XML 61 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Taxes (Tables)
 6 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Components of income tax expense are detailed in the following tables.
Evergy
 
 
 
Three Months Ended
June 30
Year to Date
June 30
 
2018
 
2017
2018
 
2017
Current income taxes
(millions)
Federal
$
8.6

 
$
0.5

$
8.8

 
$
2.2

State
0.4

 
0.2

0.4

 
0.4

Total
9.0

 
0.7

9.2

 
2.6

Deferred income taxes
 
 
 
 

 
 

Federal
9.5

 
27.9

15.4

 
42.9

State
(62.7
)
 
7.9

(59.0
)
 
12.7

Total
(53.2
)
 
35.8

(43.6
)
 
55.6

Investment tax credit amortization
(0.8
)
 
(0.6
)
(1.4
)
 
(1.4
)
Income tax expense (benefit)
$
(45.0
)
 
$
35.9

$
(35.8
)
 
$
56.8

Westar Energy
 
 
 
 
 
 
 
Three Months Ended
June 30
Year to Date
June 30
 
2018
 
2017
2018
 
2017
Current income taxes
(millions)
Federal
$
10.7

 
$
0.5

$
10.9

 
$
2.2

State
2.5

 
0.2

2.5

 
0.4

Total
13.2

 
0.7

13.4

 
2.6

Deferred income taxes
 
 
 
 

 
 

Federal
(2.8
)
 
27.9

3.1

 
42.9

State
(63.3
)
 
7.9

(59.6
)
 
12.7

Total
(66.1
)
 
35.8

(56.5
)
 
55.6

Investment tax credit amortization
(0.7
)
 
(0.6
)
(1.3
)
 
(1.4
)
Income tax expense (benefit)
$
(53.6
)
 
$
35.9

$
(44.4
)
 
$
56.8

KCP&L
 
 
 
Three Months Ended
June 30
Year to Date
June 30
 
2018
 
2017
2018
 
2017
Current income taxes
(millions)
Federal
$
24.1

 
$
14.5

$
22.8

 
$
14.4

State
5.3

 
2.6

4.8

 
2.6

Total
29.4

 
17.1

27.6

 
17.0

Deferred income taxes
 

 
 

 

 
 

Federal
(25.1
)
 
9.1

(21.5
)
 
16.9

State
44.7

 
2.0

46.7

 
3.4

Total
19.6

 
11.1

25.2

 
20.3

Investment tax credit amortization
(0.2
)
 
(0.2
)
(0.5
)
 
(0.5
)
Income tax expense
$
48.8

 
$
28.0

$
52.3

 
$
36.8
Schedule of Effective Income Tax Rate Reconciliation
Westar Energy
 
 
 
 
 
 
 
Three Months Ended
June 30
Year to Date
June 30
 
2018
 
2017
2018
 
2017
Federal statutory income tax rate
21.0
 %
 
35.0
 %
21.0
 %
 
35.0
 %
Effect of:
 
 
 
 
 
 
COLI policies
(6.9
)
 
(4.3
)
(4.0
)
 
(4.3
)
State income taxes
18.8

 
4.7

7.8

 
4.3

Flow through depreciation for plant-related differences
(11.2
)
 
2.9

(2.1
)
 
3.3

Federal tax credits
(18.1
)
 
(7.1
)
(11.6
)
 
(7.0
)
Non-controlling interest
(1.1
)
 
(1.1
)
(0.7
)
 
(1.1
)
AFUDC equity
—

 
—

(0.1
)
 
(0.1
)
Amortization of federal investment tax credits
(1.3
)
 
(0.5
)
(0.8
)
 
(0.5
)
State tax rate change
(219.6
)
 
—

(54.8
)
 
—

Valuation allowance
0.6

 
—

1.7

 
—

Stock compensation
(7.2
)
 
—

(2.6
)
 
(2.1
)
Other
1.2

 
2.5

(0.1
)
 
1.4

Effective income tax rate
(223.8
)%
 
32.1
 %
(46.3
)%
 
28.9
 %
KCP&L
 
 
 
 
 
 
 
Three Months Ended
June 30
Year to Date
June 30
 
2018
 
2017
2018
 
2017
Federal statutory income tax rate
21.0
 %
 
35.0
 %
21.0
 %
 
35.0
 %
Effect of:
 
 
 
 
 
 
COLI policies
(0.2
)
 
(0.3
)
(0.2
)
 
(0.3
)
State income taxes
5.4

 
3.8

5.3

 
3.9

Flow through depreciation for plant-related differences
(4.2
)
 
0.6

(4.9
)
 
0.5

Federal tax credits
(1.8
)
 
(1.8
)
(1.8
)
 
(1.8
)
AFUDC equity
(0.1
)
 
(0.7
)
(0.2
)
 
(0.7
)
Amortization of federal investment tax credits
(0.4
)
 
(0.4
)
(0.4
)
 
(0.4
)
State tax rate change
48.5

 
—

36.6

 
—

Stock compensation
—

 
(0.1
)
—

 
0.3

Other
(1.8
)
 
—

(1.6
)
 
0.1

Effective income tax rate
66.4
 %
 
36.1
 %
53.8
 %
 
36.6
 %
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.
Evergy
 
 
 
 
 
 
 
Three Months Ended
June 30
Year to Date
June 30
 
2018
 
2017
2018
 
2017
Federal statutory income tax rate
21.0
 %
 
35.0
 %
21.0
 %
 
35.0
 %
Effect of:
 
 
 
 
 
 
COLI policies
(1.9
)
 
(4.3
)
(2.5
)
 
(4.3
)
State income taxes
6.2

 
4.7

5.1

 
4.3

Flow through depreciation for plant-related differences
(5.5
)
 
2.9

(2.0
)
 
3.3

Federal tax credits
(5.5
)
 
(7.1
)
(7.7
)
 
(7.0
)
Non-controlling interest
(0.3
)
 
(1.1
)
(0.4
)
 
(1.1
)
AFUDC equity
0.1

 
—

(0.1
)
 
(0.1
)
Amortization of federal investment tax credits
(0.6
)
 
(0.5
)
(0.6
)
 
(0.5
)
State tax rate change
(89.1
)
 
—

(40.3
)
 
—

Valuation allowance
1.1

 
—

1.6

 
—

Stock compensation
(2.9
)
 
—

(1.9
)
 
(2.1
)
Other
1.8

 
2.5

0.6

 
1.4

Effective income tax rate
(75.6
)%
 
32.1
 %
(27.2
)%
 
28.9
 %