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Pension Plans and Other Employee Benefits
 6 Months Ended
Jun. 30, 2017
Compensation and Retirement Disclosure [Abstract]  
Pension Plans and Other Employee Benefits
7. 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, the non-union plan was closed to future employees. Great Plains Energy also provides certain post-retirement health care and life insurance benefits for substantially all retired employees of KCP&L, GMO and its 47% ownership share of WCNOC.
KCP&L and GMO record pension and post-retirement expense in accordance with rate orders from the MPSC and KCC that allow the difference between pension and post-retirement costs under GAAP and costs for ratemaking to be recognized as a regulatory asset or liability.  This difference between financial and regulatory accounting methods is due to timing and will be eliminated over the life of the plans.
The following tables provide Great Plains Energy's components of net periodic benefit costs prior to the effects of capitalization and sharing with joint owners of power plants.
 
 
Pension Benefits
 
Other Benefits
Three Months Ended June 30
 
2017
 
2016
 
2017
 
2016
Components of net periodic benefit costs
 
(millions)
Service cost
 
$
11.0

 
$
10.5

 
$
0.5

 
$
0.6

Interest cost
 
13.4

 
13.3

 
1.4

 
1.6

Expected return on plan assets
 
(12.8
)
 
(12.3
)
 
(0.7
)
 
(0.7
)
Prior service cost
 
0.2

 
0.1

 
—

 
0.3

Recognized net actuarial (gain)/loss
 
12.4

 
12.9

 
(0.1
)
 
(0.4
)
Net periodic benefit costs before regulatory adjustment
 
24.2

 
24.5

 
1.1

 
1.4

Regulatory adjustment
 
1.7

 
(1.0
)
 
0.5

 
1.5

Net periodic benefit costs
 
$
25.9

 
$
23.5

 
$
1.6

 
$
2.9

 
 
 
 
 
 
 
 
 
 
 
Pension Benefits
 
Other Benefits
Year to Date June 30
 
2017
 
2016
 
2017
 
2016
Components of net periodic benefit costs
 
(millions)
Service cost
 
$
22.0

 
$
21.0

 
$
1.0

 
$
1.3

Interest cost
 
26.8

 
26.5

 
2.7

 
3.1

Expected return on plan assets
 
(25.6
)
 
(24.6
)
 
(1.3
)
 
(1.5
)
Prior service cost
 
0.4

 
0.3

 
—

 
0.6

Recognized net actuarial (gain)/loss
 
24.8

 
25.9

 
(0.2
)
 
(0.8
)
Net periodic benefit costs before regulatory adjustment
 
48.4

 
49.1

 
2.2

 
2.7

Regulatory adjustment
 
2.5

 
(2.0
)
 
1.8

 
3.0

Net periodic benefit costs
 
$
50.9

 
$
47.1

 
$
4.0

 
$
5.7


Year to date June 30, 2017, Great Plains Energy contributed $16.0 million to the pension plans and expects to contribute an additional $63.6 million in 2017 to satisfy the Employee Retirement Income Security Act of 1974, as amended (ERISA) funding requirements and the MPSC and KCC rate orders, the majority of which is expected to be paid by KCP&L. Also in 2017, Great Plains Energy expects to make contributions of $4.1 million to the post-retirement benefit plans, the majority of which is expected to be paid by KCP&L.