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Exact name of registrant as specified in its charter,
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Commission
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state of incorporation, address of principal
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I.R.S. Employer
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File Number
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executive offices and telephone number
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Identification Number
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001-32206
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GREAT PLAINS ENERGY INCORPORATED
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43-1916803
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(A Missouri Corporation)
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1200 Main Street
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Kansas City, Missouri 64105
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(816) 556-2200
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000-51873
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KANSAS CITY POWER & LIGHT COMPANY
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44-0308720
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(A Missouri Corporation)
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1200 Main Street
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Kansas City, Missouri 64105
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(816) 556-2200
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TABLE OF CONTENTS
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Page
Number
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Abbreviation or Acronym
|
|
Definition
|
|
|
|
AFUDC
|
|
Allowance for Funds Used During Construction
|
Amended Merger Agreement
|
|
Amended and Restated Agreement and Plan of Merger dated as of July 9, 2017 by and among Great Plains Energy, Westar, Monarch Energy Holding, Inc. and King Energy, Inc.
|
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
|
DOJ
|
|
Department of Justice
|
ECA
|
|
Energy Cost Adjustment
|
EIRR
|
|
Environmental Improvement Revenue Refunding
|
Electric Utility
|
|
Electric utility segment
|
EPA
|
|
Environmental Protection Agency
|
EPS
|
|
Earnings (loss) per common share
|
ERISA
|
|
Employee Retirement Income Security Act of 1974, as amended
|
Exchange Act
|
|
The Securities Exchange Act of 1934, 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
|
GP Star
|
|
GP Star, Inc.
|
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
|
Holdco
|
|
Monarch Energy Holding, Inc., a Missouri corporation
|
KCC
|
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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
|
MEEIA
|
|
Missouri Energy Efficiency Investment Act
|
Merger Sub
|
|
King Energy, Inc., a Kansas corporation and wholly owned subsidiary of Holdco
|
MGP
|
|
Manufactured gas plant
|
MPS Merchant
|
|
MPS Merchant Services, Inc., a wholly owned subsidiary of GMO
|
Abbreviation or Acronym
|
|
Definition
|
|
|
|
MPSC
|
|
Public Service Commission of the State of Missouri
|
MW
|
|
Megawatt
|
MWh
|
|
Megawatt hour
|
NAV
|
|
Net asset value
|
NERC
|
|
North American Electric Reliability Corporation
|
NOL
|
|
Net operating loss
|
NRC
|
|
Nuclear Regulatory Commission
|
OMERS
|
|
OCM Credit Portfolio LP
|
Original Merger Agreement
|
|
Agreement and Plan of Merger dated as of May 29, 2016, by and among Great Plains Energy, Westar and GP Star, Inc.
|
RTO
|
|
Regional Transmission Organization
|
SEC
|
|
Securities and Exchange Commission
|
Series A Preferred Stock
|
|
7.25% Mandatory Convertible Preferred Stock, Series A
|
Series B Preferred Stock
|
|
7.00% Series B Mandatory Convertible Preferred Stock
|
SPP
|
|
Southwest Power Pool, Inc.
|
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
|
•
|
KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas. KCP&L has one active wholly owned subsidiary, Kansas City Power & Light Receivables Company (KCP&L Receivables Company).
|
•
|
GMO is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri. GMO also provides regulated steam service to certain customers in the St. Joseph, Missouri area. GMO has two active wholly owned subsidiaries, GMO Receivables Company and MPS Merchant Services, Inc. (MPS Merchant). MPS Merchant has certain long-term natural gas contracts remaining from its former non-regulated trading operations.
|
|
Regulator
|
Allowed Return on Equity
|
Rate-Making Equity Ratio
|
Rate Base (in billions)
|
Effective Date
|
KCP&L Missouri
|
MPSC
|
9.5%
|
49.2%
|
$2.5
|
June 2017
|
KCP&L Kansas
|
KCC
|
9.3%
|
50.5%
|
$2.1
|
October 2015
|
GMO
|
MPSC
|
9.5% - 9.75%
(a)
|
(a)
|
(a)
|
February 2017
|
|
|
|
|
|
|
|
Fuel cost in cents per
|
||||||
|
Fuel Mix
(a)
|
|
net kWh generated
|
||||||||||
|
Estimated
|
|
Actual
|
|
Estimated
|
Actual
|
|||||||
Fuel
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|||||
Coal
|
77
|
|
%
|
|
75
|
%
|
|
|
1.84
|
|
|
1.81
|
|
Nuclear
|
21
|
|
|
|
23
|
|
|
|
0.62
|
|
|
0.69
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|
Natural gas and oil
|
<1
|
|
|
|
1
|
|
|
|
7.46
|
|
|
15.19
|
|
Wind
|
2
|
|
|
|
1
|
|
|
|
—
|
|
|
—
|
|
Total owned generation
|
100
|
|
%
|
|
100
|
%
|
|
|
1.42
|
|
|
1.62
|
|
(a)
Fuel mix based on percent of net MWhs generated.
|
Name
|
Age
|
Current Position(s)
|
Year First Assumed an Officer Position
|
Terry Bassham
(a)
|
57
|
Chairman of the Board, President and Chief Executive Officer - Great Plains Energy and KCP&L
|
2005
|
Kevin E. Bryant
(b)
|
42
|
Senior Vice President - Finance and Strategy and Chief Financial Officer - Great Plains Energy and KCP&L
|
2006
|
Steven P. Busser
(c)
|
49
|
Vice President - Risk Management and Controller - Great Plains Energy and KCP&L
|
2014
|
Charles A. Caisley
(d)
|
45
|
Vice President - Marketing and Public Affairs - Great Plains Energy and KCP&L
|
2011
|
Ellen E. Fairchild
(e)
|
56
|
Vice President, Chief Compliance Officer and Corporate Secretary - Great Plains Energy and KCP&L
|
2010
|
Heather A. Humphrey
(f)
|
47
|
Senior Vice President - Corporate Services and General Counsel - Great Plains Energy and KCP&L
|
2010
|
Darrin R. Ives
(g)
|
48
|
Vice President - Regulatory Affairs - KCP&L
|
2013
|
Lori A. Wright
(h)
|
55
|
Vice President - Corporate Planning, Investor Relations and Treasurer - Great Plains Energy and KCP&L
|
2002
|
(a)
|
Mr. Bassham was appointed Chairman of the Board in May 2013 and has served as Chief Executive Officer of Great Plains Energy, KCP&L and GMO since 2012. He has served as President of each company since 2011. He previously served as President and Chief Operating Officer of Great Plains Energy, KCP&L and GMO (2011-2012) and as Executive Vice President - Utility Operations of KCP&L and GMO (2010-2011). He was Executive Vice President - Finance and Strategic Development and Chief Financial Officer of Great Plains Energy (2005-2010) and of KCP&L and GMO (2009-2010).
|
(b)
|
Mr. Bryant was appointed Senior Vice President - Finance and Strategy and Chief Financial Officer of Great Plains Energy, KCP&L and GMO in 2015. He previously served as Vice President - Strategic Planning of Great Plains Energy, KCP&L and GMO (2014). He served as Vice President - Investor Relations and Strategic Planning and Treasurer of Great Plains Energy, KCP&L and GMO (2013). He served as Vice President - Investor Relations and Treasurer of Great Plains Energy, KCP&L and GMO (2011-2013). He was Vice President - Strategy and Risk Management of KCP&L and GMO (2011) and Vice President - Energy Solutions (2006-2011) of KCP&L and GMO.
|
(c)
|
Mr. Busser was appointed Vice President - Risk Management and Controller of Great Plains Energy, KCP&L and GMO in 2016. He previously served as Vice President - Business Planning and Controller of Great Plains Energy, KCP&L and GMO (2014-2016). He served as Vice President - Treasurer of El Paso Electric Company (2011-2014). Prior to that, he served as Vice President - Treasurer and Chief Risk Officer (2006-2011) and Vice President - Regulatory Affairs and Treasurer (2004-2006) of El Paso Electric Company.
|
(d)
|
Mr. Caisley was appointed Vice President - Marketing and Public Affairs of Great Plains Energy, KCP&L and GMO in 2011. He was Senior Director of Public Affairs (2008-2011) and Director of Governmental Affairs of KCP&L (2007-2008).
|
(e)
|
Ms. Fairchild was appointed Vice President, Chief Compliance Officer and Corporate Secretary of Great Plains Energy, KCP&L and GMO in 2010. She was Senior Director of Investor Relations and Assistant Secretary (2010) and Director of Investor Relations (2008-2010) of Great Plains Energy, KCP&L and GMO.
|
(f)
|
Ms. Humphrey was appointed Senior Vice President - Corporate Services and General Counsel of Great Plains Energy, KCP&L and GMO in 2016. She previously served as General Counsel (2010-2016) and Senior Vice President - Human Resources of Great Plains Energy, KCP&L and GMO (2012-2016). She served as Vice President - Human Resources of Great Plains Energy, KCP&L and GMO (2010-2012). She was Senior Director of Human Resources and Interim General Counsel of Great Plains Energy, KCP&L and GMO (2010) and Managing Attorney of KCP&L (2007-2010).
|
(g)
|
Mr. Ives was appointed Vice President - Regulatory Affairs of KCP&L and GMO in 2013. He previously served as Senior Director - Regulatory Affairs of KCP&L and GMO (2011-2013). He was Assistant Controller of Great Plains Energy, KCP&L and GMO (2008 - 2011).
|
(h)
|
Ms. Wright was appointed Vice President - Corporate Planning, Investor Relations and Treasurer of Great Plains Energy, KCP&L and GMO in 2016. She previously served as Vice President - Investor Relations and Treasurer of Great Plains Energy, KCP&L and GMO (2014-2016). She served as Vice President - Business Planning and Controller of Great Plains Energy, KCP&L and GMO (2009-2014). She was Controller of Great Plains Energy and KCP&L (2002-2008) and GMO (2008).
|
•
|
Great Plains Energy would not realize the anticipated benefits of the anticipated 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 anticipated merger rather than to its own operations and the pursuit of other opportunities that could have been beneficial;
|
•
|
the potential loss of key personnel during the pendency of the anticipated merger as employees may experience uncertainty about their future roles with the combined company;
|
•
|
Great Plains Energy will have been subject to certain restrictions on the conduct of their businesses, which may prevent Great Plains Energy from making certain acquisitions or dispositions or pursuing certain business opportunities while the anticipated merger is pending; and
|
•
|
the trading price of Great Plains Energy common stock may decline to the extent that the current market price reflects a market assumption that the anticipated merger will be completed.
|
•
|
Great Plains Energy may be liable for damages to Westar under the terms and conditions of the Amended 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 anticipated merger will be completed; and
|
•
|
having to pay certain significant costs relating to the anticipated merger, including, in certain circumstances, a termination fee.
|
•
|
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;
|
•
|
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; or
|
•
|
require that additional terms, conditions or covenants be placed on Holdco.
|
•
|
whether U.S. federal and state public utility, antitrust and other regulatory authorities whose approval is required to complete the anticipated 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.
|
•
|
in the case of generation equipment, affect operating costs, increase capital requirements and costs, increase purchased power volumes and costs and reduce wholesale sales opportunities;
|
•
|
in the case of transmission equipment, affect operating costs, increase capital requirements and costs, require changes in the source of generation and affect wholesale sales opportunities and the ability to meet regulatory reliability and security requirements;
|
•
|
in the case of distribution systems, affect revenues and operating costs, increase capital requirements and costs, and affect the ability to meet regulatory service metrics and customer expectations; and
|
•
|
in the case of information systems, affect the control and operations of generation, transmission, distribution, customer information and other business operations and processes, increase operating costs, increase capital requirements and costs, and affect the ability to meet regulatory reliability and security requirements and customer expectations.
|
|
|
|
|
Year
|
|
Estimated 2018
|
|
Primary
|
|||
|
Unit
|
Location
|
|
Completed
|
|
MW Capacity
|
|
Fuel
|
|||
Base Load
|
Iatan No. 2
|
Missouri
|
|
2010
|
|
|
482
|
|
(a)
|
|
Coal
|
|
Wolf Creek
|
Kansas
|
|
1985
|
|
|
552
|
(a)
|
|
Nuclear
|
|
|
Iatan No. 1
|
Missouri
|
|
1980
|
|
|
490
|
(a)
|
|
Coal
|
|
|
La Cygne Nos. 1 and 2
|
Kansas
|
|
1973, 1977
|
|
|
699
|
(a)
|
|
Coal
|
|
|
Hawthorn No. 5
(b)
|
Missouri
|
|
1969
|
|
|
564
|
|
|
Coal
|
|
|
Montrose Nos. 2 and 3
|
Missouri
|
1960, 1964
|
|
334
|
|
|
Coal
|
|||
Peak Load
|
West Gardner Nos. 1, 2, 3 and 4
|
Kansas
|
|
2003
|
|
|
314
|
|
|
Natural Gas
|
|
|
Osawatomie
|
Kansas
|
|
2003
|
|
|
76
|
|
|
Natural Gas
|
|
|
Hawthorn Nos. 6 and 9
|
Missouri
|
|
2000
|
|
|
235
|
|
|
Natural Gas
|
|
|
Hawthorn No. 8
|
Missouri
|
|
2000
|
|
|
79
|
|
|
Natural Gas
|
|
|
Hawthorn No. 7
|
Missouri
|
|
2000
|
|
|
78
|
|
|
Natural Gas
|
|
|
Northeast Black Start Unit
|
Missouri
|
|
1985
|
|
|
2
|
|
|
Oil
|
|
|
Northeast Nos. 17 and 18
|
Missouri
|
|
1977
|
|
|
105
|
|
|
Oil
|
|
|
Northeast Nos. 13 and 14
|
Missouri
|
|
1976
|
|
|
95
|
|
|
Oil
|
|
|
Northeast Nos. 15 and 16
|
Missouri
|
|
1975
|
|
|
106
|
|
|
Oil
|
|
|
Northeast Nos. 11 and 12
|
Missouri
|
|
1972
|
|
|
88
|
|
|
Oil
|
|
Wind
|
Spearville 2 Wind Energy Facility
(c)
|
Kansas
|
|
2010
|
|
|
48
|
|
|
Wind
|
|
|
Spearville 1 Wind Energy Facility
(d)
|
Kansas
|
|
2006
|
|
|
101
|
|
|
Wind
|
|
Total KCP&L
|
|
|
|
|
|
4,448
|
|
|
|
|
|
Base Load
|
Iatan No. 2
|
Missouri
|
|
2010
|
|
|
159
|
(a)
|
|
Coal
|
|
|
Iatan No. 1
|
Missouri
|
|
1980
|
|
|
126
|
(a)
|
|
Coal
|
|
|
Jeffrey Energy Center Nos. 1, 2 and 3
|
Kansas
|
1978, 1980, 1983
|
|
173
|
(a)
|
|
Coal
|
|||
|
Sibley Nos. 2 and 3
|
Missouri
|
1962, 1969
|
|
406
|
|
|
Coal
|
|||
Peak Load
|
Lake Road Nos. 2 and 4
|
Missouri
|
|
1957, 1967
|
|
|
115
|
|
|
Natural Gas
|
|
|
South Harper Nos. 1, 2 and 3
|
Missouri
|
|
2005
|
|
|
303
|
|
|
Natural Gas
|
|
|
Crossroads Energy Center
|
Mississippi
|
|
2002
|
|
|
292
|
|
|
Natural Gas
|
|
|
Ralph Green No. 3
|
Missouri
|
|
1981
|
|
|
71
|
|
|
Natural Gas
|
|
|
Greenwood Nos. 1, 2, 3 and 4
|
Missouri
|
|
1975-1979
|
|
|
242
|
|
|
Natural Gas/Oil
|
|
|
Lake Road No. 5
|
Missouri
|
|
1974
|
|
|
62
|
|
|
Natural Gas/Oil
|
|
|
Lake Road Nos. 1 and 3
|
Missouri
|
|
1951, 1962
|
|
|
24
|
|
|
Natural Gas/Oil
|
|
|
Lake Road Nos. 6 and 7
|
Missouri
|
|
1989, 1990
|
|
|
42
|
|
|
Oil
|
|
|
Nevada
|
Missouri
|
|
1974
|
|
|
18
|
|
|
Oil
|
|
Total GMO
|
|
|
|
|
|
2,033
|
|
|
|
|
|
Total Great Plains Energy
|
|
|
|
|
|
6,481
|
|
|
|
|
(b)
|
In 2001, a new boiler, air quality control equipment and an uprated turbine was placed in service at the Hawthorn Generating Station.
|
(c)
|
Accredited capacity is 16 MW pursuant to SPP reliability standards.
|
(d)
|
Accredited capacity is 31 MW pursuant to SPP reliability standards.
|
|
Common Stock Price Range
(a)
|
|
Common Stock
|
|||||||||||||||||||||||||
|
2017
|
|
2016
|
|
Dividends Declared
|
|||||||||||||||||||||||
Quarter
|
High
|
|
Low
|
|
High
|
|
Low
|
|
2018
|
|
|
2017
|
|
2016
|
||||||||||||||
First
|
$
|
29.24
|
|
|
$
|
26.87
|
|
|
$
|
32.26
|
|
|
$
|
26.34
|
|
|
$
|
0.275
|
|
(b)
|
|
$
|
0.275
|
|
|
$
|
0.2625
|
|
Second
|
29.92
|
|
|
27.86
|
|
|
32.68
|
|
|
28.35
|
|
|
|
|
|
0.275
|
|
|
0.2625
|
|
||||||||
Third
|
31.58
|
|
|
29.14
|
|
|
31.22
|
|
|
26.53
|
|
|
|
|
|
0.275
|
|
|
0.2625
|
|
||||||||
Fourth
|
34.70
|
|
|
30.55
|
|
|
28.60
|
|
|
26.20
|
|
|
|
|
|
0.275
|
|
|
0.275
|
|
Issuer Purchases of Equity Securities
|
|||||||||
Month
|
|
Total Number of Shares (or Units) Purchased
(a)
|
Average Price Paid per Share (or Unit)
|
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs
|
Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
|
||||
October 1 - 31
|
|
2,981
|
|
$
|
31.54
|
|
—
|
|
N/A
|
November 1 - 30
|
|
2,421
|
|
33.63
|
|
—
|
|
N/A
|
|
December 1 - 31
|
|
17,424
|
|
32.53
|
|
—
|
|
N/A
|
|
Total
|
|
22,826
|
|
$
|
32.52
|
|
—
|
|
N/A
|
Year Ended December 31
|
|
2017
|
|
2016
|
|
2015
|
|
2014
(a)
|
|
2013
(a)
|
||||||||||
Great Plains Energy
|
|
(dollars in millions except per share amounts)
|
||||||||||||||||||
Operating revenues
|
|
$
|
2,708
|
|
|
$
|
2,676
|
|
|
$
|
2,502
|
|
|
$
|
2,568
|
|
|
$
|
2,446
|
|
Net income (loss)
|
|
$
|
(106
|
)
|
|
$
|
290
|
|
|
$
|
213
|
|
|
$
|
243
|
|
|
$
|
250
|
|
Basic and diluted earnings (loss) per common share
|
|
$
|
(0.67
|
)
|
|
$
|
1.61
|
|
|
$
|
1.37
|
|
|
$
|
1.57
|
|
|
$
|
1.62
|
|
Total assets at year end
(a)
|
|
$
|
12,458
|
|
|
$
|
13,570
|
|
|
$
|
10,739
|
|
|
$
|
10,453
|
|
|
$
|
9,770
|
|
Total redeemable preferred stock, mandatorily
|
|
|
|
|
|
|
|
|
|
|
||||||||||
redeemable preferred securities and long-
|
|
|
|
|
|
|
|
|
|
|
||||||||||
term debt (including current maturities)
(a)
|
|
$
|
3,664
|
|
|
$
|
3,747
|
|
|
$
|
3,746
|
|
|
$
|
3,481
|
|
|
$
|
3,492
|
|
Cash dividends per common share
|
|
$
|
1.10
|
|
|
$
|
1.0625
|
|
|
$
|
0.9975
|
|
|
$
|
0.935
|
|
|
$
|
0.8825
|
|
SEC ratio of earnings to combined fixed charges and
|
|
|
|
|
|
|
|
|
|
|
||||||||||
preferred dividend requirements
|
|
1.66
|
|
2.54
|
|
2.58
|
|
2.72
|
|
2.75
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
KCP&L
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
|
$
|
1,891
|
|
|
$
|
1,875
|
|
|
$
|
1,714
|
|
|
$
|
1,731
|
|
|
$
|
1,671
|
|
Net income
|
|
$
|
180
|
|
|
$
|
225
|
|
|
$
|
153
|
|
|
$
|
162
|
|
|
$
|
169
|
|
Total assets at year end
(a)
|
|
$
|
8,124
|
|
|
$
|
8,058
|
|
|
$
|
7,815
|
|
|
$
|
7,495
|
|
|
$
|
6,821
|
|
Total redeemable preferred stock, mandatorily
|
|
|
|
|
|
|
|
|
|
|
||||||||||
redeemable preferred securities and long-
|
|
|
|
|
|
|
|
|
|
|
||||||||||
term debt (including current maturities)
(a)
|
|
$
|
2,582
|
|
|
$
|
2,565
|
|
|
$
|
2,563
|
|
|
$
|
2,297
|
|
|
$
|
2,294
|
|
SEC ratio of earnings to fixed charges
|
|
3.05
|
|
3.30
|
|
2.57
|
|
2.69
|
|
2.76
|
Reconciliation of GAAP to Non-GAAP
|
Earnings (Loss)
|
|
Earnings (Loss) per Diluted Share
|
|||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||
|
(millions, except per share amounts)
|
|||||||||||||||||||||||
Earnings (loss) available for common shareholders
|
$
|
(143.5
|
)
|
|
$
|
273.5
|
|
|
$
|
211.4
|
|
|
$
|
(0.67
|
)
|
|
$
|
1.61
|
|
|
$
|
1.37
|
|
|
Costs to achieve the anticipated merger with Westar:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating expense, pre-tax
(a)
|
31.8
|
|
|
34.2
|
|
|
—
|
|
|
0.21
|
|
|
0.22
|
|
|
—
|
|
|||||||
Financing, pre-tax
(b)
|
85.5
|
|
|
35.9
|
|
|
—
|
|
|
0.55
|
|
|
0.24
|
|
|
—
|
|
|||||||
Mark-to-market impacts of interest rate swaps, pre-tax
(c)
|
(12.1
|
)
|
|
(79.3
|
)
|
|
—
|
|
|
(0.08
|
)
|
|
(0.51
|
)
|
|
—
|
|
|||||||
Interest income, pre-tax
(d)
|
(22.8
|
)
|
|
(3.2
|
)
|
|
—
|
|
|
(0.15
|
)
|
|
(0.02
|
)
|
|
—
|
|
|||||||
Loss on Series B Preferred Stock dividend make-whole provisions, pre-tax
(e)
|
124.8
|
|
|
—
|
|
|
—
|
|
|
0.80
|
|
|
—
|
|
|
—
|
|
|||||||
Loss on extinguishment of debt, pre-tax
(f)
|
82.8
|
|
|
—
|
|
|
—
|
|
|
0.53
|
|
|
—
|
|
|
—
|
|
|||||||
Write-off of Series A deferred offering expenses, pre-tax
(g)
|
15.0
|
|
|
—
|
|
|
—
|
|
|
0.10
|
|
|
—
|
|
|
—
|
|
|||||||
Income tax expense (benefit)
(h)
|
(59.7
|
)
|
|
9.5
|
|
|
—
|
|
|
(0.37
|
)
|
|
0.06
|
|
|
—
|
|
|||||||
Preferred stock
(i)
|
37.3
|
|
|
15.4
|
|
|
—
|
|
|
0.24
|
|
|
0.10
|
|
|
—
|
|
|||||||
Impact of October 2016 share issuance
(j)
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
(0.26
|
)
|
|
0.15
|
|
|
—
|
|
|||||||
Impact of U.S. federal income tax reform:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income tax expense
(k)
|
130.3
|
|
|
—
|
|
|
—
|
|
|
0.84
|
|
|
—
|
|
|
—
|
|
|||||||
Adjusted earnings (non-GAAP)
|
$
|
269.4
|
|
|
$
|
286.0
|
|
|
$
|
211.4
|
|
|
$
|
1.74
|
|
|
$
|
1.85
|
|
|
$
|
1.37
|
|
|
Average Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Shares used in calculating diluted earnings (loss) per common share
|
|
|
|
|
|
|
215.5
|
|
169.8
|
|
154.8
|
|||||||||||||
Adjustment for October 2016 share issuance
(j)
|
|
|
|
|
|
|
(60.5)
|
|
(14.9)
|
|
—
|
|||||||||||||
Shares used in calculating adjusted earnings per share (non-GAAP)
|
|
|
|
|
|
|
155.0
|
|
154.9
|
|
154.8
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
(millions)
|
|||||||||||
Operating revenues
|
|
$
|
2,708.2
|
|
|
$
|
2,676.0
|
|
|
$
|
2,502.2
|
|
Fuel and purchased power
|
|
(608.6
|
)
|
|
(590.1
|
)
|
|
(608.7
|
)
|
|||
Transmission
|
|
(105.7
|
)
|
|
(84.8
|
)
|
|
(89.1
|
)
|
|||
Other operating expenses
|
|
(987.4
|
)
|
|
(1,003.2
|
)
|
|
(943.9
|
)
|
|||
Costs to achieve the anticipated merger with Westar
|
|
(31.8
|
)
|
|
(34.2
|
)
|
|
—
|
|
|||
Depreciation and amortization
|
|
(371.1
|
)
|
|
(344.8
|
)
|
|
(330.4
|
)
|
|||
Operating income
|
|
603.6
|
|
|
618.9
|
|
|
530.1
|
|
|||
Non-operating income and expenses
|
|
19.3
|
|
|
2.8
|
|
|
3.7
|
|
|||
Loss on Series B Preferred Stock dividend make-whole provisions
|
|
(124.8
|
)
|
|
—
|
|
|
—
|
|
|||
Loss on extinguishment of debt
|
|
(82.8
|
)
|
|
—
|
|
|
—
|
|
|||
Interest charges
|
|
(290.7
|
)
|
|
(161.5
|
)
|
|
(199.3
|
)
|
|||
Income tax expense
|
|
(233.3
|
)
|
|
(172.2
|
)
|
|
(122.7
|
)
|
|||
Income from equity investments
|
|
2.5
|
|
|
2.0
|
|
|
1.2
|
|
|||
Net income (loss)
|
|
(106.2
|
)
|
|
290.0
|
|
|
213.0
|
|
|||
Preferred dividends and redemption premium
|
|
(37.3
|
)
|
|
(16.5
|
)
|
|
(1.6
|
)
|
|||
Earnings (loss) available for common shareholders
|
|
$
|
(143.5
|
)
|
|
$
|
273.5
|
|
|
$
|
211.4
|
|
Reconciliation of gross margin to operating revenues:
|
|
|
|
|
|
|
||||||
Operating revenues
|
|
$
|
2,708.2
|
|
|
$
|
2,676.0
|
|
|
$
|
2,502.2
|
|
Fuel and purchased power
|
|
(608.6
|
)
|
|
(590.1
|
)
|
|
(608.7
|
)
|
|||
Transmission
|
|
(105.7
|
)
|
|
(84.8
|
)
|
|
(89.1
|
)
|
|||
Gross margin
(a)
|
|
$
|
1,993.9
|
|
|
$
|
2,001.1
|
|
|
$
|
1,804.4
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin below.
|
•
|
a $7.2 million decrease in gross margin driven by cooler weather and a performance incentive for energy efficiency programs under the Missouri Energy Efficiency Investment Act (MEEIA), primarily recognized in 2016; partially offset by an increase in weather-normalized retail demand, an increase in the recovery of program costs for energy efficiency programs under MEEIA, favorable arbitration and insurance settlements in 2017 and an increase in other margin items;
|
•
|
an $8.2 million decrease in other operating expense primarily driven by a decrease in plant operating and maintenance expense and a decrease in injuries and damages expense primarily due to settled litigation; partially offset by an increase in program costs for energy efficiency programs under MEEIA;
|
•
|
a
$26.3 million
increase in depreciation and amortization expense primarily driven by capital additions; and
|
•
|
a $5.1 million increase in income tax expense primarily driven by the revaluation of KCP&L's and GMO's deferred income taxes not included in rate base as a result of the enactment of U.S. federal income tax reform in December 2017 and decreased wind production tax credits in 2017; partially offset by decreased pre-tax income.
|
•
|
$7.5 million of other operating expenses for the settlement of litigation at MPS Merchant in 2016;
|
•
|
a $2.3 million decrease in operating expenses for costs to achieve the anticipated merger with Westar;
|
•
|
a $130.8 million increase in interest charges due to:
|
◦
|
an $81.2 million decrease in the mark-to-market gain on deal contingent interest rate swaps entered into in June 2016 to hedge against interest rate fluctuations prior to Great Plains Energy's issuance of $4.3 billion senior notes in March 2017; and
|
◦
|
a $49.6 million increase in costs incurred to finance the acquisition of Westar under the Original Merger Agreement including $59.1 million of interest on Great Plains Energy's $4.3 billion senior notes issued in March 2017 and redeemed in July 2017 and a decrease of $9.2 million of fees and expenses for a bridge term loan facility;
|
•
|
a $33.6 million increase in non-operating income due to $14.0 million of mark-to-market gains on deal contingent interest rate swaps and an increase of $19.6 million of interest income earned on increased cash and cash equivalents at Great Plains Energy in 2017 related to the proceeds from Great Plains Energy's October 2016 common stock and Series B Preferred Stock offerings and March 2017 issuance of $4.3 billion of senior notes;
|
•
|
a $15.0 million increase in non-operating expenses due to the write-off of previously deferred offering fees as a result of the termination of the stock purchase agreement for $750 million of Series A Preferred Stock between Great Plains Energy and OCM Credit Portfolio LP (OMERS) in July 2017;
|
•
|
a $124.8 million loss on the settlement of the Series B Preferred Stock dividend make-whole provisions in connection with the redemption of Great Plains Energy's Series B Preferred Stock in August 2017;
|
•
|
an $82.8 million loss on extinguishment of debt due to Great Plains Energy's redemption of its $4.3 billion senior notes in July 2017;
|
•
|
a $66.2 million increase in income tax expense related to these items;
|
•
|
a $21.9 million increase in reductions to earnings available for common shareholders primarily due to preferred stock dividend requirements and the redemption premium for Great Plains Energy's Series B Preferred Stock issued in October 2016 and redeemed in August 2017; and
|
•
|
a $119.2 million increase in income tax expense due to the enactment of U.S. federal income tax reform in December 2017, consisting of $110.1 million related to the revaluation of GMO's non-regulated deferred income tax assets and $9.1 million of income tax expense related to the reassessment of the valuation allowance needed for the realization of refundable AMT credits and state net operating loss (NOL) carryforwards.
|
•
|
a $196.7 million increase in gross margin driven by new retail rates and cost recovery mechanisms, warmer weather and an increase in the recovery of program costs and throughput disincentive as well as a performance incentive for energy efficiency programs under MEEIA, partially offset by a decrease in weather-normalized retail demand;
|
•
|
a $50.0 million increase in other operating expenses driven by an increase in pension expense, an increase in program costs for energy efficiency programs under MEEIA, an increase in plant operating and maintenance expense, an increase in injuries and damages expense and an increase in general taxes driven by higher property taxes and higher gross receipts taxes due to an increase in retail revenues;
|
•
|
$15.9 million of operating expenses for costs to achieve the anticipated merger with Westar;
|
•
|
a $14.4 million increase in depreciation and amortization expense driven by capital additions;
|
•
|
a $5.2 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 Environmental Improvement Revenue Refunding (EIRR) Series 2005 bonds in September 2015; and
|
•
|
a $43.5 million increase in income tax expense driven by an increase in pre-tax income.
|
•
|
$7.5 million of other operating expenses for the settlement of litigation at MPS Merchant in 2016;
|
•
|
$18.3 million of operating expenses for costs to achieve the anticipated merger with Westar;
|
•
|
$35.9 million of interest charges for fees incurred for a bridge term loan facility;
|
•
|
a $79.3 million mark-to-market gain 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 acquisition of Westar under the Original Merger Agreement
;
|
•
|
$3.2 million of interest income earned on the proceeds from Great Plains Energy's October 2016 common stock and depositary share offerings;
|
•
|
$12.7 million of income tax expense related to these items; and
|
•
|
$15.4 million of reductions to earnings available for common shareholders consisting of $14.8 million of dividends on Great Plains Energy's Series B Preferred Stock issued in October 2016 and $0.6 million related to the redemption of Great Plains Energy's cumulative preferred stock in August 2016.
|
|
|
2017
|
|
2016
|
|
2015
|
|
||||||
|
(millions)
|
||||||||||||
Operating revenues
|
|
$
|
2,708.2
|
|
|
$
|
2,676.0
|
|
|
$
|
2,502.2
|
|
|
Fuel and purchased power
|
|
(608.6
|
)
|
|
(590.1
|
)
|
|
(608.7
|
)
|
|
|||
Transmission
|
|
(105.7
|
)
|
|
(84.8
|
)
|
|
(89.1
|
)
|
|
|||
Other operating expenses
|
|
(982.0
|
)
|
|
(990.2
|
)
|
|
(940.2
|
)
|
|
|||
Costs to achieve the anticipated merger with Westar
|
|
(15.7
|
)
|
|
(15.9
|
)
|
|
—
|
|
|
|||
Depreciation and amortization
|
|
(371.1
|
)
|
|
(344.8
|
)
|
|
(330.4
|
)
|
|
|||
Operating income
|
|
625.1
|
|
|
650.2
|
|
|
533.8
|
|
|
|||
Non-operating income and expenses
|
|
(1.9
|
)
|
|
2.3
|
|
|
1.7
|
|
|
|||
Interest charges
|
|
(196.9
|
)
|
|
(196.1
|
)
|
|
(190.9
|
)
|
|
|||
Income tax expense
|
|
(169.4
|
)
|
|
(164.3
|
)
|
|
(120.8
|
)
|
|
|||
Net income
|
|
$
|
256.9
|
|
|
$
|
292.1
|
|
|
$
|
223.8
|
|
|
Reconciliation of gross margin to operating revenue:
|
|
|
|
|
|
|
|
||||||
Operating revenues
|
|
$
|
2,708.2
|
|
|
$
|
2,676.0
|
|
|
$
|
2,502.2
|
|
|
Fuel and purchased power
|
|
(608.6
|
)
|
|
(590.1
|
)
|
|
(608.7
|
)
|
|
|||
Transmission
|
|
(105.7
|
)
|
|
(84.8
|
)
|
|
(89.1
|
)
|
|
|||
Gross margin
(a)
|
|
$
|
1,993.9
|
|
|
$
|
2,001.1
|
|
|
$
|
1,804.4
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
|
|
|
%
|
|
|
|
%
|
|
|
|
||||||||
Gross Margin
(a)
|
2017
|
|
Change
(c)
|
|
2016
|
|
Change
(c)
|
|
2015
|
|
||||||||
Retail revenues
|
(millions)
|
|
||||||||||||||||
Residential
|
$
|
1,088.5
|
|
|
—
|
|
|
$
|
1,092.5
|
|
|
9
|
|
|
$
|
1,006.2
|
|
|
Commercial
|
1,092.6
|
|
|
2
|
|
|
1,066.0
|
|
|
6
|
|
|
1,001.0
|
|
|
|||
Industrial
|
238.3
|
|
|
4
|
|
|
229.6
|
|
|
3
|
|
|
222.3
|
|
|
|||
Other retail revenues
|
18.7
|
|
|
(10
|
)
|
|
20.9
|
|
|
3
|
|
|
20.4
|
|
|
|||
Provision for rate refund
|
10.7
|
|
|
N/M
|
|
|
(9.6
|
)
|
|
N/M
|
|
|
—
|
|
|
|||
Energy efficiency (MEEIA)
(b)
|
66.4
|
|
|
(17
|
)
|
|
80.0
|
|
|
55
|
|
|
51.5
|
|
|
|||
Total retail
|
2,515.2
|
|
|
1
|
|
|
2,479.4
|
|
|
8
|
|
|
2,301.4
|
|
|
|||
Wholesale revenues
|
131.8
|
|
|
(7
|
)
|
|
142.0
|
|
|
(3
|
)
|
|
147.1
|
|
|
|||
Other revenues
|
61.2
|
|
|
12
|
|
|
54.6
|
|
|
2
|
|
|
53.7
|
|
|
|||
Operating revenues
|
2,708.2
|
|
|
1
|
|
|
2,676.0
|
|
|
7
|
|
|
2,502.2
|
|
|
|||
Fuel and purchased power
|
(608.6
|
)
|
|
3
|
|
|
(590.1
|
)
|
|
(3
|
)
|
|
(608.7
|
)
|
|
|||
Transmission
|
(105.7
|
)
|
|
25
|
|
|
(84.8
|
)
|
|
(5
|
)
|
|
(89.1
|
)
|
|
|||
Gross margin
|
$
|
1,993.9
|
|
|
—
|
|
|
$
|
2,001.1
|
|
|
11
|
|
|
$
|
1,804.4
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
(b)
|
Consists of recovery of program costs of $55.0 million, $49.3 million and $42.9 million for 2017, 2016 and 2015, respectively, that have a direct offset in utility operating and maintenance expenses, recovery of throughput disincentive of $11.2 million, $15.1 million and $8.6 million for 2017, 2016 and 2015, respectively, and a performance incentive of $0.2 million and $15.6 million for 2017 and 2016, respectively.
|
(c)
|
N/M - not meaningful
|
|
|
|
%
|
|
|
|
%
|
|
|
|
|||||
MWh Sales
|
2017
|
|
Change
|
|
2016
|
|
Change
|
|
2015
|
|
|||||
Retail MWh sales
|
(thousands)
|
|
|||||||||||||
Residential
|
8,564
|
|
|
(2
|
)
|
|
8,774
|
|
|
2
|
|
|
8,585
|
|
|
Commercial
|
10,695
|
|
|
(1
|
)
|
|
10,796
|
|
|
—
|
|
|
10,777
|
|
|
Industrial
|
3,105
|
|
|
(1
|
)
|
|
3,149
|
|
|
(1
|
)
|
|
3,191
|
|
|
Other retail MWh sales
|
102
|
|
|
(11
|
)
|
|
115
|
|
|
(1
|
)
|
|
116
|
|
|
Total retail
|
22,466
|
|
|
(2
|
)
|
|
22,834
|
|
|
1
|
|
|
22,669
|
|
|
Wholesale MWh sales
|
7,241
|
|
|
3
|
|
|
7,063
|
|
|
9
|
|
|
6,512
|
|
|
Total MWh sales
|
29,707
|
|
|
(1
|
)
|
|
29,897
|
|
|
3
|
|
|
29,181
|
|
|
•
|
KCP&L's Kansas retail rates contain an Energy Cost Adjustment (ECA) tariff. The ECA tariff reflects the projected annual amounts of fuel, purchased power, emission allowances and asset-based off-system sales margin. These projected amounts are subject to quarterly re-forecasts. Any difference between the ECA revenue collected and the actual ECA amounts for a given year (which may be positive or negative) is recorded either as a reduction of fuel and purchased power expense (for under-recoveries) or a reduction of retail revenues (for over-recoveries) and deferred as a regulatory asset or liability to be recovered from or refunded to Kansas electric retail customers over twelve months beginning April 1 of the succeeding year.
|
•
|
KCP&L's Kansas retail rates contain a Transmission Delivery Charge (TDC) rider. The TDC tariff reflects a mixture of historical and projected costs related to transmission service, certain RTO fees, transmission rate base, and transmission operating and maintenance expense. These costs are subject to an annual true-up with a twelve month recovery period. The TDC true-up is recorded either as a reduction of transmission expense (for under-recoveries) or a reduction of retail revenues (for over-recoveries) and deferred as a regulatory asset or liability to be recovered from or refunded to KCP&L's Kansas electric retail customers. The TDC became effective in conjunction with new retail rates on October 1, 2015.
|
•
|
KCP&L's Missouri retail rates contain a Fuel Adjustment Clause (FAC) tariff under which 95% of the difference between actual fuel cost, purchased power costs, certain transmission costs and off-system sales margin and the amount provided in base rates for these costs is passed along to KCP&L's customers. The FAC cycle consists of an accumulation period of six months beginning in January and July with FAC rate approval requested every six months for a twelve month recovery period. The FAC is recorded either as a reduction of fuel and purchased power expense (for under-recoveries) or a reduction of retail revenues (for over-recoveries) and deferred as a regulatory asset or liability to be recovered from or refunded to KCP&L's electric retail customers. The FAC became effective in conjunction with new retail rates on September 29, 2015.
|
•
|
GMO's electric retail rates contain a FAC tariff under which 95% of the difference between actual fuel cost, purchased power costs, certain transmission costs and off-system sales margin and the amount provided in base rates for these costs is passed along to GMO's customers. The FAC cycle consists of an accumulation period of six months beginning in June and December with FAC rate approval requested every six months for a twelve month recovery period. The FAC is recorded either as a reduction of fuel and purchased power expense (for under-recoveries) or a reduction of retail revenues (for over-recoveries) and deferred as a regulatory asset or liability to be recovered from or refunded to GMO's electric retail customers.
|
•
|
GMO's steam rates contain a Quarterly Cost Adjustment (QCA) under which 85% of the difference between actual fuel costs and base fuel costs is passed along to GMO's steam customers. The QCA is recorded either as a reduction of fuel and purchased power expense (for under-recoveries) or a reduction of retail revenues (for over-recoveries) and deferred as a regulatory asset or liability to be recovered from or refunded to GMO's steam customers.
|
•
|
an estimated $53 million decrease due to cooler weather driven by a 16% decrease in cooling degree days (CDD);
|
•
|
a $15.4 million decrease in MEEIA performance incentive related to the achievement of certain energy savings levels in the first cycle of KCP&L's and GMO's MEEIA programs, which was primarily recognized in 2016;
|
•
|
an estimated $33 million increase due to weather-normalized retail demand;
|
•
|
a $5.7 million increase for recovery of program costs for energy efficiency programs under MEEIA, which have a direct offset in utility operating and maintenance expense;
|
•
|
$6.3 million of favorable arbitration and insurance settlements in 2017 that did not pass through KCP&L's fuel recovery mechanism in Missouri; and
|
•
|
an estimated $16 million increase in other margin items.
|
•
|
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 estimated $38 million increase due to warmer weather with a 16% increase in CDD in 2016;
|
•
|
a $6.4 million increase for recovery of program costs for energy efficiency programs under MEEIA, which have a direct offset in utility operating and maintenance expense;
|
•
|
a $6.5 million increase in MEEIA throughput disincentive;
|
•
|
a $15.6 million MEEIA performance incentive recognized in 2016 related to the achievement of certain energy savings levels in the first cycle of KCP&L's and GMO's MEEIA programs; and
|
•
|
an estimated $9 million decrease due to a decrease in weather-normalized retail demand.
|
|
|
|
%
|
|
|
|
%
|
|
|
|
2017
|
|
Change
|
|
2016
|
|
Change
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
CDD
|
1,325
|
|
(16)
|
|
1,585
|
|
16
|
|
1,370
|
|
|
|
|
|
|
|
|
|
|
HDD
|
4,381
|
|
2
|
|
4,296
|
|
(6)
|
|
4,578
|
|
|
|
|
|
|
|
|
|
|
•
|
a $6.2 million decrease in plant operating and maintenance expense;
|
•
|
a $10.5 million decrease in injuries and damages expense primarily due to settled litigation in 2017 in which actual losses were less than estimated; and
|
•
|
a $5.7 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue.
|
•
|
a $4.8 million increase in pension expense corresponding to the resetting of pension expense trackers with the effective date of new retail rates;
|
•
|
a $6.4 million increase in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue;
|
•
|
a $4.9 million increase in plant operating and maintenance expense;
|
•
|
a $7.9 million increase in injuries and damages expense primarily due to an increase in estimated losses from an unfavorable judgment in ongoing litigation; and
|
•
|
a $13.7 million increase in general taxes driven by higher property taxes and higher gross receipts taxes due to an increase in retail revenues.
|
•
|
Great Plains Energy's cash and cash equivalents decreased $167.7 million primarily due to the redemption of Great Plains Energy's $4.3 billion senior notes for $4,400.1 million in July 2017, the redemption of Great Plains Energy's Series B Preferred Stock in August 2017 for $963.4 million and the maturity of Great Plains Energy's $100.0 million of 6.875% Senior Notes in September 2017; partially offset by the issuance of Great Plains Energy's $4.3 billion senior notes and the maturity of a $1.0 billion time deposit in March 2017.
|
•
|
Great Plains Energy's time deposit decreased $1.0 billion due to its maturity in March 2017.
|
•
|
Great Plains Energy's plant to be retired, net increased $143.6 million in connection with the expected retirement of GMO's Sibley No. 3 Unit. See Note 1 to the consolidated financial statements for additional information.
|
•
|
Great Plains Energy's regulatory assets decreased $134.1 million and regulatory liabilities increased $796.4 million primarily due to an $868.3 million decrease in net deferred income tax liabilities due to the revaluation and restatement of deferred income tax assets and liabilities included in rate base and a tax gross-up adjustment for ratemaking purposes in December 2017 as a result of the change in corporate income tax rate from U.S. federal income tax reform. See Note 6 and Note 21 to the consolidated financial statements for additional information.
|
•
|
Great Plains Energy's deferred income taxes decreased $708.0 million primarily due to the revaluation and restatement of deferred income tax assets and liabilities and a tax gross-up adjustment for ratemaking purposes in December 2017 as a result of the change in corporate income tax rate from U.S. federal income tax reform.
|
•
|
Great Plains Energy's preference stock without par value decreased $836.2 million due to the redemption of Great Plains Energy's Series B Preferred Stock in August 2017.
|
|
Moody's
|
|
S&P Global
|
||||
|
Investors Service
|
|
Ratings
|
||||
Great Plains Energy
|
|
|
|
|
|
|
|
Outlook
|
|
Stable
|
|
|
|
Positive
|
|
Corporate Credit Rating
|
|
-
|
|
|
|
BBB+
|
|
Senior Unsecured Debt
|
|
Baa2
|
|
|
|
BBB
|
|
|
|
|
|
|
|
|
|
KCP&L
|
|
|
|
|
|
|
|
Outlook
|
|
Stable
|
|
|
|
Positive
|
|
Senior Secured Debt
|
|
A2
|
|
|
|
A
|
|
Senior Unsecured Debt
|
|
Baa1
|
|
|
|
BBB+
|
|
Commercial Paper
|
|
P-2
|
|
|
|
A-2
|
|
|
|
|
|
|
|
|
|
GMO
|
|
|
|
|
|
|
|
Outlook
|
|
Stable
|
|
|
|
Positive
|
|
Senior Unsecured Debt
|
|
Baa2
|
|
|
|
BBB+
|
|
Commercial Paper
|
|
P-2
|
|
|
|
A-2
|
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
||||||||||
|
(millions)
|
||||||||||||||||||||
Generating facilities
|
|
$
|
165.8
|
|
|
$
|
170.2
|
|
|
$
|
151.4
|
|
|
$
|
139.8
|
|
|
$
|
151.7
|
|
|
Distribution and transmission facilities
|
|
246.7
|
|
|
256.6
|
|
|
245.7
|
|
|
284.7
|
|
|
235.2
|
|
|
|||||
General facilities
|
|
100.2
|
|
|
108.8
|
|
|
93.4
|
|
|
87.5
|
|
|
71.0
|
|
|
|||||
Nuclear fuel
|
|
21.4
|
|
|
24.7
|
|
|
43.8
|
|
|
25.4
|
|
|
24.8
|
|
|
|||||
Environmental
|
|
14.6
|
|
|
2.8
|
|
|
7.7
|
|
|
20.1
|
|
|
63.1
|
|
|
|||||
Total utility capital expenditures
|
|
$
|
548.7
|
|
|
$
|
563.1
|
|
|
$
|
542.0
|
|
|
$
|
557.5
|
|
|
$
|
545.8
|
|
|
Payment due by period
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
After 2022
|
Total
|
||||||||||||||||
Long-term debt
|
(millions)
|
||||||||||||||||||||||||||
Principal
|
$
|
351.1
|
|
|
$
|
401.1
|
|
|
$
|
1.1
|
|
|
$
|
432.0
|
|
|
$
|
287.5
|
|
|
$
|
2,209.6
|
|
|
$
|
3,682.4
|
|
Interest
|
170.3
|
|
|
144.9
|
|
|
130.5
|
|
|
121.9
|
|
|
99.0
|
|
|
1,180.7
|
|
|
1,847.3
|
|
|||||||
Lease commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating leases
|
12.1
|
|
|
9.3
|
|
|
9.7
|
|
|
9.7
|
|
|
9.5
|
|
|
101.0
|
|
|
151.3
|
|
|||||||
Capital leases
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
|
2.7
|
|
|
4.7
|
|
|||||||
Pension and other post-retirement plans
(a)
|
88.6
|
|
|
88.6
|
|
|
88.6
|
|
|
88.6
|
|
|
88.6
|
|
|
(a)
|
|
|
443.0
|
|
|||||||
Purchase commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fuel
|
210.4
|
|
|
180.1
|
|
|
67.3
|
|
|
5.1
|
|
|
37.4
|
|
|
80.7
|
|
|
581.0
|
|
|||||||
Power
|
47.3
|
|
|
47.3
|
|
|
47.3
|
|
|
47.4
|
|
|
47.6
|
|
|
414.6
|
|
|
651.5
|
|
|||||||
Other
|
20.9
|
|
|
14.7
|
|
|
6.7
|
|
|
5.5
|
|
|
2.4
|
|
|
35.9
|
|
|
86.1
|
|
|||||||
Total contractual commitments
(a)
|
$
|
901.1
|
|
|
$
|
886.4
|
|
|
$
|
351.6
|
|
|
$
|
710.6
|
|
|
$
|
572.4
|
|
|
$
|
4,025.2
|
|
|
$
|
7,447.3
|
|
(a)
|
The Company expects to make contributions to the pension and other post-retirement plans beyond
2022
but the amounts are not yet determined. Amounts for years after
2018
are estimates based on information available in determining the amount for
2018
. Actual amounts for years after
2018
could be significantly different than the estimated amounts in the table above.
|
•
|
Great Plains Energy direct guarantees to GMO counterparties totaling
$38.0 million
, which
expire in 2018
and
|
•
|
Great Plains Energy guarantees of GMO long-term debt totaling
$95.5 million
, which includes debt with
maturity dates ranging from 2018 to 2023
.
|
|
|
2017
|
|
2016
|
|
||||
|
(millions)
|
||||||||
Operating revenues
|
|
$
|
1,890.7
|
|
|
$
|
1,875.4
|
|
|
Fuel and purchased power
|
|
(412.1
|
)
|
|
(372.7
|
)
|
|
||
Transmission
|
|
(68.6
|
)
|
|
(56.4
|
)
|
|
||
Other operating expenses
|
|
(689.5
|
)
|
|
(705.8
|
)
|
|
||
Costs to achieve the anticipated merger with Westar
|
|
(10.5
|
)
|
|
(10.9
|
)
|
|
||
Depreciation and amortization
|
|
(266.3
|
)
|
|
(247.5
|
)
|
|
||
Operating income
|
|
443.7
|
|
|
482.1
|
|
|
||
Non-operating income and expenses
|
|
3.1
|
|
|
4.2
|
|
|
||
Interest charges
|
|
(138.8
|
)
|
|
(139.4
|
)
|
|
||
Income tax expense
|
|
(128.2
|
)
|
|
(121.9
|
)
|
|
||
Net income
|
|
$
|
179.8
|
|
|
$
|
225.0
|
|
|
Reconciliation of gross margin to operating revenues:
|
|
|
|
|
|
||||
Operating revenues
|
|
$
|
1,890.7
|
|
|
$
|
1,875.4
|
|
|
Fuel and purchased power
|
|
(412.1
|
)
|
|
(372.7
|
)
|
|
||
Transmission
|
|
(68.6
|
)
|
|
(56.4
|
)
|
|
||
Gross margin
(a)
|
|
$
|
1,410.0
|
|
|
$
|
1,446.3
|
|
|
(a)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
|
Revenues and Costs
|
|
%
|
|
MWhs Sold
|
|
%
|
||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||
Retail revenues
|
(millions)
|
|
|
|
(thousands)
|
|
|
||||||||||||
Residential
|
$
|
715.6
|
|
|
$
|
713.0
|
|
|
—
|
|
|
5,182
|
|
|
5,330
|
|
|
(3
|
)
|
Commercial
|
826.5
|
|
|
798.5
|
|
|
4
|
|
|
7,466
|
|
|
7,553
|
|
|
(1
|
)
|
||
Industrial
|
157.7
|
|
|
147.4
|
|
|
7
|
|
|
1,815
|
|
|
1,839
|
|
|
(1
|
)
|
||
Other retail revenues
|
11.1
|
|
|
13.1
|
|
|
(15
|
)
|
|
72
|
|
|
83
|
|
|
(14
|
)
|
||
Provision for rate refund
|
0.9
|
|
|
0.8
|
|
|
16
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Energy efficiency (MEEIA)
(a)
|
30.1
|
|
|
50.9
|
|
|
(41)
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Total retail
|
1,741.9
|
|
|
1,723.7
|
|
|
1
|
|
|
14,535
|
|
|
14,805
|
|
|
(2
|
)
|
||
Wholesale revenues
|
122.9
|
|
|
128.9
|
|
|
(5
|
)
|
|
6,788
|
|
|
6,629
|
|
|
2
|
|
||
Other revenues
|
25.9
|
|
|
22.8
|
|
|
13
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||
Operating revenues
|
1,890.7
|
|
|
1,875.4
|
|
|
1
|
|
|
21,323
|
|
|
21,434
|
|
|
(1
|
)
|
||
Fuel and purchased power
|
(412.1
|
)
|
|
(372.7
|
)
|
|
11
|
|
|
|
|
|
|
|
|||||
Transmission
|
(68.6
|
)
|
|
(56.4
|
)
|
|
22
|
|
|
|
|
|
|
|
|||||
Gross margin
(b)
|
$
|
1,410.0
|
|
|
$
|
1,446.3
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
(a)
|
Consists of recovery of program costs of $24.1 million and $31.0 million for 2017 and 2016, respectively, that have a direct offset in operating and maintenance expenses and recovery of throughput disincentive of $6.0 million and $9.5 million for 2017 and 2016, respectively, and a performance incentive of $10.4 million for 2016.
|
(b)
|
Gross margin is a non-GAAP financial measure. See explanation of gross margin under Great Plains Energy's Results of Operations.
|
•
|
an estimated $42 million decrease due to cooler weather driven by a 16% decrease in CDD;
|
•
|
a $6.9 million decrease for recovery of program costs for energy efficiency programs under MEEIA, which have a direct offset in utility operating and maintenance expense;
|
•
|
a $10.4 million MEEIA performance incentive related to the achievement of certain energy savings levels in the first cycle of KCP&L's MEEIA program, which was recognized in 2016;
|
•
|
$6.3 million of favorable arbitration and insurance settlements in 2017 that did not pass through KCP&L's fuel recovery mechanism in Missouri; and
|
•
|
an estimated $14 million increase due to weather-normalized retail demand.
|
•
|
a $6.9 million decrease in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue;
|
•
|
a $3.7 million decrease in plant operating and maintenance expense; and
|
•
|
a $10.6 million decrease in injuries and damages expense primarily due to settled litigation in 2017 in which actual losses were less than estimated.
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
|
|
Great Plains Energy Incorporated
|
|
|
|
|
|
Kansas City Power & Light Company
|
|
|
|
|
|
|
||
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:
|
||
Note 22:
|
||
Note 23:
|
||
Note 24:
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||||||||
Consolidated Statements of Comprehensive Income (Loss)
|
||||||||||||
|
|
|
|
|
||||||||
Year Ended December 31
|
|
2017
|
|
2016
|
|
2015
|
||||||
Operating Revenues
|
(millions, except per share amounts)
|
|||||||||||
Electric revenues
|
|
$
|
2,708.2
|
|
|
$
|
2,676.0
|
|
|
$
|
2,502.2
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
||||
Fuel and purchased power
|
|
608.6
|
|
|
590.1
|
|
|
608.7
|
|
|||
Transmission
|
|
105.7
|
|
|
84.8
|
|
|
89.1
|
|
|||
Utility operating and maintenance expenses
|
|
754.2
|
|
|
759.5
|
|
|
724.8
|
|
|||
Costs to achieve the anticipated merger with Westar Energy, Inc.
|
|
31.8
|
|
|
34.2
|
|
|
—
|
|
|||
Depreciation and amortization
|
|
371.1
|
|
|
344.8
|
|
|
330.4
|
|
|||
General taxes
|
|
229.2
|
|
|
226.7
|
|
|
213.2
|
|
|||
Other
|
|
4.0
|
|
|
17.0
|
|
|
5.9
|
|
|||
Total
|
|
2,104.6
|
|
|
2,057.1
|
|
|
1,972.1
|
|
|||
Operating income
|
|
603.6
|
|
|
618.9
|
|
|
530.1
|
|
|||
Other Income (Expense)
|
|
|
|
|
|
|
||||||
Non-operating income
|
|
50.7
|
|
|
17.1
|
|
|
11.7
|
|
|||
Non-operating expenses
|
|
(31.4
|
)
|
|
(14.3
|
)
|
|
(8.0
|
)
|
|||
Loss on Series B Preferred Stock dividend make-whole provisions (Note 14)
|
|
(124.8
|
)
|
|
—
|
|
|
—
|
|
|||
Loss on extinguishment of debt (Note 12)
|
|
(82.8
|
)
|
|
—
|
|
|
—
|
|
|||
Total
|
|
(188.3
|
)
|
|
2.8
|
|
|
3.7
|
|
|||
Interest charges
|
|
(290.7
|
)
|
|
(161.5
|
)
|
|
(199.3
|
)
|
|||
Income before income tax expense and income from equity investments
|
|
124.6
|
|
|
460.2
|
|
|
334.5
|
|
|||
Income tax expense
|
|
(233.3
|
)
|
|
(172.2
|
)
|
|
(122.7
|
)
|
|||
Income from equity investments, net of income taxes
|
|
2.5
|
|
|
2.0
|
|
|
1.2
|
|
|||
Net income (loss)
|
|
(106.2
|
)
|
|
290.0
|
|
|
213.0
|
|
|||
Preferred stock dividend requirements and redemption premium
|
|
37.3
|
|
|
16.5
|
|
|
1.6
|
|
|||
Earnings (loss) available for common shareholders
|
|
$
|
(143.5
|
)
|
|
$
|
273.5
|
|
|
$
|
211.4
|
|
|
|
|
|
|
|
|
||||||
Average number of basic common shares outstanding
|
|
215.5
|
|
|
169.4
|
|
|
154.2
|
|
|||
Average number of diluted common shares outstanding
|
|
215.5
|
|
|
169.8
|
|
|
154.8
|
|
|||
|
|
|
|
|
|
|
||||||
Basic and diluted earnings (loss) per common share
|
|
$
|
(0.67
|
)
|
|
$
|
1.61
|
|
|
$
|
1.37
|
|
Comprehensive Income (Loss)
|
|
|
|
|
|
|
||||||
Net income (loss)
|
|
$
|
(106.2
|
)
|
|
$
|
290.0
|
|
|
$
|
213.0
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
||||
Derivative hedging activity
|
|
|
|
|
|
|
|
|
||||
Reclassification to expenses, net of tax
|
|
4.9
|
|
|
5.6
|
|
|
5.7
|
|
|||
Derivative hedging activity, net of tax
|
|
4.9
|
|
|
5.6
|
|
|
5.7
|
|
|||
Defined benefit pension plans
|
|
|
|
|
|
|
||||||
Net gain (loss) arising during period
|
|
(0.7
|
)
|
|
(1.1
|
)
|
|
1.0
|
|
|||
Income tax (expense) benefit
|
|
(0.2
|
)
|
|
0.4
|
|
|
(0.4
|
)
|
|||
Net gain (loss) arising during period, net of tax
|
|
(0.9
|
)
|
|
(0.7
|
)
|
|
0.6
|
|
|||
Amortization of net losses included in net periodic benefit costs, net of tax
|
|
0.4
|
|
|
0.5
|
|
|
0.4
|
|
|||
Change in unrecognized pension expense, net of tax
|
|
(0.5
|
)
|
|
(0.2
|
)
|
|
1.0
|
|
|||
Total other comprehensive income
|
|
4.4
|
|
|
5.4
|
|
|
6.7
|
|
|||
Comprehensive income (loss)
|
|
$
|
(101.8
|
)
|
|
$
|
295.4
|
|
|
$
|
219.7
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|
|
|
||||||||
|
December 31
|
||||||||||
|
2017
|
|
2016
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
1,125.4
|
|
|
|
|
$
|
1,293.1
|
|
|
Time deposit
|
|
—
|
|
|
|
|
1,000.0
|
|
|
||
Receivables, net
|
|
151.7
|
|
|
|
|
166.0
|
|
|
||
Accounts receivable pledged as collateral
|
|
180.0
|
|
|
|
|
172.4
|
|
|
||
Fuel inventories, at average cost
|
|
103.2
|
|
|
|
|
108.8
|
|
|
||
Materials and supplies, at average cost
|
|
171.2
|
|
|
|
|
162.2
|
|
|
||
Deferred refueling outage costs
|
|
6.8
|
|
|
|
|
22.3
|
|
|
||
Interest rate derivative instruments
|
|
91.4
|
|
|
|
|
79.3
|
|
|
||
Prepaid expenses and other assets
|
|
33.4
|
|
|
|
|
55.4
|
|
|
||
Total
|
|
1,863.1
|
|
|
|
|
3,059.5
|
|
|
||
Utility Plant, at Original Cost
|
|
|
|
|
|
|
|
|
|
||
Electric
|
|
13,674.1
|
|
|
|
|
13,597.7
|
|
|
||
Less - accumulated depreciation
|
|
5,224.0
|
|
|
|
|
5,106.9
|
|
|
||
Net utility plant in service
|
|
8,450.1
|
|
|
|
|
8,490.8
|
|
|
||
Construction work in progress
|
|
458.6
|
|
|
|
|
403.9
|
|
|
||
Plant to be retired, net
|
|
143.6
|
|
|
|
|
—
|
|
|
||
Nuclear fuel, net of amortization of $204.2 and $172.1
|
|
72.4
|
|
|
|
|
62.0
|
|
|
||
Total
|
|
9,124.7
|
|
|
|
|
8,956.7
|
|
|
||
Investments and Other Assets
|
|
|
|
|
|
|
|
|
|
||
Nuclear decommissioning trust fund
|
|
258.4
|
|
|
|
|
222.9
|
|
|
||
Regulatory assets
|
|
913.9
|
|
|
|
|
1,048.0
|
|
|
||
Goodwill
|
|
169.0
|
|
|
|
|
169.0
|
|
|
||
Other
|
|
128.8
|
|
|
|
|
113.9
|
|
|
||
Total
|
|
1,470.1
|
|
|
|
|
1,553.8
|
|
|
||
Total
|
|
$
|
12,457.9
|
|
|
|
|
$
|
13,570.0
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|||||||||||
|
December 31
|
||||||||||
|
2017
|
|
2016
|
||||||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
||||||||||
Current Liabilities
|
|
|
|
|
|
|
|
||||
Notes payable
|
|
$
|
11.0
|
|
|
|
|
$
|
—
|
|
|
Collateralized note payable
|
|
180.0
|
|
|
|
|
172.4
|
|
|
||
Commercial paper
|
|
376.8
|
|
|
|
|
334.8
|
|
|
||
Current maturities of long-term debt
|
|
351.1
|
|
|
|
|
382.1
|
|
|
||
Accounts payable
|
|
340.0
|
|
|
|
|
323.7
|
|
|
||
Accrued taxes
|
|
35.1
|
|
|
|
|
33.3
|
|
|
||
Accrued interest
|
|
42.8
|
|
|
|
|
50.8
|
|
|
||
Accrued compensation and benefits
|
|
50.1
|
|
|
|
|
52.1
|
|
|
||
Pension and post-retirement liability
|
|
2.7
|
|
|
|
|
3.0
|
|
|
||
Other
|
|
59.2
|
|
|
|
|
32.6
|
|
|
||
Total
|
|
1,448.8
|
|
|
|
|
1,384.8
|
|
|
||
Deferred Credits and Other Liabilities
|
|
|
|
|
|
|
|
|
|
||
Deferred income taxes
|
|
621.7
|
|
|
|
|
1,329.7
|
|
|
||
Deferred tax credits
|
|
124.8
|
|
|
|
|
126.2
|
|
|
||
Asset retirement obligations
|
|
262.5
|
|
|
|
|
316.0
|
|
|
||
Pension and post-retirement liability
|
|
535.0
|
|
|
|
|
488.3
|
|
|
||
Regulatory liabilities
|
|
1,106.3
|
|
|
|
|
309.9
|
|
|
||
Other
|
|
81.4
|
|
|
|
|
87.9
|
|
|
||
Total
|
|
2,731.7
|
|
|
|
|
2,658.0
|
|
|
||
Capitalization
|
|
|
|
|
|
|
|
|
|
||
Great Plains Energy shareholders' equity
|
|
|
|
|
|
|
|
|
|
||
Common stock - 600,000,000 shares authorized without par value
215,801,723 and 215,479,105 shares issued, stated value |
|
4,233.1
|
|
|
|
|
4,217.0
|
|
|
||
Preference stock - 11,000,000 shares authorized without par value
7.00% Series B Mandatory Convertible Preferred Stock
$1,000 per share liquidation preference, 0 and 862,500 shares issued and outstanding
|
|
—
|
|
|
|
|
836.2
|
|
|
||
Retained earnings
|
|
737.9
|
|
|
|
|
1,119.2
|
|
|
||
Treasury stock - 137,589 and 128,087 shares, at cost
|
|
(4.0
|
)
|
|
|
|
(3.8
|
)
|
|
||
Accumulated other comprehensive loss
|
|
(2.2
|
)
|
|
|
|
(6.6
|
)
|
|
||
Total shareholders' equity
|
|
4,964.8
|
|
|
|
|
6,162.0
|
|
|
||
Long-term debt (
Note 12
)
|
|
3,312.6
|
|
|
|
|
3,365.2
|
|
|
||
Total
|
|
8,277.4
|
|
|
|
|
9,527.2
|
|
|
||
Commitments and Contingencies (
Note 15
)
|
|
|
|
|
|
|
|
|
|
||
Total
|
|
$
|
12,457.9
|
|
|
|
|
$
|
13,570.0
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||||||||||
Consolidated Statements of Cash Flows
|
||||||||||||||
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||
Year Ended December 31
|
2017
|
|
|
2016
|
|
|
2015
|
|
||||||
Cash Flows from Operating Activities
|
(millions)
|
|||||||||||||
Net income (loss)
|
$
|
(106.2
|
)
|
|
|
$
|
290.0
|
|
|
|
$
|
213.0
|
|
|
Adjustments to reconcile income (loss) to net cash from operating activities:
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
371.1
|
|
|
|
344.8
|
|
|
|
330.4
|
|
|
|||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
||||
Nuclear fuel
|
32.1
|
|
|
|
26.6
|
|
|
|
26.8
|
|
|
|||
Other
|
63.9
|
|
|
|
77.5
|
|
|
|
47.7
|
|
|
|||
Deferred income taxes, net
|
235.4
|
|
|
|
170.1
|
|
|
|
124.9
|
|
|
|||
Investment tax credit amortization
|
(1.4
|
)
|
|
|
(1.4
|
)
|
|
|
(1.4
|
)
|
|
|||
Income from equity investments, net of income taxes
|
(2.5
|
)
|
|
|
(2.0
|
)
|
|
|
(1.2
|
)
|
|
|||
Fair value impacts of interest rate swaps
|
(12.1
|
)
|
|
|
(79.3
|
)
|
|
|
—
|
|
|
|||
Loss on Series B Preferred Stock dividend make-whole provisions (Note 14)
|
124.8
|
|
|
|
—
|
|
|
|
—
|
|
|
|||
Loss on extinguishment of debt (Note 12)
|
82.8
|
|
|
|
—
|
|
|
|
—
|
|
|
|||
Other operating activities (Note 3)
|
22.6
|
|
|
|
(42.3
|
)
|
|
|
12.9
|
|
|
|||
Net cash from operating activities
|
810.5
|
|
|
|
784.0
|
|
|
|
753.1
|
|
|
|||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
|
||||
Utility capital expenditures
|
(573.5
|
)
|
|
|
(609.4
|
)
|
|
|
(677.1
|
)
|
|
|||
Allowance for borrowed funds used during construction
|
(7.4
|
)
|
|
|
(6.8
|
)
|
|
|
(5.8
|
)
|
|
|||
Purchases of nuclear decommissioning trust investments
|
(33.6
|
)
|
|
|
(31.9
|
)
|
|
|
(50.9
|
)
|
|
|||
Proceeds from nuclear decommissioning trust investments
|
30.3
|
|
|
|
28.6
|
|
|
|
47.6
|
|
|
|||
Purchase of time deposit
|
—
|
|
|
|
(1,000.0
|
)
|
|
|
—
|
|
|
|||
Proceeds from time deposit
|
1,000.0
|
|
|
|
—
|
|
|
|
—
|
|
|
|||
Other investing activities
|
(45.6
|
)
|
|
|
(64.0
|
)
|
|
|
(48.2
|
)
|
|
|||
Net cash from investing activities
|
370.2
|
|
|
|
(1,683.5
|
)
|
|
|
(734.4
|
)
|
|
|||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
|
||||
Issuance of common stock
|
2.9
|
|
|
|
1,603.7
|
|
|
|
3.0
|
|
|
|||
Issuance of preferred stock
|
—
|
|
|
|
862.5
|
|
|
|
—
|
|
|
|||
Issuance of long-term debt
|
4,591.1
|
|
|
|
—
|
|
|
|
348.8
|
|
|
|||
Issuance of long-term debt from remarketing
|
—
|
|
|
|
—
|
|
|
|
146.5
|
|
|
|||
Repayment of long-term debt from remarketing
|
—
|
|
|
|
—
|
|
|
|
(146.5
|
)
|
|
|||
Issuance fees
|
(38.3
|
)
|
|
|
(143.6
|
)
|
|
|
(3.0
|
)
|
|
|||
Repayment of long-term debt, including redemption premium
|
(4,725.1
|
)
|
|
|
(1.1
|
)
|
|
|
(87.0
|
)
|
|
|||
Net change in short-term borrowings
|
53.0
|
|
|
|
100.8
|
|
|
|
(128.3
|
)
|
|
|||
Net change in collateralized short-term borrowings
|
7.6
|
|
|
|
(2.6
|
)
|
|
|
4.0
|
|
|
|||
Dividends paid
|
(272.0
|
)
|
|
|
(194.0
|
)
|
|
|
(155.5
|
)
|
|
|||
Redemption of preferred stock
|
(963.4
|
)
|
|
|
(40.1
|
)
|
|
|
—
|
|
|
|||
Other financing activities
|
(4.2
|
)
|
|
|
(4.3
|
)
|
|
|
(2.4
|
)
|
|
|||
Net cash from financing activities
|
(1,348.4
|
)
|
|
|
2,181.3
|
|
|
|
(20.4
|
)
|
|
|||
Net Change in Cash and Cash Equivalents
|
(167.7
|
)
|
|
|
1,281.8
|
|
|
|
(1.7
|
)
|
|
|||
Cash and Cash Equivalents at Beginning of Year
|
1,293.1
|
|
|
|
11.3
|
|
|
|
13.0
|
|
|
|||
Cash and Cash Equivalents at End of Year
|
$
|
1,125.4
|
|
|
|
$
|
1,293.1
|
|
|
|
$
|
11.3
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
||||||||||||||||||
Consolidated Statements of Shareholders' Equity
|
||||||||||||||||||
|
||||||||||||||||||
|
|
|
|
|
|
|||||||||||||
Year Ended December 31
|
2017
|
|
2016
|
2015
|
||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
Shares
|
Amount
|
|||||||||
Common Stock
|
(millions, except share amounts)
|
|||||||||||||||||
Beginning balance
|
215,479,105
|
|
|
$
|
4,217.0
|
|
|
154,504,900
|
|
|
$
|
2,646.7
|
|
154,254,037
|
|
$
|
2,639.3
|
|
Issuance of common stock
|
322,618
|
|
|
11.7
|
|
|
60,974,205
|
|
|
1,565.3
|
|
250,863
|
|
6.6
|
|
|||
Equity compensation expense, net of forfeitures
|
|
|
5.4
|
|
|
|
|
|
4.3
|
|
|
1.9
|
|
|||||
Unearned Compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Issuance of restricted common stock
|
|
|
|
(2.3
|
)
|
|
|
|
|
(2.8
|
)
|
|
(2.4
|
)
|
||||
Forfeiture of restricted common stock
|
|
|
0.7
|
|
|
|
|
—
|
|
|
0.5
|
|
||||||
Compensation expense recognized
|
|
|
|
2.1
|
|
|
|
|
|
2.7
|
|
|
1.8
|
|
||||
Other
|
|
|
|
(1.5
|
)
|
|
|
|
|
0.8
|
|
|
(1.0
|
)
|
||||
Ending balance
|
215,801,723
|
|
|
4,233.1
|
|
|
215,479,105
|
|
|
4,217.0
|
|
154,504,900
|
|
2,646.7
|
|
|||
Cumulative Preferred Stock
|
|
|
|
|
|
|
|
|
|
|||||||||
Beginning balance
|
—
|
|
|
—
|
|
|
390,000
|
|
|
39.0
|
|
390,000
|
|
39.0
|
|
|||
Redemption of cumulative preferred stock
|
—
|
|
|
—
|
|
|
(390,000
|
)
|
|
(39.0
|
)
|
—
|
|
—
|
|
|||
Ending balance
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
390,000
|
|
39.0
|
|
|||
Preference Stock
|
|
|
|
|
|
|
|
|
|
|||||||||
Beginning balance
|
862,500
|
|
|
836.2
|
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|||
Issuance of Series B Preferred Stock
|
—
|
|
|
—
|
|
|
862,500
|
|
|
836.2
|
|
—
|
|
—
|
|
|||
Redemption of Series B Preferred Stock
|
(862,500
|
)
|
|
(836.2
|
)
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|||
Ending balance
|
—
|
|
|
—
|
|
|
862,500
|
|
|
836.2
|
|
—
|
|
—
|
|
|||
Retained Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Beginning balance
|
|
|
|
1,119.2
|
|
|
|
|
|
1,024.4
|
|
|
967.8
|
|
||||
Net income (loss)
|
|
|
|
(106.2
|
)
|
|
|
|
|
290.0
|
|
|
213.0
|
|
||||
Redemption premium on preferred stock
|
|
|
(2.4
|
)
|
|
|
|
(0.6
|
)
|
|
—
|
|
||||||
Dividends:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common stock ($1.10, $1.0625 and $0.9975 per share)
|
|
(237.1
|
)
|
|
|
|
|
(181.0
|
)
|
|
(153.9
|
)
|
||||||
Preferred stock - at required rates
|
|
|
|
(34.9
|
)
|
|
|
|
|
(13.0
|
)
|
|
(1.6
|
)
|
||||
Performance shares
|
|
|
|
(0.7
|
)
|
|
|
|
|
(0.6
|
)
|
|
(0.9
|
)
|
||||
Ending balance
|
|
|
|
737.9
|
|
|
|
|
|
1,119.2
|
|
|
1,024.4
|
|
||||
Treasury Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Beginning balance
|
(128,087
|
)
|
|
(3.8
|
)
|
|
(101,229
|
)
|
|
(2.6
|
)
|
(91,281
|
)
|
(2.3
|
)
|
|||
Treasury shares acquired
|
(149,544
|
)
|
|
(4.3
|
)
|
|
(138,021
|
)
|
|
(4.1
|
)
|
(76,468
|
)
|
(2.0
|
)
|
|||
Treasury shares reissued
|
140,042
|
|
|
4.1
|
|
|
111,163
|
|
|
2.9
|
|
66,520
|
|
1.7
|
|
|||
Ending balance
|
(137,589
|
)
|
|
(4.0
|
)
|
|
(128,087
|
)
|
|
(3.8
|
)
|
(101,229
|
)
|
(2.6
|
)
|
|||
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Beginning balance
|
|
|
|
(6.6
|
)
|
|
|
|
|
(12.0
|
)
|
|
(18.7
|
)
|
||||
Derivative hedging activity, net of tax
|
|
|
|
4.9
|
|
|
|
|
|
5.6
|
|
|
5.7
|
|
||||
Change in unrecognized pension expense, net of tax
|
|
(0.5
|
)
|
|
|
|
|
(0.2
|
)
|
|
1.0
|
|
||||||
Ending balance
|
|
|
|
(2.2
|
)
|
|
|
|
|
(6.6
|
)
|
|
(12.0
|
)
|
||||
Total Great Plains Energy Shareholders' Equity
|
|
$
|
4,964.8
|
|
|
|
|
|
$
|
6,162.0
|
|
|
$
|
3,695.5
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||
|
|
|
|
|
||||||||
Year Ended December 31
|
|
2017
|
|
2016
|
|
2015
|
||||||
Operating Revenues
|
|
(millions)
|
||||||||||
Electric revenues
|
|
$
|
1,890.7
|
|
|
$
|
1,875.4
|
|
|
$
|
1,713.8
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|||
Fuel and purchased power
|
|
412.1
|
|
|
372.7
|
|
|
397.1
|
|
|||
Transmission
|
|
68.6
|
|
|
56.4
|
|
|
58.4
|
|
|||
Operating and maintenance expenses
|
|
506.4
|
|
|
525.8
|
|
|
494.2
|
|
|||
Costs to achieve the anticipated merger with Westar Energy, Inc.
|
|
10.5
|
|
|
10.9
|
|
|
—
|
|
|||
Depreciation and amortization
|
|
266.3
|
|
|
247.5
|
|
|
235.7
|
|
|||
General taxes
|
|
182.5
|
|
|
177.5
|
|
|
163.5
|
|
|||
Other
|
|
0.6
|
|
|
2.5
|
|
|
0.9
|
|
|||
Total
|
|
1,447.0
|
|
|
1,393.3
|
|
|
1,349.8
|
|
|||
Operating income
|
|
443.7
|
|
|
482.1
|
|
|
364.0
|
|
|||
Other Income (Expense)
|
|
|
|
|
|
|
||||||
Non-operating income
|
|
11.2
|
|
|
11.8
|
|
|
8.4
|
|
|||
Non-operating expenses
|
|
(8.1
|
)
|
|
(7.6
|
)
|
|
(7.2
|
)
|
|||
Total
|
|
3.1
|
|
|
4.2
|
|
|
1.2
|
|
|||
Interest charges
|
|
(138.8
|
)
|
|
(139.4
|
)
|
|
(135.6
|
)
|
|||
Income before income tax expense
|
|
308.0
|
|
|
346.9
|
|
|
229.6
|
|
|||
Income tax expense
|
|
(128.2
|
)
|
|
(121.9
|
)
|
|
(76.8
|
)
|
|||
Net income
|
|
$
|
179.8
|
|
|
$
|
225.0
|
|
|
$
|
152.8
|
|
Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|||
Net income
|
|
$
|
179.8
|
|
|
$
|
225.0
|
|
|
$
|
152.8
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|||
Derivative hedging activity
|
|
|
|
|
|
|
|
|
|
|||
Reclassification to expenses, net of tax
|
|
4.6
|
|
|
5.4
|
|
|
5.3
|
|
|||
Derivative hedging activity, net of tax
|
|
4.6
|
|
|
5.4
|
|
|
5.3
|
|
|||
Total other comprehensive income
|
|
4.6
|
|
|
5.4
|
|
|
5.3
|
|
|||
Comprehensive income
|
|
$
|
184.4
|
|
|
$
|
230.4
|
|
|
$
|
158.1
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|||||||||||
|
December 31
|
||||||||||
|
2017
|
2016
|
|||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
2.2
|
|
|
|
|
$
|
4.5
|
|
|
Receivables, net
|
|
106.3
|
|
|
|
|
139.1
|
|
|
||
Related party receivables
|
|
84.7
|
|
|
|
|
67.2
|
|
|
||
Accounts receivable pledged as collateral
|
|
130.0
|
|
|
|
|
110.0
|
|
|
||
Fuel inventories, at average cost
|
|
71.0
|
|
|
|
|
72.9
|
|
|
||
Materials and supplies, at average cost
|
|
126.0
|
|
|
|
|
118.9
|
|
|
||
Deferred refueling outage costs
|
|
6.8
|
|
|
|
|
22.3
|
|
|
||
Refundable income taxes
|
|
5.4
|
|
|
|
|
12.7
|
|
|
||
Prepaid expenses and other assets
|
|
27.6
|
|
|
|
|
27.9
|
|
|
||
Total
|
|
560.0
|
|
|
|
|
575.5
|
|
|
||
Utility Plant, at Original Cost
|
|
|
|
|
|
|
|
|
|
||
Electric
|
|
10,213.2
|
|
|
|
|
9,925.1
|
|
|
||
Less - accumulated depreciation
|
|
4,070.3
|
|
|
|
|
3,858.4
|
|
|
||
Net utility plant in service
|
|
6,142.9
|
|
|
|
|
6,066.7
|
|
|
||
Construction work in progress
|
|
350.3
|
|
|
|
|
300.4
|
|
|
||
Nuclear fuel, net of amortization of $204.2 and $172.1
|
|
72.4
|
|
|
|
|
62.0
|
|
|
||
Total
|
|
6,565.6
|
|
|
|
|
6,429.1
|
|
|
||
Investments and Other Assets
|
|
|
|
|
|
|
|
|
|
||
Nuclear decommissioning trust fund
|
|
258.4
|
|
|
|
|
222.9
|
|
|
||
Regulatory assets
|
|
691.9
|
|
|
|
|
801.8
|
|
|
||
Other
|
|
48.0
|
|
|
|
|
29.1
|
|
|
||
Total
|
|
998.3
|
|
|
|
|
1,053.8
|
|
|
||
Total
|
|
$
|
8,123.9
|
|
|
|
|
$
|
8,058.4
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|
|
|
||||||||
|
December 31
|
||||||||||
|
2017
|
|
2016
|
||||||||
LIABILITIES AND CAPITALIZATION
|
(millions, except share amounts)
|
||||||||||
Current Liabilities
|
|
|
|
|
|
|
|
||||
Collateralized note payable
|
|
$
|
130.0
|
|
|
|
|
$
|
110.0
|
|
|
Commercial paper
|
|
167.5
|
|
|
|
|
132.9
|
|
|
||
Current maturities of long-term debt
|
|
350.0
|
|
|
|
|
281.0
|
|
|
||
Accounts payable
|
|
249.0
|
|
|
|
|
231.6
|
|
|
||
Accrued taxes
|
|
29.0
|
|
|
|
|
27.0
|
|
|
||
Accrued interest
|
|
32.4
|
|
|
|
|
32.4
|
|
|
||
Accrued compensation and benefits
|
|
50.1
|
|
|
|
|
52.1
|
|
|
||
Pension and post-retirement liability
|
|
1.4
|
|
|
|
|
1.6
|
|
|
||
Other
|
|
46.8
|
|
|
|
|
11.4
|
|
|
||
Total
|
|
1,056.2
|
|
|
|
|
880.0
|
|
|
||
Deferred Credits and Other Liabilities
|
|
|
|
|
|
|
|
|
|
||
Deferred income taxes
|
|
616.1
|
|
|
|
|
1,228.3
|
|
|
||
Deferred tax credits
|
|
121.8
|
|
|
|
|
122.8
|
|
|
||
Asset retirement obligations
|
|
231.4
|
|
|
|
|
278.0
|
|
|
||
Pension and post-retirement liability
|
|
512.2
|
|
|
|
|
465.8
|
|
|
||
Regulatory liabilities
|
|
779.2
|
|
|
|
|
187.4
|
|
|
||
Other
|
|
61.6
|
|
|
|
|
70.6
|
|
|
||
Total
|
|
2,322.3
|
|
|
|
|
2,352.9
|
|
|
||
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
|
|
949.7
|
|
|
|
|
982.6
|
|
|
||
Accumulated other comprehensive income (loss)
|
|
0.4
|
|
|
|
|
(4.2
|
)
|
|
||
Total
|
|
2,513.2
|
|
|
|
|
2,541.5
|
|
|
||
Long-term debt (
Note
12
)
|
|
2,232.2
|
|
|
|
|
2,284.0
|
|
|
||
Total
|
|
4,745.4
|
|
|
|
|
4,825.5
|
|
|
||
Commitments and Contingencies (
Note
15
)
|
|
|
|
|
|
|
|
|
|
||
Total
|
|
$
|
8,123.9
|
|
|
|
|
$
|
8,058.4
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||||
Consolidated Statements of Cash Flows
|
||||||||||||||
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||
Year Ended December 31
|
|
2017
|
|
|
2016
|
|
|
2015
|
||||||
Cash Flows from Operating Activities
|
(millions)
|
|||||||||||||
Net income
|
|
$
|
179.8
|
|
|
|
$
|
225.0
|
|
|
|
$
|
152.8
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization
|
|
266.3
|
|
|
|
247.5
|
|
|
|
235.7
|
|
|||
Amortization of:
|
|
|
|
|
|
|
|
|
|
|
||||
Nuclear fuel
|
|
32.1
|
|
|
|
26.6
|
|
|
|
26.8
|
|
|||
Other
|
|
30.2
|
|
|
|
33.9
|
|
|
|
29.1
|
|
|||
Deferred income taxes, net
|
|
83.5
|
|
|
|
93.4
|
|
|
|
99.4
|
|
|||
Investment tax credit amortization
|
|
(1.0
|
)
|
|
|
(1.0
|
)
|
|
|
(1.0
|
)
|
|||
Other operating activities (Note 3)
|
|
20.0
|
|
|
|
(2.1
|
)
|
|
|
(61.5
|
)
|
|||
Net cash from operating activities
|
|
610.9
|
|
|
|
623.3
|
|
|
|
481.3
|
|
|||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
|
||||
Utility capital expenditures
|
|
(437.7
|
)
|
|
|
(418.8
|
)
|
|
|
(518.3
|
)
|
|||
Allowance for borrowed funds used during construction
|
|
(6.1
|
)
|
|
|
(5.6
|
)
|
|
|
(3.9
|
)
|
|||
Purchases of nuclear decommissioning trust investments
|
|
(33.6
|
)
|
|
|
(31.9
|
)
|
|
|
(50.9
|
)
|
|||
Proceeds from nuclear decommissioning trust investments
|
|
30.3
|
|
|
|
28.6
|
|
|
|
47.6
|
|
|||
Other investing activities
|
|
(23.9
|
)
|
|
|
(23.8
|
)
|
|
|
(25.5
|
)
|
|||
Net cash from investing activities
|
|
(471.0
|
)
|
|
|
(451.5
|
)
|
|
|
(551.0
|
)
|
|||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
|
||||
Issuance of long-term debt
|
|
299.2
|
|
|
|
—
|
|
|
|
348.8
|
|
|||
Issuance of long-term debt from remarketing
|
|
—
|
|
|
|
—
|
|
|
|
146.5
|
|
|||
Repayment of long-term debt from remarketing
|
|
—
|
|
|
|
—
|
|
|
|
(146.5
|
)
|
|||
Issuance fees
|
|
(3.0
|
)
|
|
|
(0.2
|
)
|
|
|
(3.0
|
)
|
|||
Repayment of long-term debt
|
|
(281.0
|
)
|
|
|
—
|
|
|
|
(85.9
|
)
|
|||
Net change in short-term borrowings
|
|
34.6
|
|
|
|
(47.4
|
)
|
|
|
(178.0
|
)
|
|||
Net change in collateralized short-term borrowings
|
|
20.0
|
|
|
|
—
|
|
|
|
—
|
|
|||
Net money pool borrowings
|
|
—
|
|
|
|
—
|
|
|
|
(12.6
|
)
|
|||
Dividends paid to Great Plains Energy
|
|
(212.0
|
)
|
|
|
(122.0
|
)
|
|
|
—
|
|
|||
Net cash from financing activities
|
|
(142.2
|
)
|
|
|
(169.6
|
)
|
|
|
69.3
|
|
|||
Net Change in Cash and Cash Equivalents
|
|
(2.3
|
)
|
|
|
2.2
|
|
|
|
(0.4
|
)
|
|||
Cash and Cash Equivalents at Beginning of Year
|
|
4.5
|
|
|
|
2.3
|
|
|
|
2.7
|
|
|||
Cash and Cash Equivalents at End of Year
|
|
$
|
2.2
|
|
|
|
$
|
4.5
|
|
|
|
$
|
2.3
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||||||||||
Consolidated Statements of Common Shareholder's Equity
|
||||||||||||||||||||
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Year Ended December 31
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|||||||||
|
(millions, except share amounts)
|
|||||||||||||||||||
Common Stock
|
1
|
|
|
$
|
1,563.1
|
|
|
1
|
|
|
$
|
1,563.1
|
|
|
1
|
|
|
$
|
1,563.1
|
|
Retained Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Beginning balance
|
|
|
|
982.6
|
|
|
|
|
|
879.6
|
|
|
|
|
726.8
|
|
||||
Net income
|
|
|
|
179.8
|
|
|
|
|
|
225.0
|
|
|
|
|
152.8
|
|
||||
Cumulative effect of adoption of ASU 2016-09 (Note 1)
|
|
|
(0.7
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
||||||
Dividends:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common stock held by Great Plains Energy
|
|
|
|
(212.0
|
)
|
|
|
|
|
(122.0
|
)
|
|
|
|
—
|
|
||||
Ending balance
|
|
|
|
949.7
|
|
|
|
|
|
982.6
|
|
|
|
|
879.6
|
|
||||
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Beginning balance
|
|
|
|
(4.2
|
)
|
|
|
|
|
(9.6
|
)
|
|
|
|
(14.9
|
)
|
||||
Derivative hedging activity, net of tax
|
|
|
|
4.6
|
|
|
|
|
|
5.4
|
|
|
|
|
5.3
|
|
||||
Ending balance
|
|
|
|
0.4
|
|
|
|
|
|
(4.2
|
)
|
|
|
|
(9.6
|
)
|
||||
Total Common Shareholder's Equity
|
|
|
|
$
|
2,513.2
|
|
|
|
|
|
$
|
2,541.5
|
|
|
|
|
$
|
2,433.1
|
|
•
|
KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas. KCP&L has one active wholly owned subsidiary, Kansas City Power & Light Receivables Company (KCP&L Receivables Company).
|
•
|
KCP&L Greater Missouri Operations Company (GMO) is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri. GMO also provides regulated steam service to certain customers in the St. Joseph, Missouri area. GMO has two active wholly owned subsidiaries, GMO Receivables Company and MPS Merchant Services, Inc. (MPS Merchant). MPS Merchant has certain long-term natural gas contracts remaining from its former non-regulated trading operations.
|
Great Plains Energy
|
|
|
|
|
||||
December 31
|
|
2017
|
|
2016
|
||||
Utility plant, at original cost
|
|
(millions)
|
||||||
Generation (20 - 60 years)
|
|
$
|
7,930.8
|
|
|
$
|
8,106.4
|
|
Transmission (15 - 70 years)
|
|
912.3
|
|
|
886.3
|
|
||
Distribution (8 - 66 years)
|
|
3,789.0
|
|
|
3,629.1
|
|
||
General (5 - 50 years)
|
|
1,042.0
|
|
|
975.9
|
|
||
Total
(a)
|
|
$
|
13,674.1
|
|
|
$
|
13,597.7
|
|
KCP&L
|
|
|
|
|
||||
December 31
|
|
2017
|
|
2016
|
||||
Utility plant, at original cost
|
|
(millions)
|
||||||
Generation (20 - 60 years)
|
|
$
|
6,471.5
|
|
|
$
|
6,350.7
|
|
Transmission (15 - 70 years)
|
|
500.4
|
|
|
484.1
|
|
||
Distribution (8 - 55 years)
|
|
2,389.4
|
|
|
2,298.4
|
|
||
General (5 - 50 years)
|
|
851.9
|
|
|
791.9
|
|
||
Total
(a)
|
|
$
|
10,213.2
|
|
|
$
|
9,925.1
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
(millions, except per share amounts)
|
||||||||||
Income (Loss)
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
(106.2
|
)
|
|
$
|
290.0
|
|
|
$
|
213.0
|
|
Less: preferred stock dividend requirements and redemption premium
|
37.3
|
|
|
16.5
|
|
|
1.6
|
|
|||
Earnings (loss) available for common shareholders
|
$
|
(143.5
|
)
|
|
$
|
273.5
|
|
|
$
|
211.4
|
|
Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|||
Average number of common shares outstanding
|
215.5
|
|
|
169.4
|
|
|
154.2
|
|
|||
Add: effect of dilutive securities
|
—
|
|
|
0.4
|
|
|
0.6
|
|
|||
Diluted average number of common shares outstanding
|
215.5
|
|
|
169.8
|
|
|
154.8
|
|
|||
Basic and Diluted EPS
|
$
|
(0.67
|
)
|
|
$
|
1.61
|
|
|
$
|
1.37
|
|
•
|
In July 2017, Great Plains Energy redeemed its
$4.3 billion
of senior notes at a redemption price of
101%
of the aggregate principle amount, plus accrued and unpaid interest. See Note 12 for additional information;
|
•
|
In August 2017, Great Plains Energy redeemed its Series B Preferred Stock at a redemption price that was equal to a make-whole formula set forth in the terms of the Series B Preferred Stock. See Note 14 for additional information;
|
•
|
In July 2017, Great Plains Energy and OMERS terminated their stock purchase agreement for
$750 million
of Series A Preferred Stock. As a result of this termination, Great Plains Energy recorded
$15 million
of previously deferred offering fees to non-operating expenses in the third quarter of 2017; and
|
•
|
In July 2017, Great Plains Energy terminated its
$864.5 million
unsecured bridge term loan facility.
|
Great Plains Energy Other Operating Activities
|
|
|
|||||||||
Year Ended December 31
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows affected by changes in:
|
(millions)
|
||||||||||
Receivables
|
$
|
14.8
|
|
|
$
|
(18.3
|
)
|
|
$
|
12.5
|
|
Accounts receivable pledged as collateral
|
(7.6
|
)
|
|
2.6
|
|
|
(4.0
|
)
|
|||
Fuel inventories
|
5.6
|
|
|
9.6
|
|
|
(28.3
|
)
|
|||
Materials and supplies
|
(9.0
|
)
|
|
(6.5
|
)
|
|
(3.0
|
)
|
|||
Accounts payable
|
9.0
|
|
|
(25.4
|
)
|
|
(11.4
|
)
|
|||
Accrued taxes
|
1.5
|
|
|
8.1
|
|
|
1.1
|
|
|||
Accrued interest
|
(8.0
|
)
|
|
6.1
|
|
|
3.4
|
|
|||
Deferred refueling outage costs
|
15.5
|
|
|
(3.1
|
)
|
|
(6.7
|
)
|
|||
Pension and post-retirement benefit obligations
|
26.1
|
|
|
27.4
|
|
|
18.5
|
|
|||
Allowance for equity funds used during construction
|
(6.0
|
)
|
|
(6.6
|
)
|
|
(4.8
|
)
|
|||
Fuel recovery mechanisms
|
(11.4
|
)
|
|
(46.9
|
)
|
|
47.5
|
|
|||
ARO settlements
|
(28.5
|
)
|
|
(17.4
|
)
|
|
(4.1
|
)
|
|||
Other
|
20.6
|
|
|
28.1
|
|
|
(7.8
|
)
|
|||
Total other operating activities
|
$
|
22.6
|
|
|
$
|
(42.3
|
)
|
|
$
|
12.9
|
|
Cash paid during the period:
|
|
|
|
|
|
|
|
||||
Interest
|
$
|
258.9
|
|
|
$
|
191.2
|
|
|
$
|
182.2
|
|
Income taxes
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Non-cash investing activities:
|
|
|
|
|
|
|
|||||
Liabilities accrued for capital expenditures
|
$
|
39.8
|
|
|
$
|
32.4
|
|
|
$
|
35.7
|
|
KCP&L Other Operating Activities
|
|
|
|||||||||
Year Ended December 31
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows affected by changes in:
|
(millions)
|
||||||||||
Receivables
|
$
|
13.8
|
|
|
$
|
(12.4
|
)
|
|
$
|
2.6
|
|
Accounts receivable pledged as collateral
|
(20.0
|
)
|
|
—
|
|
|
—
|
|
|||
Fuel inventories
|
1.9
|
|
|
10.6
|
|
|
(24.7
|
)
|
|||
Materials and supplies
|
(7.1
|
)
|
|
(4.3
|
)
|
|
(4.5
|
)
|
|||
Accounts payable
|
11.7
|
|
|
(30.5
|
)
|
|
(18.0
|
)
|
|||
Accrued taxes
|
9.1
|
|
|
67.9
|
|
|
(19.0
|
)
|
|||
Accrued interest
|
—
|
|
|
—
|
|
|
3.4
|
|
|||
Deferred refueling outage costs
|
15.5
|
|
|
(3.1
|
)
|
|
(6.7
|
)
|
|||
Pension and post-retirement benefit obligations
|
27.3
|
|
|
28.6
|
|
|
18.4
|
|
|||
Allowance for equity funds used during construction
|
(6.0
|
)
|
|
(6.6
|
)
|
|
(3.8
|
)
|
|||
Fuel recovery mechanisms
|
8.3
|
|
|
(53.7
|
)
|
|
3.5
|
|
|||
ARO settlements
|
(25.5
|
)
|
|
(15.0
|
)
|
|
(4.1
|
)
|
|||
Other
|
(9.0
|
)
|
|
16.4
|
|
|
(8.6
|
)
|
|||
Total other operating activities
|
$
|
20.0
|
|
|
$
|
(2.1
|
)
|
|
$
|
(61.5
|
)
|
Cash paid during the period:
|
|
|
|
|
|
|
|
||||
Interest
|
$
|
128.0
|
|
|
$
|
127.0
|
|
|
$
|
120.2
|
|
Income taxes
|
$
|
38.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-cash investing activities:
|
|
|
|
|
|
|
|||||
Liabilities accrued for capital expenditures
|
$
|
32.9
|
|
|
$
|
27.2
|
|
|
$
|
23.9
|
|
|
December 31
|
|||||||||
|
|
2017
|
|
|
2016
|
|
||||
Great Plains Energy
|
|
(millions)
|
|
|||||||
Customer accounts receivable - billed
|
|
$
|
3.7
|
|
|
|
$
|
26.2
|
|
|
Customer accounts receivable - unbilled
|
|
103.2
|
|
|
|
79.1
|
|
|
||
Allowance for doubtful accounts - customer accounts receivable
|
|
(4.7
|
)
|
|
|
(4.0
|
)
|
|
||
Other receivables
|
|
49.5
|
|
|
|
64.7
|
|
|
||
Total
|
|
$
|
151.7
|
|
|
|
$
|
166.0
|
|
|
KCP&L
|
|
|
|
|
|
|
|
|
||
Customer accounts receivable - billed
|
|
$
|
1.6
|
|
|
|
$
|
25.5
|
|
|
Customer accounts receivable - unbilled
|
|
67.6
|
|
|
|
63.7
|
|
|
||
Allowance for doubtful accounts - customer accounts receivable
|
|
(2.2
|
)
|
|
|
(1.8
|
)
|
|
||
Other receivables
|
|
39.3
|
|
|
|
51.7
|
|
|
||
Total
|
|
$
|
106.3
|
|
|
|
$
|
139.1
|
|
|
|
|
KCC
|
|
MPSC
|
|
||||
|
(millions)
|
||||||||
Current cost of decommissioning (in 2017 dollars)
|
|
|
|
|
|
||||
Total Station
|
|
$
|
813.7
|
|
|
$
|
813.7
|
|
|
KCP&L's 47% Share
|
|
382.5
|
|
|
382.5
|
|
|
||
|
|
|
|
|
|
||||
Future cost of decommissioning (in 2045-2053 dollars)
(a)
|
|
|
|
|
|
||||
Total Station
|
|
$
|
1,982.4
|
|
|
$
|
2,137.8
|
|
|
KCP&L's 47% Share
|
|
931.7
|
|
|
1,004.8
|
|
|
||
|
|
|
|
|
|
||||
Annual escalation factor
|
|
2.91
|
%
|
|
3.16
|
%
|
|
||
Annual return on trust assets
(b)
|
|
5.64
|
%
|
|
5.46
|
%
|
|
|
2017
|
2016
|
|||||||||
Decommissioning Trust
|
|
(millions)
|
|
||||||||
Beginning balance January 1
|
|
$
|
222.9
|
|
|
|
|
$
|
200.7
|
|
|
Contributions
|
|
3.3
|
|
|
|
|
3.3
|
|
|
||
Earned income, net of fees
|
|
4.3
|
|
|
|
|
4.1
|
|
|
||
Net realized gains
|
|
0.7
|
|
|
|
|
0.3
|
|
|
||
Net unrealized gains
|
|
27.2
|
|
|
|
|
14.5
|
|
|
||
Ending balance December 31
|
|
$
|
258.4
|
|
|
|
|
$
|
222.9
|
|
|
|
December 31
|
||||||||||||||||||||||||||||||||||||||||||||
|
2017
|
|
|
2016
|
|
||||||||||||||||||||||||||||||||||||||||
|
Cost
Basis
|
|
Unrealized Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Cost
Basis
|
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
|||||||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||
Equity securities
|
$
|
96.5
|
|
|
|
$
|
88.3
|
|
|
|
|
$
|
(1.0
|
)
|
|
|
|
$
|
183.8
|
|
|
|
|
$
|
93.3
|
|
|
|
|
$
|
62.1
|
|
|
|
|
$
|
(1.5
|
)
|
|
|
|
$
|
153.9
|
|
|
Debt securities
|
69.7
|
|
|
|
2.7
|
|
|
|
|
(0.4
|
)
|
|
|
|
72.0
|
|
|
|
|
63.4
|
|
|
|
|
2.3
|
|
|
|
|
(0.5
|
)
|
|
|
|
65.2
|
|
|
||||||||
Other
|
2.6
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
2.6
|
|
|
|
|
3.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
3.8
|
|
|
||||||||
Total
|
$
|
168.8
|
|
|
|
$
|
91.0
|
|
|
|
|
$
|
(1.4
|
)
|
|
|
|
$
|
258.4
|
|
|
|
|
$
|
160.5
|
|
|
|
|
$
|
64.4
|
|
|
|
|
$
|
(2.0
|
)
|
|
|
|
$
|
222.9
|
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
(millions)
|
||||||||||
Realized gains
|
$
|
2.5
|
|
|
$
|
1.6
|
|
|
$
|
5.3
|
|
Realized losses
|
(1.8
|
)
|
|
(1.3
|
)
|
|
(4.6
|
)
|
|
|
December 31
|
||||||||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||||||||
|
|
KCP&L
|
|
GMO
|
|
Great Plains Energy
|
|
KCP&L
|
|
GMO
|
|
Great Plains Energy
|
||||||||||||
Regulatory Assets
|
|
(millions)
|
||||||||||||||||||||||
Taxes recoverable through future rates
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
123.9
|
|
|
$
|
24.8
|
|
|
$
|
148.7
|
|
Loss on reacquired debt
|
|
8.7
|
|
(a)
|
1.2
|
|
(a)
|
9.9
|
|
|
10.0
|
|
|
1.7
|
|
|
11.7
|
|
||||||
Cost of removal
|
|
30.3
|
|
|
—
|
|
|
30.3
|
|
|
28.6
|
|
|
—
|
|
|
28.6
|
|
||||||
Asset retirement obligations
|
|
94.3
|
|
|
24.2
|
|
|
118.5
|
|
|
69.6
|
|
|
24.9
|
|
|
94.5
|
|
||||||
Pension and post-retirement costs
|
|
379.7
|
|
(b)
|
108.2
|
|
(b)
|
487.9
|
|
|
367.9
|
|
|
104.7
|
|
|
472.6
|
|
||||||
Deferred customer programs
|
|
40.9
|
|
(c)
|
19.4
|
|
(d)
|
60.3
|
|
|
45.9
|
|
|
27.4
|
|
|
73.3
|
|
||||||
Fuel recovery mechanism
|
|
61.7
|
|
(e)
|
12.0
|
|
(e)
|
73.7
|
|
|
69.9
|
|
|
—
|
|
|
69.9
|
|
||||||
Iatan No. 1 and common facilities depreciation and carrying costs
|
|
12.9
|
|
(f)
|
4.7
|
|
(g)
|
17.6
|
|
|
13.6
|
|
|
5.0
|
|
|
18.6
|
|
||||||
Iatan No. 2 construction accounting costs
|
|
25.0
|
|
(h)
|
13.7
|
|
(h)
|
38.7
|
|
|
26.9
|
|
|
16.1
|
|
|
43.0
|
|
||||||
Kansas property tax surcharge
|
|
6.6
|
|
(e)
|
—
|
|
|
6.6
|
|
|
3.6
|
|
|
—
|
|
|
3.6
|
|
||||||
Solar rebates
|
|
22.6
|
|
(i)
|
37.0
|
|
(e)
|
59.6
|
|
|
29.2
|
|
|
41.6
|
|
|
70.8
|
|
||||||
Transmission delivery charge
|
|
3.2
|
|
(e)
|
—
|
|
|
3.2
|
|
|
3.1
|
|
|
—
|
|
|
3.1
|
|
||||||
La Cygne deferred depreciation
|
|
2.7
|
|
(j)
|
—
|
|
|
2.7
|
|
|
2.8
|
|
|
—
|
|
|
2.8
|
|
||||||
Other
|
|
3.3
|
|
(e)
|
1.6
|
|
|
4.9
|
|
|
6.8
|
|
|
—
|
|
|
6.8
|
|
||||||
Total
|
|
$
|
691.9
|
|
|
$
|
222.0
|
|
|
$
|
913.9
|
|
|
$
|
801.8
|
|
|
$
|
246.2
|
|
|
$
|
1,048.0
|
|
Regulatory Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Taxes refundable through future rates
|
|
$
|
574.0
|
|
|
$
|
220.6
|
|
|
$
|
794.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Emission allowances
|
|
58.1
|
|
|
—
|
|
|
58.1
|
|
|
62.1
|
|
|
—
|
|
|
62.1
|
|
||||||
Asset retirement obligations
|
|
126.0
|
|
|
—
|
|
|
126.0
|
|
|
99.7
|
|
|
—
|
|
|
99.7
|
|
||||||
Cost of removal
|
|
—
|
|
|
57.4
|
|
|
57.4
|
|
|
—
|
|
|
65.1
|
|
|
65.1
|
|
||||||
Fuel recovery mechanism
|
|
—
|
|
|
3.9
|
|
|
3.9
|
|
|
—
|
|
|
11.6
|
|
|
11.6
|
|
||||||
Pension and post-retirement costs
|
|
12.0
|
|
|
8.2
|
|
|
20.2
|
|
|
15.3
|
|
|
7.4
|
|
|
22.7
|
|
||||||
Other
|
|
9.1
|
|
|
37.0
|
|
|
46.1
|
|
|
10.3
|
|
|
38.4
|
|
|
48.7
|
|
||||||
Total
|
|
$
|
779.2
|
|
|
$
|
327.1
|
|
|
$
|
1,106.3
|
|
|
$
|
187.4
|
|
|
$
|
122.5
|
|
|
$
|
309.9
|
|
(g)
|
Included in rate base and amortized through
2038
.
|
|
|
December 31
|
||||||||||||||||||||||
|
|
|
2017
|
|
|
|
2016
|
|
||||||||||||||||
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
||||||||||||||||
Great Plains Energy
|
|
(millions)
|
||||||||||||||||||||||
Computer software
|
|
|
$
|
386.8
|
|
|
|
|
$
|
(251.2
|
)
|
|
|
|
$
|
355.2
|
|
|
|
|
$
|
(219.1
|
)
|
|
Asset improvements
|
|
|
30.3
|
|
|
|
|
(8.0
|
)
|
|
|
|
28.8
|
|
|
|
|
(6.7
|
)
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
KCP&L
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Computer software
|
|
|
$
|
368.7
|
|
|
|
|
$
|
(234.3
|
)
|
|
|
|
$
|
338.3
|
|
|
|
|
$
|
(203.1
|
)
|
|
Asset improvements
|
|
|
15.1
|
|
|
|
|
(2.7
|
)
|
|
|
|
13.6
|
|
|
|
|
(1.8
|
)
|
|
|
|
2017
|
|
2016
|
||||
|
|
(millions)
|
||||||
Great Plains Energy
|
|
$
|
33.7
|
|
|
$
|
29.1
|
|
KCP&L
|
|
32.1
|
|
|
25.7
|
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
||||||||||
|
|
(millions)
|
||||||||||||||||||
Great Plains Energy
|
|
$
|
30.5
|
|
|
$
|
25.7
|
|
|
$
|
24.5
|
|
|
$
|
20.0
|
|
|
$
|
14.9
|
|
KCP&L
|
|
29.7
|
|
|
25.0
|
|
|
23.8
|
|
|
19.5
|
|
|
14.5
|
|
|
|
Great Plains Energy
|
|
|
KCP&L
|
|
||||||||||||||
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
||||||||
|
|
(millions)
|
|
|||||||||||||||||
Beginning balance
|
|
$
|
316.0
|
|
|
|
$
|
275.9
|
|
|
|
$
|
278.0
|
|
|
|
$
|
239.3
|
|
|
Additions
|
|
—
|
|
|
|
1.6
|
|
|
|
—
|
|
|
|
1.3
|
|
|
||||
Revision in timing and/or estimates
|
|
(1.3
|
)
|
|
|
42.1
|
|
|
|
0.3
|
|
|
|
40.1
|
|
|
||||
Settlements
|
|
(28.5
|
)
|
|
|
(17.4
|
)
|
|
|
(25.5
|
)
|
|
|
(15.0
|
)
|
|
||||
Accretion
|
|
14.9
|
|
|
|
13.8
|
|
|
|
13.5
|
|
|
|
12.3
|
|
|
||||
Total
|
|
$
|
301.1
|
|
|
|
$
|
316.0
|
|
|
|
$
|
266.3
|
|
|
|
$
|
278.0
|
|
|
Less: current portion
|
|
(38.6
|
)
|
|
|
—
|
|
|
|
(34.9
|
)
|
|
|
—
|
|
|
||||
Total noncurrent asset retirement obligation
|
|
$
|
262.5
|
|
|
|
$
|
316.0
|
|
|
|
$
|
231.4
|
|
|
|
$
|
278.0
|
|
|
|
|
Pension Benefits
|
|
Other Benefits
|
|||||||||||
|
|
2017
|
|
2016
|
|
2017
|
2016
|
||||||||
Change in projected benefit obligation (PBO)
|
|
(millions)
|
|||||||||||||
PBO at January 1
|
|
$
|
1,244.6
|
|
|
$
|
1,154.8
|
|
|
$
|
130.1
|
|
$
|
137.5
|
|
Service cost
|
|
44.2
|
|
|
42.0
|
|
|
2.1
|
|
2.6
|
|
||||
Interest cost
|
|
53.5
|
|
|
52.9
|
|
|
5.4
|
|
6.1
|
|
||||
Contribution by participants
|
|
—
|
|
|
—
|
|
|
6.0
|
|
5.3
|
|
||||
Amendments
|
|
—
|
|
|
—
|
|
|
—
|
|
(10.1
|
)
|
||||
Actuarial (gain) loss
|
|
135.6
|
|
|
65.5
|
|
|
2.1
|
|
0.6
|
|
||||
Benefits paid
|
|
(36.8
|
)
|
|
(70.6
|
)
|
|
(12.5
|
)
|
(11.9
|
)
|
||||
Settlements and special termination benefits
|
|
(85.2
|
)
|
|
—
|
|
|
—
|
|
—
|
|
||||
PBO at December 31
|
|
$
|
1,355.9
|
|
|
$
|
1,244.6
|
|
|
$
|
133.2
|
|
$
|
130.1
|
|
Change in plan assets
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets at January 1
|
|
$
|
776.8
|
|
|
$
|
723.9
|
|
|
$
|
115.6
|
|
$
|
114.3
|
|
Actual return on plan assets
|
|
114.8
|
|
|
51.1
|
|
|
1.8
|
|
2.6
|
|
||||
Contributions by employer and participants
|
|
76.9
|
|
|
69.8
|
|
|
10.4
|
|
10.2
|
|
||||
Benefits paid
|
|
(34.5
|
)
|
|
(68.0
|
)
|
|
(12.0
|
)
|
(11.5
|
)
|
||||
Settlements
|
|
(85.6
|
)
|
|
—
|
|
|
—
|
|
—
|
|
||||
Fair value of plan assets at December 31
|
|
$
|
848.4
|
|
|
$
|
776.8
|
|
|
$
|
115.8
|
|
$
|
115.6
|
|
Funded status at December 31
|
|
$
|
(507.5
|
)
|
|
$
|
(467.8
|
)
|
|
$
|
(17.4
|
)
|
$
|
(14.5
|
)
|
Amounts recognized in the consolidated balance sheets
|
|
|
|
|
|
|
|
||||||||
Non-current asset
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12.8
|
|
$
|
9.0
|
|
Current pension and other post-retirement liability
|
|
(1.9
|
)
|
|
(2.2
|
)
|
|
(0.8
|
)
|
(0.8
|
)
|
||||
Noncurrent pension liability and other post-retirement liability
|
|
(505.6
|
)
|
|
(465.6
|
)
|
|
(29.4
|
)
|
(22.7
|
)
|
||||
Net amount recognized before regulatory treatment
|
|
(507.5
|
)
|
|
(467.8
|
)
|
|
(17.4
|
)
|
(14.5
|
)
|
||||
Accumulated OCI or regulatory asset/liability
|
|
492.2
|
|
|
476.9
|
|
|
(21.1
|
)
|
(23.6
|
)
|
||||
Net amount recognized at December 31
|
|
$
|
(15.3
|
)
|
|
$
|
9.1
|
|
|
$
|
(38.5
|
)
|
$
|
(38.1
|
)
|
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost:
|
|
|
|
|
|
|
|
||||||||
Actuarial (gain) loss
|
|
$
|
248.9
|
|
|
$
|
242.5
|
|
|
$
|
2.8
|
|
$
|
(0.7
|
)
|
Prior service cost
|
|
2.5
|
|
|
3.2
|
|
|
(8.0
|
)
|
(8.0
|
)
|
||||
Other
|
|
240.8
|
|
|
231.2
|
|
|
(15.9
|
)
|
(14.9
|
)
|
||||
Net amount recognized at December 31
|
|
$
|
492.2
|
|
|
$
|
476.9
|
|
|
$
|
(21.1
|
)
|
$
|
(23.6
|
)
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Components of net periodic benefit costs
|
|
(millions)
|
||||||||||||||||||||||
Service cost
|
|
$
|
44.2
|
|
|
$
|
42.0
|
|
|
$
|
45.3
|
|
|
$
|
2.1
|
|
|
$
|
2.6
|
|
|
$
|
3.3
|
|
Interest cost
|
|
53.5
|
|
|
52.9
|
|
|
50.3
|
|
|
5.4
|
|
|
6.1
|
|
|
6.8
|
|
||||||
Expected return on plan assets
|
|
(51.2
|
)
|
|
(49.2
|
)
|
|
(51.7
|
)
|
|
(2.6
|
)
|
|
(3.1
|
)
|
|
(2.9
|
)
|
||||||
Prior service cost
|
|
0.7
|
|
|
0.7
|
|
|
0.8
|
|
|
—
|
|
|
1.2
|
|
|
3.1
|
|
||||||
Recognized net actuarial (gain) loss
|
|
49.7
|
|
|
51.8
|
|
|
51.4
|
|
|
(0.5
|
)
|
|
(1.5
|
)
|
|
0.2
|
|
||||||
Transition obligation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
||||||
Settlement and special termination benefits
|
|
16.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit costs before regulatory adjustment
|
|
113.2
|
|
|
98.2
|
|
|
96.1
|
|
|
4.4
|
|
|
5.3
|
|
|
10.7
|
|
||||||
Regulatory adjustment
|
|
(13.8
|
)
|
|
(4.9
|
)
|
|
(9.8
|
)
|
|
1.9
|
|
|
6.0
|
|
|
4.4
|
|
||||||
Net periodic benefit costs
|
|
99.4
|
|
|
93.3
|
|
|
86.3
|
|
|
6.3
|
|
|
11.3
|
|
|
15.1
|
|
||||||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current year net (gain) loss
|
|
72.0
|
|
|
63.6
|
|
|
8.6
|
|
|
3.0
|
|
|
1.1
|
|
|
(20.6
|
)
|
||||||
Amortization of gain (loss)
|
|
(65.6
|
)
|
|
(51.8
|
)
|
|
(51.4
|
)
|
|
0.5
|
|
|
1.5
|
|
|
(0.2
|
)
|
||||||
Prior service cost
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10.2
|
)
|
|
(7.0
|
)
|
||||||
Amortization of prior service cost
|
|
(0.7
|
)
|
|
(0.7
|
)
|
|
(0.8
|
)
|
|
—
|
|
|
(1.2
|
)
|
|
(3.1
|
)
|
||||||
Amortization of transition obligation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
||||||
Other regulatory activity
|
|
9.6
|
|
|
4.6
|
|
|
4.3
|
|
|
(1.0
|
)
|
|
(5.4
|
)
|
|
(4.4
|
)
|
||||||
Total recognized in OCI or regulatory asset/liability
|
|
15.3
|
|
|
15.7
|
|
|
(39.3
|
)
|
|
2.5
|
|
|
(14.2
|
)
|
|
(35.5
|
)
|
||||||
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability
|
|
$
|
114.7
|
|
|
$
|
109.0
|
|
|
$
|
47.0
|
|
|
$
|
8.8
|
|
|
$
|
(2.9
|
)
|
|
$
|
(20.4
|
)
|
|
|
2017
|
|
2016
|
||||
Pension plans with the PBO in excess of plan assets
|
|
(millions)
|
||||||
Projected benefit obligation
|
|
$
|
1,355.9
|
|
|
$
|
1,244.6
|
|
Fair value of plan assets
|
|
848.4
|
|
|
776.8
|
|
||
Pension plans with the ABO in excess of plan assets
|
|
|
|
|
||||
Accumulated benefit obligation
|
|
$
|
1,169.8
|
|
|
$
|
1,090.2
|
|
Fair value of plan assets
|
|
848.4
|
|
|
776.8
|
|
||
Other post-retirement benefit plans with the APBO in excess of plan assets
|
|
|
|
|
||||
Accumulated other post-retirement benefit obligation
|
|
$
|
111.6
|
|
|
$
|
61.7
|
|
Fair value of plan assets
|
|
81.5
|
|
|
38.3
|
|
Weighted-average assumptions used to determine the benefit obligation at December 31
|
|
Pension Benefits
|
|
|
|
Other Benefits
|
|
||||||||||||
|
2017
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
2016
|
|
|||||
Discount rate
|
|
3.72
|
%
|
|
|
|
4.31
|
%
|
|
|
|
3.64
|
%
|
|
|
|
4.20
|
%
|
|
Rate of compensation increase
|
|
3.62
|
%
|
|
|
|
3.62
|
%
|
|
|
|
3.50
|
%
|
|
|
|
3.50
|
%
|
|
Weighted-average assumptions used to determine net costs for years ended December 31
|
|
Pension Benefits
|
|
|
|
Other Benefits
|
|
||||||||||||
|
2017
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
2016
|
|
|||||
Discount rate
|
|
4.31
|
%
|
|
|
|
4.54
|
%
|
|
|
|
4.20
|
%
|
|
|
|
4.47
|
%
|
|
Expected long-term return on plan assets
|
|
6.73
|
%
|
|
|
|
7.14
|
%
|
|
|
|
2.00
|
%
|
*
|
|
|
2.54
|
%
|
*
|
Rate of compensation increase
|
|
3.62
|
%
|
|
|
|
3.62
|
%
|
|
|
|
3.50
|
%
|
|
|
|
3.50
|
%
|
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||
|
|
(millions)
|
||||||
2018
|
|
$
|
79.3
|
|
|
$
|
9.2
|
|
2019
|
|
82.2
|
|
|
9.2
|
|
||
2020
|
|
84.7
|
|
|
9.6
|
|
||
2021
|
|
86.0
|
|
|
10.1
|
|
||
2022
|
|
86.5
|
|
|
10.4
|
|
||
2023-2027
|
|
459.9
|
|
|
55.6
|
|
|
|
|
|
Fair Value Measurements Using
|
|||||||||||||||||||||||
Description
|
December 31
2017 |
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|
Assets measured at NAV
|
|||||||||||||||||||
|
|
(millions)
|
|
||||||||||||||||||||||||
Pension Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S.
(a)
|
|
$
|
279.8
|
|
|
|
$
|
236.4
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
$
|
43.4
|
|
|
International
(b)
|
|
176.0
|
|
|
|
123.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
52.5
|
|
|
|||||
Real estate
(c)
|
|
46.4
|
|
|
|
13.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
32.8
|
|
|
|||||
Commodities
(d)
|
|
17.0
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
17.0
|
|
|
|||||
Fixed income securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed income funds
(e)
|
|
71.8
|
|
|
|
21.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
50.4
|
|
|
|||||
U.S. Treasury
|
|
51.5
|
|
|
|
51.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
U.S. Agency, state and local obligations
|
|
18.3
|
|
|
|
—
|
|
|
|
|
18.3
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
U.S. corporate bonds
(f)
|
|
119.2
|
|
|
|
—
|
|
|
|
|
119.2
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Foreign corporate bonds
|
|
12.5
|
|
|
|
—
|
|
|
|
|
12.5
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Hedge funds
(g)
|
|
15.7
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
15.7
|
|
|
|||||
Cash equivalents
|
|
35.6
|
|
|
|
35.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Other
|
|
4.6
|
|
|
|
—
|
|
|
|
|
4.6
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
848.4
|
|
|
|
$
|
482.0
|
|
|
|
|
$
|
154.6
|
|
|
|
|
$
|
—
|
|
|
|
$
|
211.8
|
|
|
|
|
|
|
Fair Value Measurements Using
|
|||||||||||||||||||||||
Description
|
December 31
2016 |
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|
Assets measured at NAV
|
|||||||||||||||||||
Pension Plans
|
|
(millions)
|
|
||||||||||||||||||||||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S.
(a)
|
|
$
|
247.6
|
|
|
|
$
|
213.0
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
$
|
34.6
|
|
|
International
(b)
|
|
163.7
|
|
|
|
120.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
43.3
|
|
|
|||||
Real estate
(c)
|
|
42.7
|
|
|
|
12.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
30.3
|
|
|
|||||
Commodities
(d)
|
|
14.1
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
14.1
|
|
|
|||||
Fixed income securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed income funds
(e)
|
|
65.1
|
|
|
|
20.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
44.2
|
|
|
|||||
U.S. Treasury
|
|
52.2
|
|
|
|
52.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
U.S. Agency, state and local obligations
|
|
17.9
|
|
|
|
—
|
|
|
|
|
17.9
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
U.S. corporate bonds
(f)
|
|
120.2
|
|
|
|
—
|
|
|
|
|
120.2
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Foreign corporate bonds
|
|
9.3
|
|
|
|
—
|
|
|
|
|
9.3
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Hedge funds
(g)
|
|
15.6
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
15.6
|
|
|
|||||
Cash equivalents
|
|
31.7
|
|
|
|
31.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Other
|
|
(3.3
|
)
|
|
|
—
|
|
|
|
|
(3.3
|
)
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
776.8
|
|
|
|
$
|
450.6
|
|
|
|
|
$
|
144.1
|
|
|
|
|
$
|
—
|
|
|
|
$
|
182.1
|
|
|
|
|
|
|
Fair Value Measurements Using
|
|||||||||||||||||||||||
Description
|
December 31
2017 |
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|
Assets measured at NAV
|
|||||||||||||||||||
Other Post-Retirement Benefit Plans
|
|
(millions)
|
|
||||||||||||||||||||||||
Equity securities
|
|
$
|
3.7
|
|
|
|
$
|
3.7
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Fixed income securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed income fund
(a)
|
|
56.4
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
56.4
|
|
|
|||||
U.S. Treasury
|
|
3.0
|
|
|
|
3.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
U.S. Agency, state and local obligations
|
|
5.5
|
|
|
|
—
|
|
|
|
|
5.5
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
U.S. corporate bonds
(b)
|
|
18.7
|
|
|
|
—
|
|
|
|
|
18.7
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Foreign corporate bonds
|
|
1.6
|
|
|
|
—
|
|
|
|
|
1.6
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Cash equivalents
|
|
25.3
|
|
|
|
25.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Mutual funds
|
|
0.2
|
|
|
|
0.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Other
|
|
1.4
|
|
|
|
—
|
|
|
|
|
1.4
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
115.8
|
|
|
|
$
|
32.2
|
|
|
|
|
$
|
27.2
|
|
|
|
|
$
|
—
|
|
|
|
$
|
56.4
|
|
|
|
|
|
|
Fair Value Measurements Using
|
|||||||||||||||||||||||
Description
|
December 31
2016 |
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|
Assets measured at NAV
|
|||||||||||||||||||
Other Post-Retirement Benefit Plans
|
|
(millions)
|
|
||||||||||||||||||||||||
Equity securities
|
|
$
|
4.1
|
|
|
|
$
|
4.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Fixed income securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed income fund
(a)
|
|
62.7
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
62.7
|
|
|
|||||
U.S. Treasury
|
|
3.9
|
|
|
|
3.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
U.S. Agency, state and local obligations
|
|
4.3
|
|
|
|
—
|
|
|
|
|
4.3
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
U.S. corporate bonds
(b)
|
|
17.8
|
|
|
|
—
|
|
|
|
|
17.8
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Foreign corporate bonds
|
|
1.6
|
|
|
|
—
|
|
|
|
|
1.6
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Cash equivalents
|
|
19.5
|
|
|
|
19.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Other
|
|
1.7
|
|
|
|
0.2
|
|
|
|
|
1.5
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
115.6
|
|
|
|
$
|
27.7
|
|
|
|
|
$
|
25.2
|
|
|
|
|
$
|
—
|
|
|
|
$
|
62.7
|
|
|
|
|
Increase
|
|
Decrease
|
||||
|
|
(millions)
|
||||||
Effect on total service and interest component
|
|
$
|
0.2
|
|
|
$
|
(0.2
|
)
|
Effect on post-retirement benefit obligation
|
|
0.4
|
|
|
(0.3
|
)
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Great Plains Energy
|
|
(millions)
|
|
|
||||||||
Equity compensation expense
|
|
$
|
6.3
|
|
|
$
|
5.0
|
|
|
$
|
4.0
|
|
Income tax benefit
|
|
2.4
|
|
|
1.6
|
|
|
1.4
|
|
|||
KCP&L
|
|
|
|
|
|
|
|
|
|
|||
Equity compensation expense
|
|
$
|
4.2
|
|
|
$
|
3.2
|
|
|
$
|
2.6
|
|
Income tax benefit
|
|
1.6
|
|
|
1.0
|
|
|
0.9
|
|
|
Performance
Shares
|
|
Grant Date
Fair Value*
|
|||||||
Beginning balance January 1, 2017
|
|
625,100
|
|
|
|
|
$
|
28.13
|
|
|
Granted
|
|
236,433
|
|
|
|
|
31.26
|
|
|
|
Earned
|
|
(212,992
|
)
|
|
|
|
28.48
|
|
|
|
Forfeited
|
|
(103,454
|
)
|
|
|
|
29.24
|
|
|
|
Ending balance December 31, 2017
|
|
545,087
|
|
|
|
|
29.12
|
|
|
|
Nonvested
Restricted Stock
|
|
Grant Date
Fair Value*
|
|||||||
Beginning balance January 1, 2017
|
|
249,672
|
|
|
|
|
$
|
27.20
|
|
|
Granted and issued
|
|
81,040
|
|
|
|
|
28.68
|
|
|
|
Vested
|
|
(112,813
|
)
|
|
|
|
26.92
|
|
|
|
Forfeited
|
|
(25,497
|
)
|
|
|
|
28.10
|
|
|
|
Ending balance December 31, 2017
|
|
192,402
|
|
|
|
|
27.87
|
|
|
|
|
Share Units
|
|
Grant Date Fair Value*
|
|||||||
Beginning balance January 1, 2017
|
|
|
138,587
|
|
|
|
|
$
|
23.96
|
|
|
Issued
|
|
|
23,435
|
|
|
|
|
30.09
|
|
|
|
Converted
|
|
|
(22,871
|
)
|
|
|
|
21.81
|
|
|
|
Ending balance December 31, 2017
|
|
|
139,151
|
|
|
|
|
25.35
|
|
|
|
|
|
December 31
|
|||||||||
|
Year Due
|
|
2017
|
|
2016
|
|||||||
KCP&L
|
|
|
|
(millions)
|
||||||||
General Mortgage Bonds
|
|
|
|
|
|
|
|
|
||||
2.95% EIRR bonds
|
2023
|
|
|
$
|
79.5
|
|
|
|
|
$
|
110.5
|
|
7.15% Series 2009A (8.59% rate)
(a)
|
2019
|
|
|
400.0
|
|
|
|
|
400.0
|
|
||
Senior Notes
|
|
|
|
|
|
|
|
|
|
|
||
5.85% Series (5.72% rate)
(a)
|
|
|
|
—
|
|
|
|
|
250.0
|
|
||
6.375% Series (7.49% rate)
(a)
|
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)
(a)
|
2035
|
|
|
250.0
|
|
|
|
|
250.0
|
|
||
5.30% Series
|
2041
|
|
|
400.0
|
|
|
|
|
400.0
|
|
||
4.20% Series
|
2047
|
|
|
300.0
|
|
|
|
|
—
|
|
||
EIRR Bonds
|
|
|
|
|
|
|
|
|
||||
1.329% Series 2007A and 2007B
(b)
|
2035
|
|
|
146.5
|
|
|
|
|
146.5
|
|
||
2.875% Series 2008
|
2038
|
|
|
23.4
|
|
|
|
|
23.4
|
|
||
Current maturities
|
|
|
|
(350.0
|
)
|
|
|
|
(281.0
|
)
|
||
Unamortized discount and debt issuance costs
|
|
|
|
(17.2
|
)
|
|
|
|
(15.4
|
)
|
||
Total KCP&L excluding current maturities
(c)
|
|
|
|
2,232.2
|
|
|
|
|
2,284.0
|
|
||
Other Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
||
GMO First Mortgage Bonds 9.44% Series
|
2018-2021
|
|
|
4.6
|
|
|
|
|
5.7
|
|
||
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)
(a)
|
|
|
|
—
|
|
|
|
|
100.0
|
|
||
4.85% Series
|
2021
|
|
|
350.0
|
|
|
|
|
350.0
|
|
||
5.292% Series
|
2022
|
|
|
287.5
|
|
|
|
|
287.5
|
|
||
Current maturities
|
|
|
|
(1.1
|
)
|
|
|
|
(101.1
|
)
|
||
Unamortized discount and premium, net and debt issuance costs
|
|
|
|
(1.5
|
)
|
|
|
|
(1.8
|
)
|
||
Total Great Plains Energy excluding current maturities
(c)
|
|
|
|
$
|
3,312.6
|
|
|
|
|
$
|
3,365.2
|
|
(a)
|
Rate after amortizing gains/losses recognized in other comprehensive income (OCI) on settlements of interest rate hedging instruments
|
(b)
|
Variable rate
|
(c)
|
At
December 31, 2017
and 2016, 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
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(millions)
|
||||||||||
KCP&L
|
|
$
|
3.0
|
|
|
$
|
3.2
|
|
|
$
|
3.0
|
|
Other Great Plains Energy
|
|
26.9
|
|
|
30.6
|
|
|
1.1
|
|
|||
Total Great Plains Energy
|
|
$
|
29.9
|
|
|
$
|
33.8
|
|
|
$
|
4.1
|
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
||||||||||
|
|
(millions)
|
||||||||||||||||||
Great Plains Energy
|
|
$
|
351.1
|
|
|
$
|
401.1
|
|
|
$
|
1.1
|
|
|
$
|
432.0
|
|
|
$
|
287.5
|
|
KCP&L
|
|
350.0
|
|
|
400.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2018
|
2019
|
2020
|
2021
|
2022
|
||||||||||
|
(millions)
|
||||||||||||||
Great Plains Energy
|
$
|
14.6
|
|
$
|
2.8
|
|
$
|
7.7
|
|
$
|
20.1
|
|
$
|
63.1
|
|
KCP&L
|
14.5
|
|
2.8
|
|
7.7
|
|
20.1
|
|
63.1
|
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(millions)
|
||||||||||
Great Plains Energy
|
|
$
|
14.2
|
|
|
$
|
15.0
|
|
|
$
|
16.8
|
|
KCP&L
|
|
13.1
|
|
|
13.7
|
|
|
15.0
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2018
|
|
|
2019
|
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
After 2022
|
Total
|
|||||||||||||||||
Lease commitments
|
|
(millions)
|
||||||||||||||||||||||||||||||||
Operating lease
|
|
$
|
12.1
|
|
|
|
$
|
9.3
|
|
|
|
$
|
9.7
|
|
|
|
$
|
9.7
|
|
|
|
$
|
9.5
|
|
|
|
$
|
101.0
|
|
|
|
$
|
151.3
|
|
Capital lease
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
2.7
|
|
|
|
4.7
|
|
|||||||
Purchase commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fuel
|
|
210.4
|
|
|
|
180.1
|
|
|
|
67.3
|
|
|
|
5.1
|
|
|
|
37.4
|
|
|
|
80.7
|
|
|
|
581.0
|
|
|||||||
Power
|
|
47.3
|
|
|
|
47.3
|
|
|
|
47.3
|
|
|
|
47.4
|
|
|
|
47.6
|
|
|
|
414.6
|
|
|
|
651.5
|
|
|||||||
Other
|
|
20.9
|
|
|
|
14.7
|
|
|
|
6.7
|
|
|
|
5.5
|
|
|
|
2.4
|
|
|
|
35.9
|
|
|
|
86.1
|
|
|||||||
Total contractual commitments
|
|
$
|
291.1
|
|
|
|
$
|
251.8
|
|
|
|
$
|
131.4
|
|
|
|
$
|
68.1
|
|
|
|
$
|
97.3
|
|
|
|
$
|
634.9
|
|
|
|
$
|
1,474.6
|
|
KCP&L
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2018
|
|
|
2019
|
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
After 2022
|
Total
|
|||||||||||||||||
Lease commitments
|
|
(millions)
|
||||||||||||||||||||||||||||||||
Operating lease
|
|
$
|
11.3
|
|
|
|
$
|
9.3
|
|
|
|
$
|
9.7
|
|
|
|
$
|
9.7
|
|
|
|
$
|
9.5
|
|
|
|
$
|
101.0
|
|
|
|
$
|
150.5
|
|
Capital lease
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
1.4
|
|
|
|
2.4
|
|
|||||||
Purchase commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fuel
|
|
177.5
|
|
|
|
159.8
|
|
|
|
51.8
|
|
|
|
5.1
|
|
|
|
37.4
|
|
|
|
80.7
|
|
|
|
512.3
|
|
|||||||
Power
|
|
34.8
|
|
|
|
34.8
|
|
|
|
34.8
|
|
|
|
34.9
|
|
|
|
35.1
|
|
|
|
289.8
|
|
|
|
464.2
|
|
|||||||
Other
|
|
20.0
|
|
|
|
12.7
|
|
|
|
5.8
|
|
|
|
4.6
|
|
|
|
1.6
|
|
|
|
31.4
|
|
|
|
76.1
|
|
|||||||
Total contractual commitments
|
|
$
|
243.8
|
|
|
|
$
|
216.8
|
|
|
|
$
|
102.3
|
|
|
|
$
|
54.5
|
|
|
|
$
|
83.8
|
|
|
|
$
|
504.3
|
|
|
|
$
|
1,205.5
|
|
•
|
Great Plains Energy
direct guarantees to GMO counterparties
totaling
$38.0 million
, which
expire in 2018
and
|
•
|
Great Plains Energy
guarantee of GMO long-term debt
totaling
$95.5 million
, which includes debt with
maturity dates ranging from 2018 to 2023
.
|
|
|
December 31
|
||||||||
|
|
2017
|
|
|
2016
|
|
||||
|
|
(millions)
|
|
|||||||
Net receivable from GMO
|
|
$
|
65.8
|
|
|
|
$
|
64.6
|
|
|
Net receivable from Great Plains Energy
|
|
18.9
|
|
|
|
2.6
|
|
|
Description
|
December 31
2017 |
|
|
Level 1
|
|
|
Level 2
|
|
Level 3
|
||||||||||||||
KCP&L
|
|
(millions)
|
|
||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Nuclear decommissioning trust
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
$
|
183.8
|
|
|
|
|
$
|
183.8
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury
|
|
35.3
|
|
|
|
|
35.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
U.S. Agency
|
|
0.4
|
|
|
|
|
—
|
|
|
|
|
0.4
|
|
|
|
|
—
|
|
|
||||
State and local obligations
|
|
2.1
|
|
|
|
|
—
|
|
|
|
|
2.1
|
|
|
|
|
—
|
|
|
||||
Corporate bonds
|
|
34.1
|
|
|
|
|
—
|
|
|
|
|
34.1
|
|
|
|
|
—
|
|
|
||||
Foreign governments
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
||||
Cash equivalents
|
|
2.5
|
|
|
|
|
2.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Other
|
|
0.1
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total nuclear decommissioning trust
|
|
258.4
|
|
|
|
|
221.7
|
|
|
|
|
36.7
|
|
|
|
|
—
|
|
|
||||
Self-insured health plan trust
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
0.5
|
|
|
|
|
0.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Debt securities
|
|
2.7
|
|
|
|
|
0.3
|
|
|
|
|
2.4
|
|
|
|
|
—
|
|
|
||||
Cash and cash equivalents
|
|
7.7
|
|
|
|
|
7.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total self-insured health plan trust
|
|
10.9
|
|
|
|
|
8.5
|
|
|
|
|
2.4
|
|
|
|
|
—
|
|
|
||||
Total
|
|
$
|
269.3
|
|
|
|
|
$
|
230.2
|
|
|
|
|
$
|
39.1
|
|
|
|
|
$
|
—
|
|
|
Other Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate derivative instruments
(c)
|
|
$
|
91.4
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
91.4
|
|
|
Total
|
|
$
|
91.4
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
91.4
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Nuclear decommissioning trust
(a)
|
|
$
|
258.4
|
|
|
|
|
$
|
221.7
|
|
|
|
|
$
|
36.7
|
|
|
|
|
$
|
—
|
|
|
Self-insured health plan trust
(b)
|
|
10.9
|
|
|
|
|
8.5
|
|
|
|
|
2.4
|
|
|
|
|
—
|
|
|
||||
Interest rate derivative instruments
(c)
|
|
91.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
91.4
|
|
|
||||
Total
|
|
$
|
360.7
|
|
|
|
|
$
|
230.2
|
|
|
|
|
$
|
39.1
|
|
|
|
|
$
|
91.4
|
|
|
Description
|
December 31
2016 |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
KCP&L
|
|
(millions)
|
|
||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Nuclear decommissioning trust
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
$
|
153.9
|
|
|
|
|
$
|
153.9
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury
|
|
27.8
|
|
|
|
|
27.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
U.S. Agency
|
|
1.7
|
|
|
|
|
—
|
|
|
|
|
1.7
|
|
|
|
|
—
|
|
|
||||
State and local obligations
|
|
3.2
|
|
|
|
|
—
|
|
|
|
|
3.2
|
|
|
|
|
—
|
|
|
||||
Corporate bonds
|
|
32.4
|
|
|
|
|
—
|
|
|
|
|
32.4
|
|
|
|
|
—
|
|
|
||||
Foreign governments
|
|
0.1
|
|
|
|
|
—
|
|
|
|
|
0.1
|
|
|
|
|
—
|
|
|
||||
Cash equivalents
|
|
3.8
|
|
|
|
|
3.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total nuclear decommissioning trust
|
|
222.9
|
|
|
|
|
185.5
|
|
|
|
|
37.4
|
|
|
|
|
—
|
|
|
||||
Self-insured health plan trust
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity securities
|
|
0.9
|
|
|
|
|
0.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Debt securities
|
|
4.8
|
|
|
|
|
0.1
|
|
|
|
|
4.7
|
|
|
|
|
—
|
|
|
||||
Cash and cash equivalents
|
|
5.6
|
|
|
|
|
5.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Total self-insured health plan trust
|
|
11.3
|
|
|
|
|
6.6
|
|
|
|
|
4.7
|
|
|
|
|
—
|
|
|
||||
Total
|
|
$
|
234.2
|
|
|
|
|
$
|
192.1
|
|
|
|
|
$
|
42.1
|
|
|
|
|
$
|
—
|
|
|
Other Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate derivative instruments
(c)
|
|
$
|
79.3
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
79.3
|
|
|
Total
|
|
$
|
79.3
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
79.3
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Nuclear decommissioning trust
(a)
|
|
$
|
222.9
|
|
|
|
|
$
|
185.5
|
|
|
|
|
$
|
37.4
|
|
|
|
|
$
|
—
|
|
|
Self-insured health plan trust
(b)
|
|
11.3
|
|
|
|
|
6.6
|
|
|
|
|
4.7
|
|
|
|
|
—
|
|
|
||||
Interest rate derivative instruments
(c)
|
|
79.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
79.3
|
|
|
||||
Total
|
|
$
|
313.5
|
|
|
|
|
$
|
192.1
|
|
|
|
|
$
|
42.1
|
|
|
|
|
$
|
79.3
|
|
|
(a)
|
Fair value is based on quoted market prices of the investments held by the fund and/or valuation models.
|
(b)
|
Fair value is based on quoted market prices of the investments held by the trust. Debt securities classified as Level 1 are comprised of U.S. Treasury securities. Debt securities classified as Level 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities.
|
(c)
|
At
December 31, 2017
, the fair value of interest rate derivative instruments is based on the settlement value of
$140.6 million
discounted by a contingency factor of
0.35
that management believes is representative of what a market participant would use in valuing these instruments in order to account for the contingent nature of the cash settlement of these instruments. At
December 31, 2016
, the fair value of 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 London Interbank Offered Rate swap rates discounted by a contingency factor of
0.35
. A decrease in the contingency factor would result in a higher fair value measurement. The contingency factor will increase or decrease in response to facts and circumstances that in the view of a market participant, would increase or decrease the likelihood that the merger with Westar is not consummated. Because of the unobservable nature of the contingency factor, the interest rate derivatives have been classified as Level 3.
|
Great Plains Energy
|
|
|
|
||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
|
|
|
||||
|
Derivative Instruments
|
||||||
|
2017
|
|
2016
|
||||
|
(millions)
|
||||||
Net asset at January 1
|
$
|
79.3
|
|
|
$
|
—
|
|
Total realized/unrealized gains (losses):
|
|
|
|
|
|
||
included in interest charges
|
(1.9
|
)
|
|
79.3
|
|
||
included in non-operating income
|
14.0
|
|
|
—
|
|
||
included in loss on Series B Preferred Stock dividend make-whole provisions
|
(124.8
|
)
|
|
—
|
|
||
Settlements
|
124.8
|
|
|
—
|
|
||
Net asset at December 31
|
$
|
91.4
|
|
|
$
|
79.3
|
|
Total unrealized gains (losses) relating to assets still on the consolidated balance sheet at December 31:
|
|
|
|
|
|||
included in interest charges
|
$
|
(1.9
|
)
|
|
$
|
79.3
|
|
included in non-operating income
|
$
|
14.0
|
|
|
$
|
—
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Gains and Losses on Cash Flow Hedges
(a)
|
|
Defined Benefit Pension Items
(a)
|
|
|
Total
(a)
|
|
||||||||||
|
|
(millions)
|
||||||||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Beginning balance January 1
|
|
|
$
|
(4.5
|
)
|
|
|
|
$
|
(2.1
|
)
|
|
|
|
$
|
(6.6
|
)
|
|
Other comprehensive loss before reclassification
|
|
|
—
|
|
|
|
|
(0.9
|
)
|
|
|
|
(0.9
|
)
|
|
|||
Amounts reclassified from accumulated other comprehensive loss
|
|
|
4.9
|
|
|
|
|
0.4
|
|
|
|
|
5.3
|
|
|
|||
Net current period other comprehensive income (loss)
|
|
|
4.9
|
|
|
|
|
(0.5
|
)
|
|
|
|
4.4
|
|
|
|||
Ending balance December 31
|
|
|
$
|
0.4
|
|
|
|
|
$
|
(2.6
|
)
|
|
|
|
$
|
(2.2
|
)
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Beginning balance January 1
|
|
|
$
|
(10.1
|
)
|
|
|
|
$
|
(1.9
|
)
|
|
|
|
$
|
(12.0
|
)
|
|
Other comprehensive loss before reclassifications
|
|
|
—
|
|
|
|
|
(0.7
|
)
|
|
|
|
(0.7
|
)
|
|
|||
Amounts reclassified from accumulated other comprehensive loss
|
|
|
5.6
|
|
|
|
|
0.5
|
|
|
|
|
6.1
|
|
|
|||
Net current period other comprehensive income (loss)
|
|
|
5.6
|
|
|
|
|
(0.2
|
)
|
|
|
|
5.4
|
|
|
|||
Ending balance December 31
|
|
|
$
|
(4.5
|
)
|
|
|
|
$
|
(2.1
|
)
|
|
|
|
$
|
(6.6
|
)
|
|
KCP&L
|
|
|
|
|
||
|
|
Gains and Losses on Cash Flow Hedges
(a)
|
||||
|
|
(millions)
|
||||
2017
|
|
|
|
|
||
Beginning balance January 1
|
|
|
$
|
(4.2
|
)
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
4.6
|
|
|
|
Net current period other comprehensive income
|
|
|
4.6
|
|
|
|
Ending balance December 31
|
|
|
$
|
0.4
|
|
|
2016
|
|
|
|
|
||
Beginning balance January 1
|
|
|
$
|
(9.6
|
)
|
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
5.4
|
|
|
|
Net current period other comprehensive income
|
|
|
5.4
|
|
|
|
Ending balance December 31
|
|
|
$
|
(4.2
|
)
|
|
Great Plains Energy
|
|
|
|
|
|
|
||||
Details about Accumulated Other Comprehensive Loss Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss
|
|
Affected Line Item in the Income Statement
|
||||||
|
|
2017
|
|
2016
|
|
|
||||
|
|
(millions)
|
|
|
||||||
Gains (losses) on cash flow hedges (effective portion)
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(7.9
|
)
|
|
$
|
(9.2
|
)
|
|
Interest charges
|
|
|
(7.9
|
)
|
|
(9.2
|
)
|
|
Income before income tax expense and income from equity investments
|
||
|
|
3.0
|
|
|
3.6
|
|
|
Income tax benefit
|
||
|
|
$
|
(4.9
|
)
|
|
$
|
(5.6
|
)
|
|
Net income (loss)
|
Amortization of defined benefit pension items
|
|
|
|
|
|
|
||||
Net losses included in net periodic benefit costs
|
|
$
|
(0.7
|
)
|
|
$
|
(0.8
|
)
|
|
Utility operating and maintenance expenses
|
|
|
(0.7
|
)
|
|
(0.8
|
)
|
|
Income before income tax expense and income from equity investments
|
||
|
|
0.3
|
|
|
0.3
|
|
|
Income tax benefit
|
||
|
|
$
|
(0.4
|
)
|
|
$
|
(0.5
|
)
|
|
Net income (loss)
|
|
|
|
|
|
|
|
||||
Total reclassifications, net of tax
|
|
$
|
(5.3
|
)
|
|
$
|
(6.1
|
)
|
|
Net income (loss)
|
KCP&L
|
|
|
|
|
|
|
||||
Details about Accumulated Other Comprehensive Loss Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
|
|
Affected Line Item in the Income Statement
|
||||||
|
|
2017
|
|
2016
|
|
|
||||
|
|
(millions)
|
|
|
||||||
Gains (losses) on cash flow hedges (effective portion)
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(7.5
|
)
|
|
$
|
(8.8
|
)
|
|
Interest charges
|
|
|
(7.5
|
)
|
|
(8.8
|
)
|
|
Income before income tax expense
|
||
|
|
2.9
|
|
|
3.4
|
|
|
Income tax benefit
|
||
Total reclassifications, net of tax
|
|
$
|
(4.6
|
)
|
|
$
|
(5.4
|
)
|
|
Net income
|
Great Plains Energy
|
2017
|
|
2016
|
|
2015
|
||||||
Current income taxes
|
(millions)
|
||||||||||
Federal
|
$
|
(1.7
|
)
|
|
$
|
0.3
|
|
|
$
|
(0.2
|
)
|
State
|
1.0
|
|
|
0.7
|
|
|
(1.1
|
)
|
|||
Total
|
(0.7
|
)
|
|
1.0
|
|
|
(1.3
|
)
|
|||
Deferred income taxes
|
|
|
|
|
|
|
|
|
|||
Federal
|
223.5
|
|
|
140.6
|
|
|
96.9
|
|
|||
State
|
11.9
|
|
|
29.5
|
|
|
28.0
|
|
|||
Total
|
235.4
|
|
|
170.1
|
|
|
124.9
|
|
|||
Investment tax credit
|
|
|
|
|
|
||||||
Deferral
|
—
|
|
|
2.5
|
|
|
0.5
|
|
|||
Amortization
|
(1.4
|
)
|
|
(1.4
|
)
|
|
(1.4
|
)
|
|||
Total
|
(1.4
|
)
|
|
1.1
|
|
|
(0.9
|
)
|
|||
Income tax expense
|
$
|
233.3
|
|
|
$
|
172.2
|
|
|
$
|
122.7
|
|
KCP&L
|
2017
|
|
2016
|
|
2015
|
||||||
Current income taxes
|
(millions)
|
||||||||||
Federal
|
$
|
37.4
|
|
|
$
|
24.8
|
|
|
$
|
(18.7
|
)
|
State
|
8.3
|
|
|
4.7
|
|
|
(3.4
|
)
|
|||
Total
|
45.7
|
|
|
29.5
|
|
|
(22.1
|
)
|
|||
Deferred income taxes
|
|
|
|
|
|
|
|
|
|||
Federal
|
74.7
|
|
|
76.4
|
|
|
81.9
|
|
|||
State
|
8.8
|
|
|
17.0
|
|
|
17.5
|
|
|||
Total
|
83.5
|
|
|
93.4
|
|
|
99.4
|
|
|||
Investment tax credit
|
|
|
|
|
|
||||||
Deferral
|
—
|
|
|
—
|
|
|
0.5
|
|
|||
Amortization
|
(1.0
|
)
|
|
(1.0
|
)
|
|
(1.0
|
)
|
|||
Total
|
(1.0
|
)
|
|
(1.0
|
)
|
|
(0.5
|
)
|
|||
Income tax expense
|
$
|
128.2
|
|
|
$
|
121.9
|
|
|
$
|
76.8
|
|
Great Plains Energy
|
2017
|
|
2016
|
|
2015
|
|||
Federal statutory income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Differences between book and tax depreciation not normalized
|
0.1
|
|
|
(0.1
|
)
|
|
—
|
|
Amortization of investment tax credits
|
(1.1
|
)
|
|
(0.3
|
)
|
|
(0.4
|
)
|
Federal income tax credits
|
(5.8
|
)
|
|
(2.6
|
)
|
|
(4.1
|
)
|
State income taxes
|
8.3
|
|
|
4.2
|
|
|
4.0
|
|
Transaction-related costs
|
42.5
|
|
|
0.9
|
|
|
—
|
|
Valuation allowance
|
8.9
|
|
|
—
|
|
|
1.5
|
|
Federal tax rate change
|
95.3
|
|
|
—
|
|
|
—
|
|
Other
|
0.3
|
|
|
0.2
|
|
|
0.5
|
|
Effective income tax rate
|
183.5
|
%
|
|
37.3
|
%
|
|
36.5
|
%
|
KCP&L
|
2017
|
|
2016
|
|
2015
|
|||
Federal statutory income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Differences between book and tax depreciation not normalized
|
(0.1
|
)
|
|
(0.3
|
)
|
|
—
|
|
Amortization of investment tax credits
|
(0.3
|
)
|
|
(0.3
|
)
|
|
(0.5
|
)
|
Federal income tax credits
|
(2.4
|
)
|
|
(3.1
|
)
|
|
(5.6
|
)
|
State income taxes
|
3.8
|
|
|
4.1
|
|
|
4.0
|
|
Valuation allowance
|
0.4
|
|
|
—
|
|
|
0.3
|
|
Federal tax rate change
|
5.3
|
|
|
—
|
|
|
—
|
|
Other
|
(0.1
|
)
|
|
(0.2
|
)
|
|
0.3
|
|
Effective income tax rate
|
41.6
|
%
|
|
35.2
|
%
|
|
33.5
|
%
|
|
|
Great Plains Energy
|
|
KCP&L
|
||||||||||||
December 31
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Noncurrent deferred income taxes
|
|
(millions)
|
||||||||||||||
Plant related
|
|
$
|
(1,549.0
|
)
|
|
$
|
(2,107.6
|
)
|
|
$
|
(1,114.9
|
)
|
|
$
|
(1,492.2
|
)
|
Income taxes on future regulatory refunds (recoveries)
|
|
236.0
|
|
|
(148.7
|
)
|
|
179.1
|
|
|
(123.9
|
)
|
||||
Derivative instruments
|
|
(19.2
|
)
|
|
(17.0
|
)
|
|
1.6
|
|
|
8.5
|
|
||||
Pension and post-retirement benefits
|
|
9.4
|
|
|
10.5
|
|
|
28.6
|
|
|
38.6
|
|
||||
SO
2
emission allowance sales
|
|
14.9
|
|
|
24.1
|
|
|
15.0
|
|
|
24.1
|
|
||||
Fuel recovery mechanisms
|
|
(17.9
|
)
|
|
(22.3
|
)
|
|
(15.9
|
)
|
|
(27.2
|
)
|
||||
Tax credit carryforwards
|
|
279.8
|
|
|
271.1
|
|
|
185.8
|
|
|
177.4
|
|
||||
Customer demand programs
|
|
(17.4
|
)
|
|
(34.3
|
)
|
|
(11.7
|
)
|
|
(21.8
|
)
|
||||
Solar rebates
|
|
(15.2
|
)
|
|
(27.3
|
)
|
|
(5.8
|
)
|
|
(11.4
|
)
|
||||
Net operating loss carryforward
|
|
473.0
|
|
|
718.0
|
|
|
131.2
|
|
|
198.3
|
|
||||
Other
|
|
6.9
|
|
|
20.2
|
|
|
(9.1
|
)
|
|
1.3
|
|
||||
Net noncurrent deferred income tax liability before valuation allowance
|
|
(598.7
|
)
|
|
(1,313.3
|
)
|
|
(616.1
|
)
|
|
(1,228.3
|
)
|
||||
Valuation allowance
|
|
(23.0
|
)
|
|
(16.4
|
)
|
|
—
|
|
|
—
|
|
||||
Net noncurrent deferred income tax liability
|
|
$
|
(621.7
|
)
|
|
$
|
(1,329.7
|
)
|
|
$
|
(616.1
|
)
|
|
$
|
(1,228.3
|
)
|
|
|
Great Plains Energy
|
|
KCP&L
|
||||||||||||
December 31
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(millions)
|
||||||||||||||
Gross deferred income tax assets
|
|
$
|
2,017.4
|
|
|
$
|
1,360.9
|
|
|
$
|
1,261.5
|
|
|
$
|
747.7
|
|
Gross deferred income tax liabilities
|
|
(2,639.1
|
)
|
|
(2,690.6
|
)
|
|
(1,877.6
|
)
|
|
(1,976.0
|
)
|
||||
Net deferred income tax liability
|
|
$
|
(621.7
|
)
|
|
$
|
(1,329.7
|
)
|
|
$
|
(616.1
|
)
|
|
$
|
(1,228.3
|
)
|
|
|
Amount of
|
|
||
Year of Origin
|
|
Benefit
|
|
||
|
|
(millions)
|
|
||
2003
|
|
$
|
9.5
|
|
|
2004
|
|
91.4
|
|
|
|
2005
|
|
44.4
|
|
|
|
2006
|
|
32.0
|
|
|
|
2007
|
|
0.8
|
|
|
|
2008
|
|
1.4
|
|
|
|
2009
|
|
21.9
|
|
|
|
2010
|
|
2.5
|
|
|
|
2011
|
|
65.3
|
|
|
|
2012
|
|
0.2
|
|
|
|
2013
|
|
0.8
|
|
|
|
2014
|
|
52.0
|
|
|
|
2015
|
|
59.2
|
|
|
|
2016
|
|
0.6
|
|
|
|
|
|
$
|
382.0
|
|
|
2017
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||
Operating revenues
|
|
$
|
2,708.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
2,708.2
|
|
|
Depreciation and amortization
|
|
(371.1
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(371.1
|
)
|
|
||||
Interest charges
|
|
(196.9
|
)
|
|
|
|
(125.9
|
)
|
|
|
|
32.1
|
|
|
|
|
(290.7
|
)
|
|
||||
Income tax expense
|
|
(169.4
|
)
|
|
|
|
(63.9
|
)
|
|
|
|
—
|
|
|
|
|
(233.3
|
)
|
|
||||
Net income (loss)
|
|
256.9
|
|
|
|
|
(363.1
|
)
|
|
|
|
—
|
|
|
|
|
(106.2
|
)
|
|
2016
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||
Operating revenues
|
|
$
|
2,676.0
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
2,676.0
|
|
|
Depreciation and amortization
|
|
(344.8
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(344.8
|
)
|
|
||||
Interest charges
|
|
(196.1
|
)
|
|
|
|
2.5
|
|
|
|
|
32.1
|
|
|
|
|
(161.5
|
)
|
|
||||
Income tax expense
|
|
(164.3
|
)
|
|
|
|
(7.9
|
)
|
|
|
|
—
|
|
|
|
|
(172.2
|
)
|
|
||||
Net income (loss)
|
|
292.1
|
|
|
|
|
(2.1
|
)
|
|
|
|
—
|
|
|
|
|
290.0
|
|
|
2015
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||
Operating revenues
|
|
$
|
2,502.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
2,502.2
|
|
|
Depreciation and amortization
|
|
(330.4
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(330.4
|
)
|
|
||||
Interest charges
|
|
(190.9
|
)
|
|
|
|
(40.5
|
)
|
|
|
|
32.1
|
|
|
|
|
(199.3
|
)
|
|
||||
Income tax expense
|
|
(120.8
|
)
|
|
|
|
(1.9
|
)
|
|
|
|
—
|
|
|
|
|
(122.7
|
)
|
|
||||
Net income (loss)
|
|
223.8
|
|
|
|
|
(10.8
|
)
|
|
|
|
—
|
|
|
|
|
213.0
|
|
|
|
Electric
Utility
|
|
Other
|
|
Eliminations
|
|
Great Plains
Energy
|
||||||||||||||||
2017
|
|
(millions)
|
|
||||||||||||||||||||
Assets
|
|
$
|
11,508.1
|
|
|
|
|
$
|
1,285.7
|
|
|
|
|
$
|
(335.9
|
)
|
|
|
|
$
|
12,457.9
|
|
|
Capital expenditures
|
|
573.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
573.5
|
|
|
||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Assets
|
|
$
|
11,444.2
|
|
|
|
|
$
|
2,461.3
|
|
|
|
|
$
|
(335.5
|
)
|
|
|
|
$
|
13,570.0
|
|
|
Capital expenditures
|
|
609.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
609.4
|
|
|
||||
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Assets
|
|
$
|
11,045.5
|
|
|
|
|
$
|
(51.1
|
)
|
|
|
|
$
|
(255.8
|
)
|
|
|
|
$
|
10,738.6
|
|
|
Capital expenditures
|
|
677.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
677.1
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Wolf Creek Unit
|
|
La Cygne Units
|
|
Iatan No. 1 Unit
|
|
Iatan No. 2 Unit
|
|
Iatan Common
|
|
Jeffrey Energy Center
|
||||||||||||||||||||||||
|
|
(millions, except MW amounts)
|
||||||||||||||||||||||||||||||||||
Great Plains Energy's share
|
|
|
47%
|
|
|
|
50%
|
|
|
|
88%
|
|
|
|
73%
|
|
|
|
79%
|
|
|
|
8%
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Utility plant in service
|
|
|
$
|
1,854.2
|
|
|
|
|
$
|
1,191.1
|
|
|
|
|
$
|
699.9
|
|
|
|
|
$
|
1,355.8
|
|
|
|
|
$
|
491.1
|
|
|
|
|
$
|
201.1
|
|
|
Accumulated depreciation
|
|
|
918.1
|
|
|
|
|
347.8
|
|
|
|
|
280.8
|
|
|
|
|
413.0
|
|
|
|
|
130.7
|
|
|
|
|
82.0
|
|
|
||||||
Nuclear fuel, net
|
|
|
72.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||||
Construction work in progress
|
|
|
91.8
|
|
|
|
|
8.6
|
|
|
|
|
31.8
|
|
|
|
|
35.0
|
|
|
|
|
21.7
|
|
|
|
|
2.5
|
|
|
||||||
2018 accredited capacity-MWs
|
|
|
552
|
|
|
|
|
699
|
|
|
|
|
616
|
|
|
|
|
641
|
|
|
|
|
NA
|
|
|
|
|
173
|
|
|
KCP&L
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Wolf Creek Unit
|
|
La Cygne Units
|
|
Iatan No. 1 Unit
|
|
Iatan No. 2 Unit
|
|
Iatan Common
|
||||||||||||||||||||
|
|
(millions, except MW amounts)
|
||||||||||||||||||||||||||||
KCP&L's share
|
|
|
47%
|
|
|
|
50%
|
|
|
|
70%
|
|
|
|
55%
|
|
|
|
61%
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Utility plant in service
|
|
|
$
|
1,854.2
|
|
|
|
|
$
|
1,191.1
|
|
|
|
|
$
|
561.7
|
|
|
|
|
$
|
1,041.6
|
|
|
|
|
$
|
401.8
|
|
|
Accumulated depreciation
|
|
|
918.1
|
|
|
|
|
347.8
|
|
|
|
|
228.9
|
|
|
|
|
366.6
|
|
|
|
|
117.5
|
|
|
|||||
Nuclear fuel, net
|
|
|
72.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Construction work in progress
|
|
|
91.8
|
|
|
|
|
8.6
|
|
|
|
|
7.6
|
|
|
|
|
14.8
|
|
|
|
|
12.0
|
|
|
|||||
2018 accredited capacity-MWs
|
|
|
552
|
|
|
|
|
699
|
|
|
|
|
490
|
|
|
|
|
482
|
|
|
|
|
NA
|
|
|
|
|
Quarter
|
||||||||||||||
Great Plains Energy
|
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
||||||||
2017
|
|
(millions, except per share amounts)
|
||||||||||||||
Operating revenue
|
|
$
|
570.7
|
|
|
$
|
682.6
|
|
|
$
|
857.2
|
|
|
$
|
597.7
|
|
Operating income
|
|
47.4
|
|
|
176.5
|
|
|
305.9
|
|
|
73.8
|
|
||||
Net income (loss)
|
|
(9.6
|
)
|
|
(7.0
|
)
|
|
10.5
|
|
|
(100.1
|
)
|
||||
Basic and diluted earnings (loss) per common share
|
|
(0.11
|
)
|
|
(0.10
|
)
|
|
0.02
|
|
|
(0.46
|
)
|
||||
2016
|
|
|
|
|
|
|
|
|
||||||||
Operating revenue
|
|
$
|
572.1
|
|
|
$
|
670.8
|
|
|
$
|
856.8
|
|
|
$
|
576.3
|
|
Operating income
|
|
89.9
|
|
|
182.3
|
|
|
281.9
|
|
|
64.8
|
|
||||
Net income
|
|
26.4
|
|
|
32.0
|
|
|
133.6
|
|
|
98.0
|
|
||||
Basic and diluted earnings per common share
|
|
0.17
|
|
|
0.20
|
|
|
0.86
|
|
|
0.39
|
|
|
|
Quarter
|
||||||||||||||
KCP&L
|
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
||||||||
2017
|
|
(millions)
|
||||||||||||||
Operating revenue
|
|
$
|
395.9
|
|
|
$
|
482.7
|
|
|
$
|
595.7
|
|
|
$
|
416.4
|
|
Operating income
|
|
58.2
|
|
|
113.8
|
|
|
209.9
|
|
|
61.8
|
|
||||
Net income
|
|
14.2
|
|
|
49.6
|
|
|
114.1
|
|
|
1.9
|
|
||||
2016
|
|
|
|
|
|
|
|
|
||||||||
Operating revenue
|
|
$
|
400.9
|
|
|
$
|
475.6
|
|
|
$
|
597.6
|
|
|
$
|
401.3
|
|
Operating income
|
|
70.6
|
|
|
137.9
|
|
|
219.2
|
|
|
54.4
|
|
||||
Net income
|
|
24.6
|
|
|
65.9
|
|
|
117.7
|
|
|
16.8
|
|
•
|
Information regarding the directors of Great Plains Energy required by this item is contained in the Proxy Statement section titled “Directors.”
|
•
|
Information regarding compliance with Section 16(a) of the Securities Exchange Act of 1934 required by this item is contained in the Proxy Statement section titled “Security Ownership of Certain Beneficial Owners, Directors and Officers - Section 16(a) Beneficial Ownership Reporting Compliance.”
|
•
|
Information regarding the Audit Committee of Great Plains Energy required by this item is contained in the Proxy Statement section titled “Corporate Governance - Committees of the Board.”
|
|
|
|
|
|
|
|
|
|
Number of securities
|
||||||
|
Number of
|
|
|
|
|
|
remaining available
|
||||||||
|
securities
|
|
|
|
|
|
for future issuance
|
||||||||
|
to be issued upon
|
|
Weighted-average
|
|
under equity
|
||||||||||
|
exercise of
|
|
exercise price of
|
|
compensation plans
|
||||||||||
|
outstanding options,
|
|
outstanding options,
|
|
(excluding securities
|
||||||||||
|
warrants and rights
|
|
warrants and rights
|
|
reflected in column (a))
|
||||||||||
Plan Category
|
(a)
|
|
(b)
|
|
(c)
|
||||||||||
Equity compensation plans approved by security holders
|
|
|
|
|
|
|
|
|
|
|
|
||||
Great Plains Energy Long-Term Incentive Plan
|
|
684,238
|
|
(1)
|
|
|
$
|
—
|
|
(2)
|
|
|
4,022,044
|
|
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Total
|
|
684,238
|
|
(1)
|
|
|
$
|
—
|
|
(2)
|
|
|
4,022,044
|
|
|
(1)
|
Includes
545,087
performance shares at target performance levels and director deferred share units for
139,151
shares of Great Plains Energy common stock outstanding at
December 31, 2017
.
|
(2)
|
The performance shares and director deferred share units have no exercise price and therefore are not reflected in the weighted average exercise price.
|
Fee Category
|
2017
|
2016
|
||||
Audit Fees
|
$
|
1,304,550
|
|
$
|
1,184,550
|
|
Audit-Related Fees
|
22,000
|
|
21,000
|
|
||
Tax Fees
|
24,905
|
|
24,822
|
|
||
All Other Fees
|
—
|
|
—
|
|
||
Total Fees
|
$
|
1,351,455
|
|
$
|
1,230,372
|
|
Great Plains Energy
|
Page No.
|
|
|
|
|
a.
|
||
|
|
|
b.
|
||
|
|
|
c.
|
||
|
|
|
d.
|
||
|
|
|
e.
|
||
|
|
|
f.
|
||
|
|
|
KCP&L
|
|
|
|
|
|
g.
|
||
|
|
|
h.
|
||
|
|
|
i.
|
||
|
|
|
j.
|
||
|
|
|
k.
|
|
|
|
|
|
l.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Registrant
|
|
|
|
|
|
2.1
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
2.2
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
3.1
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
3.2
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
3.3
|
*
|
|
KCP&L
|
|
|
|
|
|
|
3.4
|
*
|
|
KCP&L
|
|
|
|
|
|
|
4.1
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
4.2
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
4.3
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
4.4
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
4.5
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
4.6
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
4.7
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
4.8
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
4.9
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
4.10
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
4.11
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
4.12
|
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.13
|
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.14
|
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.15
|
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.16
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.17
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.18
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.19
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.20
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.21
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.22
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.23
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.24
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.25
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.26
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.27
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.28
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.29
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.30
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
4.31
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.1
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.2
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.3
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.4
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.5
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.6
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.7
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.8
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.9
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.10
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.11
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.12
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.13
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.14
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.15
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.16
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.17
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.18
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.19
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.20
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.21
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.22
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.23
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.24
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.25
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.26
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.27
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.28
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.29
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.30
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.31
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.32
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.33
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.34
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.35
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.36
|
*+
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.37
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.38
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
10.39
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.40
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.41
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.42
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.43
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.44
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.45
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.46
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.47
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.48
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.49
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.50
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.51
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.52
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.53
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.54
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.55
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.56
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.57
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.58
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.59
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.60
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.61
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.62
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.63
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.64
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.65
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.66
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.67
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.68
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.69
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.70
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.71
|
*
|
|
KCP&L
|
|
|
|
|
|
|
10.72
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.73
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.74
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.75
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.76
|
*
|
|
Great Plains Energy
|
|
|
|
|
|
|
10.77
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.78
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
10.79
|
*
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
|
12.1
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
12.2
|
|
|
KCP&L
|
|
|
|
|
|
|
21.1
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
23.1
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
23.2
|
|
|
KCP&L
|
|
|
|
|
|
|
24.1
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
24.2
|
|
|
KCP&L
|
|
|
|
|
|
|
31.1
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
31.2
|
|
|
Great Plains Energy
|
|
|
|
|
|
|
31.3
|
|
|
KCP&L
|
|
|
|
|
|
|
31.4
|
|
|
KCP&L
|
|
|
|
|
|
|
32.1
|
**
|
|
Great Plains Energy
|
|
|
|
|
|
|
32.2
|
**
|
|
KCP&L
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document.
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase Document.
|
|
Great Plains Energy
KCP&L |
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
Great Plains Energy
KCP&L |
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||||
Statements of Comprehensive Income (Loss) of Parent Company
|
|||||||||||||
|
|
|
|
|
|
|
|
||||||
Year Ended December 31
|
|
2017
|
|
2016
|
|
2015
|
|
||||||
Operating Expenses
|
|
(millions, except per share amounts)
|
|
||||||||||
General and administrative
|
|
$
|
2.3
|
|
|
$
|
2.7
|
|
|
$
|
0.9
|
|
|
Costs to achieve the anticipated merger with Westar Energy, Inc.
|
|
16.1
|
|
|
18.3
|
|
|
—
|
|
|
|||
General taxes
|
|
0.1
|
|
|
0.1
|
|
|
0.2
|
|
|
|||
Total
|
|
18.5
|
|
|
21.1
|
|
|
1.1
|
|
|
|||
Operating loss
|
|
(18.5
|
)
|
|
(21.1
|
)
|
|
(1.1
|
)
|
|
|||
Other Income (Expense)
|
|
|
|
|
|
|
|
||||||
Equity in earnings from subsidiaries
|
|
141.4
|
|
|
287.5
|
|
|
220.9
|
|
|
|||
Non-operating income
|
|
51.5
|
|
|
31.3
|
|
|
29.7
|
|
|
|||
Loss on extinguishment of debt
|
|
(82.8
|
)
|
|
—
|
|
|
—
|
|
|
|||
Loss on Series B Preferred Stock dividend make-whole provisions
|
|
(124.8
|
)
|
|
—
|
|
|
—
|
|
|
|||
Total
|
|
(14.7
|
)
|
|
318.8
|
|
|
250.6
|
|
|
|||
Interest (charges) income
|
|
(125.6
|
)
|
|
2.6
|
|
|
(40.3
|
)
|
|
|||
Income (loss) before income taxes
|
|
(158.8
|
)
|
|
300.3
|
|
|
209.2
|
|
|
|||
Income tax (expense) benefit
|
|
52.6
|
|
|
(10.3
|
)
|
|
3.8
|
|
|
|||
Net income (loss)
|
|
(106.2
|
)
|
|
290.0
|
|
|
213.0
|
|
|
|||
Preferred stock dividend requirements and redemption premium
|
|
37.3
|
|
|
16.5
|
|
|
1.6
|
|
|
|||
Earnings (loss) available for common shareholders
|
|
$
|
(143.5
|
)
|
|
$
|
273.5
|
|
|
$
|
211.4
|
|
|
|
|
|
|
|
|
|
|
||||||
Average number of basic common shares outstanding
|
|
215.5
|
|
|
169.4
|
|
|
154.2
|
|
|
|||
Average number of diluted common shares outstanding
|
|
215.5
|
|
|
169.8
|
|
|
154.8
|
|
|
|||
|
|
|
|
|
|
|
|
||||||
Basic and diluted earnings (loss) per common share
|
|
$
|
(0.67
|
)
|
|
$
|
1.61
|
|
|
$
|
1.37
|
|
|
Comprehensive Income
|
|
|
|
|
|
|
|
||||||
Net income (loss)
|
|
$
|
(106.2
|
)
|
|
$
|
290.0
|
|
|
$
|
213.0
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
||||||
Derivative hedging activity
|
|
|
|
|
|
|
|
||||||
Reclassification to expenses
|
|
0.4
|
|
|
0.4
|
|
|
0.5
|
|
|
|||
Income tax expense
|
|
(0.1
|
)
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|
|||
Net reclassification to expenses
|
|
0.3
|
|
|
0.2
|
|
|
0.4
|
|
|
|||
Derivative hedging activity, net of tax
|
|
0.3
|
|
|
0.2
|
|
|
0.4
|
|
|
|||
Other comprehensive income from subsidiaries, net of tax
|
|
4.1
|
|
|
5.2
|
|
|
6.3
|
|
|
|||
Total other comprehensive income
|
|
4.4
|
|
|
5.4
|
|
|
6.7
|
|
|
|||
Comprehensive income (loss)
|
|
$
|
(101.8
|
)
|
|
$
|
295.4
|
|
|
$
|
219.7
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||
Balance Sheets of Parent Company
|
|||||||||||
|
|
|
|
|
|
|
|
||||
|
December 31
|
||||||||||
|
2017
|
|
2016
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
1,114.2
|
|
|
|
|
$
|
1,283.9
|
|
|
Time deposit
|
|
—
|
|
|
|
|
1,000.0
|
|
|
||
Accounts receivable from subsidiaries
|
|
34.8
|
|
|
|
|
10.6
|
|
|
||
Notes receivable from subsidiaries
|
|
2.0
|
|
|
|
|
2.0
|
|
|
||
Interest rate derivative instruments
|
|
91.4
|
|
|
|
|
79.3
|
|
|
||
Other
|
|
2.3
|
|
|
|
|
26.1
|
|
|
||
Total
|
|
1,244.7
|
|
|
|
|
2,401.9
|
|
|
||
Investments and Other Assets
|
|
|
|
|
|
|
|
|
|
||
Investment in KCP&L
|
|
2,513.2
|
|
|
|
|
2,541.5
|
|
|
||
Investment in other subsidiaries
|
|
1,240.1
|
|
|
|
|
1,341.6
|
|
|
||
Note receivable from subsidiaries
|
|
634.9
|
|
|
|
|
634.9
|
|
|
||
Deferred income taxes
|
|
11.6
|
|
|
|
|
12.8
|
|
|
||
Other
|
|
1.0
|
|
|
|
|
16.3
|
|
|
||
Total
|
|
4,400.8
|
|
|
|
|
4,547.1
|
|
|
||
Total
|
|
$
|
5,645.5
|
|
|
|
|
$
|
6,949.0
|
|
|
|
|
|
|
|
|
|
|
||||
LIABILITIES AND CAPITALIZATION
|
|
|
|
|
|
|
|
||||
Current Liabilities
|
|
|
|
|
|
|
|
||||
Notes payable
|
|
$
|
11.0
|
|
|
|
|
$
|
—
|
|
|
Current maturities of long-term debt
|
|
—
|
|
|
|
|
100.0
|
|
|
||
Accounts payable to subsidiaries
|
|
21.7
|
|
|
|
|
10.8
|
|
|
||
Accrued taxes
|
|
—
|
|
|
|
|
12.9
|
|
|
||
Accrued interest
|
|
2.1
|
|
|
|
|
10.1
|
|
|
||
Other
|
|
5.9
|
|
|
|
|
12.8
|
|
|
||
Total
|
|
40.7
|
|
|
|
|
146.6
|
|
|
||
Deferred Credits and Other Liabilities
|
|
1.8
|
|
|
|
|
2.2
|
|
|
||
Capitalization
|
|
|
|
|
|
|
|
|
|
||
Great Plains Energy shareholders' equity
|
|
|
|
|
|
|
|
|
|
||
Common stock - 600,000,000 shares authorized without par value
215,801,723 and 215,479,105 shares issued, stated value |
|
4,233.1
|
|
|
|
|
4,217.0
|
|
|
||
Preference stock - 11,000,000 shares authorized without par value
7.00% Series B Mandatory Convertible Preferred Stock
$1,000 per share liquidation preference, 0 and 862,500 shares issued and outstanding
|
|
—
|
|
|
|
|
836.2
|
|
|
||
Retained earnings
|
|
737.9
|
|
|
|
|
1,119.2
|
|
|
||
Treasury stock - 137,589 and 128,087 shares, at cost
|
|
(4.0
|
)
|
|
|
|
(3.8
|
)
|
|
||
Accumulated other comprehensive loss
|
|
(2.2
|
)
|
|
|
|
(6.6
|
)
|
|
||
Total shareholders' equity
|
|
4,964.8
|
|
|
|
|
6,162.0
|
|
|
||
Long-term debt
|
|
638.2
|
|
|
|
|
638.2
|
|
|
||
Total
|
|
5,603.0
|
|
|
|
|
6,800.2
|
|
|
||
Commitments and Contingencies
|
|
|
|
|
|
|
|
|
|
||
Total
|
|
$
|
5,645.5
|
|
|
|
|
$
|
6,949.0
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|||||||||||||||
Statements of Cash Flows of Parent Company
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||
Year Ended December 31
|
2017
|
|
|
|
2016
|
|
|
|
2015
|
||||||
Cash Flows from Operating Activities
|
(millions)
|
||||||||||||||
Net income (loss)
|
$
|
(106.2
|
)
|
|
|
|
$
|
290.0
|
|
|
|
|
$
|
213.0
|
|
Adjustments to reconcile income (loss) to net cash from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||
Amortization
|
26.2
|
|
|
|
|
30.4
|
|
|
|
|
0.8
|
|
|||
Deferred income taxes, net
|
2.3
|
|
|
|
|
21.8
|
|
|
|
|
(1.7
|
)
|
|||
Equity in earnings from subsidiaries
|
(141.4
|
)
|
|
|
|
(287.5
|
)
|
|
|
|
(220.9
|
)
|
|||
Fair value impact of interest rate swaps
|
(12.1
|
)
|
|
|
|
(79.3
|
)
|
|
|
|
—
|
|
|||
Loss on Series B Preferred Stock dividend make-whole provisions
|
124.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||
Loss on extinguishment of debt
|
82.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||
Cash flows affected by changes in:
|
|
|
|
|
|
|
|
|
|
||||||
Accounts receivable from subsidiaries
|
(21.6
|
)
|
|
|
|
(9.8
|
)
|
|
|
|
(0.1
|
)
|
|||
Accounts payable to subsidiaries
|
10.9
|
|
|
|
|
(20.9
|
)
|
|
|
|
1.3
|
|
|||
Other accounts payable
|
(2.2
|
)
|
|
|
|
7.0
|
|
|
|
|
—
|
|
|||
Accrued taxes
|
(12.9
|
)
|
|
|
|
8.4
|
|
|
|
|
0.3
|
|
|||
Accrued interest
|
(8.0
|
)
|
|
|
|
6.0
|
|
|
|
|
—
|
|
|||
Cash dividends from subsidiaries
|
275.0
|
|
|
|
|
239.0
|
|
|
|
|
157.0
|
|
|||
Other
|
22.3
|
|
|
|
|
8.0
|
|
|
|
|
8.7
|
|
|||
Net cash from operating activities
|
239.9
|
|
|
|
|
213.1
|
|
|
|
|
158.4
|
|
|||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchase of time deposit
|
—
|
|
|
|
|
(1,000.0
|
)
|
|
|
|
—
|
|
|||
Proceeds from time deposit
|
1,000.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||
Intercompany lending
|
—
|
|
|
|
|
—
|
|
|
|
|
(1.4
|
)
|
|||
Net money pool lending
|
—
|
|
|
|
|
3.7
|
|
|
|
|
(0.4
|
)
|
|||
Investment in subsidiary
|
(0.6
|
)
|
|
|
|
(7.3
|
)
|
|
|
|
(7.8
|
)
|
|||
Net cash from investing activities
|
999.4
|
|
|
|
|
(1,003.6
|
)
|
|
|
|
(9.6
|
)
|
|||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Issuance of common stock
|
2.9
|
|
|
|
|
1,603.7
|
|
|
|
|
3.0
|
|
|||
Issuance of preferred stock
|
—
|
|
|
|
|
862.5
|
|
|
|
|
—
|
|
|||
Issuance of long-term debt
|
4,291.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||
Issuance fees
|
(32.2
|
)
|
|
|
|
(143.4
|
)
|
|
|
|
—
|
|
|||
Repayment of long-term debt, including redemption premium
|
(4,443.0
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|||
Net change in short-term borrowings
|
11.0
|
|
|
|
|
(10.0
|
)
|
|
|
|
6.0
|
|
|||
Dividends paid
|
(272.0
|
)
|
|
|
|
(194.0
|
)
|
|
|
|
(155.5
|
)
|
|||
Redemption of preferred stock
|
(963.4
|
)
|
|
|
|
(40.1
|
)
|
|
|
|
—
|
|
|||
Other financing activities
|
(4.2
|
)
|
|
|
|
(4.3
|
)
|
|
|
|
(2.3
|
)
|
|||
Net cash from financing activities
|
(1,409.0
|
)
|
|
|
|
2,074.4
|
|
|
|
|
(148.8
|
)
|
|||
Net Change in Cash and Cash Equivalents
|
(169.7
|
)
|
|
|
|
1,283.9
|
|
|
|
|
—
|
|
|||
Cash and Cash Equivalents at Beginning of Year
|
1,283.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||
Cash and Cash Equivalents at End of Year
|
$
|
1,114.2
|
|
|
|
|
$
|
1,283.9
|
|
|
|
|
$
|
—
|
|
Great Plains Energy Incorporated
|
|||||||||||||||||||||||||
Valuation and Qualifying Accounts
|
|||||||||||||||||||||||||
Years Ended December 31, 2017, 2016 and 2015
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
Additions
|
|
|
|
|
|
|
|||||||||||||||
|
|
Charged
|
|
|
|
||||||||||||||||||||
|
Balance At
|
To Costs
|
Charged
|
|
Balance
|
||||||||||||||||||||
|
Beginning
|
And
|
To Other
|
|
At End
|
||||||||||||||||||||
Description
|
Of Period
|
Expenses
|
Accounts
|
Deductions
|
Of Period
|
||||||||||||||||||||
Year Ended December 31, 2017
|
(millions)
|
||||||||||||||||||||||||
Allowance for uncollectible accounts
|
|
$
|
4.0
|
|
|
|
$
|
10.5
|
|
|
|
$
|
8.1
|
|
(a)
|
|
$
|
17.9
|
|
(b)
|
|
$
|
4.7
|
|
|
Legal reserves
|
|
16.1
|
|
|
|
0.8
|
|
|
|
—
|
|
|
|
9.2
|
|
(c)
|
|
7.7
|
|
|
|||||
Environmental reserves
|
|
1.7
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.8
|
|
|
|||||
Tax valuation allowance
|
|
16.4
|
|
|
|
11.3
|
|
|
|
—
|
|
|
|
4.7
|
|
(d)
|
|
23.0
|
|
|
|||||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
3.8
|
|
|
|
$
|
9.0
|
|
|
|
$
|
8.1
|
|
(a)
|
|
$
|
16.9
|
|
(b)
|
|
$
|
4.0
|
|
|
Legal reserves
|
|
5.9
|
|
|
|
10.4
|
|
|
|
—
|
|
|
|
0.2
|
|
(c)
|
|
16.1
|
|
|
|||||
Environmental reserves
|
|
1.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.7
|
|
|
|||||
Tax valuation allowance
|
|
19.9
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
3.6
|
|
(d)
|
|
16.4
|
|
|
|||||
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
2.8
|
|
|
|
$
|
10.5
|
|
|
|
$
|
8.7
|
|
(a)
|
|
$
|
18.2
|
|
(b)
|
|
$
|
3.8
|
|
|
Legal reserves
|
|
4.7
|
|
|
|
2.6
|
|
|
|
—
|
|
|
|
1.4
|
|
(c)
|
|
5.9
|
|
|
|||||
Environmental reserves
|
|
1.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.7
|
|
|
|||||
Tax valuation allowance
|
|
16.6
|
|
|
|
4.9
|
|
|
|
—
|
|
|
|
1.6
|
|
(d)
|
|
19.9
|
|
|
Kansas City Power & Light Company
|
|||||||||||||||||||||||||
Valuation and Qualifying Accounts
|
|||||||||||||||||||||||||
Years Ended December 31, 2017, 2016 and 2015
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
Additions
|
|
|
|
|
|
|
|||||||||||||||
|
|
Charged
|
|
|
|
||||||||||||||||||||
|
Balance At
|
To Costs
|
Charged
|
|
Balance
|
||||||||||||||||||||
|
Beginning
|
And
|
To Other
|
|
At End
|
||||||||||||||||||||
Description
|
Of Period
|
Expenses
|
Accounts
|
Deductions
|
Of Period
|
||||||||||||||||||||
Year Ended December 31, 2017
|
(millions)
|
||||||||||||||||||||||||
Allowance for uncollectible accounts
|
|
$
|
1.8
|
|
|
|
$
|
7.5
|
|
|
|
$
|
5.6
|
|
(a)
|
|
$
|
12.7
|
|
(b)
|
|
$
|
2.2
|
|
|
Legal reserves
|
|
15.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9.0
|
|
(c)
|
|
6.1
|
|
|
|||||
Environmental reserves
|
|
0.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.3
|
|
|
|||||
Tax valuation allowance
|
|
—
|
|
|
|
1.2
|
|
|
|
—
|
|
|
|
1.2
|
|
(d)
|
|
—
|
|
|
|||||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
1.8
|
|
|
|
$
|
6.4
|
|
|
|
$
|
5.5
|
|
(a)
|
|
$
|
11.9
|
|
(b)
|
|
$
|
1.8
|
|
|
Legal reserves
|
|
5.3
|
|
|
|
9.8
|
|
|
|
—
|
|
|
|
—
|
|
(c)
|
|
15.1
|
|
|
|||||
Environmental reserves
|
|
0.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.3
|
|
|
|||||
Tax valuation allowance
|
|
0.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.7
|
|
|
|
—
|
|
|
|||||
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
1.2
|
|
|
|
$
|
7.1
|
|
|
|
$
|
5.8
|
|
(a)
|
|
$
|
12.3
|
|
(b)
|
|
$
|
1.8
|
|
|
Legal reserves
|
|
2.9
|
|
|
|
2.6
|
|
|
|
—
|
|
|
|
0.2
|
|
(c)
|
|
5.3
|
|
|
|||||
Environmental reserves
|
|
0.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.3
|
|
|
|||||
Tax valuation allowance
|
|
—
|
|
|
|
0.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.7
|
|
|
|
GREAT PLAINS ENERGY INCORPORATED
|
|
|
|
|
Date: February 21, 2018
|
By:
/s/ Terry Bassham
|
|
|
Terry Bassham
|
|
|
Chairman, President and Chief Executive Officer
|
|
Signature
|
Title
|
|
Date
|
/s/ Terry Bassham
|
Chairman, President and Chief Executive Officer
|
)
|
February 21, 2018
|
Terry Bassham
|
(Principal Executive Officer)
|
)
|
|
|
|
)
|
|
/s/ Kevin E. Bryant
|
Senior Vice President - Finance and Strategy and Chief Financial Officer
|
)
|
|
Kevin E. Bryant
|
(Principal Financial Officer)
|
)
|
|
|
|
)
|
|
/s/ Steven P. Busser
|
Vice President - Risk Management and Controller
|
)
|
|
Steven P. Busser
|
(Principal Accounting Officer)
|
)
|
|
|
|
)
|
|
David L. Bodde*
|
Director
|
)
|
|
|
|
)
|
|
Randall C. Ferguson, Jr.*
|
Director
|
)
|
|
|
|
)
|
|
Gary D. Forsee*
|
Director
|
)
|
|
|
|
)
|
|
Scott D. Grimes*
|
Director
|
)
|
|
|
|
)
|
|
Thomas D. Hyde*
|
Director
|
)
|
|
|
|
)
|
|
Ann D. Murtlow*
|
Director
|
)
|
|
|
|
)
|
|
Sandra J. Price*
|
Director
|
)
|
|
|
|
)
|
|
John J. Sherman*
|
Director
|
)
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|
|
|
|
Date: February 21, 2018
|
By:
/s/ Terry Bassham
|
|
|
Terry Bassham
|
|
|
Chairman, President and Chief Executive Officer
|
|
Signature
|
Title
|
|
Date
|
/s/ Terry Bassham
|
Chairman, President and Chief Executive Officer
|
)
|
February 21, 2018
|
Terry Bassham
|
(Principal Executive Officer)
|
)
|
|
|
|
)
|
|
/s/ Kevin E. Bryant
|
Senior Vice President - Finance and Strategy and Chief Financial Officer
|
)
|
|
Kevin E. Bryant
|
(Principal Financial Officer)
|
)
|
|
|
|
)
|
|
/s/ Steven P. Busser
|
Vice President - Risk Management and Controller
|
)
|
|
Steven P. Busser
|
(Principal Accounting Officer)
|
)
|
|
|
|
)
|
|
David L. Bodde*
|
Director
|
)
|
|
|
|
)
|
|
Randall C. Ferguson, Jr.*
|
Director
|
)
|
|
|
|
)
|
|
Gary D. Forsee*
|
Director
|
)
|
|
|
|
)
|
|
Scott D. Grimes*
|
Director
|
)
|
|
|
|
)
|
|
Thomas D. Hyde*
|
Director
|
)
|
|
|
|
)
|
|
Ann D. Murtlow*
|
Director
|
)
|
|
|
|
)
|
|
Sandra J. Price*
|
Director
|
)
|
|
|
|
)
|
|
John J. Sherman*
|
Director
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
2017
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
||||||||||||
|
(millions)
|
||||||||||||||||||||
Net income (loss)
|
|
$
|
(106.2
|
)
|
|
$
|
290.0
|
|
|
$
|
213.0
|
|
|
$
|
242.8
|
|
|
$
|
250.2
|
|
|
Add
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity investment (income) loss
|
|
(2.5
|
)
|
|
(2.0
|
)
|
|
(1.2
|
)
|
|
—
|
|
|
0.2
|
|
|
|||||
Income subtotal
|
|
(108.7
|
)
|
|
288.0
|
|
|
211.8
|
|
|
242.8
|
|
|
250.4
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Add
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income tax expense
|
|
233.3
|
|
|
172.2
|
|
|
122.7
|
|
|
115.7
|
|
|
129.2
|
|
|
|||||
Kansas City earnings tax
|
|
0.4
|
|
|
0.2
|
|
|
(0.5
|
)
|
|
0.3
|
|
|
0.1
|
|
|
|||||
Total taxes on income
|
|
233.7
|
|
|
172.4
|
|
|
122.2
|
|
|
116.0
|
|
|
129.3
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on value of leased property
|
|
4.9
|
|
|
5.1
|
|
|
5.2
|
|
|
5.2
|
|
|
5.5
|
|
|
|||||
Interest on long-term debt
|
|
252.9
|
|
|
199.8
|
|
|
193.9
|
|
|
195.0
|
|
|
195.5
|
|
|
|||||
Interest on short-term debt
|
|
13.1
|
|
|
13.5
|
|
|
6.1
|
|
|
5.1
|
|
|
7.6
|
|
|
|||||
Other interest expense and amortization
|
|
32.4
|
|
|
36.3
|
|
|
6.8
|
|
|
3.3
|
|
|
8.2
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total fixed charges
|
|
303.3
|
|
|
254.7
|
|
|
212.0
|
|
|
208.6
|
|
|
216.8
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred dividend requirements
(b)
|
|
(44.7
|
)
|
|
26.3
|
|
|
(a)
|
|
(a)
|
|
(a)
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Combined fixed charges and preferred
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
dividend requirements
|
|
258.6
|
|
|
281.0
|
|
|
212.0
|
|
|
208.6
|
|
|
216.8
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings before taxes on
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
income and fixed charges
|
|
$
|
428.3
|
|
|
$
|
715.1
|
|
|
$
|
546.0
|
|
|
$
|
567.4
|
|
|
$
|
596.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges
|
|
1.41
|
|
|
2.81
|
|
|
2.58
|
|
|
2.72
|
|
|
2.75
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to combined fixed charges
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
and preferred dividend requirements
|
|
1.66
|
|
|
2.54
|
|
|
2.58
|
|
|
2.72
|
|
|
2.75
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(a) Prior to 2016, Great Plains Energy's preferred dividends were insignificant.
|
|||||||||||||||||||||
(b) Preferred stock dividend requirements have been grossed up by the effective tax rate for the period. The negative preferred dividend requirement in 2017 is a result of Great Plains Energy's effective income tax rate of 183.5% in 2017 that includes the impacts of non-deductible transaction costs related to the anticipated merger with Westar and the revaluation of deferred income taxes and other initial effects resulting from the enactment of U.S. federal income tax reform.
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
2017
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
||||||||||||
|
(millions)
|
||||||||||||||||||||
Net income
|
|
$
|
179.8
|
|
|
$
|
225.0
|
|
|
$
|
152.8
|
|
|
$
|
162.4
|
|
|
$
|
169.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Add
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income tax expense
|
|
128.2
|
|
|
121.9
|
|
|
76.8
|
|
|
75.7
|
|
|
79.8
|
|
|
|||||
Kansas City earnings tax
|
|
0.4
|
|
|
0.2
|
|
|
(0.5
|
)
|
|
0.3
|
|
|
—
|
|
|
|||||
Total taxes on income
|
|
128.6
|
|
|
122.1
|
|
|
76.3
|
|
|
76.0
|
|
|
79.8
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on value of leased property
|
|
4.7
|
|
|
5.0
|
|
|
5.0
|
|
|
4.9
|
|
|
5.1
|
|
|
|||||
Interest on long-term debt
|
|
136.1
|
|
|
137.8
|
|
|
131.8
|
|
|
128.8
|
|
|
128.1
|
|
|
|||||
Interest on short-term debt
|
|
5.0
|
|
|
3.3
|
|
|
4.0
|
|
|
2.9
|
|
|
3.4
|
|
|
|||||
Other interest expense and amortization
|
|
4.7
|
|
|
4.8
|
|
|
4.7
|
|
|
4.7
|
|
|
5.1
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total fixed charges
|
|
150.5
|
|
|
150.9
|
|
|
145.5
|
|
|
141.3
|
|
|
141.7
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings before taxes on
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
income and fixed charges
|
|
$
|
458.9
|
|
|
$
|
498.0
|
|
|
$
|
374.6
|
|
|
$
|
379.7
|
|
|
$
|
390.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges
|
|
3.05
|
|
|
3.30
|
|
|
2.57
|
|
|
2.69
|
|
|
2.76
|
|
|
Name of Company
|
State of Incorporation
|
|
|
Kansas City Power & Light Company
|
Missouri
|
|
|
KCP&L Greater Missouri Operations Company
|
Delaware
|
|
|
|
/s/ David. L. Bodde
David L. Bodde
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Randall C. Ferguson, Jr.
Randall C. Ferguson, Jr.
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Gary D. Forsee
Gary D. Forsee
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Scott D. Grimes
Scott D. Grimes
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Thomas D. Hyde
Thomas D. Hyde
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Ann D. Murtlow
Ann D. Murtlow
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Sandra J. Price
Sandra J. Price
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ John J. Sherman
John J. Sherman
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ David L. Bodde
David L. Bodde
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Randall C. Ferguson, Jr.
Randall C. Ferguson, Jr.
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Gary D. Forsee
Gary D. Forsee
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Scott D. Grimes
Scott D. Grimes
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Thomas D. Hyde
Thomas D. Hyde
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Ann D. Murtlow
Ann D. Murtlow
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ Sandra J. Price
Sandra J. Price
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
|
/s/ John J. Sherman
John J. Sherman
|
STATE OF MISSOURI
COUNTY OF JACKSON
|
)
)
)
|
ss
|
|
/s/ Annette G. Carter
Notary Public
|
1.
|
I have reviewed this annual report on Form 10-K of Great Plains Energy Incorporated;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 21, 2018
|
/
s/ Terry Bassham
|
|
|
Terry Bassham
Chairman, Chief Executive Officer and President
|
1.
|
I have reviewed this annual report on Form 10-K of Great Plains Energy Incorporated;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 21, 2018
|
/s/Kevin E. Bryant
|
|
|
Kevin E. Bryant
Senior Vice President - Finance and Strategy and Chief Financial Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Kansas City Power & Light Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 21, 2018
|
/s/ Terry Bassham
|
||
|
|
|
Terry Bassham
Chairman, Chief Executive Officer and President
|
1.
|
I have reviewed this annual report on Form 10-K of Kansas City Power & Light Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 21, 2018
|
/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:
|
February 21, 2018
|
|
|
|
/s/Kevin E. Bryant
|
Name:
Title:
|
Kevin E. Bryant
Senior Vice President - Finance and Strategy and Chief Financial Officer
|
Date:
|
February 21, 2018
|
(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:
|
February 21, 2018
|
|
|
|
/s/ Kevin E. Bryant
|
Name:
Title:
|
Kevin E. Bryant
Senior Vice President - Finance and Strategy and Chief Financial Officer
|
Date:
|
February 21, 2018
|