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 |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | |||||||||||||
Great Plains Energy Incorporated | Yes | X | No | _ | Kansas City Power & Light Company | Yes | X | No | _ | ||||
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). | |||||||||||||
Great Plains Energy Incorporated | Yes | X | No | _ | Kansas City Power & Light Company | Yes | X | No | _ | ||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. | |||||||||||||
Great Plains Energy Incorporated | Large accelerated filer | X | Accelerated filer | _ | |||||||||
Non-accelerated filer | _ | Smaller reporting company | _ | ||||||||||
Kansas City Power & Light Company | Large accelerated filer | _ | Accelerated filer | _ | |||||||||
Non-accelerated filer | X | Smaller reporting company | _ | ||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | |||||||||||||
Great Plains Energy Incorporated | Yes | _ | No | X | Kansas City Power & Light Company | Yes | _ | No | X | ||||
On October 31, 2012, Great Plains Energy Incorporated had 153,475,437 shares of common stock outstanding. On October 31, 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 (H)(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format. |
TABLE OF CONTENTS | ||||
Page Number | ||||
Item 1. | ||||
Note 1: | ||||
Note 2: | ||||
Note 3: | ||||
Note 4: | ||||
Note 5: | ||||
Note 6: | ||||
Note 7: | ||||
Note 8: | ||||
Note 9: | ||||
Note 10: | ||||
Note 11: | ||||
Note 12: | ||||
Note 13: | ||||
Note 14: | ||||
Note 15: | ||||
Note 16: | ||||
Note 17: | ||||
Item 2. | ||||
Item 3. | ||||
Item 4. | ||||
Item 1. | ||||
Item 1A. | ||||
Item 2. | ||||
Item 3. | ||||
Item 4. | ||||
Item 5. | ||||
Item 6. | ||||
Abbreviation or Acronym | Definition | |
AEPTHC | AEP Transmission Holding Company, LLC | |
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 | |
GAAP | Generally Accepted Accounting Principles | |
GMO | KCP&L Greater Missouri Operations Company, a wholly owned subsidiary of Great Plains Energy | |
GPETHC | GPE Transmission Holding Company LLC | |
Great Plains Energy | Great Plains Energy Incorporated and its subsidiaries | |
IRS | Internal Revenue Service | |
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 | |
KCP&L Receivables Company | Kansas City Power & Light Receivables Company, a wholly owned subsidiary of KCP&L | |
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 |
Abbreviation or Acronym | Definition | |
MAP-21 | Moving Ahead for Progress in the 21st Century Act | |
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 | |
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 | |
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. | |
Transource | Transource Energy, LLC | |
Transource Missouri | Transource Missouri, LLC | |
WCNOC | Wolf Creek Nuclear Operating Corporation | |
Westar | Westar Energy, Inc., a Kansas utility company | |
Wolf Creek | Wolf Creek Generating Station |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||
Consolidated Balance Sheets | |||||||||||
(Unaudited) | |||||||||||
September 30 2012 | December 31 2011 | ||||||||||
ASSETS | (millions, except share amounts) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 6.9 | $ | 6.2 | |||||||
Funds on deposit | 1.6 | 1.4 | |||||||||
Receivables, net | 218.6 | 231.2 | |||||||||
Accounts receivable pledged as collateral | 190.0 | 95.0 | |||||||||
Fuel inventories, at average cost | 94.4 | 89.0 | |||||||||
Materials and supplies, at average cost | 148.1 | 140.3 | |||||||||
Deferred refueling outage costs | 14.1 | 27.5 | |||||||||
Refundable income taxes | 7.0 | 0.3 | |||||||||
Deferred income taxes | 116.3 | 7.5 | |||||||||
Derivative instruments | 1.0 | 1.0 | |||||||||
Prepaid expenses and other assets | 23.1 | 19.7 | |||||||||
Total | 821.1 | 619.1 | |||||||||
Utility Plant, at Original Cost | |||||||||||
Electric | 11,112.4 | 10,924.8 | |||||||||
Less - accumulated depreciation | 4,390.9 | 4,235.8 | |||||||||
Net utility plant in service | 6,721.5 | 6,689.0 | |||||||||
Construction work in progress | 468.0 | 287.9 | |||||||||
Nuclear fuel, net of amortization of $149.6 and $132.7 | 80.8 | 76.6 | |||||||||
Total | 7,270.3 | 7,053.5 | |||||||||
Investments and Other Assets | |||||||||||
Nuclear decommissioning trust fund | 152.1 | 135.3 | |||||||||
Regulatory assets | 1,012.8 | 1,058.2 | |||||||||
Goodwill | 169.0 | 169.0 | |||||||||
Derivative instruments | 5.8 | 6.8 | |||||||||
Other | 71.3 | 76.1 | |||||||||
Total | 1,411.0 | 1,445.4 | |||||||||
Total | $ | 9,502.4 | $ | 9,118.0 |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||
Consolidated Balance Sheets | |||||||||||
(Unaudited) | |||||||||||
September 30 2012 | December 31 2011 | ||||||||||
LIABILITIES AND CAPITALIZATION | (millions, except share amounts) | ||||||||||
Current Liabilities | |||||||||||
Notes payable | $ | 31.0 | $ | 22.0 | |||||||
Collateralized note payable | 190.0 | 95.0 | |||||||||
Commercial paper | 427.0 | 267.0 | |||||||||
Current maturities of long-term debt | 257.1 | 801.4 | |||||||||
Accounts payable | 222.4 | 275.6 | |||||||||
Accrued taxes | 97.5 | 25.8 | |||||||||
Accrued interest | 60.1 | 76.9 | |||||||||
Accrued compensation and benefits | 42.3 | 40.8 | |||||||||
Pension and post-retirement liability | 4.4 | 4.4 | |||||||||
Other | 24.7 | 26.0 | |||||||||
Total | 1,356.5 | 1,634.9 | |||||||||
Deferred Credits and Other Liabilities | |||||||||||
Deferred income taxes | 854.1 | 628.6 | |||||||||
Deferred tax credits | 129.4 | 131.2 | |||||||||
Asset retirement obligations | 156.6 | 149.6 | |||||||||
Pension and post-retirement liability | 449.5 | 461.9 | |||||||||
Regulatory liabilities | 282.7 | 268.5 | |||||||||
Other | 106.3 | 101.1 | |||||||||
Total | 1,978.6 | 1,740.9 | |||||||||
Capitalization | |||||||||||
Great Plains Energy common shareholders' equity | |||||||||||
Common stock - 250,000,000 shares authorized without par value | |||||||||||
153,717,021 and 136,406,306 shares issued, stated value | 2,622.9 | 2,330.6 | |||||||||
Retained earnings | 787.8 | 684.7 | |||||||||
Treasury stock - 254,226 and 264,567 shares, at cost | (5.2 | ) | (5.6 | ) | |||||||
Accumulated other comprehensive loss | (40.1 | ) | (49.8 | ) | |||||||
Total | 3,365.4 | 2,959.9 | |||||||||
Noncontrolling interest | — | 1.0 | |||||||||
Cumulative preferred stock $100 par value | |||||||||||
3.80% - 100,000 shares issued | 10.0 | 10.0 | |||||||||
4.50% - 100,000 shares issued | 10.0 | 10.0 | |||||||||
4.20% - 70,000 shares issued | 7.0 | 7.0 | |||||||||
4.35% - 120,000 shares issued | 12.0 | 12.0 | |||||||||
Total | 39.0 | 39.0 | |||||||||
Long-term debt (Note 9) | 2,762.9 | 2,742.3 | |||||||||
Total | 6,167.3 | 5,742.2 | |||||||||
Commitments and Contingencies (Note 10) | |||||||||||
Total | $ | 9,502.4 | $ | 9,118.0 |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||||||||||
Consolidated Statements of Income and Comprehensive Income | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended September 30 | Year to Date September 30 | ||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Operating Revenues | (millions, except per share amounts) | ||||||||||||||||||
Electric revenues | $ | 746.2 | $ | 773.7 | $ | 1,829.5 | $ | 1,831.7 | |||||||||||
Operating Expenses | |||||||||||||||||||
Fuel | 164.7 | 146.5 | 422.1 | 365.8 | |||||||||||||||
Purchased power | 17.9 | 68.1 | 69.5 | 178.4 | |||||||||||||||
Transmission of electricity by others | 9.8 | 8.6 | 25.9 | 23.1 | |||||||||||||||
Utility operating and maintenance expenses | 156.8 | 169.1 | 484.0 | 487.7 | |||||||||||||||
Voluntary separation program | — | — | — | 12.7 | |||||||||||||||
Depreciation and amortization | 68.9 | 65.9 | 204.2 | 205.9 | |||||||||||||||
General taxes | 50.8 | 52.3 | 140.3 | 134.6 | |||||||||||||||
Other | 0.3 | 0.5 | 7.5 | 4.0 | |||||||||||||||
Total | 469.2 | 511.0 | 1,353.5 | 1,412.2 | |||||||||||||||
Operating income | 277.0 | 262.7 | 476.0 | 419.5 | |||||||||||||||
Non-operating income | 2.1 | 1.4 | 4.6 | 5.8 | |||||||||||||||
Non-operating expenses | (1.9 | ) | (1.3 | ) | (9.5 | ) | (6.3 | ) | |||||||||||
Interest charges | (48.1 | ) | (60.8 | ) | (170.8 | ) | (156.0 | ) | |||||||||||
Income before income tax expense and loss from equity investments | 229.1 | 202.0 | 300.3 | 263.0 | |||||||||||||||
Income tax expense | (82.6 | ) | (75.4 | ) | (104.9 | ) | (90.6 | ) | |||||||||||
Loss from equity investments, net of income taxes | (0.1 | ) | — | (0.2 | ) | (0.1 | ) | ||||||||||||
Net income | 146.4 | 126.6 | 195.2 | 172.3 | |||||||||||||||
Less: Net income attributable to noncontrolling interest | (0.2 | ) | (0.1 | ) | — | — | |||||||||||||
Net income attributable to Great Plains Energy | 146.2 | 126.5 | 195.2 | 172.3 | |||||||||||||||
Preferred stock dividend requirements | 0.4 | 0.4 | 1.2 | 1.2 | |||||||||||||||
Earnings available for common shareholders | $ | 145.8 | $ | 126.1 | $ | 194.0 | $ | 171.1 | |||||||||||
Average number of basic common shares outstanding | 153.2 | 135.7 | 142.9 | 135.6 | |||||||||||||||
Average number of diluted common shares outstanding | 153.4 | 138.3 | 145.0 | 138.5 | |||||||||||||||
Basic earnings per common share | $ | 0.95 | $ | 0.93 | $ | 1.36 | $ | 1.26 | |||||||||||
Diluted earnings per common share | $ | 0.95 | $ | 0.91 | $ | 1.34 | $ | 1.24 | |||||||||||
Cash dividends per common share | $ | 0.2125 | $ | 0.2075 | $ | 0.6375 | $ | 0.6225 | |||||||||||
Comprehensive Income | |||||||||||||||||||
Net income | $ | 146.4 | $ | 126.6 | $ | 195.2 | $ | 172.3 | |||||||||||
Other comprehensive income | |||||||||||||||||||
Derivative hedging activity | |||||||||||||||||||
Gain (loss) on derivative hedging instruments | 0.1 | (0.1 | ) | (0.1 | ) | (5.5 | ) | ||||||||||||
Income tax (expense) benefit | (0.1 | ) | 0.1 | — | 2.2 | ||||||||||||||
Net loss on derivative hedging instruments | — | — | (0.1 | ) | (3.3 | ) | |||||||||||||
Reclassification to expenses, net of tax | 3.4 | 3.1 | 9.6 | 7.3 | |||||||||||||||
Derivative hedging activity, net of tax | 3.4 | 3.1 | 9.5 | 4.0 | |||||||||||||||
Defined benefit pension plans | |||||||||||||||||||
Amortization of net losses included in net periodic benefit costs | 0.1 | — | 0.3 | 0.2 | |||||||||||||||
Income tax expense | — | — | (0.1 | ) | (0.1 | ) | |||||||||||||
Change in unrecognized pension expense, net of tax | 0.1 | — | 0.2 | 0.1 | |||||||||||||||
Total other comprehensive income | 3.5 | 3.1 | 9.7 | 4.1 | |||||||||||||||
Comprehensive income | 149.9 | 129.7 | 204.9 | 176.4 | |||||||||||||||
Less: comprehensive income attributable to noncontrolling interest | (0.2 | ) | (0.1 | ) | — | — | |||||||||||||
Comprehensive income attributable to Great Plains Energy | $ | 149.7 | $ | 129.6 | $ | 204.9 | $ | 176.4 |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
(Unaudited) | |||||||||||
Year to Date September 30 | 2012 | 2011 | |||||||||
Cash Flows from Operating Activities | (millions) | ||||||||||
Net income | $ | 195.2 | $ | 172.3 | |||||||
Adjustments to reconcile income to net cash from operating activities: | |||||||||||
Depreciation and amortization | 204.2 | 205.9 | |||||||||
Amortization of: | |||||||||||
Nuclear fuel | 16.9 | 13.5 | |||||||||
Other | 22.6 | 7.5 | |||||||||
Deferred income taxes, net | 115.8 | 124.0 | |||||||||
Investment tax credit amortization | (1.8 | ) | (1.5 | ) | |||||||
Loss from equity investments, net of income taxes | 0.2 | 0.1 | |||||||||
Other operating activities (Note 2) | (66.8 | ) | (154.3 | ) | |||||||
Net cash from operating activities | 486.3 | 367.5 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Utility capital expenditures | (409.5 | ) | (317.8 | ) | |||||||
Allowance for borrowed funds used during construction | (3.9 | ) | (3.1 | ) | |||||||
Purchases of nuclear decommissioning trust investments | (20.4 | ) | (15.5 | ) | |||||||
Proceeds from nuclear decommissioning trust investments | 17.9 | 13.0 | |||||||||
Other investing activities | (12.1 | ) | (17.4 | ) | |||||||
Net cash from investing activities | (428.0 | ) | (340.8 | ) | |||||||
Cash Flows from Financing Activities | |||||||||||
Issuance of common stock | 291.6 | 4.5 | |||||||||
Issuance of long-term debt | — | 747.1 | |||||||||
Issuance fees | (2.6 | ) | (6.2 | ) | |||||||
Repayment of long-term debt | (513.8 | ) | (448.5 | ) | |||||||
Net change in short-term borrowings | 169.0 | (234.5 | ) | ||||||||
Net change in collateralized short-term borrowings | 95.0 | — | |||||||||
Dividends paid | (91.7 | ) | (85.9 | ) | |||||||
Other financing activities | (5.1 | ) | (5.1 | ) | |||||||
Net cash from financing activities | (57.6 | ) | (28.6 | ) | |||||||
Net Change in Cash and Cash Equivalents | 0.7 | (1.9 | ) | ||||||||
Cash and Cash Equivalents at Beginning of Year | 6.2 | 10.8 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 6.9 | $ | 8.9 |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||||||||
Consolidated Statements of Common Shareholders' Equity and Noncontrolling Interest | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Year to Date September 30 | 2012 | 2011 | |||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||
Common Stock | (millions, except share amounts) | ||||||||||||||||
Beginning balance | 136,406,306 | $ | 2,330.6 | 136,113,954 | $ | 2,324.4 | |||||||||||
Issuance of common stock | 17,310,715 | 291.6 | 226,691 | 4.5 | |||||||||||||
Equity compensation expense, net of forfeitures | 0.2 | 0.2 | |||||||||||||||
Unearned Compensation | |||||||||||||||||
Issuance of restricted common stock | (3.2 | ) | (3.5 | ) | |||||||||||||
Forfeiture of restricted common stock | 1.3 | 0.9 | |||||||||||||||
Compensation expense recognized | 1.9 | 1.7 | |||||||||||||||
Other | 0.5 | 0.3 | |||||||||||||||
Ending balance | 153,717,021 | 2,622.9 | 136,340,645 | 2,328.5 | |||||||||||||
Retained Earnings | |||||||||||||||||
Beginning balance | 684.7 | 626.5 | |||||||||||||||
Net income attributable to Great Plains Energy | 195.2 | 172.3 | |||||||||||||||
Loss on reissuance of treasury stock | (0.2 | ) | (0.7 | ) | |||||||||||||
Dividends: | |||||||||||||||||
Common stock | (90.5 | ) | (84.7 | ) | |||||||||||||
Preferred stock - at required rates | (1.2 | ) | (1.2 | ) | |||||||||||||
Performance shares | (0.2 | ) | (0.3 | ) | |||||||||||||
Ending balance | 787.8 | 711.9 | |||||||||||||||
Treasury Stock | |||||||||||||||||
Beginning balance | (264,567 | ) | (5.6 | ) | (400,889 | ) | (8.9 | ) | |||||||||
Treasury shares acquired | (164,454 | ) | (3.3 | ) | (125,024 | ) | (2.3 | ) | |||||||||
Treasury shares reissued | 174,795 | 3.7 | 259,024 | 5.6 | |||||||||||||
Ending balance | (254,226 | ) | (5.2 | ) | (266,889 | ) | (5.6 | ) | |||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
Beginning balance | (49.8 | ) | (56.1 | ) | |||||||||||||
Derivative hedging activity, net of tax | 9.5 | 4.0 | |||||||||||||||
Change in unrecognized pension expense, net of tax | 0.2 | 0.1 | |||||||||||||||
Ending balance | (40.1 | ) | (52.0 | ) | |||||||||||||
Total Great Plains Energy Common Shareholders' Equity | $ | 3,365.4 | $ | 2,982.8 | |||||||||||||
Noncontrolling Interest | |||||||||||||||||
Beginning balance | $ | 1.0 | $ | 1.2 | |||||||||||||
Distribution | (1.0 | ) | — | ||||||||||||||
Ending balance | $ | — | $ | 1.2 |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||
Consolidated Balance Sheets | |||||||||||
(Unaudited) | |||||||||||
September 30 2012 | December 31 2011 | ||||||||||
ASSETS | (millions, except share amounts) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 2.8 | $ | 1.9 | |||||||
Funds on deposit | 0.2 | 0.1 | |||||||||
Receivables, net | 207.1 | 172.9 | |||||||||
Accounts receivable pledged as collateral | 110.0 | 95.0 | |||||||||
Fuel inventories, at average cost | 65.2 | 59.0 | |||||||||
Materials and supplies, at average cost | 107.2 | 101.1 | |||||||||
Deferred refueling outage costs | 14.1 | 27.5 | |||||||||
Refundable income taxes | — | 5.7 | |||||||||
Deferred income taxes | 7.3 | — | |||||||||
Prepaid expenses and other assets | 20.7 | 16.0 | |||||||||
Total | 534.6 | 479.2 | |||||||||
Utility Plant, at Original Cost | |||||||||||
Electric | 7,939.8 | 7,829.3 | |||||||||
Less - accumulated depreciation | 3,342.7 | 3,243.0 | |||||||||
Net utility plant in service | 4,597.1 | 4,586.3 | |||||||||
Construction work in progress | 381.5 | 203.5 | |||||||||
Nuclear fuel, net of amortization of $149.6 and $132.7 | 80.8 | 76.6 | |||||||||
Total | 5,059.4 | 4,866.4 | |||||||||
Investments and Other Assets | |||||||||||
Nuclear decommissioning trust fund | 152.1 | 135.3 | |||||||||
Regulatory assets | 743.9 | 780.7 | |||||||||
Other | 27.3 | 30.6 | |||||||||
Total | 923.3 | 946.6 | |||||||||
Total | $ | 6,517.3 | $ | 6,292.2 |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||
Consolidated Balance Sheets | |||||||||||
(Unaudited) | |||||||||||
September 30 2012 | December 31 2011 | ||||||||||
LIABILITIES AND CAPITALIZATION | (millions, except share amounts) | ||||||||||
Current Liabilities | |||||||||||
Collateralized note payable | $ | 110.0 | $ | 95.0 | |||||||
Commercial paper | 256.0 | 227.0 | |||||||||
Current maturities of long-term debt | 0.4 | 12.7 | |||||||||
Accounts payable | 193.1 | 214.8 | |||||||||
Accrued taxes | 91.1 | 20.6 | |||||||||
Accrued interest | 39.8 | 30.0 | |||||||||
Accrued compensation and benefits | 42.3 | 40.8 | |||||||||
Pension and post-retirement liability | 3.0 | 3.0 | |||||||||
Other | 12.7 | 13.7 | |||||||||
Total | 748.4 | 657.6 | |||||||||
Deferred Credits and Other Liabilities | |||||||||||
Deferred income taxes | 825.5 | 772.7 | |||||||||
Deferred tax credits | 126.5 | 127.9 | |||||||||
Asset retirement obligations | 140.6 | 134.3 | |||||||||
Pension and post-retirement liability | 428.7 | 440.9 | |||||||||
Regulatory liabilities | 151.4 | 142.8 | |||||||||
Other | 81.6 | 68.6 | |||||||||
Total | 1,754.3 | 1,687.2 | |||||||||
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 | 577.0 | 513.8 | |||||||||
Accumulated other comprehensive loss | (27.1 | ) | (31.4 | ) | |||||||
Total | 2,113.0 | 2,045.5 | |||||||||
Long-term debt (Note 9) | 1,901.6 | 1,901.9 | |||||||||
Total | 4,014.6 | 3,947.4 | |||||||||
Commitments and Contingencies (Note 10) | |||||||||||
Total | $ | 6,517.3 | $ | 6,292.2 |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||||||||||
Consolidated Statements of Income and Comprehensive Income | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended September 30 | Year to Date September 30 | ||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Operating Revenues | (millions) | ||||||||||||||||||
Electric revenues | $ | 508.0 | $ | 506.3 | $ | 1,244.1 | $ | 1,220.5 | |||||||||||
Operating Expenses | |||||||||||||||||||
Fuel | 114.5 | 99.3 | 297.8 | 249.0 | |||||||||||||||
Purchased power | 10.1 | 24.9 | 23.7 | 66.7 | |||||||||||||||
Transmission of electricity by others | 6.3 | 5.7 | 17.4 | 14.2 | |||||||||||||||
Operating and maintenance expenses | 110.5 | 120.2 | 344.3 | 350.7 | |||||||||||||||
Voluntary separation program | — | — | — | 9.2 | |||||||||||||||
Depreciation and amortization | 46.9 | 45.4 | 138.6 | 147.0 | |||||||||||||||
General taxes | 41.9 | 41.6 | 113.0 | 108.9 | |||||||||||||||
Other | — | — | — | 1.3 | |||||||||||||||
Total | 330.2 | 337.1 | 934.8 | 947.0 | |||||||||||||||
Operating income | 177.8 | 169.2 | 309.3 | 273.5 | |||||||||||||||
Non-operating income | 1.0 | 0.8 | 2.3 | 1.8 | |||||||||||||||
Non-operating expenses | (1.3 | ) | (1.0 | ) | (4.7 | ) | (3.4 | ) | |||||||||||
Interest charges | (32.4 | ) | (30.8 | ) | (96.1 | ) | (81.2 | ) | |||||||||||
Income before income tax expense | 145.1 | 138.2 | 210.8 | 190.7 | |||||||||||||||
Income tax expense | (54.9 | ) | (52.8 | ) | (74.6 | ) | (67.9 | ) | |||||||||||
Net income | $ | 90.2 | $ | 85.4 | $ | 136.2 | $ | 122.8 | |||||||||||
Comprehensive Income | |||||||||||||||||||
Net income | $ | 90.2 | $ | 85.4 | $ | 136.2 | $ | 122.8 | |||||||||||
Other comprehensive income | |||||||||||||||||||
Derivative hedging activity | |||||||||||||||||||
Gain (loss) on derivative hedging instruments | 0.1 | (0.1 | ) | (0.1 | ) | (0.2 | ) | ||||||||||||
Income tax (expense) benefit | (0.1 | ) | 0.1 | — | 0.1 | ||||||||||||||
Net loss on derivative hedging instruments | — | — | (0.1 | ) | (0.1 | ) | |||||||||||||
Reclassification to expenses, net of tax | 1.7 | 1.3 | 4.4 | 4.0 | |||||||||||||||
Derivative hedging activity, net of tax | 1.7 | 1.3 | 4.3 | 3.9 | |||||||||||||||
Total other comprehensive income | 1.7 | 1.3 | 4.3 | 3.9 | |||||||||||||||
Comprehensive income | $ | 91.9 | $ | 86.7 | $ | 140.5 | $ | 126.7 |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
(Unaudited) | |||||||||||
Year to Date September 30 | 2012 | 2011 | |||||||||
Cash Flows from Operating Activities | (millions) | ||||||||||
Net income | $ | 136.2 | $ | 122.8 | |||||||
Adjustments to reconcile income to net cash from operating activities: | |||||||||||
Depreciation and amortization | 138.6 | 147.0 | |||||||||
Amortization of: | |||||||||||
Nuclear fuel | 16.9 | 13.5 | |||||||||
Other | 23.1 | 22.3 | |||||||||
Deferred income taxes, net | 47.4 | 87.2 | |||||||||
Investment tax credit amortization | (1.4 | ) | (1.0 | ) | |||||||
Other operating activities (Note 2) | 23.4 | (74.3 | ) | ||||||||
Net cash from operating activities | 384.2 | 317.5 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Utility capital expenditures | (324.5 | ) | (236.7 | ) | |||||||
Allowance for borrowed funds used during construction | (2.3 | ) | (1.6 | ) | |||||||
Purchases of nuclear decommissioning trust investments | (20.4 | ) | (15.5 | ) | |||||||
Proceeds from nuclear decommissioning trust investments | 17.9 | 13.0 | |||||||||
Net money pool lending | — | (18.8 | ) | ||||||||
Other investing activities | (8.2 | ) | (9.3 | ) | |||||||
Net cash from investing activities | (337.5 | ) | (268.9 | ) | |||||||
Cash Flows from Financing Activities | |||||||||||
Issuance of long-term debt | — | 397.4 | |||||||||
Issuance fees | — | (3.7 | ) | ||||||||
Repayment of long-term debt | (12.7 | ) | (113.1 | ) | |||||||
Net change in short-term borrowings | 29.0 | (253.0 | ) | ||||||||
Net change in collateralized short-term borrowings | 15.0 | — | |||||||||
Net money pool borrowings | (4.2 | ) | (1.6 | ) | |||||||
Dividends paid to Great Plains Energy | (73.0 | ) | (75.0 | ) | |||||||
Other | 0.1 | — | |||||||||
Net cash from financing activities | (45.8 | ) | (49.0 | ) | |||||||
Net Change in Cash and Cash Equivalents | 0.9 | (0.4 | ) | ||||||||
Cash and Cash Equivalents at Beginning of Year | 1.9 | 3.6 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 2.8 | $ | 3.2 |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||||||||
Consolidated Statements of Common Shareholder's Equity | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Year to Date September 30 | 2012 | 2011 | |||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||
(millions, except share amounts) | |||||||||||||||||
Common Stock | 1 | $ | 1,563.1 | 1 | $ | 1,563.1 | |||||||||||
Retained Earnings | |||||||||||||||||
Beginning balance | 513.8 | 478.3 | |||||||||||||||
Net income | 136.2 | 122.8 | |||||||||||||||
Dividends: | |||||||||||||||||
Common stock held by Great Plains Energy | (73.0 | ) | (75.0 | ) | |||||||||||||
Ending balance | 577.0 | 526.1 | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
Beginning balance | (31.4 | ) | (36.4 | ) | |||||||||||||
Derivative hedging activity, net of tax | 4.3 | 3.9 | |||||||||||||||
Ending balance | (27.1 | ) | (32.5 | ) | |||||||||||||
Total Common Shareholder's Equity | $ | 2,113.0 | $ | 2,056.7 |
• | 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 (KCP&L 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 has two active wholly owned subsidiaries, GMO Receivables Company and MPS Merchant Services, Inc. (MPS Merchant). MPS Merchant has certain long-term natural gas contracts remaining from its former non-regulated trading operations. |
Three Months Ended September 30 | Year to Date September 30 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Income | (millions, except per share amounts) | ||||||||||||||
Net income | $ | 146.4 | $ | 126.6 | $ | 195.2 | $ | 172.3 | |||||||
Less: net income attributable to noncontrolling interest | 0.2 | 0.1 | — | — | |||||||||||
Less: preferred stock dividend requirements | 0.4 | 0.4 | 1.2 | 1.2 | |||||||||||
Earnings available for common shareholders | $ | 145.8 | $ | 126.1 | $ | 194.0 | $ | 171.1 | |||||||
Common Shares Outstanding | |||||||||||||||
Average number of common shares outstanding | 153.2 | 135.7 | 142.9 | 135.6 | |||||||||||
Add: effect of dilutive securities | 0.2 | 2.6 | 2.1 | 2.9 | |||||||||||
Diluted average number of common shares outstanding | 153.4 | 138.3 | 145.0 | 138.5 | |||||||||||
Basic EPS | $ | 0.95 | $ | 0.93 | $ | 1.36 | $ | 1.26 | |||||||
Diluted EPS | $ | 0.95 | $ | 0.91 | $ | 1.34 | $ | 1.24 |
Three Months Ended September 30 | Year to Date September 30 | ||||||||
2012 | 2011 | 2012 | 2011 | ||||||
Performance shares | 192,723 | 102,032 | 209,000 | 102,032 | |||||
Restricted stock shares | 2,531 | 22,818 | 2,531 | 45,648 | |||||
Stock options | — | 80,140 | — | 80,140 |
Great Plains Energy Other Operating Activities | |||||||
Year to Date September 30 | 2012 | 2011 | |||||
Cash flows affected by changes in: | (millions) | ||||||
Receivables | $ | 12.5 | $ | (41.2 | ) | ||
Accounts receivable pledged as collateral | (95.0 | ) | — | ||||
Fuel inventories | (5.4 | ) | 12.9 | ||||
Materials and supplies | (7.8 | ) | (4.8 | ) | |||
Accounts payable | (49.4 | ) | (71.5 | ) | |||
Accrued taxes | 65.4 | 52.5 | |||||
Accrued interest | (16.6 | ) | (6.1 | ) | |||
Deferred refueling outage costs | 13.4 | (23.8 | ) | ||||
Fuel adjustment clauses | 13.1 | (27.3 | ) | ||||
Pension and post-retirement benefit obligations | 21.9 | 22.0 | |||||
Allowance for equity funds used during construction | (0.3 | ) | (0.3 | ) | |||
Interest rate hedge settlements | — | (26.1 | ) | ||||
Iatan Nos. 1 and 2 impact of disallowed construction costs | — | 2.3 | |||||
Uncertain tax positions | (4.4 | ) | (20.2 | ) | |||
Other | (14.2 | ) | (22.7 | ) | |||
Total other operating activities | $ | (66.8 | ) | $ | (154.3 | ) | |
Cash paid during the period: | |||||||
Interest | $ | 185.4 | $ | 195.1 | |||
Income taxes | $ | 3.3 | $ | 2.4 | |||
Non-cash investing activities: | |||||||
Liabilities assumed for capital expenditures | $ | 52.2 | $ | 34.8 |
KCP&L Other Operating Activities | |||||||
Year to Date September 30 | 2012 | 2011 | |||||
Cash flows affected by changes in: | (millions) | ||||||
Receivables | $ | (35.1 | ) | $ | (39.5 | ) | |
Accounts receivable pledged as collateral | (15.0 | ) | — | ||||
Fuel inventories | (6.2 | ) | 2.9 | ||||
Materials and supplies | (6.1 | ) | (4.3 | ) | |||
Accounts payable | (18.0 | ) | (43.2 | ) | |||
Accrued taxes | 76.5 | 40.3 | |||||
Accrued interest | 9.8 | 7.9 | |||||
Deferred refueling outage costs | 13.4 | (23.8 | ) | ||||
Pension and post-retirement benefit obligations | 24.7 | 32.1 | |||||
Kansas Energy Cost Adjustment | (0.9 | ) | (22.0 | ) | |||
Iatan Nos. 1 and 2 impact of disallowed construction costs | — | 1.5 | |||||
Uncertain tax positions | 1.2 | (10.1 | ) | ||||
Other | (20.9 | ) | (16.1 | ) | |||
Total other operating activities | $ | 23.4 | $ | (74.3 | ) | ||
Cash paid during the period: | |||||||
Interest | $ | 77.3 | $ | 74.6 | |||
Income taxes | $ | — | $ | 0.1 | |||
Non-cash investing activities: | |||||||
Liabilities assumed for capital expenditures | $ | 48.0 | $ | 30.7 |
September 30 2012 | December 31 2011 | ||||||||||
Great Plains Energy | (millions) | ||||||||||
Customer accounts receivable - billed | $ | 27.7 | $ | 69.8 | |||||||
Customer accounts receivable - unbilled | 77.8 | 82.4 | |||||||||
Allowance for doubtful accounts | (4.6 | ) | (2.5 | ) | |||||||
Other receivables | 117.7 | 81.5 | |||||||||
Total | $ | 218.6 | $ | 231.2 | |||||||
KCP&L | |||||||||||
Customer accounts receivable - billed | $ | 28.9 | $ | 16.4 | |||||||
Customer accounts receivable - unbilled | 50.8 | 50.0 | |||||||||
Allowance for doubtful accounts | (2.5 | ) | (1.4 | ) | |||||||
Intercompany receivables | 26.9 | 38.7 | |||||||||
Other receivables | 103.0 | 69.2 | |||||||||
Total | $ | 207.1 | $ | 172.9 |
Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||
KCP&L | KCP&L Receivables Company | Consolidated KCP&L | GMO | GMO Receivables Company | Consolidated Great Plains Energy | ||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||
Receivables (sold) purchased | $ | (472.6 | ) | $ | 472.6 | $ | — | $ | (341.7 | ) | $ | 341.7 | $ | — | |||||||||||||||||||||
Gain (loss) on sale of accounts receivable (a) | (6.0 | ) | 5.8 | (0.2 | ) | (4.3 | ) | 3.4 | (1.1 | ) | |||||||||||||||||||||||||
Servicing fees received (paid) | 0.8 | (0.8 | ) | — | 0.5 | (0.5 | ) | — | |||||||||||||||||||||||||||
Fees paid to outside investor | — | (0.3 | ) | (0.3 | ) | — | (0.3 | ) | (0.6 | ) | |||||||||||||||||||||||||
Cash from customers (transferred) received | (466.1 | ) | 466.1 | — | (267.8 | ) | 267.8 | — | |||||||||||||||||||||||||||
Cash received from (paid for) receivables purchased | 460.4 | (460.4 | ) | — | 264.4 | (264.4 | ) | — | |||||||||||||||||||||||||||
Interest on intercompany note received (paid) | 0.2 | (0.2 | ) | — | 0.1 | (0.1 | ) | — |
Year to Date September 30, 2012 | |||||||||||||||||||||||||||||||||||
KCP&L | KCP&L Receivables Company | Consolidated KCP&L | GMO | GMO Receivables Company | Consolidated Great Plains Energy | ||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||
Receivables (sold) purchased | $ | (1,134.7 | ) | $ | 1,134.7 | $ | — | $ | (433.4 | ) | $ | 433.4 | $ | — | |||||||||||||||||||||
Gain (loss) on sale of accounts receivable (a) | (14.4 | ) | 13.9 | (0.5 | ) | (5.5 | ) | 4.2 | (1.8 | ) | |||||||||||||||||||||||||
Servicing fees received (paid) | 1.9 | (1.9 | ) | — | 0.6 | (0.6 | ) | — | |||||||||||||||||||||||||||
Fees paid to outside investor | — | (0.9 | ) | (0.9 | ) | — | (0.4 | ) | (1.3 | ) | |||||||||||||||||||||||||
Cash from customers (transferred) received | (1,112.7 | ) | 1,112.7 | — | (332.5 | ) | 332.5 | — | |||||||||||||||||||||||||||
Cash received from (paid for) receivables purchased | 1,098.8 | (1,098.8 | ) | — | 328.3 | (328.3 | ) | — | |||||||||||||||||||||||||||
Interest on intercompany note received (paid) | 0.3 | (0.3 | ) | — | 0.1 | (0.1 | ) | — |
Three Months Ended September 30, 2011 | Year to Date September 30, 2011 | ||||||||||||||||||||||||||||||||||
KCP&L | KCP&L Receivables Company | Consolidated KCP&L | KCP&L | KCP&L Receivables Company | Consolidated KCP&L | ||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||
Receivables (sold) purchased | $ | (468.8 | ) | $ | 468.8 | $ | — | $ | (1,108.4 | ) | $ | 1,108.4 | $ | — | |||||||||||||||||||||
Gain (loss) on sale of accounts receivable (a) | (5.9 | ) | 5.8 | (0.1 | ) | (14.0 | ) | 13.6 | (0.4 | ) | |||||||||||||||||||||||||
Servicing fees received (paid) | 0.9 | (0.9 | ) | — | 2.0 | (2.0 | ) | — | |||||||||||||||||||||||||||
Fees paid to outside investor | — | (0.3 | ) | (0.3 | ) | — | (0.9 | ) | (0.9 | ) | |||||||||||||||||||||||||
Cash from customers (transferred) received | (463.4 | ) | 463.4 | — | (1,081.6 | ) | 1,081.6 | — | |||||||||||||||||||||||||||
Cash received from (paid for) receivables purchased | 457.6 | (457.6 | ) | — | 1,068.0 | (1,068.0 | ) | — | |||||||||||||||||||||||||||
Interest on intercompany note received (paid) | 0.2 | (0.2 | ) | — | 0.4 | (0.4 | ) | — |
September 30 2012 | December 31 2011 | ||||||||||
Decommissioning Trust | (millions) | ||||||||||
Beginning balance January 1 | $ | 135.3 | $ | 129.2 | |||||||
Contributions | 2.5 | 3.4 | |||||||||
Earned income, net of fees | 2.0 | 4.8 | |||||||||
Net realized gains | 0.9 | 0.3 | |||||||||
Net unrealized gains (losses) | 11.4 | (2.4 | ) | ||||||||
Ending balance | $ | 152.1 | $ | 135.3 |
September 30 2012 | December 31 2011 | ||||||||||||||||||||||||||||||||||||||||||||
Cost Basis | Unrealized Gains | Unrealized Losses | Fair Value | Cost Basis | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | 79.5 | $ | 20.9 | $ | (2.5 | ) | $ | 97.9 | $ | 76.5 | $ | 12.3 | $ | (4.5 | ) | $ | 84.3 | |||||||||||||||||||||||||||
Debt securities | 45.9 | 5.2 | — | 51.1 | 44.2 | 4.5 | (0.1 | ) | 48.6 | ||||||||||||||||||||||||||||||||||||
Other | 3.1 | — | — | 3.1 | 2.4 | — | — | 2.4 | |||||||||||||||||||||||||||||||||||||
Total | $ | 128.5 | $ | 26.1 | $ | (2.5 | ) | $ | 152.1 | $ | 123.1 | $ | 16.8 | $ | (4.6 | ) | $ | 135.3 |
Three Months Ended September 30 | Year to Date September 30 | ||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
(millions) | |||||||||||||||||||
Realized gains | $ | 0.5 | $ | 0.2 | $ | 1.2 | $ | 1.0 | |||||||||||
Realized losses | (0.1 | ) | — | (0.3 | ) | (0.7 | ) |
Pension Benefits | Other Benefits | ||||||||||||||
Three Months Ended September 30 | 2012 | 2011 | 2012 | 2011 | |||||||||||
Components of net periodic benefit costs | (millions) | ||||||||||||||
Service cost | $ | 8.9 | $ | 7.8 | $ | 0.8 | $ | 0.7 | |||||||
Interest cost | 12.2 | 12.4 | 1.9 | 2.0 | |||||||||||
Expected return on plan assets | (10.7 | ) | (9.5 | ) | (0.4 | ) | (0.4 | ) | |||||||
Prior service cost | 1.1 | 1.1 | 1.8 | 1.8 | |||||||||||
Recognized net actuarial (gain) loss | 11.1 | 9.7 | — | (0.1 | ) | ||||||||||
Transition obligation | — | — | 0.3 | 0.3 | |||||||||||
Settlement charge | — | 10.0 | — | — | |||||||||||
Net periodic benefit costs before regulatory adjustment | 22.6 | 31.5 | 4.4 | 4.3 | |||||||||||
Regulatory adjustment | (3.9 | ) | (12.8 | ) | 0.3 | 0.4 | |||||||||
Net periodic benefit costs | $ | 18.7 | $ | 18.7 | $ | 4.7 | $ | 4.7 |
Pension Benefits | Other Benefits | ||||||||||||||
Year to Date September 30 | 2012 | 2011 | 2012 | 2011 | |||||||||||
Components of net periodic benefit costs | (millions) | ||||||||||||||
Service cost | $ | 26.6 | $ | 23.4 | $ | 2.4 | $ | 2.3 | |||||||
Interest cost | 36.7 | 37.5 | 5.8 | 5.9 | |||||||||||
Expected return on plan assets | (32.1 | ) | (28.8 | ) | (1.3 | ) | (1.3 | ) | |||||||
Prior service cost | 3.3 | 3.4 | 5.4 | 5.4 | |||||||||||
Recognized net actuarial (gain) loss | 33.4 | 28.9 | — | (0.4 | ) | ||||||||||
Transition obligation | — | — | 0.8 | 1.0 | |||||||||||
Settlement charge | — | 10.2 | — | — | |||||||||||
Net periodic benefit costs before regulatory adjustment | 67.9 | 74.6 | 13.1 | 12.9 | |||||||||||
Regulatory adjustment | (11.6 | ) | (25.1 | ) | 1.0 | 0.7 | |||||||||
Net periodic benefit costs | $ | 56.3 | $ | 49.5 | $ | 14.1 | $ | 13.6 |
Three Months Ended September 30 | Year to Date September 30 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Great Plains Energy | (millions) | ||||||||||||||
Compensation expense | $ | 1.2 | $ | 1.2 | $ | 4.0 | $ | 4.5 | |||||||
Income tax benefit | 0.4 | 0.4 | 1.7 | 1.8 | |||||||||||
KCP&L | |||||||||||||||
Compensation expense | $ | 0.8 | $ | 0.8 | $ | 2.9 | $ | 3.1 | |||||||
Income tax benefit | 0.3 | 0.2 | 1.3 | 1.2 |
Performance Shares | Grant Date Fair Value* | |||||||||
Beginning balance | 442,042 | $ | 21.06 | |||||||
Granted | 164,158 | 19.02 | ||||||||
Forfeited | (74,923 | ) | 20.06 | |||||||
Performance adjustment | (160,717 | ) | ||||||||
Ending balance | 370,560 | 22.97 |
Nonvested Restricted Stock | Grant Date Fair Value* | |||||||||
Beginning balance | 386,183 | $ | 17.06 | |||||||
Granted and issued | 164,660 | 19.73 | ||||||||
Vested | (206,838 | ) | 15.78 | |||||||
Forfeited | (67,816 | ) | 19.49 | |||||||
Ending balance | 276,189 | 19.01 |
Year Due | September 30 2012 | December 31 2011 | |||||||||||
KCP&L | (millions) | ||||||||||||
General Mortgage Bonds | |||||||||||||
4.97% EIRR bonds(a) | 2015-2035 | $ | 106.9 | $ | 119.3 | ||||||||
7.15% Series 2009A (8.59% rate)(b) | 2019 | 400.0 | 400.0 | ||||||||||
4.65% EIRR Series 2005 | 2035 | 50.0 | 50.0 | ||||||||||
5.375% EIRR Series 2007B | 2035 | 73.2 | 73.2 | ||||||||||
Senior Notes | |||||||||||||
5.85% Series (5.72% rate)(b) | 2017 | 250.0 | 250.0 | ||||||||||
6.375% Series (7.49% rate)(b) | 2018 | 350.0 | 350.0 | ||||||||||
6.05% Series (5.78% rate)(b) | 2035 | 250.0 | 250.0 | ||||||||||
5.30% Series | 2041 | 400.0 | 400.0 | ||||||||||
EIRR bonds 4.90% Series 2008 | 2038 | 23.4 | 23.4 | ||||||||||
Other | 2013-2018 | 2.6 | 2.9 | ||||||||||
Current maturities | (0.4 | ) | (12.7 | ) | |||||||||
Unamortized discount | (4.1 | ) | (4.2 | ) | |||||||||
Total KCP&L excluding current maturities(c) | 1,901.6 | 1,901.9 | |||||||||||
Other Great Plains Energy | |||||||||||||
GMO First Mortgage Bonds 9.44% Series | 2013-2021 | 10.1 | 11.2 | ||||||||||
GMO Pollution Control Bonds | |||||||||||||
5.85% SJLP Pollution Control | 2013 | 5.6 | 5.6 | ||||||||||
0.318% Wamego Series 1996(d) | 2026 | 7.3 | 7.3 | ||||||||||
0.316% State Environmental 1993(d) | 2028 | 5.0 | 5.0 | ||||||||||
GMO Senior Notes | |||||||||||||
11.875% Series | 2012 | — | 500.0 | ||||||||||
8.27% Series | 2021 | 80.9 | 80.9 | ||||||||||
Fair Value Adjustment | — | 16.3 | |||||||||||
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)(b) | 2013 | 250.0 | 250.0 | ||||||||||
Great Plains Energy 6.875% Senior Notes (7.33% rate)(b) | 2017 | 100.0 | 100.0 | ||||||||||
Great Plains Energy 4.85% Senior Notes (7.34% rate)(b) | 2021 | 350.0 | 350.0 | ||||||||||
Great Plains Energy 5.292% Senior Notes | 2022 | 287.5 | — | ||||||||||
Great Plains Energy 10.00% Equity Units Subordinated Notes | — | 287.5 | |||||||||||
Current maturities | (256.7 | ) | (788.7 | ) | |||||||||
Unamortized discount and premium, net | 5.6 | (0.7 | ) | ||||||||||
Total Great Plains Energy excluding current maturities(c) | $ | 2,762.9 | $ | 2,742.3 |
(a) | Weighted-average interest rates at September 30, 2012 |
(b) | Rate after amortizing gains/losses recognized in OCI on settlements of interest rate hedging instruments |
(c) | Does not include $39.5 million EIRR Series 1993B, $63.3 million EIRR Series 2007 A-1 and $10.0 million EIRR Series 2007 A-2 bonds because the bonds have been repurchased and are held by KCP&L |
(d) | Variable rate |
• | 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 2020; and |
• | GMO's Sibley No. 3 scrubber and baghouse installed by approximately 2017. |
September 30 2012 | December 31 2011 | ||||||||||
(millions) | |||||||||||
Net receivable from GMO | $ | 15.9 | $ | 24.1 | |||||||
Net receivable from Great Plains Energy | 6.7 | 9.5 |
September 30 2012 | December 31 2011 | ||||||||||||||
Notional Contract Amount | Fair Value | Notional Contract Amount | Fair Value | ||||||||||||
Great Plains Energy | (millions) | ||||||||||||||
Futures contracts | |||||||||||||||
Cash flow hedges | $ | 1.0 | $ | (0.2 | ) | $ | 2.0 | $ | (0.5 | ) | |||||
Non-hedging derivatives | 16.3 | (1.9 | ) | 23.6 | (5.0 | ) | |||||||||
Forward contracts | |||||||||||||||
Non-hedging derivatives | 70.3 | 6.8 | 97.3 | 7.8 | |||||||||||
Option contracts | |||||||||||||||
Non-hedging derivatives | — | — | 0.4 | — | |||||||||||
KCP&L | |||||||||||||||
Futures contracts | |||||||||||||||
Cash flow hedges | $ | 1.0 | $ | (0.2 | ) | $ | 2.0 | $ | (0.5 | ) |
Great Plains Energy | |||||||||||||
Balance Sheet | Asset Derivatives | Liability Derivatives | |||||||||||
September 30, 2012 | Classification | Fair Value | Fair Value | ||||||||||
Derivatives Designated as Hedging Instruments | (millions) | ||||||||||||
Commodity contracts | Derivative instruments | $ | — | $ | 0.2 | ||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||
Commodity contracts | Derivative instruments | 7.2 | 2.3 | ||||||||||
Total Derivatives | $ | 7.2 | $ | 2.5 | |||||||||
December 31, 2011 | |||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||
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 |
KCP&L | |||||||||||||
Balance Sheet | Asset Derivatives | Liability Derivatives | |||||||||||
September 30, 2012 | Classification | Fair Value | Fair Value | ||||||||||
Derivatives Designated as Hedging Instruments | (millions) | ||||||||||||
Commodity contracts | Derivative instruments | $ | — | $ | 0.2 | ||||||||
December 31, 2011 | |||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||
Commodity contracts | Derivative instruments | $ | — | $ | 0.5 |
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 (Effective Portion) | Income Statement Classification | Amount | |||||||||
Three Months Ended September 30, 2012 | (millions) | (millions) | |||||||||
Interest rate contracts | $ | — | Interest charges | $ | (5.0 | ) | |||||
Commodity contracts | 0.1 | Fuel | (0.5 | ) | |||||||
Income tax expense | (0.1 | ) | Income tax benefit | 2.1 | |||||||
Total | $ | — | Total | $ | (3.4 | ) | |||||
Year to Date September 30, 2012 | |||||||||||
Interest rate contracts | $ | — | Interest charges | $ | (15.1 | ) | |||||
Commodity contracts | (0.1 | ) | Fuel | (0.5 | ) | ||||||
Income tax benefit | — | Income tax benefit | 6.0 | ||||||||
Total | $ | (0.1 | ) | Total | $ | (9.6 | ) | ||||
Three Months Ended September 30, 2011 | |||||||||||
Interest rate contracts | $ | — | Interest charges | $ | (5.1 | ) | |||||
Commodity contracts | (0.1 | ) | Fuel | (0.1 | ) | ||||||
Income tax benefit | 0.1 | Income tax benefit | 2.1 | ||||||||
Total | $ | — | Total | $ | (3.1 | ) | |||||
Year to Date September 30, 2011 | |||||||||||
Interest rate contracts | $ | (5.3 | ) | Interest charges | $ | (11.9 | ) | ||||
Commodity contracts | (0.2 | ) | Fuel | (0.1 | ) | ||||||
Income tax benefit | 2.2 | Income tax benefit | 4.7 | ||||||||
Total | $ | (3.3 | ) | Total | $ | (7.3 | ) |
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 (Effective Portion) | Income Statement Classification | Amount | |||||||||
Three Months Ended September 30, 2012 | (millions) | (millions) | |||||||||
Interest rate contracts | $ | — | Interest charges | $ | (2.2 | ) | |||||
Commodity contracts | 0.1 | Fuel | (0.5 | ) | |||||||
Income tax expense | (0.1 | ) | Income tax benefit | 1.0 | |||||||
Total | $ | — | Total | $ | (1.7 | ) | |||||
Year to Date September 30, 2012 | |||||||||||
Interest rate contracts | $ | — | Interest charges | $ | (6.6 | ) | |||||
Commodity contracts | (0.1 | ) | Fuel | (0.5 | ) | ||||||
Income tax benefit | — | Income tax benefit | 2.7 | ||||||||
Total | $ | (0.1 | ) | Total | $ | (4.4 | ) | ||||
Three Months Ended September 30, 2011 | |||||||||||
Interest rate contracts | $ | — | Interest charges | $ | (2.1 | ) | |||||
Commodity contracts | (0.1 | ) | Fuel | (0.1 | ) | ||||||
Income tax benefit | 0.1 | Income tax benefit | 0.9 | ||||||||
Total | $ | — | Total | $ | (1.3 | ) | |||||
Year to Date September 30, 2011 | |||||||||||
Interest rate contracts | $ | — | Interest charges | $ | (6.5 | ) | |||||
Commodity contracts | (0.2 | ) | Fuel | (0.1 | ) | ||||||
Income tax benefit | 0.1 | Income tax benefit | 2.6 | ||||||||
Total | $ | (0.1 | ) | Total | $ | (4.0 | ) |
Great Plains Energy | |||||||||||
Derivatives in Regulatory Account Relationship | |||||||||||
Gain (Loss) Reclassified from | |||||||||||
Regulatory Account | |||||||||||
Amount of Gain (Loss) Recognized in Regulatory Account on Derivatives | Income Statement Classification | Amount | |||||||||
Three Months Ended September 30, 2012 | (millions) | (millions) | |||||||||
Commodity contracts | $ | 0.9 | Fuel | $ | (2.8 | ) | |||||
Total | $ | 0.9 | Total | $ | (2.8 | ) | |||||
Year to Date September 30, 2012 | |||||||||||
Commodity contracts | $ | (1.8 | ) | Fuel | $ | (5.5 | ) | ||||
Total | $ | (1.8 | ) | Total | $ | (5.5 | ) | ||||
Three Months Ended September 30, 2011 | |||||||||||
Commodity contracts | $ | (2.2 | ) | Fuel | $ | (0.6 | ) | ||||
Total | $ | (2.2 | ) | Total | $ | (0.6 | ) | ||||
Year to Date September 30, 2011 | |||||||||||
Commodity contracts | $ | (3.5 | ) | Fuel | $ | (3.5 | ) | ||||
Total | $ | (3.5 | ) | Total | $ | (3.5 | ) |
Great Plains Energy | KCP&L | ||||||||||||||||||||||
September 30 2012 | December 31 2011 | September 30 2012 | December 31 2011 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Current assets | $ | 10.8 | $ | 11.3 | $ | 10.8 | $ | 11.3 | |||||||||||||||
Current liabilities | (73.6 | ) | (89.5 | ) | (55.1 | ) | (62.5 | ) | |||||||||||||||
Noncurrent liabilities | (0.1 | ) | (0.2 | ) | (0.1 | ) | (0.2 | ) | |||||||||||||||
Deferred income taxes | 24.5 | 30.5 | 17.3 | 20.0 | |||||||||||||||||||
Total | $ | (38.4 | ) | $ | (47.9 | ) | $ | (27.1 | ) | $ | (31.4 | ) |
Fair Value Measurements Using | |||||||||||||||||||||||||||||
Description | September 30 2012 | 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 | $ | 97.9 | $ | — | $ | 97.9 | $ | — | $ | — | |||||||||||||||||||
Debt securities | |||||||||||||||||||||||||||||
U.S. Treasury | 18.6 | — | 18.6 | — | — | ||||||||||||||||||||||||
U.S. Agency | 2.8 | — | — | 2.8 | — | ||||||||||||||||||||||||
State and local obligations | 2.7 | — | — | 2.7 | — | ||||||||||||||||||||||||
Corporate bonds | 26.4 | — | — | 26.4 | — | ||||||||||||||||||||||||
Foreign governments | 0.6 | — | — | 0.6 | — | ||||||||||||||||||||||||
Other | 0.2 | — | — | 0.2 | — | ||||||||||||||||||||||||
Total nuclear decommissioning trust | 149.2 | — | 116.5 | 32.7 | — | ||||||||||||||||||||||||
Total | 149.2 | — | 116.5 | 32.7 | — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Derivative instruments (a) | — | (0.2 | ) | 0.2 | — | — | |||||||||||||||||||||||
Total | $ | — | $ | (0.2 | ) | $ | 0.2 | $ | — | $ | — | ||||||||||||||||||
Other Great Plains Energy | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Derivative instruments (a) | $ | 6.8 | $ | (0.4 | ) | $ | 0.4 | $ | 4.4 | $ | 2.4 | ||||||||||||||||||
SERP rabbi trust (c) | |||||||||||||||||||||||||||||
Equity securities | 0.1 | — | 0.1 | — | — | ||||||||||||||||||||||||
Debt securities | 0.1 | — | — | 0.1 | — | ||||||||||||||||||||||||
Total SERP rabbi trust | 0.2 | — | 0.1 | 0.1 | — | ||||||||||||||||||||||||
Total | 7.0 | (0.4 | ) | 0.5 | 4.5 | 2.4 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Derivative instruments (a) | — | (2.3 | ) | 2.3 | — | — | |||||||||||||||||||||||
Total | $ | — | $ | (2.3 | ) | $ | 2.3 | $ | — | $ | — | ||||||||||||||||||
Great Plains Energy | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Derivative instruments (a) | $ | 6.8 | $ | (0.4 | ) | $ | 0.4 | $ | 4.4 | $ | 2.4 | ||||||||||||||||||
Nuclear decommissioning trust (b) | 149.2 | — | 116.5 | 32.7 | — | ||||||||||||||||||||||||
SERP rabbi trust (c) | 0.2 | — | 0.1 | 0.1 | — | ||||||||||||||||||||||||
Total | 156.2 | (0.4 | ) | 117.0 | 37.2 | 2.4 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Derivative instruments (a) | — | (2.5 | ) | 2.5 | — | — | |||||||||||||||||||||||
Total | $ | — | $ | (2.5 | ) | $ | 2.5 | $ | — | $ | — |
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 | $ | — | $ | — |
(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 $2.9 million and $3.0 million at September 30, 2012, and December 31, 2011, 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 at September 30, 2012, and December 31, 2011, of cash and cash equivalents, which are not subject to the fair value requirements. |
(d) | Represents the difference between derivative contracts in an asset or liability position presented on a net basis by counterparty on the consolidated balance sheet where a master netting agreement exists between the Company and the counterparty. At September 30, 2012, and December 31, 2011, Great Plains Energy netted $2.1 million and $5.5 million, respectively, of cash collateral posted with counterparties. |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||
2012 | 2011 | ||||||
Derivative Instruments | |||||||
(millions) | |||||||
Balance at July 1 | $ | 2.2 | $ | 4.9 | |||
Total realized/unrealized gains included in non-operating income | 3.7 | 4.0 | |||||
Settlements | (3.5 | ) | (4.4 | ) | |||
Balance at September 30 | $ | 2.4 | $ | 4.5 | |||
Total unrealized gains and (losses) included in non-operating income relating to assets | |||||||
and liabilities still on the consolidated balance sheet at September 30 | $ | 0.3 | $ | (0.3 | ) |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||
2012 | 2011 | ||||||
Derivative Instruments | |||||||
(millions) | |||||||
Balance at January 1 | $ | 3.1 | $ | 3.7 | |||
Total realized/unrealized gains included in non-operating income | 4.8 | 11.1 | |||||
Settlements | (5.5 | ) | (10.3 | ) | |||
Balance at September 30 | $ | 2.4 | $ | 4.5 | |||
Total unrealized gains and (losses) included in non-operating income relating to assets | |||||||
and liabilities still on the consolidated balance sheet at September 30 | $ | (0.4 | ) | $ | 1.2 |
Three Months Ended September 30 | Year to Date September 30 | ||||||||||||||
Great Plains Energy | 2012 | 2011 | 2012 | 2011 | |||||||||||
Current income taxes | (millions) | ||||||||||||||
Federal | $ | (1.4 | ) | $ | (10.2 | ) | $ | (4.7 | ) | $ | (6.4 | ) | |||
State | (0.3 | ) | (0.8 | ) | — | (4.8 | ) | ||||||||
Foreign | — | — | — | (0.4 | ) | ||||||||||
Total | (1.7 | ) | (11.0 | ) | (4.7 | ) | (11.6 | ) | |||||||
Deferred income taxes | |||||||||||||||
Federal | 75.1 | 74.7 | 97.6 | 103.6 | |||||||||||
State | 13.9 | 13.0 | 18.2 | 20.4 | |||||||||||
Total | 89.0 | 87.7 | 115.8 | 124.0 | |||||||||||
Noncurrent income taxes | |||||||||||||||
Federal | — | — | (0.2 | ) | (18.0 | ) | |||||||||
State | — | — | — | (1.9 | ) | ||||||||||
Foreign | (4.1 | ) | (0.6 | ) | (4.2 | ) | (0.4 | ) | |||||||
Total | (4.1 | ) | (0.6 | ) | (4.4 | ) | (20.3 | ) | |||||||
Investment tax credit amortization | (0.6 | ) | (0.7 | ) | (1.8 | ) | (1.5 | ) | |||||||
Income tax expense | $ | 82.6 | $ | 75.4 | $ | 104.9 | $ | 90.6 |
Three Months Ended September 30 | Year to Date September 30 | ||||||||||||||
KCP&L | 2012 | 2011 | 2012 | 2011 | |||||||||||
Current income taxes | (millions) | ||||||||||||||
Federal | $ | 22.9 | $ | (10.2 | ) | $ | 23.1 | $ | (7.8 | ) | |||||
State | 4.1 | (0.9 | ) | 4.2 | (0.4 | ) | |||||||||
Total | 27.0 | (11.1 | ) | 27.3 | (8.2 | ) | |||||||||
Deferred income taxes | |||||||||||||||
Federal | 22.7 | 53.5 | 38.8 | 73.4 | |||||||||||
State | 4.5 | 9.3 | 8.6 | 13.8 | |||||||||||
Total | 27.2 | 62.8 | 47.4 | 87.2 | |||||||||||
Noncurrent income taxes | |||||||||||||||
Federal | 1.0 | 1.5 | 1.1 | (9.1 | ) | ||||||||||
State | 0.2 | 0.1 | 0.2 | (1.0 | ) | ||||||||||
Total | 1.2 | 1.6 | 1.3 | (10.1 | ) | ||||||||||
Investment tax credit amortization | (0.5 | ) | (0.5 | ) | (1.4 | ) | (1.0 | ) | |||||||
Income tax expense | $ | 54.9 | $ | 52.8 | $ | 74.6 | $ | 67.9 |
Great Plains Energy | Income Tax Expense | Income Tax Rate | |||||||||||
Three Months Ended September 30 | 2012 | 2011 | 2012 | 2011 | |||||||||
(millions) | |||||||||||||
Federal statutory income tax | $ | 80.0 | $ | 70.6 | 35.0 | % | 35.0 | % | |||||
Differences between book and tax depreciation not | |||||||||||||
normalized | 1.3 | 1.8 | 0.5 | 0.9 | |||||||||
Amortization of investment tax credits | (0.6 | ) | (0.7 | ) | (0.3 | ) | (0.3 | ) | |||||
Federal income tax credits | (2.2 | ) | (2.9 | ) | (1.0 | ) | (1.4 | ) | |||||
State income taxes | 8.8 | 8.1 | 3.8 | 4.0 | |||||||||
Changes in uncertain tax positions, net | (4.1 | ) | (2.7 | ) | (1.8 | ) | (1.3 | ) | |||||
Other | (0.6 | ) | 1.2 | (0.1 | ) | 0.4 | |||||||
Total | $ | 82.6 | $ | 75.4 | 36.1 | % | 37.3 | % |
Great Plains Energy | Income Tax Expense | Income Tax Rate | |||||||||||
Year to Date September 30 | 2012 | 2011 | 2012 | 2011 | |||||||||
(millions) | |||||||||||||
Federal statutory income tax | $ | 105.0 | $ | 92.0 | 35.0 | % | 35.0 | % | |||||
Differences between book and tax depreciation not | |||||||||||||
normalized | 3.4 | 3.7 | 1.1 | 1.4 | |||||||||
Amortization of investment tax credits | (1.8 | ) | (1.5 | ) | (0.6 | ) | (0.6 | ) | |||||
Federal income tax credits | (8.3 | ) | (9.7 | ) | (2.8 | ) | (3.7 | ) | |||||
State income taxes | 11.7 | 11.1 | 3.9 | 4.2 | |||||||||
Changes in uncertain tax positions, net | (4.2 | ) | (4.0 | ) | (1.4 | ) | (1.5 | ) | |||||
Valuation allowance | 0.1 | (2.2 | ) | — | (0.8 | ) | |||||||
Other | (1.0 | ) | 1.2 | (0.3 | ) | 0.5 | |||||||
Total | $ | 104.9 | $ | 90.6 | 34.9 | % | 34.5 | % |
KCP&L | Income Tax Expense | Income Tax Rate | |||||||||||
Three Months Ended September 30 | 2012 | 2011 | 2012 | 2011 | |||||||||
(millions) | |||||||||||||
Federal statutory income tax | $ | 50.8 | $ | 48.3 | 35.0 | % | 35.0 | % | |||||
Differences between book and tax depreciation not | |||||||||||||
normalized | 1.0 | 1.7 | 0.7 | 1.2 | |||||||||
Amortization of investment tax credits | (0.5 | ) | (0.5 | ) | (0.3 | ) | (0.4 | ) | |||||
Federal income tax credits | (2.2 | ) | (2.9 | ) | (1.5 | ) | (2.1 | ) | |||||
State income taxes | 5.8 | 5.7 | 3.9 | 4.1 | |||||||||
Other | — | 0.5 | — | 0.4 | |||||||||
Total | $ | 54.9 | $ | 52.8 | 37.8 | % | 38.2 | % |
KCP&L | Income Tax Expense | Income Tax Rate | |||||||||||
Year to Date September 30 | 2012 | 2011 | 2012 | 2011 | |||||||||
(millions) | |||||||||||||
Federal statutory income tax | $ | 73.8 | $ | 66.7 | 35.0 | % | 35.0 | % | |||||
Differences between book and tax depreciation not | |||||||||||||
normalized | 2.8 | 3.3 | 1.3 | 1.7 | |||||||||
Amortization of investment tax credits | (1.4 | ) | (1.0 | ) | (0.6 | ) | (0.5 | ) | |||||
Federal income tax credits | (8.3 | ) | (9.6 | ) | (4.0 | ) | (5.1 | ) | |||||
State income taxes | 8.4 | 7.7 | 4.0 | 4.0 | |||||||||
Changes in uncertain tax positions, net | — | 0.4 | — | 0.2 | |||||||||
Other | (0.7 | ) | 0.4 | (0.3 | ) | 0.3 | |||||||
Total | $ | 74.6 | $ | 67.9 | 35.4 | % | 35.6 | % |
Great Plains Energy | KCP&L | ||||||||||||||||||||||
September 30 2012 | December 31 2011 | September 30 2012 | December 31 2011 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Beginning balance January 1 | $ | 24.0 | $ | 42.0 | $ | 8.7 | $ | 19.1 | |||||||||||||||
Additions for current year tax positions | 2.8 | 1.4 | 2.7 | — | |||||||||||||||||||
Additions for prior year tax positions | — | 2.4 | — | 2.3 | |||||||||||||||||||
Reductions for prior year tax positions | (6.1 | ) | (20.9 | ) | (1.5 | ) | (12.6 | ) | |||||||||||||||
Statute expirations | — | (0.7 | ) | — | (0.1 | ) | |||||||||||||||||
Foreign currency translation adjustments | 0.3 | (0.2 | ) | — | — | ||||||||||||||||||
Ending balance | $ | 21.0 | $ | 24.0 | $ | 9.9 | $ | 8.7 |
Three Months Ended September 30, 2012 | Electric Utility | Other | Great Plains Energy | ||||||||||||||
(millions) | |||||||||||||||||
Operating revenues | $ | 746.2 | $ | — | $ | 746.2 | |||||||||||
Depreciation and amortization | (68.9 | ) | — | (68.9 | ) | ||||||||||||
Interest (charges) income | (48.4 | ) | 0.3 | (48.1 | ) | ||||||||||||
Income tax (expense) benefit | (86.5 | ) | 3.9 | (82.6 | ) | ||||||||||||
Net income attributable to Great Plains Energy | 141.9 | 4.3 | 146.2 |
Year to Date September 30, 2012 | Electric Utility | Other | Great Plains Energy | ||||||||||||||
(millions) | |||||||||||||||||
Operating revenues | $ | 1,829.5 | $ | — | $ | 1,829.5 | |||||||||||
Depreciation and amortization | (204.2 | ) | — | (204.2 | ) | ||||||||||||
Interest charges | (149.5 | ) | (21.3 | ) | (170.8 | ) | |||||||||||
Income tax (expense) benefit | (120.6 | ) | 15.7 | (104.9 | ) | ||||||||||||
Net income (loss) attributable to Great Plains Energy | 210.2 | (15.0 | ) | 195.2 |
Three Months Ended September 30, 2011 | Electric Utility | Other | Great Plains Energy | ||||||||||||||
(millions) | |||||||||||||||||
Operating revenues | $ | 773.7 | $ | — | $ | 773.7 | |||||||||||
Depreciation and amortization | (65.9 | ) | — | (65.9 | ) | ||||||||||||
Interest charges | (50.2 | ) | (10.6 | ) | (60.8 | ) | |||||||||||
Income tax (expense) benefit | (82.9 | ) | 7.5 | (75.4 | ) | ||||||||||||
Net income (loss) attributable to Great Plains Energy | 133.9 | (7.4 | ) | 126.5 |
Year to Date September 30, 2011 | Electric Utility | Other | Great Plains Energy | ||||||||||||||
(millions) | |||||||||||||||||
Operating revenues | $ | 1,831.7 | $ | — | $ | 1,831.7 | |||||||||||
Depreciation and amortization | (205.9 | ) | — | (205.9 | ) | ||||||||||||
Interest charges | (124.8 | ) | (31.2 | ) | (156.0 | ) | |||||||||||
Income tax (expense) benefit | (109.8 | ) | 19.2 | (90.6 | ) | ||||||||||||
Net income (loss) attributable to Great Plains Energy | 189.9 | (17.6 | ) | 172.3 |
Electric Utility | Other | Eliminations | Great Plains Energy | ||||||||||||||||||||
September 30, 2012 | (millions) | ||||||||||||||||||||||
Assets | $ | 9,765.3 | $ | 152.5 | $ | (415.4 | ) | $ | 9,502.4 | ||||||||||||||
Capital expenditures (a) | 409.5 | — | — | 409.5 | |||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||
Assets | $ | 9,483.4 | $ | 51.9 | $ | (417.3 | ) | $ | 9,118.0 | ||||||||||||||
Capital expenditures (a) | 456.6 | — | — | 456.6 |
(a) | Capital expenditures reflect year to date amounts for the periods presented. |
• | favorable weather, with a 6% increase in cooling degree days; |
• | a $12.7 million decrease in interest expense primarily due to a $6.9 million decrease related to GMO's $500.0 million 11.875% Senior Notes, which were repaid at maturity in July 2012, a $3.5 million decrease due to lower interest rate debt, and a $2.6 million decrease related to the release of uncertain tax positions; and |
• | the three months ended September 30, 2011, included the impact from flooding along the Missouri River, which decreased gross margin by an estimated $16 million due to coal conservation and increased other operating expenses $3.4 million. |
• | new retail rates in Missouri effective May 4, 2011, for KCP&L and June 25, 2011, for GMO; |
• | favorable weather, with a 16% increase in cooling degree days partially offset by the impact of unfavorable weather during the first quarter of 2012; and |
• | year to date September 30, 2011, included: |
• | the impact from flooding along the Missouri River, which decreased gross margin by an estimated $16 million due to coal conservation and increased other operating expenses $3.4 million; |
• | an estimated $11 million decrease in gross margin from the impact of an extended refueling outage at Wolf Creek; |
• | $12.7 million of expense relating to a voluntary separation program; and |
• | a $2.3 million loss relating to the impact of disallowed construction costs for the Iatan No. 1 environmental project and Iatan No. 2 and $3.9 million of expenses related to other accounting effects of the KCP&L and GMO 2011 MPSC rate orders. |
• | a decrease in weather-normalized retail demand; |
• | an estimated $20 million impact at Wolf Creek due to an unplanned outage in the first quarter of 2012, increased amortization from the 2011 extended refueling outage and increased other operating expenses; and |
• | a $14.8 million increase in interest expense primarily due to the deferral to a regulatory asset of $22.1 million of Iatan Nos. 1, 2 and common facilities construction accounting carrying costs during 2011, partially offset by a $5.3 million decrease related to GMO's $500.0 million 11.875% Senior Notes, which were repaid at maturity in July 2012, and a $2.6 million decrease related to the release of uncertain tax positions. |
Three Months Ended September 30 | Year to Date September 30 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(millions) | |||||||||||||||
Operating revenues | $ | 746.2 | $ | 773.7 | $ | 1,829.5 | $ | 1,831.7 | |||||||
Fuel | (164.7 | ) | (146.5 | ) | (422.1 | ) | (365.8 | ) | |||||||
Purchased power | (17.9 | ) | (68.1 | ) | (69.5 | ) | (178.4 | ) | |||||||
Transmission of electricity by others | (9.8 | ) | (8.6 | ) | (25.9 | ) | (23.1 | ) | |||||||
Gross margin (a) | 553.8 | 550.5 | 1,312.0 | 1,264.4 | |||||||||||
Other operating expenses | (207.9 | ) | (221.9 | ) | (631.8 | ) | (626.3 | ) | |||||||
Voluntary separation program | — | — | — | (12.7 | ) | ||||||||||
Depreciation and amortization | (68.9 | ) | (65.9 | ) | (204.2 | ) | (205.9 | ) | |||||||
Operating income | 277.0 | 262.7 | 476.0 | 419.5 | |||||||||||
Non-operating income and expenses | 0.2 | 0.1 | (4.9 | ) | (0.5 | ) | |||||||||
Interest charges | (48.1 | ) | (60.8 | ) | (170.8 | ) | (156.0 | ) | |||||||
Income tax expense | (82.6 | ) | (75.4 | ) | (104.9 | ) | (90.6 | ) | |||||||
Loss from equity investments | (0.1 | ) | — | (0.2 | ) | (0.1 | ) | ||||||||
Net income | 146.4 | 126.6 | 195.2 | 172.3 | |||||||||||
Less: Net income attributable to noncontrolling interest | (0.2 | ) | (0.1 | ) | — | — | |||||||||
Net income attributable to Great Plains Energy | 146.2 | 126.5 | 195.2 | 172.3 | |||||||||||
Preferred dividends | (0.4 | ) | (0.4 | ) | (1.2 | ) | (1.2 | ) | |||||||
Earnings available for common shareholders | $ | 145.8 | $ | 126.1 | $ | 194.0 | $ | 171.1 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin below. |
• | new retail rates in Missouri effective May 4, 2011, for KCP&L and June 25, 2011, for GMO; |
• | favorable weather, with a 16% increase in cooling degree days partially offset by the impact of unfavorable weather during the first quarter of 2012; and |
• | year to date September 30, 2011, included: |
• | the impact from flooding along the Missouri River, which decreased gross margin by an estimated $16 million due to coal conservation and increased other operating expenses $3.4 million; |
• | an estimated $11 million impact from an extended refueling outage at Wolf Creek; |
• | $12.7 million of expense relating to a voluntary separation program; and |
• | a $2.3 million loss relating to the impact of disallowed construction costs for the Iatan No. 1 environmental project and Iatan No. 2 and $3.9 million of expenses related to other accounting effects of the KCP&L and GMO 2011 MPSC rate orders. |
• | a decrease in weather-normalized retail demand; |
• | an estimated $20 million impact at Wolf Creek due to an unplanned outage in the first quarter of 2012, increased amortization from the 2011 extended refueling outage and increased other operating expenses; and |
• | a $24.7 million increase in interest expense primarily due to the deferral to a regulatory asset of $22.1 million of Iatan Nos. 1, 2 and common facilities construction accounting carrying costs during 2011, partially offset by a $5.3 million decrease related to GMO's $500.0 million 11.875% Senior Notes, which were repaid at maturity in July 2012. |
Three Months Ended September 30 | Year to Date September 30 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(millions) | |||||||||||||||
Operating revenues | $ | 746.2 | $ | 773.7 | $ | 1,829.5 | $ | 1,831.7 | |||||||
Fuel | (164.7 | ) | (146.5 | ) | (422.1 | ) | (365.8 | ) | |||||||
Purchased power | (17.9 | ) | (68.1 | ) | (69.5 | ) | (178.4 | ) | |||||||
Transmission of electricity by others | (9.8 | ) | (8.6 | ) | (25.9 | ) | (23.1 | ) | |||||||
Gross margin (a) | 553.8 | 550.5 | 1,312.0 | 1,264.4 | |||||||||||
Other operating expenses | (207.6 | ) | (218.2 | ) | (623.8 | ) | (620.8 | ) | |||||||
Voluntary separation program | — | — | — | (12.7 | ) | ||||||||||
Depreciation and amortization | (68.9 | ) | (65.9 | ) | (204.2 | ) | (205.9 | ) | |||||||
Operating income | 277.3 | 266.4 | 484.0 | 425.0 | |||||||||||
Non-operating income and expenses | (0.5 | ) | 0.6 | (3.7 | ) | (0.5 | ) | ||||||||
Interest charges | (48.4 | ) | (50.2 | ) | (149.5 | ) | (124.8 | ) | |||||||
Income tax expense | (86.5 | ) | (82.9 | ) | (120.6 | ) | (109.8 | ) | |||||||
Net income | $ | 141.9 | $ | 133.9 | $ | 210.2 | $ | 189.9 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
Revenues and Costs | % | MWhs Sold | % | ||||||||||||||||
Three Months Ended September 30 | 2012 | 2011 | Change | 2012 | 2011 | Change | |||||||||||||
Retail revenues | (millions) | (thousands) | |||||||||||||||||
Residential | $ | 358.5 | $ | 354.3 | 1 | 2,999 | 3,018 | (1 | ) | ||||||||||
Commercial | 272.8 | 271.2 | 1 | 2,934 | 2,990 | (2 | ) | ||||||||||||
Industrial | 54.9 | 57.9 | (5 | ) | 791 | 828 | (5 | ) | |||||||||||
Other retail revenues | 4.9 | 5.1 | (1 | ) | 29 | 29 | — | ||||||||||||
Kansas property tax surcharge | 1.7 | — | N/A | N/A | N/A | N/A | |||||||||||||
Fuel recovery mechanism | 10.5 | 32.2 | (67 | ) | N/A | N/A | N/A | ||||||||||||
Total retail | 703.3 | 720.7 | (2 | ) | 6,753 | 6,865 | (2 | ) | |||||||||||
Wholesale revenues | 31.8 | 41.9 | (24 | ) | 1,429 | 1,206 | 19 | ||||||||||||
Other revenues | 11.1 | 11.1 | — | N/A | N/A | N/A | |||||||||||||
Operating revenues | 746.2 | 773.7 | (4 | ) | 8,182 | 8,071 | 1 | ||||||||||||
Fuel | (164.7 | ) | (146.5 | ) | 12 | ||||||||||||||
Purchased power | (17.9 | ) | (68.1 | ) | (74 | ) | |||||||||||||
Transmission of electricity by others | (9.8 | ) | (8.6 | ) | 14 | ||||||||||||||
Gross margin (a) | $ | 553.8 | $ | 550.5 | 1 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
Revenues and Costs | % | MWhs Sold | % | ||||||||||||||||
Year to Date September 30 | 2012 | 2011 | Change | 2012 | 2011 | Change | |||||||||||||
Retail revenues | (millions) | (thousands) | |||||||||||||||||
Residential | $ | 785.3 | $ | 773.0 | 2 | 7,115 | 7,431 | (4 | ) | ||||||||||
Commercial | 704.1 | 676.4 | 4 | 8,187 | 8,209 | — | |||||||||||||
Industrial | 153.1 | 149.6 | 2 | 2,401 | 2,422 | (1 | ) | ||||||||||||
Other retail revenues | 14.8 | 14.4 | 3 | 89 | 88 | 1 | |||||||||||||
Kansas property tax surcharge | 4.6 | — | N/A | N/A | N/A | N/A | |||||||||||||
Fuel recovery mechanism | 20.7 | 63.8 | (68 | ) | N/A | N/A | N/A | ||||||||||||
Total retail | 1,682.6 | 1,677.2 | — | 17,792 | 18,150 | (2 | ) | ||||||||||||
Wholesale revenues | 114.0 | 121.0 | (6 | ) | 4,708 | 3,595 | 31 | ||||||||||||
Other revenues | 32.9 | 33.5 | (2 | ) | N/A | N/A | N/A | ||||||||||||
Operating revenues | 1,829.5 | 1,831.7 | — | 22,500 | 21,745 | 3 | |||||||||||||
Fuel | (422.1 | ) | (365.8 | ) | 15 | ||||||||||||||
Purchased power | (69.5 | ) | (178.4 | ) | (61 | ) | |||||||||||||
Transmission of electricity by others | (25.9 | ) | (23.1 | ) | 12 | ||||||||||||||
Gross margin (a) | $ | 1,312.0 | $ | 1,264.4 | 4 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
• | new retail rates in Missouri effective May 4, 2011, for KCP&L and June 25, 2011, for GMO; |
• | favorable weather, with a 16% increase in cooling degree days partially offset by the impact of unfavorable weather during the first quarter of 2012; and |
• | year to date September 30, 2011, included an estimated $11 million impact from an extended refueling outage at Wolf Creek and the impact from flooding along the Missouri River, which decreased gross margin by an estimated $16 million due to coal conservation. |
• | a $15.9 million increase in operating and maintenance expenses at Wolf Creek driven by $4.7 million of additional amortization from the 2011 extended refueling outage, along with other increased operating and maintenance expenses including an unplanned outage in the first quarter of 2012; and |
• | an $8.7 million increase in general taxes driven by increased property taxes. |
• | a $9.4 million decrease in plant operating and maintenance expenses primarily due to planned plant outages, other than at Wolf Creek, in 2011 with longer durations than in 2012; |
• | the deferral to a regulatory asset of $3.0 million relating to solar rebates provided to customers for recovery in future rates; and |
• | year to date September 30, 2011, included $3.4 million of expenses related to the impact of flooding, a $2.3 million loss related to the impact of disallowed construction costs for the Iatan No. 1 environmental project and Iatan No. 2 and $3.9 million of expenses related to other accounting effects of the KCP&L and GMO 2011 MPSC rate orders. |
• | Great Plains Energy's accounts receivable pledged as collateral and collateralized note payable increased $95.0 million due to a $15 million increase in KCP&L's sale of accounts receivable and GMO's $80 million sale of accounts receivable, which are accounted for as secured borrowings. |
• | Great Plains Energy's deferred income taxes - current assets increased $108.8 million primarily due to the reclassification from deferred income taxes - deferred credits and other liabilities of $101.1 million of deferred tax assets relating to net operating losses driven by the expected timing of their utilization. |
• | Great Plains Energy's construction work in progress increased $180.1 million primarily due to environmental upgrades at KCP&L's La Cygne Station. |
• | Great Plains Energy's commercial paper increased $160.0 million primarily due to borrowings for the repayment of GMO's $500.0 million 11.875% Senior Notes at maturity in July 2012. |
• | Great Plains Energy's current maturities of long-term debt decreased $544.3 million primarily due to the repayment of GMO's $500.0 million 11.875% Senior Notes at maturity in July 2012. |
• | Great Plains Energy's accounts payable decreased $53.2 million primarily due to the timing of cash payments. |
• | Great Plains Energy's accrued taxes increased $71.7 million primarily due to the timing of property tax payments. |
• | Great Plains Energy's deferred income taxes - deferred credits and other liabilities increased $225.5 million primarily due to the reclassification to deferred income taxes - current assets of $101.1 million of deferred tax assets relating to net operating losses driven by the expected timing of their utilization and an increase in temporary differences mostly as a result of bonus depreciation. |
Three Months Ended September 30 | Year to Date September 30 | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(millions) | |||||||||||||||
Operating revenues | $ | 508.0 | $ | 506.3 | $ | 1,244.1 | $ | 1,220.5 | |||||||
Fuel | (114.5 | ) | (99.3 | ) | (297.8 | ) | (249.0 | ) | |||||||
Purchased power | (10.1 | ) | (24.9 | ) | (23.7 | ) | (66.7 | ) | |||||||
Transmission of electricity by others | (6.3 | ) | (5.7 | ) | (17.4 | ) | (14.2 | ) | |||||||
Gross margin (a) | 377.1 | 376.4 | 905.2 | 890.6 | |||||||||||
Other operating expenses | (152.4 | ) | (161.8 | ) | (457.3 | ) | (460.9 | ) | |||||||
Voluntary separation program | — | — | — | (9.2 | ) | ||||||||||
Depreciation and amortization | (46.9 | ) | (45.4 | ) | (138.6 | ) | (147.0 | ) | |||||||
Operating income | 177.8 | 169.2 | 309.3 | 273.5 | |||||||||||
Non-operating income and expenses | (0.3 | ) | (0.2 | ) | (2.4 | ) | (1.6 | ) | |||||||
Interest charges | (32.4 | ) | (30.8 | ) | (96.1 | ) | (81.2 | ) | |||||||
Income tax expense | (54.9 | ) | (52.8 | ) | (74.6 | ) | (67.9 | ) | |||||||
Net income | $ | 90.2 | $ | 85.4 | $ | 136.2 | $ | 122.8 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
Revenues and Costs | % | MWhs Sold | % | ||||||||||||||||
Three Months Ended September 30 | 2012 | 2011 | Change | 2012 | 2011 | Change | |||||||||||||
Retail revenues | (millions) | (thousands) | |||||||||||||||||
Residential | $ | 225.4 | $ | 222.5 | 1 | 1,875 | 1,884 | (1 | ) | ||||||||||
Commercial | 192.7 | 191.8 | — | 2,062 | 2,113 | (2 | ) | ||||||||||||
Industrial | 31.2 | 34.4 | (9 | ) | 452 | 488 | (8 | ) | |||||||||||
Other retail revenues | 3.1 | 3.2 | (2 | ) | 22 | 22 | — | ||||||||||||
Kansas property tax surcharge | 1.7 | — | N/A | N/A | N/A | N/A | |||||||||||||
Fuel recovery mechanism | 0.4 | 13.8 | (97 | ) | N/A | N/A | N/A | ||||||||||||
Total retail | 454.5 | 465.7 | (2 | ) | 4,411 | 4,507 | (2 | ) | |||||||||||
Wholesale revenues | 48.2 | 35.5 | 36 | 2,011 | 1,081 | 86 | |||||||||||||
Other revenues | 5.3 | 5.1 | 1 | N/A | N/A | N/A | |||||||||||||
Operating revenues | 508.0 | 506.3 | — | 6,422 | 5,588 | 15 | |||||||||||||
Fuel | (114.5 | ) | (99.3 | ) | 15 | ||||||||||||||
Purchased power | (10.1 | ) | (24.9 | ) | (59 | ) | |||||||||||||
Transmission of electricity by others | (6.3 | ) | (5.7 | ) | 12 | ||||||||||||||
Gross margin (a) | $ | 377.1 | $ | 376.4 | — |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
Revenues and Costs | % | MWhs Sold | % | ||||||||||||||||
Year to Date September 30 | 2012 | 2011 | Change | 2012 | 2011 | Change | |||||||||||||
Retail revenues | (millions) | (thousands) | |||||||||||||||||
Residential | $ | 485.7 | $ | 481.3 | 1 | 4,363 | 4,517 | (3 | ) | ||||||||||
Commercial | 503.4 | 488.1 | 3 | 5,753 | 5,802 | (1 | ) | ||||||||||||
Industrial | 90.6 | 92.1 | (2 | ) | 1,385 | 1,428 | (3 | ) | |||||||||||
Other retail revenues | 9.4 | 9.3 | 1 | 66 | 65 | 1 | |||||||||||||
Kansas property tax surcharge | 4.6 | — | N/A | N/A | N/A | N/A | |||||||||||||
Fuel recovery mechanism | 9.4 | 26.0 | (64 | ) | N/A | N/A | N/A | ||||||||||||
Total retail | 1,103.1 | 1,096.8 | 1 | 11,567 | 11,812 | (2 | ) | ||||||||||||
Wholesale revenues | 126.9 | 109.5 | 16 | 5,156 | 3,317 | 55 | |||||||||||||
Other revenues | 14.1 | 14.2 | (1 | ) | N/A | N/A | N/A | ||||||||||||
Operating revenues | 1,244.1 | 1,220.5 | 2 | 16,723 | 15,129 | 11 | |||||||||||||
Fuel | (297.8 | ) | (249.0 | ) | 20 | ||||||||||||||
Purchased power | (23.7 | ) | (66.7 | ) | (64 | ) | |||||||||||||
Transmission of electricity by others | (17.4 | ) | (14.2 | ) | 23 | ||||||||||||||
Gross margin (a) | $ | 905.2 | $ | 890.6 | 2 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
• | new retail rates in Missouri effective May 4, 2011; |
• | favorable weather, with a 16% increase in cooling degree days partially offset by the impact of unfavorable weather during the first quarter of 2012; and |
• | year to date September 30, 2011, included an estimated $11 million impact from an extended refueling outage at Wolf Creek and the impact from flooding along the Missouri River, which decreased gross margin by an estimated $16 million due to coal conservation. |
• | an $8.1 million decrease in plant operating and maintenance expenses primarily due to planned plant outages, other than at Wolf Creek, in 2011 with longer durations than in 2012; |
• | the deferral to a regulatory asset of $1.6 million relating to solar rebates provided to customers for recovery in future rates; and |
• | year to date September 30, 2011, included $3.2 million of expenses related to the impact of flooding, a $1.5 million loss related to the impact of disallowed construction costs for the Iatan No. 1 environmental project and Iatan No. 2 and $2.4 million of expenses related to other accounting effects of the KCP&L and GMO 2011 MPSC rate orders. |
Issuer Purchases of Equity Securities | ||||||||||||||||
Month | Total Number of Shares (or Units) Purchased | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||||||||
July 1 - 31 | — | $ | — | — | N/A | |||||||||||
August 1 - 31 | 8,142 | (1) | 19.02 | — | N/A | |||||||||||
September 1 - 30 | 10,611 | (1)(2) | 19.28 | — | N/A | |||||||||||
Total | 18,753 | $ | 19.17 | — | N/A |
(1) | Represents common shares surrendered to the Company following the resignation of a certain officer. |
(2) | Represents common shares surrendered to the Company to pay taxes related to the vesting of restricted common shares. |
Exhibit Number | Description of Document | Registrant | |
12.1 | Computation of Ratio of Earnings to Fixed Charges. | Great Plains Energy | |
12.2 | Computation of Ratio of Earnings to Fixed Charges. | KCP&L | |
31.1 | Rule 13a-14(a)/15d-14(a) Certification of Terry Bassham. | 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 Terry Bassham. | KCP&L | |
31.4 | Rule 13a-14(a)/15d-14(a) Certification of James C. Shay. | KCP&L | |
32.1 | * | Section 1350 Certifications. | Great Plains Energy |
32.2 | * | Section 1350 Certifications. | KCP&L |
101.INS | XBRL Instance Document. | Great Plains Energy KCP&L | |
101.SCH | XBRL Taxonomy Extension Schema Document. | Great Plains Energy KCP&L | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | Great Plains Energy KCP&L | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | Great Plains Energy KCP&L | |
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document. | Great Plains Energy KCP&L | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | Great Plains Energy KCP&L |
GREAT PLAINS ENERGY INCORPORATED | ||
Dated: | November 8, 2012 | By: /s/ Terry Bassham |
(Terry Bassham) | ||
(Chief Executive Officer) | ||
Dated: | November 8, 2012 | By: /s/ Lori A. Wright |
(Lori A. Wright) | ||
(Principal Accounting Officer) |
KANSAS CITY POWER & LIGHT COMPANY | ||
Dated: | November 8, 2012 | By: /s/ Terry Bassham |
(Terry Bassham) | ||
(Chief Executive Officer) | ||
Dated: | November 8, 2012 | By: /s/ Lori A. Wright |
(Lori A. Wright) | ||
(Principal Accounting Officer) |
Year to Date | |||||||||||||||||||
September 30 | |||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||
(millions) | |||||||||||||||||||
Income from continuing operations | $ | 195.2 | 174.2 | 211.9 | 151.9 | 119.7 | 120.9 | ||||||||||||
Add | |||||||||||||||||||
Equity investment loss | 0.2 | 0.1 | 1.0 | 0.4 | 1.3 | 2.0 | |||||||||||||
Income subtotal | 195.4 | 174.3 | 212.9 | 152.3 | 121.0 | 122.9 | |||||||||||||
Add | |||||||||||||||||||
Income tax expense (benefit) | 104.9 | 84.8 | 99.0 | 29.5 | 63.8 | 44.9 | |||||||||||||
Kansas City earnings tax | 0.2 | — | 0.1 | 0.4 | 0.3 | 0.5 | |||||||||||||
Total taxes on income | 105.1 | 84.8 | 99.1 | 29.9 | 64.1 | 45.4 | |||||||||||||
Interest on value of leased property | 4.4 | 5.9 | 6.2 | 6.5 | 3.6 | 3.9 | |||||||||||||
Interest on long-term debt | 165.7 | 223.2 | 218.9 | 203.6 | 126.2 | 74.1 | |||||||||||||
Interest on short-term debt | 6.8 | 11.8 | 9.7 | 10.3 | 18.2 | 26.4 | |||||||||||||
Other interest expense and amortization (a) | 2.6 | 11.6 | 9.7 | 4.7 | (1.4 | ) | 5.8 | ||||||||||||
Total fixed charges | 179.5 | 252.5 | 244.5 | 225.1 | 146.6 | 110.2 | |||||||||||||
Earnings before taxes on | |||||||||||||||||||
income and fixed charges | $ | 480.0 | $ | 511.6 | $ | 556.5 | $ | 407.3 | $ | 331.7 | $ | 278.5 | |||||||
Ratio of earnings to fixed charges | 2.67 | 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. |
Year to Date | |||||||||||||||||||
September 30 | |||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||
(millions) | |||||||||||||||||||
Income from continuing operations | $ | 136.2 | 135.5 | 163.2 | 128.9 | 125.2 | 156.7 | ||||||||||||
Add | |||||||||||||||||||
Income tax expense | 74.6 | 69.1 | 81.6 | 46.9 | 59.8 | 59.3 | |||||||||||||
Kansas City earnings tax | 0.2 | — | 0.1 | 0.2 | 0.5 | 0.5 | |||||||||||||
Total taxes on income | 74.8 | 69.1 | 81.7 | 47.1 | 60.3 | 59.8 | |||||||||||||
Interest on value of leased property | 4.0 | 5.4 | 5.7 | 6.0 | 3.3 | 3.9 | |||||||||||||
Interest on long-term debt | 92.6 | 118.5 | 117.9 | 110.4 | 79.3 | 54.5 | |||||||||||||
Interest on short-term debt | 3.4 | 5.1 | 3.9 | 5.3 | 15.2 | 20.3 | |||||||||||||
Other interest expense and amortization (a) | 2.6 | 5.8 | 4.2 | 0.3 | 1.4 | 6.8 | |||||||||||||
Total fixed charges | 102.6 | 134.8 | 131.7 | 122.0 | 99.2 | 85.5 | |||||||||||||
Earnings before taxes on | |||||||||||||||||||
income and fixed charges | $ | 313.6 | $ | 339.4 | $ | 376.6 | $ | 298.0 | $ | 284.7 | $ | 302.0 | |||||||
Ratio of earnings to fixed charges | 3.06 | 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. |
1. | I have reviewed this quarterly report on Form 10-Q of Great Plains Energy Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | November 8, 2012 | /s/ Terry Bassham |
Terry Bassham Chief Executive Officer and President |
1. | I have reviewed this quarterly report on Form 10-Q of Great Plains Energy Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | November 8, 2012 | /s/ James C. Shay |
James C. Shay Senior Vice President - Finance and Strategic Development and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Kansas City Power & Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | November 8, 2012 | /s/ Terry Bassham |
Terry Bassham Chief Executive Officer and President |
1. | I have reviewed this quarterly report on Form 10-Q of Kansas City Power & Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | November 8, 2012 | /s/ James C. Shay |
James C. Shay Senior Vice President - Finance and Strategic Development and Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Terry Bassham | |
Name: Title: | Terry Bassham Chief Executive Officer and President |
Date: | November 8, 2012 |
/s/ James C. Shay | |
Name: Title: | James C. Shay Senior Vice President - Finance and Strategic Development and Chief Financial Officer |
Date: | November 8, 2012 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Terry Bassham | |
Name: Title: | Terry Bassham Chief Executive Officer and President |
Date: | November 8, 2012 |
/s/ James C. Shay | |
Name: Title: | James C. Shay Senior Vice President - Finance and Strategic Development and Chief Financial Officer |
Date: | November 8, 2012 |
Summary of Significant Accounting Policies Subsequent Events (Details) (Dividend Declared [Member], USD $)
In Millions, except Per Share data, unless otherwise specified |
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Dividends Declared [Abstract] | |
Subsequent Event, Date | Nov. 01, 2012 |
Subsequent Event Description | Great Plains Energy’s Board of Directors declared a quarterly dividend on common stock and also declared regular dividends on Great Plains Energys preferred stock. |
Subsequent per common share amount (in dollars per share) | $ 0.2175 |
Kansas City Power and Light Company [Member]
|
|
Dividends Declared [Abstract] | |
Subsequent Event, Date | Nov. 01, 2012 |
Subsequent Event Amount | $ 23 |
Subsequent Event Description | KCP&L’s Board of Directors declared a cash dividend payable to Great Plains Energy |
Legal Proceedings (Details) (Positive Outcome of Litigation [Member], Spent Nuclear Fuel and Radioactive Waste [Member], USD $)
In Millions, unless otherwise specified |
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Total Wolf Creek including KCPL [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 |
Additional amount awarded upon appeal | 2.1 |
Kansas City Power and Light Company [Member]
|
|
Gain Contingencies [Line Items] | |
Amount awarded but subject to appeal | 5.0 |
Additional amount awarded upon appeal | $ 1.0 |
Related Party Transactions and Relationships (Details) (Kansas City Power and Light Company [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
KCPL Greater Missouri Operations [Member]
|
Dec. 31, 2011
KCPL Greater Missouri Operations [Member]
|
Sep. 30, 2012
Great Plains Energy [Member]
|
Dec. 31, 2011
Great Plains Energy [Member]
|
|
Related Party Transaction [Line Items] | ||||||||
Receivable from Related Party | $ 15.9 | $ 24.1 | $ 6.7 | $ 9.5 | ||||
KCP and L employees manage GMO's business and operate its facilities at cost | $ 23.9 | $ 25.0 | $ 76.8 | $ 82.2 |
Regulatory Matters (Details) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2012
|
---|---|
Kansas City Power and Light Company [Member]
|
|
Regulatory Proceedings [Line Items] | |
Qualifying advance coal project tax credits to be reallocated from KCPL to GMO | $ 26.5 |
Kansas City Power and Light Company [Member] | Rate jurisdiction - Kansas [Member]
|
|
Regulatory Proceedings [Line Items] | |
Annual revenue increase | 63.6 |
Revised annual revenue increase | 56.4 |
Return on equity (in hundredths) | 10.40% |
Revised return on equity (in hundredths) | 10.30% |
Rate-making equity ratio (in hundredths) | 51.80% |
Annual revenue increase recommended by KCC staff | 27.5 |
Return on equity (in hundredths) recommended by KCC staff | 9.20% |
Kansas City Power and Light Company [Member] | Rate jurisdiction - Missouri [Member]
|
|
Regulatory Proceedings [Line Items] | |
Annual revenue increase | 105.7 |
Return on equity (in hundredths) | 10.40% |
Revised return on equity (in hundredths) | 10.30% |
Rate-making equity ratio (in hundredths) | 52.50% |
Wholesale Margin Offset | 45.9 |
Annual revenue increase (decrease) recommended by MPSC staff, minimum | 16.5 |
Annual revenue increase (decrease) recommended by MPSC staff, maximum | 33.7 |
Return on equity (in hundredths) recommended by MPSC staff, minimum | 8.00% |
Return on equity (in hundredths) recommended by MPSC staff, maximum | 9.00% |
KCPL Greater Missouri Operations [Member]
|
|
Regulatory Proceedings [Line Items] | |
Amount of FAC refund recommended by MPSC staff | 19 |
Revised amount of FAC refund recommended by MPSC staff | 14.9 |
KCPL Greater Missouri Operations [Member] | Rate jurisdiction - St. Joseph Light and Power division [Member]
|
|
Regulatory Proceedings [Line Items] | |
Annual revenue increase | 25.2 |
Return on equity (in hundredths) | 10.40% |
Revised return on equity (in hundredths) | 10.30% |
Rate-making equity ratio (in hundredths) | 52.50% |
Annual revenue increase (decrease) recommended by MPSC staff, minimum | 0.7 |
Annual revenue increase (decrease) recommended by MPSC staff, maximum | 4.6 |
Return on equity (in hundredths) recommended by MPSC staff, minimum | 8.00% |
Return on equity (in hundredths) recommended by MPSC staff, maximum | 9.00% |
KCPL Greater Missouri Operations [Member] | Rate jurisdiction - Missouri Public Service division [Member]
|
|
Regulatory Proceedings [Line Items] | |
Annual revenue increase | 58.3 |
Return on equity (in hundredths) | 10.40% |
Revised return on equity (in hundredths) | 10.30% |
Rate-making equity ratio (in hundredths) | 52.50% |
Annual revenue increase (decrease) recommended by MPSC staff, minimum | 0.4 |
Annual revenue increase (decrease) recommended by MPSC staff, maximum | $ 11.9 |
Return on equity (in hundredths) recommended by MPSC staff, minimum | 8.00% |
Return on equity (in hundredths) recommended by MPSC staff, maximum | 9.00% |
Derivative Instruments (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Values of open positions for derivative instruments | 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.
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Fair value of open derivative positions, gross values before netting agreements and netting of cash collatral | 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.
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Gain (loss) recognized in other comprehensive income or earnings for interest rate and commodity hedges | The following tables summarize the amount of gain (loss) recognized in OCI 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 | 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.
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Accumulated other comprehensive income related to cash flow hedges | The amounts recorded in accumulated OCI related to the cash flow hedges are summarized in the following table.
|
Derivative Instruments Group 4 (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Cash Flow Hedging [Member] | Interest charges [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ (5.0) | $ (5.1) | $ (15.1) | $ (11.9) |
Cash Flow Hedging [Member] | 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) | (2.2) | (2.1) | (6.6) | (6.5) |
Cash Flow Hedging [Member] | Fuel Costs [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (0.5) | (0.1) | (0.5) | (0.1) |
Cash Flow Hedging [Member] | 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) | (0.5) | (0.1) | (0.5) | (0.1) |
Cash Flow Hedging [Member] | Income tax benefit (expense) [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | (0.1) | 0.1 | 0 | 2.2 |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 2.1 | 2.1 | 6.0 | 4.7 |
Cash Flow Hedging [Member] | 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) | (0.1) | 0.1 | 0 | 0.1 |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 1.0 | 0.9 | 2.7 | 2.6 |
Regulatory Account [Member] | Fuel Costs [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain(Loss) Reclassified from Regulatory Account into Income (Effective Portion) | (2.8) | (0.6) | (5.5) | (3.5) |
Interest Rate Contract [Member] | Cash Flow Hedging [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 0 | 0 | 0 | (5.3) |
Interest Rate Contract [Member] | Cash Flow Hedging [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 | 0 | 0 |
Commodity Contract [Member] | Cash Flow Hedging [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 0.1 | (0.1) | (0.1) | (0.2) |
Commodity Contract [Member] | Cash Flow Hedging [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) | 0.1 | (0.1) | (0.1) | (0.2) |
Commodity Contract [Member] | Regulatory Account [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized on Regulatory Account on Derivatives (Effective Portion) | 0.9 | (2.2) | (1.8) | (3.5) |
Total Derivatives [Member] | Cash Flow Hedging [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 0 | 0 | (0.1) | (3.3) |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (3.4) | (3.1) | (9.6) | (7.3) |
Total Derivatives [Member] | Cash Flow Hedging [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 | (0.1) | (0.1) |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ (1.7) | $ (1.3) | $ (4.4) | $ (4.0) |
Summary of Significant Accounting Policies (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share | The following table reconciles Great Plains Energy's basic and diluted EPS.
|
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Anti-dilutive shares excluded from the computation of diluted EPS are detailed in the following table.
|
Long-Term Debt (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2012
|
Dec. 31, 2011
|
|||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current maturities | $ (257.1) | $ (801.4) | ||||||||||
Long-term debt excluding current maturities | 2,762.9 | [1] | 2,742.3 | [1] | ||||||||
Long-term debt detail [Abstract] | ||||||||||||
Subordinated Notes Successfully Remarketed | 287.4 | |||||||||||
Purchase Contracts Settled Early | 0.1 | |||||||||||
Number of outstanding Equity Units at settlement (in millions of units) | 5,700,000 | |||||||||||
Number of common shares issued in settlement of purchase contracts (in millions of shares) | 17,100,000 | |||||||||||
Settlement rate (in shares) | 2.9762 | |||||||||||
Applicable market value (in dollars per share) | $ 20.05 | |||||||||||
Kansas City Power and Light Company [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current maturities | (0.4) | (12.7) | ||||||||||
Unamortized discount | (4.1) | (4.2) | ||||||||||
Long-term debt excluding current maturities | 1,901.6 | [1] | 1,901.9 | [1] | ||||||||
Kansas City Power and Light Company [Member] | Corporate Debt Securities [Member] | Senior notes due 2018 KCPL [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 350.0 | 350.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2018 | |||||||||||
Interest rates (in hundredths) | 6.375% | |||||||||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 7.49% | [2] | ||||||||||
Kansas City Power and Light Company [Member] | Corporate Debt Securities [Member] | Senior notes due 2035 KCPL [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 250.0 | 250.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2035 | |||||||||||
Interest rates (in hundredths) | 6.05% | |||||||||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 5.78% | [2] | ||||||||||
Kansas City Power and Light Company [Member] | Corporate Debt Securities [Member] | Senior notes due 2017 KCPL [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 250.0 | 250.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2017 | |||||||||||
Interest rates (in hundredths) | 5.85% | |||||||||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 5.72% | [2] | ||||||||||
Kansas City Power and Light Company [Member] | Corporate Debt Securities [Member] | Senior Notes Due 2041 KCPL [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 400.0 | 400.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2041 | |||||||||||
Interest rates (in hundredths) | 5.30% | |||||||||||
Kansas City Power and Light Company [Member] | Other Long-Term Debt [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 2.6 | 2.9 | ||||||||||
Debt Instrument Maturity Date Range Start | Dec. 31, 2013 | |||||||||||
Debt Instrument Maturity Date Range End | Dec. 31, 2018 | |||||||||||
Kansas City Power and Light Company [Member] | Secured Debt [Member] | General Mortgage bonds EIRR due 2015-2035 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 106.9 | 119.3 | ||||||||||
Debt Instrument Maturity Date Range Start | Dec. 31, 2015 | |||||||||||
Debt Instrument Maturity Date Range End | Dec. 31, 2035 | |||||||||||
Interest rates (in hundredths) | 4.97% | [3] | ||||||||||
Kansas City Power and Light Company [Member] | Secured Debt [Member] | General Mortgage bonds Series 2009 due 2019 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 400.0 | 400.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2019 | |||||||||||
Interest rates (in hundredths) | 7.15% | |||||||||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 8.59% | [2] | ||||||||||
Kansas City Power and Light Company [Member] | Secured Debt [Member] | General Mortgage bonds EIRR series 2005 due 2035 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 50.0 | 50.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2035 | |||||||||||
Interest rates (in hundredths) | 4.65% | |||||||||||
Kansas City Power and Light Company [Member] | Secured Debt [Member] | General Mortgage bonds EIRR series 2007B due 2035 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 73.2 | 73.2 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2035 | |||||||||||
Interest rates (in hundredths) | 5.375% | |||||||||||
Kansas City Power and Light Company [Member] | Environmental Improvement Revenue Refunding Bonds [Member] | General Mortgage bonds Series 2007A-1 due 2035 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Bonds purchased in lieu of redemption | 63.3 | |||||||||||
Kansas City Power and Light Company [Member] | Environmental Improvement Revenue Refunding Bonds [Member] | 1993 B EIRR Bonds [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Bonds purchased in lieu of redemption | 39.5 | |||||||||||
Kansas City Power and Light Company [Member] | Environmental Improvement Revenue Refunding Bonds [Member] | EIRR bonds 4.90 percent Series 2008
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 23.4 | 23.4 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2038 | |||||||||||
Interest rates (in hundredths) | 4.90% | |||||||||||
Kansas City Power and Light Company [Member] | Environmental Improvement Revenue Refunding Bonds [Member] | General Mortgage bonds EIRR series 2007A-2 due 2035 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Bonds purchased in lieu of redemption | 10.0 | |||||||||||
Other Consolidated Entities [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current maturities | (256.7) | (788.7) | ||||||||||
Unamortized discount | 5.6 | (0.7) | ||||||||||
Other Consolidated Entities [Member] | GMO First Mortgage Bonds [Member] | First mortgage bonds due 2013-2021 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 10.1 | 11.2 | ||||||||||
Debt Instrument Maturity Date Range Start | Dec. 31, 2013 | |||||||||||
Debt Instrument Maturity Date Range End | Dec. 31, 2021 | |||||||||||
Interest rates (in hundredths) | 9.44% | |||||||||||
Other Consolidated Entities [Member] | GMO Medium Term Notes [Member] | Medium term notes 7.17 percent series due 2023 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 7.0 | 7.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2023 | |||||||||||
Interest rates (in hundredths) | 7.17% | |||||||||||
Other Consolidated Entities [Member] | GMO Medium Term Notes [Member] | Medium term notes 7.33 percent series due 2023 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 3.0 | 3.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2023 | |||||||||||
Interest rates (in hundredths) | 7.33% | |||||||||||
Other Consolidated Entities [Member] | GMO Medium Term Notes [Member] | Medium term notes 7.16 percent series due 2013 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 6.0 | 6.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2013 | |||||||||||
Interest rates (in hundredths) | 7.16% | |||||||||||
Other Consolidated Entities [Member] | GMO Pollution Control Bonds [Member] | Pollution control bonds SJLP due 2013 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 5.6 | 5.6 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2013 | |||||||||||
Interest rates (in hundredths) | 5.85% | |||||||||||
Other Consolidated Entities [Member] | GMO Pollution Control Bonds [Member] | Pollution control bonds Wamego Series 1996 due 2026 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 7.3 | 7.3 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2026 | |||||||||||
Variable rate (in hundredths) | 0.318% | [4] | ||||||||||
Other Consolidated Entities [Member] | GMO Pollution Control Bonds [Member] | Pollution control bonds state environmental 1993 due 2028 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 5.0 | 5.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2028 | |||||||||||
Variable rate (in hundredths) | 0.316% | [4] | ||||||||||
Other Consolidated Entities [Member] | GMO Senior Notes [Member] | Senior notes 11.875 percent series due 2012 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 0 | 500.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2012 | |||||||||||
Interest rates (in hundredths) | 11.875% | |||||||||||
Other Consolidated Entities [Member] | GMO Senior Notes [Member] | Fair value adjustment [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 0 | 16.3 | ||||||||||
Other Consolidated Entities [Member] | GMO Senior Notes [Member] | Senior notes 8.27 percent series due 2021 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 80.9 | 80.9 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2021 | |||||||||||
Interest rates (in hundredths) | 8.27% | |||||||||||
Other Consolidated Entities [Member] | Great Plains Energy Equity Units Subordinated Notes [Member] | Equity Units Subordinated Notes [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 0 | 287.5 | ||||||||||
Interest rates (in hundredths) | 10.00% | |||||||||||
Other Consolidated Entities [Member] | Great Plains Energy Senior Notes [Member] | Senior Notes Due 2021 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 350.0 | 350.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2021 | |||||||||||
Interest rates (in hundredths) | 4.85% | |||||||||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 7.34% | [2] | ||||||||||
Other Consolidated Entities [Member] | Great Plains Energy Senior Notes [Member] | Senor notes due 2013 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 250.0 | 250.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2013 | |||||||||||
Interest rates (in hundredths) | 2.75% | |||||||||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 3.67% | [2] | ||||||||||
Other Consolidated Entities [Member] | Great Plains Energy Senior Notes [Member] | Senior notes due 2017 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 100.0 | 100.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2017 | |||||||||||
Interest rates (in hundredths) | 6.875% | |||||||||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 7.33% | [2] | ||||||||||
Other Consolidated Entities [Member] | Great Plains Energy Senior Notes [Member] | Senior Notes Due 2022 [Member]
|
||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | $ 287.5 | $ 0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2022 | |||||||||||
Interest rates (in hundredths) | 5.292% | |||||||||||
|
Receivables Narrative (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Dec. 31, 2011
|
|
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | $ 190.0 | $ 95.0 |
Kansas City Power and Light Company [Member]
|
||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 110.0 | 95.0 |
Maximum percentage servicing fee received on receivables sold (in hundredths) | 1.50% | |
Maximum amount of outstanding principal under receivables agreement | 110 | |
KCPL Greater Missouri Operations [Member]
|
||
Maximum percentage servicing fee received on receivables sold (in hundredths) | 1.25% | |
Maximum amount of outstanding principal under receivables agreement from June 1 to October 31 of each year | 80 | |
Maximum amount of outstanding principal under receivables agreement from November 1 to May 31 of each year | $ 65 |
Summary of Significant Accounting Policies Earnings Per Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Income [Abstract] | ||||
Net income | $ 146.4 | $ 126.6 | $ 195.2 | $ 172.3 |
Less: net income attributable to noncontrolling interest | 0.2 | 0.1 | 0 | 0 |
Less: preferred stock dividend requirements | 0.4 | 0.4 | 1.2 | 1.2 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 145.8 | $ 126.1 | $ 194.0 | $ 171.1 |
Common Shares Outstanding [Abstract] | ||||
Average number of common shares outstanding (in shares) | 153.2 | 135.7 | 142.9 | 135.6 |
Add: effect of dilutive securities (in shares) | 0.2 | 2.6 | 2.1 | 2.9 |
Diluted average number of common shares outstanding (in shares) | 153.4 | 138.3 | 145.0 | 138.5 |
Earnings per share [Abstract] | ||||
Earnings Per Share, Basic | $ 0.95 | $ 0.93 | $ 1.36 | $ 1.26 |
Earnings Per Share, Diluted | $ 0.95 | $ 0.91 | $ 1.34 | $ 1.24 |
Commitments and Contingencies (Details) (USD $)
|
9 Months Ended | |
---|---|---|
Sep. 30, 2012
MW
T
|
Dec. 31, 2011
|
|
Air and Climate Change [Abstract] | ||
Current estimate of capital expenditures | $ 1,000,000,000 | |
Clean Air Interstate Rule (CAIR) and Cross-State Air Pollution Rule (CSAPR) [Abstract] | ||
States required to reduce emissions for SO2 and NOX under the CAIR (In number of states) | 28 | |
Mercury and Other Hazardous Air Pollutant Emissions [Abstract] | ||
Capacity of electric steam generating units that fall under MACT standards (in megawatts) | 25 | |
Climate Change [Abstract] | ||
CO2 produced per year (in tons) | 25,000,000 | |
SO2 National Ambient Air Quality Standard (NAAQS) [Abstract] | ||
Primary one-hour sulfur dioxide standard, as revised June 2010 (in parts per million) | 0.075 | |
Primary twenty-four hour sulfur dioxide standard, prior to June 2010 (in parts per million) | 0.140 | |
Primary one-year sulfur dioxide standard, prior to June 2010 (in parts per million) | 0.030 | |
Remediation [Abstract] | ||
Accrued environmental remediation expenses | 400,000 | 400,000 |
Amount accrued for future investigation remediation and of GMO retained liabilities | 3,000,000 | 2,100,000 |
LaCygne Station Evironmental Retrofits [Member]
|
||
Collaboration Agreement with the Sierra Club and the Concerned Citizens of Platte County [Abstract] | ||
Predetermination request for environmental equipment required at LaCygne Station to comply with BART | 1,230,000,000 | |
KCPL share of predetermination request for environmental equipment required at LaCygne Station to comply with BART | 615,000,000 | |
Kansas City Power and Light Company [Member]
|
||
Climate Change [Abstract] | ||
CO2 produced per year (in tons) | 18,000,000 | |
Minimum required renewable energy generation capacity percentage in Kansas by 2011 | 10.00% | |
Minimum required renewable energy generation capacity percentage in Kansas by 2016 | 15.00% | |
Minimum required renewable energy generation capacity percentage in Kansas by 2020 | 20.00% | |
Minimum required renewable energy generation capacity percentage in Missouri by 2011 | 2.00% | |
Minimum required renewable energy generation capacity percentage in Missouri by 2014 | 5.00% | |
Minimum required renewable energy generation capacity percentage in Missouri by 2018 | 10.00% | |
Minimum required renewable energy generation capacity percentage in Missouri by 2021 | 15.00% | |
Estimated electricity required to come from solar resources (in megawatts) | 2 | |
Collaboration Agreement with the Sierra Club and the Concerned Citizens of Platte County [Abstract] | ||
Additional CO2 agreed to be offset (in tons) | 711,000 | |
Increased wind generation capacity agreed to pursue in Collaboration Agreement by 2012 - Total (in megawatts) | 400 | |
Wind generation added under Collaboration Agreement (in megawatts) | 379 | |
Remediation [Abstract] | ||
Accrued environmental remediation expenses | 300,000 | 300,000 |
New Source Review [Abstract] | ||
Cost of Supplemental Environmental Project | 800,000 | |
Amount of penalty agreed to in settlement agreement | 350,000 | |
Kansas City Power and Light Company [Member] | LaCygne Station [Member]
|
||
Best Available Retrofit Technology Rule (BART) [Abstract] | ||
Entity's ownership percentage in facility (in hundredths) | 50.00% | |
KCPL Greater Missouri Operations [Member]
|
||
Climate Change [Abstract] | ||
Minimum required renewable energy generation capacity percentage in Missouri by 2011 | 2.00% | |
Minimum required renewable energy generation capacity percentage in Missouri by 2014 | 5.00% | |
Minimum required renewable energy generation capacity percentage in Missouri by 2018 | 10.00% | |
Minimum required renewable energy generation capacity percentage in Missouri by 2021 | 15.00% | |
Estimated electricity required to come from solar resources (in megawatts) | 2 | |
Remediation [Abstract] | ||
Estimated amount of insurance proceeds available to cover qualified remediation expenses | 2,400,000 | |
KCPL Greater Missouri Operations [Member] | Jeffrey Units Nos 1 and 2 [Member]
|
||
Best Available Retrofit Technology Rule (BART) [Abstract] | ||
Entity's ownership percentage in facility (in hundredths) | 8.00% | |
Westar Energy Inc [Member] | Jeffrey Units Nos 1 and 2 [Member]
|
||
Best Available Retrofit Technology Rule (BART) [Abstract] | ||
Entity's ownership percentage in facility (in hundredths) | 92.00% | |
New Source Review [Abstract] | ||
Estimated cost to install a selective catalytic reduction system at jeffrey Energy Center pursuant to a settlement agreement | $ 240,000,000 |
Fair Value Measurements (Details) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2012
|
Dec. 31, 2011
|
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Kansas City Power and Light Company [Member]
|
||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Cash and cash equivalents from nuclear decommissioning trust excluded from fair value disclosure | $ 2.9 | $ 3.0 | ||||||||||
Other Great Plains [Member]
|
||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Cash and cash equivalents from SERP rabbi trust excluded from fair value disclosure | 20.3 | 20.3 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Cash collateral posted with third parties as part of netting agreements | 2.1 | 5.5 | ||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 6.8 | [1] | 7.8 | [1] | ||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
Total nuclear decommissioning trust | 149.2 | [2] | 132.3 | [2] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total SERP rabbi trust | 0.2 | [3] | 0.3 | [3] | ||||||||
Total assets | 156.2 | 140.4 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 0 | [1] | 0 | [1] | ||||||||
Total liabilities | 0 | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Netting [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | (0.4) | [1],[4] | 0 | [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) | [4] | 0 | [4] | ||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | (2.5) | [1],[4] | (5.5) | [1],[4] | ||||||||
Total liabilities | (2.5) | [4] | (5.5) | [4] | ||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 0.4 | [1] | 0 | [1] | ||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
Total nuclear decommissioning trust | 116.5 | [2] | 99.6 | [2] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total SERP rabbi trust | 0.1 | [3] | 0.2 | [3] | ||||||||
Total assets | 117.0 | 99.8 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 2.5 | [1] | 5.5 | [1] | ||||||||
Total liabilities | 2.5 | 5.5 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 4.4 | [1] | 4.7 | [1] | ||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
Total nuclear decommissioning trust | 32.7 | [2] | 32.7 | [2] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total SERP rabbi trust | 0.1 | [3] | 0.1 | [3] | ||||||||
Total assets | 37.2 | 37.5 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 0 | [1] | 0 | [1] | ||||||||
Total liabilities | 0 | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 2.4 | [1] | 3.1 | [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 | 2.4 | 3.1 | ||||||||||
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] | Estimate of Fair Value, Fair Value Disclosure [Member]
|
||||||||||||
Nuclear decommissioning trust [Abstract] | ||||||||||||
Equity securities related to nuclear decommissioning trust | 97.9 | 84.3 | ||||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
U.S. Treasury | 18.6 | 15.3 | ||||||||||
U.S. Agency | 2.8 | 3.6 | ||||||||||
State and local obligations | 2.7 | 2.6 | ||||||||||
Corporate bonds | 26.4 | 26.4 | ||||||||||
Foreign governments | 0.6 | 0.7 | ||||||||||
Other assets related to nuclear decommissioning trust | 0.2 | (0.6) | ||||||||||
Total nuclear decommissioning trust | 149.2 | [2] | 132.3 | [2] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total assets | 149.2 | 132.3 | ||||||||||
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 [Member]
|
||||||||||||
Nuclear decommissioning trust [Abstract] | ||||||||||||
Equity securities related to nuclear decommissioning trust | 0 | [4] | 0 | [4] | ||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
U.S. Treasury | 0 | [4] | 0 | [4] | ||||||||
U.S. Agency | 0 | [4] | 0 | [4] | ||||||||
State and local obligations | 0 | [4] | 0 | [4] | ||||||||
Corporate bonds | 0 | [4] | 0 | [4] | ||||||||
Foreign governments | 0 | [4] | 0 | [4] | ||||||||
Other assets related to nuclear decommissioning trust | 0 | [4] | 0 | [4] | ||||||||
Total nuclear decommissioning trust | 0 | [2],[4] | 0 | [2],[4] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total assets | 0 | [4] | 0 | [4] | ||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | (0.2) | [1],[4] | (0.5) | [1],[4] | ||||||||
Total liabilities | (0.2) | [4] | (0.5) | [4] | ||||||||
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 1 [Member]
|
||||||||||||
Nuclear decommissioning trust [Abstract] | ||||||||||||
Equity securities related to nuclear decommissioning trust | 97.9 | 84.3 | ||||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
U.S. Treasury | 18.6 | 15.3 | ||||||||||
U.S. Agency | 0 | 0 | ||||||||||
State and local obligations | 0 | 0 | ||||||||||
Corporate bonds | 0 | 0 | ||||||||||
Foreign governments | 0 | 0 | ||||||||||
Other assets related to nuclear decommissioning trust | 0 | 0 | ||||||||||
Total nuclear decommissioning trust | 116.5 | [2] | 99.6 | [2] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total assets | 116.5 | 99.6 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 0.2 | [1] | 0.5 | [1] | ||||||||
Total liabilities | 0.2 | 0.5 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 2 [Member]
|
||||||||||||
Nuclear decommissioning trust [Abstract] | ||||||||||||
Equity securities related to nuclear decommissioning trust | 0 | 0 | ||||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
U.S. Treasury | 0 | 0 | ||||||||||
U.S. Agency | 2.8 | 3.6 | ||||||||||
State and local obligations | 2.7 | 2.6 | ||||||||||
Corporate bonds | 26.4 | 26.4 | ||||||||||
Foreign governments | 0.6 | 0.7 | ||||||||||
Other assets related to nuclear decommissioning trust | 0.2 | (0.6) | ||||||||||
Total nuclear decommissioning trust | 32.7 | [2] | 32.7 | [2] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Total assets | 32.7 | 32.7 | ||||||||||
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] | Fair Value, Inputs, Level 3 [Member]
|
||||||||||||
Nuclear decommissioning trust [Abstract] | ||||||||||||
Equity securities related to nuclear decommissioning trust | 0 | 0 | ||||||||||
Debt securities related to nuclear decommissioning trust [Abstract] | ||||||||||||
U.S. Treasury | 0 | 0 | ||||||||||
U.S. Agency | 0 | 0 | ||||||||||
State and local obligations | 0 | 0 | ||||||||||
Corporate bonds | 0 | 0 | ||||||||||
Foreign governments | 0 | 0 | ||||||||||
Other assets related to nuclear decommissioning trust | 0 | 0 | ||||||||||
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 | 6.8 | [1] | 7.8 | [1] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Equity securities related to SERP rabbi trust | 0.1 | 0.2 | ||||||||||
Debt securities related to SERP rabbi trust | 0.1 | 0.1 | ||||||||||
Total SERP rabbi trust | 0.2 | [3] | 0.3 | [3] | ||||||||
Total assets | 7.0 | 8.1 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 0 | [1] | 0 | [1] | ||||||||
Total liabilities | 0 | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Other Great Plains [Member] | Netting [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | (0.4) | [1],[4] | 0 | [1],[4] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Equity securities related to SERP rabbi trust | 0 | [4] | 0 | [4] | ||||||||
Debt securities related to SERP rabbi trust | 0 | [4] | 0 | [4] | ||||||||
Total SERP rabbi trust | 0 | [3],[4] | 0 | [3],[4] | ||||||||
Total assets | (0.4) | [4] | 0 | [4] | ||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | (2.3) | [1],[4] | (5.0) | [1],[4] | ||||||||
Total liabilities | (2.3) | [4] | (5.0) | [4] | ||||||||
Fair Value, Measurements, Recurring [Member] | Other Great Plains [Member] | Fair Value, Inputs, Level 1 [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 0.4 | [1] | 0 | [1] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Equity securities related to SERP rabbi trust | 0.1 | 0.2 | ||||||||||
Debt securities related to SERP rabbi trust | 0 | 0 | ||||||||||
Total SERP rabbi trust | 0.1 | [3] | 0.2 | [3] | ||||||||
Total assets | 0.5 | 0.2 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 2.3 | [1] | 5.0 | [1] | ||||||||
Total liabilities | 2.3 | 5.0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Other Great Plains [Member] | Fair Value, Inputs, Level 2 [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 4.4 | [1] | 4.7 | [1] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Equity securities related to SERP rabbi trust | 0 | 0 | ||||||||||
Debt securities related to SERP rabbi trust | 0.1 | 0.1 | ||||||||||
Total SERP rabbi trust | 0.1 | [3] | 0.1 | [3] | ||||||||
Total assets | 4.5 | 4.8 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 0 | [1] | 0 | [1] | ||||||||
Total liabilities | 0 | 0 | ||||||||||
Fair Value, Measurements, Recurring [Member] | Other Great Plains [Member] | Fair Value, Inputs, Level 3 [Member]
|
||||||||||||
Assets [Abstract] | ||||||||||||
Derivative instruments, assets | 2.4 | [1] | 3.1 | [1] | ||||||||
SERP rabbi trust [Abstract] | ||||||||||||
Equity securities related to SERP rabbi trust | 0 | 0 | ||||||||||
Debt securities related to SERP rabbi trust | 0 | 0 | ||||||||||
Total SERP rabbi trust | 0 | [3] | 0 | [3] | ||||||||
Total assets | 2.4 | 3.1 | ||||||||||
Liabilities [Abstract] | ||||||||||||
Derivative instruments, liabilities | 0 | [1] | 0 | [1] | ||||||||
Total liabilities | $ 0 | $ 0 | ||||||||||
|
Pension Plans and Other Employee Benefits (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
Pension Plans, Defined Benefit [Member]
|
||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $ 8.9 | $ 7.8 | $ 26.6 | $ 23.4 |
Interest cost | 12.2 | 12.4 | 36.7 | 37.5 |
Expected return on plan assets | (10.7) | (9.5) | (32.1) | (28.8) |
Prior service cost | 1.1 | 1.1 | 3.3 | 3.4 |
Recognized net actuarial (gain) loss | 11.1 | 9.7 | 33.4 | 28.9 |
Transition obligation | 0 | 0 | 0 | 0 |
Settlement charge | 0 | 10.0 | 0 | 10.2 |
Net period benefit costs before regulatory adjustment | 22.6 | 31.5 | 67.9 | 74.6 |
Regulatory adjustment | (3.9) | (12.8) | (11.6) | (25.1) |
Net periodic benefit costs | 18.7 | 18.7 | 56.3 | 49.5 |
Other Postretirement Benefit Plans, Defined Benefit [Member]
|
||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 0.8 | 0.7 | 2.4 | 2.3 |
Interest cost | 1.9 | 2.0 | 5.8 | 5.9 |
Expected return on plan assets | (0.4) | (0.4) | (1.3) | (1.3) |
Prior service cost | 1.8 | 1.8 | 5.4 | 5.4 |
Recognized net actuarial (gain) loss | 0 | (0.1) | 0 | (0.4) |
Transition obligation | 0.3 | 0.3 | 0.8 | 1.0 |
Settlement charge | 0 | 0 | 0 | 0 |
Net period benefit costs before regulatory adjustment | 4.4 | 4.3 | 13.1 | 12.9 |
Regulatory adjustment | 0.3 | 0.4 | 1.0 | 0.7 |
Net periodic benefit costs | $ 4.7 | $ 4.7 | $ 14.1 | $ 13.6 |
Receivables
|
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Sep. 30, 2012
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | 3. RECEIVABLES Great Plains Energy's and KCP&L's receivables are detailed in the following table.
Great Plains Energy's and KCP&L's other receivables at September 30, 2012, and December 31, 2011, consisted primarily of receivables from partners in jointly owned electric utility plants and wholesale sales receivables. Sale of Accounts Receivable – KCP&L and GMO KCP&L sells all of its retail electric accounts receivable to its wholly owned subsidiary, KCP&L Receivables Company, which in turn sells an undivided percentage ownership interest in the accounts receivable to Victory Receivables Corporation, an independent outside investor. On May 31, 2012, GMO entered into an agreement to sell all of its retail electric and steam service accounts receivable to its wholly owned subsidiary, GMO Receivables Company, which in turn sells an undivided percentage ownership interest in the accounts receivable to Victory Receivables Corporation. Each of KCP&L Receivables Company's and GMO Receivables Company's sale of the undivided percentage ownership interest in accounts receivable to Victory Receivables Corporation is accounted for as a secured borrowing with accounts receivable pledged as collateral and a corresponding short-term collateralized note payable recognized on the balance sheets. At September 30, 2012, and December 31, 2011, Great Plains Energy's accounts receivable pledged as collateral and the corresponding short-term collateralized note payable was $190.0 million and $95.0 million, respectively. At September 30, 2012, and December 31, 2011, KCP&L's accounts receivable pledged as collateral and the corresponding short-term collateralized note payable was $110.0 million and $95.0 million, respectively. KCP&L and GMO each sell their receivables at a fixed price based upon the expected cost of funds and charge-offs. These costs comprise KCP&L's and GMO's loss on the sale of accounts receivable. KCP&L and GMO service the receivables and receive annual servicing fees of 1.5% and 1.25%, respectively, of the outstanding principal amount of the receivables sold to KCP&L Receivables Company and GMO Receivables Company. KCP&L and GMO do not recognize a servicing asset or liability because management determined the collection agent fees earned by KCP&L and GMO approximate market value. KCP&L's agreement expires in September 2014 and allows for $110 million in aggregate outstanding principal amount at any time. GMO's agreement expires in September 2014 and allows for $80 million in aggregate outstanding principal during the period of June 1 through October 31 and $65 million in aggregate outstanding principal during the period of November 1 through May 31 of each year. Information regarding KCP&L's sale of accounts receivable to KCP&L Receivables Company and GMO's sale of accounts receivable to GMO Receivables Company is reflected in the following tables.
(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. |
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