Pension Plan and Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2014

Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]

Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Pension Plans

The employee pension plan and other benefits obligation plan assets and funded status at December 31, 2014 and 2013, are presented in the following table:

	PENSION BENEFITS						OTHER BENEFITS
(THOUSANDS)	2014			2013			2014			2013
Change in benefit obligation
Benefit obligation at beginning of year	$	392,488		$	431,569		$	43,840		$	45,569
Service cost	8,050			9,889			1,542			1,656
Interest cost	19,851			17,940			1,809			1,568
Plan participants’ contributions	—			—			872			1,241
Actuarial loss (gain)	95,576			(50,133		)	1,228			(1,768		)
Expenses paid	(1,671		)	(1,916		)	—			—
Medicare D	—			—			132			194
Other adjustments	—			—			(551		)	601
Benefits paid	(15,922		)	(14,861		)	(4,220		)	(5,221		)
Benefit obligation at end of year	498,372			392,488			44,652			43,840
Change in plan assets
Fair value of plan assets at beginning of year	384,555			344,041			—			—
Actual return on plan assets	45,841			23,291			—			—
Employer contributions	—			34,000			—			—
Expenses paid	(1,671		)	(1,916		)	—			—
Benefits paid	(15,922		)	(14,861		)	—			—
Fair value of plan assets at end of year	412,803			384,555			—			—
Unfunded status	$	(85,569	)	$	(7,933	)	$	(44,652	)	$	(43,840	)

Accumulated Benefit Obligation

The employee pension plan accumulated benefit obligation at December 31, 2014 and 2013, is presented in the following table:

	PENSION BENEFITS
(THOUSANDS)	2014		2013
Accumulated benefit obligation	$	452,991	$	358,128

Amounts Recognized in Other Comprehensive Income

The authoritative guidelines for compensation of retirement benefits require the disclosure of the net actuarial gains/losses, transition obligations/assets, and prior period service costs included in other comprehensive income as a result of being included as a component of net periodic benefit costs. The following table presents those items for the employee pension plan and other benefits plan at December 31, 2014 and 2013:

	PENSION BENEFITS						OTHER BENEFITS
(THOUSANDS)	2014			2013			2014		2013
Net actuarial loss (gain) occurring during year	$	74,242		$	(49,978	)	$	1,228	$	(1,768	)
Prior service cost occurring during year	$	—		$	—		$	—	$	601
Net actuarial loss amortized during year	$	6,743		$	13,218		$	670	$	1,131
Transition obligation amortized during year	$	—		$	—		$	16	$	20
Prior service (credit) cost amortized during year	$	(71	)	$	(71	)	$	119	$	—

Amounts Recognized in Accumulated Other Comprehensive Income

The authoritative guidelines also require the disclosure of the net gains/losses, transition obligations/assets, and prior period service costs/credits in accumulated other comprehensive income for other benefits and in regulatory assets for pension that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2015. The following table presents those items for the employee pension plan and other benefits plans for December 31, 2015, 2014, and 2013:

				PENSION BENEFITS								OTHER BENEFITS
(THOUSANDS)	2015			2014			2013			2015		2014		2013
Net actuarial loss	$	13,491		$	161,320		$	93,821		$	865	$	10,710	$	10,703
Transition obligation	$	—		$	—		$	—		$	—	$	—	$	16
Prior service (credit) cost	$	(71	)	$	(417	)	$	(488	)	$	119	$	482	$	601

Components of Net Periodic Pension and Other Benefit Costs

The components of net periodic pension and other benefits costs for 2014, 2013, and 2012 are as follows:

				PENSION BENEFITS								OTHER BENEFITS
(THOUSANDS)	2014			2013			2012			2014		2013		2012
Components of periodic benefit costs
Service cost	$	8,050		$	9,889		$	8,312		$	1,542	$	1,656	$	1,461
Interest cost	19,851			17,940			18,254			1,809		1,568		2,239
Expected return on plan assets	(24,507		)	(23,446		)	(20,806		)	—		—		—
Amortizations:
Transition obligation	—			—			—			16		20		20
Prior period service (credit) cost	(71		)	(71		)	(71		)	119		—		—
Net loss	6,743			13,218			8,346			670		1,131		1,479
Net periodic benefit cost	$	10,066		$	17,530		$	14,035		$	4,156	$	4,375	$	5,199

Weighted-Average Assumptions Used to Determine Benefit Obligation and Net Periodic Costs

The assumptions used to determine the benefit obligation and the periodic costs are as follows:

	PENSION BENEFITS				OTHER BENEFITS
	2014		2013		2014		2013
Weighted-average assumptions used to determine the benefit obligation as of December 31:
Discount rate	4.21	%	5.14	%	3.76	%	4.46	%
Rate of compensation increase	3.17	%	3.26	%	N/A		N/A

			PENSION BENEFITS						OTHER BENEFITS
	2014		2013		2012		2014		2013		2012
Weighted-average assumptions used to determine the net benefit cost for the year ended December 31:
Discount rate	5.14	%	4.19	%	5.08	%	4.46	%	3.54	%	4.51	%
Expected return on plan assets	6.76	%	6.78	%	6.61	%	N/A		N/A		N/A
Rate of compensation increase	3.17	%	3.26	%	3.37	%	N/A		N/A		N/A

Fair Value Allocation of Pension Plan Assets

The following tables disclose the pension plan’s fair value of financial assets measured on a recurring basis and within the scope of the authoritative guidance for fair value measurements and disclosures:

(THOUSANDS)		AT DEC. 31, 2014		QUOTED PRICES 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		$	5,180	$	—	$	5,180	$	—
Common stock		13,967		13,967		—		—
Preferred stock		968		968		—		—
Obligations of United States Government and United States Government Agencies		49,942		—		49,942		—
Mutual funds
Domestic		55,005		55,005		—		—
International		25,096		25,096		—		—
Common/collective trust fund		37,542		—		37,542		—
Real estate funds		18,792		—		—		18,792
Hedge fund of funds		1,228		—		—		1,228
Corporate debt		202,253		—		202,253		—
Total		$	409,973	$	95,036	$	294,917	$	20,020
	Interest accrual	2,830
	Total net assets	$	412,803

(THOUSANDS)		AT DEC. 31, 2013		QUOTED PRICES 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 United States Government and United States Government Agencies		41,413		—		41,413		—
Mutual funds
Domestic		54,609		54,609		—		—
International		26,254		26,254		—		—
Common/collective trust fund		42,078		—		42,078		—
Real estate funds		17,928		—		—		17,928
Hedge fund of funds		1,740		—		—		1,740
Corporate debt		172,950		—		172,950		—
Total		$	381,771	$	99,720	$	262,383	$	19,668
	Interest accrual	2,784
	Total net assets	$	384,555

The following chart shows the dynamic asset allocation based on the funded ratio at December 31, 2014:

	PERCENT OF TOTAL PLAN ASSETS*
	MINIMUM		TARGET		MAXIMUM
Return-seeking
Domestic equity			16	%
International equity			16	%
Real estate			7	%
Hedge fund of funds			1	%
Total return-seeking	35	%	40	%	45	%
Liability hedging
Fixed income- long government/credit			20	%
Fixed income - long credit			40	%
Total liability hedging	55	%	60	%	64	%
*Minimums and maximums within subcategories not intended to equal total for category.

Pension Plan Unobservable Input Reconciliation

The following is a reconciliation of the beginning and ending balances of the pension plan’s real estate funds and hedge fund of funds measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2014 and 2013:

(THOUSANDS)	REAL ESTATE FUNDS		HEDGE FUND OF FUNDS			TOTAL
December 31, 2012	$	17,341	$	2,587		$	19,928
Realized gain	—		12			12
Unrealized gain	128		71			199
Purchases	459		—			459
Sales	—		(930		)	(930		)
December 31, 2013	$	17,928	$	1,740		$	19,668
Realized gain	—		7			7
Unrealized gain	570		46			616
Purchases	294		—			294
Sales	—		(565		)	(565		)
December 31, 2014	$	18,792	$	1,228		$	20,020

Assumed Health Care Cost Trend Rates

A one-percentage point change in assumed health care cost trend rates would have the following effects on other benefits:

	ONE-PERCENTAGE POINT
(THOUSANDS)	INCREASE		DECREASE
Effect on total of service and interest cost components	$	24	$	(28	)
Effect on postretirement benefit obligation	$	272	$	(305	)

Projected Benefit Payments and Projected Receipts

The projected benefit payments for the employee pension plan and other benefits obligation plan for each year through 2019 and the next five years thereafter are listed in the following table:

(THOUSANDS)	PENSION BENEFITS		OTHER BENEFITS, GROSS
2015	$	17,343	$	3,534
2016	$	18,249	$	3,627
2017	$	19,408	$	3,687
2018	$	20,510	$	3,763
2019	$	21,741	$	3,858
Next five years	$	129,225	$	19,171

401(k) Plan Expense

Cleco’s 401(k) Plan expense for the years ended December 31, 2014, 2013, and 2012 is as follows:

	FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)	2014		2013		2012
401(k) Plan expense	$	4,730	$	4,422	$	4,375

SERP Benefits [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]

Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Pension Plans

SERP’s funded status at December 31, 2014 and 2013, is presented in the following table:

	SERP BENEFITS
(THOUSANDS)	2014			2013
Change in benefit obligation
Benefit obligation at beginning of year	$	57,865		$	59,422
Service cost	2,278			2,055
Interest cost	3,028			2,578
Actuarial loss (gain)	13,436			(3,477		)
Benefits paid	(2,705		)	(2,713		)
Benefit obligation at end of year	$	73,902		$	57,865

Accumulated Benefit Obligation

SERP’s accumulated benefit obligation at December 31, 2014 and 2013, is presented in the following table:

	SERP BENEFITS
(THOUSANDS)	2014		2013
Accumulated benefit obligation	$	67,126	$	53,046

Amounts Recognized in Other Comprehensive Income

The authoritative guidelines on compensation for retirement benefits require the disclosure of the net actuarial gains/losses, transition obligations/assets, and prior period service costs included in other comprehensive income as a result of being amortized as a component of net periodic benefit costs. The following table presents those items for the SERP at December 31, 2014 and 2013:

	SERP BENEFITS
(THOUSANDS)	2014		2013
Net actuarial loss (gain) occurring during year	$	13,436	$	(3,477	)
Net actuarial loss amortized during year	$	1,876	$	2,305
Prior service cost amortized during year	$	54	$	54

Amounts Recognized in Accumulated Other Comprehensive Income

The authoritative guidelines on compensation for retirement benefits also require the disclosure of the net gains/losses, transition obligations/assets, and prior period service costs/credit in accumulated other comprehensive income that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2015. The following table presents those items for SERP for December 31, 2015, 2014, and 2013:

			SERP BENEFITS
(THOUSANDS)	2015		2014		2013
Net actuarial loss	$	2,919	$	31,224	$	19,663
Prior service cost	$	54	$	173	$	227

Components of Net Periodic Pension and Other Benefit Costs

The components of the net SERP costs for 2014, 2013, and 2012 are as follows:

			SERP BENEFITS
(THOUSANDS)	2014		2013		2012
Components of periodic benefit costs:
Service cost	$	2,278	$	2,055	$	1,487
Interest cost	3,028		2,578		2,526
Amortizations:
Prior period service cost	54		54		54
Net loss	1,875		2,305		1,764
Net periodic benefit cost	$	7,235	$	6,992	$	5,831

Weighted-Average Assumptions Used to Determine Benefit Obligation and Net Periodic Costs

The assumptions used to determine the benefit obligation and the periodic costs are as follows:

	SERP
	2014		2013
Weighted-average assumptions used to determine the benefit obligation as of December 31:
Discount rate	4.20	%	5.09	%
Rate of compensation increase	5.00	%	5.00	%

			SERP
	2014		2013		2012
Weighted-average assumptions used to determine the net benefit cost for the year ended December 31:
Discount rate	5.09	%	4.17	%	4.99	%
Rate of compensation increase	5.00	%	5.00	%	5.00	%

Projected Benefit Payments and Projected Receipts

The projected benefit payments for the SERP for each year through 2019 and the next five years thereafter are shown in the following table:

(THOUSANDS)	2015		2016		2017		2018		2019		NEXT FIVE YEARS
SERP	$	3,094	$	3,324	$	3,375	$	3,567	$	3,735	$	22,206