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 |
Each of the following classes or series of securities registered pursuant to Section 12(b) of the Act is registered on the New York Stock Exchange: | ||||||
Registrant | Title of each class | |||||
Great Plains Energy Incorporated | Cumulative Preferred Stock par value $100 per share | 3.80% | ||||
Cumulative Preferred Stock par value $100 per share | 4.50% | |||||
Cumulative Preferred Stock par value $100 per share | 4.35% | |||||
Common Stock without par value | ||||||
Securities registered pursuant to Section 12(g) of the Act: Kansas City Power & Light Company Common Stock without par value. | ||||||
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | |||||||||||||
Great Plains Energy Incorporated | Yes | X | No | _ | Kansas City Power & Light Company | Yes | _ | No | X | ||||
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. | |||||||||||||
Great Plains Energy Incorporated | Yes | _ | No | X | Kansas City Power & Light Company | Yes | _ | No | X | ||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | |||||||||||||
Great Plains Energy Incorporated | Yes | X | No | _ | Kansas City Power & Light Company | Yes | X | No | _ | ||||
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). | |||||||||||||
Great Plains Energy Incorporated | Yes | X | No | _ | Kansas City Power & Light Company | Yes | X | No | _ | ||||
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to the Form 10-K. | |||||||||||||
Great Plains Energy Incorporated | _ | Kansas City Power & Light Company | X | ||||||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. | |||||||||||||
Great Plains Energy Incorporated | Large accelerated filer | X | Accelerated filer | _ | |||||||||
Non-accelerated filer | _ | Smaller reporting company | _ | ||||||||||
Kansas City Power & Light Company | Large accelerated filer | _ | Accelerated filer | _ | |||||||||
Non-accelerated filer | X | Smaller reporting company | _ | ||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | |||||||||||||
Great Plains Energy Incorporated | Yes | _ | No | X | Kansas City Power & Light Company | Yes | _ | No | X | ||||
The aggregate market value of the voting and non-voting common equity held by non-affiliates of Great Plains Energy Incorporated (based on the closing price of its common stock on the New York Stock Exchange on June 30, 2012) was approximately $3,273,153,264. All of the common equity of Kansas City Power & Light Company is held by Great Plains Energy Incorporated, an affiliate of Kansas City Power & Light Company. | |||||||||||||
On February 26, 2013, Great Plains Energy Incorporated had 153,552,798 shares of common stock outstanding. | |||||||||||||
On February 26, 2013, Kansas City Power & Light Company had one share of common stock outstanding and held by Great Plains Energy Incorporated. | |||||||||||||
Kansas City Power & Light Company meets the conditions set forth in General Instruction (I)(1)(a) and (b) of Form 10-K and is therefore filing this Form 10-K with the reduced disclosure format. | |||||||||||||
Documents Incorporated by Reference | |||||||||||||
Portions of the 2013 annual meeting proxy statement of Great Plains Energy Incorporated to be filed with the Securities and Exchange Commission are incorporated by reference in Part III of this report. |
TABLE OF CONTENTS | ||
Page Number | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
Item 15. |
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 | |
Company | Great Plains Energy Incorporated and its subsidiaries | |
Companies | Great Plains Energy Incorporated and its consolidated subsidiaries and KCP&L and its consolidated subsidiaries | |
CSAPR | Cross-State Air Pollution Rule | |
DOE | Department of Energy | |
EBITDA | Earnings before interest, income taxes, depreciation and amortization | |
ECA | Energy Cost Adjustment | |
EGU | Electric steam generating unit | |
EIRR | Environmental Improvement Revenue Refunding | |
EPA | Environmental Protection Agency | |
EPS | Earnings per common share | |
ERISA | Employee Retirement Income Security Act of 1974, as amended | |
FAC | Fuel Adjustment Clause | |
FERC | The Federal Energy Regulatory Commission | |
FGIC | Financial Guarantee Insurance Company | |
FSS | Forward Starting Swaps | |
GAAP | Generally Accepted Accounting Principles | |
GMO | KCP&L Greater Missouri Operations Company, a wholly owned subsidiary of Great Plains Energy | |
GPETHC | GPE Transmission Holding Company LLC, a wholly owned subsidiary of Great Plains Energy | |
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 | |
MAP-21 | Moving Ahead for Progress in the 21st Century Act |
Abbreviation or Acronym | Definition | |
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 and its subsidiaries, 13.5% owned by GPETHC | |
Transource Missouri | Transource Missouri, LLC, a wholly owned subsidiary of Transource | |
WCNOC | Wolf Creek Nuclear Operating Corporation | |
Westar | Westar Energy, Inc., a Kansas utility company | |
Wolf Creek | Wolf Creek Generating Station |
• | KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas. KCP&L has one active wholly owned subsidiary, Kansas City Power & Light Receivables Company (KCP&L Receivables 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. |
Fuel cost in cents per | ||||||||||||
Fuel Mix (a) | net kWh generated | |||||||||||
Estimated | Actual | Estimated | Actual | |||||||||
Fuel | 2013 | 2012 | 2013 | 2012 | ||||||||
Coal | 81 | % | 83 | % | 2.15 | 2.10 | ||||||
Nuclear | 16 | 14 | 0.72 | 0.74 | ||||||||
Natural gas and oil | 1 | 2 | 8.56 | 6.20 | ||||||||
Wind | 2 | 1 | — | — | ||||||||
Total Generation | 100 | % | 100 | % | 1.97 | 1.93 | ||||||
(a) Fuel mix based on percent of net MWhs generated. |
Name | Age | Current Position(s) | Year First Assumed an Officer Position |
Terry Bassham (a) | 52 | President and Chief Executive Officer - Great Plains Energy and KCP&L | 2005 |
Scott H. Heidtbrink (b) | 51 | Executive Vice President and Chief Operating Officer - KCP&L | 2008 |
James C. Shay (c) | 49 | Senior Vice President - Finance and Strategic Development and Chief Financial Officer - Great Plains Energy and KCP&L | 2010 |
Kevin E. Bryant (d) | 37 | Vice President - Investor Relations and Strategic Planning and Treasurer - Great Plains Energy and KCP&L | 2006 |
Charles A. Caisley (e) | 40 | Vice President - Marketing and Public Affairs - Great Plains Energy and KCP&L | 2011 |
Michael L. Deggendorf (f) | 51 | Senior Vice President - Corporate Services - KCP&L | 2005 |
Ellen E. Fairchild (g) | 51 | Vice President, Corporate Secretary and Chief Compliance Officer - Great Plains Energy and KCP&L | 2010 |
Heather A. Humphrey (h) | 42 | General Counsel and Senior Vice President - Human Resources - Great Plains Energy and KCP&L | 2010 |
Lori A. Wright (i) | 50 | Vice President - Business Planning and Controller - Great Plains Energy and KCP&L | 2002 |
(a) | Mr. Bassham was appointed Chief Executive Officer of Great Plains Energy, KCP&L and GMO in 2012. He has served as President of each company since 2011. He previously served as President and Chief Operating Officer of Great Plains Energy, KCP&L and GMO (2011-2012) and as Executive Vice President - Utility Operations of KCP&L and GMO (2010-2011). He was Executive Vice President - Finance and Strategic Development and Chief Financial Officer of Great Plains Energy (2005-2010) and of KCP&L and GMO (2009-2010). He was Chief Financial Officer of KCP&L (2005-2008) and GMO (2008). |
(b) | Mr. Heidtbrink was appointed Executive Vice President and Chief Operating Officer of KCP&L and GMO in 2012. He previously served as Senior Vice President - Supply of KCP&L and GMO (2009-2012). He was Senior Vice President - Corporate Services of KCP&L and GMO (2008), and Vice President - Power Generation & Energy Resources (2006-2008) of GMO. |
(c) | Mr. Shay was appointed Senior Vice President - Finance and Strategic Development and Chief Financial Officer of Great Plains Energy, KCP&L and GMO in 2010. He was Chief Financial Officer, with responsibilities for finance, accounting and information technology, at Northern Power Systems, Inc., a wind turbine manufacturing business (2009-2010); Managing Director, with responsibilities for business development, transaction execution and advisory work, at Frontier Investment Banc Corporation (2007-2008); and Chief Financial Officer, with responsibilities for finance, accounting, human resources, information technology and procurement, at Machine Laboratory LLC, a manufacturer of machined parts for the automotive industry (2006-2007). Prior to that, Mr. Shay was Chief Financial Officer, with responsibilities for finance and accounting, at General Electric Co. Environmental Services (2004-2006) after its acquisition of BHA Group Holdings, Inc., a supplier of aftermarket parts and service for industrial air pollution equipment. |
(d) | Mr. Bryant was appointed Vice President - Investor Relations and Strategic Planning and Treasurer of Great Plains Energy, KCP&L and GMO in 2013. He previously served as Vice President - Investor Relations and Treasurer of Great Plains Energy, KCP&L and GMO (2011-2013). He was Vice President - Strategy and Risk Management of KCP&L and GMO (2011) and Vice President - Energy Solutions (2006-2011) of KCP&L and GMO. |
(e) | Mr. Caisley was appointed Vice President - Marketing and Public Affairs of Great Plains Energy, KCP&L and GMO in 2011. He was Senior Director of Public Affairs (2008-2011) and Director of Governmental Affairs (2007-2008). Prior to that, he was the president of the Missouri Energy Development Association (2005-2007). |
(f) | Mr. Deggendorf was appointed Senior Vice President - Corporate Services in 2012. He previously served as Senior Vice President - Delivery of KCP&L and GMO (2008-2012). He was Vice President - Public Affairs of Great Plains Energy (2005-2008). |
(g) | Ms. Fairchild was appointed Vice President, Corporate Secretary and Chief Compliance Officer of Great Plains Energy, KCP&L and GMO in 2010. She was Senior Director of Investor Relations and Assistant Secretary (2010) and Director of Investor Relations (2008-2010) of Great Plains Energy, KCP&L and GMO. Prior to that, she was an associate at Hagen and Partners (2005-2007), a public relations firm. |
(h) | Ms. Humphrey was appointed General Counsel in 2010 and Senior Vice President - Human Resources of Great Plains Energy, KCP&L and GMO in 2012. She previously served as Vice President - Human Resources of Great Plains Energy, KCP&L and GMO (2010-2012). She was Senior Director of Human Resources and Interim General Counsel of Great Plains Energy, KCP&L and GMO (2010) and Managing Attorney of KCP&L (2007-2010). Prior to that, she was a shareholder of the law firm of Shughart Thomson & Kilroy (1996-2006). |
(i) | Ms. Wright was appointed Vice President - Business Planning and Controller of Great Plains Energy, KCP&L and GMO in 2012. She previously served as Vice President and Controller of Great Plains Energy, KCP&L and GMO (2009-2012). She was Controller of Great Plains Energy and KCP&L (2002-2008) and GMO (2008). |
• | in the case of generation equipment, affect operating costs, increase capital requirements and costs, increase purchased power volumes and costs and reduce wholesale sales opportunities; |
• | in the case of transmission equipment, affect operating costs, increase capital requirements and costs, require changes in the source of generation and affect wholesale sales opportunities and the ability to meet regulatory reliability and security requirements; |
• | in the case of distribution systems, affect revenues and operating costs, increase capital requirements and costs, and affect the ability to meet regulatory service metrics and customer expectations; and |
• | in the case of information systems, affect the control and operations of generation, transmission, distribution and other business operations and processes, increase operating costs, increase capital requirements and costs, and affect the ability to meet regulatory reliability and security requirements and customer expectations. |
Year | Estimated 2013 | Primary | |||||||||
Unit | Location | Completed | MW Capacity | Fuel | |||||||
Base Load | Iatan No. 2 | Missouri | 2010 | 482 | (a) | Coal | |||||
Wolf Creek | Kansas | 1985 | 547 | (a) | Nuclear | ||||||
Iatan No. 1 | Missouri | 1980 | 493 | (a) | Coal | ||||||
La Cygne No. 2 | Kansas | 1977 | 343 | (a) | Coal | ||||||
La Cygne No. 1 | Kansas | 1973 | 368 | (a) | Coal | ||||||
Hawthorn No. 5 (b) | Missouri | 1969 | 564 | Coal | |||||||
Montrose No. 3 | Missouri | 1964 | 176 | Coal | |||||||
Montrose No. 2 | Missouri | 1960 | 164 | Coal | |||||||
Montrose No. 1 | Missouri | 1958 | 170 | Coal | |||||||
Peak Load | West Gardner Nos. 1, 2, 3 and 4 | Kansas | 2003 | 310 | Natural Gas | ||||||
Osawatomie | Kansas | 2003 | 75 | Natural Gas | |||||||
Hawthorn Nos. 6 and 9 | Missouri | 2000 | 232 | Natural Gas | |||||||
Hawthorn No. 8 | Missouri | 2000 | 77 | Natural Gas | |||||||
Hawthorn No. 7 | Missouri | 2000 | 77 | Natural Gas | |||||||
Northeast Black Start Unit | Missouri | 1985 | 2 | Oil | |||||||
Northeast Nos. 17 and 18 | Missouri | 1977 | 97 | Oil | |||||||
Northeast Nos. 13 and 14 | Missouri | 1976 | 91 | Oil | |||||||
Northeast Nos. 15 and 16 | Missouri | 1975 | 89 | Oil | |||||||
Northeast Nos. 11 and 12 | Missouri | 1972 | 96 | Oil | |||||||
Wind | Spearville 2 Wind Energy Facility (c) | Kansas | 2010 | 4 | Wind | ||||||
Spearville 1 Wind Energy Facility (d) | Kansas | 2006 | 8 | Wind | |||||||
Total KCP&L | 4,465 | ||||||||||
Base Load | Iatan No. 2 | Missouri | 2010 | 159 | (a) | Coal | |||||
Iatan No. 1 | Missouri | 1980 | 127 | (a) | Coal | ||||||
Jeffrey Energy Center Nos. 1, 2 and 3 | Kansas | 1978, 1980, 1983 | 172 | (a) | Coal | ||||||
Sibley Nos. 1, 2 and 3 | Missouri | 1960, 1962, 1969 | 458 | Coal | |||||||
Lake Road Nos. 2 and 4 | Missouri | 1957, 1967 | 119 | Coal and Natural Gas | |||||||
Peak Load | South Harper Nos. 1, 2 and 3 | Missouri | 2005 | 317 | Natural Gas | ||||||
Crossroads Energy Center | Mississippi | 2002 | 307 | Natural Gas | |||||||
Ralph Green No. 3 | Missouri | 1981 | 71 | Natural Gas | |||||||
Greenwood Nos. 1, 2, 3 and 4 | Missouri | 1975-1979 | 253 | Natural Gas/Oil | |||||||
Lake Road No. 5 | Missouri | 1974 | 67 | Natural Gas/Oil | |||||||
Lake Road Nos. 1 and 3 | Missouri | 1951, 1962 | 33 | Natural Gas/Oil | |||||||
Lake Road Nos. 6 and 7 | Missouri | 1989, 1990 | 42 | Oil | |||||||
Nevada | Missouri | 1974 | 19 | Oil | |||||||
Total GMO | 2,144 | ||||||||||
Total Great Plains Energy | 6,609 |
(b) | The Hawthorn Generating Station returned to commercial operation in 2001 with a new boiler, air quality control equipment and an uprated turbine following a 1999 explosion. |
(c) | The 48 MW Spearville 2 Wind Energy Facility's accredited capacity is 4 MW pursuant to SPP reliability standards. |
(d) | The 100.5 MW Spearville Wind Energy Facility's accredited capacity is 8 MW pursuant to SPP reliability standards. |
Common Stock Price Range (a) | Common Stock | |||||||||||||||||||||||||||
2012 | 2011 | Dividends Declared | ||||||||||||||||||||||||||
Quarter | High | Low | High | Low | 2013 | 2012 | 2011 | |||||||||||||||||||||
First | $ | 21.60 | $ | 19.60 | $ | 20.08 | $ | 18.94 | $ | 0.2175 | (b) | $ | 0.2125 | $ | 0.2075 | |||||||||||||
Second | 21.41 | 19.54 | 21.17 | 19.70 | 0.2125 | 0.2075 | ||||||||||||||||||||||
Third | 22.48 | 21.26 | 21.24 | 16.53 | 0.2125 | 0.2075 | ||||||||||||||||||||||
Fourth | 22.81 | 19.80 | 21.97 | 18.68 | 0.2175 | 0.2125 |
Year Ended December 31 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Great Plains Energy (a) | (dollars in millions except per share amounts) | |||||||||||||||||||
Operating revenues | $ | 2,310 | $ | 2,318 | $ | 2,256 | $ | 1,965 | $ | 1,670 | ||||||||||
Income from continuing operations (b) | $ | 200 | $ | 174 | $ | 212 | $ | 152 | $ | 120 | ||||||||||
Net income attributable to Great Plains Energy | $ | 200 | $ | 174 | $ | 212 | $ | 150 | $ | 155 | ||||||||||
Basic earnings per common | ||||||||||||||||||||
share from continuing operations | $ | 1.36 | $ | 1.27 | $ | 1.55 | $ | 1.16 | $ | 1.16 | ||||||||||
Basic earnings per common share | $ | 1.36 | $ | 1.27 | $ | 1.55 | $ | 1.15 | $ | 1.51 | ||||||||||
Diluted earnings per common | ||||||||||||||||||||
share from continuing operations | $ | 1.35 | $ | 1.25 | $ | 1.53 | $ | 1.15 | $ | 1.16 | ||||||||||
Diluted earnings per common share | $ | 1.35 | $ | 1.25 | $ | 1.53 | $ | 1.14 | $ | 1.51 | ||||||||||
Total assets at year end | $ | 9,647 | $ | 9,118 | $ | 8,818 | $ | 8,483 | $ | 7,869 | ||||||||||
Total redeemable preferred stock, mandatorily | ||||||||||||||||||||
redeemable preferred securities and long- | ||||||||||||||||||||
term debt (including current maturities) | $ | 3,020 | $ | 3,544 | $ | 3,428 | $ | 3,214 | $ | 2,627 | ||||||||||
Cash dividends per common share | $ | 0.855 | $ | 0.835 | $ | 0.83 | $ | 0.83 | $ | 1.66 | ||||||||||
SEC ratio of earnings to fixed charges | 2.31 | 2.03 | 2.28 | 1.81 | 2.26 | |||||||||||||||
KCP&L | ||||||||||||||||||||
Operating revenues | $ | 1,580 | $ | 1,558 | $ | 1,517 | $ | 1,318 | $ | 1,343 | ||||||||||
Net income | $ | 142 | $ | 136 | $ | 163 | $ | 129 | $ | 125 | ||||||||||
Total assets at year end | $ | 6,704 | $ | 6,292 | $ | 6,026 | $ | 5,702 | $ | 5,229 | ||||||||||
Total redeemable preferred stock, mandatorily | ||||||||||||||||||||
redeemable preferred securities and long- | ||||||||||||||||||||
term debt (including current maturities) | $ | 1,902 | $ | 1,915 | $ | 1,780 | $ | 1,780 | $ | 1,377 | ||||||||||
SEC ratio of earnings to fixed charges | 2.58 | 2.52 | 2.86 | 2.44 | 2.87 |
(b) | This amount is before income (loss) from discontinued operations, net of income taxes, of $(1.5) million and $35.0 million in 2009 and 2008, respectively. |
• | new retail rates in Missouri effective May 4, 2011, for KCP&L and June 25, 2011, for GMO; |
• | favorable weather, with a 15% increase in cooling degree days partially offset by the impact of unfavorable weather during the first quarter of 2012; and |
• | 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 $3.3 million; |
• | an estimated $11 million decrease in gross margin 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; |
• | decreased gross margin from lower KCP&L Missouri wholesale sales margin along with increased fuel and transmission expense, partially offset by favorable purchased power expense at KCP&L in Missouri, where there is no fuel recovery mechanism; and |
• | an estimated $17 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. |
Impact on | Impact on | ||||||||||||
Projected | 2012 | ||||||||||||
Change in | Benefit | Pension | |||||||||||
Actuarial assumption | Assumption | Obligation | Expense | ||||||||||
(millions) | |||||||||||||
Discount rate | 0.5 | % | increase | $ | (75.5 | ) | $ | (5.7 | ) | ||||
Rate of return on plan assets | 0.5 | % | increase | — | (3.3 | ) | |||||||
Discount rate | 0.5 | % | decrease | 81.1 | 5.9 | ||||||||
Rate of return on plan assets | 0.5 | % | decrease | — | 3.3 |
2012 | 2011 | 2010 | |||||||||||
(millions) | |||||||||||||
Operating revenues | $ | 2,309.9 | $ | 2,318.0 | $ | 2,255.5 | |||||||
Fuel | (539.5 | ) | (483.8 | ) | (430.7 | ) | |||||||
Purchased power | (94.0 | ) | (203.4 | ) | (213.8 | ) | |||||||
Transmission of electricity by others | (35.4 | ) | (30.2 | ) | (27.4 | ) | |||||||
Gross margin (a) | 1,641.0 | 1,600.6 | 1,583.6 | ||||||||||
Other operating expenses | (834.1 | ) | (835.0 | ) | (779.7 | ) | |||||||
Voluntary separation program | 4.3 | (12.7 | ) | — | |||||||||
Depreciation and amortization | (272.3 | ) | (273.1 | ) | (331.6 | ) | |||||||
Operating income | 538.9 | 479.8 | 472.3 | ||||||||||
Non-operating income and expenses | (13.2 | ) | (2.3 | ) | 24.4 | ||||||||
Interest charges | (220.8 | ) | (218.4 | ) | (184.8 | ) | |||||||
Income tax expense | (104.6 | ) | (84.8 | ) | (99.0 | ) | |||||||
Loss from equity investments | (0.4 | ) | (0.1 | ) | (1.0 | ) | |||||||
Net income | 199.9 | 174.2 | 211.9 | ||||||||||
Less: Net (income) loss attributable to noncontrolling interest | — | 0.2 | (0.2 | ) | |||||||||
Net income attributable to Great Plains Energy | 199.9 | 174.4 | 211.7 | ||||||||||
Preferred dividends | (1.6 | ) | (1.6 | ) | (1.6 | ) | |||||||
Earnings available for common shareholders | $ | 198.3 | $ | 172.8 | $ | 210.1 |
(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 15% increase in cooling degree days partially offset by the impact of unfavorable weather during the first quarter of 2012; and |
• | 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 $3.3 million; |
• | an estimated $11 million decrease in gross margin 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; |
• | decreased gross margin from lower KCP&L Missouri wholesale sales margin along with increased fuel and transmission expense, partially offset by favorable purchased power expense at KCP&L in Missouri, where there is no fuel recovery mechanism; |
• | an estimated $17 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 $20.4 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. |
2012 | 2011 | 2010 | |||||||||||
(millions) | |||||||||||||
Operating revenues | $ | 2,309.9 | $ | 2,318.0 | $ | 2,255.5 | |||||||
Fuel | (539.5 | ) | (483.8 | ) | (430.7 | ) | |||||||
Purchased power | (94.0 | ) | (203.4 | ) | (213.8 | ) | |||||||
Transmission of electricity by others | (35.4 | ) | (30.2 | ) | (27.4 | ) | |||||||
Gross margin (a) | 1,641.0 | 1,600.6 | 1,583.6 | ||||||||||
Other operating expenses | (825.9 | ) | (828.7 | ) | (773.4 | ) | |||||||
Voluntary separation program | 4.3 | (12.7 | ) | — | |||||||||
Depreciation and amortization | (272.3 | ) | (273.1 | ) | (331.6 | ) | |||||||
Operating income | 547.1 | 486.1 | 478.6 | ||||||||||
Non-operating income and expenses | (11.2 | ) | — | 23.1 | |||||||||
Interest charges | (197.3 | ) | (176.9 | ) | (143.1 | ) | |||||||
Income tax expense | (122.0 | ) | (109.3 | ) | (123.3 | ) | |||||||
Net income | $ | 216.6 | $ | 199.9 | $ | 235.3 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
% | % | |||||||||||||||||
Gross Margin (a) | 2012 | Change | 2011 | Change | 2010 | |||||||||||||
Retail revenues | (millions) | |||||||||||||||||
Residential | $ | 965.5 | 1 | $ | 955.8 | 4 | $ | 915.8 | ||||||||||
Commercial | 907.6 | 3 | 878.8 | 5 | 838.0 | |||||||||||||
Industrial | 197.8 | 1 | 196.7 | 2 | 193.5 | |||||||||||||
Other retail revenues | 19.9 | 3 | 19.5 | 11 | 17.5 | |||||||||||||
Kansas property tax surcharge | 4.8 | 32 | 3.7 | N/A | — | |||||||||||||
Provision for rate refund | 0.1 | N/M | (2.9 | ) | (23 | ) | (3.7 | ) | ||||||||||
Fuel recovery mechanism | 17.8 | (65 | ) | 50.6 | 18 | 42.9 | ||||||||||||
Total retail | 2,113.5 | 1 | 2,102.2 | 5 | 2,004.0 | |||||||||||||
Wholesale revenues | 152.9 | (11 | ) | 172.4 | (16 | ) | 205.9 | |||||||||||
Other revenues | 43.5 | — | 43.4 | (5 | ) | 45.6 | ||||||||||||
Operating revenues | 2,309.9 | — | 2,318.0 | 3 | 2,255.5 | |||||||||||||
Fuel | (539.5 | ) | 12 | (483.8 | ) | 12 | (430.7 | ) | ||||||||||
Purchased power | (94.0 | ) | (54 | ) | (203.4 | ) | (5 | ) | (213.8 | ) | ||||||||
Transmission of electricity by others | (35.4 | ) | 17 | (30.2 | ) | 10 | (27.4 | ) | ||||||||||
Gross margin | $ | 1,641.0 | 3 | $ | 1,600.6 | 1 | $ | 1,583.6 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
% | % | ||||||||||||||
MWh Sales | 2012 | Change | 2011 | Change | 2010 | ||||||||||
Retail MWh sales | (thousands) | ||||||||||||||
Residential | 8,930 | (4 | ) | 9,285 | (2 | ) | 9,459 | ||||||||
Commercial | 10,767 | — | 10,782 | (2 | ) | 10,950 | |||||||||
Industrial | 3,174 | (1 | ) | 3,218 | (2 | ) | 3,286 | ||||||||
Other retail MWh sales | 121 | — | 119 | 8 | 111 | ||||||||||
Total retail | 22,992 | (2 | ) | 23,404 | (2 | ) | 23,806 | ||||||||
Wholesale MWh sales | 6,283 | 14 | 5,491 | (16 | ) | 6,534 | |||||||||
Total MWh sales | 29,275 | 1 | 28,895 | (5 | ) | 30,340 |
• | KCP&L's Kansas retail rates contain an Energy Cost Adjustment (ECA) tariff. The ECA tariff reflects the projected annual amounts of fuel, purchased power, emission allowances, transmission costs and asset-based off-system sales margin. These projected amounts are subject to quarterly re-forecasts. Any difference between the ECA revenue collected and the actual ECA amounts for a given year (which may be positive or negative) is recorded as an increase to or reduction of retail revenues and deferred as a regulatory asset or liability to be recovered from or refunded to Kansas retail customers over twelve months beginning April 1 of the succeeding year. |
• | GMO's electric retail rates contain a Fuel Adjustment Clause (FAC) tariff under which 95% of the difference between actual fuel cost, purchased power costs, certain transmission costs and off-system sales margin and the amount provided in base rates for these costs is passed along to GMO's customers. The FAC cycle consists of an accumulation period of six months beginning in June and December with FAC rate approval requested every six months for a twelve month recovery period. The FAC is recorded as an increase to or reduction of retail revenues and deferred as a regulatory asset or liability to be recovered from or refunded to GMO's electric retail customers. |
• | GMO's steam rates contain a Quarterly Cost Adjustment (QCA) under which 85% of the difference between actual fuel costs and base fuel costs is passed along to GMO's steam customers. The QCA is recorded as an increase to or reduction of other revenues and deferred as a regulatory asset or liability to be recovered from or refunded to GMO's steam customers. |
• | new retail rates in Missouri effective May 4, 2011, for KCP&L and June 25, 2011, for GMO; |
• | favorable weather, with a 15% increase in cooling degree days partially offset by the impact of unfavorable weather during the first quarter of 2012; and |
• | 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 decrease in weather-normalized retail demand; |
• | decreased gross margin from lower KCP&L Missouri wholesale sales margin along with increased fuel and transmission expense, partially offset by favorable purchased power expense at KCP&L in Missouri, where there is no fuel recovery mechanism; and |
• | an estimated $4 million impact from an unplanned outage at Wolf Creek in the first quarter of 2012. |
• | unfavorable weather, with a 6% decrease in cooling degree days; |
• | a decrease in weather-normalized retail demand; |
• | a $7.5 million increase in coal transportation costs not recovered in KCP&L's Missouri retail rates where there is no fuel recovery mechanism, prior to new retail rates effective May 4, 2011; |
• | an estimated $16 million impact of coal conservation activities due to flooding in 2011 resulting in increased fuel expenses and purchased power expenses and reduced wholesale sales; and |
• | an estimated $11 million impact from an extended refueling outage at Wolf Creek in 2011. |
% | % | ||||||||
2012 | Change | 2011 | Change | 2010 | |||||
CDD | 1,839 | 15 | 1,598 | (6) | 1,705 | ||||
HDD | 4,028 | (23) | 5,220 | 1 | 5,160 | ||||
• | a $14.1 million decrease in plant operating and maintenance expenses primarily due to planned plant outages, other than at Wolf Creek, with longer durations in 2011 than in 2012; |
• | 2011 included expense of $2.7 million relating to solar rebates provided to customers and in 2012, $3.0 million was deferred to a regulatory asset for recovery in future rates; and |
• | 2011 included $3.3 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. |
• | a $23.4 million increase in plant operating and maintenance expenses primarily due to Iatan No. 2 expenses being recognized with Kansas and Missouri rates effective December 1, 2010, and May 4, 2011, respectively, for KCP&L and Missouri rates effective June 25, 2011, for GMO; |
• | a $13.1 million increase in general taxes driven by increased property taxes; |
• | a $13.1 million increase in pension expense corresponding to the resetting of pension expense trackers with the effective dates of new retail rates at KCP&L and GMO; |
• | a $6.8 million increase in amortization of regulatory assets pursuant to rate orders; |
• | $3.3 million of expenses in 2011 related to the impact of flooding; and |
• | a $2.3 million loss in 2011 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. In 2010, KCP&L and GMO recognized combined losses of $16.8 million for construction costs related to Iatan No. 2 and the Iatan No. 1 environmental project. |
• | Great Plains Energy's receivables, net decreased $76.7 million due to the reclassification of customer accounts receivable to accounts receivable pledged as collateral. |
• | Great Plains Energy's accounts receivable pledged as collateral and collateralized note payable increased $79.0 million due to a $15.0 million increase in KCP&L’s sale of accounts receivable and GMO’s $64.0 million sale of accounts receivable, which are accounted for as secured borrowings. |
• | Great Plains Energy's deferred income taxes - current assets increased $81.0 million primarily due to the reclassification from deferred income taxes - deferred credits and other liabilities of $77.8 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 $296.6 million primarily due to a $177.9 million increase for environmental upgrades at KCP&L's La Cygne station, in addition to normal plant activity. |
• | Great Plains Energy's commercial paper increased $263.1 million primarily due to increased borrowings used for the repayment of GMO's $500.0 million 11.875% Senior Notes at maturity in July 2012 and to support interest and dividend payments. |
• | Great Plains Energy's current maturities of long-term debt decreased $538.3 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 increased $54.6 million primarily due to a $28.4 million increase in payables related to environmental upgrades at KCP&L's La Cygne station and the timing of cash payments. |
• | Great Plains Energy's accrued interest decreased $35.4 million due to the repayment of GMO's $500.0 million 11.875% Senior Notes at maturity in July 2012. |
• | Great Plains Energy's deferred income taxes - deferred credits and other liabilities increased $203.8 million due to the reclassification to deferred income taxes - current assets of $77.8 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. |
• | Great Plains Energy's pension and post-retirement liability - deferred credits and other liabilities increased $95.6 million due to an increase in actuarial loss driven by a decrease in the discount rate assumption used to determine benefit obligations. |
Moody's | Standard | ||||||
Investors Service | & Poor's | ||||||
Great Plains Energy | |||||||
Outlook | Stable | Stable | |||||
Corporate Credit Rating | - | BBB | |||||
Preferred Stock | Ba2 | BB+ | |||||
Senior Unsecured Debt | Baa3 | BBB- | |||||
KCP&L | |||||||
Outlook | Stable | Stable | |||||
Senior Secured Debt | A3 | A- | |||||
Senior Unsecured Debt | Baa2 | BBB | |||||
Commercial Paper | P-2 | A-2 | |||||
GMO | |||||||
Outlook | Stable | Stable | |||||
Senior Unsecured Debt (a) | Baa3 | BBB | |||||
Commercial Paper (a) | P-3 | A-2 |
(a) | Reflects Great Plains Energy guarantee. |
2013 | 2014 | 2015 | |||||||||||
(millions) | |||||||||||||
Generating facilities | $ | 245.4 | $ | 230.2 | $ | 230.2 | |||||||
Distribution and transmission facilities (a) | 192.3 | 199.1 | 204.4 | ||||||||||
SPP-approved regional transmission projects | 73.6 | 76.0 | 97.7 | ||||||||||
General facilities | 45.7 | 54.9 | 53.3 | ||||||||||
Nuclear fuel | 5.5 | 1.6 | 47.9 | ||||||||||
Environmental | 162.4 | 148.8 | 82.0 | ||||||||||
Total utility capital expenditures | $ | 724.9 | $ | 710.6 | $ | 715.5 |
(a) | Excludes SPP-approved regional transmission projects. |
Payment due by period | 2013 | 2014 | 2015 | 2016 | 2017 | After 2017 | Total | ||||||||||||||||||||
Long-term debt | (millions) | ||||||||||||||||||||||||||
Principal | $ | 263.1 | $ | 1.5 | $ | 15.5 | $ | 1.6 | $ | 382.6 | $ | 2,354.2 | $ | 3,018.5 | |||||||||||||
Interest | 169.7 | 162.0 | 161.6 | 161.2 | 152.9 | 1,158.1 | 1,965.5 | ||||||||||||||||||||
Lease commitments | |||||||||||||||||||||||||||
Operating leases | 16.8 | 14.9 | 13.7 | 9.9 | 9.6 | 146.5 | 211.4 | ||||||||||||||||||||
Capital leases | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 4.9 | 6.9 | ||||||||||||||||||||
Pension and other post-retirement plans (a) | 95.1 | 95.1 | 95.1 | 95.1 | 95.1 | N/A | 475.5 | ||||||||||||||||||||
Purchase commitments | |||||||||||||||||||||||||||
Fuel | 323.2 | 209.9 | 104.9 | 66.7 | 36.7 | 85.4 | 826.8 | ||||||||||||||||||||
Power | 39.3 | 44.9 | 44.9 | 44.9 | 43.5 | 651.5 | 869.0 | ||||||||||||||||||||
Capacity | 11.3 | 3.3 | 3.0 | 1.2 | — | — | 18.8 | ||||||||||||||||||||
La Cygne environmental project | 329.0 | 129.6 | 4.4 | — | — | — | 463.0 | ||||||||||||||||||||
Non-regulated natural gas transportation | 3.2 | 3.6 | 3.6 | 3.6 | 0.9 | — | 14.9 | ||||||||||||||||||||
Other | 124.7 | 34.0 | 27.2 | 15.2 | 6.3 | 43.3 | 250.7 | ||||||||||||||||||||
Total contractual commitments (a) | $ | 1,375.8 | $ | 699.2 | $ | 474.3 | $ | 399.8 | $ | 728.0 | $ | 4,443.9 | $ | 8,121.0 |
(a) | The Company expects to make contributions to the pension and other post-retirement plans beyond 2017 but the amounts are not yet determined. Amounts for years after 2013 are estimates based on information available in determining the amount for 2013. Actual amounts for years after 2013 could be significantly different than the estimated amounts in the table above. |
• | Great Plains Energy direct guarantees to GMO counterparties totaling $40.7 million, which expire in 2014; |
• | Great Plains Energy letters of credit to GMO counterparties totaling $1.8 million, which expire in 2013; and |
• | Great Plains Energy guarantees of GMO long-term debt totaling $112.6 million, which includes debt with maturity dates ranging from 2013-2023. |
2012 | 2011 | ||||||||
(millions) | |||||||||
Operating revenues | $ | 1,579.9 | $ | 1,558.3 | |||||
Fuel | (384.8 | ) | (333.5 | ) | |||||
Purchased power | (35.5 | ) | (70.8 | ) | |||||
Transmission of electricity by others | (24.0 | ) | (18.8 | ) | |||||
Gross margin (a) | 1,135.6 | 1,135.2 | |||||||
Other operating expenses | (605.6 | ) | (611.7 | ) | |||||
Voluntary separation program | 4.3 | (9.2 | ) | ||||||
Depreciation and amortization | (185.6 | ) | (193.1 | ) | |||||
Operating income | 348.7 | 321.2 | |||||||
Non-operating income and expenses | (4.2 | ) | (1.0 | ) | |||||
Interest charges | (127.6 | ) | (115.6 | ) | |||||
Income tax expense | (75.3 | ) | (69.1 | ) | |||||
Net income | $ | 141.6 | $ | 135.5 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
% | |||||||||||
Gross Margin (a) | 2012 | Change | 2011 | ||||||||
Retail revenues | (millions) | ||||||||||
Residential | $ | 594.0 | — | $ | 593.0 | ||||||
Commercial | 652.6 | 2 | 637.8 | ||||||||
Industrial | 117.0 | (4 | ) | 121.9 | |||||||
Other retail revenues | 12.5 | — | 12.5 | ||||||||
Kansas property tax surcharge | 4.8 | 32 | 3.7 | ||||||||
Provision for rate refund | 0.1 | N/M | — | ||||||||
Fuel recovery mechanism | 6.1 | (48 | ) | 11.7 | |||||||
Total retail | 1,387.1 | — | 1,380.6 | ||||||||
Wholesale revenues | 174.5 | 9 | 159.4 | ||||||||
Other revenues | 18.3 | — | 18.3 | ||||||||
Operating revenues | 1,579.9 | 1 | 1,558.3 | ||||||||
Fuel | (384.8 | ) | 15 | (333.5 | ) | ||||||
Purchased power | (35.5 | ) | (50 | ) | (70.8 | ) | |||||
Transmission of electricity by others | (24.0 | ) | 28 | (18.8 | ) | ||||||
Gross margin | $ | 1,135.6 | — | $ | 1,135.2 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
% | |||||||||
MWh Sales | 2012 | Change | 2011 | ||||||
Retail MWh sales | (thousands) | ||||||||
Residential | 5,440 | (3 | ) | 5,624 | |||||
Commercial | 7,565 | (1 | ) | 7,614 | |||||
Industrial | 1,818 | (3 | ) | 1,884 | |||||
Other retail MWh sales | 89 | — | 88 | ||||||
Total retail | 14,912 | (2 | ) | 15,210 | |||||
Wholesale MWh sales | 7,067 | 37 | 5,165 | ||||||
Total MWh sales | 21,979 | 8 | 20,375 |
• | new retail rates in Missouri effective May 4, 2011; |
• | favorable weather, with a 15% increase in cooling degree days partially offset by the impact of unfavorable weather during the first quarter of 2012; and |
• | 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 decrease in weather-normalized retail demand; |
• | decreased gross margin from lower KCP&L Missouri wholesale sales margin along with increased fuel and transmission expense, partially offset by favorable purchased power expense at KCP&L in Missouri, where there is no fuel recovery mechanism; and |
• | an estimated $4 million impact from an unplanned outage at Wolf Creek in the first quarter of 2012. |
• | an $8.8 million decrease in plant operating and maintenance expenses primarily due to planned plant outages, other than at Wolf Creek, with longer durations in 2011 than in 2012; |
• | 2011 included expense of $1.3 million relating to solar rebates provided to customers and in 2012, $1.6 million was deferred to a regulatory asset for recovery in future rates; and |
• | 2011 included $3.0 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 2011 MPSC rate order. |
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Report of Independent Registered Public Accounting Firm | ||
GREAT PLAINS ENERGY INCORPORATED | ||||||||||||
Consolidated Statements of Income and Comprehensive Income | ||||||||||||
Year Ended December 31 | 2012 | 2011 | 2010 | |||||||||
Operating Revenues | (millions, except per share amounts) | |||||||||||
Electric revenues | $ | 2,309.9 | $ | 2,318.0 | $ | 2,255.5 | ||||||
Operating Expenses | ||||||||||||
Fuel | 539.5 | 483.8 | 430.7 | |||||||||
Purchased power | 94.0 | 203.4 | 213.8 | |||||||||
Transmission of electricity by others | 35.4 | 30.2 | 27.4 | |||||||||
Utility operating and maintenance expenses | 647.3 | 658.2 | 602.5 | |||||||||
Voluntary separation program | (4.3 | ) | 12.7 | — | ||||||||
Depreciation and amortization | 272.3 | 273.1 | 331.6 | |||||||||
General taxes | 179.3 | 170.9 | 155.1 | |||||||||
Other | 7.5 | 5.9 | 22.1 | |||||||||
Total | 1,771.0 | 1,838.2 | 1,783.2 | |||||||||
Operating income | 538.9 | 479.8 | 472.3 | |||||||||
Non-operating income | 7.3 | 5.9 | 43.9 | |||||||||
Non-operating expenses | (20.5 | ) | (8.2 | ) | (19.5 | ) | ||||||
Interest charges | (220.8 | ) | (218.4 | ) | (184.8 | ) | ||||||
Income before income tax expense and loss from equity investments | 304.9 | 259.1 | 311.9 | |||||||||
Income tax expense | (104.6 | ) | (84.8 | ) | (99.0 | ) | ||||||
Loss from equity investments, net of income taxes | (0.4 | ) | (0.1 | ) | (1.0 | ) | ||||||
Net income | 199.9 | 174.2 | 211.9 | |||||||||
Less: Net (income) loss attributable to noncontrolling interest | — | 0.2 | (0.2 | ) | ||||||||
Net income attributable to Great Plains Energy | 199.9 | 174.4 | 211.7 | |||||||||
Preferred stock dividend requirements | 1.6 | 1.6 | 1.6 | |||||||||
Earnings available for common shareholders | $ | 198.3 | $ | 172.8 | $ | 210.1 | ||||||
Average number of basic common shares outstanding | 145.5 | 135.6 | 135.1 | |||||||||
Average number of diluted common shares outstanding | 147.2 | 138.7 | 136.9 | |||||||||
Basic earnings per common share | $ | 1.36 | $ | 1.27 | $ | 1.55 | ||||||
Diluted earnings per common share | $ | 1.35 | $ | 1.25 | $ | 1.53 | ||||||
Cash dividends per common share | $ | 0.855 | $ | 0.835 | $ | 0.83 | ||||||
Comprehensive Income | ||||||||||||
Net income | $ | 199.9 | $ | 174.2 | $ | 211.9 | ||||||
Other comprehensive income | ||||||||||||
Derivative hedging activity | ||||||||||||
Loss on derivative hedging instruments | (0.1 | ) | (5.9 | ) | (28.0 | ) | ||||||
Income tax benefit | — | 2.3 | 10.8 | |||||||||
Net loss on derivative hedging instruments | (0.1 | ) | (3.6 | ) | (17.2 | ) | ||||||
Reclassification to expenses, net of tax | 12.6 | 10.4 | 6.6 | |||||||||
Derivative hedging activity, net of tax | 12.5 | 6.8 | (10.6 | ) | ||||||||
Defined benefit pension plans | ||||||||||||
Net loss arising during period | (2.3 | ) | (1.2 | ) | (1.3 | ) | ||||||
Amortization of net losses included in net periodic benefit costs | 0.5 | 0.4 | 0.3 | |||||||||
Income tax benefit | 0.7 | 0.3 | 0.4 | |||||||||
Change in unrecognized pension expense, net of tax | (1.1 | ) | (0.5 | ) | (0.6 | ) | ||||||
Total other comprehensive income (loss) | 11.4 | 6.3 | (11.2 | ) | ||||||||
Comprehensive income | 211.3 | 180.5 | 200.7 | |||||||||
Less: comprehensive (income) loss attributable to noncontrolling interest | — | 0.2 | (0.2 | ) | ||||||||
Comprehensive income attributable to Great Plains Energy | $ | 211.3 | $ | 180.7 | $ | 200.5 |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||
Consolidated Balance Sheets | |||||||||||
December 31 | |||||||||||
2012 | 2011 | ||||||||||
ASSETS | (millions, except share amounts) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 9.3 | $ | 6.2 | |||||||
Funds on deposit | 1.0 | 1.4 | |||||||||
Receivables, net | 154.5 | 231.2 | |||||||||
Accounts receivable pledged as collateral | 174.0 | 95.0 | |||||||||
Fuel inventories, at average cost | 95.1 | 89.0 | |||||||||
Materials and supplies, at average cost | 151.3 | 140.3 | |||||||||
Deferred refueling outage costs | 11.9 | 27.5 | |||||||||
Refundable income taxes | 9.5 | 0.3 | |||||||||
Deferred income taxes | 88.5 | 7.5 | |||||||||
Derivative instruments | 1.0 | 1.0 | |||||||||
Prepaid expenses and other assets | 27.6 | 19.7 | |||||||||
Total | 723.7 | 619.1 | |||||||||
Utility Plant, at Original Cost | |||||||||||
Electric | 11,160.5 | 10,924.8 | |||||||||
Less - accumulated depreciation | 4,424.2 | 4,235.8 | |||||||||
Net utility plant in service | 6,736.3 | 6,689.0 | |||||||||
Construction work in progress | 584.5 | 287.9 | |||||||||
Nuclear fuel, net of amortization of $157.4 and $132.7 | 81.3 | 76.6 | |||||||||
Total | 7,402.1 | 7,053.5 | |||||||||
Investments and Other Assets | |||||||||||
Nuclear decommissioning trust fund | 154.7 | 135.3 | |||||||||
Regulatory assets | 1,120.9 | 1,058.2 | |||||||||
Goodwill | 169.0 | 169.0 | |||||||||
Derivative instruments | 5.5 | 6.8 | |||||||||
Other | 71.4 | 76.1 | |||||||||
Total | 1,521.5 | 1,445.4 | |||||||||
Total | $ | 9,647.3 | $ | 9,118.0 |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||
Consolidated Balance Sheets | |||||||||||
December 31 | |||||||||||
2012 | 2011 | ||||||||||
LIABILITIES AND CAPITALIZATION | (millions, except share amounts) | ||||||||||
Current Liabilities | |||||||||||
Notes payable | $ | 12.0 | $ | 22.0 | |||||||
Collateralized note payable | 174.0 | 95.0 | |||||||||
Commercial paper | 530.1 | 267.0 | |||||||||
Current maturities of long-term debt | 263.1 | 801.4 | |||||||||
Accounts payable | 330.2 | 275.6 | |||||||||
Accrued taxes | 27.1 | 25.8 | |||||||||
Accrued interest | 41.5 | 76.9 | |||||||||
Accrued compensation and benefits | 44.8 | 40.8 | |||||||||
Pension and post-retirement liability | 2.8 | 4.4 | |||||||||
Other | 23.9 | 26.0 | |||||||||
Total | 1,449.5 | 1,634.9 | |||||||||
Deferred Credits and Other Liabilities | |||||||||||
Deferred income taxes | 832.4 | 628.6 | |||||||||
Deferred tax credits | 128.8 | 131.2 | |||||||||
Asset retirement obligations | 149.3 | 149.6 | |||||||||
Pension and post-retirement liability | 557.5 | 461.9 | |||||||||
Regulatory liabilities | 283.8 | 268.5 | |||||||||
Other | 110.2 | 101.1 | |||||||||
Total | 2,062.0 | 1,740.9 | |||||||||
Capitalization | |||||||||||
Great Plains Energy common shareholders' equity | |||||||||||
Common stock - 250,000,000 shares authorized without par value | |||||||||||
153,779,806 and 136,406,306 shares issued, stated value | 2,624.7 | 2,330.6 | |||||||||
Retained earnings | 758.8 | 684.7 | |||||||||
Treasury stock - 250,236 and 264,567 shares, at cost | (5.1 | ) | (5.6 | ) | |||||||
Accumulated other comprehensive loss | (38.4 | ) | (49.8 | ) | |||||||
Total | 3,340.0 | 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 11) | 2,756.8 | 2,742.3 | |||||||||
Total | 6,135.8 | 5,742.2 | |||||||||
Commitments and Contingencies (Note 14) | |||||||||||
Total | $ | 9,647.3 | $ | 9,118.0 |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||||||
Year Ended December 31 | 2012 | 2011 | 2010 | ||||||||||||||
Cash Flows from Operating Activities | (millions) | ||||||||||||||||
Net income | $ | 199.9 | $ | 174.2 | $ | 211.9 | |||||||||||
Adjustments to reconcile income to net cash from operating activities: | |||||||||||||||||
Depreciation and amortization | 272.3 | 273.1 | 331.6 | ||||||||||||||
Amortization of: | |||||||||||||||||
Nuclear fuel | 24.7 | 21.4 | 25.1 | ||||||||||||||
Other | 36.0 | 12.7 | (4.7 | ) | |||||||||||||
Deferred income taxes, net | 121.2 | 111.2 | 123.8 | ||||||||||||||
Investment tax credit amortization | (2.4 | ) | (2.2 | ) | (2.9 | ) | |||||||||||
Loss from equity investments, net of income taxes | 0.4 | 0.1 | 1.0 | ||||||||||||||
Other operating activities (Note 2) | 11.7 | (147.5 | ) | (133.7 | ) | ||||||||||||
Net cash from operating activities | 663.8 | 443.0 | 552.1 | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Utility capital expenditures | (610.2 | ) | (456.6 | ) | (618.0 | ) | |||||||||||
Allowance for borrowed funds used during construction | (5.3 | ) | (5.8 | ) | (28.5 | ) | |||||||||||
Purchases of nuclear decommissioning trust investments | (24.2 | ) | (18.5 | ) | (83.3 | ) | |||||||||||
Proceeds from nuclear decommissioning trust investments | 20.9 | 15.1 | 79.6 | ||||||||||||||
Other investing activities | (19.6 | ) | (19.9 | ) | (7.5 | ) | |||||||||||
Net cash from investing activities | (638.4 | ) | (485.7 | ) | (657.7 | ) | |||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Issuance of common stock | 293.0 | 5.9 | 6.2 | ||||||||||||||
Issuance of long-term debt | — | 747.1 | 249.9 | ||||||||||||||
Issuance fees | (2.9 | ) | (10.7 | ) | (12.1 | ) | |||||||||||
Repayment of long-term debt | (513.8 | ) | (598.5 | ) | (1.3 | ) | |||||||||||
Net change in short-term borrowings | 253.1 | 16.0 | (165.6 | ) | |||||||||||||
Net change in collateralized short-term borrowings | 79.0 | — | 95.0 | ||||||||||||||
Dividends paid | (125.5 | ) | (115.1 | ) | (114.2 | ) | |||||||||||
Other financing activities | (5.2 | ) | (6.6 | ) | (7.4 | ) | |||||||||||
Net cash from financing activities | (22.3 | ) | 38.1 | 50.5 | |||||||||||||
Net Change in Cash and Cash Equivalents | 3.1 | (4.6 | ) | (55.1 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Year | 6.2 | 10.8 | 65.9 | ||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 9.3 | $ | 6.2 | $ | 10.8 |
GREAT PLAINS ENERGY INCORPORATED | ||||||||||||||||||||
Consolidated Statements of Common Shareholders' Equity and Noncontrolling Interest | ||||||||||||||||||||
Year Ended December 31 | 2012 | 2011 | 2010 | |||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||
Common Stock | (millions, except share amounts) | |||||||||||||||||||
Beginning balance | 136,406,306 | $ | 2,330.6 | 136,113,954 | $ | 2,324.4 | 135,636,538 | $ | 2,313.7 | |||||||||||
Issuance of common stock | 17,373,500 | 293.0 | 292,352 | 5.9 | 347,279 | 6.6 | ||||||||||||||
Issuance of restricted common stock | — | — | — | — | 130,137 | 2.3 | ||||||||||||||
Equity compensation expense, net of forfeitures | 0.3 | 0.3 | 1.0 | |||||||||||||||||
Unearned Compensation | ||||||||||||||||||||
Issuance of restricted common stock | (3.3 | ) | (3.5 | ) | (2.3 | ) | ||||||||||||||
Forfeiture of restricted common stock | 1.3 | 0.9 | 0.8 | |||||||||||||||||
Compensation expense recognized | 2.3 | 2.3 | 2.2 | |||||||||||||||||
Other | 0.5 | 0.3 | 0.1 | |||||||||||||||||
Ending balance | 153,779,806 | 2,624.7 | 136,406,306 | 2,330.6 | 136,113,954 | 2,324.4 | ||||||||||||||
Retained Earnings | ||||||||||||||||||||
Beginning balance | 684.7 | 626.5 | 529.2 | |||||||||||||||||
Net income attributable to Great Plains Energy | 199.9 | 174.4 | 211.7 | |||||||||||||||||
Loss on reissuance of treasury stock | (0.2 | ) | (0.7 | ) | — | |||||||||||||||
Dividends: | ||||||||||||||||||||
Common stock ($0.855, $0.835 and $0.83 per share) | (123.9 | ) | (113.5 | ) | (112.6 | ) | ||||||||||||||
Preferred stock - at required rates | (1.6 | ) | (1.6 | ) | (1.6 | ) | ||||||||||||||
Performance shares | (0.1 | ) | (0.4 | ) | (0.2 | ) | ||||||||||||||
Ending balance | 758.8 | 684.7 | 626.5 | |||||||||||||||||
Treasury Stock | ||||||||||||||||||||
Beginning balance | (264,567 | ) | (5.6 | ) | (400,889 | ) | (8.9 | ) | (213,423 | ) | (5.5 | ) | ||||||||
Treasury shares acquired | (164,454 | ) | (3.3 | ) | (125,234 | ) | (2.4 | ) | (188,383 | ) | (3.4 | ) | ||||||||
Treasury shares reissued | 178,785 | 3.8 | 261,556 | 5.7 | 917 | — | ||||||||||||||
Ending balance | (250,236 | ) | (5.1 | ) | (264,567 | ) | (5.6 | ) | (400,889 | ) | (8.9 | ) | ||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Beginning balance | (49.8 | ) | (56.1 | ) | (44.9 | ) | ||||||||||||||
Derivative hedging activity, net of tax | 12.5 | 6.8 | (10.6 | ) | ||||||||||||||||
Change in unrecognized pension expense, net of tax | (1.1 | ) | (0.5 | ) | (0.6 | ) | ||||||||||||||
Ending balance | (38.4 | ) | (49.8 | ) | (56.1 | ) | ||||||||||||||
Total Great Plains Energy Common Shareholders' Equity | $ | 3,340.0 | $ | 2,959.9 | $ | 2,885.9 | ||||||||||||||
Noncontrolling Interest | ||||||||||||||||||||
Beginning balance | $ | 1.0 | $ | 1.2 | $ | 1.2 | ||||||||||||||
Net income (loss) attributable to noncontrolling interest | — | (0.2 | ) | 0.2 | ||||||||||||||||
Distribution | (1.0 | ) | — | (0.2 | ) | |||||||||||||||
Ending balance | $ | — | $ | 1.0 | $ | 1.2 |
KANSAS CITY POWER & LIGHT COMPANY | ||||||||||||
Consolidated Statements of Income and Comprehensive Income | ||||||||||||
Year Ended December 31 | 2012 | 2011 | 2010 | |||||||||
Operating Revenues | (millions) | |||||||||||
Electric revenues | $ | 1,579.9 | $ | 1,558.3 | $ | 1,517.1 | ||||||
Operating Expenses | ||||||||||||
Fuel | 384.8 | 333.5 | 278.8 | |||||||||
Purchased power | 35.5 | 70.8 | 78.9 | |||||||||
Transmission of electricity by others | 24.0 | 18.8 | 15.0 | |||||||||
Operating and maintenance expenses | 460.1 | 470.9 | 434.3 | |||||||||
Voluntary separation program | (4.3 | ) | 9.2 | — | ||||||||
Depreciation and amortization | 185.6 | 193.1 | 256.4 | |||||||||
General taxes | 145.5 | 139.7 | 129.3 | |||||||||
Other | — | 1.1 | 13.0 | |||||||||
Total | 1,231.2 | 1,237.1 | 1,205.7 | |||||||||
Operating income | 348.7 | 321.2 | 311.4 | |||||||||
Non-operating income | 4.4 | 2.9 | 24.7 | |||||||||
Non-operating expenses | (8.6 | ) | (3.9 | ) | (5.6 | ) | ||||||
Interest charges | (127.6 | ) | (115.6 | ) | (85.7 | ) | ||||||
Income before income tax expense | 216.9 | 204.6 | 244.8 | |||||||||
Income tax expense | (75.3 | ) | (69.1 | ) | (81.6 | ) | ||||||
Net income | $ | 141.6 | $ | 135.5 | $ | 163.2 | ||||||
Comprehensive Income | ||||||||||||
Net income | $ | 141.6 | $ | 135.5 | $ | 163.2 | ||||||
Other comprehensive income | ||||||||||||
Derivative hedging activity | ||||||||||||
Loss on derivative hedging instruments | (0.1 | ) | (0.6 | ) | (0.9 | ) | ||||||
Income tax benefit | — | 0.2 | 0.3 | |||||||||
Net loss on derivative hedging instruments | (0.1 | ) | (0.4 | ) | (0.6 | ) | ||||||
Reclassification to expenses, net of tax | 5.7 | 5.4 | 5.7 | |||||||||
Derivative hedging activity, net of tax | 5.6 | 5.0 | 5.1 | |||||||||
Total other comprehensive income | 5.6 | 5.0 | 5.1 | |||||||||
Comprehensive income | $ | 147.2 | $ | 140.5 | $ | 168.3 |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||
Consolidated Balance Sheets | |||||||||||
December 31 | |||||||||||
2012 | 2011 | ||||||||||
ASSETS | (millions, except share amounts) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 5.2 | $ | 1.9 | |||||||
Funds on deposit | 0.1 | 0.1 | |||||||||
Receivables, net | 163.2 | 172.9 | |||||||||
Accounts receivable pledged as collateral | 110.0 | 95.0 | |||||||||
Fuel inventories, at average cost | 63.6 | 59.0 | |||||||||
Materials and supplies, at average cost | 110.1 | 101.1 | |||||||||
Deferred refueling outage costs | 11.9 | 27.5 | |||||||||
Refundable income taxes | 9.1 | 5.7 | |||||||||
Deferred income taxes | 4.6 | — | |||||||||
Prepaid expenses and other assets | 23.8 | 16.0 | |||||||||
Total | 501.6 | 479.2 | |||||||||
Utility Plant, at Original Cost | |||||||||||
Electric | 7,971.4 | 7,829.3 | |||||||||
Less - accumulated depreciation | 3,374.4 | 3,243.0 | |||||||||
Net utility plant in service | 4,597.0 | 4,586.3 | |||||||||
Construction work in progress | 486.5 | 203.5 | |||||||||
Nuclear fuel, net of amortization of $157.4 and $132.7 | 81.3 | 76.6 | |||||||||
Total | 5,164.8 | 4,866.4 | |||||||||
Investments and Other Assets | |||||||||||
Nuclear decommissioning trust fund | 154.7 | 135.3 | |||||||||
Regulatory assets | 853.2 | 780.7 | |||||||||
Other | 29.5 | 30.6 | |||||||||
Total | 1,037.4 | 946.6 | |||||||||
Total | $ | 6,703.8 | $ | 6,292.2 |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||
Consolidated Balance Sheets | |||||||||||
December 31 | |||||||||||
2012 | 2011 | ||||||||||
LIABILITIES AND CAPITALIZATION | (millions, except share amounts) | ||||||||||
Current Liabilities | |||||||||||
Collateralized note payable | $ | 110.0 | $ | 95.0 | |||||||
Commercial paper | 361.0 | 227.0 | |||||||||
Current maturities of long-term debt | 0.4 | 12.7 | |||||||||
Accounts payable | 254.0 | 214.8 | |||||||||
Accrued taxes | 21.9 | 20.6 | |||||||||
Accrued interest | 27.7 | 30.0 | |||||||||
Accrued compensation and benefits | 44.8 | 40.8 | |||||||||
Pension and post-retirement liability | 1.4 | 3.0 | |||||||||
Other | 12.8 | 13.7 | |||||||||
Total | 834.0 | 657.6 | |||||||||
Deferred Credits and Other Liabilities | |||||||||||
Deferred income taxes | 836.4 | 772.7 | |||||||||
Deferred tax credits | 126.1 | 127.9 | |||||||||
Asset retirement obligations | 133.2 | 134.3 | |||||||||
Pension and post-retirement liability | 534.5 | 440.9 | |||||||||
Regulatory liabilities | 153.0 | 142.8 | |||||||||
Other | 88.2 | 68.6 | |||||||||
Total | 1,871.4 | 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 | 559.4 | 513.8 | |||||||||
Accumulated other comprehensive loss | (25.8 | ) | (31.4 | ) | |||||||
Total | 2,096.7 | 2,045.5 | |||||||||
Long-term debt (Note 11) | 1,901.7 | 1,901.9 | |||||||||
Total | 3,998.4 | 3,947.4 | |||||||||
Commitments and Contingencies (Note 14) | |||||||||||
Total | $ | 6,703.8 | $ | 6,292.2 |
KANSAS CITY POWER & LIGHT COMPANY | ||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||
Year Ended December 31 | 2012 | 2011 | 2010 | |||||||||||||
Cash Flows from Operating Activities | (millions) | |||||||||||||||
Net income | $ | 141.6 | $ | 135.5 | $ | 163.2 | ||||||||||
Adjustments to reconcile income to net cash from operating activities: | ||||||||||||||||
Depreciation and amortization | 185.6 | 193.1 | 256.4 | |||||||||||||
Amortization of: | ||||||||||||||||
Nuclear fuel | 24.7 | 21.4 | 25.1 | |||||||||||||
Other | 30.1 | 29.5 | 24.2 | |||||||||||||
Deferred income taxes, net | 60.2 | 80.6 | 83.2 | |||||||||||||
Investment tax credit amortization | (1.8 | ) | (1.5 | ) | (2.1 | ) | ||||||||||
Other operating activities (Note 2) | 27.9 | (118.3 | ) | (127.8 | ) | |||||||||||
Net cash from operating activities | 468.3 | 340.3 | 422.2 | |||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||
Utility capital expenditures | (482.0 | ) | (336.5 | ) | (463.1 | ) | ||||||||||
Allowance for borrowed funds used during construction | (3.7 | ) | (2.9 | ) | (22.4 | ) | ||||||||||
Purchases of nuclear decommissioning trust investments | (24.2 | ) | (18.5 | ) | (83.3 | ) | ||||||||||
Proceeds from nuclear decommissioning trust investments | 20.9 | 15.1 | 79.6 | |||||||||||||
Net money pool lending | — | 12.1 | (6.1 | ) | ||||||||||||
Other investing activities | (11.7 | ) | (9.7 | ) | (13.4 | ) | ||||||||||
Net cash from investing activities | (500.7 | ) | (340.4 | ) | (508.7 | ) | ||||||||||
Cash Flows from Financing Activities | ||||||||||||||||
Issuance of long-term debt | — | 397.4 | — | |||||||||||||
Repayment of long-term debt | (12.7 | ) | (263.1 | ) | (0.2 | ) | ||||||||||
Net change in short-term borrowings | 134.0 | (36.5 | ) | 76.9 | ||||||||||||
Net change in collateralized short-term borrowings | 15.0 | — | 95.0 | |||||||||||||
Net money pool borrowings | (4.7 | ) | 6.7 | 1.1 | ||||||||||||
Dividends paid to Great Plains Energy | (96.0 | ) | (100.0 | ) | (95.0 | ) | ||||||||||
Issuance fees | — | (6.1 | ) | (5.1 | ) | |||||||||||
Other | 0.1 | — | — | |||||||||||||
Net cash from financing activities | 35.7 | (1.6 | ) | 72.7 | ||||||||||||
Net Change in Cash and Cash Equivalents | 3.3 | (1.7 | ) | (13.8 | ) | |||||||||||
Cash and Cash Equivalents at Beginning of Year | 1.9 | 3.6 | 17.4 | |||||||||||||
Cash and Cash Equivalents at End of Period | $ | 5.2 | $ | 1.9 | $ | 3.6 |
KANSAS CITY POWER & LIGHT COMPANY | ||||||||||||||||||||
Consolidated Statements of Common Shareholder's Equity | ||||||||||||||||||||
Year Ended December 31 | 2012 | 2011 | 2010 | |||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||
(millions, except share amounts) | ||||||||||||||||||||
Common Stock | 1 | $ | 1,563.1 | 1 | $ | 1,563.1 | 1 | $ | 1,563.1 | |||||||||||
Retained Earnings | ||||||||||||||||||||
Beginning balance | 513.8 | 478.3 | 410.1 | |||||||||||||||||
Net income | 141.6 | 135.5 | 163.2 | |||||||||||||||||
Dividends: | ||||||||||||||||||||
Common stock held by Great Plains Energy | (96.0 | ) | (100.0 | ) | (95.0 | ) | ||||||||||||||
Ending balance | 559.4 | 513.8 | 478.3 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Beginning balance | (31.4 | ) | (36.4 | ) | (41.5 | ) | ||||||||||||||
Derivative hedging activity, net of tax | 5.6 | 5.0 | 5.1 | |||||||||||||||||
Ending balance | (25.8 | ) | (31.4 | ) | (36.4 | ) | ||||||||||||||
Total Common Shareholder's Equity | $ | 2,096.7 | $ | 2,045.5 | $ | 2,005.0 |
• | 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. |
Great Plains Energy | ||||||||
December 31 | 2012 | 2011 | ||||||
Utility plant, at original cost | (millions) | |||||||
Generation (20 - 60 years) | $ | 6,697.1 | $ | 6,594.0 | ||||
Transmission (15 - 70 years) | 754.0 | 734.8 | ||||||
Distribution (8 - 66 years) | 3,019.6 | 2,921.1 | ||||||
General (5 - 50 years) | 689.8 | 674.9 | ||||||
Total (a) | $ | 11,160.5 | $ | 10,924.8 |
KCP&L | ||||||||
December 31 | 2012 | 2011 | ||||||
Utility plant, at original cost | (millions) | |||||||
Generation (20 - 60 years) | $ | 5,140.0 | $ | 5,078.1 | ||||
Transmission (15 - 70 years) | 414.7 | 412.9 | ||||||
Distribution (8 - 55 years) | 1,893.8 | 1,840.2 | ||||||
General (5 - 50 years) | 522.9 | 498.1 | ||||||
Total (a) | $ | 7,971.4 | $ | 7,829.3 |
2012 | 2011 | 2010 | |||||||||
Income | (millions, except per share amounts) | ||||||||||
Net income | $ | 199.9 | $ | 174.2 | $ | 211.9 | |||||
Less: net income (loss) attributable to noncontrolling interest | — | (0.2 | ) | 0.2 | |||||||
Less: preferred stock dividend requirements | 1.6 | 1.6 | 1.6 | ||||||||
Earnings available for common shareholders | $ | 198.3 | $ | 172.8 | $ | 210.1 | |||||
Common Shares Outstanding | |||||||||||
Average number of common shares outstanding | 145.5 | 135.6 | 135.1 | ||||||||
Add: effect of dilutive securities | 1.7 | 3.1 | 1.8 | ||||||||
Diluted average number of common shares outstanding | 147.2 | 138.7 | 136.9 | ||||||||
Basic EPS | $ | 1.36 | $ | 1.27 | $ | 1.55 | |||||
Diluted EPS | $ | 1.35 | $ | 1.25 | $ | 1.53 |
2012 | 2011 | 2010 | |||||
Performance shares | — | 50,897 | 340,690 | ||||
Restricted stock shares | 3,781 | 43,641 | 251,526 | ||||
Stock options | — | 6,000 | 196,137 |
Great Plains Energy Other Operating Activities | |||||||||||
Year Ended December 31 | 2012 | 2011 | 2010 | ||||||||
Cash flows affected by changes in: | (millions) | ||||||||||
Receivables | $ | 76.8 | $ | 3.6 | $ | (12.6 | ) | ||||
Accounts receivable pledged as collateral | (79.0 | ) | — | (95.0 | ) | ||||||
Fuel inventories | (6.1 | ) | (3.9 | ) | (0.1 | ) | |||||
Materials and supplies | (11.0 | ) | (7.5 | ) | (11.5 | ) | |||||
Accounts payable | 57.3 | 5.7 | 12.8 | ||||||||
Accrued taxes | (7.8 | ) | 1.4 | 6.7 | |||||||
Accrued interest | (35.2 | ) | 1.5 | 2.9 | |||||||
Deferred refueling outage costs | 15.6 | (17.9 | ) | 9.9 | |||||||
Fuel recovery mechanism | 22.5 | (1.7 | ) | 2.7 | |||||||
Pension and post-retirement benefit obligations | 14.4 | (56.0 | ) | (10.2 | ) | ||||||
Allowance for equity funds used during construction | (1.3 | ) | (1.0 | ) | (26.0 | ) | |||||
Write down of affordable housing investments | — | — | 11.2 | ||||||||
Interest rate hedge settlements | — | (26.1 | ) | (6.9 | ) | ||||||
Iatan Nos. 1 and 2 impact of disallowed construction costs | — | 2.3 | 16.8 | ||||||||
Uncertain tax positions | (4.7 | ) | (20.8 | ) | (6.1 | ) | |||||
Other | (29.8 | ) | (27.1 | ) | (28.3 | ) | |||||
Total other operating activities | $ | 11.7 | $ | (147.5 | ) | $ | (133.7 | ) | |||
Cash paid during the period: | |||||||||||
Interest | $ | 247.9 | $ | 254.4 | $ | 237.7 | |||||
Income taxes | $ | 3.3 | $ | 2.8 | $ | 0.9 | |||||
Non-cash investing activities: | |||||||||||
Liabilities accrued for capital expenditures | $ | 57.5 | $ | 39.7 | $ | 44.9 |
KCP&L Other Operating Activities | |||||||||||
Year Ended December 31 | 2012 | 2011 | 2010 | ||||||||
Cash flows affected by changes in: | (millions) | ||||||||||
Receivables | $ | 8.8 | $ | (20.2 | ) | $ | (4.1 | ) | |||
Accounts receivable pledged as collateral | (15.0 | ) | — | (95.0 | ) | ||||||
Fuel inventories | (4.6 | ) | (14.1 | ) | 0.7 | ||||||
Materials and supplies | (9.0 | ) | (6.7 | ) | (9.6 | ) | |||||
Accounts payable | 48.3 | 11.0 | 0.8 | ||||||||
Accrued taxes | (2.0 | ) | 2.7 | (15.7 | ) | ||||||
Accrued interest | (2.3 | ) | 3.8 | (0.5 | ) | ||||||
Deferred refueling outage costs | 15.6 | (17.9 | ) | 9.9 | |||||||
Pension and post-retirement benefit obligations | 18.0 | (45.6 | ) | 7.9 | |||||||
Allowance for equity funds used during construction | (1.3 | ) | (0.7 | ) | (21.9 | ) | |||||
Fuel recovery mechanism | 5.1 | (5.8 | ) | (8.8 | ) | ||||||
Iatan Nos. 1 and 2 impact of disallowed construction costs | — | 1.5 | 13.0 | ||||||||
Uncertain tax positions | 1.8 | (10.4 | ) | (1.8 | ) | ||||||
Other | (35.5 | ) | (15.9 | ) | (2.7 | ) | |||||
Total other operating activities | $ | 27.9 | $ | (118.3 | ) | $ | (127.8 | ) | |||
Cash paid during the period: | |||||||||||
Interest | $ | 118.0 | $ | 111.3 | $ | 101.1 | |||||
Income taxes | $ | 18.0 | $ | 0.1 | $ | 18.2 | |||||
Non-cash investing activities: | |||||||||||
Liabilities accrued for capital expenditures | $ | 48.4 | $ | 32.0 | $ | 37.4 |
December 31 | |||||||
2012 | 2011 | ||||||
Great Plains Energy | (millions) | ||||||
Customer accounts receivable - billed | $ | — | $ | 69.8 | |||
Customer accounts receivable - unbilled | 58.3 | 82.4 | |||||
Allowance for doubtful accounts - customer accounts receivable | (2.6 | ) | (2.5 | ) | |||
Other receivables | 98.8 | 81.5 | |||||
Total | $ | 154.5 | $ | 231.2 | |||
KCP&L | |||||||
Customer accounts receivable - billed | $ | — | $ | 16.4 | |||
Customer accounts receivable - unbilled | 42.9 | 50.0 | |||||
Allowance for doubtful accounts - customer accounts receivable | (1.5 | ) | (1.4 | ) | |||
Intercompany receivables | 40.0 | 38.7 | |||||
Other receivables | 81.8 | 69.2 | |||||
Total | $ | 163.2 | $ | 172.9 |
2012 | KCP&L | KCP&L Receivables Company | Consolidated KCP&L | GMO | GMO Receivables Company | Consolidated Great Plains Energy | |||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||
Receivables (sold) purchased | $ | (1,436.0 | ) | $ | 1,436.0 | $ | — | $ | (597.8 | ) | $ | 597.8 | $ | — | |||||||||||||||||||||
Gain (loss) on sale of accounts receivable (a) | (18.2 | ) | 18.3 | 0.1 | (7.6 | ) | 6.6 | (0.9 | ) | ||||||||||||||||||||||||||
Servicing fees received (paid) | 2.5 | (2.5 | ) | — | 0.9 | (0.9 | ) | — | |||||||||||||||||||||||||||
Fees paid to outside investor | — | (1.2 | ) | (1.2 | ) | — | (0.5 | ) | (1.7 | ) | |||||||||||||||||||||||||
Cash from customers (transferred) received | (1,452.4 | ) | 1,452.4 | — | (524.0 | ) | 524.0 | — | |||||||||||||||||||||||||||
Cash received from (paid for) receivables purchased | 1,434.2 | (1,434.2 | ) | — | 517.5 | (517.5 | ) | — | |||||||||||||||||||||||||||
Interest on intercompany note received (paid) | 0.3 | (0.3 | ) | — | 0.1 | (0.1 | ) | — |
2011 | KCP&L | KCP&L Receivables Company | Consolidated KCP&L | |||||||||||||||
(millions) | ||||||||||||||||||
Receivables (sold) purchased | $ | (1,415.6 | ) | $ | 1,415.6 | $ | — | |||||||||||
Gain (loss) on sale of accounts receivable (a) | (17.9 | ) | 17.7 | (0.2 | ) | |||||||||||||
Servicing fees received (paid) | 2.6 | (2.6 | ) | — | ||||||||||||||
Fees paid to outside investor | — | (1.2 | ) | (1.2 | ) | |||||||||||||
Cash from customers (transferred) received | (1,412.4 | ) | 1,412.4 | — | ||||||||||||||
Cash received from (paid for) receivables purchased | 1,394.7 | (1,394.7 | ) | — | ||||||||||||||
Interest on intercompany note received (paid) | 0.5 | (0.5 | ) | — |
Total Station | KCP&L's 47% Share | |||||||||||
(millions) | ||||||||||||
Current cost of decommissioning (in 2011 dollars) | $ | 630 | $ | 296 | ||||||||
Future cost of decommissioning (in 2045-2053 dollars) (a) | 1,788 | 840 | ||||||||||
Annual escalation factor | 2.85% | |||||||||||
Annual return on trust assets (b) | 5.46% |
2012 | 2011 | ||||||||||
Decommissioning Trust | (millions) | ||||||||||
Beginning balance January 1 | $ | 135.3 | $ | 129.2 | |||||||
Contributions | 3.3 | 3.4 | |||||||||
Earned income, net of fees | 3.0 | 4.8 | |||||||||
Net realized gains | 1.0 | 0.3 | |||||||||
Net unrealized gains (losses) | 12.1 | (2.4 | ) | ||||||||
Ending balance December 31 | $ | 154.7 | $ | 135.3 |
December 31 | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||
Cost Basis | Unrealized Gains | Unrealized Losses | Fair Value | Cost Basis | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | 80.6 | $ | 21.1 | $ | (1.6 | ) | $ | 100.1 | $ | 76.5 | $ | 12.3 | $ | (4.5 | ) | $ | 84.3 | |||||||||||||||||||||||||||
Debt securities | 46.6 | 4.9 | (0.1 | ) | 51.4 | 44.2 | 4.5 | (0.1 | ) | 48.6 | |||||||||||||||||||||||||||||||||||
Other | 3.2 | — | — | 3.2 | 2.4 | — | — | 2.4 | |||||||||||||||||||||||||||||||||||||
Total | $ | 130.4 | $ | 26.0 | $ | (1.7 | ) | $ | 154.7 | $ | 123.1 | $ | 16.8 | $ | (4.6 | ) | $ | 135.3 |
2012 | 2011 | 2010 | |||||||||
(millions) | |||||||||||
Realized gains | $ | 1.7 | $ | 1.0 | $ | 7.3 | |||||
Realized losses | (0.7 | ) | (0.7 | ) | (0.6 | ) |
December 31 | ||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||
KCP&L | GMO | Great Plains Energy | KCP&L | GMO | Great Plains Energy | |||||||||||||||||||
Regulatory Assets | (millions) | |||||||||||||||||||||||
Taxes recoverable through future rates | $ | 114.7 | $ | 23.7 | $ | 138.4 | $ | 119.6 | $ | 24.6 | $ | 144.2 | ||||||||||||
Loss on reacquired debt | 8.1 | (a) | 2.0 | (a) | 10.1 | 9.1 | 2.7 | 11.8 | ||||||||||||||||
Cost of removal | 2.8 | — | 2.8 | 4.6 | — | 4.6 | ||||||||||||||||||
Asset retirement obligations | 31.5 | 14.9 | 46.4 | 31.4 | 13.8 | 45.2 | ||||||||||||||||||
Pension and post-retirement costs | 541.2 | (b) | 129.7 | (b) | 670.9 | 466.4 | 122.0 | 588.4 | ||||||||||||||||
Deferred customer programs | 49.8 | (c) | 24.6 | (d) | 74.4 | 48.2 | 20.6 | 68.8 | ||||||||||||||||
Rate case expenses | 7.5 | (e) | 1.7 | (f) | 9.2 | 9.6 | 3.8 | 13.4 | ||||||||||||||||
Fuel recovery mechanisms | 8.9 | (e) | 16.9 | (e) | 25.8 | 14.0 | 36.4 | 50.4 | ||||||||||||||||
Acquisition transition costs | 18.7 | (g) | 15.5 | (g) | 34.2 | 24.7 | 20.2 | 44.9 | ||||||||||||||||
Derivative instruments | — | 3.7 | (h) | 3.7 | — | 7.6 | 7.6 | |||||||||||||||||
Iatan No. 1 and common facilities depreciation and carrying costs | 15.9 | (i) | 5.9 | (i) | 21.8 | 16.4 | 6.1 | 22.5 | ||||||||||||||||
Iatan No. 2 construction accounting costs | 30.6 | (j) | 16.2 | (j) | 46.8 | 27.9 | 15.4 | 43.3 | ||||||||||||||||
Kansas property tax surcharge | 5.4 | (e) | — | 5.4 | 3.7 | — | 3.7 | |||||||||||||||||
Solar rebates | 5.8 | (k) | 10.0 | (k) | 15.8 | — | — | — | ||||||||||||||||
Voluntary separation program | 4.3 | (l) | — | 4.3 | — | — | — | |||||||||||||||||
Other | 8.0 | (e) | 2.9 | (e) | 10.9 | 5.1 | 4.3 | 9.4 | ||||||||||||||||
Total | $ | 853.2 | $ | 267.7 | $ | 1,120.9 | $ | 780.7 | $ | 277.5 | $ | 1,058.2 | ||||||||||||
Regulatory Liabilities | ||||||||||||||||||||||||
Emission allowances | $ | 78.0 | $ | 0.1 | $ | 78.1 | $ | 82.0 | $ | 0.2 | $ | 82.2 | ||||||||||||
Asset retirement obligations | 63.1 | — | 63.1 | 49.3 | — | 49.3 | ||||||||||||||||||
Pension | 1.5 | 44.6 | 46.1 | 0.7 | 40.8 | 41.5 | ||||||||||||||||||
Cost of removal | — | 64.0 | (m) | 64.0 | — | 61.9 | 61.9 | |||||||||||||||||
Other | 10.4 | 22.1 | 32.5 | 10.8 | 22.8 | 33.6 | ||||||||||||||||||
Total | $ | 153.0 | $ | 130.8 | $ | 283.8 | $ | 142.8 | $ | 125.7 | $ | 268.5 |
December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||
Great Plains Energy | (millions) | |||||||||||||||||||||||
Computer software | $ | 211.2 | $ | (152.9 | ) | $ | 202.5 | $ | (143.5 | ) | ||||||||||||||
Asset improvements | 26.5 | (4.2 | ) | 27.0 | (3.7 | ) | ||||||||||||||||||
KCP&L | ||||||||||||||||||||||||
Computer software | $ | 189.9 | $ | (142.9 | ) | $ | 171.7 | $ | (129.9 | ) | ||||||||||||||
Asset improvements | 11.2 | (0.8 | ) | 11.7 | (0.6 | ) |
2012 | 2011 | |||||||
(millions) | ||||||||
Great Plains Energy | $ | 15.6 | $ | 13.5 | ||||
KCP&L | 13.2 | 12.6 |
2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||
(millions) | ||||||||||||||||||||
Great Plains Energy | $ | 14.5 | $ | 11.1 | $ | 8.8 | $ | 7.4 | $ | 4.1 | ||||||||||
KCP&L | 11.9 | 8.6 | 6.5 | 5.2 | 3.6 |
Great Plains Energy | KCP&L | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(millions) | ||||||||||||||||
Beginning balance | $ | 149.6 | $ | 143.3 | $ | 134.3 | $ | 129.7 | ||||||||
Additions | — | 0.8 | — | — | ||||||||||||
Revision in timing and/or estimates | (7.7 | ) | (3.8 | ) | (7.7 | ) | (3.8 | ) | ||||||||
Settlements | (1.8 | ) | — | (1.8 | ) | — | ||||||||||
Accretion | 9.2 | 9.3 | 8.4 | 8.4 | ||||||||||||
Ending balance | $ | 149.3 | $ | 149.6 | $ | 133.2 | $ | 134.3 |
Pension Benefits | Other Benefits | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Change in projected benefit obligation (PBO) | (millions) | |||||||||||||||
PBO at beginning of year | $ | 980.6 | $ | 911.4 | $ | 154.2 | $ | 143.6 | ||||||||
Service cost | 35.4 | 31.1 | 3.3 | 3.1 | ||||||||||||
Interest cost | 48.9 | 49.6 | 7.8 | 7.8 | ||||||||||||
Contribution by participants | — | — | 6.7 | 6.6 | ||||||||||||
Amendments | 1.1 | — | — | — | ||||||||||||
Actuarial loss | 127.0 | 83.2 | 26.7 | 7.4 | ||||||||||||
Benefits paid | (58.1 | ) | (54.7 | ) | (12.2 | ) | (14.3 | ) | ||||||||
Settlements | (4.4 | ) | (40.0 | ) | — | — | ||||||||||
PBO at end of plan year | $ | 1,130.5 | $ | 980.6 | $ | 186.5 | $ | 154.2 | ||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 591.1 | $ | 557.6 | $ | 77.4 | $ | 65.8 | ||||||||
Actual return on plan assets | 71.2 | (3.7 | ) | 1.4 | 2.5 | |||||||||||
Contributions by employer and participants | 60.4 | 128.8 | 23.7 | 23.0 | ||||||||||||
Benefits paid | (56.3 | ) | (91.6 | ) | (12.2 | ) | (13.9 | ) | ||||||||
Fair value of plan assets at end of plan year | $ | 666.4 | $ | 591.1 | $ | 90.3 | $ | 77.4 | ||||||||
Funded status at end of year | $ | (464.1 | ) | $ | (389.5 | ) | $ | (96.2 | ) | $ | (76.8 | ) | ||||
Amounts recognized in the consolidated balance sheets | ||||||||||||||||
Current pension and other post-retirement liability | $ | (1.9 | ) | $ | (3.5 | ) | $ | (0.9 | ) | $ | (0.9 | ) | ||||
Noncurrent pension liability and other post-retirement liability | (462.2 | ) | (386.0 | ) | (95.3 | ) | (75.9 | ) | ||||||||
Net amount recognized before regulatory treatment | (464.1 | ) | (389.5 | ) | (96.2 | ) | (76.8 | ) | ||||||||
Accumulated OCI or regulatory asset/liability | 559.5 | 491.8 | 70.4 | 52.5 | ||||||||||||
Net amount recognized at December 31 | $ | 95.4 | $ | 102.3 | $ | (25.8 | ) | $ | (24.3 | ) | ||||||
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | ||||||||||||||||
Actuarial loss | $ | 349.0 | $ | 295.6 | $ | 43.0 | $ | 15.7 | ||||||||
Prior service cost | 7.3 | 10.7 | 29.8 | 36.9 | ||||||||||||
Transition obligation | — | — | 0.6 | 1.7 | ||||||||||||
Other | 203.2 | 185.5 | (3.0 | ) | (1.8 | ) | ||||||||||
Net amount recognized at December 31 | $ | 559.5 | $ | 491.8 | $ | 70.4 | $ | 52.5 |
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | |||||||||||||||||||
Components of net periodic benefit costs | (millions) | |||||||||||||||||||||||
Service cost | $ | 35.4 | $ | 31.1 | $ | 30.3 | $ | 3.3 | $ | 3.1 | $ | 3.8 | ||||||||||||
Interest cost | 48.9 | 49.6 | 49.3 | 7.8 | 7.8 | 8.8 | ||||||||||||||||||
Expected return on plan assets | (42.9 | ) | (38.0 | ) | (36.6 | ) | (1.8 | ) | (1.8 | ) | (2.1 | ) | ||||||||||||
Prior service cost | 4.5 | 4.6 | 4.6 | 7.1 | 7.2 | 7.2 | ||||||||||||||||||
Recognized net actuarial (gain) loss | 44.5 | 38.7 | 37.4 | (0.2 | ) | (0.5 | ) | (0.1 | ) | |||||||||||||||
Transition obligation | — | — | 0.1 | 1.1 | 1.3 | 1.3 | ||||||||||||||||||
Settlement charges | 0.8 | 10.1 | — | — | — | — | ||||||||||||||||||
Net periodic benefit costs before regulatory adjustment | 91.2 | 96.1 | 85.1 | 17.3 | 17.1 | 18.9 | ||||||||||||||||||
Regulatory adjustment | (15.5 | ) | (27.9 | ) | (32.3 | ) | 1.5 | 1.1 | — | |||||||||||||||
Net periodic benefit costs | 75.7 | 68.2 | 52.8 | 18.8 | 18.2 | 18.9 | ||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | ||||||||||||||||||||||||
Current year net (gain) loss | 97.9 | 114.8 | 29.1 | 27.1 | 6.7 | (10.9 | ) | |||||||||||||||||
Amortization of gain (loss) | (44.5 | ) | (38.7 | ) | (37.4 | ) | 0.2 | 0.5 | 0.1 | |||||||||||||||
Prior service cost | 1.1 | — | 0.5 | — | — | — | ||||||||||||||||||
Amortization of prior service cost | (4.5 | ) | (4.6 | ) | (4.6 | ) | (7.1 | ) | (7.2 | ) | (7.2 | ) | ||||||||||||
Amortization of transition obligation | — | — | (0.1 | ) | (1.1 | ) | (1.3 | ) | (1.3 | ) | ||||||||||||||
Other regulatory activity | 17.7 | 17.1 | 29.5 | (1.2 | ) | (1.0 | ) | 0.1 | ||||||||||||||||
Total recognized in OCI or regulatory asset/liability | 67.7 | 88.6 | 17.0 | 17.9 | (2.3 | ) | (19.2 | ) | ||||||||||||||||
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability | $ | 143.4 | $ | 156.8 | $ | 69.8 | $ | 36.7 | $ | 15.9 | $ | (0.3 | ) |
2012 | 2011 | |||||||
Pension plans with the ABO in excess of plan assets | (millions) | |||||||
Projected benefit obligation | $ | 1,130.5 | $ | 980.6 | ||||
Accumulated benefit obligation | 985.8 | 852.6 | ||||||
Fair value of plan assets | 666.4 | 591.1 | ||||||
Pension plans with plan assets in excess of the ABO | ||||||||
Projected benefit obligation | $ | — | $ | — | ||||
Accumulated benefit obligation | — | — | ||||||
Fair value of plan assets | — | — |
Weighted-average assumptions used to determine the benefit obligation at plan year-end | Pension Benefits | Other Benefits | |||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Discount rate | 4.17 | % | 5.01 | % | 4.13 | % | 5.03 | % | |||||||||||
Rate of compensation increase | 3.69 | % | 4.08 | % | 3.50 | % | 4.07 | % |
Weighted-average assumptions used to determine net costs for years ended December 31 | Pension Benefits | Other Benefits | |||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Discount rate | 5.01 | % | 5.54 | % | 5.03 | % | 5.50 | % | |||||||||||
Expected long-term return on plan assets | 7.29 | % | 7.29 | % | 2.59 | % | * | 2.83 | % | * | |||||||||
Rate of compensation increase | 4.08 | % | 4.08 | % | 4.07 | % | 4.06 | % |
Pension Benefits | Other Benefits | |||||||
(millions) | ||||||||
2013 | $ | 84.6 | $ | 8.6 | ||||
2014 | 72.5 | 8.5 | ||||||
2015 | 73.8 | 8.6 | ||||||
2016 | 73.5 | 8.9 | ||||||
2017 | 76.0 | 9.3 | ||||||
2018-2022 | 407.9 | 51.1 |
Fair Value Measurements Using | ||||||||||||||||||||||
Description | December 31 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||
(millions) | ||||||||||||||||||||||
Pension Plans | ||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||
U.S. (a) | $ | 169.6 | $ | 69.7 | $ | 99.9 | $ | — | ||||||||||||||
International (b) | 151.2 | 36.6 | 114.6 | — | ||||||||||||||||||
Real estate (c) | 43.4 | — | 5.0 | 38.4 | ||||||||||||||||||
Commodities (d) | 37.3 | — | 37.3 | — | ||||||||||||||||||
Fixed income securities | ||||||||||||||||||||||
Fixed income funds (e) | 182.1 | 35.0 | 147.1 | — | ||||||||||||||||||
U.S. Treasury | 4.5 | 4.5 | — | — | ||||||||||||||||||
U.S. Agency, state and local obligations | 19.6 | — | 19.6 | — | ||||||||||||||||||
U.S. corporate bonds (f) | 28.9 | — | 28.9 | — | ||||||||||||||||||
Foreign corporate bonds | 2.6 | — | 2.6 | — | ||||||||||||||||||
Hedge funds (g) | 21.6 | — | — | 21.6 | ||||||||||||||||||
Total | $ | 660.8 | $ | 145.8 | $ | 455.0 | $ | 60.0 | ||||||||||||||
Cash equivalents - money market funds | 5.6 | |||||||||||||||||||||
Total Pension Plans | $ | 666.4 |
Fair Value Measurements Using | ||||||||||||||||||||||
Description | December 31 2011 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||
(millions) | ||||||||||||||||||||||
Pension Plans | ||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||
U.S. (a) | $ | 156.3 | $ | 94.6 | $ | 61.7 | $ | — | ||||||||||||||
International (b) | 117.0 | 40.9 | 76.1 | — | ||||||||||||||||||
Real estate (c) | 34.7 | — | — | 34.7 | ||||||||||||||||||
Commodities (d) | 34.6 | — | 34.6 | — | ||||||||||||||||||
Fixed income securities | ||||||||||||||||||||||
Fixed income funds (e) | 166.5 | 34.2 | 132.3 | — | ||||||||||||||||||
U.S. Treasury | 4.9 | 4.9 | — | — | ||||||||||||||||||
U.S. Agency, state and local obligations | 17.7 | — | 17.7 | — | ||||||||||||||||||
U.S. corporate bonds (f) | 26.6 | — | 26.6 | — | ||||||||||||||||||
Foreign corporate bonds | 2.6 | — | 2.6 | — | ||||||||||||||||||
Hedge funds (g) | 21.7 | — | — | 21.7 | ||||||||||||||||||
Total | $ | 582.6 | $ | 174.6 | $ | 351.6 | $ | 56.4 | ||||||||||||||
Cash equivalents - money market funds | 8.5 | |||||||||||||||||||||
Total Pension Plans | $ | 591.1 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||
Description | Real Estate | Hedge Funds | Total | |||||||||||||||
(millions) | ||||||||||||||||||
Balance January 1, 2012 | $ | 34.7 | $ | 21.7 | $ | 56.4 | ||||||||||||
Actual return on plan assets | ||||||||||||||||||
Relating to assets still held | 1.6 | 0.6 | 2.2 | |||||||||||||||
Relating to assets sold | 1.3 | (0.4 | ) | 0.9 | ||||||||||||||
Purchase, sales and settlements | 0.8 | (0.3 | ) | 0.5 | ||||||||||||||
Balance December 31, 2012 | $ | 38.4 | $ | 21.6 | $ | 60.0 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Description | Real Estate | Hedge Funds | Limited Partnerships | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Balance January 1, 2011 | $ | 30.3 | $ | 8.4 | $ | 0.1 | $ | 38.8 | ||||||||||||||||
Actual return on plan assets relating to assets still held | 3.9 | (1.3 | ) | (0.1 | ) | 2.5 | ||||||||||||||||||
Purchase, sales and settlements | 0.5 | 14.6 | — | 15.1 | ||||||||||||||||||||
Balance December 31, 2011 | $ | 34.7 | $ | 21.7 | $ | — | $ | 56.4 |
Fair Value Measurements Using | ||||||||||||||||||||||
Description | December 31 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||
(millions) | ||||||||||||||||||||||
Other Post-Retirement Benefit Plans | ||||||||||||||||||||||
Equity securities | $ | 1.7 | $ | 1.7 | $ | — | $ | — | ||||||||||||||
Fixed income securities | ||||||||||||||||||||||
U.S. Treasury | 13.7 | 13.7 | — | — | ||||||||||||||||||
U.S. Agency, state and local obligations | 28.6 | — | 28.6 | — | ||||||||||||||||||
U.S. corporate bonds (a) | 20.1 | — | 20.1 | — | ||||||||||||||||||
Foreign corporate bonds | 2.2 | — | 2.2 | — | ||||||||||||||||||
Mutual funds | 0.2 | 0.2 | — | — | ||||||||||||||||||
Total | $ | 66.5 | $ | 15.6 | $ | 50.9 | $ | — | ||||||||||||||
Cash equivalents - money market funds | 23.8 | |||||||||||||||||||||
Total Other Post-Retirement Benefit Plans | $ | 90.3 |
Fair Value Measurements Using | ||||||||||||||||||||||
Description | December 31 2011 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||
(millions) | ||||||||||||||||||||||
Other Post-Retirement Benefit Plans | ||||||||||||||||||||||
Equity securities | $ | 1.4 | $ | 1.4 | $ | — | $ | — | ||||||||||||||
Fixed income securities | ||||||||||||||||||||||
U.S. Treasury | 14.3 | 14.3 | — | — | ||||||||||||||||||
U.S. Agency, state and local obligations | 27.2 | — | 27.2 | — | ||||||||||||||||||
U.S. corporate bonds (a) | 14.8 | — | 14.8 | — | ||||||||||||||||||
Foreign corporate bonds | 1.5 | — | 1.5 | — | ||||||||||||||||||
Mutual funds | 0.2 | 0.2 | — | — | ||||||||||||||||||
Total | $ | 59.4 | $ | 15.9 | $ | 43.5 | $ | — | ||||||||||||||
Cash equivalents - money market funds | 18.0 | |||||||||||||||||||||
Total Other Post-Retirement Benefit Plans | $ | 77.4 |
Increase | Decrease | |||||||
(millions) | ||||||||
Effect on total service and interest component | $ | 0.7 | $ | (0.6 | ) | |||
Effect on post-retirement benefit obligation | 5.0 | (4.4 | ) |
2012 | 2011 | 2010 | ||||||||||
Great Plains Energy | (millions) | |||||||||||
Compensation expense | $ | 3.3 | $ | 5.2 | $ | 4.3 | ||||||
Income tax benefit | 1.4 | 1.9 | 1.0 | |||||||||
KCP&L | ||||||||||||
Compensation expense | $ | 2.3 | $ | 3.5 | $ | 3.0 | ||||||
Income tax benefit | 1.0 | 1.3 | 0.5 |
Performance Shares | Grant Date Fair Value* | |||||||||
Beginning balance | 442,042 | $ | 21.06 | |||||||
Granted | 164,158 | 19.37 | ||||||||
Forfeited | (74,923 | ) | 20.10 | |||||||
Performance adjustment | (160,717 | ) | 15.04 | |||||||
Ending balance | 370,560 | 23.05 |
Nonvested Restricted Stock | Grant Date Fair Value* | |||||||||
Beginning balance | 386,183 | $ | 17.06 | |||||||
Granted and issued | 165,910 | 19.75 | ||||||||
Vested | (206,838 | ) | 15.78 | |||||||
Forfeited | (67,816 | ) | 19.49 | |||||||
Ending balance | 277,439 | 19.03 |
Share Units | Grant Date Fair Value* | ||||||||||
Beginning balance | 54,231 | $ | 20.19 | ||||||||
Issued | 15,587 | 20.96 | |||||||||
Ending balance | 69,818 | 20.36 |
December 31 | |||||||||||||
Year Due | 2012 | 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 | (4.0 | ) | (4.2 | ) | |||||||||
Total KCP&L excluding current maturities(c) | 1,901.7 | 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 | ||||||||||
0.301% Wamego Series 1996(d) | 2026 | 7.3 | 7.3 | ||||||||||
0.303% State Environmental 1993(d) | 2028 | 5.0 | 5.0 | ||||||||||
GMO Senior Notes | |||||||||||||
8.27% Series | 2021 | 80.9 | 80.9 | ||||||||||
11.875% Series | — | 500.0 | |||||||||||
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 | (262.7 | ) | (788.7 | ) | |||||||||
Unamortized discount and premium, net | 5.4 | (0.7 | ) | ||||||||||
Total Great Plains Energy excluding current maturities(c) | $ | 2,756.8 | $ | 2,742.3 |
(a) | Weighted-average interest rates at December 31, 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 |
2012 | 2011 | 2010 | ||||||||||
(millions) | ||||||||||||
KCP&L | $ | 2.9 | $ | 3.6 | $ | 2.8 | ||||||
Other Great Plains Energy | 2.6 | 4.5 | 3.6 | |||||||||
Total Great Plains Energy | $ | 5.5 | $ | 8.1 | $ | 6.4 |
2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||
(millions) | ||||||||||||||||||||
Great Plains Energy | $ | 263.1 | $ | 1.5 | $ | 15.5 | $ | 1.6 | $ | 382.6 | ||||||||||
KCP&L | 0.4 | 0.4 | 14.4 | 0.4 | 281.5 |
• | 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. |
2012 | 2011 | 2010 | ||||||||||
(millions) | ||||||||||||
Great Plains Energy | $ | 21.8 | $ | 20.9 | $ | 17.2 | ||||||
KCP&L | 17.7 | 17.0 | 13.2 |
Great Plains Energy | |||||||||||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | After 2017 | Total | |||||||||||||||||||||||||||||
Lease commitments | (millions) | ||||||||||||||||||||||||||||||||||
Operating lease | $ | 16.8 | $ | 14.9 | $ | 13.7 | $ | 9.9 | $ | 9.6 | $ | 146.5 | $ | 211.4 | |||||||||||||||||||||
Capital lease | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 4.9 | 6.9 | ||||||||||||||||||||||||||||
Purchase commitments | |||||||||||||||||||||||||||||||||||
Fuel | 323.2 | 209.9 | 104.9 | 66.7 | 36.7 | 85.4 | 826.8 | ||||||||||||||||||||||||||||
Power | 39.3 | 44.9 | 44.9 | 44.9 | 43.5 | 651.5 | 869.0 | ||||||||||||||||||||||||||||
Capacity | 11.3 | 3.3 | 3.0 | 1.2 | — | — | 18.8 | ||||||||||||||||||||||||||||
La Cygne environmental project | 329.0 | 129.6 | 4.4 | — | — | — | 463.0 | ||||||||||||||||||||||||||||
Non-regulated natural gas transportation | 3.2 | 3.6 | 3.6 | 3.6 | 0.9 | — | 14.9 | ||||||||||||||||||||||||||||
Other | 124.7 | 34.0 | 27.2 | 15.2 | 6.3 | 43.3 | 250.7 | ||||||||||||||||||||||||||||
Total contractual commitments | $ | 847.9 | $ | 440.6 | $ | 202.1 | $ | 141.9 | $ | 97.4 | $ | 931.6 | $ | 2,661.5 |
KCP&L | |||||||||||||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | After 2017 | Total | |||||||||||||||||||||||||||||
Lease commitments | (millions) | ||||||||||||||||||||||||||||||||||
Operating lease | $ | 14.5 | $ | 13.1 | $ | 12.3 | $ | 9.8 | $ | 9.6 | $ | 146.4 | $ | 205.7 | |||||||||||||||||||||
Capital lease | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 2.5 | 3.5 | ||||||||||||||||||||||||||||
Purchase commitments | |||||||||||||||||||||||||||||||||||
Fuel | 261.7 | 177.6 | 91.8 | 61.4 | 36.7 | 85.4 | 714.6 | ||||||||||||||||||||||||||||
Power | 29.2 | 34.8 | 34.8 | 34.8 | 34.8 | 464.3 | 632.7 | ||||||||||||||||||||||||||||
Capacity | 2.9 | 2.9 | 3.0 | 1.2 | — | — | 10.0 | ||||||||||||||||||||||||||||
La Cygne environmental project | 329.0 | 129.6 | 4.4 | — | — | — | 463.0 | ||||||||||||||||||||||||||||
Other | 118.8 | 33.2 | 26.4 | 14.4 | 5.5 | 34.2 | 232.5 | ||||||||||||||||||||||||||||
Total contractual commitments | $ | 756.3 | $ | 391.4 | $ | 172.9 | $ | 121.8 | $ | 86.8 | $ | 732.8 | $ | 2,262.0 |
• | Great Plains Energy direct guarantees to GMO counterparties totaling $40.7 million, which expire in 2014, |
• | Great Plains Energy letters of credit to GMO counterparties totaling $1.8 million, which expire in 2013, and |
• | Great Plains Energy guarantee of GMO long-term debt totaling $112.6 million, which includes debt with maturity dates ranging from 2013-2023. |
December 31 | ||||||||
2012 | 2011 | |||||||
(millions) | ||||||||
Net receivable from GMO | $ | 26.2 | $ | 24.1 | ||||
Net receivable from Great Plains Energy | 13.8 | 9.5 |
December 31 | |||||||||||||||
2012 | 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 | 17.9 | (2.8 | ) | 23.6 | (5.0 | ) | |||||||||
Forward contracts | |||||||||||||||
Non-hedging derivatives | 65.5 | 6.5 | 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 | |||||||||||
December 31, 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 | 6.5 | 2.8 | ||||||||||
Total Derivatives | $ | 6.5 | $ | 3.0 | |||||||||
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 | |||||||||||
December 31, 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 | |||||||||
2012 | (millions) | (millions) | |||||||||
Interest rate contracts | $ | — | Interest charges | $ | (20.2 | ) | |||||
Commodity contracts | (0.1 | ) | Fuel | (0.5 | ) | ||||||
Income tax benefit | — | Income tax benefit | 8.1 | ||||||||
Total | $ | (0.1 | ) | Total | $ | (12.6 | ) | ||||
2011 | |||||||||||
Interest rate contracts | $ | (5.3 | ) | Interest charges | $ | (16.9 | ) | ||||
Commodity contracts | (0.6 | ) | Fuel | (0.1 | ) | ||||||
Income tax benefit | 2.3 | Income tax benefit | 6.6 | ||||||||
Total | $ | (3.6 | ) | Total | $ | (10.4 | ) |
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 | |||||||||
2012 | (millions) | (millions) | |||||||||
Interest rate contracts | $ | — | Interest charges | $ | (8.7 | ) | |||||
Commodity contracts | (0.1 | ) | Fuel | (0.5 | ) | ||||||
Income tax benefit | — | Income tax benefit | 3.5 | ||||||||
Total | $ | (0.1 | ) | Total | $ | (5.7 | ) | ||||
2011 | |||||||||||
Interest rate contracts | $ | — | Interest charges | $ | (8.7 | ) | |||||
Commodity contracts | (0.6 | ) | Fuel | (0.1 | ) | ||||||
Income tax benefit | 0.2 | Income tax benefit | 3.4 | ||||||||
Total | $ | (0.4 | ) | Total | $ | (5.4 | ) |
Great Plains Energy | |||||||||||
Derivatives in Regulatory Account Relationship | |||||||||||
Gain (Loss) Reclassified from | |||||||||||
Regulatory Account | |||||||||||
Amount of Gain (Loss) Recognized in Regulatory Asset on Derivatives | Income Statement Classification | Amount | |||||||||
2012 | (millions) | (millions) | |||||||||
Commodity contracts | $ | (2.7 | ) | Fuel | $ | (6.6 | ) | ||||
Total | $ | (2.7 | ) | Total | $ | (6.6 | ) | ||||
2011 | |||||||||||
Commodity contracts | $ | (8.3 | ) | Fuel | $ | (3.8 | ) | ||||
Total | $ | (8.3 | ) | Total | $ | (3.8 | ) |
Great Plains Energy | KCP&L | ||||||||||||||||||||||
December 31 | December 31 | ||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Current assets | $ | 10.6 | $ | 11.3 | $ | 10.6 | $ | 11.3 | |||||||||||||||
Current liabilities | (68.4 | ) | (89.5 | ) | (52.8 | ) | (62.5 | ) | |||||||||||||||
Noncurrent liabilities | (0.1 | ) | (0.2 | ) | (0.1 | ) | (0.2 | ) | |||||||||||||||
Deferred income taxes | 22.5 | 30.5 | 16.5 | 20.0 | |||||||||||||||||||
Total | $ | (35.4 | ) | $ | (47.9 | ) | $ | (25.8 | ) | $ | (31.4 | ) |
Fair Value Measurements Using | |||||||||||||||||||||||||||||
Description | December 31 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 (a) | |||||||||||||||||||||||||||||
Equity securities | $ | 100.1 | $ | — | $ | 100.1 | $ | — | $ | — | |||||||||||||||||||
Debt securities | |||||||||||||||||||||||||||||
U.S. Treasury | 18.5 | — | 18.5 | — | — | ||||||||||||||||||||||||
U.S. Agency | 2.8 | — | — | 2.8 | — | ||||||||||||||||||||||||
State and local obligations | 3.3 | — | — | 3.3 | — | ||||||||||||||||||||||||
Corporate bonds | 26.8 | — | — | 26.8 | — | ||||||||||||||||||||||||
Other | 0.3 | — | — | 0.3 | — | ||||||||||||||||||||||||
Total nuclear decommissioning trust | 151.8 | — | 118.6 | 33.2 | — | ||||||||||||||||||||||||
Total | 151.8 | — | 118.6 | 33.2 | — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Derivative instruments (b) | — | (0.2 | ) | 0.2 | — | — | |||||||||||||||||||||||
Total | $ | — | $ | (0.2 | ) | $ | 0.2 | $ | — | $ | — | ||||||||||||||||||
Other Great Plains Energy | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Derivative instruments (b) | $ | 6.5 | $ | — | $ | — | $ | 4.2 | $ | 2.3 | |||||||||||||||||||
SERP rabbi trusts (c) | |||||||||||||||||||||||||||||
Equity securities | 0.1 | — | 0.1 | — | — | ||||||||||||||||||||||||
Fixed income funds | 20.2 | — | — | 20.2 | — | ||||||||||||||||||||||||
Total SERP rabbi trusts | 20.3 | — | 0.1 | 20.2 | — | ||||||||||||||||||||||||
Total | 26.8 | — | 0.1 | 24.4 | 2.3 | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Derivative instruments (b) | — | (2.8 | ) | 2.8 | — | — | |||||||||||||||||||||||
Total | $ | — | $ | (2.8 | ) | $ | 2.8 | $ | — | $ | — | ||||||||||||||||||
Great Plains Energy | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Derivative instruments (b) | $ | 6.5 | $ | — | $ | — | $ | 4.2 | $ | 2.3 | |||||||||||||||||||
Nuclear decommissioning trust (a) | 151.8 | — | 118.6 | 33.2 | — | ||||||||||||||||||||||||
SERP rabbi trusts (c) | 20.3 | — | 0.1 | 20.2 | — | ||||||||||||||||||||||||
Total | 178.6 | — | 118.7 | 57.6 | 2.3 | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Derivative instruments (b) | — | (3.0 | ) | 3.0 | — | — | |||||||||||||||||||||||
Total | $ | — | $ | (3.0 | ) | $ | 3.0 | $ | — | $ | — |
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 (a) | |||||||||||||||||||||||||||||
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 (b) | — | (0.5 | ) | 0.5 | — | — | |||||||||||||||||||||||
Total | $ | — | $ | (0.5 | ) | $ | 0.5 | $ | — | $ | — | ||||||||||||||||||
Other Great Plains Energy | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Derivative instruments (b) | $ | 7.8 | $ | — | $ | — | $ | 4.7 | $ | 3.1 | |||||||||||||||||||
SERP rabbi trusts (c) | |||||||||||||||||||||||||||||
Equity securities | 0.2 | — | 0.2 | — | — | ||||||||||||||||||||||||
Debt securities | 0.1 | — | — | 0.1 | — | ||||||||||||||||||||||||
Total SERP rabbi trusts | 0.3 | — | 0.2 | 0.1 | — | ||||||||||||||||||||||||
Total | 8.1 | — | 0.2 | 4.8 | 3.1 | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Derivative instruments (b) | — | (5.0 | ) | 5.0 | — | — | |||||||||||||||||||||||
Total | $ | — | $ | (5.0 | ) | $ | 5.0 | $ | — | $ | — | ||||||||||||||||||
Great Plains Energy | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Derivative instruments (b) | $ | 7.8 | $ | — | $ | — | $ | 4.7 | $ | 3.1 | |||||||||||||||||||
Nuclear decommissioning trust (a) | 132.3 | — | 99.6 | 32.7 | — | ||||||||||||||||||||||||
SERP rabbi trusts (c) | 0.3 | — | 0.2 | 0.1 | — | ||||||||||||||||||||||||
Total | 140.4 | — | 99.8 | 37.5 | 3.1 | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Derivative instruments (b) | — | (5.5 | ) | 5.5 | — | — | |||||||||||||||||||||||
Total | $ | — | $ | (5.5 | ) | $ | 5.5 | $ | — | $ | — |
(a) | 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 December 31, 2012 and 2011, respectively, of cash and cash equivalents, which are not subject to the fair value requirements. |
(b) | 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. |
(c) | Fair value is based on quoted market prices and/or valuation models for equity and debt securities and NAV per share for fixed income funds. The total does not include $0.1 million and $20.3 million at December 31, 2012 and 2011, respectively, of cash and cash equivalents, which are not subject to the fair value requirements. |
(d) | Represents the difference between derivative contracts in an asset or liability position presented on a net basis by counterparty on the consolidated balance sheets where a master netting agreement exists between the Company and the counterparty. At December 31, 2012 and 2011, Great Plains Energy netted $3.0 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 January 1 | $ | 3.1 | $ | 3.7 | |||
Total realized/unrealized gains included in non-operating income | 8.2 | 10.9 | |||||
Settlements | (9.0 | ) | (11.5 | ) | |||
Balance at December 31 | $ | 2.3 | $ | 3.1 | |||
Total unrealized losses included in non-operating income relating to assets | |||||||
and liabilities still on the consolidated balance sheet at December 31 | $ | (0.4 | ) | $ | (0.2 | ) |
Great Plains Energy | 2012 | 2011 | 2010 | ||||||||
Current income taxes | (millions) | ||||||||||
Federal | $ | (3.2 | ) | $ | 2.9 | $ | (7.4 | ) | |||
State | (6.3 | ) | (6.0 | ) | (4.3 | ) | |||||
Foreign | — | (0.4 | ) | 0.1 | |||||||
Total | (9.5 | ) | (3.5 | ) | (11.6 | ) | |||||
Deferred income taxes | |||||||||||
Federal | 96.3 | 90.5 | 99.8 | ||||||||
State | 24.9 | 20.7 | 24.0 | ||||||||
Total | 121.2 | 111.2 | 123.8 | ||||||||
Noncurrent income taxes | |||||||||||
Federal | (0.2 | ) | (18.0 | ) | (4.8 | ) | |||||
State | (0.3 | ) | (2.1 | ) | (1.8 | ) | |||||
Foreign | (4.2 | ) | (0.6 | ) | 0.5 | ||||||
Total | (4.7 | ) | (20.7 | ) | (6.1 | ) | |||||
Investment tax credit | |||||||||||
Deferral | — | — | (4.2 | ) | |||||||
Amortization | (2.4 | ) | (2.2 | ) | (2.9 | ) | |||||
Total | (2.4 | ) | (2.2 | ) | (7.1 | ) | |||||
Income tax expense | $ | 104.6 | $ | 84.8 | $ | 99.0 |
KCP&L | 2012 | 2011 | 2010 | ||||||||
Current income taxes | (millions) | ||||||||||
Federal | $ | 13.1 | $ | 1.0 | $ | 5.5 | |||||
State | 2.0 | (0.6 | ) | 1.1 | |||||||
Total | 15.1 | 0.4 | 6.6 | ||||||||
Deferred income taxes | |||||||||||
Federal | 48.8 | 66.0 | 69.8 | ||||||||
State | 11.4 | 14.6 | 13.4 | ||||||||
Total | 60.2 | 80.6 | 83.2 | ||||||||
Noncurrent income taxes | |||||||||||
Federal | 1.7 | (9.3 | ) | (1.6 | ) | ||||||
State | 0.1 | (1.1 | ) | (0.3 | ) | ||||||
Total | 1.8 | (10.4 | ) | (1.9 | ) | ||||||
Investment tax credit | |||||||||||
Deferral | — | — | (4.2 | ) | |||||||
Amortization | (1.8 | ) | (1.5 | ) | (2.1 | ) | |||||
Total | (1.8 | ) | (1.5 | ) | (6.3 | ) | |||||
Income tax expense | $ | 75.3 | $ | 69.1 | $ | 81.6 |
Great Plains Energy | 2012 | 2011 | 2010 | |||||
Federal statutory income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Differences between book and tax depreciation not normalized | 1.2 | 1.5 | (1.7 | ) | ||||
Amortization of investment tax credits | (0.8 | ) | (0.8 | ) | (0.9 | ) | ||
Federal income tax credits | (3.1 | ) | (5.0 | ) | (4.1 | ) | ||
State income taxes | 4.0 | 4.0 | 3.7 | |||||
Medicare Part D subsidy legislation | — | — | 0.9 | |||||
Changes in uncertain tax positions, net | (1.5 | ) | (1.7 | ) | 0.1 | |||
Valuation allowance | — | (0.8 | ) | (0.9 | ) | |||
Other | (0.5 | ) | 0.5 | (0.3 | ) | |||
Effective income tax rate | 34.3 | % | 32.7 | % | 31.8 | % |
KCP&L | 2012 | 2011 | 2010 | |||||
Federal statutory income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Differences between book and tax depreciation not normalized | 1.3 | 1.6 | (1.8 | ) | ||||
Amortization of investment tax credits | (0.8 | ) | (0.7 | ) | (0.9 | ) | ||
Federal income tax credits | (4.3 | ) | (6.3 | ) | (3.5 | ) | ||
State income taxes | 4.1 | 3.9 | 3.6 | |||||
Medicare Part D subsidy legislation | — | — | 1.1 | |||||
Changes in uncertain tax positions, net | — | 0.1 | — | |||||
Other | (0.6 | ) | 0.2 | (0.2 | ) | |||
Effective income tax rate | 34.7 | % | 33.8 | % | 33.3 | % |
Great Plains Energy | KCP&L | |||||||||||||||
December 31 | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Current deferred income tax asset (liability) | (millions) | |||||||||||||||
Net operating loss carryforward | $ | 77.8 | $ | — | $ | — | $ | — | ||||||||
Other | 12.7 | 7.9 | 4.6 | (0.1 | ) | |||||||||||
Net current deferred income tax asset (liability) before valuation allowance | 90.5 | 7.9 | 4.6 | (0.1 | ) | |||||||||||
Valuation allowance | (2.0 | ) | (0.4 | ) | — | — | ||||||||||
Net current deferred income tax asset (liability) | 88.5 | 7.5 | 4.6 | (0.1 | ) | |||||||||||
Noncurrent deferred income taxes | ||||||||||||||||
Plant related | (1,297.2 | ) | (1,193.6 | ) | (930.7 | ) | (861.6 | ) | ||||||||
Income taxes on future regulatory recoveries | (138.3 | ) | (144.3 | ) | (114.7 | ) | (119.6 | ) | ||||||||
Derivative instruments | 37.7 | 43.3 | 27.4 | 31.1 | ||||||||||||
Pension and post-retirement benefits | (26.6 | ) | (34.2 | ) | (3.4 | ) | (11.7 | ) | ||||||||
SO2 emission allowance sales | 29.7 | 31.1 | 30.4 | 31.9 | ||||||||||||
Fuel recovery mechanisms | (8.6 | ) | (17.2 | ) | (3.5 | ) | (5.4 | ) | ||||||||
Transition costs | (13.3 | ) | (17.4 | ) | (7.3 | ) | (9.6 | ) | ||||||||
Tax credit carryforwards | 217.5 | 213.7 | 126.3 | 116.8 | ||||||||||||
Long-term debt fair value adjustment | — | 6.3 | — | — | ||||||||||||
Customer demand programs | (28.7 | ) | (26.4 | ) | (19.2 | ) | (18.6 | ) | ||||||||
Net operating loss carryforward | 439.4 | 543.7 | 72.4 | 77.9 | ||||||||||||
Other | (22.2 | ) | (10.1 | ) | (14.1 | ) | (3.9 | ) | ||||||||
Net noncurrent deferred income tax liability before valuation allowance | (810.6 | ) | (605.1 | ) | (836.4 | ) | (772.7 | ) | ||||||||
Valuation allowance | (21.8 | ) | (23.5 | ) | — | — | ||||||||||
Net noncurrent deferred income tax liability | (832.4 | ) | (628.6 | ) | (836.4 | ) | (772.7 | ) | ||||||||
Net deferred income tax liability | $ | (743.9 | ) | $ | (621.1 | ) | $ | (831.8 | ) | $ | (772.8 | ) |
Great Plains Energy | KCP&L | |||||||||||||||
December 31 | 2012 | 2011 | 2012 | 2011 | ||||||||||||
(millions) | ||||||||||||||||
Gross deferred income tax assets | $ | 1,209.8 | $ | 1,203.6 | $ | 656.9 | $ | 618.7 | ||||||||
Gross deferred income tax liabilities | (1,953.7 | ) | (1,824.7 | ) | (1,488.7 | ) | (1,391.5 | ) | ||||||||
Net deferred income tax liability | $ | (743.9 | ) | $ | (621.1 | ) | $ | (831.8 | ) | $ | (772.8 | ) |
Great Plains Energy | KCP&L | ||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | ||||||||||||||||||
(millions) | |||||||||||||||||||||||
Beginning balance January 1 | $ | 24.0 | $ | 42.0 | $ | 51.4 | $ | 8.7 | $ | 19.1 | $ | 20.9 | |||||||||||
Additions for current year tax positions | 3.7 | 1.4 | 2.7 | 3.6 | — | 1.3 | |||||||||||||||||
Additions for prior year tax positions | — | 2.4 | 2.1 | — | 2.3 | 1.5 | |||||||||||||||||
Reductions for prior year tax positions | (1.8 | ) | (20.9 | ) | (10.6 | ) | (1.6 | ) | (12.6 | ) | (1.6 | ) | |||||||||||
Settlements | — | — | (3.8 | ) | — | — | (2.9 | ) | |||||||||||||||
Statute expirations | (4.7 | ) | (0.7 | ) | (0.3 | ) | (0.2 | ) | (0.1 | ) | (0.1 | ) | |||||||||||
Foreign currency translation adjustments | 0.2 | (0.2 | ) | 0.5 | — | — | — | ||||||||||||||||
Ending balance December 31 | $ | 21.4 | $ | 24.0 | $ | 42.0 | $ | 10.5 | $ | 8.7 | $ | 19.1 |
2012 | Electric Utility | Other | Eliminations | Great Plains Energy | |||||||||||||||||||
(millions) | |||||||||||||||||||||||
Operating revenues | $ | 2,309.9 | $ | — | $ | — | $ | 2,309.9 | |||||||||||||||
Depreciation and amortization | (272.3 | ) | — | — | (272.3 | ) | |||||||||||||||||
Interest charges | (197.3 | ) | (67.3 | ) | 43.8 | (220.8 | ) | ||||||||||||||||
Income tax (expense) benefit | (122.0 | ) | 17.4 | — | (104.6 | ) | |||||||||||||||||
Net income (loss) attributable to Great Plains Energy | 216.6 | (16.7 | ) | — | 199.9 |
2011 | Electric Utility | Other | Eliminations | Great Plains Energy | |||||||||||||||||||
(millions) | |||||||||||||||||||||||
Operating revenues | $ | 2,318.0 | $ | — | $ | — | $ | 2,318.0 | |||||||||||||||
Depreciation and amortization | (273.1 | ) | — | — | (273.1 | ) | |||||||||||||||||
Interest charges | (176.9 | ) | (67.2 | ) | 25.7 | (218.4 | ) | ||||||||||||||||
Income tax (expense) benefit | (109.3 | ) | 24.5 | — | (84.8 | ) | |||||||||||||||||
Net income (loss) attributable to Great Plains Energy | 199.9 | (25.5 | ) | — | 174.4 |
2010 | Electric Utility | Other | Eliminations | Great Plains Energy | |||||||||||||||||||
(millions) | |||||||||||||||||||||||
Operating revenues | $ | 2,255.5 | $ | — | $ | — | $ | 2,255.5 | |||||||||||||||
Depreciation and amortization | (331.6 | ) | — | — | (331.6 | ) | |||||||||||||||||
Interest charges | (143.1 | ) | (45.5 | ) | 3.8 | (184.8 | ) | ||||||||||||||||
Income tax (expense) benefit | (123.3 | ) | 24.3 | — | (99.0 | ) | |||||||||||||||||
Net income (loss) attributable to Great Plains Energy | 235.3 | (23.6 | ) | — | 211.7 |
Electric Utility | Other | Eliminations | Great Plains Energy | ||||||||||||||||||||
2012 | (millions) | ||||||||||||||||||||||
Assets | $ | 9,910.6 | $ | 122.4 | $ | (385.7 | ) | $ | 9,647.3 | ||||||||||||||
Capital expenditures | 610.2 | — | — | 610.2 | |||||||||||||||||||
2011 | |||||||||||||||||||||||
Assets | $ | 9,483.4 | $ | 51.9 | $ | (417.3 | ) | $ | 9,118.0 | ||||||||||||||
Capital expenditures | 456.6 | — | — | 456.6 | |||||||||||||||||||
2010 | |||||||||||||||||||||||
Assets | $ | 9,152.7 | $ | 66.3 | $ | (400.8 | ) | $ | 8,818.2 | ||||||||||||||
Capital expenditures | 618.1 | — | — | 618.1 |
Great Plains Energy | ||||||||||||||||||||||||||||||||||||
Wolf Creek Unit | La Cygne Units | Iatan No. 1 Unit | Iatan No. 2 Unit | Iatan Common | Jeffrey Energy Center | |||||||||||||||||||||||||||||||
(millions, except MW amounts) | ||||||||||||||||||||||||||||||||||||
Great Plains Energy's share | 47% | 50% | 88% | 73% | 79% | 8% | ||||||||||||||||||||||||||||||
Utility plant in service | $ | 1,483.6 | $ | 504.5 | $ | 667.5 | $ | 1,297.9 | $ | 374.9 | $ | 167.2 | ||||||||||||||||||||||||
Accumulated depreciation | 801.1 | 308.6 | 264.9 | 294.7 | 42.9 | 75.2 | ||||||||||||||||||||||||||||||
Nuclear fuel, net | 81.3 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Construction work in progress | 99.8 | 262.0 | 14.1 | 5.7 | 25.9 | 6.3 | ||||||||||||||||||||||||||||||
2013 accredited capacity-MWs | 547 | 711 | 620 | 641 | NA | 172 |
KCP&L | ||||||||||||||||||||||||||||||
Wolf Creek Unit | La Cygne Units | Iatan No. 1 Unit | Iatan No. 2 Unit | Iatan Common | ||||||||||||||||||||||||||
(millions, except MW amounts) | ||||||||||||||||||||||||||||||
KCP&L's share | 47% | 50% | 70% | 55% | 61% | |||||||||||||||||||||||||
Utility plant in service | $ | 1,483.6 | $ | 504.5 | $ | 541.3 | $ | 987.2 | $ | 295.3 | ||||||||||||||||||||
Accumulated depreciation | 801.1 | 308.6 | 217.6 | 279.6 | 36.8 | |||||||||||||||||||||||||
Nuclear fuel, net | 81.3 | — | — | — | — | |||||||||||||||||||||||||
Construction work in progress | 99.8 | 262.0 | 5.5 | 4.5 | 6.9 | |||||||||||||||||||||||||
2013 accredited capacity-MWs | 547 | 711 | 493 | 482 | NA |
Quarter | ||||||||||||||||
Great Plains Energy | 1st | 2nd | 3rd | 4th | ||||||||||||
2012 | (millions, except per share amounts) | |||||||||||||||
Operating revenue | $ | 479.7 | $ | 603.6 | $ | 746.2 | $ | 480.4 | ||||||||
Operating income | 49.0 | 150.0 | 277.0 | 62.9 | ||||||||||||
Net income (loss) | (9.3 | ) | 58.1 | 146.4 | 4.7 | |||||||||||
Net income (loss) attributable to Great Plains Energy | (9.1 | ) | 58.1 | 146.2 | 4.7 | |||||||||||
Basic and diluted earnings (loss) per common share | (0.07 | ) | 0.41 | 0.95 | 0.03 | |||||||||||
2011 | ||||||||||||||||
Operating revenue | $ | 492.9 | $ | 565.1 | $ | 773.7 | $ | 486.3 | ||||||||
Operating income | 41.2 | 115.6 | 262.7 | 60.3 | ||||||||||||
Net income | 2.3 | 43.4 | 126.6 | 1.9 | ||||||||||||
Net income attributable to Great Plains Energy | 2.4 | 43.4 | 126.5 | 2.1 | ||||||||||||
Basic earnings per common share | 0.02 | 0.32 | 0.93 | 0.01 | ||||||||||||
Diluted earnings per common share | 0.01 | 0.31 | 0.91 | 0.01 |
Quarter | ||||||||||||||||
KCP&L | 1st | 2nd | 3rd | 4th | ||||||||||||
2012 | (millions) | |||||||||||||||
Operating revenue | $ | 327.0 | $ | 409.1 | $ | 508.0 | $ | 335.8 | ||||||||
Operating income | 31.6 | 99.9 | 177.8 | 39.4 | ||||||||||||
Net income | 2.3 | 43.7 | 90.2 | 5.4 | ||||||||||||
2011 | ||||||||||||||||
Operating revenue | $ | 330.8 | $ | 383.4 | $ | 506.3 | $ | 337.8 | ||||||||
Operating income | 26.5 | 77.8 | 169.2 | 47.7 | ||||||||||||
Net income | 4.0 | 33.4 | 85.4 | 12.7 |
• | Information regarding the directors of Great Plains Energy required by this item is contained in the Proxy Statement section titled “Election of Directors.” |
• | Information regarding compliance with Section 16(a) of the Securities Exchange Act of 1934 required by this item is contained in the Proxy Statement section titled “Security Ownership of Certain Beneficial Owners, Directors and Officers - Section 16(a) Beneficial Ownership Reporting Compliance.” |
• | Information regarding the Audit Committee of Great Plains Energy required by this item is contained in the Proxy Statement section titled “Corporate Governance - Committees of the Board.” |
Number of securities | |||||||||||||||
Number of | remaining available | ||||||||||||||
securities | for future issuance | ||||||||||||||
to be issued upon | Weighted-average | under equity | |||||||||||||
exercise of | exercise price of | compensation plans | |||||||||||||
outstanding options, | outstanding options, | (excluding securities | |||||||||||||
warrants and rights | warrants and rights | reflected in column (a)) | |||||||||||||
Plan Category | (a) | (b) | (c) | ||||||||||||
Equity compensation plans approved by security holders | |||||||||||||||
Great Plains Energy Long-Term Incentive Plan | 441,690 | (1) | $ | 27.73 | (2) | 5,481,675 | |||||||||
Equity compensation plans not approved by security holders | — | — | — | ||||||||||||
Total | 441,690 | (1) | $ | 27.73 | (2) | 5,481,675 |
(1) | Includes 370,560 performance shares at target performance levels, options for 1,312 shares of Great Plains Energy common stock and director deferred share units for 69,818 shares of Great Plains Energy common stock outstanding at December 31, 2012. |
(2) | The 370,560 performance shares and director deferred share units for 69,818 shares of Great Plains Energy common stock have no exercise price and therefore are not reflected in the weighted average exercise price. |
Fee Category | 2012 | 2011 | ||||
Audit Fees | $ | 1,145,140 | $ | 1,125,215 | ||
Audit-Related Fees | 76,740 | 70,750 | ||||
Tax Fees | 106,222 | 231,643 | ||||
All Other Fees | — | 91,975 | ||||
Total Fees | $ | 1,328,102 | $ | 1,519,583 |
Great Plains Energy | Page No. | |
a. | ||
b. | ||
c. | ||
d. | ||
e. | ||
f. | ||
KCP&L | ||
g. | ||
h. | ||
i. | ||
j. | ||
k. | ||
l. | ||
Exhibit Number | Description of Document | Registrant | ||
3.1 | * | Articles of Incorporation of Great Plains Energy Incorporated, as amended effective May 7, 2009 (Exhibit 3.1.1 to Form 10-Q for the quarter ended March 31, 2009). | Great Plains Energy | |
3.2 | * | Amended and Restated By-laws of Great Plains Energy Incorporated, as amended December 11, 2012 (Exhibit 3.1 to Form 8-K filed on December 17, 2012). | Great Plains Energy | |
3.3 | * | Restated Articles of Consolidation of Kansas City Power & Light Company, restated as of October 26, 2010 (Exhibit 3.3 to Form 10-K for the year ended December 31, 2010). | KCP&L | |
3.4 | * | Amended and Restated By-laws of Kansas City Power & Light Company, as amended December 11, 2012 (Exhibit 3.3 to Form 8-K filed on December 17, 2012). | KCP&L | |
4.1 | * | Indenture, dated as of June 1, 2004, between Great Plains Energy Incorporated and BNY Midwest Trust Company, as trustee (Exhibit 4.4 to Form 8-A/A filed on June 14, 2004). | Great Plains Energy | |
4.2 | * | First Supplemental Indenture, dated as of June 14, 2004, between Great Plains Energy Incorporated and BNY Midwest Trust Company, as trustee (Exhibit 4.5 to Form 8-A/A filed on June 14, 2004). | Great Plains Energy | |
4.3 | * | Second Supplemental Indenture, dated as of September 25, 2007, between Great Plains Energy Incorporated and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on September 26, 2007). | Great Plains Energy | |
4.4 | * | Third Supplemental Indenture, dated as of August 13, 2010, between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on August 13, 2010). | Great Plains Energy | |
4.5 | * | Fourth Supplemental Indenture, dated as of May 19, 2011, between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on May 19, 2011). | Great Plains Energy | |
4.6 | * | Subordinated Indenture, dated as of May 18, 2009, between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on May 19, 2009). | Great Plains Energy | |
4.7 | * | Supplemental Indenture No. 1, dated as of May 18, 2009, between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.2 to Form 8-K filed on May 19, 2009). | Great Plains Energy | |
4.8 | * | Supplemental Indenture No. 2, dated as of March 22, 2012, between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on March 23, 2012). | Great Plains Energy | |
4.9 | * | Purchase Contract and Pledge Agreement, dated as of May 18, 2009, among Great Plains Energy Incorporated, The Bank of New York Mellon Trust Company, N.A., as purchase contract agent and The Bank of New York Mellon Trust Company, N.A., as collateral agent, custodial agent and securities intermediary (Exhibit 4.3 to Form 8-K filed on May 19, 2009). | Great Plains Energy | |
4.10 | * | First Supplemental Purchase Contract and Pledge Agreement, dated as of March 19, 2012, among Great Plains Energy Incorporated, The Bank of New York Mellon Trust Company, N.A., as purchase contract agent and The Bank of New York Mellon Trust Company, N.A., as collateral agent, custodial agent and securities intermediary (Exhibit 4.2 to Form 8-K filed on March 23, 2012). | Great Plains Energy | |
4.11 | * | Indenture, dated as of August 24, 2001, between Aquila, Inc. and BankOne Trust Company, N.A., as trustee (Exhibit 4(d) to Registration Statement on Form S-3 (File No. 333-68400) filed by Aquila, Inc. on August 27, 2001). | Great Plains Energy | |
4.12 | * | Second Supplemental Indenture, dated as of July 3, 2002, between Aquila, Inc. and BankOne Trust Company, N.A., as trustee (Exhibit 4(c) to Form S-4 (File No. 333-100204) filed by Aquila, Inc. on September 30, 2002). | Great Plains Energy | |
4.13 | * | General Mortgage and Deed of Trust, dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4-bb to Form 10-K for the year ended December 31, 1986). | Great Plains Energy KCP&L | |
4.14 | * | Fifth Supplemental Indenture, dated as of September 15, 1992, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4-a to Form 10-Q for the quarter ended September 30, 1992). | Great Plains Energy KCP&L | |
4.15 | * | Seventh Supplemental Indenture, dated as of October 1, 1993, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4-a to Form 10-Q for the quarter ended September 30, 1993). | Great Plains Energy KCP&L | |
4.16 | * | Eighth Supplemental Indenture, dated as of December 1, 1993, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4-o to Registration Statement, Registration No. 33-51799). | Great Plains Energy KCP&L | |
4.17 | * | Eleventh Supplemental Indenture, dated as of August 15, 2005, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.2 to Form 10-Q for the quarter ended September 30, 2005). | Great Plains Energy KCP&L | |
4.18 | * | Twelfth Supplemental Indenture, dated as of March 1, 2009, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.2 to Form 8-K filed on March 24, 2009). | Great Plains Energy KCP&L | |
4.19 | * | Thirteenth Supplemental Indenture, dated as of March 1, 2009, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.3 to Form 8-K filed on March 24, 2009). | Great Plains Energy KCP&L | |
4.20 | * | Fourteenth Supplemental Indenture, dated as of March 1, 2009, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.4 to Form 8-K filed on March 24, 2009). | Great Plains Energy KCP&L | |
4.21 | * | Fifteenth Supplemental Indenture, dated as of June 30, 2011, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.1 to Form 10-Q for the quarter ended June 30, 2011). | Great Plains Energy KCP&L | |
4.22 | * | Indenture, dated as of December 1, 2000, between Kansas City Power & Light Company and The Bank of New York, as trustee (Exhibit 4(a) to Form 8-K filed on December 18, 2000). | Great Plains Energy KCP&L | |
4.23 | * | Indenture, dated as of March 1, 2002, between Kansas City Power & Light Company and The Bank of New York, as trustee (Exhibit 4.1.b. to Form 10-Q for the quarter ended March 31, 2002). | Great Plains Energy KCP&L | |
4.24 | * | Supplemental Indenture No. 1, dated as of November 15, 2005, between Kansas City Power & Light Company and The Bank of New York, as trustee (Exhibit 4.2.j to Form 10-K for the year ended December 31, 2005). | Great Plains Energy KCP&L | |
4.25 | * | Indenture, dated as of May 1, 2007, between Kansas City Power & Light Company and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on June 4, 2007). | Great Plains Energy KCP&L | |
4.26 | * | Supplemental Indenture No. 1, dated as of June 4, 2007, between Kansas City Power & Light Company and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.2 to Form 8-K filed on June 4, 2007). | Great Plains Energy KCP&L | |
4.27 | * | Supplemental Indenture No. 2, dated as of March 11, 2008, between Kansas City Power & Light Company and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.2 to Form 8-K filed on March 11, 2008). | Great Plains Energy KCP&L | |
4.28 | * | Supplemental Indenture No. 3, dated as of September 20, 2011, between Kansas City Power & Light Company and The Bank of New York Mellon Trust Company, N.A., Trustee (Exhibit 4.1 to Form 8-K filed on September 20, 2011). | Great Plains Energy KCP&L | |
10.1 | *+ | Great Plains Energy Incorporated Amended Long-Term Incentive Plan, effective on May 7, 2002 (Exhibit 10.1.a to Form 10-K for the year ended December 31, 2002). | Great Plains Energy KCP&L | |
10.2 | *+ | Great Plains Energy Incorporated Amended Long-Term Incentive Plan, as amended effective on May 1, 2007 (Exhibit 10.1 to Form 8-K filed on May 4, 2007). | Great Plains Energy KCP&L | |
10.3 | *+ | Great Plains Energy Incorporated Amended Long-Term Incentive Plan, as amended effective on May 3, 2011 (Exhibit 10.1 to Form 8-K filed on May 6, 2011). | Great Plains Energy KCP&L |
10.4 | *+ | Great Plains Energy Incorporated Long-Term Incentive Plan awards Standards and Performance Criteria effective as of January 1, 2009 (Exhibit 10.1.6 to Form 10-Q for the quarter ended March 31, 2009). | Great Plains Energy KCP&L | |
10.5 | *+ | Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Performance Criteria Effective as of January 1, 2010 (Exhibit 10.1.3 to Form 10-Q for the quarter ended March 31, 2010). | Great Plains Energy KCP&L | |
10.6 | *+ | Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Performance Criteria Effective as of January 1, 2011 (Exhibit 10.3 to Form 10-Q for the quarter ended March 31, 2011). | Great Plains Energy KCP&L | |
10.7 | *+ | Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Performance Criteria Effective as of January 1, 2012 (Exhibit 10.3 to Form 10-Q for the quarter ended March 31, 2012). | Great Plains Energy KCP&L | |
10.8 | *+ | Form of Restricted Stock Agreement Pursuant to the Great Plains Energy Incorporated Long-Term Incentive Plan Effective May 7, 2002 (Exhibit 10.1.6 to Form 10-K for the year ended December 31, 2006). | Great Plains Energy KCP&L | |
10.9 | *+ | Form of 2008 Restricted Stock Agreement (Exhibit 10.1.20 to Form 10-Q for the quarter ended June 30, 2008). | Great Plains Energy KCP&L | |
10.10 | *+ | Form of Restricted Stock Agreement between Great Plains Energy Incorporated and grantee dated May 5, 2009 (Exhibit 10.1.5 to Form 10-Q for the quarter ended March 31, 2009). | Great Plains Energy KCP&L | |
10.11 | *+ | Form of Performance Share Agreement between Great Plains Energy Incorporated and grantee dated May 5, 2009 (Exhibit 10.1.4 to Form 10-Q for the quarter ended March 31, 2009). | Great Plains Energy KCP&L | |
10.12 | *+ | Form of 2001 and 2002 Nonqualified Stock Option Agreement (Exhibit 10.1.13 to Form 10-K for the year ended December 31, 2009). | Great Plains Energy KCP&L | |
10.13 | *+ | Form of 2003 Nonqualified Stock Option Agreement (Exhibit 10.1.14 to Form 10-K for the year ended December 31, 2009). | Great Plains Energy KCP&L | |
10.14 | *+ | Form of Amendment to 2003 Stock Option Grants (Exhibit 10.1.9 to Form 10-Q for the quarter ended September 30, 2007). | Great Plains Energy KCP&L | |
10.15 | *+ | Form of 2010 three-year Performance Share Agreement (Exhibit 10.1.1 to Form 10-Q for the quarter ended March 31, 2010). | Great Plains Energy KCP&L | |
10.16 | *+ | Form of 2010 Restricted Stock Agreement (Exhibit 10.1.2 to Form 10-Q for the quarter ended March 31, 2010). | Great Plains Energy KCP&L | |
10.17 | *+ | Form of 2011 three-year Performance Share Agreement (Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2011). | Great Plains Energy KCP&L | |
10.18 | *+ | Form of 2011 Restricted Stock Agreement (Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2011). | Great Plains Energy KCP&L |
10.19 | *+ | Form of 2012 three-year Performance Share Agreement (Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2012). | Great Plains Energy KCP&L | |
10.20 | *+ | Form of 2012 Restricted Stock Agreement (Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2012). | Great Plains Energy KCP&L | |
10.21 | *+ | Aquila, Inc. 2002 Omnibus Incentive Compensation Plan (Exhibit 10.3 to Form 10-Q for the quarter ended September 30, 2002, filed by Aquila, Inc.). | Great Plains Energy | |
10.22 | *+ | Great Plains Energy Incorporated, Kansas City Power & Light Company and KCP&L Greater Missouri Operations Company Annual Incentive Plan amended effective as of January 1, 2012 (Exhibit 10.4 to Form 10-Q for the quarter ended March 31, 2012). | Great Plains Energy KCP&L | |
10.23 | *+ | Form of Indemnification Agreement with each officer and director (Exhibit 10-f to Form 10-K for year ended December 31, 1995). | Great Plains Energy KCP&L | |
10.24 | *+ | Form of Conforming Amendment to Indemnification Agreement with each officer and director (Exhibit 10.1.a to Form 10-Q for the quarter ended March 31, 2003). | Great Plains Energy KCP&L | |
10.25 | *+ | Form of Indemnification Agreement with each director and officer (Exhibit 10.1 to Form 8-K filed on December 8, 2008). | Great Plains Energy KCP&L | |
10.26 | *+ | Form of Indemnification Agreement with officers and directors (Exhibit 10.1.p to Form 10-K for the year ended December 31, 2005). | Great Plains Energy KCP&L | |
10.27 | *+ | Form of Change in Control Severance Agreement with Michael J. Chesser (Exhibit 10.1.a to Form 10-Q for the quarter ended September 30, 2006). | Great Plains Energy KCP&L | |
10.28 | *+ | Form of Change in Control Severance Agreement with other executive officers of Great Plains Energy Incorporated and Kansas City Power & Light Company (Exhibit 10.1.e to Form 10-Q for the quarter ended September 30, 2006). | Great Plains Energy KCP&L | |
10.29 | *+ | Great Plains Energy Incorporated Supplemental Executive Retirement Plan (As Amended and Restated for I.R.C. §409A) (Exhibit 10.1.10 to Form 10-Q for the quarter ended September 30, 2007). | Great Plains Energy KCP&L | |
10.30 | *+ | Great Plains Energy Incorporated Supplemental Executive Retirement Plan (As Amended and Restated for I.R.C. §409A), as amended February 10, 2009 (Exhibit 10.1.29 to Form 10-K for the year ended December 31, 2008). | Great Plains Energy KCP&L | |
10.31 | *+ | Great Plains Energy Incorporated Supplemental Executive Retirement Plan (As Amended and Restated for I.R.C. §409A), as amended December 8, 2009 (Exhibit 10.1.27 to Form 10-K for the year ended December 31, 2009). | Great Plains Energy KCP&L | |
10.32 | *+ | Great Plains Energy Incorporated Nonqualified Deferred Compensation Plan (As Amended and Restated for I.R.C. §409A) (Exhibit 10.1.11 to Form 10-Q for the quarter ended September 30, 2007). | Great Plains Energy KCP&L | |
10.33 | *+ | Great Plains Energy Incorporated Nonqualified Deferred Compensation Plan (As Amended and Restated for I.R.C. §409A), amended effective January 1, 2010 (Exhibit 10.1.5 to Form 10-Q for the quarter ended March 31, 2010). | Great Plains Energy KCP&L | |
10.34 | *+ | Employment offer letters to Michael J. Chesser dated September 10 and September 16, 2003 (Exhibit 10.1.35 to Form 10-K for the year ended December 31, 2008). | Great Plains Energy KCP&L | |
10.35 | *+ | Bonus Agreement, dated as of May 5, 2009, between Great Plains Energy Incorporated and Michael J. Chesser (Exhibit 10.1.10 to Form 10-Q for the quarter ended June 30, 2009). | Great Plains Energy KCP&L | |
10.36 | *+ | Discretionary Bonus Agreement, dated as of May 5, 2009, between Great Plains Energy Incorporated and Terry Bassham (Exhibit 10.1.11 to Form 10-Q for the quarter ended June 30, 2009). | Great Plains Energy KCP&L | |
10.37 | *+ | Retirement and Consulting Agreement dated May 20, 2011 between Great Plains Energy Incorporated, Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company and William H. Downey (Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2011). | Great Plains Energy KCP&L | |
10.38 | *+ | Retirement Agreement, dated as of May 22, 2012 between Great Plains Energy Incorporated, Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company and Michael J. Chesser (Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2012). | Great Plains Energy KCP&L | |
10.39 | * | Joint Motion and Settlement Agreement, dated as of February 26, 2008, among Great Plains Energy Incorporated, Kansas City Power & Light Company, the Kansas Corporation Commission Staff, the Citizens' Utility Ratepayers Board, Aquila, Inc. d/b/a Aquila Networks, Black Hills Corporation, and Black Hills/Kansas Gas Utility Company, LLC (Exhibit 10.1.7 to Form 10-Q for the quarter ended March 31, 2008). | Great Plains Energy KCP&L | |
10.40 | * | Credit Agreement, dated as of August 9, 2010, among Great Plains Energy Incorporated, Certain Lenders, Bank of America, N.A., as Administrative Agent, and Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Barclays Bank PLC and U.S. Bank National Association, as Documentation Agents, Banc of America Securities LLC, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.1 to Form 10-Q for the quarter ended September 30, 2010). | Great Plains Energy | |
10.41 | * | First Amendment to Credit Agreement, dated as of December 9, 2011, among Great Plains Energy Incorporated, Certain Lenders, Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Bank of America, N.A., as Administrative Agent, Barclays Bank PLC and U.S. Bank National Association, as Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.59 to Form 10-K for the year ended December 31, 2011). | Great Plains Energy | |
10.42 | * | Credit Agreement, dated as of August 9, 2010, among Kansas City Power & Light Company, Certain Lenders, Bank of America, N.A., as Administrative Agent, and Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, JPMorgan Chase Bank, N.A. and The Bank of Nova Scotia, as Documentation Agents, Banc of America Securities LLC, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.2 to Form 10-Q for the quarter ended September 30, 2010). | Great Plains Energy KCP&L | |
10.43 | * | First Amendment to Credit Agreement, dated as of December 9, 2011, among Kansas City Power & Light Company, Certain Lenders, Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A. and The Bank of Nova Scotia, as Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.61 to Form 10-K for the year ended December 31, 2011). | Great Plains Energy KCP&L | |
10.44 | * | Credit Agreement, dated as of August 9, 2010, among KCP&L Greater Missouri Operations Company, Great Plains Energy Incorporated, as Guarantor, Certain Lenders, Bank of America, N.A., as Administrative Agent, and Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, The Royal Bank of Scotland PLC and BNP Paribas , as Documentation Agents, Banc of America Securities LLC, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.3 to Form 10-Q for the quarter ended September 30, 2010). | Great Plains Energy | |
10.45 | * | First Amendment to Credit Agreement, dated as of December 9, 2011, among KCP&L Greater Missouri Operations Company, Great Plains Energy Incorporated, as Guarantor, Certain Lenders, Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Bank of America, N.A., as Administrative Agent, The Royal Bank of Scotland PLC and BNP Paribas, as Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.63 to Form 10-K for the year ended December 31, 2011). | Great Plains Energy | |
10.46 | * | Guaranty, dated as of July 15, 2008, issued by Great Plains Energy Incorporated in favor of Union Bank of California, N.A., as successor trustee, and the holders of the Aquila, Inc., 8.27% Senior Notes due November 15, 2021 (Exhibit 10.6 to Form 8-K filed on July 18, 2008). | Great Plains Energy | |
10.47 | * | Insurance agreement, dated December 5, 2002, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2.f to Form 10-K for the year ended December 31, 2002). | Great Plains Energy KCP&L | |
10.48 | * | Insurance Agreement, dated as of August 1, 2004, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2 to Form 10-Q for the quarter ended September 30, 2004). | Great Plains Energy KCP&L | |
10.49 | * | Insurance Agreement, dated as of September 1, 2005, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2.e to Form 10-K for the year ended December 31, 2005). | Great Plains Energy KCP&L | |
10.50 | * | Insurance Agreement, dated as of September 1, 2005, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2.f to Form 10-K for the year ended December 31, 2005). | Great Plains Energy KCP&L | |
10.51 | * | Insurance Agreement, dated as of September 19, 2007, by and between Financial Guaranty Insurance Company and Kansas City Power & Light Company (Exhibit 10.2.2 to Form 10-Q for the quarter ended September 30, 2007). | Great Plains Energy KCP&L | |
10.52 | * | Purchase and Sale Agreement, dated as of July 1, 2005, between Kansas City Power & Light Company, as Originator, and Kansas City Power & Light Receivables Company, as Buyer (Exhibit 10.2.b to Form 10-Q for the quarter ended June 30, 2005). | Great Plains Energy KCP&L | |
10.53 | * | Receivables Sale Agreement, dated as of July 1, 2005, among Kansas City Power & Light Receivables Company, as the Seller, Kansas City Power & Light Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi, Ltd., New York Branch, as the Agent, and Victory Receivables Corporation (Exhibit 10.2.c to Form 10-Q for the quarter ended June 30, 2005). | Great Plains Energy KCP&L | |
10.54 | * | Amendment No. 1, dated as of April 2, 2007, among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation to the Receivables Sale Agreement dated as of July 1, 2005 (Exhibit 10.2.2 to Form 10-Q for the quarter ended March 31, 2007). | Great Plains Energy KCP&L | |
10.55 | * | Amendment No. 2, dated as of July 11, 2008, among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation to the Receivables Sale Agreement dated as of July 1, 2005 (Exhibit 10.2.2 to Form 10-Q for the quarter ended June 30, 2008). | Great Plains Energy KCP&L | |
10.56 | * | Amendment, dated as of July 9, 2009, to Receivables Sale Agreement dated as of July 1, 2005 among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.4 to Form 8-K filed on July 13, 2009). | Great Plains Energy KCP&L | |
10.57 | * | Amendment and Waiver, dated as of September 25, 2009, to the Receivables Sale Agreement dated as of July 1, 2005 among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.2.2 to Form 10-Q for the quarter ended September 30, 2009). | Great Plains Energy KCP&L | |
10.58 | * | Amendment, dated as of May 5, 2010, to Receivables Sale Agreement dated as of July 1, 2005 among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.2.2 to Form 10-Q for the quarter ended March 31, 2010). | Great Plains Energy KCP&L | |
10.59 | * | Amendment, dated as of February 23, 2011, to Receivables Sale Agreement dated as of July 1, 2005 among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation. (Exhibit 10.5 to Form 10-Q for the quarter ended March 31, 2011). | Great Plains Energy KCP&L | |
10.60 | * | Amendment, dated as of September 9, 2011, to Receivables Sale Agreement dated as of July 1, 2005, among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.1 to Form 8-K filed on September 13, 2011). | Great Plains Energy KCP&L | |
10.61 | * | Purchase and Sale Agreement, dated as of May 31, 2012, between KCP&L Greater Missouri Operations Company, as Originator, and GMO Receivables Company, as Buyer (Exhibit 10.2. to Form 10-Q for the quarter ended June 30, 2012). | Great Plains Energy | |
10.62 | * | Receivables Sale Agreement, dated as of May 31, 2012, among GMO Receivables Company, as the Seller, KCP&L Greater Missouri Operations Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi, Ltd., New York Branch, as the Agent, and Victory Receivables Corporation (Exhibit 10.3 to Form 10-Q for the quarter ended June 30, 2012). | Great Plains Energy | |
10.63 | * | Iatan Unit 2 and Common Facilities Ownership Agreement, dated as of May 19, 2006, among Kansas City Power & Light Company, Aquila, Inc., The Empire District Electric Company, Kansas Electric Power Cooperative, Inc., and Missouri Joint Municipal Electric Utility Commission (Exhibit 10.2.a to Form 10-Q for the quarter ended June 30, 2006). | Great Plains Energy KCP&L | |
10.64 | * | Joint Motion and Settlement Agreement dated as of February 26, 2008, among Great Plains Energy Incorporated, Kansas City Power & Light Company, the Kansas Corporation Commission Staff, the Citizens' Utility Ratepayers Board, Aquila, Inc. d/b/a Aquila Networks, Black Hills Corporation, and Black Hills/Kansas Gas Utility Company, LLC (Exhibit 10.1.7 to Form 10-Q for the quarter ended March 31, 2008). | Great Plains Energy KCP&L | |
10.65 | * | Stipulation and Agreement dated April 24, 2009, among Kansas City Power & Light Company, Staff of the Missouri Public Service Commission, Office of Public Counsel, Praxair, Inc., Midwest Energy Users Association, U.S. Department of Energy and the U.S. Nuclear Security Administration, Ford Motor Company, Missouri Industrial Energy Consumers and Missouri Department of Natural Resources (Exhibit 10.1 to Form 8-K filed April 30, 2009). | Great Plains Energy KCP&L | |
10.66 | * | Non-Unanimous Stipulation and Agreement dated May 22, 2009 among KCP&L Greater Missouri Operations Company, the Staff of the Missouri Public Service Commission, the Office of the Public Counsel, Missouri Department of Natural Resources and Dogwood Energy, LLC (Exhibit 10.1 to Form 8-K filed on May 27, 2009). | Great Plains Energy | |
10.67 | * | Collaboration Agreement dated as of March 19, 2007, among Kansas City Power & Light Company, Sierra Club and Concerned Citizens of Platte County, Inc. (Exhibit 10.1 to Form 8-K filed on March 20, 2007). | Great Plains Energy KCP&L | |
10.68 | * | Amendment to the Collaboration Agreement effective as of September 5, 2008 among Kansas City Power & Light Company, Sierra Club and Concerned Citizens of Platte County, Inc. (Exhibit 10.2.20 to Form 10-K for the year ended December 31, 2009). | Great Plains Energy KCP&L | |
10.69 | * | Joint Operating Agreement between Kansas City Power & Light Company and Aquila, Inc., dated as of October 10, 2008 (Exhibit 10.2.2 to Form 10-Q for the quarter ended September 30, 2008). | Great Plains Energy KCP&L | |
12.1 | Computation of Ratio of Earnings to Fixed Charges. | Great Plains Energy | ||
12.2 | Computation of Ratio of Earnings to Fixed Charges. | KCP&L | ||
21.1 | List of Subsidiaries of Great Plains Energy Incorporated. | Great Plains Energy | ||
23.1 | Consent of Independent Registered Public Accounting Firm. | Great Plains Energy | ||
23.2 | Consent of Independent Registered Public Accounting Firm. | KCP&L | ||
24.1 | Powers of Attorney. | Great Plains Energy | ||
24.2 | Powers of Attorney. | KCP&L | ||
31.1 | Rule 13a-14(a)/15d-14(a) Certification of 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 | |||||||||||||
Statements of Income and Comprehensive Income of Parent Company | |||||||||||||
Year Ended December 31 | 2012 | 2011 | 2010 | ||||||||||
Operating Expenses | (millions, except per share amounts) | ||||||||||||
General and administrative | $ | 3.3 | $ | 0.8 | $ | 1.2 | |||||||
General taxes | 0.7 | 0.9 | 0.9 | ||||||||||
Total | 4.0 | 1.7 | 2.1 | ||||||||||
Operating loss | (4.0 | ) | (1.7 | ) | (2.1 | ) | |||||||
Equity in earnings from subsidiaries | 219.2 | 200.8 | 239.3 | ||||||||||
Non-operating income | 42.7 | 24.7 | 3.4 | ||||||||||
Interest charges | (69.6 | ) | (66.5 | ) | (44.7 | ) | |||||||
Income before income taxes | 188.3 | 157.3 | 195.9 | ||||||||||
Income tax benefit | 11.6 | 17.1 | 15.8 | ||||||||||
Net income | 199.9 | 174.4 | 211.7 | ||||||||||
Preferred stock dividend requirements | 1.6 | 1.6 | 1.6 | ||||||||||
Earnings available for common shareholders | $ | 198.3 | $ | 172.8 | $ | 210.1 | |||||||
Average number of basic common shares outstanding | 145.5 | 135.6 | 135.1 | ||||||||||
Average number of diluted common shares outstanding | 147.2 | 138.7 | 136.9 | ||||||||||
Basic earnings per common share | $ | 1.36 | $ | 1.27 | $ | 1.55 | |||||||
Diluted earnings per common share | $ | 1.35 | $ | 1.25 | $ | 1.53 | |||||||
Cash dividends per common share | $ | 0.855 | $ | 0.835 | $ | 0.83 | |||||||
Comprehensive Income | |||||||||||||
Net income | $ | 199.9 | $ | 174.4 | $ | 211.7 | |||||||
Other comprehensive income | |||||||||||||
Derivative hedging activity | |||||||||||||
Loss on derivative hedging instruments | — | (5.3 | ) | (27.1 | ) | ||||||||
Income tax benefit | — | 2.1 | 10.5 | ||||||||||
Net loss on derivative hedging instruments | — | (3.2 | ) | (16.6 | ) | ||||||||
Reclassification to expenses | 11.5 | 8.2 | 1.3 | ||||||||||
Income tax benefit | (4.6 | ) | (3.2 | ) | (0.4 | ) | |||||||
Net reclassification to expenses | 6.9 | 5.0 | 0.9 | ||||||||||
Derivative hedging activity, net of tax | 6.9 | 1.8 | (15.7 | ) | |||||||||
Other comprehensive income from subsidiaries, net of tax | 4.5 | 4.5 | 4.5 | ||||||||||
Total other comprehensive income (loss) | 11.4 | 6.3 | (11.2 | ) | |||||||||
Comprehensive income attributable to Great Plains Energy | $ | 211.3 | $ | 180.7 | $ | 200.5 |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||
Balance Sheets of Parent Company | |||||||||||
December 31 | |||||||||||
2012 | 2011 | ||||||||||
ASSETS | (millions, except share amounts) | ||||||||||
Current Assets | |||||||||||
Accounts receivable from subsidiaries | $ | 0.1 | $ | — | |||||||
Notes receivable from subsidiaries | 0.6 | 0.6 | |||||||||
Money pool receivable | 4.0 | 0.9 | |||||||||
Taxes receivable | — | 0.9 | |||||||||
Other | 2.4 | 0.6 | |||||||||
Total | 7.1 | 3.0 | |||||||||
Investments and Other Assets | |||||||||||
Investment in KCP&L | 2,096.7 | 2,045.5 | |||||||||
Investment in other subsidiaries | 1,405.4 | 1,377.0 | |||||||||
Note receivable from subsidiaries | 883.6 | 596.2 | |||||||||
Deferred income taxes | 32.3 | 33.7 | |||||||||
Other | 7.6 | 6.4 | |||||||||
Total | 4,425.6 | 4,058.8 | |||||||||
Total | $ | 4,432.7 | $ | 4,061.8 | |||||||
LIABILITIES AND CAPITALIZATION | |||||||||||
Current Liabilities | |||||||||||
Notes payable | $ | 12.0 | $ | 22.0 | |||||||
Current maturities of long-term debt | 250.0 | 287.5 | |||||||||
Accounts payable to subsidiaries | 34.1 | 31.8 | |||||||||
Accrued taxes | 0.5 | 5.1 | |||||||||
Accrued interest | 6.8 | 7.6 | |||||||||
Other | 2.1 | 2.9 | |||||||||
Total | 305.5 | 356.9 | |||||||||
Deferred Credits and Other Liabilities | 5.2 | 6.7 | |||||||||
Capitalization | |||||||||||
Great Plains Energy common shareholders' equity | |||||||||||
Common stock - 250,000,000 shares authorized without par value | |||||||||||
153,779,806 and 136,406,306 shares issued, stated value | 2,624.7 | 2,330.6 | |||||||||
Retained earnings | 758.8 | 684.7 | |||||||||
Treasury stock - 250,236 and 264,567 shares, at cost | (5.1 | ) | (5.6 | ) | |||||||
Accumulated other comprehensive loss | (38.4 | ) | (49.8 | ) | |||||||
Total | 3,340.0 | 2,959.9 | |||||||||
Cumulative preferred stock $100 par value | |||||||||||
3.80% - 100,000 shares issued | 10.0 | 10.0 | |||||||||
4.50% - 100,000 shares issued | 10.0 | 10.0 | |||||||||
4.20% - 70,000 shares issued | 7.0 | 7.0 | |||||||||
4.35% - 120,000 shares issued | 12.0 | 12.0 | |||||||||
Total | 39.0 | 39.0 | |||||||||
Long-term debt | 743.0 | 699.3 | |||||||||
Total | 4,122.0 | 3,698.2 | |||||||||
Commitments and Contingencies | |||||||||||
Total | $ | 4,432.7 | $ | 4,061.8 |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||||||||
Statements of Cash Flows of Parent Company | |||||||||||||||||
Year Ended December 31 | 2012 | 2011 | 2010 | ||||||||||||||
Cash Flows from Operating Activities | (millions) | ||||||||||||||||
Net income | $ | 199.9 | $ | 174.4 | $ | 211.7 | |||||||||||
Adjustments to reconcile income to net cash from operating activities: | |||||||||||||||||
Amortization | 12.6 | 11.2 | 3.9 | ||||||||||||||
Deferred income taxes, net | (4.8 | ) | (18.6 | ) | 13.9 | ||||||||||||
Equity in earnings from subsidiaries | (219.2 | ) | (200.8 | ) | (239.3 | ) | |||||||||||
Cash flows affected by changes in: | |||||||||||||||||
Accounts receivable from subsidiaries | (0.1 | ) | — | (2.6 | ) | ||||||||||||
Taxes receivable | 0.9 | 6.3 | — | ||||||||||||||
Accounts payable to subsidiaries | 2.3 | (0.3 | ) | 2.2 | |||||||||||||
Other accounts payable | — | — | (0.1 | ) | |||||||||||||
Accrued taxes | (4.4 | ) | 5.2 | — | |||||||||||||
Accrued interest | 6.1 | 1.2 | 2.7 | ||||||||||||||
Cash dividends from subsidiaries | 144.0 | 148.0 | 138.6 | ||||||||||||||
Interest rate hedge settlement | — | (26.1 | ) | (6.9 | ) | ||||||||||||
Other | 2.7 | 2.1 | (0.9 | ) | |||||||||||||
Net cash from operating activities | 140.0 | 102.6 | 123.2 | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Intercompany lending | (287.4 | ) | (347.4 | ) | (248.8 | ) | |||||||||||
Net money pool lending | (3.1 | ) | 1.1 | (1.1 | ) | ||||||||||||
Net cash from investing activities | (290.5 | ) | (346.3 | ) | (249.9 | ) | |||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Issuance of common stock | 293.0 | 5.9 | 6.2 | ||||||||||||||
Issuance of long-term debt | — | 349.7 | 249.9 | ||||||||||||||
Issuance fees | (2.7 | ) | (3.2 | ) | (3.2 | ) | |||||||||||
Net change in short-term borrowings | (10.0 | ) | 12.5 | (10.5 | ) | ||||||||||||
Dividends paid | (125.5 | ) | (115.1 | ) | (114.2 | ) | |||||||||||
Other financing activities | (4.3 | ) | (6.4 | ) | (7.3 | ) | |||||||||||
Net cash from financing activities | 150.5 | 243.4 | 120.9 | ||||||||||||||
Net Change in Cash and Cash Equivalents | — | (0.3 | ) | (5.8 | ) | ||||||||||||
Cash and Cash Equivalents at Beginning of Year | — | 0.3 | 6.1 | ||||||||||||||
Cash and Cash Equivalents at End of Year | $ | — | $ | — | $ | 0.3 |
Great Plains Energy Incorporated | |||||||||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||||||||
Years Ended December 31, 2012, 2011 and 2010 | |||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||
Charged | |||||||||||||||||||||||||
Balance At | To Costs | Charged | Balance | ||||||||||||||||||||||
Beginning | And | To Other | At End | ||||||||||||||||||||||
Description | Of Period | Expenses | Accounts | Deductions | Of Period | ||||||||||||||||||||
Year Ended December 31, 2012 | (millions) | ||||||||||||||||||||||||
Allowance for uncollectible accounts | $ | 6.8 | $ | 12.0 | $ | 7.8 | (a) | $ | 19.7 | (b) | $ | 6.9 | |||||||||||||
Legal reserves | 6.7 | (0.2 | ) | — | 1.9 | (c) | 4.6 | ||||||||||||||||||
Environmental reserves | 2.5 | — | — | 0.2 | 2.3 | ||||||||||||||||||||
Tax valuation allowance | 23.9 | 0.3 | — | 0.4 | (d) | 23.8 | |||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||
Allowance for uncollectible accounts | $ | 7.0 | $ | 13.7 | $ | 6.9 | (a) | $ | 20.8 | (b) | $ | 6.8 | |||||||||||||
Legal reserves | 10.2 | (0.1 | ) | — | 3.4 | (c) | 6.7 | ||||||||||||||||||
Environmental reserves | 2.5 | — | — | — | 2.5 | ||||||||||||||||||||
Tax valuation allowance | 26.6 | 0.1 | — | 2.8 | (d) | 23.9 | |||||||||||||||||||
Year Ended December 31, 2010 | |||||||||||||||||||||||||
Allowance for uncollectible accounts | $ | 7.1 | $ | 9.7 | $ | 6.9 | (a) | $ | 16.7 | (b) | $ | 7.0 | |||||||||||||
Legal reserves | 5.1 | 7.0 | — | 1.9 | (c) | 10.2 | |||||||||||||||||||
Environmental reserves | 2.4 | 0.1 | — | — | 2.5 | ||||||||||||||||||||
Tax valuation allowance | 29.8 | 0.2 | — | 3.4 | (d) | 26.6 |
Kansas City Power & Light Company | |||||||||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||||||||
Years Ended December 31, 2012, 2011 and 2010 | |||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||
Charged | |||||||||||||||||||||||||
Balance At | To Costs | Charged | Balance | ||||||||||||||||||||||
Beginning | And | To Other | At End | ||||||||||||||||||||||
Description | Of Period | Expenses | Accounts | Deductions | Of Period | ||||||||||||||||||||
Year Ended December 31, 2012 | (millions) | ||||||||||||||||||||||||
Allowance for uncollectible accounts | $ | 1.4 | $ | 7.9 | $ | 5.2 | (a) | $ | 13.0 | (b) | $ | 1.5 | |||||||||||||
Legal reserves | 3.9 | 0.5 | — | 1.5 | (c) | 2.9 | |||||||||||||||||||
Environmental reserves | 0.3 | — | — | — | 0.3 | ||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||
Allowance for uncollectible accounts | $ | 1.5 | $ | 8.8 | $ | 4.5 | (a) | $ | 13.4 | (b) | $ | 1.4 | |||||||||||||
Legal reserves | 3.0 | 1.3 | — | 0.4 | (c) | 3.9 | |||||||||||||||||||
Environmental reserves | 0.3 | — | — | — | 0.3 | ||||||||||||||||||||
Year Ended December 31, 2010 | |||||||||||||||||||||||||
Allowance for uncollectible accounts | $ | 1.7 | $ | 6.2 | $ | 4.3 | (a) | $ | 10.7 | (b) | $ | 1.5 | |||||||||||||
Legal reserves | 2.3 | 1.9 | — | 1.2 | (c) | 3.0 | |||||||||||||||||||
Environmental reserves | 0.3 | — | — | — | 0.3 |
Signature | Title | Date | |
/s/ Terry Bassham | Director, President and Chief Executive Officer | ) | February 28, 2013 |
Terry Bassham | (Principal Executive Officer) | ) | |
) | |||
/s/ James C. Shay | Senior Vice President - Finance and Strategic Development | ) | |
James C. Shay | and Chief Financial Officer | ) | |
(Principal Financial Officer) | ) | ||
) | |||
/s/ Lori A. Wright | Vice President - Business Planning and Controller | ) | |
Lori A. Wright | (Principal Accounting Officer) | ) | |
) | |||
Michael J. Chesser* | Chairman of the Board | ) | |
) | |||
David L. Bodde* | Director | ) | |
) | |||
Randall C. Ferguson, Jr.* | Director | ) | |
) | |||
Gary D. Forsee* | Director | ) | |
) | |||
Thomas D. Hyde* | Director | ) | |
) | |||
James A. Mitchell* | Director | ) | |
) | |||
Ann D. Murtlow* | Director | ) | |
) | |||
John J. Sherman* | Director | ) | |
) | |||
Linda H. Talbott* | Director | ) | |
) | |||
Robert H. West* | Director | ) |
Signature | Title | Date | |
/s/ Terry Bassham | Director, President and Chief Executive Officer | ) | February 28, 2013 |
Terry Bassham | (Principal Executive Officer) | ) | |
) | |||
/s/ James C. Shay | Senior Vice President - Finance and Strategic Development | ) | |
James C. Shay | and Chief Financial Officer | ) | |
(Principal Financial Officer) | ) | ||
) | |||
/s/ Lori A. Wright | Vice President - Business Planning and Controller | ) | |
Lori A. Wright | (Principal Accounting Officer) | ) | |
) | |||
Michael J. Chesser* | Chairman of the Board | ) | |
) | |||
David L. Bodde* | Director | ) | |
) | |||
Randall C. Ferguson, Jr.* | Director | ) | |
) | |||
Gary D. Forsee* | Director | ) | |
) | |||
Thomas D. Hyde* | Director | ) | |
) | |||
James A. Mitchell* | Director | ) | |
) | |||
Ann D. Murtlow* | Director | ) | |
) | |||
John J. Sherman* | Director | ) | |
) | |||
Linda H. Talbott* | Director | ) |
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||
(millions) | |||||||||||||||||||||
Income from continuing operations | $ | 199.9 | $ | 174.2 | $ | 211.9 | $ | 151.9 | $ | 119.7 | |||||||||||
Add | |||||||||||||||||||||
Equity investment loss | 0.4 | 0.1 | 1.0 | 0.4 | 1.3 | ||||||||||||||||
Income subtotal | 200.3 | 174.3 | 212.9 | 152.3 | 121.0 | ||||||||||||||||
Add | |||||||||||||||||||||
Income tax expense | 104.6 | 84.8 | 99.0 | 29.5 | 63.8 | ||||||||||||||||
Kansas City earnings tax | 0.1 | — | 0.1 | 0.4 | 0.3 | ||||||||||||||||
Total taxes on income | 104.7 | 84.8 | 99.1 | 29.9 | 64.1 | ||||||||||||||||
Interest on value of leased property | 5.8 | 5.9 | 6.2 | 6.5 | 3.6 | ||||||||||||||||
Interest on long-term debt | 213.2 | 223.2 | 218.9 | 203.6 | 126.2 | ||||||||||||||||
Interest on short-term debt | 9.0 | 11.8 | 9.7 | 10.3 | 18.2 | ||||||||||||||||
Other interest expense and amortization | 4.6 | 11.6 | 9.7 | 4.7 | (1.4 | ) | |||||||||||||||
Total fixed charges | 232.6 | 252.5 | 244.5 | 225.1 | 146.6 | ||||||||||||||||
Earnings before taxes on | |||||||||||||||||||||
income and fixed charges | $ | 537.6 | $ | 511.6 | $ | 556.5 | $ | 407.3 | $ | 331.7 | |||||||||||
Ratio of earnings to fixed charges | 2.31 | 2.03 | 2.28 | 1.81 | 2.26 |
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||
(millions) | |||||||||||||||||||||
Net Income | $ | 141.6 | $ | 135.5 | $ | 163.2 | $ | 128.9 | $ | 125.2 | |||||||||||
Add | |||||||||||||||||||||
Income tax expense | 75.3 | 69.1 | 81.6 | 46.9 | 59.8 | ||||||||||||||||
Kansas City earnings tax | 0.1 | — | 0.1 | 0.2 | 0.5 | ||||||||||||||||
Total taxes on income | 75.4 | 69.1 | 81.7 | 47.1 | 60.3 | ||||||||||||||||
Interest on value of leased property | 5.3 | 5.4 | 5.7 | 6.0 | 3.3 | ||||||||||||||||
Interest on long-term debt | 123.5 | 118.5 | 117.9 | 110.4 | 79.3 | ||||||||||||||||
Interest on short-term debt | 4.4 | 5.1 | 3.9 | 5.3 | 15.2 | ||||||||||||||||
Other interest expense and amortization | 3.8 | 5.8 | 4.2 | 0.3 | 1.4 | ||||||||||||||||
Total fixed charges | 137.0 | 134.8 | 131.7 | 122.0 | 99.2 | ||||||||||||||||
Earnings before taxes on | |||||||||||||||||||||
income and fixed charges | $ | 354.0 | $ | 339.4 | $ | 376.6 | $ | 298.0 | $ | 284.7 | |||||||||||
Ratio of earnings to fixed charges | 2.58 | 2.52 | 2.86 | 2.44 | 2.87 |
Name of Company | State of Incorporation |
Kansas City Power & Light Company | Missouri |
KCP&L Greater Missouri Operations Company | Delaware |
/s/ David. L. Bodde David L. Bodde |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Gary D. Forsee Gary D. Forsee |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Randall C. Ferguson, Jr. Randall C. Ferguson, Jr. |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ John J. Sherman John J. Sherman |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ James A. Mitchell James A. Mitchell |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Ann D. Murtlow Ann D. Murtlow |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Linda H. Talbott Linda H. Talbott |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Robert H. West Robert H. West |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Thomas D. Hyde Thomas D. Hyde |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Michael J. Chesser Michael J. Chesser |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ David L. Bodde David L. Bodde |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Randall C. Ferguson, Jr. Randall C. Ferguson, Jr. |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Gary D. Forsee Gary D. Forsee |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ John J. Sherman John J. Sherman |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ James A. Mitchell James A. Mitchell |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Ann D. Murtlow Ann D. Murtlow |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Linda H. Talbott Linda H. Talbott |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Thomas D. Hyde Thomas D. Hyde |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Michael J. Chesser Michael J. Chesser |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
1. | I have reviewed this annual report on Form 10-K of Great Plains Energy Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | February 28, 2013 | /s/ Terry Bassham |
Terry Bassham Chief Executive Officer and President |
1. | I have reviewed this annual report on Form 10-K of Great Plains Energy Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | February 28, 2013 | /s/ James C. Shay |
James C. Shay Senior Vice President - Finance and Strategic Development and Chief Financial Officer |
1. | I have reviewed this annual report on Form 10-K of Kansas City Power & Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | February 28, 2013 | /s/ Terry Bassham |
Terry Bassham Chief Executive Officer and President |
1. | I have reviewed this annual report on Form 10-K of Kansas City Power & Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | February 28, 2013 | /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: | February 28, 2013 |
/s/ James C. Shay | |
Name: Title: | James C. Shay Senior Vice President - Finance and Strategic Development and Chief Financial Officer |
Date: | February 28, 2013 |
(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: | February 28, 2013 |
/s/ James C. Shay | |
Name: Title: | James C. Shay Senior Vice President - Finance and Strategic Development and Chief Financial Officer |
Date: | February 28, 2013 |
Goodwill and Intangible Assets Goodwill and Intangible Assets (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Great Plains Energy's and KCP&L's intangible assets are included in electric utility plant on the consolidated balance sheets and are detailed in the following table.
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Amortization Expense Related to Intangible Assets [Table Text Block] | Great Plains Energy's and KCP&L's amortization expense related to intangible assets is detailed in the following table.
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table provides the estimated amortization expense related to Great Plains Energy's and KCP&L's intangible assets for 2013 through 2017 for the intangible assets included in the consolidated balance sheets at December 31, 2012.
|
Summary of Significant Accounting Policies Summary of Significant Accounting Policies Revenue Recognition (Details) (Kansas City Power and Light Company [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Kansas City Power and Light Company [Member]
|
|||
Excise and Sales Taxes | $ 55.8 | $ 55.6 | $ 54.3 |
Taxes (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Components of income tax expense are detailed in the following tables.
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Effective Income Tax Rates Effective income tax rates reflected in the financial statements and the reasons for their differences from the statutory federal rates are detailed in the following tables.
|
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred Income Taxes The tax effects of major temporary differences resulting in deferred income tax assets (liabilities) in the consolidated balance sheets are in the following tables.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Income Tax Contingencies [Table Text Block] | The following table reflects activity for Great Plains Energy and KCP&L related to the liability for unrecognized tax benefits.
|
Pension Plans and Other Employee Benefits Pension Plans Fair Value (Details) (USD $)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
|
Dec. 31, 2010
Pension Plans, Defined Benefit [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Real Estate [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Real Estate [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Hedge Funds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Hedge Funds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
US Equity Securities [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
US Equity Securities [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
US Equity Securities [Member]
Traded Mutual Funds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
US Equity Securities [Member]
Traded Mutual Funds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
US Equity Securities [Member]
Institutional Common Collective Trust Funds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
US Equity Securities [Member]
Institutional Common Collective Trust Funds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
International Equity Securities [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
International Equity Securities [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
International Equity Securities [Member]
Traded Mutual Funds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
International Equity Securities [Member]
Traded Mutual Funds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
International Equity Securities [Member]
Institutional Common Collective Trust Funds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
International Equity Securities [Member]
Institutional Common Collective Trust Funds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Commodity Contract [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Commodity Contract [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fixed Income Funds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fixed Income Funds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fixed Income Funds [Member]
Traded Mutual Funds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fixed Income Funds [Member]
Traded Mutual Funds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fixed Income Funds [Member]
Institutional Common Collective Trust Funds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fixed Income Funds [Member]
Institutional Common Collective Trust Funds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
US Treasury [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
US Treasury [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
US Agency, State and Political Subdivisions Debt Securities [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
US Agency, State and Political Subdivisions Debt Securities [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
US corporate bonds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
US corporate bonds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
US corporate bonds [Member]
Corporate Bonds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
US corporate bonds [Member]
Corporate Bonds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
US corporate bonds [Member]
Collateralized Mortgage Obligation Securities [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
US corporate bonds [Member]
Collateralized Mortgage Obligation Securities [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
US corporate bonds [Member]
Asset-backed Securities [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
US corporate bonds [Member]
Asset-backed Securities [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Foreign corporate bonds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Foreign corporate bonds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Cash and Cash Equivalents [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Cash and Cash Equivalents [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Total
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Total
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
Real Estate [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
Real Estate [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
Hedge Funds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
Hedge Funds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
US Equity Securities [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
US Equity Securities [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
International Equity Securities [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
International Equity Securities [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
Commodity Contract [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
Commodity Contract [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
Fixed Income Funds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
Fixed Income Funds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
US Treasury [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
US Treasury [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
US Agency, State and Political Subdivisions Debt Securities [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
US Agency, State and Political Subdivisions Debt Securities [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
US corporate bonds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
US corporate bonds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
Foreign corporate bonds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
Foreign corporate bonds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
Real Estate [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
Real Estate [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
Hedge Funds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
Hedge Funds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
US Equity Securities [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
US Equity Securities [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
International Equity Securities [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
International Equity Securities [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
Commodity Contract [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
Commodity Contract [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
Fixed Income Funds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
Fixed Income Funds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
US Treasury [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
US Treasury [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
US Agency, State and Political Subdivisions Debt Securities [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
US Agency, State and Political Subdivisions Debt Securities [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
US corporate bonds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
US corporate bonds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
Foreign corporate bonds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
Foreign corporate bonds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Real Estate [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Real Estate [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Hedge Funds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Hedge Funds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Limited Partnerships Equity Securities [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
US Equity Securities [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
US Equity Securities [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
International Equity Securities [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
International Equity Securities [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Commodity Contract [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Commodity Contract [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Fixed Income Funds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Fixed Income Funds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
US Treasury [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
US Treasury [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
US Agency, State and Political Subdivisions Debt Securities [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
US Agency, State and Political Subdivisions Debt Securities [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
US corporate bonds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
US corporate bonds [Member]
|
Dec. 31, 2012
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Foreign corporate bonds [Member]
|
Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Foreign corporate bonds [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
|
Dec. 31, 2010
Other Postretirement Benefit Plans, Defined Benefit [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Equity Securities [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Equity Securities [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fixed Income Funds [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fixed Income Funds [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
US Treasury [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
US Treasury [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
US Agency, State and Political Subdivisions Debt Securities [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
US Agency, State and Political Subdivisions Debt Securities [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
US corporate bonds [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
US corporate bonds [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
US corporate bonds [Member]
Corporate Bonds [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
US corporate bonds [Member]
Corporate Bonds [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
US corporate bonds [Member]
Collateralized Mortgage Obligation Securities [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
US corporate bonds [Member]
Collateralized Mortgage Obligation Securities [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
US corporate bonds [Member]
Asset-backed Securities [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
US corporate bonds [Member]
Asset-backed Securities [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Foreign corporate bonds [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Foreign corporate bonds [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Cash and Cash Equivalents [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Cash and Cash Equivalents [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Total
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Total
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
Equity Securities [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
Equity Securities [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
Fixed Income Funds [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
Fixed Income Funds [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
US Treasury [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
US Treasury [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
US Agency, State and Political Subdivisions Debt Securities [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
US Agency, State and Political Subdivisions Debt Securities [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
US corporate bonds [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
US corporate bonds [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
Foreign corporate bonds [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 1 [Member]
Foreign corporate bonds [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
Equity Securities [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
Equity Securities [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
Fixed Income Funds [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
Fixed Income Funds [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
US Treasury [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
US Treasury [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
US Agency, State and Political Subdivisions Debt Securities [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
US Agency, State and Political Subdivisions Debt Securities [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
US corporate bonds [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
US corporate bonds [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
Foreign corporate bonds [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 2 [Member]
Foreign corporate bonds [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Equity Securities [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Equity Securities [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Fixed Income Funds [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Fixed Income Funds [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
US Treasury [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
US Treasury [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
US Agency, State and Political Subdivisions Debt Securities [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
US Agency, State and Political Subdivisions Debt Securities [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
US corporate bonds [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
US corporate bonds [Member]
|
Dec. 31, 2012
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Foreign corporate bonds [Member]
|
Dec. 31, 2011
Other Postretirement Benefit Plans, Defined Benefit [Member]
Fair Value, Inputs, Level 3 [Member]
Foreign corporate bonds [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Plan Assets | $ 666,400,000 | $ 591,100,000 | $ 557,600,000 | $ 43,400,000 | [1] | $ 34,700,000 | [1] | $ 21,600,000 | [2] | $ 21,700,000 | [2] | $ 169,600,000 | [3] | $ 156,300,000 | [3] | $ 69,700,000 | $ 94,600,000 | $ 99,900,000 | $ 61,700,000 | $ 151,200,000 | [4] | $ 117,000,000 | [4] | $ 36,600,000 | $ 40,900,000 | $ 114,600,000 | $ 76,100,000 | $ 37,300,000 | [5] | $ 34,600,000 | [5] | $ 182,100,000 | [6] | $ 166,500,000 | [6] | $ 35,000,000 | $ 34,200,000 | $ 147,100,000 | $ 132,300,000 | $ 4,500,000 | $ 4,900,000 | $ 19,600,000 | $ 17,700,000 | $ 28,900,000 | [7] | $ 26,600,000 | [7] | $ 21,500,000 | $ 18,100,000 | $ 5,200,000 | $ 6,100,000 | $ 2,200,000 | $ 2,400,000 | $ 2,600,000 | $ 2,600,000 | $ 5,600,000 | $ 8,500,000 | $ 660,800,000 | $ 582,600,000 | $ 145,800,000 | $ 174,600,000 | $ 0 | [1] | $ 0 | [1] | $ 0 | [2] | $ 0 | [2] | $ 69,700,000 | [3] | $ 94,600,000 | [3] | $ 36,600,000 | [4] | $ 40,900,000 | [4] | $ 0 | [5] | $ 0 | [5] | $ 35,000,000 | [6] | $ 34,200,000 | [6] | $ 4,500,000 | $ 4,900,000 | $ 0 | $ 0 | $ 0 | [7] | $ 0 | [7] | $ 0 | $ 0 | $ 455,000,000 | $ 351,600,000 | $ 5,000,000 | [1] | $ 0 | [1] | $ 0 | [2] | $ 0 | [2] | $ 99,900,000 | [3] | $ 61,700,000 | [3] | $ 114,600,000 | [4] | $ 76,100,000 | [4] | $ 37,300,000 | [5] | $ 34,600,000 | [5] | $ 147,100,000 | [6] | $ 132,300,000 | [6] | $ 0 | $ 0 | $ 19,600,000 | $ 17,700,000 | $ 28,900,000 | [7] | $ 26,600,000 | [7] | $ 2,600,000 | $ 2,600,000 | $ 60,000,000 | $ 56,400,000 | $ 38,400,000 | [1] | $ 34,700,000 | [1] | $ 21,600,000 | [2] | $ 21,700,000 | [2] | $ 0 | [3] | $ 0 | [3] | $ 0.0 | [4] | $ 0 | [4] | $ 0 | [5] | $ 0 | [5] | $ 0 | [6] | $ 0 | [6] | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | [7] | $ 0 | [7] | $ 0 | $ 0 | $ 90,300,000 | $ 77,400,000 | $ 65,800,000 | $ 1,700,000 | $ 1,400,000 | $ 200,000 | $ 200,000 | $ 13,700,000 | $ 14,300,000 | $ 28,600,000 | $ 27,200,000 | $ 20,100,000 | [8] | $ 14,800,000 | [8] | $ 17,100,000 | $ 12,700,000 | $ 1,400,000 | $ 600,000 | $ 1,600,000 | $ 1,500,000 | $ 2,200,000 | $ 1,500,000 | $ 23,800,000 | $ 18,000,000 | $ 66,500,000 | $ 59,400,000 | $ 15,600,000 | $ 15,900,000 | $ 1,700,000 | $ 1,400,000 | $ 200,000 | $ 200,000 | $ 13,700,000 | $ 14,300,000 | $ 0 | $ 0 | $ 0 | [8] | $ 0 | [8] | $ 0 | $ 0 | $ 50,900,000 | $ 43,500,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 28,600,000 | $ 27,200,000 | $ 20,100,000 | [8] | $ 14,800,000 | [8] | $ 2,200,000 | $ 1,500,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | [8] | $ 0 | [8] | $ 0 | $ 0 | |||||||||||||||||
Actual return on plan assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | 56,400,000 | 38,800,000 | 34,700,000 | 30,300,000 | 21,700,000 | 8,400,000 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Relating to assets still held | 2,200,000 | 2,500,000 | 1,600,000 | 3,900,000 | 600,000 | (1,300,000) | (100,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Relating to assets sold | 900,000 | 1,300,000 | (400,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase, sales and settlements | 500,000 | 15,100,000 | 800,000 | 500,000 | (300,000) | 14,600,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ 60,000,000 | $ 56,400,000 | $ 38,400,000 | $ 34,700,000 | $ 21,600,000 | $ 21,700,000 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Summary of Significant Accounting Policies Earnings Per Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
|
Sep. 30, 2012
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Income [Abstract] | |||||||||||
Net income | $ 4.7 | $ 146.4 | $ 58.1 | $ (9.3) | $ 1.9 | $ 126.6 | $ 43.4 | $ 2.3 | $ 199.9 | $ 174.2 | $ 211.9 |
Less: net income (loss) attributable to noncontrolling interest | 0 | (0.2) | 0.2 | ||||||||
Less: preferred stock dividend requirements | 1.6 | 1.6 | 1.6 | ||||||||
Earnings available for common shareholders | $ 198.3 | $ 172.8 | $ 210.1 | ||||||||
Common Shares Outstanding [Abstract] | |||||||||||
Average number of common shares outstanding (in shares) | 145.5 | 135.6 | 135.1 | ||||||||
Add: effect of dilutive securities (in shares) | 1.7 | 3.1 | 1.8 | ||||||||
Diluted average number of common shares outstanding (in shares) | 147.2 | 138.7 | 136.9 | ||||||||
Earnings per share [Abstract] | |||||||||||
Earnings Per Share, Basic | $ 0.01 | $ 0.93 | $ 0.32 | $ 0.02 | $ 1.36 | $ 1.27 | $ 1.55 | ||||
Earnings Per Share, Diluted | $ 0.01 | $ 0.91 | $ 0.31 | $ 0.01 | $ 1.35 | $ 1.25 | $ 1.53 |
Derivative Instruments (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Values of open positions for derivative instruments [Table Text Block] | 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 [Table Text Block] | 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 [Table Text Block] | 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 [Table Text Block] | The following table summarizes the amount of loss recognized in a regulatory asset 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 [Table Text Block] | The amounts recorded in accumulated OCI related to the cash flow hedges are summarized in the following table.
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Summary of Significant Accounting Policies (Policies)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization [Policy Text Block] | Organization Great Plains Energy, a Missouri corporation incorporated in 2001, is a public utility holding company and does not own or operate any significant assets other than the stock of its subsidiaries. Great Plains Energy's wholly owned direct subsidiaries with operations or active subsidiaries are as follows:
Each of Great Plains Energy's and KCP&L's consolidated financial statements includes the accounts of their subsidiaries. Intercompany transactions have been eliminated. Great Plains Energy's sole reportable business segment is electric utility. See Note 21 for additional information. The Great Plains Energy Incorporated Parent Company Financial Statements have been prepared to present the financial position, results of operations and cash flows of Great Plains Energy on a stand-alone basis as a holding company. Investments in subsidiaries are accounted for using the equity method. |
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Use of Estimates [Policy Text Block] | Use of Estimates The process of preparing financial statements in conformity with Generally Accepted Accounting Principles (GAAP) requires the use of estimates and assumptions that affect the reported amounts of certain types of assets, liabilities, revenues and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts. |
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Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with original maturities of three months or less at acquisition. |
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Funds on Deposit [Policy Text Block] | Funds on Deposit Funds on deposit consist primarily of cash provided to counterparties in support of margin requirements related to commodity purchases, commodity swaps and futures contracts. Pursuant to individual contract terms with counterparties, deposit amounts required vary with changes in market prices, credit provisions and various other factors. Interest is earned on most funds on deposit. Great Plains Energy also holds funds on deposit from counterparties in the same manner. These funds are included in other current liabilities on the consolidated balance sheets. |
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Fair Value of Financial Instruments [Policy Text Block] | Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value. Nuclear decommissioning trust fund - KCP&L's nuclear decommissioning trust fund assets are recorded at fair value based on quoted market prices of the investments held by the fund and/or valuation models. Rabbi trust - GMO's rabbi trusts related to its Supplemental Executive Retirement Plan (SERP) are recorded at fair value based on quoted market prices and/or valuation models for equity and debt securities and Net Asset Value (NAV) per share for fixed income funds held by the trusts. The rabbi trusts are included in Other - Investments and Other Assets on Great Plains Energy's consolidated balance sheets. Long-term debt - The fair value of long-term debt is categorized as a Level 2 liability within the fair value hierarchy as it is based on quoted market prices, with the incremental borrowing rate for similar debt used to determine fair value if quoted market prices are not available. At December 31, 2012, the book value and fair value of Great Plains Energy's long-term debt, including current maturities, were $3.0 billion and $3.5 billion, respectively. At December 31, 2011, the book value and fair value of Great Plains Energy's long-term debt, including current maturities, were $3.5 billion and $3.9 billion, respectively. At December 31, 2012 and 2011, the book value and fair value of KCP&L's long-term debt, including current maturities, were $1.9 billion and $2.2 billion, respectively. Derivative instruments - The fair value of derivative instruments is estimated using market quotes, over-the-counter forward price and volatility curves and correlation among fuel prices, net of estimated credit risk. Pension plans - For financial reporting purposes, the market value of plan assets is the fair value. For regulatory reporting purposes, a five-year smoothing of assets is used to determine fair value. |
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Derivative Instruments [Policy Text Block] | Derivative Instruments The Company records derivative instruments on the balance sheet at fair value in accordance with GAAP. Great Plains Energy and KCP&L enter into derivative contracts to manage exposure to commodity price and interest rate fluctuations. Derivative instruments designated as normal purchases and normal sales (NPNS) and cash flow hedges are used solely for hedging purposes and are not issued or held for speculative reasons. The Company considers various qualitative factors, such as contract and market place attributes, in designating derivative instruments at inception. Great Plains Energy and KCP&L may elect the NPNS exception, which requires the effects of the derivative to be recorded when the underlying contract settles. Great Plains Energy and KCP&L account for derivative instruments that are not designated as NPNS as cash flow hedges or non-hedging derivatives, which are recorded as assets or liabilities on the consolidated balance sheets at fair value. In addition, if a derivative instrument is designated as a cash flow hedge, Great Plains Energy and KCP&L document the method of determining hedge effectiveness and measuring ineffectiveness. See Note 18 for additional information regarding derivative financial instruments and hedging activities. Great Plains Energy and KCP&L offset fair value amounts recognized for derivative instruments under master netting arrangements, which include rights to reclaim cash collateral (a receivable), or the obligation to return cash collateral (a payable). Great Plains Energy and KCP&L classify cash flows from derivative instruments in the same category as the cash flows from the items being hedged. |
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Utility Plant [Policy Text Block] | Utility Plant Great Plains Energy's and KCP&L's utility plant is stated at historical cost. These costs include taxes, an allowance for the cost of borrowed and equity funds used to finance construction and payroll-related costs, including pensions and other fringe benefits. Replacements, improvements and additions to units of property are capitalized. Repairs of property and replacements of items not considered to be units of property are expensed as incurred (except as discussed under Deferred Refueling Outage Costs). When property units are retired or otherwise disposed, the original cost, net of salvage, is charged to accumulated depreciation. Substantially all of KCP&L's utility plant is pledged as collateral for KCP&L's mortgage bonds under the General Mortgage Indenture and Deed of Trust dated December 1, 1986, as supplemented. Substantially all of GMO's St. Joseph Light & Power (L&P) division utility plant is pledged as collateral for GMO's mortgage bonds under the General Mortgage Indenture and Deed of Trust dated April 1, 1946, as supplemented. As prescribed by The Federal Energy Regulatory Commission (FERC), Allowance for Funds Used During Construction (AFUDC) is charged to the cost of the plant during construction. AFUDC equity funds are included as a non-cash item in non-operating income and AFUDC borrowed funds are a reduction of interest charges. The rates used to compute gross AFUDC are compounded semi-annually and averaged 0.2% in 2012 and 2011 and 6.8% in 2010 for KCP&L. The rates used to compute gross AFUDC for GMO averaged 2.4% in 2012, 5.4% in 2011 and 4.6% in 2010. Great Plains Energy's and KCP&L's balances of utility plant, at original cost, with a range of estimated useful lives are listed in the following tables.
(a) Includes $104.5 million and $105.5 million at December 31, 2012 and 2011, respectively, of land and other assets that are not depreciated.
(a) Includes $54.7 million and $59.8 million at December 31, 2012 and 2011, respectively, of land and other assets that are not depreciated. |
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Depreciation and Amortization [Policy Text Block] | Depreciation and Amortization Depreciation and amortization of utility plant other than nuclear fuel is computed using the straight-line method over the estimated lives of depreciable property based on rates approved by state regulatory authorities. Annual depreciation rates average approximately 3%. Nuclear fuel is amortized to fuel expense based on the quantity of heat produced during the generation of electricity. Great Plains Energy's depreciation expense was $251.4 million, $239.9 million and $243.6 million for 2012, 2011 and 2010, respectively. KCP&L's depreciation expense was $168.0 million, $162.0 million and $170.9 million for 2012, 2011 and 2010, respectively. Great Plains Energy's and KCP&L's depreciation and amortization expense includes $14.4 million and $72.6 million for 2011 and 2010, respectively, of additional amortization to help maintain cash flow levels during KCP&L's Comprehensive Energy Plan pursuant to orders of the Public Service Commission of the State of Missouri (MPSC) and The State Corporation Commission of the State of Kansas (KCC). |
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Nuclear Plant Decommissioning Costs [Policy Text Block] | Nuclear Plant Decommissioning Costs Nuclear plant decommissioning cost estimates are based on the immediate dismantlement method and include the costs of decontamination, dismantlement and site restoration. Based on these cost estimates, KCP&L contributes to a tax-qualified trust fund to be used to decommission Wolf Creek Generating Station (Wolf Creek). Related liabilities for decommissioning are included on Great Plains Energy's and KCP&L's balance sheets in Asset Retirement Obligations (AROs). As a result of the authorized regulatory treatment and related regulatory accounting, differences between the decommissioning trust fund asset and the related ARO are recorded as a regulatory asset or liability. See Note 7 for discussion of AROs including those associated with nuclear plant decommissioning costs. |
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Deferred Refueling Outage Costs [Policy Text Block] | Deferred Refueling Outage Costs KCP&L uses the deferral method to account for operations and maintenance expenses incurred in support of Wolf Creek's scheduled refueling outages and amortizes them evenly (monthly) over the unit's operating cycle, which is approximately 18 months, until the next scheduled outage. Replacement power costs during an outage are expensed as incurred. |
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Regulatory Matters [Policy Text Block] | Regulatory Matters KCP&L and GMO defer items on the balance sheet resulting from the effects of the ratemaking process, which would not be recorded if KCP&L and GMO were not regulated. See Note 5 for additional information concerning regulatory matters. |
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Revenue Recognition [Policy Text Block] | Revenue Recognition Great Plains Energy and KCP&L recognize revenues on sales of electricity when the service is provided. Revenues recorded include electric services provided but not yet billed by KCP&L and GMO. Unbilled revenues are recorded for kWh usage in the period following the customers' billing cycle to the end of the month. KCP&L's and GMO's estimate is based on net system kWh usage less actual billed kWhs. KCP&L's and GMO's estimated unbilled kWhs are allocated and priced by regulatory jurisdiction across the rate classes based on actual billing rates. KCP&L and GMO collect from customers gross receipts taxes levied by state and local governments. These taxes from KCP&L's Missouri customers are recorded gross in operating revenues and general taxes on Great Plains Energy's and KCP&L's statements of income. KCP&L's gross receipts taxes collected from Missouri customers were $55.8 million, $55.6 million and $54.3 million in 2012, 2011 and 2010, respectively. These taxes from KCP&L's Kansas customers and GMO's customers are recorded net in operating revenues on Great Plains Energy's and KCP&L's statements of income. Great Plains Energy and KCP&L collect sales taxes from customers and remit to state and local governments. These taxes are presented on a net basis on Great Plains Energy's and KCP&L's statements of income. Great Plains Energy and KCP&L record sale and purchase activity on a net basis in wholesale revenue or purchased power when transacting with Regional Transmission Organization (RTO)/Independent System Operator (ISO) markets. |
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Allowance for Doubtful Accounts [Policy Text Block] | Allowance for Doubtful Accounts This reserve represents estimated uncollectible accounts receivable and is based on management's judgment considering historical loss experience and the characteristics of existing accounts. Provisions for losses on receivables are expensed to maintain the allowance at a level considered adequate to cover expected losses. Receivables are charged off against the reserve when they are deemed uncollectible. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Gains and Losses [Policy Text Block] | Property Gains and Losses Net gains and losses from the sale of assets and businesses and from asset impairments are recorded in operating expenses. |
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Asset Impairments [Policy Text Block] | Asset Impairments Long-lived assets and finite-lived intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the undiscounted expected future cash flows from an asset to be held and used is less than the carrying value of the asset, an asset impairment must be recognized in the financial statements. The amount of impairment recognized is the excess of the carrying value of the asset over its fair value. Goodwill and indefinite lived intangible assets are tested for impairment annually and when an event occurs indicating the possibility that an impairment exists. The annual test must be performed at the same time each year. If the fair value of a reporting unit is less than its carrying value including goodwill, an impairment charge for goodwill must be recognized in the financial statements. To measure the amount of the impairment loss to recognize, the implied fair value of the reporting unit goodwill is compared with its carrying value. |
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Income Taxes [Policy Text Block] | Income Taxes Income taxes are accounted for using the asset/liability approach. Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax bases of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Great Plains Energy and KCP&L recognize tax benefits based on a “more-likely-than-not” recognition threshold. In addition, Great Plains Energy and KCP&L recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in non-operating expenses. Great Plains Energy files a consolidated federal income tax return as well as unitary and combined income tax returns in several state jurisdictions with Kansas and Missouri being the most significant. Income taxes for consolidated or combined subsidiaries are allocated to the subsidiaries based on separate company computations of income or loss. KCP&L's income tax provision includes taxes allocated based on its separate company income or loss. Great Plains Energy and KCP&L have established a net regulatory asset for the additional future revenues to be collected from customers for deferred income taxes. Tax credits are recognized in the year generated except for certain KCP&L and GMO investment tax credits that have been deferred and amortized over the remaining service lives of the related properties. |
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Environmental Matters [Policy Text Block] | Environmental Matters Environmental costs are accrued when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated. |
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Basic and Diluted Earnings per Common Share Calculation [Policy Text Block] | Basic and Diluted Earnings per Common Share Calculation To determine basic EPS, preferred stock dividend requirements and net income (loss) attributable to noncontrolling interest are deducted from net income before dividing by the average number of common shares outstanding. The effect of dilutive securities, calculated using the treasury stock method, assumes the issuance of common shares applicable to performance shares, restricted stock, stock options and Equity Units. The following table reconciles Great Plains Energy's basic and diluted EPS.
Anti-dilutive shares excluded from the computation of diluted EPS are detailed in the following table.
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Summary of Significant Accounting Policies Subsequent Events (Details) (Dividend Declared [Member], USD $)
In Millions, except Per Share data, unless otherwise specified |
12 Months Ended |
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Dec. 31, 2012
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Dividends Declared [Abstract] | |
Subsequent Event, Date | Feb. 12, 2013 |
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 Energy's preferred stock. |
Subsequent per common share amount (in dollars per share) | $ 0.2175 |
Kansas City Power and Light Company [Member]
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Dividends Declared [Abstract] | |
Subsequent Event, Date | Feb. 12, 2013 |
Subsequent Event Amount | $ 23.0 |
Subsequent Event Description | KCP&L’s Board of Directors declared a cash dividend payable to Great Plains Energy |
Common Shareholders' Equity Common Shareholders' Equity (Details) (USD $)
In Billions, except Share data in Millions, unless otherwise specified |
12 Months Ended |
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Dec. 31, 2012
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Common Shareholders' Equity [Abstract] | |
Shares authorized under the Dividend Reinvestment and Direct Stock Purchase Plan (in shares) | 6.0 |
Number of shares available for grant under the Dividend Reinvestment and Direct Stock Purchase Plan (in shares) | 1.5 |
Shares registered under the defined contribution savings plan (in shares) | 14.3 |
Number of shares available under the defined contribution savings plan (in shares) | 2.0 |
Restrictions on the payment of common stock dividends contained in the articles of incorporation | Great Plains Energy's articles of incorporation restrict the payment of common stock dividends in the event common equity is 25% or less of total capitalization. In addition, if preferred stock dividends are not declared and paid when scheduled, Great Plains Energy could not declare or pay common stock dividends or purchase any common shares. If the unpaid preferred stock dividends equal four or more full quarterly dividends, the preferred shareholders, voting as a single class, could elect the smallest number of directors necessary to constitute a majority of the full Board. |
Regulatory restrictions on the payment of dividends | Certain conditions in the MPSC and KCC orders authorizing the holding company structure require Great Plains Energy and KCP&L to maintain consolidated common equity of at least 30% and 35%, respectively, of total capitalization (including only the amount of short-term debt in excess of the amount of construction work in progress). Under the Federal Power Act, KCP&L and GMO generally can pay dividends only out of retained earnings. |
Consolidated indebtedness to consolidated total capitalization ratio required under the revolving credit agreement | The revolving credit agreements of Great Plains Energy, KCP&L and GMO contain a covenant requiring each company to maintain a consolidated indebtedness to consolidated total capitalization ratio of not more than 0.65 to 1.00. |
Restricted net assets of subsidiaries | $ 2.8 |
Derivative Instruments by Hedging Relationship by Income Statement Location (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Cash Flow Hedging [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | $ (0.1) | $ (3.6) |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (12.6) | (10.4) |
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) | (0.4) |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (5.7) | (5.4) |
Cash Flow Hedging [Member] | Interest charges [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (20.2) | (16.9) |
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) | (8.7) | (8.7) |
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) |
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) |
Cash Flow Hedging [Member] | Income tax benefit (expense) [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 8.1 | 6.6 |
Cash Flow Hedging [Member] | Income tax benefit (expense) [Member] | Kansas City Power and Light Company [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 3.5 | 3.4 |
Regulatory Account [Member] | Fuel Costs [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain(Loss) Reclassified from Regulatory Account into Income (Effective Portion) | (6.6) | (3.8) |
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 | (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 |
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) | (0.6) |
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) | (0.6) |
Commodity Contract [Member] | Regulatory Account [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized on Regulatory Account on Derivatives (Effective Portion) | (2.7) | (8.3) |
Income tax benefit (expense) [Member] | Cash Flow Hedging [Member]
|
||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 0 | 2.3 |
Income tax benefit (expense) [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 | $ 0.2 |
Legal Proceedings (Details) (Positive Outcome of Litigation [Member], USD $)
In Millions, unless otherwise specified |
12 Months Ended |
---|---|
Dec. 31, 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 |
Kansas City Power and Light Company [Member] | Subsequent Event [Member]
|
|
Gain Contingencies [Line Items] | |
Subsequent Event Amount | $ 6.0 |
Subsequent Event Description | KCP&L received payment of the $6.0 million award in February 2013. |
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