Exact name of registrant as specified in its charter, | ||||
Commission | state of incorporation, address of principal | I.R.S. Employer | ||
File Number | executive offices and telephone number | Identification Number | ||
001-32206 | GREAT PLAINS ENERGY INCORPORATED | 43-1916803 | ||
(A Missouri Corporation) | ||||
1200 Main Street | ||||
Kansas City, Missouri 64105 | ||||
(816) 556-2200 | ||||
000-51873 | KANSAS CITY POWER & LIGHT COMPANY | 44-0308720 | ||
(A Missouri Corporation) | ||||
1200 Main Street | ||||
Kansas City, Missouri 64105 | ||||
(816) 556-2200 |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | |||||||||||||
Great Plains Energy Incorporated | Yes | X | No | _ | Kansas City Power & Light Company | Yes | X | No | _ | ||||
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). | |||||||||||||
Great Plains Energy Incorporated | Yes | X | No | _ | Kansas City Power & Light Company | Yes | X | No | _ | ||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. | |||||||||||||
Great Plains Energy Incorporated | Large accelerated filer | X | Accelerated filer | _ | |||||||||
Non-accelerated filer | _ | Smaller reporting company | _ | ||||||||||
Kansas City Power & Light Company | Large accelerated filer | _ | Accelerated filer | _ | |||||||||
Non-accelerated filer | X | Smaller reporting company | _ | ||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | |||||||||||||
Great Plains Energy Incorporated | Yes | _ | No | X | Kansas City Power & Light Company | Yes | _ | No | X | ||||
On May 6, 2013, Great Plains Energy Incorporated had 153,730,325 shares of common stock outstanding. On May 6, 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 (H)(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format. |
TABLE OF CONTENTS | |||
Page Number | |||
Item 1. | |||
Note 1: | |||
Note 2: | |||
Note 3: | |||
Note 4: | |||
Note 5: | |||
Note 6: | |||
Note 7: | |||
Note 8: | |||
Note 9: | |||
Note 10: | |||
Note 11: | |||
Note 12: | |||
Note 13: | |||
Note 14: | |||
Note 15: | |||
Note 16: | |||
Note 17: | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 1. | |||
Item 1A. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 5. | |||
Item 6. | |||
Abbreviation or Acronym | Definition | |
AEPTHC | AEP Transmission Holding Company, LLC | |
AFUDC | Allowance for Funds Used During Construction | |
ARO | Asset Retirement Obligation | |
BART | Best available retrofit technology | |
Board | Great Plains Energy Board of Directors | |
CAIR | Clean Air Interstate Rule | |
CAMR | Clean Air Mercury Rule | |
Clean Air Act | Clean Air Act Amendments of 1990 | |
CO2 | Carbon dioxide | |
Company | Great Plains Energy Incorporated and its subsidiaries | |
Companies | Great Plains Energy Incorporated and its consolidated subsidiaries and KCP&L and its consolidated subsidiaries | |
CSAPR | Cross-State Air Pollution Rule | |
DOE | Department of Energy | |
EBITDA | Earnings before interest, income taxes, depreciation and amortization | |
ECA | Energy Cost Adjustment | |
EGU | Electric steam generating unit | |
EIRR | Environmental Improvement Revenue Refunding | |
EPA | Environmental Protection Agency | |
EPS | Earnings per common share | |
ERISA | Employee Retirement Income Security Act of 1974, as amended | |
FAC | Fuel Adjustment Clause | |
FERC | The Federal Energy Regulatory Commission | |
GAAP | Generally Accepted Accounting Principles | |
GMO | KCP&L Greater Missouri Operations Company, a wholly owned subsidiary of Great Plains Energy | |
GPETHC | GPE Transmission Holding Company, LLC, 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 | |
MATS | Mercury and Air Toxics Standards | |
MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations |
Abbreviation or Acronym | Definition | |
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, 47% owned by KCP&L | |
Westar | Westar Energy, Inc., a Kansas utility company | |
Wolf Creek | Wolf Creek Generating Station, 47% owned by KCP&L |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||
Consolidated Balance Sheets | |||||||||||
(Unaudited) | |||||||||||
March 31 | December 31 | ||||||||||
2013 | 2012 | ||||||||||
ASSETS | (millions, except share amounts) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 11.6 | $ | 9.3 | |||||||
Funds on deposit | 2.9 | 1.0 | |||||||||
Receivables, net | 137.6 | 154.5 | |||||||||
Accounts receivable pledged as collateral | 175.0 | 174.0 | |||||||||
Fuel inventories, at average cost | 102.6 | 95.1 | |||||||||
Materials and supplies, at average cost | 151.9 | 151.3 | |||||||||
Deferred refueling outage costs | 40.5 | 11.9 | |||||||||
Refundable income taxes | 9.7 | 9.5 | |||||||||
Deferred income taxes | 3.1 | 88.5 | |||||||||
Derivative instruments | 1.3 | 1.0 | |||||||||
Prepaid expenses and other assets | 28.3 | 27.6 | |||||||||
Total | 664.5 | 723.7 | |||||||||
Utility Plant, at Original Cost | |||||||||||
Electric | 11,211.0 | 11,160.5 | |||||||||
Less - accumulated depreciation | 4,482.2 | 4,424.2 | |||||||||
Net utility plant in service | 6,728.8 | 6,736.3 | |||||||||
Construction work in progress | 672.9 | 584.5 | |||||||||
Nuclear fuel, net of amortization of $160.3 and $157.4 | 81.1 | 81.3 | |||||||||
Total | 7,482.8 | 7,402.1 | |||||||||
Investments and Other Assets | |||||||||||
Nuclear decommissioning trust fund | 164.3 | 154.7 | |||||||||
Regulatory assets | 1,101.1 | 1,120.9 | |||||||||
Goodwill | 169.0 | 169.0 | |||||||||
Derivative instruments | 5.4 | 5.5 | |||||||||
Other | 70.6 | 71.4 | |||||||||
Total | 1,510.4 | 1,521.5 | |||||||||
Total | $ | 9,657.7 | $ | 9,647.3 |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||
Consolidated Balance Sheets | |||||||||||
(Unaudited) | |||||||||||
March 31 | December 31 | ||||||||||
2013 | 2012 | ||||||||||
LIABILITIES AND CAPITALIZATION | (millions, except share amounts) | ||||||||||
Current Liabilities | |||||||||||
Notes payable | $ | 11.0 | $ | 12.0 | |||||||
Collateralized note payable | 175.0 | 174.0 | |||||||||
Commercial paper | 367.0 | 530.1 | |||||||||
Current maturities of long-term debt | 257.1 | 263.1 | |||||||||
Accounts payable | 235.1 | 330.2 | |||||||||
Accrued taxes | 57.5 | 27.1 | |||||||||
Accrued interest | 62.0 | 41.5 | |||||||||
Accrued compensation and benefits | 37.7 | 44.8 | |||||||||
Pension and post-retirement liability | 2.8 | 2.8 | |||||||||
Other | 21.5 | 23.9 | |||||||||
Total | 1,226.7 | 1,449.5 | |||||||||
Deferred Credits and Other Liabilities | |||||||||||
Deferred income taxes | 759.9 | 832.4 | |||||||||
Deferred tax credits | 128.4 | 128.8 | |||||||||
Asset retirement obligations | 151.7 | 149.3 | |||||||||
Pension and post-retirement liability | 556.0 | 557.5 | |||||||||
Regulatory liabilities | 291.1 | 283.8 | |||||||||
Other | 113.2 | 110.2 | |||||||||
Total | 2,000.3 | 2,062.0 | |||||||||
Capitalization | |||||||||||
Great Plains Energy common shareholders' equity | |||||||||||
Common stock - 250,000,000 shares authorized without par value | |||||||||||
153,839,967 and 153,779,806 shares issued, stated value | 2,625.4 | 2,624.7 | |||||||||
Retained earnings | 750.9 | 758.8 | |||||||||
Treasury stock - 121,417 and 250,236 shares, at cost | (2.6 | ) | (5.1 | ) | |||||||
Accumulated other comprehensive loss | (35.2 | ) | (38.4 | ) | |||||||
Total | 3,338.5 | 3,340.0 | |||||||||
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 8) | 3,053.2 | 2,756.8 | |||||||||
Total | 6,430.7 | 6,135.8 | |||||||||
Commitments and Contingencies (Note 9) | |||||||||||
Total | $ | 9,657.7 | $ | 9,647.3 |
GREAT PLAINS ENERGY INCORPORATED | ||||||||
Consolidated Statements of Income and Comprehensive Income | ||||||||
(Unaudited) | ||||||||
Three Months Ended March 31 | 2013 | 2012 | ||||||
Operating Revenues | (millions, except per share amounts) | |||||||
Electric revenues | $ | 542.2 | $ | 479.7 | ||||
Operating Expenses | ||||||||
Fuel | 132.2 | 119.3 | ||||||
Purchased power | 38.8 | 24.7 | ||||||
Transmission of electricity by others | 11.4 | 7.3 | ||||||
Utility operating and maintenance expenses | 155.2 | 163.1 | ||||||
Depreciation and amortization | 70.2 | 67.4 | ||||||
General taxes | 47.8 | 44.5 | ||||||
Other | 0.5 | 4.4 | ||||||
Total | 456.1 | 430.7 | ||||||
Operating income | 86.1 | 49.0 | ||||||
Non-operating income | 2.5 | 0.9 | ||||||
Non-operating expenses | (1.3 | ) | (1.8 | ) | ||||
Interest charges | (49.7 | ) | (66.9 | ) | ||||
Income (loss) before income tax (expense) benefit and loss from equity investments | 37.6 | (18.8 | ) | |||||
Income tax (expense) benefit | (11.5 | ) | 9.5 | |||||
Loss from equity investments, net of income taxes | (0.1 | ) | — | |||||
Net income (loss) | 26.0 | (9.3 | ) | |||||
Less: Net loss attributable to noncontrolling interest | — | 0.2 | ||||||
Net income (loss) attributable to Great Plains Energy | 26.0 | (9.1 | ) | |||||
Preferred stock dividend requirements | 0.4 | 0.4 | ||||||
Earnings (loss) available for common shareholders | $ | 25.6 | $ | (9.5 | ) | |||
Average number of basic common shares outstanding | 153.4 | 135.9 | ||||||
Average number of diluted common shares outstanding | 153.7 | 135.9 | ||||||
Basic and diluted earnings (loss) per common share | $ | 0.17 | $ | (0.07 | ) | |||
Cash dividends per common share | $ | 0.2175 | $ | 0.2125 | ||||
Comprehensive Income | ||||||||
Net income (loss) | $ | 26.0 | $ | (9.3 | ) | |||
Other comprehensive income | ||||||||
Derivative hedging activity | ||||||||
Loss on derivative hedging instruments | — | (0.3 | ) | |||||
Income tax benefit | — | 0.1 | ||||||
Net loss on derivative hedging instruments | — | (0.2 | ) | |||||
Reclassification to expenses, net of tax | 3.2 | 3.1 | ||||||
Derivative hedging activity, net of tax | 3.2 | 2.9 | ||||||
Defined benefit pension plans | ||||||||
Amortization of net losses included in net periodic benefit costs | — | 0.1 | ||||||
Change in unrecognized pension expense, net of tax | — | 0.1 | ||||||
Total other comprehensive income | 3.2 | 3.0 | ||||||
Comprehensive income (loss) | 29.2 | (6.3 | ) | |||||
Less: comprehensive loss attributable to noncontrolling interest | — | 0.2 | ||||||
Comprehensive income (loss) attributable to Great Plains Energy | $ | 29.2 | $ | (6.1 | ) |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended March 31 | 2013 | 2012 | |||||||||
Cash Flows from Operating Activities | (millions) | ||||||||||
Net income (loss) | $ | 26.0 | $ | (9.3 | ) | ||||||
Adjustments to reconcile income to net cash from operating activities: | |||||||||||
Depreciation and amortization | 70.2 | 67.4 | |||||||||
Amortization of: | |||||||||||
Nuclear fuel | 2.9 | 1.4 | |||||||||
Other | 14.1 | 4.5 | |||||||||
Deferred income taxes, net | 12.2 | (9.1 | ) | ||||||||
Investment tax credit amortization | (0.4 | ) | (0.6 | ) | |||||||
Loss from equity investments, net of income taxes | 0.1 | — | |||||||||
Other operating activities (Note 2) | (36.1 | ) | (0.2 | ) | |||||||
Net cash from operating activities | 89.0 | 54.1 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Utility capital expenditures | (172.2 | ) | (126.5 | ) | |||||||
Allowance for borrowed funds used during construction | (1.7 | ) | (1.5 | ) | |||||||
Purchases of nuclear decommissioning trust investments | (44.2 | ) | (7.3 | ) | |||||||
Proceeds from nuclear decommissioning trust investments | 43.3 | 6.5 | |||||||||
Other investing activities | (3.7 | ) | (2.0 | ) | |||||||
Net cash from investing activities | (178.5 | ) | (130.8 | ) | |||||||
Cash Flows from Financing Activities | |||||||||||
Issuance of common stock | 1.3 | 1.5 | |||||||||
Issuance of long-term debt | 299.7 | — | |||||||||
Issuance fees | (2.0 | ) | (1.9 | ) | |||||||
Repayment of long-term debt | (9.3 | ) | (13.4 | ) | |||||||
Net change in short-term borrowings | (164.1 | ) | 107.8 | ||||||||
Net change in collateralized short-term borrowings | 1.0 | 15.0 | |||||||||
Dividends paid | (33.8 | ) | (29.3 | ) | |||||||
Other financing activities | (1.0 | ) | (3.0 | ) | |||||||
Net cash from financing activities | 91.8 | 76.7 | |||||||||
Net Change in Cash and Cash Equivalents | 2.3 | — | |||||||||
Cash and Cash Equivalents at Beginning of Year | 9.3 | 6.2 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 11.6 | $ | 6.2 |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||||
Consolidated Statements of Common Shareholders' Equity and Noncontrolling Interest | |||||||||||||
(Unaudited) | |||||||||||||
Three Months Ended March 31 | 2013 | 2012 | |||||||||||
Shares | Amount | Shares | Amount | ||||||||||
Common Stock | (millions, except share amounts) | ||||||||||||
Beginning balance | 153,779,806 | $ | 2,624.7 | 136,406,306 | $ | 2,330.6 | |||||||
Issuance of common stock | 60,161 | 1.3 | 75,168 | 1.5 | |||||||||
Equity compensation expense, net of forfeitures | 0.1 | 0.1 | |||||||||||
Unearned Compensation | |||||||||||||
Issuance of restricted common stock | (1.7 | ) | (2.8 | ) | |||||||||
Compensation expense recognized | 0.5 | 0.5 | |||||||||||
Other | 0.5 | 0.4 | |||||||||||
Ending balance | 153,839,967 | 2,625.4 | 136,481,474 | 2,330.3 | |||||||||
Retained Earnings | |||||||||||||
Beginning balance | 758.8 | 684.7 | |||||||||||
Net income (loss) attributable to Great Plains Energy | 26.0 | (9.1 | ) | ||||||||||
Loss on reissuance of treasury stock | — | (0.2 | ) | ||||||||||
Dividends: | |||||||||||||
Common stock ($0.2175 and $0.2125 per share) | (33.4 | ) | (28.9 | ) | |||||||||
Preferred stock - at required rates | (0.4 | ) | (0.4 | ) | |||||||||
Performance shares | (0.1 | ) | — | ||||||||||
Ending balance | 750.9 | 646.1 | |||||||||||
Treasury Stock | |||||||||||||
Beginning balance | (250,236 | ) | (5.1 | ) | (264,567 | ) | (5.6 | ) | |||||
Treasury shares acquired | (52,778 | ) | (1.2 | ) | (63,145 | ) | (1.3 | ) | |||||
Treasury shares reissued | 181,597 | 3.7 | 142,644 | 3.0 | |||||||||
Ending balance | (121,417 | ) | (2.6 | ) | (185,068 | ) | (3.9 | ) | |||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Beginning balance | (38.4 | ) | (49.8 | ) | |||||||||
Derivative hedging activity, net of tax | 3.2 | 2.9 | |||||||||||
Change in unrecognized pension expense, net of tax | — | 0.1 | |||||||||||
Ending balance | (35.2 | ) | (46.8 | ) | |||||||||
Total Great Plains Energy Common Shareholders' Equity | $ | 3,338.5 | $ | 2,925.7 | |||||||||
Noncontrolling Interest | |||||||||||||
Beginning balance | $ | — | $ | 1.0 | |||||||||
Net loss attributable to noncontrolling interest | — | (0.2 | ) | ||||||||||
Distribution | — | (0.6 | ) | ||||||||||
Ending balance | $ | — | $ | 0.2 |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||
Consolidated Balance Sheets | |||||||||||
(Unaudited) | |||||||||||
March 31 | December 31 | ||||||||||
2013 | 2012 | ||||||||||
ASSETS | (millions, except share amounts) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 4.3 | $ | 5.2 | |||||||
Funds on deposit | 1.2 | 0.1 | |||||||||
Receivables, net | 145.5 | 163.2 | |||||||||
Accounts receivable pledged as collateral | 110.0 | 110.0 | |||||||||
Fuel inventories, at average cost | 70.3 | 63.6 | |||||||||
Materials and supplies, at average cost | 110.4 | 110.1 | |||||||||
Deferred refueling outage costs | 40.5 | 11.9 | |||||||||
Refundable income taxes | 4.3 | 9.1 | |||||||||
Deferred income taxes | — | 4.6 | |||||||||
Prepaid expenses and other assets | 25.9 | 23.8 | |||||||||
Total | 512.4 | 501.6 | |||||||||
Utility Plant, at Original Cost | |||||||||||
Electric | 7,994.0 | 7,971.4 | |||||||||
Less - accumulated depreciation | 3,416.5 | 3,374.4 | |||||||||
Net utility plant in service | 4,577.5 | 4,597.0 | |||||||||
Construction work in progress | 580.4 | 486.5 | |||||||||
Nuclear fuel, net of amortization of $160.3 and $157.4 | 81.1 | 81.3 | |||||||||
Total | 5,239.0 | 5,164.8 | |||||||||
Investments and Other Assets | |||||||||||
Nuclear decommissioning trust fund | 164.3 | 154.7 | |||||||||
Regulatory assets | 833.7 | 853.2 | |||||||||
Other | 29.5 | 29.5 | |||||||||
Total | 1,027.5 | 1,037.4 | |||||||||
Total | $ | 6,778.9 | $ | 6,703.8 |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||
Consolidated Balance Sheets | |||||||||||
(Unaudited) | |||||||||||
March 31 | December 31 | ||||||||||
2013 | 2012 | ||||||||||
LIABILITIES AND CAPITALIZATION | (millions, except share amounts) | ||||||||||
Current Liabilities | |||||||||||
Collateralized note payable | $ | 110.0 | $ | 110.0 | |||||||
Commercial paper | 156.0 | 361.0 | |||||||||
Current maturities of long-term debt | — | 0.4 | |||||||||
Accounts payable | 202.7 | 254.0 | |||||||||
Accrued taxes | 43.2 | 21.9 | |||||||||
Accrued interest | 41.7 | 27.7 | |||||||||
Accrued compensation and benefits | 37.7 | 44.8 | |||||||||
Pension and post-retirement liability | 1.4 | 1.4 | |||||||||
Deferred income taxes | 5.6 | — | |||||||||
Other | 12.2 | 12.8 | |||||||||
Total | 610.5 | 834.0 | |||||||||
Deferred Credits and Other Liabilities | |||||||||||
Deferred income taxes | 831.2 | 836.4 | |||||||||
Deferred tax credits | 125.8 | 126.1 | |||||||||
Asset retirement obligations | 135.2 | 133.2 | |||||||||
Pension and post-retirement liability | 533.1 | 534.5 | |||||||||
Regulatory liabilities | 159.4 | 153.0 | |||||||||
Other | 93.0 | 88.2 | |||||||||
Total | 1,877.7 | 1,871.4 | |||||||||
Capitalization | |||||||||||
Common shareholder's equity | |||||||||||
Common stock - 1,000 shares authorized without par value | |||||||||||
1 share issued, stated value | 1,563.1 | 1,563.1 | |||||||||
Retained earnings | 552.6 | 559.4 | |||||||||
Accumulated other comprehensive loss | (24.3 | ) | (25.8 | ) | |||||||
Total | 2,091.4 | 2,096.7 | |||||||||
Long-term debt (Note 8) | 2,199.3 | 1,901.7 | |||||||||
Total | 4,290.7 | 3,998.4 | |||||||||
Commitments and Contingencies (Note 9) | |||||||||||
Total | $ | 6,778.9 | $ | 6,703.8 |
KANSAS CITY POWER & LIGHT COMPANY | ||||||||
Consolidated Statements of Income and Comprehensive Income | ||||||||
(Unaudited) | ||||||||
Three Months Ended March 31 | 2013 | 2012 | ||||||
Operating Revenues | (millions) | |||||||
Electric revenues | $ | 366.7 | $ | 327.0 | ||||
Operating Expenses | ||||||||
Fuel | 94.5 | 84.6 | ||||||
Purchased power | 19.1 | 7.0 | ||||||
Transmission of electricity by others | 8.0 | 5.0 | ||||||
Operating and maintenance expenses | 108.2 | 117.9 | ||||||
Depreciation and amortization | 47.6 | 45.7 | ||||||
General taxes | 37.0 | 35.2 | ||||||
Total | 314.4 | 295.4 | ||||||
Operating income | 52.3 | 31.6 | ||||||
Non-operating income | 1.7 | 0.5 | ||||||
Non-operating expenses | (0.4 | ) | (0.7 | ) | ||||
Interest charges | (32.0 | ) | (32.4 | ) | ||||
Income (loss) before income tax (expense) benefit | 21.6 | (1.0 | ) | |||||
Income tax (expense) benefit | (5.4 | ) | 3.3 | |||||
Net income | $ | 16.2 | $ | 2.3 | ||||
Comprehensive Income | ||||||||
Net income | $ | 16.2 | $ | 2.3 | ||||
Other comprehensive income | ||||||||
Derivative hedging activity | ||||||||
Loss on derivative hedging instruments | — | (0.3 | ) | |||||
Income tax benefit | — | 0.1 | ||||||
Net loss on derivative hedging instruments | — | (0.2 | ) | |||||
Reclassification to expenses, net of tax | 1.5 | 1.4 | ||||||
Derivative hedging activity, net of tax | 1.5 | 1.2 | ||||||
Total other comprehensive income | 1.5 | 1.2 | ||||||
Comprehensive income | $ | 17.7 | $ | 3.5 |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended March 31 | 2013 | 2012 | |||||||||
Cash Flows from Operating Activities | (millions) | ||||||||||
Net income | $ | 16.2 | $ | 2.3 | |||||||
Adjustments to reconcile income to net cash from operating activities: | |||||||||||
Depreciation and amortization | 47.6 | 45.7 | |||||||||
Amortization of: | |||||||||||
Nuclear fuel | 2.9 | 1.4 | |||||||||
Other | 8.3 | 7.2 | |||||||||
Deferred income taxes, net | 5.3 | (3.4 | ) | ||||||||
Investment tax credit amortization | (0.3 | ) | (0.5 | ) | |||||||
Other operating activities (Note 2) | 0.7 | 43.9 | |||||||||
Net cash from operating activities | 80.7 | 96.6 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Utility capital expenditures | (140.4 | ) | (100.5 | ) | |||||||
Allowance for borrowed funds used during construction | (1.3 | ) | (0.7 | ) | |||||||
Purchases of nuclear decommissioning trust investments | (44.2 | ) | (7.3 | ) | |||||||
Proceeds from nuclear decommissioning trust investments | 43.3 | 6.5 | |||||||||
Other investing activities | (2.3 | ) | (2.4 | ) | |||||||
Net cash from investing activities | (144.9 | ) | (104.4 | ) | |||||||
Cash Flows from Financing Activities | |||||||||||
Issuance of long-term debt | 299.7 | — | |||||||||
Issuance fees | (2.0 | ) | — | ||||||||
Repayment of long-term debt | (2.6 | ) | (12.3 | ) | |||||||
Net change in short-term borrowings | (205.0 | ) | 29.0 | ||||||||
Net change in collateralized short-term borrowings | — | 15.0 | |||||||||
Net money pool borrowings | (3.8 | ) | 1.6 | ||||||||
Dividends paid to Great Plains Energy | (23.0 | ) | (25.0 | ) | |||||||
Net cash from financing activities | 63.3 | 8.3 | |||||||||
Net Change in Cash and Cash Equivalents | (0.9 | ) | 0.5 | ||||||||
Cash and Cash Equivalents at Beginning of Year | 5.2 | 1.9 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 4.3 | $ | 2.4 |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||||
Consolidated Statements of Common Shareholder's Equity | |||||||||||||
(Unaudited) | |||||||||||||
Three Months Ended March 31 | 2013 | 2012 | |||||||||||
Shares | Amount | Shares | Amount | ||||||||||
(millions, except share amounts) | |||||||||||||
Common Stock | 1 | $ | 1,563.1 | 1 | $ | 1,563.1 | |||||||
Retained Earnings | |||||||||||||
Beginning balance | 559.4 | 513.8 | |||||||||||
Net income | 16.2 | 2.3 | |||||||||||
Dividends: | |||||||||||||
Common stock held by Great Plains Energy | (23.0 | ) | (25.0 | ) | |||||||||
Ending balance | 552.6 | 491.1 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Beginning balance | (25.8 | ) | (31.4 | ) | |||||||||
Derivative hedging activity, net of tax | 1.5 | 1.2 | |||||||||||
Ending balance | (24.3 | ) | (30.2 | ) | |||||||||
Total Common Shareholder's Equity | $ | 2,091.4 | $ | 2,024.0 |
• | 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. |
Three Months Ended March 31 | 2013 | 2012 | |||||||||
Income | (millions, except per share amounts) | ||||||||||
Net income (loss) | $ | 26.0 | $ | (9.3 | ) | ||||||
Less: net loss attributable to noncontrolling interest | — | (0.2 | ) | ||||||||
Less: preferred stock dividend requirements | 0.4 | 0.4 | |||||||||
Earnings (loss) available for common shareholders | $ | 25.6 | $ | (9.5 | ) | ||||||
Common Shares Outstanding | |||||||||||
Average number of common shares outstanding | 153.4 | 135.9 | |||||||||
Add: effect of dilutive securities | 0.3 | — | |||||||||
Diluted average number of common shares outstanding | 153.7 | 135.9 | |||||||||
Basic and Diluted EPS | $ | 0.17 | $ | (0.07 | ) |
Three Months Ended March 31 | 2013 | 2012 | |||
Performance shares | 408,707 | — | |||
Restricted stock shares | 78,509 | 390,322 | |||
Equity Units | N/A | 17,106,364 |
Great Plains Energy Other Operating Activities | |||||||||
Three Months Ended March 31 | 2013 | 2012 | |||||||
Cash flows affected by changes in: | (millions) | ||||||||
Receivables | $ | 17.1 | $ | 54.9 | |||||
Accounts receivable pledged as collateral | (1.0 | ) | (15.0 | ) | |||||
Fuel inventories | (7.5 | ) | (19.1 | ) | |||||
Materials and supplies | (0.6 | ) | (2.6 | ) | |||||
Accounts payable | (70.5 | ) | (50.2 | ) | |||||
Accrued taxes | 30.5 | 27.9 | |||||||
Accrued interest | 20.5 | 1.1 | |||||||
Deferred refueling outage costs | (28.6 | ) | 4.5 | ||||||
Pension and post-retirement benefit obligations | 12.7 | 3.3 | |||||||
Allowance for equity funds used during construction | (1.3 | ) | (0.1 | ) | |||||
Fuel recovery mechanism | (4.0 | ) | 3.6 | ||||||
Other | (3.4 | ) | (8.5 | ) | |||||
Total other operating activities | $ | (36.1 | ) | $ | (0.2 | ) | |||
Cash paid during the period: | |||||||||
Interest | $ | 23.1 | $ | 67.7 | |||||
Income taxes | $ | 0.1 | $ | — | |||||
Non-cash investing activities: | |||||||||
Liabilities accrued for capital expenditures | $ | 37.0 | $ | 42.5 |
KCP&L Other Operating Activities | |||||||||
Three Months Ended March 31 | 2013 | 2012 | |||||||
Cash flows affected by changes in: | (millions) | ||||||||
Receivables | $ | 21.5 | $ | 61.6 | |||||
Accounts receivable pledged as collateral | — | (15.0 | ) | ||||||
Fuel inventories | (6.7 | ) | (14.3 | ) | |||||
Materials and supplies | (0.3 | ) | (1.7 | ) | |||||
Accounts payable | (32.2 | ) | (16.1 | ) | |||||
Accrued taxes | 26.2 | 24.8 | |||||||
Accrued interest | 14.0 | 13.4 | |||||||
Deferred refueling outage costs | (28.6 | ) | 4.5 | ||||||
Pension and post-retirement benefit obligations | 13.4 | 4.2 | |||||||
Allowance for equity funds used during construction | (1.3 | ) | — | ||||||
Fuel recovery mechanism | (1.0 | ) | (5.8 | ) | |||||
Other | (4.3 | ) | (11.7 | ) | |||||
Total other operating activities | $ | 0.7 | $ | 43.9 | |||||
Cash paid during the period: | |||||||||
Interest | $ | 15.1 | $ | 16.1 | |||||
Income taxes | $ | — | $ | — | |||||
Non-cash investing activities: | |||||||||
Liabilities accrued for capital expenditures | $ | 33.3 | $ | 39.2 |
March 31 | December 31 | ||||||||||
2013 | 2012 | ||||||||||
Great Plains Energy | (millions) | ||||||||||
Customer accounts receivable - unbilled | $ | 59.3 | $ | 58.3 | |||||||
Allowance for doubtful accounts - customer accounts receivable | (3.5 | ) | (2.6 | ) | |||||||
Other receivables | 81.8 | 98.8 | |||||||||
Total | $ | 137.6 | $ | 154.5 | |||||||
KCP&L | |||||||||||
Customer accounts receivable - unbilled | $ | 42.7 | $ | 42.9 | |||||||
Allowance for doubtful accounts - customer accounts receivable | (1.9 | ) | (1.5 | ) | |||||||
Intercompany receivables | 33.8 | 40.0 | |||||||||
Other receivables | 70.9 | 81.8 | |||||||||
Total | $ | 145.5 | $ | 163.2 |
Three Months Ended March 31, 2013 | KCP&L | KCP&L Receivables Company | Consolidated KCP&L | GMO | GMO Receivables Company | Consolidated Great Plains Energy | |||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||
Receivables (sold) purchased | $ | (334.7 | ) | $ | 334.7 | $ | — | $ | (185.4 | ) | $ | 185.4 | $ | — | |||||||||||||||||||||
Gain (loss) on sale of accounts receivable (a) | (4.2 | ) | 4.2 | — | (2.3 | ) | 2.3 | — | |||||||||||||||||||||||||||
Servicing fees received (paid) | 0.6 | (0.6 | ) | — | 0.3 | (0.3 | ) | — | |||||||||||||||||||||||||||
Fees paid to outside investor | — | (0.3 | ) | (0.3 | ) | — | (0.2 | ) | (0.5 | ) | |||||||||||||||||||||||||
Cash from customers (transferred) received | (336.7 | ) | 336.7 | — | (184.9 | ) | 184.9 | — | |||||||||||||||||||||||||||
Cash received from (paid for) receivables purchased | 332.5 | (332.5 | ) | — | 182.6 | (182.6 | ) | — | |||||||||||||||||||||||||||
Interest on intercompany note received (paid) | 0.1 | (0.1 | ) | — | — | — | — |
Three Months Ended March 31, 2012 | KCP&L | KCP&L Receivables Company | Consolidated KCP&L | |||||||||||||||
(millions) | ||||||||||||||||||
Receivables (sold) purchased | $ | (293.5 | ) | $ | 293.5 | $ | — | |||||||||||
Gain (loss) on sale of accounts receivable (a) | (3.7 | ) | 4.1 | 0.4 | ||||||||||||||
Servicing fees received (paid) | 0.5 | (0.5 | ) | — | ||||||||||||||
Fees paid to outside investor | — | (0.3 | ) | (0.3 | ) | |||||||||||||
Cash from customers (transferred) received | (327.2 | ) | 327.2 | — | ||||||||||||||
Cash received from (paid for) receivables purchased | 323.1 | (323.1 | ) | — | ||||||||||||||
Interest on intercompany note received (paid) | 0.1 | (0.1 | ) | — |
March 31 2013 | December 31 2012 | ||||||||||
Decommissioning Trust | (millions) | ||||||||||
Beginning balance January 1 | $ | 154.7 | $ | 135.3 | |||||||
Contributions | 0.9 | 3.3 | |||||||||
Earned income, net of fees | 0.8 | 3.0 | |||||||||
Net realized gains | 1.1 | 1.0 | |||||||||
Net unrealized gains | 6.8 | 12.1 | |||||||||
Ending balance | $ | 164.3 | $ | 154.7 |
March 31 2013 | December 31 2012 | ||||||||||||||||||||||||||||||||||||||||||||
Cost Basis | Unrealized Gains | Unrealized Losses | Fair Value | Cost Basis | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | 82.0 | $ | 28.1 | $ | (1.4 | ) | $ | 108.7 | $ | 80.6 | $ | 21.1 | $ | (1.6 | ) | $ | 100.1 | |||||||||||||||||||||||||||
Debt securities | 48.3 | 4.4 | — | 52.7 | 46.6 | 4.9 | (0.1 | ) | 51.4 | ||||||||||||||||||||||||||||||||||||
Other | 2.9 | — | — | 2.9 | 3.2 | — | — | 3.2 | |||||||||||||||||||||||||||||||||||||
Total | $ | 133.2 | $ | 32.5 | $ | (1.4 | ) | $ | 164.3 | $ | 130.4 | $ | 26.0 | $ | (1.7 | ) | $ | 154.7 |
Three Months Ended March 31 | 2013 | 2012 | |||||
(millions) | |||||||
Realized gains | $ | 1.5 | $ | 0.5 | |||
Realized losses | (0.4 | ) | (0.1 | ) |
Pension Benefits | Other Benefits | |||||||||||||||
Three Months Ended March 31 | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Components of net periodic benefit costs | (millions) | |||||||||||||||
Service cost | $ | 10.5 | $ | 8.9 | $ | 1.1 | $ | 0.8 | ||||||||
Interest cost | 11.8 | 12.2 | 1.9 | 1.9 | ||||||||||||
Expected return on plan assets | (11.8 | ) | (10.7 | ) | (0.5 | ) | (0.5 | ) | ||||||||
Prior service cost | 0.5 | 1.1 | 1.8 | 1.8 | ||||||||||||
Recognized net actuarial loss | 13.7 | 11.1 | 0.5 | — | ||||||||||||
Transition obligation | — | — | — | 0.3 | ||||||||||||
Net periodic benefit costs before regulatory adjustment | 24.7 | 22.6 | 4.8 | 4.3 | ||||||||||||
Regulatory adjustment | (3.6 | ) | (3.9 | ) | (0.5 | ) | 0.4 | |||||||||
Net periodic benefit costs | $ | 21.1 | $ | 18.7 | $ | 4.3 | $ | 4.7 |
Three Months Ended March 31 | 2013 | 2012 | ||||||
Great Plains Energy | (millions) | |||||||
Equity compensation expense | $ | 1.8 | $ | 1.0 | ||||
Income tax benefit | 0.6 | 0.6 | ||||||
KCP&L | ||||||||
Equity compensation expense | $ | 1.3 | $ | 0.7 | ||||
Income tax benefit | 0.4 | 0.5 |
Performance Shares | Grant Date Fair Value* | |||||||||
Beginning balance | 370,560 | $ | 23.05 | |||||||
Granted | 224,121 | 24.16 | ||||||||
Earned | (104,453 | ) | 23.37 | |||||||
Performance adjustment | (51,542 | ) | 23.37 | |||||||
Ending balance | 438,686 | 23.50 |
Nonvested Restricted Stock | Grant Date Fair Value* | |||||||||
Beginning balance | 277,439 | $ | 19.03 | |||||||
Granted and issued | 74,728 | 22.45 | ||||||||
Vested | (28,802 | ) | 17.50 | |||||||
Ending balance | 323,365 | 19.94 |
March 31 | December 31 | ||||||||||||
Year Due | 2013 | 2012 | |||||||||||
KCP&L | (millions) | ||||||||||||
General Mortgage Bonds | |||||||||||||
4.97% EIRR bonds(a) | 2015-2035 | $ | 106.9 | $ | 106.9 | ||||||||
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 | ||||||||||
3.15% Series | 2023 | 300.0 | — | ||||||||||
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 | — | 2.6 | |||||||||||
Current maturities | — | (0.4 | ) | ||||||||||
Unamortized discount | (4.2 | ) | (4.0 | ) | |||||||||
Total KCP&L excluding current maturities(c) | 2,199.3 | 1,901.7 | |||||||||||
Other Great Plains Energy | |||||||||||||
GMO First Mortgage Bonds 9.44% Series | 2014-2021 | 9.0 | 10.1 | ||||||||||
GMO Pollution Control Bonds | |||||||||||||
0.221% Wamego Series 1996(d) | 2026 | 7.3 | 7.3 | ||||||||||
0.221% State Environmental 1993(d) | 2028 | 5.0 | 5.0 | ||||||||||
5.85% SJLP Pollution Control | — | 5.6 | |||||||||||
GMO 8.27% Senior Notes | 2021 | 80.9 | 80.9 | ||||||||||
GMO Medium Term Notes | |||||||||||||
7.16% Series | 2013 | 6.0 | 6.0 | ||||||||||
7.33% Series | 2023 | 3.0 | 3.0 | ||||||||||
7.17% Series | 2023 | 7.0 | 7.0 | ||||||||||
Great Plains Energy Senior Notes | |||||||||||||
2.75% Series (3.67% rate)(b) | 2013 | 250.0 | 250.0 | ||||||||||
6.875% Series (7.33% rate)(b) | 2017 | 100.0 | 100.0 | ||||||||||
4.85% Series (7.34% rate)(b) | 2021 | 350.0 | 350.0 | ||||||||||
5.292% Series | 2022 | 287.5 | 287.5 | ||||||||||
Current maturities | (257.1 | ) | (262.7 | ) | |||||||||
Unamortized discount and premium, net | 5.3 | 5.4 | |||||||||||
Total Great Plains Energy excluding current maturities(c) | $ | 3,053.2 | $ | 2,756.8 |
(a) | Weighted-average interest rates at March 31, 2013 |
(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 had been repurchased and were held by KCP&L |
(d) | Variable rate |
• | secured Series 1992 EIRR bonds maturing in 2017 totaling $31.0 million at a fixed rate of 1.25% through maturity; |
• | secured Series 1993B EIRR bonds totaling $39.5 million and previously held by KCP&L and 1993A EIRR bonds totaling $40.0 million maturing in 2023 at a fixed rate of 2.95% through maturity; |
• | unsecured Series 2007 A-1 and 2007 A-2 EIRR bonds totaling $10.0 million and $63.3 million, respectively, maturing in 2035 and previously held by KCP&L into one series: Series 2007A totaling $73.3 million at a variable rate that will be determined weekly; and |
• | unsecured Series 2007B EIRR bonds maturing in 2035 totaling $73.2 million at a variable rate that will be determined weekly. |
• | 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. |
March 31 | December 31 | |||||||||||
2013 | 2012 | |||||||||||
(millions) | ||||||||||||
Net receivable from GMO | $ | 17.1 | $ | 26.2 | ||||||||
Net receivable from Great Plains Energy | 16.7 | 13.8 |
March 31 | December 31 | ||||||||||||||
2013 | 2012 | ||||||||||||||
Notional Contract Amount | Fair Value | Notional Contract Amount | Fair Value | ||||||||||||
Great Plains Energy | (millions) | ||||||||||||||
Futures contracts | |||||||||||||||
Cash flow hedges | $ | — | $ | — | $ | 1.0 | $ | (0.2 | ) | ||||||
Non-hedging derivatives | 38.5 | (2.0 | ) | 17.9 | (2.8 | ) | |||||||||
Forward contracts | |||||||||||||||
Non-hedging derivatives | 67.0 | 6.5 | 65.5 | 6.5 | |||||||||||
Option contracts | |||||||||||||||
Non-hedging derivatives | 2.5 | 0.5 | — | — | |||||||||||
KCP&L | |||||||||||||||
Futures contracts | |||||||||||||||
Cash flow hedges | $ | — | $ | — | $ | 1.0 | $ | (0.2 | ) | ||||||
Non-hedging derivatives | 20.3 | (1.0 | ) | — | — |
Great Plains Energy | |||||||||||||
Balance Sheet | Asset Derivatives | Liability Derivatives | |||||||||||
March 31, 2013 | Classification | Fair Value | Fair Value | ||||||||||
Derivatives Not Designated as Hedging Instruments | (millions) | ||||||||||||
Commodity contracts | Derivative instruments | $ | 7.6 | $ | 2.6 | ||||||||
December 31, 2012 | |||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||
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 |
KCP&L | |||||||||||||
Balance Sheet | Asset Derivatives | Liability Derivatives | |||||||||||
March 31, 2013 | Classification | Fair Value | Fair Value | ||||||||||
Derivatives Not Designated as Hedging Instruments | (millions) | ||||||||||||
Commodity contracts | Derivative instruments | $ | — | $ | 1.0 | ||||||||
December 31, 2012 | |||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||
Commodity contracts | Derivative instruments | $ | — | $ | 0.2 |
Great Plains Energy | |||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||||||||
Description | Gross Amounts Recognized | Gross Amounts Offset in the Statement of Financial Position | Net Amounts Presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | |||||||||||||||||||||||||||||
March 31, 2013 | (millions) | ||||||||||||||||||||||||||||||||||
Derivative assets | $ | 7.6 | $ | (0.9 | ) | $ | 6.7 | $ | — | $ | — | $ | 6.7 | ||||||||||||||||||||||
Derivative liabilities | 2.6 | (2.6 | ) | — | — | — | — | ||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||
Derivative assets | $ | 6.5 | $ | — | $ | 6.5 | $ | — | $ | — | $ | 6.5 | |||||||||||||||||||||||
Derivative liabilities | 3.0 | (3.0 | ) | — | — | — | — |
KCP&L | |||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||||||||
Description | Gross Amounts Recognized | Gross Amounts Offset in the Statement of Financial Position | Net Amounts Presented in the Statement of Financial Position | Financial Instruments | Cash Collateral Received | Net Amount | |||||||||||||||||||||||||||||
March 31, 2013 | (millions) | ||||||||||||||||||||||||||||||||||
Derivative liabilities | $ | 1.0 | $ | (1.0 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||
Derivative liabilities | $ | 0.2 | $ | (0.2 | ) | $ | — | $ | — | $ | — | $ | — |
Great Plains Energy | |||||||||||
Derivatives in Cash Flow Hedging Relationship | |||||||||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | |||||||||||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | Income Statement Classification | Amount | |||||||||
Three Months Ended March 31, 2013 | (millions) | (millions) | |||||||||
Interest rate contracts | $ | — | Interest charges | $ | (5.0 | ) | |||||
Commodity contracts | — | Fuel | (0.2 | ) | |||||||
Income tax benefit | — | Income tax benefit | 2.0 | ||||||||
Total | $ | — | Total | $ | (3.2 | ) | |||||
Three Months Ended March 31, 2012 | |||||||||||
Interest rate contracts | $ | — | Interest charges | $ | (5.1 | ) | |||||
Commodity contracts | (0.3 | ) | Fuel | — | |||||||
Income tax benefit | 0.1 | Income tax benefit | 2.0 | ||||||||
Total | $ | (0.2 | ) | Total | $ | (3.1 | ) |
KCP&L | |||||||||||
Derivatives in Cash Flow Hedging Relationship | |||||||||||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | |||||||||||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | Income Statement Classification | Amount | |||||||||
Three Months Ended March 31, 2013 | (millions) | (millions) | |||||||||
Interest rate contracts | $ | — | Interest charges | $ | (2.2 | ) | |||||
Commodity contracts | — | Fuel | (0.2 | ) | |||||||
Income tax benefit | — | Income tax benefit | 0.9 | ||||||||
Total | $ | — | Total | $ | (1.5 | ) | |||||
Three Months Ended March 31, 2012 | |||||||||||
Interest rate contracts | $ | — | Interest charges | $ | (2.2 | ) | |||||
Commodity contracts | (0.3 | ) | Fuel | — | |||||||
Income tax benefit | 0.1 | Income tax benefit | 0.8 | ||||||||
Total | $ | (0.2 | ) | Total | $ | (1.4 | ) |
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 | |||||||||
Three Months Ended March 31, 2013 | (millions) | (millions) | |||||||||
Commodity contracts | $ | 1.8 | Fuel | $ | (1.0 | ) | |||||
Total | $ | 1.8 | Total | $ | (1.0 | ) | |||||
Three Months Ended March 31, 2012 | |||||||||||
Commodity contracts | $ | (3.0 | ) | Fuel | $ | (0.7 | ) | ||||
Total | $ | (3.0 | ) | Total | $ | (0.7 | ) |
Great Plains Energy | KCP&L | ||||||||||||||||||||||
March 31 | December 31 | March 31 | December 31 | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Current assets | $ | 10.4 | $ | 10.6 | $ | 10.4 | $ | 10.6 | |||||||||||||||
Current liabilities | (63.1 | ) | (68.4 | ) | (50.3 | ) | (52.8 | ) | |||||||||||||||
Noncurrent liabilities | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||
Deferred income taxes | 20.5 | 22.5 | 15.6 | 16.5 | |||||||||||||||||||
Total | $ | (32.2 | ) | $ | (35.4 | ) | $ | (24.3 | ) | $ | (25.8 | ) |
Fair Value Measurements Using | |||||||||||||||||||||||||||||
Description | March 31 2013 | 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 | $ | 108.7 | $ | — | $ | 108.7 | $ | — | $ | — | |||||||||||||||||||
Debt securities | |||||||||||||||||||||||||||||
U.S. Treasury | 18.5 | — | 18.5 | — | — | ||||||||||||||||||||||||
U.S. Agency | 3.3 | — | — | 3.3 | — | ||||||||||||||||||||||||
State and local obligations | 3.3 | — | — | 3.3 | — | ||||||||||||||||||||||||
Corporate bonds | 27.6 | — | — | 27.6 | — | ||||||||||||||||||||||||
Other | 0.3 | — | — | 0.3 | — | ||||||||||||||||||||||||
Total nuclear decommissioning trust | 161.7 | — | 127.2 | 34.5 | — | ||||||||||||||||||||||||
Total | 161.7 | — | 127.2 | 34.5 | — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Derivative instruments (b) | — | (1.0 | ) | 1.0 | — | — | |||||||||||||||||||||||
Total | $ | — | $ | (1.0 | ) | $ | 1.0 | $ | — | $ | — | ||||||||||||||||||
Other Great Plains Energy | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Derivative instruments (b) | $ | 6.7 | $ | (0.9 | ) | $ | 0.6 | $ | 4.6 | $ | 2.4 | ||||||||||||||||||
SERP rabbi trusts (c) | |||||||||||||||||||||||||||||
Equity securities | 0.1 | — | 0.1 | — | — | ||||||||||||||||||||||||
Fixed income funds | 19.7 | — | — | 19.7 | — | ||||||||||||||||||||||||
Total SERP rabbi trusts | 19.8 | — | 0.1 | 19.7 | — | ||||||||||||||||||||||||
Total | 26.5 | (0.9 | ) | 0.7 | 24.3 | 2.4 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Derivative instruments (b) | — | (1.6 | ) | 1.6 | — | — | |||||||||||||||||||||||
Total | $ | — | $ | (1.6 | ) | $ | 1.6 | $ | — | $ | — | ||||||||||||||||||
Great Plains Energy | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Derivative instruments (b) | $ | 6.7 | $ | (0.9 | ) | $ | 0.6 | $ | 4.6 | $ | 2.4 | ||||||||||||||||||
Nuclear decommissioning trust (a) | 161.7 | — | 127.2 | 34.5 | — | ||||||||||||||||||||||||
SERP rabbi trusts (c) | 19.8 | — | 0.1 | 19.7 | — | ||||||||||||||||||||||||
Total | 188.2 | (0.9 | ) | 127.9 | 58.8 | 2.4 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Derivative instruments (b) | — | (2.6 | ) | 2.6 | — | — | |||||||||||||||||||||||
Total | $ | — | $ | (2.6 | ) | $ | 2.6 | $ | — | $ | — |
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 | $ | — | $ | — |
(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 $2.6 million and $2.9 million at March 31, 2013, and December 31, 2012, 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 securities and Net Asset Value (NAV) per share for fixed income funds. The total does not include $0.1 million at March 31, 2013, and December 31, 2012, 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 March 31, 2013, and December 31, 2012, Great Plains Energy netted $1.7 million and $3.0 million, respectively, of cash collateral posted with counterparties. |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||
Derivative Instruments | |||||||
2013 | 2012 | ||||||
(millions) | |||||||
Balance at January 1 | $ | 2.3 | $ | 3.1 | |||
Total realized/unrealized gains included in non-operating income | 2.4 | 0.2 | |||||
Settlements | (2.3 | ) | (0.9 | ) | |||
Balance at March 31 | $ | 2.4 | $ | 2.4 | |||
Total unrealized gains (losses) included in non-operating income relating to assets | |||||||
and liabilities still on the consolidated balance sheet at March 31 | $ | 0.2 | $ | (0.6 | ) |
Great Plains Energy | ||||||||||||||||||
Gains and Losses on Cash Flow Hedges(a) | Defined Benefit Pension Items(a) | Total(a) | ||||||||||||||||
(millions) | ||||||||||||||||||
Beginning balance January 1, 2013 | $ | (35.4 | ) | $ | (3.0 | ) | $ | (38.4 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 3.2 | — | 3.2 | |||||||||||||||
Net current period other comprehensive income | 3.2 | — | 3.2 | |||||||||||||||
Ending balance March 31, 2013 | $ | (32.2 | ) | $ | (3.0 | ) | $ | (35.2 | ) |
KCP&L | ||||||
Gains and Losses on Cash Flow Hedges(a) | ||||||
(millions) | ||||||
Beginning balance January 1, 2013 | $ | (25.8 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 1.5 | |||||
Net current period other comprehensive income | 1.5 | |||||
Ending balance March 31, 2013 | $ | (24.3 | ) |
Great Plains Energy | ||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Income Statement | ||||||
Three Months Ended March 31, 2013 | (millions) | |||||||
Gains and (losses) on cash flow hedges (effective portion) | ||||||||
Interest rate contracts | $ | (5.0 | ) | Interest charges | ||||
Commodity contracts | (0.2 | ) | Fuel | |||||
(5.2 | ) | Income before income tax expense and loss from equity investments | ||||||
2.0 | Income tax benefit | |||||||
Total reclassifications, net of tax | $ | (3.2 | ) | Net income |
KCP&L | ||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Income Statement | ||||||
Three Months Ended March 31, 2013 | (millions) | |||||||
Gains and (losses) on cash flow hedges (effective portion) | ||||||||
Interest rate contracts | $ | (2.2 | ) | Interest charges | ||||
Commodity contracts | (0.2 | ) | Fuel | |||||
(2.4 | ) | Income before income tax expense | ||||||
0.9 | Income tax benefit | |||||||
Total reclassifications, net of tax | $ | (1.5 | ) | Net income |
Great Plains Energy | |||||||
Three Months Ended March 31 | 2013 | 2012 | |||||
Current income taxes | (millions) | ||||||
Federal | $ | (0.1 | ) | $ | — | ||
State | (0.1 | ) | (0.1 | ) | |||
Total | (0.2 | ) | (0.1 | ) | |||
Deferred income taxes | |||||||
Federal | 9.9 | (8.3 | ) | ||||
State | 2.3 | (0.8 | ) | ||||
Total | 12.2 | (9.1 | ) | ||||
Noncurrent income taxes | |||||||
Foreign | (0.1 | ) | 0.3 | ||||
Investment tax credit amortization | (0.4 | ) | (0.6 | ) | |||
Income tax expense (benefit) | $ | 11.5 | $ | (9.5 | ) |
KCP&L | |||||||
Three Months Ended March 31 | 2013 | 2012 | |||||
Current income taxes | (millions) | ||||||
Federal | $ | (0.3 | ) | $ | 0.1 | ||
Deferred income taxes | |||||||
Federal | 4.0 | (3.3 | ) | ||||
State | 1.3 | (0.1 | ) | ||||
Total | 5.3 | (3.4 | ) | ||||
Noncurrent income taxes | |||||||
Federal | 0.6 | 0.4 | |||||
State | 0.1 | 0.1 | |||||
Total | 0.7 | 0.5 | |||||
Investment tax credit amortization | (0.3 | ) | (0.5 | ) | |||
Income tax expense (benefit) | $ | 5.4 | $ | (3.3 | ) |
Great Plains Energy | |||||
Three Months Ended March 31 | 2013 | 2012 | |||
Federal statutory income tax rate | 35.0 | % | 35.0 | % | |
Differences between book and tax depreciation not normalized | 1.4 | (5.7 | ) | ||
Amortization of investment tax credits | (1.1 | ) | 3.5 | ||
Federal income tax credits | (7.9 | ) | 15.2 | ||
State income taxes | 4.2 | 3.1 | |||
Changes in uncertain tax positions, net | (0.7 | ) | (1.3 | ) | |
Other | (0.2 | ) | 1.7 | ||
Effective income tax rate | 30.7 | % | 51.5 | % |
KCP&L | |||||
Three Months Ended March 31 | 2013 | 2012 | |||
Federal statutory income tax rate | 35.0 | % | 35.0 | % | |
Differences between book and tax depreciation not normalized | 1.6 | (88.5 | ) | ||
Amortization of investment tax credits | (1.2 | ) | 48.1 | ||
Federal income tax credits | (13.8 | ) | 279.6 | ||
State income taxes | 4.0 | 1.3 | |||
Other | (0.7 | ) | 53.7 | ||
Effective income tax rate | 24.9 | % | 329.2 | % |
Great Plains Energy | KCP&L | ||||||||||||||||||||||
March 31 2013 | December 31 2012 | March 31 2013 | December 31 2012 | ||||||||||||||||||||
(millions) | |||||||||||||||||||||||
Beginning balance January 1 | $ | 21.4 | $ | 24.0 | $ | 10.5 | $ | 8.7 | |||||||||||||||
Additions for current year tax positions | 0.9 | 3.7 | 0.9 | 3.6 | |||||||||||||||||||
Reductions for current year tax positions | (0.1 | ) | — | — | — | ||||||||||||||||||
Reductions for prior year tax positions | (0.2 | ) | (1.8 | ) | (0.2 | ) | (1.6 | ) | |||||||||||||||
Statute expirations | (0.2 | ) | (4.7 | ) | — | (0.2 | ) | ||||||||||||||||
Foreign currency translation adjustments | (0.2 | ) | 0.2 | — | — | ||||||||||||||||||
Ending balance | $ | 21.6 | $ | 21.4 | $ | 11.2 | $ | 10.5 |
Three Months Ended March 31, 2013 | Electric Utility | Other | Eliminations | Great Plains Energy | |||||||||||||||||||
(millions) | |||||||||||||||||||||||
Operating revenues | $ | 542.2 | $ | — | $ | — | $ | 542.2 | |||||||||||||||
Depreciation and amortization | (70.2 | ) | — | — | (70.2 | ) | |||||||||||||||||
Interest (charges) income | (47.8 | ) | (14.5 | ) | 12.6 | (49.7 | ) | ||||||||||||||||
Income tax (expense) benefit | (12.6 | ) | 1.1 | — | (11.5 | ) | |||||||||||||||||
Net income (loss) attributable to Great Plains Energy | 27.6 | (1.6 | ) | — | 26.0 |
Three Months Ended March 31, 2012 | Electric Utility | Other | Eliminations | Great Plains Energy | |||||||||||||||||||
(millions) | |||||||||||||||||||||||
Operating revenues | $ | 479.7 | $ | — | $ | — | $ | 479.7 | |||||||||||||||
Depreciation and amortization | (67.4 | ) | — | — | (67.4 | ) | |||||||||||||||||
Interest (charges) income | (50.7 | ) | (25.1 | ) | 8.9 | (66.9 | ) | ||||||||||||||||
Income tax benefit | 1.8 | 7.7 | — | 9.5 | |||||||||||||||||||
Net income (loss) attributable to Great Plains Energy | 4.5 | (13.6 | ) | — | (9.1 | ) |
Electric Utility | Other | Eliminations | Great Plains Energy | ||||||||||||||||||||
March 31, 2013 | (millions) | ||||||||||||||||||||||
Assets | $ | 10,038.7 | $ | 46.1 | $ | (427.1 | ) | $ | 9,657.7 | ||||||||||||||
Capital expenditures(a) | 172.2 | — | — | 172.2 | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||
Assets | $ | 9,910.6 | $ | 122.4 | $ | (385.7 | ) | $ | 9,647.3 | ||||||||||||||
Capital expenditures(a) | 610.2 | — | — | 610.2 |
(a) | Capital expenditures reflect year to date amounts for the periods presented. |
• | a $31.4 million increase in gross margin driven by new retail rates, favorable weather, an increase in weather-normalized retail demand and the impact from an unplanned outage at Wolf Creek in the first quarter of 2012, partially offset by increased fuel and purchased power expense at KCP&L in Missouri, where there is no fuel recovery mechanism; |
• | a $10.1 million decrease in Wolf Creek operating and maintenance expenses primarily due to the unplanned outage at Wolf Creek during the first quarter of 2012; |
• | a $17.2 million decrease in interest expense primarily due to the repayment of GMO's $500.0 million 11.875% Senior Notes at maturity in July 2012 and the remarketing in March 2012 of subordinated notes underlying Great Plains Energy’s $287.5 million Equity Units, which resulted in recognition of the remaining interest expense related to the notes and a lower interest rate on the refinanced long-term debt; and |
• | a $21.0 million increase in income tax expense driven by increased pre-tax income. |
Three Months Ended March 31 | 2013 | 2012 | |||||||
(millions) | |||||||||
Operating revenues | $ | 542.2 | $ | 479.7 | |||||
Fuel | (132.2 | ) | (119.3 | ) | |||||
Purchased power | (38.8 | ) | (24.7 | ) | |||||
Transmission of electricity by others | (11.4 | ) | (7.3 | ) | |||||
Gross margin (a) | 359.8 | 328.4 | |||||||
Other operating expenses | (203.5 | ) | (212.0 | ) | |||||
Depreciation and amortization | (70.2 | ) | (67.4 | ) | |||||
Operating income | 86.1 | 49.0 | |||||||
Non-operating income and expenses | 1.2 | (0.9 | ) | ||||||
Interest charges | (49.7 | ) | (66.9 | ) | |||||
Income tax (expense) benefit | (11.5 | ) | 9.5 | ||||||
Loss from equity investments | (0.1 | ) | — | ||||||
Net income (loss) | 26.0 | (9.3 | ) | ||||||
Less: Net loss attributable to noncontrolling interest | — | 0.2 | |||||||
Net income (loss) attributable to Great Plains Energy | 26.0 | (9.1 | ) | ||||||
Preferred dividends | (0.4 | ) | (0.4 | ) | |||||
Earnings (loss) available for common shareholders | $ | 25.6 | $ | (9.5 | ) |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin below. |
• | a $31.4 million increase in gross margin driven by: |
• | an estimated $20 million increase from new retail rates in Kansas effective January 1, 2013, and Missouri effective January 26, 2013; |
• | an estimated $16 million increase due to favorable weather driven by a 41% increase in heating degree days; |
• | an estimated $4 million increase due to an increase in weather-normalized retail demand; |
• | an estimated $4 million increase from the impact of an unplanned outage at Wolf Creek in the first quarter of 2012; and |
• | an estimated $13 million decrease driven by increased fuel and purchased power expense at KCP&L in Missouri, where there is no fuel recovery mechanism; |
• | a $4.6 million decrease in other operating expenses driven by: |
• | a $10.1 million decrease in Wolf Creek operating and maintenance expenses primarily due to an unplanned outage at Wolf Creek in the first quarter of 2012; |
• | a $3.3 million increase in general taxes driven by increased property taxes; and |
• | a $3.6 million increase relating to solar rebates provided to customers; |
• | a $2.9 million decrease in interest expense primarily due to the repayment of GMO's $500.0 million 11.875% Senior Notes at maturity; and |
• | a $14.4 million increase in income tax expense driven by increased pre-tax income. |
• | the remarketing in March 2012 of subordinated notes underlying Great Plains Energy's $287.5 million Equity Units, which resulted in recognition of the remaining $3.8 million of after-tax interest expense related to the notes and a $2.2 million decrease in after-tax interest expense as a result of a lower interest rate on the refinanced long-term debt; and |
• | the three months ended March 31, 2012, included a $1.8 million after-tax loss on the sale of real estate property. |
Three Months Ended March 31 | 2013 | 2012 | |||||||
(millions) | |||||||||
Operating revenues | $ | 542.2 | $ | 479.7 | |||||
Fuel | (132.2 | ) | (119.3 | ) | |||||
Purchased power | (38.8 | ) | (24.7 | ) | |||||
Transmission of electricity by others | (11.4 | ) | (7.3 | ) | |||||
Gross margin (a) | 359.8 | 328.4 | |||||||
Other operating expenses | (202.8 | ) | (207.4 | ) | |||||
Depreciation and amortization | (70.2 | ) | (67.4 | ) | |||||
Operating income | 86.8 | 53.6 | |||||||
Non-operating income and expenses | 1.2 | (0.2 | ) | ||||||
Interest charges | (47.8 | ) | (50.7 | ) | |||||
Income tax (expense) benefit | (12.6 | ) | 1.8 | ||||||
Net income | $ | 27.6 | $ | 4.5 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
Revenues and Costs | % | MWhs Sold | % | ||||||||||||||||
Three Months Ended March 31 | 2013 | 2012 | Change | 2013 | 2012 | Change | |||||||||||||
Retail revenues | (millions) | (thousands) | |||||||||||||||||
Residential | $ | 226.6 | $ | 190.1 | 19 | % | 2,354 | 2,056 | 14 | % | |||||||||
Commercial | 208.7 | 188.8 | 10 | % | 2,525 | 2,463 | 3 | % | |||||||||||
Industrial | 44.3 | 42.8 | 3 | % | 706 | 757 | (7 | )% | |||||||||||
Other retail revenues | 5.0 | 5.0 | 4 | % | 31 | 31 | — | % | |||||||||||
Kansas property tax surcharge | 0.1 | 1.5 | N/M | N/A | N/A | N/A | |||||||||||||
Fuel recovery mechanism | 8.2 | 6.4 | 28 | % | N/A | N/A | N/A | ||||||||||||
Total retail | 492.9 | 434.6 | 13 | % | 5,616 | 5,307 | 6 | % | |||||||||||
Wholesale revenues | 34.4 | 33.6 | 3 | % | 1,246 | 1,133 | 10 | % | |||||||||||
Other revenues | 14.9 | 11.5 | 29 | % | N/A | N/A | N/A | ||||||||||||
Operating revenues | 542.2 | 479.7 | 13 | % | 6,862 | 6,440 | 7 | % | |||||||||||
Fuel | (132.2 | ) | (119.3 | ) | 11 | % | |||||||||||||
Purchased power | (38.8 | ) | (24.7 | ) | 57 | % | |||||||||||||
Transmission of electricity by others | (11.4 | ) | (7.3 | ) | 57 | % | |||||||||||||
Gross margin (a) | $ | 359.8 | $ | 328.4 | 10 | % |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
• | an estimated $20 million increase from new retail rates in Kansas effective January 1, 2013, and Missouri effective January 26, 2013; |
• | an estimated $16 million increase due to favorable weather driven by a 41% increase in heating degree days; |
• | an estimated $4 million increase due to an increase in weather-normalized retail demand; and |
• | an estimated $4 million increase from the impact of an unplanned outage at Wolf Creek in the first quarter of 2012. |
• | Great Plains Energy's deferred income taxes - current assets decreased $85.4 million primarily due to the reclassification to 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 due to the extension of 50% bonus depreciation with the January 2, 2013, enactment of the American Taxpayer Relief Act of 2012. |
• | Great Plains Energy's construction work in progress increased $88.4 million primarily due to a $40.7 million increase for environmental upgrades at KCP&L's La Cygne Station, in addition to normal plant activity. |
• | Great Plains Energy's commercial paper decreased $163.1 million due to repayment with proceeds from KCP&L’s issuance of $300.0 million of 3.15% Senior Notes, partially offset by increased borrowings used to support environmental upgrades at KCP&L's La Cygne Station, as well as dividend and interest payments. |
• | Great Plains Energy's accounts payable decreased $95.1 million primarily due to the timing of cash payments. |
• | Great Plains Energy's accrued taxes increased $30.4 million primarily due to the timing of property tax payments. |
• | Great Plains Energy's accrued interest increased $20.5 million primarily due to the timing of interest payments. |
• | Great Plains Energy's deferred income taxes - deferred credits and other liabilities decreased $72.5 million primarily due to the reclassification from 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 due to the extension of 50% bonus depreciation with the January 2, 2013, enactment of the American Taxpayer Relief Act of 2012. |
• | Great Plains Energy's long-term debt increased $296.4 million primarily due to the issuance, at a discount, of KCP&L's $300.0 million of 3.15% Senior Notes in March 2013. |
Three Months Ended March 31 | 2013 | 2012 | |||||||
(millions) | |||||||||
Operating revenues | $ | 366.7 | $ | 327.0 | |||||
Fuel | (94.5 | ) | (84.6 | ) | |||||
Purchased power | (19.1 | ) | (7.0 | ) | |||||
Transmission of electricity by others | (8.0 | ) | (5.0 | ) | |||||
Gross margin (a) | 245.1 | 230.4 | |||||||
Other operating expenses | (145.2 | ) | (153.1 | ) | |||||
Depreciation and amortization | (47.6 | ) | (45.7 | ) | |||||
Operating income | 52.3 | 31.6 | |||||||
Non-operating income and expenses | 1.3 | (0.2 | ) | ||||||
Interest charges | (32.0 | ) | (32.4 | ) | |||||
Income tax (expense) benefit | (5.4 | ) | 3.3 | ||||||
Net income | $ | 16.2 | $ | 2.3 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
Revenues and Costs | % | MWhs Sold | % | ||||||||||||||||
Three Months Ended March 31 | 2013 | 2012 | Change | 2013 | 2012 | Change | |||||||||||||
Retail revenues | (millions) | (thousands) | |||||||||||||||||
Residential | $ | 136.1 | $ | 112.6 | 21 | % | 1,362 | 1,200 | 14 | % | |||||||||
Commercial | 153.8 | 138.1 | 11 | % | 1,772 | 1,742 | 2 | % | |||||||||||
Industrial | 26.8 | 26.9 | — | % | 396 | 450 | (12 | )% | |||||||||||
Other retail revenues | 3.2 | 3.2 | 2 | % | 23 | 23 | — | % | |||||||||||
Kansas property tax surcharge | 0.1 | 1.5 | N/M | N/A | N/A | N/A | |||||||||||||
Fuel recovery mechanism | 3.9 | 7.7 | (50 | )% | N/A | N/A | N/A | ||||||||||||
Total retail | 323.9 | 290.0 | 12 | % | 3,553 | 3,415 | 4 | % | |||||||||||
Wholesale revenues | 38.3 | 32.3 | 19 | % | 1,401 | 1,089 | 29 | % | |||||||||||
Other revenues | 4.5 | 4.7 | (5 | )% | N/A | N/A | N/A | ||||||||||||
Operating revenues | 366.7 | 327.0 | 12 | % | 4,954 | 4,504 | 10 | % | |||||||||||
Fuel | (94.5 | ) | (84.6 | ) | 12 | % | |||||||||||||
Purchased power | (19.1 | ) | (7.0 | ) | N/M | ||||||||||||||
Transmission of electricity by others | (8.0 | ) | (5.0 | ) | 58 | % | |||||||||||||
Gross margin (a) | $ | 245.1 | $ | 230.4 | (6 | )% |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
• | an estimated $16 million increase from new retail rates in Kansas effective January 1, 2013, and Missouri effective January 26, 2013; |
• | an estimated $10 million increase due to favorable weather driven by a 41% increase in heating degree days; and |
• | an estimated $4 million increase from the impact of an unplanned outage at Wolf Creek in the first quarter of 2012. |
Issuer Purchases of Equity Securities | ||||||||||||||||
Month | Total Number of Shares (or Units) Purchased | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | ||||||||||||
January 1 - 31 | — | $ | — | — | N/A | |||||||||||
February 1 - 28 | — | — | — | N/A | ||||||||||||
March 1 - 31 | 52,778 | (1) | 22.38 | — | N/A | |||||||||||
Total | 52,778 | $ | 22.38 | — | N/A |
(1) | Represents common shares surrendered to the Company to pay taxes related to the vesting of restricted common shares and issuance of performance shares. |
Nominee | Votes For | Votes Withheld | Broker Non-Votes |
Terry Bassham | 107,617,031 | 8,158,300 | 21,589,477 |
David L. Bodde | 111,425,605 | 4,349,726 | 21,589,477 |
Randall C. Ferguson, Jr. | 111,326,963 | 4,448,368 | 21,589,477 |
Gary D. Forsee | 111,578,062 | 4,197,269 | 21,589,477 |
Thomas D. Hyde | 111,741,830 | 4,033,501 | 21,589,477 |
James A. Mitchell | 110,820,810 | 4,954,521 | 21,589,477 |
Ann D. Murtlow | 111,418,432 | 4,356,899 | 21,589,477 |
John J. Sherman | 111,485,492 | 4,289,839 | 21,589,477 |
Linda H. Talbott | 111,161,466 | 4,613,865 | 21,589,477 |
Robert H. West | 108,909,249 | 6,866,082 | 21,589,477 |
Votes For | Votes Against | Abstentions | Broker Non-Votes |
103,688,472 | 6,456,109 | 5,630,750 | 21,589,477 |
Votes For | Votes Against | Abstentions |
135,614,369 | 1,275,794 | 474,645 |
Exhibit Number | Description of Document | Registrant | ||
4.1 | * | Supplemental Indenture No. 4 dated as of March 11, 2013 between KCP&L and The Bank of New York Mellon Trust Company, N.A., as Trustee (Exhibit 4.1 to Form 8-K filed on March 14, 2013). | Great Plains Energy KCP&L | |
10.1 | + | Form of 2013 three-year Performance Share Agreement. | Great Plains Energy KCP&L | |
10.2 | + | Form of 2013 Restricted Stock Agreement. | Great Plains Energy KCP&L | |
10.3 | + | Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Performance Criteria Effective as of January 1, 2013. | Great Plains Energy KCP&L | |
10.4 | + | 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, 2013. | Great Plains Energy KCP&L | |
31.1 | Rule 13a-14(a)/15d-14(a) Certification of Terry Bassham. | Great Plains Energy | ||
31.2 | Rule 13a-14(a)/15d-14(a) Certification of James C. Shay. | Great Plains Energy | ||
31.3 | Rule 13a-14(a)/15d-14(a) Certification of Terry Bassham. | KCP&L | ||
31.4 | Rule 13a-14(a)/15d-14(a) Certification of James C. Shay. | KCP&L | ||
32.1 | ** | Section 1350 Certifications. | Great Plains Energy | |
32.2 | ** | Section 1350 Certifications. | KCP&L | |
101.INS | XBRL Instance Document. | Great Plains Energy KCP&L | ||
101.SCH | XBRL Taxonomy Extension Schema Document. | Great Plains Energy KCP&L | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | Great Plains Energy KCP&L | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | Great Plains Energy KCP&L | ||
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document. | Great Plains Energy KCP&L | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | Great Plains Energy KCP&L |
GREAT PLAINS ENERGY INCORPORATED | ||
Dated: | May 9, 2013 | By: /s/ Terry Bassham |
(Terry Bassham) | ||
(Chief Executive Officer) | ||
Dated: | May 9, 2013 | By: /s/ Lori A. Wright |
(Lori A. Wright) | ||
(Principal Accounting Officer) |
KANSAS CITY POWER & LIGHT COMPANY | ||
Dated: | May 9, 2013 | By: /s/ Terry Bassham |
(Terry Bassham) | ||
(Chief Executive Officer) | ||
Dated: | May 9, 2013 | By: /s/ Lori A. Wright |
(Lori A. Wright) | ||
(Principal Accounting Officer) |
1. | Performance Share Award. The Company hereby grants to the Grantee an Award of _________ Performance Shares for the three-year period ending December 31, 2015, (the “Award Period”). The Performance Shares may be earned based upon the Company's performance as set forth in Appendix A. |
2. | Terms and Conditions. The Award of Performance Shares is subject to the following terms and conditions: |
a. | The Performance Shares shall be credited with a hypothetical cash credit equal to the per share dividend paid on the Company's common stock as of the date of any such dividend paid during the entire Award Period, and not just the period of time after the Grant Date. At the end of the Award Period and provided the Performance Shares have not been forfeited in accordance with the terms of the Plan, the Grantee shall be paid, in a lump sum cash payment, the aggregate amount of such hypothetical dividend equivalents. |
b. | No Company common stock will be delivered under this or any other outstanding awards of performance shares until either (i) the Grantee (or the Grantee's successor) has paid to the Company the amount that must be withheld under federal, state and local income and employment tax laws or (ii) the Grantee and the Company have made satisfactory provision for the payment of such taxes. The Company shall first withhold such taxes from the cash portion, if any, of the Award. To the extent the cash portion of the Award is insufficient to cover the full withholding amount, unless otherwise elected by the Grantee or not permitted by the Compensation and Development Committee (which may disallow share withholding at any time), the remaining tax withholding will be accomplished through the Company's withholding of a number of shares having a Fair Market Value equal to the Company's applicable tax withholding obligation. |
c. | The Company will, to the full extent permitted by law, have the discretion based on the particular facts and circumstances to require that the Grantee reimburse the Company for all or any portion of any awards if and to the extent the awards reflected the achievement of financial results that were subsequently the subject of a restatement, or the achievement of other objectives that were subsequently found to be inaccurately measured, and a lower award would have occurred based upon the restated financial results or inaccurately measured objectives. The Company may, in its discretion, (i) seek repayment from the Grantee; (ii) reduce the amount that would otherwise be payable to the Grantee under current or future awards; (iii) withhold future equity grants or salary increases; (iv) pursue other available legal remedies; or (v) any combination of these actions. The Company may take such actions against any Grantee, whether or not such Grantee engaged in any misconduct or was otherwise at fault with respect to such restatement or inaccurate measurement. The Company will, however, not seek reimbursement with respect to any awards paid more than three years prior to such restatement or the discovery of inaccurate measurements, as applicable. |
d. | Except as otherwise specifically provided herein, the Award of Performance Shares is subject to and governed by the applicable terms and conditions of the Plan, which are incorporated herein by reference. |
1. | Amendment. This Agreement may be amended only in the manner provided by the Company evidencing both parties' agreement to the amendment. This Agreement may also be amended, without prior notice to Grantee and without Grantee's consent prior to any Change in Control by the Committee if the Committee in good faith determines the amendment does not materially adversely affect any of Grantee's rights under this Agreement. |
2. | Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof, and supersedes all prior agreements or understandings between the parties relating thereto. |
GREAT PLAINS ENERGY INCORPORATED | |
By: _____________________________________ | ________________________________________ |
Terry Bassham | _______________________ |
Grantee | |
March _____, 2013 |
Objective | Weighted (Percent) | Threshold (50%) | Threshold (100%) | Stretch (150%) | Superior (200%) | |
1. | Three-year (2013-2015) Average FFO to Total Adjusted Debt1 | 50% | 14.5% | 15.0% | 15.5% | 16.0% |
2. | Total Shareholder Return (TSR) versus EEI Index2 | 50% | See Below |
Percentile Rank | Payout Amount (Percent of Target) |
75th and above | 200% |
60th to 74th | 150% |
40th to 59th | 100% |
25th to 39th | 50% |
24th and below | 0% |
1. | Restricted Stock Award. The Company hereby grants to the Grantee an Award of ________ shares of Restricted Stock subject to the restrictions provided herein. |
2. | Terms and Conditions. The Award of Restricted Stock is subject to the following terms and conditions: |
a. | The Restricted Stock granted hereunder will be held in book entry and may not be sold, transferred, pledged, hypothecated or otherwise transferred other than as provided in the Plan. The restrictions will terminate on March 7, 2016 (the “Restriction Period”). If Grantee's employment terminates for any reason before the end of the Restriction Period, the Restricted Stock (and any additional shares attributable to reinvested dividends) will be forfeited. |
b. | Dividends with respect to the Restricted Stock shall be paid and reinvested during the period under the Company's Dividend Reinvestment and Direct Stock Purchase Plan. Such reinvested dividends shall be subject to the same restrictions as the Restricted Stock. |
c. | No Company common stock will be released from the restrictions under this or any other outstanding awards of restricted stock until either (i) the Grantee (or the Grantee's successor) has paid to the Company the amount that must be withheld under federal, state and local income and employment tax laws or (ii) the Grantee and the Company have made satisfactory provision for the payment of such taxes. Unless otherwise elected by the Grantee or not permitted by the Compensation and |
d. | The Company will, to the full extent permitted by law, have the discretion based on the particular facts and circumstances to require that the Grantee reimburse the Company for all or any portion of any awards if and to the extent the awards reflected the achievement of financial results that were subsequently the subject of a restatement, or the achievement of other objectives that were subsequently found to be inaccurately measured, and a lower award would have occurred based upon the restated financial results or inaccurately measured objectives. The Company may, in its discretion, (i) seek repayment from the Grantee; (ii) reduce the amount that would otherwise be payable to the Grantee under current or future awards; (iii) withhold future equity grants or salary increases; (iv) pursue other available legal remedies; or (v) any combination of these actions. The Company may take such actions against the Grantee, whether or not the Grantee engaged in any misconduct or was otherwise at fault with respect to such restatement or inaccurate measurement. The Company will, however, not seek reimbursement with respect to any awards paid more than three years prior to such restatement or the discovery of inaccurate measurements, as applicable. |
e. | Except as otherwise specifically provided herein, the Award of Restricted Stock is subject to and governed by the applicable terms and conditions of the Plan, which are incorporated herein by reference. |
3. | Amendment. This Agreement may be amended only in the manner provided by the Company evidencing both parties' agreement to the amendment. This Agreement may also be amended, without prior notice to Grantee and without Grantee's consent prior to any Change in Control by the Committee if the Committee in good faith determines the amendment does not materially adversely affect any of Grantee's rights under this Agreement. |
4. | Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof, and supersedes all prior agreements or understandings between the parties relating thereto. |
GREAT PLAINS ENERGY INCORPORATED | |
By: ________________________________ | By: ________________________________ |
Terry Bassham | _______________________ Grantee |
Dated: _______________ ____, 2013 |
Objective | Weighted (Percent) | Threshold (50%) | Threshold (100%) | Stretch (150%) | Superior (200%) | |
1. | Three-year (2013-2015) Average FFO to Total Adjusted Debt1 | 50% | 14.5% | 15.0% | 15.5% | 16.0% |
2. | Total Shareholder Return (TSR) versus EEI Index2 | 50% | See Below |
Percentile Rank | Payout Amount (Percent of Target) |
75th and above | 200% |
60th to 74th | 150% |
40th to 59th | 100% |
25th to 39th | 50% |
24th and below | 0% |
2013 Annual Incentive Plan Objectives and Performance Levels | ||||||
Objectives | Weighting | 2013 Targets | ||||
Threshold 50% | Target 100% | Stretch 150% | Superior 200% | |||
Financial Objective 50% of Payout | Financial Objectives | |||||
Earning Per Share | 50% | $1.54 *1 | $1.57 | $1.60 | $1.64 | |
Key Business Objectives 30% of Payout | Key Business Objectives | |||||
Days Away, Restricted or Transferred (DART) | 10% | 1.04 | 0.90 | 0.77 | 0.51 | |
SAIDI (System-wide Reliability in Minutes) | 5% | 94.96 | 90.60 | 86.24 | 81.88 | |
Percent Equivalent Availability (Coal Units, Peak Months (Winter & Summer) | 5% | 81.9% | 86.8% | 87.7% | 89.5% | |
Percent Equivalent Availability (Nuclear Only) | 5% | 80.4% | 83% | 83.8% | 84.6% | |
JD Power Customer Satisfaction Index (Residential Customer Satisfaction) | 5% | Bottom Half Tier 2 | Top Half Tier 2 | Bottom Half Tier 1 | Top Half Tier 1 | |
Individual Performance 20% of Payout | Individual Performance | |||||
Individual Performance | 20% | 50% | 100% | 150% | 200% | |
*1 - Financial Objective will not payout until Budget is achieved and each subsequent levels will be earned (covered) before paid. | ||||||
1. | I have reviewed this quarterly report on Form 10-Q of Great Plains Energy Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | May 9, 2013 | /s/ Terry Bassham |
Terry Bassham Chairman, Chief Executive Officer and President |
1. | I have reviewed this quarterly report on Form 10-Q of Great Plains Energy Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | May 9, 2013 | /s/ James C. Shay |
James C. Shay Senior Vice President - Finance and Strategic Development and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Kansas City Power & Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | May 9, 2013 | /s/ Terry Bassham |
Terry Bassham Chairman, Chief Executive Officer and President |
1. | I have reviewed this quarterly report on Form 10-Q of Kansas City Power & Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | May 9, 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 Chairman, Chief Executive Officer and President |
Date: | May 9, 2013 |
/s/ James C. Shay | |
Name: Title: | James C. Shay Senior Vice President - Finance and Strategic Development and Chief Financial Officer |
Date: | May 9, 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 Chairman, Chief Executive Officer and President |
Date: | May 9, 2013 |
/s/ James C. Shay | |
Name: Title: | James C. Shay Senior Vice President - Finance and Strategic Development and Chief Financial Officer |
Date: | May 9, 2013 |
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Summary of Significant Accounting Policies Summary of Significant Accounting Policies Utility Plant (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Utility Plant, at original cost | ||
Public Utilities, Property, Plant and Equipment, Plant in Service | $ 11,211.0 | $ 11,160.5 |
Kansas City Power and Light Company [Member]
|
||
Utility Plant, at original cost | ||
Public Utilities, Property, Plant and Equipment, Plant in Service | $ 7,994.0 | $ 7,971.4 |
Long-Term Debt Subsequent Event (Details) (Subsequent Event [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
EIRR Bonds Remarketed Same Series [Member] | Secured Debt [Member] | Secured 1992 Series EIRR Bonds [Member]
|
|
Subsequent Event [Line Items] | |
Subsequent Event Amount | $ 31.0 |
Subsequent Event Date | Apr. 01, 2013 |
Subsequent Event Description | KCP&L remarketed the secured Series 1992 EIRR bonds maturing in 2017 at a fixed rate of 1.25% through maturity |
EIRR Bonds Remarketed Same Series [Member] | Secured Debt [Member] | Secured Series 1993B EIRR Bonds Member
|
|
Subsequent Event [Line Items] | |
Subsequent Event Amount | 39.5 |
Subsequent Event Date | Apr. 01, 2013 |
Subsequent Event Description | KCP&L remarketed the secured Series 1993B EIRR bonds maturing in 2023 and previously held by KCP&L at a fixed rate of 2.95% through maturity |
EIRR Bonds Remarketed Same Series [Member] | Secured Debt [Member] | Secured Series 1993A Bonds [Member]
|
|
Subsequent Event [Line Items] | |
Subsequent Event Amount | 40.0 |
Subsequent Event Date | Apr. 01, 2013 |
Subsequent Event Description | KCP&L remarketed the secured Series 1993A EIRR bonds maturing in 2023 at a fixed rate through maturity. |
EIRR Bonds Remarketed Same Series [Member] | Corporate Debt Securities [Member] | General Mortgage bonds EIRR series 2007B due 2035 [Member]
|
|
Subsequent Event [Line Items] | |
Subsequent Event Amount | 73.2 |
Subsequent Event Date | Apr. 01, 2013 |
Subsequent Event Description | KCP&L remarketed the unsecured Series 2007B EIRR bonds maturing in 2035 at a variable rate that will be determined weekly |
EIRR Bonds Remarketed Old Series [Member] | Corporate Debt Securities [Member] | General Mortgage bonds Series 2007A-1 due 2035 [Member]
|
|
Subsequent Event [Line Items] | |
Subsequent Event Amount | 10.0 |
Subsequent Event Date | Apr. 01, 2013 |
Subsequent Event Description | KCP&L remarketed the unsecured Series 2007 A-1 and 2007 A-2 EIRR bonds maturing in 2035 into one series 2007A at a variable rate that will be determined weekly |
EIRR Bonds Remarketed Old Series [Member] | Corporate Debt Securities [Member] | General Mortgage bonds EIRR series 2007A-2 due 2035 [Member]
|
|
Subsequent Event [Line Items] | |
Subsequent Event Amount | 63.3 |
Subsequent Event Date | Apr. 01, 2013 |
Subsequent Event Description | KCP&L remarketed the unsecured Series 2007 A-1 and 2007 A-2 EIRR bonds maturing in 2035 into one series 2007A at a variable rate that will be determined weekly |
EIRR Bonds Remarketed New Series [Member] | Corporate Debt Securities [Member] | General Mortgage bonds Series 2007A due 2035 [Member]
|
|
Subsequent Event [Line Items] | |
Subsequent Event Amount | 73.3 |
Subsequent Event Date | Apr. 01, 2013 |
Subsequent Event Description | KCP&L remarketed the unsecured Series 2007 A-1 and 2007 A-2 EIRR bonds maturing in 2035 into one series 2007A at a variable rate that will be determined weekly |
Debt retired in connection with EIRR bonds remarketing [Member] | Secured Debt [Member] | Mortgage Bonds Series 2007 EIRR Issuer due 2035 [Member]
|
|
Subsequent Event [Line Items] | |
Subsequent Event Amount | $ 146.5 |
Subsequent Event Date | Apr. 01, 2013 |
Subsequent Event Description | In connection with the remarketing of the bonds, the municipal bond insurance policies issued by Syncora Guarantee Inc. relating to the Series 1992 EIRR bonds and the Series 1993 EIRR bonds and by Financial Guaranty Insurance Company (FGIC) relating to the Series 2007 EIRR bond were cancelled and KCP&L's Mortgage Bond Series 2007 EIRR Insurer due 2035, which had been issued and delivered to FGIC in 2009 to collateralize FGIC's claim on KCP&L under the related insurance agreement, was retired. |
Nuclear Plant Decommissioning Trust (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2013
|
Dec. 31, 2012
|
|
Nuclear decommissioning trust fund [Roll Forward] | ||
Nuclear decommissioning trust fund, beginning balance | $ 154.7 | $ 135.3 |
Contributions to nuclear decommissioning trust fund | 0.9 | 3.3 |
Nuclear decommissioning trust fund earned income, net of fees | 0.8 | 3.0 |
Net realized gains (losses) on nuclear decommissioning trust fund | 1.1 | 1.0 |
Net unrealized gains (losses) on nuclear decommissioning trust fund | 6.8 | 12.1 |
Nuclear decommissioning trust fund, ending balance | 164.3 | 154.7 |
Kansas City Power and Light Company [Member]
|
||
Nuclear decommissioning trust fund [Roll Forward] | ||
Nuclear decommissioning trust fund, ending balance | $ 164.3 | $ 154.7 |
Wolf Creek Unit [Member] | Kansas City Power and Light Company [Member]
|
||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership percentage in Wolf Creek, a nuclear generating unit (in hundredths) | 47.00% |
Related Party Transactions and Relationships (Tables)
|
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
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Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of related party receivables and payables | The following table summarizes KCP&L's related party receivables and payables.
|
Regulatory Matters Asset (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Regulatory Assets [Line Items] | ||
Regulatory Assets, Noncurrent | $ 1,101.1 | $ 1,120.9 |
Regulatory Liability, Noncurrent | 291.1 | 283.8 |
Kansas City Power and Light Company [Member]
|
||
Regulatory Assets [Line Items] | ||
Regulatory Assets, Noncurrent | 833.7 | 853.2 |
Regulatory Liability, Noncurrent | $ 159.4 | $ 153.0 |
Related Party Transactions and Relationships (Details) (Kansas City Power and Light Company [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Dec. 31, 2012
|
|
KCPL Greater Missouri Operations [Member]
|
|||
Related Party Transaction [Line Items] | |||
Receivable from Related Party | $ 17.1 | $ 26.2 | |
KCPL employees manage GMO's business and operate its facilities at cost | 25.2 | 26.2 | |
KCPL net wholesale sales to GMO | 5.4 | 5.4 | |
Great Plains Energy [Member]
|
|||
Related Party Transaction [Line Items] | |||
Receivable from Related Party | $ 16.7 | $ 13.8 |
Segments and Related Information (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Dec. 31, 2012
|
|||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | $ 542.2 | $ 479.7 | |||||
Depreciation and amortization | (70.2) | (67.4) | |||||
Interest charges | (49.7) | (66.9) | |||||
Income tax (expense) benefit | (11.5) | 9.5 | |||||
Net income (loss) attributable to Great Plains Energy | 26.0 | (9.1) | |||||
Assets, Total | 9,657.7 | 9,647.3 | |||||
Capital expenditures | 172.2 | [1] | 610.2 | [1] | |||
Electric Utility Segment [Member]
|
|||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 542.2 | 479.7 | |||||
Depreciation and amortization | (70.2) | (67.4) | |||||
Interest charges | (47.8) | (50.7) | |||||
Income tax (expense) benefit | (12.6) | 1.8 | |||||
Net income (loss) attributable to Great Plains Energy | 27.6 | 4.5 | |||||
Assets, Total | 10,038.7 | 9,910.6 | |||||
Capital expenditures | 172.2 | [1] | 610.2 | [1] | |||
All Other Segments [Member]
|
|||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 0 | 0 | |||||
Depreciation and amortization | 0 | 0 | |||||
Interest charges | (14.5) | (25.1) | |||||
Income tax (expense) benefit | 1.1 | 7.7 | |||||
Net income (loss) attributable to Great Plains Energy | (1.6) | (13.6) | |||||
Assets, Total | 46.1 | 122.4 | |||||
Capital expenditures | 0 | [1] | 0 | [1] | |||
Intersegment Elimination [Member]
|
|||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 0 | 0 | |||||
Depreciation and amortization | 0 | 0 | |||||
Interest charges | 12.6 | 8.9 | |||||
Income tax (expense) benefit | 0 | 0 | |||||
Net income (loss) attributable to Great Plains Energy | 0 | 0 | |||||
Assets, Total | (427.1) | (385.7) | |||||
Capital expenditures | $ 0 | [1] | $ 0 | [1] | |||
|
Summary of Significant Accounting Policies (Policies)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
|
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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 16 for additional information. |
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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 loss attributable to noncontrolling interest are deducted from net income (loss) 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 and Equity Units. Great Plains Energy settled the Equity Units in June 2012. The following table reconciles Great Plains Energy's basic and diluted EPS.
Great Plains Energy had a net loss for the three months ended March 31, 2012; therefore, no potential common shares were included in the diluted EPS calculation for that period because the effect is always anti-dilutive. Anti-dilutive shares excluded from the computation of diluted EPS are detailed in the following table.
|
Equity Compensation (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity compensation expense | $ 1.8 | $ 1.0 | |||
Income tax benefit | 0.6 | 0.6 | |||
Performance Shares [Member]
|
|||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected volatility | 19.00% | ||||
Expected dividend yield | 3.88% | ||||
Risk-free interest rate | 0.35% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Beginning balance (in shares) | 370,560 | ||||
Granted (in shares) | 224,121 | ||||
Earned (in shares) | (104,453) | ||||
Performance adjustment (in shares) | (51,542) | ||||
Ending balance (in shares) | 438,686 | ||||
Weighted average beginning balance (in dollars per share) | $ 23.05 | [1] | |||
Weighted average granted (in dollars per share) | $ 24.16 | [1] | $ 18.71 | ||
Weighted average earned (in dollars per share) | $ 23.37 | [1] | |||
Weighted average performance adjustment (in dollars per share) | $ 23.37 | [1] | |||
Weighted average ending balance (in dollars per share) | $ 23.50 | [1] | |||
Total unrecognized compensation expense | 6.3 | ||||
Remaining weighted-average contractual term (in years) | 2 years 1 month | ||||
Fair value of performance shares earned and paid | 2.4 | 0 | |||
Restricted Stock [Member]
|
|||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Beginning balance (in shares) | 277,439 | ||||
Granted (in shares) | 74,728 | ||||
Vested (in shares) | (28,802) | ||||
Ending balance (in shares) | 323,365 | ||||
Weighted average beginning balance (in dollars per share) | $ 19.03 | [1] | |||
Weighted average granted (in dollars per share) | $ 22.45 | [1] | $ 19.66 | ||
Weighted average vested (in dollars per share) | $ 17.50 | [1] | |||
Weighted average ending balance (in dollars per share) | $ 19.94 | [1] | |||
Total unrecognized compensation expense | 3.6 | ||||
Total fair value of shares vested | 0.5 | 2.0 | |||
Remaining weighted-average contractual term (in years) | 1 year 10 months | ||||
Kansas City Power and Light Company [Member]
|
|||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity compensation expense | 1.3 | 0.7 | |||
Income tax benefit | $ 0.4 | $ 0.5 | |||
|
Summary of Significant Accounting Policies Subsequent Events (Details) (Dividend Declared [Member], USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended |
---|---|
Mar. 31, 2013
|
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Dividends Declared [Abstract] | |
Subsequent Event Date | May 07, 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]
|
|
Dividends Declared [Abstract] | |
Subsequent Event Date | May 07, 2013 |
Subsequent Event Amount | $ 23.0 |
Subsequent Event Description | KCP&L’s Board of Directors declared a cash dividend payable to Great Plains Energy |
Taxes (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
|
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Components of income tax expense (benefit) 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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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.
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Long-Term Debt (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
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Dec. 31, 2012
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Debt Instrument [Line Items] | ||||||||||||
Current maturities | $ (257.1) | $ (263.1) | ||||||||||
Long-term debt excluding current maturities | 3,053.2 | [1] | 2,756.8 | [1] | ||||||||
Kansas City Power and Light Company [Member]
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Debt Instrument [Line Items] | ||||||||||||
Current maturities | 0 | (0.4) | ||||||||||
Unamortized discount | (4.2) | (4.0) | ||||||||||
Long-term debt excluding current maturities | 2,199.3 | [1] | 1,901.7 | [1] | ||||||||
Kansas City Power and Light Company [Member] | Secured Debt [Member] | General Mortgage bonds EIRR due 2015-2035 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 106.9 | 106.9 | ||||||||||
Debt Instrument Maturity Date Range Start | Dec. 31, 2015 | |||||||||||
Debt Instrument Maturity Date Range End | Dec. 31, 2035 | |||||||||||
Interest rates (in hundredths) | 4.97% | [2] | ||||||||||
Kansas City Power and Light Company [Member] | Secured Debt [Member] | General Mortgage bonds Series 2009 due 2019 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 400.0 | 400.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2019 | |||||||||||
Interest rates (in hundredths) | 7.15% | |||||||||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 8.59% | [3] | ||||||||||
Kansas City Power and Light Company [Member] | Secured Debt [Member] | General Mortgage bonds EIRR series 2005 due 2035 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 50.0 | 50.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2035 | |||||||||||
Interest rates (in hundredths) | 4.65% | |||||||||||
Kansas City Power and Light Company [Member] | Secured Debt [Member] | General Mortgage bonds EIRR series 2007B due 2035 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 73.2 | 73.2 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2035 | |||||||||||
Interest rates (in hundredths) | 5.375% | |||||||||||
Kansas City Power and Light Company [Member] | Corporate Debt Securities [Member] | Senior notes due 2017 KCPL [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 250.0 | 250.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2017 | |||||||||||
Interest rates (in hundredths) | 5.85% | |||||||||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 5.72% | [3] | ||||||||||
Kansas City Power and Light Company [Member] | Corporate Debt Securities [Member] | Senior notes due 2018 KCPL [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 350.0 | 350.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2018 | |||||||||||
Interest rates (in hundredths) | 6.375% | |||||||||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 7.49% | [3] | ||||||||||
Kansas City Power and Light Company [Member] | Corporate Debt Securities [Member] | Senior Notes due 2023 KCPL [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 300.0 | 0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2023 | |||||||||||
Interest rates (in hundredths) | 3.15% | |||||||||||
Kansas City Power and Light Company [Member] | Corporate Debt Securities [Member] | Senior notes due 2035 KCPL [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 250.0 | 250.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2035 | |||||||||||
Interest rates (in hundredths) | 6.05% | |||||||||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 5.78% | [3] | ||||||||||
Kansas City Power and Light Company [Member] | Corporate Debt Securities [Member] | Senior Notes Due 2041 KCPL [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 400.0 | 400.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2041 | |||||||||||
Interest rates (in hundredths) | 5.30% | |||||||||||
Kansas City Power and Light Company [Member] | Environmental Improvement Revenue Refunding Bonds [Member] | EIRR bonds 4.90 percent Series 2008
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 23.4 | 23.4 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2038 | |||||||||||
Interest rates (in hundredths) | 4.90% | |||||||||||
Kansas City Power and Light Company [Member] | Environmental Improvement Revenue Refunding Bonds [Member] | General Mortgage bonds Series 2007A-1 due 2035 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Bonds purchased in lieu of redemption | 63.3 | |||||||||||
Kansas City Power and Light Company [Member] | Environmental Improvement Revenue Refunding Bonds [Member] | General Mortgage bonds EIRR series 2007A-2 due 2035 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Bonds purchased in lieu of redemption | 10.0 | |||||||||||
Kansas City Power and Light Company [Member] | Environmental Improvement Revenue Refunding Bonds [Member] | Secured Series 1993B EIRR Bonds Member
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Debt Instrument [Line Items] | ||||||||||||
Bonds purchased in lieu of redemption | 39.5 | |||||||||||
Kansas City Power and Light Company [Member] | Other Long-Term Debt [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 0 | 2.6 | ||||||||||
KCPL Greater Missouri Operations [Member] | GMO First Mortgage Bonds [Member] | First Mortgage Bonds due through 2021 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 9.0 | 10.1 | ||||||||||
Debt Instrument Maturity Date Range Start | Dec. 31, 2014 | |||||||||||
Debt Instrument Maturity Date Range End | Dec. 31, 2021 | |||||||||||
Interest rates (in hundredths) | 9.44% | |||||||||||
KCPL Greater Missouri Operations [Member] | GMO Pollution Control Bonds [Member] | Pollution control bonds SJLP due 2013 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 0 | 5.6 | ||||||||||
Interest rates (in hundredths) | 5.85% | |||||||||||
KCPL Greater Missouri Operations [Member] | GMO Pollution Control Bonds [Member] | Pollution control bonds Wamego Series 1996 due 2026 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 7.3 | 7.3 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2026 | |||||||||||
Variable rate (in hundredths) | 0.221% | [4] | ||||||||||
KCPL Greater Missouri Operations [Member] | GMO Pollution Control Bonds [Member] | Pollution control bonds state environmental 1993 due 2028 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 5.0 | 5.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2028 | |||||||||||
Variable rate (in hundredths) | 0.221% | [4] | ||||||||||
KCPL Greater Missouri Operations [Member] | GMO Senior Notes [Member] | Senior notes 8.27 percent series due 2021 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 80.9 | 80.9 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2021 | |||||||||||
Interest rates (in hundredths) | 8.27% | |||||||||||
KCPL Greater Missouri Operations [Member] | GMO Medium Term Notes [Member] | Medium term notes 7.16 percent series due 2013 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 6.0 | 6.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2013 | |||||||||||
Interest rates (in hundredths) | 7.16% | |||||||||||
KCPL Greater Missouri Operations [Member] | GMO Medium Term Notes [Member] | Medium term notes 7.33 percent series due 2023 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 3.0 | 3.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2023 | |||||||||||
Interest rates (in hundredths) | 7.33% | |||||||||||
KCPL Greater Missouri Operations [Member] | GMO Medium Term Notes [Member] | Medium term notes 7.17 percent series due 2023 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 7.0 | 7.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2023 | |||||||||||
Interest rates (in hundredths) | 7.17% | |||||||||||
Parent Company [Member] | Great Plains Energy Senior Notes [Member] | Senor notes due 2013 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 250.0 | 250.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2013 | |||||||||||
Interest rates (in hundredths) | 2.75% | |||||||||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 3.67% | [3] | ||||||||||
Parent Company [Member] | Great Plains Energy Senior Notes [Member] | Senior notes due 2017 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 100.0 | 100.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2017 | |||||||||||
Interest rates (in hundredths) | 6.875% | |||||||||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 7.33% | [3] | ||||||||||
Parent Company [Member] | Great Plains Energy Senior Notes [Member] | Senior Notes Due 2021 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 350.0 | 350.0 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2021 | |||||||||||
Interest rates (in hundredths) | 4.85% | |||||||||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 7.34% | [3] | ||||||||||
Parent Company [Member] | Great Plains Energy Senior Notes [Member] | Senior Notes Due 2022 [Member]
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Debt Instrument [Line Items] | ||||||||||||
Principal outstanding | 287.5 | 287.5 | ||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2022 | |||||||||||
Interest rates (in hundredths) | 5.292% | |||||||||||
Other Consolidated Entities [Member]
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Debt Instrument [Line Items] | ||||||||||||
Current maturities | (257.1) | (262.7) | ||||||||||
Unarmortized discount and premium, net | $ 5.3 | $ 5.4 | ||||||||||
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Accumulated Other Comprehensive Income (Loss) Reclassification (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
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Mar. 31, 2013
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Mar. 31, 2012
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Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest charges | $ (49.7) | $ (66.9) |
Fuel | (132.2) | (119.3) |
Income before income tax (expense) benefit and income (loss) from equity investments | 37.6 | (18.8) |
Income tax (expense) benefit | (11.5) | 9.5 |
Net income (loss) | 26.0 | (9.3) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
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Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income before income tax (expense) benefit and income (loss) from equity investments | (5.2) | |
Income tax (expense) benefit | 2.0 | |
Net income (loss) | (3.2) | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member]
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Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest charges | (5.0) | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Commodity Contract [Member]
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Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Fuel | (0.2) | |
Kansas City Power and Light Company [Member]
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Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest charges | (32.0) | (32.4) |
Fuel | (94.5) | (84.6) |
Income before income tax (expense) benefit and income (loss) from equity investments | 21.6 | (1.0) |
Income tax (expense) benefit | (5.4) | 3.3 |
Net income (loss) | 16.2 | 2.3 |
Kansas City Power and Light Company [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
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Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income before income tax (expense) benefit and income (loss) from equity investments | (2.4) | |
Income tax (expense) benefit | 0.9 | |
Net income (loss) | (1.5) | |
Kansas City Power and Light Company [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member]
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Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest charges | (2.2) | |
Kansas City Power and Light Company [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Commodity Contract [Member]
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Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Fuel | $ (0.2) |
Derivative Instruments Gain and Losses (Details) (Not Designated as Hedging Instrument [Member], Commodity [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
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Mar. 31, 2013
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Mar. 31, 2012
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Trading Activity, Gains and Losses, Net [Line Items] | ||
Gains (losses) reflected in the income statement for changes in fair value of commodity contracts not designated as hedging | $ (1.0) | $ (0.8) |
Subsidiaries [Member]
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Trading Activity, Gains and Losses, Net [Line Items] | ||
Gains (losses) reflected in the income statement for changes in fair value of commodity contracts not designated as hedging | $ (1.0) |
Nuclear Plant (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |||
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Mar. 31, 2013
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Mar. 31, 2012
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Dec. 31, 2012
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Dec. 31, 2011
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Investments in decommissioning trust fund [Line Items] | ||||
Cost Basis | $ 133.2 | $ 130.4 | ||
Gross Unrealized Gains | 32.5 | 26.0 | ||
Gross Unrealized Losses | (1.4) | (1.7) | ||
Fair Value, Nuclear decommissioning trust fund | 164.3 | 154.7 | 135.3 | |
Weighted average maturity of debt securities (in years) | 7 | |||
Realized Gains on investments in decommissioning trust fund | 1.5 | 0.5 | ||
Realized Losses on investments in decommissioning trust fund | (0.4) | (0.1) | ||
Equity Securities [Member]
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Investments in decommissioning trust fund [Line Items] | ||||
Cost Basis | 82.0 | 80.6 | ||
Gross Unrealized Gains | 28.1 | 21.1 | ||
Gross Unrealized Losses | (1.4) | (1.6) | ||
Fair Value, Nuclear decommissioning trust fund | 108.7 | 100.1 | ||
Debt Securities [Member]
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Investments in decommissioning trust fund [Line Items] | ||||
Cost Basis | 48.3 | 46.6 | ||
Gross Unrealized Gains | 4.4 | 4.9 | ||
Gross Unrealized Losses | 0 | (0.1) | ||
Fair Value, Nuclear decommissioning trust fund | 52.7 | 51.4 | ||
Other Securities [Member]
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Investments in decommissioning trust fund [Line Items] | ||||
Cost Basis | 2.9 | 3.2 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 0 | 0 | ||
Fair Value, Nuclear decommissioning trust fund | 2.9 | 3.2 | ||
Kansas City Power and Light Company [Member]
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Investments in decommissioning trust fund [Line Items] | ||||
Fair Value, Nuclear decommissioning trust fund | $ 164.3 | $ 154.7 |
Supplemental Cash Flow Information
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Mar. 31, 2013
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | 2. SUPPLEMENTAL CASH FLOW INFORMATION
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Derivative Instruments Cash Flow Hedge (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended |
---|---|
Mar. 31, 2013
|
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Derivative [Line Items] | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (19.3) |
Kansas City Power and Light Company [Member]
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Derivative [Line Items] | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (8.7) |