Exact name of registrant as specified in its 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
|
Registrant
|
Title of each class
|
|
Great Plains Energy Incorporated
|
Cumulative Preferred Stock par value $100 per share
|
3.80%
|
Cumulative Preferred Stock par value $100 per share
|
4.50%
|
|
Cumulative Preferred Stock par value $100 per share
|
4.35%
|
|
Common Stock without par value
|
||
Corporate Units
|
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
|
||||||||||||||||||||||||||||||||||||||||
Great Plains Energy Incorporated
|
Yes
|
X
|
No
|
_
|
Kansas City Power & Light Company
|
Yes
|
_
|
No
|
X
|
|||||||||||||||||||||||||||||||
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
|
||||||||||||||||||||||||||||||||||||||||
Great Plains Energy Incorporated
|
Yes
|
_
|
No
|
X
|
Kansas City Power & Light Company
|
Yes
|
_
|
No
|
X
|
|||||||||||||||||||||||||||||||
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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained
|
||||||||||||||||||||||||||||||||||||||||
herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by
|
||||||||||||||||||||||||||||||||||||||||
reference in Part III of this Form 10-K or any amendment to the Form 10-K.
|
||||||||||||||||||||||||||||||||||||||||
Great Plains Energy Incorporated
|
_
|
Kansas City Power & Light Company
|
X
|
|||||||||||||||||||||||||||||||||||||
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
|
|||||||||||||||||||||||||||||||
The aggregate market value of the voting and non-voting common equity held by non-affiliates of Great Plains Energy
|
||||||||||||||||||||||||||||||||||||||||
Incorporated (based on the closing price of its common stock on the New York Stock Exchange on June 30, 2011) was
|
||||||||||||||||||||||||||||||||||||||||
approximately $2,819,307,073. All of the common equity of Kansas City Power & Light Company is held by Great Plains
|
||||||||||||||||||||||||||||||||||||||||
Energy Incorporated, an affiliate of Kansas City Power & Light Company.
|
||||||||||||||||||||||||||||||||||||||||
On February 21, 2012, Great Plains Energy Incorporated had 136,161,064 shares of common stock outstanding.
|
||||||||||||||||||||||||||||||||||||||||
On February 21, 2012, 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 (I)(1)(a) and (b) of
Form 10-K and is therefore filing this Form 10-K with the reduced disclosure format.
|
||||||||||||||||||||||||||||||||||||||||
Documents Incorporated by Reference
|
||||||||||||||||||||||||||||||||||||||||
Portions of the 2012 annual meeting proxy statement of Great Plains Energy Incorporated to be filed with the Securities and
|
||||||||||||||||||||||||||||||||||||||||
Exchange Commission are incorporated by reference in Part III of this report.
|
TABLE OF CONTENTS
|
||||
Page
|
||||
Number
|
||||
Cautionary Statements Regarding Forward-Looking Information
|
3 | |||
Glossary of Terms
|
4 | |||
PART I
|
||||
Item 1.
|
Business
|
6 | ||
Item 1A.
|
Risk Factors
|
11 | ||
Item 1B.
|
Unresolved Staff Comments
|
22 | ||
Item 2.
|
Properties
|
23 | ||
Item 3.
|
Legal Proceedings
|
24 | ||
Item 4.
|
Mine Safety Disclosures
|
24 | ||
PART II
|
||||
Item 5.
|
Market for Registrant's Common Equity, Related Stockholder Matters
|
|||
and Issuer Purchases of Equity Securities
|
25 | |||
Item 6.
|
Selected Financial Data
|
26 | ||
Item 7.
|
Management's Discussion and Analysis of Financial Condition
|
|||
and Results of Operations
|
26 | |||
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
52 | ||
Item 8.
|
Financial Statements and Supplementary Data
|
55 | ||
Item 9.
|
Changes in and Disagreements With Accountants on Accounting
|
|||
and Financial Disclosure
|
134 | |||
Item 9A.
|
Controls and Procedures
|
134 | ||
Item 9B.
|
Other Information
|
138 | ||
PART III
|
||||
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
138 | ||
Item 11.
|
Executive Compensation
|
138 | ||
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management
|
|||
and Related Stockholder Matters
|
139 | |||
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
139 | ||
Item 14.
|
Principal Accounting Fees and Services
|
140 | ||
PART IV
|
||||
Item 15.
|
Exhibits and Financial Statement Schedules
|
141 |
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 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
|
|
EBITDA
|
Earnings before interest, income taxes, depreciation and amortization
|
|
ECA
|
Energy Cost Adjustment
|
|
EGU
|
Electric steam generating unit
|
|
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
|
|
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
|
|
Great Plains Energy
|
Great Plains Energy Incorporated and its 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
|
|
kV
|
Kilovolt
|
|
KW
|
Kilowatt
|
|
kWh
|
Kilowatt hour
|
|
L&P
|
St. Joseph Light & Power, a division of GMO
|
|
MACT
|
Maximum achievable control technology
|
|
MATS
|
Mercury and Air Toxics Standards
|
|
MD&A
|
Management’s Discussion and Analysis of Financial Condition and
|
|
Results of Operations
|
||
MDNR
|
Missouri Department of Natural Resources
|
|
MEEIA
|
Missouri Energy Efficiency Investment Act
|
|
MGP
|
Manufactured gas plant
|
Abbreviation or Acronym
|
Definition
|
|
MPS Merchant
|
MPS Merchant Services, Inc., a wholly owned subsidiary of GMO
|
|
MPSC
|
Public Service Commission of the State of Missouri
|
|
MW
|
Megawatt
|
|
MWh
|
Megawatt hour
|
|
NAAQS
|
National Ambient Air Quality Standard
|
|
NERC
|
North American Electric Reliability Corporation
|
|
NEIL
|
Nuclear Electric Insurance Limited
|
|
NOL
|
Net operating loss
|
|
NOx
|
Nitrogen oxide
|
|
NPNS
|
Normal purchases and normal sales
|
|
NRC
|
Nuclear Regulatory Commission
|
|
OCI
|
Other Comprehensive Income
|
|
PCB
|
Polychlorinated biphenyls
|
|
ppm
|
Parts per million
|
|
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
|
|
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
|
·
|
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.
|
Fuel cost in cents per | |||||||||||||
Fuel Mix (a)
|
net kWh generated | ||||||||||||
Estimated
|
Actual
|
Estimated
|
Actual
|
||||||||||
Fuel
|
2012
|
2011
|
2012
|
2011
|
|||||||||
Coal
|
80 | % | 83 | % | 2.06 | 2.06 | |||||||
Nuclear
|
15 | 13 | 0.71 | 0.72 | |||||||||
Natural gas and oil
|
3 | 2 | 5.45 | 7.82 | |||||||||
Wind
|
2 | 2 | - | - | |||||||||
Total Generation
|
100 | % | 100 | % | 1.95 | 1.92 | |||||||
(a) Fuel mix based on percent of net MWhs generated.
|
Year First
|
|||
Assumed
|
|||
an Officer
|
|||
Name
|
Age
|
Current Position(s)
|
Position
|
Michael J. Chesser (a)
|
63
|
Chairman of the Board and Chief Executive Officer – Great Plains Energy and KCP&L
|
2003
|
Terry Bassham (b)
|
51
|
President and Chief Operating Officer – Great Plains Energy and KCP&L
|
2005
|
James C. Shay (c)
|
48
|
Senior Vice President – Finance and Strategic Development and Chief Financial Officer – Great Plains Energy and KCP&L
|
2010
|
Kevin E. Bryant (d)
|
36
|
Vice President – Investor Relations and Treasurer – Great Plains Energy and KCP&L
|
2006
|
Charles A. Caisley (e)
|
39
|
Vice President – Marketing and Public Affairs – Great Plains Energy and KCP&L
|
2011
|
Michael L. Deggendorf (f)
|
50
|
Senior Vice President – Delivery – KCP&L
|
2005
|
Ellen E. Fairchild (g)
|
50
|
Vice President, Corporate Secretary and Chief Compliance Officer – Great Plains Energy and KCP&L
|
2010
|
Scott H. Heidtbrink (h)
|
50
|
Senior Vice President – Supply – KCP&L
|
2008
|
Heather A. Humphrey (i)
|
41
|
General Counsel and Senior Vice President – Human Resources – Great Plains Energy and KCP&L
|
2010
|
Lori A. Wright (j)
|
49
|
Vice President - Business Planning and Controller – Great Plains Energy and KCP&L
|
2002
|
(a)
|
Mr. Chesser was appointed Chairman of the Board and Chief Executive Officer of Great Plains Energy in 2003. He was appointed Chairman of the Board of KCP&L in 2003, and Chief Executive Officer of KCP&L and Chairman of the Board and Chief Executive Officer of GMO in 2008.
|
(b)
|
Mr. Bassham was appointed President and Chief Operating Officer of Great Plains Energy, KCP&L and GMO in 2011. He served as Executive Vice President – Utility Operations of KCP&L and GMO (2010-2011). He was Executive Vice President – Finance and Strategic Development and Chief Financial Officer of Great Plains Energy (2005-2010) and of KCP&L and GMO (2009-2010). He was Chief Financial Officer of KCP&L (2005-2008) and GMO (2008).
|
(c)
|
Mr. Shay was appointed Senior Vice President – Finance and Strategic Development and Chief Financial Officer of Great Plains Energy, KCP&L and GMO in 2010. He was Chief Financial Officer, with responsibilities for finance, accounting and information technology, at Northern Power Systems, Inc., a wind turbine manufacturing business (2009-2010); Managing Director, with responsibilities for business development, transaction execution and advisory work, at Frontier Investment Banc Corporation (2007-2008); and Chief Financial Officer, with responsibilities for finance, accounting, human resources, information technology and procurement, at Machine Laboratory LLC, a manufacturer of machined parts for the automotive industry (2006-2007). Prior to that, Mr. Shay was Chief Financial Officer, with
|
|
responsibilities for finance and accounting, at General Electric Co. Environmental Services (2004-2006) after its acquisition of BHA Group Holdings, Inc., a supplier of aftermarket parts and service for industrial air pollution equipment.
|
(d)
|
Mr. Bryant was appointed Vice President – Investor Relations and Treasurer of Great Plains Energy, KCP&L and GMO in 2011. He was Vice President – Strategy and Risk Management of KCP&L and GMO (2011) and Vice President – Energy Solutions (2006-2011) of KCP&L and GMO.
|
(e)
|
Mr. Caisley was appointed Vice President – Marketing and Public Affairs of Great Plains Energy, KCP&L and GMO in 2011. He was Senior Director of Public Affairs (2008-2011) and Director of Governmental Affairs (2007-2008). Prior to that, he was the president of the Missouri Energy Development Association (2005-2007).
|
(f)
|
Mr. Deggendorf was appointed Senior Vice President – Delivery of KCP&L and GMO in 2008. He was Vice President – Public Affairs of Great Plains Energy (2005-2008) and Senior Director, Energy Solutions (2002-2005) of KCP&L.
|
(g)
|
Ms. Fairchild was appointed Vice President, Corporate Secretary and Chief Compliance Officer of Great Plains Energy, KCP&L and GMO in 2010. She was Senior Director of Investor Relations and Assistant Secretary (2010) and Director of Investor Relations (2008-2010) of Great Plains Energy, KCP&L and GMO. Prior to that, she was an associate at Hagen and Partners (2005-2007), a public relations firm.
|
(h)
|
Mr. Heidtbrink was appointed Senior Vice President – Supply of KCP&L and GMO in 2009. He was Senior Vice President – Corporate Services of KCP&L and GMO (2008), and Vice President – Power Generation & Energy Resources (2006-2008) of GMO.
|
(i)
|
Ms. Humphrey was appointed General Counsel and Vice President – Human Resources of Great Plains Energy, KCP&L and GMO in 2010. She was Senior Director of Human Resources and Interim General Counsel of Great Plains Energy, KCP&L and GMO (2010) and Managing Attorney of KCP&L (2007-2010). Prior to that, she was a shareholder of the law firm of Shughart Thomson & Kilroy (1996-2006).
|
(j)
|
Ms. Wright was appointed Vice President and Controller of Great Plains Energy, KCP&L and GMO in 2009. She was Controller of Great Plains Energy and KCP&L (2002-2008) and GMO (2008).
|
·
|
in the case of generation equipment, affect operating costs, increase capital requirements and costs, increase purchased power volumes and costs and reduce wholesale sales opportunities;
|
·
|
in the case of transmission equipment, affect operating costs, increase capital requirements and costs, require changes in the source of generation and affect wholesale sales opportunities and the ability to meet regulatory reliability and security requirements;
|
·
|
in the case of distribution systems, affect revenues and operating costs, increase capital requirements and costs, and affect the ability to meet regulatory service metrics and customer expectations; and
|
·
|
in the case of information systems, affect the control and operations of generation, transmission, distribution and other business operations and processes, increase operating costs, increase capital requirements and costs, and affect the ability to meet regulatory reliability and security requirements and customer expectations.
|
Year
|
Estimated 2012
|
Primary
|
|||||||||||
Unit
|
Location
|
Completed
|
MW Capacity
|
Fuel
|
|||||||||
Base Load
|
Iatan No. 2
|
Missouri
|
2010
|
482
|
(a)
|
Coal
|
|||||||
Wolf Creek
|
Kansas
|
1985
|
547
|
(a)
|
Nuclear
|
||||||||
Iatan No. 1
|
Missouri
|
1980
|
493
|
(a)
|
Coal
|
||||||||
La Cygne No. 2
|
Kansas
|
1977
|
343
|
(a)
|
Coal
|
||||||||
La Cygne No. 1
|
Kansas
|
1973
|
368
|
(a)
|
Coal
|
||||||||
Hawthorn No. 5 (b)
|
Missouri
|
1969
|
564
|
Coal
|
|||||||||
Montrose No. 3
|
Missouri
|
1964
|
176
|
Coal
|
|||||||||
Montrose No. 2
|
Missouri
|
1960
|
164
|
Coal
|
|||||||||
Montrose No. 1
|
Missouri
|
1958
|
170
|
Coal
|
|||||||||
Peak Load
|
West Gardner Nos. 1, 2, 3 and 4
|
Kansas
|
2003
|
310
|
Natural Gas
|
||||||||
Osawatomie
|
Kansas
|
2003
|
75
|
Natural Gas
|
|||||||||
Hawthorn Nos. 6 and 9
|
Missouri
|
2000
|
232
|
Natural Gas
|
|||||||||
Hawthorn No. 8
|
Missouri
|
2000
|
77
|
Natural Gas
|
|||||||||
Hawthorn No. 7
|
Missouri
|
2000
|
77
|
Natural Gas
|
|||||||||
Northeast Black Start Unit
|
Missouri
|
1985
|
2
|
Oil
|
|||||||||
Northeast Nos. 17 and 18
|
Missouri
|
1977
|
110
|
Oil
|
|||||||||
Northeast Nos. 13 and 14
|
Missouri
|
1976
|
105
|
Oil
|
|||||||||
Northeast Nos. 15 and 16
|
Missouri
|
1975
|
94
|
Oil
|
|||||||||
Northeast Nos. 11 and 12
|
Missouri
|
1972
|
99
|
Oil
|
|||||||||
Wind
|
Spearville 2 Wind Energy Facility (c)
|
Kansas
|
2010
|
4
|
Wind
|
||||||||
Spearville Wind Energy Facility (d)
|
Kansas
|
2006
|
8
|
Wind
|
|||||||||
Total KCP&L
|
4,500
|
||||||||||||
Base Load
|
Iatan No. 2
|
Missouri
|
2010
|
159
|
(a)
|
Coal
|
|||||||
Iatan No. 1
|
Missouri
|
1980
|
127
|
(a)
|
Coal
|
||||||||
Jeffrey Energy Center Nos. 1, 2 and 3 |
Kansas
|
1978, 1980, 1983
|
174 |
(a)
|
Coal
|
||||||||
Sibley Nos. 1, 2 and 3
|
Missouri
|
1960, 1962, 1969
|
463 |
Coal
|
|||||||||
Lake Road Nos. 2 and 4
|
Missouri
|
1957, 1967
|
119
|
Coal and Natural Gas
|
|||||||||
Peak Load
|
South Harper Nos. 1, 2 and 3
|
Missouri
|
2005
|
317
|
Natural Gas
|
||||||||
Crossroads Energy Center
|
Mississippi
|
2002
|
297
|
Natural Gas
|
|||||||||
Ralph Green No. 3
|
Missouri
|
1981
|
71
|
Natural Gas
|
|||||||||
Greenwood Nos. 1, 2, 3 and 4
|
Missouri
|
1975-1979
|
253
|
Natural Gas/Oil
|
|||||||||
Lake Road No. 5
|
Missouri
|
1974
|
65
|
Natural Gas/Oil
|
|||||||||
Lake Road Nos. 1 and 3
|
Missouri
|
1951, 1962
|
33
|
Natural Gas/Oil
|
|||||||||
Lake Road Nos. 6 and 7
|
Missouri
|
1989, 1990
|
42
|
Oil
|
|||||||||
Nevada
|
Missouri
|
1974
|
19
|
Oil
|
|||||||||
Total GMO
|
2,139
|
||||||||||||
Total Great Plains Energy
|
6,639
|
||||||||||||
(a)
|
Share of a jointly owned unit.
|
||||||||||||
(b)
|
The Hawthorn Generating Station returned to commercial operation in 2001 with a new boiler, air quality control equipment and
|
||||||||||||
an uprated turbine following a 1999 explosion.
|
|||||||||||||
(c)
|
The 48 MW Spearville 2 Wind Energy Facility's accredited capacity is 4 MW pursuant to SPP reliability standards.
|
||||||||||||
(d)
|
The 100.5 MW Spearville Wind Energy Facility's accredited capacity is 8 MW pursuant to SPP reliability standards.
|
Common Stock Price Range (a)
|
Common Stock
|
||||||||||||||||||||||
2011
|
2010
|
Dividends Declared
|
|||||||||||||||||||||
Quarter
|
High
|
Low
|
High
|
Low
|
2012
|
2011
|
2010
|
||||||||||||||||
First
|
$ | 20.08 | $ | 18.94 | $ | 19.60 | $ | 17.43 | $ | 0.2125 |
(b)
|
$ | 0.2075 | $ | 0.2075 | ||||||||
Second
|
21.17 | 19.70 | 19.63 | 16.85 | 0.2075 | 0.2075 | |||||||||||||||||
Third
|
21.24 | 16.53 | 19.06 | 16.95 | 0.2075 | 0.2075 | |||||||||||||||||
Fourth
|
21.97 | 18.68 | 19.63 | 18.58 | 0.2125 | 0.2075 | |||||||||||||||||
(a) Based on closing stock prices.
|
|||||||||||||||||||||||
(b) Declared February 7, 2012, and payable March 20, 2012, to shareholders of record as of February 28, 2012.
|
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
|
|||||||||||
October 1 - 31
|
-
|
$ |
-
|
-
|
N/A
|
||||||||||
November 1 - 30
|
210
|
(1)
|
19.97
|
-
|
N/A
|
||||||||||
December 1 - 31
|
-
|
-
|
-
|
N/A
|
|||||||||||
Total
|
210
|
$ |
19.97
|
-
|
N/A
|
||||||||||
(1) Represents restricted common shares surrendered to the Company following the resignation of a certain officer. |
Year Ended December 31
|
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||
Great Plains Energy (a)
|
(dollars in millions except per share amounts)
|
||||||||||||||
Operating revenues
|
$ | 2,318 | $ | 2,256 | $ | 1,965 | $ | 1,670 | $ | 1,293 | |||||
Income from continuing operations (b)
|
$ | 174 | $ | 212 | $ | 152 | $ | 120 | $ | 121 | |||||
Net income attributable to Great Plains Energy
|
$ | 174 | $ | 212 | $ | 150 | $ | 155 | $ | 159 | |||||
Basic earnings per common
|
|||||||||||||||
share from continuing operations
|
$ | 1.27 | $ | 1.55 | $ | 1.16 | $ | 1.16 | $ | 1.41 | |||||
Basic earnings per common share
|
$ | 1.27 | $ | 1.55 | $ | 1.15 | $ | 1.51 | $ | 1.86 | |||||
Diluted earnings per common
|
|||||||||||||||
share from continuing operations
|
$ | 1.25 | $ | 1.53 | $ | 1.15 | $ | 1.16 | $ | 1.40 | |||||
Diluted earnings per common share
|
$ | 1.25 | $ | 1.53 | $ | 1.14 | $ | 1.51 | $ | 1.85 | |||||
Total assets at year end
|
$ | 9,118 | $ | 8,818 | $ | 8,483 | $ | 7,869 | $ | 4,832 | |||||
Total redeemable preferred stock, mandatorily
|
|||||||||||||||
redeemable preferred securities and long-
|
|||||||||||||||
term debt (including current maturities)
|
$ | 3,544 | $ | 3,428 | $ | 3,214 | $ | 2,627 | $ | 1,103 | |||||
Cash dividends per common share
|
$ | 0.835 | $ | 0.83 | $ | 0.83 | $ | 1.66 | $ | 1.66 | |||||
SEC ratio of earnings to fixed charges
|
2.03 | 2.28 | 1.81 | 2.26 | 2.53 | ||||||||||
KCP&L
|
|||||||||||||||
Operating revenues
|
$ | 1,558 | $ | 1,517 | $ | 1,318 | $ | 1,343 | $ | 1,293 | |||||
Net income
|
$ | 136 | $ | 163 | $ | 129 | $ | 125 | $ | 157 | |||||
Total assets at year end
|
$ | 6,292 | $ | 6,026 | $ | 5,702 | $ | 5,229 | $ | 4,292 | |||||
Total redeemable preferred stock, mandatorily
|
|||||||||||||||
redeemable preferred securities and long-
|
|||||||||||||||
term debt (including current maturities)
|
$ | 1,915 | $ | 1,780 | $ | 1,780 | $ | 1,377 | $ | 1,003 | |||||
SEC ratio of earnings to fixed charges
|
2.52 | 2.86 | 2.44 | 2.87 | 3.53 | ||||||||||
(a) Great Plains Energy's results include GMO only from the July 14, 2008, acquisition date. | |||||||||||||||
(b) This amount is before income (loss) from discontinued operations, net of income taxes, of $(1.5) million, $35.0 million | |||||||||||||||
and $38.3 million in 2009 through 2007, respectively. |
Impact on
|
Impact on
|
|||||||||
Projected
|
2011
|
|||||||||
Change in
|
Benefit
|
Pension
|
||||||||
Actuarial assumption
|
Assumption
|
Obligation
|
Expense
|
|||||||
(millions)
|
||||||||||
Discount rate
|
0.5 | % |
increase
|
$ | (64.4 | ) | $ | (5.1 | ) | |
Rate of return on plan assets
|
0.5 | % |
increase
|
- | (2.8 | ) | ||||
Discount rate
|
0.5 | % |
decrease
|
69.1 | 5.2 | |||||
Rate of return on plan assets
|
0.5 | % |
decrease
|
- | 2.8 | |||||
2011
|
2010
|
2009
|
|||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 2,318.0 | $ | 2,255.5 | $ | 1,965.0 | |||
Fuel
|
(483.8 | ) | (430.7 | ) | (405.5 | ) | |||
Purchased power
|
(203.4 | ) | (213.8 | ) | (183.7 | ) | |||
Transmission of electricity by others
|
(30.2 | ) | (27.4 | ) | (26.9 | ) | |||
Gross margin (a)
|
1,600.6 | 1,583.6 | 1,348.9 | ||||||
Other operating expenses
|
(835.0 | ) | (779.7 | ) | (726.6 | ) | |||
Voluntary separation program
|
(12.7 | ) | - | - | |||||
Depreciation and amortization
|
(273.1 | ) | (331.6 | ) | (302.2 | ) | |||
Operating income
|
479.8 | 472.3 | 320.1 | ||||||
Non-operating income and expenses
|
(2.3 | ) | 24.4 | 42.6 | |||||
Interest charges
|
(218.4 | ) | (184.8 | ) | (180.9 | ) | |||
Income tax expense
|
(84.8 | ) | (99.0 | ) | (29.5 | ) | |||
Loss from equity investments
|
(0.1 | ) | (1.0 | ) | (0.4 | ) | |||
Income from continuing operations
|
174.2 | 211.9 | 151.9 | ||||||
Loss from discontinued operations
|
- | - | (1.5 | ) | |||||
Net income
|
174.2 | 211.9 | 150.4 | ||||||
Less: Net (income) loss attributable to noncontrolling interest
|
0.2 | (0.2 | ) | (0.3 | ) | ||||
Net income attributable to Great Plains Energy
|
174.4 | 211.7 | 150.1 | ||||||
Preferred dividends
|
(1.6 | ) | (1.6 | ) | (1.6 | ) | |||
Earnings available for common shareholders
|
$ | 172.8 | $ | 210.1 | $ | 148.5 | |||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin below.
|
2011
|
2010
|
2009
|
|||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 2,318.0 | $ | 2,255.5 | $ | 1,965.0 | |||
Fuel
|
(483.8 | ) | (430.7 | ) | (405.5 | ) | |||
Purchased power
|
(203.4 | ) | (213.8 | ) | (183.7 | ) | |||
Transmission of electricity by others
|
(30.2 | ) | (27.4 | ) | (26.9 | ) | |||
Gross margin (a)
|
1,600.6 | 1,583.6 | 1,348.9 | ||||||
Other operating expenses
|
(828.7 | ) | (773.4 | ) | (712.0 | ) | |||
Voluntary separation program
|
(12.7 | ) | - | - | |||||
Depreciation and amortization
|
(273.1 | ) | (331.6 | ) | (302.2 | ) | |||
Operating income
|
486.1 | 478.6 | 334.7 | ||||||
Non-operating income and expenses
|
- | 23.1 | 37.7 | ||||||
Interest charges
|
(176.9 | ) | (143.1 | ) | (151.0 | ) | |||
Income tax expense
|
(109.3 | ) | (123.3 | ) | (63.6 | ) | |||
Net income
|
$ | 199.9 | $ | 235.3 | $ | 157.8 | |||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great
|
|||||||||
Plains Energy's Results of Operations.
|
%
|
%
|
||||||||||||||
Gross Margin (a)
|
2011
|
Change
|
2010
|
Change
|
2009
|
||||||||||
Retail revenues
|
(millions)
|
||||||||||||||
Residential
|
$ | 955.8 | 4 | $ | 915.8 | 19 | $ | 772.6 | |||||||
Commercial
|
878.8 | 5 | 838.0 | 11 | 752.5 | ||||||||||
Industrial
|
196.7 | 2 | 193.5 | 13 | 171.9 | ||||||||||
Other retail revenues
|
19.5 | 11 | 17.5 | 2 | 17.2 | ||||||||||
Kansas property tax surcharge
|
3.7 |
NA
|
- |
NA
|
- | ||||||||||
Provision for rate refund
|
(2.9 | ) | (23 | ) | (3.7 | ) |
NA
|
- | |||||||
Fuel recovery mechanism under recovery
|
50.6 | 18 | 42.9 | 31 | 32.8 | ||||||||||
Total retail
|
2,102.2 | 5 | 2,004.0 | 15 | 1,747.0 | ||||||||||
Wholesale revenues
|
172.4 | (16 | ) | 205.9 | 18 | 174.6 | |||||||||
Other revenues
|
43.4 | (5 | ) | 45.6 | 5 | 43.4 | |||||||||
Operating revenues
|
2,318.0 | 3 | 2,255.5 | 15 | 1,965.0 | ||||||||||
Fuel
|
(483.8 | ) | 12 | (430.7 | ) | 6 | (405.5 | ) | |||||||
Purchased power
|
(203.4 | ) | (5 | ) | (213.8 | ) | 16 | (183.7 | ) | ||||||
Transmission of electricity by others
|
(30.2 | ) | 10 | (27.4 | ) | 2 | (26.9 | ) | |||||||
Gross margin
|
$ | 1,600.6 | 1 | $ | 1,583.6 | 17 | $ | 1,348.9 | |||||||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains
|
|||||||||||||||
Energy's Results of Operations.
|
%
|
%
|
||||||||||||||
MWh Sales
|
2011
|
Change
|
2010
|
Change
|
2009
|
||||||||||
Retail MWh sales
|
(thousands)
|
||||||||||||||
Residential
|
9,285 | (2 | ) | 9,459 | 9 | 8,647 | |||||||||
Commercial
|
10,782 | (2 | ) | 10,950 | 3 | 10,637 | |||||||||
Industrial
|
3,218 | (2 | ) | 3,286 | 5 | 3,143 | |||||||||
Other retail MWh sales
|
119 | 8 | 111 | (9 | ) | 122 | |||||||||
Total retail
|
23,404 | (2 | ) | 23,806 | 6 | 22,549 | |||||||||
Wholesale MWh sales
|
5,491 | (16 | ) | 6,534 | 16 | 5,626 | |||||||||
Total MWh sales
|
28,895 | (5 | ) | 30,340 | 8 | 28,175 | |||||||||
·
|
KCP&L’s Kansas retail rates contain an Energy Cost Adjustment (ECA) tariff. The ECA tariff reflects the projected annual amounts of fuel, purchased power, emission allowances, transmission costs and asset-based off-system sales margin. These projected amounts are subject to quarterly re-forecasts. Any difference between the ECA revenue collected and the actual ECA amounts for a given year (which may be positive or negative) is recorded as an increase to or reduction of retail revenues and deferred as a regulatory asset or liability to be recovered from or refunded to Kansas retail customers over twelve months beginning April 1 of the succeeding year.
|
·
|
GMO’s electric retail rates contain a Fuel Adjustment Clause (FAC) tariff under which 95% of the difference between actual fuel cost, purchased power costs and off-system sales margin and the amount provided in base rates for these costs is passed along to GMO’s customers. The FAC cycle consists of an accumulation period of six months beginning in June and December with FAC rate approval requested every six months for a twelve month recovery period. The FAC is recorded as an increase to or reduction of retail revenues and deferred as a regulatory asset or liability to be recovered from or refunded to GMO’s electric retail customers.
|
·
|
GMO’s steam rates contain a Quarterly Cost Adjustment (QCA) under which 85% of the difference between actual fuel costs and base fuel costs is passed along to GMO’s steam customers. The QCA is recorded as an increase to or reduction of other revenues and deferred as a regulatory asset or liability to be recovered from or refunded to GMO’s steam customers.
|
·
|
unfavorable weather, with a 6% decrease in cooling degree days;
|
·
|
a decrease in weather-normalized retail demand;
|
·
|
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 retail rates effective May 4, 2011;
|
·
|
an estimated $16 million impact of coal conservation activities 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.
|
% | % | ||||||||||||||
2011
|
Change
|
2010
|
Change
|
2009
|
|||||||||||
CDD
|
1,598 | (6 | ) | 1,705 | 56 | 1,090 | |||||||||
HDD
|
5,220 | 1 | 5,160 | 2 | 5,069 | ||||||||||
·
|
a $23.4 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, for KCP&L and Missouri rates effective June 25, 2011, for GMO;
|
·
|
a $13.1 million increase in general taxes driven by increased property taxes;
|
·
|
a $13.1 million increase in pension expense corresponding to the resetting of pension trackers with the effective dates of new retail rates at KCP&L and GMO;
|
·
|
a $6.8 million increase in amortization of regulatory assets pursuant to rate orders;
|
·
|
$3.3 million of expenses related to the impact of flooding; and
|
·
|
as a result of disallowances in the 2011 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. In 2010, KCP&L and GMO recognized combined losses of $16.8 million for construction costs related to Iatan No. 2 and the Iatan No. 1 environmental project.
|
·
|
a $17.8 million increase in plant operating and maintenance expenses primarily driven by planned plant outages, including the impact of outages in 2009 that included capitalizable improvements and therefore did not impact operating and maintenance expenses;
|
·
|
a $14.8 million increase in general taxes driven by increased gross receipts taxes on increased retail revenues and increased property taxes; and
|
·
|
a $5.4 million increase from the accounting effects of the 2010 KCC rate order.
|
·
|
Great Plains Energy’s deferred refueling outage costs increased $17.9 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 deferred income taxes – current assets decreased $6.8 million primarily due to increased temporary differences resulting from increased deferred refueling outage costs.
|
·
|
Great Plains Energy’s current maturities of long-term debt increased $315.7 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 of GMO’s 7.95% and 7.75% Senior Notes, respectively, and repayment of KCP&L’s $150.0 million of 6.50% Senior Notes at maturity.
|
·
|
Great Plains Energy’s derivative instruments – current liabilities decreased $20.8 million due to the settlement of Forward Starting Swaps (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 $110.3 million primarily due to a $233.3 million increase in temporary differences mostly as a result of bonus depreciation partially offset by net operating losses created.
|
·
|
Great Plains Energy’s other deferred credits and other liabilities decreased $28.3 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 $200.4 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.
|
Moody's
|
Standard
|
||
Investors Service
|
& Poor's
|
||
Great Plains Energy
|
|||
Outlook
|
Stable
|
Stable
|
|
Corporate Credit Rating
|
-
|
BBB
|
|
Preferred Stock
|
Ba2
|
BB+
|
|
Senior Unsecured Debt
|
Baa3
|
BBB-
|
|
KCP&L
|
|||
Outlook
|
Stable
|
Stable
|
|
Senior Secured Debt
|
A3
|
BBB+
|
|
Senior Unsecured Debt
|
Baa2
|
BBB
|
|
Commercial Paper
|
P-2
|
A-2
|
|
GMO
|
|||
Outlook
|
Stable
|
Stable
|
|
Senior Unsecured Debt (a)
|
Baa3
|
BBB
|
|
Commercial Paper (a)
|
P-3
|
A-2
|
|
(a) reflects Great Plains Energy guarantee
|
2012
|
2013
|
2014
|
|||||||
(millions)
|
|||||||||
Generating facilities
|
$ | 202.4 | $ | 245.6 | $ | 229.6 | |||
Distribution and transmission facilities (a)
|
186.4 | 212.0 | 185.8 | ||||||
SPP balanced portfolio and priority transmission projects
|
4.2 | 42.2 | 70.9 | ||||||
General facilities
|
42.1 | 53.8 | 34.6 | ||||||
Nuclear fuel
|
20.8 | 40.1 | 25.3 | ||||||
Environmental
|
178.1 | 189.3 | 127.3 | ||||||
Total utility capital expenditures
|
$ | 634.0 | $ | 783.0 | $ | 673.5 | |||
(a) Excludes SPP balanced portfolio and priority transmission projects
|
Payment due by period
|
2012
|
2013
|
2014
|
2015
|
2016
|
After 2016
|
Total
|
|||||||||||||||
Long-term debt
|
(millions)
|
|||||||||||||||||||||
Principal
|
$ | 801.4 | $ | 263.1 | $ | 1.5 | $ | 15.5 | $ | 1.6 | $ | 2,449.2 | $ | 3,532.3 | ||||||||
Interest
|
242.1 | 182.3 | 160.4 | 145.6 | 145.2 | 1,215.5 | 2,091.1 | |||||||||||||||
Lease commitments
|
||||||||||||||||||||||
Operating lease
|
19.7 | 16.3 | 14.8 | 13.6 | 9.8 | 119.2 | 193.4 | |||||||||||||||
Capital lease
|
0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 4.7 | 6.7 | |||||||||||||||
Pension and other post-retirement plans (a)
|
111.2 | 111.2 | 111.2 | 111.2 | 111.2 | N/A | 556.0 | |||||||||||||||
Purchase commitments
|
||||||||||||||||||||||
Fuel
|
397.4 | 360.5 | 202.0 | 103.9 | 83.2 | 94.1 | 1,241.1 | |||||||||||||||
Power
|
8.5 | 29.2 | 34.8 | 34.8 | 34.8 | 686.3 | 828.4 | |||||||||||||||
Capacity
|
13.4 | 12.4 | 4.5 | 4.2 | 2.4 | - | 36.9 | |||||||||||||||
La Cygne environmental project
|
376.6 | 300.2 | 125.4 | 5.5 | - | - | 807.7 | |||||||||||||||
Non-regulated natural gas
|
||||||||||||||||||||||
transportation
|
2.8 | 3.6 | 3.6 | 3.6 | 3.6 | 0.9 | 18.1 | |||||||||||||||
Other
|
54.4 | 101.7 | 21.0 | 25.4 | 3.7 | 49.8 | 256.0 | |||||||||||||||
Total contractual commitments (a)
|
$ | 2,027.9 | $ | 1,380.9 | $ | 679.6 | $ | 463.7 | $ | 395.9 | $ |
4,619.7
|
$ | 9,567.7 | ||||||||
(a)
|
The Company expects to make contributions to the pension and other post-retirement plans beyond 2012 but the amounts
|
|||||||||||||||||||||
are not yet determined. Amounts for years after 2012 are estimates based on information available in determining the amount
|
||||||||||||||||||||||
for 2012. Actual amounts for years after 2012 could be significantly different than the estimated amounts in the table above.
|
·
|
Great Plains Energy direct guarantees to GMO counterparties totaling $40.7 million, which expire in 2012,
|
·
|
Great Plains Energy letters of credit to GMO counterparties totaling $11.6 million , which expire in 2012, and
|
·
|
Great Plains Energy guarantees of GMO long-term debt totaling $613.7 million, which includes debt with maturity dates ranging from 2012-2023.
|
2011
|
2010
|
2009
|
|||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 1,558.3 | $ | 1,517.1 | $ | 1,318.2 | |||
Fuel
|
(333.5 | ) | (278.8 | ) | (251.3 | ) | |||
Purchased power
|
(70.8 | ) | (78.9 | ) | (70.8 | ) | |||
Transmission of electricity by others
|
(18.8 | ) | (15.0 | ) | (12.3 | ) | |||
Gross margin (a)
|
1,135.2 | 1,144.4 | 983.8 | ||||||
Other operating expenses
|
(611.7 | ) | (576.6 | ) | (522.0 | ) | |||
Voluntary separation program
|
(9.2 | ) | - | - | |||||
Depreciation and amortization
|
(193.1 | ) | (256.4 | ) | (229.6 | ) | |||
Operating income
|
321.2 | 311.4 | 232.2 | ||||||
Non-operating income and expenses
|
(1.0 | ) | 19.1 | 28.5 | |||||
Interest charges
|
(115.6 | ) | (85.7 | ) | (84.9 | ) | |||
Income tax expense
|
(69.1 | ) | (81.6 | ) | (46.9 | ) | |||
Net income
|
$ | 135.5 | $ | 163.2 | $ | 128.9 | |||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great
|
|||||||||
Plains Energy's Results of Operations.
|
%
|
%
|
||||||||||||||
Gross Margin (a)
|
2011
|
Change
|
2010
|
Change
|
2009
|
||||||||||
Retail revenues
|
(millions)
|
||||||||||||||
Residential
|
$ | 593.0 | 5 | $ | 564.5 | 20 | $ | 472.2 | |||||||
Commercial
|
637.8 | 6 | 604.3 | 11 | 542.7 | ||||||||||
Industrial
|
121.9 | (1 | ) | 122.8 | 13 | 108.8 | |||||||||
Other retail revenues
|
12.5 | 5 | 11.7 | 9 | 10.9 | ||||||||||
Kansas property tax surcharge
|
3.7 |
NA
|
- |
NA
|
- | ||||||||||
Provision for rate refund
|
- |
NM
|
(3.7 | ) |
NA
|
- | |||||||||
Kansas ECA (over) under recovery
|
11.7 | 35 | 8.7 |
NM
|
(0.7 | ) | |||||||||
Total retail
|
1,380.6 | 6 | 1,308.3 | 15 | 1,133.9 | ||||||||||
Wholesale revenues
|
159.4 | (16 | ) | 188.9 | 14 | 166.2 | |||||||||
Other revenues
|
18.3 | (8 | ) | 19.9 | 10 | 18.1 | |||||||||
Operating revenues
|
1,558.3 | 3 | 1,517.1 | 15 | 1,318.2 | ||||||||||
Fuel
|
(333.5 | ) | 20 | (278.8 | ) | 11 | (251.3 | ) | |||||||
Purchased power
|
(70.8 | ) | (10 | ) | (78.9 | ) | 11 | (70.8 | ) | ||||||
Transmission of electricity by others
|
(18.8 | ) | 25 | (15.0 | ) | 22 | (12.3 | ) | |||||||
Gross margin
|
$ | 1,135.2 | (1 | ) | $ | 1,144.4 | 16 | $ | 983.8 | ||||||
(a) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great
|
|||||||||||||||
Plains Energy's Results of Operations.
|
%
|
%
|
||||||||||||||
MWh Sales
|
2011
|
Change
|
2010
|
Change
|
2009
|
||||||||||
Retail MWh sales
|
(thousands)
|
||||||||||||||
Residential
|
5,624 | (2 | ) | 5,719 | 10 | 5,203 | |||||||||
Commercial
|
7,614 | (1 | ) | 7,705 | 3 | 7,506 | |||||||||
Industrial
|
1,884 | (4 | ) | 1,956 | 4 | 1,884 | |||||||||
Other retail MWh sales
|
88 | 1 | 87 | - | 88 | ||||||||||
Total retail
|
15,210 | (2 | ) | 15,467 | 5 | 14,681 | |||||||||
Wholesale MWh sales
|
5,165 | (15 | ) | 6,051 | 12 | 5,381 | |||||||||
Total MWh sales
|
20,375 | (5 | ) | 21,518 | 7 | 20,062 | |||||||||
·
|
unfavorable weather, with a 6% decrease in cooling degree days;
|
·
|
a decrease in weather-normalized retail demand;
|
·
|
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 retail rates effective May 4, 2011;
|
·
|
an estimated $16 million impact of coal conservation activities 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 $14.6 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 $10.4 million increase in general taxes driven by increased property taxes;
|
·
|
a $6.4 million increase in amortization of regulatory assets pursuant to rate orders;
|
·
|
$3.0 million of expenses related to the impact of flooding; and
|
·
|
as a result of disallowances in the 2011 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. In 2010, KCP&L recognized losses of $13.0 million for construction costs related to Iatan No. 2 and the Iatan No. 1 environmental project.
|
·
|
a $13.6 million increase in plant operating and maintenance expenses primarily driven by planned plant outages, including the impact of outages in 2009 that included capitalizable improvements and therefore did not impact operating and maintenance expenses;
|
·
|
a $10.6 million increase in general taxes driven by increased gross receipts taxes on increased retail revenues and increased property taxes; and
|
·
|
a $5.4 million increase resulting from the accounting effects of the 2010 KCC rate order.
|
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
|||||||||
Page
|
|||||||||
Number
|
|||||||||
Great Plains Energy Incorporated
|
|||||||||
Consolidated Statements of Income
|
56 | ||||||||
Consolidated Balance Sheets
|
57 | ||||||||
Consolidated Statements of Cash Flows
|
|
59 | |||||||
Consolidated Statements of Common Shareholders’ Equity and Noncontrolling Interest
|
60 | ||||||||
Consolidated Statements of Comprehensive Income
|
61 | ||||||||
Kansas City Power & Light Company
|
|||||||||
Consolidated Statements of Income
|
|
62 | |||||||
Consolidated Balance Sheets
|
63 | ||||||||
Consolidated Statements of Cash Flows
|
|
65 | |||||||
Consolidated Statements of Common Shareholder’s Equity
|
66 | ||||||||
Consolidated Statements of Comprehensive Income
|
67 | ||||||||
Combined Notes to Consolidated Financial Statements for Great Plains Energy Incorporated
|
|||||||||
and Kansas City Power & Light Company
|
|||||||||
Note 1:
|
Summary of Significant Accounting Policies
|
68 | |||||||
Note 2:
|
Supplemental Cash Flow Information
|
74 | |||||||
Note 3:
|
Receivables
|
|
76 | ||||||
Note 4:
|
Nuclear Plant
|
77 | |||||||
Note 5:
|
Regulatory Matters
|
80 | |||||||
Note 6:
|
Goodwill and Intangible Assets
|
84 | |||||||
Note 7:
|
Asset Retirement Obligations
|
85 | |||||||
Note 8:
|
Pension Plans, Other Employee Benefits and Voluntary Separation Program
|
86 | |||||||
Note 9:
|
Equity Compensation
|
95 | |||||||
Note 10:
|
Short-Term Borrowings and Short-Term Bank Lines of Credit
|
|
98 | ||||||
Note 11:
|
Long-Term Debt
|
99 | |||||||
Note 12:
|
Common Shareholders’ Equity
|
|
102 | ||||||
Note 13:
|
Preferred Stock
|
103 | |||||||
Note 14:
|
Commitments and Contingencies
|
103 | |||||||
Note 15:
|
Legal Proceedings
|
112 | |||||||
Note 16:
|
Guarantees
|
113 | |||||||
Note 17:
|
Related Party Transactions and Relationships
|
113 | |||||||
Note 18:
|
Derivative Instruments
|
113 | |||||||
Note 19:
|
Fair Value Measurements
|
|
118 | ||||||
Note 20:
|
Taxes
|
123 | |||||||
Note 21:
|
Segments and Related Information
|
128 | |||||||
Note 22:
|
Discontinued Operations
|
129 | |||||||
Note 23:
|
Jointly Owned Electric Utility Plants
|
|
129 | ||||||
Note 24:
|
Quarterly Operating Results (Unaudited)
|
130 | |||||||
Report of Independent Registered Public Accounting Firm
|
|||||||||
Great Plains Energy Incorporated
|
132 | ||||||||
Kansas City Power & Light Company
|
133 |
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||
Consolidated Statements of Income
|
|||||||||
Year Ended December 31
|
2011
|
2010
|
2009
|
||||||
Operating Revenues
|
(millions, except per share amounts)
|
||||||||
Electric revenues
|
$ | 2,318.0 | $ | 2,255.5 | $ | 1,965.0 | |||
Operating Expenses
|
|||||||||
Fuel
|
483.8 | 430.7 | 405.5 | ||||||
Purchased power
|
203.4 | 213.8 | 183.7 | ||||||
Transmission of electricity by others
|
30.2 | 27.4 | 26.9 | ||||||
Utility operating and maintenance expenses
|
658.2 | 602.5 | 572.4 | ||||||
Voluntary separation program
|
12.7 | - | - | ||||||
Depreciation and amortization
|
273.1 | 331.6 | 302.2 | ||||||
General taxes
|
170.9 | 155.1 | 139.8 | ||||||
Other
|
5.9 | 22.1 | 14.4 | ||||||
Total
|
1,838.2 | 1,783.2 | 1,644.9 | ||||||
Operating income
|
479.8 | 472.3 | 320.1 | ||||||
Non-operating income
|
5.9 | 43.9 | 49.5 | ||||||
Non-operating expenses
|
(8.2 | ) | (19.5 | ) | (6.9 | ) | |||
Interest charges
|
(218.4 | ) | (184.8 | ) | (180.9 | ) | |||
Income from continuing operations before income tax expense and
|
|||||||||
loss from equity investments
|
259.1 | 311.9 | 181.8 | ||||||
Income tax expense
|
(84.8 | ) | (99.0 | ) | (29.5 | ) | |||
Loss from equity investments, net of income taxes
|
(0.1 | ) | (1.0 | ) | (0.4 | ) | |||
Income from continuing operations
|
174.2 | 211.9 | 151.9 | ||||||
Loss from discontinued operations, net of income taxes (Note 22)
|
- | - | (1.5 | ) | |||||
Net income
|
174.2 | 211.9 | 150.4 | ||||||
Less: Net (income) loss attributable to noncontrolling interest
|
0.2 | (0.2 | ) | (0.3 | ) | ||||
Net income attributable to Great Plains Energy
|
174.4 | 211.7 | 150.1 | ||||||
Preferred stock dividend requirements
|
1.6 | 1.6 | 1.6 | ||||||
Earnings available for common shareholders
|
$ | 172.8 | $ | 210.1 | $ | 148.5 | |||
Average number of basic common shares outstanding
|
135.6 | 135.1 | 129.3 | ||||||
Average number of diluted common shares outstanding
|
138.7 | 136.9 | 129.8 | ||||||
Basic earnings (loss) per common share
|
|||||||||
Continuing operations
|
$ | 1.27 | $ | 1.55 | $ | 1.16 | |||
Discontinued operations
|
- | - | (0.01 | ) | |||||
Basic earnings per common share
|
$ | 1.27 | $ | 1.55 | $ | 1.15 | |||
Diluted earnings (loss) per common share
|
|||||||||
Continuing operations
|
$ | 1.25 | $ | 1.53 | $ | 1.15 | |||
Discontinued operations
|
- | - | (0.01 | ) | |||||
Diluted earnings per common share
|
$ | 1.25 | $ | 1.53 | $ | 1.14 | |||
Cash dividends per common share
|
$ | 0.835 | $ | 0.83 | $ | 0.83 | |||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||
Consolidated Balance Sheets
|
||||||
December 31
|
||||||
2011
|
2010
|
|||||
ASSETS
|
(millions, except share amounts)
|
|||||
Current Assets
|
||||||
Cash and cash equivalents
|
$ | 6.2 | $ | 10.8 | ||
Funds on deposit
|
1.4 | 5.2 | ||||
Receivables, net
|
231.2 | 241.7 | ||||
Accounts receivable pledged as collateral
|
95.0 | 95.0 | ||||
Fuel inventories, at average cost
|
89.0 | 85.1 | ||||
Materials and supplies, at average cost
|
140.3 | 132.8 | ||||
Deferred refueling outage costs
|
27.5 | 9.6 | ||||
Refundable income taxes
|
0.3 | 2.1 | ||||
Deferred income taxes
|
7.5 | 14.3 | ||||
Derivative instruments
|
1.0 | 1.1 | ||||
Prepaid expenses and other assets
|
19.7 | 13.9 | ||||
Total
|
619.1 | 611.6 | ||||
Utility Plant, at Original Cost
|
||||||
Electric
|
10,924.8 | 10,536.9 | ||||
Less-accumulated depreciation
|
4,235.8 | 4,031.3 | ||||
Net utility plant in service
|
6,689.0 | 6,505.6 | ||||
Construction work in progress
|
287.9 | 307.5 | ||||
Nuclear fuel, net of amortization of $132.7 and $131.1
|
76.6 | 79.2 | ||||
Total
|
7,053.5 | 6,892.3 | ||||
Investments and Other Assets
|
||||||
Nuclear decommissioning trust fund
|
135.3 | 129.2 | ||||
Regulatory assets
|
1,058.2 | 924.0 | ||||
Goodwill
|
169.0 | 169.0 | ||||
Derivative instruments
|
6.8 | 7.8 | ||||
Other
|
76.1 | 84.3 | ||||
Total
|
1,445.4 | 1,314.3 | ||||
Total
|
$ | 9,118.0 | $ | 8,818.2 | ||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||
Consolidated Balance Sheets
|
||||||
December 31
|
||||||
2011
|
2010
|
|||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
|||||
Current Liabilities
|
||||||
Notes payable
|
$ | 22.0 | $ | 9.5 | ||
Collateralized note payable
|
95.0 | 95.0 | ||||
Commercial paper
|
267.0 | 263.5 | ||||
Current maturities of long-term debt
|
801.4 | 485.7 | ||||
Accounts payable
|
275.6 | 276.3 | ||||
Accrued taxes
|
25.8 | 26.6 | ||||
Accrued interest
|
76.9 | 75.4 | ||||
Accrued compensation and benefits
|
40.8 | 46.8 | ||||
Pension and post-retirement liability
|
4.4 | 4.1 | ||||
Derivative instruments
|
- | 20.8 | ||||
Other
|
26.0 | 35.6 | ||||
Total
|
1,634.9 | 1,339.3 | ||||
Deferred Credits and Other Liabilities
|
||||||
Deferred income taxes
|
628.6 | 518.3 | ||||
Deferred tax credits
|
131.2 | 133.4 | ||||
Asset retirement obligations
|
149.6 | 143.3 | ||||
Pension and post-retirement liability
|
461.9 | 427.5 | ||||
Regulatory liabilities
|
268.5 | 258.2 | ||||
Other
|
101.1 | 129.4 | ||||
Total
|
1,740.9 | 1,610.1 | ||||
Capitalization
|
||||||
Great Plains Energy common shareholders' equity
|
||||||
Common stock - 250,000,000 shares authorized without par value
|
||||||
136,406,306 and 136,113,954 shares issued, stated value
|
2,330.6 | 2,324.4 | ||||
Retained earnings
|
684.7 | 626.5 | ||||
Treasury stock - 264,567 and 400,889 shares, at cost
|
(5.6 | ) | (8.9 | ) | ||
Accumulated other comprehensive loss
|
(49.8 | ) | (56.1 | ) | ||
Total
|
2,959.9 | 2,885.9 | ||||
Noncontrolling interest
|
1.0 | 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 11)
|
2,742.3 | 2,942.7 | ||||
Total
|
5,742.2 | 5,868.8 | ||||
Commitments and Contingencies (Note 14)
|
||||||
Total
|
$ | 9,118.0 | $ | 8,818.2 | ||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
|
GREAT PLAINS ENERGY
|
|||||||||
Consolidated Statements of Cash Flows
|
|||||||||
Year Ended December 31
|
2011
|
2010
|
2009
|
||||||
Cash Flows from Operating Activities
|
(millions) | ||||||||
Net income
|
$ | 174.2 | $ | 211.9 | $ | 150.4 | |||
Adjustments to reconcile income to net cash from operating activities:
|
|||||||||
Depreciation and amortization
|
273.1 | 331.6 | 302.2 | ||||||
Amortization of:
|
|||||||||
Nuclear fuel
|
21.4 | 25.1 | 16.1 | ||||||
Other
|
12.7 | (4.7 | ) | (10.1 | ) | ||||
Deferred income taxes, net
|
111.2 | 123.8 | (3.6 | ) | |||||
Investment tax credit amortization
|
(2.2 | ) | (2.9 | ) | (2.2 | ) | |||
Loss from equity investments, net of income taxes
|
0.1 | 1.0 | 0.4 | ||||||
Other operating activities (Note 2)
|
(147.5 | ) | (133.7 | ) | (117.8 | ) | |||
Net cash from operating activities
|
443.0 | 552.1 | 335.4 | ||||||
Cash Flows from Investing Activities
|
|||||||||
Utility capital expenditures
|
(456.6 | ) | (618.0 | ) | (841.1 | ) | |||
Allowance for borrowed funds used during construction
|
(5.8 | ) | (28.5 | ) | (37.7 | ) | |||
Payment to Black Hills for asset sale working capital adjustment
|
- | - | (7.7 | ) | |||||
Purchases of nuclear decommissioning trust investments
|
(18.5 | ) | (83.3 | ) | (99.0 | ) | |||
Proceeds from nuclear decommissioning trust investments
|
15.1 | 79.6 | 95.3 | ||||||
Other investing activities
|
(19.9 | ) | (7.5 | ) | (7.4 | ) | |||
Net cash from investing activities
|
(485.7 | ) | (657.7 | ) | (897.6 | ) | |||
Cash Flows from Financing Activities
|
|||||||||
Issuance of common stock
|
5.9 | 6.2 | 219.9 | ||||||
Issuance of long-term debt
|
747.1 | 249.9 | 700.7 | ||||||
Issuance fees
|
(10.7 | ) | (12.1 | ) | (22.8 | ) | |||
Repayment of long-term debt
|
(598.5 | ) | (1.3 | ) | (70.7 | ) | |||
Net change in short-term borrowings
|
16.0 | (165.6 | ) | (145.6 | ) | ||||
Net change in collateralized short-term borrowings
|
- | 95.0 | - | ||||||
Dividends paid
|
(115.1 | ) | (114.2 | ) | (110.5 | ) | |||
Other financing activities
|
(6.6 | ) | (7.4 | ) | (4.0 | ) | |||
Net cash from financing activities
|
38.1 | 50.5 | 567.0 | ||||||
Net Change in Cash and Cash Equivalents
|
(4.6 | ) | (55.1 | ) | 4.8 | ||||
Cash and Cash Equivalents at Beginning of Year
|
10.8 | 65.9 | 61.1 | ||||||
Cash and Cash Equivalents at End of Year
|
$ | 6.2 | $ | 10.8 | $ | 65.9 | |||
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
|
||||||||||||||||||
Year Ended December 31
|
2011
|
2010
|
2009
|
|||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||
Common Stock
|
(millions, except share amounts) | |||||||||||||||||
Beginning balance
|
136,113,954 | $ | 2,324.4 | 135,636,538 | $ | 2,313.7 | 119,375,923 | $ | 2,118.4 | |||||||||
Issuance of common stock
|
292,352 | 5.9 | 347,279 | 6.6 | 15,883,948 | 220.1 | ||||||||||||
Common stock issuance fees
|
- | - | (7.0 | ) | ||||||||||||||
Issuance of restricted common stock
|
- | - | 130,137 | 2.3 | 376,667 | 5.4 | ||||||||||||
Equity compensation expense, net of forfeitures
|
0.3 | 1.0 | 0.8 | |||||||||||||||
Unearned Compensation
|
||||||||||||||||||
Issuance of restricted common stock
|
(3.5 | ) | (2.3 | ) | (5.4 | ) | ||||||||||||
Forfeiture of restricted common stock
|
0.9 | 0.8 | 1.1 | |||||||||||||||
Compensation expense recognized
|
2.3 | 2.2 | 3.8 | |||||||||||||||
Equity Units allocated fees and expenses and the
|
||||||||||||||||||
present value of contract adjustment payments
|
- | - | (22.5 | ) | ||||||||||||||
Other
|
0.3 | 0.1 | (1.0 | ) | ||||||||||||||
Ending balance
|
136,406,306 | 2,330.6 | 136,113,954 | 2,324.4 | 135,636,538 | 2,313.7 | ||||||||||||
Retained Earnings
|
||||||||||||||||||
Beginning balance
|
626.5 | 529.2 | 489.3 | |||||||||||||||
Net income attributable to Great Plains Energy
|
174.4 | 211.7 | 150.1 | |||||||||||||||
Loss on reissuance of treasury stock
|
(0.7 | ) | - | - | ||||||||||||||
Dividends:
|
||||||||||||||||||
Common stock
|
(113.5 | ) | (112.6 | ) | (108.9 | ) | ||||||||||||
Preferred stock - at required rates
|
(1.6 | ) | (1.6 | ) | (1.6 | ) | ||||||||||||
Performance shares
|
(0.4 | ) | (0.2 | ) | (0.1 | ) | ||||||||||||
Performance shares amendment
|
- | - | 0.4 | |||||||||||||||
Ending balance
|
684.7 | 626.5 | 529.2 | |||||||||||||||
Treasury Stock
|
||||||||||||||||||
Beginning balance
|
(400,889 | ) | (8.9 | ) | (213,423 | ) | (5.5 | ) | (120,677 | ) | (3.6 | ) | ||||||
Treasury shares acquired
|
(125,234 | ) | (2.4 | ) | (188,383 | ) | (3.4 | ) | (132,593 | ) | (2.9 | ) | ||||||
Treasury shares reissued
|
261,556 | 5.7 | 917 | - | 39,847 | 1.0 | ||||||||||||
Ending balance
|
(264,567 | ) | (5.6 | ) | (400,889 | ) | (8.9 | ) | (213,423 | ) | (5.5 | ) | ||||||
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||||||||
Beginning balance
|
(56.1 | ) | (44.9 | ) | (53.5 | ) | ||||||||||||
Derivative hedging activity, net of tax
|
6.8 | (10.6 | ) | 5.3 | ||||||||||||||
Change in unrecognized pension expense, net of tax
|
(0.5 | ) | (0.6 | ) | 3.3 | |||||||||||||
Ending balance
|
(49.8 | ) | (56.1 | ) | (44.9 | ) | ||||||||||||
Total Great Plains Energy Common Shareholders' Equity
|
$ | 2,959.9 | $ | 2,885.9 | $ | 2,792.5 | ||||||||||||
Noncontrolling Interest
|
||||||||||||||||||
Beginning balance
|
$ | 1.2 | $ | 1.2 | $ | 1.0 | ||||||||||||
Net income (loss) attributable to noncontrolling interest
|
(0.2 | ) | 0.2 | 0.3 | ||||||||||||||
Distribution
|
- | (0.2 | ) | (0.1 | ) | |||||||||||||
Ending balance
|
$ | 1.0 | $ | 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
|
|||||||||
Year Ended December 31
|
2011
|
2010
|
2009
|
||||||
(millions) | |||||||||
Net income
|
$ | 174.2 | $ | 211.9 | $ | 150.4 | |||
Other comprehensive income (loss)
|
|||||||||
Loss on derivative hedging instruments
|
(5.9 | ) | (28.0 | ) | (0.4 | ) | |||
Income tax benefit
|
2.3 | 10.8 | 0.1 | ||||||
Net loss on derivative hedging instruments
|
(3.6 | ) | (17.2 | ) | (0.3 | ) | |||
Reclassification to expenses, net of tax (Note 18)
|
10.4 | 6.6 | 5.6 | ||||||
Derivative hedging activity, net of tax
|
6.8 | (10.6 | ) | 5.3 | |||||
Defined benefit pension plans
|
|||||||||
Net gain (loss) arising during period
|
(1.2 | ) | (1.3 | ) | 5.0 | ||||
Less: amortization of net gain included in net periodic benefit costs
|
0.4 | 0.3 | 0.4 | ||||||
Income tax (expense) benefit
|
0.3 | 0.4 | (2.1 | ) | |||||
Change in unrecognized pension expense, net of tax
|
(0.5 | ) | (0.6 | ) | 3.3 | ||||
Comprehensive income
|
180.5 | 200.7 | 159.0 | ||||||
Less: comprehensive (income) loss attributable to noncontrolling interest
|
0.2 | (0.2 | ) | (0.3 | ) | ||||
Comprehensive income attributable to Great Plains Energy
|
$ | 180.7 | $ | 200.5 | $ | 158.7 | |||
|
|||||||||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||
Consolidated Statements of Income
|
|||||||||
Year Ended December 31
|
2011
|
2010
|
2009
|
||||||
Operating Revenues
|
(millions)
|
||||||||
Electric revenues
|
$ | 1,558.3 | $ | 1,517.1 | $ | 1,318.2 | |||
Operating Expenses
|
|||||||||
Fuel
|
333.5 | 278.8 | 251.3 | ||||||
Purchased power
|
70.8 | 78.9 | 70.8 | ||||||
Transmission of electricity by others
|
18.8 | 15.0 | 12.3 | ||||||
Operating and maintenance expenses
|
470.9 | 434.3 | 403.3 | ||||||
Voluntary separation program
|
9.2 | - | - | ||||||
Depreciation and amortization
|
193.1 | 256.4 | 229.6 | ||||||
General taxes
|
139.7 | 129.3 | 118.7 | ||||||
Other
|
1.1 | 13.0 | - | ||||||
Total
|
1,237.1 | 1,205.7 | 1,086.0 | ||||||
Operating income
|
321.2 | 311.4 | 232.2 | ||||||
Non-operating income
|
2.9 | 24.7 | 33.2 | ||||||
Non-operating expenses
|
(3.9 | ) | (5.6 | ) | (4.7 | ) | |||
Interest charges
|
(115.6 | ) | (85.7 | ) | (84.9 | ) | |||
Income before income tax expense
|
204.6 | 244.8 | 175.8 | ||||||
Income tax expense
|
(69.1 | ) | (81.6 | ) | (46.9 | ) | |||
Net income
|
$ | 135.5 | $ | 163.2 | $ | 128.9 | |||
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
|
||||||
December 31
|
||||||
2011
|
2010
|
|||||
ASSETS
|
(millions, except share amounts)
|
|||||
Current Assets
|
||||||
Cash and cash equivalents
|
$ | 1.9 | $ | 3.6 | ||
Funds on deposit
|
0.1 | 0.4 | ||||
Receivables, net
|
172.9 | 169.4 | ||||
Accounts receivable pledged as collateral
|
95.0 | 95.0 | ||||
Fuel inventories, at average cost
|
59.0 | 44.9 | ||||
Materials and supplies, at average cost
|
101.1 | 94.4 | ||||
Deferred refueling outage costs
|
27.5 | 9.6 | ||||
Refundable income taxes
|
5.7 | 9.0 | ||||
Deferred income taxes
|
- | 5.6 | ||||
Prepaid expenses and other assets
|
16.0 | 10.0 | ||||
Total
|
479.2 | 441.9 | ||||
Utility Plant, at Original Cost
|
||||||
Electric
|
7,829.3 | 7,540.9 | ||||
Less-accumulated depreciation
|
3,243.0 | 3,104.4 | ||||
Net utility plant in service
|
4,586.3 | 4,436.5 | ||||
Construction work in progress
|
203.5 | 227.6 | ||||
Nuclear fuel, net of amortization of $132.7 and $131.1
|
76.6 | 79.2 | ||||
Total
|
4,866.4 | 4,743.3 | ||||
Investments and Other Assets
|
||||||
Nuclear decommissioning trust fund
|
135.3 | 129.2 | ||||
Regulatory assets
|
780.7 | 679.6 | ||||
Other
|
30.6 | 32.3 | ||||
Total
|
946.6 | 841.1 | ||||
Total
|
$ | 6,292.2 | $ | 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
|
||||||
December 31
|
||||||
2011
|
2010
|
|||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
|||||
Current Liabilities
|
||||||
Collateralized note payable
|
$ | 95.0 | $ | 95.0 | ||
Commercial paper
|
227.0 | 263.5 | ||||
Current maturities of long-term debt
|
12.7 | 150.3 | ||||
Accounts payable
|
214.8 | 201.7 | ||||
Accrued taxes
|
20.6 | 21.3 | ||||
Accrued interest
|
30.0 | 26.2 | ||||
Accrued compensation and benefits
|
40.8 | 46.8 | ||||
Pension and post-retirement liability
|
3.0 | 2.6 | ||||
Other
|
13.7 | 7.8 | ||||
Total
|
657.6 | 815.2 | ||||
Deferred Credits and Other Liabilities
|
||||||
Deferred income taxes
|
772.7 | 692.0 | ||||
Deferred tax credits
|
127.9 | 129.4 | ||||
Asset retirement obligations
|
134.3 | 129.7 | ||||
Pension and post-retirement liability
|
440.9 | 407.3 | ||||
Regulatory liabilities
|
142.8 | 141.3 | ||||
Other
|
68.6 | 76.7 | ||||
Total
|
1,687.2 | 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
|
513.8 | 478.3 | ||||
Accumulated other comprehensive loss
|
(31.4 | ) | (36.4 | ) | ||
Total
|
2,045.5 | 2,005.0 | ||||
Long-term debt (Note 11)
|
1,901.9 | 1,629.7 | ||||
Total
|
3,947.4 | 3,634.7 | ||||
Commitments and Contingencies (Note 14)
|
||||||
Total
|
$ | 6,292.2 | $ | 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 Cash Flows
|
|||||||||
Year Ended December 31
|
2011
|
2010
|
2009
|
||||||
Cash Flows from Operating Activities
|
(millions)
|
||||||||
Net income
|
$ | 135.5 | $ | 163.2 | $ | 128.9 | |||
Adjustments to reconcile income to net cash from operating activities:
|
|||||||||
Depreciation and amortization
|
193.1 | 256.4 | 229.6 | ||||||
Amortization of:
|
|||||||||
Nuclear fuel
|
21.4 | 25.1 | 16.1 | ||||||
Other
|
29.5 | 24.2 | 19.0 | ||||||
Deferred income taxes, net
|
80.6 | 83.2 | (38.2 | ) | |||||
Investment tax credit amortization
|
(1.5 | ) | (2.1 | ) | (1.4 | ) | |||
Other operating activities (Note 2)
|
(118.3 | ) | (127.8 | ) | (66.1 | ) | |||
Net cash from operating activities
|
340.3 | 422.2 | 287.9 | ||||||
Cash Flows from Investing Activities
|
|||||||||
Utility capital expenditures
|
(336.5 | ) | (463.1 | ) | (626.5 | ) | |||
Allowance for borrowed funds used during construction
|
(2.9 | ) | (22.4 | ) | (31.1 | ) | |||
Purchases of nuclear decommissioning trust investments
|
(18.5 | ) | (83.3 | ) | (99.0 | ) | |||
Proceeds from nuclear decommissioning trust investments
|
15.1 | 79.6 | 95.3 | ||||||
Net money pool lending
|
12.1 | (6.1 | ) | (6.0 | ) | ||||
Other investing activities
|
(9.7 | ) | (13.4 | ) | (0.6 | ) | |||
Net cash from investing activities
|
(340.4 | ) | (508.7 | ) | (667.9 | ) | |||
Cash Flows from Financing Activities
|
|||||||||
Issuance of long-term debt
|
397.4 | - | 413.2 | ||||||
Repayment of long-term debt
|
(263.1 | ) | (0.2 | ) | - | ||||
Net change in short-term borrowings
|
(36.5 | ) | 76.9 | (193.6 | ) | ||||
Net change in collateralized short-term borrowings
|
- | 95.0 | - | ||||||
Net money pool borrowings
|
6.7 | 1.1 | 0.9 | ||||||
Dividends paid to Great Plains Energy
|
(100.0 | ) | (95.0 | ) | (72.0 | ) | |||
Equity contribution from Great Plains Energy
|
- | - | 247.5 | ||||||
0Issuance fees
|
(6.1 | ) | (5.1 | ) | (4.0 | ) | |||
Net cash from financing activities
|
(1.6 | ) | 72.7 | 392.0 | |||||
Net Change in Cash and Cash Equivalents
|
(1.7 | ) | (13.8 | ) | 12.0 | ||||
Cash and Cash Equivalents at Beginning of Year
|
3.6 | 17.4 | 5.4 | ||||||
Cash and Cash Equivalents at End of Year
|
$ | 1.9 | $ | 3.6 | $ | 17.4 | |||
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 Common Shareholder's Equity
|
||||||||||||||||||
Year Ended December 31
|
2011
|
2010
|
2009
|
|||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||
Common Stock
|
(millions, except share amounts)
|
|||||||||||||||||
Beginning balance
|
1 | $ | 1,563.1 | 1 | $ | 1,563.1 | 1 | $ | 1,315.6 | |||||||||
Equity contribution from Great Plains Energy
|
- | - | 247.5 | |||||||||||||||
Ending balance
|
1 | 1,563.1 | 1 | 1,563.1 | 1 | 1,563.1 | ||||||||||||
Retained Earnings
|
||||||||||||||||||
Beginning balance
|
478.3 | 410.1 | 353.2 | |||||||||||||||
Net income
|
135.5 | 163.2 | 128.9 | |||||||||||||||
Dividends:
|
||||||||||||||||||
Common stock held by Great Plains Energy
|
(100.0 | ) | (95.0 | ) | (72.0 | ) | ||||||||||||
Ending balance
|
513.8 | 478.3 | 410.1 | |||||||||||||||
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||||||||
Beginning balance
|
(36.4 | ) | (41.5 | ) | (46.9 | ) | ||||||||||||
Derivative hedging activity, net of tax
|
5.0 | 5.1 | 5.4 | |||||||||||||||
Ending balance
|
(31.4 | ) | (36.4 | ) | (41.5 | ) | ||||||||||||
Total Common Shareholder's Equity
|
$ | 2,045.5 | $ | 2,005.0 | $ | 1,931.7 | ||||||||||||
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
|
|||||||||
Year Ended December 31
|
2011
|
2010
|
2009
|
||||||
(millions)
|
|||||||||
Net income
|
$ | 135.5 | $ | 163.2 | $ | 128.9 | |||
Other comprehensive income (loss)
|
|||||||||
Gain (loss) on derivative hedging instruments
|
(0.6 | ) | (0.9 | ) | 0.2 | ||||
Income tax (expense) benefit
|
0.2 | 0.3 | (0.1 | ) | |||||
Net gain (loss) on derivative hedging instruments
|
(0.4 | ) | (0.6 | ) | 0.1 | ||||
Reclassification to expenses, net of tax (Note 18)
|
5.4 | 5.7 | 5.3 | ||||||
Derivative hedging activity, net of tax
|
5.0 | 5.1 | 5.4 | ||||||
Comprehensive income
|
$ | 140.5 | $ | 168.3 | $ | 134.3 | |||
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.
|
Great Plains Energy
|
||||||
December 31
|
2011
|
2010
|
||||
Utility Plant, at original cost
|
(millions)
|
|||||
Generation (20 - 60 years)
|
$ | 6,594.0 | $ | 6,369.4 | ||
Transmission (15 - 70 years)
|
734.8 | 716.9 | ||||
Distribution (8 - 66 years)
|
2,921.1 | 2,813.4 | ||||
General (5 - 50 years)
|
674.9 | 637.2 | ||||
Total (a)
|
$ | 10,924.8 | $ | 10,536.9 | ||
(a) Includes $105.5 million and $103.0 million at December 31,
|
||||||
2011 and 2010, respectively, of land and other assets that
|
||||||
are not depreciated.
|
KCP&L
|
||||||
December 31
|
2011
|
2010
|
||||
Utility Plant, at original cost
|
(millions)
|
|||||
Generation (20 - 60 years)
|
$ | 5,078.1 | $ | 4,886.2 | ||
Transmission (15 - 70 years)
|
412.9 | 408.7 | ||||
Distribution (8 - 55 years)
|
1,840.2 | 1,776.4 | ||||
General (5 - 50 years)
|
498.1 | 469.6 | ||||
Total (a)
|
$ | 7,829.3 | $ | 7,540.9 | ||
(a) Includes $59.8 million and $59.9 million at December 31,
|
||||||
2011 and 2010, respectively, of land and other assets that
|
||||||
are not depreciated.
|
2011
|
2010
|
2009
|
|||||||
Income
|
(millions, except per share amounts)
|
||||||||
Income from continuing operations
|
$ | 174.2 | $ | 211.9 | $ | 151.9 | |||
Less: net income (loss) attributable to noncontrolling interest
|
(0.2 | ) | 0.2 | 0.3 | |||||
Less: preferred stock dividend requirements
|
1.6 | 1.6 | 1.6 | ||||||
Income from continuing operations available for common shareholders
|
$ | 172.8 | $ | 210.1 | $ | 150.0 | |||
Common Shares Outstanding
|
|||||||||
Average number of common shares outstanding
|
135.6 | 135.1 | 129.3 | ||||||
Add: effect of dilutive securities
|
3.1 | 1.8 | 0.5 | ||||||
Diluted average number of common shares outstanding
|
138.7 | 136.9 | 129.8 | ||||||
Basic EPS from continuing operations
|
$ | 1.27 | $ | 1.55 | $ | 1.16 | |||
Diluted EPS from continuing operations
|
$ | 1.25 | $ | 1.53 | $ | 1.15 | |||
2.
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
Great Plains Energy Other Operating Activities
|
|||||||||
Year Ended December 31
|
2011
|
2010
|
2009
|
||||||
Cash flows affected by changes in:
|
(millions)
|
||||||||
Receivables
|
$ | 3.6 | $ | (12.6 | ) | $ | 7.9 | ||
Accounts receivable pledged as collateral
|
- | (95.0 | ) | - | |||||
Fuel inventories
|
(3.9 | ) | (0.1 | ) | 2.0 | ||||
Materials and supplies
|
(7.5 | ) | (11.5 | ) | (22.0 | ) | |||
Accounts payable
|
5.7 | 12.8 | (70.9 | ) | |||||
Accrued taxes
|
1.4 | 6.7 | 42.2 | ||||||
Accrued interest
|
1.5 | 2.9 | 2.9 | ||||||
Deferred refueling outage costs
|
(17.9 | ) | 9.9 | (7.1 | ) | ||||
Fuel adjustment clauses
|
(1.7 | ) | 2.7 | 7.8 | |||||
Pension and post-retirement benefit obligations
|
(56.0 | ) | (10.2 | ) | 18.4 | ||||
Allowance for equity funds used during construction
|
(1.0 | ) | (26.0 | ) | (39.6 | ) | |||
Write down of affordable housing investments
|
- | 11.2 | - | ||||||
Interest rate hedge settlements
|
(26.1 | ) | (6.9 | ) | (79.1 | ) | |||
Iatan Nos. 1 and 2 impact of disallowed construction costs
|
2.3 | 16.8 | - | ||||||
Uncertain tax positions
|
(20.8 | ) | (6.1 | ) | 10.7 | ||||
Other
|
(27.1 | ) | (28.3 | ) | 9.0 | ||||
Total other operating activities
|
$ | (147.5 | ) | $ | (133.7 | ) | $ | (117.8 | ) |
Cash paid during the period:
|
|||||||||
Interest
|
$ | 254.4 | $ | 237.7 | $ | 211.9 | |||
Income taxes
|
$ | 2.8 | $ | 0.9 | $ | 5.1 | |||
Non-cash investing activities:
|
|||||||||
Liabilities assumed for capital expenditures
|
$ | 39.7 | $ | 44.9 | $ | 82.8 | |||
KCP&L Other Operating Activities
|
|||||||||
Year Ended December 31
|
2011
|
2010
|
2009
|
||||||
Cash flows affected by changes in:
|
(millions)
|
||||||||
Receivables
|
$ | (20.2 | ) | $ | (4.1 | ) | $ | (7.6 | ) |
Accounts receivable pledged as collateral
|
- | (95.0 | ) | - | |||||
Fuel inventories
|
(14.1 | ) | 0.7 | 6.1 | |||||
Materials and supplies
|
(6.7 | ) | (9.6 | ) | (16.5 | ) | |||
Accounts payable
|
11.0 | 0.8 | (54.3 | ) | |||||
Accrued taxes
|
2.7 | (15.7 | ) | 51.8 | |||||
Accrued interest
|
3.8 | (0.5 | ) | 8.6 | |||||
Deferred refueling outage costs
|
(17.9 | ) | 9.9 | (7.1 | ) | ||||
Pension and post-retirement benefit obligations
|
(45.6 | ) | 7.9 | 39.3 | |||||
Allowance for equity funds used during construction
|
(0.7 | ) | (21.9 | ) | (30.6 | ) | |||
Kansas Energy Cost Adjustment
|
(5.8 | ) | (8.8 | ) | 2.2 | ||||
Iatan Nos. 1 and 2 impact of disallowed construction costs
|
1.5 | 13.0 | - | ||||||
Interest rate hedge settlements
|
- | - | (79.1 | ) | |||||
Uncertain tax positions
|
(10.4 | ) | (1.8 | ) | 3.3 | ||||
Other
|
(15.9 | ) | (2.7 | ) | 17.8 | ||||
Total other operating activities
|
$ | (118.3 | ) | $ | (127.8 | ) | $ | (66.1 | ) |
Cash paid during the period:
|
|||||||||
Interest
|
$ | 111.3 | $ | 101.1 | $ | 77.2 | |||
Income taxes
|
$ | 0.1 | $ | 18.2 | $ | 31.9 | |||
Non-cash investing activities:
|
|||||||||
Liabilities assumed for capital expenditures
|
$ | 32.0 | $ | 37.4 | $ | 75.5 | |||
3.
|
RECEIVABLES
|
December 31
|
|||||||
2011
|
|
2010 | |||||
Great Plains Energy
|
(millions)
|
||||||
Customer accounts receivable - billed
|
$ | 69.8 | $ | 62.0 | |||
Customer accounts receivable - unbilled
|
82.4 | 82.3 | |||||
Allowance for doubtful accounts
|
(2.5 | ) | (2.7 | ) | |||
Other receivables
|
81.5 | 100.1 | |||||
Total
|
$ | 231.2 | $ | 241.7 | |||
KCP&L
|
|||||||
Customer accounts receivable - billed
|
$ | 16.4 | $ | 6.5 | |||
Customer accounts receivable - unbilled
|
50.0 | 50.1 | |||||
Allowance for doubtful accounts
|
(1.4 | ) | (1.5 | ) | |||
Intercompany receivables
|
38.7 | 43.2 | |||||
Other receivables
|
69.2 | 71.1 | |||||
Total
|
$ | 172.9 | $ | 169.4 | |||
Receivables
|
Consolidated
|
||||||||
2011
|
KCP&L
|
Company
|
KCP&L
|
||||||
(millions)
|
|||||||||
Receivables (sold) purchased
|
$ | (1,415.6 | ) | $ | 1,415.6 | $ | - | ||
Gain (loss) on sale of accounts receivable (a)
|
(17.9 | ) | 17.7 | (0.2 | ) | ||||
Servicing fees
|
2.6 | (2.6 | ) | - | |||||
Fees to outside investor
|
- | (1.2 | ) | (1.2 | ) | ||||
Cash flows during the period
|
|||||||||
Cash from customers transferred to Receivables Company
|
(1,412.4 | ) | 1,412.4 | - | |||||
Cash paid to KCP&L for receivables purchased
|
1,394.7 | (1,394.7 | ) | - | |||||
Servicing fees
|
2.6 | (2.6 | ) | - | |||||
Interest on intercompany note
|
0.5 | (0.5 | ) | - | |||||
Receivables
|
Consolidated
|
||||||||
2010
|
KCP&L
|
Company
|
KCP&L
|
||||||
(millions)
|
|||||||||
Receivables (sold) purchased
|
$ | (1,341.0 | ) | $ | 1,341.0 | $ | - | ||
Gain (loss) on sale of accounts receivable (a)
|
(17.0 | ) | 16.8 | (0.2 | ) | ||||
Servicing fees
|
3.2 | (3.2 | ) | - | |||||
Fees to outside investor
|
- | (1.2 | ) | (1.2 | ) | ||||
Cash flows during the period
|
|||||||||
Cash from customers transferred to Receivables Company
|
(1,337.4 | ) | 1,337.4 | - | |||||
Cash paid to KCP&L for receivables purchased
|
1,320.7 | (1,320.7 | ) | - | |||||
Servicing fees
|
3.2 | (3.2 | ) | - | |||||
Interest on intercompany note
|
0.5 | (0.5 | ) | - | |||||
(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.
|
December 31
|
2011
|
2010
|
||||
Decommissioning Trust
|
(millions)
|
|||||
Beginning balance January 1
|
$ | 129.2 | $ | 112.5 | ||
Contributions
|
3.4 | 3.7 | ||||
Earned income, net of fees
|
4.8 | 2.0 | ||||
Net realized gains
|
0.3 | 6.7 | ||||
Net unrealized gains (losses)
|
(2.4 | ) | 4.3 | |||
Ending balance
|
$ | 135.3 | $ | 129.2 | ||
December 31
|
|||||||||||||||||||||||||
2011
|
2010
|
||||||||||||||||||||||||
Cost
|
Unrealized
|
Unrealized
|
Fair
|
Cost
|
Unrealized
|
Unrealized
|
Fair
|
||||||||||||||||||
Basis
|
Gains
|
Losses
|
Value
|
Basis
|
Gains
|
Losses
|
Value
|
||||||||||||||||||
(millions)
|
|||||||||||||||||||||||||
Equity securities
|
$ | 76.5 | $ | 12.3 | $ | (4.5 | ) | $ | 84.3 | $ | 73.4 | $ | 13.1 | $ | (1.0 | ) | $ | 85.5 | |||||||
Debt securities
|
44.2 | 4.5 | (0.1 | ) | 48.6 | 38.1 | 2.6 | (0.1 | ) | 40.6 | |||||||||||||||
Other
|
2.4 | - | - | 2.4 | 3.1 | - | - | 3.1 | |||||||||||||||||
Total
|
$ | 123.1 | $ | 16.8 | $ | (4.6 | ) | $ | 135.3 | $ | 114.6 | $ | 15.7 | $ | (1.1 | ) | $ | 129.2 | |||||||
2011
|
2010
|
2009
|
|||||||
(millions)
|
|||||||||
Realized gains
|
$ | 1.0 | $ | 7.3 | $ | 2.8 | |||
Realized losses
|
(0.7 | ) | (0.6 | ) | (8.3 | ) | |||
5.
|
REGULATORY MATTERS
|
Great
|
|||||||||||
December 31, 2011
|
KCP&L
|
GMO
|
Plains Energy
|
||||||||
Regulatory Assets
|
(millions)
|
||||||||||
Taxes recoverable through future rates
|
$ | 119.6 | $ | 24.6 | $ | 144.2 | |||||
Loss on reacquired debt
|
9.1 |
(a)
|
2.7 |
(a)
|
11.8 | ||||||
Cost of removal
|
4.6 | - | 4.6 | ||||||||
Asset retirement obligations
|
31.4 | 13.8 | 45.2 | ||||||||
Pension and post-retirement costs
|
466.4 |
(b)
|
122.0 |
(b)
|
588.4 | ||||||
Deferred customer programs
|
48.2 |
(c)
|
20.6 | 68.8 | |||||||
Rate case expenses
|
9.6 |
(d)
|
3.8 |
(d)
|
13.4 | ||||||
Skill set realignment costs
|
3.4 |
(e)
|
- | 3.4 | |||||||
Fuel adjustment clauses
|
14.0 |
(d)
|
36.4 |
(d)
|
50.4 | ||||||
Acquisition transition costs
|
24.7 |
(f )
|
20.2 |
(f )
|
44.9 | ||||||
Derivative instruments
|
- | 7.6 |
(g)
|
7.6 | |||||||
Iatan No. 1 and Common facilities depreciation and carrying costs
|
16.4 | 6.1 | 22.5 | ||||||||
Iatan No. 2 construction accounting costs
|
27.9 | 15.4 | 43.3 | ||||||||
Kansas property tax surcharge
|
3.7 |
(d)
|
- | 3.7 | |||||||
Other
|
1.7 |
(h)
|
4.3 |
(h)
|
6.0 | ||||||
Total
|
$ | 780.7 | $ | 277.5 | $ | 1,058.2 | |||||
Regulatory Liabilities
|
|||||||||||
Emission allowances
|
$ | 82.0 | $ | 0.2 | $ | 82.2 | |||||
Asset retirement obligations
|
49.3 | - | 49.3 | ||||||||
Pension
|
0.7 | 40.8 | 41.5 | ||||||||
Cost of removal
|
- | 61.9 |
(i)
|
61.9 | |||||||
Other
|
10.8 | 22.8 | 33.6 | ||||||||
Total
|
$ | 142.8 | $ | 125.7 | $ | 268.5 | |||||
(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 unrecognized gains and losses, prior service and transition costs that will be recognized in future net periodic pension and post-retirement costs, 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)
|
$10.4 million not included in rate base and amortized over various periods.
|
(d)
|
Not included in rate base and amortized over various periods.
|
(e)
|
$2.4 million not included in rate base and amortized through 2017.
|
(f)
|
Not included in rate base and amortized through 2016.
|
(g)
|
Represents the fair value of derivative instruments for commodity contracts. Settlements of the contracts are recognized in fuel expense and included in GMO’s FAC.
|
(h)
|
Certain insignificant items are not included in rate base and amortized over various periods.
|
(i)
|
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 | ||||||||
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 | 6.5 | 10.0 | ||||||||
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.
|
GOODWILL AND INTANGIBLE ASSETS
|
December 31, 2011
|
December 31, 2010
|
||||||||||||
Gross Carrying
|
Accumulated
|
Gross Carrying
|
Accumulated
|
||||||||||
Amount
|
Amortization
|
Amount
|
Amortization
|
||||||||||
KCP&L | (millions) | ||||||||||||
Computer software
|
$ | 171.7 | $ | (129.9 | ) | $ | 168.2 | $ | (118.0 | ) | |||
Asset improvements
|
11.7 | (0.6 | ) | 5.8 | - | ||||||||
Great Plains Energy
|
|||||||||||||
Computer software
|
$ | 202.5 | $ | (143.5 | ) | $ | 201.1 | $ | (137.3 | ) | |||
Asset improvements
|
27.0 | (3.7 | ) | 27.9 | (4.4 | ) | |||||||
2011
|
2010
|
|||||
(millions)
|
||||||
Great Plains Energy
|
$ | 13.5 | $ | 13.1 | ||
KCP&L
|
12.6 | 12.2 | ||||
2012
|
2013
|
2014
|
2015
|
2016
|
|||||||||||
(millions)
|
|||||||||||||||
Great Plains Energy
|
$ | 13.9 | $ | 11.2 | $ | 8.1 | $ | 6.0 | $ | 4.7 | |||||
KCP&L
|
11.0 | 8.3 | 5.3 | 3.4 | 2.1 | ||||||||||
7.
|
ASSET RETIREMENT OBLIGATIONS
|
Great Plains Energy
|
KCP&L
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Beginning balance
|
$ | 143.3 | $ | 132.6 | $ | 129.7 | $ | 119.8 | ||||
Additions
|
0.8 | 2.0 | - | 2.0 | ||||||||
Revision in timing and/or estimates
|
(3.8 | ) | - | (3.8 | ) | - | ||||||
Accretion
|
9.3 | 8.7 | 8.4 | 7.9 | ||||||||
Ending balance
|
$ | 149.6 | $ | 143.3 | $ | 134.3 | $ | 129.7 | ||||
8.
|
PENSION PLANS, OTHER EMPLOYEE BENEFITS AND VOLUNTARY SEPARATION PROGRAM
|
Pension Benefits
|
Other Benefits
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
Change in projected benefit obligation (PBO)
|
(millions)
|
|||||||||||
PBO at beginning of year
|
$ | 911.4 | $ | 836.3 | $ | 143.6 | $ | 148.9 | ||||
Service cost
|
31.1 | 30.3 | 3.1 | 3.8 | ||||||||
Interest cost
|
49.6 | 49.3 | 7.8 | 8.8 | ||||||||
Contribution by participants
|
- | - | 6.6 | 5.6 | ||||||||
Amendments
|
- | 0.5 | - | - | ||||||||
Actuarial (gain) loss
|
83.2 | 55.1 | 7.4 | (12.5 | ) | |||||||
Benefits paid
|
(54.7 | ) | (60.1 | ) | (14.3 | ) | (11.0 | ) | ||||
Settlements
|
(40.0 | ) | - | - | - | |||||||
PBO at end of plan year
|
$ | 980.6 | $ | 911.4 | $ | 154.2 | $ | 143.6 | ||||
Change in plan assets
|
||||||||||||
Fair value of plan assets at beginning of year
|
$ | 557.6 | $ | 488.2 | $ | 65.8 | $ | 52.0 | ||||
Actual return on plan assets
|
(3.7 | ) | 62.7 | 2.5 | 0.5 | |||||||
Contributions by employer and participants
|
128.8 | 64.5 | 23.0 | 23.9 | ||||||||
Benefits paid
|
(91.6 | ) | (57.8 | ) | (13.9 | ) | (10.6 | ) | ||||
Fair value of plan assets at end of plan year
|
$ | 591.1 | $ | 557.6 | $ | 77.4 | $ | 65.8 | ||||
Funded status at end of year
|
$ | (389.5 | ) | $ | (353.8 | ) | $ | (76.8 | ) | $ | (77.8 | ) |
Amounts recognized in the consolidated balance sheets
|
||||||||||||
Current pension and other post-retirement liability
|
$ | (3.5 | ) | $ | (3.1 | ) | $ | (0.9 | ) | $ | (1.0 | ) |
Noncurrent pension liability and other post-retirement liability
|
(386.0 | ) | (350.7 | ) | (75.9 | ) | (76.8 | ) | ||||
Net amount recognized before regulatory treatment
|
(389.5 | ) | (353.8 | ) | (76.8 | ) | (77.8 | ) | ||||
Accumulated OCI or regulatory asset/liability
|
491.8 | 403.2 | 52.5 | 54.8 | ||||||||
Net amount recognized at December 31
|
$ | 102.3 | $ | 49.4 | $ | (24.3 | ) | $ | (23.0 | ) | ||
Amounts in accumulated OCI or regulatory asset/liability
|
||||||||||||
not yet recognized as a component of net periodic benefit cost:
|
||||||||||||
Actuarial loss
|
$ | 295.6 | $ | 219.5 | $ | 15.7 | $ | 8.5 | ||||
Prior service cost
|
10.7 | 15.3 | 36.9 | 44.1 | ||||||||
Transition obligation
|
- | - | 1.7 | 3.0 | ||||||||
Other
|
185.5 | 168.4 | (1.8 | ) | (0.8 | ) | ||||||
Net amount recognized at December 31
|
$ | 491.8 | $ | 403.2 | $ | 52.5 | $ | 54.8 | ||||
Pension Benefits
|
Other Benefits
|
|||||||||||||||||
2011
|
2010
|
2009
|
2011
|
2010
|
2009
|
|||||||||||||
Components of net periodic benefit costs
|
(millions)
|
|||||||||||||||||
Service cost
|
$ | 31.1 | $ | 30.3 | $ | 29.1 | $ | 3.1 | $ | 3.8 | $ | 4.1 | ||||||
Interest cost
|
49.6 | 49.3 | 47.3 | 7.8 | 8.8 | 8.3 | ||||||||||||
Expected return on plan assets
|
(38.0 | ) | (36.6 | ) | (32.4 | ) | (1.8 | ) | (2.1 | ) | (1.6 | ) | ||||||
Prior service cost
|
4.6 | 4.6 | 4.2 | 7.2 | 7.2 | 6.9 | ||||||||||||
Recognized net actuarial (gain) loss
|
38.7 | 37.4 | 36.3 | (0.5 | ) | (0.1 | ) | (0.4 | ) | |||||||||
Transition obligation
|
- | 0.1 | 0.1 | 1.3 | 1.3 | 1.3 | ||||||||||||
Settlement charges
|
10.1 | - | 0.1 | - | - | - | ||||||||||||
Net periodic benefit costs before
|
||||||||||||||||||
regulatory adjustment
|
96.1 | 85.1 | 84.7 | 17.1 | 18.9 | 18.6 | ||||||||||||
Regulatory adjustment
|
(27.9 | ) | (32.3 | ) | (28.4 | ) | 1.1 | - | (0.3 | ) | ||||||||
Net periodic benefit costs
|
68.2 | 52.8 | 56.3 | 18.2 | 18.9 | 18.3 | ||||||||||||
Other changes in plan assets and benefit
|
||||||||||||||||||
obligations recognized in OCI or
|
||||||||||||||||||
regulatory assets/liabilities
|
||||||||||||||||||
Current year net (gain) loss
|
114.8 | 29.1 | (9.2 | ) | 6.7 | (10.9 | ) | (0.2 | ) | |||||||||
Amortization of gain (loss)
|
(38.7 | ) | (37.4 | ) | (36.3 | ) | 0.5 | 0.1 | 0.4 | |||||||||
Prior service cost
|
- | 0.5 | 5.7 | - | - | 24.8 | ||||||||||||
Amortization of prior service cost
|
(4.6 | ) | (4.6 | ) | (4.2 | ) | (7.2 | ) | (7.2 | ) | (6.9 | ) | ||||||
Transition obligation
|
- | - | - | - | - | 1.2 | ||||||||||||
Amortization of transition obligation
|
- | (0.1 | ) | (0.1 | ) | (1.3 | ) | (1.3 | ) | (1.3 | ) | |||||||
Other regulatory activity
|
17.1 | 29.5 | 10.1 | (1.0 | ) | 0.1 | (3.1 | ) | ||||||||||
Total recognized in OCI or regulatory asset/liability
|
88.6 | 17.0 | (34.0 | ) | (2.3 | ) | (19.2 | ) | 14.9 | |||||||||
Total recognized in net periodic benefit costs
|
||||||||||||||||||
and OCI or regulatory asset/liability
|
$ | 156.8 | $ | 69.8 | $ | 22.3 | $ | 15.9 | $ | (0.3 | ) | $ | 33.2 | |||||
2011
|
2010
|
|||||
Pension plans with the ABO in excess of plan assets
|
(millions)
|
|||||
Projected benefit obligation
|
$ | 980.6 | $ | 911.4 | ||
Accumulated benefit obligation
|
852.6 | 808.8 | ||||
Fair value of plan assets
|
591.1 | 557.6 | ||||
Pension plans with plan assets in excess of the ABO
|
||||||
Projected benefit obligation
|
$ | - | $ | - | ||
Accumulated benefit obligation
|
- | - | ||||
Fair value of plan assets
|
- | - | ||||
Weighted-average assumptions used to determine
|
Pension Benefits
|
Other Benefits
|
||||||||||
the benefit obligation at plan year-end
|
2011
|
2010
|
2011
|
2010
|
||||||||
Discount rate
|
5.01 | % | 5.54 | % | 5.03 | % | 5.50 | % | ||||
Rate of compensation increase
|
4.08 | % | 4.08 | % | 4.07 | % | 4.06 | % | ||||
Weighted-average assumptions used to determine
|
Pension Benefits
|
Other Benefits
|
||||||||||
net costs for years ended December 31
|
2011 | 2010 | 2011 | 2010 | ||||||||
Discount rate
|
5.54 | % | 5.92 | % | 5.50 | % | 5.87 | % | ||||
Expected long-term return on plan assets
|
7.29 | % | 8.00 | % | 2.83 | % * | 4.25 | % * | ||||
Rate of compensation increase
|
4.08 | % | 4.26 | % | 4.06 | % | 4.25 | % | ||||
* after tax
|
Pension
|
Other
|
|||||
Benefits
|
Benefits
|
|||||
(millions)
|
||||||
2012
|
$ | 76.6 | $ | 8.6 | ||
2013
|
65.5 | 8.1 | ||||
2014
|
67.3 | 8.3 | ||||
2015
|
66.5 | 8.2 | ||||
2016
|
70.1 | 8.4 | ||||
2017-2021
|
381.0 | 46.3 | ||||
Fair Value Measurements Using
|
|||||||||||||
Description
|
December 31 2011
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||
(millions)
|
|||||||||||||
Pension Plans
|
|||||||||||||
Equity securities
|
|||||||||||||
U.S.(a)
|
$ | 156.3 | $ | 94.6 | $ | 61.7 | $ | - | |||||
International(b)
|
117.0 | 40.9 | 76.1 | - | |||||||||
Real estate(c)
|
34.7 | - | - | 34.7 | |||||||||
Commodities(d)
|
34.6 | - | 34.6 | - | |||||||||
Fixed income securities
|
|||||||||||||
Fixed income funds(e)
|
166.5 | 34.2 | 132.3 | - | |||||||||
U.S. Treasury
|
4.9 | 4.9 | - | - | |||||||||
U.S. Agency, state and local obligations
|
17.7 | - | 17.7 | - | |||||||||
U.S. corporate bonds(f)
|
26.6 | - | 26.6 | - | |||||||||
Foreign corporate bonds
|
2.6 | - | 2.6 | - | |||||||||
Hedge funds(g)
|
21.7 | - | - | 21.7 | |||||||||
Total
|
$ | 582.6 | $ | 174.6 | $ | 351.6 | $ | 56.4 | |||||
Cash equivalents - money market funds
|
8.5 | ||||||||||||
Total Pension Plans
|
$ | 591.1 | |||||||||||
Fair Value Measurements Using
|
||||||||||||||
Description
|
December 31 2010
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||
(millions)
|
||||||||||||||
Pension Plans
|
||||||||||||||
Equity securities
|
||||||||||||||
U.S.(a)
|
$ | 158.5 | $ | 90.5 | $ | 68.0 | $ | - | ||||||
International(b)
|
122.4 | 39.4 | 83.0 | - | ||||||||||
Limited partnerships
|
0.1 | - | - | 0.1 | ||||||||||
Real estate(c)
|
30.3 | - | - | 30.3 | ||||||||||
Commodities(d)
|
37.0 | - | 37.0 | - | ||||||||||
Fixed income securities
|
||||||||||||||
Fixed income funds(e)
|
148.7 | 23.0 | 125.7 | - | ||||||||||
U.S. Treasury
|
1.8 | 1.8 | - | - | ||||||||||
U.S. Agency, state and local obligations
|
14.8 | - | 14.8 | - | ||||||||||
U.S. corporate bonds(f)
|
24.2 | 24.2 | - | |||||||||||
Foreign corporate bonds
|
1.5 | - | 1.5 | - | ||||||||||
Hedge funds(g)
|
8.4 | - | - | 8.4 | ||||||||||
Total
|
$ | 547.7 | $ | 154.7 | $ | 354.2 | $ | 38.8 | ||||||
Cash equivalents - money market funds
|
9.9 | |||||||||||||
Total Pension Plans
|
$ | 557.6 | ||||||||||||
(a)
|
At December 31, 2011 and 2010, this category is comprised of $94.6 million and $90.5 million, respectively, of traded mutual funds valued at daily listed prices and $61.7 million and $68.0 million, respectively,
|
|||||||||||||
of institutional common/collective trust funds valued at daily Net Asset Values (NAV) per share.
|
||||||||||||||
(b)
|
At December 31, 2011 and 2010, this category is comprised of $40.9 million and $39.4 million, respectively, of traded mutual funds valued at daily listed prices and $76.1 million and $83.0 million, respectively,
|
|||||||||||||
of institutional common/collective trust funds valued at daily NAV per share.
|
||||||||||||||
(c)
|
This category is comprised of institutional common/collective trust funds and a limited partnership valued at NAV on a quarterly basis.
|
|||||||||||||
(d)
|
This category is comprised of institutional common/collective trust funds valued at daily NAV per share.
|
|||||||||||||
(e)
|
At December 31, 2011 and 2010, this category is comprised of $34.2 million and $23.0 million, respectively, of traded mutual funds valued at daily listed prices and $132.3 million and $125.7 million, respectively,
of institutional common/collective trust funds valued at daily NAV per share.
|
|||||||||||||
(f)
|
At December 31, 2011 and 2010, this category is comprised of $18.1 million and $13.9 million, respectively, of corporate bonds, $6.1 million and $8.0 million, respectively, of collateralized mortgage obligations
|
|||||||||||||
and $2.4 million and $2.3 million, respectively, of other asset-backed securities.
|
||||||||||||||
(g)
|
This category is comprised of closely-held limited partnerships valued at NAV on a quarterly basis.
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||
Real
|
Hedge
|
Limited
|
||||||||||
Description
|
Estate
|
Funds
|
Partnerships
|
Total
|
||||||||
(millions)
|
||||||||||||
Balance January 1, 2011
|
$ | 30.3 | $ | 8.4 | $ | 0.1 | $ | 38.8 | ||||
Actual return on plan assets
|
||||||||||||
Relating to assets still held
|
3.9 | (1.3 | ) | (0.1 | ) | 2.5 | ||||||
Relating to assets sold
|
- | - | - | - | ||||||||
Purchase, sales, and settlements
|
0.5 | 14.6 | - | 15.1 | ||||||||
Transfers in and/or out of Level 3
|
- | - | - | - | ||||||||
Balance December 31, 2011
|
$ | 34.7 | $ | 21.7 | $ | - | $ | 56.4 | ||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||
Real
|
Hedge
|
Limited
|
||||||||||
Description
|
Estate
|
Funds
|
Partnerships
|
Total
|
||||||||
(millions)
|
||||||||||||
Balance January 1, 2010
|
$ | 26.8 | $ | 2.4 | $ | 0.1 | $ | 29.3 | ||||
Actual return on plan assets
|
||||||||||||
Relating to assets still held
|
2.5 | (0.2 | ) | - | 2.3 | |||||||
Relating to assets sold
|
- | (0.7 | ) | - | (0.7 | ) | ||||||
Purchase, sales, and settlements
|
1.0 | 6.9 | - | 7.9 | ||||||||
Transfers in and/or out of Level 3
|
- | - | - | - | ||||||||
Balance December 31, 2010
|
$ | 30.3 | $ | 8.4 | $ | 0.1 | $ | 38.8 | ||||
Fair Value Measurements Using
|
|||||||||||||
Description
|
December 31 2011
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||
(millions)
|
|||||||||||||
Other Post-Retirement Benefit Plans
|
|||||||||||||
Equity securities
|
$ | 1.4 | $ | 1.4 | $ | - | $ | - | |||||
Fixed income
|
|||||||||||||
U.S. Treasury
|
14.3 | 14.3 | - | - | |||||||||
U.S. Agency, state and local obligations
|
27.2 | - | 27.2 | - | |||||||||
U.S. corporate bonds (a)
|
14.8 | - | 14.8 | - | |||||||||
Foreign corporate bonds
|
1.5 | - | 1.5 | - | |||||||||
Mutual funds
|
0.2 | 0.2 | - | - | |||||||||
Total
|
$ | 59.4 | $ | 15.9 | $ | 43.5 | $ | - | |||||
Cash and cash equivalents - money market funds
|
18.0 | ||||||||||||
Total Other Post-Retirement Benefit Plans
|
$ | 77.4 | |||||||||||
(a)
|
This category is comprised of $12.7 million of corporate bonds, $0.6 million of collateralized mortgage obligations and $1.5 million
|
||||||||||||
of other asset-backed securities.
|
Fair Value Measurements Using
|
|||||||||||||
Description
|
December 31 2010
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||
(millions)
|
|||||||||||||
Other Post-Retirement Benefit Plans
|
|||||||||||||
Fixed income
|
|||||||||||||
U.S. Treasury
|
$ | 12.1 | $ | 12.1 | $ | - | $ | - | |||||
U.S. Agency, state and local obligations
|
22.2 | - | 22.2 | - | |||||||||
U.S. corporate bonds (a)
|
11.4 | - | 11.4 | - | |||||||||
Foreign corporate bonds
|
1.0 | 1.0 | |||||||||||
Mutual funds
|
0.1 | 0.1 | - | - | |||||||||
Total
|
$ | 46.8 | $ | 12.2 | $ | 34.6 | $ | - | |||||
Cash and cash equivalents - money market funds
|
19.0 | ||||||||||||
Total Other Post-Retirement Benefit Plans
|
$ | 65.8 | |||||||||||
(a)
|
This category is comprised of $9.2 million of corporate bonds, $0.9 million of collateralized mortgage obligations and $1.3 million
|
||||||||||||
of other asset-backed securities.
|
Increase
|
Decrease
|
|||||
(millions)
|
||||||
Effect on total service and interest component
|
$ | 0.5 | $ | (0.4 | ) | |
Effect on post-retirement benefit obligation
|
4.0 | (3.5 | ) | |||
9.
|
EQUITY COMPENSATION
|
2011
|
2010
|
2009
|
|||||||
Great Plains Energy
|
(millions)
|
||||||||
Compensation expense
|
$ | 5.2 | $ | 4.3 | $ | 6.3 | |||
Income tax benefits
|
1.9 | 1.0 | 1.6 | ||||||
KCP&L
|
|||||||||
Compensation expense
|
3.5 | 3.0 | 4.3 | ||||||
Income tax benefits
|
1.3 | 0.5 | 0.8 | ||||||
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
|
Grant Date
|
|||||
Restricted 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
|
Exercise
|
||||||
Stock Options
|
Shares
|
Price*
|
||||
Beginning balance
|
198,781 | $ | 32.51 | |||
Forfeited or expired
|
(189,428 | ) | 32.83 | |||
Outstanding and exercisable at December 31, 2011
|
9,353 | 25.91 | ||||
* weighted-average
|
Share
|
Grant Date
|
|||||
Units
|
Fair Value*
|
|||||
Beginning balance
|
39,063 | $ | 20.04 | |||
Issued
|
15,168 | 20.57 | ||||
Ending balance
|
54,231 | 20.19 | ||||
* weighted-average
|
10.
|
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT
|
11.
|
LONG-TERM DEBT
|
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
|
- | 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
|
(12.7 | ) | (150.3 | ) | |||||
Unamortized discount
|
(4.2 | ) | (2.0 | ) | |||||
Total KCP&L excluding current maturities
|
1,901.9 | 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 | ||||||
0.164% Wamego Series 1996(e)
|
2026 | 7.3 | 7.3 | ||||||
0.353% 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
|
16.3 | 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
|
$ | 2,742.3 | $ | 2,942.7 | |||||
(a) Weighted-average interest rates at December 31, 2011
|
|||||||||
(b) December 31, 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) December 31, 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
|
2011
|
2010
|
2009
|
|||||||
(millions) | |||||||||
KCP&L
|
$ | 3.6 | $ | 2.8 | $ | 2.0 | |||
Other Great Plains Energy
|
4.5 | 3.6 | 2.4 | ||||||
Total Great Plains Energy
|
$ | 8.1 | $ | 6.4 | $ | 4.4 | |||
Applicable
|
Settlement rate
|
Market value
|
||
market value
|
(in common shares)
|
per Equity Unit (a)
|
||
$16.80 or greater
|
2.9762 to 1
|
Greater than $50 per Equity Unit
|
||
$16.80 to $14.00
|
$50 divided by the applicable
|
Equal to $50 per Equity Unit
|
||
market value to 1
|
||||
$14.00 or less
|
3.5714 to 1
|
Less than $50 per Equity Unit
|
||
(a)
|
Assumes that the market price of the Company's common stock on June 15, 2012,
|
|||
is the same as the applicable market value.
|
||||
2012
|
2013
|
2014
|
2015
|
2016
|
|||||||||||
(millions) | |||||||||||||||
Great Plains Energy $ | 801.4 | $ | 263.1 | $ | 1.5 | $ | 15.5 | $ | 1.6 | ||||||
KCP&L
|
12.7 | 0.4 | 0.4 | 14.4 | 0.4 | ||||||||||
12.
|
COMMON SHAREHOLDERS’ EQUITY
|
13.
|
PREFERRED STOCK
|
14.
|
COMMITMENTS AND CONTINGENCIES
|
·
|
KCP&L’s La Cygne No. 1 scrubber and baghouse installed by June 2015;
|
·
|
KCP&L’s La Cygne No. 2 full air quality control system (AQCS) installed by June 2015;
|
·
|
KCP&L’s Montrose No. 3 full AQCS installed by approximately 2017; and
|
·
|
GMO’s Sibley No. 3 scrubber and baghouse installed by approximately 2017.
|
2011
|
2010
|
2009
|
|||||||
(millions)
|
|||||||||
Great Plains Energy
|
$ | 20.9 | $ | 17.2 | $ | 23.4 | |||
KCP&L
|
17.0 | 13.2 | 19.3 | ||||||
Great Plains Energy
|
|||||||||||||||||||||
2012
|
2013
|
2014
|
2015
|
2016
|
After 2016
|
Total
|
|||||||||||||||
Lease commitments
|
(millions)
|
||||||||||||||||||||
Operating lease
|
$ | 19.7 | $ | 16.3 | $ | 14.8 | $ | 13.6 | $ | 9.8 | $ | 119.2 | $ | 193.4 | |||||||
Capital lease
|
0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 4.7 | 6.7 | ||||||||||||||
Purchase commitments
|
|||||||||||||||||||||
Fuel
|
397.4 | 360.5 | 202.0 | 103.9 | 83.2 | 94.1 | 1,241.1 | ||||||||||||||
Power
|
8.5 | 29.2 | 34.8 | 34.8 | 34.8 | 686.3 | 828.4 | ||||||||||||||
Capacity
|
13.4 | 12.4 | 4.5 | 4.2 | 2.4 | - | 36.9 | ||||||||||||||
La Cygne environmental project
|
376.6 | 300.2 | 125.4 | 5.5 | - | - | 807.7 | ||||||||||||||
Non-regulated natural gas
|
|||||||||||||||||||||
transportation
|
2.8 | 3.6 | 3.6 | 3.6 | 3.6 | 0.9 | 18.1 | ||||||||||||||
Other
|
54.4 | 101.7 | 21.0 | 25.4 | 3.7 | 49.8 | 256.0 | ||||||||||||||
Total contractual commitments
|
$ | 873.2 | $ | 824.3 | $ | 406.5 | $ | 191.4 | $ | 137.9 | $ | 955.0 | $ | 3,388.3 | |||||||
KCP&L
|
|||||||||||||||||||||
2012
|
2013
|
2014
|
2015
|
2016
|
After 2016
|
Total
|
|||||||||||||||
Lease commitments
|
(millions)
|
||||||||||||||||||||
Operating lease
|
$ | 16.0 | $ | 14.0 | $ | 13.0 | $ | 12.2 | $ | 9.7 | $ | 119.2 | $ | 184.1 | |||||||
Capital lease
|
0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 2.6 | 3.6 | ||||||||||||||
Purchase commitments
|
|||||||||||||||||||||
Fuel
|
336.0 | 298.8 | 169.1 | 91.5 | 79.1 | 94.1 | 1,068.6 | ||||||||||||||
Power
|
8.5 | 29.2 | 34.8 | 34.8 | 34.8 | 499.1 | 641.2 | ||||||||||||||
Capacity
|
4.7 | 3.7 | 2.9 | 3.0 | 1.2 | - | 15.5 | ||||||||||||||
La Cygne environmental project
|
376.6 | 300.2 | 125.4 | 5.5 | - | - | 807.7 | ||||||||||||||
Other
|
40.3 | 100.9 | 20.2 | 24.6 | 2.9 | 39.5 | 228.4 | ||||||||||||||
Total contractual commitments
|
$ | 782.3 | $ | 747.0 | $ | 365.6 | $ | 171.8 | $ | 127.9 | $ | 754.5 | $ | 2,949.1 | |||||||
15.
|
LEGAL PROCEEDINGS
|
16.
|
GUARANTEES
|
·
|
Great Plains Energy direct guarantees to GMO counterparties totaling $40.7 million, which expire in 2012,
|
·
|
Great Plains Energy letters of credit to GMO counterparties totaling $11.6 million, which expire in 2012, and
|
·
|
Great Plains Energy guarantee of GMO long-term debt totaling $613.7 million, which includes debt with maturity dates ranging from 2012-2023.
|
17.
|
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS
|
December 31
|
||||||
2011
|
2010
|
|||||
(millions)
|
||||||
Net receivable from GMO
|
$ | 24.1 | $ | 29.9 | ||
Net receivable from Great Plains Energy
|
9.5 | 13.3 | ||||
18.
|
DERIVATIVE INSTRUMENTS
|
December 31
|
December 31
|
||||||||||||
2011
|
2010
|
||||||||||||
Notional
|
Notional
|
||||||||||||
Contract
|
Fair
|
Contract
|
Fair
|
||||||||||
Amount
|
Value
|
Amount
|
Value
|
||||||||||
Great Plains Energy
|
(millions)
|
||||||||||||
Futures contracts
|
|||||||||||||
Cash flow hedges
|
$ | 2.0 | $ | (0.5 | ) | $ | 4.0 | $ | - | ||||
Non-hedging derivatives
|
23.6 | (5.0 | ) | 59.5 | (2.5 | ) | |||||||
Forward contracts
|
|||||||||||||
Non-hedging derivatives
|
97.3 | 7.8 | 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
|
2.0 | (0.5 | ) | 4.0 | - | ||||||||
Great Plains Energy
|
|||||||
Balance Sheet |
Asset Derivatives
|
Liability Derivatives
|
|||||
December 31, 2011
|
Classification
|
Fair Value
|
Fair Value
|
||||
Derivatives Designated as Hedging Instruments
|
(millions)
|
||||||
Commodity contracts
|
Derivative instruments
|
$ | - | $ | 0.5 | ||
Derivatives Not Designated as Hedging Instruments
|
|||||||
Commodity contracts
|
Derivative instruments
|
7.8 | 5.0 | ||||
Total Derivatives
|
$ | 7.8 | $ | 5.5 | |||
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
|
|||||
December 31, 2011
|
Classification
|
Fair Value
|
Fair Value
|
||||
Derivatives Designated as Hedging Instruments
|
(millions)
|
||||||
Commodity contracts
|
Derivative instruments
|
$ | - | $ | 0.5 | ||
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
|
|||||
2011
|
(millions) | (millions) | |||||
Interest rate contracts
|
$ |
(5.3
|
) |
Interest charges
|
$ |
(16.9
|
) |
Commodity contracts
|
(0.6
|
) |
Fuel
|
(0.1
|
) | ||
Income tax benefit
|
2.3
|
Income tax benefit
|
6.6
|
||||
Total
|
$ |
(3.6
|
) |
Total
|
$ |
(10.4
|
) |
2010
|
|||||||
Interest rate contracts
|
$ |
(27.1
|
) |
Interest charges
|
$ |
(10.1
|
) |
Commodity contracts
|
(0.9
|
) |
Fuel
|
(0.5
|
) | ||
Income tax benefit
|
10.8
|
Income tax benefit
|
4.0
|
||||
Total
|
$ |
(17.2
|
) |
Total
|
$ |
(6.6
|
) |
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
|
|||||
2011
|
(millions) | (millions) | |||||
Interest rate contracts
|
$ |
-
|
Interest charges
|
$ |
(8.7
|
) | |
Commodity contracts
|
(0.6
|
) |
Fuel
|
(0.1
|
) | ||
Income tax benefit
|
0.2
|
Income tax benefit
|
3.4
|
||||
Total
|
$ |
(0.4
|
) |
Total
|
$ |
(5.4
|
) |
2010
|
|||||||
Interest rate contracts
|
$ |
-
|
Interest charges
|
$ |
(8.8
|
) | |
Commodity contracts
|
(0.9
|
) |
Fuel
|
(0.5
|
) | ||
Income tax benefit
|
0.3
|
Income tax benefit
|
3.6
|
||||
Total
|
$ |
(0.6
|
) |
Total
|
$ |
(5.7
|
) |
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
|
|||||
(millions)
|
(millions)
|
||||||
2011
|
|||||||
Commodity contracts
|
$ | (8.3 | ) |
Fuel
|
$ | (3.8 | ) |
Total
|
$ | (8.3 | ) |
Total
|
$ | (3.8 | ) |
2010
|
|||||||
Commodity contracts
|
$ | (8.2 | ) |
Fuel
|
$ | (7.2 | ) |
Total
|
$ | (8.2 | ) |
Total
|
$ | (7.2 | ) |
Great Plains Energy
|
KCP&L
|
|||||||||||
December 31
|
December 31
|
|||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
(millions)
|
||||||||||||
Current assets
|
$ | 11.3 | $ | 12.0 | $ | 11.3 | $ | 12.0 | ||||
Current liabilities
|
(89.5 | ) | (101.5 | ) | (62.5 | ) | (71.6 | ) | ||||
Noncurrent liabilities
|
(0.2 | ) | - | (0.2 | ) | - | ||||||
Deferred income taxes
|
30.5 | 34.8 | 20.0 | 23.2 | ||||||||
Total
|
$ | (47.9 | ) | $ | (54.7 | ) | $ | (31.4 | ) | $ | (36.4 | ) |
19.
|
FAIR VALUE MEASUREMENTS
|
Fair Value Measurements Using
|
|||||||||||||||
Description
|
December 31
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
|
|||||||||||||||
Nuclear decommissioning trust (b)
|
|||||||||||||||
Equity securities
|
$ | 84.3 | $ | - | $ | 84.3 | $ | - | $ | - | |||||
Debt securities
|
|||||||||||||||
U.S. Treasury
|
15.3 | - | 15.3 | - | - | ||||||||||
U.S. Agency
|
3.6 | - | - | 3.6 | - | ||||||||||
State and local obligations
|
2.6 | - | - | 2.6 | - | ||||||||||
Corporate bonds
|
26.4 | - | - | 26.4 | - | ||||||||||
Foreign governments
|
0.7 | - | - | 0.7 | - | ||||||||||
Other
|
(0.6 | ) | - | - | (0.6 | ) | - | ||||||||
Total nuclear decommissioning trust
|
132.3 | - | 99.6 | 32.7 | - | ||||||||||
Total
|
132.3 | - | 99.6 | 32.7 | - | ||||||||||
Liabilities
|
|||||||||||||||
Derivative instruments (a)
|
- | (0.5 | ) | 0.5 | - | - | |||||||||
Total
|
$ | - | $ | (0.5 | ) | $ | 0.5 | $ | - | $ | - | ||||
Other Great Plains Energy
|
|||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments (a)
|
$ | 7.8 | $ | - | $ | - | $ | 4.7 | $ | 3.1 | |||||
SERP rabbi trust (c)
|
|||||||||||||||
Equity securities
|
0.2 | - | 0.2 | - | - | ||||||||||
Debt securities
|
0.1 | - | - | 0.1 | - | ||||||||||
Total SERP rabbi trust
|
0.3 | - | 0.2 | 0.1 | - | ||||||||||
Total
|
8.1 | - | 0.2 | 4.8 | 3.1 | ||||||||||
Liabilities
|
|||||||||||||||
Derivative instruments (a)
|
- | (5.0 | ) | 5.0 | - | - | |||||||||
Total
|
$ | - | $ | (5.0 | ) | $ | 5.0 | $ | - | $ | - | ||||
Great Plains Energy
|
|||||||||||||||
Assets
|
|||||||||||||||
Derivative instruments (a)
|
$ | 7.8 | $ | - | $ | - | $ | 4.7 | $ | 3.1 | |||||
Nuclear decommissioning trust (b)
|
132.3 | - | 99.6 | 32.7 | - | ||||||||||
SERP rabbi trust (c)
|
0.3 | - | 0.2 | 0.1 | - | ||||||||||
Total
|
140.4 | - | 99.8 | 37.5 | 3.1 | ||||||||||
Liabilities
|
|||||||||||||||
Derivative instruments (a)
|
- | (5.5 | ) | 5.5 | - | - | |||||||||
Total
|
$ | - | $ | (5.5 | ) | $ | 5.5 | $ | - | $ | - | ||||
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 $3.0 million and $2.7 million at December 31, 2011 and 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 $20.3 million and $14.6 million at December 31, 2011 and 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 December 31, 2011 and 2010, Great Plains Energy netted $5.5 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 January 1, 2011
|
$ | 3.7 | |
Total realized/unrealized gains
|
|||
included in non-operating income
|
10.9 | ||
Settlements
|
(11.5 | ) | |
Balance December 31, 2011
|
$ | 3.1 | |
Total unrealized losses included in non-operating
|
|||
income relating to assets and liabilities still on the
|
|||
consolidated balance sheet at December 31, 2011
|
$ | (0.2 | ) |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|||||||||
Other
|
|||||||||
Great
|
Great
|
||||||||
Plains
|
Plains
|
||||||||
KCP&L
|
Energy
|
Energy
|
|||||||
State & Local
|
Derivative
|
||||||||
Obligations
|
Instruments
|
Total
|
|||||||
(millions)
|
|||||||||
Balance January 1, 2010
|
$ | 0.2 | $ | 4.1 | $ | 4.3 | |||
Total realized/unrealized losses
|
|||||||||
included in non-operating income
|
- | (12.5 | ) | (12.5 | ) | ||||
Sales
|
(0.2 | ) | - | (0.2 | ) | ||||
Settlements
|
- | 12.1 | 12.1 | ||||||
Balance December 31, 2010
|
$ | - | $ | 3.7 | $ | 3.7 | |||
Total unrealized gains included in non-operating
|
|||||||||
income relating to assets and liabilities still
|
|||||||||
on the consolidated balance sheet at December 31, 2010
|
$ | - | $ | 0.1 | $ | 0.1 | |||
20.
|
TAXES
|
Great Plains Energy
|
2011
|
2010
|
2009
|
||||||
Current income taxes
|
(millions)
|
||||||||
Federal
|
$ | 2.9 | $ | (7.4 | ) | $ | (11.1 | ) | |
State
|
(6.0 | ) | (4.3 | ) | (0.9 | ) | |||
Foreign
|
(0.4 | ) | 0.1 | 1.3 | |||||
Total
|
(3.5 | ) | (11.6 | ) | (10.7 | ) | |||
Deferred income taxes
|
|||||||||
Federal
|
90.5 | 99.8 | (13.6 | ) | |||||
State
|
20.7 | 24.0 | 10.0 | ||||||
Total
|
111.2 | 123.8 | (3.6 | ) | |||||
Noncurrent income taxes
|
|||||||||
Federal
|
(18.0 | ) | (4.8 | ) | 8.3 | ||||
State
|
(2.1 | ) | (1.8 | ) | 1.1 | ||||
Foreign
|
(0.6 | ) | 0.5 | (1.5 | ) | ||||
Total
|
(20.7 | ) | (6.1 | ) | 7.9 | ||||
Investment tax credit
|
|||||||||
Deferral
|
- | (4.2 | ) | 37.2 | |||||
Amortization
|
(2.2 | ) | (2.9 | ) | (2.2 | ) | |||
Total
|
(2.2 | ) | (7.1 | ) | 35.0 | ||||
Total income tax expense
|
84.8 | 99.0 | 28.6 | ||||||
Less: taxes on discontinued operations
|
|||||||||
Current tax benefit
|
- | - | (1.1 | ) | |||||
Deferred tax expense
|
- | - | 0.2 | ||||||
Income tax expense on continuing operations
|
$ | 84.8 | $ | 99.0 | $ | 29.5 | |||
KCP&L
|
2011
|
2010
|
2009
|
||||||
Current income taxes
|
(millions)
|
||||||||
Federal
|
$ | 1.0 | $ | 5.5 | $ | 41.2 | |||
State
|
(0.6 | ) | 1.1 | 4.8 | |||||
Total
|
0.4 | 6.6 | 46.0 | ||||||
Deferred income taxes
|
|||||||||
Federal
|
66.0 | 69.8 | (41.7 | ) | |||||
State
|
14.6 | 13.4 | 3.5 | ||||||
Total
|
80.6 | 83.2 | (38.2 | ) | |||||
Noncurrent income taxes
|
|||||||||
Federal
|
(9.3 | ) | (1.6 | ) | 3.4 | ||||
State
|
(1.1 | ) | (0.3 | ) | (0.1 | ) | |||
Total
|
(10.4 | ) | (1.9 | ) | 3.3 | ||||
Investment tax credit
|
|||||||||
Deferral
|
- | (4.2 | ) | 37.2 | |||||
Amortization
|
(1.5 | ) | (2.1 | ) | (1.4 | ) | |||
Total
|
(1.5 | ) | (6.3 | ) | 35.8 | ||||
Total
|
$ | 69.1 | $ | 81.6 | $ | 46.9 | |||
Income Tax Expense | Income Tax Rate | |||||||||||||||||
Great Plains Energy
|
2011
|
2010
|
2009
|
2011 | 2010 | 2009 | ||||||||||||
(millions)
|
||||||||||||||||||
Federal statutory income tax
|
$ | 90.7 | $ | 108.7 | $ | 63.4 | 35.0 | % | 35.0 | % | 35.0 | % | ||||||
Differences between book and tax
|
||||||||||||||||||
depreciation not normalized
|
4.0 | (5.2 | ) | (9.9 | ) | 1.5 | (1.7 | ) | (5.5 | ) | ||||||||
Amortization of investment tax credits
|
(2.2 | ) | (2.9 | ) | (2.2 | ) | (0.8 | ) | (0.9 | ) | (1.2 | ) | ||||||
Federal income tax credits
|
(13.1 | ) | (12.5 | ) | (8.0 | ) | (5.0 | ) | (4.1 | ) | (4.4 | ) | ||||||
State income taxes
|
10.5 | 11.4 | 7.9 | 4.0 | 3.7 | 4.4 | ||||||||||||
Medicare Part D subsidy legislation
|
- | 2.8 | - | - | 0.9 | - | ||||||||||||
Changes in uncertain tax positions, net
|
(4.4 | ) | 0.3 | (72.1 | ) | (1.7 | ) | 0.1 | (39.8 | ) | ||||||||
Valuation allowance
|
(2.2 | ) | (2.7 | ) | 55.8 | (0.8 | ) | (0.9 | ) | 30.8 | ||||||||
Other
|
1.5 | (0.9 | ) | (5.4 | ) | 0.5 | (0.3 | ) | (3.0 | ) | ||||||||
Total
|
$ | 84.8 | $ | 99.0 | $ | 29.5 | 32.7 | % | 31.8 | % | 16.3 | % | ||||||
Income Tax Expense
|
Income Tax Rate
|
|||||||||||||||||
KCP&L
|
2011
|
2010
|
2009
|
2011
|
2010
|
2009
|
||||||||||||
(millions)
|
||||||||||||||||||
Federal statutory income tax
|
$ | 71.6 | $ | 85.7 | $ | 61.5 | 35.0 | % | 35.0 | % | 35.0 | % | ||||||
Differences between book and tax
|
||||||||||||||||||
depreciation not normalized
|
3.4 | (4.5 | ) | (7.7 | ) | 1.6 | (1.8 | ) | (4.4 | ) | ||||||||
Amortization of investment tax credits
|
(1.5 | ) | (2.1 | ) | (1.4 | ) | (0.7 | ) | (0.9 | ) | (0.8 | ) | ||||||
Federal income tax credits
|
(13.0 | ) | (8.5 | ) | (7.8 | ) | (6.3 | ) | (3.5 | ) | (4.4 | ) | ||||||
State income taxes
|
8.1 | 8.9 | 5.8 | 3.9 | 3.6 | 3.3 | ||||||||||||
Medicare Part D subsidy legislation
|
- | 2.8 | - | - | 1.1 | - | ||||||||||||
Changes in uncertain tax positions, net
|
0.3 | - | (0.5 | ) | 0.1 | - | (0.3 | ) | ||||||||||
Other
|
0.2 | (0.7 | ) | (3.0 | ) | 0.2 | (0.2 | ) | (1.7 | ) | ||||||||
Total
|
$ | 69.1 | $ | 81.6 | $ | 46.9 | 33.8 | % | 33.3 | % | 26.7 | % | ||||||
Great Plains Energy
|
KCP&L
|
|||||||||||
December 31
|
2011
|
2010
|
2011
|
2010
|
||||||||
Current deferred income tax asset (liability)
|
(millions)
|
|||||||||||
Other
|
$ | 7.9 | $ | 14.7 | $ | (0.1 | ) | $ | 5.6 | |||
Net current deferred income tax asset (liability) before
|
||||||||||||
valuation allowance
|
7.9 | 14.7 | (0.1 | ) | 5.6 | |||||||
Valuation allowance
|
(0.4 | ) | (0.4 | ) | - | - | ||||||
Net current deferred income tax asset (liability)
|
7.5 | 14.3 | (0.1 | ) | 5.6 | |||||||
Noncurrent deferred income taxes
|
||||||||||||
Plant related
|
(1,193.6 | ) | (975.5 | ) | (861.6 | ) | (711.5 | ) | ||||
Income taxes on future regulatory recoveries
|
(144.3 | ) | (142.6 | ) | (119.6 | ) | (117.2 | ) | ||||
Derivative instruments
|
43.3 | 46.0 | 31.1 | 34.4 | ||||||||
Pension and postretirement benefits
|
(34.2 | ) | (16.3 | ) | (11.7 | ) | 2.0 | |||||
SO2 emission allowance sales
|
31.1 | 30.8 | 31.9 | 33.4 | ||||||||
Fuel clause adjustments
|
(17.2 | ) | (16.6 | ) | (5.4 | ) | (3.2 | ) | ||||
Transition costs
|
(17.4 | ) | (20.0 | ) | (9.6 | ) | (11.4 | ) | ||||
Tax credit carryforwards
|
213.7 | 204.3 | 116.8 | 101.5 | ||||||||
Long-term debt fair value adjustment
|
6.3 | 19.2 | - | - | ||||||||
Customer demand programs
|
(26.4 | ) | (23.3 | ) | (18.6 | ) | (17.3 | ) | ||||
Net operating loss carryforward
|
543.7 | 409.2 | 77.9 | 1.1 | ||||||||
Other
|
(10.1 | ) | (7.3 | ) | (3.9 | ) | (3.8 | ) | ||||
Net noncurrent deferred income tax liability before
|
||||||||||||
valuation allowance
|
(605.1 | ) | (492.1 | ) | (772.7 | ) | (692.0 | ) | ||||
Valuation allowance
|
(23.5 | ) | (26.2 | ) | - | - | ||||||
Net noncurrent deferred income tax liability
|
(628.6 | ) | (518.3 | ) | (772.7 | ) | (692.0 | ) | ||||
Net deferred income tax liability
|
$ | (621.1 | ) | $ | (504.0 | ) | $ | (772.8 | ) | $ | (686.4 | ) |
Great Plains Energy
|
KCP&L
|
|||||||||||
December 31
|
2011
|
2010
|
2011
|
2010
|
||||||||
(millions)
|
||||||||||||
Gross deferred income tax assets
|
$ | 1,203.6 | $ | 1,140.7 | $ | 618.7 | $ | 602.4 | ||||
Gross deferred income tax liabilities
|
(1,824.7 | ) | (1,644.7 | ) | (1,391.5 | ) | (1,288.8 | ) | ||||
Net deferred income tax liability
|
$ | (621.1 | ) | $ | (504.0 | ) | $ | (772.8 | ) | $ | (686.4 | ) |
Great Plains Energy
|
KCP&L
|
|||||||||||||||||
2011
|
2010
|
2009
|
2011
|
2010
|
2009
|
|||||||||||||
(millions)
|
||||||||||||||||||
Balance at January 1
|
$ | 42.0 | $ | 51.4 | $ | 97.3 | $ | 19.1 | $ | 20.9 | $ | 17.6 | ||||||
Additions for current year tax positions
|
1.4 | 2.7 | 13.2 | - | 1.3 | 3.9 | ||||||||||||
Additions for prior year tax positions
|
2.4 | 2.1 | 8.2 | 2.3 | 1.5 | 3.0 | ||||||||||||
Additions for GMO prior year tax positions
|
- | - | 11.6 | - | - | - | ||||||||||||
Reductions for prior year tax positions
|
(20.9 | ) | (10.6 | ) | (1.3 | ) | (12.6 | ) | (1.6 | ) | (0.8 | ) | ||||||
Settlements
|
- | (3.8 | ) | (76.7 | ) | - | (2.9 | ) | (2.2 | ) | ||||||||
Statute expirations
|
(0.7 | ) | (0.3 | ) | (0.7 | ) | (0.1 | ) | (0.1 | ) | (0.6 | ) | ||||||
Foreign currency translation adjustments
|
(0.2 | ) | 0.5 | (0.2 | ) | - | - | - | ||||||||||
Balance at December 31
|
$ | 24.0 | $ | 42.0 | $ | 51.4 | $ | 8.7 | $ | 19.1 | $ | 20.9 | ||||||
21.
|
SEGMENTS AND RELATED INFORMATION
|
Electric
|
Great Plains
|
||||||||
2011
|
Utility
|
Other
|
Energy
|
||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 2,318.0 | $ | - | $ | 2,318.0 | |||
Depreciation and amortization
|
(273.1 | ) | - | (273.1 | ) | ||||
Interest charges
|
(176.9 | ) | (41.5 | ) | (218.4 | ) | |||
Income tax (expense) benefit
|
(109.3 | ) | 24.5 | (84.8 | ) | ||||
Net income (loss) attributable to Great Plains Energy
|
199.9 | (25.5 | ) | 174.4 | |||||
Electric
|
Great Plains
|
||||||||
2010
|
Utility
|
Other
|
Energy
|
||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 2,255.5 | $ | - | $ | 2,255.5 | |||
Depreciation and amortization
|
(331.6 | ) | - | (331.6 | ) | ||||
Interest charges
|
(143.1 | ) | (41.7 | ) | (184.8 | ) | |||
Income tax (expense) benefit
|
(123.3 | ) | 24.3 | (99.0 | ) | ||||
Net income (loss) attributable to Great Plains Energy
|
235.3 | (23.6 | ) | 211.7 | |||||
Electric
|
Great Plains
|
||||||||
2009
|
Utility
|
Other
|
Energy
|
||||||
(millions)
|
|||||||||
Operating revenues
|
$ | 1,965.0 | $ | - | $ | 1,965.0 | |||
Depreciation and amortization
|
(302.2 | ) | - | (302.2 | ) | ||||
Interest charges
|
(151.0 | ) | (29.9 | ) | (180.9 | ) | |||
Income tax (expense) benefit
|
(63.6 | ) | 34.1 | (29.5 | ) | ||||
Discontinued operations | - | (1.5 | ) | (1.5 | ) | ||||
Net income (loss) attributable to Great Plains Energy
|
157.8 | (7.7 | ) | 150.1 | |||||
Electric | Great Plains | |||||||||||
Utility |
Other
|
Eliminations
|
Energy
|
|||||||||
2011
|
(millions)
|
|||||||||||
Assets
|
$ | 9,483.4 | $ | 51.9 | $ | (417.3 | ) | $ | 9,118.0 | |||
Capital expenditures
|
456.6 | - | - | 456.6 | ||||||||
2010
|
||||||||||||
Assets
|
$ | 9,152.7 | $ | 66.3 | $ | (400.8 | ) | $ | 8,818.2 | |||
Capital expenditures
|
618.1 | - | - | 618.1 | ||||||||
2009
|
||||||||||||
Assets
|
$ | 8,765.3 | $ | 152.5 | $ | (435.0 | ) | $ | 8,482.8 | |||
Capital expenditures
|
841.3 | - | - | 841.3 | ||||||||
22.
|
DISCONTINUED OPERATIONS
|
23.
|
JOINTLY-OWNED ELECTRIC UTILITY PLANTS
|
Great Plains Energy
|
||||||||||||||||||
Wolf Creek
|
La Cygne
|
Iatan No. 1
|
Iatan No. 2
|
Iatan
|
Jeffrey
|
|||||||||||||
Unit
|
Units
|
Unit
|
Unit
|
Common
|
Energy Center
|
|||||||||||||
(millions, except MW amounts)
|
||||||||||||||||||
Great Plains Energy's share
|
47 | % | 50 | % | 88 | % | 73 | % | 79 | % | 8 | % | ||||||
Utility plant in service
|
$ | 1,473.8 | $ | 493.6 | $ | 667.9 | $ | 1,293.0 | $ | 364.4 | $ | 158.4 | ||||||
Accumulated depreciation
|
776.3 | 303.1 | 252.8 | 270.0 | 30.4 | 75.5 | ||||||||||||
Nuclear fuel, net
|
76.6 | - | - | - | - | - | ||||||||||||
Construction work in progress
|
39.4 | 79.1 | 6.5 | 5.9 | 30.2 | 5.3 | ||||||||||||
2012 accredited capacity-MWs
|
547 | 711 | 620 | 641 |
NA
|
174 | ||||||||||||
KCP&L
|
|||||||||||||||
Wolf Creek
|
La Cygne
|
Iatan No. 1
|
Iatan No. 2
|
Iatan
|
|||||||||||
Unit
|
Units
|
Unit
|
Unit
|
Common
|
|||||||||||
(millions, except MW amounts)
|
|||||||||||||||
KCP&L's share
|
47 | % | 50 | % | 70 | % | 55 | % | 61 | % | |||||
Utility plant in service
|
$ | 1,473.8 | $ | 493.6 | $ | 542.3 | $ | 985.1 | $ | 287.5 | |||||
Accumulated depreciation
|
776.3 | 303.1 | 207.9 | 261.3 | 26.0 | ||||||||||
Nuclear fuel, net
|
76.6 | - | - | - | - | ||||||||||
Construction work in progress
|
39.4 | 79.1 | 2.6 | 4.4 | 9.3 | ||||||||||
2012 accredited capacity-MWs
|
547 | 711 | 493 | 482 |
NA
|
||||||||||
24.
|
QUARTERLY OPERATING RESULTS (UNAUDITED)
|
Quarter
|
||||||||||||
Great Plains Energy
|
1st
|
2nd
|
3rd
|
4th
|
||||||||
2011
|
(millions, except per share amounts)
|
|||||||||||
Operating revenue
|
$ | 492.9 | $ | 565.1 | $ | 773.7 | $ | 486.3 | ||||
Operating income
|
41.2 | 115.6 | 262.7 | 60.3 | ||||||||
Net income
|
2.3 | 43.4 | 126.6 | 1.9 | ||||||||
Net income attributable to Great Plains Energy
|
2.4 | 43.4 | 126.5 | 2.1 | ||||||||
Basic earnings per common share
|
0.02 | 0.32 | 0.93 | 0.01 | ||||||||
Diluted earnings per common share
|
0.01 | 0.31 | 0.91 | 0.01 | ||||||||
2010
|
||||||||||||
Operating revenue
|
$ | 506.9 | $ | 552.0 | $ | 728.8 | $ | 467.8 | ||||
Operating income
|
62.0 | 134.9 | 243.8 | 31.6 | ||||||||
Net income (loss)
|
20.3 | 64.4 | 132.0 | (4.8 | ) | |||||||
Net income (loss) attributable to Great Plains Energy
|
20.3 | 64.3 | 132.0 | (4.9 | ) | |||||||
Basic earnings (loss) per common share
|
0.15 | 0.47 | 0.97 | (0.04 | ) | |||||||
Diluted earnings (loss) per common share
|
0.15 | 0.47 | 0.96 | (0.04 | ) | |||||||
Quarter
|
||||||||||||
KCP&L
|
1st
|
2nd
|
3rd
|
4th
|
||||||||
2011
|
(millions)
|
|||||||||||
Operating revenue
|
$ | 330.8 | $ | 383.4 | $ | 506.3 | $ | 337.8 | ||||
Operating income
|
26.5 | 77.8 | 169.2 | 47.7 | ||||||||
Net income
|
4.0 | 33.4 | 85.4 | 12.7 | ||||||||
2010
|
||||||||||||
Operating revenue
|
$ | 335.6 | $ | 372.6 | $ | 486.5 | $ | 322.4 | ||||
Operating income
|
40.5 | 84.7 | 163.6 | 22.6 | ||||||||
Net income
|
19.2 | 48.2 | 92.6 | 3.2 | ||||||||
·
|
Information regarding the directors of Great Plains Energy required by this item is contained in the Proxy Statement section titled “Election of Directors.”
|
·
|
Information regarding compliance with Section 16(a) of the Securities Exchange Act of 1934 required by this item is contained in the Proxy Statement section titled “Security Ownership of Certain Beneficial Owners, Directors and Officers - Section 16(a) Beneficial Ownership Reporting Compliance.”
|
·
|
Information regarding the Audit Committee of Great Plains Energy required by this item is contained in the Proxy Statement section titled “Corporate Governance – Committees of the Board.”
|
Number of securities
|
||||||||||||||||
remaining available
|
||||||||||||||||
Number of securities | for future issuance | |||||||||||||||
to be issued upon
|
Weighted-average
|
under equity
|
||||||||||||||
exercise of
|
exercise price of
|
compensation plans
|
||||||||||||||
outstanding options,
|
outstanding options,
|
(excluding securities
|
||||||||||||||
warrants and rights
|
warrants and rights
|
reflected in column (a))
|
||||||||||||||
Plan Category |
(a)
|
(b)
|
(c)
|
|||||||||||||
Equity compensation plans approved by security holders
|
||||||||||||||||
Great Plains Energy Long-Term Incentive Plan
|
505,626 | (1) | $ | 25.91 | (2) | 5,528,707 | ||||||||||
Equity compensation plans not approved by security holders
|
- | - | - | |||||||||||||
Total
|
|
505,626 | (1) | $ | 25.91 | (2) | 5,528,707 | |||||||||
(1) | Includes 442,042 performance shares at target performance levels, options for 9,353 shares of Great Plains Energy common | |||||||||||||||
stock and director deferred share units for 54,231 shares of Great Plains Energy common stock outstanding at December 31, 2011. | ||||||||||||||||
(2) | The 442,042 performance shares and director deferred share units for 54,231 shares of Great Plains Energy common stock have | |||||||||||||||
no exercise price and therefore are not reflected in the weighted average exercise price. |
Fee Category
|
2011
|
2010
|
||||
Audit Fees
|
$ | 1,125,215 | $ | 1,098,722 | ||
Audit-Related Fees
|
70,750 | 104,169 | ||||
Tax Fees
|
231,643 | 112,058 | ||||
All Other Fees
|
91,975 | - | ||||
Total Fees
|
$ | 1,519,583 | $ | 1,314,949 |
Financial Statements
|
||
Great Plains Energy
|
Page No.
|
|
a.
|
Consolidated Statements of Income for the years ended December 31, 2011, 2010 and 2009
|
56
|
b.
|
Consolidated Balance Sheets - December 31, 2011 and 2010
|
57
|
c.
|
Consolidated Statements of Cash Flows for the years ended December 31, 2011, 2010 and 2009
|
59
|
d.
|
Consolidated Statements of Common Shareholders’ Equity and Noncontrolling Interest for the years ended December 31, 2011, 2010 and 2009
|
60
|
e.
|
Consolidated Statements of Comprehensive Income for the years ended December 31, 2011, 2010 and 2009
|
61
|
f.
|
Notes to Consolidated Financial Statements
|
68
|
g.
|
Report of Independent Registered Public Accounting Firm
|
132
|
KCP&L
|
||
h.
|
Consolidated Statements of Income for the years ended December 31, 2011, 2010 and 2009
|
62
|
i.
|
Consolidated Balance Sheets - December 31, 2011 and 2010
|
63
|
j.
|
Consolidated Statements of Cash Flows for the years ended December 31, 2011, 2010 and 2009
|
65
|
k.
|
Consolidated Statements of Common Shareholder’s Equity for the years ended December 31, 2011, 2010 and 2009
|
66
|
l.
|
Consolidated Statements of Comprehensive Income for the years ended December 31, 2011, 2010 and 2009
|
67
|
m.
|
Notes to Consolidated Financial Statements
|
68
|
n.
|
Report of Independent Registered Public Accounting Firm
|
133
|
Financial Statement Schedules
|
||
Great Plains Energy
|
||
a.
|
Schedule I – Parent Company Financial Statements
|
157
|
b.
|
Schedule II – Valuation and Qualifying Accounts and Reserves
|
160
|
KCP&L
|
||
c.
|
Schedule II – Valuation and Qualifying Accounts and Reserves
|
161
|
Exhibit
Number
|
Description of Document
|
Registrant
|
|
2.1
|
*
|
Agreement and Plan of Merger among Aquila, Inc., Great Plains Energy Incorporated, Gregory Acquisition Corp., and Black Hills Corporation dated as of February 6, 2007 (Exhibit 2.1 to Form 8-K filed on February 8, 2007).
|
Great Plains Energy
|
2.2
|
*
|
Mutual Notice of Extension among Aquila, Inc., Great Plains Energy Incorporated, Gregory Acquisition Corp., and Black Hills Corporation dated as of January 31, 2008 (Exhibit 2.1.2 to Form 10-K for the year ended December 31, 2007).
|
Great Plains Energy
|
2.3
|
*
|
Mutual Notice of Extension among Aquila, Inc., Great Plains Energy Incorporated, Gregory Acquisition Corp., and Black Hills Corporation dated as of April 29, 2008 (Exhibit 10.1 to Form 8-K filed on April 30, 2008).
|
Great Plains Energy
|
3.1
|
*
|
Articles of Incorporation of Great Plains Energy Incorporated, as amended effective May 7, 2009 (Exhibit 3.1.1 to Form 10-Q for the quarter ended March 31, 2009).
|
Great Plains Energy
|
3.2
|
*
|
By-laws of Great Plains Energy Incorporated, as amended May 4, 2010 (Exhibit 3.1 to Form 8-K filed on May 5, 2010).
|
Great Plains Energy
|
3.3
|
*
|
Restated Articles of Consolidation of Kansas City Power & Light Company, restated as of October 26, 2010. (Exhibit 3.3 to Form 10-K for the year ended December 31, 2010)
|
KCP&L
|
3.4
|
*
|
By-laws of Kansas City Power & Light Company, as amended April 1, 2008 (Exhibit 3.2 to Form 8-K filed on April 7, 2008).
|
KCP&L
|
4.1
|
*
|
Indenture, dated June 1, 2004, between Great Plains Energy Incorporated and BNY Midwest Trust Company, as Trustee (Exhibit 4.4 to Form 8-A/A filed on June 14, 2004).
|
Great Plains Energy
|
4.2
|
*
|
First Supplemental Indenture, dated June 14, 2004, between Great Plains Energy Incorporated and BNY Midwest Trust Company, as Trustee (Exhibit 4.5 to Form 8-A/A filed on June 14, 2004).
|
Great Plains Energy
|
4.3
|
*
|
Second Supplemental Indenture dated as of September 25, 2007, between Great Plains Energy Incorporated and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on September 26, 2007).
|
Great Plains Energy
|
4.4
|
*
|
Third Supplemental Indenture dated as of August 13, 2010 between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on August 13, 2010).
|
Great Plains Energy
|
4.5
|
*
|
Fourth Supplemental Indenture dated as of May 19, 2011 between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as Trustee (Exhibit 4.1 to Form 8-K filed on May 19, 2011).
|
Great Plains Energy
|
4.6
|
*
|
Subordinated Indenture dated as of May 18, 2009 between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on May 19, 2009).
|
Great Plains Energy
|
4.7
|
*
|
Supplemental Indenture No. 1 dated as of May 18, 2009 between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.2 to Form 8-K filed on May 19, 2009).
|
Great Plains Energy
|
4.8
|
*
|
Purchase Contract and Pledge Agreement dated as of May 18, 2009 among Great Plains Energy Incorporated, The Bank of New York Mellon Trust Company, N.A., as purchase contract agent and The Bank of New York Mellon Trust Company, N.A., as collateral agent, custodial agent and securities intermediary (Exhibit 4.3 to Form 8-K filed on May 19, 2009).
|
Great Plains Energy
|
4.9
|
*
|
Indenture, dated as of August 24, 2001, between Aquila, Inc. and BankOne Trust Company, N.A., as Trustee (Exhibit 4(d) to Registration Statement on Form S-3 (File No. 333-68400) filed by Aquila, Inc. on August 27, 2001).
|
Great Plains Energy
|
4.10
|
*
|
Second Supplemental Indenture, dated as of July 3, 2002, between Aquila, Inc. and BankOne Trust Company, N.A., as Trustee related to 11.875% Senior Notes due July 1, 2012 (Exhibit 4(c) to Form S-4 (File No. 333-100204) filed by Aquila, Inc. on September 30, 2002).
|
Great Plains Energy
|
4.11
|
*
|
General Mortgage and Deed of Trust dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, n.a. (formerly United Missouri Bank of Kansas City, N.A.), Trustee (Exhibit 4-bb to Form 10-K for the year ended December 31, 1986).
|
Great Plains Energy
KCP&L
|
4.12
|
*
|
Fifth Supplemental Indenture dated as of September 15, 1992, to Indenture dated as of December 1, 1986 (Exhibit 4-a to Form 10-Q for the quarter ended September 30, 1992).
|
Great Plains Energy
KCP&L
|
4.13
|
*
|
Seventh Supplemental Indenture dated as of October 1, 1993, to Indenture dated as of December 1, 1986 (Exhibit 4-a to Form 10-Q for the quarter ended September 30, 1993).
|
Great Plains Energy
KCP&L
|
4.14
|
*
|
Eighth Supplemental Indenture dated as of December 1, 1993, to Indenture dated as of December 1, 1986 (Exhibit 4 to Registration Statement, Registration No. 33-51799).
|
Great Plains Energy
KCP&L
|
4.15
|
*
|
Eleventh Supplemental Indenture dated as of August 15, 2005, to the General Mortgage and Deed of Trust dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), Trustee (Exhibit 4.2 to Form 10-Q for the quarter ended September 30, 2005).
|
Great Plains Energy
KCP&L
|
4.16
|
*
|
Twelfth Supplemental Indenture, dated as of March 1, 2009, to the General Mortgage and Deed of Trust dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), Trustee (Exhibit 4.2 to Form 8-K filed on March 24, 2009).
|
Great Plains Energy
KCP&L
|
4.17
|
*
|
Thirteenth Supplemental Indenture, dated as of March 1, 2009, to the General Mortgage and Deed of Trust dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), Trustee (Exhibit 4.3 to Form 8-K filed on March 24, 2009).
|
Great Plains Energy
KCP&L
|
4.18
|
*
|
Fourteenth Supplemental Indenture, dated as of March 1, 2009, to the General Mortgage and Deed of Trust dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), Trustee (Exhibit 4.4 to Form 8-K filed on March 24, 2009).
|
Great Plains Energy
KCP&L
|
4.19
|
*
|
Fifteenth Supplemental Indenture, dated as of June 30, 2011, to the General Mortgage and Deed of Trust dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), Trustee (Exhibit 4.1 to Form 10-Q for the quarter ended June 30, 2011).
|
Great Plains Energy
KCP&L
|
4.20
|
*
|
Indenture dated as of December 1, 2000, between Kansas City Power & Light Company and The Bank of New York (Exhibit 4-a to Form 8-K filed on December 18, 2000).
|
Great Plains Energy
KCP&L
|
4.21
|
*
|
Term sheet for $150 million aggregate principal amount of 6.50% Senior Notes due November 15, 2011 (Exhibit 4-b to Form 8-K filed on November 19, 2001).
|
Great Plains Energy
KCP&L
|
4.22
|
*
|
Indenture dated March 1, 2002 between The Bank of New York and Kansas City Power & Light Company (Exhibit 4.1.b. to Form 10-Q for the quarter ended March 31, 2002).
|
Great Plains Energy
KCP&L
|
4.23
|
*
|
Supplemental Indenture No. 1 dated as of November 15, 2005, to Indenture dated March 1, 2002 between The Bank of New York and Kansas City Power & Light Company (Exhibit 4.2.j to Form 10-K for the year ended December 31, 2005).
|
Great Plains Energy
KCP&L
|
4.24
|
*
|
Indenture dated as of May 1, 2007, between Kansas City Power & Light Company and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on June 4, 2007).
|
Great Plains Energy
KCP&L
|
4.25
|
*
|
Supplemental Indenture No. 1 dated as of June 4, 2007 between Kansas City Power & Light Company and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.2 to Form 8-K filed on June 4, 2007).
|
Great Plains Energy
KCP&L
|
4.26
|
*
|
Supplemental Indenture No. 2 dated as of March 11, 2008, between Kansas City Power & Light Company and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.2 to Form 8-K filed on March 11, 2008).
|
Great Plains Energy
KCP&L
|
4.27
|
*+
|
Supplemental Indenture No. 3 dated as of September 20, 2011 between Kansas City Power & Light Company and The Bank of New York Mellon Trust Company, N.A., Trustee (Exhibit 4.1 to Form 8-K filed on September 20, 2011).
|
Great Plains Energy
KCP&L
|
10.1
|
*+
|
Amended Long-Term Incentive Plan, effective as of May 7, 2002 (Exhibit 10.1.a to Form 10-K for the year ended December 31, 2002).
|
Great Plains Energy
KCP&L
|
10.2
|
*+
|
Great Plains Energy Incorporated Long-Term Incentive Plan as amended May 1, 2007 (Exhibit 10.1 to Form 8-K filed on May 4, 2007).
|
Great Plains Energy
KCP&L
|
10.3
|
*+
|
Great Plains Energy Incorporated Amended Long-Term Incentive Plan adopted as of May 3, 2011 (Exhibit 10.1 to Form 8-K filed on May 6, 2011).
|
Great Plains Energy
KCP&L
|
10.4
|
*+
|
Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Performance Criteria Effective as of May 6, 2008 (Exhibit 10.1.25 to Form 10-Q for the quarter ended June 30, 2008).
|
Great Plains Energy
KCP&L
|
10.5
|
*+
|
Great Plains Energy Incorporated Long-Term Incentive Plan awards Standards and Performance Criteria effective as of January 1, 2009 (Exhibit 10.1.6 to Form 10-Q for the quarter ended June 30, 2009).
|
Great Plains Energy
KCP&L
|
10.6
|
*+
|
Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Performance Criteria Effective as of January 1, 2010 (Exhibit 10.1.3 to Form 10-Q for the quarter ended March 31, 2010).
|
Great Plains Energy
KCP&L
|
10.7
|
*+
|
Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Performance Criteria Effective as of January 1, 2011 (Exhibit 10.3 to Form 10-Q for the quarter ended March 31, 2011).
|
Great Plains Energy
KCP&L
|
10.8
|
*+
|
Form of Restricted Stock Agreement Pursuant to the Great Plains Energy Incorporated Long-Term Incentive Plan Effective May 7, 2002 (Exhibit 10.1.6 to Form 10-K for the year ended December 31, 2006).
|
Great Plains Energy
KCP&L
|
10.9
|
*+
|
Form of 2008 Restricted Stock Agreement (Exhibit 10.1.20 to Form 10-Q for the quarter ended June 30, 2008).
|
Great Plains Energy
KCP&L
|
10.10
|
*+
|
Form of Restricted Stock Agreement between Great Plains Energy Incorporated and grantee dated May 5, 2009 (Exhibit 10.1.5 to Form 10-Q for the quarter ended June 30, 2009).
|
Great Plains Energy
KCP&L
|
10.11
|
*+
|
Form of Performance Share Agreement between Great Plains Energy Incorporated and grantee dated May 5, 2009 (Exhibit 10.1.4 to Form 10-Q for the quarter ended March 31, 2009).
|
Great Plains Energy
KCP&L
|
10.12
|
*+
|
Form of 2001 and 2002 Nonqualified Stock Option Agreement (Exhibit 10.1.13 to Form 10-K for the year ended December 31, 2009).
|
Great Plains Energy
KCP&L
|
10.13
|
*+
|
Form of 2003 Nonqualified Stock Option Agreement (Exhibit 10.1.14 to Form 10-K for the year ended December 31, 2009).
|
Great Plains Energy
KCP&L
|
10.14
|
*+
|
Form of Amendment to 2003 Stock Option Grants (Exhibit 10.1.9 to Form 10-Q for the quarter ended September 30, 2007).
|
Great Plains Energy
KCP&L
|
10.15
|
*+
|
Form of 2010 three-year Performance Share Agreement (Exhibit 10.1.1 to Form 10-Q for the quarter ended March 31, 2010).
|
Great Plains Energy
KCP&L
|
10.16
|
*+
|
Form of 2010 Restricted Stock Agreement (Exhibit 10.1.2 to Form 10-Q for the quarter ended March 31, 2010).
|
Great Plains Energy
KCP&L
|
10.17
|
*+
|
Form of 2011 three-year Performance Share Agreement (Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2011).
|
Great Plains Energy
KCP&L
|
10.18
|
*+
|
Form of 2011 Restricted Stock Agreement (Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2011).
|
Great Plains Energy
KCP&L
|
10.19
|
*+
|
Aquila, Inc. 2002 Omnibus Incentive Compensation Plan (Exhibit 10.3 to Form 10-Q for the quarter ended September 30, 2002, filed by Aquila, Inc.).
|
Great Plains Energy
|
10.20
|
*+
|
Great Plains Energy Incorporated, Kansas City Power & Light Company and KCP&L Greater Missouri Operations Company Annual Incentive Plan amended effective as of January 1, 2011 (Exhibit 10.4 to Form 10-Q for the quarter ended March 31, 2011).
|
Great Plains Energy
KCP&L
|
10.21
|
*+
|
Form of Indemnification Agreement with each officer and director (Exhibit 10-f to Form 10-K for year ended December 31, 1995).
|
Great Plains Energy
KCP&L
|
10.22
|
*+
|
Form of Conforming Amendment to Indemnification Agreement with each officer and director (Exhibit 10.1.a to Form 10-Q for the quarter ended March 31, 2003).
|
Great Plains Energy
KCP&L
|
10.23
|
*+
|
Form of Indemnification Agreement with each director and officer (Exhibit 10.1 to Form 8-K filed on December 8, 2008).
|
Great Plains Energy
KCP&L
|
10.24
|
*+
|
Form of Indemnification Agreement with officers and directors (Exhibit 10.1.p to Form 10-K for the year ended December 31, 2005).
|
Great Plains Energy
KCP&L
|
10.25
|
*+
|
Form of Change in Control Severance Agreement with Michael J. Chesser (Exhibit 10.1.a to Form 10-Q for the quarter ended September 30, 2006).
|
Great Plains Energy
KCP&L
|
10.26
|
*+
|
Form of Change in Control Severance Agreement with William H. Downey (Exhibit 10.1.b to Form 10-Q for the quarter ended September 30, 2006).
|
Great Plains Energy
KCP&L
|
10.27
|
*+
|
Form of Change in Control Severance Agreement with other executive officers of Great Plains Energy Incorporated and Kansas City Power & Light Company (Exhibit 10.1.e to Form 10-Q for the quarter ended September 30, 2006).
|
Great Plains Energy
KCP&L
|
10.28
|
*+
|
Great Plains Energy Incorporated Supplemental Executive Retirement Plan (As Amended and Restated for I.R.C. §409A) (Exhibit 10.1.10 to Form 10-Q for the quarter ended September 30, 2007).
|
Great Plains Energy
KCP&L
|
10.29
|
*+
|
Great Plains Energy Incorporated Supplemental Executive Retirement Plan (As Amended and Restated for I.R.C. §409A), as amended February 10, 2009 (Exhibit 10.1.29 to Form 10-K for the year ended December 31, 2008).
|
Great Plains Energy
KCP&L
|
10.30
|
*+
|
Great Plains Energy Incorporated Supplemental Executive Retirement Plan (As Amended and Restated for I.R.C. §409A), as amended December 8, 2009 (Exhibit 10.1.27 to Form 10-K for the year ended December 31, 2009).
|
Great Plains Energy
KCP&L
|
10.31
|
*+
|
Great Plains Energy Incorporated Nonqualified Deferred Compensation Plan (As Amended and Restated for I.R.C. §409A) (Exhibit 10.1.11 to Form 10-Q for the quarter ended September 30, 2007).
|
Great Plains Energy
KCP&L
|
10.32
|
*+
|
Great Plains Energy Incorporated Nonqualified Deferred Compensation Plan (As Amended and Restated for I.R.C. §409A), amended effective January 1, 2010 (Exhibit 10.1.5 to Form 10-Q for the quarter ended March 31, 2010).
|
Great Plains Energy
KCP&L
|
10.33
|
*+
|
Letter regarding enhanced supplemental retirement and severance benefit for William H. Downey, dated August 5, 2008 (Exhibit 10.1.23 to Form 10-Q for the quarter ended June 30, 2008).
|
Great Plains Energy
KCP&L
|
10.34
|
*+
|
Employment offer letters to Michael J. Chesser dated September 10 and September 16, 2003 (Exhibit 10.1.35 to Form 10-K for the year ended December 31, 2008).
|
Great Plains Energy
KCP&L
|
10.35
|
*+
|
Bonus Agreement dated as of May 5, 2009 between Great Plains Energy Incorporated and Michael J. Chesser (Exhibit 10.1.10 to Form 10-Q for the quarter ended June 30, 2009).
|
Great Plains Energy
KCP&L
|
10.36
|
*+
|
Discretionary Bonus Agreement dated as of May 5, 2009 between Great Plains Energy Incorporated and Terry Bassham (Exhibit 10.1.11 to Form 10-Q for the quarter ended June 30, 2009).
|
Great Plains Energy
KCP&L
|
10.37
|
*+
|
Retirement and Consulting Agreement among Great Plains Energy Incorporated, Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company and John R. Marshall (Exhibit 10.1 to Form 8-K filed on May 5, 2010).
|
Great Plains Energy
KCP&L
|
10.38
|
*+
|
Consulting Services Assignment and Assumption Agreement between John R. Marshall and Coastal Partners Inc. (Exhibit 10.2 to Form 10-Q for the quarter ended June 30, 2010).
|
Great Plains Energy
KCP&L
|
10.39
|
*+
|
Retirement and Consulting Agreement among Great Plains Energy Incorporated, Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company and Barbara B. Curry (Exhibit 10.1 to Form 8-K filed on May 5, 2010).
|
Great Plains Energy
KCP&L
|
10.40
|
*+
|
Retirement and Consulting Agreement dated May 20, 2011 between Great Plains Energy Incorporated, Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company and William H. Downey (Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2011).
|
Great Plains Energy
KCP&L
|
10.41
|
*+
|
Agreement among Great Plains Energy Incorporated, Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company and William G. Riggins dated as of October 26, 2010. (Exhibit 10.45 to Form 10-K for the year ended December 31, 2010)
|
Great Plains Energy
KCP&L
|
10.42
|
*
|
Asset Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated, and Gregory Acquisition Corp., dated February 6, 2007 (Exhibit 10.1 to Form 8-K filed on February 8, 2007).
|
Great Plains Energy
|
10.43
|
*
|
Partnership Interests Purchase Agreement by and among Aquila, Inc., Aquila Colorado, LLC, Black Hills Corporation, Great Plains Energy Incorporated, and Gregory Acquisition Corp., dated February 6, 2007 (Exhibit 10.2 to Form 8-K filed on February 8, 2007).
|
Great Plains Energy
|
10.44
|
*
|
Letter Agreement dated as of June 29, 2007 to Asset Purchase Agreement and Partnership Interests Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated, and Gregory Acquisition Corp., dated February 6, 2007 (Exhibit 10.1.1 to Form 10-Q for the quarter ended June 30, 2007).
|
Great Plains Energy
|
10.45
|
*
|
Letter Agreement dated as of August 31, 2007, to Asset Purchase Agreement and Partnership Interests Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated and Gregory Acquisition Corp. (Exhibit 10.1.4 to Form 10-Q for the quarter ended September 30, 2007).
|
Great Plains Energy
|
10.46
|
*
|
Letter Agreement dated as of September 28, 2007, to Asset Purchase Agreement and Partnership Interests Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated and Gregory Acquisition Corp. (Exhibit 10.1.5 to Form 10-Q for the quarter ended September 30, 2007).
|
Great Plains Energy
|
10.47
|
*
|
Letter Agreement dated as of October 3, 2007, to Agreement and Plan of Merger, Asset Purchase Agreement and Partnership Interests Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated and Gregory Acquisition Corp. (Exhibit 10.1.6 to Form 10-Q for the quarter ended September 30, 2007).
|
Great Plains Energy
|
10.48
|
*
|
Letter Agreement dated as of November 30, 2007, to Asset Purchase Agreement and Partnership Interests Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated and Gregory Acquisition Corp. (Exhibit 10.1.40 to Form 10-K for the year ended December 31, 2007).
|
Great Plains Energy
|
10.49
|
*
|
Letter Agreement dated as of January 30, 2008, to Asset Purchase Agreement and Partnership Interests Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated and Gregory Acquisition Corp. (Exhibit 10.1.41 to Form 10-K for the year ended December 31, 2007).
|
Great Plains Energy
|
10.50
|
*
|
Letter Agreement dated as of February 28, 2008, to Asset Purchase Agreement and Partnership Interests Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated and Gregory Acquisition Corp. (Exhibit 10.1.3 to Form 10-Q for the quarter ended March 31, 2008).
|
Great Plains Energy
|
10.51
|
*
|
Letter Agreement dated as of March 28, 2008, to Asset Purchase Agreement and Partnership Interests Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated and Gregory Acquisition Corp. (Exhibit 10.1.4 to Form 10-Q for the quarter ended March 31, 2008).
|
Great Plains Energy
|
10.52
|
*
|
Letter Agreement dated as of April 28, 2008, to Asset Purchase Agreement and Partnership Interests Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated and Gregory Acquisition Corp. (Exhibit 10.1.5 to Form 10-Q for the quarter ended March 31, 2008).
|
Great Plains Energy
|
10.53
|
*
|
Letter Agreement dated as of May 29, 2008, to Asset Purchase Agreement and Partnership Interests Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated and Gregory Acquisition Corp. (Exhibit 10.1.5 to Form 10-Q for the quarter ended June 30, 2008).
|
Great Plains Energy
|
10.54
|
*
|
Letter Agreement dated as of June 19, 2008, to Asset Purchase Agreement and Partnership Interests Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated and Gregory Acquisition Corp. (Exhibit 10.1.6 to Form 10-Q for the quarter ended June 30, 2008).
|
Great Plains Energy
|
10.55
|
*
|
Letter Agreement dated as of June 27, 2008, to Asset Purchase Agreement and Partnership Interests Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated and Gregory Acquisition Corp. (Exhibit 10.1.7 to Form 10-Q for the quarter ended June 30, 2008).
|
Great Plains Energy
|
10.56
|
*
|
Joint Motion and Settlement Agreement dated as of February 26, 2008, among Great Plains Energy Incorporated, Kansas City Power & Light Company, the Kansas Corporation Commission Staff, the Citizens’ Utility Ratepayers Board, Aquila, Inc. d/b/a Aquila Networks, Black Hills Corporation, and Black Hills/Kansas Gas Utility Company, LLC (Exhibit 10.1.7 to Form 10-Q for the quarter ended March 31, 2008).
|
Great Plains Energy
KCP&L
|
10.57
|
*
|
Purchase Agreement, dated as of April 1, 2008, by and among Custom Energy Holdings, L.L.C., Direct Energy Services, LLC and Great Plains Energy Incorporated (Exhibit 10.1 to Form 8-K filed on April 2, 2008).
|
Great Plains Energy
|
10.58
|
*
|
Credit Agreement dated as of August 9, 2010 among Great Plains Energy Incorporated, Certain Lenders, Bank of America, N.A., as Administrative Agent, and Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Barclays Bank PLC and U.S. Bank National Association, as Documentation Agents, Banc of America Securities LLC, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.1 to Form 10-Q for the quarter ended September 30, 2010).
|
Great Plains Energy
|
10.59
|
First Amendment to Credit Agreement dated as of December 9, 2011 among Great Plains Energy Incorporated, Certain Lenders, Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Bank of America, N.A., as Administrative Agent, Barclays Bank PLC and U.S. Bank National Association, as Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers.
|
Great Plains Energy
|
10.60
|
*
|
Credit Agreement dated as of August 9, 2010 among Kansas City Power & Light Company, Certain Lenders, Bank of America, N.A., as Administrative Agent, and Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, The Royal Bank of Scotland PLC and BNP Paribas , as Documentation Agents, Banc of America Securities LLC, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.2 to Form 10-Q for the quarter ended September 30, 2010).
|
Great Plains Energy
KCP&L
|
10.61
|
First Amendment to Credit Agreement dated as of December 9, 2011 among Kansas City Power & Light Company, Certain Lenders, Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A. and The Bank of Nova Scotia, as Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers.
|
Great Plains Energy
KCP&L
|
|
10.62
|
*
|
Credit Agreement dated as of August 9, 2010 among KCP&L Greater Missouri Operations Company, Certain Lenders, Bank of America, N.A., as Administrative Agent, and Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, The Royal Bank of Scotland PLC and BNP Paribas , as Documentation Agents, Banc of America Securities LLC, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.3 to Form 10-Q for the quarter ended September 30, 2010).
|
Great Plains Energy
|
10.63
|
First Amendment to Credit Agreement dated as of December 9, 2011 among KCP&L Greater Missouri Operations Company, Great Plains Energy Incorporated, Certain Lenders, Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Bank of America, N.A., as Administrative Agent, The Royal Bank of Scotland PLC and BNP Paribas, as Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers.
|
Great Plains Energy
|
|
10.64
|
*
|
Guaranty dated as of July 15, 2008, issued by Great Plains Energy Incorporated in favor of Union Bank of California, N.A., as successor trustee, and the holders of the Aquila, Inc., 7.75% Senior Notes due June 15, 2011 (Exhibit 10.4 to Form 8-K filed on July 18, 2008).
|
Great Plains Energy
|
10.65
|
*
|
Guaranty dated as of July 15, 2008, issued by Great Plains Energy Incorporated in favor of Union Bank of California, N.A., as successor trustee, and the holders of the Aquila, Inc., 7.95% Senior Notes due February 1, 2011 (Exhibit 10.5 to Form 8-K filed on July 18, 2008).
|
Great Plains Energy
|
10.66
|
*
|
Guaranty dated as of July 15, 2008, issued by Great Plains Energy Incorporated in favor of Union Bank of California, N.A., as successor trustee, and the holders of the Aquila, Inc., 8.27% Senior Notes due November 15, 2021 (Exhibit 10.6 to Form 8-K filed on July 18, 2008).
|
Great Plains Energy
|
10.67
|
*
|
Sales Agency Financing Agreement dated August 14, 2008 between Great Plains Energy Incorporated and BNY Mellon Capital Markets, LLC (Exhibit 1.1 to Form 8-K filed on August 14, 2008).
|
Great Plains Energy
|
10.68
|
*
|
Insurance agreement between Kansas City Power & Light Company and XL Capital Assurance Inc., dated December 5, 2002 (Exhibit 10.2.f to Form 10-K for the year ended December 31, 2002).
|
Great Plains Energy
KCP&L
|
10.69
|
*
|
Insurance Agreement dated as of August 1, 2004, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2 to Form 10-Q for the quarter ended September 30, 2004).
|
Great Plains Energy
KCP&L
|
10.70
|
*
|
Insurance Agreement dated as of September 1, 2005, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2.e to Form 10-K for the year ended December 31, 2005).
|
Great Plains Energy
KCP&L
|
10.71
|
*
|
Insurance Agreement dated as of September 1, 2005, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2.f to Form 10-K for the year ended December 31, 2005).
|
Great Plains Energy
KCP&L
|
10.72
|
*
|
Insurance Agreement dated as of September 19, 2007, by and between Financial Guaranty Insurance Company and Kansas City Power & Light Company (Exhibit 10.2.2 to Form 10-Q for the quarter ended September 30, 2007).
|
Great Plains Energy
KCP&L
|
10.73
|
*
|
Purchase and Sale Agreement dated as of July 1, 2005, between Kansas City Power & Light Company, as Originator, and Kansas City Power & Light Receivables Company, as Buyer (Exhibit 10.2.b to Form 10-Q for the quarter ended June 30, 2005).
|
Great Plains Energy
KCP&L
|
10.74
|
*
|
Receivables Sale Agreement dated as of July 1, 2005, among Kansas City Power & Light Receivables Company, as the Seller, Kansas City Power & Light Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi, Ltd., New York Branch, as the Agent, and Victory Receivables Corporation (Exhibit 10.2.c to Form 10-Q for the quarter ended June 30, 2005).
|
Great Plains Energy
KCP&L
|
10.75
|
*
|
Amendment No. 1 dated as of April 2, 2007, 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 to the Receivables Sale Agreement dated as of July 1, 2005 (Exhibit 10.2.2 to Form 10-Q for the quarter ended March 31, 2007).
|
Great Plains Energy
KCP&L
|
10.76
|
*
|
Amendment No. 2 dated as of July 11, 2008, 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 to the Receivables Sale Agreement dated as of July 1, 2005 (Exhibit 10.2.2 to Form 10-Q for the quarter ended June 30, 2008).
|
Great Plains Energy
KCP&L
|
10.77
|
*
|
Amendment dated as of July 9, 2009 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 10.4 to Form 8-K filed on July 13, 2009).
|
Great Plains Energy
KCP&L
|
10.78
|
*
|
Amendment and Waiver dated as of September 25, 2009 to the 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 10.2.2 to Form 10-Q for the quarter ended September 30, 2009).
|
Great Plains Energy
KCP&L
|
10.79
|
*
|
Amendment dated as of May 5, 2010 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 10.2.2 to Form 10-Q for the quarter ended March 31, 2010).
|
Great Plains Energy
KCP&L
|
10.80
|
*
|
Amendment dated as of February 23, 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 10.5 to Form 10-Q for the quarter ended March 31, 2011).
|
Great Plains Energy
KCP&L
|
10.81
|
*
|
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
|
10.82
|
*
|
Iatan Unit 2 and Common Facilities Ownership Agreement, dated as of May 19, 2006, among Kansas City Power & Light Company, Aquila, Inc., The Empire District Electric Company, Kansas Electric Power Cooperative, Inc., and Missouri Joint Municipal Electric Utility Commission (Exhibit 10.2.a to Form 10-Q for the quarter ended June 30, 2006).
|
Great Plains Energy
KCP&L
|
10.83
|
*
|
Stipulation and Agreement dated March 28, 2005, among Kansas City Power & Light Company, Staff of the Missouri Public Service Commission, Office of the Public Counsel, Missouri Department of Natural Resources, Praxair, Inc., Missouri Independent Energy Consumers, Ford Motor Company, Aquila, Inc., The Empire District Electric Company, and Missouri Joint Municipal Electric Utility Commission (Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2005).
|
Great Plains Energy
KCP&L
|
10.84
|
*
|
Stipulation and Agreement filed April 27, 2005, among Kansas City Power & Light Company, the Staff of the State Corporation Commission of the State of Kansas, Sprint, Inc., and the Kansas Hospital Association (Exhibit 10.2.a to Form 10-Q for the quarter ended June 30, 2005).
|
Great Plains Energy
KCP&L
|
10.85
|
*
|
Joint Motion and Settlement Agreement dated as of February 26, 2008, among Great Plains Energy Incorporated, Kansas City Power & Light Company, the Kansas Corporation Commission Staff, the Citizens’ Utility Ratepayers Board, Aquila, Inc. d/b/a Aquila Networks, Black Hills Corporation, and Black Hills/Kansas Gas Utility Company, LLC (Exhibit 10.1.7 to Form 10-Q for the quarter ended March 31, 2008).
|
Great Plains Energy
KCP&L
|
10.86
|
*
|
Stipulation and Agreement dated April 24, 2009, among Kansas City Power & Light Company, Staff of the Missouri Public Service Commission, Office of Public Counsel, Praxair, Inc., Midwest Energy Users Association, U.S. Department of Energy and the U.S. Nuclear Security Administration, Ford Motor Company, Missouri Industrial Energy Consumers and Missouri Department of Natural Resources (Exhibit 10.1 to Form 8-K filed April 30, 2009).
|
Great Plains Energy
KCP&L
|
10.87
|
*
|
Non-Unanimous Stipulation and Agreement dated May 22, 2009 among KCP&L Greater Missouri Operations Company, the Staff of the Missouri Public Service Commission, the Office of the Public Counsel, Missouri Department of Natural Resources and Dogwood
Energy, LLC (Exhibit 10.1 to Form 8-K filed on May 27, 2009).
|
Great Plains Energy
|
10.88
|
*
|
Collaboration Agreement dated as of March 19, 2007, among Kansas City Power & Light Company, Sierra Club and Concerned Citizens of Platte County, Inc. (Exhibit 10.1 to Form 8-K filed on March 20, 2007).
|
Great Plains Energy
KCP&L
|
10.89
|
*
|
Amendment to the Collaboration Agreement effective as of September 5, 2008 among Kansas City Power & Light Company, Sierra Club and Concerned Citizens of Platte County, Inc. (Exhibit 10.2.20 to Form 10-K for the year ended December 31, 2009).
|
Great Plains Energy
KCP&L
|
10.90
|
*
|
Joint Operating Agreement between Kansas City Power & Light Company and Aquila, Inc., dated as of October 10, 2008 (Exhibit 10.2.2 to Form 10-Q for the quarter ended September 30, 2008).
|
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
|
|
21.1
|
List of Subsidiaries of Great Plains Energy Incorporated.
|
Great Plains Energy
|
|
23.1
|
Consent of Independent Registered Public Accounting Firm.
|
Great Plains Energy
|
|
23.2
|
Consent of Independent Registered Public Accounting Firm.
|
KCP&L
|
|
24.1
|
Powers of Attorney.
|
Great Plains Energy
|
|
24.2
|
Powers of Attorney.
|
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
|
|||||||||
Income Statements of Parent Company
|
|||||||||
Year Ended December 31
|
2011
|
2010
|
2009
|
||||||
Operating Expenses
|
(millions, except per share amounts)
|
||||||||
Selling, general and administrative
|
$ | 0.8 | $ | 1.2 | $ | 8.8 | |||
Maintenance
|
- | - | 0.2 | ||||||
General taxes
|
0.9 | 0.9 | 1.1 | ||||||
Total
|
1.7 | 2.1 | 10.1 | ||||||
Operating loss
|
(1.7 | ) | (2.1 | ) | (10.1 | ) | |||
Equity in earnings from subsidiaries
|
200.8 | 239.3 | 174.7 | ||||||
Non-operating income
|
24.7 | 3.4 | - | ||||||
Interest charges
|
(66.5 | ) | (44.7 | ) | (28.2 | ) | |||
Income from continuing operations before income taxes
|
157.3 | 195.9 | 136.4 | ||||||
Income tax benefit
|
17.1 | 15.8 | 15.2 | ||||||
Income from continuing operations
|
174.4 | 211.7 | 151.6 | ||||||
Equity in loss from discontinued subsidiary
|
- | - | (1.5 | ) | |||||
Net income
|
174.4 | 211.7 | 150.1 | ||||||
Preferred stock dividend requirements
|
1.6 | 1.6 | 1.6 | ||||||
Earnings available for common shareholders
|
$ | 172.8 | $ | 210.1 | $ | 148.5 | |||
Average number of basic common shares outstanding
|
135.6 | 135.1 | 129.3 | ||||||
Average number of diluted common shares outstanding
|
138.7 | 136.9 | 129.8 | ||||||
Basic earnings (loss) per common share
|
|||||||||
Continuing operations
|
$ | 1.27 | $ | 1.55 | $ | 1.16 | |||
Discontinued operations
|
- | - | (0.01 | ) | |||||
Basic earnings per common share
|
$ | 1.27 | $ | 1.55 | $ | 1.15 | |||
Diluted earnings (loss) per common share
|
|||||||||
Continuing operations
|
$ | 1.25 | $ | 1.53 | $ | 1.15 | |||
Discontinued operations
|
- | - | (0.01 | ) | |||||
Diluted earnings per common share
|
$ | 1.25 | $ | 1.53 | $ | 1.14 | |||
Cash dividends per common share
|
$ | 0.835 | $ | 0.83 | $ | 0.83 | |||
The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements.
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||
Balance Sheets of Parent Company
|
||||||
December 31
|
2011
|
2010
|
||||
ASSETS
|
(millions, except share amounts)
|
|||||
Current Assets
|
||||||
Cash and cash equivalents
|
$ | - | $ | 0.3 | ||
Notes receivable from subsidiaries
|
0.6 | 249.4 | ||||
Money pool receivable
|
0.9 | 2.0 | ||||
Taxes receivable
|
0.9 | 7.2 | ||||
Other
|
0.6 | 0.7 | ||||
Total
|
3.0 | 259.6 | ||||
Investments and Other Assets
|
||||||
Investment in KCP&L
|
2,045.5 | 2,005.0 | ||||
Investments in other subsidiaries
|
1,377.0 | 1,360.2 | ||||
Note receivable from subsidiaries
|
596.2 | - | ||||
Deferred income taxes
|
33.7 | 7.2 | ||||
Other
|
6.4 | 6.2 | ||||
Total
|
4,058.8 | 3,378.6 | ||||
Total
|
$ | 4,061.8 | $ | 3,638.2 | ||
LIABILITIES AND CAPITALIZATION
|
||||||
Current Liabilities
|
||||||
Notes payable
|
$ | 22.0 | $ | 9.5 | ||
Current maturities of long-term debt
|
287.5 | - | ||||
Accounts payable to subsidiaries
|
31.8 | 31.1 | ||||
Accrued taxes
|
5.1 | - | ||||
Accrued interest
|
7.6 | 6.4 | ||||
Derivative instruments
|
- | 20.8 | ||||
Other
|
2.9 | 7.1 | ||||
Total
|
356.9 | 74.9 | ||||
Deferred Credits and Other Liabilities
|
||||||
Other
|
6.7 | 1.4 | ||||
Total
|
6.7 | 1.4 | ||||
Capitalization
|
||||||
Common shareholders' equity
|
||||||
Common stock - 250,000,000 shares authorized without par value
|
||||||
136,406,306 and 136,113,954 shares issued, stated value
|
2,330.6 | 2,324.4 | ||||
Retained earnings
|
684.7 | 626.5 | ||||
Treasury stock - 264,567 and 400,889 shares, at cost
|
(5.6 | ) | (8.9 | ) | ||
Accumulated other comprehensive loss
|
(49.8 | ) | (56.1 | ) | ||
Total
|
2,959.9 | 2,885.9 | ||||
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
|
699.3 | 637.0 | ||||
Total
|
3,698.2 | 3,561.9 | ||||
Commitments and Contingencies
|
||||||
Total
|
$ | 4,061.8 | $ | 3,638.2 | ||
The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements.
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||
Statements of Cash Flows of Parent Company
|
|||||||||
Year Ended December 31
|
2011
|
2010
|
2009
|
||||||
Cash Flows from Operating Activities
|
(millions)
|
||||||||
Net income
|
$ | 174.4 | $ | 211.7 | $ | 150.1 | |||
Adjustments to reconcile income to net cash from operating activities:
|
|||||||||
Amortization
|
11.2 | 3.9 | 1.9 | ||||||
Deferred income taxes, net
|
(18.6 | ) | 13.9 | (6.1 | ) | ||||
Equity in earnings from subsidiaries
|
(200.8 | ) | (239.3 | ) | (174.7 | ) | |||
Equity in (earnings) loss from discontinued subsidiary
|
- | - | 1.5 | ||||||
Cash flows affected by changes in:
|
|||||||||
Accounts receivable from subsidiaries
|
- | (2.6 | ) | 3.7 | |||||
Taxes receivable
|
6.3 | - | 4.8 | ||||||
Accounts payable to subsidiaries
|
(0.3 | ) | 2.2 | 0.2 | |||||
Other accounts payable
|
- | (0.1 | ) | 0.1 | |||||
Accrued taxes
|
5.2 | - | - | ||||||
Accrued interest
|
1.2 | 2.7 | 1.4 | ||||||
Cash dividends from subsidiaries
|
148.0 | 138.6 | 94.0 | ||||||
Interest hedge settlement
|
(26.1 | ) | (6.9 | ) | - | ||||
Other
|
2.1 | (0.9 | ) | 8.8 | |||||
Net cash from operating activities
|
102.6 | 123.2 | 85.7 | ||||||
Cash Flows from Investing Activities
|
|||||||||
Equity contributions to subsidiaries
|
- | - | (455.0 | ) | |||||
Intercompany lending
|
(347.4 | ) | (248.8 | ) | - | ||||
Net money pool lending
|
1.1 | (1.1 | ) | (0.9 | ) | ||||
Net cash from investing activities
|
(346.3 | ) | (249.9 | ) | (455.9 | ) | |||
Cash Flows from Financing Activities
|
|||||||||
Issuance of common stock
|
5.9 | 6.2 | 219.9 | ||||||
Issuance of long-term debt
|
349.7 | 249.9 | 287.5 | ||||||
Issuance fees
|
(3.2 | ) | (3.2 | ) | (18.8 | ) | |||
Net change in short-term borrowings
|
12.5 | (10.5 | ) | (10.0 | ) | ||||
Dividends paid
|
(115.1 | ) | (114.2 | ) | (110.5 | ) | |||
Other financing activities
|
(6.4 | ) | (7.3 | ) | (3.8 | ) | |||
Net cash from financing activities
|
243.4 | 120.9 | 364.3 | ||||||
Net Change in Cash and Cash Equivalents
|
(0.3 | ) | (5.8 | ) | (5.9 | ) | |||
Cash and Cash Equivalents at Beginning of Year
|
0.3 | 6.1 | 12.0 | ||||||
Cash and Cash Equivalents at End of Year
|
$ | - | $ | 0.3 | $ | 6.1 | |||
The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements.
|
Great Plains Energy Incorporated
|
||||||||||||||||||
Valuation and Qualifying Accounts
|
||||||||||||||||||
Years Ended December 31, 2011, 2010 and 2009
|
||||||||||||||||||
Additions
|
||||||||||||||||||
Charged
|
||||||||||||||||||
Balance At
|
To Costs
|
Charged
|
Balance
|
|||||||||||||||
Beginning
|
And
|
To Other
|
At End
|
|||||||||||||||
Description
|
Of Period
|
Expenses
|
Accounts
|
Deductions
|
Of Period
|
|||||||||||||
Year Ended December 31, 2011
|
(millions)
|
|||||||||||||||||
Allowance for uncollectible accounts
|
$ | 7.0 | $ | 13.7 | $ | 6.9 |
(a)
|
$ | 20.8 |
(b)
|
$ | 6.8 | ||||||
Legal reserves
|
10.2 | (0.1 | ) | - | 3.4 |
(c)
|
6.7 | |||||||||||
Environmental reserves
|
2.5 | - | - | - | 2.5 | |||||||||||||
Tax valuation allowance
|
26.6 | 0.1 | - | 2.8 |
(d)
|
23.9 | ||||||||||||
Year Ended December 31, 2010
|
||||||||||||||||||
Allowance for uncollectible accounts
|
$ | 7.1 | $ | 9.7 | $ | 6.9 |
(a)
|
$ | 16.7 |
(b)
|
$ | 7.0 | ||||||
Legal reserves
|
5.1 | 7.0 | - | 1.9 |
(c)
|
10.2 | ||||||||||||
Environmental reserves
|
2.4 | 0.1 | - | - | 2.5 | |||||||||||||
Tax valuation allowance
|
29.8 | 0.2 | - | 3.4 |
(d)
|
26.6 | ||||||||||||
Year Ended December 31, 2009
|
||||||||||||||||||
Allowance for uncollectible accounts
|
$ | 6.8 | $ | 8.7 | $ | 6.0 |
(a)
|
$ | 14.4 |
(b)
|
$ | 7.1 | ||||||
Legal reserves
|
10.2 | 2.6 | - | 7.7 |
(c)
|
5.1 | ||||||||||||
Environmental reserves
|
0.5 | 2.0 | - | 0.1 | 2.4 | |||||||||||||
Tax valuation allowance
|
75.8 | 57.0 | - | 103.0 |
(d)
|
29.8 | ||||||||||||
(a)
|
Recoveries.
|
|||||||||||||||||
(b)
|
Uncollectible accounts charged off.
|
|||||||||||||||||
(c)
|
Payment of claims.
|
|||||||||||||||||
(d)
|
Reversal of tax valuation allowance.
|
Kansas City Power & Light Company
|
||||||||||||||||||
Valuation and Qualifying Accounts
|
||||||||||||||||||
Years Ended December 31, 2011, 2010 and 2009
|
||||||||||||||||||
Additions
|
||||||||||||||||||
Charged
|
||||||||||||||||||
Balance At
|
To Costs
|
Charged
|
Balance
|
|||||||||||||||
Beginning
|
And
|
To Other
|
At End
|
|||||||||||||||
Description
|
Of Period
|
Expenses
|
Accounts
|
Deductions
|
Of Period
|
|||||||||||||
Year Ended December 31, 2011
|
(millions)
|
|||||||||||||||||
Allowance for uncollectible accounts
|
$ | 1.5 | $ | 8.8 | $ | 4.5 |
(a)
|
$ | 13.4 |
(b)
|
$ | 1.4 | ||||||
Legal reserves
|
3.0 | 1.3 | - | 0.4 |
(c)
|
3.9 | ||||||||||||
Environmental reserves
|
0.3 | - | - | - | 0.3 | |||||||||||||
Year Ended December 31, 2010
|
||||||||||||||||||
Allowance for uncollectible accounts
|
$ | 1.7 | $ | 6.2 | $ | 4.3 |
(a)
|
$ | 10.7 |
(b)
|
$ | 1.5 | ||||||
Legal reserves
|
2.3 | 1.9 | - | 1.2 |
(c)
|
3.0 | ||||||||||||
Environmental reserves
|
0.3 | - | - | - | 0.3 | |||||||||||||
Year Ended December 31, 2009
|
||||||||||||||||||
Allowance for uncollectible accounts
|
$ | 1.2 | $ | 5.5 | $ | 3.9 |
(a)
|
$ | 8.9 |
(b)
|
$ | 1.7 | ||||||
Legal reserves
|
2.4 | 1.2 | - | 1.3 |
(c)
|
2.3 | ||||||||||||
Environmental reserves
|
0.3 | - | - | - | 0.3 | |||||||||||||
(a)
|
Recoveries.
|
|||||||||||||||||
(b)
|
Uncollectible accounts charged off.
|
|||||||||||||||||
(c)
|
Payment of claims.
|
Signature
|
Title
|
Date
|
/s/Michael J. Chesser
Michael J. Chesser
|
Chairman of the Board and Chief Executive Officer
(Principal Executive Officer)
|
)
)
)
|
)
|
||
/s/James C. Shay
James C. Shay
|
Senior Vice President – Finance and Strategic Development and
Chief Financial Officer
(Principal Financial Officer)
|
)
)
)
)
|
)
|
||
/s/Lori A. Wright
Lori A. Wright
|
Vice President – Business Planning and Controller
(Principal Accounting Officer)
|
)
)
)
|
)
|
||
/s/Terry Bassham
Terry Bassham
|
Director, President and Chief Operating Officer
|
)
)
)
|
)
|
||
David L. Bodde*
|
Director
|
) February 28, 2012
|
)
|
||
Randall C. Ferguson, Jr.*
|
Director
|
)
|
)
|
||
Gary D. Forsee*
|
Director
|
)
|
)
|
||
Thomas D. Hyde*
|
Director
|
)
|
)
|
||
James A. Mitchell*
|
Director
|
)
|
)
|
||
William C. Nelson*
|
Director
|
)
|
)
|
||
John J. Sherman*
|
Director
|
)
|
)
|
||
Linda H. Talbott*
|
Director
|
)
|
)
|
||
Robert H. West*
|
Director
|
)
|
Signature
|
Title
|
Date
|
/s/Michael J. Chesser
Michael J. Chesser
|
Chairman of the Board and Chief Executive Officer
(Principal Executive Officer)
|
)
)
)
|
)
|
||
/s/James C. Shay
James C. Shay
|
Senior Vice President – Finance and Strategic Development and
Chief Financial Officer
(Principal Financial Officer)
|
)
)
)
)
|
)
|
||
/s/Lori A. Wright
Lori A. Wright
|
Vice President – Business Planning and Controller
(Principal Accounting Officer)
|
)
)
)
|
)
|
||
/s/Terry Bassham
Terry Bassham
|
Director, President and Chief Operating Officer
|
)
)
)
|
)
|
||
David L. Bodde*
|
Director
|
) February 28, 2012
|
)
|
||
Randall C. Ferguson, Jr.*
|
Director
|
)
|
)
|
||
Gary D. Forsee*
|
Director
|
)
|
)
|
||
Thomas D. Hyde*
|
Director
|
)
|
)
|
||
James A. Mitchell*
|
Director
|
)
|
)
|
||
William C. Nelson*
|
Director
|
)
|
)
|
||
John J. Sherman*
|
Director
|
)
|
)
|
||
Linda H. Talbott*
|
Director
|
)
|
)
|
>A-/A3
|
BBB+/Baa1
|
BBB/Baa2
|
BBB-/Baa3
|
BB+/Ba1
|
<BB/Ba2
|
|
Pricing
|
Level I Status
|
Level II Status
|
Level III Status
|
Level IV Status
|
Level V
Status
|
Level VI Status
|
Applicable Margin for Eurodollar Advances and Letter of Credit Fee Rate
|
1.125%
|
1.25%
|
1.50%
|
1.75%
|
2.00%
|
2.25%
|
Commitment Fee Rate
|
0.125%
|
0.175%
|
0.225%
|
0.275%
|
0.375%
|
0.50%
|
Applicable Margin for Floating Rate Advances
|
0.125%
|
0.25%
|
0.50%
|
0.75%
|
1.00%
|
1.25%
|
BORROWER:
|
GREAT PLAINS ENERGY INCORPORATED, a Missouri corporation
By: /s/ Kevin E. Bryant
Name: Kevin E. Bryant
Title: Vice President – Investor Relations and Treasurer
|
ADMINISTRATIVE AGENT
|
BANK OF AMERICA, N.A.,
as Administrative Agent
By: /s/ Kelly Weaver
Name: Kelly Weaver
Title: Assistant Vice President
|
LENDERS:
|
BANK OF AMERICA, N.A.,
as a Lender, an Issuer and Swing Line Lender
By: /s/ Patrick Martin
Name: Patrick Martin
Title: Director
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender, Syndication Agent and an Issuer
By:/s/ Allison Newman
Name: Allison Newman
Title: Director
THE BANK OF TOKYO-MITSUBISHI UFJ,
LTD.,
as a Lender and as an Issuer
By: /s/ Chi-Cheng Chen
Name: Chi-Cheng Chen
Title: Vice President
UNION BANK, N.A.,
as a Lender and Syndication Agent
By: /s/ Susan K. Johnson
Name: Susan K. Johnson
Title: Vice President
BARCLAYS BANK PLC,
as a Lender
By: /s/ David Barton
Name: David Barton
Title: Director
BNP PARIBAS,
as a Lender
By: /s/ Francis DeLaney
Name: Francis DeLaney
Title: Managing Director
By: /s/ Pasquale Perraglia
Name: Pasquale Perraglia
Title: Vice President
GOLDMAN SACHS BANK USA.
as a Lender
By: /s/ Mark Walton
Name: Mark Walton
Title: Authorized Signatory
|
JPMORGAN CHASE BANK, N.A
as a Lender
By: /s/ John E. Zur
Name: John E. Zur
Title: Authorized Officer
|
|
THE BANK OF NOVA SCOTIA
as a Lender
By: /s/ Thane Rattew
Name: Thane Rattew
Title: Managing Director
|
|
THE ROYAL BANK OF SCOTLAND plc,
as a Lender
By: /s/ Andrew N. Taylor
Name: Andrew N. Taylor
Title: Vice President
|
|
U.S. Bank National Association,
as a Lender
By: /s/ Eric J. Cosgrove
Name: Eric J. Cosgrove
Title: Vice President
|
|
SUNTRUST BANK,
as a Lender
By: /s/ Andrew Johnson
Name: Andrew Johnson
Title: Director
|
|
KeyBank National Association
as a Lender
By: /s/ Craig A. Hanselman
Name: Craig A. Hanselman
Title: Vice President
|
|
The Bank of New York Mellon
as a Lender
By: /s/ Hussam S. Alsahlani
Name: Hussam S. Alsahlani
Title: Vice President
|
|
UMB BANK, N.A.
As a Lender
By: /s/ Robert P. Elbert
Name: Robert P. Elbert
Title: Senior Vice President
|
|
COMMERCE BANK
as a Lender
By: /s/ Aaron M. Siders
Name: Aaron M. Siders
Title: Vice President
|
Lender
|
Commitment
|
Bank of America, N.A.
|
$18,400,000
|
Wells Fargo Bank, National Association
|
$18,400,000
|
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
|
$9,200,000
|
Union Bank, N.A.
|
$9,200,000
|
Barclays Bank PLC
|
$13,600,000
|
BNP Paribas
|
$13,600,000
|
Goldman Sachs Bank USA
|
$13,600,000
|
JPMorgan Chase Bank, N.A.
|
$13,600,000
|
The Bank of Nova Scotia
|
$13,600,000
|
The Royal Bank of Scotland plc
|
$13,600,000
|
U.S. Bank National Association
|
$13,600,000
|
SunTrust Bank
|
$12,800,000
|
KeyBank National Association
|
$12,000,000
|
The Bank of New York Mellon
|
$12,000,000
|
UMB Bank, N.A.
|
$8,000,000
|
Commerce Bank
|
$4,800,000
|
Total
|
$200,000,000
|
Issuer
|
Letter of Credit Commitment
|
Bank of America, N.A.
|
$16,666,666.67
|
Wells Fargo Bank, National Association
|
$16,666,666.67
|
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
|
$16,666,666.66
|
Total
|
$50,000,000.00
|
>A-/A3
|
BBB+/Baa1
|
BBB/Baa2
|
BBB-/Baa3
|
BB+/Ba1
|
<BB/Ba2
|
|
Pricing
|
Level I Status
|
Level II Status
|
Level III Status
|
Level IV Status
|
Level V
Status
|
Level VI Status
|
Applicable Margin for Eurodollar Advances and Letter of Credit Fee Rate
|
1.125%
|
1.25%
|
1.50%
|
1.75%
|
2.00%
|
2.25%
|
Commitment Fee Rate
|
0.125%
|
0.175%
|
0.225%
|
0.275%
|
0.375%
|
0.50%
|
Applicable Margin for Floating Rate Advances
|
0.125%
|
0.25%
|
0.50%
|
0.75%
|
1.00%
|
1.25%
|
BORROWER:
|
KANSAS CITY POWER & LIGHT COMPANY, a Missouri corporation
By: /s/ Kevin E. Bryant
Name: Kevin E. Bryant
Title: Vice President – Investor Relations and Treasurer
|
ADMINISTRATIVE AGENT
|
BANK OF AMERICA, N.A.,
as Administrative Agent
By: /s/ Kelly Weaver
Name: Kelly Weaver
Title: Assistant Vice President
|
LENDERS:
|
BANK OF AMERICA, N.A.,
as a Lender, an Issuer and Swing Line Lender
By: /s/ Patrick Martin
Name: Patrick Martin
Title: Director
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender, Syndication Agent and an Issuer
By:/s/ Allison Newman
Name: Allison Newman
Title: Director
THE BANK OF TOKYO-MITSUBISHI UFJ,
LTD.,
as a Lender and as an Issuer
By: /s/ Chi-Cheng Chen
Name: Chi-Cheng Chen
Title: Vice President
UNION BANK, N.A.,
as a Lender and Syndication Agent
By: /s/ Susan K. Johnson
Name: Susan K. Johnson
Title: Vice President
BARCLAYS BANK PLC,
as a Lender
By: /s/ David Barton
Name: David Barton
Title: Director
BNP PARIBAS,
as a Lender
By: /s/ Francis DeLaney
Name: Francis DeLaney
Title: Managing Director
By: /s/ Pasquale Perraglia
Name: Pasquale Perraglia
Title: Vice President
GOLDMAN SACHS BANK USA.
as a Lender
By: /s/ Mark Walton
Name: Mark Walton
Title: Authorized Signatory
|
JPMORGAN CHASE BANK, N.A
as a Lender
By: /s/ John E. Zur
Name: John E. Zur
Title: Authorized Officer
|
|
THE BANK OF NOVA SCOTIA
as a Lender
By: /s/ Thane Rattew
Name: Thane Rattew
Title: Managing Director
|
|
THE ROYAL BANK OF SCOTLAND plc,
as a Lender
By: /s/ Andrew N. Taylor
Name: Andrew N. Taylor
Title: Vice President
|
|
U.S. Bank National Association,
as a Lender
By: /s/ Eric J. Cosgrove
Name: Eric J. Cosgrove
Title: Vice President
|
|
SUNTRUST BANK,
as a Lender
By: /s/ Andrew Johnson
Name: Andrew Johnson
Title: Director
|
|
KeyBank National Association
as a Lender
By: /s/ Craig A. Hanselman
Name: Craig A. Hanselman
Title: Vice President
|
|
The Bank of New York Mellon
as a Lender
By: /s/ Hussam S. Alsahlani
Name: Hussam S. Alsahlani
Title: Vice President
|
|
UMB BANK, N.A.
As a Lender
By: /s/ Robert P. Elbert
Name: Robert P. Elbert
Title: Senior Vice President
|
|
COMMERCE BANK
as a Lender
By: /s/ Aaron M. Siders
Name: Aaron M. Siders
Title: Vice President
|
Lender
|
Commitment
|
Bank of America, N.A.
|
$55,200,000
|
Wells Fargo Bank, National Association
|
$55,200,000
|
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
|
$27,600,000
|
Union Bank, N.A.
|
$27,600,000
|
Barclays Bank PLC
|
$40,800,000
|
BNP Paribas
|
$40,800,000
|
Goldman Sachs Bank USA
|
$40,800,000
|
JPMorgan Chase Bank, N.A.
|
$40,800,000
|
The Bank of Nova Scotia
|
$40,800,000
|
The Royal Bank of Scotland plc
|
$40,800,000
|
U.S. Bank National Association
|
$40,800,000
|
SunTrust Bank
|
$38,400,000
|
KeyBank National Association
|
$36,000,000
|
The Bank of New York Mellon
|
$36,000,000
|
UMB Bank, N.A.
|
$24,000,000
|
Commerce Bank
|
$14,400,000
|
Total
|
$600,000,000
|
Issuer
|
Letter of Credit Commitment
|
Bank of America, N.A.
|
$25,000,000.00
|
Wells Fargo Bank, National Association
|
$25,000,000.00
|
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
|
$25,000,000.00
|
Total
|
$75,000,000.00
|
>A-/A3
|
BBB+/Baa1
|
BBB/Baa2
|
BBB-/Baa3
|
BB+/Ba1
|
<BB/Ba2
|
|
Pricing
|
Level I Status
|
Level II Status
|
Level III Status
|
Level IV Status
|
Level V
Status
|
Level VI Status
|
Applicable Margin for Eurodollar Advances and Letter of Credit Fee Rate
|
1.125%
|
1.25%
|
1.50%
|
1.75%
|
2.00%
|
2.25%
|
Commitment Fee Rate
|
0.125%
|
0.175%
|
0.225%
|
0.275%
|
0.375%
|
0.50%
|
Applicable Margin for Floating Rate Advances
|
0.125%
|
0.25%
|
0.50%
|
0.75%
|
1.00%
|
1.25%
|
BORROWER:
|
KCP&L GREATER MISSOURI OPERATIONS COMPANY, a Delaware corporation
By: /s/ Kevin E. Bryant
Name: Kevin E. Bryant
Title: Vice President – Investor Relations and Treasurer
|
GUARANTOR:
|
GREAT PLAINS ENERGY INCORPORATED, a Missouri corporation
By: /s/ Kevin E. Bryant
Name: Kevin E. Bryant
Title: Vice President – Investor Relations and Treasurer
|
ADMINISTRATIVE AGENT
|
BANK OF AMERICA, N.A.,
as Administrative Agent
By: /s/ Kelly Weaver
Name: Kelly Weaver
Title: Assistant Vice President
|
LENDERS:
|
BANK OF AMERICA, N.A.,
as a Lender, an Issuer and Swing Line Lender
By: /s/ Patrick Martin
Name: Patrick Martin
Title: Director
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender, Syndication Agent and an Issuer
By:/s/ Allison Newman
Name: Allison Newman
Title: Director
THE BANK OF TOKYO-MITSUBISHI UFJ,
LTD.,
as a Lender and as an Issuer
By: /s/ Chi-Cheng Chen
Name: Chi-Cheng Chen
Title: Vice President
UNION BANK, N.A.,
as a Lender and Syndication Agent
By: /s/ Susan K. Johnson
Name: Susan K. Johnson
Title: Vice President
BARCLAYS BANK PLC,
as a Lender
By: /s/ David Barton
Name: David Barton
Title: Director
BNP PARIBAS,
as a Lender
By: /s/ Francis DeLaney
Name: Francis DeLaney
Title: Managing Director
By: /s/ Pasquale Perraglia
Name: Pasquale Perraglia
Title: Vice President
GOLDMAN SACHS BANK USA.
as a Lender
By: /s/ Mark Walton
Name: Mark Walton
Title: Authorized Signatory
|
JPMORGAN CHASE BANK, N.A
as a Lender
By: /s/ John E. Zur
Name: John E. Zur
Title: Authorized Officer
|
|
THE BANK OF NOVA SCOTIA
as a Lender
By: /s/ Thane Rattew
Name: Thane Rattew
Title: Managing Director
|
|
THE ROYAL BANK OF SCOTLAND plc,
as a Lender
By: /s/ Andrew N. Taylor
Name: Andrew N. Taylor
Title: Vice President
|
|
U.S. Bank National Association,
as a Lender
By: /s/ Eric J. Cosgrove
Name: Eric J. Cosgrove
Title: Vice President
|
|
SUNTRUST BANK,
as a Lender
By: /s/ Andrew Johnson
Name: Andrew Johnson
Title: Director
|
|
KeyBank National Association
as a Lender
By: /s/ Craig A. Hanselman
Name: Craig A. Hanselman
Title: Vice President
|
|
The Bank of New York Mellon
as a Lender
By: /s/ Hussam S. Alsahlani
Name: Hussam S. Alsahlani
Title: Vice President
|
|
UMB BANK, N.A.
As a Lender
By: /s/ Robert P. Elbert
Name: Robert P. Elbert
Title: Senior Vice President
|
|
COMMERCE BANK
as a Lender
By: /s/ Aaron M. Siders
Name: Aaron M. Siders
Title: Vice President
|
Lender
|
Commitment
|
Bank of America, N.A.
|
$41,400,000
|
Wells Fargo Bank, National Association
|
$41,400,000
|
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
|
$20,700,000
|
Union Bank, N.A.
|
$20,700,000
|
Barclays Bank PLC
|
$30,600,000
|
BNP Paribas
|
$30,600,000
|
Goldman Sachs Bank USA
|
$30,600,000
|
JPMorgan Chase Bank, N.A.
|
$30,600,000
|
The Bank of Nova Scotia
|
$30,600,000
|
The Royal Bank of Scotland plc
|
$30,600,000
|
U.S. Bank National Association
|
$30,600,000
|
SunTrust Bank
|
$28,800,000
|
KeyBank National Association
|
$27,000,000
|
The Bank of New York Mellon
|
$27,000,000
|
UMB Bank, N.A.
|
$18,000,000
|
Commerce Bank
|
$10,800,000
|
Total
|
$450,000,000
|
Issuer
|
Letter of Credit Commitment
|
Bank of America, N.A.
|
$16,666,666.67
|
Wells Fargo Bank, National Association
|
$16,666,666.67
|
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
|
$16,666,666.66
|
Total
|
$50,000,000.00
|
Exhibit 12.1
|
||||||||||||||||
GREAT PLAINS ENERGY INCORPORATED
|
||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
||||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||
(millions)
|
||||||||||||||||
Income from continuing operations
|
$ | 174.2 | $ | 211.9 | $ | 151.9 | $ | 119.7 | $ | 120.9 | ||||||
Add
|
||||||||||||||||
Equity investment loss
|
0.1 | 1.0 | 0.4 | 1.3 | 2.0 | |||||||||||
Income subtotal
|
174.3 | 212.9 | 152.3 | 121.0 | 122.9 | |||||||||||
Add
|
||||||||||||||||
Taxes on income
|
84.8 | 99.0 | 29.5 | 63.8 | 44.9 | |||||||||||
Kansas City earnings tax
|
- | 0.1 | 0.4 | 0.3 | 0.5 | |||||||||||
Total taxes on income
|
84.8 | 99.1 | 29.9 | 64.1 | 45.4 | |||||||||||
Interest on value of leased property
|
5.9 | 6.2 | 6.5 | 3.6 | 3.9 | |||||||||||
Interest on long-term debt
|
223.2 | 218.9 | 203.6 | 126.2 | 74.1 | |||||||||||
Interest on short-term debt
|
11.8 | 9.7 | 10.3 | 18.2 | 26.4 | |||||||||||
Other interest expense and amortization (a)
|
11.6 | 9.7 | 4.7 | (1.4 | ) | 5.8 | ||||||||||
Total fixed charges
|
252.5 | 244.5 | 225.1 | 146.6 | 110.2 | |||||||||||
Earnings before taxes on
|
||||||||||||||||
income and fixed charges
|
$ | 511.6 | $ | 556.5 | $ | 407.3 | $ | 331.7 | $ | 278.5 | ||||||
Ratio of earnings to fixed charges
|
2.03 | 2.28 | 1.81 | 2.26 | 2.53 | |||||||||||
(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
|
||||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||
(millions)
|
||||||||||||||||
Income from continuing operations
|
$ | 135.5 | $ | 163.2 | $ | 128.9 | $ | 125.2 | $ | 156.7 | ||||||
Add
|
||||||||||||||||
Taxes on income
|
69.1 | 81.6 | 46.9 | 59.8 | 59.3 | |||||||||||
Kansas City earnings tax
|
- | 0.1 | 0.2 | 0.5 | 0.5 | |||||||||||
Total taxes on income
|
69.1 | 81.7 | 47.1 | 60.3 | 59.8 | |||||||||||
Interest on value of leased property
|
5.4 | 5.7 | 6.0 | 3.3 | 3.9 | |||||||||||
Interest on long-term debt
|
118.5 | 117.9 | 110.4 | 79.3 | 54.5 | |||||||||||
Interest on short-term debt
|
5.1 | 3.9 | 5.3 | 15.2 | 20.3 | |||||||||||
Other interest expense and amortization (a)
|
5.8 | 4.2 | 0.3 | 1.4 | 6.8 | |||||||||||
Total fixed charges
|
134.8 | 131.7 | 122.0 | 99.2 | 85.5 | |||||||||||
Earnings before taxes on
|
||||||||||||||||
income and fixed charges
|
$ | 339.4 | $ | 376.6 | $ | 298.0 | $ | 284.7 | $ | 302.0 | ||||||
Ratio of earnings to fixed charges
|
2.52 | 2.86 | 2.44 | 2.87 | 3.53 | |||||||||||
(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.
|
Name of Company
|
State of Incorporation
|
Kansas City Power & Light Company
|
Missouri
|
KCP&L Greater Missouri Operations Company
|
Delaware
|
/s/ David. L. Bodde
David L. Bodde
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Gary D. Forsee
Gary D. Forsee
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Randall C. Ferguson, Jr.
Randall C. Ferguson, Jr.
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ John J. Sherman
John J. Sherman
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ James A. Mitchell
James A. Mitchell
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ William C. Nelson
William C. Nelson
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Linda H. Talbott
Linda H. Talbott
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Robert H. West
Robert H. West
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Thomas D. Hyde
Thomas D. Hyde
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ David L. Bodde
David L. Bodde
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Randall C. Ferguson, Jr.
Randall C. Ferguson, Jr.
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Gary D. Forsee
Gary D. Forsee
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ John J. Sherman
John J. Sherman
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ James A. Mitchell
James A. Mitchell
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ William C. Nelson
William C. Nelson
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Linda H. Talbott
Linda H. Talbott
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
/s/ Thomas D. Hyde
Thomas D. Hyde
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
/s/ Annette G. Carter
Notary Public
|
1.
|
I have reviewed this annual report on Form 10-K 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:
|
February 28, 2012
|
/s/ Michael J. Chesser
|
|
Michael J. Chesser
Chairman of the Board and Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K 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:
|
February 28, 2012
|
/s/ James C. Shay
|
|
James C. Shay
Senior Vice President – Finance and Strategic Development and Chief Financial Officer
|
1.
|
I have reviewed this annual report on Form 10-K 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:
|
February 28, 2012
|
/s/ Michael J. Chesser
|
|
Michael J. Chesser
Chairman of the Board and Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K 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:
|
February 28, 2012
|
/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:
|
February 28, 2012
|
/s/ James C. Shay
|
|
Name:
Title:
|
James C. Shay
Senior Vice President – Finance and Strategic Development and Chief Financial Officer
|
Date:
|
February 28, 2012
|
/s/ Michael J. Chesser
|
|
Name:
Title:
|
Michael J. Chesser
Chairman of the Board and Chief Executive Officer
|
Date:
|
February 28, 2012
|
/s/ James C. Shay
|
|
Name:
Title:
|
James C. Shay
Senior Vice President – Finance and Strategic Development and Chief Financial Officer
|
Date:
|
February 28, 2012
|
Regulatory Matters (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory assets |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory liabilities |
|
|
Fair Value Measurements (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of assets and liabilities |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unobservable inputs reconciliation |
|
Derivative Instruments (Details) (USD $)
In Millions, unless otherwise specified |
1 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2011
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2011
Futures contracts [Member]
Cash Flow Hedging [Member]
|
Dec. 31, 2010
Futures contracts [Member]
Cash Flow Hedging [Member]
|
Dec. 31, 2011
Futures contracts [Member]
Not Designated as Hedging Instrument [Member]
|
Dec. 31, 2010
Futures contracts [Member]
Not Designated as Hedging Instrument [Member]
|
Dec. 31, 2011
Forward Contracts [Member]
Not Designated as Hedging Instrument [Member]
|
Dec. 31, 2010
Forward Contracts [Member]
Not Designated as Hedging Instrument [Member]
|
Dec. 31, 2011
Option contracts [Member]
Not Designated as Hedging Instrument [Member]
|
Dec. 31, 2010
Option contracts [Member]
Not Designated as Hedging Instrument [Member]
|
Dec. 31, 2011
Anticipated debt issuance [Member]
Forward Starting Swaps [Member]
|
Dec. 31, 2010
Anticipated debt issuance [Member]
Forward Starting Swaps [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Futures contracts [Member]
Cash Flow Hedging [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Futures contracts [Member]
Cash Flow Hedging [Member]
|
|
Interest Rate Risk Management [Abstract] | |||||||||||||||||
Amount of long-term debt issued | $ 350.0 | ||||||||||||||||
Loss recorded in other comprehensive income on forward starting swaps settled with debt issue | 26.1 | ||||||||||||||||
Reclassification period for loss recorded in other comprehensive income (in years) | three years | ||||||||||||||||
Amount of loss reclassified from other comprehensive income to interest expense. | 5.4 | ||||||||||||||||
Commodity Risk Management [Abstract] | |||||||||||||||||
Percentage of projected natural gas usage hedged at KCPL (in hundredths) | 13.00% | 56.00% | 66.00% | ||||||||||||||
Percentage of expected on-peak natural gas and natural gas equivalent purchased power price exposure that is hedged at GMO (in hundredths) | 38.00% | 38.00% | 45.00% | ||||||||||||||
Notional Contract Amount | 2.0 | 4.0 | 23.6 | 59.5 | 97.3 | 202.8 | 0.4 | 0.2 | 0 | 350.0 | 2.0 | 4.0 | |||||
Fair Value | $ (0.5) | $ 0 | $ (5.0) | $ (2.5) | $ 7.8 | $ 8.9 | $ 0 | $ 0 | $ 0 | $ (20.8) | $ (0.5) | $ 0 |
Quarterly Operating Results (Unaudited) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Jan. 02, 2010
|
|
Operating revenue | $ 486.3 | $ 773.7 | $ 565.1 | $ 492.9 | $ 467.8 | $ 728.8 | $ 552.0 | $ 506.9 | $ 2,318.0 | $ 2,255.5 | $ 1,965.0 |
Operating income | 60.3 | 262.7 | 115.6 | 41.2 | 31.6 | 243.8 | 134.9 | 62.0 | 479.8 | 472.3 | 320.1 |
Net income (loss) | 1.9 | 126.6 | 43.4 | 2.3 | (4.8) | 132.0 | 64.4 | 20.3 | 174.2 | 211.9 | 150.4 |
Net income (loss) attributable to Great Plains Energy | 2.1 | 126.5 | 43.4 | 2.4 | (4.9) | 132.0 | 64.3 | 20.3 | 174.4 | 211.7 | 150.1 |
Basic earnings (loss) per common share | $ 0.01 | $ 0.93 | $ 0.32 | $ 0.02 | $ (0.04) | $ 0.97 | $ 0.47 | $ 0.15 | $ 1.27 | $ 1.55 | $ 1.15 |
Diluted earnings (loss) per common share | $ 0.01 | $ 0.91 | $ 0.31 | $ 0.01 | $ (0.04) | $ 0.96 | $ 0.47 | $ 0.15 | $ 1.25 | $ 1.53 | $ 1.14 |
Disallowed construction costs on Iatan Nos 1 and 2 | 12.8 | 4.0 | |||||||||
Pre-tax impairment loss on investments in affordable housing limited partnerships | 11.2 | ||||||||||
Kansas City Power and Light Company [Member]
|
|||||||||||
Operating revenue | 337.8 | 506.3 | 383.4 | 330.8 | 322.4 | 486.5 | 372.6 | 335.6 | 1,558.3 | 1,517.1 | 1,318.2 |
Operating income | 47.7 | 169.2 | 77.8 | 26.5 | 22.6 | 163.6 | 84.7 | 40.5 | 321.2 | 311.4 | 232.2 |
Net income (loss) | $ 12.7 | $ 85.4 | $ 33.4 | $ 4.0 | $ 3.2 | $ 92.6 | $ 48.2 | $ 19.2 | $ 135.5 | $ 163.2 | $ 128.9 |
Related Party Transactions and Relationships (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Related Party Transactions and Relationships [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of related party receivables and payables |
|
Schedule II Valuation and Qualifying Accounts
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Schedule II Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts | GREAT PLAINS ENERGY INCORPORATED NOTES TO FINANCIAL STATEMENTS OF PARENT COMPANY The Great Plains Energy Incorporated Notes to Consolidated Financial Statements in Part II, Item 8 should be read in conjunction with the Great Plains Energy Incorporated Parent Company Financial Statements. Schedule II – Valuation and Qualifying Accounts and Reserves
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Schedule I Financial Statements of Parent Company (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
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Sep. 30, 2011
|
Jun. 30, 2011
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Mar. 31, 2011
|
Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
|
Dec. 31, 2011
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Dec. 31, 2010
|
Jan. 02, 2010
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Dec. 31, 2009
|
Dec. 31, 2008
|
|
Operating Expenses | |||||||||||||
Selling, general and administrative | $ 5.9 | $ 22.1 | $ 14.4 | ||||||||||
Maintenance | 0 | 0 | 0.2 | ||||||||||
General taxes | 170.9 | 155.1 | 139.8 | ||||||||||
Total | 1,838.2 | 1,783.2 | 1,644.9 | ||||||||||
Operating loss | 60.3 | 262.7 | 115.6 | 41.2 | 31.6 | 243.8 | 134.9 | 62.0 | 479.8 | 472.3 | 320.1 | ||
Equity in earnings from subsidiaries | 200.8 | 239.3 | 174.7 | ||||||||||
Non-operating income | 5.9 | 43.9 | 49.5 | ||||||||||
Interest charges | (218.4) | (184.8) | (180.9) | ||||||||||
Income from continuing operations before income tax | 259.1 | 311.9 | 181.8 | ||||||||||
Income tax (expense) benefit | (84.8) | (99.0) | (29.5) | ||||||||||
Income from continuing operations | 174.2 | 211.9 | 151.9 | ||||||||||
Equity in earnings (loss) from discontinued subsidiary | 0 | 0 | (1.5) | ||||||||||
Net income (loss) attributable to Great Plains Energy | 2.1 | 126.5 | 43.4 | 2.4 | (4.9) | 132.0 | 64.3 | 20.3 | 174.4 | 211.7 | 150.1 | ||
Preferred stock dividend requirements | 1.6 | 1.6 | 1.6 | ||||||||||
Earnings available for common shareholders | 172.8 | 210.1 | 148.5 | ||||||||||
Average number of basic common shares outstanding | 135.6 | 135.1 | 129.3 | ||||||||||
Average number of diluted common shares outstanding | 138.7 | 136.9 | 129.8 | ||||||||||
Basic earnings (loss) per common share | |||||||||||||
Continuing operations | $ 1.27 | $ 1.55 | $ 1.16 | ||||||||||
Discontinued operations | $ 0.00 | $ 0.00 | $ (0.01) | ||||||||||
Basic earnings per common share | $ 0.01 | $ 0.93 | $ 0.32 | $ 0.02 | $ (0.04) | $ 0.97 | $ 0.47 | $ 0.15 | $ 1.27 | $ 1.55 | $ 1.15 | ||
Diluted earnings (loss) per common share | |||||||||||||
Continuing operations | $ 1.25 | $ 1.53 | $ 1.15 | ||||||||||
Discontinued operations | $ 0.00 | $ 0.00 | $ (0.01) | ||||||||||
Diluted earnings per common share | $ 0.01 | $ 0.91 | $ 0.31 | $ 0.01 | $ (0.04) | $ 0.96 | $ 0.47 | $ 0.15 | $ 1.25 | $ 1.53 | $ 1.14 | ||
Cash dividends per common share | $ 0.835 | $ 0.83 | $ 0.83 | ||||||||||
Current Assets | |||||||||||||
Cash and cash equivalents | 6.2 | 10.8 | 6.2 | 10.8 | 61.1 | ||||||||
Taxes receivable | 0.3 | 2.1 | 0.3 | 2.1 | |||||||||
Total | 619.1 | 611.6 | 619.1 | 611.6 | |||||||||
Investments and Other Assets | |||||||||||||
Other | 76.1 | 84.3 | 76.1 | 84.3 | |||||||||
Total | 1,445.4 | 1,314.3 | 1,445.4 | 1,314.3 | |||||||||
Total | 9,118.0 | 8,818.2 | 9,118.0 | 8,818.2 | 8,482.8 | ||||||||
Current Liabilities | |||||||||||||
Current maturities of long-term debt | 801.4 | 485.7 | 801.4 | 485.7 | |||||||||
Accounts payable | 275.6 | 276.3 | 275.6 | 276.3 | |||||||||
Accrued taxes | 25.8 | 26.6 | 25.8 | 26.6 | |||||||||
Accrued interest | 76.9 | 75.4 | 76.9 | 75.4 | |||||||||
Derivative instruments | 0 | 20.8 | 0 | 20.8 | |||||||||
Other | 26.0 | 35.6 | 26.0 | 35.6 | |||||||||
Total | 1,634.9 | 1,339.3 | 1,634.9 | 1,339.3 | |||||||||
Deferred Credits and Other Liabilities | |||||||||||||
Other | 101.1 | 129.4 | 101.1 | 129.4 | |||||||||
Total | 1,740.9 | 1,610.1 | 1,740.9 | 1,610.1 | |||||||||
Common shareholders' equity | |||||||||||||
Common stock-250,000,000 shares authorized without par value 136,113,954 and 135,636,538 shares issued, stated value | 2,330.6 | 2,324.4 | 2,330.6 | 2,324.4 | |||||||||
Retained earnings | 684.7 | 626.5 | 684.7 | 626.5 | |||||||||
Treasury stock-264,567 and 400,889 shares, at cost | (5.6) | (8.9) | (5.6) | (8.9) | |||||||||
Accumulated other comprehensive loss | (49.8) | (56.1) | (49.8) | (56.1) | |||||||||
Total | 2,959.9 | 2,885.9 | 2,959.9 | 2,885.9 | 2,792.5 | ||||||||
Cumulative preferred stock $100 par value | |||||||||||||
3.8% - 100,000 shares issued | 10.0 | 10.0 | 10.0 | 10.0 | |||||||||
4.50% - 100,000 shares issued | 10.0 | 10.0 | 10.0 | 10.0 | |||||||||
4.20% - 70,000 shares issued | 7.0 | 7.0 | 7.0 | 7.0 | |||||||||
4.35% - 120,000 shares issued | 12.0 | 12.0 | 12.0 | 12.0 | |||||||||
Total | 39.0 | 39.0 | 39.0 | 39.0 | |||||||||
Long-term debt | 2,742.3 | 2,942.7 | 2,742.3 | 2,942.7 | |||||||||
Total | 5,742.2 | 5,868.8 | 5,742.2 | 5,868.8 | |||||||||
Commitments and Contingencies | |||||||||||||
Total | 9,118.0 | 8,818.2 | 9,118.0 | 8,818.2 | |||||||||
Cash Flows from Operating Activities | |||||||||||||
Net income | 1.9 | 126.6 | 43.4 | 2.3 | (4.8) | 132.0 | 64.4 | 20.3 | 174.2 | 211.9 | 150.4 | ||
Adjustments to reconcile income to net cash from operating activities: | |||||||||||||
Amortization | 11.2 | 3.9 | 1.9 | ||||||||||
Deferred income taxes, net | 111.2 | 123.8 | (3.6) | ||||||||||
Equity in earnings from subsidiaries | (200.8) | (239.3) | (174.7) | ||||||||||
Equity in (earnings) loss from discontinued subsidiary | 0 | 0 | 1.5 | ||||||||||
Cash flows affected by changes in: | |||||||||||||
Accounts receivable from subsidiaries | 0 | (2.6) | 3.7 | ||||||||||
Taxes receivable | 6.3 | 0 | 4.8 | ||||||||||
Accounts payable to subsidiaries | (0.3) | 2.2 | 0.2 | ||||||||||
Other accounts payable | 0 | (0.1) | 0.1 | ||||||||||
Accrued taxes | 1.4 | 6.7 | 42.2 | ||||||||||
Accrued interest | 1.5 | 2.9 | 2.9 | ||||||||||
Cash dividends from subsidiaries | 148.0 | 138.6 | 94.0 | ||||||||||
Other | (27.1) | (28.3) | 9.0 | ||||||||||
Net cash from operating activities | 443.0 | 552.1 | 335.4 | ||||||||||
Cash Flows from Investing Activities | |||||||||||||
Equity contributions to subsidiaries | 0 | 0 | (455.0) | ||||||||||
Intercompany lending | (347.4) | (248.8) | 0 | ||||||||||
Net cash from investing activities | (485.7) | (657.7) | (897.6) | ||||||||||
Cash Flows from Financing Activities | |||||||||||||
Issuance of common stock | 5.9 | 6.2 | 219.9 | ||||||||||
Issuance of long-term debt | 747.1 | 249.9 | 700.7 | ||||||||||
Issuance fees | 10.7 | 12.1 | 22.8 | ||||||||||
Net change in short-term borrowings | 16.0 | (165.6) | (145.6) | ||||||||||
Dividends paid | 115.1 | 114.2 | 110.5 | ||||||||||
Other financing activities | (6.6) | (7.4) | (4.0) | ||||||||||
Net cash from financing activities | 38.1 | 50.5 | 567.0 | ||||||||||
Net Change in Cash and Cash Equivalents | (4.6) | (55.1) | 4.8 | ||||||||||
Cash and Cash Equivalents at Beginning of Year | 10.8 | 65.9 | 65.9 | 61.1 | |||||||||
Cash and Cash Equivalents at End of Year | 6.2 | 10.8 | 6.2 | 10.8 | 61.1 | ||||||||
Parent Company [Member]
|
|||||||||||||
Operating Expenses | |||||||||||||
Selling, general and administrative | 0.8 | 1.2 | 8.8 | ||||||||||
Maintenance | 0 | 0 | 0.2 | ||||||||||
General taxes | 0.9 | 0.9 | 1.1 | ||||||||||
Total | 1.7 | 2.1 | 10.1 | ||||||||||
Operating loss | (1.7) | (2.1) | (10.1) | ||||||||||
Equity in earnings from subsidiaries | 200.8 | 239.3 | 174.7 | ||||||||||
Non-operating income | 24.7 | 3.4 | 0 | ||||||||||
Interest charges | (66.5) | (44.7) | (28.2) | ||||||||||
Income from continuing operations before income tax | 157.3 | 195.9 | 136.4 | ||||||||||
Income tax (expense) benefit | 17.1 | 15.8 | 15.2 | ||||||||||
Income from continuing operations | 174.4 | 211.7 | 151.6 | ||||||||||
Equity in earnings (loss) from discontinued subsidiary | 0 | 0 | (1.5) | ||||||||||
Net income (loss) attributable to Great Plains Energy | 174.4 | 211.7 | 150.1 | ||||||||||
Preferred stock dividend requirements | 1.6 | 1.6 | 1.6 | ||||||||||
Earnings available for common shareholders | 172.8 | 210.1 | 148.5 | ||||||||||
Average number of basic common shares outstanding | 135.6 | 135.1 | 129.3 | ||||||||||
Average number of diluted common shares outstanding | 138.7 | 136.9 | 129.8 | ||||||||||
Basic earnings (loss) per common share | |||||||||||||
Continuing operations | $ 1.27 | $ 1.55 | $ 1.16 | ||||||||||
Discontinued operations | $ 0.00 | $ 0.00 | $ (0.01) | ||||||||||
Basic earnings per common share | $ 1.27 | $ 1.55 | $ 1.15 | ||||||||||
Diluted earnings (loss) per common share | |||||||||||||
Continuing operations | $ 1.25 | $ 1.53 | $ 1.15 | ||||||||||
Discontinued operations | $ 0.00 | $ 0.00 | $ (0.01) | ||||||||||
Diluted earnings per common share | $ 1.25 | $ 1.53 | $ 1.14 | ||||||||||
Cash dividends per common share | $ 0.835 | $ 0.83 | $ 0.83 | ||||||||||
Current Assets | |||||||||||||
Cash and cash equivalents | 0 | 0.3 | 0 | 0.3 | 12.0 | ||||||||
Notes receivable from subsidiaries | 0.6 | 249.4 | 0.6 | 249.4 | |||||||||
Money pool receivable | 0.9 | 2.0 | 0.9 | 2.0 | |||||||||
Taxes receivable | 0.9 | 7.2 | 0.9 | 7.2 | |||||||||
Other | 0.6 | 0.7 | 0.6 | 0.7 | |||||||||
Total | 3.0 | 259.6 | 3.0 | 259.6 | |||||||||
Investments and Other Assets | |||||||||||||
Investment in KCP and L | 2,045.5 | 2,005.0 | 2,045.5 | 2,005.0 | |||||||||
Investments in other subsidiaries | 1,377.0 | 1,360.2 | 1,377.0 | 1,360.2 | |||||||||
Notes receivable from subsidiaries | 596.2 | 0 | 596.2 | 0 | |||||||||
Deferred income taxes | 33.7 | 7.2 | 33.7 | 7.2 | |||||||||
Other | 6.4 | 6.2 | 6.4 | 6.2 | |||||||||
Total | 4,058.8 | 3,378.6 | 4,058.8 | 3,378.6 | |||||||||
Total | 4,061.8 | 3,638.2 | 4,061.8 | 3,638.2 | |||||||||
Current Liabilities | |||||||||||||
Notes payable | 22.0 | 9.5 | 22.0 | 9.5 | |||||||||
Current maturities of long-term debt | 287.5 | 0 | 287.5 | 0 | |||||||||
Accounts payable to subsidiaries | 31.8 | 31.1 | 31.8 | 31.1 | |||||||||
Accrued taxes | 5.1 | 0 | 5.1 | 0 | |||||||||
Accrued interest | 7.6 | 6.4 | 7.6 | 6.4 | |||||||||
Derivative instruments | 0 | 20.8 | 0 | 20.8 | |||||||||
Other | 2.9 | 7.1 | 2.9 | 7.1 | |||||||||
Total | 356.9 | 74.9 | 356.9 | 74.9 | |||||||||
Deferred Credits and Other Liabilities | |||||||||||||
Other | 6.7 | 1.4 | 6.7 | 1.4 | |||||||||
Total | 6.7 | 1.4 | 6.7 | 1.4 | |||||||||
Common shareholders' equity | |||||||||||||
Common stock-250,000,000 shares authorized without par value 136,113,954 and 135,636,538 shares issued, stated value | 2,330.6 | 2,324.4 | 2,330.6 | 2,324.4 | |||||||||
Retained earnings | 684.7 | 626.5 | 684.7 | 626.5 | |||||||||
Treasury stock-264,567 and 400,889 shares, at cost | (5.6) | (8.9) | (5.6) | (8.9) | |||||||||
Accumulated other comprehensive loss | (49.8) | (56.1) | (49.8) | (56.1) | |||||||||
Total | 2,959.9 | 2,885.9 | 2,959.9 | 2,885.9 | |||||||||
Cumulative preferred stock $100 par value | |||||||||||||
Total | 39.0 | 39.0 | 39.0 | 39.0 | |||||||||
Long-term debt | 699.3 | 637.0 | 699.3 | 637.0 | |||||||||
Total | 3,698.2 | 3,561.9 | 3,698.2 | 3,561.9 | |||||||||
Total | 4,061.8 | 3,638.2 | 4,061.8 | 3,638.2 | |||||||||
Cash Flows from Operating Activities | |||||||||||||
Net income | 174.4 | 211.7 | 150.1 | ||||||||||
Adjustments to reconcile income to net cash from operating activities: | |||||||||||||
Amortization | 11.2 | 3.9 | 1.9 | ||||||||||
Deferred income taxes, net | (18.6) | 13.9 | (6.1) | ||||||||||
Equity in earnings from subsidiaries | (200.8) | (239.3) | (174.7) | ||||||||||
Equity in (earnings) loss from discontinued subsidiary | 0 | 0 | 1.5 | ||||||||||
Cash flows affected by changes in: | |||||||||||||
Accounts receivable from subsidiaries | 0 | 2.6 | (3.7) | ||||||||||
Taxes receivable | (6.3) | 0 | (4.8) | ||||||||||
Accounts payable to subsidiaries | (0.3) | 2.2 | 0.2 | ||||||||||
Other accounts payable | 0 | (0.1) | 0.1 | ||||||||||
Accrued taxes | 5.2 | 0 | 0 | ||||||||||
Accrued interest | 1.2 | 2.7 | 1.4 | ||||||||||
Cash dividends from subsidiaries | 148.0 | 138.6 | 94.0 | ||||||||||
Settlement Of Forward Starting Swaps | (26.1) | (6.9) | 0 | ||||||||||
Other | 2.1 | (0.9) | 8.8 | ||||||||||
Net cash from operating activities | 102.6 | 123.2 | 85.7 | ||||||||||
Cash Flows from Investing Activities | |||||||||||||
Equity contributions to subsidiaries | 0 | 0 | (455.0) | ||||||||||
Intercompany lending | (347.4) | (248.8) | 0 | ||||||||||
Net money pool lending | 1.1 | (1.1) | (0.9) | ||||||||||
Net cash from investing activities | (346.3) | (249.9) | (455.9) | ||||||||||
Cash Flows from Financing Activities | |||||||||||||
Issuance of common stock | 5.9 | 6.2 | 219.9 | ||||||||||
Issuance of long-term debt | 349.7 | 249.9 | 287.5 | ||||||||||
Issuance fees | (3.2) | (3.2) | (18.8) | ||||||||||
Net change in short-term borrowings | 12.5 | (10.5) | (10.0) | ||||||||||
Dividends paid | (115.1) | (114.2) | (110.5) | ||||||||||
Other financing activities | (6.4) | (7.3) | (3.8) | ||||||||||
Net cash from financing activities | 243.4 | 120.9 | 364.3 | ||||||||||
Net Change in Cash and Cash Equivalents | (0.3) | (5.8) | (5.9) | ||||||||||
Cash and Cash Equivalents at Beginning of Year | 6.1 | 6.1 | 12.0 | ||||||||||
Cash and Cash Equivalents at End of Year | 0 | 0.3 | 0 | 0.3 | 12.0 | ||||||||
Parent Company [Member] | Cumulative Preferred Stock [Member] | Preferred Stock 3 Point 80 [Member]
|
|||||||||||||
Cumulative preferred stock $100 par value | |||||||||||||
Total | 10.0 | 10.0 | 10.0 | 10.0 | |||||||||
Parent Company [Member] | Cumulative Preferred Stock [Member] | Preferred Stock 4 Point 50 [Member]
|
|||||||||||||
Cumulative preferred stock $100 par value | |||||||||||||
Total | 10.0 | 10.0 | 10.0 | 10.0 | |||||||||
Parent Company [Member] | Cumulative Preferred Stock [Member] | Preferred Stock 4 Point 20 [Member]
|
|||||||||||||
Cumulative preferred stock $100 par value | |||||||||||||
Total | 7.0 | 7.0 | 7.0 | 7.0 | |||||||||
Parent Company [Member] | Cumulative Preferred Stock [Member] | Preferred Stock 4 Point 35 [Member]
|
|||||||||||||
Cumulative preferred stock $100 par value | |||||||||||||
Total | $ 12.0 | $ 12.0 | $ 12.0 | $ 12.0 |
Fair Value Measurements (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
|||||||||||
Liabilities [Abstract] | ||||||||||||
Cash and cash equivalents from nuclear decommissioning trust excluded from fair value disclosure | $ 3.0 | $ 2.7 | ||||||||||
Cash and cash equivalents from SERP rabbi trust excluded from fair value disclosure | 20.3 | 14.6 | ||||||||||
Cash collateral posted with third parties as part of netting agreements | 5.5 | 2.5 | ||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Balance at beginning of period | 4.3 | |||||||||||
Total realized/unrealized gains or (losses) included in non-operating income | (12.5) | |||||||||||
Sales | (0.2) | |||||||||||
Settlements | 12.1 | |||||||||||
Balance at end of period | 3.7 | |||||||||||
Total unrealized gains and (losses) included in non-operating income relating to assets and liabilities still on the consolidated balance sheet at period end | 0.1 | |||||||||||
Pre-tax impairment loss on investments in affordable housing limited partnerships | 11.2 | |||||||||||
Kansas City Power and Light Company [Member] | US States and Political Subdivisions Debt Securities [Member]
|
||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Balance at beginning of period | 0.2 | |||||||||||
Total realized/unrealized gains or (losses) included in non-operating income | 0 | |||||||||||
Sales | (0.2) | |||||||||||
Settlements | 0 | |||||||||||
Balance at end of period | 0 | |||||||||||
Total unrealized gains and (losses) included in non-operating income relating to assets and liabilities still on the consolidated balance sheet at period end | 0 | |||||||||||
Other Great Plains [Member] | Derivative Financial Instruments, Assets [Member]
|
||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Balance at beginning of period | 4.1 | |||||||||||
Total realized/unrealized gains or (losses) included in non-operating income | 10.9 | (12.5) | ||||||||||
Sales | 0 | |||||||||||
Settlements | (11.5) | 12.1 | ||||||||||
Balance at end of period | 3.1 | 7.4 | ||||||||||
Total unrealized gains and (losses) included in non-operating income relating to assets and liabilities still on the consolidated balance sheet at period end | (0.2) | 0.1 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 7.8 | [1] | 8.9 | [1] | ||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
Total nuclear decommissioning trust | 132.3 | [2] | 126.5 | [2] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total SERP rabbi trust | 0.3 | [3] | 7.2 | [3] | ||||||||
Total assets | 140.4 | 142.6 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 0 | [1] | 20.8 | [1] | ||||||||
Total liabilities | 0 | 20.8 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Netting and Collateral [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 0 | [1],[4] | (0.6) | [1],[4] | ||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
Total nuclear decommissioning trust | 0 | [2],[4] | 0 | [2],[4] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total SERP rabbi trust | 0 | [3],[4] | 0 | [3],[4] | ||||||||
Total assets | 0 | [4] | (0.6) | [4] | ||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | (5.5) | [1],[4] | (3.1) | [1],[4] | ||||||||
Total liabilities | (5.5) | [4] | (3.1) | [4] | ||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 0 | [1] | 0.6 | [1] | ||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
Total nuclear decommissioning trust | 99.6 | [2] | 94.4 | [2] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total SERP rabbi trust | 0.2 | [3] | 0.2 | [3] | ||||||||
Total assets | 99.8 | 95.2 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 5.5 | [1] | 3.1 | [1] | ||||||||
Total liabilities | 5.5 | 3.1 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 4.7 | [1] | 5.2 | [1] | ||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
Total nuclear decommissioning trust | 32.7 | [2] | 32.1 | [2] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total SERP rabbi trust | 0.1 | [3] | 7.0 | [3] | ||||||||
Total assets | 37.5 | 44.3 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 0 | [1] | 20.8 | [1] | ||||||||
Total liabilities | 0 | 20.8 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 3.1 | [1] | 3.7 | [1] | ||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
Total nuclear decommissioning trust | 0 | [2] | 0 | [2] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total SERP rabbi trust | 0 | [3] | 0 | [3] | ||||||||
Total assets | 3.1 | 3.7 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 0 | [1] | 0 | [1] | ||||||||
Total liabilities | 0 | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 0 | [1] | 0 | [1] | ||||||||
Nuclear decommissioning trust [Abstract] | ||||||||||||
Equity securities related to nuclear decommissioning trust | 84.3 | [2] | 85.5 | [2] | ||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
U.S. Treasury | 15.3 | [2] | 8.9 | [2] | ||||||||
U.S. Agency | 3.6 | [2] | 4.8 | [2] | ||||||||
State and local obligations | 2.6 | [2] | 2.5 | [2] | ||||||||
Corporate bonds | 26.4 | [2] | 23.7 | [2] | ||||||||
Foreign governments | 0.7 | [2] | 0.7 | [2] | ||||||||
Other | (0.6) | [2] | 0.4 | [2] | ||||||||
Total nuclear decommissioning trust | 132.3 | [2] | 126.5 | [2] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total assets | 132.3 | 126.5 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 0 | [1] | 0 | [1] | ||||||||
Total liabilities | 0 | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Netting and Collateral [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 0 | [1],[4] | (0.1) | [1],[4] | ||||||||
Nuclear decommissioning trust [Abstract] | ||||||||||||
Equity securities related to nuclear decommissioning trust | 0 | [2],[4] | 0 | [2],[4] | ||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
U.S. Treasury | 0 | [2],[4] | 0 | [2],[4] | ||||||||
U.S. Agency | 0 | [2],[4] | 0 | [2],[4] | ||||||||
State and local obligations | 0 | [2],[4] | 0 | [2],[4] | ||||||||
Corporate bonds | 0 | [2],[4] | 0 | [2],[4] | ||||||||
Foreign governments | 0 | [2],[4] | 0 | [2],[4] | ||||||||
Other | 0 | [2],[4] | 0 | [2],[4] | ||||||||
Total nuclear decommissioning trust | 0 | [2],[4] | 0 | [2],[4] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total assets | 0 | [4] | (0.1) | [4] | ||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | (0.5) | [1],[4] | (0.1) | [1],[4] | ||||||||
Total liabilities | (0.5) | [4] | (0.1) | [4] | ||||||||
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 1 [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 0 | [1] | 0.1 | [1] | ||||||||
Nuclear decommissioning trust [Abstract] | ||||||||||||
Equity securities related to nuclear decommissioning trust | 84.3 | [2] | 85.5 | [2] | ||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
U.S. Treasury | 15.3 | [2] | 8.9 | [2] | ||||||||
U.S. Agency | 0 | [2] | 0 | [2] | ||||||||
State and local obligations | 0 | [2] | 0 | [2] | ||||||||
Corporate bonds | 0 | [2] | 0 | [2] | ||||||||
Foreign governments | 0 | [2] | 0 | [2] | ||||||||
Other | 0 | [2] | 0 | [2] | ||||||||
Total nuclear decommissioning trust | 99.6 | [2] | 94.4 | [2] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total assets | 99.6 | 94.5 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 0.5 | [1] | 0.1 | [1] | ||||||||
Total liabilities | 0.5 | 0.1 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 2 [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 0 | [1] | 0 | [1] | ||||||||
Nuclear decommissioning trust [Abstract] | ||||||||||||
Equity securities related to nuclear decommissioning trust | 0 | [2] | 0 | [2] | ||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
U.S. Treasury | 0 | [2] | 0 | [2] | ||||||||
U.S. Agency | 3.6 | [2] | 4.8 | [2] | ||||||||
State and local obligations | 2.6 | [2] | 2.5 | [2] | ||||||||
Corporate bonds | 26.4 | [2] | 23.7 | [2] | ||||||||
Foreign governments | 0.7 | [2] | 0.7 | [2] | ||||||||
Other | (0.6) | [2] | 0.4 | [2] | ||||||||
Total nuclear decommissioning trust | 32.7 | [2] | 32.1 | [2] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total assets | 32.7 | 32.1 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 0 | [1] | 0 | [1] | ||||||||
Total liabilities | 0 | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 3 [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 0 | [1] | 0 | [1] | ||||||||
Nuclear decommissioning trust [Abstract] | ||||||||||||
Equity securities related to nuclear decommissioning trust | 0 | [2] | 0 | [2] | ||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
U.S. Treasury | 0 | [2] | 0 | [2] | ||||||||
U.S. Agency | 0 | [2] | 0 | [2] | ||||||||
State and local obligations | 0 | [2] | 0 | [2] | ||||||||
Corporate bonds | 0 | [2] | 0 | [2] | ||||||||
Foreign governments | 0 | [2] | 0 | [2] | ||||||||
Other | 0 | [2] | 0 | [2] | ||||||||
Total nuclear decommissioning trust | 0 | [2] | 0 | [2] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total assets | 0 | 0 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 0 | [1] | 0 | [1] | ||||||||
Total liabilities | 0 | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Other Great Plains [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 7.8 | [1] | 8.9 | [1] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Equity securities related to SERP rabbi trust | 0.2 | [3] | 0.2 | [3] | ||||||||
Debt securities related to SERP rabbi trust | 0.1 | [3] | 7.0 | [3] | ||||||||
Total SERP rabbi trust | 0.3 | [3] | 7.2 | [3] | ||||||||
Total assets | 8.1 | 16.1 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 0 | [1] | 20.8 | [1] | ||||||||
Total liabilities | 0 | 20.8 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Other Great Plains [Member] | Netting and Collateral [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 0 | [1],[4] | (0.5) | [1],[4] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Equity securities related to SERP rabbi trust | 0 | [3],[4] | 0 | [3],[4] | ||||||||
Debt securities related to SERP rabbi trust | 0 | [3],[4] | 0 | [3],[4] | ||||||||
Total SERP rabbi trust | 0 | [3],[4] | 0 | [3],[4] | ||||||||
Total assets | 0 | [4] | (0.5) | [4] | ||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | (5.0) | [1],[4] | (3.0) | [1],[4] | ||||||||
Total liabilities | (5.0) | [4] | (3.0) | [4] | ||||||||
Fair Value, Measurements, Recurring [Member] | Other Great Plains [Member] | Fair Value, Inputs, Level 1 [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 0 | [1] | 0.5 | [1] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Equity securities related to SERP rabbi trust | 0.2 | [3] | 0.2 | [3] | ||||||||
Debt securities related to SERP rabbi trust | 0 | [3] | 0 | [3] | ||||||||
Total SERP rabbi trust | 0.2 | [3] | 0.2 | [3] | ||||||||
Total assets | 0.2 | 0.7 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 5.0 | [1] | 3.0 | [1] | ||||||||
Total liabilities | 5.0 | 3.0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Other Great Plains [Member] | Fair Value, Inputs, Level 2 [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 4.7 | [1] | 5.2 | [1] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Equity securities related to SERP rabbi trust | 0 | [3] | 0 | [3] | ||||||||
Debt securities related to SERP rabbi trust | 0.1 | [3] | 7.0 | [3] | ||||||||
Total SERP rabbi trust | 0.1 | [3] | 7.0 | [3] | ||||||||
Total assets | 4.8 | 12.2 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 0 | [1] | 20.8 | [1] | ||||||||
Total liabilities | 0 | 20.8 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Other Great Plains [Member] | Fair Value, Inputs, Level 3 [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 3.1 | [1] | 3.7 | [1] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Equity securities related to SERP rabbi trust | 0 | [3] | 0 | [3] | ||||||||
Debt securities related to SERP rabbi trust | 0 | [3] | 0 | [3] | ||||||||
Total SERP rabbi trust | 0 | [3] | 0 | [3] | ||||||||
Total assets | 3.1 | 3.7 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 0 | [1] | 0 | [1] | ||||||||
Total liabilities | $ 0 | $ 0 | ||||||||||
|
Regulatory Matters (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2010
|
Sep. 30, 2010
|
Dec. 31, 2011
|
Dec. 31, 2011
Emission allowances [Member]
|
Dec. 31, 2010
Emission allowances [Member]
|
Dec. 31, 2011
Asset retirement obligations [Member]
|
Dec. 31, 2010
Asset retirement obligations [Member]
|
Dec. 31, 2011
Pension [Member]
|
Dec. 31, 2010
Pension [Member]
|
Dec. 31, 2011
Cost of removal, liability [Member]
|
Dec. 31, 2010
Cost of removal, liability [Member]
|
Dec. 31, 2011
Other regulatory noncurrent liabilities [Member]
|
Dec. 31, 2010
Other regulatory noncurrent liabilities [Member]
|
Dec. 31, 2011
Taxes recoverable through future rates [Member]
|
Dec. 31, 2010
Taxes recoverable through future rates [Member]
|
Dec. 31, 2011
Loss on reacquired debt [Member]
|
Dec. 31, 2010
Loss on reacquired debt [Member]
|
Dec. 31, 2011
Cost of removal, asset [Member]
|
Dec. 31, 2010
Cost of removal, asset [Member]
|
Dec. 31, 2011
Asset Retirement Obligation Costs [Member]
|
Dec. 31, 2010
Asset Retirement Obligation Costs [Member]
|
Dec. 31, 2011
Pension and post-retirement costs [Member]
|
Dec. 31, 2010
Pension and post-retirement costs [Member]
|
Dec. 31, 2011
Deferred customer programs [Member]
|
Dec. 31, 2010
Deferred customer programs [Member]
|
Dec. 31, 2011
Rate case expenses [Member]
|
Dec. 31, 2010
Rate case expenses [Member]
|
Dec. 31, 2011
Skill set realignment costs [Member]
|
Dec. 31, 2010
Skill set realignment costs [Member]
|
Dec. 31, 2011
Fuel adjustment clauses [Member]
|
Dec. 31, 2010
Fuel adjustment clauses [Member]
|
Dec. 31, 2011
Acquisition transition costs [Member]
|
Dec. 31, 2010
Acquisition transition costs [Member]
|
Dec. 31, 2011
Derivative instruments [Member]
|
Dec. 31, 2010
Derivative instruments [Member]
|
Dec. 31, 2011
Iatan No. 1 and Common facilities depreciation and carrying costs [Member]
|
Dec. 31, 2010
Iatan No. 1 and Common facilities depreciation and carrying costs [Member]
|
Dec. 31, 2011
Iatan No. 2 construction accounting costs [Member]
|
Dec. 31, 2010
Iatan No. 2 construction accounting costs [Member]
|
Dec. 31, 2011
Kansas property tax surcharge [Member]
|
Dec. 31, 2011
Other regulatory noncurrent assets [Member]
|
Dec. 31, 2010
Other regulatory noncurrent assets [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Emission allowances [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Emission allowances [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Asset retirement obligations [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Asset retirement obligations [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Pension [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Pension [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Other regulatory noncurrent liabilities [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Other regulatory noncurrent liabilities [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Taxes recoverable through future rates [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Taxes recoverable through future rates [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Loss on reacquired debt [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Loss on reacquired debt [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Cost of removal, asset [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Cost of removal, asset [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Asset Retirement Obligation Costs [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Asset Retirement Obligation Costs [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Pension and post-retirement costs [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Pension and post-retirement costs [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Deferred customer programs [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Deferred customer programs [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Rate case expenses [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Rate case expenses [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Skill set realignment costs [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Skill set realignment costs [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Fuel adjustment clauses [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Fuel adjustment clauses [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Acquisition transition costs [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Acquisition transition costs [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Derivative instruments [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Derivative instruments [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Iatan No. 1 and Common facilities depreciation and carrying costs [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Iatan No. 1 and Common facilities depreciation and carrying costs [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Iatan No. 2 construction accounting costs [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Iatan No. 2 construction accounting costs [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Kansas property tax surcharge [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Other regulatory noncurrent assets [Member]
|
Dec. 31, 2010
Kansas City Power and Light Company [Member]
Other regulatory noncurrent assets [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Rate jurisdiction - Kansas [Member]
|
Dec. 31, 2011
Kansas City Power and Light Company [Member]
Rate jurisdiction - Missouri [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Emission allowances [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Emission allowances [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Pension [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Pension [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Cost of removal, liability [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Cost of removal, liability [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Other regulatory noncurrent liabilities [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Other regulatory noncurrent liabilities [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Taxes recoverable through future rates [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Taxes recoverable through future rates [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Loss on reacquired debt [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Loss on reacquired debt [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Cost of removal, asset [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Cost of removal, asset [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Asset Retirement Obligation Costs [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Asset Retirement Obligation Costs [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Pension and post-retirement costs [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Pension and post-retirement costs [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Deferred customer programs [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Deferred customer programs [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Rate case expenses [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Rate case expenses [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Skill set realignment costs [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Skill set realignment costs [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Fuel adjustment clauses [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Fuel adjustment clauses [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Acquisition transition costs [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Acquisition transition costs [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Derivative instruments [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Derivative instruments [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Iatan No. 1 and Common facilities depreciation and carrying costs [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Iatan No. 1 and Common facilities depreciation and carrying costs [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Iatan No. 2 construction accounting costs [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Iatan No. 2 construction accounting costs [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Other regulatory noncurrent assets [Member]
|
Dec. 31, 2010
KCPL Greater Missouri Operations [Member]
Other regulatory noncurrent assets [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Rate jurisdiction - Missouri public service division [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
Rate jurisdiction - St. Joseph Light and Power division [Member]
|
||||||||||||||||||||||||||||||||||||
Regulatory Proceedings [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual revenue increase | $ 105.7 | $ 58.3 | $ 25.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Modified annual revenue increase | 22.0 | 35.7 | 29.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on equity (in hundredths) | 10.40% | 10.40% | 10.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rate-making equity ratio (in hundredths) | 52.50% | 52.50% | 52.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual revenue increase authorized | 21.8 | 34.8 | 30.1 | 29.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return on equity, approved (in hundredths) | 10.00% | 10.00% | 10.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rate-making equity ratio, approved (in hundredths) | 49.70% | 46.30% | 46.60% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jurisdictional rate base | 1,781 | 2,000 | 1,760 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disallowed construction costs on Iatan Nos 1 and 2 | 12.8 | 4.0 | 1.5 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other disallowed costs | 2.4 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale Margin Offset | 45.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Qualifying advance coal project tax credits to be reallocated from KCPL to GMO | 26.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized deferred investment tax credits | 127.9 | 3.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of Crossroads disallowed from rate base | 50.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of Crossroads transmission expense disallowed | 4.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of Crossroads accumulated deferred taxes offset against rate base | 15.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of Crossroads net plant requested | 104.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of approved annual revenue increase deferred | 7.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of revenue increase requested | 22.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of FAC refund recommended by MPSC staff | 19.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional rate case expenses allowed in rates | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets | 924.0 | 1,058.2 | 144.2 | 142.5 | 11.8 | 5.7 | 4.6 | 8.5 | 45.2 | 40.3 | 588.4 | 492.8 | 68.8 | 60.3 | 13.4 | 15.6 | 3.4 | 4.8 | 50.4 | 45.5 | 44.9 | 51.8 | 7.6 | 3.1 | 22.5 | 19.4 | 43.3 | 23.7 | 3.7 | 6.0 | 10.0 | 780.7 | 679.6 | 119.6 | 117.2 | 9.1 | [1] | 5.0 | 4.6 | 8.5 | 31.4 | 27.5 | 466.4 | [2] | 386.1 | 48.2 | [3] | 44.7 | 9.6 | [4] | 12.3 | 3.4 | [5] | 4.8 | 14.0 | [4] | 8.4 | 24.7 | [6] | 29.3 | 0 | 0 | 16.4 | 15.1 | 27.9 | 17.2 | 3.7 | [4] | 1.7 | [7] | 3.5 | 277.5 | 244.4 | 24.6 | 25.3 | 2.7 | [1] | 0.7 | 0 | 0 | 13.8 | 12.8 | 122.0 | [2] | 106.7 | 20.6 | 15.6 | 3.8 | [4] | 3.3 | 0 | 0 | 36.4 | [4] | 37.1 | 20.2 | [6] | 22.5 | 7.6 | [8] | 3.1 | 6.1 | 4.3 | 15.4 | 6.5 | 4.3 | [7] | 6.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amount not included in rate base | 10.4 | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory amortization period | various | over the life of the related new debt issuances or the remaining lives of the old debt issuances if no new debt was issued | various | various | various | through 2017 | various | through 2016 | various | various | over the life of the related new debt issuances or the remaining lives of the old debt issuances if no new debt was issued | various | various | various | through 2016 | various | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities | $ 258.2 | $ 268.5 | $ 82.2 | $ 86.4 | $ 49.3 | $ 44.9 | $ 41.5 | $ 37.1 | $ 61.9 | [9] | $ 62.8 | $ 33.6 | $ 27.0 | $ 142.8 | $ 141.3 | $ 82.0 | $ 85.9 | $ 49.3 | $ 44.9 | $ 0.7 | $ 0 | $ 10.8 | $ 10.5 | $ 125.7 | $ 116.9 | $ 0.2 | $ 0.5 | $ 40.8 | $ 37.1 | $ 61.9 | $ 62.8 | $ 22.8 | $ 16.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Discontinued Operations (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Jan. 02, 2010
|
|
Discontinued Operations [Abstract] | |||
Discontinued operations | $ 0 | $ 0 | $ (1.5) |
Total income (loss) on discontinued operations before income taxes | $ 0 | $ 0 | $ (2.4) |
Jointly Owned Electric Utility Plants (Details) (USD $)
In Millions, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Jointly owned utility plant, gross ownership amount of plant in service [Abstract] | ||
Nuclear fuel, net | $ 76.6 | $ 79.2 |
Kansas City Power and Light Company [Member]
|
||
Jointly owned utility plant, gross ownership amount of plant in service [Abstract] | ||
Nuclear fuel, net | 76.6 | 79.2 |
Jointly Owned Electricity Generation Plant [Member] | Wolf Creek Unit [Member]
|
||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership share (in hundredths) | 47.00% | |
Jointly owned utility plant, gross ownership amount of plant in service [Abstract] | ||
Utility plant in service | 1,473.8 | |
Accumulated depreciation | 776.3 | |
Nuclear fuel, net | 76.6 | |
Construction work in progress | 39.4 | |
Accredited capacity (in MegaWatts) | 547 | |
Jointly Owned Electricity Generation Plant [Member] | Wolf Creek Unit [Member] | Kansas City Power and Light Company [Member]
|
||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership share (in hundredths) | 47.00% | |
Jointly owned utility plant, gross ownership amount of plant in service [Abstract] | ||
Utility plant in service | 1,473.8 | |
Accumulated depreciation | 776.3 | |
Nuclear fuel, net | 76.6 | |
Construction work in progress | 39.4 | |
Accredited capacity (in MegaWatts) | 547 | |
Jointly Owned Electricity Generation Plant [Member] | LaCygne Units [Member]
|
||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership share (in hundredths) | 50.00% | |
Jointly owned utility plant, gross ownership amount of plant in service [Abstract] | ||
Utility plant in service | 493.6 | |
Accumulated depreciation | 303.1 | |
Construction work in progress | 79.1 | |
Accredited capacity (in MegaWatts) | 711 | |
Jointly Owned Electricity Generation Plant [Member] | LaCygne Units [Member] | Kansas City Power and Light Company [Member]
|
||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership share (in hundredths) | 50.00% | |
Jointly owned utility plant, gross ownership amount of plant in service [Abstract] | ||
Utility plant in service | 493.6 | |
Accumulated depreciation | 303.1 | |
Construction work in progress | 79.1 | |
Accredited capacity (in MegaWatts) | 711 | |
Jointly Owned Electricity Generation Plant [Member] | Iatan No. 1 [Member]
|
||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership share (in hundredths) | 88.00% | |
Jointly owned utility plant, gross ownership amount of plant in service [Abstract] | ||
Utility plant in service | 667.9 | |
Accumulated depreciation | 252.8 | |
Construction work in progress | 6.5 | |
Accredited capacity (in MegaWatts) | 620 | |
Jointly Owned Electricity Generation Plant [Member] | Iatan No. 1 [Member] | Kansas City Power and Light Company [Member]
|
||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership share (in hundredths) | 70.00% | |
Jointly owned utility plant, gross ownership amount of plant in service [Abstract] | ||
Utility plant in service | 542.3 | |
Accumulated depreciation | 207.9 | |
Construction work in progress | 2.6 | |
Accredited capacity (in MegaWatts) | 493 | |
Jointly Owned Electricity Generation Plant [Member] | Iatan No. 2 Unit [Member]
|
||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership share (in hundredths) | 73.00% | |
Jointly owned utility plant, gross ownership amount of plant in service [Abstract] | ||
Utility plant in service | 1,293.0 | |
Accumulated depreciation | 270.0 | |
Construction work in progress | 5.9 | |
Accredited capacity (in MegaWatts) | 641 | |
Jointly Owned Electricity Generation Plant [Member] | Iatan No. 2 Unit [Member] | Kansas City Power and Light Company [Member]
|
||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership share (in hundredths) | 55.00% | |
Jointly owned utility plant, gross ownership amount of plant in service [Abstract] | ||
Utility plant in service | 985.1 | |
Accumulated depreciation | 261.3 | |
Construction work in progress | 4.4 | |
Accredited capacity (in MegaWatts) | 482 | |
Jointly Owned Electricity Generation Plant [Member] | Iatan Common [Member]
|
||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership share (in hundredths) | 79.00% | |
Jointly owned utility plant, gross ownership amount of plant in service [Abstract] | ||
Utility plant in service | 364.4 | |
Accumulated depreciation | 30.4 | |
Construction work in progress | 30.2 | |
Jointly Owned Electricity Generation Plant [Member] | Iatan Common [Member] | Kansas City Power and Light Company [Member]
|
||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership share (in hundredths) | 61.00% | |
Jointly owned utility plant, gross ownership amount of plant in service [Abstract] | ||
Utility plant in service | 287.5 | |
Accumulated depreciation | 26.0 | |
Construction work in progress | 9.3 | |
Jointly Owned Electricity Generation Plant [Member] | Jeffrey Energy Center [Member]
|
||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership share (in hundredths) | 8.00% | |
Jointly owned utility plant, gross ownership amount of plant in service [Abstract] | ||
Utility plant in service | 158.4 | |
Accumulated depreciation | 75.5 | |
Construction work in progress | $ 5.3 | |
Accredited capacity (in MegaWatts) | 174 |
Derivative Instruments Group 4 (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | $ (3.6) | $ (17.2) |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (10.4) | (6.6) |
Trading Activity, Gains and Losses, Net [Line Items] | ||
Gains (losses) reflected in the income statement for changes in fair value of commodity contracts not designated as hedging | 1.1 | 0.2 |
Kansas City Power and Light Company [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | (0.4) | (0.6) |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (5.4) | (5.7) |
Interest charges [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (16.9) | (10.1) |
Interest charges [Member] | Kansas City Power and Light Company [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (8.7) | (8.8) |
Fuel Costs [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (0.1) | (0.5) |
Gain(Loss) Reclassified from Regulatory Account into Income (Effective Portion) | (3.8) | (7.2) |
Fuel Costs [Member] | Kansas City Power and Light Company [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (0.1) | (0.5) |
Income tax benefit (expense) [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 2.3 | 10.8 |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 6.6 | 4.0 |
Income tax benefit (expense) [Member] | Kansas City Power and Light Company [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 0.2 | 0.3 |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 3.4 | 3.6 |
Interest Rate Contract [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | (5.3) | (27.1) |
Interest Rate Contract [Member] | Kansas City Power and Light Company [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 0 | 0 |
Commodity Contract [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | (0.6) | (0.9) |
Amount of Gain (Loss) Recognized on Regulatory Account on Derivatives (Effective Portion) | (8.3) | (8.2) |
Commodity Contract [Member] | Kansas City Power and Light Company [Member]
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Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | $ (0.6) | $ (0.9) |
Derivative Instruments
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Dec. 31, 2011
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Derivative Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments |
Great Plains Energy and KCP&L are exposed to a variety of market risks including interest rates and commodity prices. Management has established risk management policies and strategies to reduce the potentially adverse effects that the volatility of the markets may have on Great Plains Energy’s and KCP&L’s operating results. Commodity risk management activities, including the use of certain derivative instruments, are subject to the management, direction and control of an internal risk management committee. Management’s interest rate risk management strategy uses derivative instruments to adjust Great Plains Energy’s and KCP&L’s liability portfolio to optimize the mix of fixed and floating rate debt within an established range. In addition, Great Plains Energy and KCP&L use derivative instruments to hedge against future interest rate fluctuations on anticipated debt issuances. Management maintains commodity price risk management strategies that use derivative instruments to reduce the effects of fluctuations in fuel expense caused by commodity price volatility. Counterparties to commodity derivatives and interest rate swap agreements expose Great Plains Energy and KCP&L to credit loss in the event of nonperformance. This credit loss is limited to the cost of replacing these contracts at current market rates. Derivative instruments, excluding those instruments that qualify for the NPNS election, which are accounted for by accrual accounting, are recorded on the balance sheet at fair value as an asset or liability. Changes in the fair value of derivative instruments are recognized currently in net income unless specific hedge accounting criteria are met, except GMO utility operations hedges that are recorded to a regulatory asset or liability consistent with MPSC regulatory orders, as discussed below. Great Plains Energy and KCP&L have posted collateral, in the ordinary course of business, for the aggregate fair value of all derivative instruments with credit risk-related contingent features that are in a liability position. At December 31, 2011, Great Plains Energy and KCP&L have posted collateral in excess of the aggregate fair value of its derivative instruments; therefore, if the credit risk-related contingent features underlying these agreements were triggered, Great Plains Energy and KCP&L would not be required to post additional collateral to its counterparties. Interest Rate Risk Management In May 2011, Great Plains Energy issued $350.0 million of long-term debt and settled six FSS simultaneously with the issuance of this long-term fixed rate debt. Great Plains Energy had entered into the six FSS with notional amounts totaling $350.0 million to hedge against interest rate variability on the debt issuance. The six FSS were treated as cash flow hedges with no ineffectiveness recorded in 2011 or 2010. A pre-tax loss of $26.1 million was recorded to OCI and is being reclassified to interest expense over the first three years of the ten-year debt. In 2011, a $5.4 million loss has been reclassified from OCI to interest expense. Commodity Risk Management KCP&L’s risk management policy is to use derivative instruments to mitigate its exposure to market price fluctuations on a portion of its projected natural gas purchases to meet generation requirements for retail and firm wholesale sales. At December 31, 2011, KCP&L had hedged 66%, 56% and 13%, respectively, of the 2012, 2013 and 2014 projected natural gas usage for retail load and firm MWh sales by utilizing futures contracts. KCP&L has designated the natural gas hedges as cash flow hedges. The fair values of these instruments are recorded as derivative assets or liabilities with an offsetting entry to OCI for the effective portion of the hedge. To the extent the hedges are not effective, any ineffective portion of the change in fair market value would be recorded currently in fuel expense. KCP&L has not recorded any ineffectiveness on natural gas hedges in 2011, 2010 or 2009. GMO’s risk management policy is to use derivative instruments to mitigate price exposure to natural gas price volatility in the market. The fair value of the portfolio relates to financial contracts that will settle against actual purchases of natural gas and purchased power. At December 31, 2011, GMO had financial contracts in place to hedge approximately 45%, 38% and 38%, respectively, of the expected on-peak natural gas and natural gas equivalent purchased power price exposure for 2012, 2013 and 2014. GMO has designated its natural gas hedges as economic hedges (non-hedging derivatives). In connection with GMO’s 2005 Missouri electric rate case, it was agreed that the settlement costs of these contracts would be recognized in fuel expense. The settlement cost is included in GMO’s FAC. A regulatory asset has been recorded to reflect the change in the timing of recognition authorized by the MPSC. To the extent recovery of actual costs incurred is allowed, amounts will not impact earnings, but will impact cash flows due to the timing of the recovery mechanism. MPS Merchant, which has certain long-term natural gas contracts remaining from its former non-regulated trading operations, manages the daily delivery of its remaining contractual commitments with economic hedges (non-hedging derivatives) to reduce its exposure to changes in market prices. Within the trading portfolio, MPS Merchant takes certain positions to hedge physical sale or purchase contracts. MPS Merchant records the fair value of physical trading energy contracts as derivative assets or liabilities with an offsetting entry to the consolidated statements of income. The notional and recorded fair values of open positions for derivative instruments are summarized in the following table. The fair values of these derivatives are recorded on the consolidated balance sheets. The fair values below are gross values before netting agreements and netting of cash collateral.
The fair values of Great Plains Energy’s and KCP&L’s open derivative positions are summarized in the following tables. The tables contain both derivative instruments designated as hedging instruments as well as non-hedging derivatives under GAAP. The fair values below are gross values before netting agreements and netting of cash collateral.
The following tables summarize the amount of gain (loss) recognized in OCI or earnings for interest rate and commodity hedges.
The following table summarizes the amount of gain (loss) recognized in a regulatory balance sheet account or earnings for GMO utility commodity hedges. GMO utility commodity derivatives fair value changes are recorded to either a regulatory asset or liability consistent with MPSC regulatory orders.
Great Plains Energy’s income statement reflects losses for the change in fair value of the MPS Merchant commodity contract derivatives not designated as hedging instruments of $1.1 million for 2011 and $0.2 million for 2010. The amounts recorded in accumulated OCI related to the cash flow hedges are summarized in the following table.
Great Plains Energy’s accumulated OCI in the table above at December 31, 2011, includes $20.5 million that is expected to be reclassified to expenses over the next twelve months. KCP&L’s accumulated OCI includes $9.1 million that is expected to be reclassified to expense over the next twelve months. |
Segments and Related Information (Tables)
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Segments and Related Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment financial information |
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Pension Plans and Other Employee Benefits (Tables)
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Pension Plans and Other Employee Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Funded status of plans |
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Components of net periodic benefit costs |
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Periodic benefit obligation and accumulated benefit obligation and the fair value of plan assets by funded and under funded plans |
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Weighted average assumptions |
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Future benefit payments |
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Fair value of plan assets |
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Fair value of assets using significant unobservable inputs |
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Effective of one percent change in health care costs |
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Segments and Related Information (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
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Sep. 30, 2011
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Jun. 30, 2011
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Mar. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
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Dec. 31, 2011
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Dec. 31, 2010
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Jan. 02, 2010
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Dec. 31, 2009
|
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Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | $ 486.3 | $ 773.7 | $ 565.1 | $ 492.9 | $ 467.8 | $ 728.8 | $ 552.0 | $ 506.9 | $ 2,318.0 | $ 2,255.5 | $ 1,965.0 | |
Depreciation and amortization | (273.1) | (331.6) | (302.2) | |||||||||
Interest charges | (218.4) | (184.8) | (180.9) | |||||||||
Income tax (expense) benefit | (84.8) | (99.0) | (29.5) | |||||||||
Discontinued operations | 0 | 0 | (1.5) | |||||||||
Net income (loss) attributable to Great Plains Energy | 2.1 | 126.5 | 43.4 | 2.4 | (4.9) | 132.0 | 64.3 | 20.3 | 174.4 | 211.7 | 150.1 | |
Assets | 9,118.0 | 8,818.2 | 9,118.0 | 8,818.2 | 8,482.8 | |||||||
Utility capital expenditures | 456.6 | 618.1 | 841.3 | |||||||||
All Other Segments [Member]
|
||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 0 | 0 | 0 | |||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||
Interest charges | (41.5) | (41.7) | (29.9) | |||||||||
Income tax (expense) benefit | 24.5 | 24.3 | 34.1 | |||||||||
Discontinued operations | 0 | 0 | (1.5) | |||||||||
Net income (loss) attributable to Great Plains Energy | (25.5) | (23.6) | (7.7) | |||||||||
Assets | 51.9 | 66.3 | 51.9 | 66.3 | 152.5 | |||||||
Utility capital expenditures | 0 | 0 | 0 | |||||||||
Corporate Elimination [Member]
|
||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Assets | (417.3) | (400.8) | (417.3) | (400.8) | (435.0) | |||||||
Utility capital expenditures | 0 | 0 | 0 | |||||||||
Electric Utility Segment [Member]
|
||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 2,318.0 | 2,255.5 | 1,965.0 | |||||||||
Depreciation and amortization | (273.1) | (331.6) | (302.2) | |||||||||
Interest charges | (176.9) | (143.1) | (151.0) | |||||||||
Income tax (expense) benefit | (109.3) | (123.3) | (63.6) | |||||||||
Discontinued operations | 0 | 0 | 0 | |||||||||
Net income (loss) attributable to Great Plains Energy | 199.9 | 235.3 | 157.8 | |||||||||
Assets | 9,483.4 | 9,152.7 | 9,483.4 | 9,152.7 | 8,765.3 | |||||||
Utility capital expenditures | $ 456.6 | $ 618.1 | $ 841.3 |
Receivables (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of receivables |
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Schedule of accounts receivable sold |
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Quarterly Operating Results (Unaudited) (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Quarterly Operating Results (Unaudited) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of quarterly operating results |
|
Legal Proceedings (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended |
---|---|
Dec. 31, 2011
|
|
Total Wolf Creek including KCPL [Member] | Positive Outcome of Litigation [Member] | Spent Nuclear Fuel and Radioactive Waste [Member]
|
|
Gain Contingencies [Line Items] | |
Amount of pending claims against the United States in the U.S. Court | $ 14.1 |
Amount awarded but subject to appeal | 10.6 |
Kansas City Power and Light Company [Member] | Positive Outcome of Litigation [Member] | Spent Nuclear Fuel and Radioactive Waste [Member]
|
|
Gain Contingencies [Line Items] | |
Amount awarded but subject to appeal | 5.0 |
Pending or Threatened Litigation [Member] | KCPL Greater Missouri Operations [Member]
|
|
Loss Contingencies [Line Items] | |
Approximate amount of refunds received as a net purchaser of power through settlements with sellers of power | 8.0 |
Amount of claims addressed under refund proceedings | 5.1 |
Gain Contingencies [Line Items] | |
Amount of pending claims against the United States in the U.S. Court | $ 12.0 |
Equity Compensation (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Jan. 02, 2010
|
|||||
Equity Compensation [Abstract] | |||||||
Maximum number of shares of common stock authorized (in shares) | 8,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense | $ 5.2 | $ 4.3 | $ 6.3 | ||||
Income tax benefits | 1.9 | 1.0 | 1.6 | ||||
Share-based Compensation Arrangement by share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||
Exercise price exercised (in dollars per share) | $ 9.21 | ||||||
Weighted-average grant-date fair value of options exercised | $ 9.21 | ||||||
Director [Member]
|
|||||||
Director deferred share units [Roll Forward] | |||||||
Director deferred share units, issued (in shares) | 15,168 | ||||||
Director deferred share units, ending balance (in shares) | 54,231 | 39,063 | |||||
Weighted-average grant date fair value, director deferred share units, issued (in dollars per share) | $ 20.57 | [1] | |||||
Weighted-average grant date fair value, director deferred share units, ending balance (in dollars per share) | $ 20.19 | [1] | $ 20.04 | [1] | |||
Performance Shares [Member]
|
|||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected volatility, minimum (in hundreds) | 28.00% | ||||||
Expected volatility, maximum (in hundreds) | 30.00% | ||||||
Expected dividend yield, minimum (in hundreds) | 3.98% | ||||||
Expected dividend yield, maximum (in hundreds) | 4.35% | ||||||
Risk-free interest rate, minimum (in hundreds) | 0.61% | ||||||
Risk-free interest rate, maximum (in hundreds) | 1.15% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||||
Granted (in shares) | 140,128 | ||||||
Earned (in shares) | (68,258) | ||||||
Forfeited (in shares) | (61,612) | ||||||
Ending balance (in shares) | 442,042 | 431,784 | |||||
Granted and issued (in shares) | 140,128 | ||||||
Weighted average granted (in dollars per share) | $ 26.15 | [1] | $ 23.37 | $ 15.04 | |||
Weighted average earned (in dollars per share) | $ 11.04 | [1] | |||||
Weighted average forfeited (in dollars per share) | $ 22.38 | [1] | |||||
Weighted average ending balance (in dollars per share) | $ 21.06 | [1] | $ 18.01 | [1] | |||
Share-based Compensation Arrangement by share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||
Weighted average granted and issued (in dollars per share) | $ 26.15 | [1] | $ 23.37 | $ 15.04 | |||
Remaining weighted-average contractual term (in years) | 0.9 | ||||||
Weighted-average grant-date fair value of shares granted (in dollars per share) | $ 26.15 | [1] | $ 23.37 | $ 15.04 | |||
Fair value of performance shares earned and paid | 0.8 | ||||||
Total unrecognized compensation expense | 3.4 | ||||||
Restricted Stock [Member]
|
|||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||||
Granted (in shares) | 182,385 | ||||||
Forfeited (in shares) | (53,171) | ||||||
Ending balance (in shares) | 386,183 | 406,657 | |||||
Granted and issued (in shares) | 182,385 | ||||||
Vested (in shares) | (149,688) | ||||||
Weighted average granted (in dollars per share) | $ 19.03 | [1] | $ 17.80 | $ 14.36 | |||
Weighted average forfeited (in dollars per share) | $ 17.25 | [1] | |||||
Weighted average ending balance (in dollars per share) | $ 17.06 | [1] | $ 16.23 | [1] | |||
Total fair value of shares vested | 2.6 | 7.3 | 5.4 | ||||
Share-based Compensation Arrangement by share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||
Weighted average granted and issued (in dollars per share) | $ 19.03 | [1] | $ 17.80 | $ 14.36 | |||
Remaining weighted-average contractual term (in years) | 1.3 | ||||||
Weighted-average grant-date fair value of shares granted (in dollars per share) | $ 19.03 | [1] | $ 17.80 | $ 14.36 | |||
Weighted average vested (in dollars per share) | $ 17.29 | [1] | |||||
Total unrecognized compensation expense | 2.9 | ||||||
Stock Options [Member]
|
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Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||||||
Ending balance (in shares) | 198,781 | ||||||
Weighted average ending balance (in dollars per share) | $ 25.91 | [1] | $ 32.51 | [1] | |||
Share-based Compensation Arrangement by share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||
Forfeited or expired (in shares) | (189,428) | ||||||
Outstanding and exercisable, ending balance (in shares) | 9,353 | ||||||
Exercise price forfeited or expired (in dollars per share) | $ 32.83 | [1] | |||||
Remaining weighted-average contractual term (in years) | 0.6 | ||||||
Kansas City Power and Light Company [Member]
|
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense | 3.5 | 3.0 | 4.3 | ||||
Income tax benefits | $ 1.3 | $ 0.5 | $ 0.8 | ||||
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Derivative Instruments (Tables)
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Derivative Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair value of open derivative positions, gross values before netting agreements and netting of cash collatral |
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Gain (loss) recognized in other comprehensive income or earnings for interest rate and commodity hedges |
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Gain (loss) recognized in a regulatory balance sheet account or earnings for utility commodity hedges |
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Accumulated other comprehensive income related to cash flow hedges |
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Supplemental Cash Flow Information
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Dec. 31, 2011
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information |
Significant Non-Cash Items On January 1, 2010, Great Plains Energy and KCP&L adopted new accounting guidance for transfers of financial assets, which resulted in the recognition of $95.0 million of accounts receivable pledged as collateral and a corresponding short-term collateralized note payable on Great Plains Energy’s and KCP&L’s balance sheets. As a result, cash flows from operating activities were reduced by $95.0 million and cash flows from financing activities were raised by $95.0 million with no impact to the net change in cash for the year ended December 31, 2010. |
Short-term Borrowings and Short-term Bank Lines of Credit (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
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Short-term Debt [Line Items] | ||
Amount of outstanding cash borrowings | $ 22.0 | $ 9.5 |
Commercial paper outstanding | 267.0 | 263.5 |
Parent Company [Member]
|
||
Short-term Debt [Line Items] | ||
Amount of revolving credit facility | 200.0 | |
Revolving credit facility expiration date | 2016-12-01 | |
Covenant term - amount considered in default | 50.0 | |
Weighted-average interest rate from outstanding borrowings | 2.06% | 3.06% |
Amount of letters of credit outstanding | 11.6 | 15.8 |
Covenant Term Ratio of Consolidated Indebtedness to Consolidated Capitalization Ratio, Maximum | 0.65 | |
Line of Credit Facility, Covenant Compliance | in compliance | |
Kansas City Power and Light Company [Member]
|
||
Short-term Debt [Line Items] | ||
Amount of revolving credit facility | 600.0 | |
Revolving credit facility expiration date | 2016-12-01 | |
Covenant term - amount considered in default | 50.0 | |
Amount of outstanding cash borrowings | 0 | 0 |
Commercial paper outstanding | 227.0 | 263.5 |
Weighted-average interest rate from outstanding borrowings | 0.50% | 0.41% |
Amount of letters of credit outstanding | 21.5 | 24.4 |
Covenant Term Ratio of Consolidated Indebtedness to Consolidated Capitalization Ratio, Maximum | 0.65 | |
Line of Credit Facility, Covenant Compliance | in compliance | |
KCPL Greater Missouri Operations [Member]
|
||
Short-term Debt [Line Items] | ||
Amount of revolving credit facility | 450.0 | |
Revolving credit facility expiration date | 2016-12-01 | |
Covenant term - amount considered in default | 50.0 | |
Amount of outstanding cash borrowings | 0 | 0 |
Commercial paper outstanding | 40.0 | 0 |
Weighted-average interest rate from outstanding borrowings | 0.88% | |
Amount of letters of credit outstanding | $ 13.2 | $ 13.2 |
Covenant Term Ratio of Consolidated Indebtedness to Consolidated Capitalization Ratio, Maximum | 0.65 | |
Line of Credit Facility, Covenant Compliance | in compliance |