|
|
Exact name of registrant as specified in its charter,
|
|
|
Commission
|
|
state of incorporation, address of principal
|
|
I.R.S. Employer
|
File Number
|
|
executive offices and telephone number
|
|
Identification Number
|
|
|
|
|
|
001-32206
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|
43-1916803
|
|
|
(A Missouri Corporation)
|
|
|
|
|
1200 Main Street
|
|
|
|
|
Kansas City, Missouri 64105
|
|
|
|
|
(816) 556-2200
|
|
|
|
|
|
|
|
000-51873
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|
44-0308720
|
|
|
(A Missouri Corporation)
|
|
|
|
|
1200 Main Street
|
|
|
|
|
Kansas City, Missouri 64105
|
|
|
|
|
(816) 556-2200
|
|
|
TABLE OF CONTENTS
|
|||
|
|
|
Page Number
|
|
|
||
|
|||
|
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|
|
Item 1.
|
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||
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||
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|||
|
|||
|
|||
|
|||
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|
||
|
|||
|
|||
|
|||
|
|||
|
|
|
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|
|||
|
Note 1:
|
||
|
Note 2:
|
||
|
Note 3:
|
||
|
Note 4:
|
||
|
Note 5:
|
||
|
Note 6:
|
||
|
Note 7:
|
||
|
Note 8:
|
||
|
Note 9:
|
||
|
Note 10:
|
||
|
Note 11:
|
||
|
Note 12:
|
||
|
Note 13:
|
||
|
Note 14:
|
||
|
Note 15:
|
||
|
Note 16:
|
||
|
Note 17:
|
||
|
Note 18:
|
||
|
Note 19:
|
||
|
Note 20:
|
||
|
Note 21:
|
||
Item 2.
|
|||
Item 3.
|
|||
Item 4.
|
|||
|
|
|
|
|
|||
|
|
|
|
Item 1.
|
|||
Item 1A.
|
|||
Item 2.
|
|||
Item 3.
|
|||
Item 4.
|
|||
Item 5.
|
|||
Item 6.
|
|||
|
|
|
|
|
|
Abbreviation or Acronym
|
|
Definition
|
|
|
|
AEPTHC
|
|
AEP Transmission Holding Company, LLC, a wholly owned subsidiary of American Electric Power Company, Inc.
|
AFUDC
|
|
Allowance for Funds Used During Construction
|
ARO
|
|
Asset Retirement Obligation
|
ASU
|
|
Accounting 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
|
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
|
MECG
|
|
Midwest Energy Consumers Group
|
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)
|
||||||||||||
|
|
|
|
|
||||||||
|
September 30
|
|
December 31
|
|
||||||||
|
2016
|
|
2015
|
|
||||||||
ASSETS
|
(millions, except share amounts)
|
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
12.0
|
|
|
|
|
$
|
11.3
|
|
|
|
Funds on deposit
|
|
2.4
|
|
|
|
|
2.1
|
|
|
|
||
Receivables, net
|
|
194.1
|
|
|
|
|
147.7
|
|
|
|
||
Accounts receivable pledged as collateral
|
|
190.0
|
|
|
|
|
175.0
|
|
|
|
||
Fuel inventories, at average cost
|
|
98.6
|
|
|
|
|
118.4
|
|
|
|
||
Materials and supplies, at average cost
|
|
161.0
|
|
|
|
|
155.7
|
|
|
|
||
Deferred refueling outage costs
|
|
11.7
|
|
|
|
|
19.2
|
|
|
|
||
Refundable income taxes
|
|
1.1
|
|
|
|
|
3.8
|
|
|
|
||
Prepaid expenses and other assets
|
|
67.9
|
|
|
|
|
31.0
|
|
|
|
||
Total
|
|
738.8
|
|
|
|
|
664.2
|
|
|
|
||
Utility Plant, at Original Cost
|
|
|
|
|
|
|
|
|
|
|
||
Electric
|
|
13,418.7
|
|
|
|
|
13,189.9
|
|
|
|
||
Less - accumulated depreciation
|
|
5,041.6
|
|
|
|
|
4,943.7
|
|
|
|
||
Net utility plant in service
|
|
8,377.1
|
|
|
|
|
8,246.2
|
|
|
|
||
Construction work in progress
|
|
400.9
|
|
|
|
|
347.9
|
|
|
|
||
Nuclear fuel, net of amortization of $214.9 and $192.5
|
|
66.5
|
|
|
|
|
68.3
|
|
|
|
||
Total
|
|
8,844.5
|
|
|
|
|
8,662.4
|
|
|
|
||
Investments and Other Assets
|
|
|
|
|
|
|
|
|
|
|
||
Nuclear decommissioning trust fund
|
|
218.3
|
|
|
|
|
200.7
|
|
|
|
||
Regulatory assets
|
|
980.4
|
|
|
|
|
979.1
|
|
|
|
||
Goodwill
|
|
169.0
|
|
|
|
|
169.0
|
|
|
|
||
Other
|
|
93.7
|
|
|
|
|
63.2
|
|
|
|
||
Total
|
|
1,461.4
|
|
|
|
|
1,412.0
|
|
|
|
||
Total
|
|
$
|
11,044.7
|
|
|
|
|
$
|
10,738.6
|
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|
|||||||||||
Consolidated Balance Sheets
|
|
|||||||||||
(Unaudited)
|
||||||||||||
|
|
|||||||||||
|
September 30
|
|
December 31
|
|
||||||||
|
2016
|
|
2015
|
|
||||||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
|
||||||||||
Current Liabilities
|
|
|
|
|
|
|
|
|
||||
Notes payable
|
|
$
|
104.0
|
|
|
|
|
$
|
10.0
|
|
|
|
Collateralized note payable
|
|
190.0
|
|
|
|
|
175.0
|
|
|
|
||
Commercial paper
|
|
157.1
|
|
|
|
|
224.0
|
|
|
|
||
Current maturities of long-term debt
|
|
382.1
|
|
|
|
|
1.1
|
|
|
|
||
Accounts payable
|
|
227.7
|
|
|
|
|
352.9
|
|
|
|
||
Accrued taxes
|
|
123.4
|
|
|
|
|
31.6
|
|
|
|
||
Accrued interest
|
|
61.4
|
|
|
|
|
44.7
|
|
|
|
||
Accrued compensation and benefits
|
|
47.5
|
|
|
|
|
41.4
|
|
|
|
||
Pension and post-retirement liability
|
|
3.4
|
|
|
|
|
3.4
|
|
|
|
||
Derivative instruments
|
|
78.8
|
|
|
|
|
0.5
|
|
|
|
||
Other
|
|
24.7
|
|
|
|
|
31.1
|
|
|
|
||
Total
|
|
1,400.1
|
|
|
|
|
915.7
|
|
|
|
||
Deferred Credits and Other Liabilities
|
|
|
|
|
|
|
|
|
|
|
||
Deferred income taxes
|
|
1,270.5
|
|
|
|
|
1,158.8
|
|
|
|
||
Deferred tax credits
|
|
126.5
|
|
|
|
|
125.1
|
|
|
|
||
Asset retirement obligations
|
|
285.0
|
|
|
|
|
275.9
|
|
|
|
||
Pension and post-retirement liability
|
|
467.2
|
|
|
|
|
455.2
|
|
|
|
||
Regulatory liabilities
|
|
305.1
|
|
|
|
|
284.4
|
|
|
|
||
Other
|
|
82.6
|
|
|
|
|
82.9
|
|
|
|
||
Total
|
|
2,536.9
|
|
|
|
|
2,382.3
|
|
|
|
||
Capitalization
|
|
|
|
|
|
|
|
|
|
|
||
Great Plains Energy common shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
||
Common stock - 600,000,000 and 250,000,000 shares authorized without par value
154,925,107 and 154,504,900 shares issued, stated value |
|
2,661.7
|
|
|
|
|
2,646.7
|
|
|
|
||
Retained earnings
|
|
1,092.7
|
|
|
|
|
1,024.4
|
|
|
|
||
Treasury stock - 128,096 and 101,229 shares, at cost
|
|
(3.8
|
)
|
|
|
|
(2.6
|
)
|
|
|
||
Accumulated other comprehensive loss
|
|
(7.5
|
)
|
|
|
|
(12.0
|
)
|
|
|
||
Total
|
|
3,743.1
|
|
|
|
|
3,656.5
|
|
|
|
||
Cumulative preferred stock $100 par value
|
|
|
|
|
|
|
|
|
|
|
||
3.80%
- 0 and
100,000
shares issued
|
|
—
|
|
|
|
|
10.0
|
|
|
|
||
4.50%
- 0 and
100,000
shares issued
|
|
—
|
|
|
|
|
10.0
|
|
|
|
||
4.20%
- 0 and
70,000
shares issued
|
|
—
|
|
|
|
|
7.0
|
|
|
|
||
4.35%
- 0 and
120,000
shares issued
|
|
—
|
|
|
|
|
12.0
|
|
|
|
||
Total
|
|
—
|
|
|
|
|
39.0
|
|
|
|
||
Long-term debt (
Note 11
)
|
|
3,364.6
|
|
|
|
|
3,745.1
|
|
|
|
||
Total
|
|
7,107.7
|
|
|
|
|
7,440.6
|
|
|
|
||
Commitments and Contingencies (
Note 14
)
|
|
|
|
|
|
|
|
|
|
|
||
Total
|
|
$
|
11,044.7
|
|
|
|
|
$
|
10,738.6
|
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
|
|
Three Months Ended
September 30
|
|
Year to Date
September 30
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Operating Revenues
|
|
(millions, except per share amounts)
|
||||||||||||||
Electric revenues
|
|
$
|
856.8
|
|
|
$
|
781.4
|
|
|
$
|
2,099.7
|
|
|
$
|
1,939.5
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
||||||
Fuel
|
|
105.7
|
|
|
124.5
|
|
|
285.7
|
|
|
332.0
|
|
||||
Purchased power
|
|
78.4
|
|
|
52.1
|
|
|
176.5
|
|
|
146.3
|
|
||||
Transmission
|
|
23.8
|
|
|
23.9
|
|
|
64.5
|
|
|
65.1
|
|
||||
Utility operating and maintenance expenses
|
|
193.3
|
|
|
182.5
|
|
|
553.1
|
|
|
537.4
|
|
||||
Costs to achieve the anticipated acquisition of Westar Energy, Inc.
|
|
14.4
|
|
|
—
|
|
|
19.4
|
|
|
—
|
|
||||
Depreciation and amortization
|
|
86.4
|
|
|
82.4
|
|
|
256.9
|
|
|
245.7
|
|
||||
General taxes
|
|
63.7
|
|
|
58.0
|
|
|
174.5
|
|
|
162.8
|
|
||||
Other
|
|
9.2
|
|
|
1.3
|
|
|
15.0
|
|
|
3.5
|
|
||||
Total
|
|
574.9
|
|
|
524.7
|
|
|
1,545.6
|
|
|
1,492.8
|
|
||||
Operating income
|
|
281.9
|
|
|
256.7
|
|
|
554.1
|
|
|
446.7
|
|
||||
Non-operating income
|
|
4.3
|
|
|
0.9
|
|
|
9.7
|
|
|
9.1
|
|
||||
Non-operating expenses
|
|
(3.0
|
)
|
|
(1.4
|
)
|
|
(10.7
|
)
|
|
(8.7
|
)
|
||||
Interest charges
|
|
(67.6
|
)
|
|
(51.0
|
)
|
|
(251.7
|
)
|
|
(148.3
|
)
|
||||
Income before income tax expense and income from equity investments
|
|
215.6
|
|
|
205.2
|
|
|
301.4
|
|
|
298.8
|
|
||||
Income tax expense
|
|
(82.7
|
)
|
|
(78.6
|
)
|
|
(111.5
|
)
|
|
(109.6
|
)
|
||||
Income from equity investments, net of income taxes
|
|
0.7
|
|
|
0.2
|
|
|
2.1
|
|
|
0.9
|
|
||||
Net income
|
|
133.6
|
|
|
126.8
|
|
|
192.0
|
|
|
190.1
|
|
||||
Preferred stock dividend requirements and redemption premium
|
|
0.9
|
|
|
0.4
|
|
|
1.7
|
|
|
1.2
|
|
||||
Earnings available for common shareholders
|
|
$
|
132.7
|
|
|
$
|
126.4
|
|
|
$
|
190.3
|
|
|
$
|
188.9
|
|
|
|
|
|
|
|
|
|
|
||||||||
Average number of basic common shares outstanding
|
|
154.6
|
|
|
154.2
|
|
|
154.5
|
|
|
154.1
|
|
||||
Average number of diluted common shares outstanding
|
|
154.9
|
|
|
154.8
|
|
|
154.9
|
|
|
154.8
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
|
$
|
0.86
|
|
|
$
|
0.82
|
|
|
$
|
1.23
|
|
|
$
|
1.23
|
|
Diluted earnings per common share
|
|
$
|
0.86
|
|
|
$
|
0.82
|
|
|
$
|
1.23
|
|
|
$
|
1.22
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash dividends per common share
|
|
$
|
0.2625
|
|
|
$
|
0.245
|
|
|
$
|
0.7875
|
|
|
$
|
0.735
|
|
Comprehensive Income
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
133.6
|
|
|
$
|
126.8
|
|
|
$
|
192.0
|
|
|
$
|
190.1
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative hedging activity
|
|
|
|
|
|
|
|
|
|
|
||||||
Reclassification to expenses, net of tax
|
|
1.3
|
|
|
1.4
|
|
|
4.1
|
|
|
4.2
|
|
||||
Derivative hedging activity, net of tax
|
|
1.3
|
|
|
1.4
|
|
|
4.1
|
|
|
4.2
|
|
||||
Defined benefit pension plans
|
|
|
|
|
|
|
|
|
||||||||
Amortization of net losses included in net periodic benefit costs, net of tax
|
|
0.2
|
|
|
—
|
|
|
0.4
|
|
|
0.3
|
|
||||
Change in unrecognized pension expense, net of tax
|
|
0.2
|
|
|
—
|
|
|
0.4
|
|
|
0.3
|
|
||||
Total other comprehensive income
|
|
1.5
|
|
|
1.4
|
|
|
4.5
|
|
|
4.5
|
|
||||
Comprehensive income
|
|
$
|
135.1
|
|
|
$
|
128.2
|
|
|
$
|
196.5
|
|
|
$
|
194.6
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||
Consolidated Statements of Cash Flows
|
|||||||
(Unaudited)
|
|||||||
|
|
|
|
||||
Year to Date September 30
|
2016
|
|
2015
|
||||
Cash Flows from Operating Activities
|
(millions)
|
||||||
Net income
|
$
|
192.0
|
|
|
$
|
190.1
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
256.9
|
|
|
245.7
|
|
||
Amortization of:
|
|
|
|
|
|
||
Nuclear fuel
|
22.4
|
|
|
18.4
|
|
||
Other
|
52.4
|
|
|
35.3
|
|
||
Deferred income taxes, net
|
109.9
|
|
|
110.1
|
|
||
Investment tax credit amortization
|
(1.1
|
)
|
|
(1.1
|
)
|
||
Income from equity investments, net of income taxes
|
(2.1
|
)
|
|
(0.9
|
)
|
||
Fair value impacts of interest rate swaps
|
78.8
|
|
|
—
|
|
||
Other operating activities (Note 3)
|
(24.4
|
)
|
|
9.7
|
|
||
Net cash from operating activities
|
684.8
|
|
|
607.3
|
|
||
Cash Flows from Investing Activities
|
|
|
|
|
|
||
Utility capital expenditures
|
(435.3
|
)
|
|
(520.9
|
)
|
||
Allowance for borrowed funds used during construction
|
(4.7
|
)
|
|
(4.3
|
)
|
||
Purchases of nuclear decommissioning trust investments
|
(23.7
|
)
|
|
(35.3
|
)
|
||
Proceeds from nuclear decommissioning trust investments
|
21.2
|
|
|
32.8
|
|
||
Other investing activities
|
(48.7
|
)
|
|
(34.5
|
)
|
||
Net cash from investing activities
|
(491.2
|
)
|
|
(562.2
|
)
|
||
Cash Flows from Financing Activities
|
|
|
|
|
|
||
Issuance of common stock
|
2.4
|
|
|
2.3
|
|
||
Issuance of long-term debt
|
—
|
|
|
348.8
|
|
||
Issuance fees
|
(68.7
|
)
|
|
(2.6
|
)
|
||
Repayment of long-term debt
|
(1.1
|
)
|
|
(87.0
|
)
|
||
Net change in short-term borrowings
|
27.1
|
|
|
(211.2
|
)
|
||
Net change in collateralized short-term borrowings
|
15.0
|
|
|
19.0
|
|
||
Dividends paid
|
(122.5
|
)
|
|
(114.6
|
)
|
||
Cumulative preferred stock redemption
|
(40.1
|
)
|
|
—
|
|
||
Purchase of treasury stock
|
(4.9
|
)
|
|
(1.6
|
)
|
||
Other financing activities
|
(0.1
|
)
|
|
(0.2
|
)
|
||
Net cash from financing activities
|
(192.9
|
)
|
|
(47.1
|
)
|
||
Net Change in Cash and Cash Equivalents
|
0.7
|
|
|
(2.0
|
)
|
||
Cash and Cash Equivalents at Beginning of Year
|
11.3
|
|
|
13.0
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
12.0
|
|
|
$
|
11.0
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||||
Consolidated Statements of Common Shareholders' Equity
|
|||||||||||||
(Unaudited)
|
|||||||||||||
|
|
|
|
||||||||||
Year to Date September 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
|
420,207
|
|
|
12.5
|
|
|
210,579
|
|
|
5.5
|
|
||
Equity compensation expense, net of forfeitures
|
|
3.1
|
|
|
|
|
|
1.4
|
|
||||
Unearned Compensation
|
|
|
|
|
|
|
|
|
|
|
|
||
Issuance of restricted common stock
|
|
|
|
(2.8
|
)
|
|
|
|
|
(2.4
|
)
|
||
Forfeiture of restricted common stock
|
|
|
—
|
|
|
|
|
0.4
|
|
||||
Compensation expense recognized
|
|
|
|
2.0
|
|
|
|
|
|
1.3
|
|
||
Other
|
|
|
|
0.2
|
|
|
|
|
|
(0.5
|
)
|
||
Ending balance
|
154,925,107
|
|
|
2,661.7
|
|
|
154,464,616
|
|
|
2,645.0
|
|
||
Retained Earnings
|
|
|
|
|
|
|
|
|
|
|
|
||
Beginning balance
|
|
|
|
1,024.4
|
|
|
|
|
|
967.8
|
|
||
Net income
|
|
|
|
192.0
|
|
|
|
|
|
190.1
|
|
||
Redemption premium on preferred stock
|
|
|
(0.6
|
)
|
|
|
|
—
|
|
||||
Dividends:
|
|
|
|
|
|
|
|
|
|
|
|
||
Common stock ($0.7875 and $0.735 per share)
|
|
(121.8
|
)
|
|
|
|
|
(113.4
|
)
|
||||
Preferred stock - at required rates
|
|
|
|
(0.7
|
)
|
|
|
|
|
(1.2
|
)
|
||
Performance shares
|
|
|
|
(0.6
|
)
|
|
|
|
|
(0.6
|
)
|
||
Ending balance
|
|
|
|
1,092.7
|
|
|
|
|
|
1,042.7
|
|
||
Treasury Stock
|
|
|
|
|
|
|
|
|
|
|
|
||
Beginning balance
|
(101,229
|
)
|
|
(2.6
|
)
|
|
(91,281
|
)
|
|
(2.3
|
)
|
||
Treasury shares acquired
|
(136,562
|
)
|
|
(4.1
|
)
|
|
(73,326
|
)
|
|
(1.9
|
)
|
||
Treasury shares reissued
|
109,695
|
|
|
2.9
|
|
|
64,180
|
|
|
1.6
|
|
||
Ending balance
|
(128,096
|
)
|
|
(3.8
|
)
|
|
(100,427
|
)
|
|
(2.6
|
)
|
||
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
||||
Beginning balance
|
|
|
|
(12.0
|
)
|
|
|
|
|
(18.7
|
)
|
||
Derivative hedging activity, net of tax
|
|
|
|
4.1
|
|
|
|
|
|
4.2
|
|
||
Change in unrecognized pension expense, net of tax
|
|
0.4
|
|
|
|
|
|
0.3
|
|
||||
Ending balance
|
|
|
|
(7.5
|
)
|
|
|
|
|
(14.2
|
)
|
||
Total Great Plains Energy Common Shareholders' Equity
|
|
|
$
|
3,743.1
|
|
|
|
|
|
$
|
3,670.9
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|||||||||||
|
September 30
|
|
December 31
|
||||||||
|
2016
|
|
2015
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
5.7
|
|
|
|
|
$
|
2.3
|
|
|
Funds on deposit
|
|
1.4
|
|
|
|
|
0.5
|
|
|
||
Receivables, net
|
|
168.7
|
|
|
|
|
129.2
|
|
|
||
Related party receivables
|
|
91.0
|
|
|
|
|
65.8
|
|
|
||
Accounts receivable pledged as collateral
|
|
110.0
|
|
|
|
|
110.0
|
|
|
||
Fuel inventories, at average cost
|
|
70.8
|
|
|
|
|
83.5
|
|
|
||
Materials and supplies, at average cost
|
|
118.4
|
|
|
|
|
114.6
|
|
|
||
Deferred refueling outage costs
|
|
11.7
|
|
|
|
|
19.2
|
|
|
||
Refundable income taxes
|
|
—
|
|
|
|
|
79.0
|
|
|
||
Prepaid expenses and other assets
|
|
27.1
|
|
|
|
|
27.1
|
|
|
||
Total
|
|
604.8
|
|
|
|
|
631.2
|
|
|
||
Utility Plant, at Original Cost
|
|
|
|
|
|
|
|
|
|
||
Electric
|
|
9,768.8
|
|
|
|
|
9,640.4
|
|
|
||
Less - accumulated depreciation
|
|
3,806.1
|
|
|
|
|
3,722.6
|
|
|
||
Net utility plant in service
|
|
5,962.7
|
|
|
|
|
5,917.8
|
|
|
||
Construction work in progress
|
|
306.5
|
|
|
|
|
246.6
|
|
|
||
Nuclear fuel, net of amortization of
$214.9
and
$192.5
|
|
66.5
|
|
|
|
|
68.3
|
|
|
||
Total
|
|
6,335.7
|
|
|
|
|
6,232.7
|
|
|
||
Investments and Other Assets
|
|
|
|
|
|
|
|
|
|
||
Nuclear decommissioning trust fund
|
|
218.3
|
|
|
|
|
200.7
|
|
|
||
Regulatory assets
|
|
733.6
|
|
|
|
|
732.4
|
|
|
||
Other
|
|
20.7
|
|
|
|
|
17.6
|
|
|
||
Total
|
|
972.6
|
|
|
|
|
950.7
|
|
|
||
Total
|
|
$
|
7,913.1
|
|
|
|
|
$
|
7,814.6
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|
|
|
||||||||
|
September 30
|
|
December 31
|
||||||||
|
2016
|
|
2015
|
||||||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
||||||||||
Current Liabilities
|
|
|
|
|
|
|
|
||||
Collateralized note payable
|
|
$
|
110.0
|
|
|
|
|
$
|
110.0
|
|
|
Commercial paper
|
|
—
|
|
|
|
|
180.3
|
|
|
||
Current maturities of long-term debt
|
|
281.0
|
|
|
|
|
—
|
|
|
||
Accounts payable
|
|
180.3
|
|
|
|
|
258.8
|
|
|
||
Accrued taxes
|
|
125.7
|
|
|
|
|
25.6
|
|
|
||
Accrued interest
|
|
41.3
|
|
|
|
|
32.4
|
|
|
||
Accrued compensation and benefits
|
|
47.5
|
|
|
|
|
41.4
|
|
|
||
Pension and post-retirement liability
|
|
2.0
|
|
|
|
|
2.0
|
|
|
||
Other
|
|
11.5
|
|
|
|
|
12.6
|
|
|
||
Total
|
|
799.3
|
|
|
|
|
663.1
|
|
|
||
Deferred Credits and Other Liabilities
|
|
|
|
|
|
|
|
|
|
||
Deferred income taxes
|
|
1,209.3
|
|
|
|
|
1,132.6
|
|
|
||
Deferred tax credits
|
|
123.0
|
|
|
|
|
123.8
|
|
|
||
Asset retirement obligations
|
|
246.7
|
|
|
|
|
239.3
|
|
|
||
Pension and post-retirement liability
|
|
445.7
|
|
|
|
|
433.4
|
|
|
||
Regulatory liabilities
|
|
176.5
|
|
|
|
|
164.6
|
|
|
||
Other
|
|
60.8
|
|
|
|
|
61.6
|
|
|
||
Total
|
|
2,262.0
|
|
|
|
|
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
|
|
1,010.8
|
|
|
|
|
879.6
|
|
|
||
Accumulated other comprehensive loss
|
|
(5.6
|
)
|
|
|
|
(9.6
|
)
|
|
||
Total
|
|
2,568.3
|
|
|
|
|
2,433.1
|
|
|
||
Long-term debt (
Note
11
)
|
|
2,283.5
|
|
|
|
|
2,563.1
|
|
|
||
Total
|
|
4,851.8
|
|
|
|
|
4,996.2
|
|
|
||
Commitments and Contingencies (
Note
14
)
|
|
|
|
|
|
|
|
|
|
||
Total
|
|
$
|
7,913.1
|
|
|
|
|
$
|
7,814.6
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
September 30
|
|
Year to Date
September 30 |
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Operating Revenues
|
|
(millions)
|
||||||||||||||
Electric revenues
|
|
$
|
597.6
|
|
|
$
|
526.3
|
|
|
$
|
1,474.1
|
|
|
$
|
1,314.1
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
||||||
Fuel
|
|
77.0
|
|
|
89.4
|
|
|
205.6
|
|
|
237.3
|
|
||||
Purchased power
|
|
41.5
|
|
|
22.9
|
|
|
93.1
|
|
|
73.4
|
|
||||
Transmission
|
|
14.5
|
|
|
16.2
|
|
|
44.8
|
|
|
42.3
|
|
||||
Operating and maintenance expenses
|
|
131.9
|
|
|
122.9
|
|
|
379.6
|
|
|
365.8
|
|
||||
Depreciation and amortization
|
|
61.9
|
|
|
58.7
|
|
|
184.1
|
|
|
175.0
|
|
||||
General taxes
|
|
51.0
|
|
|
45.4
|
|
|
136.9
|
|
|
125.1
|
|
||||
Other
|
|
0.6
|
|
|
—
|
|
|
2.3
|
|
|
(0.2
|
)
|
||||
Total
|
|
378.4
|
|
|
355.5
|
|
|
1,046.4
|
|
|
1,018.7
|
|
||||
Operating income
|
|
219.2
|
|
|
170.8
|
|
|
427.7
|
|
|
295.4
|
|
||||
Non-operating income
|
|
3.6
|
|
|
0.6
|
|
|
7.5
|
|
|
6.3
|
|
||||
Non-operating expenses
|
|
(1.9
|
)
|
|
(1.8
|
)
|
|
(5.6
|
)
|
|
(5.7
|
)
|
||||
Interest charges
|
|
(34.7
|
)
|
|
(34.8
|
)
|
|
(104.9
|
)
|
|
(100.4
|
)
|
||||
Income before income tax expense
|
|
186.2
|
|
|
134.8
|
|
|
324.7
|
|
|
195.6
|
|
||||
Income tax expense
|
|
(68.5
|
)
|
|
(50.5
|
)
|
|
(116.5
|
)
|
|
(68.7
|
)
|
||||
Net income
|
|
$
|
117.7
|
|
|
$
|
84.3
|
|
|
$
|
208.2
|
|
|
$
|
126.9
|
|
Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
117.7
|
|
|
$
|
84.3
|
|
|
$
|
208.2
|
|
|
$
|
126.9
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative hedging activity
|
|
|
|
|
|
|
|
|
|
|
||||||
Reclassification to expenses, net of tax
|
|
1.2
|
|
|
1.3
|
|
|
4.0
|
|
|
4.0
|
|
||||
Derivative hedging activity, net of tax
|
|
1.2
|
|
|
1.3
|
|
|
4.0
|
|
|
4.0
|
|
||||
Total other comprehensive income
|
|
1.2
|
|
|
1.3
|
|
|
4.0
|
|
|
4.0
|
|
||||
Comprehensive income
|
|
$
|
118.9
|
|
|
$
|
85.6
|
|
|
$
|
212.2
|
|
|
$
|
130.9
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||
Consolidated Statements of Cash Flows
|
||||||||||
(Unaudited)
|
||||||||||
|
|
|
|
|
|
|
||||
Year to Date September 30
|
|
2016
|
|
|
|
2015
|
||||
Cash Flows from Operating Activities
|
(millions)
|
|||||||||
Net income
|
|
$
|
208.2
|
|
|
|
|
$
|
126.9
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
|
184.1
|
|
|
|
|
175.0
|
|
||
Amortization of:
|
|
|
|
|
|
|
|
|
||
Nuclear fuel
|
|
22.4
|
|
|
|
|
18.4
|
|
||
Other
|
|
25.6
|
|
|
|
|
20.8
|
|
||
Deferred income taxes, net
|
|
74.0
|
|
|
|
|
19.8
|
|
||
Investment tax credit amortization
|
|
(0.8
|
)
|
|
|
|
(0.7
|
)
|
||
Other operating activities (Note 3)
|
|
74.7
|
|
|
|
|
103.6
|
|
||
Net cash from operating activities
|
|
588.2
|
|
|
|
|
463.8
|
|
||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
||
Utility capital expenditures
|
|
(286.1
|
)
|
|
|
|
(410.2
|
)
|
||
Allowance for borrowed funds used during construction
|
|
(3.8
|
)
|
|
|
|
(3.0
|
)
|
||
Purchases of nuclear decommissioning trust investments
|
|
(23.7
|
)
|
|
|
|
(35.3
|
)
|
||
Proceeds from nuclear decommissioning trust investments
|
|
21.2
|
|
|
|
|
32.8
|
|
||
Net money pool lending
|
|
(11.1
|
)
|
|
|
|
—
|
|
||
Other investing activities
|
|
(23.8
|
)
|
|
|
|
(19.7
|
)
|
||
Net cash from investing activities
|
|
(327.3
|
)
|
|
|
|
(435.4
|
)
|
||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
||
Issuance of long-term debt
|
|
—
|
|
|
|
|
348.8
|
|
||
Issuance fees
|
|
(0.2
|
)
|
|
|
|
(2.6
|
)
|
||
Repayment of long-term debt
|
|
—
|
|
|
|
|
(85.9
|
)
|
||
Net change in short-term borrowings
|
|
(180.3
|
)
|
|
|
|
(276.2
|
)
|
||
Net money pool borrowings
|
|
—
|
|
|
|
|
(12.6
|
)
|
||
Dividends paid to Great Plains Energy
|
|
(77.0
|
)
|
|
|
|
—
|
|
||
Net cash from financing activities
|
|
(257.5
|
)
|
|
|
|
(28.5
|
)
|
||
Net Change in Cash and Cash Equivalents
|
|
3.4
|
|
|
|
|
(0.1
|
)
|
||
Cash and Cash Equivalents at Beginning of Year
|
|
2.3
|
|
|
|
|
2.7
|
|
||
Cash and Cash Equivalents at End of Period
|
|
$
|
5.7
|
|
|
|
|
$
|
2.6
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||||
Consolidated Statements of Common Shareholder's Equity
|
|||||||||||||
(Unaudited)
|
|||||||||||||
|
|
|
|
||||||||||
Year to Date September 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
|
|
|
|
208.2
|
|
|
|
|
|
126.9
|
|
||
Dividends:
|
|
|
|
|
|
|
|
|
|
|
|
||
Common stock held by Great Plains Energy
|
|
|
|
(77.0
|
)
|
|
|
|
|
—
|
|
||
Ending balance
|
|
|
|
1,010.8
|
|
|
|
|
|
853.7
|
|
||
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|||
Beginning balance
|
|
|
|
(9.6
|
)
|
|
|
|
|
(14.9
|
)
|
||
Derivative hedging activity, net of tax
|
|
|
|
4.0
|
|
|
|
|
|
4.0
|
|
||
Ending balance
|
|
|
|
(5.6
|
)
|
|
|
|
|
(10.9
|
)
|
||
Total Common Shareholder's Equity
|
|
|
|
$
|
2,568.3
|
|
|
|
|
|
$
|
2,405.9
|
|
•
|
KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas. KCP&L has one active wholly owned subsidiary, Kansas City Power & Light Receivables Company (KCP&L Receivables Company).
|
•
|
KCP&L Greater Missouri Operations Company (GMO) is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri. GMO also provides regulated steam service to certain customers in the St. Joseph, Missouri area. GMO has two active wholly owned subsidiaries, GMO Receivables Company and MPS Merchant Services, Inc. (MPS Merchant). MPS Merchant has certain long-term natural gas contracts remaining from its former non-regulated trading operations.
|
|
Three Months Ended
September 30
|
|
Year to Date
September 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Income
|
(millions, except per share amounts)
|
||||||||||||||
Net income
|
$
|
133.6
|
|
|
$
|
126.8
|
|
|
$
|
192.0
|
|
|
$
|
190.1
|
|
Less: preferred stock dividend requirements and redemption premium
|
0.9
|
|
|
0.4
|
|
|
1.7
|
|
|
1.2
|
|
||||
Earnings available for common shareholders
|
$
|
132.7
|
|
|
$
|
126.4
|
|
|
$
|
190.3
|
|
|
$
|
188.9
|
|
Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|||||
Average number of common shares outstanding
|
154.6
|
|
|
154.2
|
|
|
154.5
|
|
|
154.1
|
|
||||
Add: effect of dilutive securities
|
0.3
|
|
|
0.6
|
|
|
0.4
|
|
|
0.7
|
|
||||
Diluted average number of common shares outstanding
|
154.9
|
|
|
154.8
|
|
|
154.9
|
|
|
154.8
|
|
||||
Basic EPS
|
$
|
0.86
|
|
|
$
|
0.82
|
|
|
$
|
1.23
|
|
|
$
|
1.23
|
|
Diluted EPS
|
$
|
0.86
|
|
|
$
|
0.82
|
|
|
$
|
1.23
|
|
|
$
|
1.22
|
|
Great Plains Energy Other Operating Activities
|
|||||||
Year to Date September 30
|
2016
|
|
2015
|
||||
Cash flows affected by changes in:
|
(millions)
|
||||||
Receivables
|
$
|
(45.9
|
)
|
|
$
|
(13.2
|
)
|
Accounts receivable pledged as collateral
|
(15.0
|
)
|
|
(19.0
|
)
|
||
Fuel inventories
|
19.8
|
|
|
(10.8
|
)
|
||
Materials and supplies
|
(5.3
|
)
|
|
(2.9
|
)
|
||
Accounts payable
|
(119.8
|
)
|
|
(121.9
|
)
|
||
Accrued taxes
|
97.2
|
|
|
89.2
|
|
||
Accrued interest
|
16.7
|
|
|
16.9
|
|
||
Deferred refueling outage costs
|
7.5
|
|
|
(12.8
|
)
|
||
Pension and post-retirement benefit obligations
|
53.2
|
|
|
48.8
|
|
||
Allowance for equity funds used during construction
|
(4.3
|
)
|
|
(3.8
|
)
|
||
Fuel recovery mechanisms
|
(16.8
|
)
|
|
36.6
|
|
||
Other
|
(11.7
|
)
|
|
2.6
|
|
||
Total other operating activities
|
$
|
(24.4
|
)
|
|
$
|
9.7
|
|
Cash paid during the period:
|
|
|
|
|
|
||
Interest
|
$
|
130.2
|
|
|
$
|
121.2
|
|
Income taxes
|
$
|
0.2
|
|
|
$
|
0.2
|
|
Non-cash investing activities:
|
|
|
|
|
|||
Liabilities accrued for capital expenditures
|
$
|
30.7
|
|
|
$
|
23.4
|
|
KCP&L Other Operating Activities
|
|||||||
Year to Date September 30
|
2016
|
|
2015
|
||||
Cash flows affected by changes in:
|
(millions)
|
||||||
Receivables
|
$
|
(53.5
|
)
|
|
$
|
(6.2
|
)
|
Fuel inventories
|
12.7
|
|
|
(11.6
|
)
|
||
Materials and supplies
|
(3.8
|
)
|
|
(4.0
|
)
|
||
Accounts payable
|
(80.3
|
)
|
|
(83.1
|
)
|
||
Accrued taxes
|
179.3
|
|
|
162.3
|
|
||
Accrued interest
|
8.9
|
|
|
12.3
|
|
||
Deferred refueling outage costs
|
7.5
|
|
|
(12.8
|
)
|
||
Pension and post-retirement benefit obligations
|
53.7
|
|
|
48.8
|
|
||
Allowance for equity funds used during construction
|
(4.0
|
)
|
|
(2.9
|
)
|
||
Fuel recovery mechanisms
|
(31.0
|
)
|
|
1.8
|
|
||
Other
|
(14.8
|
)
|
|
(1.0
|
)
|
||
Total other operating activities
|
$
|
74.7
|
|
|
$
|
103.6
|
|
Cash paid during the period:
|
|
|
|
|
|
||
Interest
|
$
|
86.7
|
|
|
$
|
79.1
|
|
Non-cash investing activities:
|
|
|
|
|
|||
Liabilities accrued for capital expenditures
|
$
|
25.7
|
|
|
$
|
15.7
|
|
|
September 30
|
December 31
|
||||||||
|
|
2016
|
|
|
2015
|
|
||||
Great Plains Energy
|
|
(millions)
|
|
|||||||
Customer accounts receivable - billed
|
|
$
|
55.3
|
|
|
|
$
|
3.4
|
|
|
Customer accounts receivable - unbilled
|
|
89.3
|
|
|
|
71.6
|
|
|
||
Allowance for doubtful accounts - customer accounts receivable
|
|
(5.1
|
)
|
|
|
(3.8
|
)
|
|
||
Other receivables
|
|
54.6
|
|
|
|
76.5
|
|
|
||
Total
|
|
$
|
194.1
|
|
|
|
$
|
147.7
|
|
|
KCP&L
|
|
|
|
|
|
|
|
|
||
Customer accounts receivable - billed
|
|
$
|
54.9
|
|
|
|
$
|
2.8
|
|
|
Customer accounts receivable - unbilled
|
|
70.8
|
|
|
|
58.8
|
|
|
||
Allowance for doubtful accounts - customer accounts receivable
|
|
(2.7
|
)
|
|
|
(1.8
|
)
|
|
||
Other receivables
|
|
45.7
|
|
|
|
69.4
|
|
|
||
Total
|
|
$
|
168.7
|
|
|
|
$
|
129.2
|
|
|
|
September 30
2016 |
|
December 31
2015 |
||||||||
Decommissioning Trust
|
|
(millions)
|
|
||||||||
Beginning balance January 1
|
|
$
|
200.7
|
|
|
|
|
$
|
199.0
|
|
|
Contributions
|
|
2.5
|
|
|
|
|
3.3
|
|
|
||
Earned income, net of fees
|
|
3.0
|
|
|
|
|
3.4
|
|
|
||
Net realized gains
|
|
0.2
|
|
|
|
|
0.7
|
|
|
||
Net unrealized gains (losses)
|
|
11.9
|
|
|
|
|
(5.7
|
)
|
|
||
Ending balance
|
|
$
|
218.3
|
|
|
|
|
$
|
200.7
|
|
|
|
September 30, 2016
|
|
|
|
December 31, 2015
|
|
|||||||||||||||||||||||||||||||||||||||
|
Cost
Basis
|
|
Unrealized Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Cost
Basis
|
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
|||||||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||
Equity securities
|
$
|
92.4
|
|
|
|
$
|
56.2
|
|
|
|
|
$
|
(1.2
|
)
|
|
|
|
$
|
147.4
|
|
|
|
|
$
|
89.6
|
|
|
|
|
$
|
47.9
|
|
|
|
|
$
|
(2.1
|
)
|
|
|
|
$
|
135.4
|
|
|
Debt securities
|
64.5
|
|
|
|
4.8
|
|
|
|
|
—
|
|
|
|
|
69.3
|
|
|
|
|
59.6
|
|
|
|
|
2.6
|
|
|
|
|
(0.5
|
)
|
|
|
|
61.7
|
|
|
||||||||
Other
|
1.6
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1.6
|
|
|
|
|
3.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
3.6
|
|
|
||||||||
Total
|
$
|
158.5
|
|
|
|
$
|
61.0
|
|
|
|
|
$
|
(1.2
|
)
|
|
|
|
$
|
218.3
|
|
|
|
|
$
|
152.8
|
|
|
|
|
$
|
50.5
|
|
|
|
|
$
|
(2.6
|
)
|
|
|
|
$
|
200.7
|
|
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(millions)
|
||||||||||||||
Realized gains
|
$
|
0.6
|
|
|
$
|
0.6
|
|
|
$
|
1.5
|
|
|
$
|
3.2
|
|
Realized losses
|
(0.3
|
)
|
|
(0.5
|
)
|
|
(1.3
|
)
|
|
(2.3
|
)
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
Three Months Ended September 30
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Components of net periodic benefit costs
|
|
(millions)
|
||||||||||||||
Service cost
|
|
$
|
10.5
|
|
|
$
|
11.4
|
|
|
$
|
0.7
|
|
|
$
|
0.8
|
|
Interest cost
|
|
13.2
|
|
|
12.5
|
|
|
1.5
|
|
|
1.7
|
|
||||
Expected return on plan assets
|
|
(12.3
|
)
|
|
(13.0
|
)
|
|
(0.8
|
)
|
|
(0.7
|
)
|
||||
Prior service cost
|
|
0.2
|
|
|
0.2
|
|
|
0.3
|
|
|
0.7
|
|
||||
Recognized net actuarial (gain)/loss
|
|
13.0
|
|
|
12.9
|
|
|
(0.3
|
)
|
|
0.1
|
|
||||
Transition obligation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Net periodic benefit costs before regulatory adjustment
|
|
24.6
|
|
|
24.0
|
|
|
1.4
|
|
|
2.7
|
|
||||
Regulatory adjustment
|
|
(1.1
|
)
|
|
(3.5
|
)
|
|
1.4
|
|
|
1.4
|
|
||||
Net periodic benefit costs
|
|
$
|
23.5
|
|
|
$
|
20.5
|
|
|
$
|
2.8
|
|
|
$
|
4.1
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
Year to Date September 30
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Components of net periodic benefit costs
|
|
(millions)
|
||||||||||||||
Service cost
|
|
$
|
31.5
|
|
|
$
|
34.0
|
|
|
$
|
2.0
|
|
|
$
|
2.5
|
|
Interest cost
|
|
39.7
|
|
|
37.7
|
|
|
4.6
|
|
|
5.1
|
|
||||
Expected return on plan assets
|
|
(36.9
|
)
|
|
(38.8
|
)
|
|
(2.3
|
)
|
|
(2.2
|
)
|
||||
Prior service cost
|
|
0.5
|
|
|
0.6
|
|
|
0.9
|
|
|
2.3
|
|
||||
Recognized net actuarial (gain)/loss
|
|
38.9
|
|
|
38.5
|
|
|
(1.1
|
)
|
|
0.2
|
|
||||
Transition obligation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Net periodic benefit costs before regulatory adjustment
|
|
73.7
|
|
|
72.0
|
|
|
4.1
|
|
|
8.0
|
|
||||
Regulatory adjustment
|
|
(3.1
|
)
|
|
(9.3
|
)
|
|
4.4
|
|
|
4.2
|
|
||||
Net periodic benefit costs
|
|
$
|
70.6
|
|
|
$
|
62.7
|
|
|
$
|
8.5
|
|
|
$
|
12.2
|
|
|
Three Months Ended
September 30
|
|
Year to Date
September 30
|
||||||||||||||
|
|
||||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Great Plains Energy
|
|
(millions)
|
|||||||||||||||
Equity compensation expense
|
|
$
|
0.4
|
|
|
$
|
3.7
|
|
|
|
$
|
3.9
|
|
|
$
|
4.6
|
|
Income tax benefit
|
|
—
|
|
|
1.4
|
|
|
|
1.3
|
|
|
1.7
|
|
||||
KCP&L
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity compensation expense
|
|
$
|
0.2
|
|
|
$
|
2.5
|
|
|
|
$
|
2.5
|
|
|
$
|
3.1
|
|
Income tax benefit
|
|
—
|
|
|
0.9
|
|
|
|
0.8
|
|
|
1.1
|
|
|
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 September 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
|
|
(73,417
|
)
|
|
|
|
22.69
|
|
|
|
Forfeited
|
|
(572
|
)
|
|
|
|
27.51
|
|
|
|
Ending balance September 30, 2016
|
|
253,572
|
|
|
|
|
27.13
|
|
|
|
|
|
|
September 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
|
|
|
|
|
|
|
|
|
||||
0.76% Series 2007A and 2007B
(c)
|
2035
|
|
|
146.5
|
|
|
|
|
146.5
|
|
||
2.875% Series 2008
|
2038
|
|
|
23.4
|
|
|
|
|
23.4
|
|
||
Current maturities
|
|
|
|
(281.0
|
)
|
|
|
|
—
|
|
||
Unamortized discount and debt issuance costs
|
|
|
|
(15.9
|
)
|
|
|
|
(17.3
|
)
|
||
Total KCP&L excluding current maturities
(d)
|
|
|
|
2,283.5
|
|
|
|
|
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
|
|
|
|
(101.1
|
)
|
|
|
|
(1.1
|
)
|
||
Unamortized discount and premium, net and debt issuance costs
|
|
|
|
(1.9
|
)
|
|
|
|
(2.1
|
)
|
||
Total Great Plains Energy excluding current maturities
(d)
|
|
|
|
$
|
3,364.6
|
|
|
|
|
$
|
3,745.1
|
|
(a)
|
Weighted-average interest rates at
September 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 September 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
divided by the Applicable Market Value; or
|
(c)
|
Less than or equal to
$28.65
, the Conversion Rate shall be
34.9026
.
|
(a)
|
Equal to or greater than
$31.74
, the Conversion Rate shall be
31.5060
;
|
(b)
|
Less than
$31.74
but greater than
$26.45
, the Conversion Rate shall be
$1,000
divided by the Applicable Market Value; or
|
(c)
|
Less than or equal to
$26.45
, the Conversion Rate shall be
37.8080
.
|
|
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
|
|
|
|
September 30
|
|
December 31
|
||||||
|
|
2016
|
|
|
2015
|
|
||||
|
|
(millions)
|
|
|||||||
Net receivable from GMO
|
|
$
|
71.5
|
|
|
|
$
|
50.0
|
|
|
Net receivable from Great Plains Energy
|
|
19.5
|
|
|
|
15.8
|
|
|
|
September 30
|
|
December 31
|
||||||||||||
|
2016
|
|
2015
|
||||||||||||
|
Notional
Contract
Amount
|
|
Fair
Value
|
|
Notional
Contract
Amount
|
|
Fair
Value
|
||||||||
Great Plains Energy
|
(millions)
|
||||||||||||||
Non-hedging derivatives
|
|
|
|
|
|
|
|
||||||||
Futures contracts
|
$
|
14.9
|
|
|
$
|
—
|
|
|
$
|
26.6
|
|
|
$
|
(5.7
|
)
|
Forward contracts
|
11.1
|
|
|
2.6
|
|
|
15.6
|
|
|
3.1
|
|
||||
Transmission congestion rights
|
5.1
|
|
|
0.7
|
|
|
5.6
|
|
|
(0.5
|
)
|
||||
Interest rate swaps
|
4,415.0
|
|
|
(78.8
|
)
|
|
—
|
|
|
—
|
|
||||
KCP&L
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-hedging derivatives
|
|
|
|
|
|
|
|
|
|
|
|
||||
Futures contracts
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
0.9
|
|
|
$
|
(0.1
|
)
|
Transmission congestion rights
|
3.9
|
|
|
0.4
|
|
|
4.1
|
|
|
(0.4
|
)
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
||||
|
Balance Sheet
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||
September 30, 2016
|
Classification
|
|
Fair Value
|
|
Fair Value
|
||||||||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
(millions)
|
|
||||||||
Commodity contracts
|
Other
|
|
|
$
|
5.3
|
|
|
|
|
$
|
2.0
|
|
|
Interest rate contracts
|
Derivative instruments
|
|
|
—
|
|
|
|
|
78.8
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
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
|
||||||||
September 30, 2016
|
Classification
|
|
Fair Value
|
|
Fair Value
|
||||||||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
(millions)
|
|
||||||||
Commodity contracts
|
Other
|
|
|
$
|
1.1
|
|
|
|
|
$
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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
|
||||||||||||||||||||||||
September 30, 2016
|
(millions)
|
||||||||||||||||||||||||||||||||||
Derivative assets
|
|
$
|
1.1
|
|
|
|
|
$
|
(0.7
|
)
|
|
|
|
$
|
0.4
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
0.4
|
|
|
Derivative liabilities
|
|
0.7
|
|
|
|
|
(0.7
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||||
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
September 30
|
|
Year to Date
September 30 |
||||||||||||
Derivatives Not Designated as Hedging Instruments
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Location of Gain (Loss)
|
|
(millions)
|
||||||||||||||
Electric revenues
|
|
$
|
2.0
|
|
|
$
|
(0.2
|
)
|
|
$
|
1.7
|
|
|
$
|
(7.9
|
)
|
Fuel
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(4.6
|
)
|
|
(1.2
|
)
|
||||
Purchased power
|
|
0.5
|
|
|
(0.2
|
)
|
|
0.2
|
|
|
(1.4
|
)
|
||||
Interest charges
|
|
(1.8
|
)
|
|
—
|
|
|
(78.8
|
)
|
|
—
|
|
||||
Regulatory asset
|
|
—
|
|
|
(1.9
|
)
|
|
(0.1
|
)
|
|
(5.1
|
)
|
||||
Regulatory liability
|
|
(0.3
|
)
|
|
—
|
|
|
0.9
|
|
|
—
|
|
||||
Total
|
|
$
|
0.3
|
|
|
$
|
(2.4
|
)
|
|
$
|
(80.7
|
)
|
|
$
|
(15.6
|
)
|
KCP&L
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended
September 30
|
|
Year to Date
September 30 |
||||||||||||
Derivatives Not Designated as Hedging Instruments
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Location of Gain (Loss)
|
|
(millions)
|
||||||||||||||
Electric revenues
|
|
$
|
2.0
|
|
|
$
|
(0.2
|
)
|
|
$
|
1.7
|
|
|
$
|
(7.9
|
)
|
Fuel
|
|
0.3
|
|
|
1.1
|
|
|
0.2
|
|
|
1.3
|
|
||||
Regulatory asset
|
|
0.1
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||
Regulatory liability
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
—
|
|
||||
Total
|
|
$
|
2.4
|
|
|
$
|
0.8
|
|
|
$
|
2.4
|
|
|
$
|
(6.7
|
)
|
Description
|
September 30
2016 |
|
|
Level 1
|
|
|
Level 2
|
|
Level 3
|
||||||||||||||
KCP&L
|
|
(millions)
|
|
||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Nuclear decommissioning trust
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
$
|
147.4
|
|
|
|
|
$
|
147.4
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury
|
|
29.7
|
|
|
|
|
29.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
U.S. Agency
|
|
1.8
|
|
|
|
|
—
|
|
|
|
|
1.8
|
|
|
|
|
—
|
|
|
||||
State and local obligations
|
|
3.1
|
|
|
|
|
—
|
|
|
|
|
3.1
|
|
|
|
|
—
|
|
|
||||
Corporate bonds
|
|
34.4
|
|
|
|
|
—
|
|
|
|
|
34.4
|
|
|
|
|
—
|
|
|
||||
Foreign governments
|
|
0.3
|
|
|
|
|
—
|
|
|
|
|
0.3
|
|
|
|
|
—
|
|
|
||||
Cash equivalents
|
|
1.6
|
|
|
|
|
1.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total nuclear decommissioning trust
|
|
218.3
|
|
|
|
|
178.7
|
|
|
|
|
39.6
|
|
|
|
|
—
|
|
|
||||
Self-insured health plan trust
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
0.9
|
|
|
|
|
0.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Debt securities
|
|
4.8
|
|
|
|
|
—
|
|
|
|
|
4.8
|
|
|
|
|
—
|
|
|
||||
Cash and cash equivalents
|
|
8.0
|
|
|
|
|
8.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total self-insured health plan trust
|
|
13.7
|
|
|
|
|
8.9
|
|
|
|
|
4.8
|
|
|
|
|
—
|
|
|
||||
Derivative instruments - commodity
(c)
|
|
1.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1.1
|
|
|
||||
Total
|
|
$
|
233.1
|
|
|
|
|
$
|
187.6
|
|
|
|
|
$
|
44.4
|
|
|
|
|
$
|
1.1
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments - commodity
(c)
|
|
0.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.7
|
|
|
||||
Total
|
|
$
|
0.7
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
0.7
|
|
|
Other Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments - commodity
(c)
|
|
$
|
4.2
|
|
|
|
|
$
|
1.1
|
|
|
|
|
$
|
2.3
|
|
|
|
|
$
|
0.8
|
|
|
SERP rabbi trusts
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
0.1
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total
|
|
$
|
4.3
|
|
|
|
|
$
|
1.2
|
|
|
|
|
$
|
2.3
|
|
|
|
|
$
|
0.8
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commodity
(c)
|
|
$
|
1.3
|
|
|
|
|
$
|
1.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
0.2
|
|
|
Interest rates
(e)
|
|
78.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
78.8
|
|
|
||||
Total derivative instruments
|
|
80.1
|
|
|
|
|
1.1
|
|
|
|
|
—
|
|
|
|
|
79.0
|
|
|
||||
Total
|
|
$
|
80.1
|
|
|
|
|
$
|
1.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
79.0
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Nuclear decommissioning trust
(a)
|
|
$
|
218.3
|
|
|
|
|
$
|
178.7
|
|
|
|
|
$
|
39.6
|
|
|
|
|
$
|
—
|
|
|
Self-insured health plan trust
(b)
|
|
13.7
|
|
|
|
|
8.9
|
|
|
|
|
4.8
|
|
|
|
|
—
|
|
|
||||
Derivative instruments
(c)
|
|
5.3
|
|
|
|
|
1.1
|
|
|
|
|
2.3
|
|
|
|
|
1.9
|
|
|
||||
SERP rabbi trusts
(d)
|
|
0.1
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total
|
|
$
|
237.4
|
|
|
|
|
$
|
188.8
|
|
|
|
|
$
|
46.7
|
|
|
|
|
$
|
1.9
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivative instruments
(c) (e)
|
|
80.8
|
|
|
|
|
1.1
|
|
|
|
|
—
|
|
|
|
|
79.7
|
|
|
||||
Total
|
|
$
|
80.8
|
|
|
|
|
$
|
1.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
79.7
|
|
|
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 September 30, 2016, and December 31, 2015, the Supplemental Executive Retirement Plan (SERP) rabbi trusts also included
$16.7 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 September 30, 2016, the calculated net present value was discounted by a contingency factor of
0.35
that management believes is representative of
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Gains and Losses on Cash Flow Hedges
(a)
|
|
Defined Benefit Pension Items
(a)
|
|
|
Total
(a)
|
|
||||||||||
|
|
(millions)
|
||||||||||||||||
Year to Date September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Beginning balance January 1
|
|
|
$
|
(10.1
|
)
|
|
|
|
$
|
(1.9
|
)
|
|
|
|
$
|
(12.0
|
)
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
4.1
|
|
|
|
|
0.4
|
|
|
|
|
4.5
|
|
|
|||
Net current period other comprehensive income
|
|
|
4.1
|
|
|
|
|
0.4
|
|
|
|
|
4.5
|
|
|
|||
Ending balance September 30
|
|
|
$
|
(6.0
|
)
|
|
|
|
$
|
(1.5
|
)
|
|
|
|
$
|
(7.5
|
)
|
|
Year to Date September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Beginning balance January 1
|
|
|
$
|
(15.8
|
)
|
|
|
|
$
|
(2.9
|
)
|
|
|
|
$
|
(18.7
|
)
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
4.2
|
|
|
|
|
0.3
|
|
|
|
|
4.5
|
|
|
|||
Net current period other comprehensive income
|
|
|
4.2
|
|
|
|
|
0.3
|
|
|
|
|
4.5
|
|
|
|||
Ending balance September 30
|
|
|
$
|
(11.6
|
)
|
|
|
|
$
|
(2.6
|
)
|
|
|
|
$
|
(14.2
|
)
|
|
Great Plains Energy
|
|
|
|
|
|
|
||||
Details about Accumulated Other Comprehensive Loss Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
|
Affected Line Item in the Income Statement
|
||||||
Three Months Ended September 30
|
|
2016
|
|
2015
|
|
|
||||
|
|
(millions)
|
|
|
||||||
Gains and (losses) on cash flow hedges (effective portion)
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(2.3
|
)
|
|
$
|
(2.3
|
)
|
|
Interest charges
|
|
|
(2.3
|
)
|
|
(2.3
|
)
|
|
Income before income tax expense and income from equity investments
|
||
|
|
1.0
|
|
|
0.9
|
|
|
Income tax benefit
|
||
|
|
$
|
(1.3
|
)
|
|
$
|
(1.4
|
)
|
|
Net income
|
Amortization of defined benefit pension items
|
|
|
|
|
|
|
||||
Net losses included in net periodic benefit costs
|
|
$
|
(0.2
|
)
|
|
$
|
(0.1
|
)
|
|
Utility operating and maintenance expenses
|
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|
Income before income tax expense and income from equity investments
|
||
|
|
—
|
|
|
0.1
|
|
|
Income tax benefit
|
||
|
|
$
|
(0.2
|
)
|
|
$
|
—
|
|
|
Net income
|
|
|
|
|
|
|
|
||||
Total reclassifications, net of tax
|
|
$
|
(1.5
|
)
|
|
$
|
(1.4
|
)
|
|
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 September 30
|
|
2016
|
|
2015
|
|
|
||||
|
|
(millions)
|
|
|
||||||
Gains and (losses) on cash flow hedges (effective portion)
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(6.9
|
)
|
|
$
|
(6.9
|
)
|
|
Interest charges
|
|
|
(6.9
|
)
|
|
(6.9
|
)
|
|
Income before income tax expense and income from equity investments
|
||
|
|
2.8
|
|
|
2.7
|
|
|
Income tax benefit
|
||
|
|
$
|
(4.1
|
)
|
|
$
|
(4.2
|
)
|
|
Net income
|
Amortization of defined benefit pension items
|
|
|
|
|
|
|
||||
Net losses included in net periodic benefit costs
|
|
$
|
(0.6
|
)
|
|
$
|
(0.5
|
)
|
|
Utility operating and maintenance expenses
|
|
|
(0.6
|
)
|
|
(0.5
|
)
|
|
Income before income tax expense and income from equity investments
|
||
|
|
0.2
|
|
|
0.2
|
|
|
Income tax benefit
|
||
|
|
$
|
(0.4
|
)
|
|
$
|
(0.3
|
)
|
|
Net income
|
|
|
|
|
|
|
|
||||
Total reclassifications, net of tax
|
|
$
|
(4.5
|
)
|
|
$
|
(4.5
|
)
|
|
Net income
|
KCP&L
|
|
|
|
|
|
|
||||
Details about Accumulated Other Comprehensive Loss Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
|
Affected Line Item in the Income Statement
|
||||||
Three Months Ended September 30
|
|
2016
|
|
2015
|
|
|
||||
|
|
(millions)
|
|
|
||||||
Gains and (losses) on cash flow hedges (effective portion)
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(2.2
|
)
|
|
$
|
(2.2
|
)
|
|
Interest charges
|
|
|
(2.2
|
)
|
|
(2.2
|
)
|
|
Income before income tax expense
|
||
|
|
1.0
|
|
|
0.9
|
|
|
Income tax benefit
|
||
Total reclassifications, net of tax
|
|
$
|
(1.2
|
)
|
|
$
|
(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 September 30
|
|
2016
|
|
2015
|
|
|
||||
|
|
(millions)
|
|
|
||||||
Gains and (losses) on cash flow hedges (effective portion)
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(6.6
|
)
|
|
$
|
(6.6
|
)
|
|
Interest charges
|
|
|
(6.6
|
)
|
|
(6.6
|
)
|
|
Income before income tax expense
|
||
|
|
2.6
|
|
|
2.6
|
|
|
Income tax benefit
|
||
Total reclassifications, net of tax
|
|
$
|
(4.0
|
)
|
|
$
|
(4.0
|
)
|
|
Net income
|
|
||||||||||||||
|
Three Months Ended
September 30
|
Year to Date
September 30 |
||||||||||||
Great Plains Energy
|
2016
|
|
2015
|
2016
|
|
2015
|
||||||||
Current income taxes
|
(millions)
|
|||||||||||||
Federal
|
$
|
—
|
|
|
$
|
(0.8
|
)
|
$
|
(0.1
|
)
|
|
$
|
(0.3
|
)
|
State
|
—
|
|
|
0.5
|
|
0.3
|
|
|
0.4
|
|
||||
Total
|
—
|
|
|
(0.3
|
)
|
0.2
|
|
|
0.1
|
|
||||
Deferred income taxes
|
|
|
|
|
|
|
|
|
||||||
Federal
|
70.1
|
|
|
66.4
|
|
91.5
|
|
|
91.8
|
|
||||
State
|
13.0
|
|
|
12.4
|
|
18.4
|
|
|
18.3
|
|
||||
Total
|
83.1
|
|
|
78.8
|
|
109.9
|
|
|
110.1
|
|
||||
Investment tax credit
|
|
|
|
|
|
|
||||||||
Deferral
|
—
|
|
|
0.5
|
|
2.5
|
|
|
0.5
|
|
||||
Amortization
|
(0.4
|
)
|
|
(0.4
|
)
|
(1.1
|
)
|
|
(1.1
|
)
|
||||
Total
|
(0.4
|
)
|
|
0.1
|
|
1.4
|
|
|
(0.6
|
)
|
||||
Income tax expense
|
$
|
82.7
|
|
|
$
|
78.6
|
|
$
|
111.5
|
|
|
$
|
109.6
|
|
|
Three Months Ended
September 30
|
Year to Date
September 30 |
||||||||||||
KCP&L
|
2016
|
|
2015
|
2016
|
|
2015
|
||||||||
Current income taxes
|
(millions)
|
|||||||||||||
Federal
|
$
|
35.4
|
|
|
$
|
43.9
|
|
$
|
36.6
|
|
|
$
|
42.4
|
|
State
|
6.4
|
|
|
7.1
|
|
6.7
|
|
|
6.7
|
|
||||
Total
|
41.8
|
|
|
51.0
|
|
43.3
|
|
|
49.1
|
|
||||
Deferred income taxes
|
|
|
|
|
|
|
|
|
|
|
||||
Federal
|
22.5
|
|
|
(1.6
|
)
|
61.5
|
|
|
14.6
|
|
||||
State
|
4.5
|
|
|
0.8
|
|
12.5
|
|
|
5.2
|
|
||||
Total
|
27.0
|
|
|
(0.8
|
)
|
74.0
|
|
|
19.8
|
|
||||
Investment tax credit
|
|
|
|
|
|
|
||||||||
Deferral
|
—
|
|
|
0.5
|
|
—
|
|
|
0.5
|
|
||||
Amortization
|
(0.3
|
)
|
|
(0.2
|
)
|
(0.8
|
)
|
|
(0.7
|
)
|
||||
Total
|
(0.3
|
)
|
|
0.3
|
|
(0.8
|
)
|
|
(0.2
|
)
|
||||
Income tax expense
|
$
|
68.5
|
|
|
$
|
50.5
|
|
$
|
116.5
|
|
|
$
|
68.7
|
|
|
Three Months Ended
September 30
|
Year to Date
September 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
|
(0.3
|
)
|
|
0.3
|
|
(0.2
|
)
|
|
0.4
|
|
Amortization of investment tax credits
|
(0.2
|
)
|
|
(0.2
|
)
|
(0.4
|
)
|
|
(0.4
|
)
|
Federal income tax credits
|
(1.1
|
)
|
|
(1.2
|
)
|
(2.7
|
)
|
|
(2.6
|
)
|
State income taxes
|
3.9
|
|
|
4.2
|
|
4.0
|
|
|
4.0
|
|
Transaction costs
|
1.0
|
|
|
—
|
|
1.0
|
|
|
—
|
|
Other
|
(0.1
|
)
|
|
0.2
|
|
—
|
|
|
0.2
|
|
Effective income tax rate
|
38.2
|
%
|
|
38.3
|
%
|
36.7
|
%
|
|
36.6
|
%
|
|
Three Months Ended
September 30
|
Year to Date
September 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
|
(0.5
|
)
|
|
0.4
|
|
(0.3
|
)
|
|
0.6
|
|
Amortization of investment tax credits
|
(0.1
|
)
|
|
(0.2
|
)
|
(0.2
|
)
|
|
(0.4
|
)
|
Federal income tax credits
|
(1.2
|
)
|
|
(1.8
|
)
|
(2.3
|
)
|
|
(3.9
|
)
|
State income taxes
|
3.8
|
|
|
3.9
|
|
3.8
|
|
|
3.9
|
|
Other
|
(0.2
|
)
|
|
0.1
|
|
(0.1
|
)
|
|
(0.1
|
)
|
Effective income tax rate
|
36.8
|
%
|
|
37.4
|
%
|
35.9
|
%
|
|
35.1
|
%
|
Three Months Ended September 30, 2016
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||
Operating revenues
|
|
$
|
856.8
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
856.8
|
|
|
Depreciation and amortization
|
|
(86.4
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(86.4
|
)
|
|
||||
Interest (charges) income
|
|
(49.3
|
)
|
|
|
|
(26.4
|
)
|
|
|
|
8.1
|
|
|
|
|
(67.6
|
)
|
|
||||
Income tax (expense) benefit
|
|
(95.9
|
)
|
|
|
|
13.2
|
|
|
|
|
—
|
|
|
|
|
(82.7
|
)
|
|
||||
Net income (loss)
|
|
161.1
|
|
|
|
|
(27.5
|
)
|
|
|
|
—
|
|
|
|
|
133.6
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year to Date September 30, 2016
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||
Operating revenues
|
|
$
|
2,099.7
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
2,099.7
|
|
|
Depreciation and amortization
|
|
(256.9
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(256.9
|
)
|
|
||||
Interest (charges) income
|
|
(147.4
|
)
|
|
|
|
(128.4
|
)
|
|
|
|
24.1
|
|
|
|
|
(251.7
|
)
|
|
||||
Income tax (expense) benefit
|
|
(160.2
|
)
|
|
|
|
48.7
|
|
|
|
|
—
|
|
|
|
|
(111.5
|
)
|
|
||||
Net income (loss)
|
|
278.4
|
|
|
|
|
(86.4
|
)
|
|
|
|
—
|
|
|
|
|
192.0
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Three Months Ended September 30, 2015
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||
Operating revenues
|
|
$
|
781.4
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
781.4
|
|
|
Depreciation and amortization
|
|
(82.4
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(82.4
|
)
|
|
||||
Interest (charges) income
|
|
(48.9
|
)
|
|
|
|
(10.2
|
)
|
|
|
|
8.1
|
|
|
|
|
(51.0
|
)
|
|
||||
Income tax expense
|
|
(78.5
|
)
|
|
|
|
(0.1
|
)
|
|
|
|
—
|
|
|
|
|
(78.6
|
)
|
|
||||
Net income (loss)
|
|
129.1
|
|
|
|
|
(2.3
|
)
|
|
|
|
—
|
|
|
|
|
126.8
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year to Date September 30, 2015
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||
Operating revenues
|
|
$
|
1,939.5
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1,939.5
|
|
|
Depreciation and amortization
|
|
(245.7
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(245.7
|
)
|
|
||||
Interest (charges) income
|
|
(142.1
|
)
|
|
|
|
(30.3
|
)
|
|
|
|
24.1
|
|
|
|
|
(148.3
|
)
|
|
||||
Income tax (expense) benefit
|
|
(112.0
|
)
|
|
|
|
2.4
|
|
|
|
|
—
|
|
|
|
|
(109.6
|
)
|
|
||||
Net income (loss)
|
|
196.4
|
|
|
|
|
(6.3
|
)
|
|
|
|
—
|
|
|
|
|
190.1
|
|
|
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
September 30, 2016
|
|
(millions)
|
|
||||||||||||||||||||
Assets
|
|
$
|
11,337.1
|
|
|
|
|
$
|
114.5
|
|
|
|
|
$
|
(406.9
|
)
|
|
|
|
$
|
11,044.7
|
|
|
Capital expenditures
(a)
|
|
435.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
435.3
|
|
|
||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
$
|
11,045.5
|
|
|
|
|
$
|
(51.1
|
)
|
|
|
|
$
|
(255.8
|
)
|
|
|
|
$
|
10,738.6
|
|
|
Capital expenditures
(a)
|
|
677.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
677.1
|
|
|
|
|
Three Months Ended
September 30, 2016
|
|
Year to Date
September 30, 2016
|
|||||||||||
|
|
|
|||||||||||||
|
|
(millions, except per share amounts)
|
|||||||||||||
|
|
|
Earnings per diluted share
|
|
|
|
Earnings per diluted share
|
||||||||
Earnings available for common shareholders
|
$
|
132.7
|
|
$
|
0.86
|
|
|
$
|
190.3
|
|
|
$
|
1.23
|
|
|
Costs to achieve the anticipated acquisition of Westar:
|
|
|
|
|
|
|
|||||||||
Operating expense
(a)
|
14.4
|
|
|
|
19.4
|
|
|
|
|||||||
Financing
(b)
|
14.3
|
|
|
|
19.0
|
|
|
|
|||||||
Mark-to-market impacts of interest rate swaps
(c)
|
1.8
|
|
|
|
78.8
|
|
|
|
|||||||
Income tax benefit
|
(9.6
|
)
|
|
|
(42.3
|
)
|
|
|
|||||||
Redemption of cumulative preferred stock
(d)
|
0.6
|
|
|
|
0.6
|
|
|
|
|||||||
Adjusted earnings (non-GAAP)
|
$
|
154.2
|
|
$
|
1.00
|
|
|
$
|
265.8
|
|
|
$
|
1.72
|
|
|
Three Months Ended
September 30
|
|
Year to Date
September 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(millions)
|
||||||||||||||
Operating revenues
|
$
|
856.8
|
|
|
$
|
781.4
|
|
|
$
|
2,099.7
|
|
|
$
|
1,939.5
|
|
Fuel
|
(105.7
|
)
|
|
(124.5
|
)
|
|
(285.7
|
)
|
|
(332.0
|
)
|
||||
Purchased power
|
(78.4
|
)
|
|
(52.1
|
)
|
|
(176.5
|
)
|
|
(146.3
|
)
|
||||
Transmission
|
(23.8
|
)
|
|
(23.9
|
)
|
|
(64.5
|
)
|
|
(65.1
|
)
|
||||
Other operating expenses
|
(266.2
|
)
|
|
(241.8
|
)
|
|
(742.6
|
)
|
|
(703.7
|
)
|
||||
Costs to achieve the anticipated acquisition of Westar
|
(14.4
|
)
|
|
—
|
|
|
(19.4
|
)
|
|
—
|
|
||||
Depreciation and amortization
|
(86.4
|
)
|
|
(82.4
|
)
|
|
(256.9
|
)
|
|
(245.7
|
)
|
||||
Operating income
|
281.9
|
|
|
256.7
|
|
|
554.1
|
|
|
446.7
|
|
||||
Non-operating income and expenses
|
1.3
|
|
|
(0.5
|
)
|
|
(1.0
|
)
|
|
0.4
|
|
||||
Interest charges
|
(67.6
|
)
|
|
(51.0
|
)
|
|
(251.7
|
)
|
|
(148.3
|
)
|
||||
Income tax expense
|
(82.7
|
)
|
|
(78.6
|
)
|
|
(111.5
|
)
|
|
(109.6
|
)
|
||||
Income from equity investments
|
0.7
|
|
|
0.2
|
|
|
2.1
|
|
|
0.9
|
|
||||
Net income
|
133.6
|
|
|
126.8
|
|
|
192.0
|
|
|
190.1
|
|
||||
Preferred dividends and redemption premium
|
(0.9
|
)
|
|
(0.4
|
)
|
|
(1.7
|
)
|
|
(1.2
|
)
|
||||
Earnings available for common shareholders
|
$
|
132.7
|
|
|
$
|
126.4
|
|
|
$
|
190.3
|
|
|
$
|
188.9
|
|
Reconciliation of gross margin to operating revenue:
|
|
|
|
|
|
|
|
||||||||
Operating revenues
|
$
|
856.8
|
|
|
$
|
781.4
|
|
|
$
|
2,099.7
|
|
|
$
|
1,939.5
|
|
Fuel
|
(105.7
|
)
|
|
(124.5
|
)
|
|
(285.7
|
)
|
|
(332.0
|
)
|
||||
Purchased power
|
(78.4
|
)
|
|
(52.1
|
)
|
|
(176.5
|
)
|
|
(146.3
|
)
|
||||
Transmission
|
(23.8
|
)
|
|
(23.9
|
)
|
|
(64.5
|
)
|
|
(65.1
|
)
|
||||
Gross margin
(a)
|
$
|
648.9
|
|
|
$
|
580.9
|
|
|
$
|
1,573.0
|
|
|
$
|
1,396.1
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin below.
|
•
|
a $68.0 million increase in gross margin driven by new retail rates, warmer weather, new cost recovery mechanisms, an increase in weather-normalized demand and an increase in recovery of programs costs for energy efficiency programs under MEEIA, partially offset by a decrease in other items including lower transmission revenue;
|
•
|
a $17.0 million increase in other operating expenses driven by an increase in pension expense, an increase in program costs for energy efficiency programs under MEEIA and an increase in general taxes driven by higher property taxes and higher gross receipt taxes due to an increase in retail revenues;
|
•
|
a $4.0 million increase in depreciation and amortization expense driven by capital additions; and
|
•
|
a $17.4 million increase in income tax expense primarily due to an increase in pre-tax income.
|
•
|
a $176.9 million increase in gross margin driven by new retail rates, warmer weather, new cost recovery mechanisms, an increase in MEEIA throughput disincentive and an increase in recovery of program costs for energy efficiency programs under MEEIA, partially offset by a decrease in other items including higher transmission expense;
|
•
|
a $29.9 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, an increase in program costs for energy efficiency programs under MEEIA 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;
|
•
|
an $11.2 million increase in depreciation and amortization expense driven by capital additions;
|
•
|
a $5.3 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 $48.2 million increase in income tax expense primarily due to an increase in pre-tax income.
|
•
|
$14.4 million of operating expenses for costs to achieve the anticipated acquisition of Westar;
|
•
|
$14.3 million of interest charges for fees incurred for a bridge term loan facility entered into in connection with the anticipated acquisition of Westar;
|
•
|
a $1.8 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
;
|
•
|
$9.6 million of income tax benefits related to these items; and
|
•
|
$0.6 million of reductions to earnings available for common shareholders related to the redemption of Great Plains Energy's cumulative preferred stock in August 2016.
|
•
|
$19.4 million of operating expenses for costs to achieve the anticipated acquisition of Westar;
|
•
|
$19.0 million of interest charges for fees incurred for a bridge term loan facility entered into in connection with the anticipated acquisition of Westar;
|
•
|
a $78.8 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
;
|
•
|
$42.3 million of income tax benefits related to these items; and
|
•
|
$0.6 million of reductions to earnings available for common shareholders related to the redemption of Great Plains Energy's cumulative preferred stock in August 2016.
|
|
Three Months Ended
September 30
|
|
Year to Date
September 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(millions)
|
||||||||||||||
Operating revenues
|
$
|
856.8
|
|
|
$
|
781.4
|
|
|
$
|
2,099.7
|
|
|
$
|
1,939.5
|
|
Fuel
|
(105.7
|
)
|
|
(124.5
|
)
|
|
(285.7
|
)
|
|
(332.0
|
)
|
||||
Purchased power
|
(78.4
|
)
|
|
(52.1
|
)
|
|
(176.5
|
)
|
|
(146.3
|
)
|
||||
Transmission
|
(23.8
|
)
|
|
(23.9
|
)
|
|
(64.5
|
)
|
|
(65.1
|
)
|
||||
Other operating expenses
|
(257.8
|
)
|
|
(240.8
|
)
|
|
(730.9
|
)
|
|
(701.0
|
)
|
||||
Depreciation and amortization
|
(86.4
|
)
|
|
(82.4
|
)
|
|
(256.9
|
)
|
|
(245.7
|
)
|
||||
Operating income
|
304.7
|
|
|
257.7
|
|
|
585.2
|
|
|
449.4
|
|
||||
Non-operating income and expenses
|
1.6
|
|
|
(1.2
|
)
|
|
0.8
|
|
|
1.1
|
|
||||
Interest charges
|
(49.3
|
)
|
|
(48.9
|
)
|
|
(147.4
|
)
|
|
(142.1
|
)
|
||||
Income tax expense
|
(95.9
|
)
|
|
(78.5
|
)
|
|
(160.2
|
)
|
|
(112.0
|
)
|
||||
Net income
|
$
|
161.1
|
|
|
$
|
129.1
|
|
|
$
|
278.4
|
|
|
$
|
196.4
|
|
Reconciliation of gross margin to operating revenue
|
|
|
|
|
|
|
|
||||||||
Operating revenues
|
$
|
856.8
|
|
|
$
|
781.4
|
|
|
$
|
2,099.7
|
|
|
$
|
1,939.5
|
|
Fuel
|
(105.7
|
)
|
|
(124.5
|
)
|
|
(285.7
|
)
|
|
(332.0
|
)
|
||||
Purchased power
|
(78.4
|
)
|
|
(52.1
|
)
|
|
(176.5
|
)
|
|
(146.3
|
)
|
||||
Transmission
|
(23.8
|
)
|
|
(23.9
|
)
|
|
(64.5
|
)
|
|
(65.1
|
)
|
||||
Gross margin
(a)
|
$
|
648.9
|
|
|
$
|
580.9
|
|
|
$
|
1,573.0
|
|
|
$
|
1,396.1
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
•
|
an estimated $46 million increase due to new retail rates and an estimated $9 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 estimated $12 million increase due to warmer weather driven by a 7% increase in cooling degree days;
|
•
|
an estimated $7 million increase from weather-normalized retail demand;
|
•
|
a $5.2 million increase for recovery of program costs for energy efficiency programs under MEEIA, which have a direct offset in utility operating and maintenance expense; and
|
•
|
an estimated $10 million decrease due to other items including lower transmission revenue.
|
•
|
an estimated $111 million increase due to new retail rates and an estimated $37 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 $11.2 million increase in MEEIA throughput disincentive;
|
•
|
an estimated $23 million increase due to warmer weather with a 13% increase in cooling degree days in the second and third quarters of 2016 partially offset by a 16% decrease in heating degree days in the first quarter of 2016;
|
•
|
a $5.0 million increase for recovery of program costs for energy efficiency programs under MEEIA, which have a direct offset in utility operating and maintenance expense; and
|
•
|
an estimated $9 million decrease due to other items including higher transmission expense.
|
•
|
a $2.2 million increase in pension expense corresponding to the resetting of pension expense trackers with the effective date of new retail rates;
|
•
|
a $5.2 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue; and
|
•
|
a $5.6 million increase in general taxes driven by higher property taxes and higher gross receipts taxes due to an increase in retail revenues.
|
•
|
a $4.2 million increase in Wolf Creek operating and maintenance expenses primarily due to increased refueling outage amortization;
|
•
|
a $6.7 million increase in pension expense corresponding to the resetting of pension expense trackers with the effective date of new retail rates;
|
•
|
a $5.0 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue;
|
•
|
an $11.7 million increase in general taxes driven by higher property taxes and higher gross receipts taxes due to an increase in retail revenues; and
|
•
|
a $5.3 million decrease in plant operating and maintenance expense due to fewer planned outages in 2016.
|
•
|
Great Plains Energy's receivables, net increased $46.4 million primarily due to seasonal increases in customer accounts receivable.
|
•
|
Great Plains Energy's notes payable increased $94.0 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
decreased
$66.9 million
due to the repayment of $180.3 million of commercial paper at KCP&L with funds from operations partially offset by an increase in commercial paper of $113.4 million at GMO due to borrowings for general corporate purposes.
|
•
|
Great Plains Energy's current maturities of long-term debt increased $381.0 million and long-term debt decreased $380.5 million due to the reclassification of KCP&L's $250.0 million of 5.85% Senior Notes and $31.0 million of 1.25% EIRR Series 1992 bonds and Great Plains Energy's $100.0 million of 6.875% Senior Notes from long-term to current.
|
•
|
Great Plains Energy's accounts payable decreased $125.2 million primarily due to the timing of cash payments.
|
•
|
Great Plains Energy's accrued taxes increased $91.8 million primarily due to the timing of property tax payments.
|
•
|
Great Plains Energy's derivative instruments - current liabilities increased $78.3 million due to a $78.8 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.
|
•
|
Great Plains Energy's cumulative preferred stock $100 par value decreased $39.0 million due to the redemption of its 390,000 shares of outstanding cumulative preferred stock in August 2016.
|
|
|
Year to Date
September 30 |
|
||||||
|
|
2016
|
|
2015
|
|
||||
|
(millions)
|
||||||||
Operating revenues
|
|
$
|
1,474.1
|
|
|
$
|
1,314.1
|
|
|
Fuel
|
|
(205.6
|
)
|
|
(237.3
|
)
|
|
||
Purchased power
|
|
(93.1
|
)
|
|
(73.4
|
)
|
|
||
Transmission
|
|
(44.8
|
)
|
|
(42.3
|
)
|
|
||
Other operating expenses
|
|
(518.8
|
)
|
|
(490.7
|
)
|
|
||
Depreciation and amortization
|
|
(184.1
|
)
|
|
(175.0
|
)
|
|
||
Operating income
|
|
427.7
|
|
|
295.4
|
|
|
||
Non-operating income and expenses
|
|
1.9
|
|
|
0.6
|
|
|
||
Interest charges
|
|
(104.9
|
)
|
|
(100.4
|
)
|
|
||
Income tax expense
|
|
(116.5
|
)
|
|
(68.7
|
)
|
|
||
Net income
|
|
$
|
208.2
|
|
|
$
|
126.9
|
|
|
Reconciliation of gross margin to operating revenue:
|
|
|
|
|
|
||||
Operating revenues
|
|
$
|
1,474.1
|
|
|
$
|
1,314.1
|
|
|
Fuel
|
|
(205.6
|
)
|
|
(237.3
|
)
|
|
||
Purchased power
|
|
(93.1
|
)
|
|
(73.4
|
)
|
|
||
Transmission
|
|
(44.8
|
)
|
|
(42.3
|
)
|
|
||
Gross margin
(a)
|
|
$
|
1,130.6
|
|
|
$
|
961.1
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
|
Revenues and Costs
|
|
%
|
|
MWhs Sold
|
|
%
|
||||||||||||
Year to Date September 30
|
2016
|
|
2015
|
|
Change
(c)
|
|
2016
|
|
2015
|
|
Change
|
||||||||
Retail revenues
|
(millions)
|
|
|
|
(thousands)
|
|
|
||||||||||||
Residential
|
$
|
573.2
|
|
|
$
|
503.9
|
|
|
14
|
|
|
4,200
|
|
|
4,117
|
|
|
2
|
|
Commercial
|
615.4
|
|
|
560.6
|
|
|
10
|
|
|
5,755
|
|
|
5,783
|
|
|
—
|
|
||
Industrial
|
113.0
|
|
|
102.6
|
|
|
10
|
|
|
1,399
|
|
|
1,386
|
|
|
1
|
|
||
Other retail revenues
|
10.0
|
|
|
9.0
|
|
|
10
|
|
|
63
|
|
|
62
|
|
|
1
|
|
||
Provision for rate refund
|
0.5
|
|
|
—
|
|
|
N/M
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Energy efficiency (MEEIA)
(a)
|
29.6
|
|
|
16.1
|
|
|
84
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Total retail
|
1,341.7
|
|
|
1,192.2
|
|
|
13
|
|
|
11,417
|
|
|
11,348
|
|
|
1
|
|
||
Wholesale revenues
|
115.3
|
|
|
104.3
|
|
|
11
|
|
|
5,971
|
|
|
4,431
|
|
|
35
|
|
||
Other revenues
|
17.1
|
|
|
17.6
|
|
|
(3
|
)
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Operating revenues
|
1,474.1
|
|
|
1,314.1
|
|
|
12
|
|
|
17,388
|
|
|
15,779
|
|
|
10
|
|
||
Fuel
|
(205.6
|
)
|
|
(237.3
|
)
|
|
(13
|
)
|
|
|
|
|
|
|
|||||
Purchased power
|
(93.1
|
)
|
|
(73.4
|
)
|
|
27
|
|
|
|
|
|
|
|
|||||
Transmission
|
(44.8
|
)
|
|
(42.3
|
)
|
|
6
|
|
|
|
|
|
|
|
|||||
Gross margin
(b)
|
$
|
1,130.6
|
|
|
$
|
961.1
|
|
|
18
|
|
|
|
|
|
|
|
|
|
(a)
|
Consists of recovery of program costs of $20.6 million and $12.8 million year to date September 30, 2016, and 2015, respectively, that have a direct offset in operating and maintenance expenses and recovery of throughput disincentive of $9.0 million and $3.3 million year to date September 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 $111 million increase due to new retail rates and an estimated $37 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 $5.7 million increase in MEEIA throughput disincentive;
|
•
|
an estimated $14 million increase due to warmer weather with a 13% increase in cooling degree days in the second and third quarter of 2016 partially offset by a 16% decrease in heating degree days in the first quarter of 2016; and
|
•
|
a $7.8 million increase for recovery of program costs for energy efficiency programs under MEEIA, which have a direct offset in operating and maintenance expense.
|
•
|
a $4.2 million increase in Wolf Creek operating and maintenance expenses primarily due to increased refueling outage amortization;
|
•
|
a $6.3 million increase in pension expense corresponding to the resetting of pension expense trackers with the effective date of new retail rates;
|
•
|
a $7.8 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue;
|
•
|
an $11.8 million increase in general taxes driven by higher property taxes and higher gross receipts taxes due to an increase in retail revenues; and
|
•
|
a $4.7 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
|
|
|
|
|
|
|
|
|
|
|
3.1
|
|
Articles of Incorporation of Great Plains Energy Incorporated, as amended, on September 26, 2016.
|
|
Great Plains Energy
|
|
|
|
|
|
3.2
|
*
|
Certificate of Designations of the 7.00% Series B Mandatory Convertible Preferred Stock of Great Plains Energy Incorporated, filed with the Secretary of State of the State of Missouri and effective September 30, 2016 (Exhibit 3.1 to Form 8-K filed on October 3, 2016).
|
|
Great Plains Energy
|
|
|
|
|
|
10.1
|
*
|
Amendment dated as of September 9, 2016, to the Receivables Sales Agreement dated as of July 1, 2005, among Kansas City Power & Light Receivables Company, as the Seller, Kansas City Power & Light Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as the Agent and Victory Receivables Corporation, as the Purchaser. (Exhibit 10.1 to Form 8-K filed on September 13, 2016).
|
|
KCP&L
|
|
|
|
|
|
10.2
|
*
|
Third Amendment dated as of September 9, 2016, to the Receivables Sales Agreement dated as of May 31, 2012, among GMO Receivables Company, as the Seller, KCP&L Greater Missouri Operations Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as the Agent and Victory Receivables Corporation, as the Purchaser. (Exhibit 10.2 to Form 8-K filed on September 13, 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:
|
November 3, 2016
|
By:
/s/ Terry Bassham
|
|
|
(Terry Bassham)
|
|
|
(Chief Executive Officer)
|
|
|
|
Dated:
|
November 3, 2016
|
By:
/s/ Steven P. Busser
|
|
|
(Steven P. Busser)
|
|
|
(Principal Accounting Officer)
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|
|
|
Dated:
|
November 3, 2016
|
By:
/s/ Terry Bassham
|
|
|
(Terry Bassham)
|
|
|
(Chief Executive Officer)
|
|
|
|
Dated:
|
November 3, 2016
|
By:
/s/ Steven P. Busser
|
|
|
(Steven P. Busser)
|
|
|
(Principal Accounting Officer)
|
(a)
|
The distinctive serial designation of the shares of such series;
|
(b)
|
The dividend rate thereof;
|
(c)
|
The redemption price or prices and the terms of redemption (except as fixed in this Division A);
|
(d)
|
The terms and amount of any sinking fund for the purchase or redemption thereof; and
|
(e)
|
The terms and conditions, if any, under which said shares may be converted.
|
(a)
|
The distinctive serial designation of the shares of such series;
|
(b)
|
The dividend rate thereof;
|
(c)
|
The redemption price or prices and the terms of redemption (except as fixed in this Division A);
|
(d)
|
The terms and amount of any sinking fund for the purchase or redemption thereof;
|
(e)
|
The terms and conditions, if any, under which said shares may be converted;
|
(f)
|
The rights of the shares of the series in the event of involuntary dissolution or liquidation of the Company;
|
(g)
|
The consideration to be paid for the shares of such series, and the portion of such consideration to be designated as stated value or capital; and
|
(h)
|
Any other powers, preferences and relative, participating, optional or other special rights, and qualifications, limitations or restrictions thereof, of the shares of such series, as the Board of Directors may deem advisable and as shall not be inconsistent with the provisions of these Articles of Incorporation.
|
(a)
|
Increase the amount of Cumulative Preferred Stock or Cumulative No Par Preferred Stock at the time authorized;
|
(b)
|
Create or authorize any shares of senior or parity stock, or create or authorize any obligation or security convertible into any such shares;
|
(c)
|
Alter or change the preferences, priorities, special rights or special powers of then outstanding Cumulative Preferred Stock or Cumulative No Par Preferred Stock so as to affect the holders thereof adversely, provided, however, if any such alteration or change would adversely affect the holders of one or more, but not all, of the series of Cumulative Preferred Stock or Cumulative No Par Preferred Stock at the time outstanding, only the consent of holders of two‑thirds of the shares of each series so affected shall be required; or
|
(d)
|
Issue, sell or otherwise dispose of shares of Cumulative Preferred Stock or Cumulative No Par Preferred Stock or any shares of senior or parity stock, or securities convertible into shares of Cumulative Preferred Stock, Cumulative No Par Preferred Stock or senior or parity stock, other than in exchange for or in connection with the retirement (by redemption or otherwise) of, not less than a like number of shares of Cumulative Preferred Stock, Cumulative No Par Preferred Stock or senior or parity stock, or securities convertible into not less than a like number of such shares, as the case may be, at the time outstanding, unless
|
(e)
|
Merge or consolidate with or into any other corporation, provided that this provision shall not apply to a purchase or other acquisition by the Company of franchises or assets of another corporation in any manner which does not involve a statutory merger or consolidation; or
|
(f)
|
Sell, lease, or exchange all or substantially all of its property and assets, unless the fair value of the net assets of the Company, after completion of such transaction, shall at least equal the then involuntary liquidation value of Cumulative Preferred Stock of all series, Cumulative No Par Preferred Stock of all series, and all senior or parity stock, then outstanding; or
|
(g)
|
Intentionally omitted.
|
(h)
|
While holders of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock remain entitled to elect a majority of the Board of Directors as aforesaid, the payment of dividends on such stock including dividends in arrears, shall not be unreasonably withheld if the financial condition of the Company permits payment thereof;
|
(i)
|
Such right to elect a majority of the Board of Directors may be exercised at any annual meeting of shareholders, or, within the limitations herein provided, at a special meeting of shareholders held for such purpose. Whenever such right to elect a majority of the Board of Directors shall vest, on request signed by any holder of record of shares of Cumulative Preferred Stock or Cumulative No Par Preferred Stock then outstanding and delivered to the Company's principal office not less than 120 days prior to the date of the annual meeting next following the date when such right vests, the President or a Vice‑President of the Company shall call a special meeting of shareholders to be held within 30 days after receipt of such request for the purpose of electing a new Board of Directors of which holders of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock shall be entitled to elect the smallest number necessary to constitute a majority and holders of outstanding shares otherwise entitled to vote shall be entitled to elect the remaining Directors, in each case to serve until the next annual meeting of shareholders or until their successors shall be elected and shall qualify;
|
(j)
|
Whenever, under the terms hereof, holders of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock shall be divested of the right to elect a majority of the Board of Directors, upon request signed by any holders of record of shares otherwise entitled to vote and delivered to the Company at its principal office not less than 120 days prior to the date for the annual meeting next following the date of such divesting, the President or a Vice‑President of the Company shall call a special meeting of the holders of shares otherwise entitled to vote to be held within 30 days after receipt of such request for the purpose of electing a new Board of Directors to serve until the next annual meeting or until their respective successors shall be elected and shall qualify;
|
(k)
|
If, while holders of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock are entitled to elect a majority of the Directors, the holders of shares entitled as a class to elect certain Directors shall fail to elect the full number of Directors which they are entitled to elect, either at an annual meeting of shareholders or a special meeting thereof held as in this subdivision (vi) provided, or at an adjourned session of either thereof held within a period of 90 days beginning with the date of such meeting, then after the expiration of such period holders of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock and holders of outstanding shares otherwise entitled to vote, voting as a single class, shall be entitled to elect such number of Directors as shall not have been elected during such period by holders of outstanding shares of the
|
(l)
|
At any annual or special meeting of the shareholders or adjournment thereof, held for the purpose of electing Directors while the holders of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock shall be entitled to elect a majority of the Board of Directors, the presence in person or by proxy of the holders of a majority of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock, counting all such shares as a single class, shall be necessary to constitute a quorum for the election by such class of a majority of the Board of Directors and the presence in person or by proxy of the holders of a majority of outstanding shares of a class otherwise entitled to vote shall be necessary to constitute a quorum of such class of shares for the election of Directors which holders of such class of shares are then entitled to elect. In case of a failure by the holders of any class or classes to elect, at such meeting or an adjourned session held within said period of 90 days, the number of Directors which they are entitled to elect at such meeting, such meeting shall be deemed ipso facto to have been adjourned to reconvene at 11:00 A.M., Central Standard Time, on the fourth full business day next following the close of such 90‑day period, at which time, or at a subsequent adjourned session of such meeting, such number of Directors as shall not have been elected during such period by holders of outstanding shares of the class or classes then entitled to elect the same, may be elected by holders of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock and holders of outstanding shares otherwise entitled to vote, voting as a single class. Subject to the preceding provisions of this subdivision (vi), a majority of the holders of shares of any class or classes at the time present in person or by proxy shall have power to adjourn such meeting for the election of Directors by holders of shares of such class or classes from time to time without notice other than announcement at the meeting;
|
(m)
|
At any election of Directors each holder of outstanding shares of any class entitled to vote thereat shall have the right to cast as many votes in the aggregate as shall equal the number of shares of such class held multiplied by the number of Directors to be elected by holders of shares of such class, and may cast the whole number of votes, either in person or by proxy, for one candidate, or distribute them among two or more candidates as such holder shall elect; and
|
(n)
|
While the holders of outstanding shares of Cumulative Preferred Stock and Cumulative No Par Preferred Stock remain entitled to elect a majority of the Board of Directors, any holder of record of outstanding shares of Cumulative Preferred Stock or Cumulative No Par Preferred Stock shall have the right, during regular business hours, in person or by a duly authorized representative, to examine the
|
(o)
|
If and so long as the junior stock equity (as hereinafter defined) at the end of the calendar month immediately preceding the date on which a dividend on the junior stock is declared is, or as a result of such dividend would become less than 20% of total capitalization (as hereinafter defined), the Company shall not declare dividends on any of its junior stock in an amount which, together with all other dividends on its junior stock declared within the year ending with but including the date of such dividend declaration, exceeds 50% of the net income of the Company available for dividends on its junior stock for the 12 consecutive calendar months immediately preceding the month in which such dividend is declared; and
|
(p)
|
If and so long as the junior stock equity (as hereinafter defined) at the end of the calendar month immediately preceding the date on which a dividend on its junior stock is declared is, or as a result of such dividend would become less than 25%, but more than 20% of total capitalization (as hereinafter defined), the Company shall not declare such dividend on its junior stock in an amount which, together with all other dividends on its junior stock declared within the year ending with but including the date of such dividend declaration, exceeds 75% of the net income of the Company available for dividends on its junior stock for the 12 consecutive calendar months immediately preceding the month in which such dividend is declared; and
|
(q)
|
Except to the extent permitted by the preceding subparagraphs (o) and (p) the Company may not pay dividends on its junior stock which would reduce the junior stock equity below 25% of total capitalization. For the purposes of subparagraphs (d), (o), (p) and (q) of this subdivision (vi):
|
(a)
|
The distinctive designation of such series and the number of shares of such series;
|
(b)
|
The rate or rates at which shares of such series shall be entitled to receive dividends, the conditions upon, and the times of payment of such dividends, the relationship and preference, if any, of such dividends to dividends payable on any other class or classes or any other series of stock, and whether such dividends shall be cumulative
|
(c)
|
The right, if any, to exchange or convert the shares of such series into shares of any other class or classes, or of any other series of the same or any other class or classes of stock of the Company, and if so convertible or exchangeable, the conversion price or prices, or the rates of exchange, and the adjustments, if any, at which such conversion or exchange may be made;
|
(d)
|
If shares of such series are subject to redemption, the time or times and the price or prices at which, at the terms and conditions on which, such shares shall be redeemable;
|
(e)
|
The preference of the shares of such series as to both dividends and assets in the event of any voluntary or involuntary liquidation or dissolution or winding up or distribution of assets of the Company;
|
(f)
|
The obligation, if any, of the Company to purchase, redeem or retire shares of such series and/or maintain a fund for such purposes, and the amount or amounts to be payable from time to time for such purpose or into such fund, the number of shares to be purchased, redeemed or retired, and the other terms and conditions of any such obligation;
|
(g)
|
The voting rights, if any, full or limited, to be given the shares of such series, including without limiting the generality of the foregoing, the right, if any, as a series or in conjunction with other series or classes, to elect one or more members of the Board of Directors either generally or at certain specified times or under certain circumstances, and restrictions, if any, on particular corporate acts without a specified vote or consent of holders of such shares (such as, among others, restrictions on modifying the terms of such series of Preference Stock, authorizing or issuing additional shares of Preference Stock or creating any additional shares of Preference Stock or creating any class of stock ranking prior to or on a parity with the Preference Stock as to dividends or assets); and
|
(h)
|
Any other preferences, and relative, participating, optional or other special rights, and qualifications, limitations or restrictions thereof.
|
(a)
|
the Business Combination shall have been approved by a majority of the Continuing Directors; or
|
(b)
|
the cash or the Fair Market Value of the property, securities or other consideration to be received per share by holders of the Common Stock in such Business Combination is not less than the highest per share price paid by or on behalf of the Interested Shareholder for any shares of Common Stock during the five‑year period preceding the announcement of such Business Combination.
|
(a)
|
The term "Business Combination" shall mean: (i) any merger or consolidation involving the Company or a subsidiary of the Company with or into an Interested Shareholder; (ii) any sale, lease, exchange, transfer or other disposition (in one transaction or a series) of any Substantial Part of the assets of the Company or a subsidiary of the Company to or with an Interested Shareholder; (iii) the issuance of any securities of the Company or a subsidiary of the Company to an Interested Shareholder other than the issuance on a pro rata basis to all holders of shares of the same class pursuant to a stock split or stock dividend; (iv) any recapitalization or reclassification or other transaction that would have the effect of increasing the proportionate voting power of an Interested Shareholder; (v) any liquidation, spinoff, splitup or dissolution of the Company proposed by or on behalf of an Interested Shareholder; or (vi) any agreement, contract, arrangement or understanding providing for any of the transactions described in this definition of Business Combination;
|
(b)
|
The term "Interested Shareholder" shall mean and include (i) any individual, corporation, partnership or other person or entity which, together with its "Affiliates" or "Associates" (as defined on March 1, 1986, in Rule 12b‑2 of the General Rules and Regulations under the Securities Exchange Act of 1934) "beneficially owns" (as defined on March 1, 1986, in Rule 13d‑3 of the General Rules and Regulations under the Securities Exchange Act of 1934) in the aggregate 5% or more of the outstanding shares of the Common Stock of the Company, and (ii) any Affiliate or Associate of any such Interested Shareholder;
|
(c)
|
The term "Continuing Director" shall mean any member of the Board of Directors of the Company who is unaffiliated with the Interested Shareholder and was a member of the Board of Directors prior to the time that the Interested Shareholder became an Interested Shareholder, and any successor of a Continuing Director if the successor is unaffiliated with the Interested Shareholder and is recommended or elected to succeed the Continuing Director by a majority of Continuing Directors;
|
(d)
|
The term "Fair Market Value" shall mean: (i) in the case of stock, the highest closing sale price during the 30‑day period immediately preceding the date in question of a share of such stock on the Composite Tape for New York Stock Exchange‑Listed Stocks, or, if such stock is not quoted on the Composite Tape, on the New York Stock Exchange, or, if such stock is not listed on such Exchange, on the principal United States securities exchange registered under the Securities and Exchange Act of 1934 on which such stock is listed, or, if such stock is not listed on any such exchange, the highest closing bid quotation with respect to a share of such stock during the 30‑day period preceding the date in question on the National Association of Securities Dealers, Inc. Automated Quotations System or any similar system then in use, or, if no such quotations are available, the Fair Market Value on the date in
|
(e)
|
The term "Substantial Part" shall mean 10% or more of the Fair Market Value of the total assets as reflected on the most recent balance sheet existing at the time the shareholders of the Company would be required to approve or authorize the Business Combination involving the assets constituting any such Substantial Part.
|
(a)
|
Right to Indemnification. Each person who was or is made a party or is threatened to be made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a Director or officer of the Company or is or was an employee of the Company acting within the scope and course of his or her employment or is or was serving at the request of the Company as a Director, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, shall be indemnified and held harmless by the Company to the fullest extent authorized by The Missouri General and Business Corporation Law, as the same exists or may hereafter be amended, against all expense, liability and loss (including attorneys' fees, judgments, fines, ERISA excise taxes or penalties and amounts paid to or to be paid in settlement) actually and reasonably incurred by such person in connection therewith. The Company may in its discretion by action of its Board of Directors provide indemnification to agents of the Company as provided for in this ARTICLE THIRTEEN. Such indemnification shall continue as to a person who has ceased to be a Director, officer, employee or agent and shall inure to the benefit of his or her heirs, executors and administrators.
|
(b)
|
Rights Not Exclusive. The indemnification and other rights provided by this ARTICLE THIRTEEN shall not be deemed exclusive of any other rights to which a person may be entitled under any applicable law, By‑laws of the Company, agreement, vote of shareholders or disinterested Directors or otherwise, both as to action in such person's official capacity and as to action in any other capacity while holding the office of Director or officer, and the Company is hereby expressly authorized by the shareholders of the Company to enter into agreements with its Directors and officers which provide greater indemnification rights than that generally provided by The Missouri General and Business Corporation Law;
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Great Plains Energy Incorporated;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
November 3, 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:
|
November 3, 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:
|
November 3, 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:
|
November 3, 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:
|
November 3, 2016
|
|
|
|
/s/Kevin E. Bryant
|
Name:
Title:
|
Kevin E. Bryant
Senior Vice President - Finance and Strategy and Chief Financial Officer
|
Date:
|
November 3, 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:
|
November 3, 2016
|
|
|
|
/s/ Kevin E. Bryant
|
Name:
Title:
|
Kevin E. Bryant
Senior Vice President - Finance and Strategy and Chief Financial Officer
|
Date:
|
November 3, 2016
|