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	%	7.80	%	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 IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
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 IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
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 FUNDS		HEDGE FUND OF FUNDS			TOTAL
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	5.00	%	5.00	%

			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	5.00	%	5.00	%	5.00	%

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