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Exact name of registrant as specified in its charter,
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Commission
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state of incorporation, address of principal
|
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I.R.S. Employer
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File Number
|
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executive offices and telephone number
|
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Identification Number
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001-32206
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GREAT PLAINS ENERGY INCORPORATED
|
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43-1916803
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(A Missouri Corporation)
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1200 Main Street
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Kansas City, Missouri 64105
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(816) 556-2200
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000-51873
|
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KANSAS CITY POWER & LIGHT COMPANY
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44-0308720
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(A Missouri Corporation)
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1200 Main Street
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Kansas City, Missouri 64105
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(816) 556-2200
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TABLE OF CONTENTS
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Page Number
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Item 1.
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Note 1:
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Note 2:
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||
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Note 3:
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||
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Note 4:
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||
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Note 5:
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||
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Note 6:
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||
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Note 7:
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||
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Note 8:
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||
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Note 9:
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||
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Note 10:
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||
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Note 11:
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||
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Note 12:
|
||
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Note 13:
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||
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Note 14:
|
||
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Note 15:
|
||
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Note 16:
|
||
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Note 17:
|
||
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Note 18:
|
||
Item 2.
|
|||
Item 3.
|
|||
Item 4.
|
|||
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|||
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Item 1.
|
|||
Item 1A.
|
|||
Item 2.
|
|||
Item 3.
|
|||
Item 4.
|
|||
Item 5.
|
|||
Item 6.
|
|||
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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
|
BART
|
|
Best available retrofit technology
|
Board
|
|
Great Plains Energy Board of Directors
|
CAIR
|
|
Clean Air Interstate Rule
|
CAMR
|
|
Clean Air Mercury Rule
|
Clean Air Act
|
|
Clean Air Act Amendments of 1990
|
CO
2
|
|
Carbon dioxide
|
Company
|
|
Great Plains Energy Incorporated and its subsidiaries
|
Companies
|
|
Great Plains Energy Incorporated and its consolidated subsidiaries and KCP&L and its consolidated subsidiaries
|
CSAPR
|
|
Cross-State Air Pollution Rule
|
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
|
FAC
|
|
Fuel Adjustment Clause
|
FERC
|
|
The Federal Energy Regulatory 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 subsidiaries
|
IRS
|
|
Internal Revenue Service
|
ISO
|
|
Independent System Operator
|
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
|
KCP&L Receivables Company
|
|
Kansas City Power & Light Receivables Company, a wholly owned subsidiary of KCP&L
|
KDHE
|
|
Kansas Department of Health and Environment
|
kV
|
|
Kilovolt
|
KW
|
|
Kilowatt
|
kWh
|
|
Kilowatt hour
|
MACT
|
|
Maximum achievable control technology
|
MATS
|
|
Mercury and Air Toxics Standards
|
MD&A
|
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
Abbreviation or Acronym
|
|
Definition
|
|
|
|
MDNR
|
|
Missouri Department of Natural Resources
|
MEEIA
|
|
Missouri Energy Efficiency Investment Act
|
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
|
NAAQS
|
|
National Ambient Air Quality Standard
|
NERC
|
|
North American Electric Reliability Corporation
|
NEIL
|
|
Nuclear Electric Insurance Limited
|
NOL
|
|
Net operating loss
|
NO
x
|
|
Nitrogen oxide
|
NPNS
|
|
Normal purchases and normal sales
|
NRC
|
|
Nuclear Regulatory Commission
|
OCI
|
|
Other Comprehensive Income
|
PCB
|
|
Polychlorinated biphenyls
|
ppm
|
|
Parts per million
|
PRB
|
|
Powder River Basin
|
QCA
|
|
Quarterly Cost Adjustment
|
RTO
|
|
Regional Transmission Organization
|
SCR
|
|
Selective catalytic reduction
|
SEC
|
|
Securities and Exchange Commission
|
SERP
|
|
Supplemental Executive Retirement Plan
|
SO
2
|
|
Sulfur dioxide
|
SPP
|
|
Southwest Power Pool, Inc.
|
Syncora
|
|
Syncora Guarantee, Inc.
|
TCR
|
|
Transmission Congestion Right
|
Transource
|
|
Transource Energy, LLC and its subsidiaries, 13.5% owned by GPETHC
|
Transource Missouri
|
|
Transource Missouri, LLC, a wholly owned subsidiary of Transource
|
WCNOC
|
|
Wolf Creek Nuclear Operating Corporation
|
Westar
|
|
Westar Energy, Inc.,
an unrelated
Kansas utility company
|
Wolf Creek
|
|
Wolf Creek Generating Station
|
GREAT PLAINS ENERGY INCORPORATED
|
|
||||||||||
Consolidated Balance Sheets
|
|
||||||||||
(Unaudited)
|
|
|
|
||||||||
|
March 31
|
|
December 31
|
||||||||
|
2014
|
|
2013
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
13.6
|
|
|
|
|
$
|
10.6
|
|
|
Funds on deposit
|
|
5.5
|
|
|
|
|
0.8
|
|
|
||
Receivables, net
|
|
151.4
|
|
|
|
|
162.2
|
|
|
||
Accounts receivable pledged as collateral
|
|
175.0
|
|
|
|
|
175.0
|
|
|
||
Fuel inventories, at average cost
|
|
71.6
|
|
|
|
|
76.4
|
|
|
||
Materials and supplies, at average cost
|
|
151.4
|
|
|
|
|
152.3
|
|
|
||
Deferred refueling outage costs
|
|
25.4
|
|
|
|
|
29.5
|
|
|
||
Refundable income taxes
|
|
10.5
|
|
|
|
|
10.5
|
|
|
||
Deferred income taxes
|
|
92.1
|
|
|
|
|
80.3
|
|
|
||
Assets held for sale (Note 10)
|
|
—
|
|
|
|
|
36.2
|
|
|
||
Prepaid expenses and other assets
|
|
39.9
|
|
|
|
|
33.2
|
|
|
||
Total
|
|
736.4
|
|
|
|
|
767.0
|
|
|
||
Utility Plant, at Original Cost
|
|
|
|
|
|
|
|
|
|
||
Electric
|
|
11,659.2
|
|
|
|
|
11,575.3
|
|
|
||
Less - accumulated depreciation
|
|
4,684.3
|
|
|
|
|
4,628.4
|
|
|
||
Net utility plant in service
|
|
6,974.9
|
|
|
|
|
6,946.9
|
|
|
||
Construction work in progress
|
|
818.9
|
|
|
|
|
736.7
|
|
|
||
Nuclear fuel, net of amortization of $167.3 and $161.4
|
|
65.9
|
|
|
|
|
62.8
|
|
|
||
Total
|
|
7,859.7
|
|
|
|
|
7,746.4
|
|
|
||
Investments and Other Assets
|
|
|
|
|
|
|
|
|
|
||
Nuclear decommissioning trust fund
|
|
187.4
|
|
|
|
|
183.9
|
|
|
||
Regulatory assets
|
|
849.6
|
|
|
|
|
849.7
|
|
|
||
Goodwill
|
|
169.0
|
|
|
|
|
169.0
|
|
|
||
Other
|
|
82.8
|
|
|
|
|
79.4
|
|
|
||
Total
|
|
1,288.8
|
|
|
|
|
1,282.0
|
|
|
||
Total
|
|
$
|
9,884.9
|
|
|
|
|
$
|
9,795.4
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|||||||||||
|
March 31
|
|
December 31
|
||||||||
|
2014
|
|
2013
|
||||||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
||||||||||
Current Liabilities
|
|
|
|
|
|
|
|
||||
Notes payable
|
|
$
|
5.0
|
|
|
|
|
$
|
9.0
|
|
|
Collateralized note payable
|
|
175.0
|
|
|
|
|
175.0
|
|
|
||
Commercial paper
|
|
217.8
|
|
|
|
|
108.2
|
|
|
||
Current maturities of long-term debt
|
|
15.1
|
|
|
|
|
1.1
|
|
|
||
Accounts payable
|
|
240.3
|
|
|
|
|
327.4
|
|
|
||
Accrued taxes
|
|
63.9
|
|
|
|
|
29.7
|
|
|
||
Accrued interest
|
|
61.8
|
|
|
|
|
45.4
|
|
|
||
Accrued compensation and benefits
|
|
39.0
|
|
|
|
|
47.3
|
|
|
||
Pension and post-retirement liability
|
|
3.2
|
|
|
|
|
3.2
|
|
|
||
Other
|
|
23.0
|
|
|
|
|
23.5
|
|
|
||
Total
|
|
844.1
|
|
|
|
|
769.8
|
|
|
||
Deferred Credits and Other Liabilities
|
|
|
|
|
|
|
|
|
|
||
Deferred income taxes
|
|
985.5
|
|
|
|
|
964.8
|
|
|
||
Deferred tax credits
|
|
127.0
|
|
|
|
|
127.4
|
|
|
||
Asset retirement obligations
|
|
161.1
|
|
|
|
|
158.8
|
|
|
||
Pension and post-retirement liability
|
|
367.5
|
|
|
|
|
360.5
|
|
|
||
Regulatory liabilities
|
|
279.3
|
|
|
|
|
264.0
|
|
|
||
Other
|
|
124.7
|
|
|
|
|
121.0
|
|
|
||
Total
|
|
2,045.1
|
|
|
|
|
1,996.5
|
|
|
||
Capitalization
|
|
|
|
|
|
|
|
|
|
||
Great Plains Energy common shareholders' equity
|
|
|
|
|
|
|
|
|
|
||
Common stock - 250,000,000 shares authorized without par value
|
|
|
|
|
|
|
|
|
|
||
154,116,426 and 153,995,621 shares issued, stated value
|
|
2,633.9
|
|
|
|
|
2,631.1
|
|
|
||
Retained earnings
|
|
859.1
|
|
|
|
|
871.4
|
|
|
||
Treasury stock - 89,362 and 129,290 shares, at cost
|
|
(2.2
|
)
|
|
|
|
(2.8
|
)
|
|
||
Accumulated other comprehensive loss
|
|
(22.3
|
)
|
|
|
|
(25.3
|
)
|
|
||
Total
|
|
3,468.5
|
|
|
|
|
3,474.4
|
|
|
||
Cumulative preferred stock $100 par value
|
|
|
|
|
|
|
|
|
|
||
3.80% - 100,000 shares issued
|
|
10.0
|
|
|
|
|
10.0
|
|
|
||
4.50% - 100,000 shares issued
|
|
10.0
|
|
|
|
|
10.0
|
|
|
||
4.20% - 70,000 shares issued
|
|
7.0
|
|
|
|
|
7.0
|
|
|
||
4.35% - 120,000 shares issued
|
|
12.0
|
|
|
|
|
12.0
|
|
|
||
Total
|
|
39.0
|
|
|
|
|
39.0
|
|
|
||
Long-term debt (Note 9)
|
|
3,488.2
|
|
|
|
|
3,515.7
|
|
|
||
Total
|
|
6,995.7
|
|
|
|
|
7,029.1
|
|
|
||
Commitments and Contingencies (Note 11)
|
|
|
|
|
|
|
|
|
|
||
Total
|
|
$
|
9,884.9
|
|
|
|
|
$
|
9,795.4
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||
Consolidated Statements of Comprehensive Income
|
|||||||||
(Unaudited)
|
|||||||||
|
|
|
|
||||||
Three Months Ended March 31
|
|
2014
|
|
2013
|
|
||||
Operating Revenues
|
(millions, except per share amounts)
|
||||||||
Electric revenues
|
|
$
|
585.1
|
|
|
$
|
542.2
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
||
Fuel
|
|
135.2
|
|
|
132.2
|
|
|
||
Purchased power
|
|
45.4
|
|
|
38.8
|
|
|
||
Transmission
|
|
17.6
|
|
|
11.4
|
|
|
||
Utility operating and maintenance expenses
|
|
180.7
|
|
|
155.2
|
|
|
||
Depreciation and amortization
|
|
74.5
|
|
|
70.2
|
|
|
||
General taxes
|
|
52.8
|
|
|
47.8
|
|
|
||
Other
|
|
1.0
|
|
|
0.5
|
|
|
||
Total
|
|
507.2
|
|
|
456.1
|
|
|
||
Operating income
|
|
77.9
|
|
|
86.1
|
|
|
||
Non-operating income
|
|
6.4
|
|
|
2.5
|
|
|
||
Non-operating expenses
|
|
(3.1
|
)
|
|
(1.3
|
)
|
|
||
Interest charges
|
|
(49.4
|
)
|
|
(49.7
|
)
|
|
||
Income before income tax expense and income (loss) from equity investments
|
|
31.8
|
|
|
37.6
|
|
|
||
Income tax expense
|
|
(8.1
|
)
|
|
(11.5
|
)
|
|
||
Income (loss) from equity investments, net of income taxes
|
|
0.1
|
|
|
(0.1
|
)
|
|
||
Net income
|
|
23.8
|
|
|
26.0
|
|
|
||
Preferred stock dividend requirements
|
|
0.4
|
|
|
0.4
|
|
|
||
Earnings available for common shareholders
|
|
$
|
23.4
|
|
|
$
|
25.6
|
|
|
|
|
|
|
|
|
||||
Average number of basic common shares outstanding
|
|
153.7
|
|
|
153.4
|
|
|
||
Average number of diluted common shares outstanding
|
|
154.0
|
|
|
153.7
|
|
|
||
|
|
|
|
|
|
||||
Basic and diluted earnings per common share
|
|
$
|
0.15
|
|
|
$
|
0.17
|
|
|
Cash dividend per common share
|
|
$
|
0.23
|
|
|
$
|
0.2175
|
|
|
Comprehensive Income
|
|
|
|
||||||
Net income
|
|
$
|
23.8
|
|
|
$
|
26.0
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
||
Derivative hedging activity
|
|
|
|
|
|
|
|
||
Reclassification to expenses, net of tax
|
|
2.8
|
|
|
3.2
|
|
|
||
Derivative hedging activity, net of tax
|
|
2.8
|
|
|
3.2
|
|
|
||
Defined benefit pension plans
|
|
|
|
|
|
||||
Amortization of net losses included in net periodic benefit costs, net of tax
|
|
0.2
|
|
|
—
|
|
|
||
Change in unrecognized pension expense, net of tax
|
|
0.2
|
|
|
—
|
|
|
||
Total other comprehensive income
|
|
3.0
|
|
|
3.2
|
|
|
||
Comprehensive income
|
|
$
|
26.8
|
|
|
$
|
29.2
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||
Consolidated Statements of Cash Flows
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|
|
|
|
|
|
|
||||
Three Months Ended March 31
|
|
2014
|
|
|
|
2013
|
|
||||
Cash Flows from Operating Activities
|
|
(millions)
|
|||||||||
Net income
|
|
$
|
23.8
|
|
|
|
|
$
|
26.0
|
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
74.5
|
|
|
|
|
70.2
|
|
|
||
Amortization of:
|
|
|
|
|
|
|
|
|
|
||
Nuclear fuel
|
|
5.9
|
|
|
|
|
2.9
|
|
|
||
Other
|
|
14.0
|
|
|
|
|
14.1
|
|
|
||
Deferred income taxes, net
|
|
8.3
|
|
|
|
|
12.2
|
|
|
||
Investment tax credit amortization
|
|
(0.4
|
)
|
|
|
|
(0.4
|
)
|
|
||
(Income) loss from equity investments, net of income taxes
|
|
(0.1
|
)
|
|
|
|
0.1
|
|
|
||
Other operating activities (Note 2)
|
|
(18.7
|
)
|
|
|
|
(36.1
|
)
|
|
||
Net cash from operating activities
|
|
107.3
|
|
|
|
|
89.0
|
|
|
||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
||
Utility capital expenditures
|
|
(185.2
|
)
|
|
|
|
(172.2
|
)
|
|
||
Allowance for borrowed funds used during construction
|
|
(3.5
|
)
|
|
|
|
(1.7
|
)
|
|
||
Purchases of nuclear decommissioning trust investments
|
|
(8.5
|
)
|
|
|
|
(44.2
|
)
|
|
||
Proceeds from nuclear decommissioning trust investments
|
|
7.6
|
|
|
|
|
43.3
|
|
|
||
Proceeds from sale of assets
(Note 10)
|
|
37.7
|
|
|
|
|
—
|
|
|
||
Other investing activities
|
|
(8.4
|
)
|
|
|
|
(3.7
|
)
|
|
||
Net cash from investing activities
|
|
(160.3
|
)
|
|
|
|
(178.5
|
)
|
|
||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
||
Issuance of common stock
|
|
1.3
|
|
|
|
|
1.3
|
|
|
||
Issuance of long-term debt
|
|
—
|
|
|
|
|
299.7
|
|
|
||
Issuance fees
|
|
—
|
|
|
|
|
(2.0
|
)
|
|
||
Repayment of long-term debt
|
|
(13.4
|
)
|
|
|
|
(9.3
|
)
|
|
||
Net change in short-term borrowings
|
|
105.6
|
|
|
|
|
(164.1
|
)
|
|
||
Net change in collateralized short-term borrowings
|
|
—
|
|
|
|
|
1.0
|
|
|
||
Dividends paid
|
|
(35.8
|
)
|
|
|
|
(33.8
|
)
|
|
||
Other financing activities
|
|
(1.7
|
)
|
|
|
|
(1.0
|
)
|
|
||
Net cash from financing activities
|
|
56.0
|
|
|
|
|
91.8
|
|
|
||
Net Change in Cash and Cash Equivalents
|
|
3.0
|
|
|
|
|
2.3
|
|
|
||
Cash and Cash Equivalents at Beginning of Year
|
|
10.6
|
|
|
|
|
9.3
|
|
|
||
Cash and Cash Equivalents at End of Period
|
|
$
|
13.6
|
|
|
|
|
$
|
11.6
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||||||||||
Consolidated Statements of Common Shareholders' Equity
|
||||||||||||||
(Unaudited)
|
||||||||||||||
|
|
|
|
|
||||||||||
Three Months Ended March 31
|
2014
|
|
2013
|
|
||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
||||||
Common Stock
|
(millions, except share amounts)
|
|||||||||||||
Beginning balance
|
153,995,621
|
|
|
$
|
2,631.1
|
|
|
153,779,806
|
|
|
$
|
2,624.7
|
|
|
Issuance of common stock
|
120,805
|
|
|
3.1
|
|
|
60,161
|
|
|
1.3
|
|
|
||
Equity compensation expense, net of forfeitures
|
|
|
|
0.1
|
|
|
|
|
|
0.1
|
|
|
||
Unearned Compensation
|
|
|
|
|
|
|
|
|
||||||
Issuance of restricted common stock
|
|
|
|
(1.8
|
)
|
|
|
|
|
(1.7
|
)
|
|
||
Compensation expense recognized
|
|
|
|
0.5
|
|
|
|
|
|
0.5
|
|
|
||
Other
|
|
|
|
0.9
|
|
|
|
|
|
0.5
|
|
|
||
Ending balance
|
154,116,426
|
|
|
2,633.9
|
|
|
153,839,967
|
|
|
2,625.4
|
|
|
||
Retained Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Beginning balance
|
|
|
|
871.4
|
|
|
|
|
|
758.8
|
|
|
||
Net income
|
|
|
|
23.8
|
|
|
|
|
|
26.0
|
|
|
||
Dividends:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Common stock ($0.23 and $0.2175 per share)
|
|
|
(35.4
|
)
|
|
|
|
|
(33.4
|
)
|
|
|||
Preferred stock - at required rates
|
|
|
|
(0.4
|
)
|
|
|
|
|
(0.4
|
)
|
|
||
Performance shares
|
|
|
|
(0.3
|
)
|
|
|
|
|
(0.1
|
)
|
|
||
Ending balance
|
|
|
|
859.1
|
|
|
|
|
|
750.9
|
|
|
||
Treasury Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Beginning balance
|
(129,290
|
)
|
|
(2.8
|
)
|
|
(250,236
|
)
|
|
(5.1
|
)
|
|
||
Treasury shares acquired
|
(69,129
|
)
|
|
(1.8
|
)
|
|
(52,778
|
)
|
|
(1.2
|
)
|
|
||
Treasury shares reissued
|
109,057
|
|
|
2.4
|
|
|
181,597
|
|
|
3.7
|
|
|
||
Ending balance
|
(89,362
|
)
|
|
(2.2
|
)
|
|
(121,417
|
)
|
|
(2.6
|
)
|
|
||
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|||
Beginning balance
|
|
|
|
(25.3
|
)
|
|
|
|
|
(38.4
|
)
|
|
||
Derivative hedging activity, net of tax
|
|
|
|
2.8
|
|
|
|
|
|
3.2
|
|
|
||
Change in unrecognized pension expense, net of tax
|
|
|
0.2
|
|
|
|
|
|
—
|
|
|
|||
Ending balance
|
|
|
|
(22.3
|
)
|
|
|
|
|
(35.2
|
)
|
|
||
Total Great Plains Energy Common Shareholders' Equity
|
|
|
$
|
3,468.5
|
|
|
|
|
|
$
|
3,338.5
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|||||||||||
|
March 31
|
|
December 31
|
||||||||
|
2014
|
|
2013
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
5.8
|
|
|
|
|
$
|
4.0
|
|
|
Funds on deposit
|
|
3.5
|
|
|
|
|
0.7
|
|
|
||
Receivables, net
|
|
127.3
|
|
|
|
|
129.2
|
|
|
||
Related party receivables
|
|
38.6
|
|
|
|
|
50.4
|
|
|
||
Accounts receivable pledged as collateral
|
|
110.0
|
|
|
|
|
110.0
|
|
|
||
Fuel inventories, at average cost
|
|
48.5
|
|
|
|
|
50.3
|
|
|
||
Materials and supplies, at average cost
|
|
108.5
|
|
|
|
|
109.0
|
|
|
||
Deferred refueling outage costs
|
|
25.4
|
|
|
|
|
29.5
|
|
|
||
Refundable income taxes
|
|
0.7
|
|
|
|
|
15.1
|
|
|
||
Deferred income taxes
|
|
1.8
|
|
|
|
|
—
|
|
|
||
Assets held for sale (Note 10)
|
|
—
|
|
|
|
|
4.7
|
|
|
||
Prepaid expenses and other assets
|
|
34.0
|
|
|
|
|
27.5
|
|
|
||
Total
|
|
504.1
|
|
|
|
|
530.4
|
|
|
||
Utility Plant, at Original Cost
|
|
|
|
|
|
|
|
|
|
||
Electric
|
|
8,342.7
|
|
|
|
|
8,274.9
|
|
|
||
Less - accumulated depreciation
|
|
3,557.5
|
|
|
|
|
3,518.3
|
|
|
||
Net utility plant in service
|
|
4,785.2
|
|
|
|
|
4,756.6
|
|
|
||
Construction work in progress
|
|
732.4
|
|
|
|
|
660.4
|
|
|
||
Nuclear fuel, net of amortization of $167.3 and $161.4
|
|
65.9
|
|
|
|
|
62.8
|
|
|
||
Total
|
|
5,583.5
|
|
|
|
|
5,479.8
|
|
|
||
Investments and Other Assets
|
|
|
|
|
|
|
|
|
|
||
Nuclear decommissioning trust fund
|
|
187.4
|
|
|
|
|
183.9
|
|
|
||
Regulatory assets
|
|
595.6
|
|
|
|
|
614.1
|
|
|
||
Other
|
|
32.6
|
|
|
|
|
31.0
|
|
|
||
Total
|
|
815.6
|
|
|
|
|
829.0
|
|
|
||
Total
|
|
$
|
6,903.2
|
|
|
|
|
$
|
6,839.2
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|
|
|
||||||||
|
March 31
|
|
December 31
|
||||||||
|
2014
|
|
2013
|
||||||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
||||||||||
Current Liabilities
|
|
|
|
|
|
|
|
||||
Collateralized note payable
|
|
$
|
110.0
|
|
|
|
|
$
|
110.0
|
|
|
Commercial paper
|
|
166.7
|
|
|
|
|
93.2
|
|
|
||
Current maturities of long-term debt
|
|
14.0
|
|
|
|
|
—
|
|
|
||
Accounts payable
|
|
183.9
|
|
|
|
|
239.8
|
|
|
||
Related party payables
|
|
—
|
|
|
|
|
0.2
|
|
|
||
Accrued taxes
|
|
47.5
|
|
|
|
|
23.8
|
|
|
||
Accrued interest
|
|
41.2
|
|
|
|
|
29.1
|
|
|
||
Accrued compensation and benefits
|
|
39.0
|
|
|
|
|
47.3
|
|
|
||
Pension and post-retirement liability
|
|
1.9
|
|
|
|
|
1.9
|
|
|
||
Deferred income taxes
|
|
—
|
|
|
|
|
1.7
|
|
|
||
Other
|
|
13.2
|
|
|
|
|
13.0
|
|
|
||
Total
|
|
617.4
|
|
|
|
|
560.0
|
|
|
||
Deferred Credits and Other Liabilities
|
|
|
|
|
|
|
|
|
|
||
Deferred income taxes
|
|
926.5
|
|
|
|
|
922.1
|
|
|
||
Deferred tax credits
|
|
125.1
|
|
|
|
|
125.3
|
|
|
||
Asset retirement obligations
|
|
143.7
|
|
|
|
|
141.7
|
|
|
||
Pension and post-retirement liability
|
|
347.0
|
|
|
|
|
339.9
|
|
|
||
Regulatory liabilities
|
|
172.3
|
|
|
|
|
168.3
|
|
|
||
Other
|
|
93.1
|
|
|
|
|
90.4
|
|
|
||
Total
|
|
1,807.7
|
|
|
|
|
1,787.7
|
|
|
||
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
|
|
635.6
|
|
|
|
|
636.4
|
|
|
||
Accumulated other comprehensive loss
|
|
(18.9
|
)
|
|
|
|
(20.2
|
)
|
|
||
Total
|
|
2,179.8
|
|
|
|
|
2,179.3
|
|
|
||
Long-term debt (Note 9)
|
|
2,298.3
|
|
|
|
|
2,312.2
|
|
|
||
Total
|
|
4,478.1
|
|
|
|
|
4,491.5
|
|
|
||
Commitments and Contingencies (Note 11)
|
|
|
|
|
|
|
|
|
|
||
Total
|
|
$
|
6,903.2
|
|
|
|
|
$
|
6,839.2
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||
Consolidated Statements of Comprehensive Income
|
|||||||||
(Unaudited)
|
|||||||||
|
|
|
|
|
|||||
Three Months Ended March 31
|
|
2014
|
|
2013
|
|
||||
Operating Revenues
|
|
(millions)
|
|||||||
Electric revenues
|
|
$
|
391.0
|
|
|
$
|
366.7
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
||
Fuel
|
|
93.6
|
|
|
94.5
|
|
|
||
Purchased power
|
|
18.9
|
|
|
19.1
|
|
|
||
Transmission
|
|
10.6
|
|
|
8.0
|
|
|
||
Operating and maintenance expenses
|
|
127.2
|
|
|
108.2
|
|
|
||
Depreciation and amortization
|
|
51.7
|
|
|
47.6
|
|
|
||
General taxes
|
|
41.5
|
|
|
37.0
|
|
|
||
Total
|
|
343.5
|
|
|
314.4
|
|
|
||
Operating income
|
|
47.5
|
|
|
52.3
|
|
|
||
Non-operating income
|
|
6.0
|
|
|
1.7
|
|
|
||
Non-operating expenses
|
|
(1.6
|
)
|
|
(0.4
|
)
|
|
||
Interest charges
|
|
(30.7
|
)
|
|
(32.0
|
)
|
|
||
Income before income tax expense
|
|
21.2
|
|
|
21.6
|
|
|
||
Income tax expense
|
|
(4.0
|
)
|
|
(5.4
|
)
|
|
||
Net income
|
|
$
|
17.2
|
|
|
$
|
16.2
|
|
|
Comprehensive Income
|
|
|
|
|
|
|
|
||
Net income
|
|
$
|
17.2
|
|
|
$
|
16.2
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
||
Derivative hedging activity
|
|
|
|
|
|
|
|
||
Reclassification to expenses, net of tax
|
|
1.3
|
|
|
1.5
|
|
|
||
Derivative hedging activity, net of tax
|
|
1.3
|
|
|
1.5
|
|
|
||
Total other comprehensive income
|
|
1.3
|
|
|
1.5
|
|
|
||
Comprehensive income
|
|
$
|
18.5
|
|
|
$
|
17.7
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||
Consolidated Statements of Cash Flows
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|
|
|
|
|
|
|
||||
Three Months Ended March 31
|
|
2014
|
|
|
|
2013
|
|
||||
Cash Flows from Operating Activities
|
|
(millions)
|
|||||||||
Net income
|
|
$
|
17.2
|
|
|
|
|
$
|
16.2
|
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
|
51.7
|
|
|
|
|
47.6
|
|
|
||
Amortization of:
|
|
|
|
|
|
|
|
|
|
||
Nuclear fuel
|
|
5.9
|
|
|
|
|
2.9
|
|
|
||
Other
|
|
8.2
|
|
|
|
|
8.3
|
|
|
||
Deferred income taxes, net
|
|
1.0
|
|
|
|
|
5.3
|
|
|
||
Investment tax credit amortization
|
|
(0.2
|
)
|
|
|
|
(0.3
|
)
|
|
||
Other operating activities (Note 2)
|
|
26.6
|
|
|
|
|
0.7
|
|
|
||
Net cash from operating activities
|
|
110.4
|
|
|
|
|
80.7
|
|
|
||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
||
Utility capital expenditures
|
|
(160.5
|
)
|
|
|
|
(140.4
|
)
|
|
||
Allowance for borrowed funds used during construction
|
|
(3.2
|
)
|
|
|
|
(1.3
|
)
|
|
||
Purchases of nuclear decommissioning trust investments
|
|
(8.5
|
)
|
|
|
|
(44.2
|
)
|
|
||
Proceeds from nuclear decommissioning trust investments
|
|
7.6
|
|
|
|
|
43.3
|
|
|
||
Proceeds from sale of assets
(Note 10)
|
|
4.7
|
|
|
|
|
—
|
|
|
||
Other investing activities
|
|
(4.0
|
)
|
|
|
|
(2.3
|
)
|
|
||
Net cash from investing activities
|
|
(163.9
|
)
|
|
|
|
(144.9
|
)
|
|
||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
||
Issuance of long-term debt
|
|
—
|
|
|
|
|
299.7
|
|
|
||
Issuance fees
|
|
—
|
|
|
|
|
(2.0
|
)
|
|
||
Repayment of long-term debt
|
|
—
|
|
|
|
|
(2.6
|
)
|
|
||
Net change in short-term borrowings
|
|
73.5
|
|
|
|
|
(205.0
|
)
|
|
||
Net money pool borrowings
|
|
(0.2
|
)
|
|
|
|
(3.8
|
)
|
|
||
Dividends paid to Great Plains Energy
|
|
(18.0
|
)
|
|
|
|
(23.0
|
)
|
|
||
Net cash from financing activities
|
|
55.3
|
|
|
|
|
63.3
|
|
|
||
Net Change in Cash and Cash Equivalents
|
|
1.8
|
|
|
|
|
(0.9
|
)
|
|
||
Cash and Cash Equivalents at Beginning of Year
|
|
4.0
|
|
|
|
|
5.2
|
|
|
||
Cash and Cash Equivalents at End of Period
|
|
$
|
5.8
|
|
|
|
|
$
|
4.3
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||||
Consolidated Statements of Common Shareholder's Equity
|
||||||||||||||
(Unaudited)
|
||||||||||||||
|
|
|
|
|
||||||||||
Three Months Ended March 31
|
2014
|
|
2013
|
|
||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
||||||
|
(millions, except share amounts)
|
|||||||||||||
Common Stock
|
1
|
|
|
$
|
1,563.1
|
|
|
1
|
|
|
$
|
1,563.1
|
|
|
Retained Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Beginning balance
|
|
|
|
636.4
|
|
|
|
|
|
559.4
|
|
|
||
Net income
|
|
|
|
17.2
|
|
|
|
|
|
16.2
|
|
|
||
Dividends:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Common stock held by Great Plains Energy
|
|
|
|
(18.0
|
)
|
|
|
|
|
(23.0
|
)
|
|
||
Ending balance
|
|
|
|
635.6
|
|
|
|
|
|
552.6
|
|
|
||
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
||||
Beginning balance
|
|
|
|
(20.2
|
)
|
|
|
|
|
(25.8
|
)
|
|
||
Derivative hedging activity, net of tax
|
|
|
|
1.3
|
|
|
|
|
|
1.5
|
|
|
||
Ending balance
|
|
|
|
(18.9
|
)
|
|
|
|
|
(24.3
|
)
|
|
||
Total Common Shareholder's Equity
|
|
|
|
$
|
2,179.8
|
|
|
|
|
|
$
|
2,091.4
|
|
|
•
|
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.
|
•
|
GPE Transmission Holding Company, LLC (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.
|
Three Months Ended March 31
|
|
2014
|
|
|
|
2013
|
|
||||
Income
|
(millions, except per share amounts)
|
||||||||||
Net income
|
|
$
|
23.8
|
|
|
|
|
$
|
26.0
|
|
|
Less: preferred stock dividend requirements
|
|
0.4
|
|
|
|
|
0.4
|
|
|
||
Earnings available for common shareholders
|
|
$
|
23.4
|
|
|
|
|
$
|
25.6
|
|
|
Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
||
Average number of common shares outstanding
|
|
153.7
|
|
|
|
|
153.4
|
|
|
||
Add: effect of dilutive securities
|
|
0.3
|
|
|
|
|
0.3
|
|
|
||
Diluted average number of common shares outstanding
|
|
154.0
|
|
|
|
|
153.7
|
|
|
||
Basic and diluted EPS
|
|
$
|
0.15
|
|
|
|
|
$
|
0.17
|
|
|
Three Months Ended March 31
|
2014
|
|
2013
|
||
Performance shares
|
495,619
|
|
|
408,707
|
|
Restricted stock shares
|
71,573
|
|
|
78,509
|
|
Great Plains Energy Other Operating Activities
|
|
|
|
|
||||
Three Months Ended March 31
|
2014
|
|
2013
|
|
||||
Cash flows affected by changes in:
|
(millions)
|
|
||||||
Receivables
|
$
|
10.9
|
|
|
$
|
17.1
|
|
|
Accounts receivable pledged as collateral
|
—
|
|
|
(1.0
|
)
|
|
||
Fuel inventories
|
4.8
|
|
|
(7.5
|
)
|
|
||
Materials and supplies
|
0.9
|
|
|
(0.6
|
)
|
|
||
Accounts payable
|
(77.9
|
)
|
|
(70.5
|
)
|
|
||
Accrued taxes
|
34.6
|
|
|
30.5
|
|
|
||
Accrued interest
|
16.4
|
|
|
20.5
|
|
|
||
Deferred refueling outage costs
|
4.1
|
|
|
(28.6
|
)
|
|
||
Pension and post-retirement benefit obligations
|
22.4
|
|
|
12.7
|
|
|
||
Allowance for equity funds used during construction
|
(4.7
|
)
|
|
(1.3
|
)
|
|
||
Fuel recovery mechanism
|
(6.6
|
)
|
|
(4.0
|
)
|
|
||
Solar rebates paid
|
(12.2
|
)
|
|
(4.9
|
)
|
|
||
Other
|
(11.4
|
)
|
|
1.5
|
|
|
||
Total other operating activities
|
$
|
(18.7
|
)
|
|
$
|
(36.1
|
)
|
|
Cash paid during the period:
|
|
|
|
|
|
|
||
Interest
|
$
|
26.8
|
|
|
$
|
23.1
|
|
|
Income taxes
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
Non-cash investing activities:
|
|
|
|
|
|
|||
Liabilities accrued for capital expenditures
|
$
|
37.7
|
|
|
$
|
37.0
|
|
|
KCP&L Other Operating Activities
|
|
|
|
|
||||
Three Months Ended March 31
|
2014
|
|
2013
|
|
||||
Cash flows affected by changes in:
|
(millions)
|
|
||||||
Receivables
|
$
|
13.7
|
|
|
$
|
21.5
|
|
|
Fuel inventories
|
1.8
|
|
|
(6.7
|
)
|
|
||
Materials and supplies
|
0.5
|
|
|
(0.3
|
)
|
|
||
Accounts payable
|
(45.3
|
)
|
|
(32.2
|
)
|
|
||
Accrued taxes
|
38.1
|
|
|
26.2
|
|
|
||
Accrued interest
|
12.1
|
|
|
14.0
|
|
|
||
Deferred refueling outage costs
|
4.1
|
|
|
(28.6
|
)
|
|
||
Pension and post-retirement benefit obligations
|
22.0
|
|
|
13.4
|
|
|
||
Allowance for equity funds used during construction
|
(4.7
|
)
|
|
(1.3
|
)
|
|
||
Fuel recovery mechanism
|
4.6
|
|
|
(1.0
|
)
|
|
||
Solar rebates paid
|
(2.7
|
)
|
|
(1.5
|
)
|
|
||
Other
|
(17.6
|
)
|
|
(2.8
|
)
|
|
||
Total other operating activities
|
$
|
26.6
|
|
|
$
|
0.7
|
|
|
Cash paid during the period:
|
|
|
|
|
|
|
||
Interest
|
$
|
15.5
|
|
|
$
|
15.1
|
|
|
Non-cash investing activities:
|
|
|
|
|
|
|||
Liabilities accrued for capital expenditures
|
$
|
29.4
|
|
|
$
|
33.3
|
|
|
|
March 31
|
December 31
2013 |
||||||||
|
|
2014
|
|
|
2013
|
|
||||
Great Plains Energy
|
|
(millions)
|
|
|||||||
Customer accounts receivable - billed
|
|
$
|
3.6
|
|
|
|
$
|
1.5
|
|
|
Customer accounts receivable - unbilled
|
|
55.5
|
|
|
|
74.6
|
|
|
||
Allowance for doubtful accounts - customer accounts receivable
|
|
(3.8
|
)
|
|
|
(2.5
|
)
|
|
||
Other receivables
|
|
96.1
|
|
|
|
88.6
|
|
|
||
Total
|
|
$
|
151.4
|
|
|
|
$
|
162.2
|
|
|
KCP&L
|
|
|
|
|
|
|
|
|
||
Customer accounts receivable - billed
|
|
$
|
1.2
|
|
|
|
$
|
1.3
|
|
|
Customer accounts receivable - unbilled
|
|
39.4
|
|
|
|
51.2
|
|
|
||
Allowance for doubtful accounts - customer accounts receivable
|
|
(1.7
|
)
|
|
|
(1.1
|
)
|
|
||
Other receivables
|
|
88.4
|
|
|
|
77.8
|
|
|
||
Total
|
|
$
|
127.3
|
|
|
|
$
|
129.2
|
|
|
Three Months Ended March 31, 2014
|
KCP&L
|
|
KCP&L
Receivables
Company
|
|
Consolidated
KCP&L
|
|
GMO
|
|
GMO
Receivables
Company
|
|
Consolidated Great Plains Energy
|
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||
Receivables (sold) purchased
|
|
$
|
(353.1
|
)
|
|
|
|
$
|
353.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
(193.8
|
)
|
|
|
|
$
|
193.8
|
|
|
|
|
$
|
—
|
|
|
Gain (loss) on sale of accounts receivable
(a)
|
|
(4.5
|
)
|
|
|
|
4.6
|
|
|
|
|
0.1
|
|
|
|
|
(2.5
|
)
|
|
|
|
2.5
|
|
|
|
|
0.1
|
|
|
||||||
Servicing fees received (paid)
|
|
0.6
|
|
|
|
|
(0.6
|
)
|
|
|
|
—
|
|
|
|
|
0.3
|
|
|
|
|
(0.3
|
)
|
|
|
|
—
|
|
|
||||||
Fees paid to outside investor
|
|
—
|
|
|
|
|
(0.3
|
)
|
|
|
|
(0.3
|
)
|
|
|
|
—
|
|
|
|
|
(0.2
|
)
|
|
|
|
(0.5
|
)
|
|
||||||
Cash from customers (transferred) received
|
|
(367.6
|
)
|
|
|
|
367.6
|
|
|
|
|
—
|
|
|
|
|
(200.8
|
)
|
|
|
|
200.8
|
|
|
|
|
—
|
|
|
||||||
Cash received from (paid for) receivables purchased
|
|
363.0
|
|
|
|
|
(363.0
|
)
|
|
|
|
—
|
|
|
|
|
198.3
|
|
|
|
|
(198.3
|
)
|
|
|
|
—
|
|
|
Three Months Ended March 31, 2013
|
KCP&L
|
|
KCP&L
Receivables
Company
|
|
Consolidated
KCP&L
|
|
GMO
|
|
GMO
Receivables
Company
|
|
Consolidated Great Plains Energy
|
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||
Receivables (sold) purchased
|
|
$
|
(334.7
|
)
|
|
|
|
$
|
334.7
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
(185.4
|
)
|
|
|
|
$
|
185.4
|
|
|
|
|
$
|
—
|
|
|
Gain (loss) on sale of accounts receivable
(a)
|
|
(4.2
|
)
|
|
|
|
4.2
|
|
|
|
|
—
|
|
|
|
|
(2.3
|
)
|
|
|
|
2.3
|
|
|
|
|
—
|
|
|
||||||
Servicing fees received (paid)
|
|
0.6
|
|
|
|
|
(0.6
|
)
|
|
|
|
—
|
|
|
|
|
0.3
|
|
|
|
|
(0.3
|
)
|
|
|
|
—
|
|
|
||||||
Fees paid to outside investor
|
|
—
|
|
|
|
|
(0.3
|
)
|
|
|
|
(0.3
|
)
|
|
|
|
—
|
|
|
|
|
(0.2
|
)
|
|
|
|
(0.5
|
)
|
|
||||||
Cash from customers (transferred) received
|
|
(336.7
|
)
|
|
|
|
336.7
|
|
|
|
|
—
|
|
|
|
|
(184.9
|
)
|
|
|
|
184.9
|
|
|
|
|
—
|
|
|
||||||
Cash received from (paid for) receivables purchased
|
|
332.5
|
|
|
|
|
(332.5
|
)
|
|
|
|
—
|
|
|
|
|
182.6
|
|
|
|
|
(182.6
|
)
|
|
|
|
—
|
|
|
||||||
Interest on intercompany note received (paid)
|
|
0.1
|
|
|
|
|
(0.1
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
March 31
2014 |
|
December 31
2013 |
||||||||
Decommissioning Trust
|
|
(millions)
|
|
||||||||
Beginning balance January 1
|
|
$
|
183.9
|
|
|
|
|
$
|
154.7
|
|
|
Contributions
|
|
0.9
|
|
|
|
|
3.3
|
|
|
||
Earned income, net of fees
|
|
1.1
|
|
|
|
|
2.7
|
|
|
||
Net realized gains
|
|
0.1
|
|
|
|
|
1.7
|
|
|
||
Net unrealized gains
|
|
1.4
|
|
|
|
|
21.5
|
|
|
||
Ending balance
|
|
$
|
187.4
|
|
|
|
|
$
|
183.9
|
|
|
|
March 31, 2014
|
|
|
|
December 31, 2013
|
|
|||||||||||||||||||||||||||||||||||||||
|
Cost
Basis
|
|
Unrealized Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Cost
Basis
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||||||||||||||||||||||||
|
(millions)
|
|
|||||||||||||||||||||||||||||||||||||||||||
Equity securities
|
$
|
84.7
|
|
|
|
$
|
45.2
|
|
|
|
|
$
|
(0.6
|
)
|
|
|
|
$
|
129.3
|
|
|
|
|
$
|
83.7
|
|
|
|
|
$
|
44.6
|
|
|
|
|
$
|
(0.6
|
)
|
|
|
|
$
|
127.7
|
|
|
Debt securities
|
51.4
|
|
|
|
2.9
|
|
|
|
|
(0.3
|
)
|
|
|
|
54.0
|
|
|
|
|
51.0
|
|
|
|
|
2.5
|
|
|
|
|
(0.7
|
)
|
|
|
|
52.8
|
|
|
||||||||
Other
|
4.1
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
4.1
|
|
|
|
|
3.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
3.4
|
|
|
||||||||
Total
|
$
|
140.2
|
|
|
|
$
|
48.1
|
|
|
|
|
$
|
(0.9
|
)
|
|
|
|
$
|
187.4
|
|
|
|
|
$
|
138.1
|
|
|
|
|
$
|
47.1
|
|
|
|
|
$
|
(1.3
|
)
|
|
|
|
$
|
183.9
|
|
|
Three Months Ended March 31
|
2014
|
|
2013
|
||||
|
(millions)
|
||||||
Realized gains
|
$
|
0.2
|
|
|
$
|
1.5
|
|
Realized losses
|
(0.1
|
)
|
|
(0.4
|
)
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
Three Months Ended March 31
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Components of net periodic benefit costs
|
|
(millions)
|
||||||||||||||
Service cost
|
|
$
|
9.1
|
|
|
$
|
10.5
|
|
|
$
|
0.9
|
|
|
$
|
1.1
|
|
Interest cost
|
|
12.7
|
|
|
11.8
|
|
|
2.0
|
|
|
1.9
|
|
||||
Expected return on plan assets
|
|
(12.7
|
)
|
|
(11.8
|
)
|
|
(0.7
|
)
|
|
(0.5
|
)
|
||||
Prior service cost
|
|
0.2
|
|
|
0.5
|
|
|
0.8
|
|
|
1.8
|
|
||||
Recognized net actuarial loss
|
|
12.4
|
|
|
13.7
|
|
|
—
|
|
|
0.5
|
|
||||
Net periodic benefit costs before regulatory adjustment
|
|
21.7
|
|
|
24.7
|
|
|
3.0
|
|
|
4.8
|
|
||||
Regulatory adjustment
|
|
(0.4
|
)
|
|
(3.6
|
)
|
|
1.1
|
|
|
(0.5
|
)
|
||||
Net periodic benefit costs
|
|
$
|
21.3
|
|
|
$
|
21.1
|
|
|
$
|
4.1
|
|
|
$
|
4.3
|
|
Three Months Ended March 31
|
|
2014
|
|
2013
|
||||
Great Plains Energy
|
|
(millions)
|
||||||
Equity compensation expense
|
|
$
|
4.4
|
|
|
$
|
1.8
|
|
Income tax benefit
|
|
1.7
|
|
|
0.6
|
|
||
KCP&L
|
|
|
|
|
|
|
||
Equity compensation expense
|
|
$
|
3.1
|
|
|
$
|
1.3
|
|
Income tax benefit
|
|
1.1
|
|
|
0.4
|
|
|
Performance
Shares
|
|
Grant Date
Fair Value*
|
|||||||
Beginning balance January 1, 2014
|
|
430,009
|
|
|
|
|
$
|
23.52
|
|
|
Granted
|
|
214,654
|
|
|
|
|
29.96
|
|
|
|
Earned
|
|
(107,741
|
)
|
|
|
|
26.14
|
|
|
|
Performance adjustment
|
|
(271
|
)
|
|
|
|
|
|
|
|
Forfeited
|
|
(975
|
)
|
|
|
|
24.33
|
|
|
|
Ending balance March 31, 2014
|
|
535,676
|
|
|
|
|
25.58
|
|
|
|
Nonvested
Restricted Stock
|
|
Grant Date
Fair Value*
|
|||||||
Beginning balance January 1, 2014
|
|
288,537
|
|
|
|
|
$
|
20.18
|
|
|
Granted and issued
|
|
71,860
|
|
|
|
|
25.73
|
|
|
|
Vested
|
|
(65,032
|
)
|
|
|
|
19.15
|
|
|
|
Forfeited
|
|
(612
|
)
|
|
|
|
24.17
|
|
|
|
Ending balance March 31, 2014
|
|
294,753
|
|
|
|
|
21.75
|
|
|
|
Year Due
|
|
March 31
2014 |
|
December 31
2013 |
||||||||
KCP&L
|
|
|
|
(millions)
|
|
||||||||
General Mortgage Bonds
|
|
|
|
|
|
|
|
|
|
||||
2.95% EIRR bonds
(a)
|
2015-2035
|
|
|
$
|
146.4
|
|
|
|
|
$
|
146.4
|
|
|
7.15% Series 2009A (8.59% rate)
(b)
|
2019
|
|
|
400.0
|
|
|
|
|
400.0
|
|
|
||
4.65% EIRR Series 2005
|
2035
|
|
|
50.0
|
|
|
|
|
50.0
|
|
|
||
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
|
|
|
||
6.05% Series (5.78% rate)
(b)
|
2035
|
|
|
250.0
|
|
|
|
|
250.0
|
|
|
||
5.30% Series
|
2041
|
|
|
400.0
|
|
|
|
|
400.0
|
|
|
||
EIRR Bonds
|
|
|
|
|
|
|
|
|
|
||||
0.06% Series 2007A and 2007B
(c)
|
2035
|
|
|
146.5
|
|
|
|
|
146.5
|
|
|
||
2.875% Series 2008
|
2038
|
|
|
23.4
|
|
|
|
|
23.4
|
|
|
||
Current maturities
|
|
|
|
(14.0
|
)
|
|
|
|
—
|
|
|
||
Unamortized discount
|
|
|
|
(4.0
|
)
|
|
|
|
(4.1
|
)
|
|
||
Total KCP&L excluding current maturities
|
|
|
|
2,298.3
|
|
|
|
|
2,312.2
|
|
|
||
Other Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
||
GMO First Mortgage Bonds 9.44% Series
|
2015-2021
|
|
|
7.9
|
|
|
|
|
9.0
|
|
|
||
GMO Pollution Control Bonds
|
|
|
|
|
|
|
|
|
|
|
|
||
Wamego Series 1996
|
|
|
|
—
|
|
|
|
|
7.3
|
|
|
||
State Environmental 1993
|
|
|
|
—
|
|
|
|
|
5.0
|
|
|
||
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 (7.34% rate)
(b)
|
2021
|
|
|
350.0
|
|
|
|
|
350.0
|
|
|
||
5.292% Series
|
2022
|
|
|
287.5
|
|
|
|
|
287.5
|
|
|
||
Current maturities
|
|
|
|
(1.1
|
)
|
|
|
|
(1.1
|
)
|
|
||
Unamortized discount and premium, net
|
|
|
|
4.7
|
|
|
|
|
4.9
|
|
|
||
Total Great Plains Energy excluding current maturities
|
|
|
|
$
|
3,488.2
|
|
|
|
|
$
|
3,515.7
|
|
|
(a)
|
Weighted-average interest rates at
March 31, 2014
|
(b)
|
Rate after amortizing gains/losses recognized in OCI on settlements of interest rate hedging instruments
|
(c)
|
Variable rate
|
|
March 31
2014 |
|
December 31
2013 |
|||||||
|
|
(millions)
|
|
|||||||
Net receivable from GMO
|
|
$
|
18.7
|
|
|
|
$
|
32.7
|
|
|
Net receivable from Great Plains Energy
|
|
19.9
|
|
|
|
17.5
|
|
|
|
March 31
2014 |
|
December 31
2013 |
||||||||||||
|
Notional
Contract
Amount
|
|
Fair
Value
|
|
Notional
Contract
Amount
|
|
Fair
Value
|
||||||||
Great Plains Energy
|
(millions)
|
||||||||||||||
Futures contracts
|
|
|
|
|
|
|
|
||||||||
Non-hedging derivatives
|
$
|
28.8
|
|
|
$
|
(0.1
|
)
|
|
$
|
19.3
|
|
|
$
|
(0.6
|
)
|
Forward contracts
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-hedging derivatives
|
49.2
|
|
|
5.2
|
|
|
47.7
|
|
|
5.2
|
|
||||
Transmission congestion rights
|
|
|
|
|
|
|
|
||||||||
Non-hedging derivatives
|
24.1
|
|
|
5.3
|
|
|
22.9
|
|
|
1.7
|
|
||||
Option contracts
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-hedging derivatives
|
3.1
|
|
|
1.0
|
|
|
4.8
|
|
|
1.2
|
|
||||
KCP&L
|
|
|
|
|
|
|
|
|
|
|
|
||||
Futures contracts
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-hedging derivatives
|
$
|
16.4
|
|
|
$
|
(0.3
|
)
|
|
$
|
7.7
|
|
|
$
|
(0.2
|
)
|
Transmission congestion rights
|
|
|
|
|
|
|
|
||||||||
Non-hedging derivatives
|
19.0
|
|
|
3.9
|
|
|
18.0
|
|
|
1.1
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
||||
|
Balance Sheet
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||
March 31, 2014
|
Classification
|
|
Fair Value
|
|
Fair Value
|
||||||||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
(millions)
|
|
||||||||
Commodity contracts
|
Other
|
|
|
$
|
14.6
|
|
|
|
|
$
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
|
|
|
||
Commodity contracts
|
Other
|
|
|
$
|
8.5
|
|
|
|
|
$
|
1.0
|
|
|
KCP&L
|
|
|
|
|
|
|
|
|
|
||||
|
Balance Sheet
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||
March 31, 2014
|
Classification
|
|
Fair Value
|
|
Fair Value
|
||||||||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
(millions)
|
|
||||||||
Commodity contracts
|
Other
|
|
|
$
|
5.8
|
|
|
|
|
$
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
|
|
|
||
Commodity contracts
|
Other
|
|
|
$
|
1.2
|
|
|
|
|
$
|
0.3
|
|
|
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 Received
|
|
Net Amount
|
||||||||||||||||||||||||
March 31, 2014
|
(millions)
|
||||||||||||||||||||||||||||||||||
Derivative assets
|
|
$
|
14.6
|
|
|
|
|
$
|
(2.7
|
)
|
|
|
|
$
|
11.9
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
11.9
|
|
|
Derivative liabilities
|
|
3.2
|
|
|
|
|
(3.0
|
)
|
|
|
|
0.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.2
|
|
|
||||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets
|
|
$
|
8.5
|
|
|
|
|
$
|
(0.7
|
)
|
|
|
|
$
|
7.8
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
7.8
|
|
|
Derivative liabilities
|
|
1.0
|
|
|
|
|
(0.9
|
)
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
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 Received
|
|
Net Amount
|
||||||||||||||||||||||||
March 31, 2014
|
(millions)
|
||||||||||||||||||||||||||||||||||
Derivative assets
|
|
$
|
5.8
|
|
|
|
|
$
|
(1.7
|
)
|
|
|
|
$
|
4.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
4.1
|
|
|
Derivative liabilities
|
|
2.2
|
|
|
|
|
(2.0
|
)
|
|
|
|
0.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.2
|
|
|
||||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets
|
|
$
|
1.2
|
|
|
|
|
$
|
(0.1
|
)
|
|
|
|
$
|
1.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1.1
|
|
|
Derivative liabilities
|
|
0.3
|
|
|
|
|
(0.3
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
KCP&L
|
|
|
|
|
|
|
|
||||
Derivatives in Regulatory Account Relationship
|
|||||||||||
|
|
|
|
|
Gain (Loss) Reclassified from
|
||||||
|
|
|
|
|
Regulatory Account
|
||||||
|
Amount of Gain (Loss) Recognized in Regulatory Asset or Liability on Derivatives
|
|
Income Statement Classification
|
|
Amount
|
||||||
Three Months Ended March 31, 2014
|
(millions)
|
|
|
|
(millions)
|
||||||
Commodity contracts
|
|
$
|
0.3
|
|
|
|
Purchased Power
|
|
$
|
0.4
|
|
Total
|
|
$
|
0.3
|
|
|
|
Total
|
|
$
|
0.4
|
|
Description
|
March 31
2014 |
|
Netting
(e)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||||||
KCP&L
|
|
(millions)
|
|
||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nuclear decommissioning trust
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
|
$
|
129.3
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
129.3
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury
|
|
22.0
|
|
|
|
|
—
|
|
|
|
|
22.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
U.S. Agency
|
|
3.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
3.3
|
|
|
|
|
—
|
|
|
|||||
State and local obligations
|
|
4.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
4.0
|
|
|
|
|
—
|
|
|
|||||
Corporate bonds
|
|
24.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
24.2
|
|
|
|
|
—
|
|
|
|||||
Foreign governments
|
|
0.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.5
|
|
|
|
|
—
|
|
|
|||||
Cash equivalents
|
|
3.7
|
|
|
|
|
—
|
|
|
|
|
3.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Other
|
|
0.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.4
|
|
|
|
|
—
|
|
|
|||||
Total nuclear decommissioning trust
|
|
187.4
|
|
|
|
|
—
|
|
|
|
|
155.0
|
|
|
|
|
32.4
|
|
|
|
|
—
|
|
|
|||||
Self-insured health plan trust
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
|
1.2
|
|
|
|
|
—
|
|
|
|
|
1.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Debt securities
|
|
9.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
9.2
|
|
|
|
|
—
|
|
|
|||||
Cash and cash equivalents
|
|
5.8
|
|
|
|
|
—
|
|
|
|
|
5.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Total self-insured health plan trust
|
|
16.2
|
|
|
|
|
—
|
|
|
|
|
7.0
|
|
|
|
|
9.2
|
|
|
|
|
—
|
|
|
|||||
Derivative instruments
(c)
|
|
4.1
|
|
|
|
|
(1.7
|
)
|
|
|
|
0.2
|
|
|
|
|
—
|
|
|
|
|
5.6
|
|
|
|||||
Total
|
|
207.7
|
|
|
|
|
(1.7
|
)
|
|
|
|
162.2
|
|
|
|
|
41.6
|
|
|
|
|
5.6
|
|
|
|||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivative instruments
(c)
|
|
0.2
|
|
|
|
|
(2.0
|
)
|
|
|
|
0.5
|
|
|
|
|
—
|
|
|
|
|
1.7
|
|
|
|||||
Total
|
|
$
|
0.2
|
|
|
|
|
$
|
(2.0
|
)
|
|
|
|
$
|
0.5
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1.7
|
|
|
Other Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivative instruments
(c)
|
|
$
|
7.8
|
|
|
|
|
$
|
(1.0
|
)
|
|
|
|
$
|
0.5
|
|
|
|
|
$
|
4.6
|
|
|
|
|
$
|
3.7
|
|
|
SERP rabbi trusts
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Equity securities
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Fixed income funds
|
|
18.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
18.3
|
|
|
|
|
—
|
|
|
|||||
Total SERP rabbi trusts
|
|
18.4
|
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
|
|
18.3
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
26.2
|
|
|
|
|
(1.0
|
)
|
|
|
|
0.6
|
|
|
|
|
22.9
|
|
|
|
|
3.7
|
|
|
|||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivative instruments
(c)
|
|
—
|
|
|
|
|
(1.0
|
)
|
|
|
|
0.3
|
|
|
|
|
—
|
|
|
|
|
0.7
|
|
|
|||||
Total
|
|
$
|
—
|
|
|
|
|
$
|
(1.0
|
)
|
|
|
|
$
|
0.3
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
0.7
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Nuclear decommissioning trust
(a)
|
|
$
|
187.4
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
155.0
|
|
|
|
|
$
|
32.4
|
|
|
|
|
$
|
—
|
|
|
Self-insured health plan trust
(b)
|
|
16.2
|
|
|
|
|
—
|
|
|
|
|
7.0
|
|
|
|
|
9.2
|
|
|
|
|
—
|
|
|
|||||
Derivative instruments
(c)
|
|
11.9
|
|
|
|
|
(2.7
|
)
|
|
|
|
0.7
|
|
|
|
|
4.6
|
|
|
|
|
9.3
|
|
|
|||||
SERP rabbi trusts
(d)
|
|
18.4
|
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
|
|
18.3
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
233.9
|
|
|
|
|
(2.7
|
)
|
|
|
|
162.8
|
|
|
|
|
64.5
|
|
|
|
|
9.3
|
|
|
|||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivative instruments
(c)
|
|
0.2
|
|
|
|
|
(3.0
|
)
|
|
|
|
0.8
|
|
|
|
|
—
|
|
|
|
|
2.4
|
|
|
|||||
Total
|
|
$
|
0.2
|
|
|
|
|
$
|
(3.0
|
)
|
|
|
|
$
|
0.8
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
2.4
|
|
|
Description
|
December 31
2013 |
|
Netting
(e)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||||||
KCP&L
|
|
(millions)
|
|
||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nuclear decommissioning trust
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity securities
|
|
$
|
127.7
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
127.7
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury
|
|
21.2
|
|
|
|
|
—
|
|
|
|
|
21.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
U.S. Agency
|
|
2.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
2.8
|
|
|
|
|
—
|
|
|
|||||
State and local obligations
|
|
3.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
3.9
|
|
|
|
|
—
|
|
|
|||||
Corporate bonds
|
|
24.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
24.4
|
|
|
|
|
—
|
|
|
|||||
Foreign governments
|
|
0.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.5
|
|
|
|
|
—
|
|
|
|||||
Cash equivalents
|
|
3.8
|
|
|
|
|
—
|
|
|
|
|
3.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Other
|
|
(0.4
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(0.4
|
)
|
|
|
|
—
|
|
|
|||||
Total nuclear decommissioning trust
|
|
183.9
|
|
|
|
|
—
|
|
|
|
|
152.7
|
|
|
|
|
31.2
|
|
|
|
|
—
|
|
|
|||||
Self-insured health plan trust
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
|
0.9
|
|
|
|
|
—
|
|
|
|
|
0.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Debt securities
|
|
9.3
|
|
|
|
|
—
|
|
|
|
|
0.5
|
|
|
|
|
8.8
|
|
|
|
|
—
|
|
|
|||||
Cash and cash equivalents
|
|
3.4
|
|
|
|
|
—
|
|
|
|
|
3.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Other
|
|
1.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1.2
|
|
|
|
|
—
|
|
|
|||||
Total self-insured health plan trust
|
|
14.8
|
|
|
|
|
—
|
|
|
|
|
4.8
|
|
|
|
|
10.0
|
|
|
|
|
—
|
|
|
|||||
Derivative instruments
(c)
|
|
1.1
|
|
|
|
|
(0.1
|
)
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
1.1
|
|
|
|||||
Total
|
|
199.8
|
|
|
|
|
(0.1
|
)
|
|
|
|
157.6
|
|
|
|
|
41.2
|
|
|
|
|
1.1
|
|
|
|||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivative instruments
(c)
|
|
—
|
|
|
|
|
(0.3
|
)
|
|
|
|
0.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
—
|
|
|
|
|
$
|
(0.3
|
)
|
|
|
|
$
|
0.3
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Other Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivative instruments
(c)
|
|
$
|
6.7
|
|
|
|
|
$
|
(0.6
|
)
|
|
|
|
$
|
0.2
|
|
|
|
|
$
|
4.9
|
|
|
|
|
$
|
2.2
|
|
|
SERP rabbi trusts
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Equity securities
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Fixed income funds
|
|
18.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
18.6
|
|
|
|
|
—
|
|
|
|||||
Total SERP rabbi trusts
|
|
18.7
|
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
|
|
18.6
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
25.4
|
|
|
|
|
(0.6
|
)
|
|
|
|
0.3
|
|
|
|
|
23.5
|
|
|
|
|
2.2
|
|
|
|||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivative instruments
(c)
|
|
0.1
|
|
|
|
|
(0.6
|
)
|
|
|
|
0.6
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
0.1
|
|
|
|
|
$
|
(0.6
|
)
|
|
|
|
$
|
0.6
|
|
|
|
|
$
|
0.1
|
|
|
|
|
$
|
—
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Nuclear decommissioning trust
(a)
|
|
$
|
183.9
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
152.7
|
|
|
|
|
$
|
31.2
|
|
|
|
|
$
|
—
|
|
|
Self-insured health plan trust
(b)
|
|
14.8
|
|
|
|
|
—
|
|
|
|
|
4.8
|
|
|
|
|
10.0
|
|
|
|
|
—
|
|
|
|||||
Derivative instruments
(c)
|
|
7.8
|
|
|
|
|
(0.7
|
)
|
|
|
|
0.3
|
|
|
|
|
4.9
|
|
|
|
|
3.3
|
|
|
|||||
SERP rabbi trusts
(d)
|
|
18.7
|
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
|
|
18.6
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
225.2
|
|
|
|
|
(0.7
|
)
|
|
|
|
157.9
|
|
|
|
|
64.7
|
|
|
|
|
3.3
|
|
|
|||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivative instruments
(c)
|
|
0.1
|
|
|
|
|
(0.9
|
)
|
|
|
|
0.9
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
0.1
|
|
|
|
|
$
|
(0.9
|
)
|
|
|
|
$
|
0.9
|
|
|
|
|
$
|
0.1
|
|
|
|
|
$
|
—
|
|
|
(a)
|
Fair value is based on quoted market prices of the investments held by the fund and/or valuation models.
|
(b)
|
Fair value is based on quoted market prices of the investments held by the trust. Debt securities classified as Level 1 are comprised of U.S. Treasury securities. Debt securities classified as Level 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities.
|
(c)
|
The fair value of derivative instruments is estimated using market quotes, over-the-counter forward price and volatility curves and correlations among fuel prices, net of estimated credit risk. Derivative instruments classified as Level 1 represent exchange traded derivative instruments. Derivative instruments classified as Level 2 represent non-exchange traded derivative instruments traded in over-the-counter markets. Derivative instruments classified as Level 3 represent non-exchange traded derivatives traded in over-the-counter markets for which observable market data is not available to corroborate the valuation inputs and TCRs valued at the most recent auction price in the SPP Integrated Marketplace.
|
(d)
|
Fair value is based on quoted market prices and/or valuation models for equity securities and Net Asset Value (NAV) per share for fixed income funds.
|
(e)
|
Represents the difference between derivative contracts in an asset or liability position presented on a net basis by counterparty on the consolidated balance sheets where a master netting agreement exists between the Company and the counterparty. At
March 31, 2014
, and
December 31, 2013
, Great Plains Energy netted
$0.3 million
and
$0.2 million
, respectively, of cash collateral posted with counterparties.
|
KCP&L
|
|
|
|
||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|||||
|
Derivative Instruments
|
||||
|
|
2014
|
|
||
|
|
(millions)
|
|
||
Net asset at January 1
|
|
$
|
1.1
|
|
|
Total realized/unrealized gains (losses):
|
|
|
|
||
included in purchased power expense
|
|
0.9
|
|
|
|
included in regulatory asset or liability
|
|
(0.1
|
)
|
|
|
Purchases
|
|
5.1
|
|
|
|
Settlements
|
|
(3.1
|
)
|
|
|
Net asset at March 31
|
|
$
|
3.9
|
|
|
Total unrealized losses relating to assets still on the consolidated balance sheet at March 31:
|
|
|
|
||
included in purchased power expense
|
|
$
|
(0.1
|
)
|
|
included in regulatory asset or liability
|
|
$
|
(0.1
|
)
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Gains and Losses on Cash Flow Hedges
(a)
|
|
Defined Benefit Pension Items
(a)
|
|
Total
(a)
|
|
||||||||||
Three Months Ended March 31, 2014
|
|
(millions)
|
|||||||||||||||
Beginning balance January 1
|
|
|
$
|
(23.8
|
)
|
|
|
|
$
|
(1.5
|
)
|
|
|
$
|
(25.3
|
)
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
2.8
|
|
|
|
|
0.2
|
|
|
|
3.0
|
|
|
|||
Net current period other comprehensive income
|
|
|
2.8
|
|
|
|
|
0.2
|
|
|
|
3.0
|
|
|
|||
Ending balance March 31
|
|
|
$
|
(21.0
|
)
|
|
|
|
$
|
(1.3
|
)
|
|
|
$
|
(22.3
|
)
|
|
Three Months Ended March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Beginning balance January 1
|
|
|
$
|
(35.4
|
)
|
|
|
|
$
|
(3.0
|
)
|
|
|
$
|
(38.4
|
)
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
3.2
|
|
|
|
|
—
|
|
|
|
3.2
|
|
|
|||
Net current period other comprehensive income
|
|
|
3.2
|
|
|
|
|
—
|
|
|
|
3.2
|
|
|
|||
Ending balance March 31
|
|
|
$
|
(32.2
|
)
|
|
|
|
$
|
(3.0
|
)
|
|
|
$
|
(35.2
|
)
|
|
Great Plains Energy
|
|
|
|
|
||||
Details about Accumulated Other Comprehensive Loss Components
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
Affected Line Item in the Income Statement
|
||||||
Three Months Ended March 31
|
2014
|
|
2013
|
|
||||
|
(millions)
|
|
||||||
Gains and (losses) on cash flow hedges (effective portion)
|
|
|
|
|
||||
Interest rate contracts
|
$
|
(4.7
|
)
|
|
$
|
(5.0
|
)
|
Interest charges
|
Commodity contracts
|
—
|
|
|
(0.2
|
)
|
Fuel
|
||
|
(4.7
|
)
|
|
(5.2
|
)
|
Income before income tax expense and income (loss) from equity investments
|
||
|
1.9
|
|
|
2.0
|
|
Income tax (expense) benefit
|
||
|
$
|
(2.8
|
)
|
|
$
|
(3.2
|
)
|
Net income
|
Amortization of defined benefit pension items
|
|
|
|
|
||||
Net losses included in net periodic benefit costs
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
Utility operating and maintenance expenses
|
|
(0.2
|
)
|
|
—
|
|
Income before income tax expense and income (loss) from equity investments
|
||
|
(0.2
|
)
|
|
—
|
|
Net income
|
||
|
|
|
|
|
||||
Total reclassifications, net of tax
|
$
|
(3.0
|
)
|
|
$
|
(3.2
|
)
|
Net income
|
KCP&L
|
|
|
|
|
||||
Details about Accumulated Other Comprehensive Loss Components
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
Affected Line Item in the Income Statement
|
||||||
Three Months Ended March 31
|
2014
|
|
2013
|
|
|
|||
|
(millions)
|
|
||||||
Gains and (losses) on cash flow hedges (effective portion)
|
|
|
|
|
||||
Interest rate contracts
|
$
|
(2.2
|
)
|
|
$
|
(2.2
|
)
|
Interest charges
|
Commodity contracts
|
—
|
|
|
(0.2
|
)
|
Fuel
|
||
|
(2.2
|
)
|
|
(2.4
|
)
|
Income before income tax expense
|
||
|
0.9
|
|
|
0.9
|
|
Income tax (expense) benefit
|
||
Total reclassifications, net of tax
|
$
|
(1.3
|
)
|
|
$
|
(1.5
|
)
|
Net income
|
|
|||||||
Great Plains Energy
|
|
|
|
||||
Three Months Ended March 31
|
2014
|
|
2013
|
||||
Current income taxes
|
(millions)
|
||||||
Federal
|
$
|
0.3
|
|
|
$
|
(0.1
|
)
|
State
|
0.1
|
|
|
(0.1
|
)
|
||
Total
|
0.4
|
|
|
(0.2
|
)
|
||
Deferred income taxes
|
|
|
|
|
|
||
Federal
|
6.6
|
|
|
9.9
|
|
||
State
|
1.7
|
|
|
2.3
|
|
||
Total
|
8.3
|
|
|
12.2
|
|
||
Noncurrent income taxes
|
|
|
|
|
|
||
Foreign
|
(0.2
|
)
|
|
(0.1
|
)
|
||
Investment tax credit amortization
|
(0.4
|
)
|
|
(0.4
|
)
|
||
Income tax expense
|
$
|
8.1
|
|
|
$
|
11.5
|
|
KCP&L
|
|
|
|
||||
Three Months Ended March 31
|
2014
|
|
2013
|
||||
Current income taxes
|
(millions)
|
||||||
Federal
|
$
|
2.7
|
|
|
$
|
(0.3
|
)
|
State
|
0.5
|
|
|
—
|
|
||
Total
|
3.2
|
|
|
(0.3
|
)
|
||
Deferred income taxes
|
|
|
|
|
|
||
Federal
|
0.4
|
|
|
4.0
|
|
||
State
|
0.6
|
|
|
1.3
|
|
||
Total
|
1.0
|
|
|
5.3
|
|
||
Noncurrent income taxes
|
|
|
|
|
|
||
Federal
|
—
|
|
|
0.6
|
|
||
State
|
—
|
|
|
0.1
|
|
||
Total
|
—
|
|
|
0.7
|
|
||
Investment tax credit amortization
|
(0.2
|
)
|
|
(0.3
|
)
|
||
Income tax expense
|
$
|
4.0
|
|
|
$
|
5.4
|
|
Great Plains Energy
|
|
|
|
||
Three Months Ended March 31
|
2014
|
|
2013
|
||
Federal statutory income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
Differences between book and tax depreciation not normalized
|
(1.8
|
)
|
|
1.4
|
|
Amortization of investment tax credits
|
(1.2
|
)
|
|
(1.1
|
)
|
Federal income tax credits
|
(9.1
|
)
|
|
(7.9
|
)
|
State income taxes
|
3.8
|
|
|
4.2
|
|
Changes in uncertain tax positions, net
|
(0.6
|
)
|
|
(0.7
|
)
|
Other
|
(0.7
|
)
|
|
(0.2
|
)
|
Effective income tax rate
|
25.4
|
%
|
|
30.7
|
%
|
KCP&L
|
|
|
|
||
Three Months Ended March 31
|
2014
|
|
2013
|
||
Federal statutory income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
Differences between book and tax depreciation not normalized
|
(3.7
|
)
|
|
1.6
|
|
Amortization of investment tax credits
|
(1.2
|
)
|
|
(1.2
|
)
|
Federal income tax credits
|
(13.8
|
)
|
|
(13.8
|
)
|
State income taxes
|
3.4
|
|
|
4.0
|
|
Other
|
(1.1
|
)
|
|
(0.7
|
)
|
Effective income tax rate
|
18.6
|
%
|
|
24.9
|
%
|
|
March 31
2014 |
|
December 31
2013 |
||||||||
|
(millions)
|
||||||||||
Beginning balance January 1
|
|
$
|
9.8
|
|
|
|
|
$
|
21.4
|
|
|
Reductions for current year tax positions
|
|
(0.1
|
)
|
|
|
|
(0.3
|
)
|
|
||
Reductions for prior year tax positions
|
|
—
|
|
|
|
|
(10.5
|
)
|
|
||
Statute expirations
|
|
—
|
|
|
|
|
(0.3
|
)
|
|
||
Foreign currency translation adjustments
|
|
(0.2
|
)
|
|
|
|
(0.5
|
)
|
|
||
Ending balance
|
|
$
|
9.5
|
|
|
|
|
$
|
9.8
|
|
|
Three Months Ended March 31, 2014
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||
Operating revenues
|
|
$
|
585.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
585.1
|
|
|
Depreciation and amortization
|
|
(74.5
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(74.5
|
)
|
|
||||
Interest (charges) income
|
|
(47.0
|
)
|
|
|
|
(12.6
|
)
|
|
|
|
10.2
|
|
|
|
|
(49.4
|
)
|
|
||||
Income tax (expense) benefit
|
|
(9.8
|
)
|
|
|
|
1.7
|
|
|
|
|
—
|
|
|
|
|
(8.1
|
)
|
|
||||
Net income (loss)
|
|
26.1
|
|
|
|
|
(2.3
|
)
|
|
|
|
—
|
|
|
|
|
23.8
|
|
|
Three Months Ended March 31, 2013
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||
Operating revenues
|
|
$
|
542.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
542.2
|
|
|
Depreciation and amortization
|
|
(70.2
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(70.2
|
)
|
|
||||
Interest (charges) income
|
|
(47.8
|
)
|
|
|
|
(14.5
|
)
|
|
|
|
12.6
|
|
|
|
|
(49.7
|
)
|
|
||||
Income tax (expense) benefit
|
|
(12.6
|
)
|
|
|
|
1.1
|
|
|
|
|
—
|
|
|
|
|
(11.5
|
)
|
|
||||
Net income (loss)
|
|
27.6
|
|
|
|
|
(1.6
|
)
|
|
|
|
—
|
|
|
|
|
26.0
|
|
|
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
March 31, 2014
|
|
(millions)
|
|
||||||||||||||||||||
Assets
|
|
$
|
10,150.9
|
|
|
|
|
$
|
130.4
|
|
|
|
|
$
|
(396.4
|
)
|
|
|
|
$
|
9,884.9
|
|
|
Capital expenditures
(a)
|
|
185.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
185.2
|
|
|
||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
$
|
10,019.6
|
|
|
|
|
$
|
105.6
|
|
|
|
|
$
|
(329.8
|
)
|
|
|
|
$
|
9,795.4
|
|
|
Capital expenditures
(a)
|
|
669.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
669.0
|
|
|
•
|
a $27.1 million increase in gross margin driven by favorable weather, an increase in weather-normalized retail demand and new retail rates;
|
•
|
a $25.5 million increase in utility operating and maintenance expenses driven by increased Wolf Creek operating and maintenance expenses primarily due to a planned mid-cycle maintenance outage that began in March 2014 as well as increased amortization from a planned refueling outage, where costs are deferred and amortized between refueling outages, that began in the first quarter of 2013; increased costs for energy efficiency and demand side management programs under MEEIA, which are included in retail rates; and increased expenses at coal units primarily due to outages;
|
•
|
a $5.0 million increase in general taxes driven by increased property taxes; and
|
•
|
a $3.4 million decrease in income tax expense primarily driven by decreased pre-tax income and the effect of the regulatory treatment of timing differences for the increase in the equity component of AFUDC.
|
Three Months Ended March 31
|
|
2014
|
|
2013
|
||||
|
(millions)
|
|||||||
Operating revenues
|
|
$
|
585.1
|
|
|
$
|
542.2
|
|
Fuel
|
|
(135.2
|
)
|
|
(132.2
|
)
|
||
Purchased power
|
|
(45.4
|
)
|
|
(38.8
|
)
|
||
Transmission
|
|
(17.6
|
)
|
|
(11.4
|
)
|
||
Gross margin
(a)
|
|
386.9
|
|
|
359.8
|
|
||
Other operating expenses
|
|
(234.5
|
)
|
|
(203.5
|
)
|
||
Depreciation and amortization
|
|
(74.5
|
)
|
|
(70.2
|
)
|
||
Operating income
|
|
77.9
|
|
|
86.1
|
|
||
Non-operating income and expenses
|
|
3.3
|
|
|
1.2
|
|
||
Interest charges
|
|
(49.4
|
)
|
|
(49.7
|
)
|
||
Income tax expense
|
|
(8.1
|
)
|
|
(11.5
|
)
|
||
Income (loss) from equity investments
|
|
0.1
|
|
|
(0.1
|
)
|
||
Net income
|
|
23.8
|
|
|
26.0
|
|
||
Preferred dividends
|
|
(0.4
|
)
|
|
(0.4
|
)
|
||
Earnings available for common shareholders
|
|
$
|
23.4
|
|
|
$
|
25.6
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin below.
|
•
|
a $27.1 million increase in gross margin driven by:
|
•
|
an estimated $13 million increase due to favorable weather driven by a 15% increase in heating degree days;
|
•
|
an estimated $4 million increase driven by an increase in weather-normalized retail demand; and
|
•
|
an estimated $9 million increase from new retail rates in Missouri effective January 26, 2013;
|
•
|
a $31.0 million increase in other operating expenses primarily driven by:
|
•
|
a $10.0 million increase in Wolf Creek operating and maintenance expenses primarily due to a planned mid-cycle maintenance outage that began in March 2014 as well as increased amortization from a planned refueling outage, where costs are deferred and amortized between refueling outages, that began in the first quarter of 2013;
|
•
|
a $1.6 million increase from costs for energy efficiency and demand side management programs under MEEIA, which are included in retail rates;
|
•
|
a $5.8 million increase in operating and maintenance expense at coal units primarily due to outages; and
|
•
|
a $5.1 million increase in general taxes driven by increased property taxes;
|
•
|
a $4.3 million increase in depreciation expense primarily driven by normal capital additions;
|
•
|
a $3.1 million increase in non-operating income and expenses driven by a $3.4 million increase in the equity component of AFUDC resulting from a higher average construction work in progress balance due to environmental upgrades at KCP&L's La Cygne Station and pipe replacement for the essential service water system at the Wolf Creek nuclear unit; and
|
•
|
a $2.8 million decrease in income tax expense primarily driven by decreased pre-tax income and the effect of the regulatory treatment of timing differences for the increase in the equity component of AFUDC.
|
Three Months Ended March 31
|
|
2014
|
|
2013
|
||||
|
(millions)
|
|||||||
Operating revenues
|
|
$
|
585.1
|
|
|
$
|
542.2
|
|
Fuel
|
|
(135.2
|
)
|
|
(132.2
|
)
|
||
Purchased power
|
|
(45.4
|
)
|
|
(38.8
|
)
|
||
Transmission
|
|
(17.6
|
)
|
|
(11.4
|
)
|
||
Gross margin
(a)
|
|
386.9
|
|
|
359.8
|
|
||
Other operating expenses
|
|
(233.8
|
)
|
|
(202.8
|
)
|
||
Depreciation and amortization
|
|
(74.5
|
)
|
|
(70.2
|
)
|
||
Operating income
|
|
78.6
|
|
|
86.8
|
|
||
Non-operating income and expenses
|
|
4.3
|
|
|
1.2
|
|
||
Interest charges
|
|
(47.0
|
)
|
|
(47.8
|
)
|
||
Income tax expense
|
|
(9.8
|
)
|
|
(12.6
|
)
|
||
Net income
|
|
$
|
26.1
|
|
|
$
|
27.6
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
|
Revenues and Costs
|
|
%
|
|
MWhs Sold
|
|
%
|
||||||||||||
Three Months Ended March 31
|
2014
|
|
2013
|
|
Change
|
|
2014
|
|
2013
|
|
Change
|
||||||||
Retail revenues
|
(millions)
|
|
|
|
(thousands)
|
|
|
||||||||||||
Residential
|
$
|
243.7
|
|
|
$
|
226.6
|
|
|
8
|
%
|
|
2,551
|
|
|
2,354
|
|
|
8
|
%
|
Commercial
|
218.1
|
|
|
208.7
|
|
|
5
|
%
|
|
2,657
|
|
|
2,525
|
|
|
5
|
%
|
||
Industrial
|
47.1
|
|
|
44.3
|
|
|
6
|
%
|
|
748
|
|
|
706
|
|
|
6
|
%
|
||
Other retail revenues
|
5.0
|
|
|
5.0
|
|
|
(3
|
)%
|
|
29
|
|
|
31
|
|
|
(4
|
)%
|
||
Kansas property tax surcharge
|
1.2
|
|
|
0.1
|
|
|
N/M
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Fuel recovery mechanism
|
13.4
|
|
|
8.2
|
|
|
63
|
%
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Total retail
|
528.5
|
|
|
492.9
|
|
|
7
|
%
|
|
5,985
|
|
|
5,616
|
|
|
7
|
%
|
||
Wholesale revenues
|
42.4
|
|
|
34.4
|
|
|
23
|
%
|
|
1,383
|
|
|
1,246
|
|
|
11
|
%
|
||
Other revenues
|
14.2
|
|
|
14.9
|
|
|
(5
|
)%
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Operating revenues
|
585.1
|
|
|
542.2
|
|
|
8
|
%
|
|
7,368
|
|
|
6,862
|
|
|
7
|
%
|
||
Fuel
|
(135.2
|
)
|
|
(132.2
|
)
|
|
2
|
%
|
|
|
|
|
|
|
|||||
Purchased power
|
(45.4
|
)
|
|
(38.8
|
)
|
|
17
|
%
|
|
|
|
|
|
|
|||||
Transmission
|
(17.6
|
)
|
|
(11.4
|
)
|
|
54
|
%
|
|
|
|
|
|
|
|||||
Gross margin
(a)
|
$
|
386.9
|
|
|
$
|
359.8
|
|
|
7
|
%
|
|
|
|
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
•
|
an estimated $13 million increase due to favorable weather driven by a 15% increase in heating degree days;
|
•
|
an estimated $4 million increase driven by an increase in weather-normalized retail demand; and
|
•
|
an estimated $9 million increase from new retail rates in Missouri effective January 26, 2013.
|
•
|
a $10.0 million increase in Wolf Creek operating and maintenance expenses primarily due to a planned mid-cycle maintenance outage that began in March 2014 as well as increased amortization from a planned refueling outage, where costs are deferred and amortized between refueling outages, that began in the first quarter of 2013;
|
•
|
a $1.6 million increase from costs for energy efficiency and demand side management programs under MEEIA, which are included in retail rates;
|
•
|
a $5.8 million increase in operating and maintenance expense at coal units primarily due to outages; and
|
•
|
a $5.1 million increase in general taxes driven by increased property taxes.
|
•
|
Assets held for sale decreased $36.2 million to reflect the sale of KCP&L's and GMO's SPP-approved regional transmission projects to Transource Missouri in January 2014.
|
•
|
Great Plains Energy's construction work in progress
increased
$82.2 million
primarily due to increases for environmental upgrades at KCP&L's La Cygne Station and increases for pipe replacement for the essential service water system at the Wolf Creek nuclear unit, in addition to normal plant activity.
|
•
|
Great Plains Energy's commercial paper
increased
$109.6 million
primarily due to borrowings for dividend payments and timing of other cash payments.
|
•
|
Great Plains Energy's accounts payable decreased $87.1 million primarily due to the timing of cash payments.
|
•
|
Great Plains Energy's accrued taxes increased $34.2 million primarily due to the timing of property tax payments.
|
•
|
Outlook for Great Plains Energy, KCP&L and GMO from Positive to Stable;
|
•
|
Corporate credit rating for Great Plains Energy from BBB to BBB+;
|
•
|
Preferred stock rating for Great Plains Energy from BB+ to BBB-;
|
•
|
Senior unsecured debt for Great Plains Energy from BBB- to BBB;
|
•
|
Senior secured debt for KCP&L from A- to A; and
|
•
|
Senior unsecured debt for KCP&L and GMO from BBB to BBB+.
|
Three Months Ended March 31
|
|
2014
|
|
2013
|
|
||||
|
(millions)
|
||||||||
Operating revenues
|
|
$
|
391.0
|
|
|
$
|
366.7
|
|
|
Fuel
|
|
(93.6
|
)
|
|
(94.5
|
)
|
|
||
Purchased power
|
|
(18.9
|
)
|
|
(19.1
|
)
|
|
||
Transmission
|
|
(10.6
|
)
|
|
(8.0
|
)
|
|
||
Gross margin
(a)
|
|
267.9
|
|
|
245.1
|
|
|
||
Other operating expenses
|
|
(168.7
|
)
|
|
(145.2
|
)
|
|
||
Depreciation and amortization
|
|
(51.7
|
)
|
|
(47.6
|
)
|
|
||
Operating income
|
|
47.5
|
|
|
52.3
|
|
|
||
Non-operating income and expenses
|
|
4.4
|
|
|
1.3
|
|
|
||
Interest charges
|
|
(30.7
|
)
|
|
(32.0
|
)
|
|
||
Income tax expense
|
|
(4.0
|
)
|
|
(5.4
|
)
|
|
||
Net income
|
|
$
|
17.2
|
|
|
$
|
16.2
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
|
Revenues and Costs
|
|
%
|
|
MWhs Sold
|
|
%
|
||||||||||||
Three Months Ended March 31
|
2014
|
|
2013
|
|
Change
|
|
2014
|
|
2013
|
|
Change
|
||||||||
Retail revenues
|
(millions)
|
|
|
|
(thousands)
|
|
|
||||||||||||
Residential
|
$
|
145.0
|
|
|
$
|
136.1
|
|
|
7
|
%
|
|
1,459
|
|
|
1,362
|
|
|
7
|
%
|
Commercial
|
160.8
|
|
|
153.8
|
|
|
5
|
%
|
|
1,868
|
|
|
1,772
|
|
|
5
|
%
|
||
Industrial
|
29.1
|
|
|
26.8
|
|
|
8
|
%
|
|
434
|
|
|
396
|
|
|
10
|
%
|
||
Other retail revenues
|
3.1
|
|
|
3.2
|
|
|
(4
|
)%
|
|
22
|
|
|
23
|
|
|
(5
|
)%
|
||
Kansas property tax surcharge
|
1.2
|
|
|
0.1
|
|
|
N/M
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Fuel recovery mechanism
|
(3.1
|
)
|
|
3.9
|
|
|
N/M
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Total retail
|
336.1
|
|
|
323.9
|
|
|
4
|
%
|
|
3,783
|
|
|
3,553
|
|
|
6
|
%
|
||
Wholesale revenues
|
49.8
|
|
|
38.3
|
|
|
30
|
%
|
|
1,620
|
|
|
1,401
|
|
|
16
|
%
|
||
Other revenues
|
5.1
|
|
|
4.5
|
|
|
15
|
%
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Operating revenues
|
391.0
|
|
|
366.7
|
|
|
7
|
%
|
|
5,403
|
|
|
4,954
|
|
|
9
|
%
|
||
Fuel
|
(93.6
|
)
|
|
(94.5
|
)
|
|
(1
|
)%
|
|
|
|
|
|
|
|||||
Purchased power
|
(18.9
|
)
|
|
(19.1
|
)
|
|
(1
|
)%
|
|
|
|
|
|
|
|||||
Transmission
|
(10.6
|
)
|
|
(8.0
|
)
|
|
34
|
%
|
|
|
|
|
|
|
|||||
Gross margin
(a)
|
$
|
267.9
|
|
|
$
|
245.1
|
|
|
9
|
%
|
|
|
|
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
•
|
an estimated $9 million increase due to favorable weather driven by a 15% increase in heating degree days;
|
•
|
an estimated $2 million increase driven by an increase in weather-normalized retail demand; and
|
•
|
an estimated $6 million increase from new retail rates in Missouri effective January 26, 2013.
|
•
|
a $10.0 million increase in Wolf Creek operating and maintenance expenses primarily due to a planned mid-cycle maintenance outage that began in March 2014 and increased amortization from a planned refueling outage, where costs are deferred and amortized between refueling outages, that began in the first quarter of 2013;
|
•
|
a $3.4 million increase in operating and maintenance expense at coal units primarily due to outages; and
|
•
|
a $4.5 million increase in general taxes driven by increased property taxes.
|
Issuer Purchases of Equity Securities
|
||||||||||||||||
Month
|
Total Number of Shares (or Units) Purchased
|
|
Average Price Paid per Share (or Unit)
|
|
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
|
|||||||||
January 1 - 31
|
|
—
|
|
|
|
$
|
—
|
|
|
|
|
—
|
|
|
|
N/A
|
February 1 - 28
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
N/A
|
|
March 1 - 31
|
|
69,129
|
|
(1)
|
|
25.98
|
|
|
|
|
—
|
|
|
|
N/A
|
|
Total
|
|
69,129
|
|
|
|
$
|
25.98
|
|
|
|
|
—
|
|
|
|
N/A
|
(1)
|
Represents common shares surrendered to the Company to pay taxes related to the vesting of restricted common shares and issuance of performance shares and common shares surrendered to the Company related to the forfeiture of restricted common shares.
|
Nominee
|
Votes For
|
Votes Withheld
|
Broker Non-Votes
|
Terry Bassham
|
115,234,884
|
3,718,741
|
21,686,997
|
David L. Bodde
|
117,264,828
|
1,688,797
|
21,686,997
|
Randall C. Ferguson, Jr.
|
117,426,596
|
1,527,029
|
21,686,997
|
Gary D. Forsee
|
117,567,321
|
1,386,304
|
21,686,997
|
Thomas D. Hyde
|
117,831,321
|
1,122,371
|
21,686,997
|
James A. Mitchell
|
116,708,251
|
2,245,374
|
21,686,997
|
Ann D. Murtlow
|
117,157,032
|
1,796,593
|
21,686,997
|
John J. Sherman
|
117,885,414
|
1,068,211
|
21,686,997
|
Linda H. Talbott
|
117,116,692
|
1,836,933
|
21,686,997
|
Votes For
|
Votes Against
|
Abstentions
|
Broker Non-Votes
|
109,731,106
|
5,386,925
|
3,835,594
|
21,686,997
|
Votes For
|
Votes Against
|
Abstentions
|
Broker Non-Votes
|
116,545,131
|
1,708,961
|
699,533
|
21,686,997
|
Votes For
|
Votes Against
|
Abstentions
|
138,793,593
|
1,312,181
|
534,848
|
Exhibit
Number
|
|
Description of Document
|
|
Registrant
|
|
|
|
|
|
3.1
|
|
Articles of Incorporation of Great Plains Energy Incorporated, as amended effective May 6, 2014.
|
|
Great Plains Energy
|
|
|
|
|
|
3.2
|
|
Amended and Restated Articles of Consolidation of Kansas City Power & Light Company, as amended effective May 6, 2014.
|
|
KCP&L
|
|
|
|
|
|
10.1
|
+
|
Form of 2014 three-year Performance Share Agreement.
|
|
Great Plains Energy KCP&L
|
|
|
|
|
|
10.2
|
+
|
Form of 2014 Restricted Stock Agreement.
|
|
Great Plains Energy KCP&L
|
|
|
|
|
|
10.3
|
+
|
Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Performance Criteria Effective as of January 1, 2014.
|
|
Great Plains Energy KCP&L
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|
|
|
Dated:
|
May 8, 2014
|
By:
/s/ Terry Bassham
|
|
|
(Terry Bassham)
|
|
|
(Chief Executive Officer)
|
|
|
|
Dated:
|
May 8, 2014
|
By:
/s/ Lori A. Wright
|
|
|
(Lori A. Wright)
|
|
|
(Principal Accounting Officer)
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|
|
|
Dated:
|
May 8, 2014
|
By:
/s/ Terry Bassham
|
|
|
(Terry Bassham)
|
|
|
(Chief Executive Officer)
|
|
|
|
Dated:
|
May 8, 2014
|
By:
/s/ Lori A. Wright
|
|
|
(Lori A. Wright)
|
|
|
(Principal Accounting Officer)
|
1.
|
Performance Share Award.
The Company hereby grants to the Grantee an Award of _________ Performance Shares for the
three-year period ending December 31, 2016
(the “Award Period”). The Performance Shares may be earned based upon the Company’s performance as set forth in Appendix A.
|
2.
|
Terms and Conditions.
The Award of Performance Shares is subject to the following terms and conditions:
|
a.
|
The Performance Shares shall be credited with a hypothetical cash credit equal to the per share dividend paid on the Company’s common stock as of the date of any such dividend paid during the entire Award Period, and not just the period of time after the Grant Date. At the end of the Award Period and provided the Performance Shares have not been forfeited in accordance with the terms of the Plan, the Grantee shall be paid, in a lump sum cash payment, the aggregate amount of such hypothetical dividend equivalents.
|
b.
|
No Company common stock will be delivered under this or any other outstanding awards of performance shares until either (i) the Grantee (or the Grantee’s successor) has paid to the Company the amount that must be withheld under federal, state and local income and employment tax laws or (ii) the Grantee and the Company have made satisfactory provision for the payment of such taxes. The Company shall first withhold such taxes from the cash portion, if any, of the Award. To the extent the cash portion of the Award is insufficient to cover the full withholding amount, unless otherwise elected by the Grantee or not permitted by the Compensation and Development Committee (which may
|
c.
|
The Company will, to the full extent permitted by law, have the discretion based on the particular facts and circumstances to require that the Grantee reimburse the Company for all or any portion of any awards if and to the extent the awards reflected the achievement of financial results that were subsequently the subject of a restatement, or the achievement of other objectives that were subsequently found to be inaccurately measured, and a lower award would have occurred based upon the restated financial results or inaccurately measured objectives. The Company may, in its discretion, (i) seek repayment from the Grantee; (ii) reduce the amount that would otherwise be payable to the Grantee under current or future awards; (iii) withhold future equity grants or salary increases; (iv) pursue other available legal remedies; or (v) any combination of these actions. The Company may take such actions against any Grantee, whether or not such Grantee engaged in any misconduct or was otherwise at fault with respect to such restatement or inaccurate measurement. The Company will, however, not seek reimbursement with respect to any awards paid more than three years prior to such restatement or the discovery of inaccurate measurements, as applicable.
|
d.
|
Except as otherwise specifically provided herein, the Award of Performance Shares is subject to and governed by the applicable terms and conditions of the Plan, which are incorporated herein by reference.
|
3.
|
Amendment
. This Agreement may be amended only in the manner provided by the Company evidencing both parties’ agreement to the amendment. This Agreement may also be amended, without prior notice to Grantee and without Grantee’s consent prior to any Change in Control by the Committee if the Committee in good faith determines the amendment does not materially adversely affect any of Grantee’s rights under this Agreement.
|
4.
|
Entire Agreement
. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof, and supersedes all prior agreements or understandings between the parties relating thereto.
|
GREAT PLAINS ENERGY INCORPORATED
|
|
|
|
By: _____________________________________
|
________________________________________
|
Terry Bassham
|
_______________________
|
|
Grantee
|
|
|
|
_____________________ _____, 2014
|
|
Objective
|
Weighting
(Percent) |
Threshold
(50%)
|
Target
(100%)
|
Stretch
(150%)
|
Superior
(200%)
|
|
|
|
|
|
|
|
1.
|
Three-year (2014-2016)
Average FFO to Total Adjusted
Debt
1
|
50%
|
14.5%
|
15.0%
|
15.5%
|
16.0%
|
|
|
|
|
|
|
|
2.
|
Total Shareholder Return (TSR) versus EEI Index
2
|
50%
|
See Below
|
Percentile Rank
|
Payout Amount
|
|
|
75
th
and above
|
200%
|
60
th
to 74
th
|
150%
|
40
th
to 59
th
|
100%
|
25
th
to 39
th
|
50%
|
24
th
and below
|
0%
|
1.
|
Restricted Stock Award.
The Company hereby grants to the Grantee an Award of _________ shares of Restricted Stock subject to the restrictions provided herein.
|
2.
|
Terms and Conditions.
The Award of Restricted Stock is subject to the following terms and conditions:
|
a.
|
The Restricted Stock granted hereunder will be held in book entry and may not be sold, transferred, pledged, hypothecated or otherwise transferred other than as provided in the Plan. The restrictions will terminate on March 3, 2017
(the “Restriction Period”). If Grantee’s employment terminates for any reason before the end of the Restriction Period, the Restricted Stock (and any additional shares attributable to reinvested dividends) will be forfeited.
|
b.
|
Dividends with respect to the Restricted Stock shall be paid and reinvested during the period under the Company’s Dividend Reinvestment and Direct Stock Purchase Plan. Such reinvested dividends shall be subject to the same restrictions as the Restricted Stock.
|
c.
|
No Company common stock will be released from the restrictions under this or any other outstanding awards of restricted stock until either (i) the Grantee (or the Grantee’s successor) has paid to the Company the amount that must be withheld under federal, state and local income and employment tax laws or (ii) the Grantee and the Company have made satisfactory provision for the payment of such taxes. Unless otherwise elected by
|
d.
|
The Company will, to the full extent permitted by law, have the discretion based on the particular facts and circumstances to require that the Grantee reimburse the Company for all or any portion of any awards if and to the extent the awards reflected the achievement of financial results that were subsequently the subject of a restatement, or the achievement of other objectives that were subsequently found to be inaccurately measured, and a lower award would have occurred based upon the restated financial results or inaccurately measured objectives. The Company may, in its discretion, (i) seek repayment from the Grantee; (ii) reduce the amount that would otherwise be payable to the Grantee under current or future awards; (iii) withhold future equity grants or salary increases; (iv) pursue other available legal remedies; or (v) any combination of these actions. The Company may take such actions against the Grantee, whether or not the Grantee engaged in any misconduct or was otherwise at fault with respect to such restatement or inaccurate measurement. The Company will, however, not seek reimbursement with respect to any awards paid more than three years prior to such restatement or the discovery of inaccurate measurements, as applicable.
|
e.
|
Except as otherwise specifically provided herein, the Award of Restricted Stock is subject to and governed by the applicable terms and conditions of the Plan, which are incorporated herein by reference.
|
3.
|
Amendment
. This Agreement may be amended only in the manner provided by the Company evidencing both parties’ agreement to the amendment. This Agreement may also be amended, without prior notice to Grantee and without Grantee’s consent prior to any Change in Control by the Committee if the Committee in good faith determines the amendment does not materially adversely affect any of Grantee’s rights under this Agreement.
|
4.
|
Entire Agreement
. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof, and supersedes all prior agreements or understandings between the parties relating thereto.
|
GREAT PLAINS ENERGY INCORPORATED
|
|
|
|
By: ________________________________
|
By: ________________________________
|
Terry Bassham
|
_______________________
Grantee
|
|
|
|
Dated: _______________ ____, 2014
|
By:
|
/s/ Robert H. West
|
|
Robert H. West, Lead Director
|
|
Objective
|
Weighting
(Percent) |
Threshold
(50%)
|
Target
(100%)
|
Stretch
(150%)
|
Superior
(200%)
|
|
|
|
|
|
|
|
1.
|
Three-year (2014-2016)
Average FFO to Total Adjusted
Debt
1
|
50%
|
14.5%
|
15.0%
|
15.5%
|
16.0%
|
|
|
|
|
|
|
|
2.
|
Total Shareholder Return (TSR) versus EEI Index
2
|
50%
|
See Below
|
Percentile Rank
|
Payout Amount
|
|
|
75
th
and above
|
200%
|
60
th
to 74
th
|
150%
|
40
th
to 59
th
|
100%
|
25
th
to 39
th
|
50%
|
24
th
and below
|
0%
|
By:
|
/s/ Robert H. West
|
|
Robert H. West, Lead Director
|
2014 Annual Incentive Plan Objectives and Performance Levels
|
||||||
|
Objectives
|
Weighting
|
2014 Targets
|
|||
|
Threshold
50%
|
Target
100%
|
Stretch
150%
|
Superior
200%
|
||
Financial
Objective
50% of Payout
|
Financial Objectives
|
|||||
Earning Per Share
|
50%
|
$1.67
*1
|
$1.70
|
$1.73
|
$1.77
|
|
Key Business Objectives
30% of Payout
|
Key Business Objectives
|
|||||
Days Away, Restricted or Transferred (DART)
|
5%
|
1.18
|
0.62
|
0.49
|
0.36
|
|
|
|
1 Safety & Health self-audit completed per month
|
1.5 Safety & Health self-audits completed per month
|
2 Safety & Health self-audits completed per month
|
2.5 Safety & Health self-audits completed per month
|
|
Safety Audits
|
5%
|
92.5% of corrective action plans to be completed within 45 days or a plan to achieve
|
95.0% of corrective action plans to be completed within 45 days or a plan to achieve
|
97.5% of corrective action plans to be completed within 45 days or a plan to achieve
|
100% of corrective action plans to be completed within 45 days or a plan to achieve
|
|
SAIDI (System-wide Reliability in Minutes)
|
5%
|
97.64
|
83.96
|
81.65
|
79.33
|
|
Percent Equivalent Availability (Coal Units,
Peak Months (Winter & Summer)
|
5%
|
83.0%
|
87.9%
|
89.3%
|
90.5%
|
|
Percent Equivalent Availability (Nuclear Only)
|
5%
|
78.2%
|
81.3%
|
82.5%
|
83.5%
|
|
JD Power Customer Satisfaction Index (Residential
Customer Satisfaction)
|
5%
|
Top Half Tier 2
|
Bottom Half Tier 1
|
Top Half Tier 1
|
Top Quarter Tier 1
|
|
Individual Performance
20% of Payout
|
Individual Performance
|
|
|
|
|
|
Individual Performance
|
20%
|
50%
|
100%
|
150%
|
200%
|
|
|
|
|
|
|
|
|
*1 - Financial Objective will not payout until Budget is achieved and each subsequent levels needs be earned (covered) before paid.
|
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Great Plains Energy Incorporated;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
May 8, 2014
|
/
s/ Terry Bassham
|
|
|
Terry Bassham
Chairman, Chief Executive Officer and President
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Great Plains Energy Incorporated;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
May 8, 2014
|
/s/ James C. Shay
|
|
|
James C. Shay
Senior Vice President - Finance and Strategic Development and Chief Financial Officer
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Kansas City Power & Light Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
May 8, 2014
|
/s/ Terry Bassham
|
|
|
Terry Bassham
Chairman, Chief Executive Officer and President
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Kansas City Power & Light Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
May 8, 2014
|
/s/ James C. Shay
|
|
|
James C. Shay
Senior Vice President - Finance and Strategic Development 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, Chief Executive Officer and President
|
Date:
|
May 8, 2014
|
|
|
|
/s/ James C. Shay
|
Name:
Title:
|
James C. Shay
Senior Vice President - Finance and Strategic Development and Chief Financial Officer
|
Date:
|
May 8, 2014
|
|
(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, Chief Executive Officer and President
|
Date:
|
May 8, 2014
|
|
|
|
/s/ James C. Shay
|
Name:
Title:
|
James C. Shay
Senior Vice President - Finance and Strategic Development and Chief Financial Officer
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Date:
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May 8, 2014
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