Pension Plan and Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2018

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

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

SERP’s funded status at December 31, 2018, and 2017 is presented in the following table:

				SERP BENEFITS
	FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)	2018			2017
Change in benefit obligation
Benefit obligation at beginning of period	$	84,339		$	78,045
Service cost	542			494
Interest cost	3,077			3,239
Actuarial (gain) loss	(5,163		)	6,442
Benefits paid	(4,381		)	(4,376		)
Plan amendments	—			180
Special/contractual termination benefits	—			315
Benefit obligation at end of period	$	78,414		$	84,339

The employee pension plan and other benefits plan obligation, plan assets, and funded status at December 31, 2018, and 2017 are presented in the following table:

	PENSION BENEFITS						OTHER BENEFITS
	FOR THE YEAR ENDED DEC. 31,						FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)	2018			2017			2018			2017
Change in benefit obligation
Benefit obligation at beginning of period	$	567,215		$	512,785		$	43,203		$	44,136
Service cost	9,507			9,039			1,320			1,446
Interest cost	20,860			21,648			1,465			1,569
Plan participants’ contributions	—			—			1,224			1,149
Actuarial (gain) loss	(42,935		)	46,686			(1,106		)	437
Expenses paid	(2,786		)	(3,020		)	—			—
Benefits paid	(20,925		)	(19,923		)	(5,651		)	(5,534		)
Benefit obligation at end of period	530,936			567,215			40,455			43,203
Change in plan assets
Fair value of plan assets at beginning of period	444,089			403,715			—			—
Actual return on plan assets	(28,884		)	63,317			—			—
Expenses paid	(2,786		)	(3,020		)	—			—
Adjustment	439			—			—			—
Benefits paid	(20,925		)	(19,923		)	—			—
Fair value of plan assets at end of period	391,933			444,089			—			—
Unfunded status	$	(139,003	)	$	(123,126	)	$	(40,455	)	$	(43,203	)

Accumulated Benefit Obligation

SERP’s accumulated benefit obligation at December 31, 2018, and 2017 is presented in the following table:

	SERP BENEFITS
	AT DEC. 31,
(THOUSANDS)	2018		2017
Accumulated benefit obligation	$	78,414	$	84,339

The employee pension plan accumulated benefit obligation at December 31, 2018, and 2017 is presented in the following table:

	PENSION BENEFITS
	AT DEC. 31,
(THOUSANDS)	2018		2017
Accumulated benefit obligation	$	491,522	$	520,612

Schedule of Amounts Recognized in Balance Sheet

The current and non-current portions of the SERP liability for Cleco and Cleco Power at December 31, 2018, and 2017 are as follows:

Cleco
	AT DEC. 31,
(THOUSANDS)	2018		2017
Current	$	4,478	$	4,471
Non-current	$	73,936	$	79,868

The current and non-current portions of the other benefits liability for Cleco and Cleco Power at December 31, 2018, and 2017 are as follows:

Cleco
	AT DEC. 31,
(THOUSANDS)	2018		2017
Current	$	4,130	$	4,061
Non-current	$	36,325	$	39,142

Amounts Recognized in Other Comprehensive Income

The following table presents the net actuarial gains/losses and prior service costs/credits included in other comprehensive income for other benefits and in regulatory assets for pension related to current year gains and losses as a result of being included in net periodic benefit costs for the employee pension plan and other benefits plan for December 31, 2018, and 2017:

	PENSION BENEFITS						OTHER BENEFITS
	FOR THE YEAR ENDED DEC. 31,						FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)	2018			2017			2018			2017
Net actuarial loss (gain) occurring during period	$	9,722		$	7,434		$	(1,106	)	$	437
Net actuarial loss (gain) amortized during period	$	12,313		$	10,008		$	135		$	(50	)
Prior service (credit) cost amortized during period	$	(71	)	$	(71	)	$	—		$	—

The following table presents net actuarial gains/losses and prior service costs/credits included in other comprehensive income or regulatory assets related to current year gains and losses as a result of being amortized as a component of net periodic benefit costs for SERP for December 31, 2018, and 2017:

				SERP BENEFITS
	FOR THE YEAR ENDED DEC. 31,
(THOUSANDS)	2018			2017
Net actuarial (gain) loss occurring during year	$	(5,163	)	$	6,622
Net actuarial loss amortized during year	$	2,913		$	2,105
Prior service credit amortized during year	$	(160	)	$	(190	)

Amounts Recognized in Accumulated Other Comprehensive Income

The following table presents net actuarial gains/losses and prior service costs/credits in accumulated other comprehensive income for other benefits and in regulatory assets for pension that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2019 for the employee pension plan and other benefits plans at December 31, 2019, 2018, and 2017:

				PENSION BENEFITS									OTHER BENEFITS
	AT DEC. 31,									AT DEC. 31,
(THOUSANDS)	2019			2018			2017			2019			2018		2017
Net actuarial loss (gain)	$	7,496		$	140,377		$	142,967		$	(151	)	$	1,814	$	2,779
Prior service credit	$	(71	)	$	(131	)	$	(203	)	$	—		$	—	$	—

The following table presents net actuarial losses and prior service credit in accumulated other comprehensive income and regulatory assets that have not been recognized as components of net periodic benefit costs and the amounts expected to be recognized in 2019 for SERP at December 31, 2019, 2018, and 2017:

				SERP BENEFITS
	AT DEC. 31,
(THOUSANDS)	2019			2018			2017
Net actuarial loss	$	1,729		$	17,261		$	25,336
Prior service credit	$	(160	)	$	(1,837	)	$	(1,997	)

Components of Net Periodic Pension and Other Benefit Costs

The components of net periodic pension and other benefits costs for 2018, 2017, and 2016 are as follows:

							PENSION BENEFITS											OTHER BENEFITS
	SUCCESSOR									PREDECESSOR			SUCCESSOR							PREDECESSOR
(THOUSANDS)	FOR THE YEAR ENDED DEC. 31, 2018			FOR THE YEAR ENDED DEC. 31, 2017			APR. 13, 2016 - DEC. 31, 2016			JAN. 1, 2016 - APR. 12, 2016			FOR THE YEAR ENDED DEC. 31, 2018		FOR THE YEAR ENDED DEC. 31, 2017			APR. 13, 2016 - DEC. 31, 2016		JAN. 1, 2016 - APR. 12, 2016
Components of periodic benefit costs
Service cost	$	9,507		$	9,039		$	6,909		$	2,563		$	1,320	$	1,446		$	1,112	$	431
Interest cost	20,860			21,648			15,088			6,242			1,465		1,569			1,237		476
Expected return on plan assets	(23,773		)	(24,064		)	(17,310		)	(6,812		)	—		—			—		—
Amortizations
Prior service (credit) cost	(71		)	(71		)	(51		)	(20		)	—		—			—		34
Net loss (gain)	12,312			10,008			8,138			2,798			135		(50		)	—		181
Net periodic benefit cost	$	18,835		$	16,560		$	12,774		$	4,771		$	2,920	$	2,965		$	2,349	$	1,122

The components of the net SERP costs for 2018, 2017, and 2016 are as follows:

							SERP BENEFITS
	SUCCESSOR									PREDECESSOR
(THOUSANDS)	FOR THE YEAR ENDED DEC. 31, 2018			FOR THE YEAR ENDED DEC. 31, 2017			APR. 13, 2016 - DEC. 31, 2016			JAN. 1, 2016 - APR. 12, 2016
Components of periodic benefit costs
Service cost	$	542		$	494		$	571		$	702
Interest cost	3,077			3,239			2,275			900
Amortizations
Prior service (credit) cost	(160		)	(190		)	(50		)	17
Net loss	2,913			2,105			1,651			574
Net periodic benefit cost	6,372			5,648			4,447			2,193
Curtailment charge	—			—			—			3,602
Special/contractual termination benefits	—			315			—			3,222
Total benefit cost	$	6,372		$	5,963		$	4,447		$	9,017

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

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

	SERP BENEFITS
	AT DEC. 31,
	2018		2017
Weighted-average assumptions used to determine the benefit obligation
Discount rate	4.34	%	3.70	%
Rate of compensation increase	5.00	%	5.00	%

									SERP BENEFITS
	SUCCESSOR										PREDECESSOR
	JAN. 1, 2018 - DEC. 31, 2018		MAR. 31, 2017 - DEC. 31, 2017		JAN. 1, 2017 - MAR. 30, 2017		SEPT. 1, 2016 - DEC. 31, 2016		APR. 13, 2016 - AUG. 31, 2016		JAN. 1, 2016 - APR. 12, 2016
Weighted-average assumptions used to determine the net benefit cost
Discount rate	3.70	%	4.08	%	4.22	%	3.47	%	4.15	%	4.60	%
Rate of compensation increase	5.00	%	5.00	%	5.00	%	5.00	%	5.00	%	5.00	%

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

	PENSION BENEFITS				OTHER BENEFITS
	AT DEC. 31,				AT DEC. 31,
	2018		2017		2018		2017
Weighted-average assumptions used to determine the benefit obligation
Discount rate	4.35	%	3.73	%	4.16	%	3.47	%
Rate of compensation increase	2.93	%	2.98	%	N/A		N/A

					PENSION BENEFITS								OTHER BENEFITS
	SUCCESSOR						PREDECESSOR		SUCCESSOR						PREDECESSOR
	FOR THE YEAR ENDED DEC. 31, 2018		FOR THE YEAR ENDED DEC. 31, 2017		APR. 13, 2016 - DEC. 31, 2016		JAN. 1, 2016 - APR. 12, 2016		FOR THE YEAR ENDED DEC. 31, 2018		FOR THE YEAR ENDED DEC. 31, 2017		APR. 13, 2016 - DEC. 31, 2016		JAN. 1, 2016 - APR. 12, 2016
Weighted-average assumptions used to determine the net benefit cost
Discount rate	3.73	%	4.27	%	4.21	%	4.62	%	3.47	%	3.81	%	4.08	%	4.08	%
Expected return on plan assets	5.86	%	6.08	%	6.21	%	6.21	%	N/A		N/A		N/A		N/A
Rate of compensation increase	2.93	%	2.98	%	3.03	%	3.03	%	N/A		N/A		N/A		N/A

Fair Value Allocation of Pension Plan Assets

The following tables disclose the pension plan’s fair value of financial assets measured on a recurring basis:

(THOUSANDS)		AT DEC. 31, 2018		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Asset Description
Cash equivalents		$	2,471	$	—	$	2,471	$	—
Common stock		13,111		13,111		—		—
Obligations of Government, Government Agencies, and state and local governments		19,831		—		19,831		—
Mutual funds
Domestic		79,210		79,210		—		—
International		43,418		43,418		—		—
Real estate funds		20,298		—		—		20,298
Corporate debt		138,391		—		138,391		—
Total		$	316,730	$	135,739	$	160,693	$	20,298
	Investments measured at net asset value*	73,100
	Interest accrual	2,103
	Total net assets	$	391,933
	*Investments measured at net asset value consist of Common/collective trust.

(THOUSANDS)		AT DEC. 31, 2017		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
Asset Description
Cash equivalents		$	4,825	$	—	$	4,825	$	—
Common stock		17,655		17,655		—		—
Obligations of Government, Government Agencies, and state and local governments		50,852		—		50,852		—
Mutual funds
Domestic		58,617		58,617		—		—
International		36,970		36,970		—		—
Real estate funds		19,195		—		—		19,195
Corporate debt		204,835		—		204,835		—
Total		$	392,949	$	113,242	$	260,512	$	19,195
	Investments measured at net asset value*	48,103
	Interest accrual	3,037
	Total net assets	$	444,089
	*Investments measured at net asset value consist of Common/collective trust.

The following chart shows the dynamic asset allocation based on the funded ratio at December 31, 2018:

	PERCENT OF TOTAL PLAN ASSETS
			AT DEC. 31, 2018
	MINIMUM		TARGET		MAXIMUM
Return-seeking
Domestic equity			20	%
International equity			20	%
Multi-asset credit			6	%
Real estate			4	%
Total return-seeking	45	%	50	%	55	%
Liability hedging*	45	%	50	%	55	%
*Liability hedging has no target subcategories.

Pension Plan Unobservable Input Reconciliation

The following is a reconciliation of the beginning and ending balances of the pension plan’s real estate funds measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2018, and 2017:

(THOUSANDS)
Balance, Dec. 31, 2016	$	18,668
Realized losses	(2,365		)
Unrealized gains	2,674
Purchases	649
Sales	(431		)
Balance, Dec. 31, 2017	$	19,195
Realized gains	29
Unrealized gains	391
Purchases	710
Sales	(27		)
Balance, Dec. 31, 2018	$	20,298

Assumed Health Care Cost Trend Rates

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

	ONE-PERCENTAGE POINT
(THOUSANDS)	INCREASE		DECREASE
Effect on total of service and interest cost components	$	13	$	(15	)
Effect on postretirement benefit obligation	$	194	$	(215	)

Projected Benefit Payments and Projected Receipts

The projected benefit payments for the employee pension plan and other benefits obligation plan for each year through 2023 and the next five years thereafter are listed in the following table:

(THOUSANDS)	PENSION BENEFITS		OTHER BENEFITS, GROSS
For the year ending Dec. 31,
2019	$	22,868	$	4,215
2020	$	24,042	$	4,071
2021	$	25,180	$	3,936
2022	$	26,373	$	3,856
2023	$	27,512	$	3,716
Next five years	$	154,047	$	16,615

The projected benefit payments for SERP for each year through 2023 and the next five years thereafter are shown in the following table:

(THOUSANDS)	2019		2020		2021		2022		2023		NEXT FIVE YEARS
SERP	$	4,574	$	4,670	$	4,755	$	4,754	$	4,755	$	24,717

401(k) Plan Expense

Cleco’s 401(k) Plan expense for the years ended December 31, 2018, 2017, and 2016 was as follows:

	SUCCESSOR						PREDECESSOR
(THOUSANDS)	FOR THE YEAR ENDED DEC. 31, 2018		FOR THE YEAR ENDED DEC. 31, 2017		APR. 13, 2016 - DEC. 31, 2016		JAN. 1, 2016 - APR. 12, 2016
401(k) Plan expense	$	5,884	$	5,386	$	3,554	$	1,593

The expense of the 401(k) Plan related to Cleco’s other subsidiaries for the years ended December 31, 2018, 2017, and 2016 was as follows:

	SUCCESSOR						PREDECESSOR
(THOUSANDS)	FOR THE YEAR ENDED DEC. 31, 2018		FOR THE YEAR ENDED DEC. 31, 2017		APR. 13, 2016 - DEC. 31, 2016		JAN. 1, 2016 - APR. 12, 2016
401(k) Plan expense	$	1,066	$	888	$	554	$	319

CLECO POWER

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

Schedule of Amounts Recognized in Balance Sheet

Cleco Power
	AT DEC. 31,
(THOUSANDS)	2018		2017
Current	$	3,584	$	3,525
Non-current	$	31,694	$	34,033

Cleco Power
	AT DEC. 31,
(THOUSANDS)	2018		2017
Current	$	930	$	929
Non-current	$	12,025	$	16,589