|
|
Exact name of registrant as specified in its charter,
|
|
|
Commission
|
|
state of incorporation, address of principal
|
|
I.R.S. Employer
|
File Number
|
|
executive offices and telephone number
|
|
Identification Number
|
|
|
|
|
|
001-32206
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|
43-1916803
|
|
|
(A Missouri Corporation)
|
|
|
|
|
1200 Main Street
|
|
|
|
|
Kansas City, Missouri 64105
|
|
|
|
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(816) 556-2200
|
|
|
|
|
|
|
|
000-51873
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|
44-0308720
|
|
|
(A Missouri Corporation)
|
|
|
|
|
1200 Main Street
|
|
|
|
|
Kansas City, Missouri 64105
|
|
|
|
|
(816) 556-2200
|
|
|
|
|||
TABLE OF CONTENTS
|
|||
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Page Number
|
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|
||
|
|||
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Item 1.
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||
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|||
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|||
|
|||
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||
|
|||
|
|||
|
|||
|
|||
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|
|||
|
Note 1:
|
||
|
Note 2:
|
||
|
Note 3:
|
||
|
Note 4:
|
||
|
Note 5:
|
||
|
Note 6:
|
||
|
Note 7:
|
||
|
Note 8:
|
||
|
Note 9:
|
||
|
Note 10:
|
||
|
Note 11:
|
||
|
Note 12:
|
||
|
Note 13:
|
||
|
Note 14:
|
||
|
Note 15:
|
||
|
Note 16:
|
||
|
Note 17:
|
||
|
Note 18:
|
||
|
Note 19:
|
||
|
Note 20:
|
||
Item 2.
|
|||
Item 3.
|
|||
Item 4.
|
|||
|
|
|
|
|
|||
|
|
|
|
Item 1.
|
|||
Item 1A.
|
|||
Item 2.
|
|||
Item 3.
|
|||
Item 4.
|
|||
Item 5.
|
|||
Item 6.
|
|||
|
|
|
|
|
|
Abbreviation or Acronym
|
|
Definition
|
|
|
|
AEPTHC
|
|
AEP Transmission Holding Company, LLC, a wholly owned subsidiary of American Electric Power Company, Inc.
|
AFUDC
|
|
Allowance for Funds Used During Construction
|
ARO
|
|
Asset Retirement Obligation
|
ASU
|
|
Accounting Standard Update
|
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
consolidated
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
|
FASB
|
|
Financial Accounting Standards Board
|
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
consolidated
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
, and its consolidated subsidiaries
|
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
|
Abbreviation or Acronym
|
|
Definition
|
|
|
|
MD&A
|
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
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.
|
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)
|
|||||||||||
|
|
|
|
||||||||
|
September 30
|
|
December 31
|
||||||||
|
2014
|
|
2013
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
12.8
|
|
|
|
|
$
|
10.6
|
|
|
Funds on deposit
|
|
1.0
|
|
|
|
|
0.8
|
|
|
||
Receivables, net
|
|
233.6
|
|
|
|
|
162.2
|
|
|
||
Accounts receivable pledged as collateral
|
|
171.0
|
|
|
|
|
175.0
|
|
|
||
Fuel inventories, at average cost
|
|
53.1
|
|
|
|
|
76.4
|
|
|
||
Materials and supplies, at average cost
|
|
150.6
|
|
|
|
|
152.3
|
|
|
||
Deferred refueling outage costs
|
|
13.7
|
|
|
|
|
29.5
|
|
|
||
Refundable income taxes
|
|
4.3
|
|
|
|
|
10.5
|
|
|
||
Deferred income taxes
|
|
78.6
|
|
|
|
|
80.3
|
|
|
||
Assets held for sale (Note 12)
|
|
—
|
|
|
|
|
36.2
|
|
|
||
Prepaid expenses and other assets
|
|
34.1
|
|
|
|
|
33.2
|
|
|
||
Total
|
|
752.8
|
|
|
|
|
767.0
|
|
|
||
Utility Plant, at Original Cost
|
|
|
|
|
|
|
|
|
|
||
Electric
|
|
12,036.5
|
|
|
|
|
11,575.3
|
|
|
||
Less - accumulated depreciation
|
|
4,789.0
|
|
|
|
|
4,628.4
|
|
|
||
Net utility plant in service
|
|
7,247.5
|
|
|
|
|
6,946.9
|
|
|
||
Construction work in progress
|
|
789.5
|
|
|
|
|
736.7
|
|
|
||
Nuclear fuel, net of amortization of $179.6 and $161.4
|
|
85.8
|
|
|
|
|
62.8
|
|
|
||
Total
|
|
8,122.8
|
|
|
|
|
7,746.4
|
|
|
||
Investments and Other Assets
|
|
|
|
|
|
|
|
|
|
||
Nuclear decommissioning trust fund
|
|
193.2
|
|
|
|
|
183.9
|
|
|
||
Regulatory assets
|
|
857.1
|
|
|
|
|
849.7
|
|
|
||
Goodwill
|
|
169.0
|
|
|
|
|
169.0
|
|
|
||
Other
|
|
79.8
|
|
|
|
|
79.4
|
|
|
||
Total
|
|
1,299.1
|
|
|
|
|
1,282.0
|
|
|
||
Total
|
|
$
|
10,174.7
|
|
|
|
|
$
|
9,795.4
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|||||||||||
|
September 30
|
|
December 31
|
||||||||
|
2014
|
|
2013
|
||||||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
||||||||||
Current Liabilities
|
|
|
|
|
|
|
|
||||
Notes payable
|
|
$
|
—
|
|
|
|
|
$
|
9.0
|
|
|
Collateralized note payable
|
|
171.0
|
|
|
|
|
175.0
|
|
|
||
Commercial paper
|
|
225.0
|
|
|
|
|
108.2
|
|
|
||
Current maturities of long-term debt
|
|
15.1
|
|
|
|
|
1.1
|
|
|
||
Accounts payable
|
|
290.8
|
|
|
|
|
327.4
|
|
|
||
Accrued taxes
|
|
114.4
|
|
|
|
|
29.7
|
|
|
||
Accrued interest
|
|
56.8
|
|
|
|
|
45.4
|
|
|
||
Accrued compensation and benefits
|
|
36.7
|
|
|
|
|
47.3
|
|
|
||
Pension and post-retirement liability
|
|
3.2
|
|
|
|
|
3.2
|
|
|
||
Other
|
|
24.1
|
|
|
|
|
23.5
|
|
|
||
Total
|
|
937.1
|
|
|
|
|
769.8
|
|
|
||
Deferred Credits and Other Liabilities
|
|
|
|
|
|
|
|
|
|
||
Deferred income taxes
|
|
1,085.6
|
|
|
|
|
964.8
|
|
|
||
Deferred tax credits
|
|
126.4
|
|
|
|
|
127.4
|
|
|
||
Asset retirement obligations
|
|
190.0
|
|
|
|
|
158.8
|
|
|
||
Pension and post-retirement liability
|
|
340.1
|
|
|
|
|
360.5
|
|
|
||
Regulatory liabilities
|
|
279.8
|
|
|
|
|
264.0
|
|
|
||
Other
|
|
85.2
|
|
|
|
|
121.0
|
|
|
||
Total
|
|
2,107.1
|
|
|
|
|
1,996.5
|
|
|
||
Capitalization
|
|
|
|
|
|
|
|
|
|
||
Great Plains Energy common shareholders' equity
|
|
|
|
|
|
|
|
|
|
||
Common stock - 250,000,000 shares authorized without par value
|
|
|
|
|
|
|
|
|
|
||
154,209,862 and 153,995,621 shares issued, stated value
|
|
2,637.6
|
|
|
|
|
2,631.1
|
|
|
||
Retained earnings
|
|
986.6
|
|
|
|
|
871.4
|
|
|
||
Treasury stock - 95,387 and 129,290 shares, at cost
|
|
(2.4
|
)
|
|
|
|
(2.8
|
)
|
|
||
Accumulated other comprehensive loss
|
|
(18.4
|
)
|
|
|
|
(25.3
|
)
|
|
||
Total
|
|
3,603.4
|
|
|
|
|
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 11)
|
|
3,488.1
|
|
|
|
|
3,515.7
|
|
|
||
Total
|
|
7,130.5
|
|
|
|
|
7,029.1
|
|
|
||
Commitments and Contingencies (Note 13)
|
|
|
|
|
|
|
|
|
|
||
Total
|
|
$
|
10,174.7
|
|
|
|
|
$
|
9,795.4
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Operating Revenues
|
|
(millions, except per share amounts)
|
||||||||||||||
Electric revenues
|
|
$
|
782.5
|
|
|
$
|
765.0
|
|
|
$
|
2,016.0
|
|
|
$
|
1,907.5
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
||||||
Fuel
|
|
142.3
|
|
|
156.6
|
|
|
392.9
|
|
|
410.0
|
|
||||
Purchased power
|
|
61.2
|
|
|
25.7
|
|
|
185.7
|
|
|
99.4
|
|
||||
Transmission
|
|
19.3
|
|
|
13.6
|
|
|
55.6
|
|
|
37.9
|
|
||||
Utility operating and maintenance expenses
|
|
164.1
|
|
|
170.2
|
|
|
528.2
|
|
|
491.8
|
|
||||
Depreciation and amortization
|
|
76.6
|
|
|
73.3
|
|
|
226.7
|
|
|
216.1
|
|
||||
General taxes
|
|
55.8
|
|
|
53.4
|
|
|
159.2
|
|
|
149.3
|
|
||||
Other
|
|
—
|
|
|
0.5
|
|
|
2.4
|
|
|
1.6
|
|
||||
Total
|
|
519.3
|
|
|
493.3
|
|
|
1,550.7
|
|
|
1,406.1
|
|
||||
Operating income
|
|
263.2
|
|
|
271.7
|
|
|
465.3
|
|
|
501.4
|
|
||||
Non-operating income
|
|
5.4
|
|
|
4.4
|
|
|
18.8
|
|
|
11.3
|
|
||||
Non-operating expenses
|
|
(2.8
|
)
|
|
(2.1
|
)
|
|
(9.8
|
)
|
|
(5.6
|
)
|
||||
Interest charges
|
|
(43.6
|
)
|
|
(48.9
|
)
|
|
(141.3
|
)
|
|
(148.0
|
)
|
||||
Income before income tax expense and income (loss) from equity investments
|
|
222.2
|
|
|
225.1
|
|
|
333.0
|
|
|
359.1
|
|
||||
Income tax expense
|
|
(74.7
|
)
|
|
(81.8
|
)
|
|
(109.8
|
)
|
|
(126.0
|
)
|
||||
Income (loss) from equity investments, net of income taxes
|
|
(0.1
|
)
|
|
(0.2
|
)
|
|
0.1
|
|
|
(0.4
|
)
|
||||
Net income
|
|
147.4
|
|
|
143.1
|
|
|
223.3
|
|
|
232.7
|
|
||||
Preferred stock dividend requirements
|
|
0.4
|
|
|
0.4
|
|
|
1.2
|
|
|
1.2
|
|
||||
Earnings available for common shareholders
|
|
$
|
147.0
|
|
|
$
|
142.7
|
|
|
$
|
222.1
|
|
|
$
|
231.5
|
|
|
|
|
|
|
|
|
|
|
||||||||
Average number of basic common shares outstanding
|
|
153.9
|
|
|
153.6
|
|
|
153.8
|
|
|
153.5
|
|
||||
Average number of diluted common shares outstanding
|
|
154.3
|
|
|
153.8
|
|
|
154.2
|
|
|
153.7
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
|
$
|
0.96
|
|
|
$
|
0.93
|
|
|
$
|
1.44
|
|
|
$
|
1.51
|
|
Diluted earnings per common share
|
|
$
|
0.95
|
|
|
$
|
0.93
|
|
|
$
|
1.44
|
|
|
$
|
1.51
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash dividends per common share
|
|
$
|
0.23
|
|
|
$
|
0.2175
|
|
|
$
|
0.69
|
|
|
$
|
0.6525
|
|
Comprehensive Income
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
147.4
|
|
|
$
|
143.1
|
|
|
$
|
223.3
|
|
|
$
|
232.7
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative hedging activity
|
|
|
|
|
|
|
|
|
|
|
||||||
Reclassification to expenses, net of tax
|
|
1.3
|
|
|
2.8
|
|
|
6.6
|
|
|
8.9
|
|
||||
Derivative hedging activity, net of tax
|
|
1.3
|
|
|
2.8
|
|
|
6.6
|
|
|
8.9
|
|
||||
Defined benefit pension plans
|
|
|
|
|
|
|
|
|
||||||||
Amortization of net losses included in net periodic benefit costs, net of tax
|
|
0.1
|
|
|
0.1
|
|
|
0.3
|
|
|
0.3
|
|
||||
Change in unrecognized pension expense, net of tax
|
|
0.1
|
|
|
0.1
|
|
|
0.3
|
|
|
0.3
|
|
||||
Total other comprehensive income
|
|
1.4
|
|
|
2.9
|
|
|
6.9
|
|
|
9.2
|
|
||||
Comprehensive income
|
|
$
|
148.8
|
|
|
$
|
146.0
|
|
|
$
|
230.2
|
|
|
$
|
241.9
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||
Consolidated Statements of Cash Flows
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|
|
|
|
|
|
|
||||
Year to Date September 30
|
|
2014
|
|
|
|
2013
|
|
||||
Cash Flows from Operating Activities
|
|
(millions)
|
|
||||||||
Net income
|
|
$
|
223.3
|
|
|
|
|
$
|
232.7
|
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
226.7
|
|
|
|
|
216.1
|
|
|
||
Amortization of:
|
|
|
|
|
|
|
|
|
|
||
Nuclear fuel
|
|
18.2
|
|
|
|
|
15.3
|
|
|
||
Other
|
|
36.4
|
|
|
|
|
43.4
|
|
|
||
Deferred income taxes, net
|
|
120.3
|
|
|
|
|
126.7
|
|
|
||
Investment tax credit amortization
|
|
(1.0
|
)
|
|
|
|
(1.3
|
)
|
|
||
(Income) loss from equity investments, net of income taxes
|
|
(0.1
|
)
|
|
|
|
0.4
|
|
|
||
Other operating activities (Note 2)
|
|
(61.8
|
)
|
|
|
|
(50.1
|
)
|
|
||
Net cash from operating activities
|
|
562.0
|
|
|
|
|
583.2
|
|
|
||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
||
Utility capital expenditures
|
|
(553.3
|
)
|
|
|
|
(486.2
|
)
|
|
||
Allowance for borrowed funds used during construction
|
|
(10.0
|
)
|
|
|
|
(8.0
|
)
|
|
||
Purchases of nuclear decommissioning trust investments
|
|
(21.9
|
)
|
|
|
|
(62.3
|
)
|
|
||
Proceeds from nuclear decommissioning trust investments
|
|
19.4
|
|
|
|
|
59.8
|
|
|
||
Proceeds from sale of transmission assets (Note 12)
|
|
37.7
|
|
|
|
|
—
|
|
|
||
Other investing activities
|
|
(16.3
|
)
|
|
|
|
(15.1
|
)
|
|
||
Net cash from investing activities
|
|
(544.4
|
)
|
|
|
|
(511.8
|
)
|
|
||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
||
Issuance of common stock
|
|
3.7
|
|
|
|
|
3.8
|
|
|
||
Issuance of long-term debt
|
|
—
|
|
|
|
|
762.5
|
|
|
||
Issuance fees
|
|
—
|
|
|
|
|
(6.7
|
)
|
|
||
Repayment of long-term debt
|
|
(13.4
|
)
|
|
|
|
(259.3
|
)
|
|
||
Net change in short-term borrowings
|
|
107.8
|
|
|
|
|
(483.1
|
)
|
|
||
Net change in collateralized short-term borrowings
|
|
(4.0
|
)
|
|
|
|
16.0
|
|
|
||
Dividends paid
|
|
(107.5
|
)
|
|
|
|
(101.5
|
)
|
|
||
Other financing activities
|
|
(2.0
|
)
|
|
|
|
(1.5
|
)
|
|
||
Net cash from financing activities
|
|
(15.4
|
)
|
|
|
|
(69.8
|
)
|
|
||
Net Change in Cash and Cash Equivalents
|
|
2.2
|
|
|
|
|
1.6
|
|
|
||
Cash and Cash Equivalents at Beginning of Year
|
|
10.6
|
|
|
|
|
9.3
|
|
|
||
Cash and Cash Equivalents at End of Period
|
|
$
|
12.8
|
|
|
|
|
$
|
10.9
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||||
Consolidated Statements of Common Shareholders' Equity
|
|||||||||||||
(Unaudited)
|
|||||||||||||
|
|
|
|
||||||||||
Year to Date September 30
|
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
|
214,241
|
|
|
5.5
|
|
|
168,211
|
|
|
3.8
|
|
||
Equity compensation expense, net of forfeitures
|
|
|
|
0.4
|
|
|
|
|
|
0.3
|
|
||
Unearned Compensation
|
|
|
|
|
|
|
|
|
|
|
|
||
Issuance of restricted common stock
|
|
|
|
(2.0
|
)
|
|
|
|
|
(1.7
|
)
|
||
Forfeiture of restricted common stock
|
|
|
—
|
|
|
|
|
0.1
|
|
||||
Compensation expense recognized
|
|
|
|
1.5
|
|
|
|
|
|
1.5
|
|
||
Other
|
|
|
|
1.1
|
|
|
|
|
|
0.6
|
|
||
Ending balance
|
154,209,862
|
|
|
2,637.6
|
|
|
153,948,017
|
|
|
2,629.3
|
|
||
Retained Earnings
|
|
|
|
|
|
|
|
|
|
|
|
||
Beginning balance
|
|
|
|
871.4
|
|
|
|
|
|
758.8
|
|
||
Net income
|
|
|
|
223.3
|
|
|
|
|
|
232.7
|
|
||
Dividends:
|
|
|
|
|
|
|
|
|
|
|
|
||
Common stock ($0.69 and $0.6525 per share)
|
|
(106.3
|
)
|
|
|
|
|
(100.3
|
)
|
||||
Preferred stock - at required rates
|
|
|
|
(1.2
|
)
|
|
|
|
|
(1.2
|
)
|
||
Performance shares
|
|
|
|
(0.6
|
)
|
|
|
|
|
(0.2
|
)
|
||
Ending balance
|
|
|
|
986.6
|
|
|
|
|
|
889.8
|
|
||
Treasury Stock
|
|
|
|
|
|
|
|
|
|
|
|
||
Beginning balance
|
(129,290
|
)
|
|
(2.8
|
)
|
|
(250,236
|
)
|
|
(5.1
|
)
|
||
Treasury shares acquired
|
(85,062
|
)
|
|
(2.2
|
)
|
|
(73,201
|
)
|
|
(1.6
|
)
|
||
Treasury shares reissued
|
118,965
|
|
|
2.6
|
|
|
188,075
|
|
|
3.8
|
|
||
Ending balance
|
(95,387
|
)
|
|
(2.4
|
)
|
|
(135,362
|
)
|
|
(2.9
|
)
|
||
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|||
Beginning balance
|
|
|
|
(25.3
|
)
|
|
|
|
|
(38.4
|
)
|
||
Derivative hedging activity, net of tax
|
|
|
|
6.6
|
|
|
|
|
|
8.9
|
|
||
Change in unrecognized pension expense, net of tax
|
|
|
0.3
|
|
|
|
|
|
0.3
|
|
|||
Ending balance
|
|
|
|
(18.4
|
)
|
|
|
|
|
(29.2
|
)
|
||
Total Great Plains Energy Common Shareholders' Equity
|
|
|
$
|
3,603.4
|
|
|
|
|
|
$
|
3,487.0
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|||||||||||
|
September 30
|
|
December 31
|
||||||||
|
2014
|
|
2013
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
2.4
|
|
|
|
|
$
|
4.0
|
|
|
Funds on deposit
|
|
0.3
|
|
|
|
|
0.7
|
|
|
||
Receivables, net
|
|
176.7
|
|
|
|
|
129.2
|
|
|
||
Related party receivables
|
|
73.4
|
|
|
|
|
50.4
|
|
|
||
Accounts receivable pledged as collateral
|
|
110.0
|
|
|
|
|
110.0
|
|
|
||
Fuel inventories, at average cost
|
|
32.0
|
|
|
|
|
50.3
|
|
|
||
Materials and supplies, at average cost
|
|
108.5
|
|
|
|
|
109.0
|
|
|
||
Deferred refueling outage costs
|
|
13.7
|
|
|
|
|
29.5
|
|
|
||
Refundable income taxes
|
|
—
|
|
|
|
|
15.1
|
|
|
||
Deferred income taxes
|
|
6.4
|
|
|
|
|
—
|
|
|
||
Assets held for sale (Note 12)
|
|
—
|
|
|
|
|
4.7
|
|
|
||
Prepaid expenses and other assets
|
|
30.5
|
|
|
|
|
27.5
|
|
|
||
Total
|
|
553.9
|
|
|
|
|
530.4
|
|
|
||
Utility Plant, at Original Cost
|
|
|
|
|
|
|
|
|
|
||
Electric
|
|
8,654.8
|
|
|
|
|
8,274.9
|
|
|
||
Less - accumulated depreciation
|
|
3,628.8
|
|
|
|
|
3,518.3
|
|
|
||
Net utility plant in service
|
|
5,026.0
|
|
|
|
|
4,756.6
|
|
|
||
Construction work in progress
|
|
704.0
|
|
|
|
|
660.4
|
|
|
||
Nuclear fuel, net of amortization of $179.6 and $161.4
|
|
85.8
|
|
|
|
|
62.8
|
|
|
||
Total
|
|
5,815.8
|
|
|
|
|
5,479.8
|
|
|
||
Investments and Other Assets
|
|
|
|
|
|
|
|
|
|
||
Nuclear decommissioning trust fund
|
|
193.2
|
|
|
|
|
183.9
|
|
|
||
Regulatory assets
|
|
577.4
|
|
|
|
|
614.1
|
|
|
||
Other
|
|
33.8
|
|
|
|
|
31.0
|
|
|
||
Total
|
|
804.4
|
|
|
|
|
829.0
|
|
|
||
Total
|
|
$
|
7,174.1
|
|
|
|
|
$
|
6,839.2
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|
|
|
||||||||
|
September 30
|
|
December 31
|
||||||||
|
2014
|
|
2013
|
||||||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
||||||||||
Current Liabilities
|
|
|
|
|
|
|
|
||||
Collateralized note payable
|
|
$
|
110.0
|
|
|
|
|
$
|
110.0
|
|
|
Commercial paper
|
|
205.6
|
|
|
|
|
93.2
|
|
|
||
Current maturities of long-term debt
|
|
14.0
|
|
|
|
|
—
|
|
|
||
Accounts payable
|
|
246.1
|
|
|
|
|
239.8
|
|
|
||
Related party payables
|
|
—
|
|
|
|
|
0.2
|
|
|
||
Accrued taxes
|
|
126.8
|
|
|
|
|
23.8
|
|
|
||
Accrued interest
|
|
39.9
|
|
|
|
|
29.1
|
|
|
||
Accrued compensation and benefits
|
|
36.7
|
|
|
|
|
47.3
|
|
|
||
Pension and post-retirement liability
|
|
1.9
|
|
|
|
|
1.9
|
|
|
||
Deferred income taxes
|
|
—
|
|
|
|
|
1.7
|
|
|
||
Other
|
|
12.6
|
|
|
|
|
13.0
|
|
|
||
Total
|
|
793.6
|
|
|
|
|
560.0
|
|
|
||
Deferred Credits and Other Liabilities
|
|
|
|
|
|
|
|
|
|
||
Deferred income taxes
|
|
963.3
|
|
|
|
|
922.1
|
|
|
||
Deferred tax credits
|
|
124.6
|
|
|
|
|
125.3
|
|
|
||
Asset retirement obligations
|
|
172.1
|
|
|
|
|
141.7
|
|
|
||
Pension and post-retirement liability
|
|
319.8
|
|
|
|
|
339.9
|
|
|
||
Regulatory liabilities
|
|
169.7
|
|
|
|
|
168.3
|
|
|
||
Other
|
|
56.9
|
|
|
|
|
90.4
|
|
|
||
Total
|
|
1,806.4
|
|
|
|
|
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
|
|
728.9
|
|
|
|
|
636.4
|
|
|
||
Accumulated other comprehensive loss
|
|
(16.3
|
)
|
|
|
|
(20.2
|
)
|
|
||
Total
|
|
2,275.7
|
|
|
|
|
2,179.3
|
|
|
||
Long-term debt (Note 11)
|
|
2,298.4
|
|
|
|
|
2,312.2
|
|
|
||
Total
|
|
4,574.1
|
|
|
|
|
4,491.5
|
|
|
||
Commitments and Contingencies (Note 13)
|
|
|
|
|
|
|
|
|
|
||
Total
|
|
$
|
7,174.1
|
|
|
|
|
$
|
6,839.2
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Operating Revenues
|
|
(millions)
|
||||||||||||||
Electric revenues
|
|
$
|
533.4
|
|
|
$
|
522.0
|
|
|
$
|
1,363.9
|
|
|
$
|
1,299.5
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
||||||
Fuel
|
|
107.2
|
|
|
111.5
|
|
|
289.0
|
|
|
292.0
|
|
||||
Purchased power
|
|
27.4
|
|
|
10.9
|
|
|
86.8
|
|
|
48.6
|
|
||||
Transmission
|
|
12.5
|
|
|
9.1
|
|
|
35.1
|
|
|
25.9
|
|
||||
Operating and maintenance expenses
|
|
112.8
|
|
|
120.4
|
|
|
369.1
|
|
|
345.3
|
|
||||
Depreciation and amortization
|
|
53.4
|
|
|
50.2
|
|
|
157.7
|
|
|
147.4
|
|
||||
General taxes
|
|
44.2
|
|
|
43.1
|
|
|
124.6
|
|
|
117.8
|
|
||||
Other
|
|
(1.3
|
)
|
|
—
|
|
|
(1.3
|
)
|
|
—
|
|
||||
Total
|
|
356.2
|
|
|
345.2
|
|
|
1,061.0
|
|
|
977.0
|
|
||||
Operating income
|
|
177.2
|
|
|
176.8
|
|
|
302.9
|
|
|
322.5
|
|
||||
Non-operating income
|
|
4.5
|
|
|
4.8
|
|
|
15.7
|
|
|
10.3
|
|
||||
Non-operating expenses
|
|
(2.8
|
)
|
|
(1.1
|
)
|
|
(6.4
|
)
|
|
(2.7
|
)
|
||||
Interest charges
|
|
(31.1
|
)
|
|
(31.0
|
)
|
|
(92.8
|
)
|
|
(94.5
|
)
|
||||
Income before income tax expense
|
|
147.8
|
|
|
149.5
|
|
|
219.4
|
|
|
235.6
|
|
||||
Income tax expense
|
|
(53.3
|
)
|
|
(53.1
|
)
|
|
(72.9
|
)
|
|
(78.8
|
)
|
||||
Net income
|
|
$
|
94.5
|
|
|
$
|
96.4
|
|
|
$
|
146.5
|
|
|
$
|
156.8
|
|
Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
94.5
|
|
|
$
|
96.4
|
|
|
$
|
146.5
|
|
|
$
|
156.8
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative hedging activity
|
|
|
|
|
|
|
|
|
|
|
||||||
Reclassification to expenses, net of tax
|
|
1.2
|
|
|
1.4
|
|
|
3.9
|
|
|
4.2
|
|
||||
Derivative hedging activity, net of tax
|
|
1.2
|
|
|
1.4
|
|
|
3.9
|
|
|
4.2
|
|
||||
Total other comprehensive income
|
|
1.2
|
|
|
1.4
|
|
|
3.9
|
|
|
4.2
|
|
||||
Comprehensive income
|
|
$
|
95.7
|
|
|
$
|
97.8
|
|
|
$
|
150.4
|
|
|
$
|
161.0
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||
Consolidated Statements of Cash Flows
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|
|
|
|
|
|
|
||||
Year to Date September 30
|
|
2014
|
|
|
|
2013
|
|
||||
Cash Flows from Operating Activities
|
|
(millions)
|
|
||||||||
Net income
|
|
$
|
146.5
|
|
|
|
|
$
|
156.8
|
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
|
157.7
|
|
|
|
|
147.4
|
|
|
||
Amortization of:
|
|
|
|
|
|
|
|
|
|
||
Nuclear fuel
|
|
18.2
|
|
|
|
|
15.3
|
|
|
||
Other
|
|
22.6
|
|
|
|
|
25.7
|
|
|
||
Deferred income taxes, net
|
|
33.0
|
|
|
|
|
91.5
|
|
|
||
Investment tax credit amortization
|
|
(0.7
|
)
|
|
|
|
(0.8
|
)
|
|
||
Other operating activities (Note 2)
|
|
32.4
|
|
|
|
|
(38.8
|
)
|
|
||
Net cash from operating activities
|
|
409.7
|
|
|
|
|
397.1
|
|
|
||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
||
Utility capital expenditures
|
|
(455.9
|
)
|
|
|
|
(375.8
|
)
|
|
||
Allowance for borrowed funds used during construction
|
|
(8.6
|
)
|
|
|
|
(7.1
|
)
|
|
||
Purchases of nuclear decommissioning trust investments
|
|
(21.9
|
)
|
|
|
|
(62.3
|
)
|
|
||
Proceeds from nuclear decommissioning trust investments
|
|
19.4
|
|
|
|
|
59.8
|
|
|
||
Proceeds from sale of transmission assets (Note 12)
|
|
4.7
|
|
|
|
|
—
|
|
|
||
Other investing activities
|
|
(7.2
|
)
|
|
|
|
(8.6
|
)
|
|
||
Net cash from investing activities
|
|
(469.5
|
)
|
|
|
|
(394.0
|
)
|
|
||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
||
Issuance of long-term debt
|
|
—
|
|
|
|
|
412.5
|
|
|
||
Issuance fees
|
|
—
|
|
|
|
|
(4.6
|
)
|
|
||
Repayment of long-term debt
|
|
—
|
|
|
|
|
(2.6
|
)
|
|
||
Net change in short-term borrowings
|
|
112.4
|
|
|
|
|
(337.3
|
)
|
|
||
Net money pool borrowings
|
|
(0.2
|
)
|
|
|
|
(3.8
|
)
|
|
||
Dividends paid to Great Plains Energy
|
|
(54.0
|
)
|
|
|
|
(69.0
|
)
|
|
||
Net cash from financing activities
|
|
58.2
|
|
|
|
|
(4.8
|
)
|
|
||
Net Change in Cash and Cash Equivalents
|
|
(1.6
|
)
|
|
|
|
(1.7
|
)
|
|
||
Cash and Cash Equivalents at Beginning of Year
|
|
4.0
|
|
|
|
|
5.2
|
|
|
||
Cash and Cash Equivalents at End of Period
|
|
$
|
2.4
|
|
|
|
|
$
|
3.5
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||||
Consolidated Statements of Common Shareholder's Equity
|
|||||||||||||
(Unaudited)
|
|||||||||||||
|
|
|
|
||||||||||
Year to Date September 30
|
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
|
|
|
|
146.5
|
|
|
|
|
|
156.8
|
|
||
Dividends:
|
|
|
|
|
|
|
|
|
|
|
|
||
Common stock held by Great Plains Energy
|
|
|
|
(54.0
|
)
|
|
|
|
|
(69.0
|
)
|
||
Ending balance
|
|
|
|
728.9
|
|
|
|
|
|
647.2
|
|
||
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
||||
Beginning balance
|
|
|
|
(20.2
|
)
|
|
|
|
|
(25.8
|
)
|
||
Derivative hedging activity, net of tax
|
|
|
|
3.9
|
|
|
|
|
|
4.2
|
|
||
Ending balance
|
|
|
|
(16.3
|
)
|
|
|
|
|
(21.6
|
)
|
||
Total Common Shareholder's Equity
|
|
|
|
$
|
2,275.7
|
|
|
|
|
|
$
|
2,188.7
|
|
•
|
KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas. KCP&L has one active wholly owned subsidiary, Kansas City Power & Light Receivables Company (KCP&L Receivables Company).
|
•
|
KCP&L Greater Missouri Operations Company (GMO) is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri. GMO also provides regulated steam service to certain customers in the St. Joseph, Missouri area. GMO has two active wholly owned subsidiaries, GMO Receivables Company and MPS Merchant Services, Inc. (MPS Merchant). MPS Merchant has certain long-term natural gas contracts remaining from its former non-regulated trading operations.
|
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Income
|
|
(millions, except per share amounts)
|
||||||||||||||
Net income
|
|
$
|
147.4
|
|
|
$
|
143.1
|
|
|
$
|
223.3
|
|
|
$
|
232.7
|
|
Less: preferred stock dividend requirements
|
|
0.4
|
|
|
0.4
|
|
|
1.2
|
|
|
1.2
|
|
||||
Earnings available for common shareholders
|
|
$
|
147.0
|
|
|
$
|
142.7
|
|
|
$
|
222.1
|
|
|
$
|
231.5
|
|
Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
||||||
Average number of common shares outstanding
|
|
153.9
|
|
|
153.6
|
|
|
153.8
|
|
|
153.5
|
|
||||
Add: effect of dilutive securities
|
|
0.4
|
|
|
0.2
|
|
|
0.4
|
|
|
0.2
|
|
||||
Diluted average number of common shares outstanding
|
|
154.3
|
|
|
153.8
|
|
|
154.2
|
|
|
153.7
|
|
||||
Basic EPS
|
|
$
|
0.96
|
|
|
$
|
0.93
|
|
|
$
|
1.44
|
|
|
$
|
1.51
|
|
Diluted EPS
|
|
$
|
0.95
|
|
|
$
|
0.93
|
|
|
$
|
1.44
|
|
|
$
|
1.51
|
|
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
Performance shares
|
|
108,832
|
|
|
54,660
|
|
|
108,832
|
|
|
54,660
|
|
Restricted stock shares
|
|
73,671
|
|
|
—
|
|
|
71,860
|
|
|
21,652
|
|
Great Plains Energy Other Operating Activities
|
|
||||||||
Year to Date September 30
|
|
2014
|
|
2013
|
|
||||
Cash flows affected by changes in:
|
|
(millions)
|
|
||||||
Receivables
|
|
$
|
(70.4
|
)
|
|
$
|
(44.1
|
)
|
|
Accounts receivable pledged as collateral
|
|
4.0
|
|
|
(16.0
|
)
|
|
||
Fuel inventories
|
|
23.3
|
|
|
11.2
|
|
|
||
Materials and supplies
|
|
1.7
|
|
|
(4.3
|
)
|
|
||
Accounts payable
|
|
(75.2
|
)
|
|
(91.5
|
)
|
|
||
Accrued taxes
|
|
91.2
|
|
|
81.0
|
|
|
||
Accrued interest
|
|
11.4
|
|
|
18.4
|
|
|
||
Deferred refueling outage costs
|
|
15.8
|
|
|
(21.8
|
)
|
|
||
Pension and post-retirement benefit obligations
|
|
24.8
|
|
|
40.2
|
|
|
||
Allowance for equity funds used during construction
|
|
(13.2
|
)
|
|
(9.1
|
)
|
|
||
Fuel recovery mechanism
|
|
(21.3
|
)
|
|
(5.3
|
)
|
|
||
Solar rebates paid
|
|
(43.9
|
)
|
|
(20.1
|
)
|
|
||
Other
|
|
(10.0
|
)
|
|
11.3
|
|
|
||
Total other operating activities
|
|
$
|
(61.8
|
)
|
|
$
|
(50.1
|
)
|
|
Cash paid during the period:
|
|
|
|
|
|
|
|
||
Interest
|
|
$
|
115.6
|
|
|
$
|
111.3
|
|
|
Income taxes
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
Non-cash investing activities:
|
|
|
|
|
|
|
|||
Liabilities accrued for capital expenditures
|
|
$
|
50.5
|
|
|
$
|
34.5
|
|
|
KCP&L Other Operating Activities
|
|||||||||
Year to Date September 30
|
|
2014
|
|
2013
|
|
||||
Cash flows affected by changes in:
|
|
(millions)
|
|||||||
Receivables
|
|
$
|
(70.5
|
)
|
|
$
|
(40.2
|
)
|
|
Fuel inventories
|
|
18.3
|
|
|
10.4
|
|
|
||
Materials and supplies
|
|
0.5
|
|
|
(3.0
|
)
|
|
||
Accounts payable
|
|
(34.7
|
)
|
|
(66.7
|
)
|
|
||
Accrued taxes
|
|
118.2
|
|
|
55.3
|
|
|
||
Accrued interest
|
|
10.8
|
|
|
12.2
|
|
|
||
Deferred refueling outage costs
|
|
15.8
|
|
|
(21.8
|
)
|
|
||
Pension and post-retirement benefit obligations
|
|
23.6
|
|
|
41.9
|
|
|
||
Allowance for equity funds used during construction
|
|
(12.3
|
)
|
|
(9.1
|
)
|
|
||
Fuel recovery mechanism
|
|
1.4
|
|
|
(1.2
|
)
|
|
||
Solar rebates paid
|
|
(14.8
|
)
|
|
(4.8
|
)
|
|
||
Other
|
|
(23.9
|
)
|
|
(11.8
|
)
|
|
||
Total other operating activities
|
|
$
|
32.4
|
|
|
$
|
(38.8
|
)
|
|
Cash paid during the period:
|
|
|
|
|
|
|
|
||
Interest
|
|
$
|
72.9
|
|
|
$
|
73.2
|
|
|
Non-cash investing activities:
|
|
|
|
|
|
|
|||
Liabilities accrued for capital expenditures
|
|
$
|
44.4
|
|
|
$
|
28.3
|
|
|
|
September 30
|
|
December 31
|
||||||||
|
|
2014
|
|
|
|
2013
|
|
||||
Great Plains Energy
|
|
(millions)
|
|
||||||||
Customer accounts receivable - billed
|
|
$
|
42.8
|
|
|
|
|
$
|
1.5
|
|
|
Customer accounts receivable - unbilled
|
|
81.2
|
|
|
|
|
74.6
|
|
|
||
Allowance for doubtful accounts - customer accounts receivable
|
|
(3.6
|
)
|
|
|
|
(2.5
|
)
|
|
||
Other receivables
|
|
113.2
|
|
|
|
|
88.6
|
|
|
||
Total
|
|
$
|
233.6
|
|
|
|
|
$
|
162.2
|
|
|
KCP&L
|
|
|
|
|
|
|
|
|
|
||
Customer accounts receivable - billed
|
|
$
|
28.0
|
|
|
|
|
$
|
1.3
|
|
|
Customer accounts receivable - unbilled
|
|
51.7
|
|
|
|
|
51.2
|
|
|
||
Allowance for doubtful accounts - customer accounts receivable
|
|
(1.6
|
)
|
|
|
|
(1.1
|
)
|
|
||
Other receivables
|
|
98.6
|
|
|
|
|
77.8
|
|
|
||
Total
|
|
$
|
176.7
|
|
|
|
|
$
|
129.2
|
|
|
Three Months Ended September 30, 2014
|
KCP&L
|
|
KCP&L
Receivables
Company
|
|
Consolidated
KCP&L
|
|
GMO
|
|
GMO
Receivables
Company
|
|
Consolidated Great Plains Energy
|
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||
Receivables (sold) purchased
|
|
$
|
(472.9
|
)
|
|
|
|
$
|
472.9
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
(251.3
|
)
|
|
|
|
$
|
251.3
|
|
|
|
|
$
|
—
|
|
|
Gain (loss) on sale of accounts receivable
(a)
|
|
(6.0
|
)
|
|
|
|
5.9
|
|
|
|
|
(0.1
|
)
|
|
|
|
(3.1
|
)
|
|
|
|
3.2
|
|
|
|
|
—
|
|
|
||||||
Servicing fees received (paid)
|
|
0.8
|
|
|
|
|
(0.8
|
)
|
|
|
|
—
|
|
|
|
|
0.4
|
|
|
|
|
(0.4
|
)
|
|
|
|
—
|
|
|
||||||
Fees paid to outside investor
|
|
—
|
|
|
|
|
(0.3
|
)
|
|
|
|
(0.3
|
)
|
|
|
|
—
|
|
|
|
|
(0.2
|
)
|
|
|
|
(0.5
|
)
|
|
||||||
Cash from customers (transferred) received
|
|
(471.5
|
)
|
|
|
|
471.5
|
|
|
|
|
—
|
|
|
|
|
(253.2
|
)
|
|
|
|
253.2
|
|
|
|
|
—
|
|
|
||||||
Cash received from (paid for) receivables purchased
|
|
465.6
|
|
|
|
|
(465.6
|
)
|
|
|
|
—
|
|
|
|
|
250.0
|
|
|
|
|
(250.0
|
)
|
|
|
|
—
|
|
|
||||||
Interest on intercompany note received (paid)
|
|
0.1
|
|
|
|
|
(0.1
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Year to Date September 30, 2014
|
KCP&L
|
|
KCP&L
Receivables
Company
|
|
Consolidated
KCP&L
|
|
GMO
|
|
GMO
Receivables
Company
|
|
Consolidated Great Plains Energy
|
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||
Receivables (sold) purchased
|
|
$
|
(1,206.9
|
)
|
|
|
|
$
|
1,206.9
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
(643.0
|
)
|
|
|
|
$
|
643.0
|
|
|
|
|
$
|
—
|
|
|
Gain (loss) on sale of accounts receivable
(a)
|
|
(15.3
|
)
|
|
|
|
14.9
|
|
|
|
|
(0.4
|
)
|
|
|
|
(8.1
|
)
|
|
|
|
7.9
|
|
|
|
|
(0.6
|
)
|
|
||||||
Servicing fees received (paid)
|
|
2.0
|
|
|
|
|
(2.0
|
)
|
|
|
|
—
|
|
|
|
|
1.0
|
|
|
|
|
(1.0
|
)
|
|
|
|
—
|
|
|
||||||
Fees paid to outside investor
|
|
—
|
|
|
|
|
(0.9
|
)
|
|
|
|
(0.9
|
)
|
|
|
|
—
|
|
|
|
|
(0.5
|
)
|
|
|
|
(1.4
|
)
|
|
||||||
Cash from customers (transferred) received
|
|
(1,187.3
|
)
|
|
|
|
1,187.3
|
|
|
|
|
—
|
|
|
|
|
(630.5
|
)
|
|
|
|
630.5
|
|
|
|
|
—
|
|
|
||||||
Cash received from (paid for) receivables purchased
|
|
1,172.4
|
|
|
|
|
(1,172.4
|
)
|
|
|
|
—
|
|
|
|
|
622.6
|
|
|
|
|
(622.6
|
)
|
|
|
|
—
|
|
|
||||||
Interest on intercompany note received (paid)
|
|
0.2
|
|
|
|
|
(0.2
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Three Months Ended September 30, 2013
|
KCP&L
|
|
KCP&L
Receivables
Company
|
|
Consolidated
KCP&L
|
|
GMO
|
|
GMO
Receivables
Company
|
|
Consolidated Great Plains Energy
|
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||
Receivables (sold) purchased
|
|
$
|
(481.2
|
)
|
|
|
|
$
|
481.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
(264.1
|
)
|
|
|
|
$
|
264.1
|
|
|
|
|
$
|
—
|
|
|
Gain (loss) on sale of accounts receivable
(a)
|
|
(6.1
|
)
|
|
|
|
5.8
|
|
|
|
|
(0.3
|
)
|
|
|
|
(3.4
|
)
|
|
|
|
3.2
|
|
|
|
|
(0.5
|
)
|
|
||||||
Servicing fees received (paid)
|
|
0.8
|
|
|
|
|
(0.8
|
)
|
|
|
|
—
|
|
|
|
|
0.4
|
|
|
|
|
(0.4
|
)
|
|
|
|
—
|
|
|
||||||
Fees paid to outside investor
|
|
—
|
|
|
|
|
(0.3
|
)
|
|
|
|
(0.3
|
)
|
|
|
|
—
|
|
|
|
|
(0.2
|
)
|
|
|
|
(0.5
|
)
|
|
||||||
Cash from customers (transferred) received
|
|
(468.5
|
)
|
|
|
|
468.5
|
|
|
|
|
—
|
|
|
|
|
(260.5
|
)
|
|
|
|
260.5
|
|
|
|
|
—
|
|
|
||||||
Cash received from (paid for) receivables purchased
|
|
462.6
|
|
|
|
|
(462.6
|
)
|
|
|
|
—
|
|
|
|
|
257.2
|
|
|
|
|
(257.2
|
)
|
|
|
|
—
|
|
|
||||||
Interest on intercompany note received (paid)
|
|
0.1
|
|
|
|
|
(0.1
|
)
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
|
|
(0.1
|
)
|
|
|
|
—
|
|
|
Year to Date September 30, 2013
|
KCP&L
|
|
KCP&L
Receivables
Company
|
|
Consolidated
KCP&L
|
|
GMO
|
|
GMO
Receivables
Company
|
|
Consolidated Great Plains Energy
|
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||
Receivables (sold) purchased
|
|
$
|
(1,189.2
|
)
|
|
|
|
$
|
1,189.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
(652.2
|
)
|
|
|
|
$
|
652.2
|
|
|
|
|
$
|
—
|
|
|
Gain (loss) on sale of accounts receivable
(a)
|
|
(15.1
|
)
|
|
|
|
14.4
|
|
|
|
|
(0.7
|
)
|
|
|
|
(8.3
|
)
|
|
|
|
7.9
|
|
|
|
|
(1.1
|
)
|
|
||||||
Servicing fees received (paid)
|
|
2.0
|
|
|
|
|
(2.0
|
)
|
|
|
|
—
|
|
|
|
|
1.0
|
|
|
|
|
(1.0
|
)
|
|
|
|
—
|
|
|
||||||
Fees paid to outside investor
|
|
—
|
|
|
|
|
(0.9
|
)
|
|
|
|
(0.9
|
)
|
|
|
|
—
|
|
|
|
|
(0.5
|
)
|
|
|
|
(1.4
|
)
|
|
||||||
Cash from customers (transferred) received
|
|
(1,150.8
|
)
|
|
|
|
1,150.8
|
|
|
|
|
—
|
|
|
|
|
(630.0
|
)
|
|
|
|
630.0
|
|
|
|
|
—
|
|
|
||||||
Cash received from (paid for) receivables purchased
|
|
1,136.4
|
|
|
|
|
(1,136.4
|
)
|
|
|
|
—
|
|
|
|
|
622.1
|
|
|
|
|
(622.1
|
)
|
|
|
|
—
|
|
|
||||||
Interest on intercompany note received (paid)
|
|
0.2
|
|
|
|
|
(0.2
|
)
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
|
|
(0.1
|
)
|
|
|
|
—
|
|
|
|
|
KCC
|
|
MPSC
|
|
||||
|
(millions)
|
||||||||
Current cost of decommissioning (in 2014 dollars)
|
|
|
|
|
|
||||
Total Station
|
|
$
|
765.1
|
|
|
$
|
765.1
|
|
|
KCP&L's 47% Share
|
|
359.6
|
|
|
359.6
|
|
|
||
|
|
|
|
|
|
||||
Future cost of decommissioning (in 2045-2053 dollars)
(a)
|
|
|
|
|
|
||||
Total Station
|
|
$
|
2,201.5
|
|
|
$
|
2,253.1
|
|
|
KCP&L's 47% Share
|
|
1,034.7
|
|
|
1,059.0
|
|
|
||
|
|
|
|
|
|
||||
Annual escalation factor
|
|
3.15%
|
|
3.22%
|
|
||||
Annual return on trust assets
(b)
|
|
N/A
|
|
5.68%
|
|
|
September 30
2014 |
|
December 31
2013 |
||||||||
Decommissioning Trust
|
|
(millions)
|
|
||||||||
Beginning balance January 1
|
|
$
|
183.9
|
|
|
|
|
$
|
154.7
|
|
|
Contributions
|
|
2.5
|
|
|
|
|
3.3
|
|
|
||
Earned income, net of fees
|
|
2.8
|
|
|
|
|
2.7
|
|
|
||
Net realized gains
|
|
0.3
|
|
|
|
|
1.7
|
|
|
||
Net unrealized gains
|
|
3.7
|
|
|
|
|
21.5
|
|
|
||
Ending balance
|
|
$
|
193.2
|
|
|
|
|
$
|
183.9
|
|
|
|
September 30, 2014
|
|
|
December 31, 2013
|
|
||||||||||||||||||||||||||||||||||||||||
|
Cost
Basis
|
|
Unrealized Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Cost
Basis
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||
Equity securities
|
$
|
86.3
|
|
|
|
$
|
46.9
|
|
|
|
|
$
|
(0.4
|
)
|
|
|
|
$
|
132.8
|
|
|
|
|
$
|
83.7
|
|
|
|
|
$
|
44.6
|
|
|
|
|
$
|
(0.6
|
)
|
|
|
|
$
|
127.7
|
|
|
Debt securities
|
54.3
|
|
|
|
3.2
|
|
|
|
|
(0.2
|
)
|
|
|
|
57.3
|
|
|
|
|
51.0
|
|
|
|
|
2.5
|
|
|
|
|
(0.7
|
)
|
|
|
|
52.8
|
|
|
||||||||
Other
|
3.1
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
3.1
|
|
|
|
|
3.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
3.4
|
|
|
||||||||
Total
|
$
|
143.7
|
|
|
|
$
|
50.1
|
|
|
|
|
$
|
(0.6
|
)
|
|
|
|
$
|
193.2
|
|
|
|
|
$
|
138.1
|
|
|
|
|
$
|
47.1
|
|
|
|
|
$
|
(1.3
|
)
|
|
|
|
$
|
183.9
|
|
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
(millions)
|
||||||||||||||
Realized gains
|
$
|
0.3
|
|
|
$
|
0.4
|
|
|
$
|
1.0
|
|
|
$
|
2.3
|
|
Realized losses
|
(0.1
|
)
|
|
(0.3
|
)
|
|
(0.7
|
)
|
|
(0.7
|
)
|
|
|
Great Plains Energy
|
|
|
KCP&L
|
|
||||||||||||||
|
September 30
2014 |
December 31
2013 |
September 30
2014 |
December 31
2013 |
||||||||||||||||
|
|
(millions)
|
|
|||||||||||||||||
Beginning balance, January 1
|
|
$
|
158.8
|
|
|
|
$
|
149.3
|
|
|
|
$
|
141.7
|
|
|
|
$
|
133.2
|
|
|
Revision in timing and/or estimates - Wolf Creek
|
|
23.9
|
|
|
|
—
|
|
|
|
23.9
|
|
|
|
—
|
|
|
||||
Revision in timing and/or estimates - other
|
|
(0.2
|
)
|
|
|
—
|
|
|
|
(0.2
|
)
|
|
|
—
|
|
|
||||
Accretion
|
|
7.5
|
|
|
|
9.5
|
|
|
|
6.7
|
|
|
|
8.5
|
|
|
||||
Ending balance
|
|
$
|
190.0
|
|
|
|
$
|
158.8
|
|
|
|
$
|
172.1
|
|
|
|
$
|
141.7
|
|
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
Three Months Ended September 30
|
|
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
|
|
(0.6
|
)
|
|
(3.3
|
)
|
|
1.1
|
|
|
(0.6
|
)
|
||||
Net periodic benefit costs
|
|
$
|
21.1
|
|
|
$
|
21.4
|
|
|
$
|
4.1
|
|
|
$
|
4.2
|
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
Year to Date September 30
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Components of net periodic benefit costs
|
|
(millions)
|
||||||||||||||
Service cost
|
|
$
|
27.2
|
|
|
$
|
31.5
|
|
|
$
|
2.7
|
|
|
$
|
3.3
|
|
Interest cost
|
|
38.1
|
|
|
35.4
|
|
|
6.0
|
|
|
5.7
|
|
||||
Expected return on plan assets
|
|
(38.1
|
)
|
|
(35.4
|
)
|
|
(2.1
|
)
|
|
(1.5
|
)
|
||||
Prior service cost
|
|
0.6
|
|
|
1.5
|
|
|
2.4
|
|
|
5.4
|
|
||||
Recognized net actuarial loss
|
|
37.2
|
|
|
41.1
|
|
|
—
|
|
|
1.4
|
|
||||
Transition obligation
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
||||
Net periodic benefit costs before regulatory adjustment
|
|
65.0
|
|
|
74.1
|
|
|
9.1
|
|
|
14.4
|
|
||||
Regulatory adjustment
|
|
(1.4
|
)
|
|
(9.7
|
)
|
|
3.3
|
|
|
(1.7
|
)
|
||||
Net periodic benefit costs
|
|
$
|
63.6
|
|
|
$
|
64.4
|
|
|
$
|
12.4
|
|
|
$
|
12.7
|
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
|||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Great Plains Energy
|
|
(millions)
|
||||||||||||||
Equity compensation expense
|
|
$
|
1.0
|
|
|
$
|
1.3
|
|
|
$
|
6.4
|
|
|
$
|
3.4
|
|
Income tax benefit
|
|
0.3
|
|
|
0.4
|
|
|
2.3
|
|
|
1.1
|
|
||||
KCP&L
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity compensation expense
|
|
$
|
0.6
|
|
|
$
|
0.9
|
|
|
$
|
4.4
|
|
|
$
|
2.4
|
|
Income tax benefit
|
|
0.1
|
|
|
0.3
|
|
|
1.5
|
|
|
0.7
|
|
|
Performance
Shares
|
|
Grant Date
Fair Value*
|
|||||||
Beginning balance January 1, 2014
|
|
430,009
|
|
|
|
|
$
|
23.52
|
|
|
Granted
|
|
214,946
|
|
|
|
|
28.78
|
|
|
|
Earned
|
|
(107,741
|
)
|
|
|
|
26.14
|
|
|
|
Forfeited
|
|
(975
|
)
|
|
|
|
24.33
|
|
|
|
Performance adjustment
|
|
(271
|
)
|
|
|
|
|
|
|
|
Ending balance September 30, 2014
|
|
535,968
|
|
|
|
|
25.11
|
|
|
|
Nonvested
Restricted Stock
|
|
Grant Date
Fair Value*
|
|||||||
Beginning balance January 1, 2014
|
|
288,537
|
|
|
|
|
$
|
20.18
|
|
|
Granted and issued
|
|
78,293
|
|
|
|
|
25.69
|
|
|
|
Vested
|
|
(101,174
|
)
|
|
|
|
18.96
|
|
|
|
Forfeited
|
|
(612
|
)
|
|
|
|
24.16
|
|
|
|
Ending balance September 30, 2014
|
|
265,044
|
|
|
|
|
22.27
|
|
|
|
|
|
September 30
|
|
December 31
|
||||||||
|
Year Due
|
|
2014
|
|
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
|
|
|
|
|
|
|
|
|
|
||||
0.05% 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
|
|
|
|
(3.9
|
)
|
|
|
|
(4.1
|
)
|
|
||
Total KCP&L excluding current maturities
|
|
|
|
2,298.4
|
|
|
|
|
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
|
2021
|
|
|
350.0
|
|
|
|
|
350.0
|
|
|
||
5.292% Series
|
2022
|
|
|
287.5
|
|
|
|
|
287.5
|
|
|
||
Current maturities
|
|
|
|
(1.1
|
)
|
|
|
|
(1.1
|
)
|
|
||
Unamortized discount and premium, net
|
|
|
|
4.5
|
|
|
|
|
4.9
|
|
|
||
Total Great Plains Energy excluding current maturities
|
|
|
|
$
|
3,488.1
|
|
|
|
|
$
|
3,515.7
|
|
|
(a)
|
Weighted-average interest rates at
September 30, 2014
|
(b)
|
Rate after amortizing gains/losses recognized in OCI on settlements of interest rate hedging instruments
|
(c)
|
Variable rate
|
|
|
September 30
|
|
December 31
|
||||||||
|
|
|
2014
|
|
|
|
2013
|
|
||||
|
|
|
(millions)
|
|
||||||||
Net receivable from GMO
|
|
|
$
|
36.7
|
|
|
|
|
$
|
32.7
|
|
|
Net receivable from Great Plains Energy
|
|
|
36.7
|
|
|
|
|
17.5
|
|
|
|
September 30
|
|
December 31
|
||||||||||||
|
2014
|
|
2013
|
||||||||||||
|
Notional
Contract
Amount
|
|
Fair
Value
|
|
Notional
Contract
Amount
|
|
Fair
Value
|
||||||||
Great Plains Energy
|
(millions)
|
||||||||||||||
Futures contracts
|
|
|
|
|
|
|
|
||||||||
Non-hedging derivatives
|
$
|
9.0
|
|
|
$
|
(0.3
|
)
|
|
$
|
19.3
|
|
|
$
|
(0.6
|
)
|
Forward contracts
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-hedging derivatives
|
39.4
|
|
|
4.5
|
|
|
47.7
|
|
|
5.2
|
|
||||
Transmission congestion rights
|
|
|
|
|
|
|
|
||||||||
Non-hedging derivatives
|
37.7
|
|
|
1.8
|
|
|
22.9
|
|
|
1.7
|
|
||||
Option contracts
|
|
|
|
|
|
|
|
||||||||
Non-hedging derivatives
|
3.0
|
|
|
0.3
|
|
|
4.8
|
|
|
1.2
|
|
||||
KCP&L
|
|
|
|
|
|
|
|
|
|
|
|
||||
Futures contracts
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-hedging derivatives
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7.7
|
|
|
$
|
(0.2
|
)
|
Transmission congestion rights
|
|
|
|
|
|
|
|
||||||||
Non-hedging derivatives
|
31.8
|
|
|
2.7
|
|
|
18.0
|
|
|
1.1
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
||||
|
Balance Sheet
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||
September 30, 2014
|
Classification
|
|
Fair Value
|
|
Fair Value
|
||||||||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
(millions)
|
|
||||||||
Commodity contracts
|
Other
|
|
|
$
|
9.1
|
|
|
|
|
$
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
|
|
|
||
Commodity contracts
|
Other
|
|
|
$
|
8.5
|
|
|
|
|
$
|
1.0
|
|
|
KCP&L
|
|
|
|
|
|
|
|
|
|
||||
|
Balance Sheet
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||
September 30, 2014
|
Classification
|
|
Fair Value
|
|
Fair Value
|
||||||||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
(millions)
|
|
||||||||
Commodity contracts
|
Other
|
|
|
$
|
4.0
|
|
|
|
|
$
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
||||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
|
|
||||||||
Commodity contracts
|
Other
|
|
|
$
|
1.2
|
|
|
|
|
$
|
0.3
|
|
|
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
|
||||||||||||||||||||||||
September 30, 2014
|
(millions)
|
||||||||||||||||||||||||||||||||||
Derivative assets
|
|
$
|
4.0
|
|
|
|
|
$
|
(1.3
|
)
|
|
|
|
$
|
2.7
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
2.7
|
|
|
Derivative liabilities
|
|
1.3
|
|
|
|
|
(1.3
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets
|
|
$
|
1.2
|
|
|
|
|
$
|
(0.1
|
)
|
|
|
|
$
|
1.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1.1
|
|
|
Derivative liabilities
|
|
0.3
|
|
|
|
|
(0.3
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
September 30
|
|
Year to Date
September 30
|
|
|||||||||||||
Derivatives Not Designated as Hedging Instruments
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
||||||||
Location of Gain (Loss)
|
|
(millions)
|
|
||||||||||||||
Electric revenues
|
|
$
|
(10.0
|
)
|
|
$
|
—
|
|
|
$
|
(12.3
|
)
|
|
$
|
—
|
|
|
Fuel
|
|
0.8
|
|
|
0.1
|
|
|
1.8
|
|
|
(0.5
|
)
|
|
||||
Purchased power
|
|
(4.8
|
)
|
|
—
|
|
|
(4.4
|
)
|
|
—
|
|
|
||||
Regulatory asset
|
|
3.2
|
|
|
0.2
|
|
|
(0.9
|
)
|
|
(1.4
|
)
|
|
||||
Regulatory liability
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||
Total
|
|
$
|
(11.0
|
)
|
|
$
|
0.3
|
|
|
$
|
(15.8
|
)
|
|
$
|
(1.9
|
)
|
|
KCP&L
|
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
September 30
|
|
Year to Date
September 30
|
|
|||||||||||||
Derivatives Not Designated as Hedging Instruments
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
||||||||
Location of Gain (Loss)
|
|
(millions)
|
|
||||||||||||||
Electric revenues
|
|
$
|
(10.0
|
)
|
|
$
|
—
|
|
|
$
|
(12.3
|
)
|
|
$
|
—
|
|
|
Fuel
|
|
1.0
|
|
|
0.4
|
|
|
1.1
|
|
|
1.0
|
|
|
||||
Regulatory asset
|
|
1.7
|
|
|
—
|
|
|
(0.5
|
)
|
|
—
|
|
|
||||
Total
|
|
$
|
(7.3
|
)
|
|
$
|
0.4
|
|
|
$
|
(11.7
|
)
|
|
$
|
1.0
|
|
|
Description
|
September 30
2014 |
|
Netting
(e)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||||||
KCP&L
|
|
(millions)
|
|
||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nuclear decommissioning trust
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
|
$
|
132.8
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
132.8
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury
|
|
22.3
|
|
|
|
|
—
|
|
|
|
|
22.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
U.S. Agency
|
|
3.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
3.4
|
|
|
|
|
—
|
|
|
|||||
State and local obligations
|
|
4.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
4.0
|
|
|
|
|
—
|
|
|
|||||
Corporate bonds
|
|
27.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
27.1
|
|
|
|
|
—
|
|
|
|||||
Foreign governments
|
|
0.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.5
|
|
|
|
|
—
|
|
|
|||||
Cash equivalents
|
|
2.9
|
|
|
|
|
—
|
|
|
|
|
2.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Other
|
|
0.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.2
|
|
|
|
|
—
|
|
|
|||||
Total nuclear decommissioning trust
|
|
193.2
|
|
|
|
|
—
|
|
|
|
|
158.0
|
|
|
|
|
35.2
|
|
|
|
|
—
|
|
|
|||||
Self-insured health plan trust
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Equity securities
|
|
1.3
|
|
|
|
|
—
|
|
|
|
|
1.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Debt securities
|
|
8.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
8.2
|
|
|
|
|
—
|
|
|
|||||
Cash and cash equivalents
|
|
6.0
|
|
|
|
|
—
|
|
|
|
|
6.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Total self-insured health plan trust
|
|
15.5
|
|
|
|
|
—
|
|
|
|
|
7.3
|
|
|
|
|
8.2
|
|
|
|
|
—
|
|
|
|||||
Derivative instruments
(c)
|
|
2.7
|
|
|
|
|
(1.3
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
4.0
|
|
|
|||||
Total
|
|
211.4
|
|
|
|
|
(1.3
|
)
|
|
|
|
165.3
|
|
|
|
|
43.4
|
|
|
|
|
4.0
|
|
|
|||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative instruments
(c)
|
|
—
|
|
|
|
|
(1.3
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1.3
|
|
|
|||||
Total
|
|
$
|
—
|
|
|
|
|
$
|
(1.3
|
)
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1.3
|
|
|
Other Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivative instruments
(c)
|
|
$
|
4.6
|
|
|
|
|
$
|
(0.5
|
)
|
|
|
|
$
|
—
|
|
|
|
|
$
|
3.6
|
|
|
|
|
$
|
1.5
|
|
|
SERP rabbi trusts
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Equity securities
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Fixed income funds
|
|
18.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
18.0
|
|
|
|
|
—
|
|
|
|||||
Total SERP rabbi trusts
|
|
18.1
|
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
|
|
18.0
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
22.7
|
|
|
|
|
(0.5
|
)
|
|
|
|
0.1
|
|
|
|
|
21.6
|
|
|
|
|
1.5
|
|
|
|||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivative instruments
(c)
|
|
0.9
|
|
|
|
|
(0.6
|
)
|
|
|
|
0.3
|
|
|
|
|
—
|
|
|
|
|
1.2
|
|
|
|||||
Total
|
|
$
|
0.9
|
|
|
|
|
$
|
(0.6
|
)
|
|
|
|
$
|
0.3
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1.2
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Nuclear decommissioning trust
(a)
|
|
$
|
193.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
158.0
|
|
|
|
|
$
|
35.2
|
|
|
|
|
$
|
—
|
|
|
Self-insured health plan trust
(b)
|
|
15.5
|
|
|
|
|
—
|
|
|
|
|
7.3
|
|
|
|
|
8.2
|
|
|
|
|
—
|
|
|
|||||
Derivative instruments
(c)
|
|
7.3
|
|
|
|
|
(1.8
|
)
|
|
|
|
—
|
|
|
|
|
3.6
|
|
|
|
|
5.5
|
|
|
|||||
SERP rabbi trusts
(d)
|
|
18.1
|
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
|
|
18.0
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
234.1
|
|
|
|
|
(1.8
|
)
|
|
|
|
165.4
|
|
|
|
|
65.0
|
|
|
|
|
5.5
|
|
|
|||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivative instruments
(c)
|
|
0.9
|
|
|
|
|
(1.9
|
)
|
|
|
|
0.3
|
|
|
|
|
—
|
|
|
|
|
2.5
|
|
|
|||||
Total
|
|
$
|
0.9
|
|
|
|
|
$
|
(1.9
|
)
|
|
|
|
$
|
0.3
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
2.5
|
|
|
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 September 30, 2014, and
December 31, 2013
, Great Plains Energy netted
$0.1 million
and
$0.2 million
of cash collateral posted with counterparties.
|
Great Plains Energy
|
|
|
|
|
|
||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|||||||||
|
|
Derivative Instruments
|
|||||||
|
|
|
2014
|
|
2013
|
||||
|
|
|
(millions)
|
||||||
Net asset at January 1
|
|
|
$
|
3.3
|
|
|
$
|
2.3
|
|
Total realized/unrealized gains (losses):
|
|
|
|
|
|
||||
included in electric revenue
|
|
|
(12.3
|
)
|
|
—
|
|
||
included in purchased power expense
|
|
|
(4.4
|
)
|
|
—
|
|
||
included in non-operating income
|
|
|
13.3
|
|
|
5.3
|
|
||
included in regulatory asset
|
|
|
(0.7
|
)
|
|
—
|
|
||
Purchases
|
|
|
15.1
|
|
|
—
|
|
||
Settlements
|
|
|
(11.3
|
)
|
|
(6.0
|
)
|
||
Net asset at September 30
|
|
|
$
|
3.0
|
|
|
$
|
1.6
|
|
Total unrealized gains (losses) relating to assets still on the consolidated balance sheet at September 30:
|
|
|
|||||||
included in electric revenue
|
|
|
$
|
(0.6
|
)
|
|
$
|
—
|
|
included in non-operating income
|
|
|
$
|
—
|
|
|
$
|
(0.4
|
)
|
included in regulatory asset
|
|
|
$
|
(0.7
|
)
|
|
$
|
—
|
|
KCP&L
|
|
|
|
||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|||||
|
Derivative Instruments
|
||||
|
|
2014
|
|
||
|
|
(millions)
|
|||
Net asset at July 1
|
|
$
|
0.9
|
|
|
Total realized/unrealized gains (losses):
|
|
|
|
|
|
included in electric revenue
|
|
(10.0
|
)
|
|
|
included in regulatory liability
|
|
1.7
|
|
|
|
Purchases
|
|
1.3
|
|
|
|
Settlements
|
|
8.8
|
|
|
|
Net asset at September 30
|
|
$
|
2.7
|
|
|
Total unrealized gains (losses) relating to assets still on the consolidated balance sheet at September 30:
|
|
|
|
||
included in electric revenue
|
|
$
|
1.9
|
|
|
included in regulatory liability
|
|
$
|
1.7
|
|
|
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 electric revenue
|
|
(12.3
|
)
|
|
|
included in regulatory asset
|
|
(0.5
|
)
|
|
|
Purchases
|
|
13.1
|
|
|
|
Settlements
|
|
1.3
|
|
|
|
Net asset at September 30
|
|
$
|
2.7
|
|
|
Total unrealized gains (losses) relating to assets still on the consolidated balance sheet at September 30:
|
|
|
|
||
included in electric revenue
|
|
$
|
(0.6
|
)
|
|
included in regulatory asset
|
|
$
|
(0.5
|
)
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Gains and Losses on Cash Flow Hedges
(a)
|
|
Defined Benefit Pension Items
(a)
|
|
|
Total
(a)
|
|
||||||||||
Year to Date September 30, 2014
|
|
(millions)
|
||||||||||||||||
Beginning balance January 1
|
|
|
$
|
(23.8
|
)
|
|
|
|
$
|
(1.5
|
)
|
|
|
|
$
|
(25.3
|
)
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
6.6
|
|
|
|
|
0.3
|
|
|
|
|
6.9
|
|
|
|||
Net current period other comprehensive income
|
|
|
6.6
|
|
|
|
|
0.3
|
|
|
|
|
6.9
|
|
|
|||
Ending balance September 30
|
|
|
$
|
(17.2
|
)
|
|
|
|
$
|
(1.2
|
)
|
|
|
|
$
|
(18.4
|
)
|
|
Year to Date September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Beginning balance January 1
|
|
|
$
|
(35.4
|
)
|
|
|
|
$
|
(3.0
|
)
|
|
|
|
$
|
(38.4
|
)
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
8.9
|
|
|
|
|
0.3
|
|
|
|
|
9.2
|
|
|
|||
Net current period other comprehensive income
|
|
|
8.9
|
|
|
|
|
0.3
|
|
|
|
|
9.2
|
|
|
|||
Ending balance September 30
|
|
|
$
|
(26.5
|
)
|
|
|
|
$
|
(2.7
|
)
|
|
|
|
$
|
(29.2
|
)
|
|
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 September 30
|
|
2014
|
|
2013
|
|
|
|
|||
|
|
(millions)
|
|
|
||||||
Gains and (losses) on cash flow hedges (effective portion)
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(2.3
|
)
|
|
$
|
(4.6
|
)
|
|
Interest charges
|
|
|
(2.3
|
)
|
|
(4.6
|
)
|
|
Income before income tax expense and income (loss) from equity investments
|
||
|
|
1.0
|
|
|
1.8
|
|
|
Income tax benefit
|
||
|
|
$
|
(1.3
|
)
|
|
$
|
(2.8
|
)
|
|
Net income
|
Amortization of defined benefit pension items
|
|
|
|
|
|
|
||||
Net losses included in net periodic benefit costs
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
Utility operating and maintenance expenses
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
Income before income tax expense and income (loss) from equity investments
|
||
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
Net income
|
|
|
|
|
|
|
|
||||
Total reclassifications, net of tax
|
|
$
|
(1.4
|
)
|
|
$
|
(2.9
|
)
|
|
Net income
|
Year to Date September 30
|
|
2014
|
|
2013
|
|
|
||||
|
|
(millions)
|
|
|
||||||
Gains and (losses) on cash flow hedges (effective portion)
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(10.9
|
)
|
|
$
|
(14.3
|
)
|
|
Interest charges
|
Commodity contracts
|
|
—
|
|
|
(0.2
|
)
|
|
Fuel
|
||
|
|
(10.9
|
)
|
|
(14.5
|
)
|
|
Income before income tax expense and income (loss) from equity investments
|
||
|
|
4.3
|
|
|
5.6
|
|
|
Income tax benefit
|
||
|
|
$
|
(6.6
|
)
|
|
$
|
(8.9
|
)
|
|
Net income
|
Amortization of defined benefit pension items
|
|
|
|
|
|
|
||||
Net losses included in net periodic benefit costs
|
|
$
|
(0.4
|
)
|
|
$
|
(0.4
|
)
|
|
Utility operating and maintenance expenses
|
|
|
(0.4
|
)
|
|
(0.4
|
)
|
|
Income before income tax expense and income (loss) from equity investments
|
||
|
|
0.1
|
|
|
0.1
|
|
|
Income tax benefit
|
||
|
|
$
|
(0.3
|
)
|
|
$
|
(0.3
|
)
|
|
Net income
|
|
|
|
|
|
|
|
||||
Total reclassifications, net of tax
|
|
$
|
(6.9
|
)
|
|
$
|
(9.2
|
)
|
|
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 September 30
|
|
2014
|
|
2013
|
|
|
||||
|
|
(millions)
|
|
|
||||||
Gains and (losses) on cash flow hedges (effective portion)
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(2.1
|
)
|
|
$
|
(2.1
|
)
|
|
Interest charges
|
|
|
(2.1
|
)
|
|
(2.1
|
)
|
|
Income before income tax expense
|
||
|
|
0.9
|
|
|
0.7
|
|
|
Income tax benefit
|
||
Total reclassifications, net of tax
|
|
$
|
(1.2
|
)
|
|
$
|
(1.4
|
)
|
|
Net income
|
Year to Date September 30
|
|
2014
|
|
2013
|
|
|
||||
|
|
(millions)
|
|
|
||||||
Gains and (losses) on cash flow hedges (effective portion)
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(6.5
|
)
|
|
$
|
(6.5
|
)
|
|
Interest charges
|
Commodity contracts
|
|
—
|
|
|
(0.2
|
)
|
|
Fuel
|
||
|
|
(6.5
|
)
|
|
(6.7
|
)
|
|
Income before income tax expense
|
||
|
|
2.6
|
|
|
2.5
|
|
|
Income tax benefit
|
||
Total reclassifications, net of tax
|
|
$
|
(3.9
|
)
|
|
$
|
(4.2
|
)
|
|
Net income
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||||||
Great Plains Energy
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Current income taxes
|
(millions)
|
||||||||||||||
Federal
|
$
|
(0.7
|
)
|
|
$
|
1.0
|
|
|
$
|
(0.6
|
)
|
|
$
|
1.0
|
|
State
|
(0.1
|
)
|
|
(0.4
|
)
|
|
—
|
|
|
(0.3
|
)
|
||||
Total
|
(0.8
|
)
|
|
0.6
|
|
|
(0.6
|
)
|
|
0.7
|
|
||||
Deferred income taxes
|
|
|
|
|
|
|
|
|
|
||||||
Federal
|
69.0
|
|
|
67.9
|
|
|
100.6
|
|
|
105.4
|
|
||||
State
|
12.9
|
|
|
13.3
|
|
|
19.7
|
|
|
21.3
|
|
||||
Total
|
81.9
|
|
|
81.2
|
|
|
120.3
|
|
|
126.7
|
|
||||
Noncurrent income taxes
|
|
|
|
|
|
|
|
|
|
||||||
Federal
|
—
|
|
|
—
|
|
|
(2.4
|
)
|
|
—
|
|
||||
State
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
(0.2
|
)
|
||||
Foreign
|
(6.2
|
)
|
|
0.1
|
|
|
(6.2
|
)
|
|
(0.2
|
)
|
||||
Total
|
(6.2
|
)
|
|
0.1
|
|
|
(8.9
|
)
|
|
(0.4
|
)
|
||||
Investment tax credit
|
|
|
|
|
|
|
|
||||||||
Deferral
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
||||
Amortization
|
(0.2
|
)
|
|
(0.4
|
)
|
|
(1.0
|
)
|
|
(1.3
|
)
|
||||
Total
|
(0.2
|
)
|
|
(0.1
|
)
|
|
(1.0
|
)
|
|
(1.0
|
)
|
||||
Income tax expense
|
$
|
74.7
|
|
|
$
|
81.8
|
|
|
$
|
109.8
|
|
|
$
|
126.0
|
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||||||
KCP&L
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Current income taxes
|
(millions)
|
||||||||||||||
Federal
|
$
|
33.8
|
|
|
$
|
(0.6
|
)
|
|
$
|
34.5
|
|
|
$
|
(1.2
|
)
|
State
|
5.9
|
|
|
(0.4
|
)
|
|
6.1
|
|
|
(0.5
|
)
|
||||
Total
|
39.7
|
|
|
(1.0
|
)
|
|
40.6
|
|
|
(1.7
|
)
|
||||
Deferred income taxes
|
|
|
|
|
|
|
|
|
|
||||||
Federal
|
10.9
|
|
|
55.0
|
|
|
26.2
|
|
|
75.6
|
|
||||
State
|
2.9
|
|
|
10.9
|
|
|
6.8
|
|
|
15.9
|
|
||||
Total
|
13.8
|
|
|
65.9
|
|
|
33.0
|
|
|
91.5
|
|
||||
Noncurrent income taxes
|
|
|
|
|
|
|
|
|
|
||||||
Federal
|
—
|
|
|
(10.1
|
)
|
|
—
|
|
|
(9.0
|
)
|
||||
State
|
—
|
|
|
(1.7
|
)
|
|
—
|
|
|
(1.5
|
)
|
||||
Total
|
—
|
|
|
(11.8
|
)
|
|
—
|
|
|
(10.5
|
)
|
||||
Investment tax credit
|
|
|
|
|
|
|
|
||||||||
Deferral
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
||||
Amortization
|
(0.2
|
)
|
|
(0.3
|
)
|
|
(0.7
|
)
|
|
(0.8
|
)
|
||||
Total
|
(0.2
|
)
|
|
—
|
|
|
(0.7
|
)
|
|
(0.5
|
)
|
||||
Income tax expense
|
$
|
53.3
|
|
|
$
|
53.1
|
|
|
$
|
72.9
|
|
|
$
|
78.8
|
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||
Great Plains Energy
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
Federal statutory income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Differences between book and tax depreciation not normalized
|
(0.3
|
)
|
|
(0.5
|
)
|
|
(0.5
|
)
|
|
(0.2
|
)
|
Amortization of investment tax credits
|
(0.1
|
)
|
|
(0.2
|
)
|
|
(0.3
|
)
|
|
(0.4
|
)
|
Federal income tax credits
|
(1.8
|
)
|
|
(1.6
|
)
|
|
(3.0
|
)
|
|
(2.8
|
)
|
State income taxes
|
3.7
|
|
|
3.7
|
|
|
3.7
|
|
|
3.8
|
|
Changes in uncertain tax positions, net
|
(2.8
|
)
|
|
0.1
|
|
|
(1.8
|
)
|
|
(0.1
|
)
|
Other
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.2
|
)
|
|
(0.2
|
)
|
Effective income tax rate
|
33.6
|
%
|
|
36.4
|
%
|
|
32.9
|
%
|
|
35.1
|
%
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||
KCP&L
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
Federal statutory income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Differences between book and tax depreciation not normalized
|
(0.2
|
)
|
|
(0.9
|
)
|
|
(0.7
|
)
|
|
(0.6
|
)
|
Amortization of investment tax credits
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(0.4
|
)
|
|
(0.3
|
)
|
Federal income tax credits
|
(2.4
|
)
|
|
(2.2
|
)
|
|
(4.3
|
)
|
|
(4.2
|
)
|
State income taxes
|
3.9
|
|
|
3.8
|
|
|
3.8
|
|
|
3.8
|
|
Changes in uncertain tax positions, net
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
Other
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.2
|
)
|
Effective income tax rate
|
36.1
|
%
|
|
35.5
|
%
|
|
33.3
|
%
|
|
33.5
|
%
|
|
September 30
2014 |
|
December 31
2013 |
||||||||
|
(millions)
|
||||||||||
Beginning balance January 1
|
|
$
|
9.8
|
|
|
|
|
$
|
21.4
|
|
|
Reductions for current year tax positions
|
|
(0.2
|
)
|
|
|
|
(0.3
|
)
|
|
||
Reductions for prior year tax positions
|
|
(6.9
|
)
|
|
|
|
(10.5
|
)
|
|
||
Statute expirations
|
|
—
|
|
|
|
|
(0.3
|
)
|
|
||
Foreign currency translation adjustments
|
|
—
|
|
|
|
|
(0.5
|
)
|
|
||
Ending balance
|
|
$
|
2.7
|
|
|
|
|
$
|
9.8
|
|
|
Three Months Ended
September 30, 2014 |
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
(millions)
|
||||||||||||||||||||||
Operating revenues
|
|
$
|
782.5
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
782.5
|
|
|
Depreciation and amortization
|
|
(76.6
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(76.6
|
)
|
|
||||
Interest (charges) income
|
|
(44.9
|
)
|
|
|
|
(6.8
|
)
|
|
|
|
8.1
|
|
|
|
|
(43.6
|
)
|
|
||||
Income tax (expense) benefit
|
|
(81.0
|
)
|
|
|
|
6.3
|
|
|
|
|
—
|
|
|
|
|
(74.7
|
)
|
|
||||
Net income
|
|
140.3
|
|
|
|
|
7.1
|
|
|
|
|
—
|
|
|
|
|
147.4
|
|
|
Year to Date
September 30, 2014 |
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
(millions)
|
||||||||||||||||||||||
Operating revenues
|
|
$
|
2,016.0
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
2,016.0
|
|
|
Depreciation and amortization
|
|
(226.7
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(226.7
|
)
|
|
||||
Interest (charges) income
|
|
(137.9
|
)
|
|
|
|
(31.1
|
)
|
|
|
|
27.7
|
|
|
|
|
(141.3
|
)
|
|
||||
Income tax (expense) benefit
|
|
(118.8
|
)
|
|
|
|
9.0
|
|
|
|
|
—
|
|
|
|
|
(109.8
|
)
|
|
||||
Net income
|
|
221.1
|
|
|
|
|
2.2
|
|
|
|
|
—
|
|
|
|
|
223.3
|
|
|
Three Months Ended
September 30, 2013 |
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
(millions)
|
||||||||||||||||||||||
Operating revenues
|
|
$
|
765.0
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
765.0
|
|
|
Depreciation and amortization
|
|
(73.3
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(73.3
|
)
|
|
||||
Interest (charges) income
|
|
(46.7
|
)
|
|
|
|
(13.6
|
)
|
|
|
|
11.4
|
|
|
|
|
(48.9
|
)
|
|
||||
Income tax (expense) benefit
|
|
(83.6
|
)
|
|
|
|
1.8
|
|
|
|
|
—
|
|
|
|
|
(81.8
|
)
|
|
||||
Net income (loss)
|
|
145.4
|
|
|
|
|
(2.3
|
)
|
|
|
|
—
|
|
|
|
|
143.1
|
|
|
Year to Date
September 30, 2013 |
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
(millions)
|
||||||||||||||||||||||
Operating revenues
|
|
$
|
1,907.5
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1,907.5
|
|
|
Depreciation and amortization
|
|
(216.1
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(216.1
|
)
|
|
||||
Interest (charges) income
|
|
(141.9
|
)
|
|
|
|
(42.7
|
)
|
|
|
|
36.6
|
|
|
|
|
(148.0
|
)
|
|
||||
Income tax (expense) benefit
|
|
(130.1
|
)
|
|
|
|
4.1
|
|
|
|
|
—
|
|
|
|
|
(126.0
|
)
|
|
||||
Net income (loss)
|
|
238.5
|
|
|
|
|
(5.8
|
)
|
|
|
|
—
|
|
|
|
|
232.7
|
|
|
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
September 30, 2014
|
|
(millions)
|
|
||||||||||||||||||||
Assets
|
|
$
|
10,473.4
|
|
|
|
|
$
|
115.6
|
|
|
|
|
$
|
(414.3
|
)
|
|
|
|
$
|
10,174.7
|
|
|
Capital expenditures
(a)
|
|
553.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
553.3
|
|
|
||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
$
|
10,019.6
|
|
|
|
|
$
|
105.6
|
|
|
|
|
$
|
(329.8
|
)
|
|
|
|
$
|
9,795.4
|
|
|
Capital expenditures
(a)
|
|
669.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
669.0
|
|
|
•
|
a
$9.4 million
decrease
in gross margin due to unfavorable weather partially offset by new retail rates and energy efficiency programs under MEEIA consisting of recovery of program costs, which have a direct offset in utility operating and maintenance expense, and recovery of throughput disincentive;
|
•
|
a $6.1 million decrease in utility operating and maintenance expenses primarily due to decreased operating and maintenance expenses at Wolf Creek and at coal units partially offset by increased program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue;
|
•
|
a $3.3 million increase in depreciation and amortization expense driven by capital additions;
|
•
|
a $5.3 million decrease in interest expense primarily due to interest related to the release of uncertain tax positions in the third quarter of 2014; and
|
•
|
a $7.1 million decrease in income tax expense due to income tax benefits related to the release of uncertain tax positions in the third quarter of 2014 and decreased pre-tax income.
|
•
|
a
$21.6 million
increase
in gross margin due to an increase in weather-normalized retail demand, new retail rates and energy efficiency programs under MEEIA consisting of recovery of program costs, which have a direct offset in utility operating and maintenance expense, and recovery of throughput disincentive;
|
•
|
a $36.4 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 and ended in May 2014 as well as increased amortization from a planned refueling outage that began in February 2013 and ended in April 2013; increased program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue; increased expenses at coal units primarily due to planned and unplanned outages; and increased transmission and distribution operating and maintenance expenses;
|
•
|
a $10.6 million increase in depreciation and amortization expense driven by capital additions;
|
•
|
a $6.7 million decrease in interest expense primarily due to interest related to the release of uncertain tax positions in the third quarter of 2014;
|
•
|
a $9.9 million increase in general taxes due to increased property taxes; and
|
•
|
a $16.2 million decrease in income tax expense due to income tax benefits related to the release of uncertain tax positions in the third quarter of 2014 and decreased pre-tax income.
|
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
||||||||
|
|
(millions)
|
|
||||||||||||||
Operating revenues
|
|
$
|
782.5
|
|
|
$
|
765.0
|
|
|
$
|
2,016.0
|
|
|
$
|
1,907.5
|
|
|
Fuel
|
|
(142.3
|
)
|
|
(156.6
|
)
|
|
(392.9
|
)
|
|
(410.0
|
)
|
|
||||
Purchased power
|
|
(61.2
|
)
|
|
(25.7
|
)
|
|
(185.7
|
)
|
|
(99.4
|
)
|
|
||||
Transmission
|
|
(19.3
|
)
|
|
(13.6
|
)
|
|
(55.6
|
)
|
|
(37.9
|
)
|
|
||||
Gross margin
(a)
|
|
559.7
|
|
|
569.1
|
|
|
1,381.8
|
|
|
1,360.2
|
|
|
||||
Other operating expenses
|
|
(219.9
|
)
|
|
(224.1
|
)
|
|
(689.8
|
)
|
|
(642.7
|
)
|
|
||||
Depreciation and amortization
|
|
(76.6
|
)
|
|
(73.3
|
)
|
|
(226.7
|
)
|
|
(216.1
|
)
|
|
||||
Operating income
|
|
263.2
|
|
|
271.7
|
|
|
465.3
|
|
|
501.4
|
|
|
||||
Non-operating income and expenses
|
|
2.6
|
|
|
2.3
|
|
|
9.0
|
|
|
5.7
|
|
|
||||
Interest charges
|
|
(43.6
|
)
|
|
(48.9
|
)
|
|
(141.3
|
)
|
|
(148.0
|
)
|
|
||||
Income tax expense
|
|
(74.7
|
)
|
|
(81.8
|
)
|
|
(109.8
|
)
|
|
(126.0
|
)
|
|
||||
Income (loss) from equity investments
|
|
(0.1
|
)
|
|
(0.2
|
)
|
|
0.1
|
|
|
(0.4
|
)
|
|
||||
Net income
|
|
147.4
|
|
|
143.1
|
|
|
223.3
|
|
|
232.7
|
|
|
||||
Preferred dividends
|
|
(0.4
|
)
|
|
(0.4
|
)
|
|
(1.2
|
)
|
|
(1.2
|
)
|
|
||||
Earnings available for common shareholders
|
|
$
|
147.0
|
|
|
$
|
142.7
|
|
|
$
|
222.1
|
|
|
$
|
231.5
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin below.
|
•
|
a $9.4 million
decrease
in gross margin primarily due to:
|
•
|
an estimated $16 million decrease due to unfavorable weather driven by a 13% decrease in cooling degree days;
|
•
|
an estimated $3 million increase from new retail rates in Kansas effective July 25, 2014; and
|
•
|
a $4.6 million increase from energy efficiency programs under MEEIA consisting of $3.2 million for recovery of program costs, which have a direct offset in utility operating and maintenance expense, and $1.4 million for recovery of throughput disincentive;
|
•
|
a $4.6 million decrease in other operating expenses primarily due to decreased operating and maintenance expenses at Wolf Creek and at coal units partially offset by a $3.2 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue;
|
•
|
a $3.3 million increase in depreciation and amortization expense driven by capital additions; and
|
•
|
a $2.6 million decrease in income tax expense primarily due to decreased pre-tax income.
|
•
|
a $2.1 million decrease in after-tax interest expense; and
|
•
|
$6.1 million of income tax benefits.
|
•
|
a
$21.6 million
increase
in gross margin primarily due to:
|
•
|
an estimated $7 million increase due to an increase in weather-normalized retail demand;
|
•
|
an estimated $12 million increase from new retail rates in Missouri effective January 26, 2013 and in Kansas effective July 25, 2014; and
|
•
|
an $8.2 million increase from energy efficiency programs under MEEIA consisting of $6.0 million for recovery of program costs, which have a direct offset in utility operating and maintenance expense, and $2.2 million for recovery of throughput disincentive;
|
•
|
a
$46.3 million
increase in other operating expenses primarily driven by:
|
•
|
an $11.3 million increase in Wolf Creek operating and maintenance expenses primarily due to a planned mid-cycle outage that began in March 2014 and concluded in May 2014 as well as increased amortization from a planned refueling outage that began in February 2013 and ended in April 2013, where costs are deferred and amortized between refueling outages;
|
•
|
a $6.0 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue;
|
•
|
a $6.8 million increase in operating and maintenance expense at coal units primarily due to planned and unplanned outages;
|
•
|
a $7.5 million increase in transmission and distribution operating and maintenance expenses; and
|
•
|
a $10.0 million increase in general taxes due to increased property taxes;
|
•
|
a
$10.6 million
increase in depreciation expense due to capital additions;
|
•
|
a $4.0 million decrease in interest expense due to:
|
•
|
a $2.1 million decrease from the remarketing of KCP&L's Series 1992, 1993A and 2007B EIRR bonds at lower interest rates in April 2013; and
|
•
|
a $2.0 million increase in the debt component of AFUDC resulting from a higher average construction work in progress balance in 2014 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
|
•
|
an $11.3 million decrease in income tax expense due to decreased pre-tax income.
|
•
|
a $2.1 million decrease in after-tax interest expense; and
|
•
|
$6.1 million of income tax benefits.
|
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
||||||||
|
|
(millions)
|
|
||||||||||||||
Operating revenues
|
|
$
|
782.5
|
|
|
$
|
765.0
|
|
|
$
|
2,016.0
|
|
|
$
|
1,907.5
|
|
|
Fuel
|
|
(142.3
|
)
|
|
(156.6
|
)
|
|
(392.9
|
)
|
|
(410.0
|
)
|
|
||||
Purchased power
|
|
(61.2
|
)
|
|
(25.7
|
)
|
|
(185.7
|
)
|
|
(99.4
|
)
|
|
||||
Transmission
|
|
(19.3
|
)
|
|
(13.6
|
)
|
|
(55.6
|
)
|
|
(37.9
|
)
|
|
||||
Gross margin
(a)
|
|
559.7
|
|
|
569.1
|
|
|
1,381.8
|
|
|
1,360.2
|
|
|
||||
Other operating expenses
|
|
(218.9
|
)
|
|
(223.5
|
)
|
|
(687.0
|
)
|
|
(640.7
|
)
|
|
||||
Depreciation and amortization
|
|
(76.6
|
)
|
|
(73.3
|
)
|
|
(226.7
|
)
|
|
(216.1
|
)
|
|
||||
Operating income
|
|
264.2
|
|
|
272.3
|
|
|
468.1
|
|
|
503.4
|
|
|
||||
Non-operating income and expenses
|
|
2.0
|
|
|
3.4
|
|
|
9.7
|
|
|
7.1
|
|
|
||||
Interest charges
|
|
(44.9
|
)
|
|
(46.7
|
)
|
|
(137.9
|
)
|
|
(141.9
|
)
|
|
||||
Income tax expense
|
|
(81.0
|
)
|
|
(83.6
|
)
|
|
(118.8
|
)
|
|
(130.1
|
)
|
|
||||
Net income
|
|
$
|
140.3
|
|
|
$
|
145.4
|
|
|
$
|
221.1
|
|
|
$
|
238.5
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
|
Revenues and Costs
|
|
%
|
|
MWhs Sold
|
|
%
|
||||||||||||
Three Months Ended September 30
|
2014
|
|
2013
|
|
Change
|
|
2014
|
|
2013
|
|
Change
|
||||||||
Retail revenues
|
(millions)
|
|
|
|
(thousands)
|
|
|
||||||||||||
Residential
|
$
|
319.7
|
|
|
$
|
345.2
|
|
|
(7
|
)%
|
|
2,509
|
|
|
2,737
|
|
|
(8
|
)%
|
Commercial
|
288.4
|
|
|
285.2
|
|
|
1
|
%
|
|
2,913
|
|
|
2,905
|
|
|
—
|
%
|
||
Industrial
|
62.8
|
|
|
61.4
|
|
|
2
|
%
|
|
831
|
|
|
813
|
|
|
2
|
%
|
||
Other retail revenues
|
5.0
|
|
|
5.0
|
|
|
—
|
%
|
|
28
|
|
|
28
|
|
|
1
|
%
|
||
Kansas property tax surcharge
|
1.3
|
|
|
(0.2
|
)
|
|
N/M
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Energy efficiency (MEEIA)
(b)
|
8.6
|
|
|
4.0
|
|
|
N/M
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Fuel recovery mechanisms
|
12.0
|
|
|
5.3
|
|
|
N/M
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Total retail
|
697.8
|
|
|
705.9
|
|
|
(1
|
)%
|
|
6,281
|
|
|
6,483
|
|
|
(3
|
)%
|
||
Wholesale revenues
|
72.6
|
|
|
48.1
|
|
|
51
|
%
|
|
2,711
|
|
|
1,829
|
|
|
48
|
%
|
||
Other revenues
|
12.1
|
|
|
11.0
|
|
|
9
|
%
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Operating revenues
|
782.5
|
|
|
765.0
|
|
|
2
|
%
|
|
8,992
|
|
|
8,312
|
|
|
8
|
%
|
||
Fuel
|
(142.3
|
)
|
|
(156.6
|
)
|
|
(9
|
)%
|
|
|
|
|
|
|
|||||
Purchased power
|
(61.2
|
)
|
|
(25.7
|
)
|
|
139
|
%
|
|
|
|
|
|
|
|||||
Transmission
|
(19.3
|
)
|
|
(13.6
|
)
|
|
42
|
%
|
|
|
|
|
|
|
|||||
Gross margin
(a)
|
$
|
559.7
|
|
|
$
|
569.1
|
|
|
(2
|
)%
|
|
|
|
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
(b)
|
Consists of recovery of program costs of $5.9 million and $2.7 million for the three months ended September 30, 2014, and 2013, respectively, that have a direct offset in utility operating and maintenance expenses and recovery of throughput disincentive of $2.7 million and $1.3 million for the three months ended September 30, 2014, and 2013, respectively.
|
|
Revenues and Costs
|
|
%
|
|
MWhs Sold
|
|
%
|
||||||||||||
Year to Date September 30
|
2014
|
|
2013
|
|
Change
|
|
2014
|
|
2013
|
|
Change
|
||||||||
Retail revenues
|
(millions)
|
|
|
|
(thousands)
|
|
|
||||||||||||
Residential
|
$
|
793.4
|
|
|
$
|
796.9
|
|
|
—
|
%
|
|
6,964
|
|
|
6,959
|
|
|
—
|
%
|
Commercial
|
756.0
|
|
|
745.7
|
|
|
1
|
%
|
|
8,238
|
|
|
8,095
|
|
|
2
|
%
|
||
Industrial
|
169.5
|
|
|
163.9
|
|
|
3
|
%
|
|
2,419
|
|
|
2,331
|
|
|
4
|
%
|
||
Other retail revenues
|
15.0
|
|
|
15.5
|
|
|
(3
|
)%
|
|
86
|
|
|
88
|
|
|
(2
|
)%
|
||
Kansas property tax surcharge
|
3.0
|
|
|
(0.2
|
)
|
|
N/M
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Energy efficiency (MEEIA)
(b)
|
16.8
|
|
|
8.6
|
|
|
N/M
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Fuel recovery mechanisms
|
41.2
|
|
|
19.4
|
|
|
N/M
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Total retail
|
1,794.9
|
|
|
1,749.8
|
|
|
3
|
%
|
|
17,707
|
|
|
17,473
|
|
|
1
|
%
|
||
Wholesale revenues
|
183.2
|
|
|
121.1
|
|
|
51
|
%
|
|
6,093
|
|
|
4,460
|
|
|
37
|
%
|
||
Other revenues
|
37.9
|
|
|
36.6
|
|
|
3
|
%
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Operating revenues
|
2,016.0
|
|
|
1,907.5
|
|
|
6
|
%
|
|
23,800
|
|
|
21,933
|
|
|
9
|
%
|
||
Fuel
|
(392.9
|
)
|
|
(410.0
|
)
|
|
(4
|
)%
|
|
|
|
|
|
|
|||||
Purchased power
|
(185.7
|
)
|
|
(99.4
|
)
|
|
87
|
%
|
|
|
|
|
|
|
|||||
Transmission
|
(55.6
|
)
|
|
(37.9
|
)
|
|
47
|
%
|
|
|
|
|
|
|
|||||
Gross margin
(a)
|
$
|
1,381.8
|
|
|
$
|
1,360.2
|
|
|
2
|
%
|
|
|
|
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
(b)
|
Consists of the recovery of program costs of $11.6 million and $5.6 million year to date September 30, 2014, and 2013, respectively, that have a direct offset in utility operating and maintenance expenses and recovery of throughput disincentive of $5.2 million and $3.0 million year to date September 30, 2014, and 2013, respectively.
|
•
|
an estimated $16 million decrease due to unfavorable weather driven by a 13% decrease in cooling degree days;
|
•
|
an estimated $3 million increase from new retail rates in Kansas effective July 25, 2014; and
|
•
|
a $4.6 million increase from energy efficiency programs under MEEIA consisting of $3.2 million for recovery of program costs, which have a direct offset in utility operating and maintenance expense, and $1.4 million for recovery of throughput disincentive.
|
•
|
an estimated $7 million increase due to an increase in weather-normalized retail demand;
|
•
|
an estimated $12 million increase from new retail rates in Missouri effective January 26, 2013 and in Kansas effective July 25, 2014; and
|
•
|
an $8.2 million increase from energy efficiency programs under MEEIA consisting of $6.0 million for recovery of program costs, which have a direct offset in utility operating and maintenance expense, and $2.2 million for recovery of throughput disincentive.
|
•
|
an $11.3 million increase in Wolf Creek operating and maintenance expenses primarily due to a planned mid-cycle outage that began in March 2014 and concluded in May 2014 as well as increased amortization from a planned refueling outage that began in February 2013 and ended in April 2013, where costs are deferred and amortized between refueling outages;
|
•
|
a $6.0 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue;
|
•
|
a $6.8 million increase in operating and maintenance expense at coal units primarily due to planned and unplanned outages;
|
•
|
a $7.5 million increase in transmission and distribution operating and maintenance expenses; and
|
•
|
a $10.0 million increase in general taxes due to increased property taxes.
|
•
|
a $2.1 million decrease from the remarketing of KCP&L's Series 1992, 1993A and 2007B EIRR bonds at lower interest rates in April 2013; and
|
•
|
a $2.0 million increase in the debt component of AFUDC resulting from a higher average construction work in progress balance in 2014 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.
|
•
|
Great Plains Energy's receivables, net
increased
$71.4 million
primarily due to seasonal increases in customer accounts receivable.
|
•
|
Great Plains Energy's fuel inventories decreased $23.3 million primarily due to a decrease in coal inventory driven by longer cycle times for coal deliveries.
|
•
|
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 commercial paper
increased
$116.8 million
due to borrowings for capital expenditures, pension funding contributions and the timing of other cash payments.
|
•
|
Great Plains Energy's accrued taxes
increased
$84.7 million
primarily due to the timing of property tax payments.
|
•
|
Great Plains Energy's deferred income taxes - deferred credits and other liabilities increased $120.8 million primarily due to an increase in temporary differences and the projected utilization of net operating loss carryforwards.
|
•
|
Great Plains Energy's asset retirement obligations increased $31.2 million primarily due to an increase in the asset retirement obligation related to the decommissioning of Wolf Creek as a result of the updated Wolf Creek decommissioning cost study. See Note 7 to the consolidated financial statements for additional information.
|
•
|
a $9.4 million
decrease
in net income;
|
•
|
a $23.8 million increase in solar rebates paid to customers;
|
•
|
a $15.4 million increase related to pension and post-retirement benefit costs primarily driven by the timing of cash contributions; and
|
•
|
a $37.6 million decrease in deferred refueling outage costs due to Wolf Creek's latest refueling outage in the first half of 2013.
|
•
|
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+.
|
|
|
Year to Date
September 30 |
|
||||||
|
|
2014
|
|
2013
|
|
||||
|
|
(millions)
|
|
||||||
Operating revenues
|
|
$
|
1,363.9
|
|
|
$
|
1,299.5
|
|
|
Fuel
|
|
(289.0
|
)
|
|
(292.0
|
)
|
|
||
Purchased power
|
|
(86.8
|
)
|
|
(48.6
|
)
|
|
||
Transmission
|
|
(35.1
|
)
|
|
(25.9
|
)
|
|
||
Gross margin
(a)
|
|
953.0
|
|
|
933.0
|
|
|
||
Other operating expenses
|
|
(492.4
|
)
|
|
(463.1
|
)
|
|
||
Depreciation and amortization
|
|
(157.7
|
)
|
|
(147.4
|
)
|
|
||
Operating income
|
|
302.9
|
|
|
322.5
|
|
|
||
Non-operating income and expenses
|
|
9.3
|
|
|
7.6
|
|
|
||
Interest charges
|
|
(92.8
|
)
|
|
(94.5
|
)
|
|
||
Income tax expense
|
|
(72.9
|
)
|
|
(78.8
|
)
|
|
||
Net income
|
|
$
|
146.5
|
|
|
$
|
156.8
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
|
Revenues and Costs
|
|
%
|
|
MWhs Sold
|
|
%
|
||||||||||||
Year to Date September 30
|
2014
|
|
2013
|
|
Change
|
|
2014
|
|
2013
|
|
Change
|
||||||||
Retail revenues
|
(millions)
|
|
|
|
(thousands)
|
|
|
||||||||||||
Residential
|
$
|
494.8
|
|
|
$
|
498.8
|
|
|
(1
|
)%
|
|
4,200
|
|
|
4,224
|
|
|
(1
|
)%
|
Commercial
|
547.1
|
|
|
538.5
|
|
|
2
|
%
|
|
5,777
|
|
|
5,664
|
|
|
2
|
%
|
||
Industrial
|
102.6
|
|
|
98.1
|
|
|
5
|
%
|
|
1,395
|
|
|
1,328
|
|
|
5
|
%
|
||
Other retail revenues
|
9.2
|
|
|
9.8
|
|
|
(5
|
)%
|
|
63
|
|
|
65
|
|
|
(3
|
)%
|
||
Kansas property tax surcharge
|
3.0
|
|
|
(0.2
|
)
|
|
N/M
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Energy efficiency (MEEIA)
(b)
|
3.7
|
|
|
—
|
|
|
N/M
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Fuel recovery mechanism
|
4.8
|
|
|
7.4
|
|
|
(35
|
)%
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Total retail
|
1,165.2
|
|
|
1,152.4
|
|
|
1
|
%
|
|
11,435
|
|
|
11,281
|
|
|
1
|
%
|
||
Wholesale revenues
|
185.2
|
|
|
134.2
|
|
|
38
|
%
|
|
6,168
|
|
|
4,850
|
|
|
27
|
%
|
||
Other revenues
|
13.5
|
|
|
12.9
|
|
|
4
|
%
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Operating revenues
|
1,363.9
|
|
|
1,299.5
|
|
|
5
|
%
|
|
17,603
|
|
|
16,131
|
|
|
9
|
%
|
||
Fuel
|
(289.0
|
)
|
|
(292.0
|
)
|
|
(1
|
)%
|
|
|
|
|
|
|
|||||
Purchased power
|
(86.8
|
)
|
|
(48.6
|
)
|
|
79
|
%
|
|
|
|
|
|
|
|||||
Transmission
|
(35.1
|
)
|
|
(25.9
|
)
|
|
35
|
%
|
|
|
|
|
|
|
|||||
Gross margin
(a)
|
$
|
953.0
|
|
|
$
|
933.0
|
|
|
2
|
%
|
|
|
|
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
(b)
|
Consists of the recovery of program costs of $2.3 million year to date September 30, 2014 that have a direct offset in operating and maintenance expenses and recovery of throughput disincentive of $1.4 million year to date September 30, 2014.
|
•
|
an estimated $5 million increase due to an increase in weather-normalized retail demand;
|
•
|
an estimated $9 million increase from new retail rates in Missouri effective January 26, 2013 and in Kansas effective July 25, 2014; and
|
•
|
a $3.7 million increase from energy efficiency programs under MEEIA consisting of $2.3 million for recovery of program costs, which have a direct offset in operating and maintenance expense, and $1.4 million for recovery of throughput disincentive.
|
•
|
an $11.3 million increase in Wolf Creek operating and maintenance expenses primarily due to a planned mid-cycle outage that began in March 2014 and concluded in May 2014 as well as increased amortization from a planned refueling outage that began in February 2013 and ended in April 2013, where costs are deferred and amortized between refueling outages;
|
•
|
a $2.3 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue;
|
•
|
a $2.9 million increase in operating and maintenance expense at coal units primarily due to planned and unplanned outages;
|
•
|
a $1.9 million increase in transmission and distribution operating and maintenance expenses; and
|
•
|
a $6.8 million increase in general taxes due to 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
|
|||||||||
July 1 - 31
|
|
—
|
|
|
|
$
|
—
|
|
|
|
|
—
|
|
|
|
N/A
|
August 1 - 31
|
|
11,789
|
|
(1)
|
|
24.93
|
|
|
|
|
—
|
|
|
|
N/A
|
|
September 1 - 30
|
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
N/A
|
|
Total
|
|
11,789
|
|
|
|
$
|
24.93
|
|
|
|
|
—
|
|
|
|
N/A
|
(1)
|
Represents common shares surrendered to the Company to pay taxes related to the vesting of restricted common shares.
|
Exhibit
Number
|
|
Description of Document
|
|
Registrant
|
|
|
|
|
|
10.1
|
+
|
Amendment dated October 28, 2014, to the Great Plains Energy Incorporated Supplemental Executive Retirement Plan, as amended and restated on December 8, 2009.
|
|
Great Plains Energy
|
|
|
|
|
|
10.2
|
*
|
Amendment dated as of September 9, 2014, to the Receivables Sales Agreement dated as of July 1, 2005, among Kansas City Power & Light Receivables Company, as the Seller, Kansas City Power & Light Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi, Ltd., New York Branch, as the Agent and Victory Receivables Corporation, as the Purchaser (Exhibit 10.1 to Form 8-K filed on September 15, 2014).
|
|
KCP&L
|
|
|
|
|
|
10.3
|
*
|
First Amendment dated as of September 9, 2014, to the Receivables Sales Agreement dated as of May 31, 2012, among GMO Receivables Company, as the Seller, KCP&L Greater Missouri Operations Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi, Ltd., New York Branch, as the Agent and Victory Receivables Corporation, as the Purchaser. (Exhibit 10.2 to Form 8-K filed on September 15, 2014).
|
|
Great Plains Energy
|
|
|
|
|
|
31.1
|
|
Rule 13a-14(a)/15d-14(a) Certification of Terry Bassham.
|
|
Great Plains Energy
|
|
|
|
|
|
31.2
|
|
Rule 13a-14(a)/15d-14(a) Certification of James C. Shay.
|
|
Great Plains Energy
|
|
|
|
|
|
31.3
|
|
Rule 13a-14(a)/15d-14(a) Certification of Terry Bassham.
|
|
KCP&L
|
|
|
|
|
|
31.4
|
|
Rule 13a-14(a)/15d-14(a) Certification of James C. Shay.
|
|
KCP&L
|
|
|
|
|
|
32.1
|
**
|
Section 1350 Certifications.
|
|
Great Plains Energy
|
|
|
|
|
|
32.2
|
**
|
Section 1350 Certifications.
|
|
KCP&L
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document.
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase Document.
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
Great Plains Energy
KCP&L
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|
|
|
Dated:
|
November 6, 2014
|
By:
/s/ Terry Bassham
|
|
|
(Terry Bassham)
|
|
|
(Chief Executive Officer)
|
|
|
|
Dated:
|
November 6, 2014
|
By:
/s/ Steven P. Busser
|
|
|
(Steven P. Busser)
|
|
|
(Principal Accounting Officer)
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|
|
|
Dated:
|
November 6, 2014
|
By:
/s/ Terry Bassham
|
|
|
(Terry Bassham)
|
|
|
(Chief Executive Officer)
|
|
|
|
Dated:
|
November 6, 2014
|
By:
/s/ Steven P. Busser
|
|
|
(Steven P. Busser)
|
|
|
(Principal Accounting Officer)
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|
|
|
|
|
|
|
|
By:
|
/s/ Terry Bassham
|
|
Name:
|
Terry Bassham
|
|
Title:
|
Chairman of the Board, President and
|
|
|
Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Great Plains Energy Incorporated;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
November 6, 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:
|
November 6, 2014
|
/s/ James C. Shay
|
|
|
James C. Shay
Senior Vice President - Finance and Chief Financial Officer
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Kansas City Power & Light Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
November 6, 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:
|
November 6, 2014
|
/s/ James C. Shay
|
|
|
James C. Shay
Senior Vice President - Finance 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:
|
November 6, 2014
|
|
|
|
/s/ James C. Shay
|
Name:
Title:
|
James C. Shay
Senior Vice President - Finance and Chief Financial Officer
|
Date:
|
November 6, 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:
|
November 6, 2014
|
|
|
|
/s/ James C. Shay
|
Name:
Title:
|
James C. Shay
Senior Vice President - Finance and Chief Financial Officer
|
Date:
|
November 6, 2014
|
|