm Reserve [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 1,236 | 1,792 | 1,403 |
Additions | 4,133 | 0 | 10,968 |
Deductions | 2,047 | 556 | 10,579 |
Balance at end of period | 3,322 | 1,236 | 1,792 |
Cleco Power [Member] | Restricted Storm Reserve [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 17,646 | 16,285 | 24,880 |
Additions | 1,414 | 1,593 | 1,485 |
Deductions | 4,144 | 232 | 10,080 |
Balance at end of period | 14,916 | 17,646 | 16,285 |
Cleco Corporation [Member] | Allowance for Uncollectible Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 849 | 1,105 | 1,136 |
Additions charged to costs and expenses | 1,980 | 1,232 | 828 |
Uncollectible account write-offs less recoveries | 1,907 | 1,488 | 859 |
Balance at end of period | 922 | 849 | 1,105 |
Cleco Corporation [Member] | Unrestricted Storm Reserve [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 1,236 | 1,792 | 1,403 |
Additions | 4,133 | 0 | 10,968 |
Deductions | 2,047 | 556 | 10,579 |
Balance at end of period | 3,322 | 1,236 | 1,792 |
Cleco Corporation [Member] | Restricted Storm Reserve [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 17,646 | 16,285 | 24,880 |
Additions | 1,414 | 1,593 | 1,485 |
Deductions | 4,144 | 232 | 10,080 |
Balance at end of period | $14,916 | $17,646 | $16,285 |