Exact name of registrant as specified in charter,
|
||||
Commission
|
state of incorporation, address of principal
|
I.R.S. Employer
|
||
File Number
|
executive offices and telephone number
|
Identification Number
|
||
001-32206
|
GREAT PLAINS ENERGY INCORPORATED
|
43-1916803
|
||
(A Missouri Corporation)
|
||||
1200 Main Street
|
||||
Kansas City, Missouri 64105
|
||||
(816) 556-2200
|
||||
000-51873
|
KANSAS CITY POWER & LIGHT COMPANY
|
44-0308720
|
||
(A Missouri Corporation)
|
||||
1200 Main Street
|
||||
Kansas City, Missouri 64105
|
||||
(816) 556-2200
|
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
|
||||||||||||||||||||||||||
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been
|
||||||||||||||||||||||||||
subject to such filing requirements for the past 90 days.
|
||||||||||||||||||||||||||
Great Plains Energy Incorporated
|
Yes
|
X
|
No
|
_
|
Kansas City Power & Light Company
|
Yes
|
X
|
No
|
_
|
|||||||||||||||||
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
|
||||||||||||||||||||||||||
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12
|
||||||||||||||||||||||||||
months (or for such shorter period that the registrant was required to submit and post such files).
|
||||||||||||||||||||||||||
Great Plains Energy Incorporated
|
Yes
|
X
|
No
|
_
|
Kansas City Power & Light Company
|
Yes
|
X
|
No
|
_
|
|||||||||||||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
|
||||||||||||||||||||||||||
company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the
|
||||||||||||||||||||||||||
Exchange Act.
|
||||||||||||||||||||||||||
Great Plains Energy Incorporated
|
Large accelerated filer
|
X
|
Accelerated filer
|
_
|
||||||||||||||||||||||
Non-accelerated filer
|
_
|
Smaller reporting company
|
_
|
|||||||||||||||||||||||
Kansas City Power & Light Company
|
Large accelerated filer
|
_
|
Accelerated filer
|
_
|
||||||||||||||||||||||
Non-accelerated filer
|
X
|
Smaller reporting company
|
_
|
|||||||||||||||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
|
||||||||||||||||||||||||||
Great Plains Energy Incorporated
|
Yes
|
_
|
No
|
X
|
Kansas City Power & Light Company
|
Yes
|
_
|
No
|
X
|
|||||||||||||||||
On October 31, 2011, Great Plains Energy Incorporated had 136,087,321 shares of common stock outstanding. On October 31, 2011,
|
||||||||||||||||||||||||||
Kansas City Power & Light Company had one share of common stock outstanding and held by Great Plains Energy Incorporated.
|
||||||||||||||||||||||||||
Kansas City Power & Light Company meets the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and is
therefore filing this Form 10-Q with the reduced disclosure format.
|
Abbreviation or Acronym
|
Definition
|
|
AFUDC
|
Allowance for Funds Used During Construction
|
|
ARO
|
Asset Retirement Obligation
|
|
BART
|
Best available retrofit technology
|
|
Board
|
Great Plains Energy Board of Directors
|
|
CAIR
|
Clean Air Interstate Rule
|
|
CAMR
|
Clean Air Mercury Rule
|
|
Clean Air Act
|
Clean Air Act Amendments of 1990
|
|
CO2
|
Carbon dioxide
|
|
Collaboration Agreement
|
Agreement among KCP&L, the Sierra Club and the Concerned
Citizens of Platte County
|
|
Company
|
Great Plains Energy Incorporated and its consolidated subsidiaries
|
|
Companies
|
Great Plains Energy Incorporated and its consolidated subsidiaries and
KCP&L and its consolidated subsidiaries
|
|
CSAPR
|
Cross-State Air Pollution Rule
|
|
DOE
|
Department of Energy
|
|
ECA
|
Energy Cost Adjustment
|
|
EIRR
|
Environmental Improvement Revenue Refunding
|
|
EPA
|
Environmental Protection Agency
|
|
EPS
|
Earnings per common share
|
|
ERISA
|
Employee Retirement Income Security Act of 1974, as amended
|
|
FAC
|
Fuel Adjustment Clause
|
|
FASB
|
Financial Accounting Standards Board
|
|
FERC
|
The Federal Energy Regulatory Commission
|
|
FGIC
|
Financial Guaranty Insurance Company
|
|
FSS
|
Forward Starting Swaps
|
|
GAAP
|
Generally Accepted Accounting Principles
|
|
GMO
|
KCP&L Greater Missouri Operations Company, a wholly owned subsidiary of
Great Plains Energy as of July 14, 2008
|
|
Great Plains Energy
|
Great Plains Energy Incorporated and its consolidated subsidiaries
|
|
ISO
|
Independent System Operator
|
|
KCC
|
The State Corporation Commission of the State of Kansas
|
|
KCP&L
|
Kansas City Power & Light Company, a wholly owned subsidiary
of Great Plains Energy
|
|
KDHE
|
Kansas Department of Health and Environment
|
|
KLT Inc.
|
KLT Inc., a wholly owned subsidiary of Great Plains Energy
|
|
KW
|
Kilowatt
|
|
kWh
|
Kilowatt hour
|
|
L&P
|
St. Joseph Light & Power, a division of GMO
|
|
MACT
|
Maximum achievable control technology
|
|
MD&A
|
Management’s Discussion and Analysis of Financial Condition and
|
|
Results of Operations
|
||
MDNR
|
Missouri Department of Natural Resources
|
|
MGP
|
Manufactured gas plant
|
|
MPS Merchant
|
MPS Merchant Services, Inc., a wholly owned subsidiary of GMO
|
|
MPSC
|
Public Service Commission of the State of Missouri
|
|
MW | Megawatt |
Abbreviation or Acronym
|
Definition | |
MWh
|
Megawatt hour
|
|
NERC
|
North American Electric Reliability Corporation
|
|
NEIL
|
Nuclear Electric Insurance Limited
|
|
NOx
|
Nitrogen oxide
|
|
NPNS
|
Normal purchases and normal sales
|
|
NRC
|
Nuclear Regulatory Commission
|
|
OCI
|
Other Comprehensive Income
|
|
PCB
|
Polychlorinated biphenyls
|
|
PRB
|
Powder River Basin
|
|
QCA
|
Quarterly Cost Adjustment
|
|
Receivables Company
|
Kansas City Power & Light Receivables Company, a wholly owned
subsidiary of KCP&L
|
|
RTO
|
Regional Transmission Organization
|
|
SCR
|
Selective catalytic reduction
|
|
SEC
|
Securities and Exchange Commission
|
|
SERP
|
Supplemental Executive Retirement Plan
|
|
Services
|
Great Plains Energy Services Incorporated, a wholly owned subsidiary of
Great Plains Energy
|
|
SO2
|
Sulfur dioxide
|
|
SPP
|
Southwest Power Pool, Inc.
|
|
Syncora
|
Syncora Guarantee Inc.
|
|
WCNOC
|
Wolf Creek Nuclear Operating Corporation
|
|
Westar
|
Westar Energy, Inc., a Kansas utility company
|
|
Wolf Creek
|
Wolf Creek Generating Station
|
|
PART 1 - FINANCIAL INFORMATION
|
|||||||||
ITEM 1. FINANCIAL STATEMENTS
|
|||||||||
Great Plains Energy Incorporated
|
|||||||||
Unaudited Consolidated Balance Sheets
|
|||||||||
Unaudited Consolidated Statements of Income
|
|||||||||
Unaudited Consolidated Statements of Cash Flows
|
|||||||||
Unaudited Consolidated Statements of Common Shareholders’ Equity and Noncontrolling Interest
|
|||||||||
Unaudited Consolidated Statements of Comprehensive Income
|
|||||||||
Kansas City Power & Light Company
|
|||||||||
Unaudited Consolidated Balance Sheets
|
|||||||||
Unaudited Consolidated Statements of Income
|
|||||||||
Unaudited Consolidated Statements of Cash Flows
|
|||||||||
Unaudited Consolidated Statements of Common Shareholder’s Equity
|
|||||||||
Unaudited Consolidated Statements of Comprehensive Income
|
|||||||||
Combined Notes to Unaudited Consolidated Financial Statements for Great Plains Energy Incorporated and
|
|||||||||
Kansas City Power & Light Company
|
|||||||||
Note 1:
|
Summary of Significant Accounting Policies
|
||||||||
Note 2:
|
Supplemental Cash Flow Information
|
||||||||
Note 3:
|
Receivables
|
||||||||
Note 4:
|
Nuclear Plant
|
||||||||
Note 5:
|
Regulatory Matters
|
||||||||
Note 6:
|
Pension Plans, Other Employee Benefits and Voluntary Separation Program
|
||||||||
Note 7:
|
Equity Compensation
|
||||||||
Note 8:
|
Short-Term Borrowings and Short-Term Bank Lines of Credit
|
||||||||
Note 9:
|
Long-Term Debt
|
||||||||
Note 10:
|
Commitments and Contingencies
|
||||||||
Note 11:
|
Legal Proceedings
|
||||||||
Note 12:
|
Related Party Transactions and Relationships
|
||||||||
Note 13:
|
Derivative Instruments
|
||||||||
Note 14:
|
Fair Value Measurements
|
||||||||
Note 15:
|
Taxes
|
||||||||
Note 16:
|
Segments and Related Information
|
||||||||
Note 17:
|
Goodwill
|
GREAT PLAINS ENERGY INCORPORATED | ||||||
Consolidated Balance Sheets
|
||||||
(Unaudited)
|
||||||
September 30
|
December 31
|
|||||
2011
|
2010
|
|||||
ASSETS
|
(millions, except share amounts)
|
|||||
Current Assets
|
||||||
Cash and cash equivalents
|
$ | 8.9 | $ | 10.8 | ||
Funds on deposit
|
1.4 | 5.2 | ||||
Receivables, net
|
275.6 | 241.7 | ||||
Accounts receivable pledged as collateral
|
95.0 | 95.0 | ||||
Fuel inventories, at average cost
|
72.2 | 85.1 | ||||
Materials and supplies, at average cost
|
137.6 | 132.8 | ||||
Deferred refueling outage costs
|
33.4 | 9.6 | ||||
Refundable income taxes
|
15.4 | 2.1 | ||||
Deferred income taxes
|
6.7 | 14.3 | ||||
Derivative instruments
|
1.2 | 1.1 | ||||
Prepaid expenses and other assets
|
17.2 | 13.9 | ||||
Total
|
664.6 | 611.6 | ||||
Utility Plant, at Original Cost
|
||||||
Electric
|
10,821.5 | 10,536.9 | ||||
Less-accumulated depreciation
|
4,184.4 | 4,031.3 | ||||
Net utility plant in service
|
6,637.1 | 6,505.6 | ||||
Construction work in progress
|
260.3 | 307.5 | ||||
Nuclear fuel, net of amortization of $124.8 and $131.1
|
77.3 | 79.2 | ||||
Total
|
6,974.7 | 6,892.3 | ||||
Investments and Other Assets
|
||||||
Nuclear decommissioning trust fund
|
125.5 | 129.2 | ||||
Regulatory assets
|
977.2 | 924.0 | ||||
Goodwill
|
169.0 | 169.0 | ||||
Derivative instruments
|
8.1 | 7.8 | ||||
Other
|
86.0 | 84.3 | ||||
Total
|
1,365.8 | 1,314.3 | ||||
Total
|
$ | 9,005.1 | $ | 8,818.2 | ||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
|
GREAT PLAINS ENERGY INCORPORATED | ||||||
Consolidated Balance Sheets
|
||||||
(Unaudited)
|
||||||
September 30
|
December 31
|
|||||
2011
|
2010
|
|||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
|||||
Current Liabilities
|
||||||
Notes payable
|
$ | 28.0 | $ | 9.5 | ||
Collateralized note payable
|
95.0 | 95.0 | ||||
Commercial paper
|
10.5 | 263.5 | ||||
Current maturities of long-term debt
|
951.4 | 485.7 | ||||
Accounts payable
|
193.7 | 276.3 | ||||
Accrued taxes
|
91.9 | 26.6 | ||||
Accrued interest
|
69.3 | 75.4 | ||||
Accrued compensation and benefits
|
38.2 | 46.8 | ||||
Pension and post-retirement liability
|
4.1 | 4.1 | ||||
Derivative instruments
|
- | 20.8 | ||||
Other
|
29.0 | 35.6 | ||||
Total
|
1,511.1 | 1,339.3 | ||||
Deferred Credits and Other Liabilities
|
||||||
Deferred income taxes
|
638.9 | 518.3 | ||||
Deferred tax credits
|
131.9 | 133.4 | ||||
Asset retirement obligations
|
147.2 | 143.3 | ||||
Pension and post-retirement liability
|
446.0 | 427.5 | ||||
Regulatory liabilities
|
257.8 | 258.2 | ||||
Other
|
99.1 | 129.4 | ||||
Total
|
1,720.9 | 1,610.1 | ||||
Capitalization
|
||||||
Great Plains Energy common shareholders' equity
|
||||||
Common stock - 250,000,000 shares authorized without par value
|
||||||
136,340,645 and 136,113,954 shares issued, stated value
|
2,328.5 | 2,324.4 | ||||
Retained earnings
|
711.9 | 626.5 | ||||
Treasury stock - 266,889 and 400,889 shares, at cost
|
(5.6 | ) | (8.9 | ) | ||
Accumulated other comprehensive loss
|
(52.0 | ) | (56.1 | ) | ||
Total
|
2,982.8 | 2,885.9 | ||||
Noncontrolling interest
|
1.2 | 1.2 | ||||
Cumulative preferred stock $100 par value
|
||||||
3.80% - 100,000 shares issued
|
10.0 | 10.0 | ||||
4.50% - 100,000 shares issued
|
10.0 | 10.0 | ||||
4.20% - 70,000 shares issued
|
7.0 | 7.0 | ||||
4.35% - 120,000 shares issued
|
12.0 | 12.0 | ||||
Total
|
39.0 | 39.0 | ||||
Long-term debt (Note 9)
|
2,750.1 | 2,942.7 | ||||
Total
|
5,773.1 | 5,868.8 | ||||
Commitments and Contingencies (Note 10)
|
||||||
Total
|
$ | 9,005.1 | $ | 8,818.2 | ||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
|
GREAT PLAINS ENERGY INCORPORATED | ||||||||||||
Consolidated Statements of Income
|
||||||||||||
(Unaudited)
|
||||||||||||
Three Months Ended
|
Year to Date
|
|||||||||||
September 30
|
September 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
Operating Revenues
|
(millions, except per share amounts)
|
|||||||||||
Electric revenues
|
$ | 773.7 | $ | 728.8 | $ | 1,831.7 | $ | 1,787.7 | ||||
Operating Expenses
|
||||||||||||
Fuel
|
146.5 | 127.3 | 365.8 | 333.2 | ||||||||
Purchased power
|
68.1 | 68.0 | 178.4 | 171.4 | ||||||||
Transmission of electricity by others
|
8.6 | 8.1 | 23.1 | 20.9 | ||||||||
Utility operating and maintenance expenses
|
169.1 | 147.7 | 487.7 | 447.3 | ||||||||
Voluntary separation program
|
- | - | 12.7 | - | ||||||||
Depreciation and amortization
|
65.9 | 85.3 | 205.9 | 248.5 | ||||||||
General taxes
|
52.3 | 43.6 | 134.6 | 119.2 | ||||||||
Other
|
0.5 | 5.0 | 4.0 | 6.5 | ||||||||
Total
|
511.0 | 485.0 | 1,412.2 | 1,347.0 | ||||||||
Operating income
|
262.7 | 243.8 | 419.5 | 440.7 | ||||||||
Non-operating income
|
1.4 | 7.5 | 5.8 | 34.8 | ||||||||
Non-operating expenses
|
(1.3 | ) | (3.4 | ) | (6.3 | ) | (7.1 | ) | ||||
Interest charges
|
(60.8 | ) | (45.5 | ) | (156.0 | ) | (138.7 | ) | ||||
Income before income tax expense and loss from
|
||||||||||||
equity investments
|
202.0 | 202.4 | 263.0 | 329.7 | ||||||||
Income tax expense
|
(75.4 | ) | (70.4 | ) | (90.6 | ) | (112.1 | ) | ||||
Loss from equity investments, net of income taxes
|
- | - | (0.1 | ) | (0.9 | ) | ||||||
Net income
|
126.6 | 132.0 | 172.3 | 216.7 | ||||||||
Less: Net income attributable to noncontrolling interest
|
(0.1 | ) | - | - | (0.1 | ) | ||||||
Net income attributable to Great Plains Energy
|
126.5 | 132.0 | 172.3 | 216.6 | ||||||||
Preferred stock dividend requirements
|
0.4 | 0.4 | 1.2 | 1.2 | ||||||||
Earnings available for common shareholders
|
$ | 126.1 | $ | 131.6 | $ | 171.1 | $ | 215.4 | ||||
Average number of basic common shares outstanding
|
135.7 | 135.2 | 135.6 | 135.1 | ||||||||
Average number of diluted common shares outstanding
|
138.3 | 136.9 | 138.5 | 136.8 | ||||||||
Basic earnings per common share
|
$ | 0.93 | $ | 0.97 | $ | 1.26 | $ | 1.59 | ||||
Diluted earnings per common share
|
$ | 0.91 | $ | 0.96 | $ | 1.24 | $ | 1.57 | ||||
Cash dividends per common share
|
$ | 0.2075 | $ | 0.2075 | $ | 0.6225 | $ | 0.6225 | ||||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
|
GREAT PLAINS ENERGY INCORPORATED | ||||||
Consolidated Statements of Cash Flows
|
||||||
(Unaudited)
|
||||||
Year to Date September 30
|
2011
|
2010
|
||||
Cash Flows from Operating Activities
|
(millions)
|
|||||
Net income
|
$ | 172.3 | $ | 216.7 | ||
Adjustments to reconcile income to net cash from operating activities:
|
||||||
Depreciation and amortization
|
205.9 | 248.5 | ||||
Amortization of:
|
||||||
Nuclear fuel
|
13.5 | 19.7 | ||||
Other
|
7.5 | (4.1 | ) | |||
Deferred income taxes, net
|
124.0 | 127.0 | ||||
Investment tax credit amortization
|
(1.5 | ) | (1.8 | ) | ||
Loss from equity investments, net of income taxes
|
0.1 | 0.9 | ||||
Other operating activities (Note 2)
|
(154.3 | ) | (199.2 | ) | ||
Net cash from operating activities
|
367.5 | 407.7 | ||||
Cash Flows from Investing Activities
|
||||||
Utility capital expenditures
|
(317.8 | ) | (465.2 | ) | ||
Allowance for borrowed funds used during construction
|
(3.1 | ) | (26.9 | ) | ||
Purchases of nuclear decommissioning trust investments
|
(15.5 | ) | (78.3 | ) | ||
Proceeds from nuclear decommissioning trust investments
|
13.0 | 75.6 | ||||
Other investing activities
|
(17.4 | ) | (9.1 | ) | ||
Net cash from investing activities
|
(340.8 | ) | (503.9 | ) | ||
Cash Flows from Financing Activities
|
||||||
Issuance of common stock
|
4.5 | 4.7 | ||||
Issuance of long-term debt
|
747.1 | 249.9 | ||||
Issuance fees
|
(6.2 | ) | (11.7 | ) | ||
Repayment of long-term debt
|
(448.5 | ) | (1.3 | ) | ||
Net change in short-term borrowings
|
(234.5 | ) | (207.1 | ) | ||
Net change in collateralized short-term borrowings
|
- | 95.0 | ||||
Dividends paid
|
(85.9 | ) | (85.6 | ) | ||
Other financing activities
|
(5.1 | ) | (6.0 | ) | ||
Net cash from financing activities
|
(28.6 | ) | 37.9 | |||
Net Change in Cash and Cash Equivalents
|
(1.9 | ) | (58.3 | ) | ||
Cash and Cash Equivalents at Beginning of Year
|
10.8 | 65.9 | ||||
Cash and Cash Equivalents at End of Period
|
$ | 8.9 | $ | 7.6 | ||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||||||||
Consolidated Statements of Common Shareholders' Equity and Noncontrolling Interest
|
||||||||||||
(Unaudited)
|
||||||||||||
Year to Date September 30
|
2011
|
2010
|
||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||
Common Stock
|
(millions, except share amounts)
|
|||||||||||
Beginning balance
|
136,113,954 | $ | 2,324.4 | 135,636,538 | $ | 2,313.7 | ||||||
Issuance of common stock
|
226,691 | 4.5 | 269,855 | 5.1 | ||||||||
Issuance of restricted common stock
|
- | - | 130,137 | 2.3 | ||||||||
Equity compensation expense, net of forfeitures
|
0.2 | 1.1 | ||||||||||
Unearned Compensation
|
||||||||||||
Issuance of restricted common stock
|
(3.5 | ) | (2.3 | ) | ||||||||
Forfeiture of restricted common stock
|
0.9 | 0.6 | ||||||||||
Compensation expense recognized
|
1.7 | 1.9 | ||||||||||
Other
|
0.3 | 0.1 | ||||||||||
Ending balance
|
136,340,645 | 2,328.5 | 136,036,530 | 2,322.5 | ||||||||
Retained Earnings
|
||||||||||||
Beginning balance
|
626.5 | 529.2 | ||||||||||
Net income attributable to Great Plains Energy
|
172.3 | 216.6 | ||||||||||
Loss on reissuance of treasury stock
|
(0.7 | ) | - | |||||||||
Dividends:
|
||||||||||||
Common stock
|
(84.7 | ) | (84.4 | ) | ||||||||
Preferred stock - at required rates
|
(1.2 | ) | (1.2 | ) | ||||||||
Performance shares
|
(0.3 | ) | (0.2 | ) | ||||||||
Ending balance
|
711.9 | 660.0 | ||||||||||
Treasury Stock
|
||||||||||||
Beginning balance
|
(400,889 | ) | (8.9 | ) | (213,423 | ) | (5.5 | ) | ||||
Treasury shares acquired
|
(125,024 | ) | (2.3 | ) | (172,913 | ) | (3.1 | ) | ||||
Treasury shares reissued
|
259,024 | 5.6 | 917 | - | ||||||||
Ending balance
|
(266,889 | ) | (5.6 | ) | (385,419 | ) | (8.6 | ) | ||||
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||
Beginning balance
|
(56.1 | ) | (44.9 | ) | ||||||||
Derivative hedging activity, net of tax
|
4.0 | (15.0 | ) | |||||||||
Change in unrecognized pension expense, net of tax
|
0.1 | 0.1 | ||||||||||
Ending balance
|
(52.0 | ) | (59.8 | ) | ||||||||
Total Great Plains Energy Common Shareholders' Equity
|
$ | 2,982.8 | $ | 2,914.1 | ||||||||
Noncontrolling Interest
|
||||||||||||
Beginning balance
|
$ | 1.2 | $ | 1.2 | ||||||||
Net income attributable to noncontrolling interest
|
- | 0.1 | ||||||||||
Distribution
|
- | (0.1 | ) | |||||||||
Ending balance
|
$ | 1.2 | $ | 1.2 | ||||||||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||
(Unaudited)
|
||||||||||||
Three Months Ended
|
Year to Date
|
|||||||||||
September 30
|
September 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Net income
|
$ | 126.6 | $ | 132.0 | $ | 172.3 | $ | 216.7 | ||||
Other comprehensive income (loss)
|
||||||||||||
Loss on derivative hedging instruments
|
(0.1 | ) | (10.3 | ) | (5.5 | ) | (32.4 | ) | ||||
Income tax benefit
|
0.1 | 4.0 | 2.2 | 12.6 | ||||||||
Net loss on derivative hedging instruments
|
- | (6.3 | ) | (3.3 | ) | (19.8 | ) | |||||
Reclassification to expenses, net of tax
|
3.1 | 2.0 | 7.3 | 4.8 | ||||||||
Derivative hedging activity, net of tax
|
3.1 | (4.3 | ) | 4.0 | (15.0 | ) | ||||||
Defined benefit pension plans
|
||||||||||||
Amortization of net gains included in net periodic benefit costs
|
- | - | 0.2 | 0.2 | ||||||||
Income tax expense
|
- | - | (0.1 | ) | (0.1 | ) | ||||||
Net change in unrecognized pension expense
|
- | - | 0.1 | 0.1 | ||||||||
Comprehensive income
|
129.7 | 127.7 | 176.4 | 201.8 | ||||||||
Less: comprehensive income attributable to noncontrolling interest
|
(0.1 | ) | - | - | (0.1 | ) | ||||||
Comprehensive income attributable to Great Plains Energy
|
$ | 129.6 | $ | 127.7 | $ | 176.4 | $ | 201.7 | ||||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
|
KANSAS CITY POWER & LIGHT COMPANY | ||||||
Consolidated Balance Sheets
|
||||||
(Unaudited)
|
||||||
September 30
|
December 31
|
|||||
2011
|
2010
|
|||||
ASSETS
|
(millions, except share amounts)
|
|||||
Current Assets
|
||||||
Cash and cash equivalents
|
$ | 3.2 | $ | 3.6 | ||
Funds on deposit
|
0.2 | 0.4 | ||||
Receivables, net
|
223.1 | 169.4 | ||||
Accounts receivable pledged as collateral
|
95.0 | 95.0 | ||||
Fuel inventories, at average cost
|
42.0 | 44.9 | ||||
Materials and supplies, at average cost
|
98.7 | 94.4 | ||||
Deferred refueling outage costs
|
33.4 | 9.6 | ||||
Refundable income taxes
|
13.9 | 9.0 | ||||
Deferred income taxes
|
- | 5.6 | ||||
Prepaid expenses and other assets
|
15.2 | 10.0 | ||||
Total
|
524.7 | 441.9 | ||||
Utility Plant, at Original Cost
|
||||||
Electric
|
7,762.6 | 7,540.9 | ||||
Less-accumulated depreciation
|
3,209.0 | 3,104.4 | ||||
Net utility plant in service
|
4,553.6 | 4,436.5 | ||||
Construction work in progress
|
181.9 | 227.6 | ||||
Nuclear fuel, net of amortization of $124.8 and $131.1
|
77.3 | 79.2 | ||||
Total
|
4,812.8 | 4,743.3 | ||||
Investments and Other Assets
|
||||||
Nuclear decommissioning trust fund
|
125.5 | 129.2 | ||||
Regulatory assets
|
700.6 | 679.6 | ||||
Other
|
35.8 | 32.3 | ||||
Total
|
861.9 | 841.1 | ||||
Total
|
$ | 6,199.4 | $ | 6,026.3 | ||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial Statements
|
||||||
are an integral part of these statements.
|
KANSAS CITY POWER & LIGHT COMPANY | ||||||
Consolidated Balance Sheets
|
||||||
(Unaudited)
|
||||||
September 30
|
December 31
|
|||||
2011
|
2010
|
|||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
|||||
Current Liabilities
|
||||||
Collateralized note payable
|
$ | 95.0 | $ | 95.0 | ||
Commercial paper
|
10.5 | 263.5 | ||||
Current maturities of long-term debt
|
162.7 | 150.3 | ||||
Accounts payable
|
151.2 | 201.7 | ||||
Accrued taxes
|
66.1 | 21.3 | ||||
Accrued interest
|
34.1 | 26.2 | ||||
Accrued compensation and benefits
|
38.2 | 46.8 | ||||
Pension and post-retirement liability
|
2.6 | 2.6 | ||||
Deferred income taxes
|
1.4 | - | ||||
Other
|
15.1 | 7.8 | ||||
Total
|
576.9 | 815.2 | ||||
Deferred Credits and Other Liabilities
|
||||||
Deferred income taxes
|
776.6 | 692.0 | ||||
Deferred tax credits
|
128.4 | 129.4 | ||||
Asset retirement obligations
|
132.2 | 129.7 | ||||
Pension and post-retirement liability
|
426.1 | 407.3 | ||||
Regulatory liabilities
|
135.6 | 141.3 | ||||
Other
|
65.1 | 76.7 | ||||
Total
|
1,664.0 | 1,576.4 | ||||
Capitalization
|
||||||
Common shareholder's equity
|
||||||
Common stock - 1,000 shares authorized without par value
|
||||||
1 share issued, stated value
|
1,563.1 | 1,563.1 | ||||
Retained earnings
|
526.1 | 478.3 | ||||
Accumulated other comprehensive loss
|
(32.5 | ) | (36.4 | ) | ||
Total
|
2,056.7 | 2,005.0 | ||||
Long-term debt (Note 9)
|
1,901.8 | 1,629.7 | ||||
Total
|
3,958.5 | 3,634.7 | ||||
Commitments and Contingencies (Note 10)
|
||||||
Total
|
$ | 6,199.4 | $ | 6,026.3 | ||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial Statements
|
||||||
are an integral part of these statements.
|
KANSAS CITY POWER & LIGHT COMPANY | ||||||||||||
Consolidated Statements of Income
|
||||||||||||
(Unaudited)
|
||||||||||||
Three Months Ended
|
Year to Date
|
|||||||||||
September 30
|
September 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
Operating Revenues
|
(millions)
|
|||||||||||
Electric revenues
|
$ | 506.3 | $ | 486.5 | $ | 1,220.5 | $ | 1,194.7 | ||||
Operating Expenses
|
||||||||||||
Fuel
|
99.3 | 83.8 | 249.0 | 213.2 | ||||||||
Purchased power
|
24.9 | 25.0 | 66.7 | 63.2 | ||||||||
Transmission of electricity by others
|
5.7 | 4.4 | 14.2 | 11.3 | ||||||||
Operating and maintenance expenses
|
120.2 | 102.9 | 350.7 | 323.5 | ||||||||
Voluntary separation program
|
- | - | 9.2 | - | ||||||||
Depreciation and amortization
|
45.4 | 66.4 | 147.0 | 192.2 | ||||||||
General taxes
|
41.6 | 37.2 | 108.9 | 99.3 | ||||||||
Other
|
- | 3.2 | 1.3 | 3.2 | ||||||||
Total
|
337.1 | 322.9 | 947.0 | 905.9 | ||||||||
Operating income
|
169.2 | 163.6 | 273.5 | 288.8 | ||||||||
Non-operating income
|
0.8 | 6.1 | 1.8 | 23.3 | ||||||||
Non-operating expenses
|
(1.0 | ) | (2.5 | ) | (3.4 | ) | (4.7 | ) | ||||
Interest charges
|
(30.8 | ) | (20.1 | ) | (81.2 | ) | (63.8 | ) | ||||
Income before income tax expense
|
138.2 | 147.1 | 190.7 | 243.6 | ||||||||
Income tax expense
|
(52.8 | ) | (54.5 | ) | (67.9 | ) | (83.6 | ) | ||||
Net income
|
$ | 85.4 | $ | 92.6 | $ | 122.8 | $ | 160.0 | ||||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial Statements are an integral
|
||||||||||||
part of these statements.
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||
Consolidated Statements of Cash Flows
|
||||||
(Unaudited)
|
||||||
Year to Date September 30
|
2011
|
2010
|
||||
Cash Flows from Operating Activities
|
(millions)
|
|||||
Net income
|
$ | 122.8 | $ | 160.0 | ||
Adjustments to reconcile income to net cash from operating activities:
|
||||||
Depreciation and amortization
|
147.0 | 192.2 | ||||
Amortization of:
|
||||||
Nuclear fuel
|
13.5 | 19.7 | ||||
Other
|
22.3 | 18.1 | ||||
Deferred income taxes, net
|
87.2 | 63.5 | ||||
Investment tax credit amortization
|
(1.0 | ) | (1.2 | ) | ||
Other operating activities (Note 2)
|
(74.3 | ) | (171.1 | ) | ||
Net cash from operating activities
|
317.5 | 281.2 | ||||
Cash Flows from Investing Activities
|
||||||
Utility capital expenditures
|
(236.7 | ) | (349.1 | ) | ||
Allowance for borrowed funds used during construction
|
(1.6 | ) | (21.3 | ) | ||
Purchases of nuclear decommissioning trust investments
|
(15.5 | ) | (78.3 | ) | ||
Proceeds from nuclear decommissioning trust investments
|
13.0 | 75.6 | ||||
Net money pool lending
|
(18.8 | ) | 6.0 | |||
Other investing activities
|
(9.3 | ) | (6.0 | ) | ||
Net cash from investing activities
|
(268.9 | ) | (373.1 | ) | ||
Cash Flows from Financing Activities
|
||||||
Issuance of long-term debt
|
397.4 | - | ||||
Issuance fees
|
(3.7 | ) | (5.0 | ) | ||
Repayment of long-term debt
|
(113.1 | ) | (0.2 | ) | ||
Net change in short-term borrowings
|
(253.0 | ) | 22.9 | |||
Net change in collateralized short-term borrowings
|
- | 95.0 | ||||
Net money pool borrowings
|
(1.6 | ) | 34.8 | |||
Dividends paid to Great Plains Energy
|
(75.0 | ) | (70.0 | ) | ||
Net cash from financing activities
|
(49.0 | ) | 77.5 | |||
Net Change in Cash and Cash Equivalents
|
(0.4 | ) | (14.4 | ) | ||
Cash and Cash Equivalents at Beginning of Year
|
3.6 | 17.4 | ||||
Cash and Cash Equivalents at End of Period
|
$ | 3.2 | $ | 3.0 | ||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial
|
||||||
Statements are an integral part of these statements.
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||
Consolidated Statements of Common Shareholder's Equity
|
||||||||||||
(Unaudited)
|
||||||||||||
Year to Date September 30
|
2011
|
2010
|
||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||
(millions, except share amounts)
|
||||||||||||
Common Stock
|
1 | $ | 1,563.1 | 1 | $ | 1,563.1 | ||||||
Retained Earnings
|
||||||||||||
Beginning balance
|
478.3 | 410.1 | ||||||||||
Net income
|
122.8 | 160.0 | ||||||||||
Dividends:
|
||||||||||||
Common stock held by Great Plains Energy
|
(75.0 | ) | (70.0 | ) | ||||||||
Ending balance
|
526.1 | 500.1 | ||||||||||
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||
Beginning balance
|
(36.4 | ) | (41.5 | ) | ||||||||
Derivative hedging activity, net of tax
|
3.9 | 3.7 | ||||||||||
Ending balance
|
(32.5 | ) | (37.8 | ) | ||||||||
Total Common Shareholder's Equity
|
$ | 2,056.7 | $ | 2,025.4 | ||||||||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial Statements are an
|
||||||||||||
integral part of these statements.
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||
(Unaudited)
|
||||||||||||
Three Months Ended
|
Year to Date
|
|||||||||||
September 30
|
September 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Net income
|
$ | 85.4 | $ | 92.6 | $ | 122.8 | $ | 160.0 | ||||
Other comprehensive income (loss)
|
||||||||||||
Loss on derivative hedging instruments
|
(0.1 | ) | (0.4 | ) | (0.2 | ) | (1.0 | ) | ||||
Income tax benefit
|
0.1 | 0.2 | 0.1 | 0.4 | ||||||||
Net loss on derivative hedging instruments
|
- | (0.2 | ) | (0.1 | ) | (0.6 | ) | |||||
Reclassification to expenses, net of tax
|
1.3 | 1.6 | 4.0 | 4.3 | ||||||||
Derivative hedging activity, net of tax
|
1.3 | 1.4 | 3.9 | 3.7 | ||||||||
Comprehensive income
|
$ | 86.7 | $ | 94.0 | $ | 126.7 | $ | 163.7 | ||||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial Statements are an
|
||||||||||||
integral part of these statements.
|
1.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
·
|
KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas. KCP&L has one active wholly owned subsidiary, Kansas City Power & Light Receivables Company (Receivables Company).
|
·
|
KCP&L Greater Missouri Operations Company (GMO) is an integrated, regulated electric utility that primarily provides electricity to customers in the state of Missouri. GMO also provides regulated steam service to certain customers in the St. Joseph, Missouri area. GMO wholly owns MPS Merchant Services, Inc. (MPS Merchant), which has certain long-term natural gas contracts remaining from its former non-regulated trading operations.
|
Three Months Ended
|
Year to Date
|
|||||||||||
September 30
|
September 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
Income
|
(millions, except per share amounts)
|
|||||||||||
Net income
|
$ | 126.6 | $ | 132.0 | $ | 172.3 | $ | 216.7 | ||||
Less: net income attributable to noncontrolling interest
|
0.1 | - | - | 0.1 | ||||||||
Less: preferred stock dividend requirements
|
0.4 | 0.4 | 1.2 | 1.2 | ||||||||
Earnings available for common shareholders
|
$ | 126.1 | $ | 131.6 | $ | 171.1 | $ | 215.4 | ||||
Common Shares Outstanding
|
||||||||||||
Average number of common shares outstanding
|
135.7 | 135.2 | 135.6 | 135.1 | ||||||||
Add: effect of dilutive securities
|
2.6 | 1.7 | 2.9 | 1.7 | ||||||||
Diluted average number of common shares outstanding
|
138.3 | 136.9 | 138.5 | 136.8 | ||||||||
Basic EPS
|
$ | 0.93 | $ | 0.97 | $ | 1.26 | $ | 1.59 | ||||
Diluted EPS
|
$ | 0.91 | $ | 0.96 | $ | 1.24 | $ | 1.57 | ||||
2.
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
Great Plains Energy Other Operating Activities
|
||||||
Year to Date September 30
|
2011
|
2010
|
||||
Cash flows affected by changes in:
|
(millions)
|
|||||
Receivables
|
$ | (41.2 | ) | $ | (45.9 | ) |
Accounts receivable pledged as collateral
|
- | (95.0 | ) | |||
Fuel inventories
|
12.9 | 4.9 | ||||
Materials and supplies
|
(4.8 | ) | (10.0 | ) | ||
Accounts payable
|
(71.5 | ) | (79.1 | ) | ||
Accrued taxes
|
52.5 | 54.6 | ||||
Accrued interest
|
(6.1 | ) | (2.0 | ) | ||
Deferred refueling outage costs
|
(23.8 | ) | 8.0 | |||
Fuel adjustment clauses
|
(27.3 | ) | (2.3 | ) | ||
Pension and post-retirement benefit obligations
|
22.0 | 15.5 | ||||
Allowance for equity funds used during construction
|
(0.3 | ) | (25.5 | ) | ||
Interest rate hedge settlements
|
(26.1 | ) | (6.9 | ) | ||
Iatan Nos. 1 and 2 impact of disallowed construction costs
|
2.3 | 4.0 | ||||
Uncertain tax positions
|
(20.2 | ) | (1.4 | ) | ||
Other
|
(22.7 | ) | (18.1 | ) | ||
Total other operating activities
|
$ | (154.3 | ) | $ | (199.2 | ) |
Cash paid during the period:
|
||||||
Interest
|
$ | 195.1 | $ | 175.4 | ||
Income taxes
|
$ | 2.4 | $ | 0.4 | ||
Non-cash investing activities:
|
||||||
Liabilities assumed for capital expenditures
|
$ | 34.8 | $ | 36.4 | ||
KCP&L Other Operating Activities
|
||||||
Year to Date September 30
|
2011 | 2010 | ||||
Cash flows affected by changes in:
|
(millions)
|
|||||
Receivables
|
$ | (39.5 | ) | $ | (0.1 | ) |
Accounts receivable pledged as collateral
|
- | (95.0 | ) | |||
Fuel inventories
|
2.9 | 0.1 | ||||
Materials and supplies
|
(4.3 | ) | (7.2 | ) | ||
Accounts payable
|
(43.2 | ) | (87.2 | ) | ||
Accrued taxes
|
40.3 | (6.3 | ) | |||
Accrued interest
|
7.9 | 10.3 | ||||
Deferred refueling outage costs
|
(23.8 | ) | 8.0 | |||
Pension and post-retirement benefit obligations
|
32.1 | 31.1 | ||||
Allowance for equity funds used during construction
|
- | (21.7 | ) | |||
Kansas Energy Cost Adjustment
|
(22.0 | ) | (5.4 | ) | ||
Iatan Nos. 1 and 2 impact of disallowed construction costs
|
1.5 | 3.0 | ||||
Uncertain tax positions
|
(10.1 | ) | (1.6 | ) | ||
Other
|
(16.1 | ) | 0.9 | |||
Total other operating activities
|
$ | (74.3 | ) | $ | (171.1 | ) |
Cash paid during the period:
|
||||||
Interest
|
$ | 74.6 | $ | 60.3 | ||
Income taxes
|
$ | 0.1 | $ | 71.6 | ||
Non-cash investing activities:
|
||||||
Liabilities assumed for capital expenditures
|
$ | 30.7 | $ | 31.6 | ||
3.
|
RECEIVABLES
|
September 30 | December 31 | |||||
2011
|
2010 | |||||
Great Plains Energy
|
(millions)
|
|||||
Customer accounts receivable - billed
|
$ | 122.3 | $ | 62.0 | ||
Customer accounts receivable - unbilled
|
74.3 | 82.3 | ||||
Allowance for doubtful accounts
|
(3.8 | ) | (2.7 | ) | ||
Other receivables
|
82.8 | 100.1 | ||||
Total
|
$ | 275.6 | $ | 241.7 | ||
KCP&L
|
||||||
Customer accounts receivable - billed
|
$ | 43.5 | $ | 6.5 | ||
Customer accounts receivable - unbilled
|
45.8 | 50.1 | ||||
Allowance for doubtful accounts
|
(2.5 | ) | (1.5 | ) | ||
Intercompany receivables
|
68.2 | 43.2 | ||||
Other receivables
|
68.1 | 71.1 | ||||
Total
|
$ | 223.1 | $ | 169.4 | ||
Receivables
|
Consolidated
|
||||||||
Three Months Ended September 30, 2011
|
KCP&L
|
Company
|
KCP&L
|
||||||
(millions)
|
|||||||||
Receivables (sold) purchased
|
$ | (468.8 | ) | $ | 468.8 | $ | - | ||
Gain (loss) on sale of accounts receivable (a)
|
(5.9 | ) | 5.8 | (0.1 | ) | ||||
Servicing fees
|
0.9 | (0.9 | ) | - | |||||
Fees to outside investor
|
- | (0.3 | ) | (0.3 | ) | ||||
Cash flows during the period
|
|||||||||
Cash from customers transferred to Receivables Company
|
(463.4 | ) | 463.4 | - | |||||
Cash paid to KCP&L for receivables purchased
|
457.6 | (457.6 | ) | - | |||||
Servicing fees
|
0.9 | (0.9 | ) | - | |||||
Interest on intercompany note
|
0.2 | (0.2 | ) | - | |||||
Receivables
|
Consolidated
|
||||||||
Year to Date September 30, 2011
|
KCP&L
|
Company
|
KCP&L
|
||||||
(millions)
|
|||||||||
Receivables (sold) purchased
|
$ | (1,108.4 | ) | $ | 1,108.4 | $ | - | ||
Gain (loss) on sale of accounts receivable (a)
|
(14.0 | ) | 13.6 | (0.4 | ) | ||||
Servicing fees
|
2.0 | (2.0 | ) | - | |||||
Fees to outside investor
|
- | (0.9 | ) | (0.9 | ) | ||||
Cash flows during the period
|
|||||||||
Cash from customers transferred to Receivables Company
|
(1,081.6 | ) | 1,081.6 | - | |||||
Cash paid to KCP&L for receivables purchased
|
1,068.0 | (1,068.0 | ) | - | |||||
Servicing fees
|
2.0 | (2.0 | ) | - | |||||
Interest on intercompany note
|
0.4 | (0.4 | ) | - | |||||
Receivables
|
Consolidated
|
||||||||
Three Months Ended September 30, 2010
|
KCP&L
|
Company
|
KCP&L
|
||||||
(millions)
|
|||||||||
Receivables (sold) purchased
|
$ | (442.0 | ) | $ | 442.0 | $ | - | ||
Gain (loss) on sale of accounts receivable (a)
|
(5.6 | ) | 5.4 | (0.2 | ) | ||||
Servicing fees
|
0.8 | (0.8 | ) | - | |||||
Fees to outside investor
|
- | (0.3 | ) | (0.3 | ) | ||||
Cash flows during the period
|
|||||||||
Cash from customers transferred to Receivables Company
|
(430.9 | ) | 430.9 | - | |||||
Cash paid to KCP&L for receivables purchased
|
425.5 | (425.5 | ) | - | |||||
Servicing fees
|
0.8 | (0.8 | ) | - | |||||
Interest on intercompany note
|
0.2 | (0.2 | ) | - | |||||
Receivables
|
Consolidated
|
|||||||||
Year to Date September 30, 2010
|
KCP&L
|
Company
|
KCP&L
|
|||||||
(millions)
|
||||||||||
Receivables (sold) purchased
|
$ | (1,067.7 | ) | $ | 1,067.7 | $ | - | |||
Gain (loss) on sale of accounts receivable (a)
|
(13.5 | ) | 12.9 | (0.6 | ) | |||||
Servicing fees
|
1.9 | (1.9 | ) | - | ||||||
Fees to outside investor
|
- | (0.9 | ) | (0.9 | ) | |||||
Cash flows during the period
|
||||||||||
Cash from customers transferred to Receivables Company
|
(1,029.8 | ) | 1,029.8 | - | ||||||
Cash paid to KCP&L for receivables purchased
|
1,016.9 | (1,016.9 | ) | - | ||||||
Servicing fees
|
1.9 | (1.9 | ) | - | ||||||
Interest on intercompany note
|
0.4 | (0.4 | ) | - | ||||||
(a)
|
Any net gain (loss) is the result of the timing difference inherent in collecting receivables and
|
|||||||||
|
over the life of the agreement will net to zero.
|
4.
|
NUCLEAR PLANT
|
Total
|
KCP&L's
|
||||||
Station
|
47% Share
|
||||||
(millions)
|
|||||||
Current cost of decommissioning (in 2011 dollars)
|
$ | 630 | $ | 296 | |||
Future cost of decommissioning (in 2045-2053 dollars) (a)
|
2,455 | 1,154 | |||||
Annual escalation factor
|
3.73 | % | |||||
Annual return on trust assets (b)
|
6.89 | % | |||||
(a)
|
Total future cost over an eight year decommissioning period.
|
||||||
(b)
|
The 6.89% rate of return is through 2025. The rate then systematically decreases
|
||||||
through 2053 to 1.81% based on the assumption that the fund's investment mix
|
|||||||
will become increasingly more conservative as the decommissioning period
|
|||||||
approaches.
|
September 30
|
December 31
|
|||||
2011
|
2010
|
|||||
Decommissioning Trust
|
(millions)
|
|||||
Beginning balance January 1
|
$ | 129.2 | $ | 112.5 | ||
Contributions
|
2.5 | 3.7 | ||||
Earned income, net of fees
|
4.0 | 2.0 | ||||
Net realized gains
|
0.3 | 6.7 | ||||
Net unrealized gains (losses)
|
(10.5 | ) | 4.3 | |||
Ending balance
|
$ | 125.5 | $ | 129.2 | ||
September 30
|
December 31
|
||||||||||||||||||||||||
2011
|
2010
|
||||||||||||||||||||||||
Cost
|
Unrealized
|
Unrealized
|
Fair
|
Cost
|
Unrealized
|
Unrealized
|
Fair
|
||||||||||||||||||
Basis
|
Gains
|
Losses
|
Value
|
Basis
|
Gains
|
Losses
|
Value
|
||||||||||||||||||
(millions)
|
|||||||||||||||||||||||||
Equity securities
|
$ | 75.3 | $ | 6.5 | $ | (6.6 | ) | $ | 75.2 | $ | 73.4 | $ | 13.1 | $ | (1.0 | ) | $ | 85.5 | |||||||
Debt securities
|
42.7 | 4.4 | (0.2 | ) | 46.9 | 38.1 | 2.6 | (0.1 | ) | 40.6 | |||||||||||||||
Other
|
3.4 | - | - | 3.4 | 3.1 | - | - | 3.1 | |||||||||||||||||
Total
|
$ | 121.4 | $ | 10.9 | $ | (6.8 | ) | $ | 125.5 | $ | 114.6 | $ | 15.7 | $ | (1.1 | ) | $ | 129.2 | |||||||
Three Months Ended | Year to Date | |||||||||||
September 30 | September 30 | |||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Realized gains
|
$ | 0.2 | $ | 0.2 | $ | 1.0 | $ | 7.2 | ||||
Realized losses
|
- | (0.1 | ) | (0.7 | ) | (0.6 | ) | |||||
5.
|
REGULATORY MATTERS
|
Great
|
|||||||||||
September 30, 2011
|
KCP&L
|
GMO
|
Plains Energy
|
||||||||
Regulatory Assets
|
(millions)
|
||||||||||
Taxes recoverable through future rates
|
$ | 119.0 | $ | 24.9 | $ | 143.9 | |||||
Loss on reacquired debt
|
6.5 |
(a)
|
0.6 |
(a)
|
7.1 | ||||||
Cost of removal
|
7.0 | - | 7.0 | ||||||||
Asset retirement obligations
|
30.4 | 13.6 | 44.0 | ||||||||
Pension and post-retirement costs
|
373.2 |
(b)
|
120.4 |
(b)
|
493.6 | ||||||
Deferred customer programs
|
48.2 |
(c)
|
19.5 | 67.7 | |||||||
Rate case expenses
|
9.9 |
(d)
|
4.5 |
(d)
|
14.4 | ||||||
Skill set realignment costs
|
3.7 |
(e)
|
- | 3.7 | |||||||
Fuel adjustment clauses
|
30.1 |
(d)
|
42.5 |
(d)
|
72.6 | ||||||
Acquisition transition costs
|
26.2 |
(f)
|
21.3 |
(f)
|
47.5 | ||||||
St. Joseph Light & Power acquisition
|
- | 2.2 |
(g)
|
2.2 | |||||||
Storm damage
|
- | 2.0 |
(h)
|
2.0 | |||||||
Derivative instruments
|
- | 3.1 |
(i)
|
3.1 | |||||||
Iatan No. 1 and Common facilities depreciation and carrying costs
|
16.5 | 6.1 | 22.6 | ||||||||
Iatan No. 2 construction accounting costs
|
27.6 | 15.5 | 43.1 | ||||||||
Other
|
2.3 |
(j)
|
0.4 |
(j)
|
2.7 | ||||||
Total
|
$ | 700.6 | $ | 276.6 | $ | 977.2 | |||||
Regulatory Liabilities
|
|||||||||||
Emission allowances
|
$ | 83.0 | $ | 0.3 | $ | 83.3 | |||||
Asset retirement obligations
|
40.9 | - | 40.9 | ||||||||
Pension
|
0.5 | 39.9 | 40.4 | ||||||||
Cost of removal
|
- | 62.5 |
(k)
|
62.5 | |||||||
Other
|
11.2 | 19.5 | 30.7 | ||||||||
Total
|
$ | 135.6 | $ | 122.2 | $ | 257.8 | |||||
(a)
|
Amortized over the life of the related new debt issuances or the remaining lives of the old debt issuances if no new debt was issued.
|
(b)
|
Represents the funded status of the pension plans more than offset by related liabilities. Also includes pension settlements amortized over various periods and financial and regulatory accounting method differences not included in rate base that will be eliminated over the life of the pension plans.
|
(c)
|
$11.3 million not included in rate base and amortized over various periods.
|
(d)
|
Not included in rate base and amortized over various periods.
|
(e)
|
$2.5 million not included in rate base and amortized through 2017.
|
(f)
|
Not included in rate base and amortized through 2016.
|
(g)
|
Not included in rate base and amortized through 2015.
|
(h)
|
Not included in rate base and amortized through 2012.
|
(i)
|
Represents the fair value of derivative instruments for commodity contracts. Settlements of the contracts are recognized in fuel expense and included in GMO’s fuel adjustment clause (FAC).
|
(j)
|
Certain insignificant items are not included in rate base and amortized over various periods.
|
(k)
|
Estimated cumulative net provision for future removal costs.
|
Great
|
|||||||||
December 31, 2010
|
KCP&L
|
GMO
|
Plains Energy
|
||||||
Regulatory Assets
|
(millions)
|
||||||||
Taxes recoverable through future rates
|
$ | 117.2 | $ | 25.3 | $ | 142.5 | |||
Loss on reacquired debt
|
5.0 | 0.7 | 5.7 | ||||||
Cost of removal
|
8.5 | - | 8.5 | ||||||
Asset retirement obligations
|
27.5 | 12.8 | 40.3 | ||||||
Pension and post-retirement costs
|
386.1 | 106.7 | 492.8 | ||||||
Deferred customer programs
|
44.7 | 15.6 | 60.3 | ||||||
Rate case expenses
|
12.3 | 3.3 | 15.6 | ||||||
Skill set realignment costs
|
4.8 | - | 4.8 | ||||||
Fuel adjustment clauses
|
8.4 | 37.1 | 45.5 | ||||||
Acquisition transition costs
|
29.3 | 22.5 | 51.8 | ||||||
St. Joseph Light & Power acquisition
|
- | 2.6 | 2.6 | ||||||
Storm damage
|
- | 3.2 | 3.2 | ||||||
Derivative instruments
|
- | 3.1 | 3.1 | ||||||
Iatan No. 1 and Common facilities depreciation and carrying costs
|
15.1 | 4.3 | 19.4 | ||||||
Iatan No. 2 construction accounting costs
|
17.2 | 6.5 | 23.7 | ||||||
Other
|
3.5 | 0.7 | 4.2 | ||||||
Total
|
$ | 679.6 | $ | 244.4 | $ | 924.0 | |||
Regulatory Liabilities
|
|||||||||
Emission allowances
|
$ | 85.9 | $ | 0.5 | $ | 86.4 | |||
Asset retirement obligations
|
44.9 | - | 44.9 | ||||||
Pension
|
- | 37.1 | 37.1 | ||||||
Cost of removal
|
- | 62.8 | 62.8 | ||||||
Other
|
10.5 | 16.5 | 27.0 | ||||||
Total
|
$ | 141.3 | $ | 116.9 | $ | 258.2 | |||
6.
|
PENSION PLANS, OTHER EMPLOYEE BENEFITS AND VOLUNTARY SEPARATION PROGRAM
|
Pension Benefits
|
Other Benefits
|
|||||||||||
Three Months Ended September 30
|
2011
|
2010
|
2011
|
2010
|
||||||||
Components of net periodic benefit costs
|
(millions)
|
|||||||||||
Service cost
|
$ | 7.8 | $ | 7.6 | $ | 0.7 | $ | 1.0 | ||||
Interest cost
|
12.4 | 12.3 | 2.0 | 2.2 | ||||||||
Expected return on plan assets
|
(9.5 | ) | (9.2 | ) | (0.4 | ) | (0.5 | ) | ||||
Prior service cost
|
1.1 | 1.1 | 1.8 | 1.8 | ||||||||
Recognized net actuarial loss (gain)
|
9.7 | 9.4 | (0.1 | ) | (0.1 | ) | ||||||
Transition obligation
|
- | - | 0.3 | 0.3 | ||||||||
Settlement charge
|
10.0 | - | - | - | ||||||||
Net periodic benefit costs before
|
||||||||||||
regulatory adjustment
|
31.5 | 21.2 | 4.3 | 4.7 | ||||||||
Regulatory adjustment
|
(12.8 | ) | (8.1 | ) | 0.4 | - | ||||||
Net periodic benefit costs
|
$ | 18.7 | $ | 13.1 | $ | 4.7 | $ | 4.7 | ||||
Pension Benefits
|
Other Benefits
|
|||||||||||
Year to Date September 30
|
2011 | 2010 | 2011 | 2010 | ||||||||
Components of net periodic benefit costs
|
(millions)
|
|||||||||||
Service cost
|
$ | 23.4 | $ | 22.8 | $ | 2.3 | $ | 2.8 | ||||
Interest cost
|
37.5 | 36.9 | 5.9 | 6.6 | ||||||||
Expected return on plan assets
|
(28.8 | ) | (27.5 | ) | (1.3 | ) | (1.6 | ) | ||||
Prior service cost
|
3.4 | 3.5 | 5.4 | 5.4 | ||||||||
Recognized net actuarial loss (gain)
|
28.9 | 28.1 | (0.4 | ) | (0.1 | ) | ||||||
Transition obligation
|
- | - | 1.0 | 1.0 | ||||||||
Settlement charge
|
10.2 | - | - | - | ||||||||
Net periodic benefit costs before
|
||||||||||||
regulatory adjustment
|
74.6 | 63.8 | 12.9 | 14.1 | ||||||||
Regulatory adjustment
|
(25.1 | ) | (24.6 | ) | 0.7 | - | ||||||
Net periodic benefit costs
|
$ | 49.5 | $ | 39.2 | $ | 13.6 | $ | 14.1 | ||||
7.
|
EQUITY COMPENSATION
|
Three Months Ended
|
Year to Date
|
|||||||||||
September 30
|
September 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
Great Plains Energy
|
(millions)
|
|||||||||||
Compensation expense
|
$ | 1.2 | $ | 0.8 | $ | 4.5 | $ | 3.4 | ||||
Income tax benefits
|
0.4 | 0.2 | 1.8 | 0.8 | ||||||||
KCP&L
|
||||||||||||
Compensation expense
|
0.8 | 0.6 | 3.1 | 2.4 | ||||||||
Income tax benefits
|
0.2 | 0.2 | 1.2 | 0.4 | ||||||||
Performance
|
Grant Date
|
|||||
Shares
|
Fair Value*
|
|||||
Beginning balance
|
431,784 | $ | 18.01 | |||
Granted
|
140,128 | 26.15 | ||||
Earned
|
(68,258 | ) | 11.04 | |||
Forfeited
|
(61,612 | ) | 22.38 | |||
Ending balance
|
442,042 | 21.06 | ||||
* weighted-average
|
|
||||||
Nonvested
|
|
|||||
Restricted | Grant Date | |||||
Stock
|
Fair Value*
|
|||||
Beginning balance
|
406,657 | $ | 16.23 | |||
Granted and issued
|
182,385 | 19.03 | ||||
Vested
|
(149,688 | ) | 17.29 | |||
Forfeited
|
(53,171 | ) | 17.25 | |||
Ending balance
|
386,183 | 17.06 | ||||
* weighted-average
|
8.
|
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT
|
9.
|
LONG-TERM DEBT
|
September 30
|
December 31
|
||||||
Year Due
|
2011
|
2010
|
|||||
KCP&L
|
(millions)
|
||||||
General Mortgage Bonds
|
|||||||
4.87% EIRR bonds (a)(b)
|
2012-2035 | $ | 119.3 | $ | 158.8 | ||
7.15% Series 2009A (8.59% rate)(c)
|
2019 | 400.0 | 400.0 | ||||
4.65% EIRR Series 2005
|
2035 | 50.0 | 50.0 | ||||
EIRR Series 2007A-1(d)
|
2035 | - | 63.3 | ||||
EIRR Series 2007A-2(d)
|
2035 | - | 10.0 | ||||
5.375% EIRR Series 2007B
|
2035 | 73.2 | 73.2 | ||||
Senior Notes
|
|||||||
6.50% Series
|
2011 | 150.0 | 150.0 | ||||
5.85% Series (5.72% rate)(c)
|
2017 | 250.0 | 250.0 | ||||
6.375% Series (7.49% rate)(c)
|
2018 | 350.0 | 350.0 | ||||
6.05% Series (5.78% rate)(c)
|
2035 | 250.0 | 250.0 | ||||
5.30% Series
|
2041 | 400.0 | - | ||||
EIRR bonds
|
|||||||
4.90% Series 2008
|
2038 | 23.4 | 23.4 | ||||
Other
|
2012-2018 | 2.9 | 3.3 | ||||
Current maturities
|
(162.7 | ) | (150.3 | ) | |||
Unamortized discount
|
(4.3 | ) | (2.0 | ) | |||
Total KCP&L
|
1,901.8 | 1,629.7 | |||||
Other Great Plains Energy
|
|||||||
GMO First Mortgage Bonds
|
|||||||
9.44% Series
|
2012-2021 | 11.2 | 12.4 | ||||
GMO Pollution Control Bonds
|
|||||||
5.85% SJLP Pollution Control
|
2013 | 5.6 | 5.6 | ||||
0.214% Wamego Series 1996 (e)
|
2026 | 7.3 | 7.3 | ||||
0.263% State Environmental 1993 (e)
|
2028 | 5.0 | 5.0 | ||||
GMO Senior Notes
|
|||||||
7.95% Series
|
- | 137.3 | |||||
7.75% Series
|
- | 197.0 | |||||
11.875% Series
|
2012 | 500.0 | 500.0 | ||||
8.27% Series
|
2021 | 80.9 | 80.9 | ||||
Fair Value Adjustment
|
24.2 | 49.9 | |||||
GMO Medium Term Notes
|
|||||||
7.16% Series
|
2013 | 6.0 | 6.0 | ||||
7.33% Series
|
2023 | 3.0 | 3.0 | ||||
7.17% Series
|
2023 | 7.0 | 7.0 | ||||
Great Plains Energy 2.75% Senior Notes (3.67% rate)(c)
|
2013 | 250.0 | 250.0 | ||||
Great Plains Energy 6.875% Senior Notes (7.33% rate)(c)
|
2017 | 100.0 | 100.0 | ||||
Great Plains Energy 10.00% Equity Units Subordinated Notes
|
2012 | 287.5 | 287.5 | ||||
Great Plains Energy 4.85% Senior Notes (7.34% rate)(c)
|
2021 | 350.0 | - | ||||
Current maturities
|
(788.7 | ) | (335.4 | ) | |||
Unamortized discount
|
(0.7 | ) | (0.5 | ) | |||
Total Great Plains Energy excluding current maturities
|
$ | 2,750.1 | $ | 2,942.7 | |||
(a) Weighted-average interest rates at September 30, 2011
|
|||||||
(b) September 30, 2011, does not include $39.5 million EIRR Series 1993B bonds because the bonds have been repurchased and are held by
|
|||||||
KCP&L
|
|||||||
(c) Rate after amortizing gains/losses recognized in OCI on settlements of interest rate hedging instruments
|
|||||||
(d) September 30, 2011, does not include $63.3 million EIRR Series 2007 A-1and $10.0 million EIRR Series 2007 A-2 bonds because the
|
|||||||
bonds have been repurchased and are held by KCP&L
|
|||||||
(e) Variable rate
|
10.
|
COMMITMENTS AND CONTINGENCIES
|
·
|
KCP&L’s LaCygne No. 1 scrubber and baghouse installed by June 2015;
|
·
|
KCP&L’s LaCygne No. 2 full air quality control system (AQCS) installed by June 2015;
|
·
|
KCP&L’s Montrose No. 3 full AQCS installed by approximately 2016; and
|
·
|
GMO’s Sibley No. 3 scrubber and baghouse installed by approximately 2016.
|
11.
|
LEGAL PROCEEDINGS
|
12.
|
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS
|
September 30 | December 31 | |||||
2011 |
2010
|
|||||
(millions) | ||||||
Net receivable from GMO
|
$ |
45.7
|
$ |
29.6
|
||
Net receivable from Great Plains Energy
|
14.0
|
13.3
|
||||
Receivable from MPS Merchant
|
8.6
|
0.3
|
||||
13.
|
DERIVATIVE INSTRUMENTS
|
September 30
|
December 31
|
||||||||||||
2011
|
2010
|
||||||||||||
Notional
|
Notional
|
||||||||||||
Contract
|
Fair
|
Contract
|
Fair
|
||||||||||
Amount
|
Value
|
Amount
|
Value
|
||||||||||
Great Plains Energy
|
(millions)
|
||||||||||||
Futures contracts
|
|||||||||||||
Cash flow hedges
|
$ | 2.6 | $ | (0.2 | ) | $ | 4.0 | $ | - | ||||
Non-hedging derivatives
|
20.2 | (2.0 | ) | 59.5 | (2.5 | ) | |||||||
Forward contracts
|
|||||||||||||
Non-hedging derivatives
|
135.4 | 9.3 | 202.8 | 8.9 | |||||||||
Option contracts
|
|||||||||||||
Non-hedging derivatives
|
0.4 | - | 0.2 | - | |||||||||
Anticipated debt issuance
|
- | ||||||||||||
Forward starting swaps
|
- | - | 350.0 | (20.8 | ) | ||||||||
KCP&L
|
|||||||||||||
Futures contracts
|
|||||||||||||
Cash flow hedges
|
2.6 | (0.2 | ) | 4.0 | - | ||||||||
Great Plains Energy
|
|||||||
Balance Sheet | Asset Derivatives | Liability Derivatives | |||||
September 30, 2011
|
Classification
|
Fair Value
|
Fair Value
|
||||
Derivatives Designated as Hedging Instruments
|
(millions)
|
||||||
Commodity contracts
|
Derivative instruments
|
$ | - | $ | 0.2 | ||
Derivatives Not Designated as Hedging Instruments
|
|||||||
Commodity contracts
|
Derivative instruments
|
9.3 | 2.0 | ||||
Total Derivatives
|
$ | 9.3 | $ | 2.2 | |||
December 31, 2010
|
|||||||
Derivatives Designated as Hedging Instruments
|
|||||||
Commodity contracts
|
Derivative instruments
|
$ | 0.1 | $ | 0.1 | ||
Interest rate contracts
|
Derivative instruments
|
- | 20.8 | ||||
Derivatives Not Designated as Hedging Instruments
|
|||||||
Commodity contracts
|
Derivative instruments
|
9.4 | 3.0 | ||||
Total Derivatives
|
$ | 9.5 | $ | 23.9 | |||
KCP&L
|
|||||||
Balance Sheet | Asset Derivatives | Liability Derivatives | |||||
September 30, 2011
|
Classification
|
Fair Value
|
Fair Value
|
||||
Derivatives Designated as Hedging Instruments
|
(millions)
|
||||||
Commodity contracts
|
Derivative instruments
|
$ | - | $ | 0.2 | ||
December 31, 2010
|
|||||||
Derivatives Designated as Hedging Instruments
|
|||||||
Commodity contracts
|
Derivative instruments
|
$ | 0.1 | $ | 0.1 | ||
Great Plains Energy
|
|||||||
Derivatives in Cash Flow Hedging Relationship
|
|||||||
Gain (Loss) Reclassified from
|
|||||||
Accumulated OCI into Income
|
|||||||
(Effective Portion)
|
|||||||
Amount of Gain | |||||||
(Loss) Recognized | |||||||
in OCI on Derivatives | Income Statement | ||||||
(Effective Portion) | Classification | Amount | |||||
Three Months Ended September 30, 2011
|
(millions)
|
(millions) | |||||
Interest rate contracts
|
$ |
-
|
Interest charges
|
$ |
(5.1
|
) | |
Commodity contracts
|
(0.1
|
) |
Fuel
|
(0.1
|
) | ||
Income tax benefit (expense)
|
0.1
|
Income tax benefit (expense)
|
2.1
|
||||
Total
|
$ |
-
|
Total
|
$ |
(3.1
|
) | |
Year to Date September 30, 2011
|
|||||||
Interest rate contracts
|
$ |
(5.3
|
) |
Interest charges
|
$ |
(11.9
|
) |
Commodity contracts
|
(0.2
|
) |
Fuel
|
(0.1
|
) | ||
Income tax benefit (expense)
|
2.2
|
Income tax benefit (expense)
|
4.7
|
||||
Total
|
$ |
(3.3
|
) |
Total
|
$ |
(7.3
|
) |
Three Months Ended September 30, 2010
|
|||||||
Interest rate contracts
|
$ |
(9.9
|
) |
Interest charges
|
$ |
(2.6
|
) |
Commodity contracts
|
(0.4
|
) |
Fuel
|
(0.5
|
) | ||
Income tax benefit (expense)
|
4.0
|
Income tax benefit (expense)
|
1.1
|
||||
Total
|
$ |
(6.3
|
) |
Total
|
$ |
(2.0
|
) |
Year to Date September 30, 2010
|
|||||||
Interest rate contracts
|
$ |
(31.4
|
) |
Interest charges
|
$ |
(7.2
|
) |
Commodity contracts
|
(1.0
|
) |
Fuel
|
(0.5
|
) | ||
Income tax benefit (expense)
|
12.6
|
Income tax benefit (expense)
|
2.9
|
||||
Total
|
$ |
(19.8
|
) |
Total
|
$ |
(4.8
|
) |
KCP&L
|
|||||||
Derivatives in Cash Flow Hedging Relationship
|
|||||||
Gain (Loss) Reclassified from
|
|||||||
Accumulated OCI into Income
|
|||||||
(Effective Portion)
|
|||||||
Amount of Gain
|
|||||||
(Loss) Recognized
|
|||||||
in OCI on Derivatives | Income Statement | ||||||
(Effective Portion)
|
Classification | Amount | |||||
Three Months Ended September 30, 2011
|
(millions)
|
(millions) | |||||
Interest rate contracts
|
$ |
-
|
Interest charges
|
$ |
(2.1
|
) | |
Commodity contracts
|
(0.1
|
) |
Fuel
|
(0.1
|
) | ||
Income tax benefit (expense)
|
0.1
|
Income tax benefit (expense)
|
0.9
|
||||
Total
|
$ |
-
|
Total
|
$ |
(1.3
|
)
|
|
Year to Date September 30, 2011
|
|||||||
Interest rate contracts
|
$ |
-
|
Interest charges
|
$ |
(6.5
|
) | |
Commodity contracts
|
(0.2
|
) |
Fuel
|
(0.1
|
) | ||
Income tax benefit (expense)
|
0.1
|
Income tax benefit (expense)
|
2.6
|
||||
Total
|
$ |
(0.1
|
) |
Total
|
$ |
(4.0
|
) |
Three Months Ended September 30, 2010
|
|||||||
Interest rate contracts
|
$ |
-
|
Interest charges
|
$ |
(2.2
|
) | |
Commodity contracts
|
(0.4
|
) |
Fuel
|
(0.5
|
) | ||
Income tax benefit (expense)
|
0.2
|
Income tax benefit (expense)
|
1.1
|
||||
Total
|
$ |
(0.2
|
) |
Total
|
$ |
(1.6
|
) |
Year to Date September 30, 2010
|
|||||||
Interest rate contracts
|
$ |
-
|
Interest charges
|
$ |
(6.6
|
) | |
Commodity contracts
|
(1.0
|
) |
Fuel
|
(0.5
|
) | ||
Income tax benefit (expense)
|
0.4
|
Income tax benefit (expense)
|
2.8
|
||||
Total
|
$ |
(0.6
|
) |
Total
|
$ |
(4.3
|
) |
Great Plains Energy
|
|||||||
Derivatives in Regulatory Account Relationship
|
|||||||
Gain (Loss) Reclassified from
|
|||||||
Regulatory Account
|
|||||||
Amount of Gain (Loss) | |||||||
Recognized on Regulatory | |||||||
Account on Derivatives | Income Statement | ||||||
(Effective Portion)
|
Classification |
Amount
|
|||||
Three Months Ended September 30, 2011
|
(millions)
|
(millions)
|
|||||
Commodity contracts
|
$ | (2.2 | ) |
Fuel
|
$ | (0.6 | ) |
Total
|
$ | (2.2 | ) |
Total
|
$ | (0.6 | ) |
Year to Date September 30, 2011
|
|||||||
Commodity contracts
|
$ | (3.5 | ) |
Fuel
|
$ | (3.5 | ) |
Total
|
$ | (3.5 | ) |
Total
|
$ | (3.5 | ) |
Three Months Ended September 30, 2010
|
|||||||
Commodity contracts
|
$ | (2.8 | ) |
Fuel
|
$ | (1.6 | ) |
Total
|
$ | (2.8 | ) |
Total
|
$ | (1.6 | ) |
Year to Date September 30, 2010
|
|||||||
Commodity contracts
|
$ | (8.7 | ) |
Fuel
|
$ | (5.9 | ) |
Total
|
$ | (8.7 | ) |
Total
|
$ | (5.9 | ) |
Great Plains Energy
|
KCP&L
|
|||||||||||
September 30
|
December 31
|
September 30
|
December 31
|
|||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Current assets
|
$ | 11.5 | $ | 12.0 | $ | 11.5 | $ | 12.0 | ||||
Current liabilities
|
(94.5 | ) | (101.5 | ) | (64.7 | ) | (71.6 | ) | ||||
Deferred income taxes
|
32.3 | 34.8 | 20.7 | 23.2 | ||||||||
Total
|
$ | (50.7 | ) | $ | (54.7 | ) | $ | (32.5 | ) | $ | (36.4 | ) |
14.
|
FAIR VALUE MEASUREMENTS
|
Fair Value Measurements Using
|
|||||||||||||||
Description
|
September 30
2011
|
Netting(d)
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||
KCP&L
|
(millions)
|
||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments (a)
|
$ | - | $ | - | $ | - | $ | - | $ | - | |||||
Nuclear decommissioning trust (b)
|
|||||||||||||||
Equity securities
|
75.2 | - | 75.2 | - | - | ||||||||||
Debt securities
|
|||||||||||||||
U.S. Treasury
|
14.7 | - | 14.7 | - | - | ||||||||||
U.S. Agency
|
3.6 | - | - | 3.6 | - | ||||||||||
State and local obligations
|
2.6 | - | - | 2.6 | - | ||||||||||
Corporate bonds
|
25.3 | - | - | 25.3 | - | ||||||||||
Foreign governments
|
0.7 | - | - | 0.7 | - | ||||||||||
Other
|
0.3 | - | - | 0.3 | - | ||||||||||
Total nuclear decommissioning trust
|
122.4 | - | 89.9 | 32.5 | - | ||||||||||
Total
|
122.4 | - | 89.9 | 32.5 | - | ||||||||||
Liabilities
|
|||||||||||||||
Derivative instruments (a)
|
- | (0.2 | ) | 0.2 | - | - | |||||||||
Total
|
$ | - | $ | (0.2 | ) | $ | 0.2 | $ | - | $ | - | ||||
Other Great Plains Energy
|
|||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments (a)
|
$ | 9.3 | $ | - | $ | - | $ | 4.8 | $ | 4.5 | |||||
SERP rabbi trust (c)
|
|||||||||||||||
Equity securities
|
0.2 | - | 0.2 | - | - | ||||||||||
Debt securities
|
0.2 | - | - | 0.2 | - | ||||||||||
Total SERP rabbi trust
|
0.4 | - | 0.2 | 0.2 | - | ||||||||||
Total
|
9.7 | - | 0.2 | 5.0 | 4.5 | ||||||||||
Liabilities
|
|||||||||||||||
Derivative instruments (a)
|
- | (2.0 | ) | 2.0 | - | - | |||||||||
Total
|
$ | - | $ | (2.0 | ) | $ | 2.0 | $ | - | $ | - | ||||
Great Plains Energy
|
|||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments (a)
|
$ | 9.3 | $ | - | $ | - | $ | 4.8 | $ | 4.5 | |||||
Nuclear decommissioning trust (b)
|
122.4 | - | 89.9 | 32.5 | - | ||||||||||
SERP rabbi trust (c)
|
0.4 | - | 0.2 | 0.2 | - | ||||||||||
Total
|
132.1 | - | 90.1 | 37.5 | 4.5 | ||||||||||
Liabilities
|
|||||||||||||||
Derivative instruments (a)
|
- | (2.2 | ) | 2.2 | - | - | |||||||||
Total
|
$ | - | $ | (2.2 | ) | $ | 2.2 | $ | - | $ | - | ||||
Fair Value Measurements Using
|
|||||||||||||||
Description
|
December 31
2010
|
Netting(d)
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||
KCP&L
|
(millions)
|
||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments (a)
|
$ | - | $ | (0.1 | ) | $ | 0.1 | $ | - | $ | - | ||||
Nuclear decommissioning trust (b)
|
|||||||||||||||
Equity securities
|
85.5 | - | 85.5 | - | - | ||||||||||
Debt securities
|
|||||||||||||||
U.S. Treasury
|
8.9 | - | 8.9 | - | - | ||||||||||
U.S. Agency
|
4.8 | - | - | 4.8 | - | ||||||||||
State and local obligations
|
2.5 | - | - | 2.5 | - | ||||||||||
Corporate bonds
|
23.7 | - | - | 23.7 | - | ||||||||||
Foreign governments
|
0.7 | - | - | 0.7 | - | ||||||||||
Other
|
0.4 | - | - | 0.4 | - | ||||||||||
Total nuclear decommissioning trust
|
126.5 | - | 94.4 | 32.1 | - | ||||||||||
Total
|
126.5 | (0.1 | ) | 94.5 | 32.1 | - | |||||||||
Liabilities
|
|||||||||||||||
Derivative instruments (a)
|
- | (0.1 | ) | 0.1 | - | - | |||||||||
Total
|
$ | - | $ | (0.1 | ) | $ | 0.1 | $ | - | $ | - | ||||
Other Great Plains Energy
|
|||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments (a)
|
$ | 8.9 | $ | (0.5 | ) | $ | 0.5 | $ | 5.2 | $ | 3.7 | ||||
SERP rabbi trust (c)
|
|||||||||||||||
Equity securities
|
0.2 | - | 0.2 | - | - | ||||||||||
Debt securities
|
7.0 | - | - | 7.0 | - | ||||||||||
Total SERP rabbi trust
|
7.2 | - | 0.2 | 7.0 | - | ||||||||||
Total
|
16.1 | (0.5 | ) | 0.7 | 12.2 | 3.7 | |||||||||
Liabilities
|
|||||||||||||||
Derivative instruments (a)
|
20.8 | (3.0 | ) | 3.0 | 20.8 | - | |||||||||
Total
|
$ | 20.8 | $ | (3.0 | ) | $ | 3.0 | $ | 20.8 | $ | - | ||||
Great Plains Energy
|
|||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments (a)
|
$ | 8.9 | $ | (0.6 | ) | $ | 0.6 | $ | 5.2 | $ | 3.7 | ||||
Nuclear decommissioning trust (b)
|
126.5 | - | 94.4 | 32.1 | - | ||||||||||
SERP rabbi trust (c)
|
7.2 | - | 0.2 | 7.0 | - | ||||||||||
Total
|
142.6 | (0.6 | ) | 95.2 | 44.3 | 3.7 | |||||||||
Liabilities
|
|||||||||||||||
Derivative instruments (a)
|
20.8 | (3.1 | ) | 3.1 | 20.8 | - | |||||||||
Total
|
$ | 20.8 | $ | (3.1 | ) | $ | 3.1 | $ | 20.8 | $ | - | ||||
(a)
|
The fair value of derivative instruments is estimated using market quotes, over-the-counter forward price and volatility curves and correlations among fuel prices, net of estimated credit risk.
|
(b)
|
Fair value is based on quoted market prices of the investments held by the fund and/or valuation models. The total does not include $3.1 million and $2.7 million at September 30, 2011, and December 31, 2010, respectively, of cash and cash equivalents, which are not subject to the fair value requirements.
|
(c)
|
Fair value is based on quoted market prices of the investments held by the fund and/or valuation models. The total does not include $20.4 million and $14.6 million at September 30, 2011, and December 31, 2010, respectively, of cash and cash equivalents, which are not subject to the fair value requirements.
|
(d)
|
Represents the difference between derivative contracts in an asset or liability position presented on a net basis by counterparty on the consolidated balance sheet where a master netting agreement exists between the Company and the counterparty. At September 30, 2011, and December 31, 2010, Great Plains Energy netted $2.2 million and $2.5 million, respectively, of cash collateral posted with counterparties.
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|||
Other Great
|
|||
Plains Energy
|
|||
Derivative
|
|||
Instruments
|
|||
(millions)
|
|||
Balance July 1, 2011
|
$ | 4.9 | |
Total realized/unrealized gains or (losses)
|
|||
Included in non-operating income
|
4.0 | ||
Settlements
|
(4.4 | ) | |
Balance September 30, 2011
|
$ | 4.5 | |
Total unrealized gains and (losses) included in non-operating
|
|||
income relating to assets and liabilities still on the
|
|||
consolidated balance sheet at September 30, 2011
|
$ | (0.3 | ) |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|||
Other Great
|
|||
Plains Energy
|
|||
Derivative
|
|||
Instruments
|
|||
(millions) | |||
Balance January 1, 2011
|
$ | 3.7 | |
Total realized/unrealized gains or (losses)
|
|||
Included in non-operating income
|
11.1 | ||
Settlements
|
(10.3 | ) | |
Balance September 30, 2011
|
$ | 4.5 | |
Total unrealized gains and (losses) included in non-operating
|
|||
income relating to assets and liabilities still on the
|
|||
consolidated balance sheet at September 30, 2011
|
$ | 1.2 | |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|||
Other Great
|
|||
Plains Energy
|
|||
Derivative
|
|||
Instruments
|
|||
(millions)
|
|||
Balance July 1, 2010
|
$ | 5.2 | |
Total realized/unrealized gains or (losses)
|
|||
Included in non-operating income
|
(3.6 | ) | |
Settlements
|
2.1 | ||
Balance September 30, 2010
|
$ | 3.7 | |
Total unrealized gains and (losses) included in non-operating
|
|||
income relating to assets and liabilities still on the
|
|||
consolidated balance sheet at September 30, 2010
|
$ | (1.3 | ) |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|||||||||
Other Great
|
Great Plains
|
||||||||
KCP&L
|
Plains Energy
|
Energy
|
|||||||
State & Local
|
Derivative
|
||||||||
Obligations
|
Instruments
|
Total
|
|||||||
(millions)
|
|||||||||
Balance January 1, 2010
|
$ | 0.2 | $ | 4.1 | $ | 4.3 | |||
Total realized/unrealized gains or (losses)
|
|||||||||
Included in non-operating income
|
- | (9.5 | ) | (9.5 | ) | ||||
Sales
|
(0.2 | ) | - | (0.2 | ) | ||||
Settlements
|
- | 9.1 | 9.1 | ||||||
Balance September 30, 2010
|
$ | - | $ | 3.7 | $ | 3.7 | |||
Total unrealized gains and (losses) included in non-operating
|
|||||||||
income relating to assets and liabilities still
|
|||||||||
on the consolidated balance sheet at September 30, 2010
|
$ | - | $ | - | $ | - | |||
15.
|
TAXES
|
Three Months Ended
|
Year to Date | |||||||||||
September 30 | September 30 | |||||||||||
Great Plains Energy
|
2011
|
2010
|
2011
|
2010
|
||||||||
Current income taxes
|
(millions)
|
|||||||||||
Federal
|
$ | (10.2 | ) | $ | (7.2 | ) | $ | (6.4 | ) | $ | (8.1 | ) |
State
|
(0.8 | ) | (2.0 | ) | (4.8 | ) | 0.3 | |||||
Foreign
|
- | (0.2 | ) | (0.4 | ) | 0.2 | ||||||
Total
|
(11.0 | ) | (9.4 | ) | (11.6 | ) | (7.6 | ) | ||||
Deferred income taxes
|
||||||||||||
Federal
|
74.7 | 73.5 | 103.6 | 108.2 | ||||||||
State
|
13.0 | 14.6 | 20.4 | 18.8 | ||||||||
Total
|
87.7 | 88.1 | 124.0 | 127.0 | ||||||||
Noncurrent income taxes
|
||||||||||||
Federal
|
- | (6.8 | ) | (18.0 | ) | (1.3 | ) | |||||
State
|
- | (1.0 | ) | (1.9 | ) | (0.3 | ) | |||||
Foreign
|
(0.6 | ) | 0.2 | (0.4 | ) | 0.2 | ||||||
Total
|
(0.6 | ) | (7.6 | ) | (20.3 | ) | (1.4 | ) | ||||
Investment tax credit
|
||||||||||||
Deferral
|
- | - | - | (4.1 | ) | |||||||
Amortization
|
(0.7 | ) | (0.7 | ) | (1.5 | ) | (1.8 | ) | ||||
Total
|
(0.7 | ) | (0.7 | ) | (1.5 | ) | (5.9 | ) | ||||
Income tax expense
|
$ | 75.4 | $ | 70.4 | $ | 90.6 | $ | 112.1 | ||||
Three Months Ended
|
Year to Date | |||||||||||
September 30
|
September 30
|
|||||||||||
KCP&L
|
2011
|
2010
|
2011
|
2010
|
||||||||
Current income taxes
|
(millions)
|
|||||||||||
Federal
|
$ | (10.2 | ) | $ | (15.3 | ) | $ | (7.8 | ) | $ | 22.5 | |
State
|
(0.9 | ) | (2.6 | ) | (0.4 | ) | 4.6 | |||||
Total
|
(11.1 | ) | (17.9 | ) | (8.2 | ) | 27.1 | |||||
Deferred income taxes
|
||||||||||||
Federal
|
53.5 | 63.9 | 73.4 | 53.9 | ||||||||
State
|
9.3 | 11.7 | 13.8 | 9.5 | ||||||||
Total
|
62.8 | 75.6 | 87.2 | 63.4 | ||||||||
Noncurrent income taxes
|
||||||||||||
Federal
|
1.5 | (2.4 | ) | (9.1 | ) | (1.5 | ) | |||||
State
|
0.1 | (0.3 | ) | (1.0 | ) | (0.1 | ) | |||||
Total
|
1.6 | (2.7 | ) | (10.1 | ) | (1.6 | ) | |||||
Investment tax credit
|
||||||||||||
Deferral
|
- | - | - | (4.1 | ) | |||||||
Amortization
|
(0.5 | ) | (0.5 | ) | (1.0 | ) | (1.2 | ) | ||||
Total
|
(0.5 | ) | (0.5 | ) | (1.0 | ) | (5.3 | ) | ||||
Income tax expense
|
$ | 52.8 | $ | 54.5 | $ | 67.9 | $ | 83.6 | ||||
Great Plains Energy
|
Income Tax Expense
|
Income Tax Rate
|
||||||||||
Three Months Ended September 30
|
2011
|
2010
|
2011
|
2010
|
||||||||
(millions)
|
||||||||||||
Federal statutory income tax
|
$ | 70.6 | $ | 70.8 | 35.0 | % | 35.0 | % | ||||
Differences between book and tax
|
||||||||||||
depreciation not normalized
|
1.8 | (0.9 | ) | 0.9 | (0.4 | ) | ||||||
Amortization of investment tax credits
|
(0.7 | ) | (0.7 | ) | (0.3 | ) | (0.4 | ) | ||||
Federal income tax credits
|
(2.9 | ) | (2.0 | ) | (1.4 | ) | (0.9 | ) | ||||
State income taxes
|
8.1 | 7.5 | 4.0 | 3.7 | ||||||||
Changes in uncertain tax positions, net
|
(2.7 | ) | 0.3 | (1.3 | ) | 0.2 | ||||||
Valuation allowance
|
- | (2.9 | ) | - | (1.4 | ) | ||||||
Other
|
1.2 | (1.7 | ) | 0.4 | (1.0 | ) | ||||||
Total
|
$ | 75.4 | $ | 70.4 | 37.3 | % | 34.8 | % | ||||
Great Plains Energy
|
Income Tax Expense
|
Income Tax Rate
|
||||||||||
Year to Date September 30
|
2011
|
2010
|
2011
|
2010
|
||||||||
(millions)
|
||||||||||||
Federal statutory income tax
|
$ | 92.0 | $ | 115.0 | 35.0 | % | 35.0 | % | ||||
Differences between book and tax
|
||||||||||||
depreciation not normalized
|
3.7 | (6.0 | ) | 1.4 | (1.8 | ) | ||||||
Amortization of investment tax credits
|
(1.5 | ) | (1.8 | ) | (0.6 | ) | (0.5 | ) | ||||
Federal income tax credits
|
(9.7 | ) | (6.1 | ) | (3.7 | ) | (1.8 | ) | ||||
State income taxes
|
11.1 | 12.0 | 4.2 | 3.7 | ||||||||
Medicare Part D subsidy legislation
|
- | 2.8 | - | 0.8 | ||||||||
Changes in uncertain tax positions, net
|
(4.0 | ) | 0.3 | (1.5 | ) | 0.1 | ||||||
Valuation allowance
|
(2.2 | ) | (2.9 | ) | (0.8 | ) | (0.9 | ) | ||||
Other
|
1.2 | (1.2 | ) | 0.5 | (0.5 | ) | ||||||
Total
|
$ | 90.6 | $ | 112.1 | 34.5 | % | 34.1 | % | ||||
KCP&L
|
Income Tax Expense
|
Income Tax Rate
|
||||||||||
Three Months Ended September 30
|
2011
|
2010
|
2011
|
2010
|
||||||||
(millions)
|
||||||||||||
Federal statutory income tax
|
$ | 48.3 | $ | 51.5 | 35.0 | % | 35.0 | % | ||||
Differences between book and tax
|
||||||||||||
depreciation not normalized
|
1.7 | (1.1 | ) | 1.2 | (0.8 | ) | ||||||
Amortization of investment tax credits
|
(0.5 | ) | (0.5 | ) | (0.4 | ) | (0.4 | ) | ||||
Federal income tax credits
|
(2.9 | ) | (1.9 | ) | (2.1 | ) | (1.3 | ) | ||||
State income taxes
|
5.7 | 5.7 | 4.1 | 3.9 | ||||||||
Changes in uncertain tax positions
|
- | 0.1 | - | 0.1 | ||||||||
Other
|
0.5 | 0.7 | 0.4 | 0.6 | ||||||||
Total
|
$ | 52.8 | $ | 54.5 | 38.2 | % | 37.1 | % | ||||
KCP&L
|
Income Tax Expense
|
Income Tax Rate
|
||||||||||
Year to Date September 30
|
2011
|
2010
|
2011
|
2010
|
||||||||
(millions)
|
||||||||||||
Federal statutory income tax
|
$ | 66.7 | $ | 85.3 | 35.0 | % | 35.0 | % | ||||
Differences between book and tax
|
||||||||||||
depreciation not normalized
|
3.3 | (5.2 | ) | 1.7 | (2.2 | ) | ||||||
Amortization of investment tax credits
|
(1.0 | ) | (1.2 | ) | (0.5 | ) | (0.5 | ) | ||||
Federal income tax credits
|
(9.6 | ) | (6.0 | ) | (5.1 | ) | (2.5 | ) | ||||
State income taxes
|
7.7 | 8.8 | 4.0 | 3.6 | ||||||||
Medicare Part D subsidy legislation
|
- | 2.8 | - | 1.2 | ||||||||
Changes in uncertain tax positions
|
0.4 | 0.1 | 0.2 | 0.1 | ||||||||
Other
|
0.4 | (1.0 | ) | 0.3 | (0.4 | ) | ||||||
Total
|
$ | 67.9 | $ | 83.6 | 35.6 | % | 34.3 | % | ||||
Great Plains Energy
|
KCP&L
|
|||||||||||
September 30
|
December 31
|
September 30
|
December 31
|
|||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Beginning balance
|
$ | 42.0 | $ | 51.4 | $ | 19.1 | $ | 20.9 | ||||
Additions for current year tax positions
|
1.1 | 2.7 | - | 1.3 | ||||||||
Additions for prior year tax positions
|
2.5 | 2.1 | 2.3 | 1.5 | ||||||||
Reductions for prior year tax positions
|
(20.8 | ) | (10.6 | ) | (12.4 | ) | (1.6 | ) | ||||
Settlements
|
- | (3.8 | ) | - | (2.9 | ) | ||||||
Statute expirations
|
- | (0.3 | ) | - | (0.1 | ) | ||||||
Foreign currency translation adjustments
|
(0.4 | ) | 0.5 | - | - | |||||||
Ending balance
|
$ | 24.4 | $ | 42.0 | $ | 9.0 | $ | 19.1 | ||||
16.
|
SEGMENTS AND RELATED INFORMATION
|
Three Months Ended
|
Electric
|
|
Great Plains
|
||||||
September 30, 2011
|
Utility |
Other
|
Energy
|
||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 773.7 | $ | - | $ | 773.7 | |||
Depreciation and amortization
|
(65.9 | ) | - | (65.9 | ) | ||||
Interest charges
|
(50.2 | ) | (10.6 | ) | (60.8 | ) | |||
Income tax (expense) benefit
|
(82.9 | ) | 7.5 | (75.4 | ) | ||||
Net income (loss) attributable to Great Plains Energy
|
133.9 | (7.4 | ) | 126.5 | |||||
Year to Date
|
Electric
|
Great Plains
|
|||||||
September 30, 2011
|
Utility |
Other
|
Energy
|
||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 1,831.7 | $ | - | $ | 1,831.7 | |||
Depreciation and amortization
|
(205.9 | ) | - | (205.9 | ) | ||||
Interest charges
|
(124.8 | ) | (31.2 | ) | (156.0 | ) | |||
Income tax (expense) benefit
|
(109.8 | ) | 19.2 | (90.6 | ) | ||||
Net income (loss) attributable to Great Plains Energy
|
189.9 | (17.6 | ) | 172.3 | |||||
Three Months Ended
|
Electric
|
Great Plains
|
|||||||
September 30, 2010
|
Utility |
Other
|
Energy
|
||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 728.8 | $ | - | $ | 728.8 | |||
Depreciation and amortization
|
(85.3 | ) | - | (85.3 | ) | ||||
Interest charges
|
(34.8 | ) | (10.7 | ) | (45.5 | ) | |||
Income tax (expense) benefit
|
(77.0 | ) | 6.6 | (70.4 | ) | ||||
Net income (loss) attributable to Great Plains Energy
|
136.2 | (4.2 | ) | 132.0 | |||||
Year to Date
|
Electric
|
Great Plains
|
|||||||
September 30, 2010
|
Utility |
Other
|
Energy
|
||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 1,787.7 | $ | - | $ | 1,787.7 | |||
Depreciation and amortization
|
(248.5 | ) | - | (248.5 | ) | ||||
Interest charges
|
(107.4 | ) | (31.3 | ) | (138.7 | ) | |||
Income tax (expense) benefit
|
(125.4 | ) | 13.3 | (112.1 | ) | ||||
Net income (loss) attributable to Great Plains Energy
|
232.8 | (16.2 | ) | 216.6 | |||||
Electric
|
Great Plains
|
|||||||||||
Utility |
Other
|
Eliminations
|
Energy
|
|||||||||
September 30, 2011
|
(millions)
|
|||||||||||
Assets
|
$ | 9,365.0 | $ | 72.1 | $ | (432.0 | ) | $ | 9,005.1 | |||
Capital expenditures (a)
|
317.8 | - | - | 317.8 | ||||||||
December 31, 2010
|
||||||||||||
Assets
|
$ | 9,152.7 | $ | 66.3 | $ | (400.8 | ) | $ | 8,818.2 | |||
Capital expenditures (a)
|
618.1 | - | - | 618.1 | ||||||||
(a) Capital expenditures reflect year to date amounts for the periods presented.
|
17.
|
GOODWILL
|
Three Months Ended
|
Year to Date
|
|||||||||||
September 30
|
September 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Operating revenues
|
$ | 773.7 | $ | 728.8 | $ | 1,831.7 | $ | 1,787.7 | ||||
Fuel
|
(146.5 | ) | (127.3 | ) | (365.8 | ) | (333.2 | ) | ||||
Purchased power
|
(68.1 | ) | (68.0 | ) | (178.4 | ) | (171.4 | ) | ||||
Transmission of electricity by others
|
(8.6 | ) | (8.1 | ) | (23.1 | ) | (20.9 | ) | ||||
Gross margin (a)
|
550.5 | 525.4 | 1,264.4 | 1,262.2 | ||||||||
Other operating expenses
|
(221.9 | ) | (196.3 | ) | (626.3 | ) | (573.0 | ) | ||||
Voluntary separation program
|
- | - | (12.7 | ) | - | |||||||
Depreciation and amortization
|
(65.9 | ) | (85.3 | ) | (205.9 | ) | (248.5 | ) | ||||
Operating income
|
262.7 | 243.8 | 419.5 | 440.7 | ||||||||
Non-operating income and expenses
|
0.1 | 4.1 | (0.5 | ) | 27.7 | |||||||
Interest charges
|
(60.8 | ) | (45.5 | ) | (156.0 | ) | (138.7 | ) | ||||
Income tax expense
|
(75.4 | ) | (70.4 | ) | (90.6 | ) | (112.1 | ) | ||||
Loss from equity investments
|
- | - | (0.1 | ) | (0.9 | ) | ||||||
Net income
|
126.6 | 132.0 | 172.3 | 216.7 | ||||||||
Less: Net income attributable to noncontrolling interest
|
(0.1 | ) | - | - | (0.1 | ) | ||||||
Net income attributable to Great Plains Energy
|
126.5 | 132.0 | 172.3 | 216.6 | ||||||||
Preferred dividends
|
(0.4 | ) | (0.4 | ) | (1.2 | ) | (1.2 | ) | ||||
Earnings available for common shareholders
|
$ | 126.1 | $ | 131.6 | $ | 171.1 | $ | 215.4 | ||||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin below.
|
||||||||||||
Three Months Ended
|
Year to Date
|
|||||||||||
September 30
|
September 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Operating revenues
|
$ | 773.7 | $ | 728.8 | $ | 1,831.7 | $ | 1,787.7 | ||||
Fuel
|
(146.5 | ) | (127.3 | ) | (365.8 | ) | (333.2 | ) | ||||
Purchased power
|
(68.1 | ) | (68.0 | ) | (178.4 | ) | (171.4 | ) | ||||
Transmission of electricity by others
|
(8.6 | ) | (8.1 | ) | (23.1 | ) | (20.9 | ) | ||||
Gross margin (a)
|
550.5 | 525.4 | 1,264.4 | 1,262.2 | ||||||||
Other operating expenses
|
(218.2 | ) | (195.3 | ) | (620.8 | ) | (570.0 | ) | ||||
Voluntary separation program
|
- | - | (12.7 | ) | - | |||||||
Depreciation and amortization
|
(65.9 | ) | (85.3 | ) | (205.9 | ) | (248.5 | ) | ||||
Operating income
|
266.4 | 244.8 | 425.0 | 443.7 | ||||||||
Non-operating income and expenses
|
0.6 | 3.2 | (0.5 | ) | 21.9 | |||||||
Interest charges
|
(50.2 | ) | (34.8 | ) | (124.8 | ) | (107.4 | ) | ||||
Income tax expense
|
(82.9 | ) | (77.0 | ) | (109.8 | ) | (125.4 | ) | ||||
Net income
|
$ | 133.9 | $ | 136.2 | $ | 189.9 | $ | 232.8 | ||||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's
|
||||||||||||
Results of Operations.
|
||||||||||||
Revenues and Costs
|
%
|
MWhs Sold
|
%
|
|||||||||||||||
Three Months Ended September 30
|
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Retail revenues
|
(millions)
|
(thousands)
|
||||||||||||||||
Residential
|
$ | 354.3 | $ | 331.9 | 7 | 3,018 | 3,010 | - | ||||||||||
Commercial
|
271.2 | 255.5 | 6 | 2,990 | 2,986 | - | ||||||||||||
Industrial
|
57.9 | 54.6 | 6 | 828 | 847 | (2 | ) | |||||||||||
Other retail revenues
|
5.1 | 3.9 | 20 | 29 | 26 | 11 | ||||||||||||
Provision for rate refund (excess Missouri
|
||||||||||||||||||
wholesale margin)
|
- | (2.2 | ) |
NM
|
NA
|
NA
|
NA
|
|||||||||||
Fuel recovery mechanism under recovery
|
32.2 | 17.5 | 85 |
NA
|
NA
|
NA
|
||||||||||||
Total retail
|
720.7 | 661.2 | 9 | 6,865 | 6,869 | - | ||||||||||||
Wholesale revenues
|
41.9 | 55.0 | (24 | ) | 1,206 | 1,756 | (31 | ) | ||||||||||
Other revenues
|
11.1 | 12.6 | (12 | ) |
NA
|
NA
|
NA
|
|||||||||||
Operating revenues
|
773.7 | 728.8 | 6 | 8,071 | 8,625 | (6 | ) | |||||||||||
Fuel
|
(146.5 | ) | (127.3 | ) | 15 | |||||||||||||
Purchased power
|
(68.1 | ) | (68.0 | ) | - | |||||||||||||
Transmission of electricity by others
|
(8.6 | ) | (8.1 | ) | 5 | |||||||||||||
Gross margin (a)
|
$ | 550.5 | $ | 525.4 | 5 | |||||||||||||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results
|
||||||||||||||||||
of Operations.
|
||||||||||||||||||
Revenues and Costs
|
%
|
MWhs Sold
|
%
|
|||||||||||||||
Year to Date September 30
|
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Retail revenues
|
(millions)
|
(thousands)
|
||||||||||||||||
Residential
|
$ | 773.0 | $ | 748.5 | 3 | 7,431 | 7,532 | (1 | ) | |||||||||
Commercial
|
676.4 | 655.9 | 3 | 8,209 | 8,334 | (1 | ) | |||||||||||
Industrial
|
149.6 | 148.4 | 1 | 2,422 | 2,473 | (2 | ) | |||||||||||
Other retail revenues
|
14.4 | 12.9 | 9 | 88 | 84 | 6 | ||||||||||||
Provision for rate refund (excess Missouri
|
||||||||||||||||||
wholesale margin)
|
- | (3.7 | ) |
NM
|
NA
|
NA
|
NA
|
|||||||||||
Fuel recovery mechanism under recovery
|
63.8 | 38.3 | 67 |
NA
|
NA
|
NA
|
||||||||||||
Total retail
|
1,677.2 | 1,600.3 | 5 | 18,150 | 18,423 | (1 | ) | |||||||||||
Wholesale revenues
|
121.0 | 151.7 | (20 | ) | 3,595 | 4,658 | (23 | ) | ||||||||||
Other revenues
|
33.5 | 35.7 | (6 | ) |
NA
|
NA
|
NA
|
|||||||||||
Operating revenues
|
1,831.7 | 1,787.7 | 2 | 21,745 | 23,081 | (6 | ) | |||||||||||
Fuel
|
(365.8 | ) | (333.2 | ) | 10 | |||||||||||||
Purchased power
|
(178.4 | ) | (171.4 | ) | 4 | |||||||||||||
Transmission of electricity by others
|
(23.1 | ) | (20.9 | ) | 10 | |||||||||||||
Gross margin (a)
|
$ | 1,264.4 | $ | 1,262.2 | - | |||||||||||||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results
|
||||||||||||||||||
of Operations.
|
||||||||||||||||||
·
|
new retail rates effective December 1, 2010, and May 4, 2011, for KCP&L in Kansas and Missouri, respectively, and June 25, 2011, for GMO and
|
·
|
an increase in weather-normalized retail demand. |
·
|
unfavorable weather, with a 7% decrease in cooling degree days, and
|
·
|
an estimated $16 million impact of coal conservation due to flooding resulting in increased fuel expenses and purchased power expenses and reduced wholesale sales.
|
·
|
unfavorable weather, with an 8% decrease in cooling degree days;
|
·
|
a $7.5 million increase in coal transportation costs not recovered in KCP&L’s Missouri retail rates where there is no fuel recovery mechanism, prior to new rates effective May 4, 2011;
|
·
|
an estimated $16 million impact of coal conservation due to flooding resulting in increased fuel expenses and purchased power expenses and reduced wholesale sales; and
|
·
|
an estimated $11 million impact from an extended refueling outage at Wolf Creek, which resulted in less generation available for wholesale sales, increased fuel expense due to the use of more coal in the fuel mix, which has a higher cost compared to nuclear fuel, and increased purchased power expense due to an increase in MWhs purchased. Wolf Creek’s latest refueling outage began on March 19, 2011, and included several increases in work scope that extended the outage. Primary components of the increased work scope were related to inspection and repair of essential service water system piping, testing and replacement of underground high voltage cables, and a repair of a ground on the main generator rotor. During the last week of June 2011 before the unit returned to full capacity, Wolf Creek had an unplanned outage related to one of two main feed pumps. Wolf Creek returned to 100% capacity in early July 2011.
|
·
|
a $6.9 million increase in plant operating and maintenance expenses primarily due to Iatan No. 2 expenses being recognized with Kansas and Missouri rates effective December 1, 2010, and May 4, 2011, respectively, for KCP&L and Missouri rates effective June 25, 2011, for GMO;
|
·
|
a $5.8 million increase in general taxes driven by increased property taxes;
|
·
|
$3.4 million of expenses related to the impact of flooding; and
|
·
|
a $3.9 million increase in pension expense recognized pursuant to higher rates authorized in the MPSC and KCC rate orders.
|
·
|
a $12.1 million increase in plant operating and maintenance expenses primarily due to Iatan No. 2 expenses being recognized with Kansas and Missouri rates effective December 1, 2010, and May 4, 2011, respectively, for KCP&L and Missouri rates effective June 25, 2011, for GMO;
|
·
|
a $12.7 million increase in general taxes driven by increased property taxes;
|
·
|
a $9.4 million increase in pension expense recognized pursuant to higher rates authorized in the MPSC and KCC rate orders;
|
·
|
$3.4 million of expenses related to the impact of flooding; and
|
·
|
as a result of disallowances in the MPSC rate orders, KCP&L and GMO recognized combined losses of $2.3 million for construction costs related to Iatan No. 2 and to the Iatan No. 1 environmental project in 2011. KCP&L and GMO also recognized a $3.9 million loss for other disallowed costs in the MPSC rate orders. KCP&L and GMO recorded a $4.0 million loss in 2010 related to a recommended disallowance of their combined share of Iatan No. 2 construction costs.
|
·
|
a $6.5 million decrease in the debt component of AFUDC resulting from a lower average construction work in progress balance due to Iatan No. 2 being placed in service in the third quarter of 2010;
|
·
|
$7.5 million of interest on intercompany notes from Great Plains Energy to GMO issued in August 2010 and May 2011; and
|
·
|
a $7.1 million decrease in construction accounting carrying costs for Iatan Nos. 1 and 2 and common facilities, which was in effect until new rates were effective in Missouri for KCP&L on May 4, 2011, and for GMO on June 25, 2011.
|
·
|
a $23.8 million decrease in the debt component of AFUDC resulting from a lower average construction work in progress balance due to Iatan No. 2 being placed in service in the third quarter of 2010 and
|
·
|
$15.5 million of interest on intercompany notes from Great Plains Energy to GMO issued in August 2010 and May 2011.
|
·
|
a $10.7 million increase in the deferral to a regulatory asset of construction accounting carrying costs for Iatan Nos. 1 and 2 and common facilities and
|
·
|
the maturity of GMO’s 7.95% Senior Notes and 7.75% Senior Notes in February 2011 and June 2011, respectively.
|
·
|
Great Plains Energy’s receivables, net increased $33.9 million primarily due to a $52.3 million increase in customer accounts receivable resulting from seasonal increases.
|
·
|
Great Plains Energy’s fuel inventories, at average cost decreased $12.9 million primarily due to lower coal inventories driven by Missouri River flooding during 2011, partially offset by increased coal and coal transportation costs.
|
·
|
Great Plains Energy’s deferred refueling outage costs increased $23.8 million due to the deferral of costs for the Wolf Creek refueling outage that began on March 19, 2011, and included several increases in work scope that extended the outage. These deferred costs will be amortized over the months prior to the next refueling outage currently scheduled for the fall of 2012.
|
·
|
Great Plains Energy’s refundable income taxes increased $13.3 million primarily due to refunds expected from utilizing a carryback of credits and net operating losses (NOLs) to previous tax years.
|
·
|
Great Plains Energy’s deferred income taxes – current assets decreased $7.6 million primarily due to increased temporary differences resulting from increased deferred refueling outage costs.
|
·
|
Great Plains Energy’s notes payable increased $18.5 million due to increased borrowings due to the timing of cash payments.
|
·
|
Great Plains Energy’s commercial paper decreased $253.0 million due to repayment with proceeds from KCP&L’s issuance of $400.0 million of 5.30% Senior Notes.
|
·
|
Great Plains Energy’s current maturities of long-term debt increased $465.7 million due to reclassification of $287.5 million of Great Plains Energy’s 10.00% Equity Units Subordinated Notes and $500.0 million of GMO’s 11.875% Senior Notes from long-term debt, partially offset by the repayment of $137.3 million and $197.0 million at maturity of GMO’s 7.95% and 7.75% Senior Notes, respectively.
|
·
|
Great Plains Energy’s accounts payable decreased $82.6 million due to the timing of cash payments.
|
·
|
Great Plains Energy’s accrued taxes increased $65.3 million primarily due to the timing of property tax payments.
|
·
|
Great Plains Energy’s derivative instruments – current liabilities decreased $20.8 million due to the settlement of FSS upon the issuance of Great Plains Energy’s $350.0 million of 4.85% Senior Notes.
|
·
|
Great Plains Energy’s deferred income taxes – deferred credits and other liabilities increased $120.6 million primarily due to a $183.3 million increase in temporary differences mostly as a result of bonus depreciation, partially offset by NOLs created.
|
·
|
Great Plains Energy’s other deferred credits and other liabilities decreased $30.3 million primarily due to a decrease in unrecognized tax benefits related to the settlement of the IRS audit for Great Plains Energy’s 2006-2008 tax years.
|
·
|
Great Plains Energy’s long-term debt decreased $192.6 million primarily due to reclassification of $287.5 million of Great Plains Energy’s 10.00% Equity Units Subordinated Notes and $500.0 million of GMO’s 11.875% Senior Notes to current maturities and the purchase in lieu of redemption of $112.8 million of KCP&L’s EIRR bonds, offset by Great Plains Energy’s issuance of $350.0 million of 4.85% Senior Notes in May 2011 and KCP&L’s issuance of $400.0 million of 5.30% Senior Notes in September 2011.
|
Three Months Ended
|
Year to Date
|
|||||||||||
September 30
|
September 30
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Operating revenues
|
$ | 506.3 | $ | 486.5 | $ | 1,220.5 | $ | 1,194.7 | ||||
Fuel
|
(99.3 | ) | (83.8 | ) | (249.0 | ) | (213.2 | ) | ||||
Purchased power
|
(24.9 | ) | (25.0 | ) | (66.7 | ) | (63.2 | ) | ||||
Transmission of electricity by others
|
(5.7 | ) | (4.4 | ) | (14.2 | ) | (11.3 | ) | ||||
Gross margin (a)
|
376.4 | 373.3 | 890.6 | 907.0 | ||||||||
Other operating expenses
|
(161.8 | ) | (143.3 | ) | (460.9 | ) | (426.0 | ) | ||||
Voluntary separation program
|
- | - | (9.2 | ) | - | |||||||
Depreciation and amortization
|
(45.4 | ) | (66.4 | ) | (147.0 | ) | (192.2 | ) | ||||
Operating income
|
169.2 | 163.6 | 273.5 | 288.8 | ||||||||
Non-operating income and expenses
|
(0.2 | ) | 3.6 | (1.6 | ) | 18.6 | ||||||
Interest charges
|
(30.8 | ) | (20.1 | ) | (81.2 | ) | (63.8 | ) | ||||
Income tax expense
|
(52.8 | ) | (54.5 | ) | (67.9 | ) | (83.6 | ) | ||||
Net income
|
$ | 85.4 | $ | 92.6 | $ | 122.8 | $ | 160.0 | ||||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's
|
||||||||||||
Results of Operations.
|
||||||||||||
Revenues and Costs
|
%
|
MWhs Sold
|
%
|
|||||||||||||||
Three Months September 30
|
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Retail revenues
|
(millions)
|
(thousands)
|
||||||||||||||||
Residential
|
$ | 222.5 | $ | 209.8 | 6 | 1,884 | 1,872 | 1 | ||||||||||
Commercial
|
191.8 | 183.0 | 5 | 2,113 | 2,107 | - | ||||||||||||
Industrial
|
34.4 | 34.0 | 1 | 488 | 508 | (4 | ) | |||||||||||
Other retail revenues
|
3.2 | 2.9 | 7 | 22 | 22 | 2 | ||||||||||||
Provision for rate refund (excess
|
||||||||||||||||||
Missouri wholesale margin)
|
- | (2.2 | ) |
NM
|
NA
|
NA
|
NA
|
|||||||||||
Kansas ECA (over) under recovery
|
13.8 | 2.6 |
NM
|
NA
|
NA
|
NA
|
||||||||||||
Total retail
|
465.7 | 430.1 | 8 | 4,507 | 4,509 | - | ||||||||||||
Wholesale revenues
|
35.5 | 50.2 | (29 | ) | 1,081 | 1,615 | (33 | ) | ||||||||||
Other revenues
|
5.1 | 6.2 | (17 | ) |
NA
|
NA
|
NA
|
|||||||||||
Operating revenues
|
506.3 | 486.5 | 4 | 5,588 | 6,124 | (9 | ) | |||||||||||
Fuel
|
(99.3 | ) | (83.8 | ) | 18 | |||||||||||||
Purchased power
|
(24.9 | ) | (25.0 | ) | - | |||||||||||||
Transmission of electricity by others
|
(5.7 | ) | (4.4 | ) | 28 | |||||||||||||
Gross margin (a)
|
$ | 376.4 | $ | 373.3 | 1 | |||||||||||||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's
|
||||||||||||||||||
Results of Operations.
|
||||||||||||||||||
Revenues and Costs
|
%
|
MWhs Sold
|
%
|
|||||||||||||||
Year to Date September 30
|
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
||||||||||||
Retail revenues
|
(millions)
|
(thousands)
|
||||||||||||||||
Residential
|
$ | 481.3 | $ | 464.4 | 4 | 4,517 | 4,573 | (1 | ) | |||||||||
Commercial
|
488.1 | 472.2 | 3 | 5,802 | 5,875 | (1 | ) | |||||||||||
Industrial
|
92.1 | 93.5 | (1 | ) | 1,428 | 1,481 | (4 | ) | ||||||||||
Other retail revenues
|
9.3 | 8.8 | 4 | 65 | 65 | 1 | ||||||||||||
Provision for rate refund (excess
|
||||||||||||||||||
Missouri wholesale margin)
|
- | (3.7 | ) |
NM
|
NA
|
NA
|
NA
|
|||||||||||
Kansas ECA under recovery
|
26.0 | 5.5 |
NM
|
NA
|
NA
|
NA
|
||||||||||||
Total retail
|
1,096.8 | 1,040.7 | 5 | 11,812 | 11,994 | (2 | ) | |||||||||||
Wholesale revenues
|
109.5 | 138.0 | (21 | ) | 3,317 | 4,288 | (23 | ) | ||||||||||
Other revenues
|
14.2 | 16.0 | (11 | ) |
NA
|
NA
|
NA
|
|||||||||||
Operating revenues
|
1,220.5 | 1,194.7 | 2 | 15,129 | 16,282 | (7 | ) | |||||||||||
Fuel
|
(249.0 | ) | (213.2 | ) | 17 | |||||||||||||
Purchased power
|
(66.7 | ) | (63.2 | ) | 6 | |||||||||||||
Transmission of electricity by others
|
(14.2 | ) | (11.3 | ) | 25 | |||||||||||||
Gross margin (a)
|
$ | 890.6 | $ | 907.0 | (2 | ) | ||||||||||||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's
|
||||||||||||||||||
Results of Operations.
|
||||||||||||||||||
·
|
new retail rates effective December 1, 2010, and May 4, 2011, for KCP&L in Kansas and Missouri, respectively, and
|
·
|
an increase in weather-normalized retail demand.
|
·
|
unfavorable weather, with a 7% decrease in cooling degree days, and
|
·
|
an estimated $16 million impact of coal conservation due to flooding resulting in increased fuel expenses and purchased power expenses and reduced wholesale sales.
|
·
|
unfavorable weather, with an 8% decrease in cooling degree days;
|
·
|
a $7.5 million increase in coal transportation costs not recovered in KCP&L’s Missouri retail rates where there is no fuel recovery mechanism, prior to new rates effective May 4, 2011;
|
·
|
an estimated $16 million impact of coal conservation due to flooding resulting in increased fuel expenses and purchased power expenses and reduced wholesale sales; and
|
·
|
an estimated $11 million impact from an extended refueling outage at Wolf Creek, which resulted in less generation available for wholesale sales, increased fuel expense due to the use of more coal in the fuel mix, which has a higher cost compared to nuclear fuel, and increased purchased power expense due to an increase in MWhs purchased. Wolf Creek’s latest refueling outage began on March 19, 2011, and included several increases in work scope that extended the outage. Primary components of the increased work scope were related to inspection and repair of essential service water system piping, testing and replacement of underground high voltage cables, and a repair of a ground on the main generator rotor. During the last week of June 2011 before the unit returned to full capacity, Wolf Creek had an unplanned outage related to one of two main feed pumps. Wolf Creek returned to 100% capacity in early July 2011.
|
·
|
a $4.4 million increase in plant operating and maintenance expenses primarily due to Iatan No. 2 expenses being recognized with Kansas and Missouri rates effective December 1, 2010, and May 4, 2011, respectively;
|
·
|
a $4.4 million increase in general taxes driven by increased property taxes; and
|
·
|
$3.2 million of expenses related to the impact of flooding.
|
·
|
a $7.4 million increase in plant operating and maintenance expenses primarily due to Iatan No. 2 expenses being recognized with Kansas and Missouri rates effective December 1, 2010, and May 4, 2011, respectively;
|
·
|
a $9.6 million increase in general taxes driven by increased property taxes;
|
·
|
$3.2 million of expenses related to the impact of flooding; and
|
·
|
as a result of disallowances in the MPSC rate order, KCP&L recognized losses of $1.5 million for construction costs related to Iatan No. 2 and to the Iatan No. 1 environmental project in 2011. KCP&L also recognized a $2.4 million loss for other disallowed costs in the MPSC rate order. KCP&L recorded a $3.0 million loss in 2010 related to a recommended disallowance of Iatan 2 construction costs in the Kansas rate case.
|
Issuer Purchases of Equity Securities
|
||||||||||||||
Maximum Number
|
||||||||||||||
Total Number of
|
(or Approximate
|
|||||||||||||
Shares (or Units)
|
Dollar Value) of
|
|||||||||||||
Total
|
Purchased as
|
Shares (or Units)
|
||||||||||||
Number of
|
Average |
Part of Publicly
|
that May Yet Be
|
|||||||||||
Shares
|
Price Paid |
Announced
|
Purchased Under
|
|||||||||||
(or Units)
|
per Share
|
Plans or
|
the Plans or
|
|||||||||||
Month
|
Purchased
|
(or Unit)
|
Programs
|
Programs
|
||||||||||
July 1 - 31
|
-
|
$ |
-
|
-
|
N/A
|
|||||||||
August 1 - 31
|
199
|
(1)
|
20.87
|
-
|
N/A
|
|||||||||
September 1 - 30
|
8,477
|
(1)
|
16.69
|
-
|
N/A
|
|||||||||
Total
|
8,676
|
$ |
16.79
|
-
|
N/A
|
|||||||||
(1)
|
Represents common shares surrendered to the Company following the resignation of a certain officer.
|
Exhibit
Number
|
Description of Document
|
Registrant
|
||
4.1
|
*
|
Supplemental Indenture No. 3 dated as of September 15, 2011 between Kansas City Power & Light Company and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on September 20, 2011).
|
Great Plains Energy
KCP&L
|
|
10.1
|
*
|
Amendment dated as of September 9, 2011 to Receivables Sale Agreement dated as of July 1, 2005, among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.1 to Form 8-K filed on September 13, 2011).
|
Great Plains Energy
KCP&L
|
12.1
|
Computation of Ratio of Earnings to Fixed Charges. | Great Plains Energy | ||||||
12.2
|
Computation of Ratio of Earnings to Fixed Charges. | KCP&L | ||||||
31.1
|
Rule 13a-14(a)/15d-14(a) Certification of Michael J. Chesser.
|
Great Plains Energy
|
||||||
31.2
|
Rule 13a-14(a)/15d-14(a) Certification of James C. Shay.
|
Great Plains Energy
|
||||||
31.3
|
Rule 13a-14(a)/15d-14(a) Certification of Michael J. Chesser.
|
KCP&L
|
||||||
31.4
|
Rule 13a-14(a)/15d-14(a) Certification of James C. Shay.
|
KCP&L
|
||||||
32.1
|
**
|
Section 1350 Certifications.
|
Great Plains Energy
|
|||||
32.2
|
**
|
Section 1350 Certifications.
|
KCP&L
|
|||||
101.INS
|
**
|
XBRL Instance Document.
|
Great Plains Energy
KCP&L
|
|||||
101.SCH
|
**
|
XBRL Taxonomy Extension Schema Document.
|
Great Plains Energy
KCP&L
|
|||||
101.CAL
|
**
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
Great Plains Energy
KCP&L
|
|||||
101.DEF
|
**
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
Great Plains Energy
KCP&L
|
|||||
101.LAB
|
**
|
XBRL Taxonomy Extension Labels Linkbase Document.
|
Great Plains Energy
KCP&L
|
|||||
101.PRE
|
**
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
Great Plains Energy
KCP&L
|
GREAT PLAINS ENERGY INCORPORATED
|
|
Dated: November 3, 2011
|
By: /s/ Michael J. Chesser
|
(Michael J. Chesser)
|
|
(Chief Executive Officer)
|
|
Dated: November 3, 2011
|
By: /s/ Lori A. Wright
|
(Lori A. Wright)
|
|
(Principal Accounting Officer)
|
KANSAS CITY POWER & LIGHT COMPANY
|
|
Dated: November 3, 2011
|
By: /s/ Michael J. Chesser
|
(Michael J. Chesser)
|
|
(Chief Executive Officer)
|
|
Dated: November 3, 2011
|
By: /s/ Lori A. Wright
|
(Lori A. Wright)
|
|
(Principal Accounting Officer)
|
Exhibit 12.1 | |||||||||||||||||||
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
|||||||||||||||||||
Year to Date
|
|||||||||||||||||||
September 30
|
|||||||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||
(millions)
|
|||||||||||||||||||
Income from continuing operations
|
$ | 172.3 | $ | 211.9 | $ | 151.9 | $ | 119.7 | $ | 120.9 | $ | 136.7 | |||||||
Add
|
|||||||||||||||||||
Equity investment loss
|
0.1 | 1.0 | 0.4 | 1.3 | 2.0 | 1.9 | |||||||||||||
Income subtotal
|
172.4 | 212.9 | 152.3 | 121.0 | 122.9 | 138.6 | |||||||||||||
Add
|
|||||||||||||||||||
Taxes on income
|
90.6 | 99.0 | 29.5 | 63.8 | 44.9 | 60.3 | |||||||||||||
Kansas City earnings tax
|
- | 0.1 | 0.4 | 0.3 | 0.5 | 0.5 | |||||||||||||
Total taxes on income
|
90.6 | 99.1 | 29.9 | 64.1 | 45.4 | 60.8 | |||||||||||||
Interest on value of leased property
|
4.4 | 6.2 | 6.5 | 3.6 | 3.9 | 4.1 | |||||||||||||
Interest on long-term debt
|
163.9 | 218.9 | 203.6 | 126.2 | 74.1 | 62.6 | |||||||||||||
Interest on short-term debt
|
9.7 | 9.7 | 10.3 | 18.2 | 26.4 | 9.2 | |||||||||||||
Other interest expense and amortization (a)
|
7.7 | 9.7 | 4.7 | (1.4 | ) | 5.8 | 3.9 | ||||||||||||
Total fixed charges
|
185.7 | 244.5 | 225.1 | 146.6 | 110.2 | 79.8 | |||||||||||||
Earnings before taxes on
|
|||||||||||||||||||
income and fixed charges
|
$ | 448.7 | $ | 556.5 | $ | 407.3 | $ | 331.7 | $ | 278.5 | $ | 279.2 | |||||||
Ratio of earnings to fixed charges
|
2.42 | 2.28 | 1.81 | 2.26 | 2.53 | 3.50 | |||||||||||||
(a)
|
On January 1, 2007, Great Plains Energy elected to make an accounting policy change to recognize interest
|
||||||||||||||||||
related to uncertain tax positions in interest expense.
|
Exhibit 12.2 | |||||||||||||||||||
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
|||||||||||||||||||
Year to Date
|
|||||||||||||||||||
September 30
|
|||||||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
||||||||||||||
(millions)
|
|||||||||||||||||||
Income from continuing operations
|
$ | 122.8 | $ | 163.2 | $ | 128.9 | $ | 125.2 | $ | 156.7 | $ | 149.3 | |||||||
Add
|
|||||||||||||||||||
Taxes on income
|
67.9 | 81.6 | 46.9 | 59.8 | 59.3 | 70.3 | |||||||||||||
Kansas City earnings tax
|
- | 0.1 | 0.2 | 0.5 | 0.5 | 0.5 | |||||||||||||
Total taxes on income
|
67.9 | 81.7 | 47.1 | 60.3 | 59.8 | 70.8 | |||||||||||||
Interest on value of leased property
|
4.0 | 5.7 | 6.0 | 3.3 | 3.9 | 4.1 | |||||||||||||
Interest on long-term debt
|
86.3 | 117.9 | 110.4 | 79.3 | 54.5 | 55.4 | |||||||||||||
Interest on short-term debt
|
4.1 | 3.9 | 5.3 | 15.2 | 20.3 | 8.0 | |||||||||||||
Other interest expense and amortization (a)
|
3.2 | 4.2 | 0.3 | 1.4 | 6.8 | 3.2 | |||||||||||||
Total fixed charges
|
97.6 | 131.7 | 122.0 | 99.2 | 85.5 | 70.7 | |||||||||||||
Earnings before taxes on
|
|||||||||||||||||||
income and fixed charges
|
$ | 288.3 | $ | 376.6 | $ | 298.0 | $ | 284.7 | $ | 302.0 | $ | 290.8 | |||||||
Ratio of earnings to fixed charges
|
2.95 | 2.86 | 2.44 | 2.87 | 3.53 | 4.11 | |||||||||||||
(a)
|
On January 1, 2007, Kansas City Power & Light Company elected to make an accounting policy change to
|
||||||||||||||||||
recognize interest related to uncertain tax positions in interest expense.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Great Plains Energy Incorporated;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
November 3, 2011
|
/s/ Michael J. Chesser
|
|
Michael J. Chesser
Chairman of the Board and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Great Plains Energy Incorporated;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
November 3, 2011
|
/s/ James C. Shay
|
||
James C. Shay
Senior Vice President – Finance and Strategic Development and Chief Financial Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Kansas City Power & Light Company;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
November 3, 2011
|
/s/ Michael J. Chesser
|
||
Michael J. Chesser
Chairman of the Board and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Kansas City Power & Light Company;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
November 3, 2011
|
/s/ James C. Shay
|
||
James C. Shay
Senior Vice President – Finance and Strategic Development and Chief Financial Officer
|
/s/ Michael J. Chesser
|
||
Name:
Title:
|
Michael J. Chesser
Chairman of the Board and Chief Executive Officer
|
|
Date:
|
November 3, 2011
|
|
/s/ James C. Shay
|
||
Name:
Title:
|
James C. Shay
Senior Vice President – Finance and Strategic Development and Chief Financial Officer
|
|
Date:
|
November 3, 2011
|
/s/ Michael J. Chesser
|
||
Name:
Title:
|
Michael J. Chesser
Chairman of the Board and Chief Executive Officer
|
|
Date:
|
November 3, 2011
|
|
/s/ James C. Shay
|
||
Name:
Title:
|
James C. Shay
Senior Vice President - Finance and Strategic Development and Chief Financial Officer
|
|
Date:
|
November 3, 2011
|
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS (Details) (USD $) In Millions | 3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011
Kansas City Power and Light Company [Member]
KCPL Greater Missouri Operations Company [Member] | Dec. 31, 2010
Kansas City Power and Light Company [Member]
KCPL Greater Missouri Operations Company [Member] | Sep. 30, 2011
Kansas City Power and Light Company [Member]
Great Plains Energy Incorporated [Member] | Dec. 31, 2010
Kansas City Power and Light Company [Member]
Great Plains Energy Incorporated [Member] | Sep. 30, 2011
Kansas City Power and Light Company [Member]
MPS Merchant Services, Inc. [Member] | Dec. 31, 2010
Kansas City Power and Light Company [Member]
MPS Merchant Services, Inc. [Member] | |
Notes to Financial Statements [Abstract] | ||||||||||
KCPL employees to manage GMO's business and operate its facilities at cost | $ 25.0 | $ 26.3 | $ 82.2 | $ 73.5 | ||||||
Kansas City Power and Light Company's related party receivables and payables [Line Items] | ||||||||||
Receivable from related party | $ 45.7 | $ 29.6 | $ 14.0 | $ 13.3 | $ 8.6 | $ 0.3 |
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) In Millions, except Share data | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Utility Plant, at Original Cost | ||
Nuclear fuel, amortization | $ 124.8 | $ 131.1 |
Common shareholder's equity | ||
Common stock- shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock-shares issued (in shares) | 136,340,645 | 136,113,954 |
Treasury stock- shares (in shares) | 266,889 | 400,889 |
Cumulative preferred stock | ||
Cumulative preferred stock par value (in dollars per share) | $ 100 | $ 100 |
3.80% - shares issued (in share) | 100,000 | 100,000 |
4.50% - shares issued (in shares) | 100,000 | 100,000 |
4.20% - shares issued (in shares) | 70,000 | 70,000 |
4.35% - shares issued (in shares) | 120,000 | 120,000 |
KANSAS CITY POWER AND LIGHT CO [Member] | ||
Utility Plant, at Original Cost | ||
Nuclear fuel, amortization | $ 124.8 | $ 131.1 |
Common shareholder's equity | ||
Common stock- shares authorized (in shares) | 1,000 | 1,000 |
Common stock-shares issued (in shares) | 1 | 1 |
SEGMENTS AND RELATED INFORMATION | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments and Related Information |
Great Plains Energy has one reportable segment based on its method of internal reporting, which generally segregates reportable segments based on products and services, management responsibility and regulation. The one reportable business segment is electric utility, consisting of KCP&L and GMO’s regulated utility operations. Other includes GMO activity other than its regulated utility operations, unallocated corporate charges, consolidating entries and intercompany eliminations. Intercompany eliminations include insignificant amounts of intercompany financing-related activities. The summary of significant accounting policies applies to the reportable segment. Segment performance is evaluated based on net income attributable to Great Plains Energy. The following tables reflect summarized financial information concerning Great Plains Energy’s reportable segment.
|
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