Exact name of registrant as specified in its charter, | ||||
Commission | state of incorporation, address of principal | I.R.S. Employer | ||
File Number | executive offices and telephone number | Identification Number | ||
001-32206 | GREAT PLAINS ENERGY INCORPORATED | 43-1916803 | ||
(A Missouri Corporation) | ||||
1200 Main Street | ||||
Kansas City, Missouri 64105 | ||||
(816) 556-2200 | ||||
000-51873 | KANSAS CITY POWER & LIGHT COMPANY | 44-0308720 | ||
(A Missouri Corporation) | ||||
1200 Main Street | ||||
Kansas City, Missouri 64105 | ||||
(816) 556-2200 |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | |||||||||||||
Great Plains Energy Incorporated | Yes | X | No | _ | Kansas City Power & Light Company | Yes | X | No | _ | ||||
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). | |||||||||||||
Great Plains Energy Incorporated | Yes | X | No | _ | Kansas City Power & Light Company | Yes | X | No | _ | ||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. | |||||||||||||
Great Plains Energy Incorporated | Large accelerated filer | X | Accelerated filer | _ | |||||||||
Non-accelerated filer | _ | Smaller reporting company | _ | ||||||||||
Kansas City Power & Light Company | Large accelerated filer | _ | Accelerated filer | _ | |||||||||
Non-accelerated filer | X | Smaller reporting company | _ | ||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | |||||||||||||
Great Plains Energy Incorporated | Yes | _ | No | X | Kansas City Power & Light Company | Yes | _ | No | X | ||||
On October 31, 2016, Great Plains Energy Incorporated had 215,295,002 shares of common stock outstanding. On October 31, 2016, 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 | |||
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Note 19: | |||
Note 20: | |||
Note 21: | |||
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, a wholly owned subsidiary of American Electric Power Company, Inc. | |
AFUDC | Allowance for Funds Used During Construction | |
ARO | Asset Retirement Obligation | |
ASU | Accounting Standards Update | |
CCRs | Coal combustion residuals | |
Clean Air Act | Clean Air Act Amendments of 1990 | |
CO2 | Carbon dioxide | |
Company | Great Plains Energy Incorporated and its consolidated subsidiaries | |
Companies | Great Plains Energy Incorporated and its consolidated subsidiaries and KCP&L and its consolidated subsidiaries | |
DOE | Department of Energy | |
EIRR | Environmental Improvement Revenue Refunding | |
EPA | Environmental Protection Agency | |
EPS | Earnings per common share | |
ERISA | Employee Retirement Income Security Act of 1974, as amended | |
FASB | Financial Accounting Standards Board | |
FERC | The Federal Energy Regulatory Commission | |
FCC | The Federal Communications 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 consolidated subsidiaries | |
Great Plains Energy Board | Great Plains Energy Board of Directors | |
HSR | Hart-Scott-Rodino | |
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, and its consolidated subsidiaries | |
KCP&L Receivables Company | Kansas City Power & Light Receivables Company, a wholly owned subsidiary of KCP&L | |
kWh | Kilowatt hour | |
MATS | Mercury and Air Toxics Standards | |
MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations | |
MDNR | Missouri Department of Natural Resources | |
MECG | Midwest Energy Consumers Group | |
MEEIA | Missouri Energy Efficiency Investment Act |
Abbreviation or Acronym | Definition | |
Merger Agreement | Agreement and Plan of Merger dated as of May 29, 2016, by and among Great Plains Energy, Westar and Merger Sub | |
Merger Sub | GP Star, Inc., a Kansas corporation that will be merged with and into Westar, pursuant to the Merger Agreement | |
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 | |
NAV | Net Asset Value | |
NPNS | Normal purchases and normal sales | |
NRC | Nuclear Regulatory Commission | |
OCI | Other Comprehensive Income | |
OMERS | OCM Credit Portfolio LP | |
RCRA | Resource Conservation and Recovery Act | |
SEC | Securities and Exchange Commission | |
SERP | Supplemental Executive Retirement Plan | |
SPP | Southwest Power Pool, Inc. | |
TCR | Transmission Congestion Right | |
TDC | Transmission Delivery Charge | |
Transource | Transource Energy, LLC and its subsidiaries, 13.5% owned by GPETHC | |
WCNOC | Wolf Creek Nuclear Operating Corporation | |
Westar | Westar Energy, Inc. | |
Westar Board | Westar Board of Directors | |
Wolf Creek | Wolf Creek Generating Station |
GREAT PLAINS ENERGY INCORPORATED | ||||||||||||
Consolidated Balance Sheets | ||||||||||||
(Unaudited) | ||||||||||||
September 30 | December 31 | |||||||||||
2016 | 2015 | |||||||||||
ASSETS | (millions, except share amounts) | |||||||||||
Current Assets | ||||||||||||
Cash and cash equivalents | $ | 12.0 | $ | 11.3 | ||||||||
Funds on deposit | 2.4 | 2.1 | ||||||||||
Receivables, net | 194.1 | 147.7 | ||||||||||
Accounts receivable pledged as collateral | 190.0 | 175.0 | ||||||||||
Fuel inventories, at average cost | 98.6 | 118.4 | ||||||||||
Materials and supplies, at average cost | 161.0 | 155.7 | ||||||||||
Deferred refueling outage costs | 11.7 | 19.2 | ||||||||||
Refundable income taxes | 1.1 | 3.8 | ||||||||||
Prepaid expenses and other assets | 67.9 | 31.0 | ||||||||||
Total | 738.8 | 664.2 | ||||||||||
Utility Plant, at Original Cost | ||||||||||||
Electric | 13,418.7 | 13,189.9 | ||||||||||
Less - accumulated depreciation | 5,041.6 | 4,943.7 | ||||||||||
Net utility plant in service | 8,377.1 | 8,246.2 | ||||||||||
Construction work in progress | 400.9 | 347.9 | ||||||||||
Nuclear fuel, net of amortization of $214.9 and $192.5 | 66.5 | 68.3 | ||||||||||
Total | 8,844.5 | 8,662.4 | ||||||||||
Investments and Other Assets | ||||||||||||
Nuclear decommissioning trust fund | 218.3 | 200.7 | ||||||||||
Regulatory assets | 980.4 | 979.1 | ||||||||||
Goodwill | 169.0 | 169.0 | ||||||||||
Other | 93.7 | 63.2 | ||||||||||
Total | 1,461.4 | 1,412.0 | ||||||||||
Total | $ | 11,044.7 | $ | 10,738.6 |
GREAT PLAINS ENERGY INCORPORATED | ||||||||||||
Consolidated Balance Sheets | ||||||||||||
(Unaudited) | ||||||||||||
September 30 | December 31 | |||||||||||
2016 | 2015 | |||||||||||
LIABILITIES AND CAPITALIZATION | (millions, except share amounts) | |||||||||||
Current Liabilities | ||||||||||||
Notes payable | $ | 104.0 | $ | 10.0 | ||||||||
Collateralized note payable | 190.0 | 175.0 | ||||||||||
Commercial paper | 157.1 | 224.0 | ||||||||||
Current maturities of long-term debt | 382.1 | 1.1 | ||||||||||
Accounts payable | 227.7 | 352.9 | ||||||||||
Accrued taxes | 123.4 | 31.6 | ||||||||||
Accrued interest | 61.4 | 44.7 | ||||||||||
Accrued compensation and benefits | 47.5 | 41.4 | ||||||||||
Pension and post-retirement liability | 3.4 | 3.4 | ||||||||||
Derivative instruments | 78.8 | 0.5 | ||||||||||
Other | 24.7 | 31.1 | ||||||||||
Total | 1,400.1 | 915.7 | ||||||||||
Deferred Credits and Other Liabilities | ||||||||||||
Deferred income taxes | 1,270.5 | 1,158.8 | ||||||||||
Deferred tax credits | 126.5 | 125.1 | ||||||||||
Asset retirement obligations | 285.0 | 275.9 | ||||||||||
Pension and post-retirement liability | 467.2 | 455.2 | ||||||||||
Regulatory liabilities | 305.1 | 284.4 | ||||||||||
Other | 82.6 | 82.9 | ||||||||||
Total | 2,536.9 | 2,382.3 | ||||||||||
Capitalization | ||||||||||||
Great Plains Energy common shareholders' equity | ||||||||||||
Common stock - 600,000,000 and 250,000,000 shares authorized without par value 154,925,107 and 154,504,900 shares issued, stated value | 2,661.7 | 2,646.7 | ||||||||||
Retained earnings | 1,092.7 | 1,024.4 | ||||||||||
Treasury stock - 128,096 and 101,229 shares, at cost | (3.8 | ) | (2.6 | ) | ||||||||
Accumulated other comprehensive loss | (7.5 | ) | (12.0 | ) | ||||||||
Total | 3,743.1 | 3,656.5 | ||||||||||
Cumulative preferred stock $100 par value | ||||||||||||
3.80% - 0 and 100,000 shares issued | — | 10.0 | ||||||||||
4.50% - 0 and 100,000 shares issued | — | 10.0 | ||||||||||
4.20% - 0 and 70,000 shares issued | — | 7.0 | ||||||||||
4.35% - 0 and 120,000 shares issued | — | 12.0 | ||||||||||
Total | — | 39.0 | ||||||||||
Long-term debt (Note 11) | 3,364.6 | 3,745.1 | ||||||||||
Total | 7,107.7 | 7,440.6 | ||||||||||
Commitments and Contingencies (Note 14) | ||||||||||||
Total | $ | 11,044.7 | $ | 10,738.6 |
GREAT PLAINS ENERGY INCORPORATED | ||||||||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended September 30 | Year to Date September 30 | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Operating Revenues | (millions, except per share amounts) | |||||||||||||||
Electric revenues | $ | 856.8 | $ | 781.4 | $ | 2,099.7 | $ | 1,939.5 | ||||||||
Operating Expenses | ||||||||||||||||
Fuel | 105.7 | 124.5 | 285.7 | 332.0 | ||||||||||||
Purchased power | 78.4 | 52.1 | 176.5 | 146.3 | ||||||||||||
Transmission | 23.8 | 23.9 | 64.5 | 65.1 | ||||||||||||
Utility operating and maintenance expenses | 193.3 | 182.5 | 553.1 | 537.4 | ||||||||||||
Costs to achieve the anticipated acquisition of Westar Energy, Inc. | 14.4 | — | 19.4 | — | ||||||||||||
Depreciation and amortization | 86.4 | 82.4 | 256.9 | 245.7 | ||||||||||||
General taxes | 63.7 | 58.0 | 174.5 | 162.8 | ||||||||||||
Other | 9.2 | 1.3 | 15.0 | 3.5 | ||||||||||||
Total | 574.9 | 524.7 | 1,545.6 | 1,492.8 | ||||||||||||
Operating income | 281.9 | 256.7 | 554.1 | 446.7 | ||||||||||||
Non-operating income | 4.3 | 0.9 | 9.7 | 9.1 | ||||||||||||
Non-operating expenses | (3.0 | ) | (1.4 | ) | (10.7 | ) | (8.7 | ) | ||||||||
Interest charges | (67.6 | ) | (51.0 | ) | (251.7 | ) | (148.3 | ) | ||||||||
Income before income tax expense and income from equity investments | 215.6 | 205.2 | 301.4 | 298.8 | ||||||||||||
Income tax expense | (82.7 | ) | (78.6 | ) | (111.5 | ) | (109.6 | ) | ||||||||
Income from equity investments, net of income taxes | 0.7 | 0.2 | 2.1 | 0.9 | ||||||||||||
Net income | 133.6 | 126.8 | 192.0 | 190.1 | ||||||||||||
Preferred stock dividend requirements and redemption premium | 0.9 | 0.4 | 1.7 | 1.2 | ||||||||||||
Earnings available for common shareholders | $ | 132.7 | $ | 126.4 | $ | 190.3 | $ | 188.9 | ||||||||
Average number of basic common shares outstanding | 154.6 | 154.2 | 154.5 | 154.1 | ||||||||||||
Average number of diluted common shares outstanding | 154.9 | 154.8 | 154.9 | 154.8 | ||||||||||||
Basic earnings per common share | $ | 0.86 | $ | 0.82 | $ | 1.23 | $ | 1.23 | ||||||||
Diluted earnings per common share | $ | 0.86 | $ | 0.82 | $ | 1.23 | $ | 1.22 | ||||||||
Cash dividends per common share | $ | 0.2625 | $ | 0.245 | $ | 0.7875 | $ | 0.735 | ||||||||
Comprehensive Income | ||||||||||||||||
Net income | $ | 133.6 | $ | 126.8 | $ | 192.0 | $ | 190.1 | ||||||||
Other comprehensive income | ||||||||||||||||
Derivative hedging activity | ||||||||||||||||
Reclassification to expenses, net of tax | 1.3 | 1.4 | 4.1 | 4.2 | ||||||||||||
Derivative hedging activity, net of tax | 1.3 | 1.4 | 4.1 | 4.2 | ||||||||||||
Defined benefit pension plans | ||||||||||||||||
Amortization of net losses included in net periodic benefit costs, net of tax | 0.2 | — | 0.4 | 0.3 | ||||||||||||
Change in unrecognized pension expense, net of tax | 0.2 | — | 0.4 | 0.3 | ||||||||||||
Total other comprehensive income | 1.5 | 1.4 | 4.5 | 4.5 | ||||||||||||
Comprehensive income | $ | 135.1 | $ | 128.2 | $ | 196.5 | $ | 194.6 |
GREAT PLAINS ENERGY INCORPORATED | |||||||
Consolidated Statements of Cash Flows | |||||||
(Unaudited) | |||||||
Year to Date September 30 | 2016 | 2015 | |||||
Cash Flows from Operating Activities | (millions) | ||||||
Net income | $ | 192.0 | $ | 190.1 | |||
Adjustments to reconcile income to net cash from operating activities: | |||||||
Depreciation and amortization | 256.9 | 245.7 | |||||
Amortization of: | |||||||
Nuclear fuel | 22.4 | 18.4 | |||||
Other | 52.4 | 35.3 | |||||
Deferred income taxes, net | 109.9 | 110.1 | |||||
Investment tax credit amortization | (1.1 | ) | (1.1 | ) | |||
Income from equity investments, net of income taxes | (2.1 | ) | (0.9 | ) | |||
Fair value impacts of interest rate swaps | 78.8 | — | |||||
Other operating activities (Note 3) | (24.4 | ) | 9.7 | ||||
Net cash from operating activities | 684.8 | 607.3 | |||||
Cash Flows from Investing Activities | |||||||
Utility capital expenditures | (435.3 | ) | (520.9 | ) | |||
Allowance for borrowed funds used during construction | (4.7 | ) | (4.3 | ) | |||
Purchases of nuclear decommissioning trust investments | (23.7 | ) | (35.3 | ) | |||
Proceeds from nuclear decommissioning trust investments | 21.2 | 32.8 | |||||
Other investing activities | (48.7 | ) | (34.5 | ) | |||
Net cash from investing activities | (491.2 | ) | (562.2 | ) | |||
Cash Flows from Financing Activities | |||||||
Issuance of common stock | 2.4 | 2.3 | |||||
Issuance of long-term debt | — | 348.8 | |||||
Issuance fees | (68.7 | ) | (2.6 | ) | |||
Repayment of long-term debt | (1.1 | ) | (87.0 | ) | |||
Net change in short-term borrowings | 27.1 | (211.2 | ) | ||||
Net change in collateralized short-term borrowings | 15.0 | 19.0 | |||||
Dividends paid | (122.5 | ) | (114.6 | ) | |||
Cumulative preferred stock redemption | (40.1 | ) | — | ||||
Purchase of treasury stock | (4.9 | ) | (1.6 | ) | |||
Other financing activities | (0.1 | ) | (0.2 | ) | |||
Net cash from financing activities | (192.9 | ) | (47.1 | ) | |||
Net Change in Cash and Cash Equivalents | 0.7 | (2.0 | ) | ||||
Cash and Cash Equivalents at Beginning of Year | 11.3 | 13.0 | |||||
Cash and Cash Equivalents at End of Period | $ | 12.0 | $ | 11.0 |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||||
Consolidated Statements of Common Shareholders' Equity | |||||||||||||
(Unaudited) | |||||||||||||
Year to Date September 30 | 2016 | 2015 | |||||||||||
Shares | Amount | Shares | Amount | ||||||||||
Common Stock | (millions, except share amounts) | ||||||||||||
Beginning balance | 154,504,900 | $ | 2,646.7 | 154,254,037 | $ | 2,639.3 | |||||||
Issuance of common stock | 420,207 | 12.5 | 210,579 | 5.5 | |||||||||
Equity compensation expense, net of forfeitures | 3.1 | 1.4 | |||||||||||
Unearned Compensation | |||||||||||||
Issuance of restricted common stock | (2.8 | ) | (2.4 | ) | |||||||||
Forfeiture of restricted common stock | — | 0.4 | |||||||||||
Compensation expense recognized | 2.0 | 1.3 | |||||||||||
Other | 0.2 | (0.5 | ) | ||||||||||
Ending balance | 154,925,107 | 2,661.7 | 154,464,616 | 2,645.0 | |||||||||
Retained Earnings | |||||||||||||
Beginning balance | 1,024.4 | 967.8 | |||||||||||
Net income | 192.0 | 190.1 | |||||||||||
Redemption premium on preferred stock | (0.6 | ) | — | ||||||||||
Dividends: | |||||||||||||
Common stock ($0.7875 and $0.735 per share) | (121.8 | ) | (113.4 | ) | |||||||||
Preferred stock - at required rates | (0.7 | ) | (1.2 | ) | |||||||||
Performance shares | (0.6 | ) | (0.6 | ) | |||||||||
Ending balance | 1,092.7 | 1,042.7 | |||||||||||
Treasury Stock | |||||||||||||
Beginning balance | (101,229 | ) | (2.6 | ) | (91,281 | ) | (2.3 | ) | |||||
Treasury shares acquired | (136,562 | ) | (4.1 | ) | (73,326 | ) | (1.9 | ) | |||||
Treasury shares reissued | 109,695 | 2.9 | 64,180 | 1.6 | |||||||||
Ending balance | (128,096 | ) | (3.8 | ) | (100,427 | ) | (2.6 | ) | |||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Beginning balance | (12.0 | ) | (18.7 | ) | |||||||||
Derivative hedging activity, net of tax | 4.1 | 4.2 | |||||||||||
Change in unrecognized pension expense, net of tax | 0.4 | 0.3 | |||||||||||
Ending balance | (7.5 | ) | (14.2 | ) | |||||||||
Total Great Plains Energy Common Shareholders' Equity | $ | 3,743.1 | $ | 3,670.9 |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||
Consolidated Balance Sheets | |||||||||||
(Unaudited) | |||||||||||
September 30 | December 31 | ||||||||||
2016 | 2015 | ||||||||||
ASSETS | (millions, except share amounts) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 5.7 | $ | 2.3 | |||||||
Funds on deposit | 1.4 | 0.5 | |||||||||
Receivables, net | 168.7 | 129.2 | |||||||||
Related party receivables | 91.0 | 65.8 | |||||||||
Accounts receivable pledged as collateral | 110.0 | 110.0 | |||||||||
Fuel inventories, at average cost | 70.8 | 83.5 | |||||||||
Materials and supplies, at average cost | 118.4 | 114.6 | |||||||||
Deferred refueling outage costs | 11.7 | 19.2 | |||||||||
Refundable income taxes | — | 79.0 | |||||||||
Prepaid expenses and other assets | 27.1 | 27.1 | |||||||||
Total | 604.8 | 631.2 | |||||||||
Utility Plant, at Original Cost | |||||||||||
Electric | 9,768.8 | 9,640.4 | |||||||||
Less - accumulated depreciation | 3,806.1 | 3,722.6 | |||||||||
Net utility plant in service | 5,962.7 | 5,917.8 | |||||||||
Construction work in progress | 306.5 | 246.6 | |||||||||
Nuclear fuel, net of amortization of $214.9 and $192.5 | 66.5 | 68.3 | |||||||||
Total | 6,335.7 | 6,232.7 | |||||||||
Investments and Other Assets | |||||||||||
Nuclear decommissioning trust fund | 218.3 | 200.7 | |||||||||
Regulatory assets | 733.6 | 732.4 | |||||||||
Other | 20.7 | 17.6 | |||||||||
Total | 972.6 | 950.7 | |||||||||
Total | $ | 7,913.1 | $ | 7,814.6 |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||
Consolidated Balance Sheets | |||||||||||
(Unaudited) | |||||||||||
September 30 | December 31 | ||||||||||
2016 | 2015 | ||||||||||
LIABILITIES AND CAPITALIZATION | (millions, except share amounts) | ||||||||||
Current Liabilities | |||||||||||
Collateralized note payable | $ | 110.0 | $ | 110.0 | |||||||
Commercial paper | — | 180.3 | |||||||||
Current maturities of long-term debt | 281.0 | — | |||||||||
Accounts payable | 180.3 | 258.8 | |||||||||
Accrued taxes | 125.7 | 25.6 | |||||||||
Accrued interest | 41.3 | 32.4 | |||||||||
Accrued compensation and benefits | 47.5 | 41.4 | |||||||||
Pension and post-retirement liability | 2.0 | 2.0 | |||||||||
Other | 11.5 | 12.6 | |||||||||
Total | 799.3 | 663.1 | |||||||||
Deferred Credits and Other Liabilities | |||||||||||
Deferred income taxes | 1,209.3 | 1,132.6 | |||||||||
Deferred tax credits | 123.0 | 123.8 | |||||||||
Asset retirement obligations | 246.7 | 239.3 | |||||||||
Pension and post-retirement liability | 445.7 | 433.4 | |||||||||
Regulatory liabilities | 176.5 | 164.6 | |||||||||
Other | 60.8 | 61.6 | |||||||||
Total | 2,262.0 | 2,155.3 | |||||||||
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 | 1,010.8 | 879.6 | |||||||||
Accumulated other comprehensive loss | (5.6 | ) | (9.6 | ) | |||||||
Total | 2,568.3 | 2,433.1 | |||||||||
Long-term debt (Note 11) | 2,283.5 | 2,563.1 | |||||||||
Total | 4,851.8 | 4,996.2 | |||||||||
Commitments and Contingencies (Note 14) | |||||||||||
Total | $ | 7,913.1 | $ | 7,814.6 |
KANSAS CITY POWER & LIGHT COMPANY | ||||||||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended September 30 | Year to Date September 30 | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Operating Revenues | (millions) | |||||||||||||||
Electric revenues | $ | 597.6 | $ | 526.3 | $ | 1,474.1 | $ | 1,314.1 | ||||||||
Operating Expenses | ||||||||||||||||
Fuel | 77.0 | 89.4 | 205.6 | 237.3 | ||||||||||||
Purchased power | 41.5 | 22.9 | 93.1 | 73.4 | ||||||||||||
Transmission | 14.5 | 16.2 | 44.8 | 42.3 | ||||||||||||
Operating and maintenance expenses | 131.9 | 122.9 | 379.6 | 365.8 | ||||||||||||
Depreciation and amortization | 61.9 | 58.7 | 184.1 | 175.0 | ||||||||||||
General taxes | 51.0 | 45.4 | 136.9 | 125.1 | ||||||||||||
Other | 0.6 | — | 2.3 | (0.2 | ) | |||||||||||
Total | 378.4 | 355.5 | 1,046.4 | 1,018.7 | ||||||||||||
Operating income | 219.2 | 170.8 | 427.7 | 295.4 | ||||||||||||
Non-operating income | 3.6 | 0.6 | 7.5 | 6.3 | ||||||||||||
Non-operating expenses | (1.9 | ) | (1.8 | ) | (5.6 | ) | (5.7 | ) | ||||||||
Interest charges | (34.7 | ) | (34.8 | ) | (104.9 | ) | (100.4 | ) | ||||||||
Income before income tax expense | 186.2 | 134.8 | 324.7 | 195.6 | ||||||||||||
Income tax expense | (68.5 | ) | (50.5 | ) | (116.5 | ) | (68.7 | ) | ||||||||
Net income | $ | 117.7 | $ | 84.3 | $ | 208.2 | $ | 126.9 | ||||||||
Comprehensive Income | ||||||||||||||||
Net income | $ | 117.7 | $ | 84.3 | $ | 208.2 | $ | 126.9 | ||||||||
Other comprehensive income | ||||||||||||||||
Derivative hedging activity | ||||||||||||||||
Reclassification to expenses, net of tax | 1.2 | 1.3 | 4.0 | 4.0 | ||||||||||||
Derivative hedging activity, net of tax | 1.2 | 1.3 | 4.0 | 4.0 | ||||||||||||
Total other comprehensive income | 1.2 | 1.3 | 4.0 | 4.0 | ||||||||||||
Comprehensive income | $ | 118.9 | $ | 85.6 | $ | 212.2 | $ | 130.9 |
KANSAS CITY POWER & LIGHT COMPANY | ||||||||||
Consolidated Statements of Cash Flows | ||||||||||
(Unaudited) | ||||||||||
Year to Date September 30 | 2016 | 2015 | ||||||||
Cash Flows from Operating Activities | (millions) | |||||||||
Net income | $ | 208.2 | $ | 126.9 | ||||||
Adjustments to reconcile income to net cash from operating activities: | ||||||||||
Depreciation and amortization | 184.1 | 175.0 | ||||||||
Amortization of: | ||||||||||
Nuclear fuel | 22.4 | 18.4 | ||||||||
Other | 25.6 | 20.8 | ||||||||
Deferred income taxes, net | 74.0 | 19.8 | ||||||||
Investment tax credit amortization | (0.8 | ) | (0.7 | ) | ||||||
Other operating activities (Note 3) | 74.7 | 103.6 | ||||||||
Net cash from operating activities | 588.2 | 463.8 | ||||||||
Cash Flows from Investing Activities | ||||||||||
Utility capital expenditures | (286.1 | ) | (410.2 | ) | ||||||
Allowance for borrowed funds used during construction | (3.8 | ) | (3.0 | ) | ||||||
Purchases of nuclear decommissioning trust investments | (23.7 | ) | (35.3 | ) | ||||||
Proceeds from nuclear decommissioning trust investments | 21.2 | 32.8 | ||||||||
Net money pool lending | (11.1 | ) | — | |||||||
Other investing activities | (23.8 | ) | (19.7 | ) | ||||||
Net cash from investing activities | (327.3 | ) | (435.4 | ) | ||||||
Cash Flows from Financing Activities | ||||||||||
Issuance of long-term debt | — | 348.8 | ||||||||
Issuance fees | (0.2 | ) | (2.6 | ) | ||||||
Repayment of long-term debt | — | (85.9 | ) | |||||||
Net change in short-term borrowings | (180.3 | ) | (276.2 | ) | ||||||
Net money pool borrowings | — | (12.6 | ) | |||||||
Dividends paid to Great Plains Energy | (77.0 | ) | — | |||||||
Net cash from financing activities | (257.5 | ) | (28.5 | ) | ||||||
Net Change in Cash and Cash Equivalents | 3.4 | (0.1 | ) | |||||||
Cash and Cash Equivalents at Beginning of Year | 2.3 | 2.7 | ||||||||
Cash and Cash Equivalents at End of Period | $ | 5.7 | $ | 2.6 |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||||
Consolidated Statements of Common Shareholder's Equity | |||||||||||||
(Unaudited) | |||||||||||||
Year to Date September 30 | 2016 | 2015 | |||||||||||
Shares | Amount | Shares | Amount | ||||||||||
(millions, except share amounts) | |||||||||||||
Common Stock | 1 | $ | 1,563.1 | 1 | $ | 1,563.1 | |||||||
Retained Earnings | |||||||||||||
Beginning balance | 879.6 | 726.8 | |||||||||||
Net income | 208.2 | 126.9 | |||||||||||
Dividends: | |||||||||||||
Common stock held by Great Plains Energy | (77.0 | ) | — | ||||||||||
Ending balance | 1,010.8 | 853.7 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Beginning balance | (9.6 | ) | (14.9 | ) | |||||||||
Derivative hedging activity, net of tax | 4.0 | 4.0 | |||||||||||
Ending balance | (5.6 | ) | (10.9 | ) | |||||||||
Total Common Shareholder's Equity | $ | 2,568.3 | $ | 2,405.9 |
• | 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 provides electricity to customers in the state of Missouri. GMO also provides regulated steam service to certain customers in the St. Joseph, Missouri area. GMO has two active wholly owned subsidiaries, GMO Receivables Company and MPS Merchant Services, Inc. (MPS Merchant). MPS Merchant has certain long-term natural gas contracts remaining from its former non-regulated trading operations. |
Three Months Ended September 30 | Year to Date September 30 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Income | (millions, except per share amounts) | ||||||||||||||
Net income | $ | 133.6 | $ | 126.8 | $ | 192.0 | $ | 190.1 | |||||||
Less: preferred stock dividend requirements and redemption premium | 0.9 | 0.4 | 1.7 | 1.2 | |||||||||||
Earnings available for common shareholders | $ | 132.7 | $ | 126.4 | $ | 190.3 | $ | 188.9 | |||||||
Common Shares Outstanding | |||||||||||||||
Average number of common shares outstanding | 154.6 | 154.2 | 154.5 | 154.1 | |||||||||||
Add: effect of dilutive securities | 0.3 | 0.6 | 0.4 | 0.7 | |||||||||||
Diluted average number of common shares outstanding | 154.9 | 154.8 | 154.9 | 154.8 | |||||||||||
Basic EPS | $ | 0.86 | $ | 0.82 | $ | 1.23 | $ | 1.23 | |||||||
Diluted EPS | $ | 0.86 | $ | 0.82 | $ | 1.23 | $ | 1.22 |
Great Plains Energy Other Operating Activities | |||||||
Year to Date September 30 | 2016 | 2015 | |||||
Cash flows affected by changes in: | (millions) | ||||||
Receivables | $ | (45.9 | ) | $ | (13.2 | ) | |
Accounts receivable pledged as collateral | (15.0 | ) | (19.0 | ) | |||
Fuel inventories | 19.8 | (10.8 | ) | ||||
Materials and supplies | (5.3 | ) | (2.9 | ) | |||
Accounts payable | (119.8 | ) | (121.9 | ) | |||
Accrued taxes | 97.2 | 89.2 | |||||
Accrued interest | 16.7 | 16.9 | |||||
Deferred refueling outage costs | 7.5 | (12.8 | ) | ||||
Pension and post-retirement benefit obligations | 53.2 | 48.8 | |||||
Allowance for equity funds used during construction | (4.3 | ) | (3.8 | ) | |||
Fuel recovery mechanisms | (16.8 | ) | 36.6 | ||||
Other | (11.7 | ) | 2.6 | ||||
Total other operating activities | $ | (24.4 | ) | $ | 9.7 | ||
Cash paid during the period: | |||||||
Interest | $ | 130.2 | $ | 121.2 | |||
Income taxes | $ | 0.2 | $ | 0.2 | |||
Non-cash investing activities: | |||||||
Liabilities accrued for capital expenditures | $ | 30.7 | $ | 23.4 |
KCP&L Other Operating Activities | |||||||
Year to Date September 30 | 2016 | 2015 | |||||
Cash flows affected by changes in: | (millions) | ||||||
Receivables | $ | (53.5 | ) | $ | (6.2 | ) | |
Fuel inventories | 12.7 | (11.6 | ) | ||||
Materials and supplies | (3.8 | ) | (4.0 | ) | |||
Accounts payable | (80.3 | ) | (83.1 | ) | |||
Accrued taxes | 179.3 | 162.3 | |||||
Accrued interest | 8.9 | 12.3 | |||||
Deferred refueling outage costs | 7.5 | (12.8 | ) | ||||
Pension and post-retirement benefit obligations | 53.7 | 48.8 | |||||
Allowance for equity funds used during construction | (4.0 | ) | (2.9 | ) | |||
Fuel recovery mechanisms | (31.0 | ) | 1.8 | ||||
Other | (14.8 | ) | (1.0 | ) | |||
Total other operating activities | $ | 74.7 | $ | 103.6 | |||
Cash paid during the period: | |||||||
Interest | $ | 86.7 | $ | 79.1 | |||
Non-cash investing activities: | |||||||
Liabilities accrued for capital expenditures | $ | 25.7 | $ | 15.7 |
September 30 | December 31 | |||||||||
2016 | 2015 | |||||||||
Great Plains Energy | (millions) | |||||||||
Customer accounts receivable - billed | $ | 55.3 | $ | 3.4 | ||||||
Customer accounts receivable - unbilled | 89.3 | 71.6 | ||||||||
Allowance for doubtful accounts - customer accounts receivable | (5.1 | ) | (3.8 | ) | ||||||
Other receivables | 54.6 | 76.5 | ||||||||
Total | $ | 194.1 | $ | 147.7 | ||||||
KCP&L | ||||||||||
Customer accounts receivable - billed | $ | 54.9 | $ | 2.8 | ||||||
Customer accounts receivable - unbilled | 70.8 | 58.8 | ||||||||
Allowance for doubtful accounts - customer accounts receivable | (2.7 | ) | (1.8 | ) | ||||||
Other receivables | 45.7 | 69.4 | ||||||||
Total | $ | 168.7 | $ | 129.2 |
September 30 2016 | December 31 2015 | ||||||||||
Decommissioning Trust | (millions) | ||||||||||
Beginning balance January 1 | $ | 200.7 | $ | 199.0 | |||||||
Contributions | 2.5 | 3.3 | |||||||||
Earned income, net of fees | 3.0 | 3.4 | |||||||||
Net realized gains | 0.2 | 0.7 | |||||||||
Net unrealized gains (losses) | 11.9 | (5.7 | ) | ||||||||
Ending balance | $ | 218.3 | $ | 200.7 |
September 30, 2016 | December 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||
Cost Basis | Unrealized Gains | Unrealized Losses | Fair Value | Cost Basis | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | 92.4 | $ | 56.2 | $ | (1.2 | ) | $ | 147.4 | $ | 89.6 | $ | 47.9 | $ | (2.1 | ) | $ | 135.4 | |||||||||||||||||||||||||||
Debt securities | 64.5 | 4.8 | — | 69.3 | 59.6 | 2.6 | (0.5 | ) | 61.7 | ||||||||||||||||||||||||||||||||||||
Other | 1.6 | — | — | 1.6 | 3.6 | — | — | 3.6 | |||||||||||||||||||||||||||||||||||||
Total | $ | 158.5 | $ | 61.0 | $ | (1.2 | ) | $ | 218.3 | $ | 152.8 | $ | 50.5 | $ | (2.6 | ) | $ | 200.7 |
Three Months Ended September 30 | Year to Date September 30 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(millions) | |||||||||||||||
Realized gains | $ | 0.6 | $ | 0.6 | $ | 1.5 | $ | 3.2 | |||||||
Realized losses | (0.3 | ) | (0.5 | ) | (1.3 | ) | (2.3 | ) |
Pension Benefits | Other Benefits | |||||||||||||||
Three Months Ended September 30 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Components of net periodic benefit costs | (millions) | |||||||||||||||
Service cost | $ | 10.5 | $ | 11.4 | $ | 0.7 | $ | 0.8 | ||||||||
Interest cost | 13.2 | 12.5 | 1.5 | 1.7 | ||||||||||||
Expected return on plan assets | (12.3 | ) | (13.0 | ) | (0.8 | ) | (0.7 | ) | ||||||||
Prior service cost | 0.2 | 0.2 | 0.3 | 0.7 | ||||||||||||
Recognized net actuarial (gain)/loss | 13.0 | 12.9 | (0.3 | ) | 0.1 | |||||||||||
Transition obligation | — | — | — | 0.1 | ||||||||||||
Net periodic benefit costs before regulatory adjustment | 24.6 | 24.0 | 1.4 | 2.7 | ||||||||||||
Regulatory adjustment | (1.1 | ) | (3.5 | ) | 1.4 | 1.4 | ||||||||||
Net periodic benefit costs | $ | 23.5 | $ | 20.5 | $ | 2.8 | $ | 4.1 | ||||||||
Pension Benefits | Other Benefits | |||||||||||||||
Year to Date September 30 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Components of net periodic benefit costs | (millions) | |||||||||||||||
Service cost | $ | 31.5 | $ | 34.0 | $ | 2.0 | $ | 2.5 | ||||||||
Interest cost | 39.7 | 37.7 | 4.6 | 5.1 | ||||||||||||
Expected return on plan assets | (36.9 | ) | (38.8 | ) | (2.3 | ) | (2.2 | ) | ||||||||
Prior service cost | 0.5 | 0.6 | 0.9 | 2.3 | ||||||||||||
Recognized net actuarial (gain)/loss | 38.9 | 38.5 | (1.1 | ) | 0.2 | |||||||||||
Transition obligation | — | — | — | 0.1 | ||||||||||||
Net periodic benefit costs before regulatory adjustment | 73.7 | 72.0 | 4.1 | 8.0 | ||||||||||||
Regulatory adjustment | (3.1 | ) | (9.3 | ) | 4.4 | 4.2 | ||||||||||
Net periodic benefit costs | $ | 70.6 | $ | 62.7 | $ | 8.5 | $ | 12.2 |
Three Months Ended September 30 | Year to Date September 30 | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Great Plains Energy | (millions) | ||||||||||||||||
Equity compensation expense | $ | 0.4 | $ | 3.7 | $ | 3.9 | $ | 4.6 | |||||||||
Income tax benefit | — | 1.4 | 1.3 | 1.7 | |||||||||||||
KCP&L | |||||||||||||||||
Equity compensation expense | $ | 0.2 | $ | 2.5 | $ | 2.5 | $ | 3.1 | |||||||||
Income tax benefit | — | 0.9 | 0.8 | 1.1 |
Performance Shares | Grant Date Fair Value* | |||||||||
Beginning balance January 1, 2016 | 609,010 | $ | 25.60 | |||||||
Granted | 225,204 | 31.41 | ||||||||
Earned | (306,953 | ) | 24.22 | |||||||
Forfeited | (1,714 | ) | 27.61 | |||||||
Performance adjustment | 99,553 | 24.16 | ||||||||
Ending balance September 30, 2016 | 625,100 | 28.13 |
Nonvested Restricted Stock | Grant Date Fair Value* | |||||||||
Beginning balance January 1, 2016 | 231,508 | $ | 24.78 | |||||||
Granted and issued | 96,053 | 29.41 | ||||||||
Vested | (73,417 | ) | 22.69 | |||||||
Forfeited | (572 | ) | 27.51 | |||||||
Ending balance September 30, 2016 | 253,572 | 27.13 |
September 30 | December 31 | |||||||||||
Year Due | 2016 | 2015 | ||||||||||
KCP&L | (millions) | |||||||||||
General Mortgage Bonds | ||||||||||||
2.47% EIRR bonds(a) | 2017-2035 | $ | 110.5 | $ | 110.5 | |||||||
7.15% Series 2009A (8.59% rate)(b) | 2019 | 400.0 | 400.0 | |||||||||
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 | 300.0 | |||||||||
3.65% Series | 2025 | 350.0 | 350.0 | |||||||||
6.05% Series (5.78% rate)(b) | 2035 | 250.0 | 250.0 | |||||||||
5.30% Series | 2041 | 400.0 | 400.0 | |||||||||
EIRR Bonds | ||||||||||||
0.76% Series 2007A and 2007B(c) | 2035 | 146.5 | 146.5 | |||||||||
2.875% Series 2008 | 2038 | 23.4 | 23.4 | |||||||||
Current maturities | (281.0 | ) | — | |||||||||
Unamortized discount and debt issuance costs | (15.9 | ) | (17.3 | ) | ||||||||
Total KCP&L excluding current maturities(d) | 2,283.5 | 2,563.1 | ||||||||||
Other Great Plains Energy | ||||||||||||
GMO First Mortgage Bonds 9.44% Series | 2017-2021 | 5.7 | 6.8 | |||||||||
GMO Senior Notes | ||||||||||||
8.27% Series | 2021 | 80.9 | 80.9 | |||||||||
3.49% Series A | 2025 | 125.0 | 125.0 | |||||||||
4.06% Series B | 2033 | 75.0 | 75.0 | |||||||||
4.74% Series C | 2043 | 150.0 | 150.0 | |||||||||
GMO Medium Term Notes | ||||||||||||
7.33% Series | 2023 | 3.0 | 3.0 | |||||||||
7.17% Series | 2023 | 7.0 | 7.0 | |||||||||
Great Plains Energy Senior Notes | ||||||||||||
6.875% Series (7.33% rate)(b) | 2017 | 100.0 | 100.0 | |||||||||
4.85% Series | 2021 | 350.0 | 350.0 | |||||||||
5.292% Series | 2022 | 287.5 | 287.5 | |||||||||
Current maturities | (101.1 | ) | (1.1 | ) | ||||||||
Unamortized discount and premium, net and debt issuance costs | (1.9 | ) | (2.1 | ) | ||||||||
Total Great Plains Energy excluding current maturities(d) | $ | 3,364.6 | $ | 3,745.1 |
(a) | Weighted-average interest rates at September 30, 2016 |
(b) | Rate after amortizing gains/losses recognized in other comprehensive income (OCI) on settlements of interest rate hedging instruments |
(c) | Variable rate |
(d) | At September 30, 2016, and December 31, 2015, does not include $50.0 million and $21.9 million of secured Series 2005 Environmental Improvement Revenue Refunding (EIRR) bonds because the bonds were repurchased in September 2015 and are held by KCP&L |
(a) | Equal to or greater than $34.38, the Conversion Rate shall be 29.0855; |
(b) | Less than $34.38 but greater than $28.65, the Conversion Rate shall be $1,000 divided by the Applicable Market Value; or |
(c) | Less than or equal to $28.65, the Conversion Rate shall be 34.9026. |
(a) | Equal to or greater than $31.74, the Conversion Rate shall be 31.5060; |
(b) | Less than $31.74 but greater than $26.45, the Conversion Rate shall be $1,000 divided by the Applicable Market Value; or |
(c) | Less than or equal to $26.45, the Conversion Rate shall be 37.8080. |
2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||
(millions) | |||||||||||||||
Great Plains Energy | $ | 99.6 | $ | 45.5 | $ | 20.6 | $ | 98.9 | $ | 151.9 | |||||
KCP&L | 83.8 | 30.1 | 14.4 | 87.3 | 130.0 |
September 30 | December 31 | |||||||||
2016 | 2015 | |||||||||
(millions) | ||||||||||
Net receivable from GMO | $ | 71.5 | $ | 50.0 | ||||||
Net receivable from Great Plains Energy | 19.5 | 15.8 |
September 30 | December 31 | ||||||||||||||
2016 | 2015 | ||||||||||||||
Notional Contract Amount | Fair Value | Notional Contract Amount | Fair Value | ||||||||||||
Great Plains Energy | (millions) | ||||||||||||||
Non-hedging derivatives | |||||||||||||||
Futures contracts | $ | 14.9 | $ | — | $ | 26.6 | $ | (5.7 | ) | ||||||
Forward contracts | 11.1 | 2.6 | 15.6 | 3.1 | |||||||||||
Transmission congestion rights | 5.1 | 0.7 | 5.6 | (0.5 | ) | ||||||||||
Interest rate swaps | 4,415.0 | (78.8 | ) | — | — | ||||||||||
KCP&L | |||||||||||||||
Non-hedging derivatives | |||||||||||||||
Futures contracts | $ | 0.2 | $ | — | $ | 0.9 | $ | (0.1 | ) | ||||||
Transmission congestion rights | 3.9 | 0.4 | 4.1 | (0.4 | ) |
Great Plains Energy | |||||||||||||
Balance Sheet | Asset Derivatives | Liability Derivatives | |||||||||||
September 30, 2016 | Classification | Fair Value | Fair Value | ||||||||||
Derivatives Not Designated as Hedging Instruments | (millions) | ||||||||||||
Commodity contracts | Other | $ | 5.3 | $ | 2.0 | ||||||||
Interest rate contracts | Derivative instruments | — | 78.8 | ||||||||||
December 31, 2015 | |||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||
Commodity contracts | Other/Derivative instruments | $ | 3.3 | $ | 6.4 |
KCP&L | |||||||||||||
Balance Sheet | Asset Derivatives | Liability Derivatives | |||||||||||
September 30, 2016 | Classification | Fair Value | Fair Value | ||||||||||
Derivatives Not Designated as Hedging Instruments | (millions) | ||||||||||||
Commodity contracts | Other | $ | 1.1 | $ | 0.7 | ||||||||
December 31, 2015 | |||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||
Commodity contracts | Other | $ | 0.2 | $ | 0.7 |
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 | Net Amount | |||||||||||||||||||||||||||||
September 30, 2016 | (millions) | ||||||||||||||||||||||||||||||||||
Derivative assets | $ | 5.3 | $ | (2.0 | ) | $ | 3.3 | $ | — | $ | — | $ | 3.3 | ||||||||||||||||||||||
Derivative liabilities | 80.8 | (2.0 | ) | 78.8 | — | — | 78.8 | ||||||||||||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||||||||||||||
Derivative assets | $ | 3.3 | $ | (0.2 | ) | $ | 3.1 | $ | — | $ | — | $ | 3.1 | ||||||||||||||||||||||
Derivative liabilities | 6.4 | (5.9 | ) | 0.5 | — | — | 0.5 |
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 | Net Amount | |||||||||||||||||||||||||||||
September 30, 2016 | (millions) | ||||||||||||||||||||||||||||||||||
Derivative assets | $ | 1.1 | $ | (0.7 | ) | $ | 0.4 | $ | — | $ | — | $ | 0.4 | ||||||||||||||||||||||
Derivative liabilities | 0.7 | (0.7 | ) | — | — | — | — | ||||||||||||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||||||||||||||
Derivative assets | $ | 0.2 | $ | (0.2 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Derivative liabilities | 0.7 | (0.3 | ) | 0.4 | — | — | 0.4 |
Great Plains Energy | ||||||||||||||||
Three Months Ended September 30 | Year to Date September 30 | |||||||||||||||
Derivatives Not Designated as Hedging Instruments | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Location of Gain (Loss) | (millions) | |||||||||||||||
Electric revenues | $ | 2.0 | $ | (0.2 | ) | $ | 1.7 | $ | (7.9 | ) | ||||||
Fuel | (0.1 | ) | (0.1 | ) | (4.6 | ) | (1.2 | ) | ||||||||
Purchased power | 0.5 | (0.2 | ) | 0.2 | (1.4 | ) | ||||||||||
Interest charges | (1.8 | ) | — | (78.8 | ) | — | ||||||||||
Regulatory asset | — | (1.9 | ) | (0.1 | ) | (5.1 | ) | |||||||||
Regulatory liability | (0.3 | ) | — | 0.9 | — | |||||||||||
Total | $ | 0.3 | $ | (2.4 | ) | $ | (80.7 | ) | $ | (15.6 | ) |
KCP&L | ||||||||||||||||
Three Months Ended September 30 | Year to Date September 30 | |||||||||||||||
Derivatives Not Designated as Hedging Instruments | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Location of Gain (Loss) | (millions) | |||||||||||||||
Electric revenues | $ | 2.0 | $ | (0.2 | ) | $ | 1.7 | $ | (7.9 | ) | ||||||
Fuel | 0.3 | 1.1 | 0.2 | 1.3 | ||||||||||||
Regulatory asset | 0.1 | (0.1 | ) | — | (0.1 | ) | ||||||||||
Regulatory liability | — | — | 0.5 | — | ||||||||||||
Total | $ | 2.4 | $ | 0.8 | $ | 2.4 | $ | (6.7 | ) |
Description | September 30 2016 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
KCP&L | (millions) | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Nuclear decommissioning trust (a) | |||||||||||||||||||||||
Equity securities | $ | 147.4 | $ | 147.4 | $ | — | $ | — | |||||||||||||||
Debt securities | |||||||||||||||||||||||
U.S. Treasury | 29.7 | 29.7 | — | — | |||||||||||||||||||
U.S. Agency | 1.8 | — | 1.8 | — | |||||||||||||||||||
State and local obligations | 3.1 | — | 3.1 | — | |||||||||||||||||||
Corporate bonds | 34.4 | — | 34.4 | — | |||||||||||||||||||
Foreign governments | 0.3 | — | 0.3 | — | |||||||||||||||||||
Cash equivalents | 1.6 | 1.6 | — | — | |||||||||||||||||||
Total nuclear decommissioning trust | 218.3 | 178.7 | 39.6 | — | |||||||||||||||||||
Self-insured health plan trust (b) | |||||||||||||||||||||||
Equity securities | 0.9 | 0.9 | — | — | |||||||||||||||||||
Debt securities | 4.8 | — | 4.8 | — | |||||||||||||||||||
Cash and cash equivalents | 8.0 | 8.0 | — | — | |||||||||||||||||||
Total self-insured health plan trust | 13.7 | 8.9 | 4.8 | — | |||||||||||||||||||
Derivative instruments - commodity (c) | 1.1 | — | — | 1.1 | |||||||||||||||||||
Total | $ | 233.1 | $ | 187.6 | $ | 44.4 | $ | 1.1 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative instruments - commodity (c) | 0.7 | — | — | 0.7 | |||||||||||||||||||
Total | $ | 0.7 | $ | — | $ | — | $ | 0.7 | |||||||||||||||
Other Great Plains Energy | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Derivative instruments - commodity (c) | $ | 4.2 | $ | 1.1 | $ | 2.3 | $ | 0.8 | |||||||||||||||
SERP rabbi trusts (d) | |||||||||||||||||||||||
Equity securities | 0.1 | 0.1 | — | — | |||||||||||||||||||
Total | $ | 4.3 | $ | 1.2 | $ | 2.3 | $ | 0.8 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative instruments | |||||||||||||||||||||||
Commodity (c) | $ | 1.3 | $ | 1.1 | $ | — | $ | 0.2 | |||||||||||||||
Interest rates (e) | 78.8 | — | — | 78.8 | |||||||||||||||||||
Total derivative instruments | 80.1 | 1.1 | — | 79.0 | |||||||||||||||||||
Total | $ | 80.1 | $ | 1.1 | $ | — | $ | 79.0 | |||||||||||||||
Great Plains Energy | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Nuclear decommissioning trust (a) | $ | 218.3 | $ | 178.7 | $ | 39.6 | $ | — | |||||||||||||||
Self-insured health plan trust (b) | 13.7 | 8.9 | 4.8 | — | |||||||||||||||||||
Derivative instruments (c) | 5.3 | 1.1 | 2.3 | 1.9 | |||||||||||||||||||
SERP rabbi trusts (d) | 0.1 | 0.1 | — | — | |||||||||||||||||||
Total | $ | 237.4 | $ | 188.8 | $ | 46.7 | $ | 1.9 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative instruments (c) (e) | 80.8 | 1.1 | — | 79.7 | |||||||||||||||||||
Total | $ | 80.8 | $ | 1.1 | $ | — | $ | 79.7 |
Description | December 31 2015 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
KCP&L | (millions) | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Nuclear decommissioning trust (a) | |||||||||||||||||||||||
Equity securities | $ | 135.4 | $ | 135.4 | $ | — | $ | — | |||||||||||||||
Debt securities | |||||||||||||||||||||||
U.S. Treasury | 26.4 | 26.4 | — | — | |||||||||||||||||||
U.S. Agency | 1.8 | — | 1.8 | — | |||||||||||||||||||
State and local obligations | 4.0 | — | 4.0 | — | |||||||||||||||||||
Corporate bonds | 29.2 | — | 29.2 | — | |||||||||||||||||||
Foreign governments | 0.3 | — | 0.3 | — | |||||||||||||||||||
Cash equivalents | 3.6 | 3.6 | — | — | |||||||||||||||||||
Total nuclear decommissioning trust | 200.7 | 165.4 | 35.3 | — | |||||||||||||||||||
Self-insured health plan trust (b) | |||||||||||||||||||||||
Equity securities | 1.1 | 1.1 | — | — | |||||||||||||||||||
Debt securities | 7.3 | — | 7.3 | — | |||||||||||||||||||
Cash and cash equivalents | 5.2 | 5.2 | — | — | |||||||||||||||||||
Total self-insured health plan trust | 13.6 | 6.3 | 7.3 | — | |||||||||||||||||||
Derivative instruments - commodity (c) | 0.2 | — | — | 0.2 | |||||||||||||||||||
Total | $ | 214.5 | $ | 171.7 | $ | 42.6 | $ | 0.2 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative instruments - commodity (c) | 0.7 | 0.1 | — | 0.6 | |||||||||||||||||||
Total | $ | 0.7 | $ | 0.1 | $ | — | $ | 0.6 | |||||||||||||||
Other Great Plains Energy | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Derivative instruments - commodity (c) | $ | 3.1 | $ | — | $ | 2.7 | $ | 0.4 | |||||||||||||||
SERP rabbi trusts (d) | |||||||||||||||||||||||
Equity securities | 0.1 | 0.1 | — | — | |||||||||||||||||||
Total | $ | 3.2 | $ | 0.1 | $ | 2.7 | $ | 0.4 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative instruments - commodity(c) | 5.7 | 5.6 | — | 0.1 | |||||||||||||||||||
Total | $ | 5.7 | $ | 5.6 | $ | — | $ | 0.1 | |||||||||||||||
Great Plains Energy | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Nuclear decommissioning trust (a) | $ | 200.7 | $ | 165.4 | $ | 35.3 | $ | — | |||||||||||||||
Self-insured health plan trust (b) | 13.6 | 6.3 | 7.3 | — | |||||||||||||||||||
Derivative instruments (c) | 3.3 | — | 2.7 | 0.6 | |||||||||||||||||||
SERP rabbi trusts (d) | 0.1 | 0.1 | — | — | |||||||||||||||||||
Total | $ | 217.7 | $ | 171.8 | $ | 45.3 | $ | 0.6 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative instruments (c) | 6.4 | 5.7 | — | 0.7 | |||||||||||||||||||
Total | $ | 6.4 | $ | 5.7 | $ | — | $ | 0.7 |
(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 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities. |
(c) | The fair value of commodity 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 valued using pricing models for which observable market data is available to corroborate the valuation inputs. Derivative instruments classified as Level 3 represent non-exchange traded derivative instruments valued using pricing models 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) | At September 30, 2016, and December 31, 2015, the Supplemental Executive Retirement Plan (SERP) rabbi trusts also included $16.7 million and $16.6 million, respectively, of fixed income funds valued at net asset value (NAV) per share (or its equivalent) that are not categorized in the fair value hierarchy. The fixed income fund invests primarily in intermediate and long-term debt securities, can be redeemed immediately and is not subject to any restrictions on redemptions. |
(e) | The fair value of the interest rate derivative instruments is determined by calculating the net present value of expected payments and receipts under the interest rate swaps using observable market inputs including interest rates and LIBOR swap rates. As of September 30, 2016, the calculated net present value was discounted by a contingency factor of 0.35 that management believes is representative of |
Great Plains Energy | |||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||
Derivative Instruments | |||||||
2016 | 2015 | ||||||
(millions) | |||||||
Net asset (liability) at July 1 | $ | (76.1 | ) | $ | 0.8 | ||
Total realized/unrealized gains (losses): | |||||||
included in electric revenue | 2.0 | (0.2 | ) | ||||
included in purchased power expense | 0.5 | (0.2 | ) | ||||
included in non-operating income | 3.8 | 3.2 | |||||
included in interest charges | (1.8 | ) | — | ||||
included in regulatory (asset) liability | 0.2 | (0.1 | ) | ||||
Purchases | — | (0.2 | ) | ||||
Settlements | (6.4 | ) | (2.9 | ) | |||
Net asset (liability) at September 30 | $ | (77.8 | ) | $ | 0.4 | ||
Total unrealized gains (losses) relating to assets and liabilities still on the consolidated balance sheet at September 30: | |||||||
included in electric revenue | $ | — | $ | (0.1 | ) | ||
included in interest charges | (1.8 | ) | — | ||||
included in regulatory (asset) liability | 0.8 | (0.1 | ) | ||||
Great Plains Energy | |||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||
Derivative Instruments | |||||||
2016 | 2015 | ||||||
(millions) | |||||||
Net asset (liability) at January 1 | $ | (0.1 | ) | $ | 3.5 | ||
Total realized/unrealized gains (losses): | |||||||
included in electric revenue | 1.7 | (7.9 | ) | ||||
included in purchased power expense | 0.2 | (1.4 | ) | ||||
included in non-operating income | 7.9 | 6.9 | |||||
included in interest charges | (78.8 | ) | — | ||||
included in regulatory (asset) liability | 0.8 | (0.1 | ) | ||||
Purchases | (0.5 | ) | 0.4 | ||||
Settlements | (9.0 | ) | (1.0 | ) | |||
Net asset (liability) at September 30 | $ | (77.8 | ) | $ | 0.4 | ||
Total unrealized gains (losses) relating to assets and liabilities still on the consolidated balance sheet at September 30: | |||||||
included in electric revenue | $ | — | $ | (0.1 | ) | ||
included in non-operating income | 0.1 | (0.1 | ) | ||||
included in interest charges | (78.8 | ) | — | ||||
included in regulatory (asset) liability | 0.8 | (0.1 | ) |
KCP&L | |||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||
Derivative Instruments | |||||||
2016 | 2015 | ||||||
(millions) | |||||||
Net asset at July 1 | $ | 0.5 | $ | 0.1 | |||
Total realized/unrealized gains (losses): | |||||||
included in electric revenue | 2.0 | (0.2 | ) | ||||
included in regulatory asset | — | (0.1 | ) | ||||
Purchases | (0.1 | ) | (0.2 | ) | |||
Settlements | (2.0 | ) | 0.2 | ||||
Net asset (liability) at September 30 | $ | 0.4 | $ | (0.2 | ) | ||
Total unrealized gains (losses) relating to assets and liabilities still on the consolidated balance sheet at September 30: | |||||||
included in electric revenue | $ | — | $ | (0.1 | ) | ||
included in regulatory (asset) liability | 0.5 | (0.1 | ) | ||||
KCP&L | |||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||
Derivative Instruments | |||||||
2016 | 2015 | ||||||
(millions) | |||||||
Net asset (liability) at January 1 | $ | (0.4 | ) | $ | 3.1 | ||
Total realized/unrealized gains (losses): | |||||||
included in electric revenue | 1.7 | (7.9 | ) | ||||
included in regulatory (asset) liability | 0.5 | (0.1 | ) | ||||
Purchases | (0.5 | ) | (0.4 | ) | |||
Settlements | (0.9 | ) | 5.1 | ||||
Net asset (liability) at September 30 | $ | 0.4 | $ | (0.2 | ) | ||
Total unrealized gains (losses) relating to assets and liabilities still on the consolidated balance sheet at September 30: | |||||||
included in electric revenue | $ | — | $ | (0.1 | ) | ||
included in regulatory (asset) liability | 0.5 | (0.1 | ) |
Great Plains Energy | ||||||||||||||||||
Gains and Losses on Cash Flow Hedges(a) | Defined Benefit Pension Items(a) | Total(a) | ||||||||||||||||
(millions) | ||||||||||||||||||
Year to Date September 30, 2016 | ||||||||||||||||||
Beginning balance January 1 | $ | (10.1 | ) | $ | (1.9 | ) | $ | (12.0 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 4.1 | 0.4 | 4.5 | |||||||||||||||
Net current period other comprehensive income | 4.1 | 0.4 | 4.5 | |||||||||||||||
Ending balance September 30 | $ | (6.0 | ) | $ | (1.5 | ) | $ | (7.5 | ) | |||||||||
Year to Date September 30, 2015 | ||||||||||||||||||
Beginning balance January 1 | $ | (15.8 | ) | $ | (2.9 | ) | $ | (18.7 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 4.2 | 0.3 | 4.5 | |||||||||||||||
Net current period other comprehensive income | 4.2 | 0.3 | 4.5 | |||||||||||||||
Ending balance September 30 | $ | (11.6 | ) | $ | (2.6 | ) | $ | (14.2 | ) |
KCP&L | ||||||
Gains and Losses on Cash Flow Hedges(a) | ||||||
(millions) | ||||||
Year to date September 30, 2016 | ||||||
Beginning balance January 1 | $ | (9.6 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 4.0 | |||||
Net current period other comprehensive income | 4.0 | |||||
Ending balance September 30 | $ | (5.6 | ) | |||
Year to date September 30, 2015 | ||||||
Beginning balance January 1 | $ | (14.9 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 4.0 | |||||
Net current period other comprehensive income | 4.0 | |||||
Ending balance September 30 | $ | (10.9 | ) |
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 September 30 | 2016 | 2015 | ||||||||
(millions) | ||||||||||
Gains and (losses) on cash flow hedges (effective portion) | ||||||||||
Interest rate contracts | $ | (2.3 | ) | $ | (2.3 | ) | Interest charges | |||
(2.3 | ) | (2.3 | ) | Income before income tax expense and income from equity investments | ||||||
1.0 | 0.9 | Income tax benefit | ||||||||
$ | (1.3 | ) | $ | (1.4 | ) | Net income | ||||
Amortization of defined benefit pension items | ||||||||||
Net losses included in net periodic benefit costs | $ | (0.2 | ) | $ | (0.1 | ) | Utility operating and maintenance expenses | |||
(0.2 | ) | (0.1 | ) | Income before income tax expense and income from equity investments | ||||||
— | 0.1 | Income tax benefit | ||||||||
$ | (0.2 | ) | $ | — | Net income | |||||
Total reclassifications, net of tax | $ | (1.5 | ) | $ | (1.4 | ) | Net income | |||
Great Plains Energy | ||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Income Statement | ||||||||
Year to Date September 30 | 2016 | 2015 | ||||||||
(millions) | ||||||||||
Gains and (losses) on cash flow hedges (effective portion) | ||||||||||
Interest rate contracts | $ | (6.9 | ) | $ | (6.9 | ) | Interest charges | |||
(6.9 | ) | (6.9 | ) | Income before income tax expense and income from equity investments | ||||||
2.8 | 2.7 | Income tax benefit | ||||||||
$ | (4.1 | ) | $ | (4.2 | ) | Net income | ||||
Amortization of defined benefit pension items | ||||||||||
Net losses included in net periodic benefit costs | $ | (0.6 | ) | $ | (0.5 | ) | Utility operating and maintenance expenses | |||
(0.6 | ) | (0.5 | ) | Income before income tax expense and income from equity investments | ||||||
0.2 | 0.2 | Income tax benefit | ||||||||
$ | (0.4 | ) | $ | (0.3 | ) | Net income | ||||
Total reclassifications, net of tax | $ | (4.5 | ) | $ | (4.5 | ) | 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 September 30 | 2016 | 2015 | ||||||||
(millions) | ||||||||||
Gains and (losses) on cash flow hedges (effective portion) | ||||||||||
Interest rate contracts | $ | (2.2 | ) | $ | (2.2 | ) | Interest charges | |||
(2.2 | ) | (2.2 | ) | Income before income tax expense | ||||||
1.0 | 0.9 | Income tax benefit | ||||||||
Total reclassifications, net of tax | $ | (1.2 | ) | $ | (1.3 | ) | 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 | ||||||||
Year to Date September 30 | 2016 | 2015 | ||||||||
(millions) | ||||||||||
Gains and (losses) on cash flow hedges (effective portion) | ||||||||||
Interest rate contracts | $ | (6.6 | ) | $ | (6.6 | ) | Interest charges | |||
(6.6 | ) | (6.6 | ) | Income before income tax expense | ||||||
2.6 | 2.6 | Income tax benefit | ||||||||
Total reclassifications, net of tax | $ | (4.0 | ) | $ | (4.0 | ) | Net income |
Three Months Ended September 30 | Year to Date September 30 | |||||||||||||
Great Plains Energy | 2016 | 2015 | 2016 | 2015 | ||||||||||
Current income taxes | (millions) | |||||||||||||
Federal | $ | — | $ | (0.8 | ) | $ | (0.1 | ) | $ | (0.3 | ) | |||
State | — | 0.5 | 0.3 | 0.4 | ||||||||||
Total | — | (0.3 | ) | 0.2 | 0.1 | |||||||||
Deferred income taxes | ||||||||||||||
Federal | 70.1 | 66.4 | 91.5 | 91.8 | ||||||||||
State | 13.0 | 12.4 | 18.4 | 18.3 | ||||||||||
Total | 83.1 | 78.8 | 109.9 | 110.1 | ||||||||||
Investment tax credit | ||||||||||||||
Deferral | — | 0.5 | 2.5 | 0.5 | ||||||||||
Amortization | (0.4 | ) | (0.4 | ) | (1.1 | ) | (1.1 | ) | ||||||
Total | (0.4 | ) | 0.1 | 1.4 | (0.6 | ) | ||||||||
Income tax expense | $ | 82.7 | $ | 78.6 | $ | 111.5 | $ | 109.6 |
Three Months Ended September 30 | Year to Date September 30 | |||||||||||||
KCP&L | 2016 | 2015 | 2016 | 2015 | ||||||||||
Current income taxes | (millions) | |||||||||||||
Federal | $ | 35.4 | $ | 43.9 | $ | 36.6 | $ | 42.4 | ||||||
State | 6.4 | 7.1 | 6.7 | 6.7 | ||||||||||
Total | 41.8 | 51.0 | 43.3 | 49.1 | ||||||||||
Deferred income taxes | ||||||||||||||
Federal | 22.5 | (1.6 | ) | 61.5 | 14.6 | |||||||||
State | 4.5 | 0.8 | 12.5 | 5.2 | ||||||||||
Total | 27.0 | (0.8 | ) | 74.0 | 19.8 | |||||||||
Investment tax credit | ||||||||||||||
Deferral | — | 0.5 | — | 0.5 | ||||||||||
Amortization | (0.3 | ) | (0.2 | ) | (0.8 | ) | (0.7 | ) | ||||||
Total | (0.3 | ) | 0.3 | (0.8 | ) | (0.2 | ) | |||||||
Income tax expense | $ | 68.5 | $ | 50.5 | $ | 116.5 | $ | 68.7 |
Three Months Ended September 30 | Year to Date September 30 | |||||||||
Great Plains Energy | 2016 | 2015 | 2016 | 2015 | ||||||
Federal statutory income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | ||
Differences between book and tax depreciation not normalized | (0.3 | ) | 0.3 | (0.2 | ) | 0.4 | ||||
Amortization of investment tax credits | (0.2 | ) | (0.2 | ) | (0.4 | ) | (0.4 | ) | ||
Federal income tax credits | (1.1 | ) | (1.2 | ) | (2.7 | ) | (2.6 | ) | ||
State income taxes | 3.9 | 4.2 | 4.0 | 4.0 | ||||||
Transaction costs | 1.0 | — | 1.0 | — | ||||||
Other | (0.1 | ) | 0.2 | — | 0.2 | |||||
Effective income tax rate | 38.2 | % | 38.3 | % | 36.7 | % | 36.6 | % |
Three Months Ended September 30 | Year to Date September 30 | |||||||||
KCP&L | 2016 | 2015 | 2016 | 2015 | ||||||
Federal statutory income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | ||
Differences between book and tax depreciation not normalized | (0.5 | ) | 0.4 | (0.3 | ) | 0.6 | ||||
Amortization of investment tax credits | (0.1 | ) | (0.2 | ) | (0.2 | ) | (0.4 | ) | ||
Federal income tax credits | (1.2 | ) | (1.8 | ) | (2.3 | ) | (3.9 | ) | ||
State income taxes | 3.8 | 3.9 | 3.8 | 3.9 | ||||||
Other | (0.2 | ) | 0.1 | (0.1 | ) | (0.1 | ) | |||
Effective income tax rate | 36.8 | % | 37.4 | % | 35.9 | % | 35.1 | % |
Three Months Ended September 30, 2016 | Electric Utility | Other | Eliminations | Great Plains Energy | |||||||||||||||||||
(millions) | |||||||||||||||||||||||
Operating revenues | $ | 856.8 | $ | — | $ | — | $ | 856.8 | |||||||||||||||
Depreciation and amortization | (86.4 | ) | — | — | (86.4 | ) | |||||||||||||||||
Interest (charges) income | (49.3 | ) | (26.4 | ) | 8.1 | (67.6 | ) | ||||||||||||||||
Income tax (expense) benefit | (95.9 | ) | 13.2 | — | (82.7 | ) | |||||||||||||||||
Net income (loss) | 161.1 | (27.5 | ) | — | 133.6 | ||||||||||||||||||
Year to Date September 30, 2016 | Electric Utility | Other | Eliminations | Great Plains Energy | |||||||||||||||||||
(millions) | |||||||||||||||||||||||
Operating revenues | $ | 2,099.7 | $ | — | $ | — | $ | 2,099.7 | |||||||||||||||
Depreciation and amortization | (256.9 | ) | — | — | (256.9 | ) | |||||||||||||||||
Interest (charges) income | (147.4 | ) | (128.4 | ) | 24.1 | (251.7 | ) | ||||||||||||||||
Income tax (expense) benefit | (160.2 | ) | 48.7 | — | (111.5 | ) | |||||||||||||||||
Net income (loss) | 278.4 | (86.4 | ) | — | 192.0 | ||||||||||||||||||
Three Months Ended September 30, 2015 | Electric Utility | Other | Eliminations | Great Plains Energy | |||||||||||||||||||
(millions) | |||||||||||||||||||||||
Operating revenues | $ | 781.4 | $ | — | $ | — | $ | 781.4 | |||||||||||||||
Depreciation and amortization | (82.4 | ) | — | — | (82.4 | ) | |||||||||||||||||
Interest (charges) income | (48.9 | ) | (10.2 | ) | 8.1 | (51.0 | ) | ||||||||||||||||
Income tax expense | (78.5 | ) | (0.1 | ) | — | (78.6 | ) | ||||||||||||||||
Net income (loss) | 129.1 | (2.3 | ) | — | 126.8 | ||||||||||||||||||
Year to Date September 30, 2015 | Electric Utility | Other | Eliminations | Great Plains Energy | |||||||||||||||||||
(millions) | |||||||||||||||||||||||
Operating revenues | $ | 1,939.5 | $ | — | $ | — | $ | 1,939.5 | |||||||||||||||
Depreciation and amortization | (245.7 | ) | — | — | (245.7 | ) | |||||||||||||||||
Interest (charges) income | (142.1 | ) | (30.3 | ) | 24.1 | (148.3 | ) | ||||||||||||||||
Income tax (expense) benefit | (112.0 | ) | 2.4 | — | (109.6 | ) | |||||||||||||||||
Net income (loss) | 196.4 | (6.3 | ) | — | 190.1 |
Electric Utility | Other | Eliminations | Great Plains Energy | ||||||||||||||||||||
September 30, 2016 | (millions) | ||||||||||||||||||||||
Assets | $ | 11,337.1 | $ | 114.5 | $ | (406.9 | ) | $ | 11,044.7 | ||||||||||||||
Capital expenditures (a) | 435.3 | — | — | 435.3 | |||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||
Assets | $ | 11,045.5 | $ | (51.1 | ) | $ | (255.8 | ) | $ | 10,738.6 | |||||||||||||
Capital expenditures (a) | 677.1 | — | — | 677.1 |
Three Months Ended September 30, 2016 | Year to Date September 30, 2016 | ||||||||||||||
(millions, except per share amounts) | |||||||||||||||
Earnings per diluted share | Earnings per diluted share | ||||||||||||||
Earnings available for common shareholders | $ | 132.7 | $ | 0.86 | $ | 190.3 | $ | 1.23 | |||||||
Costs to achieve the anticipated acquisition of Westar: | |||||||||||||||
Operating expense (a) | 14.4 | 19.4 | |||||||||||||
Financing (b) | 14.3 | 19.0 | |||||||||||||
Mark-to-market impacts of interest rate swaps (c) | 1.8 | 78.8 | |||||||||||||
Income tax benefit | (9.6 | ) | (42.3 | ) | |||||||||||
Redemption of cumulative preferred stock (d) | 0.6 | 0.6 | |||||||||||||
Adjusted earnings (non-GAAP) | $ | 154.2 | $ | 1.00 | $ | 265.8 | $ | 1.72 |
Three Months Ended September 30 | Year to Date September 30 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(millions) | |||||||||||||||
Operating revenues | $ | 856.8 | $ | 781.4 | $ | 2,099.7 | $ | 1,939.5 | |||||||
Fuel | (105.7 | ) | (124.5 | ) | (285.7 | ) | (332.0 | ) | |||||||
Purchased power | (78.4 | ) | (52.1 | ) | (176.5 | ) | (146.3 | ) | |||||||
Transmission | (23.8 | ) | (23.9 | ) | (64.5 | ) | (65.1 | ) | |||||||
Other operating expenses | (266.2 | ) | (241.8 | ) | (742.6 | ) | (703.7 | ) | |||||||
Costs to achieve the anticipated acquisition of Westar | (14.4 | ) | — | (19.4 | ) | — | |||||||||
Depreciation and amortization | (86.4 | ) | (82.4 | ) | (256.9 | ) | (245.7 | ) | |||||||
Operating income | 281.9 | 256.7 | 554.1 | 446.7 | |||||||||||
Non-operating income and expenses | 1.3 | (0.5 | ) | (1.0 | ) | 0.4 | |||||||||
Interest charges | (67.6 | ) | (51.0 | ) | (251.7 | ) | (148.3 | ) | |||||||
Income tax expense | (82.7 | ) | (78.6 | ) | (111.5 | ) | (109.6 | ) | |||||||
Income from equity investments | 0.7 | 0.2 | 2.1 | 0.9 | |||||||||||
Net income | 133.6 | 126.8 | 192.0 | 190.1 | |||||||||||
Preferred dividends and redemption premium | (0.9 | ) | (0.4 | ) | (1.7 | ) | (1.2 | ) | |||||||
Earnings available for common shareholders | $ | 132.7 | $ | 126.4 | $ | 190.3 | $ | 188.9 | |||||||
Reconciliation of gross margin to operating revenue: | |||||||||||||||
Operating revenues | $ | 856.8 | $ | 781.4 | $ | 2,099.7 | $ | 1,939.5 | |||||||
Fuel | (105.7 | ) | (124.5 | ) | (285.7 | ) | (332.0 | ) | |||||||
Purchased power | (78.4 | ) | (52.1 | ) | (176.5 | ) | (146.3 | ) | |||||||
Transmission | (23.8 | ) | (23.9 | ) | (64.5 | ) | (65.1 | ) | |||||||
Gross margin (a) | $ | 648.9 | $ | 580.9 | $ | 1,573.0 | $ | 1,396.1 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin below. |
• | a $68.0 million increase in gross margin driven by new retail rates, warmer weather, new cost recovery mechanisms, an increase in weather-normalized demand and an increase in recovery of programs costs for energy efficiency programs under MEEIA, partially offset by a decrease in other items including lower transmission revenue; |
• | a $17.0 million increase in other operating expenses driven by an increase in pension expense, an increase in program costs for energy efficiency programs under MEEIA and an increase in general taxes driven by higher property taxes and higher gross receipt taxes due to an increase in retail revenues; |
• | a $4.0 million increase in depreciation and amortization expense driven by capital additions; and |
• | a $17.4 million increase in income tax expense primarily due to an increase in pre-tax income. |
• | a $176.9 million increase in gross margin driven by new retail rates, warmer weather, new cost recovery mechanisms, an increase in MEEIA throughput disincentive and an increase in recovery of program costs for energy efficiency programs under MEEIA, partially offset by a decrease in other items including higher transmission expense; |
• | a $29.9 million increase in other operating expenses driven by an increase in Wolf Creek operating and maintenance expenses primarily due to increased refueling outage amortization, an increase in pension expense, an increase in program costs for energy efficiency programs under MEEIA and an increase in general taxes driven by higher property taxes and higher gross receipts taxes due to an increase in retail revenues, partially offset by a decrease in plant operating and maintenance expenses; |
• | an $11.2 million increase in depreciation and amortization expense driven by capital additions; |
• | a $5.3 million increase in interest charges primarily due to an increase in interest expense in 2016 related to KCP&L's issuance of $350 million of 3.65% Senior Notes in August 2015; partially offset by a decrease in interest expense due to KCP&L's purchase in lieu of redemption of its $50.0 million and $21.9 million EIRR Series 2005 bonds in September 2015; and |
• | a $48.2 million increase in income tax expense primarily due to an increase in pre-tax income. |
• | $14.4 million of operating expenses for costs to achieve the anticipated acquisition of Westar; |
• | $14.3 million of interest charges for fees incurred for a bridge term loan facility entered into in connection with the anticipated acquisition of Westar; |
• | a $1.8 million mark-to-market loss on interest rate swaps entered into in June 2016 to hedge against interest rate fluctuations on future issuances of long-term debt expected to be issued to finance a portion of the cash consideration for the anticipated acquisition of Westar; |
• | $9.6 million of income tax benefits related to these items; and |
• | $0.6 million of reductions to earnings available for common shareholders related to the redemption of Great Plains Energy's cumulative preferred stock in August 2016. |
• | $19.4 million of operating expenses for costs to achieve the anticipated acquisition of Westar; |
• | $19.0 million of interest charges for fees incurred for a bridge term loan facility entered into in connection with the anticipated acquisition of Westar; |
• | a $78.8 million mark-to-market loss on interest rate swaps entered into in June 2016 to hedge against interest rate fluctuations on future issuances of long-term debt expected to be issued to finance a portion of the cash consideration for the anticipated acquisition of Westar; |
• | $42.3 million of income tax benefits related to these items; and |
• | $0.6 million of reductions to earnings available for common shareholders related to the redemption of Great Plains Energy's cumulative preferred stock in August 2016. |
Three Months Ended September 30 | Year to Date September 30 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(millions) | |||||||||||||||
Operating revenues | $ | 856.8 | $ | 781.4 | $ | 2,099.7 | $ | 1,939.5 | |||||||
Fuel | (105.7 | ) | (124.5 | ) | (285.7 | ) | (332.0 | ) | |||||||
Purchased power | (78.4 | ) | (52.1 | ) | (176.5 | ) | (146.3 | ) | |||||||
Transmission | (23.8 | ) | (23.9 | ) | (64.5 | ) | (65.1 | ) | |||||||
Other operating expenses | (257.8 | ) | (240.8 | ) | (730.9 | ) | (701.0 | ) | |||||||
Depreciation and amortization | (86.4 | ) | (82.4 | ) | (256.9 | ) | (245.7 | ) | |||||||
Operating income | 304.7 | 257.7 | 585.2 | 449.4 | |||||||||||
Non-operating income and expenses | 1.6 | (1.2 | ) | 0.8 | 1.1 | ||||||||||
Interest charges | (49.3 | ) | (48.9 | ) | (147.4 | ) | (142.1 | ) | |||||||
Income tax expense | (95.9 | ) | (78.5 | ) | (160.2 | ) | (112.0 | ) | |||||||
Net income | $ | 161.1 | $ | 129.1 | $ | 278.4 | $ | 196.4 | |||||||
Reconciliation of gross margin to operating revenue | |||||||||||||||
Operating revenues | $ | 856.8 | $ | 781.4 | $ | 2,099.7 | $ | 1,939.5 | |||||||
Fuel | (105.7 | ) | (124.5 | ) | (285.7 | ) | (332.0 | ) | |||||||
Purchased power | (78.4 | ) | (52.1 | ) | (176.5 | ) | (146.3 | ) | |||||||
Transmission | (23.8 | ) | (23.9 | ) | (64.5 | ) | (65.1 | ) | |||||||
Gross margin (a) | $ | 648.9 | $ | 580.9 | $ | 1,573.0 | $ | 1,396.1 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
Revenues and Costs | % | MWhs Sold | % | ||||||||||||||||
Three Months Ended September 30 | 2016 | 2015 | Change (c) | 2016 | 2015 | Change | |||||||||||||
Retail revenues | (millions) | (thousands) | |||||||||||||||||
Residential | $ | 380.4 | $ | 338.9 | 12 | 2,786 | 2,631 | 6 | |||||||||||
Commercial | 327.4 | 299.7 | 9 | 3,069 | 3,002 | 2 | |||||||||||||
Industrial | 66.4 | 64.8 | 2 | 842 | 855 | (2 | ) | ||||||||||||
Other retail revenues | 5.3 | 5.3 | — | 29 | 28 | 1 | |||||||||||||
Provision for rate refund | 1.5 | — | N/M | N/A | N/A | N/A | |||||||||||||
Energy efficiency (MEEIA)(a) | 17.0 | 12.5 | 35 | N/A | N/A | N/A | |||||||||||||
Total retail | 798.0 | 721.2 | 11 | 6,726 | 6,516 | 3 | |||||||||||||
Wholesale revenues | 48.0 | 46.0 | 4 | 1,878 | 1,987 | (6 | ) | ||||||||||||
Other revenues | 10.8 | 14.2 | (26 | ) | N/A | N/A | N/A | ||||||||||||
Operating revenues | 856.8 | 781.4 | 10 | 8,604 | 8,503 | 1 | |||||||||||||
Fuel | (105.7 | ) | (124.5 | ) | (15 | ) | |||||||||||||
Purchased power | (78.4 | ) | (52.1 | ) | 50 | ||||||||||||||
Transmission | (23.8 | ) | (23.9 | ) | (1 | ) | |||||||||||||
Gross margin (b) | $ | 648.9 | $ | 580.9 | 12 | ||||||||||||||
(a) Consists of recovery of program costs of $16.3 million and $11.1 million for the three months ended September 30, 2016, and 2015, respectively, that have a direct offset in utility operating and maintenance expenses and recovery of throughput disincentive of $0.7 million and $1.4 million for the three months ended September 30, 2016, and 2015, respectively. | |||||||||||||||||||
(b) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. | |||||||||||||||||||
(c) N/M - not meaningful |
Revenues and Costs | % | MWhs Sold | % | ||||||||||||||
Year to Date September 30 | 2016 | 2015 | Change (c) | 2016 | 2015 | Change | |||||||||||
Retail revenues | (millions) | (thousands) | |||||||||||||||
Residential | 877.3 | 797.7 | 10 | 6,878 | 6,763 | 2 | |||||||||||
Commercial | 828.8 | 771.0 | 7 | 8,231 | 8,260 | — | |||||||||||
Industrial | 178.2 | 168.7 | 6 | 2,394 | 2,399 | — | |||||||||||
Other retail revenues | 15.9 | 15.2 | 6 | 87 | 86 | 1 | |||||||||||
Provision for rate refund | (13.2 | ) | — | N/M | N/A | N/A | N/A | ||||||||||
Energy efficiency (MEEIA)(a) | 47.6 | 31.4 | 51 | N/A | N/A | N/A | |||||||||||
Total retail | 1,934.6 | 1,784.0 | 8 | 17,590 | 17,508 | 1 | |||||||||||
Wholesale revenues | 124.5 | 115.3 | 8 | 6,279 | 4,751 | 32 | |||||||||||
Other revenues | 40.6 | 40.2 | 1 | N/A | N/A | N/A | |||||||||||
Operating revenues | 2,099.7 | 1,939.5 | 8 | 23,869 | 22,259 | 7 | |||||||||||
Fuel | (285.7 | ) | (332.0 | ) | (14 | ) | |||||||||||
Purchased power | (176.5 | ) | (146.3 | ) | 21 | ||||||||||||
Transmission | (64.5 | ) | (65.1 | ) | (1 | ) | |||||||||||
Gross margin (b) | 1,573.0 | 1,396.1 | 13 | ||||||||||||||
(a) Consists of recovery of program costs of $33.3 million and $28.3 million year to date September 30, 2016, and 2015, respectively, that have a direct offset in utility operating and maintenance expenses and recovery of throughput disincentive of $14.3 million and $3.1 million year to date September 30, 2016, and 2015, respectively. | |||||||||||||||||
(b) Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. | |||||||||||||||||
(c) N/M - not meaningful |
• | an estimated $46 million increase due to new retail rates and an estimated $9 million increase due to new cost recovery mechanisms for KCP&L in Missouri effective September 29, 2015, and in Kansas effective October 1, 2015; |
• | an estimated $12 million increase due to warmer weather driven by a 7% increase in cooling degree days; |
• | an estimated $7 million increase from weather-normalized retail demand; |
• | a $5.2 million increase for recovery of program costs for energy efficiency programs under MEEIA, which have a direct offset in utility operating and maintenance expense; and |
• | an estimated $10 million decrease due to other items including lower transmission revenue. |
• | an estimated $111 million increase due to new retail rates and an estimated $37 million increase due to new cost recovery mechanisms for KCP&L in Missouri effective September 29, 2015, and in Kansas effective October 1, 2015; |
• | an $11.2 million increase in MEEIA throughput disincentive; |
• | an estimated $23 million increase due to warmer weather with a 13% increase in cooling degree days in the second and third quarters of 2016 partially offset by a 16% decrease in heating degree days in the first quarter of 2016; |
• | a $5.0 million increase for recovery of program costs for energy efficiency programs under MEEIA, which have a direct offset in utility operating and maintenance expense; and |
• | an estimated $9 million decrease due to other items including higher transmission expense. |
• | a $2.2 million increase in pension expense corresponding to the resetting of pension expense trackers with the effective date of new retail rates; |
• | a $5.2 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue; and |
• | a $5.6 million increase in general taxes driven by higher property taxes and higher gross receipts taxes due to an increase in retail revenues. |
• | a $4.2 million increase in Wolf Creek operating and maintenance expenses primarily due to increased refueling outage amortization; |
• | a $6.7 million increase in pension expense corresponding to the resetting of pension expense trackers with the effective date of new retail rates; |
• | a $5.0 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue; |
• | an $11.7 million increase in general taxes driven by higher property taxes and higher gross receipts taxes due to an increase in retail revenues; and |
• | a $5.3 million decrease in plant operating and maintenance expense due to fewer planned outages in 2016. |
• | Great Plains Energy's receivables, net increased $46.4 million primarily due to seasonal increases in customer accounts receivable. |
• | Great Plains Energy's notes payable increased $94.0 million primarily due to borrowings for up-front fees and other expenses incurred in connection with the anticipated acquisition of Westar. |
• | Great Plains Energy's commercial paper decreased $66.9 million due to the repayment of $180.3 million of commercial paper at KCP&L with funds from operations partially offset by an increase in commercial paper of $113.4 million at GMO due to borrowings for general corporate purposes. |
• | Great Plains Energy's current maturities of long-term debt increased $381.0 million and long-term debt decreased $380.5 million due to the reclassification of KCP&L's $250.0 million of 5.85% Senior Notes and $31.0 million of 1.25% EIRR Series 1992 bonds and Great Plains Energy's $100.0 million of 6.875% Senior Notes from long-term to current. |
• | Great Plains Energy's accounts payable decreased $125.2 million primarily due to the timing of cash payments. |
• | Great Plains Energy's accrued taxes increased $91.8 million primarily due to the timing of property tax payments. |
• | Great Plains Energy's derivative instruments - current liabilities increased $78.3 million due to a $78.8 million mark-to-market loss on interest rate swaps entered into in June 2016 to hedge against interest rate fluctuations on future issuances of long-term debt expected to be issued to finance a portion of the cash consideration for the anticipated acquisition of Westar. |
• | Great Plains Energy's cumulative preferred stock $100 par value decreased $39.0 million due to the redemption of its 390,000 shares of outstanding cumulative preferred stock in August 2016. |
Year to Date September 30 | |||||||||
2016 | 2015 | ||||||||
(millions) | |||||||||
Operating revenues | $ | 1,474.1 | $ | 1,314.1 | |||||
Fuel | (205.6 | ) | (237.3 | ) | |||||
Purchased power | (93.1 | ) | (73.4 | ) | |||||
Transmission | (44.8 | ) | (42.3 | ) | |||||
Other operating expenses | (518.8 | ) | (490.7 | ) | |||||
Depreciation and amortization | (184.1 | ) | (175.0 | ) | |||||
Operating income | 427.7 | 295.4 | |||||||
Non-operating income and expenses | 1.9 | 0.6 | |||||||
Interest charges | (104.9 | ) | (100.4 | ) | |||||
Income tax expense | (116.5 | ) | (68.7 | ) | |||||
Net income | $ | 208.2 | $ | 126.9 | |||||
Reconciliation of gross margin to operating revenue: | |||||||||
Operating revenues | $ | 1,474.1 | $ | 1,314.1 | |||||
Fuel | (205.6 | ) | (237.3 | ) | |||||
Purchased power | (93.1 | ) | (73.4 | ) | |||||
Transmission | (44.8 | ) | (42.3 | ) | |||||
Gross margin (a) | $ | 1,130.6 | $ | 961.1 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
Revenues and Costs | % | MWhs Sold | % | ||||||||||||||||
Year to Date September 30 | 2016 | 2015 | Change(c) | 2016 | 2015 | Change | |||||||||||||
Retail revenues | (millions) | (thousands) | |||||||||||||||||
Residential | $ | 573.2 | $ | 503.9 | 14 | 4,200 | 4,117 | 2 | |||||||||||
Commercial | 615.4 | 560.6 | 10 | 5,755 | 5,783 | — | |||||||||||||
Industrial | 113.0 | 102.6 | 10 | 1,399 | 1,386 | 1 | |||||||||||||
Other retail revenues | 10.0 | 9.0 | 10 | 63 | 62 | 1 | |||||||||||||
Provision for rate refund | 0.5 | — | N/M | N/A | N/A | N/A | |||||||||||||
Energy efficiency (MEEIA)(a) | 29.6 | 16.1 | 84 | N/A | N/A | N/A | |||||||||||||
Total retail | 1,341.7 | 1,192.2 | 13 | 11,417 | 11,348 | 1 | |||||||||||||
Wholesale revenues | 115.3 | 104.3 | 11 | 5,971 | 4,431 | 35 | |||||||||||||
Other revenues | 17.1 | 17.6 | (3 | ) | N/A | N/A | N/A | ||||||||||||
Operating revenues | 1,474.1 | 1,314.1 | 12 | 17,388 | 15,779 | 10 | |||||||||||||
Fuel | (205.6 | ) | (237.3 | ) | (13 | ) | |||||||||||||
Purchased power | (93.1 | ) | (73.4 | ) | 27 | ||||||||||||||
Transmission | (44.8 | ) | (42.3 | ) | 6 | ||||||||||||||
Gross margin (b) | $ | 1,130.6 | $ | 961.1 | 18 |
(a) | Consists of recovery of program costs of $20.6 million and $12.8 million year to date September 30, 2016, and 2015, respectively, that have a direct offset in operating and maintenance expenses and recovery of throughput disincentive of $9.0 million and $3.3 million year to date September 30, 2016, and 2015, respectively. |
(b) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
(c) | N/M - not meaningful |
• | an estimated $111 million increase due to new retail rates and an estimated $37 million increase due to new cost recovery mechanisms for KCP&L in Missouri effective September 29, 2015, and in Kansas effective October 1, 2015; |
• | a $5.7 million increase in MEEIA throughput disincentive; |
• | an estimated $14 million increase due to warmer weather with a 13% increase in cooling degree days in the second and third quarter of 2016 partially offset by a 16% decrease in heating degree days in the first quarter of 2016; and |
• | a $7.8 million increase for recovery of program costs for energy efficiency programs under MEEIA, which have a direct offset in operating and maintenance expense. |
• | a $4.2 million increase in Wolf Creek operating and maintenance expenses primarily due to increased refueling outage amortization; |
• | a $6.3 million increase in pension expense corresponding to the resetting of pension expense trackers with the effective date of new retail rates; |
• | a $7.8 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue; |
• | an $11.8 million increase in general taxes driven by higher property taxes and higher gross receipts taxes due to an increase in retail revenues; and |
• | a $4.7 million decrease in plant operating and maintenance expense due to fewer planned outages in 2016. |
• | Great Plains Energy would not realize the anticipated benefits of the merger, including, among other things, increased operating efficiencies and future cost savings; |
• | the attention of management of Great Plains Energy may have been diverted to the merger rather than to its own operations and the pursuit of other opportunities that could have been beneficial to the Company; |
• | the potential loss of key personnel during the pendency of the merger as employees may experience uncertainty about their future roles with the combined company; and |
• | the trading price of Great Plains Energy common stock may decline to the extent that the current market prices reflect a market assumption that the merger will be completed. |
• | Great Plains Energy may be liable for damages to Westar under the terms and conditions of the Merger Agreement; |
• | negative reactions from the financial markets, including declines in the price of Great Plains Energy common stock due to the fact that current prices may reflect a market assumption that the merger will be completed; |
• | having to pay certain significant costs relating to the merger, including, in certain circumstances, a termination fee; and |
• | the attention of management of Great Plains Energy will have been diverted to the merger rather than Great Plains Energy's own operations and pursuit of other opportunities that could have been beneficial to Great Plains Energy. |
• | make it more difficult for the combined company to pay or refinance its debts as they become due during adverse economic and industry conditions because any decrease in revenues could cause the combined company to not have sufficient cash flows from operations to make its scheduled debt payments; |
• | limit the combined company's flexibility to pursue other strategic opportunities or react to changes in its business and the industry in which it operates and, consequently, place the combined company at a competitive disadvantage to its competitors with less debt; |
• | require a substantial portion of the combined company's cash flows from operations to be used for debt service payments, thereby reducing the availability of its cash flow to fund working capital, capital expenditures, acquisitions, dividend payments and other general corporate purposes; |
• | result in a downgrade in the rating of the combined company's indebtedness, which could limit its ability to borrow additional funds or increase the interest rates applicable to its indebtedness (after the announcement of the merger, Moody's Investors Service placed its long-term ratings on Great Plains Energy on review for downgrade and Standard & Poor's Ratings Services revised the outlook on Great Plains Energy and several of its subsidiaries from stable to negative); |
• | reduce the amount of credit available to Great Plains Energy and its subsidiaries to support its hedging activities; |
• | result in higher interest expense in the event of increases in interest rates since some of Great Plains Energy's borrowings are, and will continue to be, at variable rates of interest; or |
• | require that additional terms, conditions or covenants be placed on Great Plains Energy. |
• | whether United States federal and state public utility, antitrust and other regulatory authorities whose approval is required to complete the merger impose conditions on the merger, which may have an adverse effect on the combined company, including its ability to achieve the anticipated benefits of the merger; |
• | the ability of the two companies to combine certain of their operations or take advantage of expected growth opportunities; |
• | general market and economic conditions; |
• | general competitive factors in the marketplace; and |
• | higher than expected costs required to achieve the anticipated benefits of the merger. |
Exhibit Number | Description of Document | Registrant | ||
3.1 | Articles of Incorporation of Great Plains Energy Incorporated, as amended, on September 26, 2016. | Great Plains Energy | ||
3.2 | * | Certificate of Designations of the 7.00% Series B Mandatory Convertible Preferred Stock of Great Plains Energy Incorporated, filed with the Secretary of State of the State of Missouri and effective September 30, 2016 (Exhibit 3.1 to Form 8-K filed on October 3, 2016). | Great Plains Energy | |
10.1 | * | Amendment dated as of September 9, 2016, to the Receivables Sales Agreement dated as of July 1, 2005, among Kansas City Power & Light Receivables Company, as the Seller, Kansas City Power & Light Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as the Agent and Victory Receivables Corporation, as the Purchaser. (Exhibit 10.1 to Form 8-K filed on September 13, 2016). | KCP&L | |
10.2 | * | Third Amendment dated as of September 9, 2016, to the Receivables Sales Agreement dated as of May 31, 2012, among GMO Receivables Company, as the Seller, KCP&L Greater Missouri Operations Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as the Agent and Victory Receivables Corporation, as the Purchaser. (Exhibit 10.2 to Form 8-K filed on September 13, 2016). | Great Plains Energy | |
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 Kevin E. Bryant. | 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 Kevin E. Bryant. | KCP&L | ||
32.1 | ** | Section 1350 Certifications. | Great Plains Energy | |
32.2 | ** | Section 1350 Certifications. | KCP&L | |
101.INS | XBRL Instance Document. | Great Plains Energy KCP&L | ||
101.SCH | XBRL Taxonomy Extension Schema Document. | Great Plains Energy KCP&L | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | Great Plains Energy KCP&L | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | Great Plains Energy KCP&L | ||
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document. | Great Plains Energy KCP&L | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | Great Plains Energy KCP&L | ||
GREAT PLAINS ENERGY INCORPORATED | ||
Dated: | November 3, 2016 | By: /s/ Terry Bassham |
(Terry Bassham) | ||
(Chief Executive Officer) | ||
Dated: | November 3, 2016 | By: /s/ Steven P. Busser |
(Steven P. Busser) | ||
(Principal Accounting Officer) |
KANSAS CITY POWER & LIGHT COMPANY | ||
Dated: | November 3, 2016 | By: /s/ Terry Bassham |
(Terry Bassham) | ||
(Chief Executive Officer) | ||
Dated: | November 3, 2016 | By: /s/ Steven P. Busser |
(Steven P. Busser) | ||
(Principal Accounting Officer) |
(a) | The distinctive serial designation of the shares of such series; |
(b) | The dividend rate thereof; |
(c) | The redemption price or prices and the terms of redemption (except as fixed in this Division A); |
(d) | The terms and amount of any sinking fund for the purchase or redemption thereof; and |
(e) | The terms and conditions, if any, under which said shares may be converted. |
(a) | The distinctive serial designation of the shares of such series; |
(b) | The dividend rate thereof; |
(c) | The redemption price or prices and the terms of redemption (except as fixed in this Division A); |
(d) | The terms and amount of any sinking fund for the purchase or redemption thereof; |
(e) | The terms and conditions, if any, under which said shares may be converted; |
(f) | The rights of the shares of the series in the event of involuntary dissolution or liquidation of the Company; |
(g) | The consideration to be paid for the shares of such series, and the portion of such consideration to be designated as stated value or capital; and |
(h) | Any other powers, preferences and relative, participating, optional or other special rights, and qualifications, limitations or restrictions thereof, of the shares of such series, as the Board of Directors may deem advisable and as shall not be inconsistent with the provisions of these Articles of Incorporation. |
(a) | Increase the amount of Cumulative Preferred Stock or Cumulative No Par Preferred Stock at the time authorized; |
(b) | Create or authorize any shares of senior or parity stock, or create or authorize any obligation or security convertible into any such shares; |
(c) | Alter or change the preferences, priorities, special rights or special powers of then outstanding Cumulative Preferred Stock or Cumulative No Par Preferred Stock so as to affect the holders thereof adversely, provided, however, if any such alteration or change would adversely affect the holders of one or more, but not all, of the series of Cumulative Preferred Stock or Cumulative No Par Preferred Stock at the time outstanding, only the consent of holders of two‑thirds of the shares of each series so affected shall be required; or |
(d) | Issue, sell or otherwise dispose of shares of Cumulative Preferred Stock or Cumulative No Par Preferred Stock or any shares of senior or parity stock, or securities convertible into shares of Cumulative Preferred Stock, Cumulative No Par Preferred Stock or senior or parity stock, other than in exchange for or in connection with the retirement (by redemption or otherwise) of, not less than a like number of shares of Cumulative Preferred Stock, Cumulative No Par Preferred Stock or senior or parity stock, or securities convertible into not less than a like number of such shares, as the case may be, at the time outstanding, unless |
(e) | Merge or consolidate with or into any other corporation, provided that this provision shall not apply to a purchase or other acquisition by the Company of franchises or assets of another corporation in any manner which does not involve a statutory merger or consolidation; or |
(f) | Sell, lease, or exchange all or substantially all of its property and assets, unless the fair value of the net assets of the Company, after completion of such transaction, shall at least equal the then involuntary liquidation value of Cumulative Preferred Stock of all series, Cumulative No Par Preferred Stock of all series, and all senior or parity stock, then outstanding; or |
(g) | Intentionally omitted. |
(h) | While holders of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock remain entitled to elect a majority of the Board of Directors as aforesaid, the payment of dividends on such stock including dividends in arrears, shall not be unreasonably withheld if the financial condition of the Company permits payment thereof; |
(i) | Such right to elect a majority of the Board of Directors may be exercised at any annual meeting of shareholders, or, within the limitations herein provided, at a special meeting of shareholders held for such purpose. Whenever such right to elect a majority of the Board of Directors shall vest, on request signed by any holder of record of shares of Cumulative Preferred Stock or Cumulative No Par Preferred Stock then outstanding and delivered to the Company's principal office not less than 120 days prior to the date of the annual meeting next following the date when such right vests, the President or a Vice‑President of the Company shall call a special meeting of shareholders to be held within 30 days after receipt of such request for the purpose of electing a new Board of Directors of which holders of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock shall be entitled to elect the smallest number necessary to constitute a majority and holders of outstanding shares otherwise entitled to vote shall be entitled to elect the remaining Directors, in each case to serve until the next annual meeting of shareholders or until their successors shall be elected and shall qualify; |
(j) | Whenever, under the terms hereof, holders of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock shall be divested of the right to elect a majority of the Board of Directors, upon request signed by any holders of record of shares otherwise entitled to vote and delivered to the Company at its principal office not less than 120 days prior to the date for the annual meeting next following the date of such divesting, the President or a Vice‑President of the Company shall call a special meeting of the holders of shares otherwise entitled to vote to be held within 30 days after receipt of such request for the purpose of electing a new Board of Directors to serve until the next annual meeting or until their respective successors shall be elected and shall qualify; |
(k) | If, while holders of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock are entitled to elect a majority of the Directors, the holders of shares entitled as a class to elect certain Directors shall fail to elect the full number of Directors which they are entitled to elect, either at an annual meeting of shareholders or a special meeting thereof held as in this subdivision (vi) provided, or at an adjourned session of either thereof held within a period of 90 days beginning with the date of such meeting, then after the expiration of such period holders of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock and holders of outstanding shares otherwise entitled to vote, voting as a single class, shall be entitled to elect such number of Directors as shall not have been elected during such period by holders of outstanding shares of the |
(l) | At any annual or special meeting of the shareholders or adjournment thereof, held for the purpose of electing Directors while the holders of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock shall be entitled to elect a majority of the Board of Directors, the presence in person or by proxy of the holders of a majority of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock, counting all such shares as a single class, shall be necessary to constitute a quorum for the election by such class of a majority of the Board of Directors and the presence in person or by proxy of the holders of a majority of outstanding shares of a class otherwise entitled to vote shall be necessary to constitute a quorum of such class of shares for the election of Directors which holders of such class of shares are then entitled to elect. In case of a failure by the holders of any class or classes to elect, at such meeting or an adjourned session held within said period of 90 days, the number of Directors which they are entitled to elect at such meeting, such meeting shall be deemed ipso facto to have been adjourned to reconvene at 11:00 A.M., Central Standard Time, on the fourth full business day next following the close of such 90‑day period, at which time, or at a subsequent adjourned session of such meeting, such number of Directors as shall not have been elected during such period by holders of outstanding shares of the class or classes then entitled to elect the same, may be elected by holders of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock and holders of outstanding shares otherwise entitled to vote, voting as a single class. Subject to the preceding provisions of this subdivision (vi), a majority of the holders of shares of any class or classes at the time present in person or by proxy shall have power to adjourn such meeting for the election of Directors by holders of shares of such class or classes from time to time without notice other than announcement at the meeting; |
(m) | At any election of Directors each holder of outstanding shares of any class entitled to vote thereat shall have the right to cast as many votes in the aggregate as shall equal the number of shares of such class held multiplied by the number of Directors to be elected by holders of shares of such class, and may cast the whole number of votes, either in person or by proxy, for one candidate, or distribute them among two or more candidates as such holder shall elect; and |
(n) | While the holders of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock remain entitled to elect a majority of the Board of Directors, any holder of record of outstanding shares of Cumulative Preferred Stock or Cumulative No Par Preferred Stock shall have the right, during regular business hours, in person or by a duly authorized representative, to examine the |
(o) | If and so long as the junior stock equity (as hereinafter defined) at the end of the calendar month immediately preceding the date on which a dividend on the junior stock is declared is, or as a result of such dividend would become less than 20% of total capitalization (as hereinafter defined), the Company shall not declare dividends on any of its junior stock in an amount which, together with all other dividends on its junior stock declared within the year ending with but including the date of such dividend declaration, exceeds 50% of the net income of the Company available for dividends on its junior stock for the 12 consecutive calendar months immediately preceding the month in which such dividend is declared; and |
(p) | If and so long as the junior stock equity (as hereinafter defined) at the end of the calendar month immediately preceding the date on which a dividend on its junior stock is declared is, or as a result of such dividend would become less than 25%, but more than 20% of total capitalization (as hereinafter defined), the Company shall not declare such dividend on its junior stock in an amount which, together with all other dividends on its junior stock declared within the year ending with but including the date of such dividend declaration, exceeds 75% of the net income of the Company available for dividends on its junior stock for the 12 consecutive calendar months immediately preceding the month in which such dividend is declared; and |
(q) | Except to the extent permitted by the preceding subparagraphs (o) and (p) the Company may not pay dividends on its junior stock which would reduce the junior stock equity below 25% of total capitalization. For the purposes of subparagraphs (d), (o), (p) and (q) of this subdivision (vi): |
(a) | The distinctive designation of such series and the number of shares of such series; |
(b) | The rate or rates at which shares of such series shall be entitled to receive dividends, the conditions upon, and the times of payment of such dividends, the relationship and preference, if any, of such dividends to dividends payable on any other class or classes or any other series of stock, and whether such dividends shall be cumulative |
(c) | The right, if any, to exchange or convert the shares of such series into shares of any other class or classes, or of any other series of the same or any other class or classes of stock of the Company, and if so convertible or exchangeable, the conversion price or prices, or the rates of exchange, and the adjustments, if any, at which such conversion or exchange may be made; |
(d) | If shares of such series are subject to redemption, the time or times and the price or prices at which, at the terms and conditions on which, such shares shall be redeemable; |
(e) | The preference of the shares of such series as to both dividends and assets in the event of any voluntary or involuntary liquidation or dissolution or winding up or distribution of assets of the Company; |
(f) | The obligation, if any, of the Company to purchase, redeem or retire shares of such series and/or maintain a fund for such purposes, and the amount or amounts to be payable from time to time for such purpose or into such fund, the number of shares to be purchased, redeemed or retired, and the other terms and conditions of any such obligation; |
(g) | The voting rights, if any, full or limited, to be given the shares of such series, including without limiting the generality of the foregoing, the right, if any, as a series or in conjunction with other series or classes, to elect one or more members of the Board of Directors either generally or at certain specified times or under certain circumstances, and restrictions, if any, on particular corporate acts without a specified vote or consent of holders of such shares (such as, among others, restrictions on modifying the terms of such series of Preference Stock, authorizing or issuing additional shares of Preference Stock or creating any additional shares of Preference Stock or creating any class of stock ranking prior to or on a parity with the Preference Stock as to dividends or assets); and |
(h) | Any other preferences, and relative, participating, optional or other special rights, and qualifications, limitations or restrictions thereof. |
(a) | the Business Combination shall have been approved by a majority of the Continuing Directors; or |
(b) | the cash or the Fair Market Value of the property, securities or other consideration to be received per share by holders of the Common Stock in such Business Combination is not less than the highest per share price paid by or on behalf of the Interested Shareholder for any shares of Common Stock during the five‑year period preceding the announcement of such Business Combination. |
(a) | The term "Business Combination" shall mean: (i) any merger or consolidation involving the Company or a subsidiary of the Company with or into an Interested Shareholder; (ii) any sale, lease, exchange, transfer or other disposition (in one transaction or a series) of any Substantial Part of the assets of the Company or a subsidiary of the Company to or with an Interested Shareholder; (iii) the issuance of any securities of the Company or a subsidiary of the Company to an Interested Shareholder other than the issuance on a pro rata basis to all holders of shares of the same class pursuant to a stock split or stock dividend; (iv) any recapitalization or reclassification or other transaction that would have the effect of increasing the proportionate voting power of an Interested Shareholder; (v) any liquidation, spinoff, splitup or dissolution of the Company proposed by or on behalf of an Interested Shareholder; or (vi) any agreement, contract, arrangement or understanding providing for any of the transactions described in this definition of Business Combination; |
(b) | The term "Interested Shareholder" shall mean and include (i) any individual, corporation, partnership or other person or entity which, together with its "Affiliates" or "Associates" (as defined on March 1, 1986, in Rule 12b‑2 of the General Rules and Regulations under the Securities Exchange Act of 1934) "beneficially owns" (as defined on March 1, 1986, in Rule 13d‑3 of the General Rules and Regulations under the Securities Exchange Act of 1934) in the aggregate 5% or more of the outstanding shares of the Common Stock of the Company, and (ii) any Affiliate or Associate of any such Interested Shareholder; |
(c) | The term "Continuing Director" shall mean any member of the Board of Directors of the Company who is unaffiliated with the Interested Shareholder and was a member of the Board of Directors prior to the time that the Interested Shareholder became an Interested Shareholder, and any successor of a Continuing Director if the successor is unaffiliated with the Interested Shareholder and is recommended or elected to succeed the Continuing Director by a majority of Continuing Directors; |
(d) | The term "Fair Market Value" shall mean: (i) in the case of stock, the highest closing sale price during the 30‑day period immediately preceding the date in question of a share of such stock on the Composite Tape for New York Stock Exchange‑Listed Stocks, or, if such stock is not quoted on the Composite Tape, on the New York Stock Exchange, or, if such stock is not listed on such Exchange, on the principal United States securities exchange registered under the Securities and Exchange Act of 1934 on which such stock is listed, or, if such stock is not listed on any such exchange, the highest closing bid quotation with respect to a share of such stock during the 30‑day period preceding the date in question on the National Association of Securities Dealers, Inc. Automated Quotations System or any similar system then in use, or, if no such quotations are available, the Fair Market Value on the date in |
(e) | The term "Substantial Part" shall mean 10% or more of the Fair Market Value of the total assets as reflected on the most recent balance sheet existing at the time the shareholders of the Company would be required to approve or authorize the Business Combination involving the assets constituting any such Substantial Part. |
(a) | Right to Indemnification. Each person who was or is made a party or is threatened to be made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a Director or officer of the Company or is or was an employee of the Company acting within the scope and course of his or her employment or is or was serving at the request of the Company as a Director, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, shall be indemnified and held harmless by the Company to the fullest extent authorized by The Missouri General and Business Corporation Law, as the same exists or may hereafter be amended, against all expense, liability and loss (including attorneys' fees, judgments, fines, ERISA excise taxes or penalties and amounts paid to or to be paid in settlement) actually and reasonably incurred by such person in connection therewith. The Company may in its discretion by action of its Board of Directors provide indemnification to agents of the Company as provided for in this ARTICLE THIRTEEN. Such indemnification shall continue as to a person who has ceased to be a Director, officer, employee or agent and shall inure to the benefit of his or her heirs, executors and administrators. |
(b) | Rights Not Exclusive. The indemnification and other rights provided by this ARTICLE THIRTEEN shall not be deemed exclusive of any other rights to which a person may be entitled under any applicable law, By‑laws of the Company, agreement, vote of shareholders or disinterested Directors or otherwise, both as to action in such person's official capacity and as to action in any other capacity while holding the office of Director or officer, and the Company is hereby expressly authorized by the shareholders of the Company to enter into agreements with its Directors and officers which provide greater indemnification rights than that generally provided by The Missouri General and Business Corporation Law; |
1. | I have reviewed this quarterly report on Form 10-Q of Great Plains Energy Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | November 3, 2016 | /s/ Terry Bassham |
Terry Bassham Chairman, President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Great Plains Energy Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | November 3, 2016 | /s/Kevin E. Bryant |
Kevin E. Bryant Senior Vice President - Finance and Strategy and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Kansas City Power & Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | November 3, 2016 | /s/ Terry Bassham | ||
Terry Bassham Chairman, President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Kansas City Power & Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | November 3, 2016 | /s/ Kevin E. Bryant |
Kevin E. Bryant Senior Vice President - Finance and Strategy 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, President and Chief Executive Officer |
Date: | November 3, 2016 |
/s/Kevin E. Bryant | |
Name: Title: | Kevin E. Bryant Senior Vice President - Finance and Strategy and Chief Financial Officer |
Date: | November 3, 2016 |
(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, President and Chief Executive Officer |
Date: | November 3, 2016 |
/s/ Kevin E. Bryant | |
Name: Title: | Kevin E. Bryant Senior Vice President - Finance and Strategy and Chief Financial Officer |
Date: | November 3, 2016 |
Document And Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 31, 2016 |
|
Document Information [Line Items] | ||
Entity Registrant Name | Great Plains Energy Inc | |
Entity Central Index Key | 0001143068 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 215,295,002 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 |
Consolidated Statements of Common Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Stock Transactions, Parenthetical Disclosures [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.2625 | $ 0.245 | $ 0.7875 | $ 0.735 |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 significant operations are as follows:
Great Plains Energy also wholly owns GPE Transmission Holding Company, LLC (GPETHC). GPETHC owns 13.5% of Transource Energy, LLC (Transource) with the remaining 86.5% owned by AEP Transmission Holding Company, LLC (AEPTHC), a subsidiary of American Electric Power Company, Inc. GPETHC accounts for its investment in Transource under the equity method. Transource is focused on the development of competitive electric transmission projects. Each of Great Plains Energy's and KCP&L's consolidated financial statements includes the accounts of their subsidiaries. Intercompany transactions have been eliminated. Great Plains Energy's sole reportable business segment is electric utility. See Note 21 for additional information. Basic and Diluted Earnings per Common Share Calculation To determine basic earnings per common share (EPS), preferred stock dividend requirements and redemption premium are deducted from net income before dividing by the average number of common shares outstanding. The effect of dilutive securities, calculated using the treasury stock method, assumes the issuance of common shares applicable to performance shares and restricted stock. The following table reconciles Great Plains Energy's basic and diluted EPS.
There were no anti-dilutive shares excluded from the computation of dilutive EPS for the three months ended and year to date September 30, 2016, and 2015. Dividends Declared In November 2016, Great Plains Energy's Board of Directors (Great Plains Energy Board) declared a quarterly dividend of $0.2750 per share on Great Plains Energy's common stock. The common dividend is payable December 20, 2016, to shareholders of record as of November 29, 2016. The Great Plains Energy Board also declared a regular quarterly dividend on Great Plains Energy's newly issued 7.00% Series B Mandatory Convertible Preferred Stock (Series B Preferred Stock). The dividend will be payable December 15, 2016, to shareholders of record as of December 1, 2016. See Note 13 for additional information regarding the Series B Preferred Stock. In November 2016, KCP&L's Board of Directors declared a cash dividend payable to Great Plains Energy of $45 million payable on December 19, 2016. New Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in Generally Accepted Accounting Principles (GAAP) when it becomes effective. In August 2015, the FASB issued ASU No. 2015-14, deferring the effective date of ASU No. 2014-09 one year, from January 1, 2017, to January 1, 2018. The Companies plan to adopt ASU No. 2014-09 on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Companies are evaluating the effect that ASU No. 2014-09 will have on their consolidated financial statements and related disclosures and have not yet selected a transition method nor have they determined the effect of the standard on their ongoing financial reporting. In February 2016, the FASB issued ASU No. 2016-02, Leases, which requires an entity that is a lessee to record a right-of-use asset and a lease liability for lease payments on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new guidance is effective for interim and annual periods beginning after December 15, 2018, and is required to be applied using a modified retrospective approach. The Companies are evaluating the effect that ASU No. 2016-02 will have on their consolidated financial statements and related disclosures and have not yet determined the effect of the standard on their ongoing financial reporting. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation, which is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. The new guidance is effective for interim and annual periods beginning after December 15, 2016, and early adoption is permitted. This guidance will be applied either prospectively, retrospectively or using a modified retrospective transition method, depending on the area covered in this update. The Companies plan to adopt ASU No. 2016-09 effective January 1, 2017 and it is not expected to have a significant impact on their ongoing financial reporting. |
Anticipated Acquisition of Westar Energy, Inc. |
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Sep. 30, 2016 | |
Anticipated Acquisition of Westar Energy, Inc. [Abstract] | |
Anticipated Buiness Combination Disclosure [Text Block] | 2. ANTICIPATED ACQUISITION OF WESTAR ENERGY, INC. On May 29, 2016, Great Plains Energy entered into an Agreement and Plan of Merger (Merger Agreement) by and among Great Plains Energy, Westar, and, from and after its accession to the Merger Agreement, GP Star, Inc., a wholly owned subsidiary of Great Plains Energy in the State of Kansas (Merger Sub). Pursuant to the Merger Agreement, subject to the satisfaction or waiver of certain conditions, Merger Sub will merge with and into Westar, with Westar continuing as the surviving corporation. Upon closing, pursuant to the Merger Agreement, Great Plains Energy will acquire Westar for (i) $51.00 in cash and (ii) a number, rounded to the nearest 1/10,000 of a share, of shares of Great Plains Energy common stock, equal to the Exchange Ratio (as described below) for each share of Westar common stock issued and outstanding immediately prior to the effective time of the merger, with Westar becoming a wholly owned subsidiary of Great Plains Energy. The Exchange Ratio is calculated as follows: If the volume-weighted average share price of Great Plains Energy common stock on the New York Stock Exchange for the twenty consecutive full trading days ending on (and including) the third trading day immediately prior to the closing date of the merger (the Great Plains Energy Average Stock Price) is: (a) greater than $33.2283, the Exchange Ratio will be 0.2709; (b) greater than or equal to $28.5918 but less than or equal to $33.2283, the Exchange Ratio will be an amount equal to the quotient obtained by dividing (x) $9.00 by (y) the Great Plains Energy Average Stock Price; or (c) less than $28.5918, the Exchange Ratio will be 0.3148. Financing Great Plains Energy plans to finance the cash portion of the merger consideration with equity and debt financing, including (i) $750 million of mandatory convertible preferred equity pursuant to a stock purchase agreement with OCM Credit Portfolio LP (OMERS), (ii) approximately $2.35 billion of equity comprised of a combination of Great Plains Energy common stock and additional mandatory convertible preferred stock, which, as discussed below, was completed in October 2016, and (iii) approximately $4.4 billion in debt. On May 29, 2016, in connection with the Merger Agreement, Great Plains Energy entered into a commitment letter for a 364-day senior unsecured bridge term loan facility in an aggregate principal amount of $8.017 billion (which has subsequently been reduced to $5.1 billion) to support the anticipated transaction and provide flexibility for the timing of long-term financing. See Note 10 for additional information. On May 29, 2016, Great Plains Energy entered into a stock purchase agreement with OMERS, pursuant to which Great Plains Energy will issue and sell to OMERS 750,000 shares of preferred stock of Great Plains Energy designated as 7.25% Mandatory Convertible Preferred Stock, Series A (Series A Preferred Stock), without par value, for an aggregate purchase price equal to $750 million at the closing of the merger. See Note 13 for additional information. On October 3, 2016, Great Plains Energy completed a registered public offering of 60.5 million shares of common stock, without par value, at a public offering price of $26.45 per share, for total gross proceeds of approximately $1.6 billion (net proceeds of approximately $1.55 billion after the underwriting discount). Concurrent with this offering, Great Plains Energy also completed a registered public offering of 17.3 million depositary shares, each representing a 1/20th interest in a share of Great Plains Energy's Series B Preferred Stock, without par value, at a public offering price of $50 per depositary share for total gross proceeds of $862.5 million (net proceeds of approximately $836.6 million after the underwriting discount). See Note 13 for additional information on the Series B Preferred Stock. Regulatory and Shareholder Approvals Great Plains Energy's anticipated acquisition of Westar was unanimously approved by the Great Plains Energy Board and Westar's Board of Directors (Westar Board). In September 2016, shareholders of Great Plains Energy and Westar approved all proposals necessary for Great Plains Energy's acquisition of Westar at each company's respective shareholder meeting. The anticipated acquisition remains subject to regulatory approvals from The State Corporation Commission of the State of Kansas (KCC), the Nuclear Regulatory Commission (NRC), The Federal Energy Regulatory Commission (FERC) and The Federal Communications Commission (FCC); as well as other customary conditions. MPSC Jurisdiction Great Plains Energy believes that the Public Service Commission of the State of Missouri (MPSC) does not have jurisdiction to approve or disapprove the anticipated acquisition of Westar. In October 2016, the Midwest Energy Consumers Group (MECG) filed a complaint with the MPSC in which MECG asserted that MPSC approval was necessary in order for Great Plains Energy to acquire Westar and the MPSC subsequently issued an order requesting that a procedural schedule be established that would include an evidentiary hearing, oral argument, or both, on the issue of MPSC jurisdiction. The MPSC order required that the evidentiary hearing or oral argument occur no later than December 2016. If the MPSC ultimately decides to exercise its jurisdiction, Great Plains Energy could be required to file an application with the MPSC to approve the anticipated acquisition of Westar. In October 2016, Great Plains Energy reached separate stipulations and agreements with the MPSC staff and the Office of the Public Counsel (OPC) in which the MPSC staff and OPC agreed that they would not file complaints alleging that MPSC approval was necessary in order for Great Plains Energy to acquire Westar. The stipulations and agreements impose certain conditions on Great Plains Energy, KCP&L and GMO in the areas of financing, ratemaking, customer service, corporate social responsibility and also include other general provisions. The stipulation and agreement with the MPSC staff, among other things, provides that retail rates for KCP&L Missouri and GMO customers will not increase as a result of the acquisition and that in the event KCP&L's or GMO's credit ratings are downgraded below investment grade as a result of the acquisition, KCP&L and GMO will be restricted from paying a dividend to Great Plains Energy unless approved by the MPSC or until their credit ratings are restored to investment grade. The stipulations and agreements must still be approved by the MPSC. Great Plains Energy and the MPSC staff have requested that the MPSC approve their stipulation and agreement by November 30, 2016. KCC Approval In June 2016, Great Plains Energy, KCP&L and Westar filed a joint application with KCC for approval of the anticipated acquisition of Westar by Great Plains Energy. Under applicable Kansas regulations, KCC has 300 days following the filing to rule on the transaction. Accordingly, a decision from KCC on this joint application is expected by April 2017. In October 2016, KCC issued an order addressing KCC's merger standards and whether the joint application is in conformity with these standards. The order allows certain intervenors to file for appropriate relief if they believe the joint application does not adequately address KCC's merger standards. If relief is requested and approved by KCC, the current joint application could be dismissed and Great Plains Energy, KCP&L and Westar could be required to file a new joint application. Great Plains Energy, KCP&L and Westar believe the current joint application is in conformity with KCC's merger standards but out of an abundance of caution, filed a motion with KCC in November 2016 requesting to provide supplemental testimony to address KCC's October 2016 order. Other Approvals In July 2016, Great Plains Energy and Westar filed applications with FERC and NRC for approval of the merger. In August 2016, the Securities and Exchange Commission (SEC) declared effective a registration statement including a joint proxy statement with Westar (the Proxy Statement Prospectus) used in connection with the Great Plains Energy and Westar special shareholder meetings that occurred in September 2016. In September 2016, shareholders of Great Plains Energy and Westar approved all proposals necessary for Great Plains Energy's acquisition of Westar at each company's respective shareholder meeting. In September 2016, Great Plains Energy and Westar filed their respective Pre-Merger Notification and Report forms with the Federal Trade Commission (FTC) and the Department of Justice (DOJ) under the Hart-Scott-Rodino (HSR) Act. In October 2016, the FTC granted Great Plains Energy's request for early termination of the waiting period under the HSR Act with respect to the anticipated acquisition, and the DOJ also notified Great Plains Energy that it has closed its investigation of the antitrust aspects of the anticipated acquisition. Termination Fees The Merger Agreement provides that in connection with the termination of the Merger Agreement under specified circumstances relating to a failure to obtain required regulatory approvals prior to May 31, 2017 (which date may be extended to November 30, 2017 under certain circumstances (the End Date)), a final and nonappealable order enjoining the consummation of the merger in connection with regulatory approvals or failure by Great Plains Energy to consummate the merger once all of the conditions have been satisfied, Great Plains Energy will be required to pay Westar a termination fee of $380 million. In addition, in the event that the Merger Agreement is terminated by (a) either party because the closing has not occurred by the End Date or (b) Westar, as a result of Great Plains Energy's uncured breach of the Merger Agreement, and prior to such termination, an acquisition proposal for Great Plains Energy is publicly disclosed or made to Great Plains Energy, if Great Plains Energy enters into an agreement or consummates a transaction with respect to an acquisition proposal within twelve months following such termination, then Great Plains Energy may be required to pay Westar a termination fee of $180 million. Similarly, in the event that the Merger Agreement is terminated by (x) either party because the closing has not occurred by the End Date or (y) Great Plains Energy, as a result of Westar's uncured breach of the Merger Agreement, and prior to such termination, an acquisition proposal for Westar is publicly disclosed or made to Westar, if Westar enters into an agreement or consummates a transaction with respect to an acquisition proposal within twelve months following such termination, then Westar may be required to pay Great Plains Energy a termination fee of $280 million. Shareholder Lawsuits Following the announcement of the Merger Agreement, two putative class action complaints (which were subsequently consolidated) (Consolidated Putative Class Action) and a derivative complaint (Derivative Action) on behalf of nominal defendant Westar challenging the merger were filed in the District Court of Shawnee County, Kansas. A separate putative class action complaint (Missouri Action) was filed in the Circuit Court of Jackson County, Missouri, at Kansas City, Sixteenth Judicial District on behalf of a putative class of Great Plains Energy shareholders. The complaint in the Consolidated Putative Class Action names as defendants Westar, the members of the Westar Board and Great Plains Energy. The complaint in the Missouri Action names as defendants Great Plains Energy and the members of the Great Plains Energy Board. The complaint in the Derivative Action names as defendants the members of the Westar Board and Great Plains Energy, with Westar named as a nominal defendant. The complaint in the Consolidated Putative Class Action asserts that the members of the Westar Board breached their fiduciary duties to Westar shareholders in connection with the proposed merger, including the duty of candor, and that Westar and Great Plains Energy aided and abetted such breaches of fiduciary duties. The complaint in the Derivative Action asserts breach of fiduciary duty claims against members of the Westar Board, and aiding and abetting claims against Great Plains Energy, on behalf of nominal defendant Westar. The complaint in the Missouri Action asserts that the members of the Great Plains Energy Board breached their fiduciary duty of candor in connection with the proposed merger by allegedly failing to disclose certain facts in the Company's preliminary Form S-4. Among other remedies, the plaintiffs in each case seek to enjoin the merger, in addition to reimbursement of costs. In September 2016, the plaintiff in the Missouri Action agreed to withdraw its motion for a preliminary injunction and in exchange, Great Plains Energy made additional supplemental disclosures to the Proxy Statement/Prospectus. This agreement does not release or otherwise prejudice any potential claims of any member of the putative class and does not constitute any admission by any of the defendants as to the merits of any claims. In September 2016, the parties in the Consolidated Putative Class Action and the Derivative Action independently agreed to withdraw requests for injunctive relief and otherwise agreed in principle to dismissing the actions with prejudice and to providing releases. In exchange, the parties in the Derivative Action agreed, and Westar made, supplemental disclosures to the Proxy Statement/Prospectus and the parties in the Consolidated Putative Class Action agreed, and Westar: (i) made supplemental disclosures and (ii) granted waivers of the prohibition on requesting a waiver of the standstill provisions in the confidentiality and standstill agreements executed by the bidders that participated in the Westar sale process. Because Great Plains Energy is a defendant in the Consolidated Putative Class Action and the Derivative Action and is a party to these agreements, Great Plains Energy also made the same supplemental disclosures that Westar made. These agreements do not constitute any admission by any of the defendants as to the merits of any claims. |
Supplemental Cash Flow Information |
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Cash Flow, Supplemental Disclosures [Text Block] | 3. SUPPLEMENTAL CASH FLOW INFORMATION
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Receivables |
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Loans Notes Trade And Other Receivables Disclosure And Transfers And Servicing Of Financial Asset [Text Block] | 4. RECEIVABLES Great Plains Energy's and KCP&L's receivables are detailed in the following table.
Great Plains Energy's and KCP&L's other receivables at September 30, 2016, and December 31, 2015, consisted primarily of receivables from partners in jointly owned electric utility plants and wholesale sales receivables. Sale of Accounts Receivable – KCP&L and GMO KCP&L and GMO sell all of their retail electric accounts receivable to their wholly owned subsidiaries, KCP&L Receivables Company and GMO Receivables Company, respectively, which in turn sell an undivided percentage ownership interest in the accounts receivable to Victory Receivables Corporation, an independent outside investor. Each of KCP&L Receivables Company's and GMO Receivables Company's sale of the undivided percentage ownership interest in accounts receivable to Victory Receivables Corporation is accounted for as a secured borrowing with accounts receivable pledged as collateral and a corresponding short-term collateralized note payable recognized on the balance sheets. At September 30, 2016, and December 31, 2015, Great Plains Energy's accounts receivable pledged as collateral and the corresponding short-term collateralized note payable were $190.0 million and $175.0 million, respectively. At September 30, 2016, and December 31, 2015, KCP&L's accounts receivable pledged as collateral and the corresponding short-term collateralized note payable were $110.0 million. KCP&L's agreement expires in September 2017 and allows for $110 million in aggregate outstanding principal amount of borrowings at any time. GMO's agreement expires in September 2017 and allows for $65 million in aggregate outstanding principal of borrowings from mid-November through mid-June and then increases to $80 million from mid-June through mid-November. |
Nuclear Plant |
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Nuclear Plant | 5. NUCLEAR PLANT KCP&L owns 47% of Wolf Creek Generating Station (Wolf Creek), its only nuclear generating unit. Wolf Creek is located in Coffey County, Kansas, just northeast of Burlington, Kansas. Wolf Creek's operating license expires in 2045. Wolf Creek is regulated by the NRC with respect to licensing, operations and safety-related requirements. Spent Nuclear Fuel and High-Level Radioactive Waste Under the Nuclear Waste Policy Act of 1982, the Department of Energy (DOE) is responsible for the permanent disposal of spent nuclear fuel. Wolf Creek historically paid the DOE a quarterly fee of one-tenth of a cent for each kWh of net nuclear generation delivered and sold for the future disposal of spent nuclear fuel. In May 2014, this fee was set to zero. In 2010, the DOE filed a motion with the NRC to withdraw its then pending application to the NRC to construct a national repository for the disposal of spent nuclear fuel and high-level radioactive waste at Yucca Mountain, Nevada. An NRC board denied the DOE's motion to withdraw its application. In 2011, the NRC reexamined its decision and ordered the licensing board, consistent with budgetary limitations, to close out its work on the DOE's application. In August 2013, a federal court of appeals ruled that the NRC must resume its review of the DOE's application. Wolf Creek is currently evaluating alternatives for expanding its existing on-site spent nuclear fuel storage to provide additional capacity prior to 2025. Management cannot predict when, or if, an off-site storage site or alternative disposal site will be available to receive Wolf Creek's spent nuclear fuel and will continue to monitor this activity. Low-Level Radioactive Waste Wolf Creek disposes of most of its low-level radioactive waste (Class A waste) at an existing third-party repository in Utah. Management expects that the site located in Utah will remain available to Wolf Creek for disposal of its Class A waste. Wolf Creek has contracted with a waste processor that will process, take title and dispose in another state most of the remainder of Wolf Creek's low-level radioactive waste (Classes B and C waste, which is higher in radioactivity but much lower in volume). Should on-site waste storage be needed in the future, Wolf Creek has current storage capacity on site for about four years' generation of Classes B and C waste and believes it will be able to expand that storage capacity as needed if it becomes necessary to do so. Nuclear Decommissioning Trust Fund The following table summarizes the change in Great Plains Energy's and KCP&L's nuclear decommissioning trust fund.
The nuclear decommissioning trust is reported at fair value on the balance sheets and is invested in assets as detailed in the following table.
The weighted average maturity of debt securities held by the trust at September 30, 2016, was approximately 8 years. The costs of securities sold are determined on the basis of specific identification. The following table summarizes the realized gains and losses from the sale of securities in the nuclear decommissioning trust fund.
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Regulatory Matters |
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Sep. 30, 2016 | |
Regulated Operations [Abstract] | |
Regulatory Matters | 6. REGULATORY MATTERS KCP&L Missouri 2016 Rate Case Proceedings In July 2016, KCP&L filed an application with the MPSC to request an increase to its retail revenues of $62.9 million, with a return on equity of 9.9% and a rate-making equity ratio of 49.88%. The request reflects increases in infrastructure investment costs, costs for regional transmission lines, property tax costs and costs to comply with environmental and cybersecurity mandates. KCP&L also requested an additional $27.2 million increase associated with rebasing fuel and purchased power expense. An evidentiary hearing is scheduled to occur in February 2017. New rates are expected to be effective in May 2017. GMO Missouri 2016 Rate Case Proceedings In February 2016, GMO filed an application with the MPSC to request an increase to its retail revenues of $59.3 million, with a return on equity of 9.9% and a rate-making equity ratio of 54.83%. The request included recovery of increased transmission and property tax expenses as well as costs for infrastructure and system improvements to continue to provide reliable electric service. In September 2016, GMO, the MPSC staff and certain intervenors reached several non-unanimous stipulations and agreements resolving all issues in the case. In September 2016, the MPSC issued an order for GMO approving the non-unanimous stipulations and agreements and authorizing an increase in annual revenues of $3.0 million and a return on equity of 9.5% to 9.75%. The rates established by the order will take effect no later than December 22, 2016. KCP&L Kansas 2015 Rate Case Proceedings In September 2015, KCC issued an order for KCP&L authorizing an increase in annual revenues of $48.7 million, a return on equity of 9.3% and a rate-making equity ratio of 50.48%. KCP&L filed a Petition for Judicial Review with the Court of Appeals of Kansas in November 2015 regarding various issues, which was denied in March 2016. The rates established by the order took effect on October 1, 2015. KCP&L Missouri 2015 Rate Case Proceedings In September 2015, the MPSC issued an order for KCP&L authorizing an increase in annual revenues of $89.7 million, a return on equity of 9.5% and a rate-making equity ratio of approximately 50.09%. The MPSC also approved KCP&L's request to implement a Fuel Adjustment Clause. The rates established by the order took effect on September 29, 2015, and are effective unless and until modified by the MPSC or stayed by a court. Notices of Appeal of the September 2015 MPSC order were filed with the Missouri Court of Appeals, Western District (Court of Appeals), by KCP&L in October 2015 and by MECG in November 2015 regarding various issues. In September 2016, the Court of Appeals upheld the September 2015 MPSC order in all respects. KCP&L and MECG have filed Motions for Rehearing and Applications for Transfer to the Supreme Court of Missouri with the Court of Appeals. |
Goodwill |
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Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets [Text Block] | 7. GOODWILL Accounting rules require goodwill to be tested for impairment annually and when an event occurs indicating the possibility that an impairment exists. The annual impairment test for the $169.0 million of GMO acquisition goodwill was conducted on September 1, 2016. The goodwill impairment test is a two step process. The first step compares the fair value of a reporting unit to its carrying amount, including goodwill, to identify potential impairment. If the carrying amount exceeds the fair value of the reporting unit, the second step of the test is performed, consisting of assignment of the reporting unit's fair value to its assets and liabilities to determine an implied fair value of goodwill, which is compared to the carrying amount of goodwill to determine the impairment loss, if any, to be recognized in the financial statements. Great Plains Energy's regulated electric utility operations are considered one reporting unit for assessment of impairment, as they are included within the same operating segment and have similar economic characteristics. The determination of fair value of the reporting unit consisted of two valuation techniques: an income approach consisting of a discounted cash flow analysis and a market approach consisting of a determination of reporting unit invested capital using market multiples derived from the historical revenue, earnings before interest, income taxes, depreciation and amortization (EBITDA), net utility asset values and market prices of stock of peer companies. The results of the two techniques were evaluated and weighted to determine a point within the range that management considered representative of fair value for the reporting unit. Fair value of the reporting unit exceeded the carrying amount, including goodwill; therefore, there was no impairment of goodwill. |
Pension Plans and Other Employee Benefits |
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Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans and Other Employee Benefits | 8. PENSION PLANS AND OTHER EMPLOYEE BENEFITS Great Plains Energy maintains defined benefit pension plans for the majority of KCP&L's and GMO's active and inactive employees, including officers, and its 47% ownership share of Wolf Creek Nuclear Operating Corporation (WCNOC) defined benefit plans. For the majority of employees, pension benefits under these plans reflect the employees' compensation, years of service and age at retirement; however, for union employees hired after October 1, 2013, the benefits are derived from a cash balance account formula. Effective in 2014, the non-union plan was closed to future employees. Great Plains Energy also provides certain post-retirement health care and life insurance benefits for substantially all retired employees of KCP&L, GMO and its 47% ownership share of WCNOC. KCP&L and GMO record pension and post-retirement expense in accordance with rate orders from the MPSC and KCC that allow the difference between pension and post-retirement costs under GAAP and costs for ratemaking to be recognized as a regulatory asset or liability. This difference between financial and regulatory accounting methods is due to timing and will be eliminated over the life of the plans. The following tables provide Great Plains Energy's components of net periodic benefit costs prior to the effects of capitalization and sharing with joint owners of power plants.
Year to date September 30, 2016, Great Plains Energy contributed $23.6 million to the pension plans and expects to contribute an additional $52.4 million in 2016 to satisfy the Employee Retirement Income Security Act of 1974, as amended (ERISA) funding requirements and the MPSC and KCC rate orders, the majority of which is expected to be paid by KCP&L. Also in 2016, Great Plains Energy expects to make contributions of $5.1 million to the post-retirement benefit plans, the majority of which is expected to be paid by KCP&L. |
Equity Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Compensation | 9. EQUITY COMPENSATION Great Plains Energy's Long-Term Incentive Plan is an equity compensation plan approved by Great Plains Energy's shareholders. The Long-Term Incentive Plan permits the grant of restricted stock, restricted stock units, bonus shares, stock options, stock appreciation rights, limited stock appreciation rights, director shares, director deferred share units and performance shares to directors, officers and other employees of Great Plains Energy and KCP&L. Forfeiture rates are based on historical forfeitures and future expectations and are reevaluated annually. The following table summarizes Great Plains Energy's and KCP&L's equity compensation expense and the associated income tax benefit.
Performance Shares Performance share activity year to date September 30, 2016, is summarized in the following table. Performance adjustment represents the number of shares of common stock related to performance shares ultimately issued that can vary from the number of performance shares initially granted depending on Great Plains Energy's performance over a stated period of time.
* weighted-average At September 30, 2016, the remaining weighted-average contractual term was 1.4 years. There were no shares granted for the three months ended September 30, 2016. The weighted-average grant-date fair value of shares granted was $31.41 year to date September 30, 2016. The weighted-average grant-date fair value of shares granted was $22.46 and $24.03 for the three months ended and year to date September 30, 2015, respectively. At September 30, 2016, there was $7.7 million of total unrecognized compensation expense, net of forfeiture rates, related to performance shares granted under the Long-Term Incentive Plan, which will be recognized over the remaining weighted-average contractual term. The total fair value of performance shares earned and paid was $7.4 million and $0.5 million year to date September 30, 2016, and 2015, respectively. The fair value of performance share awards is estimated using the market value of the Company's stock at the valuation date and a Monte Carlo simulation technique that incorporates assumptions for inputs of expected volatilities, dividend yield and risk-free rates. Expected volatility is based on daily stock price change during a historical period commensurate with the remaining term of the performance period of the grant. The risk-free rate is based upon the rate at the time of the evaluation for zero-coupon government bonds with a maturity consistent with the remaining performance period of the grant. The dividend yield is based on the most recent dividends paid and the actual closing stock price on the valuation date. For shares granted in 2016, inputs for expected volatility, dividend yield and risk-free rates were 18%, 3.61% and 0.94%, respectively. Restricted Stock Restricted stock activity year to date September 30, 2016, is summarized in the following table.
* weighted-average At September 30, 2016, the remaining weighted-average contractual term was 1.3 years. There were no shares granted for the three months ended September 30, 2016. The weighted-average grant-date fair value of shares granted was $29.41 year to date September 30, 2016. The weighted-average grant-date fair value of shares granted was $24.20 and $25.88 for the three months ended and year to date September 30, 2015, respectively. At September 30, 2016, there was $3.2 million of total unrecognized compensation expense, net of forfeiture rates, related to nonvested restricted stock granted under the Long-Term Incentive Plan, which will be recognized over the remaining weighted-average contractual term. Total fair value of shares vested was $0.1 million and $1.7 million for the three months ended and year to date September 30, 2016, respectively. Total fair value of shares vested was $0.1 million and $2.1 million for the three months ended and year to date September 30, 2015, respectively. |
Short-term Borrowings and Short-term Bank Lines of Credit |
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Sep. 30, 2016 | |
Short-term Borrowings and Short-term Bank Lines of Credit [Abstract] | |
Short-term Borrowings and Short-term Bank Lines of Credit [Text Block] | 10. SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT Great Plains Energy's $200 Million Revolving Credit Facility Great Plains Energy's $200 million revolving credit facility with a group of banks expires in October 2019. The facility's terms permit transfers of unused commitments between this facility and the KCP&L and GMO facilities discussed below, with the total amount of the facility not exceeding $400 million at any one time. A default by Great Plains Energy or any of its significant subsidiaries on other indebtedness totaling more than $50.0 million is a default under the facility. Under the terms of this facility, Great Plains Energy is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the facility, not greater than 0.65 to 1.00 at all times. At September 30, 2016, Great Plains Energy was in compliance with this covenant. In June 2016, the facility was amended, among other things, to increase the maximum consolidated indebtedness to consolidated capitalization ratio of 0.65 to 1.00 to a level such that, if Great Plains Energy would not be in compliance with the covenant as of the date of the closing of the anticipated acquisition of Westar, the ratio would increase up to a maximum of 0.75 to 1.00 for one year. At September 30, 2016, Great Plains Energy had $104.0 million of outstanding cash borrowings at a weighted-average interest rate of 2.06% and had issued $0.2 million letters of credit under the credit facility. At December 31, 2015, Great Plains Energy had $10.0 million of outstanding cash borrowings at a weighted-average interest rate of 1.94% and had issued $0.2 million letters of credit under the credit facility. KCP&L's $600 Million Revolving Credit Facility and Commercial Paper KCP&L's $600 million revolving credit facility with a group of banks provides support for its issuance of commercial paper and other general corporate purposes and expires in October 2019. Great Plains Energy and KCP&L may transfer up to $200 million of unused commitments between Great Plains Energy's and KCP&L's facilities. A default by KCP&L on other indebtedness totaling more than $50.0 million is a default under the facility. Under the terms of this facility, KCP&L is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the facility, not greater than 0.65 to 1.00 at all times. At September 30, 2016, KCP&L was in compliance with this covenant. At September 30, 2016, KCP&L had no commercial paper outstanding, had issued letters of credit totaling $2.8 million and had no outstanding cash borrowings under the credit facility. At December 31, 2015, KCP&L had $180.3 million of commercial paper outstanding at a weighted-average interest rate of 0.70%, had issued letters of credit totaling $2.7 million and had no outstanding cash borrowings under the credit facility. GMO's $450 Million Revolving Credit Facility and Commercial Paper GMO's $450 million revolving credit facility with a group of banks provides support for its issuance of commercial paper and other general corporate purposes and expires in October 2019. Great Plains Energy and GMO may transfer up to $200 million of unused commitments between Great Plains Energy's and GMO's facilities. A default by GMO or any of its significant subsidiaries on other indebtedness totaling more than $50.0 million is a default under the facility. Under the terms of this facility, GMO is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the facility, not greater than 0.65 to 1.00 at all times. At September 30, 2016, GMO was in compliance with this covenant. At September 30, 2016, GMO had $157.1 million of commercial paper outstanding at a weighted-average interest rate of 0.71%, had issued letters of credit totaling $2.1 million and had no outstanding cash borrowings under the credit facility. At December 31, 2015, GMO had $43.7 million commercial paper outstanding at a weighted-average interest rate of 0.65%, had issued letters of credit totaling $2.5 million and had no outstanding cash borrowings under the credit facility. Great Plains Energy's $5.1 Billion Term Loan Facility In connection with the Merger Agreement, Great Plains Energy entered into a commitment letter for a 364-day senior unsecured bridge term loan facility, originally for an aggregate principal amount of $8.017 billion to support the anticipated transaction and provide flexibility for the timing of long-term financing. The aggregate principal amount of the facility has been reduced most recently in connection with the October 2016 Great Plains Energy common stock and depositary share offerings. As of November 3, 2016, the aggregate principal amount of the facility was $5.1 billion. |
Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | 11. LONG-TERM DEBT Great Plains Energy's and KCP&L's long-term debt is detailed in the following table.
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Common Shareholders' Equity |
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Stockholders' Equity Note [Abstract] | |
Common Shareholders' Equity | 12. COMMON SHAREHOLDERS' EQUITY Great Plains Energy has an effective shelf registration statement for the sale of unlimited amounts of securities with the SEC that became effective in March 2015 and expires in March 2018. In September 2016, Great Plains Energy filed a post-effective amendment to its shelf registration statement to register depositary shares and preference stock among the types of securities that Great Plains Energy may offer and sell. In September 2016, the Great Plains Energy shareholders approved an amendment to Great Plains Energy's articles of incorporation, increasing the authorized number of shares of common stock, without par value, to 600 million shares from 250 million shares. In October 2016, Great Plains Energy completed a registered public offering of 60.5 million shares of common stock, without par value, at a public offering price of $26.45 per share, for total gross proceeds of approximately $1.6 billion (net proceeds of approximately $1.55 billion after underwriting discount). Great Plains Energy plans to use proceeds from the offering to finance a portion of the cash consideration for the anticipated acquisition of Westar. |
Preferred Stock |
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Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||||||||||
Preferred Stock [Text Block] | 13. PREFERRED STOCK Cumulative Preferred Stock In August 2016, Great Plains Energy redeemed its 390,000 shares of outstanding Cumulative Preferred Stock, par value $100 per share, for a total redemption price of $40.1 million. Great Plains Energy redeemed all outstanding shares of its (i) 3.80% Preferred for $103.70 per share, plus accrued and unpaid dividends of $0.75 per share, for a total redemption price of $104.45 per share, (ii) 4.50% Preferred for $101.00 per share, plus accrued and unpaid dividends of $0.89 per share, for a total redemption price of $101.89 per share, (iii) 4.20% Preferred for $102.00 per share, plus accrued and unpaid dividends of $0.83 per share, for a total redemption price of $102.83 per share and (iv) 4.35% Preferred for $101.00 per share, plus accrued and unpaid dividends of $0.86 per share, for a total redemption price of $101.86 per share. Series A Mandatory Convertible Preferred Stock On May 29, 2016, Great Plains Energy entered into a stock purchase agreement with OMERS, pursuant to which Great Plains Energy will issue and sell to OMERS 750,000 shares of preferred stock of Great Plains Energy designated as Series A Preferred Stock, for an aggregate purchase price equal to $750 million at the closing of the merger. The stock purchase agreement is subject to various closing conditions. Each share of Series A Preferred Stock shall automatically convert three years after issuance into a number of shares of Great Plains Energy common stock equal to the Conversion Rate. The Conversion Rate is calculated as follows: If the average volume-weighted average price per share of Great Plains Energy common stock over 20 consecutive trading days commencing on the 22nd trading day prior to the date of conversion (Applicable Market Value) is:
OMERS can voluntarily convert its Series A Preferred Stock into Great Plains Energy common stock at any time at the 29.0855 Conversion Rate, subject to obtaining all necessary governmental approvals. The Series A Preferred Stock is entitled to a 7.25% annual dividend, payable in cash, Great Plains Energy common stock or a combination thereof. The Series A Preferred Stock has a liquidation preference of $1,000 per share. OMERS will be entitled to name two directors to the Great Plains Energy Board if dividends payable with respect to the Series A Preferred Stock are in arrears for two quarters and one observer on the Great Plains Energy Board if Great Plains Energy's credit rating is downgraded to below investment grade, so long as OMERS holds 50 percent of its original investment and subject to all necessary governmental approvals being obtained. Series B Mandatory Convertible Preferred Stock In October 2016, Great Plains Energy completed a registered public offering of 17.3 million depositary shares, each representing a 1/20th interest in a share of Great Plains Energy's Series B Preferred Stock, without par value, at a public offering price of $50 per depositary share for total gross proceeds of $862.5 million (net proceeds of approximately $836.6 million after underwriting discount). Great Plains Energy plans to use proceeds from the offering to finance a portion of the cash consideration for the anticipated acquisition of Westar. Each depositary share entitles the holder of such depositary share, through the bank depositary, to a 1/20th interest in the rights and preferences of the Series B Preferred Stock, including conversion, dividend, liquidation and voting rights, subject to the terms of the deposit agreement. Unless previously converted or redeemed, on or around September 15, 2019, each outstanding share of Series B Preferred Stock will automatically convert into a number of shares of Great Plains Energy common stock equal to the Conversion Rate. The Conversion Rate is calculated as follows: If the volume-weighted average price per share, subject to certain anti-dilution adjustments, of Great Plains Energy common stock over 20 consecutive trading days commencing on the 22nd trading day prior to the date of conversion (Applicable Market Value) is:
At any time prior to September 15, 2019, a holder may elect to convert shares of the Series B Preferred Stock in whole or in part (but not less than one share of Series B Preferred Stock) into shares of Great Plains Energy common stock at the 31.5060 Conversion Rate. Dividends on the Series B Preferred Stock will be payable on a cumulative basis when, as and if declared by Great Plains Energy's Board of Directors, and subject to Missouri law, at an annual rate of 7.00% on the liquidation preference of $1,000 per share of Series B Preferred Stock (or $50 per depositary share), payable in cash, Great Plains Energy common stock or a combination thereof. Holders of the Series B Preferred Stock will be entitled to name two directors to the Great Plains Energy Board if dividends payable with respect to the Series B Preferred Stock are in arrears for six or more quarters, whether or not consecutive. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | 14. COMMITMENTS AND CONTINGENCIES Environmental Matters Great Plains Energy and KCP&L are subject to extensive federal, state and local environmental laws, regulations and permit requirements relating to air and water quality, waste management and disposal, natural resources and health and safety. In addition to imposing continuing compliance obligations and remediation costs, these laws, regulations and permits authorize the imposition of substantial penalties for noncompliance, including fines, injunctive relief and other sanctions. The cost of complying with current and future environmental requirements is expected to be material to Great Plains Energy and KCP&L. Failure to comply with environmental requirements or to timely recover environmental costs through rates could have a material effect on Great Plains Energy's and KCP&L's results of operations, financial position and cash flows. Great Plains Energy's and KCP&L's current estimates of capital expenditures (exclusive of Allowance for Funds Used During Construction (AFUDC) and property taxes) over the next five years to comply with environmental regulations are in the following table. The total cost of compliance with any existing, proposed or future laws and regulations may be significantly different from these cost estimates provided.
The Companies expect to seek recovery of the costs associated with environmental requirements through rate increases; however, there can be no assurance that such rate increases would be granted. The Companies may be subject to materially adverse rate treatment in response to competitive, economic, political, legislative or regulatory factors and/or public perception of the Companies' environmental reputation. The following discussion groups environmental and certain associated matters into the broad categories of air and climate change, water, solid waste and remediation. Clean Air Act and Climate Change Overview The Clean Air Act Amendments of 1990 (Clean Air Act) and associated regulations enacted by the Environmental Protection Agency (EPA) form a comprehensive program to preserve and enhance air quality. States are required to establish regulations and programs to address all requirements of the Clean Air Act and have the flexibility to enact more stringent requirements. All of Great Plains Energy's and KCP&L's generating facilities, and certain of their other facilities, are subject to the Clean Air Act. Mercury and Air Toxics Standards (MATS) Rule In December 2011, the EPA finalized the MATS Rule that will reduce emissions of toxic air pollutants, also known as hazardous air pollutants, from new and existing coal- and oil-fired electric utility generating units with a capacity of greater than 25 MWs. The rule establishes numerical emission limits for mercury, particulate matter (a surrogate for non-mercury metals) and hydrochloric acid (a surrogate for acid gases). The rule establishes work practices, instead of numerical emission limits, for organic air toxics, including dioxin/furan. KCP&L's and GMO's affected coal-fired units currently comply with the rule. Industrial Boiler Rule In December 2012, the EPA issued a final rule that would reduce emissions of hazardous air pollutants from new and existing industrial boilers. The final rule establishes numeric emission limits for mercury, particulate matter (as a surrogate for non-mercury metals), hydrogen chloride (as a surrogate for acid gases) and carbon monoxide (as a surrogate for non-dioxin organic hazardous air pollutants). The final rule establishes emission limits for KCP&L's and GMO's existing units that produce steam other than for the generation of electricity. The final rule does not apply to KCP&L's and GMO's electricity generating boilers, but would apply to most of GMO's Lake Road boilers, which also serve steam customers, and to auxiliary boilers at other generating facilities. KCP&L's and GMO's affected units currently comply with the rule. Climate Change The Companies' current generation capacity is primarily coal-fired and is estimated to produce about one ton of carbon dioxide (CO2) per MWh, or approximately 21 million tons and 15 million tons per year for Great Plains Energy and KCP&L, respectively. The Companies are subject to existing greenhouse gas reporting regulations and certain greenhouse gas requirements. Federal or state legislation concerning the reduction of emissions of greenhouse gases, including CO2, could be enacted in the future. At the international level, in December 2015 the Paris Agreement was adopted by nearly 200 countries and will be effective in November 2016 as the threshold of at least 55 countries representing at least 55% of global greenhouse gas emissions have joined it through ratification. The Paris Agreement did not result in any new, legally binding obligations on the United States to meet a particular greenhouse gas emissions target, but establishes a framework for international cooperation on climate change. Other international agreements legally binding on the United States may be reached in the future. Greenhouse gas legislation has the potential of having significant financial and operational impacts on Great Plains Energy and KCP&L; however, the ultimate financial and operational consequences to Great Plains Energy and KCP&L cannot be determined until such legislation is passed. In the absence of new Congressional mandates, the EPA is proceeding with the regulation of greenhouse gases under the existing Clean Air Act. In August 2015, the EPA finalized CO2 emission standards for new, modified and reconstructed affected fossil-fuel-fired electric utility generating units. The standards would not apply to Great Plains Energy's and KCP&L's existing units unless the units were modified or reconstructed in the future. In August 2015, the EPA finalized its Clean Power Plan which sets CO2 emission performance rates for existing affected fossil fuel-fired electric generating units. Specifically, the EPA translated those performance rates into a state goal measured in mass and rate based on each state's generation mix. The states have the ability to develop their own plans for affected units to achieve either the performance rates directly or the state goals, with guidelines for the development, submittal and implementation of those plans. Nationwide, by 2030, the EPA projects the Clean Power Plan would achieve CO2 emission reductions from the power sector of approximately 32% from CO2 emission levels in 2005. The EPA has finalized an interim CO2 goal rate reduction in Kansas and Missouri (average of 2022-2029) of 34% and 26%, respectively, and 2030 targets in Kansas and Missouri of 44% and 37%, respectively. The baseline for these reductions is 2012 CO2 emissions adjusted by the EPA. The EPA has also finalized mass based CO2 reduction goals. States are required to submit plans to implement the Clean Power Plan. An EPA plan with either a rate-based or mass-based trading program has yet to be finalized and can be enforced in states that fail to submit approved plans. In February 2016, the U.S. Supreme Court granted a stay of the Clean Power Plan putting the rule on hold pending review in the United States Court of Appeals for the District of Columbia Circuit and any subsequent review by the U.S. Supreme Court if such review is sought. Compliance with the Clean Power Plan has the potential of having significant financial and operational impacts on Great Plains Energy and KCP&L; however, the ultimate financial and operational consequences to Great Plains Energy and KCP&L cannot be determined until the outcome of pending litigation is known and/or the state plans to implement the Clean Power Plan are known. The Companies are subject to existing renewable energy standards in Missouri. Management believes that national renewable energy standards are also possible. The timing, provisions and impact of such possible future requirements, including the cost to obtain and install new equipment to achieve compliance, cannot be reasonably estimated at this time. Clean Water Act The Clean Water Act and associated regulations enacted by the EPA form a comprehensive program to restore and preserve water quality. Like the Clean Air Act, states are required to establish regulations and programs to address all requirements of the Clean Water Act, and have the flexibility to enact more stringent requirements. All of Great Plains Energy's and KCP&L's generating facilities, and certain of their other facilities, are subject to the Clean Water Act. In May 2014, the EPA finalized regulations pursuant to Section 316(b) of the Clean Water Act regarding cooling water intake structures pursuant to a court approved settlement. KCP&L generation facilities with cooling water intake structures are subject to the best technology available standards based on studies completed to comply with such standards. The rule provides flexibility to work with the states to develop the best technology available to minimize aquatic species impacted by being pinned against intake screens (impingement) or drawn into cooling water systems (entrainment). Estimated costs to comply with Section 316(b) of the Clean Water Act are included in the estimated capital expenditures table above. KCP&L holds a permit from the Missouri Department of Natural Resources (MDNR) covering water discharge from its Hawthorn Station. The permit authorizes KCP&L to, among other things, withdraw water from the Missouri River for cooling purposes and return the heated water to the Missouri River. KCP&L has applied for a renewal of this permit and the EPA has submitted an interim objection letter regarding the allowable amount of heat that can be contained in the returned water. Until this matter is resolved, KCP&L continues to operate under its current permit. Future water permit renewals at KCP&L's Iatan Station and at GMO's Sibley and Lake Road Stations could also be impacted by the allowable amount of heat that can be contained in the returned water. Great Plains Energy and KCP&L cannot predict the outcome of these matters; however, while less significant outcomes are possible, these matters may require a reduction in generation, installation of cooling towers or other technology to cool the water, or both, any of which could have a significant impact on Great Plains Energy's and KCP&L's results of operations, financial position and cash flows. In September 2015, the EPA finalized a revision of the technology-based effluent limitations guidelines and standards regulation to make the existing controls on discharges from steam electric power plants more stringent. The final rule sets the first federal limits on the levels of toxic metals in wastewater that can be discharged from power plants. The new requirements for existing power plants would be phased in between 2018 and 2023. The final rule establishes new or additional requirements for wastewaters associated with the following processes and byproducts at certain KCP&L and GMO stations: flue gas desulfurization, fly ash, bottom ash, flue gas mercury control, and combustion residual leachate from landfills and surface impoundments. Estimated capital costs to comply with the final rule are included in the estimated capital expenditures table above. Solid Waste Solid and hazardous waste generation, storage, transportation, treatment and disposal are regulated at the federal and state levels under various laws and regulations. In December 2014, the EPA finalized regulations to regulate coal combustion residuals (CCRs) under the Resource Conservation and Recovery Act (RCRA) subtitle D to address the risks from the disposal of CCRs generated from the combustion of coal at electric generating facilities. The Companies use coal in generating electricity and dispose of the CCRs in both on-site facilities and facilities owned by third parties. KCP&L's Iatan, La Cygne, and Montrose Stations and GMO's Sibley Station have on-site facilities affected by the rule. The rule requires periodic assessments; groundwater monitoring; location restrictions; design and operating requirements; recordkeeping and notifications; and closure, among other requirements, for CCR units. The rule was promulgated in the Federal Register on April 17, 2015, and became effective six months after promulgation with various obligations effective at specified times within the rule. Estimated capital costs to comply with the CCR rule are included in the estimated capital expenditures table above. Certain requirements of the rule would require Great Plains Energy or KCP&L to expedite or incur additional capital expenditures in the future. Great Plains Energy and KCP&L have Asset Retirement Obligations (AROs) on their balance sheets for closure and post-closure of ponds and landfills containing CCRs. Certain requirements of the rule could in the future require further evaluation of the expected method of compliance and refinement of assumptions underlying the cost estimates for closure and post-closure. Great Plains Energy's and KCP&L's AROs could increase from the amounts presently recorded. Remediation Certain federal and state laws, including the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), hold current and previous owners or operators of contaminated facilities and persons who arranged for the disposal or treatment of hazardous substances liable for the cost of investigation and cleanup. CERCLA and other laws also authorize the EPA and other agencies to issue orders compelling potentially responsible parties to clean up sites that are determined to present an actual or potential threat to human health or the environment. GMO retains some environmental liability for several operations and investments it no longer owns. In addition, GMO also owns, or has acquired liabilities from companies that once owned or operated, former manufactured gas plant (MGP) sites, which are subject to the supervision of the EPA and various state environmental agencies. At September 30, 2016, and December 31, 2015, KCP&L had $0.3 million accrued for environmental remediation expenses, which covers ground water monitoring at a former MGP site. The amount accrued was established on an undiscounted basis and KCP&L does not currently have an estimated time frame over which the accrued amount may be paid. In addition to the $0.3 million accrual above, at September 30, 2016, and December 31, 2015, Great Plains Energy had $1.4 million accrued for the future investigation and remediation of certain additional GMO identified MGP sites and retained liabilities. This estimate was based upon review of the potential costs associated with conducting investigative and remedial actions at identified sites, as well as the likelihood of whether such actions will be necessary. This estimate could change materially after further investigation, and could also be affected by the actions of environmental agencies and the financial viability of other potentially responsible parties; however, given the uncertainty of these items the possible loss or range of loss in excess of the amount accrued is not estimable. GMO has pursued recovery of remediation costs from insurance carriers and other potentially responsible parties. As a result of a settlement with an insurance carrier, approximately $1.5 million in insurance proceeds less an annual deductible is available to GMO to recover qualified MGP remediation expenses. GMO would seek recovery of additional remediation costs and expenses through rate increases; however, there can be no assurance that such rate increases would be granted. |
Legal Proceedings |
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Legal Proceedings [Abstract] | |
Contingencies Disclosure [Text Block] | 15. LEGAL PROCEEDINGS GMO Western Energy Crisis In response to complaints of excessive prices in the California energy markets, FERC issued an order in July 2001 requiring net sellers of power in the California markets from October 2, 2000, through June 20, 2001, at prices above a FERC-determined competitive market clearing price, to make refunds to net purchasers of power in the California market during that time period. Because MPS Merchant was a net purchaser of power during the refund period, it has received approximately $8 million in refunds through settlements with certain sellers of power. MPS Merchant estimates that it is entitled to approximately $12 million in additional refunds under the standards FERC has used in this case once a comprehensive resettlement of those markets occurs, as required by FERC. FERC has stated that interest will be applied to the refunds but the amount of interest has not yet been determined. In December 2001, various parties appealed FERC orders to the United States Court of Appeals for the Ninth Circuit (Ninth Circuit) seeking review of a number of issues, including expansion of the refund period to include periods prior to October 2, 2000 (the Summer Period). MPS Merchant was a net seller of power during the Summer Period. On August 2, 2006, the Ninth Circuit issued an order finding, among other things, that FERC erred in failing to consider certain legal issues regarding whether it has authority to order refunds for violation of FERC-approved tariffs during the Summer Period. The court remanded the matter to FERC for further consideration. In November 2014, FERC issued an order finding that MPS Merchant engaged in tariff violations during the Summer Period and ordering refunds in the form of disgorgement of certain revenues. MPS Merchant (and other parties) filed a request for rehearing challenging FERC's findings of tariff violations and the remedy imposed in the November 2014 order. Additionally, several parties representing California utilities and governmental agencies filed a request for clarification or rehearing focusing on the remedy. In November 2015, FERC issued an order on rehearing, confirming its findings of violation and expanding the remedy from its November 2014 order to cover additional MPS Merchant sales in the California markets. MPS Merchant filed another request for rehearing, challenging the expanded remedy, and also filed a petition for review of the November 2014 and November 2015 orders with the Ninth Circuit. In February 2016, FERC issued another order on rehearing/clarification that requires MPS Merchant to refund, in the form of disgorgement, all revenues in excess of the FERC-determined competitive market clearing price for all sales in the California markets during the Summer Period that occurred in any hour in which any remaining respondent in the proceeding was found to have committed a tariff violation. That order is subject to further rehearing and judicial review. Under FERC's orders, MPS Merchant may be able to offset its costs of selling power against any remedy ultimately imposed to ensure that it does not under-recover its actual costs. In September 2016, the Ninth Circuit denied MPS Merchant's petition for review regarding liability for tariff violations, but declined to address the issue of remedy as the FERC remedial order is not final. In October 2016, MPS Merchant reached a settlement agreement with certain California utilities and governmental agencies that would settle all issues in the case in exchange for cash and other consideration. The agreement is subject to approval by FERC. As a result of this agreement, Great Plains Energy has accrued an insignificant amount of loss in its consolidated financial statements as of September 30, 2016. |
Related Party Transactions and Relationships |
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Related Party Transactions and Relationships | 16. RELATED PARTY TRANSACTIONS AND RELATIONSHIPS KCP&L employees manage GMO's business and operate its facilities at cost, including GMO's 18% ownership interest in KCP&L's Iatan Nos. 1 and 2. The operating expenses and capital costs billed from KCP&L to GMO were $48.9 million and $143.8 million, respectively, for the three months ended and year to date September 30, 2016. These cost totaled $45.5 million and $137.7 million, respectively, for the three months ended and year to date September 30, 2015. KCP&L and GMO are also authorized to participate in the Great Plains Energy money pool, an internal financing arrangement in which funds may be lent on a short-term basis to KCP&L and GMO from Great Plains Energy and between KCP&L and GMO. At September 30, 2016, KCP&L had a money pool receivable from GMO of $11.1 million. At December 31, 2015, KCP&L had no outstanding receivables or payables under the money pool. The following table summarizes KCP&L's related party net receivables.
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 17. DERIVATIVE INSTRUMENTS Great Plains Energy and KCP&L are exposed to a variety of market risks including interest rates and commodity prices. Management has established risk management policies and strategies to reduce the potentially adverse effects that the volatility of the markets may have on Great Plains Energy's and KCP&L's operating results. Great Plains Energy's and KCP&L's interest rate risk management activities have included using derivative instruments to hedge against future interest rate fluctuations on anticipated debt issuances. Commodity risk management activities, including the use of certain derivative instruments, are subject to the management, direction and control of an internal commodity risk committee. Management maintains commodity price risk management strategies that use derivative instruments to reduce the effects of fluctuations in wholesale sales, fuel and purchased power expense caused by commodity price volatility. Counterparties to commodity derivatives expose Great Plains Energy and KCP&L to credit loss in the event of nonperformance. This credit loss is limited to the cost of replacing these contracts at current market rates. Derivative instruments, excluding those instruments that qualify for the normal purchases and normal sales (NPNS) election, which are accounted for by accrual accounting, are recorded on the balance sheet at fair value as an asset or liability. Changes in the fair value of derivative instruments are recognized in net income, except hedges for KCP&L's and GMO's utility operations that are recorded to a regulatory asset or liability consistent with KCC and MPSC regulatory orders. Great Plains Energy and KCP&L have posted collateral, in the ordinary course of business, for the aggregate fair value of all derivative instruments with credit risk-related contingent features that are in a liability position. At September 30, 2016, Great Plains Energy and KCP&L have posted collateral in excess of the aggregate fair value of their derivative instruments; therefore, if the credit risk-related contingent features underlying these agreements were triggered, Great Plains Energy and KCP&L would not be required to post additional collateral to their counterparties. For derivative contracts with counterparties under master netting arrangements, Great Plains Energy and KCP&L can net receivables and payables with each respective counterparty. Interest Rate Risk Management In June 2016, Great Plains Energy entered into four interest rate swaps, with a total notional amount of $4.4 billion, to hedge against interest rate fluctuations on future issuances of long-term debt expected to be issued to finance a portion of the cash consideration for the anticipated acquisition of Westar. Settlement of the interest rate swaps is contingent on the consummation of the anticipated acquisition of Westar. The interest rate swaps have been designated as economic hedges (non-hedging derivatives). The fair values of these instruments are recorded as derivative assets or liabilities with an offsetting entry recorded to interest charges. Commodity Risk Management KCP&L's risk management policy uses derivative instruments to mitigate exposure to commodity market price fluctuations. At September 30, 2016, KCP&L had financial contracts in place to hedge approximately 20% and 7% of the expected summer month natural gas generation for Missouri jurisdictional retail sales for 2017 and 2018, respectively. KCP&L has designated these financial contracts as economic hedges (non-hedging derivatives). The fair values of these instruments are recorded as derivative assets or liabilities with an offsetting entry recorded to a regulatory asset or liability. The settlement costs are included in a recovery mechanism. A regulatory asset or liability is recorded to reflect the change in the timing of recognition authorized by the MPSC. Recovery of actual costs will not impact earnings, but will impact cash flows due to the timing of the recovery mechanism. KCP&L and GMO have Transmission Congestion Rights (TCRs) that they utilize to hedge against congestion costs and protect load prices in the Southwest Power Pool, Inc. (SPP) Integrated Marketplace. These financial contracts have been designated as economic hedges (non-hedging derivatives). The fair values of these instruments are recorded as derivative assets or liabilities with an offsetting entry recorded to a regulatory asset or liability. The settlement costs are included in a recovery mechanism. A regulatory asset or liability is recorded to reflect the change in the timing of recognition authorized by KCC and MPSC. Recovery of actual costs will not impact earnings, but will impact cash flows due to the timing of the recovery mechanism. GMO's risk management policy uses derivative instruments to mitigate price exposure to natural gas price volatility in the market. At September 30, 2016, GMO had financial contracts in place to hedge approximately 66%, 37% and 12% of the expected on-peak natural gas generation and natural gas equivalent purchased power price exposure for the remainder of 2016, 2017 and 2018, respectively. The fair value of the portfolio will settle against actual purchases of natural gas and purchased power. GMO has designated its natural gas hedges as economic hedges (non-hedging derivatives). In connection with GMO's 2005 Missouri electric rate case, it was agreed that the settlement costs of these contracts would be recognized in fuel expense. The settlement cost is included in a recovery mechanism. A regulatory asset or liability is recorded to reflect the change in the timing of recognition authorized by the MPSC. Recovery of actual costs will not impact earnings, but will impact cash flows due to the timing of the recovery mechanism. MPS Merchant, which has certain long-term natural gas contracts remaining from its former non-regulated trading operations, manages the daily delivery of its remaining contractual commitments with economic hedges (non-hedging derivatives) to reduce its exposure to changes in market prices. Within the trading portfolio, MPS Merchant takes certain positions to hedge physical sale or purchase contracts. MPS Merchant records the fair value of physical trading energy contracts as derivative assets or liabilities with an offsetting entry to the consolidated statements of comprehensive income. The gross notional contract amount and recorded fair values of open positions for derivative instruments are summarized in the following table. The fair values of these derivatives are recorded on the consolidated balance sheets. The fair values below are gross values before netting agreements and netting of cash collateral.
The fair values of Great Plains Energy's and KCP&L's open derivative positions and balance sheet classification are summarized in the following tables. The fair values below are gross values before netting agreements and netting of cash collateral.
The following tables provide information regarding Great Plains Energy's and KCP&L's offsetting of derivative assets and liabilities.
At September 30, 2016, and December 31, 2015, Great Plains Energy offset $0.1 million and $5.7 million, respectively, of cash collateral posted with counterparties against net derivative positions. See Note 19 for information regarding amounts reclassified out of accumulated other comprehensive loss for Great Plains Energy and KCP&L. Great Plains Energy's accumulated OCI at September 30, 2016, includes $8.9 million that is expected to be reclassified to expenses over the next twelve months. KCP&L's accumulated OCI at September 30, 2016, includes $8.5 million that is expected to be reclassified to expenses over the next twelve months. The following tables summarize the amounts of gain (loss) recognized for the change in fair value of derivatives not designated as hedging instruments for Great Plains Energy and KCP&L.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 18. FAIR VALUE MEASUREMENTS GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad categories, giving the highest priority to quoted prices in active markets for identical assets or liabilities and lowest priority to unobservable inputs. A definition of the various levels, as well as discussion of the various measurements within the levels, is as follows: Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets that Great Plains Energy and KCP&L have access to at the measurement date. Level 2 – Market-based inputs for assets or liabilities that are observable (either directly or indirectly) or inputs that are not observable but are corroborated by market data. Level 3 – Unobservable inputs, reflecting Great Plains Energy's and KCP&L's own assumptions about the assumptions market participants would use in pricing the asset or liability. Great Plains Energy and KCP&L record cash and cash equivalents and short-term borrowings on the balance sheet at cost, which approximates fair value due to the short-term nature of these instruments. Great Plains Energy and KCP&L record long-term debt on the balance sheet at amortized cost. The fair value of long-term debt is measured as a Level 2 liability and is based on quoted market prices, with the incremental borrowing rate for similar debt used to determine fair value if quoted market prices are not available. At September 30, 2016, the book value and fair value of Great Plains Energy's long-term debt, including current maturities, were $3.8 billion and $4.1 billion, respectively. At December 31, 2015, the book value and fair value of Great Plains Energy's long-term debt, including current maturities, were $3.7 billion and $4.0 billion, respectively. At September 30, 2016, and December 31, 2015, the book value and fair value of KCP&L's long-term debt, including current maturities, were $2.6 billion and $2.8 billion, respectively. The following tables include Great Plains Energy's and KCP&L's balances of financial assets and liabilities measured at fair value on a recurring basis. The fair values below are gross values before netting arrangements and netting of cash collateral.
A decrease in the contingency factor would result in a higher fair value measurement. Management expects that the contingency factor will decrease as the Company obtains certain regulatory approvals connected with the anticipated acquisition of Westar and due to the passage of time. Because of the unobservable nature of the contingency factor, the interest rate derivatives have been classified as Level 3. The following tables reconcile the beginning and ending balances for all Level 3 assets and liabilities measured at fair value on a recurring basis.
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Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Text Block] | 19. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables reflect the change in the balances of each component of accumulated other comprehensive loss for Great Plains Energy and KCP&L.
(a) Net of tax
The following tables reflect the effect on certain line items of net income from amounts reclassified out of each component of accumulated other comprehensive loss for Great Plains Energy and KCP&L.
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Taxes |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | 20. TAXES Components of income tax expense are detailed in the following tables.
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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Segments and Related Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments and Related Information | 21. SEGMENTS AND RELATED INFORMATION Great Plains Energy has one reportable segment based on its method of internal reporting, which segregates reportable segments based on products and services, management responsibility and regulation. The one reportable business segment is electric utility, consisting of KCP&L, GMO's regulated utility operations and GMO Receivables Company. Other includes GMO activity other than its regulated utility operations, GPETHC and unallocated corporate charges including costs to achieve the anticipated acquisition of Westar. The summary of significant accounting policies applies to the reportable segment. Segment performance is evaluated based on net income. The following tables reflect summarized financial information concerning Great Plains Energy's reportable segment.
(a) Capital expenditures reflect year to date amounts for the periods presented. |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended | ||||||||
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Sep. 30, 2016 | |||||||||
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 significant operations are as follows:
Great Plains Energy also wholly owns GPE Transmission Holding Company, LLC (GPETHC). GPETHC owns 13.5% of Transource Energy, LLC (Transource) with the remaining 86.5% owned by AEP Transmission Holding Company, LLC (AEPTHC), a subsidiary of American Electric Power Company, Inc. GPETHC accounts for its investment in Transource under the equity method. Transource is focused on the development of competitive electric transmission projects. Each of Great Plains Energy's and KCP&L's consolidated financial statements includes the accounts of their subsidiaries. Intercompany transactions have been eliminated. Great Plains Energy's sole reportable business segment is electric utility. See Note 21 for additional information. |
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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 earnings per common share (EPS), preferred stock dividend requirements and redemption premium are deducted from net income before dividing by the average number of common shares outstanding. The effect of dilutive securities, calculated using the treasury stock method, assumes the issuance of common shares applicable to performance shares and restricted stock. |
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New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in Generally Accepted Accounting Principles (GAAP) when it becomes effective. In August 2015, the FASB issued ASU No. 2015-14, deferring the effective date of ASU No. 2014-09 one year, from January 1, 2017, to January 1, 2018. The Companies plan to adopt ASU No. 2014-09 on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Companies are evaluating the effect that ASU No. 2014-09 will have on their consolidated financial statements and related disclosures and have not yet selected a transition method nor have they determined the effect of the standard on their ongoing financial reporting. In February 2016, the FASB issued ASU No. 2016-02, Leases, which requires an entity that is a lessee to record a right-of-use asset and a lease liability for lease payments on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new guidance is effective for interim and annual periods beginning after December 15, 2018, and is required to be applied using a modified retrospective approach. The Companies are evaluating the effect that ASU No. 2016-02 will have on their consolidated financial statements and related disclosures and have not yet determined the effect of the standard on their ongoing financial reporting. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation, which is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. The new guidance is effective for interim and annual periods beginning after December 15, 2016, and early adoption is permitted. This guidance will be applied either prospectively, retrospectively or using a modified retrospective transition method, depending on the area covered in this update. The Companies plan to adopt ASU No. 2016-09 effective January 1, 2017 and it is not expected to have a significant impact on their ongoing financial reporting. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table reconciles Great Plains Energy's basic and diluted EPS.
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Supplemental Cash Flow Information (Tables) |
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Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] |
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Receivables (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of receivables [Table Text Block] | Great Plains Energy's and KCP&L's receivables are detailed in the following table.
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Nuclear Plant (Tables) |
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Nuclear Plant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in nuclear decommissioning trust fund | The following table summarizes the change in Great Plains Energy's and KCP&L's nuclear decommissioning trust fund.
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Detail of assets held in nuclear decommissioning trust fund | The nuclear decommissioning trust is reported at fair value on the balance sheets and is invested in assets as detailed in the following table.
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Gains and losses from the sale of securities by the nuclear decommissioning trust fund | The following table summarizes the realized gains and losses from the sale of securities in the nuclear decommissioning trust fund.
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Pension Plans and Other Employee Benefits (Tables) |
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Schedule of Net Benefit Costs [Table Text Block] | The following tables provide Great Plains Energy's components of net periodic benefit costs prior to the effects of capitalization and sharing with joint owners of power plants.
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Equity Compensation (Tables) |
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Long-Term Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | Great Plains Energy's and KCP&L's long-term debt is detailed in the following table.
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Commitments and Contingencies (Tables) |
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Schedule Of Environmental Capital Expenditures [Table Text Block] |
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Related Party Transactions and Relationships (Tables) |
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Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of related party receivables and payables [Table Text Block] | The following table summarizes KCP&L's related party net receivables.
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Derivative Instruments (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Values of open positions for derivative instruments [Table Text Block] | The gross notional contract amount and recorded fair values of open positions for derivative instruments are summarized in the following table. The fair values of these derivatives are recorded on the consolidated balance sheets. The fair values below are gross values before netting agreements and netting of cash collateral.
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Fair value of open derivative positions, gross values before netting agreements and netting of cash collateral [Table Text Block] | The fair values of Great Plains Energy's and KCP&L's open derivative positions and balance sheet classification are summarized in the following tables. The fair values below are gross values before netting agreements and netting of cash collateral.
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Offsetting Derivative Assets and Liabilities [Table Text Block] | The following tables provide information regarding Great Plains Energy's and KCP&L's offsetting of derivative assets and liabilities.
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following tables summarize the amounts of gain (loss) recognized for the change in fair value of derivatives not designated as hedging instruments for Great Plains Energy and KCP&L.
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of assets and liabilities | The following tables include Great Plains Energy's and KCP&L's balances of financial assets and liabilities measured at fair value on a recurring basis. The fair values below are gross values before netting arrangements and netting of cash collateral.
A decrease in the contingency factor would result in a higher fair value measurement. Management expects that the contingency factor will decrease as the Company obtains certain regulatory approvals connected with the anticipated acquisition of Westar and due to the passage of time. Because of the unobservable nature of the contingency factor, the interest rate derivatives have been classified as Level 3. |
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Unobservable inputs reconciliation | The following tables reconcile the beginning and ending balances for all Level 3 assets and liabilities measured at fair value on a recurring basis.
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Accumulated Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following tables reflect the change in the balances of each component of accumulated other comprehensive loss for Great Plains Energy and KCP&L.
(a) Net of tax
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Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following tables reflect the effect on certain line items of net income from amounts reclassified out of each component of accumulated other comprehensive loss for Great Plains Energy and KCP&L.
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Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Components of income tax expense are detailed in the following tables.
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Effective Income Tax Rates Effective income tax rates reflected in the financial statements and the reasons for their differences from the statutory federal rates are detailed in the following tables.
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Segments and Related Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Financial Information [Table Text Block] | The following tables reflect summarized financial information concerning Great Plains Energy's reportable segment.
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Summary of Significant Accounting Policies Equity Method Investment (Details) - Transource Energy, LLC [Member] |
9 Months Ended |
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Sep. 30, 2016
Rate
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Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Description of Principal Activities | Transource is focused on the development of competitive electric transmission projects. |
GPE Transmission Holding Company, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 13.50% |
AEP Transmission Holding Company, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership Percentage of Majority Owner | 86.50% |
Summary of Significant Accounting Policies Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Income [Abstract] | ||||
Net income | $ 133.6 | $ 126.8 | $ 192.0 | $ 190.1 |
Less: preferred stock dividend requirements and redemption premium | 0.9 | 0.4 | 1.7 | 1.2 |
Earnings available for common shareholders | $ 132.7 | $ 126.4 | $ 190.3 | $ 188.9 |
Common Shares Outstanding [Abstract] | ||||
Average number of common shares outstanding (in shares) | 154.6 | 154.2 | 154.5 | 154.1 |
Add: effect of dilutive securities (in shares) | 0.3 | 0.6 | 0.4 | 0.7 |
Diluted average number of common shares outstanding (in shares) | 154.9 | 154.8 | 154.9 | 154.8 |
Earnings Per Share [Abstract] | ||||
Basic EPS | $ 0.86 | $ 0.82 | $ 1.23 | $ 1.23 |
Diluted EPS | $ 0.86 | $ 0.82 | $ 1.23 | $ 1.22 |
Summary of Significant Accounting Policies Antidilutive Securities (Details) - shares |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Summary of Significant Accounting Policies Subsequent Events (Details) - Subsequent Event [Member] - $ / shares |
1 Months Ended | |
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Nov. 30, 2016 |
Oct. 31, 2016 |
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Kansas City Power and Light Company [Member] | ||
Dividends Declared [Abstract] | ||
Dividends Payable, Date Declared, Month and Year | 2016-11 | |
Dividends Payable, Amount Per Share | $ 45,000,000 | |
Dividends Payable, Date to be Paid | Dec. 19, 2016 | |
Common Stock [Member] | ||
Dividends Declared [Abstract] | ||
Dividends Payable, Date Declared, Month and Year | 2016-11 | |
Dividends Payable, Amount Per Share | $ 0.2750 | |
Dividends Payable, Date to be Paid | Dec. 20, 2016 | |
Dividends Payable, Date of Record | Nov. 29, 2016 | |
7.00% Mandatory Convertible Preferred Stock, Series B | ||
Dividends Declared [Abstract] | ||
Dividends Payable, Date to be Paid | Dec. 15, 2016 | |
Dividends Payable, Date of Record | Dec. 01, 2016 | |
Preferred Stock, Dividend Rate, Percentage | 7.00% | 7.00% |
Receivables Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
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Sale Of Accounts Receivable - KCPL and GMO | ||
Accounts receivable pledged as collateral | $ 190.0 | $ 175.0 |
Collateralized note payable | 190.0 | 175.0 |
Kansas City Power and Light Company [Member] | ||
Sale Of Accounts Receivable - KCPL and GMO | ||
Accounts receivable pledged as collateral | 110.0 | 110.0 |
Collateralized note payable | 110.0 | $ 110.0 |
Maximum amount of outstanding principal under receivables agreement | 110.0 | |
KCPL Greater Missouri Operations [Member] | ||
Sale Of Accounts Receivable - KCPL and GMO | ||
Maximum amount of outstanding principal under receivables agreement from mid-November to mid-June | 65.0 | |
Maximum amount of outstanding principal under receivables agreement from mid-June to mid-November | $ 80.0 |
Nuclear Plant Decommissioning Trust (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | |
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Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2016 |
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Nuclear decommissioning trust fund [Roll Forward] | |||
Beginning balance January 1 | $ 200.7 | $ 199.0 | |
Contributions | 2.5 | 3.3 | |
Earned income, net of fees | 3.0 | 3.4 | |
Net realized gains | 0.2 | 0.7 | |
Net unrealized gains (losses) | 11.9 | (5.7) | |
Ending balance | 218.3 | 200.7 | |
Kansas City Power and Light Company [Member] | |||
Nuclear decommissioning trust fund [Roll Forward] | |||
Beginning balance January 1 | 200.7 | 199.0 | |
Contributions | 2.5 | 3.3 | |
Earned income, net of fees | 3.0 | 3.4 | |
Net realized gains | 0.2 | 0.7 | |
Net unrealized gains (losses) | 11.9 | (5.7) | |
Ending balance | $ 218.3 | $ 200.7 | |
Kansas City Power and Light Company [Member] | Wolf Creek [Member] | |||
Jointly Owned Utility Plant Interests [Line Items] | |||
Ownership percentage in Wolf Creek, a nuclear generating unit (in hundredths) | 47.00% | 47.00% |
Goodwill (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
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Goodwill [Line Items] | ||
Goodwill | $ 169.0 | $ 169.0 |
Short-term Borrowings and Short-term Bank Lines of Credit (Details) - USD ($) $ in Millions |
9 Months Ended | |||
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Sep. 30, 2016 |
Nov. 03, 2016 |
May 29, 2016 |
Dec. 31, 2015 |
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Short-term Debt [Line Items] | ||||
Amount of outstanding cash borrowings | $ 104.0 | $ 10.0 | ||
Commercial paper outstanding | 157.1 | 224.0 | ||
Great Plains Energy [Member] | Revolving Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Amount of credit facility | $ 200.0 | |||
Revolving credit facility expiration date | Oct. 31, 2019 | |||
Maximum borrowing capacity with transfer of unused commitments | $ 400.0 | |||
Line of Credit Facility, Covenant Terms | Great Plains Energy or any of its significant subsidiaries on other indebtedness totaling more than $50.0 million is a default under the facility. Under the terms of this facility, Great Plains Energy is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the facility, not greater than 0.65 to 1.00 at all times. In June 2016, the facility was amended to increase the maximum consolidated indebtedness to consolidate capitalization ratio of 0.65 to 1.00 to a level such that, if Great Plains Energy would not be in compliance with the covenant as of the date of the closing of the anticipated acquisition of Westar, the ratio would increase up to a maximum of 0.75 to 1.00 for one year. | |||
Line of Credit Facility, Covenant Compliance | in compliance | |||
Amount of outstanding cash borrowings | $ 104.0 | $ 10.0 | ||
Weighted-average interest rate from outstanding borrowings | 2.06% | 1.94% | ||
Amount of letters of credit outstanding | $ 0.2 | $ 0.2 | ||
Great Plains Energy [Member] | Bridge Loan [Member] | ||||
Short-term Debt [Line Items] | ||||
Amount of credit facility | 8,017.0 | $ 8,017.0 | ||
Great Plains Energy [Member] | Bridge Loan [Member] | Subsequent Event [Member] | ||||
Short-term Debt [Line Items] | ||||
Amount of credit facility, as amended | $ 5,100.0 | |||
Kansas City Power and Light Company [Member] | ||||
Short-term Debt [Line Items] | ||||
Commercial paper outstanding | 0.0 | $ 180.3 | ||
Weighted-average interest rate from outstanding borrowings | 0.70% | |||
Kansas City Power and Light Company [Member] | Revolving Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Amount of credit facility | $ 600.0 | |||
Revolving credit facility expiration date | Oct. 31, 2019 | |||
Maximum transfer of unused commitments | $ 200.0 | |||
Line of Credit Facility, Covenant Terms | A default by KCP&L on other indebtedness totaling more than $50.0 million is a default under the facility. Under the terms of this facility, KCP&L is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the facility, not greater than 0.65 to 1.00 at all times. | |||
Line of Credit Facility, Covenant Compliance | in compliance | |||
Amount of outstanding cash borrowings | $ 0.0 | $ 0.0 | ||
Amount of letters of credit outstanding | 2.8 | 2.7 | ||
KCPL Greater Missouri Operations [Member] | ||||
Short-term Debt [Line Items] | ||||
Commercial paper outstanding | $ 157.1 | $ 43.7 | ||
Weighted-average interest rate from outstanding borrowings | 0.71% | 0.65% | ||
KCPL Greater Missouri Operations [Member] | Revolving Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Amount of credit facility | $ 450.0 | |||
Revolving credit facility expiration date | Oct. 31, 2019 | |||
Maximum transfer of unused commitments | $ 200.0 | |||
Line of Credit Facility, Covenant Terms | A default by GMO or any of its significant subsidiaries on other indebtedness totaling more than $50.0 million is a default under the facility. Under the terms of this facility, GMO is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the facility, not greater than 0.65 to 1.00 at all times. | |||
Line of Credit Facility, Covenant Compliance | in compliance | |||
Amount of outstanding cash borrowings | $ 0.0 | $ 0.0 | ||
Amount of letters of credit outstanding | $ 2.1 | $ 2.5 |
Common Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Oct. 03, 2016 |
Oct. 31, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Common Shareholders' Equity [Line Items] | |||||
Common Stock, Shares Authorized | 600,000,000 | 250,000,000 | |||
Common Stock Shares Authorized Prior to Amended Articles of Incorporation | 250,000,000 | ||||
Net Proceeds from Issuance of Common Stock | $ 2.4 | $ 2.3 | |||
Common Stock [Member] | |||||
Common Shareholders' Equity [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 420,207 | 210,579 | |||
Common Stock [Member] | Subsequent Event [Member] | |||||
Common Shareholders' Equity [Line Items] | |||||
Shares Issued, Price Per Share | $ 26.45 | $ 26.45 | |||
Net Proceeds from Issuance of Common Stock | $ 1,550.0 | $ 1,550.0 | |||
Gross Proceeds from Issuance of Common Stock | $ 1,600.0 | $ 1,600.0 | |||
Stock Issued During Period, Shares, New Issues | 60,500,000 | 60,500,000 |
Legal Proceedings Loss Contingencies (Details) - MPS Merchant Services, Inc. [Member] $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Loss Contingencies [Line Items] | |
Approximate amount of refunds received as a net purchaser of power through settlements with sellers of power | $ 8 |
Estimated additional refunds entitled to receive | $ 12 |
Derivative Instruments Cash Flow Hedge (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Derivative [Line Items] | |
Cash Flow Hedge Loss to be Reclassified within Twelve Months | $ 8.9 |
Kansas City Power and Light Company [Member] | |
Derivative [Line Items] | |
Cash Flow Hedge Loss to be Reclassified within Twelve Months | $ 8.5 |
Derivative Instruments Offsetting Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 5.3 | $ 3.3 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (2.0) | (0.2) |
Derivative Asset | 3.3 | 3.1 |
Derivative, Collateral, Obligation to Return Securities | 0.0 | 0.0 |
Derivative, Collateral, Obligation to Return Cash | 0.0 | 0.0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 3.3 | 3.1 |
Kansas City Power and Light Company [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1.1 | 0.2 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (0.7) | (0.2) |
Derivative Asset | 0.4 | 0.0 |
Derivative, Collateral, Obligation to Return Securities | 0.0 | 0.0 |
Derivative, Collateral, Obligation to Return Cash | 0.0 | 0.0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ 0.4 | $ 0.0 |
Fair Value Measurements Fair Value Long-Term Debt (Details) - USD ($) $ in Billions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair value of financial instruments [Abstract] | ||
Long-term Debt | $ 3.8 | $ 3.7 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Kansas City Power and Light Company [Member] | ||
Fair value of financial instruments [Abstract] | ||
Long-term Debt | 2.6 | 2.6 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair value of financial instruments [Abstract] | ||
Long-term debt fair value | 4.1 | 4.0 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Kansas City Power and Light Company [Member] | ||
Fair value of financial instruments [Abstract] | ||
Long-term debt fair value | $ 2.8 | $ 2.8 |
Segments and Related Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 856.8 | $ 781.4 | $ 2,099.7 | $ 1,939.5 | |
Depreciation and amortization | (86.4) | (82.4) | (256.9) | (245.7) | |
Interest (charges) income | (67.6) | (51.0) | (251.7) | (148.3) | |
Income tax (expense) benefit | (82.7) | (78.6) | (111.5) | (109.6) | |
Net income (loss) | 133.6 | 126.8 | 192.0 | 190.1 | |
Assets | 11,044.7 | 11,044.7 | $ 10,738.6 | ||
Capital expenditures | 435.3 | 520.9 | 677.1 | ||
Operating Segments [Member] | Electric Utility Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 856.8 | 781.4 | 2,099.7 | 1,939.5 | |
Depreciation and amortization | (86.4) | (82.4) | (256.9) | (245.7) | |
Interest (charges) income | (49.3) | (48.9) | (147.4) | (142.1) | |
Income tax (expense) benefit | (95.9) | (78.5) | (160.2) | (112.0) | |
Net income (loss) | 161.1 | 129.1 | 278.4 | 196.4 | |
Assets | 11,337.1 | 11,337.1 | 11,045.5 | ||
Capital expenditures | 435.3 | 677.1 | |||
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 0.0 | 0.0 | 0.0 | 0.0 | |
Depreciation and amortization | 0.0 | 0.0 | 0.0 | 0.0 | |
Interest (charges) income | (26.4) | (10.2) | (128.4) | (30.3) | |
Income tax (expense) benefit | 13.2 | (0.1) | 48.7 | 2.4 | |
Net income (loss) | (27.5) | (2.3) | (86.4) | (6.3) | |
Assets | 114.5 | 114.5 | (51.1) | ||
Capital expenditures | 0.0 | 0.0 | |||
Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 0.0 | 0.0 | 0.0 | 0.0 | |
Depreciation and amortization | 0.0 | 0.0 | 0.0 | 0.0 | |
Interest (charges) income | 8.1 | 8.1 | 24.1 | 24.1 | |
Income tax (expense) benefit | 0.0 | 0.0 | 0.0 | 0.0 | |
Net income (loss) | 0.0 | $ 0.0 | 0.0 | $ 0.0 | |
Assets | $ (406.9) | (406.9) | (255.8) | ||
Capital expenditures | $ 0.0 | $ 0.0 |