Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012



Description	December 31 2013				Netting^(e)				Level 1			Level 2				Level 3
KCP&L		(millions)
Assets
Nuclear decommissioning trust ^(a)
Equity securities		$	127.7			$	—			$	127.7		$	—			$	—
Debt securities
U.S. Treasury		21.2				—				21.2			—				—
U.S. Agency		2.8				—				—			2.8				—
State and local obligations		3.9				—				—			3.9				—
Corporate bonds		24.4				—				—			24.4				—
Foreign governments		0.5				—				—			0.5				—
Cash equivalents		3.8				—				3.8			—				—
Other		(0.4		)		—				—			(0.4		)		—
Total nuclear decommissioning trust		183.9				—				152.7			31.2				—
Self-insured health plan trust ^(b)
Equity securities		0.9				—				0.9			—				—
Debt securities		9.3				—				0.5			8.8				—
Cash and cash equivalents		3.4				—				3.4			—				—
Other		1.2				—				—			1.2				—
Total self-insured health plan trust		14.8				—				4.8			10.0				—
Derivative instruments ^(c)		1.1				(0.1		)		0.1			—				1.1
Total		199.8				(0.1		)		157.6			41.2				1.1
Liabilities
Derivative instruments ^(c)		—				(0.3		)		0.3			—				—
Total		$	—			$	(0.3	)		$	0.3		$	—			$	—
Other Great Plains Energy
Assets
Derivative instruments ^(c)		$	6.7			$	(0.6	)		$	0.2		$	4.9			$	2.2
SERP rabbi trusts ^(d)
Equity securities		0.1				—				0.1			—				—
Fixed income funds		18.6				—				—			18.6				—
Total SERP rabbi trusts		18.7				—				0.1			18.6				—
Total		25.4				(0.6		)		0.3			23.5				2.2
Liabilities
Derivative instruments ^(c)		0.1				(0.6		)		0.6			0.1				—
Total		$	0.1			$	(0.6	)		$	0.6		$	0.1			$	—
Great Plains Energy
Assets
Nuclear decommissioning trust ^(a)		$	183.9			$	—			$	152.7		$	31.2			$	—
Self-insured health plan trust ^(b)		14.8				—				4.8			10.0				—
Derivative instruments ^(c)		7.8				(0.7		)		0.3			4.9				3.3
SERP rabbi trusts ^(d)		18.7				—				0.1			18.6				—
Total		225.2				(0.7		)		157.9			64.7				3.3
Liabilities
Derivative instruments ^(c)		0.1				(0.9		)		0.9			0.1				—
Total		$	0.1			$	(0.9	)		$	0.9		$	0.1			$	—



Description	December 31 2012			Netting^(e)				Level 1			Level 2			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 ^(c)		—			(0.2		)		0.2			—			—
Total		$	—		$	(0.2	)		$	0.2		$	—		$	—
Other Great Plains Energy
Assets
Derivative instruments ^(c)		$	6.5		$	—			$	—		$	4.2		$	2.3
SERP rabbi trusts ^(d)
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 ^(c)		—			(2.8		)		2.8			—			—
Total		$	—		$	(2.8	)		$	2.8		$	—		$	—
Great Plains Energy
Assets
Nuclear decommissioning trust ^(a)		$	151.8		$	—			$	118.6		$	33.2		$	—
Derivative instruments ^(c)		6.5			—				—			4.2			2.3
SERP rabbi trusts ^(d)		20.3			—				0.1			20.2			—
Total		178.6			—				118.7			57.6			2.3
Liabilities
Derivative instruments ^(c)		—			(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 $2.9 million of cash and cash equivalents at December 31, 2012.


^(b)	Fair value is based on quoted market prices of the investments held by the trust. Debt securities classified as Level 1 are comprised of U.S. Treasury securities. Debt securities classified as Level 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities.

^(c)

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. Derivative instruments classified as Level 1 represent exchange traded derivative instruments. Derivative instruments classified as Level 2 represent non-exchange traded derivative instruments traded in over-the-counter markets. Derivative instruments classified as Level 3 represent non-exchange traded derivatives traded in over-the-counter markets for which observable market data is not available to corroborate the valuation inputs and TCRs valued at the most recent auction price in the SPP Integrated Marketplace.


^(d)	Fair value is based on quoted market prices and/or valuation models for equity securities and NAV per share for fixed income funds.


^(e)	Represents the difference between derivative contracts in an asset or liability position presented on a net basis by counterparty on the consolidated balance sheets where a master netting agreement exists between the Company and the counterparty. At December 31, 2013 and 2012, Great Plains Energy netted $0.2 million and $3.0 million, respectively, of cash collateral posted with counterparties.

Unobservable inputs reconciliation



Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Description	Real Estate			Hedge Funds			Total
	(millions)
Balance January 1, 2013		$	38.4		$	21.6		$	60.0
Actual return on plan assets
Relating to assets still held		4.6			1.5			6.1
Purchase, sales and settlements		0.7			—			0.7
Balance December 31, 2013		$	43.7		$	23.1		$	66.8



Great Plains Energy
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	9.5			8.2
Purchases	1.7			—
Settlements	(10.2		)	(9.0		)
Balance at December 31	$	3.3		$	2.3
Total unrealized losses included in non-operating income relating to assets still on the
consolidated balance sheet at December 31	$	(0.3	)	$	(0.4	)



KCP&L
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Derivative
	Instruments
	2013
	(millions)
Balance at January 1	$	—
Purchases	1.1
Balance at December 31	$	1.1



Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Description	Real Estate			Hedge Funds				Total
	(millions)
Balance January 1, 2012		$	34.7		$	21.7			$	56.4
Actual return on plan assets
Relating to assets still held		1.6			0.6				2.2
Relating to assets sold		1.3			(0.4		)		0.9
Purchase, sales and settlements		0.8			(0.3		)		0.5
Balance December 31, 2012		$	38.4		$	21.6			$	60.0

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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