Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 03, 2014 | Jun. 30, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'CLECO CORP | ' | ' |
Entity Central Index Key | '0001089819 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 60,474,900 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2,766,154,121 |
Cleco Power [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'CLECO POWER LLC | ' | ' |
Entity Central Index Key | '0000018672 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating revenue | ' | ' | ' |
Electric operations | $1,047,548 | $944,169 | $1,051,956 |
Tolling operations | 0 | 0 | 19,004 |
Other operations | 51,002 | 50,158 | 52,962 |
Affiliate revenue | 0 | 0 | 202 |
Gross operating revenue | 1,098,550 | 994,327 | 1,124,124 |
Electric customer credits | -1,836 | -630 | -6,811 |
Operating revenue, net | 1,096,714 | 993,697 | 1,117,313 |
Operating expenses | ' | ' | ' |
Fuel used for electric generation | 329,874 | 280,553 | 383,254 |
Power purchased for utility customers | 45,292 | 53,134 | 70,462 |
Other operations | 121,646 | 120,898 | 123,849 |
Maintenance | 97,441 | 86,488 | 82,076 |
Depreciation | 142,860 | 132,407 | 122,578 |
Taxes other than income taxes | 50,469 | 38,515 | 36,356 |
Gain (loss) on sales of assets | 800 | 51 | 491 |
Total operating expenses | 788,382 | 712,046 | 819,066 |
Operating income (loss) | 308,332 | 281,651 | 298,247 |
Interest income | 1,105 | 346 | 891 |
Allowance for other funds used during construction | 4,081 | 6,711 | 4,947 |
Equity income (loss) from investees, before tax | 0 | 0 | 62,050 |
Other income | 13,857 | 29,117 | 8,914 |
Other expense | -2,861 | -4,694 | -5,646 |
Interest charges | ' | ' | ' |
Interest charges, including amortization of debt expense, premium, and discount, net | 85,570 | 86,448 | 72,445 |
Allowance for borrowed funds used during construction | -1,316 | -2,292 | -1,787 |
Total interest charges | 84,254 | 84,156 | 70,658 |
Income before income taxes | 240,260 | 228,975 | 298,745 |
Federal and state income tax expense | 79,575 | 65,327 | 102,897 |
Net income | 160,685 | 163,648 | 195,848 |
Preferred dividends requirements | 0 | 0 | 26 |
Preferred stock redemption costs | 0 | 0 | 112 |
Net income applicable to common stock | 160,685 | 163,648 | 195,710 |
Average number of basic common shares outstanding (in shares) | 60,434,510 | 60,370,588 | 60,488,740 |
Average number of diluted common shares outstanding (in shares) | 60,720,090 | 60,628,129 | 60,833,564 |
Basic earnings per share | ' | ' | ' |
Net income applicable to common stock (in dollars per share) | $2.66 | $2.71 | $3.24 |
Diluted earnings per share | ' | ' | ' |
Net income applicable to common stock (in dollars per share) | $2.65 | $2.70 | $3.22 |
Cleco Power [Member] | ' | ' | ' |
Operating revenue | ' | ' | ' |
Electric operations | 1,047,548 | 944,169 | 1,051,956 |
Other operations | 48,909 | 48,156 | 50,948 |
Affiliate revenue | 1,338 | 1,372 | 1,389 |
Gross operating revenue | 1,097,795 | 993,697 | 1,104,293 |
Electric customer credits | -1,836 | -630 | -6,811 |
Operating revenue, net | 1,095,959 | 993,067 | 1,097,482 |
Operating expenses | ' | ' | ' |
Fuel used for electric generation | 329,874 | 280,249 | 383,254 |
Power purchased for utility customers | 76,962 | 78,683 | 70,462 |
Other operations | 114,884 | 115,072 | 116,988 |
Maintenance | 85,638 | 72,386 | 74,603 |
Depreciation | 135,717 | 125,486 | 115,634 |
Taxes other than income taxes | 46,203 | 33,999 | 32,157 |
Gain (loss) on sales of assets | 0 | -2 | -9 |
Total operating expenses | 789,278 | 705,873 | 793,089 |
Operating income (loss) | 306,681 | 287,194 | 304,393 |
Interest income | 1,100 | 333 | 630 |
Allowance for other funds used during construction | 4,081 | 6,711 | 4,947 |
Other income | 4,883 | 5,847 | 3,163 |
Other expense | -4,277 | -4,602 | -3,799 |
Interest charges | ' | ' | ' |
Interest charges, including amortization of debt expense, premium, and discount, net | 83,993 | 82,794 | 98,877 |
Allowance for borrowed funds used during construction | -1,316 | -2,292 | -1,787 |
Total interest charges | 82,677 | 80,502 | 97,090 |
Income before income taxes | 229,791 | 214,981 | 212,244 |
Federal and state income tax expense | 79,381 | 68,133 | 69,409 |
Net income | $150,410 | $146,848 | $142,835 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $160,685 | $163,648 | $195,848 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Postretirement benefits gain (loss), net of tax | 5,016 | -6,565 | -508 |
Net gain (loss) on cash flow hedges, net of tax | 1,478 | 2,334 | -15,993 |
Total other comprehensive income (loss), net of tax | 6,494 | -4,231 | -16,501 |
Comprehensive income, net of tax | 167,179 | 159,417 | 179,347 |
Cleco Power [Member] | ' | ' | ' |
Net income | 150,410 | 146,848 | 142,835 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Postretirement benefits gain (loss), net of tax | 3,766 | -2,125 | 97 |
Net gain (loss) on cash flow hedges, net of tax | 1,478 | 2,334 | -15,993 |
Total other comprehensive income (loss), net of tax | 5,244 | 209 | -15,896 |
Comprehensive income, net of tax | $155,654 | $147,057 | $126,939 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income Consolidated Statements of Comphrehensive Income Parenthetical (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net tax expense (benefit) on post-retirement benefits | $3,137 | ($4,230) | ($344) |
Net tax expense (benefit) on cash flow hedges | 925 | 1,460 | -10,002 |
Cleco Power [Member] | ' | ' | ' |
Net tax expense (benefit) on post-retirement benefits | 2,355 | -1,436 | 37 |
Net tax expense (benefit) on cash flow hedges | $925 | $1,460 | ($10,002) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current assets | ' | ' | ' |
Cash and cash equivalents | $28,656,000 | $31,020,000 | $93,576,000 |
Restricted cash and cash equivalents | 8,986,000 | 8,781,000 | ' |
Customer accounts receivable (less allowance for doubtful accounts) | 50,567,000 | 39,293,000 | ' |
Other accounts receivable | 46,981,000 | 37,741,000 | ' |
Taxes receivable, net | 0 | 34,612,000 | ' |
Unbilled revenue | 31,166,000 | 28,662,000 | ' |
Fuel inventory, at average cost | 60,913,000 | 46,867,000 | ' |
Material and supplies inventory, at average cost | 62,811,000 | 58,232,000 | ' |
Energy risk management assets | 9,020,000 | 0 | ' |
Accumulated deferred federal and state income taxes, net | 94,179,000 | 79,353,000 | ' |
Accumulated deferred fuel | 0 | 7,833,000 | ' |
Cash surrender value of company-/trust-owned life insurance policies | 64,720,000 | 57,346,000 | ' |
Prepayments | 9,204,000 | 5,951,000 | ' |
Regulatory assets- other | 5,975,000 | 11,095,000 | ' |
Other current assets | 404,000 | 552,000 | ' |
Total current assets | 473,582,000 | 447,338,000 | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant, and equipment | 4,326,522,000 | 4,140,194,000 | ' |
Accumulated depreciation | -1,351,223,000 | -1,311,273,000 | ' |
Net property, plant, and equipment | 2,975,299,000 | 2,828,921,000 | ' |
Construction work in progress | 107,841,000 | 180,540,000 | ' |
Total property, plant and equipment, net | 3,083,140,000 | 3,009,461,000 | ' |
Equity investment in investees | 14,540,000 | 14,540,000 | 14,540,000 |
Prepayments | 4,510,000 | 4,261,000 | ' |
Restricted cash and cash equivalents | 5,033,000 | 5,440,000 | ' |
Restricted Investments | 12,829,000 | 10,852,000 | ' |
Regulatory assets - deferred taxes, net | 229,173,000 | 210,445,000 | ' |
Regulatory assets - other | 249,677,000 | 289,570,000 | ' |
Net investment in direct financing lease | 13,523,000 | 13,542,000 | ' |
Intangible asset | 106,007,000 | 120,545,000 | ' |
Other deferred charges | 23,248,000 | 21,355,000 | ' |
Total assets | 4,215,262,000 | 4,147,349,000 | 4,050,202,000 |
Current liabilities | ' | ' | ' |
Long-term debt due within one year | 17,182,000 | 91,140,000 | ' |
Accounts payable | 110,544,000 | 102,695,000 | ' |
Customer deposits | 48,456,000 | 45,553,000 | ' |
Provision for rate refund | 3,533,000 | 4,165,000 | ' |
Taxes payable | 18,680,000 | 0 | ' |
Interest accrued | 12,188,000 | 12,957,000 | ' |
Accumulated deferred fuel | 3,869,000 | 0 | ' |
Energy risk management liabilities | 382,000 | 0 | ' |
Interest rate risk management liability | 0 | 2,627,000 | ' |
Regulatory liabilities - other | 0 | 8,255,000 | ' |
Deferred compensation | 11,081,000 | 9,626,000 | ' |
Uncertain tax positions | 4,610,000 | 686,000 | ' |
Other current liabilities | 12,948,000 | 16,926,000 | ' |
Total current liabilities | 243,473,000 | 294,630,000 | ' |
Long-term liabilities and deferred credits | ' | ' | ' |
Accumulated deferred federal and state income taxes, net | 869,150,000 | 762,992,000 | ' |
Accumulated deferred investment tax credits | 5,144,000 | 6,252,000 | ' |
Postretirement benefit obligations | 103,483,000 | 186,746,000 | ' |
Restricted storm reserve | 17,646,000 | 16,285,000 | ' |
Uncertain tax positions | 0 | 2,184,000 | ' |
Tax credit fund investment, net | 41,840,000 | 78,840,000 | ' |
Contingent sale obligations | 900,000 | 8,150,000 | ' |
Other deferred credits | 31,929,000 | 34,799,000 | ' |
Total long-term liabilities and deferred credits | 1,070,092,000 | 1,096,248,000 | ' |
Member's equity | 1,586,197,000 | 1,499,213,000 | 1,419,857,000 |
Long-term debt, net | 1,315,500,000 | 1,257,258,000 | ' |
Total liabilities | 2,629,065,000 | 2,648,136,000 | ' |
Commitments and Contingencies (Note 14) | ' | ' | ' |
Common shareholders' equity | ' | ' | ' |
Common stock | 61,047,000 | 60,962,000 | ' |
Premium on common stock | 422,624,000 | 416,619,000 | ' |
Retained earnings | 1,149,003,000 | 1,075,074,000 | ' |
Treasury stock | -20,601,000 | -21,072,000 | ' |
Accumulated other comprehensive loss | -25,876,000 | -32,370,000 | -28,139,000 |
Total shareholders' equity | 1,586,197,000 | 1,499,213,000 | 1,419,857,000 |
Total liabilities and shareholders' equity | 4,215,262,000 | 4,147,349,000 | ' |
Cleco Power [Member] | ' | ' | ' |
Current assets | ' | ' | ' |
Cash and cash equivalents | 21,055,000 | 23,368,000 | 67,458,000 |
Restricted cash and cash equivalents | 8,986,000 | 8,781,000 | ' |
Customer accounts receivable (less allowance for doubtful accounts) | 50,567,000 | 39,293,000 | ' |
Accounts receivable - affiliate | 1,045,000 | 2,991,000 | ' |
Other accounts receivable | 46,939,000 | 37,562,000 | ' |
Unbilled revenue | 31,166,000 | 28,662,000 | ' |
Fuel inventory, at average cost | 60,913,000 | 46,867,000 | ' |
Material and supplies inventory, at average cost | 59,964,000 | 55,472,000 | ' |
Energy risk management assets | 9,020,000 | 0 | ' |
Accumulated deferred federal and state income taxes, net | 80,981,000 | 87,286,000 | ' |
Accumulated deferred fuel | 0 | 7,833,000 | ' |
Cash surrender value of company-/trust-owned life insurance policies | 19,326,000 | 20,842,000 | ' |
Prepayments | 7,074,000 | 4,415,000 | ' |
Regulatory assets- other | 5,975,000 | 11,095,000 | ' |
Other current assets | 388,000 | 371,000 | ' |
Total current assets | 403,399,000 | 374,838,000 | ' |
Property, plant and equipment | ' | ' | ' |
Property, plant, and equipment | 4,052,774,000 | 3,871,940,000 | ' |
Accumulated depreciation | -1,260,843,000 | -1,227,078,000 | ' |
Net property, plant, and equipment | 2,791,931,000 | 2,644,862,000 | ' |
Construction work in progress | 104,113,000 | 176,584,000 | ' |
Total property, plant and equipment, net | 2,896,044,000 | 2,821,446,000 | ' |
Equity investment in investees | 14,532,000 | 14,532,000 | ' |
Prepayments | 4,510,000 | 4,261,000 | ' |
Restricted cash and cash equivalents | 5,012,000 | 5,343,000 | ' |
Restricted Investments | 12,829,000 | 10,852,000 | ' |
Regulatory assets - deferred taxes, net | 229,173,000 | 210,445,000 | ' |
Regulatory assets - other | 249,677,000 | 289,570,000 | ' |
Intangible asset | 106,007,000 | 120,545,000 | ' |
Other deferred charges | 22,529,000 | 19,897,000 | ' |
Total assets | 3,943,712,000 | 3,871,729,000 | ' |
Current liabilities | ' | ' | ' |
Long-term debt due within one year | 17,182,000 | 91,140,000 | ' |
Accounts payable | 98,785,000 | 89,782,000 | ' |
Accounts payable - affiliate | 8,386,000 | 10,097,000 | ' |
Customer deposits | 48,456,000 | 45,553,000 | ' |
Provision for rate refund | 3,533,000 | 4,165,000 | ' |
Taxes payable | 6,700,000 | 1,328,000 | ' |
Interest accrued | 13,589,000 | 13,893,000 | ' |
Accumulated deferred fuel | 3,869,000 | 0 | ' |
Energy risk management liabilities | 382,000 | 0 | ' |
Interest rate risk management liability | 0 | 2,627,000 | ' |
Regulatory liabilities - other | 0 | 8,255,000 | ' |
Other current liabilities | 9,791,000 | 11,746,000 | ' |
Total current liabilities | 210,673,000 | 278,586,000 | ' |
Long-term liabilities and deferred credits | ' | ' | ' |
Accumulated deferred federal and state income taxes, net | 945,559,000 | 845,769,000 | ' |
Accumulated deferred investment tax credits | 5,144,000 | 6,252,000 | ' |
Postretirement benefit obligations | 52,953,000 | 137,637,000 | ' |
Restricted storm reserve | 17,646,000 | 16,285,000 | ' |
Uncertain tax positions | 0 | 222,000 | ' |
Other deferred credits | 30,664,000 | 34,801,000 | ' |
Total long-term liabilities and deferred credits | 1,051,966,000 | 1,040,966,000 | ' |
Member's equity | 1,370,573,000 | 1,319,919,000 | 1,230,862,000 |
Long-term debt, net | 1,310,500,000 | 1,232,258,000 | ' |
Total capitalization | 2,681,073,000 | 2,552,177,000 | ' |
Commitments and Contingencies (Note 14) | ' | ' | ' |
Common shareholders' equity | ' | ' | ' |
Accumulated other comprehensive loss | -15,177,000 | -20,421,000 | -20,630,000 |
Total shareholders' equity | 1,370,573,000 | 1,319,919,000 | 1,230,862,000 |
Total liabilities and shareholders' equity | 3,943,712,000 | 3,871,729,000 | ' |
Cleco Power, LLC and Subsidiary, Segment [Member] | Operating Segments [Member] | ' | ' | ' |
Property, plant and equipment | ' | ' | ' |
Equity investment in investees | 14,532,000 | 14,532,000 | 14,532,000 |
Total assets | $3,943,712,000 | $3,871,729,000 | $3,726,471,000 |
Consolidated_Balance_Sheets_Co
Consolidated Balance Sheets Consolidated Balance Sheets Parentheticals (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Assets [Abstract] | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $849 | $1,105 |
Liabilities and shareholders' equity | ' | ' |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued | 61,047,006 | 60,961,570 |
Common stock, outstanding (in shares) | 60,454,520 | 60,355,545 |
Treasury stock, at cost (in shares) | 592,486 | 606,025 |
Cleco Power [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $849 | $1,105 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $160,685 | $163,648 | $195,848 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 161,047 | 162,430 | 160,765 |
Return on equity investment in investees | 0 | 0 | 58,665 |
Income from equity investments | 0 | 0 | -62,050 |
Unearned compensation expense | 6,446 | 6,180 | 7,416 |
Allowance for other funds used during construction - equity | -4,081 | -6,711 | -4,947 |
Net deferred income taxes | 65,989 | 19,930 | 23,618 |
Deferred fuel costs | 5,630 | -12,222 | 653 |
Cash surrender value of company-/trust-owned life insurance | -3,669 | -3,300 | 1,687 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -26,357 | -11,543 | -19,146 |
Unbilled revenue | -2,504 | 1,468 | 14,520 |
Fuel, materials and supplies inventory | -18,626 | -9,539 | 35,442 |
Prepayments | -3,502 | -59 | 1,520 |
Accounts payable | -1,656 | -23,016 | -3,618 |
Customer deposits | 12,213 | 11,167 | 12,693 |
Postretirement benefit obligations | -24,541 | 7,485 | -55,529 |
Regulatory assets and liabilities, net | -30,524 | -31,043 | -43,131 |
Contingent sale obligations | 0 | 0 | 10,900 |
Other deferred accounts | -5,547 | -15,695 | 4,305 |
Taxes accrued | 53,197 | 9,786 | 5,171 |
Interest accrued | -768 | -6,676 | -38,103 |
Energy risk management assets and liabilities, net | 0 | 38 | 4,646 |
Other operating | -1,742 | 777 | -1,264 |
Net cash provided by operating activities | 341,690 | 263,105 | 310,061 |
Investing activities | ' | ' | ' |
Additions to property, plant, and equipment | -188,614 | -245,033 | -202,405 |
Allowance for other funds used during construction - equity | 4,081 | 6,711 | 4,947 |
Property plant and equipment grants | 729 | 16,647 | 2,788 |
Insurance reimbursement for property loss | 1,306 | 5,454 | 4,482 |
Return of equity investment in investees | 0 | 0 | 89,654 |
Premiums paid on company-/trust-owned life insurance | -3,705 | -2,973 | -2,972 |
Return of equity investment in tax credit fund | 1,619 | 37,652 | 33,430 |
Contributions to tax credit fund | -51,011 | -59,645 | -43,921 |
Transfer of cash from restricted accounts | 201 | 21,607 | 5,220 |
Purchase of restricted investments | -8,782 | -11,966 | 0 |
Maturity of restricted investments | 6,816 | 0 | 0 |
Other investing | 1,144 | 2,382 | 5,061 |
Net cash (used in) provided by investing activities | -236,216 | -229,164 | -103,716 |
Financing activities | ' | ' | ' |
Retirement of short-term debt | 0 | 0 | -150,000 |
Draws on credit facility | 228,000 | 25,000 | 95,000 |
Payments on credit facility | -228,000 | -10,000 | -100,000 |
Issuance of long-term debt | 160,000 | 50,000 | 100,000 |
Retirement of long-term debt | -113,969 | -74,368 | -12,269 |
Repurchase of long-term debt | -60,000 | 0 | -132,000 |
Repurchase of common stock | 0 | -8,007 | -13,009 |
Dividends paid on common stock | -86,376 | -78,844 | -68,023 |
Other financing | -4,224 | -278 | -4,960 |
Net cash used in financing activities | -107,838 | -96,497 | -303,897 |
Net (decrease) increase in cash and cash equivalents | -2,364 | -62,556 | -97,552 |
Cash and cash equivalents at beginning of period | 31,020 | 93,576 | 191,128 |
Cash and cash equivalents at end of period | 28,656 | 31,020 | 93,576 |
Supplementary cash flow information | ' | ' | ' |
Interest paid (net of amount capitalized) | 77,296 | 80,823 | 95,487 |
Income taxes (refunded) paid, net | -47,374 | -624 | 46,636 |
Supplementary non-cash investing and financing activities | ' | ' | ' |
Accrued additions to property, plant, and equipment | 18,627 | 16,102 | 17,525 |
Non-cash additions to property, plant, and equipment | 1,280 | 21,559 | 7,824 |
Cleco Power [Member] | ' | ' | ' |
Net income | 150,410 | 146,848 | 142,835 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 147,452 | 137,053 | 127,109 |
Allowance for other funds used during construction - equity | -4,081 | -6,711 | -4,947 |
Net deferred income taxes | 81,534 | 57,364 | 45,608 |
Deferred fuel costs | 5,630 | -12,222 | 653 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -26,491 | -12,290 | -18,206 |
Unbilled revenue | -2,504 | 1,468 | 14,520 |
Fuel, materials and supplies inventory | -18,539 | -9,361 | 35,673 |
Accounts payable | -848 | -22,874 | -4,498 |
Accounts and notes payable, affiliate | -3,403 | -122 | 600 |
Customer deposits | 12,213 | 11,167 | 12,693 |
Postretirement benefit obligations | -28,306 | 5,947 | -57,531 |
Regulatory assets and liabilities, net | -30,524 | -31,043 | -43,131 |
Other deferred accounts | -8,212 | -19,989 | -2,399 |
Taxes accrued | 5,372 | 4,503 | 926 |
Interest accrued | -304 | -5,431 | -5,609 |
Energy risk management assets and liabilities, net | 0 | 38 | 4,646 |
Other operating | 5 | -245 | 2,816 |
Net cash provided by operating activities | 279,404 | 244,100 | 251,758 |
Investing activities | ' | ' | ' |
Additions to property, plant, and equipment | -181,154 | -238,943 | -184,615 |
Allowance for other funds used during construction - equity | 4,081 | 6,711 | 4,947 |
Property plant and equipment grants | 729 | 16,647 | 2,788 |
Transfer of cash from restricted accounts | 125 | 21,607 | 5,220 |
Purchase of restricted investments | -8,782 | -11,966 | 0 |
Maturity of restricted investments | 6,816 | 0 | 0 |
Other investing | 2,367 | 2,387 | -574 |
Net cash (used in) provided by investing activities | -175,818 | -203,557 | -172,234 |
Financing activities | ' | ' | ' |
Draws on credit facility | 180,000 | 0 | 60,000 |
Payments on credit facility | -160,000 | 0 | -60,000 |
Issuance of long-term debt | 160,000 | 50,000 | 100,000 |
Retirement of long-term debt | -113,969 | -74,368 | -12,269 |
Repurchase of long-term debt | -60,000 | 0 | -132,000 |
Distribution to parent | -105,000 | -58,000 | -130,000 |
Other financing | -3,661 | -2,265 | -4,073 |
Net cash used in financing activities | -105,899 | -84,633 | -196,978 |
Net (decrease) increase in cash and cash equivalents | -2,313 | -44,090 | -117,454 |
Cash and cash equivalents at beginning of period | 23,368 | 67,458 | 184,912 |
Cash and cash equivalents at end of period | 21,055 | 23,368 | 67,458 |
Supplementary cash flow information | ' | ' | ' |
Interest paid (net of amount capitalized) | 77,079 | 80,729 | 93,735 |
Income taxes (refunded) paid, net | -456 | -711 | 2,233 |
Supplementary non-cash investing and financing activities | ' | ' | ' |
Accrued additions to property, plant, and equipment | 18,414 | 15,547 | 21,007 |
Non-cash additions to property, plant, and equipment | 1,280 | 21,559 | 7,824 |
Common Stock [Member] | Employee Stock [Member] | ' | ' | ' |
Supplementary non-cash investing and financing activities | ' | ' | ' |
Issuance of common stock - ESPP | 318 | 340 | 328 |
Interest Rate Swap [Member] | ' | ' | ' |
Financing activities | ' | ' | ' |
Settlement of hedge | 0 | 0 | -18,636 |
Interest Rate Swap [Member] | Cleco Power [Member] | ' | ' | ' |
Financing activities | ' | ' | ' |
Settlement of hedge | 0 | 0 | -18,636 |
Interest Rate Swap [Member] | ' | ' | ' |
Financing activities | ' | ' | ' |
Settlement of hedge | -3,269 | 0 | 0 |
Interest Rate Swap [Member] | Cleco Power [Member] | ' | ' | ' |
Financing activities | ' | ' | ' |
Settlement of hedge | ($3,269) | $0 | $0 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Common Shareholders' Equity (USD $) | Total | Common Stock [Member] | Premium on Common Stock [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Stockholders' Equity, Beginning Balance at Dec. 31, 2010 | $1,317,178 | $60,540 | $405,313 | $863,237 | ($274) | ($11,638) |
Treasury stock, Beginning Balance (shares) at Dec. 31, 2010 | ' | ' | ' | ' | -13,498 | ' |
Common stock issued, Beginning Balance (shares) at Dec. 31, 2010 | ' | 60,539,624 | ' | ' | ' | ' |
Stock Issued or Granted During Period, Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' |
Common stock issued for compensatory plans, Value | 4,821 | 162 | 4,591 | ' | 68 | ' |
Common stock issued for compensatory plans (in shares) | ' | 162,718 | ' | ' | 3,095 | ' |
Treasury Stock Acquired [Abstract] | ' | ' | ' | ' | ' | ' |
Repurchase of common stock, Value | -13,009 | ' | ' | ' | -13,009 | ' |
Repurchase of common stock (in shares) | ' | ' | ' | ' | -400,000 | ' |
Dividend requirements, preferred stock, net | -26 | ' | ' | -26 | ' | ' |
Stock redemption costs, preferred stock, net | -112 | ' | ' | -112 | ' | ' |
Dividends on common stock | -68,342 | ' | ' | -68,342 | ' | ' |
Net income | 195,848 | ' | ' | 195,848 | ' | ' |
Other comprehensive income (loss), net of tax | -16,501 | ' | ' | ' | ' | -16,501 |
Stockholders' Equity, Ending Balance at Dec. 31, 2011 | 1,419,857 | 60,702 | 409,904 | 990,605 | -13,215 | -28,139 |
Treasury stock, Ending Balance (shares) at Dec. 31, 2011 | ' | ' | ' | ' | -410,403 | ' |
Common stock issued, Ending Balance (shares) at Dec. 31, 2011 | ' | 60,702,342 | ' | ' | ' | ' |
Stock Issued or Granted During Period, Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' |
Common stock issued for compensatory plans, Value | 7,125 | 260 | 6,715 | ' | 150 | ' |
Common stock issued for compensatory plans (in shares) | ' | 259,228 | ' | ' | 4,378 | ' |
Treasury Stock Acquired [Abstract] | ' | ' | ' | ' | ' | ' |
Repurchase of common stock, Value | -8,007 | ' | ' | ' | -8,007 | ' |
Repurchase of common stock (in shares) | ' | ' | ' | ' | -200,000 | ' |
Dividends on common stock | -79,179 | ' | ' | -79,179 | ' | ' |
Net income | 163,648 | ' | ' | 163,648 | ' | ' |
Other comprehensive income (loss), net of tax | -4,231 | ' | ' | ' | ' | -4,231 |
Stockholders' Equity, Ending Balance at Dec. 31, 2012 | 1,499,213 | 60,962 | 416,619 | 1,075,074 | -21,072 | -32,370 |
Treasury stock, Ending Balance (shares) at Dec. 31, 2012 | -606,025 | ' | ' | ' | -606,025 | ' |
Common stock issued, Ending Balance (shares) at Dec. 31, 2012 | 60,961,570 | 60,961,570 | ' | ' | ' | ' |
Stock Issued or Granted During Period, Share-based Compensation [Abstract] | ' | ' | ' | ' | ' | ' |
Common stock issued for compensatory plans, Value | 6,561 | 85 | 6,005 | ' | 471 | ' |
Common stock issued for compensatory plans (in shares) | ' | 85,436 | ' | ' | 13,539 | ' |
Treasury Stock Acquired [Abstract] | ' | ' | ' | ' | ' | ' |
Dividends on common stock | -86,756 | ' | ' | -86,756 | ' | ' |
Net income | 160,685 | ' | ' | 160,685 | ' | ' |
Other comprehensive income (loss), net of tax | 6,494 | ' | ' | ' | ' | 6,494 |
Stockholders' Equity, Ending Balance at Dec. 31, 2013 | $1,586,197 | $61,047 | $422,624 | $1,149,003 | ($20,601) | ($25,876) |
Treasury stock, Ending Balance (shares) at Dec. 31, 2013 | -592,486 | ' | ' | ' | -592,486 | ' |
Common stock issued, Ending Balance (shares) at Dec. 31, 2013 | 61,047,006 | 61,047,006 | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Common Shareholders' Equity Consolidated Statements of Changes in Common Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends on common stock (in dollars per share) | $0.36 | $0.36 | $0.36 | $0.34 | $0.34 | $0.34 | $0.31 | $0.31 | $1.43 | $1.30 | $1.12 |
Consolidated_Statements_of_Cha2
Consolidated Statements of Changes in Member's Equity (USD $) | Total | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] |
In Thousands | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Stockholders' Equity, Beginning Balance at Dec. 31, 2010 | $1,317,178 | $863,237 | ($11,638) | $1,233,923 | $1,238,657 | ($4,734) |
Other comprehensive income (loss), net of tax | -16,501 | ' | -16,501 | -15,896 | ' | -15,896 |
Distribution to parent | ' | ' | ' | -130,000 | -130,000 | ' |
Net income | 195,848 | 195,848 | ' | 142,835 | 142,835 | ' |
Stockholders' Equity, Ending Balance at Dec. 31, 2011 | 1,419,857 | 990,605 | -28,139 | 1,230,862 | 1,251,492 | -20,630 |
Other comprehensive income (loss), net of tax | -4,231 | ' | -4,231 | 209 | ' | 209 |
Distribution to parent | ' | ' | ' | -58,000 | -58,000 | ' |
Net income | 163,648 | 163,648 | ' | 146,848 | 146,848 | ' |
Stockholders' Equity, Ending Balance at Dec. 31, 2012 | 1,499,213 | 1,075,074 | -32,370 | 1,319,919 | 1,340,340 | -20,421 |
Other comprehensive income (loss), net of tax | 6,494 | ' | 6,494 | 5,244 | ' | 5,244 |
Distribution to parent | ' | ' | ' | -105,000 | -105,000 | ' |
Net income | 160,685 | 160,685 | ' | 150,410 | 150,410 | ' |
Stockholders' Equity, Ending Balance at Dec. 31, 2013 | $1,586,197 | $1,149,003 | ($25,876) | $1,370,573 | $1,385,750 | ($15,177) |
The_Company
The Company | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||
The Company | ' | ||||
Note 1 — The Company | |||||
General | |||||
Cleco Corporation is a holding company composed of the following: | |||||
• | Cleco Power, a regulated electric utility subsidiary, which owns nine generating units with a total nameplate capacity of 2,565 MW and serves approximately 284,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana and Mississippi. Cleco Power also owns a 50% interest in an entity that owns lignite reserves. Cleco Power owns all of the outstanding membership interests in Cleco Katrina/Rita, a special purpose entity that is consolidated with Cleco Power in its financial statements. | ||||
• | Midstream is a wholesale energy subsidiary regulated by FERC which owns Evangeline (which owns and operates Coughlin). Evangeline owns two generating units with a total nameplate capacity of 775 MW. Midstream has entered into an agreement with Cleco Power to transfer Coughlin to Cleco Power. This transaction is expected to occur in March 2014. | ||||
• | Cleco Corporation’s other operations consist of a holding company, two transmission interconnection facility subsidiaries, a shared services subsidiary, and an investment subsidiary. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||||||
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' | ||||||||||||||||||||||||||||||||
Note 2 — Summary of Significant Accounting Policies | |||||||||||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||||||||||||||
The accompanying consolidated financial statements of Cleco include the accounts of Cleco and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. | |||||||||||||||||||||||||||||||||
Reclassifications | |||||||||||||||||||||||||||||||||
During 2012, the Registrants began presenting the LPSC allowable portion of the amortization of the plant acquisition adjustment related to Acadia Unit 1 as depreciation expense on the Registrants’ Consolidated Statements of Income. Previously, this amortization was presented as other expense. The Registrants have reclassified 2011 amounts to conform to this presentation. This change increased depreciation and decreased other expenses by $2.8 million for the year ended December 31, 2011. | |||||||||||||||||||||||||||||||||
Also during 2012, the Registrants determined that an error existed in the statement of cash flows presentation of contributions received in aid of construction, specifically the impact that the accounting for these contributions had on the presentation of cash flows related to the additions of property, plant, and equipment. This caused errors between the operating activities section and investing activities section for prior periods, including 2011. Cleco Corporation and Cleco Power’s Consolidated Statements of Cash Flows for the year ended December 31, 2011, were adjusted in the Registrants’ Combined Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012, to correct the presentation of cash flows related to additions to property, plant, and equipment. | |||||||||||||||||||||||||||||||||
These corrections had no impact on the Registrants’ cash and cash equivalents, financial condition, or results of operations. Management believes that these corrections did not have a material effect on the Registrants’ Consolidated Statements of Cash Flows. The corrections to the December 31, 2011 Consolidated Statements of Cash Flows are presented in the following tables: | |||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, 2011 | |||||||||||||||||||||||||||||||||
CLECO | CLECO POWER | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AS REPORTED | AS ADJUSTED | AS REPORTED | AS ADJUSTED | |||||||||||||||||||||||||||||
Accounts receivable | $ | (15,798 | ) | $ | (19,146 | ) | $ | (14,858 | ) | $ | (18,206 | ) | |||||||||||||||||||||
Other deferred accounts | $ | (1,084 | ) | $ | 4,305 | $ | (7,788 | ) | $ | (2,399 | ) | ||||||||||||||||||||||
Net cash provided by operating activities | $ | 308,020 | $ | 310,061 | $ | 249,717 | $ | 251,758 | |||||||||||||||||||||||||
Additions to property, plant, and equipment | $ | (200,364 | )* | $ | (202,405 | ) | $ | (182,574 | ) | $ | (184,615 | ) | |||||||||||||||||||||
Net cash used in investing activities | $ | (101,675 | ) | $ | (103,716 | ) | $ | (170,193 | ) | $ | (172,234 | ) | |||||||||||||||||||||
Net decrease in cash and cash equivalents | $ | (97,552 | ) | $ | (97,552 | ) | $ | (117,454 | ) | $ | (117,454 | ) | |||||||||||||||||||||
Cash and cash equivalents at beginning of period | $ | 191,128 | $ | 191,128 | $ | 184,912 | $ | 184,912 | |||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 93,576 | $ | 93,576 | $ | 67,458 | $ | 67,458 | |||||||||||||||||||||||||
*This amount differs with the amount previously reported in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2011, due to Insurance reimbursement for property loss being shown separately from Additions to property, plant, and equipment in order to conform to the presentation used in the 2013 financial statements. | |||||||||||||||||||||||||||||||||
Statements of Cash Flows | |||||||||||||||||||||||||||||||||
Cleco Corporation and Cleco Power’s Consolidated Statements of Cash Flows are prepared using the indirect method described in the authoritative guidance for the presentation of the statement of cash flows. This method requires that net income be adjusted to remove the effects of all deferrals and accruals of operating cash receipts and payments and the effects of all investing and financing cash flow items. Derivatives meeting the definition of an accounting hedge are classified in the same category as the item being hedged. | |||||||||||||||||||||||||||||||||
Regulation | |||||||||||||||||||||||||||||||||
Cleco Power is subject to regulation by FERC and the LPSC. Cleco Power follows GAAP and complies with the accounting policies and practices prescribed by its regulatory commissions. Cleco Power’s retail rates are regulated by the LPSC and its rates for transmission services are regulated by FERC. Rates for wholesale power sales are based on market-based rates, pending FERC review of Cleco’s generation market power analysis. Cleco Power follows GAAP in accounting for the effects of rate regulation which allows utilities to capitalize or defer certain costs for recovery from customers and to recognize a liability for amounts expected to be returned to customers based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered through the ratemaking process. Regulatory assets and liabilities are amortized consistent with the treatment of the related cost in the ratemaking process. Pursuant to this regulatory approval and GAAP, Cleco Power has recorded regulatory assets and liabilities. | |||||||||||||||||||||||||||||||||
Any future plan adopted by the LPSC for purposes of transitioning utilities from LPSC regulation to retail competition may affect the regulatory assets and liabilities recorded by Cleco Power if the criteria for the application of the authoritative guidelines for industry regulated operations cannot continue to be met. At this time, Cleco cannot predict whether any legislation or regulation affecting Cleco Power will be enacted or adopted and, if enacted, what form such legislation or regulation may take. | |||||||||||||||||||||||||||||||||
For more information regarding the regulatory assets and liabilities recorded by Cleco Power, see Note 3 — “Regulatory Assets and Liabilities.” | |||||||||||||||||||||||||||||||||
Asset Retirement Obligation | |||||||||||||||||||||||||||||||||
Cleco Power has recorded asset retirement obligations in accordance with the authoritative guidance. This authoritative guidance requires an entity to record an ARO when there is a legal obligation under existing or enacted law, statute, written or oral contract, or by legal construction under the doctrine of promissory estoppel to incur costs to remove an asset when the asset is retired. These guidelines also require an ARO which is conditional on a future event to be recorded even if the event has not yet occurred. | |||||||||||||||||||||||||||||||||
Cleco Power recognizes asset retirement obligations at the present value of the projected liability in the period in which it is incurred, if a reasonable estimate of fair value can be made. The liability is then accreted to its present value each accounting period. Cleco Power defers this accretion as a regulatory asset based on its determination that these costs can be collected from customers. Concurrent with the recognition of the liability, the authoritative guidance requires capitalization of these costs to the related property, plant, and equipment asset. These capitalized costs are depreciated over the same period as the related property asset. Cleco Power also defers the current depreciation of the asset retirement cost as a regulatory asset. | |||||||||||||||||||||||||||||||||
For more information on Cleco Power’s AROs, see Note 3 — “Regulatory Assets and Liabilities — Asset Removal Costs.” | |||||||||||||||||||||||||||||||||
Property, Plant, and Equipment | |||||||||||||||||||||||||||||||||
Property, plant, and equipment consists primarily of regulated utility generation and energy transmission assets. Regulated assets, utilized primarily for retail operations and electric transmission and distribution, are stated at the cost of construction, which includes certain materials, labor, payroll taxes and benefits, administrative and general costs, and the estimated cost of funds used during construction. Jointly owned assets are reflected in property, plant, and equipment at Cleco Power’s share of the cost to construct or purchase the assets. For information on jointly owned assets, see Note 4 — “Jointly Owned Generation Units.” | |||||||||||||||||||||||||||||||||
Cleco’s cost of improvements to property, plant, and equipment is capitalized. Costs associated with repairs and major maintenance projects are expensed as incurred. Cleco capitalizes the cost to purchase or develop software for internal use. The amounts of unamortized computer software costs at December 31, 2013 and 2012 were $6.5 million and $5.3 million, respectively. Amortization of capitalized computer software costs charged to expense for the years ending December 31, 2013, 2012, and 2011 was $1.4 million, $1.2 million, and $1.5 million, respectively. | |||||||||||||||||||||||||||||||||
Upon retirement or disposition, the cost of Cleco Power’s depreciable plant and the cost of removal, net of salvage value, are charged to accumulated depreciation. For Cleco’s other depreciable assets, upon disposition or retirement, the difference between the net book value of the property and any proceeds received for the property is recorded as a gain or loss on asset disposition on Cleco’s Consolidated Statements of Income. Any cost incurred to remove the asset is charged to expense. Annual depreciation provisions expressed as a percentage of average depreciable property for Cleco Power for 2013, 2012, and 2011 were 2.70%, 2.68%, and 2.80%, respectively. | |||||||||||||||||||||||||||||||||
Depreciation on property, plant, and equipment is calculated primarily on a straight-line basis over the useful lives of the assets. The estimated useful life of utility plant assets ranges from 5 years to 58 years. The estimated useful life of other property and equipment ranges from 5 years to 44 years. | |||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, property, plant, and equipment consisted of the following: | |||||||||||||||||||||||||||||||||
AT DEC. 31, | |||||||||||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | |||||||||||||||||||||||||||||||
Regulated utility plants | $ | 4,052,774 | $ | 3,871,940 | |||||||||||||||||||||||||||||
Other | 273,748 | 268,254 | |||||||||||||||||||||||||||||||
Total property, plant, and equipment | 4,326,522 | 4,140,194 | |||||||||||||||||||||||||||||||
Accumulated depreciation | (1,351,223 | ) | (1,311,273 | ) | |||||||||||||||||||||||||||||
Net property, plant, and equipment | $ | 2,975,299 | $ | 2,828,921 | |||||||||||||||||||||||||||||
During 2013, Cleco’s investment in regulated utility property, plant, and equipment increased primarily due to the AMI project and general rehabilitation of transmission, distribution, and generation assets. | |||||||||||||||||||||||||||||||||
Cleco Power’s property, plant, and equipment includes plant acquisition adjustments related to the acquisition of Acadia Unit 1 in 2010 and Teche in 1997. Accumulated amortization associated with the plant acquisition adjustments are reported in accumulated depreciation on Cleco Power’s balance sheet. For more information on the Acadia Unit 1 transaction, see Note 18 — “Acadia Transactions — Acadia Unit 1.” The plant acquisition adjustments and accumulated amortization reported in property, plant, and equipment and accumulated depreciation on Cleco Power’s balance sheet at December 31, 2013 and 2012, are shown in the following table. | |||||||||||||||||||||||||||||||||
AT DEC. 31, | |||||||||||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | |||||||||||||||||||||||||||||||
Acadia Unit 1 | |||||||||||||||||||||||||||||||||
Plant acquisition adjustment | $ | 95,578 | $ | 95,578 | |||||||||||||||||||||||||||||
Less: accumulated amortization | 12,201 | 9,018 | |||||||||||||||||||||||||||||||
Net plant acquisition adjustment | $ | 83,377 | $ | 86,560 | |||||||||||||||||||||||||||||
Teche | |||||||||||||||||||||||||||||||||
Plant acquisition adjustment | $ | 5,359 | $ | 5,359 | |||||||||||||||||||||||||||||
Less: accumulated amortization | 4,234 | 3,979 | |||||||||||||||||||||||||||||||
Net plant acquisition adjustment | $ | 1,125 | $ | 1,380 | |||||||||||||||||||||||||||||
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, 2013 and 2012, Cleco Power had deferred $0.4 million and $1.2 million, respectively, for various resource planning projects. These projects are in the initial stages of development and as a result are classified as other deferred charges on Cleco’s and Cleco Power’s Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||
Inventories | |||||||||||||||||||||||||||||||||
Fuel inventories consist of petroleum coke, coal, lignite, and natural gas used to generate electricity. | |||||||||||||||||||||||||||||||||
Materials and supplies inventory consists of transmission and distribution line construction and repair materials. It also consists of generating station and transmission and distribution substation repair materials. | |||||||||||||||||||||||||||||||||
Both fuel and materials and supplies inventories are stated at average cost and are issued from inventory using the average cost of existing inventory. Materials and supplies are recorded as inventory when purchased and subsequently charged to expense or capitalized to property, plant, and equipment when installed. | |||||||||||||||||||||||||||||||||
Accounts Receivable | |||||||||||||||||||||||||||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. It is the policy of management to review the outstanding accounts receivable monthly, as well as the bad debt write-offs experienced in the past, and establish an allowance for doubtful accounts. Account balances are charged off against the allowance when management determines it is probable the receivable will not be recovered. At December 31, 2013 and 2012, the balance of the allowance for doubtful accounts was $0.8 million and $1.1 million, respectively. There was no off-balance sheet credit exposure related to Cleco’s customers. | |||||||||||||||||||||||||||||||||
Financing Receivables | |||||||||||||||||||||||||||||||||
At December 31, 2013, Cleco, through Perryville and Attala, had a combined net investment in direct financing lease long-term asset of $13.5 million. The net investment at December 31, 2012, was also $13.5 million. Each subsidiary leases its respective transmission assets to a single counterparty. Both counterparties are considered credit worthy and are expected to pay their obligations when due, thus, no allowance for credit loss has been recognized. Management bases this assessment on the following common factors of each counterparty: | |||||||||||||||||||||||||||||||||
• | both counterparties use the respective transmission facilities to move electricity from its power plants to the regional transmission grid, | ||||||||||||||||||||||||||||||||
• | neither counterparty has another avenue to move electricity from its respective power plants to the regional transmission grid, | ||||||||||||||||||||||||||||||||
• | the stream of payments was approved by the FERC through respective rate orders, and | ||||||||||||||||||||||||||||||||
• | both counterparties serve retail and wholesale customers in their respective service territories under LPSC oversight that allows recovery of prudent costs, of which, the stream of payments under the direct financing leases appear to be prudent. | ||||||||||||||||||||||||||||||||
Management monitors both entities for indication of adverse actions by their respective public service commissions and market conditions which would indicate an inability to pay their obligations under the direct financing leases when due. Since the inception of the agreements, each counterparty has paid their respective obligations when due, and at December 31, 2013 and 2012, no amounts were past due. | |||||||||||||||||||||||||||||||||
Reserves | |||||||||||||||||||||||||||||||||
Cleco maintains property insurance on generating stations, buildings and contents, and substations. Cleco is self-insured for any damage to transmission and distribution lines. To mitigate the exposure to potential financial loss for damage to lines, Cleco maintains an LPSC-approved funded storm reserve. | |||||||||||||||||||||||||||||||||
Cleco also maintains liability and workers’ compensation insurance to mitigate financial losses due to injuries and damages to the property of others. Cleco’s insurance covers claims that exceed certain self-insured limits. For claims that do not meet the limits to be covered by insurance, Cleco maintains reserves. At December 31, 2013, the general liability and workers compensation reserves are immaterial because the balance of these items together represented 0.3% of total liabilities. The general liability and workers compensation reserves were immaterial at December 31, 2012, as well, because the balance of these items together represented 0.2% of total liabilities. | |||||||||||||||||||||||||||||||||
Cash Equivalents | |||||||||||||||||||||||||||||||||
Cleco considers highly liquid, marketable securities, and other similar instruments with original maturity dates of three months or less to be cash equivalents. | |||||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||
Various agreements to which Cleco is subject contain covenants that restrict its use of cash. As certain provisions under these agreements are met, cash is transferred out of related escrow accounts and becomes available for its intended purposes and/or general corporate purposes. Cleco’s restricted cash and cash equivalents consisted of: | |||||||||||||||||||||||||||||||||
AT DEC. 31, | |||||||||||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | |||||||||||||||||||||||||||||||
Diversified Lands’ mitigation escrow | $ | 21 | $ | 97 | |||||||||||||||||||||||||||||
Cleco Katrina/Rita’s storm recovery bonds | 8,986 | 8,781 | |||||||||||||||||||||||||||||||
Cleco Power’s future storm restoration costs | 4,726 | 5,343 | |||||||||||||||||||||||||||||||
Cleco Power’s building renovation escrow | 286 | — | |||||||||||||||||||||||||||||||
Total restricted cash and cash equivalents | $ | 14,019 | $ | 14,221 | |||||||||||||||||||||||||||||
In connection with the Diversified Lands’ mitigation agreement, part of the initial funds plus accrued interest was released from escrow and transferred to the non-restricted cash account. | |||||||||||||||||||||||||||||||||
Cleco Katrina/Rita has the right to bill and collect storm restoration costs from Cleco Power’s customers. As cash is collected, it is restricted for payment of administration fees, interest, and principal on storm recovery bonds. During 2013, Cleco Katrina/Rita collected $20.6 million net of administration fees. In March and September 2013, Cleco Katrina/Rita used $7.1 million and $6.8 million, respectively for scheduled storm recovery bond principal payments and $3.3 million and $3.1 million, respectively, for related interest. | |||||||||||||||||||||||||||||||||
In connection with Cleco Power’s building modernization project, Cleco Power was required to establish an escrow account with a qualified financial institution and deposit all retainage monies as they accrue under the construction contract. Upon completion of the construction work, the funds including any interest held in the escrow account will be released from escrow and paid to the construction contractor. | |||||||||||||||||||||||||||||||||
Equity Investments | |||||||||||||||||||||||||||||||||
Cleco reports its investment in unconsolidated affiliated companies on the equity method of accounting, as defined in the authoritative guidance on investments. The amounts reported on Cleco Corporation and Cleco Power’s Consolidated Balance Sheets represent assets contributed by Cleco Corporation or Cleco Power, plus their share of the net income of the affiliate, less any distributions of earnings (dividends) received from the affiliate. The revenues and expenses (excluding income taxes) of these affiliates are netted and reported on one line item as equity income from investees on Cleco Corporation and Cleco Power’s Consolidated Statements of Income. For more information, see Note 12 — “Variable Interest Entities.” | |||||||||||||||||||||||||||||||||
Cleco applies the provisions of the authoritative guidance on investments to account for equity method investment impairments. Under this standard, Cleco evaluates at each balance sheet date whether events and circumstances have occurred that indicate a possible other-than-temporary decline in the fair value of the investment and the possible inability to recover the carrying value through operations. Cleco uses estimates of the future cash flows from the investee and observable market transactions in order to calculate fair value and recoverability. An impairment is recognized when an other-than-temporary decline in market value occurs and recovery of the carrying value is not probable. No impairments were recorded for 2013, 2012, or 2011. For more information, see Note 12 — “Variable Interest Entities.” | |||||||||||||||||||||||||||||||||
Prior to April 30, 2011, Cleco reported its investment in Cajun on the equity method of accounting. In conjunction with the disposition of Acadia Unit 2 to Entergy Louisiana, APH received 100% ownership in Acadia in exchange for its 50% ownership interest in Cajun, and Acadia became a consolidated subsidiary of APH. Following the transaction, Acadia’s assets, liabilities, revenues, expenses, and cash flows are presented on the corresponding line items of Cleco’s consolidated financial statements, prospectively. For more information on the Acadia Unit 2 transaction, see Note 18 — “Acadia Transactions — Acadia Unit 2.” | |||||||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||||||
Cleco accounts for income taxes under the asset and liability method. Cleco provides for federal and state income taxes currently payable, as well as for those deferred due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. Cleco’s income tax expense and related regulatory assets and liabilities could be affected by changes in its assumptions and estimates and by ultimate resolution of assumptions and estimates with taxing authorities. Cleco files a federal consolidated income tax return for all wholly owned subsidiaries. Cleco computes its federal and state income taxes as if it were a stand-alone taxpayer. The LPSC generally requires Cleco Power to flow the effects of state income taxes immediately to customers. The LPSC specifically requires that the state tax benefits associated with the deductions related to certain storm damages be normalized. For more information on income taxes, see Note 9 — “Income Taxes.” | |||||||||||||||||||||||||||||||||
Investment Tax Credits | |||||||||||||||||||||||||||||||||
Investment tax credits, which were deferred for financial statement purposes, are amortized as a reduction to income tax expense over the estimated service lives of the properties that gave rise to the credits. | |||||||||||||||||||||||||||||||||
NMTC Fund | |||||||||||||||||||||||||||||||||
In 2008, Cleco Corporation and U.S. Bancorp Community Development Corporation (USBCDC) formed the NMTC Fund. The purpose of the NMTC Fund is to invest in projects located in qualified active low-income communities that are underserved by typical debt capital markets. These investments are designed to generate NMTCs and Historical Rehabilitation tax credits. The NMTC Fund was later amended to include renewable energy investments. The majority of the energy investments qualify for grants under Section 1603 of the ARRA. The gross investment amortization expense of the NMTC Fund will be recognized over a nine-year period, with four years remaining under the new amendment, using the cost method in accordance with the authoritative guidance for investments. The grants received under Section 1603, which allow certain projects to receive a federal grant in lieu of tax credits, and other cash reduce the basis of the investment. Periodic amortization of the investment and the deferred taxes generated by the basis reduction temporary difference are included as components of income tax expense. | |||||||||||||||||||||||||||||||||
For more information, see Note 14 — “Litigation, Other Commitments and Contingencies, and Disclosures About Guarantees — Other Commitments — NMTC Fund.” | |||||||||||||||||||||||||||||||||
Accounting for Renewable Energy Tax Credits and Grants Under the ARRA | |||||||||||||||||||||||||||||||||
Cleco and the NMTC Fund have elected to receive cash grants under the Stimulus Act for investments in various projects. Cleco has elected to reduce the carrying value of the qualifying assets as cash grants are received, which will reduce the amount of depreciation expense recognized after the underlying assets are placed in service. Certain of the cash grants also reduce the tax basis of the underlying assets. Grants received via the NMTC Fund reduce the carrying value of the investment for GAAP, but do not reduce the income tax basis of the investment. | |||||||||||||||||||||||||||||||||
Debt Expenses, Premiums, and Discounts | |||||||||||||||||||||||||||||||||
Expenses, premiums, and discounts applicable to debt securities are amortized to income ratably over the lives of the related issues. Expenses and call premiums related to refinanced Cleco Power debt are deferred and amortized over the life of the new issue. | |||||||||||||||||||||||||||||||||
Revenue and Fuel Costs | |||||||||||||||||||||||||||||||||
Utility Revenue | |||||||||||||||||||||||||||||||||
Revenue from sales of electricity is recognized when the service is provided. The costs of fuel and purchased power used for retail customers currently are recovered from customers through the FAC. These costs are subject to audit and final determination by regulators. Excise taxes and pass-through fees collected on the sale of electricity are not recorded in utility revenue. | |||||||||||||||||||||||||||||||||
Unbilled Revenue | |||||||||||||||||||||||||||||||||
Cleco Power accrues estimated revenue monthly for energy delivered since the latest billings. The monthly estimated unbilled revenue amounts are recorded as revenue and a receivable and are reversed the following month. | |||||||||||||||||||||||||||||||||
Other Operations Revenue | |||||||||||||||||||||||||||||||||
Other operations revenue is recognized at the time products or services are provided to and accepted by customers. | |||||||||||||||||||||||||||||||||
Franchise Fees | |||||||||||||||||||||||||||||||||
Cleco Power collects a consumer fee for one of its franchise agreements. This fee is not recorded on Cleco’s income statement as revenue and expense, but is reflected at gross amounts on Cleco’s balance sheet as a receivable until it is collected and as a payable until the liability is paid. Cleco currently does not have any excise taxes reflected on its income statement. | |||||||||||||||||||||||||||||||||
AFUDC | |||||||||||||||||||||||||||||||||
The capitalization of AFUDC by Cleco Power is a utility accounting practice prescribed by FERC and the LPSC. AFUDC represents the estimated debt and equity costs of capital funds that are necessary to finance construction of new and existing facilities. While cash is not realized currently from such allowance, AFUDC increases the revenue requirement over the same life of the plant through a higher rate base and higher depreciation. Under regulatory practices, a return on and recovery of AFUDC is permitted in setting rates charged for utility services. The composite AFUDC rate, including borrowed and other funds, was 11.6% on a pre-tax basis (7.2% net of tax) for 2013, 12.1% on a pre-tax basis (7.5% net of tax) for 2012, and 12.0% on a pre-tax basis (7.5% net of tax) for 2011. | |||||||||||||||||||||||||||||||||
Fair Value Measurements and Disclosures | |||||||||||||||||||||||||||||||||
Various accounting pronouncements require certain assets and liabilities to be measured at their fair values. Some assets and liabilities are required to be measured at their fair value each reporting period, while others are required to be measured only one time, generally the date of acquisition or debt issuance. Cleco and Cleco Power are required to disclose the fair value of certain assets and liabilities by one of three levels when required for recognition purposes under GAAP. For more information about fair value levels, see Note 5 — “Fair Value Accounting.” | |||||||||||||||||||||||||||||||||
Risk Management | |||||||||||||||||||||||||||||||||
Market risk inherent in Cleco’s market risk-sensitive instruments and positions includes potential changes arising from changes in interest rates and the commodity market prices of power, FTRs, and natural gas in the industry on different energy exchanges. Cleco’s Energy Market Risk Management Policy authorizes the use of various derivative instruments, including exchange traded futures and option contracts, forward purchase and sales contracts, and swap transactions to reduce exposure to fluctuations in the price of power, FTRs, and natural gas. Cleco applies the authoritative guidance as it relates to derivatives and hedging to determine whether the market risk-sensitive instruments and positions are required to be marked-to-market. Generally, Cleco Power’s market risk-sensitive instruments and positions qualify for the normal-purchase, normal-sale exception to mark-to-market accounting because Cleco Power takes physical delivery and the instruments and positions are used to satisfy customer requirements. | |||||||||||||||||||||||||||||||||
Cleco Power may enter into positions in order to attempt to mitigate the volatility in customer fuel costs. These positions are marked-to-market with the resulting gain or loss recorded on the balance sheet as a component of energy risk management assets or liabilities. Such gain or loss is deferred as a component of deferred fuel assets or liabilities in accordance with regulatory policy. When these positions close, actual gains or losses will be included in the FAC and reflected on customers’ bills as a component of the fuel cost adjustment. As part of the integration into MISO, Cleco Power was awarded FTRs in November 2013. FTRs provide a financial hedge to manage the risk of congestion cost in the Day-Ahead Energy Market. FTRs represent rights to congestion credits or charges along a path during a given time frame for a certain MW quantity. At December 31, 2013, Cleco's Balance Sheet reflected open FTR positions of $9.0 million in Energy risk management assets and $0.4 million in Energy risk management liabilities. There were no open natural gas positions at December 31, 2013 or 2012. | |||||||||||||||||||||||||||||||||
Cleco and Cleco Power maintain a master netting agreement policy and monitor credit risk exposure through review of counterparty credit quality, counterparty credit exposure, and counterparty concentration levels. Cleco manages these risks by establishing appropriate credit and concentration limits on transactions with counterparties and by requiring contractual guarantees, cash deposits, or letters of credit from counterparties or their affiliates, as deemed necessary. Cleco Power has agreements in place with 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 has entered into various 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 these contracts in which Cleco is hedging the variability of cash flows related to forecasted transactions that qualify as cash flow hedges, the changes in the fair value of such derivative instruments are reported in OCI. To qualify for hedge accounting, the relationship between the hedging instrument and the hedged item must be documented to include the risk management objective and strategy and, at inception and on an ongoing basis, the effectiveness of the hedge in offsetting the changes in the cash flows of the item being hedged. Gains or losses accumulated in OCI are reclassified as earnings in the periods in which earnings are affected by the variability of the cash flows of the hedged item. The ineffective portions of hedges will be recognized in current-period earnings unless management determines that it is probable that the costs will be recovered through the ratemaking process. If management determines that it is probable that the costs will be recovered from customers, then they will be recognized as a regulatory asset or liability and amortized to earnings over the life of the related debt. For those contracts in which Cleco is hedging the variability of cash flows related to forecasted transactions that do not qualify as cash flow hedges, the changes in the fair value of such derivative instruments will be recognized in current period earnings unless management determines that it is probable that the costs will be recovered from customers through the ratemaking process. If management determines that it is probable that the costs will be recovered from customers, then they will be recognized as a regulatory asset or liability and amortized to earnings over the life of the related debt. For more information on the interest rate risk contracts, see Note 5 — “Fair Value Accounting — Derivatives and Hedging.” | |||||||||||||||||||||||||||||||||
Recent Authoritative Guidance | |||||||||||||||||||||||||||||||||
The Registrants adopted, or will adopt, the following recent authoritative guidance on their respective effective dates. | |||||||||||||||||||||||||||||||||
In December 2011, FASB revised the disclosure requirements related to balance sheet offsetting. After the effective date, entities must disclose both the gross and net information about instruments and transactions eligible for offsetting on the balance sheet, including transactions under master netting agreements. The adoption of this revision is required for interim and annual periods beginning on or after January 1, 2013. The adoption of this revision did not have any effect on the financial condition, results of operations, or cash flows of the Registrants because it relates to disclosures. | |||||||||||||||||||||||||||||||||
In January 2013, FASB clarified the scope of revised disclosure requirements related to balance sheet offsetting that was issued in December 2011. The amendment clarifies that the scope applies to derivatives accounted for in accordance with the authoritative guidance for derivatives and hedging. The adoption of this revision is required for interim and annual periods beginning on or after January 1, 2013. The adoption of this revision did not have an impact on the financial condition, results of operations, or cash flows of the Registrants because it relates to disclosures and no additional disclosures were required. | |||||||||||||||||||||||||||||||||
In February 2013, FASB revised the disclosure requirements related to items reclassified out of accumulated other comprehensive income. This guidance is intended to improve the transparency of changes in OCI. This revision is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. Cleco adopted the revisions to this amendment during the first quarter of 2013. The adoption of this revision did not have an impact on the financial condition, results of operations, or cash flows of the Registrants because it relates to disclosures. For more information on items reclassified out of accumulated other comprehensive income, see Note 20 — “Accumulated Other Comprehensive Loss.” | |||||||||||||||||||||||||||||||||
In February 2013, FASB issued guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The adoption of this guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance is not expected to have a material impact on the financial condition, results of operations, or cash flows of the Registrants. | |||||||||||||||||||||||||||||||||
In April 2013, FASB issued guidance on applying the liquidation basis of accounting and the related disclosure requirements. Under this accounting standards update, an entity must use the liquidation basis of accounting to present its financial statements when it determines that liquidation is imminent, unless the liquidation is the same as that under the plan specified in an entity's governing documents created at its inception. The adoption of this standard is effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. The adoption of this guidance is not expected to have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |||||||||||||||||||||||||||||||||
In July 2013, FASB amended the guidance for derivatives and hedging to provide for the inclusion of the Fed Funds Effective Swap Rate as a U.S. benchmark interest rate for hedge accounting purposes. The adoption of this guidance is effective for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of this guidance did not have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |||||||||||||||||||||||||||||||||
In July 2013, FASB amended the income tax guidance to provide for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The adoption of this guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance is not expected to have an effect on the financial condition, results of operations, or cash flows of the Registrants. | |||||||||||||||||||||||||||||||||
In January 2014, FASB amended the accounting guidance for investments in qualified affordable housing projects. This guidance modifies the conditions that must be met to present the pretax effects and related tax benefits of such investments as a component of income taxes. The adoption of this guidance is effective for annual periods and interim reporting periods within those annual periods, beginning after December 31, 2014. Management is currently evaluating the effect the adoption of this guidance will have on the financial condition, results of operations, or cash flows of the Registrants. | |||||||||||||||||||||||||||||||||
Earnings per Average Common Share | |||||||||||||||||||||||||||||||||
The following table shows the calculation of basic and diluted earnings per share: | |||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS) | INCOME | SHARES | PER SHARE | INCOME | SHARES | PER SHARE | INCOME | SHARES | PER SHARE | ||||||||||||||||||||||||
AMOUNT | AMOUNT | AMOUNT | |||||||||||||||||||||||||||||||
Income from continuing operations | $ | 160,685 | $ | 163,648 | $ | 195,848 | |||||||||||||||||||||||||||
Deduct: non-participating stock dividends (4.5% preferred stock) | — | — | 26 | ||||||||||||||||||||||||||||||
Deduct: non-participating stock redemption costs (4.5% preferred stock) | — | — | 112 | ||||||||||||||||||||||||||||||
Basic net income applicable to common stock | $ | 160,685 | 60,434,510 | $ | 2.66 | $ | 163,648 | 60,370,588 | $ | 2.71 | $ | 195,710 | 60,488,740 | $ | 3.24 | ||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||||||||||||
Add: stock option grants | — | 4,154 | 20,647 | ||||||||||||||||||||||||||||||
Add: restricted stock (LTICP) | 285,580 | 253,387 | 324,177 | ||||||||||||||||||||||||||||||
Diluted net income applicable to common stock | $ | 160,685 | 60,720,090 | $ | 2.65 | $ | 163,648 | 60,628,129 | $ | 2.7 | $ | 195,710 | 60,833,564 | $ | 3.22 | ||||||||||||||||||
Stock option grants are excluded from the computation of diluted earnings per share if the exercise price is higher than the average market price. There were no stock option grants excluded from the computation of diluted earnings per share for the years ended 2012 and 2011. All stock options were exercised during 2012 and no additional options were granted during the year ended 2013. | |||||||||||||||||||||||||||||||||
Preferred Stock Redemption | |||||||||||||||||||||||||||||||||
For information on Cleco’s preferred stock redemption, see Note 7 — “Common and Preferred Stock — Preferred Stock.” | |||||||||||||||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||||||||||||||
For information on Cleco’s stock-based compensation, see Note 7 — “Common and Preferred Stock — Common Stock — Stock-Based Compensation.” | |||||||||||||||||||||||||||||||||
Accounting for MISO Transactions | |||||||||||||||||||||||||||||||||
Cleco Power participates in the energy market through MISO. MISO requires Cleco Power to submit hourly day-ahead, real time and FTR bids and offers for energy at locations across the MISO region. In a given hour, MISO transactions are netted for purposes of determining whether an entity is a net seller or purchaser. In each monthly reporting period, the hourly sale and purchase net amounts are aggregated and separately reported in Electric operations or Power purchased for utility customers on the Consolidated Statements of Income. For more information on FTRs, see Note 5 — “Fair Value Accounting — Derivatives and Hedging.” |
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities Regulatory Assets and Liabilities | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Regulatory Assets and Liabilities [Abstract] | ' | ||||||||||
Schedule of Regulatory Assets and Liabilities [Text Block] | ' | ||||||||||
Note 3 — Regulatory Assets and Liabilities | |||||||||||
Cleco Power follows the authoritative guidance on regulated operations, which allows utilities to capitalize or defer certain costs based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered through the ratemaking process. | |||||||||||
Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable; however, if in the future, as a result of regulatory changes or competition, Cleco Power’s ability to recover these regulatory assets would no longer be probable, then to the extent that such regulatory assets were determined not to be recoverable, Cleco Power would be required to write-down such assets. In addition, potential deregulation of the industry or possible future changes in the method of rate regulation of Cleco Power could require discontinuance of the application of these authoritative guidelines. | |||||||||||
The following table summarizes Cleco Power’s regulatory assets and liabilities at December 31, 2013 and 2012. | |||||||||||
AT DEC. 31, | REMAINING | ||||||||||
(THOUSANDS) | 2013 | 2012 | RECOVERY PERIOD | ||||||||
Total federal regulatory asset — income taxes | $ | 12,528 | $ | 24,222 | |||||||
Total state regulatory asset — income taxes | 89,050 | 57,480 | |||||||||
AFUDC | 130,488 | 132,267 | |||||||||
Total investment tax credit | (2,893 | ) | (3,524 | ) | |||||||
Total regulatory assets — deferred taxes, net | 229,173 | 210,445 | * | ||||||||
Mining costs | 14,019 | 16,569 | 5.5 yrs. | ||||||||
Interest costs | 5,943 | 6,304 | 26 yrs. | ||||||||
Asset removal costs (1) | 936 | 867 | * | ||||||||
Postretirement costs (1) | 93,333 | 156,458 | * | ||||||||
Tree trimming costs | 4,840 | 5,656 | 5 yrs. | ||||||||
Training costs | 7,175 | 7,330 | 46 yrs. | ||||||||
Surcredits, net (2) | 16,738 | 6,211 | 9 yrs. | ||||||||
Construction carrying costs | — | 4,697 | — | ||||||||
Amended lignite mining agreement contingency (1) | 3,781 | 3,781 | * | ||||||||
Power purchase agreement capacity costs | 9,749 | 6,217 | 1.5 yrs. | ||||||||
AMI deferred revenue requirement | 4,682 | 1,483 | 14 yrs. | ||||||||
Production O&M expenses | 8,459 | — | * | ||||||||
AFUDC equity gross-up (2) | 73,306 | 74,158 | * | ||||||||
Rate case costs | 45 | 581 | — | ||||||||
Acadia Unit 1 acquisition costs | 2,760 | 2,865 | 26 yrs. | ||||||||
IRP/RFP costs | — | 39 | — | ||||||||
AMI pilot costs | — | 22 | — | ||||||||
Financing costs | 9,772 | 7,282 | * | ||||||||
Biomass costs | 114 | 145 | 4 yrs. | ||||||||
Total regulatory assets - other | 255,652 | 300,665 | |||||||||
Construction carrying costs | — | (8,255 | ) | — | |||||||
Fuel and purchased power | (3,869 | ) | 7,833 | * | |||||||
Total regulatory assets, net | $ | 480,956 | $ | 510,688 | |||||||
(1)Represents regulatory assets where cash has not yet been expended; in which case, the assets are offset by liabilities that also do not incur a carrying cost. | |||||||||||
(2)Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2013. | |||||||||||
* For information related to the remaining recovery periods, refer to the disclosures below for each specific regulatory asset. | |||||||||||
Income Taxes | |||||||||||
Cleco Power has recorded a net regulatory asset related to deferred income taxes in accordance with the authoritative guidance on income taxes. The related regulatory asset or liability recorded represents the effect of tax benefits or detriments that must be flowed through to customers as they are received or paid. Generally, the recovery periods for regulatory assets and liabilities are based on assets’ lives, which can be up to 58 years. The amounts deferred are attributable to differences between book and tax recovery periods. | |||||||||||
Mining Costs | |||||||||||
Cleco Power operates a generating unit jointly owned with SWEPCO that uses lignite as its fuel source. | |||||||||||
Cleco Power (along with SWEPCO) maintains a Lignite Mining Agreement with DHLC, the operator of the Dolet Hills mine. As ordered then by the LPSC, Cleco Power’s retail customers began receiving fuel cost savings through the year 2011, while actual mining costs incurred above a certain percentage of the benchmark price were deferred, and could be recovered from retail customers through the FAC only when the actual mining costs are below a certain percentage of the benchmark price. The benchmark price used the GDP-IPD index as a proxy for the numerous escalators in the previous mining contract. During the course of the contract, Cleco Power and SWEPCO determined that the GDP-IPD index did not appropriately reflect the increase in mining costs caused by sharp increases in diesel fuel and electricity costs associated with the mining operation. Because of this disconnect between the GDP-IPD index and actual mining costs, a significant amount of mining costs was being deferred by Cleco Power. | |||||||||||
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 approximately 11.5 years. The settlement also established a new benchmark utilizing the contract’s escalators to assure a minimum 2% savings to customers compared to the costs under the prior mining contract. Under the settlement, the benchmarking was scheduled to end after April 2011. Cleco Power did not record any additional deferred fuel costs under the new benchmarking method. | |||||||||||
In connection with its approval of the Oxbow Lignite Mine acquisition, in 2009 the LPSC agreed to discontinue benchmarking and the corresponding potential to defer future lignite mining costs while preserving the recovery of the legacy deferred fuel balance previously authorized. | |||||||||||
Interest Costs | |||||||||||
Cleco Power’s deferred interest costs include additional deferred capital construction financing costs authorized by the LPSC. These costs are being amortized over the estimated lives of the respective assets constructed. | |||||||||||
Asset Removal Costs | |||||||||||
Under the authoritative guidance for asset retirement and environmental obligations, Cleco Power determined that a liability exists for cleanup and closing costs of solid waste facilities associated with its generating stations that use lignite for fuel. Applying these guidelines, Cleco Power determined that a liability exists for costs which may be incurred in the future for removal of asbestos from its general service buildings, the removal of transmission towers on leased right-of-ways, and for the abatement of PCBs in transformers. | |||||||||||
At December 31, 2013 and 2012, the liability for solid waste facility closure costs at the generating station using lignite is estimated at $0.6 million and is included in other deferred credits. At December 31, 2013 and 2012, Cleco Power’s liability for removal of asbestos is estimated at $0.3 million and also is included in other deferred credits. | |||||||||||
Postretirement Costs | |||||||||||
Authoritative guidance on retirement benefits compensation requires companies to recognize the funded status of their postretirement benefit plans as a net liability or asset. The net liability or asset is defined as the difference between the benefit obligation and the fair market value of plan assets. For defined benefit pension plans, the benefit obligation is the projected benefit obligation. Historically, the LPSC has allowed Cleco Power to recover pension plan expense. Cleco Power, therefore, recognizes a regulatory asset based on its determination that these costs can be collected from customers. These costs are amortized to pension expense over the average service life of the remaining plan participants, 11 years for Cleco’s plan, when it exceeds certain thresholds. The amount and timing of the recovery will be based on the changing funded status of the pension plan in future periods. For more information on Cleco’s pension plan and adoption of these authoritative guidelines, see Note 8 — “Pension Plan and Employee Benefits.” | |||||||||||
Tree Trimming Costs | |||||||||||
In January 2008, the LPSC approved Cleco Power’s request to establish a regulatory asset for costs incurred to trim, cut, or remove trees that were damaged by Hurricanes Katrina and Rita, but were not addressed as part of the restoration efforts. The regulatory asset was capped at $12.0 million in actual expenditures plus a 12.4% grossed-up rate of return. Recovery of these expenditures was requested in Cleco Power’s base rate application filed in July 2008 and was approved by the LPSC in October 2009. In February 2010, Cleco Power began amortizing the regulatory asset over a five-year period. | |||||||||||
On January 29, 2013, Cleco Power requested to expend and defer up to $8.0 million in additional tree management costs. Cleco Power requested similar accounting treatment as authorized in the initial tree extraction request and requested authorization to accrue actual expenditures to a regulatory asset through the completion date of the tree extraction effort. Cleco Power anticipates a completion date of December 31, 2014 for this phase of the tree extraction project. The LPSC approved this request on April 4, 2013. | |||||||||||
Training Costs | |||||||||||
In February 2008, the LPSC approved Cleco Power’s request to establish a regulatory asset for training costs associated with existing processes and technology for new employees at Madison Unit 3. Recovery of these expenditures was requested in Cleco Power’s base rate application filed in July 2008 and were covered by the retail rate plan which was approved by the LPSC in October 2009. In February 2010, Cleco Power began amortizing the regulatory asset over a 50-year period. | |||||||||||
Surcredits, Net | |||||||||||
Cleco Power has recorded surcredits as the result of a settlement with the LPSC that addressed, among other things, the recovery of the storm damages related to hurricanes and uncertain tax positions. In the settlement, Cleco Power was required to implement surcredits to provide ratepayers with the economic benefit of the carrying charges of certain accumulated deferred income tax liabilities at a rate of return which was set by the LPSC. The settlement, through a true-up mechanism, allows the surcredits to be adjusted to reflect the actual tax deductions allowed by the IRS. | |||||||||||
Cleco Power also was allowed to record a corresponding regulatory asset in an amount representing the flow back of the carrying charges to ratepayers. This amount is being amortized over various terms of the established surcredits. | |||||||||||
As a result of a settlement with the LPSC, Cleco Power is required to implement a surcredit when funds are withdrawn from the restricted storm reserve. In September 2012, Cleco Power withdrew $10.0 million from the restricted storm reserve to pay for storm damages, resulting in the establishment of a new surcredit. This surcredit will be utilized to partially replenish the storm reserve. | |||||||||||
In the third quarter of 2013, 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-up, Cleco Power has recorded a regulatory asset that represents the amounts that will be collected from ratepayers in future periods. | |||||||||||
Construction Carrying Costs | |||||||||||
In February 2006, the LPSC approved Cleco Power’s plans to build Madison Unit 3. Terms of the approval included authorization for Cleco Power to collect from customers an amount equal to 75% of the LPSC-jurisdictional portion of the carrying costs of capital during the construction phase of the unit. Cleco Power’s retail rate plan, which was approved in October 2009, established that Cleco Power return carrying costs to customers and record a regulatory asset for all carrying costs incurred by Cleco Power above the actual amount collected from customers. These costs were amortized over a four-year period. At June 30, 2013, Cleco Power had returned $166.0 million to customers, which represents all amounts due to be refunded to customers. | |||||||||||
Amended Lignite Mining Agreement Contingency | |||||||||||
In April 2009, Cleco Power and SWEPCO entered into a series of transactions to acquire additional lignite reserves and mining equipment from NAC, each agreeing to purchase a 50% ownership interest in Oxbow from NAC for a combined price of $25.7 million. Through mineral lease agreements and ownership of fee land, Oxbow controls approximately 73 million tons of lignite reserves in an area referred to as the Oxbow Mine. Cleco Power, SWEPCO, and DHLC entered into the Amended Lignite Mining Agreement which requires DHLC to mine lignite at the existing Dolet Hills Mine along with the Oxbow Mine and deliver the lignite to the Dolet Hills Power Station at cost plus a specified management fee. The two mining areas are expected to be sufficient to provide the Dolet Hills Power Station with lignite fuel until at least 2036. | |||||||||||
Among the provisions of the Amended Lignite Mining Agreement, it is a requirement that if DHLC is unable to pay for loans and lease payments when due, Cleco Power will pay 50% of the amounts due. Any payments under this provision will be considered a prepayment of lignite to be delivered in the future and will be credited to future invoices from DHLC. This provision meets the recognition requirements as a guarantee to an unrelated third party. Cleco Power recognized a liability of $3.8 million upon the closing of the transactions. A regulatory asset of $3.8 million was also recognized due to Cleco Power’s ability to recover prudent fuel costs from customers through the FAC. The liability and related regulatory asset will be derecognized when the Amended Lignite Mining Agreement terminates. The maximum projected payment by Cleco Power under this guarantee is estimated to be $98.1 million; however, the Amended Lignite Mining Agreement does not contain a cap. The projection is based on the forecasted loan and lease obligations to be incurred by DHLC, primarily for purchases of equipment. Cleco Power has the right to dispute the incurrence of loan and lease obligations through the review of the mining plan before the incurrence of such loan and lease obligations. | |||||||||||
Power Purchase Agreement Capacity Costs | |||||||||||
In March 2012, Cleco Power received approval from the LPSC for a three-year power purchase agreement with Evangeline providing 730 MW of capacity and energy beginning May 1, 2012, and ending April 30, 2015. The LPSC order allows Cleco Power to defer and recover a portion of capacity costs associated with the power purchase agreement. The deferred costs are being recovered over the term of the contract. | |||||||||||
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. The regulatory asset will amortize over the economic life of the project, currently estimated at 15 years. | |||||||||||
Production O&M Expenses | |||||||||||
In September 2009, the LPSC authorized Cleco Power in Docket No. U-30689 to defer, as a regulatory asset, production operations and maintenance expenses, net of fuel and payroll, above the retail jurisdictional portion of $25.6 million annually. The amount of the regulatory asset is capped at $25.6 million. In December 2013, Cleco Power deferred $8.5 million as a regulatory asset. Amortization of the regulatory asset will commence subsequent to a rate proceeding authorizing such collection. | |||||||||||
AFUDC Equity Gross-Up | |||||||||||
Cleco Power capitalizes equity AFUDC as a cost component of construction projects in accordance with the authoritative guidance for regulated operations. Cleco Power has recorded a regulatory asset to recover the tax gross-up related to the equity component of AFUDC. These costs are being amortized over the estimated lives of the respective assets constructed. | |||||||||||
Rate Case Costs | |||||||||||
In September 2009, the LPSC approved Cleco Power’s request to recover costs incurred as a result of Cleco Power’s rate case filed in July 2008. The new rates became effective upon the commercial operation of Madison Unit 3 on February 12, 2010, and Cleco Power began amortizing the regulatory asset over a four-year period. | |||||||||||
Acadia Unit 1 Acquisition Costs | |||||||||||
In October 2009, the LPSC approved Cleco Power’s request to establish a regulatory asset for costs incurred as a result of the acquisition by Cleco Power of Acadia Unit 1 and half of Acadia Power Station’s related common facilities. Recovery of these expenditures was requested in Cleco Power’s base rate application filed in July 2008, and these expenditures were covered by the retail rate plan which was approved by the LPSC in October 2009. The new rates became effective upon the commencement of commercial operation of Madison Unit 3 and Cleco Power began amortizing the regulatory asset over a 30-year period. For more information regarding the Acadia Unit 1 transaction, see Note 18 — “Acadia Transactions — Acadia Unit 1.” | |||||||||||
IRP/RFP Costs | |||||||||||
In October 2009, the LPSC approved Cleco Power’s request to establish a regulatory asset to recover IRP and RFP costs incurred. The new rates became effective upon the commencement of commercial operation of Madison Unit 3 and Cleco Power began amortizing the regulatory asset over a three-year period. | |||||||||||
AMI Pilot Costs | |||||||||||
In September 2009, the LPSC approved Cleco Power’s request to establish a regulatory asset to recover AMI pilot costs incurred. Recovery of these expenditures was approved by the LPSC in October 2009. The new rates became effective upon the commercial operation of Madison Unit 3. In March 2010, Cleco Power began amortizing these costs over a three-year period. | |||||||||||
Financing Costs | |||||||||||
In 2011, Cleco Power entered into and settled two treasury rate locks. Also in 2011, Cleco Power entered into a forward starting swap contract. These derivatives were entered into in order to mitigate the interest rate exposure on coupon payments related to forecasted debt issuances. In May 2013, the forward starting interest rate swap was settled at a loss of $3.3 million. Cleco Power deferred $2.9 million of the losses as a regulatory asset. Cleco Power is amortizing the regulatory asset 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. | |||||||||||
Fuel and Purchased Power | |||||||||||
The cost of fuel used for electric generation and the cost of power purchased for utility customers are recovered through the LPSC-established FAC, which enables Cleco Power to pass on to its customers substantially all such charges. For 2013, approximately 88% of Cleco Power’s total fuel cost was regulated by the LPSC, while the remainder was regulated by FERC. | |||||||||||
The $11.7 million change in the under/over-recovered costs was primarily due to $8.6 million in net mark-to-market gains on open FTR positions and a $3.1 million decrease in fuel and purchased power costs. For more information regarding FTRs, see Note 5 — “Fair Value Accounting — Derivatives and Hedging.” |
Jointly_Owned_Generation_Units
Jointly Owned Generation Units | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Jointly Owned Generation Units [Abstract] | ' | |||||||||||
Jointly Owned Generation Units | ' | |||||||||||
Note 4 — Jointly Owned Generation Units | ||||||||||||
Cleco Power operates electric generation units that are jointly owned with other utilities. The joint-owners are responsible for their own share of the capital and the operating and maintenance costs of the respective units. Cleco’s share of the direct expenses of the jointly owned generation units is included in the operating expenses of the statements of income. Cleco’s investment and accumulated depreciation in each of these generating units were as follows: | ||||||||||||
AT DEC. 31, 2013 | ||||||||||||
(DOLLAR AMOUNTS IN THOUSANDS) | RODEMACHER UNIT #2 | DOLET HILLS | TOTAL | |||||||||
Utility plant in service | $ | 95,746 | $ | 312,113 | $ | 407,859 | ||||||
Accumulated depreciation | $ | 71,072 | $ | 205,768 | $ | 276,840 | ||||||
Construction work in progress | $ | 16,585 | $ | 44,738 | $ | 61,323 | ||||||
Ownership | 30 | % | 50 | % | ||||||||
Nameplate capacity (MW) | 523 | 650 | ||||||||||
Cleco Power’s ownership interest (MW) | 157 | 325 | ||||||||||
Fair_Value_Accounting
Fair Value Accounting | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Accounting | ' | |||||||||||||||||||||||||||||||
Note 5 — Fair Value Accounting | ||||||||||||||||||||||||||||||||
The amounts reflected in Cleco and Cleco Power’s Consolidated Balance Sheets at December 31, 2013 and December 31, 2012, for cash equivalents, restricted cash equivalents, accounts receivable, other accounts receivable, accounts payable, and short-term debt approximate fair value because of their short-term nature. | ||||||||||||||||||||||||||||||||
The following tables summarize the carrying value and estimated market value of Cleco and Cleco Power’s financial instruments not measured at fair value in Cleco and Cleco Power’s Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
Cleco | ||||||||||||||||||||||||||||||||
AT DEC. 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
(THOUSANDS) | CARRYING | ESTIMATED | CARRYING | ESTIMATED | ||||||||||||||||||||||||||||
VALUE | FAIR VALUE | VALUE | FAIR VALUE | |||||||||||||||||||||||||||||
Financial instruments not marked-to-market | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 22,204 | $ | 22,204 | $ | 25,911 | $ | 25,911 | ||||||||||||||||||||||||
Restricted cash equivalents | $ | 14,019 | $ | 14,019 | $ | 14,221 | $ | 14,221 | ||||||||||||||||||||||||
Long-term debt, excluding debt issuance costs | $ | 1,331,230 | $ | 1,420,048 | $ | 1,345,198 | $ | 1,579,674 | ||||||||||||||||||||||||
Cleco Power | ||||||||||||||||||||||||||||||||
AT DEC. 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
(THOUSANDS) | CARRYING | ESTIMATED | CARRYING | ESTIMATED | ||||||||||||||||||||||||||||
VALUE | FAIR VALUE | VALUE | FAIR VALUE | |||||||||||||||||||||||||||||
Financial instruments not marked-to-market | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 14,900 | $ | 14,900 | $ | 18,600 | $ | 18,600 | ||||||||||||||||||||||||
Restricted cash equivalents | $ | 13,998 | $ | 13,998 | $ | 14,124 | $ | 14,124 | ||||||||||||||||||||||||
Long-term debt, excluding debt issuance costs | $ | 1,326,230 | $ | 1,415,048 | $ | 1,320,198 | $ | 1,554,674 | ||||||||||||||||||||||||
Fair Value Measurements and Disclosures | ||||||||||||||||||||||||||||||||
The authoritative guidance on fair value measurements requires entities to classify assets and liabilities that are either measured or disclosed at their fair value according to three different levels depending on the inputs used in determining fair value. | ||||||||||||||||||||||||||||||||
The following tables disclose for Cleco and Cleco Power the fair value of financial assets and liabilities measured or disclosed on a recurring basis and within the scope of the authoritative guidance for fair value measurements and disclosures. | ||||||||||||||||||||||||||||||||
Cleco | ||||||||||||||||||||||||||||||||
CLECO CONSOLIDATED FAIR VALUE MEASUREMENTS AT REPORTING DATE USING: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2013 | QUOTED | SIGNIFICANT | SIGNIFICANT | AT DEC. 31, 2012 | QUOTED | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||||||
PRICES IN | OTHER | UNOBSERVABLE | PRICES IN | OTHER | UNOBSERVABLE | |||||||||||||||||||||||||||
ACTIVE MARKETS | OBSERVABLE | INPUTS | ACTIVE MARKETS | OBSERVABLE | INPUTS | |||||||||||||||||||||||||||
FOR IDENTICAL | INPUTS | (LEVEL 3) | FOR IDENTICAL | INPUTS | (LEVEL 3) | |||||||||||||||||||||||||||
ASSETS | (LEVEL 2) | ASSETS | (LEVEL 2) | |||||||||||||||||||||||||||||
(LEVEL 1) | (LEVEL 1) | |||||||||||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||||||||||
Institutional money market funds | $ | 36,100 | $ | — | $ | 36,100 | $ | — | $ | 38,840 | $ | — | $ | 38,840 | $ | — | ||||||||||||||||
Commercial paper | 1,483 | — | 1,483 | — | 649 | — | 649 | — | ||||||||||||||||||||||||
Municipal bonds | 9,831 | — | 9,831 | — | 10,203 | — | 10,203 | — | ||||||||||||||||||||||||
Corporate bonds | 515 | — | 515 | — | — | — | — | — | ||||||||||||||||||||||||
Federal agency mortgage-backed securities | 1,000 | — | 1,000 | — | — | — | — | — | ||||||||||||||||||||||||
FTRs | 9,020 | — | — | 9,020 | — | — | — | — | ||||||||||||||||||||||||
Total assets | $ | 57,949 | $ | — | $ | 48,929 | $ | 9,020 | $ | 49,692 | $ | — | $ | 49,692 | $ | — | ||||||||||||||||
Liability Description | ||||||||||||||||||||||||||||||||
Interest rate derivative | $ | — | $ | — | $ | — | $ | — | $ | 2,627 | $ | — | $ | 2,627 | $ | — | ||||||||||||||||
Long-term debt | 1,420,048 | — | 1,420,048 | — | 1,579,674 | — | 1,579,674 | — | ||||||||||||||||||||||||
FTRs | 382 | — | — | 382 | — | — | — | — | ||||||||||||||||||||||||
Total liabilities | $ | 1,420,430 | $ | — | $ | 1,420,048 | $ | 382 | $ | 1,582,301 | $ | — | $ | 1,582,301 | $ | — | ||||||||||||||||
Cleco Power | ||||||||||||||||||||||||||||||||
CLECO POWER FAIR VALUE MEASUREMENTS AT REPORTING DATE USING: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2013 | QUOTED | SIGNIFICANT | SIGNIFICANT | AT DEC. 31, 2012 | QUOTED | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||||||
PRICES IN | OTHER | UNOBSERVABLE | PRICES IN | OTHER | UNOBSERVABLE | |||||||||||||||||||||||||||
ACTIVE MARKETS | OBSERVABLE | INPUTS | ACTIVE MARKETS | OBSERVABLE | INPUTS | |||||||||||||||||||||||||||
FOR IDENTICAL | INPUTS | (LEVEL 3) | FOR IDENTICAL | INPUTS | (LEVEL 3) | |||||||||||||||||||||||||||
ASSETS | (LEVEL 2) | ASSETS | (LEVEL 2) | |||||||||||||||||||||||||||||
(LEVEL 1) | (LEVEL 1) | |||||||||||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||||||||||
Institutional money market funds | $ | 28,775 | $ | — | $ | 28,775 | $ | — | $ | 32,643 | $ | — | $ | 32,643 | $ | — | ||||||||||||||||
Commercial paper | 1,483 | — | 1,483 | — | 649 | — | 649 | — | ||||||||||||||||||||||||
Municipal bonds | 9,831 | — | 9,831 | — | 10,203 | — | 10,203 | — | ||||||||||||||||||||||||
Corporate bonds | 515 | — | 515 | — | — | — | — | — | ||||||||||||||||||||||||
Federal agency mortgage-backed securities | 1,000 | — | 1,000 | — | — | — | — | — | ||||||||||||||||||||||||
FTRs | 9,020 | — | — | 9,020 | — | — | — | — | ||||||||||||||||||||||||
Total assets | $ | 50,624 | $ | — | $ | 41,604 | $ | 9,020 | $ | 43,495 | $ | — | $ | 43,495 | $ | — | ||||||||||||||||
Liability Description | ||||||||||||||||||||||||||||||||
Interest rate derivative | $ | — | $ | — | $ | — | $ | — | $ | 2,627 | $ | — | $ | 2,627 | $ | — | ||||||||||||||||
Long-term debt | 1,415,048 | — | 1,415,048 | — | 1,554,674 | — | 1,554,674 | — | ||||||||||||||||||||||||
FTRs | 382 | — | — | 382 | — | — | — | — | ||||||||||||||||||||||||
Total liabilities | $ | 1,415,430 | $ | — | $ | 1,415,048 | $ | 382 | $ | 1,557,301 | $ | — | $ | 1,557,301 | $ | — | ||||||||||||||||
The following table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions as of December 31, 2013. | ||||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT DOLLAR PER MWh) | FAIR VALUE | VALUATION TECHNIQUE | SIGNIFICANT | FORWARD PRICE RANGE | ||||||||||||||||||||||||||||
UNOBSERVABLE INPUTS | ||||||||||||||||||||||||||||||||
Assets | Liabilities | Low | High | |||||||||||||||||||||||||||||
FTRs | $ | 9,020 | $ | 382 | Discounted cash flow | Estimated auction price | $ | (4.88 | ) | $ | 33.75 | |||||||||||||||||||||
Cleco utilizes different valuation techniques for fair value calculations. In order to measure the fair value for Level 1 assets and liabilities, Cleco obtains the closing price from published indices in active markets for the various instruments and multiplies this price by the appropriate number of instruments held. Level 2 fair values are determined by obtaining the closing price of similar assets and liabilities from published indices in active markets and then discounted to the current period using a U.S. Treasury published interest rate as a proxy for a risk-free rate of return. Cleco has consistently applied the Level 2 fair value technique from fiscal period to fiscal period. Level 3 fair values are situations in which there is little, if any, market activity for the asset or liability at the measurement date and therefore estimated prices are used in the discounted cash flow approach. | ||||||||||||||||||||||||||||||||
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, 2013, Cleco and Cleco Power were exposed to concentrations of credit risk through their short-term investments classified as cash equivalents and restricted cash equivalents. The institutional money market funds were reported on the Cleco Consolidated Balance Sheet in cash and cash equivalents, current restricted cash and cash equivalents, and non-current restricted cash and cash equivalents of $22.2 million, $8.9 million, and $5.0 million, respectively, at December 31, 2013. At Cleco Power, the institutional money market funds were reported on the Consolidated Balance Sheet in cash and cash equivalents, current restricted cash and cash equivalents, and non-current restricted cash and cash equivalents of $14.9 million, $8.9 million, and $5.0 million, respectively, at December 31, 2013. 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 in order to maintain liquidity and achieve the goal of a net asset value of a dollar. The risks associated with this class are counterparty risk of the fund manager and risk of price volatility associated with the underlying securities of the fund. | ||||||||||||||||||||||||||||||||
The commercial paper, municipal bonds, corporate bonds, and federal agency mortgage-backed securities were reported on Cleco and Cleco Power’s Consolidated Balance Sheets in restricted investments in the amount of $1.5 million, $9.8 million, $0.5 million, and $1.0 million at December 31, 2013, respectively. The Level 2 commercial paper, the Level 2 municipal bonds, the Level 2 corporate bonds, and the Level 2 federal agency mortgage-backed securities consisted of a single class. In order to maximize income and to meet the requirements established by the LPSC for the restricted reserve fund, restricted cash and cash equivalents were invested in short-term, fixed-income, debt instruments in order to maintain safety and liquidity. The risks associated with this class are counterparty risk of the fund manager and risk of price volatility associated with the commercial paper, municipal bonds, corporate bonds, and federal agency mortgage-backed securities. Quarterly, Cleco receives reports from the trustee for the investment manager which provides the fair value measurement. Cleco performs an evaluation of those reports to verify the fair value of the securities. | ||||||||||||||||||||||||||||||||
The Level 3 FTRs consisted of a single class. As part of Cleco Power’s integration into MISO, Cleco Power was awarded FTRs in November 2013. The FTRs were priced using MISO’s monthly estimated auction prices. The monthly estimated auction prices are discounted to net present value to determine fair value. FTRs are categorized as Level 3 fair value measurements because the only relevant pricing available comes from MISO auctions, which trade infrequently. For more information about FTRs, see “— Derivatives and Hedging.” | ||||||||||||||||||||||||||||||||
The Level 2 interest rate derivative was one forward starting interest rate swap liability that consisted of a single class that only contained one instrument. The risks were changes in the three-month LIBOR rate and counterparty risk. This instrument was with a direct counterparty and was not traded through an exchange. For some options, Cleco uses the Black-Scholes model using observable and available inputs to calculate the fair value, consistent with the income approach. | ||||||||||||||||||||||||||||||||
The Level 2 long-term debt liability consists of a single class. In order to fund capital requirements, Cleco issues long-term, fixed and variable rate debt with various tenors. The fair value of this class fluctuates as the market interest rates for fixed and variable rate debt with similar tenors and credit ratings changes. The fair value of the debt could also change from period to period due to changes in the credit rating of the Cleco entity that issued the debt. | ||||||||||||||||||||||||||||||||
During the years ended December 31, 2013 and 2012, Cleco did not experience any transfers between levels. | ||||||||||||||||||||||||||||||||
Restricted Investments | ||||||||||||||||||||||||||||||||
In September 2007, the LPSC authorized the funding and securitization of a $50.0 million reserve for Cleco Power’s future storm costs. On July 1, 2012, Cleco Power transferred $13.0 million of the related restricted cash and cash equivalents to an outside investment manager. Investments made by the investment manager are restricted to the criteria established by management in Cleco Power’s guidelines for short-term investments. At December 31, 2013, the investments included cash and cash equivalents and debt securities. | ||||||||||||||||||||||||||||||||
The cash and cash equivalents are reflected in Cleco and Cleco Power’s Consolidated Balance Sheets at December 31, 2013, as restricted cash and cash equivalents at its approximate fair value because of its short-term nature. | ||||||||||||||||||||||||||||||||
The debt securities were recorded at fair value on Cleco and Cleco Power’s Consolidated Balance Sheets at December 31, 2013, as restricted investments. The investments in debt securities include municipal bonds, corporate bonds, federal agency mortgage-backed securities, and commercial paper with original maturity dates of more than three months and are classified as available-for-sale securities and reported at fair value. Because Cleco Power’s investment strategy for these investments is within the requirements established by the LPSC for the restricted reserve fund, realized and unrealized gains and losses, interest income, investment management fees and custody fees are recorded directly to Cleco Power’s restricted storm reserve rather than in earnings or OCI. As a result, no amounts will be recorded to OCI for these investments. | ||||||||||||||||||||||||||||||||
Quarterly, Cleco Power’s available-for-sale debt securities are evaluated on an individual basis to determine if a decline in fair value below the carrying value is other-than-temporary. | ||||||||||||||||||||||||||||||||
Management determines whether it intends to sell or if it is more likely than not that it will be required to sell impaired securities. This determination considers current and forecasted liquidity and regulatory requirements. For Cleco Power’s impaired debt securities for which there was no intent or expected requirement to sell, the evaluation assesses whether it is likely the amortized cost will be recovered considering the nature of the securities, credit rating, financial condition of the issuer, or the extent and duration of the unrealized loss and market conditions. If Cleco Power determines that an other-than-temporary decline in value exists on its debt securities, the investments would be written down to fair value with a new basis established. Declines in fair value below cost basis that are determined to be other-than-temporary would be recorded to Cleco Power’s restricted storm reserve. The unrealized gains and losses on Cleco Power’s debt securities as of December 31, 2013, were caused by interest rate movements. Cleco Power does not intend to sell the debt securities and has determined it is more likely than not that it will not be required to sell the investments before recovery of the amortized cost value. Cleco Power determined there were no other-than-temporary impairments on its debt securities at December 31, 2013. | ||||||||||||||||||||||||||||||||
The following table provides a reconciliation of Cleco Power’s available-for-sale debt securities from amortized cost to fair value at December 31, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||
AT DEC. 31, 2013 | AT DEC. 31, 2012 | |||||||||||||||||||||||||||||||
(THOUSANDS) | AMORTIZED | TOTAL | TOTAL | FAIR VALUE | AMORTIZED COST | TOTAL | TOTAL | FAIR VALUE | ||||||||||||||||||||||||
COST | UNREALIZED GAINS (1) | UNREALIZED | UNREALIZED GAINS (1) | UNREALIZED | ||||||||||||||||||||||||||||
LOSSES (1) | LOSSES (1) | |||||||||||||||||||||||||||||||
Municipal bonds | $ | 9,838 | $ | 8 | $ | 15 | $ | 9,831 | $ | 10,228 | $ | 3 | $ | 28 | $ | 10,203 | ||||||||||||||||
Corporate bonds | 513 | 2 | — | 515 | — | — | — | — | ||||||||||||||||||||||||
Federal agency mortgage-backed securities | 1,000 | — | — | 1,000 | — | — | — | — | ||||||||||||||||||||||||
Commercial paper | 1,483 | — | — | 1,483 | 649 | — | — | 649 | ||||||||||||||||||||||||
Total available-for-sale securities | $ | 12,834 | $ | 10 | $ | 15 | $ | 12,829 | $ | 10,877 | $ | 3 | $ | 28 | $ | 10,852 | ||||||||||||||||
(1) Unrealized gains and losses are recorded to the restricted storm reserve. | ||||||||||||||||||||||||||||||||
Cleco Power recognized less than $0.1 million unrealized mark-to-market gains in the restricted storm reserve for the year ended December 31, 2013. Cleco Power recognized less than $0.1 million unrealized mark-to-market losses in the restricted storm reserve for the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||
The following table summarizes the debt securities that were in an unrealized loss position at December 31, 2013, but for which no other-than-temporary impairment was recognized. | ||||||||||||||||||||||||||||||||
LESS THAN 12 MONTHS | 12 MONTHS OR LONGER | |||||||||||||||||||||||||||||||
(THOUSANDS) | AGGREGATE UNREALIZED LOSS | AGGREGATE RELATED | AGGREGATE UNREALIZED LOSS | AGGREGATE RELATED | ||||||||||||||||||||||||||||
FAIR VALUE | FAIR VALUE | |||||||||||||||||||||||||||||||
Municipal bonds | $ | 9 | $ | 3,156 | $ | 6 | $ | 2,622 | ||||||||||||||||||||||||
At December 31, 2013, the fair value of Cleco Power’s available-for-sale debt securities by contractual maturity was: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2013 | |||||||||||||||||||||||||||||||
One year or less | $ | 5,702 | ||||||||||||||||||||||||||||||
Over one year through five years | 7,127 | |||||||||||||||||||||||||||||||
Total fair value | $ | 12,829 | ||||||||||||||||||||||||||||||
There were no realized gains or losses on Cleco Power’s available-for-sale debt securities for the year ended December 31, 2013 and 2012. Realized gains and losses will be determined on a specific identification basis. | ||||||||||||||||||||||||||||||||
Derivatives and Hedging | ||||||||||||||||||||||||||||||||
The authoritative guidance on derivatives and hedging requires entities to provide transparent disclosures about a company’s derivative activities and how the related hedged items affect a company’s financial position, financial performance, and cash flows. Cleco is required to provide qualitative and quantitative disclosures about derivative fair value, gains and losses, and credit-risk-related contingent features in derivative agreements. | ||||||||||||||||||||||||||||||||
Commodity Contracts | ||||||||||||||||||||||||||||||||
The following table presents the fair values of derivative instruments and their respective line items as recorded on Cleco and Cleco Power’s Consolidated Balance Sheets as of December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||||||||||||||||||||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT DEC. 31, 2013 | AT DEC. 31, 2012 | |||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
FTRs: | ||||||||||||||||||||||||||||||||
Current | Energy risk management assets | $ | 9,020 | $ | — | |||||||||||||||||||||||||||
Current | Energy risk management liabilities | 382 | — | |||||||||||||||||||||||||||||
Total | $ | 8,638 | $ | — | ||||||||||||||||||||||||||||
The following table presents the effect of derivatives not designated as hedging instruments on Cleco and Cleco Power’s Consolidated Statements of Income for the years December 31, 2013, 2012, and 2011. | ||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
(THOUSANDS) | DERIVATIVES LINE ITEM | AMOUNT OF GAIN/(LOSS) | AMOUNT OF LOSS | AMOUNT OF LOSS | ||||||||||||||||||||||||||||
RECOGNIZED IN | RECOGNIZED IN | RECOGNIZED IN | ||||||||||||||||||||||||||||||
INCOME ON | INCOME ON | INCOME ON | ||||||||||||||||||||||||||||||
DERIVATIVES | DERIVATIVES | DERIVATIVES | ||||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
Fuel cost hedges(1) | Fuel used for electric generation | $ | — | $ | (8,277 | ) | $ | (18,119 | ) | |||||||||||||||||||||||
FTRs(2) | Electric operations | 243 | — | — | ||||||||||||||||||||||||||||
FTRs(2) | Power purchased for utility customers | (19 | ) | — | — | |||||||||||||||||||||||||||
Total | $ | 224 | $ | (8,277 | ) | $ | (18,119 | ) | ||||||||||||||||||||||||
(1) In accordance with the authoritative guidance for regulated operations, no unrealized losses and no deferred losses associated with fuel cost hedges are reported in Accumulated deferred fuel on the balance sheet as of December 31, 2013, and no unrealized losses and no deferred losses as of December 31, 2012, and $5.3 million of unrealized losses and $1.2 million of deferred losses associated with fuel costs hedges as of December 31, 2011. As gains and losses are realized in future periods, they will be recorded as Fuel used for electric generation on the income statement. | ||||||||||||||||||||||||||||||||
(2) At December 31, 2013, $8.6 million unrealized gains associated with FTRs were reported in Accumulated deferred fuel on the balance sheet. | ||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, Cleco Power had no open positions hedged for natural gas. | ||||||||||||||||||||||||||||||||
As part of the integration into MISO, Cleco Power was awarded FTRs in November 2013. FTRs provide a financial hedge to manage the risk of congestion cost in the Day-Ahead Energy Market. FTRs represent rights to congestion credits or charges along a path during a given time frame for a certain MW quantity. At December 31, 2013, Cleco Power had 6.8 million MWh of FTRs hedged. At December 31, 2012, Cleco Power had no open FTR positions. | ||||||||||||||||||||||||||||||||
Interest Rate Derivatives | ||||||||||||||||||||||||||||||||
In November 2011, Cleco Power entered into a pay fixed/receive variable forward starting interest rate swap contract in order to mitigate the interest rate exposure on coupon payments related to the remaining $50.0 million fixed-rate forecasted debt issuance. The forward starting interest rate swap had a spot 30-year all-in swap rate of 3.05%, notional amount of $50.0 million, with the pricing date of May 14, 2013, or the issuance of the notes, whichever was earlier. The forward starting interest rate swap met the criteria of a cash flow hedge under the authoritative guidance as it related to derivatives and hedging and was carried on the balance sheet at its fair value. Because of the inputs and common techniques used to calculate fair value, the swap valuation was considered Level 2. | ||||||||||||||||||||||||||||||||
During the first quarter of 2013, Cleco determined that the forward starting interest rate swap ceased to be highly effective in offsetting changes in the cash flows of the forecasted coupon payments and discontinued hedge accounting prospectively. In May 2013, upon pricing of the 2008 Series B GO Zone bonds, Cleco Power settled the forward starting interest rate swap at a loss of $3.3 million. Of this amount, Cleco Power deferred $2.9 million as a regulatory asset and recognized $0.4 million in OCI. In May 2013, Cleco Power began amortizing these losses over the 25-year term of the related debt. For more information about the 2008 Series B GO Zone bonds, see Note 6 — “Debt.” | ||||||||||||||||||||||||||||||||
The following table presents the effect of derivatives designated as hedging instruments on Cleco and Cleco Power’s Consolidated Statements of Income for the years ended December 31, 2013, 2012, and 2011. | ||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
(THOUSANDS) | AMOUNT OF GAIN | AMOUNT OF NET LOSS RECLASSIFIED | AMOUNT OF GAIN | AMOUNT OF NET | AMOUNT OF LOSS | AMOUNT OF NET GAIN RECLASSIFIED | ||||||||||||||||||||||||||
RECOGNIZED IN OCI | FROM ACCUMULATED | RECOGNIZED IN OCI | LOSS RECLASSIFIED | RECOGNIZED IN OCI | FROM ACCUMULATED | |||||||||||||||||||||||||||
OCI INTO INCOME | FROM | OCI INTO INCOME | ||||||||||||||||||||||||||||||
(EFFECTIVE PORTION) | ACCUMULATED | (EFFECTIVE PORTION) | ||||||||||||||||||||||||||||||
OCI INTO INCOME | ||||||||||||||||||||||||||||||||
(EFFECTIVE PORTION) | ||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 2,202 | $ | (251 | )* | $ | 704 | $ | (60 | )* | $ | (25,661 | ) | $ | 334 | * | ||||||||||||||||
* The (loss) gain reclassified from accumulated OCI into income is reflected in interest charges. | ||||||||||||||||||||||||||||||||
At December 31, 2013, Cleco Power expects $0.3 million of net losses related to interest rate derivatives to be reclassed from accumulated other comprehensive income into earnings over the next 12 months. |
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt Disclosure | ' | |||||||
Note 6 — Debt | ||||||||
Cleco | ||||||||
Cleco’s total indebtedness as of December 31, 2013 and 2012 was as follows. | ||||||||
AT DEC. 31, | ||||||||
(THOUSANDS) | 2013 | 2012 | ||||||
Bonds | ||||||||
Cleco Power’s senior notes, 5.375%, due 2013 | $ | — | $ | 75,000 | ||||
Cleco Power’s senior notes, 4.95%, due 2015 | 50,000 | 50,000 | ||||||
Cleco Power’s senior notes, 6.65%, due 2018 | 250,000 | 250,000 | ||||||
Cleco Power’s senior notes, 4.33%, due 2027 | 50,000 | 50,000 | ||||||
Cleco Power’s senior notes, 6.50%, due 2035 | 295,000 | 295,000 | ||||||
Cleco Power’s senior notes, 5.942%, due 2040 | 250,000 | 250,000 | ||||||
Cleco Power’s senior notes, 5.988%, due 2041 | 100,000 | 100,000 | ||||||
Cleco Power’s Series B GO Zone bonds, 4.25%, due 2038 | 50,000 | — | ||||||
Cleco Power’s solid waste disposal facility bonds, 4.70%, due 2036, callable after November 1, 2016 | 60,000 | 60,000 | ||||||
Cleco Power’s solid waste disposal facility bonds, 5.25%, due 2037, mandatory tender on March 1, 2013 | — | 60,000 | ||||||
Cleco Power’s Series A GO Zone bonds, due 2038, maturity tender on May 3, 2015 | 50,000 | — | ||||||
Cleco Katrina/Rita’s storm recovery bonds, 4.41%, due 2020 | 48,630 | 62,598 | ||||||
Cleco Katrina/Rita’s storm recovery bonds, 5.61%, due 2023 | 67,600 | 67,600 | ||||||
Total bonds | 1,271,230 | 1,320,198 | ||||||
Other long-term debt | ||||||||
Cleco Corporation’s credit facility draws | 5,000 | 25,000 | ||||||
Cleco Power’s bank term loan, due 2015 | 35,000 | — | ||||||
Cleco Power’s credit facility draws | 20,000 | — | ||||||
Barge lease obligations, ending 2017 | 9,179 | 11,350 | ||||||
Gross amount of long-term debt | 1,340,409 | 1,356,548 | ||||||
Less: long-term debt due within one year | 14,876 | 88,969 | ||||||
Less: lease obligations classified as long-term debt due within one year | 2,305 | 2,171 | ||||||
Unamortized discount | (7,728 | ) | (8,150 | ) | ||||
Total long-term debt, net | $ | 1,315,500 | $ | 1,257,258 | ||||
The principal amounts payable under long-term debt agreements for each year through 2018 and thereafter are as follows. | ||||||||
(THOUSANDS) | ||||||||
Amounts payable under long-term debt agreements | ||||||||
2014 | $ | 14,876 | ||||||
2015 | $ | 100,825 | ||||||
2016 | $ | 16,814 | ||||||
2017 | $ | 17,896 | ||||||
2018 | $ | 294,194 | ||||||
Thereafter | $ | 886,625 | ||||||
At December 31, 2013 and 2012, Cleco had no short-term debt outstanding. | ||||||||
At December 31, 2013, Cleco’s long-term debt outstanding was $1.33 billion, of which $17.2 million was due within one year, compared to $1.35 billion outstanding at December 31, 2012, of which $91.1 million was due within one year. The long-term debt due within one year at December 31, 2013, represents $14.9 million of principal payments for the Cleco Katrina/Rita storm recovery bonds and $2.3 million of capital lease payments. | ||||||||
For Cleco, long-term debt decreased $15.7 million from December 31, 2012, primarily due to a $75.0 million repayment of senior notes, $60.0 million of solid waste disposal bonds reacquired in March 2013, a $20.0 million decrease in Cleco’s credit facility draws, $13.9 million of scheduled Cleco Katrina/Rita storm recovery bond principal payments made in March and September 2013, and a $2.2 million decrease in capital lease obligations. These decreases were partially offset by the issuance of $50.0 million 2008 Series A GO Zone bonds and $50.0 million 2008 Series B GO Zone bonds in May 2013, $35.0 million outstanding on a bank term loan entered into in March 2013, a $20.0 million increase in Cleco Power’s credit facility draws, and debt discount amortizations of $0.4 million. | ||||||||
The principal amounts payable under the capital lease agreements for each year through 2017 are as follows. | ||||||||
(THOUSANDS) | ||||||||
Amounts payable under capital lease agreements | ||||||||
2014 | $ | 2,305 | ||||||
2015 | $ | 2,448 | ||||||
2016 | $ | 2,607 | ||||||
2017 | $ | 1,819 | ||||||
Cleco Power | ||||||||
Cleco Power’s total indebtedness as of December 31, 2013 and 2012, was as follows. | ||||||||
AT DEC. 31, | ||||||||
(THOUSANDS) | 2013 | 2012 | ||||||
Bonds | ||||||||
Senior notes, 5.375%, due 2013 | $ | — | $ | 75,000 | ||||
Senior notes, 4.95%, due 2015 | 50,000 | 50,000 | ||||||
Senior notes, 6.65%, due 2018 | 250,000 | 250,000 | ||||||
Senior notes, 4.33%, due 2027 | 50,000 | 50,000 | ||||||
Senior notes, 6.50%, due 2035 | 295,000 | 295,000 | ||||||
Senior notes, 5.942%, due 2040 | 250,000 | 250,000 | ||||||
Senior notes, 5.988%, due 2041 | 100,000 | 100,000 | ||||||
Series B GO Zone bonds, 4.25%, due 2038 | 50,000 | — | ||||||
Solid waste disposal facility bonds, 4.70%, due 2036, callable after November 1, 2016 | 60,000 | 60,000 | ||||||
Solid waste disposal facility bonds, 5.25%, due 2037, mandatory tender on March 1, 2013 | — | 60,000 | ||||||
Series A GO Zone bonds, due 2038, maturity tender on May 3, 2015 | 50,000 | — | ||||||
Cleco Katrina/Rita’s storm recovery bonds, 4.41%, due 2020 | 48,630 | 62,598 | ||||||
Cleco Katrina/Rita’s storm recovery bonds, 5.61%, due 2023 | 67,600 | 67,600 | ||||||
Total bonds | 1,271,230 | 1,320,198 | ||||||
Other long-term debt | ||||||||
Bank term loan, due 2015 | 35,000 | — | ||||||
Credit facility draws | 20,000 | — | ||||||
Barge lease obligations, ending 2017 | 9,179 | 11,350 | ||||||
Gross amount of long-term debt | 1,335,409 | 1,331,548 | ||||||
Less: long-term debt due within one year | 14,876 | 88,969 | ||||||
Less: lease obligations classified as long-term debt due within one year | 2,305 | 2,171 | ||||||
Unamortized discount | (7,728 | ) | (8,150 | ) | ||||
Total long-term debt, net | $ | 1,310,500 | $ | 1,232,258 | ||||
The principal amounts payable under long-term debt agreements for each year through 2018 and thereafter are as follows. | ||||||||
(THOUSANDS) | ||||||||
Amounts payable under long-term debt agreements | ||||||||
2014 | $ | 14,876 | ||||||
2015 | $ | 100,825 | ||||||
2016 | $ | 16,814 | ||||||
2017 | $ | 17,896 | ||||||
2018 | $ | 289,194 | ||||||
Thereafter | $ | 886,625 | ||||||
At December 31, 2013 and 2012, Cleco Power had no outstanding short-term debt. | ||||||||
At December 31, 2013, Cleco Power’s long-term debt outstanding was $1.33 billion, of which $17.2 million was due within one year, compared to $1.32 billion outstanding at December 31, 2012, of which $91.1 million was due within one year. The long-term debt due within one year at December 31, 2013, represents $14.9 million of principal payments for the Cleco Katrina/Rita storm recovery bonds and $2.3 million of capital lease payments. | ||||||||
For Cleco Power, long-term debt increased $4.3 million from December 31, 2012, primarily due to the issuance of $50.0 million 2008 Series A GO Zone bonds and $50.0 million 2008 Series B GO Zone bonds in May 2013, $35.0 million outstanding on a bank term loan entered into in March 2013, a $20.0 million increase in credit facility draws, and debt discount amortizations of $0.4 million. These increases were partially offset by $75.0 million repayment of senior notes, $60.0 million solid waste disposal bonds reacquired in March 2013, $13.9 million of scheduled Cleco Katrina/Rita storm recovery bond principal payments made in March and September 2013, and a $2.2 million decrease in capital lease obligations. | ||||||||
The principal amounts payable under the capital lease agreements for each year through 2017 are as follows. | ||||||||
(THOUSANDS) | ||||||||
Amounts payable under capital lease agreements | ||||||||
2014 | $ | 2,305 | ||||||
2015 | $ | 2,448 | ||||||
2016 | $ | 2,607 | ||||||
2017 | $ | 1,819 | ||||||
Cleco Power’s $60.0 million solid waste disposal facility bonds due 2037, which were issued by the Rapides Finance Authority for the benefit of Cleco Power in November 2007, were required to be mandatorily tendered by the bondholders for purchase on March 1, 2013, pursuant to the terms of the indenture. The bonds were issued in connection with a loan agreement between the Rapides Finance Authority and Cleco Power. On March 1, 2013, Cleco Power purchased all $60.0 million outstanding bonds at face value plus $1.6 million of accrued interest, using draws under Cleco Power’s revolving credit facility. In connection with the purchase, the interest rate of the bonds will reset each week based on the Securities Industry and Financial Markets Association index. The initial interest rate of the bonds at March 1, 2013, was 0.11% per annum. Interest expense will continue to be recorded with a corresponding amount recorded as interest income, excluding amortization of debt issuance costs. Although the bonds remain outstanding, Cleco Power has the right to redeem and cancel the debt at any time without approval of the Rapides Finance Authority. In accordance with the authoritative guidance, the bonds are considered extinguished and Cleco Power is holding the debt as treasury bonds, resulting in a net presentation on Cleco and Cleco Power's Consolidated Balance Sheets. Cleco Power has the option to remarket the bonds for new terms and new interest rates, both to be determined by market conditions. | ||||||||
On March 20, 2013, Cleco Power entered into a bank term loan agreement in the amount of $60.0 million. Proceeds of the loan agreement were used to repay draws under Cleco Power’s revolving credit facility. Cleco Power made a $25.0 million payment on the loan on May 8, 2013, reducing the balance outstanding to $35.0 million. The interest rate under the agreement at December 31, 2013, was 0.92%. The rate resets monthly at one-month LIBOR, plus 0.75%. The loan matures on May 29, 2015. | ||||||||
On May 3, 2013, Cleco Power remarketed $50.0 million of its 2008 Series A GO Zone bonds which had previously been purchased by Cleco Power and were being held as treasury bonds. The interest rate at December 31, 2013, was 0.93% which is based on 65% of one month LIBOR, plus 0.82%. The rate resets monthly. The 2008 Series A GO Zone bonds will be subject to remarketing on May 3, 2015. Of the $50.0 million bonds, $25.0 million of the proceeds were used to fund the partial repayment of the $60.0 million solid waste disposal bonds described above and $25.0 million of the proceeds were used to partially fund the maturity of Cleco Power’s $75.0 million 5.375% senior notes on May 1, 2013. | ||||||||
On May 8, 2013, Cleco Power remarketed $50.0 million of its 2008 Series B GO Zone bonds which had previously been purchased by Cleco Power and were being held as treasury bonds, at a fixed interest rate of 4.25%. The 2008 Series B GO Zone bonds mature on December 1, 2038. The proceeds were used to partially fund the maturity of Cleco Power's $75.0 million 5.375% senior notes on May 1, 2013. | ||||||||
Interest Rate Derivatives | ||||||||
Forward Starting Interest Rate Swap | ||||||||
In November 2011, Cleco Power entered into a pay fixed/receive variable forward starting interest rate swap contract in order to mitigate the interest rate exposure on coupon payments related to a forecasted debt issuance. The forward starting interest rate swap had a spot 30-year all-in swap rate of 3.05%, notional amount of $50.0 million, with the pricing date of May 14, 2013, or the issuance of the notes, whichever was earlier. The forward starting interest rate swap met the criteria of a cash flow hedge under the authoritative guidance as it related to derivatives and hedging and was carried on the balance sheet at its fair value. | ||||||||
During the first quarter of 2013, Cleco determined that the forward starting interest rate swap ceased to be highly effective in offsetting changes in the cash flows of the forecasted coupon payments and discontinued hedge accounting prospectively. In May 2013, upon pricing of the 2008 Series B GO Zone bonds, Cleco Power settled the forward starting interest rate swap at a loss of $3.3 million. Of this amount, Cleco Power deferred $2.9 million as a regulatory asset and recognized $0.4 million in other comprehensive income. In May 2013, Cleco Power began amortizing these losses over the 25-year term of the related debt. | ||||||||
Credit Facilities | ||||||||
At December 31, 2013, Cleco had two separate revolving credit facilities, one for Cleco Corporation and one for Cleco Power, with a maximum aggregate capacity of $550.0 million. | ||||||||
In October 2013, Cleco Corporation entered into a new, amended and restated $250.0 million revolving credit facility. The credit facility is set to mature on October 16, 2018 and provides for working capital and other needs. In connection with the new credit facility, $1.0 million of unamortized debt expense related to Cleco Corporation’s previous credit facility was written off. At December 31, 2013, the all-in interest rate under the new facility was equal to LIBOR plus 1.275% or ABR, plus facility fees of 0.225%. Due to the credit ratings upgrade on January 30, 2014, the all-in interest rate under the new facility is equal to LIBOR plus 1.075% or ABR, plus facility fees of 0.175%. At December 31, 2013, Cleco Corporation had $5.0 million borrowings outstanding under its existing credit facility at an all-in interest rate of 1.445%, leaving an available borrowing capacity of $245.0 million. The $5.0 million borrowings outstanding at December 31, 2013 were repaid on January 31, 2014. Under covenants contained in Cleco Corporation’s credit facility, Cleco is required to maintain total indebtedness equal to or less than 65% of total capitalization. At December 31, 2013, approximately $862.2 million of Cleco’s retained earnings was unrestricted. If Cleco Power defaults under the Cleco Power facility, then Cleco Corporation would be considered in default under the Cleco Corporation facility. At December 31, 2013, Cleco Corporation was in compliance with the covenants in its credit facility. | ||||||||
In October 2013, Cleco Power entered into a new, amended and restated $300.0 million revolving credit facility. The credit facility is set to mature on October 16, 2018 and provides for working capital and other needs. Cleco Power’s all-in interest rate under this facility is equal to LIBOR plus 1.075%, or ABR, plus facility fees of 0.175%. At December 31, 2013, Cleco Power had $20.0 million borrowings outstanding under its existing credit facility at an all-in interest rate of 1.245% and a $1.0 million letter of credit issued under its credit facility, leaving an available borrowing capacity of $279.0 million. Of the $20.0 million borrowings outstanding at December 31, 2013, $10.0 million was repaid on January 27, 2014. Under covenants contained in Cleco Power’s credit facility, Cleco Power is required to maintain total indebtedness equal to or less than 65% of total capitalization. At December 31, 2013, approximately $666.3 million of Cleco Power’s member’s equity was unrestricted. At December 31, 2013, Cleco Power was in compliance with the covenants in its credit facility |
Common_and_Preferred_Stock
Common and Preferred Stock | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Common and Preferred Stock | ' | |||||||||||||||||||||||
Note 7 — Common and Preferred Stock | ||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||
Stock-Based Plan Descriptions and Share Information | ||||||||||||||||||||||||
At December 31, 2013 and 2012, Cleco had two stock-based compensation plans: the ESPP and the LTICP. | ||||||||||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||||||||||
Regular, full-time, and part-time employees of Cleco Corporation and its participating subsidiaries, except officers, general managers, and employees who own 5% or more of Cleco Corporation’s stock, may participate in the ESPP. An eligible employee elects to participate in the ESPP by entering into an option agreement with Cleco Corporation or its affiliate authorizing payroll deductions to purchase stock at a discounted rate. The amount of payroll deductions required by the plan are to be no less than $10 but no more than $350 each pay period. The payroll deductions are accumulated during a calendar quarter, which is referred to as the “offering period,” and remain as general assets of Cleco pending the purchase of common stock by the plan administrator. No trust or other fiduciary account has been established in connection with the ESPP. At the end of each offering period, payroll deductions are automatically applied to the purchase of common stock. Shares of common stock are purchased at a 5% discount of the fair market value as of the last trading day of each offering period. The number of shares of common stock purchased is determined by dividing each participant's payroll deductions during the offering period by the option price of a share of common stock. A participant may purchase a maximum of 62 shares per offering period. Dividends received on shares are automatically reinvested as required by the dividend reinvestment plan (DRIP) provisions of the ESPP. | ||||||||||||||||||||||||
A maximum of 734,000 shares of common stock may be purchased under the ESPP, subject to adjustment for changes in the capitalization of Cleco Corporation. The Compensation Committee of Cleco Corporation's Board of Directors monitors the ESPP. The Compensation Committee and the Board of Directors possess the authority to amend the ESPP, but shareholder approval is required for any amendment that increases the number of shares covered by the ESPP. As of December 31, 2013, there were 406,112 shares of common stock available for purchase under the ESPP. | ||||||||||||||||||||||||
Long-Term Incentive Compensation Plan | ||||||||||||||||||||||||
Stock options, restricted stock, known as non-vested stock as defined by the authoritative guidance on stock-based compensation, common stock equivalent units, and stock appreciation rights may be granted or awarded to certain officers, key employees, or directors of Cleco Corporation and its affiliates under the LTICP. On December 31, 2009, the 2000 LTICP expired and no further grants or awards were made under this plan. The grants and awards that had been made under the 2000 LTICP are to remain outstanding and in effect until exercised, matured, expired, or forfeited in accordance with their existing terms. At December 31, 2013, 37,401 shares of non-vested Cleco Corporation common stock remained outstanding under the 2000 LTICP. There were no stock options or common stock equivalent units outstanding under this plan at December 31, 2013. | ||||||||||||||||||||||||
With shareholder approval, the 2010 LTICP became effective January 1, 2010. Under this plan, a maximum of 2,250,000 shares of Cleco Corporation common stock can be granted or awarded. At December 31, 2013, there were 1,448,013 shares available for future grants or awards under the 2010 LTICP. Although equity instruments awarded in the past to employees and directors have come from issuing new shares of common stock, future awards may come from purchasing outstanding shares of common stock through Cleco Corporation's common stock repurchase program. | ||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||
Stock options are granted at an exercise price calculated by averaging the high and low stock price on the grant date rounded to the nearest one-eighth. Stock options granted to directors are immediately exercisable and expire after 10 years. Stock options granted to officers and employees vest one-third each year beginning on the third anniversary of the grant date and expire after 10 years. There were no stock options granted during the years ended December 31, 2013, 2012, or 2011. All stock options were exercised during 2012. | ||||||||||||||||||||||||
The total intrinsic value of options exercised during the years ended December 31, 2012 and 2011 was $1.8 million and $0.5 million, respectively. Cash received from options exercised under all stock-based compensation plans for the years ended December 31, 2012 and 2011 was $2.0 million and $0.9 million, respectively. The associated tax benefit for options exercised for years ended December 31, 2012 and 2011 was $0.7 million and $0.2 million, respectively. No cash was paid to settle equity instruments granted under the stock-based compensation plans for the years ended December 31, 2012 or 2011. | ||||||||||||||||||||||||
Non-Vested Stock and Common Stock Equivalent Units | ||||||||||||||||||||||||
In 2013, 2012, and 2011, Cleco granted non-vested stock to certain officers, key employees, and directors Because it can only be settled in shares of Cleco Corporation common stock, non-vested stock is classified as equity. Recipients of non-vested stock have full voting rights of a stockholder. At the time restrictions lapse, the accrued dividend equivalent units that are paid to the recipient are prorated based upon the percentage of vested stock to the total restricted stock awarded. | ||||||||||||||||||||||||
In order to vest, the non-vested stock requires the satisfaction of a service requirement and a market-based requirement. Recipients of non-vested stock are eligible to receive opportunity instruments if certain market-based measures are exceeded. Cleco also awards non-vested stock with only a service period requirement to employees and directors. These awards require the satisfaction of a pre-determined service period in order for the shares to vest. | ||||||||||||||||||||||||
During 2013, Cleco granted 139,048 shares of non-vested stock to certain officers, key employees, and directors of Cleco pursuant to the LTICP. Of the total shares of non-vested stock granted during 2013, 132,330 shares were granted from new shares of common stock and 6,718 shares were granted through Cleco's common stock repurchase program. | ||||||||||||||||||||||||
At December 31, 2013, the number of target and opportunity non-vested shares awarded for which restrictions had not lapsed totaled 695,890. At December 31, 2013, the number of shares of non-vested stock previously granted with only a service period requirement for which the period had not ended was 119,775. | ||||||||||||||||||||||||
Under the 2010 LTICP plan, common stock equivalent units are also available to be awarded. Because they are settled in cash, awarded common stock equivalent units are classified as a liability. Recipients of common stock equivalent units receive dividend equivalent units under the same terms as the dividends paid on non-vested stock. Also like non-vested stock, common stock equivalent units require the satisfaction of a service requirement and a market-based requirement. Recipients of common stock equivalent units are eligible to receive opportunity instruments if certain market-based measures are exceeded. | ||||||||||||||||||||||||
During January 2013, restrictions on all previously awarded common stock equivalent units had lapsed. There were no common stock equivalent units granted in 2013, 2012, or 2011. | ||||||||||||||||||||||||
A summary of non-vested stock activity during the year ended December 31, 2013, is presented in the following table. | ||||||||||||||||||||||||
SHARES | WEIGHTED-AVERAGE | |||||||||||||||||||||||
GRANT-DATE | ||||||||||||||||||||||||
FAIR VALUE | ||||||||||||||||||||||||
Non-vested at January 1, 2013 | 349,775 | $ | 35.12 | |||||||||||||||||||||
Granted | 139,048 | $ | 42.6 | |||||||||||||||||||||
Vested | (147,825 | ) | $ | 34.9 | ||||||||||||||||||||
Non-vested at December 31, 2013 | 340,998 | $ | 38.26 | |||||||||||||||||||||
The fair value of shares of non-vested stock which vested during the years ended December 31, 2013, 2012, and 2011 was $5.2 million, $3.1 million, and $4.0 million, respectively. | ||||||||||||||||||||||||
The fair value of shares of non-vested stock granted during 2013, 2012, and 2011 under the LTICP is estimated on the date of grant are marked-to-market using the Monte Carlo simulation model with the assumptions listed in the following table. | ||||||||||||||||||||||||
AT DEC. 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Expected term (in years) (1) | 3 | 3 | 3 | |||||||||||||||||||||
Volatility of Cleco stock (2) | 18.1 | % | 21.5 | % | 28.5 | % | ||||||||||||||||||
Correlation between Cleco stock volatility and peer group | 69.7 | % | 66 | % | 63.2 | % | ||||||||||||||||||
Expected dividend yield | 3.2 | % | 3.3 | % | 3.3 | % | ||||||||||||||||||
Weighted average fair value (Monte Carlo model) | $ | 42.66 | $ | 41.56 | $ | 34.88 | ||||||||||||||||||
(1) The expected term was based on the service period of the award. | ||||||||||||||||||||||||
(2) The volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term. | ||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||
During the years ended December 31, 2013, 2012, and 2011, Cleco did not modify any of the terms of outstanding awards. Cleco has recognized stock-based compensation expense for these provisions in accordance with the non-substantive vesting period approach. | ||||||||||||||||||||||||
Cleco recorded compensation expense for all non-vested options and non-vested stock during the years ended December 31, 2013, 2012, and 2011. Assuming achievement of vesting requirements is probable, stock-based compensation expense of non-vested stock is recorded during the service periods, which are generally three years, after which the restrictions lapse. All stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense in the income statement over the award's requisite service period. Awards that vest pro rata during the requisite service period that contain only a service condition are defined as having a graded vesting schedule and could be treated as multiple awards with separate vesting schedules. However, Cleco has elected to treat grants with graded vesting schedules as one award and recognize the related compensation expense on a straight-line basis over the requisite service period. | ||||||||||||||||||||||||
The ESPP does not contain optionality features beyond those listed by the authoritative guidance on stock-based compensation. Therefore, Cleco is not required to recognize a fair-value expense related to the ESPP. | ||||||||||||||||||||||||
Pre-tax compensation expense reported by Cleco and Cleco Power relating to their share-based compensation plans is shown in the following table: | ||||||||||||||||||||||||
CLECO | CLECO POWER | |||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Equity classification | ||||||||||||||||||||||||
Non-vested stock (1) | $ | 6,147 | $ | 4,429 | $ | 3,391 | $ | 1,754 | $ | 1,074 | $ | 678 | ||||||||||||
Stock options (1) | — | 11 | 103 | — | — | — | ||||||||||||||||||
Total equity classification | $ | 6,147 | $ | 4,440 | $ | 3,494 | $ | 1,754 | $ | 1,074 | $ | 678 | ||||||||||||
Liability classification | ||||||||||||||||||||||||
Common stock equivalent units | $ | 1 | $ | 1,506 | $ | 3,509 | $ | — | $ | 609 | $ | 1,118 | ||||||||||||
Total pre-tax compensation expense | $ | 6,148 | $ | 5,946 | $ | 7,003 | $ | 1,754 | $ | 1,683 | $ | 1,796 | ||||||||||||
Tax benefit (excluding income tax gross-up) | $ | 2,366 | $ | 2,288 | $ | 2,695 | $ | 675 | $ | 648 | $ | 691 | ||||||||||||
(1) For each of the years ended December 31, 2013, 2012, and 2011, compensation expense included in Cleco’s Consolidated Statements of Income related to non-forfeitable dividends paid on non-vested stock that is not expected to vest and stock options was $0.1 million. | ||||||||||||||||||||||||
As required by the authoritative guidance on stock-based compensation, the amount of stock-based compensation capitalized in property, plant, and equipment on Cleco's consolidated balance sheets for the years ended December 31, 2013 and 2012, was $0.9 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, 2013 and 2012, was $0.7 million and $0.6 million, respectively. | ||||||||||||||||||||||||
At December 31, 2013, there were 166,363 non-vested share-based compensation arrangements granted under the LTICP that were expected to vest over an average period of 1.5 years. The total unrecognized before-tax compensation cost was $6.1 million for non-vested stock-based compensation arrangements granted under the LTICP. | ||||||||||||||||||||||||
Common Stock Repurchase Program | ||||||||||||||||||||||||
In January 2011, Cleco Corporation’s Board of Directors approved the implementation of a new common stock repurchase program. This program authorizes management to repurchase, from time to time, shares of common stock so that Cleco’s diluted average shares of common stock outstanding remain approximately equal to its diluted average shares of common stock outstanding for 2010. Under this program, purchases may be made on a discretionary basis at times and in amounts as determined by management, subject to market conditions, legal requirements and other factors. Purchases under the program will not be announced in advance and may be made in the open market or through privately negotiated transactions. During the year ended December 31, 2013, no shares of common stock were repurchased by Cleco Corporation. During the years ended December 31, 2012 and 2011, Cleco Corporation repurchased 200,000 shares and 400,000 shares of common stock, respectively. | ||||||||||||||||||||||||
Preferred Stock | ||||||||||||||||||||||||
On June 24, 2011, Cleco Corporation redeemed all 10,288 outstanding shares of its 4.5% preferred stock. The redemption price was $101 per share plus accrued and unpaid dividends to the redemption date, or $101.296 per share. As of the redemption date, no shares of 4.5% preferred stock were outstanding. |
Pension_Plan_and_Employee_Bene
Pension Plan and Employee Benefits | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Pension Plan and Employee Benefits | ' | |||||||||||||||||||||||
Note 8 — Pension Plan and Employee Benefits | ||||||||||||||||||||||||
In accordance with the authoritative guidance for compensation of retirement benefits, Cleco’s measurement date is the same as its fiscal year end. | ||||||||||||||||||||||||
Pension Plan and Other Benefits Plan | ||||||||||||||||||||||||
Most employees hired before August 1, 2007, are covered by a non-contributory, defined benefit pension plan. Benefits under the plan reflect an employee’s years of service, age at retirement, and highest total average compensation for any consecutive five calendar years during the last ten years of employment with Cleco. Cleco’s policy is to base its contributions to the employee pension plan upon actuarial computations utilizing the projected unit credit method, subject to the IRS’s full funding limitation. In January 2013, Cleco Power made $34.0 million in discretionary contributions to the pension plan designated for the 2012 plan year. During 2012, Cleco made no discretionary or required contributions to the pension plan. The required contributions are driven by liability funding target percentages set by law which could cause the required contributions to be uneven among the years. The ultimate amount and timing of the contributions may be affected by changes in the discount rate, changes in the funding regulations, and actual returns on fund assets. Cleco Power is considered the plan sponsor and Support Group is considered the plan administrator. | ||||||||||||||||||||||||
Cleco’s retirees and their dependents are eligible to receive medical, dental, vision, and life insurance benefits (other benefits). Cleco recognizes the expected cost of these other benefits during the periods in which the benefits are earned. | ||||||||||||||||||||||||
The employee pension plan and other benefits obligation plan assets and funded status at December 31, 2013 and 2012, are presented in the following table. | ||||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 431,569 | $ | 361,986 | $ | 45,569 | $ | 42,680 | ||||||||||||||||
Service cost | 9,889 | 8,312 | 1,656 | 1,461 | ||||||||||||||||||||
Interest cost | 17,940 | 18,254 | 1,568 | 2,239 | ||||||||||||||||||||
Plan participants’ contributions | — | — | 1,241 | 1,308 | ||||||||||||||||||||
Actuarial (gain) loss | (50,133 | ) | 58,109 | (1,768 | ) | 2,462 | ||||||||||||||||||
Expenses paid | (1,916 | ) | (1,511 | ) | — | — | ||||||||||||||||||
Medicare D | — | — | 194 | — | ||||||||||||||||||||
Other adjustments | — | — | 601 | — | ||||||||||||||||||||
Benefits paid | (14,861 | ) | (13,581 | ) | (5,221 | ) | (4,581 | ) | ||||||||||||||||
Benefit obligation at end of year | 392,488 | 431,569 | 43,840 | 45,569 | ||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 344,041 | 312,395 | — | — | ||||||||||||||||||||
Actual return on plan assets | 23,291 | 46,738 | — | — | ||||||||||||||||||||
Employer contributions | 34,000 | — | — | — | ||||||||||||||||||||
Expenses paid | (1,916 | ) | (1,511 | ) | — | — | ||||||||||||||||||
Benefits paid | (14,861 | ) | (13,581 | ) | — | — | ||||||||||||||||||
Fair value of plan assets at end of year | 384,555 | 344,041 | — | — | ||||||||||||||||||||
Unfunded status | $ | (7,933 | ) | $ | (87,528 | ) | $ | (43,840 | ) | $ | (45,569 | ) | ||||||||||||
The employee pension plan accumulated benefit obligation at December 31, 2013 and 2012, is presented in the following table. | ||||||||||||||||||||||||
PENSION BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||||||||||||||
Accumulated benefit obligation | $ | 358,128 | $ | 387,776 | ||||||||||||||||||||
The authoritative guidelines for compensation of retirement benefits require the disclosure of the net actuarial gains/losses, transition obligations/assets, and prior period service costs included in other comprehensive income as a result of being included as a component of net periodic benefit costs. The following table presents those items for the employee pension plan and other benefits plan at December 31, 2013 and 2012. | ||||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Net actuarial (gain) loss occurring during year | $ | (49,978 | ) | $ | 32,177 | $ | (1,768 | ) | $ | 2,461 | ||||||||||||||
Prior service cost occurring during year | $ | — | $ | — | $ | 601 | $ | — | ||||||||||||||||
Net actuarial loss amortized during year | $ | 13,218 | $ | 8,346 | $ | 1,131 | $ | 1,479 | ||||||||||||||||
Transition obligation amortized during year | $ | — | $ | — | $ | 20 | $ | 20 | ||||||||||||||||
Prior service cost amortized during year | $ | (71 | ) | $ | (71 | ) | $ | — | $ | — | ||||||||||||||
The authoritative guidelines also require the disclosure of the net gains/losses, transition obligations/assets, and prior period service costs/credits in accumulated other comprehensive income that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2014. The following table presents those items for the employee pension plan and other benefits plans for December 31, 2014, 2013, and 2012. | ||||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Net actuarial loss | $ | 6,404 | $ | 93,821 | $ | 157,017 | $ | 854 | $ | 10,703 | $ | 13,602 | ||||||||||||
Transition obligation | $ | — | $ | — | $ | — | $ | 16 | $ | 16 | $ | 35 | ||||||||||||
Prior service (credit) cost | $ | (71 | ) | $ | (488 | ) | $ | (559 | ) | $ | 119 | $ | 601 | $ | — | |||||||||
The components of net periodic pension and other benefits costs for 2013, 2012, and 2011 are as follows. | ||||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Components of periodic benefit costs | ||||||||||||||||||||||||
Service cost | $ | 9,889 | $ | 8,312 | $ | 8,390 | $ | 1,656 | $ | 1,461 | $ | 1,532 | ||||||||||||
Interest cost | 17,940 | 18,254 | 17,629 | 1,568 | 2,239 | 1,818 | ||||||||||||||||||
Expected return on plan assets | (23,446 | ) | (20,806 | ) | (24,646 | ) | — | — | — | |||||||||||||||
Amortizations: | ||||||||||||||||||||||||
Transition obligation | — | — | — | 20 | 20 | 20 | ||||||||||||||||||
Prior period service credit | (71 | ) | (71 | ) | (71 | ) | — | — | (206 | ) | ||||||||||||||
Net loss | 13,218 | 8,346 | 5,556 | 1,131 | 1,479 | 1,010 | ||||||||||||||||||
Net periodic benefit cost | $ | 17,530 | $ | 14,035 | $ | 6,858 | $ | 4,375 | $ | 5,199 | $ | 4,174 | ||||||||||||
Since Cleco Power is the pension plan sponsor and the related trust holds the assets, the net unfunded status of the pension plan is reflected at Cleco Power. The liability of Cleco’s other subsidiaries is transferred with a like amount of assets to Cleco Power monthly. The expense of the pension plan related to Cleco’s other subsidiaries for the years ended December 31, 2013, 2012, and 2011 was $2.5 million, $2.2 million, and $2.1 million, respectively. | ||||||||||||||||||||||||
Cleco Corporation is the plan sponsor for the other benefit plans. There are no assets set aside in a trust, and the liabilities are reported on the individual subsidiaries’ financial statements. At December 31, 2013 and 2012, the current portion of the other benefits liability for Cleco was $3.5 million and $3.1 million, respectively. At December 31, 2013 and 2012, the current portion of the other benefits liability for Cleco Power was $3.2 million and $2.9 million, respectively. At December 31, 2013 and 2012, the non-current portion of the other benefits liability for Cleco Power was $30.7 million and $32.4 million, respectively. The expense related to other benefits reflected in Cleco Power’s Consolidated Statements of Income for the years ended December 31, 2013, 2012, and 2011 was $3.8 million, $4.5 million, and $3.6 million, respectively. | ||||||||||||||||||||||||
In March 2010, the President signed the PPACA, a comprehensive health care law. While all provisions of the PPACA are not effective immediately, management does not expect the provisions to materially impact the Registrants’ retiree medical unfunded liability and related expenses. Management will continue to monitor this law and its possible impact on the Registrants. | ||||||||||||||||||||||||
The measurement date used to determine the pension and other postretirement benefits is December 31. The assumptions used to determine the benefit obligation and the periodic costs are as follows. | ||||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Weighted-average assumptions used to determine the benefit obligation as of December 31: | ||||||||||||||||||||||||
Discount rate | 5.14 | % | 4.19 | % | 4.46 | % | 3.54 | % | ||||||||||||||||
Rate of compensation increase | 3.262 | % | 3.334 | % | N/A | N/A | ||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Weighted-average assumptions used to determine the net benefit cost for the year ended December 31: | ||||||||||||||||||||||||
Discount rate | 4.19 | % | 5.08 | % | 5.43 | % | 3.54 | % | 4.51 | % | 4.61 | % | ||||||||||||
Expected return on plan assets | 6.78 | % | 6.61 | % | 7.8 | % | N/A | N/A | N/A | |||||||||||||||
Rate of compensation increase | 3.262 | % | 3.373 | % | 4.119 | % | 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 was 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 2014 periodic expense, Cleco decreased the expected long-term return on plan assets to 6.76%. | ||||||||||||||||||||||||
Employee pension plan assets may be invested in publicly traded domestic common stocks, including Cleco Corporation common stock; U.S. Government, federal agency and corporate obligations; an international equity fund, commercial real estate funds; a hedge fund of funds; and pooled temporary investments. Investments in securities (obligations of U.S. Government and U.S. Government Agencies, corporate debt, common/collective trust funds, mutual funds, common stocks, and preferred stock) traded on a national securities exchange are valued at the last reported sales price on the last business day of the year. | ||||||||||||||||||||||||
Real estate funds and the pooled separate accounts are stated at estimated market value based on appraisal reports prepared annually by independent real estate appraisers (members of the American Institute of Real Estate Appraisers). The estimated market value of recently acquired properties is assumed to approximate cost. | ||||||||||||||||||||||||
The hedge fund of funds is stated at fair value based upon financial statements and other financial information reported by the management of the underlying funds. In January 2009, the relationship with the hedge fund of funds manager was restructured to redemption status only. | ||||||||||||||||||||||||
Fair Value Disclosures | ||||||||||||||||||||||||
The authoritative guidance for fair value measurements and disclosures requires entities to classify assets and liabilities measured at their fair value according to three different levels, depending on the inputs used in determining fair value. | ||||||||||||||||||||||||
• | Level 1 – unadjusted quoted prices in active, liquid markets for the identical asset or liability, | |||||||||||||||||||||||
• | Level 2 – quoted prices for similar assets and liabilities in active markets or other inputs that are observable for the asset or liability, including inputs that can be corroborated by observable market data, observable interest rate yield curves and volatilities, and | |||||||||||||||||||||||
• | Level 3 – unobservable inputs based upon the entities’ own assumptions. | |||||||||||||||||||||||
There have been no changes in the methodologies for determining fair value at December 31, 2013 and December 31, 2012. At December 31, 2013, the investments in the domestic common/collective trust fund were reclassified as a mutual fund, which changed them from Level 2 to Level 1 in the fair value hierarchy. The prior year amounts were revised to correct for this. The following tables disclose the pension plan’s fair value of financial assets measured on a recurring basis and within the scope of the authoritative guidance for fair value measurements and disclosures. | ||||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2013 | QUOTED PRICES | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||
IN ACTIVE | OTHER | UNOBSERVABLE | ||||||||||||||||||||||
MARKETS FOR | OBSERVABLE | INPUTS | ||||||||||||||||||||||
IDENTICAL ASSETS | INPUTS | (LEVEL 3) | ||||||||||||||||||||||
(LEVEL 1) | (LEVEL 2) | |||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,942 | $ | — | $ | 5,942 | $ | — | ||||||||||||||||
Common stock | 17,918 | 17,918 | — | — | ||||||||||||||||||||
Preferred stock | 939 | 939 | — | — | ||||||||||||||||||||
Obligations of U.S. Government and U.S. Government Agencies | 41,413 | — | 41,413 | — | ||||||||||||||||||||
Mutual funds | ||||||||||||||||||||||||
Domestic | 54,609 | 54,609 | — | — | ||||||||||||||||||||
International | 26,254 | 26,254 | — | — | ||||||||||||||||||||
Common/collective trust fund | 42,078 | — | 42,078 | — | ||||||||||||||||||||
Real estate funds | 17,928 | — | — | 17,928 | ||||||||||||||||||||
Hedge fund of funds | 1,740 | — | — | 1,740 | ||||||||||||||||||||
Corporate debt | 172,950 | — | 172,950 | — | ||||||||||||||||||||
Total | $ | 381,771 | $ | 99,720 | $ | 262,383 | $ | 19,668 | ||||||||||||||||
Interest accrual | 2,784 | |||||||||||||||||||||||
Total net assets | $ | 384,555 | ||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2012 | QUOTED PRICES | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||
IN ACTIVE | OTHER | UNOBSERVABLE | ||||||||||||||||||||||
MARKETS FOR | OBSERVABLE | INPUTS | ||||||||||||||||||||||
IDENTICAL ASSETS | INPUTS | (LEVEL 3) | ||||||||||||||||||||||
(LEVEL 1) | (LEVEL 2) | |||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 6,336 | $ | — | $ | 6,336 | $ | — | ||||||||||||||||
Common stock | 16,319 | 16,319 | — | — | ||||||||||||||||||||
Preferred stock | 379 | 379 | — | — | ||||||||||||||||||||
Obligations of U.S. Government and U.S. Government Agencies | 32,734 | — | 32,734 | — | ||||||||||||||||||||
Mutual funds | ||||||||||||||||||||||||
Domestic | 54,198 | 54,198 | — | — | ||||||||||||||||||||
International | 25,042 | 25,042 | — | — | ||||||||||||||||||||
Common/collective trust fund | 39,943 | — | 39,943 | — | ||||||||||||||||||||
Real estate funds | 17,341 | — | — | 17,341 | ||||||||||||||||||||
Hedge fund of funds | 2,587 | — | — | 2,587 | ||||||||||||||||||||
Corporate debt | 147,013 | — | 147,013 | — | ||||||||||||||||||||
Total | $ | 341,892 | $ | 95,938 | $ | 226,026 | $ | 19,928 | ||||||||||||||||
Interest accrual | 2,149 | |||||||||||||||||||||||
Total net assets | $ | 344,041 | ||||||||||||||||||||||
Level 3 valuations are derived from other valuation methodologies including pricing models, discounted cash flow models, and similar techniques. Level 3 valuations incorporate subjective judgments and consider assumptions including capitalization rates, discounts rates, cash flows, and other factors that are not observable in the market. | ||||||||||||||||||||||||
The following is a reconciliation of the beginning and ending balances of the pension plan’s real estate funds and hedge fund of funds measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||
(THOUSANDS) | REAL ESTATE | HEDGE FUND | TOTAL | |||||||||||||||||||||
FUNDS | OF FUNDS | |||||||||||||||||||||||
December 31, 2011 | $ | 16,349 | $ | 2,892 | $ | 19,241 | ||||||||||||||||||
Realized gain | — | 2 | 2 | |||||||||||||||||||||
Unrealized gain | 734 | 130 | 864 | |||||||||||||||||||||
Purchases | 258 | — | 258 | |||||||||||||||||||||
Sales | — | (437 | ) | (437 | ) | |||||||||||||||||||
December 31, 2012 | $ | 17,341 | $ | 2,587 | $ | 19,928 | ||||||||||||||||||
Realized gain | — | 12 | 12 | |||||||||||||||||||||
Unrealized gain | 128 | 71 | 199 | |||||||||||||||||||||
Purchases | 459 | — | 459 | |||||||||||||||||||||
Sales | — | (930 | ) | (930 | ) | |||||||||||||||||||
December 31, 2013 | $ | 17,928 | $ | 1,740 | $ | 19,668 | ||||||||||||||||||
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 2013, the return on plan assets was 5.7% compared to an expected long-term return of 6.8%. The 2012 return on pension plan assets was 15.2% compared to an expected long-term return of 6.6%. | ||||||||||||||||||||||||
As of December 31, 2013, the pension plan held no shares of Cleco Corporation common stock. None of the plan participants’ future annual benefits is covered by insurance contracts. In December 2008, Cleco became aware that, through its hedge fund of funds manager, a portion of its pension plan assets were invested in the Madoff feeder fund investment, Ascot Fund Limited. In January 2009, Cleco Power elected to liquidate the holdings of the hedge fund of funds manager. At December 31, 2013, the fund had $1.7 million remaining to be liquidated. Proceeds from the hedge fund of funds manager will be reallocated to the plan’s other investment managers. | ||||||||||||||||||||||||
Pension Plan Investment Objectives | ||||||||||||||||||||||||
Cleco Corporation’s retirement committee has established investment performance objectives of the pension plan assets. Over a three- to five-year period, the objectives are for the pension plan’s annualized total return to: | ||||||||||||||||||||||||
• | Exceed the assumed rate of return on plan assets, and | |||||||||||||||||||||||
• | Exceed the annualized total return of a customized index consisting of a mixture of S&P 500 Index; Russell 2500 Index, MSCI EAFE Index; Morgan Stanley Capital International Emerging Markets Index, Barclays Capital Long Credit Index, Barclays Capital Long Government/Credit Index, National Council of Real Estate Investment Fiduciaries Index, and U.S. Treasury Bills plus 5%. | |||||||||||||||||||||||
In order to meet the objectives and to control risk, the retirement committee has established 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 MSCI EAFE Index should be represented within the portfolio. The allocation to an individual country should not exceed the lesser of 30% or 5 times the country’s weighting within the MSCI EAFE Index. | |||||||||||||||||||||||
• | Currency hedging decisions are at the discretion of the investment manager. | |||||||||||||||||||||||
Emerging Markets | ||||||||||||||||||||||||
• | Equity holdings in any single company should not exceed 10% of the manager’s portfolio. | |||||||||||||||||||||||
• | A minimum of 30 individual stocks should be owned. | |||||||||||||||||||||||
• | Equity holdings of a single industry should not exceed 25%. | |||||||||||||||||||||||
• | Equity investments must represent at least 75% of the manager’s portfolio. | |||||||||||||||||||||||
• | A minimum of three countries should be represented within the manager’s portfolio. | |||||||||||||||||||||||
• | Illiquid securities which are not readily marketable may represent no more than 10% of the manager’s portfolio. | |||||||||||||||||||||||
• | Currency hedging decisions are at the discretion of the investment manager. | |||||||||||||||||||||||
Fixed Income Portfolio - Long Government/Credit | ||||||||||||||||||||||||
• | Only 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 Gov/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. | |||||||||||||||||||||||
• | Maximum position size of 5% or A rated securities and 3% for BBB rated securities. | |||||||||||||||||||||||
• | Duration within +/- 1 year of benchmark. | |||||||||||||||||||||||
Real Estate Portfolios | ||||||||||||||||||||||||
• | Real estate funds should be invested primarily in direct equity positions, with debt and other investments representing less than 25% of the fund. | |||||||||||||||||||||||
• | Leverage should be no more than 70% of the market value of the fund. | |||||||||||||||||||||||
• | Investments should be focused on existing income-producing properties, with land and development properties representing less than 40% of the fund. | |||||||||||||||||||||||
Hedge Fund of Funds | ||||||||||||||||||||||||
• | The fund should be invested in a minimum of 20 individual partnerships. | |||||||||||||||||||||||
• | No individual partnership should exceed 10% of the fund of funds. | |||||||||||||||||||||||
• | The fund should be diversified across several different “styles” of partnerships, including event-driven strategies, fixed income arbitrage and trading, and other arbitrage strategies. The fund generally should not be invested in emerging markets, short-term only, traditional Commodity Trading Advisor’s or derivative-only strategies. | |||||||||||||||||||||||
The use of futures and options positions which leverage portfolio positions through borrowing, short sales, or other encumbrances of the Plan’s assets is prohibited: | ||||||||||||||||||||||||
• | Debt portfolios and hedge fund of funds are exempt from the prohibition on derivative use. | |||||||||||||||||||||||
• | Execution of target allocation rebalancing may be implemented through short to intermediate-term use of derivatives overlay strategies. The notional value of derivative positions shall not exceed 20% of the total pension fund’s value at any given time. | |||||||||||||||||||||||
During 2011, the retirement committee changed the pension plan’s investment policy to create a liability hedging portfolio based on the plan’s funded ratio. The following chart shows the resulting dynamic asset allocation based on the funded ratio at December 31, 2013: | ||||||||||||||||||||||||
PERCENT OF TOTAL PLAN ASSETS* | ||||||||||||||||||||||||
MINIMUM | TARGET | MAXIMUM | ||||||||||||||||||||||
Return-seeking | ||||||||||||||||||||||||
Domestic equity | 17 | % | ||||||||||||||||||||||
International equity | 16 | % | ||||||||||||||||||||||
Real estate | 7 | % | ||||||||||||||||||||||
Hedge fund of funds | 2 | % | ||||||||||||||||||||||
Total return-seeking | 37 | % | 42 | % | 47 | % | ||||||||||||||||||
Liability hedging | ||||||||||||||||||||||||
Fixed income- long government/credit | 18 | % | ||||||||||||||||||||||
Fixed income - long credit | 40 | % | ||||||||||||||||||||||
Total liability hedging | 53 | % | 58 | % | 62 | % | ||||||||||||||||||
*Minimums and maximums within subcategories not intended to equal total for category. | ||||||||||||||||||||||||
There was no reduction in other benefit costs due to Medicare subsidies for the year ended December 31, 2013. The reduction in other benefit costs due to Medicare subsidies for the year ended December 31, 2012 is presented in the following table. | ||||||||||||||||||||||||
AT DECEMBER 31, | ||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||||||||||||||
Components of other benefit costs: | ||||||||||||||||||||||||
(Increase) in interest cost | $ | — | $ | (8 | ) | |||||||||||||||||||
Reduction in net loss amortization | — | 199 | ||||||||||||||||||||||
Reduction in net other benefit cost | $ | — | $ | 191 | ||||||||||||||||||||
The assumed health care cost trend rates used to measure the expected cost of other benefits is 7.0% for 2014. For 2013 and 2012, the rate used was 8.0% and 9.0%, respectively. The rate declines to 5.0% by 2031 and remains at 5.0% thereafter. Assumed health care cost trend rates have a significant effect on the amount reported for the health care plans. A one-percentage point change in assumed health care cost trend rates would have the following effects on other benefits. | ||||||||||||||||||||||||
ONE-PERCENTAGE POINT | ||||||||||||||||||||||||
(THOUSANDS) | INCREASE | DECREASE | ||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 31 | $ | (11 | ) | |||||||||||||||||||
Effect on postretirement benefit obligation | $ | 291 | $ | (324 | ) | |||||||||||||||||||
The projected benefit payments for the employee pension plan and other benefits obligation plan for each year through 2018 and the next five years thereafter are listed in the following table. | ||||||||||||||||||||||||
(THOUSANDS) | PENSION BENEFITS | OTHER BENEFITS, GROSS | ||||||||||||||||||||||
2014 | $ | 16,251 | $ | 3,557 | ||||||||||||||||||||
2015 | $ | 17,037 | $ | 3,645 | ||||||||||||||||||||
2016 | $ | 17,918 | $ | 3,789 | ||||||||||||||||||||
2017 | $ | 19,025 | $ | 3,888 | ||||||||||||||||||||
2018 | $ | 20,087 | $ | 3,985 | ||||||||||||||||||||
Next five years | $ | 119,982 | $ | 19,813 | ||||||||||||||||||||
SERP | ||||||||||||||||||||||||
Certain Cleco officers are covered by the SERP. The SERP is a non-qualified, non-contributory, defined benefit pension plan. Benefits under the plan reflect an employee’s years of service, age at retirement, and the sum of the highest base salary paid out of the last five calendar years and the average of the three highest bonuses paid during the 60 months prior to retirement, reduced by benefits received from any other defined benefit pension plan, SERP Plan, or Cleco contributions under the enhanced 401(k) Plan to the extent such contributions exceed the limits of the 401(k) Plan. Cleco does not fund the SERP liability, but instead pays for current benefits out of the general funds available. Cleco Power has formed a Rabbi Trust designated as the beneficiary for life insurance policies issued on the SERP participants. Proceeds from the life insurance policies are expected to be used to pay the SERP participants’ life insurance benefits, as well as future SERP payments. However, because the SERP is a non-qualified plan, the assets of the trust could be used to satisfy general creditors of Cleco Power in the event of insolvency. All SERP benefits are paid out of the general cash available of the respective companies from which the officer retired. No contributions to the SERP were made during the three-year period ended December 31, 2013. Cleco Power is considered the plan sponsor, and Support Group is considered the plan administrator. | ||||||||||||||||||||||||
The SERP’s funded status at December 31, 2013 and 2012, is presented in the following table. | ||||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 59,422 | $ | 46,264 | ||||||||||||||||||||
Service cost | 2,055 | 1,487 | ||||||||||||||||||||||
Interest cost | 2,578 | 2,526 | ||||||||||||||||||||||
Actuarial (gain) loss | (3,477 | ) | 11,651 | |||||||||||||||||||||
Benefits paid | (2,713 | ) | (2,506 | ) | ||||||||||||||||||||
Benefit obligation at end of year | $ | 57,865 | $ | 59,422 | ||||||||||||||||||||
The SERP’s accumulated benefit obligation at December 31, 2013 and 2012, is presented in the following table. | ||||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||||||||||||||
Accumulated benefit obligation | $ | 53,046 | $ | 53,350 | ||||||||||||||||||||
The authoritative guidelines on compensation for retirement benefits require the disclosure of the net actuarial gains/losses, transition obligations/assets, and prior period service costs included in other comprehensive income as a result of being amortized as a component of net periodic benefit costs. The following table presents those items for the SERP at December 31, 2013 and 2012. | ||||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||||||||||||||
Net actuarial (gain) loss occurring during year | $ | (3,477 | ) | $ | 11,651 | |||||||||||||||||||
Net actuarial loss amortized during year | $ | 2,305 | $ | 1,764 | ||||||||||||||||||||
Prior service cost amortized during year | $ | 54 | $ | 54 | ||||||||||||||||||||
The authoritative guidelines on compensation for retirement benefits also require the disclosure of the net gains/losses, transition obligations/assets, and prior period service costs/credit in accumulated other comprehensive income that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2014. The following table presents those items for SERP for December 31, 2014, 2013, and 2012. | ||||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Net actuarial loss | $ | 1,396 | $ | 19,663 | $ | 25,444 | ||||||||||||||||||
Prior service cost | $ | 54 | $ | 227 | $ | 280 | ||||||||||||||||||
The components of the net SERP cost for 2013, 2012, and 2011 are as follows. | ||||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Components of periodic benefit costs: | ||||||||||||||||||||||||
Service cost | $ | 2,055 | $ | 1,487 | $ | 1,566 | ||||||||||||||||||
Interest cost | 2,578 | 2,526 | 2,105 | |||||||||||||||||||||
Amortizations: | ||||||||||||||||||||||||
Prior period service cost | 54 | 54 | 54 | |||||||||||||||||||||
Net loss | 2,305 | 1,764 | 940 | |||||||||||||||||||||
Net periodic benefit cost | $ | 6,992 | $ | 5,831 | $ | 4,665 | ||||||||||||||||||
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 | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Weighted-average assumptions used to determine the benefit obligation as of December 31: | ||||||||||||||||||||||||
Discount rate | 5.09 | % | 4.17 | % | ||||||||||||||||||||
Rate of compensation increase | 5 | % | 5 | % | ||||||||||||||||||||
SERP | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Weighted-average assumptions used to determine the net benefit cost for the year ended December 31: | ||||||||||||||||||||||||
Discount rate | 4.17 | % | 4.99 | % | 5.26 | % | ||||||||||||||||||
Rate of compensation increase | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Liabilities relating to the SERP are reported on the individual subsidiaries’ financial statements. At December 31, 2013 and 2012, the current portion of the SERP liability for Cleco was $2.7 million and $2.5 million, respectively. At December 31, 2013 and 2012, the current portion of the SERP liability for Cleco Power was $0.7 million and $0.8 million, respectively. At December 31, 2013 and 2012, the non-current portion of the SERP liability for Cleco Power was $14.3 million and $17.7 million, respectively. The expense related to the SERP reflected on Cleco Power’s Consolidated Statements of Income for the years ended December 31, 2013, 2012, and 2011 was $1.5 million, $1.5 million, and $1.1 million, respectively. | ||||||||||||||||||||||||
The projected benefit payments for the SERP for each year through 2018 and the next five years thereafter are shown in the following table. | ||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2015 | 2016 | 2017 | 2018 | NEXT FIVE | ||||||||||||||||||
YEARS | ||||||||||||||||||||||||
SERP | $ | 2,743 | $ | 3,011 | $ | 3,230 | $ | 3,277 | $ | 3,460 | $ | 20,169 | ||||||||||||
401(k) | ||||||||||||||||||||||||
Cleco’s 401(k) Plan is intended to provide active, eligible employees with voluntary, long-term savings and investment opportunities. The Plan is a defined contribution plan and is subject to the applicable provisions of the Employee Retirement Income Security Act of 1974. In accordance with the Plan, employer contributions can be in the form of Cleco Corporation stock or cash. Cash contributions are invested in proportion to the participant’s voluntary contribution investment choices. Plan participants are allowed to choose whether to have dividends on Cleco Corporation common stock distributed in cash or reinvested in additional shares of Cleco Corporation common stock. Participation in the Plan is voluntary and active Cleco employees are eligible to participate. Cleco’s 401(k) Plan expense for the years ended December 31, 2013, 2012, and 2011 is as follows: | ||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||||||||||||||
401(k) Plan expense | $ | 4,422 | $ | 4,375 | $ | 3,917 | ||||||||||||||||||
Cleco Power is the plan sponsor for the 401(k) Plan. The expense of the 401(k) Plan related to Cleco’s other subsidiaries was $1.0 million, $1.0 million, and $0.9 million for the years ended December 31, 2013, 2012, and 2011, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Cleco | ||||||||||||
For the years ended December 31, 2013, 2012, and 2011, income tax expense was lower than the amount computed by applying the statutory federal rate to income before tax. The differences are as follows. | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS, EXCEPT FOR %) | 2013 | 2012 | 2011 | |||||||||
Income before tax | $ | 240,260 | $ | 228,975 | $ | 298,745 | ||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Tax at federal statutory rate | $ | 84,091 | $ | 80,141 | $ | 104,561 | ||||||
Increase (decrease): | ||||||||||||
Plant differences, including AFUDC flowthrough | 427 | (1,222 | ) | (1,758 | ) | |||||||
Amortization of investment tax credits | (1,108 | ) | (1,180 | ) | (1,238 | ) | ||||||
State income taxes | 1,094 | (218 | ) | 2,155 | ||||||||
Tax settlement | — | — | 10,782 | |||||||||
New markets tax credits | (4,806 | ) | (9,261 | ) | (4,697 | ) | ||||||
Other | (123 | ) | (2,933 | ) | (6,908 | ) | ||||||
Total taxes | $ | 79,575 | $ | 65,327 | $ | 102,897 | ||||||
Effective Rate | 33.1 | % | 28.5 | % | 34.4 | % | ||||||
Information about current and deferred income tax expense is as follows. | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||
Current federal income tax expense | $ | 15,672 | $ | 47,768 | $ | 77,659 | ||||||
Deferred federal income tax expense | 65,237 | 21,724 | 26,577 | |||||||||
Amortization of accumulated deferred investment tax credits | (1,108 | ) | (1,180 | ) | (1,238 | ) | ||||||
Total federal income tax expense | $ | 79,801 | $ | 68,312 | $ | 102,998 | ||||||
Current state income tax (benefit) expense | (978 | ) | (1,192 | ) | 2,857 | |||||||
Deferred state income tax expense (benefit) | 752 | (1,793 | ) | (2,958 | ) | |||||||
Total state income tax benefit | $ | (226 | ) | $ | (2,985 | ) | $ | (101 | ) | |||
Total federal and state income tax expense | $ | 79,575 | $ | 65,327 | $ | 102,897 | ||||||
Items charged or credited directly to shareholders’ equity | ||||||||||||
Federal deferred | 3,497 | (2,386 | ) | (8,908 | ) | |||||||
State deferred | 565 | (385 | ) | (1,439 | ) | |||||||
Total tax expense (benefit) from items charged directly to shareholders’ equity | $ | 4,062 | $ | (2,771 | ) | $ | (10,347 | ) | ||||
Total federal and state income tax expense | $ | 83,637 | $ | 62,556 | $ | 92,550 | ||||||
The $6.8 million change in total tax expense (benefit) from items charged directly to shareholders’ equity in 2013 compared to 2012 was primarily due to the tax effect of other post-employment benefit adjustments booked to accumulated other comprehensive income and interest rate derivatives. | ||||||||||||
Cleco recognizes the amortization of the NMTC Fund investment and the related interest on the liability as a component of current tax expense. The amount of amortization and interest recognized as of December 31, 2013, 2012, and 2011 was $13.3 million, $38.6 million, and $27.5 million, respectively. | ||||||||||||
The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2013 and 2012 was comprised of the following. | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||
Depreciation and property basis differences | $ | (878,298 | ) | $ | (822,831 | ) | ||||||
Net operating loss carryforward | 95,360 | 139,036 | ||||||||||
New markets tax credits | 99,782 | 82,584 | ||||||||||
Fuel costs | (7,229 | ) | (9,400 | ) | ||||||||
Deferred carrying charges | — | 1,369 | ||||||||||
SERP – other comprehensive income | 15,330 | 19,392 | ||||||||||
Regulated operations regulatory liability, net | (84,702 | ) | (75,046 | ) | ||||||||
Postretirement benefits other than pension | (5,075 | ) | (2,275 | ) | ||||||||
Other | (10,139 | ) | (16,468 | ) | ||||||||
Accumulated deferred federal and state income taxes | $ | (774,971 | ) | $ | (683,639 | ) | ||||||
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, 2013, Cleco had a deferred tax asset resulting from NMTC carryforwards of $95.4 million. 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 | ||||||||||||
Cleco filed its 2011 federal income tax return and recorded a $477.7 million increase to its net operating loss carryforward in 2012. This increase was primarily related to a tax accounting method change for bonus depreciation associated with Madison Unit 3. In July 2012, Cleco and Cleco Power filed a PLR request with the IRS in order to determine the appropriateness and timing of the special allowance for depreciation for Madison Unit 3. In December 2012, Cleco received a favorable PLR from the IRS, consistent with the request allowing for the additional first year depreciation deduction in the amount of $411.0 million as reflected on Cleco’s 2011 federal income tax return. Cleco considers it more likely than not that the income tax losses generated on the 2011 income tax return will be utilized to reduce future payments of income taxes and Cleco expects to utilize the entire net operating loss carryforward within the statutory deadlines. | ||||||||||||
Cleco Power | ||||||||||||
Income tax expense is lower than the amount computed by applying the statutory rate to income before tax, as follows. | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS, EXCEPT FOR %) | 2013 | 2012 | 2011 | |||||||||
Income before tax | $ | 229,791 | $ | 214,981 | $ | 212,244 | ||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Tax at federal statutory rate | $ | 80,427 | $ | 75,243 | $ | 74,285 | ||||||
Increase (decrease): | ||||||||||||
Plant differences, including AFUDC flowthrough | 427 | (1,222 | ) | (1,758 | ) | |||||||
Amortization of investment tax credits | (1,108 | ) | (1,180 | ) | (1,238 | ) | ||||||
State income taxes | 730 | (705 | ) | (853 | ) | |||||||
Other | (1,095 | ) | (4,003 | ) | (1,027 | ) | ||||||
Total taxes | $ | 79,381 | $ | 68,133 | $ | 69,409 | ||||||
Effective Rate | 34.5 | % | 31.7 | % | 32.7 | % | ||||||
Information about current and deferred income tax expense is as follows. | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||
Current federal income tax (benefit) expense | $ | (33 | ) | $ | 13,008 | $ | 23,347 | |||||
Deferred federal income tax expense | 81,188 | 59,008 | 47,763 | |||||||||
Amortization of accumulated deferred investment tax credits | (1,108 | ) | (1,180 | ) | (1,238 | ) | ||||||
Total federal income tax expense | $ | 80,047 | $ | 70,836 | $ | 69,872 | ||||||
Current state income tax (benefit) expense | (1,012 | ) | (1,060 | ) | 1,691 | |||||||
Deferred state income tax expense (benefit) | 346 | (1,643 | ) | (2,154 | ) | |||||||
Total state income tax benefit | $ | (666 | ) | $ | (2,703 | ) | $ | (463 | ) | |||
Total federal and state income taxes | $ | 79,381 | $ | 68,133 | $ | 69,409 | ||||||
Items charged or credited directly to members’ equity | ||||||||||||
Federal deferred | 2,824 | 20 | (8,580 | ) | ||||||||
State deferred | 456 | 3 | (1,386 | ) | ||||||||
Total tax expense (benefit) from items charged directly to member’s equity | $ | 3,280 | $ | 23 | $ | (9,966 | ) | |||||
Total federal and state income tax expense | $ | 82,661 | $ | 68,156 | $ | 59,443 | ||||||
The $3.3 million change in total tax expense from items charged directly to member’s equity in 2013 compared to 2012 was primarily due to the tax effect of other post-employment benefit adjustments booked to accumulated other comprehensive income and interest rate derivatives. | ||||||||||||
The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2013 and 2012, was comprised of the following. | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||
Depreciation and property basis differences | $ | (836,771 | ) | $ | (804,133 | ) | ||||||
Net operating loss carryforward | 81,102 | 127,742 | ||||||||||
Fuel costs | (7,229 | ) | (9,389 | ) | ||||||||
Deferred carrying charges | — | 1,369 | ||||||||||
SERP - other comprehensive income | 8,681 | 11,961 | ||||||||||
Regulated operations regulatory liability, net | (84,702 | ) | (75,046 | ) | ||||||||
Postretirement benefits other than pension | (19,056 | ) | (13,442 | ) | ||||||||
Other | (6,603 | ) | 2,455 | |||||||||
Accumulated deferred federal and state income taxes | $ | (864,578 | ) | $ | (758,483 | ) | ||||||
Valuation Allowance | ||||||||||||
Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Management considers it more likely than not that all deferred tax assets will be realized; therefore, no valuation allowance has been recorded. | ||||||||||||
Net Operating Losses | ||||||||||||
Cleco filed its 2011 federal income tax return and recorded a $477.7 million increase to its net operating loss carryforward in 2012. This increase was primarily related to a tax accounting method change for bonus depreciation associated with Madison Unit 3. In July 2012, Cleco and Cleco Power filed a PLR request with the IRS in order to determine the appropriateness and timing of the special allowance for depreciation for Madison Unit 3. In December 2012, Cleco received a favorable PLR from the IRS, consistent with the request allowing for the additional first year depreciation deduction in the amount of $411.0 million as reflected on Cleco’s 2011 federal income tax return. Cleco Power considers it more likely than not that the income tax losses generated on the 2011 income tax return will be utilized to reduce future payments of income taxes and Cleco Power expects to utilize the entire net operating loss carryforward within the statutory deadlines. | ||||||||||||
Uncertain Tax Positions | ||||||||||||
Cleco classifies all interest related to uncertain tax positions as a component of interest payable and interest expense. The total amounts of uncertain tax positions and related interest payable and interest expense, as reflected on Cleco and Cleco Power’s Consolidated Balance Sheets and Statements of Income, are shown in the following tables: | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||
Interest payable | ||||||||||||
Cleco | $ | 88 | $ | 1,420 | ||||||||
Cleco Power | $ | 11 | $ | 3,358 | ||||||||
The interest payable reflects the amount of interest anticipated to be paid to taxing authorities. These amounts do not included any offset for amounts that may be recovered from customers under existing rate orders. The amounts expected to be recoverable from Cleco Power’s customers under existing rate orders at December 31, 2013 and December 31, 2012, are $8.4 million and $6.2 million, respectively. | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||
Interest charges | ||||||||||||
Cleco | $ | 154 | $ | (9,223 | ) | $ | (27,175 | ) | ||||
Cleco Power | $ | 11 | $ | (11,648 | ) | $ | 2,116 | |||||
The interest charges reflect the change in the amount of interest anticipated to be paid to taxing authorities. These amounts do not include any offset for the amounts that may be recovered from customers under existing rate orders. There was no change to the amounts expected to be recoverable from Cleco Power’s customers under existing rate orders at December 31, 2013. The amounts expected to be recoverable from Cleco Power’s customers under existing rate orders at December 31, 2012, increased by $3.0 million. | ||||||||||||
The total liability for unrecognized tax benefits for Cleco and Cleco Power at December 31, 2013, 2012, and 2011 is shown in the following table: | ||||||||||||
Cleco | ||||||||||||
(THOUSANDS) | LIABILITY FOR UNRECOGNIZED | |||||||||||
TAX BENEFITS | ||||||||||||
Balance at January 1, 2011 | $ | 102,785 | ||||||||||
Reduction for tax positions of current period | (4,129 | ) | ||||||||||
Additions for tax positions of prior years | 11,031 | |||||||||||
Reduction for tax positions of prior years | (8,670 | ) | ||||||||||
Reduction for settlement with tax authority | (44,782 | ) | ||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2011 | $ | 56,235 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reduction for tax positions of prior years | — | |||||||||||
Reduction for settlement with tax authority | (53,109 | ) | ||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2012 | $ | 3,126 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | 2,193 | |||||||||||
Reduction for tax positions of prior years | (248 | ) | ||||||||||
Reduction for settlement with tax authority | — | |||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2013 | $ | 5,071 | ||||||||||
Cleco Power | ||||||||||||
(THOUSANDS) | LIABILITY FOR UNRECOGNIZED | |||||||||||
TAX BENEFITS | ||||||||||||
Balance at January 1, 2011 | $ | 60,975 | ||||||||||
Reduction for tax positions of current period | (4,018 | ) | ||||||||||
Additions for tax positions of prior years | 4,271 | |||||||||||
Reduction for tax positions of prior years | (8,670 | ) | ||||||||||
Reduction for settlement with tax authority | — | |||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2011 | $ | 52,558 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reduction for tax positions of prior years | — | |||||||||||
Reduction for settlement with tax authority | (52,310 | ) | ||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2012 | $ | 248 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reduction for tax positions of prior years | (248 | ) | ||||||||||
Reduction for settlement with tax authority | — | |||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2013 | $ | — | ||||||||||
The federal income tax years that remain subject to examination by the IRS are 2010 through 2012. The Louisiana state income tax years that remain subject to examination by the Louisiana Department of Revenue are 2005 through 2012. In December 2010, Cleco deposited $52.2 million with the IRS associated with the years currently under audit. In February 2011, Cleco deposited an additional $8.2 million with the IRS associated with the years currently under audit, which reduced income taxes payable. At December 31, 2012, Cleco had $60.4 million deposited with the IRS, of which Cleco received a refund of tax and interest in January 2013 from the IRS of $42.3 million relating to tax years 2001 through 2008. | ||||||||||||
Cleco is currently under audit by the IRS for the years 2010 through 2012. During 2013, Cleco increased its liability for uncertain tax positions. In addition, Cleco reclassified all uncertain tax positions to current from noncurrent as it expects to settle all outstanding audits within the next 12 months. Cleco estimates that it is reasonably possible that the balance of unrecognized tax benefits as of December 31, 2013, could decrease by a maximum of $4.6 million for Cleco and the balance for Cleco Power would be unchanged in the next 12 months as a result of reaching a settlement with the IRS and state tax authorities. The settlements could involve the payment of additional taxes, the adjustment of deferred taxes, and/or the recognition of tax benefits, which may have an effect on Cleco’s effective tax rate. | ||||||||||||
Cleco classifies income tax penalties as a component of other expenses. During 2013, 2012, and 2011, the amount of penalties recognized was immaterial. |
Disclosures_about_Segments
Disclosures about Segments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Disclosures about Segments | ' | |||||||||||||||||||
Note 10 — Disclosures about Segments | ||||||||||||||||||||
Cleco | ||||||||||||||||||||
Cleco’s reportable segments are based on its method of internal reporting, which disaggregates business units by first-tier subsidiary. Cleco’s reportable segments are Cleco Power and Midstream. The holding company, a shared services subsidiary, two transmission interconnection facility subsidiaries, and an investment subsidiary are shown as Other in the following tables. | ||||||||||||||||||||
Each reportable segment engages in business activities from which it earns revenue and incurs expenses. Segment managers report periodically to Cleco’s Chief Executive Officer (the chief operating decision-maker) with discrete financial information and, at least quarterly, present discrete financial information to Cleco Corporation’s Board of Directors. Each reportable segment prepared budgets for 2013 that were presented to and approved by Cleco Corporation’s Board of Directors. | ||||||||||||||||||||
The financial results of Cleco’s segments are presented on an accrual basis. Management evaluates the performance of its segments and allocates resources to them 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 the power purchase agreement between Cleco Power and Evangeline that began in 2012 and joint and common administrative support services provided by Support Group. For information on these services, see Note 15 — “Affiliate Transactions.” | ||||||||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||||||
2013 (THOUSANDS) | CLECO POWER | MIDSTREAM | OTHER | ELIMINATIONS | CONSOLIDATED | |||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 1,047,548 | $ | — | $ | — | $ | — | $ | 1,047,548 | ||||||||||
Tolling operations | — | 31,670 | — | (31,670 | ) | — | ||||||||||||||
Other operations | 48,909 | 2 | 2,091 | — | 51,002 | |||||||||||||||
Electric customer credits | (1,836 | ) | — | — | — | (1,836 | ) | |||||||||||||
Affiliate revenue | 1,338 | — | 55,145 | (56,483 | ) | — | ||||||||||||||
Operating revenue, net | $ | 1,095,959 | $ | 31,672 | $ | 57,236 | $ | (88,153 | ) | $ | 1,096,714 | |||||||||
Depreciation | $ | 135,717 | $ | 6,043 | $ | 1,100 | $ | — | $ | 142,860 | ||||||||||
Interest charges | $ | 82,677 | $ | (331 | ) | $ | 1,274 | $ | 634 | $ | 84,254 | |||||||||
Interest income | $ | 1,100 | $ | — | $ | (628 | ) | $ | 633 | $ | 1,105 | |||||||||
Federal and state income tax expense (benefit) | $ | 79,381 | $ | 7,110 | $ | (6,917 | ) | $ | 1 | $ | 79,575 | |||||||||
Net income | $ | 150,410 | $ | 4,372 | $ | 5,903 | $ | — | $ | 160,685 | ||||||||||
Additions to long-lived assets | $ | 184,684 | $ | 4,106 | $ | 3,086 | $ | — | $ | 191,876 | ||||||||||
Equity investment in investees | $ | 14,532 | $ | — | $ | 8 | $ | — | $ | 14,540 | ||||||||||
Total segment assets | $ | 3,943,712 | $ | 225,832 | $ | 88,234 | $ | (42,516 | ) | $ | 4,215,262 | |||||||||
2012 (THOUSANDS) | CLECO POWER | MIDSTREAM | OTHER | ELIMINATIONS | CONSOLIDATED | |||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 944,169 | $ | — | $ | — | $ | — | $ | 944,169 | ||||||||||
Tolling operations | — | 25,559 | — | (25,559 | ) | — | ||||||||||||||
Other operations | 48,156 | 3 | 1,998 | 1 | 50,158 | |||||||||||||||
Electric customer credits | (630 | ) | — | — | — | (630 | ) | |||||||||||||
Affiliate revenue | 1,372 | — | 52,063 | (53,435 | ) | — | ||||||||||||||
Operating revenue, net | $ | 993,067 | $ | 25,562 | $ | 54,061 | $ | (78,993 | ) | $ | 993,697 | |||||||||
Depreciation | $ | 125,486 | $ | 6,006 | $ | 916 | $ | (1 | ) | $ | 132,407 | |||||||||
Interest charges | $ | 80,502 | $ | 770 | $ | 2,269 | $ | 615 | $ | 84,156 | ||||||||||
Interest income | $ | 333 | $ | — | $ | (602 | ) | $ | 615 | $ | 346 | |||||||||
Federal and state income tax expense (benefit) | $ | 68,133 | $ | 6,404 | $ | (9,210 | ) | $ | — | $ | 65,327 | |||||||||
Net income | $ | 146,848 | $ | 9,155 | $ | 7,645 | $ | — | $ | 163,648 | ||||||||||
Additions to long-lived assets | $ | 222,104 | $ | 8,759 | $ | 1,861 | $ | — | $ | 232,724 | ||||||||||
Equity investment in investees | $ | 14,532 | $ | — | $ | 8 | $ | — | $ | 14,540 | ||||||||||
Total segment assets | $ | 3,871,729 | $ | 215,342 | $ | 201,678 | $ | (141,400 | ) | $ | 4,147,349 | |||||||||
2011 (THOUSANDS) | CLECO POWER | MIDSTREAM | OTHER | ELIMINATIONS | CONSOLIDATED | |||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 1,051,956 | $ | — | $ | — | $ | — | $ | 1,051,956 | ||||||||||
Tolling operations | — | 19,004 | — | — | 19,004 | |||||||||||||||
Other operations | 50,948 | 9 | 2,011 | (6 | ) | 52,962 | ||||||||||||||
Electric customer credits | (6,811 | ) | — | — | — | (6,811 | ) | |||||||||||||
Affiliate revenue | 1,389 | 45 | 53,068 | (54,300 | ) | 202 | ||||||||||||||
Operating revenue, net | $ | 1,097,482 | $ | 19,058 | $ | 55,079 | $ | (54,306 | ) | $ | 1,117,313 | |||||||||
Depreciation | $ | 115,634 | $ | 5,872 | $ | 1,072 | $ | — | $ | 122,578 | ||||||||||
Interest charges | $ | 97,090 | $ | (28,996 | ) | $ | 2,405 | $ | 159 | $ | 70,658 | |||||||||
Interest income | $ | 630 | $ | 25 | $ | 77 | $ | 159 | $ | 891 | ||||||||||
Equity income from investees, before tax | $ | — | $ | 62,053 | $ | (3 | ) | $ | — | $ | 62,050 | |||||||||
Federal and state income tax expense (benefit) | $ | 69,409 | $ | 44,637 | $ | (11,149 | ) | $ | — | $ | 102,897 | |||||||||
Net income (1) | $ | 142,835 | $ | 42,792 | $ | 10,221 | $ | — | $ | 195,848 | ||||||||||
Additions to long-lived assets | $ | 201,980 | $ | 8,437 | $ | 1,278 | $ | — | $ | 211,695 | ||||||||||
Equity investment in investees | $ | 14,532 | $ | — | $ | 8 | $ | — | $ | 14,540 | ||||||||||
Total segment assets | $ | 3,726,471 | $ | 233,891 | $ | 201,074 | $ | (111,234 | ) | $ | 4,050,202 | |||||||||
(1) Reconciliation of net income to consolidated profit: | Net income | $ | 195,848 | |||||||||||||||||
Unallocated items: | ||||||||||||||||||||
Preferred dividends requirements | 26 | |||||||||||||||||||
Preferred stock redemption costs | 112 | |||||||||||||||||||
Net income applicable to common stock | $ | 195,710 | ||||||||||||||||||
Cleco Power | ||||||||||||||||||||
Cleco Power is a vertically integrated, regulated electric utility operating within Louisiana and is viewed as one unit by management. Discrete financial reports are prepared only at the company level. This approach is consistent with the standards applicable to segment reporting as defined by the authoritative guidance on segment reporting. |
Electric_Customer_Credits
Electric Customer Credits | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Regulated Operations [Abstract] | ' | ||||
Electric Customer Credits | ' | ||||
Note 11 — Electric Customer Credits | |||||
The current amount of Cleco Power’s annual retail earnings is subject to the terms of an FRP established by the LPSC effective February 12, 2010. The FRP allows Cleco Power the opportunity to earn a target return on equity of 10.7%, including returning to retail customers 60.0% of retail earnings between 11.3% and 12.3% and all retail earnings over 12.3%. The amount of credits due to customers, if any, is determined by Cleco Power and the LPSC annually. Cleco Power must file annual monitoring reports no later than October 31 for the 12-month period ending June 30. | |||||
On October 31, 2012, Cleco Power filed its report for the 12 months ended June 30, 2012, which indicated that $1.7 million was due to be returned to customers. On June 26, 2013, the LPSC approved the monitoring report for the 12 months ended June 30, 2012, with a recommended adjusted refund of $2.4 million. The increase in refund was the result of changes to revenue requirements for certain FRP Rider items. Cleco Power issued refunds on customers’ bills during the third quarter of 2013. On October 31, 2013, Cleco Power filed its monitoring report for the 12 months ended June 30, 2013. As of December 31, 2013, Cleco Power had accrued $2.2 million to be returned to customers based on the results for the 12-month period ended June 30, 2013. The ultimate amount of any customer refund is subject to LPSC approval. The accrual for estimated electric customer credits reflected on Cleco Corporation and Cleco Power’s Consolidated Balance Sheets at December 31, 2013 and 2012, was $3.5 million and $4.2 million, respectively. | |||||
In April 2013, Cleco Power filed an application with the LPSC to extend its current FRP and seek rate recovery of Coughlin. Cleco Power requested in its application that the FRP extension be effective through June 2020. The docket is currently in the discovery phase. The procedural schedule for the FRP Extension docket was suspended on November 14, 2013, in order to give Cleco Power and LPSC Staff additional time to evaluate various rate options. Cleco Power expects LPSC action on this request by the end of the second quarter of 2014. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Variable Interest Entities [Abstract] | ' | |||||||||||
Variable Interest Entities | ' | |||||||||||
Note 12 — Variable Interest Entities | ||||||||||||
Cleco reports its investments in VIEs in accordance with the authoritative guidance. Cleco and Cleco Power report the investment in Oxbow on the equity method of accounting. Under the equity method, the assets and liabilities of this entity are reported as equity investment in investees on Cleco Corporation 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 Corporation and Cleco Power’s Consolidated Statements of Income. | ||||||||||||
Prior to April 30, 2011, Cleco also reported its investment in Cajun on the equity method of accounting. In conjunction with the disposition of Acadia Unit 2, APH received 100% ownership in Acadia in exchange for its 50% interest in Cajun, and Acadia became a consolidated subsidiary of APH. | ||||||||||||
Consolidated VIEs | ||||||||||||
Acadia | ||||||||||||
In October 2009, Acadia and Entergy Louisiana announced that definitive agreements had been executed whereby Entergy Louisiana would acquire Acadia Unit 2. On April 29, 2011, Acadia completed its disposition of Acadia Unit 2 to Entergy Louisiana for $298.8 million. Following the disposition, Acadia no longer owns any materials and supply inventory, property, plant, and equipment, or land. Following the transaction, ongoing operations at Acadia are minimal, relating only to settling accounts receivable, accounts payable, and servicing indemnifications Cleco assumed in the transaction. In conjunction with the transaction, APH received 100% ownership in Acadia in exchange for its 50% interest in Cajun, and Acadia became a consolidated subsidiary of APH. For more information on the Acadia Unit 2 transaction, see Note 18 — “Acadia Transactions — Acadia Unit 2.” | ||||||||||||
The following tables contain summarized financial information for Cajun through the disposition of Acadia Unit 2. | ||||||||||||
(THOUSANDS) | AT DEC. 31, 2010 | |||||||||||
Current assets | $ | 7,133 | ||||||||||
Property, plant, and equipment, net | 203,793 | |||||||||||
Total assets | $ | 210,926 | ||||||||||
Current liabilities | $ | 1,950 | ||||||||||
Other liabilities | 9,429 | |||||||||||
Partners’ capital | 199,547 | |||||||||||
Total liabilities and partners’ capital | $ | 210,926 | ||||||||||
(THOUSANDS) | FOR THE YEAR ENDED DEC. 31, 2011 | |||||||||||
Operating revenue | $ | 5,227 | ||||||||||
Operating expenses | 5,914 | |||||||||||
Gain on sale of assets | 71,422 | |||||||||||
Other income | 929 | |||||||||||
Income before taxes | $ | 71,664 | ||||||||||
* The 2011 income statement includes only activity prior to the April 29, 2011, reconsolidation. | ||||||||||||
Other liabilities at December 31, 2010, represented an indemnification liability related to the Cleco Power transaction. For more information on Acadia’s indemnification liability, see Note 14 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Disclosures about Guarantees.” | ||||||||||||
Prior to the reconsolidation, income tax expenses related to Cajun were recorded on APH’s financial statements. For the four months ended April 30, 2011, income taxes related to Cajun recorded on APH’s financial statements were $24.0 million. For the year ended December 31, 2010, tax expenses recorded on APH’s financial statements were $14.7 million. | ||||||||||||
In connection with the Entergy Louisiana transaction, APH has agreed to indemnify the third-party owners of Cajun and their affiliates against their share of Acadia’s contingent obligations related to the transaction. For more information on the Entergy Louisiana indemnification, see Note 14 — “Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Disclosures about Guarantees.” | ||||||||||||
Equity Method VIEs | ||||||||||||
Equity investment in investees at December 31, 2013, primarily represented Cleco Power’s $14.5 million investment in Oxbow. Equity investments which are less than 100% owned by Diversified Lands represented less than $0.1 million of the total balance. | ||||||||||||
The following table presents the equity income from each investment accounted for using the equity method. | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||
Cajun | $ | — | $ | — | $ | 62,053 | ||||||
Subsidiaries less than 100% owned by Diversified Lands | — | — | (3 | ) | ||||||||
Total equity income | $ | — | $ | — | $ | 62,050 | ||||||
Oxbow | ||||||||||||
Oxbow is owned 50% by Cleco Power and 50% by SWEPCO and is accounted for as an equity method investment. Cleco Power is not the primary beneficiary because it shares the power to control Oxbow’s significant activities with SWEPCO. Cleco’s current assessment of its maximum exposure to loss related to Oxbow at December 31, 2013, consisted of its equity investment of $14.5 million. The following table presents the components of Cleco Power’s equity investment in Oxbow. | ||||||||||||
AT DEC. 31, | ||||||||||||
INCEPTION TO DATE (THOUSANDS) | 2013 | 2012 | ||||||||||
Purchase price | $ | 12,873 | $ | 12,873 | ||||||||
Cash contributions | 1,659 | 1,659 | ||||||||||
Total equity investment in investee | $ | 14,532 | $ | 14,532 | ||||||||
The following table compares the carrying amount of Oxbow’s assets and liabilities with Cleco’s maximum exposure to loss related to its investment in Oxbow. | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||
Oxbow’s net assets/liabilities | $ | 29,065 | $ | 29,065 | ||||||||
Cleco Power’s 50% equity | $ | 14,532 | $ | 14,532 | ||||||||
Cleco’s maximum exposure to loss | $ | 14,532 | $ | 14,532 | ||||||||
The following tables contain summarized financial information for Oxbow. | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||
Current assets | $ | 2,289 | $ | 1,814 | ||||||||
Property, plant, and equipment, net | 22,611 | 23,029 | ||||||||||
Other assets | 4,256 | 4,248 | ||||||||||
Total assets | $ | 29,156 | $ | 29,091 | ||||||||
Current liabilities | $ | 91 | $ | 26 | ||||||||
Partners’ capital | 29,065 | 29,065 | ||||||||||
Total liabilities and partners’ capital | $ | 29,156 | $ | 29,091 | ||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||
Operating revenue | $ | 2,558 | $ | 1,126 | $ | 1,781 | ||||||
Operating expenses | 2,558 | 1,126 | 1,781 | |||||||||
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, 2013 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Operating Leases | ' | |||||||||||
Note 13 — Operating Leases | ||||||||||||
The following is a schedule of operating leases that Cleco maintains in the ordinary course of business activities. The majority of Cleco’s operating leases are for line construction and operating vehicles, railcars for coal deliveries, and towboats which push the barges that deliver solid fuels to the plant site. The remaining leases provide for office and operating facilities and office equipment for both Cleco and Cleco Power. These leases have various terms and expiration dates. The following table is a summary of expected operating lease payments for Cleco and Cleco Power for the years indicated. | ||||||||||||
YEAR ENDING DEC. 31, | ||||||||||||
(THOUSANDS) | CLECO CORPORATION | CLECO | TOTAL | |||||||||
POWER | ||||||||||||
2014 | $ | 11 | $ | 10,560 | $ | 10,571 | ||||||
2015 | — | 10,713 | 10,713 | |||||||||
2016 | — | 10,784 | 10,784 | |||||||||
2017 | — | 8,789 | 8,789 | |||||||||
2018 | — | 3,009 | 3,009 | |||||||||
Thereafter | — | 9,669 | 9,669 | |||||||||
Total operating lease payments | $ | 11 | $ | 53,524 | $ | 53,535 | ||||||
Cleco Power has vehicle leases with two vendors. The leases with the first vendor have terms that vary from five to ten years. The leases can be extended on a month-by-month basis at the end of the term. The lease payments are fixed amounts for the term of the lease. These leases include distribution line construction and maintenance vehicles. Most of these leases are considered operating leases, whereby Cleco returns the vehicle to the vendor at the end of the lease with no further obligation (assuming certain turn-in provisions are met). However, five of the leases are TRAC (terminal rent adjustment clause) leases whereby the vendor is guaranteed a certain residual value at lease-end. For the year ended December 31, 2013, lease expense of $0.6 million was recognized. For each of the years ended December 31, 2012 and 2011, lease expense of $1.0 million was recognized. | ||||||||||||
The leases with the second vendor vary in term from five to seven years. The lease payments are fixed amounts for the term of the lease, based on a percentage of acquisition cost. These leases include distribution line construction and maintenance vehicles, as well as vehicles used throughout the company in generation, distribution, and transmission. These leases are TRAC leases, with a specific residual value guaranteed to the vendor. For each of the years ended December 31, 2013, 2012, and 2011, operating lease expense of $0.4 million was recognized. | ||||||||||||
The operating leases for office and operating facilities and office equipment have lease terms from one to five years. For each of the years ended December 31, 2013, 2012, and 2011, operating lease expense of less than $0.1 million was recognized for Cleco. For each of the years ended December 31, 2013, 2012, and 2011, operating lease expense of $0.3 million was recognized for Cleco Power. | ||||||||||||
The railcar leases are divided into two groups. The first group has 115 railcars and the lease expires on March 31, 2021. The second group has 116 railcars and the lease expires on March 31, 2017. Cleco Power pays a monthly rental fee per car. For the year ended December 31, 2013, operating lease expense of $1.0 million was recognized. For each of the years ended December 31, 2012 and 2011, operating lease expense of $1.1 million was recognized. The railcar leases do not contain contingent rent payments. | ||||||||||||
The towboat lease expires on August 31, 2017. Cleco Power pays a fixed amount for the towboats that is escalated by 3% each year. For the year ended December 31, 2013, operating lease expense of $4.7 million was recognized. For each of the years ended December 31, 2012 and 2011, operating lease expense of $5.6 million was recognized. |
Litigation_Other_Commitments_a
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees (Notes) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees [Abstract] | ' | |||||||||||||||||||
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | ' | |||||||||||||||||||
Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees | ||||||||||||||||||||
Litigation | ||||||||||||||||||||
Devil’s Swamp | ||||||||||||||||||||
In October 2007, Cleco received a Special Notice for Remedial Investigation and Feasibility Study (RI/FS) from the EPA pursuant to CERCLA (also known as the Superfund statute). CERCLA establishes several classes of PRPs for a contaminated site, and imposes strict, joint, and several liability on those PRPs for the cost of response to the contamination. The special notice requested that Cleco Corporation and Cleco Power, along with many other listed PRPs, enter into negotiations with the EPA for the performance of an RI/FS at an area known as the Devil’s Swamp Lake site just northwest of Baton Rouge, Louisiana. The EPA identified Cleco as one of many companies that was sending PCB wastes for disposal to the site. The Devil’s Swamp Lake site has been proposed to be added to the National Priorities List based on the release of PCBs to fisheries and wetlands located on the site, but no final determination has been made. The PRPs began discussing a potential proposal to the EPA in February 2008. The EPA issued a Unilateral Administrative Order to PRP’s Clean Harbors, Inc. and Baton Rouge Disposal to Conduct an RI/FS on December 3, 2009. The Tier 1 part of the study was complete in June 2012. Field activities for the Tier 2 investigation were completed in July 2012. Currently, the study/remedy selection task continues, and there is no record of a decision. Therefore, management is unable to determine how significant Cleco’s share of the costs associated with the RI/FS and possible response action at the facility site, if any, may be and whether or not this will have a material adverse effect on the Registrants’ financial condition, results of operations, or cash flows. | ||||||||||||||||||||
Discrimination Complaints | ||||||||||||||||||||
In December 2009, a complaint was filed in the U.S. District Court for the Western District of Louisiana (the Court) on behalf of eight current employees and four former employees alleging that Cleco discriminated against each of them on the basis of race. Each was seeking various remedies provided under applicable statutes prohibiting racial discrimination in the workplace, and together, the plaintiffs sought monetary compensation exceeding $35.0 million. In July 2010, the plaintiffs moved to add an additional current employee alleging that Cleco had discriminated on the basis of race. The additional plaintiff sought compensation of no less than $2.5 million and became the thirteenth plaintiff. In April 2011, Cleco entered into a settlement with one of the current employees which resulted in a dismissal of one of the thirteen cases with prejudice. In September 2011, the Court ruled on Cleco’s summary judgment motions, with the end result that eleven of the twelve remaining plaintiffs had at least one claim remaining. In February 2013, the Court ruled on the second motion for summary judgment, filed by Cleco in March 2012, in each of the eleven cases and each such case was dismissed with prejudice. Appeals were filed in ten of the eleven dismissed cases to the United States Court of Appeals for the Fifth Circuit (the Fifth Circuit). In June 2013, the Fifth Circuit clerk dismissed the appeals of two of the current employees due to their failure to file a brief in support of their respective appeals. On various dates in August through November 2013, the Fifth Circuit affirmed the trial court judgments in favor of Cleco in seven of the eight remaining cases. There has been no disposition of the one remaining appeal. | ||||||||||||||||||||
In July 2012, nine plaintiffs in the pending discrimination suits described above filed a new lawsuit in the same federal court in Shreveport alleging that Cleco and its Chief Executive Officer retaliated against them for pursuing their discrimination claims by directly writing them an offer of settlement that contained allegedly intimidating threats. The nine plaintiffs consisted of six current employees and three former employees. The plaintiffs filed an amended complaint in August 2012, stating that such settlement letters were delivered to legal counsel for each of the plaintiffs and not directly to the plaintiffs. In September 2012, Cleco filed a motion to dismiss the lawsuit. In November 2012, the U.S. Magistrate recommended that Cleco’s motion be granted and that the lawsuit be dismissed with prejudice. On January 23, 2013, the motion to dismiss was granted and the retaliation claims were dismissed with prejudice. This case was not appealed and the dismissal is now final. | ||||||||||||||||||||
City of Opelousas | ||||||||||||||||||||
In March 2010, a complaint was filed in the 27th Judicial District Court of St. Landry Parish, State of Louisiana, on behalf of three Cleco Power customers in Opelousas, Louisiana. The complaint alleges that Cleco Power overcharged the plaintiffs by applying to customers in Opelousas the same retail rates as Cleco Power applies to all of its retail customers. The plaintiffs claim that Cleco Power owes customers in Opelousas more than $30.0 million as a result of the alleged overcharges. The plaintiffs allege that Cleco Power should have established, solely for customers in Opelousas, retail rates that are separate and distinct from the retail rates that apply to other customers of Cleco Power and that Cleco Power should not collect from customers in Opelousas the storm surcharge approved by the LPSC following Hurricanes Katrina and Rita. In April 2010, Cleco Power filed a petition with the LPSC appealing to its expertise in declaring that the ratepayers of Opelousas have been properly charged the rates that are applicable to Cleco Power’s retail customers and that no overcharges have been collected. | ||||||||||||||||||||
In May 2010, a second class action lawsuit was filed in the 27th Judicial District Court of St. Landry Parish, State of Louisiana, repeating the allegations of the first complaint, which was submitted on behalf of 249 Opelousas residents. In January 2011, the presiding judge in the state court proceeding ruled that the jurisdiction to hear the two class actions resides in the state court and not with the LPSC as argued by both Cleco and the LPSC Staff. Both Cleco and the LPSC Staff appealed this ruling to the Third Circuit Court of Appeals for the State of Louisiana (Third Circuit). In September 2011, the Third Circuit denied both appeals. In October 2011, both Cleco and the LPSC appealed the Third Circuit’s ruling to the Louisiana Supreme Court. In February 2011, the administrative law judge (ALJ) in the LPSC proceeding ruled that the LPSC has jurisdiction to decide the claims raised by the class action plaintiffs. At its December 2011 Business and Executive session, the LPSC adopted the ALJ’s recommendation that Cleco be granted summary judgment in its declaratory action finding that Cleco’s ratepayers in the City of Opelousas have been served under applicable rates and policies approved by the LPSC and Cleco’s Opelousas ratepayers have not been overcharged in connection with LPSC rates or ratemaking. In January 2012, the class action plaintiffs filed their appeal of such LPSC decision to the 19th Judicial District Court for East Baton Rouge Parish, State of Louisiana. In December 2012, the Louisiana Supreme Court issued its opinion accepting Cleco’s jurisdictional arguments and dismissed the state court claims. The only matter remaining is before the 19th Judicial District Court to review the LPSC ruling in Cleco’s favor that it had properly charged the ratepayers of Opelousas. In view of the uncertainty of the claims, management is not able to predict or give a reasonable estimate of the possible range of liability, if any, of these claims. However, if it is found that Cleco Power overcharged customers resulting in a refund, any such refund could have a material adverse effect on the Registrants’ results of operations, financial condition, and cash flows. | ||||||||||||||||||||
LPSC Audits | ||||||||||||||||||||
Fuel Audit | ||||||||||||||||||||
The cost of fuel used for electric generation and the cost of power purchased for utility customers are recovered through the LPSC-established FAC, which enables Cleco Power to pass on to its customers substantially all such charges. The LPSC FAC General Order issued November 6, 1997, in Docket No. U-21497 provides that an audit of FAC filings will be performed at least every other year. In March 2009, the LPSC initiated an audit of FAC filings for the years 2003 through 2008. The total amount of fuel expenses included in the audit was approximately $3.26 billion. In February 2012, the LPSC Staff’s consultant issued an audit report recommending a cost disallowance of approximately $0.4 million plus interest for these filing years. The report was approved by the LPSC on July 18, 2012. Cleco Power made refunds of $0.4 million plus interest to customers during the September 2012 billing cycle. Cleco Power has FAC filings for the years 2009 through 2013 that remain subject to audit. | ||||||||||||||||||||
Environmental Audit | ||||||||||||||||||||
In July 2009, the LPSC issued Docket No. U-29380 Subdocket A, which provides for an EAC to recover certain costs of environmental compliance as an additional charge on customers’ bills. 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, among other things, reduce air emissions. Cleco Power anticipates incurring environmental compliance expenses beginning in the second quarter of 2015 for additional reagents associated with compliance with MATS. These expenses would be eligible for recovery through Cleco Power's EAC and subject to review by the LPSC. In November 2011, the LPSC opened Docket No. X-32150 to audit the costs for the periods October 2009 through October 2010. The total amount of environmental expenses included in the audit was approximately $11.3 million. In April 2012, the LPSC Staff’s consultant issued an audit report recommending no cost disallowance for the review period. There was no opposition from intervenors to the recommendations of the LPSC Staff’s consultant and the report was approved by the LPSC in July 2012. Cleco Power has EAC filings for the years 2010 through 2013 that remain subject to audit. | ||||||||||||||||||||
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, 2013, believes the probable and reasonably estimable liabilities based on the eventual disposition of these matters is approximately $10.3 million and has accrued this amount. | ||||||||||||||||||||
Off-Balance Sheet Commitments | ||||||||||||||||||||
Cleco Corporation and Cleco Power have entered into various off-balance sheet commitments, in the form of guarantees and standby letters of credit, in order to facilitate their activities and the activities of Cleco Corporation’s subsidiaries and equity investees (affiliates). Cleco Corporation and Cleco Power have also agreed to contractual terms that require them to pay third parties if certain triggering events occur. These contractual terms generally are defined as guarantees in the authoritative guidance. | ||||||||||||||||||||
Cleco Corporation entered into these off-balance sheet commitments in order to entice desired counterparties to contract with its affiliates by providing some measure of credit assurance to the counterparty in the event Cleco’s affiliates do not fulfill certain contractual obligations. If Cleco Corporation had not provided the off-balance sheet commitments, the desired counterparties may not have contracted with Cleco’s affiliates, or may have contracted with them at terms less favorable to its affiliates. | ||||||||||||||||||||
The off-balance sheet commitments are not recognized on Cleco’s Consolidated Balance Sheets because management has determined that Cleco’s affiliates are able to perform these obligations under their contracts and that it is not probable that payments by Cleco will be required. Cleco’s off-balance sheet commitments as of December 31, 2013, are summarized in the following table, and a discussion of the off-balance sheet commitments follows the table. The discussion should be read in conjunction with the table to understand the impact of the off-balance sheet commitments on Cleco’s financial condition. | ||||||||||||||||||||
AT DEC. 31, 2013 | ||||||||||||||||||||
(THOUSANDS) | FACE | REDUCTIONS | NET | |||||||||||||||||
AMOUNT | AMOUNT | |||||||||||||||||||
Cleco Corporation | ||||||||||||||||||||
Guarantee issued to Entergy Mississippi on behalf of Attala | $ | 500 | $ | — | $ | 500 | ||||||||||||||
Guarantee issued to Cleco Power on behalf of Evangeline | $ | 8,000 | $ | — | $ | 8,000 | ||||||||||||||
Cleco Power | ||||||||||||||||||||
Obligations under standby letter of credit issued to the Louisiana Department of Labor | 3,725 | — | 3,725 | |||||||||||||||||
Obligations under standby letter of credit issued to MISO | 1,000 | — | 1,000 | |||||||||||||||||
Total | $ | 13,225 | $ | — | $ | 13,225 | ||||||||||||||
In January 2006, Cleco Corporation provided a $0.5 million guarantee to Entergy Mississippi for Attala’s obligations under the Interconnection Agreement. This guarantee will be effective until obligations are performed or extinguished. | ||||||||||||||||||||
In April 2012, Cleco Corporation provided an $8.0 million guarantee to Cleco Power pursuant to the terms of the power purchase agreement between Evangeline and Cleco Power. This guarantee will be effective though 2015 or when Coughlin is transferred to Cleco Power, whichever is earlier. | ||||||||||||||||||||
The State of Louisiana allows employers of certain financial net worth to self-insure their workers’ compensation benefits. Cleco Power has a certificate of self-insurance from the Louisiana Office of Workers’ Compensation and is required to post a $3.7 million letter of credit, an amount equal to 110% of the average losses over the previous three years, as surety. | ||||||||||||||||||||
In December 2013, Cleco Power provided a $1.0 million | ||||||||||||||||||||
letter of credit to MISO pursuant to the credit requirements of FTRs. The letter of credit is automatically renewed each year and reduces Cleco Power’s credit facility capacity. | ||||||||||||||||||||
Disclosures about Guarantees | ||||||||||||||||||||
Cleco Corporation provided a limited guarantee and an indemnification to Entergy Louisiana and Entergy Gulf States for Perryville’s performance, indemnity, representation, and warranty obligations under the Sale Agreement, the Power Purchase Agreement, and other ancillary agreements related to the sale of the Perryville facility in 2004. This is a continuing guarantee and all obligations of Cleco Corporation shall continue until the guaranteed obligations have been fully performed or otherwise extinguished. The discounted probability-weighted liability under the guarantees and indemnifications recognized on Cleco’s Consolidated Balance Sheets as of December 31, 2013, was $0.2 million. The maximum amount of the potential payment to Entergy Louisiana and Entergy Gulf States is $42.4 million. Currently, management does not expect to be required to pay Entergy Louisiana and Entergy Gulf States under the guarantee. | ||||||||||||||||||||
In February 2010, Cleco Power acquired Acadia Unit 1 and limited guarantees and indemnifications were provided to Cleco Power. The maximum amount of the potential payment to Cleco Power for indemnifications was $30.0 million, except for indemnifications relating to the fundamental organizational structure of Acadia against which there was no maximum amount. Cleco Corporation was obligated to pay a maximum of $10.0 million if the claims were not paid to Cleco Power pursuant to the guarantee. An indemnification liability of $13.5 million which represents the fair value of these indemnifications was recorded on Cleco’s Consolidated Balance Sheet. | ||||||||||||||||||||
The indemnification liabilities were reduced through expiration of the contractual life or through a reduction in the probability of a claim arising. The indemnification obligation had a term of approximately three years. As these underlying indemnifications expired, income was recognized on Cleco’s Consolidated Statements of Income. At December 31, 2013, the contractual life of the indemnification had expired and there was no remaining liability. For the year ended December 31, 2013, income of $0.4 million was recognized, and for the year ended December 31, 2012, income of $7.2 million was recognized. | ||||||||||||||||||||
In April 2011, Acadia completed its disposition of Acadia Unit 2 to Entergy Louisiana. Limited guarantees and indemnifications were provided to Entergy Louisiana and an indemnification liability of $21.8 million, which represents the fair value of these indemnifications was recorded on Cleco’s Consolidated Balance Sheet. | ||||||||||||||||||||
The indemnification liabilities are reduced through expiration of the contractual life or through a reduction in the probability of a claim arising. The indemnification obligation is expected to have a term of three years. After the three-year period, a residual value of approximately $0.2 million will remain. At December 31, 2013, an indemnification liability of $0.9 million remained, which represents the risk of payment, as a contingent sale obligation recorded on Cleco’s Consolidated Balance Sheet. For the year ended December 31, 2013, income of $6.9 million was recognized and for the year ended December 31, 2012, income of $14.0 million was recognized. The maximum amount of the potential payment to Entergy Louisiana for the indemnifications is the purchase price of $298.8 million, except for the liabilities retained by Acadia, for which there is no maximum amount. Cleco Corporation is obligated to pay the same maximum amounts as Acadia if Acadia is unable to pay claims to Entergy Louisiana pursuant to the guarantee. | ||||||||||||||||||||
As part of the Amended Lignite Mining Agreement, Cleco Power and SWEPCO, joint owners of Dolet Hills, have agreed to pay the loan and lease principal obligations of the lignite miner, DHLC, when due if they do not have sufficient funds or credit to pay. Any amounts paid on behalf of the miner would be credited by the lignite miner against future invoices for lignite delivered. At December 31, 2013, Cleco Power had a liability of $3.8 million related to the amended agreement. The maximum projected payment by Cleco Power under this guarantee is estimated to be $98.1 million; however, the Amended Lignite Mining Agreement does not contain a cap. The projection is based on the forecasted loan and lease obligations to be incurred by DHLC, primarily for purchases of equipment. Cleco Power has the right to dispute the incurrence of loan and lease obligations through the review of the mining plan before the incurrence of such loan and lease obligations. The Amended Lignite Mining Agreement is not expected to terminate pursuant to its terms until 2036 and does not affect the amount the Registrants can borrow under their credit facilities. Currently, management does not expect to be required to pay DHLC under the guarantee. | ||||||||||||||||||||
In its bylaws, Cleco Corporation has agreed to indemnify directors, officers, agents, and employees who are made a party to a pending or completed suit, arbitration, investigation, or other proceeding whether civil, criminal, investigative or administrative, if the basis of inclusion arises as the result of acts conducted in the discharge of their official capacity. Cleco Corporation has purchased various insurance policies to reduce the risks associated with the indemnification. In its Operating Agreement, Cleco Power provides for the same indemnification as described above with respect to its managers, officers, agents and employees. | ||||||||||||||||||||
Generally, neither Cleco Corporation nor Cleco Power has recourse that would enable them to recover amounts paid under their guarantee or indemnification obligations. The one exception is the insurance contracts associated with the indemnification of directors, managers, officers, agents, and employees. There are no assets held as collateral for third parties that either Cleco Corporation or Cleco Power could obtain and liquidate to recover amounts paid pursuant to the guarantees or indemnification obligations. | ||||||||||||||||||||
The following table summarizes the expected amount of commitment termination per period of off-balance sheet commitments and on-balance sheet guarantees discussed above. | ||||||||||||||||||||
AT DEC. 31, 2013 | ||||||||||||||||||||
AMOUNT OF COMMITMENT EXPIRATION PER PERIOD | ||||||||||||||||||||
(THOUSANDS) | NET AMOUNT | LESS THAN | 1-3 YEARS | 3-5 YEARS | MORE THAN | |||||||||||||||
COMMITTED | ONE YEAR | 5 YEARS | ||||||||||||||||||
Off-balance sheet commitments | $ | 13,225 | $ | 3,725 | $ | 8,000 | $ | 1,000 | $ | 500 | ||||||||||
On-balance sheet guarantees | 4,906 | — | 900 | — | 4,006 | |||||||||||||||
Total | $ | 18,131 | $ | 3,725 | $ | 8,900 | $ | 1,000 | $ | 4,506 | ||||||||||
Long-Term Purchase Obligations | ||||||||||||||||||||
Cleco Corporation had no unconditional long-term purchase obligations at December 31, 2013. Cleco Power has several unconditional long-term purchase obligations related to the purchase of coal, petroleum coke, limestone, and energy delivery facilities. The aggregate amount of payments required under such obligations at December 31, 2013, is as follows. | ||||||||||||||||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||||||||||||||
2014 | $ | 77,089 | ||||||||||||||||||
2015 | 14,980 | |||||||||||||||||||
2016 | 15,606 | |||||||||||||||||||
2017 | 17,262 | |||||||||||||||||||
2018 | 15,424 | |||||||||||||||||||
Total long-term purchase obligations | $ | 140,361 | ||||||||||||||||||
Payments under these agreements for the years ended December 31, 2013, 2012, and 2011 were $105.3 million, $59.2 million, and $97.4 million, respectively. | ||||||||||||||||||||
Other Commitments | ||||||||||||||||||||
Acadia Transactions | ||||||||||||||||||||
In February 2009, Cleco Power announced that it had chosen the acquisition of Acadia Unit 1 as the lowest bid in its 2007 long-term RFP for capacity beginning in 2010. Beginning in January 2010, Acadia operated the plant and served Cleco Power under a short-term tolling agreement covering Acadia Unit 1. In February 2010, the transaction was completed and the tolling agreement was terminated. For more information regarding the Cleco Power transaction, see Note 18 — “Acadia Transactions — Acadia Unit 1.” | ||||||||||||||||||||
In October 2009, Acadia and Entergy Louisiana announced that definitive agreements had been executed whereby Entergy Louisiana would acquire Acadia Unit 2. A capacity sale and fuel conversion services agreement between Acadia and Entergy Louisiana began in June 2010. Effective October 1, 2010, this agreement was subject to a $10.0 million guarantee by Cleco Corporation. For more information regarding this guarantee, please refer to “— Off-Balance Sheet Commitments” above. On April 29, 2011, the transaction was completed and the agreement terminated. Cleco Power will continue to operate both units at the Acadia Power Station. In connection with this transaction and in exchange for reasonable consideration, APH has indemnified the third-party owners of Cajun and their affiliates against their 50% of Acadia’s liabilities and other obligations related to the Entergy Louisiana transaction. For more information on the Acadia Unit 2 transaction, see Note 18 — “Acadia Transactions — Acadia Unit 2.” | ||||||||||||||||||||
General Electric Services Corporation | ||||||||||||||||||||
Cleco Power has entered into an operating lease agreement that expires in March 2017, with General Electric Equipment Services Corporation for leasing railcars in order to transport coal to Rodemacher Unit 2. The lease contained a provision for early termination, along with an associated termination fee that could have been exercised by Cleco Power in December 2010. Cleco Power did not exercise this right. | ||||||||||||||||||||
NMTC Fund | ||||||||||||||||||||
In 2008, Cleco Corporation and US Bancorp Community Development (USBCDC) formed the NMTC Fund. Cleco has a 99.9% membership interest in the NMTC Fund and USBCDC has a 0.1% interest. The purpose of the NMTC Fund is to invest in projects located in qualified active low-income communities that are underserved by typical debt capital markets. These investments are designed to generate NMTCs and Historical Rehabilitation tax credits.The NMTC Fund was later amended to include renewable energy investments. The majority of the energy investments qualify for grants under Section 1603 of the ARRA. The tax benefits received from the NMTC Fund reduce the federal income tax obligations of Cleco Corporation. In total, Cleco Corporation will contribute $283.6 million of equity contributions to the NMTC Fund and will receive at least $301.9 million in the form of tax credits, tax losses, capital gains/losses, earnings and cash over the life of the investment, which ends in 2017. The $18.3 million difference between equity contributions and total benefits received will be recognized over the life of the Fund as net tax benefits are delivered. The following table reflects remaining future equity contributions. | ||||||||||||||||||||
(THOUSANDS) | CONTRIBUTION | |||||||||||||||||||
2014 | $ | 47,434 | ||||||||||||||||||
2015 | 11,195 | |||||||||||||||||||
2016 | 3,698 | |||||||||||||||||||
2017 | 2,914 | |||||||||||||||||||
Total | $ | 65,241 | ||||||||||||||||||
Of the $65.2 million, $47.4 million is due to be paid within the next 12 months. Due to the right of offset, the investment and associated debt are presented on Cleco’s Consolidated Balance Sheet in the line item titled Tax credit fund investment, net. The amount of tax benefits delivered in excess of capital contributions as of December 31, 2013, was $73.8 million. The amount of tax benefits delivered but not utilized as of December 31, 2013, was $113.6 million and is reflected as a deferred tax asset. | ||||||||||||||||||||
The equity contribution does not contain a stated rate of interest. Cleco Corporation has recorded the liability and investment at its calculated fair value within the framework of the authoritative guidance. In order to calculate the fair value, management used an imputed rate of interest assuming that Cleco Corporation obtained financing of a similar nature from a third-party. The imputed interest rate was used in a net present value model in order to calculate the fair value of the remaining portion of the delayed equity contributions. The following table contains the disclosures required by the authoritative guidelines for equity investments with an imputed interest rate. | ||||||||||||||||||||
(THOUSANDS) | ||||||||||||||||||||
Equity contributions, imputed interest rate 6% | ||||||||||||||||||||
Principal payment schedule above: | $ | 65,241 | ||||||||||||||||||
Less: unamortized discount | 3,930 | |||||||||||||||||||
Total | $ | 61,311 | ||||||||||||||||||
The gross investment amortization expense will be recognized over a nine-year period, with four years remaining under the new amendment, using the cost method in accordance with the authoritative guidance for investments. The grants received under Section 1603, which allow certain projects to receive a federal grant in lieu of tax credits, and other cash reduce the basis of the investment. Periodic amortization of the investment and the deferred taxes generated by the basis reduction temporary difference are included as components of income tax expense. | ||||||||||||||||||||
Fuel Transportation Agreement | ||||||||||||||||||||
In October 2007, Cleco Power entered into an agreement that met the accounting definition of a capital lease for barges in order to transport petroleum coke and limestone to Madison Unit 3. | ||||||||||||||||||||
On December 28, 2012, Cleco Power entered into an amended agreement for 42 dedicated barges. The amended agreement continues to meet the accounting definition of a capital lease. | ||||||||||||||||||||
Under the amended agreement the barge lease rate contains both fixed and variable components, of which the latter is adjusted annually per the Producer Price Index (PPI) for executory costs. The initial term of this agreement is from the date of the amendment until August 31, 2017. The term of this agreement will automatically renew for successive periods of two years each unless written notice is provided by either party. After September 2014, Cleco Power has the option to purchase any or all of the dedicated barges. The amended agreement contains a provision for early termination upon the occurrence of any one of four specified cancellation events. | ||||||||||||||||||||
Under both the original agreement and the amended agreement, if the barges are idle, the lessor is required to attempt to sublease the barges to third parties, with the revenue reducing Cleco Power's lease payment. During the year ended December 31, 2013, Cleco Power paid approximately $3.7 million in lease payments and received no revenue from subleases. During the year ended December 31, 2012, Cleco Power paid approximately $4.3 million in lease payments and received approximately $0.4 million in revenue from subleases. | ||||||||||||||||||||
The following is an analysis of the leased property under capital leases by major classes: | ||||||||||||||||||||
AT DEC. 31, | ||||||||||||||||||||
CLASSES OF PROPERTY (THOUSANDS) | 2013 | 2012 | ||||||||||||||||||
Barges | $ | 8,918 | $ | 11,350 | ||||||||||||||||
Less: accumulated amortization | 2,171 | — | ||||||||||||||||||
Net capital leases | $ | 6,747 | $ | 11,350 | ||||||||||||||||
The following is a schedule by years of future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of December 31, 2013. | ||||||||||||||||||||
(THOUSANDS) | ||||||||||||||||||||
Years ending December 31, | ||||||||||||||||||||
2014 | $ | 3,725 | ||||||||||||||||||
2015 | 3,725 | |||||||||||||||||||
2016 | 3,735 | |||||||||||||||||||
2017 | 2,480 | |||||||||||||||||||
Total minimum lease payments | $ | 13,665 | ||||||||||||||||||
Less: executory costs | 3,416 | |||||||||||||||||||
Net minimum lease payments | $ | 10,249 | ||||||||||||||||||
Less: amount representing interest | 1,070 | |||||||||||||||||||
Present value of net minimum lease payments | $ | 9,179 | ||||||||||||||||||
Current liabilities | $ | 2,305 | ||||||||||||||||||
Non-current liabilities | $ | 6,874 | ||||||||||||||||||
During the years ended December 31, 2013 and 2012, Cleco Power incurred immaterial amounts of contingent rent under the barge agreement related to the increase in the PPI. | ||||||||||||||||||||
Other | ||||||||||||||||||||
Cleco has accrued for liabilities related to third parties and employee medical benefits. Cleco has also accrued additional taxes other than income taxes at the state and local level. | ||||||||||||||||||||
Risks and Uncertainties | ||||||||||||||||||||
Cleco Corporation | ||||||||||||||||||||
Cleco Corporation could be subject to possible adverse consequences if Cleco’s counterparties fail to perform their obligations or if Cleco Corporation or its affiliates are not in compliance with loan agreements or bond indentures. | ||||||||||||||||||||
Other | ||||||||||||||||||||
Access to capital markets is a significant source of funding for both short- and long-term capital requirements not satisfied by operating cash flows. After assessing the current operating performance, liquidity, and credit ratings of Cleco Corporation, management believes that Cleco will have access to the capital markets at prevailing market rates for companies with comparable credit ratings. If Cleco Corporation’s credit ratings were to be downgraded by Moody’s or S&P, Cleco Corporation would be required to pay additional fees and higher interest rates under its bank credit and other debt agreements. | ||||||||||||||||||||
Future actions or inactions of the U.S. federal government, including a failure to increase the government debt limit or another shutdown of the federal government, could increase the actual or perceived risk that the U.S. may not ultimately pay its obligations when due and may disrupt financial markets, including capital markets. | ||||||||||||||||||||
Changes in the regulatory environment or market forces could cause Cleco to determine its assets have suffered an other-than-temporary decline in value, whereby an impairment would be required to be taken and Cleco’s financial condition could be materially adversely affected. | ||||||||||||||||||||
Cleco Power | ||||||||||||||||||||
Cleco Power supplies the majority of its customers’ electric power requirements from its own generation facilities. In addition to power obtained from power purchase agreements, Cleco Power purchases power from other utilities and marketers to supplement its generation at times of relatively high demand or when the purchase price of power is less than its own cost of generation. Energy prices in the MISO market are based on LMP, which includes a component directly related to congestion on the transmission system. Regions with greater transmission congestion will have higher LMP costs. Therefore, physical transmission constraints in the MISO market region could increase the cost of energy delivered to Cleco Power’s customers. | ||||||||||||||||||||
Access to capital markets is a significant source of funding for both short- and long-term capital requirements not satisfied by operating cash flows. After assessing the current operating performance, liquidity, and credit ratings of Cleco Power, management believes that Cleco Power will have access to the capital markets at prevailing market rates for companies with comparable credit ratings. Cleco Power pays fees and interest under its bank credit agreements based on the highest rating held. If Cleco Power’s credit ratings were to be downgraded by Moody’s or S&P, Cleco Power would be required to pay additional fees and higher interest rates under its bank credit agreements. Cleco Power’s collateral for derivatives is based on the lowest rating held. If Cleco Power’s credit ratings were to be downgraded by Moody’s or S&P, Cleco Power would be required to pay additional collateral for derivatives. | ||||||||||||||||||||
Future actions or inactions of the U.S. federal government, including a failure to increase the government debt limit or another shutdown of the federal government, could increase the actual or perceived risk that the U.S. may not ultimately pay its obligations when due and may disrupt financial markets, including capital markets. |
Affiliate_Transactions
Affiliate Transactions | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Affiliate Transactions | ' | |||||||||||||||
Note 15 — Affiliate Transactions | ||||||||||||||||
Cleco | ||||||||||||||||
Cleco has entered into service agreements with affiliates to receive and to provide goods and professional services. Goods and services received by Cleco primarily involve services provided by Support Group. Support Group provides joint and common administrative support services in the areas of information technology; finance, cash management, accounting and auditing; human resources; investor relations; project consulting; risk management; strategic and corporate development; legal, ethics and regulatory compliance; facilities management; supply chain and inventory management and other administrative services. During 2013 and 2012, Midstream provided electric power plant operations and maintenance expertise. | ||||||||||||||||
Cleco is charged the higher of management’s estimated fair market value or fully loaded costs for goods and services provided by Cleco Power. Cleco, with the exception of Support Group, charges Cleco Power the lower of management’s estimated fair market value or fully loaded costs for goods and services provided in accordance with service agreements. Support Group charges only fully loaded costs. | ||||||||||||||||
In accordance with authoritative guidance, all charges from affiliates were eliminated in Cleco’s Consolidated Statements of Income for the years ending December 31, 2013, 2012, and 2011. All affiliate revenue was eliminated in Cleco’s Consolidated Statement of Income for the year ended December 31, 2013 and 2012. For the year ended December 31, 2011, Cleco had $0.2 million of affiliate revenue from Acadia included in its Consolidated Statement of Income. | ||||||||||||||||
At December 31, 2013 and 2012, Cleco had no affiliate balances that were payable to or receivable from its non-consolidated affiliates. | ||||||||||||||||
Cleco Power | ||||||||||||||||
Cleco Power has entered into service agreements with affiliates to receive and to provide goods and professional services. Charges from affiliates included in Cleco Power’s Consolidated Statements of Income primarily involve services provided by Support Group in accordance with service agreements and power purchased from Evangeline. Support Group provides joint and common administrative support services in the areas of information technology; finance, cash management, accounting and auditing; human resources; investor relations; project consulting; risk management; strategic and corporate development; legal, ethics and regulatory compliance; facilities management; supply chain and inventory management and other administrative services. For information on the power purchased from Evangeline, see Note 17 — “Evangeline Transactions.” | ||||||||||||||||
Affiliates, with the exception of Support Group, 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) | 2013 | 2012 | 2011 | |||||||||||||
Support Group | ||||||||||||||||
Other operations | $ | 48,694 | $ | 43,171 | $ | 43,124 | ||||||||||
Maintenance | $ | 1,263 | $ | 1,437 | $ | 1,625 | ||||||||||
Taxes other than income taxes | $ | (6 | ) | $ | (54 | ) | $ | (1 | ) | |||||||
Other expenses | $ | 306 | $ | 932 | $ | 1,244 | ||||||||||
Evangeline | ||||||||||||||||
Purchased power expense | $ | 31,670 | $ | 25,559 | $ | — | ||||||||||
Other expenses | $ | 42 | $ | — | $ | 4 | ||||||||||
Diversified Lands | ||||||||||||||||
Other expenses | $ | 3 | $ | — | $ | 82 | ||||||||||
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) | 2013 | 2012 | 2011 | |||||||||||||
Affiliate revenue | ||||||||||||||||
Support Group | $ | 1,318 | $ | 1,335 | $ | 1,349 | ||||||||||
Midstream | — | 14 | 14 | |||||||||||||
Evangeline | 20 | 23 | 26 | |||||||||||||
Total affiliate revenue | $ | 1,338 | $ | 1,372 | $ | 1,389 | ||||||||||
Other income | ||||||||||||||||
Cleco Corporation | $ | 26 | $ | — | $ | 10 | ||||||||||
Evangeline | 68 | 11 | 12 | |||||||||||||
Diversified Lands | 45 | 17 | 124 | |||||||||||||
Perryville | 10 | 6 | 4 | |||||||||||||
Attala | 8 | 6 | 5 | |||||||||||||
Total other income | $ | 157 | $ | 40 | $ | 155 | ||||||||||
Total | $ | 1,495 | $ | 1,412 | $ | 1,544 | ||||||||||
Cleco Power had the following affiliate receivable and payable balances associated with the service agreements. | ||||||||||||||||
AT DEC. 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(THOUSANDS) | ACCOUNTS | ACCOUNTS | ACCOUNTS | ACCOUNTS | ||||||||||||
RECEIVABLE | PAYABLE | RECEIVABLE | PAYABLE | |||||||||||||
Cleco Corporation | $ | 379 | $ | 389 | $ | 139 | $ | 1,140 | ||||||||
Support Group | 634 | 5,972 | 2,777 | 7,528 | ||||||||||||
Midstream | 27 | 1 | 27 | 5 | ||||||||||||
Evangeline | 4 | 2,024 | 6 | 1,401 | ||||||||||||
Diversified Lands | 1 | — | 42 | 23 | ||||||||||||
Total | $ | 1,045 | $ | 8,386 | $ | 2,991 | $ | 10,097 | ||||||||
During 2013, 2012, and 2011, Cleco Power made $105.0 million, $58.0 million, and $130.0 million of distribution payments to Cleco Corporation, respectively. Cleco Power received no equity contributions from Cleco Corporation in 2013, 2012, and 2011. | ||||||||||||||||
Affiliates that participate in the defined benefit pension plan sponsored by Cleco Power transfer their liability and an equal amount of cash on a periodic basis to Cleco Power. The following table shows the amounts transferred by affiliates during 2013 and 2012. | ||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||||||
Support Group | $ | 2,193 | $ | 1,881 | ||||||||||||
Midstream | 288 | 280 | ||||||||||||||
Total | $ | 2,481 | $ | 2,161 | ||||||||||||
Intangible_Asset
Intangible Asset | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Intangible Asset | ' | |||||||
Note 16 — Intangible Asset | ||||||||
During 2008, Cleco Katrina/Rita acquired a $177.5 million intangible asset which includes $176.0 million for the right to bill and collect storm recovery charges from customers of | ||||||||
Cleco Power and $1.5 million of financing costs. This intangible asset is expected to have a life of 12 years, but could have a life of up to 15 years depending on the time period required to collect the required amount from Cleco Power’s customers. The intangible asset’s expected amortization expense is based on the estimated collections from Cleco Power’s customers. At the end of its life, this asset will have no residual value. During the years ended December 31, 2013, 2012, and 2011, Cleco Katrina/Rita recognized amortization expense of $14.5 million, $13.1 million, and $11.8 million, respectively, based on actual collections. | ||||||||
The following table summarizes the intangible asset balance as of December 31, 2013 and 2012. | ||||||||
AT DEC. 31, | ||||||||
(THOUSANDS) | 2013 | 2012 | ||||||
Gross carrying amount | $ | 177,537 | $ | 177,537 | ||||
Accumulated amortization | 71,530 | 56,992 | ||||||
Intangible asset | $ | 106,007 | $ | 120,545 | ||||
The following table summarizes the amortization expense expected to be recognized during each year through 2018 and thereafter. | ||||||||
(THOUSANDS) | ||||||||
Expected amortization expense | ||||||||
2014 | $ | 14,931 | ||||||
2015 | 15,876 | |||||||
2016 | 16,864 | |||||||
2017 | 18,009 | |||||||
2018 | 19,312 | |||||||
Thereafter | $ | 21,015 | ||||||
Evangeline_Transactions
Evangeline Transactions | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Restructuring Agreement [Abstract] | ' | ||||
Evangeline Transactions | ' | ||||
Note 17 — Evangeline Transactions | |||||
On February 22, 2010, Evangeline and JPMVEC entered into the Evangeline Restructuring Agreement whereby the parties agreed to terminate the existing Evangeline Tolling Agreement and enter into the Evangeline 2010 Tolling Agreement, effective March 1, 2010. The Evangeline 2010 Tolling Agreement expired on December 31, 2011. The other significant terms of the Evangeline Restructuring Agreement were: | |||||
• | the tolling agreement was a market-based tolling agreement, for Coughlin Units 6 and 7, ending on December 31, 2011, with an option for JPMVEC to extend the term through December 31, 2012. The agreement also gave Evangeline the right to terminate its Coughlin Unit 6 obligations prior to the expiration of the term. JPMVEC did not exercise the option to extend the tolling agreement, | ||||
• | $126.6 million of Evangeline’s 8.82% Senior Secured bonds due 2019, owned by JPMVEC, were transferred to Evangeline and subsequently retired and $5.3 million of accrued interest associated with the bonds transferred to Evangeline was eliminated, | ||||
• | JPMVEC paid Evangeline $56.7 million, and | ||||
• | JPMVEC returned Cleco Corporation’s $15.0 million letter of credit issued under the Evangeline Tolling Agreement and the letter of credit was canceled. | ||||
The termination of the Evangeline Tolling Agreement was considered a termination of an operating lease and a triggering event requiring an asset impairment analysis. | |||||
Under the terms of the Evangeline Restructuring Agreement, Evangeline issued an irrevocable redemption notice to redeem the remaining $35.2 million of 8.82% Senior Secured bonds outstanding pursuant to their terms on February 25, 2010, and paid the debtholders $1.5 million of accrued interest and a $10.2 million make-whole payment. As a result of the debt retirement, Evangeline expensed $2.1 million in unamortized debt issuance costs associated with the Evangeline bonds. The Evangeline bonds were non-recourse to Cleco Corporation and redemption of the bonds was permitted under Cleco Corporation’s revolving credit facility. Upon the redemption of the bonds, $30.1 million of restricted cash was released to Evangeline. | |||||
The impacts of these transactions are reflected in the Midstream segment, which includes Evangeline. In accordance with the authoritative guidance, effective January 1, 2010, the financial results for Evangeline are no longer presented as equity income (loss), but presented in the corresponding line items in Midstream’s consolidated financial statements. | |||||
Due to the expiration of the Evangeline 2010 Tolling Agreement on December 31, 2011, Coughlin’s capacity and energy was available to Midstream beginning January 1, 2012. Evangeline was one of the successful bidders in Cleco Power’s RFP for short-term 2012 resources beginning January 1, 2012, and began providing 250 MW of capacity and energy to Cleco Power under a tolling agreement through April 30, 2012. In addition to Cleco Power’s RFP referenced above, in December 2011, Evangeline was also notified that Cleco Power selected its proposal to fulfill Cleco Power’s capacity and energy needs as defined in the Cleco Power RFP for contractual resources beginning in May 2012. The proposal was for a 730-MW product beginning May 1, 2012, and ending April 30, 2015. The definitive agreement between Evangeline and Cleco Power was executed in January 2012 and was approved by the LPSC in March 2012 and FERC in April 2012. On October 30, 2012, Cleco Power announced that Evangeline was the winning bidder in Cleco Power’s 2012 Long-Term RFP. In December 2012, Cleco Power and Evangeline executed definitive agreements to transfer ownership and control of Coughlin from Evangeline to Cleco Power. The transaction is expected to occur in March 2014. Cleco Power’s FRP extension, which contains the rate treatment of the transfer, is currently under LPSC review with a decision expected in the second quarter of 2014. |
Acadia_Transactions
Acadia Transactions | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Acquisition and Disposal Transactions [Abstract] | ' | ||||
Acadia Transactions | ' | ||||
Note 18 — Acadia Transactions | |||||
Acadia Unit 1 | |||||
In February 2010, Cleco Power completed the acquisition of Acadia Unit 1 and half of Acadia Power Station’s related common facilities for $304.0 million. The significant terms of the transaction were: | |||||
• | Cleco Power recognized $78.4 million of deferred taxes on the transaction, | ||||
• | Acadia recognized a gain of $82.0 million, | ||||
• | APH received $6.8 million from third parties in return for APH’s indemnification against the third parties’ 50% share of Acadia’s liabilities and other obligations related to the Cleco Power transaction, and | ||||
• | Cleco Power owns and operates Acadia Unit 1. Prior to April 29, 2011, Cleco Power operated Acadia Unit 2 on behalf of Acadia. On April 29, 2011, Acadia completed its disposition of Acadia Unit 2 to Entergy Louisiana. Cleco Power now operates Acadia Unit 2 on behalf of Entergy Louisiana. | ||||
Acadia Unit 2 | |||||
On April 29, 2011, Acadia completed its disposition of Acadia Unit 2 and Acadia Power Station’s remaining common facilities to Entergy Louisiana for $298.8 million. The significant terms of the transaction were: | |||||
• | In exchange for $10.9 million, APH indemnified the third-party owners of Cajun and their affiliates against 50% of Acadia’s liabilities and other obligations related to the Acadia Unit 2 transaction, | ||||
• | APH recognized a gain of $62.0 million, which included $26.2 million of equity income that represents the 2007 investment impairment charge of $45.9 million, partially offset by $19.7 million of capitalized interest during the construction of Acadia, | ||||
• | APH received 100% ownership in Acadia in exchange for its 50% interest in Cajun, and Acadia became a consolidated subsidiary of APH, and | ||||
• | Cleco Power operates Acadia Unit 2 on behalf of Entergy Louisiana. | ||||
Following the transaction, ongoing operations at Acadia were minimal, relating only to the previously established accounts receivable and accounts payable and servicing of indemnities. Therefore, Acadia does not meet the definition of a business. |
Storm_Restoration
Storm Restoration | 12 Months Ended |
Dec. 31, 2013 | |
Storm Restoration [Abstract] | ' |
Storm Restoration [Text Block] | ' |
Note 19 — Storm Restoration | |
On August 28, 2012, Hurricane Isaac made landfall in south Louisiana as a Category 1 hurricane, causing power outages to approximately 95,000, or 34%, of Cleco Power’s electric customers and affecting Cleco Power’s entire service territory. By September 2, 2012, power was restored to 100% of customers who could receive power. | |
The cost of restoration for Hurricane Isaac was $24.3 million. The damage to equipment from the storm required replacement, as well as repair of existing assets. Therefore, the balance sheets of Cleco and Cleco Power reflect the capitalization of approximately 56% of the restoration costs recorded at December 31, 2013, or approximately $13.6 million. The remaining cost was offset against Cleco Power’s existing funded storm damage reserve. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||
Comprehensive Income (Loss) Note | ' | |||||||||||
Note 20 — Accumulated Other Comprehensive Loss | ||||||||||||
The components of accumulated other comprehensive loss are summarized in the following tables for Cleco and Cleco Power. All amounts are reported net of income taxes and amounts in parentheses indicate debits. | ||||||||||||
Cleco | ||||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET (LOSS) GAIN | NET GAIN (LOSS) ON CASH FLOW HEDGES | TOTAL ACCUMULATED | |||||||||
OTHER COMPREHENSIVE (LOSS) GAIN | ||||||||||||
Balances, Dec. 31, 2010 | $ | (17,668 | ) | $ | 6,030 | $ | (11,638 | ) | ||||
Other comprehensive loss before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | (1,721 | ) | — | (1,721 | ) | |||||||
Net derivative loss | — | (15,788 | ) | (15,788 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||
Amortization of postretirement benefit net loss | 1,213 | — | 1,213 | |||||||||
Reclassification of net gain to interest charges | — | (205 | ) | (205 | ) | |||||||
Net current-period other comprehensive loss | (508 | ) | (15,993 | ) | (16,501 | ) | ||||||
Balances, Dec. 31, 2011 | $ | (18,176 | ) | $ | (9,963 | ) | $ | (28,139 | ) | |||
Other comprehensive (loss) income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | (8,682 | ) | — | (8,682 | ) | |||||||
Net derivative gain | — | 433 | 433 | |||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||
Amortization of postretirement benefit net loss | 2,117 | — | 2,117 | |||||||||
Reclassification of net loss to interest charges | — | 37 | 37 | |||||||||
Reclassification of ineffectiveness to regulatory asset | — | 1,864 | 1,864 | |||||||||
Net current-period other comprehensive (loss) income | (6,565 | ) | 2,334 | (4,231 | ) | |||||||
Balances, Dec. 31, 2012 | $ | (24,741 | ) | $ | (7,629 | ) | $ | (32,370 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | 2,857 | — | 2,857 | |||||||||
Net derivative gain | — | 1,355 | 1,355 | |||||||||
Amounts reclassified from accumulated other comprehensive income: | ||||||||||||
Amortization of postretirement benefit net loss | 2,159 | — | 2,159 | |||||||||
Reclassification of net loss to interest charges | — | 154 | 154 | |||||||||
Reclassification of ineffectiveness to regulatory asset | — | (31 | ) | (31 | ) | |||||||
Net current-period other comprehensive income | 5,016 | 1,478 | 6,494 | |||||||||
Balances, Dec. 31, 2013 | $ | (19,725 | ) | $ | (6,151 | ) | $ | (25,876 | ) | |||
Cleco Power | ||||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET (LOSS) GAIN | NET GAIN (LOSS) ON CASH FLOW HEDGES | TOTAL ACCUMULATED | |||||||||
OTHER COMPREHENSIVE (LOSS) GAIN | ||||||||||||
Balances, Dec. 31, 2010 | $ | (10,764 | ) | $ | 6,030 | $ | (4,734 | ) | ||||
Other comprehensive loss before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | (595 | ) | — | (595 | ) | |||||||
Net derivative loss | — | (15,788 | ) | (15,788 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||
Amortization of postretirement benefit net loss | 692 | — | 692 | |||||||||
Reclassification of net gain to interest charges | — | (205 | ) | (205 | ) | |||||||
Net current-period other comprehensive loss | 97 | (15,993 | ) | (15,896 | ) | |||||||
Balances, Dec. 31, 2011 | $ | (10,667 | ) | $ | (9,963 | ) | $ | (20,630 | ) | |||
Other comprehensive (loss) income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | (3,285 | ) | — | (3,285 | ) | |||||||
Net derivative gain | — | 433 | 433 | |||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||
Amortization of postretirement benefit net loss | 1,160 | — | 1,160 | |||||||||
Reclassification of net loss to interest charges | — | 37 | 37 | |||||||||
Reclassification of ineffectiveness to regulatory asset | — | 1,864 | 1,864 | |||||||||
Net current-period other comprehensive (loss) income | (2,125 | ) | 2,334 | 209 | ||||||||
Balances, Dec. 31, 2012 | $ | (12,792 | ) | $ | (7,629 | ) | $ | (20,421 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | 2,796 | — | 2,796 | |||||||||
Net derivative gain | — | 1,355 | 1,355 | |||||||||
Amounts reclassified from accumulated other comprehensive income: | ||||||||||||
Amortization of postretirement benefit net loss | 970 | — | 970 | |||||||||
Reclassification of net loss to interest charges | — | 154 | 154 | |||||||||
Reclassification of ineffectiveness to regulatory asset | — | (31 | ) | (31 | ) | |||||||
Net current-period other comprehensive income | 3,766 | 1,478 | 5,244 | |||||||||
Balances, Dec. 31, 2013 | $ | (9,026 | ) | $ | (6,151 | ) | $ | (15,177 | ) |
Miscellaneous_Financial_Inform
Miscellaneous Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Miscellaneous Financial Information (Unaudited) | ' | |||||||||||||||
Note 21 — Miscellaneous Financial Information (Unaudited) | ||||||||||||||||
Cleco | ||||||||||||||||
Quarterly information for Cleco for 2013 and 2012 is shown in the following tables. | ||||||||||||||||
2013 | ||||||||||||||||
(THOUSANDS, EXCEPT PER SHARE AMOUNTS) | 1ST | 2ND | 3RD | 4TH | ||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||||
Operating revenue, net | $ | 240,947 | $ | 263,894 | $ | 328,763 | $ | 263,109 | ||||||||
Operating income | $ | 58,467 | $ | 74,754 | $ | 116,794 | $ | 58,314 | ||||||||
Net income applicable to common stock | $ | 27,133 | $ | 42,032 | $ | 66,407 | $ | 25,112 | ||||||||
Basic net income per average share | $ | 0.45 | $ | 0.7 | $ | 1.1 | $ | 0.42 | ||||||||
Diluted net income per average common share | $ | 0.45 | $ | 0.69 | $ | 1.09 | $ | 0.41 | ||||||||
Dividends paid per common share | $ | 0.3375 | $ | 0.3625 | $ | 0.3625 | $ | 0.3625 | ||||||||
Market sales price per share | ||||||||||||||||
High | $ | 47.17 | $ | 49.52 | $ | 50.42 | $ | 47.79 | ||||||||
Low | $ | 40.39 | $ | 43.75 | $ | 43.76 | $ | 43.69 | ||||||||
2012 | ||||||||||||||||
(THOUSANDS, EXCEPT PER SHARE AMOUNTS) | 1ST | 2ND | 3RD | 4TH | ||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||||
Operating revenue, net | $ | 222,773 | $ | 240,123 | $ | 297,372 | $ | 233,431 | ||||||||
Operating income | $ | 54,294 | $ | 74,243 | $ | 103,347 | $ | 49,766 | ||||||||
Net income applicable to common stock | $ | 30,031 | $ | 46,686 | $ | 63,818 | $ | 23,112 | ||||||||
Basic net income per average share | $ | 0.5 | $ | 0.77 | $ | 1.06 | $ | 0.38 | ||||||||
Diluted net income per average common share | $ | 0.5 | $ | 0.77 | $ | 1.05 | $ | 0.38 | ||||||||
Dividends paid per common share | $ | 0.3125 | $ | 0.3125 | $ | 0.3375 | $ | 0.3375 | ||||||||
Market sales price per share | ||||||||||||||||
High | $ | 40.1 | $ | 42.45 | $ | 45.3 | $ | 43.75 | ||||||||
Low | $ | 36.15 | $ | 38.16 | $ | 40.09 | $ | 38.46 | ||||||||
Cleco Corporation’s common stock is listed for trading on the New York Stock Exchange under the ticker symbol “CNL.” On December 31, 2013, Cleco had 5,620 common shareholders and no preferred shareholders, as determined from the records of the transfer agent. | ||||||||||||||||
On January 30, 2014, Cleco Corporation’s Board of Directors declared a quarterly dividend of $0.3625 per share payable on February 18, 2014, to common shareholders of record at the close of business on February 11, 2014. | ||||||||||||||||
In January 2013, the Board of Directors declared a dividend of $0.3375 per share of common stock. In April 2013, the quarterly dividend declared by the Board of Directors increased to $0.3625 per share of common stock. In July and October 2013, a dividend of $0.3625 was again declared. | ||||||||||||||||
In January and April 2012, the Board of Directors declared a dividend of $0.3125 per share of common stock. In July 2012, the quarterly dividend declared by the Board of Directors increased to $0.3375 per share of common stock. In October 2012, a dividend of $0.3375 was again declared. | ||||||||||||||||
The declaration of dividend payments is at the Board of Directors’ sole discretion and future dividends are subject to numerous factors that ordinarily affect dividend policy, including the result of Cleco’s operations and its financial position, as well as general economic and business conditions. | ||||||||||||||||
Cleco Power | ||||||||||||||||
Quarterly information for Cleco Power for 2013 and 2012 is shown in the following tables. | ||||||||||||||||
2013 | ||||||||||||||||
(THOUSANDS) | 1ST | 2ND | 3RD | 4TH | ||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||||
Operating revenue, net | $ | 240,778 | $ | 263,725 | $ | 328,556 | $ | 262,900 | ||||||||
Operating income | $ | 61,765 | $ | 72,579 | $ | 111,663 | $ | 60,678 | ||||||||
Net income | $ | 27,793 | $ | 34,464 | $ | 61,885 | $ | 26,268 | ||||||||
Distribution to Cleco Corporation (as sole member) | $ | — | $ | 25,000 | $ | 50,000 | $ | 30,000 | ||||||||
2012 | ||||||||||||||||
(THOUSANDS) | 1ST | 2ND | 3RD | 4TH | ||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||||
Operating revenue, net | $ | 222,620 | $ | 239,967 | $ | 297,212 | $ | 233,269 | ||||||||
Operating income | $ | 58,306 | $ | 76,792 | $ | 97,510 | $ | 54,584 | ||||||||
Net income | $ | 26,805 | $ | 37,284 | $ | 57,783 | $ | 24,975 | ||||||||
Distribution to Cleco Corporation (as sole member) | $ | 30,000 | $ | 10,000 | $ | 18,000 | $ | — | ||||||||
Schedule_I_Financial_Statement
Schedule I Financial Statements of Cleco Corporation | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Schedule I - Financial Statements of Cleco Corporation | ' | |||||||||||
CLECO CORPORATION (Parent Company Only) | SCHEDULE I | |||||||||||
Condensed Statements of Income | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||
Operating expenses | ||||||||||||
Administrative and general | $ | 2,501 | $ | 1,154 | $ | 1,184 | ||||||
Other operating expense | 418 | 362 | 650 | |||||||||
Total operating expenses | $ | 2,919 | $ | 1,516 | $ | 1,834 | ||||||
Operating loss | (2,919 | ) | (1,516 | ) | (1,834 | ) | ||||||
Equity income from subsidiaries, net of tax | 155,360 | 156,783 | 184,951 | |||||||||
Interest, net | (2,380 | ) | (3,350 | ) | (2,874 | ) | ||||||
Other income | 3,392 | 2,068 | 4,647 | |||||||||
Other expense | (38 | ) | (13 | ) | (2,230 | ) | ||||||
Income before income taxes | 153,415 | 153,972 | 182,660 | |||||||||
Income tax benefit | (7,270 | ) | (9,676 | ) | (13,188 | ) | ||||||
Net income | 160,685 | 163,648 | 195,848 | |||||||||
Preferred dividends requirements | — | — | 26 | |||||||||
Preferred stock redemption costs | — | — | 112 | |||||||||
Net income applicable to common stock | $ | 160,685 | $ | 163,648 | $ | 195,710 | ||||||
The accompanying notes are an integral part of the condensed financial statements. | ||||||||||||
CLECO CORPORATION (Parent Company Only) | SCHEDULE I | |||||||||||
Condensed Statements of Comprehensive Income | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||
Net income | $ | 160,685 | $ | 163,648 | $ | 195,848 | ||||||
Other comprehensive loss, net of tax: | ||||||||||||
Postretirement benefits gain (loss) (net of tax expense of $3,137 in 2013 and tax benefit of $4,230 in 2012 and $344 in 2011) | 5,016 | (6,565 | ) | (508 | ) | |||||||
Net gain (loss) on cash flow hedges (net of tax expense of $925 in 2013 and $1,460 in 2012, and tax benefit of $10,002 in 2011) | 1,478 | 2,334 | (15,993 | ) | ||||||||
Total other comprehensive income (loss), net of tax | 6,494 | (4,231 | ) | (16,501 | ) | |||||||
Comprehensive income, net of tax | $ | 167,179 | $ | 159,417 | $ | 179,347 | ||||||
The accompanying notes are an integral part of the condensed financial statements. | ||||||||||||
CLECO CORPORATION (Parent Company Only) | SCHEDULE I | |||||||||||
Condensed Balance Sheets | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||
Assets | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 7,375 | $ | 7,418 | ||||||||
Accounts receivable - affiliate | 9,549 | 9,455 | ||||||||||
Other accounts receivable | — | 1 | ||||||||||
Taxes receivable, net | — | 30,920 | ||||||||||
Accumulated deferred federal and state income taxes, net | 7,330 | — | ||||||||||
Cash surrender value of life insurance policies | 45,394 | 36,504 | ||||||||||
Total current assets | 69,648 | 84,298 | ||||||||||
Equity investment in investees | 1,553,543 | 1,497,788 | ||||||||||
Accumulated deferred federal and state income taxes, net | 102,255 | 91,359 | ||||||||||
Other deferred charges | 719 | 1,721 | ||||||||||
Total assets | $ | 1,726,165 | $ | 1,675,166 | ||||||||
Liabilities and shareholders’ equity | ||||||||||||
Liabilities | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ | 3,218 | $ | 3,392 | ||||||||
Accounts payable - affiliate | 60,590 | 55,432 | ||||||||||
Taxes payable, net | 17,161 | — | ||||||||||
Interest accrued | 38 | 377 | ||||||||||
Accumulated deferred federal and state income taxes, net | — | 2,926 | ||||||||||
Other current liabilities | 11,081 | 9,986 | ||||||||||
Total current liabilities | 92,088 | 72,113 | ||||||||||
Tax credit fund investment, net | 41,840 | 78,840 | ||||||||||
Other deferred credits | 1,040 | — | ||||||||||
Long-term debt | 5,000 | 25,000 | ||||||||||
Total liabilities | 139,968 | 175,953 | ||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||
Shareholders’ equity | ||||||||||||
Common shareholders’ equity | ||||||||||||
Common stock, $1 par value, authorized 100,000,000 shares, issued 61,047,006 and 60,961,570 shares and outstanding 60,454,520 and 60,355,545 shares at December 31, 2013 and 2012, respectively | 61,047 | 60,962 | ||||||||||
Premium on common stock | 422,624 | 416,619 | ||||||||||
Retained earnings | 1,149,003 | 1,075,074 | ||||||||||
Treasury stock, at cost, 592,486 and 606,025 shares at December 31, 2013 and 2012, respectively | (20,601 | ) | (21,072 | ) | ||||||||
Accumulated other comprehensive loss | (25,876 | ) | (32,370 | ) | ||||||||
Total shareholders’ equity | 1,586,197 | 1,499,213 | ||||||||||
Total liabilities and shareholders’ equity | $ | 1,726,165 | $ | 1,675,166 | ||||||||
The accompanying notes are an integral part of the condensed financial statements. | ||||||||||||
CLECO CORPORATION (Parent Company Only) | SCHEDULE I | |||||||||||
Condensed Statements of Cash Flows | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||
Operating activities | ||||||||||||
Net cash provided by operating activities | $ | 159,430 | $ | 79,606 | $ | 175,624 | ||||||
Investing activities | ||||||||||||
Contributions to tax credit fund | (51,011 | ) | (59,645 | ) | (43,921 | ) | ||||||
Return of equity investment in tax credit fund | 1,619 | 37,652 | 33,430 | |||||||||
Return of equity investment in investees | — | — | 89,654 | |||||||||
Other investing | (3,705 | ) | (2,973 | ) | (1,232 | ) | ||||||
Net cash (used in) provided by investing activities | (53,097 | ) | (24,966 | ) | 77,931 | |||||||
Financing activities | ||||||||||||
Retirement of short-term debt | — | — | (150,000 | ) | ||||||||
Draws on credit facility | 48,000 | 25,000 | 35,000 | |||||||||
Payments on credit facility | (68,000 | ) | (10,000 | ) | (40,000 | ) | ||||||
Repurchase of common stock | — | (8,007 | ) | (13,009 | ) | |||||||
Dividends paid on common stock | (86,376 | ) | (78,844 | ) | (68,023 | ) | ||||||
Other financing | — | 1,987 | (201 | ) | ||||||||
Net cash used in financing activities | (106,376 | ) | (69,864 | ) | (236,233 | ) | ||||||
Net (decrease) increase in cash and cash equivalents | (43 | ) | (15,224 | ) | 17,322 | |||||||
Cash and cash equivalents at beginning of period | 7,418 | 22,642 | 5,320 | |||||||||
Cash and cash equivalents at end of period | $ | 7,375 | $ | 7,418 | $ | 22,642 | ||||||
Supplementary cash flow information | ||||||||||||
Interest paid | $ | 217 | $ | 95 | $ | 1,752 | ||||||
Income taxes (refunded) paid, net | $ | (46,928 | ) | $ | 59 | $ | 31,180 | |||||
Supplementary non-cash investing and financing activity | ||||||||||||
Issuance of common stock - ESPP | $ | 318 | $ | 340 | $ | 328 | ||||||
The accompanying notes are an integral part of the condensed financial statements. | ||||||||||||
Note 1 — Summary of Significant Accounting Policies | ||||||||||||
The condensed financial statements represent the financial information required by SEC Regulation S-X 5-04 for Cleco Corporation, which requires the inclusion of parent company only financial statements if the restricted net assets of consolidated subsidiaries exceed 25% of total consolidated net assets as of the last day of its most recent fiscal year. As of December 31, 2013, Cleco Corporation’s restricted net assets of consolidated subsidiaries were $843.8 million and exceeded 25% of its total consolidated net assets. | ||||||||||||
Cleco Corporation’s major, first-tier subsidiaries consist of Cleco Power and Midstream. | ||||||||||||
Cleco Power contains the LPSC-jurisdictional generation, transmission, and distribution electric utility operations serving Cleco’s traditional retail and wholesale customers. Midstream owns and operates a merchant power plant (Coughlin). | ||||||||||||
The accompanying financial statements have been prepared to present the results of operations, financial condition,and cash flows of Cleco Corporation on a stand-alone basis as a holding company. Investments in subsidiaries and other investees are stated at cost plus equity in undistributed earnings from the date of acquisition. These financial statements should be read in conjunction with Cleco’s consolidated financial statements. | ||||||||||||
Note 2 — Debt | ||||||||||||
At December 31, 2013 and 2012, Cleco Corporation had no short-term debt outstanding. | ||||||||||||
At December 31, 2013, Cleco Corporation’s long-term debt outstanding was $5.0 million, of which none was due within one year, compared to $25.0 million of long-term debt at December 31, 2012, of which none was due within one year. The long-term debt at December 31, 2013 and 2012, was the result of outstanding draws on Cleco Corporation’s credit facility. | ||||||||||||
In October 2013, Cleco Corporation entered into a new, amended and restated $250.0 million revolving credit facility. The credit facility is set to mature on October 16, 2018 and provides for working capital and other needs. In connection with the new credit facility, $1.0 million of unamortized debt expense related to Cleco Corporation’s previous credit facility was written off. At December 31, 2013, the all-in interest rate under the new facility was equal to LIBOR plus 1.275% or ABR, plus facility fees of 0.225%. Due to the credit ratings upgrade on January 30, 2014, the all-in interest rate under the new facility is equal to LIBOR plus 1.075% or ABR, plus facility fees of 0.175%. At December 31, 2013, Cleco Corporation had $5.0 million borrowings outstanding under its existing credit facility at an all-in interest rate of 1.445%, leaving an available borrowing capacity of $245.0 million. The $5.0 million borrowings outstanding at December 31, 2013 were repaid on January 31, 2014. At December 31, 2013, Cleco Corporation was in compliance with the covenants in its credit facility. | ||||||||||||
Note 3 — Cash Distributions and Equity Contributions | ||||||||||||
Some provisions in Cleco Power’s debt instruments restrict the amount of equity available for distribution to Cleco Corporation by Cleco Power under specified circumstances. The most restrictive covenant requires Cleco Power’s total indebtedness to be less than or equal to 65% of total capitalization. At December 31, 2013, approximately $666.3 million of member’s equity was unrestricted. | ||||||||||||
The following table summarizes the cash distributions Cleco Corporation received from affiliates during 2013, 2012, and 2011. | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||
Cleco Power | $ | 105,000 | $ | 58,000 | $ | 130,000 | ||||||
Midstream | — | — | 159,819 | |||||||||
Diversified Lands | — | 2,900 | — | |||||||||
Perryville | 700 | 1,500 | 700 | |||||||||
Attala | 400 | 1,300 | 700 | |||||||||
Total | $ | 106,100 | $ | 63,700 | $ | 291,219 | ||||||
Cleco Corporation made no contributions to affiliates during 2013. The following table summarizes the contributions Cleco Corporation made to affiliates during 2012 and 2011. | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2012 | 2011 | ||||||||||
Midstream | $ | 16,191 | $ | 35,500 | ||||||||
Perryville | — | 1,845 | ||||||||||
Cleco Innovations | — | 3,000 | ||||||||||
Total | $ | 16,191 | $ | 40,345 | ||||||||
Note 4 — Income Taxes | ||||||||||||
Cleco Corporation (Parent Company Only) Condensed Statements of Income reflect income tax benefits of $7.3 million, $9.7 million, and $13.2 million for the years ended December 31, 2013, 2012, and 2011, respectively. In addition to these amounts, income tax expense of $86.8 million, $75.0 million, and $116.1 million is reflected in equity income of subsidiaries, net of tax for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||
Note 5 — Commitments and Contingencies | ||||||||||||
For information regarding commitments and contingencies related to Cleco Corporation, see Part II, Item 8, “Financial Statements and Supplementary Data — Notes to the Financial Statements — Note 14 — Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees — Off-Balance Sheet Commitments and Disclosures about Guarantees.” |
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | |||||||||||||||
CLECO CORPORATION | SCHEDULE II | |||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
Years Ended Dec. 31, 2013, 2012, and 2011 | ||||||||||||||||
(THOUSANDS) | BALANCE AT | ADDITIONS | UNCOLLECTIBLE | BALANCE AT | ||||||||||||
BEGINNING OF PERIOD | CHARGED TO COSTS AND EXPENSES | ACCOUNT WRITE-OFFS LESS RECOVERIES | END OF | |||||||||||||
PERIOD (1) | ||||||||||||||||
Allowance for Uncollectible Accounts | ||||||||||||||||
Year Ended Dec. 31, 2013 | $ | 1,105 | $ | 1,232 | $ | 1,488 | $ | 849 | ||||||||
Year Ended Dec. 31, 2012 | $ | 1,136 | $ | 828 | $ | 859 | $ | 1,105 | ||||||||
Year Ended Dec. 31, 2011 | $ | 3,455 | $ | 1,992 | $ | 4,311 | $ | 1,136 | ||||||||
(1) Deducted in the consolidated balance sheet | ||||||||||||||||
(THOUSANDS) | BALANCE AT | ADDITIONS | DEDUCTIONS | BALANCE AT | ||||||||||||
BEGINNING OF | END OF | |||||||||||||||
PERIOD | PERIOD | |||||||||||||||
Unrestricted Storm Reserve | ||||||||||||||||
Year Ended Dec. 31, 2013 | $ | 1,792 | $ | — | $ | 556 | $ | 1,236 | ||||||||
Year Ended Dec. 31, 2012 | $ | 1,403 | $ | 10,968 | $ | 10,579 | $ | 1,792 | ||||||||
Year Ended Dec. 31, 2011 | $ | 1,454 | $ | 2,000 | $ | 2,051 | $ | 1,403 | ||||||||
Restricted Storm Reserve | ||||||||||||||||
Year Ended Dec. 31, 2013 | $ | 16,285 | $ | 1,593 | $ | 232 | $ | 17,646 | ||||||||
Year Ended Dec. 31, 2012 | $ | 24,880 | $ | 1,485 | $ | 10,080 | $ | 16,285 | ||||||||
Year Ended Dec. 31, 2011 | $ | 25,993 | $ | 887 | $ | 2,000 | $ | 24,880 | ||||||||
CLECO POWER | SCHEDULE II | |||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
Years Ended Dec. 31, 2013, 2012, and 2011 | ||||||||||||||||
(THOUSANDS) | BALANCE AT | ADDITIONS | UNCOLLECTIBLE | BALANCE AT | ||||||||||||
BEGINNING OF PERIOD | CHARGED TO COSTS AND EXPENSES | ACCOUNT WRITE-OFFS LESS RECOVERIES | END OF | |||||||||||||
PERIOD (1) | ||||||||||||||||
Allowance for Uncollectible Accounts | ||||||||||||||||
Year Ended Dec. 31, 2013 | $ | 1,105 | $ | 1,232 | $ | 1,488 | $ | 849 | ||||||||
Year Ended Dec. 31, 2012 | $ | 1,136 | $ | 828 | $ | 859 | $ | 1,105 | ||||||||
Year Ended Dec. 31, 2011 | $ | 3,395 | $ | 1,972 | $ | 4,231 | $ | 1,136 | ||||||||
(1) Deducted in the consolidated balance sheet | ||||||||||||||||
(THOUSANDS) | BALANCE AT BEGINNING OF PERIOD | ADDITIONS | DEDUCTIONS | BALANCE AT | ||||||||||||
END OF | ||||||||||||||||
PERIOD | ||||||||||||||||
Unrestricted Storm Reserve | ||||||||||||||||
Year Ended Dec. 31, 2013 | $ | 1,792 | $ | — | $ | 556 | $ | 1,236 | ||||||||
Year Ended Dec. 31, 2012 | $ | 1,403 | $ | 10,968 | $ | 10,579 | $ | 1,792 | ||||||||
Year Ended Dec. 31, 2011 | $ | 1,454 | $ | 2,000 | $ | 2,051 | $ | 1,403 | ||||||||
Restricted Storm Reserve | ||||||||||||||||
Year Ended Dec. 31, 2013 | $ | 16,285 | $ | 1,593 | $ | 232 | $ | 17,646 | ||||||||
Year Ended Dec. 31, 2012 | $ | 24,880 | $ | 1,485 | $ | 10,080 | $ | 16,285 | ||||||||
Year Ended Dec. 31, 2011 | $ | 25,993 | $ | 887 | $ | 2,000 | $ | 24,880 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Use of Estimates, Policy | ' | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||
Principles of Consolidation, Policy | ' | |
The accompanying consolidated financial statements of Cleco include the accounts of Cleco and its majority-owned subsidiaries after elimination of intercompany accounts and transactions. | ||
Reclassification, Policy | ' | |
During 2012, the Registrants began presenting the LPSC allowable portion of the amortization of the plant acquisition adjustment related to Acadia Unit 1 as depreciation expense on the Registrants’ Consolidated Statements of Income. Previously, this amortization was presented as other expense. The Registrants have reclassified 2011 amounts to conform to this presentation. This change increased depreciation and decreased other expenses by $2.8 million for the year ended December 31, 2011. | ||
Also during 2012, the Registrants determined that an error existed in the statement of cash flows presentation of contributions received in aid of construction, specifically the impact that the accounting for these contributions had on the presentation of cash flows related to the additions of property, plant, and equipment. This caused errors between the operating activities section and investing activities section for prior periods, including 2011. Cleco Corporation and Cleco Power’s Consolidated Statements of Cash Flows for the year ended December 31, 2011, were adjusted in the Registrants’ Combined Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012, to correct the presentation of cash flows related to additions to property, plant, and equipment. | ||
These corrections had no impact on the Registrants’ cash and cash equivalents, financial condition, or results of operations. Management believes that these corrections did not have a material effect on the Registrants’ Consolidated Statements of Cash Flows. | ||
Statements of Cash Flows, Policy | ' | |
Cleco Corporation and Cleco Power’s Consolidated Statements of Cash Flows are prepared using the indirect method described in the authoritative guidance for the presentation of the statement of cash flows. This method requires that net income be adjusted to remove the effects of all deferrals and accruals of operating cash receipts and payments and the effects of all investing and financing cash flow items. Derivatives meeting the definition of an accounting hedge are classified in the same category as the item being hedged. | ||
Regulation, Policy | ' | |
Cleco Power is subject to regulation by FERC and the LPSC. Cleco Power follows GAAP and complies with the accounting policies and practices prescribed by its regulatory commissions. Cleco Power’s retail rates are regulated by the LPSC and its rates for transmission services are regulated by FERC. Rates for wholesale power sales are based on market-based rates, pending FERC review of Cleco’s generation market power analysis. Cleco Power follows GAAP in accounting for the effects of rate regulation which allows utilities to capitalize or defer certain costs for recovery from customers and to recognize a liability for amounts expected to be returned to customers based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered through the ratemaking process. Regulatory assets and liabilities are amortized consistent with the treatment of the related cost in the ratemaking process. Pursuant to this regulatory approval and GAAP, Cleco Power has recorded regulatory assets and liabilities. | ||
Any future plan adopted by the LPSC for purposes of transitioning utilities from LPSC regulation to retail competition may affect the regulatory assets and liabilities recorded by Cleco Power if the criteria for the application of the authoritative guidelines for industry regulated operations cannot continue to be met. At this time, Cleco cannot predict whether any legislation or regulation affecting Cleco Power will be enacted or adopted and, if enacted, what form such legislation or regulation may take. | ||
Cleco Power follows the authoritative guidance on regulated operations, which allows utilities to capitalize or defer certain costs based on regulatory approval and management’s ongoing assessment that it is probable these items will be recovered through the ratemaking process. | ||
Under the current regulatory environment, Cleco Power believes these regulatory assets will be fully recoverable; however, if in the future, as a result of regulatory changes or competition, Cleco Power’s ability to recover these regulatory assets would no longer be probable, then to the extent that such regulatory assets were determined not to be recoverable, Cleco Power would be required to write-down such assets. In addition, potential deregulation of the industry or possible future changes in the method of rate regulation of Cleco Power could require discontinuance of the application of these authoritative guidelines. | ||
Asset Retirement Obligation, Policy | ' | |
Cleco Power has recorded asset retirement obligations in accordance with the authoritative guidance. This authoritative guidance requires an entity to record an ARO when there is a legal obligation under existing or enacted law, statute, written or oral contract, or by legal construction under the doctrine of promissory estoppel to incur costs to remove an asset when the asset is retired. These guidelines also require an ARO which is conditional on a future event to be recorded even if the event has not yet occurred. | ||
Cleco Power recognizes asset retirement obligations at the present value of the projected liability in the period in which it is incurred, if a reasonable estimate of fair value can be made. The liability is then accreted to its present value each accounting period. Cleco Power defers this accretion as a regulatory asset based on its determination that these costs can be collected from customers. Concurrent with the recognition of the liability, the authoritative guidance requires capitalization of these costs to the related property, plant, and equipment asset. These capitalized costs are depreciated over the same period as the related property asset. Cleco Power also defers the current depreciation of the asset retirement cost as a regulatory asset. | ||
Property, Plant, and Equipment, Policy | ' | |
Cleco’s cost of improvements to property, plant, and equipment is capitalized. Costs associated with repairs and major maintenance projects are expensed as incurred. Cleco capitalizes the cost to purchase or develop software for internal use. | ||
Property, plant, and equipment consists primarily of regulated utility generation and energy transmission assets. Regulated assets, utilized primarily for retail operations and electric transmission and distribution, are stated at the cost of construction, which includes certain materials, labor, payroll taxes and benefits, administrative and general costs, and the estimated cost of funds used during construction. Jointly owned assets are reflected in property, plant, and equipment at Cleco Power’s share of the cost to construct or purchase the assets. | ||
Upon retirement or disposition, the cost of Cleco Power’s depreciable plant and the cost of removal, net of salvage value, are charged to accumulated depreciation. For Cleco’s other depreciable assets, upon disposition or retirement, the difference between the net book value of the property and any proceeds received for the property is recorded as a gain or loss on asset disposition on Cleco’s Consolidated Statements of Income. Any cost incurred to remove the asset is charged to expense. | ||
Deferred Project Costs, Policy | ' | |
Cleco Power defers costs related to the initial stage of a construction project during which time the feasibility of the construction of property, plant, and equipment is being investigated. | ||
Inventories, Policy | ' | |
Both fuel and materials and supplies inventories are stated at average cost and are issued from inventory using the average cost of existing inventory. Materials and supplies are recorded as inventory when purchased and subsequently charged to expense or capitalized to property, plant, and equipment when installed. | ||
Accounts Receivable, Policy | ' | |
Accounts receivable are recorded at the invoiced amount and do not bear interest. It is the policy of management to review the outstanding accounts receivable monthly, as well as the bad debt write-offs experienced in the past, and establish an allowance for doubtful accounts. Account balances are charged off against the allowance when management determines it is probable the receivable will not be recovered. | ||
Financing Receivables, Policy | ' | |
Each subsidiary leases its respective transmission assets to a single counterparty. Both counterparties are considered credit worthy and are expected to pay their obligations when due, thus, no allowance for credit loss has been recognized. Management bases this assessment on the following common factors of each counterparty: | ||
• | both counterparties use the respective transmission facilities to move electricity from its power plants to the regional transmission grid, | |
• | neither counterparty has another avenue to move electricity from its respective power plants to the regional transmission grid, | |
• | the stream of payments was approved by the FERC through respective rate orders, and | |
• | both counterparties serve retail and wholesale customers in their respective service territories under LPSC oversight that allows recovery of prudent costs, of which, the stream of payments under the direct financing leases appear to be prudent. | |
Management monitors both entities for indication of adverse actions by their respective public service commissions and market conditions which would indicate an inability to pay their obligations under the direct financing leases when due. | ||
Reserves, Policy | ' | |
Cleco maintains property insurance on generating stations, buildings and contents, and substations. Cleco is self-insured for any damage to transmission and distribution lines. To mitigate the exposure to potential financial loss for damage to lines, Cleco maintains an LPSC-approved funded storm reserve. | ||
Cleco also maintains liability and workers’ compensation insurance to mitigate financial losses due to injuries and damages to the property of others. Cleco’s insurance covers claims that exceed certain self-insured limits. For claims that do not meet the limits to be covered by insurance, Cleco maintains reserves. | ||
Cash Equivalents, Policy | ' | |
Cleco considers highly liquid, marketable securities, and other similar instruments with original maturity dates of three months or less to be cash equivalents. | ||
Restricted Cash, Policy | ' | |
Various agreements to which Cleco is subject contain covenants that restrict its use of cash. As certain provisions under these agreements are met, cash is transferred out of related escrow accounts and becomes available for its intended purposes and/or general corporate purposes | ||
Cleco Katrina/Rita has the right to bill and collect storm restoration costs from Cleco Power’s customers. As cash is collected, it is restricted for payment of administration fees, interest, and principal on storm recovery bonds. | ||
Equity Investments, Policy | ' | |
Cleco reports its investment in unconsolidated affiliated companies on the equity method of accounting, as defined in the authoritative guidance on investments. The amounts reported on Cleco Corporation and Cleco Power’s Consolidated Balance Sheets represent assets contributed by Cleco Corporation or Cleco Power, plus their share of the net income of the affiliate, less any distributions of earnings (dividends) received from the affiliate. The revenues and expenses (excluding income taxes) of these affiliates are netted and reported on one line item as equity income from investees on Cleco Corporation and Cleco Power’s Consolidated Statements of Income. | ||
Cleco applies the provisions of the authoritative guidance on investments to account for equity method investment impairments. Under this standard, Cleco evaluates at each balance sheet date whether events and circumstances have occurred that indicate a possible other-than-temporary decline in the fair value of the investment and the possible inability to recover the carrying value through operations. Cleco uses estimates of the future cash flows from the investee and observable market transactions in order to calculate fair value and recoverability. An impairment is recognized when an other-than-temporary decline in market value occurs and recovery of the carrying value is not probable. | ||
Cleco reports its investments in VIEs in accordance with the authoritative guidance. Cleco and Cleco Power report the investment in Oxbow on the equity method of accounting. Under the equity method, the assets and liabilities of this entity are reported as equity investment in investees on Cleco Corporation 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 Corporation and Cleco Power’s Consolidated Statements of Income | ||
Income Taxes, Policy | ' | |
Cleco accounts for income taxes under the asset and liability method. Cleco provides for federal and state income taxes currently payable, as well as for those deferred due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. Cleco’s income tax expense and related regulatory assets and liabilities could be affected by changes in its assumptions and estimates and by ultimate resolution of assumptions and estimates with taxing authorities. Cleco files a federal consolidated income tax return for all wholly owned subsidiaries. Cleco computes its federal and state income taxes as if it were a stand-alone taxpayer. The LPSC generally requires Cleco Power to flow the effects of state income taxes immediately to customers. The LPSC specifically requires that the state tax benefits associated with the deductions related to certain storm damages be normalized. | ||
Cleco Power has recorded a net regulatory asset related to deferred income taxes in accordance with the authoritative guidance on income taxes. The related regulatory asset or liability recorded represents the effect of tax benefits or detriments that must be flowed through to customers as they are received or paid. Generally, the recovery periods for regulatory assets and liabilities are based on assets’ lives, which can be up to 58 years. The amounts deferred are attributable to differences between book and tax recovery periods. | ||
Investment Tax Credit, NMTC Fund, Accounting for Renewable Energy Tax Credits and Grants Under ARRA, Policy | ' | |
In 2008, Cleco Corporation and U.S. Bancorp Community Development Corporation (USBCDC) formed the NMTC Fund. The purpose of the NMTC Fund is to invest in projects located in qualified active low-income communities that are underserved by typical debt capital markets. These investments are designed to generate NMTCs and Historical Rehabilitation tax credits. The NMTC Fund was later amended to include renewable energy investments. The majority of the energy investments qualify for grants under Section 1603 of the ARRA. The gross investment amortization expense of the NMTC Fund will be recognized over a nine-year period, with four years remaining under the new amendment, using the cost method in accordance with the authoritative guidance for investments. The grants received under Section 1603, which allow certain projects to receive a federal grant in lieu of tax credits, and other cash reduce the basis of the investment. Periodic amortization of the investment and the deferred taxes generated by the basis reduction temporary difference are included as components of income tax expense. | ||
Investment tax credits, which were deferred for financial statement purposes, are amortized as a reduction to income tax expense over the estimated service lives of the properties that gave rise to the credits. | ||
Cleco and the NMTC Fund have elected to receive cash grants under the Stimulus Act for investments in various projects. Cleco has elected to reduce the carrying value of the qualifying assets as cash grants are received, which will reduce the amount of depreciation expense recognized after the underlying assets are placed in service. Certain of the cash grants also reduce the tax basis of the underlying assets. Grants received via the NMTC Fund reduce the carrying value of the investment for GAAP, but do not reduce the income tax basis of the investment. | ||
Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. | ||
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 Expenses, Premiums, and Discounts, Policy | ' | |
Expenses, premiums, and discounts applicable to debt securities are amortized to income ratably over the lives of the related issues. Expenses and call premiums related to refinanced Cleco Power debt are deferred and amortized over the life of the new issue. | ||
Revenue and Fuel Costs, Policy | ' | |
Utility Revenue | ||
Revenue from sales of electricity is recognized when the service is provided. The costs of fuel and purchased power used for retail customers currently are recovered from customers through the FAC. These costs are subject to audit and final determination by regulators. Excise taxes and pass-through fees collected on the sale of electricity are not recorded in utility revenue. | ||
Unbilled Revenue | ||
Cleco Power accrues estimated revenue monthly for energy delivered since the latest billings. The monthly estimated unbilled revenue amounts are recorded as revenue and a receivable and are reversed the following month. | ||
Other Operations Revenue | ||
Other operations revenue is recognized at the time products or services are provided to and accepted by customers. | ||
Franchise Fees | ||
Cleco Power collects a consumer fee for one of its franchise agreements. This fee is not recorded on Cleco’s income statement as revenue and expense, but is reflected at gross amounts on Cleco’s balance sheet as a receivable until it is collected and as a payable until the liability is paid. Cleco currently does not have any excise taxes reflected on its income statement. | ||
Allowance for Funds Used During Construction (AFUDC), Policy | ' | |
The capitalization of AFUDC by Cleco Power is a utility accounting practice prescribed by FERC and the LPSC. AFUDC represents the estimated debt and equity costs of capital funds that are necessary to finance construction of new and existing facilities. While cash is not realized currently from such allowance, AFUDC increases the revenue requirement over the same life of the plant through a higher rate base and higher depreciation. Under regulatory practices, a return on and recovery of AFUDC is permitted in setting rates charged for utility services. | ||
Fair Value Measurement, Policy | ' | |
Various accounting pronouncements require certain assets and liabilities to be measured at their fair values. Some assets and liabilities are required to be measured at their fair value each reporting period, while others are required to be measured only one time, generally the date of acquisition or debt issuance. Cleco and Cleco Power are required to disclose the fair value of certain assets and liabilities by one of three levels when required for recognition purposes under GAAP. | ||
Cleco utilizes different valuation techniques for fair value calculations. In order to measure the fair value for Level 1 assets and liabilities, Cleco obtains the closing price from published indices in active markets for the various instruments and multiplies this price by the appropriate number of instruments held. Level 2 fair values are determined by obtaining the closing price of similar assets and liabilities from published indices in active markets and then discounted to the current period using a U.S. Treasury published interest rate as a proxy for a risk-free rate of return. Cleco has consistently applied the Level 2 fair value technique from fiscal period to fiscal period. Level 3 fair values are situations in which there is little, if any, market activity for the asset or liability at the measurement date and therefore estimated prices are used in the discounted cash flow approach. | ||
Risk Management, Policy | ' | |
Market risk inherent in Cleco’s market risk-sensitive instruments and positions includes potential changes arising from changes in interest rates and the commodity market prices of power, FTRs, and natural gas in the industry on different energy exchanges. Cleco’s Energy Market Risk Management Policy authorizes the use of various derivative instruments, including exchange traded futures and option contracts, forward purchase and sales contracts, and swap transactions to reduce exposure to fluctuations in the price of power, FTRs, and natural gas. Cleco applies the authoritative guidance as it relates to derivatives and hedging to determine whether the market risk-sensitive instruments and positions are required to be marked-to-market. Generally, Cleco Power’s market risk-sensitive instruments and positions qualify for the normal-purchase, normal-sale exception to mark-to-market accounting because Cleco Power takes physical delivery and the instruments and positions are used to satisfy customer requirements. | ||
Cleco Power may enter into positions in order to attempt to mitigate the volatility in customer fuel costs. These positions are marked-to-market with the resulting gain or loss recorded on the balance sheet as a component of energy risk management assets or liabilities. Such gain or loss is deferred as a component of deferred fuel assets or liabilities in accordance with regulatory policy. When these positions close, actual gains or losses will be included in the FAC and reflected on customers’ bills as a component of the fuel cost adjustment. As part of the integration into MISO, Cleco Power was awarded FTRs in November 2013. FTRs provide a financial hedge to manage the risk of congestion cost in the Day-Ahead Energy Market. FTRs represent rights to congestion credits or charges along a path during a given time frame for a certain MW quantity. At December 31, 2013, Cleco's Balance Sheet reflected open FTR positions of $9.0 million in Energy risk management assets and $0.4 million in Energy risk management liabilities. There were no open natural gas positions at December 31, 2013 or 2012. | ||
Cleco and Cleco Power maintain a master netting agreement policy and monitor credit risk exposure through review of counterparty credit quality, counterparty credit exposure, and counterparty concentration levels. Cleco manages these risks by establishing appropriate credit and concentration limits on transactions with counterparties and by requiring contractual guarantees, cash deposits, or letters of credit from counterparties or their affiliates, as deemed necessary. Cleco Power has agreements in place with 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 has entered into various 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 these contracts in which Cleco is hedging the variability of cash flows related to forecasted transactions that qualify as cash flow hedges, the changes in the fair value of such derivative instruments are reported in OCI. To qualify for hedge accounting, the relationship between the hedging instrument and the hedged item must be documented to include the risk management objective and strategy and, at inception and on an ongoing basis, the effectiveness of the hedge in offsetting the changes in the cash flows of the item being hedged. Gains or losses accumulated in OCI are reclassified as earnings in the periods in which earnings are affected by the variability of the cash flows of the hedged item. The ineffective portions of hedges will be recognized in current-period earnings unless management determines that it is probable that the costs will be recovered through the ratemaking process. If management determines that it is probable that the costs will be recovered from customers, then they will be recognized as a regulatory asset or liability and amortized to earnings over the life of the related debt. For those contracts in which Cleco is hedging the variability of cash flows related to forecasted transactions that do not qualify as cash flow hedges, the changes in the fair value of such derivative instruments will be recognized in current period earnings unless management determines that it is probable that the costs will be recovered from customers through the ratemaking process. If management determines that it is probable that the costs will be recovered from customers, then they will be recognized as a regulatory asset or liability and amortized to earnings over the life of the related debt. | ||
Recent Authoritative Guidance, Policy | ' | |
The Registrants adopted, or will adopt, the following recent authoritative guidance on their respective effective dates. | ||
In December 2011, FASB revised the disclosure requirements related to balance sheet offsetting. After the effective date, entities must disclose both the gross and net information about instruments and transactions eligible for offsetting on the balance sheet, including transactions under master netting agreements. The adoption of this revision is required for interim and annual periods beginning on or after January 1, 2013. The adoption of this revision did not have any effect on the financial condition, results of operations, or cash flows of the Registrants because it relates to disclosures. | ||
In January 2013, FASB clarified the scope of revised disclosure requirements related to balance sheet offsetting that was issued in December 2011. The amendment clarifies that the scope applies to derivatives accounted for in accordance with the authoritative guidance for derivatives and hedging. The adoption of this revision is required for interim and annual periods beginning on or after January 1, 2013. The adoption of this revision did not have an impact on the financial condition, results of operations, or cash flows of the Registrants because it relates to disclosures and no additional disclosures were required. | ||
In February 2013, FASB revised the disclosure requirements related to items reclassified out of accumulated other comprehensive income. This guidance is intended to improve the transparency of changes in OCI. This revision is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. Cleco adopted the revisions to this amendment during the first quarter of 2013. The adoption of this revision did not have an impact on the financial condition, results of operations, or cash flows of the Registrants because it relates to disclosures. For more information on items reclassified out of accumulated other comprehensive income, see Note 20 — “Accumulated Other Comprehensive Loss.” | ||
In February 2013, FASB issued guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The adoption of this guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance is not expected to have a material impact on the financial condition, results of operations, or cash flows of the Registrants. | ||
In April 2013, FASB issued guidance on applying the liquidation basis of accounting and the related disclosure requirements. Under this accounting standards update, an entity must use the liquidation basis of accounting to present its financial statements when it determines that liquidation is imminent, unless the liquidation is the same as that under the plan specified in an entity's governing documents created at its inception. The adoption of this standard is effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. The adoption of this guidance is not expected to have an effect on the financial condition, results of operations, or cash flows of the Registrants. | ||
In July 2013, FASB amended the guidance for derivatives and hedging to provide for the inclusion of the Fed Funds Effective Swap Rate as a U.S. benchmark interest rate for hedge accounting purposes. The adoption of this guidance is effective for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of this guidance did not have an effect on the financial condition, results of operations, or cash flows of the Registrants. | ||
In July 2013, FASB amended the income tax guidance to provide for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The adoption of this guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance is not expected to have an effect on the financial condition, results of operations, or cash flows of the Registrants. | ||
In January 2014, FASB amended the accounting guidance for investments in qualified affordable housing projects. This guidance modifies the conditions that must be met to present the pretax effects and related tax benefits of such investments as a component of income taxes. The adoption of this guidance is effective for annual periods and interim reporting periods within those annual periods, beginning after December 31, 2014. Management is currently evaluating the effect the adoption of this guidance will have on the financial condition, results of operations, or cash flows of the Registrants. | ||
Earnings Per Share, Policy | ' | |
Stock option grants are excluded from the computation of diluted earnings per share if the exercise price is higher than the average market price | ||
Accounting for MISO Transactions, Policy | ' | |
Cleco Power participates in the energy market through MISO. MISO requires Cleco Power to submit hourly day-ahead, real time and FTR bids and offers for energy at locations across the MISO region. In a given hour, MISO transactions are netted for purposes of determining whether an entity is a net seller or purchaser. In each monthly reporting period, the hourly sale and purchase net amounts are aggregated and separately reported in Electric operations or Power purchased for utility customers on the Consolidated Statements of Income. | ||
Asset Retirement Obligations and Environmental Cost, Policy | ' | |
Under the authoritative guidance for asset retirement and environmental obligations, Cleco Power determined that a liability exists for cleanup and closing costs of solid waste facilities associated with its generating stations that use lignite for fuel. Applying these guidelines, Cleco Power determined that a liability exists for costs which may be incurred in the future for removal of asbestos from its general service buildings, the removal of transmission towers on leased right-of-ways, and for the abatement of PCBs in transformers. | ||
Marketable Securities, Available-for-sale Securities, Policy | ' | |
Quarterly, Cleco Power’s available-for-sale debt securities are evaluated on an individual basis to determine if a decline in fair value below the carrying value is other-than-temporary. | ||
Management determines whether it intends to sell or if it is more likely than not that it will be required to sell impaired securities. This determination considers current and forecasted liquidity and regulatory requirements. For Cleco Power’s impaired debt securities for which there was no intent or expected requirement to sell, the evaluation assesses whether it is likely the amortized cost will be recovered considering the nature of the securities, credit rating, financial condition of the issuer, or the extent and duration of the unrealized loss and market conditions. If Cleco Power determines that an other-than-temporary decline in value exists on its debt securities, the investments would be written down to fair value with a new basis established. Declines in fair value below cost basis that are determined to be other-than-temporary would be recorded to Cleco Power’s restricted storm reserve. | ||
Share-based Compensation, Option, and Incentive Plans, Policy | ' | |
Assuming achievement of vesting requirements is probable, stock-based compensation expense of non-vested stock is recorded during the service periods, which are generally three years, after which the restrictions lapse. All stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as an expense in the income statement over the award's requisite service period. Awards that vest pro rata during the requisite service period that contain only a service condition are defined as having a graded vesting schedule and could be treated as multiple awards with separate vesting schedules. However, Cleco has elected to treat grants with graded vesting schedules as one award and recognize the related compensation expense on a straight-line basis over the requisite service period. | ||
The ESPP does not contain optionality features beyond those listed by the authoritative guidance on stock-based compensation. Therefore, Cleco is not required to recognize a fair-value expense related to the ESPP. | ||
Segment Reporting, Policy | ' | |
The financial results of Cleco’s segments are presented on an accrual basis. Management evaluates the performance of its segments and allocates resources to them based on segment profit and the requirements to implement new strategic initiatives and projects to meet current business objectives. | ||
Consolidation, Variable Interest Entity, Policy | ' | |
Oxbow is owned 50% by Cleco Power and 50% by SWEPCO and is accounted for as an equity method investment. Cleco Power is not the primary beneficiary because it shares the power to control Oxbow’s significant activities with SWEPCO. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||||||
Reclassifications | ' | ||||||||||||||||||||||||||||||||
The corrections to the December 31, 2011 Consolidated Statements of Cash Flows are presented in the following tables: | |||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, 2011 | |||||||||||||||||||||||||||||||||
CLECO | CLECO POWER | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AS REPORTED | AS ADJUSTED | AS REPORTED | AS ADJUSTED | |||||||||||||||||||||||||||||
Accounts receivable | $ | (15,798 | ) | $ | (19,146 | ) | $ | (14,858 | ) | $ | (18,206 | ) | |||||||||||||||||||||
Other deferred accounts | $ | (1,084 | ) | $ | 4,305 | $ | (7,788 | ) | $ | (2,399 | ) | ||||||||||||||||||||||
Net cash provided by operating activities | $ | 308,020 | $ | 310,061 | $ | 249,717 | $ | 251,758 | |||||||||||||||||||||||||
Additions to property, plant, and equipment | $ | (200,364 | )* | $ | (202,405 | ) | $ | (182,574 | ) | $ | (184,615 | ) | |||||||||||||||||||||
Net cash used in investing activities | $ | (101,675 | ) | $ | (103,716 | ) | $ | (170,193 | ) | $ | (172,234 | ) | |||||||||||||||||||||
Net decrease in cash and cash equivalents | $ | (97,552 | ) | $ | (97,552 | ) | $ | (117,454 | ) | $ | (117,454 | ) | |||||||||||||||||||||
Cash and cash equivalents at beginning of period | $ | 191,128 | $ | 191,128 | $ | 184,912 | $ | 184,912 | |||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 93,576 | $ | 93,576 | $ | 67,458 | $ | 67,458 | |||||||||||||||||||||||||
*This amount differs with the amount previously reported in the Registrants’ Combined Annual Report on Form 10-K for the fiscal year ended December 31, 2011, due to Insurance reimbursement for property loss being shown separately from Additions to property, plant, and equipment in order to conform to the presentation used in the 2013 financial statements. | |||||||||||||||||||||||||||||||||
Property, Plant, and Equipment | ' | ||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, property, plant, and equipment consisted of the following: | |||||||||||||||||||||||||||||||||
AT DEC. 31, | |||||||||||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | |||||||||||||||||||||||||||||||
Regulated utility plants | $ | 4,052,774 | $ | 3,871,940 | |||||||||||||||||||||||||||||
Other | 273,748 | 268,254 | |||||||||||||||||||||||||||||||
Total property, plant, and equipment | 4,326,522 | 4,140,194 | |||||||||||||||||||||||||||||||
Accumulated depreciation | (1,351,223 | ) | (1,311,273 | ) | |||||||||||||||||||||||||||||
Net property, plant, and equipment | $ | 2,975,299 | $ | 2,828,921 | |||||||||||||||||||||||||||||
Restricted Cash | ' | ||||||||||||||||||||||||||||||||
Cleco’s restricted cash and cash equivalents consisted of: | |||||||||||||||||||||||||||||||||
AT DEC. 31, | |||||||||||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | |||||||||||||||||||||||||||||||
Diversified Lands’ mitigation escrow | $ | 21 | $ | 97 | |||||||||||||||||||||||||||||
Cleco Katrina/Rita’s storm recovery bonds | 8,986 | 8,781 | |||||||||||||||||||||||||||||||
Cleco Power’s future storm restoration costs | 4,726 | 5,343 | |||||||||||||||||||||||||||||||
Cleco Power’s building renovation escrow | 286 | — | |||||||||||||||||||||||||||||||
Total restricted cash and cash equivalents | $ | 14,019 | $ | 14,221 | |||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||||||||||||||||||
The following table shows the calculation of basic and diluted earnings per share: | |||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS) | INCOME | SHARES | PER SHARE | INCOME | SHARES | PER SHARE | INCOME | SHARES | PER SHARE | ||||||||||||||||||||||||
AMOUNT | AMOUNT | AMOUNT | |||||||||||||||||||||||||||||||
Income from continuing operations | $ | 160,685 | $ | 163,648 | $ | 195,848 | |||||||||||||||||||||||||||
Deduct: non-participating stock dividends (4.5% preferred stock) | — | — | 26 | ||||||||||||||||||||||||||||||
Deduct: non-participating stock redemption costs (4.5% preferred stock) | — | — | 112 | ||||||||||||||||||||||||||||||
Basic net income applicable to common stock | $ | 160,685 | 60,434,510 | $ | 2.66 | $ | 163,648 | 60,370,588 | $ | 2.71 | $ | 195,710 | 60,488,740 | $ | 3.24 | ||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||||||||||||
Add: stock option grants | — | 4,154 | 20,647 | ||||||||||||||||||||||||||||||
Add: restricted stock (LTICP) | 285,580 | 253,387 | 324,177 | ||||||||||||||||||||||||||||||
Diluted net income applicable to common stock | $ | 160,685 | 60,720,090 | $ | 2.65 | $ | 163,648 | 60,628,129 | $ | 2.7 | $ | 195,710 | 60,833,564 | $ | 3.22 | ||||||||||||||||||
Cleco Power [Member] | ' | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ' | ||||||||||||||||||||||||||||||||
Property, Plant, and Equipment, Schedule of Significant Acquisitions | ' | ||||||||||||||||||||||||||||||||
The plant acquisition adjustments and accumulated amortization reported in property, plant, and equipment and accumulated depreciation on Cleco Power’s balance sheet at December 31, 2013 and 2012, are shown in the following table. | |||||||||||||||||||||||||||||||||
AT DEC. 31, | |||||||||||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | |||||||||||||||||||||||||||||||
Acadia Unit 1 | |||||||||||||||||||||||||||||||||
Plant acquisition adjustment | $ | 95,578 | $ | 95,578 | |||||||||||||||||||||||||||||
Less: accumulated amortization | 12,201 | 9,018 | |||||||||||||||||||||||||||||||
Net plant acquisition adjustment | $ | 83,377 | $ | 86,560 | |||||||||||||||||||||||||||||
Teche | |||||||||||||||||||||||||||||||||
Plant acquisition adjustment | $ | 5,359 | $ | 5,359 | |||||||||||||||||||||||||||||
Less: accumulated amortization | 4,234 | 3,979 | |||||||||||||||||||||||||||||||
Net plant acquisition adjustment | $ | 1,125 | $ | 1,380 | |||||||||||||||||||||||||||||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) (Cleco Power [Member]) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Cleco Power [Member] | ' | ||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ||||||||||
Regulatory Assets and Liabilities | ' | ||||||||||
The following table summarizes Cleco Power’s regulatory assets and liabilities at December 31, 2013 and 2012. | |||||||||||
AT DEC. 31, | REMAINING | ||||||||||
(THOUSANDS) | 2013 | 2012 | RECOVERY PERIOD | ||||||||
Total federal regulatory asset — income taxes | $ | 12,528 | $ | 24,222 | |||||||
Total state regulatory asset — income taxes | 89,050 | 57,480 | |||||||||
AFUDC | 130,488 | 132,267 | |||||||||
Total investment tax credit | (2,893 | ) | (3,524 | ) | |||||||
Total regulatory assets — deferred taxes, net | 229,173 | 210,445 | * | ||||||||
Mining costs | 14,019 | 16,569 | 5.5 yrs. | ||||||||
Interest costs | 5,943 | 6,304 | 26 yrs. | ||||||||
Asset removal costs (1) | 936 | 867 | * | ||||||||
Postretirement costs (1) | 93,333 | 156,458 | * | ||||||||
Tree trimming costs | 4,840 | 5,656 | 5 yrs. | ||||||||
Training costs | 7,175 | 7,330 | 46 yrs. | ||||||||
Surcredits, net (2) | 16,738 | 6,211 | 9 yrs. | ||||||||
Construction carrying costs | — | 4,697 | — | ||||||||
Amended lignite mining agreement contingency (1) | 3,781 | 3,781 | * | ||||||||
Power purchase agreement capacity costs | 9,749 | 6,217 | 1.5 yrs. | ||||||||
AMI deferred revenue requirement | 4,682 | 1,483 | 14 yrs. | ||||||||
Production O&M expenses | 8,459 | — | * | ||||||||
AFUDC equity gross-up (2) | 73,306 | 74,158 | * | ||||||||
Rate case costs | 45 | 581 | — | ||||||||
Acadia Unit 1 acquisition costs | 2,760 | 2,865 | 26 yrs. | ||||||||
IRP/RFP costs | — | 39 | — | ||||||||
AMI pilot costs | — | 22 | — | ||||||||
Financing costs | 9,772 | 7,282 | * | ||||||||
Biomass costs | 114 | 145 | 4 yrs. | ||||||||
Total regulatory assets - other | 255,652 | 300,665 | |||||||||
Construction carrying costs | — | (8,255 | ) | — | |||||||
Fuel and purchased power | (3,869 | ) | 7,833 | * | |||||||
Total regulatory assets, net | $ | 480,956 | $ | 510,688 | |||||||
(1)Represents regulatory assets where cash has not yet been expended; in which case, the assets are offset by liabilities that also do not incur a carrying cost. | |||||||||||
(2)Represents regulatory assets for past expenditures that were not earning a return on investment at December 31, 2013. | |||||||||||
* For information related to the remaining recovery periods, refer to the disclosures below for each specific regulatory asset. |
Jointly_Owned_Generation_Units1
Jointly Owned Generation Units (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Jointly Owned Generation Units [Abstract] | ' | |||||||||||
Jointly Owned Generation Units | ' | |||||||||||
Cleco’s investment and accumulated depreciation in each of these generating units were as follows: | ||||||||||||
AT DEC. 31, 2013 | ||||||||||||
(DOLLAR AMOUNTS IN THOUSANDS) | RODEMACHER UNIT #2 | DOLET HILLS | TOTAL | |||||||||
Utility plant in service | $ | 95,746 | $ | 312,113 | $ | 407,859 | ||||||
Accumulated depreciation | $ | 71,072 | $ | 205,768 | $ | 276,840 | ||||||
Construction work in progress | $ | 16,585 | $ | 44,738 | $ | 61,323 | ||||||
Ownership | 30 | % | 50 | % | ||||||||
Nameplate capacity (MW) | 523 | 650 | ||||||||||
Cleco Power’s ownership interest (MW) | 157 | 325 | ||||||||||
Fair_Value_Accounting_Tables
Fair Value Accounting (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Value [Line Items] | ' | |||||||||||||||||||||||||||||||
Fair Value By Balance Sheet Grouping | ' | |||||||||||||||||||||||||||||||
The following tables summarize the carrying value and estimated market value of Cleco and Cleco Power’s financial instruments not measured at fair value in Cleco and Cleco Power’s Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
Cleco | ||||||||||||||||||||||||||||||||
AT DEC. 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
(THOUSANDS) | CARRYING | ESTIMATED | CARRYING | ESTIMATED | ||||||||||||||||||||||||||||
VALUE | FAIR VALUE | VALUE | FAIR VALUE | |||||||||||||||||||||||||||||
Financial instruments not marked-to-market | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 22,204 | $ | 22,204 | $ | 25,911 | $ | 25,911 | ||||||||||||||||||||||||
Restricted cash equivalents | $ | 14,019 | $ | 14,019 | $ | 14,221 | $ | 14,221 | ||||||||||||||||||||||||
Long-term debt, excluding debt issuance costs | $ | 1,331,230 | $ | 1,420,048 | $ | 1,345,198 | $ | 1,579,674 | ||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | ' | |||||||||||||||||||||||||||||||
The following table provides a reconciliation of Cleco Power’s available-for-sale debt securities from amortized cost to fair value at December 31, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||
AT DEC. 31, 2013 | AT DEC. 31, 2012 | |||||||||||||||||||||||||||||||
(THOUSANDS) | AMORTIZED | TOTAL | TOTAL | FAIR VALUE | AMORTIZED COST | TOTAL | TOTAL | FAIR VALUE | ||||||||||||||||||||||||
COST | UNREALIZED GAINS (1) | UNREALIZED | UNREALIZED GAINS (1) | UNREALIZED | ||||||||||||||||||||||||||||
LOSSES (1) | LOSSES (1) | |||||||||||||||||||||||||||||||
Municipal bonds | $ | 9,838 | $ | 8 | $ | 15 | $ | 9,831 | $ | 10,228 | $ | 3 | $ | 28 | $ | 10,203 | ||||||||||||||||
Corporate bonds | 513 | 2 | — | 515 | — | — | — | — | ||||||||||||||||||||||||
Federal agency mortgage-backed securities | 1,000 | — | — | 1,000 | — | — | — | — | ||||||||||||||||||||||||
Commercial paper | 1,483 | — | — | 1,483 | 649 | — | — | 649 | ||||||||||||||||||||||||
Total available-for-sale securities | $ | 12,834 | $ | 10 | $ | 15 | $ | 12,829 | $ | 10,877 | $ | 3 | $ | 28 | $ | 10,852 | ||||||||||||||||
(1) Unrealized gains and losses are recorded to the restricted storm reserve. | ||||||||||||||||||||||||||||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | |||||||||||||||||||||||||||||||
The following table summarizes the debt securities that were in an unrealized loss position at December 31, 2013, but for which no other-than-temporary impairment was recognized. | ||||||||||||||||||||||||||||||||
LESS THAN 12 MONTHS | 12 MONTHS OR LONGER | |||||||||||||||||||||||||||||||
(THOUSANDS) | AGGREGATE UNREALIZED LOSS | AGGREGATE RELATED | AGGREGATE UNREALIZED LOSS | AGGREGATE RELATED | ||||||||||||||||||||||||||||
FAIR VALUE | FAIR VALUE | |||||||||||||||||||||||||||||||
Municipal bonds | $ | 9 | $ | 3,156 | $ | 6 | $ | 2,622 | ||||||||||||||||||||||||
Available-for-sale Securities | ' | |||||||||||||||||||||||||||||||
At December 31, 2013, the fair value of Cleco Power’s available-for-sale debt securities by contractual maturity was: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2013 | |||||||||||||||||||||||||||||||
One year or less | $ | 5,702 | ||||||||||||||||||||||||||||||
Over one year through five years | 7,127 | |||||||||||||||||||||||||||||||
Total fair value | $ | 12,829 | ||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis | ' | |||||||||||||||||||||||||||||||
The following tables disclose for Cleco and Cleco Power the fair value of financial assets and liabilities measured or disclosed on a recurring basis and within the scope of the authoritative guidance for fair value measurements and disclosures. | ||||||||||||||||||||||||||||||||
Cleco | ||||||||||||||||||||||||||||||||
CLECO CONSOLIDATED FAIR VALUE MEASUREMENTS AT REPORTING DATE USING: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2013 | QUOTED | SIGNIFICANT | SIGNIFICANT | AT DEC. 31, 2012 | QUOTED | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||||||
PRICES IN | OTHER | UNOBSERVABLE | PRICES IN | OTHER | UNOBSERVABLE | |||||||||||||||||||||||||||
ACTIVE MARKETS | OBSERVABLE | INPUTS | ACTIVE MARKETS | OBSERVABLE | INPUTS | |||||||||||||||||||||||||||
FOR IDENTICAL | INPUTS | (LEVEL 3) | FOR IDENTICAL | INPUTS | (LEVEL 3) | |||||||||||||||||||||||||||
ASSETS | (LEVEL 2) | ASSETS | (LEVEL 2) | |||||||||||||||||||||||||||||
(LEVEL 1) | (LEVEL 1) | |||||||||||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||||||||||
Institutional money market funds | $ | 36,100 | $ | — | $ | 36,100 | $ | — | $ | 38,840 | $ | — | $ | 38,840 | $ | — | ||||||||||||||||
Commercial paper | 1,483 | — | 1,483 | — | 649 | — | 649 | — | ||||||||||||||||||||||||
Municipal bonds | 9,831 | — | 9,831 | — | 10,203 | — | 10,203 | — | ||||||||||||||||||||||||
Corporate bonds | 515 | — | 515 | — | — | — | — | — | ||||||||||||||||||||||||
Federal agency mortgage-backed securities | 1,000 | — | 1,000 | — | — | — | — | — | ||||||||||||||||||||||||
FTRs | 9,020 | — | — | 9,020 | — | — | — | — | ||||||||||||||||||||||||
Total assets | $ | 57,949 | $ | — | $ | 48,929 | $ | 9,020 | $ | 49,692 | $ | — | $ | 49,692 | $ | — | ||||||||||||||||
Liability Description | ||||||||||||||||||||||||||||||||
Interest rate derivative | $ | — | $ | — | $ | — | $ | — | $ | 2,627 | $ | — | $ | 2,627 | $ | — | ||||||||||||||||
Long-term debt | 1,420,048 | — | 1,420,048 | — | 1,579,674 | — | 1,579,674 | — | ||||||||||||||||||||||||
FTRs | 382 | — | — | 382 | — | — | — | — | ||||||||||||||||||||||||
Total liabilities | $ | 1,420,430 | $ | — | $ | 1,420,048 | $ | 382 | $ | 1,582,301 | $ | — | $ | 1,582,301 | $ | — | ||||||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table quantifies the significant unobservable inputs used in developing the fair value of Level 3 positions as of December 31, 2013. | ||||||||||||||||||||||||||||||||
(THOUSANDS, EXCEPT DOLLAR PER MWh) | FAIR VALUE | VALUATION TECHNIQUE | SIGNIFICANT | FORWARD PRICE RANGE | ||||||||||||||||||||||||||||
UNOBSERVABLE INPUTS | ||||||||||||||||||||||||||||||||
Assets | Liabilities | Low | High | |||||||||||||||||||||||||||||
FTRs | $ | 9,020 | $ | 382 | Discounted cash flow | Estimated auction price | $ | (4.88 | ) | $ | 33.75 | |||||||||||||||||||||
Cleco Power [Member] | ' | |||||||||||||||||||||||||||||||
Fair Value [Line Items] | ' | |||||||||||||||||||||||||||||||
Fair Value By Balance Sheet Grouping | ' | |||||||||||||||||||||||||||||||
Cleco Power | ||||||||||||||||||||||||||||||||
AT DEC. 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
(THOUSANDS) | CARRYING | ESTIMATED | CARRYING | ESTIMATED | ||||||||||||||||||||||||||||
VALUE | FAIR VALUE | VALUE | FAIR VALUE | |||||||||||||||||||||||||||||
Financial instruments not marked-to-market | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 14,900 | $ | 14,900 | $ | 18,600 | $ | 18,600 | ||||||||||||||||||||||||
Restricted cash equivalents | $ | 13,998 | $ | 13,998 | $ | 14,124 | $ | 14,124 | ||||||||||||||||||||||||
Long-term debt, excluding debt issuance costs | $ | 1,326,230 | $ | 1,415,048 | $ | 1,320,198 | $ | 1,554,674 | ||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities Measured On A Recurring Basis | ' | |||||||||||||||||||||||||||||||
Cleco Power | ||||||||||||||||||||||||||||||||
CLECO POWER FAIR VALUE MEASUREMENTS AT REPORTING DATE USING: | ||||||||||||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2013 | QUOTED | SIGNIFICANT | SIGNIFICANT | AT DEC. 31, 2012 | QUOTED | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||||||
PRICES IN | OTHER | UNOBSERVABLE | PRICES IN | OTHER | UNOBSERVABLE | |||||||||||||||||||||||||||
ACTIVE MARKETS | OBSERVABLE | INPUTS | ACTIVE MARKETS | OBSERVABLE | INPUTS | |||||||||||||||||||||||||||
FOR IDENTICAL | INPUTS | (LEVEL 3) | FOR IDENTICAL | INPUTS | (LEVEL 3) | |||||||||||||||||||||||||||
ASSETS | (LEVEL 2) | ASSETS | (LEVEL 2) | |||||||||||||||||||||||||||||
(LEVEL 1) | (LEVEL 1) | |||||||||||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||||||||||
Institutional money market funds | $ | 28,775 | $ | — | $ | 28,775 | $ | — | $ | 32,643 | $ | — | $ | 32,643 | $ | — | ||||||||||||||||
Commercial paper | 1,483 | — | 1,483 | — | 649 | — | 649 | — | ||||||||||||||||||||||||
Municipal bonds | 9,831 | — | 9,831 | — | 10,203 | — | 10,203 | — | ||||||||||||||||||||||||
Corporate bonds | 515 | — | 515 | — | — | — | — | — | ||||||||||||||||||||||||
Federal agency mortgage-backed securities | 1,000 | — | 1,000 | — | — | — | — | — | ||||||||||||||||||||||||
FTRs | 9,020 | — | — | 9,020 | — | — | — | — | ||||||||||||||||||||||||
Total assets | $ | 50,624 | $ | — | $ | 41,604 | $ | 9,020 | $ | 43,495 | $ | — | $ | 43,495 | $ | — | ||||||||||||||||
Liability Description | ||||||||||||||||||||||||||||||||
Interest rate derivative | $ | — | $ | — | $ | — | $ | — | $ | 2,627 | $ | — | $ | 2,627 | $ | — | ||||||||||||||||
Long-term debt | 1,415,048 | — | 1,415,048 | — | 1,554,674 | — | 1,554,674 | — | ||||||||||||||||||||||||
FTRs | 382 | — | — | 382 | — | — | — | — | ||||||||||||||||||||||||
Total liabilities | $ | 1,415,430 | $ | — | $ | 1,415,048 | $ | 382 | $ | 1,557,301 | $ | — | $ | 1,557,301 | $ | — | ||||||||||||||||
Not Designated as Hedging Instrument [Member] | ' | |||||||||||||||||||||||||||||||
Fair Value [Line Items] | ' | |||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table presents the fair values of derivative instruments and their respective line items as recorded on Cleco and Cleco Power’s Consolidated Balance Sheets as of December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS | ||||||||||||||||||||||||||||||||
(THOUSANDS) | BALANCE SHEET LINE ITEM | AT DEC. 31, 2013 | AT DEC. 31, 2012 | |||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
FTRs: | ||||||||||||||||||||||||||||||||
Current | Energy risk management assets | $ | 9,020 | $ | — | |||||||||||||||||||||||||||
Current | Energy risk management liabilities | 382 | — | |||||||||||||||||||||||||||||
Total | $ | 8,638 | $ | — | ||||||||||||||||||||||||||||
Effect of Derivatives On Consolidated Statements of Income | ' | |||||||||||||||||||||||||||||||
The following table presents the effect of derivatives not designated as hedging instruments on Cleco and Cleco Power’s Consolidated Statements of Income for the years December 31, 2013, 2012, and 2011. | ||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
(THOUSANDS) | DERIVATIVES LINE ITEM | AMOUNT OF GAIN/(LOSS) | AMOUNT OF LOSS | AMOUNT OF LOSS | ||||||||||||||||||||||||||||
RECOGNIZED IN | RECOGNIZED IN | RECOGNIZED IN | ||||||||||||||||||||||||||||||
INCOME ON | INCOME ON | INCOME ON | ||||||||||||||||||||||||||||||
DERIVATIVES | DERIVATIVES | DERIVATIVES | ||||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
Fuel cost hedges(1) | Fuel used for electric generation | $ | — | $ | (8,277 | ) | $ | (18,119 | ) | |||||||||||||||||||||||
FTRs(2) | Electric operations | 243 | — | — | ||||||||||||||||||||||||||||
FTRs(2) | Power purchased for utility customers | (19 | ) | — | — | |||||||||||||||||||||||||||
Total | $ | 224 | $ | (8,277 | ) | $ | (18,119 | ) | ||||||||||||||||||||||||
(1) In accordance with the authoritative guidance for regulated operations, no unrealized losses and no deferred losses associated with fuel cost hedges are reported in Accumulated deferred fuel on the balance sheet as of December 31, 2013, and no unrealized losses and no deferred losses as of December 31, 2012, and $5.3 million of unrealized losses and $1.2 million of deferred losses associated with fuel costs hedges as of December 31, 2011. As gains and losses are realized in future periods, they will be recorded as Fuel used for electric generation on the income statement. | ||||||||||||||||||||||||||||||||
(2) At December 31, 2013, $8.6 million unrealized gains associated with FTRs were reported in Accumulated deferred fuel on the balance sheet. | ||||||||||||||||||||||||||||||||
Designated as Hedging Instrument [Member] | ' | |||||||||||||||||||||||||||||||
Fair Value [Line Items] | ' | |||||||||||||||||||||||||||||||
Effect of Derivatives On Consolidated Statements of Income | ' | |||||||||||||||||||||||||||||||
The following table presents the effect of derivatives designated as hedging instruments on Cleco and Cleco Power’s Consolidated Statements of Income for the years ended December 31, 2013, 2012, and 2011. | ||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
(THOUSANDS) | AMOUNT OF GAIN | AMOUNT OF NET LOSS RECLASSIFIED | AMOUNT OF GAIN | AMOUNT OF NET | AMOUNT OF LOSS | AMOUNT OF NET GAIN RECLASSIFIED | ||||||||||||||||||||||||||
RECOGNIZED IN OCI | FROM ACCUMULATED | RECOGNIZED IN OCI | LOSS RECLASSIFIED | RECOGNIZED IN OCI | FROM ACCUMULATED | |||||||||||||||||||||||||||
OCI INTO INCOME | FROM | OCI INTO INCOME | ||||||||||||||||||||||||||||||
(EFFECTIVE PORTION) | ACCUMULATED | (EFFECTIVE PORTION) | ||||||||||||||||||||||||||||||
OCI INTO INCOME | ||||||||||||||||||||||||||||||||
(EFFECTIVE PORTION) | ||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 2,202 | $ | (251 | )* | $ | 704 | $ | (60 | )* | $ | (25,661 | ) | $ | 334 | * | ||||||||||||||||
* The (loss) gain reclassified from accumulated OCI into income is reflected in interest charges. |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Total Indebtedness | ' | |||||||
Cleco | ||||||||
Cleco’s total indebtedness as of December 31, 2013 and 2012 was as follows. | ||||||||
AT DEC. 31, | ||||||||
(THOUSANDS) | 2013 | 2012 | ||||||
Bonds | ||||||||
Cleco Power’s senior notes, 5.375%, due 2013 | $ | — | $ | 75,000 | ||||
Cleco Power’s senior notes, 4.95%, due 2015 | 50,000 | 50,000 | ||||||
Cleco Power’s senior notes, 6.65%, due 2018 | 250,000 | 250,000 | ||||||
Cleco Power’s senior notes, 4.33%, due 2027 | 50,000 | 50,000 | ||||||
Cleco Power’s senior notes, 6.50%, due 2035 | 295,000 | 295,000 | ||||||
Cleco Power’s senior notes, 5.942%, due 2040 | 250,000 | 250,000 | ||||||
Cleco Power’s senior notes, 5.988%, due 2041 | 100,000 | 100,000 | ||||||
Cleco Power’s Series B GO Zone bonds, 4.25%, due 2038 | 50,000 | — | ||||||
Cleco Power’s solid waste disposal facility bonds, 4.70%, due 2036, callable after November 1, 2016 | 60,000 | 60,000 | ||||||
Cleco Power’s solid waste disposal facility bonds, 5.25%, due 2037, mandatory tender on March 1, 2013 | — | 60,000 | ||||||
Cleco Power’s Series A GO Zone bonds, due 2038, maturity tender on May 3, 2015 | 50,000 | — | ||||||
Cleco Katrina/Rita’s storm recovery bonds, 4.41%, due 2020 | 48,630 | 62,598 | ||||||
Cleco Katrina/Rita’s storm recovery bonds, 5.61%, due 2023 | 67,600 | 67,600 | ||||||
Total bonds | 1,271,230 | 1,320,198 | ||||||
Other long-term debt | ||||||||
Cleco Corporation’s credit facility draws | 5,000 | 25,000 | ||||||
Cleco Power’s bank term loan, due 2015 | 35,000 | — | ||||||
Cleco Power’s credit facility draws | 20,000 | — | ||||||
Barge lease obligations, ending 2017 | 9,179 | 11,350 | ||||||
Gross amount of long-term debt | 1,340,409 | 1,356,548 | ||||||
Less: long-term debt due within one year | 14,876 | 88,969 | ||||||
Less: lease obligations classified as long-term debt due within one year | 2,305 | 2,171 | ||||||
Unamortized discount | (7,728 | ) | (8,150 | ) | ||||
Total long-term debt, net | $ | 1,315,500 | $ | 1,257,258 | ||||
Future Amounts Payable Under Long-Term Debt Agreements | ' | |||||||
The principal amounts payable under long-term debt agreements for each year through 2018 and thereafter are as follows. | ||||||||
(THOUSANDS) | ||||||||
Amounts payable under long-term debt agreements | ||||||||
2014 | $ | 14,876 | ||||||
2015 | $ | 100,825 | ||||||
2016 | $ | 16,814 | ||||||
2017 | $ | 17,896 | ||||||
2018 | $ | 294,194 | ||||||
Thereafter | $ | 886,625 | ||||||
Future Amounts Payable Under Barge Capital Lease Agreements | ' | |||||||
The principal amounts payable under the capital lease agreements for each year through 2017 are as follows. | ||||||||
(THOUSANDS) | ||||||||
Amounts payable under capital lease agreements | ||||||||
2014 | $ | 2,305 | ||||||
2015 | $ | 2,448 | ||||||
2016 | $ | 2,607 | ||||||
2017 | $ | 1,819 | ||||||
Cleco Power [Member] | ' | |||||||
Total Indebtedness | ' | |||||||
Cleco Power | ||||||||
Cleco Power’s total indebtedness as of December 31, 2013 and 2012, was as follows. | ||||||||
AT DEC. 31, | ||||||||
(THOUSANDS) | 2013 | 2012 | ||||||
Bonds | ||||||||
Senior notes, 5.375%, due 2013 | $ | — | $ | 75,000 | ||||
Senior notes, 4.95%, due 2015 | 50,000 | 50,000 | ||||||
Senior notes, 6.65%, due 2018 | 250,000 | 250,000 | ||||||
Senior notes, 4.33%, due 2027 | 50,000 | 50,000 | ||||||
Senior notes, 6.50%, due 2035 | 295,000 | 295,000 | ||||||
Senior notes, 5.942%, due 2040 | 250,000 | 250,000 | ||||||
Senior notes, 5.988%, due 2041 | 100,000 | 100,000 | ||||||
Series B GO Zone bonds, 4.25%, due 2038 | 50,000 | — | ||||||
Solid waste disposal facility bonds, 4.70%, due 2036, callable after November 1, 2016 | 60,000 | 60,000 | ||||||
Solid waste disposal facility bonds, 5.25%, due 2037, mandatory tender on March 1, 2013 | — | 60,000 | ||||||
Series A GO Zone bonds, due 2038, maturity tender on May 3, 2015 | 50,000 | — | ||||||
Cleco Katrina/Rita’s storm recovery bonds, 4.41%, due 2020 | 48,630 | 62,598 | ||||||
Cleco Katrina/Rita’s storm recovery bonds, 5.61%, due 2023 | 67,600 | 67,600 | ||||||
Total bonds | 1,271,230 | 1,320,198 | ||||||
Other long-term debt | ||||||||
Bank term loan, due 2015 | 35,000 | — | ||||||
Credit facility draws | 20,000 | — | ||||||
Barge lease obligations, ending 2017 | 9,179 | 11,350 | ||||||
Gross amount of long-term debt | 1,335,409 | 1,331,548 | ||||||
Less: long-term debt due within one year | 14,876 | 88,969 | ||||||
Less: lease obligations classified as long-term debt due within one year | 2,305 | 2,171 | ||||||
Unamortized discount | (7,728 | ) | (8,150 | ) | ||||
Total long-term debt, net | $ | 1,310,500 | $ | 1,232,258 | ||||
Future Amounts Payable Under Long-Term Debt Agreements | ' | |||||||
The principal amounts payable under long-term debt agreements for each year through 2018 and thereafter are as follows. | ||||||||
(THOUSANDS) | ||||||||
Amounts payable under long-term debt agreements | ||||||||
2014 | $ | 14,876 | ||||||
2015 | $ | 100,825 | ||||||
2016 | $ | 16,814 | ||||||
2017 | $ | 17,896 | ||||||
2018 | $ | 289,194 | ||||||
Thereafter | $ | 886,625 | ||||||
Future Amounts Payable Under Barge Capital Lease Agreements | ' | |||||||
The principal amounts payable under the capital lease agreements for each year through 2017 are as follows. | ||||||||
(THOUSANDS) | ||||||||
Amounts payable under capital lease agreements | ||||||||
2014 | $ | 2,305 | ||||||
2015 | $ | 2,448 | ||||||
2016 | $ | 2,607 | ||||||
2017 | $ | 1,819 | ||||||
Common_and_Preferred_Stock_Tab
Common and Preferred Stock (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Summary of Non-Vested Stock Activity | ' | |||||||||||||||||||||||
A summary of non-vested stock activity during the year ended December 31, 2013, is presented in the following table. | ||||||||||||||||||||||||
SHARES | WEIGHTED-AVERAGE | |||||||||||||||||||||||
GRANT-DATE | ||||||||||||||||||||||||
FAIR VALUE | ||||||||||||||||||||||||
Non-vested at January 1, 2013 | 349,775 | $ | 35.12 | |||||||||||||||||||||
Granted | 139,048 | $ | 42.6 | |||||||||||||||||||||
Vested | (147,825 | ) | $ | 34.9 | ||||||||||||||||||||
Non-vested at December 31, 2013 | 340,998 | $ | 38.26 | |||||||||||||||||||||
Fair Value Assumptions of Non-Vested Stock | ' | |||||||||||||||||||||||
The fair value of shares of non-vested stock granted during 2013, 2012, and 2011 under the LTICP is estimated on the date of grant are marked-to-market using the Monte Carlo simulation model with the assumptions listed in the following table. | ||||||||||||||||||||||||
AT DEC. 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Expected term (in years) (1) | 3 | 3 | 3 | |||||||||||||||||||||
Volatility of Cleco stock (2) | 18.1 | % | 21.5 | % | 28.5 | % | ||||||||||||||||||
Correlation between Cleco stock volatility and peer group | 69.7 | % | 66 | % | 63.2 | % | ||||||||||||||||||
Expected dividend yield | 3.2 | % | 3.3 | % | 3.3 | % | ||||||||||||||||||
Weighted average fair value (Monte Carlo model) | $ | 42.66 | $ | 41.56 | $ | 34.88 | ||||||||||||||||||
(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 | ' | |||||||||||||||||||||||
Pre-tax compensation expense reported by Cleco and Cleco Power relating to their share-based compensation plans is shown in the following table: | ||||||||||||||||||||||||
CLECO | CLECO POWER | |||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | FOR THE YEAR ENDED DEC. 31, | |||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Equity classification | ||||||||||||||||||||||||
Non-vested stock (1) | $ | 6,147 | $ | 4,429 | $ | 3,391 | $ | 1,754 | $ | 1,074 | $ | 678 | ||||||||||||
Stock options (1) | — | 11 | 103 | — | — | — | ||||||||||||||||||
Total equity classification | $ | 6,147 | $ | 4,440 | $ | 3,494 | $ | 1,754 | $ | 1,074 | $ | 678 | ||||||||||||
Liability classification | ||||||||||||||||||||||||
Common stock equivalent units | $ | 1 | $ | 1,506 | $ | 3,509 | $ | — | $ | 609 | $ | 1,118 | ||||||||||||
Total pre-tax compensation expense | $ | 6,148 | $ | 5,946 | $ | 7,003 | $ | 1,754 | $ | 1,683 | $ | 1,796 | ||||||||||||
Tax benefit (excluding income tax gross-up) | $ | 2,366 | $ | 2,288 | $ | 2,695 | $ | 675 | $ | 648 | $ | 691 | ||||||||||||
(1) For each of the years ended December 31, 2013, 2012, and 2011, compensation expense included in Cleco’s Consolidated Statements of Income related to non-forfeitable dividends paid on non-vested stock that is not expected to vest and stock options was $0.1 million |
Pension_Plan_and_Employee_Bene1
Pension Plan and Employee Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | |||||||||||||||||||||||
Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Pension Plans | ' | |||||||||||||||||||||||
The employee pension plan and other benefits obligation plan assets and funded status at December 31, 2013 and 2012, are presented in the following table. | ||||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 431,569 | $ | 361,986 | $ | 45,569 | $ | 42,680 | ||||||||||||||||
Service cost | 9,889 | 8,312 | 1,656 | 1,461 | ||||||||||||||||||||
Interest cost | 17,940 | 18,254 | 1,568 | 2,239 | ||||||||||||||||||||
Plan participants’ contributions | — | — | 1,241 | 1,308 | ||||||||||||||||||||
Actuarial (gain) loss | (50,133 | ) | 58,109 | (1,768 | ) | 2,462 | ||||||||||||||||||
Expenses paid | (1,916 | ) | (1,511 | ) | — | — | ||||||||||||||||||
Medicare D | — | — | 194 | — | ||||||||||||||||||||
Other adjustments | — | — | 601 | — | ||||||||||||||||||||
Benefits paid | (14,861 | ) | (13,581 | ) | (5,221 | ) | (4,581 | ) | ||||||||||||||||
Benefit obligation at end of year | 392,488 | 431,569 | 43,840 | 45,569 | ||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 344,041 | 312,395 | — | — | ||||||||||||||||||||
Actual return on plan assets | 23,291 | 46,738 | — | — | ||||||||||||||||||||
Employer contributions | 34,000 | — | — | — | ||||||||||||||||||||
Expenses paid | (1,916 | ) | (1,511 | ) | — | — | ||||||||||||||||||
Benefits paid | (14,861 | ) | (13,581 | ) | — | — | ||||||||||||||||||
Fair value of plan assets at end of year | 384,555 | 344,041 | — | — | ||||||||||||||||||||
Unfunded status | $ | (7,933 | ) | $ | (87,528 | ) | $ | (43,840 | ) | $ | (45,569 | ) | ||||||||||||
Accumulated Benefit Obligation | ' | |||||||||||||||||||||||
The employee pension plan accumulated benefit obligation at December 31, 2013 and 2012, is presented in the following table. | ||||||||||||||||||||||||
PENSION BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||||||||||||||
Accumulated benefit obligation | $ | 358,128 | $ | 387,776 | ||||||||||||||||||||
Amounts Recognized in Other Comprehensive Income | ' | |||||||||||||||||||||||
The authoritative guidelines for compensation of retirement benefits require the disclosure of the net actuarial gains/losses, transition obligations/assets, and prior period service costs included in other comprehensive income as a result of being included as a component of net periodic benefit costs. The following table presents those items for the employee pension plan and other benefits plan at December 31, 2013 and 2012. | ||||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Net actuarial (gain) loss occurring during year | $ | (49,978 | ) | $ | 32,177 | $ | (1,768 | ) | $ | 2,461 | ||||||||||||||
Prior service cost occurring during year | $ | — | $ | — | $ | 601 | $ | — | ||||||||||||||||
Net actuarial loss amortized during year | $ | 13,218 | $ | 8,346 | $ | 1,131 | $ | 1,479 | ||||||||||||||||
Transition obligation amortized during year | $ | — | $ | — | $ | 20 | $ | 20 | ||||||||||||||||
Prior service cost amortized during year | $ | (71 | ) | $ | (71 | ) | $ | — | $ | — | ||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
The authoritative guidelines also require the disclosure of the net gains/losses, transition obligations/assets, and prior period service costs/credits in accumulated other comprehensive income that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2014. The following table presents those items for the employee pension plan and other benefits plans for December 31, 2014, 2013, and 2012. | ||||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Net actuarial loss | $ | 6,404 | $ | 93,821 | $ | 157,017 | $ | 854 | $ | 10,703 | $ | 13,602 | ||||||||||||
Transition obligation | $ | — | $ | — | $ | — | $ | 16 | $ | 16 | $ | 35 | ||||||||||||
Prior service (credit) cost | $ | (71 | ) | $ | (488 | ) | $ | (559 | ) | $ | 119 | $ | 601 | $ | — | |||||||||
Components of Net Periodic Pension and Other Benefit Costs | ' | |||||||||||||||||||||||
The components of net periodic pension and other benefits costs for 2013, 2012, and 2011 are as follows. | ||||||||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Components of periodic benefit costs | ||||||||||||||||||||||||
Service cost | $ | 9,889 | $ | 8,312 | $ | 8,390 | $ | 1,656 | $ | 1,461 | $ | 1,532 | ||||||||||||
Interest cost | 17,940 | 18,254 | 17,629 | 1,568 | 2,239 | 1,818 | ||||||||||||||||||
Expected return on plan assets | (23,446 | ) | (20,806 | ) | (24,646 | ) | — | — | — | |||||||||||||||
Amortizations: | ||||||||||||||||||||||||
Transition obligation | — | — | — | 20 | 20 | 20 | ||||||||||||||||||
Prior period service credit | (71 | ) | (71 | ) | (71 | ) | — | — | (206 | ) | ||||||||||||||
Net loss | 13,218 | 8,346 | 5,556 | 1,131 | 1,479 | 1,010 | ||||||||||||||||||
Net periodic benefit cost | $ | 17,530 | $ | 14,035 | $ | 6,858 | $ | 4,375 | $ | 5,199 | $ | 4,174 | ||||||||||||
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 | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Weighted-average assumptions used to determine the benefit obligation as of December 31: | ||||||||||||||||||||||||
Discount rate | 5.14 | % | 4.19 | % | 4.46 | % | 3.54 | % | ||||||||||||||||
Rate of compensation increase | 3.262 | % | 3.334 | % | N/A | N/A | ||||||||||||||||||
PENSION BENEFITS | OTHER BENEFITS | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Weighted-average assumptions used to determine the net benefit cost for the year ended December 31: | ||||||||||||||||||||||||
Discount rate | 4.19 | % | 5.08 | % | 5.43 | % | 3.54 | % | 4.51 | % | 4.61 | % | ||||||||||||
Expected return on plan assets | 6.78 | % | 6.61 | % | 7.8 | % | N/A | N/A | N/A | |||||||||||||||
Rate of compensation increase | 3.262 | % | 3.373 | % | 4.119 | % | N/A | N/A | N/A | |||||||||||||||
Fair Value Allocation of Pension Plan Assets | ' | |||||||||||||||||||||||
The following chart shows the resulting dynamic asset allocation based on the funded ratio at December 31, 2013: | ||||||||||||||||||||||||
PERCENT OF TOTAL PLAN ASSETS* | ||||||||||||||||||||||||
MINIMUM | TARGET | MAXIMUM | ||||||||||||||||||||||
Return-seeking | ||||||||||||||||||||||||
Domestic equity | 17 | % | ||||||||||||||||||||||
International equity | 16 | % | ||||||||||||||||||||||
Real estate | 7 | % | ||||||||||||||||||||||
Hedge fund of funds | 2 | % | ||||||||||||||||||||||
Total return-seeking | 37 | % | 42 | % | 47 | % | ||||||||||||||||||
Liability hedging | ||||||||||||||||||||||||
Fixed income- long government/credit | 18 | % | ||||||||||||||||||||||
Fixed income - long credit | 40 | % | ||||||||||||||||||||||
Total liability hedging | 53 | % | 58 | % | 62 | % | ||||||||||||||||||
*Minimums and maximums within subcategories not intended to equal total for category. | ||||||||||||||||||||||||
The following tables disclose the pension plan’s fair value of financial assets measured on a recurring basis and within the scope of the authoritative guidance for fair value measurements and disclosures. | ||||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2013 | QUOTED PRICES | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||
IN ACTIVE | OTHER | UNOBSERVABLE | ||||||||||||||||||||||
MARKETS FOR | OBSERVABLE | INPUTS | ||||||||||||||||||||||
IDENTICAL ASSETS | INPUTS | (LEVEL 3) | ||||||||||||||||||||||
(LEVEL 1) | (LEVEL 2) | |||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,942 | $ | — | $ | 5,942 | $ | — | ||||||||||||||||
Common stock | 17,918 | 17,918 | — | — | ||||||||||||||||||||
Preferred stock | 939 | 939 | — | — | ||||||||||||||||||||
Obligations of U.S. Government and U.S. Government Agencies | 41,413 | — | 41,413 | — | ||||||||||||||||||||
Mutual funds | ||||||||||||||||||||||||
Domestic | 54,609 | 54,609 | — | — | ||||||||||||||||||||
International | 26,254 | 26,254 | — | — | ||||||||||||||||||||
Common/collective trust fund | 42,078 | — | 42,078 | — | ||||||||||||||||||||
Real estate funds | 17,928 | — | — | 17,928 | ||||||||||||||||||||
Hedge fund of funds | 1,740 | — | — | 1,740 | ||||||||||||||||||||
Corporate debt | 172,950 | — | 172,950 | — | ||||||||||||||||||||
Total | $ | 381,771 | $ | 99,720 | $ | 262,383 | $ | 19,668 | ||||||||||||||||
Interest accrual | 2,784 | |||||||||||||||||||||||
Total net assets | $ | 384,555 | ||||||||||||||||||||||
(THOUSANDS) | AT DEC. 31, 2012 | QUOTED PRICES | SIGNIFICANT | SIGNIFICANT | ||||||||||||||||||||
IN ACTIVE | OTHER | UNOBSERVABLE | ||||||||||||||||||||||
MARKETS FOR | OBSERVABLE | INPUTS | ||||||||||||||||||||||
IDENTICAL ASSETS | INPUTS | (LEVEL 3) | ||||||||||||||||||||||
(LEVEL 1) | (LEVEL 2) | |||||||||||||||||||||||
Asset Description | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 6,336 | $ | — | $ | 6,336 | $ | — | ||||||||||||||||
Common stock | 16,319 | 16,319 | — | — | ||||||||||||||||||||
Preferred stock | 379 | 379 | — | — | ||||||||||||||||||||
Obligations of U.S. Government and U.S. Government Agencies | 32,734 | — | 32,734 | — | ||||||||||||||||||||
Mutual funds | ||||||||||||||||||||||||
Domestic | 54,198 | 54,198 | — | — | ||||||||||||||||||||
International | 25,042 | 25,042 | — | — | ||||||||||||||||||||
Common/collective trust fund | 39,943 | — | 39,943 | — | ||||||||||||||||||||
Real estate funds | 17,341 | — | — | 17,341 | ||||||||||||||||||||
Hedge fund of funds | 2,587 | — | — | 2,587 | ||||||||||||||||||||
Corporate debt | 147,013 | — | 147,013 | — | ||||||||||||||||||||
Total | $ | 341,892 | $ | 95,938 | $ | 226,026 | $ | 19,928 | ||||||||||||||||
Interest accrual | 2,149 | |||||||||||||||||||||||
Total net assets | $ | 344,041 | ||||||||||||||||||||||
Pension Plan Unobservable Input Reconciliation | ' | |||||||||||||||||||||||
The following is a reconciliation of the beginning and ending balances of the pension plan’s real estate funds and hedge fund of funds measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||
(THOUSANDS) | REAL ESTATE | HEDGE FUND | TOTAL | |||||||||||||||||||||
FUNDS | OF FUNDS | |||||||||||||||||||||||
December 31, 2011 | $ | 16,349 | $ | 2,892 | $ | 19,241 | ||||||||||||||||||
Realized gain | — | 2 | 2 | |||||||||||||||||||||
Unrealized gain | 734 | 130 | 864 | |||||||||||||||||||||
Purchases | 258 | — | 258 | |||||||||||||||||||||
Sales | — | (437 | ) | (437 | ) | |||||||||||||||||||
December 31, 2012 | $ | 17,341 | $ | 2,587 | $ | 19,928 | ||||||||||||||||||
Realized gain | — | 12 | 12 | |||||||||||||||||||||
Unrealized gain | 128 | 71 | 199 | |||||||||||||||||||||
Purchases | 459 | — | 459 | |||||||||||||||||||||
Sales | — | (930 | ) | (930 | ) | |||||||||||||||||||
December 31, 2013 | $ | 17,928 | $ | 1,740 | $ | 19,668 | ||||||||||||||||||
Impact of Future Medicare Subsidies on Other Benefit costs | ' | |||||||||||||||||||||||
There was no reduction in other benefit costs due to Medicare subsidies for the year ended December 31, 2013. The reduction in other benefit costs due to Medicare subsidies for the year ended December 31, 2012 is presented in the following table. | ||||||||||||||||||||||||
AT DECEMBER 31, | ||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||||||||||||||
Components of other benefit costs: | ||||||||||||||||||||||||
(Increase) in interest cost | $ | — | $ | (8 | ) | |||||||||||||||||||
Reduction in net loss amortization | — | 199 | ||||||||||||||||||||||
Reduction in net other benefit cost | $ | — | $ | 191 | ||||||||||||||||||||
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 | $ | 31 | $ | (11 | ) | |||||||||||||||||||
Effect on postretirement benefit obligation | $ | 291 | $ | (324 | ) | |||||||||||||||||||
Projected Benefit Payments and Projected Receipts | ' | |||||||||||||||||||||||
The projected benefit payments for the employee pension plan and other benefits obligation plan for each year through 2018 and the next five years thereafter are listed in the following table. | ||||||||||||||||||||||||
(THOUSANDS) | PENSION BENEFITS | OTHER BENEFITS, GROSS | ||||||||||||||||||||||
2014 | $ | 16,251 | $ | 3,557 | ||||||||||||||||||||
2015 | $ | 17,037 | $ | 3,645 | ||||||||||||||||||||
2016 | $ | 17,918 | $ | 3,789 | ||||||||||||||||||||
2017 | $ | 19,025 | $ | 3,888 | ||||||||||||||||||||
2018 | $ | 20,087 | $ | 3,985 | ||||||||||||||||||||
Next five years | $ | 119,982 | $ | 19,813 | ||||||||||||||||||||
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 | ' | |||||||||||||||||||||||
The SERP’s funded status at December 31, 2013 and 2012, is presented in the following table. | ||||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 59,422 | $ | 46,264 | ||||||||||||||||||||
Service cost | 2,055 | 1,487 | ||||||||||||||||||||||
Interest cost | 2,578 | 2,526 | ||||||||||||||||||||||
Actuarial (gain) loss | (3,477 | ) | 11,651 | |||||||||||||||||||||
Benefits paid | (2,713 | ) | (2,506 | ) | ||||||||||||||||||||
Benefit obligation at end of year | $ | 57,865 | $ | 59,422 | ||||||||||||||||||||
Accumulated Benefit Obligation | ' | |||||||||||||||||||||||
The SERP’s accumulated benefit obligation at December 31, 2013 and 2012, is presented in the following table. | ||||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||||||||||||||
Accumulated benefit obligation | $ | 53,046 | $ | 53,350 | ||||||||||||||||||||
Amounts Recognized in Other Comprehensive Income | ' | |||||||||||||||||||||||
The authoritative guidelines on compensation for retirement benefits require the disclosure of the net actuarial gains/losses, transition obligations/assets, and prior period service costs included in other comprehensive income as a result of being amortized as a component of net periodic benefit costs. The following table presents those items for the SERP at December 31, 2013 and 2012. | ||||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||||||||||||||
Net actuarial (gain) loss occurring during year | $ | (3,477 | ) | $ | 11,651 | |||||||||||||||||||
Net actuarial loss amortized during year | $ | 2,305 | $ | 1,764 | ||||||||||||||||||||
Prior service cost amortized during year | $ | 54 | $ | 54 | ||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
The authoritative guidelines on compensation for retirement benefits also require the disclosure of the net gains/losses, transition obligations/assets, and prior period service costs/credit in accumulated other comprehensive income that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2014. The following table presents those items for SERP for December 31, 2014, 2013, and 2012. | ||||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Net actuarial loss | $ | 1,396 | $ | 19,663 | $ | 25,444 | ||||||||||||||||||
Prior service cost | $ | 54 | $ | 227 | $ | 280 | ||||||||||||||||||
Components of Net Periodic Pension and Other Benefit Costs | ' | |||||||||||||||||||||||
The components of the net SERP cost for 2013, 2012, and 2011 are as follows. | ||||||||||||||||||||||||
SERP BENEFITS | ||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Components of periodic benefit costs: | ||||||||||||||||||||||||
Service cost | $ | 2,055 | $ | 1,487 | $ | 1,566 | ||||||||||||||||||
Interest cost | 2,578 | 2,526 | 2,105 | |||||||||||||||||||||
Amortizations: | ||||||||||||||||||||||||
Prior period service cost | 54 | 54 | 54 | |||||||||||||||||||||
Net loss | 2,305 | 1,764 | 940 | |||||||||||||||||||||
Net periodic benefit cost | $ | 6,992 | $ | 5,831 | $ | 4,665 | ||||||||||||||||||
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 | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Weighted-average assumptions used to determine the benefit obligation as of December 31: | ||||||||||||||||||||||||
Discount rate | 5.09 | % | 4.17 | % | ||||||||||||||||||||
Rate of compensation increase | 5 | % | 5 | % | ||||||||||||||||||||
SERP | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Weighted-average assumptions used to determine the net benefit cost for the year ended December 31: | ||||||||||||||||||||||||
Discount rate | 4.17 | % | 4.99 | % | 5.26 | % | ||||||||||||||||||
Rate of compensation increase | 5 | % | 5 | % | 5 | % | ||||||||||||||||||
Projected Benefit Payments and Projected Receipts | ' | |||||||||||||||||||||||
The projected benefit payments for the SERP for each year through 2018 and the next five years thereafter are shown in the following table. | ||||||||||||||||||||||||
(THOUSANDS) | 2014 | 2015 | 2016 | 2017 | 2018 | NEXT FIVE | ||||||||||||||||||
YEARS | ||||||||||||||||||||||||
SERP | $ | 2,743 | $ | 3,011 | $ | 3,230 | $ | 3,277 | $ | 3,460 | $ | 20,169 | ||||||||||||
Defined Contribution Pension [Member] | ' | |||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | |||||||||||||||||||||||
401(k) Plan Expense | ' | |||||||||||||||||||||||
Cleco’s 401(k) Plan expense for the years ended December 31, 2013, 2012, and 2011 is as follows: | ||||||||||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||||||||||||||
401(k) Plan expense | $ | 4,422 | $ | 4,375 | $ | 3,917 | ||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Effective Income Tax Rate Reconciliation | ' | |||||||||||
For the years ended December 31, 2013, 2012, and 2011, income tax expense was lower than the amount computed by applying the statutory federal rate to income before tax. The differences are as follows. | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS, EXCEPT FOR %) | 2013 | 2012 | 2011 | |||||||||
Income before tax | $ | 240,260 | $ | 228,975 | $ | 298,745 | ||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Tax at federal statutory rate | $ | 84,091 | $ | 80,141 | $ | 104,561 | ||||||
Increase (decrease): | ||||||||||||
Plant differences, including AFUDC flowthrough | 427 | (1,222 | ) | (1,758 | ) | |||||||
Amortization of investment tax credits | (1,108 | ) | (1,180 | ) | (1,238 | ) | ||||||
State income taxes | 1,094 | (218 | ) | 2,155 | ||||||||
Tax settlement | — | — | 10,782 | |||||||||
New markets tax credits | (4,806 | ) | (9,261 | ) | (4,697 | ) | ||||||
Other | (123 | ) | (2,933 | ) | (6,908 | ) | ||||||
Total taxes | $ | 79,575 | $ | 65,327 | $ | 102,897 | ||||||
Effective Rate | 33.1 | % | 28.5 | % | 34.4 | % | ||||||
Current and Deferred Income Tax Expense | ' | |||||||||||
Information about current and deferred income tax expense is as follows. | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||
Current federal income tax expense | $ | 15,672 | $ | 47,768 | $ | 77,659 | ||||||
Deferred federal income tax expense | 65,237 | 21,724 | 26,577 | |||||||||
Amortization of accumulated deferred investment tax credits | (1,108 | ) | (1,180 | ) | (1,238 | ) | ||||||
Total federal income tax expense | $ | 79,801 | $ | 68,312 | $ | 102,998 | ||||||
Current state income tax (benefit) expense | (978 | ) | (1,192 | ) | 2,857 | |||||||
Deferred state income tax expense (benefit) | 752 | (1,793 | ) | (2,958 | ) | |||||||
Total state income tax benefit | $ | (226 | ) | $ | (2,985 | ) | $ | (101 | ) | |||
Total federal and state income tax expense | $ | 79,575 | $ | 65,327 | $ | 102,897 | ||||||
Items charged or credited directly to shareholders’ equity | ||||||||||||
Federal deferred | 3,497 | (2,386 | ) | (8,908 | ) | |||||||
State deferred | 565 | (385 | ) | (1,439 | ) | |||||||
Total tax expense (benefit) from items charged directly to shareholders’ equity | $ | 4,062 | $ | (2,771 | ) | $ | (10,347 | ) | ||||
Total federal and state income tax expense | $ | 83,637 | $ | 62,556 | $ | 92,550 | ||||||
Deferred Tax Assets and Liabilities | ' | |||||||||||
The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2013 and 2012 was comprised of the following. | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||
Depreciation and property basis differences | $ | (878,298 | ) | $ | (822,831 | ) | ||||||
Net operating loss carryforward | 95,360 | 139,036 | ||||||||||
New markets tax credits | 99,782 | 82,584 | ||||||||||
Fuel costs | (7,229 | ) | (9,400 | ) | ||||||||
Deferred carrying charges | — | 1,369 | ||||||||||
SERP – other comprehensive income | 15,330 | 19,392 | ||||||||||
Regulated operations regulatory liability, net | (84,702 | ) | (75,046 | ) | ||||||||
Postretirement benefits other than pension | (5,075 | ) | (2,275 | ) | ||||||||
Other | (10,139 | ) | (16,468 | ) | ||||||||
Accumulated deferred federal and state income taxes | $ | (774,971 | ) | $ | (683,639 | ) | ||||||
Liability for Unrecognized Tax Benefits | ' | |||||||||||
The total liability for unrecognized tax benefits for Cleco and Cleco Power at December 31, 2013, 2012, and 2011 is shown in the following table: | ||||||||||||
Cleco | ||||||||||||
(THOUSANDS) | LIABILITY FOR UNRECOGNIZED | |||||||||||
TAX BENEFITS | ||||||||||||
Balance at January 1, 2011 | $ | 102,785 | ||||||||||
Reduction for tax positions of current period | (4,129 | ) | ||||||||||
Additions for tax positions of prior years | 11,031 | |||||||||||
Reduction for tax positions of prior years | (8,670 | ) | ||||||||||
Reduction for settlement with tax authority | (44,782 | ) | ||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2011 | $ | 56,235 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reduction for tax positions of prior years | — | |||||||||||
Reduction for settlement with tax authority | (53,109 | ) | ||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2012 | $ | 3,126 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | 2,193 | |||||||||||
Reduction for tax positions of prior years | (248 | ) | ||||||||||
Reduction for settlement with tax authority | — | |||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2013 | $ | 5,071 | ||||||||||
The total amounts of uncertain tax positions and related interest payable and interest expense, as reflected on Cleco and Cleco Power’s Consolidated Balance Sheets and Statements of Income, are shown in the following tables: | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||
Interest payable | ||||||||||||
Cleco | $ | 88 | $ | 1,420 | ||||||||
Cleco Power | $ | 11 | $ | 3,358 | ||||||||
The interest payable reflects the amount of interest anticipated to be paid to taxing authorities. These amounts do not included any offset for amounts that may be recovered from customers under existing rate orders. The amounts expected to be recoverable from Cleco Power’s customers under existing rate orders at December 31, 2013 and December 31, 2012, are $8.4 million and $6.2 million, respectively. | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||
Interest charges | ||||||||||||
Cleco | $ | 154 | $ | (9,223 | ) | $ | (27,175 | ) | ||||
Cleco Power | $ | 11 | $ | (11,648 | ) | $ | 2,116 | |||||
Cleco Power [Member] | ' | |||||||||||
Effective Income Tax Rate Reconciliation | ' | |||||||||||
Cleco Power | ||||||||||||
Income tax expense is lower than the amount computed by applying the statutory rate to income before tax, as follows. | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS, EXCEPT FOR %) | 2013 | 2012 | 2011 | |||||||||
Income before tax | $ | 229,791 | $ | 214,981 | $ | 212,244 | ||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Tax at federal statutory rate | $ | 80,427 | $ | 75,243 | $ | 74,285 | ||||||
Increase (decrease): | ||||||||||||
Plant differences, including AFUDC flowthrough | 427 | (1,222 | ) | (1,758 | ) | |||||||
Amortization of investment tax credits | (1,108 | ) | (1,180 | ) | (1,238 | ) | ||||||
State income taxes | 730 | (705 | ) | (853 | ) | |||||||
Other | (1,095 | ) | (4,003 | ) | (1,027 | ) | ||||||
Total taxes | $ | 79,381 | $ | 68,133 | $ | 69,409 | ||||||
Effective Rate | 34.5 | % | 31.7 | % | 32.7 | % | ||||||
Current and Deferred Income Tax Expense | ' | |||||||||||
Information about current and deferred income tax expense is as follows. | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||
Current federal income tax (benefit) expense | $ | (33 | ) | $ | 13,008 | $ | 23,347 | |||||
Deferred federal income tax expense | 81,188 | 59,008 | 47,763 | |||||||||
Amortization of accumulated deferred investment tax credits | (1,108 | ) | (1,180 | ) | (1,238 | ) | ||||||
Total federal income tax expense | $ | 80,047 | $ | 70,836 | $ | 69,872 | ||||||
Current state income tax (benefit) expense | (1,012 | ) | (1,060 | ) | 1,691 | |||||||
Deferred state income tax expense (benefit) | 346 | (1,643 | ) | (2,154 | ) | |||||||
Total state income tax benefit | $ | (666 | ) | $ | (2,703 | ) | $ | (463 | ) | |||
Total federal and state income taxes | $ | 79,381 | $ | 68,133 | $ | 69,409 | ||||||
Items charged or credited directly to members’ equity | ||||||||||||
Federal deferred | 2,824 | 20 | (8,580 | ) | ||||||||
State deferred | 456 | 3 | (1,386 | ) | ||||||||
Total tax expense (benefit) from items charged directly to member’s equity | $ | 3,280 | $ | 23 | $ | (9,966 | ) | |||||
Total federal and state income tax expense | $ | 82,661 | $ | 68,156 | $ | 59,443 | ||||||
Deferred Tax Assets and Liabilities | ' | |||||||||||
The balance of accumulated deferred federal and state income tax assets and liabilities at December 31, 2013 and 2012, was comprised of the following. | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||
Depreciation and property basis differences | $ | (836,771 | ) | $ | (804,133 | ) | ||||||
Net operating loss carryforward | 81,102 | 127,742 | ||||||||||
Fuel costs | (7,229 | ) | (9,389 | ) | ||||||||
Deferred carrying charges | — | 1,369 | ||||||||||
SERP - other comprehensive income | 8,681 | 11,961 | ||||||||||
Regulated operations regulatory liability, net | (84,702 | ) | (75,046 | ) | ||||||||
Postretirement benefits other than pension | (19,056 | ) | (13,442 | ) | ||||||||
Other | (6,603 | ) | 2,455 | |||||||||
Accumulated deferred federal and state income taxes | $ | (864,578 | ) | $ | (758,483 | ) | ||||||
Liability for Unrecognized Tax Benefits | ' | |||||||||||
Cleco Power | ||||||||||||
(THOUSANDS) | LIABILITY FOR UNRECOGNIZED | |||||||||||
TAX BENEFITS | ||||||||||||
Balance at January 1, 2011 | $ | 60,975 | ||||||||||
Reduction for tax positions of current period | (4,018 | ) | ||||||||||
Additions for tax positions of prior years | 4,271 | |||||||||||
Reduction for tax positions of prior years | (8,670 | ) | ||||||||||
Reduction for settlement with tax authority | — | |||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2011 | $ | 52,558 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reduction for tax positions of prior years | — | |||||||||||
Reduction for settlement with tax authority | (52,310 | ) | ||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2012 | $ | 248 | ||||||||||
Reduction for tax positions of current period | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Reduction for tax positions of prior years | (248 | ) | ||||||||||
Reduction for settlement with tax authority | — | |||||||||||
Reduction for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2013 | $ | — | ||||||||||
Disclosures_about_Segments_Tab
Disclosures about Segments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||||||
2013 (THOUSANDS) | CLECO POWER | MIDSTREAM | OTHER | ELIMINATIONS | CONSOLIDATED | |||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 1,047,548 | $ | — | $ | — | $ | — | $ | 1,047,548 | ||||||||||
Tolling operations | — | 31,670 | — | (31,670 | ) | — | ||||||||||||||
Other operations | 48,909 | 2 | 2,091 | — | 51,002 | |||||||||||||||
Electric customer credits | (1,836 | ) | — | — | — | (1,836 | ) | |||||||||||||
Affiliate revenue | 1,338 | — | 55,145 | (56,483 | ) | — | ||||||||||||||
Operating revenue, net | $ | 1,095,959 | $ | 31,672 | $ | 57,236 | $ | (88,153 | ) | $ | 1,096,714 | |||||||||
Depreciation | $ | 135,717 | $ | 6,043 | $ | 1,100 | $ | — | $ | 142,860 | ||||||||||
Interest charges | $ | 82,677 | $ | (331 | ) | $ | 1,274 | $ | 634 | $ | 84,254 | |||||||||
Interest income | $ | 1,100 | $ | — | $ | (628 | ) | $ | 633 | $ | 1,105 | |||||||||
Federal and state income tax expense (benefit) | $ | 79,381 | $ | 7,110 | $ | (6,917 | ) | $ | 1 | $ | 79,575 | |||||||||
Net income | $ | 150,410 | $ | 4,372 | $ | 5,903 | $ | — | $ | 160,685 | ||||||||||
Additions to long-lived assets | $ | 184,684 | $ | 4,106 | $ | 3,086 | $ | — | $ | 191,876 | ||||||||||
Equity investment in investees | $ | 14,532 | $ | — | $ | 8 | $ | — | $ | 14,540 | ||||||||||
Total segment assets | $ | 3,943,712 | $ | 225,832 | $ | 88,234 | $ | (42,516 | ) | $ | 4,215,262 | |||||||||
2012 (THOUSANDS) | CLECO POWER | MIDSTREAM | OTHER | ELIMINATIONS | CONSOLIDATED | |||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 944,169 | $ | — | $ | — | $ | — | $ | 944,169 | ||||||||||
Tolling operations | — | 25,559 | — | (25,559 | ) | — | ||||||||||||||
Other operations | 48,156 | 3 | 1,998 | 1 | 50,158 | |||||||||||||||
Electric customer credits | (630 | ) | — | — | — | (630 | ) | |||||||||||||
Affiliate revenue | 1,372 | — | 52,063 | (53,435 | ) | — | ||||||||||||||
Operating revenue, net | $ | 993,067 | $ | 25,562 | $ | 54,061 | $ | (78,993 | ) | $ | 993,697 | |||||||||
Depreciation | $ | 125,486 | $ | 6,006 | $ | 916 | $ | (1 | ) | $ | 132,407 | |||||||||
Interest charges | $ | 80,502 | $ | 770 | $ | 2,269 | $ | 615 | $ | 84,156 | ||||||||||
Interest income | $ | 333 | $ | — | $ | (602 | ) | $ | 615 | $ | 346 | |||||||||
Federal and state income tax expense (benefit) | $ | 68,133 | $ | 6,404 | $ | (9,210 | ) | $ | — | $ | 65,327 | |||||||||
Net income | $ | 146,848 | $ | 9,155 | $ | 7,645 | $ | — | $ | 163,648 | ||||||||||
Additions to long-lived assets | $ | 222,104 | $ | 8,759 | $ | 1,861 | $ | — | $ | 232,724 | ||||||||||
Equity investment in investees | $ | 14,532 | $ | — | $ | 8 | $ | — | $ | 14,540 | ||||||||||
Total segment assets | $ | 3,871,729 | $ | 215,342 | $ | 201,678 | $ | (141,400 | ) | $ | 4,147,349 | |||||||||
2011 (THOUSANDS) | CLECO POWER | MIDSTREAM | OTHER | ELIMINATIONS | CONSOLIDATED | |||||||||||||||
Revenue | ||||||||||||||||||||
Electric operations | $ | 1,051,956 | $ | — | $ | — | $ | — | $ | 1,051,956 | ||||||||||
Tolling operations | — | 19,004 | — | — | 19,004 | |||||||||||||||
Other operations | 50,948 | 9 | 2,011 | (6 | ) | 52,962 | ||||||||||||||
Electric customer credits | (6,811 | ) | — | — | — | (6,811 | ) | |||||||||||||
Affiliate revenue | 1,389 | 45 | 53,068 | (54,300 | ) | 202 | ||||||||||||||
Operating revenue, net | $ | 1,097,482 | $ | 19,058 | $ | 55,079 | $ | (54,306 | ) | $ | 1,117,313 | |||||||||
Depreciation | $ | 115,634 | $ | 5,872 | $ | 1,072 | $ | — | $ | 122,578 | ||||||||||
Interest charges | $ | 97,090 | $ | (28,996 | ) | $ | 2,405 | $ | 159 | $ | 70,658 | |||||||||
Interest income | $ | 630 | $ | 25 | $ | 77 | $ | 159 | $ | 891 | ||||||||||
Equity income from investees, before tax | $ | — | $ | 62,053 | $ | (3 | ) | $ | — | $ | 62,050 | |||||||||
Federal and state income tax expense (benefit) | $ | 69,409 | $ | 44,637 | $ | (11,149 | ) | $ | — | $ | 102,897 | |||||||||
Net income (1) | $ | 142,835 | $ | 42,792 | $ | 10,221 | $ | — | $ | 195,848 | ||||||||||
Additions to long-lived assets | $ | 201,980 | $ | 8,437 | $ | 1,278 | $ | — | $ | 211,695 | ||||||||||
Equity investment in investees | $ | 14,532 | $ | — | $ | 8 | $ | — | $ | 14,540 | ||||||||||
Total segment assets | $ | 3,726,471 | $ | 233,891 | $ | 201,074 | $ | (111,234 | ) | $ | 4,050,202 | |||||||||
(1) Reconciliation of net income to consolidated profit: | Net income | $ | 195,848 | |||||||||||||||||
Unallocated items: | ||||||||||||||||||||
Preferred dividends requirements | 26 | |||||||||||||||||||
Preferred stock redemption costs | 112 | |||||||||||||||||||
Net income applicable to common stock | $ | 195,710 | ||||||||||||||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Variable Interest Entities [Abstract] | ' | |||||||||||
Equity Method Investments - Summarized Financial Information | ' | |||||||||||
The following tables contain summarized financial information for Cajun through the disposition of Acadia Unit 2. | ||||||||||||
(THOUSANDS) | AT DEC. 31, 2010 | |||||||||||
Current assets | $ | 7,133 | ||||||||||
Property, plant, and equipment, net | 203,793 | |||||||||||
Total assets | $ | 210,926 | ||||||||||
Current liabilities | $ | 1,950 | ||||||||||
Other liabilities | 9,429 | |||||||||||
Partners’ capital | 199,547 | |||||||||||
Total liabilities and partners’ capital | $ | 210,926 | ||||||||||
(THOUSANDS) | FOR THE YEAR ENDED DEC. 31, 2011 | |||||||||||
Operating revenue | $ | 5,227 | ||||||||||
Operating expenses | 5,914 | |||||||||||
Gain on sale of assets | 71,422 | |||||||||||
Other income | 929 | |||||||||||
Income before taxes | $ | 71,664 | ||||||||||
* The 2011 income statement includes only activity prior to the April 29, 2011, reconsolidation. | ||||||||||||
The following tables contain summarized financial information for Oxbow. | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||
Current assets | $ | 2,289 | $ | 1,814 | ||||||||
Property, plant, and equipment, net | 22,611 | 23,029 | ||||||||||
Other assets | 4,256 | 4,248 | ||||||||||
Total assets | $ | 29,156 | $ | 29,091 | ||||||||
Current liabilities | $ | 91 | $ | 26 | ||||||||
Partners’ capital | 29,065 | 29,065 | ||||||||||
Total liabilities and partners’ capital | $ | 29,156 | $ | 29,091 | ||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||
Operating revenue | $ | 2,558 | $ | 1,126 | $ | 1,781 | ||||||
Operating expenses | 2,558 | 1,126 | 1,781 | |||||||||
Income before taxes | $ | — | $ | — | $ | — | ||||||
Components of Equity Investments | ' | |||||||||||
The following table presents the equity income from each investment accounted for using the equity method. | ||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||
Cajun | $ | — | $ | — | $ | 62,053 | ||||||
Subsidiaries less than 100% owned by Diversified Lands | — | — | (3 | ) | ||||||||
Total equity income | $ | — | $ | — | $ | 62,050 | ||||||
The following table presents the components of Cleco Power’s equity investment in Oxbow. | ||||||||||||
AT DEC. 31, | ||||||||||||
INCEPTION TO DATE (THOUSANDS) | 2013 | 2012 | ||||||||||
Purchase price | $ | 12,873 | $ | 12,873 | ||||||||
Cash contributions | 1,659 | 1,659 | ||||||||||
Total equity investment in investee | $ | 14,532 | $ | 14,532 | ||||||||
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’s maximum exposure to loss related to its investment in Oxbow. | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||
Oxbow’s net assets/liabilities | $ | 29,065 | $ | 29,065 | ||||||||
Cleco Power’s 50% equity | $ | 14,532 | $ | 14,532 | ||||||||
Cleco’s maximum exposure to loss | $ | 14,532 | $ | 14,532 | ||||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Summary of Expected Operating Lease Payments | ' | |||||||||||
The following table is a summary of expected operating lease payments for Cleco and Cleco Power for the years indicated. | ||||||||||||
YEAR ENDING DEC. 31, | ||||||||||||
(THOUSANDS) | CLECO CORPORATION | CLECO | TOTAL | |||||||||
POWER | ||||||||||||
2014 | $ | 11 | $ | 10,560 | $ | 10,571 | ||||||
2015 | — | 10,713 | 10,713 | |||||||||
2016 | — | 10,784 | 10,784 | |||||||||
2017 | — | 8,789 | 8,789 | |||||||||
2018 | — | 3,009 | 3,009 | |||||||||
Thereafter | — | 9,669 | 9,669 | |||||||||
Total operating lease payments | $ | 11 | $ | 53,524 | $ | 53,535 | ||||||
Litigation_Other_Commitments_a1
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Recorded Unconditional Purchase Obligation [Line Items] | ' | |||||||||||||||||||
Off-Balance Sheet Commitments | ' | |||||||||||||||||||
The following table summarizes the expected amount of commitment termination per period of off-balance sheet commitments and on-balance sheet guarantees discussed above. | ||||||||||||||||||||
AT DEC. 31, 2013 | ||||||||||||||||||||
AMOUNT OF COMMITMENT EXPIRATION PER PERIOD | ||||||||||||||||||||
(THOUSANDS) | NET AMOUNT | LESS THAN | 1-3 YEARS | 3-5 YEARS | MORE THAN | |||||||||||||||
COMMITTED | ONE YEAR | 5 YEARS | ||||||||||||||||||
Off-balance sheet commitments | $ | 13,225 | $ | 3,725 | $ | 8,000 | $ | 1,000 | $ | 500 | ||||||||||
On-balance sheet guarantees | 4,906 | — | 900 | — | 4,006 | |||||||||||||||
Total | $ | 18,131 | $ | 3,725 | $ | 8,900 | $ | 1,000 | $ | 4,506 | ||||||||||
Cleco’s off-balance sheet commitments as of December 31, 2013, are summarized in the following table, and a discussion of the off-balance sheet commitments follows the table. The discussion should be read in conjunction with the table to understand the impact of the off-balance sheet commitments on Cleco’s financial condition. | ||||||||||||||||||||
AT DEC. 31, 2013 | ||||||||||||||||||||
(THOUSANDS) | FACE | REDUCTIONS | NET | |||||||||||||||||
AMOUNT | AMOUNT | |||||||||||||||||||
Cleco Corporation | ||||||||||||||||||||
Guarantee issued to Entergy Mississippi on behalf of Attala | $ | 500 | $ | — | $ | 500 | ||||||||||||||
Guarantee issued to Cleco Power on behalf of Evangeline | $ | 8,000 | $ | — | $ | 8,000 | ||||||||||||||
Cleco Power | ||||||||||||||||||||
Obligations under standby letter of credit issued to the Louisiana Department of Labor | 3,725 | — | 3,725 | |||||||||||||||||
Obligations under standby letter of credit issued to MISO | 1,000 | — | 1,000 | |||||||||||||||||
Total | $ | 13,225 | $ | — | $ | 13,225 | ||||||||||||||
Future Equity Contributions | ' | |||||||||||||||||||
The following table reflects remaining future equity contributions. | ||||||||||||||||||||
(THOUSANDS) | CONTRIBUTION | |||||||||||||||||||
2014 | $ | 47,434 | ||||||||||||||||||
2015 | 11,195 | |||||||||||||||||||
2016 | 3,698 | |||||||||||||||||||
2017 | 2,914 | |||||||||||||||||||
Total | $ | 65,241 | ||||||||||||||||||
Equity Investments with an Imputed Interest Rate | ' | |||||||||||||||||||
The following table contains the disclosures required by the authoritative guidelines for equity investments with an imputed interest rate. | ||||||||||||||||||||
(THOUSANDS) | ||||||||||||||||||||
Equity contributions, imputed interest rate 6% | ||||||||||||||||||||
Principal payment schedule above: | $ | 65,241 | ||||||||||||||||||
Less: unamortized discount | 3,930 | |||||||||||||||||||
Total | $ | 61,311 | ||||||||||||||||||
Capital Leases by Major Classes | ' | |||||||||||||||||||
The following is an analysis of the leased property under capital leases by major classes: | ||||||||||||||||||||
AT DEC. 31, | ||||||||||||||||||||
CLASSES OF PROPERTY (THOUSANDS) | 2013 | 2012 | ||||||||||||||||||
Barges | $ | 8,918 | $ | 11,350 | ||||||||||||||||
Less: accumulated amortization | 2,171 | — | ||||||||||||||||||
Net capital leases | $ | 6,747 | $ | 11,350 | ||||||||||||||||
Future Minimum Capital Lease Payments | ' | |||||||||||||||||||
The following is a schedule by years of future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of December 31, 2013. | ||||||||||||||||||||
(THOUSANDS) | ||||||||||||||||||||
Years ending December 31, | ||||||||||||||||||||
2014 | $ | 3,725 | ||||||||||||||||||
2015 | 3,725 | |||||||||||||||||||
2016 | 3,735 | |||||||||||||||||||
2017 | 2,480 | |||||||||||||||||||
Total minimum lease payments | $ | 13,665 | ||||||||||||||||||
Less: executory costs | 3,416 | |||||||||||||||||||
Net minimum lease payments | $ | 10,249 | ||||||||||||||||||
Less: amount representing interest | 1,070 | |||||||||||||||||||
Present value of net minimum lease payments | $ | 9,179 | ||||||||||||||||||
Current liabilities | $ | 2,305 | ||||||||||||||||||
Non-current liabilities | $ | 6,874 | ||||||||||||||||||
Cleco Power [Member] | ' | |||||||||||||||||||
Recorded Unconditional Purchase Obligation [Line Items] | ' | |||||||||||||||||||
Long-Term Purchase Obligations | ' | |||||||||||||||||||
The aggregate amount of payments required under such obligations at December 31, 2013, is as follows. | ||||||||||||||||||||
YEAR ENDING DEC. 31, | (THOUSANDS) | |||||||||||||||||||
2014 | $ | 77,089 | ||||||||||||||||||
2015 | 14,980 | |||||||||||||||||||
2016 | 15,606 | |||||||||||||||||||
2017 | 17,262 | |||||||||||||||||||
2018 | 15,424 | |||||||||||||||||||
Total long-term purchase obligations | $ | 140,361 | ||||||||||||||||||
Affiliate_Transactions_Tables
Affiliate Transactions (Tables) (Cleco Power [Member]) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Cleco Power [Member] | ' | |||||||||||||||
Related Party 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) | 2013 | 2012 | 2011 | |||||||||||||
Affiliate revenue | ||||||||||||||||
Support Group | $ | 1,318 | $ | 1,335 | $ | 1,349 | ||||||||||
Midstream | — | 14 | 14 | |||||||||||||
Evangeline | 20 | 23 | 26 | |||||||||||||
Total affiliate revenue | $ | 1,338 | $ | 1,372 | $ | 1,389 | ||||||||||
Other income | ||||||||||||||||
Cleco Corporation | $ | 26 | $ | — | $ | 10 | ||||||||||
Evangeline | 68 | 11 | 12 | |||||||||||||
Diversified Lands | 45 | 17 | 124 | |||||||||||||
Perryville | 10 | 6 | 4 | |||||||||||||
Attala | 8 | 6 | 5 | |||||||||||||
Total other income | $ | 157 | $ | 40 | $ | 155 | ||||||||||
Total | $ | 1,495 | $ | 1,412 | $ | 1,544 | ||||||||||
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) | 2013 | 2012 | 2011 | |||||||||||||
Support Group | ||||||||||||||||
Other operations | $ | 48,694 | $ | 43,171 | $ | 43,124 | ||||||||||
Maintenance | $ | 1,263 | $ | 1,437 | $ | 1,625 | ||||||||||
Taxes other than income taxes | $ | (6 | ) | $ | (54 | ) | $ | (1 | ) | |||||||
Other expenses | $ | 306 | $ | 932 | $ | 1,244 | ||||||||||
Evangeline | ||||||||||||||||
Purchased power expense | $ | 31,670 | $ | 25,559 | $ | — | ||||||||||
Other expenses | $ | 42 | $ | — | $ | 4 | ||||||||||
Diversified Lands | ||||||||||||||||
Other expenses | $ | 3 | $ | — | $ | 82 | ||||||||||
Cleco Power had the following affiliate receivable and payable balances associated with the service agreements. | ||||||||||||||||
AT DEC. 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(THOUSANDS) | ACCOUNTS | ACCOUNTS | ACCOUNTS | ACCOUNTS | ||||||||||||
RECEIVABLE | PAYABLE | RECEIVABLE | PAYABLE | |||||||||||||
Cleco Corporation | $ | 379 | $ | 389 | $ | 139 | $ | 1,140 | ||||||||
Support Group | 634 | 5,972 | 2,777 | 7,528 | ||||||||||||
Midstream | 27 | 1 | 27 | 5 | ||||||||||||
Evangeline | 4 | 2,024 | 6 | 1,401 | ||||||||||||
Diversified Lands | 1 | — | 42 | 23 | ||||||||||||
Total | $ | 1,045 | $ | 8,386 | $ | 2,991 | $ | 10,097 | ||||||||
The following table shows the amounts transferred by affiliates during 2013 and 2012. | ||||||||||||||||
FOR THE YEAR ENDED DEC. 31, | ||||||||||||||||
(THOUSANDS) | 2013 | 2012 | ||||||||||||||
Support Group | $ | 2,193 | $ | 1,881 | ||||||||||||
Midstream | 288 | 280 | ||||||||||||||
Total | $ | 2,481 | $ | 2,161 | ||||||||||||
Intangible_Asset_Tables
Intangible Asset (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Intangible Asset, Net | ' | |||||||
The following table summarizes the intangible asset balance as of December 31, 2013 and 2012. | ||||||||
AT DEC. 31, | ||||||||
(THOUSANDS) | 2013 | 2012 | ||||||
Gross carrying amount | $ | 177,537 | $ | 177,537 | ||||
Accumulated amortization | 71,530 | 56,992 | ||||||
Intangible asset | $ | 106,007 | $ | 120,545 | ||||
Expected Amortization Expense | ' | |||||||
The following table summarizes the amortization expense expected to be recognized during each year through 2018 and thereafter. | ||||||||
(THOUSANDS) | ||||||||
Expected amortization expense | ||||||||
2014 | $ | 14,931 | ||||||
2015 | 15,876 | |||||||
2016 | 16,864 | |||||||
2017 | 18,009 | |||||||
2018 | 19,312 | |||||||
Thereafter | $ | 21,015 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accumulated Other Comprehensive Loss [Line Items] | ' | |||||||||||
Components of Accumulated Other Comprehensive Loss | ' | |||||||||||
All amounts are reported net of income taxes and amounts in parentheses indicate debits. | ||||||||||||
Cleco | ||||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET (LOSS) GAIN | NET GAIN (LOSS) ON CASH FLOW HEDGES | TOTAL ACCUMULATED | |||||||||
OTHER COMPREHENSIVE (LOSS) GAIN | ||||||||||||
Balances, Dec. 31, 2010 | $ | (17,668 | ) | $ | 6,030 | $ | (11,638 | ) | ||||
Other comprehensive loss before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | (1,721 | ) | — | (1,721 | ) | |||||||
Net derivative loss | — | (15,788 | ) | (15,788 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||
Amortization of postretirement benefit net loss | 1,213 | — | 1,213 | |||||||||
Reclassification of net gain to interest charges | — | (205 | ) | (205 | ) | |||||||
Net current-period other comprehensive loss | (508 | ) | (15,993 | ) | (16,501 | ) | ||||||
Balances, Dec. 31, 2011 | $ | (18,176 | ) | $ | (9,963 | ) | $ | (28,139 | ) | |||
Other comprehensive (loss) income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | (8,682 | ) | — | (8,682 | ) | |||||||
Net derivative gain | — | 433 | 433 | |||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||
Amortization of postretirement benefit net loss | 2,117 | — | 2,117 | |||||||||
Reclassification of net loss to interest charges | — | 37 | 37 | |||||||||
Reclassification of ineffectiveness to regulatory asset | — | 1,864 | 1,864 | |||||||||
Net current-period other comprehensive (loss) income | (6,565 | ) | 2,334 | (4,231 | ) | |||||||
Balances, Dec. 31, 2012 | $ | (24,741 | ) | $ | (7,629 | ) | $ | (32,370 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | 2,857 | — | 2,857 | |||||||||
Net derivative gain | — | 1,355 | 1,355 | |||||||||
Amounts reclassified from accumulated other comprehensive income: | ||||||||||||
Amortization of postretirement benefit net loss | 2,159 | — | 2,159 | |||||||||
Reclassification of net loss to interest charges | — | 154 | 154 | |||||||||
Reclassification of ineffectiveness to regulatory asset | — | (31 | ) | (31 | ) | |||||||
Net current-period other comprehensive income | 5,016 | 1,478 | 6,494 | |||||||||
Balances, Dec. 31, 2013 | $ | (19,725 | ) | $ | (6,151 | ) | $ | (25,876 | ) | |||
Cleco Power [Member] | ' | |||||||||||
Accumulated Other Comprehensive Loss [Line Items] | ' | |||||||||||
Components of Accumulated Other Comprehensive Loss | ' | |||||||||||
Cleco Power | ||||||||||||
(THOUSANDS) | POSTRETIREMENT BENEFIT NET (LOSS) GAIN | NET GAIN (LOSS) ON CASH FLOW HEDGES | TOTAL ACCUMULATED | |||||||||
OTHER COMPREHENSIVE (LOSS) GAIN | ||||||||||||
Balances, Dec. 31, 2010 | $ | (10,764 | ) | $ | 6,030 | $ | (4,734 | ) | ||||
Other comprehensive loss before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | (595 | ) | — | (595 | ) | |||||||
Net derivative loss | — | (15,788 | ) | (15,788 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||
Amortization of postretirement benefit net loss | 692 | — | 692 | |||||||||
Reclassification of net gain to interest charges | — | (205 | ) | (205 | ) | |||||||
Net current-period other comprehensive loss | 97 | (15,993 | ) | (15,896 | ) | |||||||
Balances, Dec. 31, 2011 | $ | (10,667 | ) | $ | (9,963 | ) | $ | (20,630 | ) | |||
Other comprehensive (loss) income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | (3,285 | ) | — | (3,285 | ) | |||||||
Net derivative gain | — | 433 | 433 | |||||||||
Amounts reclassified from accumulated other comprehensive loss: | ||||||||||||
Amortization of postretirement benefit net loss | 1,160 | — | 1,160 | |||||||||
Reclassification of net loss to interest charges | — | 37 | 37 | |||||||||
Reclassification of ineffectiveness to regulatory asset | — | 1,864 | 1,864 | |||||||||
Net current-period other comprehensive (loss) income | (2,125 | ) | 2,334 | 209 | ||||||||
Balances, Dec. 31, 2012 | $ | (12,792 | ) | $ | (7,629 | ) | $ | (20,421 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||
Postretirement benefit adjustments incurred during the year | 2,796 | — | 2,796 | |||||||||
Net derivative gain | — | 1,355 | 1,355 | |||||||||
Amounts reclassified from accumulated other comprehensive income: | ||||||||||||
Amortization of postretirement benefit net loss | 970 | — | 970 | |||||||||
Reclassification of net loss to interest charges | — | 154 | 154 | |||||||||
Reclassification of ineffectiveness to regulatory asset | — | (31 | ) | (31 | ) | |||||||
Net current-period other comprehensive income | 3,766 | 1,478 | 5,244 | |||||||||
Balances, Dec. 31, 2013 | $ | (9,026 | ) | $ | (6,151 | ) | $ | (15,177 | ) |
Miscellaneous_Financial_Inform1
Miscellaneous Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Information [Line Items] | ' | |||||||||||||||
Quarterly Financial Information | ' | |||||||||||||||
Quarterly information for Cleco for 2013 and 2012 is shown in the following tables. | ||||||||||||||||
2013 | ||||||||||||||||
(THOUSANDS, EXCEPT PER SHARE AMOUNTS) | 1ST | 2ND | 3RD | 4TH | ||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||||
Operating revenue, net | $ | 240,947 | $ | 263,894 | $ | 328,763 | $ | 263,109 | ||||||||
Operating income | $ | 58,467 | $ | 74,754 | $ | 116,794 | $ | 58,314 | ||||||||
Net income applicable to common stock | $ | 27,133 | $ | 42,032 | $ | 66,407 | $ | 25,112 | ||||||||
Basic net income per average share | $ | 0.45 | $ | 0.7 | $ | 1.1 | $ | 0.42 | ||||||||
Diluted net income per average common share | $ | 0.45 | $ | 0.69 | $ | 1.09 | $ | 0.41 | ||||||||
Dividends paid per common share | $ | 0.3375 | $ | 0.3625 | $ | 0.3625 | $ | 0.3625 | ||||||||
Market sales price per share | ||||||||||||||||
High | $ | 47.17 | $ | 49.52 | $ | 50.42 | $ | 47.79 | ||||||||
Low | $ | 40.39 | $ | 43.75 | $ | 43.76 | $ | 43.69 | ||||||||
2012 | ||||||||||||||||
(THOUSANDS, EXCEPT PER SHARE AMOUNTS) | 1ST | 2ND | 3RD | 4TH | ||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||||
Operating revenue, net | $ | 222,773 | $ | 240,123 | $ | 297,372 | $ | 233,431 | ||||||||
Operating income | $ | 54,294 | $ | 74,243 | $ | 103,347 | $ | 49,766 | ||||||||
Net income applicable to common stock | $ | 30,031 | $ | 46,686 | $ | 63,818 | $ | 23,112 | ||||||||
Basic net income per average share | $ | 0.5 | $ | 0.77 | $ | 1.06 | $ | 0.38 | ||||||||
Diluted net income per average common share | $ | 0.5 | $ | 0.77 | $ | 1.05 | $ | 0.38 | ||||||||
Dividends paid per common share | $ | 0.3125 | $ | 0.3125 | $ | 0.3375 | $ | 0.3375 | ||||||||
Market sales price per share | ||||||||||||||||
High | $ | 40.1 | $ | 42.45 | $ | 45.3 | $ | 43.75 | ||||||||
Low | $ | 36.15 | $ | 38.16 | $ | 40.09 | $ | 38.46 | ||||||||
Cleco Power [Member] | ' | |||||||||||||||
Quarterly Information [Line Items] | ' | |||||||||||||||
Quarterly Financial Information | ' | |||||||||||||||
Quarterly information for Cleco Power for 2013 and 2012 is shown in the following tables. | ||||||||||||||||
2013 | ||||||||||||||||
(THOUSANDS) | 1ST | 2ND | 3RD | 4TH | ||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||||
Operating revenue, net | $ | 240,778 | $ | 263,725 | $ | 328,556 | $ | 262,900 | ||||||||
Operating income | $ | 61,765 | $ | 72,579 | $ | 111,663 | $ | 60,678 | ||||||||
Net income | $ | 27,793 | $ | 34,464 | $ | 61,885 | $ | 26,268 | ||||||||
Distribution to Cleco Corporation (as sole member) | $ | — | $ | 25,000 | $ | 50,000 | $ | 30,000 | ||||||||
2012 | ||||||||||||||||
(THOUSANDS) | 1ST | 2ND | 3RD | 4TH | ||||||||||||
QUARTER | QUARTER | QUARTER | QUARTER | |||||||||||||
Operating revenue, net | $ | 222,620 | $ | 239,967 | $ | 297,212 | $ | 233,269 | ||||||||
Operating income | $ | 58,306 | $ | 76,792 | $ | 97,510 | $ | 54,584 | ||||||||
Net income | $ | 26,805 | $ | 37,284 | $ | 57,783 | $ | 24,975 | ||||||||
Distribution to Cleco Corporation (as sole member) | $ | 30,000 | $ | 10,000 | $ | 18,000 | $ | — | ||||||||
Schedule_I_Financial_Statement1
Schedule I Financial Statements of Cleco Corporation (Tables) (CLECO CORPORATION (Parent Company Only) [Member]) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
CLECO CORPORATION (Parent Company Only) [Member] | ' | |||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||
Schedule of Related Party Transactions | ' | |||||||||||
The following table summarizes the cash distributions Cleco Corporation received from affiliates during 2013, 2012, and 2011. | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2013 | 2012 | 2011 | |||||||||
Cleco Power | $ | 105,000 | $ | 58,000 | $ | 130,000 | ||||||
Midstream | — | — | 159,819 | |||||||||
Diversified Lands | — | 2,900 | — | |||||||||
Perryville | 700 | 1,500 | 700 | |||||||||
Attala | 400 | 1,300 | 700 | |||||||||
Total | $ | 106,100 | $ | 63,700 | $ | 291,219 | ||||||
Cleco Corporation made no contributions to affiliates during 2013. The following table summarizes the contributions Cleco Corporation made to affiliates during 2012 and 2011. | ||||||||||||
AT DEC. 31, | ||||||||||||
(THOUSANDS) | 2012 | 2011 | ||||||||||
Midstream | $ | 16,191 | $ | 35,500 | ||||||||
Perryville | — | 1,845 | ||||||||||
Cleco Innovations | — | 3,000 | ||||||||||
Total | $ | 16,191 | $ | 40,345 | ||||||||
The_Company_Details
The Company (Details) | Dec. 31, 2013 |
entity | |
Schedule of Equity Method Investments [Line Items] | ' |
Number of transmission interconnection facility subsidiaries | 2 |
Cleco Power [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Number of generation units owned | 9 |
Nameplate capacity (MW) | 2,565 |
Approximate number of customers served | 284,000 |
Cleco Power [Member] | Oxbow [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Ownership interest received (in hundredths) | 50.00% |
Evangeline [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Number of generation units owned | 2 |
Nameplate capacity (MW) | 775 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies, Reclassifications (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Depreciation | $142,860 | $132,407 | $122,578 |
Reclassifications [Abstract] | ' | ' | ' |
Accounts receivable | -26,357 | -11,543 | -19,146 |
Other deferred accounts | -5,547 | -15,695 | 4,305 |
Net cash provided by operating activities | 341,690 | 263,105 | 310,061 |
Additions to property, plant, and equipment | -188,614 | -245,033 | -202,405 |
Net cash used in investing activities | -236,216 | -229,164 | -103,716 |
Net decrease in cash and cash equivalents | -2,364 | -62,556 | -97,552 |
Cash and cash equivalents at beginning of period | 31,020 | 93,576 | 191,128 |
Cash and cash equivalents at end of period | 28,656 | 31,020 | 93,576 |
Cash Flows Related To Contributions Received In Aid Of Construction Adjustment [Member] | ' | ' | ' |
Reclassifications [Abstract] | ' | ' | ' |
Accounts receivable | ' | ' | -19,146 |
Other deferred accounts | ' | ' | 4,305 |
Net cash provided by operating activities | ' | ' | 310,061 |
Additions to property, plant, and equipment | ' | ' | -202,405 |
Net cash used in investing activities | ' | ' | -103,716 |
Net decrease in cash and cash equivalents | ' | ' | -97,552 |
Cash and cash equivalents at beginning of period | ' | ' | 191,128 |
Cash and cash equivalents at end of period | ' | ' | 93,576 |
Cash Flows Related To Contributions Received In Aid Of Construction Adjustment [Member] | As Reported [Member] | ' | ' | ' |
Reclassifications [Abstract] | ' | ' | ' |
Accounts receivable | ' | ' | -15,798 |
Other deferred accounts | ' | ' | -1,084 |
Net cash provided by operating activities | ' | ' | 308,020 |
Additions to property, plant, and equipment | ' | ' | -200,364 |
Net cash used in investing activities | ' | ' | -101,675 |
Net decrease in cash and cash equivalents | ' | ' | -97,552 |
Cash and cash equivalents at beginning of period | ' | ' | 191,128 |
Cash and cash equivalents at end of period | ' | ' | 93,576 |
Cleco Power [Member] | ' | ' | ' |
Depreciation | 135,717 | 125,486 | 115,634 |
Reclassifications [Abstract] | ' | ' | ' |
Accounts receivable | -26,491 | -12,290 | -18,206 |
Other deferred accounts | -8,212 | -19,989 | -2,399 |
Net cash provided by operating activities | 279,404 | 244,100 | 251,758 |
Additions to property, plant, and equipment | -181,154 | -238,943 | -184,615 |
Net cash used in investing activities | -175,818 | -203,557 | -172,234 |
Net decrease in cash and cash equivalents | -2,313 | -44,090 | -117,454 |
Cash and cash equivalents at beginning of period | 23,368 | 67,458 | 184,912 |
Cash and cash equivalents at end of period | 21,055 | 23,368 | 67,458 |
Cleco Power [Member] | Cash Flows Related To Contributions Received In Aid Of Construction Adjustment [Member] | ' | ' | ' |
Reclassifications [Abstract] | ' | ' | ' |
Accounts receivable | ' | ' | -18,206 |
Other deferred accounts | ' | ' | -2,399 |
Net cash provided by operating activities | ' | ' | 251,758 |
Additions to property, plant, and equipment | ' | ' | -184,615 |
Net cash used in investing activities | ' | ' | -172,234 |
Net decrease in cash and cash equivalents | ' | ' | -117,454 |
Cash and cash equivalents at beginning of period | ' | ' | 184,912 |
Cash and cash equivalents at end of period | ' | ' | 67,458 |
Cleco Power [Member] | Cash Flows Related To Contributions Received In Aid Of Construction Adjustment [Member] | As Reported [Member] | ' | ' | ' |
Reclassifications [Abstract] | ' | ' | ' |
Accounts receivable | ' | ' | -14,858 |
Other deferred accounts | ' | ' | -7,788 |
Net cash provided by operating activities | ' | ' | 249,717 |
Additions to property, plant, and equipment | ' | ' | -182,574 |
Net cash used in investing activities | ' | ' | -170,193 |
Net decrease in cash and cash equivalents | ' | ' | -117,454 |
Cash and cash equivalents at beginning of period | ' | ' | 184,912 |
Cash and cash equivalents at end of period | ' | ' | 67,458 |
ReclassificationOfPlantAcquisitionAdjustmentAmortization [Member] | ' | ' | ' |
Depreciation | ' | ' | $2,800 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies, Property, Plant, and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant, and Equipment [Abstract] | ' | ' | ' |
Capitalized Computer Software Costs, Gross | $6,500,000 | $5,300,000 | ' |
Capitalized Computer Software Costs, Amortization | 1,400,000 | 1,200,000 | 1,500,000 |
Property, plant, and equipment, net [Abstract] | ' | ' | ' |
Regulated utility plants | 4,052,774,000 | 3,871,940,000 | ' |
Public Utilities, Property, Plant and Equipment, Other Property, Plant and Equipment | 273,748,000 | 268,254,000 | ' |
Property, plant and equipment | 4,326,522,000 | 4,140,194,000 | ' |
Accumulated depreciation | -1,351,223,000 | -1,311,273,000 | ' |
Net property, plant, and equipment | 2,975,299,000 | 2,828,921,000 | ' |
Minimum [Member] | ' | ' | ' |
Useful lives of property, plant and equipment [Abstract] | ' | ' | ' |
Utility plant (in years) | '5 years | ' | ' |
Other (in years) | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Useful lives of property, plant and equipment [Abstract] | ' | ' | ' |
Utility plant (in years) | '58 years | ' | ' |
Other (in years) | '44 years | ' | ' |
Cleco Power [Member] | ' | ' | ' |
Property, Plant, and Equipment [Abstract] | ' | ' | ' |
Annual depreciation provisions expressed as a percentage of average depreciable property (in hundredths) | 2.70% | 2.68% | 2.80% |
Property, plant, and equipment, net [Abstract] | ' | ' | ' |
Property, plant and equipment | 4,052,774,000 | 3,871,940,000 | ' |
Accumulated depreciation | -1,260,843,000 | -1,227,078,000 | ' |
Net property, plant, and equipment | $2,791,931,000 | $2,644,862,000 | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies, Property, Plant, and Equipment, Plant Acquisition Adjustments (Details) (Cleco Power [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Acadia Unit 1 and Facilities Acquisition [Member] | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Plant acquisition adjustment | $95,578 | $95,578 |
Less: accumulated amortization | 12,201 | 9,018 |
Net plant acquisition adjustment | 83,377 | 86,560 |
Teche Unit 4 Acquisition [Member] | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Plant acquisition adjustment | 5,359 | 5,359 |
Less: accumulated amortization | 4,234 | 3,979 |
Net plant acquisition adjustment | $1,125 | $1,380 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies, Deferred Project Costs (Details) (Cleco Power [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Cleco Power [Member] | ' | ' |
Deferred Project Costs [Line Items] | ' | ' |
Resource planning projects | $0.40 | $1.20 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies Summary of Significant Accounting Policies, Accounts Receivable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Accounts Receivable [Member] | |||
Accounting Policies [Abstract] | ' | ' | ' |
Allowance for Doubtful Accounts Receivable | $800,000 | $1,100,000 | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | ' | ' | $0 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies Summary of Significant Accounting Policies, Financing Receivables (Details) (Finance Leases Financing Receivable [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Finance Leases Financing Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Financing Receivable, Net | $13.50 | $13.50 |
Financing Receivable, Recorded Investment, Past Due | $0 | $0 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies Summary of Significant Accounting Policies, Reserves (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' |
Percentage of general liability and workers compensation reserves to total liabilities (in hundredths) | 0.30% | 0.20% |
Recovered_Sheet1
Summary of Significant Accounting Policies, Restricted Cash and Cash Equivalents (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |
Mar. 01, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Cash [Abstract] | ' | ' | ' | ' |
Restricted cash and cash equivalents | ' | ' | $14,019,000 | $14,221,000 |
Diversified Lands Mitigation Escrow Agreement [Member] | ' | ' | ' | ' |
Restricted Cash [Abstract] | ' | ' | ' | ' |
Restricted cash and cash equivalents | ' | ' | 21,000 | 97,000 |
Katrina/Rita storm recovery bonds [Member] | ' | ' | ' | ' |
Restricted Cash [Abstract] | ' | ' | ' | ' |
Restricted cash and cash equivalents | ' | ' | 8,986,000 | 8,781,000 |
Katrina/Rita collections net of administration fees | ' | ' | 20,600,000 | ' |
Katrina/Rita bond principal payments | 7,100,000 | 6,800,000 | ' | ' |
Katrina/Rita bond interest payments | 3,300,000 | 3,100,000 | ' | ' |
Future Storm Restoration Costs [Member] | ' | ' | ' | ' |
Restricted Cash [Abstract] | ' | ' | ' | ' |
Restricted cash and cash equivalents | ' | ' | 4,726,000 | 5,343,000 |
Building Renovations Escrow [Member] | ' | ' | ' | ' |
Restricted Cash [Abstract] | ' | ' | ' | ' |
Restricted cash and cash equivalents | ' | ' | $286,000 | $0 |
Recovered_Sheet2
Summary of Significant Accounting Policies, Equity Investments (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 29, 2011 | Apr. 29, 2011 | |
APH [Member] | APH [Member] | ||||
Acadia Power Partners [Member] | Cajun [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $0 | $0 | $0 | ' | ' |
Ownership interest (in hundredths) | ' | ' | ' | 100.00% | ' |
Ownership interest exchanged (in hundredths) | ' | ' | ' | ' | 50.00% |
Recovered_Sheet3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies, AFUDC (Details) (Cleco Power [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cleco Power [Member] | ' | ' | ' |
Public Utilities, General Disclosures [Line Items] | ' | ' | ' |
Composite AFUDC rate, pre-tax | 11.60% | 12.10% | 12.00% |
Composite AFUDC rate, net of tax | 7.20% | 7.50% | 7.50% |
Recovered_Sheet4
Summary of Significant Accounting Policies Summary of Significant Accounting Policies, Risk Management (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | MMBTU | MMBTU |
Cleco Power [Member] | Natural Gas Derivative [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Open natural gas positions | 0 | 0 |
Energy risk management asset [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
FTRs in Energy risk management asset | 9,020 | 0 |
Energy risk management liabilities [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
FTRs in Energy risk management liability | 382 | 0 |
Recovered_Sheet5
Summary of Significant Accounting Policies, Earnings Per Average Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | $160,685 | $163,648 | $195,848 |
Deduct: non-participating stock dividends (4.5% preferred stock) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 26 |
Deduct: non-participating stock redemption costs (4.5% preferred stock) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 112 |
Net income applicable to common stock | 25,112 | 66,407 | 42,032 | 27,133 | 23,112 | 63,818 | 46,686 | 30,031 | 160,685 | 163,648 | 195,710 |
Diluted net income applicable to common stock | ' | ' | ' | ' | ' | ' | ' | ' | $160,685 | $163,648 | $195,710 |
SHARES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average number of basic common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 60,434,510 | 60,370,588 | 60,488,740 |
Effect of dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Add: stock option grants (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4,154 | 20,647 |
Add: restricted stock (LTICP) (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 285,580 | 253,387 | 324,177 |
Average number of diluted common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 60,720,090 | 60,628,129 | 60,833,564 |
PER SHARE AMOUNT | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income applicable to common stock (in dollars per share) | $0.42 | $1.10 | $0.70 | $0.45 | $0.38 | $1.06 | $0.77 | $0.50 | $2.66 | $2.71 | $3.24 |
Diluted net income per average common share (in dollars per share) | $0.41 | $1.09 | $0.69 | $0.45 | $0.38 | $1.05 | $0.77 | $0.50 | $2.65 | $2.70 | $3.22 |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities, Summary of Regulatory Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 21, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Cleco Power [Member] | Cleco Power [Member] | Deferred fuel and purchased power [Member] | Total regulatory assets - other [Member] | Total regulatory assets - other [Member] | Biomass costs [Member] | Biomass costs [Member] | Deferred Financing costs [Member] | Deferred Financing costs [Member] | Deferred AMI pilot costs [Member] | Deferred AMI pilot costs [Member] | Deferred IRP/ RFP costs [Member] | Deferred IRP/ RFP costs [Member] | Deferred Acadia Unit 1 acquisition costs [Member] | Deferred Acadia Unit 1 acquisition costs [Member] | Deferred rate case costs [Member] | Deferred rate case costs [Member] | AFUDC equity gross-up [Member] | AFUDC equity gross-up [Member] | AMI Deferred Revenue Requirement [Member] | AMI Deferred Revenue Requirement [Member] | Production O&M Expenses [Member] | Production O&M Expenses [Member] | Production O&M Expenses [Member] | PowerPurchaseAgreementCapacityCosts [Member] | PowerPurchaseAgreementCapacityCosts [Member] | Amended lignite mining agreement contingency [Member] | Amended lignite mining agreement contingency [Member] | Deferred construction carrying costs - asset [Member] | Deferred construction carrying costs - asset [Member] | Deferred surcredits, net [Member] | Deferred surcredits, net [Member] | Deferred training costs [Member] | Deferred training costs [Member] | Deferred tree trimming costs [Member] | Deferred tree trimming costs [Member] | Pension Costs [Member] | Pension Costs [Member] | Asset Retirement Obligation Costs [Member] | Asset Retirement Obligation Costs [Member] | Deferred interest costs [Member] | Deferred interest costs [Member] | Deferred mining costs [Member] | Deferred mining costs [Member] | Deferred Income Tax Charge [Member] | Deferred Income Tax Charge [Member] | AFUDC [Member] | AFUDC [Member] | Total state regulatory asset - income taxes [Member] | Total state regulatory asset - income taxes [Member] | Total federal regulatory asset - income taxes [Member] | Total federal regulatory asset - income taxes [Member] | Total investment tax credit [Member] | Total investment tax credit [Member] | Deferred construction carrying costs - liability [Member] | Deferred construction carrying costs - liability [Member] | Deferred construction carrying costs - liability [Member] | Deferred fuel and purchased power [Member] | ||
Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | |||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of jurisdictional portion of construction carrying costs authorized to be collected from customers (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' |
Regulatory assets | ' | ' | ' | ' | $7,833 | $255,652 | $300,665 | $114 | $145 | $9,772 | $7,282 | $0 | $22 | $0 | $39 | $2,760 | $2,865 | $45 | $581 | $73,306 | $74,158 | $4,682 | $1,483 | $8,459 | $0 | $25,600 | $9,749 | $6,217 | $3,781 | $3,781 | $0 | $4,697 | $16,738 | $6,211 | $7,175 | $7,330 | $4,840 | $5,656 | $93,333 | $156,458 | $936 | $867 | $5,943 | $6,304 | $14,019 | $16,569 | ' | ' | $130,488 | $132,267 | $89,050 | $57,480 | $12,528 | $24,222 | ' | ' | ' | ' | ' | ' |
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | '0 years | ' | '0 years | ' | '26 years | ' | '0 years | ' | ' | ' | '14 years | ' | ' | ' | ' | '1 year 6 months | ' | ' | ' | '0 years | ' | '9 years | ' | '46 years | ' | '5 years | ' | ' | ' | ' | ' | '26 years | ' | '5 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '0 years | ' | ' |
Regulatory liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,893 | -3,524 | ' | 0 | -8,255 | -3,869 |
Total regulatory assets-other | ' | ' | 480,956 | 510,688 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory assets and liabilities - deferred taxes, net | $229,173 | $210,445 | $229,173 | $210,445 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $229,173 | $210,445 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory_Assets_and_Liabilit3
Regulatory Assets and Liabilities, Additional Disclosures (Details) (USD $) | Dec. 31, 2013 | 7-May-13 | Apr. 30, 2015 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 21, 2009 | Sep. 21, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 28, 2011 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 29, 2013 | Dec. 31, 2012 | Jan. 31, 2008 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2006 | Dec. 31, 2013 | Dec. 31, 2012 |
Cleco Power [Member] | Evangeline Power Purchase Agreement [Member] | Evangeline Power Purchase Agreement [Member] | Production O&M Expenses [Member] | Production O&M Expenses [Member] | Production O&M Expenses [Member] | Production O&M Expenses [Member] | Deferred training costs [Member] | Deferred training costs [Member] | Deferred mining costs [Member] | Deferred mining costs [Member] | Deferred mining costs [Member] | Deferred rate case costs [Member] | Deferred rate case costs [Member] | Amended lignite mining agreement contingency [Member] | Amended lignite mining agreement contingency [Member] | Amended lignite mining agreement contingency [Member] | Amended lignite mining agreement contingency [Member] | AMI Deferred Revenue Requirement [Member] | AMI Deferred Revenue Requirement [Member] | AMI Deferred Revenue Requirement [Member] | AMI Deferred Revenue Requirement [Member] | Deferred surcredits, net [Member] | Deferred surcredits, net [Member] | Deferred surcredits, net [Member] | Deferred fuel and purchased power [Member] | Deferred fuel and purchased power [Member] | Biomass costs [Member] | Biomass costs [Member] | Deferred tree trimming costs [Member] | Deferred tree trimming costs [Member] | Deferred tree trimming costs [Member] | Deferred tree trimming costs [Member] | Deferred Financing costs [Member] | Deferred Financing costs [Member] | Deferred Financing costs [Member] | Asset Retirement Obligation Costs [Member] | Asset Retirement Obligation Costs [Member] | Asset Retirement Obligation Costs [Member] | Asset Retirement Obligation Costs [Member] | Asset Retirement Obligation Costs [Member] | Asset Retirement Obligation Costs [Member] | Acadia Unit 1 Transaction [Member] | FTRs [Member] | Deferred construction carrying costs - liability [Member] | Deferred construction carrying costs - liability [Member] | Deferred construction carrying costs - liability [Member] | ||
Evangeline [Member] | Evangeline [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Maximum [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Maximum [Member] | Maximum [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Deferred fuel and purchased power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | |||
Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | area | Cleco Power [Member] | Cleco Power [Member] | Removal of asbestos [Member] | Removal of asbestos [Member] | Solid waste facility closure costs [Member] | Solid waste facility closure costs [Member] | Cleco Power [Member] | ||||||||||||||||||||||||||||||||||||||
MW | T | |||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets and Liabilities, Net [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory Assets | ' | ' | ' | ' | $8,459,000 | $0 | $25,600,000 | $25,600,000 | $7,175,000 | $7,330,000 | ' | $14,019,000 | $16,569,000 | $45,000 | $581,000 | ' | $3,781,000 | $3,781,000 | ' | $4,682,000 | $1,483,000 | ' | $20,000,000 | ' | $16,738,000 | $6,211,000 | ' | $7,833,000 | $114,000 | $145,000 | $4,840,000 | ' | $5,656,000 | ' | $9,772,000 | ' | $7,282,000 | $936,000 | $867,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 8,255,000 |
Deferred Mining Costs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory Noncurrent Asset, Amortization Period | ' | ' | ' | ' | ' | ' | ' | ' | 'P50Y | ' | 'P11Y6M | ' | ' | 'P4Y | ' | ' | ' | ' | ' | ' | ' | 'P15Y | ' | ' | ' | ' | ' | ' | 'P5Y | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'P30Y | ' | ' | ' | ' |
Minimum percentage savings to customers (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on the settlement of Forward Starting Interest Rate Derivative | ' | -3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Gain (Loss) as a Regulatory Asset of Forward Starting Interest Rate Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Retirement Obligations, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 300,000 | 600,000 | 600,000 | ' | ' | ' | ' | ' |
Deferred Tree Trimming Costs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory asset - cap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grossed-up rate of return (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Maximum Amount of Costs Requested for Deferral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Storm Surcredits, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Withdrawal from restricted storm reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Construction Carrying Costs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of jurisdictional portion of construction carrying costs to be collected from customers (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' |
Amount of construction carrying costs returned to customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166,000,000 | ' |
Amended Lignite Mining Agreement Contingency [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate lignite reserves (in tons) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of mining areas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of loans and lease payments guaranteed by Cleco Power (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability recognized for guarantee of loan and lease payments | 4,906,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FACE AMOUNT | 13,225,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Power Purchase Agreement, Term of Contract | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capacity and energy | ' | ' | 730 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Fuel and Purchased Power Costs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total fuel cost was regulated by the LPSC (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in under-recovered fuel costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Unrealized Gain (Loss) On Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,600,000 | ' | ' | ' |
Change In Deferred Fuel & Purchased Power | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($3,100,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Jointly_Owned_Generation_Units2
Jointly Owned Generation Units (Details) (Cleco Power [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | MW |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Utility plant in service | $407,859 |
Accumulated depreciation | 276,840 |
Construction work in progress | 61,323 |
Nameplate capacity (MW) | 2,565 |
Rodemacher Unit #2 [Member] | ' |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Utility plant in service | 95,746 |
Accumulated depreciation | 71,072 |
Construction work in progress | 16,585 |
Ownership | 30.00% |
Nameplate capacity (MW) | 523 |
Cleco Power's ownership interest (MW) | 157 |
Dolet Hills [Member] | ' |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Utility plant in service | 312,113 |
Accumulated depreciation | 205,768 |
Construction work in progress | $44,738 |
Ownership | 50.00% |
Nameplate capacity (MW) | 650 |
Cleco Power's ownership interest (MW) | 325 |
Fair_Value_Accounting_Carrying
Fair Value Accounting, Carrying Value and Estimated Fair Value (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Value [Member] | ' | ' |
Financial instruments not marked-to-market [Abstract] | ' | ' |
Cash equivalents | $22,204 | $25,911 |
Restricted cash equivalents | 14,019 | 14,221 |
Long-term debt, excluding debt issuance costs | 1,331,230 | 1,345,198 |
Estimated Fair Value [Member] | ' | ' |
Financial instruments not marked-to-market [Abstract] | ' | ' |
Cash equivalents | 22,204 | 25,911 |
Restricted cash equivalents | 14,019 | 14,221 |
Long-term debt, excluding debt issuance costs | 1,420,048 | 1,579,674 |
Cleco Power [Member] | Carrying Value [Member] | ' | ' |
Financial instruments not marked-to-market [Abstract] | ' | ' |
Cash equivalents | 14,900 | 18,600 |
Restricted cash equivalents | 13,998 | 14,124 |
Long-term debt, excluding debt issuance costs | 1,326,230 | 1,320,198 |
Cleco Power [Member] | Estimated Fair Value [Member] | ' | ' |
Financial instruments not marked-to-market [Abstract] | ' | ' |
Cash equivalents | 14,900 | 18,600 |
Restricted cash equivalents | 13,998 | 14,124 |
Long-term debt, excluding debt issuance costs | $1,415,048 | $1,554,674 |
Fair_Value_Accounting_Fair_Val
Fair Value Accounting Fair Value Accounting, Restricted Investments (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 02, 2012 | Sep. 30, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Available-for-sale Securities [Member] | Available-for-sale Securities [Member] | Municipal Bonds [Member] | Municipal Bonds [Member] | Corporate Bond Securities [Member] | Corporate Bond Securities [Member] | Federal agency mortgage-backed securities [Member] | Federal agency mortgage-backed securities [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Restricted Investement, Noncurrent [Member] | Restricted Investement, Noncurrent [Member] | Restricted Investement, Noncurrent [Member] | Restricted Investement, Noncurrent [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Maximum [Member] | Maximum [Member] | |
Municipal Bonds [Member] | Corporate Bond Securities [Member] | Federal agency mortgage-backed securities [Member] | Commercial Paper [Member] | Debt Securities [Member] | Available-for-sale Securities [Member] | Available-for-sale Securities [Member] | Municipal Bonds [Member] | Restricted Investement, Noncurrent [Member] | Restricted Investement, Noncurrent [Member] | Restricted Investement, Noncurrent [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Measured On A Recurring Basis [Member] | Cleco Power [Member] | Cleco Power [Member] | |||||||||||||
Municipal Bonds [Member] | Corporate Bond Securities [Member] | Federal agency mortgage-backed securities [Member] | Municipal Bonds [Member] | Municipal Bonds [Member] | Corporate Bond Securities [Member] | Corporate Bond Securities [Member] | Federal agency mortgage-backed securities [Member] | Federal agency mortgage-backed securities [Member] | Commercial Paper [Member] | Commercial Paper [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Restricted Storm Reserve [Member] | Restricted Storm Reserve [Member] | |||||||||||||||||||||
Municipal Bonds [Member] | Municipal Bonds [Member] | Corporate Bond Securities [Member] | Corporate Bond Securities [Member] | Federal agency mortgage-backed securities [Member] | Federal agency mortgage-backed securities [Member] | Commercial Paper [Member] | Commercial Paper [Member] | ||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Gross Realized Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LPSC authorized storm reserve funding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Change in Net Unrealized Gain (Loss), Net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | -100,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,156,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,622,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Debt Maturities, One year or less, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,702,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Debt Maturities, Over one year through five years, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,127,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,829,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 12,834,000 | 10,877,000 | 9,838,000 | 10,228,000 | 513,000 | 0 | 1,000,000 | 0 | 1,483,000 | 649,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Gains | 10,000 | 3,000 | 8,000 | 3,000 | 2,000 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Losses | 15,000 | 28,000 | 15,000 | 28,000 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Debt Securities | 12,829,000 | 10,852,000 | 9,831,000 | 10,203,000 | 515,000 | 0 | 1,000,000 | 0 | 1,483,000 | 649,000 | 9,800,000 | 500,000 | 1,000,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | 9,800,000 | 500,000 | 1,000,000 | 9,831,000 | 10,203,000 | 515,000 | 0 | 1,000,000 | 0 | 1,483,000 | 649,000 | 9,831,000 | 10,203,000 | 515,000 | 0 | 1,000,000 | 0 | 1,483,000 | 649,000 | ' | ' |
Restricted cash and cash equivalents transfered to an investment manager | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Accounting_Fair_Val1
Fair Value Accounting, Fair Value Measurements and Disclosures (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Description | ' | ' |
FTRs | $9,020,000 | $0 |
Liability Description | ' | ' |
FTRs | 382,000 | 0 |
Estimated Fair Value [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Institutional money market funds | 36,100,000 | 38,840,000 |
FTRs | 9,020,000 | 0 |
Total Assets | 57,949,000 | 49,692,000 |
Liability Description | ' | ' |
Interest Rate Derivative Liabilities | 0 | 2,627,000 |
Long-term debt | 1,420,048,000 | 1,579,674,000 |
FTRs | 382,000 | 0 |
Total Liabilities | 1,420,430,000 | 1,582,301,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Institutional money market funds | 0 | 0 |
FTRs | 0 | 0 |
Total Assets | 0 | 0 |
Liability Description | ' | ' |
Interest Rate Derivative Liabilities | 0 | 0 |
Long-term debt | 0 | 0 |
FTRs | 0 | 0 |
Total Liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Institutional money market funds | 36,100,000 | 38,840,000 |
FTRs | 0 | 0 |
Total Assets | 48,929,000 | 49,692,000 |
Liability Description | ' | ' |
Interest Rate Derivative Liabilities | 0 | 2,627,000 |
Long-term debt | 1,420,048,000 | 1,579,674,000 |
FTRs | 0 | 0 |
Total Liabilities | 1,420,048,000 | 1,582,301,000 |
Significant Unobservable Inputs (Level 3) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Institutional money market funds | 0 | 0 |
FTRs | 9,020,000 | 0 |
Total Assets | 9,020,000 | 0 |
Liability Description | ' | ' |
Interest Rate Derivative Liabilities | 0 | 0 |
Long-term debt | 0 | 0 |
FTRs | 382,000 | 0 |
Total Liabilities | 382,000 | 0 |
Cleco Power [Member] | ' | ' |
Asset Description | ' | ' |
FTRs | 9,020,000 | 0 |
Liability Description | ' | ' |
FTRs | 382,000 | 0 |
Cleco Power [Member] | Estimated Fair Value [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Institutional money market funds | 28,775,000 | 32,643,000 |
FTRs | 9,020,000 | 0 |
Total Assets | 50,624,000 | 43,495,000 |
Liability Description | ' | ' |
Interest Rate Derivative Liabilities | 0 | 2,627,000 |
Long-term debt | 1,415,048,000 | 1,554,674,000 |
FTRs | 382,000 | 0 |
Total Liabilities | 1,415,430,000 | 1,557,301,000 |
Cleco Power [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Institutional money market funds | 0 | 0 |
FTRs | 0 | 0 |
Total Assets | 0 | 0 |
Liability Description | ' | ' |
Interest Rate Derivative Liabilities | 0 | 0 |
Long-term debt | 0 | 0 |
FTRs | 0 | 0 |
Total Liabilities | 0 | 0 |
Cleco Power [Member] | Significant Other Observable Inputs (Level 2) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Institutional money market funds | 28,775,000 | 32,643,000 |
FTRs | 0 | 0 |
Total Assets | 41,604,000 | 43,495,000 |
Liability Description | ' | ' |
Interest Rate Derivative Liabilities | 0 | 2,627,000 |
Long-term debt | 1,415,048,000 | 1,554,674,000 |
FTRs | 0 | 0 |
Total Liabilities | 1,415,048,000 | 1,557,301,000 |
Cleco Power [Member] | Significant Unobservable Inputs (Level 3) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Institutional money market funds | 0 | 0 |
FTRs | 9,020,000 | 0 |
Total Assets | 9,020,000 | 0 |
Liability Description | ' | ' |
Interest Rate Derivative Liabilities | 0 | 0 |
Long-term debt | 0 | 0 |
FTRs | 382,000 | 0 |
Total Liabilities | 382,000 | 0 |
Cash and cash equivalents [Member] | ' | ' |
Asset Description | ' | ' |
Institutional money market funds | 22,200,000 | ' |
Cash and cash equivalents [Member] | Cleco Power [Member] | ' | ' |
Asset Description | ' | ' |
Institutional money market funds | 14,900,000 | ' |
Restricted Cash and Cash Equivalents, Current [Member] | ' | ' |
Asset Description | ' | ' |
Institutional money market funds | 8,900,000 | ' |
Restricted Cash and Cash Equivalents, Current [Member] | Cleco Power [Member] | ' | ' |
Asset Description | ' | ' |
Institutional money market funds | 8,900,000 | ' |
Restricted Cash and Cash Equivalents, Noncurrent [Member] | ' | ' |
Asset Description | ' | ' |
Institutional money market funds | 5,000,000 | ' |
Restricted Cash and Cash Equivalents, Noncurrent [Member] | Cleco Power [Member] | ' | ' |
Asset Description | ' | ' |
Institutional money market funds | 5,000,000 | ' |
Commercial Paper [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 1,483,000 | 649,000 |
Commercial Paper [Member] | Estimated Fair Value [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 1,483,000 | 649,000 |
Commercial Paper [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Commercial Paper [Member] | Significant Other Observable Inputs (Level 2) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 1,483,000 | 649,000 |
Commercial Paper [Member] | Significant Unobservable Inputs (Level 3) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Commercial Paper [Member] | Cleco Power [Member] | Estimated Fair Value [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 1,483,000 | 649,000 |
Commercial Paper [Member] | Cleco Power [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Commercial Paper [Member] | Cleco Power [Member] | Significant Other Observable Inputs (Level 2) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 1,483,000 | 649,000 |
Commercial Paper [Member] | Cleco Power [Member] | Significant Unobservable Inputs (Level 3) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Commercial Paper [Member] | Restricted Investement, Noncurrent [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 1,500,000 | ' |
Municipal Bonds [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 9,831,000 | 10,203,000 |
Municipal Bonds [Member] | Estimated Fair Value [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 9,831,000 | 10,203,000 |
Municipal Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Municipal Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 9,831,000 | 10,203,000 |
Municipal Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Municipal Bonds [Member] | Cleco Power [Member] | Estimated Fair Value [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 9,831,000 | 10,203,000 |
Municipal Bonds [Member] | Cleco Power [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Municipal Bonds [Member] | Cleco Power [Member] | Significant Other Observable Inputs (Level 2) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 9,831,000 | 10,203,000 |
Municipal Bonds [Member] | Cleco Power [Member] | Significant Unobservable Inputs (Level 3) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Municipal Bonds [Member] | Restricted Investement, Noncurrent [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 9,800,000 | ' |
Municipal Bonds [Member] | Restricted Investement, Noncurrent [Member] | Cleco Power [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 9,800,000 | ' |
Federal agency mortgage-backed securities [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 1,000,000 | 0 |
Federal agency mortgage-backed securities [Member] | Estimated Fair Value [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 1,000,000 | 0 |
Federal agency mortgage-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Federal agency mortgage-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 1,000,000 | 0 |
Federal agency mortgage-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Federal agency mortgage-backed securities [Member] | Cleco Power [Member] | Estimated Fair Value [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 1,000,000 | 0 |
Federal agency mortgage-backed securities [Member] | Cleco Power [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Federal agency mortgage-backed securities [Member] | Cleco Power [Member] | Significant Other Observable Inputs (Level 2) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 1,000,000 | 0 |
Federal agency mortgage-backed securities [Member] | Cleco Power [Member] | Significant Unobservable Inputs (Level 3) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Federal agency mortgage-backed securities [Member] | Restricted Investement, Noncurrent [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 1,000,000 | ' |
Federal agency mortgage-backed securities [Member] | Restricted Investement, Noncurrent [Member] | Cleco Power [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 1,000,000 | ' |
Corporate Bond Securities [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 515,000 | 0 |
Corporate Bond Securities [Member] | Estimated Fair Value [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 515,000 | 0 |
Corporate Bond Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Corporate Bond Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 515,000 | 0 |
Corporate Bond Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Corporate Bond Securities [Member] | Cleco Power [Member] | Estimated Fair Value [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 515,000 | 0 |
Corporate Bond Securities [Member] | Cleco Power [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Corporate Bond Securities [Member] | Cleco Power [Member] | Significant Other Observable Inputs (Level 2) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 515,000 | 0 |
Corporate Bond Securities [Member] | Cleco Power [Member] | Significant Unobservable Inputs (Level 3) [Member] | Measured On A Recurring Basis [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Corporate Bond Securities [Member] | Restricted Investement, Noncurrent [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | 500,000 | ' |
Corporate Bond Securities [Member] | Restricted Investement, Noncurrent [Member] | Cleco Power [Member] | ' | ' |
Asset Description | ' | ' |
Available-for-sale Securities, Debt Securities | $500,000 | ' |
Minimum [Member] | FTRs [Member] | ' | ' |
Liability Description | ' | ' |
Forward Price per MWh Range | -4.88 | ' |
Maximum [Member] | FTRs [Member] | ' | ' |
Liability Description | ' | ' |
Forward Price per MWh Range | 33.75 | ' |
Fair_Value_Accounting_Derivati
Fair Value Accounting, Derivatives and Hedging (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 7-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 14, 2011 | 30-May-13 | 7-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
MW | MW | Electric operations [Member] | Electric operations [Member] | Electric operations [Member] | Power purchased for utility [Member] | Power purchased for utility [Member] | Power purchased for utility [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Derivatives Designated as Hedging Instruments [Member] | Derivatives Designated as Hedging Instruments [Member] | Derivatives Designated as Hedging Instruments [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Swap [Member] | Swap [Member] | Swap [Member] | Energy risk management asset [Member] | Energy risk management asset [Member] | AccumulatedDeferredFuel [Member] | AccumulatedDeferredFuel [Member] | AccumulatedDeferredFuel [Member] | AccumulatedDeferredFuel [Member] | Energy risk management liabilities [Member] | Energy risk management liabilities [Member] | |
Energy Related Derivative [Member] | Energy Related Derivative [Member] | Energy Related Derivative [Member] | Interest Rate Derivatives [Member] | Interest Rate Derivatives [Member] | Interest Rate Derivatives [Member] | Energy Related Derivative [Member] | Energy Related Derivative [Member] | Interest Rate Derivatives [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Derivatives Not Designated As Hedging Instruments [Member] | Derivatives Not Designated As Hedging Instruments [Member] | FTRs [Member] | |||||||||||||||||
Fuel Used For Electric Generation [Member] | Fuel Used For Electric Generation [Member] | Fuel Used For Electric Generation [Member] | MMBTU | MMBTU | Energy Related Derivative [Member] | Energy Related Derivative [Member] | Energy Related Derivative [Member] | Cleco Power [Member] | ||||||||||||||||||||||||
Derivatives Not Designated As Hedging Instruments [Member] | ||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FTRs Not Designated as Hedging Instruments Asset, at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,020,000 | $0 | ' | ' | ' | ' | ' | ' |
FTRs Not Designated as Hedging Instruments Liability, at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 382,000 | 0 |
FTRs Not Designated as Hedging Instruments, at Fair Value, Net | 8,638,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of loss recognized in income on derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 8,277,000 | 18,119,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on FTRs Not Designated as Hedging Instruments | ' | ' | 243,000 | 0 | 0 | -19,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | ' | ' | ' | ' | ' | ' | ' | ' | 224,000 | -8,277,000 | -18,119,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -5,300,000 | 8,600,000 | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1,200,000 | ' | ' | ' |
Open natural gas positions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
MWh of FTRs Held | 6,800,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivative, Remaining Maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Swaption Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on the settlement of Forward Starting Interest Rate Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,300,000 | ' | ' | ' | ' | ' | -3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Gain (Loss) as a Regulatory Asset of Forward Starting Interest Rate Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Interest Rate Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization Period of Gain (Loss) on settlement of the Forward Starting Interest Rate Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivative, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -251,000 | -60,000 | 334,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivative, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,202,000 | 704,000 | -25,661,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Derivative Gain (Loss) to be Reclassified within Twelve Months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($300,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_LongTerm_Debt_Details
Debt, Long-Term Debt (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt, Gross | $1,340,409,000 | ' | $1,356,548,000 |
Less: Long-term Debt due within one year | 14,876,000 | ' | 88,969,000 |
Less: lease obligations classified as long-term debt due within one year | 2,305,000 | ' | 2,171,000 |
Unamortized discount | -7,728,000 | ' | -8,150,000 |
Long-term debt, net | 1,315,500,000 | ' | 1,257,258,000 |
Debt and Capital Lease Obligations | 1,330,000,000 | ' | 1,350,000,000 |
Long-term Debt and Capital Lease Obligations, Current | 17,182,000 | ' | 91,140,000 |
Debt Instrument, Increase (Decrease), Net | 15,700,000 | ' | ' |
Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt, Gross | 1,335,409,000 | ' | 1,331,548,000 |
Less: Long-term Debt due within one year | 14,876,000 | ' | 88,969,000 |
Less: lease obligations classified as long-term debt due within one year | 2,305,000 | ' | 2,171,000 |
Unamortized discount | -7,728,000 | ' | -8,150,000 |
Long-term debt, net | 1,310,500,000 | ' | 1,232,258,000 |
Debt and Capital Lease Obligations | 1,330,000,000 | ' | 1,320,000,000 |
Long-term Debt and Capital Lease Obligations, Current | 17,182,000 | ' | 91,140,000 |
Debt Instrument, Increase (Decrease), Net | -4,300,000 | ' | ' |
Cleco Corporation [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt and Capital Lease Obligations | 5,000,000 | ' | 25,000,000 |
Long-term Debt and Capital Lease Obligations, Current | 0 | ' | 0 |
Capital Lease Obligations [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Increase (Decrease), Net | -2,200,000 | ' | ' |
Debt Discount Amortization [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Increase (Decrease), Net | 400,000 | ' | ' |
Debt Discount Amortization [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Increase (Decrease), Net | 400,000 | ' | ' |
Notes Payable to Banks [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Loans Payable to Bank | 35,000,000 | ' | 0 |
Debt Instrument, Increase (Decrease), Net | 35,000,000 | ' | ' |
Notes Payable to Banks [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Loans Payable to Bank | 35,000,000 | 35,000,000 | 0 |
Debt Instrument, Increase (Decrease), Net | 35,000,000 | ' | ' |
Line of Credit [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Increase (Decrease), Net | 20,000,000 | ' | ' |
Line of Credit [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Increase (Decrease), Net | 20,000,000 | ' | ' |
Line of Credit [Member] | Cleco Corporation's credit facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Line of Credit | 5,000,000 | ' | 25,000,000 |
Line of Credit [Member] | Cleco Power's credit facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Line of Credit | 20,000,000 | ' | 0 |
Debt Instrument, Increase (Decrease), Net | 20,000,000 | ' | ' |
Line of Credit [Member] | Cleco Power's credit facility [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Line of Credit | 20,000,000 | ' | 0 |
Bonds [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt, Gross | 1,271,230,000 | ' | 1,320,198,000 |
Bonds [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt, Gross | 1,271,230,000 | ' | 1,320,198,000 |
Bonds [Member] | Series A GO Zone bonds [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 50,000,000 | ' | 0 |
Debt Instrument, Increase (Decrease), Net | 50,000,000 | ' | ' |
Bonds [Member] | Series A GO Zone bonds [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 50,000,000 | ' | 0 |
Debt Instrument, Increase (Decrease), Net | 50,000,000 | ' | ' |
Bonds [Member] | Series B GO Zone bonds [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 50,000,000 | ' | 0 |
Debt Instrument, Increase (Decrease), Net | 50,000,000 | ' | ' |
Bonds [Member] | Series B GO Zone bonds [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 50,000,000 | ' | 0 |
Debt Instrument, Increase (Decrease), Net | 50,000,000 | ' | ' |
Bonds [Member] | Cleco Power's senior notes, 5.375%, due 2013 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 0 | ' | 75,000,000 |
Debt Instrument, Increase (Decrease), Net | -75,000,000 | ' | ' |
Bonds [Member] | Cleco Power's senior notes, 5.375%, due 2013 [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 0 | ' | 75,000,000 |
Debt Instrument, Increase (Decrease), Net | -75,000,000 | ' | ' |
Bonds [Member] | Cleco Power's senior notes, 4.95%, due 2015 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 50,000,000 | ' | 50,000,000 |
Bonds [Member] | Cleco Power's senior notes, 4.95%, due 2015 [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 50,000,000 | ' | 50,000,000 |
Bonds [Member] | Cleco Power's senior notes, 6.65%, due 2018 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 250,000,000 | ' | 250,000,000 |
Bonds [Member] | Cleco Power's senior notes, 6.65%, due 2018 [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 250,000,000 | ' | 250,000,000 |
Bonds [Member] | Cleco Powers Senior Notes 4.33% due 2027 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 50,000,000 | ' | 50,000,000 |
Bonds [Member] | Cleco Powers Senior Notes 4.33% due 2027 [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 50,000,000 | ' | 50,000,000 |
Bonds [Member] | Cleco Power's senior notes, 6.50%, due 2035 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 295,000,000 | ' | 295,000,000 |
Bonds [Member] | Cleco Power's senior notes, 6.50%, due 2035 [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 295,000,000 | ' | 295,000,000 |
Bonds [Member] | Cleco Power's senior notes, 5.942%, due 2040 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 250,000,000 | ' | 250,000,000 |
Bonds [Member] | Cleco Power's senior notes, 5.942%, due 2040 [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 250,000,000 | ' | 250,000,000 |
Bonds [Member] | Cleco Power's senior notes 5.988% due 2041 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 100,000,000 | ' | 100,000,000 |
Bonds [Member] | Cleco Power's senior notes 5.988% due 2041 [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 100,000,000 | ' | 100,000,000 |
Bonds [Member] | Cleco Power's solid waste disposal facility bonds, 4.70%, due 2036, callable after November 1, 2016 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 60,000,000 | ' | 60,000,000 |
Debt Instrument, Increase (Decrease), Net | -60,000,000 | ' | ' |
Bonds [Member] | Cleco Power's solid waste disposal facility bonds, 4.70%, due 2036, callable after November 1, 2016 [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 60,000,000 | ' | 60,000,000 |
Debt Instrument, Increase (Decrease), Net | -60,000,000 | ' | ' |
Bonds [Member] | Cleco Power's solid waste disposal facility bonds, 5.25%, due 2037, mandatory tender on March 1, 2013 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 0 | ' | 60,000,000 |
Bonds [Member] | Cleco Power's solid waste disposal facility bonds, 5.25%, due 2037, mandatory tender on March 1, 2013 [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 0 | ' | 60,000,000 |
Bonds [Member] | Cleco Katrina/Ritas Storm Recovery Bonds [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Less: Long-term Debt due within one year | 14,900,000 | ' | ' |
Bonds [Member] | Cleco Katrina/Ritas Storm Recovery Bonds [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Less: Long-term Debt due within one year | 14,900,000 | ' | ' |
Debt Instrument, Increase (Decrease), Net | -13,900,000 | ' | ' |
Bonds [Member] | Cleco Katrina/Rita's storm recovery bonds, 4.41%, due 2020 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 48,630,000 | ' | 62,598,000 |
Bonds [Member] | Cleco Katrina/Rita's storm recovery bonds, 4.41%, due 2020 [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 48,630,000 | ' | 62,598,000 |
Bonds [Member] | Cleco Katrina/Rita's storm recovery bonds, 5.61%, due 2023 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 67,600,000 | ' | 67,600,000 |
Bonds [Member] | Cleco Katrina/Rita's storm recovery bonds, 5.61%, due 2023 [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured Debt | 67,600,000 | ' | 67,600,000 |
Capital Lease Obligations [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Capital Lease Obligations | 9,179,000 | ' | 11,350,000 |
Capital Lease Obligations [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Capital Lease Obligations | 9,179,000 | ' | 11,350,000 |
Less: lease obligations classified as long-term debt due within one year | 2,300,000 | ' | ' |
Capital Lease Obligations [Member] | Cleco Power [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Increase (Decrease), Net | ($2,200,000) | ' | ' |
Debt_ShortTerm_Debt_Details
Debt, Short-Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Short-Term Debt [Abstract] | ' | ' |
Short-term debt outstanding | $0 | $0 |
Cleco Power [Member] | ' | ' |
Short-Term Debt [Abstract] | ' | ' |
Short-term debt outstanding | $0 | $0 |
Debt_Capital_Lease_Agreements_
Debt, Capital Lease Agreements (Details) (Capital Lease Obligations [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
2014 | $2,305 |
2015 | 2,448 |
2016 | 2,607 |
2017 | 1,819 |
Cleco Power [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | 2,305 |
2015 | 2,448 |
2016 | 2,607 |
2017 | $1,819 |
Debt_Credit_Facilities_Details
Debt, Credit Facilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2013 | Oct. 07, 2011 | Dec. 31, 2013 | Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Jan. 27, 2014 | Jan. 31, 2014 |
Cleco Corporation [Member] | Cleco Power [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Cleco Corporation [Member] | Cleco Corporation [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Cleco Power [Member] | Cleco Corporation [Member] | Cleco Power [Member] | Cleco Corporation [Member] | Cleco Power [Member] | Line of Credit [Member] | |||||||||||
Cleco Corporation [Member] | ||||||||||||||||
Credit Facilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | $550,000,000 | ' | $250,000,000 | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of unamortized Debt expense | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
All-in interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.28% | 1.08% | ' | ' | 1.08% |
Facility fees (in hundredths) | ' | ' | ' | ' | 0.23% | 0.18% | ' | ' | ' | ' | ' | ' | ' | 0.18% | ' | ' |
Amount outstanding | ' | ' | ' | ' | 5,000,000 | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
All-in interest rate | 1.45% | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.45% | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | 245,000,000 | ' | 279,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility amount repaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 10,000,000 | ' |
Ratio of Indebtedness to Net Capital | ' | ' | ' | ' | ' | ' | ' | ' | 0.65 | 0.65 | 0.65 | ' | ' | ' | ' | ' |
Unrestricted retained earnings | ' | $666,300,000 | $862,200,000 | ' | ' | ' | $666,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Debt_Forward_Starting_Int
Debt Debt, Forward Starting Interest Rate Swap (Details) (Cleco Power [Member], USD $) | 0 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Nov. 14, 2011 | 30-May-13 | 7-May-13 |
Interest rate swap [Line Items] | ' | ' | ' |
Gain (Loss) on the settlement of Forward Starting Interest Rate Derivative | ' | ' | ($3.30) |
Swap [Member] | ' | ' | ' |
Interest rate swap [Line Items] | ' | ' | ' |
Interest Rate Derivative, Notional Amount | 50 | ' | ' |
Derivative, Swaption Interest Rate | 3.05% | ' | ' |
Interest Rate Derivative, Remaining Maturity | '30 years | ' | ' |
Gain (Loss) on the settlement of Forward Starting Interest Rate Derivative | ' | ' | -3.3 |
Deferred Gain (Loss) as a Regulatory Asset of Forward Starting Interest Rate Derivative | ' | ' | -2.9 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Interest Rate Derivative | ' | ' | ($0.40) |
Amortization Period of Gain (Loss) on settlement of the Forward Starting Interest Rate Derivative | ' | '25 years | ' |
Debt_Debt_Schedule_of_Maturiti
Debt Debt, Schedule of Maturities of Long-Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 9-May-13 | Mar. 20, 2013 | Mar. 01, 2013 | 3-May-13 | 3-May-13 | 7-May-13 |
Cleco Power [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Bonds [Member] | Bonds [Member] | Bonds [Member] | Bonds [Member] | ||
Cleco Power [Member] | London Interbank Offered Rate (LIBOR) [Member] | Bank Term Loan [Member] | Bank Term Loan [Member] | Cleco Power's solid waste disposal facility bonds, 5.25%, due 2037, mandatory tender on March 1, 2013 [Member] | Series A GO Zone bonds [Member] | Series A GO Zone bonds [Member] | Series B GO Zone bonds [Member] | |||
Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | London Interbank Offered Rate (LIBOR) [Member] | Cleco Power [Member] | ||||
Cleco Power [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of bank term loan | ' | ' | ' | ' | $25,000,000 | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | 60,000,000 | ' | 50,000,000 | ' | 50,000,000 |
Debt Instrument, Repurchased, Accrued Interest | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | ' | 0.75% | ' | ' | ' | ' | 0.82% | ' |
Debt Instrument, Component of Basis Spread, Percentage of Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' |
Interest rate (in hundredths) | ' | ' | 0.92% | ' | ' | ' | 0.11% | 0.93% | ' | 4.25% |
Amounts payable under long-term debt agreements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 14,876,000 | 14,876,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 100,825,000 | 100,825,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 16,814,000 | 16,814,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 17,896,000 | 17,896,000 | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 294,194,000 | 289,194,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | $886,625,000 | $886,625,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common_and_Preferred_Stock_Sto
Common and Preferred Stock, Stock-Based Plan Descriptions and Share Information (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of stock-based plans | 2 |
Common_and_Preferred_Stock_Emp
Common and Preferred Stock, Employee Stock Purchase Plan (Details) (Employee Stock Purchase Plan [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Employee Stock Purchase Plan Disclosures [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 5.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee | 62 |
Maximum number of shares of common stock which may be purchased under the ESPP (in shares) | 734,000 |
Number of shares of common stock available for purchase under the ESPP (in shares) | 406,112 |
Minimum [Member] | ' |
Employee Stock Purchase Plan Disclosures [Line Items] | ' |
Employee payroll deductions, minimum | 10 |
Maximum [Member] | ' |
Employee Stock Purchase Plan Disclosures [Line Items] | ' |
Employee payroll deductions maximum | 350 |
Common_and_Preferred_Stock_Lon
Common and Preferred Stock, Long-Term Incentive Compensation Plan (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Nonvested stock outstanding under 2000 LTIP plan | 340,998 | 349,775 |
2000 Long-Term Incentive Compensation Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Nonvested stock outstanding under 2000 LTIP plan | 37,401 | ' |
Options outstanding under the 2000 LTIP | 0 | ' |
2000 Long-Term Incentive Compensation Plan [Member] | Common Stock Equivalent Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 0 | ' |
2010 Long-Term Incentive Compensation Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Maximum number of shares of common stock authorized for issuance under 2010 LTIP (in shares) | 2,250,000 | ' |
Number of shares of common stock available for future grants under the 2010 LTIP (in shares) | 1,448,013 | ' |
Common_and_Preferred_Stock_Lon1
Common and Preferred Stock, Long-Term Incentive Compensation Plan, Stock Options (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options [Member] | Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options granted during the year | 0 | ' | ' |
Aggregate intrinsic value of options exercised during the year | ' | $1.80 | $0.50 |
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | ' | 2 | 0.9 |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | ' | $0.70 | $0.20 |
Common_and_Preferred_Stock_Lon2
Common and Preferred Stock, Long-Term Incentive Compensation Plan, Non-vested Stock and Common Stock Equivalent Units (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
LTICP [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ' | ' | ' |
Target and opportunity restricted shares and common stock equivalent units previously issued for which restrictions had not lapsed | 695,890 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Non-Vested Stock and Common Stock Equivalent Units, Activity [Roll Forward] | ' | ' | ' |
Non-vested, beginning of period (in shares) | 349,775 | ' | ' |
Granted (in shares) | 139,048 | ' | ' |
Vested (in shares) | -147,825 | ' | ' |
Non-vested, end of period (in shares) | 340,998 | 349,775 | ' |
Non-Vested Stock, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Weighted average grant date fair value, non-vested, beginning of period (in dollars per share) | $35.12 | ' | ' |
Weighted average grant date fair value, non-vested, granted (in dollars per share) | $42.60 | ' | ' |
Weighted average grant date fair value, non-vested, vested (in dollars per share) | $34.90 | ' | ' |
Weighted average grant date fair value, non-vested, end of period (in dollars per share) | $38.26 | $35.12 | ' |
Non-Vested Stock and Common Stock Equivalent Units, Fair Value Assumptions [Abstract] | ' | ' | ' |
Expected term (in years) | '3 years | '3 years | '3 years |
Volatility of Cleco stock (in hundredths) | 18.10% | 21.50% | 28.50% |
Correlation between Cleco stock volatility and peer group (in hundredths) | 69.70% | 66.00% | 63.20% |
Expected dividend yield (in hundredths) | 3.20% | 3.30% | 3.30% |
Weighted average fair value (Monte Carlo model) (in dollars per share) | $42.66 | $41.56 | $34.88 |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ' | ' | ' |
Nov-vested shares of common stock granted during the year (in shares) | 139,048 | ' | ' |
Number of shares of non-vested stock previously granted with only a service period requirement for which the service period had not ended | 119,775 | ' | ' |
Fair value of shares of non-vested stock vested during period | $5.20 | $3.10 | $4 |
Restricted Stock [Member] | 2010 Long-Term Incentive Compensation Plan [Member] | ' | ' | ' |
Non-Vested Stock and Common Stock Equivalent Units, Activity [Roll Forward] | ' | ' | ' |
Granted (in shares) | 139,048 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ' | ' | ' |
Nov-vested shares of common stock granted during the year (in shares) | 139,048 | ' | ' |
Common Stock Equivalent Units [Member] | ' | ' | ' |
Non-Vested Stock and Common Stock Equivalent Units, Activity [Roll Forward] | ' | ' | ' |
Granted (in shares) | 0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ' | ' | ' |
Nov-vested shares of common stock granted during the year (in shares) | 0 | ' | ' |
Common Stock [Member] | Restricted Stock [Member] | 2010 Long-Term Incentive Compensation Plan [Member] | ' | ' | ' |
Non-Vested Stock and Common Stock Equivalent Units, Activity [Roll Forward] | ' | ' | ' |
Granted (in shares) | 132,330 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ' | ' | ' |
Nov-vested shares of common stock granted during the year (in shares) | 132,330 | ' | ' |
Treasury Stock [Member] | Restricted Stock [Member] | 2010 Long-Term Incentive Compensation Plan [Member] | ' | ' | ' |
Non-Vested Stock and Common Stock Equivalent Units, Activity [Roll Forward] | ' | ' | ' |
Granted (in shares) | 6,718 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ' | ' | ' |
Nov-vested shares of common stock granted during the year (in shares) | 6,718 | ' | ' |
Common_and_Preferred_Stock_Sto1
Common and Preferred Stock, Stock-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-Tax Compensation Expense | $6,148,000 | $5,946,000 | $7,003,000 |
Tax Benefit (excluding income tax gross-up) | 2,366,000 | 2,288,000 | 2,695,000 |
Compensation expense, non-forfeitable dividends paid on non-vested stock not expected to vest and stock options | 100,000 | 100,000 | 100,000 |
Amount of stock based compensation capitalized | 900,000 | 800,000 | ' |
Non-vested share-based compensation arrangements expected to vest (in shares) | 166,363 | ' | ' |
Non-vested share-based compensation arrangements, average vesting period | '1 year 6 months | ' | ' |
Equity Classification [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-Tax Compensation Expense | 6,147,000 | 4,440,000 | 3,494,000 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-Tax Compensation Expense | 6,147,000 | 4,429,000 | 3,391,000 |
Employee Stock Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-Tax Compensation Expense | 0 | 11,000 | 103,000 |
Common Stock Equivalent Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-Tax Compensation Expense | 1,000 | 1,506,000 | 3,509,000 |
Cleco Power [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-Tax Compensation Expense | 1,754,000 | 1,683,000 | 1,796,000 |
Tax Benefit (excluding income tax gross-up) | 675,000 | 648,000 | 691,000 |
Amount of stock based compensation capitalized | 700,000 | 600,000 | ' |
Cleco Power [Member] | Equity Classification [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-Tax Compensation Expense | 1,754,000 | 1,074,000 | 678,000 |
Cleco Power [Member] | Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-Tax Compensation Expense | 1,754,000 | 1,074,000 | 678,000 |
Cleco Power [Member] | Employee Stock Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-Tax Compensation Expense | 0 | 0 | 0 |
Cleco Power [Member] | Common Stock Equivalent Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-Tax Compensation Expense | 0 | 609,000 | 1,118,000 |
LTICP [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-Vested Stock, total unrecognized before-tax compensation cost | $6,100,000 | ' | ' |
Common_and_Preferred_Stock_Com
Common and Preferred Stock Common and Preferred Stock, Common Stock Repurchase Program (Details) (Common Stock [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Stock [Member] | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Treasury Stock, Shares, Acquired | 0 | 200,000 | 400,000 |
Common_and_Preferred_Stock_Pre
Common and Preferred Stock, Preferred Stock (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Jun. 24, 2011 | |
Class of Stock [Line Items] | ' | ' |
Preferred Stock, Shares Outstanding | ' | 0 |
Cumulative Preferred Stock, $100 Par Value, Not Subject to Mandatory Redemption 4.5% [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Preferred stock redeemed (in shares) | 10,288 | ' |
Preferred stock not subject to mandatory redemption, dividend rate (in hundredths) | 4.50% | ' |
Redemption price (in dollars per share) | ' | $101 |
Redemption price, plus accrued and unpaid dividends to the redemption date (in dollars per share) | ' | $101.30 |
Pension_Plan_and_Employee_Bene2
Pension Plan and Employee Benefits, Benefit Obligation, Plan Assets, and Funded Status (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Other Benefits [Member] | Other Benefits [Member] | Other Benefits [Member] | SERP Benefits [Member] | SERP Benefits [Member] | SERP Benefits [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | |
Pension Benefits [Member] | Other Benefits [Member] | Other Benefits [Member] | SERP Benefits [Member] | SERP Benefits [Member] | ||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension contributions designated for prior plan year | ' | ' | ' | ' | ' | ' | ' | ' | ' | $34,000,000 | ' | ' | ' | ' |
Discretionary contributions to pension plan | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Change in benefit obligation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligation at beginning of year | 431,569,000 | 361,986,000 | ' | 45,569,000 | 42,680,000 | ' | 59,422,000 | 46,264,000 | ' | ' | ' | ' | ' | ' |
Service cost | 9,889,000 | 8,312,000 | 8,390,000 | 1,656,000 | 1,461,000 | 1,532,000 | 2,055,000 | 1,487,000 | 1,566,000 | ' | ' | ' | ' | ' |
Interest cost | 17,940,000 | 18,254,000 | 17,629,000 | 1,568,000 | 2,239,000 | 1,818,000 | 2,578,000 | 2,526,000 | 2,105,000 | ' | ' | ' | ' | ' |
Plan participants' contributions | 0 | 0 | ' | 1,241,000 | 1,308,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial loss | -50,133,000 | 58,109,000 | ' | -1,768,000 | 2,462,000 | ' | -3,477,000 | 11,651,000 | ' | ' | ' | ' | ' | ' |
Expenses paid | -1,916,000 | -1,511,000 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Medicare D | 0 | 0 | ' | 194,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other adjustments | 0 | 0 | ' | 601,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefits paid | -14,861,000 | -13,581,000 | ' | -5,221,000 | -4,581,000 | ' | -2,713,000 | -2,506,000 | ' | ' | ' | ' | ' | ' |
Benefit obligation at end of year | 392,488,000 | 431,569,000 | 361,986,000 | 43,840,000 | 45,569,000 | 42,680,000 | 57,865,000 | 59,422,000 | 46,264,000 | ' | ' | ' | ' | ' |
Change in plan assets [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | 344,041,000 | 312,395,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual return on plan assets | 23,291,000 | 46,738,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer contributions | 34,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses paid | -1,916,000 | -1,511,000 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefits paid | -14,861,000 | -13,581,000 | ' | -5,221,000 | -4,581,000 | ' | -2,713,000 | -2,506,000 | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at end of year | 384,555,000 | 344,041,000 | 312,395,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfunded status | -7,933,000 | -87,528,000 | ' | -43,840,000 | -45,569,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Postemployment Benefits Liability, Current | ' | ' | ' | 3,500,000 | 3,100,000 | ' | ' | ' | ' | ' | 3,200,000 | 2,900,000 | ' | ' |
Postemployment Benefits Liability, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,700,000 | 32,400,000 | ' | ' |
Defined Benefit Pension Plan Liabilities, Current | ' | ' | ' | ' | ' | ' | 2,700,000 | 2,500,000 | ' | ' | ' | ' | 700,000 | 800,000 |
Defined Benefit Pension Plan, Liabilities, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,300,000 | $17,700,000 |
Pension_Plan_and_Employee_Bene3
Pension Plan and Employee Benefits, Amounts Recognized in Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | $358,128 | $387,776 |
Amounts recognized in other comprehensive income [Abstract] | ' | ' |
Net actuarial (gain) loss occurring during year | -49,978 | 32,177 |
Prior service cost occurring during year | 0 | 0 |
Net actuarial loss (gain) amortized during year | 13,218 | 8,346 |
Transition obligation (asset) amortized during year | 0 | 0 |
Prior service cost (credit) amortized during year | -71 | -71 |
Amounts in accumulated other comprehensive income to be recognized in next fiscal year [Abstract] | ' | ' |
Net actuarial loss (gain) | 6,404 | ' |
Transition obligation (asset) | 0 | ' |
Prior service cost (credit) | -71 | ' |
Amounts in accumulated other comprehensive income [Abstract] | ' | ' |
Net actuarial loss (gain) | 93,821 | 157,017 |
Transition obligation (asset) | 0 | 0 |
Prior service cost (credit) | -488 | -559 |
Other Benefits [Member] | ' | ' |
Amounts recognized in other comprehensive income [Abstract] | ' | ' |
Net actuarial (gain) loss occurring during year | -1,768 | 2,461 |
Prior service cost occurring during year | 601 | 0 |
Net actuarial loss (gain) amortized during year | 1,131 | 1,479 |
Transition obligation (asset) amortized during year | 20 | 20 |
Prior service cost (credit) amortized during year | 0 | 0 |
Amounts in accumulated other comprehensive income to be recognized in next fiscal year [Abstract] | ' | ' |
Net actuarial loss (gain) | 854 | ' |
Transition obligation (asset) | 16 | ' |
Prior service cost (credit) | 119 | ' |
Amounts in accumulated other comprehensive income [Abstract] | ' | ' |
Net actuarial loss (gain) | 10,703 | 13,602 |
Transition obligation (asset) | 16 | 35 |
Prior service cost (credit) | 601 | 0 |
SERP Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | 53,046 | 53,350 |
Amounts recognized in other comprehensive income [Abstract] | ' | ' |
Net actuarial (gain) loss occurring during year | -3,477 | 11,651 |
Net actuarial loss (gain) amortized during year | 2,305 | 1,764 |
Prior service cost (credit) amortized during year | 54 | 54 |
Amounts in accumulated other comprehensive income to be recognized in next fiscal year [Abstract] | ' | ' |
Net actuarial loss (gain) | 1,396 | ' |
Prior service cost (credit) | 54 | ' |
Amounts in accumulated other comprehensive income [Abstract] | ' | ' |
Net actuarial loss (gain) | 19,663 | 25,444 |
Prior service cost (credit) | $227 | $280 |
Pension_Plan_and_Employee_Bene4
Pension Plan and Employee Benefits, Components of Periodic Benefit Costs and Weighted-Average Assumptions (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Benefits [Member] | ' | ' | ' | ' |
Components of periodic benefit costs | ' | ' | ' | ' |
Service cost | ' | $9,889,000 | $8,312,000 | $8,390,000 |
Interest cost | ' | 17,940,000 | 18,254,000 | 17,629,000 |
Expected return on plan assets | ' | -23,446,000 | -20,806,000 | -24,646,000 |
Transition obligation | ' | 0 | 0 | 0 |
Prior period service cost | ' | -71,000 | -71,000 | -71,000 |
Net loss | ' | 13,218,000 | 8,346,000 | 5,556,000 |
Net periodic benefit cost | ' | 17,530,000 | 14,035,000 | 6,858,000 |
Weighted-average assumptions used to determine the benefit obligation as of December 31: | ' | ' | ' | ' |
Discount rate (in hundredths) | ' | 5.14% | 4.19% | ' |
Rate of compensation increase (in hundredths) | ' | 3.26% | 3.33% | ' |
Weighted-average assumptions used to determine the net benefit cost (income) for the year ended December 31: | ' | ' | ' | ' |
Discount rate (in hundredths) | ' | 4.19% | 5.08% | 5.43% |
Expected return on plan assets (in hundredths) | 6.76% | 6.78% | 6.61% | 7.80% |
Rate of compensation increase (in hundredths) | ' | 3.26% | 3.37% | 4.12% |
Pension Benefits [Member] | Other Subsidiaries [Member] | ' | ' | ' | ' |
Components of periodic benefit costs | ' | ' | ' | ' |
Net periodic benefit cost | ' | 2,500,000 | 2,200,000 | 2,100,000 |
Other Benefits [Member] | ' | ' | ' | ' |
Components of periodic benefit costs | ' | ' | ' | ' |
Service cost | ' | 1,656,000 | 1,461,000 | 1,532,000 |
Interest cost | ' | 1,568,000 | 2,239,000 | 1,818,000 |
Expected return on plan assets | ' | 0 | 0 | 0 |
Transition obligation | ' | 20,000 | 20,000 | 20,000 |
Prior period service cost | ' | 0 | 0 | -206,000 |
Net loss | ' | 1,131,000 | 1,479,000 | 1,010,000 |
Net periodic benefit cost | ' | 4,375,000 | 5,199,000 | 4,174,000 |
Current portion of other benefits liability | ' | 3,500,000 | 3,100,000 | ' |
Weighted-average assumptions used to determine the benefit obligation as of December 31: | ' | ' | ' | ' |
Discount rate (in hundredths) | ' | 4.46% | 3.54% | ' |
Weighted-average assumptions used to determine the net benefit cost (income) for the year ended December 31: | ' | ' | ' | ' |
Discount rate (in hundredths) | ' | 3.54% | 4.51% | 4.61% |
Other Benefits [Member] | Cleco Power [Member] | ' | ' | ' | ' |
Components of periodic benefit costs | ' | ' | ' | ' |
Net periodic benefit cost | ' | 3,800,000 | 4,500,000 | 3,600,000 |
Current portion of other benefits liability | ' | 3,200,000 | 2,900,000 | ' |
SERP Benefits [Member] | ' | ' | ' | ' |
Components of periodic benefit costs | ' | ' | ' | ' |
Service cost | ' | 2,055,000 | 1,487,000 | 1,566,000 |
Interest cost | ' | 2,578,000 | 2,526,000 | 2,105,000 |
Prior period service cost | ' | 54,000 | 54,000 | 54,000 |
Net loss | ' | 2,305,000 | 1,764,000 | 940,000 |
Net periodic benefit cost | ' | 6,992,000 | 5,831,000 | 4,665,000 |
Weighted-average assumptions used to determine the benefit obligation as of December 31: | ' | ' | ' | ' |
Discount rate (in hundredths) | ' | 5.09% | 4.17% | ' |
Rate of compensation increase (in hundredths) | ' | 5.00% | 5.00% | ' |
Weighted-average assumptions used to determine the net benefit cost (income) for the year ended December 31: | ' | ' | ' | ' |
Discount rate (in hundredths) | ' | 4.17% | 4.99% | 5.26% |
Rate of compensation increase (in hundredths) | ' | 5.00% | 5.00% | 5.00% |
SERP Benefits [Member] | Cleco Power [Member] | ' | ' | ' | ' |
Components of periodic benefit costs | ' | ' | ' | ' |
Net periodic benefit cost | ' | $1,500,000 | $1,500,000 | $1,100,000 |
Pension_Plan_and_Employee_Bene5
Pension Plan and Employee Benefits, Fair Value of Pension Plan Assets (Details) (Pension Benefits [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $381,771 | $341,892 | ' |
Interest Accrual | 2,784 | 2,149 | ' |
Total net assets | 384,555 | 344,041 | 312,395 |
Cash and cash equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 5,942 | 6,336 | ' |
Common Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 17,918 | 16,319 | ' |
Preferred Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 939 | 379 | ' |
Obligations of U.S. Government and U.S. Government Agencies [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 41,413 | 32,734 | ' |
Mutual funds, Domestic [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 54,609 | 54,198 | ' |
Mutual funds, International [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 26,254 | 25,042 | ' |
Common/collective trust fund [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 42,078 | 39,943 | ' |
Real estate funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 17,928 | 17,341 | ' |
Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 1,740 | 2,587 | ' |
Corporate debt [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 172,950 | 147,013 | ' |
Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 99,720 | 95,938 | ' |
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 | 17,918 | 16,319 | ' |
Level 1 [Member] | Preferred Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 939 | 379 | ' |
Level 1 [Member] | Obligations of U.S. Government and U.S. Government Agencies [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 1 [Member] | Mutual funds, Domestic [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 54,609 | 54,198 | ' |
Level 1 [Member] | Mutual funds, International [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 26,254 | 25,042 | ' |
Level 1 [Member] | Common/collective trust fund [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 1 [Member] | Real estate funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 1 [Member] | Hedge 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 | 262,383 | 226,026 | ' |
Level 2 [Member] | Cash and cash equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 5,942 | 6,336 | ' |
Level 2 [Member] | Common Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 2 [Member] | Preferred Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 2 [Member] | Obligations of U.S. Government and U.S. Government Agencies [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 41,413 | 32,734 | ' |
Level 2 [Member] | Mutual funds, Domestic [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 2 [Member] | Mutual funds, International [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 2 [Member] | Common/collective trust fund [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 42,078 | 39,943 | ' |
Level 2 [Member] | Real estate funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 2 [Member] | Hedge 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 | 172,950 | 147,013 | ' |
Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 19,668 | 19,928 | ' |
Level 3 [Member] | Cash and cash equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Common Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Preferred Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Obligations of U.S. Government and U.S. Government Agencies [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Mutual funds, Domestic [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Mutual funds, International [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Common/collective trust fund [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Real estate funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 17,928 | 17,341 | ' |
Level 3 [Member] | Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 1,740 | 2,587 | ' |
Level 3 [Member] | Corporate debt [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $0 | $0 | ' |
Pension_Plan_and_Employee_Bene6
Pension Plan and Employee Benefits, Unobservable Input Reconciliation (Details) (Level 3 [Member], Pension Benefits [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair value of plan assets [Roll Forward] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $19,668 | $19,928 | $19,241 |
Realized gain | 12 | 2 | ' |
Unrealized gain | 199 | 864 | ' |
Purchases | 459 | 258 | ' |
Sales | -930 | -437 | ' |
Real estate funds [Member] | ' | ' | ' |
Fair value of plan assets [Roll Forward] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 17,928 | 17,341 | 16,349 |
Realized gain | 0 | 0 | ' |
Unrealized gain | 128 | 734 | ' |
Purchases | 459 | 258 | ' |
Sales | 0 | 0 | ' |
Hedge Funds [Member] | ' | ' | ' |
Fair value of plan assets [Roll Forward] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,740 | 2,587 | 2,892 |
Realized gain | 12 | 2 | ' |
Unrealized gain | 71 | 130 | ' |
Purchases | 0 | 0 | ' |
Sales | ($930) | ($437) | ' |
Pension_Plan_and_Employee_Bene7
Pension Plan and Employee Benefits, Pension Plan Asset Investment Objectives (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' |
Maximum notional value of derivative positions of the total pension fund's value | 20.00% |
Pension Benefits [Member] | Domestic equity [Member] | ' |
Investment asset allocation target percentage of total plan assets [Abstract] | ' |
Target plan allocations | 17.00% |
Pension Benefits [Member] | International equity [Member] | ' |
Investment asset allocation target percentage of total plan assets [Abstract] | ' |
Target plan allocations | 16.00% |
Pension Benefits [Member] | Real estate funds [Member] | ' |
Investment asset allocation target percentage of total plan assets [Abstract] | ' |
Target plan allocations | 7.00% |
Pension Benefits [Member] | Hedge Funds [Member] | ' |
Investment asset allocation target percentage of total plan assets [Abstract] | ' |
Target plan allocations | 2.00% |
Pension Benefits [Member] | Return Seeking [Member] | ' |
Investment asset allocation target percentage of total plan assets [Abstract] | ' |
Target plan allocations, minimum | 37.00% |
Target plan allocations | 42.00% |
Target plan allocations, maximum | 47.00% |
Pension Benefits [Member] | Fixed income- long government/credit [Member] | ' |
Investment asset allocation target percentage of total plan assets [Abstract] | ' |
Target plan allocations | 18.00% |
Pension Benefits [Member] | Fixed income- long credit [Member] | ' |
Investment asset allocation target percentage of total plan assets [Abstract] | ' |
Target plan allocations | 40.00% |
Pension Benefits [Member] | Liability Hedging [Member] | ' |
Investment asset allocation target percentage of total plan assets [Abstract] | ' |
Target plan allocations, minimum | 53.00% |
Target plan allocations | 58.00% |
Target plan allocations, maximum | 62.00% |
Pension_Plan_and_Employee_Bene8
Pension Plan and Employee Benefits, Additional Disclosures (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Actual return on plan assets (in hundredths) | ' | 5.70% | 15.20% | ' |
Expected return on plan assets (in hundredths) | 6.76% | 6.78% | 6.61% | 7.80% |
Projected benefit payments [Abstract] | ' | ' | ' | ' |
2014 | ' | $16,251 | ' | ' |
2015 | ' | 17,037 | ' | ' |
2016 | ' | 17,918 | ' | ' |
2017 | ' | 19,025 | ' | ' |
2018 | ' | 20,087 | ' | ' |
Next five years | ' | 119,982 | ' | ' |
Other Benefits [Member] | ' | ' | ' | ' |
Impact of future Medicare subsidies on the components of other benefit costs [Abstract] | ' | ' | ' | ' |
(Increase) reduction in interest cost | ' | 0 | -8 | ' |
Reduction in net loss amortization | ' | 0 | 199 | ' |
Reduction in net other benefit cost | ' | 0 | 191 | ' |
Assumed health care cost trend rates for next fiscal year(in hundredths) | ' | 7.00% | 8.00% | 9.00% |
Ultimate health care trend rate (in hundredths) | ' | 5.00% | ' | ' |
Year that rate reaches ultimate trend rate | ' | '2031 | ' | ' |
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 | ' | 31 | ' | ' |
Effect of one-percentage point decrease on total of service and interest cost components | ' | -11 | ' | ' |
Effect of one-percentage point increase on postretirement benefit obligation | ' | 291 | ' | ' |
Effect of one-percentage point decrease on postretirement benefit obligation | ' | -324 | ' | ' |
Projected benefit payments [Abstract] | ' | ' | ' | ' |
2014 | ' | 3,557 | ' | ' |
2015 | ' | 3,645 | ' | ' |
2016 | ' | 3,789 | ' | ' |
2017 | ' | 3,888 | ' | ' |
2018 | ' | 3,985 | ' | ' |
Next five years | ' | 19,813 | ' | ' |
SERP Benefits [Member] | ' | ' | ' | ' |
Projected benefit payments [Abstract] | ' | ' | ' | ' |
2014 | ' | 2,743 | ' | ' |
2015 | ' | 3,011 | ' | ' |
2016 | ' | 3,230 | ' | ' |
2017 | ' | 3,277 | ' | ' |
2018 | ' | 3,460 | ' | ' |
Next five years | ' | $20,169 | ' | ' |
Pension_Plan_and_Employee_Bene9
Pension Plan and Employee Benefits Pension Plan and Employee Benefits, 401 (K) Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
401(k) Plan [Abstract] | ' | ' | ' |
401 (k) Plan expense | $4,422 | $4,375 | $3,917 |
Other Subsidiaries [Member] | ' | ' | ' |
401(k) Plan [Abstract] | ' | ' | ' |
401 (k) Plan expense | $1,000 | $1,000 | $900 |
Income_Taxes_Effective_Tax_Rat
Income Taxes, Effective Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income tax reconciliation [Abstract] | ' | ' | ' |
Income before tax | $240,260 | $228,975 | $298,745 |
Statutory rate (in hundredths) | 35.00% | 35.00% | 35.00% |
Tax at federal statutory rate | 84,091 | 80,141 | 104,561 |
Increase (decrease): | ' | ' | ' |
Plant differences, including AFUDC flowthrough | 427 | -1,222 | -1,758 |
Amortization of investment tax credits | -1,108 | -1,180 | -1,238 |
State income taxes | 1,094 | -218 | 2,155 |
Tax settlement | 0 | 0 | 10,782 |
New markets tax credits | -4,806 | -9,261 | -4,697 |
Other | -123 | -2,933 | -6,908 |
Total taxes | 79,575 | 65,327 | 102,897 |
Effective Rate (in hundredths) | 33.10% | 28.50% | 34.40% |
Cleco Power [Member] | ' | ' | ' |
Income tax reconciliation [Abstract] | ' | ' | ' |
Income before tax | 229,791 | 214,981 | 212,244 |
Statutory rate (in hundredths) | 35.00% | 35.00% | 35.00% |
Tax at federal statutory rate | 80,427 | 75,243 | 74,285 |
Increase (decrease): | ' | ' | ' |
Plant differences, including AFUDC flowthrough | 427 | -1,222 | -1,758 |
Amortization of investment tax credits | -1,108 | -1,180 | -1,238 |
State income taxes | 730 | -705 | -853 |
Other | -1,095 | -4,003 | -1,027 |
Total taxes | $79,381 | $68,133 | $69,409 |
Effective Rate (in hundredths) | 34.50% | 31.70% | 32.70% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes, Deferred Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accumulated Deferred Federal and State Income Tax Assets and Liabilities [Line Items] | ' | ' | ' |
Amortization and Interest Recognized | $13,300,000 | $38,600,000 | $27,500,000 |
Components of deferred tax assets and liabilities [Abstract] | ' | ' | ' |
Depreciation and property basis differences | -878,298,000 | -822,831,000 | ' |
Net operating loss carryforward | 95,360,000 | 139,036,000 | ' |
New market tax credits | 99,782,000 | 82,584,000 | ' |
Fuel costs | -7,229,000 | -9,400,000 | ' |
Deferred carrying charges | 0 | 1,369,000 | ' |
SERP - other comprehensive income | 15,330,000 | 19,392,000 | ' |
Regulated operations regulatory liability, net | -84,702,000 | -75,046,000 | ' |
Postretirement benefits other than pension | -5,075,000 | -2,275,000 | ' |
Other (Liabilities) | -10,139,000 | -16,468,000 | ' |
Accumulated deferred federal and state income taxes | -774,971,000 | -683,639,000 | ' |
Cleco Power [Member] | ' | ' | ' |
Components of deferred tax assets and liabilities [Abstract] | ' | ' | ' |
Depreciation and property basis differences | -836,771,000 | -804,133,000 | ' |
Net operating loss carryforward | 81,102,000 | 127,742,000 | ' |
Fuel costs | -7,229,000 | -9,389,000 | ' |
Deferred carrying charges | 0 | 1,369,000 | ' |
SERP - other comprehensive income | 8,681,000 | 11,961,000 | ' |
Regulated operations regulatory liability, net | -84,702,000 | -75,046,000 | ' |
Postretirement benefits other than pension | -19,056,000 | -13,442,000 | ' |
Other (Liabilities) | -6,603,000 | ' | ' |
Other (Asset) | ' | 2,455,000 | ' |
Accumulated deferred federal and state income taxes | ($864,578,000) | ($758,483,000) | ' |
Income_Taxes_Valuation_Allowan
Income Taxes, Valuation Allowance (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Cleco Power [Member] | ' |
Valuation Allowance [Line Items] | ' |
Tax Credit Carryforward, Valuation Allowance | $0 |
General Business Tax Credit Carryforward [Member] | ' |
Valuation Allowance [Line Items] | ' |
Deferred tax asset, NMTC carryforwards | 95,400,000 |
Tax Credit Carryforward, Expiration Date | 1-Jan-29 |
Tax Credit Carryforward, Valuation Allowance | $0 |
Income_Taxes_Current_and_Defer
Income Taxes, Current and Deferred Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Components of Income Tax Expense [Line Items] | ' | ' | ' |
Change in total tax benefit from items charged directly to shareholder's equity | $6,800,000 | ' | ' |
Current and deferred income tax expense [Abstract] | ' | ' | ' |
Current federal income tax (benefit) expense | 15,672,000 | 47,768,000 | 77,659,000 |
Deferred federal income tax expense | 65,237,000 | 21,724,000 | 26,577,000 |
Amortization of accumulated deferred investment tax credits | -1,108,000 | -1,180,000 | -1,238,000 |
Total federal income tax expense | 79,801,000 | 68,312,000 | 102,998,000 |
Current state income tax (benefit) expense | -978,000 | -1,192,000 | 2,857,000 |
Deferred state income tax expense (benefit) | 752,000 | -1,793,000 | -2,958,000 |
Total state income tax benefit | -226,000 | -2,985,000 | -101,000 |
Total taxes | 79,575,000 | 65,327,000 | 102,897,000 |
Items charged or credited directly to shareholders' equity | ' | ' | ' |
Total tax expense (benefit) from items charged directly to shareholders' equity | 4,062,000 | -2,771,000 | -10,347,000 |
Total federal and state income tax expense | 83,637,000 | 62,556,000 | 92,550,000 |
Amortization and Interest Recognized | 13,300,000 | 38,600,000 | 27,500,000 |
Cleco Power [Member] | ' | ' | ' |
Components of Income Tax Expense [Line Items] | ' | ' | ' |
Change in total tax benefit from items charged directly to shareholder's equity | 3,300,000 | ' | ' |
Current and deferred income tax expense [Abstract] | ' | ' | ' |
Current federal income tax (benefit) expense | -33,000 | 13,008,000 | 23,347,000 |
Deferred federal income tax expense | 81,188,000 | 59,008,000 | 47,763,000 |
Amortization of accumulated deferred investment tax credits | -1,108,000 | -1,180,000 | -1,238,000 |
Total federal income tax expense | 80,047,000 | 70,836,000 | 69,872,000 |
Current state income tax (benefit) expense | -1,012,000 | -1,060,000 | 1,691,000 |
Deferred state income tax expense (benefit) | 346,000 | -1,643,000 | -2,154,000 |
Total state income tax benefit | -666,000 | -2,703,000 | -463,000 |
Total taxes | 79,381,000 | 68,133,000 | 69,409,000 |
Items charged or credited directly to shareholders' equity | ' | ' | ' |
Total tax expense (benefit) from items charged directly to shareholders' equity | 3,280,000 | 23,000 | -9,966,000 |
Total federal and state income tax expense | 82,661,000 | 68,156,000 | 59,443,000 |
Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Items charged or credited directly to shareholders' equity | ' | ' | ' |
Total tax expense (benefit) from items charged directly to shareholders' equity | 3,497,000 | -2,386,000 | -8,908,000 |
Internal Revenue Service (IRS) [Member] | Cleco Power [Member] | ' | ' | ' |
Items charged or credited directly to shareholders' equity | ' | ' | ' |
Total tax expense (benefit) from items charged directly to shareholders' equity | 2,824,000 | 20,000 | -8,580,000 |
State and Local Jurisdiction [Member] | ' | ' | ' |
Items charged or credited directly to shareholders' equity | ' | ' | ' |
Total tax expense (benefit) from items charged directly to shareholders' equity | 565,000 | -385,000 | -1,439,000 |
State and Local Jurisdiction [Member] | Cleco Power [Member] | ' | ' | ' |
Items charged or credited directly to shareholders' equity | ' | ' | ' |
Total tax expense (benefit) from items charged directly to shareholders' equity | $456,000 | $3,000 | ($1,386,000) |
Income_Taxes_Net_Operating_Los
Income Taxes, Net Operating Losses (Details) (Federal [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2011 |
Federal [Member] | ' |
Net Operating Losses [Abstract] | ' |
Net operating loss carryforwards | $477.70 |
Bonus Depreciation | $411 |
Income_Taxes_Income_Tax_Uncert
Income Taxes, Income Tax Uncertainties (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Uncertain Tax Positions [Abstract] | ' | ' | ' |
Interest payable associated with uncertain tax positions | $88,000 | $1,420,000 | ' |
Interest charges related to uncertain tax positions | 154,000 | -9,223,000 | -27,175,000 |
Liability for unrecognized tax benefit [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 3,126,000 | 56,235,000 | 102,785,000 |
Reduction for tax positions of current period | 0 | 0 | -4,129,000 |
Additions for tax positions of prior years | 2,193,000 | 0 | 11,031,000 |
Reduction for tax positions of prior years | -248,000 | 0 | -8,670,000 |
Reduction for settlement with tax authority | 0 | -53,109,000 | -44,782,000 |
Reduction for lapse of statute of limitations | 0 | 0 | 0 |
Balance at end of period | 5,071,000 | 3,126,000 | 56,235,000 |
Cleco Power [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Customer Surcredits | 8,400,000 | 6,200,000 | ' |
Customer Surcredits - Interest Expenses | 0 | 3,000,000 | ' |
Uncertain Tax Positions [Abstract] | ' | ' | ' |
Interest payable associated with uncertain tax positions | 11,000 | 3,358,000 | ' |
Interest charges related to uncertain tax positions | 11,000 | -11,648,000 | 2,116,000 |
Liability for unrecognized tax benefit [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 248,000 | 52,558,000 | 60,975,000 |
Reduction for tax positions of current period | 0 | 0 | -4,018,000 |
Additions for tax positions of prior years | 0 | 0 | 4,271,000 |
Reduction for tax positions of prior years | -248,000 | 0 | -8,670,000 |
Reduction for settlement with tax authority | 0 | -52,310,000 | 0 |
Reduction for lapse of statute of limitations | 0 | 0 | 0 |
Balance at end of period | $0 | $248,000 | $52,558,000 |
Income_Taxes_Income_Taxes_Inco
Income Taxes Income Taxes, Income Tax Examination (Details) (USD $) | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Internal Revenue Service (IRS) [Member] | Internal Revenue Service (IRS) [Member] | Internal Revenue Service (IRS) [Member] | Internal Revenue Service (IRS) [Member] | Internal Revenue Service (IRS) [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] |
Internal Revenue Service (IRS) [Member] | State and Local Jurisdiction [Member] | Internal Revenue Service (IRS) [Member] | State and Local Jurisdiction [Member] | ||||||
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Open Tax Year | ' | ' | ' | ' | ' | '2010 | '2005 | '2012 | '2012 |
Summary of income tax examinations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits with IRS | ' | ' | $60.40 | $8.20 | $52.20 | ' | ' | ' | ' |
Refund Received Related to Revenue from Different Year, Year Revenue Recognized | ' | 42.3 | ' | ' | ' | ' | ' | ' | ' |
Income Tax Examination, Year under Examination | ' | ' | ' | ' | ' | '2010 | ' | '2012 | ' |
Maximum decrease in unrecognized tax benefits as a result of settlement with the IRS | $4.60 | ' | ' | ' | ' | ' | ' | ' | ' |
Disclosures_about_Segments_Det
Disclosures about Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
entity | entity | ||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of transmission interconnection facility subsidiaries | 2 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Electric operations | ' | ' | ' | ' | ' | ' | ' | ' | $1,047,548 | $944,169 | $1,051,956 |
Tolling operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 19,004 |
Other operations | ' | ' | ' | ' | ' | ' | ' | ' | 51,002 | 50,158 | 52,962 |
Electric customer credits | ' | ' | ' | ' | ' | ' | ' | ' | -1,836 | -630 | -6,811 |
Affiliate revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 202 |
Operating revenue, net | 263,109 | 328,763 | 263,894 | 240,947 | 233,431 | 297,372 | 240,123 | 222,773 | 1,096,714 | 993,697 | 1,117,313 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 142,860 | 132,407 | 122,578 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 84,254 | 84,156 | 70,658 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,105 | 346 | 891 |
Equity income (loss) from investees, before tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 62,050 |
Federal and state income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 79,575 | 65,327 | 102,897 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 160,685 | 163,648 | 195,848 |
Additions to Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | 191,876 | 232,724 | 211,695 |
Equity investment in investees | 14,540 | ' | ' | ' | 14,540 | ' | ' | ' | 14,540 | 14,540 | 14,540 |
Total segment assets | 4,215,262 | ' | ' | ' | 4,147,349 | ' | ' | ' | 4,215,262 | 4,147,349 | 4,050,202 |
Unallocated items: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred dividends requirements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 26 |
Preferred stock redemption costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 112 |
Net income applicable to common stock | 25,112 | 66,407 | 42,032 | 27,133 | 23,112 | 63,818 | 46,686 | 30,031 | 160,685 | 163,648 | 195,710 |
Operating Segments [Member] | Cleco Power, LLC and Subsidiary, Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Electric operations | ' | ' | ' | ' | ' | ' | ' | ' | 1,047,548 | 944,169 | 1,051,956 |
Tolling operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other operations | ' | ' | ' | ' | ' | ' | ' | ' | 48,909 | 48,156 | 50,948 |
Electric customer credits | ' | ' | ' | ' | ' | ' | ' | ' | -1,836 | -630 | -6,811 |
Affiliate revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,338 | 1,372 | 1,389 |
Operating revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 1,095,959 | 993,067 | 1,097,482 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 135,717 | 125,486 | 115,634 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 82,677 | 80,502 | 97,090 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,100 | 333 | 630 |
Equity income (loss) from investees, before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Federal and state income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 79,381 | 68,133 | 69,409 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 150,410 | 146,848 | 142,835 |
Additions to Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | 184,684 | 222,104 | 201,980 |
Equity investment in investees | 14,532 | ' | ' | ' | 14,532 | ' | ' | ' | 14,532 | 14,532 | 14,532 |
Total segment assets | 3,943,712 | ' | ' | ' | 3,871,729 | ' | ' | ' | 3,943,712 | 3,871,729 | 3,726,471 |
Operating Segments [Member] | Midstream [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Electric operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Tolling operations | ' | ' | ' | ' | ' | ' | ' | ' | 31,670 | 25,559 | 19,004 |
Other operations | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 3 | 9 |
Electric customer credits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Affiliate revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 45 |
Operating revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 31,672 | 25,562 | 19,058 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 6,043 | 6,006 | 5,872 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | -331 | 770 | -28,996 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 25 |
Equity income (loss) from investees, before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,053 |
Federal and state income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 7,110 | 6,404 | 44,637 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 4,372 | 9,155 | 42,792 |
Additions to Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | 4,106 | 8,759 | 8,437 |
Equity investment in investees | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
Total segment assets | 225,832 | ' | ' | ' | 215,342 | ' | ' | ' | 225,832 | 215,342 | 233,891 |
Operating Segments [Member] | Corporate and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Electric operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Tolling operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other operations | ' | ' | ' | ' | ' | ' | ' | ' | 2,091 | 1,998 | 2,011 |
Electric customer credits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Affiliate revenue | ' | ' | ' | ' | ' | ' | ' | ' | 55,145 | 52,063 | 53,068 |
Operating revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 57,236 | 54,061 | 55,079 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 1,100 | 916 | 1,072 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,274 | 2,269 | 2,405 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -628 | -602 | 77 |
Equity income (loss) from investees, before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3 |
Federal and state income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -6,917 | -9,210 | -11,149 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 5,903 | 7,645 | 10,221 |
Additions to Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | 3,086 | 1,861 | 1,278 |
Equity investment in investees | 8 | ' | ' | ' | 8 | ' | ' | ' | 8 | 8 | 8 |
Total segment assets | 88,234 | ' | ' | ' | 201,678 | ' | ' | ' | 88,234 | 201,678 | 201,074 |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Electric operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Tolling operations | ' | ' | ' | ' | ' | ' | ' | ' | -31,670 | -25,559 | 0 |
Other operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1 | -6 |
Electric customer credits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Affiliate revenue | ' | ' | ' | ' | ' | ' | ' | ' | -56,483 | -53,435 | -54,300 |
Operating revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | -88,153 | -78,993 | -54,306 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1 | 0 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 634 | 615 | 159 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 633 | 615 | 159 |
Equity income (loss) from investees, before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Federal and state income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 0 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Additions to Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Equity investment in investees | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
Total segment assets | -42,516 | ' | ' | ' | -141,400 | ' | ' | ' | -42,516 | -141,400 | -111,234 |
Cleco Power [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Electric operations | ' | ' | ' | ' | ' | ' | ' | ' | 1,047,548 | 944,169 | 1,051,956 |
Other operations | ' | ' | ' | ' | ' | ' | ' | ' | 48,909 | 48,156 | 50,948 |
Electric customer credits | ' | ' | ' | ' | ' | ' | ' | ' | -1,836 | -630 | -6,811 |
Affiliate revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,338 | 1,372 | 1,389 |
Operating revenue, net | 262,900 | 328,556 | 263,725 | 240,778 | 233,269 | 297,212 | 239,967 | 222,620 | 1,095,959 | 993,067 | 1,097,482 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 135,717 | 125,486 | 115,634 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 82,677 | 80,502 | 97,090 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,100 | 333 | 630 |
Federal and state income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 79,381 | 68,133 | 69,409 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 150,410 | 146,848 | 142,835 |
Equity investment in investees | 14,532 | ' | ' | ' | 14,532 | ' | ' | ' | 14,532 | 14,532 | ' |
Total segment assets | $3,943,712 | ' | ' | ' | $3,871,729 | ' | ' | ' | $3,943,712 | $3,871,729 | ' |
Electric_Customer_Credits_Deta
Electric Customer Credits (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 26, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2020 |
Cleco Power [Member] | Cleco Power [Member] | Louisiana Public Service Commission [Member] | Louisiana Public Service Commission [Member] | Louisiana Public Service Commission [Member] | Louisiana Public Service Commission [Member] | |||
2012 FRP Monitoring Report [Member] | 2012 FRP Monitoring Report [Member] | 2013 FRP Monitoring Report [Member] | 2010 FRP [Member] | |||||
Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | |||||
Target return on equity allowed by FRP (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 10.70% |
Percentage of retail earnings within range to be returned to customers (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 60.00% |
Return on equity for customer credit, low range (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 11.30% |
Return on equity for customer credit, high range (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 12.30% |
Total customer credits | ' | ' | ' | ' | $2,400,000 | $1,700,000 | $2,200,000 | ' |
Provision for rate refund | $3,533,000 | $4,165,000 | $3,533,000 | $4,165,000 | ' | ' | ' | ' |
Variable_Interest_Entities_Own
Variable Interest Entities, Ownership Interest (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 29, 2011 | Apr. 29, 2011 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Acadia Power Partners [Member] | Cajun [Member] | Maximum [Member] | |||
APH [Member] | APH [Member] | Subsidiaries less than 100% owned by Cleco Innovations LLC [Member] | ||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' |
Equity Method Investments | $14,540 | $14,540 | $14,540 | ' | ' | $100 |
Ownership interest received (in hundredths) | ' | ' | ' | 100.00% | ' | ' |
Ownership interest exchanged (in hundredths) | ' | ' | ' | ' | 50.00% | ' |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 29, 2011 | |
Equity income (loss) from equity method investments [Abstract] | ' | ' | ' | ' | ' |
Total equity income (loss) | $0 | $0 | $62,050,000 | ' | ' |
Comparison of carrying amount of assets and liabilities to maximum loss exposure [Abstract] | ' | ' | ' | ' | ' |
Equity Method Investments | 14,540,000 | 14,540,000 | 14,540,000 | ' | ' |
Subsidiaries Less Than 100% owned by Diversified Lands LLC, Not Primary Beneficiary [Member] | ' | ' | ' | ' | ' |
Equity income (loss) from equity method investments [Abstract] | ' | ' | ' | ' | ' |
Total equity income (loss) | 0 | 0 | -3,000 | ' | ' |
Cajun [Member] | ' | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' |
Value of plant acquisition (proceeds) | ' | ' | ' | ' | -298,800,000 |
Summarized financial information [Abstract] | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | 7,133,000 | ' |
Property, plant and equipment, net | ' | ' | ' | 203,793,000 | ' |
Total assets | ' | ' | ' | 210,926,000 | ' |
Current liabilities | ' | ' | ' | 1,950,000 | ' |
Other liabilities | ' | ' | ' | 9,429,000 | ' |
Partner's capital | ' | ' | ' | 199,547,000 | ' |
Total liabilities and partners' capital | ' | ' | ' | 210,926,000 | ' |
Operating revenue | ' | ' | 5,227,000 | ' | ' |
Operating expenses | ' | ' | 5,914,000 | ' | ' |
Gain on sale of assets | ' | ' | 71,422,000 | ' | ' |
Other income | ' | ' | 929,000 | ' | ' |
Income before taxes | ' | ' | 71,664,000 | ' | ' |
Equity method investment, income tax expense (benefit) | ' | ' | 24,000,000 | 14,700,000 | ' |
Equity income (loss) from equity method investments [Abstract] | ' | ' | ' | ' | ' |
Total equity income (loss) | 0 | 0 | 62,053,000 | ' | ' |
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% | ' | ' | ' | ' |
Summarized financial information [Abstract] | ' | ' | ' | ' | ' |
Current assets | 2,289,000 | 1,814,000 | ' | ' | ' |
Property, plant and equipment, net | 22,611,000 | 23,029,000 | ' | ' | ' |
Other assets | 4,256,000 | 4,248,000 | ' | ' | ' |
Total assets | 29,156,000 | 29,091,000 | ' | ' | ' |
Current liabilities | 91,000 | 26,000 | ' | ' | ' |
Partner's capital | 29,065,000 | 29,065,000 | ' | ' | ' |
Total liabilities and partners' capital | 29,156,000 | 29,091,000 | ' | ' | ' |
Operating revenue | 2,558,000 | 1,126,000 | 1,781,000 | ' | ' |
Operating expenses | 2,558,000 | 1,126,000 | 1,781,000 | ' | ' |
Income before taxes | 0 | 0 | 0 | ' | ' |
Components of equity method investments [Abstract] | ' | ' | ' | ' | ' |
Purchase price | 12,873,000 | 12,873,000 | ' | ' | ' |
Cash contributions | 1,659,000 | 1,659,000 | ' | ' | ' |
Total equity investment in investee | 14,532,000 | 14,532,000 | ' | ' | ' |
Comparison of carrying amount of assets and liabilities to maximum loss exposure [Abstract] | ' | ' | ' | ' | ' |
Net assets/liabilities | 29,065,000 | 29,065,000 | ' | ' | ' |
Entity's 50% equity | 14,532,000 | 14,532,000 | ' | ' | ' |
Equity Method Investments | 14,532,000 | 14,532,000 | ' | ' | ' |
Maximum [Member] | Subsidiaries Less Than 100% owned by Diversified Lands LLC, Not Primary Beneficiary [Member] | ' | ' | ' | ' | ' |
Comparison of carrying amount of assets and liabilities to maximum loss exposure [Abstract] | ' | ' | ' | ' | ' |
Equity Method Investments | $100,000 | ' | ' | ' | ' |
Operating_Leases_Details
Operating Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Expected operating lease payments [Abstract] | ' | ' | ' |
2014 | $10,571,000 | ' | ' |
2015 | 10,713,000 | ' | ' |
2016 | 10,784,000 | ' | ' |
2017 | 8,789,000 | ' | ' |
2018 | 3,009,000 | ' | ' |
Thereafter | 9,669,000 | ' | ' |
Total operating lease payments | 53,535,000 | ' | ' |
Vehicles, Office and Operating Facilities, and Office Equipment [Member] | ' | ' | ' |
Operating leases, additional disclosures [Abstract] | ' | ' | ' |
Lease expenses recognized | 100,000 | 100,000 | 100,000 |
Cleco Corporation [Member] | ' | ' | ' |
Expected operating lease payments [Abstract] | ' | ' | ' |
2014 | 11,000 | ' | ' |
2015 | 0 | ' | ' |
2016 | 0 | ' | ' |
2017 | 0 | ' | ' |
2018 | 0 | ' | ' |
Thereafter | 0 | ' | ' |
Total operating lease payments | 11,000 | ' | ' |
Cleco Power [Member] | ' | ' | ' |
Expected operating lease payments [Abstract] | ' | ' | ' |
2014 | 10,560,000 | ' | ' |
2015 | 10,713,000 | ' | ' |
2016 | 10,784,000 | ' | ' |
2017 | 8,789,000 | ' | ' |
2018 | 3,009,000 | ' | ' |
Thereafter | 9,669,000 | ' | ' |
Total operating lease payments | 53,524,000 | ' | ' |
Cleco Power [Member] | Line Construction and Maintenance Vehicles [Member] | ' | ' | ' |
Operating leases, additional disclosures [Abstract] | ' | ' | ' |
Lease expenses recognized | 600,000 | 1,000,000 | 1,000,000 |
Cleco Power [Member] | Railcars Group 1 [Member] | ' | ' | ' |
Operating leases, additional disclosures [Abstract] | ' | ' | ' |
Number of railcars | 115 | ' | ' |
Lease terms | 'lease expires on March 31, 2021 | ' | ' |
Cleco Power [Member] | Railcars Group 2 [Member] | ' | ' | ' |
Operating leases, additional disclosures [Abstract] | ' | ' | ' |
Number of railcars | 116 | ' | ' |
Lease terms | 'lease expires on March 31, 2017 | ' | ' |
Cleco Power [Member] | Line Construction, Maintenance, and Service Vehicles [Member] | ' | ' | ' |
Operating leases, additional disclosures [Abstract] | ' | ' | ' |
Lease expenses recognized | 400,000 | 400,000 | 400,000 |
Cleco Power [Member] | Vehicles, Office and Operating Facilities, and Office Equipment [Member] | ' | ' | ' |
Operating leases, additional disclosures [Abstract] | ' | ' | ' |
Lease expenses recognized | 300,000 | 300,000 | 300,000 |
Cleco Power [Member] | Railroad Transportation Equipment [Member] | ' | ' | ' |
Operating leases, additional disclosures [Abstract] | ' | ' | ' |
Lease expenses recognized | 1,000,000 | 1,100,000 | 1,100,000 |
Number of groups of railcar leases | 2 | ' | ' |
Cleco Power [Member] | 483211 Inland Water Freight Transportation [Member] | ' | ' | ' |
Operating leases, additional disclosures [Abstract] | ' | ' | ' |
Lease expenses recognized | $4,700,000 | $5,600,000 | $5,600,000 |
Minimum [Member] | Vehicles, Office and Operating Facilities, and Office Equipment [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '1 year | ' | ' |
Minimum [Member] | Cleco Power [Member] | Line Construction and Maintenance Vehicles [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '5 years | ' | ' |
Minimum [Member] | Cleco Power [Member] | Line Construction, Maintenance, and Service Vehicles [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '5 years | ' | ' |
Maximum [Member] | Vehicles, Office and Operating Facilities, and Office Equipment [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '5 years | ' | ' |
Maximum [Member] | Cleco Power [Member] | Line Construction and Maintenance Vehicles [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '10 years | ' | ' |
Maximum [Member] | Cleco Power [Member] | Line Construction, Maintenance, and Service Vehicles [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '7 years | ' | ' |
Litigation_Other_Commitments_a2
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Litigation (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 11, 2011 | 11-May-10 | Mar. 09, 2010 | Mar. 31, 2010 | Mar. 31, 2010 | |
Discrimiation Complaint [Member] | Discrimiation Complaint [Member] | Discrimiation Complaint [Member] | Other Litigation Matters [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Customer [Member] | |
employee | Minimum [Member] | Minimum [Member] | City of Opelousas Litigation [Member] | City of Opelousas Litigation [Member] | City of Opelousas Litigation [Member] | Cleco Power [Member] | ||||
resident | claim | Minimum [Member] | City of Opelousas Litigation [Member] | |||||||
customer | ||||||||||
Litigation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of plaintiffs | ' | ' | ' | ' | ' | ' | 249 | ' | ' | ' |
Loss Contingency, Damages Sought, Value | ' | $2,500,000 | $35,000,000 | ' | ' | ' | ' | ' | $30,000,000 | ' |
Loss Contingency, Number of Plaintiffs | 1 | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Number of pending claims | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Amount owed as result of alleged overcharges | ' | ' | ' | 10,300,000 | ' | ' | ' | ' | ' | ' |
Fuel expenses included in audit | ' | ' | ' | ' | 3,260,000,000 | ' | ' | ' | ' | ' |
Cost disallowance in audit, excluding interest | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' |
Customer fuel credit refund, excluding interest | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' |
Environmental expenses included in audit | ' | ' | ' | ' | ' | $11,300,000 | ' | ' | ' | ' |
Litigation_Other_Commitments_a3
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Off-Balance Sheet Commitments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2006 | Dec. 31, 2013 | Apr. 12, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Cleco Corporation [Member] | Cleco Power [Member] | Attala [Member] | Attala [Member] | Evangeline [Member] | Evangeline [Member] | Louisiana Department of Labor [Member] | MISO [Member] | |
Guarantee Issued to Entergy Mississippi on behalf of Attala [Member] | Obligations Under Standby Letter of Credit Issued to the Louisiana Department of Labor [Member] | Cleco Corporation [Member] | Cleco Corporation [Member] | Cleco Corporation [Member] | Cleco Corporation [Member] | Cleco Power [Member] | Cleco Power [Member] | ||
Guarantee Issued to Entergy Mississippi on behalf of Attala [Member] | Guarantee Issued to Entergy Mississippi on behalf of Attala [Member] | Guarantee Issued to Entergy Mississippi on behalf of Attala [Member] | Guarantee Issued to Entergy Mississippi on behalf of Attala [Member] | Obligations Under Standby Letter of Credit Issued to the Louisiana Department of Labor [Member] | Obligations Under Standby Letter of Credit Issued to the Louisiana Department of Labor [Member] | ||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FACE AMOUNT | $13,225 | ' | ' | $500 | ' | $8,000 | ' | $3,725 | $1,000 |
REDUCTIONS | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' |
NET AMOUNT | $13,225 | ' | ' | $500 | $500 | $8,000 | $8,000 | $3,725 | $1,000 |
Percentage of average losses on which letter of credit is based (in hundredths) | ' | ' | 110.00% | ' | ' | ' | ' | ' | ' |
Litigation_Other_Commitments_a4
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Disclosures about Guarantees (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 29, 2011 | Dec. 31, 2013 | Feb. 28, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 23, 2010 | Feb. 28, 2010 |
Lignite Mining Agreement Guarantee [Member] | Acadia Unit 2 Transaction [Member] | Acadia Unit 2 Transaction [Member] | Acadia Unit 2 Transaction [Member] | Acadia Unit 2 Transaction [Member] | 2004 sale of Perryville facility [Member] | Acadia Unit 1 Transaction [Member] | Acadia Unit 1 Transaction [Member] | Acadia Unit 1 Transaction [Member] | Acadia Unit 1 Transaction [Member] | Acadia Unit 1 Transaction [Member] | ||
Cleco Power [Member] | Guarantee Issued to Cleco Power on behalf of Acadia [Member] | Guarantee Issued to Cleco Power on behalf of Acadia [Member] | Guarantee Issued to Cleco Power on behalf of Acadia [Member] | Guarantee Issued to Cleco Power on behalf of Acadia [Member] | Guarantee Issued to Entergy Louisiana and Entergy Gulf States for Performance Obligations of Perryville [Member] | Guarantee Issued to Cleco Power on behalf of Acadia [Member] | Guarantee Issued to Cleco Power on behalf of Acadia [Member] | Guarantee Issued to Cleco Power on behalf of Acadia [Member] | Guarantee Issued to Cleco Power on behalf of Acadia [Member] | Cleco Power [Member] | ||
Financial Guarantee [Member] | Guarantee Issued to Cleco Power on behalf of Acadia [Member] | |||||||||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $13,225,000 | $98,100,000 | ' | $298,800,000 | ' | ' | $42,400,000 | $10,000,000 | ' | ' | ' | $30,000,000 |
Disclosures about Guarantees [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability recognized on the balance sheets | 4,906,000 | 3,800,000 | ' | 900,000 | ' | ' | 200,000 | ' | ' | ' | ' | ' |
Fair value of indemnification liability recorded | ' | ' | ' | ' | ' | 21,800,000 | ' | ' | 0 | ' | 13,500,000 | ' |
Guarantor Obligations, Term | ' | ' | 'P3Y | ' | ' | ' | ' | 'P3Y | ' | ' | ' | ' |
Maximum residual value of indemnification obligation | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Income from contractual expiration of indemnification | ' | ' | ' | 6,900,000 | 14,000,000 | ' | ' | ' | 400,000 | 7,200,000 | ' | ' |
Off-balance sheet commitments, expected termination dates [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET AMOUNT COMMITTED | 13,225,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LESS THAN ONE YEAR | 3,725,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
1-3 YEARS | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
3-5 YEARS | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
MORE THAN 5 YEARS | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
On-balance sheet guarantees, expected termination dates [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET AMOUNT COMMITTED | 4,906,000 | 3,800,000 | ' | 900,000 | ' | ' | 200,000 | ' | ' | ' | ' | ' |
LESS THAN ONE YEAR | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
1-3 YEARS | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
3-5 YEARS | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
MORE THAN 5 YEARS | 4,006,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total off-balance sheet commitments and on-balance sheet guarantees, expected termination dates [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total NET AMOUNT COMMITTED | 18,131,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total LESS THAN ONE YEAR | 3,725,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total 1-3 YEARS | 8,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total 3-5 YEARS | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total MORE THAN 5 YEARS | $4,506,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation_Other_Commitments_a5
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Long-Term Purchase Obligations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cleco Power [Member] | Purchase of coal, petroleum coke, limestone, entergy capacity and energy delivery facilities [Member] | ' | ' | ' |
Payments required under long-term purchase obligations [Abstract] | ' | ' | ' |
Payments under long-term purchase obligations | $105,300,000 | $59,200,000 | $97,400,000 |
2014 | 77,089,000 | ' | ' |
2015 | 14,980,000 | ' | ' |
2016 | 15,606,000 | ' | ' |
2017 | 17,262,000 | ' | ' |
2018 | 15,424,000 | ' | ' |
Total long-term purchase obligations | 140,361,000 | ' | ' |
Cleco Corporation [Member] | ' | ' | ' |
Payments required under long-term purchase obligations [Abstract] | ' | ' | ' |
Total long-term purchase obligations | $0 | ' | ' |
Litigation_Other_Commitments_a6
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, New Markets Tax Credits (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Aug. 31, 2008 | |
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees [Abstract] | ' | ' |
Equity contributions - Total | $65,241,000 | ' |
New Markets Tax Credits [Abstract] | ' | ' |
Membership interest in U.S Bank New Markets Tax Credit Fund (in hundredths) | ' | 99.90% |
Equity contributions to be made to the Fund | 283,600,000 | ' |
Net tax benefits to be received from the Fund | 301,900,000 | ' |
Difference between equity contributions and total benefits received will be recognized over the life of the Fund as net tax benefits | 18,300,000 | ' |
Future equity contributions [Abstract] | ' | ' |
2014 | 47,434,000 | ' |
2015 | 11,195,000 | ' |
2016 | 3,698,000 | ' |
2017 | 2,914,000 | ' |
Total | 65,241,000 | ' |
Equity contributions with an imputed interest rate [Abstract] | ' | ' |
Less: unamortized discount | 3,930,000 | ' |
Total | 61,311,000 | ' |
Equity contributions - imputed interst rate | 6.00% | ' |
Tax benefits in excess of capital contributions | 73,800,000 | ' |
Tax benefits not utilized | $113,600,000 | ' |
Period (in years) over which gross investment amortization expense is recognized | '9 years | ' |
Remaining period (in years) of recognition of gross investment amortization expense | '4 years | ' |
Litigation_Other_Commitments_a7
Litigation, Other Commitments and Contingencies, and Disclosures about Guarantees, Fuel Transportation Agreement and Capital Leases (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Future minimum lease payments under capital leases [Abstract] | ' | ' |
Current liabilities | $2,305,000 | $2,171,000 |
Cleco Power [Member] | ' | ' |
Future minimum lease payments under capital leases [Abstract] | ' | ' |
Current liabilities | 2,305,000 | 2,171,000 |
Cleco Power [Member] | Barges [Member] | ' | ' |
Fuel Transportation Agreement [Abstract] | ' | ' |
Repayments of Long-term Capital Lease Obligations | 3,700,000 | 4,300,000 |
Analysis of leased property under capital leases by major classes [Abstract] | ' | ' |
Barges | 8,918,000 | 11,350,000 |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 2,171,000 | 0 |
Net capital leases | 6,747,000 | 11,350,000 |
Future minimum lease payments under capital leases [Abstract] | ' | ' |
2014 | 3,725,000 | ' |
2015 | 3,725,000 | ' |
2016 | 3,735,000 | ' |
2017 | 2,480,000 | ' |
Total minimum lease payments | 13,665,000 | ' |
Less: executory costs | 3,416,000 | ' |
Net minimum lease payments | 10,249,000 | ' |
Less: amount representing interest | 1,070,000 | ' |
Present value of net minimum lease payments | 9,179,000 | ' |
Current liabilities | 2,305,000 | ' |
Non-current liabilities | 6,874,000 | ' |
Operating Leases, Income Statement, Sublease Revenue | $0 | $400,000 |
Affiliate_Transactions_Details
Affiliate Transactions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Affiliate revenue | $0 | $0 | $202,000 |
Related Party Transaction, Due from (to) Related Party [Abstract] | ' | ' | ' |
Due from (to) related parties | 0 | 0 | ' |
Cleco Power [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Affiliate revenue | 1,338,000 | 1,372,000 | 1,389,000 |
Other income from related parties | 157,000 | 40,000 | 155,000 |
Total Revenue from Affiliate Transactions | 1,495,000 | 1,412,000 | 1,544,000 |
Related Party Transaction, Due from (to) Related Party [Abstract] | ' | ' | ' |
Accounts receivable - affiliate | 1,045,000 | 2,991,000 | ' |
Accounts payable - affiliate | 8,386,000 | 10,097,000 | ' |
Non-cash equity contributions from parent | 0 | 0 | 0 |
Transfer of pension plan liability and an equal amount of cash | 2,481,000 | 2,161,000 | ' |
Cleco Corporation [Member] | Cleco Power [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Other income from related parties | 26,000 | 0 | 10,000 |
Related Party Transaction, Due from (to) Related Party [Abstract] | ' | ' | ' |
Accounts receivable - affiliate | 379,000 | 139,000 | ' |
Accounts payable - affiliate | 389,000 | 1,140,000 | ' |
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | 105,000,000 | 58,000,000 | 130,000,000 |
Support Group [Member] | Cleco Power [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Affiliate revenue | 1,318,000 | 1,335,000 | 1,349,000 |
Related Party Transaction, Due from (to) Related Party [Abstract] | ' | ' | ' |
Accounts receivable - affiliate | 634,000 | 2,777,000 | ' |
Accounts payable - affiliate | 5,972,000 | 7,528,000 | ' |
Transfer of pension plan liability and an equal amount of cash | 2,193,000 | 1,881,000 | ' |
Midstream [Member] | Cleco Power [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Affiliate revenue | 0 | 14,000 | 14,000 |
Related Party Transaction, Due from (to) Related Party [Abstract] | ' | ' | ' |
Accounts receivable - affiliate | 27,000 | 27,000 | ' |
Accounts payable - affiliate | 1,000 | 5,000 | ' |
Transfer of pension plan liability and an equal amount of cash | 288,000 | 280,000 | ' |
Evangeline [Member] | Cleco Power [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Affiliate revenue | 20,000 | 23,000 | 26,000 |
Other income from related parties | 68,000 | 11,000 | 12,000 |
Related Party Transaction, Due from (to) Related Party [Abstract] | ' | ' | ' |
Accounts receivable - affiliate | 4,000 | 6,000 | ' |
Accounts payable - affiliate | 2,024,000 | 1,401,000 | ' |
Diversified Lands [Member] | Cleco Power [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Other income from related parties | 45,000 | 17,000 | 124,000 |
Related Party Transaction, Due from (to) Related Party [Abstract] | ' | ' | ' |
Accounts receivable - affiliate | 1,000 | 42,000 | ' |
Accounts payable - affiliate | 0 | 23,000 | ' |
Acadia [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Affiliate revenue | ' | ' | 200,000 |
Perryville [Member] | Cleco Power [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Other income from related parties | 10,000 | 6,000 | 4,000 |
Attala [Member] | Cleco Power [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Other income from related parties | 8,000 | 6,000 | 5,000 |
Other Operations [Member] | Support Group [Member] | Cleco Power [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Expenses from transactions with related parties | 48,694,000 | 43,171,000 | 43,124,000 |
Maintenance [Member] | Support Group [Member] | Cleco Power [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Expenses from transactions with related parties | 1,263,000 | 1,437,000 | 1,625,000 |
Taxes other than income taxes [Member] | Support Group [Member] | Cleco Power [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Expenses from transactions with related parties | -6,000 | -54,000 | -1,000 |
Power purchased for utility customers [Member] | Evangeline [Member] | Cleco Power [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Expenses from transactions with related parties | 31,670,000 | 25,559,000 | 0 |
Other Expense [Member] | Support Group [Member] | Cleco Power [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Expenses from transactions with related parties | 306,000 | 932,000 | 1,244,000 |
Other Expense [Member] | Evangeline [Member] | Cleco Power [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Expenses from transactions with related parties | 42,000 | 0 | 4,000 |
Other Expense [Member] | Diversified Lands [Member] | Cleco Power [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Expenses from transactions with related parties | $3,000 | $0 | $82,000 |
Intangible_Asset_Details
Intangible Asset (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | |
Right to bill and collect storm recovery charges from customers and financing costs [Member] | Right to bill and collect storm recovery charges from customers and financing costs [Member] | Right to bill and collect storm recovery charges from customers and financing costs [Member] | Right to bill and collect storm recovery charges from customers [Member] | Financing costs [Member] | Minimum [Member] | Maximum [Member] | ||||
Right to bill and collect storm recovery charges from customers and financing costs [Member] | Right to bill and collect storm recovery charges from customers and financing costs [Member] | |||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired intangible asset | ' | ' | ' | $177,500,000 | ' | ' | $176,000,000 | $1,500,000 | ' | ' |
Intangible asset expected useful life, minimum (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | '15 years |
Acquired Finite-lived Intangible Asset, Residual Value | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Amortization expense | 14,500,000 | 13,100,000 | 11,800,000 | ' | ' | ' | ' | ' | ' | ' |
Intangible asset, net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross carrying amount | ' | ' | ' | ' | 177,537,000 | 177,537,000 | ' | ' | ' | ' |
Accumulated amortization | ' | ' | ' | ' | 71,530,000 | 56,992,000 | ' | ' | ' | ' |
Intangible asset | 106,007,000 | 120,545,000 | ' | ' | 106,007,000 | 120,545,000 | ' | ' | ' | ' |
Expected amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
For the year ending December 31, 2014 | ' | ' | ' | ' | 14,931,000 | ' | ' | ' | ' | ' |
For the year ending December 31, 2015 | ' | ' | ' | ' | 15,876,000 | ' | ' | ' | ' | ' |
For the year ending December 31, 2016 | ' | ' | ' | ' | 16,864,000 | ' | ' | ' | ' | ' |
For the year ending December 31, 2017 | ' | ' | ' | ' | 18,009,000 | ' | ' | ' | ' | ' |
For the year ending December 31, 2018 | ' | ' | ' | ' | 19,312,000 | ' | ' | ' | ' | ' |
After 2018 | ' | ' | ' | ' | $21,015,000 | ' | ' | ' | ' | ' |
Evangeline_Transactions_Detail
Evangeline Transactions (Details) (USD $) | Feb. 28, 2010 | Feb. 25, 2010 | Apr. 30, 2012 | Apr. 30, 2015 |
In Millions, unless otherwise specified | Evangeline [Member] | Evangeline [Member] | Evangeline [Member] | Evangeline Power Purchase Agreement [Member] |
Short-term RFP [Member] | Evangeline [Member] | |||
MW | Cleco Power [Member] | |||
MW | ||||
Bonds Transferred from JPMVEC to Evangeline [Abstract] | ' | ' | ' | ' |
Senior Secured bonds transferred and retired | ' | $126.60 | ' | ' |
Stated interest rate of bonds transferred and retired (in hundredths) | ' | 8.82% | ' | ' |
Accrued interest on transferred bonds eliminated | ' | 5.3 | ' | ' |
Payment by JPMVEC to Evangeline | 56.7 | ' | ' | ' |
Cancellation of letter of credit | 15 | ' | ' | ' |
Redemption of remaining bonds [Abstract] | ' | ' | ' | ' |
Face amount of remaining Senior Secured bonds | ' | 35.2 | ' | ' |
Accrued interest paid to debtholders | ' | 1.5 | ' | ' |
Make-whole payment on bond redemption | ' | 10.2 | ' | ' |
Deferred debt issuance costs | ' | 2.1 | ' | ' |
Restricted cash released upon redemption of bonds | ' | $30.10 | ' | ' |
Capacity and energy | ' | ' | 250 | 730 |
Acadia_Transactions_Details
Acadia Transactions (Details) (USD $) | Feb. 28, 2010 | Feb. 28, 2010 | Apr. 29, 2011 | Feb. 28, 2010 | Apr. 29, 2011 | Apr. 29, 2011 | Apr. 29, 2011 |
In Millions, unless otherwise specified | Cleco Power [Member] | APH [Member] | APH [Member] | Acadia Power Partners [Member] | Acadia Power Partners [Member] | Acadia Power Partners [Member] | Cajun [Member] |
Acadia Unit 1 Transaction [Member] | Acadia Unit 1 Transaction [Member] | Acadia Unit 2 Transaction [Member] | Acadia Unit 1 Transaction [Member] | Acadia Unit 2 Transaction [Member] | APH [Member] | APH [Member] | |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from plant disposition | ' | ' | ' | ($304) | ($298.80) | ' | ' |
Deferred taxes recognized | 78.4 | ' | ' | ' | ' | ' | ' |
Recognized gain on transaction | ' | ' | 62 | 82 | ' | ' | ' |
Indemnification against third parties | ' | 6.8 | 10.9 | ' | ' | ' | ' |
Third parties' share of entity's liabilities (in hundredths) | ' | 50.00% | 50.00% | ' | ' | ' | ' |
Net adjustment to equity income | ' | ' | 26.2 | ' | ' | ' | ' |
Impairment of investment | ' | ' | 45.9 | ' | ' | ' | ' |
Capitalized interest and other | ' | ' | $19.70 | ' | ' | ' | ' |
Ownership interest received (in hundredths) | ' | ' | ' | ' | ' | 100.00% | ' |
Ownership interest exchanged (in hundredths) | ' | ' | ' | ' | ' | ' | 50.00% |
Storm_Restoration_Storm_Restor
Storm Restoration Storm Restoration (Details) (Cleco Power [Member], Hurricane Isaac [Member], USD $) | Dec. 31, 2013 | Sep. 02, 2012 | Aug. 28, 2012 |
In Millions, unless otherwise specified | customer | ||
Cleco Power [Member] | Hurricane Isaac [Member] | ' | ' | ' |
Storm Resotration [Line Items] | ' | ' | ' |
Approximate Number of Customers Affected (in thousands) | ' | ' | 95,000 |
Percent of Customers Affected | ' | ' | 34.00% |
Percent of Customers Restored | ' | 100.00% | ' |
Cost of Storm Restoration | $24.30 | ' | ' |
Percent of Storm Restoration Costs Capitalized | 56.00% | ' | ' |
Capitalized Storm Restoration Costs | $13.60 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Balance | ($32,370) | ($28,139) | ($11,638) |
Amounts reclassified from accumulated other comprehensive income | 2,159 | 2,117 | 1,213 |
Net current-period other comprehensive income (loss) | 6,494 | -4,231 | -16,501 |
Balance | -25,876 | -32,370 | -28,139 |
Cleco Power [Member] | ' | ' | ' |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Balance | -20,421 | -20,630 | -4,734 |
Amounts reclassified from accumulated other comprehensive income | 970 | 1,160 | 692 |
Net current-period other comprehensive income (loss) | 5,244 | 209 | -15,896 |
Balance | -15,177 | -20,421 | -20,630 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Balance | -24,741 | -18,176 | -17,668 |
Other comprehensive income (loss) before reclassifications | 2,857 | -8,682 | -1,721 |
Amounts reclassified from accumulated other comprehensive income | 2,159 | 2,117 | 1,213 |
Net current-period other comprehensive income (loss) | 5,016 | -6,565 | -508 |
Balance | -19,725 | -24,741 | -18,176 |
Accumulated Defined Benefit Plans Adjustment [Member] | Cleco Power [Member] | ' | ' | ' |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Balance | -12,792 | -10,667 | -10,764 |
Other comprehensive income (loss) before reclassifications | 2,796 | -3,285 | -595 |
Amounts reclassified from accumulated other comprehensive income | 970 | 1,160 | 692 |
Net current-period other comprehensive income (loss) | 3,766 | -2,125 | 97 |
Balance | -9,026 | -12,792 | -10,667 |
Net Gain (Loss) on Cash Flow Hedges [Member] | ' | ' | ' |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Balance | -7,629 | -9,963 | 6,030 |
Other comprehensive income (loss) before reclassifications | 1,355 | 433 | -15,788 |
Net current-period other comprehensive income (loss) | 1,478 | 2,334 | -15,993 |
Balance | -6,151 | -7,629 | -9,963 |
Net Gain (Loss) on Cash Flow Hedges [Member] | Cleco Power [Member] | ' | ' | ' |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Balance | -7,629 | -9,963 | 6,030 |
Other comprehensive income (loss) before reclassifications | 1,355 | 433 | -15,788 |
Net current-period other comprehensive income (loss) | 1,478 | 2,334 | -15,993 |
Balance | -6,151 | -7,629 | -9,963 |
Interest Expense [Member] | ' | ' | ' |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 154 | 37 | -205 |
Interest Expense [Member] | Cleco Power [Member] | ' | ' | ' |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 154 | 37 | -205 |
Interest Expense [Member] | Net Gain (Loss) on Cash Flow Hedges [Member] | Cleco Power [Member] | ' | ' | ' |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 154 | 37 | -205 |
Regulatory Asset [Member] | ' | ' | ' |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | -31 | 1,864 | ' |
Regulatory Asset [Member] | Cleco Power [Member] | ' | ' | ' |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | -31 | 1,864 | ' |
Regulatory Asset [Member] | Net Gain (Loss) on Cash Flow Hedges [Member] | ' | ' | ' |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | -31 | 1,864 | ' |
Regulatory Asset [Member] | Net Gain (Loss) on Cash Flow Hedges [Member] | Cleco Power [Member] | ' | ' | ' |
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ($31) | $1,864 | ' |
Miscellaneous_Financial_Inform2
Miscellaneous Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenue, net | $263,109 | $328,763 | $263,894 | $240,947 | $233,431 | $297,372 | $240,123 | $222,773 | $1,096,714 | $993,697 | $1,117,313 |
Operating income | 58,314 | 116,794 | 74,754 | 58,467 | 49,766 | 103,347 | 74,243 | 54,294 | 308,332 | 281,651 | 298,247 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 160,685 | 163,648 | 195,848 |
Net income applicable to common stock | 25,112 | 66,407 | 42,032 | 27,133 | 23,112 | 63,818 | 46,686 | 30,031 | 160,685 | 163,648 | 195,710 |
Basic net income per average share (in dollars per share) | $0.42 | $1.10 | $0.70 | $0.45 | $0.38 | $1.06 | $0.77 | $0.50 | $2.66 | $2.71 | $3.24 |
Diluted net income per average common share (in dollars per share) | $0.41 | $1.09 | $0.69 | $0.45 | $0.38 | $1.05 | $0.77 | $0.50 | $2.65 | $2.70 | $3.22 |
Dividends paid per common share (in dollars per share) | $0.36 | $0.36 | $0.36 | $0.34 | $0.34 | $0.34 | $0.31 | $0.31 | $1.43 | $1.30 | $1.12 |
Closing market price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
High (in dollars per share) | $47.79 | $50.42 | $49.52 | $47.17 | $43.75 | $45.30 | $42.45 | $40.10 | ' | ' | ' |
Low (in dollars per share) | $43.69 | $43.76 | $43.75 | $40.39 | $38.46 | $40.09 | $38.16 | $36.15 | ' | ' | ' |
Cleco Power [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenue, net | 262,900 | 328,556 | 263,725 | 240,778 | 233,269 | 297,212 | 239,967 | 222,620 | 1,095,959 | 993,067 | 1,097,482 |
Operating income | 60,678 | 111,663 | 72,579 | 61,765 | 54,584 | 97,510 | 76,792 | 58,306 | 306,681 | 287,194 | 304,393 |
Net income | 26,268 | 61,885 | 34,464 | 27,793 | 24,975 | 57,783 | 37,284 | 26,805 | ' | ' | ' |
Distribution to Cleco Corporation (as sole member) | $30,000 | $50,000 | $25,000 | $0 | $0 | $18,000 | $10,000 | $30,000 | ' | ' | ' |
Miscellaneous_Financial_Inform3
Miscellaneous Financial Information (Unaudited), Shareholders (Details) | Dec. 31, 2013 |
shareholder | |
Common Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Number of shareholders | 5,620 |
Preferred Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Number of shareholders | 0 |
Miscellaneous_Financial_Inform4
Miscellaneous Financial Information (Unaudited), Dividends and Preferred Stock Redemption (Details) (Common Stock [Member], USD $) | 1 Months Ended | ||||||||
Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Jan. 30, 2014 | |
Subsequent Event [Member] | |||||||||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.36 |
Common Stock, Dividends, Per Share, Declared | $0.36 | $0.36 | $0.36 | $0.34 | $0.34 | $0.34 | $0.31 | $0.31 | ' |
Schedule_I_Financial_Statement2
Schedule I Financial Statements of Cleco Corporation, Condensed Statements of Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | $58,314 | $116,794 | $74,754 | $58,467 | $49,766 | $103,347 | $74,243 | $54,294 | $308,332 | $281,651 | $298,247 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 13,857 | 29,117 | 8,914 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | -2,861 | -4,694 | -5,646 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 240,260 | 228,975 | 298,745 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 79,575 | 65,327 | 102,897 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 160,685 | 163,648 | 195,848 |
Preferred dividends requirements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 26 |
Preferred stock redemption costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 112 |
Net income applicable to common stock | 25,112 | 66,407 | 42,032 | 27,133 | 23,112 | 63,818 | 46,686 | 30,031 | 160,685 | 163,648 | 195,710 |
CLECO CORPORATION (Parent Company Only) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Administrative and general | ' | ' | ' | ' | ' | ' | ' | ' | 2,501 | 1,154 | 1,184 |
Other operating expense | ' | ' | ' | ' | ' | ' | ' | ' | 418 | 362 | 650 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,919 | 1,516 | 1,834 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -2,919 | -1,516 | -1,834 |
Equity income from subsidiaries, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 155,360 | 156,783 | 184,951 |
Interest, net | ' | ' | ' | ' | ' | ' | ' | ' | -2,380 | -3,350 | -2,874 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 3,392 | 2,068 | 4,647 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | -38 | -13 | -2,230 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 153,415 | 153,972 | 182,660 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -7,270 | -9,676 | -13,188 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 160,685 | 163,648 | 195,848 |
Preferred dividends requirements | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 26 |
Preferred stock redemption costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 112 |
Net income applicable to common stock | ' | ' | ' | ' | ' | ' | ' | ' | $160,685 | $163,648 | $195,710 |
Schedule_I_Financial_Statement3
Schedule I Financial Statements of Cleco Corporation, Condensed Statements of Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income | $160,685 | $163,648 | $195,848 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Postretirement benefits gain (loss), net of tax | 5,016 | -6,565 | -508 |
Net gain (loss) on cash flow hedges, net of tax | 1,478 | 2,334 | -15,993 |
Total other comprehensive income (loss), net of tax | 6,494 | -4,231 | -16,501 |
Comprehensive income, net of tax | 167,179 | 159,417 | 179,347 |
CLECO CORPORATION (Parent Company Only) [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income | 160,685 | 163,648 | 195,848 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Postretirement benefits gain (loss), net of tax | 5,016 | -6,565 | -508 |
Net gain (loss) on cash flow hedges, net of tax | 1,478 | 2,334 | -15,993 |
Total other comprehensive income (loss), net of tax | 6,494 | -4,231 | -16,501 |
Comprehensive income, net of tax | $167,179 | $159,417 | $179,347 |
Schedule_I_Financial_Statement4
Schedule I Financial Statements of Cleco Corporation Schedule I Financial Statements of Cleco Corporation, Condensed Statements of Comprehensive Income Partenthetical (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net tax expense (benefit) on post-retirement benefits | $3,137 | ($4,230) | ($344) |
Net tax expense (benefit) on cash flow hedges | 925 | 1,460 | -10,002 |
CLECO CORPORATION (Parent Company Only) [Member] | ' | ' | ' |
Net tax expense (benefit) on post-retirement benefits | 3,137 | -4,230 | -344 |
Net tax expense (benefit) on cash flow hedges | $925 | $1,460 | ($10,002) |
Schedule_I_Financial_Statement5
Schedule I Financial Statements of Cleco Corporation, Condensed Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $28,656 | $31,020 | $93,576 | $191,128 |
Other accounts receivable | 46,981 | 37,741 | ' | ' |
Taxes receivable, net | 0 | 34,612 | ' | ' |
Accumulated deferred federal and state income taxes, net | 94,179 | 79,353 | ' | ' |
Cash surrender value of life insurance policies | 64,720 | 57,346 | ' | ' |
Total current assets | 473,582 | 447,338 | ' | ' |
Equity investment in investees | 14,540 | 14,540 | 14,540 | ' |
Other deferred charges | 23,248 | 21,355 | ' | ' |
Total assets | 4,215,262 | 4,147,349 | 4,050,202 | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 110,544 | 102,695 | ' | ' |
Taxes payable, net | 18,680 | 0 | ' | ' |
Interest accrued | 12,188 | 12,957 | ' | ' |
Accumulated deferred federal and state income taxes, net | 869,150 | 762,992 | ' | ' |
Other current liabilities | 12,948 | 16,926 | ' | ' |
Total current liabilities | 243,473 | 294,630 | ' | ' |
Tax credit fund investment, net | 41,840 | 78,840 | ' | ' |
Other deferred credits | 31,929 | 34,799 | ' | ' |
Total liabilities | 2,629,065 | 2,648,136 | ' | ' |
Common shareholders' equity | ' | ' | ' | ' |
Common stock | 61,047 | 60,962 | ' | ' |
Premium on common stock | 422,624 | 416,619 | ' | ' |
Retained earnings | 1,149,003 | 1,075,074 | ' | ' |
Treasury stock | -20,601 | -21,072 | ' | ' |
Accumulated other comprehensive loss | -25,876 | -32,370 | -28,139 | -11,638 |
Total shareholders' equity | 1,586,197 | 1,499,213 | 1,419,857 | 1,317,178 |
Total liabilities and shareholders' equity | 4,215,262 | 4,147,349 | ' | ' |
CLECO CORPORATION (Parent Company Only) [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 7,375 | 7,418 | 22,642 | 5,320 |
Accounts receivable - affiliate | 9,549 | 9,455 | ' | ' |
Other accounts receivable | 0 | 1 | ' | ' |
Taxes receivable, net | 0 | 30,920 | ' | ' |
Accumulated deferred federal and state income taxes, net | 7,330 | 0 | ' | ' |
Cash surrender value of life insurance policies | 45,394 | 36,504 | ' | ' |
Total current assets | 69,648 | 84,298 | ' | ' |
Equity investment in investees | 1,553,543 | 1,497,788 | ' | ' |
Accumulated deferred federal and state income taxes, net | 102,255 | 91,359 | ' | ' |
Other deferred charges | 719 | 1,721 | ' | ' |
Total assets | 1,726,165 | 1,675,166 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 3,218 | 3,392 | ' | ' |
Accounts payable - affiliate | 60,590 | 55,432 | ' | ' |
Taxes payable, net | 17,161 | 0 | ' | ' |
Interest accrued | 38 | 377 | ' | ' |
Accumulated deferred federal and state income taxes, net | 0 | 2,926 | ' | ' |
Other current liabilities | 11,081 | 9,986 | ' | ' |
Total current liabilities | 92,088 | 72,113 | ' | ' |
Tax credit fund investment, net | 41,840 | 78,840 | ' | ' |
Other deferred credits | 1,040 | 0 | ' | ' |
Long-term debt | 5,000 | 25,000 | ' | ' |
Total liabilities | 139,968 | 175,953 | ' | ' |
Common shareholders' equity | ' | ' | ' | ' |
Common stock | 61,047 | 60,962 | ' | ' |
Premium on common stock | 422,624 | 416,619 | ' | ' |
Retained earnings | 1,149,003 | 1,075,074 | ' | ' |
Treasury stock | -20,601 | -21,072 | ' | ' |
Accumulated other comprehensive loss | -25,876 | -32,370 | ' | ' |
Total shareholders' equity | 1,586,197 | 1,499,213 | ' | ' |
Total liabilities and shareholders' equity | $1,726,165 | $1,675,166 | ' | ' |
Schedule_I_Financial_Statement6
Schedule I Financial Statements of Cleco Corporation Schedule I Financial Statements of Cleco Corporation, Condensed Balance Sheet Parentheticals (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued | 61,047,006 | 60,961,570 |
Common stock, outstanding (in shares) | 60,454,520 | 60,355,545 |
Treasury stock, at cost (in shares) | 592,486 | 606,025 |
CLECO CORPORATION (Parent Company Only) [Member] | ' | ' |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued | 61,047,006 | 60,961,570 |
Common stock, outstanding (in shares) | 60,454,520 | 60,355,545 |
Treasury stock, at cost (in shares) | 592,486 | 606,025 |
Schedule_I_Financial_Statement7
Schedule I Financial Statements of Cleco Corporation, Condensed Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net cash provided by operating activities | $341,690 | $263,105 | $310,061 |
Investing activities | ' | ' | ' |
Contributions to tax credit fund | -51,011 | -59,645 | -43,921 |
Return of equity investment in tax credit fund | 1,619 | 37,652 | 33,430 |
Return of equity investment in investees | 0 | 0 | 89,654 |
Other investing | 1,144 | 2,382 | 5,061 |
Net cash (used in) provided by investing activities | -236,216 | -229,164 | -103,716 |
Financing activities | ' | ' | ' |
Retirement of short-term debt | 0 | 0 | -150,000 |
Draws on credit facility | 228,000 | 25,000 | 95,000 |
Payments on credit facility | -228,000 | -10,000 | -100,000 |
Repurchase of common stock | 0 | -8,007 | -13,009 |
Dividends paid on common stock | -86,376 | -78,844 | -68,023 |
Other financing | -4,224 | -278 | -4,960 |
Net cash used in financing activities | -107,838 | -96,497 | -303,897 |
Net (decrease) increase in cash and cash equivalents | -2,364 | -62,556 | -97,552 |
Cash and cash equivalents at beginning of period | 31,020 | 93,576 | 191,128 |
Cash and cash equivalents at end of period | 28,656 | 31,020 | 93,576 |
Supplementary cash flow information | ' | ' | ' |
Interest paid | 77,296 | 80,823 | 95,487 |
Income taxes (refunded) paid, net | -47,374 | -624 | 46,636 |
CLECO CORPORATION (Parent Company Only) [Member] | ' | ' | ' |
Operating activities | ' | ' | ' |
Net cash provided by operating activities | 159,430 | 79,606 | 175,624 |
Investing activities | ' | ' | ' |
Contributions to tax credit fund | -51,011 | -59,645 | -43,921 |
Return of equity investment in tax credit fund | 1,619 | 37,652 | 33,430 |
Return of equity investment in investees | 0 | 0 | 89,654 |
Other investing | -3,705 | -2,973 | -1,232 |
Net cash (used in) provided by investing activities | -53,097 | -24,966 | 77,931 |
Financing activities | ' | ' | ' |
Retirement of short-term debt | 0 | 0 | -150,000 |
Draws on credit facility | 48,000 | 25,000 | 35,000 |
Payments on credit facility | -68,000 | -10,000 | -40,000 |
Repurchase of common stock | 0 | -8,007 | -13,009 |
Dividends paid on common stock | -86,376 | -78,844 | -68,023 |
Other financing | 0 | 1,987 | -201 |
Net cash used in financing activities | -106,376 | -69,864 | -236,233 |
Net (decrease) increase in cash and cash equivalents | -43 | -15,224 | 17,322 |
Cash and cash equivalents at beginning of period | 7,418 | 22,642 | 5,320 |
Cash and cash equivalents at end of period | 7,375 | 7,418 | 22,642 |
Supplementary cash flow information | ' | ' | ' |
Interest paid | 217 | 95 | 1,752 |
Income taxes (refunded) paid, net | -46,928 | 59 | 31,180 |
Employee Stock [Member] | Common Stock [Member] | ' | ' | ' |
Supplementary non-cash investing and financing activities | ' | ' | ' |
Issuance of common stock - ESPP | 318 | 340 | 328 |
Employee Stock [Member] | Common Stock [Member] | CLECO CORPORATION (Parent Company Only) [Member] | ' | ' | ' |
Supplementary non-cash investing and financing activities | ' | ' | ' |
Issuance of common stock - ESPP | $318 | $340 | $328 |
Schedule_I_Financial_Statement8
Schedule I Financial Statements of Cleco Corporation, Summary of Significant Accounting Policies (Details) (CLECO CORPORATION (Parent Company Only) [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
CLECO CORPORATION (Parent Company Only) [Member] | ' |
Summary of Significant Accounting Policies [Abstract] | ' |
Amount of restricted net assets for consolidated subsidiaries | $843.80 |
Percent of total consolidated net assets over which parent company only financial statements are required (in hundredths) | 25.00% |
Schedule_I_Financial_Statement9
Schedule I Financial Statements of Cleco Corporation, Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 |
Line of Credit [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | |||
Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | ||||||
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Subsequent Event [Member] | |||||||||
Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term debt outstanding | $0 | $0 | ' | $0 | $0 | ' | ' | ' | ' |
Debt and Capital Lease Obligations | 1,330,000,000 | 1,350,000,000 | ' | 5,000,000 | 25,000,000 | ' | ' | ' | ' |
Long-term Debt and Capital Lease Obligations, Current | 17,182,000 | 91,140,000 | ' | 0 | 0 | ' | ' | ' | ' |
All-in interest rate | ' | ' | ' | ' | ' | ' | ' | 1.28% | 1.08% |
Maximum borrowing capacity | ' | ' | 550,000,000 | ' | ' | 250,000,000 | ' | ' | ' |
Facility fees (in hundredths) | ' | ' | ' | ' | ' | 0.23% | 0.18% | ' | ' |
Amount outstanding | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' |
All-in interest rate | ' | ' | ' | 1.45% | ' | ' | ' | 1.45% | ' |
Available borrowing capacity | ' | ' | ' | ' | ' | 245,000,000 | ' | ' | ' |
Line of Credit Facility amount repaid | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' |
Recovered_Sheet6
Schedule I Financial Statements of Cleco Corporation, Cash Distributions and Equity Contributions (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | CLECO CORPORATION (Parent Company Only) [Member] | |
Maximum [Member] | Cleco Power [Member] | Cleco Power [Member] | Cleco Power [Member] | Midstream [Member] | Midstream [Member] | Midstream [Member] | Diversified Lands [Member] | Diversified Lands [Member] | Diversified Lands [Member] | Perryville [Member] | Perryville [Member] | Perryville [Member] | Attala [Member] | Attala [Member] | Attala [Member] | Cleco Innovations LLC [Member] | Cleco Innovations LLC [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of Indebtedness to Net Capital | ' | ' | ' | ' | ' | ' | ' | ' | 0.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retained Earnings, Unappropriated | $666,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions and Equity Contributions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution payments to parent | 30,000,000 | 50,000,000 | 25,000,000 | 0 | 0 | 18,000,000 | 10,000,000 | 30,000,000 | ' | 106,100,000 | 63,700,000 | 291,219,000 | 105,000,000 | 58,000,000 | 130,000,000 | 0 | 0 | 159,819,000 | 0 | 2,900,000 | 0 | 700,000 | 1,500,000 | 700,000 | 400,000 | 1,300,000 | 700,000 | ' | ' |
Contributions To Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $16,191,000 | $40,345,000 | ' | ' | ' | ' | $16,191,000 | $35,500,000 | ' | ' | ' | ' | $0 | $1,845,000 | ' | ' | ' | $0 | $3,000,000 |
Recovered_Sheet7
Schedule I Financial Statements of Cleco Corporation, Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Abstract] | ' | ' | ' |
Income tax benefit | $79,575,000 | $65,327,000 | $102,897,000 |
CLECO CORPORATION (Parent Company Only) [Member] | ' | ' | ' |
Income Taxes [Abstract] | ' | ' | ' |
Income tax benefit | -7,270,000 | -9,676,000 | -13,188,000 |
Income tax expense reflected in equity income of subsidiaries, net of tax | $86,800,000 | $75,000,000 | $116,100,000 |
Schedule_II_Valuation_and_Qual1
Schedule II Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Uncollectible Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $1,105 | $1,136 | $3,455 |
Additions charged to costs and expenses | 1,232 | 828 | 1,992 |
Uncollectible account write-offs less recoveries | 1,488 | 859 | 4,311 |
Balance at end of period | 849 | 1,105 | 1,136 |
Unrestricted Storm Reserve [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 1,792 | 1,403 | 1,454 |
Additions | 0 | 10,968 | 2,000 |
Deductions | 556 | 10,579 | 2,051 |
Balance at end of period | 1,236 | 1,792 | 1,403 |
Restricted Storm Reserve [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 16,285 | 24,880 | 25,993 |
Additions | 1,593 | 1,485 | 887 |
Deductions | 232 | 10,080 | 2,000 |
Balance at end of period | 17,646 | 16,285 | 24,880 |
Cleco Power [Member] | Allowance for Uncollectible Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 1,105 | 1,136 | 3,395 |
Additions charged to costs and expenses | 1,232 | 828 | 1,972 |
Uncollectible account write-offs less recoveries | 1,488 | 859 | 4,231 |
Balance at end of period | 849 | 1,105 | 1,136 |
Cleco Power [Member] | Unrestricted Storm Reserve [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 1,792 | 1,403 | 1,454 |
Additions | 0 | 10,968 | 2,000 |
Deductions | 556 | 10,579 | 2,051 |
Balance at end of period | 1,236 | 1,792 | 1,403 |
Cleco Power [Member] | Restricted Storm Reserve [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 16,285 | 24,880 | 25,993 |
Additions | 1,593 | 1,485 | 887 |
Deductions | 232 | 10,080 | 2,000 |
Balance at end of period | $17,646 | $16,285 | $24,880 |