Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 21, 2018 | Jun. 30, 2017 | |
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 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0 | ||
Cleco Power [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | CLECO POWER LLC | ||
Entity Central Index Key | 18,672 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor [Member] | |||||
Operating revenue [Abstract] | |||||
Electric operations | $ 281,154 | $ 1,142,389 | |||
Other operations | 19,080 | 69,186 | |||
Affiliate revenue | 0 | 0 | |||
Gross operating revenue | 300,234 | 1,211,575 | |||
Electric customer credits | (364) | (2,173) | |||
Operating revenue, net | 299,870 | 1,209,402 | |||
Operating expenses [Abstract] | |||||
Fuel used for electric generation | 96,378 | 373,117 | |||
Power purchased for utility customers | 27,249 | 130,095 | |||
Other operations | 33,563 | 127,410 | |||
Maintenance | 29,813 | 88,137 | |||
Depreciation and amortization | 44,076 | 149,579 | |||
Taxes other than income taxes | 14,611 | 49,134 | |||
Merger transaction and commitment costs | 34,912 | 4,591 | |||
Gain on sale of assets | (1,095) | 0 | |||
Total operating expenses | 279,507 | 922,063 | |||
Operating income (loss) | 20,363 | 287,339 | |||
Interest income | 265 | 895 | |||
Allowance for equity funds used during construction | 723 | 3,063 | |||
Other income | 870 | 1,443 | |||
Other expense | (590) | (3,376) | |||
Interest charges [Abstract] | |||||
Interest charges, including amortization of debt issuance costs, premiums, and discounts, net | 22,330 | 78,877 | |||
Allowance for borrowed funds used during construction | (207) | (886) | |||
Total interest charges | 22,123 | 77,991 | |||
Income (loss) before income taxes | (492) | 211,373 | |||
Federal and state income tax expense (benefit) | 3,468 | 77,704 | |||
Net income (loss) | $ (3,960) | 133,669 | |||
Successor [Member] | |||||
Operating revenue [Abstract] | |||||
Electric operations | $ 802,592 | $ 1,097,632 | |||
Other operations | 51,562 | 79,580 | |||
Affiliate revenue | 0 | 0 | |||
Gross operating revenue | 854,154 | 1,177,212 | |||
Electric customer credits | (1,149) | (1,566) | |||
Operating revenue, net | 853,005 | 1,175,646 | |||
Operating expenses [Abstract] | |||||
Fuel used for electric generation | 250,142 | 339,346 | |||
Power purchased for utility customers | 92,337 | 152,913 | |||
Other operations | 90,313 | 125,699 | |||
Maintenance | 63,944 | 88,129 | |||
Depreciation and amortization | 109,739 | 166,439 | |||
Taxes other than income taxes | 35,543 | 48,546 | |||
Merger transaction and commitment costs | 174,696 | 287 | |||
Gain on sale of assets | 0 | (2) | |||
Total operating expenses | 816,714 | 921,357 | |||
Operating income (loss) | 36,291 | 254,289 | |||
Interest income | 840 | 1,424 | |||
Allowance for equity funds used during construction | 3,735 | 8,320 | |||
Other income | 3,350 | 6,474 | |||
Other expense | (1,385) | (2,435) | |||
Interest charges [Abstract] | |||||
Interest charges, including amortization of debt issuance costs, premiums, and discounts, net | 90,852 | 125,200 | |||
Allowance for borrowed funds used during construction | (1,086) | (2,287) | |||
Total interest charges | 89,766 | 122,913 | |||
Income (loss) before income taxes | (46,935) | 145,159 | |||
Federal and state income tax expense (benefit) | (22,822) | 7,079 | |||
Net income (loss) | $ (24,113) | 138,080 | |||
Cleco Power [Member] | |||||
Operating revenue [Abstract] | |||||
Electric operations | 1,108,389 | $ 1,091,229 | 1,142,389 | ||
Other operations | 77,522 | 68,573 | 67,109 | ||
Affiliate revenue | 851 | 884 | 1,142 | ||
Gross operating revenue | 1,186,762 | 1,160,686 | 1,210,640 | ||
Electric customer credits | (1,566) | (1,513) | (2,173) | ||
Operating revenue, net | 1,185,196 | 1,159,173 | 1,208,467 | ||
Operating expenses [Abstract] | |||||
Fuel used for electric generation | 339,346 | 346,520 | 373,117 | ||
Power purchased for utility customers | 152,913 | 119,586 | 130,095 | ||
Other operations | 123,192 | 125,892 | 128,697 | ||
Maintenance | 87,574 | 93,340 | 87,416 | ||
Depreciation and amortization | 157,999 | 146,142 | 147,839 | ||
Taxes other than income taxes | 46,539 | 48,287 | 47,102 | ||
Merger transaction and commitment costs | 0 | 151,501 | 0 | ||
Gain on sale of assets | 0 | (1,095) | 0 | ||
Total operating expenses | 907,563 | 1,030,173 | 914,266 | ||
Operating income (loss) | 277,633 | 129,000 | 294,201 | ||
Interest income | 1,283 | 860 | 725 | ||
Allowance for equity funds used during construction | 8,320 | 4,458 | 3,063 | ||
Other income | 2,990 | 1,601 | 1,764 | ||
Other expense | (2,795) | (1,976) | (2,549) | ||
Interest charges [Abstract] | |||||
Interest charges, including amortization of debt issuance costs, premiums, and discounts, net | 71,649 | 77,739 | 77,446 | ||
Allowance for borrowed funds used during construction | (2,287) | (1,293) | (886) | ||
Total interest charges | 69,362 | 76,446 | 76,560 | ||
Income (loss) before income taxes | 218,069 | 57,497 | 220,644 | ||
Federal and state income tax expense (benefit) | 67,331 | 18,369 | 79,294 | ||
Net income (loss) | $ 150,738 | $ 39,128 | $ 141,350 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Successor [Member] | |||
Net income (loss) | $ 138,080 | ||
Other comprehensive income (loss), net of tax: | |||
Postretirement benefits gain (loss), net of tax | (4,421) | ||
Amortization of interest rate derivatives to earnings (net of tax expense) | 0 | ||
Total other comprehensive income (loss), net of tax | (4,421) | ||
Comprehensive income (loss), net of tax | 133,659 | ||
Predecessor [Member] | |||
Net income (loss) | $ 133,669 | ||
Other comprehensive income (loss), net of tax: | |||
Postretirement benefits gain (loss), net of tax | 5,869 | ||
Amortization of interest rate derivatives to earnings (net of tax expense) | 211 | ||
Total other comprehensive income (loss), net of tax | 6,080 | ||
Comprehensive income (loss), net of tax | 139,749 | ||
Cleco Power [Member] | |||
Net income (loss) | 150,738 | $ 39,128 | 141,350 |
Other comprehensive income (loss), net of tax: | |||
Postretirement benefits gain (loss), net of tax | (472) | 3,459 | (15) |
Amortization of interest rate derivatives to earnings (net of tax expense) | 211 | 211 | 211 |
Total other comprehensive income (loss), net of tax | (261) | 3,670 | 196 |
Comprehensive income (loss), net of tax | $ 150,477 | $ 42,798 | $ 141,546 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Successor [Member] | |||
Net tax expense (benefit) on post-retirement benefits | $ (2,764) | ||
Net tax expense on amortization of interest rate derivatives to earnings | 0 | ||
Predecessor [Member] | |||
Net tax expense (benefit) on post-retirement benefits | $ 3,670 | ||
Net tax expense on amortization of interest rate derivatives to earnings | 132 | ||
Cleco Power [Member] | |||
Net tax expense (benefit) on post-retirement benefits | (296) | $ 2,163 | (9) |
Net tax expense on amortization of interest rate derivatives to earnings | $ 132 | $ 132 | $ 132 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets [Abstract] | ||
Cash and cash equivalents | $ 119,040,000 | $ 23,077,000 |
Restricted cash and cash equivalents | 13,081,000 | 23,084,000 |
Customer accounts receivable (less allowance for doubtful accounts) | 60,117,000 | 56,780,000 |
Other accounts receivable | 30,806,000 | 19,778,000 |
Unbilled revenue | 36,398,000 | 34,268,000 |
Fuel inventory, at average cost | 87,520,000 | 46,410,000 |
Materials and supplies, at average cost | 85,404,000 | 81,818,000 |
Energy risk management assets | 7,396,000 | 7,884,000 |
Accumulated deferred fuel | 13,980,000 | 20,787,000 |
Cash surrender value of company-/trust-owned life insurance policies | 83,117,000 | 77,225,000 |
Prepayments | 9,050,000 | 7,813,000 |
Regulatory assets | 24,670,000 | 26,803,000 |
Other current assets | 1,146,000 | 1,315,000 |
Total current assets | 571,725,000 | 427,042,000 |
Property, Plant, and Equipment [Abstract] | ||
Property, plant, and equipment | 3,594,525,000 | 3,476,581,000 |
Accumulated depreciation | (192,348,000) | (75,816,000) |
Net property, plant, and equipment | 3,402,177,000 | 3,400,765,000 |
Construction work in progress | 186,629,000 | 78,577,000 |
Total property, plant, and equipment, net | 3,588,806,000 | 3,479,342,000 |
Equity investment in investee | 18,172,000 | 18,672,000 |
Goodwill | 1,490,797,000 | 1,490,797,000 |
Prepayments | 1,887,000 | 4,731,000 |
Restricted cash and cash equivalents | 20,081,000 | 23,410,000 |
Regulatory assets, deferred taxes, net | 0 | 237,449,000 |
Regulatory assets | 432,358,000 | 454,644,000 |
Net investment in direct financing lease | 0 | 13,420,000 |
Intangible assets | 114,850,000 | 142,634,000 |
Tax credit fund investment, net | 4,355,000 | 11,888,000 |
Other deferred charges | 35,351,000 | 39,115,000 |
Total assets | 6,278,382,000 | 6,343,144,000 |
Current Liabilities [Abstract] | ||
Long-term debt due within one year | 19,193,000 | 19,715,000 |
Accounts payable | 147,562,000 | 112,087,000 |
Customer deposits | 58,582,000 | 56,599,000 |
Provision for rate refund | 4,206,000 | 3,974,000 |
Provisions for Merger Commitments, Current | 2,582,000 | 14,371,000 |
Taxes payable, net | 22,698,000 | 3,942,000 |
Interest accrued | 14,703,000 | 14,783,000 |
Energy risk management liabilities | 352,000 | 201,000 |
Deferred compensation | 12,132,000 | 11,654,000 |
Other current liabilities | 18,344,000 | 14,850,000 |
Total current liabilities | 300,354,000 | 252,176,000 |
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 614,812,000 | 1,033,055,000 |
Accumulated deferred investment tax credits | 2,089,000 | 2,751,000 |
Postretirement benefit obligations | 242,135,000 | 223,003,000 |
Regulatory liabilities, deferred taxes, net | 140,426,000 | 0 |
Restricted storm reserve | 14,469,000 | 17,385,000 |
Other deferred credits | 31,635,000 | 29,440,000 |
Total long-term liabilities and deferred credits | 1,045,566,000 | 1,305,634,000 |
Long-term debt, net | 2,836,105,000 | 2,738,571,000 |
Total liabilities | 4,182,025,000 | 4,296,381,000 |
Commitments and contingencies (Note 15) | ||
Member's Equity [Abstract] | ||
Membership interest | 2,069,376,000 | 2,069,376,000 |
Retained earnings (Accumulated deficit) | 29,902,000 | (24,113,000) |
Accumulated other comprehensive (loss) income | (2,921,000) | 1,500,000 |
Total member's equity | 2,096,357,000 | 2,046,763,000 |
Total liabilities and member’s equity | 6,278,382,000 | 6,343,144,000 |
Cleco Power [Member] | ||
Current Assets [Abstract] | ||
Cash and cash equivalents | 69,816,000 | 21,482,000 |
Restricted cash and cash equivalents | 13,081,000 | 23,084,000 |
Customer accounts receivable (less allowance for doubtful accounts) | 60,117,000 | 56,780,000 |
Accounts receivable - affiliate | 1,355,000 | 1,406,000 |
Other accounts receivable | 30,680,000 | 19,457,000 |
Taxes receivable, net | 0 | 12,490,000 |
Unbilled revenue | 36,398,000 | 34,268,000 |
Fuel inventory, at average cost | 87,520,000 | 46,410,000 |
Materials and supplies, at average cost | 85,404,000 | 81,818,000 |
Energy risk management assets | 7,396,000 | 7,884,000 |
Accumulated deferred fuel | 13,980,000 | 20,787,000 |
Cash surrender value of company-/trust-owned life insurance policies | 20,278,000 | 20,018,000 |
Prepayments | 7,236,000 | 5,892,000 |
Regulatory assets | 15,812,000 | 17,721,000 |
Other current assets | 475,000 | 577,000 |
Total current assets | 449,548,000 | 370,074,000 |
Property, Plant, and Equipment [Abstract] | ||
Property, plant, and equipment | 4,893,484,000 | 4,790,565,000 |
Accumulated depreciation | (1,712,590,000) | (1,618,241,000) |
Net property, plant, and equipment | 3,180,894,000 | 3,172,324,000 |
Construction work in progress | 185,507,000 | 77,306,000 |
Total property, plant, and equipment, net | 3,366,401,000 | 3,249,630,000 |
Equity investment in investee | 18,172,000 | 18,672,000 |
Prepayments | 1,887,000 | 4,731,000 |
Restricted cash and cash equivalents | 20,060,000 | 23,389,000 |
Regulatory assets, deferred taxes, net | 0 | 237,449,000 |
Regulatory assets | 257,408,000 | 268,016,000 |
Intangible assets | 41,701,000 | 58,473,000 |
Other deferred charges | 33,564,000 | 37,014,000 |
Total assets | 4,188,741,000 | 4,267,448,000 |
Current Liabilities [Abstract] | ||
Long-term debt due within one year | 19,193,000 | 19,715,000 |
Accounts payable | 134,374,000 | 101,874,000 |
Accounts payable - affiliate | 8,697,000 | 7,190,000 |
Customer deposits | 58,582,000 | 56,599,000 |
Provision for rate refund | 4,206,000 | 3,974,000 |
Provisions for Merger Commitments, Current | 2,582,000 | 14,371,000 |
Taxes payable, net | 31,611,000 | 0 |
Interest accrued | 7,083,000 | 7,141,000 |
Energy risk management liabilities | 352,000 | 201,000 |
Other current liabilities | 13,238,000 | 9,951,000 |
Total current liabilities | 279,918,000 | 221,016,000 |
Long-term liabilities and deferred credits | ||
Accumulated deferred federal and state income taxes, net | 656,362,000 | 1,068,592,000 |
Accumulated deferred investment tax credits | 2,089,000 | 2,751,000 |
Postretirement benefit obligations | 173,747,000 | 159,107,000 |
Regulatory liabilities, deferred taxes, net | 140,426,000 | 0 |
Restricted storm reserve | 14,469,000 | 17,385,000 |
Other deferred credits | 29,576,000 | 28,339,000 |
Total long-term liabilities and deferred credits | 1,016,669,000 | 1,276,174,000 |
Long-term debt, net | 1,341,475,000 | 1,235,056,000 |
Total capitalization | 2,892,154,000 | 2,770,258,000 |
Commitments and contingencies (Note 15) | ||
Member's Equity [Abstract] | ||
Total member's equity | 1,550,679,000 | 1,535,202,000 |
Total liabilities and member’s equity | $ 4,188,741,000 | $ 4,267,448,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets [Abstract] | ||
Customer accounts receivable, allowance for doubtful accounts | $ 1,457 | $ 7,199 |
Cleco Power [Member] | ||
Assets [Abstract] | ||
Customer accounts receivable, allowance for doubtful accounts | $ 1,457 | $ 7,199 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Activities [Abstract] | |||||
Cash and cash equivalents at beginning of period | $ 68,246 | $ 23,077 | $ 68,246 | ||
Cash and cash equivalents at end of period | $ 23,077 | 119,040 | 23,077 | $ 68,246 | |
Successor [Member] | |||||
Operating Activities [Abstract] | |||||
Net income (loss) | (24,113) | 138,080 | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities [Abstract] | |||||
Depreciation and amortization | 141,544 | 186,326 | |||
Gain on sale of assets | 0 | (2) | |||
Provision for doubtful accounts | 4,473 | 2,778 | |||
Unearned compensation expense | 1,147 | 3,745 | |||
Allowance for equity funds used during construction | (3,735) | (8,320) | |||
Deferred income taxes | (21,053) | (41,966) | |||
Deferred fuel costs | (8,192) | 11,909 | |||
Cash surrender value of company-/trust-owned life insurance | (2,561) | (5,892) | |||
Changes in assets and liabilities [Abstract] | |||||
Accounts receivable | (21,537) | (25,584) | |||
Unbilled revenue | (837) | (2,129) | |||
Fuel inventory and materials and supplies | 2,880 | (44,995) | |||
Prepayments | (2,514) | 2,852 | |||
Accounts payable | 5,183 | 14,705 | |||
Customer deposits | 7,333 | 12,381 | |||
Provision for merger commitments | 21,964 | (12,971) | |||
Postretirement benefit obligations | 3,750 | 4,884 | |||
Regulatory assets and liabilities, net | 13,750 | 12,531 | |||
Other deferred accounts | (28,010) | (8,380) | |||
Taxes accrued | (24,210) | 23,118 | |||
Interest accrued | (11,104) | (582) | |||
Deferred compensation | (799) | 308 | |||
Other operating | (2,037) | 2,632 | |||
Net cash provided by operating activities | 51,322 | 265,428 | |||
Investing Activities [Abstract] | |||||
Additions to property, plant, and equipment | (144,444) | (236,932) | |||
Allowance for equity funds used during construction | 3,735 | 8,320 | |||
Proceeds from sale of property, plant, and equipment | 766 | 17,499 | |||
Reimbursement for property loss | 3,159 | 187 | |||
Contributions to equity investment in investee | 0 | 0 | |||
Premiums paid on trust-owned life insurance | 0 | 0 | |||
Return of equity investment in tax credit fund | 901 | 7,502 | |||
Contributions to tax credit fund | 0 | (630) | |||
Transfer of cash (to) from restricted accounts, net | (25,884) | 13,332 | |||
Other investing | 622 | 500 | |||
Net cash (used in) provided by investing activities | (161,145) | (190,222) | |||
Financing Activities [Abstract] | |||||
Draws on credit facility | 15,000 | 179,000 | |||
Payments on credit facility | (15,000) | (179,000) | |||
Issuance of long-term debt | 1,680,000 | 125,000 | |||
Repayment of long-term debt | (1,668,268) | (17,896) | |||
Payments of financing costs | (8,655) | (463) | |||
Dividends paid on common stock | (572) | 0 | |||
Contribution from parent/member | 100,720 | 0 | |||
Distributions to parent/member | (88,765) | (84,065) | |||
Other financing | (1,890) | (1,819) | |||
Net cash provided by (used in) financing activities | 12,570 | 20,757 | |||
Net increase (decrease) in cash and cash equivalents | (97,253) | 95,963 | |||
Cash and cash equivalents at beginning of period | 120,330 | 23,077 | |||
Cash and cash equivalents at end of period | 120,330 | 23,077 | 119,040 | 23,077 | |
Supplementary cash flow information [Abstract] | |||||
Interest paid, net of amount capitalized | 116,496 | 118,009 | |||
Income taxes (refunded) paid, net | 4,263 | (6) | |||
Supplementary non-cash investing and financing activities [Abstract] | |||||
Accrued additions to property, plant, and equipment | 17,599 | 31,083 | |||
Non-cash additions to property, plant, and equipment | 0 | 3,015 | |||
Predecessor [Member] | |||||
Operating Activities [Abstract] | |||||
Net income (loss) | (3,960) | 133,669 | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities [Abstract] | |||||
Depreciation and amortization | 45,869 | 156,211 | |||
Gain on sale of assets | (1,095) | 0 | |||
Provision for doubtful accounts | 1,212 | 3,464 | |||
Unearned compensation expense | 3,276 | 6,344 | |||
Allowance for equity funds used during construction | (723) | (3,063) | |||
Deferred income taxes | 2,219 | 74,103 | |||
Deferred fuel costs | 977 | 9,899 | |||
Cash surrender value of company-/trust-owned life insurance | (840) | 950 | |||
Changes in assets and liabilities [Abstract] | |||||
Accounts receivable | (1,865) | (13,656) | |||
Unbilled revenue | 563 | 4,481 | |||
Fuel inventory and materials and supplies | 19,312 | (13,698) | |||
Prepayments | 2,395 | 2,750 | |||
Accounts payable | 8,348 | (25,294) | |||
Customer deposits | 3,342 | 12,162 | |||
Provision for merger commitments | 0 | 0 | |||
Postretirement benefit obligations | 9,746 | 14,173 | |||
Regulatory assets and liabilities, net | 5,178 | 18,793 | |||
Other deferred accounts | 6,878 | (17,454) | |||
Taxes accrued | 10,820 | (831) | |||
Interest accrued | 17,909 | (1,024) | |||
Deferred compensation | (793) | (1,166) | |||
Other operating | 1,012 | 209 | |||
Net cash provided by operating activities | 129,780 | 361,022 | |||
Investing Activities [Abstract] | |||||
Additions to property, plant, and equipment | (42,392) | (156,819) | |||
Allowance for equity funds used during construction | 723 | 3,063 | |||
Proceeds from sale of property, plant, and equipment | 1,932 | 0 | |||
Reimbursement for property loss | 53 | 0 | |||
Contributions to equity investment in investee | (2,450) | (2,290) | |||
Premiums paid on trust-owned life insurance | 0 | (3,607) | |||
Return of equity investment in tax credit fund | 476 | 2,128 | |||
Contributions to tax credit fund | 0 | (9,966) | |||
Transfer of cash (to) from restricted accounts, net | 4,847 | (1,341) | |||
Other investing | 0 | 881 | |||
Net cash (used in) provided by investing activities | (36,811) | (167,951) | |||
Financing Activities [Abstract] | |||||
Draws on credit facility | 3,000 | 120,000 | |||
Payments on credit facility | (10,000) | (163,000) | |||
Issuance of long-term debt | 0 | 75,000 | |||
Repayment of long-term debt | (8,546) | (100,824) | |||
Payments of financing costs | (43) | (693) | |||
Dividends paid on common stock | (24,579) | (97,283) | |||
Contribution from parent/member | 0 | 0 | |||
Distributions to parent/member | 0 | 0 | |||
Other financing | (717) | (2,448) | |||
Net cash provided by (used in) financing activities | (40,885) | (169,248) | |||
Net increase (decrease) in cash and cash equivalents | 52,084 | 23,823 | |||
Cash and cash equivalents at beginning of period | 68,246 | 120,330 | 68,246 | 44,423 | |
Cash and cash equivalents at end of period | 120,330 | 68,246 | |||
Supplementary cash flow information [Abstract] | |||||
Interest paid, net of amount capitalized | 2,478 | 74,349 | |||
Income taxes (refunded) paid, net | (481) | 1,434 | |||
Supplementary non-cash investing and financing activities [Abstract] | |||||
Accrued additions to property, plant, and equipment | 10,619 | 7,313 | |||
Non-cash additions to property, plant, and equipment | 0 | 184 | |||
Cleco Power [Member] | |||||
Operating Activities [Abstract] | |||||
Net income (loss) | 150,738 | 39,128 | 141,350 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities [Abstract] | |||||
Depreciation and amortization | 165,200 | 152,978 | 152,833 | ||
Gain on sale of assets | 0 | (1,095) | 0 | ||
Provision for doubtful accounts | 2,677 | 5,512 | 2,986 | ||
Unearned compensation expense | 1,972 | 1,572 | 2,000 | ||
Allowance for equity funds used during construction | (8,320) | (4,458) | (3,063) | ||
Deferred income taxes | (34,191) | 20,492 | 43,675 | ||
Deferred fuel costs | 11,909 | (7,215) | 9,899 | ||
Changes in assets and liabilities [Abstract] | |||||
Accounts receivable | (25,696) | (23,306) | (13,681) | ||
Accounts receivable, affiliate | 1,865 | 2,612 | 6,195 | ||
Unbilled revenue | (2,129) | (274) | 4,481 | ||
Fuel inventory and materials and supplies | (44,995) | 22,192 | (13,698) | ||
Prepayments | 2,745 | 228 | 1,323 | ||
Accounts payable | 11,005 | 9,140 | (20,575) | ||
Accounts payable, affiliate | 1,349 | (3,639) | (3,990) | ||
Customer deposits | 12,381 | 10,675 | 12,162 | ||
Provision for merger commitments | (12,971) | 21,964 | 0 | ||
Postretirement benefit obligations | 4,849 | 5,076 | 7,405 | ||
Regulatory assets and liabilities, net | 10,544 | 17,506 | 18,793 | ||
Other deferred accounts | (8,137) | (21,818) | (15,991) | ||
Taxes accrued | 44,101 | (29,535) | 36,287 | ||
Interest accrued | (59) | (671) | (1,412) | ||
Other operating | 2,241 | (1,307) | (441) | ||
Net cash provided by operating activities | 287,078 | 215,757 | 366,538 | ||
Investing Activities [Abstract] | |||||
Additions to property, plant, and equipment | (235,252) | (186,143) | (156,357) | ||
Allowance for equity funds used during construction | 8,320 | 4,458 | 3,063 | ||
Proceeds from sale of property, plant, and equipment | 4,078 | 2,698 | 0 | ||
Reimbursement for property loss | 187 | 3,212 | 0 | ||
Contributions to equity investment in investee | 0 | (2,450) | (2,290) | ||
Transfer of cash (to) from restricted accounts, net | 13,332 | (21,037) | (1,341) | ||
Other investing | 500 | 622 | 881 | ||
Net cash (used in) provided by investing activities | (208,835) | (198,640) | (156,044) | ||
Financing Activities [Abstract] | |||||
Draws on credit facility | 106,000 | 15,000 | 63,000 | ||
Payments on credit facility | (106,000) | (15,000) | (83,000) | ||
Issuance of long-term debt | 125,000 | 330,000 | 75,000 | ||
Repayment of long-term debt | (17,896) | (326,814) | (100,824) | ||
Contribution from parent/member | 0 | 50,000 | 0 | ||
Distributions to parent/member | (135,000) | (110,000) | (135,000) | ||
Other financing | (2,013) | (4,526) | (3,127) | ||
Net cash provided by (used in) financing activities | (29,909) | (61,340) | (183,951) | ||
Net increase (decrease) in cash and cash equivalents | 48,334 | (44,223) | 26,543 | ||
Cash and cash equivalents at beginning of period | $ 65,705 | 21,482 | 65,705 | 39,162 | |
Cash and cash equivalents at end of period | $ 21,482 | 69,816 | 21,482 | 65,705 | |
Supplementary cash flow information [Abstract] | |||||
Interest paid, net of amount capitalized | 65,984 | 92,585 | 74,219 | ||
Income taxes (refunded) paid, net | 0 | (485) | (27) | ||
Supplementary non-cash investing and financing activities [Abstract] | |||||
Accrued additions to property, plant, and equipment | 30,883 | 16,755 | 7,249 | ||
Non-cash additions to property, plant, and equipment | $ 3,015 | $ 0 | $ 184 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Member Interest [Member] | Retained Earnings (Accumulated Deficit) [Member] | AOCI [Member] | Cleco Power [Member] | Cleco Power [Member]Member's Equity [Member] | Cleco Power [Member]AOCI [Member] |
Balances. Beginning (Predecessor [Member]) at Dec. 31, 2014 | $ 1,627,270 | $ 451,223 | $ 1,208,712 | $ (32,665) | ||||
Balances, Beginning at Dec. 31, 2014 | $ 1,545,858 | $ 1,563,146 | $ (17,288) | |||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||
Common stock issued for compensatory plans | Predecessor [Member] | 5,189 | 5,189 | ||||||
Dividends on common stock | Predecessor [Member] | (97,367) | (97,367) | ||||||
Distribution to member | (135,000) | (135,000) | ||||||
Net income (loss) | Predecessor [Member] | 133,669 | 133,669 | ||||||
Net income (loss) | 141,350 | 141,350 | ||||||
Other comprehensive income (loss), net of tax | Predecessor [Member] | 6,080 | 6,080 | ||||||
Other comprehensive income (loss), net of tax | 196 | 196 | ||||||
Balances, Ending (Predecessor [Member]) at Dec. 31, 2015 | 1,674,841 | 456,412 | 1,245,014 | (26,585) | ||||
Balances, Ending 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 [Member] | (1,277) | (1,277) | ||||||
Dividends on common stock | Predecessor [Member] | (24,190) | (24,190) | ||||||
Net income (loss) | Predecessor [Member] | (3,960) | (3,960) | ||||||
Other comprehensive income (loss), net of tax | Predecessor [Member] | 647 | 647 | ||||||
Balances, Ending (Predecessor [Member]) at Apr. 12, 2016 | 1,646,061 | 455,135 | 1,216,864 | (25,938) | ||||
Balances. Beginning (Predecessor [Member]) at Dec. 31, 2015 | 1,674,841 | 456,412 | 1,245,014 | (26,585) | ||||
Balances, Beginning at Dec. 31, 2015 | 1,552,404 | 1,569,496 | (17,092) | |||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||
Distribution to member | (110,000) | (110,000) | ||||||
Net income (loss) | 39,128 | 39,128 | ||||||
Other comprehensive income (loss), net of tax | 3,670 | 3,670 | ||||||
Contribution from parent | 50,000 | 50,000 | ||||||
Balances, Ending (Successor [Member]) at Dec. 31, 2016 | 2,046,763 | $ 2,069,376 | (24,113) | 1,500 | ||||
Balances, Ending at Dec. 31, 2016 | 1,535,202 | 1,548,624 | (13,422) | |||||
Balances. Beginning (Predecessor [Member]) at Apr. 12, 2016 | 1,646,061 | $ 455,135 | 1,216,864 | (25,938) | ||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||
Net income (loss) | Successor [Member] | (24,113) | |||||||
Other comprehensive income (loss), net of tax | Successor [Member] | 1,500 | |||||||
Balances, Ending (Successor [Member]) at Dec. 31, 2016 | 2,046,763 | 2,069,376 | (24,113) | 1,500 | ||||
Balances, Ending at Dec. 31, 2016 | 1,535,202 | 1,548,624 | (13,422) | |||||
Balances, Beginning (Successor [Member]) at Apr. 13, 2016 | 2,158,141 | 2,158,141 | 0 | 0 | ||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||
Distribution to member | Successor [Member] | (88,765) | (88,765) | ||||||
Net income (loss) | Successor [Member] | (24,113) | (24,113) | ||||||
Other comprehensive income (loss), net of tax | Successor [Member] | 1,500 | 1,500 | ||||||
Balances, Ending (Successor [Member]) at Dec. 31, 2016 | 2,046,763 | 2,069,376 | (24,113) | 1,500 | ||||
Balances, Ending at Dec. 31, 2016 | 1,535,202 | 1,548,624 | (13,422) | |||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||
Distribution to member | Successor [Member] | (84,065) | (84,065) | ||||||
Distribution to member | (135,000) | (135,000) | ||||||
Net income (loss) | Successor [Member] | 138,080 | 138,080 | ||||||
Net income (loss) | 150,738 | 150,738 | ||||||
Other comprehensive income (loss), net of tax | Successor [Member] | (4,421) | (4,421) | ||||||
Other comprehensive income (loss), net of tax | (261) | (261) | ||||||
Balances, Ending (Successor [Member]) at Dec. 31, 2017 | $ 2,096,357 | $ 2,069,376 | $ 29,902 | $ (2,921) | ||||
Balances, Ending at Dec. 31, 2017 | $ 1,550,679 | $ 1,564,362 | $ (13,683) |
Consolidated Statements of Cha9
Consolidated Statements of Changes in Equity (Parenthetical) - Predecessor [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Apr. 12, 2016 | Dec. 31, 2015 | |
Dividends on common stock (in dollars per share) | $ 0.40 | $ 1.60 |
Common Stock, Value, Issued | $ 61.1 | $ 61.1 |
Premium on common stock | 414.6 | 418.5 |
Treasury Stock, Value | $ 20.5 | $ 23.2 |
The Company
The Company | 12 Months Ended |
Dec. 31, 2017 | |
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 290,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana and Mississippi. Cleco Power also owns a 50 % interest in an entity that owns lignite reserves. Cleco Power owns all of the outstanding membership interests in Cleco Katrina/Rita, a special purpose entity that is consolidated with Cleco Power in its financial statements. • Cleco’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. 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 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. For more information on the Merger, see Note 3 — “Business Combinations.” On February 6, 2018, Cleco Energy entered into the Purchase and Sale Agreement with NRG Energy and NRG South Central. For more information on the Purchase and Sale Agreement and related transactions, see Note 20 — “Subsequent Event - Plan of Acquisition.” |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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. 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 17 — “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 17 — “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 4 — “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 then accreted to its present value each accounting period. Cleco Power defers this accretion as a regulatory asset based on its determination that these costs can be collected from customers. Concurrent with the recognition of the liability, 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 2017, Cleco Power recorded a $0.6 million increase to its ARO for 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, 2017, 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 4 — “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 5 — “Jointly Owned Generation Units.” Most of the carrying values of Cleco’s assets were determined to be stated at fair value at the 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, since Cleco Power is able to earn a return on and recover these costs from customers. At the date of the 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 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 to property, plant, and equipment, see Note 3 — “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, 2017 , and 2016 were $7.9 million and $10.0 million , respectively. The amounts of unamortized computer software costs on Cleco Power’s Consolidated Balance Sheets at December 31, 2017 , and 2016 were $6.6 million and $8.2 million , respectively. Amortization of capitalized computer software costs charged to expense in Cleco and Cleco Power’s Consolidated Statements of Income for the years ending December 31, 2017 , 2016 , and 2015 is shown in the following tables: Cleco SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE Amortization $ 2,367 $ 2,351 $ 921 $ 2,194 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2017 2016 2015 Amortization $ 1,887 $ 2,405 $ 1,718 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 2017 was 2.72% . Annual depreciation provisions expressed as a percentage of average depreciable property for Cleco Power for both 2016 and 2015 was 2.68% . 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, 2017 , and 2016 , Cleco and Cleco Power’s property, plant, and equipment consisted of the following: Cleco AT DEC. 31, (THOUSANDS) 2017 2016 Utility plants Generation $ 1,908,344 $ 1,866,601 Distribution 1,015,472 955,126 Transmission 512,428 503,996 Other utility plant 153,900 146,976 Other property, plant, and equipment 4,381 3,882 Total property, plant, and equipment 3,594,525 3,476,581 Accumulated depreciation (192,348 ) (75,816 ) Net property, plant, and equipment $ 3,402,177 $ 3,400,765 Cleco Power AT DEC. 31, (THOUSANDS) 2017 2016 Regulated utility plants Generation $ 2,442,987 $ 2,406,572 Distribution 1,462,193 1,405,703 Transmission 725,199 719,052 Other utility plant 263,105 259,238 Total property, plant, and equipment 4,893,484 4,790,565 Accumulated depreciation (1,712,590 ) (1,618,241 ) Net property, plant, and equipment $ 3,180,894 $ 3,172,324 During 2017 , Cleco Power’s regulated utility property, plant, and equipment increased primarily due to general 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, 2017 , and 2016 , Cleco Power had deferred $3.2 million and $5.0 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. Financing Receivables At December 31, 2016 , Cleco, through Perryville and Attala had a combined net investment in direct financing lease long-term assets of $13.5 million . Each subsidiary leased its respective transmission assets to a single counterparty. Both counterparties were considered credit worthy and paid their obligations when due, thus, no allowance for credit loss was recognized. On December 29, 2017, Cleco sold the previously leased assets to the respective counterparties. The sales price was comparable to the net book value of the transmission assets. 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, 2017 , and 2016 , the general liability and workers compensation reserves together were $4.5 million and $4.6 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) 2017 2016 Current Cleco Katrina/Rita’s storm recovery bonds $ 8,597 $ 9,213 Cleco Power’s charitable contributions 1,200 1,200 Cleco Power’s rate credit escrow 3,284 12,671 Total current 13,081 23,084 Non-current Diversified Lands’ mitigation escrow 21 21 Cleco Power’s future storm restoration costs 14,456 17,379 Cleco Power’s charitable contributions 3,575 4,179 Cleco Power’s rate credit escrow 2,029 1,831 Total non-current 20,081 23,410 Total restricted cash and cash equivalents $ 33,162 $ 46,494 Cleco Power AT DEC. 31, (THOUSANDS) 2017 2016 Current Cleco Katrina/Rita’s storm recovery bonds $ 8,597 $ 9,213 Charitable contributions 1,200 1,200 Rate credit escrow 3,284 12,671 Total current 13,081 23,084 Non-current Future storm restoration costs 14,456 17,379 Charitable contributions 3,575 4,179 Rate credit escrow 2,029 1,831 Total non-current 20,060 23,389 Total restricted cash and cash equivalents $ 33,141 $ 46,473 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, 2016 , to December 31, 2017 , was due to Cleco Katrina/Rita using $9.1 million and $8.8 million in March and September 2017 , respectively, for scheduled storm recovery bond principal payments and $1.9 million and $1.7 million , respectively, for related interest payments, partially offset by collecting $20.9 million net of administration fees. In April 2016, in accordance with the Merger Commitments, Cleco Power established a $6.0 million charitable contribution fund to be disbursed over five years and deposited $136.0 million of rate credit funds into an escrow account. In April 2016, the LPSC voted to issue the rate credits equally to customers with service as of June 30, 2016, beginning in July 2016. As of December 31, 2017 , $1.3 million of the charitable contributions and $130.8 million of the rate credits had been released from restricted cash. 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 2017 , 2016 , or 2015 . For more information on Cleco’s equity investments, see Note 13 — “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 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 10 — “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 US Bancorp Community Development Corporation (USBCDC) formed the NMTC Fund. The purpose of the NMTC Fund is to invest in projects located in qualified active low-income communities that are underserved by typical debt capital markets. These investments are designed to generate NMTCs and Historical Rehabilitation tax credits. The NMTC Fund was later amended to include renewable energy investments. The majority of the energy investments qualify for grants under Section 1603 of the ARRA. By using the cost method for investments, the gross investment amortization expense of the NMTC Fund will be recognized over a ten -year period, which is projected to be completed by the end of 2018. The grants received under Section 1603, which allow certain projects to receive a federal grant in lieu of tax credits, and other cash reduce the basis of the investment. Periodic amortization of the investment and the deferred taxes generated by the basis reduction temporary difference are included as components of income tax expense. For more information, see Note 15 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Other Commitments — NMTC Fund.” Accounting for Renewable Energy Tax Credits and Grants Under the ARRA Cleco and the NMTC Fund have elected to receive cash grants under the ARRA for investments in various projects. Cleco has elected to reduce the carrying value of the qualifying assets as cash grants are received, which will reduce the amount of depreciation expense recognized after the underlying assets are placed in service. Certain cash grants also reduce the tax basis of the underlying assets. Grants received via the NMTC Fund reduce the carrying value of the investment for GAAP, but do not reduce the income tax basis of the investment. Debt 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 11.07% on a pretax basis ( 6.81% net of tax) for 2017 , 11.94% on a pretax basis ( 7.39% net of tax) for 2016 , and 11.46% on a pretax basis ( 7.09% net of tax) for 2015 . 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 6 — “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. In June 2015, the LPSC approved a long-term natural gas hedging pilot program that requires Cleco Power to establish a proposal for a program that will be designed to provide gas price stability for a minimum of five years. This proposal was submitted to the LPSC on July 28, 2017. An ALJ was assigned to the docket and a status conference was held on October 3, 2017. A procedural schedule was determined and on January 23, 2018, Cleco Power filed to suspend the procedural schedule. Cleco Power expects a new procedural schedule to be established by the end of the first quarter of 2018. On February 14, 2018, Cleco Power received data requests from the LPSC for the gas hedging docket with responses due March 1, 2018. There were no open natural gas positions at December 31, 2017 , or 2016 . 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 6 — “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, 2017 , and 2016 , Cleco did not enter into any contracts to mitigate the volatility in interest rate risk. Stock-Based Compensation For information on Cleco’s stock-based compensation, see Note 8 — “Common Stock — Stock-Based Compensation.” 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 The Registrants adopted, or will adopt, the recent authoritative guidance listed below on their respective effective dates. In May 2014, FASB amended the accounting guidance for revenue recognition. The amended guidance affects entities that enter into contracts with customers for the transfer of non-financial assets unless those contracts are within the scope of other standards. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity must identify the performance obligations in a contract and the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require extensive disclosure of sufficient information to allow users to understand the nature, amount, timing, and uncertainty of revenue and cash flow arising from contracts. Additional disclosure requirements include disaggregated revenue, reconciliation of contract balances, the entity’s performance obligations and remaining performance obligations, significant judgments used, costs to obtain or fulfill a contract and the use of practical expedients. The standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. Cleco will implement the amended guidance under the modified retrospective approach, which allows companies to apply the rules to all contracts existing as of January 1, 2018, recognizing in beginning retained earnings an adjustment for the cumulative effect of the change and providing additional disclosures comparing results to previous rules. Management does not expect a cumulative adjustment as a result of implementation. Management did not identify any changes from the new standard that would have a material impact on the results of operations, financial condition, or cash flows of the Registrants. Management determined that the majority of the Registrants’ revenue is in scope of the new guidance. Revenues considered to be out of scope for the new standard include lease revenue, SSR revenue, alternative revenue programs as defined by the regulated operations accounting guidance, and energy-related transactions that qualify as derivative contracts. The majority of sales, including energy provided to residential customers, are from tariff offerings that provide electricity supplied and billed in that period. As such, management does not expect significant changes in the timing or pattern of revenue recognition for such sales, as the majority of these sales will be recognized under the invoice practical expedient. Management’s evaluation of long-te |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | Note 3 — 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 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 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 Merger. Regulatory Matters On March 28, 2016, the LPSC approved the Merger. The LPSC’s written order approving the Merger was issued on April 7, 2016. Approval of the 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 Merger Commitments also included $1.2 million of annual refunds to customers representing cost savings due to the Merger. For more information, see Note 12 — “Regulation and Rates.” Accounting for the 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 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 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 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 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 Merger, as no accumulated depreciation existed on the date of the 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 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 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 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 10 — “Income Taxes — Uncertain Tax Positions” for a discussion on the status of tax audits. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | Note 4 — 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 (THOUSANDS) 2017 2016 Total federal regulatory liability — income taxes $ (64,205 ) $ (635 ) Total state regulatory asset — income taxes 142,788 112,751 2017 tax reform (348,590 ) — AFUDC 129,953 126,335 Total investment tax credit (372 ) (1,002 ) Total regulatory (liabilities) assets — deferred taxes, net (140,426 ) 237,449 * Mining costs 3,823 6,372 1.5 yrs. Interest costs 4,499 4,860 * AROs (1) 2,762 2,096 * Postretirement costs (1) 142,764 145,268 * Tree trimming costs 7,193 5,549 * Training costs 6,552 6,708 42 yrs. Surcredits, net (2) 2,173 5,876 * AMI deferred revenue requirement 4,227 4,772 8 yrs. Emergency declarations 4,131 — 2.5 yrs. Production operations and maintenance expenses 8,625 13,999 * AFUDC equity gross-up (2) 71,205 70,423 * Acadia Unit 1 acquisition costs 2,336 2,442 22 yrs. Financing costs 8,293 8,663 * Biomass costs — 18 — MISO integration costs 468 1,404 0.5 yr. Coughlin transaction costs 968 999 31.5 yrs. Corporate franchise tax 153 1,308 * MATS Costs 2,564 4,270 0.5 yr. Other 484 710 * Total regulatory assets 273,220 285,737 Accumulated deferred fuel 13,980 20,787 * Total regulatory assets, net $ 146,774 $ 543,973 (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, 2017. 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) 2017 2016 Total Cleco Power regulatory assets, net $ 146,774 $ 543,973 Cleco Merger adjustments (1) Fair value of long-term debt 147,145 155,776 Postretirement costs 21,375 23,362 Financing costs 8,623 8,966 Debt issuance costs 6,665 7,606 Total Cleco regulatory assets, net $ 330,582 $ 739,683 (1) Cleco regulatory assets include acquisition accounting adjustments as a result of the 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 Tax Code 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. As a result, at the date of enactment, the Registrants’ deferred taxes were remeasured based upon the new tax rate and a regulatory liability of $348.6 million was recorded. For more information on the TCJA, see Note 10 — “Income Taxes.” 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 has 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 10 years as of December 31, 2017, 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 9 — “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 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 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 has recorded a regulatory asset that represents excess surcredits refunded to customers that will be collected from ratepayers in future periods. These amounts are being collected and amortized over a four -year period, through 2018. As a result of a settlement with the LPSC, Cleco Power is required to implement a surcredit when funds are withdrawn from the restricted storm reserve. In November 2017, Cleco Power withdrew $4.0 million from the restricted storm reserve to pay for storm damages, resulting in the establishment of a new surcredit. This surcredit will be utilized to partially replenish the storm reserve. 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 July 2017, Cleco Power’s lost revenues are being recovered and amortized over a three -year period. Production Operations and Maintenance Expenses Cleco Power defers, as a regulatory asset, production operations and maintenance expenses, net of fuel and payroll, above the retail jurisdictional portion of $45.0 million annually (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 2016 and 2017, Cleco Power deferred $7.3 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. Biomass Costs In November 2011, the LPSC approved Cleco Power’s request to establish a regulatory asset for the non-fuel, non-capital portion of costs incurred to conduct a test burn of biomass fuel at Madison Unit 3. In August 2012, Cleco Power began amortizing these costs over a five -year period. As of July 31, 2017 these costs are fully amortized. 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. The MISO integration costs are being recovered over a four -year period beginning July 2014. 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 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. In 2017 and 2016, Cleco Power’s net retail portion of franchise taxes paid was $1.3 million and $2.5 million , respectively. 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 On February 1, 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. This amount is being amortized over three years beginning January 1, 2016. Other In 2014, the LPSC approved Cleco Power’s FRP extension which authorized the recovery of previously deferred costs incurred as a result of Cleco Power’s FRP extension filing, the 2003 through 2008 fuel audit, and a biomass study. These costs were recovered over a three -year period and were fully amortized as of June 30, 2017. 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 $0.9 million of the insurance deductible for flood damages. These costs are being recovered over 12 months beginning July 1, 2017. 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 2017 , approximately 76% of Cleco Power’s total fuel cost was regulated by the LPSC. Accumulated deferred fuel decreased $6.8 million from December 31, 2016. Of this amount, $16.0 million was due to the timing of collections, partially offset by $5.7 million for fuel surcharges and a $3.5 million increase in the mark-to-market value on FTRs. Cleco Holdings’ Merger Adjustments As a result of the Merger, Cleco implemented acquisition accounting, which eliminated AOCI at the Cleco consolidated level on the date of the 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 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. On March 1, 2017, Cleco completed the repayment of the first of two tranches of its Cleco Katrina/Rita storm recovery bonds issued in March 2008. As a result, the fair value adjustments for the redeemed long-term debt and the related unamortized debt issuance cost of $0.7 million on Cleco’s Consolidated Balance Sheets were derecognized. |
Jointly Owned Generation Units
Jointly Owned Generation Units | 12 Months Ended |
Dec. 31, 2017 | |
Regulated Operations [Abstract] | |
Jointly Owned Generation Units | Note 5 — 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 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 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 3 — “Business Combinations.” At December 31, 2017 , 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, 2017 (THOUSANDS, EXCEPT PERCENTAGES AND MW) RODEMACHER UNIT 2 DOLET HILLS TOTAL Utility plant in service $ 72,129 $ 185,156 $ 257,285 Accumulated depreciation $ 3,111 $ 15,094 $ 18,205 Construction work in progress $ 436 $ 4,657 $ 5,093 Ownership interest percentage 30 % 50 % Nameplate capacity (MW) 523 650 Ownership interest (MW) 157 325 Cleco Power AT DEC. 31, 2017 (THOUSANDS, EXCEPT PERCENTAGES AND MW) RODEMACHER UNIT 2 DOLET HILLS TOTAL Utility plant in service $ 146,309 $ 402,653 $ 548,962 Accumulated depreciation $ 77,291 $ 232,590 $ 309,881 Construction work in progress $ 436 $ 4,657 $ 5,093 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, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | Note 6 — Fair Value Accounting The amounts reflected in Cleco and Cleco Power’s Consolidated Balance Sheets at December 31, 2017 , and December 31, 2016 , 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, 2017 2016 (THOUSANDS) CARRYING VALUE* FAIR VALUE CARRYING VALUE* FAIR VALUE Long-term debt $ 2,866,955 $ 2,921,325 $ 2,768,149 $ 2,754,518 * The carrying value of long-term debt does not include deferred issuance costs of $11.6 million in 2017 and $11.7 million in 2016. Cleco Power AT DEC. 31, 2017 2016 (THOUSANDS) CARRYING VALUE* FAIR VALUE CARRYING VALUE* FAIR VALUE Long-term debt $ 1,369,810 $ 1,535,234 $ 1,262,373 $ 1,418,693 * The carrying value of long-term debt does not include deferred issuance costs of $9.1 million in 2017 and $9.4 million in 2016. 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, 2017 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) AT DEC. 31, 2016 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 $ 144,302 $ — $ 144,302 $ — $ 66,410 $ — $ 66,410 $ — FTRs 7,396 — — 7,396 7,884 — — 7,884 Total assets $ 151,698 $ — $ 144,302 $ 7,396 $ 74,294 $ — $ 66,410 $ 7,884 Liability Description FTRs 352 — — 352 201 — — 201 Total liabilities $ 352 $ — $ — $ 352 $ 201 $ — $ — $ 201 Cleco Power FAIR VALUE MEASUREMENTS AT REPORTING DATE: (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) AT DEC. 31, 2016 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 $ 95,681 $ — $ 95,681 $ — $ 65,089 $ — $ 65,089 $ — FTRs 7,396 — — 7,396 7,884 — — 7,884 Total assets $ 103,077 $ — $ 95,681 $ 7,396 $ 72,973 $ — $ 65,089 $ 7,884 Liability Description FTRs 352 — — 352 201 — — 201 Total liabilities $ 352 $ — $ — $ 352 $ 201 $ — $ — $ 201 The following tables summarize the net changes in the net fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy for Cleco and Cleco Power: Cleco SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - Beginning balance $ 7,683 $ 3,458 $ 7,398 Unrealized (losses) gains* (1,392 ) 3,119 (1,031 ) Purchases 23,941 12,896 2,070 Settlements (23,188 ) (11,790 ) (4,979 ) Ending balance $ 7,044 $ 7,683 $ 3,458 * Unrealized (losses) gains are reported through Accumulated deferred fuel on Cleco and Cleco Power's Consolidated Balance Sheets. Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2017 2016 Beginning balance $ 7,683 $ 7,398 Unrealized (losses) gains* (1,392 ) 2,088 Purchases 23,941 14,966 Settlements (23,188 ) (16,769 ) Ending balance $ 7,044 $ 7,683 * Unrealized (losses) gains 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, 2017 : FAIR VALUE VALUATION TECHNIQUE SIGNIFICANT UNOBSERVABLE INPUTS FORWARD PRICE RANGE (THOUSANDS, EXCEPT DOLLAR PER MWh) Assets Liabilities Low High FTRs at December 31, 2017 $ 7,396 $ 352 RTO auction pricing FTR price - per MWh $ (2.95 ) $ 6.33 FTRs at December 31, 2016 $ 7,884 $ 201 RTO auction pricing FTR price - per MWh $ (3.61 ) $ 6.04 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, 2017 , 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 $111.1 million , $13.1 million , and $20.1 million , respectively, at December 31, 2017 , and $20.0 million , $23.1 million , and $23.3 million , respectively, at December 31, 2016 . 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 $62.5 million , $13.1 million , and $20.1 million , respectively, at December 31, 2017 , and $18.7 million , $23.1 million , and $23.3 million , respectively, at December 31, 2016 . 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. The Level 2 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 the credit rating of the Cleco entity by which the debt was issued. During the years ended December 31, 2017 , and 2016 , 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, 2017 , and 2016 : DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS (THOUSANDS) BALANCE SHEET LINE ITEM AT DEC. 31, 2017 AT DEC. 31, 2016 Commodity-related contracts FTRs: Current Energy risk management assets $ 7,396 $ 7,884 Current Energy risk management liabilities 352 201 Commodity-related contracts, net $ 7,044 $ 7,683 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, 2017 , 2016 , and 2015 : Cleco AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES SUCCESSOR PREDECESSOR (THOUSANDS) DERIVATIVES LINE ITEM FOR THE APR. 13, 2016 - JAN. 1, 2016 - FOR THE YEAR ENDED DEC. 31, 2015 Commodity contracts FTRs (1) Electric operations $ 44,181 $ 30,915 $ 8,563 $ 50,594 FTRs (1) Power purchased for utility customers (26,017 ) (14,941 ) (5,761 ) (27,509 ) Total $ 18,164 $ 15,974 $ 2,802 $ 23,085 (1) For the year ended December 31, 2017, unrealized losses associated with FTRs of $1.4 million were reported through Accumulated deferred fuel on the balance sheet. For the periods January 1, 2016 - April 12, 2016, and 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. For the year ended December 31, 2015, unrealized losses associated with FTRs of $1.5 million 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 2017 2016 2015 Commodity contracts FTRs (1) Electric operations $ 44,181 $ 39,478 $ 50,594 FTRs (1) Power purchased for utility customers (26,017 ) (20,702 ) (27,509 ) Total $ 18,164 $ 18,776 $ 23,085 (1) For the years ended December 31, 2017, 2016, and 2015, unrealized (losses) gains associated with FTRs of $(1.4) million , $2.1 million , and $(1.5) 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, 2017 , and 2016 was 9.0 million MWh and 14.4 million MWh, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Note 7 — Debt Cleco Power’s total indebtedness as of December 31, 2017 , and 2016 was as follows: Cleco Power AT DEC. 31, (THOUSANDS) 2017 2016 Bonds Senior notes, 2.94%, due 2022 $ 25,000 $ — Senior notes, 3.08%, due 2023 100,000 — 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, 4.41%, due 2020 — 1,115 Cleco Katrina/Rita’s storm recovery bonds, 5.61%, due 2023 50,819 67,600 Total bonds 1,375,819 1,268,715 Other long-term debt Barge lease obligations — 1,819 Gross amount of long-term debt 1,375,819 1,270,534 Less: long-term debt due within one year 19,193 17,896 Less: lease obligations classified as long-term debt due within one year — 1,819 Unamortized debt discount (6,010 ) (6,342 ) Unamortized debt issuance costs (9,141 ) (9,421 ) Total long-term debt, net $ 1,341,475 $ 1,235,056 Cleco’s total indebtedness as of December 31, 2017 , and 2016 was as follows: Cleco AT DEC. 31, (THOUSANDS) 2017 2016 Total Cleco Power long-term debt, net $ 1,341,475 $ 1,235,056 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 (2,516 ) (2,261 ) Fair value adjustment 147,146 155,776 Total Cleco long-term debt, net $ 2,836,105 $ 2,738,571 The principal amounts payable under long-term debt agreements for each year through 2022 and thereafter are as follows: (THOUSANDS) CLECO CLECO POWER For the year ending Dec. 31, 2018 $ 19,193 $ 19,193 2019 $ 20,571 $ 20,571 2020 $ 11,055 $ 11,055 2021 $ 300,000 $ — 2022 $ 25,000 $ 25,000 Thereafter $ 2,350,000 $ 1,300,000 Cleco Power Debt Cleco Power had no short-term debt outstanding at December 31, 2017 , and 2016 . At December 31, 2017 , Cleco Power’s long-term debt outstanding was $1.36 billion , of which $19.2 million was due within one year. The long-term debt due within one year at December 31, 2017 , represents principal payments for the Cleco Katrina/Rita storm recovery bonds. On March 1, 2017, Cleco Power completed the repayment of the first of two tranches of its Cleco Katrina/Rita storm recovery bonds issued in March 2008. The total principal amount for both tranches was $180.6 million . The first tranche had an initial principal amount of $113.0 million at an interest rate of 4.41% and a final maturity date of March 1, 2020. As part of the early redemption on March 1, 2017, Cleco paid $1.1 million in principal and less than $0.1 million in accrued interest. On December 18, 2017, Cleco Power entered into a note purchase agreement for the issuance and sale in a private placement of $175.0 million aggregate principal amount of senior notes. The senior notes will be issued in two tranches. The first tranche was issued on December 18, 2017, with principal amounts 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 of December 16, 2022, and 2023, respectively. The second tranche is anticipated to be issued on March 26, 2018, for $50.0 million at an interest rate of 3.17% , with a final maturity date of December 16, 2024. The proceeds from the issuance and sale were used and are anticipated to be used for capital investments and general utility purposes. Cleco Debt Cleco had no short-term debt outstanding at December 31, 2017 , and 2016 . At December 31, 2017 , Cleco’s long-term debt outstanding was $2.86 billion , of which $19.2 million was due within one year. The long-term debt due within one year at December 31, 2017 , represents principal payments for the Cleco Katrina/Rita storm recovery bonds. In May 2016, Cleco Holdings completed the private sale of $535.0 million of aggregate principal of its 3.743% senior notes due May 1, 2026, and $350.0 million aggregate principal amount of its 4.973% senior notes due May 1, 2046. The proceeds from the issuance and sale of these notes were used to repay a portion of the $1.35 billion Acquisition Loan Facility entered into in connection with the completion of the Merger. On April 28, 2017, Cleco Holdings completed an exchange offer for all of its then outstanding 3.743% and 4.973% senior notes, which were not registered under the Securities Act, for an equal principal amount of newly issued 3.743% senior notes due May 1, 2026, and 4.973% senior notes due May 1, 2046, that were registered under the Securities Act. Cleco Holdings did not receive any proceeds from the exchange offer. Credit Facilities At December 31, 2017 , Cleco had two separate revolving credit facilities, one for Cleco Holdings and one for Cleco Power, with a maximum aggregate capacity of $400.0 million . At December 31, 2017 , Cleco Power had no borrowings outstanding under its $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% . 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, 2017 , $888.9 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, 2017 , Cleco Power was in compliance with the covenants in its credit facility. At December 31, 2017 , Cleco Holdings had no borrowings outstanding under its $100.0 million credit facility. The credit facility includes restrictive financial covenants and expires in 2021. The borrowing costs under Cleco Holdings’ new credit facility are equal to LIBOR plus 1.75% or ABR plus 0.75% , plus commitment fees of 0.275% . 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, 2017 , $721.5 million of Cleco’s member’s equity was unrestricted. At December 31, 2017 , Cleco Holdings was in compliance with the covenants of its credit facility. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Common Stock | Note 8 — Common Stock Stock-Based Plan Descriptions and Share Information Prior to the completion of the Merger, Cleco had two stock-based compensation plans: the ESPP and the LTIP. As a result of the completion of the Merger, the ESPP and the LTIP were terminated. For more information about the Merger, see Note 3 — “Business Combinations.” LTIP Prior to the completion of the 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. During 2015, Cleco granted 9,611 shares of stock to directors of Cleco pursuant to the 2010 LTIP. All of these shares vested immediately upon award and were issued from shares previously purchased through Cleco’s common stock repurchase program. As stated above, the LTIP plan was terminated upon completion of the Merger. Non-Vested Stock and Common Stock Equivalent Units Prior to the completion of the Merger, Cleco granted non-vested stock to certain officers, key employees, and directors. 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 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 . The fair value of shares of non-vested stock that vested during the predecessor year ended December 31, 2015, was $3.3 million . The fair value of shares of non-vested stock granted during 2015 under the LTIP was estimated on the date of grant and the expense was calculated using the Monte Carlo simulation model with the assumptions listed in the following table: PREDECESSOR FOR THE YEAR ENDED DEC. 31, 2015 Expected term (in years) (1) 3.0 Volatility of Cleco stock (2) 15.8 % Correlation between Cleco stock volatility and peer group 63.1 % Expected dividend yield 2.9 % Weighted average fair value (Monte Carlo model) $ 45.60 (1) The expected term was based on the service period of the award. (2) The volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term. Stock-Based Compensation During 2016 and 2015 , 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 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, and the predecessor year ended December 31, 2015, Cleco reported pretax compensation expense of $3.2 million and $6.1 million , respectively, on non-vested stock with a related tax benefit of $1.2 million and $2.4 million , respectively. 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, and the predecessor year ended December 31, 2015, 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 and $0.1 million , respectively. During the years ended December 31, 2016, and 2015, Cleco Power reported pretax compensation expense of $1.0 million and $2.0 million , respectively, on non-vested stock with a related tax benefit of $0.4 million and $0.8 million , respectively. 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. 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, and the predecessor year ended December 31, 2015, was $0.6 million and $0.8 million , respectively. The amount of stock-based compensation capitalized in property, plant, and equipment on Cleco Power’s Consolidated Balance Sheets for the years ended December 31, 2016, and 2015 was $0.6 million and $0.7 million , respectively. |
Pension Plan and Employee Benef
Pension Plan and Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Pension Plan and Employee Benefits | Note 9 — 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 2017 and 2016, nor does it expect to make any in 2018. 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 current funding assumptions, management estimates that $8.3 million in pension contributions will be required through 2022. 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 considered the plan sponsor and Support Group is considered the plan administrator. Cleco’s retirees and their dependents may be eligible to receive medical, dental, vision, and life insurance benefits (other benefits). Cleco recognizes the expected cost of these other benefits during the periods in which the benefits are earned. The employee pension plan and other benefits plan obligation, plan assets, and funded status at December 31, 2017 , and 2016 are presented in the following table: PENSION BENEFITS OTHER BENEFITS SUCCESSOR PREDECESSOR SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - Change in benefit obligation Benefit obligation at beginning of period $ 512,785 $ 499,724 $ 480,062 $ 44,136 $ 42,707 $ 43,070 Service cost 9,039 6,909 2,563 1,446 1,112 431 Interest cost 21,648 15,088 6,242 1,569 1,237 476 Plan participants’ contributions — — — 1,149 758 300 Actuarial loss 46,686 6,242 16,857 437 2,292 — Expenses paid (3,020 ) (2,025 ) (801 ) — — — Benefits paid (19,923 ) (13,153 ) (5,199 ) (5,534 ) (3,970 ) (1,570 ) Benefit obligation at end of period 567,215 512,785 499,724 43,203 44,136 42,707 Change in plan assets Fair value of plan assets at beginning of period 403,715 398,515 383,532 — — — Actual return on plan assets 63,317 20,378 20,983 — — — Expenses paid (3,020 ) (2,025 ) (801 ) — — — Benefits paid (19,923 ) (13,153 ) (5,199 ) — — — Fair value of plan assets at end of period 444,089 403,715 398,515 — — — Unfunded status $ (123,126 ) $ (109,070 ) $ (101,209 ) $ (43,203 ) $ (44,136 ) $ (42,707 ) The employee pension plan accumulated benefit obligation at December 31, 2017 , and 2016 is presented in the following table: PENSION BENEFITS AT DEC. 31, (THOUSANDS) 2017 2016 Accumulated benefit obligation $ 520,612 $ 473,197 The following table presents the net actuarial gains/losses, transition obligations/assets, and prior service costs 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 at December 31, 2017 , and 2016 : PENSION BENEFITS OTHER BENEFITS SUCCESSOR PREDECESSOR SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - Net actuarial loss (gain) occurring during period $ 7,434 $ (10,198 ) $ 16,056 $ 437 $ 2,292 $ — Net actuarial loss (gain) amortized during period $ 10,008 $ 8,138 $ 2,798 $ (50 ) $ — $ 181 Prior service (credit) cost amortized during period $ (71 ) $ (51 ) $ (20 ) $ — $ — $ 34 The following table presents net gains/losses and prior period service costs/credits in accumulated other comprehensive income for other benefits and in regulatory assets for pension that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2018 for the employee pension plan and other benefits plans for December 31, 2018 , 2017 , and 2016 : PENSION BENEFITS OTHER BENEFITS AT DEC. 31, AT DEC. 31, (THOUSANDS) 2018 2017 2016 2018 2017 2016 Net actuarial loss (gain) $ 12,267 $ 142,967 $ 145,542 $ (98 ) $ 2,779 $ 2,292 Prior service (credit) cost $ (71 ) $ (203 ) $ (274 ) $ — $ — $ — The components of net periodic pension and other benefits costs for 2017 , 2016 , and 2015 are as follows: PENSION BENEFITS OTHER BENEFITS SUCCESSOR PREDECESSOR SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE Components of periodic benefit costs Service cost $ 9,039 $ 6,909 $ 2,563 $ 10,419 $ 1,446 $ 1,112 $ 431 $ 1,635 Interest cost 21,648 15,088 6,242 20,795 1,569 1,237 476 1,607 Expected return on plan assets (24,064 ) (17,310 ) (6,812 ) (23,382 ) — — — — Amortizations Prior period service (credit) cost (71 ) (51 ) (20 ) (71 ) — — 34 119 Net loss (gain) 10,008 8,138 2,798 13,828 (50 ) — 181 866 Net periodic benefit cost $ 16,560 $ 12,774 $ 4,771 $ 21,589 $ 2,965 $ 2,349 $ 1,122 $ 4,227 During the third quarter of 2016, management finalized its remeasurement of the pension plan as of April 13, 2016, associated with the 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 successor year ended December 31, 2017 was $1.8 million . 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 . The amount for the predecessor year ended December 31, 2015 was $2.1 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, 2017 , 2016 , and 2015 was $3.3 million , $3.5 million , and $3.6 million , respectively. The current and non-current portions of the other benefits liability for Cleco and Cleco Power at December 31, 2017 , and 2016 are as follows: Cleco AT DEC. 31, (THOUSANDS) 2017 2016 Current $ 4,061 $ 3,854 Non-current $ 39,142 $ 40,196 Cleco Power AT DEC. 31, (THOUSANDS) 2017 2016 Current $ 3,525 $ 3,345 Non-current $ 34,033 $ 34,892 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, 2017 2016 2017 2016 Weighted-average assumptions used to determine the benefit obligation Discount rate 3.73 % 4.27 % 3.47 % 3.81 % Rate of compensation increase 2.98 % 3.03 % N/A N/A PENSION BENEFITS OTHER BENEFITS SUCCESSOR PREDECESSOR SUCCESSOR PREDECESSOR FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE Weighted-average assumptions used to determine the net benefit cost Discount rate 4.27 % 4.21 % 4.62 % 4.21 % 3.81 % 4.08 % 4.08 % 3.76 % Expected return on plan assets 6.08 % 6.21 % 6.21 % 6.15 % N/A N/A N/A N/A Rate of compensation increase 2.98 % 3.03 % 3.03 % 3.08 % 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 2018 periodic expense, Cleco decreased the expected long-term return on plan assets to 5.86% . Cleco expects pension expense to increase in 2018 by approximately $1.8 million due to a decrease in the discount rate, partially offset by a higher than expected return on assets in 2017 and favorable mortality improvement scale updates. Employee pension plan assets may be invested in publicly traded domestic common stocks; U.S. Government, federal agency, and corporate obligations; an international equity fund, commercial real estate funds; and pooled temporary investments. Investments in securities (obligations of U.S. Government, U.S. Government Agencies, and state and local governments, corporate debt, common/collective trust funds, mutual funds, common stocks, and preferred stock) traded on a national securities exchange are valued at the last reported sales price on the last business day of the year. Real estate funds and the pooled separate accounts are stated at estimated market value based on appraisal reports prepared annually by independent real estate appraisers (members of the American Institute of Real Estate Appraisers). The estimated market value of recently acquired properties is assumed to approximate cost. 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, 2017 , and December 31, 2016 . The following tables disclose the pension plan’s fair value of financial assets measured on a recurring basis: (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. (THOUSANDS) AT DEC. 31, 2016 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 $ 6,817 $ — $ 6,817 $ — Common stock 19,311 19,311 — — Obligations of Government, Government Agencies, and state and local governments 47,543 — 47,543 — Mutual funds Domestic 52,663 52,663 — — International 31,191 31,191 — — Real estate funds 18,668 — — 18,668 Corporate debt 185,659 — 185,659 — Total $ 361,852 $ 103,165 $ 240,019 $ 18,668 Investments measured at net asset value* 38,886 Interest accrual 2,977 Total net assets $ 403,715 *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, 2017 , and 2016 : (THOUSANDS) PREDECESSOR Balance, Dec. 31, 2015 $ 17,890 Realized gains 71 Unrealized gains 89 Purchases 26 Sales (205 ) Balance, Apr. 12, 2016 $ 17,871 SUCCESSOR Balance, Apr. 13, 2016 $ 17,871 Realized gains 151 Unrealized gains 227 Purchases 570 Sales (151 ) Balance, Dec. 31, 2016 $ 18,668 Realized losses (2,365 ) Unrealized gains 2,674 Purchases 649 Sales (431 ) Balance, Dec. 31, 2017 $ 19,195 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 2017 , the return on plan assets was 16.32% compared to an expected long-term return of 6.08% . The 2016 return on pension plan assets was 10.90% compared to an expected long-term return of 6.21% . As of December 31, 2017 , 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 assumed rate of return on plan assets, and • Exceed the annualized total return of a customized index consisting of a mixture of S&P 500 Index, Russell 2500 Index, Morgan Stanley Capital International All Country World ex U.S. Index, Morgan Stanley Capital International Emerging Markets Index, Barclays Capital Long Credit Index, Barclays Capital Long Government/Credit Index, and National Council of Real Estate Investment Fiduciaries 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: Domestic Equity Portfolios • Equity holdings of a single company must not exceed 10% of the manager’s portfolio. • A minimum of 25 stocks should be owned. • Equity holdings in a single sector should not exceed the lesser of three times the sector’s weighting in the S&P 500 Index or 35% of the portfolio. • Equity holdings should represent at least 90% of the portfolio. • Marketable common stocks, preferred stocks convertible into common stocks, and fixed income securities convertible into common stocks are the only permissible equity investments. • Securities in foreign entities denominated in 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 Portfolios Developed Markets • Equity holdings of a single company should not exceed 5% of the manager’s portfolio. • A minimum of 30 stocks should be owned. • Equity holdings in a single sector should not exceed 35%. • A minimum of 50% of the countries within the 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 • Equity holdings in any single company should not exceed 10% of the manager’s portfolio. • A minimum of 30 individual stocks should be owned. • Equity holdings of a single industry should not exceed 25%. • Equity investments must represent at least 75% of the manager’s portfolio. • A minimum of three countries should be represented within the manager’s portfolio. • Illiquid securities which are not readily marketable may represent no more than 10% of the manager’s portfolio. • Currency hedging decisions are at the discretion of the investment manager. Fixed Income Portfolio - Long Government/Credit • Only U.S. dollar denominated assets permitted, including U.S. government and agency securities, corporate securities, structured securities, other interest-bearing securities, and short-term investments. • At least 85% of the debt securities should be investment grade securities (BBB- by S&P or Baa3 by Moody’s) or higher. • Debt holdings of a single issue or issuer must not exceed 5% of the manager’s portfolio. • Aggregate net notional exposure of futures, options, and swaps must not exceed 30% of the manager’s portfolio. Manager will only execute swaps with counterparties whose credit rating is A2/A or better. • Margin purchases or leverage is prohibited. • The average weighted duration of portfolio security holdings, including derivative exposure, is expected to range within +/- 20% of the Barclays Long Government/Credit Index duration. 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. 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: • Debt portfolios are exempt from the prohibition on derivative use. • Execution of target allocation rebalancing may be implemented through short- to intermediate-term use of derivatives overlay strategies. The notional value of derivative positions shall not exceed 20% of the total pension fund’s value at any given time. The following chart shows the dynamic asset allocation based on the funded ratio at December 31, 2017 : PERCENT OF TOTAL PLAN ASSETS AT DEC. 31, 2017 MINIMUM TARGET MAXIMUM Return-seeking Domestic equity 17 % International equity 19 % Real estate 4 % Total return-seeking 35 % 40 % 45 % Liability hedging* 55 % 60 % 65 % *Liability hedging is not target by subcategories. The assumed health care cost trend rates used to measure the expected cost of other benefits is 5.0% for 2018 and remains at 5.0% thereafter. The rate used for 2017 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 $ 16 $ (18 ) Effect on postretirement benefit obligation $ 199 $ (222 ) The projected benefit payments for the employee pension plan and other benefits obligation plan for each year through 2022 and the next five years thereafter are listed in the following table: (THOUSANDS) PENSION BENEFITS OTHER BENEFITS, GROSS For the year ending Dec. 31, 2018 $ 21,655 $ 4,131 2019 $ 22,795 $ 4,077 2020 $ 23,948 $ 3,979 2021 $ 25,041 $ 3,894 2022 $ 26,189 $ 3,801 Next five years $ 147,475 $ 16,842 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 three 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 limits 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 will be 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 will review 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 considered the plan sponsor and Support Group is considered the plan administrator. SERP’s funded status at December 31, 2017 , and 2016 is presented in the following table: SERP BENEFITS SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - APR. 12, 2016 Change in benefit obligation Benefit obligation at beginning of period $ 78,045 $ 79,555 $ 72,315 Service cost 494 571 702 Interest cost 3,239 2,275 900 Actuarial loss 6,442 1,152 — Benefits paid (4,376 ) (2,999 ) (1,186 ) Plan amendments 180 (2,509 ) — Curtailments — — 3,602 Special/contractual termination benefits 315 — 3,222 Benefit obligation at end of period $ 84,339 $ 78,045 $ 79,555 SERP’s accumulated benefit obligation at December 31, 2017 , and 2016 is presented in the following table: SERP BENEFITS AT DEC. 31, (THOUSANDS) 2017 2016 Accumulated benefit obligation $ 84,339 $ 76,194 The following table presents net actuarial gains/losses and prior service costs 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 at December 31, 2017 , and 2016 : SERP BENEFITS SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - APR. 12, 2016 Net actuarial loss (gain) occurring during year $ 6,622 $ (1,345 ) $ — Net actuarial loss amortized during year $ 2,105 $ 1,651 $ 574 Prior service (credit) cost amortized during year $ (190 ) $ (50 ) $ 17 The following table presents net gains/losses and prior period service costs/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 2018 for SERP for December 31, 2018 , 2017 , and 2016 : SERP BENEFITS AT DEC. 31, (THOUSANDS) 2018 2017 2016 Net actuarial loss $ 2,358 $ 25,336 $ 20,999 Prior service (credit) $ (160 ) $ (1,997 ) $ (2,368 ) The components of the net SERP costs for 2017 , 2016 , and 2015 are as follows: SERP BENEFITS SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - FOR THE Components of periodic benefit costs Service cost $ 494 $ 571 $ 702 $ 2,705 Interest cost 3,239 2,275 900 3,056 Amortizations Prior period service (credit) cost (190 ) (50 ) 17 54 Net loss 2,105 1,651 574 2,973 Net periodic benefit cost 5,648 4,447 2,193 8,788 Curtailment charge — — 3,602 — Special/contractual termination benefits 315 — 3,222 — Total benefit cost $ 5,963 $ 4,447 $ 9,017 $ 8,788 There was a remeasurement of SERP at April 13, 2016, to reflect change in control benefits as a result of the 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 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, 2017 2016 Weighted-average assumptions used to determine the benefit obligation Discount rate 3.70 % 4.22 % Rate of compensation increase 5.00 % 5.00 % SERP BENEFITS SUCCESSOR PREDECESSOR 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 - FOR THE Weighted-average assumptions used to determine the net benefit cost Discount rate 4.08 % 4.22 % 3.47 % 4.15 % 4.60 % 4.20 % 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, 2017 , 2016 , and 2015 was $1.3 million , $1.4 million , and $2.2 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, 2017 , and 2016 are as follows: Cleco AT DEC. 31, (THOUSANDS) 2017 2016 Current $ 4,471 $ 4,308 Non-current $ 79,868 $ 73,738 Cleco Power AT DEC. 31, (THOUSANDS) 2017 2016 Current $ 929 $ 885 Non-current $ 16,589 $ 15,145 The projected benefit payments for SERP for each year through 2022 and the next five years thereafter are shown in the following table: (THOUSANDS) 2018 2019 2020 2021 2022 NEXT FIVE YEARS SERP $ 4,553 $ 4,585 $ 4,665 $ 4,672 $ 4,645 $ 23,830 401(k) Cleco’s 401(k) Plan is intended to provide active, eligible employees with voluntary, long-term savings and investment opportunities. The Plan is a defined contribution plan and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974. In accordance with the 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, 2017 , 2016 , and 2015 was as follows: SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - FOR THE 401(k) Plan expense $ 5,386 $ 3,554 $ 1,593 $ 5,029 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, 2017 , 2016 , and 2015 was as follows: SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - FOR THE 401(k) Plan expense $ 888 $ 554 $ 319 $ 944 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 — Income Taxes Cleco For the successor year ended December 31, 2017 , and 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. For the predecessor period January 1, 2016, through April 12, 2016, and for the predecessor year ended December 31, 2015 , income tax expense was higher 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, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - FOR THE YEAR ENDED DEC. 31, 2015 Income (loss) before tax $ 145,159 $ (46,935 ) $ (492 ) $ 211,373 Statutory rate 35.0 % 35.0 % 35.0 % 35.0 % Tax expense (benefit) at federal statutory rate $ 50,806 $ (16,427 ) $ (172 ) $ 73,981 Increase (decrease) Plant differences, including AFUDC flowthrough 743 (881 ) 823 1,875 Amortization of investment tax credits (662 ) (371 ) (124 ) (916 ) State income taxes 4,254 (4,725 ) (3,078 ) 1,117 Nondeductible merger costs 2 (844 ) 4,282 — Return to accrual adjustment (608 ) (2,943 ) — — 2017 tax reform (46,291 ) — — — NMTC 313 (181 ) (158 ) 243 Other (1,478 ) 3,550 1,895 1,404 Total tax expense (benefit) $ 7,079 $ (22,822 ) $ 3,468 $ 77,704 Effective rate 4.9 % 48.6 % (704.9 )% 36.8 % Information about current and deferred income tax expense is as follows: SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - FOR THE Current federal income tax expense (benefit) $ 46,520 $ (1,062 ) $ 1,373 $ 1,284 Deferred federal income tax (benefit) expense (47,329 ) (16,715 ) 5,297 76,219 Amortization of accumulated deferred investment tax credits (662 ) (371 ) (124 ) (916 ) Total federal income tax expense (benefit) $ (1,471 ) $ (18,148 ) $ 6,546 $ 76,587 Current state income tax expense (benefit) 3,187 (337 ) — 3,233 Deferred state income tax expense (benefit) 5,363 (4,337 ) (3,078 ) (2,116 ) Total state income tax expense (benefit) $ 8,550 $ (4,674 ) $ (3,078 ) $ 1,117 Total federal and state income tax expense (benefit) $ 7,079 $ (22,822 ) $ 3,468 $ 77,704 Items charged or credited directly to member’s/shareholders’ equity Federal deferred (659 ) 14,593 (277 ) 3,274 State deferred 207 2,441 (45 ) 528 Total tax (benefit) expense from items charged directly to member’s/shareholders’ equity $ (452 ) $ 17,034 $ (322 ) $ 3,802 Total federal and state income tax expense (benefit) $ 6,627 $ (5,788 ) $ 3,146 $ 81,506 The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2017 , and 2016 was comprised of the following: AT DEC. 31, (THOUSANDS) 2017 2016 Depreciation and property basis differences $ (596,824 ) $ (943,552 ) Net operating loss carryforward 12,873 54,727 NMTC 96,917 89,411 Fuel costs (3,283 ) (8,802 ) Other comprehensive income (490 ) 3,399 Regulated operations regulatory liability, net (54,471 ) (91,734 ) Postretirement benefits other than pension 23,642 22,733 Merger fair value adjustments (58,251 ) (124,254 ) Other (34,925 ) (34,983 ) Accumulated deferred federal and state income taxes, net $ (614,812 ) $ (1,033,055 ) 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, 2017 , and 2016 , Cleco had a deferred tax asset resulting from NMTC carryforwards of $97.5 million for each year. 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, 2017 , Cleco had no federal net operating loss carryforward and a state net operating loss carryforward of $81.7 million . The state net operating loss carryforward will begin to expire in 2031. Cleco considers it more likely than not that these income tax losses will be utilized to reduce future payments of income taxes and Cleco expects to utilize the entire net operating loss carryforward within the statutory deadlines. Cleco Power For the years ended December 31, 2017, and 2016 income tax expense was lower than the amount computed by applying the statutory rate. For the year ended December 31, 2015, income tax expense was higher 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) 2017 2016 2015 Income before tax $ 218,069 $ 57,497 $ 220,644 Statutory rate 35.0 % 35.0 % 35.0 % Tax expense at federal statutory rate $ 76,324 $ 20,124 $ 77,225 Increase (decrease) Plant differences, including AFUDC flowthrough 743 (58 ) 1,875 Amortization of investment tax credits (662 ) (494 ) (916 ) State income taxes 8,156 (2,573 ) 1,501 Return to accrual adjustment (284 ) (2,646 ) — 2017 tax reform (14,292 ) — — Other (2,654 ) 4,016 (391 ) Total taxes $ 67,331 $ 18,369 $ 79,294 Effective rate 30.9 % 31.9 % 35.9 % Information about current and deferred income tax expense is as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2017 2016 2015 Current federal income tax expense (benefit) $ 87,433 $ (1,211 ) $ 33,138 Deferred federal income tax (benefit) expense (29,190 ) 22,647 45,572 Amortization of accumulated deferred investment tax credits (662 ) (494 ) (916 ) Total federal income tax expense $ 57,581 $ 20,942 $ 77,794 Current state income tax expense (benefit) 14,751 (418 ) 3,397 Deferred state income tax benefit (5,001 ) (2,155 ) (1,897 ) Total state income tax expense (benefit) $ 9,750 $ (2,573 ) $ 1,500 Total federal and state income taxes $ 67,331 $ 18,369 $ 79,294 Items charged or credited directly to members’ equity Federal deferred (2,573 ) 1,976 106 State deferred 240 319 17 Total tax (benefit) expense from items charged directly to member’s equity $ (2,333 ) $ 2,295 $ 123 Total federal and state income tax expense $ 64,998 $ 20,664 $ 79,417 The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2017 , and 2016 was comprised of the following: AT DEC. 31, (THOUSANDS) 2017 2016 Depreciation and property basis differences $ (597,838 ) $ (941,166 ) Net operating loss carryforward 470 (362 ) Fuel costs (3,282 ) (8,802 ) Other comprehensive income 5,250 8,021 Regulated operations regulatory liability, net (54,471 ) (91,734 ) Postretirement benefits other than pension 6,266 1,288 Other (12,757 ) (35,837 ) Accumulated deferred federal and state income taxes, net $ (656,362 ) $ (1,068,592 ) 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, 2017, and 2016, Cleco and Cleco Power had no interest payable related to uncertain tax positions. For the years ended December 31, 2017, 2016, and 2015, Cleco and Cleco Power had no interest expense related to uncertain tax positions. At December 31, 2017, and 2016, Cleco had no liability for unrecognized tax positions. Cleco estimates that it is reasonably possible that the balance of unrecognized tax benefits as of December 31, 2017 , for Cleco and Cleco Power would be unchanged in the next 12 months. The settlement of open tax years could involve the payment of additional taxes, and/or the recognition of tax benefits, which may have an effect on Cleco’s effective income tax rate. The federal income tax years that remain subject to examination by the IRS are 2013 , 2014, 2015, and 2016. 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 2018 tax year. The state income tax years that remain subject to examination by the Louisiana Department of Revenue are 2014, 2015, and 2016. In August 2015, Cleco reached a settlement for tax years 2011 through 2013. The favorable impact from the settlement was reflected in various line items in the financial statements. Cleco classifies income tax penalties as a component of other expenses. For the years ended December 31, 2017 , 2016 , and 2015 , no penalties were recognized. 2017 Tax Reform On December 22, 2017, the President signed into law the TCJA. Substantially all of the provisions of the TCJA are effective for taxable years beginning after December 31, 2017. 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 in the corporate federal income tax rate from 35% to 21%. The specific provisions related to the rate regulated activities in the TCJA generally allow for the continued deductibility of interest expense, the elimination of full expensing for tax purposes of certain property acquired after September 27, 2017, and the continuation of certain rate normalization requirements for accelerated depreciation benefits. Changes to the IRC from the TCJA had a material impact on the Registrants’ financial statements in 2017. The tax effects of changes in tax laws must be recognized in the period in which the law is enacted. Also, the deferred tax assets and liabilities must be measured at the enacted tax rate expected to be applied when temporary differences are to be realized or settled. As a result, at the date of the enactment, the Registrants’ deferred taxes were remeasured based upon the new tax rate. For Cleco Power’s rate regulated activities, the change in deferred taxes were recorded as a regulatory liability. For Cleco’s unregulated activities, the change in the deferred taxes was recorded as an adjustment to deferred tax expense. The SEC Staff has recognized the complexity of reflecting the impacts of the TCJA and issued guidance which clarifies accounting for income taxes if information is not yet available or complete and provides for up to a one-year period in which to complete the required analysis and accounting (the measurement period). The Registrants have made a reasonable estimate for the measurement and accounting of certain effects of the TCJA which have been reflected in the December 31, 2017, financial statements. The accounting for these provisional items decreased deferred income tax expense for Cleco and Cleco Power by $46.3 million and $14.3 million , respectively, for the year ended December 31, 2017. The TCJA also resulted in a decrease in the accumulated deferred income tax liability for Cleco and Cleco Power by $394.9 million and $362.9 million , respectively, at December 31, 2017. The impacts of the TCJA discussed above, including the effects on income tax expense, regulatory liabilities, and effects on future periods are provisional and subject to change. The accounting is not complete due to the timing of the final passage of the TCJA, the complexity of the TCJA, the complexity of remeasuring ADIT, and the uncertainty of regulatory treatment. Additional analysis of the TCJA, the inventory of items that give rise to temporary differences, and additional analysis of items requiring normalization is required before accounting for the TCJA is considered complete under the authoritative guidance for income taxes. Cleco expects any final adjustments to the provisional amounts to be recorded by the fourth quarter of 2018, which could have a material adverse effect on the results of operations of Cleco. |
Disclosures about Segments
Disclosures about Segments | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Disclosures about Segments | Note 11 — 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, and an investment subsidiary. 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. 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, 2017 (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 Electric customer credits (1,566 ) — — (1,566 ) Affiliate revenue 851 57,168 (58,019 ) — Operating revenue, net $ 1,185,196 $ 48,469 $ (58,019 ) $ 1,175,646 Depreciation and amortization $ 157,999 $ 8,439 $ 1 $ 166,439 Merger transaction and commitment costs $ — $ 287 $ — $ 287 Interest charges $ 69,362 $ 53,725 $ (174 ) $ 122,913 Interest income $ 1,283 $ 316 $ (175 ) $ 1,424 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 Electric customer credits (1,149 ) — — (1,149 ) (364 ) — — (364 ) Affiliate revenue 621 35,602 (36,223 ) — 263 15,024 (15,287 ) — Operating revenue, net $ 859,627 $ 29,602 $ (36,224 ) $ 853,005 $ 299,546 $ 15,611 $ (15,287 ) $ 299,870 Depreciation and amortization $ 102,444 $ 7,296 $ (1 ) $ 109,739 $ 43,698 $ 377 $ 1 $ 44,076 Merger transaction and commitment costs $ 151,501 $ 23,195 $ — $ 174,696 $ — $ 34,928 $ (16 ) $ 34,912 Interest charges $ 54,606 $ 35,246 $ (86 ) $ 89,766 $ 21,840 $ 295 $ (12 ) $ 22,123 Interest income $ 652 $ 275 $ (87 ) $ 840 $ 208 $ 69 $ (12 ) $ 265 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 PREDECESSOR (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,142,389 $ — $ — $ 1,142,389 Other operations 67,109 2,078 (1 ) 69,186 Electric customer credits (2,173 ) — — (2,173 ) Affiliate revenue 1,142 57,323 (58,465 ) — Operating revenue, net $ 1,208,467 $ 59,401 $ (58,466 ) $ 1,209,402 Depreciation and amortization $ 147,839 $ 1,739 $ 1 $ 149,579 Merger transaction costs $ — $ 4,592 $ (1 ) $ 4,591 Interest charges $ 76,560 $ 1,149 $ 282 $ 77,991 Interest income $ 725 $ (111 ) $ 281 $ 895 Federal and state income tax expense (benefit) $ 79,294 $ (1,590 ) $ — $ 77,704 Net income (loss) $ 141,350 $ (7,681 ) $ — $ 133,669 Additions to property, plant, and equipment $ 156,357 $ 462 $ — $ 156,819 Equity investment in investee $ 16,822 $ — $ — $ 16,822 Total segment assets $ 4,233,337 $ 21,471 $ 68,546 $ 4,323,354 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, 2017 | |
Regulated Operations [Abstract] | |
Regulation and Rates | Note 12 — Regulation and Rates 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 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. The second complaint, filed in 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. Cleco Power is unable to determine when a binding FERC order will be issued on the second ROE complaint. On February 13, 2017, $1.2 million of refunds relating to the first complaint were submitted to MISO. As of December 31, 2017 , Cleco Power had $2.1 million accrued, including interest, for potential reductions to the ROE. For more information on the ROE complaint, see Note 15 — “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 June 30, 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, 2016, Cleco Power filed its monitoring report for the 12-month period ended June 30, 2016, which indicated that no refund was due as a result of the FRP, and $0.3 million was due as a result of the cost of service savings from the Merger Commitments. On June 28, 2017, the LPSC approved the 2016 FRP monitoring report which confirmed no earnings-related refund. The $0.3 million cost of service savings were refunded on customer bills in September 2017. 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 Merger Commitments. On February 16, 2018, Cleco Power received its first set of data requests from the LPSC for the monitoring report for the 12-month period ended June 30, 2017. Responses are due by March 5, 2018. As of December 31, 2017, Cleco Power had $1.8 million accrued for the cost of service savings refund. Merger Commitments On March 28, 2016, the LPSC approved the Merger. The LPSC’s written order approving the Merger was issued on April 7, 2016. Approval of the 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, 2017 , Cleco Power had issued $130.8 million of customer rate credits. Also included in the 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 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 December 2016, the $7.0 million one-time contribution was paid to the LED. In addition, the Merger Commitments included $1.2 million of annual estimated cost of service savings expected as a result of the 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 Merger Commitments must be filed annually by October 31 for the 12-month period ended June 30. On October 31, 2017, Cleco Power filed the annual Merger Commitment status report for the period ended June 30, 2017. 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, which is expected to be complete by the fourth quarter of 2018. In the second quarter of 2017, MISO began allocating SSR costs to the load serving entities that require the operation of the SSR unit for reliability purposes, including Cleco Power. Cleco Power has a 12-month SSR Agreement for the period April 1, 2017, to March 31, 2018. During this time, Cleco Power will continue to operate Teche Unit 3. Cleco Power has filed with FERC for its approval to collect $20.3 million annually in SSR payments from MISO which includes 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 Agreement. At the end of the agreement, when Teche Unit 3 is retired, any SSR payments received from MISO for capital expenditures paid by third parties will be credited to property, plant, and equipment. As of December 31, 2017, Cleco Power had $3.3 million accrued for SSR payments received for capital expenditures related to Teche Unit 3. In the second quarter of 2017, Cleco Power began receiving the monthly SSR payments from MISO, subject to refund pending review and approval by FERC. On July 20, 2017, Cleco Power, FERC staff, and intervenors met at the first settlement conference and set a procedural schedule for data requests between parties. On July 27, 2017, Cleco Power received five sets of informal data requests from FERC staff and intervenors. The next settlement conference is scheduled for February 22, 2018. Cleco Power is unable to determine when a binding FERC order will be issued. In January 2018, another study was performed by MISO, and it was determined that an SSR Agreement will be needed after March 31, 2018. The time period of the extension is still under review. At the end of the SSR Agreement, Cleco Power will have the option to rescind the Attachment Y requesting retirement of Teche Unit 3. If this option is exercised, Cleco Power may be required to refund recoverable capital expenditures plus interest. Management does not expect to be required to refund any portion of these costs. Other In April 2016, the LPSC issued Docket No. R-34026 to investigate double leveraging issues for all LPSC-jurisdictional utilities whereby double leveraging is utilized to fund a utility’s capital structure and to consider whether any costs associated with such double leveraging should be included in the rates paid by the utility’s retail customers. Cleco Power filed a motion to intervene in this proceeding along with other Louisiana utilities. In April 2016, the LPSC also issued Docket No. R-34029 to investigate tax structure issues for all LPSC-jurisdictional utilities to consider whether only the state and federal taxes included in a utility’s retail rate will be those that do not exceed the utility’s share of the actual taxes paid to those federal and state taxing authorities. Cleco Power filed a motion to intervene in this proceeding along with other Louisiana utilities. In October 2016, Cleco received the first set of data requests from the LPSC Staff for each of the above mentioned dockets. Cleco has filed responses to the non-confidential requests and is waiting on the completion of a confidentiality agreement to respond to the confidential requests. Cleco is unable to determine if or when the completion of this confidentiality agreement will occur. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2017 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Note 13 — 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, 2017 , consisted of its equity investment of $18.2 million . In June 2017, Cleco Power received $0.5 million from Oxbow as a return of investment. During the first quarter of 2017, the transition from the Dolet Hills mine to the Oxbow mine commenced. This transition was completed in July 2017. The following table presents the components of Cleco Power’s equity investment in Oxbow: AT DEC. 31, INCEPTION TO DATE (THOUSANDS) 2017 2016 Purchase price $ 12,873 $ 12,873 Cash contributions 6,399 6,399 Dividend received (1,100 ) (600 ) Total equity investment in investee $ 18,172 $ 18,672 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) 2017 2016 Oxbow’s net assets/liabilities $ 36,345 $ 37,345 Cleco Power’s 50% equity $ 18,172 $ 18,672 Cleco Power’s maximum exposure to loss $ 18,172 $ 18,672 The following tables contain summarized financial information for Oxbow: AT DEC. 31, (THOUSANDS) 2017 2016 Current assets $ 2,318 $ 886 Property, plant, and equipment, net 25,656 25,864 Other assets 10,186 10,971 Total assets $ 38,160 $ 37,721 Current liabilities $ 1,815 $ 376 Partners’ capital 36,345 37,345 Total liabilities and partners’ capital $ 38,160 $ 37,721 FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2017 2016 2015 Operating revenue $ 4,189 $ 5,459 $ 3,991 Operating expenses 4,189 5,459 3,991 Income before taxes $ — $ — $ — Oxbow’s property, plant, and equipment, net consists of land and lignite reserves. The lignite reserves are intended to be used to provide fuel to the Dolet Hills Power Station. DHLC mines the lignite reserves at Oxbow through the Amended Lignite Mining Agreement. Oxbow has no third-party agreements, guarantees, or other third-party commitments that contain obligations affecting Cleco Power’s investment in Oxbow. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Operating Leases | Note 14 — Operating Leases Cleco maintains operating leases in its ordinary course of business activities. For the years ended December 31, 2017 , 2016 , and 2015 , operating lease expense of $9.9 million , $9.0 million , and $9.4 million was recognized, respectively. 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, 2018 $ 413 $ 3,317 $ 3,730 2019 — 3,111 3,111 2020 — 2,830 2,830 2021 — 1,744 1,744 2022 — 237 237 Thereafter — 3,104 3,104 Total operating lease payments $ 413 $ 14,343 $ 14,756 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. During 2017, Cleco Power renegotiated a railcar lease to replace the lease that expired on March 31, 2017. The new 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. Cleco Power leases 42 barges to transport solid fuels to the plant site. Prior to September 1, 2017, the lease met the accounting definition of a capital lease. On August 31, 2017, the lease expired, and Cleco Power entered into an operating lease effective September 1, 2017. The operating lease agreement is on a month-to-month basis, until terminated by either party. Under the terms of the lease, Cleco Power pays a fixed amount for the barges. This amount is adjusted annually. Cleco Power pays various amounts for towing rate adjustments, depending on the type of solid fuel being transported. For more information about the capital lease, see Note 15 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Other Commitments — Fuel Transportation Agreement.” Cleco Power leases three towboats to push the barges that deliver solid fuels to the plant site. The lease agreement for these towboats expired August 31, 2017. The lease agreement was amended to extend monthly, or until the execution of a new agreement, which is expected to be in the first quarter of 2018. Cleco Power pays a fixed amount for the towboats per the terms and conditions of the contract that adjusts annually. 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, 2017 | |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees [Abstract] | |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | Note 15 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees Litigation Devil’s Swamp In October 2007, Cleco received a Special Notice for Remedial Investigation and Feasibility Study (RI/FS) from the EPA pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (also known as the Superfund statute) for a facility known as the Devil’s Swamp Lake site located just northwest of Baton Rouge, Louisiana. The special notice requested that Cleco and Cleco Power, along with many other listed potentially responsible parties (PRP), enter into negotiations with the EPA for the performance of an RI/FS at the Devil’s Swamp Lake site. The EPA identified Cleco as one of many companies that sent PCB wastes for disposal to the site. The EPA proposed to add the Devil’s Swamp Lake site to the National Priorities List on March 8, 2004, based on the release of PCBs to fisheries and wetlands located on the site, but no final listing decision has yet been made. The PRPs began discussing a potential proposal to the EPA in February 2008. The EPA issued a Unilateral Administrative Order to two PRP’s, Clean Harbors, Inc. and Baton Rouge Disposal, to conduct an RI/FS in December 2009. The Tier 1 part of the study was completed in June 2012. Field activities for the Tier 2 investigation were completed in July 2012. The draft Tier 2 remedial investigation report was submitted in December 2014. In 2015, remedial investigation activities included the collection and analysis of sediment, crawfish, and fish tissue samples. After reviewing the sample analysis, in August 2015, the Louisiana Department of Health and Hospitals updated the advisory for the area to advise that fish and crawfish from the area should not be eaten. The final Tier 2 remedial investigation report was made public in December 2015. Currently, the study/remedy selection task continues, and there is no record of a decision. Therefore, management is unable to determine how significant Cleco’s share of the costs associated with the RI/FS and possible response action at the site, if any, may be and whether this will have a material impact on the results of operations, financial condition, or cash flows of the Registrants. Merger In connection with the 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 Merger at a price that allegedly undervalued Cleco, and failing to disclose material information about the 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 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 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, bcIMC, 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 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 on September 21, 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. On January 12, 2018, Cleco filed a writ with the Louisiana Supreme Court seeking review of the Third Circuit Court of Appeal’s decision. Cleco believes that the allegations of the petitions in each action are without merit and that it has substantial meritorious defenses to the claims set forth in each of the petitions. Gulf Coast Spinning In September 2015, a potential customer sued Cleco for failure to fully perform an alleged verbal agreement to lend or otherwise fund its startup costs to the extent of $6.5 million . Gulf Coast Spinning Company, LLC (Gulf Coast), the primary plaintiff, alleges that Cleco promised to assist it in raising approximately $60.0 million , which Gulf Coast needed to construct a cotton spinning facility near Bunkie, Louisiana. According to the petition filed by Gulf Coast in the 12 th Judicial District Court for Avoyelles Parish, Louisiana (the “District Court”), Cleco made such promises of funding assistance in order to cultivate a new industrial electric customer which would increase its revenues under a power supply agreement that it executed with Gulf Coast. Gulf Coast seeks unspecified damages arising from its inability to raise sufficient funds to complete the project, including lost profits. Cleco filed an Exception of No Cause of Action arguing that the case should be dismissed. The District Court denied Cleco’s exception in December 2015, after considering briefs and arguments. In January 2016, Cleco appealed the District Court’s denial of its exception by filing with the Third Circuit Court of Appeal. In June 2016, the Third Circuit Court of Appeal denied the request to have the case dismissed. In July 2016, Cleco filed a writ to the Louisiana Supreme Court seeking a review of the District Court’s denial of Cleco’s exception. In November 2016, the Louisiana Supreme Court denied Cleco’s writ application. In February 2016, the parties agreed to a stay of all proceedings pending discussions concerning settlement. In May 2016, the District Court lifted the stay at the request of Gulf Coast. The parties are currently participating in discovery. Cleco believes the allegations of the petition are contradicted by the written documents executed by Gulf Coast and are otherwise without merit and that it has substantial meritorious defenses to the claims alleged by Gulf Coast. Sabine River Flood On March 17, 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. Management believes that the case, as it relates to Cleco Power, has no merit. The suit has been removed to federal court in Texas. Unless and until the federal court remands the case, it will stay in federal court. 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. In February 2016, the LPSC initiated an audit of Cleco Power’s fuel and purchased power expenses for the period January 2014 through December 2015. The total amount of fuel expense included in the audit was $582.6 million . On January 19, 2017, the LPSC Staff issued its audit report which recommended no disallowance of fuel costs. The report was approved by the LPSC on April 19, 2017. Cleco Power currently has FAC filings for 2016 and thereafter that are 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. 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. In February 2016, the LPSC initiated an audit of Cleco Power’s environmental costs for the period November 2010 through December 2015. The total amount of environmental costs included in this audit was $81.2 million . In December 2016, the LPSC Staff issued its audit report which recommended a disallowance of environmental costs of less than $0.1 million . The report was approved by the LPSC on February 17, 2017. Cleco Power currently has EAC filings for 2016 and thereafter that are 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. 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 24, 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, on April 27, 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. 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. 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. 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. On February 13, 2017, $1.2 million of refunds relating to the first complaint were submitted to MISO . As of December 31, 2017, Cleco Power had $2.1 million accrued, including interest, 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, 2017 , believes the probable and reasonably estimable liabilities based on the eventual disposition of these matters is $4.5 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 standing 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 $106.5 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, 2017 . 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, 2017 , is as follows: FUTURE PAYMENTS UNDER LONG-TERM PURCHASE OBLIGATIONS (THOUSANDS) For the year ending Dec. 31, 2018 $ 42,760 2019 28,723 2020 6,985 2021 1,889 2022 382 Thereafter 1,428 Total long-term purchase obligations $ 82,167 Payments under these agreements for the years ended December 31, 2017 , 2016 , and 2015 were $47.0 million , $72.9 million , and $89.7 million , respectively. Other Commitments NMTC Fund In 2008, Cleco Holdings and US Bancorp Community Development (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 is to invest in projects located in qualified active low-income communities that are underserved by typical debt capital markets. These investments are designed to generate NMTCs and Historical Rehabilitation tax credits. The NMTC Fund was later amended to include renewable energy investments. The majority of the energy investments qualify for grants under Section 1603 of the ARRA. The tax benefits received from the NMTC Fund reduce the federal income tax obligations of Cleco Holdings. In total, Cleco Holdings contributed $285.5 million of equity contributions to the NMTC Fund and will receive at least $303.8 million in the form of tax credits, tax losses, capital gains/losses, earnings, and cash over the life of the investment, which ends in 2018. The $18.3 million difference between equity contributions and total benefits received will be recognized over the life of the NMTC Fund as net tax benefits are delivered. Due to the right of offset, the investment and associated debt are presented on Cleco’s Consolidated Balance Sheets in the line item titled Tax credit fund investment, net. At December 31, 2017, and 2016, the amount of the liability component contained in the net asset was $0.8 million and $0.6 million , respectively. The liability at December 31, 2016, was paid on March 30, 2017. The amount of tax benefits delivered in excess of capital contributions as of December 31, 2017 , was $11.8 million . By using the cost method for investments, the gross investment amortization expense will be recognized over a ten -year period, which is projected to be completed by the end of 2018. The basis of the investment is reduced by the grants received under Section 1603 of the ARRA, which allow certain projects to receive a federal grant in lieu of tax credits and other cash. Periodic amortization of the investment and the deferred taxes generated by the basis reduction temporary difference are included as components of income tax expense. Fuel Transportation Agreement In 2007, Cleco Power entered into an agreement with Savage Services for barges, in order to transport petroleum coke and limestone to Madison Unit 3 that met the accounting definition of a capital lease. In December 2012, Cleco Power entered into an amended agreement for 42 dedicated barges. The amended agreement continued to meet the accounting definition of a capital lease until its expiration on August 31, 2017. On September 1, 2017, Cleco Power entered into a new agreement for continued use of the 42 barges that automatically renews the terms on a month-to-month basis until terminated by either party and meets the accounting definition of an operating lease. Under the 2017 amended agreement, Cleco Power recognized $1.2 million in operating lease expense. Cleco Power is evaluating future options related to its fuel transportation agreement with Savage Services. Under the 2007 and 2012 agreements, the barge lease rate contained both fixed and variable components, of which the latter was adjusted annually per the Producer Price Index (PPI) for executory costs, and if the barges were idle, the lessor was 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, 2017 , Cleco Power paid approximately $2.5 million in capital lease payments and received $0.3 million in revenue from subleases. During the year ended December 31, 2016 , Cleco Power paid approximately $3.7 million in lease payments and received less than $0.1 million in revenue from subleases. The following is an analysis of leased property under capital leases by major classes: AT DEC. 31, CLASSES OF PROPERTY (THOUSANDS) 2017 2016 Barges $ — $ 11,350 Less: accumulated amortization — 9,729 Net capital leases $ — $ 1,621 During the years ended December 31, 2017 , and 2016 , Cleco Power incurred immaterial amounts of contingent rent under the barge agreement related to the increase in the PPI. Other Cleco has accrued for liabilities related to third parties, employee medical benefits, and AROs. For more information on AROs, see Note 2 — “Summary of Significant Accounting Policies — AROs” and Note 4 — “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. On February 7, 2018, taking into consideration the pending NRG South Central acquisition, Moody’s placed Cleco Holdings’ Baa3 credit rating on review for downgrade and affirmed Cleco Power at A3 (stable). Also on February 7, 2018, S&P affirmed Cleco Holdings’ and Cleco Power’s credit ratings at BBB- (stable) and BBB+ (stable), respectively. If Cleco Holdings or Cleco Power’s credit ratings were to be downgraded by Moody’s or S&P, Cleco Holdings and/or Cleco Power would be required to pay additional fees and incur higher interest rates for borrowings under their respective credit facilities. 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 a higher LMP. 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, 2017 | |
Related Party Transactions [Abstract] | |
Affiliate Transactions | Note 16 — Affiliate Transactions Cleco Cleco has entered into service agreements with affiliates to receive and to provide goods and professional services. Goods and services received by Cleco primarily involve services provided by Support Group. Support Group provides joint and common administrative support services in the areas of information technology; finance, cash management, accounting, tax, and auditing; human resources; public relations; project consulting; risk management; strategic and corporate development; legal, ethics, and regulatory compliance; facilities management; supply chain and inventory management; and other administrative services. Cleco 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, 2017 , 2016 , and 2015 . At December 31, 2017 Cleco Holdings had accounts receivable of $0.6 million due from Cleco Group for tax payments made on behalf of Cleco Group. At December 31, 2016, Cleco Holdings had accounts receivable of less than $0.1 million due from Cleco Group in relation to merger costs paid on behalf of Cleco Group. At December 31, 2017 , and 2016, Cleco Holdings had no accounts payable due to Cleco Group. During the successor year ended December 31, 2017, Cleco Holdings made $84.1 million 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) 2017 2016 2015 Support Group Other operations $ 48,533 $ 46,116 $ 53,079 Maintenance $ 2,039 $ 2,255 $ 1,807 Taxes other than income taxes $ (13 ) $ 10 $ (3 ) Other expense 255 106 403 Cleco Holdings Other expense 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) 2017 2016 2015 Affiliate revenue Support Group $ 851 $ 884 $ 1,142 Total affiliate revenue $ 851 $ 884 $ 1,142 Other income Cleco Holdings $ 494 $ 19 $ 3 Diversified Lands — — 10 Perryville — 6 — Attala — 6 — Total other income $ 494 $ 31 $ 13 Total $ 1,345 $ 915 $ 1,155 Cleco Power had the following affiliate receivable and payable balances associated with the service agreements: AT DEC. 31, 2017 2016 (THOUSANDS) ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE Cleco Holdings $ 743 $ 113 $ 3 $ 119 Support Group 608 8,582 1,402 7,071 Other (1) 4 2 1 — Total $ 1,355 $ 8,697 $ 1,406 $ 7,190 (1) Represents Attala and Perryville in 2017 and Attala, Diversified Lands, and Perryville in 2016. During 2017 , 2016 , and 2015 , Cleco Power made $135.0 million , $110.0 million , and $135.0 million of distribution payments to Cleco Holdings, respectively. Cleco Power received no equity contributions from Cleco Holdings in 2017 and 2015. 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 2017 and 2016 : FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2017 2016 Support Group $ 1,812 $ 1,771 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | Note 17 — 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 may have a life of up to 15 years depending on the time period required to collect the required amount from Cleco Power’s customers. The intangible asset’s expected amortization expense is based on the estimated collections from Cleco Power’s customers. At the end of its life, the asset will have no residual value. At the date of the 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 Merger. During the years ended December 31, 2017 , 2016 , and 2015 , Cleco Katrina/Rita recognized amortization expense of $16.8 million , $16.5 million , and $15.7 million , respectively, based on actual collections. As a result of the 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 . During the successor year ended December 31, 2017, Cleco recognized amortization expense of $0.3 million on the trade name intangible asset. For the successor period April 13, 2016, through December 31, 2016 , Cleco recognized amortization expense of $0.2 million on the trade name intangible asset. The intangible assets related to the power supply agreements are being amortized over the remaining life of each applicable contract ranging between 5 years and 17 years . During the successor year ended December 31, 2017, Cleco recognized a reduction of revenue of $10.8 million on the intangible assets for the power supply agreements. For the successor period April 13, 2016, through December 31, 2016 , Cleco recognized a reduction of revenue of $7.5 million on the intangible assets for the power supply agreements. There were no impairments recorded for 2017 and 2016 . The following tables summarize the balances for intangible assets subject to amortization for Cleco and Cleco Power as of December 31, 2017 , and 2016 : Cleco AT DEC. 31, (THOUSANDS) 2017 2016 Cleco Katrina/Rita right to bill and collect storm recovery charges $ 70,594 $ 70,594 Power supply agreements 85,104 86,726 Trade name 5,100 5,100 Gross carrying amount 160,798 162,420 Accumulated amortization (45,948 ) (19,786 ) Net intangible assets subject to amortization $ 114,850 $ 142,634 Cleco Power AT DEC. 31, (THOUSANDS) 2017 2016 Cleco Katrina/Rita right to bill and collect storm recovery charges $ 177,537 $ 177,537 Accumulated amortization (135,836 ) (119,064 ) Net intangible assets subject to amortization $ 41,701 $ 58,473 The following tables summarize the amortization expense related to intangible assets expected to be recognized in Cleco and Cleco Power’s Statements of Income: Cleco EXPECTED AMORTIZATION EXPENSE (THOUSANDS) For the year ending Dec. 31, 2018 $ 29,247 2019 $ 32,324 2020 $ 9,935 2021 $ 9,935 2022 $ 9,935 Thereafter $ 23,474 Cleco Power EXPECTED AMORTIZATION EXPENSE (THOUSANDS) For the year ending Dec. 31, 2018 $ 19,312 2019 $ 22,389 On April 13, 2016, in connection with the completion of the 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 2017 annual impairment test using an August 1, 2017, 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 as of August 1, 2017. Management estimated the fair value of Cleco Power’s equity to be $3.34 billion at the August 1, 2017, measurement date. The carrying value of Cleco Power’s equity was approximately $3.25 billion with the excess of the fair value over the carrying value representing 3% or $89.5 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, 2017, was 5.2% . 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 5.1% or 5.3% would have resulted in fair value calculations of $3.43 billion and $3.25 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 $3.25 billion and $3.43 billion , respectively. There were no impairments recorded for goodwill for 2017 and 2016 . For more information about the Merger related adjustments, see Note 3 — “Business Combinations.” |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 18 — Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are summarized in the following tables for Cleco and Cleco Power. All amounts are reported net of income taxes. Amounts in parentheses indicate debits. Cleco (THOUSANDS) POSTRETIREMENT BENEFIT NET (LOSS) GAIN NET (LOSS) GAIN ON CASH FLOW HEDGES TOTAL AOCI PREDECESSOR Balances, Dec. 31, 2014 $ (26,726 ) $ (5,939 ) $ (32,665 ) Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year 2,790 — 2,790 Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 3,079 — 3,079 Reclassification of net loss to interest charges — 211 211 Net current-period other comprehensive income 5,869 211 6,080 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 Net current-period other comprehensive income 587 60 647 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 ) Net current-period other comprehensive income 1,500 — 1,500 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 ) Net current-period other comprehensive loss (4,421 ) — (4,421 ) Balances, Dec. 31, 2017 $ (2,921 ) $ — $ (2,921 ) (1) As a result of the 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, 2014 $ (11,349 ) $ (5,939 ) $ (17,288 ) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year (1,232 ) — (1,232 ) Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 1,217 — 1,217 Reclassification of net loss to interest charges — 211 211 Net current-period other comprehensive (loss) income (15 ) 211 196 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 Net current-period other comprehensive income 3,459 211 3,670 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 Net current-period other comprehensive (loss) income (472 ) 211 (261 ) Balances, Dec. 31, 2017 $ (8,377 ) $ (5,306 ) $ (13,683 ) |
Miscellaneous Financial Informa
Miscellaneous Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Miscellaneous Financial Information (Unaudited) | Note 19 — Miscellaneous Financial Information (Unaudited) Cleco Quarterly information for Cleco for 2017 and 2016 is shown in the following tables: 2017 SUCCESSOR (THOUSANDS) 1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER Operating revenue, net $ 250,501 $ 308,661 $ 338,499 $ 277,985 Operating income $ 38,798 $ 70,249 $ 95,112 $ 50,130 Net income $ 6,292 $ 25,444 $ 45,304 $ 61,040 Distributions to member $ 28,955 $ 26,700 $ 28,300 $ 110 2016 PREDECESSOR SUCCESSOR 1ST QUARTER 2ND QUARTER 2ND QUARTER 3RD 4TH QUARTER (THOUSANDS) APR. 1 - APR. 12 APR. 13 - JUNE 30 Operating revenue, net $ 266,968 $ 32,903 $ 243,502 $ 342,860 $ 266,642 Operating income (loss) $ 50,192 $ (29,832 ) $ (110,148 ) $ 93,143 $ 53,299 Net income (loss) $ 19,368 $ (23,328 ) $ (81,914 ) $ 39,621 $ 18,180 Contribution from member $ — $ — $ 100,720 $ — $ — Distributions to member $ — $ — $ 28,000 $ 28,000 $ 32,765 Cleco Power Quarterly information for Cleco Power for 2017 and 2016 is shown in the following tables: 2017 (THOUSANDS) 1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER Operating revenue, net $ 253,702 $ 310,787 $ 340,614 $ 280,093 Operating income $ 44,700 $ 74,533 $ 99,493 $ 58,907 Net income $ 17,854 $ 35,733 $ 54,852 $ 42,299 Distributions to parent $ 35,000 $ 25,000 $ 15,000 $ 60,000 2016 (THOUSANDS) 1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER Operating revenue, net $ 266,682 $ 278,343 $ 345,131 $ 269,017 Operating income (loss) $ 52,265 $ (81,841 ) $ 99,420 $ 59,156 Net income (loss) $ 20,879 $ (61,229 ) $ 52,572 $ 26,906 Contribution from parent $ — $ 50,000 $ — $ — Distributions to parent $ 25,000 $ 10,000 $ 50,000 $ 25,000 |
Subsequent Event - Plan of Acqu
Subsequent Event - Plan of Acquisition | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events - Plan of Acquisition | Note 20 — Subsequent Event - Plan of Acquisition On February 6, 2018. Cleco Energy entered into the Purchase and Sale Agreement with NRG Energy and NRG South Central. Pursuant to the terms of the Purchase and Sale Agreement, Cleco Energy agreed to acquire 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) 75% of a 300-MW natural-gas-fired peaking facility located in Jennings, Louisiana, and (v) a 1,263-MW natural-gas-fired generating station located in Deweyville, Texas (the Cottonwood Plant), for approximately $1.0 billion , subject to customary working capital and other adjustments (the NRG Acquisition). Cleco expects to fund the NRG Acquisition with proceeds from the Debt Financing (as defined below), equity contributions, and cash on hand. Cleco Energy, NRG Energy, and NRG South Central have each made customary representations, warranties and covenants in the Purchase and Sale Agreement, which includes customary indemnification provisions. The transaction is subject to customary closing conditions, including (i) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and (ii) receipt of required regulatory approvals, including approvals by FERC, the LPSC, the Committee on Foreign Investment in the United States, and the Public Utility Commission of Texas. Cleco Holdings has agreed to guarantee the obligations of Cleco Energy, subject to certain limitations. In addition, the closing is conditioned upon the execution and delivery of a lease agreement 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 until May 2025. Upon closing, Cottonwood Energy will become a subsidiary of Cleco Energy. The Purchase and Sale Agreement also contains certain customary termination rights for both Cleco Energy and NRG Energy, including a termination right for each if the closing does not occur by February 6, 2019. The parties expect the transaction to close before the end of 2018. In connection with the Purchase and Sale Agreement, Cleco Holdings entered into a debt commitment letter, dated as of February 6, 2018, with Mizuho Bank, Ltd. (Mizuho), Credit Agricole Corporate and Investment Bank (CA-CIB) and The Bank of Nova Scotia (Scotiabank), pursuant to which Mizuho, CA-CIB, and Scotiabank have committed to provide (a) an acquisition loan facility in the aggregate principal amount of up to $300.0 million (the Acquisition Loan Facility), (b) a term loan facility in the aggregate principal amount of up to $300.0 million (the Term Loan Facility), and (c) an incremental revolving facility under Cleco Holding’s existing bank credit agreement with availability of $75.0 million (and together with the Acquisition Loan Facility and the Term Loan Facility, the Debt Financing). The Debt Financing is subject to various conditions, including the execution of definitive documentation and other customary closing conditions. |
Schedule I Financial Statements
Schedule I Financial Statements of Cleco Corporation | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure | CLECO HOLDINGS (Parent Company Only) SCHEDULE I Condensed Statements of Income SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - APR. 12, 2016 FOR THE YEAR ENDED DEC. 31, 2015 Operating expenses Administrative and general $ 5,042 $ 375 $ 319 $ 1,891 Merger transaction costs 287 23,211 34,912 4,591 Other operating expense 685 (382 ) 624 490 Total operating expenses 6,014 23,204 35,855 6,972 Operating loss (6,014 ) (23,204 ) (35,855 ) (6,972 ) Equity income from subsidiaries, net of tax 170,706 9,357 21,789 141,636 Interest, net (53,684 ) (35,151 ) (286 ) (1,731 ) Other income 3,978 1,948 702 17 Other expense — — — (1,142 ) Income (loss) before income taxes 114,986 (47,050 ) (13,650 ) 131,808 Federal and state income tax benefit (23,094 ) (22,937 ) (9,690 ) (1,861 ) Net income (loss) $ 138,080 $ (24,113 ) $ (3,960 ) $ 133,669 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, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - APR. 12, 2016 FOR THE YEAR ENDED DEC. 31, 2015 Net income (loss) $ 138,080 $ (24,113 ) $ (3,960 ) $ 133,669 Other comprehensive (loss) income, net of tax Postretirement benefits (loss) gain (net of tax benefit of $2,764 and tax expense of $938, $367, and $3,670, respectively) (4,421 ) 1,500 587 5,869 Amortization of interest rate derivatives to earnings (net of tax expense of $0, $0, $37, and $132, respectively) — — 60 211 Total other comprehensive (loss) income, net of tax (4,421 ) 1,500 647 6,080 Comprehensive income (loss), net of tax $ 133,659 $ (22,613 ) $ (3,313 ) $ 139,749 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) 2017 2016 Assets Current assets Cash and cash equivalents $ 48,732 $ 1,377 Accounts receivable - affiliate 6,880 7,070 Other accounts receivable 209 395 Taxes receivable, net 15,172 — Cash surrender value of trust-owned life insurance policies 62,839 57,207 Total current assets 133,832 66,049 Equity investment in subsidiaries 3,226,780 3,223,920 Tax credit fund investment, net 4,355 11,888 Accumulated deferred federal and state income taxes, net 105,575 140,577 Other deferred charges 1,037 1,351 Total assets $ 3,471,579 $ 3,443,785 Liabilities and member's equity Liabilities Current liabilities Accounts payable $ 4,354 $ 3,424 Accounts payable - affiliate 5,621 14,521 Taxes payable, net — 13,998 Interest accrued 7,621 7,642 Deferred compensation 12,132 11,654 Other current liabilities 272 270 Total current liabilities 30,000 51,509 Postretirement benefit obligations 4,404 4,280 Other deferred credits — 1,100 Long-term debt, net 1,340,818 1,340,133 Total liabilities 1,375,222 1,397,022 Commitments and contingencies (Note 6) Member's equity Membership interest 2,069,376 2,069,376 Retained earnings (Accumulated deficit) 29,902 (24,113 ) Accumulated other comprehensive (loss) income (2,921 ) 1,500 Total member's equity 2,096,357 2,046,763 Total liabilities and member's equity $ 3,471,579 $ 3,443,785 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, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - APR. 12, 2016 FOR THE YEAR ENDED DEC. 31, 2015 Operating activities Net cash provided by operating activities $ 124,817 $ 36,811 $ 34,904 $ 128,909 Investing activities Contributions to tax credit fund (630 ) — — (9,966 ) Return of equity investment in tax credit fund 7,502 901 476 2,128 Contribution to subsidiary — (50,000 ) — — Premiums paid on trust-owned life insurance — — — (3,607 ) Net cash provided by (used in) investing activities 6,872 (49,099 ) 476 (11,445 ) Financing activities Draws on credit facility 73,000 — 3,000 57,000 Payments on credit facility (73,000 ) — (10,000 ) (80,000 ) Issuance of long-term debt — 1,350,000 — — Repayment of long-term debt — (1,350,000 ) — — Payment of financing costs (269 ) (3,755 ) — — Dividends paid on common stock — (572 ) (24,579 ) (97,283 ) Contribution from member — 100,720 — — Distributions to member (84,065 ) (88,765 ) — — Other financing — — — (14 ) Net cash (used in) provided by financing activities (84,334 ) 7,628 (31,579 ) (120,297 ) Net increase (decrease) in cash and cash equivalents 47,355 (4,660 ) 3,801 (2,833 ) Cash and cash equivalents at beginning of period 1,377 6,037 2,236 5,069 Cash and cash equivalents at end of period $ 48,732 $ 1,377 $ 6,037 $ 2,236 Supplementary cash flow information Interest paid, net of amount capitalized $ 52,026 $ 26,264 $ 126 $ 130 Income taxes (refunded) paid, net $ (6 ) $ 4,263 $ 1 $ 1,464 Supplementary non-cash investing and financing activity Non-cash distribution from subsidiary $ 13,000 $ — $ — $ 33,661 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, 2017 , Cleco Holdings’ restricted net assets of consolidated subsidiaries were $1.21 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 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 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 Merger. For more information regarding the Merger see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 3 — Business Combinations .” Note 3 — Debt At December 31, 2017 , and 2016 , Cleco Holdings had no short-term debt outstanding. At December 31, 2017 , Cleco Holding’s long-term debt outstanding was $1.34 billion , of which none was due within one year. In May 2016, Cleco Holdings completed the private sale of $535.0 million aggregate principal amount of its 3.743% senior notes due May 1, 2026, and $350.0 million aggregate principal amount of its 4.973% senior notes due May 1, 2046. On April 28, 2017, Cleco Holdings completed an exchange offer for all of its then outstanding 3.743% and 4.973% senior notes, which were not registered under the Securities Act of 1933, as amended, for an equal principal amount of newly issued 3.743% senior notes due May 1, 2026, and 4.973% senior notes due May 1, 2046, that were so registered. Cleco Holdings did not receive any proceeds from the exchange offer. The principal amounts payable under long-term debt agreements for each year through 2022 and thereafter are as follows: AMOUNTS PAYABLE UNDER LONG-TERM DEBT ARRANGEMENTS (THOUSANDS) For the year ending Dec. 31, 2018 $ — 2019 $ — 2020 $ — 2021 $ 300,000 2022 $ — Thereafter $ 1,050,000 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 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 2017 , 2016 , and 2015 : SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - FOR THE Cleco Power $ 135,000 $ 85,000 $ 25,000 $ 135,000 Perryville 6,850 150 200 500 Attala 7,160 100 125 350 Total $ 149,010 $ 85,250 $ 25,325 $ 135,850 During the successor 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, and the predecessor year ended December 31, 2015, Cleco Holdings made no contributions to affiliates. During the successor year ended December 31, 2017, Cleco Holdings received no equity contributions from Cleco Group and made $84.1 million 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. 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, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - FOR THE YEAR ENDED DEC. 31, 2015 Federal and state income tax benefit $ (23,094 ) $ (22,937 ) $ (9,690 ) $ (1,861 ) Equity income from subsidiaries - Federal and state income tax expense $ 30,173 $ 115 $ 13,158 $ 79,565 For information regarding the TCJA, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 10 — Income Taxes — 2017 Tax Reform.” 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 15 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees .” |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
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, 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 Year Ended Dec. 31, 2015 $ 922 $ 2,986 $ 1,234 $ 2,674 (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, 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 Year Ended Dec. 31, 2015 $ 3,322 $ — $ 521 $ 2,801 Restricted Storm Reserve SUCCESSOR 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 Year Ended Dec. 31, 2015 $ 14,916 $ 1,261 $ — $ 16,177 (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, 2017 $ 7,199 $ 4,179 $ 9,921 $ 1,457 Year Ended Dec. 31, 2016 $ 2,674 $ 5,511 $ 986 $ 7,199 Year Ended Dec. 31, 2015 $ 922 $ 2,986 $ 1,234 $ 2,674 (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, 2017 $ 2,607 $ 4,000 $ 2,421 $ 4,186 Year Ended Dec. 31, 2016 $ 2,801 $ 71 $ 265 $ 2,607 Year Ended Dec. 31, 2015 $ 3,322 $ — $ 521 $ 2,801 Restricted Storm Reserve Year Ended Dec. 31, 2017 $ 17,385 $ 1,084 $ 4,000 $ 14,469 Year Ended Dec. 31, 2016 $ 16,177 $ 1,208 $ — $ 17,385 Year Ended Dec. 31, 2015 $ 14,916 $ 1,261 $ — $ 16,177 (1) Included in the consolidated balance sheet |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy | 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, Policy | The accompanying consolidated financial statements of Cleco include the accounts of Cleco and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. |
Goodwill, Policy | 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 2017 annual impairment test using an August 1, 2017, 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, Policy | 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. The intangible assets related to the power supply agreements are being amortized over the remaining life of each applicable contract ranging between 5 years and 17 years . This intangible asset is expected to have a life of 12 years , but may have a life of up to 15 years depending on the time period required to collect the required amount from Cleco Power’s customers. The intangible asset’s expected amortization expense is based on the estimated collections from Cleco Power’s customers. At the end of its life, the asset will have no residual value. As a result of the 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 . |
Statements of Cash Flows, Policy | 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, Policy | 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. |
Asset Retirement Obligation, Policy | 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 then accreted to its present value each accounting period. Cleco Power defers this accretion as a regulatory asset based on its determination that these costs can be collected from customers. Concurrent with the recognition of the liability, 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, Policy | 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. 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. 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. |
Deferred Project Costs, Policy | Cleco Power defers costs related to the initial stage of a construction project during which time the feasibility of the construction of property, plant, and equipment is being investigated. |
Inventories, Policy | Both fuel 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, Policy | Accounts receivable are recorded at the invoiced amount and do not bear interest. It is the policy of management to review the outstanding accounts receivable monthly, as well as the bad debt write-offs experienced in the past, and establish an allowance for doubtful accounts. Account balances are charged off against the allowance when management determines it is probable the receivable will not be recovered. |
Financing Receivables, Policy | Each subsidiary leased its respective transmission assets to a single counterparty. Both counterparties were considered credit worthy and paid their obligations when due, thus, no allowance for credit loss was recognized. |
Reserves, Policy | Additionally, Cleco maintains directors and officers insurance to protect managers from claims which may arise from their decisions and actions taken within the scope of their regular duties. Cleco maintains property insurance on generating stations, buildings and contents, and substations. Cleco is self-insured for any damage to transmission and distribution lines. To mitigate the exposure to potential financial loss for damage to lines, Cleco maintains an LPSC-approved funded storm reserve. Cleco 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. |
Cash Equivalents, Policy | Cleco considers highly liquid, marketable securities, and other similar instruments with original maturity dates of three months or less to be cash equivalents. |
Restricted Cash and Cash Equivalents, Policy | Various agreements to which Cleco is subject contain covenants that restrict its use of cash. As certain provisions under these agreements are met, cash is transferred out of related escrow accounts and becomes available for its intended purposes and/or general 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. |
Equity Investments, Policy | 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 |
Regulatory Income Taxes, Policy | Cleco accounts for income taxes under the asset and liability method. Cleco provides for federal and state income taxes currently payable, as well as for those deferred due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. 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 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. |
Income Taxes, Policy | By using the cost method for investments, the gross investment amortization expense of the NMTC Fund will be recognized over a ten -year period, which is projected to be completed by the end of 2018. The grants received under Section 1603, which allow certain projects to receive a federal grant in lieu of tax credits, and other cash reduce the basis of the investment. Periodic amortization of the investment and the deferred taxes generated by the basis reduction temporary difference are included as components of income tax expense. Cleco and the NMTC Fund have elected to receive cash grants under the ARRA for investments in various projects. Cleco has elected to reduce the carrying value of the qualifying assets as cash grants are received, which will reduce the amount of depreciation expense recognized after the underlying assets are placed in service. Certain cash grants also reduce the tax basis of the underlying assets. Grants received via the NMTC Fund reduce the carrying value of the investment for GAAP, but do not reduce the income tax basis of the investment. 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. 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, Policy | 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, Policy | Utility Revenue Revenue from sales of electricity is recognized when the service is provided. The costs of fuel and purchased power used for retail customers currently are recovered from customers through the FAC. These costs are subject to audit and final determination by regulators. Excise taxes and pass-through fees collected on the sale of electricity are not recorded in utility revenue. Unbilled Revenue Cleco Power accrues estimated revenue monthly for energy used by customers but not yet billed. The monthly estimated unbilled revenue amounts are recorded as unbilled revenue and a receivable. 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. |
Allowance for Funds Used During Construction (AFUDC), Policy | The capitalization of AFUDC by Cleco Power is a utility accounting practice prescribed by FERC and the LPSC. AFUDC represents the estimated debt and equity costs of capital funds that are necessary to finance construction of new and existing facilities. While cash is not realized currently from such allowance, AFUDC increases the revenue requirement over the same life of the plant through a higher rate base and higher depreciation. Under regulatory practices, a return on and recovery of AFUDC is permitted in setting rates charged for utility services. |
Fair Value Measurement, Policy | Various accounting pronouncements require certain assets and liabilities to be measured at their fair values. Some assets and liabilities are required to be measured at their fair value each reporting period, while others are required to be measured only one time, generally the date of acquisition or debt issuance. Cleco and Cleco Power 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. In June 2015, the LPSC approved a long-term natural gas hedging pilot program that requires Cleco Power to establish a proposal for a program that will be designed to provide gas price stability for a minimum of five years. 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 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. |
Accounting for MISO Transactions, Policy | 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, Policy | In May 2014, FASB amended the accounting guidance for revenue recognition. The amended guidance affects entities that enter into contracts with customers for the transfer of non-financial assets unless those contracts are within the scope of other standards. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity must identify the performance obligations in a contract and the transaction price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments in this update also require extensive disclosure of sufficient information to allow users to understand the nature, amount, timing, and uncertainty of revenue and cash flow arising from contracts. Additional disclosure requirements include disaggregated revenue, reconciliation of contract balances, the entity’s performance obligations and remaining performance obligations, significant judgments used, costs to obtain or fulfill a contract and the use of practical expedients. The standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. Cleco will implement the amended guidance under the modified retrospective approach, which allows companies to apply the rules to all contracts existing as of January 1, 2018, recognizing in beginning retained earnings an adjustment for the cumulative effect of the change and providing additional disclosures comparing results to previous rules. Management does not expect a cumulative adjustment as a result of implementation. Management did not identify any changes from the new standard that would have a material impact on the results of operations, financial condition, or cash flows of the Registrants. Management determined that the majority of the Registrants’ revenue is in scope of the new guidance. Revenues considered to be out of scope for the new standard include lease revenue, SSR revenue, alternative revenue programs as defined by the regulated operations accounting guidance, and energy-related transactions that qualify as derivative contracts. The majority of sales, including energy provided to residential customers, are from tariff offerings that provide electricity supplied and billed in that period. As such, management does not expect significant changes in the timing or pattern of revenue recognition for such sales, as the majority of these sales will be recognized under the invoice practical expedient. Management’s evaluation of long-term contracts with industrial and wholesale customers also concluded that there will not be a significant shift in the timing or pattern of revenue recognition for these revenue streams, as the majority of these sales will also be recognized under the invoice practical expedient. 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. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes practical expedients that may be elected by entities. Management expects to elect these practical expedients which will permit the Registrants to retain its current lease assessment and classifications for existing leases at the effective date and to not apply the new guidance to land easements that exist or expire before the effective date. Management is currently working through an adoption plan which includes the evaluation of lease contracts, new business processes, including changes to current recordkeeping systems, and the need for additional internal controls. Other than an expected increase in assets and liabilities, the full impact of the amended guidance has not been determined. Management will continue to evaluate the impact of this guidance, including any additional clarifying amendments issued during implementation. The amended guidance could have a material impact on 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 adoption of this guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those years. This amendment should be applied using a retrospective transition method to each period presented. This guidance will impact the presentation of the cash flow statement but will not have an impact on the results of operations or financial condition of the Registrants. In October 2016, FASB amended the income tax guidance related to intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This new guidance states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The adoption of this guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those years. 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 2016, FASB amended guidance for certain cash flow issues. The amended guidance requires that a statement of cash flow 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 adoption of this guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those years. This amendment should be applied using a retrospective transition method to each period presented. This guidance will impact the presentation of the cash flow statement, but will not have an impact on the results of operations or financial condition of the Registrants. In January 2017, FASB issued amendments to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The adoption of this guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those years. 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 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. 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. Cleco elected to early adopt this guidance effective January 1, 2018. 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 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 will continue to be capitalized and recovered from ratepayers as approved by FERC. Beginning January 1, 2018, the non-service costs capitalized for ratemaking purposes are reflected as a regulatory asset or liability for GAAP. The adoption of this guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those years. This amendment will be applied retrospectively for the presentation of the service cost in the income statement while the capitalization of the service cost will be applied prospectively. 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 May 2017, FASB amended guidance related to service concession arrangements. The amendment clarifies that the grantor, rather than the third-party users, is the customer of the operation services in all cases for service concession arrangements. The adoption of this guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those years. Management does not expect this guidance to have an impact on the results of operations, financial condition, or cash flows of the Registrants. In August 2017, FASB amended guidance related to derivatives and hedging. The amendment broadens the financial and non-financial hedging strategies that will be eligible for hedge accounting. The new guidance also changes how a company tests hedging strategies for effectiveness. The adoption of this guidance is effective for annual reporting periods beginning after December 15, 2018, 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. |
Business Combinations, Policy | Most of the carrying values of Cleco’s assets were determined to be stated at fair value at the 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, since Cleco Power is able to earn a return on and recover these costs from customers. At the date of the 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 Merger. Since pushdown accounting was not elected at the Cleco Power level, Cleco Power retained its accumulated depreciation. Most of the carrying values of Cleco’s assets and liabilities were determined to be stated at fair value at the 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 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 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 Merger, as no accumulated depreciation existed on the date of the 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 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 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 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. At the date of the 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 Merger. |
Pushdown Accounting, Policy | 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 |
Share-based Compensation, Option, and Incentive Plans, Policy | Prior to the completion of the 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. During 2015, Cleco granted 9,611 shares of stock to directors of Cleco pursuant to the 2010 LTIP. All of these shares vested immediately upon award and were issued from shares previously purchased through Cleco’s common stock repurchase program. As stated above, the LTIP plan was terminated upon completion of the Merger. 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. 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. During 2016 and 2015 , 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 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. Prior to the completion of the Merger, Cleco had two stock-based compensation plans: the ESPP and the LTIP. As a result of the completion of the Merger, the ESPP and the LTIP were terminated. |
Pension and Other Postretirement Plans, Policy | Cleco’s retirees and their dependents may be eligible to receive medical, dental, vision, and life insurance benefits (other benefits). Cleco recognizes the expected cost of these other benefits during the periods in which the benefits are earned. Certain Cleco officers are covered by SERP. 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 three 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 limits 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 will be 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 will review 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 considered the plan sponsor and Support Group is considered the plan administrator. Cleco’s 401(k) Plan is intended to provide active, eligible employees with voluntary, long-term savings and investment opportunities. The Plan is a defined contribution plan and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974. In accordance with the 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. 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. |
Segment Reporting, Policy | 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. |
Consolidation, Variable Interest Entity, Policy | 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. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Line Items] | |
Amortization of Computer Software | mortization of capitalized computer software costs charged to expense in Cleco and Cleco Power’s Consolidated Statements of Income for the years ending December 31, 2017 , 2016 , and 2015 is shown in the following tables: Cleco SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE Amortization $ 2,367 $ 2,351 $ 921 $ 2,194 Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2017 2016 2015 Amortization $ 1,887 $ 2,405 $ 1,718 |
Property, Plant, and Equipment | 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, 2017 , and 2016 , Cleco and Cleco Power’s property, plant, and equipment consisted of the following: Cleco AT DEC. 31, (THOUSANDS) 2017 2016 Utility plants Generation $ 1,908,344 $ 1,866,601 Distribution 1,015,472 955,126 Transmission 512,428 503,996 Other utility plant 153,900 146,976 Other property, plant, and equipment 4,381 3,882 Total property, plant, and equipment 3,594,525 3,476,581 Accumulated depreciation (192,348 ) (75,816 ) Net property, plant, and equipment $ 3,402,177 $ 3,400,765 |
Restricted Cash and Cash Equivalents | Cleco and Cleco Power’s restricted cash and cash equivalents consisted of: Cleco AT DEC. 31, (THOUSANDS) 2017 2016 Current Cleco Katrina/Rita’s storm recovery bonds $ 8,597 $ 9,213 Cleco Power’s charitable contributions 1,200 1,200 Cleco Power’s rate credit escrow 3,284 12,671 Total current 13,081 23,084 Non-current Diversified Lands’ mitigation escrow 21 21 Cleco Power’s future storm restoration costs 14,456 17,379 Cleco Power’s charitable contributions 3,575 4,179 Cleco Power’s rate credit escrow 2,029 1,831 Total non-current 20,081 23,410 Total restricted cash and cash equivalents $ 33,162 $ 46,494 |
Cleco Power [Member] | |
Accounting Policies [Line Items] | |
Amortization of Computer Software | Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2017 2016 2015 Amortization $ 1,887 $ 2,405 $ 1,718 |
Property, Plant, and Equipment | Cleco Power AT DEC. 31, (THOUSANDS) 2017 2016 Regulated utility plants Generation $ 2,442,987 $ 2,406,572 Distribution 1,462,193 1,405,703 Transmission 725,199 719,052 Other utility plant 263,105 259,238 Total property, plant, and equipment 4,893,484 4,790,565 Accumulated depreciation (1,712,590 ) (1,618,241 ) Net property, plant, and equipment $ 3,180,894 $ 3,172,324 |
Restricted Cash and Cash Equivalents | Cleco Power AT DEC. 31, (THOUSANDS) 2017 2016 Current Cleco Katrina/Rita’s storm recovery bonds $ 8,597 $ 9,213 Charitable contributions 1,200 1,200 Rate credit escrow 3,284 12,671 Total current 13,081 23,084 Non-current Future storm restoration costs 14,456 17,379 Charitable contributions 3,575 4,179 Rate credit escrow 2,029 1,831 Total non-current 20,060 23,389 Total restricted cash and cash equivalents $ 33,141 $ 46,473 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | 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 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 |
Regulatory Assets and Liabili35
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Assets and Liabilities [Line Items] | |
Schedule of Regulatory Assets [Table Text Block] | The following table summarizes Cleco’s net regulatory assets and liabilities: Cleco AT DEC. 31, (THOUSANDS) 2017 2016 Total Cleco Power regulatory assets, net $ 146,774 $ 543,973 Cleco Merger adjustments (1) Fair value of long-term debt 147,145 155,776 Postretirement costs 21,375 23,362 Financing costs 8,623 8,966 Debt issuance costs 6,665 7,606 Total Cleco regulatory assets, net $ 330,582 $ 739,683 (1) Cleco regulatory assets include acquisition accounting adjustments as a result of the Merger. |
Cleco Power [Member] | |
Regulatory Assets and Liabilities [Line Items] | |
Schedule of Regulatory Assets [Table Text Block] | The following table summarizes Cleco Power’s regulatory assets and liabilities: Cleco Power AT DEC. 31, REMAINING RECOVERY PERIOD (THOUSANDS) 2017 2016 Total federal regulatory liability — income taxes $ (64,205 ) $ (635 ) Total state regulatory asset — income taxes 142,788 112,751 2017 tax reform (348,590 ) — AFUDC 129,953 126,335 Total investment tax credit (372 ) (1,002 ) Total regulatory (liabilities) assets — deferred taxes, net (140,426 ) 237,449 * Mining costs 3,823 6,372 1.5 yrs. Interest costs 4,499 4,860 * AROs (1) 2,762 2,096 * Postretirement costs (1) 142,764 145,268 * Tree trimming costs 7,193 5,549 * Training costs 6,552 6,708 42 yrs. Surcredits, net (2) 2,173 5,876 * AMI deferred revenue requirement 4,227 4,772 8 yrs. Emergency declarations 4,131 — 2.5 yrs. Production operations and maintenance expenses 8,625 13,999 * AFUDC equity gross-up (2) 71,205 70,423 * Acadia Unit 1 acquisition costs 2,336 2,442 22 yrs. Financing costs 8,293 8,663 * Biomass costs — 18 — MISO integration costs 468 1,404 0.5 yr. Coughlin transaction costs 968 999 31.5 yrs. Corporate franchise tax 153 1,308 * MATS Costs 2,564 4,270 0.5 yr. Other 484 710 * Total regulatory assets 273,220 285,737 Accumulated deferred fuel 13,980 20,787 * Total regulatory assets, net $ 146,774 $ 543,973 (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, 2017. 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, 2017 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Jointly Owned Generation Units | At December 31, 2017 , 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, 2017 (THOUSANDS, EXCEPT PERCENTAGES AND MW) RODEMACHER UNIT 2 DOLET HILLS TOTAL Utility plant in service $ 72,129 $ 185,156 $ 257,285 Accumulated depreciation $ 3,111 $ 15,094 $ 18,205 Construction work in progress $ 436 $ 4,657 $ 5,093 Ownership interest percentage 30 % 50 % Nameplate capacity (MW) 523 650 Ownership interest (MW) 157 325 |
Cleco Power [Member] | |
Jointly Owned Utility Plant Interests [Line Items] | |
Jointly Owned Generation Units | Cleco Power AT DEC. 31, 2017 (THOUSANDS, EXCEPT PERCENTAGES AND MW) RODEMACHER UNIT 2 DOLET HILLS TOTAL Utility plant in service $ 146,309 $ 402,653 $ 548,962 Accumulated depreciation $ 77,291 $ 232,590 $ 309,881 Construction work in progress $ 436 $ 4,657 $ 5,093 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, 2017 | |
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, 2017 2016 (THOUSANDS) CARRYING VALUE* FAIR VALUE CARRYING VALUE* FAIR VALUE Long-term debt $ 2,866,955 $ 2,921,325 $ 2,768,149 $ 2,754,518 * The carrying value of long-term debt does not include deferred issuance costs of $11.6 million in 2017 and $11.7 million in 2016. |
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, 2017 QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) AT DEC. 31, 2016 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 $ 144,302 $ — $ 144,302 $ — $ 66,410 $ — $ 66,410 $ — FTRs 7,396 — — 7,396 7,884 — — 7,884 Total assets $ 151,698 $ — $ 144,302 $ 7,396 $ 74,294 $ — $ 66,410 $ 7,884 Liability Description FTRs 352 — — 352 201 — — 201 Total liabilities $ 352 $ — $ — $ 352 $ 201 $ — $ — $ 201 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following tables summarize the net changes in the net fair value of FTR assets and liabilities classified as Level 3 in the fair value hierarchy for Cleco and Cleco Power: Cleco SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - Beginning balance $ 7,683 $ 3,458 $ 7,398 Unrealized (losses) gains* (1,392 ) 3,119 (1,031 ) Purchases 23,941 12,896 2,070 Settlements (23,188 ) (11,790 ) (4,979 ) Ending balance $ 7,044 $ 7,683 $ 3,458 * Unrealized (losses) gains are reported through Accumulated deferred fuel on Cleco and Cleco Power's Consolidated Balance Sheets. |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The following table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions for Cleco and Cleco Power as of December 31, 2017 : FAIR VALUE VALUATION TECHNIQUE SIGNIFICANT UNOBSERVABLE INPUTS FORWARD PRICE RANGE (THOUSANDS, EXCEPT DOLLAR PER MWh) Assets Liabilities Low High FTRs at December 31, 2017 $ 7,396 $ 352 RTO auction pricing FTR price - per MWh $ (2.95 ) $ 6.33 FTRs at December 31, 2016 $ 7,884 $ 201 RTO auction pricing FTR price - per MWh $ (3.61 ) $ 6.04 |
Derivatives Not Designated as Hedging Instrument [Member] | |
Fair Value [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following table presents the fair values of derivative instruments and their respective line items as recorded on Cleco and Cleco Power’s Consolidated Balance Sheets at December 31, 2017 , and 2016 : DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS (THOUSANDS) BALANCE SHEET LINE ITEM AT DEC. 31, 2017 AT DEC. 31, 2016 Commodity-related contracts FTRs: Current Energy risk management assets $ 7,396 $ 7,884 Current Energy risk management liabilities 352 201 Commodity-related contracts, net $ 7,044 $ 7,683 |
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, 2017 , 2016 , and 2015 : Cleco AMOUNT OF GAIN/(LOSS) RECOGNIZED IN INCOME ON DERIVATIVES SUCCESSOR PREDECESSOR (THOUSANDS) DERIVATIVES LINE ITEM FOR THE APR. 13, 2016 - JAN. 1, 2016 - FOR THE YEAR ENDED DEC. 31, 2015 Commodity contracts FTRs (1) Electric operations $ 44,181 $ 30,915 $ 8,563 $ 50,594 FTRs (1) Power purchased for utility customers (26,017 ) (14,941 ) (5,761 ) (27,509 ) Total $ 18,164 $ 15,974 $ 2,802 $ 23,085 (1) For the year ended December 31, 2017, unrealized losses associated with FTRs of $1.4 million were reported through Accumulated deferred fuel on the balance sheet. For the periods January 1, 2016 - April 12, 2016, and 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. For the year ended December 31, 2015, unrealized losses associated with FTRs of $1.5 million 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 2017 2016 2015 Commodity contracts FTRs (1) Electric operations $ 44,181 $ 39,478 $ 50,594 FTRs (1) Power purchased for utility customers (26,017 ) (20,702 ) (27,509 ) Total $ 18,164 $ 18,776 $ 23,085 |
Cleco Power [Member] | |
Fair Value [Line Items] | |
Fair Value By Balance Sheet Grouping | Cleco Power AT DEC. 31, 2017 2016 (THOUSANDS) CARRYING VALUE* FAIR VALUE CARRYING VALUE* FAIR VALUE Long-term debt $ 1,369,810 $ 1,535,234 $ 1,262,373 $ 1,418,693 * The carrying value of long-term debt does not include deferred issuance costs of $9.1 million in 2017 and $9.4 million in 2016. |
Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis | Cleco Power FAIR VALUE MEASUREMENTS AT REPORTING DATE: (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) AT DEC. 31, 2016 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 $ 95,681 $ — $ 95,681 $ — $ 65,089 $ — $ 65,089 $ — FTRs 7,396 — — 7,396 7,884 — — 7,884 Total assets $ 103,077 $ — $ 95,681 $ 7,396 $ 72,973 $ — $ 65,089 $ 7,884 Liability Description FTRs 352 — — 352 201 — — 201 Total liabilities $ 352 $ — $ — $ 352 $ 201 $ — $ — $ 201 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Cleco Power FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2017 2016 Beginning balance $ 7,683 $ 7,398 Unrealized (losses) gains* (1,392 ) 2,088 Purchases 23,941 14,966 Settlements (23,188 ) (16,769 ) Ending balance $ 7,044 $ 7,683 * Unrealized (losses) gains are reported through Accumulated deferred fuel on Cleco and Cleco Power's Consolidated Balance Sheets. |
Cleco Power [Member] | Derivatives Not Designated as Hedging Instrument [Member] | |
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 2017 2016 2015 Commodity contracts FTRs (1) Electric operations $ 44,181 $ 39,478 $ 50,594 FTRs (1) Power purchased for utility customers (26,017 ) (20,702 ) (27,509 ) Total $ 18,164 $ 18,776 $ 23,085 (1) For the years ended December 31, 2017, 2016, and 2015, unrealized (losses) gains associated with FTRs of $(1.4) million , $2.1 million , and $(1.5) million , respectively, were reported through Accumulated deferred fuel on the balance sheet. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Instrument [Line Items] | |
Total Indebtedness | Cleco’s total indebtedness as of December 31, 2017 , and 2016 was as follows: Cleco AT DEC. 31, (THOUSANDS) 2017 2016 Total Cleco Power long-term debt, net $ 1,341,475 $ 1,235,056 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 (2,516 ) (2,261 ) Fair value adjustment 147,146 155,776 Total Cleco long-term debt, net $ 2,836,105 $ 2,738,571 |
Future Amounts Payable Under Long-Term Debt Agreements | The principal amounts payable under long-term debt agreements for each year through 2022 and thereafter are as follows: (THOUSANDS) CLECO CLECO POWER For the year ending Dec. 31, 2018 $ 19,193 $ 19,193 2019 $ 20,571 $ 20,571 2020 $ 11,055 $ 11,055 2021 $ 300,000 $ — 2022 $ 25,000 $ 25,000 Thereafter $ 2,350,000 $ 1,300,000 |
Cleco Power [Member] | |
Debt Instrument [Line Items] | |
Total Indebtedness | Cleco Power’s total indebtedness as of December 31, 2017 , and 2016 was as follows: Cleco Power AT DEC. 31, (THOUSANDS) 2017 2016 Bonds Senior notes, 2.94%, due 2022 $ 25,000 $ — Senior notes, 3.08%, due 2023 100,000 — 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, 4.41%, due 2020 — 1,115 Cleco Katrina/Rita’s storm recovery bonds, 5.61%, due 2023 50,819 67,600 Total bonds 1,375,819 1,268,715 Other long-term debt Barge lease obligations — 1,819 Gross amount of long-term debt 1,375,819 1,270,534 Less: long-term debt due within one year 19,193 17,896 Less: lease obligations classified as long-term debt due within one year — 1,819 Unamortized debt discount (6,010 ) (6,342 ) Unamortized debt issuance costs (9,141 ) (9,421 ) Total long-term debt, net $ 1,341,475 $ 1,235,056 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Fair Value Assumptions of Non-Vested Stock | The fair value of shares of non-vested stock granted during 2015 under the LTIP was estimated on the date of grant and the expense was calculated using the Monte Carlo simulation model with the assumptions listed in the following table: PREDECESSOR FOR THE YEAR ENDED DEC. 31, 2015 Expected term (in years) (1) 3.0 Volatility of Cleco stock (2) 15.8 % Correlation between Cleco stock volatility and peer group 63.1 % Expected dividend yield 2.9 % Weighted average fair value (Monte Carlo model) $ 45.60 (1) The expected term was based on the service period of the award. (2) The volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term. |
Pension Plan and Employee Ben40
Pension Plan and Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Pension Plans | The employee pension plan and other benefits plan obligation, plan assets, and funded status at December 31, 2017 , and 2016 are presented in the following table: PENSION BENEFITS OTHER BENEFITS SUCCESSOR PREDECESSOR SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - Change in benefit obligation Benefit obligation at beginning of period $ 512,785 $ 499,724 $ 480,062 $ 44,136 $ 42,707 $ 43,070 Service cost 9,039 6,909 2,563 1,446 1,112 431 Interest cost 21,648 15,088 6,242 1,569 1,237 476 Plan participants’ contributions — — — 1,149 758 300 Actuarial loss 46,686 6,242 16,857 437 2,292 — Expenses paid (3,020 ) (2,025 ) (801 ) — — — Benefits paid (19,923 ) (13,153 ) (5,199 ) (5,534 ) (3,970 ) (1,570 ) Benefit obligation at end of period 567,215 512,785 499,724 43,203 44,136 42,707 Change in plan assets Fair value of plan assets at beginning of period 403,715 398,515 383,532 — — — Actual return on plan assets 63,317 20,378 20,983 — — — Expenses paid (3,020 ) (2,025 ) (801 ) — — — Benefits paid (19,923 ) (13,153 ) (5,199 ) — — — Fair value of plan assets at end of period 444,089 403,715 398,515 — — — Unfunded status $ (123,126 ) $ (109,070 ) $ (101,209 ) $ (43,203 ) $ (44,136 ) $ (42,707 ) |
Amounts Recognized in Other Comprehensive Income | The following table presents the net actuarial gains/losses, transition obligations/assets, and prior service costs 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 at December 31, 2017 , and 2016 : PENSION BENEFITS OTHER BENEFITS SUCCESSOR PREDECESSOR SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - Net actuarial loss (gain) occurring during period $ 7,434 $ (10,198 ) $ 16,056 $ 437 $ 2,292 $ — Net actuarial loss (gain) amortized during period $ 10,008 $ 8,138 $ 2,798 $ (50 ) $ — $ 181 Prior service (credit) cost amortized during period $ (71 ) $ (51 ) $ (20 ) $ — $ — $ 34 |
Amounts Recognized in Accumulated Other Comprehensive Income | The following table presents net gains/losses and prior period service costs/credits in accumulated other comprehensive income for other benefits and in regulatory assets for pension that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2018 for the employee pension plan and other benefits plans for December 31, 2018 , 2017 , and 2016 : PENSION BENEFITS OTHER BENEFITS AT DEC. 31, AT DEC. 31, (THOUSANDS) 2018 2017 2016 2018 2017 2016 Net actuarial loss (gain) $ 12,267 $ 142,967 $ 145,542 $ (98 ) $ 2,779 $ 2,292 Prior service (credit) cost $ (71 ) $ (203 ) $ (274 ) $ — $ — $ — |
Components of Net Periodic Pension and Other Benefit Costs | The components of net periodic pension and other benefits costs for 2017 , 2016 , and 2015 are as follows: PENSION BENEFITS OTHER BENEFITS SUCCESSOR PREDECESSOR SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE Components of periodic benefit costs Service cost $ 9,039 $ 6,909 $ 2,563 $ 10,419 $ 1,446 $ 1,112 $ 431 $ 1,635 Interest cost 21,648 15,088 6,242 20,795 1,569 1,237 476 1,607 Expected return on plan assets (24,064 ) (17,310 ) (6,812 ) (23,382 ) — — — — Amortizations Prior period service (credit) cost (71 ) (51 ) (20 ) (71 ) — — 34 119 Net loss (gain) 10,008 8,138 2,798 13,828 (50 ) — 181 866 Net periodic benefit cost $ 16,560 $ 12,774 $ 4,771 $ 21,589 $ 2,965 $ 2,349 $ 1,122 $ 4,227 |
Weighted-Average Assumptions Used to Determine Benefit Obligation and Net Periodic Costs | The assumptions used to determine the benefit obligation and the periodic costs are as follows: PENSION BENEFITS OTHER BENEFITS AT DEC. 31, AT DEC. 31, 2017 2016 2017 2016 Weighted-average assumptions used to determine the benefit obligation Discount rate 3.73 % 4.27 % 3.47 % 3.81 % Rate of compensation increase 2.98 % 3.03 % N/A N/A PENSION BENEFITS OTHER BENEFITS SUCCESSOR PREDECESSOR SUCCESSOR PREDECESSOR FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - FOR THE Weighted-average assumptions used to determine the net benefit cost Discount rate 4.27 % 4.21 % 4.62 % 4.21 % 3.81 % 4.08 % 4.08 % 3.76 % Expected return on plan assets 6.08 % 6.21 % 6.21 % 6.15 % N/A N/A N/A N/A Rate of compensation increase 2.98 % 3.03 % 3.03 % 3.08 % N/A N/A N/A N/A |
Projected Benefit Payments and Projected Receipts | The projected benefit payments for the employee pension plan and other benefits obligation plan for each year through 2022 and the next five years thereafter are listed in the following table: (THOUSANDS) PENSION BENEFITS OTHER BENEFITS, GROSS For the year ending Dec. 31, 2018 $ 21,655 $ 4,131 2019 $ 22,795 $ 4,077 2020 $ 23,948 $ 3,979 2021 $ 25,041 $ 3,894 2022 $ 26,189 $ 3,801 Next five years $ 147,475 $ 16,842 |
401(k) Plan Expense | Cleco’s 401(k) Plan expense for the years ended December 31, 2017 , 2016 , and 2015 was as follows: SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - FOR THE 401(k) Plan expense $ 5,386 $ 3,554 $ 1,593 $ 5,029 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Schedule of Amounts Recognized in Balance Sheet | The current and non-current portions of the other benefits liability for Cleco and Cleco Power at December 31, 2017 , and 2016 are as follows: Cleco AT DEC. 31, (THOUSANDS) 2017 2016 Current $ 4,061 $ 3,854 Non-current $ 39,142 $ 40,196 |
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 $ 16 $ (18 ) Effect on postretirement benefit obligation $ 199 $ (222 ) |
Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Accumulated Benefit Obligation | The employee pension plan accumulated benefit obligation at December 31, 2017 , and 2016 is presented in the following table: PENSION BENEFITS AT DEC. 31, (THOUSANDS) 2017 2016 Accumulated benefit obligation $ 520,612 $ 473,197 |
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, 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. (THOUSANDS) AT DEC. 31, 2016 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 $ 6,817 $ — $ 6,817 $ — Common stock 19,311 19,311 — — Obligations of Government, Government Agencies, and state and local governments 47,543 — 47,543 — Mutual funds Domestic 52,663 52,663 — — International 31,191 31,191 — — Real estate funds 18,668 — — 18,668 Corporate debt 185,659 — 185,659 — Total $ 361,852 $ 103,165 $ 240,019 $ 18,668 Investments measured at net asset value* 38,886 Interest accrual 2,977 Total net assets $ 403,715 *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, 2017 : PERCENT OF TOTAL PLAN ASSETS AT DEC. 31, 2017 MINIMUM TARGET MAXIMUM Return-seeking Domestic equity 17 % International equity 19 % Real estate 4 % Total return-seeking 35 % 40 % 45 % Liability hedging* 55 % 60 % 65 % *Liability hedging is not target by 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, 2017 , and 2016 : (THOUSANDS) PREDECESSOR Balance, Dec. 31, 2015 $ 17,890 Realized gains 71 Unrealized gains 89 Purchases 26 Sales (205 ) Balance, Apr. 12, 2016 $ 17,871 SUCCESSOR Balance, Apr. 13, 2016 $ 17,871 Realized gains 151 Unrealized gains 227 Purchases 570 Sales (151 ) Balance, Dec. 31, 2016 $ 18,668 Realized losses (2,365 ) Unrealized gains 2,674 Purchases 649 Sales (431 ) Balance, Dec. 31, 2017 $ 19,195 |
SERP Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Pension Plans | SERP’s funded status at December 31, 2017 , and 2016 is presented in the following table: SERP BENEFITS SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - APR. 12, 2016 Change in benefit obligation Benefit obligation at beginning of period $ 78,045 $ 79,555 $ 72,315 Service cost 494 571 702 Interest cost 3,239 2,275 900 Actuarial loss 6,442 1,152 — Benefits paid (4,376 ) (2,999 ) (1,186 ) Plan amendments 180 (2,509 ) — Curtailments — — 3,602 Special/contractual termination benefits 315 — 3,222 Benefit obligation at end of period $ 84,339 $ 78,045 $ 79,555 |
Accumulated Benefit Obligation | SERP’s accumulated benefit obligation at December 31, 2017 , and 2016 is presented in the following table: SERP BENEFITS AT DEC. 31, (THOUSANDS) 2017 2016 Accumulated benefit obligation $ 84,339 $ 76,194 |
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, 2017 , and 2016 are as follows: Cleco AT DEC. 31, (THOUSANDS) 2017 2016 Current $ 4,471 $ 4,308 Non-current $ 79,868 $ 73,738 |
Amounts Recognized in Other Comprehensive Income | The following table presents net actuarial gains/losses and prior service costs 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 at December 31, 2017 , and 2016 : SERP BENEFITS SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - JAN. 1, 2016 - APR. 12, 2016 Net actuarial loss (gain) occurring during year $ 6,622 $ (1,345 ) $ — Net actuarial loss amortized during year $ 2,105 $ 1,651 $ 574 Prior service (credit) cost amortized during year $ (190 ) $ (50 ) $ 17 |
Amounts Recognized in Accumulated Other Comprehensive Income | The following table presents net gains/losses and prior period service costs/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 2018 for SERP for December 31, 2018 , 2017 , and 2016 : SERP BENEFITS AT DEC. 31, (THOUSANDS) 2018 2017 2016 Net actuarial loss $ 2,358 $ 25,336 $ 20,999 Prior service (credit) $ (160 ) $ (1,997 ) $ (2,368 ) |
Components of Net Periodic Pension and Other Benefit Costs | The components of the net SERP costs for 2017 , 2016 , and 2015 are as follows: SERP BENEFITS SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - FOR THE Components of periodic benefit costs Service cost $ 494 $ 571 $ 702 $ 2,705 Interest cost 3,239 2,275 900 3,056 Amortizations Prior period service (credit) cost (190 ) (50 ) 17 54 Net loss 2,105 1,651 574 2,973 Net periodic benefit cost 5,648 4,447 2,193 8,788 Curtailment charge — — 3,602 — Special/contractual termination benefits 315 — 3,222 — Total benefit cost $ 5,963 $ 4,447 $ 9,017 $ 8,788 |
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, 2017 2016 Weighted-average assumptions used to determine the benefit obligation Discount rate 3.70 % 4.22 % Rate of compensation increase 5.00 % 5.00 % SERP BENEFITS SUCCESSOR PREDECESSOR 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 - FOR THE Weighted-average assumptions used to determine the net benefit cost Discount rate 4.08 % 4.22 % 3.47 % 4.15 % 4.60 % 4.20 % Rate of compensation increase 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % |
Projected Benefit Payments and Projected Receipts | The projected benefit payments for SERP for each year through 2022 and the next five years thereafter are shown in the following table: (THOUSANDS) 2018 2019 2020 2021 2022 NEXT FIVE YEARS SERP $ 4,553 $ 4,585 $ 4,665 $ 4,672 $ 4,645 $ 23,830 |
Other Subsidiaries [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
401(k) Plan Expense | The expense of the 401(k) Plan related to Cleco’s other subsidiaries for the years ended December 31, 2017 , 2016 , and 2015 was as follows: SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - FOR THE 401(k) Plan expense $ 888 $ 554 $ 319 $ 944 |
Cleco Power [Member] | Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Schedule of Amounts Recognized in Balance Sheet | Cleco Power AT DEC. 31, (THOUSANDS) 2017 2016 Current $ 3,525 $ 3,345 Non-current $ 34,033 $ 34,892 |
Cleco Power [Member] | SERP Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |
Schedule of Amounts Recognized in Balance Sheet | Cleco Power AT DEC. 31, (THOUSANDS) 2017 2016 Current $ 929 $ 885 Non-current $ 16,589 $ 15,145 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Line Items] | |
Effective Income Tax Rate Reconciliation | December 31, 2017 , and 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. For the predecessor period January 1, 2016, through April 12, 2016, and for the predecessor year ended December 31, 2015 , income tax expense was higher 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, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - FOR THE YEAR ENDED DEC. 31, 2015 Income (loss) before tax $ 145,159 $ (46,935 ) $ (492 ) $ 211,373 Statutory rate 35.0 % 35.0 % 35.0 % 35.0 % Tax expense (benefit) at federal statutory rate $ 50,806 $ (16,427 ) $ (172 ) $ 73,981 Increase (decrease) Plant differences, including AFUDC flowthrough 743 (881 ) 823 1,875 Amortization of investment tax credits (662 ) (371 ) (124 ) (916 ) State income taxes 4,254 (4,725 ) (3,078 ) 1,117 Nondeductible merger costs 2 (844 ) 4,282 — Return to accrual adjustment (608 ) (2,943 ) — — 2017 tax reform (46,291 ) — — — NMTC 313 (181 ) (158 ) 243 Other (1,478 ) 3,550 1,895 1,404 Total tax expense (benefit) $ 7,079 $ (22,822 ) $ 3,468 $ 77,704 Effective rate 4.9 % 48.6 % (704.9 )% 36.8 % |
Current and Deferred Income Tax Expense | Information about current and deferred income tax expense is as follows: SUCCESSOR PREDECESSOR (THOUSANDS) FOR THE YEAR ENDED DEC. 31, 2017 APR. 13, 2016 - DEC. 31, 2016 JAN. 1, 2016 - FOR THE Current federal income tax expense (benefit) $ 46,520 $ (1,062 ) $ 1,373 $ 1,284 Deferred federal income tax (benefit) expense (47,329 ) (16,715 ) 5,297 76,219 Amortization of accumulated deferred investment tax credits (662 ) (371 ) (124 ) (916 ) Total federal income tax expense (benefit) $ (1,471 ) $ (18,148 ) $ 6,546 $ 76,587 Current state income tax expense (benefit) 3,187 (337 ) — 3,233 Deferred state income tax expense (benefit) 5,363 (4,337 ) (3,078 ) (2,116 ) Total state income tax expense (benefit) $ 8,550 $ (4,674 ) $ (3,078 ) $ 1,117 Total federal and state income tax expense (benefit) $ 7,079 $ (22,822 ) $ 3,468 $ 77,704 Items charged or credited directly to member’s/shareholders’ equity Federal deferred (659 ) 14,593 (277 ) 3,274 State deferred 207 2,441 (45 ) 528 Total tax (benefit) expense from items charged directly to member’s/shareholders’ equity $ (452 ) $ 17,034 $ (322 ) $ 3,802 Total federal and state income tax expense (benefit) $ 6,627 $ (5,788 ) $ 3,146 $ 81,506 |
Deferred Tax Assets and Liabilities | The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2017 , and 2016 was comprised of the following: AT DEC. 31, (THOUSANDS) 2017 2016 Depreciation and property basis differences $ (596,824 ) $ (943,552 ) Net operating loss carryforward 12,873 54,727 NMTC 96,917 89,411 Fuel costs (3,283 ) (8,802 ) Other comprehensive income (490 ) 3,399 Regulated operations regulatory liability, net (54,471 ) (91,734 ) Postretirement benefits other than pension 23,642 22,733 Merger fair value adjustments (58,251 ) (124,254 ) Other (34,925 ) (34,983 ) Accumulated deferred federal and state income taxes, net $ (614,812 ) $ (1,033,055 ) |
Cleco Power [Member] | |
Income Taxes [Line Items] | |
Effective Income Tax Rate Reconciliation | For the years ended December 31, 2017, and 2016 income tax expense was lower than the amount computed by applying the statutory rate. For the year ended December 31, 2015, income tax expense was higher 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) 2017 2016 2015 Income before tax $ 218,069 $ 57,497 $ 220,644 Statutory rate 35.0 % 35.0 % 35.0 % Tax expense at federal statutory rate $ 76,324 $ 20,124 $ 77,225 Increase (decrease) Plant differences, including AFUDC flowthrough 743 (58 ) 1,875 Amortization of investment tax credits (662 ) (494 ) (916 ) State income taxes 8,156 (2,573 ) 1,501 Return to accrual adjustment (284 ) (2,646 ) — 2017 tax reform (14,292 ) — — Other (2,654 ) 4,016 (391 ) Total taxes $ 67,331 $ 18,369 $ 79,294 Effective rate 30.9 % 31.9 % 35.9 % |
Current and Deferred Income Tax Expense | Information about current and deferred income tax expense is as follows: FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2017 2016 2015 Current federal income tax expense (benefit) $ 87,433 $ (1,211 ) $ 33,138 Deferred federal income tax (benefit) expense (29,190 ) 22,647 45,572 Amortization of accumulated deferred investment tax credits (662 ) (494 ) (916 ) Total federal income tax expense $ 57,581 $ 20,942 $ 77,794 Current state income tax expense (benefit) 14,751 (418 ) 3,397 Deferred state income tax benefit (5,001 ) (2,155 ) (1,897 ) Total state income tax expense (benefit) $ 9,750 $ (2,573 ) $ 1,500 Total federal and state income taxes $ 67,331 $ 18,369 $ 79,294 Items charged or credited directly to members’ equity Federal deferred (2,573 ) 1,976 106 State deferred 240 319 17 Total tax (benefit) expense from items charged directly to member’s equity $ (2,333 ) $ 2,295 $ 123 Total federal and state income tax expense $ 64,998 $ 20,664 $ 79,417 |
Deferred Tax Assets and Liabilities | The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2017 , and 2016 was comprised of the following: AT DEC. 31, (THOUSANDS) 2017 2016 Depreciation and property basis differences $ (597,838 ) $ (941,166 ) Net operating loss carryforward 470 (362 ) Fuel costs (3,282 ) (8,802 ) Other comprehensive income 5,250 8,021 Regulated operations regulatory liability, net (54,471 ) (91,734 ) Postretirement benefits other than pension 6,266 1,288 Other (12,757 ) (35,837 ) Accumulated deferred federal and state income taxes, net $ (656,362 ) $ (1,068,592 ) |
Disclosures about Segments (Tab
Disclosures about Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION SUCCESSOR FOR THE YEAR ENDED DEC. 31, 2017 (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 Electric customer credits (1,566 ) — — (1,566 ) Affiliate revenue 851 57,168 (58,019 ) — Operating revenue, net $ 1,185,196 $ 48,469 $ (58,019 ) $ 1,175,646 Depreciation and amortization $ 157,999 $ 8,439 $ 1 $ 166,439 Merger transaction and commitment costs $ — $ 287 $ — $ 287 Interest charges $ 69,362 $ 53,725 $ (174 ) $ 122,913 Interest income $ 1,283 $ 316 $ (175 ) $ 1,424 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 Electric customer credits (1,149 ) — — (1,149 ) (364 ) — — (364 ) Affiliate revenue 621 35,602 (36,223 ) — 263 15,024 (15,287 ) — Operating revenue, net $ 859,627 $ 29,602 $ (36,224 ) $ 853,005 $ 299,546 $ 15,611 $ (15,287 ) $ 299,870 Depreciation and amortization $ 102,444 $ 7,296 $ (1 ) $ 109,739 $ 43,698 $ 377 $ 1 $ 44,076 Merger transaction and commitment costs $ 151,501 $ 23,195 $ — $ 174,696 $ — $ 34,928 $ (16 ) $ 34,912 Interest charges $ 54,606 $ 35,246 $ (86 ) $ 89,766 $ 21,840 $ 295 $ (12 ) $ 22,123 Interest income $ 652 $ 275 $ (87 ) $ 840 $ 208 $ 69 $ (12 ) $ 265 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 PREDECESSOR (THOUSANDS) CLECO POWER OTHER ELIMINATIONS TOTAL Revenue Electric operations $ 1,142,389 $ — $ — $ 1,142,389 Other operations 67,109 2,078 (1 ) 69,186 Electric customer credits (2,173 ) — — (2,173 ) Affiliate revenue 1,142 57,323 (58,465 ) — Operating revenue, net $ 1,208,467 $ 59,401 $ (58,466 ) $ 1,209,402 Depreciation and amortization $ 147,839 $ 1,739 $ 1 $ 149,579 Merger transaction costs $ — $ 4,592 $ (1 ) $ 4,591 Interest charges $ 76,560 $ 1,149 $ 282 $ 77,991 Interest income $ 725 $ (111 ) $ 281 $ 895 Federal and state income tax expense (benefit) $ 79,294 $ (1,590 ) $ — $ 77,704 Net income (loss) $ 141,350 $ (7,681 ) $ — $ 133,669 Additions to property, plant, and equipment $ 156,357 $ 462 $ — $ 156,819 Equity investment in investee $ 16,822 $ — $ — $ 16,822 Total segment assets $ 4,233,337 $ 21,471 $ 68,546 $ 4,323,354 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) - Cleco Power [Member] | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 Oxbow’s net assets/liabilities $ 36,345 $ 37,345 Cleco Power’s 50% equity $ 18,172 $ 18,672 Cleco Power’s maximum exposure to loss $ 18,172 $ 18,672 |
Equity Method Investments | The following tables contain summarized financial information for Oxbow: AT DEC. 31, (THOUSANDS) 2017 2016 Current assets $ 2,318 $ 886 Property, plant, and equipment, net 25,656 25,864 Other assets 10,186 10,971 Total assets $ 38,160 $ 37,721 Current liabilities $ 1,815 $ 376 Partners’ capital 36,345 37,345 Total liabilities and partners’ capital $ 38,160 $ 37,721 FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2017 2016 2015 Operating revenue $ 4,189 $ 5,459 $ 3,991 Operating expenses 4,189 5,459 3,991 Income before taxes $ — $ — $ — The following table presents the components of Cleco Power’s equity investment in Oxbow: AT DEC. 31, INCEPTION TO DATE (THOUSANDS) 2017 2016 Purchase price $ 12,873 $ 12,873 Cash contributions 6,399 6,399 Dividend received (1,100 ) (600 ) Total equity investment in investee $ 18,172 $ 18,672 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2018 $ 413 $ 3,317 $ 3,730 2019 — 3,111 3,111 2020 — 2,830 2,830 2021 — 1,744 1,744 2022 — 237 237 Thereafter — 3,104 3,104 Total operating lease payments $ 413 $ 14,343 $ 14,756 |
Litigation, Other Commitments45
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees (Tables) - Cleco Power [Member] | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , is as follows: FUTURE PAYMENTS UNDER LONG-TERM PURCHASE OBLIGATIONS (THOUSANDS) For the year ending Dec. 31, 2018 $ 42,760 2019 28,723 2020 6,985 2021 1,889 2022 382 Thereafter 1,428 Total long-term purchase obligations $ 82,167 |
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) 2017 2016 Barges $ — $ 11,350 Less: accumulated amortization — 9,729 Net capital leases $ — $ 1,621 |
Affiliate Transactions (Tables)
Affiliate Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cleco Power [Member] | |
Affiliate Transaction [Line Items] | |
Schedule of Related Party Transactions | 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) 2017 2016 2015 Affiliate revenue Support Group $ 851 $ 884 $ 1,142 Total affiliate revenue $ 851 $ 884 $ 1,142 Other income Cleco Holdings $ 494 $ 19 $ 3 Diversified Lands — — 10 Perryville — 6 — Attala — 6 — Total other income $ 494 $ 31 $ 13 Total $ 1,345 $ 915 $ 1,155 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) 2017 2016 2015 Support Group Other operations $ 48,533 $ 46,116 $ 53,079 Maintenance $ 2,039 $ 2,255 $ 1,807 Taxes other than income taxes $ (13 ) $ 10 $ (3 ) Other expense 255 106 403 Cleco Holdings Other expense 361 — — The following table shows the expense of the pension plan related to Cleco Power’s affiliates for the years ended 2017 and 2016 : FOR THE YEAR ENDED DEC. 31, (THOUSANDS) 2017 2016 Support Group $ 1,812 $ 1,771 Cleco Power had the following affiliate receivable and payable balances associated with the service agreements: AT DEC. 31, 2017 2016 (THOUSANDS) ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE Cleco Holdings $ 743 $ 113 $ 3 $ 119 Support Group 608 8,582 1,402 7,071 Other (1) 4 2 1 — Total $ 1,355 $ 8,697 $ 1,406 $ 7,190 (1) Represents Attala and Perryville in 2017 and Attala, Diversified Lands, and Perryville in 2016. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |
Net 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, 2017 , and 2016 : Cleco AT DEC. 31, (THOUSANDS) 2017 2016 Cleco Katrina/Rita right to bill and collect storm recovery charges $ 70,594 $ 70,594 Power supply agreements 85,104 86,726 Trade name 5,100 5,100 Gross carrying amount 160,798 162,420 Accumulated amortization (45,948 ) (19,786 ) Net intangible assets subject to amortization $ 114,850 $ 142,634 |
Expected Amortization Expense | The following tables summarize the amortization expense related to intangible assets expected to be recognized in Cleco and Cleco Power’s Statements of Income: Cleco EXPECTED AMORTIZATION EXPENSE (THOUSANDS) For the year ending Dec. 31, 2018 $ 29,247 2019 $ 32,324 2020 $ 9,935 2021 $ 9,935 2022 $ 9,935 Thereafter $ 23,474 |
Cleco Power [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Net intangible assets subject to amortization | Cleco Power AT DEC. 31, (THOUSANDS) 2017 2016 Cleco Katrina/Rita right to bill and collect storm recovery charges $ 177,537 $ 177,537 Accumulated amortization (135,836 ) (119,064 ) Net intangible assets subject to amortization $ 41,701 $ 58,473 |
Expected Amortization Expense | Cleco Power EXPECTED AMORTIZATION EXPENSE (THOUSANDS) For the year ending Dec. 31, 2018 $ 19,312 2019 $ 22,389 |
Accumulated Other Comprehensi48
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2014 $ (26,726 ) $ (5,939 ) $ (32,665 ) Other comprehensive income before reclassifications Postretirement benefit adjustments incurred during the year 2,790 — 2,790 Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 3,079 — 3,079 Reclassification of net loss to interest charges — 211 211 Net current-period other comprehensive income 5,869 211 6,080 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 Net current-period other comprehensive income 587 60 647 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 ) Net current-period other comprehensive income 1,500 — 1,500 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 ) Net current-period other comprehensive loss (4,421 ) — (4,421 ) Balances, Dec. 31, 2017 $ (2,921 ) $ — $ (2,921 ) (1) As a result of the Merger, AOCI was reduced to zero on April 13, 2016, as required by acquisition accounting. |
Cleco Power [Member] | |
Accumulated Other Comprehensive Loss [Line Items] | |
Components of Accumulated Other Comprehensive Loss | Cleco Power (THOUSANDS) POSTRETIREMENT BENEFIT NET (LOSS) GAIN NET (LOSS) GAIN ON CASH FLOW HEDGES TOTAL AOCI Balances, Dec. 31, 2014 $ (11,349 ) $ (5,939 ) $ (17,288 ) Other comprehensive loss before reclassifications Postretirement benefit adjustments incurred during the year (1,232 ) — (1,232 ) Amounts reclassified from accumulated other comprehensive loss Amortization of postretirement benefit net loss 1,217 — 1,217 Reclassification of net loss to interest charges — 211 211 Net current-period other comprehensive (loss) income (15 ) 211 196 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 Net current-period other comprehensive income 3,459 211 3,670 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 Net current-period other comprehensive (loss) income (472 ) 211 (261 ) Balances, Dec. 31, 2017 $ (8,377 ) $ (5,306 ) $ (13,683 ) |
Miscellaneous Financial Infor49
Miscellaneous Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Information [Line Items] | |
Quarterly Financial Information | Quarterly information for Cleco for 2017 and 2016 is shown in the following tables: 2017 SUCCESSOR (THOUSANDS) 1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER Operating revenue, net $ 250,501 $ 308,661 $ 338,499 $ 277,985 Operating income $ 38,798 $ 70,249 $ 95,112 $ 50,130 Net income $ 6,292 $ 25,444 $ 45,304 $ 61,040 Distributions to member $ 28,955 $ 26,700 $ 28,300 $ 110 2016 PREDECESSOR SUCCESSOR 1ST QUARTER 2ND QUARTER 2ND QUARTER 3RD 4TH QUARTER (THOUSANDS) APR. 1 - APR. 12 APR. 13 - JUNE 30 Operating revenue, net $ 266,968 $ 32,903 $ 243,502 $ 342,860 $ 266,642 Operating income (loss) $ 50,192 $ (29,832 ) $ (110,148 ) $ 93,143 $ 53,299 Net income (loss) $ 19,368 $ (23,328 ) $ (81,914 ) $ 39,621 $ 18,180 Contribution from member $ — $ — $ 100,720 $ — $ — Distributions to member $ — $ — $ 28,000 $ 28,000 $ 32,765 |
Cleco Power [Member] | |
Quarterly Information [Line Items] | |
Quarterly Financial Information | Quarterly information for Cleco Power for 2017 and 2016 is shown in the following tables: 2017 (THOUSANDS) 1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER Operating revenue, net $ 253,702 $ 310,787 $ 340,614 $ 280,093 Operating income $ 44,700 $ 74,533 $ 99,493 $ 58,907 Net income $ 17,854 $ 35,733 $ 54,852 $ 42,299 Distributions to parent $ 35,000 $ 25,000 $ 15,000 $ 60,000 2016 (THOUSANDS) 1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER Operating revenue, net $ 266,682 $ 278,343 $ 345,131 $ 269,017 Operating income (loss) $ 52,265 $ (81,841 ) $ 99,420 $ 59,156 Net income (loss) $ 20,879 $ (61,229 ) $ 52,572 $ 26,906 Contribution from parent $ — $ 50,000 $ — $ — Distributions to parent $ 25,000 $ 10,000 $ 50,000 $ 25,000 |
The Company (Details)
The Company (Details) | Dec. 31, 2017generationunitcustomerentityMW |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Number of transmission interconnection facility subsidiaries | entity | 2 |
Cleco Power [Member] | |
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 | 290,000 |
Ownership interest in lignite entity (in hundredths) | 50.00% |
Summary of Significant Accoun51
Summary of Significant Accounting Policies, Asset Retirement Obligation (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2017 | |
Cleco Power [Member] | ||
Asset Retirement Obligation [Line Items] | ||
Asset Retirement Obligation, Revision of estimate | $ 0.6 | $ 0 |
Summary of Significant Accoun52
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 13, 2016 | |
Property, Plant, and Equipment [Abstract] | ||||||
Capitalized software, net | $ 10,000,000 | $ 7,900,000 | $ 10,000,000 | |||
Property, Plant and Equipment, Net [Abstract] | ||||||
Utility Plants, Generation | 1,866,601,000 | 1,908,344,000 | 1,866,601,000 | |||
Utility Plants, Distribution | 955,126,000 | 1,015,472,000 | 955,126,000 | |||
Utility Plants, Transmission | 503,996,000 | 512,428,000 | 503,996,000 | |||
Utility Plants, Other | 146,976,000 | 153,900,000 | 146,976,000 | |||
Other property, plant, and equipment | 3,882,000 | 4,381,000 | 3,882,000 | |||
Total property, plant, and equipment | 3,476,581,000 | 3,594,525,000 | 3,476,581,000 | |||
Accumulated depreciation | (75,816,000) | (192,348,000) | (75,816,000) | $ 0 | ||
Net property, plant, and equipment | 3,400,765,000 | 3,402,177,000 | 3,400,765,000 | |||
Successor [Member] | ||||||
Property, Plant, and Equipment [Abstract] | ||||||
Capitalized software costs, amortization | 2,351,000 | $ 2,367,000 | ||||
Predecessor [Member] | ||||||
Property, Plant, and Equipment [Abstract] | ||||||
Capitalized software costs, amortization | $ 921,000 | $ 2,194,000 | ||||
Minimum [Member] | ||||||
Estimated Useful Lives [Abstract] | ||||||
Utility Plants, Generation (in years) | 10 years | |||||
Utility Plants, Distribution (in years) | 15 years | |||||
Utility Plants, Transmission (in years) | 5 years | |||||
Utility Plants, Other (in years) | 5 years | |||||
Other property, plant, and equipment (in years) | 5 years | |||||
Maximum [Member] | ||||||
Estimated Useful Lives [Abstract] | ||||||
Utility Plants, Generation (in years) | 95 years | |||||
Utility Plants, Distribution (in years) | 50 years | |||||
Utility Plants, Transmission (in years) | 55 years | |||||
Utility Plants, Other (in years) | 45 years | |||||
Other property, plant, and equipment (in years) | 45 years | |||||
Cleco Power [Member] | ||||||
Property, Plant, and Equipment [Abstract] | ||||||
Capitalized software, net | 8,200,000 | $ 6,600,000 | 8,200,000 | |||
Capitalized software costs, amortization | $ 1,887,000 | $ 2,405,000 | $ 1,718,000 | |||
Annual depreciation provisions expressed as a percentage of average depreciable property (in hundredths) | 2.72% | 2.68% | 2.68% | |||
Property, Plant and Equipment, Net [Abstract] | ||||||
Utility Plants, Generation | 2,406,572,000 | $ 2,442,987,000 | $ 2,406,572,000 | |||
Utility Plants, Distribution | 1,405,703,000 | 1,462,193,000 | 1,405,703,000 | |||
Utility Plants, Transmission | 719,052,000 | 725,199,000 | 719,052,000 | |||
Utility Plants, Other | 259,238,000 | 263,105,000 | 259,238,000 | |||
Total property, plant, and equipment | 4,790,565,000 | 4,893,484,000 | 4,790,565,000 | |||
Accumulated depreciation | (1,618,241,000) | (1,712,590,000) | (1,618,241,000) | |||
Net property, plant, and equipment | $ 3,172,324,000 | $ 3,180,894,000 | $ 3,172,324,000 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies, Deferred Project Costs (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Cleco Power [Member] | ||
Accounting Policies [Line Items] | ||
Other Deferred Costs, Gross | $ 3.2 | $ 5 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies, Financing Receivables (Details) - Finance Leases Financing Receivable [Member] | Dec. 31, 2016USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Net | $ 13,500,000 |
Financing Receivable, Allowance for Credit Losses | $ 0 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies, Reserves (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Cleco Power [Member] | ||
Accounting Policies [Line Items] | ||
Self Insurance Reserve | $ 4.5 | $ 4.6 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies, Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 30, 2016 | |
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Current | $ 13,081 | $ 23,084 | ||||
Non-current | 20,081 | 23,410 | ||||
Total restricted cash and cash equivalents | 33,162 | 46,494 | ||||
Cleco Katrina Rita Storm Recovery Bonds [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Current | 8,597 | 9,213 | ||||
Cleco Power's Charitable Contributions [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Current | 1,200 | 1,200 | ||||
Non-current | 3,575 | 4,179 | ||||
Cleco Power's Rate Credit Escrow [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Current | 3,284 | 12,671 | ||||
Non-current | 2,029 | 1,831 | ||||
Diversified Lands Mitigation Escrow [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Non-current | 21 | 21 | ||||
Cleco Power's Future Storm Restoration Costs [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Non-current | 14,456 | 17,379 | ||||
Katrina/Rita Storm Recovery Collections, Net of Administration Fees [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Increase (Decrease) in Restricted Cash | 20,900 | |||||
Katrina Rita Bond Principal Payments [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Increase (Decrease) in Restricted Cash | $ 8,800 | $ 9,100 | ||||
Katrina Rita Bond Interest Payments [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Increase (Decrease) in Restricted Cash | $ 1,700 | $ 1,900 | ||||
Cleco Power [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Current | 13,081 | 23,084 | ||||
Non-current | 20,060 | 23,389 | ||||
Total restricted cash and cash equivalents | 33,141 | 46,473 | ||||
Increase (Decrease) in Restricted Cash | (13,332) | 21,037 | $ 1,341 | |||
Cleco Power [Member] | Cleco Katrina Rita Storm Recovery Bonds [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Current | 8,597 | 9,213 | ||||
Cleco Power [Member] | Cleco Power's Charitable Contributions [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Current | 1,200 | 1,200 | ||||
Non-current | 3,575 | 4,179 | ||||
Total restricted cash and cash equivalents | $ 6,000 | |||||
Increase (Decrease) in Restricted Cash | (1,300) | |||||
Cleco Power [Member] | Cleco Power's Rate Credit Escrow [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Current | 3,284 | 12,671 | ||||
Non-current | 2,029 | 1,831 | ||||
Total restricted cash and cash equivalents | $ 136,000 | |||||
Increase (Decrease) in Restricted Cash | (130,800) | |||||
Cleco Power [Member] | Cleco Power's Future Storm Restoration Costs [Member] | ||||||
Restricted Cash and Cash Equivalents [Abstract] | ||||||
Non-current | $ 14,456 | $ 17,379 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies, Equity Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Equity Method Investment, Other than Temporary Impairment | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies, AFUDC (Details) - Cleco Power [Member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Public Utilities, General Disclosures [Line Items] | |||
Composite AFUDC rate, including borrowed and other funds, net of tax | 6.81% | 7.39% | 7.09% |
Composite AFUDC rate, including borrowed and other funds, pre-tax | 11.07% | 11.94% | 11.46% |
Summary of Significant Accoun59
Summary of Significant Accounting Policies, Risk Management (Details) - MMBTU | Dec. 31, 2017 | Dec. 31, 2016 |
Cleco Power [Member] | Natural Gas Derivative [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Number of open natural gas positions | 0 | 0 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) | Apr. 13, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Apr. 07, 2016 |
Business Acquisition [Line Items] | ||||
Accumulated Depreciation | $ 0 | $ 75,816,000 | $ 192,348,000 | |
Deferred Tax Liabilities, Goodwill | 0 | |||
Purchase Price Allocation [Abstract] | ||||
Current assets | 455,016,000 | |||
Property, plant, and equipment, net | 3,432,144,000 | |||
Goodwill | 1,490,797,000 | $ 1,490,797,000 | 1,490,797,000 | |
Other long-term assets | 1,023,487,000 | |||
Current liabilities | 228,515,000 | |||
Net deferred income tax liabilities | 1,059,939,000 | |||
Other deferred credits | 279,379,000 | |||
Long-term debt, net | 1,470,126,000 | |||
Total purchase price | 3,363,485,000 | |||
Property, Plant and Equipment [Member] | ||||
Fair Value, Adjustment Disclosure [Abstract] | ||||
Assets | (1,334,932,000) | |||
Accumulated Depreciation [Member] | ||||
Fair Value, Adjustment Disclosure [Abstract] | ||||
Assets | (1,565,776,000) | |||
Goodwill [Member] | ||||
Fair Value, Adjustment Disclosure [Abstract] | ||||
Assets | 1,490,797,000 | |||
Intangible Assets [Member] | ||||
Fair Value, Adjustment Disclosure [Abstract] | ||||
Assets | 91,826,000 | |||
Regulatory Assets [Member] | ||||
Fair Value, Adjustment Disclosure [Abstract] | ||||
Assets | 250,409,000 | |||
Deferred Income Tax Liabilities [Member] | ||||
Fair Value, Adjustment Disclosure [Abstract] | ||||
Liabilities | 126,853,000 | |||
Other Deferred Credits [Member] | ||||
Fair Value, Adjustment Disclosure [Abstract] | ||||
Liabilities | 21,175,000 | |||
Long-term Debt [Member] | ||||
Fair Value, Adjustment Disclosure [Abstract] | ||||
Liabilities | $ 198,599,000 | |||
Merger Commitments, rate credits [Member] | Louisiana Public Service Commission [Member] | ||||
Business Acquisition [Line Items] | ||||
Merger Commitments | $ 136,000,000 | |||
Merger Commitments, economic development contribution [Member] | Louisiana Public Service Commission [Member] | ||||
Business Acquisition [Line Items] | ||||
Merger Commitments | 7,000,000 | |||
Merger Commitments, charitable contribution, disbursed over 5 years [Member] | Louisiana Public Service Commission [Member] | ||||
Business Acquisition [Line Items] | ||||
Merger Commitments | 6,000,000 | |||
Merger Commitments, economic development contribution, disbursed over 5 years [Member] | Louisiana Public Service Commission [Member] | ||||
Business Acquisition [Line Items] | ||||
Merger Commitments | 2,500,000 | |||
Merger Commitments, cost savings [Member] | Louisiana Public Service Commission [Member] | ||||
Business Acquisition [Line Items] | ||||
Merger Commitments | 1,200,000 | |||
Restricted Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Remaining LTIP equity awards | 0 | |||
Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible asset expected useful life (in years) | 20 years | 20 years | ||
Cleco Holdings [Member] | ||||
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 Holdings [Member] | Cash Paid to Cleco shareholders [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase Price Consideration, Cash Paid | 3,350,000,000 | |||
Cleco Holdings [Member] | Cash Paid for Cleco LTIP equity awards [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase Price Consideration, Cash Paid | $ 9,500,000 | |||
Cleco Power [Member] | ||||
Business Acquisition [Line Items] | ||||
Accumulated Depreciation | $ 1,618,241,000 | $ 1,712,590,000 | ||
Cleco Power [Member] | Merger Commitments, rate credits [Member] | Louisiana Public Service Commission [Member] | ||||
Business Acquisition [Line Items] | ||||
Merger Commitments | 136,000,000 | |||
Cleco Power [Member] | Merger Commitments, economic development contribution [Member] | Louisiana Public Service Commission [Member] | ||||
Business Acquisition [Line Items] | ||||
Merger Commitments | 7,000,000 | |||
Cleco Power [Member] | Merger Commitments, charitable contribution, disbursed over 5 years [Member] | Louisiana Public Service Commission [Member] | ||||
Business Acquisition [Line Items] | ||||
Merger Commitments | 6,000,000 | |||
Cleco Power [Member] | Merger Commitments, economic development contribution, disbursed over 5 years [Member] | Louisiana Public Service Commission [Member] | ||||
Business Acquisition [Line Items] | ||||
Merger Commitments | 2,500,000 | |||
Cleco Power [Member] | Merger Commitments, cost savings [Member] | Louisiana Public Service Commission [Member] | ||||
Business Acquisition [Line Items] | ||||
Merger Commitments | $ 1,200,000 |
Regulatory Assets and Liabili61
Regulatory Assets and Liabilities, Summary of Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Feb. 01, 2016 | |
Regulatory Assets and Liabilities [Line Items] | |||
Total regulatory assets, net | $ 330,582 | $ 739,683 | |
2017 Tax Reform [Member] | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory liabilities | (348,600) | ||
Postretirement costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 21,375 | 23,362 | |
Financing costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 8,623 | 8,966 | |
Fair value of long-term debt | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 147,145 | 155,776 | |
Debt issuance cost | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 6,665 | 7,606 | |
Cleco Power [Member] | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 273,220 | 285,737 | |
Total regulatory assets, net | 146,774 | 543,973 | |
Cleco Power [Member] | 2017 Tax Reform [Member] | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory liabilities | (348,590) | 0 | |
Cleco Power [Member] | Total investment tax credit [Member] | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory liabilities | (372) | (1,002) | |
Cleco Power [Member] | Total federal regulatory asset - income taxes [Member] | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory liabilities | (64,205) | (635) | |
Cleco Power [Member] | Total state regulatory asset — income taxes | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 142,788 | 112,751 | |
Cleco Power [Member] | AFUDC | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 129,953 | 126,335 | |
Cleco Power [Member] | Total regulatory assets — deferred taxes, net | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 237,449 | ||
Regulatory liabilities | (140,426) | ||
Cleco Power [Member] | Mining costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 3,823 | 6,372 | |
Remaining Recovery Period of Regulatory Assets | 2 years 6 months | ||
Cleco Power [Member] | Interest costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 4,499 | 4,860 | |
Cleco Power [Member] | AROs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 2,762 | 2,096 | |
Cleco Power [Member] | Postretirement costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 142,764 | 145,268 | |
Cleco Power [Member] | Tree trimming costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 7,193 | 5,549 | |
Cleco Power [Member] | Training costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 6,552 | 6,708 | |
Remaining Recovery Period of Regulatory Assets | 43 years | ||
Cleco Power [Member] | Surcredits, net | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 2,173 | 5,876 | |
Cleco Power [Member] | AMI deferred revenue requirement | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 4,227 | 4,772 | |
Remaining Recovery Period of Regulatory Assets | 9 years | ||
Cleco Power [Member] | Emergency declarations | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 4,131 | 0 | |
Cleco Power [Member] | Production operations and maintenance expenses | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 8,625 | 13,999 | |
Cleco Power [Member] | AFUDC equity gross-up | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 71,205 | 70,423 | |
Cleco Power [Member] | Acquisition costs or Transaction costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 2,336 | 2,442 | |
Remaining Recovery Period of Regulatory Assets | 23 years | ||
Cleco Power [Member] | Acquisition costs or Transaction costs | Natural Gas Processing Plant [Member] | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 968 | 999 | |
Remaining Recovery Period of Regulatory Assets | 32 years 6 months | ||
Cleco Power [Member] | Financing costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 8,293 | 8,663 | |
Cleco Power [Member] | Biomass costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 0 | 18 | |
Remaining Recovery Period of Regulatory Assets | 6 months | ||
Cleco Power [Member] | MISO Integration Costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Remaining Recovery Period of Regulatory Assets | 1 year 6 months | ||
Cleco Power [Member] | MISO Integration Costs | Natural Gas Processing Plant [Member] | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 468 | 1,404 | |
Cleco Power [Member] | Corporate franchise tax | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | 153 | 1,308 | |
Cleco Power [Member] | MATS costs | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 2,564 | 4,270 | $ 7,100 |
Remaining Recovery Period of Regulatory Assets | 1 year 6 months | ||
Cleco Power [Member] | Other | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 484 | 710 | |
Cleco Power [Member] | Accumulated deferred fuel | |||
Regulatory Assets and Liabilities [Line Items] | |||
Regulatory assets | $ 13,980 | $ 20,787 |
Regulatory Assets and Liabili62
Regulatory Assets and Liabilities, Additional Disclosures (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017USD ($) | Nov. 30, 2017USD ($) | Dec. 31, 2016USD ($) | May 31, 2013USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2011USD ($)Locks | Oct. 31, 2016USD ($) | Feb. 01, 2016USD ($) | Apr. 30, 2013USD ($) | Feb. 28, 2011USD ($) | |
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Derecognized fair value adjustment and debt issuance costs related to debt redemption | $ 700 | |||||||||||
Financing costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Assets | $ 8,623 | $ 8,966 | 8,623 | $ 8,966 | ||||||||
Postretirement costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Assets | 21,375 | 23,362 | 21,375 | 23,362 | ||||||||
Cleco Power [Member] | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Assets | 273,220 | 285,737 | 273,220 | 285,737 | ||||||||
Increase (Decrease) in deferred fuel costs | $ (11,909) | 7,215 | $ (9,899) | |||||||||
Cleco Power [Member] | Treasury Lock [Member] | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Number of Interest Rate Derivatives Held | Locks | 2 | |||||||||||
Gain (Loss) on Sale of Derivatives | $ 26,800 | |||||||||||
Cleco Power [Member] | Interest Rate Swap [Member] | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Gain (Loss) on Sale of Derivatives | $ 3,300 | |||||||||||
Cleco Power [Member] | Mining costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Noncurrent Asset, Amortization Period | 11 years 6 months | |||||||||||
Regulatory Assets | 3,823 | 6,372 | $ 3,823 | 6,372 | ||||||||
Cleco Power [Member] | Financing costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Assets | 8,293 | 8,663 | $ 8,293 | 8,663 | ||||||||
Cleco Power [Member] | Financing costs | Treasury Lock [Member] | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Assets | $ 7,400 | |||||||||||
Cleco Power [Member] | Financing costs | Interest Rate Swap [Member] | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Assets | $ 2,900 | |||||||||||
Cleco Power [Member] | Postretirement costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Noncurrent Asset, Amortization Period | 10 years | |||||||||||
Regulatory Assets | 142,764 | 145,268 | $ 142,764 | 145,268 | ||||||||
Cleco Power [Member] | Tree trimming costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Noncurrent Asset, Amortization Period | 3 years 6 months | |||||||||||
Anticipated removal costs | $ 20,800 | |||||||||||
Maximum amount of costs approved to defer | $ 10,900 | |||||||||||
Regulatory Assets | 7,193 | 5,549 | 7,193 | 5,549 | ||||||||
Anticipated removal costs to be expensed | 4,000 | |||||||||||
Anticipated amount of removal costs to be deferred and recovered | $ 5,900 | |||||||||||
Cleco Power [Member] | Training costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Noncurrent Asset, Amortization Period | 50 years | |||||||||||
Regulatory Assets | 6,552 | 6,708 | $ 6,552 | 6,708 | ||||||||
Cleco Power [Member] | Surcredits, net | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Noncurrent Asset, Amortization Period | 4 years | |||||||||||
Withdrawal from restricted storm reserve | $ 4,000 | |||||||||||
Regulatory Assets | 2,173 | 5,876 | $ 2,173 | 5,876 | ||||||||
Cleco Power [Member] | AMI deferred revenue requirement | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Noncurrent Asset, Amortization Period | 11 years | |||||||||||
Regulatory Assets | 4,227 | 4,772 | $ 4,227 | 4,772 | ||||||||
Cleco Power [Member] | AMI deferred revenue requirement | Maximum [Member] | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Assets | $ 20,000 | |||||||||||
Cleco Power [Member] | Emergency declarations | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Noncurrent Asset, Amortization Period | 3 years | |||||||||||
Regulatory Assets | 4,131 | 0 | $ 4,131 | 0 | ||||||||
Cleco Power [Member] | Production O&M Expenses | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Noncurrent Asset, Amortization Period | 3 years | |||||||||||
Authorized Production Operations and Maintenance Deferral, Threshold | 45,000 | $ 45,000 | ||||||||||
Increase (Decrease) in Other Regulatory Assets | 400 | 7,300 | ||||||||||
Cleco Power [Member] | Production O&M Expenses | Maximum [Member] | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Assets | 23,000 | $ 23,000 | ||||||||||
Cleco Power [Member] | Acquisition costs or Transaction costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Noncurrent Asset, Amortization Period | 30 years | |||||||||||
Regulatory Assets | 2,336 | 2,442 | $ 2,336 | 2,442 | ||||||||
Cleco Power [Member] | Acquisition costs or Transaction costs | Natural Gas Processing Plant [Member] | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Noncurrent Asset, Amortization Period | 35 years | |||||||||||
Regulatory Assets | 968 | 999 | $ 968 | 999 | ||||||||
Cleco Power [Member] | Biomass Costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Noncurrent Asset, Amortization Period | 5 years | |||||||||||
Cleco Power [Member] | MISO Integration Costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Noncurrent Asset, Amortization Period | 4 years | |||||||||||
Cleco Power [Member] | MISO Integration Costs | Natural Gas Processing Plant [Member] | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Assets | 468 | 1,404 | $ 468 | 1,404 | ||||||||
Cleco Power [Member] | Corporate franchise tax | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Noncurrent Asset, Amortization Period | 12 months | |||||||||||
Regulatory Assets | 153 | 1,308 | $ 153 | 1,308 | ||||||||
Net retail portion of franchise taxes paid | $ 1,300 | 2,500 | ||||||||||
Cleco Power [Member] | MATS costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Noncurrent Asset, Amortization Period | 3 years | |||||||||||
Regulatory Assets | 2,564 | 4,270 | $ 2,564 | 4,270 | $ 7,100 | |||||||
Cleco Power [Member] | Other | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Noncurrent Asset, Amortization Period | 3 years | |||||||||||
Insurance Recoveries | $ 900 | |||||||||||
Regulatory Assets | 484 | 710 | 484 | 710 | ||||||||
Cleco Power [Member] | Accumulated deferred fuel | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Regulatory Assets | 13,980 | 20,787 | $ 13,980 | 20,787 | ||||||||
Percentage of total fuel cost regulated by the LPSC (in hundredths) | 76.00% | |||||||||||
Increase (Decrease) in deferred fuel costs | $ (6,800) | |||||||||||
Cleco Power [Member] | Deferred Fuel Costs, surcharge adjustment, environmental expenses, and timing of collections | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Increase (Decrease) in deferred fuel costs | 16,000 | |||||||||||
Cleco Power [Member] | Deferred Fuel Costs, Fuel Surcharges | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Increase (Decrease) in deferred fuel costs | 5,700 | |||||||||||
Cleco Power [Member] | Deferred Fuel Costs, Mark-to-Market Value on FTRs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Increase (Decrease) in deferred fuel costs | 3,500 | |||||||||||
Cleco Power [Member] | Approved removal costs deferral | Tree trimming costs | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Maximum amount of costs approved to expend and defer | $ 8,000 | |||||||||||
2017 Tax Reform [Member] | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Amount recovered above the actual PPA capacity costs | 348,600 | 348,600 | ||||||||||
2017 Tax Reform [Member] | Cleco Power [Member] | ||||||||||||
Regulatory Assets and Liabilities [Line Items] | ||||||||||||
Amount recovered above the actual PPA capacity costs | $ 348,590 | $ 0 | $ 348,590 | $ 0 |
Jointly Owned Generation Unit63
Jointly Owned Generation Units (Details) | Dec. 31, 2017USD ($)MW | Apr. 13, 2016USD ($) |
Jointly Owned Utility Plant Interests [Line Items] | ||
Utility plant in service | $ 257,285,000 | |
Accumulated depreciation | 18,205,000 | |
Construction work in progress | 5,093,000 | |
Rodemacher Unit #2 [Member] | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Utility plant in service | 72,129,000 | |
Accumulated depreciation | 3,111,000 | |
Construction work in progress | $ 436,000 | |
Ownership interest percentage (in hundredths) | 30.00% | |
Jointly Owned Utility Plant, Nameplate Capacity of Generation Unit | MW | 523 | |
Ownership interest (MW) | MW | 157 | |
Dolet Hills [Member] | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Utility plant in service | $ 185,156,000 | |
Accumulated depreciation | 15,094,000 | |
Construction work in progress | $ 4,657,000 | |
Ownership interest percentage (in hundredths) | 50.00% | |
Jointly Owned Utility Plant, Nameplate Capacity of Generation Unit | MW | 650 | |
Ownership interest (MW) | MW | 325 | |
Successor [Member] | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Accumulated depreciation | $ 0 | |
Cleco Power [Member] | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Utility plant in service | $ 548,962,000 | |
Accumulated depreciation | 309,881,000 | |
Construction work in progress | 5,093,000 | |
Cleco Power [Member] | Rodemacher Unit #2 [Member] | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Utility plant in service | 146,309,000 | |
Accumulated depreciation | 77,291,000 | |
Construction work in progress | $ 436,000 | |
Ownership interest percentage (in hundredths) | 30.00% | |
Jointly Owned Utility Plant, Nameplate Capacity of Generation Unit | MW | 523 | |
Ownership interest (MW) | MW | 157 | |
Cleco Power [Member] | Dolet Hills [Member] | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Utility plant in service | $ 402,653,000 | |
Accumulated depreciation | 232,590,000 | |
Construction work in progress | $ 4,657,000 | |
Ownership interest percentage (in hundredths) | 50.00% | |
Jointly Owned Utility Plant, Nameplate Capacity of Generation Unit | MW | 650 | |
Ownership interest (MW) | MW | 325 |
Fair Value Accounting, Carrying
Fair Value Accounting, Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial instruments not marked-to-market [Abstract] | ||
Deferred debt issuance costs not included in the carrying value of long-term debt | $ 11,600 | $ 11,700 |
Estimated Fair Value [Member] | ||
Financial instruments not marked-to-market [Abstract] | ||
Long-term debt | 2,921,325 | 2,754,518 |
Carrying Value [Member] | ||
Financial instruments not marked-to-market [Abstract] | ||
Long-term debt | 2,866,955 | 2,768,149 |
Cleco Power [Member] | ||
Financial instruments not marked-to-market [Abstract] | ||
Deferred debt issuance costs not included in the carrying value of long-term debt | 9,141 | 9,421 |
Cleco Power [Member] | Estimated Fair Value [Member] | ||
Financial instruments not marked-to-market [Abstract] | ||
Long-term debt | 1,535,234 | 1,418,693 |
Cleco Power [Member] | Carrying Value [Member] | ||
Financial instruments not marked-to-market [Abstract] | ||
Long-term debt | $ 1,369,810 | $ 1,262,373 |
Fair Value Accounting, Fair Val
Fair Value Accounting, Fair Value Measurements and Disclosures (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 12, 2016USD ($) | Dec. 31, 2016USD ($)$ / MW | Dec. 31, 2017USD ($)$ / MW | Dec. 31, 2016USD ($)$ / MW | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
FTR Forward Price - per MWh, Low | $ / MW | (3.61) | (2.95) | (3.61) | |
FTR Forward Price - per MWh, High | $ / MW | 6.04 | 6.33 | 6.04 | |
Fair Value, Concentration of Risk, Amount of Money Market Funds in Cash and Cash Equivalents | $ 20,000,000 | $ 111,100,000 | $ 20,000,000 | |
Fair Value, Assets and Liabilities, Transfers between Levels, Amount | $ 0 | $ 0 | $ 0 | |
Cleco Power [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
FTR Forward Price - per MWh, Low | $ / MW | (3.61) | (2.95) | (3.61) | |
FTR Forward Price - per MWh, High | $ / MW | 6.04 | 6.33 | 6.04 | |
Fair Value, Concentration of Risk, Amount of Money Market Funds in Cash and Cash Equivalents | $ 18,700,000 | $ 62,500,000 | $ 18,700,000 | |
FTRs [Member] | Cleco Power [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | $ 7,398,000 | 7,683,000 | 7,398,000 | |
Unrealized gains (losses) | (1,392,000) | 2,088,000 | ||
Purchases | 23,941,000 | 14,966,000 | ||
Settlements | (23,188,000) | (16,769,000) | ||
Ending balance | 7,683,000 | 7,044,000 | 7,683,000 | |
Measured On A Recurring Basis [Member] | ||||
Asset Description | ||||
Institutional money market funds | 66,410,000 | 144,302,000 | 66,410,000 | |
FTR assets | 7,884,000 | 7,396,000 | 7,884,000 | |
Total Assets | 74,294,000 | 151,698,000 | 74,294,000 | |
Liability Description | ||||
FTR liabilities | 201,000 | 352,000 | 201,000 | |
Total Liabilities | 201,000 | 352,000 | 201,000 | |
Measured On A Recurring Basis [Member] | Cleco Power [Member] | ||||
Asset Description | ||||
Institutional money market funds | 65,089,000 | 95,681,000 | 65,089,000 | |
FTR assets | 7,884,000 | 7,396,000 | 7,884,000 | |
Total Assets | 72,973,000 | 103,077,000 | 72,973,000 | |
Liability Description | ||||
FTR liabilities | 201,000 | 352,000 | 201,000 | |
Total Liabilities | 201,000 | 352,000 | 201,000 | |
Measured On A Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Asset Description | ||||
Institutional money market funds | 0 | 0 | 0 | |
FTR assets | 0 | 0 | 0 | |
Total Assets | 0 | 0 | 0 | |
Liability Description | ||||
FTR liabilities | 0 | 0 | 0 | |
Total Liabilities | 0 | 0 | 0 | |
Measured On A Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cleco Power [Member] | ||||
Asset Description | ||||
Institutional money market funds | 0 | 0 | 0 | |
FTR assets | 0 | 0 | 0 | |
Total Assets | 0 | 0 | 0 | |
Liability Description | ||||
FTR liabilities | 0 | 0 | 0 | |
Total Liabilities | 0 | 0 | 0 | |
Measured On A Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Asset Description | ||||
Institutional money market funds | 66,410,000 | 144,302,000 | 66,410,000 | |
FTR assets | 0 | 0 | 0 | |
Total Assets | 66,410,000 | 144,302,000 | 66,410,000 | |
Liability Description | ||||
FTR liabilities | 0 | 0 | 0 | |
Total Liabilities | 0 | 0 | 0 | |
Measured On A Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Cleco Power [Member] | ||||
Asset Description | ||||
Institutional money market funds | 65,089,000 | 95,681,000 | 65,089,000 | |
FTR assets | 0 | 0 | 0 | |
Total Assets | 65,089,000 | 95,681,000 | 65,089,000 | |
Liability Description | ||||
FTR liabilities | 0 | 0 | 0 | |
Total Liabilities | 0 | 0 | 0 | |
Measured On A Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Asset Description | ||||
Institutional money market funds | 0 | 0 | 0 | |
FTR assets | 7,884,000 | 7,396,000 | 7,884,000 | |
Total Assets | 7,884,000 | 7,396,000 | 7,884,000 | |
Liability Description | ||||
FTR liabilities | 201,000 | 352,000 | 201,000 | |
Total Liabilities | 201,000 | 352,000 | 201,000 | |
Measured On A Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Cleco Power [Member] | ||||
Asset Description | ||||
Institutional money market funds | 0 | 0 | 0 | |
FTR assets | 7,884,000 | 7,396,000 | 7,884,000 | |
Total Assets | 7,884,000 | 7,396,000 | 7,884,000 | |
Liability Description | ||||
FTR liabilities | 201,000 | 352,000 | 201,000 | |
Total Liabilities | 201,000 | 352,000 | 201,000 | |
Restricted Cash and Cash Equivalents, Current [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Concentration of Risk, Amount of Money Market Funds in Institutional Money Market Funds | 23,100,000 | 13,100,000 | 23,100,000 | |
Restricted Cash and Cash Equivalents, Current [Member] | Cleco Power [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Concentration of Risk, Amount of Money Market Funds in Institutional Money Market Funds | 23,100,000 | 13,100,000 | 23,100,000 | |
Restricted Cash and Cash Equivalents, Noncurrent [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Concentration of Risk, Amount of Money Market Funds in Institutional Money Market Funds | 23,300,000 | 20,100,000 | 23,300,000 | |
Restricted Cash and Cash Equivalents, Noncurrent [Member] | Cleco Power [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Concentration of Risk, Amount of Money Market Funds in Institutional Money Market Funds | 23,300,000 | 20,100,000 | 23,300,000 | |
Successor [Member] | FTRs [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | 3,458,000 | 7,683,000 | ||
Unrealized gains (losses) | 3,119,000 | (1,392,000) | ||
Purchases | 12,896,000 | 23,941,000 | ||
Settlements | (11,790,000) | (23,188,000) | ||
Ending balance | 3,458,000 | 7,683,000 | $ 7,044,000 | 7,683,000 |
Predecessor [Member] | FTRs [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | 7,398,000 | $ 3,458,000 | $ 7,398,000 | |
Unrealized gains (losses) | (1,031,000) | |||
Purchases | 2,070,000 | |||
Settlements | (4,979,000) | |||
Ending balance | $ 3,458,000 |
Fair Value Accounting, Commodit
Fair Value Accounting, Commodity Contracts (Details) $ in Thousands, MWh in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Apr. 12, 2016USD ($) | Dec. 31, 2016USD ($)MWhMMBTU | Dec. 31, 2017USD ($)MWhMMBTU | Dec. 31, 2016USD ($)MWhMMBTU | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | ||||||
FTRs, at Fair Value, Net [Abstract] | ||||||
Commodity-related contracts, net | $ 7,683 | $ 7,044 | $ 7,683 | |||
Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Cleco Power [Member] | ||||||
FTRs [Abstract] | ||||||
Net gain (loss) on FTRs recognized in income | 18,164 | 18,776 | $ 23,085 | |||
Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Accumulated deferred fuel [Member] | Cleco Power [Member] | ||||||
FTRs [Abstract] | ||||||
Derivative, Unrealized Gain (Loss) On Derivative, Net | 1,400 | 2,100 | (1,500) | |||
Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Energy risk management asset [Member] | ||||||
FTRs, at Fair Value, Net [Abstract] | ||||||
FTRs in Energy risk management assets | 7,884 | 7,396 | 7,884 | |||
Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Energy risk management asset [Member] | Cleco Power [Member] | ||||||
FTRs, at Fair Value, Net [Abstract] | ||||||
FTRs in Energy risk management assets | 7,884 | 7,396 | 7,884 | |||
Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Energy risk management liabilities [Member] | ||||||
FTRs, at Fair Value, Net [Abstract] | ||||||
FTRs in Energy risk management liabilities | 201 | 352 | 201 | |||
Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Energy risk management liabilities [Member] | Cleco Power [Member] | ||||||
FTRs, at Fair Value, Net [Abstract] | ||||||
FTRs in Energy risk management liabilities | $ 201 | 352 | 201 | |||
Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Power purchased for utility customers [Member] | Cleco Power [Member] | ||||||
FTRs [Abstract] | ||||||
Loss on FTRs recognized in income | (26,017) | (20,702) | (27,509) | |||
Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Electric operations [Member] | Cleco Power [Member] | ||||||
FTRs [Abstract] | ||||||
Gain on FTRs recognized in income | $ 44,181 | $ 39,478 | 50,594 | |||
ERROR in label resolution. | Cleco Power [Member] | ||||||
FTRs [Abstract] | ||||||
Number of open natural gas positions | MMBTU | 0 | 0 | 0 | |||
Cleco Power [Member] | ||||||
FTRs [Abstract] | ||||||
Number of FTRs Held (MWh) | MWh | 14.4 | 9 | 14.4 | |||
Predecessor [Member] | Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | ||||||
FTRs [Abstract] | ||||||
Net gain (loss) on FTRs recognized in income | $ 2,802 | 23,085 | ||||
Predecessor [Member] | Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Accumulated deferred fuel [Member] | ||||||
FTRs [Abstract] | ||||||
Derivative, Unrealized Gain (Loss) On Derivative, Net | 1,000 | $ (1,500) | ||||
Predecessor [Member] | Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Power purchased for utility customers [Member] | ||||||
FTRs [Abstract] | ||||||
Loss on FTRs recognized in income | (5,761) | (27,509) | ||||
Predecessor [Member] | Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Electric operations [Member] | ||||||
FTRs [Abstract] | ||||||
Gain on FTRs recognized in income | $ 8,563 | $ 50,594 | ||||
Successor [Member] | Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | ||||||
FTRs [Abstract] | ||||||
Net gain (loss) on FTRs recognized in income | $ 15,974 | $ 18,164 | ||||
Successor [Member] | Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Accumulated deferred fuel [Member] | ||||||
FTRs [Abstract] | ||||||
Derivative, Unrealized Gain (Loss) On Derivative, Net | (3,100) | 1,400 | ||||
Successor [Member] | Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Power purchased for utility customers [Member] | ||||||
FTRs [Abstract] | ||||||
Loss on FTRs recognized in income | (14,941) | (26,017) | ||||
Successor [Member] | Price Risk Derivative [Member] | Derivatives Not Designated as Hedging Instrument [Member] | Electric operations [Member] | ||||||
FTRs [Abstract] | ||||||
Gain on FTRs recognized in income | $ 30,915 | $ 44,181 |
Debt, Total Indebtedness (Detai
Debt, Total Indebtedness (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
2,017 | $ 19,193,000 | |
Unamortized Debt Issuance Costs | (11,600,000) | $ (11,700,000) |
Long-term debt, net | 2,836,105,000 | 2,738,571,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 20,571,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 11,055,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 300,000,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 25,000,000 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 2,350,000,000 | |
Cleco Holdings [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 0 | |
Long-term Line of Credit | 0 | |
Unamortized Debt Issuance Costs | (2,516,000) | (2,261,000) |
Long Term Debt. Reconciliation, Fair Value Adjustment | 147,146,000 | 155,776,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 300,000,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,050,000,000 | |
Cleco Holdings [Member] | Cleco Holdings' senior notes, 3.250%, due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 165,000,000 | 165,000,000 |
Cleco Holdings [Member] | Cleco Holdings' senior notes, 3.743%, due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 535,000,000 | 535,000,000 |
Cleco Holdings [Member] | Cleco Holdings' senior notes, 4.973%, due 2046 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 350,000,000 | 350,000,000 |
Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 19,193,000 | |
Unsecured Debt | 1,375,819,000 | 1,268,715,000 |
Long-term Line of Credit | 0 | |
Capital Lease Obligations | 0 | 1,819,000 |
Long-term Debt, Gross | 1,375,819,000 | 1,270,534,000 |
Less: Long-term Debt due within one year | 19,193,000 | 17,896,000 |
Capital Lease Obligations, Current | 0 | 1,819,000 |
Unamortized Debt Discount | (6,010,000) | (6,342,000) |
Unamortized Debt Issuance Costs | (9,141,000) | (9,421,000) |
Long-term debt, net | 1,341,475,000 | 1,235,056,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 20,571,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 11,055,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 25,000,000 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,300,000,000 | |
Cleco Power [Member] | Cleco Power's senior notes, 2.94%, due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 25,000,000 | 0 |
Cleco Power [Member] | Cleco Power's senior notes, 3.08%, due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 100,000,000 | 0 |
Cleco Power [Member] | Cleco Power's senior notes, 3.68%, due 2025 [Member] [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 75,000,000 | 75,000,000 |
Cleco Power [Member] | Cleco Power's senior notes, 3.47%, due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 130,000,000 | 130,000,000 |
Cleco Power [Member] | Cleco Powers Senior Notes 4.33% due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 50,000,000 | 50,000,000 |
Cleco Power [Member] | Cleco Power's senior notes, 3.57%, due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 200,000,000 | 200,000,000 |
Cleco Power [Member] | Cleco Power's senior notes, 6.50%, due 2035 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 295,000,000 | 295,000,000 |
Cleco Power [Member] | Cleco Power's senior notes, 6.00%, due 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 250,000,000 | 250,000,000 |
Cleco Power [Member] | Cleco Power's senior notes 5.12% due 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 100,000,000 | 100,000,000 |
Cleco Power [Member] | Series A GO Zone bonds, 2.00%, due 2038, mandatory tender in 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 50,000,000 | 50,000,000 |
Cleco Power [Member] | Series B GO Zone bonds, 4.25%, due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 50,000,000 | 50,000,000 |
Cleco Power [Member] | Cleco Katrina/Rita's storm recovery bonds, 4.41%, due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 0 | 1,115,000 |
Cleco Power [Member] | Cleco Katrina/Rita's storm recovery bonds, 5.61%, due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | $ 50,819,000 | $ 67,600,000 |
Debt, Principal amounts payable
Debt, Principal amounts payable under long-term debt agreement(Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
2,017 | $ 19,193,000 | |
2,018 | 20,571,000 | |
2,019 | 11,055,000 | |
2,020 | 300,000,000 | |
2,021 | 25,000,000 | |
Thereafter | 2,350,000,000 | |
Debt Instrument, Fee Amount | 11,600,000 | $ 11,700,000 |
Long-term debt, net | 2,836,105,000 | 2,738,571,000 |
Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 1,375,819,000 | 1,268,715,000 |
2,017 | 19,193,000 | |
2,018 | 20,571,000 | |
2,019 | 11,055,000 | |
2,020 | 0 | |
2,021 | 25,000,000 | |
Thereafter | 1,300,000,000 | |
Long-term Line of Credit | 0 | |
Capital Lease Obligations | 0 | 1,819,000 |
Long-term Debt, Gross | 1,375,819,000 | 1,270,534,000 |
Long-term Debt, Current Maturities | 19,193,000 | 17,896,000 |
Capital Lease Obligations, Current | 0 | 1,819,000 |
Debt Instrument, Unamortized Discount | 6,010,000 | 6,342,000 |
Debt Instrument, Fee Amount | 9,141,000 | 9,421,000 |
Long-term debt, net | 1,341,475,000 | 1,235,056,000 |
Cleco Holdings [Member] | ||
Debt Instrument [Line Items] | ||
Long Term Debt. Reconciliation, Fair Value Adjustment | 147,146,000 | 155,776,000 |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 300,000,000 | |
2,021 | 0 | |
Thereafter | 1,050,000,000 | |
Long-term Line of Credit | 0 | |
Debt Instrument, Fee Amount | 2,516,000 | 2,261,000 |
Cleco Power's senior notes, 2.94%, due 2022 [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 25,000,000 | 0 |
Cleco Power's senior notes, 3.68%, due 2025 [Member] [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 75,000,000 | 75,000,000 |
Cleco Corporate Holdings debt, variable rate, due 2021 [Member] | Cleco Holdings [Member] | ||
Debt Instrument [Line Items] | ||
Loans Payable to Bank | 300,000,000 | 300,000,000 |
Cleco Power's senior notes, 3.08%, due 2023 [Member] | Cleco Power [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | $ 100,000,000 | $ 0 |
Debt, Capital Lease Agreements
Debt, Capital Lease Agreements (Details) $ in Millions | Dec. 31, 2016USD ($) |
Cleco Power [Member] | |
Debt Instrument [Line Items] | |
2,017 | $ 1.8 |
Debt, Additional Disclosures (D
Debt, Additional Disclosures (Details) - USD ($) | Apr. 28, 2017 | Mar. 01, 2017 | Apr. 12, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 28, 2018 | Dec. 18, 2017 | May 31, 2016 | Mar. 31, 2008 |
Debt [Line Items] | ||||||||||
Short-term debt outstanding | $ 0 | $ 0 | ||||||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 2,860,000,000 | |||||||||
Long-term Debt and Capital Lease Obligations, Current | 19,193,000 | 19,715,000 | ||||||||
Debt Instrument, Fee Amount | 11,600,000 | 11,700,000 | ||||||||
Cleco Holdings [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Short-term debt outstanding | 0 | 0 | ||||||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 1,340,000,000 | |||||||||
Long-term Debt and Capital Lease Obligations, Current | 0 | |||||||||
Debt Instrument, Fee Amount | 2,516,000 | 2,261,000 | ||||||||
Cleco Corporate Holdings debt, variable rate, due 2019 [Member] | Cleco Holdings [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 1,350,000,000 | |||||||||
Cleco Holdings' senior notes, 3.743%, due 2026 [Member] | Cleco Holdings [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Unsecured Debt | 535,000,000 | 535,000,000 | ||||||||
Debt Instrument, Face Amount | $ 535,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.743% | |||||||||
Debt Conversion, Original Debt, Interest Rate of Debt | 3.743% | |||||||||
Debt Conversion, Converted Instrument, Rate | 3.743% | |||||||||
Cleco Holdings' senior notes, 4.973%, due 2046 [Member] | Cleco Holdings [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Unsecured Debt | 350,000,000 | 350,000,000 | ||||||||
Debt Instrument, Face Amount | $ 350,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.973% | |||||||||
Debt Conversion, Original Debt, Interest Rate of Debt | 4.973% | |||||||||
Debt Conversion, Converted Instrument, Rate | 4.973% | |||||||||
Cleco Holdings' senior notes, 3.250%, due 2023 [Member] | Cleco Holdings [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Unsecured Debt | 165,000,000 | 165,000,000 | ||||||||
Cleco Power [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Short-term debt outstanding | 0 | 0 | ||||||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 1,360,000,000 | |||||||||
Long-term Debt and Capital Lease Obligations, Current | 19,193,000 | 19,715,000 | ||||||||
Long-term Debt, Current Maturities | 19,193,000 | 17,896,000 | ||||||||
Capital Lease Obligations | 0 | 1,819,000 | ||||||||
Capital lease payments/Current liabilities | 0 | 1,819,000 | ||||||||
Unsecured Debt | 1,375,819,000 | 1,268,715,000 | ||||||||
Debt Instrument, Face Amount | $ 175,000,000 | |||||||||
Debt Instrument, Fee Amount | 9,141,000 | 9,421,000 | ||||||||
Repayments of Long-term Debt | 17,896,000 | 326,814,000 | $ 100,824,000 | |||||||
Cleco Power [Member] | Cleco Katrina Rita Storm Recovery Bonds [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 180,600,000 | |||||||||
Cleco Power [Member] | Cleco Power's senior notes, 3.47%, due 2026 [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Unsecured Debt | 130,000,000 | 130,000,000 | ||||||||
Cleco Power [Member] | Cleco Power's senior notes, 3.57%, due 2028 [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Unsecured Debt | 200,000,000 | 200,000,000 | ||||||||
Cleco Power [Member] | 2008 Series A GO Zone bonds | ||||||||||
Debt [Line Items] | ||||||||||
Unsecured Debt | 50,000,000 | 50,000,000 | ||||||||
Cleco Power [Member] | Cleco Power's senior notes, 3.68%, due 2025 [Member] [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Unsecured Debt | $ 75,000,000 | $ 75,000,000 | ||||||||
Cleco Power [Member] | Cleco Katrina Rita's storm recovery bonds, 4.41%, due 2020 [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 113,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.41% | |||||||||
Repayments of Long-term Debt | $ 1,100,000 | |||||||||
Interest Paid | $ 100,000 | |||||||||
Cleco Power [Member] | Senior Notes, Series B, 3.08%, due 2023 [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 100,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.08% | |||||||||
Cleco Power [Member] | Senior Notes, Series A, 2.94%, due 2022 [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 25,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.94% | |||||||||
Subsequent Event [Member] | Cleco Power [Member] | Senior Notes, Series C, 3.17%, due 2024 [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 50,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.17% | |||||||||
Predecessor [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Repayments of Long-term Debt | $ 8,546,000 | 100,824,000 | ||||||||
Predecessor [Member] | Cleco Holdings [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Repayments of Long-term Debt | $ 0 | $ 0 |
Debt, Credit Facilities (Detail
Debt, Credit Facilities (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 400,000,000 |
Cleco Holdings [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | 100,000,000 |
Long-term Line of Credit | $ 0 |
Commitment fees (in hundredths) | 0.275% |
Cleco Holdings [Member] | Line of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Unrestricted member's equity | $ 721,500,000 |
Cleco Holdings [Member] | Line of Credit [Member] | Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Ratio of indebtedness to net capital (in hundredths) | 0.65 |
Cleco Holdings [Member] | Line of Credit [Member] | ABR [Member] | |
Line of Credit Facility [Line Items] | |
Credit facility, Basis Spread on Variable Rate (in hundredths) | 0.75% |
Cleco Holdings [Member] | Line of Credit [Member] | LIBOR [Member] | |
Line of Credit Facility [Line Items] | |
Credit facility, Basis Spread on Variable Rate (in hundredths) | 1.75% |
Cleco Power [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 300,000,000 |
Long-term Line of Credit | $ 0 |
Commitment fees (in hundredths) | 0.125% |
Cleco Power [Member] | Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Ratio of indebtedness to net capital (in hundredths) | 0.65 |
Cleco Power [Member] | Line of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Unrestricted member's equity | $ 888,900,000 |
Cleco Power [Member] | Line of Credit [Member] | Maximum [Member] | |
Line of Credit Facility [Line Items] | |
Ratio of indebtedness to net capital (in hundredths) | 0.65 |
Cleco Power [Member] | Line of Credit [Member] | ABR [Member] | |
Line of Credit Facility [Line Items] | |
Credit facility, Basis Spread on Variable Rate (in hundredths) | 0.125% |
Cleco Power [Member] | Line of Credit [Member] | LIBOR [Member] | |
Line of Credit Facility [Line Items] | |
Credit facility, Basis Spread on Variable Rate (in hundredths) | 1.125% |
Common Stock, Long-Term Incenti
Common Stock, Long-Term Incentive Compensation Plan (Details) | 12 Months Ended |
Dec. 31, 2015shares | |
2010 Long-Term Incentive Compensation Plan [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares of common stock granted and immediately vested under the 2010 LTIP (in shares) | 9,611 |
Common Stock, Long-Term Incen73
Common Stock, Long-Term Incentive Compensation Plan, Non-vested Stock and Common Stock Equivalent Units (Details) - Predecessor [Member] - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended |
Apr. 12, 2016 | Dec. 31, 2015 | |
Non-Vested Stock, Fair Value Assumptions [Abstract] | ||
Expected term (in years) | 3 years | |
Volatility of Cleco stock (in hundredths) | 15.80% | |
Correlation between Cleco stock volatility and peer group (in hundredths) | 63.10% | |
Expected dividend yield (in hundredths) | 2.90% | |
Weighted average fair value (Monte Carlo model) (in dollars per share) | $ 45.60 | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||
Fair value of shares of non-vested stock vested during period | $ 10.1 | $ 3.3 |
2010 Long-Term Incentive Compensation Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||
Non-vested shares of common stock granted during the year (in shares) | 0 |
Common Stock, Stock-Based Compe
Common Stock, Stock-Based Compensation (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2016 | Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Tax benefit | $ 1.2 | $ 2.4 | ||
Compensation expense, non-forfeitable dividends paid on non-vested stock not expected to vest and stock options | 0.1 | 0.1 | ||
Amount of stock based compensation capitalized in property, plant, and equipment | 0.6 | 0.8 | ||
Predecessor [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Merger expense due to accelerated vesting of LTIP shares | $ 2.3 | |||
Pre-tax compensation expense | $ 3.2 | 6.1 | ||
Cleco Power [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Tax benefit | $ 0.4 | 0.8 | ||
Amount of stock based compensation capitalized in property, plant, and equipment | 0.6 | 0.7 | ||
Cleco Power [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense | $ 1 | $ 2 |
Pension Plan and Employee Ben75
Pension Plan and Employee Benefits, Benefit Obligation, Plan Assets, and Funded Status (Details) - USD ($) $ in Thousands | Mar. 30, 2017 | Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2015 |
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated benefit obligation | $ 473,197 | $ 520,612 | |||
Change in plan assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 403,715 | ||||
Fair value of plan assets at end of year | 403,715 | 444,089 | |||
SERP Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated benefit obligation | 76,194 | 84,339 | |||
Change in benefit obligation [Roll Forward] | |||||
Curtailments | $ 3,600 | ||||
Special/contractual termination benefits | $ 300 | 3,200 | |||
Successor [Member] | Other Postretirement Benefits Plan [Member] | |||||
Change in benefit obligation [Roll Forward] | |||||
Benefit obligation at beginning of year | 42,707 | 44,136 | |||
Service cost | 1,112 | 1,446 | |||
Interest cost | 1,237 | 1,569 | |||
Plan Participants' Contributions | 758 | 1,149 | |||
Actuarial (gain) loss | 2,292 | 437 | |||
Expenses paid | 0 | 0 | |||
Benefits paid | (3,970) | (5,534) | |||
Benefit obligation at end of year | 42,707 | 44,136 | 43,203 | ||
Change in plan assets [Roll Forward] | |||||
Expenses paid | 0 | 0 | |||
Benefits paid | (3,970) | (5,534) | |||
Unfunded status | (44,136) | (43,203) | |||
Successor [Member] | Pension Plan [Member] | |||||
Change in benefit obligation [Roll Forward] | |||||
Benefit obligation at beginning of year | 499,724 | 512,785 | |||
Service cost | 6,909 | 9,039 | |||
Interest cost | 15,088 | 21,648 | |||
Plan Participants' Contributions | 0 | 0 | |||
Actuarial (gain) loss | 6,242 | 46,686 | |||
Expenses paid | (2,025) | (3,020) | |||
Benefits paid | (13,153) | (19,923) | |||
Benefit obligation at end of year | 499,724 | 512,785 | 567,215 | ||
Change in plan assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 398,515 | 403,715 | |||
Actual return on plan assets | 20,378 | 63,317 | |||
Expenses paid | (2,025) | (3,020) | |||
Benefits paid | (13,153) | (19,923) | |||
Fair value of plan assets at end of year | 398,515 | 403,715 | 444,089 | ||
Unfunded status | (109,070) | (123,126) | |||
Successor [Member] | SERP Benefits [Member] | |||||
Change in benefit obligation [Roll Forward] | |||||
Benefit obligation at beginning of year | 79,555 | 78,045 | |||
Service cost | 571 | 494 | |||
Interest cost | 2,275 | 3,239 | |||
Actuarial (gain) loss | 1,152 | 6,442 | |||
Benefits paid | (2,999) | (4,376) | |||
Plan Amendment | (2,509) | 180 | |||
Curtailments | 0 | 0 | |||
Special/contractual termination benefits | 0 | 315 | |||
Benefit obligation at end of year | 79,555 | 78,045 | 84,339 | ||
Change in plan assets [Roll Forward] | |||||
Benefits paid | (2,999) | $ (4,376) | |||
Predecessor [Member] | Other Postretirement Benefits Plan [Member] | |||||
Change in benefit obligation [Roll Forward] | |||||
Benefit obligation at beginning of year | 43,070 | 42,707 | |||
Service cost | 431 | $ 1,635 | |||
Interest cost | 476 | 1,607 | |||
Plan Participants' Contributions | 300 | ||||
Actuarial (gain) loss | 0 | ||||
Expenses paid | 0 | ||||
Benefits paid | (1,570) | ||||
Benefit obligation at end of year | 42,707 | 43,070 | |||
Change in plan assets [Roll Forward] | |||||
Expenses paid | 0 | ||||
Benefits paid | (1,570) | ||||
Unfunded status | (42,707) | ||||
Predecessor [Member] | Pension Plan [Member] | |||||
Change in benefit obligation [Roll Forward] | |||||
Benefit obligation at beginning of year | 480,062 | 499,724 | |||
Service cost | 2,563 | 10,419 | |||
Interest cost | 6,242 | 20,795 | |||
Plan Participants' Contributions | 0 | ||||
Actuarial (gain) loss | 16,857 | ||||
Expenses paid | (801) | ||||
Benefits paid | (5,199) | ||||
Benefit obligation at end of year | 499,724 | 480,062 | |||
Change in plan assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 383,532 | 398,515 | |||
Actual return on plan assets | 20,983 | ||||
Expenses paid | (801) | ||||
Benefits paid | (5,199) | ||||
Fair value of plan assets at end of year | 398,515 | 383,532 | |||
Unfunded status | (101,209) | ||||
Predecessor [Member] | SERP Benefits [Member] | |||||
Change in benefit obligation [Roll Forward] | |||||
Benefit obligation at beginning of year | 72,315 | $ 79,555 | |||
Service cost | 702 | 2,705 | |||
Interest cost | 900 | 3,056 | |||
Actuarial (gain) loss | 0 | ||||
Benefits paid | (1,186) | ||||
Plan Amendment | 0 | ||||
Curtailments | 3,602 | 0 | |||
Special/contractual termination benefits | 3,222 | 0 | |||
Benefit obligation at end of year | 79,555 | $ 72,315 | |||
Change in plan assets [Roll Forward] | |||||
Benefits paid | $ (1,186) |
Pension Plan and Employee Ben76
Pension Plan and Employee Benefits, Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | |
Other Postretirement Benefits Plan [Member] | |||
Amounts in accumulated other comprehensive income to be recognized in next fiscal year [Abstract] | |||
Future Net actuarial loss (gain) | $ (98) | ||
Future Prior service cost (credit) | 0 | ||
Amounts in accumulated other comprehensive income [Abstract] | |||
Net actuarial loss (gain) | $ 2,292 | 2,779 | |
Prior service cost (credit) | 0 | 0 | |
Pension Plan [Member] | |||
Amounts in accumulated other comprehensive income to be recognized in next fiscal year [Abstract] | |||
Future Net actuarial loss (gain) | 12,267 | ||
Future Prior service cost (credit) | (71) | ||
Amounts in accumulated other comprehensive income [Abstract] | |||
Net actuarial loss (gain) | 145,542 | 142,967 | |
Prior service cost (credit) | (274) | (203) | |
SERP Benefits [Member] | |||
Amounts in accumulated other comprehensive income to be recognized in next fiscal year [Abstract] | |||
Future Net actuarial loss (gain) | 2,358 | ||
Future Prior service cost (credit) | (160) | ||
Amounts in accumulated other comprehensive income [Abstract] | |||
Net actuarial loss (gain) | 20,999 | 25,336 | |
Prior service cost (credit) | (2,368) | (1,997) | |
Successor [Member] | Other Postretirement Benefits Plan [Member] | |||
Amounts recognized in other comprehensive income [Abstract] | |||
Net actuarial loss (gain) occurring during period | 2,292 | 437 | |
Net actuarial loss amortized during period | 0 | (50) | |
Prior service cost (credit) amortized during period | 0 | 0 | |
Successor [Member] | Pension Plan [Member] | |||
Amounts recognized in other comprehensive income [Abstract] | |||
Net actuarial loss (gain) occurring during period | (10,198) | 7,434 | |
Net actuarial loss amortized during period | 8,138 | 10,008 | |
Prior service cost (credit) amortized during period | (51) | (71) | |
Successor [Member] | SERP Benefits [Member] | |||
Amounts recognized in other comprehensive income [Abstract] | |||
Net actuarial loss (gain) occurring during period | (1,345) | 6,622 | |
Net actuarial loss amortized during period | 1,651 | 2,105 | |
Prior service cost (credit) amortized during period | $ (50) | $ (190) | |
Predecessor [Member] | Other Postretirement Benefits Plan [Member] | |||
Amounts recognized in other comprehensive income [Abstract] | |||
Net actuarial loss (gain) occurring during period | $ 0 | ||
Net actuarial loss amortized during period | 181 | ||
Prior service cost (credit) amortized during period | 34 | ||
Predecessor [Member] | Pension Plan [Member] | |||
Amounts recognized in other comprehensive income [Abstract] | |||
Net actuarial loss (gain) occurring during period | 16,056 | ||
Net actuarial loss amortized during period | 2,798 | ||
Prior service cost (credit) amortized during period | (20) | ||
Predecessor [Member] | SERP Benefits [Member] | |||
Amounts recognized in other comprehensive income [Abstract] | |||
Net actuarial loss (gain) occurring during period | 0 | ||
Net actuarial loss amortized during period | 574 | ||
Prior service cost (credit) amortized during period | $ 17 |
Pension Plan and Employee Ben77
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 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 29, 2017 | Apr. 13, 2016 |
Pension Plan [Member] | |||||||||||||
Weighted-average assumptions used to determine the benefit obligation | |||||||||||||
Discount rate (in hundredths) | 4.27% | 3.73% | 4.27% | 3.73% | 4.27% | ||||||||
Rate of compensation increase (in hundredths) | 3.03% | 2.98% | 3.03% | 2.98% | 3.03% | ||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||||
Expected return on plan assets (in hundredths) | 6.08% | 6.21% | |||||||||||
Other Postretirement Benefits Plan [Member] | |||||||||||||
Weighted-average assumptions used to determine the benefit obligation | |||||||||||||
Discount rate (in hundredths) | 3.81% | 3.47% | 3.81% | 3.47% | 3.81% | ||||||||
SERP Benefits [Member] | |||||||||||||
Components of net periodic pension and other benefits costs [Abstract] | |||||||||||||
Curtailments | $ 3,600 | ||||||||||||
Special/contractual termination benefits | $ 300 | $ 3,200 | |||||||||||
Weighted-average assumptions used to determine the benefit obligation | |||||||||||||
Discount rate (in hundredths) | 4.08% | 4.08% | 4.60% | 4.22% | 3.47% | 3.70% | 4.22% | 3.70% | 4.22% | 4.22% | 4.15% | ||
Rate of compensation increase (in hundredths) | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ||||||||
Subsequent Event [Member] | Pension Plan [Member] | |||||||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||||
Expected return on plan assets (in hundredths) | 5.86% | ||||||||||||
Increase (decrease) in expected pension costs | $ 1,800 | ||||||||||||
Successor [Member] | Pension Plan [Member] | |||||||||||||
Components of net periodic pension and other benefits costs [Abstract] | |||||||||||||
Service cost | $ 6,909 | $ 9,039 | |||||||||||
Interest cost | 15,088 | 21,648 | |||||||||||
Expected return on plan assets | (17,310) | (24,064) | |||||||||||
Prior period service (credit) cost | (51) | (71) | |||||||||||
Net loss | 8,138 | 10,008 | |||||||||||
Net periodic benefit cost | 12,774 | $ 16,560 | |||||||||||
Expected net periodic benefit cost, pension plan | $ 17,500 | ||||||||||||
Weighted-average assumptions used to determine the benefit obligation | |||||||||||||
Discount rate (in hundredths) | 4.21% | ||||||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||||
Discount rate (in hundredths) | 4.21% | 4.27% | |||||||||||
Rate of compensation increase (in hundredths) | 3.03% | 2.98% | |||||||||||
Successor [Member] | Other Postretirement Benefits Plan [Member] | |||||||||||||
Components of net periodic pension and other benefits costs [Abstract] | |||||||||||||
Service cost | $ 1,112 | $ 1,446 | |||||||||||
Interest cost | 1,237 | 1,569 | |||||||||||
Expected return on plan assets | 0 | 0 | |||||||||||
Prior period service (credit) cost | 0 | 0 | |||||||||||
Net loss | 0 | (50) | |||||||||||
Net periodic benefit cost | $ 2,349 | $ 2,965 | |||||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||||
Discount rate (in hundredths) | 4.08% | 3.81% | |||||||||||
Successor [Member] | SERP Benefits [Member] | |||||||||||||
Components of net periodic pension and other benefits costs [Abstract] | |||||||||||||
Service cost | $ 571 | $ 494 | |||||||||||
Interest cost | 2,275 | 3,239 | |||||||||||
Prior period service (credit) cost | (50) | (190) | |||||||||||
Net loss | 1,651 | 2,105 | |||||||||||
Net Periodic Benefit Cost, excluding Settlements and Curtailments | 4,447 | 5,648 | |||||||||||
Curtailments | 0 | 0 | |||||||||||
Special/contractual termination benefits | 0 | 315 | |||||||||||
Net periodic benefit cost | 4,447 | 5,963 | |||||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||||
Discount rate (in hundredths) | 4.22% | 3.47% | 4.15% | 4.08% | |||||||||
Rate of compensation increase (in hundredths) | 5.00% | 5.00% | 5.00% | 5.00% | |||||||||
Predecessor [Member] | Pension Plan [Member] | |||||||||||||
Components of net periodic pension and other benefits costs [Abstract] | |||||||||||||
Service cost | $ 2,563 | $ 10,419 | |||||||||||
Interest cost | 6,242 | 20,795 | |||||||||||
Expected return on plan assets | (6,812) | (23,382) | |||||||||||
Prior period service (credit) cost | (20) | (71) | |||||||||||
Net loss | 2,798 | 13,828 | |||||||||||
Net periodic benefit cost | 4,771 | $ 21,589 | |||||||||||
Expected net periodic benefit cost, pension plan | $ 15,900 | ||||||||||||
Weighted-average assumptions used to determine the benefit obligation | |||||||||||||
Discount rate (in hundredths) | 4.62% | ||||||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||||
Discount rate (in hundredths) | 4.62% | 4.21% | |||||||||||
Expected return on plan assets (in hundredths) | 6.21% | 6.15% | |||||||||||
Rate of compensation increase (in hundredths) | 3.03% | 3.082% | |||||||||||
Predecessor [Member] | Other Postretirement Benefits Plan [Member] | |||||||||||||
Components of net periodic pension and other benefits costs [Abstract] | |||||||||||||
Service cost | $ 431 | $ 1,635 | |||||||||||
Interest cost | 476 | 1,607 | |||||||||||
Expected return on plan assets | 0 | 0 | |||||||||||
Prior period service (credit) cost | 34 | 119 | |||||||||||
Net loss | 181 | 866 | |||||||||||
Net periodic benefit cost | $ 1,122 | $ 4,227 | |||||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||||
Discount rate (in hundredths) | 4.08% | 3.76% | |||||||||||
Predecessor [Member] | SERP Benefits [Member] | |||||||||||||
Components of net periodic pension and other benefits costs [Abstract] | |||||||||||||
Service cost | $ 702 | $ 2,705 | |||||||||||
Interest cost | 900 | 3,056 | |||||||||||
Prior period service (credit) cost | 17 | 54 | |||||||||||
Net loss | 574 | 2,973 | |||||||||||
Net Periodic Benefit Cost, excluding Settlements and Curtailments | 2,193 | 8,788 | |||||||||||
Curtailments | 3,602 | 0 | |||||||||||
Special/contractual termination benefits | 3,222 | 0 | |||||||||||
Net periodic benefit cost | $ 9,017 | $ 8,788 | |||||||||||
Weighted-average assumptions used to determine the net benefit cost | |||||||||||||
Discount rate (in hundredths) | 4.60% | 4.20% | |||||||||||
Rate of compensation increase (in hundredths) | 5.00% | 5.00% | |||||||||||
Cleco Power [Member] | Other Postretirement Benefits Plan [Member] | |||||||||||||
Components of net periodic pension and other benefits costs [Abstract] | |||||||||||||
Net periodic benefit cost | 3,300 | $ 3,500 | $ 3,600 | ||||||||||
Cleco Power [Member] | SERP Benefits [Member] | |||||||||||||
Components of net periodic pension and other benefits costs [Abstract] | |||||||||||||
Net periodic benefit cost | 1,300 | $ 1,400 | 2,200 | ||||||||||
Other Subsidiaries [Member] | Successor [Member] | Pension Plan [Member] | |||||||||||||
Components of net periodic pension and other benefits costs [Abstract] | |||||||||||||
Net periodic benefit cost | $ 1,300 | $ 1,800 | |||||||||||
Other Subsidiaries [Member] | Predecessor [Member] | Pension Plan [Member] | |||||||||||||
Components of net periodic pension and other benefits costs [Abstract] | |||||||||||||
Net periodic benefit cost | $ 500 | $ 2,100 |
Pension Plan and Employee Ben78
Pension Plan and Employee Benefits, Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Benefits Liability, Current | $ 4,061 | $ 3,854 |
Other Benefits Liability, Noncurrent | 39,142 | 40,196 |
SERP Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
SERP Liabilities, Current | 4,471 | 4,308 |
SERP Liabilities, Noncurrent | 79,868 | 73,738 |
Cleco Power [Member] | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Benefits Liability, Current | 3,525 | 3,345 |
Other Benefits Liability, Noncurrent | 34,033 | 34,892 |
Cleco Power [Member] | SERP Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
SERP Liabilities, Current | 929 | 885 |
SERP Liabilities, Noncurrent | $ 16,589 | $ 15,145 |
Pension Plan and Employee Ben79
Pension Plan and Employee Benefits, Fair Value of Pension Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 392,949 | $ 361,852 |
Investments Measured at Net Asset Value | 48,103 | 38,886 |
Interest Accrual | 3,037 | 2,977 |
Total net assets | 444,089 | 403,715 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4,825 | 6,817 |
Common Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 17,655 | 19,311 |
Obligations of Government, Government Agencies, and state and local governments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 50,852 | 47,543 |
Mutual funds, Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 58,617 | 52,663 |
Mutual funds, International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 36,970 | 31,191 |
Real estate funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 19,195 | 18,668 |
Corporate debt [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 204,835 | 185,659 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 113,242 | 103,165 |
Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 1 [Member] | Common Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 17,655 | 19,311 |
Level 1 [Member] | Obligations of Government, Government Agencies, and state and local governments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 1 [Member] | Mutual funds, Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 58,617 | 52,663 |
Level 1 [Member] | Mutual funds, International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 36,970 | 31,191 |
Level 1 [Member] | Real estate funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 1 [Member] | Corporate debt [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 260,512 | 240,019 |
Level 2 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4,825 | 6,817 |
Level 2 [Member] | Common Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 2 [Member] | Obligations of Government, Government Agencies, and state and local governments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 50,852 | 47,543 |
Level 2 [Member] | Mutual funds, Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 2 [Member] | Mutual funds, International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 2 [Member] | Real estate funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 2 [Member] | Corporate debt [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 204,835 | 185,659 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 19,195 | 18,668 |
Level 3 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 3 [Member] | Common Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 3 [Member] | Obligations of Government, Government Agencies, and state and local governments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 3 [Member] | Mutual funds, Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 3 [Member] | Mutual funds, International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Level 3 [Member] | Real estate funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 19,195 | 18,668 |
Level 3 [Member] | Corporate debt [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 0 | $ 0 |
Pension Plan and Employee Ben80
Pension Plan and Employee Benefits, Unobservable Input Reconciliation (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Apr. 12, 2016 | Dec. 31, 2016 | 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 year | $ 403,715 | ||
Fair value of plan assets at end of year | $ 403,715 | 444,089 | |
Predecessor [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation[Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 383,532 | ||
Fair value of plan assets at end of year | 398,515 | ||
Predecessor [Member] | Real estate funds [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation[Roll Forward] | |||
Fair value of plan assets at beginning of year | 17,890 | ||
Realized gains (losses) | 71 | ||
Unrealized gains (losses) | 89 | ||
Purchases | 26 | ||
Sales | (205) | ||
Fair value of plan assets at end of year | 17,871 | ||
Successor [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation[Roll Forward] | |||
Fair value of plan assets at beginning of year | 403,715 | ||
Fair value of plan assets at end of year | $ 398,515 | 403,715 | 444,089 |
Successor [Member] | Real estate funds [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation[Roll Forward] | |||
Fair value of plan assets at beginning of year | 17,871 | 18,668 | |
Realized gains (losses) | 151 | (2,365) | |
Unrealized gains (losses) | 227 | 2,674 | |
Purchases | 570 | 649 | |
Sales | (151) | (431) | |
Fair value of plan assets at end of year | $ 18,668 | $ 19,195 |
Pension Plan and Employee Ben81
Pension Plan and Employee Benefits, Pension Plan Investment Objectives (Details) - Pension Plan [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Maximum notional value of derivative positions of the total pension fund's value | 20.00% |
Return Seeking [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations | 40.00% |
Domestic equity [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations | 17.00% |
International equity [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations | 19.00% |
Real estate funds [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations | 4.00% |
Liability Hedging [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations | 60.00% |
Minimum [Member] | Return Seeking [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations | 35.00% |
Minimum [Member] | Liability Hedging [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations | 55.00% |
Maximum [Member] | Return Seeking [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations | 45.00% |
Maximum [Member] | Liability Hedging [Member] | |
Investment asset allocation target percentage of total plan assets [Abstract] | |
Target plan allocations | 65.00% |
Pension Plan and Employee Ben82
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, 2017 | Dec. 31, 2015 | |
Successor [Member] | ||||
401(k) Plan [Abstract] | ||||
401 (k) Plan expense | $ 3,554 | $ 5,386 | ||
Predecessor [Member] | ||||
401(k) Plan [Abstract] | ||||
401 (k) Plan expense | $ 1,593 | $ 5,029 | ||
Other Subsidiaries [Member] | Successor [Member] | ||||
401(k) Plan [Abstract] | ||||
401 (k) Plan expense | $ 554 | $ 888 | ||
Other Subsidiaries [Member] | Predecessor [Member] | ||||
401(k) Plan [Abstract] | ||||
401 (k) Plan expense | $ 319 | $ 944 |
Pension Plan and Employee Ben83
Pension Plan and Employee Benefits, Additional Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
SERP Benefits [Member] | ||
Projected benefit payments [Abstract] | ||
2,018 | $ 4,553 | |
2,019 | 4,585 | |
2,020 | 4,665 | |
2,021 | 4,672 | |
2,022 | 4,645 | |
Next five years | $ 23,830 | |
Other Postretirement Benefits Plan [Member] | ||
Impact of future Medicare subsidies on the components of other benefit costs [Abstract] | ||
Assumed health care cost trend rates for next fiscal year(in hundredths) | 5.00% | 5.00% |
Ultimate health care trend rate (in hundredths) | 5.00% | |
Effect of one-percentage point change in assumed health care cost trend rates [Abstract] | ||
Effect of one-percentage point increase on total of service and interest cost components | $ 16 | |
Effect of one-percentage point decrease on total of service and interest cost components | (18) | |
Effect of one-percentage point increase on postretirement benefit obligation | 199 | |
Effect of one-percentage point decrease on postretirement benefit obligation | (222) | |
Projected benefit payments [Abstract] | ||
2,018 | 4,131 | |
2,019 | 4,077 | |
2,020 | 3,979 | |
2,021 | 3,894 | |
2,022 | 3,801 | |
Next five years | 16,842 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Estimated pension contributions required through 2022 | $ 8,300 | |
Actual return on plan assets (in hundredths) | 16.32% | 10.90% |
Expected return on plan assets (in hundredths) | 6.08% | 6.21% |
Projected benefit payments [Abstract] | ||
2,018 | $ 21,655 | |
2,019 | 22,795 | |
2,020 | 23,948 | |
2,021 | 25,041 | |
2,022 | 26,189 | |
Next five years | $ 147,475 |
Income Taxes, Effective Tax Rat
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Successor [Member] | |||||
Income tax reconciliation [Abstract] | |||||
Income before tax | $ (46,935) | $ 145,159 | |||
Statutory rate (in hundredths) | 35.00% | 35.00% | |||
Tax at federal statutory rate | $ (16,427) | $ 50,806 | |||
Increase (decrease): | |||||
Plant differences, including AFUDC flowthrough | (881) | 743 | |||
Amortization of investment tax credits | (371) | (662) | |||
State income taxes | (4,725) | 4,254 | |||
Nondeductible merger costs | (844) | 2 | |||
Return to accrual adjustment | (2,943) | (608) | |||
2017 tax reform | 0 | (46,291) | |||
NMTC | (181) | 313 | |||
Other | 3,550 | (1,478) | |||
Total taxes | $ (22,822) | $ 7,079 | |||
Effective Rate (in hundredths) | 48.60% | 4.90% | |||
Predecessor [Member] | |||||
Income tax reconciliation [Abstract] | |||||
Income before tax | $ (492) | $ 211,373 | |||
Statutory rate (in hundredths) | 35.00% | 35.00% | |||
Tax at federal statutory rate | $ (172) | $ 73,981 | |||
Increase (decrease): | |||||
Plant differences, including AFUDC flowthrough | 823 | 1,875 | |||
Amortization of investment tax credits | (124) | (916) | |||
State income taxes | (3,078) | 1,117 | |||
Nondeductible merger costs | 4,282 | 0 | |||
Return to accrual adjustment | 0 | 0 | |||
2017 tax reform | 0 | 0 | |||
NMTC | (158) | 243 | |||
Other | 1,895 | 1,404 | |||
Total taxes | $ 3,468 | $ 77,704 | |||
Effective Rate (in hundredths) | (704.90%) | 36.80% | |||
Cleco Power [Member] | |||||
Income tax reconciliation [Abstract] | |||||
Income before tax | $ 218,069 | $ 57,497 | $ 220,644 | ||
Statutory rate (in hundredths) | 35.00% | 35.00% | 35.00% | ||
Tax at federal statutory rate | $ 76,324 | $ 20,124 | $ 77,225 | ||
Increase (decrease): | |||||
Plant differences, including AFUDC flowthrough | 743 | (58) | 1,875 | ||
Amortization of investment tax credits | (662) | (494) | (916) | ||
State income taxes | 8,156 | (2,573) | 1,501 | ||
Return to accrual adjustment | (284) | (2,646) | 0 | ||
2017 tax reform | (14,292) | 0 | 0 | ||
Other | (2,654) | 4,016 | (391) | ||
Total taxes | $ 67,331 | $ 18,369 | $ 79,294 | ||
Effective Rate (in hundredths) | 30.90% | 31.90% | 35.90% |
Income Taxes, Current and Defer
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Items charged or credited directly to shareholders' equity | |||||
Increase (Decrease) in Deferred Income Taxes | $ 46,300 | ||||
Predecessor [Member] | |||||
Current and deferred income tax expense [Abstract] | |||||
Current federal income tax (benefit) expense | $ 1,373 | $ 1,284 | |||
Deferred Federal Income Tax Expense (Benefit) | 5,297 | 76,219 | |||
Amortization of accumulated deferred investment tax credits | (124) | (916) | |||
Total federal income tax (benefit) expense | 6,546 | 76,587 | |||
Current state income tax (benefit) expense | 0 | 3,233 | |||
Deferred state income tax expense (benefit) | (3,078) | (2,116) | |||
Total state income tax expense (benefit) | (3,078) | 1,117 | |||
Total taxes | 3,468 | 77,704 | |||
Items charged or credited directly to shareholders' equity | |||||
Income Tax Effects Allocated Directly to Equity | (322) | 3,802 | |||
Total federal and state income tax expense | 3,146 | 81,506 | |||
Predecessor [Member] | Federal [Member] | |||||
Items charged or credited directly to shareholders' equity | |||||
Income Tax Effects Allocated Directly to Equity | (277) | 3,274 | |||
Predecessor [Member] | State [Member] | |||||
Items charged or credited directly to shareholders' equity | |||||
Income Tax Effects Allocated Directly to Equity | $ (45) | 528 | |||
Successor [Member] | |||||
Current and deferred income tax expense [Abstract] | |||||
Current federal income tax (benefit) expense | $ (1,062) | 46,520 | |||
Deferred Federal Income Tax Expense (Benefit) | (16,715) | (47,329) | |||
Amortization of accumulated deferred investment tax credits | (371) | (662) | |||
Total federal income tax (benefit) expense | (18,148) | (1,471) | |||
Current state income tax (benefit) expense | (337) | 3,187 | |||
Deferred state income tax expense (benefit) | (4,337) | 5,363 | |||
Total state income tax expense (benefit) | (4,674) | 8,550 | |||
Total taxes | (22,822) | 7,079 | |||
Items charged or credited directly to shareholders' equity | |||||
Income Tax Effects Allocated Directly to Equity | 17,034 | (452) | |||
Total federal and state income tax expense | (5,788) | 6,627 | |||
Successor [Member] | Federal [Member] | |||||
Items charged or credited directly to shareholders' equity | |||||
Income Tax Effects Allocated Directly to Equity | 14,593 | (659) | |||
Successor [Member] | State [Member] | |||||
Items charged or credited directly to shareholders' equity | |||||
Income Tax Effects Allocated Directly to Equity | $ 2,441 | 207 | |||
Cleco Power [Member] | |||||
Current and deferred income tax expense [Abstract] | |||||
Current federal income tax (benefit) expense | 87,433 | $ (1,211) | 33,138 | ||
Deferred Federal Income Tax Expense (Benefit) | (29,190) | 22,647 | 45,572 | ||
Amortization of accumulated deferred investment tax credits | (662) | (494) | (916) | ||
Total federal income tax (benefit) expense | 57,581 | 20,942 | 77,794 | ||
Current state income tax (benefit) expense | 14,751 | (418) | 3,397 | ||
Deferred state income tax expense (benefit) | (5,001) | (2,155) | (1,897) | ||
Total state income tax expense (benefit) | 9,750 | (2,573) | 1,500 | ||
Total taxes | 67,331 | 18,369 | 79,294 | ||
Items charged or credited directly to shareholders' equity | |||||
Income Tax Effects Allocated Directly to Equity | (2,333) | 2,295 | 123 | ||
Total federal and state income tax expense | 64,998 | 20,664 | 79,417 | ||
Increase (Decrease) in Deferred Income Taxes | 14,300 | ||||
Cleco Power [Member] | Federal [Member] | |||||
Items charged or credited directly to shareholders' equity | |||||
Income Tax Effects Allocated Directly to Equity | (2,573) | 1,976 | 106 | ||
Cleco Power [Member] | State [Member] | |||||
Items charged or credited directly to shareholders' equity | |||||
Income Tax Effects Allocated Directly to Equity | $ 240 | $ 319 | $ 17 |
Income Taxes, Deferred Tax Asse
Income Taxes, Deferred Tax Assets and Liabilities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Deferred Federal and State Income Tax Assets and Liabilities [Line Items] | |||
Deferred Tax Liabilities, Other Comprehensive Income | $ (490,000) | ||
Increase (Decrease) in Accumulated Deferred Income Tax Liability | 394,900,000 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 0 | $ 0 | |
Components of deferred tax assets and liabilities [Abstract] | |||
Depreciation and property basis differences | (596,824,000) | (943,552,000) | |
Net operating loss carryforward | 12,873,000 | 54,727,000 | |
NMTC | 96,917,000 | 89,411,000 | |
Fuel costs | (3,283,000) | (8,802,000) | |
Other comprehensive income | 3,399,000 | ||
Regulated operations regulatory liability, net | (54,471,000) | (91,734,000) | |
Postretirement benefits other than pension | 23,642,000 | 22,733,000 | |
Merger, fair value adjustment | (58,251,000) | (124,254,000) | |
Other | (34,925,000) | (34,983,000) | |
Accumulated deferred federal and state income taxes, net | (614,812,000) | (1,033,055,000) | |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 0 | 0 | $ 0 |
Unrecognized Tax Benefits | 0 | ||
Liability for Uncertainty in Income Taxes, Noncurrent | 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties Expense | 0 | 0 | 0 |
Cleco Power [Member] | |||
Accumulated Deferred Federal and State Income Tax Assets and Liabilities [Line Items] | |||
Increase (Decrease) in Accumulated Deferred Income Tax Liability | 362,900,000 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 0 | 0 | $ 0 |
Components of deferred tax assets and liabilities [Abstract] | |||
Depreciation and property basis differences | (597,838,000) | (941,166,000) | |
Net operating loss carryforward | 470,000 | (362,000) | |
Fuel costs | (3,282,000) | (8,802,000) | |
Other comprehensive income | 5,250,000 | 8,021,000 | |
Regulated operations regulatory liability, net | (54,471,000) | (91,734,000) | |
Postretirement benefits other than pension | 6,266,000 | 1,288,000 | |
Other | (12,757,000) | (35,837,000) | |
Accumulated deferred federal and state income taxes, net | $ (656,362,000) | $ (1,068,592,000) |
Income Taxes, Valuation Allowan
Income Taxes, Valuation Allowance (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
NMTC | ||
Valuation Allowance [Line Items] | ||
Deferred tax asset, NMTC carryforwards | $ 97,500,000 | $ 97,500,000 |
Tax Credit Carryforward, Valuation Allowance | 0 | |
Cleco Power [Member] | ||
Valuation Allowance [Line Items] | ||
Tax Credit Carryforward, Valuation Allowance | $ 0 |
Income Taxes, Net Operating Los
Income Taxes, Net Operating Losses & Uncertain Tax Positions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |||
Liability for Uncertainty in Income Taxes, Noncurrent | $ 0 | ||
Net Operating Losses [Abstract] | |||
Unrecognized Tax Benefits, Interest payable | $ 0 | 0 | |
Unrecognized Tax Benefits, Interest Expense | 0 | 0 | $ 0 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Liability for Unrecognized Tax Benefits, Beginning | 0 | ||
Liability for Unrecognized Tax Benefits, Ending | 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties Expense | 0 | 0 | 0 |
Federal [Member] | |||
Net Operating Losses [Abstract] | |||
Net operating loss carryforwards | 0 | ||
State [Member] | |||
Net Operating Losses [Abstract] | |||
Net operating loss carryforwards | 81,700,000 | ||
Cleco Power [Member] | |||
Net Operating Losses [Abstract] | |||
Unrecognized Tax Benefits, Interest payable | $ 0 | $ 0 | $ 0 |
Disclosures about Segments (Det
Disclosures about Segments (Details) $ in Thousands | Apr. 12, 2016USD ($) | Dec. 31, 2017USD ($)entity | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Apr. 12, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)entity | Dec. 31, 2015USD ($) | Apr. 13, 2016USD ($) |
Segment Reporting Information [Line Items] | |||||||||||||||
Number of transmission interconnection facility subsidiaries | entity | 2 | 2 | |||||||||||||
Revenue | |||||||||||||||
Equity investment in investee | $ 18,172 | $ 18,672 | $ 18,672 | $ 18,672 | $ 18,172 | ||||||||||
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | 1,490,797 | 1,490,797 | $ 1,490,797 | |||||||||
Total segment assets | 6,278,382 | 6,343,144 | 6,343,144 | 6,343,144 | 6,278,382 | ||||||||||
Predecessor [Member] | |||||||||||||||
Revenue | |||||||||||||||
Electric operations | $ 281,154 | $ 1,142,389 | |||||||||||||
Other operations | 19,080 | 69,186 | |||||||||||||
Electric customer credits | (364) | (2,173) | |||||||||||||
Affiliate revenue | 0 | 0 | |||||||||||||
Operating revenue, net | $ 32,903 | 299,870 | $ 266,968 | 1,209,402 | |||||||||||
Depreciation and amortization | 44,076 | 149,579 | |||||||||||||
Merger transaction and commitment costs | 34,912 | 4,591 | |||||||||||||
Interest charges | 22,123 | 77,991 | |||||||||||||
Interest income | 265 | 895 | |||||||||||||
Federal and state income tax expense (benefit) | 3,468 | 77,704 | |||||||||||||
Net income (loss) | $ (23,328) | (3,960) | $ 19,368 | 133,669 | |||||||||||
Additions to property, plant, and equipment | 42,392 | 156,819 | |||||||||||||
Equity investment in investee | 16,822 | ||||||||||||||
Total segment assets | 4,323,354 | ||||||||||||||
Predecessor [Member] | Operating Segments [Member] | Cleco Power [Member] | |||||||||||||||
Revenue | |||||||||||||||
Electric operations | 281,154 | 1,142,389 | |||||||||||||
Other operations | 18,493 | 67,109 | |||||||||||||
Electric customer credits | (364) | (2,173) | |||||||||||||
Affiliate revenue | 263 | 1,142 | |||||||||||||
Operating revenue, net | 299,546 | 1,208,467 | |||||||||||||
Depreciation and amortization | 43,698 | 147,839 | |||||||||||||
Merger transaction and commitment costs | 0 | 0 | |||||||||||||
Interest charges | 21,840 | 76,560 | |||||||||||||
Interest income | 208 | 725 | |||||||||||||
Federal and state income tax expense (benefit) | 12,993 | 79,294 | |||||||||||||
Net income (loss) | 21,548 | 141,350 | |||||||||||||
Additions to property, plant, and equipment | 42,353 | 156,357 | |||||||||||||
Equity investment in investee | 16,822 | ||||||||||||||
Total segment assets | 4,233,337 | ||||||||||||||
Predecessor [Member] | Operating Segments [Member] | Corporate and Other [Member] | |||||||||||||||
Revenue | |||||||||||||||
Electric operations | 0 | 0 | |||||||||||||
Other operations | 587 | 2,078 | |||||||||||||
Electric customer credits | 0 | 0 | |||||||||||||
Affiliate revenue | 15,024 | 57,323 | |||||||||||||
Operating revenue, net | 15,611 | 59,401 | |||||||||||||
Depreciation and amortization | 377 | 1,739 | |||||||||||||
Merger transaction and commitment costs | 34,928 | 4,592 | |||||||||||||
Interest charges | 295 | 1,149 | |||||||||||||
Interest income | 69 | (111) | |||||||||||||
Federal and state income tax expense (benefit) | (9,525) | (1,590) | |||||||||||||
Net income (loss) | (25,508) | (7,681) | |||||||||||||
Additions to property, plant, and equipment | 39 | 462 | |||||||||||||
Equity investment in investee | 0 | ||||||||||||||
Total segment assets | 21,471 | ||||||||||||||
Predecessor [Member] | Intersegment Eliminations [Member] | |||||||||||||||
Revenue | |||||||||||||||
Electric operations | 0 | 0 | |||||||||||||
Other operations | 0 | (1) | |||||||||||||
Electric customer credits | 0 | 0 | |||||||||||||
Affiliate revenue | (15,287) | (58,465) | |||||||||||||
Operating revenue, net | (15,287) | (58,466) | |||||||||||||
Depreciation and amortization | 1 | 1 | |||||||||||||
Merger transaction and commitment costs | (16) | (1) | |||||||||||||
Interest charges | (12) | 282 | |||||||||||||
Interest income | (12) | 281 | |||||||||||||
Federal and state income tax expense (benefit) | 0 | 0 | |||||||||||||
Net income (loss) | 0 | 0 | |||||||||||||
Additions to property, plant, and equipment | $ 0 | 0 | |||||||||||||
Equity investment in investee | 0 | ||||||||||||||
Total segment assets | $ 68,546 | ||||||||||||||
Successor [Member] | |||||||||||||||
Revenue | |||||||||||||||
Electric operations | 802,592 | 1,097,632 | |||||||||||||
Other operations | 51,562 | 79,580 | |||||||||||||
Electric customer credits | (1,149) | (1,566) | |||||||||||||
Affiliate revenue | 0 | 0 | |||||||||||||
Operating revenue, net | 277,985 | $ 338,499 | $ 308,661 | $ 250,501 | 266,642 | $ 342,860 | $ 243,502 | 853,005 | 1,175,646 | ||||||
Depreciation and amortization | 109,739 | 166,439 | |||||||||||||
Merger transaction and commitment costs | 174,696 | 287 | |||||||||||||
Interest charges | 89,766 | 122,913 | |||||||||||||
Interest income | 840 | 1,424 | |||||||||||||
Federal and state income tax expense (benefit) | (22,822) | 7,079 | |||||||||||||
Net income (loss) | 61,040 | $ 45,304 | $ 25,444 | $ 6,292 | 18,180 | $ 39,621 | $ (81,914) | (24,113) | (24,113) | 138,080 | |||||
Additions to property, plant, and equipment | 144,444 | 236,932 | |||||||||||||
Equity investment in investee | 18,172 | 18,672 | 18,672 | 18,672 | 18,172 | ||||||||||
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | 1,490,797 | 1,490,797 | ||||||||||
Total segment assets | 6,278,382 | 6,343,144 | 6,343,144 | 6,343,144 | 6,278,382 | ||||||||||
Successor [Member] | Operating Segments [Member] | Cleco Power [Member] | |||||||||||||||
Revenue | |||||||||||||||
Electric operations | 810,075 | 1,108,389 | |||||||||||||
Other operations | 50,080 | 77,522 | |||||||||||||
Electric customer credits | (1,149) | (1,566) | |||||||||||||
Affiliate revenue | 621 | 851 | |||||||||||||
Operating revenue, net | 859,627 | 1,185,196 | |||||||||||||
Depreciation and amortization | 102,444 | 157,999 | |||||||||||||
Merger transaction and commitment costs | 151,501 | 0 | |||||||||||||
Interest charges | 54,606 | 69,362 | |||||||||||||
Interest income | 652 | 1,283 | |||||||||||||
Federal and state income tax expense (benefit) | 5,376 | 67,331 | |||||||||||||
Net income (loss) | 17,580 | 150,738 | |||||||||||||
Additions to property, plant, and equipment | 143,790 | 235,252 | |||||||||||||
Equity investment in investee | 18,172 | 18,672 | 18,672 | 18,672 | 18,172 | ||||||||||
Goodwill | 1,490,797 | 1,490,797 | 1,490,797 | 1,490,797 | 1,490,797 | ||||||||||
Total segment assets | 5,679,538 | 5,758,245 | 5,758,245 | 5,758,245 | 5,679,538 | ||||||||||
Successor [Member] | Operating Segments [Member] | Corporate and Other [Member] | |||||||||||||||
Revenue | |||||||||||||||
Electric operations | (7,482) | (10,757) | |||||||||||||
Other operations | 1,482 | 2,058 | |||||||||||||
Electric customer credits | 0 | 0 | |||||||||||||
Affiliate revenue | 35,602 | 57,168 | |||||||||||||
Operating revenue, net | 29,602 | 48,469 | |||||||||||||
Depreciation and amortization | 7,296 | 8,439 | |||||||||||||
Merger transaction and commitment costs | 23,195 | 287 | |||||||||||||
Interest charges | 35,246 | 53,725 | |||||||||||||
Interest income | 275 | 316 | |||||||||||||
Federal and state income tax expense (benefit) | (28,198) | (60,252) | |||||||||||||
Net income (loss) | (41,692) | (12,659) | |||||||||||||
Additions to property, plant, and equipment | 654 | 1,680 | |||||||||||||
Equity investment in investee | 0 | 0 | 0 | 0 | 0 | ||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||||||
Total segment assets | 619,943 | 614,959 | 614,959 | 614,959 | 619,943 | ||||||||||
Successor [Member] | Intersegment Eliminations [Member] | |||||||||||||||
Revenue | |||||||||||||||
Electric operations | (1) | 0 | |||||||||||||
Other operations | 0 | 0 | |||||||||||||
Electric customer credits | 0 | 0 | |||||||||||||
Affiliate revenue | (36,223) | (58,019) | |||||||||||||
Operating revenue, net | (36,224) | (58,019) | |||||||||||||
Depreciation and amortization | (1) | 1 | |||||||||||||
Merger transaction and commitment costs | 0 | 0 | |||||||||||||
Interest charges | (86) | (174) | |||||||||||||
Interest income | (87) | (175) | |||||||||||||
Federal and state income tax expense (benefit) | 0 | 0 | |||||||||||||
Net income (loss) | (1) | 1 | |||||||||||||
Additions to property, plant, and equipment | 0 | 0 | |||||||||||||
Equity investment in investee | 0 | 0 | 0 | 0 | 0 | ||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||||||
Total segment assets | $ (21,099) | $ (30,060) | $ (30,060) | $ (30,060) | $ (21,099) |
Regulation and Rates (Details)
Regulation and Rates (Details) - USD ($) | Feb. 13, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Nov. 30, 2013 | Dec. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2017 | Oct. 31, 2017 | Jun. 28, 2017 | Oct. 31, 2016 | Apr. 07, 2016 |
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Provision for rate refund | $ 3,974,000 | $ 4,206,000 | ||||||||||
Merger Commitments, rate credits [Member] | Louisiana Public Service Commission [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Merger Commitments | $ 136,000,000 | |||||||||||
Merger Commitments, economic development contribution, disbursed over 5 years [Member] | Louisiana Public Service Commission [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Merger Commitments | 2,500,000 | |||||||||||
Merger Commitments, economic development contribution [Member] | Louisiana Public Service Commission [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Merger Commitments | 7,000,000 | |||||||||||
Merger Commitments, charitable contribution, disbursed over 5 years [Member] | Louisiana Public Service Commission [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Merger Commitments | 6,000,000 | |||||||||||
Merger Commitments, cost savings [Member] | Louisiana Public Service Commission [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Merger Commitments | 1,200,000 | |||||||||||
Cleco Power [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Provision for rate refund | 3,974,000 | 4,206,000 | ||||||||||
Payments received for capital expenditures subject to refund | 3,300,000 | |||||||||||
Cleco Power [Member] | Federal Energy Regulatory Commission [Member] | Transmission return on equity [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Provision for rate refund | 2,100,000 | |||||||||||
Cleco Power [Member] | Federal Energy Regulatory Commission [Member] | MISO Transmission Rates [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Return on equity established by FERC (in hundredths) | 10.32% | 12.38% | ||||||||||
Refunds submitted to MISO | $ 1,200,000 | |||||||||||
Return on equity recommended by ALJ (in hundredths) | 9.70% | 6.68% | ||||||||||
Cleco Power [Member] | Federal Energy Regulatory Commission [Member] | SSR [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Amount to be collected annually from a regional transmission organization | $ 20,300,000 | |||||||||||
Cleco Power [Member] | Louisiana Public Service Commission [Member] | FRP [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Return on equity established by FERC (in hundredths) | 10.00% | |||||||||||
Percentage of retail earnings within range to be returned to customers (in hundredths) | 60.00% | |||||||||||
Return on equity for customer credit, low range (in hundredths) | 10.90% | |||||||||||
Public Utilities, Return on equity for customer refund, high range | 11.75% | |||||||||||
Cleco Power [Member] | Louisiana Public Service Commission [Member] | 2016 FRP Monitoring report [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Provision for rate refund | $ 0 | $ 0 | ||||||||||
Cleco Power [Member] | Louisiana Public Service Commission [Member] | 2017 FRP Monitoring report [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Provision for rate refund | $ 0 | |||||||||||
Cleco Power [Member] | Louisiana Public Service Commission [Member] | 2016 Merger Commitment Monitoring report [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Provision for rate refund | $ 300,000 | |||||||||||
Cleco Power [Member] | Louisiana Public Service Commission [Member] | 2017 Merger Commitment Monitoring report [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Provision for rate refund | $ 1,200,000 | |||||||||||
Cleco Power [Member] | Maximum [Member] | Louisiana Public Service Commission [Member] | FRP [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Return on equity established by FERC (in hundredths) | 10.90% | |||||||||||
Cleco Power [Member] | Merger Commitments, rate credits [Member] | Louisiana Public Service Commission [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Merger Commitments | 136,000,000 | |||||||||||
Rate Credits issued to customers | 130,800,000 | |||||||||||
Cleco Power [Member] | Merger Commitments, economic development contribution, disbursed over 5 years [Member] | Louisiana Public Service Commission [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Merger Commitments | 2,500,000 | |||||||||||
Cleco Power [Member] | Merger Commitments, economic development contribution [Member] | Louisiana Public Service Commission [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Merger Commitments | 7,000,000 | |||||||||||
One-time contribution paid to the LED | 7,000,000 | |||||||||||
Cleco Power [Member] | Merger Commitments, charitable contribution, disbursed over 5 years [Member] | Louisiana Public Service Commission [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Merger Commitments | 6,000,000 | |||||||||||
Cleco Power [Member] | Merger Commitments, cost savings [Member] | Louisiana Public Service Commission [Member] | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Refunds submitted to MISO | $ 300,000 | |||||||||||
Provision for rate refund | $ 1,800,000 | |||||||||||
Merger Commitments | $ 1,200,000 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Components of equity method investments [Abstract] | ||||
Total equity investment in investee | $ 18,172 | $ 18,672 | ||
Cleco Power [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Return of investment in Oxbow | $ 500 | |||
Components of equity method investments [Abstract] | ||||
Purchase price | 12,873 | 12,873 | ||
Cash contributions | 6,399 | 6,399 | ||
Dividend received | (1,100) | (600) | ||
Total equity investment in investee | 18,172 | 18,672 | ||
Summarized financial information [Abstract] | ||||
Current assets | 2,318 | 886 | ||
Total assets | 38,160 | 37,721 | ||
Current liabilities | 1,815 | 376 | ||
Partners' capital | 36,345 | 37,345 | ||
Total liabilities and partners' capital | 38,160 | 37,721 | ||
Operating revenue | 4,189 | 5,459 | $ 3,991 | |
Operating expenses | 4,189 | 5,459 | 3,991 | |
Income before taxes | $ 0 | 0 | $ 0 | |
Cleco Power [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest entity, ownership percentage (in hundredths) | 50.00% | |||
Ownership percentage by other parties (in hundredths) | 50.00% | |||
Comparison of carrying amount of assets and liabilities to maximum loss exposure [Abstract] | ||||
Cleco Power's 50% equity | $ 18,172 | 18,672 | ||
Cleco Power's maximum exposure to loss | 18,172 | 18,672 | ||
Cleco Power [Member] | Property, plant, and equipment, net [Member] | ||||
Summarized financial information [Abstract] | ||||
Noncurrent Asset | 25,656 | 25,864 | ||
Cleco Power [Member] | Other Assets [Member] | ||||
Summarized financial information [Abstract] | ||||
Noncurrent Asset | $ 10,186 | $ 10,971 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)railcarBargeTowboat | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Expected operating lease payments [Abstract] | |||
2,018 | $ 3,730 | ||
2,019 | 3,111 | ||
2,020 | 2,830 | ||
2,021 | 1,744 | ||
2,022 | 237 | ||
Thereafter | 3,104 | ||
Total operating lease payments | 14,756 | ||
Operating leases, additional disclosures [Abstract] | |||
Operating lease expense recognized | 9,900 | $ 9,000 | $ 9,400 |
Cleco Holdings [Member] | |||
Expected operating lease payments [Abstract] | |||
2,018 | 413 | ||
2,019 | 0 | ||
2,020 | 0 | ||
2,021 | 0 | ||
2,022 | 0 | ||
Thereafter | 0 | ||
Total operating lease payments | 413 | ||
Cleco Power [Member] | |||
Expected operating lease payments [Abstract] | |||
2,018 | 3,317 | ||
2,019 | 3,111 | ||
2,020 | 2,830 | ||
2,021 | 1,744 | ||
2,022 | 237 | ||
Thereafter | 3,104 | ||
Total operating lease payments | $ 14,343 | ||
Cleco Power [Member] | Utility System [Member] | |||
Operating leases, additional disclosures [Abstract] | |||
Term of operating lease (in years) | 10 years | ||
Cleco Power [Member] | Utility System 2 [Member] | |||
Operating leases, additional disclosures [Abstract] | |||
Term of operating lease (in years) | 10 years | ||
Cleco Power [Member] | Utility System 3 [Member] | |||
Operating leases, additional disclosures [Abstract] | |||
Term of operating lease (in years) | 27 years | ||
Cleco Power [Member] | Railroad Transportation Equipment [Member] | |||
Operating leases, additional disclosures [Abstract] | |||
Number of railcars | railcar | 200 | ||
Cleco Power [Member] | Railcars Group 1 [Member] | |||
Operating leases, additional disclosures [Abstract] | |||
Number of railcars | railcar | 115 | ||
Cleco Power [Member] | Railcars Group 2 [Member] | |||
Operating leases, additional disclosures [Abstract] | |||
Number of railcars | railcar | 85 | ||
Cleco Power [Member] | Maritime Equipment [Member] | |||
Operating leases, additional disclosures [Abstract] | |||
Number of Barges | Barge | 42 | ||
Number of Towboats | Towboat | 3 |
Litigation, Other Commitments93
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Litigation (Details) | Feb. 13, 2017USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2015USD ($) | Nov. 30, 2014 | Nov. 14, 2014action | Nov. 30, 2013 | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($) | Jan. 19, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 24, 2016petition |
Litigation [Line Items] | |||||||||||||
Provision for rate refund | $ 4,206,000 | $ 3,974,000 | |||||||||||
Accrual for various litigation matters | 4,500,000 | ||||||||||||
Gulf Coast Spinning start up costs [Member] | |||||||||||||
Litigation [Line Items] | |||||||||||||
Allegations by plaintiff, failure to perform | $ 6,500,000 | ||||||||||||
Gulf Coast Spinning construction of cotton spinning facility [Member] | |||||||||||||
Litigation [Line Items] | |||||||||||||
Allegations by plaintiff, failure to perform | $ 60,000,000 | ||||||||||||
Cleco Power [Member] | |||||||||||||
Litigation [Line Items] | |||||||||||||
Provision for rate refund | 4,206,000 | 3,974,000 | |||||||||||
Cleco Power [Member] | MISO Transmission Rates [Member] | Federal Energy Regulatory Commission [Member] | |||||||||||||
Litigation [Line Items] | |||||||||||||
Return on equity established by FERC (in hundredths) | 10.32% | 12.38% | |||||||||||
Return on equity proposed/recommended (in hundredths) | 9.70% | 6.68% | |||||||||||
Requested rate increase (decrease) (in hundredths) | 0.50% | ||||||||||||
Refunds submitted to MISO | $ 1,200,000 | ||||||||||||
Cleco Power [Member] | LPSC 2014-2015 Fuel Audit [Member] | |||||||||||||
Litigation [Line Items] | |||||||||||||
Fuel expenses included in audit | $ 582,600,000 | ||||||||||||
Cost disallowance in audit, excluding interest | $ 0 | ||||||||||||
Cleco Power [Member] | LPSC Nov2010-Dec2015 EAC audit [Member] | |||||||||||||
Litigation [Line Items] | |||||||||||||
Environmental expenses included in audit | $ 81,200,000 | ||||||||||||
Number of petitions filed with the U.S. Court of Appeals | petition | 6 | ||||||||||||
Cleco Power [Member] | LPSC Nov2010-Dec2015 EAC audit [Member] | Maximum [Member] | |||||||||||||
Litigation [Line Items] | |||||||||||||
Cost disallowance in audit, excluding interest | $ 100,000 | ||||||||||||
Cleco Power [Member] | Transmission return on equity [Member] | Federal Energy Regulatory Commission [Member] | |||||||||||||
Litigation [Line Items] | |||||||||||||
Provision for rate refund | $ 2,100,000 | ||||||||||||
Actions filed in the 9th Judicial District Court [Member] | Alleged Breach of Fiduciary Duties [Member] | |||||||||||||
Litigation [Line Items] | |||||||||||||
Loss Contingency, Number of Actions Filed | action | 4 | ||||||||||||
Actions filed in the Civil District Court [Member] | Alleged Breach of Fiduciary Duties [Member] | |||||||||||||
Litigation [Line Items] | |||||||||||||
Loss Contingency, Number of Actions Filed | action | 3 |
Litigation, Other Commitments94
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Off-Balance Sheet Commitments and Guarantees (Details) $ in Millions | Dec. 31, 2017USD ($) |
Performance Guarantee [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 42.4 |
Indemnification Agreement [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 40 |
Indemnification Agreement, Including Fundamental Organizational Structure [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 400 |
Cleco Power [Member] | Indemnification Agreement [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 40 |
Cleco Power [Member] | Indemnification Agreement, Including Fundamental Organizational Structure [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 400 |
Cleco Power [Member] | Guarantee Issued to Entergy Mississippi on behalf of Attala [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 106.5 |
Litigation, Other Commitments95
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Long-Term Purchase Obligations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cleco Power [Member] | Purchase of coal, petroleum coke, limestone, entergy capacity and energy delivery facilities [Member] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Payments under long-term purchase obligations | $ 47,000,000 | $ 72,900,000 | $ 89,700,000 |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |||
2,018 | 42,760,000 | ||
2,019 | 28,723,000 | ||
2,020 | 6,985,000 | ||
2,021 | 1,889,000 | ||
2,022 | 382,000 | ||
Thereafter | 1,428,000 | ||
Total long-term purchase obligations | 82,167,000 | ||
Cleco Holdings [Member] | |||
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |||
Total long-term purchase obligations | $ 0 |
Litigation, Other Commitments96
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, New Markets Tax Credits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2008 | |
New Markets Tax Credit [Line Items] | |||
Liability component contained in the net asset | $ 0.8 | $ 0.6 | |
Tax benefits in excess of capital contributions | 11.8 | ||
Cleco Holdings [Member] | |||
New Markets Tax Credit [Line Items] | |||
Membership interest in U.S Bank New Markets Tax Credit Fund (in hundredths) | 99.90% | ||
Equity contributions to be made to the Fund | 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 | $ 18.3 | ||
Period of Recognition of Gross Investment Amortization Expense (in years) | 10 years |
Litigation, Other Commitments97
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Fuel Transportation Agreement and Capital Leases (Details) - Cleco Power [Member] $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Barge | Dec. 31, 2016USD ($) | Dec. 31, 2012Barge | |
Capital Leased Assets [Line Items] | |||
Operating Lease, Expense | $ 1,200 | ||
Barges [Member] | |||
Capital Leased Assets [Line Items] | |||
Capital Leased Assets, Number of Units | Barge | 42 | ||
Number of Barges | Barge | 42 | ||
Repayment of capital lease obligation for barges | $ 2,500 | $ 3,700 | |
Revenue received from subleases of barges to third parties | 100 | ||
Analysis of leased property under capital leases by major classes [Abstract] | |||
Barges | 0 | 11,350 | |
Less: accumulated amortization | 0 | 9,729 | |
Net capital leases | 0 | $ 1,621 | |
Maximum [Member] | Barges [Member] | |||
Capital Leased Assets [Line Items] | |||
Revenue received from subleases of barges to third parties | $ 300 |
Affiliate Transactions (Details
Affiliate Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Successor [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Affiliate revenue | $ 0 | $ 0 | ||||||||||||
Distributions to parent | $ 110,000 | $ 28,300,000 | $ 26,700,000 | $ 28,955,000 | $ 32,765,000 | $ 28,000,000 | $ 28,000,000 | $ 88,765,000 | 84,065,000 | |||||
Cleco Power [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Contribution from parent | $ 50,000,000 | $ 50,000,000 | ||||||||||||
Affiliate revenue | 851,000 | 884,000 | $ 1,142,000 | |||||||||||
Other income | 494,000 | 31,000 | 13,000 | |||||||||||
Total Affiliate Revenue | 1,345,000 | 915,000 | 1,155,000 | |||||||||||
Accounts receivable - affiliate | 1,355,000 | 1,406,000 | 1,406,000 | 1,406,000 | 1,355,000 | 1,406,000 | ||||||||
Accounts payable - affiliate | 8,697,000 | 7,190,000 | 7,190,000 | 7,190,000 | 8,697,000 | 7,190,000 | ||||||||
Distributions to parent | 60,000,000 | $ 15,000,000 | $ 25,000,000 | $ 35,000,000 | 25,000,000 | $ 50,000,000 | $ 10,000,000 | $ 25,000,000 | 135,000,000 | 110,000,000 | 135,000,000 | |||
Cleco Power [Member] | Cleco Group [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Contribution from parent | 0 | |||||||||||||
Other income | 494,000 | 19,000 | 3,000 | |||||||||||
Accounts receivable - affiliate | 743,000 | 3,000 | 3,000 | 3,000 | 743,000 | 3,000 | ||||||||
Accounts payable - affiliate | 113,000 | 119,000 | 119,000 | 119,000 | 113,000 | 119,000 | ||||||||
Distributions to parent | 135,000,000 | 110,000,000 | 135,000,000 | |||||||||||
Non-cash equity contributions from parent | 0 | |||||||||||||
Cleco Power [Member] | Support Group [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Affiliate revenue | 851,000 | 884,000 | 1,142,000 | |||||||||||
Accounts receivable - affiliate | 608,000 | 1,402,000 | 1,402,000 | 1,402,000 | 608,000 | 1,402,000 | ||||||||
Accounts payable - affiliate | 8,582,000 | 7,071,000 | 7,071,000 | 7,071,000 | 8,582,000 | 7,071,000 | ||||||||
Transfer of pension plan liability and an equal amount of assets | 1,812,000 | 1,771,000 | ||||||||||||
Cleco Power [Member] | Evangeline [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Accounts receivable - affiliate | 4,000 | 1,000 | 1,000 | 1,000 | 4,000 | 1,000 | ||||||||
Accounts payable - affiliate | 2,000 | 0 | 0 | 0 | 2,000 | 0 | ||||||||
Cleco Power [Member] | Diversified Lands [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Other income | 0 | 0 | 10,000 | |||||||||||
Cleco Power [Member] | Perryville [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Other income | 0 | 6,000 | 0 | |||||||||||
Cleco Power [Member] | Attala [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Other income | 0 | 6,000 | 0 | |||||||||||
Cleco Power [Member] | Other Operations [Member] | Support Group [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Expenses from transactions with related parties | (48,533,000) | (46,116,000) | (53,079,000) | |||||||||||
Cleco Power [Member] | Maintenance [Member] | Support Group [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Expenses from transactions with related parties | (2,039,000) | (2,255,000) | (1,807,000) | |||||||||||
Cleco Power [Member] | Taxes other than income taxes [Member] | Support Group [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Expenses from transactions with related parties | (13,000) | (10,000) | (3,000) | |||||||||||
Cleco Power [Member] | Other Expense [Member] | Cleco Group [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Expenses from transactions with related parties | (361,000) | 0 | 0 | |||||||||||
Cleco Power [Member] | Other Expense [Member] | Support Group [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Expenses from transactions with related parties | (255,000) | (106,000) | $ (403,000) | |||||||||||
Cleco Holdings [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Accounts receivable - affiliate | 6,880,000 | 7,070,000 | 7,070,000 | 7,070,000 | 6,880,000 | 7,070,000 | ||||||||
Accounts payable - affiliate | 5,621,000 | 14,521,000 | 14,521,000 | 14,521,000 | 5,621,000 | 14,521,000 | ||||||||
Cleco Holdings [Member] | Cleco Group [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Accounts receivable - affiliate | 600,000 | 600,000 | ||||||||||||
Accounts payable - affiliate | $ 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Cleco Holdings [Member] | Successor [Member] | Cleco Group [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Contribution from parent | 100,700,000 | 0 | ||||||||||||
Distributions to parent | 88,800,000 | $ 84,100,000 | ||||||||||||
Cleco Holdings [Member] | Maximum [Member] | Cleco Group [Member] | ||||||||||||||
Affiliate Transaction [Line Items] | ||||||||||||||
Accounts receivable - affiliate | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 |
Intangible Assets and Goodwil99
Intangible Assets and Goodwill (Details) - USD ($) | Aug. 01, 2017 | Apr. 13, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2008 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Members' Equity | $ 2,046,763,000 | $ 2,096,357,000 | $ 2,046,763,000 | ||||
Goodwill, Impairment Loss | 0 | 0 | |||||
Intangible asset, net [Abstract] | |||||||
Cleco Katrina/Rita right to bill and collect storm recovery charges | 70,594,000 | 70,594,000 | 70,594,000 | ||||
Power supply agreements | 86,726,000 | 85,104,000 | 86,726,000 | ||||
Trade name | 5,100,000 | 5,100,000 | 5,100,000 | ||||
Gross carrying amount | 162,420,000 | 160,798,000 | 162,420,000 | ||||
Accumulated amortization | (19,786,000) | (45,948,000) | (19,786,000) | ||||
Net intangible assets subject to amortization | 142,634,000 | 114,850,000 | 142,634,000 | ||||
Expected amortization expense [Abstract] | |||||||
2,018 | 29,247,000 | ||||||
2,019 | 32,324,000 | ||||||
2,020 | 9,935,000 | ||||||
2,021 | 9,935,000 | ||||||
2,022 | 9,935,000 | ||||||
Thereafter | 23,474,000 | ||||||
Goodwill | $ 1,490,797,000 | 1,490,797,000 | 1,490,797,000 | 1,490,797,000 | |||
Equity Method Investment, Other than Temporary Impairment | 0 | 0 | |||||
Successor [Member] | |||||||
Expected amortization expense [Abstract] | |||||||
Goodwill | 1,490,797,000 | 1,490,797,000 | 1,490,797,000 | ||||
Transmission Service Agreement [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Residual value of intangible asset | $ 0 | ||||||
Transmission Service Agreement [Member] | Successor [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization expense | $ 7,500,000 | 10,800,000 | |||||
Trade Names [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset expected useful life (in years) | 20 years | 20 years | |||||
Residual value of intangible asset | $ 0 | ||||||
Trade Names [Member] | Successor [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization expense | $ 200,000 | 300,000 | |||||
Minimum [Member] | Transmission Service Agreement [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset expected useful life (in years) | 5 years | ||||||
Maximum [Member] | Transmission Service Agreement [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset expected useful life (in years) | 17 years | ||||||
Other Subsidiaries [Member] | Right to bill and collect storm recovery charges from customers [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Acquired intangible asset | $ 177,500,000 | ||||||
Residual value of intangible asset | 0 | ||||||
Amortization expense | 16,800,000 | 16,500,000 | $ 15,700,000 | ||||
Intangible asset, net [Abstract] | |||||||
Accumulated amortization | $ 0 | ||||||
Other Subsidiaries [Member] | Contractual Rights [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Acquired intangible asset | 176,000,000 | ||||||
Other Subsidiaries [Member] | Financing costs [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Acquired intangible asset | $ 1,500,000 | ||||||
Other Subsidiaries [Member] | Minimum [Member] | Right to bill and collect storm recovery charges from customers [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset expected useful life (in years) | 12 years | ||||||
Other Subsidiaries [Member] | Maximum [Member] | Right to bill and collect storm recovery charges from customers [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset expected useful life (in years) | 15 years | ||||||
Cleco Power [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Members' Equity | 1,535,202,000 | 1,550,679,000 | 1,535,202,000 | ||||
Intangible asset, net [Abstract] | |||||||
Cleco Katrina/Rita right to bill and collect storm recovery charges | 177,537,000 | 177,537,000 | 177,537,000 | ||||
Accumulated amortization | (119,064,000) | (135,836,000) | (119,064,000) | ||||
Net intangible assets subject to amortization | $ 58,473,000 | 41,701,000 | $ 58,473,000 | ||||
Expected amortization expense [Abstract] | |||||||
2,018 | 19,312,000 | ||||||
2,019 | $ 22,389,000 | ||||||
Cleco Power [Member] | Operating Segments [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 | ||||||
Fair Value Inputs, Weighted-average Cost of Capital | 5.20% | ||||||
Equity, Fair Value Disclosure | $ 3,340,000,000 | ||||||
Fair Value Inputs, Long-term Cash Flow Growth Rate | 2.50% | ||||||
Members' Equity | $ 3,250,000,000 | ||||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 3.00% | ||||||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 89,500,000 | ||||||
WACC, Lower Alternate [Member] | Cleco Power [Member] | Operating Segments [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair Value Inputs, Weighted-average Cost of Capital | 5.10% | ||||||
Equity, Fair Value Disclosure | $ 3,430,000,000 | ||||||
WACC, Higher Alternate [Member] | Cleco Power [Member] | Operating Segments [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Fair Value Inputs, Weighted-average Cost of Capital | 5.30% | ||||||
Equity, Fair Value Disclosure | $ 3,250,000,000 | ||||||
Long-term Cash Flow Growth Rate, Lower Alternate [Member] | Cleco Power [Member] | Operating Segments [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Equity, Fair Value Disclosure | $ 3,250,000,000 | ||||||
Fair Value Inputs, Long-term Cash Flow Growth Rate | 2.40% | ||||||
Long-term Cash Flow Growth Rate, Higher Alternate [Member] | Cleco Power [Member] | Operating Segments [Member] | |||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
Equity, Fair Value Disclosure | $ 3,430,000,000 | ||||||
Fair Value Inputs, Long-term Cash Flow Growth Rate | 2.60% |
Accumulated Other Comprehens100
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, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balances. Beginning | $ 1,674,841 | $ 1,646,061 | $ 1,674,841 | $ 1,627,270 | ||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | ||||||
Total other comprehensive income (loss), net of tax | 647 | 6,080 | ||||
Balances, Ending | 1,646,061 | 1,674,841 | ||||
Successor [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balances, Beginning | $ 2,158,141 | $ 2,046,763 | ||||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | ||||||
Total other comprehensive income (loss), net of tax | 1,500 | 1,500 | (4,421) | |||
Balances, Ending | 2,046,763 | 2,046,763 | 2,096,357 | 2,046,763 | ||
Cleco Power [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balances, Beginning | 1,552,404 | 1,535,202 | 1,552,404 | 1,545,858 | ||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | ||||||
Total other comprehensive income (loss), net of tax | (261) | 3,670 | 196 | |||
Balances, Ending | 1,535,202 | 1,535,202 | 1,550,679 | 1,535,202 | 1,552,404 | |
Postretirement Benefit Net (Loss) Gain | Predecessor [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balances. Beginning | (20,857) | (20,270) | (20,857) | (26,726) | ||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | ||||||
Postretirement benefit adjustments during the period | 2,790 | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | 587 | 3,079 | ||||
Total other comprehensive income (loss), net of tax | 587 | 5,869 | ||||
Balances, Ending | (20,270) | (20,857) | ||||
Postretirement Benefit Net (Loss) Gain | Successor [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balances, Beginning | 0 | 1,500 | ||||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | ||||||
Postretirement benefit adjustments during the period | 2,304 | (3,898) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | (804) | (523) | ||||
Total other comprehensive income (loss), net of tax | 1,500 | (4,421) | ||||
Balances, Ending | 1,500 | 1,500 | (2,921) | 1,500 | ||
Postretirement Benefit Net (Loss) Gain | Cleco Power [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balances, Beginning | (11,364) | (7,905) | (11,364) | (11,349) | ||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | ||||||
Postretirement benefit adjustments during the period | (948) | 3,913 | (1,232) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 476 | (454) | 1,217 | |||
Total other comprehensive income (loss), net of tax | (472) | 3,459 | (15) | |||
Balances, Ending | (7,905) | (7,905) | (8,377) | (7,905) | (11,364) | |
Net (Loss) Gain on Cash Flow Hedges | Predecessor [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balances. Beginning | (5,728) | (5,668) | (5,728) | (5,939) | ||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | ||||||
Total other comprehensive income (loss), net of tax | 60 | 211 | ||||
Balances, Ending | (5,668) | (5,728) | ||||
Net (Loss) Gain on Cash Flow Hedges | Successor [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balances, Beginning | 0 | 0 | ||||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | ||||||
Total other comprehensive income (loss), net of tax | 0 | 0 | ||||
Balances, Ending | 0 | 0 | 0 | 0 | ||
Net (Loss) Gain on Cash Flow Hedges | Cleco Power [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balances, Beginning | (5,728) | (5,517) | (5,728) | (5,939) | ||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | ||||||
Total other comprehensive income (loss), net of tax | 211 | 211 | 211 | |||
Balances, Ending | (5,517) | (5,517) | (5,306) | (5,517) | (5,728) | |
Total AOCI | Predecessor [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balances. Beginning | (26,585) | (25,938) | (26,585) | (32,665) | ||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | ||||||
Postretirement benefit adjustments during the period | 2,790 | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | 587 | 3,079 | ||||
Total other comprehensive income (loss), net of tax | 647 | 6,080 | ||||
Balances, Ending | (25,938) | (26,585) | ||||
Total AOCI | Successor [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balances, Beginning | 0 | 1,500 | ||||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | ||||||
Postretirement benefit adjustments during the period | 2,304 | (3,898) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | (804) | (523) | ||||
Total other comprehensive income (loss), net of tax | 1,500 | (4,421) | ||||
Balances, Ending | 1,500 | 1,500 | (2,921) | 1,500 | ||
Total AOCI | Cleco Power [Member] | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balances, Beginning | (17,092) | (13,422) | (17,092) | (17,288) | ||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | ||||||
Postretirement benefit adjustments during the period | (948) | 3,913 | (1,232) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 476 | (454) | 1,217 | |||
Total other comprehensive income (loss), net of tax | (261) | 3,670 | 196 | |||
Balances, Ending | $ (13,422) | $ (13,422) | (13,683) | (13,422) | (17,092) | |
Interest Expense [Member] | Net (Loss) Gain on Cash Flow Hedges | Predecessor [Member] | ||||||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 60 | 211 | ||||
Interest Expense [Member] | Net (Loss) Gain on Cash Flow Hedges | Cleco Power [Member] | ||||||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 211 | 211 | 211 | |||
Interest Expense [Member] | Total AOCI | Predecessor [Member] | ||||||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | $ 60 | 211 | ||||
Interest Expense [Member] | Total AOCI | Cleco Power [Member] | ||||||
Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract] | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | $ 211 | $ 211 | $ 211 |
Miscellaneous Financial Info101
Miscellaneous Financial Information (Unaudited) (Details) - USD ($) $ in Thousands | Apr. 12, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2016 | Apr. 12, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Successor [Member] | ||||||||||||||||
Quarterly Information [Line Items] | ||||||||||||||||
Operating revenue, net | $ 277,985 | $ 338,499 | $ 308,661 | $ 250,501 | $ 266,642 | $ 342,860 | $ 243,502 | $ 853,005 | $ 1,175,646 | |||||||
Operating income (loss) | 50,130 | 95,112 | 70,249 | 38,798 | 53,299 | 93,143 | (110,148) | 36,291 | 254,289 | |||||||
Net income (loss) | 61,040 | 45,304 | 25,444 | 6,292 | 18,180 | 39,621 | (81,914) | $ (24,113) | $ (24,113) | 138,080 | ||||||
Contributions from member/parent | 0 | 0 | 100,720 | |||||||||||||
Distributions to member/parent | 110 | 28,300 | 26,700 | 28,955 | 32,765 | 28,000 | $ 28,000 | $ 88,765 | 84,065 | |||||||
Predecessor [Member] | ||||||||||||||||
Quarterly Information [Line Items] | ||||||||||||||||
Operating revenue, net | $ 32,903 | $ 299,870 | $ 266,968 | $ 1,209,402 | ||||||||||||
Operating income (loss) | (29,832) | 20,363 | 50,192 | 287,339 | ||||||||||||
Net income (loss) | (23,328) | $ (3,960) | 19,368 | 133,669 | ||||||||||||
Contributions from member/parent | 0 | 0 | ||||||||||||||
Distributions to member/parent | $ 0 | 0 | ||||||||||||||
Cleco Power [Member] | ||||||||||||||||
Quarterly Information [Line Items] | ||||||||||||||||
Operating revenue, net | 280,093 | 340,614 | 310,787 | 253,702 | 269,017 | 345,131 | $ 278,343 | 266,682 | 1,185,196 | $ 1,159,173 | 1,208,467 | |||||
Operating income (loss) | 58,907 | 99,493 | 74,533 | 44,700 | 59,156 | 99,420 | (81,841) | 52,265 | 277,633 | 129,000 | 294,201 | |||||
Net income (loss) | 42,299 | 54,852 | 35,733 | 17,854 | 26,906 | 52,572 | (61,229) | 20,879 | 150,738 | 39,128 | 141,350 | |||||
Contribution from member/parent | 50,000 | 50,000 | ||||||||||||||
Distributions to member/parent | $ 60,000 | $ 15,000 | $ 25,000 | $ 35,000 | $ 25,000 | $ 50,000 | $ 10,000 | $ 25,000 | $ 135,000 | $ 110,000 | $ 135,000 |
Subsequent Event - Plan of A102
Subsequent Event - Plan of Acquisition (Details) - Subsequent Event [Member] $ in Millions | Feb. 06, 2018USD ($) |
Subsequent Event [Line Items] | |
Business Acquisition, Transaction Price Agreed Upon | $ 1,000 |
Cleco Holdings [Member] | Acquisition Loan Facility, NRG South Central Acquisition [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Face Amount | 300 |
Cleco Holdings [Member] | Term Loan Facility, NRG South Central Acquisition [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Face Amount | 300 |
Cleco Holdings [Member] | Incremental Revolving Facility, NRG Acquisition [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Face Amount | $ 75 |
Schedule I Financial Stateme103
Schedule I Financial Statements of Cleco Corporation, Condensed Statements of Income (Details) - USD ($) $ in Thousands | Apr. 12, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Apr. 12, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2015 |
Successor [Member] | ||||||||||||||
Operating expenses [Abstract] | ||||||||||||||
Merger transaction costs | $ 174,696 | $ 287 | ||||||||||||
Total operating expenses | 816,714 | 921,357 | ||||||||||||
Operating income (loss) | $ 50,130 | $ 95,112 | $ 70,249 | $ 38,798 | $ 53,299 | $ 93,143 | $ (110,148) | 36,291 | 254,289 | |||||
Other income | 3,350 | 6,474 | ||||||||||||
Other expense | (1,385) | (2,435) | ||||||||||||
Income (loss) before income taxes | (46,935) | 145,159 | ||||||||||||
Federal and state income tax benefit | (22,822) | 7,079 | ||||||||||||
Net income (loss) | $ 61,040 | $ 45,304 | $ 25,444 | $ 6,292 | $ 18,180 | $ 39,621 | $ (81,914) | $ (24,113) | (24,113) | 138,080 | ||||
Successor [Member] | Cleco Holdings [Member] | ||||||||||||||
Operating expenses [Abstract] | ||||||||||||||
Administrative and general | 375 | 5,042 | ||||||||||||
Merger transaction costs | 23,211 | 287 | ||||||||||||
Other operating expense | (382) | 685 | ||||||||||||
Total operating expenses | 23,204 | 6,014 | ||||||||||||
Operating income (loss) | (23,204) | (6,014) | ||||||||||||
Equity income from subsidiaries, net of tax | 9,357 | 170,706 | ||||||||||||
Interest, net | (35,151) | (53,684) | ||||||||||||
Other income | 1,948 | 3,978 | ||||||||||||
Other expense | 0 | 0 | ||||||||||||
Income (loss) before income taxes | (47,050) | 114,986 | ||||||||||||
Federal and state income tax benefit | (22,937) | (23,094) | ||||||||||||
Net income (loss) | $ (24,113) | $ 138,080 | ||||||||||||
Predecessor [Member] | ||||||||||||||
Operating expenses [Abstract] | ||||||||||||||
Merger transaction costs | $ 34,912 | $ 4,591 | ||||||||||||
Total operating expenses | 279,507 | 922,063 | ||||||||||||
Operating income (loss) | $ (29,832) | 20,363 | $ 50,192 | 287,339 | ||||||||||
Other income | 870 | 1,443 | ||||||||||||
Other expense | (590) | (3,376) | ||||||||||||
Income (loss) before income taxes | (492) | 211,373 | ||||||||||||
Federal and state income tax benefit | 3,468 | 77,704 | ||||||||||||
Net income (loss) | $ (23,328) | (3,960) | $ 19,368 | 133,669 | ||||||||||
Predecessor [Member] | Cleco Holdings [Member] | ||||||||||||||
Operating expenses [Abstract] | ||||||||||||||
Administrative and general | 319 | 1,891 | ||||||||||||
Merger transaction costs | 34,912 | 4,591 | ||||||||||||
Other operating expense | 624 | 490 | ||||||||||||
Total operating expenses | 35,855 | 6,972 | ||||||||||||
Operating income (loss) | (35,855) | (6,972) | ||||||||||||
Equity income from subsidiaries, net of tax | 21,789 | 141,636 | ||||||||||||
Interest, net | (286) | (1,731) | ||||||||||||
Other income | 702 | 17 | ||||||||||||
Other expense | 0 | (1,142) | ||||||||||||
Income (loss) before income taxes | (13,650) | 131,808 | ||||||||||||
Federal and state income tax benefit | (9,690) | (1,861) | ||||||||||||
Net income (loss) | $ (3,960) | $ 133,669 |
Schedule I Financial Stateme104
Schedule I Financial Statements of Cleco Corporation, Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | Apr. 12, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Apr. 12, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2015 |
Successor [Member] | ||||||||||||||
Condensed Statements of Comprehensive Income [Abstract] | ||||||||||||||
Net income (loss) | $ 61,040 | $ 45,304 | $ 25,444 | $ 6,292 | $ 18,180 | $ 39,621 | $ (81,914) | $ (24,113) | $ (24,113) | $ 138,080 | ||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Postretirement benefits gain (loss), net of tax | 1,500 | (4,421) | ||||||||||||
Amortization of interest rate derivatives to earnings (net of tax expense) | 0 | 0 | ||||||||||||
Total other comprehensive income (loss), net of tax | $ 1,500 | 1,500 | (4,421) | |||||||||||
Comprehensive income (loss), net of tax | (22,613) | 133,659 | ||||||||||||
Successor [Member] | Cleco Holdings [Member] | ||||||||||||||
Condensed Statements of Comprehensive Income [Abstract] | ||||||||||||||
Net income (loss) | (24,113) | 138,080 | ||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Postretirement benefits gain (loss), net of tax | 1,500 | (4,421) | ||||||||||||
Amortization of interest rate derivatives to earnings (net of tax expense) | 0 | 0 | ||||||||||||
Total other comprehensive income (loss), net of tax | 1,500 | (4,421) | ||||||||||||
Comprehensive income (loss), net of tax | $ (22,613) | $ 133,659 | ||||||||||||
Predecessor [Member] | ||||||||||||||
Condensed Statements of Comprehensive Income [Abstract] | ||||||||||||||
Net income (loss) | $ (23,328) | $ (3,960) | $ 19,368 | $ 133,669 | ||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Postretirement benefits gain (loss), net of tax | 587 | 5,869 | ||||||||||||
Amortization of interest rate derivatives to earnings (net of tax expense) | 60 | 211 | ||||||||||||
Total other comprehensive income (loss), net of tax | 647 | 6,080 | ||||||||||||
Comprehensive income (loss), net of tax | (3,313) | 139,749 | ||||||||||||
Predecessor [Member] | Cleco Holdings [Member] | ||||||||||||||
Condensed Statements of Comprehensive Income [Abstract] | ||||||||||||||
Net income (loss) | (3,960) | 133,669 | ||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Postretirement benefits gain (loss), net of tax | 587 | 5,869 | ||||||||||||
Amortization of interest rate derivatives to earnings (net of tax expense) | 60 | 211 | ||||||||||||
Total other comprehensive income (loss), net of tax | 647 | 6,080 | ||||||||||||
Comprehensive income (loss), net of tax | $ (3,313) | $ 139,749 |
Schedule I Financial Stateme105
Schedule I Financial Statements of Cleco Corporation, 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, 2017 | Dec. 31, 2015 | |
Successor [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net tax expense (benefit) on post-retirement benefits | $ 938 | $ (2,764) | ||
Net tax expense on amortization of interest rate derivatives to earnings | 0 | 0 | ||
Successor [Member] | Cleco Holdings [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net tax expense (benefit) on post-retirement benefits | 938 | (2,764) | ||
Net tax expense on amortization of interest rate derivatives to earnings | $ 0 | $ 0 | ||
Predecessor [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net tax expense (benefit) on post-retirement benefits | $ 367 | $ 3,670 | ||
Net tax expense on amortization of interest rate derivatives to earnings | 37 | 132 | ||
Predecessor [Member] | Cleco Holdings [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net tax expense (benefit) on post-retirement benefits | 367 | 3,670 | ||
Net tax expense on amortization of interest rate derivatives to earnings | $ 37 | $ 132 |
Schedule I Financial Stateme106
Schedule I Financial Statements of Cleco Corporation, Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets [Abstract] | |||
Cash and cash equivalents | $ 119,040 | $ 23,077 | $ 68,246 |
Other accounts receivable | 30,806 | 19,778 | |
Cash surrender value of trust-owned life insurance policies | 83,117 | 77,225 | |
Total current assets | 571,725 | 427,042 | |
Equity investment in subsidiaries | 18,172 | 18,672 | |
Tax credit fund investment, net | 4,355 | 11,888 | |
Other deferred charges | 35,351 | 39,115 | |
Total assets | 6,278,382 | 6,343,144 | |
Current Liabilities [Abstract] | |||
Accounts payable | 147,562 | 112,087 | |
Taxes payable, net | 22,698 | 3,942 | |
Interest accrued | 14,703 | 14,783 | |
Other current liabilities | 18,344 | 14,850 | |
Deferred compensation | 12,132 | 11,654 | |
Total current liabilities | 300,354 | 252,176 | |
Postretirement benefit obligations | 242,135 | 223,003 | |
Other deferred credits | 31,635 | 29,440 | |
Total liabilities | 4,182,025 | 4,296,381 | |
Commitments and Contingencies (Note 5) | |||
Member's Equity [Abstract] | |||
Membership interest | 2,069,376 | 2,069,376 | |
Retained earnings (Accumulated deficit) | 29,902 | (24,113) | |
Accumulated other comprehensive (loss) income | (2,921) | 1,500 | |
Total member's equity | 2,096,357 | 2,046,763 | |
Total liabilities and member’s equity | 6,278,382 | 6,343,144 | |
Cleco Holdings [Member] | |||
Current Assets [Abstract] | |||
Cash and cash equivalents | 48,732 | 1,377 | |
Accounts receivable - affiliate | 6,880 | 7,070 | |
Other accounts receivable | 209 | 395 | |
Taxes receivable, net | 15,172 | 0 | |
Cash surrender value of trust-owned life insurance policies | 62,839 | 57,207 | |
Total current assets | 133,832 | 66,049 | |
Equity investment in subsidiaries | 3,226,780 | 3,223,920 | |
Tax credit fund investment, net | 4,355 | 11,888 | |
Accumulated deferred federal and state income taxes, net | 105,575 | 140,577 | |
Other deferred charges | 1,037 | 1,351 | |
Total assets | 3,471,579 | 3,443,785 | |
Current Liabilities [Abstract] | |||
Accounts payable | 4,354 | 3,424 | |
Accounts payable - affiliate | 5,621 | 14,521 | |
Taxes payable, net | 0 | 13,998 | |
Interest accrued | 7,621 | 7,642 | |
Other current liabilities | 272 | 270 | |
Deferred compensation | 12,132 | 11,654 | |
Total current liabilities | 30,000 | 51,509 | |
Postretirement benefit obligations | 4,404 | 4,280 | |
Other deferred credits | 0 | 1,100 | |
Long-term debt | 1,340,818 | 1,340,133 | |
Total liabilities | 1,375,222 | 1,397,022 | |
Commitments and Contingencies (Note 5) | |||
Member's Equity [Abstract] | |||
Membership interest | 2,069,376 | 2,069,376 | |
Retained earnings (Accumulated deficit) | 29,902 | (24,113) | |
Accumulated other comprehensive (loss) income | (2,921) | 1,500 | |
Total member's equity | 2,096,357 | 2,046,763 | |
Total liabilities and member’s equity | $ 3,471,579 | $ 3,443,785 |
Schedule I Financial Stateme107
Schedule I Financial Statements of Cleco Corporation, Condensed Balance Sheet Parentheticals (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 13, 2016 | Apr. 12, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cleco Holdings [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 1 | |||
Predecessor [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Premium on common stock | $ 414.6 | $ 418.5 | $ 415.5 | |
Common Stock, Value, Issued | 61.1 | 61.1 | 61.1 | |
Treasury Stock, Value | $ 20.5 | $ 23.2 | $ 25.3 |
Schedule I Financial Stateme108
Schedule I Financial Statements of Cleco Corporation, Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Activities [Abstract] | |||||
Cash and cash equivalents at beginning of period | $ 68,246 | $ 23,077 | $ 68,246 | ||
Cash and cash equivalents at end of period | $ 23,077 | 119,040 | 23,077 | $ 68,246 | |
Cleco Holdings [Member] | |||||
Financing Activities [Abstract] | |||||
Cash and cash equivalents at beginning of period | 1,377 | ||||
Cash and cash equivalents at end of period | 1,377 | 48,732 | 1,377 | ||
Successor [Member] | |||||
Operating Activities [Abstract] | |||||
Net cash provided by operating activities | 51,322 | 265,428 | |||
Investing Activities [Abstract] | |||||
Contributions to tax credit fund | 0 | (630) | |||
Return of equity investment in tax credit fund | 901 | 7,502 | |||
Premiums paid on trust-owned life insurance | 0 | 0 | |||
Net cash (used in) provided by investing activities | (161,145) | (190,222) | |||
Financing Activities [Abstract] | |||||
Draws on credit facility | 15,000 | 179,000 | |||
Payments on credit facility | (15,000) | (179,000) | |||
Issuance of long-term debt | 1,680,000 | 125,000 | |||
Repayment of long-term debt | (1,668,268) | (17,896) | |||
Payments of financing costs | (8,655) | (463) | |||
Dividends paid on common stock | (572) | 0 | |||
Contribution from member | 100,720 | 0 | |||
Distributions to member | (88,765) | (84,065) | |||
Other financing | (1,890) | (1,819) | |||
Net cash provided by (used in) financing activities | 12,570 | 20,757 | |||
Net increase (decrease) in cash and cash equivalents | (97,253) | 95,963 | |||
Cash and cash equivalents at beginning of period | 120,330 | 23,077 | |||
Cash and cash equivalents at end of period | 120,330 | 23,077 | 119,040 | 23,077 | |
Supplementary cash flow information [Abstract] | |||||
Interest paid, net of amount capitalized | 116,496 | 118,009 | |||
Income taxes (refunded) paid, net | 4,263 | (6) | |||
Successor [Member] | Cleco Holdings [Member] | |||||
Operating Activities [Abstract] | |||||
Net cash provided by operating activities | 36,811 | 124,817 | |||
Investing Activities [Abstract] | |||||
Contributions to tax credit fund | 0 | (630) | |||
Return of equity investment in tax credit fund | 901 | 7,502 | |||
Contribution to subsidiary | (50,000) | 0 | |||
Premiums paid on trust-owned life insurance | 0 | 0 | |||
Net cash (used in) provided by investing activities | (49,099) | 6,872 | |||
Financing Activities [Abstract] | |||||
Draws on credit facility | 0 | 73,000 | |||
Payments on credit facility | 0 | (73,000) | |||
Issuance of long-term debt | 1,350,000 | 0 | |||
Repayment of long-term debt | (1,350,000) | 0 | |||
Payments of financing costs | (3,755) | (269) | |||
Dividends paid on common stock | (572) | 0 | |||
Contribution from member | 100,720 | 0 | |||
Distributions to member | (88,765) | (84,065) | |||
Other financing | 0 | 0 | |||
Net cash provided by (used in) financing activities | 7,628 | (84,334) | |||
Net increase (decrease) in cash and cash equivalents | (4,660) | 47,355 | |||
Cash and cash equivalents at beginning of period | 6,037 | 1,377 | |||
Cash and cash equivalents at end of period | 6,037 | 1,377 | 48,732 | 1,377 | |
Supplementary cash flow information [Abstract] | |||||
Interest paid, net of amount capitalized | 26,264 | 52,026 | |||
Income taxes (refunded) paid, net | 4,263 | (6) | |||
Supplementary non-cash investing and financing activities [Abstract] | |||||
Non-cash distribution from subsidiary | 0 | $ 13,000 | |||
Predecessor [Member] | |||||
Operating Activities [Abstract] | |||||
Net cash provided by operating activities | 129,780 | 361,022 | |||
Investing Activities [Abstract] | |||||
Contributions to tax credit fund | 0 | (9,966) | |||
Return of equity investment in tax credit fund | 476 | 2,128 | |||
Premiums paid on trust-owned life insurance | 0 | (3,607) | |||
Net cash (used in) provided by investing activities | (36,811) | (167,951) | |||
Financing Activities [Abstract] | |||||
Draws on credit facility | 3,000 | 120,000 | |||
Payments on credit facility | (10,000) | (163,000) | |||
Issuance of long-term debt | 0 | 75,000 | |||
Repayment of long-term debt | (8,546) | (100,824) | |||
Payments of financing costs | (43) | (693) | |||
Dividends paid on common stock | (24,579) | (97,283) | |||
Contribution from member | 0 | 0 | |||
Distributions to member | 0 | 0 | |||
Other financing | (717) | (2,448) | |||
Net cash provided by (used in) financing activities | (40,885) | (169,248) | |||
Net increase (decrease) in cash and cash equivalents | 52,084 | 23,823 | |||
Cash and cash equivalents at beginning of period | 68,246 | 120,330 | 68,246 | 44,423 | |
Cash and cash equivalents at end of period | 120,330 | 68,246 | |||
Supplementary cash flow information [Abstract] | |||||
Interest paid, net of amount capitalized | 2,478 | 74,349 | |||
Income taxes (refunded) paid, net | (481) | 1,434 | |||
Predecessor [Member] | Cleco Holdings [Member] | |||||
Operating Activities [Abstract] | |||||
Net cash provided by operating activities | 34,904 | 128,909 | |||
Investing Activities [Abstract] | |||||
Contributions to tax credit fund | 0 | (9,966) | |||
Return of equity investment in tax credit fund | 476 | 2,128 | |||
Contribution to subsidiary | 0 | 0 | |||
Premiums paid on trust-owned life insurance | 0 | (3,607) | |||
Net cash (used in) provided by investing activities | 476 | (11,445) | |||
Financing Activities [Abstract] | |||||
Draws on credit facility | 3,000 | 57,000 | |||
Payments on credit facility | (10,000) | (80,000) | |||
Issuance of long-term debt | 0 | 0 | |||
Repayment of long-term debt | 0 | 0 | |||
Payments of financing costs | 0 | 0 | |||
Dividends paid on common stock | (24,579) | (97,283) | |||
Contribution from member | 0 | 0 | |||
Distributions to member | 0 | 0 | |||
Other financing | 0 | (14) | |||
Net cash provided by (used in) financing activities | (31,579) | (120,297) | |||
Net increase (decrease) in cash and cash equivalents | 3,801 | (2,833) | |||
Cash and cash equivalents at beginning of period | 2,236 | $ 6,037 | $ 2,236 | 5,069 | |
Cash and cash equivalents at end of period | 6,037 | 2,236 | |||
Supplementary cash flow information [Abstract] | |||||
Interest paid, net of amount capitalized | 126 | 130 | |||
Income taxes (refunded) paid, net | 1 | 1,464 | |||
Supplementary non-cash investing and financing activities [Abstract] | |||||
Non-cash distribution from subsidiary | $ 0 | $ 33,661 |
Schedule I Financial Stateme109
Schedule I Financial Statements of Cleco Corporation, Summary of Significant Accounting Policies (Details) - Cleco Holdings [Member] $ in Millions | Dec. 31, 2017USD ($) |
Summary of Significant Accounting Policies [Abstract] | |
Restricted net assets of consolidated subsidiaries | $ 1,210 |
Percent of restricted consolidated net assets of consolidated subsidiaries exceeding total consolidated net assets (in hundredths) | 25.00% |
Schedule I Financial Stateme110
Schedule I Financial Statements of Cleco Corporation, Business Combinations (Details) - Cleco Holdings [Member] | 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 Stateme111
Schedule I Financial Statements of Cleco Corporation, Debt (Details) - USD ($) | Apr. 28, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | May 31, 2016 |
Debt [Abstract] | ||||
Short-term debt outstanding | $ 0 | $ 0 | ||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 2,860,000,000 | |||
Long-term Debt and Capital Lease Obligations, Current | 19,193,000 | 19,715,000 | ||
2,017 | 19,193,000 | |||
2,018 | 20,571,000 | |||
2,019 | 11,055,000 | |||
2,020 | 300,000,000 | |||
2,021 | 25,000,000 | |||
Thereafter | 2,350,000,000 | |||
Cleco Holdings [Member] | ||||
Debt [Abstract] | ||||
Short-term debt outstanding | 0 | $ 0 | ||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 1,340,000,000 | |||
Long-term Debt and Capital Lease Obligations, Current | 0 | |||
2,017 | 0 | |||
2,018 | 0 | |||
2,019 | 0 | |||
2,020 | 300,000,000 | |||
2,021 | 0 | |||
Thereafter | $ 1,050,000,000 | |||
Cleco Holdings' senior notes, 3.743%, due 2026 [Member] | Cleco Holdings [Member] | ||||
Debt [Abstract] | ||||
Debt Instrument, Face Amount | $ 535,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.743% | |||
Debt Conversion, Original Debt, Interest Rate of Debt | 3.743% | |||
Debt Conversion, Converted Instrument, Rate | 3.743% | |||
Cleco Holdings' senior notes, 4.973%, due 2046 [Member] | Cleco Holdings [Member] | ||||
Debt [Abstract] | ||||
Debt Instrument, Face Amount | $ 350,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.973% | |||
Debt Conversion, Original Debt, Interest Rate of Debt | 4.973% | |||
Debt Conversion, Converted Instrument, Rate | 4.973% |
Schedule I Financial Stateme112
Schedule I Financial Statements of Cleco Corporation, Cash Distributions and Equity Contributions (Details) | Apr. 12, 2016USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Apr. 12, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Predecessor [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Distributions to member/parent | $ 0 | $ 0 | ||||||||||||||
Successor [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Distributions to member/parent | $ 110,000 | $ 28,300,000 | $ 26,700,000 | $ 28,955,000 | $ 32,765,000 | $ 28,000,000 | $ 28,000,000 | $ 88,765,000 | $ 84,065,000 | |||||||
Cleco Power [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Contribution from member/parent | $ 50,000,000 | $ 50,000,000 | ||||||||||||||
Distributions to member/parent | $ 60,000,000 | $ 15,000,000 | $ 25,000,000 | $ 35,000,000 | $ 25,000,000 | $ 50,000,000 | $ 10,000,000 | $ 25,000,000 | 135,000,000 | 110,000,000 | $ 135,000,000 | |||||
Cleco Power [Member] | Cleco Group [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Contribution from member/parent | 0 | |||||||||||||||
Distributions to member/parent | $ 135,000,000 | $ 110,000,000 | 135,000,000 | |||||||||||||
Cleco Power [Member] | Maximum [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Ratio of total indebtedness to total capitalization (in hundredths) | 0.65 | 0.65 | ||||||||||||||
Cleco Holdings [Member] | Predecessor [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Contributions made to affiliates | $ 0 | 0 | ||||||||||||||
Distributions from affiliates [Abstract] | ||||||||||||||||
Cash distributions received from affiliates | 25,325,000 | 135,850,000 | ||||||||||||||
Cleco Holdings [Member] | Predecessor [Member] | Cleco Power [Member] | ||||||||||||||||
Distributions from affiliates [Abstract] | ||||||||||||||||
Cash distributions received from affiliates | 25,000,000 | 135,000,000 | ||||||||||||||
Cleco Holdings [Member] | Predecessor [Member] | Perryville [Member] | ||||||||||||||||
Distributions from affiliates [Abstract] | ||||||||||||||||
Cash distributions received from affiliates | 200,000 | 500,000 | ||||||||||||||
Cleco Holdings [Member] | Predecessor [Member] | Attala [Member] | ||||||||||||||||
Distributions from affiliates [Abstract] | ||||||||||||||||
Cash distributions received from affiliates | $ 125,000 | $ 350,000 | ||||||||||||||
Cleco Holdings [Member] | Successor [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Contributions made to affiliates | $ 0 | |||||||||||||||
Distributions from affiliates [Abstract] | ||||||||||||||||
Cash distributions received from affiliates | $ 85,250,000 | 149,010,000 | ||||||||||||||
Cleco Holdings [Member] | Successor [Member] | Cleco Power [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Contributions made to affiliates | 50,000,000 | |||||||||||||||
Distributions from affiliates [Abstract] | ||||||||||||||||
Cash distributions received from affiliates | 85,000,000 | 135,000,000 | ||||||||||||||
Cleco Holdings [Member] | Successor [Member] | Perryville [Member] | ||||||||||||||||
Distributions from affiliates [Abstract] | ||||||||||||||||
Cash distributions received from affiliates | 150,000 | 6,850,000 | ||||||||||||||
Cleco Holdings [Member] | Successor [Member] | Attala [Member] | ||||||||||||||||
Distributions from affiliates [Abstract] | ||||||||||||||||
Cash distributions received from affiliates | 100,000 | 7,160,000 | ||||||||||||||
Cleco Holdings [Member] | Successor [Member] | Cleco Group [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Contribution from member/parent | 100,700,000 | 0 | ||||||||||||||
Distributions to member/parent | $ 88,800,000 | $ 84,100,000 |
Schedule I Financial Stateme113
Schedule I Financial Statements of Cleco Corporation, Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 12, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2015 | |
Successor [Member] | ||||
Income Taxes [Abstract] | ||||
Federal and state income tax benefit | $ (22,822) | $ 7,079 | ||
Successor [Member] | Cleco Holdings [Member] | ||||
Income Taxes [Abstract] | ||||
Federal and state income tax benefit | (22,937) | (23,094) | ||
Equity income from subsidiaries - Federal and state income tax (benefit) expense | $ 115 | $ 30,173 | ||
Predecessor [Member] | ||||
Income Taxes [Abstract] | ||||
Federal and state income tax benefit | $ 3,468 | $ 77,704 | ||
Predecessor [Member] | Cleco Holdings [Member] | ||||
Income Taxes [Abstract] | ||||
Federal and state income tax benefit | (9,690) | (1,861) | ||
Equity income from subsidiaries - Federal and state income tax (benefit) expense | $ 13,158 | $ 79,565 |
Schedule II Valuation and Qu114
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Uncollectible Accounts [Member] | Cleco Power [Member] | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at beginning of period | $ 2,674 | $ 7,199 | $ 2,674 | $ 922 | |
Additions charged to costs and expenses | 4,179 | 5,511 | 2,986 | ||
Uncollectible account write-offs less recoveries | 9,921 | 986 | 1,234 | ||
Balance at end of period | $ 7,199 | 1,457 | 7,199 | 2,674 | |
Unrestricted Storm Reserve [Member] | Cleco Power [Member] | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at beginning of period | 2,801 | 2,607 | 2,801 | 3,322 | |
Additions | 4,000 | 71 | 0 | ||
Deductions | 2,421 | 265 | 521 | ||
Balance at end of period | 2,607 | 4,186 | 2,607 | 2,801 | |
Restricted Storm Reserve [Member] | Cleco Power [Member] | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at beginning of period | 16,177 | 17,385 | 16,177 | 14,916 | |
Additions | 1,084 | 1,208 | 1,261 | ||
Deductions | 4,000 | 0 | 0 | ||
Balance at end of period | 17,385 | 14,469 | 17,385 | 16,177 | |
Successor [Member] | Allowance for Uncollectible Accounts [Member] | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at beginning of period | 3,336 | 7,199 | |||
Additions charged to costs and expenses | 4,348 | 4,179 | |||
Uncollectible account write-offs less recoveries | 485 | 9,921 | |||
Balance at end of period | 3,336 | 7,199 | 1,457 | 7,199 | |
Successor [Member] | Unrestricted Storm Reserve [Member] | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at beginning of period | 2,536 | 2,607 | |||
Additions | 71 | 4,000 | |||
Deductions | 0 | 2,421 | |||
Balance at end of period | 2,536 | 2,607 | 4,186 | 2,607 | |
Successor [Member] | Restricted Storm Reserve [Member] | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at beginning of period | 16,515 | 17,385 | |||
Additions | 870 | 1,084 | |||
Deductions | 0 | 4,000 | |||
Balance at end of period | 16,515 | 17,385 | $ 14,469 | 17,385 | |
Predecessor [Member] | Allowance for Uncollectible Accounts [Member] | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at beginning of period | 2,674 | 3,336 | 2,674 | 922 | |
Additions charged to costs and expenses | 1,163 | 2,986 | |||
Uncollectible account write-offs less recoveries | 501 | 1,234 | |||
Balance at end of period | 3,336 | 2,674 | |||
Predecessor [Member] | Unrestricted Storm Reserve [Member] | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at beginning of period | 2,801 | 2,536 | 2,801 | 3,322 | |
Additions | 0 | 0 | |||
Deductions | 265 | 521 | |||
Balance at end of period | 2,536 | 2,801 | |||
Predecessor [Member] | Restricted Storm Reserve [Member] | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at beginning of period | 16,177 | $ 16,515 | $ 16,177 | 14,916 | |
Additions | 338 | 1,261 | |||
Deductions | 0 | 0 | |||
Balance at end of period | $ 16,515 | $ 16,177 |