Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Great Plains Energy Inc | |
Entity Central Index Key | 1,143,068 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 215,656,853 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 6,546.3 | $ 1,293.1 |
Time deposit | 0 | 1,000 |
Receivables, net | 176.7 | 166 |
Accounts receivable pledged as collateral | 172.2 | 172.4 |
Fuel inventories, at average cost | 89.3 | 108.8 |
Materials and supplies, at average cost | 168.5 | 162.2 |
Deferred refueling outage costs | 14.2 | 22.3 |
Interest rate derivative instruments | 49.2 | 79.3 |
Prepaid expenses and other assets | 33.3 | 55.4 |
Total | 7,249.7 | 3,059.5 |
Utility Plant, at Original Cost | ||
Electric | 13,486.5 | 13,597.7 |
Less - accumulated depreciation | 5,068.4 | 5,106.9 |
Net utility plant in service | 8,418.1 | 8,490.8 |
Construction work in progress | 375.6 | 403.9 |
Plant to be retired, net | 149.2 | 0 |
Nuclear fuel, net of amortization of $188.0 and $172.1 | 53.9 | 62 |
Total | 8,996.8 | 8,956.7 |
Investments and Other Assets | ||
Nuclear decommissioning trust fund | 238.4 | 222.9 |
Regulatory assets | 1,022.6 | 1,048 |
Goodwill | 169 | 169 |
Other | 129.9 | 113.9 |
Total | 1,559.9 | 1,553.8 |
Total | 17,806.4 | 13,570 |
Current Liabilities | ||
Collateralized note payable | 172.2 | 172.4 |
Commercial paper | 424.6 | 334.8 |
Current maturities of long-term debt | 482.1 | 382.1 |
Accounts payable | 181.3 | 323.7 |
Accrued taxes | 84 | 33.3 |
Accrued interest | 92.7 | 50.8 |
Accrued compensation and benefits | 49 | 52.1 |
Pension and post-retirement liability | 3 | 3 |
Series B Preferred Stock dividend make-whole provisions | 57.1 | 0 |
Other | 67.5 | 32.6 |
Total | 1,613.5 | 1,384.8 |
Deferred Credits and Other Liabilities | ||
Deferred income taxes | 1,314.4 | 1,329.7 |
Deferred tax credits | 125.5 | 126.2 |
Asset retirement obligations | 278.1 | 316 |
Pension and post-retirement liability | 496 | 488.3 |
Regulatory liabilities | 307.4 | 309.9 |
Other | 88.9 | 87.9 |
Total | 2,610.3 | 2,658 |
Shareholders' equity | ||
Common stock | 4,228.6 | 4,217 |
Preference Stock | 836.2 | 836.2 |
Retained earnings | 953.6 | 1,119.2 |
Treasury stock - 135,166 and 128,087 shares, at cost | (3.9) | (3.8) |
Accumulated other comprehensive loss | (3.6) | (6.6) |
Total shareholders' equity | 6,010.9 | 6,162 |
Long-term debt (Note 10) | 7,571.7 | 3,365.2 |
Total | 13,582.6 | 9,527.2 |
Commitments and Contingencies (Note 12) | ||
Total | 17,806.4 | 13,570 |
Series B Preferred Stock [Member] | ||
Current Liabilities | ||
Series B Preferred Stock dividend make-whole provisions | 57.1 | |
Kansas City Power and Light Company [Member] | ||
Current Assets | ||
Cash and cash equivalents | 6 | 4.5 |
Receivables, net | 137.4 | 139.1 |
Related party receivables | 70.4 | 67.2 |
Accounts receivable pledged as collateral | 110 | 110 |
Fuel inventories, at average cost | 63.5 | 72.9 |
Materials and supplies, at average cost | 123.4 | 118.9 |
Deferred refueling outage costs | 14.2 | 22.3 |
Refundable income taxes | 0 | 12.7 |
Prepaid expenses and other assets | 29.7 | 27.9 |
Total | 554.6 | 575.5 |
Utility Plant, at Original Cost | ||
Electric | 10,084.6 | 9,925.1 |
Less - accumulated depreciation | 3,958.9 | 3,858.4 |
Net utility plant in service | 6,125.7 | 6,066.7 |
Construction work in progress | 277.8 | 300.4 |
Nuclear fuel, net of amortization of $188.0 and $172.1 | 53.9 | 62 |
Total | 6,457.4 | 6,429.1 |
Investments and Other Assets | ||
Nuclear decommissioning trust fund | 238.4 | 222.9 |
Regulatory assets | 782 | 801.8 |
Other | 37.2 | 29.1 |
Total | 1,057.6 | 1,053.8 |
Total | 8,069.6 | 8,058.4 |
Current Liabilities | ||
Collateralized note payable | 110 | 110 |
Commercial paper | 171.8 | 132.9 |
Current maturities of long-term debt | 381 | 281 |
Accounts payable | 140.4 | 231.6 |
Accrued taxes | 71.2 | 27 |
Accrued interest | 30.8 | 32.4 |
Accrued compensation and benefits | 49 | 52.1 |
Pension and post-retirement liability | 1.6 | 1.6 |
Other | 44.4 | 11.4 |
Total | 1,000.2 | 880 |
Deferred Credits and Other Liabilities | ||
Deferred income taxes | 1,249 | 1,228.3 |
Deferred tax credits | 122.3 | 122.8 |
Asset retirement obligations | 248.9 | 278 |
Pension and post-retirement liability | 473.7 | 465.8 |
Regulatory liabilities | 197.3 | 187.4 |
Other | 71.4 | 70.6 |
Total | 2,362.6 | 2,352.9 |
Shareholders' equity | ||
Common stock | 1,563.1 | 1,563.1 |
Retained earnings | 913.7 | 982.6 |
Accumulated other comprehensive loss | (1.6) | (4.2) |
Total shareholders' equity | 2,475.2 | 2,541.5 |
Long-term debt (Note 10) | 2,231.6 | 2,284 |
Total | 4,706.8 | 4,825.5 |
Commitments and Contingencies (Note 12) | ||
Total | $ 8,069.6 | $ 8,058.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Utility Plant, at Original Cost | ||
Nuclear fuel, amortization | $ 188 | $ 172.1 |
Shareholder's equity | ||
Common stock - shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock-shares issued (in shares) | 215,782,936 | 215,479,105 |
Treasury stock- shares (in shares) | 135,166 | 128,087 |
Series B Preferred Stock [Member] | ||
Shareholder's equity | ||
Preferred Stock, Shares Issued | 862,500 | 862,500 |
Preferred Stock, Dividend Rate, Percentage | 7.00% | 7.00% |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
No Par Preference Stock [Member] | ||
Shareholder's equity | ||
Preference stock, Shares Authorized | 11,000,000 | 11,000,000 |
Kansas City Power and Light Company [Member] | ||
Utility Plant, at Original Cost | ||
Nuclear fuel, amortization | $ 188 | $ 172.1 |
Shareholder's equity | ||
Common stock - shares authorized (in shares) | 1,000 | 1,000 |
Common stock-shares issued (in shares) | 1 | 1 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Revenues | ||||
Electric revenues | $ 682.6 | $ 670.8 | $ 1,253.3 | $ 1,242.9 |
Operating Expenses | ||||
Fuel and purchased power | 157.5 | 142.5 | 284 | 278.1 |
Transmission | 28.2 | 17.2 | 51.3 | 40.7 |
Utility operating and maintenance expenses | 181.7 | 180.4 | 367.1 | 359.8 |
Costs to achieve the anticipated merger with Westar Energy, Inc. | (12.6) | 5 | 26.8 | 5 |
Depreciation and amortization | 94.7 | 85.3 | 185 | 170.5 |
General taxes | 55.5 | 54.5 | 112.6 | 110.8 |
Other | 1.1 | 3.6 | 2.6 | 5.8 |
Total | 506.1 | 488.5 | 1,029.4 | 970.7 |
Operating income | 176.5 | 182.3 | 223.9 | 272.2 |
Non-operating income | 12.9 | 3.3 | 19.5 | 5.4 |
Non-operating expenses | (3.9) | (4.3) | (7.6) | (7.7) |
Loss on Series B Preferred Stock dividend make-whole provisions | (57.1) | 0 | (57.1) | 0 |
Total | (48.1) | (1) | (45.2) | (2.3) |
Interest charges | (145.3) | (132.9) | (211.9) | (184.1) |
Income (loss) before income tax (expense) benefit and income from equity investments | (16.9) | 48.4 | (33.2) | 85.8 |
Income tax (expense) benefit | 9.3 | (17.1) | 15.1 | (28.8) |
Income from equity investments, net of income taxes | 0.6 | 0.7 | 1.5 | 1.4 |
Net income (loss) | (7) | 32 | (16.6) | 58.4 |
Preferred stock dividend requirements | 15.1 | 0.4 | 30.2 | 0.8 |
Earnings (loss) available for common shareholders | $ (22.1) | $ 31.6 | $ (46.8) | $ 57.6 |
Average number of basic common shares outstanding | 215.5 | 154.6 | 215.4 | 154.5 |
Average number of diluted common shares outstanding | 215.5 | 154.8 | 215.4 | 154.9 |
Basic and diluted earnings (loss) per common share | $ (0.10) | $ 0.20 | $ (0.22) | $ 0.37 |
Cash dividends per common share | $ 0.275 | $ 0.2625 | $ 0.55 | $ 0.525 |
Comprehensive Income | ||||
Net income (loss) | $ (7) | $ 32 | $ (16.6) | $ 58.4 |
Other comprehensive income | ||||
Reclassification to expenses, net of tax | 1.4 | 1.4 | 2.8 | 2.8 |
Derivative hedging activity, net of tax | 1.4 | 1.4 | 2.8 | 2.8 |
Amortization of net losses included in net periodic benefit costs, net of tax | 0.1 | 0.1 | 0.2 | 0.2 |
Change in unrecognized pension expense, net of tax | 0.1 | 0.1 | 0.2 | 0.2 |
Total other comprehensive income | 1.5 | 1.5 | 3 | 3 |
Comprehensive income (loss) | (5.5) | 33.5 | (13.6) | 61.4 |
Kansas City Power and Light Company [Member] | ||||
Operating Revenues | ||||
Electric revenues | 482.7 | 475.6 | 878.6 | 876.5 |
Operating Expenses | ||||
Fuel and purchased power | 111.4 | 93.9 | 190.3 | 180.2 |
Transmission | 18.8 | 14.9 | 33.1 | 30.3 |
Utility operating and maintenance expenses | 122.2 | 124 | 248.6 | 247.7 |
Costs to achieve the anticipated merger with Westar Energy, Inc. | 3.9 | 0 | 11.8 | 0 |
Depreciation and amortization | 68.3 | 61.1 | 133.6 | 122.2 |
General taxes | 44.2 | 42.3 | 88.8 | 85.9 |
Other | 0.1 | 1.5 | 0.4 | 1.7 |
Total | 368.9 | 337.7 | 706.6 | 668 |
Operating income | 113.8 | 137.9 | 172 | 208.5 |
Non-operating income | 1.7 | 2.6 | 4.2 | 3.9 |
Non-operating expenses | (2.3) | (2.4) | (4.4) | (3.7) |
Total | (0.6) | 0.2 | (0.2) | 0.2 |
Interest charges | (35.6) | (34.9) | (71.2) | (70.2) |
Income (loss) before income tax (expense) benefit and income from equity investments | 77.6 | 103.2 | 100.6 | 138.5 |
Income tax (expense) benefit | (28) | (37.3) | (36.8) | (48) |
Net income (loss) | 49.6 | 65.9 | 63.8 | 90.5 |
Comprehensive Income | ||||
Net income (loss) | 49.6 | 65.9 | 63.8 | 90.5 |
Other comprehensive income | ||||
Reclassification to expenses, net of tax | 1.3 | 1.4 | 2.6 | 2.8 |
Derivative hedging activity, net of tax | 1.3 | 1.4 | 2.6 | 2.8 |
Total other comprehensive income | 1.3 | 1.4 | 2.6 | 2.8 |
Comprehensive income (loss) | $ 50.9 | $ 67.3 | $ 66.4 | $ 93.3 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ (16.6) | $ 58.4 |
Adjustments to reconcile income (loss) to net cash from operating activities: | ||
Depreciation and amortization | 185 | 170.5 |
Amortization of: | ||
Nuclear fuel | 15.9 | 16.7 |
Other | 45.4 | 27.9 |
Deferred income taxes, net | (14.4) | 26.8 |
Investment tax credit amortization | (0.7) | (0.7) |
Income from equity investments, net of income taxes | (1.5) | (1.4) |
Fair value impacts of interest rate swaps and dividend make-whole provisions | 87.2 | 77 |
Other operating activities (Note 3) | (18.7) | (78.6) |
Net cash from operating activities | 281.6 | 296.6 |
Cash Flows from Investing Activities | ||
Utility capital expenditures | (247) | (302.4) |
Allowance for borrowed funds used during construction | (3) | (3.2) |
Purchases of nuclear decommissioning trust investments | (13.6) | (16) |
Proceeds from nuclear decommissioning trust investments | 12 | 14.4 |
Proceeds from time deposit | 1,000 | 0 |
Other investing activities | (19.9) | (34.8) |
Net cash from investing activities | 728.5 | (342) |
Cash Flows from Financing Activities | ||
Issuance of common stock | 2.7 | 1.5 |
Issuance of long-term debt | 4,591.1 | 0 |
Issuance fees | (36.4) | (51.4) |
Repayment of long-term debt | (251.1) | (1.1) |
Net change in short-term borrowings | 89.8 | 180.4 |
Net change in collateralized short-term borrowings | (0.2) | (1.3) |
Dividends paid | (148.7) | (81.9) |
Purchase of treasury stock | (4.1) | (4.9) |
Net cash from financing activities | 4,243.1 | 41.3 |
Net Change in Cash and Cash Equivalents | 5,253.2 | (4.1) |
Cash and Cash Equivalents at Beginning of Year | 1,293.1 | 11.3 |
Cash and Cash Equivalents at End of Period | 6,546.3 | 7.2 |
Kansas City Power and Light Company [Member] | ||
Cash Flows from Operating Activities | ||
Net income (loss) | 63.8 | 90.5 |
Adjustments to reconcile income (loss) to net cash from operating activities: | ||
Depreciation and amortization | 133.6 | 122.2 |
Amortization of: | ||
Nuclear fuel | 15.9 | 16.7 |
Other | 15.7 | 16.8 |
Deferred income taxes, net | 20.3 | 47 |
Investment tax credit amortization | (0.5) | (0.5) |
Other operating activities (Note 3) | (5.3) | 19.9 |
Net cash from operating activities | 243.5 | 312.6 |
Cash Flows from Investing Activities | ||
Utility capital expenditures | (181.4) | (196.5) |
Allowance for borrowed funds used during construction | (2.4) | (2.3) |
Purchases of nuclear decommissioning trust investments | (13.6) | (16) |
Proceeds from nuclear decommissioning trust investments | 12 | 14.4 |
Other investing activities | (10) | (14.6) |
Net cash from investing activities | (195.4) | (215) |
Cash Flows from Financing Activities | ||
Issuance of long-term debt | 299.2 | 0 |
Issuance fees | (2.7) | (0.2) |
Repayment of long-term debt | (250) | 0 |
Net change in short-term borrowings | 38.9 | (75.2) |
Dividends paid | (132) | (22) |
Net cash from financing activities | (46.6) | (97.4) |
Net Change in Cash and Cash Equivalents | 1.5 | 0.2 |
Cash and Cash Equivalents at Beginning of Year | 4.5 | 2.3 |
Cash and Cash Equivalents at End of Period | $ 6 | $ 2.5 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Kansas City Power and Light Company [Member] | Common Stock [Member] | Common Stock [Member]Kansas City Power and Light Company [Member] | Preferred Stock [Member]Cumulative Preferred Stock [Member] | Preferred Stock [Member]Preference Stock [Member] | Retained Earnings [Member] | Retained Earnings [Member]Kansas City Power and Light Company [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Kansas City Power and Light Company [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect of adoption of ASU 2016-09 (Note 1) | $ 0 | ||||||||||
Beginning balance at Dec. 31, 2015 | $ 2,646.7 | $ 1,563.1 | $ 39 | $ 0 | $ 1,024.4 | 879.6 | $ (2.6) | $ (12) | $ (9.6) | ||
Beginning balance (in shares) at Dec. 31, 2015 | 154,504,900 | 1 | 390,000 | 0 | |||||||
Beginning balance, treasury stock (in shares) at Dec. 31, 2015 | (101,229) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of stock | $ 11.3 | ||||||||||
Issuance of stock (in shares) | 377,188 | ||||||||||
Equity compensation expense, net of forfeitures | $ 2 | ||||||||||
Unearned Compensation [Abstract] | |||||||||||
Issuance of restricted common stock | (2.8) | ||||||||||
Forfeiture of restricted common stock | 0 | ||||||||||
Compensation expense recognized | 1.3 | ||||||||||
Other | 0.3 | ||||||||||
Net income (loss) | $ 58.4 | $ 90.5 | 58.4 | 90.5 | |||||||
Dividends: | |||||||||||
Common stock ($0.55 and $0.525 per share) | (81.1) | (22) | |||||||||
Preferred stock - at required rates | (0.8) | ||||||||||
Performance shares | (0.5) | ||||||||||
Treasury shares acquired | $ (4.1) | ||||||||||
Treasury shares acquired (in shares) | (135,067) | ||||||||||
Treasury shares reissued | $ 2.9 | ||||||||||
Treasury shares reissued (in shares) | 108,257 | ||||||||||
Derivative hedging activity, net of tax | 2.8 | 2.8 | 2.8 | 2.8 | |||||||
Change in unrecognized pension expense, net of tax | 0.2 | 0.2 | |||||||||
Ending balance at Jun. 30, 2016 | 3,685.4 | 2,504.4 | $ 2,658.8 | $ 1,563.1 | $ 39 | $ 0 | 1,000.4 | 948.1 | $ (3.8) | (9) | (6.8) |
Ending balance, treasury stock (in shares) at Jun. 30, 2016 | (128,039) | ||||||||||
Ending balance (in shares) at Jun. 30, 2016 | 154,882,088 | 1 | 390,000 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Cumulative effect of adoption of ASU 2016-09 (Note 1) | (0.7) | ||||||||||
Beginning balance at Dec. 31, 2016 | $ 6,162 | 2,541.5 | $ 4,217 | $ 1,563.1 | $ 0 | $ 836.2 | 1,119.2 | 982.6 | $ (3.8) | (6.6) | (4.2) |
Beginning balance (in shares) at Dec. 31, 2016 | 215,479,105 | 1 | 0 | 862,500 | |||||||
Beginning balance, treasury stock (in shares) at Dec. 31, 2016 | (128,087) | (128,087) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of stock | $ 11.1 | ||||||||||
Issuance of stock (in shares) | 303,831 | ||||||||||
Equity compensation expense, net of forfeitures | $ 2.5 | ||||||||||
Unearned Compensation [Abstract] | |||||||||||
Issuance of restricted common stock | (2.3) | ||||||||||
Forfeiture of restricted common stock | 0.6 | ||||||||||
Compensation expense recognized | 1.2 | ||||||||||
Other | (1.5) | ||||||||||
Net income (loss) | $ (16.6) | 63.8 | (16.6) | 63.8 | |||||||
Dividends: | |||||||||||
Common stock ($0.55 and $0.525 per share) | (118.5) | (132) | |||||||||
Preferred stock - at required rates | (30.2) | ||||||||||
Performance shares | (0.3) | ||||||||||
Treasury shares acquired | $ (4.1) | ||||||||||
Treasury shares acquired (in shares) | (142,023) | ||||||||||
Treasury shares reissued | $ 4 | ||||||||||
Treasury shares reissued (in shares) | 134,944 | ||||||||||
Derivative hedging activity, net of tax | 2.8 | 2.6 | 2.8 | 2.6 | |||||||
Change in unrecognized pension expense, net of tax | 0.2 | 0.2 | |||||||||
Ending balance at Jun. 30, 2017 | $ 6,010.9 | $ 2,475.2 | $ 4,228.6 | $ 1,563.1 | $ 0 | $ 836.2 | $ 953.6 | $ 913.7 | $ (3.9) | $ (3.6) | $ (1.6) |
Ending balance, treasury stock (in shares) at Jun. 30, 2017 | (135,166) | (135,166) | |||||||||
Ending balance (in shares) at Jun. 30, 2017 | 215,782,936 | 1 | 0 | 862,500 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock Transactions, Parenthetical Disclosures [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.275 | $ 0.2625 | $ 0.55 | $ 0.525 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Great Plains Energy, a Missouri corporation incorporated in 2001, is a public utility holding company and does not own or operate any significant assets other than the stock of its subsidiaries and cash and cash equivalents. Great Plains Energy's wholly owned direct subsidiaries with significant operations are as follows: • 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 also wholly owns GPE Transmission Holding Company, LLC (GPETHC). GPETHC owns 13.5% of Transource Energy, LLC (Transource) with the remaining 86.5% owned by AEP Transmission Holding Company, LLC (AEPTHC), a subsidiary of American Electric Power Company, Inc. GPETHC accounts for its investment in Transource under the equity method. Transource is focused on the development of competitive electric transmission projects. Each of Great Plains Energy's and KCP&L's consolidated financial statements includes the accounts of their subsidiaries. Intercompany transactions have been eliminated. Great Plains Energy's sole reportable business segment is electric utility. See Note 18 for additional information. Basic and Diluted Earnings (Loss) per Common Share Calculation To determine basic earnings (loss) per common share (EPS), preferred stock dividend requirements are deducted from net income (loss) before dividing by the average number of common shares outstanding. To determine diluted EPS, preferred stock dividend requirements are added to earnings available for common shareholders for the periods in which the assumed conversion of Great Plains Energy's 7.00% Series B Mandatory Convertible Preferred Stock (Series B Preferred Stock) has a dilutive effect before dividing by the diluted average number of common shares outstanding. The effect of dilutive securities assumes the issuance of common shares applicable to performance shares and restricted stock calculated using the treasury stock method and the number of common shares that would be issued under an assumed conversion of Series B Preferred Stock using the if-converted method. The following table reconciles Great Plains Energy's basic and diluted EPS. Three Months Ended June 30 Year to Date 2017 2016 2017 2016 Income (loss) (millions, except per share amounts) Net income (loss) $ (7.0 ) $ 32.0 $ (16.6 ) $ 58.4 Less: preferred stock dividend requirements 15.1 0.4 30.2 0.8 Earnings (loss) available for common shareholders $ (22.1 ) $ 31.6 $ (46.8 ) $ 57.6 Common Shares Outstanding Average number of common shares outstanding 215.5 154.6 215.4 154.5 Add: effect of dilutive securities — 0.2 — 0.4 Diluted average number of common shares outstanding 215.5 154.8 215.4 154.9 Basic and diluted EPS $ (0.10 ) $ 0.20 $ (0.22 ) $ 0.37 Anti-dilutive shares excluded from the computation of diluted EPS are detailed in the following table. Three Months Ended June 30 Year to Date 2017 2016 2017 2016 Assumed conversion of Series B Preferred Stock 29,354,882 — 29,354,882 — Performance shares 14,440 — 53,573 — Restricted stock shares 103,674 — 134,190 — Dividends Declared In August 2017 , Great Plains Energy's Board of Directors (Great Plains Energy Board) declared a quarterly dividend of $0.275 per share on Great Plains Energy's common stock. The common dividend is payable September 20, 2017 , to shareholders of record as of August 29, 2017 . In August 2017 , KCP&L's Board of Directors declared a cash dividend payable to Great Plains Energy of $50.0 million payable on September 19, 2017 . New Accounting Standards In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-07, Compensation-Retirement Benefits , which requires an employer to disaggregate the service cost component from the other components of net benefit cost. The service cost component is to be reported in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components are to be reported separately from service costs and outside of a subtotal of income from operations. The amendments in this update allow only the service cost component to be eligible for capitalization. The new guidance is to be applied retrospectively for the presentation of service cost and other components in the income statement and prospectively for the capitalization of the service cost component. The Companies plan to adopt ASU No. 2017-07 on January 1, 2018, and are evaluating the effect it will have on their consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation , which is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. The Companies adopted ASU No. 2016-09 on January 1, 2017. The cumulative effect from the adoption of ASU No. 2016-09 was insignificant to Great Plains Energy's consolidated financial statements and resulted in a reduction to retained earnings of $0.7 million for KCP&L. The Companies have elected to adopt the cash flow presentation of the excess tax benefits as an operating activity prospectively and no prior periods have been adjusted. In February 2016, the FASB issued ASU No. 2016-02, Leases , which requires an entity that is a lessee to record a right-of-use asset and a lease liability for lease payments on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted and is required to be applied using a modified retrospective approach . Great Plains Energy and KCP&L plan to adopt the new guidance January 1, 2019. The Companies expect that the new guidance will affect the balance sheet by increasing the assets and liabilities recorded related to operating leases and continue to evaluate the effect that ASU No. 2016-02 will have on their income statement, statement of cash flows and related disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in Generally Accepted Accounting Principles (GAAP) when it becomes effective. In August 2015, the FASB issued ASU No. 2015-14, deferring the effective date of ASU No. 2014-09 one year, from January 1, 2017, to January 1, 2018. The Companies plan to adopt ASU No. 2014-09 on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Companies have completed a review of the majority of their revenue arrangements and do not expect the standard to have a material impact on their consolidated financial statements. The Companies are still evaluating the impacts on revenue recognition of their remaining revenue arrangements. The Companies are also in the process of determining their method of adoption, which depends in part on completing the evaluation of the remaining revenue arrangements noted above. |
Anticipated Merger with Westar
Anticipated Merger with Westar Energy, Inc. | 6 Months Ended |
Jun. 30, 2017 | |
Anticipated Acquisition of Westar Energy, Inc. [Abstract] | |
Anticipated Buiness Combination Disclosure [Text Block] | 2 . ANTICIPATED MERGER WITH WESTAR ENERGY, INC. On May 29, 2016, Great Plains Energy entered into an Agreement and Plan of Merger (Original Merger Agreement) by and among Great Plains Energy, Westar Energy, Inc. (Westar), and, from and after its accession to the Original Merger Agreement, GP Star, Inc., a wholly owned subsidiary of Great Plains Energy in the State of Kansas. Pursuant to the Original Merger Agreement, Great Plains Energy would have acquired Westar for (i) $51.00 in cash and (ii) a number of shares of Great Plains Energy common stock, equal to an exchange ratio for each share of Westar common stock issued and outstanding immediately prior to the effective time of the merger, with Westar becoming a wholly owned subsidiary of Great Plains Energy. The acquisition was subject to various shareholder and regulatory approvals, including from The State Corporation Commission of the State of Kansas (KCC), the Public Service Commission of the State of Missouri (MPSC), and The Federal Energy Regulatory Commission (FERC). On April 19, 2017, KCC issued an order denying Great Plains Energy's, KCP&L's and Westar's joint application for approval of the acquisition of Westar by Great Plains Energy citing concerns with the purchase price, Great Plains Energy's capital structure, quantifiable and demonstrable customer benefits and staffing levels in Westar's service territory, among other items. On July 9, 2017, Great Plains Energy entered into an Amended and Restated Agreement and Plan of Merger (Amended Merger Agreement) by and among Great Plains Energy, Westar, Monarch Energy Holding, Inc., a Missouri corporation (Holdco), and King Energy, Inc., a Kansas corporation and wholly owned subsidiary of Holdco (Merger Sub). Pursuant to the Amended Merger Agreement, subject to the satisfaction or waiver of certain conditions, Great Plains Energy will merge with and into Holdco, with Holdco surviving such merger, and Merger Sub will merge with and into Westar, with Westar surviving such merger. Pursuant to the Amended Merger Agreement, at closing each outstanding share of Great Plains Energy's and Westar's common stock will be converted into the right to receive 0.5981 and 1.0 , respectively, of validly issued, fully paid and nonassessable shares of common stock, no par value, of Holdco. Following the mergers, Holdco, with a new name that has yet to be established, will be the parent of Great Plains Energy's direct subsidiaries, including KCP&L, and Westar. The anticipated merger with Westar has been structured as a merger of equals in a tax-free exchange of shares that involves no premium paid or received with respect to either Great Plains Energy or Westar. Following the completion of the anticipated merger, Westar shareholders will own approximately 52.5 percent and Great Plains Energy shareholders will own approximately 47.5 percent of the combined company. Regulatory and Shareholder Approvals Great Plains Energy's anticipated merger with Westar was unanimously approved by the Great Plains Energy Board and Westar's Board of Directors (Westar Board). The anticipated merger remains subject to the approval of Great Plains Energy's and Westar's shareholders; regulatory approvals from KCC, the MPSC, the Nuclear Regulatory Commission (NRC), FERC, The Federal Communications Commission (FCC); Hart-Scott-Rodino (HSR) antitrust review; and the effectiveness of the registration statement for the shares of Holdco common stock to be issued to Great Plains Energy's and Westar's shareholders; as well as other customary conditions. Termination Fees The Amended Merger Agreement provides that in connection with a termination of the agreement under specified circumstances relating to a failure to obtain regulatory approvals by July 9, 2018 (which date may be extended to January 9, 2019), a final and nonappealable order enjoining the consummation of the anticipated merger in connection with regulatory approvals or failure by Great Plains Energy to comply with its obligations under the Amended Merger Agreement to consummate the closing of the anticipated merger once all of the conditions have been satisfied, Great Plains Energy may be required to pay Westar a termination fee of $190 million . In addition, in the event that the Amended Merger Agreement is terminated by Westar under certain circumstances to enter into a definitive acquisition agreement with respect to a superior proposal or by Great Plains Energy as a result of the Westar Board changing its recommendation of the anticipated merger prior to the Westar shareholder approval having been obtained, Westar may be required to pay Great Plains Energy a termination fee of $190 million . Similarly, in the event that the Amended Merger Agreement is terminated by Great Plains Energy under certain circumstances to enter into a definitive acquisition agreement with respect to a superior proposal or by Westar as a result of the Great Plains Energy Board changing its recommendation of the anticipated merger prior to the Great Plains Energy shareholder approval having been obtained, Great Plains Energy may be required to pay Westar a termination fee of $190 million . Additionally, if the Amended Merger Agreement is terminated by either Great Plains Energy or Westar as a result of Great Plains Energy's shareholders not approving the Amended Merger Agreement, Great Plains Energy may be required to pay Westar a termination fee of $80 million . Redemption of Acquisition Financing In order to fund the cash portion of the acquisition under the Original Merger Agreement, Great Plains Energy completed registered public offerings of 60.5 million shares of common stock for total net proceeds of $1.55 billion and 17.3 million depositary shares each representing a 1/20th interest in a share of Series B Preferred Stock for total net proceeds of $836.2 million in October 2016 and issued, at a discount, $4.3 billion of unsecured senior notes in March 2017. Great Plains Energy also entered into a stock purchase agreement with OCM Credit Portfolio LP (OMERS), pursuant to which Great Plains Energy would issue and sell to OMERS 750,000 shares of preferred stock of Great Plains Energy designated as 7.25% Mandatory Convertible Preferred Stock, Series A (Series A Preferred Stock), without par value, for an aggregate purchase price equal to $750 million at the closing of the acquisition. In addition to the financings discussed above, Great Plains Energy also entered into a senior unsecured bridge term loan facility in connection with the Original Merger Agreement in an aggregate principal amount of $8.017 billion (which was subsequently reduced to $864.5 million as a result of the completed financings noted above) to support the anticipated transaction and provide flexibility for the timing of long-term financing. In July 2017, as a result of the Amended Merger Agreement, the following occurred with regards to Great Plains Energy's acquisition financing arrangements: • Great Plains Energy redeemed its $4.3 billion of unsecured senior notes at a redemption price of 101% of the aggregate principle amount, plus accrued and unpaid interest. See Note 10 for additional information; • Great Plains Energy issued a notice of redemption for its Series B Preferred Stock. The Series B Preferred Stock will be redeemed on August 17, 2017 at a redemption price that is equal to a make-whole formula. See Note 11 for additional information; • 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 will record $15 million of deferred offering fees to expense in the third quarter of 2017; and • Great Plains Energy terminated its $864.5 million unsecured bridge term loan facility. Under the Amended Merger Agreement, Great Plains Energy is required to have not less than $1.25 billion in cash and cash equivalents on its balance sheet at the closing of the anticipated merger with Westar. It is expected that this excess cash will be returned to shareholders of the combined company through the repurchase of common stock in a series of transactions over time after the closing of the anticipated merger. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 3. SUPPLEMENTAL CASH FLOW INFORMATION Great Plains Energy Other Operating Activities Year to Date June 30 2017 2016 Cash flows affected by changes in: (millions) Receivables $ (10.4 ) $ (64.0 ) Accounts receivable pledged as collateral 0.2 1.3 Fuel inventories 19.5 14.5 Materials and supplies (6.3 ) (4.8 ) Accounts payable (141.7 ) (84.1 ) Accrued taxes 50.7 54.3 Accrued interest 41.9 0.3 Deferred refueling outage costs 8.1 9.5 Pension and post-retirement benefit obligations 39.1 38.8 Allowance for equity funds used during construction (1.7 ) (2.4 ) Fuel recovery mechanisms (11.7 ) (2.3 ) Other (6.4 ) (39.7 ) Total other operating activities $ (18.7 ) $ (78.6 ) Cash paid during the period: Interest $ 107.7 $ 96.8 Income taxes $ 0.1 $ 0.2 Non-cash investing activities: Liabilities accrued for capital expenditures $ 31.8 $ 30.6 KCP&L Other Operating Activities Year to Date June 30 2017 2016 Cash flows affected by changes in: (millions) Receivables $ (1.3 ) $ (37.6 ) Fuel inventories 9.4 9.7 Materials and supplies (4.5 ) (3.6 ) Accounts payable (90.6 ) (48.0 ) Accrued taxes 56.7 106.1 Accrued interest (1.6 ) (1.5 ) Deferred refueling outage costs 8.1 9.5 Pension and post-retirement benefit obligations 36.8 39.0 Allowance for equity funds used during construction (1.7 ) (2.1 ) Fuel recovery mechanisms (3.6 ) (19.4 ) Other (13.0 ) (32.2 ) Total other operating activities $ (5.3 ) $ 19.9 Cash paid during the period: Interest $ 66.6 $ 65.5 Non-cash investing activities: Liabilities accrued for capital expenditures $ 26.5 $ 16.5 |
Receivables
Receivables | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loans Notes Trade And Other Receivables Disclosure And Transfers And Servicing Of Financial Asset [Text Block] | 4. RECEIVABLES Great Plains Energy's and KCP&L's receivables are detailed in the following table. June 30 December 31 2017 2016 Great Plains Energy (millions) Customer accounts receivable - billed $ 13.6 $ 26.2 Customer accounts receivable - unbilled 120.6 79.1 Allowance for doubtful accounts - customer accounts receivable (5.1 ) (4.0 ) Other receivables 47.6 64.7 Total $ 176.7 $ 166.0 KCP&L Customer accounts receivable - billed $ 12.9 $ 25.5 Customer accounts receivable - unbilled 90.9 63.7 Allowance for doubtful accounts - customer accounts receivable (2.3 ) (1.8 ) Other receivables 35.9 51.7 Total $ 137.4 $ 139.1 Great Plains Energy's and KCP&L's other receivables at June 30, 2017 , and December 31, 2016 , consisted primarily of receivables from partners in jointly owned electric utility plants and wholesale sales receivables. Sale of Accounts Receivable – KCP&L and GMO KCP&L and GMO sell all of their retail electric accounts receivable to their wholly owned subsidiaries, KCP&L Receivables Company and GMO Receivables Company, respectively, which in turn sell an undivided percentage ownership interest in the accounts receivable to Victory Receivables Corporation, an independent outside investor. Each of KCP&L Receivables Company's and GMO Receivables Company's sale of the undivided percentage ownership interest in accounts receivable to Victory Receivables Corporation is accounted for as a secured borrowing with accounts receivable pledged as collateral and a corresponding short-term collateralized note payable recognized on the balance sheets. At June 30, 2017 , and December 31, 2016 , Great Plains Energy's accounts receivable pledged as collateral and the corresponding short-term collateralized note payable were $172.2 million and $172.4 million , respectively. At June 30, 2017 , and December 31, 2016 , KCP&L's accounts receivable pledged as collateral and the corresponding short-term collateralized note payable were $110.0 million . KCP&L's agreement expires in September 2017 and allows for $110 million in aggregate outstanding principal amount of borrowings at any time. GMO's agreement expires in September 2017 and allows for $65 million in aggregate outstanding principal of borrowings from mid-November through mid-June and then increases to $80 million from mid-June through mid-November. KCP&L and GMO expect to renew these agreements for at least one year. |
Nuclear Plant
Nuclear Plant | 6 Months Ended |
Jun. 30, 2017 | |
Nuclear Plant [Abstract] | |
Nuclear Plant | 5. NUCLEAR PLANT KCP&L owns 47% of Wolf Creek Generating Station (Wolf Creek), its only nuclear generating unit. Wolf Creek is located in Coffey County, Kansas, just northeast of Burlington, Kansas. Wolf Creek's operating license expires in 2045. Wolf Creek is regulated by the NRC with respect to licensing, operations and safety-related requirements. Spent Nuclear Fuel and High-Level Radioactive Waste Under the Nuclear Waste Policy Act of 1982, the Department of Energy (DOE) is responsible for the permanent disposal of spent nuclear fuel. Wolf Creek historically paid the DOE a quarterly fee of one-tenth of a cent for each kWh of net nuclear generation delivered and sold for the future disposal of spent nuclear fuel. In May 2014, this fee was set to zero. In 2010, the DOE filed a motion with the NRC to withdraw its then pending application to the NRC to construct a national repository for the disposal of spent nuclear fuel and high-level radioactive waste at Yucca Mountain, Nevada. An NRC board denied the DOE's motion to withdraw its application. In 2011, the NRC announced that it was evenly divided on whether to take affirmative action to overturn or uphold the board's decision and ordered the licensing board, consistent with budgetary limitations, to close out its work on the DOE's application. In August 2013, a federal court of appeals ruled that the NRC must resume its review of the DOE's application to the extent of appropriated funds. With the available funds, the NRC was able to complete its technical review of the Yucca Mountain application but was not able to resume the licensing hearing. Wolf Creek is currently evaluating alternatives for expanding its existing on-site spent nuclear fuel storage to provide additional capacity prior to 2025. Management cannot predict when, or if, an off-site storage site or alternative disposal site will be available to receive Wolf Creek's spent nuclear fuel and will continue to monitor this activity. Low-Level Radioactive Waste Wolf Creek disposes of most of its low-level radioactive waste (Class A waste) at an existing third-party repository in Utah. Management expects that the site located in Utah will remain available to Wolf Creek for disposal of its Class A waste. Wolf Creek has contracted with a waste processor that will process, take title and dispose in another state most of the remainder of Wolf Creek's low-level radioactive waste (Classes B and C waste, which is higher in radioactivity but much lower in volume). Should on-site waste storage be needed in the future, Wolf Creek has current storage capacity on site for about four years' generation of Classes B and C waste and believes it will be able to expand that storage capacity as needed if it becomes necessary to do so. Nuclear Decommissioning Trust Fund The following table summarizes the change in Great Plains Energy's and KCP&L's nuclear decommissioning trust fund. June 30 December 31 2017 2016 Decommissioning Trust (millions) Beginning balance January 1 $ 222.9 $ 200.7 Contributions 1.6 3.3 Earned income, net of fees 2.0 4.1 Net realized gains 0.3 0.3 Net unrealized gains 11.6 14.5 Ending balance $ 238.4 $ 222.9 The nuclear decommissioning trust is reported at fair value on the balance sheets and is invested in assets as detailed in the following table. June 30, 2017 December 31, 2016 Cost Basis Unrealized Gains Unrealized Losses Fair Value Cost Basis Unrealized Gains Unrealized Losses Fair Value (millions) Equity securities $ 94.3 $ 72.3 $ (0.8 ) $ 165.8 $ 93.3 $ 62.1 $ (1.5 ) $ 153.9 Debt securities 67.0 2.8 (0.3 ) 69.5 63.4 2.3 (0.5 ) 65.2 Other 3.1 — — 3.1 3.8 — — 3.8 Total $ 164.4 $ 75.1 $ (1.1 ) $ 238.4 $ 160.5 $ 64.4 $ (2.0 ) $ 222.9 The weighted average maturity of debt securities held by the trust at June 30, 2017 , was approximately 8 years. The costs of securities sold are determined on the basis of specific identification. The following table summarizes the realized gains and losses from the sale of securities in the nuclear decommissioning trust fund. Three Months Ended Year to Date 2017 2016 2017 2016 (millions) Realized gains $ 0.1 $ 0.2 $ 0.4 $ 0.9 Realized losses — (0.3 ) (0.1 ) (1.0 ) |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2017 | |
Regulated Operations [Abstract] | |
Regulatory Matters | 6 . REGULATORY MATTERS KCP&L Kansas 2016 Abbreviated Rate Case Proceedings In November 2016, KCP&L filed an abbreviated application with KCC to request a decrease to its retail revenues of $2.8 million , reflecting the true-up to actuals of construction and environmental upgrade costs at the La Cygne station and Wolf Creek capital addition costs and the removal of certain regulatory asset and liability amortizations. The previously approved return on equity and rate-making ratio for KCP&L was not addressed in this case. In April 2017, KCP&L, KCC staff and the Citizens' Utility Ratepayer Board filed a joint motion to approve a unanimous settlement agreement with KCC that requested a decrease in retail revenues of $3.6 million . In June 2017, KCC issued an order approving the unanimous settlement agreement. The rates established by the order took effect on June 28, 2017. KCP&L Missouri 2016 Rate Case Proceedings In July 2016, KCP&L filed an application with the MPSC to request an increase to its retail revenues of $62.9 million , with a return on equity of 9.9% and a rate-making equity ratio of 49.88% . The request reflects increases in infrastructure investment costs, costs for regional transmission lines, property tax costs and costs to comply with environmental and cybersecurity mandates. KCP&L also requested an additional $27.2 million increase associated with rebasing fuel and purchased power expense. In May 2017, the MPSC issued an order for KCP&L authorizing an increase in annual revenues of $32.5 million , a return on equity of 9.5% and a rate-making equity ratio of approximately 49.2% . The rates established by the order took effect on June 8, 2017. |
Pension Plans and Other Employe
Pension Plans and Other Employee Benefits | 6 Months Ended |
Jun. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plans and Other Employee Benefits | 7. PENSION PLANS AND OTHER EMPLOYEE BENEFITS Great Plains Energy maintains defined benefit pension plans for the majority of KCP&L's and GMO's active and inactive employees, including officers, and its 47% ownership share of Wolf Creek Nuclear Operating Corporation (WCNOC) defined benefit plans. For the majority of employees, pension benefits under these plans reflect the employees' compensation, years of service and age at retirement. Effective in 2014, the non-union plan was closed to future employees. Great Plains Energy also provides certain post-retirement health care and life insurance benefits for substantially all retired employees of KCP&L, GMO and its 47% ownership share of WCNOC. KCP&L and GMO record pension and post-retirement expense in accordance with rate orders from the MPSC and KCC that allow the difference between pension and post-retirement costs under GAAP and costs for ratemaking to be recognized as a regulatory asset or liability. This difference between financial and regulatory accounting methods is due to timing and will be eliminated over the life of the plans. The following tables provide Great Plains Energy's components of net periodic benefit costs prior to the effects of capitalization and sharing with joint owners of power plants. Pension Benefits Other Benefits Three Months Ended June 30 2017 2016 2017 2016 Components of net periodic benefit costs (millions) Service cost $ 11.0 $ 10.5 $ 0.5 $ 0.6 Interest cost 13.4 13.3 1.4 1.6 Expected return on plan assets (12.8 ) (12.3 ) (0.7 ) (0.7 ) Prior service cost 0.2 0.1 — 0.3 Recognized net actuarial (gain)/loss 12.4 12.9 (0.1 ) (0.4 ) Net periodic benefit costs before regulatory adjustment 24.2 24.5 1.1 1.4 Regulatory adjustment 1.7 (1.0 ) 0.5 1.5 Net periodic benefit costs $ 25.9 $ 23.5 $ 1.6 $ 2.9 Pension Benefits Other Benefits Year to Date June 30 2017 2016 2017 2016 Components of net periodic benefit costs (millions) Service cost $ 22.0 $ 21.0 $ 1.0 $ 1.3 Interest cost 26.8 26.5 2.7 3.1 Expected return on plan assets (25.6 ) (24.6 ) (1.3 ) (1.5 ) Prior service cost 0.4 0.3 — 0.6 Recognized net actuarial (gain)/loss 24.8 25.9 (0.2 ) (0.8 ) Net periodic benefit costs before regulatory adjustment 48.4 49.1 2.2 2.7 Regulatory adjustment 2.5 (2.0 ) 1.8 3.0 Net periodic benefit costs $ 50.9 $ 47.1 $ 4.0 $ 5.7 Year to date June 30, 2017 , Great Plains Energy contributed $16.0 million to the pension plans and expects to contribute an additional $63.6 million in 2017 to satisfy the Employee Retirement Income Security Act of 1974, as amended (ERISA) funding requirements and the MPSC and KCC rate orders, the majority of which is expected to be paid by KCP&L. Also in 2017 , Great Plains Energy expects to make contributions of $4.1 million to the post-retirement benefit plans, the majority of which is expected to be paid by KCP&L. |
Equity Compensation
Equity Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Compensation | 8. EQUITY COMPENSATION Great Plains Energy's Long-Term Incentive Plan is an equity compensation plan approved by Great Plains Energy's shareholders. The Long-Term Incentive Plan permits the grant of restricted stock, restricted stock units, bonus shares, stock options, stock appreciation rights, director shares, director deferred share units, performance shares and other stock-based awards to directors, officers and other employees of Great Plains Energy and KCP&L. Forfeiture rates are based on historical forfeitures and future expectations and are reevaluated annually. The following table summarizes Great Plains Energy's and KCP&L's equity compensation expense and the associated income tax (expense) benefit. Three Months Ended June 30 Year to Date June 30 2017 2016 2017 2016 Great Plains Energy (millions) Equity compensation expense $ 1.4 $ (0.2 ) $ 2.6 $ 3.5 Income tax (expense) benefit 0.5 (0.2 ) 1.1 1.3 KCP&L Equity compensation expense $ 0.9 $ (0.2 ) $ 1.7 $ 2.3 Income tax (expense) benefit 0.4 (0.2 ) 0.8 0.8 Performance Shares Performance share activity year to date June 30, 2017, is summarized in the following table. 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 (95,065 ) 29.25 Ending balance June 30, 2017 553,476 29.12 * weighted-average At June 30, 2017 , the remaining weighted-average contractual term was 1.6 years. There were no shares granted for the three months ended June 30, 2017, and 2016, respectively. The weighted-average grant-date fair value of shares granted was $31.26 and $31.41 year to date June 30, 2017, and 2016, respectively. At June 30, 2017 , there was $8.8 million of total unrecognized compensation expense, net of forfeiture rates, related to performance shares granted under the Long-Term Incentive Plan, which will be recognized over the remaining weighted-average contractual term. The total fair value of performance shares earned and paid was $6.1 million and $7.4 million year to date June 30, 2017 , and 2016 , respectively. The fair value of performance share awards is estimated using the market value of the Company's stock at the valuation date and a Monte Carlo simulation technique that incorporates assumptions for inputs of expected volatilities, dividend yield and risk-free rates. Expected volatility is based on daily stock price change during a historical period commensurate with the remaining term of the performance period of the grant. The risk-free rate is based upon the rate at the time of the evaluation for zero-coupon government bonds with a maturity consistent with the remaining performance period of the grant. The dividend yield is based on the most recent dividends paid and the actual closing stock price on the valuation date. For shares granted in 2017 , inputs for expected volatility, dividend yield and risk-free rates were 18% , 3.80% and 1.58% , respectively. Restricted Stock Restricted stock activity year to date June 30, 2017, is summarized in the following table. Nonvested Restricted Stock Grant Date Fair Value* Beginning balance January 1, 2017 249,672 $ 27.20 Granted and issued 78,840 28.60 Vested (102,975 ) 27.10 Forfeited (21,864 ) 28.08 Ending balance June 30, 2017 203,673 27.70 * weighted-average At June 30, 2017 , the remaining weighted-average contractual term was 1.7 years. There were no shares granted for the three months ended June 30, 2017. The weighted-average grant-date fair value of shares granted was $28.17 for the three months ended June 30, 2016. The weighted-average grant-date fair value of shares granted was $28.60 and $29.41 year to date June 30, 2017, and 2016, respectively. At June 30, 2017 , there was $2.9 million of total unrecognized compensation expense, net of forfeiture rates, related to nonvested restricted stock granted under the Long-Term Incentive Plan, which will be recognized over the remaining weighted-average contractual term. Total fair value of shares vested was $0.5 million and $2.8 million for the three months ended and year to date June 30, 2017, respectively. No shares vested for the three months ended June 30, 2016. Total fair value of shares vested was $1.6 million year to date June 30, 2016. |
Short-term Borrowings and Short
Short-term Borrowings and Short-term Bank Lines of Credit | 6 Months Ended |
Jun. 30, 2017 | |
Short-term Borrowings and Short-term Bank Lines of Credit [Abstract] | |
Short-term Borrowings and Short-term Bank Lines of Credit [Text Block] | 9 . SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT Great Plains Energy's $200 Million Revolving Credit Facility Great Plains Energy's $200 million revolving credit facility with a group of banks expires in October 2019 . The facility's terms permit transfers of unused commitments between this facility and the KCP&L and GMO facilities discussed below, with the total amount of the facility not exceeding $400 million at any one time. A default by Great Plains Energy or any of its significant subsidiaries on other indebtedness totaling more than $50.0 million is a default under the facility. Under the terms of this facility, Great Plains Energy is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the facility, not greater than 0.65 to 1.00 at all times. At June 30, 2017 , Great Plains Energy was in compliance with this covenant. At June 30, 2017 , and December 31, 2016, Great Plains Energy had no outstanding cash borrowings and had issued $1.0 million in letters of credit under the credit facility. KCP&L's $600 Million Revolving Credit Facility and Commercial Paper KCP&L's $600 million revolving credit facility with a group of banks provides support for its issuance of commercial paper and other general corporate purposes and expires in October 2019 . Great Plains Energy and KCP&L may transfer up to $200 million of unused commitments between Great Plains Energy's and KCP&L's facilities. A default by KCP&L on other indebtedness totaling more than $50.0 million is a default under the facility. Under the terms of this facility, KCP&L is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the facility, not greater than 0.65 to 1.00 at all times. At June 30, 2017 , KCP&L was in compliance with this covenant. At June 30, 2017 , KCP&L had $171.8 million of commercial paper outstanding at a weighted-average interest rate of 1.42% , had issued letters of credit totaling $2.7 million and had no outstanding cash borrowings under the credit facility. At December 31, 2016 , KCP&L had $132.9 million of commercial paper outstanding at a weighted-average interest rate of 0.98% , had issued letters of credit totaling $2.8 million and had no outstanding cash borrowings under the credit facility. GMO's $450 Million Revolving Credit Facility and Commercial Paper GMO's $450 million revolving credit facility with a group of banks provides support for its issuance of commercial paper and other general corporate purposes and expires in October 2019 . Great Plains Energy and GMO may transfer up to $200 million of unused commitments between Great Plains Energy's and GMO's facilities. A default by GMO or any of its significant subsidiaries on other indebtedness totaling more than $50.0 million is a default under the facility. Under the terms of this facility, GMO is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the facility, not greater than 0.65 to 1.00 at all times. At June 30, 2017 , GMO was in compliance with this covenant. At June 30, 2017 , GMO had $252.8 million of commercial paper outstanding at a weighted-average interest rate of 1.43% , had issued letters of credit totaling $2.0 million and had no outstanding cash borrowings under the credit facility. At December 31, 2016 , GMO had $201.9 million of commercial paper outstanding at a weighted-average interest rate of 1.02% , had issued letters of credit totaling $1.9 million and had no outstanding cash borrowings under the credit facility. Great Plains Energy's $864.5 Million Term Loan Facility In connection with the Original Merger Agreement, Great Plains Energy entered into a commitment letter for a 364-day senior unsecured bridge term loan facility, originally for an aggregate principal amount of $8.017 billion to support the anticipated transaction and provide flexibility for the timing of long-term financing. The aggregate principal amount of the facility was reduced most recently in connection with the March 2017 Great Plains Energy senior note issuance and as of June 30, 2017, the available aggregate principal amount of the facility was $864.5 million . The expiration date of the facility was extended to November 30, 2017 in the second quarter of 2017 but the remaining commitment was terminated on July 11, 2017 in connection with the Amended Merger Agreement. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 10. LONG-TERM DEBT Great Plains Energy's and KCP&L's long-term debt is detailed in the following table. June 30 December 31 Year Due 2017 2016 KCP&L (millions) General Mortgage Bonds 2.47% EIRR bonds (a) 2017-2023 $ 110.5 $ 110.5 7.15% Series 2009A (8.59% rate) (b) 2019 400.0 400.0 Senior Notes 5.85% Series (5.72% rate) (b) 2017 — 250.0 6.375% Series (7.49% rate) (b) 2018 350.0 350.0 3.15% Series 2023 300.0 300.0 3.65% Series 2025 350.0 350.0 6.05% Series (5.78% rate) (b) 2035 250.0 250.0 5.30% Series 2041 400.0 400.0 4.20% Series 2047 300.0 — EIRR Bonds 0.863% Series 2007A and 2007B (c) 2035 146.5 146.5 2.875% Series 2008 2038 23.4 23.4 Current maturities (381.0 ) (281.0 ) Unamortized discount and debt issuance costs (17.8 ) (15.4 ) Total KCP&L excluding current maturities (d) 2,231.6 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) (b) 2017 100.0 100.0 2.50% Series 2020 750.0 — 4.85% Series 2021 350.0 350.0 5.292% Series 2022 287.5 287.5 3.15% Series 2022 1,150.0 — 3.90% Series 2027 1,400.0 — 4.85% Series 2047 1,000.0 — Current maturities (101.1 ) (101.1 ) Unamortized discount and premium, net and debt issuance costs (41.8 ) (1.8 ) Total Great Plains Energy excluding current maturities (d) $ 7,571.7 $ 3,365.2 (a) Weighted-average interest rates at June 30, 2017 (b) Rate after amortizing gains/losses recognized in other comprehensive income (OCI) on settlements of interest rate hedging instruments (c) Variable rate (d) At June 30, 2017 , and December 31, 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 Great Plains Energy Senior Notes In March 2017, Great Plains Energy issued, at a discount, the following series of unsecured senior notes: • $750.0 million of 2.50% Notes, maturing in 2020 ; • $1,150.0 million of 3.15% Notes, maturing in 2022 ; • $1,400.0 million of 3.90% Notes, maturing in 2027 ; and • $1,000.0 million of 4.85% Notes, maturing in 2047 . In July 2017, as a result of the Amended Merger Agreement, Great Plains Energy determined in its reasonable judgment that the acquisition of Westar would not close prior to November 30, 2017 and exercised its special optional redemption right to redeem each series of the senior notes issued in March 2017. The redemption price was equal to 101% of the principle amount of the senior notes, including accrued and unpaid interest, for a total redemption cost of $4,400.1 million . As a result of the redemption, Great Plains Energy will record a loss on extinguishment of debt of approximately $83 million in the third quarter of 2017. KCP&L Senior Notes In June 2017, KCP&L issued, at a discount, $300.0 million of 4.20% unsecured Senior Notes, maturing in 2047 . KCP&L also repaid its $250.0 million of 5.85% unsecured Senior Notes at maturity in June 2017. KCP&L General Mortgage Bonds KCP&L repaid its $31.0 million secured Series 1992 EIRR bonds at maturity in July 2017. |
Preferred Stock
Preferred Stock | 6 Months Ended |
Jun. 30, 2017 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Preferred Stock [Text Block] | 11 . PREFERRED STOCK Series A Mandatory Convertible Preferred Stock On May 29, 2016, Great Plains Energy entered into a stock purchase agreement with OMERS, pursuant to which Great Plains Energy will issue and sell to OMERS 750,000 shares of Series A Preferred Stock, for an aggregate purchase price equal to $750 million at the closing of the Original Merger Agreement. In July 2017, as a result of the Amended Merger Agreement, Great Plains Energy and OMERS terminated their stock purchase agreement for the Series A Preferred Stock. As a result of this termination, Great Plains Energy will record $15 million of deferred offering fees to expense in the third quarter of 2017. Series B Mandatory Convertible Preferred Stock Great Plains Energy's Series B Preferred Stock contains an acquisition termination redemption option whereby in the event that the Original Merger Agreement is terminated or if Great Plains Energy determines in its reasonable judgment that the acquisition of Westar will not close or if the acquisition of Westar has not closed by November 30, 2017, then Great Plains Energy could at its sole option (but is not required to) redeem all of the Series B Preferred Stock. If exercised, the redemption price would be equal to either: (a) $1,000 per share plus accumulated and unpaid dividends up to the redemption date; or (b) if the average price of Great Plains Energy's common stock exceeds a certain threshold amount, then a repurchase price that is equal to a make-whole formula. The Series B Preferred Stock also contains a fundamental change conversion option whereby upon the occurrence of certain events deemed to be a fundamental change, including an acquisition, liquidation, or common stock delisting of Great Plains Energy, holders of the Series B Preferred Stock could: (a) convert their existing shares into shares of Great Plains Energy common stock; and (b) receive a dividend make-whole payment. The dividend make-whole provisions within both the acquisition termination redemption and fundamental change conversion options represent embedded derivatives that in accordance with GAAP, should be accounted for on a combined basis separately from the Series B Preferred Stock and reported at fair value. The fair value of the Series B Preferred Stock dividend make-whole provisions at inception was insignificant. The fair value of these provisions as of June 30, 2017 and December 31, 2016, was $57.1 million and insignificant, respectively, and is recorded within Series B Preferred Stock dividend make-whole provisions on the consolidated balance sheets. For both the three months ended and year to date June 30, 2017, Great Plains Energy recognized a $57.1 million loss for the change in fair value within loss on Series B Preferred Stock dividend make-whole provisions on the consolidated statements of comprehensive income (loss). In July 2017, as a result of the Amended Merger Agreement, Great Plains Energy determined in its reasonable judgment that the acquisition of Westar would not close and issued a notice of redemption for its Series B Preferred Stock. The Series B Preferred Stock will be redeemed on August 17, 2017 at a redemption price that is equal to a make-whole formula set forth in the terms of the Series B Preferred Stock. The final value of the redemption price is not yet known as it is based on a twenty day average of Great Plains Energy's stock that ends on August 14, 2017. However, the Company estimates the total redemption value, which includes a component for a number of shares of Great Plains Energy common stock equal to a conversion rate and a dividend make-whole payment, to be approximately $960 million . Great Plains Energy has elected to make the entire redemption payment in cash. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12 . COMMITMENTS AND CONTINGENCIES Environmental Matters Great Plains Energy and KCP&L are subject to extensive federal, state and local environmental laws, regulations and permit requirements relating to air and water quality, waste management and disposal, natural resources and health and safety. In addition to imposing continuing compliance obligations and remediation costs, these laws, regulations and permits authorize the imposition of substantial penalties for noncompliance, including fines, injunctive relief and other sanctions. The cost of complying with current and future environmental requirements is expected to be material to Great Plains Energy and KCP&L. Failure to comply with environmental requirements or to timely recover environmental costs through rates could have a material effect on Great Plains Energy's and KCP&L's results of operations, financial position and cash flows. Great Plains Energy's and KCP&L's current estimates of capital expenditures (exclusive of Allowance for Funds Used During Construction (AFUDC) and property taxes) over the next four years to comply with environmental regulations are in the following table. The total cost of compliance with any existing, proposed or future laws and regulations may be significantly different from these cost estimates provided. 2017 2018 2019 2020 (millions) Great Plains Energy $ 36.3 $ 16.6 $ 9.2 $ 13.7 KCP&L 34.9 16.5 7.9 13.0 The Companies expect to seek recovery of the costs associated with environmental requirements through rate increases; however, there can be no assurance that such rate increases would be granted. The Companies may be subject to materially adverse rate treatment in response to competitive, economic, political, legislative or regulatory factors and/or public perception of the Companies' environmental reputation. The following discussion groups environmental and certain associated matters into the broad categories of air and climate change, water, solid waste and remediation. Clean Air Act and Climate Change Overview The Clean Air Act Amendments of 1990 (Clean Air Act) and associated regulations enacted by the Environmental Protection Agency (EPA) form a comprehensive program to preserve and enhance air quality. States are required to establish regulations and programs to address all requirements of the Clean Air Act and have the flexibility to enact more stringent requirements. All of Great Plains Energy's and KCP&L's generating facilities, and certain of their other facilities, are subject to the Clean Air Act. Climate Change The Companies' current generation capacity is primarily coal-fired and is estimated to produce about one ton of carbon dioxide (CO 2 ) per MWh, or approximately 19 million tons and 15 million tons per year for Great Plains Energy and KCP&L, respectively. The Companies are subject to existing greenhouse gas reporting regulations and certain greenhouse gas requirements. Federal or state legislation concerning the reduction of emissions of greenhouse gases, including CO 2 , could be enacted in the future. At the international level, the Paris Agreement was adopted in December 2015 by nearly 200 countries and became effective in November 2016. The Paris Agreement does not result in any new, legally binding obligations on the United States to meet a particular greenhouse gas emissions target, but establishes a framework for international cooperation on climate change. In June 2017, United States President Donald Trump announced the United States would withdraw from the Paris Agreement. Under the rules of the Paris Agreement, the earliest any country can withdraw is November 2020. Other international agreements legally binding on the United States may be reached in the future. Greenhouse gas legislation has the potential of having significant financial and operational impacts on Great Plains Energy and KCP&L; however, the ultimate financial and operational consequences to Great Plains Energy and KCP&L cannot be determined until such legislation is passed. In the absence of new Congressional mandates, the EPA is proceeding with the regulation of greenhouse gases under the existing Clean Air Act. In August 2015, the EPA finalized CO 2 emission standards for new, modified and reconstructed affected fossil-fuel-fired electric utility generating units. The standards would not apply to Great Plains Energy's and KCP&L's existing units unless the units were modified or reconstructed in the future. Also in August 2015, the EPA finalized its Clean Power Plan which sets CO 2 emission performance rates for existing affected fossil-fuel-fired electric generating units. Nationwide, by 2030, the EPA projects the Clean Power Plan would achieve CO 2 emission reductions from the power sector of approximately 32% from CO 2 emission levels in 2005. In February 2016, the U.S. Supreme Court granted a stay of the Clean Power Plan putting the rule on hold pending review in the United States Court of Appeals for the District of Columbia Circuit and any subsequent review by the U.S. Supreme Court if such review is sought. In March 2017, United States President Donald Trump issued an Executive Order, Promoting Energy Independence and Economic Growth, that contains a number of climate-related actions. As to the Clean Power Plan and related rules, the order instructs the EPA to review the final rules addressing greenhouse gas emissions from existing, new and modified power plants and suspend, revise or rescind the rules if appropriate. The order directs the EPA Administrator to notify the Attorney General of actions pursuant to this order so that the Attorney General may request courts that are judicially reviewing the above rules and associated litigation to stay or otherwise delay further the litigation while the EPA reviews them. Compliance with the Clean Power Plan has the potential of having significant financial and operational impacts on Great Plains Energy and KCP&L; however, the ultimate financial and operational consequences to Great Plains Energy and KCP&L cannot be determined until the outcome of the EPA's review and pending litigation is known. Clean Water Act The Clean Water Act and associated regulations enacted by the EPA form a comprehensive program to restore and preserve water quality. Like the Clean Air Act, states are required to establish regulations and programs to address all requirements of the Clean Water Act, and have the flexibility to enact more stringent requirements. All of Great Plains Energy's and KCP&L's generating facilities, and certain of their other facilities, are subject to the Clean Water Act. In May 2014, the EPA finalized regulations pursuant to Section 316(b) of the Clean Water Act regarding cooling water intake structures pursuant to a court approved settlement. KCP&L generation facilities with cooling water intake structures are subject to the best technology available standards based on studies completed to comply with such standards. The rule provides flexibility to work with the states to develop the best technology available to minimize aquatic species impacted by being pinned against intake screens (impingement) or drawn into cooling water systems (entrainment). Estimated costs to comply with Section 316(b) of the Clean Water Act are included in the estimated capital expenditures table above. KCP&L holds a permit from the Missouri Department of Natural Resources (MDNR) covering water discharge from its Hawthorn Station. The permit authorizes KCP&L to, among other things, withdraw water from the Missouri River for cooling purposes and return the heated water to the Missouri River. KCP&L has applied for a renewal of this permit and the EPA has submitted an interim objection letter regarding the allowable amount of heat that can be contained in the returned water. Until this matter is resolved, KCP&L continues to operate under its current permit. Great Plains Energy and KCP&L cannot predict the outcome of this matter; however, while less significant outcomes are possible, this matter may require a reduction in generation, installation of cooling towers or other technology to cool the water, or both, any of which could have a significant impact on Great Plains Energy's and KCP&L's results of operations, financial position and cash flows. In September 2015, the EPA finalized a revision of the technology-based effluent limitations guidelines and standards regulation to make the existing controls on discharges from steam electric power plants more stringent. The final rule sets the first federal limits on the levels of toxic metals in wastewater that can be discharged from power plants. The new requirements for existing power plants would be phased in between 2018 and 2023. The final rule establishes new or additional requirements for wastewaters associated with the following processes and byproducts at certain KCP&L and GMO stations: flue gas desulfurization, fly ash, bottom ash, flue gas mercury control, and combustion residual leachate from landfills and surface impoundments. In April 2017, the EPA announced its decision to review and reconsider the new requirements and issued an administrative stay to delay the compliance deadlines. Estimated capital costs to comply with the final rule are included in the estimated capital expenditures table above. Solid Waste Solid and hazardous waste generation, storage, transportation, treatment and disposal are regulated at the federal and state levels under various laws and regulations. In December 2014, the EPA finalized regulations to regulate coal combustion residuals (CCRs) under the Resource Conservation and Recovery Act (RCRA) subtitle D to address the risks from the disposal of CCRs generated from the combustion of coal at electric generating facilities. The Companies use coal in generating electricity and dispose of the CCRs in both on-site facilities and facilities owned by third parties. KCP&L's Iatan, La Cygne, and Montrose Stations and GMO's Sibley Station have on-site facilities affected by the rule. The rule requires periodic assessments; groundwater monitoring; location restrictions; design and operating requirements; recordkeeping and notifications; and closure, among other requirements, for CCR units. The rule was promulgated in the Federal Register on April 17, 2015, and became effective six months after promulgation with various obligations effective at specified times within the rule. Estimated capital costs to comply with the CCR rule are included in the estimated capital expenditures table above. Certain requirements of the rule would require Great Plains Energy or KCP&L to expedite or incur additional capital expenditures in the future. Great Plains Energy and KCP&L have asset retirement obligations (AROs) on their balance sheets for closure and post-closure of ponds and landfills containing CCRs. Certain requirements of the rule could in the future require further evaluation of the expected method of compliance and refinement of assumptions underlying the cost estimates for closure and post-closure. Great Plains Energy's and KCP&L's AROs could increase from the amounts presently recorded. Remediation Certain federal and state laws, including the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), hold current and previous owners or operators of contaminated facilities and persons who arranged for the disposal or treatment of hazardous substances liable for the cost of investigation and cleanup. CERCLA and other laws also authorize the EPA and other agencies to issue orders compelling potentially responsible parties to clean up sites that are determined to present an actual or potential threat to human health or the environment. GMO retains some environmental liability for several operations and investments it no longer owns. In addition, GMO also owns, or has acquired liabilities from companies that once owned or operated, former manufactured gas plant (MGP) sites, which are subject to the supervision of the EPA and various state environmental agencies. At June 30, 2017 , and December 31, 2016 , KCP&L had $0.3 million accrued for environmental remediation expenses, which covers ground water monitoring at a former MGP site. The amount accrued was established on an undiscounted basis and KCP&L does not currently have an estimated time frame over which the accrued amount may be paid. In addition to the $0.3 million accrual above, at June 30, 2017 , and December 31, 2016 , Great Plains Energy had $1.4 million accrued for the future investigation and remediation of certain additional GMO identified MGP sites and retained liabilities. This estimate was based upon review of the potential costs associated with conducting investigative and remedial actions at identified sites, as well as the likelihood of whether such actions will be necessary. This estimate could change materially after further investigation, and could also be affected by the actions of environmental agencies and the financial viability of other potentially responsible parties; however, given the uncertainty of these items the possible loss or range of loss in excess of the amount accrued is not estimable. GMO has pursued recovery of remediation costs from insurance carriers and other potentially responsible parties. As a result of a settlement with an insurance carrier, approximately $1.5 million in insurance proceeds less an annual deductible is available to GMO to recover qualified MGP remediation expenses. GMO would seek recovery of additional remediation costs and expenses through rate increases; however, there can be no assurance that such rate increases would be granted. |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2017 | |
Legal Proceedings [Abstract] | |
Contingencies Disclosure [Text Block] | 13. LEGAL PROCEEDINGS GMO Western Energy Crisis In response to complaints of excessive prices in the California energy markets, FERC issued an order in July 2001 requiring net sellers of power in the California markets from October 2, 2000, through June 20, 2001, at prices above a FERC-determined competitive market clearing price, to make refunds to net purchasers of power in the California market during that time period. MPS Merchant was a net purchaser of power during the refund period. In November 2014, FERC issued an order finding that MPS Merchant engaged in tariff violations during the periods prior to October 2, 2000 (the Summer Period) and ordered refunds in the form of disgorgement of certain revenues. In November 2015 and February 2016, FERC issued additional orders regarding the refunds MPS Merchant owed. In October 2016, MPS Merchant reached a settlement agreement, which was subsequently revised in February 2017, with certain California utilities and governmental agencies that would settle all issues in the case in exchange for $7.5 million of cash consideration as well as MPS Merchant's interest in additional funds it was entitled to during the refund period discussed above. In accordance with the terms of the settlement agreement, the $7.5 million of cash consideration will accrue interest at the FERC interest rate beginning on January 1, 2017, until the date paid. The settlement agreement is subject to approval by FERC. At June 30, 2017, and December 31, 2016, Great Plains Energy had accrued for the cash consideration and any applicable interest pursuant to the settlement agreement. |
Related Party Transactions and
Related Party Transactions and Relationships | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Relationships | 14 . RELATED PARTY TRANSACTIONS AND RELATIONSHIPS KCP&L employees manage GMO's business and operate its facilities at cost, including GMO's 18% ownership interest in KCP&L's Iatan Nos. 1 and 2. The operating expenses and capital costs billed from KCP&L to GMO were $47.9 million and $95.8 million , respectively, for the three months ended and year to date June 30, 2017. These costs totaled $47.7 million and $94.9 million , respectively, for the three months ended and year to date June 30, 2016. KCP&L and GMO are also authorized to participate in the Great Plains Energy money pool, an internal financing arrangement in which funds may be lent on a short-term basis to KCP&L and GMO from Great Plains Energy and between KCP&L and GMO. At June 30, 2017, and December 31, 2016, KCP&L had no outstanding receivables or payables under the money pool. The following table summarizes KCP&L's related party net receivables. June 30 December 31 2017 2016 (millions) Net receivable from GMO $ 51.8 $ 64.6 Net receivable from Great Plains Energy 18.6 2.6 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 15. FAIR VALUE MEASUREMENTS GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad categories, giving the highest priority to quoted prices in active markets for identical assets or liabilities and lowest priority to unobservable inputs. A definition of the various levels, as well as discussion of the various measurements within the levels, is as follows: Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets that Great Plains Energy and KCP&L have access to at the measurement date. Level 2 – Market-based inputs for assets or liabilities that are observable (either directly or indirectly) or inputs that are not observable but are corroborated by market data. Level 3 – Unobservable inputs, reflecting Great Plains Energy's and KCP&L's own assumptions about the assumptions market participants would use in pricing the asset or liability. Great Plains Energy and KCP&L record cash and cash equivalents and short-term borrowings on the balance sheet at cost, which approximates fair value due to the short-term nature of these instruments. Interest Rate Derivatives In June 2016, Great Plains Energy entered into four interest rate swaps, with a total notional amount of $4.4 billion , 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. Settlement of the interest rate swaps was contingent on the consummation of the acquisition of Westar. In July 2017, the interest rate swap agreements were amended to make them contingent on the consummation of the anticipated merger with Westar under the Amended Merger Agreement by May 31, 2018, which can be extended to no later than November 30, 2018. The interest rate swaps have been designated as economic hedges (non-hedging derivatives). In March 2017, in connection with Great Plains Energy's $4.3 billion senior note issuance, the settlement value of the interest rate swaps to Great Plains Energy of $140.6 million was fixed. Cash settlement of the $140.6 million is contingent on the consummation of the anticipated merger with Westar no later than November 30, 2018. The fair value of the interest rate swaps recorded on Great Plains Energy's balance sheets reflects a contingency factor 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 the interest rate swaps. The contingency factor was 0.65 and 0.35 at June 30, 2017, and December 31, 2016, respectively. At June 30, 2017, and December 31, 2016, the fair value of the interest rate swaps was $49.2 million and $79.3 million , respectively, and was recorded on the consolidated balance sheets in interest rate derivative instruments. For the three months ended and year to date June 30, 2017, Great Plains Energy recognized a $42.2 million and $30.1 million loss, respectively, in interest charges for the change in fair value. For the three months ended and year to date June 30, 2016, Great Plains Energy recognized a $77.0 million loss in interest charges for the change in fair value. Fair Value of Long-Term Debt Great Plains Energy and KCP&L record long-term debt on the balance sheet at amortized cost. The fair value of long-term debt is measured as a Level 2 liability and is based on quoted market prices, with the incremental borrowing rate for similar debt used to determine fair value if quoted market prices are not available. At June 30, 2017 , the book value and fair value of Great Plains Energy's long-term debt, including current maturities, were $8.1 billion and $8.4 billion , respectively. At December 31, 2016 , the book value and fair value of Great Plains Energy's long-term debt, including current maturities, were $3.8 billion and $4.0 billion , respectively. At June 30, 2017 , the book value and fair value of KCP&L's long-term debt, including current maturities, were $2.6 billion and $2.8 billion , respectively. At December 31, 2016, the book value and fair value of KCP&L's long-term debt, including current maturities, were $2.6 billion and $2.7 billion , respectively. Supplemental Executive Retirement Plan At June 30, 2017, and December 31, 2016, GMO's Supplemental Executive Retirement Plan (SERP) rabbi trusts included $15.2 million and $16.0 million , respectively, of fixed income funds valued at net asset value per share (or its equivalent) that are not categorized in the fair value hierarchy. The fixed income fund invests primarily in intermediate and long-term debt securities, can be redeemed immediately and is not subject to any restrictions on redemptions. The following tables include Great Plains Energy's and KCP&L's balances of financial assets and liabilities measured at fair value on a recurring basis. Description June 30 Level 1 Level 2 Level 3 KCP&L (millions) Assets Nuclear decommissioning trust (a) Equity securities $ 165.8 $ 165.8 $ — $ — Debt securities U.S. Treasury 32.7 32.7 — — U.S. Agency 1.1 — 1.1 — State and local obligations 4.1 — 4.1 — Corporate bonds 31.5 — 31.5 — Foreign governments 0.1 — 0.1 — Cash equivalents 3.1 3.1 — — Total nuclear decommissioning trust 238.4 201.6 36.8 — Self-insured health plan trust (b) Equity securities 0.7 0.7 — — Debt securities 2.5 — 2.5 — Cash and cash equivalents 8.2 8.2 — — Total self-insured health plan trust 11.4 8.9 2.5 — Total $ 249.8 $ 210.5 $ 39.3 $ — Other Great Plains Energy Assets Interest rate derivative instruments (c) $ 49.2 $ — $ — $ 49.2 Total $ 49.2 $ — $ — $ 49.2 Liabilities Series B Preferred Stock dividend make-whole provisions (d) $ 57.1 $ — $ — $ 57.1 Total $ 57.1 $ — $ — $ 57.1 Great Plains Energy Assets Nuclear decommissioning trust (a) $ 238.4 $ 201.6 $ 36.8 $ — Self-insured health plan trust (b) 11.4 8.9 2.5 — Interest rate derivative instruments (c) 49.2 — — 49.2 Total $ 299.0 $ 210.5 $ 39.3 $ 49.2 Liabilities Series B Preferred Stock dividend make-whole provisions (d) $ 57.1 $ — $ — $ 57.1 Total $ 57.1 $ — $ — $ 57.1 Description December 31 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 June 30, 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 0.65 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 (LIBOR) 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 in response to facts and circumstances that in the view of a market participant, would increase the likelihood that the acquisition of Westar is not consummated. Because of the unobservable nature of the contingency factor, the interest rate derivatives have been classified as Level 3. (d) At June 30, 2017, the fair value of the Series B Preferred Stock dividend make-whole provisions is determined by calculating the present value of all dividend payments on all outstanding shares of Series B Preferred Stock for all the remaining dividend periods, excluding accumulated and unpaid dividends, discounted by a contingency factor of 0.53 that management believes is representative of the probability that conditions would be met that would result in a dividend make-whole payment being made under either the acquisition termination redemption or the fundamental change conversion options of the Series B Preferred Stock. These conditions include the probability that a qualifying acquisition termination event occurs, the probability Great Plains Energy would elect to redeem the Series B Preferred Stock upon the occurrence of a qualifying event and the probability that Great Plains Energy's average stock price exceeds a certain threshold amount. A decrease in the contingency factor would result in a higher fair value measurement. Because of the unobservable nature of the contingency factor, the dividend make-whole provision has been classified as Level 3. The following tables reconcile the beginning and ending balances for all Level 3 assets and liabilities measured at fair value on a recurring basis. Great Plains Energy Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Derivative Instruments 2017 2016 (millions) Net asset at April 1 $ 91.4 $ — Total unrealized losses: included in interest charges (42.2 ) (77.0 ) included in loss on Series B Preferred Stock dividend make-whole provisions (57.1 ) — Net liability at June 30 $ (7.9 ) $ (77.0 ) Total unrealized losses relating to assets and liabilities still on the consolidated balance sheet at June 30: included in interest charges $ (42.2 ) $ (77.0 ) included in loss on Series B Preferred Stock dividend make-whole provisions (57.1 ) — 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 unrealized losses: included in interest charges (30.1 ) (77.0 ) included in loss on Series B Preferred Stock dividend make-whole provisions (57.1 ) — Net liability at June 30 $ (7.9 ) $ (77.0 ) Total unrealized losses relating to assets and liabilities still on the consolidated balance sheet at June 30: included in interest charges $ (30.1 ) $ (77.0 ) included in loss on Series B Preferred Stock dividend make-whole provisions (57.1 ) — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) [Text Block] | 16 . ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables reflect the change in the balances of each component of accumulated other comprehensive loss for Great Plains Energy and KCP&L. Great Plains Energy Gains and Losses on Cash Flow Hedges (a) Defined Benefit Pension Items (a) Total (a) (millions) Year to Date June 30, 2017 Beginning balance January 1 $ (4.5 ) $ (2.1 ) $ (6.6 ) Amounts reclassified from accumulated other comprehensive loss 2.8 0.2 3.0 Net current period other comprehensive income 2.8 0.2 3.0 Ending balance June 30 $ (1.7 ) $ (1.9 ) $ (3.6 ) Year to Date June 30, 2016 Beginning balance January 1 $ (10.1 ) $ (1.9 ) $ (12.0 ) Amounts reclassified from accumulated other comprehensive loss 2.8 0.2 3.0 Net current period other comprehensive income 2.8 0.2 3.0 Ending balance June 30 $ (7.3 ) $ (1.7 ) $ (9.0 ) (a) Net of tax KCP&L Gains and Losses on Cash Flow Hedges (a) (millions) Year to Date June 30, 2017 Beginning balance January 1 $ (4.2 ) Amounts reclassified from accumulated other comprehensive loss 2.6 Net current period other comprehensive income 2.6 Ending balance June 30 $ (1.6 ) Year to Date June 30, 2016 Beginning balance January 1 $ (9.6 ) Amounts reclassified from accumulated other comprehensive loss 2.8 Net current period other comprehensive income 2.8 Ending balance June 30 $ (6.8 ) (a) Net of tax The following tables reflect the effect on certain line items of net income from amounts reclassified out of each component of accumulated other comprehensive loss for Great Plains Energy and KCP&L. Great Plains Energy Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Income Statement Three Months Ended June 30 2017 2016 (millions) Gains and (losses) on cash flow hedges (effective portion) Interest rate contracts $ (2.3 ) $ (2.2 ) Interest charges (2.3 ) (2.2 ) Income (loss) before income tax (expense) benefit and income from equity investments 0.9 0.8 Income tax (expense) benefit $ (1.4 ) $ (1.4 ) Net income (loss) Amortization of defined benefit pension items Net losses included in net periodic benefit costs $ (0.2 ) $ (0.2 ) Utility operating and maintenance expenses (0.2 ) (0.2 ) Income (loss) before income tax (expense) benefit and income from equity investments 0.1 0.1 Income tax (expense) benefit $ (0.1 ) $ (0.1 ) Net income (loss) Total reclassifications, net of tax $ (1.5 ) $ (1.5 ) Net income (loss) Great Plains Energy Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Income Statement Year to Date June 30 2017 2016 (millions) Gains and (losses) on cash flow hedges (effective portion) Interest rate contracts $ (4.6 ) $ (4.6 ) Interest charges (4.6 ) (4.6 ) Income (loss) before income tax (expense) benefit and income from equity investments 1.8 1.8 Income tax (expense) benefit $ (2.8 ) $ (2.8 ) Net income (loss) Amortization of defined benefit pension items Net losses included in net periodic benefit costs $ (0.4 ) $ (0.4 ) Utility operating and maintenance expenses (0.4 ) (0.4 ) Income (loss) before income tax (expense) benefit and income from equity investments 0.2 0.2 Income tax (expense) benefit $ (0.2 ) $ (0.2 ) Net income (loss) Total reclassifications, net of tax $ (3.0 ) $ (3.0 ) Net income (loss) KCP&L Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Income Statement Three Months Ended June 30 2017 2016 (millions) Gains and (losses) on cash flow hedges (effective portion) Interest rate contracts $ (2.2 ) $ (2.1 ) Interest charges (2.2 ) (2.1 ) Income before income tax expense 0.9 0.7 Income tax benefit Total reclassifications, net of tax $ (1.3 ) $ (1.4 ) Net income KCP&L Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Income Statement Year to Date June 30 2017 2016 (millions) Gains and (losses) on cash flow hedges (effective portion) Interest rate contracts $ (4.4 ) $ (4.4 ) Interest charges (4.4 ) (4.4 ) Income before income tax expense 1.8 1.6 Income tax benefit Total reclassifications, net of tax $ (2.6 ) $ (2.8 ) Net income |
Taxes
Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 17. TAXES Components of income tax expense are detailed in the following tables. Three Months Ended June 30 Year to Date Great Plains Energy 2017 2016 2017 2016 Current income taxes (millions) Federal $ — $ — $ — $ (0.1 ) State (0.2 ) 0.1 — 0.3 Total (0.2 ) 0.1 — 0.2 Deferred income taxes Federal (7.4 ) 11.7 (11.9 ) 21.4 State (1.4 ) 3.1 (2.5 ) 5.4 Total (8.8 ) 14.8 (14.4 ) 26.8 Investment tax credit Deferral — 2.5 — 2.5 Amortization (0.3 ) (0.3 ) (0.7 ) (0.7 ) Total (0.3 ) 2.2 (0.7 ) 1.8 Income tax expense (benefit) $ (9.3 ) $ 17.1 $ (15.1 ) $ 28.8 Three Months Ended June 30 Year to Date June 30 KCP&L 2017 2016 2017 2016 Current income taxes (millions) Federal $ 14.5 $ 0.8 $ 14.4 $ 1.2 State 2.6 0.2 2.6 0.3 Total 17.1 1.0 17.0 1.5 Deferred income taxes Federal 9.1 30.6 16.9 39.0 State 2.0 6.0 3.4 8.0 Total 11.1 36.6 20.3 47.0 Investment tax credit amortization (0.2 ) (0.3 ) (0.5 ) (0.5 ) Income tax expense $ 28.0 $ 37.3 $ 36.8 $ 48.0 Effective Income Tax Rates Effective income tax rates reflected in the financial statements and the reasons for their differences from the statutory federal rates are detailed in the following tables. Three Months Ended June 30 Year to Date June 30 Great Plains Energy 2017 2016 2017 2016 Federal statutory income tax rate 35.0 % 35.0 % 35.0 % 35.0 % Differences between book and tax depreciation not normalized — — — 0.2 Amortization of investment tax credits (0.8 ) (0.7 ) (0.6 ) (0.8 ) Federal income tax credits (3.1 ) (5.9 ) (2.3 ) (6.8 ) State income taxes 6.3 4.2 5.3 4.2 Transaction-related costs 19.3 — 11.4 — Other — 2.1 (1.2 ) 1.2 Effective income tax rate 56.7 % 34.7 % 47.6 % 33.0 % Three Months Ended June 30 Year to Date June 30 KCP&L 2017 2016 2017 2016 Federal statutory income tax rate 35.0 % 35.0 % 35.0 % 35.0 % Differences between book and tax depreciation not normalized (0.2 ) (0.1 ) (0.2 ) — Amortization of investment tax credits (0.4 ) (0.3 ) (0.4 ) (0.4 ) Federal income tax credits (1.8 ) (2.3 ) (1.8 ) (3.7 ) State income taxes 3.8 3.9 3.9 3.9 Other (0.3 ) (0.1 ) 0.1 (0.2 ) Effective income tax rate 36.1 % 36.1 % 36.6 % 34.6 % The increase in Great Plains Energy's effective income tax rate for the three months ended and year to date June 30, 2017, compared to the same periods in 2016, is primarily driven by significant transaction-related costs incurred in connection with the anticipated merger with Westar and the previous plan to acquire Westar that are not deductible for tax purposes. |
Segments and Related Informatio
Segments and Related Information | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segments and Related Information | 18 . SEGMENTS AND RELATED INFORMATION Great Plains Energy has one reportable segment based on its method of internal reporting, which segregates reportable segments based on products and services, management responsibility and regulation. The one reportable business segment is electric utility, consisting of KCP&L, GMO's regulated utility operations and GMO Receivables Company. Other includes GMO activity other than its regulated utility operations, GPETHC and unallocated corporate charges including certain costs to achieve the anticipated merger with Westar. The summary of significant accounting policies applies to the reportable segment. Segment performance is evaluated based on net income (loss). The following tables reflect summarized financial information concerning Great Plains Energy's reportable segment. Three Months Ended June 30, 2017 Electric Utility Other Eliminations Great Plains Energy (millions) Operating revenues $ 682.6 $ — $ — $ 682.6 Depreciation and amortization (94.7 ) — — (94.7 ) Interest (charges) income (50.1 ) (103.2 ) 8.0 (145.3 ) Income tax (expense) benefit (39.8 ) 49.1 — 9.3 Net income (loss) 68.4 (75.4 ) — (7.0 ) Year to Date June 30, 2017 Electric Utility Other Eliminations Great Plains Energy (millions) Operating revenues $ 1,253.3 $ — $ — $ 1,253.3 Depreciation and amortization (185.0 ) — — (185.0 ) Interest (charges) income (100.2 ) (127.7 ) 16.0 (211.9 ) Income tax (expense) benefit (49.9 ) 65.0 — 15.1 Net income (loss) 84.5 (101.1 ) — (16.6 ) Three Months Ended June 30, 2016 Electric Utility Other Eliminations Great Plains Energy (millions) Operating revenues $ 670.8 $ — $ — $ 670.8 Depreciation and amortization (85.3 ) — — (85.3 ) Interest (charges) income (49.0 ) (91.9 ) 8.0 (132.9 ) Income tax (expense) benefit (51.2 ) 34.1 — (17.1 ) Net income (loss) 88.3 (56.3 ) — 32.0 Year to Date June 30, 2016 Electric Utility Other Eliminations Great Plains Energy (millions) Operating revenues $ 1,242.9 $ — $ — $ 1,242.9 Depreciation and amortization (170.5 ) — — (170.5 ) Interest (charges) income (98.1 ) (102.0 ) 16.0 (184.1 ) Income tax (expense) benefit (64.3 ) 35.5 — (28.8 ) Net income (loss) 117.3 (58.9 ) — 58.4 Electric Utility Other Eliminations Great Plains Energy June 30, 2017 (millions) Assets $ 11,531.1 $ 6,674.7 $ (399.4 ) $ 17,806.4 Capital expenditures (a) 247.0 — — 247.0 December 31, 2016 Assets $ 11,444.2 $ 2,461.3 $ (335.5 ) $ 13,570.0 Capital expenditures (a) 609.4 — — 609.4 |
Plant to be Retired, Net
Plant to be Retired, Net | 6 Months Ended |
Jun. 30, 2017 | |
Plant to be Retired, Net [Abstract] | |
Plant to be Retired, Net Disclosure | 19. PLANT TO BE RETIRED, NET When Great Plains Energy and KCP&L retire utility plant, the original cost, net of salvage, is charged to accumulated depreciation. However, when it becomes probable an asset will be retired significantly in advance of its original expected useful life and in the near term, the cost of the asset and related accumulated depreciation is recognized as a separate asset as a probable abandonment. If the asset is still in service, the net amount is classified as plant to be retired, net on the consolidated balance sheets. If the asset is no longer in service, the net amount is classified in regulatory assets on the consolidated balance sheets. Great Plains Energy and KCP&L must also assess the probability of full recovery of the remaining net book value of the abandonment. The net book value that may be retained as an asset on the balance sheet for the abandonment is dependent upon amounts that may be recovered through regulated rates, including any return. An impairment charge, if any, would equal the difference between the remaining net book value of the asset and the present value of the future revenues expected from the asset. In June 2017, Great Plains Energy and KCP&L announced the expected retirement of certain older generating units, including GMO's Sibley No. 3 Unit, over the next several years. As of June 30, 2017, Great Plains Energy has determined that Sibley No. 3 Unit meets the criteria to be considered probable of abandonment and has classified its remaining net book value of $149.2 million within plant to be retired, net on its consolidated balance sheet. The Company is currently allowed a full recovery of and a full return on Sibley No. 3 Unit in rates and has concluded that no impairment is required as of June 30, 2017. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Organization [Policy Text Block] | Organization Great Plains Energy, a Missouri corporation incorporated in 2001, is a public utility holding company and does not own or operate any significant assets other than the stock of its subsidiaries and cash and cash equivalents. Great Plains Energy's wholly owned direct subsidiaries with significant operations are as follows: • 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 also wholly owns GPE Transmission Holding Company, LLC (GPETHC). GPETHC owns 13.5% of Transource Energy, LLC (Transource) with the remaining 86.5% owned by AEP Transmission Holding Company, LLC (AEPTHC), a subsidiary of American Electric Power Company, Inc. GPETHC accounts for its investment in Transource under the equity method. Transource is focused on the development of competitive electric transmission projects. Each of Great Plains Energy's and KCP&L's consolidated financial statements includes the accounts of their subsidiaries. Intercompany transactions have been eliminated. Great Plains Energy's sole reportable business segment is electric utility. See Note 18 for additional information. |
Basic and Diluted Earnings per Common Share Calculation [Policy Text Block] | Basic and Diluted Earnings (Loss) per Common Share Calculation To determine basic earnings (loss) per common share (EPS), preferred stock dividend requirements are deducted from net income (loss) before dividing by the average number of common shares outstanding. To determine diluted EPS, preferred stock dividend requirements are added to earnings available for common shareholders for the periods in which the assumed conversion of Great Plains Energy's 7.00% Series B Mandatory Convertible Preferred Stock (Series B Preferred Stock) has a dilutive effect before dividing by the diluted average number of common shares outstanding. The effect of dilutive securities assumes the issuance of common shares applicable to performance shares and restricted stock calculated using the treasury stock method and the number of common shares that would be issued under an assumed conversion of Series B Preferred Stock using the if-converted method. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-07, Compensation-Retirement Benefits , which requires an employer to disaggregate the service cost component from the other components of net benefit cost. The service cost component is to be reported in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components are to be reported separately from service costs and outside of a subtotal of income from operations. The amendments in this update allow only the service cost component to be eligible for capitalization. The new guidance is to be applied retrospectively for the presentation of service cost and other components in the income statement and prospectively for the capitalization of the service cost component. The Companies plan to adopt ASU No. 2017-07 on January 1, 2018, and are evaluating the effect it will have on their consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation , which is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. The Companies adopted ASU No. 2016-09 on January 1, 2017. The cumulative effect from the adoption of ASU No. 2016-09 was insignificant to Great Plains Energy's consolidated financial statements and resulted in a reduction to retained earnings of $0.7 million for KCP&L. The Companies have elected to adopt the cash flow presentation of the excess tax benefits as an operating activity prospectively and no prior periods have been adjusted. In February 2016, the FASB issued ASU No. 2016-02, Leases , which requires an entity that is a lessee to record a right-of-use asset and a lease liability for lease payments on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted and is required to be applied using a modified retrospective approach . Great Plains Energy and KCP&L plan to adopt the new guidance January 1, 2019. The Companies expect that the new guidance will affect the balance sheet by increasing the assets and liabilities recorded related to operating leases and continue to evaluate the effect that ASU No. 2016-02 will have on their income statement, statement of cash flows and related disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in Generally Accepted Accounting Principles (GAAP) when it becomes effective. In August 2015, the FASB issued ASU No. 2015-14, deferring the effective date of ASU No. 2014-09 one year, from January 1, 2017, to January 1, 2018. The Companies plan to adopt ASU No. 2014-09 on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Companies have completed a review of the majority of their revenue arrangements and do not expect the standard to have a material impact on their consolidated financial statements. The Companies are still evaluating the impacts on revenue recognition of their remaining revenue arrangements. The Companies are also in the process of determining their method of adoption, which depends in part on completing the evaluation of the remaining revenue arrangements noted above. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table reconciles Great Plains Energy's basic and diluted EPS. Three Months Ended June 30 Year to Date 2017 2016 2017 2016 Income (loss) (millions, except per share amounts) Net income (loss) $ (7.0 ) $ 32.0 $ (16.6 ) $ 58.4 Less: preferred stock dividend requirements 15.1 0.4 30.2 0.8 Earnings (loss) available for common shareholders $ (22.1 ) $ 31.6 $ (46.8 ) $ 57.6 Common Shares Outstanding Average number of common shares outstanding 215.5 154.6 215.4 154.5 Add: effect of dilutive securities — 0.2 — 0.4 Diluted average number of common shares outstanding 215.5 154.8 215.4 154.9 Basic and diluted EPS $ (0.10 ) $ 0.20 $ (0.22 ) $ 0.37 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Anti-dilutive shares excluded from the computation of diluted EPS are detailed in the following table. Three Months Ended June 30 Year to Date 2017 2016 2017 2016 Assumed conversion of Series B Preferred Stock 29,354,882 — 29,354,882 — Performance shares 14,440 — 53,573 — Restricted stock shares 103,674 — 134,190 — |
Supplemental Cash Flow Inform29
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Great Plains Energy Other Operating Activities Year to Date June 30 2017 2016 Cash flows affected by changes in: (millions) Receivables $ (10.4 ) $ (64.0 ) Accounts receivable pledged as collateral 0.2 1.3 Fuel inventories 19.5 14.5 Materials and supplies (6.3 ) (4.8 ) Accounts payable (141.7 ) (84.1 ) Accrued taxes 50.7 54.3 Accrued interest 41.9 0.3 Deferred refueling outage costs 8.1 9.5 Pension and post-retirement benefit obligations 39.1 38.8 Allowance for equity funds used during construction (1.7 ) (2.4 ) Fuel recovery mechanisms (11.7 ) (2.3 ) Other (6.4 ) (39.7 ) Total other operating activities $ (18.7 ) $ (78.6 ) Cash paid during the period: Interest $ 107.7 $ 96.8 Income taxes $ 0.1 $ 0.2 Non-cash investing activities: Liabilities accrued for capital expenditures $ 31.8 $ 30.6 KCP&L Other Operating Activities Year to Date June 30 2017 2016 Cash flows affected by changes in: (millions) Receivables $ (1.3 ) $ (37.6 ) Fuel inventories 9.4 9.7 Materials and supplies (4.5 ) (3.6 ) Accounts payable (90.6 ) (48.0 ) Accrued taxes 56.7 106.1 Accrued interest (1.6 ) (1.5 ) Deferred refueling outage costs 8.1 9.5 Pension and post-retirement benefit obligations 36.8 39.0 Allowance for equity funds used during construction (1.7 ) (2.1 ) Fuel recovery mechanisms (3.6 ) (19.4 ) Other (13.0 ) (32.2 ) Total other operating activities $ (5.3 ) $ 19.9 Cash paid during the period: Interest $ 66.6 $ 65.5 Non-cash investing activities: Liabilities accrued for capital expenditures $ 26.5 $ 16.5 |
Receivables (Tables)
Receivables (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of receivables [Table Text Block] | Great Plains Energy's and KCP&L's receivables are detailed in the following table. June 30 December 31 2017 2016 Great Plains Energy (millions) Customer accounts receivable - billed $ 13.6 $ 26.2 Customer accounts receivable - unbilled 120.6 79.1 Allowance for doubtful accounts - customer accounts receivable (5.1 ) (4.0 ) Other receivables 47.6 64.7 Total $ 176.7 $ 166.0 KCP&L Customer accounts receivable - billed $ 12.9 $ 25.5 Customer accounts receivable - unbilled 90.9 63.7 Allowance for doubtful accounts - customer accounts receivable (2.3 ) (1.8 ) Other receivables 35.9 51.7 Total $ 137.4 $ 139.1 |
Nuclear Plant (Tables)
Nuclear Plant (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Nuclear Plant [Abstract] | |
Changes in nuclear decommissioning trust fund | The following table summarizes the change in Great Plains Energy's and KCP&L's nuclear decommissioning trust fund. June 30 December 31 2017 2016 Decommissioning Trust (millions) Beginning balance January 1 $ 222.9 $ 200.7 Contributions 1.6 3.3 Earned income, net of fees 2.0 4.1 Net realized gains 0.3 0.3 Net unrealized gains 11.6 14.5 Ending balance $ 238.4 $ 222.9 |
Detail of assets held in nuclear decommissioning trust fund | The nuclear decommissioning trust is reported at fair value on the balance sheets and is invested in assets as detailed in the following table. June 30, 2017 December 31, 2016 Cost Basis Unrealized Gains Unrealized Losses Fair Value Cost Basis Unrealized Gains Unrealized Losses Fair Value (millions) Equity securities $ 94.3 $ 72.3 $ (0.8 ) $ 165.8 $ 93.3 $ 62.1 $ (1.5 ) $ 153.9 Debt securities 67.0 2.8 (0.3 ) 69.5 63.4 2.3 (0.5 ) 65.2 Other 3.1 — — 3.1 3.8 — — 3.8 Total $ 164.4 $ 75.1 $ (1.1 ) $ 238.4 $ 160.5 $ 64.4 $ (2.0 ) $ 222.9 |
Gains and losses from the sale of securities by the nuclear decommissioning trust fund | The following table summarizes the realized gains and losses from the sale of securities in the nuclear decommissioning trust fund. Three Months Ended Year to Date 2017 2016 2017 2016 (millions) Realized gains $ 0.1 $ 0.2 $ 0.4 $ 0.9 Realized losses — (0.3 ) (0.1 ) (1.0 ) |
Pension Plans and Other Emplo32
Pension Plans and Other Employee Benefits (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | The following tables provide Great Plains Energy's components of net periodic benefit costs prior to the effects of capitalization and sharing with joint owners of power plants. Pension Benefits Other Benefits Three Months Ended June 30 2017 2016 2017 2016 Components of net periodic benefit costs (millions) Service cost $ 11.0 $ 10.5 $ 0.5 $ 0.6 Interest cost 13.4 13.3 1.4 1.6 Expected return on plan assets (12.8 ) (12.3 ) (0.7 ) (0.7 ) Prior service cost 0.2 0.1 — 0.3 Recognized net actuarial (gain)/loss 12.4 12.9 (0.1 ) (0.4 ) Net periodic benefit costs before regulatory adjustment 24.2 24.5 1.1 1.4 Regulatory adjustment 1.7 (1.0 ) 0.5 1.5 Net periodic benefit costs $ 25.9 $ 23.5 $ 1.6 $ 2.9 Pension Benefits Other Benefits Year to Date June 30 2017 2016 2017 2016 Components of net periodic benefit costs (millions) Service cost $ 22.0 $ 21.0 $ 1.0 $ 1.3 Interest cost 26.8 26.5 2.7 3.1 Expected return on plan assets (25.6 ) (24.6 ) (1.3 ) (1.5 ) Prior service cost 0.4 0.3 — 0.6 Recognized net actuarial (gain)/loss 24.8 25.9 (0.2 ) (0.8 ) Net periodic benefit costs before regulatory adjustment 48.4 49.1 2.2 2.7 Regulatory adjustment 2.5 (2.0 ) 1.8 3.0 Net periodic benefit costs $ 50.9 $ 47.1 $ 4.0 $ 5.7 |
Equity Compensation (Tables)
Equity Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Equity compensation expense and associated income tax benefits | Three Months Ended June 30 Year to Date June 30 2017 2016 2017 2016 Great Plains Energy (millions) Equity compensation expense $ 1.4 $ (0.2 ) $ 2.6 $ 3.5 Income tax (expense) benefit 0.5 (0.2 ) 1.1 1.3 KCP&L Equity compensation expense $ 0.9 $ (0.2 ) $ 1.7 $ 2.3 Income tax (expense) benefit 0.4 (0.2 ) 0.8 0.8 |
Performance share activity | 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 (95,065 ) 29.25 Ending balance June 30, 2017 553,476 29.12 |
Restricted stock activity | Nonvested Restricted Stock Grant Date Fair Value* Beginning balance January 1, 2017 249,672 $ 27.20 Granted and issued 78,840 28.60 Vested (102,975 ) 27.10 Forfeited (21,864 ) 28.08 Ending balance June 30, 2017 203,673 27.70 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Great Plains Energy's and KCP&L's long-term debt is detailed in the following table. June 30 December 31 Year Due 2017 2016 KCP&L (millions) General Mortgage Bonds 2.47% EIRR bonds (a) 2017-2023 $ 110.5 $ 110.5 7.15% Series 2009A (8.59% rate) (b) 2019 400.0 400.0 Senior Notes 5.85% Series (5.72% rate) (b) 2017 — 250.0 6.375% Series (7.49% rate) (b) 2018 350.0 350.0 3.15% Series 2023 300.0 300.0 3.65% Series 2025 350.0 350.0 6.05% Series (5.78% rate) (b) 2035 250.0 250.0 5.30% Series 2041 400.0 400.0 4.20% Series 2047 300.0 — EIRR Bonds 0.863% Series 2007A and 2007B (c) 2035 146.5 146.5 2.875% Series 2008 2038 23.4 23.4 Current maturities (381.0 ) (281.0 ) Unamortized discount and debt issuance costs (17.8 ) (15.4 ) Total KCP&L excluding current maturities (d) 2,231.6 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) (b) 2017 100.0 100.0 2.50% Series 2020 750.0 — 4.85% Series 2021 350.0 350.0 5.292% Series 2022 287.5 287.5 3.15% Series 2022 1,150.0 — 3.90% Series 2027 1,400.0 — 4.85% Series 2047 1,000.0 — Current maturities (101.1 ) (101.1 ) Unamortized discount and premium, net and debt issuance costs (41.8 ) (1.8 ) Total Great Plains Energy excluding current maturities (d) $ 7,571.7 $ 3,365.2 (a) Weighted-average interest rates at June 30, 2017 (b) Rate after amortizing gains/losses recognized in other comprehensive income (OCI) on settlements of interest rate hedging instruments (c) Variable rate (d) At June 30, 2017 , and December 31, 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 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Environmental Capital Expenditures [Table Text Block] | 2017 2018 2019 2020 (millions) Great Plains Energy $ 36.3 $ 16.6 $ 9.2 $ 13.7 KCP&L 34.9 16.5 7.9 13.0 |
Related Party Transactions an36
Related Party Transactions and Relationships (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of related party receivables and payables [Table Text Block] | The following table summarizes KCP&L's related party net receivables. June 30 December 31 2017 2016 (millions) Net receivable from GMO $ 51.8 $ 64.6 Net receivable from Great Plains Energy 18.6 2.6 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair value of assets and liabilities | The following tables include Great Plains Energy's and KCP&L's balances of financial assets and liabilities measured at fair value on a recurring basis. Description June 30 Level 1 Level 2 Level 3 KCP&L (millions) Assets Nuclear decommissioning trust (a) Equity securities $ 165.8 $ 165.8 $ — $ — Debt securities U.S. Treasury 32.7 32.7 — — U.S. Agency 1.1 — 1.1 — State and local obligations 4.1 — 4.1 — Corporate bonds 31.5 — 31.5 — Foreign governments 0.1 — 0.1 — Cash equivalents 3.1 3.1 — — Total nuclear decommissioning trust 238.4 201.6 36.8 — Self-insured health plan trust (b) Equity securities 0.7 0.7 — — Debt securities 2.5 — 2.5 — Cash and cash equivalents 8.2 8.2 — — Total self-insured health plan trust 11.4 8.9 2.5 — Total $ 249.8 $ 210.5 $ 39.3 $ — Other Great Plains Energy Assets Interest rate derivative instruments (c) $ 49.2 $ — $ — $ 49.2 Total $ 49.2 $ — $ — $ 49.2 Liabilities Series B Preferred Stock dividend make-whole provisions (d) $ 57.1 $ — $ — $ 57.1 Total $ 57.1 $ — $ — $ 57.1 Great Plains Energy Assets Nuclear decommissioning trust (a) $ 238.4 $ 201.6 $ 36.8 $ — Self-insured health plan trust (b) 11.4 8.9 2.5 — Interest rate derivative instruments (c) 49.2 — — 49.2 Total $ 299.0 $ 210.5 $ 39.3 $ 49.2 Liabilities Series B Preferred Stock dividend make-whole provisions (d) $ 57.1 $ — $ — $ 57.1 Total $ 57.1 $ — $ — $ 57.1 Description December 31 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 June 30, 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 0.65 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 (LIBOR) 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 in response to facts and circumstances that in the view of a market participant, would increase the likelihood that the acquisition of Westar is not consummated. Because of the unobservable nature of the contingency factor, the interest rate derivatives have been classified as Level 3. (d) At June 30, 2017, the fair value of the Series B Preferred Stock dividend make-whole provisions is determined by calculating the present value of all dividend payments on all outstanding shares of Series B Preferred Stock for all the remaining dividend periods, excluding accumulated and unpaid dividends, discounted by a contingency factor of 0.53 that management believes is representative of the probability that conditions would be met that would result in a dividend make-whole payment being made under either the acquisition termination redemption or the fundamental change conversion options of the Series B Preferred Stock. These conditions include the probability that a qualifying acquisition termination event occurs, the probability Great Plains Energy would elect to redeem the Series B Preferred Stock upon the occurrence of a qualifying event and the probability that Great Plains Energy's average stock price exceeds a certain threshold amount. A decrease in the contingency factor would result in a higher fair value measurement. Because of the unobservable nature of the contingency factor, the dividend make-whole provision has been classified as Level 3. |
Unobservable inputs reconciliation | The following tables reconcile the beginning and ending balances for all Level 3 assets and liabilities measured at fair value on a recurring basis. Great Plains Energy Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Derivative Instruments 2017 2016 (millions) Net asset at April 1 $ 91.4 $ — Total unrealized losses: included in interest charges (42.2 ) (77.0 ) included in loss on Series B Preferred Stock dividend make-whole provisions (57.1 ) — Net liability at June 30 $ (7.9 ) $ (77.0 ) Total unrealized losses relating to assets and liabilities still on the consolidated balance sheet at June 30: included in interest charges $ (42.2 ) $ (77.0 ) included in loss on Series B Preferred Stock dividend make-whole provisions (57.1 ) — 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 unrealized losses: included in interest charges (30.1 ) (77.0 ) included in loss on Series B Preferred Stock dividend make-whole provisions (57.1 ) — Net liability at June 30 $ (7.9 ) $ (77.0 ) Total unrealized losses relating to assets and liabilities still on the consolidated balance sheet at June 30: included in interest charges $ (30.1 ) $ (77.0 ) included in loss on Series B Preferred Stock dividend make-whole provisions (57.1 ) — |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following tables reflect the change in the balances of each component of accumulated other comprehensive loss for Great Plains Energy and KCP&L. Great Plains Energy Gains and Losses on Cash Flow Hedges (a) Defined Benefit Pension Items (a) Total (a) (millions) Year to Date June 30, 2017 Beginning balance January 1 $ (4.5 ) $ (2.1 ) $ (6.6 ) Amounts reclassified from accumulated other comprehensive loss 2.8 0.2 3.0 Net current period other comprehensive income 2.8 0.2 3.0 Ending balance June 30 $ (1.7 ) $ (1.9 ) $ (3.6 ) Year to Date June 30, 2016 Beginning balance January 1 $ (10.1 ) $ (1.9 ) $ (12.0 ) Amounts reclassified from accumulated other comprehensive loss 2.8 0.2 3.0 Net current period other comprehensive income 2.8 0.2 3.0 Ending balance June 30 $ (7.3 ) $ (1.7 ) $ (9.0 ) (a) Net of tax KCP&L Gains and Losses on Cash Flow Hedges (a) (millions) Year to Date June 30, 2017 Beginning balance January 1 $ (4.2 ) Amounts reclassified from accumulated other comprehensive loss 2.6 Net current period other comprehensive income 2.6 Ending balance June 30 $ (1.6 ) Year to Date June 30, 2016 Beginning balance January 1 $ (9.6 ) Amounts reclassified from accumulated other comprehensive loss 2.8 Net current period other comprehensive income 2.8 Ending balance June 30 $ (6.8 ) (a) Net of tax |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following tables reflect the effect on certain line items of net income from amounts reclassified out of each component of accumulated other comprehensive loss for Great Plains Energy and KCP&L. Great Plains Energy Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Income Statement Three Months Ended June 30 2017 2016 (millions) Gains and (losses) on cash flow hedges (effective portion) Interest rate contracts $ (2.3 ) $ (2.2 ) Interest charges (2.3 ) (2.2 ) Income (loss) before income tax (expense) benefit and income from equity investments 0.9 0.8 Income tax (expense) benefit $ (1.4 ) $ (1.4 ) Net income (loss) Amortization of defined benefit pension items Net losses included in net periodic benefit costs $ (0.2 ) $ (0.2 ) Utility operating and maintenance expenses (0.2 ) (0.2 ) Income (loss) before income tax (expense) benefit and income from equity investments 0.1 0.1 Income tax (expense) benefit $ (0.1 ) $ (0.1 ) Net income (loss) Total reclassifications, net of tax $ (1.5 ) $ (1.5 ) Net income (loss) Great Plains Energy Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Income Statement Year to Date June 30 2017 2016 (millions) Gains and (losses) on cash flow hedges (effective portion) Interest rate contracts $ (4.6 ) $ (4.6 ) Interest charges (4.6 ) (4.6 ) Income (loss) before income tax (expense) benefit and income from equity investments 1.8 1.8 Income tax (expense) benefit $ (2.8 ) $ (2.8 ) Net income (loss) Amortization of defined benefit pension items Net losses included in net periodic benefit costs $ (0.4 ) $ (0.4 ) Utility operating and maintenance expenses (0.4 ) (0.4 ) Income (loss) before income tax (expense) benefit and income from equity investments 0.2 0.2 Income tax (expense) benefit $ (0.2 ) $ (0.2 ) Net income (loss) Total reclassifications, net of tax $ (3.0 ) $ (3.0 ) Net income (loss) KCP&L Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Income Statement Three Months Ended June 30 2017 2016 (millions) Gains and (losses) on cash flow hedges (effective portion) Interest rate contracts $ (2.2 ) $ (2.1 ) Interest charges (2.2 ) (2.1 ) Income before income tax expense 0.9 0.7 Income tax benefit Total reclassifications, net of tax $ (1.3 ) $ (1.4 ) Net income KCP&L Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Income Statement Year to Date June 30 2017 2016 (millions) Gains and (losses) on cash flow hedges (effective portion) Interest rate contracts $ (4.4 ) $ (4.4 ) Interest charges (4.4 ) (4.4 ) Income before income tax expense 1.8 1.6 Income tax benefit Total reclassifications, net of tax $ (2.6 ) $ (2.8 ) Net income |
Taxes (Tables)
Taxes (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Components of income tax expense are detailed in the following tables. Three Months Ended June 30 Year to Date Great Plains Energy 2017 2016 2017 2016 Current income taxes (millions) Federal $ — $ — $ — $ (0.1 ) State (0.2 ) 0.1 — 0.3 Total (0.2 ) 0.1 — 0.2 Deferred income taxes Federal (7.4 ) 11.7 (11.9 ) 21.4 State (1.4 ) 3.1 (2.5 ) 5.4 Total (8.8 ) 14.8 (14.4 ) 26.8 Investment tax credit Deferral — 2.5 — 2.5 Amortization (0.3 ) (0.3 ) (0.7 ) (0.7 ) Total (0.3 ) 2.2 (0.7 ) 1.8 Income tax expense (benefit) $ (9.3 ) $ 17.1 $ (15.1 ) $ 28.8 Three Months Ended June 30 Year to Date June 30 KCP&L 2017 2016 2017 2016 Current income taxes (millions) Federal $ 14.5 $ 0.8 $ 14.4 $ 1.2 State 2.6 0.2 2.6 0.3 Total 17.1 1.0 17.0 1.5 Deferred income taxes Federal 9.1 30.6 16.9 39.0 State 2.0 6.0 3.4 8.0 Total 11.1 36.6 20.3 47.0 Investment tax credit amortization (0.2 ) (0.3 ) (0.5 ) (0.5 ) Income tax expense $ 28.0 $ 37.3 $ 36.8 $ 48.0 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Effective Income Tax Rates Effective income tax rates reflected in the financial statements and the reasons for their differences from the statutory federal rates are detailed in the following tables. Three Months Ended June 30 Year to Date June 30 Great Plains Energy 2017 2016 2017 2016 Federal statutory income tax rate 35.0 % 35.0 % 35.0 % 35.0 % Differences between book and tax depreciation not normalized — — — 0.2 Amortization of investment tax credits (0.8 ) (0.7 ) (0.6 ) (0.8 ) Federal income tax credits (3.1 ) (5.9 ) (2.3 ) (6.8 ) State income taxes 6.3 4.2 5.3 4.2 Transaction-related costs 19.3 — 11.4 — Other — 2.1 (1.2 ) 1.2 Effective income tax rate 56.7 % 34.7 % 47.6 % 33.0 % Three Months Ended June 30 Year to Date June 30 KCP&L 2017 2016 2017 2016 Federal statutory income tax rate 35.0 % 35.0 % 35.0 % 35.0 % Differences between book and tax depreciation not normalized (0.2 ) (0.1 ) (0.2 ) — Amortization of investment tax credits (0.4 ) (0.3 ) (0.4 ) (0.4 ) Federal income tax credits (1.8 ) (2.3 ) (1.8 ) (3.7 ) State income taxes 3.8 3.9 3.9 3.9 Other (0.3 ) (0.1 ) 0.1 (0.2 ) Effective income tax rate 36.1 % 36.1 % 36.6 % 34.6 % The increase in Great Plains Energy's effective income tax rate for the three months ended and year to date June 30, 2017, compared to the same periods in 2016, is primarily driven by significant transaction-related costs incurred in connection with the anticipated merger with Westar and the previous plan to acquire Westar that are not deductible for tax purposes. |
Segments and Related Informat40
Segments and Related Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Financial Information [Table Text Block] | The following tables reflect summarized financial information concerning Great Plains Energy's reportable segment. Three Months Ended June 30, 2017 Electric Utility Other Eliminations Great Plains Energy (millions) Operating revenues $ 682.6 $ — $ — $ 682.6 Depreciation and amortization (94.7 ) — — (94.7 ) Interest (charges) income (50.1 ) (103.2 ) 8.0 (145.3 ) Income tax (expense) benefit (39.8 ) 49.1 — 9.3 Net income (loss) 68.4 (75.4 ) — (7.0 ) Year to Date June 30, 2017 Electric Utility Other Eliminations Great Plains Energy (millions) Operating revenues $ 1,253.3 $ — $ — $ 1,253.3 Depreciation and amortization (185.0 ) — — (185.0 ) Interest (charges) income (100.2 ) (127.7 ) 16.0 (211.9 ) Income tax (expense) benefit (49.9 ) 65.0 — 15.1 Net income (loss) 84.5 (101.1 ) — (16.6 ) Three Months Ended June 30, 2016 Electric Utility Other Eliminations Great Plains Energy (millions) Operating revenues $ 670.8 $ — $ — $ 670.8 Depreciation and amortization (85.3 ) — — (85.3 ) Interest (charges) income (49.0 ) (91.9 ) 8.0 (132.9 ) Income tax (expense) benefit (51.2 ) 34.1 — (17.1 ) Net income (loss) 88.3 (56.3 ) — 32.0 Year to Date June 30, 2016 Electric Utility Other Eliminations Great Plains Energy (millions) Operating revenues $ 1,242.9 $ — $ — $ 1,242.9 Depreciation and amortization (170.5 ) — — (170.5 ) Interest (charges) income (98.1 ) (102.0 ) 16.0 (184.1 ) Income tax (expense) benefit (64.3 ) 35.5 — (28.8 ) Net income (loss) 117.3 (58.9 ) — 58.4 Electric Utility Other Eliminations Great Plains Energy June 30, 2017 (millions) Assets $ 11,531.1 $ 6,674.7 $ (399.4 ) $ 17,806.4 Capital expenditures (a) 247.0 — — 247.0 December 31, 2016 Assets $ 11,444.2 $ 2,461.3 $ (335.5 ) $ 13,570.0 Capital expenditures (a) 609.4 — — 609.4 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies Equity Method Investment (Details) - Transource Energy, LLC [Member] | 6 Months Ended |
Jun. 30, 2017Rate | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Description of Principal Activities | Transource is focused on the development of competitive electric transmission projects. |
GPE Transmission Holding Company, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 13.50% |
AEP Transmission Holding Company, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership Percentage of Majority Owner | 86.50% |
Summary of Significant Accoun42
Summary of Significant Accounting Policies Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Income [Abstract] | |||||
Net income (loss) | $ (7) | $ 32 | $ (16.6) | $ 58.4 | |
Less: preferred stock dividend requirements | 15.1 | 0.4 | 30.2 | 0.8 | |
Earnings (loss) available for common shareholders | $ (22.1) | $ 31.6 | $ (46.8) | $ 57.6 | |
Common Shares Outstanding [Abstract] | |||||
Average number of common shares outstanding (in shares) | 215.5 | 154.6 | 215.4 | 154.5 | |
Add: effect of dilutive securities (in shares) | 0 | 0.2 | 0 | 0.4 | |
Diluted average number of common shares outstanding (in shares) | 215.5 | 154.8 | 215.4 | 154.9 | |
Earnings Per Share [Abstract] | |||||
Basic and Diluted EPS | $ (0.10) | $ 0.20 | $ (0.22) | $ 0.37 | |
Series B Preferred Stock [Member] | |||||
Preferred Stock, Dividend Rate, Percentage | 7.00% | 7.00% |
Summary of Significant Accoun43
Summary of Significant Accounting Policies Antidilutive Securities (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Assumed conversion of Series B Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 29,354,882 | 0 | 29,354,882 | 0 |
Performance Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14,440 | 0 | 53,573 | 0 |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 103,674 | 0 | 134,190 | 0 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies Summary of Significant Accounting Policies New Accounting Pronouncements (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Subsidiaries [Member] | Retained Earnings [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of adoption of ASU 2016-09 (Note 1) | $ 0.7 | $ 0 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies Subsequent Events (Details) - Subsequent Event [Member] | 1 Months Ended |
Aug. 31, 2017$ / shares | |
Kansas City Power and Light Company [Member] | |
Dividends Declared [Abstract] | |
Dividends Payable, Amount Per Share | $ 50,000,000 |
Dividends Payable, Date to be Paid | Sep. 19, 2017 |
Dividends Payable, Date Declared, Month and Year | 2017-08 |
Common Stock [Member] | |
Dividends Declared [Abstract] | |
Dividends Payable, Amount Per Share | $ 0.275 |
Dividends Payable, Date to be Paid | Sep. 20, 2017 |
Dividends Payable, Date of Record | Aug. 29, 2017 |
Dividends Payable, Date Declared, Month and Year | 2017-08 |
Anticipated Merger with Westa46
Anticipated Merger with Westar Energy, Inc. (Details) $ / shares in Units, $ in Millions | Jul. 09, 2017USD ($)Rate | May 29, 2016USD ($)$ / sharesshares | Jul. 31, 2017USD ($)Rate | Mar. 31, 2017USD ($) | Oct. 31, 2016USD ($)shares | Jun. 30, 2017USD ($)Rateshares | Jun. 30, 2016USD ($)shares | Dec. 31, 2016Rate |
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Cash consideration to be transferred (per share) | $ / shares | $ 51 | |||||||
Issuance of long-term debt | $ 4,591.1 | $ 0 | ||||||
Unsecured Debt [Member] | GPE 4.3 Billion Senior Notes [Member] | ||||||||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Debt Instrument, Mandatory Redemption Price, Percentage | Rate | 101.00% | |||||||
Subsequent Event [Member] | ||||||||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Minimum Required Cash Balance at Closing of Anticipated Merger with Westar | $ 1,250 | |||||||
Subsequent Event [Member] | Unsecured Debt [Member] | GPE 4.3 Billion Senior Notes [Member] | ||||||||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Debt Instrument, Redemption Price, Percentage | Rate | 101.00% | |||||||
Great Plains Energy [Member] | GPE 4.3 Billion Senior Notes [Member] | ||||||||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Long-term Debt, Gross | $ 4,300 | |||||||
Great Plains Energy [Member] | Unsecured Debt [Member] | GPE 4.3 Billion Senior Notes [Member] | ||||||||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Issuance of long-term debt | $ 4,300 | |||||||
Great Plains Energy [Member] | Subsequent Event [Member] | ||||||||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Holdco Common Stock Conversion Ratio | Rate | 0.5981 | |||||||
Merger Termination Fee Regulatory Approvals | $ 190 | |||||||
Merger Termination Fee Great Plains Energy Termination | 190 | |||||||
Merger Termination Fee Great Plains Energy Shareholder | $ 80 | |||||||
Ownership in Holdco - Percentage | Rate | 47.50% | |||||||
Great Plains Energy [Member] | Subsequent Event [Member] | Unsecured Debt [Member] | GPE 4.3 Billion Senior Notes [Member] | ||||||||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Long-term Debt, Gross | $ 4,300 | |||||||
Westar Energy Inc [Member] | Subsequent Event [Member] | ||||||||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Holdco Common Stock Conversion Ratio | Rate | 1 | |||||||
Merger Termination Fee Westar Termination | $ 190 | |||||||
Ownership in Holdco - Percentage | Rate | 52.50% | |||||||
Bridge Loan [Member] | Great Plains Energy [Member] | ||||||||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Amount of bridge facility | 8,017 | |||||||
Amount of bridge facility, as amended | $ 864.5 | |||||||
Bridge Loan [Member] | Great Plains Energy [Member] | Subsequent Event [Member] | ||||||||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Amount of bridge facility, as amended | 864.5 | |||||||
7.25% Mandatory Convertible Preferred Stock, Series A [Member] | ||||||||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Preferred Shares To Be Issued, Stock Purchase Agreement, Series A Preferred Stock | shares | 750,000 | 750,000 | ||||||
Preferred Stock, Dividend Rate, Percentage | Rate | 7.25% | |||||||
Preferred Stock, Purchase Agreement, Proceeds | $ 750 | $ 750 | ||||||
7.25% Mandatory Convertible Preferred Stock, Series A [Member] | Subsequent Event [Member] | ||||||||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Preferred Stock, Purchase Agreement, Proceeds | 750 | |||||||
Deferred Offering Costs | $ 15 | |||||||
Depositary Shares [Member] | ||||||||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 17,300,000 | |||||||
Net Proceeds from Issuance of Depositary Shares | $ 836.2 | |||||||
Series B Preferred Stock [Member] | ||||||||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Preferred Stock, Dividend Rate, Percentage | Rate | 7.00% | 7.00% | ||||||
Series B Preferred Stock [Member] | Subsequent Event [Member] | ||||||||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Preferred Stock, Redemption Date | Aug. 17, 2017 | |||||||
Common Stock [Member] | ||||||||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 60,500,000 | 303,831 | 377,188 | |||||
Net Proceeds from Issuance of Common Stock | $ 1,550 |
Supplemental Cash Flow Inform47
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows affected by changes in: | ||
Receivables | $ (10.4) | $ (64) |
Accounts receivable pledged as collateral | 0.2 | 1.3 |
Fuel inventories | 19.5 | 14.5 |
Materials and supplies | (6.3) | (4.8) |
Accounts payable | (141.7) | (84.1) |
Accrued taxes | 50.7 | 54.3 |
Accrued interest | 41.9 | 0.3 |
Deferred refueling outage costs | 8.1 | 9.5 |
Pension and post-retirement benefit obligations | 39.1 | 38.8 |
Allowance for equity funds used during construction | (1.7) | (2.4) |
Fuel recovery mechanisms | (11.7) | (2.3) |
Other | (6.4) | (39.7) |
Total other operating activities | (18.7) | (78.6) |
Cash paid during the period: | ||
Interest | 107.7 | 96.8 |
Income taxes | 0.1 | 0.2 |
Non-cash investing activities: | ||
Liabilities accrued for capital expenditures | 31.8 | 30.6 |
Kansas City Power and Light Company [Member] | ||
Cash flows affected by changes in: | ||
Receivables | (1.3) | (37.6) |
Fuel inventories | 9.4 | 9.7 |
Materials and supplies | (4.5) | (3.6) |
Accounts payable | (90.6) | (48) |
Accrued taxes | 56.7 | 106.1 |
Accrued interest | (1.6) | (1.5) |
Deferred refueling outage costs | 8.1 | 9.5 |
Pension and post-retirement benefit obligations | 36.8 | 39 |
Allowance for equity funds used during construction | (1.7) | (2.1) |
Fuel recovery mechanisms | (3.6) | (19.4) |
Other | (13) | (32.2) |
Total other operating activities | (5.3) | 19.9 |
Cash paid during the period: | ||
Interest | 66.6 | 65.5 |
Non-cash investing activities: | ||
Liabilities accrued for capital expenditures | $ 26.5 | $ 16.5 |
Receivables Accounts, Notes, an
Receivables Accounts, Notes, and Financing (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables | $ 47.6 | $ 64.7 |
Total | 176.7 | 166 |
Kansas City Power and Light Company [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables | 35.9 | 51.7 |
Total | 137.4 | 139.1 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts | (5.1) | (4) |
Trade Accounts Receivable [Member] | Kansas City Power and Light Company [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts | (2.3) | (1.8) |
Trade Accounts Receivable [Member] | Billed Revenues [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross, Current | 13.6 | 26.2 |
Trade Accounts Receivable [Member] | Billed Revenues [Member] | Kansas City Power and Light Company [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross, Current | 12.9 | 25.5 |
Trade Accounts Receivable [Member] | Unbilled Revenues [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross, Current | 120.6 | 79.1 |
Trade Accounts Receivable [Member] | Unbilled Revenues [Member] | Kansas City Power and Light Company [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts Receivable, Gross, Current | $ 90.9 | $ 63.7 |
Receivables Narrative (Details)
Receivables Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Sale Of Accounts Receivable - KCPL and GMO | ||
Accounts receivable pledged as collateral | $ 172.2 | $ 172.4 |
Collateralized note payable | 172.2 | 172.4 |
Kansas City Power and Light Company [Member] | ||
Sale Of Accounts Receivable - KCPL and GMO | ||
Accounts receivable pledged as collateral | 110 | 110 |
Collateralized note payable | 110 | $ 110 |
Maximum amount of outstanding principal under receivables agreement | 110 | |
KCPL Greater Missouri Operations [Member] | ||
Sale Of Accounts Receivable - KCPL and GMO | ||
Maximum amount of outstanding principal under receivables agreement from mid-November to mid-June | 65 | |
Maximum amount of outstanding principal under receivables agreement from mid-June to mid-November | $ 80 |
Nuclear Plant (Details)
Nuclear Plant (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments in decommissioning trust fund [Line Items] | ||||||
Cost Basis | $ 164.4 | $ 164.4 | $ 160.5 | |||
Unrealized Gains | 75.1 | 75.1 | 64.4 | |||
Unrealized Losses | (1.1) | (1.1) | (2) | |||
Fair Value | 238.4 | $ 238.4 | 222.9 | $ 200.7 | ||
Weighted average maturity of debt securities (in years) | 8 years | |||||
Realized gains | 0.1 | $ 0.2 | $ 0.4 | $ 0.9 | ||
Realized losses | 0 | $ (0.3) | (0.1) | $ (1) | ||
Equity Securities [Member] | ||||||
Investments in decommissioning trust fund [Line Items] | ||||||
Cost Basis | 94.3 | 94.3 | 93.3 | |||
Unrealized Gains | 72.3 | 72.3 | 62.1 | |||
Unrealized Losses | (0.8) | (0.8) | (1.5) | |||
Fair Value | 165.8 | 165.8 | 153.9 | |||
Debt Securities [Member] | ||||||
Investments in decommissioning trust fund [Line Items] | ||||||
Cost Basis | 67 | 67 | 63.4 | |||
Unrealized Gains | 2.8 | 2.8 | 2.3 | |||
Unrealized Losses | (0.3) | (0.3) | (0.5) | |||
Fair Value | 69.5 | 69.5 | 65.2 | |||
Other Securities [Member] | ||||||
Investments in decommissioning trust fund [Line Items] | ||||||
Cost Basis | 3.1 | 3.1 | 3.8 | |||
Fair Value | $ 3.1 | $ 3.1 | $ 3.8 |
Nuclear Plant Decommissioning T
Nuclear Plant Decommissioning Trust (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | |
Nuclear decommissioning trust fund [Roll Forward] | |||
Beginning balance January 1 | $ 222.9 | $ 200.7 | |
Contributions | 1.6 | 3.3 | |
Earned income, net of fees | 2 | 4.1 | |
Net realized gains | 0.3 | 0.3 | |
Net unrealized gains | 11.6 | 14.5 | |
Ending balance | 238.4 | 222.9 | |
Kansas City Power and Light Company [Member] | |||
Nuclear decommissioning trust fund [Roll Forward] | |||
Beginning balance January 1 | 222.9 | 200.7 | |
Contributions | 1.6 | 3.3 | |
Earned income, net of fees | 2 | 4.1 | |
Net realized gains | 0.3 | 0.3 | |
Net unrealized gains | 11.6 | 14.5 | |
Ending balance | $ 238.4 | $ 222.9 | |
Kansas City Power and Light Company [Member] | Wolf Creek [Member] | |||
Jointly Owned Utility Plant Interests [Line Items] | |||
Ownership percentage in Wolf Creek, a nuclear generating unit (in hundredths) | 47.00% | 47.00% |
Regulatory Matters (Details)
Regulatory Matters (Details) - Kansas City Power and Light Company [Member] - USD ($) $ in Millions | 1 Months Ended | |||
May 31, 2017 | Apr. 30, 2017 | Nov. 30, 2016 | Jul. 31, 2016 | |
Missouri Public Service Commission [Member] | ||||
Regulatory Proceedings [Line Items] | ||||
Annual revenue increase, requested, portion related to rebasing fuel and purchased power expense | $ 27.2 | |||
Annual revenue increase, requested, not including rebasing fuel and purchased power expense | $ 62.9 | |||
Return on equity, requested (in hundredths) | 9.90% | |||
Rate-making equity ratio, requested (in hundredths) | 49.88% | |||
Annual revenue increase (decrease), approved | $ 32.5 | |||
Return on equity, approved (in hundredths) | 9.50% | |||
Ratemaking equity ratio, approved (in hundredths) | 49.20% | |||
Kansas Corporation Commission [Member] | ||||
Regulatory Proceedings [Line Items] | ||||
Annual revenue decrease, requested | $ 2.8 | |||
Public Utilities, KCPL and Commission Staff Recommended Rate Decrease, Amount | $ 3.6 |
Pension Plans and Other Emplo53
Pension Plans and Other Employee Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | |
Pension Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Contributions by Employer | $ 16 | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 63.6 | ||||
Components of net periodic benefit costs [Abstract] | |||||
Service cost | $ 11 | $ 10.5 | 22 | $ 21 | |
Interest cost | 13.4 | 13.3 | 26.8 | 26.5 | |
Expected return on plan assets | (12.8) | (12.3) | (25.6) | (24.6) | |
Prior service cost | 0.2 | 0.1 | 0.4 | 0.3 | |
Recognized net actuarial (gain)/loss | 12.4 | 12.9 | 24.8 | 25.9 | |
Net periodic benefit costs before regulatory adjustment | 24.2 | 24.5 | 48.4 | 49.1 | |
Regulatory adjustment | 1.7 | (1) | 2.5 | (2) | |
Net periodic benefit costs | 25.9 | 23.5 | 50.9 | 47.1 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 4.1 | ||||
Components of net periodic benefit costs [Abstract] | |||||
Service cost | 0.5 | 0.6 | 1 | 1.3 | |
Interest cost | 1.4 | 1.6 | 2.7 | 3.1 | |
Expected return on plan assets | (0.7) | (0.7) | (1.3) | (1.5) | |
Prior service cost | 0 | 0.3 | 0 | 0.6 | |
Recognized net actuarial (gain)/loss | (0.1) | (0.4) | (0.2) | (0.8) | |
Net periodic benefit costs before regulatory adjustment | 1.1 | 1.4 | 2.2 | 2.7 | |
Regulatory adjustment | 0.5 | 1.5 | 1.8 | 3 | |
Net periodic benefit costs | $ 1.6 | $ 2.9 | $ 4 | $ 5.7 | |
Wolf Creek [Member] | Kansas City Power and Light Company [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Jointly Owned Utility Plant, Proportionate Ownership Share | 47.00% | 47.00% | 47.00% |
Equity Compensation (Details)
Equity Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity compensation expense | $ 1.4 | $ (0.2) | $ 2.6 | $ 3.5 |
Income tax (expense) benefit | $ 0.5 | $ (0.2) | $ 1.1 | $ 1.3 |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility (in hundredths) | 18.00% | |||
Expected dividend yield (in hundredths) | 3.80% | |||
Risk-free interest rate (in hundredths) | 1.58% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Beginning balance (in shares) | 625,100 | |||
Granted (in shares) | 0 | 0 | 236,433 | |
Earned (in shares) | (212,992) | |||
Forfeited (in shares) | (95,065) | |||
Ending balance (in shares) | 553,476 | 553,476 | ||
Weighted average beginning balance (in dollars per share) | $ 28.13 | |||
Weighted average granted (in dollars per share) | 31.26 | $ 31.41 | ||
Weighted average earned (in dollars per share) | 28.48 | |||
Weighted average forfeited (in dollars per share) | 29.25 | |||
Weighted average ending balance (in dollars per share) | $ 29.12 | $ 29.12 | ||
Total unrecognized compensation expense | $ 8.8 | $ 8.8 | ||
Remaining weighted-average contractual term (in years) | 1 year 7 months | |||
Fair value of performance shares earned and paid | $ 6.1 | $ 7.4 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Beginning balance (in shares) | 249,672 | |||
Granted (in shares) | 0 | 78,840 | ||
Vested (in shares) | 0 | (102,975) | ||
Forfeited (in shares) | (21,864) | |||
Ending balance (in shares) | 203,673 | 203,673 | ||
Weighted average beginning balance (in dollars per share) | $ 27.20 | |||
Weighted average granted (in dollars per share) | $ 28.17 | 28.60 | $ 29.41 | |
Weighted average vested (in dollars per share) | 27.10 | |||
Weighted average forfeited (in dollars per share) | 28.08 | |||
Weighted average ending balance (in dollars per share) | $ 27.70 | $ 27.70 | ||
Total unrecognized compensation expense | $ 2.9 | $ 2.9 | ||
Total fair value of shares vested | 0.5 | $ 2.8 | $ 1.6 | |
Remaining weighted-average contractual term (in years) | 1 year 8 months | |||
Kansas City Power and Light Company [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity compensation expense | 0.9 | $ (0.2) | $ 1.7 | 2.3 |
Income tax (expense) benefit | $ 0.4 | $ (0.2) | $ 0.8 | $ 0.8 |
Short-term Borrowings and Sho55
Short-term Borrowings and Short-term Bank Lines of Credit (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2017 | Jul. 31, 2017 | Dec. 31, 2016 | |
Short-term Debt [Line Items] | |||
Commercial paper outstanding | $ 424.6 | $ 334.8 | |
Great Plains Energy [Member] | Revolving Credit Facility [Member] | |||
Short-term Debt [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200 | ||
Credit facility expiration date | Oct. 31, 2019 | ||
Maximum borrowing capacity with transfer of unused commitments | $ 400 | ||
Line of Credit Facility, Covenant Terms | A default by Great Plains Energy or any of its significant subsidiaries on other indebtedness totaling more than $50.0 million is a default under the facility.  Under the terms of this facility, Great Plains Energy is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the facility, not greater than 0.65 to 1.00 at all times. | ||
Line of Credit Facility, Covenant Compliance | in compliance | ||
Amount of outstanding cash borrowings | $ 0 | 0 | |
Amount of letters of credit outstanding | 1 | 1 | |
Great Plains Energy [Member] | Bridge Loan [Member] | |||
Short-term Debt [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 8,017 | ||
Amount of bridge facility, as amended | 864.5 | ||
Great Plains Energy [Member] | Bridge Loan [Member] | Subsequent Event [Member] | |||
Short-term Debt [Line Items] | |||
Amount of bridge facility, as amended | $ 864.5 | ||
Kansas City Power and Light Company [Member] | |||
Short-term Debt [Line Items] | |||
Commercial paper outstanding | $ 171.8 | $ 132.9 | |
Weighted-average interest rate from outstanding borrowings | 1.42% | 0.98% | |
Kansas City Power and Light Company [Member] | Revolving Credit Facility [Member] | |||
Short-term Debt [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600 | ||
Credit facility expiration date | Oct. 31, 2019 | ||
Maximum transfer of unused commitments | $ 200 | ||
Line of Credit Facility, Covenant Terms | A default by KCP&L on other indebtedness totaling more than $50.0 million is a default under the facility.  Under the terms of this facility, KCP&L is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the facility, not greater than 0.65 to 1.00 at all times. | ||
Line of Credit Facility, Covenant Compliance | in compliance | ||
Amount of outstanding cash borrowings | $ 0 | $ 0 | |
Amount of letters of credit outstanding | 2.7 | 2.8 | |
KCPL Greater Missouri Operations [Member] | |||
Short-term Debt [Line Items] | |||
Commercial paper outstanding | $ 252.8 | $ 201.9 | |
Weighted-average interest rate from outstanding borrowings | 1.43% | 1.02% | |
KCPL Greater Missouri Operations [Member] | Revolving Credit Facility [Member] | |||
Short-term Debt [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 450 | ||
Credit facility expiration date | Oct. 31, 2019 | ||
Maximum transfer of unused commitments | $ 200 | ||
Line of Credit Facility, Covenant Terms | A default by GMO or any of its significant subsidiaries on other indebtedness totaling more than $50.0 million is a default under the facility.  Under the terms of this facility, GMO is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the facility, not greater than 0.65 to 1.00 at all times. | ||
Line of Credit Facility, Covenant Compliance | in compliance | ||
Amount of outstanding cash borrowings | $ 0 | $ 0 | |
Amount of letters of credit outstanding | $ 2 | $ 1.9 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||||
Current maturities | $ (482.1) | $ (382.1) | |||
Long-term debt excluding current maturities | 7,571.7 | 3,365.2 | |||
Unsecured Debt [Member] | GPE 4.3 Billion Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Mandatory Redemption Price, Percentage | 101.00% | ||||
Kansas City Power and Light Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Current maturities | (381) | (281) | |||
Unamortized discount and premium, net and debt issuance costs | (17.8) | (15.4) | |||
Long-term debt excluding current maturities | 2,231.6 | 2,284 | |||
Kansas City Power and Light Company [Member] | Secured Debt [Member] | General Mortgage Bonds EIRR due 2017-2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 110.5 | 110.5 | |||
EIRR bonds repurchased and held | 21.9 | 21.9 | |||
Debt Instrument Maturity Date Range End | Dec. 31, 2023 | ||||
Debt Instrument Maturity Date Range Start | Dec. 31, 2017 | ||||
Long-term Debt, Weighted Average Interest Rate | 2.47% | ||||
Kansas City Power and Light Company [Member] | Secured Debt [Member] | General Mortgage bonds Series 2009A due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 400 | 400 | |||
Debt Instrument, Maturity Date | Dec. 31, 2019 | ||||
Interest rates (in hundredths) | 7.15% | ||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 8.59% | ||||
Kansas City Power and Light Company [Member] | Secured Debt [Member] | General Mortgage bonds EIRR series 2005 [Member] | |||||
Debt Instrument [Line Items] | |||||
EIRR bonds repurchased and held | 50 | 50 | |||
Kansas City Power and Light Company [Member] | Senior Notes [Member] | Senior notes due 2017 KCPL [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 0 | 250 | |||
Debt Instrument, Maturity Date | Dec. 31, 2017 | ||||
Interest rates (in hundredths) | 5.85% | 5.85% | 5.85% | ||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 5.72% | ||||
Repayments of Long-Term Debt | $ 250 | ||||
Kansas City Power and Light Company [Member] | Senior Notes [Member] | Senior notes due 2018 KCPL [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 350 | 350 | |||
Debt Instrument, Maturity Date | Dec. 31, 2018 | ||||
Interest rates (in hundredths) | 6.375% | ||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 7.49% | ||||
Kansas City Power and Light Company [Member] | Senior Notes [Member] | Senior Notes due 2023 KCPL [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 300 | 300 | |||
Debt Instrument, Maturity Date | Dec. 31, 2023 | ||||
Interest rates (in hundredths) | 3.15% | ||||
Kansas City Power and Light Company [Member] | Senior Notes [Member] | Senior Notes due 2025 KCPL [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 350 | 350 | |||
Debt Instrument, Maturity Date | Dec. 31, 2025 | ||||
Interest rates (in hundredths) | 3.65% | ||||
Kansas City Power and Light Company [Member] | Senior Notes [Member] | Senior notes due 2035 KCPL [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 250 | 250 | |||
Debt Instrument, Maturity Date | Dec. 31, 2035 | ||||
Interest rates (in hundredths) | 6.05% | ||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 5.78% | ||||
Kansas City Power and Light Company [Member] | Senior Notes [Member] | Senior Notes Due 2041 KCPL [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 400 | 400 | |||
Debt Instrument, Maturity Date | Dec. 31, 2041 | ||||
Interest rates (in hundredths) | 5.30% | ||||
Kansas City Power and Light Company [Member] | Senior Notes [Member] | Senior Notes Due 2047 KCPL [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 300 | 0 | |||
Debt Instrument, Maturity Date | Dec. 31, 2047 | Dec. 31, 2047 | |||
Interest rates (in hundredths) | 4.20% | ||||
Kansas City Power and Light Company [Member] | Unsecured Debt [Member] | EIRR Bonds Series 2007A and 2007B due 2035 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 146.5 | 146.5 | |||
Debt Instrument, Maturity Date | Dec. 31, 2035 | ||||
Variable rate (in hundredths) | 0.863% | ||||
Kansas City Power and Light Company [Member] | Unsecured Debt [Member] | EIRR bonds 2.875 percent Series 2008 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 23.4 | 23.4 | |||
Debt Instrument, Maturity Date | Dec. 31, 2038 | ||||
Interest rates (in hundredths) | 2.875% | ||||
KCPL Greater Missouri Operations [Member] | Secured Debt [Member] | First Mortgage Bonds due through 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 4.6 | 5.7 | |||
Debt Instrument Maturity Date Range End | Dec. 31, 2021 | ||||
Debt Instrument Maturity Date Range Start | Dec. 31, 2018 | ||||
Interest rates (in hundredths) | 9.44% | ||||
KCPL Greater Missouri Operations [Member] | Senior Notes [Member] | Senior notes 8.27 percent series due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 80.9 | 80.9 | |||
Debt Instrument, Maturity Date | Dec. 31, 2021 | ||||
Interest rates (in hundredths) | 8.27% | ||||
KCPL Greater Missouri Operations [Member] | Senior Notes [Member] | Senior Notes Series A due 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 125 | 125 | |||
Debt Instrument, Maturity Date | Dec. 31, 2025 | ||||
Interest rates (in hundredths) | 3.49% | ||||
KCPL Greater Missouri Operations [Member] | Senior Notes [Member] | Senior Notes Series B due 2033 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 75 | 75 | |||
Debt Instrument, Maturity Date | Dec. 31, 2033 | ||||
Interest rates (in hundredths) | 4.06% | ||||
KCPL Greater Missouri Operations [Member] | Senior Notes [Member] | Senior Notes Series C due 2043 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 150 | 150 | |||
Debt Instrument, Maturity Date | Dec. 31, 2043 | ||||
Interest rates (in hundredths) | 4.74% | ||||
KCPL Greater Missouri Operations [Member] | Medium-term Notes [Member] | Medium term notes 7.33 percent series due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 3 | 3 | |||
Debt Instrument, Maturity Date | Dec. 31, 2023 | ||||
Interest rates (in hundredths) | 7.33% | ||||
KCPL Greater Missouri Operations [Member] | Medium-term Notes [Member] | Medium term notes 7.17 percent series due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 7 | 7 | |||
Debt Instrument, Maturity Date | Dec. 31, 2023 | ||||
Interest rates (in hundredths) | 7.17% | ||||
Great Plains Energy [Member] | GPE 4.3 Billion Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 4,300 | ||||
Great Plains Energy [Member] | Senior Notes [Member] | Senior notes due 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 100 | 100 | |||
Debt Instrument, Maturity Date | Dec. 31, 2017 | ||||
Interest rates (in hundredths) | 6.875% | ||||
Rate after amortizing gains or losses in Other Comprehensive Income (in hundredths) | 7.33% | ||||
Great Plains Energy [Member] | Senior Notes [Member] | Senior Notes Due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 750 | 0 | |||
Debt Instrument, Maturity Date | Dec. 31, 2020 | ||||
Interest rates (in hundredths) | 2.50% | ||||
Great Plains Energy [Member] | Senior Notes [Member] | Senior Notes Due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 350 | 350 | |||
Debt Instrument, Maturity Date | Dec. 31, 2021 | ||||
Interest rates (in hundredths) | 4.85% | ||||
Great Plains Energy [Member] | Senior Notes [Member] | Senior Notes 5.292 Percent Series Due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 287.5 | 287.5 | |||
Debt Instrument, Maturity Date | Dec. 31, 2022 | ||||
Interest rates (in hundredths) | 5.292% | ||||
Great Plains Energy [Member] | Senior Notes [Member] | Senior Notes 3.15 Percent Series Due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 1,150 | 0 | |||
Debt Instrument, Maturity Date | Dec. 31, 2022 | ||||
Interest rates (in hundredths) | 3.15% | ||||
Great Plains Energy [Member] | Senior Notes [Member] | Senior Notes Due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 1,400 | 0 | |||
Debt Instrument, Maturity Date | Dec. 31, 2027 | ||||
Interest rates (in hundredths) | 3.90% | ||||
Great Plains Energy [Member] | Senior Notes [Member] | Senior Notes Due 2047 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal outstanding | 1,000 | 0 | |||
Debt Instrument, Maturity Date | Dec. 31, 2047 | ||||
Interest rates (in hundredths) | 4.85% | ||||
Other Consolidated Entities [Member] | |||||
Debt Instrument [Line Items] | |||||
Current maturities | (101.1) | (101.1) | |||
Unamortized discount and premium, net and debt issuance costs | $ (41.8) | $ (1.8) |
Long-Term Debt Subsequent Event
Long-Term Debt Subsequent Event (Details) - Subsequent Event [Member] $ in Millions | 1 Months Ended |
Jul. 31, 2017USD ($) | |
Kansas City Power and Light Company [Member] | Secured Debt [Member] | General Mortgage Bonds EIRR due 2017-2023 [Member] | |
Subsequent Event [Line Items] | |
Repayments of Long-Term Debt | $ 31 |
Great Plains Energy [Member] | Senior Notes [Member] | GPE 4.3 Billion Senior Notes [Member] | |
Subsequent Event [Line Items] | |
Loss on Redemption of Debt | $ 83 |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 101.00% |
Total Redemption Cost | $ 4,400.1 |
Preferred Stock (Details)
Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | May 29, 2016 | Jul. 31, 2017 | Oct. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Mandatory Convertible Preferred Stock [Abstract] | ||||||||
Series B Preferred Stock dividend make-whole provisions | $ 57.1 | $ 57.1 | $ 0 | |||||
Loss on Series B Preferred Stock dividend make-whole provisions | $ 57.1 | $ 0 | 57.1 | $ 0 | ||||
7.25% Mandatory Convertible Preferred Stock, Series A [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock, Purchase Agreement, Proceeds | $ 750 | $ 750 | ||||||
Mandatory Convertible Preferred Stock [Abstract] | ||||||||
Preferred Shares To Be Issued, Stock Purchase Agreement, Series A Preferred Stock | 750,000 | 750,000 | ||||||
7.25% Mandatory Convertible Preferred Stock, Series A [Member] | Subsequent Event [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock, Purchase Agreement, Proceeds | $ 750 | |||||||
Mandatory Convertible Preferred Stock [Abstract] | ||||||||
Deferred Offering Costs | $ 15 | |||||||
7.00% Mandatory Convertible Preferred Stock, Series B | ||||||||
Mandatory Convertible Preferred Stock [Abstract] | ||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 | $ 1,000 | |||||
Series B Preferred Stock dividend make-whole provisions | $ 57.1 | $ 57.1 | ||||||
Loss on Series B Preferred Stock dividend make-whole provisions | $ 57.1 | $ 57.1 | ||||||
7.00% Mandatory Convertible Preferred Stock, Series B | Subsequent Event [Member] | ||||||||
Mandatory Convertible Preferred Stock [Abstract] | ||||||||
Preferred Stock, Redemption Date | Aug. 17, 2017 | |||||||
Estimated Total Redemption Value, Series B Preferred Stock | $ 960 | |||||||
Depositary Shares [Member] | ||||||||
Mandatory Convertible Preferred Stock [Abstract] | ||||||||
Stock Issued During Period, Shares, New Issues | 17,300,000 |
Commitments and Contingencies E
Commitments and Contingencies Environmental Matters (Details) T in Millions, $ in Millions | 6 Months Ended | |
Jun. 30, 2017USD ($)T | Dec. 31, 2016USD ($) | |
Estimated Environmental Capital Expenditures [Abstract] | ||
Estimate Of Environmental Capital Expenditures Current | $ 36.3 | |
Estimate Of Environmental Capital Expenditures In Two Years | 16.6 | |
Estimate Of Environmental Capital Expenditures In Three Years | 9.2 | |
Estimate Of Environmental Capital Expenditures In Four Years | $ 13.7 | |
Climate Change [Abstract] | ||
CO2 produced per year (in millions of tons) | T | 19 | |
EPA nationwide CO2 emission reductions by 2030 | 32.00% | |
Remediation [Abstract] | ||
Accrued environmental remediation expenses | $ 1.4 | $ 1.4 |
Kansas City Power and Light Company [Member] | ||
Estimated Environmental Capital Expenditures [Abstract] | ||
Estimate Of Environmental Capital Expenditures Current | 34.9 | |
Estimate Of Environmental Capital Expenditures In Two Years | 16.5 | |
Estimate Of Environmental Capital Expenditures In Three Years | 7.9 | |
Estimate Of Environmental Capital Expenditures In Four Years | $ 13 | |
Climate Change [Abstract] | ||
CO2 produced per year (in millions of tons) | T | 15 | |
Remediation [Abstract] | ||
Accrued environmental remediation expenses | $ 0.3 | $ 0.3 |
KCPL Greater Missouri Operations [Member] | ||
Remediation [Abstract] | ||
Estimated amount of insurance proceeds available to cover qualified remediation expenses | $ 1.5 |
Legal Proceedings Loss Continge
Legal Proceedings Loss Contingencies (Details) $ in Millions | 1 Months Ended |
Oct. 31, 2016USD ($) | |
MPS Merchant Services, Inc. [Member] | GMO Western Energy Crisis [Member] | |
Loss Contingencies [Line Items] | |
Litigation Settlement, Amount | $ 7.5 |
Related Party Transactions an61
Related Party Transactions and Relationships (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Kansas City Power and Light Company [Member] | Money Pool [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Due from (to) Related Party, Current | $ 0 | $ 0 | $ 0 | ||
Kansas City Power and Light Company [Member] | KCPL Greater Missouri Operations [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Due from (to) Related Party, Current | 51.8 | 51.8 | 64.6 | ||
Kansas City Power and Light Company [Member] | KCPL Greater Missouri Operations [Member] | Operating Expenses and Capital Costs Billed [Member] | |||||
Related Party Transaction [Line Items] | |||||
Operating expenses and capital costs billed from KCPL to GMO | 47.9 | $ 47.7 | 95.8 | $ 94.9 | |
Kansas City Power and Light Company [Member] | Great Plains Energy [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Due from (to) Related Party, Current | $ 18.6 | $ 18.6 | $ 2.6 | ||
Iatan No 1 And 2 [Member] | KCPL Greater Missouri Operations [Member] | |||||
Related Party Transaction [Line Items] | |||||
Jointly Owned Utility Plant, Proportionate Ownership Share | 18.00% | 18.00% |
Fair Value Measurements Level 3
Fair Value Measurements Level 3 (Details) - Fair Value, Inputs, Level 3 [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative Financial Instruments, Assets [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net asset at January 1 | $ 91.4 | $ 0 | $ 79.3 | $ 0 |
Net liability at June 30 | (7.9) | (77) | (7.9) | (77) |
Derivative Financial Instruments, Assets [Member] | Interest Charges [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (42.2) | (77) | (30.1) | (77) |
Total unrealized losses relating to assets and liabilities still on the consolidated balance sheet at June 30: | (42.2) | (77) | (30.1) | (77) |
Derivative Financial Instruments, Liabilities [Member] | Loss On Series B Preferred Stock Dividend Make-Whole Provisions [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (57.1) | 0 | (57.1) | 0 |
Total unrealized losses relating to assets and liabilities still on the consolidated balance sheet at June 30: | $ (57.1) | $ 0 | $ (57.1) | $ 0 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Fair value of financial instruments [Abstract] | |||||
Notional Contract Amount | $ 4,400 | $ 4,400 | |||
Derivatives, Interest Rate Swaps, Finalized Settlement Value | $ 140.6 | $ 140.6 | |||
KCPL Greater Missouri Operations [Member] | |||||
SERP rabbi trust [Abstract] | |||||
Alternative Investments, Fair Value Disclosure | 15.2 | 15.2 | $ 16 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||||
Fair value of financial instruments [Abstract] | |||||
Long-term Debt | 8,100 | 8,100 | 3,800 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Kansas City Power and Light Company [Member] | |||||
Fair value of financial instruments [Abstract] | |||||
Long-term Debt | 2,600 | 2,600 | 2,600 | ||
GPE 4.3 Billion Senior Notes [Member] | Great Plains Energy [Member] | |||||
Fair value of financial instruments [Abstract] | |||||
Long-term Debt, Gross | 4,300 | 4,300 | |||
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||||
Fair value of financial instruments [Abstract] | |||||
Long-term debt fair value | 8,400 | 8,400 | 4,000 | ||
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Kansas City Power and Light Company [Member] | |||||
Fair value of financial instruments [Abstract] | |||||
Long-term debt fair value | $ 2,800 | $ 2,800 | $ 2,700 | ||
Interest Rate Contract [Member] | |||||
Fair value of financial instruments [Abstract] | |||||
Fair Value Inputs, Contingency Factor, Interest Rate Derivative | 0.65 | 0.65 | 0.35 | ||
Derivative Asset, Fair Value, Gross Asset | $ 49.2 | $ 49.2 | $ 79.3 | ||
Interest Rate Contract [Member] | Interest Expense [Member] | |||||
Fair value of financial instruments [Abstract] | |||||
Derivative, Loss on Derivative, Net | $ 42.2 | $ 77 | $ 30.1 | $ 77 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Millions | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Assets [Abstract] | ||
Derivatives, Interest Rate Swaps, Finalized Settlement Value | $ 140.6 | |
Interest Rate Contract [Member] | ||
Assets [Abstract] | ||
Derivative instruments, assets | $ 49.2 | $ 79.3 |
Fair Value Inputs, Contingency Factor, Interest Rate Derivative | 0.65 | 0.35 |
Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Derivative instruments, assets | $ 49.2 | $ 79.3 |
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 238.4 | 222.9 |
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 11.4 | 11.3 |
Total assets | 299 | 313.5 |
Liabilities [Abstract] | ||
Derivative instruments, liabilities | 57.1 | |
Total liabilities | 57.1 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets [Abstract] | ||
Derivative instruments, assets | 0 | 0 |
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 201.6 | 185.5 |
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 8.9 | 6.6 |
Total assets | 210.5 | 192.1 |
Liabilities [Abstract] | ||
Derivative instruments, liabilities | 0 | |
Total liabilities | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets [Abstract] | ||
Derivative instruments, assets | 0 | 0 |
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 36.8 | 37.4 |
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 2.5 | 4.7 |
Total assets | 39.3 | 42.1 |
Liabilities [Abstract] | ||
Derivative instruments, liabilities | 0 | |
Total liabilities | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets [Abstract] | ||
Derivative instruments, assets | 49.2 | 79.3 |
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0 | 0 |
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 0 | 0 |
Total assets | 49.2 | 79.3 |
Liabilities [Abstract] | ||
Derivative instruments, liabilities | 57.1 | |
Total liabilities | 57.1 | |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 238.4 | 222.9 |
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 11.4 | 11.3 |
Total assets | 249.8 | 234.2 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Equity Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 165.8 | 153.9 |
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 0.7 | 0.9 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Debt Securities [Member] | ||
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 2.5 | 4.8 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | US Treasury and Government [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 32.7 | 27.8 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | US Government Corporations and Agencies Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 1.1 | 1.7 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 4.1 | 3.2 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Corporate Debt Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 31.5 | 32.4 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Foreign Government Debt Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0.1 | 0.1 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Cash Equivalents [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 3.1 | 3.8 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Cash and Cash Equivalents [Member] | ||
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 8.2 | 5.6 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 201.6 | 185.5 |
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 8.9 | 6.6 |
Total assets | 210.5 | 192.1 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 165.8 | 153.9 |
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 0.7 | 0.9 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 1 [Member] | Debt Securities [Member] | ||
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 0 | 0.1 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury and Government [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 32.7 | 27.8 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Corporations and Agencies Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Government Debt Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 3.1 | 3.8 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 8.2 | 5.6 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 36.8 | 37.4 |
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 2.5 | 4.7 |
Total assets | 39.3 | 42.1 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0 | 0 |
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | ||
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 2.5 | 4.7 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury and Government [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Corporations and Agencies Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 1.1 | 1.7 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 4.1 | 3.2 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 31.5 | 32.4 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government Debt Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0.1 | 0.1 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 2 [Member] | Cash Equivalents [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ||
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0 | 0 |
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 0 | 0 |
Total assets | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0 | 0 |
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Securities [Member] | ||
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury and Government [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Corporations and Agencies Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Government Debt Securities [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 3 [Member] | Cash Equivalents [Member] | ||
Nuclear decommissioning trust [Abstract] | ||
Decommissioning Fund Investments, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Kansas City Power and Light Company [Member] | Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | ||
Self-insured health plan trust [Abstract] | ||
Self Insured Health Plan Trust Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Consolidated Entities [Member] | ||
Self-insured health plan trust [Abstract] | ||
Total assets | 49.2 | 79.3 |
Liabilities [Abstract] | ||
Total liabilities | 57.1 | |
Fair Value, Measurements, Recurring [Member] | Other Consolidated Entities [Member] | Interest Rate Contract [Member] | ||
Assets [Abstract] | ||
Derivative instruments, assets | 49.2 | $ 79.3 |
Derivatives, Interest Rate Swaps, Finalized Settlement Value | $ 140.6 | |
Fair Value Inputs, Contingency Factor, Interest Rate Derivative | 0.65 | 0.35 |
Fair Value, Measurements, Recurring [Member] | Other Consolidated Entities [Member] | Dividend Make-Whole Provision [Member] | ||
Liabilities [Abstract] | ||
Derivative instruments, liabilities | $ 57.1 | |
Fair Value Inputs, Contingency Factor, Make-Whole Provisions | 0.53 | |
Fair Value, Measurements, Recurring [Member] | Other Consolidated Entities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Self-insured health plan trust [Abstract] | ||
Total assets | $ 0 | $ 0 |
Liabilities [Abstract] | ||
Total liabilities | 0 | |
Fair Value, Measurements, Recurring [Member] | Other Consolidated Entities [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Contract [Member] | ||
Assets [Abstract] | ||
Derivative instruments, assets | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Consolidated Entities [Member] | Fair Value, Inputs, Level 1 [Member] | Dividend Make-Whole Provision [Member] | ||
Liabilities [Abstract] | ||
Derivative instruments, liabilities | 0 | |
Fair Value, Measurements, Recurring [Member] | Other Consolidated Entities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Self-insured health plan trust [Abstract] | ||
Total assets | 0 | 0 |
Liabilities [Abstract] | ||
Total liabilities | 0 | |
Fair Value, Measurements, Recurring [Member] | Other Consolidated Entities [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Contract [Member] | ||
Assets [Abstract] | ||
Derivative instruments, assets | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Consolidated Entities [Member] | Fair Value, Inputs, Level 2 [Member] | Dividend Make-Whole Provision [Member] | ||
Liabilities [Abstract] | ||
Derivative instruments, liabilities | 0 | |
Fair Value, Measurements, Recurring [Member] | Other Consolidated Entities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Self-insured health plan trust [Abstract] | ||
Total assets | 49.2 | 79.3 |
Liabilities [Abstract] | ||
Total liabilities | 57.1 | |
Fair Value, Measurements, Recurring [Member] | Other Consolidated Entities [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Contract [Member] | ||
Assets [Abstract] | ||
Derivative instruments, assets | 49.2 | $ 79.3 |
Fair Value, Measurements, Recurring [Member] | Other Consolidated Entities [Member] | Fair Value, Inputs, Level 3 [Member] | Dividend Make-Whole Provision [Member] | ||
Liabilities [Abstract] | ||
Derivative instruments, liabilities | $ 57.1 |
Accumulated Other Comprehensi65
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (6.6) | $ (12) | ||
Amounts reclassified from accumulated other comprehensive loss | 3 | 3 | ||
Net current period other comprehensive income | $ 1.5 | $ 1.5 | 3 | 3 |
Ending balance | (3.6) | (9) | (3.6) | (9) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (4.5) | (10.1) | ||
Amounts reclassified from accumulated other comprehensive loss | 2.8 | 2.8 | ||
Net current period other comprehensive income | 2.8 | 2.8 | ||
Ending balance | (1.7) | (7.3) | (1.7) | (7.3) |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (2.1) | (1.9) | ||
Amounts reclassified from accumulated other comprehensive loss | 0.2 | 0.2 | ||
Net current period other comprehensive income | 0.2 | 0.2 | ||
Ending balance | (1.9) | (1.7) | (1.9) | (1.7) |
Kansas City Power and Light Company [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (4.2) | |||
Net current period other comprehensive income | 1.3 | 1.4 | 2.6 | 2.8 |
Ending balance | (1.6) | (1.6) | ||
Kansas City Power and Light Company [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (4.2) | (9.6) | ||
Amounts reclassified from accumulated other comprehensive loss | 2.6 | 2.8 | ||
Net current period other comprehensive income | 2.6 | 2.8 | ||
Ending balance | $ (1.6) | $ (6.8) | $ (1.6) | $ (6.8) |
Accumulated Other Comprehensi66
Accumulated Other Comprehensive Income (Loss) Reclassification (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest charges | $ (145.3) | $ (132.9) | $ (211.9) | $ (184.1) |
Utility operating and maintenance expenses | (181.7) | (180.4) | (367.1) | (359.8) |
Income (loss) before income tax (expense) benefit and income from equity investments | (16.9) | 48.4 | (33.2) | 85.8 |
Income tax (expense) benefit | 9.3 | (17.1) | 15.1 | (28.8) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income (loss) | (1.5) | (1.5) | (3) | (3) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (loss) before income tax (expense) benefit and income from equity investments | (2.3) | (2.2) | (4.6) | (4.6) |
Income tax (expense) benefit | 0.9 | 0.8 | 1.8 | 1.8 |
Net income (loss) | (1.4) | (1.4) | (2.8) | (2.8) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest charges | (2.3) | (2.2) | (4.6) | (4.6) |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Utility operating and maintenance expenses | (0.2) | (0.2) | (0.4) | (0.4) |
Income (loss) before income tax (expense) benefit and income from equity investments | (0.2) | (0.2) | (0.4) | (0.4) |
Income tax (expense) benefit | 0.1 | 0.1 | 0.2 | 0.2 |
Net income (loss) | (0.1) | (0.1) | (0.2) | (0.2) |
Kansas City Power and Light Company [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest charges | (35.6) | (34.9) | (71.2) | (70.2) |
Utility operating and maintenance expenses | (122.2) | (124) | (248.6) | (247.7) |
Income (loss) before income tax (expense) benefit and income from equity investments | 77.6 | 103.2 | 100.6 | 138.5 |
Income tax (expense) benefit | (28) | (37.3) | (36.8) | (48) |
Kansas City Power and Light Company [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (loss) before income tax (expense) benefit and income from equity investments | (2.2) | (2.1) | (4.4) | (4.4) |
Income tax (expense) benefit | 0.9 | 0.7 | 1.8 | 1.6 |
Net income (loss) | (1.3) | (1.4) | (2.6) | (2.8) |
Kansas City Power and Light Company [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Contract [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest charges | $ (2.2) | $ (2.1) | $ (4.4) | $ (4.4) |
Income Tax Expense (Details)
Income Tax Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Current income taxes | ||||
Federal | $ 0 | $ 0 | $ 0 | $ (0.1) |
State | (0.2) | 0.1 | 0 | 0.3 |
Total | (0.2) | 0.1 | 0 | 0.2 |
Deferred income taxes | ||||
Federal | (7.4) | 11.7 | (11.9) | 21.4 |
State | (1.4) | 3.1 | (2.5) | 5.4 |
Total | (8.8) | 14.8 | (14.4) | 26.8 |
Investment tax credit | ||||
Deferral | 0 | 2.5 | 0 | 2.5 |
Amortization | (0.3) | (0.3) | (0.7) | (0.7) |
Total | (0.3) | 2.2 | (0.7) | 1.8 |
Income tax expense (benefit) | $ (9.3) | $ 17.1 | $ (15.1) | $ 28.8 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Federal statutory income tax (in hundredths) | 35.00% | 35.00% | 35.00% | 35.00% |
Differences between book and tax depreciation not normalized (in hundredths) | 0.00% | 0.00% | 0.00% | 0.20% |
Amortization of investments tax credits (in hundredths) | (0.80%) | (0.70%) | (0.60%) | (0.80%) |
Federal income tax credits (in hundredths) | (3.10%) | (5.90%) | (2.30%) | (6.80%) |
State income taxes (in hundredths) | 6.30% | 4.20% | 5.30% | 4.20% |
Transaction costs (in hundredths) | 19.30% | 0.00% | 11.40% | 0.00% |
Other (in hundredths) | 0.00% | 2.10% | (1.20%) | 1.20% |
Effective income tax rate (in hundredths) | 56.70% | 34.70% | 47.60% | 33.00% |
Kansas City Power and Light Company [Member] | ||||
Current income taxes | ||||
Federal | $ 14.5 | $ 0.8 | $ 14.4 | $ 1.2 |
State | 2.6 | 0.2 | 2.6 | 0.3 |
Total | 17.1 | 1 | 17 | 1.5 |
Deferred income taxes | ||||
Federal | 9.1 | 30.6 | 16.9 | 39 |
State | 2 | 6 | 3.4 | 8 |
Total | 11.1 | 36.6 | 20.3 | 47 |
Investment tax credit | ||||
Amortization | (0.2) | (0.3) | (0.5) | (0.5) |
Income tax expense (benefit) | $ 28 | $ 37.3 | $ 36.8 | $ 48 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Federal statutory income tax (in hundredths) | 35.00% | 35.00% | 35.00% | 35.00% |
Differences between book and tax depreciation not normalized (in hundredths) | (0.20%) | (0.10%) | (0.20%) | 0.00% |
Amortization of investments tax credits (in hundredths) | (0.40%) | (0.30%) | (0.40%) | (0.40%) |
Federal income tax credits (in hundredths) | (1.80%) | (2.30%) | (1.80%) | (3.70%) |
State income taxes (in hundredths) | 3.80% | 3.90% | 3.90% | 3.90% |
Other (in hundredths) | (0.30%) | (0.10%) | 0.10% | (0.20%) |
Effective income tax rate (in hundredths) | 36.10% | 36.10% | 36.60% | 34.60% |
Segments and Related Informat68
Segments and Related Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 682.6 | $ 670.8 | $ 1,253.3 | $ 1,242.9 | |
Depreciation and amortization | (94.7) | (85.3) | (185) | (170.5) | |
Interest charges | (145.3) | (132.9) | (211.9) | (184.1) | |
Income tax (expense) benefit | 9.3 | (17.1) | 15.1 | (28.8) | |
Net income (loss) | (7) | 32 | (16.6) | 58.4 | |
Assets | 17,806.4 | 17,806.4 | $ 13,570 | ||
Capital expenditures | 247 | 302.4 | 609.4 | ||
Operating Segments [Member] | Electric Utility Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 682.6 | 670.8 | 1,253.3 | 1,242.9 | |
Depreciation and amortization | (94.7) | (85.3) | (185) | (170.5) | |
Interest charges | (50.1) | (49) | (100.2) | (98.1) | |
Income tax (expense) benefit | (39.8) | (51.2) | (49.9) | (64.3) | |
Net income (loss) | 68.4 | 88.3 | 84.5 | 117.3 | |
Assets | 11,531.1 | 11,531.1 | 11,444.2 | ||
Capital expenditures | 247 | 609.4 | |||
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Interest charges | (103.2) | (91.9) | (127.7) | (102) | |
Income tax (expense) benefit | 49.1 | 34.1 | 65 | 35.5 | |
Net income (loss) | (75.4) | (56.3) | (101.1) | (58.9) | |
Assets | 6,674.7 | 6,674.7 | 2,461.3 | ||
Capital expenditures | 0 | 0 | |||
Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Interest charges | 8 | 8 | 16 | 16 | |
Income tax (expense) benefit | 0 | 0 | 0 | 0 | |
Net income (loss) | 0 | $ 0 | 0 | $ 0 | |
Assets | $ (399.4) | (399.4) | (335.5) | ||
Capital expenditures | $ 0 | $ 0 |
Plant to be Retired, Net (Detai
Plant to be Retired, Net (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Plant to be Retired, Net [Line Items] | ||
Plant to be Retired, Net | $ 149.2 | $ 0 |