Exact name of registrant as specified in its charter, | ||||
Commission | state of incorporation, address of principal | I.R.S. Employer | ||
File Number | executive offices and telephone number | Identification Number | ||
001-32206 | GREAT PLAINS ENERGY INCORPORATED | 43-1916803 | ||
(A Missouri Corporation) | ||||
1200 Main Street | ||||
Kansas City, Missouri 64105 | ||||
(816) 556-2200 | ||||
000-51873 | KANSAS CITY POWER & LIGHT COMPANY | 44-0308720 | ||
(A Missouri Corporation) | ||||
1200 Main Street | ||||
Kansas City, Missouri 64105 | ||||
(816) 556-2200 |
Each of the following classes or series of securities registered pursuant to Section 12(b) of the Act is registered on the New York Stock Exchange: | ||||||
Registrant | Title of each class | |||||
Great Plains Energy Incorporated | Common Stock, without par value | |||||
Depositary Shares Each Representing a 1/20th Interest in a Share of 7.00% Series B Mandatory Convertible Preferred Stock | ||||||
Securities registered pursuant to Section 12(g) of the Act: Kansas City Power & Light Company Common Stock without par value. | ||||||
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | |||||||||||||
Great Plains Energy Incorporated | Yes | X | No | _ | Kansas City Power & Light Company | Yes | _ | No | X | ||||
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. | |||||||||||||
Great Plains Energy Incorporated | Yes | _ | No | X | Kansas City Power & Light Company | Yes | _ | No | X | ||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | |||||||||||||
Great Plains Energy Incorporated | Yes | X | No | _ | Kansas City Power & Light Company | Yes | X | No | _ | ||||
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). | |||||||||||||
Great Plains Energy Incorporated | Yes | X | No | _ | Kansas City Power & Light Company | Yes | X | No | _ | ||||
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to the Form 10-K. | |||||||||||||
Great Plains Energy Incorporated | X | Kansas City Power & Light Company | X | ||||||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. | |||||||||||||
Great Plains Energy Incorporated | Large accelerated filer | X | Accelerated filer | _ | |||||||||
Non-accelerated filer | _ | Smaller reporting company | _ | ||||||||||
Kansas City Power & Light Company | Large accelerated filer | _ | Accelerated filer | _ | |||||||||
Non-accelerated filer | X | Smaller reporting company | _ | ||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | |||||||||||||
Great Plains Energy Incorporated | Yes | _ | No | X | Kansas City Power & Light Company | Yes | _ | No | X | ||||
The aggregate market value of the voting and non-voting common equity held by non-affiliates of Great Plains Energy Incorporated (based on the closing price of its common stock on the New York Stock Exchange on June 30, 2016) was approximately $4,700,571,576. All of the common equity of Kansas City Power & Light Company is held by Great Plains Energy Incorporated, an affiliate of Kansas City Power & Light Company. | |||||||||||||
On February 21, 2017, Great Plains Energy Incorporated had 215,384,601 shares of common stock outstanding. | |||||||||||||
On February 21, 2017, Kansas City Power & Light Company had one share of common stock outstanding and held by Great Plains Energy Incorporated. | |||||||||||||
Kansas City Power & Light Company meets the conditions set forth in General Instruction (I)(1)(a) and (b) of Form 10-K and is therefore filing this Form 10-K with the reduced disclosure format. | |||||||||||||
Documents Incorporated by Reference | |||||||||||||
Portions of the 2017 annual meeting proxy statement of Great Plains Energy Incorporated to be filed with the Securities and Exchange Commission are incorporated by reference in Part III of this report. |
TABLE OF CONTENTS | ||
Page Number | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
Item 15. | ||
Abbreviation or Acronym | Definition | |
AEPTHC | AEP Transmission Holding Company, LLC, 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 | |
EBITDA | Earnings before interest, income taxes, depreciation and amortization | |
ECA | Energy Cost Adjustment | |
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 | |
FTC | Federal Trade 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 | |
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 | |
NERC | North American Electric Reliability Corporation | |
NEIL | Nuclear Electric Insurance Limited | |
NOL | Net operating loss | |
NOx | Nitrogen oxide | |
NPNS | Normal purchases and normal sales | |
NRC | Nuclear Regulatory Commission | |
OCI | Other Comprehensive Income | |
OMERS | OCM Credit Portfolio LP | |
PRB | Powder River Basin | |
QCA | Quarterly Cost Adjustment | |
RCRA | Resource Conservation and Recovery Act | |
RESRAM | Renewable Energy Standard Rate Adjustment Mechanism | |
RTO | Regional Transmission Organization | |
SEC | Securities and Exchange Commission | |
SERP | Supplemental Executive Retirement Plan | |
SO2 | Sulfur dioxide | |
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 |
• | KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas. KCP&L has one active wholly owned subsidiary, Kansas City Power & Light Receivables Company (KCP&L Receivables Company). |
• | GMO is an integrated, regulated electric utility that 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. |
Regulator | Allowed Return on Equity | Rate-Making Equity Ratio | Rate Base (in billions) | Effective Date | |
KCP&L Missouri | MPSC | 9.5% | 50.09% | $2.6 | September 2015 |
KCP&L Kansas | KCC | 9.3% | 50.48% | $2.1 | October 2015 |
GMO | MPSC | 9.5% - 9.75%(a) | (a) | (a) | February 2017 |
Fuel Type | Estimated 2017 MW Capacity | Percent of Total Capacity | |||
Coal | 3,474 | 46 | % | ||
Nuclear | 549 | 7 | |||
Natural gas and oil | 2,352 | 31 | |||
Wind (a) | 1,089 | 15 | |||
Solar and hydroelectric (b) | 65 | 1 | |||
Total capacity | 7,529 | 100 | % |
Fuel cost in cents per | |||||||||||||
Fuel Mix (a) | net kWh generated | ||||||||||||
Estimated | Actual | Estimated | Actual | ||||||||||
Fuel | 2017 | 2016 | 2017 | 2016 | |||||||||
Coal | 76 | % | 79 | % | 1.79 | 1.84 | |||||||
Nuclear | 21 | 17 | 0.64 | 0.69 | |||||||||
Natural gas and oil | <1 | 2 | 7.30 | 13.65 | |||||||||
Wind | 3 | 2 | — | — | |||||||||
Total owned generation | 100 | % | 100 | % | 1.45 | 1.46 | |||||||
(a) Fuel mix based on percent of net MWhs generated. |
Name | Age | Current Position(s) | Year First Assumed an Officer Position |
Terry Bassham (a) | 56 | Chairman of the Board, President and Chief Executive Officer - Great Plains Energy and KCP&L | 2005 |
Scott H. Heidtbrink (b) | 55 | Executive Vice President and Chief Operating Officer - KCP&L | 2008 |
Kevin E. Bryant (c) | 41 | Senior Vice President - Finance and Strategy and Chief Financial Officer - Great Plains Energy and KCP&L | 2006 |
Steven P. Busser (d) | 48 | Vice President - Risk Management and Controller - Great Plains Energy and KCP&L | 2014 |
Charles A. Caisley (e) | 44 | Vice President - Marketing and Public Affairs - Great Plains Energy and KCP&L | 2011 |
Ellen E. Fairchild (f) | 55 | Vice President, Chief Compliance Officer and Corporate Secretary - Great Plains Energy and KCP&L | 2010 |
Heather A. Humphrey (g) | 46 | Senior Vice President - Corporate Services and General Counsel - Great Plains Energy and KCP&L | 2010 |
Darrin R. Ives (h) | 47 | Vice President - Regulatory Affairs - KCP&L | 2013 |
Lori A. Wright (i) | 54 | Vice President - Corporate Planning, Investor Relations and Treasurer - Great Plains Energy and KCP&L | 2002 |
(a) | Mr. Bassham was appointed Chairman of the Board in May 2013 and has served as Chief Executive Officer of Great Plains Energy, KCP&L and GMO since 2012. He has served as President of each company since 2011. He previously served as President and Chief Operating Officer of Great Plains Energy, KCP&L and GMO (2011-2012) and as Executive Vice President - Utility Operations of KCP&L and GMO (2010-2011). He was Executive Vice President - Finance and Strategic Development and Chief Financial Officer of Great Plains Energy (2005-2010) and of KCP&L and GMO (2009-2010). |
(b) | Mr. Heidtbrink was appointed Executive Vice President and Chief Operating Officer of KCP&L and GMO in 2012. He previously served as Senior Vice President - Supply of KCP&L and GMO (2009-2012). He was Senior Vice President - Corporate Services of KCP&L and GMO (2008), and Vice President - Power Generation & Energy Resources (2006-2008) of GMO. |
(c) | Mr. Bryant was appointed Vice President - Finance and Strategy and Chief Financial Officer of Great Plains Energy, KCP&L and GMO in 2015. He previously served as Vice President - Strategic Planning of Great Plains Energy, KCP&L and GMO (2014). He served as Vice President - Investor Relations and Strategic Planning and Treasurer of Great Plains Energy, KCP&L and GMO (2013). He served as Vice President - Investor Relations and Treasurer of Great Plains Energy, KCP&L and GMO (2011-2013). He was Vice President - Strategy and Risk Management of KCP&L and GMO (2011) and Vice President - Energy Solutions (2006-2011) of KCP&L and GMO. |
(d) | Mr. Busser was appointed Vice President - Risk Management and Controller of Great Plains Energy, KCP&L and GMO in 2016. He previously served as Vice President - Business Planning and Controller of Great Plains Energy, KCP&L and GMO (2014-2016). He served as Vice President - Treasurer of El Paso Electric Company (2011-2014). Prior to that, he served as Vice President - Treasurer and Chief Risk Officer (2006-2011) and Vice President - Regulatory Affairs and Treasurer (2004-2006) of El Paso Electric Company. |
(e) | Mr. Caisley was appointed Vice President - Marketing and Public Affairs of Great Plains Energy, KCP&L and GMO in 2011. He was Senior Director of Public Affairs (2008-2011) and Director of Governmental Affairs of KCP&L (2007-2008). |
(f) | Ms. Fairchild was appointed Vice President, Chief Compliance Officer and Corporate Secretary of Great Plains Energy, KCP&L and GMO in 2010. She was Senior Director of Investor Relations and Assistant Secretary (2010) and Director of Investor Relations (2008-2010) of Great Plains Energy, KCP&L and GMO. |
(g) | Ms. Humphrey was appointed Senior Vice President - Corporate Services and General Counsel of Great Plains Energy, KCP&L and GMO in 2016. She previously served as General Counsel (2010-2016) and Senior Vice President - Human Resources of Great Plains Energy, KCP&L and GMO (2012-2016). She served as Vice President - Human Resources of Great Plains Energy, KCP&L and GMO (2010-2012). She was Senior Director of Human Resources and Interim General Counsel of Great Plains Energy, KCP&L and GMO (2010) and Managing Attorney of KCP&L (2007-2010). |
(h) | Mr. Ives was appointed Vice President - Regulatory Affairs of KCP&L and GMO in 2013. He previously served as Senior Director - Regulatory Affairs of KCP&L and GMO (2011-2013). He was Assistant Controller of Great Plains Energy, KCP&L and GMO (2008 - 2011). |
(i) | Ms. Wright was appointed Vice President - Corporate Planning, Investor Relations and Treasurer of Great Plains Energy, KCP&L and GMO in 2016. She previously served as Vice President - Investor Relations and Treasurer of Great Plains Energy, KCP&L and GMO (2014-2016). She served as Vice President - Business Planning and Controller of Great Plains Energy, KCP&L and GMO (2009-2014). She was Controller of Great Plains Energy and KCP&L (2002-2008) and GMO (2008). |
• | 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 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 of Great Plains Energy on review for downgrade and Standard & Poor's Ratings Services revised the outlook of Great Plains Energy, KCP&L and GMO from stable to negative); |
• | 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. |
• | in the case of generation equipment, affect operating costs, increase capital requirements and costs, increase purchased power volumes and costs and reduce wholesale sales opportunities; |
• | in the case of transmission equipment, affect operating costs, increase capital requirements and costs, require changes in the source of generation and affect wholesale sales opportunities and the ability to meet regulatory reliability and security requirements; |
• | in the case of distribution systems, affect revenues and operating costs, increase capital requirements and costs, and affect the ability to meet regulatory service metrics and customer expectations; and |
• | in the case of information systems, affect the control and operations of generation, transmission, distribution, customer information and other business operations and processes, increase operating costs, increase capital requirements and costs, and affect the ability to meet regulatory reliability and security requirements and customer expectations. |
Year | Estimated 2017 | Primary | |||||||||
Unit | Location | Completed | MW Capacity | Fuel | |||||||
Base Load | Iatan No. 2 | Missouri | 2010 | 482 | (a) | Coal | |||||
Wolf Creek | Kansas | 1985 | 549 | (a) | Nuclear | ||||||
Iatan No. 1 | Missouri | 1980 | 490 | (a) | Coal | ||||||
La Cygne Nos. 1 and 2 | Kansas | 1973, 1977 | 699 | (a) | Coal | ||||||
Hawthorn No. 5 (b) | Missouri | 1969 | 564 | Coal | |||||||
Montrose Nos. 2 and 3 | Missouri | 1960, 1964 | 334 | Coal | |||||||
Peak Load | West Gardner Nos. 1, 2, 3 and 4 | Kansas | 2003 | 314 | Natural Gas | ||||||
Osawatomie | Kansas | 2003 | 76 | Natural Gas | |||||||
Hawthorn Nos. 6 and 9 | Missouri | 2000 | 235 | Natural Gas | |||||||
Hawthorn No. 8 | Missouri | 2000 | 79 | Natural Gas | |||||||
Hawthorn No. 7 | Missouri | 2000 | 78 | Natural Gas | |||||||
Northeast Black Start Unit | Missouri | 1985 | 2 | Oil | |||||||
Northeast Nos. 17 and 18 | Missouri | 1977 | 105 | Oil | |||||||
Northeast Nos. 13 and 14 | Missouri | 1976 | 95 | Oil | |||||||
Northeast Nos. 15 and 16 | Missouri | 1975 | 106 | Oil | |||||||
Northeast Nos. 11 and 12 | Missouri | 1972 | 93 | Oil | |||||||
Wind | Spearville 2 Wind Energy Facility (c) | Kansas | 2010 | 48 | Wind | ||||||
Spearville 1 Wind Energy Facility (d) | Kansas | 2006 | 101 | Wind | |||||||
Total KCP&L | 4,450 | ||||||||||
Base Load | Iatan No. 2 | Missouri | 2010 | 159 | (a) | Coal | |||||
Iatan No. 1 | Missouri | 1980 | 126 | (a) | Coal | ||||||
Jeffrey Energy Center Nos. 1, 2 and 3 | Kansas | 1978, 1980, 1983 | 172 | (a) | Coal | ||||||
Sibley Nos. 1, 2 and 3 | Missouri | 1960, 1962, 1969 | 448 | Coal | |||||||
Peak Load | Lake Road Nos. 2 and 4 | Missouri | 1957, 1967 | 115 | Natural Gas | ||||||
South Harper Nos. 1, 2 and 3 | Missouri | 2005 | 303 | Natural Gas | |||||||
Crossroads Energy Center | Mississippi | 2002 | 292 | Natural Gas | |||||||
Ralph Green No. 3 | Missouri | 1981 | 71 | Natural Gas | |||||||
Greenwood Nos. 1, 2, 3 and 4 | Missouri | 1975-1979 | 242 | Natural Gas/Oil | |||||||
Lake Road No. 5 | Missouri | 1974 | 62 | Natural Gas/Oil | |||||||
Lake Road Nos. 1 and 3 | Missouri | 1951, 1962 | 24 | Natural Gas/Oil | |||||||
Lake Road Nos. 6 and 7 | Missouri | 1989, 1990 | 42 | Oil | |||||||
Nevada | Missouri | 1974 | 18 | Oil | |||||||
Total GMO | 2,074 | ||||||||||
Total Great Plains Energy | 6,524 |
(b) | In 2001, a new boiler, air quality control equipment and an uprated turbine was placed in service at the Hawthorn Generating Station. |
(c) | Accredited capacity is 14 MW pursuant to SPP reliability standards. |
(d) | Accredited capacity is 29 MW pursuant to SPP reliability standards. |
Common Stock Price Range (a) | Common Stock | |||||||||||||||||||||||||||
2016 | 2015 | Dividends Declared | ||||||||||||||||||||||||||
Quarter | High | Low | High | Low | 2017 | 2016 | 2015 | |||||||||||||||||||||
First | $ | 32.26 | $ | 26.34 | $ | 30.06 | $ | 25.80 | $ | 0.275 | (b) | $ | 0.2625 | $ | 0.245 | |||||||||||||
Second | 32.68 | 28.35 | 27.52 | 24.16 | 0.2625 | 0.245 | ||||||||||||||||||||||
Third | 31.22 | 26.53 | 27.35 | 24.21 | 0.2625 | 0.245 | ||||||||||||||||||||||
Fourth | 28.60 | 26.20 | 28.02 | 25.74 | 0.275 | 0.2625 |
Year Ended December 31 | 2016 | 2015 | 2014(a) | 2013(a) | 2012(a) | |||||||||||||||
Great Plains Energy | (dollars in millions except per share amounts) | |||||||||||||||||||
Operating revenues | $ | 2,676 | $ | 2,502 | $ | 2,568 | $ | 2,446 | $ | 2,310 | ||||||||||
Net income | $ | 290 | $ | 213 | $ | 243 | $ | 250 | $ | 200 | ||||||||||
Basic earnings per common share | $ | 1.61 | $ | 1.37 | $ | 1.57 | $ | 1.62 | $ | 1.36 | ||||||||||
Diluted earnings per common share | $ | 1.61 | $ | 1.37 | $ | 1.57 | $ | 1.62 | $ | 1.35 | ||||||||||
Total assets at year end (a) | $ | 13,570 | $ | 10,739 | $ | 10,453 | $ | 9,770 | $ | 9,626 | ||||||||||
Total redeemable preferred stock, mandatorily | ||||||||||||||||||||
redeemable preferred securities and long- | ||||||||||||||||||||
term debt (including current maturities) (a) | $ | 3,747 | $ | 3,746 | $ | 3,481 | $ | 3,492 | $ | 2,999 | ||||||||||
Cash dividends per common share | $ | 1.0625 | $ | 0.9975 | $ | 0.935 | $ | 0.8825 | $ | 0.855 | ||||||||||
SEC ratio of earnings to combined fixed charges and | ||||||||||||||||||||
preferred dividend requirements | 2.54 | 2.58 | 2.72 | 2.75 | 2.31 | |||||||||||||||
KCP&L | ||||||||||||||||||||
Operating revenues | $ | 1,875 | $ | 1,714 | $ | 1,731 | $ | 1,671 | $ | 1,580 | ||||||||||
Net income | $ | 225 | $ | 153 | $ | 162 | $ | 169 | $ | 142 | ||||||||||
Total assets at year end (a) | $ | 8,058 | $ | 7,815 | $ | 7,495 | $ | 6,821 | $ | 6,689 | ||||||||||
Total redeemable preferred stock, mandatorily | ||||||||||||||||||||
redeemable preferred securities and long- | ||||||||||||||||||||
term debt (including current maturities) (a) | $ | 2,565 | $ | 2,563 | $ | 2,297 | $ | 2,294 | $ | 1,887 | ||||||||||
SEC ratio of earnings to fixed charges | 3.30 | 2.57 | 2.69 | 2.76 | 2.58 |
2016 | |||||||||
Reconciliation of GAAP to Non-GAAP | Earnings per diluted share | ||||||||
(millions, except per share amounts) | |||||||||
Earnings available for common shareholders | $ | 273.5 | $ | 1.61 | |||||
Costs to achieve the anticipated acquisition of Westar: | |||||||||
Operating expense, pre-tax (a) | 34.2 | 0.22 | |||||||
Financing, pre-tax (b) | 35.9 | 0.24 | |||||||
Mark-to-market impacts of interest rate swaps, pre-tax (c) | (79.3 | ) | (0.51 | ) | |||||
Interest income, pre-tax (d) | (3.2 | ) | (0.02 | ) | |||||
Income tax expense (e) | 9.5 | 0.06 | |||||||
Preferred stock (f) | 15.4 | 0.10 | |||||||
Dilutive impact of October 2016 share issuance (g) | N/A | 0.15 | |||||||
Adjusted earnings (non-GAAP) | $ | 286.0 | $ | 1.85 | |||||
Average Shares Outstanding | |||||||||
Shares used in calculating diluted earnings per common share | 169.8 | ||||||||
Adjustment for October 2016 share issuance (g) | (14.9) | ||||||||
Shares used in calculating adjusted earnings per share (non-GAAP) | 154.9 |
Impact on | Impact on | ||||||||||||
Projected | 2016 | ||||||||||||
Change in | Benefit | Pension | |||||||||||
Actuarial assumption | Assumption | Obligation | Expense | ||||||||||
(millions) | |||||||||||||
Discount rate | 0.5 | % | increase | $ | (86.1 | ) | $ | (5.9 | ) | ||||
Rate of return on plan assets | 0.5 | % | increase | — | (3.4 | ) | |||||||
Discount rate | 0.5 | % | decrease | 96.9 | 6.1 | ||||||||
Rate of return on plan assets | 0.5 | % | decrease | — | 3.4 |
2016 | 2015 | 2014 | |||||||||
(millions) | |||||||||||
Operating revenues | $ | 2,676.0 | $ | 2,502.2 | $ | 2,568.2 | |||||
Fuel and purchased power | (590.1 | ) | (608.7 | ) | (742.5 | ) | |||||
Transmission | (84.8 | ) | (89.1 | ) | (74.7 | ) | |||||
Other operating expenses | (1,003.2 | ) | (943.9 | ) | (910.5 | ) | |||||
Costs to achieve the anticipated acquisition of Westar | (34.2 | ) | — | — | |||||||
Depreciation and amortization | (344.8 | ) | (330.4 | ) | (306.0 | ) | |||||
Operating income | 618.9 | 530.1 | 534.5 | ||||||||
Non-operating income and expenses | 2.8 | 3.7 | 12.5 | ||||||||
Interest charges | (161.5 | ) | (199.3 | ) | (188.5 | ) | |||||
Income tax expense | (172.2 | ) | (122.7 | ) | (115.7 | ) | |||||
Income from equity investments | 2.0 | 1.2 | — | ||||||||
Net income | 290.0 | 213.0 | 242.8 | ||||||||
Preferred dividends and redemption premium | (16.5 | ) | (1.6 | ) | (1.6 | ) | |||||
Earnings available for common shareholders | $ | 273.5 | $ | 211.4 | $ | 241.2 | |||||
Reconciliation of gross margin to operating revenue: | |||||||||||
Operating revenues | $ | 2,676.0 | $ | 2,502.2 | $ | 2,568.2 | |||||
Fuel and purchased power | (590.1 | ) | (608.7 | ) | (742.5 | ) | |||||
Transmission | (84.8 | ) | (89.1 | ) | (74.7 | ) | |||||
Gross margin (a) | $ | 2,001.1 | $ | 1,804.4 | $ | 1,751.0 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin below. |
• | a $196.7 million increase in gross margin driven by new retail rates and cost recovery mechanisms, warmer weather and an increase in the recovery of program costs and throughput disincentive as well as a performance incentive for energy efficiency programs under MEEIA, partially offset by a decrease in weather-normalized retail demand; |
• | a $50.0 million increase in other operating expenses driven by an increase in pension expense, an increase in program costs for energy efficiency programs under MEEIA, an increase in plant operating and maintenance expenses, an increase in injuries and damages expense and an increase in general taxes driven by higher property taxes and higher gross receipts taxes due to an increase in retail revenues; |
• | $15.9 million of operating expenses for costs to achieve the anticipated acquisition of Westar; |
• | a $14.4 million increase in depreciation and amortization expense driven by capital additions; |
• | a $5.2 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 Environmental Improvement Revenue Refunding (EIRR) Series 2005 bonds in September 2015; and |
• | a $43.5 million increase in income tax expense driven by an increase in pre-tax income. |
• | $7.5 million of other operating expenses for the settlement of litigation at MPS Merchant in 2016; |
• | $18.3 million of operating expenses for costs to achieve the anticipated acquisition of Westar; |
• | $35.9 million of interest charges for fees incurred for a bridge term loan facility entered into in connection with the anticipated acquisition of Westar; |
• | a $79.3 million mark-to-market gain 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; |
• | $3.2 million of interest income earned on the proceeds from Great Plains Energy's October 2016 common stock and depositary share offerings; |
• | $12.7 million of income tax expense related to these items; and |
• | $15.4 million of reductions to earnings available for common shareholders consisting of $14.8 million of dividends on Great Plains Energy's Series B Preferred Stock issued in October 2016 and $0.6 million related to the redemption of Great Plains Energy's cumulative preferred stock in August 2016. |
• | a $53.4 million increase in gross margin driven by new retail rates, an increase in recovery of program costs for energy efficiency programs under MEEIA, an increase in recovery of renewable energy costs under the Renewable Energy Standard Rate Adjustment Mechanism (RESRAM), an increase in weather-normalized retail demand and an increase in other margin items, partially offset by lower wholesale margins, higher transmission expense and weather; |
• | a $33.8 million increase in other operating expenses primarily driven by an increase in program costs for energy efficiency programs under MEEIA, an increase in amortization of deferred renewable energy costs under RESRAM and an increase in general taxes driven by higher property taxes, partially offset by a decrease in Wolf Creek operating and maintenance expenses; |
• | a $24.4 million increase in depreciation and amortization expense due to capital additions; |
• | an $11.8 million decrease in non-operating income and expenses driven by a $13.2 million decrease in the equity component of Allowance for Funds Used During Construction (AFUDC) primarily due to a lower average construction work in progress in 2015 due to environmental upgrades at KCP&L's La Cygne Station being placed into service; |
• | a $7.9 million increase in interest charges primarily due to a $7.2 million decrease in the debt component of AFUDC; and |
• | a $4.8 million decrease in income tax expense primarily driven by decreased pre-tax income. |
2016 | 2015 | 2014 | |||||||||||
(millions) | |||||||||||||
Operating revenues | $ | 2,676.0 | $ | 2,502.2 | $ | 2,568.2 | |||||||
Fuel and purchased power | (590.1 | ) | (608.7 | ) | (742.5 | ) | |||||||
Transmission | (84.8 | ) | (89.1 | ) | (74.7 | ) | |||||||
Other operating expenses | (990.2 | ) | (940.2 | ) | (906.4 | ) | |||||||
Costs to achieve the anticipated acquisition of Westar | (15.9 | ) | — | — | |||||||||
Depreciation and amortization | (344.8 | ) | (330.4 | ) | (306.0 | ) | |||||||
Operating income | 650.2 | 533.8 | 538.6 | ||||||||||
Non-operating income and expenses | 2.3 | 1.7 | 13.5 | ||||||||||
Interest charges | (196.1 | ) | (190.9 | ) | (183.0 | ) | |||||||
Income tax expense | (164.3 | ) | (120.8 | ) | (125.6 | ) | |||||||
Net income | $ | 292.1 | $ | 223.8 | $ | 243.5 | |||||||
Reconciliation of gross margin to operating revenue: | |||||||||||||
Operating revenues | $ | 2,676.0 | $ | 2,502.2 | $ | 2,568.2 | |||||||
Fuel and purchased power | (590.1 | ) | (608.7 | ) | (742.5 | ) | |||||||
Transmission | (84.8 | ) | (89.1 | ) | (74.7 | ) | |||||||
Gross margin (a) | $ | 2,001.1 | $ | 1,804.4 | $ | 1,751.0 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
% | % | |||||||||||||||||
Gross Margin (a) | 2016 | Change(c) | 2015 | Change(c) | 2014 | |||||||||||||
Retail revenues | (millions) | |||||||||||||||||
Residential | $ | 1,092.5 | 9 | $ | 1,006.2 | (2 | ) | $ | 1,025.5 | |||||||||
Commercial | 1,066.0 | 6 | 1,001.0 | 1 | 995.2 | |||||||||||||
Industrial | 229.6 | 3 | 222.3 | (1 | ) | 225.3 | ||||||||||||
Other retail revenues | 20.9 | 3 | 20.4 | — | 20.3 | |||||||||||||
Provision for rate refund | (9.6 | ) | N/M | — | — | — | ||||||||||||
Energy efficiency (MEEIA)(b) | 80.0 | 55 | 51.5 | 81 | 28.5 | |||||||||||||
Total retail | 2,479.4 | 8 | 2,301.4 | — | 2,294.8 | |||||||||||||
Wholesale revenues | 142.0 | (3 | ) | 147.1 | (34 | ) | 222.6 | |||||||||||
Other revenues | 54.6 | 2 | 53.7 | 6 | 50.8 | |||||||||||||
Operating revenues | 2,676.0 | 7 | 2,502.2 | (3 | ) | 2,568.2 | ||||||||||||
Fuel and purchased power | (590.1 | ) | (3 | ) | (608.7 | ) | (18 | ) | (742.5 | ) | ||||||||
Transmission | (84.8 | ) | (5 | ) | (89.1 | ) | 19 | (74.7 | ) | |||||||||
Gross margin | $ | 2,001.1 | 11 | $ | 1,804.4 | 3 | $ | 1,751.0 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
(b) | Consists of recovery of program costs of $49.3 million, $42.9 million and $20.7 million for 2016, 2015 and 2014, respectively, that have a direct offset in utility operating and maintenance expenses, recovery of throughput disincentive of $15.1 million, $8.6 million and $7.8 million for 2016, 2015 and 2014, respectively, and a performance incentive of $15.6 million for 2016. |
(c) | N/M - not meaningful |
% | % | ||||||||||||||
MWh Sales | 2016 | Change | 2015 | Change | 2014 | ||||||||||
Retail MWh sales | (thousands) | ||||||||||||||
Residential | 8,774 | 2 | 8,585 | (4 | ) | 8,971 | |||||||||
Commercial | 10,796 | — | 10,777 | (1 | ) | 10,827 | |||||||||
Industrial | 3,149 | (1 | ) | 3,191 | — | 3,200 | |||||||||
Other retail MWh sales | 115 | (1 | ) | 116 | (1 | ) | 117 | ||||||||
Total retail | 22,834 | 1 | 22,669 | (2 | ) | 23,115 | |||||||||
Wholesale MWh sales | 7,063 | 9 | 6,512 | (14 | ) | 7,587 | |||||||||
Total MWh sales | 29,897 | 3 | 29,181 | (5 | ) | 30,702 |
• | KCP&L's Kansas retail rates contain an Energy Cost Adjustment (ECA) tariff. The ECA tariff reflects the projected annual amounts of fuel, purchased power, emission allowances and asset-based off-system sales margin. These projected amounts are subject to quarterly re-forecasts. Any difference between the ECA revenue collected and the actual ECA amounts for a given year (which may be positive or negative) is recorded either as a reduction of fuel and purchased power expense (for under-recoveries) or a reduction of retail revenues (for over-recoveries) and deferred as a regulatory asset or liability to be recovered from or refunded to Kansas retail customers over twelve months beginning April 1 of the succeeding year. |
• | KCP&L's Kansas retail rates contain a Transmission Delivery Charge (TDC) rider. The TDC tariff reflects a mixture of historical and projected costs related to transmission service, certain RTO fees, transmission rate base, and transmission operating and maintenance expense. These costs are subject to an annual true-up with a twelve month recovery period. The TDC true-up is recorded either as a reduction of transmission expense (for under-recoveries) or a reduction of retail revenues (for over-recoveries) and deferred as a |
• | KCP&L's Missouri retail rates contain a Fuel Adjustment Clause (FAC) tariff under which 95% of the difference between actual fuel cost, purchased power costs, certain transmission costs and off-system sales margin and the amount provided in base rates for these costs is passed along to KCP&L's customers. The FAC cycle consists of an accumulation period of six months beginning in January and July with FAC rate approval requested every six months for a twelve month recovery period. The FAC is recorded either as a reduction of fuel and purchased power expense (for under-recoveries) or a reduction of retail revenues (for over-recoveries) and deferred as a regulatory asset or liability to be recovered from or refunded to KCP&L's electric retail customers. The FAC became effective in conjunction with new retail rates on September 29, 2015. |
• | GMO's electric retail rates contain a FAC tariff under which 95% of the difference between actual fuel cost, purchased power costs, certain transmission costs and off-system sales margin and the amount provided in base rates for these costs is passed along to GMO's customers. The FAC cycle consists of an accumulation period of six months beginning in June and December with FAC rate approval requested every six months for a twelve month recovery period. The FAC is recorded either as a reduction of fuel and purchased power expense (for under-recoveries) or a reduction of retail revenues (for over-recoveries) and deferred as a regulatory asset or liability to be recovered from or refunded to GMO's electric retail customers. |
• | GMO's steam rates contain a Quarterly Cost Adjustment (QCA) under which 85% of the difference between actual fuel costs and base fuel costs is passed along to GMO's steam customers. The QCA is recorded either as a reduction of fuel and purchased power expense (for under-recoveries) or a reduction of retail revenues (for over-recoveries) and deferred as a regulatory asset or liability to be recovered from or refunded to GMO's steam customers. |
• | 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 estimated $38 million increase due to warmer weather with a 16% increase in cooling degree days in 2016; |
• | a $6.4 million increase for recovery of program costs for energy efficiency programs under MEEIA, which have a direct offset in utility operating and maintenance expense; |
• | a $6.5 million increase in MEEIA throughput disincentive; |
• | a $15.6 million MEEIA performance incentive recognized in 2016 related to the achievement of certain energy savings levels in the first cycle of KCP&L's and GMO's MEEIA programs; and |
• | an estimated $9 million decrease due to a decrease in weather-normalized retail demand. |
• | an estimated $36 million increase due to new retail rates for KCP&L in Missouri effective September 29, 2015, and in Kansas effective July 25, 2014 and October 1, 2015; |
• | a $22.2 million increase for recovery of program costs for energy efficiency programs under MEEIA, which have a direct offset in utility operating and maintenance expense, primarily due to the implementation of KCP&L's MEEIA programs in August 2014; |
• | a $7.2 million increase for recovery of renewable energy costs under RESRAM, which have a direct offset in utility operating and maintenance expense; |
• | an estimated $6 million increase from weather-normalized retail demand; |
• | an estimated $20 million increase in other margin items including a change in customer mix, lower fuel and purchased power expenses that are not included in fuel recovery mechanisms and an increase in transmission costs recovered through the transmission delivery charge rider that began in the fourth quarter of 2015; |
• | an estimated $19 million decrease due to lower wholesale margins partially offset by an estimated $14 million due to lower fuel and purchased power expense at KCP&L in Missouri, where there was no fuel recovery mechanism prior to September 29, 2015; |
• | an estimated $9 million decrease due to higher transmission expense; and |
• | an estimated $24 million decrease due to weather driven by a 19% decrease in heating degree days in 2015 and a 15% decrease in cooling degree days in the second quarter of 2015 partially offset by an 18% increase in cooling degree days in the third quarter of 2015. |
% | % | ||||||||
2016 | Change | 2015 | Change | 2014 | |||||
CDD | 1,585 | 16 | 1,370 | 8 | 1,266 | ||||
HDD | 4,296 | (6) | 4,578 | (19) | 5,666 | ||||
• | a $4.8 million increase in pension expense corresponding to the resetting of pension expense trackers with the effective date of new retail rates; |
• | a $6.4 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue; |
• | a $4.9 million increase in plant operating and maintenance expense; |
• | a $7.9 million increase in injuries and damages expense primarily due to an increase in estimated losses from an unfavorable judgment in ongoing litigation; and |
• | a $13.7 million increase in general taxes driven by higher property taxes and higher gross receipts taxes due to an increase in retail revenues. |
• | a $22.2 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue, primarily due to the implementation of KCP&L's MEEIA programs in August 2014; |
• | a $7.2 million increase in amortization of deferred renewable energy costs under RESRAM, which have a direct offset in revenue; |
• | an $8.7 million increase in general taxes driven by higher property taxes; and |
• | a $10.0 million decrease in Wolf Creek operating and maintenance expenses primarily due to decreased refueling outage amortization of $3.6 million and $8.7 million from a planned mid-cycle maintenance outage in 2014. |
• | Great Plains Energy's cash and cash equivalents increased $1,281.8 million due to a portion of the proceeds from Great Plains Energy's October 2016 common stock and depositary share offerings. |
• | Great Plains Energy's time deposit increased $1,000.0 million due to an investment made with a portion of the proceeds from Great Plains Energy's October 2016 common stock and depositary share offerings. |
• | Great Plains Energy's derivative instruments - current assets increased $80.7 million due to a $79.3 million mark-to-market gain 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 commercial paper increased $110.8 million due to an increase in commercial paper of $158.2 million at GMO due to borrowings for capital expenditures and general corporate purposes partially offset by the repayment of $47.4 million of commercial paper at KCP&L with funds from operations. |
• | Great Plains Energy's current maturities of long-term debt increased $381.0 million and long-term debt decreased $379.9 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 deferred income taxes increased $170.9 million primarily due to an increase in temporary differences and changes in the projected utilization of net operating loss carryforwards, primarily driven by bonus depreciation. |
• | Great Plains Energy's asset retirement obligations increased $40.1 million primarily due to an increase in cost estimates for the closure of ponds and landfills containing coal combustion residuals (CCRs) at KCP&L electric generating facilities. |
• | Great Plains Energy's common stock increased $1,570.3 million primarily due to $1.55 billion in net proceeds from Great Plains Energy's public offering of 60.5 million shares of common stock in October 2016. |
• | 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. |
• | Great Plains Energy's preference stock without par value increased $836.2 million due to the issuance of Series B Preferred Stock in conjunction with Great Plains Energy's October 2016 depositary share offering. See Note 14 to the consolidated financial statements for additional information. |
Moody's | Standard | ||||||
Investors Service | & Poor's | ||||||
Great Plains Energy | |||||||
Outlook | Review for downgrade | Negative | |||||
Corporate Credit Rating | - | BBB+ | |||||
Preferred Stock | Ba1 | BBB- | |||||
Senior Unsecured Debt | Baa2 | BBB | |||||
KCP&L | |||||||
Outlook | Stable | Negative | |||||
Senior Secured Debt | A2 | A | |||||
Senior Unsecured Debt | Baa1 | BBB+ | |||||
Commercial Paper | P-2 | A-2 | |||||
GMO | |||||||
Outlook | Stable | Negative | |||||
Senior Unsecured Debt | Baa2 | BBB+ | |||||
Commercial Paper | P-2 | A-2 |
2017 | 2018 | 2019 | 2020 | ||||||||||||||
(millions) | |||||||||||||||||
Generating facilities | $ | 180.5 | $ | 204.3 | $ | 178.0 | $ | 192.7 | |||||||||
Distribution and transmission facilities | 216.5 | 192.3 | 216.7 | 203.5 | |||||||||||||
General facilities | 106.2 | 98.5 | 56.7 | 69.4 | |||||||||||||
Nuclear fuel | 44.5 | 25.2 | 22.9 | 50.0 | |||||||||||||
Environmental | 43.4 | 36.6 | 11.5 | 14.0 | |||||||||||||
Total utility capital expenditures | $ | 591.1 | $ | 556.9 | $ | 485.8 | $ | 529.6 |
Payment due by period | 2017 | 2018 | 2019 | 2020 | 2021 | After 2021 | Total | ||||||||||||||||||||
Long-term debt | (millions) | ||||||||||||||||||||||||||
Principal | $ | 382.1 | $ | 351.1 | $ | 401.1 | $ | 1.1 | $ | 432.0 | $ | 2,197.1 | $ | 3,764.5 | |||||||||||||
Interest | 182.5 | 156.8 | 131.3 | 116.9 | 108.3 | 945.9 | 1,641.7 | ||||||||||||||||||||
Lease commitments | |||||||||||||||||||||||||||
Operating leases | 12.9 | 11.0 | 9.3 | 9.7 | 9.7 | 110.5 | 163.1 | ||||||||||||||||||||
Capital leases | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 3.1 | 5.1 | ||||||||||||||||||||
Pension and other post-retirement plans (a) | 84.2 | 84.2 | 84.2 | 84.2 | 84.2 | (a) | 421.0 | ||||||||||||||||||||
Purchase commitments | |||||||||||||||||||||||||||
Fuel | 259.0 | 145.8 | 62.2 | 53.8 | 11.2 | 100.8 | 632.8 | ||||||||||||||||||||
Power | 47.3 | 47.3 | 47.3 | 47.3 | 47.4 | 462.2 | 698.8 | ||||||||||||||||||||
Other | 50.1 | 32.0 | 33.3 | 5.9 | 6.5 | 38.7 | 166.5 | ||||||||||||||||||||
Total contractual commitments (a) | $ | 1,018.5 | $ | 828.6 | $ | 769.1 | $ | 319.3 | $ | 699.7 | $ | 3,858.3 | $ | 7,493.5 |
(a) | The Company expects to make contributions to the pension and other post-retirement plans beyond 2021 but the amounts are not yet determined. Amounts for years after 2017 are estimates based on information available in determining the amount for 2017. Actual amounts for years after 2017 could be significantly different than the estimated amounts in the table above. |
• | Great Plains Energy direct guarantees to GMO counterparties totaling $38.7 million, which expire in 2017 and 2018 and |
• | Great Plains Energy guarantees of GMO long-term debt totaling $96.6 million, which includes debt with maturity dates ranging from 2017 to 2023. |
2016 | 2015 | ||||||||
(millions) | |||||||||
Operating revenues | $ | 1,875.4 | $ | 1,713.8 | |||||
Fuel and purchased power | (372.7 | ) | (397.1 | ) | |||||
Transmission | (56.4 | ) | (58.4 | ) | |||||
Other operating expenses | (705.8 | ) | (658.6 | ) | |||||
Costs to achieve the anticipated acquisition of Westar | (10.9 | ) | — | ||||||
Depreciation and amortization | (247.5 | ) | (235.7 | ) | |||||
Operating income | 482.1 | 364.0 | |||||||
Non-operating income and expenses | 4.2 | 1.2 | |||||||
Interest charges | (139.4 | ) | (135.6 | ) | |||||
Income tax expense | (121.9 | ) | (76.8 | ) | |||||
Net income | $ | 225.0 | $ | 152.8 | |||||
Reconciliation of gross margin to operating revenue: | |||||||||
Operating revenues | $ | 1,875.4 | $ | 1,713.8 | |||||
Fuel and purchased power | (372.7 | ) | (397.1 | ) | |||||
Transmission | (56.4 | ) | (58.4 | ) | |||||
Gross margin (a) | $ | 1,446.3 | $ | 1,258.3 |
(a) | Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations. |
Revenues and Costs | % | MWhs Sold | % | ||||||||||||||||
2016 | 2015 | Change(c) | 2016 | 2015 | Change | ||||||||||||||
Retail revenues | (millions) | (thousands) | |||||||||||||||||
Residential | $ | 713.0 | $ | 639.9 | 11 | 5,330 | 5,213 | 2 | |||||||||||
Commercial | 798.5 | 738.7 | 8 | 7,553 | 7,569 | — | |||||||||||||
Industrial | 147.4 | 137.8 | 7 | 1,839 | 1,833 | — | |||||||||||||
Other retail revenues | 13.1 | 12.5 | 6 | 83 | 83 | — | |||||||||||||
Provision for rate refund | 0.8 | — | N/M | N/A | N/A | N/A | |||||||||||||
Energy efficiency (MEEIA)(a) | 50.9 | 27.5 | 85 | N/A | N/A | N/A | |||||||||||||
Total retail | 1,723.7 | 1,556.4 | 11 | 14,805 | 14,698 | 1 | |||||||||||||
Wholesale revenues | 128.9 | 134.1 | (4 | ) | 6,629 | 6,099 | 9 | ||||||||||||
Other revenues | 22.8 | 23.3 | (2 | ) | N/A | N/A | N/A | ||||||||||||
Operating revenues | 1,875.4 | 1,713.8 | 9 | 21,434 | 20,797 | 3 | |||||||||||||
Fuel and purchased power | (372.7 | ) | (397.1 | ) | (6 | ) | |||||||||||||
Transmission | (56.4 | ) | (58.4 | ) | (3 | ) | |||||||||||||
Gross margin (b) | $ | 1,446.3 | $ | 1,258.3 | 15 |
(a) | Consists of recovery of program costs of $31.0 million and $20.5 million for 2016 and 2015, respectively, that have a direct offset in operating and maintenance expenses, recovery of throughput disincentive of $9.5 million and $7.0 million for 2016 and 2015, respectively, and a performance incentive of $10.4 million for 2016. |
(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; |
• | an estimated $25 million increase due to warmer weather with a 16% increase in cooling degree days in 2016; |
• | a $10.5 million increase for recovery of program costs for energy efficiency programs under MEEIA, which have a direct offset in operating and maintenance expense; |
• | a $2.5 million increase in MEEIA throughput disincentive; |
• | a $10.4 million MEEIA performance incentive recognized in 2016 related to the achievement of certain energy savings levels in the first cycle of KCP&L's MEEIA programs; and |
• | an estimated $6 million decrease due to a decrease in weather-normalized retail demand. |
• | a $5.6 million increase in pension expense corresponding to the resetting of pension expense trackers with the effective date of new retail rates; |
• | a $10.5 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue; |
• | a $2.3 million increase in plant operating and maintenance expense; |
• | a $7.4 million increase in injuries and damages expense primarily due to an increase in estimated losses from an unfavorable judgment in ongoing litigation; and |
• | a $14.0 million increase in general taxes driven by higher property taxes and higher gross receipts taxes due to an increase in retail revenues. |
Report of Independent Registered Public Accounting Firm | ||
Great Plains Energy Incorporated | ||
Kansas City Power & Light Company | ||
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GREAT PLAINS ENERGY INCORPORATED | ||||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||||
Year Ended December 31 | 2016 | 2015 | 2014 | |||||||||
Operating Revenues | (millions, except per share amounts) | |||||||||||
Electric revenues | $ | 2,676.0 | $ | 2,502.2 | $ | 2,568.2 | ||||||
Operating Expenses | ||||||||||||
Fuel and purchased power | 590.1 | 608.7 | 742.5 | |||||||||
Transmission | 84.8 | 89.1 | 74.7 | |||||||||
Utility operating and maintenance expenses | 759.5 | 724.8 | 701.9 | |||||||||
Costs to achieve the anticipated acquisition of Westar Energy, Inc. | 34.2 | — | — | |||||||||
Depreciation and amortization | 344.8 | 330.4 | 306.0 | |||||||||
General taxes | 226.7 | 213.2 | 204.6 | |||||||||
Other | 17.0 | 5.9 | 4.0 | |||||||||
Total | 2,057.1 | 1,972.1 | 2,033.7 | |||||||||
Operating income | 618.9 | 530.1 | 534.5 | |||||||||
Non-operating income | 17.1 | 11.7 | 25.0 | |||||||||
Non-operating expenses | (14.3 | ) | (8.0 | ) | (12.5 | ) | ||||||
Interest charges | (161.5 | ) | (199.3 | ) | (188.5 | ) | ||||||
Income before income tax expense and income from equity investments | 460.2 | 334.5 | 358.5 | |||||||||
Income tax expense | (172.2 | ) | (122.7 | ) | (115.7 | ) | ||||||
Income from equity investments, net of income taxes | 2.0 | 1.2 | — | |||||||||
Net income | 290.0 | 213.0 | 242.8 | |||||||||
Preferred stock dividend requirements and redemption premium | 16.5 | 1.6 | 1.6 | |||||||||
Earnings available for common shareholders | $ | 273.5 | $ | 211.4 | $ | 241.2 | ||||||
Average number of basic common shares outstanding | 169.4 | 154.2 | 153.9 | |||||||||
Average number of diluted common shares outstanding | 169.8 | 154.8 | 154.1 | |||||||||
Basic and diluted earnings per common share | $ | 1.61 | $ | 1.37 | $ | 1.57 | ||||||
Comprehensive Income | ||||||||||||
Net income | $ | 290.0 | $ | 213.0 | $ | 242.8 | ||||||
Other comprehensive income | ||||||||||||
Derivative hedging activity | ||||||||||||
Reclassification to expenses, net of tax | 5.6 | 5.7 | 8.0 | |||||||||
Derivative hedging activity, net of tax | 5.6 | 5.7 | 8.0 | |||||||||
Defined benefit pension plans | ||||||||||||
Net gain (loss) arising during period | (1.1 | ) | 1.0 | (3.0 | ) | |||||||
Income tax (expense) benefit | 0.4 | (0.4 | ) | 1.2 | ||||||||
Net gain (loss) arising during period, net of tax | (0.7 | ) | 0.6 | (1.8 | ) | |||||||
Amortization of net losses included in net periodic benefit costs, net of tax | 0.5 | 0.4 | 0.4 | |||||||||
Change in unrecognized pension expense, net of tax | (0.2 | ) | 1.0 | (1.4 | ) | |||||||
Total other comprehensive income | 5.4 | 6.7 | 6.6 | |||||||||
Comprehensive income | $ | 295.4 | $ | 219.7 | $ | 249.4 |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||
Consolidated Balance Sheets | |||||||||||
December 31 | |||||||||||
2016 | 2015 | ||||||||||
ASSETS | (millions, except share amounts) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 1,293.1 | $ | 11.3 | |||||||
Time deposit | 1,000.0 | — | |||||||||
Receivables, net | 166.0 | 147.7 | |||||||||
Accounts receivable pledged as collateral | 172.4 | 175.0 | |||||||||
Fuel inventories, at average cost | 108.8 | 118.4 | |||||||||
Materials and supplies, at average cost | 162.2 | 155.7 | |||||||||
Deferred refueling outage costs | 22.3 | 19.2 | |||||||||
Refundable income taxes | — | 3.8 | |||||||||
Derivative instruments | 81.5 | 0.8 | |||||||||
Prepaid expenses and other assets | 53.2 | 32.3 | |||||||||
Total | 3,059.5 | 664.2 | |||||||||
Utility Plant, at Original Cost | |||||||||||
Electric | 13,597.7 | 13,189.9 | |||||||||
Less - accumulated depreciation | 5,106.9 | 4,943.7 | |||||||||
Net utility plant in service | 8,490.8 | 8,246.2 | |||||||||
Construction work in progress | 403.9 | 347.9 | |||||||||
Nuclear fuel, net of amortization of $172.1 and $192.5 | 62.0 | 68.3 | |||||||||
Total | 8,956.7 | 8,662.4 | |||||||||
Investments and Other Assets | |||||||||||
Nuclear decommissioning trust fund | 222.9 | 200.7 | |||||||||
Regulatory assets | 1,048.0 | 979.1 | |||||||||
Goodwill | 169.0 | 169.0 | |||||||||
Other | 113.9 | 63.2 | |||||||||
Total | 1,553.8 | 1,412.0 | |||||||||
Total | $ | 13,570.0 | $ | 10,738.6 |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||
Consolidated Balance Sheets | |||||||||||
December 31 | |||||||||||
2016 | 2015 | ||||||||||
LIABILITIES AND CAPITALIZATION | (millions, except share amounts) | ||||||||||
Current Liabilities | |||||||||||
Notes payable | $ | — | $ | 10.0 | |||||||
Collateralized note payable | 172.4 | 175.0 | |||||||||
Commercial paper | 334.8 | 224.0 | |||||||||
Current maturities of long-term debt | 382.1 | 1.1 | |||||||||
Accounts payable | 323.7 | 352.9 | |||||||||
Accrued taxes | 33.3 | 31.6 | |||||||||
Accrued interest | 50.8 | 44.7 | |||||||||
Accrued compensation and benefits | 52.1 | 41.4 | |||||||||
Pension and post-retirement liability | 3.0 | 3.4 | |||||||||
Other | 32.6 | 31.6 | |||||||||
Total | 1,384.8 | 915.7 | |||||||||
Deferred Credits and Other Liabilities | |||||||||||
Deferred income taxes | 1,329.7 | 1,158.8 | |||||||||
Deferred tax credits | 126.2 | 125.1 | |||||||||
Asset retirement obligations | 316.0 | 275.9 | |||||||||
Pension and post-retirement liability | 488.3 | 455.2 | |||||||||
Regulatory liabilities | 309.9 | 284.4 | |||||||||
Other | 87.9 | 82.9 | |||||||||
Total | 2,658.0 | 2,382.3 | |||||||||
Capitalization | |||||||||||
Great Plains Energy shareholders' equity | |||||||||||
Common stock - 600,000,000 and 250,000,000 shares authorized without par value 215,479,105 and 154,504,900 shares issued, stated value | 4,217.0 | 2,646.7 | |||||||||
Cumulative preferred stock - 390,000 shares authorized, $100 par value 0 and 390,000 shares issued and outstanding | — | 39.0 | |||||||||
Preference stock - 11,000,000 shares authorized without par value 7.00% Series B Mandatory Convertible Preferred Stock $1,000 per share liquidation preference, 862,500 and 0 shares issued and outstanding | 836.2 | — | |||||||||
Retained earnings | 1,119.2 | 1,024.4 | |||||||||
Treasury stock - 128,087 and 101,229 shares, at cost | (3.8 | ) | (2.6 | ) | |||||||
Accumulated other comprehensive loss | (6.6 | ) | (12.0 | ) | |||||||
Total shareholders' equity | 6,162.0 | 3,695.5 | |||||||||
Long-term debt (Note 12) | 3,365.2 | 3,745.1 | |||||||||
Total | 9,527.2 | 7,440.6 | |||||||||
Commitments and Contingencies (Note 15) | |||||||||||
Total | $ | 13,570.0 | $ | 10,738.6 |
GREAT PLAINS ENERGY INCORPORATED | ||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||
Year Ended December 31 | 2016 | 2015 | 2014 | |||||||||||
Cash Flows from Operating Activities | (millions) | |||||||||||||
Net income | $ | 290.0 | $ | 213.0 | $ | 242.8 | ||||||||
Adjustments to reconcile income to net cash from operating activities: | ||||||||||||||
Depreciation and amortization | 344.8 | 330.4 | 306.0 | |||||||||||
Amortization of: | ||||||||||||||
Nuclear fuel | 26.6 | 26.8 | 26.1 | |||||||||||
Other | 77.5 | 47.7 | 46.1 | |||||||||||
Deferred income taxes, net | 170.1 | 124.9 | 125.8 | |||||||||||
Investment tax credit amortization | (1.4 | ) | (1.4 | ) | (1.4 | ) | ||||||||
Income from equity investments, net of income taxes | (2.0 | ) | (1.2 | ) | — | |||||||||
Fair value impacts of interest rate swaps | (79.3 | ) | — | — | ||||||||||
Other operating activities (Note 3) | (42.3 | ) | 12.9 | (47.2 | ) | |||||||||
Net cash from operating activities | 784.0 | 753.1 | 698.2 | |||||||||||
Cash Flows from Investing Activities | ||||||||||||||
Utility capital expenditures | (609.4 | ) | (677.1 | ) | (773.7 | ) | ||||||||
Allowance for borrowed funds used during construction | (6.8 | ) | (5.8 | ) | (13.0 | ) | ||||||||
Purchases of nuclear decommissioning trust investments | (31.9 | ) | (50.9 | ) | (27.5 | ) | ||||||||
Proceeds from nuclear decommissioning trust investments | 28.6 | 47.6 | 24.2 | |||||||||||
Purchase of time deposit | (1,000.0 | ) | — | — | ||||||||||
Proceeds from sale of transmission assets | — | — | 37.7 | |||||||||||
Other investing activities | (64.0 | ) | (48.2 | ) | (27.5 | ) | ||||||||
Net cash from investing activities | (1,683.5 | ) | (734.4 | ) | (779.8 | ) | ||||||||
Cash Flows from Financing Activities | ||||||||||||||
Issuance of common stock | 1,603.7 | 3.0 | 4.8 | |||||||||||
Issuance of preference stock | 862.5 | — | — | |||||||||||
Issuance of long-term debt | — | 348.8 | — | |||||||||||
Issuance of long-term debt from remarketing | — | 146.5 | — | |||||||||||
Repayment of long-term debt from remarketing | — | (146.5 | ) | — | ||||||||||
Issuance fees | (143.6 | ) | (3.0 | ) | (0.9 | ) | ||||||||
Repayment of long-term debt | (1.1 | ) | (87.0 | ) | (13.4 | ) | ||||||||
Net change in short-term borrowings | 100.8 | (128.3 | ) | 245.1 | ||||||||||
Net change in collateralized short-term borrowings | (2.6 | ) | 4.0 | (4.0 | ) | |||||||||
Dividends paid | (194.0 | ) | (155.5 | ) | (145.6 | ) | ||||||||
Redemption of cumulative preferred stock | (40.1 | ) | — | — | ||||||||||
Purchase of treasury stock | (5.0 | ) | (1.6 | ) | (2.5 | ) | ||||||||
Other financing activities | 0.7 | (0.8 | ) | 0.5 | ||||||||||
Net cash from financing activities | 2,181.3 | (20.4 | ) | 84.0 | ||||||||||
Net Change in Cash and Cash Equivalents | 1,281.8 | (1.7 | ) | 2.4 | ||||||||||
Cash and Cash Equivalents at Beginning of Year | 11.3 | 13.0 | 10.6 | |||||||||||
Cash and Cash Equivalents at End of Year | $ | 1,293.1 | $ | 11.3 | $ | 13.0 |
GREAT PLAINS ENERGY INCORPORATED | ||||||||||||||||||||
Consolidated Statements of Shareholders' Equity | ||||||||||||||||||||
Year Ended December 31 | 2016 | 2015 | 2014 | |||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||
Common Stock | (millions, except share amounts) | |||||||||||||||||||
Beginning balance | 154,504,900 | $ | 2,646.7 | 154,254,037 | $ | 2,639.3 | 153,995,621 | $ | 2,631.1 | |||||||||||
Issuance of common stock | 60,974,205 | 1,565.3 | 250,863 | 6.6 | 258,416 | 6.7 | ||||||||||||||
Equity compensation expense, net of forfeitures | 4.3 | 1.9 | 0.5 | |||||||||||||||||
Unearned Compensation | ||||||||||||||||||||
Issuance of restricted common stock | (2.8 | ) | (2.4 | ) | (2.1 | ) | ||||||||||||||
Forfeiture of restricted common stock | — | 0.5 | — | |||||||||||||||||
Compensation expense recognized | 2.7 | 1.8 | 2.0 | |||||||||||||||||
Other | 0.8 | (1.0 | ) | 1.1 | ||||||||||||||||
Ending balance | 215,479,105 | 4,217.0 | 154,504,900 | 2,646.7 | 154,254,037 | 2,639.3 | ||||||||||||||
Cumulative Preferred Stock | ||||||||||||||||||||
Beginning balance | 390,000 | 39.0 | 390,000 | 39.0 | 390,000 | 39.0 | ||||||||||||||
Redemption of cumulative preferred stock | (390,000 | ) | (39.0 | ) | — | — | — | — | ||||||||||||
Ending balance | — | — | 390,000 | 39.0 | 390,000 | 39.0 | ||||||||||||||
Preference Stock | ||||||||||||||||||||
Beginning balance | — | — | — | — | — | — | ||||||||||||||
Issuance of Series B Mandatory Convertible Preferred Stock | 862,500 | 836.2 | — | — | — | — | ||||||||||||||
Ending balance | 862,500 | 836.2 | — | — | — | — | ||||||||||||||
Retained Earnings | ||||||||||||||||||||
Beginning balance | 1,024.4 | 967.8 | 871.4 | |||||||||||||||||
Net income | 290.0 | 213.0 | 242.8 | |||||||||||||||||
Redemption premium on cumulative preferred stock | (0.6 | ) | — | — | ||||||||||||||||
Dividends: | ||||||||||||||||||||
Common stock ($1.0625, $0.9975 and $0.935 per share) | (181.0 | ) | (153.9 | ) | (144.0 | ) | ||||||||||||||
Preferred stock - at required rates | (13.0 | ) | (1.6 | ) | (1.6 | ) | ||||||||||||||
Performance shares | (0.6 | ) | (0.9 | ) | (0.8 | ) | ||||||||||||||
Ending balance | 1,119.2 | 1,024.4 | 967.8 | |||||||||||||||||
Treasury Stock | ||||||||||||||||||||
Beginning balance | (101,229 | ) | (2.6 | ) | (91,281 | ) | (2.3 | ) | (129,290 | ) | (2.8 | ) | ||||||||
Treasury shares acquired | (138,021 | ) | (4.1 | ) | (76,468 | ) | (2.0 | ) | (85,744 | ) | (2.2 | ) | ||||||||
Treasury shares reissued | 111,163 | 2.9 | 66,520 | 1.7 | 123,753 | 2.7 | ||||||||||||||
Ending balance | (128,087 | ) | (3.8 | ) | (101,229 | ) | (2.6 | ) | (91,281 | ) | (2.3 | ) | ||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Beginning balance | (12.0 | ) | (18.7 | ) | (25.3 | ) | ||||||||||||||
Derivative hedging activity, net of tax | 5.6 | 5.7 | 8.0 | |||||||||||||||||
Change in unrecognized pension expense, net of tax | (0.2 | ) | 1.0 | (1.4 | ) | |||||||||||||||
Ending balance | (6.6 | ) | (12.0 | ) | (18.7 | ) | ||||||||||||||
Total Great Plains Energy Shareholders' Equity | $ | 6,162.0 | $ | 3,695.5 | $ | 3,625.1 |
KANSAS CITY POWER & LIGHT COMPANY | ||||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||||
Year Ended December 31 | 2016 | 2015 | 2014 | |||||||||
Operating Revenues | (millions) | |||||||||||
Electric revenues | $ | 1,875.4 | $ | 1,713.8 | $ | 1,730.8 | ||||||
Operating Expenses | ||||||||||||
Fuel and purchased power | 372.7 | 397.1 | 472.7 | |||||||||
Transmission | 56.4 | 58.4 | 47.2 | |||||||||
Operating and maintenance expenses | 525.8 | 494.2 | 489.1 | |||||||||
Costs to achieve the anticipated acquisition of Westar Energy, Inc. | 10.9 | — | — | |||||||||
Depreciation and amortization | 247.5 | 235.7 | 213.9 | |||||||||
General taxes | 177.5 | 163.5 | 159.1 | |||||||||
Other | 2.5 | 0.9 | (1.3 | ) | ||||||||
Total | 1,393.3 | 1,349.8 | 1,380.7 | |||||||||
Operating income | 482.1 | 364.0 | 350.1 | |||||||||
Non-operating income | 11.8 | 8.4 | 20.4 | |||||||||
Non-operating expenses | (7.6 | ) | (7.2 | ) | (8.3 | ) | ||||||
Interest charges | (139.4 | ) | (135.6 | ) | (124.1 | ) | ||||||
Income before income tax expense | 346.9 | 229.6 | 238.1 | |||||||||
Income tax expense | (121.9 | ) | (76.8 | ) | (75.7 | ) | ||||||
Net income | $ | 225.0 | $ | 152.8 | $ | 162.4 | ||||||
Comprehensive Income | ||||||||||||
Net income | $ | 225.0 | $ | 152.8 | $ | 162.4 | ||||||
Other comprehensive income | ||||||||||||
Derivative hedging activity | ||||||||||||
Reclassification to expenses, net of tax | 5.4 | 5.3 | 5.3 | |||||||||
Derivative hedging activity, net of tax | 5.4 | 5.3 | 5.3 | |||||||||
Total other comprehensive income | 5.4 | 5.3 | 5.3 | |||||||||
Comprehensive income | $ | 230.4 | $ | 158.1 | $ | 167.7 |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||
Consolidated Balance Sheets | |||||||||||
December 31 | |||||||||||
2016 | 2015 | ||||||||||
ASSETS | (millions, except share amounts) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 4.5 | $ | 2.3 | |||||||
Receivables, net | 139.1 | 129.2 | |||||||||
Related party receivables | 67.2 | 65.8 | |||||||||
Accounts receivable pledged as collateral | 110.0 | 110.0 | |||||||||
Fuel inventories, at average cost | 72.9 | 83.5 | |||||||||
Materials and supplies, at average cost | 118.9 | 114.6 | |||||||||
Deferred refueling outage costs | 22.3 | 19.2 | |||||||||
Refundable income taxes | 12.7 | 79.0 | |||||||||
Prepaid expenses and other assets | 27.9 | 27.6 | |||||||||
Total | 575.5 | 631.2 | |||||||||
Utility Plant, at Original Cost | |||||||||||
Electric | 9,925.1 | 9,640.4 | |||||||||
Less - accumulated depreciation | 3,858.4 | 3,722.6 | |||||||||
Net utility plant in service | 6,066.7 | 5,917.8 | |||||||||
Construction work in progress | 300.4 | 246.6 | |||||||||
Nuclear fuel, net of amortization of $172.1 and $192.5 | 62.0 | 68.3 | |||||||||
Total | 6,429.1 | 6,232.7 | |||||||||
Investments and Other Assets | |||||||||||
Nuclear decommissioning trust fund | 222.9 | 200.7 | |||||||||
Regulatory assets | 801.8 | 732.4 | |||||||||
Other | 29.1 | 17.6 | |||||||||
Total | 1,053.8 | 950.7 | |||||||||
Total | $ | 8,058.4 | $ | 7,814.6 |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||
Consolidated Balance Sheets | |||||||||||
December 31 | |||||||||||
2016 | 2015 | ||||||||||
LIABILITIES AND CAPITALIZATION | (millions, except share amounts) | ||||||||||
Current Liabilities | |||||||||||
Collateralized note payable | $ | 110.0 | $ | 110.0 | |||||||
Commercial paper | 132.9 | 180.3 | |||||||||
Current maturities of long-term debt | 281.0 | — | |||||||||
Accounts payable | 231.6 | 258.8 | |||||||||
Accrued taxes | 27.0 | 25.6 | |||||||||
Accrued interest | 32.4 | 32.4 | |||||||||
Accrued compensation and benefits | 52.1 | 41.4 | |||||||||
Pension and post-retirement liability | 1.6 | 2.0 | |||||||||
Other | 11.4 | 12.6 | |||||||||
Total | 880.0 | 663.1 | |||||||||
Deferred Credits and Other Liabilities | |||||||||||
Deferred income taxes | 1,228.3 | 1,132.6 | |||||||||
Deferred tax credits | 122.8 | 123.8 | |||||||||
Asset retirement obligations | 278.0 | 239.3 | |||||||||
Pension and post-retirement liability | 465.8 | 433.4 | |||||||||
Regulatory liabilities | 187.4 | 164.6 | |||||||||
Other | 70.6 | 61.6 | |||||||||
Total | 2,352.9 | 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 | 982.6 | 879.6 | |||||||||
Accumulated other comprehensive loss | (4.2 | ) | (9.6 | ) | |||||||
Total | 2,541.5 | 2,433.1 | |||||||||
Long-term debt (Note 12) | 2,284.0 | 2,563.1 | |||||||||
Total | 4,825.5 | 4,996.2 | |||||||||
Commitments and Contingencies (Note 15) | |||||||||||
Total | $ | 8,058.4 | $ | 7,814.6 |
KANSAS CITY POWER & LIGHT COMPANY | ||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||
Year Ended December 31 | 2016 | 2015 | 2014 | |||||||||||||
Cash Flows from Operating Activities | (millions) | |||||||||||||||
Net income | $ | 225.0 | $ | 152.8 | $ | 162.4 | ||||||||||
Adjustments to reconcile income to net cash from operating activities: | ||||||||||||||||
Depreciation and amortization | 247.5 | 235.7 | 213.9 | |||||||||||||
Amortization of: | ||||||||||||||||
Nuclear fuel | 26.6 | 26.8 | 26.1 | |||||||||||||
Other | 33.9 | 29.1 | 29.3 | |||||||||||||
Deferred income taxes, net | 93.4 | 99.4 | 88.4 | |||||||||||||
Investment tax credit amortization | (1.0 | ) | (1.0 | ) | (1.0 | ) | ||||||||||
Other operating activities (Note 3) | (2.1 | ) | (61.5 | ) | (64.7 | ) | ||||||||||
Net cash from operating activities | 623.3 | 481.3 | 454.4 | |||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||
Utility capital expenditures | (418.8 | ) | (518.3 | ) | (635.9 | ) | ||||||||||
Allowance for borrowed funds used during construction | (5.6 | ) | (3.9 | ) | (11.1 | ) | ||||||||||
Purchases of nuclear decommissioning trust investments | (31.9 | ) | (50.9 | ) | (27.5 | ) | ||||||||||
Proceeds from nuclear decommissioning trust investments | 28.6 | 47.6 | 24.2 | |||||||||||||
Net money pool lending | — | — | 4.7 | |||||||||||||
Other investing activities | (23.8 | ) | (25.5 | ) | (15.2 | ) | ||||||||||
Net cash from investing activities | (451.5 | ) | (551.0 | ) | (660.8 | ) | ||||||||||
Cash Flows from Financing Activities | ||||||||||||||||
Issuance of long-term debt | — | 348.8 | — | |||||||||||||
Issuance fees | (0.2 | ) | (3.0 | ) | (0.4 | ) | ||||||||||
Issuance of long-term debt from remarketing | — | 146.5 | — | |||||||||||||
Repayment of long-term debt from remarketing | — | (146.5 | ) | — | ||||||||||||
Repayment of long-term debt | — | (85.9 | ) | — | ||||||||||||
Net change in short-term borrowings | (47.4 | ) | (178.0 | ) | 265.1 | |||||||||||
Net money pool borrowings | — | (12.6 | ) | 12.4 | ||||||||||||
Dividends paid to Great Plains Energy | (122.0 | ) | — | (72.0 | ) | |||||||||||
Net cash from financing activities | (169.6 | ) | 69.3 | 205.1 | ||||||||||||
Net Change in Cash and Cash Equivalents | 2.2 | (0.4 | ) | (1.3 | ) | |||||||||||
Cash and Cash Equivalents at Beginning of Year | 2.3 | 2.7 | 4.0 | |||||||||||||
Cash and Cash Equivalents at End of Year | $ | 4.5 | $ | 2.3 | $ | 2.7 |
KANSAS CITY POWER & LIGHT COMPANY | ||||||||||||||||||||
Consolidated Statements of Common Shareholder's Equity | ||||||||||||||||||||
Year Ended December 31 | 2016 | 2015 | 2014 | |||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||
(millions, except share amounts) | ||||||||||||||||||||
Common Stock | 1 | $ | 1,563.1 | 1 | $ | 1,563.1 | 1 | $ | 1,563.1 | |||||||||||
Retained Earnings | ||||||||||||||||||||
Beginning balance | 879.6 | 726.8 | 636.4 | |||||||||||||||||
Net income | 225.0 | 152.8 | 162.4 | |||||||||||||||||
Dividends: | ||||||||||||||||||||
Common stock held by Great Plains Energy | (122.0 | ) | — | (72.0 | ) | |||||||||||||||
Ending balance | 982.6 | 879.6 | 726.8 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Beginning balance | (9.6 | ) | (14.9 | ) | (20.2 | ) | ||||||||||||||
Derivative hedging activity, net of tax | 5.4 | 5.3 | 5.3 | |||||||||||||||||
Ending balance | (4.2 | ) | (9.6 | ) | (14.9 | ) | ||||||||||||||
Total Common Shareholder's Equity | $ | 2,541.5 | $ | 2,433.1 | $ | 2,275.0 |
• | KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas. KCP&L has one active wholly owned subsidiary, Kansas City Power & Light Receivables Company (KCP&L Receivables Company). |
• | KCP&L Greater Missouri Operations Company (GMO) is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri. GMO also provides regulated steam service to certain customers in the St. Joseph, Missouri area. GMO has two active wholly owned subsidiaries, GMO Receivables Company and MPS Merchant Services, Inc. (MPS Merchant). MPS Merchant has certain long-term natural gas contracts remaining from its former non-regulated trading operations. |
Great Plains Energy | ||||||||
December 31 | 2016 | 2015 | ||||||
Utility plant, at original cost | (millions) | |||||||
Generation (20 - 60 years) | $ | 8,106.4 | $ | 7,923.8 | ||||
Transmission (15 - 70 years) | 886.3 | 848.8 | ||||||
Distribution (8 - 66 years) | 3,629.1 | 3,498.6 | ||||||
General (5 - 50 years) | 975.9 | 918.7 | ||||||
Total (a) | $ | 13,597.7 | $ | 13,189.9 |
KCP&L | ||||||||
December 31 | 2016 | 2015 | ||||||
Utility plant, at original cost | (millions) | |||||||
Generation (20 - 60 years) | $ | 6,350.7 | $ | 6,222.5 | ||||
Transmission (15 - 70 years) | 484.1 | 465.3 | ||||||
Distribution (8 - 55 years) | 2,298.4 | 2,215.2 | ||||||
General (5 - 50 years) | 791.9 | 737.4 | ||||||
Total (a) | $ | 9,925.1 | $ | 9,640.4 |
2016 | 2015 | 2014 | |||||||||
(millions, except per share amounts) | |||||||||||
Income | |||||||||||
Net income | $ | 290.0 | $ | 213.0 | $ | 242.8 | |||||
Less: preferred stock dividend requirements and redemption premium | 16.5 | 1.6 | 1.6 | ||||||||
Earnings available for common shareholders | $ | 273.5 | $ | 211.4 | $ | 241.2 | |||||
Common Shares Outstanding | |||||||||||
Average number of common shares outstanding | 169.4 | 154.2 | 153.9 | ||||||||
Add: effect of dilutive securities | 0.4 | 0.6 | 0.2 | ||||||||
Diluted average number of common shares outstanding | 169.8 | 154.8 | 154.1 | ||||||||
Basic and Diluted EPS | $ | 1.61 | $ | 1.37 | $ | 1.57 |
2016 | 2015 | 2014 | ||||||
Assumed conversion of Series B Preferred Stock | 7,805,460 | — | — | |||||
Performance shares | — | — | 482,987 | |||||
Restricted stock shares | — | 900 | 3,287 |
Great Plains Energy Other Operating Activities | |||||||||||
Year Ended December 31 | 2016 | 2015 | 2014 | ||||||||
Cash flows affected by changes in: | (millions) | ||||||||||
Receivables | $ | (18.3 | ) | $ | 12.5 | $ | 3.0 | ||||
Accounts receivable pledged as collateral | 2.6 | (4.0 | ) | 4.0 | |||||||
Fuel inventories | 9.6 | (28.3 | ) | (13.7 | ) | ||||||
Materials and supplies | (6.5 | ) | (3.0 | ) | (0.4 | ) | |||||
Accounts payable | (25.4 | ) | (11.4 | ) | 15.2 | ||||||
Accrued taxes | 8.1 | 1.1 | 8.3 | ||||||||
Accrued interest | 6.1 | 3.4 | (4.1 | ) | |||||||
Deferred refueling outage costs | (3.1 | ) | (6.7 | ) | 17.0 | ||||||
Pension and post-retirement benefit obligations | 27.4 | 18.5 | 25.5 | ||||||||
Allowance for equity funds used during construction | (6.6 | ) | (4.8 | ) | (18.0 | ) | |||||
Fuel recovery mechanisms | (46.9 | ) | 47.5 | (28.5 | ) | ||||||
Solar rebates paid | (4.5 | ) | (9.0 | ) | (43.2 | ) | |||||
Other | 15.2 | (2.9 | ) | (12.3 | ) | ||||||
Total other operating activities | $ | (42.3 | ) | $ | 12.9 | $ | (47.2 | ) | |||
Cash paid during the period: | |||||||||||
Interest | $ | 191.2 | $ | 182.2 | $ | 174.8 | |||||
Income taxes | $ | 0.1 | $ | 0.1 | $ | — | |||||
Non-cash investing activities: | |||||||||||
Liabilities accrued for capital expenditures | $ | 32.4 | $ | 35.7 | $ | 57.4 |
KCP&L Other Operating Activities | |||||||||||
Year Ended December 31 | 2016 | 2015 | 2014 | ||||||||
Cash flows affected by changes in: | (millions) | ||||||||||
Receivables | $ | (12.4 | ) | $ | 2.6 | $ | (18.1 | ) | |||
Fuel inventories | 10.6 | (24.7 | ) | (8.5 | ) | ||||||
Materials and supplies | (4.3 | ) | (4.5 | ) | (1.1 | ) | |||||
Accounts payable | (30.5 | ) | (18.0 | ) | 20.4 | ||||||
Accrued taxes | 67.9 | (19.0 | ) | (42.5 | ) | ||||||
Accrued interest | — | 3.4 | (0.1 | ) | |||||||
Deferred refueling outage costs | (3.1 | ) | (6.7 | ) | 17.0 | ||||||
Pension and post-retirement benefit obligations | 28.6 | 18.4 | 26.9 | ||||||||
Allowance for equity funds used during construction | (6.6 | ) | (3.8 | ) | (16.0 | ) | |||||
Fuel recovery mechanisms | (53.7 | ) | 3.5 | (2.2 | ) | ||||||
Solar rebates paid | (3.1 | ) | (7.2 | ) | (17.3 | ) | |||||
Other | 4.5 | (5.5 | ) | (23.2 | ) | ||||||
Total other operating activities | $ | (2.1 | ) | $ | (61.5 | ) | $ | (64.7 | ) | ||
Cash paid during the period: | |||||||||||
Interest | $ | 127.0 | $ | 120.2 | $ | 112.1 | |||||
Income taxes | $ | — | $ | — | $ | 30.2 | |||||
Non-cash investing activities: | |||||||||||
Liabilities accrued for capital expenditures | $ | 27.2 | $ | 23.9 | $ | 48.8 |
December 31 | ||||||||||
2016 | 2015 | |||||||||
Great Plains Energy | (millions) | |||||||||
Customer accounts receivable - billed | $ | 26.2 | $ | 3.4 | ||||||
Customer accounts receivable - unbilled | 79.1 | 71.6 | ||||||||
Allowance for doubtful accounts - customer accounts receivable | (4.0 | ) | (3.8 | ) | ||||||
Other receivables | 64.7 | 76.5 | ||||||||
Total | $ | 166.0 | $ | 147.7 | ||||||
KCP&L | ||||||||||
Customer accounts receivable - billed | $ | 25.5 | $ | 2.8 | ||||||
Customer accounts receivable - unbilled | 63.7 | 58.8 | ||||||||
Allowance for doubtful accounts - customer accounts receivable | (1.8 | ) | (1.8 | ) | ||||||
Other receivables | 51.7 | 69.4 | ||||||||
Total | $ | 139.1 | $ | 129.2 |
KCC | MPSC | |||||||
(millions) | ||||||||
Current cost of decommissioning (in 2014 dollars) | ||||||||
Total Station | $ | 765.1 | $ | 765.1 | ||||
KCP&L's 47% Share | 359.6 | 359.6 | ||||||
Future cost of decommissioning (in 2045-2053 dollars) (a) | ||||||||
Total Station | $ | 2,201.5 | $ | 2,253.1 | ||||
KCP&L's 47% Share | 1,034.7 | 1,059.0 | ||||||
Annual escalation factor | 3.15% | 3.22% | ||||||
Annual return on trust assets (b) | 6.29% | 5.81% |
2016 | 2015 | ||||||||||
Decommissioning Trust | (millions) | ||||||||||
Beginning balance January 1 | $ | 200.7 | $ | 199.0 | |||||||
Contributions | 3.3 | 3.3 | |||||||||
Earned income, net of fees | 4.1 | 3.4 | |||||||||
Net realized gains | 0.3 | 0.7 | |||||||||
Net unrealized gains (losses) | 14.5 | (5.7 | ) | ||||||||
Ending balance December 31 | $ | 222.9 | $ | 200.7 |
December 31 | |||||||||||||||||||||||||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||
Cost Basis | Unrealized Gains | Unrealized Losses | Fair Value | Cost Basis | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | 93.3 | $ | 62.1 | $ | (1.5 | ) | $ | 153.9 | $ | 89.6 | $ | 47.9 | $ | (2.1 | ) | $ | 135.4 | |||||||||||||||||||||||||||
Debt securities | 63.4 | 2.3 | (0.5 | ) | 65.2 | 59.6 | 2.6 | (0.5 | ) | 61.7 | |||||||||||||||||||||||||||||||||||
Other | 3.8 | — | — | 3.8 | 3.6 | — | — | 3.6 | |||||||||||||||||||||||||||||||||||||
Total | $ | 160.5 | $ | 64.4 | $ | (2.0 | ) | $ | 222.9 | $ | 152.8 | $ | 50.5 | $ | (2.6 | ) | $ | 200.7 |
2016 | 2015 | 2014 | |||||||||
(millions) | |||||||||||
Realized gains | $ | 1.6 | $ | 5.3 | $ | 1.4 | |||||
Realized losses | (1.3 | ) | (4.6 | ) | (1.0 | ) |
December 31 | ||||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||
KCP&L | GMO | Great Plains Energy | KCP&L | GMO | Great Plains Energy | |||||||||||||||||||
Regulatory Assets | (millions) | |||||||||||||||||||||||
Taxes recoverable through future rates | $ | 123.9 | $ | 24.8 | $ | 148.7 | $ | 125.0 | $ | 26.4 | $ | 151.4 | ||||||||||||
Loss on reacquired debt | 10.0 | (a) | 1.7 | (a) | 11.7 | 11.3 | 2.2 | 13.5 | ||||||||||||||||
Cost of removal | 28.6 | — | 28.6 | 12.9 | — | 12.9 | ||||||||||||||||||
Asset retirement obligations | 69.6 | 24.9 | 94.5 | 57.9 | 19.5 | 77.4 | ||||||||||||||||||
Pension and post-retirement costs | 367.9 | (b) | 104.7 | (b) | 472.6 | 358.5 | 98.9 | 457.4 | ||||||||||||||||
Deferred customer programs | 45.9 | (c) | 27.4 | (d) | 73.3 | 50.3 | 20.8 | 71.1 | ||||||||||||||||
Fuel recovery mechanism | 69.9 | (e) | — | 69.9 | 16.3 | 0.1 | 16.4 | |||||||||||||||||
Derivative instruments | — | — | — | 0.5 | 6.3 | 6.8 | ||||||||||||||||||
Iatan No. 1 and common facilities depreciation and carrying costs | 13.6 | (f) | 5.0 | (f) | 18.6 | 14.1 | 5.2 | 19.3 | ||||||||||||||||
Iatan No. 2 construction accounting costs | 26.9 | (g) | 16.1 | (g) | 43.0 | 28.7 | 16.0 | 44.7 | ||||||||||||||||
Kansas property tax surcharge | 3.6 | (e) | — | 3.6 | 6.8 | — | 6.8 | |||||||||||||||||
Solar rebates | 29.2 | (e) | 41.6 | (e) | 70.8 | 33.6 | 49.0 | 82.6 | ||||||||||||||||
Transmission delivery charge | 3.1 | (e) | — | 3.1 | 1.7 | — | 1.7 | |||||||||||||||||
La Cygne deferred depreciation | 2.8 | (h) | — | 2.8 | 2.9 | — | 2.9 | |||||||||||||||||
Other | 6.8 | (e) | — | 6.8 | 11.9 | 2.3 | 14.2 | |||||||||||||||||
Total | $ | 801.8 | $ | 246.2 | $ | 1,048.0 | $ | 732.4 | $ | 246.7 | $ | 979.1 | ||||||||||||
Regulatory Liabilities | ||||||||||||||||||||||||
Emission allowances | $ | 62.1 | $ | — | $ | 62.1 | $ | 66.1 | $ | — | $ | 66.1 | ||||||||||||
Asset retirement obligations | 99.7 | — | 99.7 | 86.5 | — | 86.5 | ||||||||||||||||||
Cost of removal | — | 65.1 | (i) | 65.1 | — | 68.2 | 68.2 | |||||||||||||||||
Fuel recovery mechanism | — | 11.6 | 11.6 | — | 5.0 | 5.0 | ||||||||||||||||||
Pension and post-retirement costs | 15.3 | 7.4 | 22.7 | 4.8 | 3.7 | 8.5 | ||||||||||||||||||
Other | 10.3 | 38.4 | 48.7 | 7.2 | 42.9 | 50.1 | ||||||||||||||||||
Total | $ | 187.4 | $ | 122.5 | $ | 309.9 | $ | 164.6 | $ | 119.8 | $ | 284.4 |
December 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||
Great Plains Energy | (millions) | |||||||||||||||||||||||
Computer software | $ | 355.2 | $ | (219.1 | ) | $ | 333.0 | $ | (191.8 | ) | ||||||||||||||
Asset improvements | 28.8 | (6.7 | ) | 28.3 | (6.1 | ) | ||||||||||||||||||
KCP&L | ||||||||||||||||||||||||
Computer software | $ | 338.3 | $ | (203.1 | ) | $ | 315.5 | $ | (177.7 | ) | ||||||||||||||
Asset improvements | 13.6 | (1.8 | ) | 13.1 | (1.5 | ) |
2016 | 2015 | |||||||
(millions) | ||||||||
Great Plains Energy | $ | 29.1 | $ | 28.6 | ||||
KCP&L | 25.7 | 24.7 |
2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||
(millions) | ||||||||||||||||||||
Great Plains Energy | $ | 26.1 | $ | 23.7 | $ | 21.5 | $ | 18.0 | $ | 14.3 | ||||||||||
KCP&L | 24.9 | 23.2 | 21.0 | 17.6 | 13.9 |
Great Plains Energy | KCP&L | |||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||
(millions) | ||||||||||||||||||||
Beginning balance | $ | 275.9 | $ | 195.9 | $ | 239.3 | $ | 177.7 | ||||||||||||
Additions | 1.6 | 54.5 | 1.3 | 34.6 | ||||||||||||||||
Revision in timing and/or estimates | 42.1 | 20.5 | 40.1 | 22.2 | ||||||||||||||||
Settlements | (17.4 | ) | (7.8 | ) | (15.0 | ) | (6.7 | ) | ||||||||||||
Accretion | 13.8 | 12.8 | 12.3 | 11.5 | ||||||||||||||||
Ending balance | $ | 316.0 | $ | 275.9 | $ | 278.0 | $ | 239.3 |
Pension Benefits | Other Benefits | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Change in projected benefit obligation (PBO) | (millions) | |||||||||||||||
PBO at January 1 | $ | 1,154.8 | $ | 1,186.8 | $ | 137.5 | $ | 165.2 | ||||||||
Service cost | 42.0 | 45.3 | 2.6 | 3.3 | ||||||||||||
Interest cost | 52.9 | 50.3 | 6.1 | 6.8 | ||||||||||||
Contribution by participants | — | — | 5.3 | 6.9 | ||||||||||||
Amendments | — | — | (10.1 | ) | (7.1 | ) | ||||||||||
Actuarial (gain) loss | 65.5 | (59.4 | ) | 0.6 | (23.6 | ) | ||||||||||
Benefits paid | (70.6 | ) | (68.2 | ) | (11.9 | ) | (14.0 | ) | ||||||||
PBO at December 31 | $ | 1,244.6 | $ | 1,154.8 | $ | 130.1 | $ | 137.5 | ||||||||
Change in plan assets | ||||||||||||||||
Fair value of plan assets at January 1 | $ | 723.9 | $ | 730.0 | $ | 114.3 | $ | 110.6 | ||||||||
Actual return on plan assets | 51.1 | (16.3 | ) | 2.6 | (0.1 | ) | ||||||||||
Contributions by employer and participants | 69.8 | 76.9 | 10.2 | 17.6 | ||||||||||||
Benefits paid | (68.0 | ) | (66.7 | ) | (11.5 | ) | (13.8 | ) | ||||||||
Fair value of plan assets at December 31 | $ | 776.8 | $ | 723.9 | $ | 115.6 | $ | 114.3 | ||||||||
Funded status at December 31 | $ | (467.8 | ) | $ | (430.9 | ) | $ | (14.5 | ) | $ | (23.2 | ) | ||||
Amounts recognized in the consolidated balance sheets | ||||||||||||||||
Non-current asset | $ | — | $ | — | $ | 9.0 | $ | 4.5 | ||||||||
Current pension and other post-retirement liability | (2.2 | ) | (2.6 | ) | (0.8 | ) | (0.8 | ) | ||||||||
Noncurrent pension liability and other post-retirement liability | (465.6 | ) | (428.3 | ) | (22.7 | ) | (26.9 | ) | ||||||||
Net amount recognized before regulatory treatment | (467.8 | ) | (430.9 | ) | (14.5 | ) | (23.2 | ) | ||||||||
Accumulated OCI or regulatory asset/liability | 476.9 | 461.2 | (23.6 | ) | (9.4 | ) | ||||||||||
Net amount recognized at December 31 | $ | 9.1 | $ | 30.3 | $ | (38.1 | ) | $ | (32.6 | ) | ||||||
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | ||||||||||||||||
Actuarial (gain) loss | $ | 242.5 | $ | 230.7 | $ | (0.7 | ) | $ | (3.3 | ) | ||||||
Prior service cost | 3.2 | 3.9 | (8.0 | ) | 3.4 | |||||||||||
Other | 231.2 | 226.6 | (14.9 | ) | (9.5 | ) | ||||||||||
Net amount recognized at December 31 | $ | 476.9 | $ | 461.2 | $ | (23.6 | ) | $ | (9.4 | ) |
Pension Benefits | Other Benefits | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | |||||||||||||||||||
Components of net periodic benefit costs | (millions) | |||||||||||||||||||||||
Service cost | $ | 42.0 | $ | 45.3 | $ | 36.7 | $ | 2.6 | $ | 3.3 | $ | 3.7 | ||||||||||||
Interest cost | 52.9 | 50.3 | 50.1 | 6.1 | 6.8 | 7.9 | ||||||||||||||||||
Expected return on plan assets | (49.2 | ) | (51.7 | ) | (50.2 | ) | (3.1 | ) | (2.9 | ) | (2.6 | ) | ||||||||||||
Prior service cost | 0.7 | 0.8 | 0.9 | 1.2 | 3.1 | 3.1 | ||||||||||||||||||
Recognized net actuarial (gain) loss | 51.8 | 51.4 | 50.0 | (1.5 | ) | 0.2 | (0.1 | ) | ||||||||||||||||
Transition obligation | — | — | — | — | 0.2 | 0.2 | ||||||||||||||||||
Settlement charges | — | — | 8.5 | — | — | — | ||||||||||||||||||
Net periodic benefit costs before regulatory adjustment | 98.2 | 96.1 | 96.0 | 5.3 | 10.7 | 12.2 | ||||||||||||||||||
Regulatory adjustment | (4.9 | ) | (9.8 | ) | (11.3 | ) | 6.0 | 4.4 | 4.3 | |||||||||||||||
Net periodic benefit costs | 93.3 | 86.3 | 84.7 | 11.3 | 15.1 | 16.5 | ||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | ||||||||||||||||||||||||
Current year net (gain) loss | 63.6 | 8.6 | 175.8 | 1.1 | (20.6 | ) | (1.8 | ) | ||||||||||||||||
Amortization of gain (loss) | (51.8 | ) | (51.4 | ) | (50.0 | ) | 1.5 | (0.2 | ) | 0.1 | ||||||||||||||
Prior service cost | — | — | — | (10.2 | ) | (7.0 | ) | — | ||||||||||||||||
Amortization of prior service cost | (0.7 | ) | (0.8 | ) | (0.9 | ) | (1.2 | ) | (3.1 | ) | (3.1 | ) | ||||||||||||
Amortization of transition obligation | — | — | — | — | (0.2 | ) | (0.2 | ) | ||||||||||||||||
Other regulatory activity | 4.6 | 4.3 | 7.3 | (5.4 | ) | (4.4 | ) | (4.2 | ) | |||||||||||||||
Total recognized in OCI or regulatory asset/liability | 15.7 | (39.3 | ) | 132.2 | (14.2 | ) | (35.5 | ) | (9.2 | ) | ||||||||||||||
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability | $ | 109.0 | $ | 47.0 | $ | 216.9 | $ | (2.9 | ) | $ | (20.4 | ) | $ | 7.3 |
2016 | 2015 | |||||||
Pension plans with the PBO in excess of plan assets | (millions) | |||||||
Projected benefit obligation | $ | 1,244.6 | $ | 1,154.8 | ||||
Fair value of plan assets | 776.8 | 723.9 | ||||||
Pension plans with the ABO in excess of plan assets | ||||||||
Accumulated benefit obligation | $ | 1,090.2 | $ | 1,017.6 | ||||
Fair value of plan assets | 776.8 | 723.9 | ||||||
Other post-retirement benefit plans with the APBO in excess of plan assets | ||||||||
Accumulated other post-retirement benefit obligation | $ | 61.7 | $ | 108.5 | ||||
Fair value of plan assets | 38.3 | 80.8 |
Weighted-average assumptions used to determine the benefit obligation at December 31 | Pension Benefits | Other Benefits | |||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||
Discount rate | 4.31 | % | 4.54 | % | 4.20 | % | 4.47 | % | |||||||||||
Rate of compensation increase | 3.62 | % | 3.62 | % | 3.50 | % | 3.50 | % |
Weighted-average assumptions used to determine net costs for years ended December 31 | Pension Benefits | Other Benefits | |||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||
Discount rate | 4.54 | % | 4.22 | % | 4.47 | % | 4.14 | % | |||||||||||
Expected long-term return on plan assets | 7.14 | % | 7.14 | % | 2.54 | % | * | 2.81 | % | * | |||||||||
Rate of compensation increase | 3.62 | % | 3.62 | % | 3.50 | % | 3.50 | % |
Pension Benefits | Other Benefits | |||||||
(millions) | ||||||||
2017 | $ | 84.9 | $ | 8.9 | ||||
2018 | 81.0 | 9.4 | ||||||
2019 | 84.1 | 10.0 | ||||||
2020 | 85.9 | 10.3 | ||||||
2021 | 87.7 | 10.7 | ||||||
2022-2026 | 448.5 | 58.7 |
Fair Value Measurements Using | |||||||||||||||||||||||||||
Description | December 31 2016 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Assets measured at NAV | ||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||
U.S. (a) | $ | 247.6 | $ | 213.0 | $ | — | $ | — | $ | 34.6 | |||||||||||||||||
International (b) | 163.7 | 120.4 | — | — | 43.3 | ||||||||||||||||||||||
Real estate (c) | 42.7 | 12.4 | — | — | 30.3 | ||||||||||||||||||||||
Commodities (d) | 14.1 | — | — | — | 14.1 | ||||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||
Fixed income funds (e) | 65.1 | 20.9 | — | — | 44.2 | ||||||||||||||||||||||
U.S. Treasury | 52.2 | 52.2 | — | — | — | ||||||||||||||||||||||
U.S. Agency, state and local obligations | 17.9 | — | 17.9 | — | — | ||||||||||||||||||||||
U.S. corporate bonds (f) | 120.2 | — | 120.2 | — | — | ||||||||||||||||||||||
Foreign corporate bonds | 9.3 | — | 9.3 | — | — | ||||||||||||||||||||||
Hedge funds (g) | 15.6 | — | — | — | 15.6 | ||||||||||||||||||||||
Cash equivalents | 31.7 | 31.7 | — | — | — | ||||||||||||||||||||||
Other | (3.3 | ) | — | (3.3 | ) | — | — | ||||||||||||||||||||
Total | $ | 776.8 | $ | 450.6 | $ | 144.1 | $ | — | $ | 182.1 |
Fair Value Measurements Using | |||||||||||||||||||||||||||
Description | December 31 2015 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Assets measured at NAV | ||||||||||||||||||||||
Pension Plans | (millions) | ||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||
U.S. (a) | $ | 226.0 | $ | 195.5 | $ | — | $ | — | $ | 30.5 | |||||||||||||||||
International (b) | 147.4 | 109.7 | — | — | 37.7 | ||||||||||||||||||||||
Real estate (c) | 45.9 | 12.2 | — | — | 33.7 | ||||||||||||||||||||||
Commodities (d) | 5.8 | — | — | — | 5.8 | ||||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||
Fixed income funds (e) | 60.4 | 20.0 | — | — | 40.4 | ||||||||||||||||||||||
U.S. Treasury | 48.8 | 48.8 | — | — | — | ||||||||||||||||||||||
U.S. Agency, state and local obligations | 19.0 | — | 19.0 | — | — | ||||||||||||||||||||||
U.S. corporate bonds (f) | 108.8 | — | 108.8 | — | — | ||||||||||||||||||||||
Foreign corporate bonds | 10.2 | — | 10.2 | — | — | ||||||||||||||||||||||
Hedge funds (g) | 23.7 | — | — | — | 23.7 | ||||||||||||||||||||||
Cash equivalents | 26.0 | 26.0 | — | — | — | ||||||||||||||||||||||
Other | 1.9 | — | 1.9 | — | — | ||||||||||||||||||||||
Total | $ | 723.9 | $ | 412.2 | $ | 139.9 | $ | — | $ | 171.8 |
Fair Value Measurements Using | |||||||||||||||||||||||||||
Description | December 31 2016 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Assets measured at NAV | ||||||||||||||||||||||
Other Post-Retirement Benefit Plans | (millions) | ||||||||||||||||||||||||||
Equity securities | $ | 4.1 | $ | 4.1 | $ | — | $ | — | $ | — | |||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||
Fixed income fund(a) | 62.7 | — | — | — | 62.7 | ||||||||||||||||||||||
U.S. Treasury | 3.9 | 3.9 | — | — | — | ||||||||||||||||||||||
U.S. Agency, state and local obligations | 4.3 | — | 4.3 | — | — | ||||||||||||||||||||||
U.S. corporate bonds(b) | 17.8 | — | 17.8 | — | — | ||||||||||||||||||||||
Foreign corporate bonds | 1.6 | — | 1.6 | — | — | ||||||||||||||||||||||
Cash equivalents | 19.5 | 19.5 | — | — | — | ||||||||||||||||||||||
Other | 1.7 | 0.2 | 1.5 | — | — | ||||||||||||||||||||||
Total | $ | 115.6 | $ | 27.7 | $ | 25.2 | $ | — | $ | 62.7 |
Fair Value Measurements Using | |||||||||||||||||||||||||||
Description | December 31 2015 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Assets measured at NAV | ||||||||||||||||||||||
Other Post-Retirement Benefit Plans | (millions) | ||||||||||||||||||||||||||
Equity securities | $ | 3.2 | $ | 3.2 | $ | — | $ | — | $ | — | |||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||
Fixed income fund(a) | 68.9 | 0.1 | — | — | 68.8 | ||||||||||||||||||||||
U.S. Treasury | 3.9 | 3.9 | — | — | — | ||||||||||||||||||||||
U.S. Agency, state and local obligations | 5.4 | — | 5.4 | — | — | ||||||||||||||||||||||
U.S. corporate bonds(b) | 15.6 | — | 15.6 | — | — | ||||||||||||||||||||||
Foreign corporate bonds | 1.6 | — | 1.6 | — | — | ||||||||||||||||||||||
Cash equivalents | 14.0 | 14.0 | — | — | — | ||||||||||||||||||||||
Other | 1.7 | — | 1.7 | — | — | ||||||||||||||||||||||
Total | $ | 114.3 | $ | 21.2 | $ | 24.3 | $ | — | $ | 68.8 |
Increase | Decrease | |||||||
(millions) | ||||||||
Effect on total service and interest component | $ | 0.8 | $ | (0.7 | ) | |||
Effect on post-retirement benefit obligation | 1.0 | (0.8 | ) |
2016 | 2015 | 2014 | ||||||||||
Great Plains Energy | (millions) | |||||||||||
Equity compensation expense | $ | 5.0 | $ | 4.0 | $ | 9.9 | ||||||
Income tax benefit | 1.6 | 1.4 | 3.6 | |||||||||
KCP&L | ||||||||||||
Equity compensation expense | $ | 3.2 | $ | 2.6 | $ | 6.9 | ||||||
Income tax benefit | 1.0 | 0.9 | 2.4 |
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 December 31, 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 | (77,317 | ) | 22.69 | |||||||
Forfeited | (572 | ) | 27.51 | |||||||
Ending balance December 31, 2016 | 249,672 | 27.20 |
Share Units | Grant Date Fair Value* | ||||||||||
Beginning balance January 1, 2016 | 115,415 | $ | 22.95 | ||||||||
Issued | 23,172 | 28.99 | |||||||||
Ending balance December 31, 2016 | 138,587 | 23.96 |
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 | ||||||||||||
0.694% 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 | (15.4 | ) | (17.3 | ) | ||||||||
Total KCP&L excluding current maturities(d) | 2,284.0 | 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 | (1.8 | ) | (2.1 | ) | ||||||||
Total Great Plains Energy excluding current maturities(d) | $ | 3,365.2 | $ | 3,745.1 |
(a) | Weighted-average interest rates at December 31, 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 December 31, 2016 and 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 |
2016 | 2015 | 2014 | ||||||||||
(millions) | ||||||||||||
KCP&L | $ | 3.2 | $ | 3.0 | $ | 3.0 | ||||||
Other Great Plains Energy | 30.6 | 1.1 | 1.8 | |||||||||
Total Great Plains Energy | $ | 33.8 | $ | 4.1 | $ | 4.8 |
2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||
(millions) | ||||||||||||||||||||
Great Plains Energy | $ | 382.1 | $ | 351.1 | $ | 401.1 | $ | 1.1 | $ | 432.0 | ||||||||||
KCP&L | 281.0 | 350.0 | 400.0 | — | — |
(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. |
2017 | 2018 | 2019 | 2020 | |||||||||
(millions) | ||||||||||||
Great Plains Energy | $ | 43.4 | $ | 36.6 | $ | 11.5 | $ | 14.0 | ||||
KCP&L | 34.9 | 16.5 | 7.6 | 13.0 |
2016 | 2015 | 2014 | ||||||||||
(millions) | ||||||||||||
Great Plains Energy | $ | 15.0 | $ | 16.8 | $ | 16.0 | ||||||
KCP&L | 13.7 | 15.0 | 14.0 |
Great Plains Energy | ||||||||||||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | After 2021 | Total | ||||||||||||||||||||||||||||
Lease commitments | (millions) | |||||||||||||||||||||||||||||||||
Operating lease | $ | 12.9 | $ | 11.0 | $ | 9.3 | $ | 9.7 | $ | 9.7 | $ | 110.5 | $ | 163.1 | ||||||||||||||||||||
Capital lease | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 3.1 | 5.1 | |||||||||||||||||||||||||||
Purchase commitments | ||||||||||||||||||||||||||||||||||
Fuel | 259.0 | 145.8 | 62.2 | 53.8 | 11.2 | 100.8 | 632.8 | |||||||||||||||||||||||||||
Power | 47.3 | 47.3 | 47.3 | 47.3 | 47.4 | 462.2 | 698.8 | |||||||||||||||||||||||||||
Other | 50.1 | 32.0 | 33.3 | 5.9 | 6.5 | 38.7 | 166.5 | |||||||||||||||||||||||||||
Total contractual commitments | $ | 369.7 | $ | 236.5 | $ | 152.5 | $ | 117.1 | $ | 75.2 | $ | 715.3 | $ | 1,666.3 |
KCP&L | ||||||||||||||||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | After 2021 | Total | ||||||||||||||||||||||||||||
Lease commitments | (millions) | |||||||||||||||||||||||||||||||||
Operating lease | $ | 12.0 | $ | 11.0 | $ | 9.3 | $ | 9.7 | $ | 9.7 | $ | 110.5 | $ | 162.2 | ||||||||||||||||||||
Capital lease | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 1.6 | 2.6 | |||||||||||||||||||||||||||
Purchase commitments | ||||||||||||||||||||||||||||||||||
Fuel | 221.5 | 119.4 | 43.6 | 35.1 | 1.8 | 100.8 | 522.2 | |||||||||||||||||||||||||||
Power | 34.8 | 34.8 | 34.8 | 34.8 | 34.9 | 324.9 | 499.0 | |||||||||||||||||||||||||||
Other | 49.3 | 31.1 | 30.6 | 5.0 | 5.6 | 33.0 | 154.6 | |||||||||||||||||||||||||||
Total contractual commitments | $ | 317.8 | $ | 196.5 | $ | 118.5 | $ | 84.8 | $ | 52.2 | $ | 570.8 | $ | 1,340.6 |
• | Great Plains Energy direct guarantees to GMO counterparties totaling $38.7 million, which expire in 2017 and 2018 and |
• | Great Plains Energy guarantee of GMO long-term debt totaling $96.6 million, which includes debt with maturity dates ranging from 2017 to 2023. |
December 31 | ||||||||||
2016 | 2015 | |||||||||
(millions) | ||||||||||
Net receivable from GMO | $ | 64.6 | $ | 50.0 | ||||||
Net receivable from Great Plains Energy | 2.6 | 15.8 |
December 31 | |||||||||||||||
2016 | 2015 | ||||||||||||||
Notional Contract Amount | Fair Value | Notional Contract Amount | Fair Value | ||||||||||||
Great Plains Energy | (millions) | ||||||||||||||
Non-hedging derivatives | |||||||||||||||
Futures contracts | $ | — | $ | — | $ | 26.6 | $ | (5.7 | ) | ||||||
Forward contracts | 9.8 | 2.4 | 15.6 | 3.1 | |||||||||||
Transmission congestion rights | 3.7 | 1.3 | 5.6 | (0.5 | ) | ||||||||||
Interest rate swaps | 4,415.0 | 79.3 | — | — | |||||||||||
KCP&L | |||||||||||||||
Non-hedging derivatives | |||||||||||||||
Futures contracts | $ | — | $ | — | $ | 0.9 | $ | (0.1 | ) | ||||||
Transmission congestion rights | 2.7 | 0.9 | 4.1 | (0.4 | ) |
Great Plains Energy | |||||||||||||
Balance Sheet | Asset Derivatives | Liability Derivatives | |||||||||||
December 31, 2016 | Classification | Fair Value | Fair Value | ||||||||||
Derivatives Not Designated as Hedging Instruments | (millions) | ||||||||||||
Commodity contracts | Derivative instruments/Other | $ | 4.3 | $ | 0.6 | ||||||||
Interest rate contracts | Derivative instruments | 79.3 | — | ||||||||||
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 | |||||||||||
December 31, 2016 | Classification | Fair Value | Fair Value | ||||||||||
Derivatives Not Designated as Hedging Instruments | (millions) | ||||||||||||
Commodity contracts | Other | $ | 1.3 | $ | 0.4 | ||||||||
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 | |||||||||||||||||||||||||||||
December 31, 2016 | (millions) | ||||||||||||||||||||||||||||||||||
Derivative assets | $ | 83.6 | $ | (0.5 | ) | $ | 83.1 | $ | — | $ | — | $ | 83.1 | ||||||||||||||||||||||
Derivative liabilities | 0.6 | (0.5 | ) | 0.1 | — | — | 0.1 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
December 31, 2016 | (millions) | ||||||||||||||||||||||||||||||||||
Derivative assets | $ | 1.3 | $ | (0.4 | ) | $ | 0.9 | $ | — | $ | — | $ | 0.9 | ||||||||||||||||||||||
Derivative liabilities | 0.4 | (0.4 | ) | — | — | — | — | ||||||||||||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||||||||||||||
Derivative assets | $ | 0.2 | $ | (0.2 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Derivative liabilities | 0.7 | (0.3 | ) | 0.4 | — | — | 0.4 |
Great Plains Energy | ||||||||||||
Derivatives Not Designated as Hedging Instruments | 2016 | 2015 | 2014 | |||||||||
Location of Gain (Loss) | (millions) | |||||||||||
Electric revenues | $ | 3.5 | $ | (8.2 | ) | $ | (14.2 | ) | ||||
Fuel and purchased power | (2.7 | ) | (4.0 | ) | (3.4 | ) | ||||||
Interest charges | 79.3 | — | — | |||||||||
Regulatory asset | — | (6.8 | ) | (2.7 | ) | |||||||
Regulatory liability | 1.3 | — | — | |||||||||
Total | $ | 81.4 | $ | (19.0 | ) | $ | (20.3 | ) |
KCP&L | ||||||||||||
Derivatives Not Designated as Hedging Instruments | 2016 | 2015 | 2014 | |||||||||
Location of Gain (Loss) | (millions) | |||||||||||
Electric revenues | $ | 3.5 | $ | (8.2 | ) | $ | (14.2 | ) | ||||
Fuel and purchased power | 0.1 | 1.5 | 1.1 | |||||||||
Regulatory asset | — | (0.5 | ) | (0.2 | ) | |||||||
Regulatory liability | 1.0 | — | — | |||||||||
Total | $ | 4.6 | $ | (7.2 | ) | $ | (13.3 | ) |
Description | December 31 2016 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
KCP&L | (millions) | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Nuclear decommissioning trust (a) | |||||||||||||||||||||||
Equity securities | $ | 153.9 | $ | 153.9 | $ | — | $ | — | |||||||||||||||
Debt securities | |||||||||||||||||||||||
U.S. Treasury | 27.8 | 27.8 | — | — | |||||||||||||||||||
U.S. Agency | 1.7 | — | 1.7 | — | |||||||||||||||||||
State and local obligations | 3.2 | — | 3.2 | — | |||||||||||||||||||
Corporate bonds | 32.4 | — | 32.4 | — | |||||||||||||||||||
Foreign governments | 0.1 | — | 0.1 | — | |||||||||||||||||||
Cash equivalents | 3.8 | 3.8 | — | — | |||||||||||||||||||
Total nuclear decommissioning trust | 222.9 | 185.5 | 37.4 | — | |||||||||||||||||||
Self-insured health plan trust (b) | |||||||||||||||||||||||
Equity securities | 0.9 | 0.9 | — | — | |||||||||||||||||||
Debt securities | 4.8 | 0.1 | 4.7 | — | |||||||||||||||||||
Cash and cash equivalents | 5.6 | 5.6 | — | — | |||||||||||||||||||
Total self-insured health plan trust | 11.3 | 6.6 | 4.7 | — | |||||||||||||||||||
Derivative instruments - commodity (c) | 1.3 | — | — | 1.3 | |||||||||||||||||||
Total | $ | 235.5 | $ | 192.1 | $ | 42.1 | $ | 1.3 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative instruments - commodity (c) | 0.4 | — | — | 0.4 | |||||||||||||||||||
Total | $ | 0.4 | $ | — | $ | — | $ | 0.4 | |||||||||||||||
Other Great Plains Energy | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Derivative instruments | |||||||||||||||||||||||
Commodity (c) | $ | 3.0 | $ | — | $ | 2.2 | $ | 0.8 | |||||||||||||||
Interest rate (d) | 79.3 | — | — | 79.3 | |||||||||||||||||||
Total | $ | 82.3 | $ | — | $ | 2.2 | $ | 80.1 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative instruments - commodity (c) | 0.2 | — | 0.1 | 0.1 | |||||||||||||||||||
Total | $ | 0.2 | $ | — | $ | 0.1 | $ | 0.1 | |||||||||||||||
Great Plains Energy | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Nuclear decommissioning trust (a) | $ | 222.9 | $ | 185.5 | $ | 37.4 | $ | — | |||||||||||||||
Self-insured health plan trust (b) | 11.3 | 6.6 | 4.7 | — | |||||||||||||||||||
Derivative instruments (c)(d) | 83.6 | — | 2.2 | 81.4 | |||||||||||||||||||
Total | $ | 317.8 | $ | 192.1 | $ | 44.3 | $ | 81.4 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative instruments (c) | 0.6 | — | 0.1 | 0.5 | |||||||||||||||||||
Total | $ | 0.6 | $ | — | $ | 0.1 | $ | 0.5 |
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 (e) | |||||||||||||||||||||||
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 (e) | 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 1 are comprised of U.S. Treasury securities. Debt securities classified as Level 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities. |
(c) | The fair value of 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) | The fair value of 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 December 31, 2016, the calculated net present value was discounted by a contingency factor of 0.35 that management believes is representative of what a market participant would use in valuing these instruments in order to account for the contingent nature of the settlement of these instruments. See Note 19 for more details on the interest rate swaps. |
(e) | At December 31, 2016 and 2015, the Supplemental Executive Retirement Plan (SERP) rabbi trusts also included $16.0 million and $16.6 million, respectively, of fixed income funds valued at 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. |
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 | 3.5 | (8.2 | ) | ||||
included in fuel and purchased power expense | 0.8 | (1.5 | ) | ||||
included in non-operating income | 11.3 | 8.6 | |||||
included in interest charges | 79.3 | — | |||||
included in regulatory (asset) liability | 1.3 | (0.5 | ) | ||||
Purchases | 0.3 | — | |||||
Settlements | (15.5 | ) | (2.0 | ) | |||
Net asset (liability) at December 31 | $ | 80.9 | $ | (0.1 | ) | ||
Total unrealized gains (losses) relating to assets and liabilities still on the consolidated balance sheet at December 31: | |||||||
included in non-operating income | $ | 0.1 | $ | (0.2 | ) | ||
included in interest charges | 79.3 | — | |||||
included in regulatory (asset) liability | 1.3 | (0.5 | ) |
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 | 3.5 | (8.2 | ) | ||||
included in regulatory (asset) liability | 1.0 | (0.4 | ) | ||||
Purchases | (0.3 | ) | (0.8 | ) | |||
Settlements | (2.9 | ) | 5.9 | ||||
Net asset (liability) at December 31 | $ | 0.9 | $ | (0.4 | ) | ||
Total unrealized gains (losses) relating to assets and liabilities still on the consolidated balance sheet at December 31: | |||||||
included in regulatory (asset) liability | $ | 1.0 | $ | (0.4 | ) |
Great Plains Energy | ||||||||||||||||||
Gains and Losses on Cash Flow Hedges(a) | Defined Benefit Pension Items(a) | Total(a) | ||||||||||||||||
(millions) | ||||||||||||||||||
2016 | ||||||||||||||||||
Beginning balance January 1 | $ | (10.1 | ) | $ | (1.9 | ) | $ | (12.0 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | — | (0.7 | ) | (0.7 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 5.6 | 0.5 | 6.1 | |||||||||||||||
Net current period other comprehensive income | 5.6 | (0.2 | ) | 5.4 | ||||||||||||||
Ending balance December 31 | $ | (4.5 | ) | $ | (2.1 | ) | $ | (6.6 | ) | |||||||||
2015 | ||||||||||||||||||
Beginning balance January 1 | $ | (15.8 | ) | $ | (2.9 | ) | $ | (18.7 | ) | |||||||||
Other comprehensive income before reclassifications | — | 0.6 | 0.6 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 5.7 | 0.4 | 6.1 | |||||||||||||||
Net current period other comprehensive income | 5.7 | 1.0 | 6.7 | |||||||||||||||
Ending balance December 31 | $ | (10.1 | ) | $ | (1.9 | ) | $ | (12.0 | ) |
KCP&L | ||||||
Gains and Losses on Cash Flow Hedges(a) | ||||||
(millions) | ||||||
2016 | ||||||
Beginning balance January 1 | $ | (9.6 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 5.4 | |||||
Net current period other comprehensive income | 5.4 | |||||
Ending balance December 31 | $ | (4.2 | ) | |||
2015 | ||||||
Beginning balance January 1 | $ | (14.9 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 5.3 | |||||
Net current period other comprehensive income | 5.3 | |||||
Ending balance December 31 | $ | (9.6 | ) |
Great Plains Energy | ||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Income Statement | ||||||||
2016 | 2015 | |||||||||
(millions) | ||||||||||
Gains and (losses) on cash flow hedges (effective portion) | ||||||||||
Interest rate contracts | $ | (9.2 | ) | $ | (9.2 | ) | Interest charges | |||
(9.2 | ) | (9.2 | ) | Income before income tax expense and income from equity investments | ||||||
3.6 | 3.5 | Income tax benefit | ||||||||
$ | (5.6 | ) | $ | (5.7 | ) | Net income | ||||
Amortization of defined benefit pension items | ||||||||||
Net losses included in net periodic benefit costs | $ | (0.8 | ) | $ | (0.7 | ) | Utility operating and maintenance expenses | |||
(0.8 | ) | (0.7 | ) | Income before income tax expense and income from equity investments | ||||||
0.3 | 0.3 | Income tax benefit | ||||||||
$ | (0.5 | ) | $ | (0.4 | ) | Net income | ||||
Total reclassifications, net of tax | $ | (6.1 | ) | $ | (6.1 | ) | 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 | ||||||||
2016 | 2015 | |||||||||
(millions) | ||||||||||
Gains and (losses) on cash flow hedges (effective portion) | ||||||||||
Interest rate contracts | $ | (8.8 | ) | $ | (8.7 | ) | Interest charges | |||
(8.8 | ) | (8.7 | ) | Income before income tax expense | ||||||
3.4 | 3.4 | Income tax benefit | ||||||||
Total reclassifications, net of tax | $ | (5.4 | ) | $ | (5.3 | ) | Net income |
Great Plains Energy | 2016 | 2015 | 2014 | ||||||||
Current income taxes | (millions) | ||||||||||
Federal | $ | 0.3 | $ | (0.2 | ) | $ | 0.4 | ||||
State | 0.7 | (1.1 | ) | (0.1 | ) | ||||||
Total | 1.0 | (1.3 | ) | 0.3 | |||||||
Deferred income taxes | |||||||||||
Federal | 140.6 | 96.9 | 104.2 | ||||||||
State | 29.5 | 28.0 | 21.6 | ||||||||
Total | 170.1 | 124.9 | 125.8 | ||||||||
Noncurrent income taxes | |||||||||||
Federal | — | — | (2.4 | ) | |||||||
State | — | — | (0.5 | ) | |||||||
Foreign | — | — | (6.1 | ) | |||||||
Total | — | — | (9.0 | ) | |||||||
Investment tax credit | |||||||||||
Deferral | 2.5 | 0.5 | — | ||||||||
Amortization | (1.4 | ) | (1.4 | ) | (1.4 | ) | |||||
Total | 1.1 | (0.9 | ) | (1.4 | ) | ||||||
Income tax expense | $ | 172.2 | $ | 122.7 | $ | 115.7 |
KCP&L | 2016 | 2015 | 2014 | ||||||||
Current income taxes | (millions) | ||||||||||
Federal | $ | 24.8 | $ | (18.7 | ) | $ | (9.4 | ) | |||
State | 4.7 | (3.4 | ) | (2.3 | ) | ||||||
Total | 29.5 | (22.1 | ) | (11.7 | ) | ||||||
Deferred income taxes | |||||||||||
Federal | 76.4 | 81.9 | 72.6 | ||||||||
State | 17.0 | 17.5 | 15.8 | ||||||||
Total | 93.4 | 99.4 | 88.4 | ||||||||
Investment tax credit | |||||||||||
Deferral | — | 0.5 | — | ||||||||
Amortization | (1.0 | ) | (1.0 | ) | (1.0 | ) | |||||
Total | (1.0 | ) | (0.5 | ) | (1.0 | ) | |||||
Income tax expense | $ | 121.9 | $ | 76.8 | $ | 75.7 |
Great Plains Energy | 2016 | 2015 | 2014 | |||||
Federal statutory income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Differences between book and tax depreciation not normalized | (0.1 | ) | — | (0.7 | ) | |||
Amortization of investment tax credits | (0.3 | ) | (0.4 | ) | (0.4 | ) | ||
Federal income tax credits | (2.6 | ) | (4.1 | ) | (3.8 | ) | ||
State income taxes | 4.2 | 4.0 | 3.8 | |||||
Changes in uncertain tax positions, net | — | — | (1.7 | ) | ||||
Transaction costs | 0.9 | — | — | |||||
Valuation allowance | — | 1.5 | — | |||||
Other | 0.2 | 0.5 | 0.1 | |||||
Effective income tax rate | 37.3 | % | 36.5 | % | 32.3 | % |
KCP&L | 2016 | 2015 | 2014 | |||||
Federal statutory income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Differences between book and tax depreciation not normalized | (0.3 | ) | — | (0.9 | ) | |||
Amortization of investment tax credits | (0.3 | ) | (0.5 | ) | (0.4 | ) | ||
Federal income tax credits | (3.1 | ) | (5.6 | ) | (5.6 | ) | ||
State income taxes | 4.1 | 4.0 | 3.7 | |||||
Valuation allowance | — | 0.3 | — | |||||
Other | (0.2 | ) | 0.3 | — | ||||
Effective income tax rate | 35.2 | % | 33.5 | % | 31.8 | % |
Great Plains Energy | KCP&L | |||||||||||
December 31 | 2016 | 2015 | 2016 | 2015 | ||||||||
Noncurrent deferred income taxes | ||||||||||||
Plant related | (2,107.6 | ) | (1,967.0 | ) | (1,492.2 | ) | (1,398.9 | ) | ||||
Income taxes on future regulatory recoveries | (148.7 | ) | (151.3 | ) | (123.9 | ) | (125.0 | ) | ||||
Derivative instruments | (17.0 | ) | 20.5 | 8.5 | 14.0 | |||||||
Pension and post-retirement benefits | 10.5 | (0.1 | ) | 38.6 | 27.4 | |||||||
SO2 emission allowance sales | 24.1 | 25.7 | 24.1 | 25.7 | ||||||||
Fuel recovery mechanisms | (22.3 | ) | (4.5 | ) | (27.2 | ) | (6.3 | ) | ||||
Tax credit carryforwards | 271.1 | 256.8 | 177.4 | 166.6 | ||||||||
Customer demand programs | (34.3 | ) | (22.7 | ) | (21.8 | ) | (16.9 | ) | ||||
Solar rebates | (27.3 | ) | (31.9 | ) | (11.4 | ) | (13.1 | ) | ||||
Net operating loss carryforward | 718.0 | 734.9 | 198.3 | 204.2 | ||||||||
Other | 20.2 | 0.7 | 1.3 | (9.6 | ) | |||||||
Net noncurrent deferred income tax liability before valuation allowance | (1,313.3 | ) | (1,138.9 | ) | (1,228.3 | ) | (1,131.9 | ) | ||||
Valuation allowance | (16.4 | ) | (19.9 | ) | — | (0.7 | ) | |||||
Net noncurrent deferred income tax liability | (1,329.7 | ) | (1,158.8 | ) | (1,228.3 | ) | (1,132.6 | ) |
Great Plains Energy | KCP&L | |||||||||||||||
December 31 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
(millions) | ||||||||||||||||
Gross deferred income tax assets | $ | 1,360.9 | $ | 1,368.5 | $ | 747.7 | $ | 740.9 | ||||||||
Gross deferred income tax liabilities | (2,690.6 | ) | (2,527.3 | ) | (1,976.0 | ) | (1,873.5 | ) | ||||||||
Net deferred income tax liability | $ | (1,329.7 | ) | $ | (1,158.8 | ) | $ | (1,228.3 | ) | $ | (1,132.6 | ) |
2016 | Electric Utility | Other | Eliminations | Great Plains Energy | |||||||||||||||||||
(millions) | |||||||||||||||||||||||
Operating revenues | $ | 2,676.0 | $ | — | $ | — | $ | 2,676.0 | |||||||||||||||
Depreciation and amortization | (344.8 | ) | — | — | (344.8 | ) | |||||||||||||||||
Interest charges | (196.1 | ) | 2.5 | 32.1 | (161.5 | ) | |||||||||||||||||
Income tax expense | (164.3 | ) | (7.9 | ) | — | (172.2 | ) | ||||||||||||||||
Net income (loss) | 292.1 | (2.1 | ) | — | 290.0 |
2015 | Electric Utility | Other | Eliminations | Great Plains Energy | |||||||||||||||||||
(millions) | |||||||||||||||||||||||
Operating revenues | $ | 2,502.2 | $ | — | $ | — | $ | 2,502.2 | |||||||||||||||
Depreciation and amortization | (330.4 | ) | — | — | (330.4 | ) | |||||||||||||||||
Interest charges | (190.9 | ) | (40.5 | ) | 32.1 | (199.3 | ) | ||||||||||||||||
Income tax expense | (120.8 | ) | (1.9 | ) | — | (122.7 | ) | ||||||||||||||||
Net income (loss) | 223.8 | (10.8 | ) | — | 213.0 |
2014 | Electric Utility | Other | Eliminations | Great Plains Energy | |||||||||||||||||||
(millions) | |||||||||||||||||||||||
Operating revenues | $ | 2,568.2 | $ | — | $ | — | $ | 2,568.2 | |||||||||||||||
Depreciation and amortization | (306.0 | ) | — | — | (306.0 | ) | |||||||||||||||||
Interest charges | (183.0 | ) | (41.2 | ) | 35.7 | (188.5 | ) | ||||||||||||||||
Income tax (expense) benefit | (125.6 | ) | 9.9 | — | (115.7 | ) | |||||||||||||||||
Net income (loss) | 243.5 | (0.7 | ) | — | 242.8 |
Electric Utility | Other | Eliminations | Great Plains Energy | ||||||||||||||||||||
2016 | (millions) | ||||||||||||||||||||||
Assets | $ | 11,444.2 | $ | 2,461.3 | $ | (335.5 | ) | $ | 13,570.0 | ||||||||||||||
Capital expenditures | 609.4 | — | — | 609.4 | |||||||||||||||||||
2015 | |||||||||||||||||||||||
Assets | $ | 11,045.5 | $ | (51.1 | ) | $ | (255.8 | ) | $ | 10,738.6 | |||||||||||||
Capital expenditures | 677.1 | — | — | 677.1 | |||||||||||||||||||
2014 | |||||||||||||||||||||||
Assets | $ | 10,727.7 | $ | 29.2 | $ | (303.5 | ) | $ | 10,453.4 | ||||||||||||||
Capital expenditures | 773.7 | — | — | 773.7 |
Great Plains Energy | ||||||||||||||||||||||||||||||||||||
Wolf Creek Unit | La Cygne Units | Iatan No. 1 Unit | Iatan No. 2 Unit | Iatan Common | Jeffrey Energy Center | |||||||||||||||||||||||||||||||
(millions, except MW amounts) | ||||||||||||||||||||||||||||||||||||
Great Plains Energy's share | 47% | 50% | 88% | 73% | 79% | 8% | ||||||||||||||||||||||||||||||
Utility plant in service | $ | 1,853.1 | $ | 1,099.5 | $ | 670.2 | $ | 1,334.9 | $ | 490.6 | $ | 196.1 | ||||||||||||||||||||||||
Accumulated depreciation | 889.6 | 275.6 | 261.6 | 387.3 | 126.3 | 80.1 | ||||||||||||||||||||||||||||||
Nuclear fuel, net | 62.0 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Construction work in progress | 83.5 | 30.6 | 19.9 | 41.7 | 22.1 | 3.7 | ||||||||||||||||||||||||||||||
2017 accredited capacity-MWs | 549 | 699 | 616 | 641 | NA | 172 |
KCP&L | ||||||||||||||||||||||||||||||
Wolf Creek Unit | La Cygne Units | Iatan No. 1 Unit | Iatan No. 2 Unit | Iatan Common | ||||||||||||||||||||||||||
(millions, except MW amounts) | ||||||||||||||||||||||||||||||
KCP&L's share | 47% | 50% | 70% | 55% | 61% | |||||||||||||||||||||||||
Utility plant in service | $ | 1,853.1 | $ | 1,099.5 | $ | 532.8 | $ | 1,022.4 | $ | 403.1 | ||||||||||||||||||||
Accumulated depreciation | 889.6 | 275.6 | 210.8 | 346.6 | 113.0 | |||||||||||||||||||||||||
Nuclear fuel, net | 62.0 | — | — | — | — | |||||||||||||||||||||||||
Construction work in progress | 83.5 | 30.6 | 8.4 | 23.1 | 5.0 | |||||||||||||||||||||||||
2017 accredited capacity-MWs | 549 | 699 | 490 | 482 | NA |
Quarter | ||||||||||||||||
Great Plains Energy | 1st | 2nd | 3rd | 4th | ||||||||||||
2016 | (millions, except per share amounts) | |||||||||||||||
Operating revenue | $ | 572.1 | $ | 670.8 | $ | 856.8 | $ | 576.3 | ||||||||
Operating income | 89.9 | 182.3 | 281.9 | 64.8 | ||||||||||||
Net income | 26.4 | 32.0 | 133.6 | 98.0 | ||||||||||||
Basic and diluted earnings per common share | 0.17 | 0.20 | 0.86 | 0.39 | ||||||||||||
2015 | ||||||||||||||||
Operating revenue | $ | 549.1 | $ | 609.0 | $ | 781.4 | $ | 562.7 | ||||||||
Operating income | 70.1 | 119.9 | 256.7 | 83.4 | ||||||||||||
Net income | 18.9 | 44.4 | 126.8 | 22.9 | ||||||||||||
Basic and diluted earnings per common share | 0.12 | 0.28 | 0.82 | 0.15 |
Quarter | ||||||||||||||||
KCP&L | 1st | 2nd | 3rd | 4th | ||||||||||||
2016 | (millions) | |||||||||||||||
Operating revenue | $ | 400.9 | $ | 475.6 | $ | 597.6 | $ | 401.3 | ||||||||
Operating income | 70.6 | 137.9 | 219.2 | 54.4 | ||||||||||||
Net income | 24.6 | 65.9 | 117.7 | 16.8 | ||||||||||||
2015 | ||||||||||||||||
Operating revenue | $ | 370.4 | $ | 417.4 | $ | 526.3 | $ | 399.7 | ||||||||
Operating income | 45.3 | 79.3 | 170.8 | 68.6 | ||||||||||||
Net income | 13.2 | 29.4 | 84.3 | 25.9 |
• | Information regarding the directors of Great Plains Energy required by this item is contained in the Proxy Statement section titled “Election of Directors.” |
• | Information regarding compliance with Section 16(a) of the Securities Exchange Act of 1934 required by this item is contained in the Proxy Statement section titled “Security Ownership of Certain Beneficial Owners, Directors and Officers - Section 16(a) Beneficial Ownership Reporting Compliance.” |
• | Information regarding the Audit Committee of Great Plains Energy required by this item is contained in the Proxy Statement section titled “Corporate Governance - Committees of the Board.” |
Number of securities | |||||||||||||||
Number of | remaining available | ||||||||||||||
securities | for future issuance | ||||||||||||||
to be issued upon | Weighted-average | under equity | |||||||||||||
exercise of | exercise price of | compensation plans | |||||||||||||
outstanding options, | outstanding options, | (excluding securities | |||||||||||||
warrants and rights | warrants and rights | reflected in column (a)) | |||||||||||||
Plan Category | (a) | (b) | (c) | ||||||||||||
Equity compensation plans approved by security holders | |||||||||||||||
Great Plains Energy Long-Term Incentive Plan | 763,687 | (1) | $ | — | (2) | 4,239,813 | |||||||||
Equity compensation plans not approved by security holders | — | — | — | ||||||||||||
Total | 763,687 | (1) | $ | — | (2) | 4,239,813 |
(1) | Includes 625,100 performance shares at target performance levels and director deferred share units for 138,587 shares of Great Plains Energy common stock outstanding at December 31, 2016. |
(2) | The performance shares and director deferred share units have no exercise price and therefore are not reflected in the weighted average exercise price. |
Fee Category | 2016 | 2015 | ||||
Audit Fees | $ | 1,184,550 | $ | 1,201,819 | ||
Audit-Related Fees | 21,000 | 20,000 | ||||
Tax Fees | 24,822 | 5,751 | ||||
All Other Fees | — | 8,802 | ||||
Total Fees | $ | 1,230,372 | $ | 1,236,372 |
Great Plains Energy | Page No. | |
a. | ||
b. | ||
c. | ||
d. | ||
e. | ||
f. | ||
KCP&L | ||
g. | ||
h. | ||
i. | ||
j. | ||
k. | ||
l. | ||
Exhibit Number | Description of Document | Registrant | ||
2.1 | * | Agreement and Plan of Merger, dated as of May 29, 2016, by and among Westar Energy, Inc., Great Plains Energy Incorporated and, from and after its accession thereto, Merger Sub (as defined therein) (Exhibit 2.1 to Form 8-K filed on May 31, 2016). | Great Plains Energy | |
3.1 | * | Articles of Incorporation of Great Plains Energy Incorporated, as amended effective September 26, 2016 (Exhibit 3.1 to Form 10-Q for the quarter ended September 30, 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 | |
3.3 | * | Amended and Restated By-laws of Great Plains Energy Incorporated, as amended December 10, 2013 (Exhibit 3.1 to Form 8-K filed on December 16, 2013). | Great Plains Energy | |
3.4 | * | Amended and Restated Articles of Consolidation of Kansas City Power & Light Company, restated as of May 6, 2014 (Exhibit 3.2 to Form 10-Q for the quarter ended March 31, 2014). | KCP&L | |
3.5 | * | Amended and Restated By-laws of Kansas City Power & Light Company, as amended December 10, 2013 (Exhibit 3.3 to Form 8-K filed on December 16, 2013). | KCP&L | |
4.1 | * | Indenture, dated as of June 1, 2004, between Great Plains Energy Incorporated and BNY Midwest Trust Company, as trustee (Exhibit 4.4 to Form 8-A/A filed on June 14, 2004). | Great Plains Energy | |
4.2 | * | First Supplemental Indenture, dated as of June 14, 2004, between Great Plains Energy Incorporated and BNY Midwest Trust Company, as trustee (Exhibit 4.5 to Form 8-A/A filed on June 14, 2004). | Great Plains Energy | |
4.3 | * | Second Supplemental Indenture, dated as of September 25, 2007, between Great Plains Energy Incorporated and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on September 26, 2007). | Great Plains Energy | |
4.4 | * | Third Supplemental Indenture, dated as of August 13, 2010, between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on August 13, 2010). | Great Plains Energy | |
4.5 | * | Fourth Supplemental Indenture, dated as of May 19, 2011, between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on May 19, 2011). | Great Plains Energy | |
4.6 | * | Subordinated Indenture, dated as of May 18, 2009, between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on May 19, 2009). | Great Plains Energy |
4.7 | * | Supplemental Indenture No. 1, dated as of May 18, 2009, between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.2 to Form 8-K filed on May 19, 2009). | Great Plains Energy | |
4.8 | * | Supplemental Indenture No. 2, dated as of March 22, 2012, between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on March 23, 2012). | Great Plains Energy | |
4.9 | * | Indenture, dated as of August 24, 2001, between Aquila, Inc. and BankOne Trust Company, N.A., as trustee (Exhibit 4(d) to Registration Statement on Form S-3 (File No. 333-68400) filed by Aquila, Inc. on August 27, 2001). | Great Plains Energy | |
4.10 | * | Second Supplemental Indenture, dated as of July 3, 2002, between Aquila, Inc. and BankOne Trust Company, N.A., as trustee (Exhibit 4(c) to Form S-4 (File No. 333-100204) filed by Aquila, Inc. on September 30, 2002). | Great Plains Energy | |
4.11 | * | General Mortgage and Deed of Trust, dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4-bb to Form 10-K for the year ended December 31, 1986). | Great Plains Energy KCP&L | |
4.12 | * | Fifth Supplemental Indenture, dated as of September 15, 1992, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4-a to Form 10-Q for the quarter ended September 30, 1992). | Great Plains Energy KCP&L | |
4.13 | * | Eighth Supplemental Indenture, dated as of December 1, 1993, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4-o to Registration Statement, Registration No. 33-51799). | Great Plains Energy KCP&L | |
4.14 | * | Eleventh Supplemental Indenture, dated as of August 15, 2005, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.2 to Form 10-Q for the quarter ended September 30, 2005). | Great Plains Energy KCP&L | |
4.15 | * | Twelfth Supplemental Indenture, dated as of March 1, 2009, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.2 to Form 8-K filed on March 24, 2009). | Great Plains Energy KCP&L | |
4.16 | * | Thirteenth Supplemental Indenture, dated as of March 1, 2009, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.3 to Form 8-K filed on March 24, 2009). | Great Plains Energy KCP&L | |
4.17 | * | Fourteenth Supplemental Indenture, dated as of March 1, 2009, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.4 to Form 8-K filed on March 24, 2009). | Great Plains Energy KCP&L | |
4.18 | * | Fifteenth Supplemental Indenture, dated as of June 30, 2011, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.1 to Form 10-Q for the quarter ended June 30, 2011). | Great Plains Energy KCP&L | |
4.19 | * | Indenture, dated as of December 1, 2000, between Kansas City Power & Light Company and The Bank of New York, as trustee (Exhibit 4(a) to Form 8-K filed on December 18, 2000). | Great Plains Energy KCP&L | |
4.20 | * | Indenture, dated as of March 1, 2002, between Kansas City Power & Light Company and The Bank of New York, as trustee (Exhibit 4.1.b. to Form 10-Q for the quarter ended March 31, 2002). | Great Plains Energy KCP&L | |
4.21 | * | Supplemental Indenture No. 1, dated as of November 15, 2005, between Kansas City Power & Light Company and The Bank of New York, as trustee (Exhibit 4.2.j to Form 10-K for the year ended December 31, 2005). | Great Plains Energy KCP&L | |
4.22 | * | Indenture, dated as of May 1, 2007, between Kansas City Power & Light Company and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on June 4, 2007). | Great Plains Energy KCP&L | |
4.23 | * | Supplemental Indenture No. 1, dated as of June 4, 2007, between Kansas City Power & Light Company and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.2 to Form 8-K filed on June 4, 2007). | Great Plains Energy KCP&L | |
4.24 | * | Supplemental Indenture No. 2, dated as of March 11, 2008, between Kansas City Power & Light Company and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.2 to Form 8-K filed on March 11, 2008). | Great Plains Energy KCP&L | |
4.25 | * | Supplemental Indenture No. 3, dated as of September 20, 2011, between Kansas City Power & Light Company and The Bank of New York Mellon Trust Company, N.A., Trustee (Exhibit 4.1 to Form 8-K filed on September 20, 2011). | Great Plains Energy KCP&L | |
4.26 | * | Supplemental Indenture No. 4, dated as of March 14, 2013, between Kansas City Power & Light Company and The Bank of New York Mellon Trust Company, N.A., Trustee (Exhibit 4.1 to Form 8-K filed on March 14, 2013). | Great Plains Energy KCP&L | |
4.27 | * | Supplemental Indenture No. 5, dated as of August 18, 2015, between Kansas City Power & Light Company and The Bank of New York Mellon Trust Company, N.A., Trustee (Exhibit 4.1 to Form 8-K filed on August 18, 2015). | Great Plains Energy KCP&L | |
4.28 | * | Note Purchase Agreement, dated August 16, 2013, among KCP&L Greater Missouri Operations Company and the purchasers party thereto (Exhibit 4.1 to Form 8-K filed on August 19, 2013). | Great Plains Energy | |
10.1 | *+ | Great Plains Energy Incorporated Amended Long-Term Incentive Plan, effective on May 7, 2002 (Exhibit 10.1.a to Form 10-K for the year ended December 31, 2002). | Great Plains Energy KCP&L | |
10.2 | *+ | Great Plains Energy Incorporated Amended Long-Term Incentive Plan, as amended effective on May 1, 2007 (Exhibit 10.1 to Form 8-K filed on May 4, 2007). | Great Plains Energy KCP&L | |
10.3 | *+ | Great Plains Energy Incorporated Amended Long-Term Incentive Plan, as amended effective on May 3, 2011 (Exhibit 10.1 to Form 8-K filed on May 6, 2011). | Great Plains Energy KCP&L | |
10.4 | *+ | Great Plains Energy Incorporated Amended Long-Term Incentive Plan, as amended effective on January 1, 2014 (Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2013). | Great Plains Energy KCP&L | |
10.5 | *+ | Great Plains Energy Incorporated Amended Long-Term Incentive Plan, as amended effective on May 3, 2016 (Exhibit 10.4 to Form 10-Q for the quarter ended June 30, 2016). | Great Plains Energy KCP&L | |
10.6 | *+ | Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Performance Criteria Effective as of January 1, 2013 (Exhibit 10.3 to Form 10-Q for the quarter ended March 31, 2013). | Great Plains Energy KCP&L | |
10.7 | *+ | Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Performance Criteria Effective as of January 1, 2014 (Exhibit 10.3 to Form 10-Q for the quarter ended March 31, 2014). | Great Plains Energy KCP&L | |
10.8 | *+ | Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Performance Criteria Effective as of January 1, 2015 (Exhibit 10.3 to Form 10-Q for the quarter ended March 31, 2015). | Great Plains Energy KCP&L | |
10.9 | *+ | Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Performance Criteria Effective as of January 1, 2016 (Exhibit 10.3 to Form 10-Q for the quarter ended March 31, 2016). | Great Plains Energy KCP&L | |
10.10 | *+ | Form of 2013 three-year Performance Share Agreement (Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2013). | Great Plains Energy KCP&L | |
10.11 | *+ | Form of 2013 Restricted Stock Agreement (Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2013). | Great Plains Energy KCP&L | |
10.12 | *+ | Form of 2014 three-year Performance Share Agreement (Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2014). | Great Plains Energy KCP&L | |
10.13 | *+ | Form of 2014 Restricted Stock Agreement (Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2014). | Great Plains Energy KCP&L | |
10.14 | *+ | Form of 2015 three-year Performance Share Agreement (Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2015). | Great Plains Energy KCP&L | |
10.15 | *+ | Form of 2015 Restricted Stock Agreement (Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2015). | Great Plains Energy KCP&L | |
10.16 | *+ | Form of 2016 three-year Performance Share Agreement (Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2016). | Great Plains Energy KCP&L | |
10.17 | *+ | Form of 2016 Restricted Stock Agreement (Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2016). | Great Plains Energy KCP&L | |
10.18 | *+ | Aquila, Inc. 2002 Omnibus Incentive Compensation Plan (Exhibit 10.3 to Form 10-Q for the quarter ended September 30, 2002, filed by Aquila, Inc.). | Great Plains Energy | |
10.19 | *+ | Great Plains Energy Incorporated, Kansas City Power & Light Company and KCP&L Greater Missouri Operations Company Annual Incentive Plan amended effective as of January 1, 2016 (Exhibit 10.4 to Form 10-Q for the quarter ended March 31, 2016). | Great Plains Energy KCP&L | |
10.20 | *+ | Form of Indemnification Agreement with each officer and director (Exhibit 10-f to Form 10-K for year ended December 31, 1995). | Great Plains Energy KCP&L | |
10.21 | *+ | Form of Conforming Amendment to Indemnification Agreement with each officer and director (Exhibit 10.1.a to Form 10-Q for the quarter ended March 31, 2003). | Great Plains Energy KCP&L | |
10.22 | *+ | Form of Indemnification Agreement with each director and officer (Exhibit 10.1 to Form 8-K filed on December 8, 2008). | Great Plains Energy KCP&L | |
10.23 | *+ | Form of Indemnification Agreement with officers and directors (Exhibit 10.1.p to Form 10-K for the year ended December 31, 2005). | Great Plains Energy KCP&L | |
10.24 | *+ | Form of Indemnification Agreement with officers and directors (Exhibit 10.1 to Form 8-K filed on December 16, 2013). | Great Plains Energy KCP&L | |
10.25 | *+ | Form of Change in Control Severance Agreement with other executive officers of Great Plains Energy Incorporated and Kansas City Power & Light Company (Exhibit 10.1.e to Form 10-Q for the quarter ended September 30, 2006). | Great Plains Energy KCP&L | |
10.26 | *+ | Great Plains Energy Incorporated Supplemental Executive Retirement Plan (As Amended and Restated for I.R.C. §409A) (Exhibit 10.1.10 to Form 10-Q for the quarter ended September 30, 2007). | Great Plains Energy KCP&L | |
10.27 | *+ | Great Plains Energy Incorporated Supplemental Executive Retirement Plan (As Amended and Restated for I.R.C. §409A), as amended February 10, 2009 (Exhibit 10.1.29 to Form 10-K for the year ended December 31, 2008 | Great Plains Energy KCP&L | |
10.28 | *+ | Great Plains Energy Incorporated Supplemental Executive Retirement Plan (As Amended and Restated for I.R.C. §409A), as amended December 8, 2009 (Exhibit 10.1.27 to Form 10-K for the year ended December 31, 2009). | Great Plains Energy KCP&L | |
10.29 | *+ | Amendment dated October 28, 2014, to the Great Plains Energy Incorporated Supplemental Executive Retirement Plan as amended and restated on December 8, 2009 (Exhibit 10.1 to Form 10-Q for the quarter ended September 30, 2014). | Great Plains Energy KCP&L | |
10.30 | *+ | Great Plains Energy Incorporated Nonqualified Deferred Compensation Plan (As Amended and Restated for I.R.C. §409A) (Exhibit 10.1.11 to Form 10-Q for the quarter ended September 30, 2007). | Great Plains Energy KCP&L | |
10.31 | *+ | Great Plains Energy Incorporated Nonqualified Deferred Compensation Plan (As Amended and Restated for I.R.C. §409A), amended effective January 1, 2010 (Exhibit 10.1.5 to Form 10-Q for the quarter ended March 31, 2010). | Great Plains Energy KCP&L | |
10.32 | * | Joint Motion and Settlement Agreement, dated as of February 26, 2008, among Great Plains Energy Incorporated, Kansas City Power & Light Company, the Kansas Corporation Commission Staff, the Citizens’ Utility Ratepayers Board, Aquila, Inc. d/b/a Aquila Networks, Black Hills Corporation, and Black Hills/Kansas Gas Utility Company, LLC (Exhibit 10.1.7 to Form 10-Q for the quarter ended March 31, 2008). | Great Plains Energy KCP&L | |
10.33 | * | Credit Agreement, dated as of August 9, 2010, among Great Plains Energy Incorporated, Certain Lenders, Bank of America, N.A., as Administrative Agent, and Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Barclays Bank PLC and U.S. Bank National Association, as Documentation Agents, Banc of America Securities LLC, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.1 to Form 10-Q for the quarter ended September 30, 2010). | Great Plains Energy | |
10.34 | * | First Amendment to Credit Agreement, dated as of December 9, 2011, among Great Plains Energy Incorporated, Certain Lenders, Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Bank of America, N.A., as Administrative Agent, Barclays Bank PLC and U.S. Bank National Association, as Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.59 to Form 10-K for the year ended December 31, 2011). | Great Plains Energy | |
10.35 | * | Second Amendment to Credit Agreement, dated as of October 17, 2013, among Great Plains Energy Incorporated, Certain Lenders, Bank of America, N.A., JPMorgan Chase Bank, N.A. and Union Bank, N.A., as Syndication Agents and Wells Fargo Bank, National Association, as Administrative Agent, and Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and Union Bank, N.A., as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.1 to Form 10-Q for the quarter ended September 30, 2013). | Great Plains Energy | |
10.36 | * | First Extension Agreement and Waiver, dated as of December 17, 2014, among Great Plains Energy Incorporated, Certain Lenders, Bank of America, N.A., JPMorgan Chase Bank, N.A., and MUFG Union Bank, N.A., as Syndication Agents and Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and an Issuer, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and MUFG Union Bank, N.A., as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.37 to Form 10-K for the year ended December 31, 2014). | Great Plains Energy | |
10.37 | * | Third Amendment to the Credit Agreement, dated as of June 13, 2016, among Great Plains Energy Incorporated, Certain Lenders, Bank of America, N.A., JPMorgan Chase Bank, N.A., and Union Bank, N.A., as Syndication Agents and Wells Fargo Bank, National Association, as Administrative Agent, and Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and Union Bank, N.A., as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2016). | Great Plains Energy | |
10.38 | * | Credit Agreement, dated as of August 9, 2010, among Kansas City Power & Light Company, Certain Lenders, Bank of America, N.A., as Administrative Agent, and Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, JPMorgan Chase Bank, N.A. and The Bank of Nova Scotia, as Documentation Agents, Banc of America Securities LLC, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.2 to Form 10-Q for the quarter ended September 30, 2010). | Great Plains Energy KCP&L | |
10.39 | * | First Amendment to Credit Agreement, dated as of December 9, 2011, among Kansas City Power & Light Company, Certain Lenders, Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A. and The Bank of Nova Scotia, as Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.61 to Form 10-K for the year ended December 31, 2011). | Great Plains Energy KCP&L | |
10.40 | * | Second Amendment to Credit Agreement, dated as of October 17, 2013, among Kansas City Power & Light Company, Certain Lenders, Bank of America, N.A., JPMorgan Chase Bank, N.A., and Union Bank, N.A., as Syndication Agents and Wells Fargo Bank, National Association, as Administrative Agent, and Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and Union Bank, N.A., as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.2 to Form 10-Q for the quarter ended September 30, 2013). | Great Plains Energy KCP&L | |
10.41 | * | First Extension Agreement and Waiver, dated as of December 17, 2014, among Kansas City Power & Light Company, Certain Lenders, Bank of America, N.A., JPMorgan Chase Bank, N.A., and MUFG Union Bank, N.A., as Syndication Agents and Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and an Issuer, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and MUFG Union Bank, N.A., as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.41 to Form 10-K for the year ended December 31, 2014). | Great Plains Energy KCP&L | |
10.42 | * | Credit Agreement, dated as of August 9, 2010, among KCP&L Greater Missouri Operations Company, Great Plains Energy Incorporated, as Guarantor, Certain Lenders, Bank of America, N.A., as Administrative Agent, and Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, The Royal Bank of Scotland PLC and BNP Paribas , as Documentation Agents, Banc of America Securities LLC, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.3 to Form 10-Q for the quarter ended September 30, 2010). | Great Plains Energy | |
10.43 | * | First Amendment to Credit Agreement, dated as of December 9, 2011, among KCP&L Greater Missouri Operations Company, Great Plains Energy Incorporated, as Guarantor, Certain Lenders, Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Bank of America, N.A., as Administrative Agent, The Royal Bank of Scotland PLC and BNP Paribas, as Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.63 to Form 10-K for the year ended December 31, 2011). | Great Plains Energy | |
10.44 | * | Second Amendment to Credit Agreement, dated as of October 17, 2013, among KCP&L Greater Missouri Operations Company, Certain Lenders, Bank of America, N.A., JPMorgan Chase Bank, N.A., and Union Bank, N.A., as Syndication Agents and Wells Fargo Bank, National Association, as Administrative Agent, and Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and Union Bank, N.A., as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.3 to Form 10-Q for the quarter ended September 30, 2013). | Great Plains Energy | |
10.45 | * | First Extension Agreement and Waiver, dated as of December 17, 2014, among KCP&L Greater Missouri Operations Company, Certain Lenders, Bank of America, N.A., JPMorgan Chase Bank, N.A., and MUFG Union Bank, N.A., as Syndication Agents and Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and an Issuer, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and MUFG Union Bank, N.A., as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.45 to Form 10-K for the year ended December 31, 2014). | Great Plains Energy | |
10.46 | * | Guaranty, dated as of July 15, 2008, issued by Great Plains Energy Incorporated in favor of Union Bank of California, N.A., as successor trustee, and the holders of the Aquila, Inc., 8.27% Senior Notes due November 15, 2021 (Exhibit 10.6 to Form 8-K filed on July 18, 2008). | Great Plains Energy | |
10.47 | * | Insurance Agreement, dated as of September 1, 2005, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2.e to Form 10-K for the year ended December 31, 2005). | Great Plains Energy KCP&L | |
10.48 | * | Insurance Agreement, dated as of September 1, 2005, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2.f to Form 10-K for the year ended December 31, 2005). | Great Plains Energy KCP&L | |
10.49 | * | Purchase and Sale Agreement, dated as of July 1, 2005, between Kansas City Power & Light Company, as Originator, and Kansas City Power & Light Receivables Company, as Buyer (Exhibit 10.2.b to Form 10-Q for the quarter ended June 30, 2005). | Great Plains Energy KCP&L | |
10.50 | * | Receivables Sale Agreement, dated as of July 1, 2005, among Kansas City Power & Light Receivables Company, as the Seller, Kansas City Power & Light Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi, Ltd., New York Branch, as the Agent, and Victory Receivables Corporation (Exhibit 10.2.c to Form 10-Q for the quarter ended June 30, 2005). | Great Plains Energy KCP&L | |
10.51 | * | Amendment No. 1, dated as of April 2, 2007, among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation to the Receivables Sale Agreement dated as of July 1, 2005 (Exhibit 10.2.2 to Form 10-Q for the quarter ended March 31, 2007). | Great Plains Energy KCP&L | |
10.52 | * | Amendment No. 2, dated as of July 11, 2008, among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation to the Receivables Sale Agreement dated as of July 1, 2005 (Exhibit 10.2.2 to Form 10-Q for the quarter ended June 30, 2008). | Great Plains Energy KCP&L | |
10.53 | * | Amendment, dated as of July 9, 2009, to Receivables Sale Agreement dated as of July 1, 2005 among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.4 to Form 8-K filed on July 13, 2009). | Great Plains Energy KCP&L | |
10.54 | * | Amendment and Waiver, dated as of September 25, 2009, to the Receivables Sale Agreement dated as of July 1, 2005 among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.2.2 to Form 10-Q for the quarter ended September 30, 2009). | Great Plains Energy KCP&L | |
10.55 | * | Amendment, dated as of May 5, 2010, to Receivables Sale Agreement dated as of July 1, 2005 among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.2.2 to Form 10-Q for the quarter ended March 31, 2010). | Great Plains Energy KCP&L | |
10.56 | * | Amendment, dated as of February 23, 2011, to Receivables Sale Agreement dated as of July 1, 2005 among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation. (Exhibit 10.5 to Form 10-Q for the quarter ended March 31, 2011). | Great Plains Energy KCP&L | |
10.57 | * | Amendment, dated as of September 9, 2011, to Receivables Sale Agreement dated as of July 1, 2005, among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.1 to Form 8-K filed on September 13, 2011). | Great Plains Energy KCP&L | |
10.58 | * | Amendment dated as of September 9, 2014, 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, Ltd., New York Branch, as the Agent and Victory Receivables Corporation, as the Purchaser (Exhibit 10.1 to Form 8-K filed on September 15, 2014). | Great Plains Energy KCP&L | |
10.59 | * | Amendment dated as of September 9, 2015, 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, Ltd., New York Branch, as the Agent and Victory Receivables Corporation, as the Purchaser (Exhibit 10.1 to Form 8-K filed on September 11, 2015). | Great Plains Energy KCP&L | |
10.60 | * | 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). | Great Plains Energy KCP&L | |
10.61 | * | Purchase and Sale Agreement, dated as of May 31, 2012, between KCP&L Greater Missouri Operations Company, as Originator, and GMO Receivables Company, as Buyer (Exhibit 10.2. to Form 10-Q for the quarter ended June 30, 2012). | Great Plains Energy | |
10.62 | * | Receivables Sale Agreement, dated as of May 31, 2012, among GMO Receivables Company, as the Seller, KCP&L Greater Missouri Operations Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi, Ltd., New York Branch, as the Agent, and Victory Receivables Corporation (Exhibit 10.3 to Form 10-Q for the quarter ended June 30, 2012). | Great Plains Energy | |
10.63 | * | First Amendment dated as of September 9, 2014, 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, Ltd., New York Branch, as the Agent and Victory Receivables Corporation, as the Purchaser. (Exhibit 10.2 to Form 8-K filed on September 15, 2014). | Great Plains Energy | |
10.64 | * | Second Amendment dated as of September 9, 2015, 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, Ltd., New York Branch, as the Agent and Victory Receivables Corporation, as the Purchaser. (Exhibit 10.2 to Form 8-K filed on September 11, 2015). | Great Plains Energy | |
10.65 | * | 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 September 13, 2016). | Great Plains Energy | |
10.66 | * | Iatan Unit 2 and Common Facilities Ownership Agreement, dated as of May 19, 2006, among Kansas City Power & Light Company, Aquila, Inc., The Empire District Electric Company, Kansas Electric Power Cooperative, Inc., and Missouri Joint Municipal Electric Utility Commission (Exhibit 10.2.a to Form 10-Q for the quarter ended June 30, 2006). | Great Plains Energy KCP&L | |
10.67 | * | Joint Motion and Settlement Agreement dated as of February 26, 2008, among Great Plains Energy Incorporated, Kansas City Power & Light Company, the Kansas Corporation Commission Staff, the Citizens’ Utility Ratepayers Board, Aquila, Inc. d/b/a Aquila Networks, Black Hills Corporation, and Black Hills/Kansas Gas Utility Company, LLC (Exhibit 10.1.7 to Form 10-Q for the quarter ended March 31, 2008). | Great Plains Energy KCP&L | |
10.68 | * | Stipulation and Agreement dated April 24, 2009, among Kansas City Power & Light Company, Staff of the Missouri Public Service Commission, Office of Public Counsel, Praxair, Inc., Midwest Energy Users Association, U.S. Department of Energy and the U.S. Nuclear Security Administration, Ford Motor Company, Missouri Industrial Energy Consumers and Missouri Department of Natural Resources (Exhibit 10.1 to Form 8-K filed April 30, 2009). | Great Plains Energy KCP&L | |
10.69 | * | Non-Unanimous Stipulation and Agreement dated May 22, 2009 among KCP&L Greater Missouri Operations Company, the Staff of the Missouri Public Service Commission, the Office of the Public Counsel, Missouri Department of Natural Resources and Dogwood Energy, LLC (Exhibit 10.1 to Form 8-K filed on May 27, 2009). | Great Plains Energy | |
10.70 | * | Collaboration Agreement dated as of March 19, 2007, among Kansas City Power & Light Company, Sierra Club and Concerned Citizens of Platte County, Inc. (Exhibit 10.1 to Form 8-K filed on March 20, 2007). | Great Plains Energy KCP&L | |
10.71 | * | Amendment to the Collaboration Agreement effective as of September 5, 2008 among Kansas City Power & Light Company, Sierra Club and Concerned Citizens of Platte County, Inc. (Exhibit 10.2.20 to Form 10-K for the year ended December 31, 2009). | Great Plains Energy KCP&L | |
10.72 | * | Joint Operating Agreement between Kansas City Power & Light Company and Aquila, Inc., dated as of October 10, 2008 (Exhibit 10.2.2 to Form 10-Q for the quarter ended September 30, 2008). | Great Plains Energy KCP&L | |
10.73 | * | Commitment letter, dated as of May 29, 2016, by Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC to Great Plains Energy Incorporated (Exhibit 10.1 to Form 8-K filed on May 31, 2016). | Great Plains Energy | |
10.74 | * | Stock Purchase Agreement, dated as of May 29, 2016, by and between OCM Credit Portfolio LP and Great Plains Energy Incorporated (Exhibit 10.2 to Form 8-K filed on May 31, 2016). | Great Plains Energy | |
12.1 | Computation of Ratios of Earnings to Fixed Charges and Earnings to Combined Fixed Charges and Preferred Dividend Requirements. | Great Plains Energy | ||
12.2 | Computation of Ratio of Earnings to Fixed Charges. | KCP&L | ||
21.1 | List of Subsidiaries of Great Plains Energy Incorporated. | Great Plains Energy | ||
23.1 | Consent of Independent Registered Public Accounting Firm. | Great Plains Energy | ||
23.2 | Consent of Independent Registered Public Accounting Firm. | KCP&L | ||
24.1 | Powers of Attorney. | Great Plains Energy | ||
24.2 | Powers of Attorney. | KCP&L | ||
31.1 | Rule 13a-14(a)/15d-14(a) Certification of Terry Bassham. | Great Plains Energy | ||
31.2 | Rule 13a-14(a)/15d-14(a) Certification of 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 | |||||||||||||
Statements of Comprehensive Income of Parent Company | |||||||||||||
Year Ended December 31 | 2016 | 2015 | 2014 | ||||||||||
Operating Expenses | (millions, except per share amounts) | ||||||||||||
General and administrative | $ | 2.7 | $ | 0.9 | $ | 1.1 | |||||||
Costs to achieve the acquisition of Westar Energy, Inc. | 18.3 | — | — | ||||||||||
General taxes | 0.1 | 0.2 | 0.4 | ||||||||||
Total | 21.1 | 1.1 | 1.5 | ||||||||||
Operating loss | (21.1 | ) | (1.1 | ) | (1.5 | ) | |||||||
Equity in earnings from subsidiaries | 287.5 | 220.9 | 251.1 | ||||||||||
Non-operating income | 31.3 | 29.7 | 33.1 | ||||||||||
Interest (charges) income | 2.6 | (40.3 | ) | (44.3 | ) | ||||||||
Income before income taxes | 300.3 | 209.2 | 238.4 | ||||||||||
Income tax (expense) benefit | (10.3 | ) | 3.8 | 4.4 | |||||||||
Net income | 290.0 | 213.0 | 242.8 | ||||||||||
Preferred stock dividend requirements and redemption premium | 16.5 | 1.6 | 1.6 | ||||||||||
Earnings available for common shareholders | $ | 273.5 | $ | 211.4 | $ | 241.2 | |||||||
Average number of basic common shares outstanding | 169.4 | 154.2 | 153.9 | ||||||||||
Average number of diluted common shares outstanding | 169.8 | 154.8 | 154.1 | ||||||||||
Basic and diluted earnings per common share | $ | 1.61 | $ | 1.37 | $ | 1.57 | |||||||
Comprehensive Income | |||||||||||||
Net income | $ | 290.0 | $ | 213.0 | $ | 242.8 | |||||||
Other comprehensive income | |||||||||||||
Derivative hedging activity | |||||||||||||
Reclassification to expenses | 0.4 | 0.5 | 4.4 | ||||||||||
Income tax expense | (0.2 | ) | (0.1 | ) | (1.7 | ) | |||||||
Net reclassification to expenses | 0.2 | 0.4 | 2.7 | ||||||||||
Derivative hedging activity, net of tax | 0.2 | 0.4 | 2.7 | ||||||||||
Other comprehensive income from subsidiaries, net of tax | 5.2 | 6.3 | 3.9 | ||||||||||
Total other comprehensive income | 5.4 | 6.7 | 6.6 | ||||||||||
Comprehensive income | $ | 295.4 | $ | 219.7 | $ | 249.4 |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||
Balance Sheets of Parent Company | |||||||||||
December 31 | |||||||||||
2016 | 2015 | ||||||||||
ASSETS | (millions, except share amounts) | ||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 1,283.9 | $ | — | |||||||
Time deposit | 1,000.0 | — | |||||||||
Accounts receivable from subsidiaries | 10.6 | 4.1 | |||||||||
Notes receivable from subsidiaries | 2.0 | 2.0 | |||||||||
Money pool receivable | — | 3.7 | |||||||||
Derivative instruments | 79.3 | — | |||||||||
Other | 26.1 | 0.4 | |||||||||
Total | 2,401.9 | 10.2 | |||||||||
Investments and Other Assets | |||||||||||
Investment in KCP&L | 2,541.5 | 2,433.1 | |||||||||
Investment in other subsidiaries | 1,341.6 | 1,385.9 | |||||||||
Note receivable from subsidiaries | 634.9 | 634.9 | |||||||||
Deferred income taxes | 12.8 | 34.8 | |||||||||
Other | 16.3 | 1.6 | |||||||||
Total | 4,547.1 | 4,490.3 | |||||||||
Total | $ | 6,949.0 | $ | 4,500.5 | |||||||
LIABILITIES AND CAPITALIZATION | |||||||||||
Current Liabilities | |||||||||||
Notes payable | $ | — | $ | 10.0 | |||||||
Current maturities of long-term debt | 100.0 | — | |||||||||
Accounts payable to subsidiaries | 10.8 | 31.7 | |||||||||
Accrued taxes | 12.9 | 4.5 | |||||||||
Accrued interest | 10.1 | 4.1 | |||||||||
Other | 12.8 | 9.5 | |||||||||
Total | 146.6 | 59.8 | |||||||||
Deferred Credits and Other Liabilities | 2.2 | 7.1 | |||||||||
Capitalization | |||||||||||
Great Plains Energy shareholders' equity | |||||||||||
Common stock - 600,000,000 and 250,000,000 shares authorized without par value 215,479,105 and 154,504,900 shares issued, stated value | 4,217.0 | 2,646.7 | |||||||||
Cumulative preferred stock - 390,000 shares authorized, $100 par value 0 and 390,000 shares issued and outstanding | — | 39.0 | |||||||||
Preference stock - 11,000,000 shares authorized without par value 7.00% Series B Mandatory Convertible Preferred Stock $1,000 per share liquidation preference, 862,500 and 0 shares issued and outstanding | 836.2 | — | |||||||||
Retained earnings | 1,119.2 | 1,024.4 | |||||||||
Treasury stock - 128,087 and 101,229 shares, at cost | (3.8 | ) | (2.6 | ) | |||||||
Accumulated other comprehensive loss | (6.6 | ) | (12.0 | ) | |||||||
Total shareholders' equity | 6,162.0 | 3,695.5 | |||||||||
Long-term debt | 638.2 | 738.1 | |||||||||
Total | 6,800.2 | 4,433.6 | |||||||||
Commitments and Contingencies | |||||||||||
Total | $ | 6,949.0 | $ | 4,500.5 |
GREAT PLAINS ENERGY INCORPORATED | |||||||||||||||||
Statements of Cash Flows of Parent Company | |||||||||||||||||
Year Ended December 31 | 2016 | 2015 | 2014 | ||||||||||||||
Cash Flows from Operating Activities | (millions) | ||||||||||||||||
Net income | $ | 290.0 | $ | 213.0 | $ | 242.8 | |||||||||||
Adjustments to reconcile income to net cash from operating activities: | |||||||||||||||||
Amortization | 30.4 | 0.8 | 4.8 | ||||||||||||||
Deferred income taxes, net | 21.8 | (1.7 | ) | (1.4 | ) | ||||||||||||
Fair value impact of interest rate swaps | (79.3 | ) | — | — | |||||||||||||
Equity in earnings from subsidiaries | (287.5 | ) | (220.9 | ) | (251.1 | ) | |||||||||||
Cash flows affected by changes in: | |||||||||||||||||
Accounts receivable from subsidiaries | (9.8 | ) | (0.1 | ) | (3.8 | ) | |||||||||||
Taxes receivable | — | — | 0.2 | ||||||||||||||
Accounts payable to subsidiaries | (20.9 | ) | 1.3 | (3.2 | ) | ||||||||||||
Other accounts payable | 7.0 | — | — | ||||||||||||||
Accrued taxes | 8.4 | 0.3 | 4.3 | ||||||||||||||
Accrued interest | 6.0 | — | (0.1 | ) | |||||||||||||
Cash dividends from subsidiaries | 239.0 | 157.0 | 144.0 | ||||||||||||||
Uncertain tax positions | (0.4 | ) | — | (2.9 | ) | ||||||||||||
Other | 8.4 | 8.7 | 11.8 | ||||||||||||||
Net cash from operating activities | 213.1 | 158.4 | 145.4 | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Purchase of time deposit | (1,000.0 | ) | — | — | |||||||||||||
Intercompany lending | — | (1.4 | ) | — | |||||||||||||
Net money pool lending | 3.7 | (0.4 | ) | 6.1 | |||||||||||||
Investment in subsidiary | (7.3 | ) | (7.8 | ) | (3.6 | ) | |||||||||||
Net cash from investing activities | (1,003.6 | ) | (9.6 | ) | 2.5 | ||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Issuance of common stock | 1,603.7 | 3.0 | 4.8 | ||||||||||||||
Issuance of preference stock | 862.5 | — | — | ||||||||||||||
Issuance fees | (143.4 | ) | — | (0.1 | ) | ||||||||||||
Net change in short-term borrowings | (10.0 | ) | 6.0 | (5.0 | ) | ||||||||||||
Dividends paid | (194.0 | ) | (155.5 | ) | (145.6 | ) | |||||||||||
Redemption of cumulative preferred stock | (40.1 | ) | — | — | |||||||||||||
Purchase of treasury stock | (5.0 | ) | (1.6 | ) | (2.5 | ) | |||||||||||
Other financing activities | 0.7 | (0.7 | ) | 0.5 | |||||||||||||
Net cash from financing activities | 2,074.4 | (148.8 | ) | (147.9 | ) | ||||||||||||
Net Change in Cash and Cash Equivalents | 1,283.9 | — | — | ||||||||||||||
Cash and Cash Equivalents at Beginning of Year | — | — | — | ||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 1,283.9 | $ | — | $ | — |
Great Plains Energy Incorporated | |||||||||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||||||||
Years Ended December 31, 2016, 2015 and 2014 | |||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||
Charged | |||||||||||||||||||||||||
Balance At | To Costs | Charged | Balance | ||||||||||||||||||||||
Beginning | And | To Other | At End | ||||||||||||||||||||||
Description | Of Period | Expenses | Accounts | Deductions | Of Period | ||||||||||||||||||||
Year Ended December 31, 2016 | (millions) | ||||||||||||||||||||||||
Allowance for uncollectible accounts | $ | 3.8 | $ | 9.0 | $ | 8.1 | (a) | $ | 16.9 | (b) | $ | 4.0 | |||||||||||||
Legal reserves | 5.9 | 10.4 | — | 0.2 | (c) | 16.1 | |||||||||||||||||||
Environmental reserves | 1.7 | — | — | — | 1.7 | ||||||||||||||||||||
Tax valuation allowance | 19.9 | 0.1 | — | 3.6 | (d) | 16.4 | |||||||||||||||||||
Year Ended December 31, 2015 | |||||||||||||||||||||||||
Allowance for uncollectible accounts | $ | 2.8 | $ | 10.5 | $ | 8.7 | (a) | $ | 18.2 | (b) | $ | 3.8 | |||||||||||||
Legal reserves | 4.7 | 2.6 | — | 1.4 | (c) | 5.9 | |||||||||||||||||||
Environmental reserves | 1.7 | — | — | — | 1.7 | ||||||||||||||||||||
Tax valuation allowance | 16.6 | 4.9 | — | 1.6 | (d) | 19.9 | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
Allowance for uncollectible accounts | $ | 2.5 | $ | 11.4 | $ | 8.5 | (a) | $ | 19.6 | (b) | $ | 2.8 | |||||||||||||
Legal reserves | 4.6 | 2.7 | — | 2.6 | (c) | 4.7 | |||||||||||||||||||
Environmental reserves | 1.7 | — | — | — | 1.7 | ||||||||||||||||||||
Tax valuation allowance | 20.7 | 0.5 | — | 4.6 | (d) | 16.6 |
Kansas City Power & Light Company | |||||||||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||||||||
Years Ended December 31, 2016, 2015 and 2014 | |||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||
Charged | |||||||||||||||||||||||||
Balance At | To Costs | Charged | Balance | ||||||||||||||||||||||
Beginning | And | To Other | At End | ||||||||||||||||||||||
Description | Of Period | Expenses | Accounts | Deductions | Of Period | ||||||||||||||||||||
Year Ended December 31, 2016 | (millions) | ||||||||||||||||||||||||
Allowance for uncollectible accounts | $ | 1.8 | $ | 6.4 | $ | 5.5 | (a) | $ | 11.9 | (b) | $ | 1.8 | |||||||||||||
Legal reserves | 5.3 | 9.8 | — | — | (c) | 15.1 | |||||||||||||||||||
Environmental reserves | 0.3 | — | — | — | 0.3 | ||||||||||||||||||||
Tax valuation allowance | 0.7 | — | — | 0.7 | (d) | — | |||||||||||||||||||
Year Ended December 31, 2015 | |||||||||||||||||||||||||
Allowance for uncollectible accounts | $ | 1.2 | $ | 7.1 | $ | 5.8 | (a) | $ | 12.3 | (b) | $ | 1.8 | |||||||||||||
Legal reserves | 2.9 | 2.6 | — | 0.2 | (c) | 5.3 | |||||||||||||||||||
Environmental reserves | 0.3 | — | — | — | 0.3 | ||||||||||||||||||||
Tax valuation allowance | — | 0.7 | — | — | 0.7 | ||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
Allowance for uncollectible accounts | $ | 1.1 | $ | 7.6 | $ | 5.5 | (a) | $ | 13.0 | (b) | $ | 1.2 | |||||||||||||
Legal reserves | 2.9 | 2.3 | — | 2.3 | (c) | 2.9 | |||||||||||||||||||
Environmental reserves | 0.3 | — | — | — | 0.3 |
GREAT PLAINS ENERGY INCORPORATED | ||
Date: February 23, 2017 | By: /s/ Terry Bassham | |
Terry Bassham | ||
Chairman, President and Chief Executive Officer |
Signature | Title | Date | |
/s/ Terry Bassham | Chairman, President and Chief Executive Officer | ) | February 23, 2017 |
Terry Bassham | (Principal Executive Officer) | ) | |
) | |||
/s/ Kevin E. Bryant | Senior Vice President - Finance and Strategy and Chief Financial Officer | ) | |
Kevin E. Bryant | (Principal Financial Officer) | ) | |
) | |||
/s/ Steven P. Busser | Vice President - Risk Management and Controller | ) | |
Steven P. Busser | (Principal Accounting Officer) | ) | |
) | |||
David L. Bodde* | Director | ) | |
) | |||
Randall C. Ferguson, Jr.* | Director | ) | |
) | |||
Gary D. Forsee* | Director | ) | |
) | |||
Scott D. Grimes* | Director | ) | |
) | |||
Thomas D. Hyde* | Director | ) | |
) | |||
James A. Mitchell* | Director | ) | |
) | |||
Ann D. Murtlow* | Director | ) | |
) | |||
Sandra J. Price* | Director | ) | |
) | |||
John J. Sherman* | Director | ) |
KANSAS CITY POWER & LIGHT COMPANY | ||
Date: February 23, 2017 | By: /s/ Terry Bassham | |
Terry Bassham | ||
Chairman, President and Chief Executive Officer |
Signature | Title | Date | |
/s/ Terry Bassham | Chairman, President and Chief Executive Officer | ) | February 23, 2017 |
Terry Bassham | (Principal Executive Officer) | ) | |
) | |||
/s/ Kevin E. Bryant | Senior Vice President - Finance and Strategy and Chief Financial Officer | ) | |
Kevin E. Bryant | (Principal Financial Officer) | ) | |
) | |||
/s/ Steven P. Busser | Vice President - Risk Management and Controller | ) | |
Steven P. Busser | (Principal Accounting Officer) | ) | |
) | |||
David L. Bodde* | Director | ) | |
) | |||
Randall C. Ferguson, Jr.* | Director | ) | |
) | |||
Gary D. Forsee* | Director | ) | |
) | |||
Scott D. Grimes* | Director | ) | |
) | |||
Thomas D. Hyde* | Director | ) | |
) | |||
James A. Mitchell* | Director | ) | |
) | |||
Ann D. Murtlow* | Director | ) | |
) | |||
Sandra J. Price* | Director | ) | |
) | |||
John J. Sherman* | Director | ) |
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||
(millions) | |||||||||||||||||||||
Net income | $ | 290.0 | $ | 213.0 | $ | 242.8 | $ | 250.2 | $ | 199.9 | |||||||||||
Add | |||||||||||||||||||||
Equity investment (income) loss | (2.0 | ) | (1.2 | ) | — | 0.2 | 0.4 | ||||||||||||||
Income subtotal | 288.0 | 211.8 | 242.8 | 250.4 | 200.3 | ||||||||||||||||
Add | |||||||||||||||||||||
Income tax expense | 172.2 | 122.7 | 115.7 | 129.2 | 104.6 | ||||||||||||||||
Kansas City earnings tax | 0.2 | (0.5 | ) | 0.3 | 0.1 | 0.1 | |||||||||||||||
Total taxes on income | 172.4 | 122.2 | 116.0 | 129.3 | 104.7 | ||||||||||||||||
Interest on value of leased property | 5.1 | 5.2 | 5.2 | 5.5 | 5.8 | ||||||||||||||||
Interest on long-term debt | 199.8 | 193.9 | 195.0 | 195.5 | 213.2 | ||||||||||||||||
Interest on short-term debt | 13.5 | 6.1 | 5.1 | 7.6 | 9.0 | ||||||||||||||||
Other interest expense and amortization | 36.3 | 6.8 | 3.3 | 8.2 | 4.6 | ||||||||||||||||
Total fixed charges | 254.7 | 212.0 | 208.6 | 216.8 | 232.6 | ||||||||||||||||
Preferred dividend requirements(b) | 26.3 | (a) | (a) | (a) | (a) | ||||||||||||||||
Combined fixed charges and preferred | |||||||||||||||||||||
dividend requirements | 281.0 | 212.0 | 208.6 | 216.8 | 232.6 | ||||||||||||||||
Earnings before taxes on | |||||||||||||||||||||
income and fixed charges | $ | 715.1 | $ | 546.0 | $ | 567.4 | $ | 596.5 | $ | 537.6 | |||||||||||
Ratio of earnings to fixed charges | 2.81 | 2.58 | 2.72 | 2.75 | 2.31 | ||||||||||||||||
Ratio of earnings to combined fixed charges | |||||||||||||||||||||
and preferred dividend requirements | 2.54 | 2.58 | 2.72 | 2.75 | 2.31 | ||||||||||||||||
(a) Prior to 2016, Great Plains Energy's preferred dividends were insignificant. | |||||||||||||||||||||
(b) Preferred stock dividend requirements have been grossed up by the effective tax rate for the period. |
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||
(millions) | |||||||||||||||||||||
Net income | $ | 225.0 | $ | 152.8 | $ | 162.4 | $ | 169.0 | $ | 141.6 | |||||||||||
Add | |||||||||||||||||||||
Income tax expense | 121.9 | 76.8 | 75.7 | 79.8 | 75.3 | ||||||||||||||||
Kansas City earnings tax | 0.2 | (0.5 | ) | 0.3 | — | 0.1 | |||||||||||||||
Total taxes on income | 122.1 | 76.3 | 76.0 | 79.8 | 75.4 | ||||||||||||||||
Interest on value of leased property | 5.0 | 5.0 | 4.9 | 5.1 | 5.3 | ||||||||||||||||
Interest on long-term debt | 137.8 | 131.8 | 128.8 | 128.1 | 123.5 | ||||||||||||||||
Interest on short-term debt | 3.3 | 4.0 | 2.9 | 3.4 | 4.4 | ||||||||||||||||
Other interest expense and amortization | 4.8 | 4.7 | 4.7 | 5.1 | 3.8 | ||||||||||||||||
Total fixed charges | 150.9 | 145.5 | 141.3 | 141.7 | 137.0 | ||||||||||||||||
Earnings before taxes on | |||||||||||||||||||||
income and fixed charges | $ | 498.0 | $ | 374.6 | $ | 379.7 | $ | 390.5 | $ | 354.0 | |||||||||||
Ratio of earnings to fixed charges | 3.30 | 2.57 | 2.69 | 2.76 | 2.58 |
Name of Company | State of Incorporation |
Kansas City Power & Light Company | Missouri |
KCP&L Greater Missouri Operations Company | Delaware |
/s/ David. L. Bodde David L. Bodde |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Randall C. Ferguson, Jr. Randall C. Ferguson, Jr. |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Gary D. Forsee Gary D. Forsee |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Scott D. Grimes Scott D. Grimes |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Shaina Horrell Notary Public |
/s/ Thomas D. Hyde Thomas D. Hyde |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ James A. Mitchell James A. Mitchell |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Ann D. Murtlow Ann D. Murtlow |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Sandra J. Price Sandra J. Price |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ John J. Sherman John J. Sherman |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ David L. Bodde David L. Bodde |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Randall C. Ferguson, Jr. Randall C. Ferguson, Jr. |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Gary D. Forsee Gary D. Forsee |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Scott D. Grimes Scott D. Grimes |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Shaina Horrell Notary Public |
/s/ Thomas D. Hyde Thomas D. Hyde |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ James A. Mitchell James A. Mitchell |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Ann D. Murtlow Ann D. Murtlow |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ Sandra J. Price Sandra J. Price |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
/s/ John J. Sherman John J. Sherman |
STATE OF MISSOURI COUNTY OF JACKSON | ) ) ) | ss |
/s/ Annette G. Carter Notary Public |
1. | I have reviewed this annual report on Form 10-K of Great Plains Energy Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | February 23, 2017 | /s/ Terry Bassham |
Terry Bassham Chairman, Chief Executive Officer and President |
1. | I have reviewed this annual report on Form 10-K of Great Plains Energy Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | February 23, 2017 | /s/Kevin E. Bryant |
Kevin E. Bryant Senior Vice President - Finance and Strategy and Chief Financial Officer |
1. | I have reviewed this annual report on Form 10-K of Kansas City Power & Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | February 23, 2017 | /s/ Terry Bassham | ||
Terry Bassham Chairman, Chief Executive Officer and President |
1. | I have reviewed this annual report on Form 10-K of Kansas City Power & Light Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | February 23, 2017 | /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: | February 23, 2017 |
/s/Kevin E. Bryant | |
Name: Title: | Kevin E. Bryant Senior Vice President - Finance and Strategy and Chief Financial Officer |
Date: | February 23, 2017 |
(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: | February 23, 2017 |
/s/ Kevin E. Bryant | |
Name: Title: | Kevin E. Bryant Senior Vice President - Finance and Strategy and Chief Financial Officer |
Date: | February 23, 2017 |
Document And Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Feb. 21, 2017 |
Jun. 30, 2016 |
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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 Public Float | $ 4,700,571,576 | ||
Entity Common Stock, Shares Outstanding | 215,384,601 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | Q4 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 |
Consolidated Statements of Common Shareholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
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Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Stock Transactions, Parenthetical Disclosures [Abstract] | |||
Common Stock, Dividends, Per Share, Declared | $ 1.0625 | $ 0.9975 | $ 0.935 |
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 and cash and cash equivalents and a time deposit to be used to fund a portion of the cash consideration for the anticipated acquisition of Westar Energy, Inc. (Westar). 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 23 for additional information. Use of Estimates The process of preparing financial statements in conformity with Generally Accepted Accounting Principles (GAAP) requires the use of estimates and assumptions that affect the reported amounts of certain types of assets, liabilities, revenues and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts. Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with original maturities of three months or less at acquisition. Time Deposit Consists of a non-negotiable fixed rate investment in a time deposit with an original maturity of greater than three months and is recorded on the balance sheet at cost. The time deposit matures in the first quarter of 2017 and the proceeds from this investment are expected to be used to fund a portion of the cash consideration for the anticipated acquisition of Westar. The Company estimates the fair value of the time deposit, which approximates its carrying value, using Level 2 inputs based on current interest rates for similar investments with comparable credit risk and time to maturity. Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value. Nuclear decommissioning trust fund - KCP&L's nuclear decommissioning trust fund assets are recorded at fair value based on quoted market prices of the investments held by the fund and/or valuation models. Derivative instruments - The fair value of commodity derivative instruments is estimated using market quotes, over-the-counter forward price and volatility curves and correlation among fuel prices, net of estimated credit risk. The fair value of interest rate derivative instruments is determined by calculating the net present value of expected payments and receipts under interest rate swaps using observable market inputs including interest rates and LIBOR swap rates. Management also discounts the value by a contingency factor that it believes is representative of what a market participant would use in valuing these instruments in order to account for the contingent nature of the settlement of these instruments. Pension plans - For financial reporting purposes, the market value of plan assets is the fair value. For regulatory reporting purposes, a five-year smoothing of assets is used to determine fair value. Derivative Instruments The Company records derivative instruments on the balance sheet at fair value in accordance with GAAP. Great Plains Energy and KCP&L enter into derivative contracts to manage exposure to commodity price and interest rate fluctuations. Derivative instruments are used solely for hedging purposes and are not issued or held for speculative reasons. The Company considers various qualitative factors, such as contract and market place attributes, in designating derivative instruments at inception. Great Plains Energy and KCP&L may elect the normal purchases and normal sales (NPNS) exception, which requires the effects of the derivative to be recorded when the underlying contract settles. Great Plains Energy and KCP&L account for derivative instruments that are not designated as NPNS as non-hedging derivatives, which are recorded as assets or liabilities on the consolidated balance sheets at fair value. See Note 19 for additional information regarding derivative financial instruments and hedging activities. Great Plains Energy and KCP&L offset fair value amounts recognized for derivative instruments under master netting arrangements, which include rights to reclaim cash collateral (a receivable), or the obligation to return cash collateral (a payable). Utility Plant Great Plains Energy's and KCP&L's utility plant is stated at historical cost. These costs include taxes, an allowance for the cost of borrowed and equity funds used to finance construction and payroll-related costs, including pensions and other fringe benefits. Replacements, improvements and additions to units of property are capitalized. Repairs of property and replacements of items not considered to be units of property are expensed as incurred (except as discussed under Deferred Refueling Outage Costs). When property units are retired or otherwise disposed, the original cost, net of salvage, is charged to accumulated depreciation. Substantially all of KCP&L's utility plant is pledged as collateral for KCP&L's mortgage bonds under the General Mortgage Indenture and Deed of Trust dated December 1, 1986, as supplemented. A portion of GMO's utility plant is pledged as collateral for GMO's mortgage bonds under the General Mortgage Indenture and Deed of Trust dated April 1, 1946, as supplemented. As prescribed by The Federal Energy Regulatory Commission (FERC), Allowance for Funds Used During Construction (AFUDC) is charged to the cost of the plant during construction. AFUDC equity funds are included as a non-cash item in non-operating income and AFUDC borrowed funds are a reduction of interest charges. The rates used to compute gross AFUDC are compounded semi-annually. The rates used to compute gross AFUDC for KCP&L averaged 5.7% in 2016, 3.0% in 2015 and 5.7% in 2014. The rates used to compute gross AFUDC for GMO averaged 1.6% in 2016, 4.2% in 2015 and 6.1% in 2014. Great Plains Energy's and KCP&L's balances of utility plant, at original cost, with a range of estimated useful lives are listed in the following tables.
(a) Includes $178.0 million and $136.5 million at December 31, 2016 and 2015, respectively, of land and other assets that are not depreciated. Depreciation and Amortization Depreciation and amortization of utility plant other than nuclear fuel is computed using the straight-line method over the estimated lives of depreciable property based on rates approved by state regulatory authorities. Annual depreciation rates average approximately 3%. Nuclear fuel is amortized to fuel expense based on the quantity of heat produced during the generation of electricity. Great Plains Energy's depreciation expense was $308.8 million, $299.4 million and $277.9 million for 2016, 2015 and 2014, respectively. KCP&L's depreciation expense was $215.4 million, $208.5 million and $189.7 million for 2016, 2015 and 2014, respectively. Nuclear Plant Decommissioning Costs Nuclear plant decommissioning cost estimates are based on the immediate dismantlement method and include the costs of decontamination, dismantlement and site restoration. Based on these cost estimates, KCP&L contributes to a tax-qualified trust fund to be used to decommission Wolf Creek Generating Station (Wolf Creek). Related liabilities for decommissioning are included on Great Plains Energy's and KCP&L's balance sheets in Asset Retirement Obligations (AROs). As a result of the authorized regulatory treatment and related regulatory accounting, differences between the decommissioning trust fund asset and the related ARO are recorded as a regulatory asset or liability. See Note 8 for discussion of AROs including those associated with nuclear plant decommissioning costs. Deferred Refueling Outage Costs KCP&L uses the deferral method to account for operations and maintenance expenses incurred in support of Wolf Creek's scheduled refueling outages and amortizes them evenly (monthly) over the unit's operating cycle, which is approximately 18 months, until the next scheduled outage. Replacement power costs during an outage are expensed as incurred. Regulatory Matters KCP&L and GMO defer items on the balance sheet resulting from the effects of the ratemaking process, which would not be recorded if KCP&L and GMO were not regulated. See Note 6 for additional information concerning regulatory matters. Revenue Recognition Great Plains Energy and KCP&L recognize revenues on sales of electricity when the service is provided. Revenues recorded include electric services provided but not yet billed by KCP&L and GMO. Unbilled revenues are recorded for kWh usage in the period following the customers' billing cycle to the end of the month. KCP&L's and GMO's estimate is based on net system kWh usage less actual billed kWhs. KCP&L's and GMO's estimated unbilled kWhs are allocated and priced by regulatory jurisdiction across the rate classes based on actual billing rates. KCP&L and GMO collect from customers gross receipts taxes levied by state and local governments. These taxes from KCP&L's Missouri customers are recorded gross in operating revenues and general taxes on Great Plains Energy's and KCP&L's statements of comprehensive income. KCP&L's gross receipts taxes collected from Missouri customers were $70.3 million, $62.0 million and $60.4 million in 2016, 2015 and 2014, respectively. These taxes from KCP&L's Kansas customers and GMO's customers are recorded net in operating revenues on Great Plains Energy's and KCP&L's statements of comprehensive income. Great Plains Energy and KCP&L collect sales taxes from customers and remit to state and local governments. These taxes are presented on a net basis on Great Plains Energy's and KCP&L's statements of comprehensive income. Great Plains Energy and KCP&L record sale and purchase activity on a net basis in wholesale revenue or purchased power when transacting with Regional Transmission Organization (RTO)/Independent System Operator (ISO) markets. Allowance for Doubtful Accounts This reserve represents estimated uncollectible accounts receivable and is based on management's judgment considering historical loss experience and the characteristics of existing accounts. Provisions for losses on receivables are expensed to maintain the allowance at a level considered adequate to cover expected losses. Receivables are charged off against the reserve when they are deemed uncollectible. Property Gains and Losses Net gains and losses from the sale of assets and businesses and from asset impairments are recorded in operating expenses. Asset Impairments Long-lived assets and finite-lived intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the undiscounted expected future cash flows from an asset to be held and used is less than the carrying value of the asset, an asset impairment must be recognized in the financial statements. The amount of impairment recognized is the excess of the carrying value of the asset over its fair value. Goodwill and indefinite lived intangible assets are tested for impairment annually and when an event occurs indicating the possibility that an impairment exists. The annual test must be performed at the same time each year. If the fair value of a reporting unit is less than its carrying value including goodwill, an impairment charge for goodwill must be recognized in the financial statements. To measure the amount of the impairment loss to recognize, the implied fair value of the reporting unit goodwill is compared with its carrying value. Income Taxes Income taxes are accounted for using the asset/liability approach. Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax bases of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Great Plains Energy and KCP&L recognize tax benefits based on a “more-likely-than-not” recognition threshold. In addition, Great Plains Energy and KCP&L recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in non-operating expenses. Great Plains Energy files a consolidated federal income tax return as well as unitary and combined income tax returns in several state jurisdictions with Kansas and Missouri being the most significant. Income taxes for consolidated or combined subsidiaries are allocated to the subsidiaries based on separate company computations of income or loss. KCP&L's income tax provision includes taxes allocated based on its separate company income or loss. Great Plains Energy and KCP&L have established a net regulatory asset for the additional future revenues to be collected from customers for deferred income taxes. Tax credits are recognized in the year generated except for certain KCP&L and GMO investment tax credits that have been deferred and amortized over the remaining service lives of the related properties. Environmental Matters Environmental costs are accrued when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated. 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. To determine diluted EPS, preferred stock dividend requirements are added to earnings available for common shareholders for the periods in which the assumed conversion of Great Plains Energy's 7.00% Series B Mandatory Convertible Preferred Stock (Series B Preferred Stock) has a dilutive effect before dividing by the diluted average number of common shares outstanding. The effect of dilutive securities assumes the issuance of common shares applicable to performance shares and restricted stock calculated using the treasury stock method and the number of common shares that would be issued under an assumed conversion of Series B Preferred Stock using the if-converted method. The following table reconciles Great Plains Energy's basic and diluted EPS.
Anti-dilutive shares excluded from the computation of diluted EPS are detailed in the following table.
Dividends Declared In February 2017, Great Plains Energy's Board of Directors (Board) declared a quarterly dividend of $0.275 per share on Great Plains Energy's common stock. The common dividend is payable March 20, 2017, to shareholders of record as of February 27, 2017. The Board also declared a regular quarterly dividend on Great Plains Energy's Series B Preferred Stock. The dividend will be payable March 15, 2017, to shareholders of record as of March 1, 2017. In February 2017, KCP&L's Board of Directors declared a cash dividend payable to Great Plains Energy of $57 million payable on March 17, 2017. 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 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 have completed a review of the majority of their revenue arrangements and do not expect the standard to have a material impact on their consolidated financial statements. However, the Companies are still evaluating the impacts on revenue recognition of their remaining revenue arrangements and contracts where collectability is uncertain, as well as the accounting for contributions in aid of construction. The Companies are in the process of determining their method of adoption, which depends in part on completing the evaluation of the remaining items noted above. 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 adopted ASU No. 2016-09 effective January 1, 2017 and it will not have a significant impact on their ongoing financial reporting. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, which eliminates Step 2 of the goodwill impairment test. Step 2 measures a goodwill impairment loss by computing the implied fair value of a reporting unit's goodwill and comparing it with the carrying amount of that goodwill in the event that the reporting unit does not pass Step 1 of the goodwill impairment test. Under the amendments in this ASU, a goodwill impairment loss would be measured by the amount the carrying value of the reporting unit exceeds its fair value as calculated in Step 1 of the goodwill impairment test. The new guidance is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted for tests performed after January 1, 2017. Great Plains Energy anticipates early adopting ASU No. 2017-04 for its 2017 goodwill impairment test and does not anticipate that it will have a significant impact on its ongoing financial reporting. |
Anticipated Acquisition of Westar Energy, Inc. |
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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 11 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 14 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 issuance costs). 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 $836.2 million after issuance costs). See Note 14 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 Public Service Commission of the State of Missouri (MPSC), the Nuclear Regulatory Commission (NRC) and FERC; as well as other customary conditions. 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. In December 2016, KCC staff filed its testimony and recommended that the KCC not approve the anticipated acquisition, citing concerns with the size of the acquisition premium, the amount of anticipated cost synergies and potential impacts to the quality of service provided to Kansas customers. In January 2017, Great Plains Energy, KCP&L and Westar filed rebuttal testimony responding to KCC staff's concerns. An evidentiary hearing was held in the case from January 30, 2017 through February 7, 2017 and a final order on the joint application is expected by April 24, 2017. MPSC Approval On February 22, 2017, the MPSC issued an order directing Great Plains Energy to file an application with the MPSC for approval of the anticipated acquisition of Westar. The order requires Great Plains Energy to file the application within ten days from the date of the order. An evidentiary hearing in the case is expected to occur in early April 2017. While there is not a statutory deadline for an MPSC ruling on the merger application, the MPSC has indicated that they intend to work towards a ruling on a timeline that is consistent with the joint application filed by Great Plains Energy, KCP&L and Westar with KCC, where a final order is expected by April 24, 2017. Prior to receiving the MPSC order to file an application for approval of the anticipated acquisition of Westar, Great Plains Energy had 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 and it is expected that they will be considered as part of Great Plains Energy's application for approval of the anticipated acquisition of Westar. 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. In January 2017, The Federal Communications Commission (FCC) consented to the Transfer of Control application filed by Great Plains Energy and Westar relating to 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. |
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 December 31, 2016 and 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 December 31, 2016 and 2015, Great Plains Energy's accounts receivable pledged as collateral and the corresponding short-term collateralized note payable were $172.4 million and $175.0 million, respectively. At December 31, 2016 and 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. |
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Nuclear Plant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 announced that it was evenly divided on whether to take affirmative action to overturn or uphold the board's 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 to the extent of appropriated funds. With the available funds, the NRC was able to complete its technical review of the Yucca Mountain application but was not able to resume the licensing hearing. 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 Plant Decommissioning Costs The MPSC and KCC require KCP&L and the other owners of Wolf Creek to submit an updated decommissioning cost study every three years and to propose funding levels. The most recent study was submitted to the MPSC and KCC in August 2014 and is the basis for the current cost of decommissioning estimates in the following table. Funding levels included in KCP&L retail rates have not changed.
(a) Total future cost over an eight year decommissioning period (b) The 6.29% and 5.81% rate of return for KCC and MPSC, respectively, is through 2025. The rates then systematically decrease through 2053 to 0.72% and 2.22% for KCC and MPSC, respectively, based on the assumption that the fund's investment mix will become increasingly conservative as the decommissioning period approaches. Nuclear Decommissioning Trust Fund In 2016 and 2015, KCP&L contributed approximately $3.3 million to a tax-qualified trust fund to be used to decommission Wolf Creek. Amounts funded are charged to other operating expense and recovered in customers' rates. The funding level assumes a projected level of return on trust assets. If the actual return on trust assets is below the projected level or actual decommissioning costs are higher than estimated, KCP&L could be responsible for the balance of funds required; however, while there can be no assurances, management believes a rate increase would be allowed to recover decommissioning costs over the remaining life of the unit. 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 December 31, 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.
Nuclear Insurance The owners of Wolf Creek (Owners) maintain nuclear insurance for Wolf Creek for nuclear liability, nuclear property and accidental outage. These policies contain certain industry standard exclusions, including, but not limited to, ordinary wear and tear, and war. The nuclear property insurance programs subscribed to by members of the nuclear power generating industry include industry aggregate limits for acts of terrorism and related losses, including replacement power costs. There is no industry aggregate limit for liability claims related to terrorism, regardless of the number of acts of terrorism affecting Wolf Creek or any other nuclear energy liability policy or the number of policies in place. An industry aggregate limit of $3.2 billion plus any reinsurance recoverable by Nuclear Electric Insurance Limited (NEIL), the Owners' insurance provider, exists for property claims related to nuclear acts of terrorism, including accidental outage power costs for nuclear acts of terrorism affecting Wolf Creek or any other nuclear energy facility property policy within twelve months from the date of the first act. An industry aggregate limit of $1.8 billion exists for property claims related to non-nuclear acts of terrorism. These limits plus any recoverable reinsurance are the maximum amount to be paid to members who sustain losses or damages from these types of terrorist acts. In addition, industry-wide retrospective assessment programs (discussed below) can apply once these insurance programs have been exhausted. In the event of a catastrophic loss at Wolf Creek, the insurance coverage may not be adequate to cover property damage and extra expenses incurred. Uninsured losses, to the extent not recovered through rates, would be assumed by KCP&L and the other owners and could have a material effect on Great Plains Energy's and KCP&L's results of operations, financial position and cash flows. Nuclear Liability Insurance Pursuant to the Price-Anderson Act, which was reauthorized through December 31, 2025, by the Energy Policy Act of 2005, the Owners are required to insure against public liability claims resulting from nuclear incidents to the full limit of public liability, which is currently $13.4 billion. This limit of liability consists of the maximum available commercial insurance of $0.4 billion and the remaining $13.0 billion is provided through an industry-wide retrospective assessment program mandated by law, known as the Secondary Financial Protection (SFP) program. Under the SFP program, the Owners can be assessed up to $127.3 million ($59.8 million, KCP&L's 47% share) per incident at any commercial reactor in the country, payable at no more than $19.0 million ($8.9 million, KCP&L's 47% share) per incident per year. This assessment is subject to an inflation adjustment based on the Consumer Price Index and applicable premium taxes. In addition, the U.S. Congress could impose additional revenue-raising measures to pay claims. Nuclear Property Insurance The Owners carry decontamination liability, premature decommissioning liability and property damage insurance from NEIL for Wolf Creek totaling approximately $2.8 billion ($1.3 billion, KCP&L's 47% share). In the event of an accident, insurance proceeds must first be used for reactor stabilization and site decontamination in accordance with a plan mandated by the NRC. KCP&L's share of any remaining proceeds can be used for further decontamination, property damage restoration and premature decommissioning costs. Premature decommissioning coverage applies only if an accident at Wolf Creek exceeds $500 million in property damage and decontamination expenses, and only after trust funds have been exhausted. Accidental Nuclear Outage Insurance The Owners also carry additional insurance from NEIL to cover costs of replacement power and other extra expenses incurred in the event of a prolonged outage resulting from accidental property damage at Wolf Creek. Under all NEIL policies, the Owners are subject to retrospective assessments if NEIL losses, for each policy year, exceed the accumulated funds available to the insurer under that policy. The estimated maximum amount of retrospective assessments under the current policies could total approximately $37.5 million ($17.6 million, KCP&L's 47% share) per policy year. |
Regulatory Matters |
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters | 6. REGULATORY MATTERS KCP&L Kansas 2016 Abbreviated Rate Case Proceedings In November 2016, KCP&L filed an abbreviated application with the KCC to request a decrease to its retail revenues of $2.8 million, reflecting the true-up to actuals of construction and environmental upgrade costs at the La Cygne station and Wolf Creek capital addition costs and the removal of certain regulatory asset and liability amortizations. The previously approved return on equity and rate-making ratio for KCP&L will not be addressed in this case. Testimony from KCC staff and other parties regarding the case is expected in April 2017, with an evidentiary hearing to occur in May 2017. The decrease to retail revenues is anticipated to be effective in July 2017. 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. In November 2016, MPSC staff filed testimony regarding the case stating that they did not have sufficient information to support a change in rates but in the event that new rates were approved, recommended a return on equity of 8.65%, which is on the upper end of their range of 7.9% to 8.75%. In February 2017, KCP&L, MPSC staff and other parties to the case filed a non-unanimous stipulation and agreement resolving certain issues in the case. The stipulation and agreement is pending MPSC approval. An evidentiary hearing also occurred in February 2017. An order on the remaining issues in the case is anticipated to be received to accommodate new rates 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 took effect on February 22, 2017. Regulatory Assets and Liabilities Great Plains Energy and KCP&L have recorded assets and liabilities on their consolidated balance sheets resulting from the effects of the ratemaking process, which would not otherwise be recorded if the Companies were not regulated. Regulatory assets represent incurred costs that are probable of recovery from future revenues. Regulatory liabilities represent future reductions in revenues or refunds to customers. Management regularly assesses whether regulatory assets and liabilities are probable of future recovery or refund by considering factors such as decisions by the MPSC, KCC or FERC in KCP&L's and GMO's rate case filings; decisions in other regulatory proceedings, including decisions related to other companies that establish precedent on matters applicable to the Companies; and changes in laws and regulations. If recovery or refund of regulatory assets or liabilities is not approved by regulators or is no longer deemed probable, these regulatory assets or liabilities are recognized in the current period results of operations. The Companies' continued ability to meet the criteria for recording regulatory assets and liabilities may be affected in the future by restructuring and deregulation in the electric industry or changes in accounting rules. In the event that the criteria no longer applied to any or all of the Companies' operations, the related regulatory assets and liabilities would be written off unless an appropriate regulatory recovery mechanism were provided. Additionally, these factors could result in an impairment on utility plant assets. Great Plains Energy's and KCP&L's regulatory assets and liabilities are detailed in the following table.
(a) Amortized over the life of the related new debt issuances or the remaining lives of the old debt issuances if no new debt was issued. (b) Represents unrecognized gains and losses, prior service and transition costs that will be recognized in future net periodic pension and post-retirement costs, pension settlements amortized over various periods and financial and regulatory accounting method differences that will be eliminated over the life of the pension plans. Of these amounts, $360.7 million and $65.1 million for KCP&L and GMO, respectively, are not included in rate base and are amortized over various periods. (c) $13.2 million not included in rate base and amortized over various periods. (d) $15.4 million not included in rate base and amortized over various periods. (e) Not included in rate base and amortized over various periods. (f) Included in rate base and amortized through 2038. (g) Included in rate base and amortized through 2058. (h) Included in rate base and amortized through 2040. (i) Estimated cumulative net provision for future removal costs. |
Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets [Text Block] | 7. GOODWILL AND INTANGIBLE ASSETS 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. See Note 1 for additional information regarding the Company's plans to adopt ASU No. 2017-04 for its 2017 goodwill impairment test. 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. Great Plains Energy's and KCP&L's intangible assets are included in electric utility plant on the consolidated balance sheets and are detailed in the following table.
Great Plains Energy's and KCP&L's amortization expense related to intangible assets is detailed in the following table.
The following table provides the estimated amortization expense related to Great Plains Energy's and KCP&L's intangible assets for 2017 through 2021 for the intangible assets included in the consolidated balance sheets at December 31, 2016.
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Asset Retirement Obligations |
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Asset Retirement Obligation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations [Text Block] | 8. ASSET RETIREMENT OBLIGATIONS AROs associated with tangible long-lived assets are legal obligations that exist under enacted laws, statutes and written or oral contracts, including obligations arising under the doctrine of promissory estoppel. These liabilities are recognized at estimated fair value as incurred with a corresponding amount capitalized as part of the cost of the related long-lived assets and depreciated over their useful lives. Accretion of the liabilities due to the passage of time is recorded to a regulatory asset and/or liability. Changes in the estimated fair values of the liabilities are recognized when known. KCP&L has AROs related to decommissioning Wolf Creek, site remediation of its Spearville Wind Energy Facilities, asbestos abatement, removal of storage tanks and closure and post-closure of ponds and landfills containing coal combustion residuals (CCRs). GMO has AROs related to asbestos abatement, removal of storage tanks and closure and post-closure of ponds and landfills containing CCRs. Additionally, certain wiring used in Great Plains Energy's and KCP&L's generating stations include asbestos insulation, which would require special handling if disturbed. Due to the inability to reasonably estimate the quantities or the amount of disturbance that will be necessary during dismantlement at the end of the life of a plant, the fair value of this ARO cannot be reasonably estimated at this time. Management will continue to monitor the obligation and will recognize a liability in the period in which sufficient information becomes available to reasonably estimate its fair value. On April 17, 2015, the Environmental Protection Agency (EPA) published new regulations to regulate the disposal of CCRs at electric generation facilities. The CCR rule represents legal obligations of Great Plains Energy and KCP&L as to the closure and post-closure of its ponds and landfills containing CCRs. In 2016, Great Plains Energy and KCP&L revised their AROs by $42.1 million and $40.1 million, respectively, due to an increase in cost estimates for the closure of ponds and landfills containing CCRs at KCP&L's electric generating facilities. As a result of the CCR rule being published, Great Plains Energy and KCP&L increased their AROs $69.5 million and $51.3 million, respectively, in the second quarter of 2015. The following table summarizes the change in Great Plains Energy's and KCP&L's AROs.
ARO settlement activity in 2016 and 2015 primarily consists of the remediation of AROs for the closure of ponds and landfills containing CCRs at KCP&L and GMO. |
Pension Plans and Other Employee Benefits |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans and Other Employee Benefits | 9. 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. Effective in 2014, Great Plains Energy's 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. In 2014, Great Plains Energy incurred pension settlement charges of $8.5 million as a result of accelerated pension distributions. The following pension benefits tables provide information relating to the funded status of all defined benefit pension plans on an aggregate basis as well as the components of net periodic benefit costs. For financial reporting purposes, the market value of plan assets is the fair value. For regulatory reporting purposes, a five-year smoothing of assets is used to determine fair value. Net periodic benefit costs reflect total plan benefit costs prior to the effects of capitalization and sharing with joint owners of power plants.
For financial reporting purposes, the estimated prior service cost and net loss for the defined benefit plans that will be amortized from accumulated other comprehensive income (OCI) or a regulatory asset into net periodic benefit cost in 2017 are $0.7 million and $49.7 million, respectively. For financial reporting purposes, net actuarial gains and losses are recognized on a rolling five-year average basis. For regulatory reporting purposes, net actuarial gains and losses are amortized over ten years. The estimated net gain for the other post-retirement benefit plans that will be amortized from accumulated OCI or a regulatory asset into net periodic benefit cost in 2017 is $0.5 million. The accumulated benefit obligation (ABO) for all defined benefit pension plans was $1,090.2 million and $1,017.6 million at December 31, 2016, and 2015, respectively. Pension and other post-retirement benefit plans with the PBO, ABO or accumulated other post-retirement benefit obligation (APBO) in excess of the fair value of plan assets at year-end are detailed in the following table.
The GMO Supplemental Executive Retirement Plan (SERP) is reflected as an unfunded ABO of $23.6 million. Great Plains Energy has approximately $15.8 million of assets in a non-qualified trust for this plan as of December 31, 2016, and expects to fund future benefit payments from these assets. The expected long-term rate of return on plan assets represents Great Plains Energy's estimate of the long-term return on plan assets and is based on historical and projected rates of return for current and planned asset classes in the plans' investment portfolios. Assumed projected rates of return for each asset class were selected after analyzing historical experience and future expectations of the returns of various asset classes. Based on the target asset allocation for each asset class, the overall expected rate of return for the portfolios was developed and adjusted for the effect of projected benefits paid from plan assets and future plan contributions. The following tables provide the weighted-average assumptions used to determine benefit obligations and net costs.
*after tax Great Plains Energy expects to contribute $79.6 million to the pension plans in 2017 to meet ERISA funding requirements and regulatory orders, the majority of which is expected to be paid by KCP&L. Great Plains Energy's funding policy is to contribute amounts sufficient to meet the ERISA funding requirements and MPSC and KCC rate orders plus additional amounts as considered appropriate; therefore, actual contributions may differ from expected contributions. Great Plains Energy also expects to contribute $4.6 million to other post-retirement benefit plans in 2017, the majority of which is expected to be paid by KCP&L. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid through 2026.
Pension plan assets are managed in accordance with prudent investor guidelines contained in the ERISA requirements. The investment strategy supports the objective of the fund, which is to earn the highest possible return on plan assets within a reasonable and prudent level of risk. The portfolios are invested, and periodically rebalanced, to achieve targeted allocations of approximately 34% U.S. large cap and small cap equity securities, 21% international equity securities, 36% fixed income securities, 6% real estate, 1% commodities and 2% hedge funds. Fixed income securities include domestic and foreign corporate bonds, collateralized mortgage obligations and asset-backed securities, U.S. government agency, state and local obligations, U.S. Treasury notes and money market funds. The fair values of Great Plains Energy's pension plan assets at December 31, 2016 and 2015, by asset category are in the following tables.
(a) At December 31, 2016 and 2015, this category is comprised of $128.8 million and $121.6 million, respectively, of traded mutual funds valued at daily listed prices and $84.2 million and $73.9 million, respectively, of traded common stocks and exchange traded funds. At December 31, 2016 and 2015, this category also includes $34.6 million and $30.5 million, respectively, of institutional common/collective trust funds valued at net asset value (NAV) per share (or its equivalent) and is not categorized in the fair value hierarchy. (b) At December 31, 2016 and 2015, this category is comprised of $92.8 million and $34.2 million, respectively, of traded mutual funds valued at daily listed prices and $27.6 million and $75.5 million, respectively, of traded American depository receipts, global depository receipts and ordinary shares. At December 31, 2016 and 2015, this category also includes $43.3 million and $37.7 million, respectively, of institutional common/collective trust funds valued at NAV per share (or its equivalent) and is not categorized in the fair value hierarchy. (c) At December 31, 2016 and 2015, this category is comprised of $12.4 million and $12.2 million, respectively, of traded real estate investment trusts. At December 31, 2016 and 2015, this category also includes $30.3 million and $33.7 million, respectively, of institutional common/collective trust funds and a limited partnership valued at NAV per share (or its equivalent) and is not categorized in the fair value hierarchy. (d) Consists of institutional common/collective trust funds valued at NAV per share (or its equivalent) and is not categorized in the fair value hierarchy. (e) At December 31, 2016 and 2015, this category is comprised of $20.9 million and $20.0 million, respectively, of traded mutual funds valued at daily listed prices. At December 31, 2016 and 2015, this category also includes $44.2 million and $40.4 million, respectively, of institutional common/collective trust funds valued at NAV per share (or its equivalent) and is not categorized in the fair value hierarchy. (f) At December 31, 2016 and 2015, this category is comprised of $115.7 million and $103.0 million, respectively, of corporate bonds, $2.3 million and $2.9 million, respectively, of collateralized mortgage obligations and $2.2 million and $2.9 million, respectively, of other asset-backed securities. (g) Consists of closely-held limited partnerships valued at NAV per share (or its equivalent) and is not categorized in the fair value hierarchy. Other post-retirement plan assets are also managed in accordance with prudent investor guidelines contained in the ERISA requirements. The investment strategy supports the objective of the funds, which is to preserve capital, maintain sufficient liquidity and earn a consistent rate of return. Other post-retirement plan assets are invested primarily in fixed income securities, which may include domestic and foreign corporate bonds, collateralized mortgage obligations and asset-backed securities, U.S. government agency, state and local obligations, U.S. Treasury notes and money market funds, as well as domestic and international equity funds. The fair values of Great Plains Energy's other post-retirement plan assets at December 31, 2016 and 2015, by asset category are in the following tables.
(a) At December 31, 2015, this category is comprised of $0.1 million of traded mutual funds valued at daily listed prices. At December 31, 2016 and 2015, this category also includes $62.7 million and $68.8 million, respectively, of an institutional common/collective trust fund valued at NAV per share (or its equivalent) and is not categorized in the fair value hierarchy. (b) At December 31, 2016 and 2015, this category is comprised of $14.0 million and $12.6 million, respectively, of corporate bonds, $0.5 million and $0.6 million, respectively, of collateralized mortgage obligations and $3.3 million and $2.4 million, respectively, of other asset-backed securities. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. The cost trend assumed for 2016 and 2017 was 6.8% and 6.5%, respectively, with the rate declining through 2025 to the ultimate cost trend rate of 4.5%. The effects of a one-percentage point change in the assumed health care cost trend rates, holding all other assumptions constant, at December 31, 2016, are detailed in the following table.
Employee Savings Plans Great Plains Energy has defined contribution savings plans (401(k)) that cover substantially all employees. Great Plains Energy matches employee contributions, subject to limits. The annual cost of the plans was approximately $11.5 million in 2016, $10.6 million in 2015 and $9.7 million in 2014. KCP&L's annual cost of the plans was approximately $8.0 million in 2016, $7.9 million in 2015 and $7.1 million in 2014. |
Equity Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Compensation | 10. 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. The maximum number of shares of Great Plains Energy common stock that can be issued under the plan is 8.0 million. Common stock shares delivered by Great Plains Energy under the Long-Term Incentive Plan may be authorized but unissued, held in the treasury or purchased on the open market (including private purchases) in accordance with applicable securities laws. Great Plains Energy has a policy of delivering newly issued shares, or shares surrendered by Long-Term Incentive Plan participants for the withholding of taxes and held in treasury, or both, and does not expect to repurchase common shares during 2017 to satisfy performance share payments and director deferred share unit conversion. 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 The payment of performance shares is contingent upon achievement of specific performance goals over a stated period of time as approved by the Compensation and Development Committee of the Board. The number of performance shares ultimately paid can vary from the number of shares initially granted depending on Great Plains Energy's performance over stated performance periods. Compensation expense for performance shares is calculated by recognizing the portion of the fair value for each reporting period for which the requisite service has been rendered. Dividends are accrued over the vesting period and paid in cash based on the number of performance shares ultimately paid. 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. Performance share activity 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 December 31, 2016, the remaining weighted-average contractual term was 1.1 years. The weighted-average grant-date fair value of shares granted was $31.41, $24.03 and $28.78 in 2016, 2015 and 2014, respectively. At December 31, 2016, there was $6.4 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, $0.5 million and $2.8 million in 2016, 2015 and 2014, respectively. Restricted Stock Restricted stock cannot be sold or otherwise transferred by the recipient prior to vesting and has a value equal to the fair market value of the shares on the issue date. Restricted stock shares vest over a stated period of time with accruing reinvested dividends subject to the same restrictions. Compensation expense, calculated by multiplying shares by the grant-date fair value related to restricted stock, is recognized over the stated vesting period. Restricted stock activity is summarized in the following table.
* weighted-average At December 31, 2016, the remaining weighted-average contractual term was 1.2 years. The weighted-average grant-date fair value of shares granted was $29.41, $25.89 and $25.70 in 2016, 2015 and 2014, respectively. At December 31, 2016, there was $2.6 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 $1.8 million, $2.2 million and $1.9 million in 2016, 2015 and 2014, respectively. Director Deferred Share Units Non-employee directors receive shares of Great Plains Energy's common stock as part of their annual retainer. Each director may elect to defer receipt of their shares by receiving Director Deferred Share Units that convert to shares of Great Plains Energy's common stock at the end of January in the year after departure from the Board or such other time as elected by each director. Director Deferred Share Units have a value equal to the market value of Great Plains Energy's common stock on the grant date with accruing dividends. Compensation expense, calculated by multiplying the director deferred share units by the related grant-date fair value, is recognized at the grant date. The total fair value of shares of Director Deferred Share Units issued was insignificant for 2016 and 2015. Director Deferred Share Units activity is summarized in the following table.
* weighted-average |
Short-term Borrowings and Short-term Bank Lines of Credit |
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Dec. 31, 2016 | |
Short-term Borrowings and Short-term Bank Lines of Credit [Abstract] | |
Short-term Borrowings and Short-term Bank Lines of Credit [Text Block] | 11. 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 December 31, 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 December 31, 2016, Great Plains Energy had no outstanding cash borrowings and had issued $1.0 million in 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 December 31, 2016, KCP&L was in compliance with this covenant. At December 31, 2016, KCP&L had $132.9 million of commercial paper outstanding at a weighted-average interest rate of 0.98%, 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 December 31, 2016, GMO was in compliance with this covenant. At December 31, 2016, GMO had $201.9 million of commercial paper outstanding at a weighted-average interest rate of 1.02%, had issued letters of credit totaling $1.9 million and had no outstanding cash borrowings under the credit facility. At December 31, 2015, GMO had $43.7 million of 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 December 31, 2016, the available aggregate principal amount of the facility was $5.1 billion. |
Long-Term Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | 12. LONG-TERM DEBT Great Plains Energy's and KCP&L's long-term debt is detailed in the following table.
Amortization of Debt Expense Great Plains Energy's and KCP&L's amortization of debt expense is detailed in the following table.
In 2016, Other Great Plains Energy includes $29.6 million of amortization of debt expense related to Great Plains Energy's $5.1 billion bridge term loan facility. Fees related to this facility are being amortized over the 364 day term of the facility. KCP&L General Mortgage Bonds KCP&L has issued mortgage bonds under the General Mortgage Indenture and Deed of Trust dated December 1, 1986, as supplemented (Indenture). The Indenture creates a mortgage lien on substantially all of KCP&L's utility plant. Mortgage bonds totaling $510.5 million were outstanding at December 31, 2016 and 2015, respectively. KCP&L Municipal Bond Insurance Policies KCP&L's secured Series 2005 EIRR bonds totaling $50.0 million and $21.9 million, respectively, are covered by a municipal bond insurance policy between KCP&L and Syncora Guarantee, Inc. (Syncora). The insurance agreements between KCP&L and Syncora provide for reimbursement by KCP&L for any amounts that Syncora pays under the municipal bond insurance policies. The insurance agreements contain a covenant that the indebtedness to total capitalization ratio of KCP&L and its consolidated subsidiaries will not be greater than 0.68 to 1.00. At December 31, 2016, KCP&L was in compliance with this covenant. KCP&L is also restricted from issuing additional bonds under its General Mortgage Indenture if, after giving effect to such additional bonds, the proportion of secured debt to total indebtedness would be more than 75%, or more than 50% if the long term rating for such bonds by Standard & Poor's or Moody's Investors Service would be at or below A- or A3, respectively. The insurance agreement covering the unsecured Series 2005 EIRR bonds also required KCP&L to provide collateral to Syncora in the form of $50.0 million of Mortgage Bonds Series 2005 EIRR Insurer due 2035 for KCP&L's obligations under the insurance agreement as a result of KCP&L issuing general mortgage bonds in 2009 (other than refunding of outstanding general mortgage bonds) that resulted in the aggregate amount of outstanding general mortgage bonds exceeding 10% of total capitalization. The bonds are not incremental debt for KCP&L but collateralize Syncora's claim on KCP&L if Syncora was required to meet its obligation under the insurance agreement. In the event of a default under the insurance agreements, Syncora may take any available legal or equitable action against KCP&L, including seeking specific performance of the covenants. GMO First Mortgage Bonds GMO has issued mortgage bonds under the General Mortgage Indenture and Deed of Trust dated April 1, 1946, as supplemented. The Indenture creates a mortgage lien on a portion of GMO's utility plant. Mortgage bonds totaling $5.7 million and $6.8 million, respectively, were outstanding at December 31, 2016 and 2015. GMO Senior Notes Under the terms of the note purchase agreement for GMO's Series A, B and C Senior Notes, GMO is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the agreement, not greater than 0.65 to 1.00 at all times. In addition, GMO's priority debt, as defined in the agreement, cannot exceed 15% of consolidated tangible net worth, as defined in the agreement. At December 31, 2016, GMO was in compliance with these covenants. Scheduled Maturities Great Plains Energy's and KCP&L's long-term debt maturities for the next five years are detailed in the following table.
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Common Shareholders' Equity |
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Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Common Shareholders' Equity | 13. COMMON STOCK 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, 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 issuance costs). Great Plains Energy plans to use proceeds from the offering to finance a portion of the cash consideration for the anticipated acquisition of Westar. Great Plains Energy has shares of common stock registered with the SEC for its Dividend Reinvestment and Direct Stock Purchase Plan. The plan allows for the purchase of common shares by reinvesting dividends or making optional cash payments. Great Plains Energy can issue new shares or purchase shares on the open market for the plan. At December 31, 2016, 1.0 million shares remained available for future issuances. Great Plains Energy has shares of common stock registered with the SEC for a defined contribution savings plan (401(k)). Shares issued under the plan may be either newly issued shares or shares purchased in the open market. At December 31, 2016, 0.7 million shares remained available for future issuances. Treasury shares are held for future distribution upon issuance of shares in conjunction with the Company's Long-Term Incentive Plan. Great Plains Energy's articles of incorporation restrict the payment of common stock dividends in the event common equity is 25% or less of total capitalization. In addition, if preferred stock dividends are not declared and paid when scheduled, Great Plains Energy could not declare or pay common stock dividends or purchase any common shares. If the unpaid preferred stock dividends are in arrears for six or more quarters, whether or not consecutive, the preferred shareholders will be entitled to name two directors to the Great Plains Energy Board. Certain conditions in the MPSC and KCC orders authorizing the holding company structure require Great Plains Energy and KCP&L to maintain consolidated common equity of at least 30% and 35%, respectively, of total capitalization (including only the amount of short-term debt in excess of the amount of construction work in progress). Under the Federal Power Act, KCP&L and GMO generally can pay dividends only out of retained earnings. The revolving credit agreements of Great Plains Energy, KCP&L and GMO and the note purchase agreement for GMO's Series A, B and C Senior Notes contain a covenant requiring the respective company to maintain a consolidated indebtedness to consolidated total capitalization ratio of not more than 0.65 to 1.00 at all times, except as the ratio pertains to Great Plains Energy, which was amended in June 2016, as further described in Note 11. As of December 31, 2016, all of Great Plains Energy's and KCP&L's retained earnings and net income were free of restrictions. As a result of the above restrictions, Great Plains Energy's subsidiaries had restricted net assets of approximately $2.8 billion as of December 31, 2016. The restrictions are not expected to affect the Companies' ability to pay dividends at the current level in the foreseeable future. |
Preferred Stock |
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Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||||||||||||||||||
Preferred Stock [Text Block] | 14. PREFERRED STOCK At December 31, 2016, 1.6 million shares of Cumulative No Par Preferred Stock, 390,000 shares of Cumulative Preferred Stock, $100 par value and 11.0 million shares of Preference Stock without par value were authorized under Great Plains Energy's articles of incorporation. At December 31, 2016, Great Plains Energy had 862,500 shares of Series B Preferred Stock issued and outstanding and had entered into a stock purchase agreement to issue 750,000 shares of Series A Preferred Stock at the closing of the anticipated acquisition with Westar. In August 2016, Great Plains Energy redeemed its 390,000 shares of outstanding Cumulative Preferred Stock, $100 par value. See the discussion below for further information on these transactions and the pertinent rights and privileges of the Series A and Series B Preferred Stock. 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 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 $836.2 million after issuance costs). Great Plains Energy plans to use proceeds from the offering to fund 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. 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. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | 15. 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 AFUDC and property taxes) over the next four 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. 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 19 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 became 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 does 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. 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 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 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 December 31, 2016 and 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 December 31, 2016 and 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. Contractual Commitments Great Plains Energy's and KCP&L's expenses related to lease commitments are detailed in the following table.
Great Plains Energy's and KCP&L's contractual commitments at December 31, 2016, excluding pensions and long-term debt, are detailed in the following tables.
Great Plains Energy's and KCP&L's lease commitments end in 2048. Operating lease commitments include rail cars to serve jointly-owned generating units where KCP&L is the managing partner. Of the amounts included in the table above, KCP&L will be reimbursed by the other owners for approximately $1.5 million in 2017, $1.2 million in 2018 and approximately $0.4 million per year from 2019 to 2025, for a total of $5.5 million. Fuel commitments consist of commitments for nuclear fuel, coal and coal transportation. Power commitments consist of commitments for renewable energy under power purchase agreements. Other represents individual commitments entered into in the ordinary course of business. |
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Legal Proceedings [Abstract] | |
Contingencies Disclosure [Text Block] | 16. 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 November 2014, FERC issued an order finding that MPS Merchant engaged in tariff violations during the periods prior to October 2, 2000 (the Summer Period) and ordered 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 denying MPS Merchant's request for rehearing and expanded the remedy to include additional MPS Merchant sales in the California markets. MPS Merchant filed another request for rehearing, challenging the expanded remedy. In February 2016, FERC issued an order expanding the amount of revenues that MPS Merchant would be required to disgorge to include 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. 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 $7.5 million of cash consideration as well as MPS Merchant's interest in additional funds it was entitled to during the refund period discussed above. The settlement agreement was filed with FERC in December 2016. In accordance with the terms of the settlement agreement, the $7.5 million of cash consideration will begin accruing interest at the FERC interest rate beginning on January 1, 2017, until the date paid. In January 2017, FERC issued an order denying a motion filed in conjunction with and as a condition of the settlement agreement and ordered MPS Merchant and the California utilities and governmental agencies to notify FERC by February 27, 2017 whether they intended to revise the settlement agreement or withdraw it. In February 2017, MPS Merchant and the California utilities and governmental agencies filed a notice with FERC revising the settlement agreement to waive the condition of the settlement agreement that was contingent upon the motion denied by FERC. The revised settlement agreement is subject to approval by the Public Utilities Commission of the State of California and FERC. As a result of the developments noted above, Great Plains Energy recorded a $7.5 million loss in other operating expenses in 2016. |
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Guarantees [Text Block] | 17. GUARANTEES In the ordinary course of business, Great Plains Energy and certain of its subsidiaries enter into various agreements providing financial or performance assurance to third parties on behalf of certain subsidiaries. Such agreements include, for example, guarantees and letters of credit. These agreements are entered into primarily to support or enhance the creditworthiness otherwise attributed to a subsidiary on a stand-alone basis, thereby facilitating the extension of sufficient credit to accomplish the subsidiary's intended business purposes. The majority of these agreements guarantee the Company's own future performance, so a liability for the fair value of the obligation is not recorded. At December 31, 2016, Great Plains Energy has provided $135.3 million of credit support for GMO as follows:
Great Plains Energy has also guaranteed GMO's commercial paper program. At December 31, 2016, GMO had $201.9 million commercial paper outstanding. |
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Related Party Transactions and Relationships | 18. 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 $194.4 million for 2016, $183.6 million for 2015 and $173.9 million for 2014. Additionally, KCP&L and GMO engage in wholesale electricity transactions with each other. KCP&L's net wholesale sales to GMO were $0.8 million, $0.2 million and $12.7 million in 2016, 2015 and 2014, respectively. 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 December 31, 2016 and 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 and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 19. 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 and 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 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. 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 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. 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 December 31, 2015, Great Plains Energy had offset $5.7 million of cash collateral posted with counterparties against net derivative positions. See Note 21 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 December 31, 2016, includes $7.8 million that is expected to be reclassified to expenses over the next twelve months. KCP&L's accumulated OCI at December 31, 2016, includes $7.5 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 | 20. 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 December 31, 2016, the book value and fair value of Great Plains Energy's long-term debt, including current maturities, were $3.8 billion and $4.0 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 December 31, 2016, the book value and fair value of KCP&L's long-term debt, including current maturities, were $2.6 billion and $2.7 billion, respectively. At 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), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Text Block] | 21. 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 |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | 22. 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.
Deferred Income Taxes The tax effects of major temporary differences resulting in deferred income tax assets (liabilities) in the consolidated balance sheets are in the following tables.
Tax Credit Carryforwards At December 31, 2016 and 2015, Great Plains Energy had $183.5 million and $169.2 million, respectively, of federal general business income tax credit carryforwards. At December 31, 2016 and 2015, KCP&L had $177.4 million and $166.6 million, respectively, of federal general business income tax credit carryforwards. The carryforwards for both Great Plains Energy and KCP&L relate primarily to Advanced Coal Investment Tax Credits and Wind Production tax credits and expire in the years 2028 to 2036. Approximately $0.5 million of Great Plains Energy's credits are related to Low Income Housing credits that were acquired in the GMO acquisition. Due to federal limitations on the utilization of income tax attributes acquired in the GMO acquisition, management expects a portion of these credits to expire unutilized and has provided a valuation allowance against $0.4 million of the federal income tax benefit. At December 31, 2016 and 2015, Great Plains Energy had $87.6 million of federal alternative minimum tax credit carryforwards, all of which was acquired in the GMO acquisition. These credits do not expire and can be used to reduce taxes paid in the future. Net Operating Loss Carryforwards At December 31, 2016 and 2015, Great Plains Energy had $643.8 million and $656.1 million, respectively, of tax benefits related to federal net operating loss (NOL) carryforwards. Approximately $306.2 million at December 31, 2016 and $313.2 million at December 31, 2015, respectively, are tax benefits related to NOLs that were acquired in the GMO acquisition. The tax benefits for NOLs originating in 2003 are $23.0 million, $152.4 million originating in 2004, $74.1 million originating in 2005, $53.3 million originating in 2006, $1.3 million originating in 2007, $2.4 million originating in 2008, $36.5 million originating in 2009, $4.1 million originating in 2010, $108.8 million originating in 2011, $2.1 million originating in 2012, $1.4 million originating in 2013, $86.3 million originating in 2014 and $98.1 million originating in 2015. The federal NOL carryforwards expire in years 2023 to 2036. In addition, Great Plains Energy also had deferred tax benefits of $74.2 million and $78.8 million related to state NOLs as of December 31, 2016 and 2015, respectively. Of these amounts, approximately $36.1 million and $39.2 million at December 31, 2016 and 2015, respectively, were acquired in the GMO acquisition. Management does not expect to utilize $16.0 million of NOLs in state tax jurisdictions where the Company does not expect to operate in the future. Therefore, a valuation allowance has been provided against $16.0 million of state tax benefits. Valuation Allowances Great Plains Energy is required to assess the ultimate realization of deferred tax assets using a “more likely than not” assessment threshold. This assessment takes into consideration tax planning strategies within Great Plains Energy's control. As a result of this assessment, Great Plains Energy has established a partial valuation allowance for federal and state tax NOL carryforwards and tax credit carryforwards. During 2016, $3.5 million of tax expense was recorded in continuing operations primarily related to state NOL carryforwards that expired at December 31, 2016. |
Segments and Related Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments and Related Information | 23. 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 certain 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.
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Jointly Owned Electric Utility Plants |
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Jointly Owned Electric Utility Plants [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jointly Owned Electric Utility Plants [Text Block] | 24. JOINTLY-OWNED ELECTRIC UTILITY PLANTS Great Plains Energy's and KCP&L's share of jointly-owned electric utility plants at December 31, 2016, are detailed in the following tables.
Each owner must fund its own portion of the plant's operating expenses and capital expenditures. KCP&L's and GMO's share of direct expenses are included in the appropriate operating expense classifications in Great Plains Energy's and KCP&L's financial statements. |
Quarterly Operating Results (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | 25. QUARTERLY OPERATING RESULTS (UNAUDITED)
Quarterly data is subject to seasonal fluctuations with peak periods occurring in the summer months. |
Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization [Policy Text Block] | Organization Great Plains Energy, a Missouri corporation incorporated in 2001, is a public utility holding company and does not own or operate any significant assets other than the stock of its subsidiaries and cash and cash equivalents and a time deposit to be used to fund a portion of the cash consideration for the anticipated acquisition of Westar Energy, Inc. (Westar). 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 23 for additional information. |
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Use of Estimates, Policy [Policy Text Block] | Use of Estimates The process of preparing financial statements in conformity with Generally Accepted Accounting Principles (GAAP) requires the use of estimates and assumptions that affect the reported amounts of certain types of assets, liabilities, revenues and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts. |
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Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with original maturities of three months or less at acquisition. |
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Time Deposit, Policy [Policy Text Block] | Time Deposit Consists of a non-negotiable fixed rate investment in a time deposit with an original maturity of greater than three months and is recorded on the balance sheet at cost. The time deposit matures in the first quarter of 2017 and the proceeds from this investment are expected to be used to fund a portion of the cash consideration for the anticipated acquisition of Westar. The Company estimates the fair value of the time deposit, which approximates its carrying value, using Level 2 inputs based on current interest rates for similar investments with comparable credit risk and time to maturity. |
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Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value. Nuclear decommissioning trust fund - KCP&L's nuclear decommissioning trust fund assets are recorded at fair value based on quoted market prices of the investments held by the fund and/or valuation models. Derivative instruments - The fair value of commodity derivative instruments is estimated using market quotes, over-the-counter forward price and volatility curves and correlation among fuel prices, net of estimated credit risk. The fair value of interest rate derivative instruments is determined by calculating the net present value of expected payments and receipts under interest rate swaps using observable market inputs including interest rates and LIBOR swap rates. Management also discounts the value by a contingency factor that it believes is representative of what a market participant would use in valuing these instruments in order to account for the contingent nature of the settlement of these instruments. Pension plans - For financial reporting purposes, the market value of plan assets is the fair value. For regulatory reporting purposes, a five-year smoothing of assets is used to determine fair value. |
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Derivatives, Policy [Policy Text Block] | Derivative Instruments The Company records derivative instruments on the balance sheet at fair value in accordance with GAAP. Great Plains Energy and KCP&L enter into derivative contracts to manage exposure to commodity price and interest rate fluctuations. Derivative instruments are used solely for hedging purposes and are not issued or held for speculative reasons. The Company considers various qualitative factors, such as contract and market place attributes, in designating derivative instruments at inception. Great Plains Energy and KCP&L may elect the normal purchases and normal sales (NPNS) exception, which requires the effects of the derivative to be recorded when the underlying contract settles. Great Plains Energy and KCP&L account for derivative instruments that are not designated as NPNS as non-hedging derivatives, which are recorded as assets or liabilities on the consolidated balance sheets at fair value. See Note 19 for additional information regarding derivative financial instruments and hedging activities. Great Plains Energy and KCP&L offset fair value amounts recognized for derivative instruments under master netting arrangements, which include rights to reclaim cash collateral (a receivable), or the obligation to return cash collateral (a payable). |
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Utility Plant, Policy [Policy Text Block] | Utility Plant Great Plains Energy's and KCP&L's utility plant is stated at historical cost. These costs include taxes, an allowance for the cost of borrowed and equity funds used to finance construction and payroll-related costs, including pensions and other fringe benefits. Replacements, improvements and additions to units of property are capitalized. Repairs of property and replacements of items not considered to be units of property are expensed as incurred (except as discussed under Deferred Refueling Outage Costs). When property units are retired or otherwise disposed, the original cost, net of salvage, is charged to accumulated depreciation. Substantially all of KCP&L's utility plant is pledged as collateral for KCP&L's mortgage bonds under the General Mortgage Indenture and Deed of Trust dated December 1, 1986, as supplemented. A portion of GMO's utility plant is pledged as collateral for GMO's mortgage bonds under the General Mortgage Indenture and Deed of Trust dated April 1, 1946, as supplemented. As prescribed by The Federal Energy Regulatory Commission (FERC), Allowance for Funds Used During Construction (AFUDC) is charged to the cost of the plant during construction. AFUDC equity funds are included as a non-cash item in non-operating income and AFUDC borrowed funds are a reduction of interest charges. The rates used to compute gross AFUDC are compounded semi-annually. The rates used to compute gross AFUDC for KCP&L averaged 5.7% in 2016, 3.0% in 2015 and 5.7% in 2014. The rates used to compute gross AFUDC for GMO averaged 1.6% in 2016, 4.2% in 2015 and 6.1% in 2014. Great Plains Energy's and KCP&L's balances of utility plant, at original cost, with a range of estimated useful lives are listed in the following tables.
(a) Includes $178.0 million and $136.5 million at December 31, 2016 and 2015, respectively, of land and other assets that are not depreciated. |
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Depreciation and Amortization, Policy [Policy Text Block] | Depreciation and Amortization Depreciation and amortization of utility plant other than nuclear fuel is computed using the straight-line method over the estimated lives of depreciable property based on rates approved by state regulatory authorities. Annual depreciation rates average approximately 3%. Nuclear fuel is amortized to fuel expense based on the quantity of heat produced during the generation of electricity. Great Plains Energy's depreciation expense was $308.8 million, $299.4 million and $277.9 million for 2016, 2015 and 2014, respectively. KCP&L's depreciation expense was $215.4 million, $208.5 million and $189.7 million for 2016, 2015 and 2014, respectively. |
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Nuclear Plant Decommissioning Costs, Policy [Policy Text Block] | Nuclear Plant Decommissioning Costs Nuclear plant decommissioning cost estimates are based on the immediate dismantlement method and include the costs of decontamination, dismantlement and site restoration. Based on these cost estimates, KCP&L contributes to a tax-qualified trust fund to be used to decommission Wolf Creek Generating Station (Wolf Creek). Related liabilities for decommissioning are included on Great Plains Energy's and KCP&L's balance sheets in Asset Retirement Obligations (AROs). As a result of the authorized regulatory treatment and related regulatory accounting, differences between the decommissioning trust fund asset and the related ARO are recorded as a regulatory asset or liability. See Note 8 for discussion of AROs including those associated with nuclear plant decommissioning costs. |
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Deferred Refueling Outage Costs, Policy [Policy Text Block] | Deferred Refueling Outage Costs KCP&L uses the deferral method to account for operations and maintenance expenses incurred in support of Wolf Creek's scheduled refueling outages and amortizes them evenly (monthly) over the unit's operating cycle, which is approximately 18 months, until the next scheduled outage. Replacement power costs during an outage are expensed as incurred. |
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Regulatory Matters, Policy [Policy Text Block] | Regulatory Matters KCP&L and GMO defer items on the balance sheet resulting from the effects of the ratemaking process, which would not be recorded if KCP&L and GMO were not regulated. See Note 6 for additional information concerning regulatory matters. |
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Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Great Plains Energy and KCP&L recognize revenues on sales of electricity when the service is provided. Revenues recorded include electric services provided but not yet billed by KCP&L and GMO. Unbilled revenues are recorded for kWh usage in the period following the customers' billing cycle to the end of the month. KCP&L's and GMO's estimate is based on net system kWh usage less actual billed kWhs. KCP&L's and GMO's estimated unbilled kWhs are allocated and priced by regulatory jurisdiction across the rate classes based on actual billing rates. KCP&L and GMO collect from customers gross receipts taxes levied by state and local governments. These taxes from KCP&L's Missouri customers are recorded gross in operating revenues and general taxes on Great Plains Energy's and KCP&L's statements of comprehensive income. KCP&L's gross receipts taxes collected from Missouri customers were $70.3 million, $62.0 million and $60.4 million in 2016, 2015 and 2014, respectively. These taxes from KCP&L's Kansas customers and GMO's customers are recorded net in operating revenues on Great Plains Energy's and KCP&L's statements of comprehensive income. Great Plains Energy and KCP&L collect sales taxes from customers and remit to state and local governments. These taxes are presented on a net basis on Great Plains Energy's and KCP&L's statements of comprehensive income. Great Plains Energy and KCP&L record sale and purchase activity on a net basis in wholesale revenue or purchased power when transacting with Regional Transmission Organization (RTO)/Independent System Operator (ISO) markets. |
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Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts This reserve represents estimated uncollectible accounts receivable and is based on management's judgment considering historical loss experience and the characteristics of existing accounts. Provisions for losses on receivables are expensed to maintain the allowance at a level considered adequate to cover expected losses. Receivables are charged off against the reserve when they are deemed uncollectible. |
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Property Gains And Losses, Policy [Policy Text Block] | Property Gains and Losses Net gains and losses from the sale of assets and businesses and from asset impairments are recorded in operating expenses. |
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Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Asset Impairments Long-lived assets and finite-lived intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the undiscounted expected future cash flows from an asset to be held and used is less than the carrying value of the asset, an asset impairment must be recognized in the financial statements. The amount of impairment recognized is the excess of the carrying value of the asset over its fair value. Goodwill and indefinite lived intangible assets are tested for impairment annually and when an event occurs indicating the possibility that an impairment exists. The annual test must be performed at the same time each year. If the fair value of a reporting unit is less than its carrying value including goodwill, an impairment charge for goodwill must be recognized in the financial statements. To measure the amount of the impairment loss to recognize, the implied fair value of the reporting unit goodwill is compared with its carrying value. |
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Income Taxes, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for using the asset/liability approach. Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax bases of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. Great Plains Energy and KCP&L recognize tax benefits based on a “more-likely-than-not” recognition threshold. In addition, Great Plains Energy and KCP&L recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in non-operating expenses. Great Plains Energy files a consolidated federal income tax return as well as unitary and combined income tax returns in several state jurisdictions with Kansas and Missouri being the most significant. Income taxes for consolidated or combined subsidiaries are allocated to the subsidiaries based on separate company computations of income or loss. KCP&L's income tax provision includes taxes allocated based on its separate company income or loss. Great Plains Energy and KCP&L have established a net regulatory asset for the additional future revenues to be collected from customers for deferred income taxes. Tax credits are recognized in the year generated except for certain KCP&L and GMO investment tax credits that have been deferred and amortized over the remaining service lives of the related properties. |
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Environmental Matters, Policy [Policy Text Block] | Environmental Matters Environmental costs are accrued when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated. |
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Basic and Diluted Earnings per Common Share Calculation [Policy Text Block] | Basic and Diluted Earnings per Common Share Calculation To determine basic 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. To determine diluted EPS, preferred stock dividend requirements are added to earnings available for common shareholders for the periods in which the assumed conversion of Great Plains Energy's 7.00% Series B Mandatory Convertible Preferred Stock (Series B Preferred Stock) has a dilutive effect before dividing by the diluted average number of common shares outstanding. The effect of dilutive securities assumes the issuance of common shares applicable to performance shares and restricted stock calculated using the treasury stock method and the number of common shares that would be issued under an assumed conversion of Series B Preferred Stock using the if-converted method. |
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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 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 have completed a review of the majority of their revenue arrangements and do not expect the standard to have a material impact on their consolidated financial statements. However, the Companies are still evaluating the impacts on revenue recognition of their remaining revenue arrangements and contracts where collectability is uncertain, as well as the accounting for contributions in aid of construction. The Companies are in the process of determining their method of adoption, which depends in part on completing the evaluation of the remaining items noted above. 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 adopted ASU No. 2016-09 effective January 1, 2017 and it will not have a significant impact on their ongoing financial reporting. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, which eliminates Step 2 of the goodwill impairment test. Step 2 measures a goodwill impairment loss by computing the implied fair value of a reporting unit's goodwill and comparing it with the carrying amount of that goodwill in the event that the reporting unit does not pass Step 1 of the goodwill impairment test. Under the amendments in this ASU, a goodwill impairment loss would be measured by the amount the carrying value of the reporting unit exceeds its fair value as calculated in Step 1 of the goodwill impairment test. The new guidance is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted for tests performed after January 1, 2017. Great Plains Energy anticipates early adopting ASU No. 2017-04 for its 2017 goodwill impairment test and does not anticipate that it will have a significant impact on its ongoing financial reporting. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Public Utility Property, Plant, and Equipment [Table Text Block] |
(a) Includes $178.0 million and $136.5 million at December 31, 2016 and 2015, respectively, of land and other assets that are not depreciated. |
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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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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Anti-dilutive shares excluded from the computation of diluted EPS are detailed in the following table.
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Supplemental Cash Flow Information (Tables) |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] |
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Receivables (Tables) |
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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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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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Nuclear plant decommissioning costs [Table Text Block] |
(a) Total future cost over an eight year decommissioning period (b) The 6.29% and 5.81% rate of return for KCC and MPSC, respectively, is through 2025. The rates then systematically decrease through 2053 to 0.72% and 2.22% for KCC and MPSC, respectively, based on the assumption that the fund's investment mix will become increasingly conservative as the decommissioning period approaches. |
Regulatory Matters (Tables) |
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Regulated Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Regulatory Assets And Liabilities [Table Text Block] |
(a) Amortized over the life of the related new debt issuances or the remaining lives of the old debt issuances if no new debt was issued. (b) Represents unrecognized gains and losses, prior service and transition costs that will be recognized in future net periodic pension and post-retirement costs, pension settlements amortized over various periods and financial and regulatory accounting method differences that will be eliminated over the life of the pension plans. Of these amounts, $360.7 million and $65.1 million for KCP&L and GMO, respectively, are not included in rate base and are amortized over various periods. (c) $13.2 million not included in rate base and amortized over various periods. (d) $15.4 million not included in rate base and amortized over various periods. (e) Not included in rate base and amortized over various periods. (f) Included in rate base and amortized through 2038. (g) Included in rate base and amortized through 2058. (h) Included in rate base and amortized through 2040. (i) Estimated cumulative net provision for future removal costs. |
Goodwill and Intangible Assets (Tables) |
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Finite-Lived Intangible Assets [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Great Plains Energy's and KCP&L's intangible assets are included in electric utility plant on the consolidated balance sheets and are detailed in the following table.
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Amortization Expense Related to Intangible Assets [Table Text Block] | Great Plains Energy's and KCP&L's amortization expense related to intangible assets is detailed in the following table.
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table provides the estimated amortization expense related to Great Plains Energy's and KCP&L's intangible assets for 2017 through 2021 for the intangible assets included in the consolidated balance sheets at December 31, 2016.
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Asset Retirement Obligations (Tables) |
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Asset Retirement Obligation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | The following table summarizes the change in Great Plains Energy's and KCP&L's AROs.
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Pension Plans and Other Employee Benefits (Tables) |
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] |
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Schedule of Net Funded Status [Table Text Block] |
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Schedule Of Periodic Benefit Obligation And Accumulated Benefit Obligation And Fair Value Of Plan Assets By Funded And Under Funded Plans [Table Text Block] |
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Schedule of Assumptions Used [Table Text Block] |
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Schedule of Expected Benefit Payments [Table Text Block] |
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Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] |
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Pension Plans, Defined Benefit [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] |
(a) At December 31, 2016 and 2015, this category is comprised of $128.8 million and $121.6 million, respectively, of traded mutual funds valued at daily listed prices and $84.2 million and $73.9 million, respectively, of traded common stocks and exchange traded funds. At December 31, 2016 and 2015, this category also includes $34.6 million and $30.5 million, respectively, of institutional common/collective trust funds valued at net asset value (NAV) per share (or its equivalent) and is not categorized in the fair value hierarchy. (b) At December 31, 2016 and 2015, this category is comprised of $92.8 million and $34.2 million, respectively, of traded mutual funds valued at daily listed prices and $27.6 million and $75.5 million, respectively, of traded American depository receipts, global depository receipts and ordinary shares. At December 31, 2016 and 2015, this category also includes $43.3 million and $37.7 million, respectively, of institutional common/collective trust funds valued at NAV per share (or its equivalent) and is not categorized in the fair value hierarchy. (c) At December 31, 2016 and 2015, this category is comprised of $12.4 million and $12.2 million, respectively, of traded real estate investment trusts. At December 31, 2016 and 2015, this category also includes $30.3 million and $33.7 million, respectively, of institutional common/collective trust funds and a limited partnership valued at NAV per share (or its equivalent) and is not categorized in the fair value hierarchy. (d) Consists of institutional common/collective trust funds valued at NAV per share (or its equivalent) and is not categorized in the fair value hierarchy. (e) At December 31, 2016 and 2015, this category is comprised of $20.9 million and $20.0 million, respectively, of traded mutual funds valued at daily listed prices. At December 31, 2016 and 2015, this category also includes $44.2 million and $40.4 million, respectively, of institutional common/collective trust funds valued at NAV per share (or its equivalent) and is not categorized in the fair value hierarchy. (f) At December 31, 2016 and 2015, this category is comprised of $115.7 million and $103.0 million, respectively, of corporate bonds, $2.3 million and $2.9 million, respectively, of collateralized mortgage obligations and $2.2 million and $2.9 million, respectively, of other asset-backed securities. (g) Consists of closely-held limited partnerships valued at NAV per share (or its equivalent) and is not categorized in the fair value hierarchy. |
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Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] |
(a) At December 31, 2015, this category is comprised of $0.1 million of traded mutual funds valued at daily listed prices. At December 31, 2016 and 2015, this category also includes $62.7 million and $68.8 million, respectively, of an institutional common/collective trust fund valued at NAV per share (or its equivalent) and is not categorized in the fair value hierarchy. (b) At December 31, 2016 and 2015, this category is comprised of $14.0 million and $12.6 million, respectively, of corporate bonds, $0.5 million and $0.6 million, respectively, of collateralized mortgage obligations and $3.3 million and $2.4 million, respectively, of other asset-backed securities. |
Equity Compensation (Tables) |
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Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity compensation expense and associated income tax benefits |
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Performance share activity |
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Restricted stock activity |
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Director Deferred Share Units |
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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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Amortization Of Debt Expense [Table Text Block] | Great Plains Energy's and KCP&L's amortization of debt expense is detailed in the following table.
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Schedule of Maturities of Long-term Debt [Table Text Block] | Great Plains Energy's and KCP&L's long-term debt maturities for the next five years are detailed in the following table.
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Rent Expense [Table Text Block] |
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Unrecorded Unconditional Purchase Obligations And Lease Commitments [Table Text Block] |
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Schedule Of Environmental Capital Expenditures [Table Text Block] |
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Related Party Transactions and Relationships (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
12 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) |
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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] |
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
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Segments and Related Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Financial Information [Table Text Block] |
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Jointly Owned Electric Utility Plants (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jointly Owned Electric Utility Plants [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Jointly Owned Utility Plants [Table Text Block] | Great Plains Energy's and KCP&L's share of jointly-owned electric utility plants at December 31, 2016, are detailed in the following tables.
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Quarterly Operating Results (Unaudited) (Tables) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] |
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Summary of Significant Accounting Policies Equity Method Investment (Details) - Transource Energy, LLC [Member] |
12 Months Ended |
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Dec. 31, 2016
Rate
| |
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 Summary of Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Kansas City Power and Light Company [Member] | MISSOURI | |||
Excise and Sales Taxes | $ 70.3 | $ 62.0 | $ 60.4 |
Summary of Significant Accounting Policies Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Income [Abstract] | |||||||||||
Net income | $ 290.0 | $ 213.0 | $ 242.8 | ||||||||
Less: preferred stock dividend requirements and redemption premium | 16.5 | 1.6 | 1.6 | ||||||||
Earnings available for common shareholders | $ 273.5 | $ 211.4 | $ 241.2 | ||||||||
Common Shares Outstanding [Abstract] | |||||||||||
Average number of common shares outstanding (in shares) | 169.4 | 154.2 | 153.9 | ||||||||
Add: effect of dilutive securities (in shares) | 0.4 | 0.6 | 0.2 | ||||||||
Diluted average number of common shares outstanding (in shares) | 169.8 | 154.8 | 154.1 | ||||||||
Earnings Per Share [Abstract] | |||||||||||
Basic and Diluted EPS | $ 0.39 | $ 0.86 | $ 0.20 | $ 0.17 | $ 0.15 | $ 0.82 | $ 0.28 | $ 0.12 | $ 1.61 | $ 1.37 | $ 1.57 |
Series B Preferred Stock [Member] | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.00% | 7.00% |
Summary of Significant Accounting Policies Antidilutive Securities (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Performance Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 482,987 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 900 | 3,287 |
Assumed conversion of Series B Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,805,460 | 0 | 0 |
Summary of Significant Accounting Policies Subsequent Events (Details) - Subsequent Event [Member] |
Feb. 28, 2017
$ / shares
|
---|---|
Kansas City Power and Light Company [Member] | |
Dividends Declared [Abstract] | |
Dividends Payable, Amount Per Share | $ 57,000,000 |
Dividends Payable, Date to be Paid | Mar. 17, 2017 |
Dividends Payable, Date Declared, Month and Year | 2017-02 |
Common Stock [Member] | |
Dividends Declared [Abstract] | |
Dividends Payable, Amount Per Share | $ 0.275 |
Dividends Payable, Date to be Paid | Mar. 20, 2017 |
Dividends Payable, Date of Record | Feb. 27, 2017 |
Dividends Payable, Date Declared, Month and Year | 2017-02 |
7.00% Mandatory Convertible Preferred Stock, Series B | |
Dividends Declared [Abstract] | |
Dividends Payable, Date to be Paid | Mar. 15, 2017 |
Dividends Payable, Date of Record | Mar. 01, 2017 |
Dividends Payable, Date Declared, Month and Year | 2017-02 |
Receivables Narrative (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Sale Of Accounts Receivable - KCPL and GMO | ||
Accounts receivable pledged as collateral | $ 172.4 | $ 175.0 |
Collateralized note payable | 172.4 | 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 (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Investments in decommissioning trust fund [Line Items] | |||
Cost Basis | $ 160.5 | $ 152.8 | |
Unrealized Gains | 64.4 | 50.5 | |
Unrealized Losses | (2.0) | (2.6) | |
Fair Value | $ 222.9 | 200.7 | $ 199.0 |
Weighted average maturity of debt securities (in years) | 8 years | ||
Realized gains | $ 1.6 | 5.3 | 1.4 |
Realized losses | (1.3) | (4.6) | $ (1.0) |
Equity Securities [Member] | |||
Investments in decommissioning trust fund [Line Items] | |||
Cost Basis | 93.3 | 89.6 | |
Unrealized Gains | 62.1 | 47.9 | |
Unrealized Losses | (1.5) | (2.1) | |
Fair Value | 153.9 | 135.4 | |
Debt Securities [Member] | |||
Investments in decommissioning trust fund [Line Items] | |||
Cost Basis | 63.4 | 59.6 | |
Unrealized Gains | 2.3 | 2.6 | |
Unrealized Losses | (0.5) | (0.5) | |
Fair Value | 65.2 | 61.7 | |
Other Securities [Member] | |||
Investments in decommissioning trust fund [Line Items] | |||
Cost Basis | 3.8 | 3.6 | |
Fair Value | $ 3.8 | $ 3.6 |
Goodwill and Intangible Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Goodwill [Line Items] | ||
Goodwill | $ 169.0 | $ 169.0 |
Asset Retirement Obligations (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Increase in asset retirement obligations due to CCR regulations | $ 69.5 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset Retirement Obligation, Beginning Balance | $ 275.9 | $ 195.9 | |
Additions | 1.6 | 54.5 | |
Revision in timing and/or estimates | 42.1 | 20.5 | |
Settlements | (17.4) | (7.8) | |
Accretion | 13.8 | 12.8 | |
Asset Retirement Obligation, Ending Balance | $ 316.0 | 275.9 | |
Asset Retirement Obligations, Liability Not Recognized | certain wiring used in Great Plains Energy's and KCP&L's generating stations include asbestos insulation, which would require special handling if disturbed. Due to the inability to reasonably estimate the quantities or the amount of disturbance that will be necessary during dismantlement at the end of the life of a plant, the fair value of this ARO cannot be reasonably estimated at this time. Management will continue to monitor the obligation and will recognize a liability in the period in which sufficient information becomes available to reasonably estimate its fair value. | ||
Kansas City Power and Light Company [Member] | |||
Asset Retirement Obligations, Description | KCP&L has AROs related to decommissioning Wolf Creek, site remediation of its Spearville Wind Energy Facilities, asbestos abatement, removal of storage tanks and closure and post-closure of ponds and landfills containing coal combustion residuals (CCRs). | ||
Increase in asset retirement obligations due to CCR regulations | $ 51.3 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset Retirement Obligation, Beginning Balance | $ 239.3 | 177.7 | |
Additions | 1.3 | 34.6 | |
Revision in timing and/or estimates | 40.1 | 22.2 | |
Settlements | (15.0) | (6.7) | |
Accretion | 12.3 | 11.5 | |
Asset Retirement Obligation, Ending Balance | $ 278.0 | $ 239.3 | |
Asset Retirement Obligations, Liability Not Recognized | certain wiring used in Great Plains Energy's and KCP&L's generating stations include asbestos insulation, which would require special handling if disturbed. Due to the inability to reasonably estimate the quantities or the amount of disturbance that will be necessary during dismantlement at the end of the life of a plant, the fair value of this ARO cannot be reasonably estimated at this time. Management will continue to monitor the obligation and will recognize a liability in the period in which sufficient information becomes available to reasonably estimate its fair value. | ||
KCPL Greater Missouri Operations [Member] | |||
Asset Retirement Obligations, Description | GMO has AROs related to asbestos abatement, removal of storage tanks and closure and post-closure of ponds and landfills containing CCRs. |
Equity Compensation Equity Compensation Deferred Directors (Details) - Director [Member] - Director Deferred Share Units [Member] |
12 Months Ended |
---|---|
Dec. 31, 2016
$ / shares
shares
| |
Director deferred share units [Roll Forward] | |
Director deferred share units, beginning balance (in shares) | shares | 115,415 |
Director deferred share units, issued (in shares) | shares | 23,172 |
Director deferred share units, ending balance (in shares) | shares | 138,587 |
Weighted-average grant date fair value, director deferred share units, beginning balance (in dollars per share) | $ / shares | $ 22.95 |
Weighted-average grant date fair value, director deferred share units, issued (in dollars per share) | $ / shares | 28.99 |
Weighted-average grant date fair value, director deferred share units, ending balance (in dollars per share) | $ / shares | $ 23.96 |
Common Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Oct. 03, 2016 |
Oct. 31, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2016 |
|
Common Shareholders' Equity [Line Items] | ||||||
Common Stock, Shares Authorized | 600,000,000 | 250,000,000 | 600,000,000 | |||
Common Stock Shares Authorized Prior to Amended Articles of Incorporation | 250,000,000 | |||||
Number of shares available for grant under the Dividend Reinvestment and Direct Stock Purchase Plan (in shares) | 1,000,000 | |||||
Number of shares available under the defined contribution savings plan (in shares) | 700,000 | |||||
Restrictions on the payment of common stock dividends | Great Plains Energy's articles of incorporation restrict the payment of common stock dividends in the event common equity is 25% or less of total capitalization. In addition, if preferred stock dividends are not declared and paid when scheduled, Great Plains Energy could not declare or pay common stock dividends or purchase any common shares. If the unpaid preferred stock dividends are in arrears for six or more quarters, whether or not consecutive, the preferred shareholders will be entitled to name two directors to the Great Plains Energy Board. Certain conditions in the MPSC and KCC orders authorizing the holding company structure require Great Plains Energy and KCP&L to maintain consolidated common equity of at least 30% and 35%, respectively, of total capitalization (including only the amount of short-term debt in excess of the amount of construction work in progress). Under the Federal Power Act, KCP&L and GMO generally can pay dividends only out of retained earnings. The revolving credit agreements of Great Plains Energy, KCP&L and GMO and the note purchase agreement for GMO's Series A, B and C Senior Notes contain a covenant requiring the respective company to maintain a consolidated indebtedness to consolidated total capitalization ratio of not more than 0.65 to 1.00 at all times, except as the ratio pertains to Great Plains Energy, which was amended in June 2016, as further described in Note 11. | |||||
Restricted net assets of subsidiaries | $ 2,800.0 | |||||
Gross Proceeds from Issuance of Common Stock | $ 1,603.7 | $ 3.0 | $ 4.8 | |||
Common Stock [Member] | ||||||
Common Shareholders' Equity [Line Items] | ||||||
Shares Issued, Price Per Share | $ 26.45 | $ 26.45 | ||||
Gross Proceeds from Issuance of Common Stock | $ 1,600.0 | $ 1,600.0 | ||||
Net Proceeds from Issuance of Common Stock | $ 1,550.0 | $ 1,550.0 | ||||
Stock Issued During Period, Shares, New Issues | 60,500,000 | 60,500,000 | 60,974,205 | 250,863 | 258,416 |
Legal Proceedings Loss Contingencies (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Loss Contingencies [Line Items] | ||||
Loss recorded in other operating expenses | $ 17.0 | $ 5.9 | $ 4.0 | |
GMO Western Energy Crisis [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss recorded in other operating expenses | 7.5 | |||
MPS Merchant Services, Inc. [Member] | GMO Western Energy Crisis [Member] | ||||
Loss Contingencies [Line Items] | ||||
Litigation Settlement, Amount | $ (7.5) | 8.0 | ||
Estimated additional refunds entitled to receive | $ 12.0 |
Guarantees (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 135.3 |
Guarantor Obligations, Origin and Purpose | In the ordinary course of business, Great Plains Energy and certain of its subsidiaries enter into various agreements providing financial or performance assurance to third parties on behalf of certain subsidiaries. Such agreements include, for example, guarantees and letters of credit. These agreements are entered into primarily to support or enhance the creditworthiness otherwise attributed to a subsidiary on a stand-alone basis, thereby facilitating the extension of sufficient credit to accomplish the subsidiary's intended business purposes. |
Direct Guarantee [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 38.7 |
Guarantor Obligations, Term | expire in 2017 and 2018 |
Guarantor Obligations, Origin and Purpose | direct guarantees to GMO counterparties |
Guarantee of Indebtedness of Others [Member] | Long-term Debt [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 96.6 |
Guarantor Obligations, Term | maturity dates ranging from 2017 to 2023 |
Guarantor Obligations, Origin and Purpose | guarantee of GMO long-term debt |
Guarantee of Indebtedness of Others [Member] | Commercial Paper [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 201.9 |
Guarantor Obligations, Origin and Purpose | guaranteed GMO's commercial paper program |
Derivative Instruments (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions |
Dec. 31, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Futures contracts [Member] | |||
Price Risk Derivatives [Abstract] | |||
Notional Contract Amount | $ 0.0 | $ 26.6 | |
Fair Value | 0.0 | (5.7) | |
Forward Contracts [Member] | |||
Price Risk Derivatives [Abstract] | |||
Notional Contract Amount | 9.8 | 15.6 | |
Fair Value | 2.4 | 3.1 | |
Transmission Congestion Rights [Member] | |||
Price Risk Derivatives [Abstract] | |||
Notional Contract Amount | 3.7 | 5.6 | |
Fair Value | 1.3 | (0.5) | |
Interest Rate Swap [Member] | |||
Price Risk Derivatives [Abstract] | |||
Notional Contract Amount | 4,415.0 | $ 4,400.0 | 0.0 |
Fair Value | 79.3 | 0.0 | |
Kansas City Power and Light Company [Member] | Futures contracts [Member] | |||
Price Risk Derivatives [Abstract] | |||
Notional Contract Amount | 0.0 | 0.9 | |
Fair Value | 0.0 | (0.1) | |
Kansas City Power and Light Company [Member] | Transmission Congestion Rights [Member] | |||
Price Risk Derivatives [Abstract] | |||
Notional Contract Amount | 2.7 | 4.1 | |
Fair Value | $ 0.9 | $ (0.4) |
Derivative Instruments Cash Flow Hedge (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Derivative [Line Items] | |
Cash Flow Hedge Loss to be Reclassified within Twelve Months | $ 7.8 |
Kansas City Power and Light Company [Member] | |
Derivative [Line Items] | |
Cash Flow Hedge Loss to be Reclassified within Twelve Months | $ 7.5 |
Derivative Instruments Offsetting Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 83.6 | $ 3.3 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (0.5) | (0.2) |
Derivative Asset | 83.1 | 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 | 83.1 | 3.1 |
Kansas City Power and Light Company [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1.3 | 0.2 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (0.4) | (0.2) |
Derivative Asset | 0.9 | 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 | $ 0.9 | $ 0.0 |
Fair Value Measurements Fair Value Long-Term Debt (Details) - USD ($) $ in Billions |
Dec. 31, 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 | 4.0 | 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 | $ 2.7 | $ 2.8 |
Taxes Valuation Allowance (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Valuation Allowance [Line Items] | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 3.5 |
Valuation Allowance, Deferred Tax Asset, Explanation of Change | tax expense was recorded in continuing operations primarily related to state NOL carryforwards that expired at December 31, 2016. |
Segments and Related Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | $ 576.3 | $ 856.8 | $ 670.8 | $ 572.1 | $ 562.7 | $ 781.4 | $ 609.0 | $ 549.1 | $ 2,676.0 | $ 2,502.2 | $ 2,568.2 |
Depreciation and amortization | (344.8) | (330.4) | (306.0) | ||||||||
Interest charges | (161.5) | (199.3) | (188.5) | ||||||||
Income tax (expense) benefit | (172.2) | (122.7) | (115.7) | ||||||||
Net income (loss) | 290.0 | 213.0 | 242.8 | ||||||||
Assets | 13,570.0 | 10,738.6 | 13,570.0 | 10,738.6 | 10,453.4 | ||||||
Capital expenditures | 609.4 | 677.1 | 773.7 | ||||||||
Operating Segments [Member] | Electric Utility Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 2,676.0 | 2,502.2 | 2,568.2 | ||||||||
Depreciation and amortization | (344.8) | (330.4) | (306.0) | ||||||||
Interest charges | (196.1) | (190.9) | (183.0) | ||||||||
Income tax (expense) benefit | (164.3) | (120.8) | (125.6) | ||||||||
Net income (loss) | 292.1 | 223.8 | 243.5 | ||||||||
Assets | 11,444.2 | 11,045.5 | 11,444.2 | 11,045.5 | 10,727.7 | ||||||
Capital expenditures | 609.4 | 677.1 | 773.7 | ||||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 0.0 | 0.0 | 0.0 | ||||||||
Depreciation and amortization | 0.0 | 0.0 | 0.0 | ||||||||
Interest charges | 2.5 | (40.5) | (41.2) | ||||||||
Income tax (expense) benefit | (7.9) | (1.9) | 9.9 | ||||||||
Net income (loss) | (2.1) | (10.8) | (0.7) | ||||||||
Assets | 2,461.3 | (51.1) | 2,461.3 | (51.1) | 29.2 | ||||||
Capital expenditures | 0.0 | 0.0 | 0.0 | ||||||||
Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 0.0 | 0.0 | 0.0 | ||||||||
Depreciation and amortization | 0.0 | 0.0 | 0.0 | ||||||||
Interest charges | 32.1 | 32.1 | 35.7 | ||||||||
Income tax (expense) benefit | 0.0 | 0.0 | 0.0 | ||||||||
Net income (loss) | 0.0 | 0.0 | 0.0 | ||||||||
Assets | $ (335.5) | $ (255.8) | (335.5) | (255.8) | (303.5) | ||||||
Capital expenditures | $ 0.0 | $ 0.0 | $ 0.0 |
Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Operating revenues | $ 576.3 | $ 856.8 | $ 670.8 | $ 572.1 | $ 562.7 | $ 781.4 | $ 609.0 | $ 549.1 | $ 2,676.0 | $ 2,502.2 | $ 2,568.2 |
Operating income | 64.8 | 281.9 | 182.3 | 89.9 | 83.4 | 256.7 | 119.9 | 70.1 | $ 618.9 | $ 530.1 | $ 534.5 |
Net income | $ 98.0 | $ 133.6 | $ 32.0 | $ 26.4 | $ 22.9 | $ 126.8 | $ 44.4 | $ 18.9 | |||
Basic and diluted earnings per common share | $ 0.39 | $ 0.86 | $ 0.20 | $ 0.17 | $ 0.15 | $ 0.82 | $ 0.28 | $ 0.12 | $ 1.61 | $ 1.37 | $ 1.57 |
Kansas City Power and Light Company [Member] | |||||||||||
Operating revenues | $ 401.3 | $ 597.6 | $ 475.6 | $ 400.9 | $ 399.7 | $ 526.3 | $ 417.4 | $ 370.4 | $ 1,875.4 | $ 1,713.8 | $ 1,730.8 |
Operating income | 54.4 | 219.2 | 137.9 | 70.6 | 68.6 | 170.8 | 79.3 | 45.3 | $ 482.1 | $ 364.0 | $ 350.1 |
Net income | $ 16.8 | $ 117.7 | $ 65.9 | $ 24.6 | $ 25.9 | $ 84.3 | $ 29.4 | $ 13.2 |
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