Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014



Description	March 31 2014			Netting^(e)				Level 1			Level 2			Level 3
KCP&L		(millions)
Assets
Nuclear decommissioning trust ^(a)
Equity securities		$	129.3		$	—			$	129.3		$	—		$	—
Debt securities
U.S. Treasury		22.0			—				22.0			—			—
U.S. Agency		3.3			—				—			3.3			—
State and local obligations		4.0			—				—			4.0			—
Corporate bonds		24.2			—				—			24.2			—
Foreign governments		0.5			—				—			0.5			—
Cash equivalents		3.7			—				3.7			—			—
Other		0.4			—				—			0.4			—
Total nuclear decommissioning trust		187.4			—				155.0			32.4			—
Self-insured health plan trust ^(b)
Equity securities		1.2			—				1.2			—			—
Debt securities		9.2			—				—			9.2			—
Cash and cash equivalents		5.8			—				5.8			—			—
Total self-insured health plan trust		16.2			—				7.0			9.2			—
Derivative instruments ^(c)		4.1			(1.7		)		0.2			—			5.6
Total		207.7			(1.7		)		162.2			41.6			5.6
Liabilities
Derivative instruments ^(c)		0.2			(2.0		)		0.5			—			1.7
Total		$	0.2		$	(2.0	)		$	0.5		$	—		$	1.7
Other Great Plains Energy
Assets
Derivative instruments ^(c)		$	7.8		$	(1.0	)		$	0.5		$	4.6		$	3.7
SERP rabbi trusts ^(d)
Equity securities		0.1			—				0.1			—			—
Fixed income funds		18.3			—				—			18.3			—
Total SERP rabbi trusts		18.4			—				0.1			18.3			—
Total		26.2			(1.0		)		0.6			22.9			3.7
Liabilities
Derivative instruments ^(c)		—			(1.0		)		0.3			—			0.7
Total		$	—		$	(1.0	)		$	0.3		$	—		$	0.7
Great Plains Energy
Assets
Nuclear decommissioning trust ^(a)		$	187.4		$	—			$	155.0		$	32.4		$	—
Self-insured health plan trust ^(b)		16.2			—				7.0			9.2			—
Derivative instruments ^(c)		11.9			(2.7		)		0.7			4.6			9.3
SERP rabbi trusts ^(d)		18.4			—				0.1			18.3			—
Total		233.9			(2.7		)		162.8			64.5			9.3
Liabilities
Derivative instruments ^(c)		0.2			(3.0		)		0.8			—			2.4
Total		$	0.2		$	(3.0	)		$	0.8		$	—		$	2.4



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			$	—


^(a)	Fair value is based on quoted market prices of the investments held by the fund and/or valuation models.


^(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 Net Asset Value (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 March 31, 2014, and December 31, 2013, Great Plains Energy netted $0.3 million and $0.2 million, respectively, of cash collateral posted with counterparties.

Unobservable inputs reconciliation



Great Plains Energy
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Derivative Instruments
	2014			2013
	(millions)
Net asset at January 1	$	3.3		$	2.3
Total realized/unrealized gains (losses):
included in purchased power expense	1.3			—
included in non-operating income	7.1			2.4
Purchases	6.1			—
Settlements	(10.9		)	(2.3		)
Net asset at March 31	$	6.9		$	2.4
Total unrealized gains (losses) relating to assets still on the consolidated balance sheet at March 31:
included in purchased power expense	$	(0.1	)	$	—
included in non-operating income	$	0.1		$	0.2



KCP&L
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Derivative Instruments
		2014
		(millions)
Net asset at January 1		$	1.1
Total realized/unrealized gains (losses):
included in purchased power expense		0.9
included in regulatory asset or liability		(0.1		)
Purchases		5.1
Settlements		(3.1		)
Net asset at March 31		$	3.9
Total unrealized losses relating to assets still on the consolidated balance sheet at March 31:
included in purchased power expense		$	(0.1	)
included in regulatory asset or liability		$	(0.1	)