Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 26, 2019 | Jun. 30, 2018 | |
Entity Information [Line Items] | |||
Entity Registrant Name | CLECO CORPORATE HOLDINGS LLC | ||
Entity Central Index Key | 1,089,819 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | No | ||
Entity Public Float | $ 0 | ||
CLECO POWER | |||
Entity Information [Line Items] | |||
Entity Registrant Name | CLECO POWER LLC | ||
Entity Central Index Key | 18,672 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | No |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating revenue | |||||
Electric customer credits | $ (33,195) | ||||
Operating revenue, net | 1,231,044 | ||||
SUCCESSOR | |||||
Operating revenue | |||||
Electric operations | $ 802,592 | 1,181,907 | $ 1,097,632 | ||
Other operations | 51,562 | 82,332 | 79,580 | ||
Affiliate revenue | 0 | 0 | 0 | ||
Gross operating revenue | 854,154 | 1,264,239 | 1,177,212 | ||
Electric customer credits | (1,149) | (33,195) | (1,566) | ||
Operating revenue, net | 853,005 | 1,231,044 | 1,175,646 | ||
Operating expenses | |||||
Fuel used for electric generation | 250,142 | 382,556 | 339,346 | ||
Power purchased for utility customers | 92,337 | 168,180 | 152,913 | ||
Other operations and maintenance | 138,298 | 197,038 | 197,610 | ||
Depreciation and amortization | 116,990 | 170,414 | 166,854 | ||
Taxes other than income taxes | 35,543 | 48,791 | 48,546 | ||
Merger transaction and commitment costs | 174,786 | 19,514 | 5,152 | ||
Gain on sale of assets | 0 | (6) | (2) | ||
Total operating expenses | 808,096 | 986,487 | 910,419 | ||
Operating income (Loss) | 44,909 | 244,557 | 265,227 | ||
Interest income | 840 | 6,073 | 1,424 | ||
Allowance for equity funds used during construction | 3,735 | 14,159 | 8,320 | ||
Other income | 3,350 | 1,515 | 6,474 | ||
Other expense | (10,003) | (15,843) | (13,373) | ||
Interest charges | |||||
Interest charges, including amortization of debt issuance costs, premiums, and discounts, net | 90,852 | 131,348 | 125,200 | ||
Allowance for borrowed funds used during construction | (1,086) | (4,706) | (2,287) | ||
Total interest charges | 89,766 | 126,642 | 122,913 | ||
Income (loss) before income taxes | (46,935) | 123,819 | 145,159 | ||
Federal and state income tax expense (benefit) | (22,822) | 29,382 | 7,079 | ||
Net income (loss) | $ (24,113) | 94,437 | 138,080 | ||
PREDECESSOR | |||||
Operating revenue | |||||
Electric operations | $ 281,154 | ||||
Other operations | 19,080 | ||||
Affiliate revenue | 0 | ||||
Gross operating revenue | 300,234 | ||||
Electric customer credits | (364) | ||||
Operating revenue, net | 299,870 | ||||
Operating expenses | |||||
Fuel used for electric generation | 96,378 | ||||
Power purchased for utility customers | 27,249 | ||||
Other operations and maintenance | 59,929 | ||||
Depreciation and amortization | 44,076 | ||||
Taxes other than income taxes | 14,611 | ||||
Merger transaction and commitment costs | 34,912 | ||||
Gain on sale of assets | (1,095) | ||||
Total operating expenses | 276,060 | ||||
Operating income (Loss) | 23,810 | ||||
Interest income | 265 | ||||
Allowance for equity funds used during construction | 723 | ||||
Other income | 870 | ||||
Other expense | (4,037) | ||||
Interest charges | |||||
Interest charges, including amortization of debt issuance costs, premiums, and discounts, net | 22,330 | ||||
Allowance for borrowed funds used during construction | (207) | ||||
Total interest charges | 22,123 | ||||
Income (loss) before income taxes | (492) | ||||
Federal and state income tax expense (benefit) | 3,468 | ||||
Net income (loss) | $ (3,960) | ||||
CLECO POWER | |||||
Operating revenue | |||||
Electric operations | 1,191,587 | 1,108,389 | $ 1,091,229 | ||
Other operations | 82,330 | 77,522 | 68,573 | ||
Affiliate revenue | 874 | 851 | 884 | ||
Gross operating revenue | 1,274,791 | 1,186,762 | 1,160,686 | ||
Electric customer credits | (33,195) | (1,566) | (1,513) | ||
Operating revenue, net | 1,241,596 | 1,185,196 | 1,159,173 | ||
Operating expenses | |||||
Fuel used for electric generation | 382,556 | 339,346 | 346,520 | ||
Power purchased for utility customers | 168,180 | 152,913 | 119,586 | ||
Other operations and maintenance | 202,556 | 202,738 | 203,452 | ||
Depreciation and amortization | 162,069 | 158,415 | 153,393 | ||
Taxes other than income taxes | 47,267 | 46,539 | 48,287 | ||
Merger transaction and commitment costs | 0 | 0 | 151,501 | ||
Gain on sale of assets | (4) | 0 | (1,095) | ||
Total operating expenses | 962,624 | 899,951 | 1,021,644 | ||
Operating income (Loss) | 278,972 | 285,245 | 137,529 | ||
Interest income | 5,052 | 1,283 | 860 | ||
Allowance for equity funds used during construction | 14,159 | 8,320 | 4,458 | ||
Other income | 2,742 | 2,990 | 1,601 | ||
Other expense | (11,441) | (10,407) | (10,505) | ||
Interest charges | |||||
Interest charges, including amortization of debt issuance costs, premiums, and discounts, net | 76,009 | 71,649 | 77,739 | ||
Allowance for borrowed funds used during construction | (4,706) | (2,287) | (1,293) | ||
Total interest charges | 71,303 | 69,362 | 76,446 | ||
Income (loss) before income taxes | 218,181 | 218,069 | 57,497 | ||
Federal and state income tax expense (benefit) | 55,924 | 67,331 | 18,369 | ||
Net income (loss) | $ 162,257 | $ 150,738 | $ 39,128 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SUCCESSOR | |||
Net income (loss) | $ 94,437 | $ 138,080 | |
Other comprehensive income (loss), net of tax | |||
Postretirement benefits gain (loss), net of tax expense (benefit) | 5,296 | (4,421) | |
Amortization of interest rate derivatives to earnings (net of tax expense) | 0 | 0 | |
Total other comprehensive income (loss), net of tax | 5,296 | (4,421) | |
Comprehensive income (loss), net of tax | 99,733 | 133,659 | |
CLECO POWER | |||
Net income (loss) | 162,257 | 150,738 | $ 39,128 |
Other comprehensive income (loss), net of tax | |||
Postretirement benefits gain (loss), net of tax expense (benefit) | 2,743 | (472) | 3,459 |
Amortization of interest rate derivatives to earnings (net of tax expense) | 254 | 211 | 211 |
Total other comprehensive income (loss), net of tax | 2,997 | (261) | 3,670 |
Comprehensive income (loss), net of tax | $ 165,254 | $ 150,477 | $ 42,798 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CLECO POWER | |||
Tax expense (benefit) of postretirement benefits gain (loss) | $ 968 | $ (296) | $ 2,163 |
Tax expense amortization of interest rate derivatives to earnings | 90 | 132 | $ 132 |
SUCCESSOR | |||
Tax expense (benefit) of postretirement benefits gain (loss) | 1,868 | (2,764) | |
Tax expense amortization of interest rate derivatives to earnings | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 110,175,000 | $ 119,040,000 |
Restricted cash and cash equivalents | 11,241,000 | 13,081,000 |
Customer accounts receivable (less allowance for doubtful accounts) | 50,043,000 | 60,117,000 |
Other accounts receivable | 27,196,000 | 30,806,000 |
Unbilled revenue | 35,314,000 | 36,398,000 |
Fuel inventory, at average cost | 82,836,000 | 87,520,000 |
Materials and supplies, at average cost | 92,671,000 | 85,404,000 |
Energy risk management assets | 23,355,000 | 7,396,000 |
Accumulated deferred fuel | 20,112,000 | 13,980,000 |
Cash surrender value of company-/trust-owned life insurance policies | 80,391,000 | 83,117,000 |
Prepayments | 7,911,000 | 9,050,000 |
Regulatory assets | 22,461,000 | 24,670,000 |
Other current assets | 1,256,000 | 1,146,000 |
Total current assets | 564,962,000 | 571,725,000 |
Property, plant, and equipment | ||
Property, plant, and equipment | 3,728,477,000 | 3,594,525,000 |
Accumulated depreciation | (303,727,000) | (192,348,000) |
Net property, plant, and equipment | 3,424,750,000 | 3,402,177,000 |
Construction work in progress | 354,045,000 | 186,629,000 |
Total property, plant, and equipment, net | 3,778,795,000 | 3,588,806,000 |
Equity investment in investee | 18,172,000 | 18,172,000 |
Goodwill | 1,490,797,000 | 1,490,797,000 |
Prepayments | 2,251,000 | 1,887,000 |
Restricted cash and cash equivalents | 18,670,000 | 20,081,000 |
Note receivable | 15,829,000 | 0 |
Regulatory assets | 425,330,000 | 432,358,000 |
Intangible assets | 84,307,000 | 114,850,000 |
Tax credit fund investment, net | 0 | 4,355,000 |
Other deferred charges | 37,701,000 | 35,351,000 |
Total assets | 6,436,814,000 | 6,278,382,000 |
Current liabilities | ||
Long-term debt and capital leases due within one year | 21,128,000 | 19,193,000 |
Accounts payable | 156,589,000 | 147,562,000 |
Customer deposits | 61,736,000 | 58,582,000 |
Provision for rate refund | 35,842,000 | 4,206,000 |
Taxes payable, net | 43,674,000 | 22,698,000 |
Interest accrued | 15,828,000 | 14,703,000 |
Energy risk management liabilities | 468,000 | 352,000 |
Regulatory liabilities - other | 2,496,000 | 0 |
Deferred compensation | 10,753,000 | 12,132,000 |
Other current liabilities | 30,536,000 | 20,926,000 |
Total current liabilities | 379,050,000 | 300,354,000 |
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 608,030,000 | 614,812,000 |
Accumulated deferred investment tax credits | 1,853,000 | 2,089,000 |
Postretirement benefit obligations | 249,264,000 | 242,135,000 |
Regulatory liabilities - other | 2,496,000 | 0 |
Regulatory liabilities - deferred taxes, net | 155,537,000 | 140,426,000 |
Restricted storm reserve | 15,485,000 | 14,469,000 |
Other deferred credits | 25,874,000 | 31,635,000 |
Total long-term liabilities and deferred credits | 1,058,539,000 | 1,045,566,000 |
Long-term debt and capital leases, net | 2,874,485,000 | 2,836,105,000 |
Total liabilities | 4,312,074,000 | 4,182,025,000 |
Commitments and contingencies (Note 16) | ||
Member’s equity | ||
Membership interest | 2,069,376,000 | 2,069,376,000 |
Retained earnings | 53,578,000 | 29,902,000 |
Accumulated other comprehensive income (loss) | 1,786,000 | (2,921,000) |
Total member’s equity | 2,124,740,000 | 2,096,357,000 |
Total liabilities and member’s equity | 6,436,814,000 | 6,278,382,000 |
CLECO POWER | ||
Current assets | ||
Cash and cash equivalents | 31,987,000 | 69,816,000 |
Restricted cash and cash equivalents | 11,241,000 | 13,081,000 |
Customer accounts receivable (less allowance for doubtful accounts) | 50,043,000 | 60,117,000 |
Accounts receivable - affiliate | 3,318,000 | 1,355,000 |
Other accounts receivable | 24,523,000 | 30,680,000 |
Unbilled revenue | 35,314,000 | 36,398,000 |
Fuel inventory, at average cost | 82,836,000 | 87,520,000 |
Materials and supplies, at average cost | 92,671,000 | 85,404,000 |
Energy risk management assets | 23,355,000 | 7,396,000 |
Accumulated deferred fuel | 20,112,000 | 13,980,000 |
Cash surrender value of company-/trust-owned life insurance policies | 20,497,000 | 20,278,000 |
Prepayments | 6,143,000 | 7,236,000 |
Regulatory assets | 13,603,000 | 15,812,000 |
Other current assets | 1,162,000 | 475,000 |
Total current assets | 416,805,000 | 449,548,000 |
Property, plant, and equipment | ||
Property, plant, and equipment | 5,015,004,000 | 4,893,484,000 |
Accumulated depreciation | (1,804,563,000) | (1,712,590,000) |
Net property, plant, and equipment | 3,210,441,000 | 3,180,894,000 |
Construction work in progress | 351,828,000 | 185,507,000 |
Total property, plant, and equipment, net | 3,562,269,000 | 3,366,401,000 |
Equity investment in investee | 18,172,000 | 18,172,000 |
Prepayments | 2,251,000 | 1,887,000 |
Restricted cash and cash equivalents | 18,649,000 | 20,060,000 |
Note receivable | 15,829,000 | 0 |
Regulatory assets | 261,569,000 | 257,408,000 |
Intangible assets | 21,093,000 | 41,701,000 |
Other deferred charges | 32,419,000 | 33,564,000 |
Total assets | 4,349,056,000 | 4,188,741,000 |
Current liabilities | ||
Long-term debt and capital leases due within one year | 21,128,000 | 19,193,000 |
Accounts payable | 146,314,000 | 134,374,000 |
Accounts payable - affiliate | 7,843,000 | 8,697,000 |
Customer deposits | 61,736,000 | 58,582,000 |
Provision for rate refund | 35,842,000 | 4,206,000 |
Taxes payable, net | 48,177,000 | 31,611,000 |
Interest accrued | 8,252,000 | 7,083,000 |
Energy risk management liabilities | 468,000 | 352,000 |
Regulatory liabilities - other | 2,496,000 | 0 |
Other current liabilities | 22,263,000 | 15,820,000 |
Total current liabilities | 354,519,000 | 279,918,000 |
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 630,765,000 | 656,362,000 |
Accumulated deferred investment tax credits | 1,853,000 | 2,089,000 |
Postretirement benefit obligations | 182,721,000 | 173,747,000 |
Regulatory liabilities - other | 2,496,000 | 0 |
Regulatory liabilities - deferred taxes, net | 155,537,000 | 140,426,000 |
Restricted storm reserve | 15,485,000 | 14,469,000 |
Other deferred credits | 23,373,000 | 29,576,000 |
Total long-term liabilities and deferred credits | 1,012,230,000 | 1,016,669,000 |
Long-term debt and capital leases, net | 1,387,774,000 | 1,341,475,000 |
Total capitalization | 2,982,307,000 | 2,892,154,000 |
Commitments and contingencies (Note 16) | ||
Member’s equity | ||
Total member’s equity | 1,594,533,000 | 1,550,679,000 |
Total liabilities and member’s equity | $ 4,349,056,000 | $ 4,188,741,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Customer accounts receivable, allowance for doubtful accounts | $ 814 | $ 1,457 |
CLECO POWER | ||
Customer accounts receivable, allowance for doubtful accounts | $ 814 | $ 1,457 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
SUCCESSOR | |||||||
Operating activities | |||||||
Net income (loss) | $ (24,113) | $ 94,437 | $ 138,080 | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||
Depreciation and amortization | 141,544 | 187,426 | 186,326 | ||||
Gain on sales of assets | 0 | (6) | (2) | ||||
Provision for doubtful accounts | 4,473 | 797 | 2,778 | ||||
Unearned compensation expense | 1,147 | 5,837 | 3,745 | ||||
Allowance for equity funds used during construction | (3,735) | (14,159) | (8,320) | ||||
Deferred income taxes | (21,053) | 6,543 | (41,966) | ||||
Deferred fuel costs | (8,192) | (18,549) | 11,909 | ||||
Cash surrender value of company-/trust-owned life insurance | (2,561) | 2,726 | (5,892) | ||||
Changes in assets and liabilities | |||||||
Accounts receivable | (21,537) | 3,123 | (25,584) | ||||
Unbilled revenue | (837) | 1,084 | (2,129) | ||||
Fuel inventory and materials and supplies | 2,880 | (2,981) | (44,995) | ||||
Prepayments | (2,514) | 153 | 2,852 | ||||
Prepayments | 5,183 | 18,898 | 14,705 | ||||
Customer deposits | 7,333 | 13,757 | 12,381 | ||||
Provision for merger commitments | 21,964 | (3,273) | (12,971) | ||||
Postretirement benefit obligations | 3,750 | 4,646 | 4,884 | ||||
Regulatory assets and liabilities, net | 13,750 | 3,032 | 12,531 | ||||
Other deferred accounts | (9,441) | (9,748) | (8,380) | ||||
Taxes accrued | (24,210) | 20,976 | 23,118 | ||||
Interest accrued | (11,104) | 1,124 | (582) | ||||
Deferred compensation | (799) | (1,521) | 308 | ||||
Other operating | (2,038) | 3,439 | 2,632 | ||||
Net cash provided by operating activities | 69,890 | 317,761 | 265,428 | ||||
Investing activities | |||||||
Additions to property, plant, and equipment | (144,444) | (291,061) | (236,932) | ||||
Allowance for equity funds used during construction | 3,735 | 14,159 | 8,320 | ||||
Proceeds from sale of property, plant, and equipment | 766 | 995 | 17,499 | ||||
Reimbursement for property loss | 3,159 | 1,375 | 187 | ||||
Contributions to equity investment in investee | 0 | 0 | 0 | ||||
Return of equity investment in tax credit fund | 901 | 2,775 | 7,502 | ||||
Issuance of note receivable | 0 | (16,800) | 0 | ||||
Other investing | 622 | 397 | (130) | ||||
Net cash provided by (used in) investing activities | (135,261) | (288,160) | (203,554) | ||||
Financing activities | |||||||
Draws on credit facilities | 15,000 | 0 | 179,000 | ||||
Payments on credit facilities | (15,000) | 0 | (179,000) | ||||
Issuances of long-term debt | 1,680,000 | 50,000 | 125,000 | ||||
Repayments of long-term debt | (1,668,268) | (19,193) | (17,896) | ||||
Payments for long-term debt prepayment costs | (18,569) | 0 | 0 | ||||
Payment of financing costs | (8,655) | (791) | (463) | ||||
Dividends paid on common stock | (572) | 0 | 0 | ||||
Contribution from member | 100,720 | 0 | 0 | ||||
Distributions to member | (88,765) | (71,350) | (84,065) | ||||
Other financing | (1,890) | (383) | (1,819) | ||||
Net cash (used in) provided by financing activities | (5,999) | (41,717) | 20,757 | ||||
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | (71,370) | (12,116) | 82,631 | ||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 140,941 | 152,202 | [1] | 69,571 | |||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | $ 140,941 | 69,571 | 140,086 | [2] | 152,202 | [1] | $ 69,571 |
Supplementary cash flow information | |||||||
Interest paid, net of amount capitalized | 97,927 | 124,154 | 118,009 | ||||
Income taxes paid (refunded), net | 4,263 | 272 | (6) | ||||
Supplementary non-cash investing and financing activities | |||||||
Accrued additions to property, plant, and equipment | 17,599 | 56,450 | 31,083 | ||||
Non-cash additions to property, plant, and equipment | 0 | 1,224 | 3,015 | ||||
Incurrence of capital lease obligation - barges | 0 | 16,800 | 0 | ||||
PREDECESSOR | |||||||
Operating activities | |||||||
Net income (loss) | (3,960) | ||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||
Depreciation and amortization | 45,869 | ||||||
Gain on sales of assets | (1,095) | ||||||
Provision for doubtful accounts | 1,212 | ||||||
Unearned compensation expense | 3,276 | ||||||
Allowance for equity funds used during construction | (723) | ||||||
Deferred income taxes | 2,219 | ||||||
Deferred fuel costs | 977 | ||||||
Cash surrender value of company-/trust-owned life insurance | (840) | ||||||
Changes in assets and liabilities | |||||||
Accounts receivable | (1,865) | ||||||
Unbilled revenue | 563 | ||||||
Fuel inventory and materials and supplies | 19,312 | ||||||
Prepayments | 2,395 | ||||||
Prepayments | 8,348 | ||||||
Customer deposits | 3,342 | ||||||
Provision for merger commitments | 0 | ||||||
Postretirement benefit obligations | 9,746 | ||||||
Regulatory assets and liabilities, net | 5,178 | ||||||
Other deferred accounts | 6,878 | ||||||
Taxes accrued | 10,820 | ||||||
Interest accrued | 17,909 | ||||||
Deferred compensation | (793) | ||||||
Other operating | 1,012 | ||||||
Net cash provided by operating activities | 129,780 | ||||||
Investing activities | |||||||
Additions to property, plant, and equipment | (42,392) | ||||||
Allowance for equity funds used during construction | 723 | ||||||
Proceeds from sale of property, plant, and equipment | 1,932 | ||||||
Reimbursement for property loss | 53 | ||||||
Contributions to equity investment in investee | (2,450) | ||||||
Return of equity investment in tax credit fund | 476 | ||||||
Issuance of note receivable | 0 | ||||||
Other investing | 0 | ||||||
Net cash provided by (used in) investing activities | (41,658) | ||||||
Financing activities | |||||||
Draws on credit facilities | 3,000 | ||||||
Payments on credit facilities | (10,000) | ||||||
Issuances of long-term debt | 0 | ||||||
Repayments of long-term debt | (8,546) | ||||||
Payments for long-term debt prepayment costs | 0 | ||||||
Payment of financing costs | (43) | ||||||
Dividends paid on common stock | (24,579) | ||||||
Contribution from member | 0 | ||||||
Distributions to member | 0 | ||||||
Other financing | (717) | ||||||
Net cash (used in) provided by financing activities | (40,885) | ||||||
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 47,237 | ||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 93,704 | 140,941 | 93,704 | ||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 140,941 | ||||||
Supplementary cash flow information | |||||||
Interest paid, net of amount capitalized | 2,478 | ||||||
Income taxes paid (refunded), net | (481) | ||||||
Supplementary non-cash investing and financing activities | |||||||
Accrued additions to property, plant, and equipment | 10,619 | ||||||
Non-cash additions to property, plant, and equipment | 0 | ||||||
Incurrence of capital lease obligation - barges | 0 | ||||||
CLECO POWER | |||||||
Operating activities | |||||||
Net income (loss) | 162,257 | 150,738 | 39,128 | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||
Depreciation and amortization | 168,248 | 165,200 | 152,978 | ||||
Gain on sales of assets | (4) | 0 | (1,095) | ||||
Provision for doubtful accounts | 797 | 2,677 | 5,512 | ||||
Unearned compensation expense | 1,873 | 1,972 | 1,572 | ||||
Allowance for equity funds used during construction | (14,159) | (8,320) | (4,458) | ||||
Deferred income taxes | (11,545) | (34,191) | 20,492 | ||||
Deferred fuel costs | (18,549) | 11,909 | (7,215) | ||||
Changes in assets and liabilities | |||||||
Accounts receivable | 3,967 | (25,696) | (23,306) | ||||
Accounts receivable, affiliate | 426 | 1,865 | 2,612 | ||||
Unbilled revenue | 1,084 | (2,129) | (274) | ||||
Fuel inventory and materials and supplies | (2,981) | (44,995) | 22,192 | ||||
Prepayments | 107 | 2,745 | 228 | ||||
Prepayments | 22,419 | 11,005 | 9,140 | ||||
Accounts payable, affiliate | (4,700) | 1,349 | (3,639) | ||||
Customer deposits | 13,757 | 12,381 | 10,675 | ||||
Provision for merger commitments | (3,273) | (12,971) | 21,964 | ||||
Postretirement benefit obligations | 4,252 | 4,849 | 5,076 | ||||
Regulatory assets and liabilities, net | 1,044 | 10,544 | 17,506 | ||||
Other deferred accounts | (5,421) | (8,137) | (3,249) | ||||
Taxes accrued | 16,566 | 44,101 | (29,535) | ||||
Interest accrued | 1,169 | (59) | (671) | ||||
Other operating | 2,354 | 2,241 | (1,308) | ||||
Net cash provided by operating activities | 339,688 | 287,078 | 234,325 | ||||
Investing activities | |||||||
Additions to property, plant, and equipment | (289,153) | (235,252) | (186,143) | ||||
Allowance for equity funds used during construction | 14,159 | 8,320 | 4,458 | ||||
Proceeds from sale of property, plant, and equipment | 995 | 4,078 | 2,698 | ||||
Reimbursement for property loss | 1,375 | 187 | 3,212 | ||||
Contributions to equity investment in investee | 0 | 0 | (2,450) | ||||
Issuance of note receivable | (16,800) | 0 | 0 | ||||
Other investing | 397 | 500 | 622 | ||||
Net cash provided by (used in) investing activities | (289,027) | (222,167) | (177,603) | ||||
Financing activities | |||||||
Draws on credit facilities | 0 | 106,000 | 15,000 | ||||
Payments on credit facilities | 0 | (106,000) | (15,000) | ||||
Issuances of long-term debt | 50,000 | 125,000 | 330,000 | ||||
Repayments of long-term debt | (19,193) | (17,896) | (326,814) | ||||
Payments for long-term debt prepayment costs | 0 | 0 | (18,569) | ||||
Contribution from member | 0 | 0 | 50,000 | ||||
Distributions to member | (121,400) | (135,000) | (110,000) | ||||
Other financing | (1,148) | (2,013) | (4,526) | ||||
Net cash (used in) provided by financing activities | (91,741) | (29,909) | (79,909) | ||||
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | (41,080) | 35,002 | (23,187) | ||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | $ 91,142 | 102,957 | [3] | 67,955 | 91,142 | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | $ 67,955 | 61,877 | [4] | 102,957 | [3] | 67,955 | |
Supplementary cash flow information | |||||||
Interest paid, net of amount capitalized | 70,357 | 65,984 | 74,016 | ||||
Income taxes paid (refunded), net | 0 | 0 | (485) | ||||
Supplementary non-cash investing and financing activities | |||||||
Accrued additions to property, plant, and equipment | 55,718 | 30,883 | 16,755 | ||||
Non-cash additions to property, plant, and equipment | 1,224 | 3,015 | 0 | ||||
Incurrence of capital lease obligation - barges | $ 16,800 | $ 0 | $ 0 | ||||
[1] | Includes cash and cash equivalents of $119,040, current restricted cash and cash equivalents of $13,081, and non-current restricted cash and cash equivalents of $20,081. | ||||||
[2] | Includes cash and cash equivalents of $110,175, current restricted cash and cash equivalents of $11,241, and non-current restricted cash and cash equivalents of $18,670. | ||||||
[3] | Includes cash and cash equivalents of $69,816, current restricted cash and cash equivalents of $13,081, and non-current restricted cash and cash equivalents of $20,060. | ||||||
[4] | Includes cash and cash equivalents of $31,987, current restricted cash and cash equivalents of $11,241, and non-current restricted cash and cash equivalents of $18,649. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 110,175 | $ 119,040 |
Current restricted cash and cash equivalents | 11,241 | 13,081 |
Non-current restricted cash and cash equivalents | 18,670 | 20,081 |
CLECO POWER | ||
Cash and cash equivalents | 31,987 | 69,816 |
Current restricted cash and cash equivalents | 11,241 | 13,081 |
Non-current restricted cash and cash equivalents | $ 18,649 | $ 20,060 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | COMMON STOCK | [1] | MEMBERSHIP INTEREST | [1] | RETAINED EARNINGS/ (ACCUMULATED DEFICIT) | AOCI | CLECO POWER | CLECO POWERMEMBER’S EQUITY | CLECO POWERAOCI | |
Balance, beginning (PREDECESSOR) at Dec. 31, 2015 | $ 1,674,841 | $ 456,412 | $ 1,245,014 | $ (26,585) | |||||||
Balance, beginning at Dec. 31, 2015 | $ 1,552,404 | $ 1,569,496 | $ (17,092) | ||||||||
Increase (Decrease) in Equity [Roll Forward] | |||||||||||
Common stock issued for compensatory plans | PREDECESSOR | (1,277) | (1,277) | |||||||||
Dividends on common stock, $0.40 per share | PREDECESSOR | (24,190) | (24,190) | |||||||||
Net income (loss) | PREDECESSOR | (3,960) | (3,960) | |||||||||
Other comprehensive income (loss), net of tax | PREDECESSOR | 647 | 647 | |||||||||
Balance, ending (PREDECESSOR) at Apr. 12, 2016 | 1,646,061 | 455,135 | 1,216,864 | (25,938) | |||||||
Balance, ending (SUCCESSOR) at Apr. 12, 2016 | 0 | ||||||||||
Balance, beginning (PREDECESSOR) at Dec. 31, 2015 | 1,674,841 | 456,412 | 1,245,014 | (26,585) | |||||||
Balance, beginning at Dec. 31, 2015 | 1,552,404 | 1,569,496 | (17,092) | ||||||||
Increase (Decrease) in Equity [Roll Forward] | |||||||||||
Contribution from member | 50,000 | 50,000 | |||||||||
Distributions to member | (110,000) | (110,000) | |||||||||
Net income (loss) | 39,128 | 39,128 | |||||||||
Other comprehensive income (loss), net of tax | 3,670 | 3,670 | |||||||||
Balance, ending (SUCCESSOR) at Dec. 31, 2016 | 2,046,763 | $ 2,069,376 | (24,113) | 1,500 | |||||||
Balance, ending at Dec. 31, 2016 | 1,535,202 | 1,548,624 | (13,422) | ||||||||
Balance, beginning (PREDECESSOR) at Apr. 12, 2016 | 1,646,061 | $ 455,135 | 1,216,864 | (25,938) | |||||||
Balance, beginning (SUCCESSOR) at Apr. 12, 2016 | 0 | ||||||||||
Increase (Decrease) in Equity [Roll Forward] | |||||||||||
Net income (loss) | SUCCESSOR | (24,113) | ||||||||||
Other comprehensive income (loss), net of tax | SUCCESSOR | 1,500 | ||||||||||
Balance, ending (SUCCESSOR) at Dec. 31, 2016 | 2,046,763 | 2,069,376 | (24,113) | 1,500 | |||||||
Balance, ending at Dec. 31, 2016 | 1,535,202 | 1,548,624 | (13,422) | ||||||||
Balance, beginning (SUCCESSOR) at Apr. 13, 2016 | [2] | 2,158,141 | 2,158,141 | 0 | 0 | ||||||
Increase (Decrease) in Equity [Roll Forward] | |||||||||||
Distributions to member | SUCCESSOR | (88,765) | (88,765) | |||||||||
Net income (loss) | SUCCESSOR | (24,113) | (24,113) | |||||||||
Other comprehensive income (loss), net of tax | SUCCESSOR | 1,500 | 1,500 | |||||||||
Balance, ending (SUCCESSOR) at Dec. 31, 2016 | 2,046,763 | 2,069,376 | (24,113) | 1,500 | |||||||
Balance, ending at Dec. 31, 2016 | 1,535,202 | 1,548,624 | (13,422) | ||||||||
Increase (Decrease) in Equity [Roll Forward] | |||||||||||
Distributions to member | SUCCESSOR | (84,065) | (84,065) | |||||||||
Distributions to member | (135,000) | (135,000) | |||||||||
Net income (loss) | SUCCESSOR | 138,080 | 138,080 | |||||||||
Net income (loss) | 150,738 | 150,738 | |||||||||
Other comprehensive income (loss), net of tax | SUCCESSOR | (4,421) | (4,421) | |||||||||
Other comprehensive income (loss), net of tax | (261) | (261) | |||||||||
Balance, ending (SUCCESSOR) at Dec. 31, 2017 | 2,096,357 | 2,069,376 | 29,902 | (2,921) | |||||||
Balance, ending at Dec. 31, 2017 | 2,096,357 | 1,550,679 | 1,564,362 | (13,683) | |||||||
Increase (Decrease) in Equity [Roll Forward] | |||||||||||
Distributions to member | SUCCESSOR | (71,350) | (71,350) | |||||||||
Distributions to member | (121,400) | (121,400) | |||||||||
Net income (loss) | SUCCESSOR | 94,437 | 94,437 | |||||||||
Net income (loss) | 162,257 | 162,257 | |||||||||
Other comprehensive income (loss), net of tax | SUCCESSOR | 5,296 | 5,296 | |||||||||
Other comprehensive income (loss), net of tax | 2,997 | 2,997 | |||||||||
Reclassification of effect of tax rate change | SUCCESSOR | (589) | 589 | (589) | ||||||||
Reclassification of effect of tax rate change | (600) | (2,496) | 2,496 | (2,500) | |||||||
Balance, ending (SUCCESSOR) at Dec. 31, 2018 | 2,124,740 | $ 2,069,376 | $ 53,578 | $ 1,786 | |||||||
Balance, ending at Dec. 31, 2018 | $ 2,124,740 | $ 1,594,533 | $ 1,607,715 | $ (13,182) | |||||||
[1] | At April 12, 2016, and December 31, 2015, shareholders’ equity of the predecessor company included $61.1 million of common stock. At April 12, 2016, and December 31, 2015, shareholders’ equity of the predecessor company included premium on common stock of $414.6 million and $418.5 million, respectively. At April 12, 2016, and December 31, 2015, shareholders’ equity of the predecessor company included treasury stock of $20.5 million and $23.2 million, respectively. | ||||||||||
[2] | The April 13, 2016, beginning balance of the successor company differs from the April 12, 2016, ending balances of the predecessor company due to acquisition accounting adjustments related to the 2016 Merger. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - PREDECESSOR - USD ($) $ in Millions | 3 Months Ended | |
Apr. 12, 2016 | Dec. 31, 2015 | |
Dividends on common stock (in dollars per share) | $ 0.40 | |
Common stock | $ 61.1 | $ 61.1 |
Premium on common stock | 414.6 | 418.5 |
Treasury stock | $ 20.5 | $ 23.2 |
The Company
The Company | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | Note 1 — The Company Cleco is composed of the following: • Cleco Power, a regulated electric utility subsidiary, which owns nine generating units with a total nameplate capacity of 3,310 MW and serves approximately 291,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana and Mississippi. Cleco Power also owns a 50 % interest in an entity that owns lignite reserves. Cleco Power owns all of the outstanding membership interests in Cleco Katrina/Rita, a special purpose entity that is consolidated with Cleco Power in its financial statements. • Cleco’s other operations consist of the following: ◦ Cleco Holdings, a holding company, ◦ Support Group, a shared services subsidiary, ◦ Diversified Lands, an investment subsidiary, and ◦ Attala and Perryville, two subsidiaries that owned and operated transmission interconnection facilities prior to the assets being sold by Cleco on December 29, 2017. ◦ Cleco Cajun, a subsidiary formed to facilitate the Cleco Cajun Transaction. For more information on the transaction, see Note 21 — “Cleco Cajun Transaction.” On April 13, 2016, Cleco Holdings completed its merger with Merger Sub whereby Merger Sub merged with and into Cleco Corporation, with Cleco Corporation surviving the 2016 Merger, and Cleco Corporation converting to a limited liability company and changing its name to Cleco Holdings, as a direct, wholly owned subsidiary of Cleco Group and an indirect, wholly owned subsidiary of Cleco Partners. As a result, Cleco Corporation is presented as the predecessor entity and Cleco Holdings is presented as the successor entity. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation The accompanying consolidated financial statements of Cleco include the accounts of Cleco and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. Reclassifications Certain reclassifications have been made to the 2017 and 2016 financial statements to conform to the presentation used in the 2018 financial statements. These reclassifications had no effect on Cleco and Cleco Power’s net income, financial condition, or cash flows. Cleco and Cleco Power’s Consolidated Statements of Income for the years ended December 31, 2017, and 2016, have been retrospectively adjusted by $0.4 million and $7.3 million , respectively, for the reclassification of deferred expenses from Depreciation and amortization to Other operations and maintenance. Goodwill Goodwill is the excess of the purchase price (consideration transferred and liabilities assumed) over the estimated fair value of net assets of the acquired business and is not subject to amortization. Goodwill is assessed annually or more often if an event occurs or circumstances change that would indicate the carrying amount may be impaired. For more information on goodwill, see Note 18 — “Intangible Assets and Goodwill.” Intangible Assets Intangible assets include Cleco Katrina/Rita’s right to bill and collect storm recovery charges, fair value adjustments for long-term wholesale power supply agreements, and a fair value adjustment for the valuation of the Cleco trade name. The intangible assets are being amortized over their estimated useful lives in a manner that best reflects the economic benefits derived from such assets. Impairment will be tested if there are events or circumstances that indicate that an impairment analysis should be performed. If such an event or circumstance occurs, intangible impairment testing will be performed prior to goodwill impairment testing. Impairment is calculated as the excess of the asset’s carrying amount over its fair value. For more information on intangible assets, see Note 18 — “Intangible Assets and Goodwill.” Statements of Cash Flows Cleco and Cleco Power’s Consolidated Statements of Cash Flows are prepared using the indirect method. This method requires adjusting net income to remove the effects of all deferrals and accruals of operating cash receipts and payments and to remove items whose cash effects are related to investing and financing cash flows. Derivatives meeting the definition of an accounting hedge are classified in the same category as the item being hedged. Regulation Cleco Power is subject to regulation by FERC and the LPSC. Cleco Power complies with the accounting policies and practices prescribed by its regulatory commissions. Cleco Power’s retail rates are regulated by the LPSC and its tariffs 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 capitalizes or defers certain costs for recovery from customers and recognizes a liability for amounts expected to be returned to customers based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered through the ratemaking process. Regulatory assets and liabilities are amortized consistent with the treatment of the related cost in the ratemaking process. Pursuant to this regulatory approval, Cleco has recorded regulatory assets and liabilities. Any future plan adopted by the LPSC for purposes of transitioning utilities from LPSC regulation to retail competition may affect the regulatory assets and liabilities recorded by Cleco if the criteria for the application of the authoritative guidelines for industry regulated operations cannot continue to be met. At this time, Cleco cannot predict whether any legislation or regulation affecting Cleco will be enacted or adopted and, if enacted, what form such legislation or regulation may take. For more information regarding the regulatory assets and liabilities recorded by Cleco Power, see Note 5 — “Regulatory Assets and Liabilities.” AROs Cleco Power recognizes 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 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, these costs are capitalized to the related property, plant, and equipment asset. These capitalized costs are depreciated over the same period as the related property asset. Cleco Power also defers the current depreciation of the asset retirement cost as a regulatory asset. In March 2018, Cleco Power recorded a $1.5 million decrease to its ARO related to the retirement of certain ash management areas. Cleco Power will continue to gather additional data in future periods and will make decisions about compliance strategies and the timing of closure activities. As this additional information becomes available, Cleco Power will update the ARO balance for these changes in estimates. At December 31, 2018, management’s analysis confirmed that no additional adjustments were needed to update Cleco Power’s ARO balance. For more information on Cleco Power’s current AROs, see Note 5 — “Regulatory Assets and Liabilities — AROs.” Property, Plant, and Equipment Property, plant, and equipment consists primarily of regulated utility generation and energy transmission and distribution 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 6 — “Jointly Owned Generation Units.” Most of the carrying values of Cleco’s assets were determined to be stated at fair value at the 2016 Merger date, considering that most of these assets are subject to regulation by the LPSC and FERC. A fair value adjustment was made to record the stepped-up basis for the Coughlin assets, because Cleco Power is able to earn a return on and recover these costs from customers. At the date of the 2016 Merger, the gross balance of fixed depreciable assets at Cleco was adjusted to be net of accumulated depreciation, as no accumulated depreciation existed on the date of the 2016 Merger. Since pushdown accounting was not elected at the Cleco Power level, Cleco Power retained its accumulated depreciation. For more information about 2016 Merger related adjustments to property, plant, and equipment, see Note 4 — “Business Combinations.” 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 on Cleco’s Consolidated Balance Sheets at December 31, 2018 , and 2017 were $7.2 million and $7.9 million , respectively. The amounts of unamortized computer software costs on Cleco Power’s Consolidated Balance Sheets at December 31, 2018 , and 2017 were $5.8 million and $6.6 million , respectively. Amortization of capitalized computer software costs charged to expense in Cleco and Cleco Power’s Consolidated Statements of Income for the years ending December 31, 2018 , 2017 , and 2016 is shown in the following tables: Cleco SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - Amortization $ 2,154 $ 2,367 $ 2,351 $ 921 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2016 Amortization $ 1,607 $ 1,887 $ 2,405 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 2018 , 2017 , and 2016 was 2.80% , 2.72% , 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, as follows: CATEGORY YEARS Utility Plants Generation 10 – 95 Distribution 15 – 50 Transmission 5 – 55 Other utility plant 5 – 45 Other property, plant, and equipment 5 – 45 At December 31, 2018 , and 2017 , Cleco and Cleco Power’s property, plant, and equipment consisted of the following: Cleco AT DEC. 31, (THOUSANDS) 2018 2017 Utility plants Generation $ 1,949,042 $ 1,908,344 Distribution 1,081,650 1,015,472 Transmission 519,269 512,428 Other utility plant 174,010 153,900 Other property, plant, and equipment 4,506 4,381 Total property, plant, and equipment 3,728,477 3,594,525 Accumulated depreciation (303,727 ) (192,348 ) Net property, plant, and equipment $ 3,424,750 $ 3,402,177 Cleco Power AT DEC. 31, (THOUSANDS) 2018 2017 Regulated utility plants Generation $ 2,476,733 $ 2,442,987 Distribution 1,523,885 1,462,193 Transmission 731,432 725,199 Other utility plant 282,954 263,105 Total property, plant, and equipment 5,015,004 4,893,484 Accumulated depreciation (1,804,563 ) (1,712,590 ) Net property, plant, and equipment $ 3,210,441 $ 3,180,894 During 2018 , Cleco Power’s regulated utility property, plant, and equipment increased primarily due to general installation and rehabilitation of transmission, distribution, and generation assets. 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, 2018 , and 2017 , Cleco Power had deferred $1.4 million and $3.2 million , respectively, for projects that are in the initial stages of development. These amounts are classified as Other deferred charges on Cleco Power’s Consolidated Balance Sheets. Fuel Inventory and Materials and Supplies Fuel inventory consists primarily of petroleum coke, coal, limestone, lignite, and natural gas used to generate electricity. Materials and supplies consists of transmission and distribution line construction and repair materials. It also consists of generating station and transmission and distribution substation repair materials. Both fuel inventory and materials and supplies are recorded at the lower of cost or market value using the average cost method and are issued from stock using the average cost of existing stock. Materials and supplies are recorded 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. 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 Power 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 Power maintains reserves. At December 31, 2018 , and 2017 , the general liability and workers compensation reserves together were $4.8 million and $4.5 million , respectively. Additionally, Cleco maintains directors and officers insurance to protect managers from claims which may arise from their decisions and actions taken within the scope of their regular duties. Cash Equivalents Cleco considers highly liquid, marketable securities, and other similar instruments with original maturity dates of three months or less to be cash equivalents. Restricted Cash and Cash Equivalents Various agreements to which Cleco is subject contain covenants that restrict its use of cash. As certain provisions under these agreements are met, cash is transferred out of related escrow accounts and becomes available for its intended purposes and/or general company purposes. Cleco and Cleco Power’s restricted cash and cash equivalents consisted of: Cleco AT DEC. 31, (THOUSANDS) 2018 2017 Current Cleco Katrina/Rita’s storm recovery bonds $ 9,505 $ 8,597 Cleco Power’s charitable contributions 1,200 1,200 Cleco Power’s rate credit escrow 536 3,284 Total current 11,241 13,081 Non-current Diversified Lands’ mitigation escrow 21 21 Cleco Power’s future storm restoration costs 15,391 14,456 Cleco Power’s charitable contributions 2,753 3,575 Cleco Power’s rate credit escrow 505 2,029 Total non-current 18,670 20,081 Total restricted cash and cash equivalents $ 29,911 $ 33,162 Cleco Power AT DEC. 31, (THOUSANDS) 2018 2017 Current Cleco Katrina/Rita’s storm recovery bonds $ 9,505 $ 8,597 Charitable contributions 1,200 1,200 Rate credit escrow 536 3,284 Total current 11,241 13,081 Non-current Future storm restoration costs 15,391 14,456 Charitable contributions 2,753 3,575 Rate credit escrow 505 2,029 Total non-current 18,649 20,060 Total restricted cash and cash equivalents $ 29,890 $ 33,141 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. The change from December 31, 2017 , to December 31, 2018 , was due to Cleco Katrina/Rita collecting $22.7 million net of administration fees, partially offset by $19.2 million for scheduled storm recovery bond principal payments and $2.6 million for related interest payments. Equity Investments Cleco and Cleco Power account for investments in unconsolidated affiliated companies using the equity method of accounting. The amounts reported on Cleco and Cleco Power’s Consolidated Balance Sheets represent assets contributed by Cleco or Cleco Power, plus their share of the net income of the affiliate, less any distributions of earnings (dividends) received from the affiliate. The revenues and expenses (excluding income taxes) of these affiliates are netted and reported on one line item as equity income from investees on Cleco and Cleco Power’s Consolidated Statements of Income. Cleco evaluates for impairments of equity method investments at each balance sheet date to determine if events and circumstances have occurred that indicate a possible other-than-temporary decline in the fair value of the investment and the possible inability to recover the carrying value through operations. Cleco uses estimates of the future cash flows from the investee and observable market transactions in order to calculate fair value and recoverability. An impairment is recognized when an other-than-temporary decline in market value occurs and recovery of the carrying value is not probable. There were no impairments recorded for 2018 , 2017 , or 2016 . For more information on Cleco’s equity investments, see Note 14 — “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. Deferred tax assets and liabilities are classified as non-current on Cleco and Cleco Power’s Consolidated Balance Sheets. Cleco’s income tax expense and related regulatory assets and liabilities could be affected by changes in its assumptions and estimates and by ultimate resolution of assumptions and estimates with taxing authorities. Cleco Group files a federal income tax return for all wholly owned subsidiaries. Cleco Power computes its federal and state income taxes as if it were a stand-alone taxpayer. The LPSC generally requires Cleco Power to flow the effects of state income taxes to customers 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 11 — “Income Taxes.” Investment Tax Credits Investment tax credits, which were deferred for financial statement purposes, are amortized as a reduction to income tax expense over the estimated service lives of the properties that gave rise to the credits. NMTC Fund In 2008, Cleco Holdings and the USBCDC formed the NMTC Fund. The purpose of the NMTC Fund was to invest in projects located in qualified active low-income communities that are underserved by typical debt capital markets. These investments were 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 qualified for grants under Section 1603 of the ARRA. By using the cost method for investments, the gross investment amortization expense of the NMTC Fund was recognized over a ten -year period, which ended in 2018. The grants received under Section 1603, which allowed certain projects to receive a federal grant in lieu of tax credits, and other cash reduced the basis of the investment. Periodic amortization of the investment and the deferred taxes generated by the basis reduction temporary difference were included as components of income tax expense. For more information, see Note 16 — “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 elected to receive cash grants under the ARRA for investments in various projects. Cleco elected to reduce the carrying value of the qualifying assets as cash grants were received, which reduced the amount of depreciation expense recognized after the underlying assets were placed in service. Certain cash grants also reduced the tax basis of the underlying assets. Grants received via the NMTC Fund reduced the carrying value of the investment for GAAP, but did not reduce the income tax basis of the investment. Debt Issuance Costs, Premiums, and Discounts Issuance costs, premiums, and discounts applicable to debt securities are amortized to interest expense ratably over the lives of the related issuances. Expenses and call premiums related to refinanced Cleco Power debt are deferred and amortized over the life of the new issuance. Debt issuance costs, premiums, and discounts are presented as a direct deduction from the carrying value of the related debt liability. Revenue and Fuel Costs Utility Revenue Revenue from sales of electricity is recognized when the service is provided. The costs of fuel and purchased power used for 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. Cleco Power uses actual customer energy consumption data available from AMI to calculate unbilled revenues. Other Operations Revenue Other operations revenue is recognized at the time products or services are provided to and accepted by customers, and collectability is reasonably assured. Sales/Excise Taxes Cleco Power collects a sales and use tax on the sale of electricity that subsequently is remitted to the state in accordance with state law. These amounts are not recorded as income or expense on Cleco’s Consolidated Statements of Income but are reflected at gross amounts on Cleco’s Consolidated Balance Sheets as a receivable until the tax is collected and as a payable until the liability is paid. Cleco currently does not have any excise taxes reflected on its income statement. Franchise Fees Cleco Power collects a consumer fee for one of its franchise agreements. This fee is not recorded on Cleco’s Consolidated Statements of Income as revenue and expense, but is reflected at gross amounts on Cleco’s Consolidated Balance Sheets as a receivable until it is collected and as a payable until the liability is paid. AFUDC The capitalization of AFUDC by Cleco Power is a utility accounting practice prescribed by FERC and the LPSC. AFUDC represents the estimated debt and equity costs of capital funds that are necessary to finance construction of new and existing facilities. While cash is not realized currently from such allowance, AFUDC increases the revenue requirement over the same life of the plant through a higher rate base and higher depreciation. Under regulatory practices, a return on and recovery of AFUDC is permitted in setting rates charged for utility services. The composite AFUDC rate, including borrowed and other funds, was 9.58% on a pretax basis ( 7.08% net of tax) for 2018 , 11.07% on a pretax basis ( 6.81% net of tax) for 2017 , and 11.94% on a pretax basis ( 7.39% net of tax) for 2016 . Fair Value Measurements and Disclosures Various accounting pronouncements require certain assets and liabilities to be measured at their fair values. Some assets and liabilities are required to be measured at their fair value each reporting period, while others are required to be measured only one time, generally the date of acquisition or debt issuance. Cleco and Cleco Power disclose the fair value of certain assets and liabilities by one of three levels when required for recognition purposes. For more information about fair value levels, see Note 7 — “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 evaluates derivatives and hedging activities to determine whether the market risk-sensitive instruments and positions are required to be marked-to-market. 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 would be 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 would be deferred as a component of deferred fuel assets or liabilities in accordance with regulatory policy. When these positions close, actual gains or losses would be included in the FAC and reflected on customers’ bills as a component of the fuel charge. There were no open natural gas positions at December 31, 2018 , or 2017 . In 2015, the LPSC approved a long-term natural gas hedging pilot program that required Cleco Power to establish a proposal for a program that is designed to provide gas price stability for a minimum of five years . This proposal was submitted to the LPSC in July 2017. An ALJ was assigned to the docket and a status conference was held in October 2017. In February 2018, Cleco Power responded to LPSC data requests for the gas hedging docket. Cleco Power is currently awaiting a new procedural schedule to be established for the gas hedging docket. Cleco Power purchases FTRs in auctions facilitated by MISO. The majority of its FTRs are purchased in annual auctions during the second quarter, but Cleco Power may purchase additional FTRs in monthly auctions. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Cleco Power’s customer load. FTRs are not designated as hedging instruments for accounting purposes. Cleco Power records FTRs at their estimated fair value when purchased. Each accounting period, Cleco Power adjusts the carrying value of FTRs to their estimated fair value based on the most recent MISO FTR auction prices. Unrealized gains or losses on FTRs held by Cleco Power are included in Accumulated deferred fuel on Cleco Power’s Consolidated Balance Sheets. Realized gains or losses on settled FTRs are recorded in Fuel used for electric generation on Cleco Power’s Consolidated Statements of Income. For more information on FTRs, see Note 7 — “Fair Value Accounting — Commodity Contracts.” Cleco and Cleco Power maintain a master netting agreement policy and monitor credit risk exposure through review of counterparty credit quality, aggregate counterparty credit exposure, and aggregate counterparty concentration levels. Cleco manages these risks by establishing appropriate credit and concentration limits on transactions with counterparties and requiring contractual guarantees, cash deposits, or letters of credit from counterparties or their affiliates, as deemed necessary. Cleco Power has agreements in place with various 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 and Cleco Power 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 the years ended December 31, 2018 , and 2017 , Cleco did not enter into any contracts to mitigate the volatility in interest rate risk. Accounting for MISO Transactions Cleco Power participates in MISO’s Energy and Operating Reserve market where sales and purchases are netted hourly. If the hourly activity nets to sales, the result is reported in Electric operations on Cleco and Cleco Power’s Consolidated Statements of Income. If the hourly activity nets to purchases, the result is reported in Power purchased for utility customers on Cleco and Cleco Power’s Consolidated Statements of Income. Recent Authoritative Guidance In February 2016, FASB amended the guidance to account for leases. This guidance is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The adoption of this guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Cleco adopted this new standard on January 1, 2019, using the optional transition method, which allows an entity to recognize a cumulative-effect adjustment to the opening balance of retained earnings at the date of adoption and apply the new disclosure requirements beginning in the period of adoption. The new standard provides a number of optional practical expedients. Cleco has elected the following: • Transition Elections - Cleco elected the package of practical expedients that permits entities to not reassess prior conclusions about lease identification, lease classification, and initial direct costs under the new standard, as well as the practical expedient that permits entities to not assess existing land easements under the new standard; • Lessee Accounting Policy Elections - Cleco elected the short-term lease recognition exemption whereby right-of-use (ROU) assets and lease liabilities will not be recognized for leasing arrangements with terms one year or less, and the practical expedient to not separate lease and non-lease components for all classes of underlying assets other than the marine transportation asset class, which includes barges and towboats; and • Lessor Accounting Policy Election - Cleco elected the practical expedient to account for lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Cleco does not currently have lessor marine transportation agreements, but if any are entered into in the future then the practical expedient to not separate lease and non-lease components will not be elected for this class of underlying asset. Adoption of this standard resulted in the recognition of ROU assets and lease liabilities for operating leases of $16.6 million and $16.0 million , respectively, as of January 1, 2019. There was no impact to retained earnings as a result of adopting this standard. Adoption of this standard did not materially impact the results of operations, financial condition, or cash flows of the Registrants. In August 2016, FASB amended the guidance for certain cash flow issues with the objective of reducing existing diversity in practice. This guidance affects the cash flow classification related to certain types of transactions including debt, contingent consideration, proceeds from the settlement of insurance claims, and distributions from equity method investees. The amended guidance was adopted by the Registrants at January 1, 2018. This amendment was applied using a retrospective transition method to each period presented. This guidance impacted the presentation of Cleco and Cleco Power’s cash flow statements for the year ended December 31, 2016, by moving make-whole payments of $18.6 million , which were made in connection with the redemption of $250.0 million of 6.65% senior notes in 2016, from Other deferred accounts to Payments for long-term debt prepayment costs. Also, this amount was removed from Interest paid, net of amount capitalized, in the supplementary cash flow information. This guidance did not impact the results of operations or financial condition of the Registrants. In November 2016, FASB amended guidance for certain cash flow issues. The amended guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash. Therefore, amounts generally described as restricted cash and cash equivalents should be in |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3 — Revenue Recognition Cleco adopted the accounting guidance for revenue recognition and all related amendments on January 1, 2018, using the modified retrospective method. The guidance affects entities that enter into contracts for the transfer of nonfinancial 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. Application of the new revenue standard did not result in a cumulative effect adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The impact of the adoption of the new standard is not material to the results of operations, financial condition, or cash flows of the Registrants. Revenue from Contracts with Customers Retail Revenue Cleco’s revenue from contracts with customers is generated primarily from Cleco Power’s regulated revenue to retail residential, commercial, and industrial customers. Cleco recognizes retail revenue from these contracts as a series, and progress towards satisfaction of the performance obligation is measured using an output method based on kWh delivered. Accordingly, revenue from electricity sales is recognized as energy is delivered to the customer. Cleco bills retail customers, based on rates regulated by the LPSC, on a monthly basis with payments generally due within 20 days of the invoice date. Cleco records retail revenue under the invoice practical expedient, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount that the entity has a right to invoice. Included in Cleco’s retail revenue is unbilled electric revenue, which represents the amount customers will be billed for services rendered from the last meter reading to the end of the respective accounting period. Cleco uses actual customer energy consumption data available from AMI to calculate unbilled revenue. Also included in Cleco’s retail revenue is electric customer credits, which primarily represents the accrued estimated refunds for the tax-related benefits of the TCJA. Wholesale Revenue Wholesale revenue is generated primarily through the sale of energy and capacity to cooperatives, municipalities, and the MISO transmission provider. Cleco also enters into transactions through MISO for spot energy sales which are transacted in the Day-Ahead Energy and Operating Reserves Market and the Real-Time Energy and Operating Reserves Market. The electricity revenue performance obligations, representing both energy and capacity, are satisfied as a series of performance obligations, and progress towards satisfaction of the performance obligations are measured using an output method. The energy performance obligation measure of progress is based on kWh delivered. The capacity performance obligation measure of progress is based on time elapsed and will be recognized each month as Cleco’s generating units stand ready to deliver electricity to the customer. Cleco charges its wholesale customers market based rates that are subject to FERC’s triennial market power analysis. Cleco recognizes wholesale revenue, inclusive of both performance obligations, under the invoice practical expedient for the amount Cleco has the right to invoice. Transmission Revenue Transmission revenue is earned under a tariff with MISO. The performance obligation of transmission service is satisfied as service is provided. Revenue is recognized upon delivery of the transmission service. Cleco’s revenue from the transmission of electricity is recorded based on a FERC-approved annual formula rate mechanism. This mechanism provides for an annual filing of revenue requirements with rates effective June 1 of each year. Other Revenue Other revenue from contracts with customers, which is not a significant source of Cleco’s revenue, includes Teche Unit 3 SSR revenue and connection or other fees. The performance obligation under these contracts is satisfied and revenue is recognized as control of the products is delivered or services are rendered. Revenue Unrelated to Contracts with Customers Cleco Power’s energy-related transactions with the following characteristics, qualify as derivative contracts and are recorded pursuant to derivatives and hedging accounting guidance: a) their value is based on the notional amount or payment provisions of an underlying asset; b) they require no or a diminutive initial net investment; and c) their terms require or permit net settlement. Pursuant to the rules of the Energy Efficiency General Order issued by the LPSC, Cleco Power intends to recover from customers the accumulated decrease in revenues associated with energy efficiency programs, also known as the Lost Contribution to Fixed Cost (LCFC). This revenue is recorded in accordance with accounting guidance for alternative revenue programs. Disaggregated Revenue Operating revenue, net for the year ended December 31, 2018 , was as follows: FOR THE TWELVE MONTHS ENDED DEC. 31, 2018 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 435,610 $ — $ — $ 435,610 Commercial (1) 288,791 — — 288,791 Industrial (1) 167,001 — — 167,001 Other retail (1) 15,582 — — 15,582 Surcharge 23,138 — — 23,138 Electric customer credits (33,195 ) — — (33,195 ) Total retail revenue 896,927 — — 896,927 Wholesale, net (1) 219,598 (9,680 ) (2) — 209,918 Transmission 54,531 — — 54,531 Other (3) 27,800 2 — 27,802 Affiliate (4) 874 74,591 (75,465 ) — Total revenue from contracts with customers 1,199,730 64,913 (75,465 ) 1,189,178 Revenue unrelated to contracts with customers Other (5) 41,866 — — 41,866 Total revenue unrelated to contracts with customers 41,866 — — 41,866 Operating revenue, net $ 1,241,596 $ 64,913 $ (75,465 ) $ 1,231,044 (1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to wholesale power supply agreements. (3) Other revenue from contracts with customers includes $18.2 million of other miscellaneous fee revenue and $9.6 million of Teche Unit 3 SSR revenue. (4) Affiliate revenue from contracts with customers includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (5) Includes realized gains associated with FTRs of $39.3 million and LCFC of $2.6 million . Transaction Price Allocated to Remaining Performance Obligations For contracts that are greater than one year, the following table discloses (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2018 , and (2) when Cleco expects to recognize this revenue: REMAINING PERFORMANCE OBLIGATIONS (THOUSANDS) Years ending Dec. 31, 2019 $ 35,970 2020 7,068 2021 7,068 2022 6,468 2023 5,268 Thereafter 4,942 Total remaining performance obligations $ 66,784 Unsatisfied performance obligations primarily relate to stand-ready obligations as part of fixed capacity minimums. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | Note 4 — Business Combinations On April 13, 2016, Cleco Holdings completed its merger with Merger Sub whereby Merger Sub merged with and into Cleco Corporation, with Cleco Corporation surviving the 2016 Merger, and Cleco Corporation converting to a limited liability company and changing its name to Cleco Holdings, as a direct, wholly owned subsidiary of Cleco Group and an indirect, wholly owned subsidiary of Cleco Partners. At the effective time of the 2016 Merger, each outstanding share of Cleco Corporation common stock, par value $1.00 per share (other than shares that were owned by Cleco Corporation, Cleco Partners, Merger Sub, or any other direct or indirect wholly owned subsidiary of Cleco Partners or Cleco Corporation), were cancelled and converted into the right to receive $55.37 per share in cash, without interest, with all dividends payable before the effective time of the 2016 Merger. Regulatory Matters On March 28, 2016, the LPSC approved the 2016 Merger. The LPSC’s written order approving the 2016 Merger was issued on April 7, 2016. Approval of the 2016 Merger was conditioned upon certain commitments, including $136.0 million of customer rate credits, a $7.0 million one-time contribution for economic development in Cleco Power’s service territory to be administered by the LED, $6.0 million of charitable contributions to be disbursed over five years , and $2.5 million of contributions for economic development for Louisiana state and local organizations to be disbursed over five years . These commitment costs were accrued on April 13, 2016, and are included in Merger transaction and commitment costs and Merger commitment costs on Cleco and Cleco Power’s Consolidated Statements of Income, respectively. In addition, the 2016 Merger Commitments also included $1.2 million of annual refunds to customers representing cost savings due to the 2016 Merger. For more information, see Note 13 — “Regulation and Rates.” Accounting for the 2016 Merger Transaction The total purchase price consideration was approximately $3.36 billion , which consisted of cash paid to Cleco Corporation shareholders of $3.35 billion and cash paid for Cleco LTIP equity awards of $9.5 million . There were no remaining LTIP equity awards as of the close of the 2016 Merger. Pushdown accounting was applied to Cleco, and accordingly, the Cleco consolidated assets acquired and liabilities assumed were recorded on April 13, 2016, at their fair values as follows: Purchase Price Allocation (THOUSANDS) AT APR. 13, 2016 Current assets $ 455,016 Property, plant, and equipment, net 3,432,144 Goodwill 1,490,797 Other long-term assets 1,023,487 Less Current liabilities 228,515 Net deferred income tax liabilities 1,059,939 Other deferred credits 279,379 Long-term debt, net 1,470,126 Total purchase price $ 3,363,485 Cleco Power’s assets and liabilities were recorded at historical cost since Cleco did not elect pushdown accounting at the Cleco Power level. The following tables present the fair value adjustments to Cleco’s balance sheet and recognition of goodwill: (THOUSANDS) AT APR. 13, 2016 Property, plant, and equipment $ (1,334,932 ) Accumulated depreciation $ (1,565,776 ) Goodwill $ 1,490,797 Intangible assets $ 91,826 Regulatory assets $ 250,409 Deferred income tax liabilities $ 126,853 Other deferred credits $ 21,175 Long-term debt $ 198,599 Most of the carrying values of Cleco’s assets and liabilities were determined to be stated at fair value at the 2016 Merger date, considering that most of these assets are subject to regulation by the LPSC and FERC. Under such regulation, rates charged to customers are established by a regulator to provide for recovery of costs and a fair return on rate base and are generally measured at historical cost. As such, a market participant would not expect to recover any more or less than the carrying value of the assets. Prior to the 2016 Merger, the Coughlin step-up value was not recorded on Cleco’s Consolidated Balance Sheet due to the accounting treatment for the transfer of that asset in March 2014. However, the recovery of the step-up value of the Coughlin asset was approved by the LPSC for recovery in base rates, including a return on rate base. On the date of the 2016 Merger, the step-up value for the Coughlin asset was recognized on Cleco’s Consolidated Balance Sheet since Cleco Power is able to earn a return on and recover these costs from its customers. The beginning balance of fixed depreciable assets was shown net at the date of the 2016 Merger, as no accumulated depreciation existed on the date of the 2016 Merger. The excess of the purchase price over the estimated fair value of assets acquired and the liabilities assumed was $1.49 billion , which was recognized as goodwill by Cleco at the 2016 Merger date. The goodwill represents the potential long-term return of Cleco to its member. Management has assigned goodwill to Cleco’s reportable segment, Cleco Power. A fair value adjustment was recorded on Cleco’s Consolidated Balance Sheet to reflect the valuation of the Cleco trade name. This adjustment is included in Intangible assets on Cleco’s Consolidated Balance Sheet. The valuation of the trade name was estimated by applying the relief-from-royalty method under the income approach. This valuation method is based on the premise that, in lieu of ownership of the asset, a company would be willing to pay a royalty to a third-party for the use of that asset. The owner of the asset is spared this cost, and the value of the asset is estimated by the cost savings. The projected revenue attributed to the trade name was based on projections of the value of Cleco’s wholesale contracts. The trade name is being amortized over 20 years . The amortization of the Cleco trade name is included in Depreciation and amortization on Cleco’s Consolidated Statement of Income. On the date of the 2016 Merger, fair value adjustments were recorded on Cleco’s Consolidated Balance Sheet for the difference between the contract price and the market price of long-term wholesale power supply agreements. These adjustments are classified as Intangible assets on Cleco’s Consolidated Balance Sheet. The valuation of the power supply agreements was estimated using the income approach. The income approach is based upon discounted projected future cash flows associated with the underlying contracts. The intangible assets for the power supply agreements will be amortized over the remaining term of the applicable contract. The amortization of the power supply agreements is included in Electric operations on Cleco’s Consolidated Statement of Income. The net increase in deferred tax liabilities on Cleco’s Consolidated Balance Sheet represents the differences between the assigned fair values of assets acquired and their related income tax basis, net of a deferred tax asset representing the net operating loss carryforward that will be utilized in future periods. As the underlying asset assigned fair values are amortized, the related deferred tax liabilities will be included in income tax expense. Goodwill is not deductible for income tax purposes; therefore, no deferred income tax assets or liabilities were recognized for goodwill. Other fair value adjustments were recorded for long-term debt, postretirement benefit remeasurements and deferred losses, and interest rate derivative settlement gains and losses. These fair value adjustments are subject to rate regulation, but do not earn a return. In these instances, a corresponding regulatory asset was established, as the underlying utility asset or liability amounts are recoverable from or refundable to customers at historical cost through the rate setting process. These regulatory assets established to offset fair value adjustments are amortized in amounts and over time frames consistent with the realization or settlement of the fair value adjustments. The valuations performed in the second quarter of 2016 to estimate the fair value of assets acquired and liabilities assumed were considered preliminary as a result of the short time period between the closing of the 2016 Merger and the end of the second quarter of 2016. During the third quarter of 2016, valuations were performed for the valuation and assessment of the postretirement benefit plans as of April 13, 2016, and the economic useful life of the Cleco trade name. Cleco completed its evaluation and determination of the fair value of certain assets and liabilities acquired as of December 31, 2016. There were no adjustments to those amounts during the year ended December 31, 2017. While management believes the positions reflected on the income tax returns are reasonable, see Note 11 — “Income Taxes — Uncertain Tax Positions” for a discussion on the status of tax audits. Note 21 — Cleco Cajun Transaction On February 4, 2019, Cleco Cajun acquired from NRG Energy all of the outstanding membership interests in NRG South Central, which indirectly owns: i. a 176 -MW natural-gas-fired generating station located in Sterlington, Louisiana, ii. a 220 -MW natural-gas-fired facility and a 210 -MW natural-gas-fired peaking facility both located in Jarreau, Louisiana, iii. a 580 -MW coal-fired generating facility, a 540 -MW natural-gas-fired generating station, and 58% of a 588 -MW coal-fired generating station all located in New Roads, Louisiana, iv. 225 -MW of a 300 -MW natural-gas-fired peaking facility located in Jennings, Louisiana, v. a 1,263 -MW natural-gas-fired generating station located in Deweyville, Texas (the Cottonwood Plant), vi. wholesale contracts to provide electricity and capacity to nine Louisiana cooperatives, five municipalities across Arkansas, Louisiana, and Texas, and one investor-owned utility, vii. transmission assets, which consist of equipment and land required to connect the generation stations and the wholesale customers to the transmission grid, and viii. current assets consisting of cash, inventory, receivables, and other miscellaneous assets. Cleco Cajun, NRG Energy, and NRG South Central have each made customary representations, warranties and covenants in the Cleco Cajun Transaction, which includes customary indemnification provisions. Cleco Holdings has agreed to guarantee the obligations of Cleco Cajun, subject to certain limitations. In addition, upon closing, a lease agreement was executed and delivered between Cottonwood Energy and a special-purpose entity that is a subsidiary of NRG Energy pursuant to which NRG Energy will lease back the Cottonwood Plant and will operate it no later than May 2025. Upon closing, Cottonwood Energy became a subsidiary of Cleco Cajun. As consideration for all of the outstanding membership interest in NRG South Central, Cleco paid cash of approximately $962.2 million , which represents the $1.0 billion acquisition price net of working capital adjustments of $37.8 million . In addition, Cleco assumed liabilities consisting of asset retirement obligations connected with the coal fueled generation stations and current liabilities, such as accounts payable. In connection with the Cleco Cajun Transaction on February 4, 2019, Cleco Holdings issued $300.0 million under a new bridge loan agreement and $100.0 million under a new term loan agreement. Both loan agreements are variable rate debt and have a three -year term. Both loan agreements contain certain financial covenants, including requiring Cleco Holdings to maintain (i) a debt to capital ratio (as defined in the applicable agreement) below 65% and (ii) a rating applicable to the Company’s senior debt rating (as defined in the applicable agreement). Cleco Holdings anticipates that some or all of the variable rate debt may be replaced or repaid with long-term financing, markets permitting, within 12 months of the closing of the Cleco Cajun Transaction. Also in connection with the Cleco Cajun Transaction, Cleco Holdings increased its credit facility capacity by $75.0 million , for a total credit facility of $175.0 million . All other terms remained the same. Also in connection with the Cleco Cajun Transaction on February 4, 2019, Cleco Holdings made a $75.0 million draw on its credit facility, which was repaid on February 5, 2019. The remaining cash required to finance the transaction consisted of an equity contribution from Cleco Group of $384.9 million and $102.3 million from cash on hand at Cleco Holdings. In connection with the Cleco Cajun Transaction, Cleco Holdings, on behalf of Cleco Cajun, issued three letters of credit totaling $1.1 million to a capacity agreement customer and a gas transport company. These letters of credit automatically renew each year and have no impact on the Cleco Holdings’ credit facility. Because the initial accounting for the transaction is not complete, Cleco is unable to disclose the valuation and determination of the fair value of assets and liabilities acquired. Cleco expects the final valuation and purchase price allocation, including finalization of acquired liabilities, to be completed within one year of the date of acquisition as required by accounting guidance. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | Note 5 — Regulatory Assets and Liabilities Cleco capitalizes or defers certain costs for recovery from customers and recognizes a liability for amounts expected to be returned to customers based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. Under the current regulatory environment, Cleco believes these regulatory assets will be fully recoverable; however, if in the future, as a result of regulatory changes or competition, Cleco’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 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 could require discontinuance of the application of the authoritative guidance of regulated operations. The following table summarizes Cleco Power’s regulatory assets and liabilities: Cleco Power AT DEC. 31, REMAINING RECOVERY PERIOD (YRS.) (THOUSANDS) 2018 2017 Regulatory (liabilities) assets - deferred taxes, net Total federal regulatory liability — income taxes $ (55,922 ) $ (64,205 ) Total state regulatory asset — income taxes 141,136 142,788 TCJA (374,961 ) (348,590 ) AFUDC 134,369 129,953 Total investment tax credit (159 ) (372 ) Total regulatory (liabilities) assets — deferred taxes, net $ (155,537 ) $ (140,426 ) * Regulatory liabilities - other (4,992 ) — * Regulatory Assets Mining costs 1,274 3,823 0.5 Interest costs 4,208 4,499 * AROs (1) 3,099 2,762 * Postretirement costs (1) 140,245 142,764 * Tree trimming costs 9,069 7,193 * Training costs 6,396 6,552 41 Surcredits, net (2) 289 2,173 * AMI deferred revenue requirement 3,681 4,227 7 Emergency declarations 2,980 4,131 1.5 Production operations and maintenance expenses 12,245 8,625 * AFUDC equity gross-up (2) 71,952 71,205 * Acadia Unit 1 acquisition costs 2,230 2,336 21 Financing costs 7,923 8,293 * MISO integration costs — 468 — Coughlin transaction costs 938 968 30.5 Corporate franchise tax, net 1,416 153 * MATS Costs — 2,564 — Non-service cost of postretirement benefits 4,629 — * Energy Efficiency 2,585 — * Other 13 484 * Total regulatory assets 275,172 273,220 Accumulated deferred fuel 20,112 13,980 * Total regulatory assets, net $ 134,755 $ 146,774 (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, 2018, and 2017, respectively. All other assets are earning a return on investment. * For information related to the remaining recovery periods, refer to the following disclosures for each specific regulatory asset. The following table summarizes Cleco’s net regulatory assets and liabilities: Cleco AT DEC. 31, (THOUSANDS) 2018 2017 Total Cleco Power regulatory assets, net $ 134,755 $ 146,774 Cleco 2016 Merger adjustments (1) Fair value of long-term debt 138,701 147,145 Postretirement costs 19,387 21,375 Financing costs 8,279 8,623 Debt issuance costs 6,252 6,665 Total Cleco regulatory assets, net $ 307,374 $ 330,582 (1) Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger. Income Taxes The regulatory assets and liabilities recorded for deferred income taxes represent 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. On December 22, 2017, the President signed the TCJA. Changes in the IRC, as amended, from the TCJA, had a material impact on the Registrants’ financial statements in 2017. Tax effects of changes in tax laws must be recognized in the period in which the law is enacted. Also, deferred tax assets and liabilities must be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. At December 31, 2017, Cleco and Cleco Power made an estimate for the remeasurement of ADIT based upon the new tax rate, which resulted in a provisional regulatory liability of $348.6 million . During the fourth quarter of 2018, Cleco Power recorded the final remeasurements, which resulted in an additional regulatory liability of $26.4 million . At December 31, 2018, the final regulatory liability for the remeasurement of accumulated deferred income taxes was $375.0 million . For more information on the TCJA, see Note 11 — “Income Taxes.” Regulatory Liabilities - Other On July 1, 2018, Cleco Power began collecting the revenue requirement related to the St. Mary Clean Energy Center project based on an expected commercial operation date in the third quarter of 2018. The project is now expected to be commercially operational in the second quarter of 2019. Cleco Power recorded a regulatory liability for the over collections and will continue to increase the regulatory liability until the project is in service. Cleco Power expects to return the total over collection as part of the July 1, 2019, FRP rate adjustment. Mining Costs Cleco Power operates a generating unit jointly owned with SWEPCO that uses lignite as its primary 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 received fuel cost savings through the year 2011, while actual mining costs above a certain percentage of the benchmark price were deferred. These deferred costs could be recovered from retail customers through the FAC only when the actual mining costs were 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 2009 approval of the Oxbow Lignite Mine acquisition, the LPSC agreed to discontinue benchmarking and the corresponding potential to defer future lignite mining costs while preserving the previously authorized recovery of the legacy deferred fuel balance. 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. AROs Cleco Power recorded an ARO liability for the retirement of certain ash disposal facilities. The ARO regulatory asset represents the accretion of the ARO liability and the depreciation of the related assets. For more information on the accounting treatment of Cleco Power’s AROs, see Note 2 — “Summary of Significant Accounting Policies — AROs.” Postretirement Costs Cleco Power recognizes the funded status of its postretirement benefit plans as a net liability or asset. The net liability or asset is defined as the difference between the benefit obligation and the fair market value of plan assets. For defined benefit pension plans, the benefit obligation is the projected benefit obligation. Historically, the LPSC has allowed Cleco Power to recover pension plan expense. Cleco Power, therefore, recognizes a regulatory asset based on its determination that these costs can be collected from customers. These costs are amortized to pension expense over the average service life of the remaining plan participants (approximately nine years as of December 31, 2018, for Cleco’s plan) when it exceeds certain thresholds. The amount and timing of the recovery will be based on the changing funded status of the pension plan in future periods. For more information on Cleco’s pension plan and adoption of these authoritative guidelines, see Note 10 — “Pension Plan and Employee Benefits.” Tree Trimming Costs In April 2013, the LPSC approved Cleco Power’s request to expend and defer up to $8.0 million in tree management costs. Cleco Power requested authorization to defer actual expenditures as a regulatory asset through the completion date of the tree extraction effort. In February 2015, Cleco Power completed the tree extraction and began amortizing the additional charges over a 3.5 -year period. As of April 30, 2018, these costs were fully amortized. As a result of increased vegetation growth and to remain in compliance with regulatory requirements, Cleco Power anticipates the need to spend $20.8 million through December 2020 in tree and vegetation management costs. In September 2016, Cleco Power requested approval from the LPSC to defer a portion of these costs utilizing the same accounting treatment of similar costs approved in previous dockets. In October 2016, the LPSC approved Cleco Power to defer an additional amount up to $10.9 million . Of the remaining costs, $4.0 million will be expensed to Operations and maintenance on Cleco Power’s Consolidated Statements of Income, and $5.9 million will be deferred and recovered in current base rates through June 2020. Training Costs In 2008, the LPSC approved Cleco Power’s request to establish a regulatory asset for training costs associated with existing processes and technology for new employees at Madison Unit 3. Recovery of these expenditures was approved by the LPSC in 2009. In 2010, Cleco Power began amortizing the regulatory asset over a 50 -year period. 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 recorded a true-up to the surcredits to reflect the actual tax deductions allowed by the IRS for storm damages and uncertain tax positions. As a result of the true-ups, Cleco Power recorded a regulatory asset that represents excess surcredits refunded to customers that were collected from ratepayers and amortized over a four -year period, through June 2018. Cleco Power expects to collect the balance as part of the July 1, 2019, FRP rate adjustment. 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 . In June 2014, the LPSC approved Cleco Power’s FRP extension and the AMI regulatory asset and project capital costs were included in rate base. Cleco Power is recovering the AMI deferred revenue requirement over 11 years beginning July 2014. Emergency Declarations In August 2016, the LPSC issued emergency declaration executive orders following flooding events in south Louisiana which prohibited public utilities from disconnecting or charging late fees to customers for non-payment in affected parishes. In January 2017, the LPSC issued an order terminating those executive orders effective March 1, 2017. The January 2017 order also provided that public utilities were entitled to formally petition the LPSC to recover lost revenues as a result of the executive orders issued in August 2016. Beginning in July 2017, Cleco Power’s lost revenues are being recovered and amortized over a three -year period. Production Operations and Maintenance Expenses Annually, Cleco Power is allowed to defer, as a regulatory asset, production operations and maintenance expenses, net of fuel and payroll, above the retail jurisdictional portion of $45.0 million , adjusted annually for a growth factor (deferral threshold). The amount of the regulatory asset is capped at $23.0 million . The LPSC allows Cleco Power to recover the amount deferred in any calendar year over the following three year regulatory period, beginning on July 1, when the annual rates are set. In December 2018 and 2017, Cleco Power deferred $8.0 million and $0.4 million , respectively, as a regulatory asset. AFUDC Equity Gross-Up Cleco Power capitalizes equity AFUDC as a cost component of construction projects. Cleco Power has recorded a regulatory asset to recover the tax gross-up related to the equity component of AFUDC. These costs are being amortized over the estimated lives of the respective assets constructed. Acadia Unit 1 Acquisition Costs In 2009, the LPSC approved Cleco Power’s request to establish a regulatory asset for costs incurred as a result of the acquisition by Cleco Power of Acadia Unit 1 and half of Acadia Power Station’s related common facilities. The Acadia Unit 1 acquisition costs are being recovered over a 30 -year period beginning February 2010. Financing Costs In 2011, Cleco Power entered into and settled two treasury rate locks. Of the $26.8 million in settlements, $7.4 million was deferred as a regulatory asset relating to ineffectiveness of the hedge relationships. Also in 2011, Cleco Power entered into a forward starting swap contract. These derivatives were entered into in order to mitigate the interest rate exposure on coupon payments related to forecasted debt issuances. In May 2013, the forward starting interest rate swap was settled at a loss of $3.3 million . Cleco Power deferred $2.9 million of the losses as a regulatory asset, which is being amortized over the terms of the related debt issuances. MISO Integration Costs In June 2014, the LPSC approved Cleco Power’s request to recover the non-capital integration costs associated with Cleco Power joining MISO. In July 2014, Cleco Power began recovering these MISO integration costs over a four -year period. As of June 30, 2018, these costs were fully recovered. Coughlin Transaction Costs In January 2014, the LPSC authorized Cleco Power to create a regulatory asset for the transaction costs related to the transfer of Coughlin from Evangeline to Cleco Power. The Coughlin transaction costs are being recovered over a 35 -year period beginning July 2014. Corporate Franchise Tax, Net As part of the FRP extension approved by the LPSC in June 2014, Cleco Power was authorized to recover through a rider the retail portion of state corporate franchise taxes paid. The retail portion of state corporate franchise taxes paid each year will be recovered over 12 months beginning July 1 of the following year. MATS Costs In February 2016, the LPSC approved Cleco Power’s request to recover the revenue requirements associated with the installation of MATS equipment. The MATS rule required affected EGUs to meet specific emission standards and work practice standards to address hazardous air pollutants by April 2015. The LPSC approval also allowed Cleco Power to record a regulatory asset of $7.1 million representing the unrecovered revenue requirements of MATS equipment placed in service in the years prior to the LPSC review and approval. As of June 30, 2018, these costs were fully amortized. Non-service Cost of Postretirement Benefits On January 1, 2018, FASB’s amended guidance related to defined benefit pension and other postretirement plans became effective. The amendment allows only the service cost component of net benefit cost to be eligible for capitalization within property, plant, and equipment. Beginning January 1, 2018, the non-service cost previously eligible for capitalization into property, plant, and equipment are being deferred to a regulatory asset and will be amortized over the estimated lives of the respective assets. For more information on FASB’s guidance related to defined benefit pension and other postretirement plans, see Note 2 — “Summary of Significant Accounting Policies — Recent Authoritative Guidance.” Energy Efficiency In 2013, the LPSC issued a General Order adopting rules promoting energy efficiency programs. Cleco Power participated in the Phase I program beginning in November 2014. Pursuant to the rules of the Energy Efficiency General Order, utility companies are allowed to recover from customers the accumulated decrease in revenues associated with the energy efficiency programs. In December 2018, Cleco Power filed a letter of intent with the LPSC to recover the accumulated decrease in revenues, also known as the Lost Contribution to Fixed Cost (LCFC). Beginning March 1, 2019, this amount will be recovered over approximately four years , subject to LPSC review and approval. Other In 2015, the LPSC approved the recovery of costs incurred as a result of Cleco Power’s 2009 through 2013 fuel audit. The 2009 through 2013 fuel audit costs and the IRP costs are being recovered over a three -year period beginning July 2016. In March 2016, flooding occurred at the Toledo Bend Dam where Cleco Power receives capacity from the hydroelectric generators through a long-term contract. As part of the contract, Cleco Power is responsible for its allocated portion of the insurance deductible for flood damages. In July 2017, Cleco Power began amortizing the retail portion of $0.9 million over a 12 -month period. As of June 30, 2018, these costs were fully amortized. Accumulated Deferred Fuel The cost of fuel used for electric generation and power purchased for utility customers are recovered through the LPSC-established FAC or related wholesale contract provisions, which enable Cleco Power to pass on to its customers substantially all such charges. For 2018 , approximately 76% of Cleco Power’s total fuel cost was regulated by the LPSC. Accumulated deferred fuel increased $6.1 million from December 31, 2017. This increase was primarily due to $22.4 million for fuel surcharges, partially offset by $13.3 million for the mark-to-market value on FTRs and $4.3 million due to the timing of collections. Cleco Holdings’ 2016 Merger Adjustments As a result of the 2016 Merger, Cleco implemented acquisition accounting, which eliminated AOCI at the Cleco consolidated level on the date of the 2016 Merger. Cleco will continue to recover expenses related to certain postretirement costs; therefore, Cleco recognized a regulatory asset based on its determination that these costs can continue to be collected from customers. These costs will be amortized to Other operations expense over the average remaining service period of participating employees. Cleco will also continue to recover financing costs associated with the settlement of two treasury rate locks and a forward starting swap contract that were previously recognized in AOCI. Additionally, as a result of the 2016 Merger, a regulatory asset was recorded for debt issuance costs that were eliminated at Cleco and a regulatory asset was recorded for the difference between the carrying value and the fair value of long-term debt. These regulatory assets are being amortized over the terms of the related debt issuances, unless the debt is redeemed prior to maturity, at which time any unamortized related regulatory asset will be derecognized. |
Jointly Owned Generation Units
Jointly Owned Generation Units | 12 Months Ended |
Dec. 31, 2018 | |
Regulated Operations [Abstract] | |
Jointly Owned Generation Units | Note 6 — 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. At the date of the 2016 Merger, the gross balance of jointly owned generation units at Cleco was adjusted to be net of accumulated depreciation, as no accumulated depreciation existed on the date of the 2016 Merger. Since pushdown accounting was not elected at the Cleco Power level, Cleco Power retained its accumulated depreciation. For more information about merger related adjustments, see Note 4 — “Business Combinations.” At December 31, 2018 , the investment in and accumulated depreciation for each generating unit on Cleco and Cleco Power’s Consolidated Balance Sheets were as follows: Cleco AT DEC. 31, 2018 (THOUSANDS, EXCEPT PERCENTAGES AND MW) RODEMACHER UNIT 2 DOLET HILLS TOTAL Utility plant in service $ 71,962 $ 176,935 $ 248,897 Accumulated depreciation $ 5,309 $ 12,385 $ 17,694 Construction work in progress $ 317 $ 5,463 $ 5,780 Ownership interest percentage 30 % 50 % Nameplate capacity (MW) 523 650 Ownership interest (MW) 157 325 Cleco Power AT DEC. 31, 2018 (THOUSANDS, EXCEPT PERCENTAGES AND MW) RODEMACHER UNIT 2 DOLET HILLS TOTAL Utility plant in service $ 146,142 $ 394,431 $ 540,573 Accumulated depreciation $ 79,489 $ 229,882 $ 309,371 Construction work in progress $ 317 $ 5,463 $ 5,780 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, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | Note 7 — Fair Value Accounting The amounts reflected in Cleco and Cleco Power’s Consolidated Balance Sheets at December 31, 2018 , and 2017 , for cash equivalents, restricted cash equivalents, accounts receivable, other accounts receivable, short-term debt, and accounts payable approximate fair value because of their short-term nature. Cleco applies the provisions of the fair value measurement standard to its non-recurring, non-financial measurements including business combinations as well as impairment related to goodwill and other long-lived assets. The following tables summarize the carrying value and estimated market value of Cleco and Cleco Power’s financial instruments not measured at fair value on Cleco and Cleco Power’s Consolidated Balance Sheets: Cleco AT DEC. 31, 2018 2017 (THOUSANDS) CARRYING VALUE* FAIR VALUE CARRYING VALUE* FAIR VALUE Long-term debt $ 2,889,631 $ 2,859,924 $ 2,866,955 $ 2,921,325 * The carrying value of long-term debt does not include deferred issuance costs of $10.3 million in 2018 and $11.6 million in 2017. Cleco Power AT DEC. 31, 2018 2017 (THOUSANDS) CARRYING VALUE* FAIR VALUE CARRYING VALUE* FAIR VALUE Long-term debt $ 1,400,930 $ 1,517,152 $ 1,369,810 $ 1,535,234 * The carrying value of long-term debt does not include deferred issuance costs of $8.3 million in 2018 and $9.1 million in 2017. Long-term debt liability consists of a single class. In order to fund capital requirements, Cleco issues fixed and variable rate long-term debt with various tenors. The fair value of this class fluctuates as the market interest rates for fixed and variable rate debt with similar tenors and credit ratings change. The fair value of the debt could also change from period to period due to changes in credit rating of the Cleco entity by which the debt was issued. The fair value of long-term debt is classified as Level 2 in the fair value hierarchy. Fair Value Measurements and Disclosures Cleco classifies assets and liabilities that are measured at their fair value according to three different levels depending on the inputs used in determining fair value. The following tables disclose for Cleco and Cleco Power the fair value of financial assets and liabilities measured on a recurring basis: Cleco FAIR VALUE MEASUREMENTS AT REPORTING DATE (THOUSANDS) AT DEC. 31, 2018 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) AT DEC. 31, 2017 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) Asset Description Institutional money market funds $ 133,722 $ — $ 133,722 $ — $ 144,302 $ — $ 144,302 $ — FTRs 23,355 — — 23,355 7,396 — — 7,396 Total assets $ 157,077 $ — $ 133,722 $ 23,355 $ 151,698 $ — $ 144,302 $ 7,396 Liability Description FTRs $ 468 $ — $ — $ 468 $ 352 $ — $ — $ 352 Total liabilities $ 468 $ — $ — $ 468 $ 352 $ — $ — $ 352 Cleco Power FAIR VALUE MEASUREMENTS AT REPORTING DATE: (THOUSANDS) AT DEC. 31, 2018 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) AT DEC. 31, 2017 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) Asset Description Institutional money market funds $ 55,900 $ — $ 55,900 $ — $ 95,681 $ — $ 95,681 $ — FTRs 23,355 — — 23,355 7,396 — — 7,396 Total assets $ 79,255 $ — $ 55,900 $ 23,355 $ 103,077 $ — $ 95,681 $ 7,396 Liability Description FTRs $ 468 $ — $ — $ 468 $ 352 $ — $ — $ 352 Total liabilities $ 468 $ — $ — $ 468 $ 352 $ — $ — $ 352 The following table summarizes the net changes in the net fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy for Cleco and Cleco Power: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 Beginning balance $ 7,044 $ 7,683 Unrealized gains (losses)* 11,865 (1,392 ) Purchases 28,185 23,941 Settlements (24,207 ) (23,188 ) Ending balance $ 22,887 $ 7,044 * Unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco and Cleco Power's Consolidated Balance Sheets. The following table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of December 31, 2018 : FAIR VALUE VALUATION TECHNIQUE SIGNIFICANT UNOBSERVABLE INPUTS FORWARD PRICE RANGE (THOUSANDS, EXCEPT DOLLAR PER MWh) Assets Liabilities Low High FTRs at December 31, 2018 $ 23,355 $ 468 RTO auction pricing FTR price - per MWh $ (4.40 ) $ 15.10 FTRs at December 31, 2017 $ 7,396 $ 352 RTO auction pricing FTR price - per MWh $ (2.95 ) $ 6.33 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 discounting the price to the current period using a U.S. Treasury published interest rate as a proxy for a risk-free rate of return. Level 3 fair values occur in situations in which there is little, if any, market activity for the asset or liability at the measurement date. Cleco’s Level 3 assets and liabilities are valued using RTO auction prices. Cleco has consistently applied the Level 2 and Level 3 fair value techniques from fiscal period to fiscal period. Significant increases or decreases in any of those inputs in isolation would result in a significantly different fair value measurement. The assets and liabilities reported at fair value are grouped into classes based on the underlying nature and risks associated with the individual asset or liability. At December 31, 2018 , 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 Cleco’s Consolidated Balance Sheets in cash and cash equivalents, current restricted cash and cash equivalents, and non-current restricted cash and cash equivalents of $103.8 million , $11.2 million , and $18.7 million , respectively, at December 31, 2018 , and $111.1 million , $13.1 million , and $20.1 million , respectively, at December 31, 2017 . At Cleco Power, the institutional money market funds were reported on Cleco Power’s Consolidated Balance Sheets in cash and cash equivalents, current restricted cash and cash equivalents, and non-current restricted cash and cash equivalents of $26.1 million , $11.2 million , and $18.6 million , respectively, at December 31, 2018 , and $62.5 million , $13.1 million , and $20.1 million , respectively, at December 31, 2017 . If the money market funds failed to perform under the terms of the investments, Cleco and Cleco Power would be exposed to a loss of the invested amounts. Collateral on these types of investments is not required by either Cleco or Cleco Power. The Level 2 institutional money market funds asset consists of a single class. In order to capture interest income and minimize risk, cash is invested in money market funds that invest primarily in short-term securities issued by the U. S. Treasury to maintain liquidity and achieve the goal of a net asset value of a dollar. The risks associated with this class are counterparty risk of the fund manager and risk of price volatility associated with the underlying securities of the fund. Cleco Power’s FTRs were priced using MISO’s monthly auction prices. Forward seasonal periods are not included in every monthly auction; therefore, the average of the most recent seasonal auction prices is used for monthly valuation. FTRs are categorized as Level 3 fair value measurements because the only relevant pricing available comes from MISO auctions, which occur monthly in the Multi-Period Monthly Auction. During the years ended December 31, 2018 , and 2017 , Cleco did no t experience any transfers between levels within the fair value hierarchy. 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 at December 31, 2018 , and 2017 : DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS (THOUSANDS) BALANCE SHEET LINE ITEM AT DEC. 31, 2018 AT DEC. 31, 2017 Commodity-related contracts FTRs: Current Energy risk management assets $ 23,355 $ 7,396 Current Energy risk management liabilities 468 352 Commodity-related contracts, net $ 22,887 $ 7,044 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, 2018 , 2017 , and 2016 : Cleco AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES SUCCESSOR PREDECESSOR (THOUSANDS) DERIVATIVES LINE ITEM FOR THE YEAR ENDED DEC. 31, 2018 FOR THE APR. 13, 2016 - JAN. 1, 2016 - Commodity contracts FTRs (1) Electric operations $ 39,659 $ 23,826 $ 17,506 $ 3,012 FTRs (1) Power purchased for utility customers (4,566 ) (5,509 ) (2,112 ) (582 ) Total $ 35,093 $ 18,317 $ 15,394 $ 2,430 (1) For the years ended December 31, 2018 and 2017, unrealized gains (losses) associated with FTRs of $11.9 million and $(1.4) million , respectively, were reported through Accumulated deferred fuel on the balance sheet. For the predecessor period January 1, 2016 - April 12, 2016, and the successor period April 13, 2016 - December 31, 2016, unrealized (losses) gains associated with FTRs of $(1.0) million and $3.1 million , respectively, were reported through Accumulated deferred fuel on the balance sheet. Cleco Power AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES FOR THE YEAR ENDED DEC. 31, (THOUSANDS) DERIVATIVES LINE ITEM 2018 2017 2016 Commodity contracts FTRs (1) Electric operations $ 39,659 $ 23,826 $ 20,518 FTRs (1) Power purchased for utility customers (4,566 ) (5,509 ) (2,694 ) Total $ 35,093 $ 18,317 $ 17,824 (1) For the years ended December 31, 2018, 2017, and 2016, unrealized gains (losses) associated with FTRs of $11.9 million , $(1.4) million , and $2.1 million , respectively, were reported through Accumulated deferred fuel on the balance sheet. The total volume of FTRs that Cleco Power had outstanding at December 31, 2018 , and 2017 was 8.7 million MWh and 9.0 million MWh, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Note 8 — Debt Cleco Power’s total indebtedness as of December 31, 2018 , and 2017 was as follows: Cleco Power AT DEC. 31, (THOUSANDS) 2018 2017 Bonds Senior notes, 2.94%, due 2022 $ 25,000 $ 25,000 Senior notes, 3.08%, due 2023 100,000 100,000 Senior notes, 3.17%, due 2024 50,000 — Senior notes, 3.68%, due 2025 75,000 75,000 Senior notes, 3.47%, due 2026 130,000 130,000 Senior notes, 4.33%, due 2027 50,000 50,000 Senior notes, 3.57%, due 2028 200,000 200,000 Senior notes, 6.50%, due 2035 295,000 295,000 Senior notes, 6.00%, due 2040 250,000 250,000 Senior notes, 5.12%, due 2041 100,000 100,000 Series A GO Zone bonds, 2.00%, due 2038, mandatory tender in 2020 50,000 50,000 Series B GO Zone bonds, 4.25%, due 2038 50,000 50,000 Cleco Katrina/Rita’s storm recovery bonds, 5.61%, due 2023 31,625 50,819 Total bonds 1,406,625 1,375,819 Other long-term debt Barge lease obligations 16,418 — Gross amount of long-term debt 1,423,043 1,375,819 Less: long-term debt due within one year 20,571 19,193 Less: capital lease obligations classified as long-term debt due within one year 557 — Unamortized debt discount (5,695 ) (6,010 ) Unamortized debt issuance costs (8,446 ) (9,141 ) Total long-term debt and capital leases, net $ 1,387,774 $ 1,341,475 Cleco’s total indebtedness as of December 31, 2018 , and 2017 was as follows: Cleco AT DEC. 31, (THOUSANDS) 2018 2017 Total Cleco Power long-term debt and capital leases, net $ 1,387,774 $ 1,341,475 Cleco Holdings’ long-term debt, net Senior notes, 3.250%, due 2023 165,000 165,000 Senior notes, 3.743%, due 2026 535,000 535,000 Senior notes, 4.973%, due 2046 350,000 350,000 Bank term loan, variable rate, due 2021 300,000 300,000 Unamortized debt issuance costs (1) (1,989 ) (2,516 ) Fair value adjustment 138,700 147,146 Total Cleco long-term debt and capital leases, net $ 2,874,485 $ 2,836,105 (1) For December 31, 2018, and 2017, this amount includes unamortized debt issuance costs for Cleco Holdings of $8.2 million and $9.2 million , respectively, partially offset by deferred debt issuance costs eliminated as a result of the 2016 Merger of $6.3 million and $6.7 million , respectively. For more information, see Note 5 — “Regulatory Assets and Liabilities — Cleco Holdings’ 2016 Merger Adjustments.” The principal amounts payable under long-term debt agreements for each year through 2023 and thereafter are as follows: (THOUSANDS) CLECO CLECO POWER For the year ending Dec. 31, 2019 $ 20,571 $ 20,571 2020 $ 11,054 $ 11,054 2021 $ 300,000 $ — 2022 $ 25,000 $ 25,000 2023 $ 265,000 $ 100,000 Thereafter $ 2,135,000 $ 1,250,000 The amounts payable under the capital lease agreements for each year through 2023 and thereafter are as follows: (THOUSANDS) CLECO CLECO POWER For the year ending Dec. 31, 2019 $ 557 $ 557 2020 $ 617 $ 617 2021 $ 682 $ 682 2022 $ 755 $ 755 2023 $ 836 $ 836 Thereafter $ 12,971 $ 12,971 Cleco Power Debt Cleco Power had no short-term debt outstanding at December 31, 2018 , and 2017 . At December 31, 2018 , Cleco Power’s long-term debt outstanding was $1.41 billion , of which $21.1 million was due within one year. The long-term debt due within one year at December 31, 2018 , represents $20.6 million of principal payments for the Cleco Katrina/Rita storm recovery bonds and $0.5 million of capital lease payments. On December 18, 2017, Cleco Power entered into an agreement for the issuance and sale in a private placement of an aggregate principal amount of $175.0 million of senior notes. The senior notes were issued in two tranches. The first tranche was issued on December 18, 2017, with a principal amount of $25.0 million at an interest rate of 2.94% and $100.0 million at an interest rate of 3.08% , with final maturity dates in December 2022 and 2023, respectively. The second tranche was issued on March 26, 2018, with a principal amount of $50.0 million at an interest rate of 3.17% , with a final maturity date in December 2024. The proceeds from the issuance and sale were used for capital investments and general utility purposes. On April 2, 2018, Cleco Power entered into a capital lease agreement for use of 42 dedicated barges to transport petroleum coke and limestone to Madison Unit 3. For more information on the capital lease agreement, see Note 16 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Other Commitments — Fuel Transportation Agreement.” Cleco Debt Cleco had no short-term debt outstanding at December 31, 2018 , and 2017 . At December 31, 2018 , Cleco’s long-term debt outstanding was $2.90 billion , of which $21.1 million was due within one year. The long-term debt due within one year at December 31, 2018 , represents $20.6 million of principal payments for the Cleco Katrina/Rita storm recovery bonds and $0.5 million of capital lease payments. On July 31, 2018, Cleco Holdings amended its $300.0 million bank term loan agreement and its $100.0 million revolving credit facility agreement to release any and all collateral from all of its debt obligations under those agreements. As a result of the release of collateral, Moody’s and Fitch replaced Cleco Holdings’ senior secured debt rating with a senior unsecured debt rating. For more information on Cleco’s credit ratings and their impacts, see Note 16 — “Litigation, Other Commitment and Contingencies, and Disclosures about Guarantees — Risks and Uncertainties.” In connection with the Cleco Cajun Transaction on February 4, 2019, Cleco Holdings issued $300.0 million under a new bridge loan agreement and $100.0 million under a new term loan agreement. Both loan agreements are variable rate debt and have a three -year term. Both loan agreements contain certain financial covenants, including requiring Cleco Holdings to maintain (i) a debt to capital ratio (as defined in the applicable agreement) below 65% and (ii) a rating applicable to the Company’s senior debt rating (as defined in the applicable agreement). Cleco Holdings anticipates that some or all of the variable rate debt may be replaced or repaid with long-term financing, markets permitting, within 12 months of the closing of the Cleco Cajun Transaction. In connection with Cleco Cajun Transaction, Cleco Holdings, on behalf of Cleco Cajun, issued three letters of credit totaling $1.1 million to a capacity agreement customer and a gas transport company. These letters of credit automatically renew each year and have no impact on the Cleco Holdings’ credit facility. Credit Facilities At December 31, 2018 , Cleco Holdings had a $100.0 million credit facility. The credit facility includes restrictive financial covenants and expires in 2021. The borrowing costs under Cleco Holdings’ credit facility are equal to LIBOR plus 1.75% or ABR plus 0.75% , plus commitment fees of 0.275% . If Cleco Holding’s credit ratings were to be downgraded one level, Cleco Holdings could be required to pay higher fees and additional interest of 0.075% and 0.50% , respectively, under the pricing levels of its credit facility. Under covenants contained in Cleco Holdings’ credit facility, Cleco is required to maintain total indebtedness less than or equal to 65% of total capitalization. At December 31, 2018 , $655.0 million of Cleco’s member’s equity was unrestricted. At December 31, 2018 , Cleco Holdings was in compliance with the covenants of its credit facility. In connection with the Cleco Cajun Transaction, Cleco Holdings increased its credit facility capacity by $75.0 million , for a total credit facility of $175.0 million . All other terms remained the same. Also in connection with the Cleco Cajun Transaction on February 4, 2019, Cleco Holdings made a $75.0 million draw on its credit facility, which was repaid on February 5, 2019. At December 31, 2018 , Cleco Power had a $300.0 million credit facility. The credit facility includes restrictive financial covenants and expires in 2021. The borrowing costs under Cleco Power’s credit facility are equal to LIBOR plus 1.125% or ABR plus 0.125% , plus commitment fees of 0.125% . If Cleco Power’s credit ratings were to be downgraded one level, Cleco Power could be required to pay higher fees and additional interest of 0.05% and 0.125% , respectively, under the pricing levels of its credit facility. Under covenants contained in Cleco Power’s credit facility, Cleco Power is required to maintain total indebtedness less than or equal to 65% of total capitalization. At December 31, 2018 , $831.9 million of Cleco Power’s member’s equity was unrestricted. If Cleco Power were to default under its credit facility or any other debt agreements, Cleco Holdings would be considered to be in default under its facility. At December 31, 2018 , Cleco Power was in compliance with the covenants in its credit facility. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Common Stock | Note 9 — Common Stock Stock-Based Plan Descriptions and Share Information Prior to the completion of the 2016 Merger, Cleco had two stock-based compensation plans: the ESPP and the LTIP. As a result of the completion of the 2016 Merger, the ESPP and the LTIP were terminated. For more information about the 2016 Merger, see Note 4 — “Business Combinations.” LTIP Prior to the completion of the 2016 Merger, stock options, restricted stock, also known as non-vested stock, common stock equivalent units, and stock appreciation rights were available to be granted or awarded to certain officers, key employees, or directors of Cleco Corporation and its affiliates under the LTIP. Because it was only to be settled in shares of Cleco Corporation common stock, non-vested stock was classified as equity. Recipients of non-vested stock had full voting rights of a stockholder. At the time restrictions lapsed, the accrued dividend equivalent units were paid to the recipient only to the extent that target shares vested. In order to vest, the non-vested stock required the satisfaction of a service requirement and a market-based requirement. Recipients of non-vested stock were eligible to receive opportunity instruments if certain market-based measures were exceeded. Cleco also awarded non-vested stock with only a service period requirement to certain employees and directors. These awards required the satisfaction of a predetermined service period in order for the shares to vest. During the predecessor period January 1, 2016, through April 12, 2016, Cleco granted no shares of non-vested stock pursuant to the LTIP. As a result of the 2016 Merger on April 13, 2016, all unvested shares outstanding under the LTIP that were granted prior to January 1, 2015, vested at target and were paid out in cash to plan participants. Unvested shares that were granted during 2015 were prorated to the target amount and paid out in cash to plan participants in accordance with the terms of the Merger Agreement. The fair value of shares of non-vested stock that vested during the predecessor period January 1, 2016, through April 12, 2016, was $10.1 million . Stock-Based Compensation During 2016 , Cleco did not modify any of the terms of outstanding awards. Cleco recognized stock-based compensation expense for these provisions in accordance with the non-substantive vesting period approach. Prior to the completion of the 2016 Merger, Cleco recorded compensation expense for all non-vested stock. Assuming achievement of vesting requirements was probable, stock-based compensation expense of non-vested stock was recorded during the service periods, which were generally three years . All stock-based compensation cost was measured at the grant date based on the fair value of the award and was recognized as an expense in the income statement over the requisite service period of the award. Awards that vest pro rata during the requisite service period that contain only a service condition were defined as having a graded vesting schedule and could have been treated as multiple awards with separate vesting schedules. However, Cleco elected to treat grants with graded vesting schedules as one award and recognized the related compensation expense on a straight-line basis over the requisite service period. During the predecessor period January 1, 2016, through April 12, 2016, Cleco reported pretax compensation expense of $3.2 million on non-vested stock with a related tax benefit of $1.2 million . In April 2016, Cleco incurred $2.3 million of merger expense due to accelerated vesting of the LTIP shares. For the predecessor period January 1, 2016, through April 12, 2016, compensation expense included in Cleco’s Consolidated Statements of Income related to non-forfeitable dividends paid on non-vested stock that was not expected to vest was less than $0.1 million . During the year ended December 31, 2016, Cleco Power reported pretax compensation expense of $1.0 million on non-vested stock with a related tax benefit of $0.4 million . The amount of stock-based compensation capitalized in property, plant, and equipment on Cleco’s Consolidated Balance Sheets for the predecessor period January 1, 2016, through April 12, 2016, was $0.6 million . The amount of stock-based compensation capitalized in property, plant, and equipment on Cleco Power’s Consolidated Balance Sheets for the year ended December 31, 2016, was $0.6 million . The ESPP did not contain optionality features beyond those listed by the authoritative guidance on stock-based compensation. Therefore, Cleco was not required to recognize a fair-value expense related to the ESPP. |
Pension Plan and Employee Benef
Pension Plan and Employee Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Pension Plan and Employee Benefits | Note 10 — Pension Plan and Employee Benefits Pension Plan and Other Benefits Plan Employees hired before August 1, 2007, are covered by a non-contributory, defined benefit pension plan. Benefits under the plan reflect an employee’s years of service, age at retirement, and highest total average compensation for any consecutive five 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 2018 and 2017, nor does it expect to make any in 2019. 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. Based on funding assumptions at December 31, 2018, management estimates that $95.5 million in pension contributions will be required through 2023. Future discretionary contributions may be made depending on changes in assumptions, the ability to utilize the contribution as a tax deduction, and requirements concerning recognizing a minimum pension liability. Adverse changes in assumptions or adverse actual events could cause additional minimum contributions. 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 the plan sponsor and Support Group is the plan administrator. Cleco’s retirees may be eligible to receive Other Benefits. Dependents of Cleco’s retirees may also be eligible to receive Other Benefits with the exception of life insurance benefits. Cleco recognizes the expected cost of Other Benefits during the periods in which the benefits are earned. The employee pension plan and other benefits plan obligation, plan assets, and funded status at December 31, 2018 , and 2017 are presented in the following table: PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2018 2017 Change in benefit obligation Benefit obligation at beginning of period $ 567,215 $ 512,785 $ 43,203 $ 44,136 Service cost 9,507 9,039 1,320 1,446 Interest cost 20,860 21,648 1,465 1,569 Plan participants’ contributions — — 1,224 1,149 Actuarial (gain) loss (42,935 ) 46,686 (1,106 ) 437 Expenses paid (2,786 ) (3,020 ) — — Benefits paid (20,925 ) (19,923 ) (5,651 ) (5,534 ) Benefit obligation at end of period 530,936 567,215 40,455 43,203 Change in plan assets Fair value of plan assets at beginning of period 444,089 403,715 — — Actual return on plan assets (28,884 ) 63,317 — — Expenses paid (2,786 ) (3,020 ) — — Adjustment 439 — — — Benefits paid (20,925 ) (19,923 ) — — Fair value of plan assets at end of period 391,933 444,089 — — Unfunded status $ (139,003 ) $ (123,126 ) $ (40,455 ) $ (43,203 ) The employee pension plan accumulated benefit obligation at December 31, 2018 , and 2017 is presented in the following table: PENSION BENEFITS AT DEC. 31, (THOUSANDS) 2018 2017 Accumulated benefit obligation $ 491,522 $ 520,612 The following table presents the net actuarial gains/losses and prior service costs/credits included in other comprehensive income for other benefits and in regulatory assets for pension related to current year gains and losses as a result of being included in net periodic benefit costs for the employee pension plan and other benefits plan for December 31, 2018 , and 2017 : PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2018 2017 Net actuarial loss (gain) occurring during period $ 9,722 $ 7,434 $ (1,106 ) $ 437 Net actuarial loss (gain) amortized during period $ 12,313 $ 10,008 $ 135 $ (50 ) Prior service (credit) cost amortized during period $ (71 ) $ (71 ) $ — $ — The following table presents net actuarial gains/losses and prior service costs/credits in accumulated other comprehensive income for other benefits and in regulatory assets for pension that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2019 for the employee pension plan and other benefits plans at December 31, 2019 , 2018 , and 2017 : PENSION BENEFITS OTHER BENEFITS AT DEC. 31, AT DEC. 31, (THOUSANDS) 2019 2018 2017 2019 2018 2017 Net actuarial loss (gain) $ 7,496 $ 140,377 $ 142,967 $ (151 ) $ 1,814 $ 2,779 Prior service credit $ (71 ) $ (131 ) $ (203 ) $ — $ — $ — The non-service components of net periodic pension and Other Benefits cost are included in Other expense within Cleco and Cleco Power’s Consolidated Statements of Income. The components of net periodic pension and other benefits costs for 2018 , 2017 , and 2016 are as follows: PENSION BENEFITS OTHER BENEFITS SUCCESSOR PREDECESSOR SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - Components of periodic benefit costs Service cost $ 9,507 $ 9,039 $ 6,909 $ 2,563 $ 1,320 $ 1,446 $ 1,112 $ 431 Interest cost 20,860 21,648 15,088 6,242 1,465 1,569 1,237 476 Expected return on plan assets (23,773 ) (24,064 ) (17,310 ) (6,812 ) — — — — Amortizations Prior service (credit) cost (71 ) (71 ) (51 ) (20 ) — — — 34 Net loss (gain) 12,312 10,008 8,138 2,798 135 (50 ) — 181 Net periodic benefit cost $ 18,835 $ 16,560 $ 12,774 $ 4,771 $ 2,920 $ 2,965 $ 2,349 $ 1,122 During the third quarter of 2016, management finalized its remeasurement of the pension plan as of April 13, 2016, associated with the 2016 Merger. On the date of the remeasurement, the discount rate decreased from 4.62% to 4.21% . Prior to the remeasurement, Cleco’s 2016 net periodic benefit cost for the pension plan was expected to be $15.9 million . Due to the remeasurement of the pension plan, Cleco’s 2016 net periodic benefit cost increased to $17.5 million . 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, 2018 , and 2017 was $2.0 million and $1.8 million , respectively. The expense of the pension plan related to Cleco’s other subsidiaries for the predecessor period January 1, 2016, through April 12, 2016, was $0.5 million . The expense of the pension plan related to Cleco’s other subsidiaries for the successor period April 13, 2016, through December 31, 2016, was $1.3 million . Cleco Holdings is the plan sponsor for the other benefit plans. There are no assets set aside in a trust and the liabilities are reported on the individual subsidiaries’ financial statements. The expense related to other benefits reflected in Cleco Power’s Consolidated Statements of Income for the years ended December 31, 2018 , 2017 , and 2016 was $3.3 million , $3.3 million , and $3.5 million , respectively. The current and non-current portions of the other benefits liability for Cleco and Cleco Power at December 31, 2018 , and 2017 are as follows: Cleco AT DEC. 31, (THOUSANDS) 2018 2017 Current $ 4,130 $ 4,061 Non-current $ 36,325 $ 39,142 Cleco Power AT DEC. 31, (THOUSANDS) 2018 2017 Current $ 3,584 $ 3,525 Non-current $ 31,694 $ 34,033 The measurement date used to determine the pension and other postretirement benefits is December 31. The assumptions used to determine the benefit obligation and the periodic costs are as follows: PENSION BENEFITS OTHER BENEFITS AT DEC. 31, AT DEC. 31, 2018 2017 2018 2017 Weighted-average assumptions used to determine the benefit obligation Discount rate 4.35 % 3.73 % 4.16 % 3.47 % Rate of compensation increase 2.93 % 2.98 % N/A N/A PENSION BENEFITS OTHER BENEFITS SUCCESSOR PREDECESSOR SUCCESSOR PREDECESSOR FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - Weighted-average assumptions used to determine the net benefit cost Discount rate 3.73 % 4.27 % 4.21 % 4.62 % 3.47 % 3.81 % 4.08 % 4.08 % Expected return on plan assets 5.86 % 6.08 % 6.21 % 6.21 % N/A N/A N/A N/A Rate of compensation increase 2.93 % 2.98 % 3.03 % 3.03 % N/A 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 2019 periodic expense, Cleco increased the expected long-term return on plan assets to 6.55% . Cleco expects pension expense to decrease in 2019 by approximately $7.2 million due to an increase in the discount rate and an increase in expected return on plan assets. Employee pension plan assets are invested in accordance with the Pension Plan’s Investment Policy Statement. At December 31, 2018 , allowable investments included U.S. Equity Portfolios, International Equity - Developed Markets Portfolios, Emerging Markets Equity Portfolios, Multi-Asset Credits, Treasury Separate Trading of Registered Interest and Principal of Securities (STRIPS), Fixed Income Portfolios, Fixed Income Portfolios - Long Credit, and Real Estate Portfolios. Real estate funds and the pooled separate accounts are stated at estimated market value based on appraisal reports prepared annually by independent real estate appraisers (members of the American Institute of Real Estate Appraisers). The estimated market value of recently acquired properties is assumed to approximate cost. Fair Value Disclosures Cleco classifies assets and liabilities measured at their fair value according to three different levels, depending on the inputs used in determining fair value. • Level 1 – unadjusted quoted prices in active, liquid markets for the identical asset or liability, • Level 2 – quoted prices for similar assets and liabilities in active markets or other inputs that are observable for the asset or liability, including inputs that can be corroborated by observable market data, observable interest rate yield curves and volatilities, and • Level 3 – unobservable inputs based upon the entities’ own assumptions. There have been no changes in the methodologies for determining fair value at December 31, 2018 , and 2017 . The following tables disclose the pension plan’s fair value of financial assets measured on a recurring basis: (THOUSANDS) AT DEC. 31, 2018 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) Asset Description Cash equivalents $ 2,471 $ — $ 2,471 $ — Common stock 13,111 13,111 — — Obligations of Government, Government Agencies, and state and local governments 19,831 — 19,831 — Mutual funds Domestic 79,210 79,210 — — International 43,418 43,418 — — Real estate funds 20,298 — — 20,298 Corporate debt 138,391 — 138,391 — Total $ 316,730 $ 135,739 $ 160,693 $ 20,298 Investments measured at net asset value* 73,100 Interest accrual 2,103 Total net assets $ 391,933 *Investments measured at net asset value consist of Common/collective trust. (THOUSANDS) AT DEC. 31, 2017 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) Asset Description Cash equivalents $ 4,825 $ — $ 4,825 $ — Common stock 17,655 17,655 — — Obligations of Government, Government Agencies, and state and local governments 50,852 — 50,852 — Mutual funds Domestic 58,617 58,617 — — International 36,970 36,970 — — Real estate funds 19,195 — — 19,195 Corporate debt 204,835 — 204,835 — Total $ 392,949 $ 113,242 $ 260,512 $ 19,195 Investments measured at net asset value* 48,103 Interest accrual 3,037 Total net assets $ 444,089 *Investments measured at net asset value consist of Common/collective trust. Level 3 valuations are derived from other valuation methodologies including pricing models, discounted cash flow models, and similar techniques. Level 3 valuations incorporate subjective judgments and consider assumptions including capitalization rates, discount rates, cash flows, and other factors that are not observable in the market. Significant increases or decreases in any of those inputs in isolation would result in a significantly different fair value measurement. The following is a reconciliation of the beginning and ending balances of the pension plan’s real estate funds measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2018 , and 2017 : (THOUSANDS) Balance, Dec. 31, 2016 $ 18,668 Realized losses (2,365 ) Unrealized gains 2,674 Purchases 649 Sales (431 ) Balance, Dec. 31, 2017 $ 19,195 Realized gains 29 Unrealized gains 391 Purchases 710 Sales (27 ) Balance, Dec. 31, 2018 $ 20,298 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 2018 , the return on plan assets was (7.31)% compared to an expected long-term return of 5.86% . The 2017 return on pension plan assets was 16.32% compared to an expected long-term return of 6.08% . As of December 31, 2018 , none of the pension plan participants’ future annual benefits are covered by insurance contracts. Pension Plan Investment Objectives Cleco’s retirement committee has established investment performance objectives of the pension plan assets. Over a three- to five-year period, the objectives are for the pension plan’s annualized total return to: • Exceed the (FAS) actuarial assumed rate of return on plan assets, and • Exceed the annualized total return of the following customized index (based on the target allocation in the glide path) consisting of a mixture of S&P 500 Index, Russell 2500 Index, Morgan Stanley Capital International All Country World ex U.S. Index, Morgan Stanley Capital International Emerging Markets Index, Customer Index related to Multi-Asset Credit asset class, Bloomberg Barclays Capital Long Credit Index, Bloomberg Barclays 15+ Year Treasury Separate Trading of Registered Interest and Principal of Securities (STRIPS), and National Council of Real Estate Investment Fiduciaries Index. Risk characteristics of the portfolio (annualized standard deviation of returns) should be similar to or less than the custom index. In order to meet the objectives and to control risk, the retirement committee has established the following guidelines that the investment managers must follow: U.S. Domestic Equity Portfolios • Equity holdings of a single company (including common stock and convertible securities) must not exceed 10% of the manager’s portfolio measured at market value. • A minimum of 25 stocks should be owned in the portfolio. • Equity holdings in 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 U.S. dollars are limited to 10%. Securities denominated in currencies other than U.S. dollars are not permitted. • The purchase of securities on margin and short sales is prohibited. International Equity - Developed Markets Portfolio • Equity holdings of a single company (including common stock and convertible securities) should not exceed 5% of the manager’s portfolio measured at market value. • A minimum of 30 stocks should be owned. • Equity holdings in a single sector should not exceed 35%. • A minimum of 50% of the countries within the Morgan Stanley Capital International All Country World ex U.S. Index should be represented within the portfolio. The allocation to an individual country should not exceed the lesser of 30% or 5 times the country’s weighting within the Morgan Stanley Capital International All Country World ex U.S. Index. • Currency hedging decisions are at the discretion of the investment manager. Emerging Markets Portfolio • 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. Multi-Asset Credit • Assets can include, but would not be limited to, high yield debt, emerging market debt, global investment grade credit and bank loans, as well as fixed income strategies. • Currency hedging decisions are the discretion of the investment manager. Treasury STRIPS • The STRIPS are synthetic zero-coupon bonds that are created by separating each coupon and principal payment of a treasury bond into a separate security. STRIPS take the form of a zero-coupon bond which is sold at a discount to face value and mature at par. They are backed by US Treasury securities. • Implementation of the portfolio is either through Treasury Futures or purchase of Treasury STRIPS through an investment manager. • The benchmark would be Bloomberg Barclays 15+ Year Treasury STRIPS. Fixed Income Portfolio - Long Credit • Permitted assets include U.S. 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 U.S. 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. • Treasury STRIPS managers will have the discretion to utilize U.S. treasury futures and STRIPS as needed to adjust the portfolio duration. Real Estate Portfolios • Real estate funds should be invested primarily in direct equity positions, with debt and other investments representing less than 25% of the fund. • Leverage should be no more than 70% of the market value of the fund. • Investments should be focused on existing income-producing properties, with land and development properties representing less than 40% of the fund. The use of futures and options positions which leverage portfolio positions through borrowing, short sales, or other encumbrances of the Plan’s assets is prohibited. The Long Duration fixed income managers and Treasury STRIPS manger(s) are exempt from the prohibition on derivatives use, due to the nature of long duration fixed income management. Currency hedging is permitted for international investing. The investment manager of affiliated securities shall not purchase any securities of its organization or affiliated entities. The following chart shows the dynamic asset allocation based on the funded ratio at December 31, 2018 : PERCENT OF TOTAL PLAN ASSETS AT DEC. 31, 2018 MINIMUM TARGET MAXIMUM Return-seeking Domestic equity 20 % International equity 20 % Multi-asset credit 6 % Real estate 4 % Total return-seeking 45 % 50 % 55 % Liability hedging* 45 % 50 % 55 % *Liability hedging has no target subcategories. The assumed health care cost trend rates used to measure the expected cost of other benefits is 5.0% for 2019 and remains at 5.0% thereafter. The rate used for 2018 was also 5.0% . Assumed health care cost trend rates have a limited effect on the amount reported for Cleco’s 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 $ 13 $ (15 ) Effect on postretirement benefit obligation $ 194 $ (215 ) The projected benefit payments for the employee pension plan and other benefits obligation plan for each year through 2023 and the next five years thereafter are listed in the following table: (THOUSANDS) PENSION BENEFITS OTHER BENEFITS, GROSS For the year ending Dec. 31, 2019 $ 22,868 $ 4,215 2020 $ 24,042 $ 4,071 2021 $ 25,180 $ 3,936 2022 $ 26,373 $ 3,856 2023 $ 27,512 $ 3,716 Next five years $ 154,047 $ 16,615 SERP Certain Cleco officers are covered by SERP. In 2014, SERP was closed to new participants; however, with regard to current SERP participants, including former employees or their beneficiaries, all terms of SERP will continue, other than as described below. SERP is a non-qualified, non-contributory, defined benefit pension plan. Generally, benefits under the plan reflect an employee’s years of service, age at retirement, and the sum of (a) the highest base salary paid out over the last five calendar years and (b) the average of the five highest cash bonuses paid during the 60 months prior to retirement. SERP benefits are reduced by retirement 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 amount the employee would have received under the terms of the original 401(k) Plan. In accordance with the SERP plan document and the Merger Agreement, four executive officers received enhanced benefits, and upon termination of employment, two of these executive officers received accelerated vesting. Another executive officer received enhanced SERP benefits, net of other postretirement benefits, as part of a separation agreement. Two executive officers’ SERP benefits were capped as of December 31, 2017, with regard to final compensation; however, adjustments will continue with regard to age and tenure with Cleco. Additionally, these executive officers had their annual bonuses set at target rather than actual awards for years 2016 and 2017 for the average incentive award portion of their SERP benefit calculation. A third executive officer’s SERP benefit amount will be set at a specified amount based upon the year of separation. Management reviews current market trends as it evaluates Cleco’s future compensation strategy. Cleco does not fund the SERP liability, but instead pays for current benefits out of the general funds available. Cleco Power has formed a rabbi trust. The life insurance policies issued on SERP participants designate the rabbi trust as the beneficiary. Market conditions could have a significant impact on the cash surrender value of the life insurance policies. Proceeds from the life insurance policies are expected to be used to pay the SERP participants’ death benefits, as well as future SERP payments. However, because SERP is a non-qualified plan, the assets of the trust could be used to satisfy general creditors of Cleco Power in the event of insolvency. All SERP benefits are paid out of the general cash available of the respective companies that employed the officer. Cleco Power is the plan sponsor and Support Group is the plan administrator. SERP’s funded status at December 31, 2018 , and 2017 is presented in the following table: SERP BENEFITS FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 Change in benefit obligation Benefit obligation at beginning of period $ 84,339 $ 78,045 Service cost 542 494 Interest cost 3,077 3,239 Actuarial (gain) loss (5,163 ) 6,442 Benefits paid (4,381 ) (4,376 ) Plan amendments — 180 Special/contractual termination benefits — 315 Benefit obligation at end of period $ 78,414 $ 84,339 SERP’s accumulated benefit obligation at December 31, 2018 , and 2017 is presented in the following table: SERP BENEFITS AT DEC. 31, (THOUSANDS) 2018 2017 Accumulated benefit obligation $ 78,414 $ 84,339 The following table presents net actuarial gains/losses and prior service costs/credits included in other comprehensive income or regulatory assets related to current year gains and losses as a result of being amortized as a component of net periodic benefit costs for SERP for December 31, 2018 , and 2017 : SERP BENEFITS FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 Net actuarial (gain) loss occurring during year $ (5,163 ) $ 6,622 Net actuarial loss amortized during year $ 2,913 $ 2,105 Prior service credit amortized during year $ (160 ) $ (190 ) The following table presents net actuarial losses and prior service credit in accumulated other comprehensive income and regulatory assets that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2019 for SERP at December 31, 2019 , 2018 , and 2017 : SERP BENEFITS AT DEC. 31, (THOUSANDS) 2019 2018 2017 Net actuarial loss $ 1,729 $ 17,261 $ 25,336 Prior service credit $ (160 ) $ (1,837 ) $ (1,997 ) The non-service components of net periodic benefit cost related to SERP are included in Other expense within Cleco and Cleco Power’s Consolidated Statements of Income. The components of the net SERP costs for 2018 , 2017 , and 2016 are as follows: SERP BENEFITS SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - Components of periodic benefit costs Service cost $ 542 $ 494 $ 571 $ 702 Interest cost 3,077 3,239 2,275 900 Amortizations Prior service (credit) cost (160 ) (190 ) (50 ) 17 Net loss 2,913 2,105 1,651 574 Net periodic benefit cost 6,372 5,648 4,447 2,193 Curtailment charge — — — 3,602 Special/contractual termination benefits — 315 — 3,222 Total benefit cost $ 6,372 $ 5,963 $ 4,447 $ 9,017 There was a remeasurement of SERP at April 13, 2016, to reflect change in control benefits as a result of the 2016 Merger. On the date of the remeasurement, the discount rate decreased from 4.60% to 4.15% . This remeasurement resulted in a $3.6 million curtailment charge and $3.2 million of special/contractual termination benefits. The curtailments and special/contractual termination benefits are included in 2016 Merger transaction and commitment costs on Cleco’s Consolidated Statements of Income. There was an additional remeasurement of SERP at August 31, 2016, to reflect changes to the plan relating to three executive officers’ SERP benefits being capped as of December 31, 2017, with regard to final compensation. On the date of the remeasurement, the discount rate decreased from 4.15% to 3.47% . There was a remeasurement of SERP at March 30, 2017, to reflect a special termination benefit resulting from an executive officer’s separation agreement. On the date of the remeasurement, the discount rate decreased from 4.22% to 4.08% . This remeasurement resulted in a special termination benefit for the executive officer of $0.3 million . The measurement date used to determine the SERP benefits is December 31. The assumptions used to determine the benefit obligation and the periodic costs are as follows: SERP BENEFITS AT DEC. 31, 2018 2017 Weighted-average assumptions used to determine the benefit obligation Discount rate 4.34 % 3.70 % Rate of compensation increase 5.00 % 5.00 % SERP BENEFITS SUCCESSOR PREDECESSOR JAN. 1, 2018 - DEC. 31, 2018 MAR. 31, 2017 - DEC. 31, 2017 JAN. 1, 2017 - MAR. 30, 2017 SEPT. 1, 2016 - DEC. 31, 2016 APR. 13, 2016 - AUG. 31, 2016 JAN. 1, 2016 - Weighted-average assumptions used to determine the net benefit cost Discount rate 3.70 % 4.08 % 4.22 % 3.47 % 4.15 % 4.60 % Rate of compensation increase 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % The expense related to SERP reflected on Cleco Power’s Consolidated Statements of Income for the years ended December 31, 2018 , 2017 , and 2016 was $1.4 million , $1.3 million , and $1.4 million , respectively. Liabilities relating to SERP are reported on the individual subsidiaries’ financial statements. The current and non-current portions of the SERP liability for Cleco and Cleco Power at December 31, 2018 , and 2017 are as follows: Cleco AT DEC. 31, (THOUSANDS) 2018 2017 Current $ 4,478 $ 4,471 Non-current $ 73,936 $ 79,868 Cleco Power AT DEC. 31, (THOUSANDS) 2018 2017 Current $ 930 $ 929 Non-current $ 12,025 $ 16,589 The projected benefit payments for SERP for each year through 2023 and the next five years thereafter are shown in the following table: (THOUSANDS) 2019 2020 2021 2022 2023 NEXT FIVE YEARS SERP $ 4,574 $ 4,670 $ 4,755 $ 4,754 $ 4,755 $ 24,717 401(k) Cleco’s 401(k) Plan is intended to provide active, eligible employees with voluntary, long-term savings and investment opportunities. The 401(k) Plan is a defined contribution plan and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974. In accordance with the 401(k) Plan, employer contributions are made in the form of cash. Cash contributions are invested in proportion to the participant’s voluntary contribution investment choices. Participation in the Plan is voluntary and active Cleco employees are eligible to participate. Cleco’s 401(k) Plan expense for the years ended December 31, 2018 , 2017 , and 2016 was as follows: SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - 401(k) Plan expense $ 5,884 $ 5,386 $ 3,554 $ 1,593 Cleco Power is the plan sponsor for the 401(k) Plan. The expense of the 401(k) Plan related to Cleco’s other subsidiaries for the years ended December 31, 2018 , 2017 , and 2016 was as follows: SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - 401(k) Plan expense $ 1,066 $ 888 $ 554 $ 319 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11 — Income Taxes Cleco For the year ended December 31, 2018 and for the predecessor period January 1, 2016, through April 12, 2016, income tax expense was higher than the amount computed by applying the statutory federal rate. For the year ended December 31, 2017 , and for the successor period April 13, 2016, through December 31, 2016, income tax expense was lower than the amount computed by applying the statutory federal rate. The differences are as follows: SUCCESSOR PREDECESSOR (THOUSANDS, EXCEPT PERCENTAGES) FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - Income (loss) before tax $ 123,819 $ 145,159 $ (46,935 ) $ (492 ) Statutory rate 21.0 % 35.0 % 35.0 % 35.0 % Tax expense (benefit) at federal statutory rate $ 26,002 $ 50,806 $ (16,427 ) $ (172 ) Increase (decrease) Plant differences, including AFUDC flowthrough (401 ) 743 (881 ) 823 Amortization of investment tax credits (236 ) (662 ) (371 ) (124 ) State income taxes, net of federal benefit 6,288 5,047 1,844 (3,078 ) Nondeductible merger costs — 2 (844 ) 4,282 Return to accrual adjustment (193 ) (608 ) (2,943 ) — TCJA (19 ) (46,291 ) — — NMTC (1,578 ) 313 (181 ) (158 ) Other (481 ) (2,271 ) (3,019 ) 1,895 Total tax expense (benefit) $ 29,382 $ 7,079 $ (22,822 ) $ 3,468 Effective rate 23.7 % 4.9 % 48.6 % (704.9 )% Information about current and deferred income tax expense is as follows: SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENBDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - Current federal income tax expense (benefit) $ 15,304 $ 46,520 $ (1,062 ) $ 1,373 Deferred federal income tax expense (benefit) 5,863 (47,329 ) (16,715 ) 5,297 Amortization of accumulated deferred investment tax credits (236 ) (662 ) (371 ) (124 ) Total federal income tax expense (benefit) $ 20,931 $ (1,471 ) $ (18,148 ) $ 6,546 Current state income tax expense (benefit) 7,771 3,187 (337 ) — Deferred state income tax expense (benefit) 680 5,363 (4,337 ) (3,078 ) Total state income tax expense (benefit) $ 8,451 $ 8,550 $ (4,674 ) $ (3,078 ) Total federal and state income tax expense (benefit) $ 29,382 $ 7,079 $ (22,822 ) $ 3,468 Items charged or credited directly to member’s/shareholders’ equity Federal deferred 1,408 (2,380 ) 808 348 State deferred 460 (384 ) 130 56 Total tax expense (benefit) from items charged directly to member’s/shareholders’ equity $ 1,868 $ (2,764 ) $ 938 $ 404 Total federal and state income tax expense (benefit) $ 31,250 $ 4,315 $ (21,884 ) $ 3,872 The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2018 , and 2017 was comprised of the following: AT DEC. 31, (THOUSANDS) 2018 2017 Depreciation and property basis differences $ (664,996 ) $ (596,824 ) Net operating loss carryforward — 12,873 NMTC 86,673 96,917 Fuel costs (8,339 ) (3,283 ) Other comprehensive income 640 (490 ) Regulated operations regulatory liability, net 39,808 (54,471 ) Postretirement benefits 19,580 23,642 Merger fair value adjustments (56,725 ) (58,251 ) Other (24,671 ) (34,925 ) Accumulated deferred federal and state income taxes, net $ (608,030 ) $ (614,812 ) Valuation Allowance Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. As of December 31, 2018 , and 2017 , Cleco had a deferred tax asset resulting from NMTC carryforwards of $86.9 million and $97.5 million , respectively. If the NMTC carryforwards are not utilized, they will begin to expire in 2029 . Management considers it more likely than not that all deferred tax assets related to NMTC carryforwards will be realized; therefore, no valuation allowance has been recorded. Net Operating Losses As of December 31, 2018 , Cleco had no federal net operating loss carryforward and no state net operating loss carryforward. Cleco Power For the year ended December 31, 2018, income tax expense was higher than the amount computed by applying the statutory rate. For the years ended December 31, 2017 and 2016, 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 PERCENTAGES) 2018 2017 2016 Income before tax $ 218,181 $ 218,069 $ 57,497 Statutory rate 21.0 % 35.0 % 35.0 % Tax expense at federal statutory rate $ 45,818 $ 76,324 $ 20,124 Increase (decrease) Plant differences, including AFUDC flowthrough (401 ) 743 (58 ) Amortization of investment tax credits (236 ) (662 ) (494 ) State income taxes, net of federal benefit 11,080 7,583 1,999 Return to accrual adjustment 483 (284 ) (2,646 ) TCJA (19 ) (14,292 ) — Other (801 ) (2,081 ) (556 ) Total taxes $ 55,924 $ 67,331 $ 18,369 Effective rate 25.6 % 30.9 % 31.9 % Information about current and deferred income tax expense is as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2016 Current federal income tax expense (benefit) $ 44,411 $ 87,433 $ (1,211 ) Deferred federal income tax (benefit) expense (9,033 ) (29,190 ) 22,647 Amortization of accumulated deferred investment tax credits (236 ) (662 ) (494 ) Total federal income tax expense $ 35,142 $ 57,581 $ 20,942 Current state income tax expense (benefit) 23,293 14,751 (418 ) Deferred state income tax benefit (2,511 ) (5,001 ) (2,155 ) Total state income tax expense (benefit) $ 20,782 $ 9,750 $ (2,573 ) Total federal and state income taxes $ 55,924 $ 67,331 $ 18,369 Items charged or credited directly to members’ equity Federal deferred 797 (141 ) 1,976 State deferred 261 (23 ) 319 Total tax expense (benefit) from items charged directly to member’s equity $ 1,058 $ (164 ) $ 2,295 Total federal and state income tax expense $ 56,982 $ 67,167 $ 20,664 The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2018 , and 2017 was comprised of the following: AT DEC. 31, (THOUSANDS) 2018 2017 Depreciation and property basis differences $ (666,224 ) $ (597,838 ) Net operating loss carryforward — 470 Fuel costs (8,339 ) (3,282 ) Other comprehensive income 4,192 5,250 Regulated operations regulatory liability, net 39,808 (54,471 ) Postretirement benefits 11,081 6,266 Other (11,283 ) (12,757 ) Accumulated deferred federal and state income taxes, net $ (630,765 ) $ (656,362 ) 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. Uncertain Tax Positions Cleco classifies all interest related to uncertain tax positions as a component of interest payable and interest expense. At December 31, 2018, and 2017, Cleco and Cleco Power had no interest payable related to uncertain tax positions. For the years ended December 31, 2018, 2017, and 2016, Cleco and Cleco Power had no interest expense related to uncertain tax positions. At December 31, 2018, and 2017, Cleco and Cleco Power had no liability for unrecognized tax positions. Cleco and Cleco Power estimate that it is reasonably possible that there will be no liability for unrecognized tax positions in the next 12 months. The settlement of open tax years could involve the payment of additional taxes, and/or the recognition of tax benefits, which may have an effect on Cleco’s effective income tax rate. The federal income tax years that remain subject to examination by the IRS are 2015, 2016, and 2017. Beginning with the 2013 tax year, 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 federal tax return is filed each year. Cleco must apply for admission to the program each year. Cleco has been approved for the Compliance Assurance Process through the 2019 tax year. The state income tax years that remain subject to examination by the Louisiana Department of Revenue are 2015, 2016, and 2017. Cleco classifies income tax penalties as a component of other expenses. For the years ended December 31, 2018 , 2017 , and 2016 , no penalties were recognized. TCJA On December 22, 2017, the President signed into law the TCJA. The TCJA includes significant changes to the IRC, as amended, including amendments which significantly change the taxation of business entities and includes specific provisions related to rate regulated activities, including Cleco Power. The most significant change that impacts Cleco is the reduction of the corporate federal income tax rate from 35% to 21%. The SEC Staff recognized the complexity of reflecting the impacts of the TCJA and issued guidance which clarified accounting for income taxes and allowed for up to one year to complete the required analysis and accounting (the measurement period). During the fourth quarter of 2018, Cleco finalized the remeasurement of and accounting for the effects of the TCJA. For the year ended December 31, 2017, the Registrants recorded provisional estimates for the effects of the TCJA that decreased deferred income tax expense for Cleco and Cleco Power by $46.3 million and $14.3 million , respectively. At December 31, 2017, the provisional impacts of the TCJA decreased the ADIT liability for Cleco and Cleco Power by $394.9 million and $362.9 million , respectively. During the fourth quarter of 2018, Cleco and Cleco Power increased the ADIT liability by $26.4 million for the final remeasurement. For more information on the regulatory treatment, see Note 13 — “Regulation and Rates — TCJA.” Additionally, as a result of the TCJA, effective for tax years beginning after December 31, 2017, corporations are no longer subject to the alternative minimum tax (AMT). For companies with unused AMT credits, the credits may be carried forward and used as refundable credits for tax years beginning after 2017, but before 2022. Cleco expects its unused AMT credits will be fully utilized by December 31, 2021. During 2018, Cleco’s $7.6 million of unused tax credits were reclassed from Accumulated deferred federal and state income taxes, net to Taxes payable, net and Other deferred charges on Cleco’s Consolidated Balance Sheet. Of this amount, the $3.8 million of AMT credits expected to be utilized in 2019 were reported in Taxes payable, net on Cleco’s Consolidated Balance Sheet, and the remaining $3.8 million are classified as Other deferred charges on Cleco’s Consolidated Balance Sheet. |
Disclosures about Segments
Disclosures about Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Disclosures about Segments | Note 12 — Disclosures about Segments Cleco Cleco’s reportable segment is based on its method of internal reporting, which disaggregates business units by its first-tier subsidiary. Cleco Power, the reportable segment, engages in business activities from which it earns revenue and incurs expenses. Segment managers report periodically to Cleco’s CEO with discrete financial information and, at least quarterly, present discrete financial information to Cleco and Cleco Power’s Boards of Managers. The reportable segment prepares budgets that are presented to and approved by Cleco and Cleco Power’s Boards of Managers. The column shown as Other in the chart below includes the holding company, a shared services subsidiary, two transmission interconnection facility subsidiaries, an investment subsidiary, and a subsidiary formed to facilitate the Cleco Cajun Transaction. On December 29, 2017, Cleco sold the transmission assets owned by Attala and Perryville, the two subsidiaries that owned and operated the transmission interconnection facilities. After December 29, 2017, the remaining operations of Attala and Perryville were minimal. On February 4, 2019, the Cleco Cajun Transaction was closed. For the Registrants’ Combined Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, Cleco Cajun is expected to become a new reportable segment. For more information on the transaction, see Note 21 — “Cleco Cajun Transaction”. The financial results of Cleco’s segment 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. These intercompany transactions relate primarily to joint and common administrative support services. SEGMENT INFORMATION SUCCESSOR FOR THE YEAR ENDED DEC. 31, 2018 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,191,587 $ (9,680 ) $ — $ 1,181,907 Other operations 82,330 2 — 82,332 Affiliate revenue 874 74,591 (75,465 ) — Electric customer credits (33,195 ) — — (33,195 ) Operating revenue, net $ 1,241,596 $ 64,913 $ (75,465 ) $ 1,231,044 Depreciation and amortization $ 162,069 $ 8,344 $ 1 $ 170,414 Merger transaction and commitment costs $ — $ 19,514 $ — $ 19,514 Interest income $ 5,052 $ 1,338 $ (317 ) $ 6,073 Interest charges $ 71,303 $ 55,659 $ (320 ) $ 126,642 Federal and state income tax expense (benefit) $ 55,924 $ (26,541 ) $ (1 ) $ 29,382 Net income (loss) $ 162,257 $ (67,819 ) $ (1 ) $ 94,437 Additions to property, plant, and equipment $ 289,153 $ 1,908 $ — $ 291,061 Equity investment in investee $ 18,172 $ — $ — $ 18,172 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 5,839,853 $ 633,756 $ (36,795 ) $ 6,436,814 SUCCESSOR (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,108,389 $ (10,757 ) $ — $ 1,097,632 Other operations 77,522 2,058 — 79,580 Affiliate revenue 851 57,168 (58,019 ) — Electric customer credits (1,566 ) — — (1,566 ) Operating revenue, net $ 1,185,196 $ 48,469 $ (58,019 ) $ 1,175,646 Depreciation and amortization $ 158,415 $ 8,439 $ — $ 166,854 Merger transaction and commitment costs $ — $ 5,445 $ (293 ) $ 5,152 Interest income $ 1,283 $ 316 $ (175 ) $ 1,424 Interest charges $ 69,362 $ 53,725 $ (174 ) $ 122,913 Federal and state income tax expense (benefit) $ 67,331 $ (60,252 ) $ — $ 7,079 Net income (loss) $ 150,738 $ (12,659 ) $ 1 $ 138,080 Additions to property, plant, and equipment $ 235,252 $ 1,680 $ — $ 236,932 Equity investment in investee $ 18,172 $ — $ — $ 18,172 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 5,679,538 $ 619,943 $ (21,099 ) $ 6,278,382 SUCCESSOR PREDECESSOR (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL CLECO POWER OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 810,075 $ (7,482 ) $ (1 ) $ 802,592 $ 281,154 $ — $ — $ 281,154 Other operations 50,080 1,482 — 51,562 18,493 587 — 19,080 Affiliate revenue 621 35,602 (36,223 ) — 263 15,024 (15,287 ) — Electric customer credits (1,149 ) — — (1,149 ) (364 ) — — (364 ) Operating revenue, net $ 859,627 $ 29,602 $ (36,224 ) $ 853,005 $ 299,546 $ 15,611 $ (15,287 ) $ 299,870 Depreciation and amortization $ 109,695 $ 7,296 $ (1 ) $ 116,990 $ 43,698 $ 377 $ 1 $ 44,076 Merger transaction and commitment costs $ 151,501 $ 23,285 $ — $ 174,786 $ — $ 34,928 $ (16 ) $ 34,912 Interest income $ 652 $ 275 $ (87 ) $ 840 $ 208 $ 69 $ (12 ) $ 265 Interest charges $ 54,606 $ 35,246 $ (86 ) $ 89,766 $ 21,840 $ 295 $ (12 ) $ 22,123 Federal and state income tax expense (benefit) $ 5,376 $ (28,198 ) $ — $ (22,822 ) $ 12,993 $ (9,525 ) $ — $ 3,468 Net income (loss) $ 17,580 $ (41,692 ) $ (1 ) $ (24,113 ) $ 21,548 $ (25,508 ) $ — $ (3,960 ) Additions to property, plant, and equipment $ 143,790 $ 654 $ — $ 144,444 $ 42,353 $ 39 $ — $ 42,392 Equity investment in investee $ 18,672 $ — $ — $ 18,672 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 5,758,245 $ 614,959 $ (30,060 ) $ 6,343,144 Cleco Power Cleco Power is a vertically integrated, regulated electric utility operating within Louisiana and Mississippi and is viewed as one unit by management. Discrete financial reports are prepared only at the company level. |
Regulation and Rates
Regulation and Rates | 12 Months Ended |
Dec. 31, 2018 | |
Regulated Operations [Abstract] | |
Regulation and Rates | Note 13 — Regulation and Rates At December 31, 2018, Provision for rate refund on Cleco and Cleco Power’s Consolidated Balance Sheets consisted primarily of $31.6 million for the estimated refund for the tax-related benefits from the TCJA, $1.9 million for potential reductions to the transmission ROE, and $1.8 million for the cost of service savings refunds. Transmission ROE Two complaints were filed with FERC seeking to reduce the ROE component of the transmission rates that MISO transmission owners, including Cleco, may collect under the MISO tariff. As of December 31, 2018 , Cleco Power had $1.9 million accrued for potential reductions to the ROE. For more information on the ROE complaint, see Note 16 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Litigation — Transmission ROE.” FRP Cleco Power’s annual retail earnings are subject to an FRP that was approved by the LPSC in June 2014. Under the terms of the FRP, Cleco Power is allowed to earn a target ROE of 10.0% , while providing the opportunity to earn up to 10.9% . Additionally, 60% of retail earnings between 10.9% and 11.75% , and all retail earnings over 11.75% are required to be refunded to customers. The amount of credits due to customers, if any, is determined by Cleco Power and the LPSC annually. Credits are typically included on customers’ bills the following summer, but the amount and timing of the refunds are ultimately subject to LPSC approval. Cleco Power will file an application with the LPSC for a new FRP by July 1, 2019, with anticipated new rates being effective July 1, 2020. Cleco Power must file annual monitoring reports no later than October 31 for the 12-month period ending June 30. On October 31, 2017, Cleco Power filed its monitoring report for the 12-month period ended June 30, 2017, which indicated that no refund was due as a result of the FRP, and $1.2 million was due as a result of the cost of service savings from the 2016 Merger Commitments. Cleco Power expects the LPSC to approve the 2017 FRP monitoring report in the first half of 2019. The $1.2 million cost of service savings from the 2016 Merger Commitments were refunded in September 2018. On October 31, 2018, Cleco Power filed its monitoring report for the 12-month period ended June 30, 2018, which indicated that no refund was due as a result of the FRP and $1.2 million of cost of service savings refunds are due to be returned to eligible customers. On December 21, 2018, Cleco Power responded to the first set of data requests for the 2018 monitoring report. At December 31, 2018, Cleco Power had $1.8 million accrued for the cost of service savings refund. TCJA On February 21, 2018, the LPSC directed utilities, including Cleco Power, to provide considerations of the appropriate manner to flowthrough to ratepayers the benefits of the reduction in corporate income taxes as a result of the TCJA. As a result of the tax rate reduction, Cleco Power began accruing an estimated reserve on January 1, 2018. At December 31, 2018, Cleco Power had $31.6 million accrued for the estimated tax-related benefits from the TCJA. On October 26, 2018, the LPSC Staff approved a final rule that would require utilities to adjust formula rates the earlier of January 31, 2019, or the next date required for implementation of compliance rate changes under the normal operation of the FRP. Cleco Power filed its report with the LPSC on December 3, 2018, describing its methodology for TCJA refunds and related items, including the allocation of such refunds among jurisdictional customers. On January 31, 2019, Cleco Power filed an application with the LPSC requesting the implementation of rate reductions and modifications of certain tariffs resulting from TCJA to be effective July 1, 2019. Cleco Power also requested to reduce the annual FRP rate, effective July 1, 2019, by the amount accrued for the change in tax rates at June 30, 2019. Cleco Power recommended a rate redesign, allowing the change in the statutory corporate tax rate to be applied only to residential customers in order to reduce customer bills. Cleco Power also requested to address the regulatory liability for excess ADIT resulting from the enactment of the TCJA in Cleco Power’s application for its next FRP, which will be filed by July 1, 2019, with anticipated new rates being effective July 1, 2020. All items requested in the January 31, 2019, application are subject to LPSC review and approval. 2016 Merger Commitments On March 28, 2016, the LPSC approved the 2016 Merger. The LPSC’s written order approving the 2016 Merger was issued on April 7, 2016. Approval of the 2016 Merger was conditioned upon certain commitments, including $136.0 million of customer rate credits. On April 28, 2016, the LPSC voted to issue credits equally to eligible customers with service as of June 30, 2016, beginning in July 2016. As of December 31, 2018 , Cleco Power had issued $135.1 million of customer rate credits. Also included in the 2016 Merger Commitments were $2.5 million of contributions for economic development for Louisiana state and local organizations to be disbursed over five years , an additional $7.0 million one-time contribution in 2016 for economic development in Cleco Power’s service territory to be administered by the LED, and $6.0 million of charitable contributions to be disbursed over five years. In addition, the 2016 Merger Commitments included $1.2 million of annual estimated cost of service savings expected as a result of the 2016 Merger. The cost of service savings are not subject to the target ROE or any sharing mechanism in the current FRP and will continue until Cleco Power’s anticipated new rates begin on July 1, 2020. The cost of service savings are included in the annual monitoring reports and are refunded to customers annually. A report on the status of the 2016 Merger Commitments must be filed annually by October 31 for the 12-month period ended June 30. On October 31, 2018, Cleco Power filed the annual 2016 Merger Commitment status report for the period ended June 30, 2018. For more information on the cost of service savings, see “— FRP.” SSR In September 2016, Cleco Power filed an Attachment Y with MISO requesting retirement of Teche Unit 3 effective April 1, 2017. MISO conducted a study which determined the proposed retirement of Teche Unit 3 would result in violations of specific applicable reliability standards for which no mitigation is available. As a result, MISO designated Teche Unit 3 as an SSR unit until such time that an appropriate alternative solution can be implemented to mitigate reliability issues. One mitigating factor that has been identified is Cleco Power’s Terrebonne to Bayou Vista Transmission project. The Terrebonne to Bayou Vista project is expected to be completed in the second quarter of 2019. Cleco Power has operated Teche Unit 3 as an SSR unit since April 2017. The first SSR agreement was for the period April 2017 to March 2018, and the second SSR agreement is for the period April 2018 until March 2019; and in January 2019, MISO approved the SSR designation for the third SSR period April 2019, until the sooner of the in-service date of the Terrebonne to Bayou Vista Transmission project or July 2019. In the second quarter of 2017, Cleco Power began receiving the monthly SSR payments from MISO, subject to refund, and MISO began allocating SSR costs to the load serving entities that require the operation of the SSR unit for reliability purposes, including Cleco Power. The SSR payments include recovering operations and maintenance expenses, administrative and general expenses, taxes, depreciation, capital expenditures, and carrying charges, all of which are related to Teche Unit 3 for the period of the SSR agreements. If Teche Unit 3 is not retired, at the end of the final SSR Cleco Power must refund any SSR payments received from MISO for capital expenditures paid by third parties. Cleco Power filed with FERC for its approval to collect $20.3 million and $11.8 million annually in SSR payments from MISO for the first and second SSR agreements, respectively. On December 31, 2018, FERC issued an Order certifying the settlement of Cleco Power’s first two SSR agreements. The MISO settlement included a reduction to the expenses and capital Cleco Power was allowed to recover. For the year ended December 31, 2018, Cleco Power recorded a $1.6 million decrease in Other operations revenue for expected refunds to MISO for a reduction in SSR payments related to the operating costs and a $0.9 million decrease in Power purchased for utility customers for Cleco Power’s portion of allocated SSR operating costs. At the end of the third SSR agreement, Cleco Power expects Teche Unit 3 to be available to run until the estimated 2021 in-service date of Bayou Vista to Segura Transmission project; at which time, Cleco Power does not expect to offer the unit into MISO, barring any grid or customer reliability issues or other similar reasons. At December 31, 2018, Cleco Power had $5.9 million accrued for the net capital refund. As part of the settlement, one of the load serving entities agreed to reimburse Cleco Power for their portion of the capital refund. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note 14 — Variable Interest Entities Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco and Cleco Power’s Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Consolidated Statements of Income. Oxbow is owned 50% by Cleco Power and 50% by SWEPCO. Cleco Power is not the primary beneficiary because it shares the power to control Oxbow’s significant activities with SWEPCO. Cleco Power’s current assessment of its maximum exposure to loss related to Oxbow at December 31, 2018 , consisted of its equity investment of $18.2 million . The following table presents the components of Cleco Power’s equity investment in Oxbow: AT DEC. 31, INCEPTION TO DATE (THOUSANDS) 2018 2017 Purchase price $ 12,873 $ 12,873 Cash contributions 6,399 6,399 Dividend received (1,100 ) (1,100 ) Total equity investment in investee $ 18,172 $ 18,172 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) 2018 2017 Oxbow’s net assets/liabilities $ 36,345 $ 36,345 Cleco Power’s 50% equity $ 18,172 $ 18,172 Cleco Power’s maximum exposure to loss $ 18,172 $ 18,172 The following tables contain summarized financial information for Oxbow: AT DEC. 31, (THOUSANDS) 2018 2017 Current assets $ 4,128 $ 2,318 Property, plant, and equipment, net 25,186 25,656 Other assets 9,405 10,186 Total assets $ 38,719 $ 38,160 Current liabilities $ 2,374 $ 1,815 Partners’ capital 36,345 36,345 Total liabilities and partners’ capital $ 38,719 $ 38,160 FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2016 Operating revenue $ 6,992 $ 4,189 $ 5,459 Operating expenses 6,992 4,189 5,459 Income before taxes $ — $ — $ — DHLC mines lignite reserves at Oxbow through the Amended Lignite Mining Agreement. The lignite reserves are intended to be used to provide fuel to the Dolet Hills Power Station. 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, 2018 | |
Leases [Abstract] | |
Operating Leases | Note 15 — Operating Leases Cleco maintains operating leases in its ordinary course of business activities. For the years ended December 31, 2018 , 2017 , and 2016 , operating lease expense of $6.6 million , $9.9 million , and $9.0 million , respectively, was recognized. The following table is a summary of expected operating lease payments for Cleco and Cleco Power: (THOUSANDS) CLECO HOLDINGS CLECO POWER TOTAL Year ending Dec. 31, 2019 $ 120 $ 4,030 $ 4,150 2020 — 3,890 3,890 2021 — 2,789 2,789 2022 — 1,239 1,239 2023 — 1,214 1,214 Thereafter — 7,235 7,235 Total operating lease payments $ 120 $ 20,397 $ 20,517 Cleco Power leases utility systems from two municipalities and one non-municipal public body. The first municipal lease has a term of 10 years and expires on August 11, 2021. The second municipal lease has a term of 10 years and expires on May 13, 2028. The non-municipal lease has a term of 27 years and expires on July 31, 2039. Each utility system lease contains provisions for extensions. Cleco Power has leases for 200 railcars for coal transportation. One lease for 115 railcars expires on March 31, 2021. One lease for 85 railcars expires on March 31, 2020. Cleco Power pays a monthly rental fee per car. The railcar leases do not contain contingent rent payments. From September 2017 until April 2, 2018, Cleco Power had an operating lease that automatically renewed on a month-to-month basis for use of 42 barges and three towboats to transport petroleum coke and limestone to Madison Unit 3. On April 2, 2018, Cleco Power entered into new agreements for the use of the barges and towboats that expire in March 2033. The new agreement for the barges meets the accounting definition of a capital lease and the new agreement for the towboats meets the accounting definition of an operating lease. Cleco Power pays a fixed amount for the towboats that is adjusted annually. For more information about the capital lease, see Note 16 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Other Commitments — Fuel Transportation Agreement.” Cleco and Cleco Power’s remaining leases provide for office and operating facilities, office equipment, and tower rentals. |
Litigation, Other Commitments a
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees Litigation 2016 Merger In connection with the 2016 Merger, four actions were filed in the Ninth Judicial District Court for Rapides Parish, Louisiana and three actions were filed in the Civil District Court for Orleans Parish, Louisiana. The petitions in each action generally alleged, among other things, that the members of the Cleco Corporation’s Board of Directors breached their fiduciary duties by, among other things, conducting an allegedly inadequate sale process, agreeing to the 2016 Merger at a price that allegedly undervalued Cleco, and failing to disclose material information about the 2016 Merger. The petitions also alleged that 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 monetary damages, which includes attorneys’ fees and expenses. The four actions filed in the Ninth Judicial District Court for Rapides Parish are captioned as follows: • Braunstein v. Cleco Corporation , No. 251,383B (filed October 27, 2014), • Moore v. Macquarie Infrastructure and Real Assets , No. 251,417C (filed October 30, 2014), • Trahan v. Williamson , No. 251,456C (filed November 5, 2014), and • L’Herisson v. Macquarie Infrastructure and Real Assets , No. 251,515F (filed November 14, 2014). In November 2014, the plaintiff in the Braunstein action moved for a dismissal of the action without prejudice, and that motion was granted in November 2014. In December 2014, the Court consolidated the remaining three actions and appointed interim co-lead counsel. In December 2014, the plaintiffs in the consolidated action filed a Consolidated Amended Verified Derivative and Class Action Petition for Damages and Preliminary and Permanent Injunction (the Consolidated Amended Petition). The consolidated action names Cleco Corporation, its directors, Cleco Partners, and Merger Sub as defendants. The Consolidated Amended Petition alleges, among other things, that Cleco Corporation’s directors breached their fiduciary duties to Cleco’s shareholders and grossly mismanaged Cleco by approving the 2016 Merger Agreement because it allegedly did 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 2016 Merger. The Consolidated Amended Petition further alleges that all defendants conspired to commit the breaches of fiduciary duty. Cleco believes that the allegations of the Consolidated Amended Petition are without merit and that it has substantial meritorious defenses to the claims set forth in the Consolidated Amended 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, MIRA, BCI, 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. In December 2014, the plaintiff in the Butler action filed an Amended Class Action Petition for Damages. Each petition alleges, among other things, that members of Cleco Corporation’s Board of Directors breached their fiduciary duties to Cleco’s shareholders by approving the Merger Agreement because it allegedly 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 2016 Merger. Each petition further alleged that Cleco, Cleco Partners, Merger Sub, and certain of the investors in Cleco Partners aided and abetted the directors’ breaches of fiduciary duty. In December 2014, the directors and Cleco filed declinatory exceptions in each action on the basis that each action was improperly brought in Orleans Parish and should either be transferred to the Ninth Judicial District Court for Rapides Parish or dismissed. In December 2014, the plaintiffs in each action jointly filed a motion to consolidate the three actions pending in Orleans Parish and to appoint interim co-lead plaintiffs and co-lead counsel. In January 2015, the Court in the Creative Life Services case sustained the defendants’ declinatory exceptions and dismissed the case so that it could be transferred to the Ninth Judicial District Court for Rapides Parish. In February 2015, the plaintiffs in Butler and Cashen also consented to the dismissal of their cases from Orleans Parish so they could be transferred to the Ninth Judicial District Court for Rapides Parish. In February 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 held in February 2015, for approval of the Merger Agreement. Following the hearing, the Court denied the plaintiffs’ motion. In June 2015, three of the plaintiffs filed their Second Consolidated Amended Verified Derivative and Class Action Petition. This will be considered according to a schedule established by the Ninth Judicial District Court for Rapides Parish. Cleco filed exceptions seeking dismissal of the amended petition in July 2015. In March 2016, the plaintiffs filed their Third Consolidated Amended Verified Derivative Petition for Damages and Preliminary and Permanent Injunction. In May 2016, the plaintiffs filed their Fourth Verified Consolidated Amended Class Action Petition. This petition eliminated the request for preliminary and permanent injunction and also named an additional executive officer as a defendant. Cleco filed exceptions seeking dismissal of the amended Petition. A hearing was held in September 2016. In September 2016, the District Court granted the exceptions filed by Cleco and dismissed all claims asserted by the former shareholders. The plaintiffs appealed the District Court’s ruling to the Louisiana Third Circuit Court of Appeal. The Third Circuit Court of Appeal heard oral arguments in the case in September 2017. On December 13, 2017, the Third Circuit Court of Appeal issued an order reversing and remanding the case to the District Court for further proceedings. In January 2018, Cleco filed a writ with the Louisiana Supreme Court seeking review of the Third Circuit Court of Appeal’s decision. The writ was denied in March 2018 and the parties are engaged in discovery in the District Court. 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. On November 2, 2018, Cleco filed exceptions of no cause of action and res judicata, seeking to dismiss all claims. The District Court denied the exceptions on January 14, 2019. Gulf Coast Spinning In September 2015, a potential customer sued Cleco for failure to fully perform an alleged verbal agreement to lend or otherwise fund its startup costs to the extent of $6.5 million . Gulf Coast Spinning Company, LLC (Gulf Coast), the primary plaintiff, alleges that Cleco promised to assist it in raising approximately $60.0 million , which Gulf Coast needed to construct a cotton spinning facility near Bunkie, Louisiana. According to the petition filed by Gulf Coast in the 12 th Judicial District Court for Avoyelles Parish, Louisiana (the “District Court”), Cleco made such promises of funding assistance in order to cultivate a new industrial electric customer which would increase its revenues under a power supply agreement that it executed with Gulf Coast. Gulf Coast seeks unspecified damages arising from its inability to raise sufficient funds to complete the project, including lost profits. Cleco filed an Exception of No Cause of Action arguing that the case should be dismissed. The District Court denied Cleco’s exception in December 2015, after considering briefs and arguments. In January 2016, Cleco appealed the District Court’s denial of its exception by filing with the Third Circuit Court of Appeal. In June 2016, the Third Circuit Court of Appeal denied the request to have the case dismissed. In July 2016, Cleco filed a writ to the Louisiana Supreme Court seeking a review of the District Court’s denial of Cleco’s exception. In November 2016, the Louisiana Supreme Court denied Cleco’s writ application. In February 2016, the parties agreed to a stay of all proceedings pending discussions concerning settlement. In May 2016, the District Court lifted the stay at the request of Gulf Coast. The parties are currently participating in discovery. Cleco believes the allegations of the petition are contradicted by the written documents executed by Gulf Coast and are otherwise without merit and that it has substantial meritorious defenses to the claims alleged by Gulf Coast. Sabine River Flood In March 2017, Cleco was served with a summons in Perry Bonin, Ace Chandler, and Michael Manuel, et al v. Sabine River Authority of Texas and Sabine River Authority of Louisiana , No. B-160173-C. The action was filed in the 163rd Judicial District Court for Orange County, Texas, and relates to flooding that occurred in Texas and Louisiana in March 2016. The plaintiffs have alleged that the flooding was the result of the release of water from the Toledo Bend spillway gates into the Sabine River. While the plaintiffs have made numerous allegations, they have specifically alleged that Cleco Power, included as one of several companies and governmental bodies, failed to repair one of the two hydroelectric generators at the Toledo Bend Dam, which in turn contributed to the flooding. Cleco Power does not operate the hydroelectric generator. The suit has been removed to federal court in Texas. The new federal case is Perry Bonin, et al. v. Sabine River Authority of Texas et al. , No. 17-cv-134, U.S. District Court for the Eastern District of Texas ( Bonin Case ). The plaintiffs moved to remand the case to state court, but the district court found that the case raises a substantial federal question and denied the motion to remand. Cleco Power, along with its co-defendants, filed a motion to dismiss on various grounds, primarily arguing that the plaintiffs’ claims are preempted because they infringe on FERC’s exclusive control of dam operations. The district court granted the motion to dismiss in part, declining to rule on some of the arguments raised by the defendants, and granted the plaintiffs leave to amend their complaint. The plaintiffs filed a Fifth Amended Complaint in March 2018. Cleco Power filed a new motion to dismiss the plaintiffs’ claims. The briefing on Cleco Power’s motion is now complete, but the district court has not ruled on the motion or set a hearing date. On March 7, 2018, approximately 26 other individual plaintiffs filed a petition against Cleco Power and other defendants in Larry Addison, et al. v. Sabine River Authority of Texas, et al. , No. D180096-C. The action was filed in the 260th Judicial District Court for Orange County, Texas. The defendants removed the case to federal court on April 6, 2018. The new federal case is Larry Addison, et al. v. Sabine River Authority of Texas, et al ., No. 18-cv-153, U.S. District Court for the Eastern District of Texas. The allegations are essentially identical to those in the Bonin Case . On April 13, 2018, Cleco Power filed a motion to dismiss on the same grounds that previously were successful in the Bonin Case . The briefing on Cleco Power’s motion is complete, but the district court has not ruled on the motion or set a hearing date. On July 20, 2018, the district court entered an order consolidating the Addison Case with the Bonin Case . Management believes that both cases, as they relate to Cleco Power, have no merit. On August 28, 2018, the Judge entered an order requiring the Plaintiffs to file a more definitive statement to clarify the Plaintiffs’ claims. In response thereto, the Plaintiffs filed a Sixth Amended Petition on September 11, 2018. Cleco Power filed a response on October 3, 2018. The Judge has not yet ruled on Cleco’s Motion to Dismiss. Dispute with Saulsbury Industries In October 2018, Cleco Power sued Saulsbury Industries, Inc., the former general contractor for the St. Mary Clean Energy Center project, seeking damages for Saulsbury Industries, Inc.’s failure to complete the St. Mary Clean Energy Center project on time and for costs incurred by Cleco Power in hiring a replacement general contractor. The action was filed in the 9th Judicial District Court for Rapides Parish, No. 263339. Saulsbury Industries, Inc. has not filed responsive pleadings in the case. In January 2019, Cleco Power was served with a summons in Saulsbury Industries, Inc. v. Cabot Corporation and Cleco Power LLC , No. 6:19-CV-00007, U.S. District Court for the Western District of Louisiana. Saulsbury Industries, Inc. alleges that Cleco Power and Cabot Corporation caused the delays in the St. Mary Clean Energy Center project, resulting in significant impact to Saulsbury Industries, Inc.’s direct and indirect costs. Cleco Power has not filed responsive pleadings in the case. LPSC Audits Fuel Audit Generally, 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. Recovery of FAC costs is subject to periodic fuel audits by the LPSC. The LPSC FAC General Order issued in November 1997 in Docket No. U-21497 provides that an audit of FAC filings will be performed at least every other year. On March 13, 2018, Cleco Power received notice of an FAC audit from the LPSC for the period of January 1, 2016, to December 31, 2017. The total amount of fuel expense subject to audit is $536.2 million . On August 31, 2018, the LPSC Staff issued its audit report which recommended no disallowance of fuel costs. The report is expected to be approved by the LPSC in the first quarter of 2019. Cleco Power currently has FAC filings for January 2018 and thereafter that remain subject to audit. Management is unable to predict or give a reasonable estimate of the possible range of the disallowance, if any, related to these filings. Historically, the disallowances have not been material. If a disallowance of fuel cost is ordered resulting in a refund to Cleco Power’s customers, any such refund could have a material adverse effect on the results of operations, financial condition or cash flow of the Registrants. Environmental Audit In 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. On May 22, 2018, Cleco Power received notice of an EAC audit from the LPSC for the period of January 1, 2016, to December 31, 2017, and Cleco Power has responded to several sets of data requests. The total amount of environmental expense included in this audit was $30.7 million . Periods subsequent to December 31, 2017, are also subject to audit. Management is unable to predict or give a reasonable estimate of the possible range of the disallowance, if any, related to these filings. Historically, the disallowance cost is ordered resulting in a refund to Cleco Power’s customers, any such refund could have a material adverse effect on the result of operations, financial condition, or cash flows of the Registrants. Cleco Power incurs environmental compliance expenses for reagents associated with the compliance standards of MATS. In June 2015, the U.S. Supreme Court remanded the MATS rule to the D.C. Circuit Court of Appeals. In December 2015, the D.C. Circuit Court of Appeals remanded the rule to the EPA; however, the D.C. Circuit Court of Appeals did not vacate this rule. In April 2016, the EPA released a final supplemental finding that, even considering costs, it is appropriate and necessary to regulate hazardous air pollutants. By the June 2016 deadline, six petitions were filed with the U.S. Court of Appeals for the D.C. Circuit Court of Appeals for review of the EPA’s findings. At the request of the EPA, in April 2017, the court issued an order holding the cases in abeyance pending the EPA’s review of its supplemental finding. These expenses are also eligible for recovery through Cleco Power’s EAC and are subject to periodic review by the LPSC. FERC Audit Generally, Cleco Power records wholesale transmission revenue through Attachment O of the MISO tariff and certain grandfathered agreements. These rates are subject to periodic audits by FERC. On March 13, 2018, the Division of Audits and Accounting, within the Office of Enforcement of FERC, initiated an audit of Cleco Power for the period of January 1, 2014, to the present. Cleco Power has responded to several sets of data requests. Management is unable to determine the outcome or timing of the audit. Transmission ROE Two complaints were filed with FERC seeking to reduce the ROE component of the transmission rates that MISO transmission owners, including Cleco, may collect under the MISO tariff. The complaints sought to reduce the 12.38% ROE used in MISO’s transmission rates to a proposed 6.68% . The first complaint, filed in November 2013, was for the period November 2013 through February 2015. In September 2016, FERC issued a Final Order in response to the first complaint establishing a 10.32% ROE. In February 2017, $1.2 million of refunds relating to the first complaint were submitted to MISO. The second complaint, filed February 2015, was for the period February 2015 through May 2016. In June 2016, an ALJ issued an initial decision in the second rate case docket recommending a 9.70% base ROE. On November 15, 2018, the ALJ ordered supplemental briefs and additional written evidence due to new ROE calculation methodologies pursuant to Emera Maine v. FERC . Cleco Power is unable to determine when a binding FERC order will be issued on the second ROE complaint. In November 2014, the MISO transmission owners committee, in which Cleco is a member, filed a request with FERC for an incentive to increase the new ROE by 50 basis points for RTO participation as allowed by the MISO tariff. In January 2015, FERC granted the request. The collection of the adder is delayed until the resolution of the ROE complaint proceedings. As of December 31, 2018, Cleco Power had $1.9 million accrued for potential reductions to the ROE. Management believes a reduction in the ROE, as well as any additional refund, will not have a material adverse effect on the results of operations, financial condition, or cash flows of the Registrants. 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, 2018 , believes the probable and reasonably estimable liabilities based on the eventual disposition of these matters is $4.8 million and has accrued this amount. Off-Balance Sheet Commitments and Guarantees Cleco Holdings and Cleco Power have entered into various off-balance sheet commitments in the form of guarantees and standby letters of credit, in order to facilitate their activities and the activities of Cleco Holdings’ subsidiaries and equity investees (affiliates). Cleco Holdings and Cleco Power have also agreed to contractual terms that require the Registrants to pay third parties if certain triggering events occur. These contractual terms generally are defined as guarantees. Cleco Holdings entered into these off-balance sheet commitments in order to entice desired counterparties to contract with its affiliates by providing some measure of credit assurance to the counterparty in the event Cleco’s affiliates do not fulfill certain contractual obligations. If Cleco Holdings had not provided the off-balance sheet commitments, the desired counterparties may not have contracted with Cleco’s affiliates, or may have contracted with them at terms less favorable to its affiliates. The off-balance sheet commitments are not recognized on Cleco and Cleco Power’s Consolidated Balance Sheets because management has determined that Cleco and Cleco Power’s affiliates are able to perform these obligations under their contracts and that it is not probable that payments by Cleco or Cleco Power will be required. Cleco Holdings provided guarantees and indemnities to Entergy Louisiana and Entergy Gulf States as a result of the sale of the Perryville facility in 2005. The remaining indemnifications relate to environmental matters that may have been present prior to closing. These remaining indemnifications have no limitations to time. The maximum amount of the potential payment to Entergy Louisiana and Entergy Gulf States is $42.4 million . Management does not expect to be required to pay Entergy Louisiana and Entergy Gulf States under these guarantees. On behalf of Acadia, Cleco Holdings provided guarantees and indemnifications as a result of the sales of Acadia Unit 1 to Cleco Power and Acadia Unit 2 to Entergy Louisiana in 2010 and 2011, respectively. The remaining indemnifications relate to the fundamental organizational structure of Acadia. These remaining indemnifications have no limitations as to time or maximum potential future payments. Management does not expect to be required to pay Cleco Power or Entergy Louisiana under these guarantees. Cleco Holdings provided indemnifications to Cleco Power as a result of the transfer of Coughlin to Cleco Power in March 2014. Cleco Power also provided indemnifications to Cleco Holdings and Evangeline as a result of the transfer of Coughlin to Cleco Power. The maximum amount of the potential payment to Cleco Power, Cleco Holdings, and Evangeline for their respective indemnifications is $40.0 million , except for indemnifications relating to the fundamental organizational structure of each respective entity, of which the maximum amount is $400.0 million . Management does not expect to be required to make any payments under these indemnifications. As part of the Amended Lignite Mining Agreement, Cleco Power and SWEPCO, joint owners of Dolet Hills Power Station, have agreed to pay the loan and lease principal obligations of the lignite miner, DHLC, when due if DHLC does not have sufficient funds or credit to pay. Any amounts paid on behalf of the miner would be credited by the lignite miner against future invoices for lignite delivered. The maximum projected payment by Cleco Power under this guarantee is estimated to be $91.4 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 this guarantee. Generally, neither Cleco Holdings nor Cleco Power has recourse that would enable them to recover amounts paid under their guarantee or indemnification obligations. There are no assets held as collateral for third parties that either Cleco Holdings or Cleco Power could obtain and liquidate to recover amounts paid pursuant to the guarantees or indemnification obligations. Long-Term Purchase Obligations Cleco Holdings had no unconditional long-term purchase obligations at December 31, 2018 . Cleco Power has several unconditional long-term purchase obligations primarily related to the purchase of petroleum coke, limestone, energy delivery facilities, information technology outsourcing, natural gas storage, network monitoring, and software maintenance. The aggregate amount of payments required under such obligations at December 31, 2018 , is as follows: FUTURE PAYMENTS UNDER LONG-TERM PURCHASE OBLIGATIONS (THOUSANDS) For the year ending Dec. 31, 2019 $ 40,980 2020 24,092 2021 17,695 2022 4,620 2023 4,646 Thereafter 16,442 Total long-term purchase obligations $ 108,475 Payments under these agreements for the years ended December 31, 2018 , 2017 , and 2016 were $70.5 million , $47.0 million , and $72.9 million , respectively. Other Commitments NMTC Fund In 2008, Cleco Holdings and the USBCDC formed the NMTC Fund. Cleco Holdings has a 99.9% membership interest in the NMTC Fund and USBCDC has a 0.1% interest. The purpose of the NMTC Fund was to invest in projects located in qualified active low-income communities that are underserved by typical debt capital markets. These investments were 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 qualified for grants under Section 1603 of the ARRA. The tax benefits received from the NMTC Fund reduced the federal income tax obligations of Cleco Holdings. In total, Cleco Holdings contributed $285.5 million of equity contributions to the NMTC Fund and received $303.8 million in the form of tax credits, tax losses, capital gains/losses, earnings, and cash over the 10 -year life of the investment. The difference between equity contributions and total benefits received were recognized over the life of the NMTC Fund as net tax benefits were delivered. As of December 31, 2018, the NMTC Fund filed its final income tax return and in January 2019, Cleco Holdings received the final $1.6 million of cash receipts from the NMTC Fund. Effective January 25, 2019, the NMTC Fund was dissolved. Fuel Transportation Agreement In 2012, Cleco Power entered into an amended agreement with Savage Services for 42 dedicated barges used to transport petroleum met the accounting definition of a capital lease until its expiration on August 31, 2017. From September 2017 until April 2, 2018, Cleco Power had an operating lease that automatically renewed on a month-to-month basis for use of the 42 barges. On April 2, 2018, Cleco Power loaned Savage Inland Marine $16.8 million to purchase the barges. Also on April 2, 2018, Cleco Power entered into a new agreement with Savage Inland Marine for continued use of the 42 barges through March 2033. The new agreement meets the accounting definition of a capital lease. Under the 2018 agreement, the barge lease rate contains both fixed and variable components, of which the latter was adjusted every third anniversary of the new agreement for estimated executory costs. If the barges are idle, the lessor is required to attempt to sublease the barges to third parties, with the revenue reducing Cleco Power’s lease payment. During the year ended December 31, 2018 , Cleco Power paid $2.0 million in capital lease payments and received $0.5 million in revenue from subleases. During the years ended December 31, 2017 , and 2016 , Cleco Power paid $2.5 million and $3.7 million , respectively, in capital lease payments and received $0.3 million and less than $0.1 million , respectively, in revenue from subleases. This agreement contains a provision for early termination upon the occurrence of any one of four cancellation events. The following is an analysis of leased property under capital leases by major classes: AT DEC. 31, CLASSES OF PROPERTY (THOUSANDS) 2018 2017 Barges $ 16,800 $ — Less: accumulated amortization 840 — Capital lease assets, net $ 15,960 $ — The following is a schedule by years of future minimum lease payments under the capital lease together with the present value of the net minimum lease payments as of December 31, 2018 : (THOUSANDS) Years ending Dec. 31, 2019 $ 2,611 2020 2,611 2021 2,611 2022 2,611 2023 2,611 Thereafter 23,655 Total minimum lease payments 36,710 Less: executory costs 5,817 Net minimum lease payments 30,893 Less: amount representing interest 14,475 Present value of net minimum lease payments $ 16,418 Current liabilities $ 557 Non-current liabilities $ 15,861 Other Cleco has accrued for liabilities related to third parties, employee medical benefits, and AROs. For more information on AROs, see Note 2 — “Summary of Significant Accounting Policies — AROs” and Note 5 — “Regulatory Assets and Liabilities — AROs.” Risks and Uncertainties Cleco could be subject to possible adverse consequences if Cleco’s counterparties fail to perform their obligations or if Cleco or its affiliates are not in compliance with loan agreements or bond indentures. Access to capital markets is a significant source of funding for both short- and long-term capital requirements not satisfied by operating cash flows. Changes in the regulatory environment or market forces could cause Cleco to determine its assets have suffered an other-than-temporary decline in value, whereby an impairment would be required and Cleco’s financial condition could be materially adversely affected. Cleco Power is a participant in the MISO market. Energy prices in the MISO market are based on LMP, which includes a component directly related to congestion on the transmission system. Pricing zones with greater transmission congestion may have higher LMPs. Physical transmission constraints present in the MISO market could increase energy costs within Cleco Power’s pricing zones. Cleco Power uses FTRs to mitigate transmission congestion price risks. Changes to anticipated transmission paths may result in an unexpected increase in energy costs to Cleco Power. |
Affiliate Transactions
Affiliate Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Affiliate Transactions | Note 17 — Affiliate Transactions Cleco Cleco has entered into service agreements with affiliates to receive and to provide goods and professional services. Goods and services received by Cleco primarily involve services provided by Support Group. Support Group provides joint and common administrative support services in the areas of information technology; finance, cash management, accounting, tax, and auditing; human resources; public relations; project consulting; risk management; strategic and corporate development; legal, ethics, and regulatory compliance; facilities management; supply chain and inventory management; and other administrative services. Cleco 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. All charges and revenues from consolidated affiliates were eliminated in Cleco’s Consolidated Statements of Income for the years ending December 31, 2018 , 2017 , and 2016 . At December 31, 2018 , Cleco Holdings had no accounts receivable due from Cleco Group. At December 31, 2017, Cleco Holdings had accounts receivable of $0.6 million due from Cleco Group in relation to merger costs paid on behalf of Cleco Group. At December 31, 2018 , and 2017, Cleco Holdings had no accounts payable due to Cleco Group. During the years ended December 31, 2018, and 2017, Cleco Holdings made $71.4 million , and $84.1 million , respectively, of distribution payments to Cleco Group. During the successor period April 13, 2016, through December 31, 2016, Cleco Holdings received $100.7 million of equity contributions from Cleco Group and made $88.8 million of distribution payments to Cleco Group. Cleco Power Cleco Power has entered into service agreements with affiliates to receive and to provide goods and professional services. Charges from affiliates included in Cleco Power’s Consolidated Statements of Income primarily involve services provided by Support Group in accordance with service agreements. Support Group provides joint and common administrative support services in the areas of information technology; finance, cash management, accounting, tax, and auditing; human resources; public relations; project consulting; risk management; strategic and corporate development; legal, ethics, and regulatory compliance; facilities management; supply chain and inventory management; and other administrative services. With the exception of Support Group, affiliates charge Cleco Power the lower of management’s estimated fair market value or fully loaded costs for goods and services provided in accordance with service agreements. Support Group charges only fully loaded costs. The following table is a summary of charges from each affiliate included in Cleco Power’s Consolidated Statements of Income: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2016 Support Group Other operations and maintenance $ 56,669 $ 50,572 $ 48,371 Taxes other than income taxes $ 6 $ (13 ) $ 10 Other expense $ 290 $ 255 $ 106 Cleco Holdings Other expense $ 1,007 $ 361 $ — 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) 2018 2017 2016 Affiliate revenue Support Group $ 874 $ 851 $ 884 Total affiliate revenue $ 874 $ 851 $ 884 Other income Cleco Holdings $ 1,092 $ 494 $ 19 Other (1) $ — $ — $ 12 Total other income $ 1,092 $ 494 $ 31 Total $ 1,966 $ 1,345 $ 915 (1) Represents Attala and Perryville in 2016. Cleco Power had the following affiliate receivable and payable balances associated with the service agreements: AT DEC. 31, 2018 2017 (THOUSANDS) ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE Cleco Holdings $ 699 $ 88 $ 743 $ 113 Support Group 2,619 7,755 608 8,582 Other (1) — — 4 2 Total $ 3,318 $ 7,843 $ 1,355 $ 8,697 (1) Represents Attala and Perryville. During 2018 , 2017 , and 2016 , Cleco Power made $121.4 million , $135.0 million , and $110.0 million of distribution payments to Cleco Holdings, respectively. Cleco Power received no equity contributions from Cleco Holdings in 2018 and 2017. During 2016, Cleco Power received equity contributions from Cleco Holdings of $50.0 million cash. 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 2018 and 2017 : FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 Support Group $ 1,963 $ 1,812 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Note 18 — Intangible Assets and Goodwill During 2008, Cleco Katrina/Rita acquired a $177.5 million intangible asset which includes $176.0 million for the right to bill and collect storm recovery charges from customers of Cleco Power and $1.5 million of financing costs. This intangible asset is expected to have a life of 12 years , but could 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. At the date of the 2016 Merger, the gross balance of the Cleco Katrina/Rita intangible asset for Cleco was adjusted to be net of accumulated amortization, as no accumulated amortization existed on the date of the 2016 Merger. As a result of the 2016 Merger, fair value adjustments were recorded on Cleco’s Consolidated Balance Sheet for the valuation of the Cleco trade name and long-term wholesale power supply agreements. At the end of their life, these intangible assets will have no residual value. The trade name intangible asset is being amortized over its estimated economic useful life of 20 years . The intangible assets related to the power supply agreements are amortized over the remaining life of each applicable contract ranging between 4 years and 16 years . The following tables present Cleco and Cleco Power’s amortization of intangible assets: Cleco FOR THE YEAR ENDED DEC. 31, SUCCESSOR PREDECESSOR (THOUSANDS) 2018 2017 2016 Jan. 1, 2016 - Cleco Katrina/Rita right to bill and collect storm recovery charges $ 20,608 $ 16,772 $ 12,121 $ 4,369 Trade name 255 255 183 — Power supply agreements 9,680 10,757 7,482 — Total amortization of intangible assets $ 30,543 $ 27,784 $ 19,786 $ 4,369 No impairments for intangibles in the table above for 2018, 2017, and 2016. Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2016 Cleco Katrina/Rita right to bill and collect storm recovery charges $ 20,608 $ 16,772 $ 16,490 The following tables summarize the balances for intangible assets subject to amortization for Cleco and Cleco Power as of December 31, 2018 , and 2017 : Cleco AT DEC. 31, (THOUSANDS) 2018 2017 Cleco Katrina/Rita right to bill and collect storm recovery charges $ 70,594 $ 70,594 Power supply agreements 85,104 85,104 Trade name 5,100 5,100 Gross carrying amount 160,798 160,798 Accumulated amortization (76,491 ) (45,948 ) Net intangible assets subject to amortization $ 84,307 $ 114,850 Cleco Power AT DEC. 31, (THOUSANDS) 2018 2017 Cleco Katrina/Rita right to bill and collect storm recovery charges $ 177,537 $ 177,537 Accumulated amortization (156,444 ) (135,836 ) Net intangible assets subject to amortization $ 21,093 $ 41,701 The following table summarizes the amortization expense related to intangible assets expected to be recognized in Cleco’s Consolidated Statements of Income: Cleco EXPECTED AMORTIZATION EXPENSE (THOUSANDS) For the year ending Dec. 31, 2019 $ 29,414 2020 $ 11,549 2021 $ 9,935 2022 $ 9,935 2023 $ 9,935 Thereafter $ 13,539 Cleco Power expects to recognize $19.5 million and $1.6 million of amortization expense related to intangible assets on its Consolidated Statement of Income in the years 2019 and 2020, respectively. Goodwill On April 13, 2016, in connection with the completion of the 2016 Merger, Cleco recognized goodwill of $1.49 billion . Management assigned goodwill to Cleco’s reportable segment, Cleco Power. Goodwill is required to be tested for impairment at the reporting segment level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting segment below its carrying value. Application of the goodwill impairment test requires significant judgments, including the identification of reporting segments, assignments of assets and liabilities to reporting segments, assignment of goodwill to reporting segments, and the determination of the fair value of the reporting segments. Management has determined that Cleco Power is Cleco’s only reporting segment. Cleco conducted its 2018 annual impairment test using an August 1, 2018, measurement date. The fair value of Cleco’s reporting segment, Cleco Power, was estimated using a weighted combination of the income approach, which estimates fair value based on discounted cash flows, and the market approach, which estimates fair value based on market comparables within the utility and energy industries. Significant assumptions used in these fair value estimates include estimation of future cash flows, long-term rate of growth, the selection of comparable companies, and weighted-average cost of capital (WACC) or discount rate. Changes in these assumptions could materially affect the determination of fair value and goodwill impairment at Cleco Power. Based on the tests performed, management has determined that there was no impairment of Cleco Power’s goodwill for 2018. Management estimated the fair value of Cleco Power’s equity to be $3.55 billion at the August 1, 2018, measurement date. The carrying value of Cleco Power’s equity was approximately $3.30 billion with the excess of the fair value over the carrying value representing 7.5% or $247.4 million . There were no accumulated impairment charges. The fair value estimate is particularly sensitive to WACC. WACC takes into account both the after-tax cost of debt and the cost of equity. WACC used for calculating the fair values as of August 1, 2018, was 5.7% . A downgrade in Cleco Power’s debt ratings could increase Cleco Power’s after-tax cost of debt. In addition, an increase in interest rates or return required by investors in equity markets could increase Cleco Power’s cost of equity. Any increase in the cost of equity or the cost of debt could materially impact Cleco Power’s fair value estimate. A WACC of 5.6% or 5.8% would have resulted in fair value calculations of $3.63 billion and $3.47 billion , respectively. The fair value estimate is also sensitive to long-term cash flow growth rates applicable to periods beyond management’s five-year business plan. Management assumed a long-term cash flow growth rate of 2.5% based on historical and projected consumer price inflation, economic indicators, and projected industry growth. Any change in the expected terminal cash flow growth rate could materially impact Cleco Power’s fair value estimate. A terminal cash flow growth rate of 2.4% or 2.6% would have resulted in a fair value calculation of $3.48 billion and $3.62 billion , respectively. For more information about the 2016 Merger related adjustments, see Note 4 — “Business Combinations.” |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 19 — 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 PREDECESSOR Balances, Dec. 31, 2015 $ (20,857 ) $ (5,728 ) $ (26,585 ) Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 587 — 587 Reclassification of net loss to interest charges — 60 60 Balances, Apr. 12, 2016 $ (20,270 ) $ (5,668 ) $ (25,938 ) SUCCESSOR (1) Balances, Apr. 13, 2016 $ — $ — $ — Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year 2,304 2,304 Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net gain (804 ) — (804 ) Balances, Dec. 31, 2016 $ 1,500 $ — $ 1,500 Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year (3,898 ) — (3,898 ) Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net gain (523 ) — (523 ) Balances, Dec. 31, 2017 $ (2,921 ) $ — $ (2,921 ) Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year 3,681 — 3,681 Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net loss 1,615 — 1,615 Reclassification of effect of tax rate change (589 ) — (589 ) Balances, Dec. 31, 2018 $ 1,786 $ — $ 1,786 (1) As a result of the 2016 Merger, AOCI was reduced to zero on April 13, 2016, as required by acquisition accounting. Cleco Power (THOUSANDS) POSTRETIREMENT BENEFIT NET (LOSS) GAIN NET (LOSS) GAIN ON CASH FLOW HEDGES TOTAL AOCI Balances, Dec. 31, 2015 $ (11,364 ) $ (5,728 ) $ (17,092 ) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year 3,913 — 3,913 Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net gain (454 ) — (454 ) Reclassification of net loss to interest charges — 211 211 Balances, Dec. 31, 2016 $ (7,905 ) $ (5,517 ) $ (13,422 ) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year (948 ) — (948 ) Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 476 — 476 Reclassification of net loss to interest charges — 211 211 Balances, Dec. 31, 2017 $ (8,377 ) $ (5,306 ) $ (13,683 ) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year 954 — 954 Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 1,789 — 1,789 Reclassification of net loss to interest charges — 254 254 Reclassification of effect of tax rate change (1,426 ) (1,070 ) (2,496 ) Balances, Dec. 31, 2018 $ (7,060 ) $ (6,122 ) $ (13,182 ) |
Miscellaneous Financial Informa
Miscellaneous Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Miscellaneous Financial Information (Unaudited) | Note 20 — Miscellaneous Financial Information (Unaudited) Cleco Quarterly information for Cleco for 2018 and 2017 is shown in the following tables: 2018 (THOUSANDS) 1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER Operating revenue, net $ 276,760 $ 299,261 $ 358,256 $ 296,767 Operating income $ 44,734 $ 63,709 $ 86,110 $ 50,004 Net income $ 10,861 $ 25,839 $ 47,360 $ 10,377 Distributions to member $ 19,500 $ 20,400 $ 20,600 $ 10,850 2017 (THOUSANDS) 1ST QUARTER 2ND QUARTER 3RD 4TH QUARTER Operating revenue, net $ 250,501 $ 308,661 $ 338,499 $ 277,985 Operating income $ 41,462 $ 73,270 $ 97,790 $ 52,702 Net income $ 6,292 $ 25,444 $ 45,304 $ 61,040 Distributions to member $ 28,955 $ 26,700 $ 28,300 $ 110 Cleco Power Quarterly information for Cleco Power for 2018 and 2017 is shown in the following tables: 2018 (THOUSANDS) 1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER Operating revenue, net $ 279,387 $ 301,901 $ 360,899 $ 299,409 Operating income $ 50,521 $ 72,602 $ 96,063 $ 59,786 Net income $ 26,004 $ 43,020 $ 63,336 $ 29,897 Distributions to member $ 28,000 $ 43,000 $ 50,400 $ — 2017 (THOUSANDS) 1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER Operating revenue, net $ 253,703 $ 310,787 $ 340,614 $ 280,093 Operating income $ 46,424 $ 76,667 $ 101,357 $ 60,798 Net income $ 17,854 $ 35,733 $ 54,852 $ 42,299 Distributions to member $ 35,000 $ 25,000 $ 15,000 $ 60,000 |
Cleco Cajun Transaction
Cleco Cajun Transaction | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Cleco Cajun Transaction | Note 4 — Business Combinations On April 13, 2016, Cleco Holdings completed its merger with Merger Sub whereby Merger Sub merged with and into Cleco Corporation, with Cleco Corporation surviving the 2016 Merger, and Cleco Corporation converting to a limited liability company and changing its name to Cleco Holdings, as a direct, wholly owned subsidiary of Cleco Group and an indirect, wholly owned subsidiary of Cleco Partners. At the effective time of the 2016 Merger, each outstanding share of Cleco Corporation common stock, par value $1.00 per share (other than shares that were owned by Cleco Corporation, Cleco Partners, Merger Sub, or any other direct or indirect wholly owned subsidiary of Cleco Partners or Cleco Corporation), were cancelled and converted into the right to receive $55.37 per share in cash, without interest, with all dividends payable before the effective time of the 2016 Merger. Regulatory Matters On March 28, 2016, the LPSC approved the 2016 Merger. The LPSC’s written order approving the 2016 Merger was issued on April 7, 2016. Approval of the 2016 Merger was conditioned upon certain commitments, including $136.0 million of customer rate credits, a $7.0 million one-time contribution for economic development in Cleco Power’s service territory to be administered by the LED, $6.0 million of charitable contributions to be disbursed over five years , and $2.5 million of contributions for economic development for Louisiana state and local organizations to be disbursed over five years . These commitment costs were accrued on April 13, 2016, and are included in Merger transaction and commitment costs and Merger commitment costs on Cleco and Cleco Power’s Consolidated Statements of Income, respectively. In addition, the 2016 Merger Commitments also included $1.2 million of annual refunds to customers representing cost savings due to the 2016 Merger. For more information, see Note 13 — “Regulation and Rates.” Accounting for the 2016 Merger Transaction The total purchase price consideration was approximately $3.36 billion , which consisted of cash paid to Cleco Corporation shareholders of $3.35 billion and cash paid for Cleco LTIP equity awards of $9.5 million . There were no remaining LTIP equity awards as of the close of the 2016 Merger. Pushdown accounting was applied to Cleco, and accordingly, the Cleco consolidated assets acquired and liabilities assumed were recorded on April 13, 2016, at their fair values as follows: Purchase Price Allocation (THOUSANDS) AT APR. 13, 2016 Current assets $ 455,016 Property, plant, and equipment, net 3,432,144 Goodwill 1,490,797 Other long-term assets 1,023,487 Less Current liabilities 228,515 Net deferred income tax liabilities 1,059,939 Other deferred credits 279,379 Long-term debt, net 1,470,126 Total purchase price $ 3,363,485 Cleco Power’s assets and liabilities were recorded at historical cost since Cleco did not elect pushdown accounting at the Cleco Power level. The following tables present the fair value adjustments to Cleco’s balance sheet and recognition of goodwill: (THOUSANDS) AT APR. 13, 2016 Property, plant, and equipment $ (1,334,932 ) Accumulated depreciation $ (1,565,776 ) Goodwill $ 1,490,797 Intangible assets $ 91,826 Regulatory assets $ 250,409 Deferred income tax liabilities $ 126,853 Other deferred credits $ 21,175 Long-term debt $ 198,599 Most of the carrying values of Cleco’s assets and liabilities were determined to be stated at fair value at the 2016 Merger date, considering that most of these assets are subject to regulation by the LPSC and FERC. Under such regulation, rates charged to customers are established by a regulator to provide for recovery of costs and a fair return on rate base and are generally measured at historical cost. As such, a market participant would not expect to recover any more or less than the carrying value of the assets. Prior to the 2016 Merger, the Coughlin step-up value was not recorded on Cleco’s Consolidated Balance Sheet due to the accounting treatment for the transfer of that asset in March 2014. However, the recovery of the step-up value of the Coughlin asset was approved by the LPSC for recovery in base rates, including a return on rate base. On the date of the 2016 Merger, the step-up value for the Coughlin asset was recognized on Cleco’s Consolidated Balance Sheet since Cleco Power is able to earn a return on and recover these costs from its customers. The beginning balance of fixed depreciable assets was shown net at the date of the 2016 Merger, as no accumulated depreciation existed on the date of the 2016 Merger. The excess of the purchase price over the estimated fair value of assets acquired and the liabilities assumed was $1.49 billion , which was recognized as goodwill by Cleco at the 2016 Merger date. The goodwill represents the potential long-term return of Cleco to its member. Management has assigned goodwill to Cleco’s reportable segment, Cleco Power. A fair value adjustment was recorded on Cleco’s Consolidated Balance Sheet to reflect the valuation of the Cleco trade name. This adjustment is included in Intangible assets on Cleco’s Consolidated Balance Sheet. The valuation of the trade name was estimated by applying the relief-from-royalty method under the income approach. This valuation method is based on the premise that, in lieu of ownership of the asset, a company would be willing to pay a royalty to a third-party for the use of that asset. The owner of the asset is spared this cost, and the value of the asset is estimated by the cost savings. The projected revenue attributed to the trade name was based on projections of the value of Cleco’s wholesale contracts. The trade name is being amortized over 20 years . The amortization of the Cleco trade name is included in Depreciation and amortization on Cleco’s Consolidated Statement of Income. On the date of the 2016 Merger, fair value adjustments were recorded on Cleco’s Consolidated Balance Sheet for the difference between the contract price and the market price of long-term wholesale power supply agreements. These adjustments are classified as Intangible assets on Cleco’s Consolidated Balance Sheet. The valuation of the power supply agreements was estimated using the income approach. The income approach is based upon discounted projected future cash flows associated with the underlying contracts. The intangible assets for the power supply agreements will be amortized over the remaining term of the applicable contract. The amortization of the power supply agreements is included in Electric operations on Cleco’s Consolidated Statement of Income. The net increase in deferred tax liabilities on Cleco’s Consolidated Balance Sheet represents the differences between the assigned fair values of assets acquired and their related income tax basis, net of a deferred tax asset representing the net operating loss carryforward that will be utilized in future periods. As the underlying asset assigned fair values are amortized, the related deferred tax liabilities will be included in income tax expense. Goodwill is not deductible for income tax purposes; therefore, no deferred income tax assets or liabilities were recognized for goodwill. Other fair value adjustments were recorded for long-term debt, postretirement benefit remeasurements and deferred losses, and interest rate derivative settlement gains and losses. These fair value adjustments are subject to rate regulation, but do not earn a return. In these instances, a corresponding regulatory asset was established, as the underlying utility asset or liability amounts are recoverable from or refundable to customers at historical cost through the rate setting process. These regulatory assets established to offset fair value adjustments are amortized in amounts and over time frames consistent with the realization or settlement of the fair value adjustments. The valuations performed in the second quarter of 2016 to estimate the fair value of assets acquired and liabilities assumed were considered preliminary as a result of the short time period between the closing of the 2016 Merger and the end of the second quarter of 2016. During the third quarter of 2016, valuations were performed for the valuation and assessment of the postretirement benefit plans as of April 13, 2016, and the economic useful life of the Cleco trade name. Cleco completed its evaluation and determination of the fair value of certain assets and liabilities acquired as of December 31, 2016. There were no adjustments to those amounts during the year ended December 31, 2017. While management believes the positions reflected on the income tax returns are reasonable, see Note 11 — “Income Taxes — Uncertain Tax Positions” for a discussion on the status of tax audits. Note 21 — Cleco Cajun Transaction On February 4, 2019, Cleco Cajun acquired from NRG Energy all of the outstanding membership interests in NRG South Central, which indirectly owns: i. a 176 -MW natural-gas-fired generating station located in Sterlington, Louisiana, ii. a 220 -MW natural-gas-fired facility and a 210 -MW natural-gas-fired peaking facility both located in Jarreau, Louisiana, iii. a 580 -MW coal-fired generating facility, a 540 -MW natural-gas-fired generating station, and 58% of a 588 -MW coal-fired generating station all located in New Roads, Louisiana, iv. 225 -MW of a 300 -MW natural-gas-fired peaking facility located in Jennings, Louisiana, v. a 1,263 -MW natural-gas-fired generating station located in Deweyville, Texas (the Cottonwood Plant), vi. wholesale contracts to provide electricity and capacity to nine Louisiana cooperatives, five municipalities across Arkansas, Louisiana, and Texas, and one investor-owned utility, vii. transmission assets, which consist of equipment and land required to connect the generation stations and the wholesale customers to the transmission grid, and viii. current assets consisting of cash, inventory, receivables, and other miscellaneous assets. Cleco Cajun, NRG Energy, and NRG South Central have each made customary representations, warranties and covenants in the Cleco Cajun Transaction, which includes customary indemnification provisions. Cleco Holdings has agreed to guarantee the obligations of Cleco Cajun, subject to certain limitations. In addition, upon closing, a lease agreement was executed and delivered between Cottonwood Energy and a special-purpose entity that is a subsidiary of NRG Energy pursuant to which NRG Energy will lease back the Cottonwood Plant and will operate it no later than May 2025. Upon closing, Cottonwood Energy became a subsidiary of Cleco Cajun. As consideration for all of the outstanding membership interest in NRG South Central, Cleco paid cash of approximately $962.2 million , which represents the $1.0 billion acquisition price net of working capital adjustments of $37.8 million . In addition, Cleco assumed liabilities consisting of asset retirement obligations connected with the coal fueled generation stations and current liabilities, such as accounts payable. In connection with the Cleco Cajun Transaction on February 4, 2019, Cleco Holdings issued $300.0 million under a new bridge loan agreement and $100.0 million under a new term loan agreement. Both loan agreements are variable rate debt and have a three -year term. Both loan agreements contain certain financial covenants, including requiring Cleco Holdings to maintain (i) a debt to capital ratio (as defined in the applicable agreement) below 65% and (ii) a rating applicable to the Company’s senior debt rating (as defined in the applicable agreement). Cleco Holdings anticipates that some or all of the variable rate debt may be replaced or repaid with long-term financing, markets permitting, within 12 months of the closing of the Cleco Cajun Transaction. Also in connection with the Cleco Cajun Transaction, Cleco Holdings increased its credit facility capacity by $75.0 million , for a total credit facility of $175.0 million . All other terms remained the same. Also in connection with the Cleco Cajun Transaction on February 4, 2019, Cleco Holdings made a $75.0 million draw on its credit facility, which was repaid on February 5, 2019. The remaining cash required to finance the transaction consisted of an equity contribution from Cleco Group of $384.9 million and $102.3 million from cash on hand at Cleco Holdings. In connection with the Cleco Cajun Transaction, Cleco Holdings, on behalf of Cleco Cajun, issued three letters of credit totaling $1.1 million to a capacity agreement customer and a gas transport company. These letters of credit automatically renew each year and have no impact on the Cleco Holdings’ credit facility. Because the initial accounting for the transaction is not complete, Cleco is unable to disclose the valuation and determination of the fair value of assets and liabilities acquired. Cleco expects the final valuation and purchase price allocation, including finalization of acquired liabilities, to be completed within one year of the date of acquisition as required by accounting guidance. |
Schedule I Financial Statements
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) | CLECO HOLDINGS (Parent Company Only) SCHEDULE I Condensed Statements of Income SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC.31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - APR. 12, 2016 Operating expenses Administrative and general $ 1,269 $ 602 $ 285 $ 319 Merger transaction costs 19,514 5,152 23,301 34,912 Other operating expense 318 260 (382 ) 624 Total operating expenses 21,101 6,014 23,204 35,855 Operating loss (21,101 ) (6,014 ) (23,204 ) (35,855 ) Equity income from subsidiaries, net of tax 149,543 170,706 9,357 21,789 Interest, net (54,635 ) (53,684 ) (35,151 ) (286 ) Other income 650 3,978 1,948 702 Other expense (2,337 ) — — — Income (loss) before income taxes 72,120 114,986 (47,050 ) (13,650 ) Federal and state income tax benefit (22,317 ) (23,094 ) (22,937 ) (9,690 ) Net income (loss) $ 94,437 $ 138,080 $ (24,113 ) $ (3,960 ) The accompanying notes are an integral part of the Condensed Financial Statements. CLECO HOLDINGS (Parent Company Only) SCHEDULE I Condensed Statements of Comprehensive Income SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - APR. 12, 2016 Net income (loss) $ 94,437 $ 138,080 $ (24,113 ) $ (3,960 ) Other comprehensive income (loss), net of tax Postretirement benefits gain (loss) (net of tax expense of $1,868, tax benefit of $2,764, and tax expense of $938 and $367, respectively) 5,296 (4,421 ) 1,500 587 Amortization of interest rate derivatives to earnings (net of tax expense of $0, $0, $0, and $37, respectively) — — — 60 Total other comprehensive income (loss), net of tax 5,296 (4,421 ) 1,500 647 Comprehensive income (loss), net of tax $ 99,733 $ 133,659 $ (22,613 ) $ (3,313 ) The accompanying notes are an integral part of the Condensed Financial Statements. CLECO HOLDINGS (Parent Company Only) SCHEDULE I Condensed Balance Sheets AT DEC. 31, (THOUSANDS) 2018 2017 Assets Current assets Cash and cash equivalents $ 76,938 $ 48,732 Accounts receivable - affiliate 8,374 6,880 Other accounts receivable 2,755 209 Taxes receivable, net 7,046 15,172 Cash surrender value of trust-owned life insurance policies 59,894 62,839 Total current assets 155,007 133,832 Equity investment in subsidiaries 3,247,809 3,226,780 Tax credit fund investment, net — 4,355 Accumulated deferred federal and state income taxes, net 101,015 105,575 Other deferred charges 4,532 1,037 Total assets $ 3,508,363 $ 3,471,579 Liabilities and member's equity Liabilities Current liabilities Accounts payable $ 1,322 $ 4,354 Accounts payable - affiliate 18,047 5,621 Interest accrued 7,576 7,621 Deferred compensation 10,753 12,132 Other current liabilities 273 272 Total current liabilities 37,971 30,000 Postretirement benefit obligations 3,894 4,404 Long-term debt, net 1,341,758 1,340,818 Total liabilities 1,383,623 1,375,222 Commitments and contingencies (Note 6) Member's equity Membership interest 2,069,376 2,069,376 Retained earnings 53,578 29,902 Accumulated other comprehensive loss 1,786 (2,921 ) Total member's equity 2,124,740 2,096,357 Total liabilities and member's equity $ 3,508,363 $ 3,471,579 The accompanying notes are an integral part of the Condensed Financial Statements. CLECO HOLDINGS (Parent Company Only) SCHEDULE I Condensed Statements of Cash Flows SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - APR. 12, 2016 Operating activities Net cash provided by operating activities $ 97,614 $ 124,817 $ 36,811 $ 34,904 Investing activities Contributions to tax credit fund — (630 ) — — Return of equity investment in tax credit fund 2,775 7,502 901 476 Contribution to subsidiary (1,250 ) — (50,000 ) — Other investing 442 — — — Net cash provided by (used in) investing activities 1,967 6,872 (49,099 ) 476 Financing activities Draws on credit facility — 73,000 — 3,000 Payments on credit facility — (73,000 ) — (10,000 ) Issuance of long-term debt — — 1,350,000 — Repayment of long-term debt — — (1,350,000 ) — Payment of financing costs (25 ) (269 ) (3,755 ) — Dividends paid on common stock — — (572 ) (24,579 ) Contribution from member — — 100,720 — Distributions to member (71,350 ) (84,065 ) (88,765 ) — Net cash (used in) provided by financing activities (71,375 ) (84,334 ) 7,628 (31,579 ) Net increase (decrease) in cash and cash equivalents 28,206 47,355 (4,660 ) 3,801 Cash and cash equivalents at beginning of period 48,732 1,377 6,037 2,236 Cash and cash equivalents at end of period $ 76,938 $ 48,732 $ 1,377 $ 6,037 Supplementary cash flow information Interest paid, net of amount capitalized $ 53,798 $ 52,026 $ 26,264 $ 126 Income taxes paid (refunded), net $ 2 $ (6 ) $ 4,263 $ 1 Supplementary non-cash investing and financing activity Non-cash contribution to subsidiary, net of tax $ 3,865 $ — $ — $ — The accompanying notes are an integral part of the Condensed Financial Statements. Note 1 — Summary of Significant Accounting Policies The condensed financial statements represent the financial information required by SEC Regulation S-X 5-04 for Cleco Holdings, which requires the inclusion of parent company only financial statements if the restricted net assets of consolidated subsidiaries exceed 25% of total consolidated net assets as of the last day of its most recent fiscal year. As of December 31, 2018 , Cleco Holdings’ restricted net assets of consolidated subsidiaries were $1.25 billion and exceeded 25% of its total consolidated net assets. Cleco Holdings’ only major, first-tier subsidiary is Cleco Power. Cleco Power contains the LPSC-jurisdictional generation, transmission, and distribution electric utility operations serving Cleco’s traditional retail and wholesale customers. The accompanying financial statements have been prepared to present the results of operations, financial condition, and cash flows of Cleco Holdings on a stand-alone basis as a holding company. Investments in subsidiaries and other investees are presented using the equity method. These financial statements should be read in conjunction with Cleco’s consolidated financial statements. Note 2 — Business Combinations On April 13, 2016, Cleco Holdings completed its merger with Merger Sub whereby Merger Sub merged with and into Cleco Corporation, with Cleco Corporation surviving the 2016 Merger, and Cleco Corporation converting to a limited liability company and changing its name to Cleco Holdings, as a direct, wholly owned subsidiary of Cleco Group and an indirect, wholly owned subsidiary of Cleco Partners. At the effective time of the 2016 Merger, each outstanding share of Cleco Corporation common stock, par value $1.00 per share (other than shares that were owned by Cleco Corporation, Cleco Partners, Merger Sub, or any other direct or indirect wholly owned subsidiary of Cleco Partners or Cleco Corporation), were cancelled and converted into the right to receive $55.37 per share in cash, without interest, with all dividends payable before the effective time of the 2016 Merger. For more information regarding the 2016 Merger, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 4 — Business Combinations .” Note 3 — Debt At December 31, 2018 , and 2017 , Cleco Holdings had no short-term debt outstanding. At December 31, 2018 , Cleco Holding’s long-term debt outstanding was $1.34 billion , of which none was due within one year. On July 31, 2018, Cleco Holdings amended its $300.0 million bank term loan agreement and its $100.0 million revolving credit facility agreement to release any and all collateral from all of its debt obligations under those agreements. As a result of the release of collateral, Moody’s and Fitch replaced Cleco Holdings’ senior secured debt rating with a senior unsecured debt rating. For more information on Cleco’s credit ratings and their impacts, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — “Litigation, Other Commitment and Contingencies, and Disclosures about Guarantees — Risks and Uncertainties.” In connection with the Cleco Cajun Transaction on February 4, 2019, Cleco Holdings issued $300.0 million under a new bridge loan agreement and $100.0 million under a new term loan agreement. Both loan agreements are variable rate debt and have a three -year term. Both loan agreements contain certain financial covenants, including requiring Cleco Holdings to maintain (i) a debt to capital ratio (as defined in the applicable agreement) below 65% and (ii) a rating applicable to the company’s senior debt rating (as defined in the applicable agreement). Cleco Holdings anticipates that some or all of the variable rate debt may be replaced or repaid with long-term financing, markets permitting, within 12 months of the closing of the Cleco Cajun Transaction. In connection with the Cleco Cajun Transaction, Cleco Holdings increased its credit facility capacity by $75.0 million , for a total credit facility of $175.0 million . All other terms remained the same. Also in connection with the Cleco Cajun Transaction on February 4, 2019, Cleco Holdings made a $75.0 million draw on its credit facility, which was repaid on February 5, 2019. The principal amounts payable under long-term debt agreements for each year through 2023 and thereafter are as follows: AMOUNTS PAYABLE UNDER LONG-TERM DEBT ARRANGEMENTS (THOUSANDS) For the year ending Dec. 31, 2019 $ — 2020 $ — 2021 $ 300,000 2022 $ — 2023 $ 165,000 Thereafter $ 885,000 Note 4 — Cash Distributions and Equity Contributions Some provisions in Cleco Power’s debt instruments restrict the amount of equity available for distribution to Cleco Holdings by Cleco Power by requiring Cleco Power’s total indebtedness to be less than or equal to 65% of total capitalization. In addition, the 2016 Merger Commitments provide for limitations on the amount of distributions that may be paid from Cleco Power to Cleco Holdings, depending on Cleco Power’s common equity ratio and its corporate credit ratings. The following table summarizes the cash distributions Cleco Holdings received from affiliates during 2018 , 2017 , and 2016 : SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE FOR THE APR. 13, 2016 - JAN. 1, 2016 - Cleco Power $ 121,400 $ 135,000 $ 85,000 $ 25,000 Perryville 225 6,850 150 200 Attala 217 7,160 100 $ 125 Total $ 121,842 $ 149,010 $ 85,250 $ 25,325 During the year ended December 31, 2018, Cleco Holdings made $1.8 million and $2.1 million in non-cash equity contributions to Perryville and Attala, respectively. During the year ended December 31, 2017, Cleco Holdings made no non-cash equity contributions to affiliates. During the successor period April 13, 2016, through December 31, 2016, Cleco Holdings made no non-cash equity contributions to affiliates. During the year ended December 31, 2018, Cleco Holdings made $1.3 million of contributions to Cleco Cajun. During the year ended December 31, 2017, Cleco Holdings made no contributions to affiliates. During the successor period April 13, 2016, through December 31, 2016, Cleco Holdings made a contribution of $50.0 million to Cleco Power. During the predecessor period January 1, 2016, through April 12, 2016, Cleco Holdings made no contributions to affiliates. During both years ended December 31, 2018, and 2017, Cleco Holdings received no equity contributions from Cleco Group. During the successor period April 13, 2016, through December 31, 2016, Cleco Holdings received $100.7 million of equity contributions from Cleco Group. During the years ended December 31, 2018, and 2017, Cleco Holdings made $71.4 million and $84.1 million , respectively, of distribution payments to Cleco Group. During the successor period April 13, 2016, through December 31, 2016, Cleco Holdings made $88.8 million of distribution payments to Cleco Group. Note 5 — Income Taxes Cleco Holdings’ (Parent Company Only) Condensed Statements of Income reflect income tax expense (benefit) for the following line items: SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - Federal and state income tax expense (benefit) $ (22,317 ) $ (23,094 ) $ (22,937 ) $ (9,690 ) Equity income from subsidiaries - Federal and state income tax expense $ 51,699 $ 30,173 $ 115 $ 13,158 For information regarding the TCJA, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 11 — Income Taxes — TCJA.” Note 6 — Commitments and Contingencies For information regarding commitments and contingencies related to Cleco Holdings, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 16 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees .” |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | CLECO SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (THOUSANDS) BALANCE AT ADDITIONS TO COSTS AND EXPENSES UNCOLLECTIBLE BALANCE AT END OF PERIOD (1) Allowance for Uncollectible Accounts SUCCESSOR Year Ended Dec. 31, 2018 $ 1,457 $ 977 $ 1,620 $ 814 Year Ended Dec. 31, 2017 $ 7,199 $ 4,179 $ 9,921 $ 1,457 Period Apr. 13, 2016 to Dec. 31, 2016 $ 3,336 $ 4,348 $ 485 $ 7,199 PREDECESSOR Period Jan. 1, 2016 to Apr. 12, 2016 $ 2,674 $ 1,163 $ 501 $ 3,336 (1) Deducted in the consolidated balance sheet (THOUSANDS) BALANCE AT BEGINNING OF PERIOD ADDITIONS DEDUCTIONS BALANCE AT END OF PERIOD (1) Unrestricted Storm Reserve SUCCESSOR Year Ended Dec. 31, 2018 $ 4,186 $ — $ 514 $ 3,672 Year Ended Dec. 31, 2017 $ 2,607 $ 4,000 $ 2,421 $ 4,186 Period Apr. 13, 2016 to Dec. 31, 2016 $ 2,536 $ 71 $ — $ 2,607 PREDECESSOR Period Jan. 1, 2016 to Apr. 12, 2016 $ 2,801 $ — $ 265 $ 2,536 Restricted Storm Reserve SUCCESSOR Year Ended Dec. 31, 2018 $ 14,469 $ 1,016 $ — $ 15,485 Year Ended Dec. 31, 2017 $ 17,385 $ 1,084 $ 4,000 $ 14,469 Period Apr. 13, 2016 to Dec. 31, 2016 $ 16,515 $ 870 $ — $ 17,385 PREDECESSOR Period Jan. 1, 2016 to Apr. 12, 2016 $ 16,177 $ 338 $ — $ 16,515 (1) Included in the consolidated balance sheet CLECO POWER SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (THOUSANDS) BALANCE AT ADDITIONS TO COSTS AND EXPENSES UNCOLLECTIBLE BALANCE AT END OF PERIOD (1) Allowance for Uncollectible Accounts Year Ended Dec. 31, 2018 $ 1,457 $ 977 $ 1,620 $ 814 Year Ended Dec. 31, 2017 $ 7,199 $ 4,179 $ 9,921 $ 1,457 Year Ended Dec. 31, 2016 $ 2,674 $ 5,511 $ 986 $ 7,199 (1) Deducted in the consolidated balance sheet (THOUSANDS) BALANCE AT BEGINNING OF PERIOD ADDITIONS DEDUCTIONS BALANCE AT END OF PERIOD (1) Unrestricted Storm Reserve Year Ended Dec. 31, 2018 $ 4,186 $ — $ 514 $ 3,672 Year Ended Dec. 31, 2017 $ 2,607 $ 4,000 $ 2,421 $ 4,186 Year Ended Dec. 31, 2016 $ 2,801 $ 71 $ 265 $ 2,607 Restricted Storm Reserve Year Ended Dec. 31, 2018 $ 14,469 $ 1,016 $ — $ 15,485 Year Ended Dec. 31, 2017 $ 17,385 $ 1,084 $ 4,000 $ 14,469 Year Ended Dec. 31, 2016 $ 16,177 $ 1,208 $ — $ 17,385 (1) Included in the consolidated balance sheet |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Principles of Consolidation | The accompanying consolidated financial statements of Cleco include the accounts of Cleco and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. |
Reclassifications | Certain reclassifications have been made to the 2017 and 2016 financial statements to conform to the presentation used in the 2018 financial statements. These reclassifications had no effect on Cleco and Cleco Power’s net income, financial condition, or cash flows. |
Goodwill | Goodwill is the excess of the purchase price (consideration transferred and liabilities assumed) over the estimated fair value of net assets of the acquired business and is not subject to amortization. Goodwill is assessed annually or more often if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Cleco conducted its 2018 annual impairment test using an August 1, 2018, measurement date. The fair value of Cleco’s reporting segment, Cleco Power, was estimated using a weighted combination of the income approach, which estimates fair value based on discounted cash flows, and the market approach, which estimates fair value based on market comparables within the utility and energy industries. Significant assumptions used in these fair value estimates include estimation of future cash flows, long-term rate of growth, the selection of comparable companies, and weighted-average cost of capital (WACC) or discount rate. Changes in these assumptions could materially affect the determination of fair value and goodwill impairment at Cleco Power. |
Intangible Assets | Intangible assets include Cleco Katrina/Rita’s right to bill and collect storm recovery charges, fair value adjustments for long-term wholesale power supply agreements, and a fair value adjustment for the valuation of the Cleco trade name. The intangible assets are being amortized over their estimated useful lives in a manner that best reflects the economic benefits derived from such assets. Impairment will be tested if there are events or circumstances that indicate that an impairment analysis should be performed. If such an event or circumstance occurs, intangible impairment testing will be performed prior to goodwill impairment testing. Impairment is calculated as the excess of the asset’s carrying amount over its fair value. 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 could 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. As a result of the 2016 Merger, fair value adjustments were recorded on Cleco’s Consolidated Balance Sheet for the valuation of the Cleco trade name and long-term wholesale power supply agreements. At the end of their life, these intangible assets will have no residual value. The trade name intangible asset is being amortized over its estimated economic useful life of 20 years . The intangible assets related to the power supply agreements are amortized over the remaining life of each applicable contract ranging between 4 years and 16 years . |
Statements of Cash Flows | Cleco and Cleco Power’s Consolidated Statements of Cash Flows are prepared using the indirect method. This method requires adjusting net income to remove the effects of all deferrals and accruals of operating cash receipts and payments and to remove items whose cash effects are related to investing and financing cash flows. Derivatives meeting the definition of an accounting hedge are classified in the same category as the item being hedged. |
Regulation | Cleco Power is subject to regulation by FERC and the LPSC. Cleco Power complies with the accounting policies and practices prescribed by its regulatory commissions. Cleco Power’s retail rates are regulated by the LPSC and its tariffs 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 capitalizes or defers certain costs for recovery from customers and recognizes a liability for amounts expected to be returned to customers based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered through the ratemaking process. Regulatory assets and liabilities are amortized consistent with the treatment of the related cost in the ratemaking process. Pursuant to this regulatory approval, Cleco has recorded regulatory assets and liabilities. Any future plan adopted by the LPSC for purposes of transitioning utilities from LPSC regulation to retail competition may affect the regulatory assets and liabilities recorded by Cleco if the criteria for the application of the authoritative guidelines for industry regulated operations cannot continue to be met. At this time, Cleco cannot predict whether any legislation or regulation affecting Cleco will be enacted or adopted and, if enacted, what form such legislation or regulation may take. Cleco capitalizes or defers certain costs for recovery from customers and recognizes a liability for amounts expected to be returned to customers based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered or refunded through the ratemaking process. Under the current regulatory environment, Cleco believes these regulatory assets will be fully recoverable; however, if in the future, as a result of regulatory changes or competition, Cleco’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 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 could require discontinuance of the application of the authoritative guidance of regulated operations. |
AROs | Cleco Power recognizes 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 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, these costs are capitalized to the related property, plant, and equipment asset. These capitalized costs are depreciated over the same period as the related property asset. Cleco Power also defers the current depreciation of the asset retirement cost as a regulatory asset. |
Property, Plant, and Equipment | 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. Property, plant, and equipment consists primarily of regulated utility generation and energy transmission and distribution 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. 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 | Cleco Power defers costs related to the initial stage of a construction project during which time the feasibility of the construction of property, plant, and equipment is being investigated. |
Fuel Inventory and Materials and Supplies | Fuel inventory consists primarily of petroleum coke, coal, limestone, lignite, and natural gas used to generate electricity. Materials and supplies consists of transmission and distribution line construction and repair materials. It also consists of generating station and transmission and distribution substation repair materials. Both fuel inventory and materials and supplies are recorded at the lower of cost or market value using the average cost method and are issued from stock using the average cost of existing stock. Materials and supplies are recorded 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. |
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 Power 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 Power maintains reserves. Additionally, Cleco maintains directors and officers insurance to protect managers from claims which may arise from their decisions and actions taken within the scope of their regular duties. |
Cash Equivalents | Cleco considers highly liquid, marketable securities, and other similar instruments with original maturity dates of three months or less to be cash equivalents. |
Restricted Cash and Cash Equivalents | Various agreements to which Cleco is subject contain covenants that restrict its use of cash. As certain provisions under these agreements are met, cash is transferred out of related escrow accounts and becomes available for its intended purposes and/or general company purposes. Cleco Katrina/Rita 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. The change from December 31, 2017 , to December 31, 2018 , was due to Cleco Katrina/Rita collecting $22.7 million net of administration fees, partially offset by $19.2 million for scheduled storm recovery bond principal payments and $2.6 million for related interest payments. |
Equity Investments | There were no impairments recorded for 2018 , 2017 , or 2016 . For more information on Cleco’s equity investments, see Note 14 — “Variable Interest Entities.” Cleco and Cleco Power account for investments in unconsolidated affiliated companies using the equity method of accounting. The amounts reported on Cleco and Cleco Power’s Consolidated Balance Sheets represent assets contributed by Cleco or Cleco Power, plus their share of the net income of the affiliate, less any distributions of earnings (dividends) received from the affiliate. The revenues and expenses (excluding income taxes) of these affiliates are netted and reported on one line item as equity income from investees on Cleco and Cleco Power’s Consolidated Statements of Income. Cleco evaluates for impairments of equity method investments at each balance sheet date to determine if events and circumstances have occurred that indicate a possible other-than-temporary decline in the fair value of the investment and the possible inability to recover the carrying value through operations. Cleco uses estimates of the future cash flows from the investee and observable market transactions in order to calculate fair value and recoverability. An impairment is recognized when an other-than-temporary decline in market value occurs and recovery of the carrying value is not probable. Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco and Cleco Power’s Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Consolidated Statements of Income |
Income Taxes | Cleco accounts for income taxes under the asset and liability method. Cleco provides for federal and state income taxes currently payable, as well as for those deferred due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets and liabilities are classified as non-current on Cleco and Cleco Power’s Consolidated Balance Sheets. Cleco’s income tax expense and related regulatory assets and liabilities could be affected by changes in its assumptions and estimates and by ultimate resolution of assumptions and estimates with taxing authorities. Cleco Group files a federal income tax return for all wholly owned subsidiaries. Cleco Power computes its federal and state income taxes as if it were a stand-alone taxpayer. The LPSC generally requires Cleco Power to flow the effects of state income taxes to customers immediately. The LPSC specifically requires that the state tax benefits associated with the deductions related to certain storm damages be normalized. The regulatory assets and liabilities recorded for deferred income taxes represent 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 Credits | By using the cost method for investments, the gross investment amortization expense of the NMTC Fund was recognized over a ten -year period, which ended in 2018. The grants received under Section 1603, which allowed certain projects to receive a federal grant in lieu of tax credits, and other cash reduced the basis of the investment. Periodic amortization of the investment and the deferred taxes generated by the basis reduction temporary difference were 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 elected to receive cash grants under the ARRA for investments in various projects. Cleco elected to reduce the carrying value of the qualifying assets as cash grants were received, which reduced the amount of depreciation expense recognized after the underlying assets were placed in service. Certain cash grants also reduced the tax basis of the underlying assets. Grants received via the NMTC Fund reduced the carrying value of the investment for GAAP, but did not reduce the income tax basis of the investment. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Cleco classifies 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. |
Debt Issuance Costs, Premiums, and Discounts | Issuance costs, premiums, and discounts applicable to debt securities are amortized to interest expense ratably over the lives of the related issuances. Expenses and call premiums related to refinanced Cleco Power debt are deferred and amortized over the life of the new issuance. Debt issuance costs, premiums, and discounts are presented as a direct deduction from the carrying value of the related debt liability. |
Revenue and Fuel Costs | Utility Revenue Revenue from sales of electricity is recognized when the service is provided. The costs of fuel and purchased power used for 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. Cleco Power uses actual customer energy consumption data available from AMI to calculate unbilled revenues. Other Operations Revenue Other operations revenue is recognized at the time products or services are provided to and accepted by customers, and collectability is reasonably assured. Sales/Excise Taxes Cleco Power collects a sales and use tax on the sale of electricity that subsequently is remitted to the state in accordance with state law. These amounts are not recorded as income or expense on Cleco’s Consolidated Statements of Income but are reflected at gross amounts on Cleco’s Consolidated Balance Sheets as a receivable until the tax is collected and as a payable until the liability is paid. Cleco currently does not have any excise taxes reflected on its income statement. Franchise Fees Cleco Power collects a consumer fee for one of its franchise agreements. This fee is not recorded on Cleco’s Consolidated Statements of Income as revenue and expense, but is reflected at gross amounts on Cleco’s Consolidated Balance Sheets as a receivable until it is collected and as a payable until the liability is paid. |
AFUDC | The capitalization of AFUDC by Cleco Power is a utility accounting practice prescribed by FERC and the LPSC. AFUDC represents the estimated debt and equity costs of capital funds that are necessary to finance construction of new and existing facilities. While cash is not realized currently from such allowance, AFUDC increases the revenue requirement over the same life of the plant through a higher rate base and higher depreciation. Under regulatory practices, a return on and recovery of AFUDC is permitted in setting rates charged for utility services. |
Fair Value Measurements and Disclosures | Various accounting pronouncements require certain assets and liabilities to be measured at their fair values. Some assets and liabilities are required to be measured at their fair value each reporting period, while others are required to be measured only one time, generally the date of acquisition or debt issuance. Cleco and Cleco Power disclose the fair value of certain assets and liabilities by one of three levels when required for recognition purposes. Cleco utilizes different valuation techniques for fair value calculations. In order to measure the fair value for Level 1 assets and liabilities, Cleco obtains the closing price from published indices in active markets for the various instruments and multiplies this price by the appropriate 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 discounting the price to the current period using a U.S. Treasury published interest rate as a proxy for a risk-free rate of return. Level 3 fair values occur in situations in which there is little, if any, market activity for the asset or liability at the measurement date. Cleco’s Level 3 assets and liabilities are valued using RTO auction prices. Cleco has consistently applied the Level 2 and Level 3 fair value techniques from fiscal period to fiscal period. Significant increases or decreases in any of those inputs in isolation would result in a significantly different fair value measurement. The assets and liabilities reported at fair value are grouped into classes based on the underlying nature and risks associated with the individual asset or liability. |
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 evaluates derivatives and hedging activities to determine whether the market risk-sensitive instruments and positions are required to be marked-to-market. 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 would be 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 would be deferred as a component of deferred fuel assets or liabilities in accordance with regulatory policy. When these positions close, actual gains or losses would be included in the FAC and reflected on customers’ bills as a component of the fuel charge. There were no open natural gas positions at December 31, 2018 , or 2017 . In 2015, the LPSC approved a long-term natural gas hedging pilot program that required Cleco Power to establish a proposal for a program that is designed to provide gas price stability for a minimum of five years . Cleco and Cleco Power maintain a master netting agreement policy and monitor credit risk exposure through review of counterparty credit quality, aggregate counterparty credit exposure, and aggregate counterparty concentration levels. Cleco manages these risks by establishing appropriate credit and concentration limits on transactions with counterparties and requiring contractual guarantees, cash deposits, or letters of credit from counterparties or their affiliates, as deemed necessary. Cleco Power has agreements in place with various 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 and Cleco Power 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. FTRs are derivative instruments which represent economic hedges of future congestion charges that will be incurred in serving Cleco Power’s customer load. FTRs are not designated as hedging instruments for accounting purposes. Cleco Power records FTRs at their estimated fair value when purchased. Each accounting period, Cleco Power adjusts the carrying value of FTRs to their estimated fair value based on the most recent MISO FTR auction prices. Unrealized gains or losses on FTRs held by Cleco Power are included in Accumulated deferred fuel on Cleco Power’s Consolidated Balance Sheets. Realized gains or losses on settled FTRs are recorded in Fuel used for electric generation on Cleco Power’s Consolidated Statements of Income |
Accounting for MISO Transactions | Cleco Power participates in MISO’s Energy and Operating Reserve market where sales and purchases are netted hourly. If the hourly activity nets to sales, the result is reported in Electric operations on Cleco and Cleco Power’s Consolidated Statements of Income. If the hourly activity nets to purchases, the result is reported in Power purchased for utility customers on Cleco and Cleco Power’s Consolidated Statements of Income. |
Recent Authoritative Guidance | In February 2016, FASB amended the guidance to account for leases. This guidance is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The adoption of this guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Cleco adopted this new standard on January 1, 2019, using the optional transition method, which allows an entity to recognize a cumulative-effect adjustment to the opening balance of retained earnings at the date of adoption and apply the new disclosure requirements beginning in the period of adoption. The new standard provides a number of optional practical expedients. Cleco has elected the following: • Transition Elections - Cleco elected the package of practical expedients that permits entities to not reassess prior conclusions about lease identification, lease classification, and initial direct costs under the new standard, as well as the practical expedient that permits entities to not assess existing land easements under the new standard; • Lessee Accounting Policy Elections - Cleco elected the short-term lease recognition exemption whereby right-of-use (ROU) assets and lease liabilities will not be recognized for leasing arrangements with terms one year or less, and the practical expedient to not separate lease and non-lease components for all classes of underlying assets other than the marine transportation asset class, which includes barges and towboats; and • Lessor Accounting Policy Election - Cleco elected the practical expedient to account for lease and non-lease components in a contract as a single lease component for all classes of underlying assets. Cleco does not currently have lessor marine transportation agreements, but if any are entered into in the future then the practical expedient to not separate lease and non-lease components will not be elected for this class of underlying asset. Adoption of this standard resulted in the recognition of ROU assets and lease liabilities for operating leases of $16.6 million and $16.0 million , respectively, as of January 1, 2019. There was no impact to retained earnings as a result of adopting this standard. Adoption of this standard did not materially impact the results of operations, financial condition, or cash flows of the Registrants. In August 2016, FASB amended the guidance for certain cash flow issues with the objective of reducing existing diversity in practice. This guidance affects the cash flow classification related to certain types of transactions including debt, contingent consideration, proceeds from the settlement of insurance claims, and distributions from equity method investees. The amended guidance was adopted by the Registrants at January 1, 2018. This amendment was applied using a retrospective transition method to each period presented. This guidance impacted the presentation of Cleco and Cleco Power’s cash flow statements for the year ended December 31, 2016, by moving make-whole payments of $18.6 million , which were made in connection with the redemption of $250.0 million of 6.65% senior notes in 2016, from Other deferred accounts to Payments for long-term debt prepayment costs. Also, this amount was removed from Interest paid, net of amount capitalized, in the supplementary cash flow information. This guidance did not impact the results of operations or financial condition of the Registrants. In November 2016, FASB amended guidance for certain cash flow issues. The amended guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash. Therefore, amounts generally described as restricted cash and cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amended guidance was adopted by the Registrants at January 1, 2018, by moving the presentation of restricted cash and restricted cash equivalents in the statement of cash flows to net cash flows of total cash, cash equivalents, restricted cash, and restricted cash equivalents. This amendment was applied using a retrospective transition method to each period presented. This guidance impacted the presentation of the cash flows statement, as noted above, but did not have an impact on the results of operations or financial condition of the Registrants. In January 2017, FASB amended the accounting guidance to simplify the measurement of a goodwill impairment loss. The amended guidance eliminates step two of the goodwill impairment test, which requires a hypothetical purchase price allocation to measure goodwill impairment. Under the new guidance, a goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Cleco elected to early adopt this guidance effective January 1, 2018. Adoption of this guidance did not impact the results of operations, financial condition, or cash flows of the Registrants. In March 2017, FASB amended guidance related to defined benefit pension and other postretirement benefit plans. The new amendment requires an entity to present service cost in the same line item as other current employee compensation costs and to present the remaining components of net benefit cost in a separate line item outside of operating items. The amendment also allows only the service cost component of net benefit cost to be eligible for capitalization within property, plant, and equipment. The non-service costs capitalized for ratemaking purposes will be reflected as a regulatory asset or liability for GAAP. Cleco adopted this guidance as of January 1, 2018. This amendment was applied retrospectively for the presentation of the service cost in the income statement while the capitalization of the service cost was applied prospectively. This guidance did not have a significant impact on the results of operations, financial condition, or cash flows of the Registrants. The change in presentation for Cleco and Cleco Power was as follows: Cleco SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - Other operations and maintenance $ (11,071 ) $ (8,618 ) $ (3,447 ) Other expense $ 11,071 $ 8,618 $ 3,447 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2017 2016 Other operations and maintenance $ (7,612 ) $ (8,529 ) Other expense $ 7,612 $ 8,529 In February 2018, FASB amended guidance that permits, but does not require, companies to reclassify stranded tax effects from the TCJA from AOCI to retained earnings. The adoption of this guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those years. Management has elected to early adopt. On December 31, 2018, Cleco and Cleco Power reclassed $0.6 million and $2.5 million , respectively, of stranded tax effects associated with the TCJA from AOCI to retained earnings. In March 2018, FASB issued clarifying guidance regarding a company’s ability to comply with the accounting requirements for the income tax effects of the TCJA in the period of enactment. The guidance clarifies accounting for income taxes if information is not yet available or complete. In December 2018, Cleco recorded its final adjustments related to the TCJA. In August 2018, FASB issued guidance that allows for the deferral of certain implementation costs incurred in a cloud computing arrangement. The adoption of this guidance is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those years. Early adoption is permitted. Management does not expect this guidance to have significant impact on the results of operations, financial condition, or cash flows of the Registrants. In August 2018, FASB issued guidance updating the disclosure framework for Defined Benefit Plans. Under the new guidance, entities will no longer be required to disclose the amount in other comprehensive income expected to be recognized as a component of net periodic benefit cost of the next fiscal year or the impact of a one-percentage point increase and a one-percentage point decrease in the assumed health care cost trend. The new framework will require additional disclosure including a narrative description of the reasons for significant gains/losses affecting the benefit obligation. The adoption of this guidance is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. Management does not expect this guidance to have a significant impact on the result of operations, financial condition, or cash flows of Registrants. In August 2018, FASB issued guidance updating the disclosure framework for Fair Value Measurement. Under the new guidance, entities will no longer be required to disclose the amount of and reasons for transfers between level 1 and level 2 of the fair value hierarchy, the policy of timing of transfers between levels, or the valuation policies and procedures for level 3 fair value measurements. The new framework will require additional disclosures around level 3 fair value measurements, including the range, weighted average, and time period used to develop significant unobservable inputs. The adoption of this guidance is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. Management does not expect this guidance to have a significant impact on the results of operations, financial condition, or cash flows of the Registrants. In October 2018, FASB issued guidance that requires indirect interest held through related parties under common control to be considered on a proportional basis when determining whether fees paid to decision makers and service providers are variable interest. The adoption of this guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those years. Early adoption is permitted. Management does not expect this guidance to have a significant impact on the results of operations, financial condition, or cash flows of the Registrants. In November 2018, FASB issued amendments clarifying that transactions in a collaborative arrangement should be accounted for using the Revenue Recognition standards when the counterparty is a customer for a direct good or service. The guidance precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. The adoption of this guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those years. Early adoption is permitted. Management does not expect this guidance to have a significant impact on the results of operations, financials condition, or cash flows of the registrants. |
Revenue from Contracts with Customers | Cleco adopted the accounting guidance for revenue recognition and all related amendments on January 1, 2018, using the modified retrospective method. The guidance affects entities that enter into contracts for the transfer of nonfinancial 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. Application of the new revenue standard did not result in a cumulative effect adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The impact of the adoption of the new standard is not material to the results of operations, financial condition, or cash flows of the Registrants. Revenue from Contracts with Customers Retail Revenue Cleco’s revenue from contracts with customers is generated primarily from Cleco Power’s regulated revenue to retail residential, commercial, and industrial customers. Cleco recognizes retail revenue from these contracts as a series, and progress towards satisfaction of the performance obligation is measured using an output method based on kWh delivered. Accordingly, revenue from electricity sales is recognized as energy is delivered to the customer. Cleco bills retail customers, based on rates regulated by the LPSC, on a monthly basis with payments generally due within 20 days of the invoice date. Cleco records retail revenue under the invoice practical expedient, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount that the entity has a right to invoice. Included in Cleco’s retail revenue is unbilled electric revenue, which represents the amount customers will be billed for services rendered from the last meter reading to the end of the respective accounting period. Cleco uses actual customer energy consumption data available from AMI to calculate unbilled revenue. Also included in Cleco’s retail revenue is electric customer credits, which primarily represents the accrued estimated refunds for the tax-related benefits of the TCJA. Wholesale Revenue Wholesale revenue is generated primarily through the sale of energy and capacity to cooperatives, municipalities, and the MISO transmission provider. Cleco also enters into transactions through MISO for spot energy sales which are transacted in the Day-Ahead Energy and Operating Reserves Market and the Real-Time Energy and Operating Reserves Market. The electricity revenue performance obligations, representing both energy and capacity, are satisfied as a series of performance obligations, and progress towards satisfaction of the performance obligations are measured using an output method. The energy performance obligation measure of progress is based on kWh delivered. The capacity performance obligation measure of progress is based on time elapsed and will be recognized each month as Cleco’s generating units stand ready to deliver electricity to the customer. Cleco charges its wholesale customers market based rates that are subject to FERC’s triennial market power analysis. Cleco recognizes wholesale revenue, inclusive of both performance obligations, under the invoice practical expedient for the amount Cleco has the right to invoice. Transmission Revenue Transmission revenue is earned under a tariff with MISO. The performance obligation of transmission service is satisfied as service is provided. Revenue is recognized upon delivery of the transmission service. Cleco’s revenue from the transmission of electricity is recorded based on a FERC-approved annual formula rate mechanism. This mechanism provides for an annual filing of revenue requirements with rates effective June 1 of each year. Other Revenue Other revenue from contracts with customers, which is not a significant source of Cleco’s revenue, includes Teche Unit 3 SSR revenue and connection or other fees. The performance obligation under these contracts is satisfied and revenue is recognized as control of the products is delivered or services are rendered. |
Stock-Based Plan Descriptions and Share Information | Prior to the completion of the 2016 Merger, stock options, restricted stock, also known as non-vested stock, common stock equivalent units, and stock appreciation rights were available to be granted or awarded to certain officers, key employees, or directors of Cleco Corporation and its affiliates under the LTIP. Prior to the completion of the 2016 Merger, Cleco had two stock-based compensation plans: the ESPP and the LTIP. As a result of the completion of the 2016 Merger, the ESPP and the LTIP were terminated. During 2016 , Cleco did not modify any of the terms of outstanding awards. Cleco recognized stock-based compensation expense for these provisions in accordance with the non-substantive vesting period approach. Prior to the completion of the 2016 Merger, Cleco recorded compensation expense for all non-vested stock. Assuming achievement of vesting requirements was probable, stock-based compensation expense of non-vested stock was recorded during the service periods, which were generally three years . All stock-based compensation cost was measured at the grant date based on the fair value of the award and was recognized as an expense in the income statement over the requisite service period of the award. Awards that vest pro rata during the requisite service period that contain only a service condition were defined as having a graded vesting schedule and could have been treated as multiple awards with separate vesting schedules. However, Cleco elected to treat grants with graded vesting schedules as one award and recognized the related compensation expense on a straight-line basis over the requisite service period. Recipients of non-vested stock had full voting rights of a stockholder. At the time restrictions lapsed, the accrued dividend equivalent units were paid to the recipient only to the extent that target shares vested. In order to vest, the non-vested stock required the satisfaction of a service requirement and a market-based requirement. Recipients of non-vested stock were eligible to receive opportunity instruments if certain market-based measures were exceeded. Cleco also awarded non-vested stock with only a service period requirement to certain employees and directors. These awards required the satisfaction of a predetermined service period in order for the shares to vest. |
Pension Plan and Employee Benefits | Employees hired before August 1, 2007, are covered by a non-contributory, defined benefit pension plan. Benefits under the plan reflect an employee’s years of service, age at retirement, and highest total average compensation for any consecutive five 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. Certain Cleco officers are covered by SERP. In 2014, SERP was closed to new participants; however, with regard to current SERP participants, including former employees or their beneficiaries, all terms of SERP will continue, other than as described below. SERP is a non-qualified, non-contributory, defined benefit pension plan. Generally, benefits under the plan reflect an employee’s years of service, age at retirement, and the sum of (a) the highest base salary paid out over the last five calendar years and (b) the average of the five highest cash bonuses paid during the 60 months prior to retirement. SERP benefits are reduced by retirement 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 amount the employee would have received under the terms of the original 401(k) Plan. In accordance with the SERP plan document and the Merger Agreement, four executive officers received enhanced benefits, and upon termination of employment, two of these executive officers received accelerated vesting. Another executive officer received enhanced SERP benefits, net of other postretirement benefits, as part of a separation agreement. Two executive officers’ SERP benefits were capped as of December 31, 2017, with regard to final compensation; however, adjustments will continue with regard to age and tenure with Cleco. Additionally, these executive officers had their annual bonuses set at target rather than actual awards for years 2016 and 2017 for the average incentive award portion of their SERP benefit calculation. A third executive officer’s SERP benefit amount will be set at a specified amount based upon the year of separation. Management reviews current market trends as it evaluates Cleco’s future compensation strategy. Cleco does not fund the SERP liability, but instead pays for current benefits out of the general funds available. Cleco Power has formed a rabbi trust. The life insurance policies issued on SERP participants designate the rabbi trust as the beneficiary. Market conditions could have a significant impact on the cash surrender value of the life insurance policies. Proceeds from the life insurance policies are expected to be used to pay the SERP participants’ death benefits, as well as future SERP payments. However, because SERP is a non-qualified plan, the assets of the trust could be used to satisfy general creditors of Cleco Power in the event of insolvency. All SERP benefits are paid out of the general cash available of the respective companies that employed the officer. Cleco Power is the plan sponsor and Support Group is the plan administrator. Cleco’s retirees may be eligible to receive Other Benefits. Dependents of Cleco’s retirees may also be eligible to receive Other Benefits with the exception of life insurance benefits. Cleco recognizes the expected cost of Other Benefits during the periods in which the benefits are earned. Cleco’s 401(k) Plan is intended to provide active, eligible employees with voluntary, long-term savings and investment opportunities. The 401(k) Plan is a defined contribution plan and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974. In accordance with the 401(k) Plan, employer contributions are made in the form of cash. Cash contributions are invested in proportion to the participant’s voluntary contribution investment choices. Participation in the Plan is voluntary and active Cleco employees are eligible to participate. |
Disclosure about segments | The financial results of Cleco’s segment 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. These intercompany transactions relate primarily to joint and common administrative support services. |
Variable Interest Entities | Cleco and Cleco Power apply the equity method of accounting to report the investment in Oxbow in the consolidated financial statements. Under the equity method, the assets and liabilities of this entity are reported as Equity investment in investee on Cleco and Cleco Power’s Consolidated Balance Sheets. The revenue and expenses (excluding income taxes) of this entity are netted and reported as equity income or loss from investees on Cleco and Cleco Power’s Consolidated Statements of Income. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Line Items] | |
Amortization of Computer Software | Amortization of capitalized computer software costs charged to expense in Cleco and Cleco Power’s Consolidated Statements of Income for the years ending December 31, 2018 , 2017 , and 2016 is shown in the following tables: Cleco SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - Amortization $ 2,154 $ 2,367 $ 2,351 $ 921 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2016 Amortization $ 1,607 $ 1,887 $ 2,405 The following tables present Cleco and Cleco Power’s amortization of intangible assets: Cleco FOR THE YEAR ENDED DEC. 31, SUCCESSOR PREDECESSOR (THOUSANDS) 2018 2017 2016 Jan. 1, 2016 - Cleco Katrina/Rita right to bill and collect storm recovery charges $ 20,608 $ 16,772 $ 12,121 $ 4,369 Trade name 255 255 183 — Power supply agreements 9,680 10,757 7,482 — Total amortization of intangible assets $ 30,543 $ 27,784 $ 19,786 $ 4,369 No impairments for intangibles in the table above for 2018, 2017, and 2016. |
Property, Plant, and Equipment | At December 31, 2018 , and 2017 , Cleco and Cleco Power’s property, plant, and equipment consisted of the following: Cleco AT DEC. 31, (THOUSANDS) 2018 2017 Utility plants Generation $ 1,949,042 $ 1,908,344 Distribution 1,081,650 1,015,472 Transmission 519,269 512,428 Other utility plant 174,010 153,900 Other property, plant, and equipment 4,506 4,381 Total property, plant, and equipment 3,728,477 3,594,525 Accumulated depreciation (303,727 ) (192,348 ) Net property, plant, and equipment $ 3,424,750 $ 3,402,177 Depreciation on property, plant, and equipment is calculated primarily on a straight-line basis over the useful lives of the assets, as follows: CATEGORY YEARS Utility Plants Generation 10 – 95 Distribution 15 – 50 Transmission 5 – 55 Other utility plant 5 – 45 Other property, plant, and equipment 5 – 45 |
Restricted Cash and Cash Equivalents | Cleco and Cleco Power’s restricted cash and cash equivalents consisted of: Cleco AT DEC. 31, (THOUSANDS) 2018 2017 Current Cleco Katrina/Rita’s storm recovery bonds $ 9,505 $ 8,597 Cleco Power’s charitable contributions 1,200 1,200 Cleco Power’s rate credit escrow 536 3,284 Total current 11,241 13,081 Non-current Diversified Lands’ mitigation escrow 21 21 Cleco Power’s future storm restoration costs 15,391 14,456 Cleco Power’s charitable contributions 2,753 3,575 Cleco Power’s rate credit escrow 505 2,029 Total non-current 18,670 20,081 Total restricted cash and cash equivalents $ 29,911 $ 33,162 |
Change in Presentation for Service Cost | The change in presentation for Cleco and Cleco Power was as follows: Cleco SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - Other operations and maintenance $ (11,071 ) $ (8,618 ) $ (3,447 ) Other expense $ 11,071 $ 8,618 $ 3,447 |
CLECO POWER | |
Accounting Policies [Line Items] | |
Amortization of Computer Software | Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2016 Amortization $ 1,607 $ 1,887 $ 2,405 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2016 Cleco Katrina/Rita right to bill and collect storm recovery charges $ 20,608 $ 16,772 $ 16,490 |
Property, Plant, and Equipment | Cleco Power AT DEC. 31, (THOUSANDS) 2018 2017 Regulated utility plants Generation $ 2,476,733 $ 2,442,987 Distribution 1,523,885 1,462,193 Transmission 731,432 725,199 Other utility plant 282,954 263,105 Total property, plant, and equipment 5,015,004 4,893,484 Accumulated depreciation (1,804,563 ) (1,712,590 ) Net property, plant, and equipment $ 3,210,441 $ 3,180,894 |
Restricted Cash and Cash Equivalents | Cleco Power AT DEC. 31, (THOUSANDS) 2018 2017 Current Cleco Katrina/Rita’s storm recovery bonds $ 9,505 $ 8,597 Charitable contributions 1,200 1,200 Rate credit escrow 536 3,284 Total current 11,241 13,081 Non-current Future storm restoration costs 15,391 14,456 Charitable contributions 2,753 3,575 Rate credit escrow 505 2,029 Total non-current 18,649 20,060 Total restricted cash and cash equivalents $ 29,890 $ 33,141 |
Change in Presentation for Service Cost | Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2017 2016 Other operations and maintenance $ (7,612 ) $ (8,529 ) Other expense $ 7,612 $ 8,529 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Operating revenue, net for the year ended December 31, 2018 , was as follows: FOR THE TWELVE MONTHS ENDED DEC. 31, 2018 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue from contracts with customers Retail revenue Residential (1) $ 435,610 $ — $ — $ 435,610 Commercial (1) 288,791 — — 288,791 Industrial (1) 167,001 — — 167,001 Other retail (1) 15,582 — — 15,582 Surcharge 23,138 — — 23,138 Electric customer credits (33,195 ) — — (33,195 ) Total retail revenue 896,927 — — 896,927 Wholesale, net (1) 219,598 (9,680 ) (2) — 209,918 Transmission 54,531 — — 54,531 Other (3) 27,800 2 — 27,802 Affiliate (4) 874 74,591 (75,465 ) — Total revenue from contracts with customers 1,199,730 64,913 (75,465 ) 1,189,178 Revenue unrelated to contracts with customers Other (5) 41,866 — — 41,866 Total revenue unrelated to contracts with customers 41,866 — — 41,866 Operating revenue, net $ 1,241,596 $ 64,913 $ (75,465 ) $ 1,231,044 (1) Includes fuel recovery revenue. (2) Amortization of intangible assets related to wholesale power supply agreements. (3) Other revenue from contracts with customers includes $18.2 million of other miscellaneous fee revenue and $9.6 million of Teche Unit 3 SSR revenue. (4) Affiliate revenue from contracts with customers includes interdepartmental rents and support services. This revenue is eliminated upon consolidation. (5) Includes realized gains associated with FTRs of $39.3 million and LCFC of $2.6 million . |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | For contracts that are greater than one year, the following table discloses (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2018 , and (2) when Cleco expects to recognize this revenue: REMAINING PERFORMANCE OBLIGATIONS (THOUSANDS) Years ending Dec. 31, 2019 $ 35,970 2020 7,068 2021 7,068 2022 6,468 2023 5,268 Thereafter 4,942 Total remaining performance obligations $ 66,784 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Purchase Price Allocation and Fair Value Adjustments | The following tables present the fair value adjustments to Cleco’s balance sheet and recognition of goodwill: (THOUSANDS) AT APR. 13, 2016 Property, plant, and equipment $ (1,334,932 ) Accumulated depreciation $ (1,565,776 ) Goodwill $ 1,490,797 Intangible assets $ 91,826 Regulatory assets $ 250,409 Deferred income tax liabilities $ 126,853 Other deferred credits $ 21,175 Long-term debt $ 198,599 Pushdown accounting was applied to Cleco, and accordingly, the Cleco consolidated assets acquired and liabilities assumed were recorded on April 13, 2016, at their fair values as follows: Purchase Price Allocation (THOUSANDS) AT APR. 13, 2016 Current assets $ 455,016 Property, plant, and equipment, net 3,432,144 Goodwill 1,490,797 Other long-term assets 1,023,487 Less Current liabilities 228,515 Net deferred income tax liabilities 1,059,939 Other deferred credits 279,379 Long-term debt, net 1,470,126 Total purchase price $ 3,363,485 |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Regulatory Assets and Liabilities [Line Items] | |
Schedule of Regulatory Assets | The following table summarizes Cleco’s net regulatory assets and liabilities: Cleco AT DEC. 31, (THOUSANDS) 2018 2017 Total Cleco Power regulatory assets, net $ 134,755 $ 146,774 Cleco 2016 Merger adjustments (1) Fair value of long-term debt 138,701 147,145 Postretirement costs 19,387 21,375 Financing costs 8,279 8,623 Debt issuance costs 6,252 6,665 Total Cleco regulatory assets, net $ 307,374 $ 330,582 (1) Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger. |
Schedule of Regulatory Liabilities | The following table summarizes Cleco’s net regulatory assets and liabilities: Cleco AT DEC. 31, (THOUSANDS) 2018 2017 Total Cleco Power regulatory assets, net $ 134,755 $ 146,774 Cleco 2016 Merger adjustments (1) Fair value of long-term debt 138,701 147,145 Postretirement costs 19,387 21,375 Financing costs 8,279 8,623 Debt issuance costs 6,252 6,665 Total Cleco regulatory assets, net $ 307,374 $ 330,582 (1) Cleco regulatory assets include acquisition accounting adjustments as a result of the 2016 Merger. |
CLECO POWER | |
Regulatory Assets and Liabilities [Line Items] | |
Schedule of Regulatory Assets | The following table summarizes Cleco Power’s regulatory assets and liabilities: Cleco Power AT DEC. 31, REMAINING RECOVERY PERIOD (YRS.) (THOUSANDS) 2018 2017 Regulatory (liabilities) assets - deferred taxes, net Total federal regulatory liability — income taxes $ (55,922 ) $ (64,205 ) Total state regulatory asset — income taxes 141,136 142,788 TCJA (374,961 ) (348,590 ) AFUDC 134,369 129,953 Total investment tax credit (159 ) (372 ) Total regulatory (liabilities) assets — deferred taxes, net $ (155,537 ) $ (140,426 ) * Regulatory liabilities - other (4,992 ) — * Regulatory Assets Mining costs 1,274 3,823 0.5 Interest costs 4,208 4,499 * AROs (1) 3,099 2,762 * Postretirement costs (1) 140,245 142,764 * Tree trimming costs 9,069 7,193 * Training costs 6,396 6,552 41 Surcredits, net (2) 289 2,173 * AMI deferred revenue requirement 3,681 4,227 7 Emergency declarations 2,980 4,131 1.5 Production operations and maintenance expenses 12,245 8,625 * AFUDC equity gross-up (2) 71,952 71,205 * Acadia Unit 1 acquisition costs 2,230 2,336 21 Financing costs 7,923 8,293 * MISO integration costs — 468 — Coughlin transaction costs 938 968 30.5 Corporate franchise tax, net 1,416 153 * MATS Costs — 2,564 — Non-service cost of postretirement benefits 4,629 — * Energy Efficiency 2,585 — * Other 13 484 * Total regulatory assets 275,172 273,220 Accumulated deferred fuel 20,112 13,980 * Total regulatory assets, net $ 134,755 $ 146,774 (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, 2018, and 2017, respectively. All other assets are earning a return on investment. * For information related to the remaining recovery periods, refer to the following disclosures for each specific regulatory asset. |
Schedule of Regulatory Liabilities | The following table summarizes Cleco Power’s regulatory assets and liabilities: Cleco Power AT DEC. 31, REMAINING RECOVERY PERIOD (YRS.) (THOUSANDS) 2018 2017 Regulatory (liabilities) assets - deferred taxes, net Total federal regulatory liability — income taxes $ (55,922 ) $ (64,205 ) Total state regulatory asset — income taxes 141,136 142,788 TCJA (374,961 ) (348,590 ) AFUDC 134,369 129,953 Total investment tax credit (159 ) (372 ) Total regulatory (liabilities) assets — deferred taxes, net $ (155,537 ) $ (140,426 ) * Regulatory liabilities - other (4,992 ) — * Regulatory Assets Mining costs 1,274 3,823 0.5 Interest costs 4,208 4,499 * AROs (1) 3,099 2,762 * Postretirement costs (1) 140,245 142,764 * Tree trimming costs 9,069 7,193 * Training costs 6,396 6,552 41 Surcredits, net (2) 289 2,173 * AMI deferred revenue requirement 3,681 4,227 7 Emergency declarations 2,980 4,131 1.5 Production operations and maintenance expenses 12,245 8,625 * AFUDC equity gross-up (2) 71,952 71,205 * Acadia Unit 1 acquisition costs 2,230 2,336 21 Financing costs 7,923 8,293 * MISO integration costs — 468 — Coughlin transaction costs 938 968 30.5 Corporate franchise tax, net 1,416 153 * MATS Costs — 2,564 — Non-service cost of postretirement benefits 4,629 — * Energy Efficiency 2,585 — * Other 13 484 * Total regulatory assets 275,172 273,220 Accumulated deferred fuel 20,112 13,980 * Total regulatory assets, net $ 134,755 $ 146,774 (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, 2018, and 2017, respectively. All other assets are earning a return on investment. * For information related to the remaining recovery periods, refer to the following disclosures for each specific regulatory asset. |
Jointly Owned Generation Units
Jointly Owned Generation Units (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Jointly Owned Generation Units | At December 31, 2018 , the investment in and accumulated depreciation for each generating unit on Cleco and Cleco Power’s Consolidated Balance Sheets were as follows: Cleco AT DEC. 31, 2018 (THOUSANDS, EXCEPT PERCENTAGES AND MW) RODEMACHER UNIT 2 DOLET HILLS TOTAL Utility plant in service $ 71,962 $ 176,935 $ 248,897 Accumulated depreciation $ 5,309 $ 12,385 $ 17,694 Construction work in progress $ 317 $ 5,463 $ 5,780 Ownership interest percentage 30 % 50 % Nameplate capacity (MW) 523 650 Ownership interest (MW) 157 325 |
CLECO POWER | |
Jointly Owned Utility Plant Interests [Line Items] | |
Jointly Owned Generation Units | Cleco Power AT DEC. 31, 2018 (THOUSANDS, EXCEPT PERCENTAGES AND MW) RODEMACHER UNIT 2 DOLET HILLS TOTAL Utility plant in service $ 146,142 $ 394,431 $ 540,573 Accumulated depreciation $ 79,489 $ 229,882 $ 309,371 Construction work in progress $ 317 $ 5,463 $ 5,780 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, 2018 | |
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 on Cleco and Cleco Power’s Consolidated Balance Sheets: Cleco AT DEC. 31, 2018 2017 (THOUSANDS) CARRYING VALUE* FAIR VALUE CARRYING VALUE* FAIR VALUE Long-term debt $ 2,889,631 $ 2,859,924 $ 2,866,955 $ 2,921,325 * The carrying value of long-term debt does not include deferred issuance costs of $10.3 million in 2018 and $11.6 million in 2017. |
Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis | The following tables disclose for Cleco and Cleco Power the fair value of financial assets and liabilities measured on a recurring basis: Cleco FAIR VALUE MEASUREMENTS AT REPORTING DATE (THOUSANDS) AT DEC. 31, 2018 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) AT DEC. 31, 2017 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) Asset Description Institutional money market funds $ 133,722 $ — $ 133,722 $ — $ 144,302 $ — $ 144,302 $ — FTRs 23,355 — — 23,355 7,396 — — 7,396 Total assets $ 157,077 $ — $ 133,722 $ 23,355 $ 151,698 $ — $ 144,302 $ 7,396 Liability Description FTRs $ 468 $ — $ — $ 468 $ 352 $ — $ — $ 352 Total liabilities $ 468 $ — $ — $ 468 $ 352 $ — $ — $ 352 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes the net changes in the net fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy for Cleco and Cleco Power: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 Beginning balance $ 7,044 $ 7,683 Unrealized gains (losses)* 11,865 (1,392 ) Purchases 28,185 23,941 Settlements (24,207 ) (23,188 ) Ending balance $ 22,887 $ 7,044 * Unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco and Cleco Power's Consolidated Balance Sheets. |
Fair Value Measurement Inputs and Valuation Techniques | he following table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of December 31, 2018 : FAIR VALUE VALUATION TECHNIQUE SIGNIFICANT UNOBSERVABLE INPUTS FORWARD PRICE RANGE (THOUSANDS, EXCEPT DOLLAR PER MWh) Assets Liabilities Low High FTRs at December 31, 2018 $ 23,355 $ 468 RTO auction pricing FTR price - per MWh $ (4.40 ) $ 15.10 FTRs at December 31, 2017 $ 7,396 $ 352 RTO auction pricing FTR price - per MWh $ (2.95 ) $ 6.33 |
Derivatives Not Designated as Hedging Instrument | |
Fair Value [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the fair values of derivative instruments and their respective line items as recorded on Cleco and Cleco Power’s Consolidated Balance Sheets at December 31, 2018 , and 2017 : DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS (THOUSANDS) BALANCE SHEET LINE ITEM AT DEC. 31, 2018 AT DEC. 31, 2017 Commodity-related contracts FTRs: Current Energy risk management assets $ 23,355 $ 7,396 Current Energy risk management liabilities 468 352 Commodity-related contracts, net $ 22,887 $ 7,044 |
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, 2018 , 2017 , and 2016 : Cleco AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES SUCCESSOR PREDECESSOR (THOUSANDS) DERIVATIVES LINE ITEM FOR THE YEAR ENDED DEC. 31, 2018 FOR THE APR. 13, 2016 - JAN. 1, 2016 - Commodity contracts FTRs (1) Electric operations $ 39,659 $ 23,826 $ 17,506 $ 3,012 FTRs (1) Power purchased for utility customers (4,566 ) (5,509 ) (2,112 ) (582 ) Total $ 35,093 $ 18,317 $ 15,394 $ 2,430 (1) For the years ended December 31, 2018 and 2017, unrealized gains (losses) associated with FTRs of $11.9 million and $(1.4) million , respectively, were reported through Accumulated deferred fuel on the balance sheet. For the predecessor period January 1, 2016 - April 12, 2016, and the successor period April 13, 2016 - December 31, 2016, unrealized (losses) gains associated with FTRs of $(1.0) million and $3.1 million , respectively, were reported through Accumulated deferred fuel on the balance sheet. Cleco Power AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES FOR THE YEAR ENDED DEC. 31, (THOUSANDS) DERIVATIVES LINE ITEM 2018 2017 2016 Commodity contracts FTRs (1) Electric operations $ 39,659 $ 23,826 $ 20,518 FTRs (1) Power purchased for utility customers (4,566 ) (5,509 ) (2,694 ) Total $ 35,093 $ 18,317 $ 17,824 |
CLECO POWER | |
Fair Value [Line Items] | |
Fair Value By Balance Sheet Grouping | Cleco Power AT DEC. 31, 2018 2017 (THOUSANDS) CARRYING VALUE* FAIR VALUE CARRYING VALUE* FAIR VALUE Long-term debt $ 1,400,930 $ 1,517,152 $ 1,369,810 $ 1,535,234 * The carrying value of long-term debt does not include deferred issuance costs of $8.3 million in 2018 and $9.1 million in 2017. |
Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis | Cleco Power FAIR VALUE MEASUREMENTS AT REPORTING DATE: (THOUSANDS) AT DEC. 31, 2018 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) AT DEC. 31, 2017 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) Asset Description Institutional money market funds $ 55,900 $ — $ 55,900 $ — $ 95,681 $ — $ 95,681 $ — FTRs 23,355 — — 23,355 7,396 — — 7,396 Total assets $ 79,255 $ — $ 55,900 $ 23,355 $ 103,077 $ — $ 95,681 $ 7,396 Liability Description FTRs $ 468 $ — $ — $ 468 $ 352 $ — $ — $ 352 Total liabilities $ 468 $ — $ — $ 468 $ 352 $ — $ — $ 352 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes the net changes in the net fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy for Cleco and Cleco Power: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 Beginning balance $ 7,044 $ 7,683 Unrealized gains (losses)* 11,865 (1,392 ) Purchases 28,185 23,941 Settlements (24,207 ) (23,188 ) Ending balance $ 22,887 $ 7,044 * Unrealized gains (losses) are reported through Accumulated deferred fuel on Cleco and Cleco Power's Consolidated Balance Sheets. |
CLECO POWER | Derivatives Not Designated as Hedging Instrument | |
Fair Value [Line Items] | |
Effect of Derivatives On Consolidated Statements of Income | Cleco Power AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES FOR THE YEAR ENDED DEC. 31, (THOUSANDS) DERIVATIVES LINE ITEM 2018 2017 2016 Commodity contracts FTRs (1) Electric operations $ 39,659 $ 23,826 $ 20,518 FTRs (1) Power purchased for utility customers (4,566 ) (5,509 ) (2,694 ) Total $ 35,093 $ 18,317 $ 17,824 (1) For the years ended December 31, 2018, 2017, and 2016, unrealized gains (losses) associated with FTRs of $11.9 million , $(1.4) million , and $2.1 million , respectively, were reported through Accumulated deferred fuel on the balance sheet. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Instrument [Line Items] | |
Total Indebtedness | Cleco’s total indebtedness as of December 31, 2018 , and 2017 was as follows: Cleco AT DEC. 31, (THOUSANDS) 2018 2017 Total Cleco Power long-term debt and capital leases, net $ 1,387,774 $ 1,341,475 Cleco Holdings’ long-term debt, net Senior notes, 3.250%, due 2023 165,000 165,000 Senior notes, 3.743%, due 2026 535,000 535,000 Senior notes, 4.973%, due 2046 350,000 350,000 Bank term loan, variable rate, due 2021 300,000 300,000 Unamortized debt issuance costs (1) (1,989 ) (2,516 ) Fair value adjustment 138,700 147,146 Total Cleco long-term debt and capital leases, net $ 2,874,485 $ 2,836,105 (1) For December 31, 2018, and 2017, this amount includes unamortized debt issuance costs for Cleco Holdings of $8.2 million and $9.2 million , respectively, partially offset by deferred debt issuance costs eliminated as a result of the 2016 Merger of $6.3 million and $6.7 million , respectively. For more information, see Note 5 — “Regulatory Assets and Liabilities — Cleco Holdings’ 2016 Merger Adjustments.” |
Future Amounts Payable Under Long-Term Debt Agreements | The principal amounts payable under long-term debt agreements for each year through 2023 and thereafter are as follows: (THOUSANDS) CLECO CLECO POWER For the year ending Dec. 31, 2019 $ 20,571 $ 20,571 2020 $ 11,054 $ 11,054 2021 $ 300,000 $ — 2022 $ 25,000 $ 25,000 2023 $ 265,000 $ 100,000 Thereafter $ 2,135,000 $ 1,250,000 |
Schedule of Future Minimum Lease Payments for Capital Leases | The amounts payable under the capital lease agreements for each year through 2023 and thereafter are as follows: (THOUSANDS) CLECO CLECO POWER For the year ending Dec. 31, 2019 $ 557 $ 557 2020 $ 617 $ 617 2021 $ 682 $ 682 2022 $ 755 $ 755 2023 $ 836 $ 836 Thereafter $ 12,971 $ 12,971 |
CLECO POWER | |
Debt Instrument [Line Items] | |
Total Indebtedness | Cleco Power’s total indebtedness as of December 31, 2018 , and 2017 was as follows: Cleco Power AT DEC. 31, (THOUSANDS) 2018 2017 Bonds Senior notes, 2.94%, due 2022 $ 25,000 $ 25,000 Senior notes, 3.08%, due 2023 100,000 100,000 Senior notes, 3.17%, due 2024 50,000 — Senior notes, 3.68%, due 2025 75,000 75,000 Senior notes, 3.47%, due 2026 130,000 130,000 Senior notes, 4.33%, due 2027 50,000 50,000 Senior notes, 3.57%, due 2028 200,000 200,000 Senior notes, 6.50%, due 2035 295,000 295,000 Senior notes, 6.00%, due 2040 250,000 250,000 Senior notes, 5.12%, due 2041 100,000 100,000 Series A GO Zone bonds, 2.00%, due 2038, mandatory tender in 2020 50,000 50,000 Series B GO Zone bonds, 4.25%, due 2038 50,000 50,000 Cleco Katrina/Rita’s storm recovery bonds, 5.61%, due 2023 31,625 50,819 Total bonds 1,406,625 1,375,819 Other long-term debt Barge lease obligations 16,418 — Gross amount of long-term debt 1,423,043 1,375,819 Less: long-term debt due within one year 20,571 19,193 Less: capital lease obligations classified as long-term debt due within one year 557 — Unamortized debt discount (5,695 ) (6,010 ) Unamortized debt issuance costs (8,446 ) (9,141 ) Total long-term debt and capital leases, net $ 1,387,774 $ 1,341,475 |
Schedule of Future Minimum Lease Payments for Capital Leases | The following is a schedule by years of future minimum lease payments under the capital lease together with the present value of the net minimum lease payments as of December 31, 2018 : (THOUSANDS) Years ending Dec. 31, 2019 $ 2,611 2020 2,611 2021 2,611 2022 2,611 2023 2,611 Thereafter 23,655 Total minimum lease payments 36,710 Less: executory costs 5,817 Net minimum lease payments 30,893 Less: amount representing interest 14,475 Present value of net minimum lease payments $ 16,418 Current liabilities $ 557 Non-current liabilities $ 15,861 |
Pension Plan and Employee Ben_2
Pension Plan and Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , and 2017 is presented in the following table: SERP BENEFITS FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 Change in benefit obligation Benefit obligation at beginning of period $ 84,339 $ 78,045 Service cost 542 494 Interest cost 3,077 3,239 Actuarial (gain) loss (5,163 ) 6,442 Benefits paid (4,381 ) (4,376 ) Plan amendments — 180 Special/contractual termination benefits — 315 Benefit obligation at end of period $ 78,414 $ 84,339 The employee pension plan and other benefits plan obligation, plan assets, and funded status at December 31, 2018 , and 2017 are presented in the following table: PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2018 2017 Change in benefit obligation Benefit obligation at beginning of period $ 567,215 $ 512,785 $ 43,203 $ 44,136 Service cost 9,507 9,039 1,320 1,446 Interest cost 20,860 21,648 1,465 1,569 Plan participants’ contributions — — 1,224 1,149 Actuarial (gain) loss (42,935 ) 46,686 (1,106 ) 437 Expenses paid (2,786 ) (3,020 ) — — Benefits paid (20,925 ) (19,923 ) (5,651 ) (5,534 ) Benefit obligation at end of period 530,936 567,215 40,455 43,203 Change in plan assets Fair value of plan assets at beginning of period 444,089 403,715 — — Actual return on plan assets (28,884 ) 63,317 — — Expenses paid (2,786 ) (3,020 ) — — Adjustment 439 — — — Benefits paid (20,925 ) (19,923 ) — — Fair value of plan assets at end of period 391,933 444,089 — — Unfunded status $ (139,003 ) $ (123,126 ) $ (40,455 ) $ (43,203 ) |
Accumulated Benefit Obligation | SERP’s accumulated benefit obligation at December 31, 2018 , and 2017 is presented in the following table: SERP BENEFITS AT DEC. 31, (THOUSANDS) 2018 2017 Accumulated benefit obligation $ 78,414 $ 84,339 The employee pension plan accumulated benefit obligation at December 31, 2018 , and 2017 is presented in the following table: PENSION BENEFITS AT DEC. 31, (THOUSANDS) 2018 2017 Accumulated benefit obligation $ 491,522 $ 520,612 |
Schedule of Amounts Recognized in Balance Sheet | The current and non-current portions of the SERP liability for Cleco and Cleco Power at December 31, 2018 , and 2017 are as follows: Cleco AT DEC. 31, (THOUSANDS) 2018 2017 Current $ 4,478 $ 4,471 Non-current $ 73,936 $ 79,868 The current and non-current portions of the other benefits liability for Cleco and Cleco Power at December 31, 2018 , and 2017 are as follows: Cleco AT DEC. 31, (THOUSANDS) 2018 2017 Current $ 4,130 $ 4,061 Non-current $ 36,325 $ 39,142 |
Amounts Recognized in Other Comprehensive Income | The following table presents the net actuarial gains/losses and prior service costs/credits included in other comprehensive income for other benefits and in regulatory assets for pension related to current year gains and losses as a result of being included in net periodic benefit costs for the employee pension plan and other benefits plan for December 31, 2018 , and 2017 : PENSION BENEFITS OTHER BENEFITS FOR THE YEAR ENDED DEC. 31, FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2018 2017 Net actuarial loss (gain) occurring during period $ 9,722 $ 7,434 $ (1,106 ) $ 437 Net actuarial loss (gain) amortized during period $ 12,313 $ 10,008 $ 135 $ (50 ) Prior service (credit) cost amortized during period $ (71 ) $ (71 ) $ — $ — The following table presents net actuarial gains/losses and prior service costs/credits included in other comprehensive income or regulatory assets related to current year gains and losses as a result of being amortized as a component of net periodic benefit costs for SERP for December 31, 2018 , and 2017 : SERP BENEFITS FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 Net actuarial (gain) loss occurring during year $ (5,163 ) $ 6,622 Net actuarial loss amortized during year $ 2,913 $ 2,105 Prior service credit amortized during year $ (160 ) $ (190 ) |
Amounts Recognized in Accumulated Other Comprehensive Income | The following table presents net actuarial gains/losses and prior service costs/credits in accumulated other comprehensive income for other benefits and in regulatory assets for pension that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2019 for the employee pension plan and other benefits plans at December 31, 2019 , 2018 , and 2017 : PENSION BENEFITS OTHER BENEFITS AT DEC. 31, AT DEC. 31, (THOUSANDS) 2019 2018 2017 2019 2018 2017 Net actuarial loss (gain) $ 7,496 $ 140,377 $ 142,967 $ (151 ) $ 1,814 $ 2,779 Prior service credit $ (71 ) $ (131 ) $ (203 ) $ — $ — $ — The following table presents net actuarial losses and prior service credit in accumulated other comprehensive income and regulatory assets that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2019 for SERP at December 31, 2019 , 2018 , and 2017 : SERP BENEFITS AT DEC. 31, (THOUSANDS) 2019 2018 2017 Net actuarial loss $ 1,729 $ 17,261 $ 25,336 Prior service credit $ (160 ) $ (1,837 ) $ (1,997 ) |
Components of Net Periodic Pension and Other Benefit Costs | The components of net periodic pension and other benefits costs for 2018 , 2017 , and 2016 are as follows: PENSION BENEFITS OTHER BENEFITS SUCCESSOR PREDECESSOR SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - Components of periodic benefit costs Service cost $ 9,507 $ 9,039 $ 6,909 $ 2,563 $ 1,320 $ 1,446 $ 1,112 $ 431 Interest cost 20,860 21,648 15,088 6,242 1,465 1,569 1,237 476 Expected return on plan assets (23,773 ) (24,064 ) (17,310 ) (6,812 ) — — — — Amortizations Prior service (credit) cost (71 ) (71 ) (51 ) (20 ) — — — 34 Net loss (gain) 12,312 10,008 8,138 2,798 135 (50 ) — 181 Net periodic benefit cost $ 18,835 $ 16,560 $ 12,774 $ 4,771 $ 2,920 $ 2,965 $ 2,349 $ 1,122 The components of the net SERP costs for 2018 , 2017 , and 2016 are as follows: SERP BENEFITS SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - Components of periodic benefit costs Service cost $ 542 $ 494 $ 571 $ 702 Interest cost 3,077 3,239 2,275 900 Amortizations Prior service (credit) cost (160 ) (190 ) (50 ) 17 Net loss 2,913 2,105 1,651 574 Net periodic benefit cost 6,372 5,648 4,447 2,193 Curtailment charge — — — 3,602 Special/contractual termination benefits — 315 — 3,222 Total benefit cost $ 6,372 $ 5,963 $ 4,447 $ 9,017 |
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 BENEFITS AT DEC. 31, 2018 2017 Weighted-average assumptions used to determine the benefit obligation Discount rate 4.34 % 3.70 % Rate of compensation increase 5.00 % 5.00 % SERP BENEFITS SUCCESSOR PREDECESSOR JAN. 1, 2018 - DEC. 31, 2018 MAR. 31, 2017 - DEC. 31, 2017 JAN. 1, 2017 - MAR. 30, 2017 SEPT. 1, 2016 - DEC. 31, 2016 APR. 13, 2016 - AUG. 31, 2016 JAN. 1, 2016 - Weighted-average assumptions used to determine the net benefit cost Discount rate 3.70 % 4.08 % 4.22 % 3.47 % 4.15 % 4.60 % Rate of compensation increase 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % The assumptions used to determine the benefit obligation and the periodic costs are as follows: PENSION BENEFITS OTHER BENEFITS AT DEC. 31, AT DEC. 31, 2018 2017 2018 2017 Weighted-average assumptions used to determine the benefit obligation Discount rate 4.35 % 3.73 % 4.16 % 3.47 % Rate of compensation increase 2.93 % 2.98 % N/A N/A PENSION BENEFITS OTHER BENEFITS SUCCESSOR PREDECESSOR SUCCESSOR PREDECESSOR FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - Weighted-average assumptions used to determine the net benefit cost Discount rate 3.73 % 4.27 % 4.21 % 4.62 % 3.47 % 3.81 % 4.08 % 4.08 % Expected return on plan assets 5.86 % 6.08 % 6.21 % 6.21 % N/A N/A N/A N/A Rate of compensation increase 2.93 % 2.98 % 3.03 % 3.03 % N/A 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: (THOUSANDS) AT DEC. 31, 2018 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) Asset Description Cash equivalents $ 2,471 $ — $ 2,471 $ — Common stock 13,111 13,111 — — Obligations of Government, Government Agencies, and state and local governments 19,831 — 19,831 — Mutual funds Domestic 79,210 79,210 — — International 43,418 43,418 — — Real estate funds 20,298 — — 20,298 Corporate debt 138,391 — 138,391 — Total $ 316,730 $ 135,739 $ 160,693 $ 20,298 Investments measured at net asset value* 73,100 Interest accrual 2,103 Total net assets $ 391,933 *Investments measured at net asset value consist of Common/collective trust. (THOUSANDS) AT DEC. 31, 2017 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) Asset Description Cash equivalents $ 4,825 $ — $ 4,825 $ — Common stock 17,655 17,655 — — Obligations of Government, Government Agencies, and state and local governments 50,852 — 50,852 — Mutual funds Domestic 58,617 58,617 — — International 36,970 36,970 — — Real estate funds 19,195 — — 19,195 Corporate debt 204,835 — 204,835 — Total $ 392,949 $ 113,242 $ 260,512 $ 19,195 Investments measured at net asset value* 48,103 Interest accrual 3,037 Total net assets $ 444,089 *Investments measured at net asset value consist of Common/collective trust. The following chart shows the dynamic asset allocation based on the funded ratio at December 31, 2018 : PERCENT OF TOTAL PLAN ASSETS AT DEC. 31, 2018 MINIMUM TARGET MAXIMUM Return-seeking Domestic equity 20 % International equity 20 % Multi-asset credit 6 % Real estate 4 % Total return-seeking 45 % 50 % 55 % Liability hedging* 45 % 50 % 55 % *Liability hedging has no target subcategories. |
Pension Plan Unobservable Input Reconciliation | The following is a reconciliation of the beginning and ending balances of the pension plan’s real estate funds measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2018 , and 2017 : (THOUSANDS) Balance, Dec. 31, 2016 $ 18,668 Realized losses (2,365 ) Unrealized gains 2,674 Purchases 649 Sales (431 ) Balance, Dec. 31, 2017 $ 19,195 Realized gains 29 Unrealized gains 391 Purchases 710 Sales (27 ) Balance, Dec. 31, 2018 $ 20,298 |
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 $ 13 $ (15 ) Effect on postretirement benefit obligation $ 194 $ (215 ) |
Projected Benefit Payments and Projected Receipts | The projected benefit payments for the employee pension plan and other benefits obligation plan for each year through 2023 and the next five years thereafter are listed in the following table: (THOUSANDS) PENSION BENEFITS OTHER BENEFITS, GROSS For the year ending Dec. 31, 2019 $ 22,868 $ 4,215 2020 $ 24,042 $ 4,071 2021 $ 25,180 $ 3,936 2022 $ 26,373 $ 3,856 2023 $ 27,512 $ 3,716 Next five years $ 154,047 $ 16,615 The projected benefit payments for SERP for each year through 2023 and the next five years thereafter are shown in the following table: (THOUSANDS) 2019 2020 2021 2022 2023 NEXT FIVE YEARS SERP $ 4,574 $ 4,670 $ 4,755 $ 4,754 $ 4,755 $ 24,717 |
401(k) Plan Expense | Cleco’s 401(k) Plan expense for the years ended December 31, 2018 , 2017 , and 2016 was as follows: SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - 401(k) Plan expense $ 5,884 $ 5,386 $ 3,554 $ 1,593 The expense of the 401(k) Plan related to Cleco’s other subsidiaries for the years ended December 31, 2018 , 2017 , and 2016 was as follows: SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - 401(k) Plan expense $ 1,066 $ 888 $ 554 $ 319 |
CLECO POWER | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Schedule of Amounts Recognized in Balance Sheet | Cleco Power AT DEC. 31, (THOUSANDS) 2018 2017 Current $ 3,584 $ 3,525 Non-current $ 31,694 $ 34,033 Cleco Power AT DEC. 31, (THOUSANDS) 2018 2017 Current $ 930 $ 929 Non-current $ 12,025 $ 16,589 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Line Items] | |
Effective Income Tax Rate Reconciliation | The differences are as follows: SUCCESSOR PREDECESSOR (THOUSANDS, EXCEPT PERCENTAGES) FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - Income (loss) before tax $ 123,819 $ 145,159 $ (46,935 ) $ (492 ) Statutory rate 21.0 % 35.0 % 35.0 % 35.0 % Tax expense (benefit) at federal statutory rate $ 26,002 $ 50,806 $ (16,427 ) $ (172 ) Increase (decrease) Plant differences, including AFUDC flowthrough (401 ) 743 (881 ) 823 Amortization of investment tax credits (236 ) (662 ) (371 ) (124 ) State income taxes, net of federal benefit 6,288 5,047 1,844 (3,078 ) Nondeductible merger costs — 2 (844 ) 4,282 Return to accrual adjustment (193 ) (608 ) (2,943 ) — TCJA (19 ) (46,291 ) — — NMTC (1,578 ) 313 (181 ) (158 ) Other (481 ) (2,271 ) (3,019 ) 1,895 Total tax expense (benefit) $ 29,382 $ 7,079 $ (22,822 ) $ 3,468 Effective rate 23.7 % 4.9 % 48.6 % (704.9 )% |
Current and Deferred Income Tax Expense | Information about current and deferred income tax expense is as follows: SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENBDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - Current federal income tax expense (benefit) $ 15,304 $ 46,520 $ (1,062 ) $ 1,373 Deferred federal income tax expense (benefit) 5,863 (47,329 ) (16,715 ) 5,297 Amortization of accumulated deferred investment tax credits (236 ) (662 ) (371 ) (124 ) Total federal income tax expense (benefit) $ 20,931 $ (1,471 ) $ (18,148 ) $ 6,546 Current state income tax expense (benefit) 7,771 3,187 (337 ) — Deferred state income tax expense (benefit) 680 5,363 (4,337 ) (3,078 ) Total state income tax expense (benefit) $ 8,451 $ 8,550 $ (4,674 ) $ (3,078 ) Total federal and state income tax expense (benefit) $ 29,382 $ 7,079 $ (22,822 ) $ 3,468 Items charged or credited directly to member’s/shareholders’ equity Federal deferred 1,408 (2,380 ) 808 348 State deferred 460 (384 ) 130 56 Total tax expense (benefit) from items charged directly to member’s/shareholders’ equity $ 1,868 $ (2,764 ) $ 938 $ 404 Total federal and state income tax expense (benefit) $ 31,250 $ 4,315 $ (21,884 ) $ 3,872 |
Deferred Tax Assets and Liabilities | The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2018 , and 2017 was comprised of the following: AT DEC. 31, (THOUSANDS) 2018 2017 Depreciation and property basis differences $ (664,996 ) $ (596,824 ) Net operating loss carryforward — 12,873 NMTC 86,673 96,917 Fuel costs (8,339 ) (3,283 ) Other comprehensive income 640 (490 ) Regulated operations regulatory liability, net 39,808 (54,471 ) Postretirement benefits 19,580 23,642 Merger fair value adjustments (56,725 ) (58,251 ) Other (24,671 ) (34,925 ) Accumulated deferred federal and state income taxes, net $ (608,030 ) $ (614,812 ) |
CLECO POWER | |
Income Taxes [Line Items] | |
Effective Income Tax Rate Reconciliation | The differences are as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS, EXCEPT PERCENTAGES) 2018 2017 2016 Income before tax $ 218,181 $ 218,069 $ 57,497 Statutory rate 21.0 % 35.0 % 35.0 % Tax expense at federal statutory rate $ 45,818 $ 76,324 $ 20,124 Increase (decrease) Plant differences, including AFUDC flowthrough (401 ) 743 (58 ) Amortization of investment tax credits (236 ) (662 ) (494 ) State income taxes, net of federal benefit 11,080 7,583 1,999 Return to accrual adjustment 483 (284 ) (2,646 ) TCJA (19 ) (14,292 ) — Other (801 ) (2,081 ) (556 ) Total taxes $ 55,924 $ 67,331 $ 18,369 Effective rate 25.6 % 30.9 % 31.9 % |
Current and Deferred Income Tax Expense | Information about current and deferred income tax expense is as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2016 Current federal income tax expense (benefit) $ 44,411 $ 87,433 $ (1,211 ) Deferred federal income tax (benefit) expense (9,033 ) (29,190 ) 22,647 Amortization of accumulated deferred investment tax credits (236 ) (662 ) (494 ) Total federal income tax expense $ 35,142 $ 57,581 $ 20,942 Current state income tax expense (benefit) 23,293 14,751 (418 ) Deferred state income tax benefit (2,511 ) (5,001 ) (2,155 ) Total state income tax expense (benefit) $ 20,782 $ 9,750 $ (2,573 ) Total federal and state income taxes $ 55,924 $ 67,331 $ 18,369 Items charged or credited directly to members’ equity Federal deferred 797 (141 ) 1,976 State deferred 261 (23 ) 319 Total tax expense (benefit) from items charged directly to member’s equity $ 1,058 $ (164 ) $ 2,295 Total federal and state income tax expense $ 56,982 $ 67,167 $ 20,664 |
Deferred Tax Assets and Liabilities | The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2018 , and 2017 was comprised of the following: AT DEC. 31, (THOUSANDS) 2018 2017 Depreciation and property basis differences $ (666,224 ) $ (597,838 ) Net operating loss carryforward — 470 Fuel costs (8,339 ) (3,282 ) Other comprehensive income 4,192 5,250 Regulated operations regulatory liability, net 39,808 (54,471 ) Postretirement benefits 11,081 6,266 Other (11,283 ) (12,757 ) Accumulated deferred federal and state income taxes, net $ (630,765 ) $ (656,362 ) |
Disclosures about Segments (Tab
Disclosures about Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION SUCCESSOR FOR THE YEAR ENDED DEC. 31, 2018 (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,191,587 $ (9,680 ) $ — $ 1,181,907 Other operations 82,330 2 — 82,332 Affiliate revenue 874 74,591 (75,465 ) — Electric customer credits (33,195 ) — — (33,195 ) Operating revenue, net $ 1,241,596 $ 64,913 $ (75,465 ) $ 1,231,044 Depreciation and amortization $ 162,069 $ 8,344 $ 1 $ 170,414 Merger transaction and commitment costs $ — $ 19,514 $ — $ 19,514 Interest income $ 5,052 $ 1,338 $ (317 ) $ 6,073 Interest charges $ 71,303 $ 55,659 $ (320 ) $ 126,642 Federal and state income tax expense (benefit) $ 55,924 $ (26,541 ) $ (1 ) $ 29,382 Net income (loss) $ 162,257 $ (67,819 ) $ (1 ) $ 94,437 Additions to property, plant, and equipment $ 289,153 $ 1,908 $ — $ 291,061 Equity investment in investee $ 18,172 $ — $ — $ 18,172 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 5,839,853 $ 633,756 $ (36,795 ) $ 6,436,814 SUCCESSOR (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,108,389 $ (10,757 ) $ — $ 1,097,632 Other operations 77,522 2,058 — 79,580 Affiliate revenue 851 57,168 (58,019 ) — Electric customer credits (1,566 ) — — (1,566 ) Operating revenue, net $ 1,185,196 $ 48,469 $ (58,019 ) $ 1,175,646 Depreciation and amortization $ 158,415 $ 8,439 $ — $ 166,854 Merger transaction and commitment costs $ — $ 5,445 $ (293 ) $ 5,152 Interest income $ 1,283 $ 316 $ (175 ) $ 1,424 Interest charges $ 69,362 $ 53,725 $ (174 ) $ 122,913 Federal and state income tax expense (benefit) $ 67,331 $ (60,252 ) $ — $ 7,079 Net income (loss) $ 150,738 $ (12,659 ) $ 1 $ 138,080 Additions to property, plant, and equipment $ 235,252 $ 1,680 $ — $ 236,932 Equity investment in investee $ 18,172 $ — $ — $ 18,172 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 5,679,538 $ 619,943 $ (21,099 ) $ 6,278,382 SUCCESSOR PREDECESSOR (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL CLECO POWER OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 810,075 $ (7,482 ) $ (1 ) $ 802,592 $ 281,154 $ — $ — $ 281,154 Other operations 50,080 1,482 — 51,562 18,493 587 — 19,080 Affiliate revenue 621 35,602 (36,223 ) — 263 15,024 (15,287 ) — Electric customer credits (1,149 ) — — (1,149 ) (364 ) — — (364 ) Operating revenue, net $ 859,627 $ 29,602 $ (36,224 ) $ 853,005 $ 299,546 $ 15,611 $ (15,287 ) $ 299,870 Depreciation and amortization $ 109,695 $ 7,296 $ (1 ) $ 116,990 $ 43,698 $ 377 $ 1 $ 44,076 Merger transaction and commitment costs $ 151,501 $ 23,285 $ — $ 174,786 $ — $ 34,928 $ (16 ) $ 34,912 Interest income $ 652 $ 275 $ (87 ) $ 840 $ 208 $ 69 $ (12 ) $ 265 Interest charges $ 54,606 $ 35,246 $ (86 ) $ 89,766 $ 21,840 $ 295 $ (12 ) $ 22,123 Federal and state income tax expense (benefit) $ 5,376 $ (28,198 ) $ — $ (22,822 ) $ 12,993 $ (9,525 ) $ — $ 3,468 Net income (loss) $ 17,580 $ (41,692 ) $ (1 ) $ (24,113 ) $ 21,548 $ (25,508 ) $ — $ (3,960 ) Additions to property, plant, and equipment $ 143,790 $ 654 $ — $ 144,444 $ 42,353 $ 39 $ — $ 42,392 Equity investment in investee $ 18,672 $ — $ — $ 18,672 Goodwill $ 1,490,797 $ — $ — $ 1,490,797 Total segment assets $ 5,758,245 $ 614,959 $ (30,060 ) $ 6,343,144 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) - CLECO POWER | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 Oxbow’s net assets/liabilities $ 36,345 $ 36,345 Cleco Power’s 50% equity $ 18,172 $ 18,172 Cleco Power’s maximum exposure to loss $ 18,172 $ 18,172 |
Equity Method Investments | The following table presents the components of Cleco Power’s equity investment in Oxbow: AT DEC. 31, INCEPTION TO DATE (THOUSANDS) 2018 2017 Purchase price $ 12,873 $ 12,873 Cash contributions 6,399 6,399 Dividend received (1,100 ) (1,100 ) Total equity investment in investee $ 18,172 $ 18,172 The following tables contain summarized financial information for Oxbow: AT DEC. 31, (THOUSANDS) 2018 2017 Current assets $ 4,128 $ 2,318 Property, plant, and equipment, net 25,186 25,656 Other assets 9,405 10,186 Total assets $ 38,719 $ 38,160 Current liabilities $ 2,374 $ 1,815 Partners’ capital 36,345 36,345 Total liabilities and partners’ capital $ 38,719 $ 38,160 FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2016 Operating revenue $ 6,992 $ 4,189 $ 5,459 Operating expenses 6,992 4,189 5,459 Income before taxes $ — $ — $ — |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Summary of Expected Operating Lease Payments | The following table is a summary of expected operating lease payments for Cleco and Cleco Power: (THOUSANDS) CLECO HOLDINGS CLECO POWER TOTAL Year ending Dec. 31, 2019 $ 120 $ 4,030 $ 4,150 2020 — 3,890 3,890 2021 — 2,789 2,789 2022 — 1,239 1,239 2023 — 1,214 1,214 Thereafter — 7,235 7,235 Total operating lease payments $ 120 $ 20,397 $ 20,517 |
Litigation, Other Commitments_2
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Recorded Unconditional Purchase Obligation [Line Items] | |
Schedule of Future Minimum Lease Payments for Capital Leases | The amounts payable under the capital lease agreements for each year through 2023 and thereafter are as follows: (THOUSANDS) CLECO CLECO POWER For the year ending Dec. 31, 2019 $ 557 $ 557 2020 $ 617 $ 617 2021 $ 682 $ 682 2022 $ 755 $ 755 2023 $ 836 $ 836 Thereafter $ 12,971 $ 12,971 |
CLECO POWER | |
Recorded Unconditional Purchase Obligation [Line Items] | |
Future Payments under Long-Term Purchase Obligations | The aggregate amount of payments required under such obligations at December 31, 2018 , is as follows: FUTURE PAYMENTS UNDER LONG-TERM PURCHASE OBLIGATIONS (THOUSANDS) For the year ending Dec. 31, 2019 $ 40,980 2020 24,092 2021 17,695 2022 4,620 2023 4,646 Thereafter 16,442 Total long-term purchase obligations $ 108,475 |
Classes of Leased Property under Capital Leases | The following is an analysis of leased property under capital leases by major classes: AT DEC. 31, CLASSES OF PROPERTY (THOUSANDS) 2018 2017 Barges $ 16,800 $ — Less: accumulated amortization 840 — Capital lease assets, net $ 15,960 $ — |
Schedule of Future Minimum Lease Payments for Capital Leases | The following is a schedule by years of future minimum lease payments under the capital lease together with the present value of the net minimum lease payments as of December 31, 2018 : (THOUSANDS) Years ending Dec. 31, 2019 $ 2,611 2020 2,611 2021 2,611 2022 2,611 2023 2,611 Thereafter 23,655 Total minimum lease payments 36,710 Less: executory costs 5,817 Net minimum lease payments 30,893 Less: amount representing interest 14,475 Present value of net minimum lease payments $ 16,418 Current liabilities $ 557 Non-current liabilities $ 15,861 |
Affiliate Transactions (Tables)
Affiliate Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
CLECO POWER | |
Affiliate Transaction [Line Items] | |
Schedule of Related Party Transactions | Cleco Power had the following affiliate receivable and payable balances associated with the service agreements: AT DEC. 31, 2018 2017 (THOUSANDS) ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE Cleco Holdings $ 699 $ 88 $ 743 $ 113 Support Group 2,619 7,755 608 8,582 Other (1) — — 4 2 Total $ 3,318 $ 7,843 $ 1,355 $ 8,697 (1) Represents Attala and Perryville. 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) 2018 2017 2016 Support Group Other operations and maintenance $ 56,669 $ 50,572 $ 48,371 Taxes other than income taxes $ 6 $ (13 ) $ 10 Other expense $ 290 $ 255 $ 106 Cleco Holdings Other expense $ 1,007 $ 361 $ — 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) 2018 2017 2016 Affiliate revenue Support Group $ 874 $ 851 $ 884 Total affiliate revenue $ 874 $ 851 $ 884 Other income Cleco Holdings $ 1,092 $ 494 $ 19 Other (1) $ — $ — $ 12 Total other income $ 1,092 $ 494 $ 31 Total $ 1,966 $ 1,345 $ 915 (1) Represents Attala and Perryville in 2016. The following table shows the expense of the pension plan related to Cleco Power’s affiliates for the years ended 2018 and 2017 : FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 Support Group $ 1,963 $ 1,812 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Amortization of Intangible Assets | Amortization of capitalized computer software costs charged to expense in Cleco and Cleco Power’s Consolidated Statements of Income for the years ending December 31, 2018 , 2017 , and 2016 is shown in the following tables: Cleco SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2018 FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - Amortization $ 2,154 $ 2,367 $ 2,351 $ 921 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2016 Amortization $ 1,607 $ 1,887 $ 2,405 The following tables present Cleco and Cleco Power’s amortization of intangible assets: Cleco FOR THE YEAR ENDED DEC. 31, SUCCESSOR PREDECESSOR (THOUSANDS) 2018 2017 2016 Jan. 1, 2016 - Cleco Katrina/Rita right to bill and collect storm recovery charges $ 20,608 $ 16,772 $ 12,121 $ 4,369 Trade name 255 255 183 — Power supply agreements 9,680 10,757 7,482 — Total amortization of intangible assets $ 30,543 $ 27,784 $ 19,786 $ 4,369 No impairments for intangibles in the table above for 2018, 2017, and 2016. |
Intangible Assets Subject to Amortization | The following tables summarize the balances for intangible assets subject to amortization for Cleco and Cleco Power as of December 31, 2018 , and 2017 : Cleco AT DEC. 31, (THOUSANDS) 2018 2017 Cleco Katrina/Rita right to bill and collect storm recovery charges $ 70,594 $ 70,594 Power supply agreements 85,104 85,104 Trade name 5,100 5,100 Gross carrying amount 160,798 160,798 Accumulated amortization (76,491 ) (45,948 ) Net intangible assets subject to amortization $ 84,307 $ 114,850 |
Expected Amortization Expense | The following table summarizes the amortization expense related to intangible assets expected to be recognized in Cleco’s Consolidated Statements of Income: Cleco EXPECTED AMORTIZATION EXPENSE (THOUSANDS) For the year ending Dec. 31, 2019 $ 29,414 2020 $ 11,549 2021 $ 9,935 2022 $ 9,935 2023 $ 9,935 Thereafter $ 13,539 |
CLECO POWER | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Amortization of Intangible Assets | Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2016 Amortization $ 1,607 $ 1,887 $ 2,405 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2018 2017 2016 Cleco Katrina/Rita right to bill and collect storm recovery charges $ 20,608 $ 16,772 $ 16,490 |
Intangible Assets Subject to Amortization | Cleco Power AT DEC. 31, (THOUSANDS) 2018 2017 Cleco Katrina/Rita right to bill and collect storm recovery charges $ 177,537 $ 177,537 Accumulated amortization (156,444 ) (135,836 ) Net intangible assets subject to amortization $ 21,093 $ 41,701 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 PREDECESSOR Balances, Dec. 31, 2015 $ (20,857 ) $ (5,728 ) $ (26,585 ) Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 587 — 587 Reclassification of net loss to interest charges — 60 60 Balances, Apr. 12, 2016 $ (20,270 ) $ (5,668 ) $ (25,938 ) SUCCESSOR (1) Balances, Apr. 13, 2016 $ — $ — $ — Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year 2,304 2,304 Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net gain (804 ) — (804 ) Balances, Dec. 31, 2016 $ 1,500 $ — $ 1,500 Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year (3,898 ) — (3,898 ) Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net gain (523 ) — (523 ) Balances, Dec. 31, 2017 $ (2,921 ) $ — $ (2,921 ) Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year 3,681 — 3,681 Amounts reclassified from accumulated other comprehensive income Amortization of postretirement benefit net loss 1,615 — 1,615 Reclassification of effect of tax rate change (589 ) — (589 ) Balances, Dec. 31, 2018 $ 1,786 $ — $ 1,786 (1) As a result of the 2016 Merger, AOCI was reduced to zero on April 13, 2016, as required by acquisition accounting. |
CLECO POWER | |
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, 2015 $ (11,364 ) $ (5,728 ) $ (17,092 ) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year 3,913 — 3,913 Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net gain (454 ) — (454 ) Reclassification of net loss to interest charges — 211 211 Balances, Dec. 31, 2016 $ (7,905 ) $ (5,517 ) $ (13,422 ) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year (948 ) — (948 ) Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 476 — 476 Reclassification of net loss to interest charges — 211 211 Balances, Dec. 31, 2017 $ (8,377 ) $ (5,306 ) $ (13,683 ) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year 954 — 954 Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 1,789 — 1,789 Reclassification of net loss to interest charges — 254 254 Reclassification of effect of tax rate change (1,426 ) (1,070 ) (2,496 ) Balances, Dec. 31, 2018 $ (7,060 ) $ (6,122 ) $ (13,182 ) |
Miscellaneous Financial Infor_2
Miscellaneous Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Information [Line Items] | |
Quarterly Financial Information | Quarterly information for Cleco for 2018 and 2017 is shown in the following tables: 2018 (THOUSANDS) 1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER Operating revenue, net $ 276,760 $ 299,261 $ 358,256 $ 296,767 Operating income $ 44,734 $ 63,709 $ 86,110 $ 50,004 Net income $ 10,861 $ 25,839 $ 47,360 $ 10,377 Distributions to member $ 19,500 $ 20,400 $ 20,600 $ 10,850 2017 (THOUSANDS) 1ST QUARTER 2ND QUARTER 3RD 4TH QUARTER Operating revenue, net $ 250,501 $ 308,661 $ 338,499 $ 277,985 Operating income $ 41,462 $ 73,270 $ 97,790 $ 52,702 Net income $ 6,292 $ 25,444 $ 45,304 $ 61,040 Distributions to member $ 28,955 $ 26,700 $ 28,300 $ 110 |
CLECO POWER | |
Quarterly Information [Line Items] | |
Quarterly Financial Information | Quarterly information for Cleco Power for 2018 and 2017 is shown in the following tables: 2018 (THOUSANDS) 1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER Operating revenue, net $ 279,387 $ 301,901 $ 360,899 $ 299,409 Operating income $ 50,521 $ 72,602 $ 96,063 $ 59,786 Net income $ 26,004 $ 43,020 $ 63,336 $ 29,897 Distributions to member $ 28,000 $ 43,000 $ 50,400 $ — 2017 (THOUSANDS) 1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER Operating revenue, net $ 253,703 $ 310,787 $ 340,614 $ 280,093 Operating income $ 46,424 $ 76,667 $ 101,357 $ 60,798 Net income $ 17,854 $ 35,733 $ 54,852 $ 42,299 Distributions to member $ 35,000 $ 25,000 $ 15,000 $ 60,000 |
The Company (Details)
The Company (Details) customer in Thousands | Dec. 31, 2018generationunitcustomerentityMW |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Number of transmission interconnection facility subsidiaries | entity | 2 |
CLECO POWER | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Number of generating units owned | generationunit | 9 |
Nameplate capacity of all generating units (MW) | MW | 3,310 |
Approximate number of customers served | customer | 291 |
Ownership interest in lignite entity | 50.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restatement Adjustment | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Depreciation and amortization | $ 400 | $ 7,300 | |
Other operations and maintenance | 400 | 7,300 | |
CLECO POWER | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Depreciation and amortization | $ (162,069) | (158,415) | (153,393) |
Other operations and maintenance | $ 202,556 | 202,738 | 203,452 |
CLECO POWER | Restatement Adjustment | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Depreciation and amortization | 400 | 7,300 | |
Other operations and maintenance | $ 400 | $ 7,300 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Asset Retirement Obligation (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2018 | |
CLECO POWER | ||
Asset Retirement Obligation [Line Items] | ||
Increase (decrease) to ARO | $ 1,500,000 | $ 0 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Property, Plant, and Equipment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 13, 2016 | |
Public Utility, Property, Plant and Equipment [Line Items] | ||||||
Accumulated depreciation | $ 303,727,000 | $ 192,348,000 | $ 0 | |||
Capitalized software, net | 7,200,000 | 7,900,000 | ||||
Utility plants | ||||||
Generation | 1,949,042,000 | 1,908,344,000 | ||||
Distribution | 1,081,650,000 | 1,015,472,000 | ||||
Transmission | 519,269,000 | 512,428,000 | ||||
Other utility plant | 174,010,000 | 153,900,000 | ||||
Other property, plant, and equipment | 4,506,000 | 4,381,000 | ||||
Total property, plant, and equipment | 3,728,477,000 | 3,594,525,000 | ||||
Accumulated depreciation | (303,727,000) | (192,348,000) | $ 0 | |||
Net property, plant, and equipment | 3,424,750,000 | 3,402,177,000 | ||||
SUCCESSOR | ||||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||||
Capitalized software costs, amortization | $ 2,351,000 | $ 2,154,000 | 2,367,000 | |||
PREDECESSOR | ||||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||||
Capitalized software costs, amortization | $ 921,000 | |||||
MINIMUM | ||||||
Estimated Useful Lives (in years) | ||||||
Utility Plants, Generation | 10 years | |||||
Utility Plants, Distribution | 15 years | |||||
Utility Plants, Transmission | 5 years | |||||
Utility Plants, Other utility plant | 5 years | |||||
Other property, plant, and equipment (in years) | 5 years | |||||
MAXIMUM | ||||||
Estimated Useful Lives (in years) | ||||||
Utility Plants, Generation | 95 years | |||||
Utility Plants, Distribution | 50 years | |||||
Utility Plants, Transmission | 55 years | |||||
Utility Plants, Other utility plant | 45 years | |||||
Other property, plant, and equipment (in years) | 45 years | |||||
CLECO POWER | ||||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||||
Accumulated depreciation | $ 1,804,563,000 | 1,712,590,000 | ||||
Capitalized software, net | 5,800,000 | 6,600,000 | ||||
Capitalized software costs, amortization | $ 1,607,000 | $ 1,887,000 | $ 2,405,000 | |||
Annual depreciation provisions expressed as a percentage of average depreciable property (in hundredths) | 2.80% | 2.72% | 2.68% | |||
Utility plants | ||||||
Generation | $ 2,476,733,000 | $ 2,442,987,000 | ||||
Distribution | 1,523,885,000 | 1,462,193,000 | ||||
Transmission | 731,432,000 | 725,199,000 | ||||
Other utility plant | 282,954,000 | 263,105,000 | ||||
Total property, plant, and equipment | 5,015,004,000 | 4,893,484,000 | ||||
Accumulated depreciation | (1,804,563,000) | (1,712,590,000) | ||||
Net property, plant, and equipment | $ 3,210,441,000 | $ 3,180,894,000 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Deferred Project Costs (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
CLECO POWER | ||
Accounting Policies [Line Items] | ||
Deferred project costs | $ 1.4 | $ 3.2 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Reserves (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
CLECO POWER | ||
Accounting Policies [Line Items] | ||
General liability and workers compensation reserves | $ 4.8 | $ 4.5 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Cash and Cash Equivalents [Abstract] | ||
Current | $ 11,241 | $ 13,081 |
Non-current | 18,670 | 20,081 |
Total restricted cash and cash equivalents | 29,911 | 33,162 |
Cleco Katrina/Rita’s storm recovery bonds | ||
Restricted Cash and Cash Equivalents [Abstract] | ||
Current | 9,505 | 8,597 |
Cleco Power’s charitable contributions | ||
Restricted Cash and Cash Equivalents [Abstract] | ||
Current | 1,200 | 1,200 |
Non-current | 2,753 | 3,575 |
Cleco Power’s rate credit escrow | ||
Restricted Cash and Cash Equivalents [Abstract] | ||
Current | 536 | 3,284 |
Non-current | 505 | 2,029 |
Diversified Lands’ mitigation escrow | ||
Restricted Cash and Cash Equivalents [Abstract] | ||
Non-current | 21 | 21 |
Cleco Power’s future storm restoration costs | ||
Restricted Cash and Cash Equivalents [Abstract] | ||
Non-current | 15,391 | 14,456 |
Katrina Rita Bond Principal Payments | ||
Restricted Cash and Cash Equivalents [Abstract] | ||
Collections | 22,700 | |
Katrina Rita Bond Interest Payments | ||
Restricted Cash and Cash Equivalents [Abstract] | ||
Payments | 19,200 | |
Katrina/Rita Storm Recovery Collections, Net of Administration Fees | ||
Restricted Cash and Cash Equivalents [Abstract] | ||
Payments | 2,600 | |
CLECO POWER | ||
Restricted Cash and Cash Equivalents [Abstract] | ||
Current | 11,241 | 13,081 |
Non-current | 18,649 | 20,060 |
Total restricted cash and cash equivalents | 29,890 | 33,141 |
CLECO POWER | Cleco Katrina/Rita’s storm recovery bonds | ||
Restricted Cash and Cash Equivalents [Abstract] | ||
Current | 9,505 | 8,597 |
CLECO POWER | Cleco Power’s charitable contributions | ||
Restricted Cash and Cash Equivalents [Abstract] | ||
Current | 1,200 | 1,200 |
Non-current | 2,753 | 3,575 |
CLECO POWER | Cleco Power’s rate credit escrow | ||
Restricted Cash and Cash Equivalents [Abstract] | ||
Current | 536 | 3,284 |
Non-current | 505 | 2,029 |
CLECO POWER | Cleco Power’s future storm restoration costs | ||
Restricted Cash and Cash Equivalents [Abstract] | ||
Non-current | $ 15,391 | $ 14,456 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Equity Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Impairments | $ 0 | $ 0 | $ 0 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Investment Tax Credits, NMTC Fund, and Accounting for Renewable Energy Tax Credits (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Gross investment amortization expense period | 10 years |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - AFUDC (Details) - CLECO POWER | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Public Utilities, General Disclosures [Line Items] | |||
Composite AFUDC rate, including borrowed and other funds, pre-tax | 9.58% | 11.07% | 11.94% |
Composite AFUDC rate, including borrowed and other funds, net of tax | 7.08% | 6.81% | 7.39% |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Risk Management (Details) - CLECO POWER - derivative | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gas price stability period | 5 years | ||
Natural Gas Derivative | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of open natural gas positions | 0 | 0 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Recent Authoritative Guidance Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | |
Accounting Standards Update 2016-02 | Subsequent Event | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
ROU assets | $ 16,600,000 | |||
Lease liabilities | $ 16,000,000 | |||
Accounting Standards Update 2016-15 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other deferred accounts | $ 18,600,000 | |||
Payments of long-term debt prepayments | 18,600,000 | |||
AOCI | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Reclassification of effect of tax rate change | $ 600,000 | |||
6.65% Senior Notes | Senior Notes | Accounting Standards Update 2016-15 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Amount of principal redeemed | $ 250,000,000 | |||
Interest rate | 6.65% | |||
CLECO POWER | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other deferred accounts | (5,421,000) | $ (8,137,000) | $ (3,249,000) | |
Payments of long-term debt prepayments | 0 | $ 0 | $ 18,569,000 | |
Reclassification of effect of tax rate change | 2,496,000 | |||
CLECO POWER | AOCI | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Reclassification of effect of tax rate change | $ 2,500,000 |
Summary of Significant Accou_15
Summary of Significant Accounting Policies - Recent Authoritative Guidance (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SUCCESSOR | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Other operations and maintenance | $ 138,298 | $ 197,038 | $ 197,610 | ||
Other expense | 10,003 | 15,843 | 13,373 | ||
PREDECESSOR | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Other operations and maintenance | $ 59,929 | ||||
Other expense | 4,037 | ||||
CLECO POWER | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Other operations and maintenance | 202,556 | 202,738 | $ 203,452 | ||
Other expense | $ 11,441 | 10,407 | 10,505 | ||
Restatement Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Other operations and maintenance | 400 | 7,300 | |||
Restatement Adjustment | CLECO POWER | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Other operations and maintenance | 400 | 7,300 | |||
Restatement Adjustment | Accounting Standards Update 2017-07 | SUCCESSOR | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Other operations and maintenance | (8,618) | (11,071) | |||
Other expense | $ 8,618 | 11,071 | |||
Restatement Adjustment | Accounting Standards Update 2017-07 | PREDECESSOR | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Other operations and maintenance | (3,447) | ||||
Other expense | $ 3,447 | ||||
Restatement Adjustment | Accounting Standards Update 2017-07 | CLECO POWER | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Other operations and maintenance | (7,612) | (8,529) | |||
Other expense | $ 7,612 | $ 8,529 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Payment terms | 20 days |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | $ 1,189,178 | ||||||||
Electric customer credits | (33,195) | ||||||||
Total revenue from contracts with customers | |||||||||
Other | 41,866 | ||||||||
Total revenue unrelated to contracts with customers | 41,866 | ||||||||
Operating revenue, net | $ 296,767 | $ 358,256 | $ 299,261 | $ 276,760 | $ 277,985 | $ 338,499 | $ 308,661 | $ 250,501 | 1,231,044 |
Total retail revenue | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 896,927 | ||||||||
Residential | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 435,610 | ||||||||
Commercial | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 288,791 | ||||||||
Industrial | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 167,001 | ||||||||
Other retail | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 15,582 | ||||||||
Surcharge | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 23,138 | ||||||||
Wholesale, net | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 209,918 | ||||||||
Transmission | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 54,531 | ||||||||
Other | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 27,802 | ||||||||
Affiliate | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
CLECO POWER | Other | |||||||||
Total revenue from contracts with customers | |||||||||
Other miscellaneous fee revenue | 18,200 | ||||||||
CLECO POWER | Lost contribution to fixed cost | |||||||||
Total revenue from contracts with customers | |||||||||
Other | 2,600 | ||||||||
CLECO POWER | SSR | Other | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 9,600 | ||||||||
Operating Segments | CLECO POWER | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 1,199,730 | ||||||||
Total revenue from contracts with customers | |||||||||
Other | 41,866 | ||||||||
Total revenue unrelated to contracts with customers | 41,866 | ||||||||
Operating revenue, net | 1,241,596 | ||||||||
Operating Segments | CLECO POWER | Total retail revenue | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 896,927 | ||||||||
Operating Segments | CLECO POWER | Residential | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 435,610 | ||||||||
Operating Segments | CLECO POWER | Commercial | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 288,791 | ||||||||
Operating Segments | CLECO POWER | Industrial | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 167,001 | ||||||||
Operating Segments | CLECO POWER | Other retail | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 15,582 | ||||||||
Operating Segments | CLECO POWER | Surcharge | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 23,138 | ||||||||
Operating Segments | CLECO POWER | Wholesale, net | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 219,598 | ||||||||
Operating Segments | CLECO POWER | Transmission | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 54,531 | ||||||||
Operating Segments | CLECO POWER | Other | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 27,800 | ||||||||
Operating Segments | CLECO POWER | Affiliate | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 874 | ||||||||
OTHER | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 64,913 | ||||||||
Total revenue from contracts with customers | |||||||||
Other | 0 | ||||||||
Total revenue unrelated to contracts with customers | 0 | ||||||||
Operating revenue, net | 64,913 | ||||||||
OTHER | Total retail revenue | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
OTHER | Residential | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
OTHER | Commercial | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
OTHER | Industrial | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
OTHER | Other retail | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
OTHER | Surcharge | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
OTHER | Wholesale, net | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | (9,680) | ||||||||
OTHER | Transmission | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
OTHER | Other | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 2 | ||||||||
OTHER | Affiliate | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 74,591 | ||||||||
ELIMINATIONS | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | (75,465) | ||||||||
Total revenue from contracts with customers | |||||||||
Other | 0 | ||||||||
Total revenue unrelated to contracts with customers | 0 | ||||||||
Operating revenue, net | (75,465) | ||||||||
ELIMINATIONS | Total retail revenue | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
ELIMINATIONS | Residential | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
ELIMINATIONS | Commercial | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
ELIMINATIONS | Industrial | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
ELIMINATIONS | Other retail | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
ELIMINATIONS | Surcharge | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
ELIMINATIONS | Wholesale, net | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
ELIMINATIONS | Transmission | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
ELIMINATIONS | Other | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | 0 | ||||||||
ELIMINATIONS | Affiliate | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from contracts with customers | (75,465) | ||||||||
Price Risk Derivative | CLECO POWER | Other | |||||||||
Total revenue from contracts with customers | |||||||||
Other | $ 39,300 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligations (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation | $ 66,784 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation | $ 35,970 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation | $ 7,068 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation | $ 7,068 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation | $ 6,468 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation | $ 5,268 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation | $ 4,942 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) | Apr. 13, 2016 | Apr. 07, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||||
Accumulated depreciation | $ 0 | $ 303,727,000 | $ 192,348,000 | ||
Goodwill | 1,490,797,000 | 1,490,797,000 | 1,490,797,000 | ||
Deferred income tax assets or liabilities recognized for goodwill | 0 | ||||
Rate credits | LPSC | |||||
Business Acquisition [Line Items] | |||||
Merger commitments | 136,000,000 | ||||
Economic development contribution | LPSC | |||||
Business Acquisition [Line Items] | |||||
Merger commitments | 7,000,000 | ||||
Charitable contributions to be disbursed over five years | LPSC | |||||
Business Acquisition [Line Items] | |||||
Merger commitments | 6,000,000 | ||||
Contributions for economic development | LPSC | |||||
Business Acquisition [Line Items] | |||||
Merger commitments | 2,500,000 | ||||
Cost savings | LPSC | |||||
Business Acquisition [Line Items] | |||||
Merger commitments | $ 1,200,000 | ||||
Restricted Stock | |||||
Business Acquisition [Line Items] | |||||
Remaining LTIP equity awards (in shares) | 0 | ||||
Trade name | |||||
Business Acquisition [Line Items] | |||||
Intangible asset expected useful life (in years) | 20 years | 20 years | |||
CLECO POWER | |||||
Business Acquisition [Line Items] | |||||
Accumulated depreciation | $ 1,804,563,000 | $ 1,712,590,000 | |||
CLECO POWER | Rate credits | LPSC | |||||
Business Acquisition [Line Items] | |||||
Merger commitments | $ 136,000,000 | $ 136,000,000 | |||
CLECO POWER | Economic development contribution | LPSC | |||||
Business Acquisition [Line Items] | |||||
Merger commitments | 7,000,000 | 7,000,000 | |||
CLECO POWER | Charitable contributions to be disbursed over five years | LPSC | |||||
Business Acquisition [Line Items] | |||||
Merger commitments | $ 6,000,000 | $ 6,000,000 | |||
Disbursement period | 5 years | 5 years | |||
CLECO POWER | Contributions for economic development | LPSC | |||||
Business Acquisition [Line Items] | |||||
Merger commitments | $ 2,500,000 | $ 2,500,000 | |||
Disbursement period | 5 years | 5 years | |||
CLECO POWER | Cost savings | LPSC | |||||
Business Acquisition [Line Items] | |||||
Merger commitments | $ 1,200,000 | $ 1,200,000 | |||
Cleco Corporation | |||||
Business Acquisition [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 1 | ||||
Share price at the time of the Merger (in dollars per share) | $ 55.37 | ||||
Purchase price consideration | $ 3,360,000,000 | ||||
Cleco Corporation | Cash Paid to Cleco shareholders | |||||
Business Acquisition [Line Items] | |||||
Cash paid | 3,350,000,000 | ||||
Cleco Corporation | Cash Paid for Cleco LTIP equity awards | |||||
Business Acquisition [Line Items] | |||||
Cash paid | $ 9,500,000 |
Business Combinations - Purchas
Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 13, 2016 |
Business Combinations [Abstract] | |||
Current assets | $ 455,016 | ||
Property, plant, and equipment, net | 3,432,144 | ||
Goodwill | $ 1,490,797 | $ 1,490,797 | 1,490,797 |
Other long-term assets | 1,023,487 | ||
Less | |||
Current liabilities | 228,515 | ||
Net deferred income tax liabilities | 1,059,939 | ||
Other deferred credits | 279,379 | ||
Long-term debt, net | 1,470,126 | ||
Total purchase price | $ 3,363,485 |
Business Combinations - Fair Va
Business Combinations - Fair Value Adjustments (Details) $ in Thousands | Apr. 13, 2016USD ($) |
Property, plant, and equipment | |
Business Acquisition [Line Items] | |
Assets, fair value adjustments | $ (1,334,932) |
Accumulated depreciation | |
Business Acquisition [Line Items] | |
Assets, fair value adjustments | (1,565,776) |
Goodwill | |
Business Acquisition [Line Items] | |
Assets, fair value adjustments | 1,490,797 |
Intangible assets | |
Business Acquisition [Line Items] | |
Assets, fair value adjustments | 91,826 |
Regulatory assets | |
Business Acquisition [Line Items] | |
Assets, fair value adjustments | 250,409 |
Deferred income tax liabilities | |
Business Acquisition [Line Items] | |
Liabilities, fair value adjustments | 126,853 |
Other deferred credits | |
Business Acquisition [Line Items] | |
Liabilities, fair value adjustments | 21,175 |
Long-term debt | |
Business Acquisition [Line Items] | |
Liabilities, fair value adjustments | $ 198,599 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities - Summary of Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Feb. 28, 2016 | |
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets, net | $ 307,374 | $ 330,582 | |
Postretirement costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 19,387 | 21,375 | |
Financing costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 8,279 | 8,623 | |
Fair value of long-term debt | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 138,701 | 147,145 | |
Debt issuance costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 6,252 | 6,665 | |
TCJA | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory liabilities | (375,000) | (348,600) | |
CLECO POWER | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 275,172 | 273,220 | |
Total regulatory assets, net | 134,755 | 146,774 | |
CLECO POWER | Total state regulatory asset — income taxes | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 141,136 | 142,788 | |
CLECO POWER | AFUDC | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 134,369 | 129,953 | |
CLECO POWER | Mining costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 1,274 | 3,823 | |
REMAINING RECOVERY PERIOD (YRS.) | 6 months | ||
CLECO POWER | Interest costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 4,208 | 4,499 | |
CLECO POWER | AROs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 3,099 | 2,762 | |
CLECO POWER | Postretirement costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 140,245 | 142,764 | |
CLECO POWER | Tree trimming costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 9,069 | 7,193 | |
CLECO POWER | Training costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 6,396 | 6,552 | |
REMAINING RECOVERY PERIOD (YRS.) | 41 years | ||
CLECO POWER | Surcredits, net | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 289 | 2,173 | |
CLECO POWER | AMI deferred revenue requirement | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 3,681 | 4,227 | |
REMAINING RECOVERY PERIOD (YRS.) | 7 years | ||
CLECO POWER | Emergency declarations | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 2,980 | 4,131 | |
REMAINING RECOVERY PERIOD (YRS.) | 1 year 6 months | ||
CLECO POWER | Production operations and maintenance expenses | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 12,245 | 8,625 | |
CLECO POWER | AFUDC equity gross-up | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 71,952 | 71,205 | |
CLECO POWER | Acquisition costs or Transaction costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 2,230 | 2,336 | |
REMAINING RECOVERY PERIOD (YRS.) | 21 years | ||
CLECO POWER | Acquisition costs or Transaction costs | Natural Gas Processing Plant | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 938 | 968 | |
REMAINING RECOVERY PERIOD (YRS.) | 30 years 6 months | ||
CLECO POWER | Financing costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 7,923 | 8,293 | |
CLECO POWER | MISO integration costs | Natural Gas Processing Plant | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 0 | 468 | |
CLECO POWER | Corporate franchise tax, net | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 1,416 | 153 | |
CLECO POWER | MATS Costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 0 | 2,564 | $ 7,100 |
CLECO POWER | Non-service cost of postretirement benefits | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 4,629 | 0 | |
CLECO POWER | Energy Efficiency | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 2,585 | 0 | |
CLECO POWER | Other | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 13 | 484 | |
CLECO POWER | Accumulated deferred fuel | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 20,112 | 13,980 | |
CLECO POWER | Total federal regulatory liability — income taxes | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory liabilities | (55,922) | (64,205) | |
CLECO POWER | TCJA | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory liabilities | (374,961) | (348,590) | |
CLECO POWER | Total investment tax credit | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory liabilities | (159) | (372) | |
CLECO POWER | Total regulatory (liabilities) assets — deferred taxes, net | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory liabilities | (155,537) | (140,426) | |
CLECO POWER | Other | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory liabilities | $ (4,992) | $ 0 |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities - Narrative (Details) | Apr. 13, 2016instrument | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jul. 31, 2017USD ($) | May 31, 2013USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2011USD ($)treasury_rate_lock | Oct. 31, 2016USD ($) | Feb. 28, 2016USD ($) | Apr. 30, 2013USD ($) | Feb. 28, 2011USD ($) |
Treasury Lock | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Number of instruments settled | instrument | 2 | |||||||||||||
Postretirement costs | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Regulatory Assets | $ 19,387,000 | $ 21,375,000 | $ 19,387,000 | $ 19,387,000 | $ 21,375,000 | |||||||||
Financing costs | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Regulatory Assets | 8,279,000 | 8,623,000 | 8,279,000 | 8,279,000 | 8,623,000 | |||||||||
TCJA | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amount recovered above the actual PPA capacity costs | 375,000,000 | 348,600,000 | 375,000,000 | 375,000,000 | 348,600,000 | |||||||||
Net retail portion of franchise taxes paid | 26,400,000 | |||||||||||||
CLECO POWER | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Regulatory Assets | 275,172,000 | 273,220,000 | 275,172,000 | 275,172,000 | 273,220,000 | |||||||||
Increase (decrease) in deferred fuel costs | $ 18,549,000 | (11,909,000) | $ 7,215,000 | |||||||||||
CLECO POWER | Treasury Lock | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Number of treasury locks | treasury_rate_lock | 2 | |||||||||||||
Loss on settlements | $ 26,800,000 | |||||||||||||
CLECO POWER | Interest Rate Swap | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Loss on settlements | $ 3,300,000 | |||||||||||||
CLECO POWER | Mining costs | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amortization period | 11 years 6 months | |||||||||||||
Regulatory Assets | 1,274,000 | 3,823,000 | 1,274,000 | $ 1,274,000 | 3,823,000 | |||||||||
CLECO POWER | Postretirement costs | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amortization period | 9 years | |||||||||||||
Regulatory Assets | 140,245,000 | 142,764,000 | 140,245,000 | $ 140,245,000 | 142,764,000 | |||||||||
CLECO POWER | Tree trimming costs | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amortization period | 3 years 6 months | |||||||||||||
Anticipated removal costs | $ 20,800,000 | |||||||||||||
Maximum amount of costs approved to defer | $ 10,900,000 | |||||||||||||
Anticipated removal costs to be expensed | 4,000,000 | |||||||||||||
Anticipated amount of removal costs to be deferred and recovered | 5,900,000 | |||||||||||||
Regulatory Assets | 9,069,000 | 7,193,000 | 9,069,000 | $ 9,069,000 | 7,193,000 | |||||||||
CLECO POWER | Training costs | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amortization period | 50 years | |||||||||||||
Regulatory Assets | 6,396,000 | 6,552,000 | 6,396,000 | $ 6,396,000 | 6,552,000 | |||||||||
CLECO POWER | Surcredits, net | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amortization period | 4 years | |||||||||||||
Regulatory Assets | 289,000 | 2,173,000 | 289,000 | $ 289,000 | 2,173,000 | |||||||||
CLECO POWER | AMI deferred revenue requirement | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amortization period | 11 years | |||||||||||||
Regulatory Assets | 3,681,000 | 4,227,000 | 3,681,000 | $ 3,681,000 | 4,227,000 | |||||||||
CLECO POWER | AMI deferred revenue requirement | MAXIMUM | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Regulatory Assets | $ 20,000,000 | |||||||||||||
CLECO POWER | Emergency declarations | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amortization period | 3 years | |||||||||||||
Regulatory Assets | 2,980,000 | 4,131,000 | 2,980,000 | $ 2,980,000 | 4,131,000 | |||||||||
CLECO POWER | Production O&M Expenses | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amortization period | 3 years | |||||||||||||
Retail jurisdictional portion | 45,000,000 | 45,000,000 | $ 45,000,000 | |||||||||||
Increase in other regulatory asset | 8,000,000 | 400,000 | ||||||||||||
CLECO POWER | Production O&M Expenses | MAXIMUM | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Regulatory Assets | 23,000,000 | 23,000,000 | $ 23,000,000 | |||||||||||
CLECO POWER | Acquisition costs or Transaction costs | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amortization period | 30 years | |||||||||||||
Regulatory Assets | 2,230,000 | 2,336,000 | 2,230,000 | $ 2,230,000 | 2,336,000 | |||||||||
CLECO POWER | Acquisition costs or Transaction costs | Natural Gas Processing Plant | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amortization period | 35 years | |||||||||||||
Regulatory Assets | 938,000 | 968,000 | 938,000 | $ 938,000 | 968,000 | |||||||||
CLECO POWER | Financing costs | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Regulatory Assets | 7,923,000 | 8,293,000 | 7,923,000 | $ 7,923,000 | 8,293,000 | |||||||||
CLECO POWER | Financing costs | Treasury Lock | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Regulatory Assets | $ 7,400,000 | |||||||||||||
CLECO POWER | Financing costs | Interest Rate Swap | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Regulatory Assets | $ 2,900,000 | |||||||||||||
CLECO POWER | MISO integration costs | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amortization period | 4 years | |||||||||||||
CLECO POWER | MISO integration costs | Natural Gas Processing Plant | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Regulatory Assets | 0 | 468,000 | 0 | $ 0 | 468,000 | |||||||||
CLECO POWER | Corporate franchise tax, net | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amortization period | 12 months | |||||||||||||
Regulatory Assets | 1,416,000 | 153,000 | 1,416,000 | $ 1,416,000 | 153,000 | |||||||||
CLECO POWER | MATS Costs | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Regulatory Assets | 0 | 2,564,000 | 0 | $ 0 | 2,564,000 | $ 7,100,000 | ||||||||
CLECO POWER | Energy Efficiency | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amortization period | 4 years | |||||||||||||
Regulatory Assets | 2,585,000 | 0 | 2,585,000 | $ 2,585,000 | 0 | |||||||||
CLECO POWER | Other | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amortization period | 3 years | |||||||||||||
Regulatory Assets | 13,000 | 484,000 | 13,000 | $ 13,000 | 484,000 | |||||||||
CLECO POWER | Insurance deductible for flood damages | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amortization period | 12 months | |||||||||||||
Insurance recoveries | $ 900,000 | |||||||||||||
CLECO POWER | Accumulated deferred fuel | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Regulatory Assets | 20,112,000 | 13,980,000 | 20,112,000 | $ 20,112,000 | 13,980,000 | |||||||||
Percentage of total fuel cost regulated by the LPSC (in hundredths) | 76.00% | |||||||||||||
Increase (decrease) in deferred fuel costs | $ 6,100,000 | |||||||||||||
CLECO POWER | Surcharge adjustment, environmental expenses, and timing of collections | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Increase (decrease) in deferred fuel costs | 22,400,000 | |||||||||||||
CLECO POWER | Mark-to-market value on FTRs | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Increase (decrease) in deferred fuel costs | (13,300,000) | |||||||||||||
CLECO POWER | Fuel surcharges | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Increase (decrease) in deferred fuel costs | (4,300,000) | |||||||||||||
CLECO POWER | Approved removal costs deferral | Tree trimming costs | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Maximum amount of costs approved to expend and defer | $ 8,000,000 | |||||||||||||
CLECO POWER | TCJA | ||||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||||
Amount recovered above the actual PPA capacity costs | $ 374,961,000 | $ 348,590,000 | $ 374,961,000 | $ 374,961,000 | $ 348,590,000 |
Jointly Owned Generation Unit_2
Jointly Owned Generation Units (Details) | Dec. 31, 2018USD ($)MW | Apr. 13, 2016USD ($) |
Jointly Owned Utility Plant Interests [Line Items] | ||
Accumulated depreciation | $ 17,694,000 | |
Utility plant in service | 248,897,000 | |
Construction work in progress | 5,780,000 | |
RODEMACHER UNIT 2 | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Accumulated depreciation | 5,309,000 | |
Utility plant in service | 71,962,000 | |
Construction work in progress | $ 317,000 | |
Ownership interest percentage | 30.00% | |
Nameplate capacity (MW) | MW | 523 | |
Ownership interest (MW) | MW | 157 | |
DOLET HILLS | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Accumulated depreciation | $ 12,385,000 | |
Utility plant in service | 176,935,000 | |
Construction work in progress | $ 5,463,000 | |
Ownership interest percentage | 50.00% | |
Nameplate capacity (MW) | MW | 650 | |
Ownership interest (MW) | MW | 325 | |
SUCCESSOR | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Accumulated depreciation | $ 0 | |
CLECO POWER | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Accumulated depreciation | $ 309,371,000 | |
Utility plant in service | 540,573,000 | |
Construction work in progress | 5,780,000 | |
CLECO POWER | RODEMACHER UNIT 2 | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Accumulated depreciation | 79,489,000 | |
Utility plant in service | 146,142,000 | |
Construction work in progress | $ 317,000 | |
Ownership interest percentage | 30.00% | |
Nameplate capacity (MW) | MW | 523 | |
Ownership interest (MW) | MW | 157 | |
CLECO POWER | DOLET HILLS | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Accumulated depreciation | $ 229,882,000 | |
Utility plant in service | 394,431,000 | |
Construction work in progress | $ 5,463,000 | |
Ownership interest percentage | 50.00% | |
Nameplate capacity (MW) | MW | 650 | |
Ownership interest (MW) | MW | 325 |
Fair Value Accounting - Carryin
Fair Value Accounting - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred debt issuance costs not included in the carrying value of long-term debt | $ 10,300 | $ 11,600 |
CARRYING VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 2,889,631 | 2,866,955 |
FAIR VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 2,859,924 | 2,921,325 |
CLECO POWER | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deferred debt issuance costs not included in the carrying value of long-term debt | 8,300 | 9,100 |
CLECO POWER | CARRYING VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,400,930 | 1,369,810 |
CLECO POWER | FAIR VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 1,517,152 | $ 1,535,234 |
Fair Value Accounting - Fair Va
Fair Value Accounting - Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis (Details) - Measured On A Recurring Basis - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Asset Description | ||
Institutional money market funds | $ 133,722 | $ 144,302 |
FTRs | 23,355 | 7,396 |
Total assets | 157,077 | 151,698 |
Liability Description | ||
FTRs | 468 | 352 |
Total liabilities | 468 | 352 |
QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | ||
Asset Description | ||
Institutional money market funds | 0 | 0 |
FTRs | 0 | 0 |
Total assets | 0 | 0 |
Liability Description | ||
FTRs | 0 | 0 |
Total liabilities | 0 | 0 |
SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | ||
Asset Description | ||
Institutional money market funds | 133,722 | 144,302 |
FTRs | 0 | 0 |
Total assets | 133,722 | 144,302 |
Liability Description | ||
FTRs | 0 | 0 |
Total liabilities | 0 | 0 |
SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Asset Description | ||
Institutional money market funds | 0 | 0 |
FTRs | 23,355 | 7,396 |
Total assets | 23,355 | 7,396 |
Liability Description | ||
FTRs | 468 | 352 |
Total liabilities | 468 | 352 |
CLECO POWER | ||
Asset Description | ||
Institutional money market funds | 55,900 | 95,681 |
FTRs | 23,355 | 7,396 |
Total assets | 79,255 | 103,077 |
Liability Description | ||
FTRs | 468 | 352 |
Total liabilities | 468 | 352 |
CLECO POWER | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | ||
Asset Description | ||
Institutional money market funds | 0 | 0 |
FTRs | 0 | 0 |
Total assets | 0 | 0 |
Liability Description | ||
FTRs | 0 | 0 |
Total liabilities | 0 | 0 |
CLECO POWER | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | ||
Asset Description | ||
Institutional money market funds | 55,900 | 95,681 |
FTRs | 0 | 0 |
Total assets | 55,900 | 95,681 |
Liability Description | ||
FTRs | 0 | 0 |
Total liabilities | 0 | 0 |
CLECO POWER | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Asset Description | ||
Institutional money market funds | 0 | 0 |
FTRs | 23,355 | 7,396 |
Total assets | 23,355 | 7,396 |
Liability Description | ||
FTRs | 468 | 352 |
Total liabilities | $ 468 | $ 352 |
Fair Value Accounting - Fair _2
Fair Value Accounting - Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Price Risk Derivative - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | $ 7,044 | $ 7,683 |
Unrealized gains (losses) | 11,865 | (1,392) |
Purchases | 28,185 | 23,941 |
Settlements | (24,207) | (23,188) |
Ending balance | 22,887 | 7,044 |
CLECO POWER | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | 7,044 | 7,683 |
Unrealized gains (losses) | 11,865 | (1,392) |
Purchases | 28,185 | 23,941 |
Settlements | (24,207) | (23,188) |
Ending balance | $ 22,887 | $ 7,044 |
Fair Value Accounting - Fair _3
Fair Value Accounting - Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Thousands | Dec. 31, 2018USD ($)$ / MW | Dec. 31, 2017USD ($)$ / MW |
MINIMUM | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FORWARD PRICE RANGE (usd per MWh) | $ / MW | (4.40) | (2.95) |
MAXIMUM | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FORWARD PRICE RANGE (usd per MWh) | $ / MW | 15.10 | 6.33 |
Measured On A Recurring Basis | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets | $ 23,355 | $ 7,396 |
Liabilities | 468 | 352 |
Measured On A Recurring Basis | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets | 23,355 | 7,396 |
Liabilities | $ 468 | $ 352 |
CLECO POWER | MINIMUM | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FORWARD PRICE RANGE (usd per MWh) | $ / MW | (4.40) | (2.95) |
CLECO POWER | MAXIMUM | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FORWARD PRICE RANGE (usd per MWh) | $ / MW | 15.10 | 6.33 |
CLECO POWER | Measured On A Recurring Basis | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets | $ 23,355 | $ 7,396 |
Liabilities | 468 | 352 |
CLECO POWER | Measured On A Recurring Basis | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets | 23,355 | 7,396 |
Liabilities | $ 468 | $ 352 |
Fair Value Accounting - Narrati
Fair Value Accounting - Narrative (Details) MWh in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)MWh | Dec. 31, 2017USD ($)MWh | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 103.8 | $ 111.1 |
Restricted Cash and Cash Equivalents, Current | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash and cash equivalents | 11.2 | 13.1 |
Restricted Cash and Cash Equivalents, Noncurrent | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash and cash equivalents | 18.7 | 20.1 |
CLECO POWER | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 26.1 | $ 62.5 |
Volume of FTRs held (MWh) | MWh | 8.7 | 9 |
CLECO POWER | Restricted Cash and Cash Equivalents, Current | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash and cash equivalents | $ 11.2 | $ 13.1 |
CLECO POWER | Restricted Cash and Cash Equivalents, Noncurrent | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash and cash equivalents | $ 18.6 | $ 20.1 |
Fair Value Accounting - Schedul
Fair Value Accounting - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - Price Risk Derivative - Derivatives Not Designated as Hedging Instrument - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
FTRs: | ||
Commodity-related contracts, net | $ 22,887 | $ 7,044 |
Energy risk management assets | ||
FTRs: | ||
Energy risk management assets | 23,355 | 7,396 |
Energy risk management liabilities | ||
FTRs: | ||
Energy risk management liabilities | 468 | 352 |
CLECO POWER | ||
FTRs: | ||
Commodity-related contracts, net | 22,887 | 7,044 |
CLECO POWER | Energy risk management assets | ||
FTRs: | ||
Energy risk management assets | 23,355 | 7,396 |
CLECO POWER | Energy risk management liabilities | ||
FTRs: | ||
Energy risk management liabilities | $ 468 | $ 352 |
Fair Value Accounting - Effect
Fair Value Accounting - Effect of Derivatives On Consolidated Statements of Income (Details) - Derivatives Not Designated as Hedging Instrument - Price Risk Derivative - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SUCCESSOR | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | $ 15,394 | $ 35,093 | $ 18,317 | ||
PREDECESSOR | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | $ 2,430 | ||||
Electric operations | SUCCESSOR | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Amount of gain recognized in income on derivatives | 17,506 | 39,659 | 23,826 | ||
Electric operations | PREDECESSOR | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Amount of gain recognized in income on derivatives | 3,012 | ||||
Power purchased for utility customers | SUCCESSOR | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Amount of loss recognized in income on derivatives | (2,112) | (4,566) | (5,509) | ||
Power purchased for utility customers | PREDECESSOR | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Amount of loss recognized in income on derivatives | (582) | ||||
Accumulated Deferred Fuel | SUCCESSOR | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Unrealized gains (losses) associated with FTRs | $ 3,100 | 11,900 | |||
Accumulated Deferred Fuel | PREDECESSOR | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Unrealized gains (losses) associated with FTRs | $ (1,000) | (1,400) | |||
CLECO POWER | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 35,093 | 18,317 | $ 17,824 | ||
CLECO POWER | Electric operations | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Amount of gain recognized in income on derivatives | 39,659 | 23,826 | 20,518 | ||
CLECO POWER | Power purchased for utility customers | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Amount of loss recognized in income on derivatives | (4,566) | (5,509) | (2,694) | ||
CLECO POWER | Accumulated Deferred Fuel | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Unrealized gains (losses) associated with FTRs | $ 11,900 | $ (1,400) | $ 2,100 |
Debt - Total Indebtedness (Deta
Debt - Total Indebtedness (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (10,300) | $ (11,600) |
Total long-term debt and capital leases, net | 2,874,485 | 2,836,105 |
CLECO POWER | ||
Debt Instrument [Line Items] | ||
Total bonds | 1,406,625 | 1,375,819 |
Barge lease obligations | 16,418 | 0 |
Gross amount of long-term debt | 1,423,043 | 1,375,819 |
Less: long-term debt due within one year | 20,571 | 19,193 |
Less: capital lease obligations classified as long-term debt due within one year | 557 | 0 |
Unamortized debt discount | (5,695) | (6,010) |
Unamortized debt issuance costs | (8,446) | (9,141) |
Unamortized debt issuance costs | (8,300) | (9,100) |
Total long-term debt and capital leases, net | $ 1,387,774 | 1,341,475 |
CLECO POWER | Senior notes, 2.94%, due 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.94% | |
Total bonds | $ 25,000 | 25,000 |
CLECO POWER | Senior notes, 3.08%, due 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.08% | |
Total bonds | $ 100,000 | 100,000 |
CLECO POWER | Senior notes, 3.17%, due 2024 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.17% | |
Total bonds | $ 50,000 | 0 |
CLECO POWER | Senior notes, 3.68%, due 2025 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.68% | |
Total bonds | $ 75,000 | 75,000 |
CLECO POWER | Senior notes, 3.47%, due 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.47% | |
Total bonds | $ 130,000 | 130,000 |
CLECO POWER | Senior notes, 4.33%, due 2027 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.33% | |
Total bonds | $ 50,000 | 50,000 |
CLECO POWER | Senior notes, 3.57%, due 2028 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.57% | |
Total bonds | $ 200,000 | 200,000 |
CLECO POWER | Senior notes, 6.50%, due 2035 | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.50% | |
Total bonds | $ 295,000 | 295,000 |
CLECO POWER | Senior notes, 6.00%, due 2040 | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.00% | |
Total bonds | $ 250,000 | 250,000 |
CLECO POWER | Senior notes, 5.12%, due 2041 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.12% | |
Total bonds | $ 100,000 | 100,000 |
CLECO POWER | Series A GO Zone bonds, 2.00%, due 2038, mandatory tender in 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.00% | |
Total bonds | $ 50,000 | 50,000 |
CLECO POWER | Series B GO Zone bonds, 4.25%, due 2038 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.25% | |
Total bonds | $ 50,000 | 50,000 |
CLECO POWER | Solid waste disposal facility bonds, 4.70%, due 2036, callable November 1, 2016 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.70% | |
CLECO POWER | Cleco Katrina/Rita’s storm recovery bonds, 4.41%, due 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.41% | |
CLECO POWER | Cleco Katrina/Rita’s storm recovery bonds, 5.61%, due 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.61% | |
Total bonds | $ 31,625 | 50,819 |
Cleco Holdings | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | (8,200) | (9,200) |
Unamortized debt issuance costs | (1,989) | (2,516) |
Fair value adjustment | 138,700 | 147,146 |
Deferred debt issuance costs eliminated as a result of the 2016 Merger | $ 6,300 | 6,700 |
Cleco Holdings | Senior notes, 3.250%, due 2023 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.25% | |
Total bonds | $ 165,000 | 165,000 |
Cleco Holdings | Senior notes, 3.743%, due 2026 | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.743% | |
Total bonds | $ 535,000 | 535,000 |
Cleco Holdings | Senior notes, 4.973%, due 2046 | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.973% | |
Total bonds | $ 350,000 | 350,000 |
Cleco Holdings | Senior notes, 4.973%, due 2046 | ||
Debt Instrument [Line Items] | ||
Bank term loan, variable rate, due 2021 | $ 300,000 | $ 300,000 |
Debt - Future Amounts Payable U
Debt - Future Amounts Payable Under Long-Term Debt Agreements (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Long-term Debt Agreements | |
For the year ending Dec. 31, | |
2,019 | $ 20,571 |
2,020 | 11,054 |
2,021 | 300,000 |
2,022 | 25,000 |
2,023 | 265,000 |
Thereafter | 2,135,000 |
Long-term Debt Agreements | CLECO POWER | |
For the year ending Dec. 31, | |
2,019 | 20,571 |
2,020 | 11,054 |
2,021 | 0 |
2,022 | 25,000 |
2,023 | 100,000 |
Thereafter | 1,250,000 |
Capital Lease Agreements | |
For the year ending Dec. 31, | |
2,019 | 557 |
2,020 | 617 |
2,021 | 682 |
2,022 | 755 |
2,023 | 836 |
Thereafter | 12,971 |
Capital Lease Agreements | CLECO POWER | |
For the year ending Dec. 31, | |
2,019 | 557 |
2,020 | 617 |
2,021 | 682 |
2,022 | 755 |
2,023 | 836 |
Thereafter | $ 12,971 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Feb. 04, 2019USD ($)instrument | Dec. 31, 2018USD ($) | Apr. 02, 2018barge | Mar. 26, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 18, 2017USD ($)tranche |
Debt [Line Items] | ||||||
Short-term debt outstanding | $ 0 | $ 0 | ||||
Long-term debt outstanding | 2,900,000,000 | |||||
Long-term debt outstanding, due within one year | 21,128,000 | 19,193,000 | ||||
Cleco Katrina/Rita’s storm recovery bonds | ||||||
Debt [Line Items] | ||||||
Long-term debt outstanding, due within one year | 20,600,000 | |||||
CLECO POWER | ||||||
Debt [Line Items] | ||||||
Short-term debt outstanding | 0 | 0 | ||||
Long-term debt outstanding | 1,410,000,000 | |||||
Long-term debt outstanding, due within one year | 21,128,000 | $ 19,193,000 | ||||
Aggregate principal amount | $ 175,000,000 | |||||
Number of barges | barge | 42 | |||||
CLECO POWER | Cleco Katrina/Rita’s storm recovery bonds | ||||||
Debt [Line Items] | ||||||
Long-term debt outstanding, due within one year | 20,600,000 | |||||
CLECO POWER | Senior Notes, Series A, 2.94%, due 2022 | ||||||
Debt [Line Items] | ||||||
Aggregate principal amount | $ 25,000,000 | |||||
Interest rate | 2.94% | |||||
CLECO POWER | Senior Notes, Series B, 3.08%, due 2023 | ||||||
Debt [Line Items] | ||||||
Aggregate principal amount | $ 100,000,000 | |||||
Interest rate | 3.08% | |||||
CLECO POWER | Senior Notes, Series C, 3.17%, due 2024 | ||||||
Debt [Line Items] | ||||||
Aggregate principal amount | $ 50,000,000 | |||||
Interest rate | 3.17% | |||||
Capital Lease | CLECO POWER | ||||||
Debt [Line Items] | ||||||
Long-term debt outstanding, due within one year | $ 500,000 | |||||
Senior Notes | Note Purchase Agreement | ||||||
Debt [Line Items] | ||||||
Number of issuance tranches | tranche | 2 | |||||
Subsequent Event | Cleco Holdings | ||||||
Debt [Line Items] | ||||||
Debt term | 3 years | |||||
Debt to capital ratio | 0.65 | |||||
Repayment period | 12 months | |||||
Subsequent Event | Loans Payable | Cleco Holdings | ||||||
Debt [Line Items] | ||||||
Debt term | 3 years | |||||
Debt to capital ratio | 0.65 | |||||
Repayment period | 12 months | |||||
Subsequent Event | Loans Payable | Cleco Holdings | Bank Term Loan Agreement | ||||||
Debt [Line Items] | ||||||
Aggregate principal amount | $ 100,000,000 | |||||
Subsequent Event | Loans Payable | Cleco Holdings | Bridge Loan Agreement | ||||||
Debt [Line Items] | ||||||
Aggregate principal amount | 300,000,000 | |||||
Subsequent Event | Revolving Credit Facility | Cleco Holdings | ||||||
Debt [Line Items] | ||||||
Maximum borrowing capacity | 175,000,000 | |||||
Subsequent Event | Letter of Credit | Cleco Holdings | ||||||
Debt [Line Items] | ||||||
Maximum borrowing capacity | $ 1,100,000 | |||||
Number of instruments | instrument | 3 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Details) | Feb. 05, 2019USD ($) | Feb. 04, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Unrestricted member's equity | $ 655,000,000 | ||||
Cleco Holdings | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 100,000,000 | ||||
Commitment fees | 0.275% | ||||
Higher fees if downgraded | 0.075% | ||||
Additional interest if downgraded | 0.50% | ||||
Cleco Holdings | Line of Credit | MAXIMUM | |||||
Line of Credit Facility [Line Items] | |||||
Ratio of total indebtedness to total capitalization | 0.65 | ||||
Cleco Holdings | Line of Credit | ABR | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.75% | ||||
Cleco Holdings | Line of Credit | LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.75% | ||||
CLECO POWER | |||||
Line of Credit Facility [Line Items] | |||||
Draws on credit facilities | $ 0 | $ 106,000,000 | $ 15,000,000 | ||
Payments on credit facilities | $ 0 | $ 106,000,000 | $ 15,000,000 | ||
CLECO POWER | MAXIMUM | |||||
Line of Credit Facility [Line Items] | |||||
Ratio of total indebtedness to total capitalization | 0.65 | ||||
CLECO POWER | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 300,000,000 | ||||
Commitment fees | 0.125% | ||||
Higher fees if downgraded | 0.05% | ||||
Additional interest if downgraded | 0.125% | ||||
Unrestricted member's equity | $ 831,900,000 | ||||
CLECO POWER | Line of Credit | MAXIMUM | |||||
Line of Credit Facility [Line Items] | |||||
Ratio of total indebtedness to total capitalization | 0.65 | ||||
CLECO POWER | Line of Credit | ABR | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.125% | ||||
CLECO POWER | Line of Credit | LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.125% | ||||
Subsequent Event | Cleco Holdings | |||||
Line of Credit Facility [Line Items] | |||||
Ratio of total indebtedness to total capitalization | 0.65 | ||||
Subsequent Event | Cleco Holdings | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Draws on credit facilities | $ 75,000,000 | ||||
Payments on credit facilities | $ 75,000,000 |
Common Stock (Details)
Common Stock (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2016USD ($) | Apr. 12, 2016USD ($)shares | Dec. 31, 2016USD ($) | Dec. 31, 2015plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of plans | plan | 2 | |||
CLECO POWER | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Amount of stock based compensation capitalized in property, plant, and equipment | $ 0.6 | |||
Restricted Stock | CLECO POWER | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense | 1 | |||
Tax benefit | $ 0.4 | |||
PREDECESSOR | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Amount of stock based compensation capitalized in property, plant, and equipment | $ 0.6 | |||
PREDECESSOR | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of shares of non-vested stock vested during period | $ 10.1 | |||
Service period | 3 years | |||
Pre-tax compensation expense | $ 3.2 | |||
Tax benefit | 1.2 | |||
Merger expense due to accelerated vesting of LTIP shares | $ 2.3 | |||
Compensation expense, non-forfeitable dividends paid on non-vested stock not expected to vest and stock options | $ 0.1 | |||
LTIP | PREDECESSOR | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-vested shares of common stock granted during the year (in shares) | shares | 0 |
Pension Plan and Employee Ben_3
Pension Plan and Employee Benefits - Narrative (Details) | Mar. 30, 2017USD ($) | Apr. 12, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)bonusexecutive_officer | Dec. 31, 2017USD ($)executive_officer | Dec. 31, 2016USD ($) | Mar. 29, 2017 | Aug. 31, 2016executive_officer | Apr. 13, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Postretirement benefit obligations | $ 249,264,000 | $ 242,135,000 | ||||||||
PENSION BENEFITS | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Consecutive calendar years | 5 years | |||||||||
Most recent period of employment | 10 years | |||||||||
Estimated pension contributions required through 2022 | $ 95,500,000 | |||||||||
Discount rate | 4.35% | 3.73% | ||||||||
Expected return on plan assets | 5.86% | 6.08% | ||||||||
Actual return on plan assets | (7.31%) | 16.32% | ||||||||
OTHER BENEFITS | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Discount rate | 4.16% | 3.47% | ||||||||
Assets set aside in a trust | $ 0 | |||||||||
Assumed health care cost trend rates for next fiscal year | 5.00% | 5.00% | ||||||||
Ultimate health care trend rate | 5.00% | |||||||||
Postretirement benefit obligations | $ 36,325,000 | $ 39,142,000 | ||||||||
SERP BENEFITS | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Consecutive calendar years | 5 years | |||||||||
Most recent period of employment | 60 months | |||||||||
Discount rate | 4.08% | 4.60% | 4.34% | 3.70% | 4.22% | 3.47% | 4.15% | |||
Number of highest cash bonuses | bonus | 5 | |||||||||
Number of executive officers receiving enhanced benefits | executive_officer | 4 | |||||||||
Number of executive officers receiving accelerated vesting | executive_officer | 2 | |||||||||
Number of executive officers with capped benefits | executive_officer | 2 | 3 | ||||||||
Curtailment charge | $ (3,600,000) | |||||||||
Special/contractual termination benefits | $ (300,000) | $ (3,200,000) | ||||||||
CLECO POWER | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Postretirement benefit obligations | $ 182,721,000 | $ 173,747,000 | ||||||||
CLECO POWER | OTHER BENEFITS | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Net periodic benefit cost | 3,300,000 | 3,300,000 | $ 3,500,000 | |||||||
Postretirement benefit obligations | 31,694,000 | 34,033,000 | ||||||||
CLECO POWER | SERP BENEFITS | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Net periodic benefit cost | 1,400,000 | 1,300,000 | $ 1,400,000 | |||||||
PREDECESSOR | PENSION BENEFITS | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Discount rate | 4.62% | |||||||||
Expected net periodic benefit cost, pension plan | $ 15,900,000 | |||||||||
Net periodic benefit cost | $ 4,771,000 | |||||||||
Expected return on plan assets | 6.21% | |||||||||
PREDECESSOR | OTHER BENEFITS | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Net periodic benefit cost | $ 1,122,000 | |||||||||
PREDECESSOR | SERP BENEFITS | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Net periodic benefit cost | 9,017,000 | |||||||||
Curtailment charge | (3,602,000) | |||||||||
Special/contractual termination benefits | (3,222,000) | |||||||||
PREDECESSOR | Support Group | PENSION BENEFITS | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Net periodic benefit cost | $ 500,000 | |||||||||
SUCCESSOR | PENSION BENEFITS | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Discount rate | 4.21% | |||||||||
Expected net periodic benefit cost, pension plan | $ 17,500,000 | |||||||||
Net periodic benefit cost | $ 12,774,000 | 18,835,000 | 16,560,000 | |||||||
Expected return on plan assets | 6.21% | |||||||||
SUCCESSOR | OTHER BENEFITS | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Net periodic benefit cost | $ 2,349,000 | 2,920,000 | 2,965,000 | |||||||
SUCCESSOR | SERP BENEFITS | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Net periodic benefit cost | 4,447,000 | 6,372,000 | 5,963,000 | |||||||
Curtailment charge | 0 | 0 | 0 | |||||||
Special/contractual termination benefits | 0 | 0 | (315,000) | |||||||
SUCCESSOR | Support Group | PENSION BENEFITS | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Net periodic benefit cost | $ 1,300,000 | $ 2,000,000 | $ 1,800,000 | |||||||
Scenario, Forecast | PENSION BENEFITS | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||
Expected return on plan assets | 6.55% | |||||||||
Decrease in expected pension costs | $ 7,200,000 |
Pension Plan and Employee Ben_4
Pension Plan and Employee Benefits - Benefit Obligation, Plan Assets, and Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
PENSION BENEFITS | ||
Change in benefit obligation | ||
Benefit obligation at beginning of period | $ 567,215 | $ 512,785 |
Service cost | 9,507 | 9,039 |
Interest cost | 20,860 | 21,648 |
Plan participants’ contributions | 0 | 0 |
Actuarial (gain) loss | (42,935) | 46,686 |
Expenses paid | (2,786) | (3,020) |
Benefits paid | (20,925) | (19,923) |
Benefit obligation at end of period | 530,936 | 567,215 |
Change in plan assets | ||
Fair value of plan assets at beginning of period | 444,089 | 403,715 |
Actual return on plan assets | (28,884) | 63,317 |
Expenses paid | (2,786) | (3,020) |
Adjustment | 439 | 0 |
Benefits paid | (20,925) | (19,923) |
Fair value of plan assets at end of period | 391,933 | 444,089 |
Unfunded status | (139,003) | (123,126) |
Accumulated benefit obligation | 491,522 | 520,612 |
OTHER BENEFITS | ||
Change in benefit obligation | ||
Benefit obligation at beginning of period | 43,203 | 44,136 |
Service cost | 1,320 | 1,446 |
Interest cost | 1,465 | 1,569 |
Plan participants’ contributions | 1,224 | 1,149 |
Actuarial (gain) loss | (1,106) | 437 |
Expenses paid | 0 | 0 |
Benefits paid | (5,651) | (5,534) |
Benefit obligation at end of period | 40,455 | 43,203 |
Change in plan assets | ||
Fair value of plan assets at beginning of period | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Expenses paid | 0 | 0 |
Adjustment | 0 | 0 |
Benefits paid | 0 | 0 |
Fair value of plan assets at end of period | 0 | 0 |
Unfunded status | (40,455) | (43,203) |
SERP BENEFITS | ||
Change in benefit obligation | ||
Benefit obligation at beginning of period | 84,339 | 78,045 |
Service cost | 542 | 494 |
Interest cost | 3,077 | 3,239 |
Actuarial (gain) loss | (5,163) | 6,442 |
Benefits paid | (4,381) | (4,376) |
Plan amendments | 0 | 180 |
Special/contractual termination benefits | 0 | 315 |
Benefit obligation at end of period | 78,414 | 84,339 |
Change in plan assets | ||
Accumulated benefit obligation | $ 78,414 | $ 84,339 |
Pension Plan and Employee Ben_5
Pension Plan and Employee Benefits - Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
PENSION BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) occurring during period | $ 9,722 | $ 7,434 |
Net actuarial loss (gain) amortized during period | 12,313 | 10,008 |
Prior service (credit) cost amortized during period | (71) | (71) |
Expected net actuarial loss | 7,496 | |
Expected prior service credit | (71) | |
Net actuarial loss (gain) | 140,377 | 142,967 |
Prior service credit | (131) | (203) |
OTHER BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) occurring during period | (1,106) | 437 |
Net actuarial loss (gain) amortized during period | 135 | (50) |
Prior service (credit) cost amortized during period | 0 | 0 |
Expected net actuarial loss | (151) | |
Expected prior service credit | 0 | |
Net actuarial loss (gain) | 1,814 | 2,779 |
Prior service credit | 0 | 0 |
SERP BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) occurring during period | (5,163) | 6,622 |
Net actuarial loss (gain) amortized during period | 2,913 | 2,105 |
Prior service (credit) cost amortized during period | (160) | (190) |
Expected net actuarial loss | 1,729 | |
Expected prior service credit | (160) | |
Net actuarial loss (gain) | 17,261 | 25,336 |
Prior service credit | $ (1,837) | $ (1,997) |
Pension Plan and Employee Ben_6
Pension Plan and Employee Benefits - Components of Periodic Benefit Costs and Weighted-Average Assumptions (Details) - USD ($) $ in Thousands | Mar. 30, 2017 | Mar. 30, 2017 | Apr. 12, 2016 | Dec. 31, 2016 | Aug. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 29, 2017 | Apr. 13, 2016 |
Weighted-average assumptions used to determine the benefit obligation | |||||||||||
Rate of compensation increase | 2.98% | 2.93% | 2.98% | ||||||||
PENSION BENEFITS | |||||||||||
Components of periodic benefit costs | |||||||||||
Service cost | $ 9,507 | $ 9,039 | |||||||||
Interest cost | $ 20,860 | $ 21,648 | |||||||||
Weighted-average assumptions used to determine the benefit obligation | |||||||||||
Discount rate | 3.73% | 4.35% | 3.73% | ||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||
Expected return on plan assets | 5.86% | 6.08% | |||||||||
OTHER BENEFITS | |||||||||||
Components of periodic benefit costs | |||||||||||
Service cost | $ 1,320 | $ 1,446 | |||||||||
Interest cost | $ 1,465 | $ 1,569 | |||||||||
Weighted-average assumptions used to determine the benefit obligation | |||||||||||
Discount rate | 3.47% | 4.16% | 3.47% | ||||||||
SERP BENEFITS | |||||||||||
Components of periodic benefit costs | |||||||||||
Service cost | $ 542 | $ 494 | |||||||||
Interest cost | $ 3,077 | $ 3,239 | |||||||||
Amortizations | |||||||||||
Curtailment charge | $ 3,600 | ||||||||||
Special/contractual termination benefits | $ 300 | $ 3,200 | |||||||||
Weighted-average assumptions used to determine the benefit obligation | |||||||||||
Discount rate | 4.08% | 4.08% | 4.60% | 3.47% | 3.70% | 4.34% | 3.70% | 4.22% | 4.15% | ||
Rate of compensation increase | 5.00% | 5.00% | 5.00% | ||||||||
SUCCESSOR | |||||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||
Rate of compensation increase | 3.03% | 2.93% | 2.98% | ||||||||
SUCCESSOR | PENSION BENEFITS | |||||||||||
Components of periodic benefit costs | |||||||||||
Service cost | $ 6,909 | $ 9,507 | $ 9,039 | ||||||||
Interest cost | 15,088 | 20,860 | 21,648 | ||||||||
Expected return on plan assets | (17,310) | (23,773) | (24,064) | ||||||||
Amortizations | |||||||||||
Prior service (credit) cost | (51) | (71) | (71) | ||||||||
Net loss (gain) | 8,138 | 12,312 | 10,008 | ||||||||
Net periodic benefit cost | $ 12,774 | $ 18,835 | $ 16,560 | ||||||||
Weighted-average assumptions used to determine the benefit obligation | |||||||||||
Discount rate | 4.21% | ||||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||
Discount rate | 4.21% | 3.73% | 4.27% | ||||||||
Expected return on plan assets | 6.21% | ||||||||||
SUCCESSOR | OTHER BENEFITS | |||||||||||
Components of periodic benefit costs | |||||||||||
Service cost | $ 1,112 | $ 1,320 | $ 1,446 | ||||||||
Interest cost | 1,237 | 1,465 | 1,569 | ||||||||
Expected return on plan assets | 0 | 0 | 0 | ||||||||
Amortizations | |||||||||||
Prior service (credit) cost | 0 | 0 | 0 | ||||||||
Net loss (gain) | 0 | 135 | (50) | ||||||||
Net periodic benefit cost | $ 2,349 | $ 2,920 | $ 2,965 | ||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||
Discount rate | 4.08% | 3.47% | 3.81% | ||||||||
SUCCESSOR | SERP BENEFITS | |||||||||||
Components of periodic benefit costs | |||||||||||
Service cost | $ 571 | $ 542 | $ 494 | ||||||||
Interest cost | 2,275 | 3,077 | 3,239 | ||||||||
Amortizations | |||||||||||
Prior service (credit) cost | (50) | (160) | (190) | ||||||||
Net loss (gain) | 1,651 | 2,913 | 2,105 | ||||||||
Net periodic benefit cost | 4,447 | 6,372 | 5,648 | ||||||||
Curtailment charge | 0 | 0 | 0 | ||||||||
Special/contractual termination benefits | 0 | 0 | 315 | ||||||||
Net periodic benefit cost | $ 4,447 | $ 6,372 | $ 5,963 | ||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||
Discount rate | 4.22% | 3.47% | 4.15% | 4.08% | 3.70% | ||||||
Rate of compensation increase | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ||||||
PREDECESSOR | |||||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||
Rate of compensation increase | 3.03% | ||||||||||
PREDECESSOR | PENSION BENEFITS | |||||||||||
Components of periodic benefit costs | |||||||||||
Service cost | $ 2,563 | ||||||||||
Interest cost | 6,242 | ||||||||||
Expected return on plan assets | (6,812) | ||||||||||
Amortizations | |||||||||||
Prior service (credit) cost | (20) | ||||||||||
Net loss (gain) | 2,798 | ||||||||||
Net periodic benefit cost | $ 4,771 | ||||||||||
Weighted-average assumptions used to determine the benefit obligation | |||||||||||
Discount rate | 4.62% | ||||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||
Discount rate | 4.62% | ||||||||||
Expected return on plan assets | 6.21% | ||||||||||
PREDECESSOR | OTHER BENEFITS | |||||||||||
Components of periodic benefit costs | |||||||||||
Service cost | $ 431 | ||||||||||
Interest cost | 476 | ||||||||||
Expected return on plan assets | 0 | ||||||||||
Amortizations | |||||||||||
Prior service (credit) cost | 34 | ||||||||||
Net loss (gain) | 181 | ||||||||||
Net periodic benefit cost | $ 1,122 | ||||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||
Discount rate | 4.08% | ||||||||||
PREDECESSOR | SERP BENEFITS | |||||||||||
Components of periodic benefit costs | |||||||||||
Service cost | $ 702 | ||||||||||
Interest cost | 900 | ||||||||||
Amortizations | |||||||||||
Prior service (credit) cost | 17 | ||||||||||
Net loss (gain) | 574 | ||||||||||
Net periodic benefit cost | 2,193 | ||||||||||
Curtailment charge | 3,602 | ||||||||||
Special/contractual termination benefits | 3,222 | ||||||||||
Net periodic benefit cost | $ 9,017 | ||||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||
Discount rate | 4.60% | ||||||||||
Rate of compensation increase | 5.00% |
Pension Plan and Employee Ben_7
Pension Plan and Employee Benefits - Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | $ 249,264 | $ 242,135 |
OTHER BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 4,130 | 4,061 |
Non-current | 36,325 | 39,142 |
SERP BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
SERP, current | 4,478 | 4,471 |
SERP, noncurrent | 73,936 | 79,868 |
CLECO POWER | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current | 182,721 | 173,747 |
CLECO POWER | OTHER BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current | 3,584 | 3,525 |
Non-current | 31,694 | 34,033 |
CLECO POWER | SERP BENEFITS | ||
Defined Benefit Plan Disclosure [Line Items] | ||
SERP, current | 930 | 929 |
SERP, noncurrent | $ 12,025 | $ 16,589 |
Pension Plan and Employee Ben_8
Pension Plan and Employee Benefits - Fair Value of Pension Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
PENSION BENEFITS | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 316,730 | $ 392,949 | |
Interest accrual | 2,103 | 3,037 | |
Total net assets | 391,933 | 444,089 | $ 403,715 |
PENSION BENEFITS | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,471 | 4,825 | |
PENSION BENEFITS | Common stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,111 | 17,655 | |
PENSION BENEFITS | Obligations of Government, Government Agencies, and state and local governments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19,831 | 50,852 | |
PENSION BENEFITS | Mutual funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 79,210 | 58,617 | |
PENSION BENEFITS | Mutual funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 43,418 | 36,970 | |
PENSION BENEFITS | Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,298 | 19,195 | |
PENSION BENEFITS | Corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 138,391 | 204,835 | |
PENSION BENEFITS | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 135,739 | 113,242 | |
PENSION BENEFITS | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PENSION BENEFITS | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Common stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,111 | 17,655 | |
PENSION BENEFITS | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Obligations of Government, Government Agencies, and state and local governments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PENSION BENEFITS | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Mutual funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 79,210 | 58,617 | |
PENSION BENEFITS | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Mutual funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 43,418 | 36,970 | |
PENSION BENEFITS | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PENSION BENEFITS | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | Corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PENSION BENEFITS | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 160,693 | 260,512 | |
PENSION BENEFITS | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,471 | 4,825 | |
PENSION BENEFITS | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Common stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PENSION BENEFITS | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Obligations of Government, Government Agencies, and state and local governments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19,831 | 50,852 | |
PENSION BENEFITS | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Mutual funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PENSION BENEFITS | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Mutual funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PENSION BENEFITS | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PENSION BENEFITS | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | Corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 138,391 | 204,835 | |
PENSION BENEFITS | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,298 | 19,195 | |
PENSION BENEFITS | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PENSION BENEFITS | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Common stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PENSION BENEFITS | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Obligations of Government, Government Agencies, and state and local governments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PENSION BENEFITS | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Mutual funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PENSION BENEFITS | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Mutual funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PENSION BENEFITS | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,298 | 19,195 | |
PENSION BENEFITS | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | Corporate debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PENSION BENEFITS | Investments measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 73,100 | $ 48,103 |
Pension Plan and Employee Ben_9
Pension Plan and Employee Benefits - Unobservable Input Reconciliation (Details) - PENSION BENEFITS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation[Roll Forward] | ||
Fair value of plan assets at beginning of period | $ 444,089 | $ 403,715 |
Fair value of plan assets at end of period | 391,933 | 444,089 |
SUCCESSOR | Real estate funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation[Roll Forward] | ||
Fair value of plan assets at beginning of period | 19,195 | 18,668 |
Realized gains (losses) | 29 | (2,365) |
Unrealized gains | 391 | 2,674 |
Purchases | 710 | 649 |
Sales | (27) | (431) |
Fair value of plan assets at end of period | $ 20,298 | $ 19,195 |
Pension Plan and Employee Be_10
Pension Plan and Employee Benefits - Pension Plan Investment Objectives (Details) - PENSION BENEFITS | Dec. 31, 2018 |
Return-seeking | |
Defined Benefit Plan Disclosure [Line Items] | |
PERCENT OF TOTAL PLAN ASSETS | 50.00% |
Domestic equity | |
Defined Benefit Plan Disclosure [Line Items] | |
PERCENT OF TOTAL PLAN ASSETS | 20.00% |
International equity | |
Defined Benefit Plan Disclosure [Line Items] | |
PERCENT OF TOTAL PLAN ASSETS | 20.00% |
Multi-asset credit | |
Defined Benefit Plan Disclosure [Line Items] | |
PERCENT OF TOTAL PLAN ASSETS | 6.00% |
Real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
PERCENT OF TOTAL PLAN ASSETS | 4.00% |
Liability hedging | |
Defined Benefit Plan Disclosure [Line Items] | |
PERCENT OF TOTAL PLAN ASSETS | 50.00% |
MINIMUM | Return-seeking | |
Defined Benefit Plan Disclosure [Line Items] | |
PERCENT OF TOTAL PLAN ASSETS | 45.00% |
MINIMUM | Liability hedging | |
Defined Benefit Plan Disclosure [Line Items] | |
PERCENT OF TOTAL PLAN ASSETS | 45.00% |
MAXIMUM | Return-seeking | |
Defined Benefit Plan Disclosure [Line Items] | |
PERCENT OF TOTAL PLAN ASSETS | 55.00% |
MAXIMUM | Liability hedging | |
Defined Benefit Plan Disclosure [Line Items] | |
PERCENT OF TOTAL PLAN ASSETS | 55.00% |
Pension Plan and Employee Be_11
Pension Plan and Employee Benefits - Assumed Health Care Cost Trend Rates (Details) - OTHER BENEFITS $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect of one-percentage point increase on total of service and interest cost components | $ 13 |
Effect of one-percentage point decrease on total of service and interest cost components | (15) |
Effect of one-percentage point increase on postretirement benefit obligation | 194 |
Effect of one-percentage point decrease on postretirement benefit obligation | $ (215) |
Pension Plan and Employee Be_12
Pension Plan and Employee Benefits - Projected Benefit Payments and Projected Receipts (Details) $ in Thousands | Dec. 31, 2018USD ($) |
PENSION BENEFITS | |
For the year ending Dec. 31, | |
2,019 | $ 22,868 |
2,020 | 24,042 |
2,021 | 25,180 |
2,022 | 26,373 |
2,023 | 27,512 |
Next five years | 154,047 |
OTHER BENEFITS | |
For the year ending Dec. 31, | |
2,019 | 4,215 |
2,020 | 4,071 |
2,021 | 3,936 |
2,022 | 3,856 |
2,023 | 3,716 |
Next five years | 16,615 |
SERP BENEFITS | |
For the year ending Dec. 31, | |
2,019 | 4,574 |
2,020 | 4,670 |
2,021 | 4,755 |
2,022 | 4,754 |
2,023 | 4,755 |
Next five years | $ 24,717 |
Pension Plan and Employee Be_13
Pension Plan and Employee Benefits - 401 (K) Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
SUCCESSOR | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
401(k) Plan expense | $ 3,554 | $ 5,884 | $ 5,386 | |
SUCCESSOR | Support Group | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
401(k) Plan expense | $ 554 | $ 1,066 | $ 888 | |
PREDECESSOR | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
401(k) Plan expense | $ 1,593 | |||
PREDECESSOR | Support Group | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
401(k) Plan expense | $ 319 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SUCCESSOR | |||||
Effective Income Tax Rate [Line Items] | |||||
Income (loss) before tax | $ (46,935) | $ 123,819 | $ 145,159 | ||
Statutory rate | 35.00% | 21.00% | 35.00% | ||
Tax expense (benefit) at federal statutory rate | $ (16,427) | $ 26,002 | $ 50,806 | ||
Increase (decrease) | |||||
Plant differences, including AFUDC flowthrough | (881) | (401) | 743 | ||
Amortization of investment tax credits | (371) | (236) | (662) | ||
State income taxes, net of federal benefit | 1,844 | 6,288 | 5,047 | ||
Nondeductible merger costs | (844) | 0 | 2 | ||
Return to accrual adjustment | (2,943) | (193) | (608) | ||
TCJA | 0 | (19) | (46,291) | ||
NMTC | (181) | (1,578) | 313 | ||
Other | (3,019) | (481) | (2,271) | ||
Total tax expense (benefit) | $ (22,822) | $ 29,382 | $ 7,079 | ||
Effective rate | 48.60% | 23.70% | 4.90% | ||
PREDECESSOR | |||||
Effective Income Tax Rate [Line Items] | |||||
Income (loss) before tax | $ (492) | ||||
Statutory rate | 35.00% | ||||
Tax expense (benefit) at federal statutory rate | $ (172) | ||||
Increase (decrease) | |||||
Plant differences, including AFUDC flowthrough | 823 | ||||
Amortization of investment tax credits | (124) | ||||
State income taxes, net of federal benefit | (3,078) | ||||
Nondeductible merger costs | 4,282 | ||||
Return to accrual adjustment | 0 | ||||
TCJA | 0 | ||||
NMTC | (158) | ||||
Other | 1,895 | ||||
Total tax expense (benefit) | $ 3,468 | ||||
Effective rate | (704.90%) | ||||
CLECO POWER | |||||
Effective Income Tax Rate [Line Items] | |||||
Income (loss) before tax | $ 218,181 | $ 218,069 | $ 57,497 | ||
Statutory rate | 21.00% | 35.00% | 35.00% | ||
Tax expense (benefit) at federal statutory rate | $ 45,818 | $ 76,324 | $ 20,124 | ||
Increase (decrease) | |||||
Plant differences, including AFUDC flowthrough | (401) | 743 | (58) | ||
Amortization of investment tax credits | (236) | (662) | (494) | ||
State income taxes, net of federal benefit | 11,080 | 7,583 | 1,999 | ||
Return to accrual adjustment | 483 | (284) | (2,646) | ||
TCJA | (19) | (14,292) | 0 | ||
Other | (801) | (2,081) | (556) | ||
Total tax expense (benefit) | $ 55,924 | $ 67,331 | $ 18,369 | ||
Effective rate | 25.60% | 30.90% | 31.90% |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SUCCESSOR | |||||
Components of Income Tax Expense [Line Items] | |||||
Current federal income tax expense (benefit) | $ (1,062) | $ 15,304 | $ 46,520 | ||
Deferred federal income tax expense (benefit) | (16,715) | 5,863 | (47,329) | ||
Amortization of accumulated deferred investment tax credits | (371) | (236) | (662) | ||
Total federal income tax expense (benefit) | (18,148) | 20,931 | (1,471) | ||
Current state income tax expense (benefit) | (337) | 7,771 | 3,187 | ||
Deferred state income tax expense (benefit) | (4,337) | 680 | 5,363 | ||
Total state income tax expense (benefit) | (4,674) | 8,451 | 8,550 | ||
Total tax expense (benefit) | (22,822) | 29,382 | 7,079 | ||
Items charged or credited directly to member’s/shareholders’ equity | |||||
Total tax expense (benefit) from items charged directly to member’s/shareholders’ equity | 938 | 1,868 | (2,764) | ||
Total federal and state income tax expense (benefit) | (21,884) | 31,250 | 4,315 | ||
SUCCESSOR | Federal deferred | |||||
Items charged or credited directly to member’s/shareholders’ equity | |||||
Total tax expense (benefit) from items charged directly to member’s/shareholders’ equity | 808 | 1,408 | (2,380) | ||
SUCCESSOR | State deferred | |||||
Items charged or credited directly to member’s/shareholders’ equity | |||||
Total tax expense (benefit) from items charged directly to member’s/shareholders’ equity | $ 130 | 460 | (384) | ||
PREDECESSOR | |||||
Components of Income Tax Expense [Line Items] | |||||
Current federal income tax expense (benefit) | $ 1,373 | ||||
Deferred federal income tax expense (benefit) | 5,297 | ||||
Amortization of accumulated deferred investment tax credits | (124) | ||||
Total federal income tax expense (benefit) | 6,546 | ||||
Current state income tax expense (benefit) | 0 | ||||
Deferred state income tax expense (benefit) | (3,078) | ||||
Total state income tax expense (benefit) | (3,078) | ||||
Total tax expense (benefit) | 3,468 | ||||
Items charged or credited directly to member’s/shareholders’ equity | |||||
Total tax expense (benefit) from items charged directly to member’s/shareholders’ equity | 404 | ||||
Total federal and state income tax expense (benefit) | 3,872 | ||||
PREDECESSOR | Federal deferred | |||||
Items charged or credited directly to member’s/shareholders’ equity | |||||
Total tax expense (benefit) from items charged directly to member’s/shareholders’ equity | 348 | ||||
PREDECESSOR | State deferred | |||||
Items charged or credited directly to member’s/shareholders’ equity | |||||
Total tax expense (benefit) from items charged directly to member’s/shareholders’ equity | $ 56 | ||||
CLECO POWER | |||||
Components of Income Tax Expense [Line Items] | |||||
Current federal income tax expense (benefit) | 44,411 | 87,433 | $ (1,211) | ||
Deferred federal income tax expense (benefit) | (9,033) | (29,190) | 22,647 | ||
Amortization of accumulated deferred investment tax credits | (236) | (662) | (494) | ||
Total federal income tax expense (benefit) | 35,142 | 57,581 | 20,942 | ||
Current state income tax expense (benefit) | 23,293 | 14,751 | (418) | ||
Deferred state income tax expense (benefit) | (2,511) | (5,001) | (2,155) | ||
Total state income tax expense (benefit) | 20,782 | 9,750 | (2,573) | ||
Total tax expense (benefit) | 55,924 | 67,331 | 18,369 | ||
Items charged or credited directly to member’s/shareholders’ equity | |||||
Total tax expense (benefit) from items charged directly to member’s/shareholders’ equity | 1,058 | (164) | 2,295 | ||
Total federal and state income tax expense (benefit) | 56,982 | 67,167 | 20,664 | ||
CLECO POWER | Federal deferred | |||||
Items charged or credited directly to member’s/shareholders’ equity | |||||
Total tax expense (benefit) from items charged directly to member’s/shareholders’ equity | 797 | (141) | 1,976 | ||
CLECO POWER | State deferred | |||||
Items charged or credited directly to member’s/shareholders’ equity | |||||
Total tax expense (benefit) from items charged directly to member’s/shareholders’ equity | $ 261 | $ (23) | $ 319 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accumulated Deferred Federal and State Income Tax Assets and Liabilities [Line Items] | ||
Depreciation and property basis differences | $ (664,996) | $ (596,824) |
Net operating loss carryforward | 0 | 12,873 |
NMTC | 86,673 | 96,917 |
Fuel costs | (8,339) | (3,283) |
Other comprehensive income | 640 | |
Other comprehensive income | (490) | |
Regulated operations regulatory liability, net | 39,808 | |
Regulated operations regulatory liability, net | (54,471) | |
Postretirement benefits | 19,580 | 23,642 |
Merger fair value adjustments | (56,725) | (58,251) |
Other | (24,671) | (34,925) |
Accumulated deferred federal and state income taxes, net | (608,030) | (614,812) |
CLECO POWER | ||
Accumulated Deferred Federal and State Income Tax Assets and Liabilities [Line Items] | ||
Depreciation and property basis differences | (666,224) | (597,838) |
Net operating loss carryforward | 0 | 470 |
Fuel costs | (8,339) | (3,282) |
Other comprehensive income | 4,192 | 5,250 |
Regulated operations regulatory liability, net | 39,808 | |
Regulated operations regulatory liability, net | (54,471) | |
Postretirement benefits | 11,081 | 6,266 |
Other | (11,283) | (12,757) |
Accumulated deferred federal and state income taxes, net | $ (630,765) | $ (656,362) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation Allowance [Line Items] | ||||
Interest payable related to uncertain tax positions | $ 0 | $ 0 | $ 0 | |
Interest expense related to uncertain tax positions | 0 | 0 | $ 0 | |
Liability for uncertain tax positions | 0 | 0 | 0 | |
Penalties recognized | 0 | 0 | 0 | |
Decreased deferred income tax expense | 46,300,000 | |||
Decreased ADIT liability | 26,400,000 | 394,900,000 | ||
Accumulated deferred federal and state income taxes, net | (608,030,000) | (608,030,000) | (614,812,000) | |
Taxes payable, net | 43,674,000 | 43,674,000 | 22,698,000 | |
Other deferred charges | 25,874,000 | 25,874,000 | 31,635,000 | |
Scenario, Adjustment | ||||
Valuation Allowance [Line Items] | ||||
Accumulated deferred federal and state income taxes, net | 7,600,000 | 7,600,000 | ||
Taxes payable, net and Other deferred charges | 7,600,000 | 7,600,000 | ||
Taxes payable, net | 3,800,000 | 3,800,000 | ||
Other deferred charges | 3,800,000 | 3,800,000 | ||
NMTC | ||||
Valuation Allowance [Line Items] | ||||
NMTC carryforwards | 86,900,000 | 86,900,000 | ||
Net operating loss carryforwards | 97,500,000 | |||
Valuation allowance | 0 | 0 | ||
CLECO POWER | ||||
Valuation Allowance [Line Items] | ||||
Valuation allowance | 0 | 0 | ||
Interest payable related to uncertain tax positions | 0 | 0 | 0 | |
Interest expense related to uncertain tax positions | 0 | 0 | $ 0 | |
Liability for uncertain tax positions | 0 | 0 | 0 | |
Decreased deferred income tax expense | 14,300,000 | |||
Decreased ADIT liability | 26,400,000 | 362,900,000 | ||
Accumulated deferred federal and state income taxes, net | (630,765,000) | (630,765,000) | (656,362,000) | |
Taxes payable, net | 48,177,000 | 48,177,000 | 31,611,000 | |
Other deferred charges | 23,373,000 | 23,373,000 | $ 29,576,000 | |
Federal | ||||
Valuation Allowance [Line Items] | ||||
Net operating loss carryforwards | 0 | 0 | ||
State | ||||
Valuation Allowance [Line Items] | ||||
Net operating loss carryforwards | $ 0 | $ 0 |
Disclosures about Segments (Det
Disclosures about Segments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018USD ($)entity | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Apr. 12, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($)entityreporting_unit | Dec. 31, 2017USD ($) | Apr. 13, 2016USD ($) | |
Segment Reporting [Abstract] | ||||||||||||||
Number of transmission interconnection facility subsidiaries | entity | 2 | 2 | ||||||||||||
Revenue | ||||||||||||||
Electric customer credits | $ (33,195) | |||||||||||||
Operating revenue, net | $ 296,767 | $ 358,256 | $ 299,261 | $ 276,760 | $ 277,985 | $ 338,499 | $ 308,661 | $ 250,501 | 1,231,044 | |||||
Net income (loss) | 10,377 | $ 47,360 | $ 25,839 | $ 10,861 | 61,040 | $ 45,304 | $ 25,444 | $ 6,292 | ||||||
Equity investment in investee | 18,172 | 18,172 | 18,172 | $ 18,172 | ||||||||||
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | 1,490,797 | $ 1,490,797 | |||||||||
Total segment assets | 6,436,814 | 6,278,382 | $ 6,436,814 | 6,278,382 | ||||||||||
CLECO POWER | ||||||||||||||
Revenue | ||||||||||||||
Number of reporting units | reporting_unit | 1 | |||||||||||||
Operating Segments | CLECO POWER | ||||||||||||||
Revenue | ||||||||||||||
Operating revenue, net | $ 1,241,596 | |||||||||||||
OTHER | ||||||||||||||
Revenue | ||||||||||||||
Operating revenue, net | 64,913 | |||||||||||||
ELIMINATIONS | ||||||||||||||
Revenue | ||||||||||||||
Operating revenue, net | (75,465) | |||||||||||||
SUCCESSOR | ||||||||||||||
Revenue | ||||||||||||||
Electric operations | $ 802,592 | 1,181,907 | 1,097,632 | |||||||||||
Other operations | 51,562 | 82,332 | 79,580 | |||||||||||
Affiliate revenue | 0 | 0 | 0 | |||||||||||
Electric customer credits | (1,149) | (33,195) | (1,566) | |||||||||||
Operating revenue, net | 853,005 | 1,231,044 | 1,175,646 | |||||||||||
Depreciation and amortization | 116,990 | 170,414 | 166,854 | |||||||||||
Merger transaction and commitment costs | 174,786 | 19,514 | 5,152 | |||||||||||
Interest income | 840 | 6,073 | 1,424 | |||||||||||
Interest charges | 89,766 | 126,642 | 122,913 | |||||||||||
Federal and state income tax expense (benefit) | (22,822) | 29,382 | 7,079 | |||||||||||
Net income (loss) | $ (24,113) | (24,113) | 94,437 | 138,080 | ||||||||||
Additions to property, plant, and equipment | 144,444 | 291,061 | 236,932 | |||||||||||
Equity investment in investee | 18,172 | 18,172 | 18,672 | 18,672 | 18,172 | 18,172 | ||||||||
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | 1,490,797 | ||||||||||
Total segment assets | 6,436,814 | 6,278,382 | 6,343,144 | 6,343,144 | 6,436,814 | 6,278,382 | ||||||||
SUCCESSOR | Operating Segments | CLECO POWER | ||||||||||||||
Revenue | ||||||||||||||
Electric operations | 810,075 | 1,191,587 | 1,108,389 | |||||||||||
Other operations | 50,080 | 82,330 | 77,522 | |||||||||||
Affiliate revenue | 621 | 874 | 851 | |||||||||||
Electric customer credits | (1,149) | (33,195) | (1,566) | |||||||||||
Operating revenue, net | 859,627 | 1,241,596 | 1,185,196 | |||||||||||
Depreciation and amortization | 109,695 | 162,069 | 158,415 | |||||||||||
Merger transaction and commitment costs | 151,501 | 0 | 0 | |||||||||||
Interest income | 652 | 5,052 | 1,283 | |||||||||||
Interest charges | 54,606 | 71,303 | 69,362 | |||||||||||
Federal and state income tax expense (benefit) | 5,376 | 55,924 | 67,331 | |||||||||||
Net income (loss) | 17,580 | 162,257 | 150,738 | |||||||||||
Additions to property, plant, and equipment | 143,790 | 289,153 | 235,252 | |||||||||||
Equity investment in investee | 18,172 | 18,172 | 18,672 | 18,672 | 18,172 | 18,172 | ||||||||
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | 1,490,797 | ||||||||||
Total segment assets | 5,839,853 | 5,679,538 | 5,758,245 | 5,758,245 | 5,839,853 | 5,679,538 | ||||||||
SUCCESSOR | OTHER | ||||||||||||||
Revenue | ||||||||||||||
Electric operations | (7,482) | (9,680) | (10,757) | |||||||||||
Other operations | 1,482 | 2 | 2,058 | |||||||||||
Affiliate revenue | 35,602 | 74,591 | 57,168 | |||||||||||
Electric customer credits | 0 | 0 | 0 | |||||||||||
Operating revenue, net | 29,602 | 64,913 | 48,469 | |||||||||||
Depreciation and amortization | 7,296 | 8,344 | 8,439 | |||||||||||
Merger transaction and commitment costs | 23,285 | 19,514 | 5,445 | |||||||||||
Interest income | 275 | 1,338 | 316 | |||||||||||
Interest charges | 35,246 | 55,659 | 53,725 | |||||||||||
Federal and state income tax expense (benefit) | (28,198) | (26,541) | (60,252) | |||||||||||
Net income (loss) | (41,692) | (67,819) | (12,659) | |||||||||||
Additions to property, plant, and equipment | 654 | 1,908 | 1,680 | |||||||||||
Equity investment in investee | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Total segment assets | 633,756 | 619,943 | 614,959 | 614,959 | 633,756 | 619,943 | ||||||||
SUCCESSOR | ELIMINATIONS | ||||||||||||||
Revenue | ||||||||||||||
Electric operations | (1) | 0 | 0 | |||||||||||
Other operations | 0 | 0 | 0 | |||||||||||
Affiliate revenue | (36,223) | (75,465) | (58,019) | |||||||||||
Electric customer credits | 0 | 0 | 0 | |||||||||||
Operating revenue, net | (36,224) | (75,465) | (58,019) | |||||||||||
Depreciation and amortization | (1) | 1 | 0 | |||||||||||
Merger transaction and commitment costs | 0 | 0 | (293) | |||||||||||
Interest income | (87) | (317) | (175) | |||||||||||
Interest charges | (86) | (320) | (174) | |||||||||||
Federal and state income tax expense (benefit) | 0 | (1) | 0 | |||||||||||
Net income (loss) | (1) | (1) | 1 | |||||||||||
Additions to property, plant, and equipment | 0 | 0 | 0 | |||||||||||
Equity investment in investee | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Total segment assets | $ (36,795) | $ (21,099) | $ (30,060) | $ (30,060) | $ (36,795) | $ (21,099) | ||||||||
PREDECESSOR | ||||||||||||||
Revenue | ||||||||||||||
Electric operations | $ 281,154 | |||||||||||||
Other operations | 19,080 | |||||||||||||
Affiliate revenue | 0 | |||||||||||||
Electric customer credits | (364) | |||||||||||||
Operating revenue, net | 299,870 | |||||||||||||
Depreciation and amortization | 44,076 | |||||||||||||
Merger transaction and commitment costs | 34,912 | |||||||||||||
Interest income | 265 | |||||||||||||
Interest charges | 22,123 | |||||||||||||
Federal and state income tax expense (benefit) | 3,468 | |||||||||||||
Net income (loss) | (3,960) | |||||||||||||
Additions to property, plant, and equipment | 42,392 | |||||||||||||
PREDECESSOR | Operating Segments | CLECO POWER | ||||||||||||||
Revenue | ||||||||||||||
Electric operations | 281,154 | |||||||||||||
Other operations | 18,493 | |||||||||||||
Affiliate revenue | 263 | |||||||||||||
Electric customer credits | (364) | |||||||||||||
Operating revenue, net | 299,546 | |||||||||||||
Depreciation and amortization | 43,698 | |||||||||||||
Merger transaction and commitment costs | 0 | |||||||||||||
Interest income | 208 | |||||||||||||
Interest charges | 21,840 | |||||||||||||
Federal and state income tax expense (benefit) | 12,993 | |||||||||||||
Net income (loss) | 21,548 | |||||||||||||
Additions to property, plant, and equipment | 42,353 | |||||||||||||
PREDECESSOR | OTHER | ||||||||||||||
Revenue | ||||||||||||||
Electric operations | 0 | |||||||||||||
Other operations | 587 | |||||||||||||
Affiliate revenue | 15,024 | |||||||||||||
Electric customer credits | 0 | |||||||||||||
Operating revenue, net | 15,611 | |||||||||||||
Depreciation and amortization | 377 | |||||||||||||
Merger transaction and commitment costs | 34,928 | |||||||||||||
Interest income | 69 | |||||||||||||
Interest charges | 295 | |||||||||||||
Federal and state income tax expense (benefit) | (9,525) | |||||||||||||
Net income (loss) | (25,508) | |||||||||||||
Additions to property, plant, and equipment | 39 | |||||||||||||
PREDECESSOR | ELIMINATIONS | ||||||||||||||
Revenue | ||||||||||||||
Electric operations | 0 | |||||||||||||
Other operations | 0 | |||||||||||||
Affiliate revenue | (15,287) | |||||||||||||
Electric customer credits | 0 | |||||||||||||
Operating revenue, net | (15,287) | |||||||||||||
Depreciation and amortization | 1 | |||||||||||||
Merger transaction and commitment costs | (16) | |||||||||||||
Interest income | (12) | |||||||||||||
Interest charges | (12) | |||||||||||||
Federal and state income tax expense (benefit) | 0 | |||||||||||||
Net income (loss) | 0 | |||||||||||||
Additions to property, plant, and equipment | $ 0 |
Regulation and Rates (Details)
Regulation and Rates (Details) | Apr. 13, 2016USD ($) | Apr. 07, 2016USD ($) | Sep. 30, 2016 | Jun. 30, 2014 | Nov. 30, 2013claim | Dec. 31, 2018USD ($)claimagreement | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Feb. 28, 2017USD ($) |
Public Utilities, General Disclosures [Line Items] | |||||||||||
Provision for rate refund | $ 35,842,000 | $ 4,206,000 | |||||||||
Rate credits | LPSC | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Merger commitments | $ 136,000,000 | ||||||||||
Contributions for economic development | LPSC | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Merger commitments | 2,500,000 | ||||||||||
Economic development contribution | LPSC | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Merger commitments | 7,000,000 | ||||||||||
Charitable contributions to be disbursed over five years | LPSC | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Merger commitments | 6,000,000 | ||||||||||
Cost savings | LPSC | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Merger commitments | 1,200,000 | ||||||||||
CLECO POWER | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Estimated refund for the tax-related benefits from the TCJA | 31,600,000 | ||||||||||
Provision for rate refund | 35,842,000 | 4,206,000 | |||||||||
Payments received for capital expenditures subject to refund | 1,800,000 | ||||||||||
Other operations | (82,330,000) | (77,522,000) | $ (68,573,000) | ||||||||
Power purchased for utility customers | (168,180,000) | $ (152,913,000) | $ (119,586,000) | ||||||||
CLECO POWER | FERC | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Other operations | 1,600,000 | ||||||||||
Power purchased for utility customers | $ 900,000 | ||||||||||
CLECO POWER | FERC | MISO Transmission Rates | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Number of claims filed | claim | 2 | 2 | |||||||||
Provision for rate refund | $ 1,200,000 | ||||||||||
Return on equity established by FERC | 10.32% | 12.38% | |||||||||
CLECO POWER | FERC | Transmission return on equity | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Provision for rate refund | $ 1,900,000 | ||||||||||
CLECO POWER | FERC | SSR | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Amount to be collected annually from a regional transmission organization | 20,300,000 | ||||||||||
CLECO POWER | FERC | SSR 2 | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Amount to be collected annually from a regional transmission organization | $ 11,800,000 | ||||||||||
Number of agreements settled | agreement | 2 | ||||||||||
CLECO POWER | LPSC | FRP | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Return on equity established by FERC | 10.00% | ||||||||||
Percentage of retail earnings within range to be returned to customers | 60.00% | ||||||||||
Return on equity for customer credit, low range | 10.90% | ||||||||||
Return on equity for customer refund, high range | 11.75% | ||||||||||
CLECO POWER | LPSC | 2017 FRP Monitoring report | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Provision for rate refund | $ 0 | ||||||||||
CLECO POWER | LPSC | 2017 Merger Commitment Monitoring report | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Provision for rate refund | $ 1,200,000 | ||||||||||
CLECO POWER | LPSC | 2016 FRP Monitoring report | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Provision for rate refund | $ 1,200,000 | ||||||||||
CLECO POWER | LPSC | 2018 FRP Monitoring report | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Provision for rate refund | $ 0 | ||||||||||
CLECO POWER | LPSC | 2018 Merger Commitment Monitoring report | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Provision for rate refund | $ 1,200,000 | ||||||||||
CLECO POWER | MAXIMUM | LPSC | FRP | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Return on equity established by FERC | 10.90% | ||||||||||
CLECO POWER | Rate credits | LPSC | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Merger commitments | 136,000,000 | 136,000,000 | |||||||||
Rate credits issued to customers | $ 135,100,000 | ||||||||||
CLECO POWER | Contributions for economic development | LPSC | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Merger commitments | $ 2,500,000 | $ 2,500,000 | |||||||||
Disbursement period | 5 years | 5 years | |||||||||
CLECO POWER | Economic development contribution | LPSC | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Merger commitments | $ 7,000,000 | $ 7,000,000 | |||||||||
CLECO POWER | Charitable contributions to be disbursed over five years | LPSC | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Merger commitments | $ 6,000,000 | $ 6,000,000 | |||||||||
Disbursement period | 5 years | 5 years | |||||||||
CLECO POWER | Cost savings | LPSC | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Merger commitments | $ 1,200,000 | $ 1,200,000 | |||||||||
Refunds submitted to MISO | $ 5,900,000 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Components of equity method investments [Abstract] | |||
Total equity investment in investee | $ 18,172 | $ 18,172 | |
CLECO POWER | |||
Components of equity method investments [Abstract] | |||
Purchase price | 12,873 | 12,873 | |
Cash contributions | 6,399 | 6,399 | |
Dividend received | (1,100) | (1,100) | |
Total equity investment in investee | 18,172 | 18,172 | |
Comparison of carrying amount of assets and liabilities to maximum loss exposure [Abstract] | |||
Oxbow’s net assets/liabilities | 36,345 | 36,345 | |
Summarized financial information [Abstract] | |||
Current assets | 4,128 | 2,318 | |
Total assets | 38,719 | 38,160 | |
Current liabilities | 2,374 | 1,815 | |
Partners’ capital | 36,345 | 36,345 | |
Total liabilities and partners’ capital | 38,719 | 38,160 | |
Operating revenue | 6,992 | 4,189 | $ 5,459 |
Operating expenses | 6,992 | 4,189 | 5,459 |
Income before taxes | 0 | 0 | $ 0 |
CLECO POWER | Property, plant, and equipment, net | |||
Summarized financial information [Abstract] | |||
Noncurrent assets | 25,186 | 25,656 | |
CLECO POWER | Other assets | |||
Summarized financial information [Abstract] | |||
Noncurrent assets | $ 9,405 | 10,186 | |
CLECO POWER | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable interest entity, ownership percentage | 50.00% | ||
Ownership percentage by other parties | 50.00% | ||
Comparison of carrying amount of assets and liabilities to maximum loss exposure [Abstract] | |||
Cleco Power’s 50% equity | $ 18,172 | 18,172 | |
Cleco Power’s maximum exposure to loss | $ 18,172 | $ 18,172 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018municipality | Dec. 31, 2018lease | Dec. 31, 2018railcar | Dec. 31, 2018non_municipal_public_body | Apr. 02, 2018bargetowboat | |
Leases [Abstract] | |||||||||
Operating lease expense recognized | $ 6,600 | $ 9,900 | $ 9,000 | ||||||
Year ending Dec. 31, | |||||||||
2,019 | $ 4,150 | ||||||||
2,020 | 3,890 | ||||||||
2,021 | 2,789 | ||||||||
2,022 | 1,239 | ||||||||
2,023 | 1,214 | ||||||||
Thereafter | 7,235 | ||||||||
Total operating lease payments | 20,517 | ||||||||
Number of lessors | 2 | 1 | |||||||
Cleco Holdings | |||||||||
Year ending Dec. 31, | |||||||||
2,019 | 120 | ||||||||
2,020 | 0 | ||||||||
2,021 | 0 | ||||||||
2,022 | 0 | ||||||||
2,023 | 0 | ||||||||
Thereafter | 0 | ||||||||
Total operating lease payments | 120 | ||||||||
CLECO POWER | |||||||||
Year ending Dec. 31, | |||||||||
2,019 | 4,030 | ||||||||
2,020 | 3,890 | ||||||||
2,021 | 2,789 | ||||||||
2,022 | 1,239 | ||||||||
2,023 | 1,214 | ||||||||
Thereafter | 7,235 | ||||||||
Total operating lease payments | $ 20,397 | ||||||||
Number of barges | barge | 42 | ||||||||
CLECO POWER | Utility System | |||||||||
Year ending Dec. 31, | |||||||||
Term of operating lease (in years) | 10 years | ||||||||
CLECO POWER | Utility System 2 | |||||||||
Year ending Dec. 31, | |||||||||
Term of operating lease (in years) | 10 years | ||||||||
CLECO POWER | Utility System 3 | |||||||||
Year ending Dec. 31, | |||||||||
Term of operating lease (in years) | 27 years | ||||||||
CLECO POWER | Railroad Transportation Equipment | |||||||||
Year ending Dec. 31, | |||||||||
Number of railcars | railcar | 200 | ||||||||
CLECO POWER | Railcars Group 1 | |||||||||
Year ending Dec. 31, | |||||||||
Number of railcars | railcar | 115 | ||||||||
Number of leases expiring on March 31, 2021 | lease | 1 | ||||||||
CLECO POWER | Railcars Group 2 | |||||||||
Year ending Dec. 31, | |||||||||
Number of railcars | railcar | 85 | ||||||||
Number of leases expiring on March 31, 2020 | lease | 1 | ||||||||
CLECO POWER | Maritime Equipment | |||||||||
Year ending Dec. 31, | |||||||||
Number of barges | barge | 42 | ||||||||
Number of towboats | towboat | 3 |
Litigation, Other Commitments_3
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Litigation (Details) | Mar. 07, 2018plaintiff | Apr. 13, 2016claim | Sep. 30, 2016 | Jun. 30, 2016petition | Sep. 30, 2015USD ($) | Nov. 30, 2014 | Nov. 30, 2013claim | Dec. 31, 2018USD ($)generationunitclaim | Dec. 31, 2017USD ($) | Aug. 31, 2018USD ($) | Mar. 31, 2017generationunit | Feb. 28, 2017USD ($) |
Litigation [Line Items] | ||||||||||||
Provision for rate refund | $ 35,842,000 | $ 4,206,000 | ||||||||||
Accrual for various litigation matters | $ 4,800,000 | |||||||||||
Gulf Coast Spinning start up costs | ||||||||||||
Litigation [Line Items] | ||||||||||||
Startup costs | $ 6,500,000 | |||||||||||
Gulf Coast Spinning construction of cotton spinning facility | ||||||||||||
Litigation [Line Items] | ||||||||||||
Startup costs | $ 60,000,000 | |||||||||||
CLECO POWER | ||||||||||||
Litigation [Line Items] | ||||||||||||
Number of generating units owned | generationunit | 9 | |||||||||||
Provision for rate refund | $ 35,842,000 | 4,206,000 | ||||||||||
CLECO POWER | LPSC Jan 2016 To Dec 2017 EAC Audit | ||||||||||||
Litigation [Line Items] | ||||||||||||
Environmental expenses included in audit | 30,700,000 | |||||||||||
CLECO POWER | MISO Transmission Rates | FERC | ||||||||||||
Litigation [Line Items] | ||||||||||||
Number of claims filed | claim | 2 | 2 | ||||||||||
Return on equity established by FERC | 10.32% | 12.38% | ||||||||||
Return on equity proposed/recommended | 9.70% | 6.68% | ||||||||||
Requested rate increase | 0.50% | |||||||||||
Provision for rate refund | $ 1,200,000 | |||||||||||
CLECO POWER | LPSC 2016-2017 Fuel Audit | ||||||||||||
Litigation [Line Items] | ||||||||||||
Fuel expenses included in audit | $ 536,200,000 | |||||||||||
Cost disallowance in audit, excluding interest | $ 0 | |||||||||||
CLECO POWER | LPSC Nov2010-Dec2015 EAC audit | ||||||||||||
Litigation [Line Items] | ||||||||||||
Number of petitions filed with the U.S. Court of Appeals | petition | 6 | |||||||||||
CLECO POWER | Transmission return on equity | FERC | ||||||||||||
Litigation [Line Items] | ||||||||||||
Provision for rate refund | $ 1,900,000 | |||||||||||
Actions filed in the 9th Judicial District Court | Alleged Breach of Fiduciary Duties | ||||||||||||
Litigation [Line Items] | ||||||||||||
Number of actions filed | claim | 4 | |||||||||||
Actions filed in the Civil District Court | Alleged Breach of Fiduciary Duties | ||||||||||||
Litigation [Line Items] | ||||||||||||
Number of actions filed | claim | 3 | |||||||||||
Pending Litigation | Perry Bonin, Ace Chandler, and Michael Manuel, et al v. Sabine River Authority of Texas and Sabine River Authority of Louisiana, No. B-160173-C | ||||||||||||
Litigation [Line Items] | ||||||||||||
Number of generation units failed to repair | generationunit | 1 | |||||||||||
Number of generating units owned | generationunit | 2 | |||||||||||
Pending Litigation | Larry Addison, Et Al. V. Sabine River Authority Of Texas, Et Al | ||||||||||||
Litigation [Line Items] | ||||||||||||
Number of plaintiffs | plaintiff | 26 |
Litigation, Other Commitments_4
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Off-Balance Sheet Commitments and Guarantees (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Guarantor Obligations [Line Items] | |
Assets held as collateral for third parties | $ 0 |
Performance Guarantee | |
Guarantor Obligations [Line Items] | |
Maximum amount of potential payment | 42,400,000 |
Indemnification Agreement | |
Guarantor Obligations [Line Items] | |
Maximum amount of potential payment | 40,000,000 |
Indemnification Agreement, Including Fundamental Organizational Structure | |
Guarantor Obligations [Line Items] | |
Maximum amount of potential payment | 400,000,000 |
CLECO POWER | Indemnification Agreement | |
Guarantor Obligations [Line Items] | |
Maximum amount of potential payment | 40,000,000 |
CLECO POWER | Indemnification Agreement, Including Fundamental Organizational Structure | |
Guarantor Obligations [Line Items] | |
Maximum amount of potential payment | 400,000,000 |
CLECO POWER | Guarantee Issued to Entergy Mississippi on behalf of Attala | |
Guarantor Obligations [Line Items] | |
Maximum amount of potential payment | $ 91,400,000 |
Litigation, Other Commitments_5
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Long-Term Purchase Obligations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CLECO POWER | |||
FUTURE PAYMENTS UNDER LONG-TERM PURCHASE OBLIGATIONS | |||
Payments under long-term purchase obligations | $ 70,500,000 | $ 47,000,000 | $ 72,900,000 |
CLECO POWER | Purchase of coal, petroleum coke, limestone, entergy capacity and energy delivery facilities | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Unconditional purchase obligations | 108,475,000 | ||
FUTURE PAYMENTS UNDER LONG-TERM PURCHASE OBLIGATIONS | |||
2,019 | 40,980,000 | ||
2,020 | 24,092,000 | ||
2,021 | 17,695,000 | ||
2,022 | 4,620,000 | ||
2,023 | 4,646,000 | ||
Thereafter | 16,442,000 | ||
Total long-term purchase obligations | 108,475,000 | ||
Cleco Holdings | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Unconditional purchase obligations | 0 | ||
FUTURE PAYMENTS UNDER LONG-TERM PURCHASE OBLIGATIONS | |||
Total long-term purchase obligations | $ 0 |
Litigation, Other Commitments_6
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - New Markets Tax Credits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2008 | |
New Markets Tax Credit [Line Items] | ||
Useful life | 10 years | |
Cleco Holdings | ||
New Markets Tax Credit [Line Items] | ||
Membership interest in U.S Bank New Markets Tax Credit Fund | 99.90% | |
Equity contributions to be made to the Fund | $ 285.5 | |
Net tax benefits to be received from the Fund | 303.8 | |
Difference between equity contributions and total benefits received will be recognized over the life of the Fund as net tax benefits | $ 1.6 | |
USBCDC | ||
New Markets Tax Credit [Line Items] | ||
Membership interest in U.S Bank New Markets Tax Credit Fund | 0.10% |
Litigation, Other Commitments_7
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Fuel Transportation Agreement and Capital Leases (Details) - CLECO POWER $ in Thousands | Apr. 02, 2018USD ($) | Dec. 31, 2018USD ($)event | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2012barge |
Barges | |||||
Capital Leased Assets [Line Items] | |||||
Number of barges | barge | 42 | ||||
Repayment of capital lease obligation for barges | $ 2,000 | $ 2,500 | $ 3,700 | ||
Revenue received from subleases of barges to third parties | $ 500 | 300 | $ 100 | ||
Number of cancellation events triggering early termination | event | 1 | ||||
Number of cancellation events | event | 4 | ||||
Analysis of leased property under capital leases by major classes [Abstract] | |||||
Barges | $ 16,800 | 0 | |||
Less: accumulated amortization | 840 | 0 | |||
Capital lease assets, net | $ 15,960 | $ 0 | |||
Savage Inland Marine | |||||
Capital Leased Assets [Line Items] | |||||
Payments to Fund Long-term Loans to Related Parties | $ 16,800 |
Litigation, Other Commitments_8
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees - Future Minimum Lease Payments for Capital Leases (Details) - CLECO POWER - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Years ending Dec. 31, | ||
2,019 | $ 2,611 | |
2,020 | 2,611 | |
2,021 | 2,611 | |
2,022 | 2,611 | |
2,023 | 2,611 | |
Thereafter | 23,655 | |
Total minimum lease payments | 36,710 | |
Less: executory costs | 5,817 | |
Net minimum lease payments | 30,893 | |
Less: amount representing interest | 14,475 | |
Present value of net minimum lease payments | 16,418 | |
Current liabilities | 557 | $ 0 |
Non-current liabilities | $ 15,861 |
Affiliate Transactions (Details
Affiliate Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Affiliate Transaction [Line Items] | |||||||||||||
Distributions to parent | $ 10,850,000 | $ 20,600,000 | $ 20,400,000 | $ 19,500,000 | $ 110,000 | $ 28,300,000 | $ 26,700,000 | $ 28,955,000 | |||||
SUCCESSOR | |||||||||||||
Affiliate Transaction [Line Items] | |||||||||||||
Distributions to parent | $ 88,765,000 | $ 71,350,000 | $ 84,065,000 | ||||||||||
Affiliate revenue | $ 0 | 0 | 0 | ||||||||||
Cleco Holdings | Cleco Group | |||||||||||||
Affiliate Transaction [Line Items] | |||||||||||||
Accounts receivable - affiliate | 0 | 0 | |||||||||||
Accounts payable - affiliate | 0 | 0 | 0 | 0 | |||||||||
Cleco Holdings | SUCCESSOR | Cleco Group | |||||||||||||
Affiliate Transaction [Line Items] | |||||||||||||
Contribution from member | 100,700,000 | ||||||||||||
Distributions to parent | $ 88,800,000 | 71,400,000 | 84,100,000 | ||||||||||
Cleco Holdings | MAXIMUM | Cleco Group | |||||||||||||
Affiliate Transaction [Line Items] | |||||||||||||
Accounts receivable - affiliate | 600,000 | 600,000 | |||||||||||
CLECO POWER | |||||||||||||
Affiliate Transaction [Line Items] | |||||||||||||
Accounts receivable - affiliate | 3,318,000 | 1,355,000 | 3,318,000 | 1,355,000 | |||||||||
Accounts payable - affiliate | 7,843,000 | 8,697,000 | 7,843,000 | 8,697,000 | |||||||||
Contribution from member | $ 50,000,000 | ||||||||||||
Distributions to parent | 0 | $ 50,400,000 | $ 43,000,000 | $ 28,000,000 | 60,000,000 | $ 15,000,000 | $ 25,000,000 | $ 35,000,000 | 121,400,000 | 135,000,000 | 110,000,000 | ||
Affiliate revenue | 874,000 | 851,000 | 884,000 | ||||||||||
Other income | 1,092,000 | 494,000 | 31,000 | ||||||||||
Total | 1,966,000 | 1,345,000 | 915,000 | ||||||||||
CLECO POWER | Cleco Group | |||||||||||||
Affiliate Transaction [Line Items] | |||||||||||||
Accounts receivable - affiliate | 699,000 | 743,000 | 699,000 | 743,000 | |||||||||
Accounts payable - affiliate | 88,000 | 113,000 | 88,000 | 113,000 | |||||||||
Contribution from member | 0 | 0 | |||||||||||
Distributions to parent | 121,400,000 | 135,000,000 | 110,000,000 | ||||||||||
Other income | 1,092,000 | 494,000 | 19,000 | ||||||||||
Non-cash equity contributions from parent | 50,000,000 | ||||||||||||
CLECO POWER | Cleco Group | Other expense | |||||||||||||
Affiliate Transaction [Line Items] | |||||||||||||
Charges from each affiliate | 1,007,000 | 361,000 | 0 | ||||||||||
CLECO POWER | Support Group | |||||||||||||
Affiliate Transaction [Line Items] | |||||||||||||
Accounts receivable - affiliate | 2,619,000 | 608,000 | 2,619,000 | 608,000 | |||||||||
Accounts payable - affiliate | 7,755,000 | 8,582,000 | 7,755,000 | 8,582,000 | |||||||||
Affiliate revenue | 874,000 | 851,000 | 884,000 | ||||||||||
Transfer of pension plan liability and an equal amount of assets | 1,963,000 | 1,812,000 | |||||||||||
CLECO POWER | Support Group | Other operations and maintenance | |||||||||||||
Affiliate Transaction [Line Items] | |||||||||||||
Charges from each affiliate | 56,669,000 | 50,572,000 | 48,371,000 | ||||||||||
CLECO POWER | Support Group | Taxes other than income taxes | |||||||||||||
Affiliate Transaction [Line Items] | |||||||||||||
Charges from each affiliate | 6,000 | (13,000) | 10,000 | ||||||||||
CLECO POWER | Support Group | Other expense | |||||||||||||
Affiliate Transaction [Line Items] | |||||||||||||
Charges from each affiliate | 290,000 | 255,000 | 106,000 | ||||||||||
CLECO POWER | Perryville | |||||||||||||
Affiliate Transaction [Line Items] | |||||||||||||
Other income | 0 | 0 | $ 12,000 | ||||||||||
CLECO POWER | Other | |||||||||||||
Affiliate Transaction [Line Items] | |||||||||||||
Accounts receivable - affiliate | 0 | 4,000 | 0 | 4,000 | |||||||||
Accounts payable - affiliate | $ 0 | $ 2,000 | $ 0 | $ 2,000 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Narrative (Details) - USD ($) | Apr. 13, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2008 | Aug. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2015 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Accumulated amortization | $ 76,491,000 | $ 45,948,000 | |||||
Expected amortization in the year 2019 | 29,414,000 | ||||||
Expected amortization in the year 2020 | 11,549,000 | ||||||
Goodwill | $ 1,490,797,000 | 1,490,797,000 | 1,490,797,000 | ||||
Carrying value of equity | 2,124,740,000 | 2,096,357,000 | |||||
Power supply agreements | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Residual value | $ 0 | ||||||
Trade name | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset expected useful life (in years) | 20 years | 20 years | |||||
Residual value | $ 0 | ||||||
MINIMUM | Power supply agreements | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset expected useful life (in years) | 4 years | ||||||
MAXIMUM | Power supply agreements | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset expected useful life (in years) | 16 years | ||||||
Cleco Katrina/Rita | Cleco Katrina/Rita right to bill and collect storm recovery charges | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Acquired intangible asset | $ 177,500,000 | ||||||
Residual value | 0 | ||||||
Accumulated amortization | $ 0 | ||||||
Cleco Katrina/Rita | Contractual Rights | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Acquired intangible asset | 176,000,000 | ||||||
Cleco Katrina/Rita | Financing costs | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Acquired intangible asset | $ 1,500,000 | ||||||
Cleco Katrina/Rita | MINIMUM | Cleco Katrina/Rita right to bill and collect storm recovery charges | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset expected useful life (in years) | 12 years | ||||||
Cleco Katrina/Rita | MAXIMUM | Cleco Katrina/Rita right to bill and collect storm recovery charges | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset expected useful life (in years) | 15 years | ||||||
CLECO POWER | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Expected amortization in the year 2019 | 19,500,000 | ||||||
Expected amortization in the year 2020 | 1,600,000 | ||||||
Impairment of goodwill | 0 | ||||||
Equity, fair value | $ 3,550,000,000 | ||||||
Carrying value of equity | $ 1,535,202,000 | 1,594,533,000 | $ 3,300,000,000 | 1,550,679,000 | $ 1,552,404,000 | ||
Excess of the fair value over the carrying value, percent | 7.50% | ||||||
Excess of the fair value over the carrying value | $ 247,400,000 | ||||||
Accumulated impairment charges | $ 0 | ||||||
CLECO POWER | Measurement Input, Discount Rate | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
WACC | 5.70% | ||||||
CLECO POWER | Measurement Input, Long-term Revenue Growth Rate | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
WACC | 2.50% | ||||||
CLECO POWER | Cleco Katrina/Rita right to bill and collect storm recovery charges | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Accumulated amortization | $ 156,444,000 | $ 135,836,000 | |||||
CLECO POWER | MINIMUM | Measurement Input, Discount Rate | Pro Forma | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Equity, fair value | $ 3,630,000,000 | ||||||
WACC | 5.60% | ||||||
CLECO POWER | MINIMUM | Measurement Input, Long-term Revenue Growth Rate | Pro Forma | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Equity, fair value | $ 3,480,000,000 | ||||||
WACC | 2.40% | ||||||
CLECO POWER | MAXIMUM | Measurement Input, Discount Rate | Pro Forma | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Equity, fair value | $ 3,470,000,000 | ||||||
WACC | 5.80% | ||||||
CLECO POWER | MAXIMUM | Measurement Input, Long-term Revenue Growth Rate | Pro Forma | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Equity, fair value | $ 3,620,000,000 | ||||||
WACC | 2.60% |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Schedule of Amortization of Intangible Assets (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CLECO POWER | Cleco Katrina/Rita right to bill and collect storm recovery charges | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 20,608,000 | $ 16,772,000 | $ 16,490,000 | ||
SUCCESSOR | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 19,786,000 | 30,543,000 | 27,784,000 | ||
Impairments for intangibles | 0 | 0 | 0 | ||
SUCCESSOR | Trade name | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | 183,000 | 255,000 | 255,000 | ||
SUCCESSOR | Power supply agreements | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | 7,482,000 | 9,680,000 | 10,757,000 | ||
SUCCESSOR | Cleco Katrina/Rita | Cleco Katrina/Rita right to bill and collect storm recovery charges | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 12,121,000 | $ 20,608,000 | $ 16,772,000 | ||
PREDECESSOR | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 4,369,000 | ||||
Impairments for intangibles | 0 | ||||
PREDECESSOR | Trade name | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | 0 | ||||
PREDECESSOR | Power supply agreements | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | 0 | ||||
PREDECESSOR | Cleco Katrina/Rita | Cleco Katrina/Rita right to bill and collect storm recovery charges | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 4,369,000 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Intangible Assets Subject to Amortization (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 13, 2016 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 160,798,000 | $ 160,798,000 | |
Accumulated amortization | (76,491,000) | (45,948,000) | |
Net intangible assets subject to amortization | 84,307,000 | 114,850,000 | |
Power supply agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 85,104,000 | 85,104,000 | |
Trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 5,100,000 | 5,100,000 | |
Cleco Katrina/Rita | Cleco Katrina/Rita right to bill and collect storm recovery charges | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 70,594,000 | 70,594,000 | |
Accumulated amortization | $ 0 | ||
CLECO POWER | |||
Finite-Lived Intangible Assets [Line Items] | |||
Net intangible assets subject to amortization | 21,093,000 | 41,701,000 | |
CLECO POWER | Cleco Katrina/Rita right to bill and collect storm recovery charges | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 177,537,000 | 177,537,000 | |
Accumulated amortization | (156,444,000) | (135,836,000) | |
Net intangible assets subject to amortization | $ 21,093,000 | $ 41,701,000 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Expected Amortization Expense (Details) $ in Thousands | Dec. 31, 2018USD ($) |
For the year ending Dec. 31, | |
2,019 | $ 29,414 |
2,020 | 11,549 |
2,021 | 9,935 |
2,022 | 9,935 |
2,023 | 9,935 |
Thereafter | $ 13,539 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning | $ 2,096,357 | |||||
Other comprehensive income before reclassifications | ||||||
Balance, ending | 2,124,740 | $ 2,096,357 | ||||
PREDECESSOR | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning | $ 1,674,841 | $ 1,674,841 | ||||
Other comprehensive income before reclassifications | ||||||
Balance, ending | 1,646,061 | |||||
SUCCESSOR | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning | $ 2,158,141 | [1] | 2,096,357 | 2,046,763 | ||
Other comprehensive income before reclassifications | ||||||
Postretirement benefit adjustments incurred during the year | 2,304 | 3,681 | (3,898) | |||
Reclassification of effect of tax rate change | (589) | |||||
Balance, ending | 2,046,763 | 2,124,740 | 2,096,357 | 2,046,763 | ||
CLECO POWER | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning | 1,552,404 | 1,550,679 | 1,535,202 | 1,552,404 | ||
Other comprehensive income before reclassifications | ||||||
Postretirement benefit adjustments incurred during the year | 954 | (948) | 3,913 | |||
Reclassification of effect of tax rate change | (2,496) | |||||
Balance, ending | 1,535,202 | 1,594,533 | 1,550,679 | 1,535,202 | ||
POSTRETIREMENT BENEFIT NET (LOSS) GAIN | PREDECESSOR | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning | (20,857) | (20,857) | ||||
Other comprehensive income before reclassifications | ||||||
Amounts reclassified from accumulated other comprehensive loss/income | 587 | |||||
Balance, ending | (20,270) | |||||
POSTRETIREMENT BENEFIT NET (LOSS) GAIN | SUCCESSOR | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning | (2,921) | 1,500 | ||||
Other comprehensive income before reclassifications | ||||||
Postretirement benefit adjustments incurred during the year | 2,304 | 3,681 | (3,898) | |||
Amounts reclassified from accumulated other comprehensive loss/income | (804) | 1,615 | (523) | |||
Balance, ending | 0 | 1,500 | 1,786 | (2,921) | 1,500 | |
POSTRETIREMENT BENEFIT NET (LOSS) GAIN | CLECO POWER | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning | (11,364) | (8,377) | (7,905) | (11,364) | ||
Other comprehensive income before reclassifications | ||||||
Postretirement benefit adjustments incurred during the year | 954 | (948) | 3,913 | |||
Amounts reclassified from accumulated other comprehensive loss/income | 1,789 | 476 | (454) | |||
Reclassification of effect of tax rate change | (1,426) | |||||
Balance, ending | (7,905) | (7,060) | (8,377) | (7,905) | ||
NET (LOSS) GAIN ON CASH FLOW HEDGES | PREDECESSOR | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning | (5,728) | (5,728) | ||||
Other comprehensive income before reclassifications | ||||||
Amounts reclassified from accumulated other comprehensive loss/income | 60 | |||||
Balance, ending | (5,668) | |||||
NET (LOSS) GAIN ON CASH FLOW HEDGES | SUCCESSOR | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning | 0 | 0 | ||||
Other comprehensive income before reclassifications | ||||||
Balance, ending | 0 | 0 | 0 | 0 | 0 | |
NET (LOSS) GAIN ON CASH FLOW HEDGES | CLECO POWER | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning | (5,728) | (5,306) | (5,517) | (5,728) | ||
Other comprehensive income before reclassifications | ||||||
Amounts reclassified from accumulated other comprehensive loss/income | 254 | 211 | 211 | |||
Reclassification of effect of tax rate change | (1,070) | |||||
Balance, ending | (5,517) | (6,122) | (5,306) | (5,517) | ||
TOTAL AOCI | ||||||
Other comprehensive income before reclassifications | ||||||
Reclassification of effect of tax rate change | (600) | |||||
TOTAL AOCI | PREDECESSOR | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning | (26,585) | (26,585) | ||||
Other comprehensive income before reclassifications | ||||||
Balance, ending | (25,938) | |||||
TOTAL AOCI | SUCCESSOR | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning | 0 | [1] | (2,921) | 1,500 | ||
Other comprehensive income before reclassifications | ||||||
Reclassification of effect of tax rate change | (589) | |||||
Balance, ending | 0 | 1,500 | 1,786 | (2,921) | 1,500 | |
TOTAL AOCI | CLECO POWER | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, beginning | $ (17,092) | (13,683) | (13,422) | (17,092) | ||
Other comprehensive income before reclassifications | ||||||
Reclassification of effect of tax rate change | (2,500) | |||||
Balance, ending | $ (13,422) | $ (13,182) | $ (13,683) | $ (13,422) | ||
[1] | The April 13, 2016, beginning balance of the successor company differs from the April 12, 2016, ending balances of the predecessor company due to acquisition accounting adjustments related to the 2016 Merger. |
Miscellaneous Financial Infor_3
Miscellaneous Financial Information (Unaudited) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Information [Line Items] | |||||||||||
Operating revenue, net | $ 296,767 | $ 358,256 | $ 299,261 | $ 276,760 | $ 277,985 | $ 338,499 | $ 308,661 | $ 250,501 | $ 1,231,044 | ||
Operating income | 50,004 | 86,110 | 63,709 | 44,734 | 52,702 | 97,790 | 73,270 | 41,462 | |||
Net income | 10,377 | 47,360 | 25,839 | 10,861 | 61,040 | 45,304 | 25,444 | 6,292 | |||
Distributions to member | 10,850 | 20,600 | 20,400 | 19,500 | 110 | 28,300 | 26,700 | 28,955 | |||
CLECO POWER | |||||||||||
Quarterly Information [Line Items] | |||||||||||
Operating revenue, net | 299,409 | 360,899 | 301,901 | 279,387 | 280,093 | 340,614 | 310,787 | 253,703 | 1,241,596 | $ 1,185,196 | $ 1,159,173 |
Operating income | 59,786 | 96,063 | 72,602 | 50,521 | 60,798 | 101,357 | 76,667 | 46,424 | 278,972 | 285,245 | 137,529 |
Net income | 29,897 | 63,336 | 43,020 | 26,004 | 42,299 | 54,852 | 35,733 | 17,854 | 162,257 | 150,738 | 39,128 |
Distributions to member | $ 0 | $ 50,400 | $ 43,000 | $ 28,000 | $ 60,000 | $ 15,000 | $ 25,000 | $ 35,000 | $ 121,400 | $ 135,000 | $ 110,000 |
Cleco Cajun Transaction (Detail
Cleco Cajun Transaction (Details) | Feb. 05, 2019USD ($) | Feb. 04, 2019USD ($)instrumentmunicipalitycooperativeinvestor_owned_utilityMW | Dec. 31, 2018USD ($) |
Subsequent Event | New Roads, Louisiana | Coal-fired Generating Station | |||
Business Acquisition [Line Items] | |||
Number of megawatts in station or facility (mw) | MW | 588 | ||
Subsequent Event | Jennings, Louisiana | Natural-gas-fired Peaking Facility | |||
Business Acquisition [Line Items] | |||
Number of megawatts in station or facility (mw) | MW | 225 | ||
Total number of megawatts in facility (mw) | MW | 300 | ||
Subsequent Event | Cleco Holdings | |||
Business Acquisition [Line Items] | |||
Debt term | 3 years | ||
Debt to capital ratio | 0.65 | ||
Repayment period | 12 months | ||
Subsequent Event | Cleco Holdings | Revolving Credit Facility | |||
Business Acquisition [Line Items] | |||
Increase in credit facility capacity | $ 75,000,000 | ||
Maximum borrowing capacity | 175,000,000 | ||
Repayments of credit facility | 75,000,000 | ||
Subsequent Event | Cleco Holdings | Letters of Credit | |||
Business Acquisition [Line Items] | |||
Maximum borrowing capacity | 1,100,000 | ||
Subsequent Event | Cleco Holdings | Bridge Loan | |||
Business Acquisition [Line Items] | |||
Debt amount | 300,000,000 | ||
Subsequent Event | Cleco Holdings | Term Loan | |||
Business Acquisition [Line Items] | |||
Debt amount | 100,000,000 | ||
Subsequent Event | Cleco Cajun | Letters of Credit | |||
Business Acquisition [Line Items] | |||
Maximum borrowing capacity | $ 1,100,000 | ||
Number of instruments issued | instrument | 3 | ||
Subsequent Event | NRG South Central | |||
Business Acquisition [Line Items] | |||
Number of customers served | investor_owned_utility | 1 | ||
Business acquisition, transaction price | $ 962,200,000 | ||
Cash paid | 1,000,000,000 | ||
Working capital adjustment | $ 37,800,000 | ||
Subsequent Event | NRG South Central | Sterlington, Louisiana | Natural-gas-fired Generating Station | |||
Business Acquisition [Line Items] | |||
Number of megawatts in station or facility (mw) | MW | 176 | ||
Subsequent Event | NRG South Central | Jarreau, Louisiana | Natural-gas-fired Facility | |||
Business Acquisition [Line Items] | |||
Number of megawatts in station or facility (mw) | MW | 220 | ||
Subsequent Event | NRG South Central | Jarreau, Louisiana | Natural-gas-fired Peaking Facility | |||
Business Acquisition [Line Items] | |||
Number of megawatts in station or facility (mw) | MW | 210 | ||
Subsequent Event | NRG South Central | New Roads, Louisiana | Coal-fired Generating Facility | |||
Business Acquisition [Line Items] | |||
Number of megawatts in station or facility (mw) | MW | 580 | ||
Subsequent Event | NRG South Central | New Roads, Louisiana | Coal-fired Generating Station | |||
Business Acquisition [Line Items] | |||
Percentage of voting interests acquired | 58.00% | ||
Subsequent Event | NRG South Central | New Roads, Louisiana | Natural-gas-fired Generating Station | |||
Business Acquisition [Line Items] | |||
Number of megawatts in station or facility (mw) | MW | 540 | ||
Subsequent Event | NRG South Central | Deweyville, Texas | Natural-gas-fired Generating Station | |||
Business Acquisition [Line Items] | |||
Number of megawatts in station or facility (mw) | MW | 1,263 | ||
Subsequent Event | NRG South Central | Louisiana | |||
Business Acquisition [Line Items] | |||
Number of customers served | cooperative | 9 | ||
Subsequent Event | NRG South Central | Arkansas, Louisiana, and Texas | |||
Business Acquisition [Line Items] | |||
Number of customers served | municipality | 5 | ||
Subsequent Event | NRG South Central | Cleco Holdings | |||
Business Acquisition [Line Items] | |||
Cash paid | $ 102,300,000 | ||
Subsequent Event | NRG South Central | Cleco Group | |||
Business Acquisition [Line Items] | |||
Equity infusion | $ 384,900,000 | ||
Line of Credit | Cleco Holdings | |||
Business Acquisition [Line Items] | |||
Maximum borrowing capacity | $ 100,000,000 | ||
Line of Credit | Subsequent Event | Cleco Holdings | |||
Business Acquisition [Line Items] | |||
Payments on credit facilities | $ 75,000,000 |
Schedule I Financial Statemen_2
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating expenses | |||||||||||||
Operating income (Loss) | $ 50,004 | $ 86,110 | $ 63,709 | $ 44,734 | $ 52,702 | $ 97,790 | $ 73,270 | $ 41,462 | |||||
Net income (loss) | $ 10,377 | $ 47,360 | $ 25,839 | $ 10,861 | $ 61,040 | $ 45,304 | $ 25,444 | $ 6,292 | |||||
SUCCESSOR | |||||||||||||
Operating expenses | |||||||||||||
Merger transaction costs | $ 174,786 | $ 19,514 | $ 5,152 | ||||||||||
Total operating expenses | 808,096 | 986,487 | 910,419 | ||||||||||
Operating income (Loss) | 44,909 | 244,557 | 265,227 | ||||||||||
Other income | 3,350 | 1,515 | 6,474 | ||||||||||
Other expense | (10,003) | (15,843) | (13,373) | ||||||||||
Income (loss) before income taxes | (46,935) | 123,819 | 145,159 | ||||||||||
Federal and state income tax expense (benefit) | (22,822) | 29,382 | 7,079 | ||||||||||
Net income (loss) | $ (24,113) | (24,113) | 94,437 | 138,080 | |||||||||
SUCCESSOR | Cleco Holdings | |||||||||||||
Operating expenses | |||||||||||||
Administrative and general | 285 | 1,269 | 602 | ||||||||||
Merger transaction costs | 23,301 | 19,514 | 5,152 | ||||||||||
Other operating expense | (382) | 318 | 260 | ||||||||||
Total operating expenses | 23,204 | 21,101 | 6,014 | ||||||||||
Operating income (Loss) | (23,204) | (21,101) | (6,014) | ||||||||||
Equity income from subsidiaries, net of tax | 9,357 | 149,543 | 170,706 | ||||||||||
Interest, net | (35,151) | (54,635) | (53,684) | ||||||||||
Other income | 1,948 | 650 | 3,978 | ||||||||||
Other expense | 0 | (2,337) | 0 | ||||||||||
Income (loss) before income taxes | (47,050) | 72,120 | 114,986 | ||||||||||
Federal and state income tax expense (benefit) | (22,937) | (22,317) | (23,094) | ||||||||||
Net income (loss) | $ (24,113) | $ 94,437 | $ 138,080 | ||||||||||
PREDECESSOR | |||||||||||||
Operating expenses | |||||||||||||
Merger transaction costs | $ 34,912 | ||||||||||||
Total operating expenses | 276,060 | ||||||||||||
Operating income (Loss) | 23,810 | ||||||||||||
Other income | 870 | ||||||||||||
Other expense | (4,037) | ||||||||||||
Income (loss) before income taxes | (492) | ||||||||||||
Federal and state income tax expense (benefit) | 3,468 | ||||||||||||
Net income (loss) | (3,960) | ||||||||||||
PREDECESSOR | Cleco Holdings | |||||||||||||
Operating expenses | |||||||||||||
Administrative and general | 319 | ||||||||||||
Merger transaction costs | 34,912 | ||||||||||||
Other operating expense | 624 | ||||||||||||
Total operating expenses | 35,855 | ||||||||||||
Operating income (Loss) | (35,855) | ||||||||||||
Equity income from subsidiaries, net of tax | 21,789 | ||||||||||||
Interest, net | (286) | ||||||||||||
Other income | 702 | ||||||||||||
Other expense | 0 | ||||||||||||
Income (loss) before income taxes | (13,650) | ||||||||||||
Federal and state income tax expense (benefit) | (9,690) | ||||||||||||
Net income (loss) | $ (3,960) |
Schedule I Financial Statemen_3
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Statements of Comprehensive Income [Abstract] | |||||||||||||
Net income (loss) | $ 10,377 | $ 47,360 | $ 25,839 | $ 10,861 | $ 61,040 | $ 45,304 | $ 25,444 | $ 6,292 | |||||
SUCCESSOR | |||||||||||||
Condensed Statements of Comprehensive Income [Abstract] | |||||||||||||
Net income (loss) | $ (24,113) | $ (24,113) | $ 94,437 | $ 138,080 | |||||||||
Other comprehensive income (loss), net of tax | |||||||||||||
Postretirement benefits gain (loss), net of tax expense (benefit) | 1,500 | 5,296 | (4,421) | ||||||||||
Amortization of interest rate derivatives to earnings (net of tax expense) | 0 | 0 | 0 | ||||||||||
Total other comprehensive income (loss), net of tax | $ 1,500 | 1,500 | 5,296 | (4,421) | |||||||||
Comprehensive income (loss), net of tax | (22,613) | 99,733 | 133,659 | ||||||||||
SUCCESSOR | Cleco Holdings | |||||||||||||
Condensed Statements of Comprehensive Income [Abstract] | |||||||||||||
Net income (loss) | (24,113) | 94,437 | 138,080 | ||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||
Postretirement benefits gain (loss), net of tax expense (benefit) | 1,500 | 5,296 | (4,421) | ||||||||||
Amortization of interest rate derivatives to earnings (net of tax expense) | 0 | 0 | 0 | ||||||||||
Total other comprehensive income (loss), net of tax | 1,500 | 5,296 | (4,421) | ||||||||||
Comprehensive income (loss), net of tax | $ (22,613) | $ 99,733 | $ 133,659 | ||||||||||
PREDECESSOR | |||||||||||||
Condensed Statements of Comprehensive Income [Abstract] | |||||||||||||
Net income (loss) | $ (3,960) | ||||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||
Postretirement benefits gain (loss), net of tax expense (benefit) | 587 | ||||||||||||
Amortization of interest rate derivatives to earnings (net of tax expense) | 60 | ||||||||||||
Total other comprehensive income (loss), net of tax | 647 | ||||||||||||
Comprehensive income (loss), net of tax | (3,313) | ||||||||||||
PREDECESSOR | Cleco Holdings | |||||||||||||
Condensed Statements of Comprehensive Income [Abstract] | |||||||||||||
Net income (loss) | (3,960) | ||||||||||||
Other comprehensive income (loss), net of tax | |||||||||||||
Postretirement benefits gain (loss), net of tax expense (benefit) | 587 | ||||||||||||
Amortization of interest rate derivatives to earnings (net of tax expense) | 60 | ||||||||||||
Total other comprehensive income (loss), net of tax | 647 | ||||||||||||
Comprehensive income (loss), net of tax | $ (3,313) |
Schedule I Financial Statemen_4
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Statements of Comprehensive Income Parenthetical (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
SUCCESSOR | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Tax expense (benefit) of postretirement benefits gain (loss) | $ 938 | $ 1,868 | $ (2,764) | |
Tax expense amortization of interest rate derivatives to earnings | 0 | 0 | 0 | |
SUCCESSOR | Cleco Holdings | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Tax expense (benefit) of postretirement benefits gain (loss) | 938 | 1,868 | (2,764) | |
Tax expense amortization of interest rate derivatives to earnings | $ 0 | $ 0 | $ 0 | |
PREDECESSOR | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Tax expense (benefit) of postretirement benefits gain (loss) | $ 367 | |||
Tax expense amortization of interest rate derivatives to earnings | 37 | |||
PREDECESSOR | Cleco Holdings | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Tax expense (benefit) of postretirement benefits gain (loss) | 367 | |||
Tax expense amortization of interest rate derivatives to earnings | $ 37 |
Schedule I Financial Statemen_5
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 110,175 | $ 119,040 |
Other accounts receivable | 27,196 | 30,806 |
Cash surrender value of trust-owned life insurance policies | 80,391 | 83,117 |
Total current assets | 564,962 | 571,725 |
Equity investment in subsidiaries | 18,172 | 18,172 |
Tax credit fund investment, net | 0 | 4,355 |
Other deferred charges | 37,701 | 35,351 |
Total assets | 6,436,814 | 6,278,382 |
Current liabilities | ||
Accounts payable | 156,589 | 147,562 |
Interest accrued | 15,828 | 14,703 |
Deferred compensation | 10,753 | 12,132 |
Other current liabilities | 30,536 | 20,926 |
Total current liabilities | 379,050 | 300,354 |
Postretirement benefit obligations | 249,264 | 242,135 |
Total liabilities | 4,312,074 | 4,182,025 |
Commitments and Contingencies (Note 5) | ||
Member’s equity | ||
Membership interest | 2,069,376 | 2,069,376 |
Retained earnings | 53,578 | 29,902 |
Accumulated other comprehensive income (loss) | 1,786 | (2,921) |
Total member’s equity | 2,124,740 | 2,096,357 |
Total liabilities and member’s equity | 6,436,814 | 6,278,382 |
Cleco Holdings | ||
Current assets | ||
Cash and cash equivalents | 76,938 | 48,732 |
Accounts receivable - affiliate | 8,374 | 6,880 |
Other accounts receivable | 2,755 | 209 |
Taxes receivable, net | 7,046 | 15,172 |
Cash surrender value of trust-owned life insurance policies | 59,894 | 62,839 |
Total current assets | 155,007 | 133,832 |
Equity investment in subsidiaries | 3,247,809 | 3,226,780 |
Tax credit fund investment, net | 0 | 4,355 |
Accumulated deferred federal and state income taxes, net | 101,015 | 105,575 |
Other deferred charges | 4,532 | 1,037 |
Total assets | 3,508,363 | 3,471,579 |
Current liabilities | ||
Accounts payable | 1,322 | 4,354 |
Accounts payable - affiliate | 18,047 | 5,621 |
Interest accrued | 7,576 | 7,621 |
Deferred compensation | 10,753 | 12,132 |
Other current liabilities | 273 | 272 |
Total current liabilities | 37,971 | 30,000 |
Postretirement benefit obligations | 3,894 | 4,404 |
Long-term debt, net | 1,341,758 | 1,340,818 |
Total liabilities | 1,383,623 | 1,375,222 |
Commitments and Contingencies (Note 5) | ||
Member’s equity | ||
Membership interest | 2,069,376 | 2,069,376 |
Retained earnings | 53,578 | 29,902 |
Accumulated other comprehensive income (loss) | 1,786 | (2,921) |
Total member’s equity | 2,124,740 | 2,096,357 |
Total liabilities and member’s equity | $ 3,508,363 | $ 3,471,579 |
Schedule I Financial Statemen_6
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Condensed Statements of Cash Flows (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
SUCCESSOR | |||||||
Operating activities | |||||||
Net cash provided by operating activities | $ 69,890,000 | $ 317,761,000 | $ 265,428,000 | ||||
Investing activities | |||||||
Return of equity investment in tax credit fund | 901,000 | 2,775,000 | 7,502,000 | ||||
Other investing | 622,000 | 397,000 | (130,000) | ||||
Net cash provided by (used in) investing activities | (135,261,000) | (288,160,000) | (203,554,000) | ||||
Financing activities | |||||||
Draws on credit facilities | 15,000,000 | 0 | 179,000,000 | ||||
Payments on credit facilities | (15,000,000) | 0 | (179,000,000) | ||||
Issuances of long-term debt | 1,680,000,000 | 50,000,000 | 125,000,000 | ||||
Repayments of long-term debt | (1,668,268,000) | (19,193,000) | (17,896,000) | ||||
Payment of financing costs | (8,655,000) | (791,000) | (463,000) | ||||
Dividends paid on common stock | (572,000) | 0 | 0 | ||||
Contribution from member | 100,720,000 | 0 | 0 | ||||
Distributions to member | (88,765,000) | (71,350,000) | (84,065,000) | ||||
Net cash (used in) provided by financing activities | (5,999,000) | (41,717,000) | 20,757,000 | ||||
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | (71,370,000) | (12,116,000) | 82,631,000 | ||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 140,941,000 | 152,202,000 | [1] | 69,571,000 | |||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | $ 140,941,000 | 69,571,000 | 140,086,000 | [2] | 152,202,000 | [1] | $ 69,571,000 |
Supplementary cash flow information | |||||||
Interest paid, net of amount capitalized | 97,927,000 | 124,154,000 | 118,009,000 | ||||
Income taxes paid (refunded), net | 4,263,000 | 272,000 | (6,000) | ||||
PREDECESSOR | |||||||
Operating activities | |||||||
Net cash provided by operating activities | 129,780,000 | ||||||
Investing activities | |||||||
Return of equity investment in tax credit fund | 476,000 | ||||||
Other investing | 0 | ||||||
Net cash provided by (used in) investing activities | (41,658,000) | ||||||
Financing activities | |||||||
Draws on credit facilities | 3,000,000 | ||||||
Payments on credit facilities | (10,000,000) | ||||||
Issuances of long-term debt | 0 | ||||||
Repayments of long-term debt | (8,546,000) | ||||||
Payment of financing costs | (43,000) | ||||||
Dividends paid on common stock | (24,579,000) | ||||||
Contribution from member | 0 | ||||||
Distributions to member | 0 | ||||||
Net cash (used in) provided by financing activities | (40,885,000) | ||||||
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 47,237,000 | ||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 93,704,000 | 140,941,000 | 93,704,000 | ||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 140,941,000 | ||||||
Supplementary cash flow information | |||||||
Interest paid, net of amount capitalized | 2,478,000 | ||||||
Income taxes paid (refunded), net | (481,000) | ||||||
Cleco Holdings | SUCCESSOR | |||||||
Operating activities | |||||||
Net cash provided by operating activities | 36,811,000 | 97,614,000 | 124,817,000 | ||||
Investing activities | |||||||
Contributions to tax credit fund | 0 | 0 | (630,000) | ||||
Return of equity investment in tax credit fund | 901,000 | 2,775,000 | 7,502,000 | ||||
Contribution to subsidiary | (50,000,000) | (1,250,000) | 0 | ||||
Other investing | 0 | 442,000 | 0 | ||||
Net cash provided by (used in) investing activities | (49,099,000) | 1,967,000 | 6,872,000 | ||||
Financing activities | |||||||
Draws on credit facilities | 0 | 0 | 73,000,000 | ||||
Payments on credit facilities | 0 | 0 | (73,000,000) | ||||
Issuances of long-term debt | 1,350,000,000 | 0 | 0 | ||||
Repayments of long-term debt | (1,350,000,000) | 0 | 0 | ||||
Payment of financing costs | (3,755,000) | (25,000) | (269,000) | ||||
Dividends paid on common stock | (572,000) | 0 | 0 | ||||
Contribution from member | 100,720,000 | 0 | 0 | ||||
Distributions to member | (88,765,000) | (71,350,000) | (84,065,000) | ||||
Net cash (used in) provided by financing activities | 7,628,000 | (71,375,000) | (84,334,000) | ||||
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | (4,660,000) | 28,206,000 | 47,355,000 | ||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 6,037,000 | 48,732,000 | 1,377,000 | ||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 6,037,000 | 1,377,000 | 76,938,000 | 48,732,000 | 1,377,000 | ||
Supplementary cash flow information | |||||||
Interest paid, net of amount capitalized | 26,264,000 | 53,798,000 | 52,026,000 | ||||
Income taxes paid (refunded), net | 4,263,000 | 2,000 | (6,000) | ||||
Supplementary non-cash investing and financing activities | |||||||
Non-cash contribution to subsidiary, net of tax | 0 | $ 3,865,000 | $ 0 | ||||
Cleco Holdings | PREDECESSOR | |||||||
Operating activities | |||||||
Net cash provided by operating activities | 34,904,000 | ||||||
Investing activities | |||||||
Contributions to tax credit fund | 0 | ||||||
Return of equity investment in tax credit fund | 476,000 | ||||||
Contribution to subsidiary | 0 | ||||||
Other investing | 0 | ||||||
Net cash provided by (used in) investing activities | 476,000 | ||||||
Financing activities | |||||||
Draws on credit facilities | 3,000,000 | ||||||
Payments on credit facilities | (10,000,000) | ||||||
Issuances of long-term debt | 0 | ||||||
Repayments of long-term debt | 0 | ||||||
Payment of financing costs | 0 | ||||||
Dividends paid on common stock | (24,579,000) | ||||||
Contribution from member | 0 | ||||||
Distributions to member | 0 | ||||||
Net cash (used in) provided by financing activities | (31,579,000) | ||||||
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 3,801,000 | ||||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 2,236,000 | $ 6,037,000 | $ 2,236,000 | ||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 6,037,000 | ||||||
Supplementary cash flow information | |||||||
Interest paid, net of amount capitalized | 126,000 | ||||||
Income taxes paid (refunded), net | 1,000 | ||||||
Supplementary non-cash investing and financing activities | |||||||
Non-cash contribution to subsidiary, net of tax | $ 0 | ||||||
[1] | Includes cash and cash equivalents of $119,040, current restricted cash and cash equivalents of $13,081, and non-current restricted cash and cash equivalents of $20,081. | ||||||
[2] | Includes cash and cash equivalents of $110,175, current restricted cash and cash equivalents of $11,241, and non-current restricted cash and cash equivalents of $18,670. |
Schedule I Financial Statemen_7
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Summary of Significant Accounting Policies (Details) - Cleco Holdings $ in Millions | Dec. 31, 2018USD ($) |
Condensed Financial Statements, Captions [Line Items] | |
Percent of restricted consolidated net assets of consolidated subsidiaries exceeding total consolidated net assets (in hundredths) | 25.00% |
Restricted net assets of consolidated subsidiaries | $ 1,250 |
Schedule I Financial Statemen_8
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Business Combinations (Details) - Cleco Corporation | Apr. 13, 2016$ / shares |
Business Acquisition [Line Items] | |
Common stock, par value (in dollars per share) | $ 1 |
Share price at the time of the Merger (in dollars per share) | $ 55.37 |
Schedule I Financial Statemen_9
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Debt (Details) | Feb. 05, 2019USD ($) | Feb. 04, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Condensed Financial Statements, Captions [Line Items] | |||||
Short-term debt outstanding | $ 0 | $ 0 | |||
Long-term debt outstanding | 2,900,000,000 | ||||
Long-term debt and capital leases due within one year | 21,128,000 | 19,193,000 | |||
Cleco Holdings | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Short-term debt outstanding | 0 | $ 0 | |||
Long-term debt outstanding | 1,340,000,000 | ||||
Long-term debt and capital leases due within one year | 0 | ||||
For the year ending Dec. 31, | |||||
2,019 | 0 | ||||
2,020 | 0 | ||||
2,021 | 300,000,000 | ||||
2,022 | 0 | ||||
2,023 | 165,000,000 | ||||
Thereafter | 885,000,000 | ||||
Notes Payable to Banks | Cleco Holdings | Bank Term Loan Agreement | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Aggregate principal amount | $ 300,000,000 | ||||
Revolving Credit Facility | Cleco Holdings | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Maximum borrowing capacity | $ 100,000,000 | ||||
Subsequent Event | Cleco Holdings | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Debt term | 3 years | ||||
Subsequent Event | Line of Credit | Cleco Holdings | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Maximum borrowing capacity | $ 175,000,000 | ||||
Increase in credit facility capacity | 75,000,000 | ||||
Subsequent Event | Revolving Credit Facility | Cleco Holdings | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Proceeds from credit facility | 75,000,000 | ||||
Payments on credit facilities | $ 75,000,000 | ||||
Bridge Loan | Subsequent Event | Cleco Holdings | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Aggregate principal amount | 300,000,000 | ||||
Term Loan | Subsequent Event | Cleco Holdings | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Aggregate principal amount | $ 100,000,000 | ||||
Cleco Holdings | Line of Credit | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Maximum borrowing capacity | $ 100,000,000 | ||||
Cleco Holdings | Subsequent Event | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Debt term | 3 years | ||||
Debt to capital ratio | 0.65 | ||||
Repayment period | 12 months | ||||
Cleco Holdings | Subsequent Event | Line of Credit | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Payments on credit facilities | $ 75,000,000 | ||||
Cleco Holdings | Subsequent Event | Revolving Credit Facility | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Maximum borrowing capacity | $ 175,000,000 | ||||
Proceeds from credit facility | 75,000,000 | ||||
Cleco Holdings | Bridge Loan | Subsequent Event | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Aggregate principal amount | 300,000,000 | ||||
Cleco Holdings | Term Loan | Subsequent Event | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Aggregate principal amount | $ 100,000,000 |
Schedule I Financial Stateme_10
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Cash Distributions and Equity Contributions (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Apr. 12, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Distributions to member | $ 10,850,000 | $ 20,600,000 | $ 20,400,000 | $ 19,500,000 | $ 110,000 | $ 28,300,000 | $ 26,700,000 | $ 28,955,000 | ||||||
SUCCESSOR | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Distributions to member | $ 88,765,000 | $ 71,350,000 | $ 84,065,000 | |||||||||||
CLECO POWER | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Contribution from member/parent | $ 50,000,000 | |||||||||||||
Distributions to member | $ 0 | $ 50,400,000 | $ 43,000,000 | $ 28,000,000 | $ 60,000,000 | $ 15,000,000 | $ 25,000,000 | $ 35,000,000 | 121,400,000 | 135,000,000 | 110,000,000 | |||
CLECO POWER | Cleco Group | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Contribution from member/parent | 0 | 0 | ||||||||||||
Distributions to member | $ 121,400,000 | 135,000,000 | $ 110,000,000 | |||||||||||
CLECO POWER | MAXIMUM | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Ratio of total indebtedness to total capitalization | 0.65 | 0.65 | ||||||||||||
Cleco Holdings | SUCCESSOR | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Cash distributions received from affiliates | $ 85,250,000 | $ 121,842,000 | 149,010,000 | |||||||||||
Contribution to subsidiary | 50,000,000 | 1,250,000 | 0 | |||||||||||
Contributions made to affiliates | 1,300,000 | |||||||||||||
Cleco Holdings | SUCCESSOR | CLECO POWER | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Cash distributions received from affiliates | 85,000,000 | 121,400,000 | 135,000,000 | |||||||||||
Contributions made to affiliates | 50,000,000 | |||||||||||||
Cleco Holdings | SUCCESSOR | Perryville | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Cash distributions received from affiliates | 150,000 | 225,000 | 6,850,000 | |||||||||||
Contribution to subsidiary | 1,800,000 | |||||||||||||
Cleco Holdings | SUCCESSOR | Attala | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Cash distributions received from affiliates | 100,000 | 217,000 | 7,160,000 | |||||||||||
Contribution to subsidiary | 2,100,000 | |||||||||||||
Cleco Holdings | SUCCESSOR | Limited Liability Company | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Contributions made to affiliates | 0 | |||||||||||||
Cleco Holdings | SUCCESSOR | Cleco Group | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Contribution from member/parent | 100,700,000 | 0 | 0 | |||||||||||
Distributions to member | $ 88,800,000 | $ 71,400,000 | $ 84,100,000 | |||||||||||
Cleco Holdings | PREDECESSOR | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Cash distributions received from affiliates | $ 25,325,000 | |||||||||||||
Contribution to subsidiary | 0 | |||||||||||||
Cleco Holdings | PREDECESSOR | CLECO POWER | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Cash distributions received from affiliates | 25,000,000 | |||||||||||||
Cleco Holdings | PREDECESSOR | Perryville | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Cash distributions received from affiliates | 200,000 | |||||||||||||
Cleco Holdings | PREDECESSOR | Attala | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Cash distributions received from affiliates | 125,000 | |||||||||||||
Cleco Holdings | PREDECESSOR | Limited Liability Company | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Contributions made to affiliates | $ 0 |
Schedule I Financial Stateme_11
Schedule I Financial Statements of Cleco Holdings (Parent Company Only) - Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
SUCCESSOR | ||||
Income Tax Contingency [Line Items] | ||||
Federal and state income tax expense (benefit) | $ (22,822) | $ 29,382 | $ 7,079 | |
PREDECESSOR | ||||
Income Tax Contingency [Line Items] | ||||
Federal and state income tax expense (benefit) | $ 3,468 | |||
Cleco Holdings | SUCCESSOR | ||||
Income Tax Contingency [Line Items] | ||||
Federal and state income tax expense (benefit) | (22,937) | (22,317) | (23,094) | |
Equity income from subsidiaries - Federal and state income tax expense | $ 115 | $ 51,699 | $ 30,173 | |
Cleco Holdings | PREDECESSOR | ||||
Income Tax Contingency [Line Items] | ||||
Federal and state income tax expense (benefit) | (9,690) | |||
Equity income from subsidiaries - Federal and state income tax expense | $ 13,158 |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Uncollectible Accounts | CLECO POWER | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
BALANCE AT BEGINNING OF PERIOD | $ 2,674 | $ 1,457 | $ 7,199 | $ 2,674 | |
ADDITIONS CHARGED TO COSTS AND EXPENSES | 977 | 4,179 | 5,511 | ||
UNCOLLECTIBLE ACCOUNT WRITE OFFS LESS RECOVERIES | 1,620 | 9,921 | 986 | ||
BALANCE AT END OF PERIOD | $ 7,199 | 814 | 1,457 | 7,199 | |
Unrestricted Storm Reserve | CLECO POWER | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
BALANCE AT BEGINNING OF PERIOD | 2,801 | 4,186 | 2,607 | 2,801 | |
ADDITIONS | 0 | 4,000 | 71 | ||
DEDUCTIONS | 514 | 2,421 | 265 | ||
BALANCE AT END OF PERIOD | 2,607 | 3,672 | 4,186 | 2,607 | |
Restricted Storm Reserve | CLECO POWER | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
BALANCE AT BEGINNING OF PERIOD | 16,177 | 14,469 | 17,385 | 16,177 | |
ADDITIONS | 1,016 | 1,084 | 1,208 | ||
DEDUCTIONS | 0 | 4,000 | 0 | ||
BALANCE AT END OF PERIOD | 17,385 | 15,485 | 14,469 | 17,385 | |
SUCCESSOR | Allowance for Uncollectible Accounts | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
BALANCE AT BEGINNING OF PERIOD | 3,336 | 1,457 | 7,199 | ||
ADDITIONS CHARGED TO COSTS AND EXPENSES | 4,348 | 977 | 4,179 | ||
UNCOLLECTIBLE ACCOUNT WRITE OFFS LESS RECOVERIES | 485 | 1,620 | 9,921 | ||
BALANCE AT END OF PERIOD | 3,336 | 7,199 | 814 | 1,457 | 7,199 |
SUCCESSOR | Unrestricted Storm Reserve | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
BALANCE AT BEGINNING OF PERIOD | 2,536 | 4,186 | 2,607 | ||
ADDITIONS | 71 | 0 | 4,000 | ||
DEDUCTIONS | 0 | 514 | 2,421 | ||
BALANCE AT END OF PERIOD | 2,536 | 2,607 | 3,672 | 4,186 | 2,607 |
SUCCESSOR | Restricted Storm Reserve | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
BALANCE AT BEGINNING OF PERIOD | 16,515 | 14,469 | 17,385 | ||
ADDITIONS | 870 | 1,016 | 1,084 | ||
DEDUCTIONS | 0 | 0 | 4,000 | ||
BALANCE AT END OF PERIOD | 16,515 | 17,385 | $ 15,485 | $ 14,469 | 17,385 |
PREDECESSOR | Allowance for Uncollectible Accounts | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
BALANCE AT BEGINNING OF PERIOD | 2,674 | 3,336 | 2,674 | ||
ADDITIONS CHARGED TO COSTS AND EXPENSES | 1,163 | ||||
UNCOLLECTIBLE ACCOUNT WRITE OFFS LESS RECOVERIES | 501 | ||||
BALANCE AT END OF PERIOD | 3,336 | ||||
PREDECESSOR | Unrestricted Storm Reserve | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
BALANCE AT BEGINNING OF PERIOD | 2,801 | 2,536 | 2,801 | ||
ADDITIONS | 0 | ||||
DEDUCTIONS | 265 | ||||
BALANCE AT END OF PERIOD | 2,536 | ||||
PREDECESSOR | Restricted Storm Reserve | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
BALANCE AT BEGINNING OF PERIOD | 16,177 | $ 16,515 | $ 16,177 | ||
ADDITIONS | 338 | ||||
DEDUCTIONS | 0 | ||||
BALANCE AT END OF PERIOD | $ 16,515 |