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Exact name of registrant as specified in its charter,
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Commission
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state of incorporation, address of principal
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I.R.S. Employer
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File Number
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executive offices and telephone number
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Identification Number
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001-32206
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GREAT PLAINS ENERGY INCORPORATED
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43-1916803
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(A Missouri Corporation)
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1200 Main Street
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Kansas City, Missouri 64105
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(816) 556-2200
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000-51873
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KANSAS CITY POWER & LIGHT COMPANY
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44-0308720
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(A Missouri Corporation)
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1200 Main Street
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Kansas City, Missouri 64105
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(816) 556-2200
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TABLE OF CONTENTS
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Page
Number
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Abbreviation or Acronym
|
|
Definition
|
|
|
|
AEPTHC
|
|
AEP Transmission Holding Company, LLC, a wholly owned subsidiary of American Electric Power Company, Inc.
|
AFUDC
|
|
Allowance for Funds Used During Construction
|
ARO
|
|
Asset Retirement Obligation
|
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
|
CCRs
|
|
Coal combustion residuals
|
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.
|
Syncora
|
|
Syncora Guarantee, Inc.
|
TCR
|
|
Transmission Congestion Right
|
Transource
|
|
Transource Energy, LLC and its subsidiaries, 13.5% owned by GPETHC
|
Transource Missouri
|
|
Transource Missouri, LLC, a wholly owned subsidiary of Transource
|
WCNOC
|
|
Wolf Creek Nuclear Operating Corporation
|
Westar
|
|
Westar Energy, Inc.,
an unrelated
Kansas utility company
|
Wolf Creek
|
|
Wolf Creek Generating Station
|
•
|
KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas. KCP&L has one active wholly owned subsidiary, Kansas City Power & Light Receivables Company (KCP&L Receivables Company).
|
•
|
GMO is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri. GMO also provides regulated steam service to certain customers in the St. Joseph, Missouri area. GMO has two active wholly owned subsidiaries, GMO Receivables Company and MPS Merchant Services, Inc. (MPS Merchant). MPS Merchant has certain long-term natural gas contracts remaining from its former non-regulated trading operations.
|
|
Regulator
|
Allowed Return on Equity
|
Rate-Making Equity Ratio
|
Rate Base (in billions)
|
Effective Date
|
KCP&L Missouri
|
MPSC
|
9.7%
|
52.3%
(a)
|
$2.1
|
January 2013
|
KCP&L Kansas
|
KCC
|
9.5%
|
51.8%
|
$1.9
|
July 2014
|
GMO
|
MPSC
|
9.7%
|
52.3%
(a)
|
$1.8
|
January 2013
|
Name
|
Age
|
Current Position(s)
|
Year First Assumed an Officer Position
|
Terry Bassham
(a)
|
54
|
Chairman of the Board, President and Chief Executive Officer - Great Plains Energy and KCP&L
|
2005
|
Scott H. Heidtbrink
(b)
|
53
|
Executive Vice President and Chief Operating Officer - KCP&L
|
2008
|
James C. Shay
(c)
|
51
|
Senior Vice President - Finance and Chief Financial Officer - Great Plains Energy and KCP&L
|
2010
|
Kevin E. Bryant
(d)
|
39
|
Vice President - Strategic Planning - Great Plains Energy and KCP&L
|
2006
|
Steven P. Busser
(e)
|
46
|
Vice President - Business Planning and Controller - Great Plains Energy and KCP&L
|
2014
|
Charles A. Caisley
(f)
|
42
|
Vice President - Marketing and Public Affairs - Great Plains Energy and KCP&L
|
2011
|
Michael L. Deggendorf
(g)
|
53
|
Senior Vice President - Corporate Services - KCP&L
|
2005
|
Ellen E. Fairchild
(h)
|
53
|
Vice President, Chief Compliance Officer and Corporate Secretary - Great Plains Energy and KCP&L
|
2010
|
Heather A. Humphrey
(i)
|
44
|
General Counsel and Senior Vice President - Human Resources - Great Plains Energy and KCP&L
|
2010
|
Darrin R. Ives
(j)
|
45
|
Vice President - Regulatory Affairs - KCP&L
|
2013
|
Lori A. Wright
(k)
|
52
|
Vice President - Investor Relations and Treasurer - Great Plains Energy and KCP&L
|
2002
|
(a)
|
Mr. Bassham was appointed Chairman of the Board in May 2013 and has served as Chief Executive Officer of Great Plains Energy, KCP&L and GMO since 2012. He has served as President of each company since 2011. He previously served as President and Chief Operating Officer of Great Plains Energy, KCP&L and GMO (2011-2012) and as Executive Vice President - Utility Operations of KCP&L and GMO (2010-2011). He was Executive Vice President - Finance and Strategic Development and Chief Financial Officer of Great Plains Energy (2005-2010) and of KCP&L and GMO (2009-2010).
|
(b)
|
Mr. Heidtbrink was appointed Executive Vice President and Chief Operating Officer of KCP&L and GMO in 2012. He previously served as Senior Vice President - Supply of KCP&L and GMO (2009-2012). He was Senior Vice President - Corporate Services of KCP&L and GMO (2008), and Vice President - Power Generation & Energy Resources (2006-2008) of GMO.
|
(c)
|
Mr. Shay was appointed Senior Vice President - Finance and Chief Financial Officer of Great Plains Energy, KCP&L and GMO in 2014. Previously, Mr. Shay served as Senior Vice President - Finance and Strategic Development and Chief Financial Officer for Great Plains Energy, KCP&L and GMO (2010-2014) and Treasurer for part of 2014. He previously served as Chief Financial Officer at Northern Power Systems, Inc. (2009-2010); he served as Managing Director, with responsibilities for business development, transaction execution and advisory work, at Frontier Investment Banc Corporation (2007-2008); he was Chief Financial Officer at Machine Laboratory LLC (2006-2007).
|
(d)
|
Mr. Bryant was appointed Vice President - Strategic Planning of Great Plains Energy, KCP&L and GMO in 2014. He previously served as Vice President - Investor Relations and Strategic Planning and Treasurer of Great Plains Energy, KCP&L and GMO (2013). He served as Vice President - Investor Relations and Treasurer of Great Plains Energy, KCP&L
|
(e)
|
Mr. Busser was appointed Vice President - Business Planning and Controller of Great Plains Energy, KCP&L and GMO in 2014. He previously served as Vice President - Treasurer of El Paso Electric Company (2011-2014). Prior to that, he served as Vice President - Treasurer and Chief Risk Officer (2006-2011) and Vice President - Regulatory Affairs and Treasurer (2004-2006) of El Paso Electric Company.
|
(f)
|
Mr. Caisley was appointed Vice President - Marketing and Public Affairs of Great Plains Energy, KCP&L and GMO in 2011. He was Senior Director of Public Affairs (2008-2011) and Director of Governmental Affairs (2007-2008). Prior to that, he was the president of the Missouri Energy Development Association (2005-2007).
|
(g)
|
Mr. Deggendorf was appointed Senior Vice President - Corporate Services in 2012. He previously served as Senior Vice President - Delivery of KCP&L and GMO (2008-2012). He was Vice President - Public Affairs of Great Plains Energy (2005-2008).
|
(h)
|
Ms. Fairchild was appointed Vice President, Chief Compliance Officer and Corporate Secretary of Great Plains Energy, KCP&L and GMO in 2010. She was Senior Director of Investor Relations and Assistant Secretary (2010) and Director of Investor Relations (2008-2010) of Great Plains Energy, KCP&L and GMO. Prior to that, she was an associate at Hagen and Partners (2005-2007), a public relations firm.
|
(i)
|
Ms. Humphrey was appointed General Counsel in 2010 and Senior Vice President - Human Resources of Great Plains Energy, KCP&L and GMO in 2012. She previously served as Vice President - Human Resources of Great Plains Energy, KCP&L and GMO (2010-2012). She was Senior Director of Human Resources and Interim General Counsel of Great Plains Energy, KCP&L and GMO (2010) and Managing Attorney of KCP&L (2007-2010).
|
(j)
|
Mr. Ives was appointed Vice President - Regulatory Affairs of KCP&L and GMO in 2013. He previously served as Senior Director - Regulatory Affairs of KCP&L and GMO (2011-2013). He was Assistant Controller of Great Plains Energy, KCP&L and GMO (2008 - 2011).
|
(k)
|
Ms. Wright was appointed Vice President - Investor Relations and Treasurer in 2014. Prior to this appointment, she served as Vice President - Business Planning and Controller of Great Plains Energy, KCP&L and GMO (2009-2014). She was Controller of Great Plains Energy and KCP&L (2002-2008) and GMO (2008).
|
•
|
in the case of generation equipment, affect operating costs, increase capital requirements and costs, increase purchased power volumes and costs and reduce wholesale sales opportunities;
|
•
|
in the case of transmission equipment, affect operating costs, increase capital requirements and costs, require changes in the source of generation and affect wholesale sales opportunities and the ability to meet regulatory reliability and security requirements;
|
•
|
in the case of distribution systems, affect revenues and operating costs, increase capital requirements and costs, and affect the ability to meet regulatory service metrics and customer expectations; and
|
•
|
in the case of information systems, affect the control and operations of generation, transmission, distribution, customer information and other business operations and processes, increase operating costs, increase capital requirements and costs, and affect the ability to meet regulatory reliability and security requirements and customer expectations.
|
|
|
|
|
Year
|
|
Estimated 2015
|
|
Primary
|
|||
|
Unit
|
Location
|
|
Completed
|
|
MW Capacity
|
|
Fuel
|
|||
Base Load
|
Iatan No. 2
|
Missouri
|
|
2010
|
|
|
482
|
|
(a)
|
|
Coal
|
|
Wolf Creek
|
Kansas
|
|
1985
|
|
|
549
|
(a)
|
|
Nuclear
|
|
|
Iatan No. 1
|
Missouri
|
|
1980
|
|
|
499
|
(a)
|
|
Coal
|
|
|
La Cygne Nos. 1 and 2
|
Kansas
|
|
1973, 1977
|
|
|
696
|
(a)
|
|
Coal
|
|
|
Hawthorn No. 5
(b)
|
Missouri
|
|
1969
|
|
|
564
|
|
|
Coal
|
|
|
Montrose Nos. 1, 2 and 3
|
Missouri
|
1958, 1960, 1964
|
|
510
|
|
|
Coal
|
|||
Peak Load
|
West Gardner Nos. 1, 2, 3 and 4
|
Kansas
|
|
2003
|
|
|
311
|
|
|
Natural Gas
|
|
|
Osawatomie
|
Kansas
|
|
2003
|
|
|
77
|
|
|
Natural Gas
|
|
|
Hawthorn Nos. 6 and 9
|
Missouri
|
|
2000
|
|
|
227
|
|
|
Natural Gas
|
|
|
Hawthorn No. 8
|
Missouri
|
|
2000
|
|
|
79
|
|
|
Natural Gas
|
|
|
Hawthorn No. 7
|
Missouri
|
|
2000
|
|
|
78
|
|
|
Natural Gas
|
|
|
Northeast Black Start Unit
|
Missouri
|
|
1985
|
|
|
2
|
|
|
Oil
|
|
|
Northeast Nos. 17 and 18
|
Missouri
|
|
1977
|
|
|
97
|
|
|
Oil
|
|
|
Northeast Nos. 13 and 14
|
Missouri
|
|
1976
|
|
|
91
|
|
|
Oil
|
|
|
Northeast Nos. 15 and 16
|
Missouri
|
|
1975
|
|
|
89
|
|
|
Oil
|
|
|
Northeast Nos. 11 and 12
|
Missouri
|
|
1972
|
|
|
96
|
|
|
Oil
|
|
Wind
|
Spearville 2 Wind Energy Facility
(c)
|
Kansas
|
|
2010
|
|
|
15
|
|
|
Wind
|
|
|
Spearville 1 Wind Energy Facility
(d)
|
Kansas
|
|
2006
|
|
|
31
|
|
|
Wind
|
|
Total KCP&L
|
|
|
|
|
|
4,493
|
|
|
|
|
|
Base Load
|
Iatan No. 2
|
Missouri
|
|
2010
|
|
|
159
|
(a)
|
|
Coal
|
|
|
Iatan No. 1
|
Missouri
|
|
1980
|
|
|
128
|
(a)
|
|
Coal
|
|
|
Jeffrey Energy Center Nos. 1, 2 and 3
|
Kansas
|
1978, 1980, 1983
|
|
172
|
(a)
|
|
Coal
|
|||
|
Sibley Nos. 1, 2 and 3
|
Missouri
|
1960, 1962, 1969
|
|
463
|
|
|
Coal
|
|||
|
Lake Road Nos. 2 and 4
|
Missouri
|
|
1957, 1967
|
|
|
115
|
|
|
Coal and Natural Gas
|
|
Peak Load
|
South Harper Nos. 1, 2 and 3
|
Missouri
|
|
2005
|
|
|
303
|
|
|
Natural Gas
|
|
|
Crossroads Energy Center
|
Mississippi
|
|
2002
|
|
|
307
|
|
|
Natural Gas
|
|
|
Ralph Green No. 3
|
Missouri
|
|
1981
|
|
|
71
|
|
|
Natural Gas
|
|
|
Greenwood Nos. 1, 2, 3 and 4
|
Missouri
|
|
1975-1979
|
|
|
247
|
|
|
Natural Gas/Oil
|
|
|
Lake Road No. 5
|
Missouri
|
|
1974
|
|
|
67
|
|
|
Natural Gas/Oil
|
|
|
Lake Road Nos. 1 and 3
|
Missouri
|
|
1951, 1962
|
|
|
16
|
|
|
Natural Gas/Oil
|
|
|
Lake Road Nos. 6 and 7
|
Missouri
|
|
1989, 1990
|
|
|
42
|
|
|
Oil
|
|
|
Nevada
|
Missouri
|
|
1974
|
|
|
18
|
|
|
Oil
|
|
Total GMO
|
|
|
|
|
|
2,108
|
|
|
|
|
|
Total Great Plains Energy
|
|
|
|
|
|
6,601
|
|
|
|
|
(b)
|
In 2001, a new boiler, air quality control equipment and an uprated turbine was placed in service at the Hawthorn Generating Station.
|
(c)
|
The 48 MW Spearville 2 Wind Energy Facility's accredited capacity is 15 MW pursuant to SPP reliability standards.
|
(d)
|
The 100.5 MW Spearville Wind Energy Facility's accredited capacity is 31 MW pursuant to SPP reliability standards.
|
|
Common Stock Price Range
(a)
|
|
Common Stock
|
|||||||||||||||||||||||||
|
2014
|
|
2013
|
|
Dividends Declared
|
|||||||||||||||||||||||
Quarter
|
High
|
|
Low
|
|
High
|
|
Low
|
|
2015
|
|
|
2014
|
|
2013
|
||||||||||||||
First
|
$
|
27.04
|
|
|
$
|
23.85
|
|
|
$
|
23.19
|
|
|
$
|
20.41
|
|
|
$
|
0.245
|
|
(b)
|
|
$
|
0.23
|
|
|
$
|
0.2175
|
|
Second
|
27.22
|
|
|
25.02
|
|
|
24.41
|
|
|
21.94
|
|
|
|
|
|
0.23
|
|
|
0.2175
|
|
||||||||
Third
|
26.80
|
|
|
24.17
|
|
|
24.60
|
|
|
21.49
|
|
|
|
|
|
0.23
|
|
|
0.2175
|
|
||||||||
Fourth
|
29.38
|
|
|
24.21
|
|
|
24.76
|
|
|
21.86
|
|
|
|
|
|
0.245
|
|
|
0.23
|
|
Year Ended December 31
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Great Plains Energy
|
|
(dollars in millions except per share amounts)
|
||||||||||||||||||
Operating revenues
|
|
$
|
2,568
|
|
|
$
|
2,446
|
|
|
$
|
2,310
|
|
|
$
|
2,318
|
|
|
$
|
2,256
|
|
Net income attributable to Great Plains Energy
|
|
$
|
243
|
|
|
$
|
250
|
|
|
$
|
200
|
|
|
$
|
174
|
|
|
$
|
212
|
|
Basic earnings per common share
|
|
$
|
1.57
|
|
|
$
|
1.62
|
|
|
$
|
1.36
|
|
|
$
|
1.27
|
|
|
$
|
1.55
|
|
Diluted earnings per common share
|
|
$
|
1.57
|
|
|
$
|
1.62
|
|
|
$
|
1.35
|
|
|
$
|
1.25
|
|
|
$
|
1.53
|
|
Total assets at year end
|
|
$
|
10,476
|
|
|
$
|
9,795
|
|
|
$
|
9,647
|
|
|
$
|
9,118
|
|
|
$
|
8,818
|
|
Total redeemable preferred stock, mandatorily
|
|
|
|
|
|
|
|
|
|
|
||||||||||
redeemable preferred securities and long-
|
|
|
|
|
|
|
|
|
|
|
||||||||||
term debt (including current maturities)
|
|
$
|
3,503
|
|
|
$
|
3,517
|
|
|
$
|
3,020
|
|
|
$
|
3,544
|
|
|
$
|
3,428
|
|
Cash dividends per common share
|
|
$
|
0.935
|
|
|
$
|
0.8825
|
|
|
$
|
0.855
|
|
|
$
|
0.835
|
|
|
$
|
0.83
|
|
SEC ratio of earnings to fixed charges
|
|
2.72
|
|
2.75
|
|
2.31
|
|
2.03
|
|
2.28
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
KCP&L
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
|
$
|
1,731
|
|
|
$
|
1,671
|
|
|
$
|
1,580
|
|
|
$
|
1,558
|
|
|
$
|
1,517
|
|
Net income
|
|
$
|
162
|
|
|
$
|
169
|
|
|
$
|
142
|
|
|
$
|
136
|
|
|
$
|
163
|
|
Total assets at year end
|
|
$
|
7,511
|
|
|
$
|
6,839
|
|
|
$
|
6,704
|
|
|
$
|
6,292
|
|
|
$
|
6,026
|
|
Total redeemable preferred stock, mandatorily
|
|
|
|
|
|
|
|
|
|
|
||||||||||
redeemable preferred securities and long-
|
|
|
|
|
|
|
|
|
|
|
||||||||||
term debt (including current maturities)
|
|
$
|
2,313
|
|
|
$
|
2,312
|
|
|
$
|
1,902
|
|
|
$
|
1,915
|
|
|
$
|
1,780
|
|
SEC ratio of earnings to fixed charges
|
|
2.69
|
|
2.76
|
|
2.58
|
|
2.52
|
|
2.86
|
•
|
a $23.3 million increase in gross margin driven by new retail rates and energy efficiency programs under the Missouri Energy Efficiency Investment Act (MEEIA) consisting of recovery of program costs, which
|
•
|
a $30.5 million increase in utility operating and maintenance expenses driven by increased Wolf Creek operating and maintenance expenses primarily due to a planned mid-cycle maintenance outage in 2014 and increased amortization from a planned refueling outage in 2013, partially offset by other decreases; increased program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue; and increased transmission and distribution operating and maintenance expenses;
|
•
|
a $16.3 million increase in depreciation and amortization expense driven by capital additions;
|
•
|
a $10.2 million increase in general taxes driven by increased property taxes;
|
•
|
a $9.9 million decrease in interest expense primarily due to lower interest rates from the remarketing of multiple series of KCP&L bonds in April and July of 2013, lower short-term borrowing costs at KCP&L and GMO, an increase in the debt component of AFUDC and interest related to the release of uncertain tax positions in the third quarter of 2014; and
|
•
|
a $13.5 million decrease in income tax expense due to decreased pre-tax income and income tax benefits related to the release of uncertain tax positions in the third quarter of 2014.
|
|
|
2014
|
|
2013
|
|
2012
|
|
||||||
|
(millions)
|
||||||||||||
Operating revenues
|
|
$
|
2,568.2
|
|
|
$
|
2,446.3
|
|
|
$
|
2,309.9
|
|
|
Fuel
|
|
(489.2
|
)
|
|
(539.5
|
)
|
|
(539.5
|
)
|
|
|||
Purchased power
|
|
(253.3
|
)
|
|
(125.9
|
)
|
|
(94.0
|
)
|
|
|||
Transmission
|
|
(74.7
|
)
|
|
(53.2
|
)
|
|
(35.4
|
)
|
|
|||
Gross margin
(a)
|
|
1,751.0
|
|
|
1,727.7
|
|
|
1,641.0
|
|
|
|||
Other operating expenses
|
|
(910.5
|
)
|
|
(868.8
|
)
|
|
(834.1
|
)
|
|
|||
Voluntary separation program
|
|
—
|
|
|
—
|
|
|
4.3
|
|
|
|||
Depreciation and amortization
|
|
(306.0
|
)
|
|
(289.7
|
)
|
|
(272.3
|
)
|
|
|||
Operating income
|
|
534.5
|
|
|
569.2
|
|
|
538.9
|
|
|
|||
Non-operating income and expenses
|
|
12.5
|
|
|
8.8
|
|
|
(13.2
|
)
|
|
|||
Interest charges
|
|
(188.5
|
)
|
|
(198.4
|
)
|
|
(220.8
|
)
|
|
|||
Income tax expense
|
|
(115.7
|
)
|
|
(129.2
|
)
|
|
(104.6
|
)
|
|
|||
Loss from equity investments
|
|
—
|
|
|
(0.2
|
)
|
|
(0.4
|
)
|
|
|||
Net income
|
|
242.8
|
|
|
250.2
|
|
|
199.9
|
|
|
|||
Preferred dividends
|
|
(1.6
|
)
|
|
(1.6
|
)
|
|
(1.6
|
)
|
|
|||
Earnings available for common shareholders
|
|
$
|
241.2
|
|
|
$
|
248.6
|
|
|
$
|
198.3
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin below.
|
•
|
a $23.3 million increase in gross margin driven by:
|
•
|
an estimated $14 million increase from new retail rates in Missouri effective January 26, 2013 and in Kansas effective July 25, 2014;
|
•
|
a $16.0 million increase from energy efficiency programs under MEEIA consisting of $12.4 million for recovery of program costs, which have a direct offset in utility operating and maintenance expense, and $3.6 million for recovery of throughput disincentive; and
|
•
|
an estimated $4 million decrease due to unfavorable weather driven by a 6% decrease in cooling degree days;
|
•
|
a $40.8 million increase in other operating expenses primarily due to:
|
•
|
a $6.0 million increase in Wolf Creek operating and maintenance expenses due to $8.7 million from a planned mid-cycle outage that began in March 2014 and concluded in May 2014, increased amortization of $3.4 million from a planned refueling outage that began in February 2013 and ended in April 2013, where costs are deferred and amortized between refueling outages, partially offset by $6.1 million of other decreases in operating and maintenance expenses;
|
•
|
a $12.4 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue;
|
•
|
an $8.3 million increase in transmission and distribution operating and maintenance expenses; and
|
•
|
a $10.4 million increase in general taxes due to increased property taxes;
|
•
|
a $16.3 million increase in depreciation and amortization expense due to capital additions;
|
•
|
a $7.5 million decrease in interest expense primarily due to:
|
•
|
a $1.6 million decrease from the remarketing of KCP&L's Series 1992, 1993A, 2007B Environmental Improvement Revenue Refunding (EIRR) bonds in April 2013 and Series 2008 EIRR bonds in July 2013 at lower interest rates;
|
•
|
a $2.3 million decrease in borrowing costs for short-term debt primarily driven by lower average commercial paper balances and interest rates in 2014 at GMO, as well as lower borrowing fees under KCP&L's and GMO's revolving credit facilities in 2014; and
|
•
|
a $1.2 million increase in the debt component of AFUDC resulting from a higher average construction work in progress balance in 2014 primarily due to environmental upgrades at KCP&L's La Cygne Station; and
|
•
|
a $9.8 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.
|
•
|
an $86.7 million increase in gross margin due to:
|
•
|
an estimated $111 million increase primarily from new retail rates in Kansas effective January 1, 2013, and Missouri effective January 26, 2013;
|
•
|
an estimated $42 million increase driven by an increase in weather-normalized retail demand;
|
•
|
an estimated $4 million increase from the impact of an unplanned outage at Wolf Creek in the first quarter of 2012;
|
•
|
an estimated $47 million decrease due to unfavorable weather driven by a 27% decrease in cooling degree days partially offset by the impact of favorable weather during the first and fourth quarters of 2013; and
|
•
|
an estimated $23 million decrease primarily due to increased purchased power and transmission expense;
|
•
|
a $2.4 million decrease in Wolf Creek operating and maintenance expenses primarily due to an unplanned outage in the first quarter of 2012, mostly offset by higher operating and maintenance expenses in 2013;
|
•
|
a $22.0 million increase from certain regulatory items included in operating and maintenance expenses including increased pension expense corresponding to the resetting of pension expense trackers with the effective date of new retail rates, costs for energy efficiency and demand side management programs under MEEIA, and solar rebates provided to customers, all of which are included in retail rates;
|
•
|
a $15.3 million increase in general taxes driven by increased property taxes;
|
•
|
a $6.8 million decrease in interest expense primarily due to:
|
•
|
a $13.4 million decrease from the repayment of GMO's $500.0 million 11.875% Senior Notes at maturity in July 2012;
|
•
|
a $6.5 million increase in the debt component of AFUDC resulting from a higher average construction work in progress balance due to environmental upgrades at KCP&L's La Cygne Station;
|
•
|
a $7.5 million increase due to KCP&L's issuance of $300.0 million 3.15% Senior Notes in March 2013;
|
•
|
a $5.4 million increase resulting from GMO's issuance of $350.0 million of senior notes in August 2013; and
|
•
|
a $3.9 million increase relating to intercompany loans from Great Plains Energy to GMO; and
|
•
|
a $13.4 million increase in income tax expense driven primarily by increased pre-tax income.
|
•
|
an $8.1 million decrease in after-tax interest expense as a result of a lower interest rate on the refinanced long-term debt that was underlying Great Plains Energy's $287.5 million Equity Units and the repayment of Great Plains Energy's $250.0 million 2.75% Senior Notes at maturity in August 2013;
|
•
|
a $2.3 million increase in after-tax intercompany interest income relating to intercompany loans from Great Plains Energy to GMO; and
|
•
|
2012 included:
|
•
|
a $1.8 million after-tax loss on the sale of real estate property; and
|
•
|
$4.5 million of income tax benefits from the release of uncertain tax positions related to former GMO non-regulated operations.
|
|
|
2014
|
|
2013
|
|
2012
|
|
||||||
|
(millions)
|
||||||||||||
Operating revenues
|
|
$
|
2,568.2
|
|
|
$
|
2,446.3
|
|
|
$
|
2,309.9
|
|
|
Fuel
|
|
(489.2
|
)
|
|
(539.5
|
)
|
|
(539.5
|
)
|
|
|||
Purchased power
|
|
(253.3
|
)
|
|
(125.9
|
)
|
|
(94.0
|
)
|
|
|||
Transmission
|
|
(74.7
|
)
|
|
(53.2
|
)
|
|
(35.4
|
)
|
|
|||
Gross margin
(a)
|
|
1,751.0
|
|
|
1,727.7
|
|
|
1,641.0
|
|
|
|||
Other operating expenses
|
|
(906.4
|
)
|
|
(865.6
|
)
|
|
(825.9
|
)
|
|
|||
Voluntary separation program
|
|
—
|
|
|
—
|
|
|
4.3
|
|
|
|||
Depreciation and amortization
|
|
(306.0
|
)
|
|
(289.7
|
)
|
|
(272.3
|
)
|
|
|||
Operating income
|
|
538.6
|
|
|
572.4
|
|
|
547.1
|
|
|
|||
Non-operating income and expenses
|
|
13.5
|
|
|
10.6
|
|
|
(11.2
|
)
|
|
|||
Interest charges
|
|
(183.0
|
)
|
|
(190.5
|
)
|
|
(197.3
|
)
|
|
|||
Income tax expense
|
|
(125.6
|
)
|
|
(135.4
|
)
|
|
(122.0
|
)
|
|
|||
Net income
|
|
$
|
243.5
|
|
|
$
|
257.1
|
|
|
$
|
216.6
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
|
|
|
%
|
|
|
|
%
|
|
|
|
||||||||
Gross Margin
(a)
|
2014
|
|
Change
(c)
|
|
2013
|
|
Change
(c)
|
|
2012
|
|
||||||||
Retail revenues
|
(millions)
|
|
||||||||||||||||
Residential
|
$
|
999.0
|
|
|
—
|
|
|
$
|
1,000.6
|
|
|
4
|
|
|
$
|
965.5
|
|
|
Commercial
|
970.0
|
|
|
1
|
|
|
963.3
|
|
|
6
|
|
|
907.6
|
|
|
|||
Industrial
|
217.4
|
|
|
3
|
|
|
211.7
|
|
|
7
|
|
|
197.8
|
|
|
|||
Other retail revenues
|
20.1
|
|
|
(2
|
)
|
|
20.5
|
|
|
3
|
|
|
19.9
|
|
|
|||
Kansas property tax surcharge
|
2.1
|
|
|
N/M
|
|
|
(1.3
|
)
|
|
N/M
|
|
|
4.8
|
|
|
|||
Energy efficiency (MEEIA)
(b)
|
28.5
|
|
|
N/M
|
|
|
12.5
|
|
|
N/M
|
|
|
—
|
|
|
|||
Provision for rate refund
|
—
|
|
|
—
|
|
|
—
|
|
|
N/M
|
|
|
0.1
|
|
|
|||
Fuel recovery mechanism
|
57.7
|
|
|
N/M
|
|
|
21.9
|
|
|
23
|
|
|
17.8
|
|
|
|||
Total retail
|
2,294.8
|
|
|
3
|
|
|
2,229.2
|
|
|
5
|
|
|
2,113.5
|
|
|
|||
Wholesale revenues
|
222.6
|
|
|
32
|
|
|
168.8
|
|
|
10
|
|
|
152.9
|
|
|
|||
Other revenues
|
50.8
|
|
|
5
|
|
|
48.3
|
|
|
11
|
|
|
43.5
|
|
|
|||
Operating revenues
|
2,568.2
|
|
|
5
|
|
|
2,446.3
|
|
|
6
|
|
|
2,309.9
|
|
|
|||
Fuel
|
(489.2
|
)
|
|
(9
|
)
|
|
(539.5
|
)
|
|
—
|
|
|
(539.5
|
)
|
|
|||
Purchased power
|
(253.3
|
)
|
|
101
|
|
|
(125.9
|
)
|
|
34
|
|
|
(94.0
|
)
|
|
|||
Transmission
|
(74.7
|
)
|
|
40
|
|
|
(53.2
|
)
|
|
50
|
|
|
(35.4
|
)
|
|
|||
Gross margin
|
$
|
1,751.0
|
|
|
1
|
|
|
$
|
1,727.7
|
|
|
5
|
|
|
$
|
1,641.0
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
(b)
|
Consists of recovery of program costs of $20.7 million and $8.3 million for 2014 and 2013, respectively, that have a direct offset in utility operating and maintenance expenses and recovery of throughput disincentive of $7.8 million and $4.2 million for 2014 and 2013, respectively.
|
(c)
|
N/M - not meaningful
|
|
|
|
%
|
|
|
|
%
|
|
|
|
|||||
MWh Sales
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
|
|||||
Retail MWh sales
|
(thousands)
|
|
|||||||||||||
Residential
|
8,971
|
|
|
—
|
|
|
8,999
|
|
|
1
|
|
|
8,930
|
|
|
Commercial
|
10,827
|
|
|
—
|
|
|
10,782
|
|
|
—
|
|
|
10,767
|
|
|
Industrial
|
3,200
|
|
|
2
|
|
|
3,132
|
|
|
(1
|
)
|
|
3,174
|
|
|
Other retail MWh sales
|
117
|
|
|
(2
|
)
|
|
118
|
|
|
(2
|
)
|
|
121
|
|
|
Total retail
|
23,115
|
|
|
—
|
|
|
23,031
|
|
|
—
|
|
|
22,992
|
|
|
Wholesale MWh sales
|
7,587
|
|
|
21
|
|
|
6,283
|
|
|
—
|
|
|
6,283
|
|
|
Total MWh sales
|
30,702
|
|
|
5
|
|
|
29,314
|
|
|
—
|
|
|
29,275
|
|
|
•
|
KCP&L's Kansas retail rates contain an Energy Cost Adjustment (ECA) tariff. The ECA tariff reflects the projected annual amounts of fuel, purchased power, emission allowances, transmission costs and asset-based off-system sales margin. These projected amounts are subject to quarterly re-forecasts. Any difference between the ECA revenue collected and the actual ECA amounts for a given year (which may be positive or negative) is recorded as an increase to or reduction of retail revenues and deferred as a regulatory asset or liability to be recovered from or refunded to Kansas retail customers over twelve months beginning April 1 of the succeeding year.
|
•
|
GMO's electric retail rates contain a Fuel Adjustment Clause (FAC) tariff under which 95% of the difference between actual fuel cost, purchased power costs, certain transmission costs and off-system sales margin and the amount provided in base rates for these costs is passed along to GMO's customers. The FAC cycle consists of an accumulation period of six months beginning in June and December with FAC rate approval requested every six months for a twelve month recovery period. The FAC is recorded as an increase to or reduction of retail revenues and deferred as a regulatory asset or liability to be recovered from or refunded to GMO's electric retail customers.
|
•
|
GMO's steam rates contain a Quarterly Cost Adjustment (QCA) under which 85% of the difference between actual fuel costs and base fuel costs is passed along to GMO's steam customers. The QCA is recorded as an increase to or reduction of other revenues and deferred as a regulatory asset or liability to be recovered from or refunded to GMO's steam customers.
|
•
|
an estimated $14 million increase from new retail rates in Missouri effective January 26, 2013 and in Kansas effective July 25, 2014;
|
•
|
a $16.0 million increase from energy efficiency programs under MEEIA consisting of $12.4 million for recovery of program costs, which have a direct offset in utility operating and maintenance expense, and $3.6 million for recovery of throughput disincentive; and
|
•
|
an estimated $4 million decrease due to unfavorable weather driven by a 6% decrease in cooling degree days.
|
•
|
an estimated $111 million increase primarily from new retail rates in Kansas effective January 1, 2013, and Missouri effective January 26, 2013;
|
•
|
an estimated $42 million increase driven by an increase in weather-normalized retail demand;
|
•
|
an estimated $4 million increase from the impact of an unplanned outage at Wolf Creek in the first quarter of 2012;
|
•
|
an estimated $47 million decrease due to unfavorable weather driven by a 27% decrease in cooling degree days partially offset by the impact of favorable weather during the first and fourth quarters of 2013; and
|
•
|
an estimated $23 million decrease primarily due to increased purchased power and transmission expense. Purchased power expense increased primarily due to increased MWh purchases under new wind generation power purchase agreements, which are included in new retail rates. Transmission expense increased primarily due to SPP base plan funding transmission charges, of which a portion is included in new retail rates.
|
|
|
|
%
|
|
|
|
%
|
|
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
CDD
|
1,266
|
|
(6)
|
|
1,345
|
|
(27)
|
|
1,839
|
|
|
|
|
|
|
|
|
|
|
HDD
|
5,666
|
|
2
|
|
5,561
|
|
38
|
|
4,028
|
|
|
|
|
|
|
|
|
|
|
•
|
a $6.0 million increase in Wolf Creek operating and maintenance expenses due to $8.7 million from a planned mid-cycle outage that began in March 2014 and concluded in May 2014, increased amortization of $3.4 million from a planned refueling outage that began in February 2013 and ended in April 2013, where costs are deferred and amortized between refueling outages, partially offset by $6.1 million of other decreases in operating and maintenance expenses;
|
•
|
a $12.4 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue;
|
•
|
an $8.3 million increase in transmission and distribution operating and maintenance expenses; and
|
•
|
a $10.4 million increase in general taxes due to increased property taxes.
|
•
|
a $7.6 million increase in pension expense corresponding to the resetting of pension expense trackers with the effective date of new retail rates;
|
•
|
$8.3 million relating to costs for energy efficiency and demand side management programs under MEEIA;
|
•
|
a $6.1 million increase relating to solar rebates provided to customers due to the deferral to a regulatory asset for recovery in future rates of $3.0 million in the first quarter of 2012 and $3.1 million of regulatory asset amortization in 2013; and
|
•
|
a $15.3 million increase in general taxes driven by increased property taxes.
|
•
|
a $1.6 million decrease from the remarketing of KCP&L's Series 1992, 1993A, 2007B EIRR bonds in April 2013 and Series 2008 EIRR bonds in July 2013 at lower interest rates;
|
•
|
a $2.3 million decrease in borrowing costs for short-term debt primarily driven by lower average commercial paper balances and interest rates in 2014 at GMO, as well as lower borrowing fees under KCP&L's and GMO's revolving credit facilities in 2014; and
|
•
|
a $1.2 million increase in the debt component of AFUDC resulting from a higher average construction work in progress balance in 2014 primarily due to environmental upgrades at KCP&L's La Cygne Station.
|
•
|
$7.5 million increase due to KCP&L's issuance of $300.0 million 3.15% Senior Notes in March 2013;
|
•
|
a $5.4 million increase resulting from GMO's issuance of $350.0 million of senior notes in August 2013; and
|
•
|
a $3.9 million increase relating to intercompany loans from Great Plains Energy to GMO.
|
•
|
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, LLC in January 2014.
|
•
|
Great Plains Energy's construction work in progress
increased
$163.3 million
primarily due to environmental upgrades at KCP&L's La Cygne Station.
|
•
|
Great Plains Energy's regulatory assets increased $184.9 million primarily due to an increase in pension and post-retirement benefit obligations driven by an actuarial loss due to longer mortality assumptions and a decrease in the discount rate assumption, and solar rebates paid to customers.
|
•
|
Great Plains Energy's commercial paper
increased
$250.1 million
primarily due to borrowings at KCP&L for capital expenditures and pension funding contributions.
|
•
|
Great Plains Energy's deferred income taxes - deferred credits and other liabilities
increased
$124.9 million
primarily due to an increase in temporary differences and changes in the projected utilization of net operating loss carryforwards, primarily driven by bonus depreciation.
|
•
|
Great Plains Energy's asset retirement obligations increased $37.1 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.
|
•
|
Great Plains Energy's pension and post-retirement liability - deferred credits and other liabilities increased $148.1 million primarily due to an increase in benefit obligations driven by an actuarial loss due to longer mortality assumptions and a decrease in the discount rate assumption.
|
|
Moody's
|
|
Standard
|
||||
|
Investors Service
|
|
& Poor's
|
||||
Great Plains Energy
|
|
|
|
|
|
|
|
Outlook
|
|
Stable
|
|
|
|
Stable
|
|
Corporate Credit Rating
|
|
-
|
|
|
|
BBB+
|
|
Preferred Stock
|
|
Ba1
|
|
|
|
BBB-
|
|
Senior Unsecured Debt
|
|
Baa2
|
|
|
|
BBB
|
|
|
|
|
|
|
|
|
|
KCP&L
|
|
|
|
|
|
|
|
Outlook
|
|
Stable
|
|
|
|
Stable
|
|
Senior Secured Debt
|
|
A2
|
|
|
|
A
|
|
Senior Unsecured Debt
|
|
Baa1
|
|
|
|
BBB+
|
|
Commercial Paper
|
|
P-2
|
|
|
|
A-2
|
|
|
|
|
|
|
|
|
|
GMO
|
|
|
|
|
|
|
|
Outlook
|
|
Stable
|
|
|
|
Stable
|
|
Senior Unsecured Debt
|
|
Baa2
|
|
|
|
BBB+
|
|
Commercial Paper
|
|
P-2
|
|
|
|
A-2
|
|
•
|
$125.0 million 3.49% Senior Notes, Series A, maturing in 2025;
|
•
|
$75.0 million 4.06% Senior Notes, Series B, maturing in 2033; and
|
•
|
$150.0 million 4.74% Senior Notes, Series C, maturing in 2043.
|
•
|
secured Series 1993B EIRR bonds totaling $39.5 million at a fixed rate of 2.95% through maturity; and
|
•
|
unsecured Series 2007A-1 and 2007A-2 EIRR bonds totaling $10.0 million and $63.3 million, respectively, maturing in 2035 into one series: Series 2007A totaling $73.3 million at a variable rate that will be determined weekly.
|
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
||||||||||
|
(millions)
|
||||||||||||||||||||
Generating facilities
|
|
$
|
245.2
|
|
|
$
|
222.5
|
|
|
$
|
204.8
|
|
|
$
|
205.1
|
|
|
$
|
203.2
|
|
|
Distribution and transmission facilities
|
|
260.1
|
|
|
229.6
|
|
|
201.0
|
|
|
203.0
|
|
|
222.9
|
|
|
|||||
General facilities
|
|
148.2
|
|
|
84.2
|
|
|
71.8
|
|
|
28.6
|
|
|
15.9
|
|
|
|||||
Nuclear fuel
|
|
20.0
|
|
|
21.0
|
|
|
44.4
|
|
|
21.2
|
|
|
23.5
|
|
|
|||||
Environmental
|
|
117.4
|
|
|
41.8
|
|
|
129.3
|
|
|
102.1
|
|
|
113.5
|
|
|
|||||
Total utility capital expenditures
|
|
$
|
790.9
|
|
|
$
|
599.1
|
|
|
$
|
651.3
|
|
|
$
|
560.0
|
|
|
$
|
579.0
|
|
|
Payment due by period
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
After 2019
|
Total
|
||||||||||||||||
Long-term debt
|
(millions)
|
||||||||||||||||||||||||||
Principal
|
$
|
15.1
|
|
|
$
|
1.1
|
|
|
$
|
382.1
|
|
|
$
|
351.1
|
|
|
$
|
401.1
|
|
|
$
|
2,352.1
|
|
|
$
|
3,502.6
|
|
Interest
|
180.1
|
|
|
179.7
|
|
|
172.2
|
|
|
146.5
|
|
|
120.9
|
|
|
1,133.2
|
|
|
1,932.6
|
|
|||||||
Lease commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating leases
|
14.2
|
|
|
10.0
|
|
|
9.7
|
|
|
9.7
|
|
|
9.0
|
|
|
129.5
|
|
|
182.1
|
|
|||||||
Capital leases
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
|
4.0
|
|
|
6.0
|
|
|||||||
Pension and other post-retirement plans
(a)
|
89.1
|
|
|
89.1
|
|
|
89.1
|
|
|
89.1
|
|
|
89.1
|
|
|
(a)
|
|
|
445.5
|
|
|||||||
Purchase commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fuel
|
374.6
|
|
|
184.9
|
|
|
163.0
|
|
|
112.2
|
|
|
138.2
|
|
|
70.9
|
|
|
1,043.8
|
|
|||||||
Power
|
47.3
|
|
|
47.3
|
|
|
47.3
|
|
|
47.3
|
|
|
47.3
|
|
|
556.8
|
|
|
793.3
|
|
|||||||
Capacity
|
3.0
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.2
|
|
|||||||
La Cygne environmental project
|
16.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.6
|
|
|||||||
Non-regulated natural gas transportation
|
3.5
|
|
|
3.5
|
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.0
|
|
|||||||
Other
|
44.8
|
|
|
31.1
|
|
|
10.0
|
|
|
12.8
|
|
|
12.0
|
|
|
44.2
|
|
|
154.9
|
|
|||||||
Total contractual commitments
(a)
|
$
|
788.7
|
|
|
$
|
548.3
|
|
|
$
|
874.8
|
|
|
$
|
769.1
|
|
|
$
|
818.0
|
|
|
$
|
4,290.7
|
|
|
$
|
8,089.6
|
|
(a)
|
The Company expects to make contributions to the pension and other post-retirement plans beyond 2019 but the amounts are not yet determined. Amounts for years after
2015
are estimates based on information available in determining the amount for
2015
. Actual amounts for years after
2015
could be significantly different than the estimated amounts in the table above.
|
•
|
Great Plains Energy direct guarantees to GMO counterparties totaling
$40.7 million
, which
expire in 2015 and 2016
and
|
•
|
Great Plains Energy guarantees of GMO long-term debt totaling
$98.8 million
, which includes debt with
maturity dates ranging from 2015 to 2023
.
|
|
|
2014
|
|
2013
|
|
||||
|
(millions)
|
||||||||
Operating revenues
|
|
$
|
1,730.8
|
|
|
$
|
1,671.4
|
|
|
Fuel
|
|
(364.9
|
)
|
|
(383.0
|
)
|
|
||
Purchased power
|
|
(107.8
|
)
|
|
(62.4
|
)
|
|
||
Transmission
|
|
(47.2
|
)
|
|
(37.3
|
)
|
|
||
Gross margin
(a)
|
|
1,210.9
|
|
|
1,188.7
|
|
|
||
Other operating expenses
|
|
(646.9
|
)
|
|
(627.9
|
)
|
|
||
Depreciation and amortization
|
|
(213.9
|
)
|
|
(198.3
|
)
|
|
||
Operating income
|
|
350.1
|
|
|
362.5
|
|
|
||
Non-operating income and expenses
|
|
12.1
|
|
|
11.6
|
|
|
||
Interest charges
|
|
(124.1
|
)
|
|
(125.3
|
)
|
|
||
Income tax expense
|
|
(75.7
|
)
|
|
(79.8
|
)
|
|
||
Net income
|
|
$
|
162.4
|
|
|
$
|
169.0
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
|
|
|
%
|
|
|
|
|||||
Gross Margin
(a)
|
2014
|
|
Change
(c)
|
|
2013
|
|
|||||
Retail revenues
|
(millions)
|
||||||||||
Residential
|
$
|
620.6
|
|
|
—
|
|
|
$
|
621.7
|
|
|
Commercial
|
705.4
|
|
|
1
|
|
|
698.5
|
|
|
||
Industrial
|
131.8
|
|
|
4
|
|
|
126.6
|
|
|
||
Other retail revenues
|
12.3
|
|
|
(4
|
)
|
|
12.8
|
|
|
||
Kansas property tax surcharge
|
2.1
|
|
|
N/M
|
|
|
(1.3
|
)
|
|
||
Energy efficiency
(
MEEIA
)
(b)
|
9.2
|
|
|
N/M
|
|
|
—
|
|
|
||
Fuel recovery mechanism
|
10.6
|
|
|
12
|
|
|
9.4
|
|
|
||
Total retail
|
1,492.0
|
|
|
2
|
|
|
1,467.7
|
|
|
||
Wholesale revenues
|
220.3
|
|
|
18
|
|
|
186.7
|
|
|
||
Other revenues
|
18.5
|
|
|
8
|
|
|
17.0
|
|
|
||
Operating revenues
|
1,730.8
|
|
|
4
|
|
|
1,671.4
|
|
|
||
Fuel
|
(364.9
|
)
|
|
(5
|
)
|
|
(383.0
|
)
|
|
||
Purchased power
|
(107.8
|
)
|
|
73
|
|
|
(62.4
|
)
|
|
||
Transmission
|
(47.2
|
)
|
|
26
|
|
|
(37.3
|
)
|
|
||
Gross margin
|
$
|
1,210.9
|
|
|
2
|
|
|
$
|
1,188.7
|
|
|
(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 $6.3 million for 2014 that have a direct offset in operating and maintenance expenses and recovery of throughput disincentive of $2.9 million for 2014.
|
(c)
|
N/M - not meaningful
|
|
|
|
%
|
|
|
|
|||
MWh Sales
|
2014
|
|
Change
|
|
2013
|
|
|||
Retail MWh sales
|
(thousands)
|
||||||||
Residential
|
5,394
|
|
|
(1
|
)
|
|
5,428
|
|
|
Commercial
|
7,600
|
|
|
1
|
|
|
7,552
|
|
|
Industrial
|
1,841
|
|
|
3
|
|
|
1,784
|
|
|
Other retail MWh sales
|
85
|
|
|
(2
|
)
|
|
87
|
|
|
Total retail
|
14,920
|
|
|
—
|
|
|
14,851
|
|
|
Wholesale MWh sales
|
7,552
|
|
|
11
|
|
|
6,832
|
|
|
Total MWh sales
|
22,472
|
|
|
4
|
|
|
21,683
|
|
|
•
|
an estimated $12 million increase from new retail rates in Missouri effective January 26, 2013 and in Kansas effective July 25, 2014;
|
•
|
a $9.2 million increase from energy efficiency programs under MEEIA consisting of $6.3 million for recovery of program costs, which have a direct offset in utility operating and maintenance expense, and $2.9 million for recovery of throughput disincentive; and
|
•
|
an estimated $2 million decrease due to unfavorable weather driven by a 6% decrease in cooling degree days.
|
•
|
a $6.0 million increase in Wolf Creek operating and maintenance expenses due to $8.7 million from a planned mid-cycle outage that began in March 2014 and concluded in May 2014, increased amortization of
|
•
|
a $6.3 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue; and
|
•
|
a $7.1 million increase in general taxes due to increased property taxes.
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||
|
|
|
|
|
||||||||
Year Ended December 31
|
|
2014
|
|
2013
|
|
2012
|
||||||
Operating Revenues
|
|
(millions, except per share amounts)
|
||||||||||
Electric revenues
|
|
$
|
2,568.2
|
|
|
$
|
2,446.3
|
|
|
$
|
2,309.9
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
||||
Fuel
|
|
489.2
|
|
|
539.5
|
|
|
539.5
|
|
|||
Purchased power
|
|
253.3
|
|
|
125.9
|
|
|
94.0
|
|
|||
Transmission
|
|
74.7
|
|
|
53.2
|
|
|
35.4
|
|
|||
Utility operating and maintenance expenses
|
|
701.9
|
|
|
671.4
|
|
|
647.3
|
|
|||
Voluntary separation program
|
|
—
|
|
|
—
|
|
|
(4.3
|
)
|
|||
Depreciation and amortization
|
|
306.0
|
|
|
289.7
|
|
|
272.3
|
|
|||
General taxes
|
|
204.6
|
|
|
194.4
|
|
|
179.3
|
|
|||
Other
|
|
4.0
|
|
|
3.0
|
|
|
7.5
|
|
|||
Total
|
|
2,033.7
|
|
|
1,877.1
|
|
|
1,771.0
|
|
|||
Operating income
|
|
534.5
|
|
|
569.2
|
|
|
538.9
|
|
|||
Non-operating income
|
|
25.0
|
|
|
18.4
|
|
|
7.3
|
|
|||
Non-operating expenses
|
|
(12.5
|
)
|
|
(9.6
|
)
|
|
(20.5
|
)
|
|||
Interest charges
|
|
(188.5
|
)
|
|
(198.4
|
)
|
|
(220.8
|
)
|
|||
Income before income tax expense and loss from equity investments
|
|
358.5
|
|
|
379.6
|
|
|
304.9
|
|
|||
Income tax expense
|
|
(115.7
|
)
|
|
(129.2
|
)
|
|
(104.6
|
)
|
|||
Loss from equity investments, net of income taxes
|
|
—
|
|
|
(0.2
|
)
|
|
(0.4
|
)
|
|||
Net income
|
|
242.8
|
|
|
250.2
|
|
|
199.9
|
|
|||
Preferred stock dividend requirements
|
|
1.6
|
|
|
1.6
|
|
|
1.6
|
|
|||
Earnings available for common shareholders
|
|
$
|
241.2
|
|
|
$
|
248.6
|
|
|
$
|
198.3
|
|
|
|
|
|
|
|
|
||||||
Average number of basic common shares outstanding
|
|
153.9
|
|
|
153.5
|
|
|
145.5
|
|
|||
Average number of diluted common shares outstanding
|
|
154.1
|
|
|
153.7
|
|
|
147.2
|
|
|||
|
|
|
|
|
|
|
||||||
Basic earnings per common share
|
|
$
|
1.57
|
|
|
$
|
1.62
|
|
|
$
|
1.36
|
|
Diluted earnings per common share
|
|
$
|
1.57
|
|
|
$
|
1.62
|
|
|
$
|
1.35
|
|
Comprehensive Income
|
|
|
|
|
||||||||
Net income
|
|
$
|
242.8
|
|
|
$
|
250.2
|
|
|
$
|
199.9
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
||||
Derivative hedging activity
|
|
|
|
|
|
|
|
|
||||
Loss on derivative hedging instruments
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|||
Reclassification to expenses, net of tax
|
|
8.0
|
|
|
11.6
|
|
|
12.6
|
|
|||
Derivative hedging activity, net of tax
|
|
8.0
|
|
|
11.6
|
|
|
12.5
|
|
|||
Defined benefit pension plans
|
|
|
|
|
|
|
||||||
Net gain (loss) arising during period
|
|
(3.0
|
)
|
|
2.1
|
|
|
(2.3
|
)
|
|||
Income tax (expense) benefit
|
|
1.2
|
|
|
(0.9
|
)
|
|
0.9
|
|
|||
Net gain (loss) arising during period, net of tax
|
|
(1.8
|
)
|
|
1.2
|
|
|
(1.4
|
)
|
|||
Amortization of net losses included in net periodic benefit costs, net of tax
|
|
0.4
|
|
|
0.3
|
|
|
0.3
|
|
|||
Change in unrecognized pension expense, net of tax
|
|
(1.4
|
)
|
|
1.5
|
|
|
(1.1
|
)
|
|||
Total other comprehensive income
|
|
6.6
|
|
|
13.1
|
|
|
11.4
|
|
|||
Comprehensive income
|
|
$
|
249.4
|
|
|
$
|
263.3
|
|
|
$
|
211.3
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|
||||||||||
Consolidated Balance Sheets
|
|
||||||||||
|
|
|
|
||||||||
|
|
December 31
|
|
||||||||
|
2014
|
|
2013
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
13.0
|
|
|
|
|
$
|
10.6
|
|
|
Funds on deposit
|
|
1.2
|
|
|
|
|
0.8
|
|
|
||
Receivables, net
|
|
160.3
|
|
|
|
|
162.2
|
|
|
||
Accounts receivable pledged as collateral
|
|
171.0
|
|
|
|
|
175.0
|
|
|
||
Fuel inventories, at average cost
|
|
90.1
|
|
|
|
|
76.4
|
|
|
||
Materials and supplies, at average cost
|
|
152.7
|
|
|
|
|
152.3
|
|
|
||
Deferred refueling outage costs
|
|
12.5
|
|
|
|
|
29.5
|
|
|
||
Refundable income taxes
|
|
3.1
|
|
|
|
|
10.5
|
|
|
||
Deferred income taxes
|
|
78.1
|
|
|
|
|
80.3
|
|
|
||
Assets held for sale (Note 12)
|
|
—
|
|
|
|
|
36.2
|
|
|
||
Prepaid expenses and other assets
|
|
36.9
|
|
|
|
|
33.2
|
|
|
||
Total
|
|
718.9
|
|
|
|
|
767.0
|
|
|
||
Utility Plant, at Original Cost
|
|
|
|
|
|
|
|
|
|
||
Electric
|
|
12,128.7
|
|
|
|
|
11,575.3
|
|
|
||
Less - accumulated depreciation
|
|
4,828.3
|
|
|
|
|
4,628.4
|
|
|
||
Net utility plant in service
|
|
7,300.4
|
|
|
|
|
6,946.9
|
|
|
||
Construction work in progress
|
|
900.0
|
|
|
|
|
736.7
|
|
|
||
Nuclear fuel, net of amortization of $187.5 and $161.4
|
|
79.2
|
|
|
|
|
62.8
|
|
|
||
Total
|
|
8,279.6
|
|
|
|
|
7,746.4
|
|
|
||
Investments and Other Assets
|
|
|
|
|
|
|
|
|
|
||
Nuclear decommissioning trust fund
|
|
199.0
|
|
|
|
|
183.9
|
|
|
||
Regulatory assets
|
|
1,034.6
|
|
|
|
|
849.7
|
|
|
||
Goodwill
|
|
169.0
|
|
|
|
|
169.0
|
|
|
||
Other
|
|
74.6
|
|
|
|
|
79.4
|
|
|
||
Total
|
|
1,477.2
|
|
|
|
|
1,282.0
|
|
|
||
Total
|
|
$
|
10,475.7
|
|
|
|
|
$
|
9,795.4
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|||||||||||
|
|
December 31
|
|
||||||||
|
2014
|
|
2013
|
||||||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
||||||||||
Current Liabilities
|
|
|
|
|
|
|
|
||||
Notes payable
|
|
$
|
4.0
|
|
|
|
|
$
|
9.0
|
|
|
Collateralized note payable
|
|
171.0
|
|
|
|
|
175.0
|
|
|
||
Commercial paper
|
|
358.3
|
|
|
|
|
108.2
|
|
|
||
Current maturities of long-term debt
|
|
15.1
|
|
|
|
|
1.1
|
|
|
||
Accounts payable
|
|
388.0
|
|
|
|
|
327.4
|
|
|
||
Accrued taxes
|
|
30.4
|
|
|
|
|
29.7
|
|
|
||
Accrued interest
|
|
41.3
|
|
|
|
|
45.4
|
|
|
||
Accrued compensation and benefits
|
|
35.2
|
|
|
|
|
47.3
|
|
|
||
Pension and post-retirement liability
|
|
2.8
|
|
|
|
|
3.2
|
|
|
||
Other
|
|
24.7
|
|
|
|
|
23.5
|
|
|
||
Total
|
|
1,070.8
|
|
|
|
|
769.8
|
|
|
||
Deferred Credits and Other Liabilities
|
|
|
|
|
|
|
|
|
|
||
Deferred income taxes
|
|
1,089.7
|
|
|
|
|
964.8
|
|
|
||
Deferred tax credits
|
|
126.0
|
|
|
|
|
127.4
|
|
|
||
Asset retirement obligations
|
|
195.9
|
|
|
|
|
158.8
|
|
|
||
Pension and post-retirement liability
|
|
508.6
|
|
|
|
|
360.5
|
|
|
||
Regulatory liabilities
|
|
282.7
|
|
|
|
|
264.0
|
|
|
||
Other
|
|
88.9
|
|
|
|
|
121.0
|
|
|
||
Total
|
|
2,291.8
|
|
|
|
|
1,996.5
|
|
|
||
Capitalization
|
|
|
|
|
|
|
|
|
|
||
Great Plains Energy common shareholders' equity
|
|
|
|
|
|
|
|
|
|
||
Common stock - 250,000,000 shares authorized without par value
|
|
|
|
|
|
|
|
|
|
||
154,254,037 and 153,995,621 shares issued, stated value
|
|
2,639.3
|
|
|
|
|
2,631.1
|
|
|
||
Retained earnings
|
|
967.8
|
|
|
|
|
871.4
|
|
|
||
Treasury stock - 91,281 and 129,290 shares, at cost
|
|
(2.3
|
)
|
|
|
|
(2.8
|
)
|
|
||
Accumulated other comprehensive loss
|
|
(18.7
|
)
|
|
|
|
(25.3
|
)
|
|
||
Total
|
|
3,586.1
|
|
|
|
|
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)
|
|
3,488.0
|
|
|
|
|
3,515.7
|
|
|
||
Total
|
|
7,113.1
|
|
|
|
|
7,029.1
|
|
|
||
Commitments and Contingencies (Note 15)
|
|
|
|
|
|
|
|
|
|
||
Total
|
|
$
|
10,475.7
|
|
|
|
|
$
|
9,795.4
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||||||||
Consolidated Statements of Cash Flows
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Year Ended December 31
|
|
2014
|
|
|
|
2013
|
|
|
|
2012
|
|
||||||
Cash Flows from Operating Activities
|
|
(millions)
|
|
||||||||||||||
Net income
|
|
$
|
242.8
|
|
|
|
|
$
|
250.2
|
|
|
|
|
$
|
199.9
|
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
|
306.0
|
|
|
|
|
289.7
|
|
|
|
|
272.3
|
|
|
|||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Nuclear fuel
|
|
26.1
|
|
|
|
|
22.8
|
|
|
|
|
24.7
|
|
|
|||
Other
|
|
46.1
|
|
|
|
|
57.5
|
|
|
|
|
36.0
|
|
|
|||
Deferred income taxes, net
|
|
125.8
|
|
|
|
|
134.0
|
|
|
|
|
121.2
|
|
|
|||
Investment tax credit amortization
|
|
(1.4
|
)
|
|
|
|
(1.7
|
)
|
|
|
|
(2.4
|
)
|
|
|||
Loss from equity investments, net of income taxes
|
|
—
|
|
|
|
|
0.2
|
|
|
|
|
0.4
|
|
|
|||
Other operating activities (Note 2)
|
|
(47.2
|
)
|
|
|
|
24.1
|
|
|
|
|
11.7
|
|
|
|||
Net cash from operating activities
|
|
698.2
|
|
|
|
|
776.8
|
|
|
|
|
663.8
|
|
|
|||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Utility capital expenditures
|
|
(773.7
|
)
|
|
|
|
(669.0
|
)
|
|
|
|
(610.2
|
)
|
|
|||
Allowance for borrowed funds used during construction
|
|
(13.0
|
)
|
|
|
|
(11.8
|
)
|
|
|
|
(5.3
|
)
|
|
|||
Purchases of nuclear decommissioning trust investments
|
|
(27.5
|
)
|
|
|
|
(73.5
|
)
|
|
|
|
(24.2
|
)
|
|
|||
Proceeds from nuclear decommissioning trust investments
|
|
24.2
|
|
|
|
|
70.2
|
|
|
|
|
20.9
|
|
|
|||
Proceeds from sale of transmission assets (Note 12)
|
|
37.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||
Other investing activities
|
|
(27.5
|
)
|
|
|
|
(21.7
|
)
|
|
|
|
(19.6
|
)
|
|
|||
Net cash from investing activities
|
|
(779.8
|
)
|
|
|
|
(705.8
|
)
|
|
|
|
(638.4
|
)
|
|
|||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Issuance of common stock
|
|
4.8
|
|
|
|
|
4.9
|
|
|
|
|
293.0
|
|
|
|||
Issuance of long-term debt
|
|
—
|
|
|
|
|
762.5
|
|
|
|
|
—
|
|
|
|||
Issuance fees
|
|
(0.9
|
)
|
|
|
|
(9.0
|
)
|
|
|
|
(2.9
|
)
|
|
|||
Repayment of long-term debt
|
|
(13.4
|
)
|
|
|
|
(265.3
|
)
|
|
|
|
(513.8
|
)
|
|
|||
Net change in short-term borrowings
|
|
245.1
|
|
|
|
|
(424.9
|
)
|
|
|
|
253.1
|
|
|
|||
Net change in collateralized short-term borrowings
|
|
(4.0
|
)
|
|
|
|
1.0
|
|
|
|
|
79.0
|
|
|
|||
Dividends paid
|
|
(145.6
|
)
|
|
|
|
(137.3
|
)
|
|
|
|
(125.5
|
)
|
|
|||
Other financing activities
|
|
(2.0
|
)
|
|
|
|
(1.6
|
)
|
|
|
|
(5.2
|
)
|
|
|||
Net cash from financing activities
|
|
84.0
|
|
|
|
|
(69.7
|
)
|
|
|
|
(22.3
|
)
|
|
|||
Net Change in Cash and Cash Equivalents
|
|
2.4
|
|
|
|
|
1.3
|
|
|
|
|
3.1
|
|
|
|||
Cash and Cash Equivalents at Beginning of Year
|
|
10.6
|
|
|
|
|
9.3
|
|
|
|
|
6.2
|
|
|
|||
Cash and Cash Equivalents at End of Year
|
|
$
|
13.0
|
|
|
|
|
$
|
10.6
|
|
|
|
|
$
|
9.3
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||||||||||||||||
Consolidated Statements of Common Shareholders' Equity
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Year Ended December 31
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|||||||||
Common Stock
|
(millions, except share amounts)
|
|||||||||||||||||||
Beginning balance
|
153,995,621
|
|
|
$
|
2,631.1
|
|
|
153,779,806
|
|
|
$
|
2,624.7
|
|
|
136,406,306
|
|
|
$
|
2,330.6
|
|
Issuance of common stock
|
258,416
|
|
|
6.7
|
|
|
215,815
|
|
|
4.9
|
|
|
17,373,500
|
|
|
293.0
|
|
|||
Equity compensation expense, net of forfeitures
|
|
|
|
0.5
|
|
|
|
|
|
0.4
|
|
|
|
|
0.3
|
|
||||
Unearned Compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Issuance of restricted common stock
|
|
|
|
(2.1
|
)
|
|
|
|
|
(1.8
|
)
|
|
|
|
(3.3
|
)
|
||||
Forfeiture of restricted common stock
|
|
|
|
—
|
|
|
|
|
|
0.1
|
|
|
|
|
1.3
|
|
||||
Compensation expense recognized
|
|
|
|
2.0
|
|
|
|
|
|
2.1
|
|
|
|
|
2.3
|
|
||||
Other
|
|
|
|
1.1
|
|
|
|
|
|
0.7
|
|
|
|
|
0.5
|
|
||||
Ending balance
|
154,254,037
|
|
|
2,639.3
|
|
|
153,995,621
|
|
|
2,631.1
|
|
|
153,779,806
|
|
|
2,624.7
|
|
|||
Retained Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Beginning balance
|
|
|
|
871.4
|
|
|
|
|
|
758.8
|
|
|
|
|
684.7
|
|
||||
Net income attributable to Great Plains Energy
|
|
|
|
242.8
|
|
|
|
|
|
250.2
|
|
|
|
|
199.9
|
|
||||
Loss on reissuance of treasury stock
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
(0.2
|
)
|
||||
Dividends:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common stock ($0.935, $0.8825 and $0.855 per share)
|
|
(144.0
|
)
|
|
|
|
|
(135.7
|
)
|
|
|
|
(123.9
|
)
|
||||||
Preferred stock - at required rates
|
|
|
|
(1.6
|
)
|
|
|
|
|
(1.6
|
)
|
|
|
|
(1.6
|
)
|
||||
Performance shares
|
|
|
|
(0.8
|
)
|
|
|
|
|
(0.3
|
)
|
|
|
|
(0.1
|
)
|
||||
Ending balance
|
|
|
|
967.8
|
|
|
|
|
|
871.4
|
|
|
|
|
758.8
|
|
||||
Treasury Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Beginning balance
|
(129,290
|
)
|
|
(2.8
|
)
|
|
(250,236
|
)
|
|
(5.1
|
)
|
|
(264,567
|
)
|
|
(5.6
|
)
|
|||
Treasury shares acquired
|
(85,744
|
)
|
|
(2.2
|
)
|
|
(73,201
|
)
|
|
(1.6
|
)
|
|
(164,454
|
)
|
|
(3.3
|
)
|
|||
Treasury shares reissued
|
123,753
|
|
|
2.7
|
|
|
194,147
|
|
|
3.9
|
|
|
178,785
|
|
|
3.8
|
|
|||
Ending balance
|
(91,281
|
)
|
|
(2.3
|
)
|
|
(129,290
|
)
|
|
(2.8
|
)
|
|
(250,236
|
)
|
|
(5.1
|
)
|
|||
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Beginning balance
|
|
|
|
(25.3
|
)
|
|
|
|
|
(38.4
|
)
|
|
|
|
(49.8
|
)
|
||||
Derivative hedging activity, net of tax
|
|
|
|
8.0
|
|
|
|
|
|
11.6
|
|
|
|
|
12.5
|
|
||||
Change in unrecognized pension expense, net of tax
|
|
|
(1.4
|
)
|
|
|
|
|
1.5
|
|
|
|
|
(1.1
|
)
|
|||||
Ending balance
|
|
|
|
(18.7
|
)
|
|
|
|
|
(25.3
|
)
|
|
|
|
(38.4
|
)
|
||||
Total Great Plains Energy Common Shareholders' Equity
|
|
|
$
|
3,586.1
|
|
|
|
|
|
$
|
3,474.4
|
|
|
|
|
$
|
3,340.0
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||
|
|
|
|
|
||||||||
Year Ended December 31
|
|
2014
|
|
2013
|
|
2012
|
||||||
Operating Revenues
|
|
(millions)
|
||||||||||
Electric revenues
|
|
$
|
1,730.8
|
|
|
$
|
1,671.4
|
|
|
$
|
1,579.9
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|||
Fuel
|
|
364.9
|
|
|
383.0
|
|
|
384.8
|
|
|||
Purchased power
|
|
107.8
|
|
|
62.4
|
|
|
35.5
|
|
|||
Transmission
|
|
47.2
|
|
|
37.3
|
|
|
24.0
|
|
|||
Operating and maintenance expenses
|
|
489.1
|
|
|
475.9
|
|
|
460.1
|
|
|||
Voluntary separation program
|
|
—
|
|
|
—
|
|
|
(4.3
|
)
|
|||
Depreciation and amortization
|
|
213.9
|
|
|
198.3
|
|
|
185.6
|
|
|||
General taxes
|
|
159.1
|
|
|
152.0
|
|
|
145.5
|
|
|||
Other
|
|
(1.3
|
)
|
|
—
|
|
|
—
|
|
|||
Total
|
|
1,380.7
|
|
|
1,308.9
|
|
|
1,231.2
|
|
|||
Operating income
|
|
350.1
|
|
|
362.5
|
|
|
348.7
|
|
|||
Non-operating income
|
|
20.4
|
|
|
16.3
|
|
|
4.4
|
|
|||
Non-operating expenses
|
|
(8.3
|
)
|
|
(4.7
|
)
|
|
(8.6
|
)
|
|||
Interest charges
|
|
(124.1
|
)
|
|
(125.3
|
)
|
|
(127.6
|
)
|
|||
Income before income tax expense
|
|
238.1
|
|
|
248.8
|
|
|
216.9
|
|
|||
Income tax expense
|
|
(75.7
|
)
|
|
(79.8
|
)
|
|
(75.3
|
)
|
|||
Net income
|
|
$
|
162.4
|
|
|
$
|
169.0
|
|
|
$
|
141.6
|
|
Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|||
Net income
|
|
$
|
162.4
|
|
|
$
|
169.0
|
|
|
$
|
141.6
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|||
Derivative hedging activity
|
|
|
|
|
|
|
|
|
|
|||
Loss on derivative hedging instruments
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|||
Reclassification to expenses, net of tax
|
|
5.3
|
|
|
5.6
|
|
|
5.7
|
|
|||
Derivative hedging activity, net of tax
|
|
5.3
|
|
|
5.6
|
|
|
5.6
|
|
|||
Total other comprehensive income
|
|
5.3
|
|
|
5.6
|
|
|
5.6
|
|
|||
Comprehensive income
|
|
$
|
167.7
|
|
|
$
|
174.6
|
|
|
$
|
147.2
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|||||||||||
|
|
December 31
|
|
||||||||
|
2014
|
|
2013
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
2.7
|
|
|
|
|
$
|
4.0
|
|
|
Funds on deposit
|
|
0.6
|
|
|
|
|
0.7
|
|
|
||
Receivables, net
|
|
128.9
|
|
|
|
|
129.2
|
|
|
||
Related party receivables
|
|
68.8
|
|
|
|
|
50.4
|
|
|
||
Accounts receivable pledged as collateral
|
|
110.0
|
|
|
|
|
110.0
|
|
|
||
Fuel inventories, at average cost
|
|
58.8
|
|
|
|
|
50.3
|
|
|
||
Materials and supplies, at average cost
|
|
110.1
|
|
|
|
|
109.0
|
|
|
||
Deferred refueling outage costs
|
|
12.5
|
|
|
|
|
29.5
|
|
|
||
Refundable income taxes
|
|
57.5
|
|
|
|
|
15.1
|
|
|
||
Deferred income taxes
|
|
5.0
|
|
|
|
|
—
|
|
|
||
Assets held for sale (Note 12)
|
|
—
|
|
|
|
|
4.7
|
|
|
||
Prepaid expenses and other assets
|
|
32.7
|
|
|
|
|
27.5
|
|
|
||
Total
|
|
587.6
|
|
|
|
|
530.4
|
|
|
||
Utility Plant, at Original Cost
|
|
|
|
|
|
|
|
|
|
||
Electric
|
|
8,737.3
|
|
|
|
|
8,274.9
|
|
|
||
Less - accumulated depreciation
|
|
3,658.7
|
|
|
|
|
3,518.3
|
|
|
||
Net utility plant in service
|
|
5,078.6
|
|
|
|
|
4,756.6
|
|
|
||
Construction work in progress
|
|
791.2
|
|
|
|
|
660.4
|
|
|
||
Nuclear fuel, net of amortization of $187.5 and $161.4
|
|
79.2
|
|
|
|
|
62.8
|
|
|
||
Total
|
|
5,949.0
|
|
|
|
|
5,479.8
|
|
|
||
Investments and Other Assets
|
|
|
|
|
|
|
|
|
|
||
Nuclear decommissioning trust fund
|
|
199.0
|
|
|
|
|
183.9
|
|
|
||
Regulatory assets
|
|
745.7
|
|
|
|
|
614.1
|
|
|
||
Other
|
|
29.5
|
|
|
|
|
31.0
|
|
|
||
Total
|
|
974.2
|
|
|
|
|
829.0
|
|
|
||
Total
|
|
$
|
7,510.8
|
|
|
|
|
$
|
6,839.2
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|
|
|
||||||||
|
|
December 31
|
|
||||||||
|
2014
|
|
2013
|
||||||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
||||||||||
Current Liabilities
|
|
|
|
|
|
|
|
||||
Collateralized note payable
|
|
$
|
110.0
|
|
|
|
|
$
|
110.0
|
|
|
Commercial paper
|
|
358.3
|
|
|
|
|
93.2
|
|
|
||
Current maturities of long-term debt
|
|
14.0
|
|
|
|
|
—
|
|
|
||
Accounts payable
|
|
305.2
|
|
|
|
|
239.8
|
|
|
||
Related party payables
|
|
12.6
|
|
|
|
|
0.2
|
|
|
||
Accrued taxes
|
|
23.6
|
|
|
|
|
23.8
|
|
|
||
Accrued interest
|
|
29.0
|
|
|
|
|
29.1
|
|
|
||
Accrued compensation and benefits
|
|
35.2
|
|
|
|
|
47.3
|
|
|
||
Pension and post-retirement liability
|
|
1.5
|
|
|
|
|
1.9
|
|
|
||
Deferred income taxes
|
|
—
|
|
|
|
|
1.7
|
|
|
||
Other
|
|
12.4
|
|
|
|
|
13.0
|
|
|
||
Total
|
|
901.8
|
|
|
|
|
560.0
|
|
|
||
Deferred Credits and Other Liabilities
|
|
|
|
|
|
|
|
|
|
||
Deferred income taxes
|
|
1,016.9
|
|
|
|
|
922.1
|
|
|
||
Deferred tax credits
|
|
124.3
|
|
|
|
|
125.3
|
|
|
||
Asset retirement obligations
|
|
177.7
|
|
|
|
|
141.7
|
|
|
||
Pension and post-retirement liability
|
|
485.4
|
|
|
|
|
339.9
|
|
|
||
Regulatory liabilities
|
|
172.0
|
|
|
|
|
168.3
|
|
|
||
Other
|
|
59.2
|
|
|
|
|
90.4
|
|
|
||
Total
|
|
2,035.5
|
|
|
|
|
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
|
|
726.8
|
|
|
|
|
636.4
|
|
|
||
Accumulated other comprehensive loss
|
|
(14.9
|
)
|
|
|
|
(20.2
|
)
|
|
||
Total
|
|
2,275.0
|
|
|
|
|
2,179.3
|
|
|
||
Long-term debt (Note 11)
|
|
2,298.5
|
|
|
|
|
2,312.2
|
|
|
||
Total
|
|
4,573.5
|
|
|
|
|
4,491.5
|
|
|
||
Commitments and Contingencies (Note 15)
|
|
|
|
|
|
|
|
|
|
||
Total
|
|
$
|
7,510.8
|
|
|
|
|
$
|
6,839.2
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||||||
Consolidated Statements of Cash Flows
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Year Ended December 31
|
|
2014
|
|
|
|
2013
|
|
|
2012
|
|
||||||
Cash Flows from Operating Activities
|
|
(millions)
|
|
|||||||||||||
Net income
|
|
$
|
162.4
|
|
|
|
|
$
|
169.0
|
|
|
|
$
|
141.6
|
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization
|
|
213.9
|
|
|
|
|
198.3
|
|
|
|
185.6
|
|
|
|||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Nuclear fuel
|
|
26.1
|
|
|
|
|
22.8
|
|
|
|
24.7
|
|
|
|||
Other
|
|
29.3
|
|
|
|
|
34.3
|
|
|
|
30.1
|
|
|
|||
Deferred income taxes, net
|
|
88.4
|
|
|
|
|
92.1
|
|
|
|
60.2
|
|
|
|||
Investment tax credit amortization
|
|
(1.0
|
)
|
|
|
|
(1.1
|
)
|
|
|
(1.8
|
)
|
|
|||
Other operating activities (Note 2)
|
|
(64.7
|
)
|
|
|
|
(9.2
|
)
|
|
|
27.9
|
|
|
|||
Net cash from operating activities
|
|
454.4
|
|
|
|
|
506.2
|
|
|
|
468.3
|
|
|
|||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Utility capital expenditures
|
|
(635.9
|
)
|
|
|
|
(521.9
|
)
|
|
|
(482.0
|
)
|
|
|||
Allowance for borrowed funds used during construction
|
|
(11.1
|
)
|
|
|
|
(10.6
|
)
|
|
|
(3.7
|
)
|
|
|||
Purchases of nuclear decommissioning trust investments
|
|
(27.5
|
)
|
|
|
|
(73.5
|
)
|
|
|
(24.2
|
)
|
|
|||
Proceeds from nuclear decommissioning trust investments
|
|
24.2
|
|
|
|
|
70.2
|
|
|
|
20.9
|
|
|
|||
Proceeds from sale of transmission assets (Note 12)
|
|
4.7
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||
Other investing activities
|
|
(15.2
|
)
|
|
|
|
(12.4
|
)
|
|
|
(11.7
|
)
|
|
|||
Net cash from investing activities
|
|
(660.8
|
)
|
|
|
|
(548.2
|
)
|
|
|
(500.7
|
)
|
|
|||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Issuance of long-term debt
|
|
—
|
|
|
|
|
412.5
|
|
|
|
—
|
|
|
|||
Issuance fees
|
|
(0.4
|
)
|
|
|
|
(5.7
|
)
|
|
|
—
|
|
|
|||
Repayment of long-term debt
|
|
—
|
|
|
|
|
(2.6
|
)
|
|
|
(12.7
|
)
|
|
|||
Net change in short-term borrowings
|
|
265.1
|
|
|
|
|
(267.8
|
)
|
|
|
134.0
|
|
|
|||
Net change in collateralized short-term borrowings
|
|
—
|
|
|
|
|
—
|
|
|
|
15.0
|
|
|
|||
Net money pool borrowings
|
|
12.4
|
|
|
|
|
(3.6
|
)
|
|
|
(4.7
|
)
|
|
|||
Dividends paid to Great Plains Energy
|
|
(72.0
|
)
|
|
|
|
(92.0
|
)
|
|
|
(96.0
|
)
|
|
|||
Other
|
|
—
|
|
|
|
|
—
|
|
|
|
0.1
|
|
|
|||
Net cash from financing activities
|
|
205.1
|
|
|
|
|
40.8
|
|
|
|
35.7
|
|
|
|||
Net Change in Cash and Cash Equivalents
|
|
(1.3
|
)
|
|
|
|
(1.2
|
)
|
|
|
3.3
|
|
|
|||
Cash and Cash Equivalents at Beginning of Year
|
|
4.0
|
|
|
|
|
5.2
|
|
|
|
1.9
|
|
|
|||
Cash and Cash Equivalents at End of Year
|
|
$
|
2.7
|
|
|
|
|
$
|
4.0
|
|
|
|
$
|
5.2
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||||||||||
Consolidated Statements of Common Shareholder's Equity
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Year Ended December 31
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|||||||||
|
(millions, except share amounts)
|
|||||||||||||||||||
Common Stock
|
1
|
|
|
$
|
1,563.1
|
|
|
1
|
|
|
$
|
1,563.1
|
|
|
1
|
|
|
$
|
1,563.1
|
|
Retained Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Beginning balance
|
|
|
|
636.4
|
|
|
|
|
|
559.4
|
|
|
|
|
513.8
|
|
||||
Net income
|
|
|
|
162.4
|
|
|
|
|
|
169.0
|
|
|
|
|
141.6
|
|
||||
Dividends:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common stock held by Great Plains Energy
|
|
|
|
(72.0
|
)
|
|
|
|
|
(92.0
|
)
|
|
|
|
(96.0
|
)
|
||||
Ending balance
|
|
|
|
726.8
|
|
|
|
|
|
636.4
|
|
|
|
|
559.4
|
|
||||
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Beginning balance
|
|
|
|
(20.2
|
)
|
|
|
|
|
(25.8
|
)
|
|
|
|
(31.4
|
)
|
||||
Derivative hedging activity, net of tax
|
|
|
|
5.3
|
|
|
|
|
|
5.6
|
|
|
|
|
5.6
|
|
||||
Ending balance
|
|
|
|
(14.9
|
)
|
|
|
|
|
(20.2
|
)
|
|
|
|
(25.8
|
)
|
||||
Total Common Shareholder's Equity
|
|
|
|
$
|
2,275.0
|
|
|
|
|
|
$
|
2,179.3
|
|
|
|
|
$
|
2,096.7
|
|
•
|
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.
|
Great Plains Energy
|
||||||||
December 31
|
|
2014
|
|
2013
|
||||
Utility plant, at original cost
|
|
(millions)
|
||||||
Generation (20 - 60 years)
|
|
$
|
7,169.6
|
|
|
$
|
6,874.6
|
|
Transmission (15 - 70 years)
|
|
821.9
|
|
|
794.0
|
|
||
Distribution (8 - 66 years)
|
|
3,311.6
|
|
|
3,149.4
|
|
||
General (5 - 50 years)
|
|
825.6
|
|
|
757.3
|
|
||
Total
(a)
|
|
$
|
12,128.7
|
|
|
$
|
11,575.3
|
|
KCP&L
|
||||||||
December 31
|
|
2014
|
|
2013
|
||||
Utility plant, at original cost
|
|
(millions)
|
||||||
Generation (20 - 60 years)
|
|
$
|
5,554.3
|
|
|
$
|
5,288.3
|
|
Transmission (15 - 70 years)
|
|
448.9
|
|
|
433.7
|
|
||
Distribution (8 - 55 years)
|
|
2,089.0
|
|
|
1,970.2
|
|
||
General (5 - 50 years)
|
|
645.1
|
|
|
582.7
|
|
||
Total
(a)
|
|
$
|
8,737.3
|
|
|
$
|
8,274.9
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
Income
|
(millions, except per share amounts)
|
||||||||||
Net income
|
$
|
242.8
|
|
|
$
|
250.2
|
|
|
$
|
199.9
|
|
Less: preferred stock dividend requirements
|
1.6
|
|
|
1.6
|
|
|
1.6
|
|
|||
Earnings available for common shareholders
|
$
|
241.2
|
|
|
$
|
248.6
|
|
|
$
|
198.3
|
|
Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|||
Average number of common shares outstanding
|
153.9
|
|
|
153.5
|
|
|
145.5
|
|
|||
Add: effect of dilutive securities
|
0.2
|
|
|
0.2
|
|
|
1.7
|
|
|||
Diluted average number of common shares outstanding
|
154.1
|
|
|
153.7
|
|
|
147.2
|
|
|||
Basic EPS
|
$
|
1.57
|
|
|
$
|
1.62
|
|
|
$
|
1.36
|
|
Diluted EPS
|
$
|
1.57
|
|
|
$
|
1.62
|
|
|
$
|
1.35
|
|
|
2014
|
|
2013
|
|
2012
|
|||
Performance shares
|
482,987
|
|
|
548,242
|
|
|
—
|
|
Restricted stock shares
|
3,287
|
|
|
2,228
|
|
|
3,781
|
|
Great Plains Energy Other Operating Activities
|
|||||||||||
Year Ended December 31
|
2014
|
|
2013
|
|
2012
|
||||||
Cash flows affected by changes in:
|
(millions)
|
||||||||||
Receivables
|
$
|
3.0
|
|
|
$
|
(7.1
|
)
|
|
$
|
76.8
|
|
Accounts receivable pledged as collateral
|
4.0
|
|
|
(1.0
|
)
|
|
(79.0
|
)
|
|||
Fuel inventories
|
(13.7
|
)
|
|
18.7
|
|
|
(6.1
|
)
|
|||
Materials and supplies
|
(0.4
|
)
|
|
(1.0
|
)
|
|
(11.0
|
)
|
|||
Accounts payable
|
15.2
|
|
|
26.4
|
|
|
57.3
|
|
|||
Accrued taxes
|
8.3
|
|
|
2.2
|
|
|
(7.8
|
)
|
|||
Accrued interest
|
(4.1
|
)
|
|
3.9
|
|
|
(35.2
|
)
|
|||
Deferred refueling outage costs
|
17.0
|
|
|
(17.6
|
)
|
|
15.6
|
|
|||
Pension and post-retirement benefit obligations
|
25.5
|
|
|
31.3
|
|
|
14.4
|
|
|||
Allowance for equity funds used during construction
|
(18.0
|
)
|
|
(14.1
|
)
|
|
(1.3
|
)
|
|||
Fuel recovery mechanism
|
(28.5
|
)
|
|
(1.3
|
)
|
|
22.5
|
|
|||
Solar rebates paid
|
(43.2
|
)
|
|
(32.5
|
)
|
|
(15.9
|
)
|
|||
Uncertain tax positions
|
(9.0
|
)
|
|
(0.8
|
)
|
|
(4.7
|
)
|
|||
Other
|
(3.3
|
)
|
|
17.0
|
|
|
(13.9
|
)
|
|||
Total other operating activities
|
$
|
(47.2
|
)
|
|
$
|
24.1
|
|
|
$
|
11.7
|
|
Cash paid during the period:
|
|
|
|
|
|
|
|
||||
Interest
|
$
|
174.8
|
|
|
$
|
170.8
|
|
|
$
|
247.9
|
|
Income taxes
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.3
|
|
Non-cash investing activities:
|
|
|
|
|
|
|
|||||
Liabilities accrued for capital expenditures
|
$
|
57.4
|
|
|
$
|
48.1
|
|
|
$
|
57.5
|
|
KCP&L Other Operating Activities
|
|||||||||||
Year Ended December 31
|
2014
|
|
2013
|
|
2012
|
||||||
Cash flows affected by changes in:
|
(millions)
|
||||||||||
Receivables
|
$
|
(18.1
|
)
|
|
$
|
(12.6
|
)
|
|
$
|
8.8
|
|
Accounts receivable pledged as collateral
|
—
|
|
|
—
|
|
|
(15.0
|
)
|
|||
Fuel inventories
|
(8.5
|
)
|
|
13.3
|
|
|
(4.6
|
)
|
|||
Materials and supplies
|
(1.1
|
)
|
|
1.1
|
|
|
(9.0
|
)
|
|||
Accounts payable
|
20.4
|
|
|
7.3
|
|
|
48.3
|
|
|||
Accrued taxes
|
(42.5
|
)
|
|
(3.7
|
)
|
|
(2.0
|
)
|
|||
Accrued interest
|
(0.1
|
)
|
|
1.4
|
|
|
(2.3
|
)
|
|||
Deferred refueling outage costs
|
17.0
|
|
|
(17.6
|
)
|
|
15.6
|
|
|||
Pension and post-retirement benefit obligations
|
26.9
|
|
|
35.7
|
|
|
18.0
|
|
|||
Allowance for equity funds used during construction
|
(16.0
|
)
|
|
(14.1
|
)
|
|
(1.3
|
)
|
|||
Fuel recovery mechanism
|
(2.2
|
)
|
|
(1.8
|
)
|
|
5.1
|
|
|||
Solar rebates paid
|
(17.3
|
)
|
|
(8.2
|
)
|
|
(5.8
|
)
|
|||
Uncertain tax positions
|
—
|
|
|
(10.5
|
)
|
|
1.8
|
|
|||
Other
|
(23.2
|
)
|
|
0.5
|
|
|
(29.7
|
)
|
|||
Total other operating activities
|
$
|
(64.7
|
)
|
|
$
|
(9.2
|
)
|
|
$
|
27.9
|
|
Cash paid during the period:
|
|
|
|
|
|
|
|
||||
Interest
|
$
|
112.1
|
|
|
$
|
111.7
|
|
|
$
|
118.0
|
|
Income taxes
|
$
|
30.2
|
|
|
$
|
4.6
|
|
|
$
|
18.0
|
|
Non-cash investing activities:
|
|
|
|
|
|
|
|||||
Liabilities accrued for capital expenditures
|
$
|
48.8
|
|
|
$
|
40.5
|
|
|
$
|
48.4
|
|
|
December 31
|
||||||
|
2014
|
|
2013
|
||||
Great Plains Energy
|
(millions)
|
||||||
Customer accounts receivable - billed
|
$
|
1.1
|
|
|
$
|
1.5
|
|
Customer accounts receivable - unbilled
|
75.3
|
|
|
74.6
|
|
||
Allowance for doubtful accounts - customer accounts receivable
|
(2.8
|
)
|
|
(2.5
|
)
|
||
Other receivables
|
86.7
|
|
|
88.6
|
|
||
Total
|
$
|
160.3
|
|
|
$
|
162.2
|
|
KCP&L
|
|
|
|
|
|
||
Customer accounts receivable - billed
|
$
|
0.6
|
|
|
$
|
1.3
|
|
Customer accounts receivable - unbilled
|
49.7
|
|
|
51.2
|
|
||
Allowance for doubtful accounts - customer accounts receivable
|
(1.2
|
)
|
|
(1.1
|
)
|
||
Other receivables
|
79.8
|
|
|
77.8
|
|
||
Total
|
$
|
128.9
|
|
|
$
|
129.2
|
|
2014
|
KCP&L
|
|
KCP&L
Receivables
Company
|
|
Consolidated
KCP&L
|
|
GMO
|
|
GMO
Receivables
Company
|
|
Consolidated Great Plains Energy
|
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||
Receivables (sold) purchased
|
|
$
|
(1,595.8
|
)
|
|
|
|
$
|
1,595.8
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
(816.3
|
)
|
|
|
|
$
|
816.3
|
|
|
|
|
$
|
—
|
|
|
Gain (loss) on sale of accounts receivable
(a)
|
|
(20.2
|
)
|
|
|
|
20.2
|
|
|
|
|
—
|
|
|
|
|
(10.3
|
)
|
|
|
|
10.4
|
|
|
|
|
0.1
|
|
|
||||||
Servicing fees received (paid)
|
|
2.6
|
|
|
|
|
(2.6
|
)
|
|
|
|
—
|
|
|
|
|
1.2
|
|
|
|
|
(1.2
|
)
|
|
|
|
—
|
|
|
||||||
Fees paid to outside investor
|
|
—
|
|
|
|
|
(1.1
|
)
|
|
|
|
(1.1
|
)
|
|
|
|
—
|
|
|
|
|
(0.6
|
)
|
|
|
|
(1.7
|
)
|
|
||||||
Cash from customers (transferred) received
|
|
(1,608.3
|
)
|
|
|
|
1,608.3
|
|
|
|
|
—
|
|
|
|
|
(823.5
|
)
|
|
|
|
823.5
|
|
|
|
|
—
|
|
|
||||||
Cash received from (paid for) receivables purchased
|
|
1,588.1
|
|
|
|
|
(1,588.1
|
)
|
|
|
|
—
|
|
|
|
|
813.1
|
|
|
|
|
(813.1
|
)
|
|
|
|
—
|
|
|
||||||
Interest on intercompany note received (paid)
|
|
0.3
|
|
|
|
|
(0.3
|
)
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
|
|
(0.1
|
)
|
|
|
|
—
|
|
|
2013
|
KCP&L
|
|
KCP&L
Receivables
Company
|
|
Consolidated
KCP&L
|
|
GMO
|
|
GMO
Receivables
Company
|
|
Consolidated Great Plains Energy
|
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||
Receivables (sold) purchased
|
|
$
|
(1,517.2
|
)
|
|
|
|
$
|
1,517.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
(834.7
|
)
|
|
|
|
$
|
834.7
|
|
|
|
|
$
|
—
|
|
|
Gain (loss) on sale of accounts receivable
(a)
|
|
(19.2
|
)
|
|
|
|
19.1
|
|
|
|
|
(0.1
|
)
|
|
|
|
(10.6
|
)
|
|
|
|
10.5
|
|
|
|
|
(0.2
|
)
|
|
||||||
Servicing fees received (paid)
|
|
2.6
|
|
|
|
|
(2.6
|
)
|
|
|
|
—
|
|
|
|
|
1.4
|
|
|
|
|
(1.4
|
)
|
|
|
|
—
|
|
|
||||||
Fees paid to outside investor
|
|
—
|
|
|
|
|
(1.2
|
)
|
|
|
|
(1.2
|
)
|
|
|
|
—
|
|
|
|
|
(0.7
|
)
|
|
|
|
(1.9
|
)
|
|
||||||
Cash from customers (transferred) received
|
|
(1,516.2
|
)
|
|
|
|
1,516.2
|
|
|
|
|
—
|
|
|
|
|
(830.9
|
)
|
|
|
|
830.9
|
|
|
|
|
—
|
|
|
||||||
Cash received from (paid for) receivables purchased
|
|
1,497.2
|
|
|
|
|
(1,497.2
|
)
|
|
|
|
—
|
|
|
|
|
820.5
|
|
|
|
|
(820.5
|
)
|
|
|
|
—
|
|
|
||||||
Interest on intercompany note received (paid)
|
|
0.3
|
|
|
|
|
(0.3
|
)
|
|
|
|
—
|
|
|
|
|
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)
|
|
6.15%
|
|
5.68%
|
|
|
2014
|
|
2013
|
||||||||
Decommissioning Trust
|
|
(millions)
|
|
||||||||
Beginning balance January 1
|
|
$
|
183.9
|
|
|
|
|
$
|
154.7
|
|
|
Contributions
|
|
3.3
|
|
|
|
|
3.3
|
|
|
||
Earned income, net of fees
|
|
3.6
|
|
|
|
|
2.7
|
|
|
||
Net realized gains
|
|
0.4
|
|
|
|
|
1.7
|
|
|
||
Net unrealized gains
|
|
7.8
|
|
|
|
|
21.5
|
|
|
||
Ending balance December 31
|
|
$
|
199.0
|
|
|
|
|
$
|
183.9
|
|
|
|
December 31
|
||||||||||||||||||||||||||||||||||||||||||||
|
2014
|
|
|
|
2013
|
|
|||||||||||||||||||||||||||||||||||||||
|
Cost
Basis
|
|
Unrealized Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Cost
Basis
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||||||||||||||||||||||||
|
(millions)
|
|
|||||||||||||||||||||||||||||||||||||||||||
Equity securities
|
$
|
87.2
|
|
|
|
$
|
50.6
|
|
|
|
|
$
|
(0.7
|
)
|
|
|
|
$
|
137.1
|
|
|
|
|
$
|
83.7
|
|
|
|
|
$
|
44.6
|
|
|
|
|
$
|
(0.6
|
)
|
|
|
|
$
|
127.7
|
|
|
Debt securities
|
55.4
|
|
|
|
3.8
|
|
|
|
|
(0.1
|
)
|
|
|
|
59.1
|
|
|
|
|
51.0
|
|
|
|
|
2.5
|
|
|
|
|
(0.7
|
)
|
|
|
|
52.8
|
|
|
||||||||
Other
|
2.8
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
2.8
|
|
|
|
|
3.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
3.4
|
|
|
||||||||
Total
|
$
|
145.4
|
|
|
|
$
|
54.4
|
|
|
|
|
$
|
(0.8
|
)
|
|
|
|
$
|
199.0
|
|
|
|
|
$
|
138.1
|
|
|
|
|
$
|
47.1
|
|
|
|
|
$
|
(1.3
|
)
|
|
|
|
$
|
183.9
|
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
(millions)
|
||||||||||
Realized gains
|
$
|
1.4
|
|
|
$
|
2.4
|
|
|
$
|
1.7
|
|
Realized losses
|
(1.0
|
)
|
|
(0.7
|
)
|
|
(0.7
|
)
|
|
|
December 31
|
||||||||||||||||||||||
|
|
2014
|
|
2013
|
||||||||||||||||||||
|
|
KCP&L
|
|
GMO
|
|
Great Plains Energy
|
|
KCP&L
|
|
GMO
|
|
Great Plains Energy
|
||||||||||||
Regulatory Assets
|
|
(millions)
|
||||||||||||||||||||||
Taxes recoverable through future rates
|
|
$
|
107.1
|
|
|
$
|
26.3
|
|
|
$
|
133.4
|
|
|
$
|
111.0
|
|
|
$
|
25.4
|
|
|
$
|
136.4
|
|
Loss on reacquired debt
|
|
8.1
|
|
(a)
|
2.8
|
|
(a)
|
10.9
|
|
|
7.1
|
|
|
1.5
|
|
|
8.6
|
|
||||||
Cost of removal
|
|
2.8
|
|
|
—
|
|
|
2.8
|
|
|
1.0
|
|
|
—
|
|
|
1.0
|
|
||||||
Asset retirement obligations
|
|
38.1
|
|
|
17.2
|
|
|
55.3
|
|
|
34.8
|
|
|
16.0
|
|
|
50.8
|
|
||||||
Pension and post-retirement costs
|
|
430.5
|
|
(b)
|
95.4
|
|
(b)
|
525.9
|
|
|
310.0
|
|
|
91.2
|
|
|
401.2
|
|
||||||
Deferred customer programs
|
|
50.8
|
|
(c)
|
18.8
|
|
(d)
|
69.6
|
|
|
50.2
|
|
|
21.8
|
|
|
72.0
|
|
||||||
Rate case expenses
|
|
1.4
|
|
(e)
|
0.1
|
|
|
1.5
|
|
|
3.6
|
|
|
0.6
|
|
|
4.2
|
|
||||||
Fuel recovery mechanism
|
|
13.0
|
|
(e)
|
41.0
|
|
(e)
|
54.0
|
|
|
10.8
|
|
|
12.8
|
|
|
23.6
|
|
||||||
Acquisition transition costs
|
|
7.0
|
|
(f)
|
6.6
|
|
(f)
|
13.6
|
|
|
12.9
|
|
|
11.0
|
|
|
23.9
|
|
||||||
Derivative instruments
|
|
0.2
|
|
(g)
|
2.6
|
|
(g)
|
2.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Iatan No. 1 and common facilities depreciation and carrying costs
|
|
14.7
|
|
(h)
|
5.5
|
|
(h)
|
20.2
|
|
|
15.3
|
|
|
5.7
|
|
|
21.0
|
|
||||||
Iatan No. 2 construction accounting costs
|
|
28.1
|
|
(i)
|
15.3
|
|
(i)
|
43.4
|
|
|
29.3
|
|
|
16.0
|
|
|
45.3
|
|
||||||
Kansas property tax surcharge
|
|
6.1
|
|
(e)
|
—
|
|
|
6.1
|
|
|
4.0
|
|
|
—
|
|
|
4.0
|
|
||||||
Solar rebates
|
|
29.1
|
|
(e)
|
56.9
|
|
(e)
|
86.0
|
|
|
13.0
|
|
|
32.3
|
|
|
45.3
|
|
||||||
Voluntary separation program
|
|
2.5
|
|
(j)
|
—
|
|
|
2.5
|
|
|
3.4
|
|
|
—
|
|
|
3.4
|
|
||||||
Other
|
|
6.2
|
|
(e)
|
0.4
|
|
(e)
|
6.6
|
|
|
7.7
|
|
|
1.3
|
|
|
9.0
|
|
||||||
Total
|
|
$
|
745.7
|
|
|
$
|
288.9
|
|
|
$
|
1,034.6
|
|
|
$
|
614.1
|
|
|
$
|
235.6
|
|
|
$
|
849.7
|
|
Regulatory Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Emission allowances
|
|
$
|
70.1
|
|
|
$
|
—
|
|
|
$
|
70.1
|
|
|
$
|
74.0
|
|
|
$
|
—
|
|
|
$
|
74.0
|
|
Asset retirement obligations
|
|
93.9
|
|
|
—
|
|
|
93.9
|
|
|
86.2
|
|
|
—
|
|
|
86.2
|
|
||||||
Cost of removal
|
|
—
|
|
|
69.7
|
|
(k)
|
69.7
|
|
|
—
|
|
|
68.1
|
|
|
68.1
|
|
||||||
Other
|
|
8.0
|
|
|
41.0
|
|
|
49.0
|
|
|
8.1
|
|
|
27.6
|
|
|
35.7
|
|
||||||
Total
|
|
$
|
172.0
|
|
|
$
|
110.7
|
|
|
$
|
282.7
|
|
|
$
|
168.3
|
|
|
$
|
95.7
|
|
|
$
|
264.0
|
|
|
|
|
December 31, 2014
|
|
|
|
December 31, 2013
|
|
||||||||||||||||
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
||||||||||||||||
Great Plains Energy
|
|
(millions)
|
||||||||||||||||||||||
Computer software
|
|
|
$
|
300.2
|
|
|
|
|
$
|
(190.9
|
)
|
|
|
|
$
|
255.4
|
|
|
|
|
$
|
(169.9
|
)
|
|
Asset improvements
|
|
|
27.4
|
|
|
|
|
(5.5
|
)
|
|
|
|
26.5
|
|
|
|
|
(4.9
|
)
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
KCP&L
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Computer software
|
|
|
$
|
277.9
|
|
|
|
|
$
|
(175.5
|
)
|
|
|
|
$
|
231.2
|
|
|
|
|
$
|
(156.5
|
)
|
|
Asset improvements
|
|
|
12.2
|
|
|
|
|
(1.3
|
)
|
|
|
|
11.2
|
|
|
|
|
(1.1
|
)
|
|
|
|
2014
|
|
2013
|
||||
|
|
(millions)
|
||||||
Great Plains Energy
|
|
$
|
21.6
|
|
|
$
|
17.6
|
|
KCP&L
|
|
19.2
|
|
|
14.3
|
|
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
||||||||||
|
|
(millions)
|
||||||||||||||||||
Great Plains Energy
|
|
$
|
24.2
|
|
|
$
|
19.0
|
|
|
$
|
15.0
|
|
|
$
|
12.1
|
|
|
$
|
9.2
|
|
KCP&L
|
|
21.8
|
|
|
16.1
|
|
|
13.9
|
|
|
11.7
|
|
|
8.8
|
|
|
|
Great Plains Energy
|
|
KCP&L
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
|
(millions)
|
||||||||||||||
Beginning balance
|
|
$
|
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
|
|
2.9
|
|
|
—
|
|
|
2.9
|
|
|
—
|
|
||||
Accretion
|
|
10.3
|
|
|
9.5
|
|
|
9.2
|
|
|
8.5
|
|
||||
Ending balance
|
|
$
|
195.9
|
|
|
$
|
158.8
|
|
|
$
|
177.7
|
|
|
$
|
141.7
|
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Change in projected benefit obligation (PBO)
|
|
(millions)
|
||||||||||||||
PBO at January 1
|
|
$
|
1,007.4
|
|
|
$
|
1,130.5
|
|
|
$
|
160.5
|
|
|
$
|
186.5
|
|
Service cost
|
|
36.7
|
|
|
41.2
|
|
|
3.7
|
|
|
4.4
|
|
||||
Interest cost
|
|
50.1
|
|
|
47.2
|
|
|
7.9
|
|
|
7.7
|
|
||||
Contribution by participants
|
|
—
|
|
|
—
|
|
|
6.8
|
|
|
6.2
|
|
||||
Amendments
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
(6.0
|
)
|
||||
Actuarial (gain) loss
|
|
181.1
|
|
|
(118.4
|
)
|
|
(0.3
|
)
|
|
(26.1
|
)
|
||||
Benefits paid
|
|
(49.0
|
)
|
|
(52.9
|
)
|
|
(13.4
|
)
|
|
(12.2
|
)
|
||||
Settlements
|
|
(39.5
|
)
|
|
(40.5
|
)
|
|
—
|
|
|
—
|
|
||||
PBO at December 31
|
|
$
|
1,186.8
|
|
|
$
|
1,007.4
|
|
|
$
|
165.2
|
|
|
$
|
160.5
|
|
Change in plan assets
|
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets at January 1
|
|
$
|
703.0
|
|
|
$
|
666.4
|
|
|
$
|
101.2
|
|
|
$
|
90.3
|
|
Actual return on plan assets
|
|
47.2
|
|
|
70.9
|
|
|
4.1
|
|
|
(2.0
|
)
|
||||
Contributions by employer and participants
|
|
66.2
|
|
|
57.4
|
|
|
18.6
|
|
|
25.0
|
|
||||
Benefits paid
|
|
(46.9
|
)
|
|
(51.2
|
)
|
|
(13.3
|
)
|
|
(12.1
|
)
|
||||
Settlements
|
|
(39.5
|
)
|
|
(40.5
|
)
|
|
—
|
|
|
—
|
|
||||
Fair value of plan assets at December 31
|
|
$
|
730.0
|
|
|
$
|
703.0
|
|
|
$
|
110.6
|
|
|
$
|
101.2
|
|
Funded status at December 31
|
|
$
|
(456.8
|
)
|
|
$
|
(304.4
|
)
|
|
$
|
(54.6
|
)
|
|
$
|
(59.3
|
)
|
Amounts recognized in the consolidated balance sheets
|
|
|
|
|
|
|
|
|
||||||||
Current pension and other post-retirement liability
|
|
$
|
(1.9
|
)
|
|
$
|
(2.3
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(0.9
|
)
|
Noncurrent pension liability and other post-retirement liability
|
|
(454.9
|
)
|
|
(302.1
|
)
|
|
(53.7
|
)
|
|
(58.4
|
)
|
||||
Net amount recognized before regulatory treatment
|
|
(456.8
|
)
|
|
(304.4
|
)
|
|
(54.6
|
)
|
|
(59.3
|
)
|
||||
Accumulated OCI or regulatory asset/liability
|
|
500.5
|
|
|
368.3
|
|
|
26.1
|
|
|
35.3
|
|
||||
Net amount recognized at December 31
|
|
$
|
43.7
|
|
|
$
|
63.9
|
|
|
$
|
(28.5
|
)
|
|
$
|
(24.0
|
)
|
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost:
|
|
|
|
|
|
|
|
|
||||||||
Actuarial loss
|
|
$
|
273.5
|
|
|
$
|
147.7
|
|
|
$
|
17.5
|
|
|
$
|
19.2
|
|
Prior service cost
|
|
4.7
|
|
|
5.6
|
|
|
13.5
|
|
|
16.6
|
|
||||
Transition obligation
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
0.4
|
|
||||
Other
|
|
222.3
|
|
|
215.0
|
|
|
(5.1
|
)
|
|
(0.9
|
)
|
||||
Net amount recognized at December 31
|
|
$
|
500.5
|
|
|
$
|
368.3
|
|
|
$
|
26.1
|
|
|
$
|
35.3
|
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||||
|
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
2012
|
||||||||||||
Components of net periodic benefit costs
|
|
(millions)
|
||||||||||||||||||||||
Service cost
|
|
$
|
36.7
|
|
|
$
|
41.2
|
|
|
$
|
35.4
|
|
|
$
|
3.7
|
|
|
$
|
4.4
|
|
|
$
|
3.3
|
|
Interest cost
|
|
50.1
|
|
|
47.2
|
|
|
48.9
|
|
|
7.9
|
|
|
7.7
|
|
|
7.8
|
|
||||||
Expected return on plan assets
|
|
(50.2
|
)
|
|
(47.1
|
)
|
|
(42.9
|
)
|
|
(2.6
|
)
|
|
(2.0
|
)
|
|
(1.8
|
)
|
||||||
Prior service cost
|
|
0.9
|
|
|
2.0
|
|
|
4.5
|
|
|
3.1
|
|
|
7.2
|
|
|
7.1
|
|
||||||
Recognized net actuarial (gain) loss
|
|
50.0
|
|
|
54.3
|
|
|
44.5
|
|
|
(0.1
|
)
|
|
1.7
|
|
|
(0.2
|
)
|
||||||
Transition obligation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
0.2
|
|
|
1.1
|
|
||||||
Settlement charges
|
|
8.5
|
|
|
4.9
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit costs before regulatory adjustment
|
|
96.0
|
|
|
102.5
|
|
|
91.2
|
|
|
12.2
|
|
|
19.2
|
|
|
17.3
|
|
||||||
Regulatory adjustment
|
|
(11.3
|
)
|
|
(16.8
|
)
|
|
(15.5
|
)
|
|
4.3
|
|
|
(2.4
|
)
|
|
1.5
|
|
||||||
Net periodic benefit costs
|
|
84.7
|
|
|
85.7
|
|
|
75.7
|
|
|
16.5
|
|
|
16.8
|
|
|
18.8
|
|
||||||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current year net (gain) loss
|
|
175.8
|
|
|
(147.0
|
)
|
|
97.9
|
|
|
(1.8
|
)
|
|
(22.1
|
)
|
|
27.1
|
|
||||||
Amortization of gain (loss)
|
|
(50.0
|
)
|
|
(54.3
|
)
|
|
(44.5
|
)
|
|
0.1
|
|
|
(1.7
|
)
|
|
0.2
|
|
||||||
Prior service cost
|
|
—
|
|
|
0.3
|
|
|
1.1
|
|
|
—
|
|
|
(6.0
|
)
|
|
—
|
|
||||||
Amortization of prior service cost
|
|
(0.9
|
)
|
|
(2.0
|
)
|
|
(4.5
|
)
|
|
(3.1
|
)
|
|
(7.2
|
)
|
|
(7.1
|
)
|
||||||
Amortization of transition obligation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(1.1
|
)
|
||||||
Other regulatory activity
|
|
7.3
|
|
|
11.8
|
|
|
17.7
|
|
|
(4.2
|
)
|
|
2.1
|
|
|
(1.2
|
)
|
||||||
Total recognized in OCI or regulatory asset/liability
|
|
132.2
|
|
|
(191.2
|
)
|
|
67.7
|
|
|
(9.2
|
)
|
|
(35.1
|
)
|
|
17.9
|
|
||||||
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability
|
|
$
|
216.9
|
|
|
$
|
(105.5
|
)
|
|
$
|
143.4
|
|
|
$
|
7.3
|
|
|
$
|
(18.3
|
)
|
|
$
|
36.7
|
|
|
|
2014
|
|
2013
|
||||
Pension plans with the PBO in excess of plan assets
|
|
(millions)
|
||||||
Projected benefit obligation
|
|
$
|
1,186.8
|
|
|
$
|
1,007.4
|
|
Fair value of plan assets
|
|
730.0
|
|
|
703.0
|
|
||
Pension plans with the ABO in excess of plan assets
|
|
|
|
|
||||
Accumulated benefit obligation
|
|
$
|
1,036.8
|
|
|
$
|
889.2
|
|
Fair value of plan assets
|
|
730.0
|
|
|
703.0
|
|
||
Other post-retirement benefit plans with the APBO in excess of plan assets
|
|
|
|
|
||||
Accumulated other post-retirement benefit obligation
|
|
$
|
165.2
|
|
|
$
|
160.5
|
|
Fair value of plan assets
|
|
110.6
|
|
|
101.2
|
|
Weighted-average assumptions used to determine the benefit obligation at December 31
|
|
Pension Benefits
|
|
|
|
Other Benefits
|
|
||||||||||||
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
|
|||||
Discount rate
|
|
4.22
|
%
|
|
|
|
5.03
|
%
|
|
|
|
4.14
|
%
|
|
|
|
4.92
|
%
|
|
Rate of compensation increase
|
|
3.62
|
%
|
|
|
|
3.69
|
%
|
|
|
|
3.50
|
%
|
|
|
|
3.50
|
%
|
|
Weighted-average assumptions used to determine net costs for years ended December 31
|
|
Pension Benefits
|
|
|
|
Other Benefits
|
|
||||||||||||
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
|
|||||
Discount rate
|
|
5.03
|
%
|
|
|
|
4.17
|
%
|
|
|
|
4.92
|
%
|
|
|
|
4.13
|
%
|
|
Expected long-term return on plan assets
|
|
7.24
|
%
|
|
|
|
7.24
|
%
|
|
|
|
2.70
|
%
|
*
|
|
|
2.62
|
%
|
*
|
Rate of compensation increase
|
|
3.69
|
%
|
|
|
|
3.69
|
%
|
|
|
|
3.50
|
%
|
|
|
|
3.50
|
%
|
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||
|
|
(millions)
|
||||||
2015
|
|
$
|
76.5
|
|
|
$
|
7.5
|
|
2016
|
|
74.9
|
|
|
8.1
|
|
||
2017
|
|
76.7
|
|
|
8.6
|
|
||
2018
|
|
78.2
|
|
|
9.0
|
|
||
2019
|
|
80.2
|
|
|
9.4
|
|
||
2020-2024
|
|
420.6
|
|
|
49.7
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||||||||
Description
|
December 31
2014 |
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||||||||
|
|
(millions)
|
|
|||||||||||||||||||
Pension Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S.
(a)
|
|
$
|
235.2
|
|
|
|
$
|
203.6
|
|
|
|
|
$
|
31.6
|
|
|
|
|
$
|
—
|
|
|
International
(b)
|
|
147.3
|
|
|
|
108.4
|
|
|
|
|
38.9
|
|
|
|
|
—
|
|
|
||||
Real estate
(c)
|
|
38.9
|
|
|
|
7.7
|
|
|
|
|
6.3
|
|
|
|
|
24.9
|
|
|
||||
Commodities
(d)
|
|
5.9
|
|
|
|
—
|
|
|
|
|
5.9
|
|
|
|
|
—
|
|
|
||||
Fixed income securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed income funds
(e)
|
|
66.1
|
|
|
|
22.3
|
|
|
|
|
43.8
|
|
|
|
|
—
|
|
|
||||
U.S. Treasury
|
|
44.2
|
|
|
|
44.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
U.S. Agency, state and local obligations
|
|
21.0
|
|
|
|
—
|
|
|
|
|
21.0
|
|
|
|
|
—
|
|
|
||||
U.S. corporate bonds
(f)
|
|
109.0
|
|
|
|
—
|
|
|
|
|
109.0
|
|
|
|
|
—
|
|
|
||||
Foreign corporate bonds
|
|
13.6
|
|
|
|
—
|
|
|
|
|
13.6
|
|
|
|
|
—
|
|
|
||||
Hedge funds
(g)
|
|
24.1
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
24.1
|
|
|
||||
Cash equivalents
|
|
16.7
|
|
|
|
16.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Other
|
|
8.0
|
|
|
|
—
|
|
|
|
|
8.0
|
|
|
|
|
—
|
|
|
||||
Total
|
|
$
|
730.0
|
|
|
|
$
|
402.9
|
|
|
|
|
$
|
278.1
|
|
|
|
|
$
|
49.0
|
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||||||||
Description
|
December 31
2013 |
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||||||||
|
|
(millions)
|
|
|||||||||||||||||||
Pension Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S.
(a)
|
|
$
|
193.7
|
|
|
|
$
|
80.5
|
|
|
|
|
$
|
113.2
|
|
|
|
|
$
|
—
|
|
|
International
(b)
|
|
167.1
|
|
|
|
39.9
|
|
|
|
|
127.2
|
|
|
|
|
—
|
|
|
||||
Real estate
(c)
|
|
49.1
|
|
|
|
—
|
|
|
|
|
5.4
|
|
|
|
|
43.7
|
|
|
||||
Commodities
(d)
|
|
34.8
|
|
|
|
—
|
|
|
|
|
34.8
|
|
|
|
|
—
|
|
|
||||
Fixed income securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed income funds
(e)
|
|
181.3
|
|
|
|
27.1
|
|
|
|
|
154.2
|
|
|
|
|
—
|
|
|
||||
U.S. Treasury
|
|
2.6
|
|
|
|
2.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
U.S. Agency, state and local obligations
|
|
17.1
|
|
|
|
—
|
|
|
|
|
17.1
|
|
|
|
|
—
|
|
|
||||
U.S. corporate bonds
(f)
|
|
25.6
|
|
|
|
—
|
|
|
|
|
25.6
|
|
|
|
|
—
|
|
|
||||
Foreign corporate bonds
|
|
2.3
|
|
|
|
—
|
|
|
|
|
2.3
|
|
|
|
|
—
|
|
|
||||
Hedge funds
(g)
|
|
23.1
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
23.1
|
|
|
||||
Cash equivalents
|
|
3.0
|
|
|
|
3.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Other
|
|
3.3
|
|
|
|
—
|
|
|
|
|
3.3
|
|
|
|
|
—
|
|
|
||||
Total
|
|
$
|
703.0
|
|
|
|
$
|
153.1
|
|
|
|
|
$
|
483.1
|
|
|
|
|
$
|
66.8
|
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||||||||
Description
|
December 31
2014 |
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||||||||
|
|
(millions)
|
|
|||||||||||||||||||
Other Post-Retirement Benefit Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
$
|
3.2
|
|
|
|
$
|
3.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Fixed income securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed income fund
(a)
|
|
73.0
|
|
|
|
0.2
|
|
|
|
|
72.8
|
|
|
|
|
—
|
|
|
||||
U.S. Treasury
|
|
2.7
|
|
|
|
2.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
U.S. Agency, state and local obligations
|
|
4.9
|
|
|
|
—
|
|
|
|
|
4.9
|
|
|
|
|
—
|
|
|
||||
U.S. corporate bonds
(b)
|
|
13.0
|
|
|
|
—
|
|
|
|
|
13.0
|
|
|
|
|
—
|
|
|
||||
Foreign corporate bonds
|
|
1.5
|
|
|
|
—
|
|
|
|
|
1.5
|
|
|
|
|
—
|
|
|
||||
Cash equivalents
|
|
10.4
|
|
|
|
10.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Other
|
|
1.9
|
|
|
|
—
|
|
|
|
|
1.9
|
|
|
|
|
—
|
|
|
||||
Total
|
|
$
|
110.6
|
|
|
|
$
|
16.5
|
|
|
|
|
$
|
94.1
|
|
|
|
|
$
|
—
|
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||||||||
Description
|
December 31
2013 |
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||||||||
|
|
(millions)
|
|
|||||||||||||||||||
Other Post-Retirement Benefit Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
$
|
2.2
|
|
|
|
$
|
2.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Fixed income securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed income fund
(a)
|
|
74.6
|
|
|
|
0.2
|
|
|
|
|
74.4
|
|
|
|
|
—
|
|
|
||||
U.S. Treasury
|
|
1.5
|
|
|
|
1.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
U.S. Agency, state and local obligations
|
|
4.4
|
|
|
|
—
|
|
|
|
|
4.4
|
|
|
|
|
—
|
|
|
||||
U.S. corporate bonds
(b)
|
|
8.6
|
|
|
|
—
|
|
|
|
|
8.6
|
|
|
|
|
—
|
|
|
||||
Foreign corporate bonds
|
|
1.0
|
|
|
|
—
|
|
|
|
|
1.0
|
|
|
|
|
—
|
|
|
||||
Cash equivalents
|
|
8.6
|
|
|
|
8.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Other
|
|
0.3
|
|
|
|
—
|
|
|
|
|
0.3
|
|
|
|
|
—
|
|
|
||||
Total
|
|
$
|
101.2
|
|
|
|
$
|
12.5
|
|
|
|
|
$
|
88.7
|
|
|
|
|
$
|
—
|
|
|
|
|
Increase
|
|
Decrease
|
||||
|
|
(millions)
|
||||||
Effect on total service and interest component
|
|
$
|
0.9
|
|
|
$
|
(1.1
|
)
|
Effect on post-retirement benefit obligation
|
|
7.4
|
|
|
(6.1
|
)
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
Great Plains Energy
|
|
(millions)
|
||||||||||
Equity compensation expense
|
|
$
|
9.9
|
|
|
$
|
5.6
|
|
|
$
|
3.3
|
|
Income tax benefit
|
|
3.6
|
|
|
1.9
|
|
|
1.4
|
|
|||
KCP&L
|
|
|
|
|
|
|
|
|
|
|||
Equity compensation expense
|
|
$
|
6.9
|
|
|
$
|
4.0
|
|
|
$
|
2.3
|
|
Income tax benefit
|
|
2.4
|
|
|
1.3
|
|
|
1.0
|
|
|
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
|
|
(2,927
|
)
|
|
|
|
25.73
|
|
|
|
Performance adjustment
|
|
(271
|
)
|
|
|
|
|
|
|
|
Ending balance December 31, 2014
|
|
534,016
|
|
|
|
|
25.11
|
|
|
|
Nonvested
Restricted Stock
|
|
Grant Date
Fair Value*
|
|||||||
Beginning balance January 1, 2014
|
|
288,537
|
|
|
|
|
$
|
20.18
|
|
|
Granted and issued
|
|
81,290
|
|
|
|
|
25.70
|
|
|
|
Vested
|
|
(101,174
|
)
|
|
|
|
18.96
|
|
|
|
Forfeited
|
|
(1,263
|
)
|
|
|
|
24.16
|
|
|
|
Ending balance December 31, 2014
|
|
267,390
|
|
|
|
|
22.31
|
|
|
|
|
Share Units
|
|
Grant Date Fair Value*
|
|||||||
Beginning balance January 1, 2014
|
|
|
90,120
|
|
|
|
|
$
|
20.94
|
|
|
Issued
|
|
|
20,621
|
|
|
|
|
26.53
|
|
|
|
Ending balance December 31, 2014
|
|
|
110,741
|
|
|
|
|
21.98
|
|
|
|
|
|
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
|
|
|
|
(3.8
|
)
|
|
|
|
(4.1
|
)
|
|
||
Total KCP&L excluding current maturities
|
|
|
|
2,298.5
|
|
|
|
|
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
|
|
|
|
4.3
|
|
|
|
|
4.9
|
|
|
||
Total Great Plains Energy excluding current maturities
|
|
|
|
$
|
3,488.0
|
|
|
|
|
$
|
3,515.7
|
|
|
(a)
|
Weighted-average interest rates at
December 31, 2014
|
(b)
|
Rate after amortizing gains/losses recognized in OCI on settlements of interest rate hedging instruments
|
(c)
|
Variable rate
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
|
(millions)
|
||||||||||
KCP&L
|
|
$
|
3.0
|
|
|
$
|
3.2
|
|
|
$
|
2.9
|
|
Other Great Plains Energy
|
|
1.8
|
|
|
2.5
|
|
|
2.6
|
|
|||
Total Great Plains Energy
|
|
$
|
4.8
|
|
|
$
|
5.7
|
|
|
$
|
5.5
|
|
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
||||||||||
|
|
(millions)
|
||||||||||||||||||
Great Plains Energy
|
|
$
|
15.1
|
|
|
$
|
1.1
|
|
|
$
|
382.1
|
|
|
$
|
351.1
|
|
|
$
|
401.1
|
|
KCP&L
|
|
14.0
|
|
|
—
|
|
|
281.0
|
|
|
350.0
|
|
|
400.0
|
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
|
(millions)
|
||||||||||
Great Plains Energy
|
|
$
|
16.0
|
|
|
$
|
18.5
|
|
|
$
|
21.8
|
|
KCP&L
|
|
14.0
|
|
|
16.0
|
|
|
17.7
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2015
|
|
|
2016
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
After 2019
|
Total
|
||||||||||||||||||
Lease commitments
|
|
(millions)
|
|||||||||||||||||||||||||||||||||
Operating lease
|
|
$
|
14.2
|
|
|
|
$
|
10.0
|
|
|
|
$
|
9.7
|
|
|
|
$
|
9.7
|
|
|
|
$
|
9.0
|
|
|
|
$
|
129.5
|
|
|
|
$
|
182.1
|
|
|
Capital lease
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
4.0
|
|
|
|
6.0
|
|
|
|||||||
Purchase commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fuel
|
|
374.6
|
|
|
|
184.9
|
|
|
|
163.0
|
|
|
|
112.2
|
|
|
|
138.2
|
|
|
|
70.9
|
|
|
|
1,043.8
|
|
|
|||||||
Power
|
|
47.3
|
|
|
|
47.3
|
|
|
|
47.3
|
|
|
|
47.3
|
|
|
|
47.3
|
|
|
|
556.8
|
|
|
|
793.3
|
|
|
|||||||
Capacity
|
|
3.0
|
|
|
|
1.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4.2
|
|
|
|||||||
La Cygne environmental project
|
|
16.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
16.6
|
|
|
|||||||
Non-regulated natural gas transportation
|
|
3.5
|
|
|
|
3.5
|
|
|
|
1.0
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8.0
|
|
|
|||||||
Other
|
|
44.8
|
|
|
|
31.1
|
|
|
|
10.0
|
|
|
|
12.8
|
|
|
|
12.0
|
|
|
|
44.2
|
|
|
|
154.9
|
|
|
|||||||
Total contractual commitments
|
|
$
|
504.4
|
|
|
|
$
|
278.4
|
|
|
|
$
|
231.4
|
|
|
|
$
|
182.4
|
|
|
|
$
|
206.9
|
|
|
|
$
|
805.4
|
|
|
|
$
|
2,208.9
|
|
|
KCP&L
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2015
|
|
|
2016
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
After 2019
|
Total
|
||||||||||||||||||
Lease commitments
|
|
(millions)
|
|||||||||||||||||||||||||||||||||
Operating lease
|
|
$
|
12.8
|
|
|
|
$
|
9.9
|
|
|
|
$
|
9.7
|
|
|
|
$
|
9.7
|
|
|
|
$
|
9.0
|
|
|
|
$
|
129.5
|
|
|
|
$
|
180.6
|
|
|
Capital lease
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
2.0
|
|
|
|
3.0
|
|
|
|||||||
Purchase commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fuel
|
|
318.8
|
|
|
|
138.2
|
|
|
|
130.8
|
|
|
|
81.5
|
|
|
|
114.4
|
|
|
|
70.9
|
|
|
|
854.6
|
|
|
|||||||
Power
|
|
34.8
|
|
|
|
34.8
|
|
|
|
34.8
|
|
|
|
34.8
|
|
|
|
34.8
|
|
|
|
394.6
|
|
|
|
568.6
|
|
|
|||||||
Capacity
|
|
3.0
|
|
|
|
1.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4.2
|
|
|
|||||||
La Cygne environmental project
|
|
16.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
16.6
|
|
|
|||||||
Other
|
|
41.1
|
|
|
|
29.7
|
|
|
|
8.6
|
|
|
|
11.4
|
|
|
|
10.6
|
|
|
|
36.2
|
|
|
|
137.6
|
|
|
|||||||
Total contractual commitments
|
|
$
|
427.3
|
|
|
|
$
|
214.0
|
|
|
|
$
|
184.1
|
|
|
|
$
|
137.6
|
|
|
|
$
|
169.0
|
|
|
|
$
|
633.2
|
|
|
|
$
|
1,765.2
|
|
|
•
|
Great Plains Energy
direct guarantees to GMO counterparties
totaling
$40.7 million
, which
expire in 2015 and 2016
and
|
•
|
Great Plains Energy
guarantee of GMO long-term debt
totaling
$98.8 million
, which includes debt with
maturity dates ranging from 2015 to 2023
.
|
|
|
December 31
|
||||||
|
|
2014
|
|
2013
|
||||
|
|
(millions)
|
||||||
Net receivable from GMO
|
|
$
|
38.2
|
|
|
$
|
32.7
|
|
Net receivable from Great Plains Energy
|
|
18.0
|
|
|
17.5
|
|
|
December 31
|
||||||||||||||
|
2014
|
|
2013
|
||||||||||||
|
Notional
Contract
Amount
|
|
Fair
Value
|
|
Notional
Contract
Amount
|
|
Fair
Value
|
||||||||
Great Plains Energy
|
(millions)
|
||||||||||||||
Futures contracts
|
|
|
|
|
|
|
|
||||||||
Non-hedging derivatives
|
$
|
14.9
|
|
|
$
|
(2.4
|
)
|
|
$
|
19.3
|
|
|
$
|
(0.6
|
)
|
Forward contracts
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-hedging derivatives
|
29.7
|
|
|
4.1
|
|
|
47.7
|
|
|
5.2
|
|
||||
Transmission congestion rights
|
|
|
|
|
|
|
|
||||||||
Non-hedging derivatives
|
28.3
|
|
|
2.6
|
|
|
22.9
|
|
|
1.7
|
|
||||
Option contracts
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-hedging derivatives
|
1.7
|
|
|
0.1
|
|
|
4.8
|
|
|
1.2
|
|
||||
KCP&L
|
|
|
|
|
|
|
|
|
|
|
|
||||
Futures contracts
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-hedging derivatives
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7.7
|
|
|
$
|
(0.2
|
)
|
Transmission congestion rights
|
|
|
|
|
|
|
|
||||||||
Non-hedging derivatives
|
23.6
|
|
|
3.1
|
|
|
18.0
|
|
|
1.1
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
||||
|
Balance Sheet
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||
December 31, 2014
|
Classification
|
|
Fair Value
|
|
Fair Value
|
||||||||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
(millions)
|
|
||||||||
Commodity contracts
|
Other
|
|
|
$
|
8.6
|
|
|
|
|
$
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
|
|
|
||
Commodity contracts
|
Other
|
|
|
$
|
8.5
|
|
|
|
|
$
|
1.0
|
|
|
KCP&L
|
|
|
|
|
|
|
|
|
|
||||
|
Balance Sheet
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||
December 31, 2014
|
Classification
|
|
Fair Value
|
|
Fair Value
|
||||||||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
(millions)
|
|
||||||||
Commodity contracts
|
Other
|
|
|
$
|
4.0
|
|
|
|
|
$
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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
|
|
Net Amount
|
||||||||||||||||||||||||
December 31, 2014
|
(millions)
|
||||||||||||||||||||||||||||||||||
Derivative assets
|
|
$
|
4.0
|
|
|
|
|
$
|
(0.9
|
)
|
|
|
|
$
|
3.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
3.1
|
|
|
Derivative liabilities
|
|
0.9
|
|
|
|
|
(0.9
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets
|
|
$
|
1.2
|
|
|
|
|
$
|
(0.1
|
)
|
|
|
|
$
|
1.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1.1
|
|
|
Derivative liabilities
|
|
0.3
|
|
|
|
|
(0.3
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
||||||
Derivatives Not Designated as Hedging Instruments
|
|
2014
|
|
2013
|
|
2012
|
|
||||||
Location of Gain (Loss)
|
|
(millions)
|
|
||||||||||
Electric revenues
|
|
$
|
(14.2
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fuel
|
|
1.5
|
|
|
(1.1
|
)
|
|
(6.6
|
)
|
|
|||
Purchased power
|
|
(4.9
|
)
|
|
—
|
|
|
—
|
|
|
|||
Regulatory asset
|
|
(2.7
|
)
|
|
—
|
|
|
(3.7
|
)
|
|
|||
Regulatory liability
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
|||
Total
|
|
$
|
(20.3
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(10.3
|
)
|
|
KCP&L
|
|
|
|
|
|
|
|
||||||
Derivatives Not Designated as Hedging Instruments
|
|
2014
|
|
2013
|
|
2012
|
|
||||||
Location of Gain (Loss)
|
|
(millions)
|
|
||||||||||
Electric revenues
|
|
$
|
(14.2
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fuel
|
|
1.1
|
|
|
0.8
|
|
|
—
|
|
|
|||
Regulatory asset
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
|||
Total
|
|
$
|
(13.3
|
)
|
|
$
|
0.8
|
|
|
$
|
—
|
|
|
Description
|
December 31
2014 |
|
|
Level 1
|
|
|
Level 2
|
|
Level 3
|
||||||||||||||
KCP&L
|
|
(millions)
|
|
||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Nuclear decommissioning trust
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
$
|
137.1
|
|
|
|
|
$
|
137.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury
|
|
22.9
|
|
|
|
|
22.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
U.S. Agency
|
|
3.5
|
|
|
|
|
—
|
|
|
|
|
3.5
|
|
|
|
|
—
|
|
|
||||
State and local obligations
|
|
4.1
|
|
|
|
|
—
|
|
|
|
|
4.1
|
|
|
|
|
—
|
|
|
||||
Corporate bonds
|
|
28.1
|
|
|
|
|
—
|
|
|
|
|
28.1
|
|
|
|
|
—
|
|
|
||||
Foreign governments
|
|
0.5
|
|
|
|
|
—
|
|
|
|
|
0.5
|
|
|
|
|
—
|
|
|
||||
Cash equivalents
|
|
2.3
|
|
|
|
|
2.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Other
|
|
0.5
|
|
|
|
|
—
|
|
|
|
|
0.5
|
|
|
|
|
—
|
|
|
||||
Total nuclear decommissioning trust
|
|
199.0
|
|
|
|
|
162.3
|
|
|
|
|
36.7
|
|
|
|
|
—
|
|
|
||||
Self-insured health plan trust
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
1.3
|
|
|
|
|
1.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Debt securities
|
|
7.6
|
|
|
|
|
—
|
|
|
|
|
7.6
|
|
|
|
|
—
|
|
|
||||
Cash and cash equivalents
|
|
6.2
|
|
|
|
|
6.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total self-insured health plan trust
|
|
15.1
|
|
|
|
|
7.5
|
|
|
|
|
7.6
|
|
|
|
|
—
|
|
|
||||
Derivative instruments
(c)
|
|
4.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
4.0
|
|
|
||||
Total
|
|
$
|
218.1
|
|
|
|
|
$
|
169.8
|
|
|
|
|
$
|
44.3
|
|
|
|
|
$
|
4.0
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments
(c)
|
|
0.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.9
|
|
|
||||
Total
|
|
$
|
0.9
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
0.9
|
|
|
Other Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments
(c)
|
|
$
|
4.6
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
3.4
|
|
|
|
|
$
|
1.2
|
|
|
SERP rabbi trusts
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity securities
|
|
0.1
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Fixed income funds
|
|
17.8
|
|
|
|
|
—
|
|
|
|
|
17.8
|
|
|
|
|
—
|
|
|
||||
Total SERP rabbi trusts
|
|
17.9
|
|
|
|
|
0.1
|
|
|
|
|
17.8
|
|
|
|
|
—
|
|
|
||||
Total
|
|
22.5
|
|
|
|
|
0.1
|
|
|
|
|
21.2
|
|
|
|
|
1.2
|
|
|
||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments
(c)
|
|
3.3
|
|
|
|
|
2.4
|
|
|
|
|
0.1
|
|
|
|
|
0.8
|
|
|
||||
Total
|
|
$
|
3.3
|
|
|
|
|
$
|
2.4
|
|
|
|
|
$
|
0.1
|
|
|
|
|
$
|
0.8
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Nuclear decommissioning trust
(a)
|
|
$
|
199.0
|
|
|
|
|
$
|
162.3
|
|
|
|
|
$
|
36.7
|
|
|
|
|
$
|
—
|
|
|
Self-insured health plan trust
(b)
|
|
15.1
|
|
|
|
|
7.5
|
|
|
|
|
7.6
|
|
|
|
|
—
|
|
|
||||
Derivative instruments
(c)
|
|
8.6
|
|
|
|
|
—
|
|
|
|
|
3.4
|
|
|
|
|
5.2
|
|
|
||||
SERP rabbi trusts
(d)
|
|
17.9
|
|
|
|
|
0.1
|
|
|
|
|
17.8
|
|
|
|
|
—
|
|
|
||||
Total
|
|
240.6
|
|
|
|
|
169.9
|
|
|
|
|
65.5
|
|
|
|
|
5.2
|
|
|
||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments
(c)
|
|
4.2
|
|
|
|
|
2.4
|
|
|
|
|
0.1
|
|
|
|
|
1.7
|
|
|
||||
Total
|
|
$
|
4.2
|
|
|
|
|
$
|
2.4
|
|
|
|
|
$
|
0.1
|
|
|
|
|
$
|
1.7
|
|
|
Description
|
December 31
2013 |
|
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)
|
|
1.2
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
1.1
|
|
|
||||
Total
|
|
$
|
199.9
|
|
|
|
|
$
|
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)
|
|
$
|
7.3
|
|
|
|
|
$
|
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
|
|
26.0
|
|
|
|
|
0.3
|
|
|
|
|
23.5
|
|
|
|
|
2.2
|
|
|
||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments
(c)
|
|
0.7
|
|
|
|
|
0.6
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
||||
Total
|
|
$
|
0.7
|
|
|
|
|
$
|
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)
|
|
8.5
|
|
|
|
|
0.3
|
|
|
|
|
4.9
|
|
|
|
|
3.3
|
|
|
||||
SERP rabbi trusts
(d)
|
|
18.7
|
|
|
|
|
0.1
|
|
|
|
|
18.6
|
|
|
|
|
—
|
|
|
||||
Total
|
|
225.9
|
|
|
|
|
157.9
|
|
|
|
|
64.7
|
|
|
|
|
3.3
|
|
|
||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments
(c)
|
|
1.0
|
|
|
|
|
0.9
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
||||
Total
|
|
$
|
1.0
|
|
|
|
|
$
|
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 for equity securities and NAV per share for fixed income funds. The fixed income fund invests primarily in intermediate and long-term debt securities, can be redeemed immediately and is not subject to any restrictions on redemptions.
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Gains and Losses on Cash Flow Hedges
(a)
|
|
Defined Benefit Pension Items
(a)
|
|
|
Total
(a)
|
|
||||||||||
|
|
(millions)
|
||||||||||||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Beginning balance January 1
|
|
|
$
|
(23.8
|
)
|
|
|
|
$
|
(1.5
|
)
|
|
|
|
$
|
(25.3
|
)
|
|
Other comprehensive loss before reclassifications
|
|
|
—
|
|
|
|
|
(1.8
|
)
|
|
|
|
(1.8
|
)
|
|
|||
Amounts reclassified from accumulated other comprehensive loss
|
|
|
8.0
|
|
|
|
|
0.4
|
|
|
|
|
8.4
|
|
|
|||
Net current period other comprehensive income (loss)
|
|
|
8.0
|
|
|
|
|
(1.4
|
)
|
|
|
|
6.6
|
|
|
|||
Ending balance December 31
|
|
|
$
|
(15.8
|
)
|
|
|
|
$
|
(2.9
|
)
|
|
|
|
$
|
(18.7
|
)
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Beginning balance January 1
|
|
|
$
|
(35.4
|
)
|
|
|
|
$
|
(3.0
|
)
|
|
|
|
$
|
(38.4
|
)
|
|
Other comprehensive income before reclassifications
|
|
|
—
|
|
|
|
|
1.2
|
|
|
|
|
1.2
|
|
|
|||
Amounts reclassified from accumulated other comprehensive loss
|
|
|
11.6
|
|
|
|
|
0.3
|
|
|
|
|
11.9
|
|
|
|||
Net current period other comprehensive income
|
|
|
11.6
|
|
|
|
|
1.5
|
|
|
|
|
13.1
|
|
|
|||
Ending balance December 31
|
|
|
$
|
(23.8
|
)
|
|
|
|
$
|
(1.5
|
)
|
|
|
|
$
|
(25.3
|
)
|
|
Great Plains Energy
|
|
|
|
|
|
|
||||
Details about Accumulated Other Comprehensive Loss Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
|
Affected Line Item in the Income Statement
|
||||||
|
|
2014
|
|
2013
|
|
|
||||
|
|
(millions)
|
|
|
||||||
Gains and (losses) on cash flow hedges (effective portion)
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(13.1
|
)
|
|
$
|
(18.6
|
)
|
|
Interest charges
|
Commodity contracts
|
|
—
|
|
|
(0.3
|
)
|
|
Fuel
|
||
|
|
(13.1
|
)
|
|
(18.9
|
)
|
|
Income before income tax expense and loss from equity investments
|
||
|
|
5.1
|
|
|
7.3
|
|
|
Income tax benefit
|
||
|
|
$
|
(8.0
|
)
|
|
$
|
(11.6
|
)
|
|
Net income
|
Amortization of defined benefit pension items
|
|
|
|
|
|
|
||||
Net losses included in net periodic benefit costs
|
|
$
|
(0.6
|
)
|
|
$
|
(0.5
|
)
|
|
Utility operating and maintenance expenses
|
|
|
(0.6
|
)
|
|
(0.5
|
)
|
|
Income before income tax expense and loss from equity investments
|
||
|
|
0.2
|
|
|
0.2
|
|
|
Income tax benefit
|
||
|
|
$
|
(0.4
|
)
|
|
$
|
(0.3
|
)
|
|
Net income
|
|
|
|
|
|
|
|
||||
Total reclassifications, net of tax
|
|
$
|
(8.4
|
)
|
|
$
|
(11.9
|
)
|
|
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
|
||||||
|
|
2014
|
|
2013
|
|
|
||||
|
|
(millions)
|
|
|
||||||
Gains and (losses) on cash flow hedges (effective portion)
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(8.7
|
)
|
|
$
|
(8.8
|
)
|
|
Interest charges
|
Commodity contracts
|
|
—
|
|
|
(0.3
|
)
|
|
Fuel
|
||
|
|
(8.7
|
)
|
|
(9.1
|
)
|
|
Income before income tax expense
|
||
|
|
3.4
|
|
|
3.5
|
|
|
Income tax benefit
|
||
Total reclassifications, net of tax
|
|
$
|
(5.3
|
)
|
|
$
|
(5.6
|
)
|
|
Net income
|
Great Plains Energy
|
2014
|
|
2013
|
|
2012
|
||||||
Current income taxes
|
(millions)
|
||||||||||
Federal
|
$
|
0.4
|
|
|
$
|
0.3
|
|
|
$
|
(3.2
|
)
|
State
|
(0.1
|
)
|
|
(3.0
|
)
|
|
(6.3
|
)
|
|||
Total
|
0.3
|
|
|
(2.7
|
)
|
|
(9.5
|
)
|
|||
Deferred income taxes
|
|
|
|
|
|
|
|
|
|||
Federal
|
104.2
|
|
|
109.1
|
|
|
96.3
|
|
|||
State
|
21.6
|
|
|
24.9
|
|
|
24.9
|
|
|||
Total
|
125.8
|
|
|
134.0
|
|
|
121.2
|
|
|||
Noncurrent income taxes
|
|
|
|
|
|
|
|
|
|||
Federal
|
(2.4
|
)
|
|
—
|
|
|
(0.2
|
)
|
|||
State
|
(0.5
|
)
|
|
(0.3
|
)
|
|
(0.3
|
)
|
|||
Foreign
|
(6.1
|
)
|
|
(0.4
|
)
|
|
(4.2
|
)
|
|||
Total
|
(9.0
|
)
|
|
(0.7
|
)
|
|
(4.7
|
)
|
|||
Investment tax credit
|
|
|
|
|
|
||||||
Deferral
|
—
|
|
|
0.3
|
|
|
—
|
|
|||
Amortization
|
(1.4
|
)
|
|
(1.7
|
)
|
|
(2.4
|
)
|
|||
Total
|
(1.4
|
)
|
|
(1.4
|
)
|
|
(2.4
|
)
|
|||
Income tax expense
|
$
|
115.7
|
|
|
$
|
129.2
|
|
|
$
|
104.6
|
|
KCP&L
|
2014
|
|
2013
|
|
2012
|
||||||
Current income taxes
|
(millions)
|
||||||||||
Federal
|
$
|
(9.4
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
13.1
|
|
State
|
(2.3
|
)
|
|
(0.5
|
)
|
|
2.0
|
|
|||
Total
|
(11.7
|
)
|
|
(1.0
|
)
|
|
15.1
|
|
|||
Deferred income taxes
|
|
|
|
|
|
|
|
|
|||
Federal
|
72.6
|
|
|
75.8
|
|
|
48.8
|
|
|||
State
|
15.8
|
|
|
16.3
|
|
|
11.4
|
|
|||
Total
|
88.4
|
|
|
92.1
|
|
|
60.2
|
|
|||
Noncurrent income taxes
|
|
|
|
|
|
|
|
|
|||
Federal
|
—
|
|
|
(9.0
|
)
|
|
1.7
|
|
|||
State
|
—
|
|
|
(1.5
|
)
|
|
0.1
|
|
|||
Total
|
—
|
|
|
(10.5
|
)
|
|
1.8
|
|
|||
Investment tax credit
|
|
|
|
|
|
||||||
Deferral
|
—
|
|
|
0.3
|
|
|
—
|
|
|||
Amortization
|
(1.0
|
)
|
|
(1.1
|
)
|
|
(1.8
|
)
|
|||
Total
|
(1.0
|
)
|
|
(0.8
|
)
|
|
(1.8
|
)
|
|||
Income tax expense
|
$
|
75.7
|
|
|
$
|
79.8
|
|
|
$
|
75.3
|
|
Great Plains Energy
|
2014
|
|
2013
|
|
2012
|
|||
Federal statutory income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Differences between book and tax depreciation not normalized
|
(0.7
|
)
|
|
(0.3
|
)
|
|
1.2
|
|
Amortization of investment tax credits
|
(0.4
|
)
|
|
(0.4
|
)
|
|
(0.8
|
)
|
Federal income tax credits
|
(3.8
|
)
|
|
(3.5
|
)
|
|
(3.1
|
)
|
State income taxes
|
3.8
|
|
|
3.8
|
|
|
4.0
|
|
Changes in uncertain tax positions, net
|
(1.7
|
)
|
|
(0.2
|
)
|
|
(1.5
|
)
|
Other
|
0.1
|
|
|
(0.4
|
)
|
|
(0.5
|
)
|
Effective income tax rate
|
32.3
|
%
|
|
34.0
|
%
|
|
34.3
|
%
|
KCP&L
|
2014
|
|
2013
|
|
2012
|
|||
Federal statutory income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Differences between book and tax depreciation not normalized
|
(0.9
|
)
|
|
(0.8
|
)
|
|
1.3
|
|
Amortization of investment tax credits
|
(0.4
|
)
|
|
(0.4
|
)
|
|
(0.8
|
)
|
Federal income tax credits
|
(5.6
|
)
|
|
(5.3
|
)
|
|
(4.3
|
)
|
State income taxes
|
3.7
|
|
|
3.7
|
|
|
4.1
|
|
Other
|
—
|
|
|
(0.1
|
)
|
|
(0.6
|
)
|
Effective income tax rate
|
31.8
|
%
|
|
32.1
|
%
|
|
34.7
|
%
|
|
|
Great Plains Energy
|
|
KCP&L
|
||||||||||||
December 31
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Current deferred income tax asset (liability)
|
|
(millions)
|
||||||||||||||
Net operating loss carryforward
|
|
$
|
62.2
|
|
|
$
|
76.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other
|
|
17.1
|
|
|
5.7
|
|
|
5.0
|
|
|
(1.7
|
)
|
||||
Net current deferred income tax asset (liability) before valuation allowance
|
|
79.3
|
|
|
82.3
|
|
|
5.0
|
|
|
(1.7
|
)
|
||||
Valuation allowance
|
|
(1.2
|
)
|
|
(2.0
|
)
|
|
—
|
|
|
—
|
|
||||
Net current deferred income tax asset (liability)
|
|
78.1
|
|
|
80.3
|
|
|
5.0
|
|
|
(1.7
|
)
|
||||
Noncurrent deferred income taxes
|
|
|
|
|
|
|
|
|
||||||||
Plant related
|
|
(1,648.2
|
)
|
|
(1,433.8
|
)
|
|
(1,167.3
|
)
|
|
(1,022.9
|
)
|
||||
Income taxes on future regulatory recoveries
|
|
(133.4
|
)
|
|
(136.4
|
)
|
|
(107.1
|
)
|
|
(111.0
|
)
|
||||
Derivative instruments
|
|
26.5
|
|
|
32.3
|
|
|
18.9
|
|
|
23.4
|
|
||||
Pension and post-retirement benefits
|
|
(14.0
|
)
|
|
(28.2
|
)
|
|
12.5
|
|
|
(1.7
|
)
|
||||
SO
2
emission allowance sales
|
|
27.1
|
|
|
28.8
|
|
|
27.3
|
|
|
28.8
|
|
||||
Tax credit carryforwards
|
|
242.7
|
|
|
229.3
|
|
|
153.2
|
|
|
139.6
|
|
||||
Customer demand programs
|
|
(26.2
|
)
|
|
(27.7
|
)
|
|
(19.0
|
)
|
|
(19.4
|
)
|
||||
Solar rebates
|
|
(33.2
|
)
|
|
(17.5
|
)
|
|
(11.3
|
)
|
|
(5.1
|
)
|
||||
Net operating loss carryforward
|
|
524.7
|
|
|
446.7
|
|
|
98.5
|
|
|
71.6
|
|
||||
Other
|
|
(40.3
|
)
|
|
(39.6
|
)
|
|
(22.6
|
)
|
|
(25.4
|
)
|
||||
Net noncurrent deferred income tax liability before valuation allowance
|
|
(1,074.3
|
)
|
|
(946.1
|
)
|
|
(1,016.9
|
)
|
|
(922.1
|
)
|
||||
Valuation allowance
|
|
(15.4
|
)
|
|
(18.7
|
)
|
|
—
|
|
|
—
|
|
||||
Net noncurrent deferred income tax liability
|
|
(1,089.7
|
)
|
|
(964.8
|
)
|
|
(1,016.9
|
)
|
|
(922.1
|
)
|
||||
Net deferred income tax liability
|
|
$
|
(1,011.6
|
)
|
|
$
|
(884.5
|
)
|
|
$
|
(1,011.9
|
)
|
|
$
|
(923.8
|
)
|
|
|
Great Plains Energy
|
|
KCP&L
|
||||||||||||
December 31
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
|
(millions)
|
||||||||||||||
Gross deferred income tax assets
|
|
$
|
1,227.0
|
|
|
$
|
1,148.2
|
|
|
$
|
624.8
|
|
|
$
|
583.0
|
|
Gross deferred income tax liabilities
|
|
(2,238.6
|
)
|
|
(2,032.7
|
)
|
|
(1,636.7
|
)
|
|
(1,506.8
|
)
|
||||
Net deferred income tax liability
|
|
$
|
(1,011.6
|
)
|
|
$
|
(884.5
|
)
|
|
$
|
(1,011.9
|
)
|
|
$
|
(923.8
|
)
|
|
Great Plains Energy
|
|
KCP&L
|
||||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
2012
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Beginning balance January 1
|
$
|
9.8
|
|
|
$
|
21.4
|
|
|
$
|
24.0
|
|
|
$
|
—
|
|
|
$
|
10.5
|
|
|
$
|
8.7
|
|
Additions for current year tax positions
|
—
|
|
|
—
|
|
|
3.7
|
|
|
—
|
|
|
—
|
|
|
3.6
|
|
||||||
Reductions for current year tax positions
|
(0.3
|
)
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Reductions for prior year tax positions
|
(6.9
|
)
|
|
(10.5
|
)
|
|
(1.8
|
)
|
|
—
|
|
|
(10.5
|
)
|
|
(1.6
|
)
|
||||||
Statute expirations
|
—
|
|
|
(0.3
|
)
|
|
(4.7
|
)
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
||||||
Foreign currency translation adjustments
|
—
|
|
|
(0.5
|
)
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Ending balance December 31
|
$
|
2.6
|
|
|
$
|
9.8
|
|
|
$
|
21.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10.5
|
|
2014
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||
Operating revenues
|
|
$
|
2,568.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
2,568.2
|
|
|
Depreciation and amortization
|
|
(306.0
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(306.0
|
)
|
|
||||
Interest (charges) income
|
|
(183.0
|
)
|
|
|
|
(41.2
|
)
|
|
|
|
35.7
|
|
|
|
|
(188.5
|
)
|
|
||||
Income tax (expense) benefit
|
|
(125.6
|
)
|
|
|
|
9.9
|
|
|
|
|
—
|
|
|
|
|
(115.7
|
)
|
|
||||
Net income (loss)
|
|
243.5
|
|
|
|
|
(0.7
|
)
|
|
|
|
—
|
|
|
|
|
242.8
|
|
|
2013
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||
Operating revenues
|
|
$
|
2,446.3
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
2,446.3
|
|
|
Depreciation and amortization
|
|
(289.7
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(289.7
|
)
|
|
||||
Interest (charges) income
|
|
(190.5
|
)
|
|
|
|
(55.5
|
)
|
|
|
|
47.6
|
|
|
|
|
(198.4
|
)
|
|
||||
Income tax (expense) benefit
|
|
(135.4
|
)
|
|
|
|
6.2
|
|
|
|
|
—
|
|
|
|
|
(129.2
|
)
|
|
||||
Net income (loss)
|
|
257.1
|
|
|
|
|
(6.9
|
)
|
|
|
|
—
|
|
|
|
|
250.2
|
|
|
2012
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||
Operating revenues
|
|
$
|
2,309.9
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
2,309.9
|
|
|
Depreciation and amortization
|
|
(272.3
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(272.3
|
)
|
|
||||
Interest (charges) income
|
|
(197.3
|
)
|
|
|
|
(67.3
|
)
|
|
|
|
43.8
|
|
|
|
|
(220.8
|
)
|
|
||||
Income tax (expense) benefit
|
|
(122.0
|
)
|
|
|
|
17.4
|
|
|
|
|
—
|
|
|
|
|
(104.6
|
)
|
|
||||
Net income (loss)
|
|
216.6
|
|
|
|
|
(16.7
|
)
|
|
|
|
—
|
|
|
|
|
199.9
|
|
|
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
2014
|
|
(millions)
|
|
||||||||||||||||||||
Assets
|
|
$
|
10,746.1
|
|
|
|
|
$
|
33.1
|
|
|
|
|
$
|
(303.5
|
)
|
|
|
|
$
|
10,475.7
|
|
|
Capital expenditures
|
|
773.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
773.7
|
|
|
||||
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
$
|
10,019.6
|
|
|
|
|
$
|
105.6
|
|
|
|
|
$
|
(329.8
|
)
|
|
|
|
$
|
9,795.4
|
|
|
Capital expenditures
|
|
669.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
669.0
|
|
|
||||
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Assets
|
|
$
|
9,910.6
|
|
|
|
|
$
|
122.4
|
|
|
|
|
$
|
(385.7
|
)
|
|
|
|
$
|
9,647.3
|
|
|
Capital expenditures
|
|
610.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
610.2
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Wolf Creek Unit
|
|
La Cygne Units
|
|
Iatan No. 1 Unit
|
|
Iatan No. 2 Unit
|
|
Iatan Common
|
|
Jeffrey Energy Center
|
||||||||||||||||||||||||
|
|
(millions, except MW amounts)
|
||||||||||||||||||||||||||||||||||
Great Plains Energy's share
|
|
|
47%
|
|
|
|
50%
|
|
|
|
88%
|
|
|
|
73%
|
|
|
|
79%
|
|
|
|
8%
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Utility plant in service
|
|
|
$
|
1,745.6
|
|
|
|
|
$
|
562.6
|
|
|
|
|
$
|
645.8
|
|
|
|
|
$
|
1,318.3
|
|
|
|
|
$
|
441.2
|
|
|
|
|
$
|
172.7
|
|
|
Accumulated depreciation
|
|
|
832.4
|
|
|
|
|
320.4
|
|
|
|
|
261.8
|
|
|
|
|
342.0
|
|
|
|
|
99.0
|
|
|
|
|
77.3
|
|
|
||||||
Nuclear fuel, net
|
|
|
79.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||||
Construction work in progress
|
|
|
74.6
|
|
|
|
|
533.9
|
|
|
|
|
19.3
|
|
|
|
|
16.6
|
|
|
|
|
18.6
|
|
|
|
|
19.9
|
|
|
||||||
2015 accredited capacity-MWs
|
|
|
549
|
|
|
|
|
696
|
|
|
|
|
627
|
|
|
|
|
641
|
|
|
|
|
NA
|
|
|
|
|
172
|
|
|
KCP&L
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Wolf Creek Unit
|
|
La Cygne Units
|
|
Iatan No. 1 Unit
|
|
Iatan No. 2 Unit
|
|
Iatan Common
|
||||||||||||||||||||
|
|
(millions, except MW amounts)
|
||||||||||||||||||||||||||||
KCP&L's share
|
|
|
47%
|
|
|
|
50%
|
|
|
|
70%
|
|
|
|
55%
|
|
|
|
61%
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Utility plant in service
|
|
|
$
|
1,745.6
|
|
|
|
|
$
|
562.6
|
|
|
|
|
$
|
515.4
|
|
|
|
|
$
|
1,006.8
|
|
|
|
|
$
|
357.8
|
|
|
Accumulated depreciation
|
|
|
832.4
|
|
|
|
|
320.4
|
|
|
|
|
211.4
|
|
|
|
|
313.9
|
|
|
|
|
89.2
|
|
|
|||||
Nuclear fuel, net
|
|
|
79.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Construction work in progress
|
|
|
74.6
|
|
|
|
|
533.9
|
|
|
|
|
5.4
|
|
|
|
|
7.8
|
|
|
|
|
2.4
|
|
|
|||||
2015 accredited capacity-MWs
|
|
|
549
|
|
|
|
|
696
|
|
|
|
|
499
|
|
|
|
|
482
|
|
|
|
|
NA
|
|
|
|
|
Quarter
|
||||||||||||||
Great Plains Energy
|
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
||||||||
2014
|
|
(millions, except per share amounts)
|
||||||||||||||
Operating revenue
|
|
$
|
585.1
|
|
|
$
|
648.4
|
|
|
$
|
782.5
|
|
|
$
|
552.2
|
|
Operating income
|
|
77.9
|
|
|
124.2
|
|
|
263.2
|
|
|
69.2
|
|
||||
Net income
|
|
23.8
|
|
|
52.1
|
|
|
147.4
|
|
|
19.5
|
|
||||
Basic earnings per common share
|
|
0.15
|
|
|
0.34
|
|
|
0.96
|
|
|
0.12
|
|
||||
Diluted earnings per common share
|
|
0.15
|
|
|
0.34
|
|
|
0.95
|
|
|
0.12
|
|
||||
2013
|
|
|
|
|
|
|
|
|
||||||||
Operating revenue
|
|
$
|
542.2
|
|
|
$
|
600.3
|
|
|
$
|
765.0
|
|
|
$
|
538.8
|
|
Operating income
|
|
86.1
|
|
|
143.6
|
|
|
271.7
|
|
|
67.8
|
|
||||
Net income
|
|
26.0
|
|
|
63.6
|
|
|
143.1
|
|
|
17.5
|
|
||||
Basic and diluted earnings per common share
|
|
0.17
|
|
|
0.41
|
|
|
0.93
|
|
|
0.11
|
|
|
|
Quarter
|
||||||||||||||
KCP&L
|
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
||||||||
2014
|
|
(millions)
|
||||||||||||||
Operating revenue
|
|
$
|
391.0
|
|
|
$
|
439.5
|
|
|
$
|
533.4
|
|
|
$
|
366.9
|
|
Operating income
|
|
47.5
|
|
|
78.2
|
|
|
177.2
|
|
|
47.2
|
|
||||
Net income
|
|
17.2
|
|
|
34.8
|
|
|
94.5
|
|
|
15.9
|
|
||||
2013
|
|
|
|
|
|
|
|
|
||||||||
Operating revenue
|
|
$
|
366.7
|
|
|
$
|
410.8
|
|
|
$
|
522.0
|
|
|
$
|
371.9
|
|
Operating income
|
|
52.3
|
|
|
93.4
|
|
|
176.8
|
|
|
40.0
|
|
||||
Net income
|
|
16.2
|
|
|
44.2
|
|
|
96.4
|
|
|
12.2
|
|
•
|
Information regarding the directors of Great Plains Energy required by this item is contained in the Proxy Statement section titled “Election of Directors.”
|
•
|
Information regarding compliance with Section 16(a) of the Securities Exchange Act of 1934 required by this item is contained in the Proxy Statement section titled “Security Ownership of Certain Beneficial Owners, Directors and Officers - Section 16(a) Beneficial Ownership Reporting Compliance.”
|
•
|
Information regarding the Audit Committee of Great Plains Energy required by this item is contained in the Proxy Statement section titled “Corporate Governance - Committees of the Board.”
|
|
|
|
|
|
|
|
|
|
Number of securities
|
||||||
|
Number of
|
|
|
|
|
|
remaining available
|
||||||||
|
securities
|
|
|
|
|
|
for future issuance
|
||||||||
|
to be issued upon
|
|
Weighted-average
|
|
under equity
|
||||||||||
|
exercise of
|
|
exercise price of
|
|
compensation plans
|
||||||||||
|
outstanding options,
|
|
outstanding options,
|
|
(excluding securities
|
||||||||||
|
warrants and rights
|
|
warrants and rights
|
|
reflected in column (a))
|
||||||||||
Plan Category
|
(a)
|
|
(b)
|
|
(c)
|
||||||||||
Equity compensation plans approved by security holders
|
|
|
|
|
|
|
|
|
|
|
|
||||
Great Plains Energy Long-Term Incentive Plan
|
|
644,757
|
|
(1)
|
|
|
$
|
—
|
|
(2)
|
|
|
4,894,253
|
|
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Total
|
|
644,757
|
|
(1)
|
|
|
$
|
—
|
|
(2)
|
|
|
4,894,253
|
|
|
(1)
|
Includes
534,016
performance shares at target performance levels and director deferred share units for
110,741
shares of Great Plains Energy common stock outstanding at
December 31, 2014
.
|
(2)
|
The performance shares and director deferred share units have no exercise price and therefore are not reflected in the weighted average exercise price.
|
Fee Category
|
2014
|
2013
|
||||
Audit Fees
|
$
|
1,187,640
|
|
$
|
1,316,164
|
|
Audit-Related Fees
|
20,170
|
|
79,465
|
|
||
Tax Fees
|
—
|
|
41,340
|
|
||
All Other Fees
|
—
|
|
—
|
|
||
Total Fees
|
$
|
1,207,810
|
|
$
|
1,436,969
|
|
Great Plains Energy
|
Page No.
|
|
|
|
|
a.
|
||
|
|
|
b.
|
||
|
|
|
c.
|
||
|
|
|
d.
|
||
|
|
|
e.
|
||
|
|
|
f.
|
||
|
|
|
KCP&L
|
|
|
|
|
|
g.
|
||
|
|
|
h.
|
||
|
|
|
i.
|
||
|
|
|
j.
|
||
|
|
|
k.
|
|
|
|
|
|
l.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Registrant
|
|
|
|
|
|
3.1
|
*
|
Articles of Incorporation of Great Plains Energy Incorporated, as amended effective May 6, 2014 (Exhibit 3.1 to Form 10-Q for the quarter ended March 31, 2014).
|
|
Great Plains Energy
|
|
|
|
|
|
3.2
|
*
|
Amended and Restated By-laws of Great Plains Energy Incorporated, as amended December 10, 2013 (Exhibit 3.1 to Form 8-K filed on December 16, 2013).
|
|
Great Plains Energy
|
|
|
|
|
|
3.3
|
*
|
Amended and Restated Articles of Consolidation of Kansas City Power & Light Company, restated as of May 6, 2014 (Exhibit 3.2 to Form 10-Q for the quarter ended March 31, 2014).
|
|
KCP&L
|
|
|
|
|
|
3.4
|
*
|
Amended and Restated By-laws of Kansas City Power & Light Company, as amended December 10, 2013 (Exhibit 3.3 to Form 8-K filed on December 16, 2013).
|
|
KCP&L
|
|
|
|
|
|
4.1
|
*
|
Indenture, dated as of June 1, 2004, between Great Plains Energy Incorporated and BNY Midwest Trust Company, as trustee (Exhibit 4.4 to Form 8-A/A filed on June 14, 2004).
|
|
Great Plains Energy
|
|
|
|
|
|
4.2
|
*
|
First Supplemental Indenture, dated as of June 14, 2004, between Great Plains Energy Incorporated and BNY Midwest Trust Company, as trustee (Exhibit 4.5 to Form 8-A/A filed on June 14, 2004).
|
|
Great Plains Energy
|
|
|
|
|
|
4.3
|
*
|
Second Supplemental Indenture, dated as of September 25, 2007, between Great Plains Energy Incorporated and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on September 26, 2007).
|
|
Great Plains Energy
|
|
|
|
|
|
4.4
|
*
|
Third Supplemental Indenture, dated as of August 13, 2010, between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on August 13, 2010).
|
|
Great Plains Energy
|
|
|
|
|
|
4.5
|
*
|
Fourth Supplemental Indenture, dated as of May 19, 2011, between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on May 19, 2011).
|
|
Great Plains Energy
|
|
|
|
|
|
4.6
|
*
|
Subordinated Indenture, dated as of May 18, 2009, between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on May 19, 2009).
|
|
Great Plains Energy
|
|
|
|
|
|
4.7
|
*
|
Supplemental Indenture No. 1, dated as of May 18, 2009, between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.2 to Form 8-K filed on May 19, 2009).
|
|
Great Plains Energy
|
|
|
|
|
|
4.8
|
*
|
Supplemental Indenture No. 2, dated as of March 22, 2012, between Great Plains Energy Incorporated and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on March 23, 2012).
|
|
Great Plains Energy
|
|
|
|
|
|
4.9
|
*
|
Indenture, dated as of August 24, 2001, between Aquila, Inc. and BankOne Trust Company, N.A., as trustee (Exhibit 4(d) to Registration Statement on Form S-3 (File No. 333-68400) filed by Aquila, Inc. on August 27, 2001).
|
|
Great Plains Energy
|
|
|
|
|
|
4.10
|
*
|
Second Supplemental Indenture, dated as of July 3, 2002, between Aquila, Inc. and BankOne Trust Company, N.A., as trustee (Exhibit 4(c) to Form S-4 (File No. 333-100204) filed by Aquila, Inc. on September 30, 2002).
|
|
Great Plains Energy
|
|
|
|
|
|
4.11
|
*
|
General Mortgage and Deed of Trust, dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4-bb to Form 10-K for the year ended December 31, 1986).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.12
|
*
|
Fifth Supplemental Indenture, dated as of September 15, 1992, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4-a to Form 10-Q for the quarter ended September 30, 1992).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.13
|
*
|
Seventh Supplemental Indenture, dated as of October 1, 1993, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4-a to Form 10-Q for the quarter ended September 30, 1993).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.14
|
*
|
Eighth Supplemental Indenture, dated as of December 1, 1993, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4-o to Registration Statement, Registration No. 33-51799).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.15
|
*
|
Eleventh Supplemental Indenture, dated as of August 15, 2005, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.2 to Form 10-Q for the quarter ended September 30, 2005).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.16
|
*
|
Twelfth Supplemental Indenture, dated as of March 1, 2009, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.2 to Form 8-K filed on March 24, 2009).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.17
|
*
|
Thirteenth Supplemental Indenture, dated as of March 1, 2009, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.3 to Form 8-K filed on March 24, 2009).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.18
|
*
|
Fourteenth Supplemental Indenture, dated as of March 1, 2009, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.4 to Form 8-K filed on March 24, 2009).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.19
|
*
|
Fifteenth Supplemental Indenture, dated as of June 30, 2011, between Kansas City Power & Light Company and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.1 to Form 10-Q for the quarter ended June 30, 2011).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.20
|
*
|
Indenture, dated as of December 1, 2000, between Kansas City Power & Light Company and The Bank of New York, as trustee (Exhibit 4(a) to Form 8-K filed on December 18, 2000).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.21
|
*
|
Indenture, dated as of March 1, 2002, between Kansas City Power & Light Company and The Bank of New York, as trustee (Exhibit 4.1.b. to Form 10-Q for the quarter ended March 31, 2002).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.22
|
*
|
Supplemental Indenture No. 1, dated as of November 15, 2005, between Kansas City Power & Light Company and The Bank of New York, as trustee (Exhibit 4.2.j to Form 10-K for the year ended December 31, 2005).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.23
|
*
|
Indenture, dated as of May 1, 2007, between Kansas City Power & Light Company and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.1 to Form 8-K filed on June 4, 2007).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.24
|
*
|
Supplemental Indenture No. 1, dated as of June 4, 2007, between Kansas City Power & Light Company and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.2 to Form 8-K filed on June 4, 2007).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.25
|
*
|
Supplemental Indenture No. 2, dated as of March 11, 2008, between Kansas City Power & Light Company and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.2 to Form 8-K filed on March 11, 2008).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.26
|
*
|
Supplemental Indenture No. 3, dated as of September 20, 2011, between Kansas City Power & Light Company and The Bank of New York Mellon Trust Company, N.A., Trustee (Exhibit 4.1 to Form 8-K filed on September 20, 2011).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.27
|
*
|
Supplemental Indenture No. 4, dated as of March 14, 2013, between Kansas City Power & Light Company and The Bank of New York Mellon Trust Company, N.A., Trustee (Exhibit 4.1 to Form 8-K filed on March 14, 2013).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
4.28
|
*
|
Note Purchase Agreement, dated August 16, 2013, among KCP&L Greater Missouri Operations Company and the purchasers party thereto (Exhibit 4.1 to Form 8-K filed on August 19, 2013).
|
|
Great Plains Energy
|
|
|
|
|
|
10.1
|
*+
|
Great Plains Energy Incorporated Amended Long-Term Incentive Plan, effective on May 7, 2002 (Exhibit 10.1.a to Form 10-K for the year ended December 31, 2002).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.2
|
*+
|
Great Plains Energy Incorporated Amended Long-Term Incentive Plan, as amended effective on May 3, 2011 (Exhibit 10.1 to Form 8-K filed on May 6, 2011).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.3
|
*+
|
Great Plains Energy Incorporated Amended Long-Term Incentive Plan, as amended effective on January 1, 2014 (Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2013).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.4
|
*+
|
Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Performance Criteria Effective as of January 1, 2011 (Exhibit 10.3 to Form 10-Q for the quarter ended March 31, 2011).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.5
|
*+
|
Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Performance Criteria Effective as of January 1, 2012 (Exhibit 10.3 to Form 10-Q for the quarter ended March 31, 2012).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.6
|
*+
|
Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Performance Criteria Effective as of January 1, 2013 (Exhibit 10.3 to Form 10-Q for the quarter ended March 31, 2013).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.7
|
*+
|
Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Performance Criteria Effective as of January 1, 2014 (Exhibit 10.3 to Form 10-Q for the quarter ended March 31, 2014).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.8
|
*+
|
Form of 2003 Nonqualified Stock Option Agreement (Exhibit 10.1.14 to Form 10-K for the year ended December 31, 2009).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.9
|
*+
|
Form of Amendment to 2003 Stock Option Grants (Exhibit 10.1.9 to Form 10-Q for the quarter ended September 30, 2007).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.10
|
*+
|
Form of 2011 three-year Performance Share Agreement (Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2011).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.11
|
*+
|
Form of 2011 Restricted Stock Agreement (Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2011).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.12
|
*+
|
Form of 2012 three-year Performance Share Agreement (Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2012).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.13
|
*+
|
Form of 2012 Restricted Stock Agreement (Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2012).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.14
|
*+
|
Form of 2013 three-year Performance Share Agreement (Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2013).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.15
|
*+
|
Form of 2013 Restricted Stock Agreement (Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2013).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.16
|
*+
|
Form of 2014 three-year Performance Share Agreement (Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2014).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.17
|
*+
|
Form of 2014 Restricted Stock Agreement (Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2014).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.18
|
*+
|
Aquila, Inc. 2002 Omnibus Incentive Compensation Plan (Exhibit 10.3 to Form 10-Q for the quarter ended September 30, 2002, filed by Aquila, Inc.).
|
|
Great Plains Energy
|
|
|
|
|
|
10.19
|
*+
|
Great Plains Energy Incorporated, Kansas City Power & Light Company and KCP&L Greater Missouri Operations Company Annual Incentive Plan amended effective as of January 1, 2014 (Exhibit 10.4 to Form 10-Q for the quarter ended March 31, 2014).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.20
|
*+
|
Form of Indemnification Agreement with each officer and director (Exhibit 10-f to Form 10-K for year ended December 31, 1995).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.21
|
*+
|
Form of Conforming Amendment to Indemnification Agreement with each officer and director (Exhibit 10.1.a to Form 10-Q for the quarter ended March 31, 2003).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.22
|
*+
|
Form of Indemnification Agreement with each director and officer (Exhibit 10.1 to Form 8-K filed on December 8, 2008).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.23
|
*+
|
Form of Indemnification Agreement with officers and directors (Exhibit 10.1.p to Form 10-K for the year ended December 31, 2005).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.24
|
*+
|
Form of Indemnification Agreement with officers and directors (Exhibit 10.1 to Form 8-K filed on December 16, 2013).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.25
|
*+
|
Form of Change in Control Severance Agreement with other executive officers of Great Plains Energy Incorporated and Kansas City Power & Light Company (Exhibit 10.1.e to Form 10-Q for the quarter ended September 30, 2006).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.26
|
*+
|
Great Plains Energy Incorporated Supplemental Executive Retirement Plan (As Amended and Restated for I.R.C. §409A) (Exhibit 10.1.10 to Form 10-Q for the quarter ended September 30, 2007).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.27
|
*+
|
Great Plains Energy Incorporated Supplemental Executive Retirement Plan (As Amended and Restated for I.R.C. §409A), as amended February 10, 2009 (Exhibit 10.1.29 to Form 10-K for the year ended December 31, 2008).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.28
|
*+
|
Great Plains Energy Incorporated Supplemental Executive Retirement Plan (As Amended and Restated for I.R.C. §409A), as amended December 8, 2009 (Exhibit 10.1.27 to Form 10-K for the year ended December 31, 2009).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.29
|
*+
|
Amendment dated October 28, 2014, to the Great Plains Energy Incorporated Supplemental Executive Retirement Plan as amended and restated on December 8, 2009 (Exhibit 10.1 to Form 10-Q for the quarter ended September 30, 2014).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.30
|
*+
|
Great Plains Energy Incorporated Nonqualified Deferred Compensation Plan (As Amended and Restated for I.R.C. §409A) (Exhibit 10.1.11 to Form 10-Q for the quarter ended September 30, 2007).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.31
|
*+
|
Great Plains Energy Incorporated Nonqualified Deferred Compensation Plan (As Amended and Restated for I.R.C. §409A), amended effective January 1, 2010 (Exhibit 10.1.5 to Form 10-Q for the quarter ended March 31, 2010).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.32
|
*+
|
Retirement Agreement, dated as of May 22, 2012 between Great Plains Energy Incorporated, Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company and Michael J. Chesser (Exhibit 10.1 to Form 10-Q for the quarter ended June 30, 2012).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.33
|
*
|
Joint Motion and Settlement Agreement, dated as of February 26, 2008, among Great Plains Energy Incorporated, Kansas City Power & Light Company, the Kansas Corporation Commission Staff, the Citizens' Utility Ratepayers Board, Aquila, Inc. d/b/a Aquila Networks, Black Hills Corporation, and Black Hills/Kansas Gas Utility Company, LLC (Exhibit 10.1.7 to Form 10-Q for the quarter ended March 31, 2008).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.34
|
*
|
Credit Agreement, dated as of August 9, 2010, among Great Plains Energy Incorporated, Certain Lenders, Bank of America, N.A., as Administrative Agent, and Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Barclays Bank PLC and U.S. Bank National Association, as Documentation Agents, Banc of America Securities LLC, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.1 to Form 10-Q for the quarter ended September 30, 2010).
|
|
Great Plains Energy
|
|
|
|
|
|
10.35
|
*
|
First Amendment to Credit Agreement, dated as of December 9, 2011, among Great Plains Energy Incorporated, Certain Lenders, Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Bank of America, N.A., as Administrative Agent, Barclays Bank PLC and U.S. Bank National Association, as Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.59 to Form 10-K for the year ended December 31, 2011).
|
|
Great Plains Energy
|
|
|
|
|
|
10.36
|
*
|
Second Amendment to Credit Agreement, dated as of October 17, 2013, among Great Plains Energy Incorporated, Certain Lenders, Bank of America, N.A., JPMorgan Chase Bank, N.A. and Union Bank, N.A., as Syndication Agents and Wells Fargo Bank, National Association, as Administrative Agent, and Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and Union Bank, N.A., as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.1 to Form 10-Q for the quarter ended September 30, 2013).
|
|
Great Plains Energy
|
|
|
|
|
|
10.37
|
|
First Extension Agreement and Waiver, dated as of December 17, 2014, among Great Plains Energy Incorporated, Certain Lenders, Bank of America, N.A., JPMorgan Chase Bank, N.A., and MUFG Union Bank, N.A., as Syndication Agents and Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and an Issuer, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and MUFG Union Bank, N.A., as Joint Lead Arrangers and Joint Book Managers.
|
|
Great Plains Energy
|
|
|
|
|
|
10.38
|
*
|
Credit Agreement, dated as of August 9, 2010, among Kansas City Power & Light Company, Certain Lenders, Bank of America, N.A., as Administrative Agent, and Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, JPMorgan Chase Bank, N.A. and The Bank of Nova Scotia, as Documentation Agents, Banc of America Securities LLC, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.2 to Form 10-Q for the quarter ended September 30, 2010).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.39
|
*
|
First Amendment to Credit Agreement, dated as of December 9, 2011, among Kansas City Power & Light Company, Certain Lenders, Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A. and The Bank of Nova Scotia, as Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.61 to Form 10-K for the year ended December 31, 2011).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.40
|
*
|
Second Amendment to Credit Agreement, dated as of October 17, 2013, among Kansas City Power & Light Company, Certain Lenders, Bank of America, N.A., JPMorgan Chase Bank, N.A., and Union Bank, N.A., as Syndication Agents and Wells Fargo Bank, National Association, as Administrative Agent, and Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and Union Bank, N.A., as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.2 to Form 10-Q for the quarter ended September 30, 2013).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.41
|
|
First Extension Agreement and Waiver, dated as of December 17, 2014, among Kansas City Power & Light Company, Certain Lenders, Bank of America, N.A., JPMorgan Chase Bank, N.A., and MUFG Union Bank, N.A., as Syndication Agents and Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and an Issuer, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and MUFG Union Bank, N.A., as Joint Lead Arrangers and Joint Book Managers.
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.42
|
*
|
Credit Agreement, dated as of August 9, 2010, among KCP&L Greater Missouri Operations Company, Great Plains Energy Incorporated, as Guarantor, Certain Lenders, Bank of America, N.A., as Administrative Agent, and Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, The Royal Bank of Scotland PLC and BNP Paribas , as Documentation Agents, Banc of America Securities LLC, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.3 to Form 10-Q for the quarter ended September 30, 2010).
|
|
Great Plains Energy
|
|
|
|
|
|
10.43
|
*
|
First Amendment to Credit Agreement, dated as of December 9, 2011, among KCP&L Greater Missouri Operations Company, Great Plains Energy Incorporated, as Guarantor, Certain Lenders, Union Bank, N.A. and Wells Fargo Bank, National Association, as Syndication Agents, Bank of America, N.A., as Administrative Agent, The Royal Bank of Scotland PLC and BNP Paribas, as Documentation Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.63 to Form 10-K for the year ended December 31, 2011).
|
|
Great Plains Energy
|
|
|
|
|
|
10.44
|
*
|
Second Amendment to Credit Agreement, dated as of October 17, 2013, among KCP&L Greater Missouri Operations Company, Certain Lenders, Bank of America, N.A., JPMorgan Chase Bank, N.A., and Union Bank, N.A., as Syndication Agents and Wells Fargo Bank, National Association, as Administrative Agent, and Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and Union Bank, N.A., as Joint Lead Arrangers and Joint Book Managers (Exhibit 10.3 to Form 10-Q for the quarter ended September 30, 2013).
|
|
Great Plains Energy
|
|
|
|
|
|
10.45
|
|
First Extension Agreement and Waiver, dated as of December 17, 2014, among KCP&L Greater Missouri Operations Company, Certain Lenders, Bank of America, N.A., JPMorgan Chase Bank, N.A., and MUFG Union Bank, N.A., as Syndication Agents and Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and an Issuer, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, and MUFG Union Bank, N.A., as Joint Lead Arrangers and Joint Book Managers.
|
|
Great Plains Energy
|
|
|
|
|
|
10.46
|
*
|
Guaranty, dated as of July 15, 2008, issued by Great Plains Energy Incorporated in favor of Union Bank of California, N.A., as successor trustee, and the holders of the Aquila, Inc., 8.27% Senior Notes due November 15, 2021 (Exhibit 10.6 to Form 8-K filed on July 18, 2008).
|
|
Great Plains Energy
|
|
|
|
|
|
10.47
|
*
|
Insurance Agreement, dated as of September 1, 2005, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2.e to Form 10-K for the year ended December 31, 2005).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.48
|
*
|
Insurance Agreement, dated as of September 1, 2005, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2.f to Form 10-K for the year ended December 31, 2005).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.49
|
*
|
Purchase and Sale Agreement, dated as of July 1, 2005, between Kansas City Power & Light Company, as Originator, and Kansas City Power & Light Receivables Company, as Buyer (Exhibit 10.2.b to Form 10-Q for the quarter ended June 30, 2005).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.50
|
*
|
Receivables Sale Agreement, dated as of July 1, 2005, among Kansas City Power & Light Receivables Company, as the Seller, Kansas City Power & Light Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi, Ltd., New York Branch, as the Agent, and Victory Receivables Corporation (Exhibit 10.2.c to Form 10-Q for the quarter ended June 30, 2005).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.51
|
*
|
Amendment No. 1, dated as of April 2, 2007, among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation to the Receivables Sale Agreement dated as of July 1, 2005 (Exhibit 10.2.2 to Form 10-Q for the quarter ended March 31, 2007).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.52
|
*
|
Amendment No. 2, dated as of July 11, 2008, among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation to the Receivables Sale Agreement dated as of July 1, 2005 (Exhibit 10.2.2 to Form 10-Q for the quarter ended June 30, 2008).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.53
|
*
|
Amendment, dated as of July 9, 2009, to Receivables Sale Agreement dated as of July 1, 2005 among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.4 to Form 8-K filed on July 13, 2009).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.54
|
*
|
Amendment and Waiver, dated as of September 25, 2009, to the Receivables Sale Agreement dated as of July 1, 2005 among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.2.2 to Form 10-Q for the quarter ended September 30, 2009).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.55
|
*
|
Amendment, dated as of May 5, 2010, to Receivables Sale Agreement dated as of July 1, 2005 among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.2.2 to Form 10-Q for the quarter ended March 31, 2010).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.56
|
*
|
Amendment, dated as of February 23, 2011, to Receivables Sale Agreement dated as of July 1, 2005 among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation. (Exhibit 10.5 to Form 10-Q for the quarter ended March 31, 2011).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.57
|
*
|
Amendment, dated as of September 9, 2011, to Receivables Sale Agreement dated as of July 1, 2005, among Kansas City Power & Light Receivables Company, Kansas City Power & Light Company, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (Exhibit 10.1 to Form 8-K filed on September 13, 2011).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.58
|
*
|
Amendment dated as of September 9, 2014, to the Receivables Sales Agreement dated as of July 1, 2005, among Kansas City Power & Light Receivables Company, as the Seller, Kansas City Power & Light Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi, Ltd., New York Branch, as the Agent and Victory Receivables Corporation, as the Purchaser (Exhibit 10.1 to Form 8-K filed on September 15, 2014).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.59
|
*
|
Purchase and Sale Agreement, dated as of May 31, 2012, between KCP&L Greater Missouri Operations Company, as Originator, and GMO Receivables Company, as Buyer (Exhibit 10.2. to Form 10-Q for the quarter ended June 30, 2012).
|
|
Great Plains Energy
|
|
|
|
|
|
10.60
|
*
|
Receivables Sale Agreement, dated as of May 31, 2012, among GMO Receivables Company, as the Seller, KCP&L Greater Missouri Operations Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi, Ltd., New York Branch, as the Agent, and Victory Receivables Corporation (Exhibit 10.3 to Form 10-Q for the quarter ended June 30, 2012).
|
|
Great Plains Energy
|
|
|
|
|
|
10.61
|
*
|
First Amendment dated as of September 9, 2014, to the Receivables Sales Agreement dated as of May 31, 2012, among GMO Receivables Company, as the Seller, KCP&L Greater Missouri Operations Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi, Ltd., New York Branch, as the Agent and Victory Receivables Corporation, as the Purchaser. (Exhibit 10.2 to Form 8-K filed on September 15, 2014).
|
|
Great Plains Energy
|
|
|
|
|
|
10.62
|
*
|
Iatan Unit 2 and Common Facilities Ownership Agreement, dated as of May 19, 2006, among Kansas City Power & Light Company, Aquila, Inc., The Empire District Electric Company, Kansas Electric Power Cooperative, Inc., and Missouri Joint Municipal Electric Utility Commission (Exhibit 10.2.a to Form 10-Q for the quarter ended June 30, 2006).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.63
|
*
|
Joint Motion and Settlement Agreement dated as of February 26, 2008, among Great Plains Energy Incorporated, Kansas City Power & Light Company, the Kansas Corporation Commission Staff, the Citizens' Utility Ratepayers Board, Aquila, Inc. d/b/a Aquila Networks, Black Hills Corporation, and Black Hills/Kansas Gas Utility Company, LLC (Exhibit 10.1.7 to Form 10-Q for the quarter ended March 31, 2008).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.64
|
*
|
Stipulation and Agreement dated April 24, 2009, among Kansas City Power & Light Company, Staff of the Missouri Public Service Commission, Office of Public Counsel, Praxair, Inc., Midwest Energy Users Association, U.S. Department of Energy and the U.S. Nuclear Security Administration, Ford Motor Company, Missouri Industrial Energy Consumers and Missouri Department of Natural Resources (Exhibit 10.1 to Form 8-K filed April 30, 2009).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.65
|
*
|
Non-Unanimous Stipulation and Agreement dated May 22, 2009 among KCP&L Greater Missouri Operations Company, the Staff of the Missouri Public Service Commission, the Office of the Public Counsel, Missouri Department of Natural Resources and Dogwood Energy, LLC (Exhibit 10.1 to Form 8-K filed on May 27, 2009).
|
|
Great Plains Energy
|
|
|
|
|
|
10.66
|
*
|
Collaboration Agreement dated as of March 19, 2007, among Kansas City Power & Light Company, Sierra Club and Concerned Citizens of Platte County, Inc. (Exhibit 10.1 to Form 8-K filed on March 20, 2007).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.67
|
*
|
Amendment to the Collaboration Agreement effective as of September 5, 2008 among Kansas City Power & Light Company, Sierra Club and Concerned Citizens of Platte County, Inc. (Exhibit 10.2.20 to Form 10-K for the year ended December 31, 2009).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
10.68
|
*
|
Joint Operating Agreement between Kansas City Power & Light Company and Aquila, Inc., dated as of October 10, 2008 (Exhibit 10.2.2 to Form 10-Q for the quarter ended September 30, 2008).
|
|
Great Plains Energy
KCP&L
|
|
|
|
|
|
12.1
|
|
Computation of Ratio of Earnings to Fixed Charges.
|
|
Great Plains Energy
|
|
|
|
|
|
12.2
|
|
Computation of Ratio of Earnings to Fixed Charges.
|
|
KCP&L
|
|
|
|
|
|
21.1
|
|
List of Subsidiaries of Great Plains Energy Incorporated.
|
|
Great Plains Energy
|
|
|
|
|
|
23.1
|
|
Consent of Independent Registered Public Accounting Firm.
|
|
Great Plains Energy
|
|
|
|
|
|
23.2
|
|
Consent of Independent Registered Public Accounting Firm.
|
|
KCP&L
|
|
|
|
|
|
24.1
|
|
Powers of Attorney.
|
|
Great Plains Energy
|
|
|
|
|
|
24.2
|
|
Powers of Attorney.
|
|
KCP&L
|
|
|
|
|
|
31.1
|
|
Rule 13a-14(a)/15d-14(a) Certification of Terry Bassham.
|
|
Great Plains Energy
|
|
|
|
|
|
31.2
|
|
Rule 13a-14(a)/15d-14(a) Certification of 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
|
|||||||||||||
Statements of Comprehensive Income of Parent Company
|
|||||||||||||
|
|||||||||||||
Year Ended December 31
|
|
2014
|
|
2013
|
|
2012
|
|
||||||
Operating Expenses
|
|
(millions, except per share amounts)
|
|
||||||||||
General and administrative
|
|
$
|
1.1
|
|
|
$
|
1.0
|
|
|
$
|
3.3
|
|
|
General taxes
|
|
0.4
|
|
|
0.6
|
|
|
0.7
|
|
|
|||
Total
|
|
1.5
|
|
|
1.6
|
|
|
4.0
|
|
|
|||
Operating loss
|
|
(1.5
|
)
|
|
(1.6
|
)
|
|
(4.0
|
)
|
|
|||
Equity in earnings from subsidiaries
|
|
251.1
|
|
|
256.5
|
|
|
219.2
|
|
|
|||
Non-operating income
|
|
33.1
|
|
|
45.8
|
|
|
42.7
|
|
|
|||
Interest charges
|
|
(44.3
|
)
|
|
(54.7
|
)
|
|
(69.6
|
)
|
|
|||
Income before income taxes
|
|
238.4
|
|
|
246.0
|
|
|
188.3
|
|
|
|||
Income tax benefit
|
|
4.4
|
|
|
4.2
|
|
|
11.6
|
|
|
|||
Net income
|
|
242.8
|
|
|
250.2
|
|
|
199.9
|
|
|
|||
Preferred stock dividend requirements
|
|
1.6
|
|
|
1.6
|
|
|
1.6
|
|
|
|||
Earnings available for common shareholders
|
|
$
|
241.2
|
|
|
$
|
248.6
|
|
|
$
|
198.3
|
|
|
|
|
|
|
|
|
|
|
||||||
Average number of basic common shares outstanding
|
|
153.9
|
|
|
153.5
|
|
|
145.5
|
|
|
|||
Average number of diluted common shares outstanding
|
|
154.1
|
|
|
153.7
|
|
|
147.2
|
|
|
|||
|
|
|
|
|
|
|
|
||||||
Basic earnings per common share
|
|
$
|
1.57
|
|
|
$
|
1.62
|
|
|
$
|
1.36
|
|
|
Diluted earnings per common share
|
|
$
|
1.57
|
|
|
$
|
1.62
|
|
|
$
|
1.35
|
|
|
Comprehensive Income
|
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
242.8
|
|
|
$
|
250.2
|
|
|
$
|
199.9
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
||||||
Derivative hedging activity
|
|
|
|
|
|
|
|
||||||
Reclassification to expenses
|
|
4.4
|
|
|
9.9
|
|
|
11.5
|
|
|
|||
Income tax expense
|
|
(1.7
|
)
|
|
(3.9
|
)
|
|
(4.6
|
)
|
|
|||
Net reclassification to expenses
|
|
2.7
|
|
|
6.0
|
|
|
6.9
|
|
|
|||
Derivative hedging activity, net of tax
|
|
2.7
|
|
|
6.0
|
|
|
6.9
|
|
|
|||
Other comprehensive income from subsidiaries, net of tax
|
|
3.9
|
|
|
7.1
|
|
|
4.5
|
|
|
|||
Total other comprehensive income
|
|
6.6
|
|
|
13.1
|
|
|
11.4
|
|
|
|||
Comprehensive income
|
|
$
|
249.4
|
|
|
$
|
263.3
|
|
|
$
|
211.3
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||
Balance Sheets of Parent Company
|
|||||||||||
|
|
|
|
|
|
|
|
||||
|
December 31
|
||||||||||
|
2014
|
|
2013
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
||||
Accounts receivable from subsidiaries
|
|
$
|
4.0
|
|
|
|
|
$
|
0.2
|
|
|
Notes receivable from subsidiaries
|
|
0.6
|
|
|
|
|
0.6
|
|
|
||
Money pool receivable
|
|
3.3
|
|
|
|
|
9.4
|
|
|
||
Taxes receivable
|
|
—
|
|
|
|
|
0.2
|
|
|
||
Other
|
|
1.0
|
|
|
|
|
1.2
|
|
|
||
Total
|
|
8.9
|
|
|
|
|
11.6
|
|
|
||
Investments and Other Assets
|
|
|
|
|
|
|
|
|
|
||
Investment in KCP&L
|
|
2,275.0
|
|
|
|
|
2,179.3
|
|
|
||
Investment in other subsidiaries
|
|
1,465.9
|
|
|
|
|
1,447.0
|
|
|
||
Note receivable from subsidiaries
|
|
634.9
|
|
|
|
|
634.9
|
|
|
||
Deferred income taxes
|
|
32.8
|
|
|
|
|
31.4
|
|
|
||
Other
|
|
5.8
|
|
|
|
|
6.7
|
|
|
||
Total
|
|
4,414.4
|
|
|
|
|
4,299.3
|
|
|
||
Total
|
|
$
|
4,423.3
|
|
|
|
|
$
|
4,310.9
|
|
|
|
|
|
|
|
|
|
|
||||
LIABILITIES AND CAPITALIZATION
|
|
|
|
|
|
|
|
||||
Current Liabilities
|
|
|
|
|
|
|
|
||||
Notes payable
|
|
$
|
4.0
|
|
|
|
|
$
|
9.0
|
|
|
Accounts payable to subsidiaries
|
|
30.4
|
|
|
|
|
33.6
|
|
|
||
Accrued taxes
|
|
4.3
|
|
|
|
|
0.2
|
|
|
||
Accrued interest
|
|
4.1
|
|
|
|
|
4.2
|
|
|
||
Other
|
|
2.2
|
|
|
|
|
1.5
|
|
|
||
Total
|
|
45.0
|
|
|
|
|
48.5
|
|
|
||
Deferred Credits and Other Liabilities
|
|
11.4
|
|
|
|
|
6.6
|
|
|
||
Capitalization
|
|
|
|
|
|
|
|
|
|
||
Great Plains Energy common shareholders' equity
|
|
|
|
|
|
|
|
|
|
||
Common stock - 250,000,000 shares authorized without par value
|
|
|
|
|
|
|
|
|
|
||
154,254,037 and 153,995,621 shares issued, stated value
|
|
2,639.3
|
|
|
|
|
2,631.1
|
|
|
||
Retained earnings
|
|
967.8
|
|
|
|
|
871.4
|
|
|
||
Treasury stock - 91,281 and 129,290 shares, at cost
|
|
(2.3
|
)
|
|
|
|
(2.8
|
)
|
|
||
Accumulated other comprehensive loss
|
|
(18.7
|
)
|
|
|
|
(25.3
|
)
|
|
||
Total
|
|
3,586.1
|
|
|
|
|
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
|
|
741.8
|
|
|
|
|
742.4
|
|
|
||
Total
|
|
4,366.9
|
|
|
|
|
4,255.8
|
|
|
||
Commitments and Contingencies
|
|
|
|
|
|
|
|
|
|
||
Total
|
|
$
|
4,423.3
|
|
|
|
|
$
|
4,310.9
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||||||||
Statements of Cash Flows of Parent Company
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Year Ended December 31
|
|
2014
|
|
|
|
2013
|
|
|
|
2012
|
|
||||||
Cash Flows from Operating Activities
|
|
(millions)
|
|
||||||||||||||
Net income
|
|
$
|
242.8
|
|
|
|
|
$
|
250.2
|
|
|
|
|
$
|
199.9
|
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amortization
|
|
4.8
|
|
|
|
|
10.6
|
|
|
|
|
12.6
|
|
|
|||
Deferred income taxes, net
|
|
(1.4
|
)
|
|
|
|
(10.5
|
)
|
|
|
|
(4.8
|
)
|
|
|||
Equity in earnings from subsidiaries
|
|
(251.1
|
)
|
|
|
|
(256.5
|
)
|
|
|
|
(219.2
|
)
|
|
|||
Cash flows affected by changes in:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts receivable from subsidiaries
|
|
(3.8
|
)
|
|
|
|
(0.1
|
)
|
|
|
|
(0.1
|
)
|
|
|||
Taxes receivable
|
|
0.2
|
|
|
|
|
(0.2
|
)
|
|
|
|
0.9
|
|
|
|||
Accounts payable to subsidiaries
|
|
(3.2
|
)
|
|
|
|
(0.5
|
)
|
|
|
|
2.3
|
|
|
|||
Other accounts payable
|
|
—
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|||
Accrued taxes
|
|
4.3
|
|
|
|
|
(0.1
|
)
|
|
|
|
(4.4
|
)
|
|
|||
Accrued interest
|
|
(0.1
|
)
|
|
|
|
(2.6
|
)
|
|
|
|
6.1
|
|
|
|||
Cash dividends from subsidiaries
|
|
144.0
|
|
|
|
|
140.0
|
|
|
|
|
144.0
|
|
|
|||
Uncertain tax positions
|
|
(2.9
|
)
|
|
|
|
7.3
|
|
|
|
|
1.0
|
|
|
|||
Other
|
|
11.8
|
|
|
|
|
6.8
|
|
|
|
|
1.7
|
|
|
|||
Net cash from operating activities
|
|
145.4
|
|
|
|
|
144.5
|
|
|
|
|
140.0
|
|
|
|||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Intercompany lending
|
|
—
|
|
|
|
|
248.7
|
|
|
|
|
(287.4
|
)
|
|
|||
Net money pool lending
|
|
6.1
|
|
|
|
|
(5.4
|
)
|
|
|
|
(3.1
|
)
|
|
|||
Investment in subsidiary
|
|
(3.6
|
)
|
|
|
|
(0.5
|
)
|
|
|
|
—
|
|
|
|||
Net cash from investing activities
|
|
2.5
|
|
|
|
|
242.8
|
|
|
|
|
(290.5
|
)
|
|
|||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Issuance of common stock
|
|
4.8
|
|
|
|
|
4.9
|
|
|
|
|
293.0
|
|
|
|||
Issuance fees
|
|
(0.1
|
)
|
|
|
|
(0.4
|
)
|
|
|
|
(2.7
|
)
|
|
|||
Repayment of long-term debt
|
|
—
|
|
|
|
|
(250.0
|
)
|
|
|
|
—
|
|
|
|||
Net change in short-term borrowings
|
|
(5.0
|
)
|
|
|
|
(3.0
|
)
|
|
|
|
(10.0
|
)
|
|
|||
Dividends paid
|
|
(145.6
|
)
|
|
|
|
(137.3
|
)
|
|
|
|
(125.5
|
)
|
|
|||
Other financing activities
|
|
(2.0
|
)
|
|
|
|
(1.5
|
)
|
|
|
|
(4.3
|
)
|
|
|||
Net cash from financing activities
|
|
(147.9
|
)
|
|
|
|
(387.3
|
)
|
|
|
|
150.5
|
|
|
|||
Net Change in Cash and Cash Equivalents
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||
Cash and Cash Equivalents at Beginning of Year
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||
Cash and Cash Equivalents at End of Year
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Great Plains Energy Incorporated
|
|||||||||||||||||||||||||
Valuation and Qualifying Accounts
|
|||||||||||||||||||||||||
Years Ended December 31, 2014, 2013 and 2012
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
Additions
|
|
|
|
|
|
|
|||||||||||||||
|
|
Charged
|
|
|
|
||||||||||||||||||||
|
Balance At
|
To Costs
|
Charged
|
|
Balance
|
||||||||||||||||||||
|
Beginning
|
And
|
To Other
|
|
At End
|
||||||||||||||||||||
Description
|
Of Period
|
Expenses
|
Accounts
|
Deductions
|
Of Period
|
||||||||||||||||||||
Year Ended December 31, 2014
|
(millions)
|
||||||||||||||||||||||||
Allowance for uncollectible accounts
|
|
$
|
2.5
|
|
|
|
$
|
11.4
|
|
|
|
$
|
8.5
|
|
(a)
|
|
$
|
19.6
|
|
(b)
|
|
$
|
2.8
|
|
|
Legal reserves
|
|
4.6
|
|
|
|
2.7
|
|
|
|
—
|
|
|
|
2.6
|
|
(c)
|
|
4.7
|
|
|
|||||
Environmental reserves
|
|
1.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.7
|
|
|
|||||
Tax valuation allowance
|
|
20.7
|
|
|
|
0.5
|
|
|
|
—
|
|
|
|
4.6
|
|
(d)
|
|
16.6
|
|
|
|||||
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
6.9
|
|
|
|
$
|
12.3
|
|
|
|
$
|
7.6
|
|
(a)
|
|
$
|
24.3
|
|
(b)
|
|
$
|
2.5
|
|
|
Legal reserves
|
|
4.6
|
|
|
|
2.7
|
|
|
|
—
|
|
|
|
2.7
|
|
(c)
|
|
4.6
|
|
|
|||||
Environmental reserves
|
|
2.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.6
|
|
|
|
1.7
|
|
|
|||||
Tax valuation allowance
|
|
23.8
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
3.2
|
|
(d)
|
|
20.7
|
|
|
|||||
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
6.8
|
|
|
|
$
|
12.0
|
|
|
|
$
|
7.8
|
|
(a)
|
|
$
|
19.7
|
|
(b)
|
|
$
|
6.9
|
|
|
Legal reserves
|
|
6.7
|
|
|
|
(0.2
|
)
|
|
|
—
|
|
|
|
1.9
|
|
(c)
|
|
4.6
|
|
|
|||||
Environmental reserves
|
|
2.5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.2
|
|
|
|
2.3
|
|
|
|||||
Tax valuation allowance
|
|
23.9
|
|
|
|
0.3
|
|
|
|
—
|
|
|
|
0.4
|
|
(d)
|
|
23.8
|
|
|
Kansas City Power & Light Company
|
|||||||||||||||||||||||||
Valuation and Qualifying Accounts
|
|||||||||||||||||||||||||
Years Ended December 31, 2014, 2013 and 2012
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
Additions
|
|
|
|
|
|
|
|||||||||||||||
|
|
Charged
|
|
|
|
||||||||||||||||||||
|
Balance At
|
To Costs
|
Charged
|
|
Balance
|
||||||||||||||||||||
|
Beginning
|
And
|
To Other
|
|
At End
|
||||||||||||||||||||
Description
|
Of Period
|
Expenses
|
Accounts
|
Deductions
|
Of Period
|
||||||||||||||||||||
Year Ended December 31, 2014
|
(millions)
|
||||||||||||||||||||||||
Allowance for uncollectible accounts
|
|
$
|
1.1
|
|
|
|
$
|
7.6
|
|
|
|
$
|
5.5
|
|
(a)
|
|
$
|
13.0
|
|
(b)
|
|
$
|
1.2
|
|
|
Legal reserves
|
|
2.9
|
|
|
|
2.3
|
|
|
|
—
|
|
|
|
2.3
|
|
(c)
|
|
2.9
|
|
|
|||||
Environmental reserves
|
|
0.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.3
|
|
|
|||||
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
1.5
|
|
|
|
$
|
8.0
|
|
|
|
$
|
5.0
|
|
(a)
|
|
$
|
13.4
|
|
(b)
|
|
$
|
1.1
|
|
|
Legal reserves
|
|
2.9
|
|
|
|
0.9
|
|
|
|
—
|
|
|
|
0.9
|
|
(c)
|
|
2.9
|
|
|
|||||
Environmental reserves
|
|
0.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.3
|
|
|
|||||
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
1.4
|
|
|
|
$
|
7.9
|
|
|
|
$
|
5.2
|
|
(a)
|
|
$
|
13.0
|
|
(b)
|
|
$
|
1.5
|
|
|
Legal reserves
|
|
3.9
|
|
|
|
0.5
|
|
|
|
—
|
|
|
|
1.5
|
|
(c)
|
|
2.9
|
|
|
|||||
Environmental reserves
|
|
0.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.3
|
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|
|
|
|
Date: February 25, 2015
|
By: /s/ Terry Bassham
|
|
|
Terry Bassham
|
|
|
Chairman, President and Chief Executive Officer
|
|
Signature
|
Title
|
|
Date
|
/s/ Terry Bassham
|
Chairman, President and Chief Executive Officer
|
)
|
February 25, 2015
|
Terry Bassham
|
(Principal Executive Officer)
|
)
|
|
|
|
)
|
|
/s/ James C. Shay
|
Senior Vice President - Finance and Chief Financial Officer
|
)
|
|
James C. Shay
|
(Principal Financial Officer)
|
)
|
|
|
|
)
|
|
/s/ Steven P. Busser
|
Vice President - Business Planning and Controller
|
)
|
|
Steven P. Busser
|
(Principal Accounting Officer)
|
)
|
|
|
|
)
|
|
David L. Bodde*
|
Director
|
)
|
|
|
|
)
|
|
Randall C. Ferguson, Jr.*
|
Director
|
)
|
|
|
|
)
|
|
Gary D. Forsee*
|
Director
|
)
|
|
|
|
)
|
|
Scott D. Grimes*
|
Director
|
)
|
|
|
|
)
|
|
Thomas D. Hyde*
|
Director
|
)
|
|
|
|
)
|
|
James A. Mitchell*
|
Director
|
)
|
|
|
|
)
|
|
Ann D. Murtlow*
|
Director
|
)
|
|
|
|
)
|
|
John J. Sherman*
|
Director
|
)
|
|
|
|
)
|
|
Linda H. Talbott*
|
Director
|
)
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|
|
|
|
Date: February 25, 2015
|
By: /s/ Terry Bassham
|
|
|
Terry Bassham
|
|
|
Chairman, President and Chief Executive Officer
|
|
Signature
|
Title
|
|
Date
|
/s/ Terry Bassham
|
Chairman, President and Chief Executive Officer
|
)
|
February 25, 2015
|
Terry Bassham
|
(Principal Executive Officer)
|
)
|
|
|
|
)
|
|
/s/ James C. Shay
|
Senior Vice President - Finance and Chief Financial Officer
|
)
|
|
James C. Shay
|
(Principal Financial Officer)
|
)
|
|
|
|
)
|
|
/s/ Steven P. Busser
|
Vice President - Business Planning and Controller
|
)
|
|
Steven P. Busser
|
(Principal Accounting Officer)
|
)
|
|
|
|
)
|
|
David L. Bodde*
|
Director
|
)
|
|
|
|
)
|
|
Randall C. Ferguson, Jr.*
|
Director
|
)
|
|
|
|
)
|
|
Gary D. Forsee*
|
Director
|
)
|
|
|
|
)
|
|
Scott D. Grimes*
|
Director
|
)
|
|
|
|
)
|
|
Thomas D. Hyde*
|
Director
|
)
|
|
|
|
)
|
|
James A. Mitchell*
|
Director
|
)
|
|
|
|
)
|
|
Ann D. Murtlow*
|
Director
|
)
|
|
|
|
)
|
|
John J. Sherman*
|
Director
|
)
|
|
|
|
)
|
|
Linda H. Talbott*
|
Director
|
)
|
BORROWER:
|
GREAT PLAINS ENERGY INCORPORATED,
|
|
a Missouri corporation
|
|
|
|
By: /s/ Lori A. Wright
|
|
Name: Lori A. Wright
|
|
Title: Vice President - Investor Relations and Treasurer
|
|
|
ADMINISTRATIVE AGENT
:
|
WELLS FARGO BANK, NATIONAL
|
|
ASSOCIATION,
|
|
as Administrative Agent
|
|
|
|
By: /s/ Frederick W. Price
|
|
Name: Frederick W. Price
|
|
Title: Managing Director
|
|
|
LENDERS:
|
WELLS FARGO BANK, NATIONAL
|
|
ASSOCIATION,
|
|
as a Lender, an Issuer and Swing Line Lender
|
|
|
|
By: /s/ Frederick W. Price
|
|
Name: Frederick W. Price
|
|
Title: Managing Director
|
|
|
|
BANK OF AMERICA, N.A.,
|
|
as a Lender, Syndication Agent and an Issuer
|
|
|
|
By: /s/ William Merritt
|
|
Name: William Merritt
|
|
Title: Vice President
|
|
|
|
JPMORGAN CHASE BANK, N.A.,
|
|
as a Lender, Syndication Agent and as an Issuer
|
|
|
|
By: /s/ Helen D. Davis
|
|
Name: Helen D. Davis
|
|
Title: Vice President
|
|
|
|
MUFG UNION BANK, N.A.,
|
|
as a Lender, Syndication Agent and as an Issuer
|
|
|
|
By: /s/ Michael Agrimis
|
|
Name: Michael Agrimis
|
|
Title: Vice President
|
|
|
|
BARCLAYS BANK PLC
|
|
as a Lender
|
|
|
|
By: /s/ Alice Borys
|
|
Name: Alice Borys
|
|
Title: Vice President
|
|
|
|
BNP PARIBAS
|
|
as a Lender
|
|
|
|
By: /s/ Roberto Impeduglia
|
|
Name: Roberto Impeduglia
|
|
Title: Vice President
|
|
|
|
BNP PARIBAS
|
|
as a Lender
|
|
|
|
By: /s/ Theodore Sheen
|
|
Name: Theodore Sheen
|
|
Title: Vice President
|
|
|
|
GOLDMAN SACHS BANK USA
|
|
as a Lender
|
|
|
|
By: /s/ Rebecca Kratz
|
|
Name: Rebecca Kratz
|
|
Title: Authorized Signatory
|
|
|
|
KEYBANK NATIONAL ASSOCIATION
|
|
as a Lender
|
|
|
|
By: /s/ Sukanya V. Raj
|
|
Name: Sukanya V. Raj
|
|
Title: Senior Vice President
|
|
|
|
|
|
|
|
SUNTRUST BANK
|
|
as a Lender
|
|
|
|
By: /s/ Andrew Johnson
|
|
Name: Andrew Johnson
|
|
Title: Director
|
|
|
|
THE ROYAL BANK OF SCOTLAND PLC,
|
|
as a Lender
|
|
|
|
By: /s/ Tyler J. McCarthy
|
|
Name: Tyler J. McCarthy
|
|
Title: Director
|
|
|
|
U.S. BANK NATIONAL ASSOCIATION,
|
|
as a Lender
|
|
|
|
By: /s/ John M. Eyerman
|
|
Name: John M. Eyerman
|
|
Title: Vice President
|
|
|
|
THE BANK OF NEW YORK MELLON
|
|
as a Lender
|
|
|
|
By: /s/ Hussam S. Alsahlani
|
|
Name: Hussam S. Alsahlani
|
|
Title: Vice President
|
|
|
|
UMB BANK, N.A.
|
|
as a Lender
|
|
|
|
By: /s/ Robert P. Elbert
|
|
Name: Robert P. Elbert
|
|
Title: Senior Vice President
|
|
|
|
COMMERCE BANK
|
|
as a Lender
|
|
|
|
By: /s/ Aaron M. Siders
|
|
Name: Aaron M. Siders
|
|
Title: Vice President
|
|
|
|
NATIONAL COOPERATIVE SERVICES
|
|
CORPORATION
|
|
as a Lender
|
|
|
|
By: /s/ John Dippo
|
|
Name: John Dippo
|
|
Title: Assistant Secretary - Treasurer
|
|
|
|
|
|
|
BORROWER:
|
KANSAS CITY POWER & LIGHT COMPANY,
|
|
a Missouri corporation
|
|
|
|
By: /s/ Lori A. Wright
|
|
Name: Lori A. Wright
|
|
Title: Vice President - Investor Relations and Treasurer
|
|
|
ADMINISTRATIVE AGENT
:
|
WELLS FARGO BANK, NATIONAL
|
|
ASSOCIATION,
|
|
as Administrative Agent
|
|
|
|
By: /s/ Frederick W. Price
|
|
Name: Frederick W. Price
|
|
Title: Managing Director
|
|
|
LENDERS:
|
WELLS FARGO BANK, NATIONAL
|
|
ASSOCIATION,
|
|
as a Lender, an Issuer and Swing Line Lender
|
|
|
|
By: /s/ Frederick W. Price
|
|
Name: Frederick W. Price
|
|
Title: Managing Director
|
|
|
|
BANK OF AMERICA, N.A.,
|
|
as a Lender, Syndication Agent and an Issuer
|
|
|
|
By: /s/ William Merritt
|
|
Name: William Merritt
|
|
Title: Vice President
|
|
|
|
JPMORGAN CHASE BANK, N.A.,
|
|
as a Lender, Syndication Agent and as an Issuer
|
|
|
|
By: /s/ Helen D. Davis
|
|
Name: Helen D. Davis
|
|
Title: Vice President
|
|
|
|
|
|
MUFG UNION BANK, N.A.,
|
|
as a Lender, Syndication Agent and as an Issuer
|
|
|
|
By: /s/ Michael Agrimis
|
|
Name: Michael Agrimis
|
|
Title: Vice President
|
|
|
|
BARCLAYS BANK PLC
|
|
as a Lender
|
|
|
|
By: /s/ Alicia Borys
|
|
Name: Alicia Borys
|
|
Title: Vice President
|
|
|
|
BNP PARIBAS
|
|
as a Lender
|
|
|
|
By: /s/ Roberto Impedugia
|
|
Name: Roberto Impedugia
|
|
Title: Vice President
|
|
|
|
BNP PARIBAS
|
|
as a Lender
|
|
|
|
By: /s/ Theodore Sheen
|
|
Name: Theodore Sheen
|
|
Title: Vice President
|
|
|
|
GOLDMAN SACHS BANK USA
|
|
as a Lender
|
|
|
|
By: /s/ Rebecca Kratz
|
|
Name: Rebecca Kratz
|
|
Title: Authorized Signatory
|
|
|
|
KEYBANK NATIONAL ASSOCIATION
|
|
as a Lender
|
|
|
|
By: /s/ Sukanya V. Raj
|
|
Name: Sukanya V. Raj
|
|
Title: Senior Vice President
|
|
SUNTRUST BANK
|
|
as a Lender
|
|
|
|
By: /s/ Andrew Johnson
|
|
Name: Andrew Johnson
|
|
Title: Director
|
|
|
|
THE ROYAL BANK OF SCOTLAND PLC
|
|
as a Lender
|
|
|
|
By: /s/ Tyler J. McCarthy
|
|
Name: Tyler J. McCarthy
|
|
Title: Director
|
|
|
|
U.S. BANK NATIONAL ASSOCIATION,
|
|
as a Lender
|
|
|
|
By: /s/ John M. Eyerman
|
|
Name: John M. Eyerman
|
|
Title: Vice President
|
|
|
|
THE BANK OF NEW YORK MELLON
|
|
as a Lender
|
|
|
|
By: /s/ Hussam S. Alsahlani
|
|
Name: Hussam S. Alsahlani
|
|
Title: Vice President
|
|
|
|
UMB BANK, N.A.
|
|
as a Lender
|
|
|
|
By: /s/ Robert P. Elbert
|
|
Name: Robert P. Elbert
|
|
Title: Senior Vice President
|
|
|
|
|
|
COMMERCE BANK
|
|
as a Lender
|
|
|
|
By: /s/ Aaron M. Siders
|
|
Name: Aaron M. Siders
|
|
Title: Vice President
|
|
|
|
NATIONAL COOPERATIVE SERVICES
|
|
CORPORATION
|
|
as a Lender
|
|
|
|
By: /s/ John Dippo
|
|
Name: John Dippo
|
|
Title: Assistant Secretary - Treasurer
|
|
|
BORROWER:
|
KCP&L GREATER MISSOURI OPERATIONS
|
|
COMPANY,
|
|
a Delaware corporation
|
|
|
|
By: /s/ Lori A. Wright
|
|
Name: Lori A. Wright
|
|
Title: Vice President - Investor Relations and Treasurer
|
|
|
ADMINISTRATIVE AGENT
:
|
WELLS FARGO BANK, NATIONAL
|
|
ASSOCIATION,
|
|
as Administrative Agent
|
|
|
|
By: /s/ Frederick W. Price
|
|
Name: Frederick W. Price
|
|
Title: Managing Director
|
|
|
LENDERS:
|
WELLS FARGO BANK, NATIONAL
|
|
ASSOCIATION,
|
|
as a Lender, an Issuer and Swing Line Lender
|
|
|
|
By: /s/ Frederick W. Price
|
|
Name: Frederick W. Price
|
|
Title: Managing Director
|
|
|
|
BANK OF AMERICA, N.A.,
|
|
as a Lender, Syndication Agent and an Issuer
|
|
|
|
By: /s/ William Merritt
|
|
Name: William Merritt
|
|
Title: Vice President
|
|
|
|
JPMORGAN CHASE BANK, N.A.,
|
|
as a Lender, Syndication Agent and as an Issuer
|
|
|
|
By: /s/ Helen D. Davis
|
|
Name: Helen D. Davis
|
|
Title: Vice President
|
|
MUFG UNION BANK, N.A.,
|
|
as a Lender, Syndication Agent and as an Issuer
|
|
|
|
By: /s/ Michael Agrimis
|
|
Name: Michael Agrimis
|
|
Title: Vice President
|
|
|
|
BARCLAYS BANK PLC
|
|
as a Lender
|
|
|
|
By: /s/ Alicia Borys
|
|
Name: Alicia Borys
|
|
Title: Vice President
|
|
|
|
BNP PARIBAS
|
|
as a Lender
|
|
|
|
By: /s/ Robert Impeduglia
|
|
Name: Robert Impeduglia
|
|
Title: Vice President
|
|
|
|
By: /s/ Theodore Sheen
|
|
Name: Theodore Sheen
|
|
Title: Vice President
|
|
|
|
GOLDMAN SACHS BANK USA
|
|
as a Lender
|
|
|
|
By: /s/ Rebecca Kratz
|
|
Name: Rebecca Kratz
|
|
Title: Authorized Signatory
|
|
|
|
KEYBANK NATIONAL ASSOCIATION
|
|
as a Lender
|
|
|
|
By: /s/ Sukanya V. Raj
|
|
Name: Sukanya V. Raj
|
|
Title: Senior Vice President
|
|
|
|
SUNTRUST BANK
|
|
as a Lender
|
|
|
|
By: /s/ Andrew Johnson
|
|
Name: Andrew Johnson
|
|
Title: Director
|
|
|
|
THE ROYAL BANK OF SCOTLAND PLC,
|
|
as a Lender
|
|
|
|
By: /s/ Tyler J. McCarthy
|
|
Name: Tyler J. McCarthy
|
|
Title: Director
|
|
|
|
U.S. BANK, NATIONAL ASSOCIATION,
|
|
as a Lender
|
|
|
|
By: /s/ John M. Eyerman
|
|
Name: John M. Eyerman
|
|
Title: Vice President
|
|
|
|
THE BANK OF NEW YORK MELLON
|
|
as a Lender
|
|
|
|
By: /s/ Hussam S. Alsahlani
|
|
Name: Hussam S. Alsahlani
|
|
Title: Vice President
|
|
|
|
UMB BANK, N.A.
|
|
as a Lender
|
|
|
|
By: /s/ Robert P. Elbert
|
|
Name: Robert P. Elbert
|
|
Title: Senior Vice President
|
|
COMMERCE BANK
|
|
as a Lender
|
|
|
|
By: /s/ Aaron M. Siders
|
|
Name: Aaron M. Siders
|
|
Title: Vice President
|
|
|
|
NATIONAL COOPERATIVE SERVICES
|
|
CORPORATION
|
|
as a Lender
|
|
|
|
By: /s/ John Dippo
|
|
Name: John Dippo
|
|
Title: Assistant Secretary - Treasurer
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
2014
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
||||||||||||
|
(millions)
|
||||||||||||||||||||
Net income
|
|
$
|
242.8
|
|
|
$
|
250.2
|
|
|
$
|
199.9
|
|
|
$
|
174.2
|
|
|
$
|
211.9
|
|
|
Add
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity investment loss
|
|
—
|
|
|
0.2
|
|
|
0.4
|
|
|
0.1
|
|
|
1.0
|
|
|
|||||
Income subtotal
|
|
242.8
|
|
|
250.4
|
|
|
200.3
|
|
|
174.3
|
|
|
212.9
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Add
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income tax expense
|
|
115.7
|
|
|
129.2
|
|
|
104.6
|
|
|
84.8
|
|
|
99.0
|
|
|
|||||
Kansas City earnings tax
|
|
0.3
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
|||||
Total taxes on income
|
|
116.0
|
|
|
129.3
|
|
|
104.7
|
|
|
84.8
|
|
|
99.1
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on value of leased property
|
|
5.2
|
|
|
5.5
|
|
|
5.8
|
|
|
5.9
|
|
|
6.2
|
|
|
|||||
Interest on long-term debt
|
|
195.0
|
|
|
195.5
|
|
|
213.2
|
|
|
223.2
|
|
|
218.9
|
|
|
|||||
Interest on short-term debt
|
|
5.1
|
|
|
7.6
|
|
|
9.0
|
|
|
11.8
|
|
|
9.7
|
|
|
|||||
Other interest expense and amortization
|
|
3.3
|
|
|
8.2
|
|
|
4.6
|
|
|
11.6
|
|
|
9.7
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total fixed charges
|
|
208.6
|
|
|
216.8
|
|
|
232.6
|
|
|
252.5
|
|
|
244.5
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings before taxes on
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
income and fixed charges
|
|
$
|
567.4
|
|
|
$
|
596.5
|
|
|
$
|
537.6
|
|
|
$
|
511.6
|
|
|
$
|
556.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges
|
|
2.72
|
|
|
2.75
|
|
2.31
|
|
2.03
|
|
2.28
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
2014
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|
||||||||||||
|
(millions)
|
||||||||||||||||||||
Net income
|
|
$
|
162.4
|
|
|
$
|
169.0
|
|
|
$
|
141.6
|
|
|
$
|
135.5
|
|
|
$
|
163.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Add
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income tax expense
|
|
75.7
|
|
|
79.8
|
|
|
75.3
|
|
|
69.1
|
|
|
81.6
|
|
|
|||||
Kansas City earnings tax
|
|
0.3
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
|||||
Total taxes on income
|
|
76.0
|
|
|
79.8
|
|
|
75.4
|
|
|
69.1
|
|
|
81.7
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on value of leased property
|
|
4.9
|
|
|
5.1
|
|
|
5.3
|
|
|
5.4
|
|
|
5.7
|
|
|
|||||
Interest on long-term debt
|
|
128.8
|
|
|
128.1
|
|
|
123.5
|
|
|
118.5
|
|
|
117.9
|
|
|
|||||
Interest on short-term debt
|
|
2.9
|
|
|
3.4
|
|
|
4.4
|
|
|
5.1
|
|
|
3.9
|
|
|
|||||
Other interest expense and amortization
|
|
4.7
|
|
|
5.1
|
|
|
3.8
|
|
|
5.8
|
|
|
4.2
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total fixed charges
|
|
141.3
|
|
|
141.7
|
|
|
137.0
|
|
|
134.8
|
|
|
131.7
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings before taxes on
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
income and fixed charges
|
|
$
|
379.7
|
|
|
$
|
390.5
|
|
|
$
|
354.0
|
|
|
$
|
339.4
|
|
|
$
|
376.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges
|
|
2.69
|
|
|
2.76
|
|
2.58
|
|
2.52
|
|
2.86
|
|
Name of Company
|
State of Incorporation
|
|
|
Kansas City Power & Light Company
|
Missouri
|
|
|
KCP&L Greater Missouri Operations Company
|
Delaware
|
|
|
|
/s/ David. L. Bodde
David L. Bodde
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Randall C. Ferguson, Jr.
Randall C. Ferguson, Jr.
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Gary D. Forsee
Gary D. Forsee
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Scott D. Grimes
Scott D. Grimes
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Thomas D. Hyde
Thomas D. Hyde
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ James A. Mitchell
James A. Mitchell
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Ann D. Murtlow
Ann D. Murtlow
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ John J. Sherman
John J. Sherman
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Linda H. Talbott
Linda H. Talbott
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ David L. Bodde
David L. Bodde
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Randall C. Ferguson, Jr.
Randall C. Ferguson, Jr.
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Gary D. Forsee
Gary D. Forsee
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Scott D. Grimes
Scott D. Grimes
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Thomas D. Hyde
Thomas D. Hyde
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ James A. Mitchell
James A. Mitchell
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Ann D. Murtlow
Ann D. Murtlow
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ John J. Sherman
John J. Sherman
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Linda H. Talbott
Linda H. Talbott
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
1.
|
I have reviewed this annual report on Form 10-K of Great Plains Energy Incorporated;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 25, 2015
|
/
s/ Terry Bassham
|
|
|
Terry Bassham
Chairman, Chief Executive Officer and President
|
|
1.
|
I have reviewed this annual report on Form 10-K of Great Plains Energy Incorporated;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 25, 2015
|
/s/ James C. Shay
|
|
|
James C. Shay
Senior Vice President - Finance and Chief Financial Officer
|
|
1.
|
I have reviewed this annual report on Form 10-K of Kansas City Power & Light Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 25, 2015
|
/s/ Terry Bassham
|
|
|
Terry Bassham
Chairman, Chief Executive Officer and President
|
|
1.
|
I have reviewed this annual report on Form 10-K of Kansas City Power & Light Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 25, 2015
|
/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:
|
February 25, 2015
|
|
|
|
/s/ James C. Shay
|
Name:
Title:
|
James C. Shay
Senior Vice President - Finance and Chief Financial Officer
|
Date:
|
February 25, 2015
|
|
(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.
|
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/s/ Terry Bassham
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Name:
Title:
|
Terry Bassham
Chairman, Chief Executive Officer and President
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Date:
|
February 25, 2015
|
|
|
|
/s/ James C. Shay
|
Name:
Title:
|
James C. Shay
Senior Vice President - Finance and Chief Financial Officer
|
Date:
|
February 25, 2015
|
|