|
|
Exact name of registrant as specified in its charter,
|
|
|
Commission
|
|
state of incorporation, address of principal
|
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I.R.S. Employer
|
File Number
|
|
executive offices and telephone number
|
|
Identification Number
|
|
|
|
|
|
001-32206
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|
43-1916803
|
|
|
(A Missouri Corporation)
|
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|
|
1200 Main Street
|
|
|
|
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Kansas City, Missouri 64105
|
|
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|
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(816) 556-2200
|
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|
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000-51873
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
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44-0308720
|
|
|
(A Missouri Corporation)
|
|
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|
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1200 Main Street
|
|
|
|
|
Kansas City, Missouri 64105
|
|
|
|
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(816) 556-2200
|
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|
TABLE OF CONTENTS
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|||
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Page Number
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|||
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Item 1.
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||
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|||
|
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|||
|
|||
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|||
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Note 1:
|
||
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Note 2:
|
||
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Note 3:
|
||
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Note 4:
|
||
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Note 5:
|
||
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Note 6:
|
||
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Note 7:
|
||
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Note 8:
|
||
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Note 9:
|
||
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Note 10:
|
||
|
Note 11:
|
||
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Note 12:
|
||
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Note 13:
|
||
|
Note 14:
|
||
|
Note 15:
|
||
|
Note 16:
|
||
|
Note 17:
|
||
|
Note 18:
|
||
|
Note 19:
|
||
Item 2.
|
|||
Item 3.
|
|||
Item 4.
|
|||
|
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|
|||
|
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|
|
Item 1.
|
|||
Item 1A.
|
|||
Item 2.
|
|||
Item 3.
|
|||
Item 4.
|
|||
Item 5.
|
|||
Item 6.
|
|||
|
|
|
|
|
|
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 Standards Update
|
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
|
DOE
|
|
Department of Energy
|
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
|
FCC
|
|
The Federal Communications 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
|
Great Plains Energy Board
|
|
Great Plains Energy Board of Directors
|
HSR
|
|
Hart-Scott-Rodino
|
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
|
kWh
|
|
Kilowatt hour
|
MATS
|
|
Mercury and Air Toxics Standards
|
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
|
Abbreviation or Acronym
|
|
Definition
|
|
|
|
Merger Agreement
|
|
Agreement and Plan of Merger dated as of May 29, 2016, by and among Great Plains Energy, Westar and Merger Sub
|
Merger Sub
|
|
GP Star, Inc., a Kansas corporation that will be merged with and into Westar, pursuant to the Merger Agreement
|
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
|
NAV
|
|
Net Asset Value
|
NPNS
|
|
Normal purchases and normal sales
|
NRC
|
|
Nuclear Regulatory Commission
|
OCI
|
|
Other Comprehensive Income
|
OMERS
|
|
OCM Credit Portfolio LP
|
RCRA
|
|
Resource Conservation and Recovery Act
|
SEC
|
|
Securities and Exchange Commission
|
SERP
|
|
Supplemental Executive Retirement Plan
|
SPP
|
|
Southwest Power Pool, Inc.
|
TCR
|
|
Transmission Congestion Right
|
TDC
|
|
Transmission Delivery Charge
|
Transource
|
|
Transource Energy, LLC and its subsidiaries, 13.5% owned by GPETHC
|
WCNOC
|
|
Wolf Creek Nuclear Operating Corporation
|
Westar
|
|
Westar Energy, Inc.
|
Westar Board
|
|
Westar Board of Directors
|
Wolf Creek
|
|
Wolf Creek Generating Station
|
GREAT PLAINS ENERGY INCORPORATED
|
|
|||||||||||
Consolidated Balance Sheets
|
|
|||||||||||
(Unaudited)
|
||||||||||||
|
|
|
|
|
||||||||
|
June 30
|
|
December 31
|
|
||||||||
|
2016
|
|
2015
|
|
||||||||
ASSETS
|
(millions, except share amounts)
|
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
7.2
|
|
|
|
|
$
|
11.3
|
|
|
|
Funds on deposit
|
|
6.0
|
|
|
|
|
2.1
|
|
|
|
||
Receivables, net
|
|
211.8
|
|
|
|
|
147.7
|
|
|
|
||
Accounts receivable pledged as collateral
|
|
173.7
|
|
|
|
|
175.0
|
|
|
|
||
Fuel inventories, at average cost
|
|
103.9
|
|
|
|
|
118.4
|
|
|
|
||
Materials and supplies, at average cost
|
|
160.5
|
|
|
|
|
155.7
|
|
|
|
||
Deferred refueling outage costs
|
|
9.7
|
|
|
|
|
19.2
|
|
|
|
||
Refundable income taxes
|
|
1.0
|
|
|
|
|
3.8
|
|
|
|
||
Prepaid expenses and other assets
|
|
68.0
|
|
|
|
|
31.0
|
|
|
|
||
Total
|
|
741.8
|
|
|
|
|
664.2
|
|
|
|
||
Utility Plant, at Original Cost
|
|
|
|
|
|
|
|
|
|
|
||
Electric
|
|
13,302.4
|
|
|
|
|
13,189.9
|
|
|
|
||
Less - accumulated depreciation
|
|
5,015.2
|
|
|
|
|
4,943.7
|
|
|
|
||
Net utility plant in service
|
|
8,287.2
|
|
|
|
|
8,246.2
|
|
|
|
||
Construction work in progress
|
|
439.9
|
|
|
|
|
347.9
|
|
|
|
||
Nuclear fuel, net of amortization of $209.2 and $192.5
|
|
71.6
|
|
|
|
|
68.3
|
|
|
|
||
Total
|
|
8,798.7
|
|
|
|
|
8,662.4
|
|
|
|
||
Investments and Other Assets
|
|
|
|
|
|
|
|
|
|
|
||
Nuclear decommissioning trust fund
|
|
210.3
|
|
|
|
|
200.7
|
|
|
|
||
Regulatory assets
|
|
1,001.2
|
|
|
|
|
979.1
|
|
|
|
||
Goodwill
|
|
169.0
|
|
|
|
|
169.0
|
|
|
|
||
Other
|
|
89.3
|
|
|
|
|
63.2
|
|
|
|
||
Total
|
|
1,469.8
|
|
|
|
|
1,412.0
|
|
|
|
||
Total
|
|
$
|
11,010.3
|
|
|
|
|
$
|
10,738.6
|
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|
|||||||||||
Consolidated Balance Sheets
|
|
|||||||||||
(Unaudited)
|
||||||||||||
|
|
|||||||||||
|
June 30
|
|
December 31
|
|
||||||||
|
2016
|
|
2015
|
|
||||||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
|
||||||||||
Current Liabilities
|
|
|
|
|
|
|
|
|
||||
Notes payable
|
|
$
|
74.0
|
|
|
|
|
$
|
10.0
|
|
|
|
Collateralized note payable
|
|
173.7
|
|
|
|
|
175.0
|
|
|
|
||
Commercial paper
|
|
340.4
|
|
|
|
|
224.0
|
|
|
|
||
Current maturities of long-term debt
|
|
251.1
|
|
|
|
|
1.1
|
|
|
|
||
Accounts payable
|
|
263.3
|
|
|
|
|
352.9
|
|
|
|
||
Accrued taxes
|
|
80.6
|
|
|
|
|
31.6
|
|
|
|
||
Accrued interest
|
|
45.0
|
|
|
|
|
44.7
|
|
|
|
||
Accrued compensation and benefits
|
|
42.1
|
|
|
|
|
41.4
|
|
|
|
||
Pension and post-retirement liability
|
|
3.4
|
|
|
|
|
3.4
|
|
|
|
||
Derivative instruments
|
|
77.0
|
|
|
|
|
0.5
|
|
|
|
||
Other
|
|
26.2
|
|
|
|
|
31.1
|
|
|
|
||
Total
|
|
1,376.8
|
|
|
|
|
915.7
|
|
|
|
||
Deferred Credits and Other Liabilities
|
|
|
|
|
|
|
|
|
|
|
||
Deferred income taxes
|
|
1,186.6
|
|
|
|
|
1,158.8
|
|
|
|
||
Deferred tax credits
|
|
126.9
|
|
|
|
|
125.1
|
|
|
|
||
Asset retirement obligations
|
|
293.8
|
|
|
|
|
275.9
|
|
|
|
||
Pension and post-retirement liability
|
|
466.5
|
|
|
|
|
455.2
|
|
|
|
||
Regulatory liabilities
|
|
302.4
|
|
|
|
|
284.4
|
|
|
|
||
Other
|
|
76.9
|
|
|
|
|
82.9
|
|
|
|
||
Total
|
|
2,453.1
|
|
|
|
|
2,382.3
|
|
|
|
||
Capitalization
|
|
|
|
|
|
|
|
|
|
|
||
Great Plains Energy common shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
||
Common stock - 250,000,000 shares authorized without par value
154,882,088 and 154,504,900 shares issued, stated value |
|
2,658.8
|
|
|
|
|
2,646.7
|
|
|
|
||
Retained earnings
|
|
1,000.4
|
|
|
|
|
1,024.4
|
|
|
|
||
Treasury stock - 128,039 and 101,229 shares, at cost
|
|
(3.8
|
)
|
|
|
|
(2.6
|
)
|
|
|
||
Accumulated other comprehensive loss
|
|
(9.0
|
)
|
|
|
|
(12.0
|
)
|
|
|
||
Total
|
|
3,646.4
|
|
|
|
|
3,656.5
|
|
|
|
||
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 10
)
|
|
3,495.0
|
|
|
|
|
3,745.1
|
|
|
|
||
Total
|
|
7,180.4
|
|
|
|
|
7,440.6
|
|
|
|
||
Commitments and Contingencies (
Note 12
)
|
|
|
|
|
|
|
|
|
|
|
||
Total
|
|
$
|
11,010.3
|
|
|
|
|
$
|
10,738.6
|
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
|
|
Three Months Ended June 30
|
|
Year to Date
June 30
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Operating Revenues
|
|
(millions, except per share amounts)
|
||||||||||||||
Electric revenues
|
|
$
|
670.8
|
|
|
$
|
609.0
|
|
|
$
|
1,242.9
|
|
|
$
|
1,158.1
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
||||||
Fuel
|
|
89.4
|
|
|
99.9
|
|
|
180.0
|
|
|
207.5
|
|
||||
Purchased power
|
|
53.1
|
|
|
48.8
|
|
|
98.1
|
|
|
94.2
|
|
||||
Transmission
|
|
17.2
|
|
|
20.3
|
|
|
40.7
|
|
|
41.2
|
|
||||
Utility operating and maintenance expenses
|
|
180.4
|
|
|
183.4
|
|
|
359.8
|
|
|
354.9
|
|
||||
Costs to achieve the anticipated acquisition of Westar Energy, Inc.
|
|
5.0
|
|
|
—
|
|
|
5.0
|
|
|
—
|
|
||||
Depreciation and amortization
|
|
85.3
|
|
|
83.5
|
|
|
170.5
|
|
|
163.3
|
|
||||
General taxes
|
|
54.5
|
|
|
52.1
|
|
|
110.8
|
|
|
104.8
|
|
||||
Other
|
|
3.6
|
|
|
1.1
|
|
|
5.8
|
|
|
2.2
|
|
||||
Total
|
|
488.5
|
|
|
489.1
|
|
|
970.7
|
|
|
968.1
|
|
||||
Operating income
|
|
182.3
|
|
|
119.9
|
|
|
272.2
|
|
|
190.0
|
|
||||
Non-operating income
|
|
3.3
|
|
|
2.2
|
|
|
5.4
|
|
|
8.2
|
|
||||
Non-operating expenses
|
|
(4.3
|
)
|
|
(3.6
|
)
|
|
(7.7
|
)
|
|
(7.3
|
)
|
||||
Interest charges
|
|
(132.9
|
)
|
|
(50.0
|
)
|
|
(184.1
|
)
|
|
(97.3
|
)
|
||||
Income before income tax expense and income from equity investments
|
|
48.4
|
|
|
68.5
|
|
|
85.8
|
|
|
93.6
|
|
||||
Income tax expense
|
|
(17.1
|
)
|
|
(24.5
|
)
|
|
(28.8
|
)
|
|
(31.0
|
)
|
||||
Income from equity investments, net of income taxes
|
|
0.7
|
|
|
0.4
|
|
|
1.4
|
|
|
0.7
|
|
||||
Net income
|
|
32.0
|
|
|
44.4
|
|
|
58.4
|
|
|
63.3
|
|
||||
Preferred stock dividend requirements
|
|
0.4
|
|
|
0.4
|
|
|
0.8
|
|
|
0.8
|
|
||||
Earnings available for common shareholders
|
|
$
|
31.6
|
|
|
$
|
44.0
|
|
|
$
|
57.6
|
|
|
$
|
62.5
|
|
|
|
|
|
|
|
|
|
|
||||||||
Average number of basic common shares outstanding
|
|
154.6
|
|
|
154.1
|
|
|
154.5
|
|
|
154.1
|
|
||||
Average number of diluted common shares outstanding
|
|
154.8
|
|
|
154.5
|
|
|
154.9
|
|
|
154.5
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted earnings per common share
|
|
$
|
0.20
|
|
|
$
|
0.28
|
|
|
$
|
0.37
|
|
|
$
|
0.40
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash dividends per common share
|
|
$
|
0.2625
|
|
|
$
|
0.245
|
|
|
$
|
0.525
|
|
|
$
|
0.49
|
|
Comprehensive Income
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
32.0
|
|
|
$
|
44.4
|
|
|
$
|
58.4
|
|
|
$
|
63.3
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative hedging activity
|
|
|
|
|
|
|
|
|
|
|
||||||
Reclassification to expenses, net of tax
|
|
1.4
|
|
|
1.4
|
|
|
2.8
|
|
|
2.8
|
|
||||
Derivative hedging activity, net of tax
|
|
1.4
|
|
|
1.4
|
|
|
2.8
|
|
|
2.8
|
|
||||
Defined benefit pension plans
|
|
|
|
|
|
|
|
|
||||||||
Amortization of net losses included in net periodic benefit costs, net of tax
|
|
0.1
|
|
|
0.2
|
|
|
0.2
|
|
|
0.3
|
|
||||
Change in unrecognized pension expense, net of tax
|
|
0.1
|
|
|
0.2
|
|
|
0.2
|
|
|
0.3
|
|
||||
Total other comprehensive income
|
|
1.5
|
|
|
1.6
|
|
|
3.0
|
|
|
3.1
|
|
||||
Comprehensive income
|
|
$
|
33.5
|
|
|
$
|
46.0
|
|
|
$
|
61.4
|
|
|
$
|
66.4
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||
Consolidated Statements of Cash Flows
|
|||||||
(Unaudited)
|
|||||||
|
|
|
|
||||
Year to Date June 30
|
2016
|
|
2015
|
||||
Cash Flows from Operating Activities
|
(millions)
|
||||||
Net income
|
$
|
58.4
|
|
|
$
|
63.3
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
170.5
|
|
|
163.3
|
|
||
Amortization of:
|
|
|
|
|
|
||
Nuclear fuel
|
16.7
|
|
|
10.0
|
|
||
Other
|
27.9
|
|
|
23.6
|
|
||
Deferred income taxes, net
|
26.8
|
|
|
31.3
|
|
||
Investment tax credit amortization
|
(0.7
|
)
|
|
(0.7
|
)
|
||
Income from equity investments, net of income taxes
|
(1.4
|
)
|
|
(0.7
|
)
|
||
Fair value impacts of interest rate swaps
|
77.0
|
|
|
—
|
|
||
Other operating activities (Note 3)
|
(78.6
|
)
|
|
(73.4
|
)
|
||
Net cash from operating activities
|
296.6
|
|
|
216.7
|
|
||
Cash Flows from Investing Activities
|
|
|
|
|
|
||
Utility capital expenditures
|
(302.4
|
)
|
|
(366.8
|
)
|
||
Allowance for borrowed funds used during construction
|
(3.2
|
)
|
|
(3.6
|
)
|
||
Purchases of nuclear decommissioning trust investments
|
(16.0
|
)
|
|
(22.3
|
)
|
||
Proceeds from nuclear decommissioning trust investments
|
14.4
|
|
|
20.7
|
|
||
Other investing activities
|
(34.8
|
)
|
|
(24.6
|
)
|
||
Net cash from investing activities
|
(342.0
|
)
|
|
(396.6
|
)
|
||
Cash Flows from Financing Activities
|
|
|
|
|
|
||
Issuance of common stock
|
1.5
|
|
|
1.6
|
|
||
Issuance fees
|
(51.4
|
)
|
|
—
|
|
||
Repayment of long-term debt
|
(1.1
|
)
|
|
(15.1
|
)
|
||
Net change in short-term borrowings
|
180.4
|
|
|
278.0
|
|
||
Net change in collateralized short-term borrowings
|
(1.3
|
)
|
|
(8.0
|
)
|
||
Dividends paid
|
(81.9
|
)
|
|
(76.4
|
)
|
||
Purchase of treasury stock
|
(4.9
|
)
|
|
(1.5
|
)
|
||
Other financing activities
|
—
|
|
|
0.5
|
|
||
Net cash from financing activities
|
41.3
|
|
|
179.1
|
|
||
Net Change in Cash and Cash Equivalents
|
(4.1
|
)
|
|
(0.8
|
)
|
||
Cash and Cash Equivalents at Beginning of Year
|
11.3
|
|
|
13.0
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
7.2
|
|
|
$
|
12.2
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||||
Consolidated Statements of Common Shareholders' Equity
|
|||||||||||||
(Unaudited)
|
|||||||||||||
|
|
|
|
||||||||||
Year to Date June 30
|
2016
|
|
2015
|
||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
||||||
Common Stock
|
(millions, except share amounts)
|
||||||||||||
Beginning balance
|
154,504,900
|
|
|
$
|
2,646.7
|
|
|
154,254,037
|
|
|
$
|
2,639.3
|
|
Issuance of common stock
|
377,188
|
|
|
11.3
|
|
|
168,853
|
|
|
4.4
|
|
||
Equity compensation expense, net of forfeitures
|
|
2.0
|
|
|
|
|
|
0.9
|
|
||||
Unearned Compensation
|
|
|
|
|
|
|
|
|
|
|
|
||
Issuance of restricted common stock
|
|
|
|
(2.8
|
)
|
|
|
|
|
(2.0
|
)
|
||
Compensation expense recognized
|
|
|
|
1.3
|
|
|
|
|
|
1.0
|
|
||
Other
|
|
|
|
0.3
|
|
|
|
|
|
0.1
|
|
||
Ending balance
|
154,882,088
|
|
|
2,658.8
|
|
|
154,422,890
|
|
|
2,643.7
|
|
||
Retained Earnings
|
|
|
|
|
|
|
|
|
|
|
|
||
Beginning balance
|
|
|
|
1,024.4
|
|
|
|
|
|
967.8
|
|
||
Net income
|
|
|
|
58.4
|
|
|
|
|
|
63.3
|
|
||
Dividends:
|
|
|
|
|
|
|
|
|
|
|
|
||
Common stock ($0.525 and $0.49 per share)
|
|
(81.1
|
)
|
|
|
|
|
(75.6
|
)
|
||||
Preferred stock - at required rates
|
|
|
|
(0.8
|
)
|
|
|
|
|
(0.8
|
)
|
||
Performance shares
|
|
|
|
(0.5
|
)
|
|
|
|
|
(0.5
|
)
|
||
Ending balance
|
|
|
|
1,000.4
|
|
|
|
|
|
954.2
|
|
||
Treasury Stock
|
|
|
|
|
|
|
|
|
|
|
|
||
Beginning balance
|
(101,229
|
)
|
|
(2.6
|
)
|
|
(91,281
|
)
|
|
(2.3
|
)
|
||
Treasury shares acquired
|
(135,067
|
)
|
|
(4.1
|
)
|
|
(53,895
|
)
|
|
(1.4
|
)
|
||
Treasury shares reissued
|
108,257
|
|
|
2.9
|
|
|
48,713
|
|
|
1.2
|
|
||
Ending balance
|
(128,039
|
)
|
|
(3.8
|
)
|
|
(96,463
|
)
|
|
(2.5
|
)
|
||
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
||||
Beginning balance
|
|
|
|
(12.0
|
)
|
|
|
|
|
(18.7
|
)
|
||
Derivative hedging activity, net of tax
|
|
|
|
2.8
|
|
|
|
|
|
2.8
|
|
||
Change in unrecognized pension expense, net of tax
|
|
0.2
|
|
|
|
|
|
0.3
|
|
||||
Ending balance
|
|
|
|
(9.0
|
)
|
|
|
|
|
(15.6
|
)
|
||
Total Great Plains Energy Common Shareholders' Equity
|
|
|
$
|
3,646.4
|
|
|
|
|
|
$
|
3,579.8
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|
|||||||||||
Consolidated Balance Sheets
|
|
|||||||||||
(Unaudited)
|
||||||||||||
|
|
|||||||||||
|
June 30
|
|
December 31
|
|
||||||||
|
2016
|
|
2015
|
|
||||||||
ASSETS
|
(millions, except share amounts)
|
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
2.5
|
|
|
|
|
$
|
2.3
|
|
|
|
Funds on deposit
|
|
4.8
|
|
|
|
|
0.5
|
|
|
|
||
Receivables, net
|
|
164.3
|
|
|
|
|
129.2
|
|
|
|
||
Related party receivables
|
|
68.4
|
|
|
|
|
65.8
|
|
|
|
||
Accounts receivable pledged as collateral
|
|
110.0
|
|
|
|
|
110.0
|
|
|
|
||
Fuel inventories, at average cost
|
|
73.8
|
|
|
|
|
83.5
|
|
|
|
||
Materials and supplies, at average cost
|
|
118.2
|
|
|
|
|
114.6
|
|
|
|
||
Deferred refueling outage costs
|
|
9.7
|
|
|
|
|
19.2
|
|
|
|
||
Refundable income taxes
|
|
—
|
|
|
|
|
79.0
|
|
|
|
||
Prepaid expenses and other assets
|
|
29.7
|
|
|
|
|
27.1
|
|
|
|
||
Total
|
|
581.4
|
|
|
|
|
631.2
|
|
|
|
||
Utility Plant, at Original Cost
|
|
|
|
|
|
|
|
|
|
|
||
Electric
|
|
9,699.6
|
|
|
|
|
9,640.4
|
|
|
|
||
Less - accumulated depreciation
|
|
3,773.5
|
|
|
|
|
3,722.6
|
|
|
|
||
Net utility plant in service
|
|
5,926.1
|
|
|
|
|
5,917.8
|
|
|
|
||
Construction work in progress
|
|
302.2
|
|
|
|
|
246.6
|
|
|
|
||
Nuclear fuel, net of amortization of
$209.2
and
$192.5
|
|
71.6
|
|
|
|
|
68.3
|
|
|
|
||
Total
|
|
6,299.9
|
|
|
|
|
6,232.7
|
|
|
|
||
Investments and Other Assets
|
|
|
|
|
|
|
|
|
|
|
||
Nuclear decommissioning trust fund
|
|
210.3
|
|
|
|
|
200.7
|
|
|
|
||
Regulatory assets
|
|
750.0
|
|
|
|
|
732.4
|
|
|
|
||
Other
|
|
18.7
|
|
|
|
|
17.6
|
|
|
|
||
Total
|
|
979.0
|
|
|
|
|
950.7
|
|
|
|
||
Total
|
|
$
|
7,860.3
|
|
|
|
|
$
|
7,814.6
|
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|
|
|
||||||||
|
June 30
|
|
December 31
|
||||||||
|
2016
|
|
2015
|
||||||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
||||||||||
Current Liabilities
|
|
|
|
|
|
|
|
||||
Collateralized note payable
|
|
$
|
110.0
|
|
|
|
|
$
|
110.0
|
|
|
Commercial paper
|
|
105.1
|
|
|
|
|
180.3
|
|
|
||
Current maturities of long-term debt
|
|
250.0
|
|
|
|
|
—
|
|
|
||
Accounts payable
|
|
203.6
|
|
|
|
|
258.8
|
|
|
||
Accrued taxes
|
|
52.7
|
|
|
|
|
25.6
|
|
|
||
Accrued interest
|
|
30.9
|
|
|
|
|
32.4
|
|
|
||
Accrued compensation and benefits
|
|
42.1
|
|
|
|
|
41.4
|
|
|
||
Pension and post-retirement liability
|
|
2.0
|
|
|
|
|
2.0
|
|
|
||
Other
|
|
11.3
|
|
|
|
|
12.6
|
|
|
||
Total
|
|
807.7
|
|
|
|
|
663.1
|
|
|
||
Deferred Credits and Other Liabilities
|
|
|
|
|
|
|
|
|
|
||
Deferred income taxes
|
|
1,181.2
|
|
|
|
|
1,132.6
|
|
|
||
Deferred tax credits
|
|
123.3
|
|
|
|
|
123.8
|
|
|
||
Asset retirement obligations
|
|
254.0
|
|
|
|
|
239.3
|
|
|
||
Pension and post-retirement liability
|
|
444.9
|
|
|
|
|
433.4
|
|
|
||
Regulatory liabilities
|
|
170.8
|
|
|
|
|
164.6
|
|
|
||
Other
|
|
60.1
|
|
|
|
|
61.6
|
|
|
||
Total
|
|
2,234.3
|
|
|
|
|
2,155.3
|
|
|
||
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
|
|
948.1
|
|
|
|
|
879.6
|
|
|
||
Accumulated other comprehensive loss
|
|
(6.8
|
)
|
|
|
|
(9.6
|
)
|
|
||
Total
|
|
2,504.4
|
|
|
|
|
2,433.1
|
|
|
||
Long-term debt (
Note
10
)
|
|
2,313.9
|
|
|
|
|
2,563.1
|
|
|
||
Total
|
|
4,818.3
|
|
|
|
|
4,996.2
|
|
|
||
Commitments and Contingencies (
Note
12
)
|
|
|
|
|
|
|
|
|
|
||
Total
|
|
$
|
7,860.3
|
|
|
|
|
$
|
7,814.6
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended June 30
|
|
Year to Date
June 30 |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Operating Revenues
|
|
(millions)
|
||||||||||||||
Electric revenues
|
|
$
|
475.6
|
|
|
$
|
417.4
|
|
|
$
|
876.5
|
|
|
$
|
787.8
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
||||||
Fuel
|
|
67.1
|
|
|
73.1
|
|
|
128.6
|
|
|
147.9
|
|
||||
Purchased power
|
|
26.8
|
|
|
28.6
|
|
|
51.6
|
|
|
50.5
|
|
||||
Transmission
|
|
14.9
|
|
|
12.7
|
|
|
30.3
|
|
|
26.1
|
|
||||
Operating and maintenance expenses
|
|
124.0
|
|
|
124.6
|
|
|
247.7
|
|
|
242.9
|
|
||||
Depreciation and amortization
|
|
61.1
|
|
|
59.8
|
|
|
122.2
|
|
|
116.3
|
|
||||
General taxes
|
|
42.3
|
|
|
39.5
|
|
|
85.9
|
|
|
79.7
|
|
||||
Other
|
|
1.5
|
|
|
(0.2
|
)
|
|
1.7
|
|
|
(0.2
|
)
|
||||
Total
|
|
337.7
|
|
|
338.1
|
|
|
668.0
|
|
|
663.2
|
|
||||
Operating income
|
|
137.9
|
|
|
79.3
|
|
|
208.5
|
|
|
124.6
|
|
||||
Non-operating income
|
|
2.6
|
|
|
1.3
|
|
|
3.9
|
|
|
5.7
|
|
||||
Non-operating expenses
|
|
(2.4
|
)
|
|
(2.2
|
)
|
|
(3.7
|
)
|
|
(3.9
|
)
|
||||
Interest charges
|
|
(34.9
|
)
|
|
(34.1
|
)
|
|
(70.2
|
)
|
|
(65.6
|
)
|
||||
Income before income tax expense
|
|
103.2
|
|
|
44.3
|
|
|
138.5
|
|
|
60.8
|
|
||||
Income tax expense
|
|
(37.3
|
)
|
|
(14.9
|
)
|
|
(48.0
|
)
|
|
(18.2
|
)
|
||||
Net income
|
|
$
|
65.9
|
|
|
$
|
29.4
|
|
|
$
|
90.5
|
|
|
$
|
42.6
|
|
Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
65.9
|
|
|
$
|
29.4
|
|
|
$
|
90.5
|
|
|
$
|
42.6
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative hedging activity
|
|
|
|
|
|
|
|
|
|
|
||||||
Reclassification to expenses, net of tax
|
|
1.4
|
|
|
1.3
|
|
|
2.8
|
|
|
2.7
|
|
||||
Derivative hedging activity, net of tax
|
|
1.4
|
|
|
1.3
|
|
|
2.8
|
|
|
2.7
|
|
||||
Total other comprehensive income
|
|
1.4
|
|
|
1.3
|
|
|
2.8
|
|
|
2.7
|
|
||||
Comprehensive income
|
|
$
|
67.3
|
|
|
$
|
30.7
|
|
|
$
|
93.3
|
|
|
$
|
45.3
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||
Consolidated Statements of Cash Flows
|
||||||||||
(Unaudited)
|
||||||||||
|
|
|
|
|
|
|
||||
Year to Date June 30
|
|
2016
|
|
|
|
2015
|
||||
Cash Flows from Operating Activities
|
(millions)
|
|||||||||
Net income
|
|
$
|
90.5
|
|
|
|
|
$
|
42.6
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
|
122.2
|
|
|
|
|
116.3
|
|
||
Amortization of:
|
|
|
|
|
|
|
|
|
||
Nuclear fuel
|
|
16.7
|
|
|
|
|
10.0
|
|
||
Other
|
|
16.8
|
|
|
|
|
14.1
|
|
||
Deferred income taxes, net
|
|
47.0
|
|
|
|
|
20.6
|
|
||
Investment tax credit amortization
|
|
(0.5
|
)
|
|
|
|
(0.5
|
)
|
||
Other operating activities (Note 3)
|
|
19.9
|
|
|
|
|
14.9
|
|
||
Net cash from operating activities
|
|
312.6
|
|
|
|
|
218.0
|
|
||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
||
Utility capital expenditures
|
|
(196.5
|
)
|
|
|
|
(297.4
|
)
|
||
Allowance for borrowed funds used during construction
|
|
(2.3
|
)
|
|
|
|
(2.5
|
)
|
||
Purchases of nuclear decommissioning trust investments
|
|
(16.0
|
)
|
|
|
|
(22.3
|
)
|
||
Proceeds from nuclear decommissioning trust investments
|
|
14.4
|
|
|
|
|
20.7
|
|
||
Other investing activities
|
|
(14.6
|
)
|
|
|
|
(15.4
|
)
|
||
Net cash from investing activities
|
|
(215.0
|
)
|
|
|
|
(316.9
|
)
|
||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
||
Issuance fees
|
|
(0.2
|
)
|
|
|
|
—
|
|
||
Repayment of long-term debt
|
|
—
|
|
|
|
|
(14.0
|
)
|
||
Net change in short-term borrowings
|
|
(75.2
|
)
|
|
|
|
125.7
|
|
||
Net money pool borrowings
|
|
—
|
|
|
|
|
(12.6
|
)
|
||
Dividends paid to Great Plains Energy
|
|
(22.0
|
)
|
|
|
|
—
|
|
||
Net cash from financing activities
|
|
(97.4
|
)
|
|
|
|
99.1
|
|
||
Net Change in Cash and Cash Equivalents
|
|
0.2
|
|
|
|
|
0.2
|
|
||
Cash and Cash Equivalents at Beginning of Year
|
|
2.3
|
|
|
|
|
2.7
|
|
||
Cash and Cash Equivalents at End of Period
|
|
$
|
2.5
|
|
|
|
|
$
|
2.9
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||||
Consolidated Statements of Common Shareholder's Equity
|
|||||||||||||
(Unaudited)
|
|||||||||||||
|
|
|
|
||||||||||
Year to Date June 30
|
2016
|
|
2015
|
||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
||||||
|
(millions, except share amounts)
|
||||||||||||
Common Stock
|
1
|
|
|
$
|
1,563.1
|
|
|
1
|
|
|
$
|
1,563.1
|
|
Retained Earnings
|
|
|
|
|
|
|
|
|
|
|
|
||
Beginning balance
|
|
|
|
879.6
|
|
|
|
|
|
726.8
|
|
||
Net income
|
|
|
|
90.5
|
|
|
|
|
|
42.6
|
|
||
Dividends:
|
|
|
|
|
|
|
|
|
|
|
|
||
Common stock held by Great Plains Energy
|
|
|
|
(22.0
|
)
|
|
|
|
|
—
|
|
||
Ending balance
|
|
|
|
948.1
|
|
|
|
|
|
769.4
|
|
||
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|||
Beginning balance
|
|
|
|
(9.6
|
)
|
|
|
|
|
(14.9
|
)
|
||
Derivative hedging activity, net of tax
|
|
|
|
2.8
|
|
|
|
|
|
2.7
|
|
||
Ending balance
|
|
|
|
(6.8
|
)
|
|
|
|
|
(12.2
|
)
|
||
Total Common Shareholder's Equity
|
|
|
|
$
|
2,504.4
|
|
|
|
|
|
$
|
2,320.3
|
|
•
|
KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas. KCP&L has one active wholly owned subsidiary, Kansas City Power & Light Receivables Company (KCP&L Receivables Company).
|
•
|
KCP&L Greater Missouri Operations Company (GMO) is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri. GMO also provides regulated steam service to certain customers in the St. Joseph, Missouri area. GMO has two active wholly owned subsidiaries, GMO Receivables Company and MPS Merchant Services, Inc. (MPS Merchant). MPS Merchant has certain long-term natural gas contracts remaining from its former non-regulated trading operations.
|
|
Three Months Ended June 30
|
|
Year to Date
June 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Income
|
(millions, except per share amounts)
|
||||||||||||||
Net income
|
$
|
32.0
|
|
|
$
|
44.4
|
|
|
$
|
58.4
|
|
|
$
|
63.3
|
|
Less: preferred stock dividend requirements
|
0.4
|
|
|
0.4
|
|
|
0.8
|
|
|
0.8
|
|
||||
Earnings available for common shareholders
|
$
|
31.6
|
|
|
$
|
44.0
|
|
|
$
|
57.6
|
|
|
$
|
62.5
|
|
Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|||||
Average number of common shares outstanding
|
154.6
|
|
|
154.1
|
|
|
154.5
|
|
|
154.1
|
|
||||
Add: effect of dilutive securities
|
0.2
|
|
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
||||
Diluted average number of common shares outstanding
|
154.8
|
|
|
154.5
|
|
|
154.9
|
|
|
154.5
|
|
||||
Basic and diluted EPS
|
$
|
0.20
|
|
|
$
|
0.28
|
|
|
$
|
0.37
|
|
|
$
|
0.40
|
|
Great Plains Energy Other Operating Activities
|
|||||||
Year to Date June 30
|
2016
|
|
2015
|
||||
Cash flows affected by changes in:
|
(millions)
|
||||||
Receivables
|
$
|
(64.0
|
)
|
|
$
|
(36.0
|
)
|
Accounts receivable pledged as collateral
|
1.3
|
|
|
8.0
|
|
||
Fuel inventories
|
14.5
|
|
|
(12.2
|
)
|
||
Materials and supplies
|
(4.8
|
)
|
|
0.3
|
|
||
Accounts payable
|
(84.1
|
)
|
|
(108.2
|
)
|
||
Accrued taxes
|
54.3
|
|
|
47.5
|
|
||
Accrued interest
|
0.3
|
|
|
(1.3
|
)
|
||
Deferred refueling outage costs
|
9.5
|
|
|
(17.7
|
)
|
||
Pension and post-retirement benefit obligations
|
38.8
|
|
|
25.0
|
|
||
Allowance for equity funds used during construction
|
(2.4
|
)
|
|
(3.5
|
)
|
||
Fuel recovery mechanisms
|
(2.3
|
)
|
|
25.6
|
|
||
Other
|
(39.7
|
)
|
|
(0.9
|
)
|
||
Total other operating activities
|
$
|
(78.6
|
)
|
|
$
|
(73.4
|
)
|
Cash paid during the period:
|
|
|
|
|
|
||
Interest
|
$
|
96.8
|
|
|
$
|
91.9
|
|
Income taxes
|
$
|
0.2
|
|
|
$
|
0.2
|
|
Non-cash investing activities:
|
|
|
|
|
|||
Liabilities accrued for capital expenditures
|
$
|
30.6
|
|
|
$
|
34.8
|
|
KCP&L Other Operating Activities
|
|||||||
Year to Date June 30
|
2016
|
|
2015
|
||||
Cash flows affected by changes in:
|
(millions)
|
||||||
Receivables
|
$
|
(37.6
|
)
|
|
$
|
(1.4
|
)
|
Fuel inventories
|
9.7
|
|
|
(11.9
|
)
|
||
Materials and supplies
|
(3.6
|
)
|
|
0.1
|
|
||
Accounts payable
|
(48.0
|
)
|
|
(69.7
|
)
|
||
Accrued taxes
|
106.1
|
|
|
94.4
|
|
||
Accrued interest
|
(1.5
|
)
|
|
(1.5
|
)
|
||
Deferred refueling outage costs
|
9.5
|
|
|
(17.7
|
)
|
||
Pension and post-retirement benefit obligations
|
39.0
|
|
|
25.1
|
|
||
Allowance for equity funds used during construction
|
(2.1
|
)
|
|
(2.7
|
)
|
||
Fuel recovery mechanisms
|
(19.4
|
)
|
|
0.6
|
|
||
Other
|
(32.2
|
)
|
|
(0.4
|
)
|
||
Total other operating activities
|
$
|
19.9
|
|
|
$
|
14.9
|
|
Cash paid during the period:
|
|
|
|
|
|
||
Interest
|
$
|
65.5
|
|
|
$
|
61.2
|
|
Non-cash investing activities:
|
|
|
|
|
|||
Liabilities accrued for capital expenditures
|
$
|
16.5
|
|
|
$
|
31.4
|
|
|
June 30
|
December 31
|
||||||||
|
|
2016
|
|
|
2015
|
|
||||
Great Plains Energy
|
|
(millions)
|
|
|||||||
Customer accounts receivable - billed
|
|
$
|
17.3
|
|
|
|
$
|
3.4
|
|
|
Customer accounts receivable - unbilled
|
|
134.5
|
|
|
|
71.6
|
|
|
||
Allowance for doubtful accounts - customer accounts receivable
|
|
(5.6
|
)
|
|
|
(3.8
|
)
|
|
||
Other receivables
|
|
65.6
|
|
|
|
76.5
|
|
|
||
Total
|
|
$
|
211.8
|
|
|
|
$
|
147.7
|
|
|
KCP&L
|
|
|
|
|
|
|
|
|
||
Customer accounts receivable - billed
|
|
$
|
16.9
|
|
|
|
$
|
2.8
|
|
|
Customer accounts receivable - unbilled
|
|
97.8
|
|
|
|
58.8
|
|
|
||
Allowance for doubtful accounts - customer accounts receivable
|
|
(2.9
|
)
|
|
|
(1.8
|
)
|
|
||
Other receivables
|
|
52.5
|
|
|
|
69.4
|
|
|
||
Total
|
|
$
|
164.3
|
|
|
|
$
|
129.2
|
|
|
|
June 30
2016 |
|
December 31
2015 |
||||||||
Decommissioning Trust
|
|
(millions)
|
|
||||||||
Beginning balance January 1
|
|
$
|
200.7
|
|
|
|
|
$
|
199.0
|
|
|
Contributions
|
|
1.6
|
|
|
|
|
3.3
|
|
|
||
Earned income, net of fees
|
|
2.0
|
|
|
|
|
3.4
|
|
|
||
Net realized gains (losses)
|
|
(0.1
|
)
|
|
|
|
0.7
|
|
|
||
Net unrealized gains (losses)
|
|
6.1
|
|
|
|
|
(5.7
|
)
|
|
||
Ending balance
|
|
$
|
210.3
|
|
|
|
|
$
|
200.7
|
|
|
|
June 30, 2016
|
|
|
|
December 31, 2015
|
|
|||||||||||||||||||||||||||||||||||||||
|
Cost
Basis
|
|
Unrealized Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Cost
Basis
|
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
|||||||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||
Equity securities
|
$
|
91.2
|
|
|
|
$
|
51.6
|
|
|
|
|
$
|
(2.7
|
)
|
|
|
|
$
|
140.1
|
|
|
|
|
$
|
89.6
|
|
|
|
|
$
|
47.9
|
|
|
|
|
$
|
(2.1
|
)
|
|
|
|
$
|
135.4
|
|
|
Debt securities
|
63.0
|
|
|
|
5.1
|
|
|
|
|
—
|
|
|
|
|
68.1
|
|
|
|
|
59.6
|
|
|
|
|
2.6
|
|
|
|
|
(0.5
|
)
|
|
|
|
61.7
|
|
|
||||||||
Other
|
2.1
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
2.1
|
|
|
|
|
3.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
3.6
|
|
|
||||||||
Total
|
$
|
156.3
|
|
|
|
$
|
56.7
|
|
|
|
|
$
|
(2.7
|
)
|
|
|
|
$
|
210.3
|
|
|
|
|
$
|
152.8
|
|
|
|
|
$
|
50.5
|
|
|
|
|
$
|
(2.6
|
)
|
|
|
|
$
|
200.7
|
|
|
|
Three Months Ended
June 30 |
|
Year to Date
June 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(millions)
|
||||||||||||||
Realized gains
|
$
|
0.2
|
|
|
$
|
1.2
|
|
|
$
|
0.9
|
|
|
$
|
2.6
|
|
Realized losses
|
(0.3
|
)
|
|
(1.2
|
)
|
|
(1.0
|
)
|
|
(1.8
|
)
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
Three Months Ended June 30
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Components of net periodic benefit costs
|
|
(millions)
|
||||||||||||||
Service cost
|
|
$
|
10.5
|
|
|
$
|
11.3
|
|
|
$
|
0.6
|
|
|
$
|
0.9
|
|
Interest cost
|
|
13.3
|
|
|
12.6
|
|
|
1.6
|
|
|
1.7
|
|
||||
Expected return on plan assets
|
|
(12.3
|
)
|
|
(12.9
|
)
|
|
(0.7
|
)
|
|
(0.8
|
)
|
||||
Prior service cost
|
|
0.1
|
|
|
0.2
|
|
|
0.3
|
|
|
0.8
|
|
||||
Recognized net actuarial (gain)/loss
|
|
12.9
|
|
|
12.8
|
|
|
(0.4
|
)
|
|
0.1
|
|
||||
Net periodic benefit costs before regulatory adjustment
|
|
24.5
|
|
|
24.0
|
|
|
1.4
|
|
|
2.7
|
|
||||
Regulatory adjustment
|
|
(1.0
|
)
|
|
(2.6
|
)
|
|
1.5
|
|
|
1.4
|
|
||||
Net periodic benefit costs
|
|
$
|
23.5
|
|
|
$
|
21.4
|
|
|
$
|
2.9
|
|
|
$
|
4.1
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
Year to Date June 30
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Components of net periodic benefit costs
|
|
(millions)
|
||||||||||||||
Service cost
|
|
$
|
21.0
|
|
|
$
|
22.6
|
|
|
$
|
1.3
|
|
|
$
|
1.7
|
|
Interest cost
|
|
26.5
|
|
|
25.2
|
|
|
3.1
|
|
|
3.4
|
|
||||
Expected return on plan assets
|
|
(24.6
|
)
|
|
(25.8
|
)
|
|
(1.5
|
)
|
|
(1.5
|
)
|
||||
Prior service cost
|
|
0.3
|
|
|
0.4
|
|
|
0.6
|
|
|
1.6
|
|
||||
Recognized net actuarial loss
|
|
25.9
|
|
|
25.6
|
|
|
(0.8
|
)
|
|
0.1
|
|
||||
Net periodic benefit costs before regulatory adjustment
|
|
49.1
|
|
|
48.0
|
|
|
2.7
|
|
|
5.3
|
|
||||
Regulatory adjustment
|
|
(2.0
|
)
|
|
(5.8
|
)
|
|
3.0
|
|
|
2.8
|
|
||||
Net periodic benefit costs
|
|
$
|
47.1
|
|
|
$
|
42.2
|
|
|
$
|
5.7
|
|
|
$
|
8.1
|
|
|
Three Months Ended June 30
|
|
Year to Date
June 30
|
||||||||||||||
|
|
||||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Great Plains Energy
|
|
(millions)
|
|||||||||||||||
Equity compensation expense
|
|
$
|
(0.2
|
)
|
|
$
|
1.1
|
|
|
|
$
|
3.5
|
|
|
$
|
0.9
|
|
Income tax (expense) benefit
|
|
(0.2
|
)
|
|
0.3
|
|
|
|
1.3
|
|
|
0.3
|
|
||||
KCP&L
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity compensation expense
|
|
$
|
(0.2
|
)
|
|
$
|
0.7
|
|
|
|
$
|
2.3
|
|
|
$
|
0.6
|
|
Income tax (expense) benefit
|
|
(0.2
|
)
|
|
0.2
|
|
|
|
0.8
|
|
|
0.2
|
|
|
Performance
Shares
|
|
Grant Date
Fair Value*
|
|||||||
Beginning balance January 1, 2016
|
|
609,010
|
|
|
|
|
$
|
25.60
|
|
|
Granted
|
|
225,204
|
|
|
|
|
31.41
|
|
|
|
Earned
|
|
(306,953
|
)
|
|
|
|
24.22
|
|
|
|
Forfeited
|
|
(1,714
|
)
|
|
|
|
27.61
|
|
|
|
Performance adjustment
|
|
99,553
|
|
|
|
|
24.16
|
|
|
|
Ending balance June 30, 2016
|
|
625,100
|
|
|
|
|
28.13
|
|
|
|
Nonvested
Restricted Stock
|
|
Grant Date
Fair Value*
|
|||||||
Beginning balance January 1, 2016
|
|
231,508
|
|
|
|
|
$
|
24.78
|
|
|
Granted and issued
|
|
96,053
|
|
|
|
|
29.41
|
|
|
|
Vested
|
|
(69,219
|
)
|
|
|
|
22.59
|
|
|
|
Forfeited
|
|
(572
|
)
|
|
|
|
27.51
|
|
|
|
Ending balance June 30, 2016
|
|
257,770
|
|
|
|
|
27.09
|
|
|
|
|
|
|
June 30
|
|
|
|
December 31
|
||||
|
Year Due
|
|
2016
|
|
2015
|
|||||||
KCP&L
|
|
|
|
(millions)
|
||||||||
General Mortgage Bonds
|
|
|
|
|
|
|
|
|
||||
2.47% EIRR bonds
(a)
|
2017-2035
|
|
|
$
|
110.5
|
|
|
|
|
$
|
110.5
|
|
7.15% Series 2009A (8.59% rate)
(b)
|
2019
|
|
|
400.0
|
|
|
|
|
400.0
|
|
||
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
|
|
||
3.65% Series
|
2025
|
|
|
350.0
|
|
|
|
|
350.0
|
|
||
6.05% Series (5.78% rate)
(b)
|
2035
|
|
|
250.0
|
|
|
|
|
250.0
|
|
||
5.30% Series
|
2041
|
|
|
400.0
|
|
|
|
|
400.0
|
|
||
EIRR Bonds
|
|
|
|
|
|
|
|
|
||||
0.445% Series 2007A and 2007B
(c)
|
2035
|
|
|
146.5
|
|
|
|
|
146.5
|
|
||
2.875% Series 2008
|
2038
|
|
|
23.4
|
|
|
|
|
23.4
|
|
||
Current maturities
|
|
|
|
(250.0
|
)
|
|
|
|
—
|
|
||
Unamortized discount and debt issuance costs
|
|
|
|
(16.5
|
)
|
|
|
|
(17.3
|
)
|
||
Total KCP&L excluding current maturities
(d)
|
|
|
|
2,313.9
|
|
|
|
|
2,563.1
|
|
||
Other Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
||
GMO First Mortgage Bonds 9.44% Series
|
2017-2021
|
|
|
5.7
|
|
|
|
|
6.8
|
|
||
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 and debt issuance costs
|
|
|
|
(1.9
|
)
|
|
|
|
(2.1
|
)
|
||
Total Great Plains Energy excluding current maturities
(d)
|
|
|
|
$
|
3,495.0
|
|
|
|
|
$
|
3,745.1
|
|
(a)
|
Weighted-average interest rates at
June 30, 2016
|
(b)
|
Rate after amortizing gains/losses recognized in other comprehensive income (OCI) on settlements of interest rate hedging instruments
|
(c)
|
Variable rate
|
(d)
|
At June 30, 2016, and December 31, 2015, does not include
$50.0 million
and
$21.9 million
of secured Series 2005 Environmental Improvement Revenue Refunding (EIRR) bonds because the bonds were repurchased in September 2015 and are held by KCP&L
|
(a)
|
Equal to or greater than
$34.38
, the Conversion Rate shall be
29.0855
;
|
(b)
|
Less than
$34.38
but greater than
$28.65
, the Conversion Rate shall be
$1,000.00
divided by the Applicable Market Value; or
|
(c)
|
Less than or equal to
$28.65
, the Conversion Rate shall be
34.9026
.
|
|
2016
|
2017
|
2018
|
2019
|
2020
|
||||||||||
|
(millions)
|
||||||||||||||
Great Plains Energy
|
$
|
99.6
|
|
$
|
45.5
|
|
$
|
20.6
|
|
$
|
98.9
|
|
$
|
151.9
|
|
KCP&L
|
83.8
|
|
30.1
|
|
14.4
|
|
87.3
|
|
130.0
|
|
|
|
June 30
|
|
December 31
|
||||||
|
|
2016
|
|
|
2015
|
|
||||
|
|
(millions)
|
|
|||||||
Net receivable from GMO
|
|
$
|
49.2
|
|
|
|
$
|
50.0
|
|
|
Net receivable from Great Plains Energy
|
|
19.2
|
|
|
|
15.8
|
|
|
|
June 30
|
|
December 31
|
||||||||||||
|
2016
|
|
2015
|
||||||||||||
|
Notional
Contract
Amount
|
|
Fair
Value
|
|
Notional
Contract
Amount
|
|
Fair
Value
|
||||||||
Great Plains Energy
|
(millions)
|
||||||||||||||
Non-hedging derivatives
|
|
|
|
|
|
|
|
||||||||
Futures contracts
|
$
|
25.1
|
|
|
$
|
0.5
|
|
|
$
|
26.6
|
|
|
$
|
(5.7
|
)
|
Forward contracts
|
13.5
|
|
|
2.9
|
|
|
15.6
|
|
|
3.1
|
|
||||
Transmission congestion rights
|
6.7
|
|
|
0.5
|
|
|
5.6
|
|
|
(0.5
|
)
|
||||
Interest rate swaps
|
4,415.0
|
|
|
(77.0
|
)
|
|
—
|
|
|
—
|
|
||||
KCP&L
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-hedging derivatives
|
|
|
|
|
|
|
|
|
|
|
|
||||
Futures contracts
|
$
|
3.3
|
|
|
$
|
(0.4
|
)
|
|
$
|
0.9
|
|
|
$
|
(0.1
|
)
|
Transmission congestion rights
|
5.1
|
|
|
0.5
|
|
|
4.1
|
|
|
(0.4
|
)
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
||||
|
Balance Sheet
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||
June 30, 2016
|
Classification
|
|
Fair Value
|
|
Fair Value
|
||||||||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
(millions)
|
|
||||||||
Commodity contracts
|
Other
|
|
|
$
|
5.8
|
|
|
|
|
$
|
1.9
|
|
|
Interest rate contracts
|
Derivative instruments
|
|
|
—
|
|
|
|
|
77.0
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
|
|
|
||
Commodity contracts
|
Other/Derivative instruments
|
|
|
$
|
3.3
|
|
|
|
|
$
|
6.4
|
|
|
KCP&L
|
|
|
|
|
|
|
|
|
|
||||
|
Balance Sheet
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||
June 30, 2016
|
Classification
|
|
Fair Value
|
|
Fair Value
|
||||||||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
(millions)
|
|
||||||||
Commodity contracts
|
Other
|
|
|
$
|
0.6
|
|
|
|
|
$
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
|
|
|
||
Commodity contracts
|
Other
|
|
|
$
|
0.2
|
|
|
|
|
$
|
0.7
|
|
|
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
|
||||||||||||||||||||||||
June 30, 2016
|
(millions)
|
||||||||||||||||||||||||||||||||||
Derivative assets
|
|
$
|
0.6
|
|
|
|
|
$
|
(0.1
|
)
|
|
|
|
$
|
0.5
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
0.5
|
|
|
Derivative liabilities
|
|
0.5
|
|
|
|
|
(0.5
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets
|
|
$
|
0.2
|
|
|
|
|
$
|
(0.2
|
)
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Derivative liabilities
|
|
0.7
|
|
|
|
|
(0.3
|
)
|
|
|
|
0.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.4
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended June 30
|
|
Year to Date
June 30 |
||||||||||||
Derivatives Not Designated as Hedging Instruments
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Location of Gain (Loss)
|
|
(millions)
|
||||||||||||||
Electric revenues
|
|
$
|
0.1
|
|
|
$
|
(2.5
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
(7.7
|
)
|
Fuel
|
|
(2.6
|
)
|
|
(0.6
|
)
|
|
(4.5
|
)
|
|
(1.1
|
)
|
||||
Purchased power
|
|
(0.1
|
)
|
|
(1.1
|
)
|
|
(0.3
|
)
|
|
(1.2
|
)
|
||||
Interest charges
|
|
(77.0
|
)
|
|
—
|
|
|
(77.0
|
)
|
|
—
|
|
||||
Regulatory asset
|
|
6.1
|
|
|
3.1
|
|
|
(0.1
|
)
|
|
(3.2
|
)
|
||||
Regulatory liability
|
|
1.2
|
|
|
—
|
|
|
1.2
|
|
|
—
|
|
||||
Total
|
|
$
|
(72.3
|
)
|
|
$
|
(1.1
|
)
|
|
$
|
(81.0
|
)
|
|
$
|
(13.2
|
)
|
KCP&L
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended June 30
|
|
Year to Date
June 30 |
||||||||||||
Derivatives Not Designated as Hedging Instruments
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Location of Gain (Loss)
|
|
(millions)
|
||||||||||||||
Electric revenues
|
|
$
|
0.1
|
|
|
$
|
(2.5
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
(7.7
|
)
|
Fuel
|
|
(0.5
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
0.2
|
|
||||
Regulatory asset
|
|
0.1
|
|
|
1.4
|
|
|
(0.1
|
)
|
|
—
|
|
||||
Regulatory liability
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|
—
|
|
||||
Total
|
|
$
|
0.2
|
|
|
$
|
(1.1
|
)
|
|
$
|
—
|
|
|
$
|
(7.5
|
)
|
Description
|
June 30
2016 |
|
|
Level 1
|
|
|
Level 2
|
|
Level 3
|
||||||||||||||
KCP&L
|
|
(millions)
|
|
||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Nuclear decommissioning trust
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
$
|
140.1
|
|
|
|
|
$
|
140.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury
|
|
28.8
|
|
|
|
|
28.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
U.S. Agency
|
|
1.8
|
|
|
|
|
—
|
|
|
|
|
1.8
|
|
|
|
|
—
|
|
|
||||
State and local obligations
|
|
3.2
|
|
|
|
|
—
|
|
|
|
|
3.2
|
|
|
|
|
—
|
|
|
||||
Corporate bonds
|
|
34.0
|
|
|
|
|
—
|
|
|
|
|
34.0
|
|
|
|
|
—
|
|
|
||||
Foreign governments
|
|
0.3
|
|
|
|
|
—
|
|
|
|
|
0.3
|
|
|
|
|
—
|
|
|
||||
Cash equivalents
|
|
2.1
|
|
|
|
|
2.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total nuclear decommissioning trust
|
|
210.3
|
|
|
|
|
171.0
|
|
|
|
|
39.3
|
|
|
|
|
—
|
|
|
||||
Self-insured health plan trust
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
0.9
|
|
|
|
|
0.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Debt securities
|
|
4.4
|
|
|
|
|
—
|
|
|
|
|
4.4
|
|
|
|
|
—
|
|
|
||||
Cash and cash equivalents
|
|
9.2
|
|
|
|
|
9.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total self-insured health plan trust
|
|
14.5
|
|
|
|
|
10.1
|
|
|
|
|
4.4
|
|
|
|
|
—
|
|
|
||||
Derivative instruments - commodity
(c)
|
|
0.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.6
|
|
|
||||
Total
|
|
$
|
225.4
|
|
|
|
|
$
|
181.1
|
|
|
|
|
$
|
43.7
|
|
|
|
|
$
|
0.6
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments - commodity
(c)
|
|
0.5
|
|
|
|
|
0.4
|
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
||||
Total
|
|
$
|
0.5
|
|
|
|
|
$
|
0.4
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
0.1
|
|
|
Other Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments - commodity
(c)
|
|
$
|
5.2
|
|
|
|
|
$
|
2.1
|
|
|
|
|
$
|
2.5
|
|
|
|
|
$
|
0.6
|
|
|
SERP rabbi trusts
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
0.1
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total
|
|
$
|
5.3
|
|
|
|
|
$
|
2.2
|
|
|
|
|
$
|
2.5
|
|
|
|
|
$
|
0.6
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commodity
(c)
|
|
$
|
1.4
|
|
|
|
|
$
|
1.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
0.2
|
|
|
Interest rates
(e)
|
|
77.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
77.0
|
|
|
||||
Total derivative instruments
|
|
78.4
|
|
|
|
|
1.2
|
|
|
|
|
—
|
|
|
|
|
77.2
|
|
|
||||
Total
|
|
$
|
78.4
|
|
|
|
|
$
|
1.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
77.2
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Nuclear decommissioning trust
(a)
|
|
$
|
210.3
|
|
|
|
|
$
|
171.0
|
|
|
|
|
$
|
39.3
|
|
|
|
|
$
|
—
|
|
|
Self-insured health plan trust
(b)
|
|
14.5
|
|
|
|
|
10.1
|
|
|
|
|
4.4
|
|
|
|
|
—
|
|
|
||||
Derivative instruments
(c)
|
|
5.8
|
|
|
|
|
2.1
|
|
|
|
|
2.5
|
|
|
|
|
1.2
|
|
|
||||
SERP rabbi trusts
(d)
|
|
0.1
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total
|
|
$
|
230.7
|
|
|
|
|
$
|
183.3
|
|
|
|
|
$
|
46.2
|
|
|
|
|
$
|
1.2
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments
(c) (e)
|
|
78.9
|
|
|
|
|
1.6
|
|
|
|
|
—
|
|
|
|
|
77.3
|
|
|
||||
Total
|
|
$
|
78.9
|
|
|
|
|
$
|
1.6
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
77.3
|
|
|
Description
|
December 31
2015 |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
KCP&L
|
|
(millions)
|
|
||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Nuclear decommissioning trust
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
$
|
135.4
|
|
|
|
|
$
|
135.4
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury
|
|
26.4
|
|
|
|
|
26.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
U.S. Agency
|
|
1.8
|
|
|
|
|
—
|
|
|
|
|
1.8
|
|
|
|
|
—
|
|
|
||||
State and local obligations
|
|
4.0
|
|
|
|
|
—
|
|
|
|
|
4.0
|
|
|
|
|
—
|
|
|
||||
Corporate bonds
|
|
29.2
|
|
|
|
|
—
|
|
|
|
|
29.2
|
|
|
|
|
—
|
|
|
||||
Foreign governments
|
|
0.3
|
|
|
|
|
—
|
|
|
|
|
0.3
|
|
|
|
|
—
|
|
|
||||
Cash equivalents
|
|
3.6
|
|
|
|
|
3.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total nuclear decommissioning trust
|
|
200.7
|
|
|
|
|
165.4
|
|
|
|
|
35.3
|
|
|
|
|
—
|
|
|
||||
Self-insured health plan trust
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
1.1
|
|
|
|
|
1.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Debt securities
|
|
7.3
|
|
|
|
|
—
|
|
|
|
|
7.3
|
|
|
|
|
—
|
|
|
||||
Cash and cash equivalents
|
|
5.2
|
|
|
|
|
5.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total self-insured health plan trust
|
|
13.6
|
|
|
|
|
6.3
|
|
|
|
|
7.3
|
|
|
|
|
—
|
|
|
||||
Derivative instruments - commodity
(c)
|
|
0.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.2
|
|
|
||||
Total
|
|
$
|
214.5
|
|
|
|
|
$
|
171.7
|
|
|
|
|
$
|
42.6
|
|
|
|
|
$
|
0.2
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative instruments - commodity
(c)
|
|
0.7
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
0.6
|
|
|
||||
Total
|
|
$
|
0.7
|
|
|
|
|
$
|
0.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
0.6
|
|
|
Other Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments - commodity
(c)
|
|
$
|
3.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
2.7
|
|
|
|
|
$
|
0.4
|
|
|
SERP rabbi trusts
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
0.1
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total
|
|
$
|
3.2
|
|
|
|
|
$
|
0.1
|
|
|
|
|
$
|
2.7
|
|
|
|
|
$
|
0.4
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments - commodity
(c)
|
|
5.7
|
|
|
|
|
5.6
|
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
||||
Total
|
|
$
|
5.7
|
|
|
|
|
$
|
5.6
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
0.1
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Nuclear decommissioning trust
(a)
|
|
$
|
200.7
|
|
|
|
|
$
|
165.4
|
|
|
|
|
$
|
35.3
|
|
|
|
|
$
|
—
|
|
|
Self-insured health plan trust
(b)
|
|
13.6
|
|
|
|
|
6.3
|
|
|
|
|
7.3
|
|
|
|
|
—
|
|
|
||||
Derivative instruments
(c)
|
|
3.3
|
|
|
|
|
—
|
|
|
|
|
2.7
|
|
|
|
|
0.6
|
|
|
||||
SERP rabbi trusts
(d)
|
|
0.1
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total
|
|
$
|
217.7
|
|
|
|
|
$
|
171.8
|
|
|
|
|
$
|
45.3
|
|
|
|
|
$
|
0.6
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments
(c)
|
|
6.4
|
|
|
|
|
5.7
|
|
|
|
|
—
|
|
|
|
|
0.7
|
|
|
||||
Total
|
|
$
|
6.4
|
|
|
|
|
$
|
5.7
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
0.7
|
|
|
(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 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities.
|
(c)
|
The fair value of commodity 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 valued using pricing models for which observable market data is available to corroborate the valuation inputs. Derivative instruments classified as Level 3 represent non-exchange traded derivative instruments valued using pricing models 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)
|
At June 30, 2016, and December 31, 2015, the Supplemental Executive Retirement Plan (SERP) rabbi trusts also included
$16.2 million
and
$16.6 million
, respectively, of fixed income funds valued at net asset value (NAV) per share (or its equivalent) that are not categorized in the fair value hierarchy. 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.
|
(e)
|
The fair value of the interest rate derivative instruments is determined by calculating the net present value of expected payments and receipts under the interest rate swaps using observable market inputs including interest rates and LIBOR swap rates. As of June 30, 2016, the calculated net present value was discounted by a contingency factor of
0.45
that management believes is representative of what
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Gains and Losses on Cash Flow Hedges
(a)
|
|
Defined Benefit Pension Items
(a)
|
|
|
Total
(a)
|
|
||||||||||
|
|
(millions)
|
||||||||||||||||
Year to Date June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Beginning balance January 1
|
|
|
$
|
(10.1
|
)
|
|
|
|
$
|
(1.9
|
)
|
|
|
|
$
|
(12.0
|
)
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
2.8
|
|
|
|
|
0.2
|
|
|
|
|
3.0
|
|
|
|||
Net current period other comprehensive income
|
|
|
2.8
|
|
|
|
|
0.2
|
|
|
|
|
3.0
|
|
|
|||
Ending balance June 30
|
|
|
$
|
(7.3
|
)
|
|
|
|
$
|
(1.7
|
)
|
|
|
|
$
|
(9.0
|
)
|
|
Year to Date June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Beginning balance January 1
|
|
|
$
|
(15.8
|
)
|
|
|
|
$
|
(2.9
|
)
|
|
|
|
$
|
(18.7
|
)
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
2.8
|
|
|
|
|
0.3
|
|
|
|
|
3.1
|
|
|
|||
Net current period other comprehensive income
|
|
|
2.8
|
|
|
|
|
0.3
|
|
|
|
|
3.1
|
|
|
|||
Ending balance June 30
|
|
|
$
|
(13.0
|
)
|
|
|
|
$
|
(2.6
|
)
|
|
|
|
$
|
(15.6
|
)
|
|
Great Plains Energy
|
|
|
|
|
|
|
||||
Details about Accumulated Other Comprehensive Loss Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
|
Affected Line Item in the Income Statement
|
||||||
Three Months Ended June 30
|
|
2016
|
|
2015
|
|
|
||||
|
|
(millions)
|
|
|
||||||
Gains and (losses) on cash flow hedges (effective portion)
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(2.2
|
)
|
|
$
|
(2.3
|
)
|
|
Interest charges
|
|
|
(2.2
|
)
|
|
(2.3
|
)
|
|
Income before income tax expense and income from equity investments
|
||
|
|
0.8
|
|
|
0.9
|
|
|
Income tax benefit
|
||
|
|
$
|
(1.4
|
)
|
|
$
|
(1.4
|
)
|
|
Net income
|
Amortization of defined benefit pension items
|
|
|
|
|
|
|
||||
Net losses included in net periodic benefit costs
|
|
$
|
(0.2
|
)
|
|
$
|
(0.2
|
)
|
|
Utility operating and maintenance expenses
|
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
Income before income tax expense and income from equity investments
|
||
|
|
0.1
|
|
|
—
|
|
|
Income tax benefit
|
||
|
|
$
|
(0.1
|
)
|
|
$
|
(0.2
|
)
|
|
Net income
|
|
|
|
|
|
|
|
||||
Total reclassifications, net of tax
|
|
$
|
(1.5
|
)
|
|
$
|
(1.6
|
)
|
|
Net income
|
|
|
|
|
|
|
|
||||
Great Plains Energy
|
|
|
|
|
|
|
||||
Details about Accumulated Other Comprehensive Loss Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
|
Affected Line Item in the Income Statement
|
||||||
Year to Date June 30
|
|
2016
|
|
2015
|
|
|
||||
|
|
(millions)
|
|
|
||||||
Gains and (losses) on cash flow hedges (effective portion)
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(4.6
|
)
|
|
$
|
(4.6
|
)
|
|
Interest charges
|
|
|
(4.6
|
)
|
|
(4.6
|
)
|
|
Income before income tax expense and income from equity investments
|
||
|
|
1.8
|
|
|
1.8
|
|
|
Income tax benefit
|
||
|
|
$
|
(2.8
|
)
|
|
$
|
(2.8
|
)
|
|
Net income
|
Amortization of defined benefit pension items
|
|
|
|
|
|
|
||||
Net losses included in net periodic benefit costs
|
|
$
|
(0.4
|
)
|
|
$
|
(0.4
|
)
|
|
Utility operating and maintenance expenses
|
|
|
(0.4
|
)
|
|
(0.4
|
)
|
|
Income before income tax expense and income from equity investments
|
||
|
|
0.2
|
|
|
0.1
|
|
|
Income tax benefit
|
||
|
|
$
|
(0.2
|
)
|
|
$
|
(0.3
|
)
|
|
Net income
|
|
|
|
|
|
|
|
||||
Total reclassifications, net of tax
|
|
$
|
(3.0
|
)
|
|
$
|
(3.1
|
)
|
|
Net income
|
KCP&L
|
|
|
|
|
|
|
||||
Details about Accumulated Other Comprehensive Loss Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
|
Affected Line Item in the Income Statement
|
||||||
Three Months Ended June 30
|
|
2016
|
|
2015
|
|
|
||||
|
|
(millions)
|
|
|
||||||
Gains and (losses) on cash flow hedges (effective portion)
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(2.1
|
)
|
|
$
|
(2.1
|
)
|
|
Interest charges
|
|
|
(2.1
|
)
|
|
(2.1
|
)
|
|
Income before income tax expense
|
||
|
|
0.7
|
|
|
0.8
|
|
|
Income tax benefit
|
||
Total reclassifications, net of tax
|
|
$
|
(1.4
|
)
|
|
$
|
(1.3
|
)
|
|
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
|
||||||
Year to Date June 30
|
|
2016
|
|
2015
|
|
|
||||
|
|
(millions)
|
|
|
||||||
Gains and (losses) on cash flow hedges (effective portion)
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(4.4
|
)
|
|
$
|
(4.4
|
)
|
|
Interest charges
|
|
|
(4.4
|
)
|
|
(4.4
|
)
|
|
Income before income tax expense
|
||
|
|
1.6
|
|
|
1.7
|
|
|
Income tax benefit
|
||
Total reclassifications, net of tax
|
|
$
|
(2.8
|
)
|
|
$
|
(2.7
|
)
|
|
Net income
|
|
||||||||||||||
|
Three Months Ended June 30
|
Year to Date
June 30 |
||||||||||||
Great Plains Energy
|
2016
|
|
2015
|
2016
|
|
2015
|
||||||||
Current income taxes
|
(millions)
|
|||||||||||||
Federal
|
$
|
—
|
|
|
$
|
—
|
|
$
|
(0.1
|
)
|
|
$
|
0.5
|
|
State
|
0.1
|
|
|
—
|
|
0.3
|
|
|
(0.1
|
)
|
||||
Total
|
0.1
|
|
|
—
|
|
0.2
|
|
|
0.4
|
|
||||
Deferred income taxes
|
|
|
|
|
|
|
|
|
||||||
Federal
|
11.7
|
|
|
20.3
|
|
21.4
|
|
|
25.4
|
|
||||
State
|
3.1
|
|
|
4.5
|
|
5.4
|
|
|
5.9
|
|
||||
Total
|
14.8
|
|
|
24.8
|
|
26.8
|
|
|
31.3
|
|
||||
Investment tax credit
|
|
|
|
|
|
|
||||||||
Deferral
|
2.5
|
|
|
—
|
|
2.5
|
|
|
—
|
|
||||
Investment tax credit amortization
|
(0.3
|
)
|
|
(0.3
|
)
|
(0.7
|
)
|
|
(0.7
|
)
|
||||
Total
|
2.2
|
|
|
(0.3
|
)
|
1.8
|
|
|
(0.7
|
)
|
||||
Income tax expense
|
$
|
17.1
|
|
|
$
|
24.5
|
|
$
|
28.8
|
|
|
$
|
31.0
|
|
|
Three Months Ended June 30
|
Year to Date
June 30 |
||||||||||||
KCP&L
|
2016
|
|
2015
|
2016
|
|
2015
|
||||||||
Current income taxes
|
(millions)
|
|||||||||||||
Federal
|
$
|
0.8
|
|
|
$
|
4.2
|
|
$
|
1.2
|
|
|
$
|
(1.5
|
)
|
State
|
0.2
|
|
|
0.7
|
|
0.3
|
|
|
(0.4
|
)
|
||||
Total
|
1.0
|
|
|
4.9
|
|
1.5
|
|
|
(1.9
|
)
|
||||
Deferred income taxes
|
|
|
|
|
|
|
|
|
|
|
||||
Federal
|
30.6
|
|
|
7.9
|
|
39.0
|
|
|
16.2
|
|
||||
State
|
6.0
|
|
|
2.4
|
|
8.0
|
|
|
4.4
|
|
||||
Total
|
36.6
|
|
|
10.3
|
|
47.0
|
|
|
20.6
|
|
||||
Investment tax credit amortization
|
(0.3
|
)
|
|
(0.3
|
)
|
(0.5
|
)
|
|
(0.5
|
)
|
||||
Income tax expense
|
$
|
37.3
|
|
|
$
|
14.9
|
|
$
|
48.0
|
|
|
$
|
18.2
|
|
|
Three Months Ended
June 30
|
Year to Date
June 30 |
||||||||
Great Plains Energy
|
2016
|
|
2015
|
2016
|
|
2015
|
||||
Federal statutory income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
35.0
|
%
|
|
35.0
|
%
|
Differences between book and tax depreciation not normalized
|
—
|
|
|
1.3
|
|
0.2
|
|
|
0.8
|
|
Amortization of investment tax credits
|
(0.7
|
)
|
|
(0.5
|
)
|
(0.8
|
)
|
|
(0.8
|
)
|
Federal income tax credits
|
(5.9
|
)
|
|
(4.0
|
)
|
(6.8
|
)
|
|
(5.6
|
)
|
State income taxes
|
4.2
|
|
|
3.8
|
|
4.2
|
|
|
3.7
|
|
Other
|
2.1
|
|
|
(0.1
|
)
|
1.2
|
|
|
(0.3
|
)
|
Effective income tax rate
|
34.7
|
%
|
|
35.5
|
%
|
33.0
|
%
|
|
32.8
|
%
|
|
Three Months Ended
June 30
|
Year to Date
June 30 |
||||||||
KCP&L
|
2016
|
|
2015
|
2016
|
|
2015
|
||||
Federal statutory income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
35.0
|
%
|
|
35.0
|
%
|
Differences between book and tax depreciation not normalized
|
(0.1
|
)
|
|
2.0
|
|
—
|
|
|
1.3
|
|
Amortization of investment tax credits
|
(0.3
|
)
|
|
(0.6
|
)
|
(0.4
|
)
|
|
(0.9
|
)
|
Federal income tax credits
|
(2.3
|
)
|
|
(6.2
|
)
|
(3.7
|
)
|
|
(8.7
|
)
|
State income taxes
|
3.9
|
|
|
4.1
|
|
3.9
|
|
|
4.0
|
|
Other
|
(0.1
|
)
|
|
(0.6
|
)
|
(0.2
|
)
|
|
(0.7
|
)
|
Effective income tax rate
|
36.1
|
%
|
|
33.7
|
%
|
34.6
|
%
|
|
30.0
|
%
|
Three Months Ended June 30, 2016
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||
Operating revenues
|
|
$
|
670.8
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
670.8
|
|
|
Depreciation and amortization
|
|
(85.3
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(85.3
|
)
|
|
||||
Interest (charges) income
|
|
(49.0
|
)
|
|
|
|
(91.9
|
)
|
|
|
|
8.0
|
|
|
|
|
(132.9
|
)
|
|
||||
Income tax (expense) benefit
|
|
(51.2
|
)
|
|
|
|
34.1
|
|
|
|
|
—
|
|
|
|
|
(17.1
|
)
|
|
||||
Net income (loss)
|
|
88.3
|
|
|
|
|
(56.3
|
)
|
|
|
|
—
|
|
|
|
|
32.0
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year to Date June 30, 2016
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||
Operating revenues
|
|
$
|
1,242.9
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1,242.9
|
|
|
Depreciation and amortization
|
|
(170.5
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(170.5
|
)
|
|
||||
Interest (charges) income
|
|
(98.1
|
)
|
|
|
|
(102.0
|
)
|
|
|
|
16.0
|
|
|
|
|
(184.1
|
)
|
|
||||
Income tax (expense) benefit
|
|
(64.3
|
)
|
|
|
|
35.5
|
|
|
|
|
—
|
|
|
|
|
(28.8
|
)
|
|
||||
Net income (loss)
|
|
117.3
|
|
|
|
|
(58.9
|
)
|
|
|
|
—
|
|
|
|
|
58.4
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Three Months Ended June 30, 2015
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||
Operating revenues
|
|
$
|
609.0
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
609.0
|
|
|
Depreciation and amortization
|
|
(83.5
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(83.5
|
)
|
|
||||
Interest (charges) income
|
|
(47.9
|
)
|
|
|
|
(10.1
|
)
|
|
|
|
8.0
|
|
|
|
|
(50.0
|
)
|
|
||||
Income tax (expense) benefit
|
|
(25.6
|
)
|
|
|
|
1.1
|
|
|
|
|
—
|
|
|
|
|
(24.5
|
)
|
|
||||
Net income (loss)
|
|
46.4
|
|
|
|
|
(2.0
|
)
|
|
|
|
—
|
|
|
|
|
44.4
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year to Date June 30, 2015
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||
Operating revenues
|
|
$
|
1,158.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1,158.1
|
|
|
Depreciation and amortization
|
|
(163.3
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(163.3
|
)
|
|
||||
Interest (charges) income
|
|
(93.2
|
)
|
|
|
|
(20.1
|
)
|
|
|
|
16.0
|
|
|
|
|
(97.3
|
)
|
|
||||
Income tax (expense) benefit
|
|
(33.5
|
)
|
|
|
|
2.5
|
|
|
|
|
—
|
|
|
|
|
(31.0
|
)
|
|
||||
Net income (loss)
|
|
67.3
|
|
|
|
|
(4.0
|
)
|
|
|
|
—
|
|
|
|
|
63.3
|
|
|
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
June 30, 2016
|
|
(millions)
|
|
||||||||||||||||||||
Assets
|
|
$
|
11,304.5
|
|
|
|
|
$
|
104.0
|
|
|
|
|
$
|
(398.2
|
)
|
|
|
|
$
|
11,010.3
|
|
|
Capital expenditures
(a)
|
|
302.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
302.4
|
|
|
||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
$
|
11,045.5
|
|
|
|
|
$
|
(51.1
|
)
|
|
|
|
$
|
(255.8
|
)
|
|
|
|
$
|
10,738.6
|
|
|
Capital expenditures
(a)
|
|
677.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
677.1
|
|
|
|
|
Three Months Ended
|
|
Year to Date
|
|||||||||||
|
|
June 30, 2016
|
|
June 30, 2016
|
|||||||||||
|
|
(millions, except per share amounts)
|
|||||||||||||
|
|
|
Earnings per diluted share
|
|
|
|
Earnings per diluted share
|
||||||||
Earnings available for common shareholders
|
$
|
31.6
|
|
$
|
0.20
|
|
|
$
|
57.6
|
|
|
$
|
0.37
|
|
|
Costs to achieve the anticipated acquisition of Westar:
|
|
|
|
|
|
|
|||||||||
Operating expense
(a)
|
5.0
|
|
|
|
5.0
|
|
|
|
|||||||
Financing
(b)
|
4.7
|
|
|
|
4.7
|
|
|
|
|||||||
Mark-to-market impacts of interest rate swaps
(c)
|
77.0
|
|
|
|
77.0
|
|
|
|
|||||||
Income tax benefit
|
(32.7
|
)
|
|
|
(32.7
|
)
|
|
|
|||||||
Adjusted earnings (non-GAAP)
|
$
|
85.6
|
|
$
|
0.55
|
|
|
$
|
111.6
|
|
|
$
|
0.72
|
|
|
Three Months Ended June 30
|
|
Year to Date
June 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(millions)
|
||||||||||||||
Operating revenues
|
$
|
670.8
|
|
|
$
|
609.0
|
|
|
$
|
1,242.9
|
|
|
$
|
1,158.1
|
|
Fuel
|
(89.4
|
)
|
|
(99.9
|
)
|
|
(180.0
|
)
|
|
(207.5
|
)
|
||||
Purchased power
|
(53.1
|
)
|
|
(48.8
|
)
|
|
(98.1
|
)
|
|
(94.2
|
)
|
||||
Transmission
|
(17.2
|
)
|
|
(20.3
|
)
|
|
(40.7
|
)
|
|
(41.2
|
)
|
||||
Other operating expenses
|
(238.5
|
)
|
|
(236.6
|
)
|
|
(476.4
|
)
|
|
(461.9
|
)
|
||||
Costs to achieve the anticipated acquisition of Westar
|
(5.0
|
)
|
|
—
|
|
|
(5.0
|
)
|
|
—
|
|
||||
Depreciation and amortization
|
(85.3
|
)
|
|
(83.5
|
)
|
|
(170.5
|
)
|
|
(163.3
|
)
|
||||
Operating income
|
182.3
|
|
|
119.9
|
|
|
272.2
|
|
|
190.0
|
|
||||
Non-operating income and expenses
|
(1.0
|
)
|
|
(1.4
|
)
|
|
(2.3
|
)
|
|
0.9
|
|
||||
Interest charges
|
(132.9
|
)
|
|
(50.0
|
)
|
|
(184.1
|
)
|
|
(97.3
|
)
|
||||
Income tax expense
|
(17.1
|
)
|
|
(24.5
|
)
|
|
(28.8
|
)
|
|
(31.0
|
)
|
||||
Income from equity investments
|
0.7
|
|
|
0.4
|
|
|
1.4
|
|
|
0.7
|
|
||||
Net income
|
32.0
|
|
|
44.4
|
|
|
58.4
|
|
|
63.3
|
|
||||
Preferred dividends
|
(0.4
|
)
|
|
(0.4
|
)
|
|
(0.8
|
)
|
|
(0.8
|
)
|
||||
Earnings available for common shareholders
|
$
|
31.6
|
|
|
$
|
44.0
|
|
|
$
|
57.6
|
|
|
$
|
62.5
|
|
Reconciliation of gross margin to operating revenue:
|
|
|
|
|
|
|
|
||||||||
Operating revenues
|
$
|
670.8
|
|
|
$
|
609.0
|
|
|
$
|
1,242.9
|
|
|
$
|
1,158.1
|
|
Fuel
|
(89.4
|
)
|
|
(99.9
|
)
|
|
(180.0
|
)
|
|
(207.5
|
)
|
||||
Purchased power
|
(53.1
|
)
|
|
(48.8
|
)
|
|
(98.1
|
)
|
|
(94.2
|
)
|
||||
Transmission
|
(17.2
|
)
|
|
(20.3
|
)
|
|
(40.7
|
)
|
|
(41.2
|
)
|
||||
Gross margin
(a)
|
$
|
511.1
|
|
|
$
|
440.0
|
|
|
$
|
924.1
|
|
|
$
|
815.2
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin below.
|
•
|
a $71.1 million increase in gross margin driven by new retail rates, warmer weather, new cost recovery mechanisms and an increase in MEEIA throughput disincentive; partially offset by a decrease in weather-normalized demand; and
|
•
|
a $25.6 million increase in income tax expense primarily due to an increase in pre-tax income.
|
•
|
a $108.9 million increase in gross margin driven by warmer weather, new retail rates, new cost recovery mechanisms and an increase in MEEIA throughput disincentive; partially offset by a decrease in weather-normalized demand;
|
•
|
a $12.9 million increase in other operating expenses driven by an increase in Wolf Creek operating and maintenance expenses primarily due to increased refueling outage amortization, an increase in pension expense and equity compensation expense, and an increase in general taxes driven by higher property taxes and higher gross receipts taxes due to an increase in retail revenues, partially offset by a decrease in plant operating and maintenance expenses;
|
•
|
a $7.2 million increase in depreciation and amortization expense driven by capital additions;
|
•
|
a $3.1 million decrease in non-operating income and expenses driven by a decrease in the equity component of AFUDC;
|
•
|
a $4.9 million increase in interest charges primarily due to an increase in interest expense in 2016 related to KCP&L's issuance of $350 million of 3.65% Senior Notes in August 2015; partially offset by a decrease in interest expense due to KCP&L's purchase in lieu of redemption of its $50.0 million and $21.9 million EIRR Series 2005 bonds in September 2015; and
|
•
|
a $30.8 million increase in income tax expense primarily due to an increase in pre-tax income.
|
•
|
$5.0 million of operating expenses for costs to achieve the anticipated acquisition of Westar;
|
•
|
$4.7 million of interest charges for fees incurred for a bridge term loan facility entered into in connection with the anticipated acquisition of Westar;
|
•
|
a $77.0 million mark-to-market loss on interest rate swaps entered into in June 2016 to hedge against interest rate fluctuations on future issuances of long-term debt expected to be issued to finance a portion of the cash consideration for the anticipated acquisition of Westar
;
and
|
•
|
$32.7 million of income tax benefits related to these items.
|
|
Three Months Ended June 30
|
|
Year to Date
June 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(millions)
|
||||||||||||||
Operating revenues
|
$
|
670.8
|
|
|
$
|
609.0
|
|
|
$
|
1,242.9
|
|
|
$
|
1,158.1
|
|
Fuel
|
(89.4
|
)
|
|
(99.9
|
)
|
|
(180.0
|
)
|
|
(207.5
|
)
|
||||
Purchased power
|
(53.1
|
)
|
|
(48.8
|
)
|
|
(98.1
|
)
|
|
(94.2
|
)
|
||||
Transmission
|
(17.2
|
)
|
|
(20.3
|
)
|
|
(40.7
|
)
|
|
(41.2
|
)
|
||||
Other operating expenses
|
(236.8
|
)
|
|
(235.7
|
)
|
|
(473.1
|
)
|
|
(460.2
|
)
|
||||
Depreciation and amortization
|
(85.3
|
)
|
|
(83.5
|
)
|
|
(170.5
|
)
|
|
(163.3
|
)
|
||||
Operating income
|
189.0
|
|
|
120.8
|
|
|
280.5
|
|
|
191.7
|
|
||||
Non-operating income and expenses
|
(0.5
|
)
|
|
(0.9
|
)
|
|
(0.8
|
)
|
|
2.3
|
|
||||
Interest charges
|
(49.0
|
)
|
|
(47.9
|
)
|
|
(98.1
|
)
|
|
(93.2
|
)
|
||||
Income tax expense
|
(51.2
|
)
|
|
(25.6
|
)
|
|
(64.3
|
)
|
|
(33.5
|
)
|
||||
Net income
|
$
|
88.3
|
|
|
$
|
46.4
|
|
|
$
|
117.3
|
|
|
$
|
67.3
|
|
Reconciliation of gross margin to operating revenue
|
|
|
|
|
|
|
|
||||||||
Operating revenues
|
$
|
670.8
|
|
|
$
|
609.0
|
|
|
$
|
1,242.9
|
|
|
$
|
1,158.1
|
|
Fuel
|
(89.4
|
)
|
|
(99.9
|
)
|
|
(180.0
|
)
|
|
(207.5
|
)
|
||||
Purchased power
|
(53.1
|
)
|
|
(48.8
|
)
|
|
(98.1
|
)
|
|
(94.2
|
)
|
||||
Transmission
|
(17.2
|
)
|
|
(20.3
|
)
|
|
(40.7
|
)
|
|
(41.2
|
)
|
||||
Gross margin
(a)
|
$
|
511.1
|
|
|
$
|
440.0
|
|
|
$
|
924.1
|
|
|
$
|
815.2
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
•
|
an estimated $36 million increase due to new retail rates and an estimated $11 million increase due to new cost recovery mechanisms for KCP&L in Missouri effective September 29, 2015, and in Kansas effective October 1, 2015;
|
•
|
a $7.0 million increase in MEEIA throughput disincentive;
|
•
|
an estimated $28 million increase due to warmer weather driven by a 31% increase in cooling degree days; and
|
•
|
an estimated $8 million decrease from weather-normalized retail demand.
|
•
|
an estimated $65 million increase due to new retail rates and an estimated $27 million increase due to new cost recovery mechanisms for KCP&L in Missouri effective September 29, 2015, and in Kansas effective October 1, 2015;
|
•
|
an $11.9 million increase in MEEIA throughput disincentive;
|
•
|
an estimated $11 million increase due to weather with a 31% increase in cooling degree days in the second quarter of 2016 partially offset by a 16% decrease in heating degree days in the first quarter of 2016; and
|
•
|
an estimated $7 million decrease from weather-normalized retail demand.
|
•
|
a $5.0 million increase in Wolf Creek operating and maintenance expenses primarily due to increased refueling outage amortization;
|
•
|
a $4.5 million increase in pension expense corresponding to the resetting of pension expense trackers with the effective date of new retail rates;
|
•
|
a $2.6 million increase in equity compensation expense;
|
•
|
a $6.1 million increase in general taxes driven by higher property taxes and higher gross receipts taxes due to an increase in retail revenues; and
|
•
|
a $7.2 million decrease in plant operating and maintenance expense due to fewer planned outages in 2016.
|
•
|
Great Plains Energy's receivables, net increased $64.1 million primarily due to seasonal increases in customer accounts receivable.
|
•
|
Great Plains Energy's notes payable increased $64.0 million primarily due to borrowings for up-front fees and other expenses incurred in connection with the anticipated acquisition of Westar.
|
•
|
Great Plains Energy's commercial paper
increased
$116.4 million
primarily due to borrowings for general corporate purposes.
|
•
|
Great Plains Energy's current maturities of long-term debt increased $250.0 million and long-term debt decreased $250.1 million due to the reclassification of KCP&L's $250.0 million of 5.85% Senior Notes from long-term to current.
|
•
|
Great Plains Energy's accounts payable decreased $89.6 million primarily due to the timing of cash payments.
|
•
|
Great Plains Energy's accrued taxes increased $49.0 million primarily due to the timing of property tax payments.
|
•
|
Great Plains Energy's derivative instruments - current liabilities increased $76.5 million due to a $77.0 million mark-to-market loss on interest rate swaps entered into in June 2016 to hedge against interest rate fluctuations on future issuances of long-term debt expected to be issued to finance a portion of the cash consideration for the anticipated acquisition of Westar.
|
|
|
Year to Date
June 30 |
|
||||||
|
|
2016
|
|
2015
|
|
||||
|
(millions)
|
||||||||
Operating revenues
|
|
$
|
876.5
|
|
|
$
|
787.8
|
|
|
Fuel
|
|
(128.6
|
)
|
|
(147.9
|
)
|
|
||
Purchased power
|
|
(51.6
|
)
|
|
(50.5
|
)
|
|
||
Transmission
|
|
(30.3
|
)
|
|
(26.1
|
)
|
|
||
Other operating expenses
|
|
(335.3
|
)
|
|
(322.4
|
)
|
|
||
Depreciation and amortization
|
|
(122.2
|
)
|
|
(116.3
|
)
|
|
||
Operating income
|
|
208.5
|
|
|
124.6
|
|
|
||
Non-operating income and expenses
|
|
0.2
|
|
|
1.8
|
|
|
||
Interest charges
|
|
(70.2
|
)
|
|
(65.6
|
)
|
|
||
Income tax expense
|
|
(48.0
|
)
|
|
(18.2
|
)
|
|
||
Net income
|
|
$
|
90.5
|
|
|
$
|
42.6
|
|
|
Reconciliation of gross margin to operating revenue:
|
|
|
|
|
|
||||
Operating revenues
|
|
$
|
876.5
|
|
|
$
|
787.8
|
|
|
Fuel
|
|
(128.6
|
)
|
|
(147.9
|
)
|
|
||
Purchased power
|
|
(51.6
|
)
|
|
(50.5
|
)
|
|
||
Transmission
|
|
(30.3
|
)
|
|
(26.1
|
)
|
|
||
Gross margin
(a)
|
|
$
|
666.0
|
|
|
$
|
563.3
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
|
Revenues and Costs
|
|
%
|
|
MWhs Sold
|
|
%
|
||||||||||||
Year to Date June 30
|
2016
|
|
2015
|
|
Change
(c)
|
|
2016
|
|
2015
|
|
Change
|
||||||||
Retail revenues
|
(millions)
|
|
|
|
(thousands)
|
|
|
||||||||||||
Residential
|
$
|
321.0
|
|
|
$
|
287.9
|
|
|
11
|
|
|
2,469
|
|
|
2,483
|
|
|
(1
|
)
|
Commercial
|
373.7
|
|
|
347.2
|
|
|
8
|
|
|
3,613
|
|
|
3,702
|
|
|
(2
|
)
|
||
Industrial
|
70.8
|
|
|
62.9
|
|
|
13
|
|
|
903
|
|
|
872
|
|
|
3
|
|
||
Other retail revenues
|
6.6
|
|
|
6.1
|
|
|
9
|
|
|
43
|
|
|
42
|
|
|
—
|
|
||
Provision for rate refund
|
0.4
|
|
|
—
|
|
|
N/M
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Energy efficiency (MEEIA)
(a)
|
18.9
|
|
|
9.6
|
|
|
96
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Total retail
|
791.4
|
|
|
713.7
|
|
|
11
|
|
|
7,028
|
|
|
7,099
|
|
|
(1
|
)
|
||
Wholesale revenues
|
72.2
|
|
|
63.1
|
|
|
14
|
|
|
4,228
|
|
|
2,549
|
|
|
66
|
|
||
Other revenues
|
12.9
|
|
|
11.0
|
|
|
16
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Operating revenues
|
876.5
|
|
|
787.8
|
|
|
11
|
|
|
11,256
|
|
|
9,648
|
|
|
17
|
|
||
Fuel
|
(128.6
|
)
|
|
(147.9
|
)
|
|
(13
|
)
|
|
|
|
|
|
|
|||||
Purchased power
|
(51.6
|
)
|
|
(50.5
|
)
|
|
2
|
|
|
|
|
|
|
|
|||||
Transmission
|
(30.3
|
)
|
|
(26.1
|
)
|
|
16
|
|
|
|
|
|
|
|
|||||
Gross margin
(b)
|
$
|
666.0
|
|
|
$
|
563.3
|
|
|
18
|
|
|
|
|
|
|
|
|
|
(a)
|
Consists of recovery of program costs of $10.3 million and $8.0 million year to date June 30, 2016, and 2015, respectively, that have a direct offset in operating and maintenance expenses and recovery of throughput disincentive of $8.6 million and $1.6 million year to date June 30, 2016, and 2015, respectively.
|
(b)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
(c)
|
N/M - not meaningful
|
•
|
an estimated $65 million increase due to new retail rates and an estimated $27 million increase due to new cost recovery mechanisms for KCP&L in Missouri effective September 29, 2015, and in Kansas effective October 1, 2015;
|
•
|
a $7.0 million increase in MEEIA throughput disincentive;
|
•
|
an estimated $7 million increase due to warmer weather driven by a 31% increase in cooling degree days in the second quarter of 2016 partially offset by a 16% decrease in heating degree days in the first quarter of 2016; and
|
•
|
an estimated $4 million decrease from weather-normalized retail demand.
|
•
|
a $5.0 million increase in Wolf Creek operating and maintenance expenses primarily due to increased refueling outage amortization;
|
•
|
a $4.6 million increase in pension expense corresponding to the resetting of pension expense trackers with the effective date of new retail rates;
|
•
|
a $1.7 million increase in equity compensation expense;
|
•
|
a $6.2 million increase in general taxes driven by higher property taxes and higher gross receipts taxes due to an increase in retail revenues; and
|
•
|
a $5.9 million decrease in plant operating and maintenance expense due to fewer planned outages in 2016.
|
•
|
Great Plains Energy would not realize the anticipated benefits of the merger, including, among other things, increased operating efficiencies and future cost savings;
|
•
|
the attention of management of Great Plains Energy may have been diverted to the merger rather than to its own operations and the pursuit of other opportunities that could have been beneficial to the Company;
|
•
|
the potential loss of key personnel during the pendency of the merger as employees may experience uncertainty about their future roles with the combined company; and
|
•
|
the trading price of Great Plains Energy common stock may decline to the extent that the current market prices reflect a market assumption that the merger will be completed.
|
•
|
Great Plains Energy may be liable for damages to Westar under the terms and conditions of the Merger Agreement;
|
•
|
negative reactions from the financial markets, including declines in the price of Great Plains Energy common stock due to the fact that current prices may reflect a market assumption that the merger will be completed;
|
•
|
having to pay certain significant costs relating to the merger, including, in certain circumstances, a termination fee; and
|
•
|
the attention of management of Great Plains Energy will have been diverted to the merger rather than Great Plains Energy's own operations and pursuit of other opportunities that could have been beneficial to Great Plains Energy.
|
•
|
make it more difficult for the combined company to pay or refinance its debts as they become due during adverse economic and industry conditions because any decrease in revenues could cause the combined company to not have sufficient cash flows from operations to make its scheduled debt payments;
|
•
|
limit the combined company's flexibility to pursue other strategic opportunities or react to changes in its business and the industry in which it operates and, consequently, place the combined company at a competitive disadvantage to its competitors with less debt;
|
•
|
require a substantial portion of the combined company's cash flows from operations to be used for debt service payments, thereby reducing the availability of its cash flow to fund working capital, capital expenditures, acquisitions, dividend payments and other general corporate purposes;
|
•
|
result in a downgrade in the rating of the combined company's indebtedness, which could limit its ability to borrow additional funds or increase the interest rates applicable to its indebtedness (after the announcement of the merger, Moody's Investors Service placed its long-term ratings on Great Plains Energy on review for downgrade and Standard & Poor's Ratings Services revised the outlook on Great Plains Energy and several of its subsidiaries from stable to negative);
|
•
|
reduce the amount of credit available to Great Plains Energy and its subsidiaries to support its hedging activities;
|
•
|
result in higher interest expense in the event of increases in interest rates since some of Great Plains Energy's borrowings are, and will continue to be, at variable rates of interest; or
|
•
|
require that additional terms, conditions or covenants be placed on Great Plains Energy.
|
•
|
whether United States federal and state public utility, antitrust and other regulatory authorities whose approval is required to complete the merger impose conditions on the merger, which may have an adverse effect on the combined company, including its ability to achieve the anticipated benefits of the merger;
|
•
|
the ability of the two companies to combine certain of their operations or take advantage of expected growth opportunities;
|
•
|
general market and economic conditions;
|
•
|
general competitive factors in the marketplace; and
|
•
|
higher than expected costs required to achieve the anticipated benefits of the merger.
|
Exhibit
Number
|
|
Description of Document
|
|
Registrant
|
|
|
|
|
|
|
|
|
|
|
2.1
|
* +
|
Agreement and Plan of Merger, dated as of May 29, 2016, by and among Westar Energy, Inc., Great Plains Energy Incorporated and GP Star, Inc. (Exhibit 2.1 to Form 8-K filed on May 31, 2016)
|
|
Great Plains Energy
|
|
|
|
|
|
10.1
|
|
Third Amendment to the Credit Agreement, dated as of June 13, 2016, 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.
|
|
Great Plains Energy
|
|
|
|
|
|
10.2
|
*
|
Commitment Letter, dated as of May 29, 2016, by Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC to Great Plains Energy Incorporated (Exhibit 10.1 to Form 8-K filed on May 31, 2016).
|
|
Great Plains Energy
|
|
|
|
|
|
10.3
|
*
|
Stock Purchase Agreement, dated as of May 29, 2016, by and between OCM Credit Portfolio LP and Great Plains Energy (Exhibit 10.2 to Form 8-K filed on May 31, 2016).
|
|
Great Plains Energy
|
|
|
|
|
|
10.4
|
|
Great Plains Energy Incorporated Amended Long-Term Incentive Plan, as amended effective on May 3, 2016.
|
|
Great Plains Energy
|
|
|
|
|
|
31.1
|
|
Rule 13a-14(a)/15d-14(a) Certification of Terry Bassham.
|
|
Great Plains Energy
|
|
|
|
|
|
31.2
|
|
Rule 13a-14(a)/15d-14(a) Certification of Kevin E. Bryant.
|
|
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 Kevin E. Bryant.
|
|
KCP&L
|
|
|
|
|
|
32.1
|
**
|
Section 1350 Certifications.
|
|
Great Plains Energy
|
|
|
|
|
|
32.2
|
**
|
Section 1350 Certifications.
|
|
KCP&L
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document.
|
|
Great Plains Energy KCP&L
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
Great Plains Energy KCP&L
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
Great Plains Energy KCP&L
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
Great Plains Energy KCP&L
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase Document.
|
|
Great Plains Energy KCP&L
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
Great Plains Energy KCP&L
|
|
|
|
|
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|
|
|
Dated:
|
August 4, 2016
|
By:
/s/ Terry Bassham
|
|
|
(Terry Bassham)
|
|
|
(Chief Executive Officer)
|
|
|
|
Dated:
|
August 4, 2016
|
By:
/s/ Steven P. Busser
|
|
|
(Steven P. Busser)
|
|
|
(Principal Accounting Officer)
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|
|
|
Dated:
|
August 4, 2016
|
By:
/s/ Terry Bassham
|
|
|
(Terry Bassham)
|
|
|
(Chief Executive Officer)
|
|
|
|
Dated:
|
August 4, 2016
|
By:
/s/ Steven P. Busser
|
|
|
(Steven P. Busser)
|
|
|
(Principal Accounting Officer)
|
(a)
|
the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and
|
(b)
|
the effects of any Bail-in Action on any such liability, including, if applicable:
|
(i)
|
a reduction in full or in part or cancellation of any such liability;
|
(ii)
|
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
|
(iii)
|
the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.”
|
BORROWER
:
|
GREAT PLAINS ENERGY INCORPORATED,
|
LENDERS
:
|
MUFG Union Bank, N.A.,
|
LENDERS
:
|
BARCLAYS BANK PLC,
|
LENDERS
:
|
JPMORGAN CHASE BANK, N.A.,
|
LENDERS
:
|
Wells Fargo Bank, N.A.,
|
LENDERS
:
|
MNP Paribas.,
|
LENDERS
:
|
U.S. Bank National Association,
|
LENDERS
:
|
KEYBANK NATIONAL ASSOCIATION,
|
LENDERS
:
|
UMB Bank, n.a.,
|
(1)
|
Any material and adverse reduction or material and adverse diminution in a Participant's position (including status, offices, titles and reporting requirements), authority, duties or responsibilities held, exercised or assigned at any time during the 90-day period immediately preceding the Change in Control;
|
(2)
|
Any reduction in a Participant's annual base salary as in effect immediately preceding the Change in Control or as the same may be increased from time to time; or
|
(3)
|
A Participant being required by the Company to be based at any office or location that is more than 70 miles from the location where the Participant was employed immediately preceding the Change in Control.
|
A.
|
Effective Date.
|
B.
|
Period for Grants of Awards.
|
C.
|
Termination of the Plan.
|
A.
|
General Powers.
|
B.
|
Specific Committee Powers.
|
(i)
|
to determine when, to whom and in what types and amounts Awards should be granted;
|
(ii)
|
to grant Awards to Eligible Employees and Non-Employee Directors in any number, and to determine the terms and conditions applicable to each Award;
|
(iii)
|
to determine, as to all or part of any Award as to any Participant, at the time the Award is granted or thereafter, that the exercisability or vesting of an Award shall be accelerated upon a Participant's death, disability, retirement, Change in Control, termination of employment following a Change in Control, or other special circumstances determined by the Committee;
|
(iv)
|
to determine that Awards shall continue to become exercisable or vested in full or in installments after a Participant's termination of employment, to extend the period for exercise of Options or SARs following a termination of employment (but not beyond ten (10) years from the Date of Grant of the Option or SARs) or to provide that any Restricted Stock Award, Restricted Stock Unit Award, or Performance Share Award shall in whole or in part not be forfeited upon Participant's death, disability, retirement, Change in Control, termination of employment following a Change in Control or other special circumstances determined by the Committee;
|
(v)
|
to determine the benefit payable under any Dividend Equivalent, and to determine whether any vesting conditions have been satisfied;
|
(vi)
|
to determine, no later than the Date of Grant of Shares of Restricted Stock, whether the payment of cash dividends thereon shall be paid immediately or deferred until the underlying Shares become vested, and whether Restricted Stock shall be held in escrow or other custodial arrangement;
|
(vii)
|
to determine whether, to what extent, and under what circumstances an Award may be settled in, or the exercise price of an Award may be paid in, cash, Shares, other Awards, or other property;
|
(viii)
|
subject to Section Sixteen K (Code Section 409A), to determine whether, to what extent and under what circumstances cash, Shares, other Awards, other property and other amounts payable with respect to an Award (other than with respect to an Option or a SAR for which no additional deferral opportunity beyond the deferral inherent in such Option or SAR is permitted under this Plan) will be deferred, either at the election of the Participant, or, if and to the extent specified in the Award Agreement, automatically or at the election of the Committee;
|
(ix)
|
subject to Section Sixteen K (Code Section 409A), to grant Awards in replacement of Awards previously granted under this Plan or any other compensation plan of the Company, provided that any such replacement grant that would be considered a repricing shall be subject to shareholder approval;
|
(x)
|
to make, amend, suspend, waive and rescind rules and regulations relating to the Plan;
|
(xi)
|
to appoint such agents as the Committee may deem necessary or advisable to administer the Plan;
|
(xii)
|
with the consent of the Participant, to amend any Award Agreement at any time; provided that the consent of the Participant shall not be required for any amendment (a) that, in the Committee's determination, does not materially adversely affect the rights of the Participant, or (b) which is necessary or advisable (as determined by the Committee) to carry out the purpose of the Award as a result of any new applicable law or change in an existing applicable law, or (c) to the extent the Award Agreement specifically permits amendment without consent;
|
(xiii)
|
to impose such additional terms and conditions upon the grant, exercise or retention of Awards as the Committee may, before or concurrently with the grant thereof, deem appropriate, including limiting the amount or percentage of Awards which may from time to time be exercised by a Participant, and including requiring the Participant to enter into restrictive covenants;
|
(xiv)
|
without the consent of the Participant, to make adjustments in the terms and conditions of, and the criteria in, Awards in recognition of unusual or nonrecurring events (including events described in Section Sixteen H) affecting the Company or the financial statements of the Company, or in response to changes in applicable laws, regulations or accounting principles; provided, however, that in no event shall such adjustment increase the value of an Award for a person expected to be a Covered Employee for whom the Committee desires to have the Performance-Based Exception apply;
|
(xv)
|
to correct any defect or supply any omission or reconcile any inconsistency, and to construe and interpret the Plan, the rules and regulations, the Award Agreements or any other instrument entered into or relating to an Award under the Plan, and to make all determinations, including factual determinations, necessary or advisable for the administration of the Plan;
|
(xvi)
|
to cause the forfeiture of any Award or recover any Shares, cash or other property attributable to an Award for violations of any Company ethics policy or pursuant to any Company compensation clawback policy; and
|
(xvii)
|
to take any other action with respect to any matters relating to the Plan for which it is responsible and to make all other decisions and determinations as may be required under the terms of the Plan or as the Committee may deem necessary or advisable for the administration of the Plan.
|
C.
|
Delegation.
|
SECTION FIVE:
|
GRANT OF AWARDS AND LIMITATION OF NUMBER OF SHARES AWARDED; GENERAL TERMS
|
A.
|
Share Limitations.
|
B.
|
Rights as Shareholder.
|
C.
|
Dividend Equivalents.
|
A.
|
Grant of Restricted Stock.
|
B.
|
Restricted Stock Agreement.
|
C.
|
Grant of Restricted Stock Units.
|
D.
|
Restricted Stock Unit Agreement.
|
E.
|
Restriction Period.
|
F.
|
Forfeiture.
|
G.
|
Payout of Award.
|
A.
|
Grant of Option.
|
B.
|
Stock Option Agreement.
|
C.
|
Option Price.
|
D.
|
Form of Payment.
|
(i)
|
Cash or certified bank check;
|
(ii)
|
By delivery to the Company Shares then owned by the Participant, the Fair Market Value of which equals the purchase price of the Shares purchased pursuant to the Option, properly authorized or endorsed for transfer to the Company; provided, however, that Shares used for this purpose must have been held by the Holder for such minimum period of time as may be established from time to time by the Committee; and provided further that the Fair Market Value of any Shares delivered in payment of the purchase price upon exercise of the Options shall be the Fair Market Value as of the exercise date, which shall be the date of delivery of the Shares used as payment of the Option Price;
|
(iii)
|
For any Participant other than an Executive Officer or except as otherwise prohibited by the Committee, by payment through a broker in accordance with procedures permitted by Regulation T of the Federal Reserve Board;
|
(iv)
|
By a “net exercise” arrangement pursuant to which the Company will not require a payment of the Option Price but will reduce the number of Shares issued upon the exercise by the largest number of whole Shares that has a Fair Market Value on the date of exercise that does not exceed the aggregate Option Price. With respect to any remaining balance of the aggregate Option Price, the Company will accept a cash payment from the Participant; or
|
(v)
|
Any combination of the consideration provided in the foregoing subsections (i), (ii), (iii) and (iv).
|
E.
|
Other Terms and Conditions.
|
F.
|
Lapse of Option.
|
G.
|
Early Disposition of Common Stock.
|
H.
|
Individual Dollar Limitations.
|
I.
|
No Obligation to Exercise Option.
|
J.
|
No Repricing of Options Unless Repricing Subject to Shareholder Approval.
|
A.
|
Grant of Stock Appreciation Rights.
|
B.
|
SAR Agreements.
|
C.
|
Strike Price.
|
D.
|
Exercise and Payment.
|
E.
|
No Repricing of SARs Unless Repricing Subject to Shareholder Approval.
|
A.
|
Grant of Performance Shares.
|
B.
|
Performance Share Agreement.
|
C.
|
Form and Timing of Payment.
|
D.
|
Forfeiture
.
|
A.
|
Grant of Bonus Shares and Other Stock-Based Awards.
|
B.
|
Award Agreement.
|
A.
|
Terms of Performance Awards.
|
B.
|
Performance Goals.
|
1.
|
Earnings measures, including net earnings on either a LIFO, FIFO or other basis;
|
2.
|
Operating measures, including operating income, operating earnings, operating margin, funds from operations and operating measures determined on an absolute basis or relative to another Performance Measure such as total adjusted debt;
|
3.
|
Income or loss measures, including net income or net loss;
|
4.
|
Cash flow measures, including cash flow or free cash flow and measures based on all operations or a designated segment of operations;
|
5.
|
Revenue measures;
|
6.
|
Measures based on expense levels, including measures determined either on a Company-wide basis or in respect of any one or more subsidiaries or business units;
|
7.
|
Operating and maintenance cost management and employee productivity measures, including measures based on an Equivalent Availability Factor (EAF) for coal and nuclear divisions;
|
8.
|
Return measures, including shareholder return, return on assets, investments, equity, or sales, and whether determined on an absolute basis or relative to another performance measure or industry peer group (e.g., Edison Electric Institute (EEI) index);
|
9.
|
Growth or rate of growth in any of the Performance Measures set forth herein;
|
10.
|
Share price (including attainment of a specified per-share price during the Award Period; growth measures and total shareholder return or attainment by the Shares of a specified price for a specified period of time);
|
11.
|
Strategic business criteria, consisting of one or more objectives based on meeting specified revenue, market share, market penetration, geographic business expansion goals, objectively identified project milestones, production volume levels, and cost targets;
|
12.
|
Accomplishment of, or goals related to, mergers, acquisitions, divestitures, dispositions, public offerings or similar extraordinary business transactions;
|
13.
|
Achievement of business or operational goals such as market share and/or business development and/or customer objectives;
|
14.
|
Achievement of goals based on or related to average funds from operations or ratios of funds from operations to total adjusted debt;
|
15.
|
Achievement of credit ratings or certain credit quality levels; and/or
|
16.
|
Achievement of goals based on or related to safety audits, customer satisfaction results, indices or surveys, non-fuel O&M, System Average Interruption Duration Index “SAIDI”, System Average Interruption Frequency Index “SAIFI” or Days Away, Restricted or Transferred “DART”;
|
C.
|
Adjustments.
|
D.
|
Other Code Section 162(m) Restrictions.
|
SECTION THIRTEEN.
|
DIRECTOR SHARES AND DIRECTOR DEFERRED SHARE UNITS
|
A.
|
Election to Receive Award of Director Shares or Director Deferred Share Units.
|
B.
|
Timing of Election to Convert Director Equity Payment Fees.
|
C.
|
Director Equity Payment Fees Conversion Into Director Deferred Share Units.
|
D.
|
Director Deferred Share Units Account.
|
E.
|
Dividends.
|
F.
|
Distribution of Director Deferred Share Units Credited on or After January 1, 2014.
|
1.
|
Distribution Timing
. Distribution of a Director's Director Deferred Share Units credited to the Director's Director Deferred Share Unit Account will be made or commence on the January 31st next following the date of the Non-Employee Director's termination from service as a Director for any reason.
|
2.
|
Termination (Other Than Death)
. Distribution of amounts payable to a Non-Employee Director upon termination from service as a Director (other than by reason of death), shall be made in a single lump sum or in substantially equal annual installments over a fixed period of 5 or 10 years, as elected by the Non-Employee Director. The entitlement to a series of installment payments will be deemed as the entitlement to a series of separate payments. In the event of installment distributions, each subsequent installment shall be made on the January 31 of the applicable anniversary date of the first installment. If a Non-Employee Director does not make a valid distribution election or fails to elect the form of distribution, then the manner of payment shall be a single lump sum.
|
3.
|
Death
. Distribution of amounts payable to a Non-Employee Director upon death will be made to his or her beneficiaries in a single lump sum or in substantially equal annual installments over a fixed period of 5 or 10 years, as elected by the Non-Employee Director. The entitlement to a series of installment payments will be deemed as the entitlement to a series of separate payments. In the event of installment distributions, subsequent installments shall be made on the annual anniversary date of the date of the first installment. If the Non-Employee Director has commenced receiving distributions in installments and dies before completing the receipt of all distributions, the remaining amount in his or her Director Deferred Share Unit Account will be distributed to his or her beneficiary as if the director had not died. If the Non-Employee Director has commenced receiving distributions in installments and dies before completing the receipt of all distributions, and the Non-Employee Director has elected a single lump sum distribution upon death, the remaining amount in his or her Director Deferred Share Unit Account will be distributed in a single lump sum. If a Non-Employee Director does not make a valid distribution election or fails to elect the form of distribution upon death, then the manner of payment shall be the same as upon termination from service as a Director other than by reason of death.
|
4.
|
Change In Control.
All Director's Director Deferred Share Units credited to the Director's Director Deferred Share Unit Account will be distributed in a single lump sum upon the date of a change in the ownership or effective control of the Company, or in the ownership
|
5.
|
Distribution in Kind
. At the time of distribution, a Director's Director Deferred Share Units shall be converted into an equal amount of Shares and all whole Shares shall be distributed, in kind, to the Non-Employee Director, or to his beneficiaries in the event of his death. Any fractional Deferred Share Unit shall be paid in cash, calculated by multiplying the fraction of the Deferred Share Unit by the Fair Market Value of the Shares as of the business day immediately preceding the date of distribution.
|
6.
|
Distribution Elections.
The Election Form under Section Thirteen B above by which a Non-Employee Director elects to convert his or her Director Equity Payment Fees into Director Deferred Share Units shall specify whether the Director Deferred Share Units to which the Election Form applies shall be distributed in a single lump sum or in installments upon termination from service as a Director. Any election regarding the form of distribution will remain in effect for subsequent calendar years until a written notice to revise the Election Form is delivered to the Plan Administrator. Any subsequently filed Election Form will be prospective only and must be submitted to the Plan Administrator before the first day of the calendar year in which the services related to the Director Equity Payment Fees subject to the revised Election Form are performed. As of each December 31, the election becomes irrevocable with respect to Director Equity Payment Fees payable with respect to services performed in the immediately following calendar year. If no election is made with respect to a lump sum or installment distribution upon a Director's termination from service, the Director will be presumed to have elected a lump sum distribution.
|
G.
|
Distribution of Director Deferred Share Units Credited Before January 1, 2014.
|
H.
|
Subsequent Deferral Elections.
|
1.
|
Such election does not take effect until at least 12 months after the date on which the election is made; and
|
2.
|
Any election related to a payment, other than in the case of death, defers payment for a period of at least five years from the date such payment would otherwise have been made but for such subsequent deferral election.
|
I.
|
Separately Identifiable Amounts.
|
J.
|
Director Deferred Share Unit Status.
|
1.
|
any Person (as such term is defined in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the Beneficial Owner (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates other than in connection with the acquisition by the Company or its affiliates of a business) representing 35 percent or more of either the then outstanding Shares of the Company or the combined voting power of the Company's then outstanding securities; or
|
2.
|
the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on the date hereof, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company, as such terms are used in Rule 14a-11 of Regulation 14A under the Exchange Act) whose appointment or election by the Board or nomination for election by the Company's shareholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the date hereof or whose appointment, election or nomination for election was previously so approved; or
|
3.
|
the consummation of a merger, consolidation, reorganization or similar corporate transaction of the Company, whether or not the Company is the surviving corporation in such transaction,
|
4.
|
the occurrence of, or the shareholders of the Company approve a Plan of, a complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets, other than a sale or disposition of all or substantially all of the Company's assets to an entity, at least 60 percent of the combined voting power of the voting securities of which are owned by Persons in substantially the same proportions as their ownership of the Company immediately prior to such sale.
|
A.
|
Dividends.
|
B.
|
Nontransferability.
|
C.
|
No Employment Right.
|
D.
|
Tax Withholding.
|
(ii)
|
requesting the Company to withhold from those Shares that would otherwise be received upon exercise of the Option or the SAR payable in Shares, or upon the lapse of restrictions on an Award or upon payment of Performance Shares or any other benefit or right paid in Shares, a number of Shares having a Fair Market Value on the Tax Date equal to the amount to be withheld; or
|
E.
|
Government and Other Regulations.
|
F.
|
Indemnification.
|
G.
|
Reliance on Reports.
|
H.
|
Changes in Capital Structure.
|
I.
|
Company Successors.
|
J.
|
Governing Law.
|
K.
|
Code Section 409A.
|
(i)
|
This Plan and each Award is intended to meet or to be exempt from the requirements of Code Section 409A, and shall be administered, construed, and interpreted in a manner that is in accordance with and in furtherance of such intent. Any provision of this Plan that would cause an Award to fail to satisfy Code Section 409A or, if applicable, an exemption from the requirements of that Section, shall be amended (in a manner that as closely as practicable achieves the original intent of this Plan) to comply with Code Section 409A or any such exemption on a timely basis, which may be made on a retroactive basis, in accordance with regulations and other guidance issued under Code Section 409A.
|
(ii)
|
If an Award provides for payments or benefits that (i) constitute a “deferral of compensation” within the meaning of Code Section 409A, and (ii) are triggered upon a termination of employment, then to the extent required to comply with Section 409A, the phrases “termination of employment,” “separation from service,” or words and phrases of similar import, shall be interpreted to mean a “separation from service” within the meaning of Code Section 409A.
|
(iii)
|
If a Participant was a “specified employee,” then to the extent required in order to comply with Code Section 409A, all payments or benefits paid or provided under any Award that constitute a “deferral of compensation” within the meaning of Code Section 409A, that are provided as a result of a “separation from service” within the meaning of Section 409A and that would otherwise be paid or provided during the first six (6) months following such separation from service shall be accumulated through and paid or provided on the first business day that is more than six (6) months after the date of the separation from service
|
(iv)
|
To the extent that any Award is subject to Code Section 409A, any substitution of such Award may only be made if such substitution is made in a manner permitted and compliant with Code Section 409A.
|
(v)
|
In no event will the Company or any Subsidiary have any liability to any Participant with respect to any penalty or additional income tax imposed under Code Section 409A even if there is a failure on the part of the Company or Committee to avoid or minimize such Section's penalty or additional income tax.
|
L.
|
Relationship to Other Benefits.
|
M.
|
Expenses.
|
N.
|
Titles and Headings.
|
O.
|
Clawback.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Great Plains Energy Incorporated;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
August 4, 2016
|
/
s/ Terry Bassham
|
|
|
Terry Bassham
Chairman, President and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Great Plains Energy Incorporated;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
August 4, 2016
|
/s/Kevin E. Bryant
|
|
|
Kevin E. Bryant
Senior Vice President - Finance and Strategy and Chief Financial Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Kansas City Power & Light Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
August 4, 2016
|
/s/ Terry Bassham
|
||
|
|
|
Terry Bassham
Chairman, President and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Kansas City Power & Light Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
August 4, 2016
|
/s/ Kevin E. Bryant
|
|
|
Kevin E. Bryant
Senior Vice President - Finance and Strategy 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, President and Chief Executive Officer
|
Date:
|
August 4, 2016
|
|
|
|
/s/Kevin E. Bryant
|
Name:
Title:
|
Kevin E. Bryant
Senior Vice President - Finance and Strategy and Chief Financial Officer
|
Date:
|
August 4, 2016
|
(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, President and Chief Executive Officer
|
Date:
|
August 4, 2016
|
|
|
|
/s/ Kevin E. Bryant
|
Name:
Title:
|
Kevin E. Bryant
Senior Vice President - Finance and Strategy and Chief Financial Officer
|
Date:
|
August 4, 2016
|