Exact name of registrant as specified in charter, | ||||
Commission | state of incorporation, address of principal | I.R.S. Employer | ||
File Number | executive offices and telephone number | Identification Number | ||
001-32206 | GREAT PLAINS ENERGY INCORPORATED | 43-1916803 | ||
(A Missouri Corporation) | ||||
1201 Walnut Street | ||||
Kansas City, Missouri 64106 | ||||
(816) 556-2200 | ||||
www.greatplainsenergy.com | ||||
KANSAS CITY POWER & LIGHT COMPANY | 44-0308720 | |||
(A Missouri Corporation) | ||||
1201 Walnut Street | ||||
Kansas City, Missouri 64106 | ||||
(816) 556-2200 | ||||
www.kcpl.com |
Registrant | Title of each class | |
Great Plains Energy Incorporated | Cumulative Preferred Stock par value $100 per share | 3.80% |
Cumulative Preferred Stock par value $100 per share | 4.50% | |
Cumulative Preferred Stock par value $100 per share | 4.35% | |
Common Stock without par value | ||
Income PRIDESSM(to February 16, 2007) |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Great Plains Energy Incorporated | Yes | X | No | Kansas City Power & Light Company | Yes | No | X | |||||||||||||||||||||||||||||||||||||||||||||||||||
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Great Plains Energy Incorporated | Yes | No | X | Kansas City Power & Light Company | Yes | No | X | |||||||||||||||||||||||||||||||||||||||||||||||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
file such reports), and (2) has been subject to such filing requirements for the past 90 days. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Great Plains Energy Incorporated | Yes | No | X | Kansas City Power & Light Company | Yes | No | X | |||||||||||||||||||||||||||||||||||||||||||||||||||
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
in Part III of this Form 10-K or any amendment to the Form 10-K. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Great Plains Energy Incorporated | X | Kansas City Power & Light Company X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Great Plains Energy Incorporated | Large accelerated filer | X | Accelerated filer | Non-accelerated filer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kansas City Power & Light Company | Large accelerated filer | Accelerated filer | Non-accelerated filer | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Great Plains Energy Incorporated | Yes | No | X | Kansas City Power & Light Company | Yes | No | X | |||||||||||||||||||||||||||||||||||||||||||||||||||
The aggregate market value of the voting and non-voting common equity held by non-affiliates of Great Plains Energy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incorporated (based on the closing price of its common stock on the New York Stock Exchange on June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
approximately | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy Incorporated, an affiliate of Kansas City Power & Light Company. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
On February | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
aggregate market value of the common stock held by non-affiliates of Great Plains Energy Incorporated (based upon the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
closing price of its common stock on the New York Stock Exchange on February | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$2,735,366,235. On February | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and held by Great Plains Energy Incorporated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kansas City Power & Light Company meets the conditions set forth in General Instruction (l)(1)(a) and (b) of Form 10-K and is therefore filing this Form 10-K with the reduced disclosure format. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Documents Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portions of the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commission are incorporated by reference in Part III of this report. |
TABLE OF CONTENTS | ||||||||
Page | ||||||||
Number | ||||||||
Cautionary Statements Regarding Forward-Looking Information | 3 | | ||||||
Glossary of Terms | 4 | | ||||||
PART I | ||||||||
Item 1 | Business | 6 | | |||||
Item 1A | Risk Factors | 14 | | |||||
Item 1B | Unresolved Staff Comments | 21 | | |||||
Item 2 | Properties | 22 | | |||||
Item 3 | Legal Proceedings | 23 | | |||||
Item 4 | Submission of Matters to a Vote of Security Holders | 26 | | |||||
PART II | ||||||||
Item 5 | Market for the Registrant's Common Equity, Related Stockholder Matters | 26 | ||||||
and Issuer Purchases of Equity Securities | | |||||||
Item 6 | Selected Financial Data | 29 | | |||||
Item 7 | Management's Discussion and Analysis of Financial Condition | 30 | ||||||
and Results of Operation | | |||||||
Item 7A | Quantitative and Qualitative Disclosures About Market Risks | 56 | | |||||
Item 8 | Consolidated Financial Statements and Supplementary Data | |||||||
Great Plains Energy | ||||||||
Consolidated Statements of Income | 59 | | ||||||
Consolidated Balance Sheets | 60 | | ||||||
Consolidated Statements of Cash Flows | 62 | | ||||||
Consolidated Statements of Common Stock Equity | 63 | | ||||||
Consolidated Statements of Comprehensive Income | 64 | | ||||||
Kansas City Power & Light Company | ||||||||
Consolidated Statements of Income | 65 | | ||||||
Consolidated Balance Sheets | 66 | | ||||||
Consolidated Statements of Cash Flows | 68 | | ||||||
Consolidated Statements of Common Stock Equity | 69 | | ||||||
Consolidated Statements of Comprehensive Income | 70 | | ||||||
Great Plains Energy | ||||||||
Kansas City Power & Light Company | ||||||||
Notes to Consolidated Financial Statements | 71 | | ||||||
Item 9 | Changes in and Disagreements With Accountants on Accounting | 128 | ||||||
and Financial Disclosure | | |||||||
Item 9A | Controls and Procedures | 128 | | |||||
Item 9B | Other Information | 131 | | |||||
PART III | ||||||||
Item 10 | Directors, | 131 | | |||||
Item 11 | Executive Compensation | 132 | | |||||
Item 12 | Security Ownership of Certain Beneficial Owners and Management | 132 | ||||||
and Related Stockholder Matters | | |||||||
Item 13 | Certain Relationships and Related Transactions, and Director Independence | 133 | | |||||
Item 14 | Principal Accounting Fees and Services | 133 | | |||||
PART IV | ||||||||
Item 15 | Exhibits, Financial Statement Schedules | 134 | |
Abbreviation or Acronym | Definition | |
ARO | Asset Retirement Obligation | |
BART | Best available retrofit technology | |
CAIR | Clean Air Interstate Rule | |
CAMR | Clean Air Mercury Rule | |
Clean Air Act | Clean Air Act Amendments of 1990 | |
CO2 | Carbon Dioxide | |
Company | Great Plains Energy Incorporated and its subsidiaries | |
Consolidated KCP&L | KCP&L and its wholly owned subsidiaries | |
Digital Teleport | Digital Teleport, Inc. | |
DOE | Department of Energy | |
EBITDA | Earnings before interest, income taxes, depreciation and amortization | |
ECA | Energy Cost Adjustment | |
EEI | Edison Electric Institute | |
EIRR | Environmental Improvement Revenue Refunding | |
EPA | Environmental Protection Agency | |
EPS | Earnings per common share | |
ERISA | Employee Retirement Income Security Act of 1974 | |
FASB | Financial Accounting Standards Board | |
FELINE PRIDESSM | Flexible Equity Linked Preferred Increased Dividend Equity Securities, | |
a service mark of Merrill Lynch & Co., Inc. | ||
FERC | The Federal Energy Regulatory Commission | |
FIN | Financial Accounting Standards Board Interpretation | |
FSS | Forward Starting Swaps | |
GAAP | Generally Accepted Accounting Principles | |
GPP | Great Plains Power Incorporated | |
Great Plains Energy | Great Plains Energy Incorporated and its subsidiaries | |
Holdings | DTI Holdings, Inc. | |
HSS | Home Service Solutions Inc., a wholly owned subsidiary of KCP&L | |
IEC | Innovative Energy Consultants Inc., a wholly owned subsidiary of Great Plains Energy | |
ISO | Independent System Operator | |
KCC | The State Corporation Commission of the State of Kansas | |
KCP&L | Kansas City Power & Light Company, a wholly owned subsidiary of Great Plains Energy | |
KLT Gas | KLT Gas Inc., a wholly owned subsidiary of KLT Inc. | |
KLT Gas portfolio | KLT Gas natural gas properties | |
KLT Inc. | KLT Inc., a wholly owned subsidiary of Great Plains Energy | |
KLT Investments | KLT Investments Inc., a wholly owned subsidiary of KLT Inc. | |
KLT Telecom | KLT Telecom Inc., a wholly owned subsidiary of KLT Inc. | |
KW | Kilowatt | |
kWh | Kilowatt hour | |
MAC | Material Adverse Change | |
MD&A | Management’s Discussion and Analysis of Financial Condition and | |
Results of Operations |
Abbreviation or Acronym | Definition | |
MISO | Midwest Independent Transmission System Operator, Inc. | |
MPSC | Public Service Commission of the State of Missouri | |
MW | Megawatt | |
MWh | Megawatt hour | |
NEIL | Nuclear Electric Insurance Limited | |
NOx | Nitrogen Oxide | |
NPNS | Normal Purchases and Normal Sales | |
NRC | Nuclear Regulatory Commission | |
OCI | Other Comprehensive Income | |
PJM | PJM Interconnection, LLC | |
PRB | Powder River Basin | |
PURPA | Public Utility Regulatory Policy Act | |
Receivables Company | Kansas City Power & Light Receivables Company, a wholly owned subsidiary of KCP&L | |
RTO | Regional Transmission Organization | |
SEC | Securities and Exchange Commission | |
SECA | Seams Elimination Charge Adjustment | |
SE Holdings | SE Holdings, L.L.C. | |
Services | Great Plains Energy Services Incorporated | |
SIP | State Implementation Plan | |
SFAS | Statement of Financial Accounting Standards | |
SO2 | Sulfur Dioxide | |
SPP | Southwest Power Pool, Inc. | |
Strategic Energy | Strategic Energy, L.L.C., a subsidiary of KLT Energy Services | |
T - Lock | Treasury Lock | |
Union Pacific | Union Pacific Railroad Company | |
WCNOC | Wolf Creek Nuclear Operating Corporation | |
Wolf Creek | Wolf Creek Generating Station | |
Worry Free | Worry Free Service, Inc., a wholly owned subsidiary of HSS |
· | KCP&L is described below. |
· | KLT Inc. is an intermediate holding company that primarily holds |
· | Innovative Energy Consultants Inc. (IEC) is an intermediate holding company that holds an indirect interest in Strategic Energy. IEC does not own or operate any assets other than its indirect interest in Strategic Energy. When combined with KLT Inc.’s indirect interest in Strategic Energy, the Company indirectly owns |
· | Great Plains Energy Services Incorporated (Services) provides services at cost to Great Plains Energy and its subsidiaries, including consolidated KCP&L. |
Fuel cost in cents per | |||||||||
Fuel Mix (a) | net kWh generated | ||||||||
Estimated | Actual | Estimated | Actual | ||||||
Fuel | 2007 | 2006 | 2007 | 2006 | |||||
Coal | 74 | % | 75 | % | 1.28 | 1.15 | |||
Nuclear | 22 | 22 | 0.45 | 0.43 | |||||
Natural gas and oil | 2 | 3 | 9.58 | 7.37 | |||||
Wind | 2 | - | - | - | |||||
Total Generation | 100 | % | 100 | % | 1.19 | 1.16 | |||
(a)Fuel mix based on percent of total MWhs generated. |
Fuel cost in cents per | |||||||||||||
Fuel Mix (a) | net kWh generated | ||||||||||||
Estimated | Actual | Estimated | Actual | ||||||||||
Fuel | 2006 | 2005 | 2006 | 2005 | |||||||||
Coal | 77 | % | 77 | % | 1.24 | 1.01 | |||||||
Nuclear | 21 | 21 | 0.44 | 0.44 | |||||||||
Natural gas and oil | 2 | 2 | 11.15 | 8.29 | |||||||||
Total Generation | 100 | % | 100 | % | 1.22 | 1.06 | |||||||
(a) Fuel mix based on percent of total MWhs generated. |
Officers of Great Plains Energy | |||
Name | Age | Current Position(s) | Year First Assumed An Officer Position |
Michael J. Chesser (a)* | 58 | Chairman of the Board and Chief Executive Officer | 2003 |
William H. Downey (b)* | 62 | President and Chief Operating Officer | 2000 |
Terry Bassham (c)* | 46 | Executive Vice President, Finance and Strategic Development and Chief Financial Officer | 2005 |
Michael W. Cline (d) | 45 | Treasurer and Chief Risk Officer | 2003 |
Barbara B. Curry (e)* | 52 | Senior Vice President, Corporate Services and Corporate Secretary | 2005 |
Michael L. Deggendorf (f) | 45 | Vice President, Public Affairs | 2005 |
Stephen T. Easley (g)* | 51 | Senior Vice President, Supply - KCP&L | 2000 |
Mark G. English (h) | 55 | General Counsel and Assistant Secretary | 2003 |
Todd A. Kobayashi (i) | 39 | Vice President, Strategy and Investor Relations | 2005 |
Shahid Malik (j)* | 46 | Executive Vice President President and Chief Executive Officer - Strategic Energy | 2004 |
John R. Marshall (k)* | 57 | Senior Vice President, Delivery - KCP&L | 2005 |
Victoria L. Schatz (l) | 37 | Assistant General Counsel and Assistant Secretary | 2006 |
Lori A. Wright (m)* | 44 | Controller | 2002 |
Officers of Great Plains Energy | |||
Name | Age | Current Position(s) | Year First Assumed An Officer Position |
Michael J. Chesser (a)* | 57 | Chairman of the Board and Chief Executive Officer | 2003 |
William H. Downey (b)* | 61 | President and Chief Operating Officer | 2000 |
Terry Bassham (c)* | 45 | Executive Vice President, Finance and Strategic Development and Chief Financial Officer | 2005 |
Michael W. Cline (d) | 44 | Treasurer and Chief Risk Officer | 2003 |
Barbara B. Curry (e)* | 51 | Senior Vice President, Corporate Services and Corporate Secretary | 2005 |
Michael L. Deggendorf (f) | 44 | Vice President, Public Affairs | 2005 |
Stephen T. Easley (g)* | 50 | Senior Vice President, Supply - KCP&L | 2000 |
Mark G. English (h)* | 54 | General Counsel and Assistant Secretary | 2003 |
Chris B. Giles (i)* | 52 | Vice President, Regulatory Affairs - KCP&L | 2005 |
Todd A. Kobayashi (j) | 38 | Vice President, Strategy and Investor Relations | 2005 |
Shahid Malik (k)* | 45 | Executive Vice President President and Chief Executive Officer - Strategic Energy | 2004 |
John R. Marshall (l)* | 56 | Senior Vice President, Delivery - KCP&L | 2005 |
William G. Riggins (m)* | 47 | Vice President, Legal and Environmental Affairs and General Counsel - KCP&L | 2000 |
Lori A. Wright (n)* | 43 | Controller | 2002 |
John J. DeStefano (o)* | 56 | President - Great Plains Power Incorporated President - Home Service Solutions Inc. | 1989 |
Officers of KCP&L | |||
Name | Age | Current Position(s) | Year First Assumed An Officer Position |
Michael J. Chesser (a)* | 58 | Chairman of the Board | 2003 |
William H. Downey (b)* | 62 | President and Chief Executive Officer | 2000 |
Terry Bassham (c)* | 46 | Chief Financial Officer | 2005 |
Kevin E. Bryant (n) | 31 | Vice President, Energy Solutions | 2006 |
Lora C. Cheatum (o) | 50 | Vice President, Administrative Services | 2005 |
Michael W. Cline (d) | 45 | Treasurer | 2003 |
F. Dana Crawford (p) | 56 | Vice President, Plant Operations | 2005 |
Barbara B. Curry (e)* | 52 | Secretary | 2005 |
Stephen T. Easley (g)* | 51 | Senior Vice President, Supply | 2000 |
Mark G. English (h) | 55 | Assistant Secretary | 2003 |
Chris B. Giles (q) | 53 | Vice President, Regulatory Affairs | 2005 |
William P. Herdegen III | 52 | Vice President, Customer Operations | 2001 |
John R. Marshall (k)* | 57 | Senior Vice President, Delivery | 2005 |
William G. Riggins (r) | 48 | Vice President, Legal and Environmental Affairs and General Counsel | 2000 |
Marvin L. Rollison (s) | 54 | Vice President, Corporate Culture and Community Strategy | 2005 |
Victoria L. Schatz (l) | 37 | Assistant General Counsel and Assistant Secretary | 2006 |
Richard A. Spring | 52 | Vice President, Transmission | 1994 |
Lori A. Wright (m)* | 44 | Controller | 2002 |
Officers of KCP&L | |||
Name | Age | Current Position(s) | Year First Assumed An Officer Position |
Michael J. Chesser (a)* | 57 | Chairman of the Board | 2003 |
William H. Downey (b)* | 61 | President and Chief Executive Officer | 2000 |
Terry Bassham (c)* | 45 | Chief Financial Officer | 2005 |
Lora C. Cheatum (p)* | 49 | Vice President, Administrative Services | 2005 |
Michael W. Cline (d) | 44 | Treasurer | 2003 |
F. Dana Crawford (q)* | 55 | Vice President, Plant Operations | 2005 |
Barbara B. Curry (e)* | 51 | Secretary | 2005 |
Stephen T. Easley (g)* | 50 | Senior Vice President, Supply | 2000 |
Mark G. English (h) | 54 | Assistant Secretary | 2003 |
Chris B. Giles (i)* | 52 | Vice President, Regulatory Affairs | 2005 |
William P. Herdegen III (r)* | 51 | Vice President, Customer Operations | 2001 |
John R. Marshall (l)* | 56 | Senior Vice President, Delivery | 2005 |
William G. Riggins (m)* | 47 | Vice President, Legal and Environmental Affairs and General Counsel | 2000 |
Marvin L. Rollison (s) | 53 | Vice President, Corporate Culture and Community Strategy | 2005 |
Richard A. Spring * | 51 | Vice President, Transmission | 1994 |
Lori A. Wright (n)* | 43 | Controller | 2002 |
* | Designated an executive officer. |
(a) | Mr. Chesser was previously Chief Executive Officer of United Water (2002-2003) and President and Chief Executive Officer of GPU Energy (2000-2002). |
(b) | Mr. Downey was previously Executive Vice President of Great Plains Energy (2001- 2003) and Executive Vice President of KCP&L (2000-2002) and President - KCP&L Delivery Division (2000-2002). |
(c) | Mr. Bassham was previously Executive Vice President, Chief Financial and Administrative Officer (2001-2005) |
(d) | Mr. Cline was previously Treasurer of Great Plains Energy (2005), Assistant Treasurer of Great Plains Energy and KCP&L (2003-2005), and Director, Corporate Finance (2001-2002) Great Plains Energy. |
(e) | Ms. Curry was previously Senior Vice President, Retail Operations (2003-2004) |
(f) | Mr. Deggendorf was previously Senior Director, Energy Solutions of KCP&L (2002-2005), Senior Vice President of Everest Connections, a cable services company (2000-2002) and Vice President of UtiliCorp Communications (2000-2002). |
(g) | Mr. Easley was previously Vice President, Generation Services (2002-2005), and President and CEO of GPP (2001-2002) |
(h) | Mr. |
(i) | Mr. Kobayashi was previously Investor Relations Officer (2002-2005) and Director-Investor Relations and Corporate Development of Lante Corporation, a technology consulting firm (2000-2002). |
(j) | Mr. Malik was appointed as President and Chief Executive Officer of Strategic Energy effective November 10, 2004 and was appointed Executive Vice President of Great Plains Energy effective January 1, 2006. Mr. Malik was previously a partner of Sirius Solutions LLP, a consulting company, (2002-2004) and President of Reliant Energy Wholesale Marketing Group (1999-2002). |
(k) | Mr. Marshall was previously President of Coastal Partners, Inc., a strategy consulting company (2001-2005), and Senior Vice President, Customer Service of Tennessee Valley Authority (2002-2004) |
(l) |
(m) | Ms. Wright served as Assistant Controller of KCP&L from 2001 until named Controller in |
(n) | Mr. Bryant was previously Manager, Corporate Finance (2005-2006) and |
(o) |
Ms. Cheatum was previously Interim Vice President, Human Resources (2004-2005) and Director, Human Resources (2001-2004) of KCP |
(p) | Mr. Crawford was previously Plant Manager (1994-2005) of KCP&L’s LaCygne Generating Station. |
(q) | Mr. |
(r) | Mr. Riggins was previously General Counsel of Great Plains Energy (2000-2005). |
(s) | Mr. Rollison was previously Supervisor-Engineering of KCP&L (2000-2005). |
Year | Estimated 2006 | Primary | Year | Estimated 2007 | Primary | |||||||||||||||||
Unit | Completed | MW Capacity | Fuel | Unit | Completed | MW Capacity | Fuel | |||||||||||||||
Base Load | Base Load | Wolf Creek | 1985 | 548 | (a) | Nuclear | Base Load | Wolf Creek | 1985 | 548 | (a) | Nuclear | ||||||||||
Iatan No. 1 | 1980 | 456 | (a) (b) | Coal | Iatan No. 1 | 1980 | 460 | (a) (b) | Coal | |||||||||||||
LaCygne No. 2 | 1977 | 341 | (a) | Coal | LaCygne No. 2 | 1977 | 341 | (a) | Coal | |||||||||||||
LaCygne No. 1 | 1973 | 370 | (a) | Coal | LaCygne No. 1 | 1973 | 368 | (a) | Coal | |||||||||||||
Hawthorn No. 5 (c) | 1969 | 563 | Coal | Hawthorn No. 5 (c) | 1969 | 563 | Coal | |||||||||||||||
Montrose No. 3 | 1964 | 176 | Coal | Montrose No. 3 | 1964 | 176 | Coal | |||||||||||||||
Montrose No. 2 | 1960 | 164 | Coal | Montrose No. 2 | 1960 | 164 | Coal | |||||||||||||||
Montrose No. 1 | 1958 | 170 | Coal | Montrose No. 1 | 1958 | 170 | Coal | |||||||||||||||
Peak Load | Peak Load | West Gardner Nos. 1, 2, 3 and 4 (e) | 2003 | 308 | Natural Gas | Peak Load | West Gardner Nos. 1, 2, 3 and 4 (d) | 2003 | 308 | Natural Gas | ||||||||||||
Osawatomie (e) | 2003 | 77 | Natural Gas | Osawatomie (d) | 2003 | 77 | Natural Gas | |||||||||||||||
Hawthorn No. 9 (d) | 2000 | 130 | Natural Gas | Hawthorn No. 9 (e) | 2000 | 130 | Natural Gas | |||||||||||||||
Hawthorn No. 8 (e) | 2000 | 77 | Natural Gas | Hawthorn No. 8 (d) | 2000 | 77 | Natural Gas | |||||||||||||||
Hawthorn No. 7 (e) | 2000 | 77 | Natural Gas | Hawthorn No. 7 (d) | 2000 | 77 | Natural Gas | |||||||||||||||
Hawthorn No. 6 (e) | 1997 | 136 | Natural Gas | Hawthorn No. 6 (d) | 1997 | 136 | Natural Gas | |||||||||||||||
Northeast Nos. 17 and 18 (e) | 1977 | 117 | Oil | Northeast Nos. 17 and 18 (e) | 1977 | 117 | Oil | |||||||||||||||
Northeast Nos. 15 and 16 (e) | 1975 | 116 | Oil | Northeast Nos. 15 and 16 (e) | 1975 | 116 | Oil | |||||||||||||||
Northeast Nos. 13 and 14 (e) | 1976 | 114 | Oil | Northeast Nos. 13 and 14 (e) | 1976 | 114 | Oil | |||||||||||||||
Northeast Nos. 11 and 12 (e) | 1972 | 111 | Oil | Northeast Nos. 11 and 12 (e) | 1972 | 111 | Oil | |||||||||||||||
Northeast Black Start Unit | 1985 | 2 | Oil | Northeast Black Start Unit | 1985 | 2 | Oil | |||||||||||||||
Wind | Wind | Spearville Wind Energy Facility(f) | 2006 | - | Wind | |||||||||||||||||
Total | Total | 4,053 | Total | 4,055 | ||||||||||||||||||
(a) | KCP&L's share of a jointly owned unit. | |||||||||||||||||||||
The Iatan No. 2 air permit limits KCP&L's accredited capacity of Iatan No. 1 to 456 MWs from 469 MWs | KCP&L's share of a jointly owned unit. | |||||||||||||||||||||
until the air quality control equipment included in the comprehensive energy plan is operational. | ||||||||||||||||||||||
(b) | The Iatan No. 2 air permit limits KCP&L's accredited capacity of Iatan No. 1 to 460 MWs from 469 MWs | |||||||||||||||||||||
The Hawthorn Generating Station returned to commercial operation in 2001 with a new boiler, air quality | until the air quality control equipment included in the comprehensive energy plan is operational. | |||||||||||||||||||||
| control equipment and an uprated turbine following a 1999 explosion. | The Hawthorn Generating Station returned to commercial operation in 2001 with a new boiler, air quality | ||||||||||||||||||||
(d) | Heat Recovery Steam Generator portion of combined cycle. | |||||||||||||||||||||
control equipment and an uprated turbine following a 1999 explosion. | ||||||||||||||||||||||
Combustion turbines. | Combustion turbines. | |||||||||||||||||||||
(e) | Heat Recovery Steam Generator portion of combined cycle. | |||||||||||||||||||||
(f) | In 2006, KCP&L completed the 100.5 MW Spearville Wind Energy Facility in Spearville, KS. Wind is not | |||||||||||||||||||||
currently eligible for accredited capacity under SPP reliability standards. |
Common Stock Price Range | Common Stock | ||||||||||||||||||||||||
2006 | 2005 | Dividends Declared | |||||||||||||||||||||||
Quarter | High | Low | High | Low | 2007 | 2006 | 2005 | ||||||||||||||||||
First | $ | 29.32 | $ | 27.89 | $ | 31.61 | $ | 29.56 | $ | 0.415 (a) | $ | 0.415 | $ | 0.415 | |||||||||||
Second | 28.99 | 27.33 | 32.25 | 29.77 | 0.415 | 0.415 | |||||||||||||||||||
Third | 31.43 | 27.70 | 32.63 | 29.82 | 0.415 | 0.415 | |||||||||||||||||||
Fourth | 32.80 | 31.13 | 30.23 | 27.27 | 0.415 | 0.415 | |||||||||||||||||||
(a) Declared February 6, 2007. |
Common Stock Price Range | Common Stock | ||||||||||||||||||||||||
2005 | 2004 | Dividends Declared | |||||||||||||||||||||||
Quarter | High | Low | High | Low | 2006 | 2005 | 2004 | ||||||||||||||||||
First | $ | 31.61 | $ | 29.56 | $ | 35.29 | $ | 31.66 | $ | 0.415 | (a) | $ | 0.415 | $ | 0.415 | ||||||||||
Second | 32.25 | 29.77 | 34.36 | 29.23 | 0.415 | 0.415 | |||||||||||||||||||
Third | 32.63 | 29.82 | 31.71 | 28.62 | 0.415 | 0.415 | |||||||||||||||||||
Fourth | 30.23 | 27.27 | 30.71 | 28.17 | 0.415 | 0.415 | |||||||||||||||||||
(a) Declared February 7, 2006. |
Number of securities | |||||||||||||
remaining available | |||||||||||||
for future issuance | |||||||||||||
Number of securities to | Weighted-average | under equity | |||||||||||
be issued upon exercise | exercise price of | compensation plans | |||||||||||
of outstanding options, | outstanding options, | (excluding securities | |||||||||||
warrants and rights | warrants and rights | reflected in column (a)) | |||||||||||
Plan Category | (a) | (b) | (c) | ||||||||||
Equity compensation plans | |||||||||||||
approved by security holders | 364,183 | (1) | $ 25.52 | (2) | 1,878,929 | ||||||||
Equity compensation plans not | |||||||||||||
approved by security holders | - | - | - | ||||||||||
Total | 364,183 | $ 25.52 | 1,878,929 | ||||||||||
(1) Includes 254,711 performance shares at target performance levels and options for 109,472 shares of Great Plains | |||||||||||||
Energy common stock outstanding at December 31, 2006. | |||||||||||||
(2) The 254,711 performance shares have no exercise price and therefore are not reflected in the weighted average | |||||||||||||
exercise price. |
Number of securities | |||||||||||||
remaining available | |||||||||||||
for future issuance | |||||||||||||
Number of securities to | Weighted-average | under equity | |||||||||||
be issued upon exercise | exercise price of | compensation plans | |||||||||||
of outstanding options, | outstanding options, | (excluding securities | |||||||||||
warrants and rights | warrants and rights | reflected in column (a)) | |||||||||||
Plan Category | (a) | (b) | (c) | ||||||||||
Equity compensation plans | |||||||||||||
approved by security holders | 284,216 | (1) | $ | 25.56 | (2) | 2,014,496 | |||||||
Equity compensation plans not | |||||||||||||
approved by security holders | - | - | - | ||||||||||
Total | 284,216 | $ | 25.56 | 2,014,496 | |||||||||
(1) | Includes 172,761 performance shares at target performance levels and options for 111,455 shares of Great Plains | ||||||||||||
Energy common stock outstanding at December 31, 2005. | |||||||||||||
(2) | The 172,761 performance shares have no exercise price and therefore are not reflected in the weighted average | ||||||||||||
exercise price. |
Issuer Purchases of Equity Securities | |||||||||||||
Maximum Number | |||||||||||||
Total Number of | (or Approximate | ||||||||||||
Shares (or Units) | Dollar Value) of | ||||||||||||
Total | Purchased as | Shares (or Units) | |||||||||||
Number of | Average | Part of Publicly | that May Yet Be | ||||||||||
Shares | Price Paid | Announced | Purchased Under | ||||||||||
(or Units) | per Share | Plans or | the Plans or | ||||||||||
Month | Purchased | (or Unit) | Programs | Programs | |||||||||
October 1 - 31 | 5,862 | (1) | $ | 30.12 | - | N/A | |||||||
November 1 - 30 | 1,390 | (1) | 28.54 | - | N/A | ||||||||
December 1 - 31 | - | - | - | N/A | |||||||||
Total | 7,252 | $ | 29.82 | - | N/A | ||||||||
(1) | Represents shares of common stock surrendered to the Company by certain officers to pay taxes | ||||||||||||
related to the vesting of restricted common stock. |
Issuer Purchases of Equity Securities | ||||||||||||||
Maximum Number | ||||||||||||||
Total Number of | (or Approximate | |||||||||||||
Shares (or Units) | Dollar Value) of | |||||||||||||
Total | Purchased as | Shares (or Units) | ||||||||||||
Number of | Average | Part of Publicly | that May Yet Be | |||||||||||
Shares | Price Paid | Announced | Purchased Under | |||||||||||
(or Units) | per Share | Plans or | the Plans or | |||||||||||
Month | Purchased | (or Unit) | Programs | Programs | ||||||||||
October 1 - 31 | 4,777 | (1) | $31.12 | - | N/A | |||||||||
November 1 - 30 | 3,042 | (1) | 32.18 | - | N/A | |||||||||
December 1 - 31 | - | - | - | N/A | ||||||||||
Total | 7,819 | $31.53 | - | N/A | ||||||||||
(1) | Represents shares of common stock surrendered to the Company by certain officers to pay taxes | |||||||||||||
related to the vesting of restricted common stock. |
Year Ended December 31 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||
Great Plains Energy (a) | (dollars in millions except per share amounts) | |||||||||||||||
Operating revenues | $ | 2,605 | $ | 2,464 | $ | 2,148 | $ | 1,802 | $ | 1,399 | ||||||
Income (loss) from continuing operations (b) | $ | 164 | $ | 174 | $ | 190 | $ | 137 | $ | (28 | ) | |||||
Net income (loss) | $ | 162 | $ | 181 | $ | 145 | $ | 126 | $ | (24 | ) | |||||
Basic and diluted earnings (loss) per common | ||||||||||||||||
share from continuing operations | $ | 2.18 | $ | 2.39 | $ | 2.72 | $ | 2.16 | $ | (0.49 | ) | |||||
Basic and diluted earnings (loss) per | ||||||||||||||||
common share | $ | 2.15 | $ | 2.49 | $ | 2.07 | $ | 1.99 | $ | (0.42 | ) | |||||
Total assets at year end | $ | 3,834 | $ | 3,799 | $ | 3,682 | $ | 3,517 | $ | 3,464 | ||||||
Total redeemable preferred stock, mandatorily | ||||||||||||||||
redeemable preferred securities and long- | ||||||||||||||||
term debt (including current maturities) | $ | 1,143 | $ | 1,296 | $ | 1,347 | $ | 1,332 | $ | 1,342 | ||||||
Cash dividends per common share | $ | 1.66 | $ | 1.66 | $ | 1.66 | $ | 1.66 | $ | 1.66 | ||||||
SEC ratio of earnings to fixed charges | 3.61 | 3.51 | 4.23 | 2.99 | (c | ) | ||||||||||
Consolidated KCP&L (a) | ||||||||||||||||
Operating revenues | $ | 1,131 | $ | 1,092 | $ | 1,057 | $ | 1,013 | $ | 1,287 | ||||||
Income from continuing operations (d) | $ | 144 | $ | 143 | $ | 126 | $ | 103 | $ | 116 | ||||||
Net income | $ | 144 | $ | 143 | $ | 117 | $ | 96 | $ | 120 | ||||||
Total assets at year end | $ | 3,339 | $ | 3,337 | $ | 3,303 | $ | 3,139 | $ | 3,146 | ||||||
Total redeemable preferred stock, mandatorily | ||||||||||||||||
redeemable preferred securities and long- | ||||||||||||||||
term debt (including current maturities) | $ | 976 | $ | 1,126 | $ | 1,336 | $ | 1,313 | $ | 1,311 | ||||||
SEC ratio of earnings to fixed charges | 3.87 | 3.34 | 3.69 | 2.88 | 2.07 |
As Adjusted | As Adjusted | As Adjusted | As Adjusted | |||||||||||||
Year Ended December 31 | 2006 | 2005 (d) | 2004 (d) | 2003(d) | 2002(d) | |||||||||||
Great Plains Energy (a) | (dollars in millions except per share amounts) | |||||||||||||||
Operating revenues | $ | 2,675 | $ | 2,605 | $ | 2,464 | $ | 2,148 | $ | 1,802 | ||||||
Income from continuing operations (b) | $ | 128 | $ | 164 | $ | 175 | $ | 189 | $ | 136 | ||||||
Net income | $ | 128 | $ | 162 | $ | 183 | $ | 144 | $ | 125 | ||||||
Basic earnings per common | ||||||||||||||||
share from continuing operations | $ | 1.62 | $ | 2.18 | $ | 2.41 | $ | 2.71 | $ | 2.15 | ||||||
Basic earnings per common share | $ | 1.62 | $ | 2.15 | $ | 2.51 | $ | 2.06 | $ | 1.98 | ||||||
Diluted earnings per common | ||||||||||||||||
share from continuing operations | $ | 1.61 | $ | 2.18 | $ | 2.41 | $ | 2.71 | $ | 2.15 | ||||||
Diluted earnings per common share | $ | 1.61 | $ | 2.15 | $ | 2.51 | $ | 2.06 | $ | 1.98 | ||||||
Total assets at year end | $ | 4,336 | $ | 3,842 | $ | 3,796 | $ | 3,694 | $ | 3,521 | ||||||
Total redeemable preferred stock, mandatorily | ||||||||||||||||
redeemable preferred securities and long- | ||||||||||||||||
term debt (including current maturities) | $ | 1,142 | $ | 1,143 | $ | 1,296 | $ | 1,347 | $ | 1,332 | ||||||
Cash dividends per common share | $ | 1.66 | $ | 1.66 | $ | 1.66 | $ | 1.66 | $ | 1.66 | ||||||
SEC ratio of earnings to fixed charges | 3.20 | 3.60 | 3.54 | 4.22 | 2.98 | |||||||||||
Consolidated KCP&L (a) | ||||||||||||||||
Operating revenues | $ | 1,140 | $ | 1,131 | $ | 1,092 | $ | 1,057 | $ | 1,013 | ||||||
Income from continuing operations (c) | $ | 149 | $ | 144 | $ | 145 | $ | 125 | $ | 102 | ||||||
Net income | $ | 149 | $ | 144 | $ | 145 | $ | 116 | $ | 95 | ||||||
Total assets at year end | $ | 3,859 | $ | 3,340 | $ | 3,335 | $ | 3,315 | $ | 3,143 | ||||||
Total redeemable preferred stock, mandatorily | ||||||||||||||||
redeemable preferred securities and long- | ||||||||||||||||
term debt (including current maturities) | $ | 977 | $ | 976 | $ | 1,126 | $ | 1,336 | $ | 1,313 | ||||||
SEC ratio of earnings to fixed charges | 4.11 | 3.87 | 3.37 | 3.68 | 2.87 |
(a) | Great Plains Energy’s and KCP&L’s consolidated financial statements include results for all subsidiaries in operation for the periods presented. |
(b) | This amount is before discontinued operations of $(1.9), $7.3, $(44.8) |
(c) |
This amount is before discontinued operations of $(8.7) |
(d) | See Note 5 to the consolidated financial statements for information regarding Wolf Creek refueling outage costs and an associated change in accounting principle |
Impact on | Impact on | Impact on | Impact on | ||||||||||||||||||||||||||
Projected | Impact on | 2005 | Projected | 2006 | |||||||||||||||||||||||||
Change in | Benefit | Pension | Pension | Change in | Benefit | Pension | |||||||||||||||||||||||
Actuarial assumption | Assumption | Obligation | Liability | Expense | Assumption | Obligation | Expense | ||||||||||||||||||||||
(millions) | (millions) | ||||||||||||||||||||||||||||
Discount rate | 0.5 | % | increase | $ | (32.9 | ) | $ | (18.1 | ) | $ | (2.3 | ) | 0.5 | % | increase | $ | (34.1) | $ | (2.9) | ||||||||||
Rate of return on plan assets | 0.5 | % | increase | - | - | (1.9 | ) | 0.5 | % | increase | - | (1.8) | |||||||||||||||||
Discount rate | 0.5 | % | decrease | 35.1 | 19.8 | 2.5 | 0.5 | % | decrease | 36.2 | 3.0 | ||||||||||||||||||
Rate of return on plan assets | 0.5 | % | decrease | - | - | 1.9 | 0.5 | % | decrease | - | 1.8 | ||||||||||||||||||
As Adjusted | As Adjusted | |||||||||
2006 | 2005 | 2004 | ||||||||
(millions) | ||||||||||
Operating revenues | $ | 2,675.3 | $ | 2,604.9 | $ | 2,464.0 | ||||
Fuel | (229.5 | ) | (208.4 | ) | (176.8 | ) | ||||
Purchased power | (1,516.7 | ) | (1,429.7 | ) | (1,300.0 | ) | ||||
Skill set realignment costs | (9.4 | ) | - | - | ||||||
Other operating expenses | (524.4 | ) | (527.2 | ) | (510.5 | ) | ||||
Depreciation and amortization | (160.5 | ) | (153.1 | ) | (150.1 | ) | ||||
Gain (loss) on property | 0.6 | (3.5 | ) | (5.1 | ) | |||||
Operating income | 235.4 | 283.0 | 321.5 | |||||||
Non-operating income (expenses) | 13.2 | 2.7 | (8.4 | ) | ||||||
Interest charges | (71.2 | ) | (73.8 | ) | (83.0 | ) | ||||
Income taxes | (47.9 | ) | (39.5 | ) | (55.5 | ) | ||||
Minority interest in subsidiaries | - | (7.8 | ) | 2.1 | ||||||
Loss from equity investments | (1.9 | ) | (0.4 | ) | (1.5 | ) | ||||
Income from continuing operations | 127.6 | 164.2 | 175.2 | |||||||
Discontinued operations | - | (1.9 | ) | 7.3 | ||||||
Net income | 127.6 | 162.3 | 182.5 | |||||||
Preferred dividends | (1.6 | ) | (1.6 | ) | (1.6 | ) | ||||
Earnings available for common shareholders | $ | 126.0 | $ | 160.7 | $ | 180.9 | ||||
2005 | 2004 | 2003 | ||||||||
(millions) | ||||||||||
Operating revenues | $ | 2,604.9 | $ | 2,464.0 | $ | 2,148.0 | ||||
Fuel | (207.9 | ) | (179.4 | ) | (160.3 | ) | ||||
Purchased power | (1,429.7 | ) | (1,300.0 | ) | (1,022.1 | ) | ||||
Other operating expenses | (527.5 | ) | (510.6 | ) | (479.2 | ) | ||||
Depreciation and amortization | (153.1 | ) | (150.1 | ) | (142.8 | ) | ||||
Gain (loss) on property | (3.5 | ) | (5.1 | ) | 23.7 | |||||
Operating income | 283.2 | 318.8 | 367.3 | |||||||
Non-operating income (expenses) | 2.7 | (8.4 | ) | (13.0 | ) | |||||
Interest charges | (73.8 | ) | (83.0 | ) | (76.2 | ) | ||||
Income taxes | (39.7 | ) | (54.5 | ) | (78.6 | ) | ||||
Minority interest in subsidiaries | (7.8 | ) | 2.1 | (7.8 | ) | |||||
Loss from equity investments | (0.4 | ) | (1.5 | ) | (2.0 | ) | ||||
Income from continuing operations | 164.2 | 173.5 | 189.7 | |||||||
Discontinued operations, net of income taxes | (1.9 | ) | 7.3 | (44.8 | ) | |||||
Net income | 162.3 | 180.8 | 144.9 | |||||||
Preferred dividends | (1.6 | ) | (1.6 | ) | (1.6 | ) | ||||
Earnings available for common shareholders | $ | 160.7 | $ | 179.2 | $ | 143.3 |
As Adjusted | As Adjusted | |||||||||
2006 | 2005 | 2004 | ||||||||
(millions) | ||||||||||
Operating revenues | $ | 1,140.4 | $ | 1,130.9 | $ | 1,091.6 | ||||
Fuel | (229.5 | ) | (208.4 | ) | (176.8 | ) | ||||
Purchased power | (26.4 | ) | (61.3 | ) | (52.5 | ) | ||||
Skill set realignment costs | (9.3 | ) | - | - | ||||||
Other operating expenses | (452.1 | ) | (460.5 | ) | (442.2 | ) | ||||
Depreciation and amortization | (152.7 | ) | (146.6 | ) | (145.2 | ) | ||||
Gain (loss) on property | 0.6 | (4.6 | ) | (5.1 | ) | |||||
Operating income | 271.0 | 249.5 | 269.8 | |||||||
Non-operating income (expenses) | 9.6 | 11.8 | (1.9 | ) | ||||||
Interest charges | (61.0 | ) | (61.8 | ) | (74.2 | ) | ||||
Income taxes | (70.3 | ) | (48.0 | ) | (53.8 | ) | ||||
Minority interest in subsidiaries | - | (7.8 | ) | 5.1 | ||||||
Net income | $ | 149.3 | $ | 143.7 | $ | 145.0 | ||||
2005 | 2004 | 2003 | ||||||||
(millions) | ||||||||||
Operating revenues | $ | 1,130.9 | $ | 1,091.6 | $ | 1,057.0 | ||||
Fuel | (207.9 | ) | (179.4 | ) | (160.3 | ) | ||||
Purchased power | (61.3 | ) | (52.5 | ) | (53.2 | ) | ||||
Other operating expenses | (460.8 | ) | (442.3 | ) | (422.6 | ) | ||||
Depreciation and amortization | (146.6 | ) | (145.2 | ) | (141.0 | ) | ||||
Gain (loss) on property | (4.6 | ) | (5.1 | ) | 1.6 | |||||
Operating income | 249.7 | 267.1 | 281.5 | |||||||
Non-operating income (expenses) | 11.8 | (1.9 | ) | (3.1 | ) | |||||
Interest charges | (61.8 | ) | (74.2 | ) | (70.3 | ) | ||||
Income taxes | (48.2 | ) | (52.8 | ) | (83.5 | ) | ||||
Minority interest in subsidiaries | (7.8 | ) | 5.1 | 1.3 | ||||||
Income from continuing operations | 143.7 | 143.3 | 125.9 | |||||||
Discontinued operations, net of income taxes | - | - | (8.7 | ) | ||||||
Net income | $ | 143.7 | $ | 143.3 | $ | 117.2 |
% | % | |||||||||||||||
2005 | Change | 2004 | Change | 2003 | ||||||||||||
Retail revenues | (millions) | |||||||||||||||
Residential | $ | 380.0 | 9 | $ | 347.1 | (4 | ) | $ | 361.5 | |||||||
Commercial | 434.6 | 3 | 421.1 | 1 | 417.6 | |||||||||||
Industrial | 100.9 | 5 | 96.2 | 1 | 95.0 | |||||||||||
Other retail revenues | 8.6 | (2 | ) | 8.7 | 1 | 8.7 | ||||||||||
Total retail | 924.1 | 6 | 873.1 | (1 | ) | 882.8 | ||||||||||
Wholesale revenues | 192.4 | (4 | ) | 200.2 | 27 | 157.5 | ||||||||||
Other revenues | 14.3 | (15 | ) | 16.8 | 15 | 14.6 | ||||||||||
KCP&L electric revenues | 1,130.8 | 4 | 1,090.1 | 3 | 1,054.9 | |||||||||||
Subsidiary revenues | 0.1 | (93 | ) | 1.5 | (25 | ) | 2.1 | |||||||||
Consolidated KCP&L revenues | $ | 1,130.9 | 4 | $ | 1,091.6 | 3 | $ | 1,057.0 |
% | % | % | % | |||||||||||||||||||||||||||||
2005 | Change | 2004 | Change | 2003 | 2006 | Change | 2005 | Change | 2004 | |||||||||||||||||||||||
Retail MWh sales | (thousands) | |||||||||||||||||||||||||||||||
Retail revenues | (millions) | |||||||||||||||||||||||||||||||
Residential | 5,383 | 10 | 4,903 | (3 | ) | 5,047 | $ | 384.3 | 1 | $ | 380.0 | 9 | $ | 347.1 | ||||||||||||||||||
Commercial | 7,292 | 4 | 6,998 | 1 | 6,933 | 442.6 | 2 | 434.6 | 3 | 421.1 | ||||||||||||||||||||||
Industrial | 2,165 | 5 | 2,058 | 1 | 2,035 | 99.8 | (1) | 100.9 | 5 | 96.2 | ||||||||||||||||||||||
Other retail MWh sales | 82 | (3 | ) | 85 | - | 85 | ||||||||||||||||||||||||||
Other retail revenues | 8.8 | 3 | 8.6 | (2) | 8.7 | |||||||||||||||||||||||||||
Total retail | 14,922 | 6 | 14,044 | - | 14,100 | 935.5 | 1 | 924.1 | 6 | 873.1 | ||||||||||||||||||||||
Wholesale MWh sales | 4,608 | (30 | ) | 6,603 | 14 | 5,777 | ||||||||||||||||||||||||||
KCP&L electric MWh sales | 19,530 | (5 | ) | 20,647 | 4 | 19,877 | ||||||||||||||||||||||||||
Wholesale revenues | 190.4 | (1) | 192.4 | (4) | 200.2 | |||||||||||||||||||||||||||
Other revenues | 14.5 | 1 | 14.3 | (15) | 16.8 | |||||||||||||||||||||||||||
KCP&L electric revenues | 1,140.4 | 1 | 1,130.8 | 4 | 1,090.1 | |||||||||||||||||||||||||||
Subsidiary revenues | - | NM | 0.1 | (93) | 1.5 | |||||||||||||||||||||||||||
Consolidated KCP&L revenues | $ | 1,140.4 | - | $ | 1,130.9 | 4 | $ | 1,091.6 | ||||||||||||||||||||||||
% | % | ||||||||||||||||||
2006 | Change | 2005 | Change | 2004 | |||||||||||||||
Retail MWh sales | (thousands) | ||||||||||||||||||
Residential | 5,413 | 1 | 5,383 | 10 | 4,903 | ||||||||||||||
Commercial | 7,403 | 2 | 7,292 | 4 | 6,998 | ||||||||||||||
Industrial | 2,148 | (1 | ) | 2,165 | 5 | 2,058 | |||||||||||||
Other retail MWh sales | 86 | 4 | 82 | (3) | 85 | ||||||||||||||
Total retail | 15,050 | 1 | 14,922 | 6 | 14,044 | ||||||||||||||
Wholesale MWh sales | 4,676 | 1 | 4,608 | (30) | 6,603 | ||||||||||||||
KCP&L electric MWh sales | 19,726 | 1 | 19,530 | (5) | 20,647 |
2006 | % Change | 2005 | % Change | 2004 | |
CDD | 1,724 | 6 | 1,626 | 45 | 1,118 |
HDD | 4,052 | (15) | 4,780 | 1 | 4,741 |
2004 | 2003 | ||||||
(millions) | |||||||
Wholesale revenues | $ | 0.2 | $ | 2.7 | |||
Fuel | 0.2 | 4.0 | |||||
Purchased power | 0.8 | 11.8 | |||||
Operating income | 1.2 | 18.5 | |||||
Income taxes | (0.5 | ) | (7.2 | ) | |||
Net income | $ | 0.7 | $ | 11.3 |
Net MWhs Generated | % | % | ||||||||||||||
by Type | 2006 | Change | 2005 | Change | 2004 | |||||||||||
(thousands) | ||||||||||||||||
Coal | 15,056 | - | 14,994 | (4 | ) | 15,688 | ||||||||||
Nuclear | 4,395 | 6 | 4,146 | (13 | ) | 4,762 | ||||||||||
Natural gas and oil | 564 | 19 | 473 | 206 | 155 | |||||||||||
Wind | 106 | N/A | - | - | - | |||||||||||
Total Generation | 20,121 | 3 | 19,613 | (5 | ) | 20,605 | ||||||||||
Net MWhs Generated | % | % | ||||||||||||||
by Fuel Type | 2005 | Change | 2004 | Change | 2003 | |||||||||||
(thousands) | ||||||||||||||||
Coal | 14,994 | (4 | ) | 15,688 | 5 | 15,011 | ||||||||||
Nuclear | 4,146 | (13 | ) | 4,762 | 14 | 4,178 | ||||||||||
Natural gas and oil | 473 | 206 | 155 | (43 | ) | 270 | ||||||||||
Total Generation | 19,613 | (5 | ) | 20,605 | 6 | 19,459 |
· | decreased severance and incentive compensation expense of $6.3 million, |
· | decreased restoration expenses of $5.1 million due to expenses that were incurred for a January 2005 ice storm and a June 2005 wind storm, |
· | deferring $6.2 million of expenses in accordance with MPSC and KCC orders. |
· | increased maintenance expenses of $2.6 million for facilities, software and communication equipment and |
· | increased property taxes of $2.7 million primarily due to increases in assessed property valuations and mill levies. |
· | increased |
· | increased expenses of $2.4 million due to higher legal reserves, |
· | increased regulatory expenses of $1.2 million including expenses related to the comprehensive energy plan, |
· | increased general taxes of $5.9 million |
· | increased expenses of $4.2 million due to higher restoration costs for a January 2005 ice storm and June 2005 wind storms compared to the 2004 wind storm restoration costs and |
· | increased production operations and maintenance expenses of |
· | decreased pension expense of $4.7 million due to the regulatory accounting treatment of pension expense in accordance with MPSC and KCC orders and |
· | decreased transmission service expense of $5.7 million primarily due to lower wholesale MWhs sold. |
2005 | 2004 | 2003 | 2006 | 2005 | 2004 | |||||||||||||||
(millions) | (millions) | |||||||||||||||||||
Operating revenues | $ | 1,474.0 | $ | 1,372.4 | $ | 1,091.0 | $ | 1,534.9 | $ | 1,474.0 | $ | 1,372.4 | ||||||||
Purchased power | (1,368.4 | ) | (1,247.5 | ) | (968.9 | ) | (1,490.3 | ) | (1,368.4 | ) | (1,247.5 | ) | ||||||||
Other operating expenses | (53.4 | ) | (51.3 | ) | (42.1 | ) | (61.5 | ) | (53.4 | ) | (51.3 | ) | ||||||||
Depreciation and amortization | (6.4 | ) | (4.8 | ) | (1.7 | ) | (7.8 | ) | (6.4 | ) | (4.8 | ) | ||||||||
Gain (loss) on property | (0.1 | ) | - | - | ||||||||||||||||
Operating income | 45.7 | 68.8 | 78.3 | |||||||||||||||||
Gain on property | - | (0.1 | ) | - | ||||||||||||||||
Operating income (loss) | (24.7 | ) | 45.7 | 68.8 | ||||||||||||||||
Non-operating income (expenses) | 2.5 | 1.7 | 1.0 | 4.2 | 2.5 | 1.7 | ||||||||||||||
Interest charges | (3.4 | ) | (0.7 | ) | (0.4 | ) | (2.1 | ) | (3.4 | ) | (0.7 | ) | ||||||||
Income taxes | (16.6 | ) | (24.3 | ) | (30.2 | ) | 12.7 | (16.6 | ) | (24.3 | ) | |||||||||
Minority interest in subsidiaries | - | (3.0 | ) | (9.1 | ) | - | - | (3.0 | ) | |||||||||||
Net income | $ | 28.2 | $ | 42.5 | $ | 39.6 | ||||||||||||||
Net income (loss) | $ | (9.9 | ) | $ | 28.2 | $ | 42.5 | |||||||||||||
2006 | 2005 | 2004 | ||||||||
Average retail gross margin per MWh | $ | 2.52 | $ | 5.19 | $ | 6.01 | ||||
Change in fair value related to non-hedging energy | ||||||||||
contracts and from cash flow hedge ineffectiveness | (3.41 | ) | 0.12 | 0.08 | ||||||
Average retail gross margin per MWh without | ||||||||||
fair value impacts | $ | 5.93 | $ | 5.07 | $ | 5.93 |
· | Great Plains Energy’s |
· | Great Plains Energy’s and consolidated KCP&L’s fuel inventories |
· | Great Plains Energy’s combined refundable income taxes and accrued taxes of a net current liability of $14.3 million at December 31, 2006, decreased $22.9 million from December 31, 2005. This decrease was primarily due to |
· | Great Plains Energy’s combined deferred income taxes - current assets and deferred income taxes - current liabilities changed from |
· | Great Plains Energy’s derivative instruments, |
· | Great Plains Energy’s and consolidated KCP&L’s combined electric utility plant and construction work in progress increased |
· | Great Plains Energy’s and consolidated KCP&L’s regulatory assets increased |
· | Great Plains Energy’s |
· | Great Plains Energy’s other - deferred charges and other assets decreased |
· | Great Plains Energy’s and consolidated KCP&L’s commercial paper increased |
· | Great Plains Energy’s and consolidated KCP&L’s accounts payable increased |
· | Great Plains Energy’s |
· | Great Plains Energy’s and consolidated KCP&L’s pension liability - deferred credits and other liabilities increased $55.8 million and $46.9 million, respectively, due to the |
· | Great Plains Energy’s and |
· | Great Plains Energy’s and consolidated KCP&L’s |
· | Great Plains Energy’s accumulated other comprehensive loss increased $39.0 million primarily due to |
· | Great Plains Energy’s |
2006 | 2007 | 2008 | |||||||||||
(millions) | |||||||||||||
Generating facilities | |||||||||||||
Iatan No. 2 (a) | $ | 30.7 | $ | 120.4 | $ | 274.5 | |||||||
Wind generation (a) | 143.0 | - | - | ||||||||||
Environmental (a) | 43.3 | 124.8 | 101.3 | ||||||||||
Other | 49.3 | 53.1 | 53.9 | ||||||||||
Total generating facilities | 266.3 | 298.3 | 429.7 | ||||||||||
Distribution and transmission facilities | |||||||||||||
Customer programs & asset management (a) | 5.6 | 9.1 | 14.9 | ||||||||||
Other | 93.4 | 83.9 | 84.4 | ||||||||||
Total distribution and transmission facilities | 99.0 | 93.0 | 99.3 | ||||||||||
Nuclear fuel | 20.9 | 25.2 | 1.1 | ||||||||||
General facilities | 30.6 | 20.5 | 11.8 | ||||||||||
Total | $ | 416.8 | $ | 437.0 | $ | 541.9 | |||||||
(a) Comprehensive energy plan |
2007 | 2008 | 2009 | ||||||||
Generating facilities | (millions) | |||||||||
Iatan No. 2 (a) | $ | 200.5 | $ | 352.5 | $ | 239.0 | ||||
Wind generation (a) | 2.9 | - | - | |||||||
Environmental (a) | 102.1 | 163.3 | 64.0 | |||||||
Other | 64.9 | 73.6 | 82.6 | |||||||
Total generating facilities | 370.4 | 589.4 | 385.6 | |||||||
Distribution and transmission facilities | ||||||||||
Iatan No. 2 (a) | 0.3 | 6.1 | 5.5 | |||||||
Customer programs & asset management (a) | 11.3 | 14.4 | 15.2 | |||||||
Other | 111.6 | 99.6 | 100.7 | |||||||
Total distribution and transmission facilities | 123.2 | 120.1 | 121.4 | |||||||
Nuclear fuel | 24.3 | 17.1 | 17.9 | |||||||
General facilities | 22.6 | 15.4 | 19.2 | |||||||
Total | $ | 540.5 | $ | 742.0 | $ | 544.1 | ||||
(a) Comprehensive energy plan |
Moody's | Standard | ||
Investors Service | |||
Great Plains Energy | |||
Outlook | Stable | ||
Corporate Credit Rating | - | BBB | |
Preferred Stock | Ba1 | BB+ | |
Senior Unsecured Debt | Baa2 | BBB- | |
KCP&L | |||
Outlook | Stable | Stable | |
Senior Secured Debt | A2 | BBB | |
Senior Unsecured Debt | A3 | BBB | |
Commercial Paper | P-2 | A-2 | |
Number Of | Net Exposure Of | |||||||||||||||
Counterparties | Counterparties | |||||||||||||||
Exposure | Greater Than | Greater Than | ||||||||||||||
Before Credit | Credit | Net | 10% Of Net | 10% of Net | ||||||||||||
Rating | Collateral | Collateral | Exposure | Exposure | Exposure | |||||||||||
External rating | (millions) | (millions) | ||||||||||||||
Investment Grade | $ | 2.8 | $ | - | $ | 2.8 | 2 | $ | 2.4 | |||||||
Non-Investment Grade | 7.6 | 6.1 | 1.5 | 1 | 1.5 | |||||||||||
Internal rating | ||||||||||||||||
Investment Grade | 0.1 | - | 0.1 | - | - | |||||||||||
Non-Investment Grade | 2.5 | - | 2.5 | 1 | 2.5 | |||||||||||
Total | $ | 13.0 | $ | 6.1 | $ | 6.9 | 4 | $ | 6.4 | |||||||
Number Of | Net Exposure Of | ||||||||||||||||||||||||
Counterparties | Counterparties | ||||||||||||||||||||||||
Exposure | Greater Than | Greater Than | |||||||||||||||||||||||
Maturity Of Credit Risk Exposure Before Credit Collateral | Maturity Of Credit Risk Exposure Before Credit Collateral | ||||||||||||||||||||||||
Before Credit | Credit | Net | 10% Of Net | 10% of Net | Less Than | Total | |||||||||||||||||||
Rating | Collateral | Collateral | Exposure | Exposure | Exposure | 2 Years | 2 - 5 Years | Exposure | |||||||||||||||||
External rating | (millions) | (millions) | (millions) | ||||||||||||||||||||||
Investment Grade | $ | 205.3 | $ | 88.5 | $ | 116.8 | 3 | $ | 84.5 | $ | 2.8 | $ | - | $ | 2.8 | ||||||||||
Non-Investment Grade | 37.3 | 31.2 | 6.1 | - | - | 2.5 | 5.1 | 7.6 | |||||||||||||||||
Internal rating | |||||||||||||||||||||||||
Investment Grade | 3.0 | - | 3.0 | - | - | 0.1 | - | 0.1 | |||||||||||||||||
Non-Investment Grade | 9.7 | 5.7 | 4.0 | - | - | 1.3 | 1.2 | 2.5 | |||||||||||||||||
Total | $ | 255.3 | $ | 125.4 | $ | 129.9 | 3 | $ | 84.5 | $ | 6.7 | $ | 6.3 | $ | 13.0 | ||||||||||
Maturity Of Credit Risk Exposure Before Credit Collateral | ||||||||||
Less Than | Total | |||||||||
Rating | 2 Years | 2 - 5 Years | Exposure | |||||||
External rating | (millions) | |||||||||
Investment Grade | $ | 205.9 | $ | (0.6 | ) | $ | 205.3 | |||
Non-Investment Grade | 30.9 | 6.4 | 37.3 | |||||||
Internal rating | ||||||||||
Investment Grade | 2.9 | 0.1 | 3.0 | |||||||
Non-Investment Grade | 7.8 | 1.9 | 9.7 | |||||||
Total | $ | 247.5 | $ | 7.8 | $ | 255.3 |
Great Plains Energy Contractual Obligations | Great Plains Energy Contractual Obligations | Great Plains Energy Contractual Obligations | ||||||||||||||||||||||||||||||||||||||||||
Payment due by period | 2006 | 2007 | 2008 | 2009 | 2010 | After 2010 | Total | 2007 | 2008 | 2009 | 2010 | 2011 | After 2011 | Total | ||||||||||||||||||||||||||||||
Long-term debt | (millions) | (millions) | ||||||||||||||||||||||||||||||||||||||||||
Principal | $ | 1.7 | $ | 226.1 | $ | 0.3 | $ | 163.6 | $ | - | $ | 755.3 | $ | 1,147.0 | $ | 389.6 | $ | 0.3 | $ | - | $ | - | $ | 150.0 | $ | 605.3 | $ | 1,145.2 | ||||||||||||||||
Interest | 67.4 | 51.2 | 47.6 | 47.6 | 47.6 | 541.1 | 802.5 | 47.0 | 42.6 | 42.5 | 42.5 | 41.3 | 520.8 | 736.7 | ||||||||||||||||||||||||||||||
Lease obligations | 17.1 | 15.4 | 14.9 | 10.7 | 8.4 | 91.0 | 157.5 | 16.7 | 16.4 | 11.9 | 9.0 | 8.1 | 82.3 | 144.4 | ||||||||||||||||||||||||||||||
Pension plans | 20.0 | - | - | - | - | - | 20.0 | 33.6 | - | - | - | - | - | 33.6 | ||||||||||||||||||||||||||||||
Purchase obligations | ||||||||||||||||||||||||||||||||||||||||||||
Fuel | 107.9 | 99.9 | 91.5 | 46.0 | 32.3 | 37.7 | 415.3 | 130.9 | 121.4 | 65.7 | 65.7 | 11.4 | 185.3 | 580.4 | ||||||||||||||||||||||||||||||
Purchased capacity | 5.4 | 6.8 | 7.8 | 8.2 | 5.4 | 18.6 | 52.2 | 6.8 | 7.8 | 8.2 | 5.4 | 4.3 | 14.3 | 46.8 | ||||||||||||||||||||||||||||||
Purchased power | 423.4 | 135.6 | 46.4 | 21.8 | 18.0 | - | 645.2 | 741.8 | 330.5 | 223.2 | 165.2 | 82.1 | 13.3 | 1,556.1 | ||||||||||||||||||||||||||||||
Comprehensive energy plan | 498.8 | 361.0 | 130.1 | 15.2 | - | - | 1,005.1 | |||||||||||||||||||||||||||||||||||||
Other | 33.6 | 5.6 | 2.9 | - | - | - | 42.1 | 34.3 | 20.9 | 4.1 | 9.9 | 3.3 | - | 72.5 | ||||||||||||||||||||||||||||||
Total contractual obligations | $ | 676.5 | $ | 540.6 | $ | 211.4 | $ | 297.9 | $ | 111.7 | $ | 1,443.7 | $ | 3,281.8 | $ | 1,899.5 | $ | 900.9 | $ | 485.7 | $ | 312.9 | $ | 300.5 | $ | 1,421.3 | $ | 5,320.8 | ||||||||||||||||
Consolidated KCP&L Contractual Obligations | ||||||||||||||||||||||
Payment due by period | 2006 | 2007 | 2008 | 2009 | 2010 | After 2010 | Total | |||||||||||||||
Long-term debt | (millions) | |||||||||||||||||||||
Principal | $ | - | $ | 225.5 | $ | - | $ | - | $ | - | $ | 755.3 | $ | 980.8 | ||||||||
Interest | 54.2 | 43.4 | 40.6 | 40.6 | 40.6 | 541.1 | 760.5 | |||||||||||||||
Lease obligations | 15.9 | 14.4 | 14.0 | 10.5 | 8.4 | 91.0 | 154.2 | |||||||||||||||
Pension plans | 20.0 | - | - | - | - | - | 20.0 | |||||||||||||||
Purchase obligations | ||||||||||||||||||||||
Fuel | 107.9 | 99.9 | 91.5 | 46.0 | 32.3 | 37.7 | 415.3 | |||||||||||||||
Purchased capacity | 5.4 | 6.8 | 7.8 | 8.2 | 5.4 | 18.6 | 52.2 | |||||||||||||||
Other | 33.6 | 5.6 | 2.9 | - | - | - | 42.1 | |||||||||||||||
Total contractual obligations | $ | 237.0 | $ | 395.6 | $ | 156.8 | $ | 105.3 | $ | 86.7 | $ | 1,443.7 | $ | 2,425.1 |
Consolidated KCP&L Contractual Obligations | ||||||||||||||||||||||
Payment due by period | 2007 | 2008 | 2009 | 2010 | 2011 | After 2011 | Total | |||||||||||||||
Long-term debt | (millions) | |||||||||||||||||||||
Principal | $ | 225.5 | $ | - | $ | - | $ | - | $ | 150.0 | $ | 605.3 | $ | 980.8 | ||||||||
Interest | 45.3 | 42.5 | 42.5 | 42.5 | 41.3 | 520.8 | 734.9 | |||||||||||||||
Lease obligations | 15.5 | 15.4 | 11.7 | 9.0 | 8.1 | 82.3 | 142.0 | |||||||||||||||
Pension plans | 33.6 | - | - | - | - | - | 33.6 | |||||||||||||||
Purchase obligations | ||||||||||||||||||||||
Fuel | 130.9 | 121.4 | 65.7 | 65.7 | 11.4 | 185.3 | 580.4 | |||||||||||||||
Purchased capacity | 6.8 | 7.8 | 8.2 | 5.4 | 4.3 | 14.3 | 46.8 | |||||||||||||||
Comprehensive energy plan | 498.8 | 361.0 | 130.1 | 15.2 | - | - | 1,005.1 | |||||||||||||||
Other | 34.3 | 20.9 | 4.1 | 9.9 | 3.3 | - | 72.5 | |||||||||||||||
Total contractual obligations | $ | 990.7 | $ | 569.0 | $ | 262.3 | $ | 147.7 | $ | 218.4 | $ | 1,408.0 | $ | 3,596.1 | ||||||||
Other Commercial Commitments Outstanding | ||||||||||||||||||||||
Amount of commitment expiration per period | ||||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | After 2010 | Total | ||||||||||||||||
(millions) | ||||||||||||||||||||||
Great Plains Energy Guarantees | $ | 123.0 | $ | 1.0 | $ | 1.0 | $ | 0.9 | $ | - | $ | - | $ | 125.9 | ||||||||
Consolidated KCP&L Guarantees | 1.0 | 1.0 | 1.0 | 0.9 | - | - | 3.9 | |||||||||||||||
Other Commercial Commitments Outstanding | ||||||||||||||||||||||
Amount of commitment expiration per period | ||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | After 2011 | Total | ||||||||||||||||
(millions) | ||||||||||||||||||||||
Great Plains Energy Guarantees | $ | 247.2 | $ | 1.0 | $ | 13.4 | $ | - | $ | - | $ | - | $ | 261.6 | ||||||||
Consolidated KCP&L Guarantees | 1.0 | 1.0 | 0.9 | - | - | - | 2.9 | |||||||||||||||
· | Great Plains Energy direct guarantees to counterparties totaling |
· | Great Plains Energy |
· | Great Plains Energy |
· | Great Plains Energy letters of credit totaling |
GREAT PLAINS ENERGY | ||||||||||
Consolidated Statements of Income | ||||||||||
As Adjusted | As Adjusted | |||||||||
Year Ended December 31 | 2006 | 2005 | 2004 | |||||||
Operating Revenues | (thousands, except per share amounts) | |||||||||
Electric revenues - KCP&L | $ | 1,140,357 | $ | 1,130,792 | $ | 1,090,067 | ||||
Electric revenues - Strategic Energy | 1,532,106 | 1,471,490 | 1,370,760 | |||||||
Other revenues | 2,886 | 2,600 | 3,191 | |||||||
Total | 2,675,349 | 2,604,882 | 2,464,018 | |||||||
Operating Expenses | ||||||||||
Fuel | 229,469 | 208,431 | 176,806 | |||||||
Purchased power - KCP&L | 26,418 | 61,263 | 52,533 | |||||||
Purchased power - Strategic Energy | 1,490,246 | 1,368,419 | 1,247,522 | |||||||
Skill set realignment costs (Note 8) | 9,448 | - | - | |||||||
Other | 327,917 | 327,801 | 323,663 | |||||||
Maintenance | 83,844 | 89,983 | 84,057 | |||||||
Depreciation and amortization | 160,549 | 153,080 | 150,071 | |||||||
General taxes | 112,601 | 109,436 | 102,756 | |||||||
(Gain) loss on property | (565 | ) | 3,544 | 5,133 | ||||||
Total | 2,439,927 | 2,321,957 | 2,142,541 | |||||||
Operating income | 235,422 | 282,925 | 321,477 | |||||||
Non-operating income | 19,885 | 19,505 | 6,799 | |||||||
Non-operating expenses | (6,702 | ) | (16,745 | ) | (15,184 | ) | ||||
Interest charges | (71,221 | ) | (73,787 | ) | (83,030 | ) | ||||
Income from continuing operations before income taxes, minority | ||||||||||
interest in subsidiaries and loss from equity investments | 177,384 | 211,898 | 230,062 | |||||||
Income taxes | (47,822 | ) | (39,462 | ) | (55,391 | ) | ||||
Minority interest in subsidiaries | - | (7,805 | ) | 2,131 | ||||||
Loss from equity investments, net of income taxes | (1,932 | ) | (434 | ) | (1,531 | ) | ||||
Income from continuing operations | 127,630 | 164,197 | 175,271 | |||||||
Discontinued operations, net of income taxes (Note 11) | - | (1,899 | ) | 7,276 | ||||||
Net income | 127,630 | 162,298 | 182,547 | |||||||
Preferred stock dividend requirements | 1,646 | 1,646 | 1,646 | |||||||
Earnings available for common shareholders | $ | 125,984 | $ | 160,652 | $ | 180,901 | ||||
Average number of basic common shares outstanding | 78,003 | 74,597 | 72,028 | |||||||
Average number of diluted common shares outstanding | 78,170 | 74,743 | 72,068 | |||||||
Basic earnings (loss) per common share | ||||||||||
Continuing operations | $ | 1.62 | $ | 2.18 | $ | 2.41 | ||||
Discontinued operations | - | (0.03 | ) | 0.10 | ||||||
Basic earnings per common share | $ | 1.62 | $ | 2.15 | $ | 2.51 | ||||
Diluted earnings (loss) per common share | ||||||||||
Continued operations | $ | 1.61 | $ | 2.18 | $ | 2.41 | ||||
Discontinued operations | - | (0.03 | ) | 0.10 | ||||||
Diluted earnings per common share | $ | 1.61 | $ | 2.15 | $ | 2.51 | ||||
Cash dividends per common share | $ | 1.66 | $ | 1.66 | $ | 1.66 | ||||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. |
GREAT PLAINS ENERGY | |||||||
Consolidated Balance Sheets | |||||||
As Adjusted | |||||||
December 31 | December 31 | ||||||
2006 | 2005 | ||||||
ASSETS | (thousands) | ||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 61,823 | $ | 103,068 | |||
Restricted cash | - | 1,900 | |||||
Receivables, net | 339,399 | 259,043 | |||||
Fuel inventories, at average cost | 27,811 | 17,073 | |||||
Materials and supplies, at average cost | 59,829 | 57,017 | |||||
Deferred refueling outage costs | 13,921 | 8,063 | |||||
Refundable income taxes | 9,832 | - | |||||
Deferred income taxes | 39,566 | - | |||||
Assets of discontinued operations | - | 627 | |||||
Derivative instruments | 6,884 | 39,189 | |||||
Other | 11,717 | 13,001 | |||||
Total | 570,782 | 498,981 | |||||
Nonutility Property and Investments | |||||||
Affordable housing limited partnerships | 23,078 | 28,214 | |||||
Nuclear decommissioning trust fund | 104,066 | 91,802 | |||||
Other | 15,663 | 17,291 | |||||
Total | 142,807 | 137,307 | |||||
Utility Plant, at Original Cost | |||||||
Electric | 5,268,485 | 4,959,539 | |||||
Less-accumulated depreciation | 2,456,199 | 2,322,813 | |||||
Net utility plant in service | 2,812,286 | 2,636,726 | |||||
Construction work in progress | 214,493 | 100,952 | |||||
Nuclear fuel, net of amortization of $103,381 and $115,240 | 39,422 | 27,966 | |||||
Total | 3,066,201 | 2,765,644 | |||||
Deferred Charges and Other Assets | |||||||
Regulatory assets | 434,392 | 179,922 | |||||
Prepaid pension costs | - | 98,295 | |||||
Goodwill | 88,139 | 87,624 | |||||
Derivative instruments | 3,544 | 21,812 | |||||
Other | 29,795 | 52,204 | |||||
Total | 555,870 | 439,857 | |||||
Total | $ | 4,335,660 | $ | 3,841,789 | |||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. |
GREAT PLAINS ENERGY | |||||||
Consolidated Balance Sheets | |||||||
As Adjusted | |||||||
December 31 | December 31 | ||||||
2006 | 2005 | ||||||
LIABILITIES AND CAPITALIZATION | (thousands) | ||||||
Current Liabilities | |||||||
Notes payable | $ | - | $ | 6,000 | |||
Commercial paper | 156,400 | 31,900 | |||||
Current maturities of long-term debt | 389,634 | 1,675 | |||||
EIRR bonds classified as current | 144,742 | - | |||||
Accounts payable | 322,724 | 231,496 | |||||
Accrued taxes | 24,106 | 37,140 | |||||
Accrued interest | 14,082 | 13,329 | |||||
Accrued payroll and vacations | 33,266 | 36,024 | |||||
Pension and post retirement liability | 1,037 | - | |||||
Deferred income taxes | - | 7,757 | |||||
Supplier collateral | - | 1,900 | |||||
Liabilities of discontinued operations | - | 64 | |||||
Derivative instruments | 91,482 | 7,411 | |||||
Other | 25,520 | 25,658 | |||||
Total | 1,202,993 | 400,354 | |||||
Deferred Credits and Other Liabilities | |||||||
Deferred income taxes | 622,847 | 621,359 | |||||
Deferred investment tax credits | 28,458 | 29,698 | |||||
Asset retirement obligations | 91,824 | 145,907 | |||||
Pension liability | 143,170 | 87,355 | |||||
Regulatory liabilities | 114,674 | 69,641 | |||||
Derivative instruments | 61,146 | 7,750 | |||||
Other | 82,122 | 65,787 | |||||
Total | 1,144,241 | 1,027,497 | |||||
Capitalization | |||||||
Common shareholders' equity | |||||||
Common stock-150,000,000 shares authorized without par value | |||||||
80,405,035 and 74,783,824 shares issued, stated value | 896,817 | 744,457 | |||||
Retained earnings | 493,399 | 498,632 | |||||
Treasury stock-53,499 and 43,376 shares, at cost | (1,614 | ) | (1,304 | ) | |||
Accumulated other comprehensive loss | (46,686 | ) | (7,727 | ) | |||
Total | 1,341,916 | 1,234,058 | |||||
Cumulative preferred stock $100 par value | |||||||
3.80% - 100,000 shares issued | 10,000 | 10,000 | |||||
4.50% - 100,000 shares issued | 10,000 | 10,000 | |||||
4.20% - 70,000 shares issued | 7,000 | 7,000 | |||||
4.35% - 120,000 shares issued | 12,000 | 12,000 | |||||
Total | 39,000 | 39,000 | |||||
Long-term debt (Note 19) | 607,510 | 1,140,880 | |||||
Total | 1,988,426 | 2,413,938 | |||||
Commitments and Contingencies (Note 13) | |||||||
Total | $ | 4,335,660 | $ | 3,841,789 | |||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. |
GREAT PLAINS ENERGY | ||||||||||
Consolidated Statements of Cash Flows | ||||||||||
As Adjusted | As Adjusted | |||||||||
Year Ended December 31 | 2006 | 2005 | 2004 | |||||||
Cash Flows from Operating Activities | (thousands) | |||||||||
Net income | $ | 127,630 | $ | 162,298 | $ | 182,547 | ||||
Adjustments to reconcile income to net cash from operating activities: | ||||||||||
Depreciation and amortization | 160,549 | 153,080 | 150,090 | |||||||
Amortization of: | ||||||||||
Nuclear fuel | 14,392 | 13,374 | 14,159 | |||||||
Other | 9,271 | 10,580 | 11,827 | |||||||
Deferred income taxes, net | (10,983 | ) | (23,250 | ) | 31,259 | |||||
Investment tax credit amortization | (1,240 | ) | (3,889 | ) | (3,984 | ) | ||||
Loss from equity investments, net of income taxes | 1,932 | 434 | 1,531 | |||||||
(Gain) loss on property | (565 | ) | 3,295 | (9,686 | ) | |||||
Minority interest in subsidiaries | - | 7,805 | (2,131 | ) | ||||||
Fair value impacts from energy contracts | 56,757 | (2,452 | ) | (1,734 | ) | |||||
Other operating activities (Note 2) | (48,761 | ) | 95,616 | (19,808 | ) | |||||
Net cash from operating activities | 308,982 | 416,891 | 354,070 | |||||||
Cash Flows from Investing Activities | ||||||||||
Utility capital expenditures | (475,931 | ) | (327,283 | ) | (190,548 | ) | ||||
Allowance for borrowed funds used during construction | (5,686 | ) | (1,598 | ) | (1,498 | ) | ||||
Purchases of investments | - | (14,976 | ) | (35,003 | ) | |||||
Purchases of nonutility property | (4,205 | ) | (6,853 | ) | (6,108 | ) | ||||
Proceeds from sale of assets and investments | 433 | 17,369 | 67,457 | |||||||
Purchases of nuclear decommissioning trust investments | (49,667 | ) | (34,607 | ) | (49,720 | ) | ||||
Proceeds from nuclear decommissioning trust investments | 46,005 | 31,055 | 46,167 | |||||||
Purchase of additional indirect interest in Strategic Energy | (700 | ) | - | (90,033 | ) | |||||
Hawthorn No. 5 partial insurance recovery | - | 10,000 | 30,810 | |||||||
Hawthorn No. 5 partial litigation recoveries | 15,829 | - | 1,139 | |||||||
Other investing activities | (1,785 | ) | (930 | ) | (7,081 | ) | ||||
Net cash from investing activities | (475,707 | ) | (327,823 | ) | (234,418 | ) | ||||
Cash Flows from Financing Activities | ||||||||||
Issuance of common stock | 153,649 | 9,061 | 153,662 | |||||||
Issuance of long-term debt | - | 334,417 | 163,600 | |||||||
Issuance fees | (6,172 | ) | (4,522 | ) | (14,496 | ) | ||||
Repayment of long-term debt | (1,675 | ) | (339,152 | ) | (213,943 | ) | ||||
Net change in short-term borrowings | 118,500 | 17,900 | (67,000 | ) | ||||||
Dividends paid | (132,653 | ) | (125,484 | ) | (120,806 | ) | ||||
Other financing activities | (6,169 | ) | (5,975 | ) | (7,309 | ) | ||||
Net cash from financing activities | 125,480 | (113,755 | ) | (106,292 | ) | |||||
Net Change in Cash and Cash Equivalents | (41,245 | ) | (24,687 | ) | 13,360 | |||||
Less: Net Change in Cash and Cash Equivalents from | ||||||||||
Discontinued Operations | - | (626 | ) | 458 | ||||||
Cash and Cash Equivalents at Beginning of Year | 103,068 | 127,129 | 114,227 | |||||||
Cash and Cash Equivalents at End of Year | $ | 61,823 | $ | 103,068 | $ | 127,129 | ||||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. |
GREAT PLAINS ENERGY | |||||||||||||||||||
Consolidated Statements of Common Shareholders' Equity | |||||||||||||||||||
As Adjusted | As Adjusted | ||||||||||||||||||
Year to Date December 31 | 2006 | 2005 | 2004 | ||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||
Common Stock | (thousands, except share amounts) | ||||||||||||||||||
Beginning balance | 74,783,824 | $ | 744,457 | 74,394,423 | $ | 731,977 | 69,259,203 | $ | 602,551 | ||||||||||
Issuance of common stock | 5,574,385 | 153,649 | 313,026 | 9,400 | 5,121,887 | 153,662 | |||||||||||||
Issuance of restricted common stock | 46,826 | 1,320 | 76,375 | 2,334 | 13,333 | 396 | |||||||||||||
Common stock issuance fees | (5,198 | ) | - | (5,434 | ) | ||||||||||||||
Equity compensation expense | 2,592 | 1,394 | 181 | ||||||||||||||||
Unearned Compensation | |||||||||||||||||||
Issuance of restricted common stock | (1,355 | ) | (2,434 | ) | (396 | ) | |||||||||||||
Forfeiture of restricted common stock | 56 | 324 | - | ||||||||||||||||
Compensation expense recognized | 1,265 | 1,415 | 636 | ||||||||||||||||
FELINE PRIDESSM purchase contract | |||||||||||||||||||
adjustment, allocated fees and expenses | - | - | (19,603 | ) | |||||||||||||||
Other | 31 | 47 | (16 | ) | |||||||||||||||
Ending balance | 80,405,035 | 896,817 | 74,783,824 | 744,457 | 74,394,423 | 731,977 | |||||||||||||
Retained Earnings | |||||||||||||||||||
Beginning balance | 498,632 | 462,134 | 391,750 | ||||||||||||||||
Net income | 127,630 | 162,298 | 182,547 | ||||||||||||||||
Loss on reissuance of treasury stock | - | - | (193 | ) | |||||||||||||||
Cumulative effect of a change in accounting principle (Note 5) | - | - | 8,907 | ||||||||||||||||
Dividends: | |||||||||||||||||||
Common stock | (130,959 | ) | (123,838 | ) | (119,160 | ) | |||||||||||||
Preferred stock - at required rates | (1,646 | ) | (1,646 | ) | (1,646 | ) | |||||||||||||
Performance shares | (258 | ) | (260 | ) | - | ||||||||||||||
Options | - | (56 | ) | (71 | ) | ||||||||||||||
Ending balance | 493,399 | 498,632 | 462,134 | ||||||||||||||||
Treasury Stock | |||||||||||||||||||
Beginning balance | (43,376 | ) | (1,304 | ) | (28,488 | ) | (856 | ) | (3,265 | ) | (121 | ) | |||||||
Treasury shares acquired | (11,338 | ) | (346 | ) | (18,385 | ) | (553 | ) | (54,683 | ) | (1,645 | ) | |||||||
Treasury shares reissued | 1,215 | 36 | 3,497 | 105 | 29,460 | 910 | |||||||||||||
Ending balance | (53,499 | ) | (1,614 | ) | (43,376 | ) | (1,304 | ) | (28,488 | ) | (856 | ) | |||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||
Beginning balance | (7,727 | ) | (41,018 | ) | (36,886 | ) | |||||||||||||
Derivative hedging activity, net of tax | (74,721 | ) | 28,397 | 931 | |||||||||||||||
Minimum pension obligation, net of tax | 15,961 | 4,894 | (5,063 | ) | |||||||||||||||
Adjustment to initially apply SFAS No. 158, net of tax (Note 8) | (170,218 | ) | - | - | |||||||||||||||
Regulatory adjustment | 190,019 | - | - | ||||||||||||||||
Ending balance | (46,686 | ) | (7,727 | ) | (41,018 | ) | |||||||||||||
Total Common Shareholders' Equity | $ | 1,341,916 | $ | 1,234,058 | $ | 1,152,237 | |||||||||||||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. |
GREAT PLAINS ENERGY | ||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||
As Adjusted | As Adjusted | |||||||||
Year Ended December 31 | 2006 | 2005 | 2004 | |||||||
(thousands) | ||||||||||
Net income | $ | 127,630 | $ | 162,298 | $ | 182,547 | ||||
Other comprehensive income | ||||||||||
Gain (loss) on derivative hedging instruments | (181,597 | ) | 84,070 | 2,649 | ||||||
Income taxes | 75,044 | (34,718 | ) | (1,126 | ) | |||||
Net gain (loss) on derivative hedging instruments | (106,553 | ) | 49,352 | 1,523 | ||||||
Reclassification to expenses, net of tax | 31,832 | (20,955 | ) | (592 | ) | |||||
Derivative hedging activity, net of tax | (74,721 | ) | 28,397 | 931 | ||||||
Change in minimum pension obligation | 25,579 | 8,722 | (7,624 | ) | ||||||
Income taxes | (9,618 | ) | (3,828 | ) | 2,561 | |||||
Net change in minimum pension obligation | 15,961 | 4,894 | (5,063 | ) | ||||||
Comprehensive income | $ | 68,870 | $ | 195,589 | $ | 178,415 | ||||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. |
KANSAS CITY POWER & LIGHT COMPANY | ||||||||||
Consolidated Statements of Income | ||||||||||
As Adjusted | As Adjusted | |||||||||
Year Ended December 31 | 2006 | 2005 | 2004 | |||||||
Operating Revenues | (thousands) | |||||||||
Electric revenues | $ | 1,140,357 | $ | 1,130,792 | $ | 1,090,067 | ||||
Other revenues | - | 113 | 1,568 | |||||||
Total | 1,140,357 | 1,130,905 | 1,091,635 | |||||||
Operating Expenses | ||||||||||
Fuel | 229,469 | 208,431 | 176,806 | |||||||
Purchased power | 26,418 | 61,263 | 52,533 | |||||||
Skill set realignment costs (Note 8) | 9,347 | - | - | |||||||
Other | 260,281 | 265,759 | 259,125 | |||||||
Maintenance | 83,833 | 89,954 | 83,989 | |||||||
Depreciation and amortization | 152,714 | 146,610 | 145,246 | |||||||
General taxes | 107,858 | 104,823 | 98,984 | |||||||
(Gain) loss on property | (572 | ) | 4,613 | 5,133 | ||||||
Total | 869,348 | 881,453 | 821,816 | |||||||
Operating income | 271,009 | 249,452 | 269,819 | |||||||
Non-operating income | 14,965 | 16,104 | 5,402 | |||||||
Non-operating expenses | (5,363 | ) | (4,281 | ) | (7,407 | ) | ||||
Interest charges | (60,988 | ) | (61,841 | ) | (74,170 | ) | ||||
Income before income taxes and minority | ||||||||||
interest in subsidiaries | 219,623 | 199,434 | 193,644 | |||||||
Income taxes | (70,302 | ) | (47,984 | ) | (53,703 | ) | ||||
Minority interest in subsidiaries | - | (7,805 | ) | 5,087 | ||||||
Net income | $ | 149,321 | $ | 143,645 | $ | 145,028 | ||||
The disclosures regarding consolidated KCP&L included in the accompanying Notes to Consolidated Financial | ||||||||||
Statements are an integral part of these statements. |
ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS | ||||||||||
GREAT PLAINS ENERGY | ||||||||||
Consolidated Statements of Income | ||||||||||
Year Ended December 31 | 2005 | 2004 | 2003 | |||||||
Operating Revenues | (thousands, except per share amounts) | |||||||||
Electric revenues - KCP&L | $ | 1,130,792 | $ | 1,090,067 | $ | 1,054,900 | ||||
Electric revenues - Strategic Energy | 1,471,490 | 1,370,760 | 1,089,663 | |||||||
Other revenues | 2,600 | 3,191 | 3,482 | |||||||
Total | 2,604,882 | 2,464,018 | 2,148,045 | |||||||
Operating Expenses | ||||||||||
Fuel | 207,875 | 179,362 | 160,327 | |||||||
Purchased power - KCP&L | 61,263 | 52,533 | 53,163 | |||||||
Purchased power - Strategic Energy | 1,368,419 | 1,247,522 | 968,967 | |||||||
Other | 327,749 | 324,237 | 295,383 | |||||||
Maintenance | 90,350 | 83,603 | 85,416 | |||||||
Depreciation and amortization | 153,080 | 150,071 | 142,763 | |||||||
General taxes | 109,436 | 102,756 | 98,461 | |||||||
(Gain) loss on property | 3,544 | 5,133 | (23,703 | ) | ||||||
Total | 2,321,716 | 2,145,217 | 1,780,777 | |||||||
Operating income | 283,166 | 318,801 | 367,268 | |||||||
Non-operating income | 19,505 | 6,799 | 7,414 | |||||||
Non-operating expenses | (16,745 | ) | (15,184 | ) | (20,462 | ) | ||||
Interest charges | (73,787 | ) | (83,030 | ) | (76,171 | ) | ||||
Income from continuing operations before income taxes, minority | ||||||||||
interest in subsidiaries and loss from equity investments | 212,139 | 227,386 | 278,049 | |||||||
Income taxes | (39,691 | ) | (54,451 | ) | (78,565 | ) | ||||
Minority interest in subsidiaries | (7,805 | ) | 2,131 | (7,764 | ) | |||||
Loss from equity investments, net of income taxes | (434 | ) | (1,531 | ) | (2,018 | ) | ||||
Income from continuing operations | 164,209 | 173,535 | 189,702 | |||||||
Discontinued operations, net of income taxes (Note 8) | (1,899 | ) | 7,276 | (44,779 | ) | |||||
Net income | 162,310 | 180,811 | 144,923 | |||||||
Preferred stock dividend requirements | 1,646 | 1,646 | 1,646 | |||||||
Earnings available for common shareholders | $ | 160,664 | $ | 179,165 | $ | 143,277 | ||||
Average number of common shares outstanding | 74,597 | 72,028 | 69,206 | |||||||
Basic and diluted earnings (loss) per common share | ||||||||||
Continuing operations | $ | 2.18 | $ | 2.39 | $ | 2.72 | ||||
Discontinued operations | (0.03 | ) | 0.10 | (0.65 | ) | |||||
Basic and diluted earnings per common share | $ | 2.15 | $ | 2.49 | $ | 2.07 | ||||
Cash dividends per common share | $ | 1.66 | $ | 1.66 | $ | 1.66 | ||||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. |
KANSAS CITY POWER & LIGHT COMPANY | |||||||
Consolidated Balance Sheets | |||||||
As Adjusted | |||||||
December 31 | December 31 | ||||||
2006 | 2005 | ||||||
ASSETS | (thousands) | ||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 1,788 | $ | 2,961 | |||
Receivables, net | 114,294 | 70,264 | |||||
Fuel inventories, at average cost | 27,811 | 17,073 | |||||
Materials and supplies, at average cost | 59,829 | 57,017 | |||||
Deferred refueling outage costs | 13,921 | 8,063 | |||||
Refundable income taxes | 7,229 | - | |||||
Deferred income taxes | 52 | 2,538 | |||||
Prepaid expenses | 9,673 | 11,292 | |||||
Derivative instruments | 179 | - | |||||
Total | 234,776 | 169,208 | |||||
Nonutility Property and Investments | |||||||
Nuclear decommissioning trust fund | 104,066 | 91,802 | |||||
Other | 6,480 | 7,694 | |||||
Total | 110,546 | 99,496 | |||||
Utility Plant, at Original Cost | |||||||
Electric | 5,268,485 | 4,959,539 | |||||
Less-accumulated depreciation | 2,456,199 | 2,322,813 | |||||
Net utility plant in service | 2,812,286 | 2,636,726 | |||||
Construction work in progress | 214,493 | 100,952 | |||||
Nuclear fuel, net of amortization of $103,381 and $115,240 | 39,422 | 27,966 | |||||
Total | 3,066,201 | 2,765,644 | |||||
Deferred Charges and Other Assets | |||||||
Regulatory assets | 434,392 | 179,922 | |||||
Prepaid pension costs | - | 98,002 | |||||
Other | 13,584 | 27,905 | |||||
Total | 447,976 | 305,829 | |||||
Total | $ | 3,859,499 | $ | 3,340,177 | |||
The disclosures regarding consolidated KCP&L included in the accompanying Notes to Consolidated Financial | |||||||
Statements are an integral part of these statements. |
KANSAS CITY POWER & LIGHT COMPANY | |||||||
Consolidated Balance Sheets | |||||||
As Adjusted | |||||||
December 31 | December 31 | ||||||
2006 | 2005 | ||||||
LIABILITIES AND CAPITALIZATION | (thousands) | ||||||
Current Liabilities | |||||||
Notes payable to Great Plains Energy | $ | 550 | $ | 500 | |||
Commercial paper | 156,400 | 31,900 | |||||
Current maturities of long-term debt | 225,500 | - | |||||
EIRR bonds classified as current | 144,742 | - | |||||
Accounts payable | 181,805 | 106,040 | |||||
Accrued taxes | 18,165 | 27,448 | |||||
Accrued interest | 12,461 | 11,549 | |||||
Accrued payroll and vacations | 24,641 | 27,520 | |||||
Pension and post retirement liability | 841 | - | |||||
Derivative instruments | 2,687 | - | |||||
Other | 8,469 | 8,600 | |||||
Total | 776,261 | 213,557 | |||||
Deferred Credits and Other Liabilities | |||||||
Deferred income taxes | 660,046 | 627,048 | |||||
Deferred investment tax credits | 28,458 | 29,698 | |||||
Asset retirement obligations | 91,824 | 145,907 | |||||
Pension liability | 132,216 | 85,301 | |||||
Regulatory liabilities | 114,674 | 69,641 | |||||
Derivative instruments | 39 | 2,601 | |||||
Other | 65,651 | 38,387 | |||||
Total | 1,092,908 | 998,583 | |||||
Capitalization | |||||||
Common shareholder's equity | |||||||
Common stock-1,000 shares authorized without par value | |||||||
1 share issued, stated value | 1,021,656 | 887,041 | |||||
Retained earnings | 354,802 | 294,481 | |||||
Accumulated other comprehensive income (loss) | 6,685 | (29,909 | ) | ||||
Total | 1,383,143 | 1,151,613 | |||||
Long-term debt (Note 19) | 607,187 | 976,424 | |||||
Total | 1,990,330 | 2,128,037 | |||||
Commitments and Contingencies (Note 13) | |||||||
Total | $ | 3,859,499 | $ | 3,340,177 | |||
The disclosures regarding consolidated KCP&L included in the accompanying Notes to Consolidated Financial | |||||||
Statements are an integral part of these statements. |
KANSAS CITY POWER & LIGHT COMPANY | ||||||||||
Consolidated Statements of Cash Flows | ||||||||||
As Adjusted | As Adjusted | |||||||||
Year Ended December 31 | 2006 | 2005 | 2004 | |||||||
Cash Flows from Operating Activities | (thousands) | |||||||||
Net income | $ | 149,321 | $ | 143,645 | $ | 145,028 | ||||
Adjustments to reconcile income to net cash from operating activities: | ||||||||||
Depreciation and amortization | 152,714 | 146,610 | 145,246 | |||||||
Amortization of: | ||||||||||
Nuclear fuel | 14,392 | 13,374 | 14,159 | |||||||
Other | 6,617 | 7,681 | 7,719 | |||||||
Deferred income taxes, net | 17,411 | (33,637 | ) | 11,801 | ||||||
Investment tax credit amortization | (1,240 | ) | (3,889 | ) | (3,984 | ) | ||||
(Gain) loss on property | (572 | ) | 4,613 | 5,133 | ||||||
Minority interest in subsidiaries | - | 7,805 | (5,087 | ) | ||||||
Other operating activities (Note 2) | (39,408 | ) | 79,284 | (3,756 | ) | |||||
Net cash from operating activities | 299,235 | 365,486 | 316,259 | |||||||
Cash Flows from Investing Activities | ||||||||||
Utility capital expenditures | (475,931 | ) | (332,055 | ) | (190,548 | ) | ||||
Allowance for borrowed funds used during construction | (5,686 | ) | (1,598 | ) | (1,498 | ) | ||||
Purchases of nonutility property | (62 | ) | (127 | ) | (254 | ) | ||||
Proceeds from sale of assets | 433 | 469 | 7,465 | |||||||
Purchases of nuclear decommissioning trust investments | (49,667 | ) | (34,607 | ) | (49,720 | ) | ||||
Proceeds from nuclear decommissioning trust investments | 46,005 | 31,055 | 46,167 | |||||||
Hawthorn No. 5 partial insurance recovery | - | 10,000 | 30,810 | |||||||
Hawthorn No. 5 partial litigation recoveries | 15,829 | - | 1,139 | |||||||
Other investing activities | (983 | ) | (930 | ) | (7,100 | ) | ||||
Net cash from investing activities | (470,062 | ) | (327,793 | ) | (163,539 | ) | ||||
Cash Flows from Financing Activities | ||||||||||
Issuance of long-term debt | - | 334,417 | - | |||||||
Repayment of long-term debt | - | (335,922 | ) | (209,140 | ) | |||||
Net change in short-term borrowings | 124,550 | 32,376 | (21,959 | ) | ||||||
Dividends paid to Great Plains Energy | (89,000 | ) | (112,700 | ) | (119,160 | ) | ||||
Equity contribution from Great Plains Energy | 134,615 | - | 225,000 | |||||||
Issuance fees | (511 | ) | (4,522 | ) | (2,362 | ) | ||||
Net cash from financing activities | 169,654 | (86,351 | ) | (127,621 | ) | |||||
Net Change in Cash and Cash Equivalents | (1,173 | ) | (48,658 | ) | 25,099 | |||||
Cash and Cash Equivalents at Beginning of Year | 2,961 | 51,619 | 26,520 | |||||||
Cash and Cash Equivalents at End of Year | $ | 1,788 | $ | 2,961 | $ | 51,619 | ||||
The disclosures regarding consolidated KCP&L included in the accompanying Notes to Consolidated Financial | ||||||||||
Statements are an integral part of these statements. |
KANSAS CITY POWER & LIGHT COMPANY | ||||||||||||||||||||||
Consolidated Statements of Common Shareholder's Equity | ||||||||||||||||||||||
As Adjusted | As Adjusted | |||||||||||||||||||||
Year to Date December 31 | 2006 | 2005 | 2004 | |||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||
Common Stock | (thousands, except share amounts) | |||||||||||||||||||||
Beginning balance | 1 | $ | 887,041 | 1 | $ | 887,041 | 1 | $ | 662,041 | |||||||||||||
Equity contribution from Great Plains Energy | - | 134,615 | - | - | - | 225,000 | ||||||||||||||||
Ending balance | 1 | 1,021,656 | 1 | 887,041 | 1 | 887,041 | ||||||||||||||||
Retained Earnings | ||||||||||||||||||||||
Beginning balance | 294,481 | 263,536 | 228,761 | |||||||||||||||||||
Net income | 149,321 | 143,645 | 145,028 | |||||||||||||||||||
Cumulative effect of a change in accounting principle (Note 5) | - | - | 8,907 | |||||||||||||||||||
Dividends: | ||||||||||||||||||||||
Common stock held by Great Plains Energy | (89,000 | ) | (112,700 | ) | (119,160 | ) | ||||||||||||||||
Ending balance | 354,802 | 294,481 | 263,536 | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
Beginning balance | (29,909 | ) | (40,334 | ) | (35,244 | ) | ||||||||||||||||
Derivative hedging activity, net of tax | (741 | ) | 7,571 | (233 | ) | |||||||||||||||||
Minimum pension obligation, net of tax | 15,913 | 2,854 | (4,857 | ) | ||||||||||||||||||
Adjustment to initially apply SFAS No. 158 (Note 8) | (168,597 | ) | - | - | ||||||||||||||||||
Regulatory adjustment | 190,019 | - | - | |||||||||||||||||||
Ending balance | 6,685 | (29,909 | ) | (40,334 | ) | |||||||||||||||||
Total Common Shareholder's Equity | $ | 1,383,143 | $ | 1,151,613 | $ | 1,110,243 | ||||||||||||||||
The disclosures regarding consolidated KCP&L included in the accompanying Notes to Consolidated Financial | ||||||||||||||||||||||
Statements are an integral part of these statements. |
KANSAS CITY POWER & LIGHT COMPANY | ||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||
As Adjusted | As Adjusted | |||||||||
Year Ended December 31 | 2006 | 2005 | 2004 | |||||||
(thousands) | ||||||||||
Net income | $ | 149,321 | $ | 143,645 | $ | 145,028 | ||||
Other comprehensive income | ||||||||||
Gain (loss) on derivative hedging instruments | (788 | ) | 12,650 | 280 | ||||||
Income taxes | 296 | (4,759 | ) | (111 | ) | |||||
Net gain (loss) on derivative hedging instruments | (492 | ) | 7,891 | 169 | ||||||
Reclassification to expenses, net of tax | (249 | ) | (320 | ) | (402 | ) | ||||
Derivative hedging activity, net of tax | (741 | ) | 7,571 | (233 | ) | |||||
Change in minimum pension obligation | 25,502 | 5,410 | (7,321 | ) | ||||||
Income taxes | (9,589 | ) | (2,556 | ) | 2,464 | |||||
Net change in minimum pension obligation | 15,913 | 2,854 | (4,857 | ) | ||||||
Comprehensive income | $ | 164,493 | $ | 154,070 | $ | 139,938 | ||||
The disclosures regarding consolidated KCP&L included in the accompanying Notes to Consolidated Financial | ||||||||||
Statements are an integral part of these statements. |
GREAT PLAINS ENERGY | |||||||
Consolidated Balance Sheets | |||||||
December 31 | |||||||
2005 | 2004 | ||||||
ASSETS | (thousands) | ||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 103,068 | $ | 127,129 | |||
Restricted cash | 1,900 | 7,700 | |||||
Receivables, net | 259,043 | 247,184 | |||||
Fuel inventories, at average cost | 17,073 | 21,121 | |||||
Materials and supplies, at average cost | 57,017 | 54,432 | |||||
Deferred income taxes | - | 13,065 | |||||
Assets of discontinued operations | 627 | 749 | |||||
Derivative instruments | 39,189 | 6,372 | |||||
Other | 13,001 | 14,485 | |||||
Total | 490,918 | 492,237 | |||||
Nonutility Property and Investments | |||||||
Affordable housing limited partnerships | 28,214 | 41,317 | |||||
Nuclear decommissioning trust fund | 91,802 | 84,148 | |||||
Other | 17,291 | 32,739 | |||||
Total | 137,307 | 158,204 | |||||
Utility Plant, at Original Cost | |||||||
Electric | 4,959,539 | 4,841,355 | |||||
Less-accumulated depreciation | 2,322,813 | 2,196,835 | |||||
Net utility plant in service | 2,636,726 | 2,644,520 | |||||
Construction work in progress | 100,952 | 53,821 | |||||
Nuclear fuel, net of amortization of $115,240 and $127,631 | 27,966 | 36,109 | |||||
Total | 2,765,644 | 2,734,450 | |||||
Deferred Charges and Other Assets | |||||||
Regulatory assets | 179,922 | 144,345 | |||||
Prepaid pension costs | 98,295 | 119,811 | |||||
Goodwill | 87,624 | 86,767 | |||||
Derivative instruments | 21,812 | 2,275 | |||||
Other | 52,204 | 60,812 | |||||
Total | 439,857 | 414,010 | |||||
Total | $ | 3,833,726 | $ | 3,798,901 | |||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. |
GREAT PLAINS ENERGY | ||||||||||
Consolidated Statements of Cash Flows | ||||||||||
Revised | Revised | |||||||||
Year Ended December 31 | 2005 | 2004 | 2003 | |||||||
Cash Flows from Operating Activities | (thousands) | |||||||||
Net income | $ | 162,310 | $ | 180,811 | $ | 144,923 | ||||
Adjustments to reconcile income to net cash from operating activities: | ||||||||||
Depreciation and amortization | 153,080 | 150,090 | 143,712 | |||||||
Amortization of: | ||||||||||
Nuclear fuel | 13,374 | 14,159 | 12,334 | |||||||
Other | 10,580 | 11,827 | 11,626 | |||||||
Deferred income taxes, net | (23,021 | ) | 30,319 | 17,058 | ||||||
Investment tax credit amortization | (3,889 | ) | (3,984 | ) | (3,994 | ) | ||||
Loss from equity investments | 434 | 1,531 | 2,018 | |||||||
(Gain) loss on property | 3,295 | (9,686 | ) | 30,797 | ||||||
Minority interest in subsidiaries | 7,805 | (2,131 | ) | 7,764 | ||||||
Other operating activities (Note 2) | 92,923 | (18,866 | ) | 20,857 | ||||||
Net cash from operating activities | 416,891 | 354,070 | 387,095 | |||||||
Cash Flows from Investing Activities | ||||||||||
Utility capital expenditures | (327,283 | ) | (190,548 | ) | (148,675 | ) | ||||
Allowance for borrowed funds used during construction | (1,598 | ) | (1,498 | ) | (1,368 | ) | ||||
Purchases of investments | (14,976 | ) | (35,003 | ) | - | |||||
Purchases of nonutility property | (6,853 | ) | (6,108 | ) | (22,746 | ) | ||||
Proceeds from sale of assets and investments | 17,369 | 67,457 | 33,277 | |||||||
Purchases of nuclear decommissioning trust investments | (34,607 | ) | (49,720 | ) | (111,699 | ) | ||||
Proceeds from nuclear decommissioning trust investments | 31,055 | 46,167 | 108,179 | |||||||
Purchase of additional indirect interest in Strategic Energy | - | (90,033 | ) | - | ||||||
Hawthorn No. 5 partial insurance recovery | 10,000 | 30,810 | 3,940 | |||||||
Hawthorn No. 5 partial litigation settlements | - | 1,139 | 17,263 | |||||||
Other investing activities | (930 | ) | (7,081 | ) | (1,220 | ) | ||||
Net cash from investing activities | (327,823 | ) | (234,418 | ) | (123,049 | ) | ||||
Cash Flows from Financing Activities | ||||||||||
Issuance of common stock | 9,061 | 153,662 | - | |||||||
Issuance of long-term debt | 334,417 | 163,600 | - | |||||||
Issuance fees | (4,522 | ) | (14,496 | ) | (266 | ) | ||||
Repayment of long-term debt | (339,152 | ) | (213,943 | ) | (133,181 | ) | ||||
Net change in short-term borrowings | 17,900 | (67,000 | ) | 42,320 | ||||||
Dividends paid | (125,484 | ) | (120,806 | ) | (116,527 | ) | ||||
Other financing activities | (5,975 | ) | (7,309 | ) | (7,598 | ) | ||||
Net cash from financing activities | (113,755 | ) | (106,292 | ) | (215,252 | ) | ||||
Net Change in Cash and Cash Equivalents | (24,687 | ) | 13,360 | 48,794 | ||||||
Less: Net Change in Cash and Cash Equivalents from | ||||||||||
Discontinued Operations | (626 | ) | 458 | 73 | ||||||
Cash and Cash Equivalents at Beginning of Year | 127,129 | 114,227 | 65,506 | |||||||
Cash and Cash Equivalents at End of Year | $ | 103,068 | $ | 127,129 | $ | 114,227 | ||||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. |
GREAT PLAINS ENERGY | |||||||||||||||||||
Consolidated Statements of Common Shareholders' Equity | |||||||||||||||||||
2005 | 2004 | 2003 | |||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||
Common Stock | (thousands, except share amounts) | ||||||||||||||||||
Beginning balance | 74,394,423 | $ | 765,482 | 69,259,203 | $ | 611,424 | 69,196,322 | $ | 609,497 | ||||||||||
Issuance of common stock | 313,026 | 9,400 | 5,121,887 | 153,662 | - | - | |||||||||||||
Issuance of restricted common stock | 76,375 | 2,334 | 13,333 | 396 | 62,881 | 1,927 | |||||||||||||
Ending balance | 74,783,824 | 777,216 | 74,394,423 | 765,482 | 69,259,203 | 611,424 | |||||||||||||
Unearned Compensation | |||||||||||||||||||
Beginning balance | (1,393 | ) | (1,633 | ) | - | ||||||||||||||
Issuance of restricted common stock | (2,434 | ) | (396 | ) | (1,927 | ) | |||||||||||||
Forfeiture of restricted common stock | 324 | - | - | ||||||||||||||||
Compensation expense recognized | 1,415 | 636 | 294 | ||||||||||||||||
Ending balance | (2,088 | ) | (1,393 | ) | (1,633 | ) | |||||||||||||
Capital Stock Premium and Expense | |||||||||||||||||||
Beginning balance | (32,112 | ) | (7,240 | ) | (7,744 | ) | |||||||||||||
Issuance of common stock | - | (5,434 | ) | - | |||||||||||||||
Equity compensation expense | 1,394 | 181 | 443 | ||||||||||||||||
FELINE PRIDESSM purchase contract | |||||||||||||||||||
adjustment, allocated fees and expenses | - | (19,603 | ) | - | |||||||||||||||
Other | 47 | (16 | ) | 61 | |||||||||||||||
Ending balance | (30,671 | ) | (32,112 | ) | (7,240 | ) | |||||||||||||
Retained Earnings | |||||||||||||||||||
Beginning balance | 451,491 | 391,750 | 363,579 | ||||||||||||||||
Net income | 162,310 | 180,811 | 144,923 | ||||||||||||||||
Loss on reissuance of treasury stock | - | (193 | ) | - | |||||||||||||||
Dividends: | |||||||||||||||||||
Common stock | (123,838 | ) | (119,160 | ) | (114,881 | ) | |||||||||||||
Preferred stock - at required rates | (1,646 | ) | (1,646 | ) | (1,646 | ) | |||||||||||||
Performance shares | (260 | ) | - | - | |||||||||||||||
Options | (56 | ) | (71 | ) | (225 | ) | |||||||||||||
Ending balance | 488,001 | 451,491 | 391,750 | ||||||||||||||||
Treasury Stock | |||||||||||||||||||
Beginning balance | (28,488 | ) | (856 | ) | (3,265 | ) | (121 | ) | (152 | ) | (4 | ) | |||||||
Treasury shares acquired | (18,385 | ) | (553 | ) | (54,683 | ) | (1,645 | ) | (85,000 | ) | (2,332 | ) | |||||||
Treasury shares reissued | 3,497 | 105 | 29,460 | 910 | 81,887 | 2,215 | |||||||||||||
Ending balance | (43,376 | ) | (1,304 | ) | (28,488 | ) | (856 | ) | (3,265 | ) | (121 | ) | |||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||
Beginning balance | (41,018 | ) | (36,886 | ) | (25,858 | ) | |||||||||||||
Derivative hedging activity, net of tax | 28,397 | 931 | (598 | ) | |||||||||||||||
Minimum pension obligation, net of tax | 4,894 | (5,063 | ) | (10,430 | ) | ||||||||||||||
Ending balance | (7,727 | ) | (41,018 | ) | (36,886 | ) | |||||||||||||
Total Common Shareholders' Equity | $ | 1,223,427 | $ | 1,141,594 | $ | 957,294 | |||||||||||||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. |
GREAT PLAINS ENERGY | ||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||
Year Ended December 31 | 2005 | 2004 | 2003 | |||||||
(thousands) | ||||||||||
Net income | $ | 162,310 | $ | 180,811 | $ | 144,923 | ||||
Other comprehensive income | ||||||||||
Gain on derivative hedging instruments | 84,070 | 2,649 | 7,712 | |||||||
Income taxes | (34,718 | ) | (1,126 | ) | (3,359 | ) | ||||
Net gain on derivative hedging instruments | 49,352 | 1,523 | 4,353 | |||||||
Reclassification to expenses, net of tax | (20,955 | ) | (592 | ) | (4,951 | ) | ||||
Derivative hedging activity, net of tax | 28,397 | 931 | (598 | ) | ||||||
Change in minimum pension obligation | 8,722 | (7,624 | ) | (17,100 | ) | |||||
Income taxes | (3,828 | ) | 2,561 | 6,670 | ||||||
Net change in minimum pension obligation | 4,894 | (5,063 | ) | (10,430 | ) | |||||
Comprehensive income | $ | 195,601 | $ | 176,679 | $ | 133,895 | ||||
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. |
KANSAS CITY POWER & LIGHT COMPANY | ||||||||||
Consolidated Statements of Income | ||||||||||
Year Ended December 31 | 2005 | 2004 | 2003 | |||||||
Operating Revenues | (thousands) | |||||||||
Electric revenues | $ | 1,130,792 | $ | 1,090,067 | $ | 1,054,900 | ||||
Other revenues | 113 | 1,568 | 2,101 | |||||||
Total | 1,130,905 | 1,091,635 | 1,057,001 | |||||||
Operating Expenses | ||||||||||
Fuel | 207,875 | 179,362 | 160,327 | |||||||
Purchased power | 61,263 | 52,533 | 53,163 | |||||||
Other | 265,707 | 259,699 | 241,701 | |||||||
Maintenance | 90,321 | 83,535 | 85,391 | |||||||
Depreciation and amortization | 146,610 | 145,246 | 140,955 | |||||||
General taxes | 104,823 | 98,984 | 95,590 | |||||||
(Gain) loss on property | 4,613 | 5,133 | (1,603 | ) | ||||||
Total | 881,212 | 824,492 | 775,524 | |||||||
Operating income | 249,693 | 267,143 | 281,477 | |||||||
Non-operating income | 16,104 | 5,402 | 5,251 | |||||||
Non-operating expenses | (4,281 | ) | (7,407 | ) | (8,280 | ) | ||||
Interest charges | (61,841 | ) | (74,170 | ) | (70,294 | ) | ||||
Income from continuing operations before | ||||||||||
income taxes and minority interest in subsidiaries | 199,675 | 190,968 | 208,154 | |||||||
Income taxes | (48,213 | ) | (52,763 | ) | (83,572 | ) | ||||
Minority interest in subsidiaries | (7,805 | ) | 5,087 | 1,263 | ||||||
Income from continuing operations | 143,657 | 143,292 | 125,845 | |||||||
Discontinued operations, net of income taxes (Note 8) | - | - | (8,690 | ) | ||||||
Net income | $ | 143,657 | $ | 143,292 | $ | 117,155 | ||||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial Statements are an | ||||||||||
integral part of these statements. |
KANSAS CITY POWER & LIGHT COMPANY | |||||||
Consolidated Balance Sheets | |||||||
December 31 | |||||||
2005 | 2004 | ||||||
ASSETS | (thousands) | ||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 2,961 | $ | 51,619 | |||
Receivables, net | 70,264 | 63,366 | |||||
Fuel inventories, at average cost | 17,073 | 21,121 | |||||
Materials and supplies, at average cost | 57,017 | 54,432 | |||||
Deferred income taxes | 8,944 | 12,818 | |||||
Prepaid expenses | 11,292 | 12,511 | |||||
Derivative instruments | - | 363 | |||||
Total | 167,551 | 216,230 | |||||
Nonutility Property and Investments | |||||||
Nuclear decommissioning trust fund | 91,802 | 84,148 | |||||
Other | 7,694 | 20,576 | |||||
Total | 99,496 | 104,724 | |||||
Utility Plant, at Original Cost | |||||||
Electric | 4,959,539 | 4,841,355 | |||||
Less-accumulated depreciation | 2,322,813 | 2,196,835 | |||||
Net utility plant in service | 2,636,726 | 2,644,520 | |||||
Construction work in progress | 100,952 | 53,821 | |||||
Nuclear fuel, net of amortization of $115,240 and $127,631 | 27,966 | 36,109 | |||||
Total | 2,765,644 | 2,734,450 | |||||
Deferred Charges and Other Assets | |||||||
Regulatory assets | 179,922 | 144,345 | |||||
Prepaid pension costs | 98,002 | 116,024 | |||||
Derivative instruments | - | 674 | |||||
Other | 27,905 | 20,947 | |||||
Total | 305,829 | 281,990 | |||||
Total | $ | 3,338,520 | $ | 3,337,394 | |||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial Statements are | |||||||
an integral part of these statements. |
KANSAS CITY POWER & LIGHT COMPANY | |||||||
Consolidated Balance Sheets | |||||||
December 31 | |||||||
2005 | 2004 | ||||||
LIABILITIES AND CAPITALIZATION | (thousands) | ||||||
Current Liabilities | |||||||
Notes payable to Great Plains Energy | $ | 500 | $ | 24 | |||
Commercial paper | 31,900 | - | |||||
Current maturities of long-term debt | - | 250,000 | |||||
EIRR bonds classified as current | - | 85,922 | |||||
Accounts payable | 106,040 | 84,105 | |||||
Accrued taxes | 27,448 | 34,497 | |||||
Accrued interest | 11,549 | 9,800 | |||||
Accrued payroll and vacations | 27,520 | 22,870 | |||||
Accrued refueling outage costs | 8,974 | 13,180 | |||||
Other | 8,600 | 8,327 | |||||
Total | 222,531 | 508,725 | |||||
Deferred Credits and Other Liabilities | |||||||
Deferred income taxes | 627,048 | 654,055 | |||||
Deferred investment tax credits | 29,698 | 33,587 | |||||
Asset retirement obligations | 145,907 | 113,674 | |||||
Pension liability | 85,301 | 90,491 | |||||
Regulatory liabilities | 69,641 | 4,101 | |||||
Derivative instruments | 2,601 | - | |||||
Other | 38,387 | 42,832 | |||||
Total | 998,583 | 938,740 | |||||
Capitalization | |||||||
Common shareholder's equity | |||||||
Common stock-1,000 shares authorized without par value | |||||||
1 share issued, stated value | 887,041 | 887,041 | |||||
Retained earnings | 283,850 | 252,893 | |||||
Accumulated other comprehensive loss | (29,909 | ) | (40,334 | ) | |||
Total | 1,140,982 | 1,099,600 | |||||
Long-term debt (Note 19) | 976,424 | 790,329 | |||||
Total | 2,117,406 | 1,889,929 | |||||
Commitments and Contingencies (Note 13) | |||||||
Total | $ | 3,338,520 | $ | 3,337,394 | |||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial Statements are | |||||||
an integral part of these statements. |
KANSAS CITY POWER & LIGHT COMPANY | ||||||||||
Consolidated Statements of Cash Flows | ||||||||||
Revised | ||||||||||
Year Ended December 31 | 2005 | 2004 | 2003 | |||||||
Cash Flows from Operating Activities | (thousands) | |||||||||
Net income | $ | 143,657 | $ | 143,292 | $ | 117,155 | ||||
Adjustments to reconcile income to net cash from operating activities: | ||||||||||
Depreciation and amortization | 146,610 | 145,246 | 140,955 | |||||||
Amortization of: | ||||||||||
Nuclear fuel | 13,374 | 14,159 | 12,334 | |||||||
Other | 7,681 | 7,719 | 9,350 | |||||||
Deferred income taxes, net | (33,408 | ) | 10,861 | 34,285 | ||||||
Investment tax credit amortization | (3,889 | ) | (3,984 | ) | (3,994 | ) | ||||
(Gain) loss on property | 4,613 | 5,133 | (1,603 | ) | ||||||
Minority interest in subsidiaries | 7,805 | (5,087 | ) | (1,263 | ) | |||||
Other operating activities (Note 2) | 79,043 | (1,080 | ) | (24,627 | ) | |||||
Net cash from operating activities | 365,486 | 316,259 | 282,592 | |||||||
Cash Flows from Investing Activities | ||||||||||
Utility capital expenditures | (332,055 | ) | (190,548 | ) | (148,675 | ) | ||||
Allowance for borrowed funds used during construction | (1,598 | ) | (1,498 | ) | (1,368 | ) | ||||
Purchases of nonutility property | (127 | ) | (254 | ) | (147 | ) | ||||
Proceeds from sale of assets | 469 | 7,465 | 4,135 | |||||||
Purchases of nuclear decommissioning trust investments | (34,607 | ) | (49,720 | ) | (111,699 | ) | ||||
Proceeds from nuclear decommissioning trust investments | 31,055 | 46,167 | 108,179 | |||||||
Hawthorn No. 5 partial insurance recovery | 10,000 | 30,810 | 3,940 | |||||||
Hawthorn No. 5 partial litigation settlements | - | 1,139 | 17,263 | |||||||
Other investing activities | (930 | ) | (7,100 | ) | (4,045 | ) | ||||
Net cash from investing activities | (327,793 | ) | (163,539 | ) | (132,417 | ) | ||||
Cash Flows from Financing Activities | ||||||||||
Issuance of long-term debt | 334,417 | - | - | |||||||
Repayment of long-term debt | (335,922 | ) | (209,140 | ) | (124,000 | ) | ||||
Net change in short-term borrowings | 32,376 | (21,959 | ) | (1,867 | ) | |||||
Dividends paid to Great Plains Energy | (112,700 | ) | (119,160 | ) | (98,000 | ) | ||||
Equity contribution from Great Plains Energy | - | 225,000 | 100,000 | |||||||
Issuance fees | (4,522 | ) | (2,362 | ) | (266 | ) | ||||
Net cash from financing activities | (86,351 | ) | (127,621 | ) | (124,133 | ) | ||||
Net Change in Cash and Cash Equivalents | (48,658 | ) | 25,099 | 26,042 | ||||||
Less: Net Change in Cash and Cash Equivalents from | ||||||||||
Discontinued Operations | - | - | (307 | ) | ||||||
Cash and Cash Equivalents at Beginning of Year | 51,619 | 26,520 | 171 | |||||||
Cash and Cash Equivalents at End of Year | $ | 2,961 | $ | 51,619 | $ | 26,520 | ||||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial Statements are an integral | ||||||||||
part of these statements. |
KANSAS CITY POWER & LIGHT COMPANY | |||||||||||||||||||
Consolidated Statements of Common Shareholder's Equity | |||||||||||||||||||
2005 | 2004 | 2003 | |||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||
Common Stock | (thousands, except share amounts) | ||||||||||||||||||
Beginning balance | 1 | $ | 887,041 | 1 | $ | 662,041 | 1 | $ | 562,041 | ||||||||||
Equity contribution from Great Plains Energy | - | - | - | 225,000 | - | 100,000 | |||||||||||||
Ending balance | 1 | 887,041 | 1 | 887,041 | 1 | 662,041 | |||||||||||||
Retained Earnings | |||||||||||||||||||
Beginning balance | 252,893 | 228,761 | 209,606 | ||||||||||||||||
Net income | 143,657 | 143,292 | 117,155 | ||||||||||||||||
Dividends: | |||||||||||||||||||
Common stock held by Great Plains Energy | (112,700 | ) | (119,160 | ) | (98,000 | ) | |||||||||||||
Ending balance | 283,850 | 252,893 | 228,761 | ||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||
Beginning balance | (40,334 | ) | (35,244 | ) | (26,614 | ) | |||||||||||||
Derivative hedging activity, net of tax | 7,571 | (233 | ) | (83 | ) | ||||||||||||||
Minimum pension obligation, net of tax | 2,854 | (4,857 | ) | (8,547 | ) | ||||||||||||||
Ending balance | (29,909 | ) | (40,334 | ) | (35,244 | ) | |||||||||||||
Total Common Shareholder's Equity | $ | 1,140,982 | $ | 1,099,600 | $ | 855,558 | |||||||||||||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial Statements are an integral part of these | |||||||||||||||||||
statements. |
KANSAS CITY POWER & LIGHT COMPANY | ||||||||||
Consolidated Statements of Comprehensive Income | ||||||||||
Year Ended December 31 | 2005 | 2004 | 2003 | |||||||
(thousands) | ||||||||||
Net income | $ | 143,657 | $ | 143,292 | $ | 117,155 | ||||
Other comprehensive income | ||||||||||
Gain on derivative hedging instruments | 12,650 | 280 | 657 | |||||||
Income taxes | (4,759 | ) | (111 | ) | (256 | ) | ||||
Net gain on derivative hedging instruments | 7,891 | 169 | 401 | |||||||
Reclassification to expenses, net of tax | (320 | ) | (402 | ) | (484 | ) | ||||
Derivative hedging activity, net of tax | 7,571 | (233 | ) | (83 | ) | |||||
Change in minimum pension obligation | 5,410 | (7,321 | ) | (14,012 | ) | |||||
Income taxes | (2,556 | ) | 2,464 | 5,465 | ||||||
Net change in minimum pension obligation | 2,854 | (4,857 | ) | (8,547 | ) | |||||
Comprehensive income | $ | 154,082 | $ | 138,202 | $ | 108,525 | ||||
The disclosures regarding KCP&L included in the accompanying Notes to Consolidated Financial Statements are an | ||||||||||
integral part of these statements. |
1. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
· | KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas. KCP |
· | KLT Inc. is an intermediate holding company that primarily holds |
· | Innovative Energy Consultants Inc. (IEC) is an intermediate holding company that holds an indirect interest in Strategic Energy. IEC does not own or operate any assets other than its indirect interest in Strategic Energy. When combined with KLT Inc.’s indirect interest in Strategic Energy, the Company indirectly owns |
· | Great Plains Energy Services Incorporated (Services) provides services at cost to Great Plains Energy and its subsidiaries, including consolidated KCP&L. |
December 31 | 2006 | 2005 | |||||
Utility Plant, at original cost | (millions) | ||||||
Production (23 - 42 years) | $ | 3,135.6 | $ | 2,970.1 | |||
Transmission (27 - 76 years) | 364.3 | 331.2 | |||||
Distribution (8 - 75 years) | 1,465.7 | 1,377.3 | |||||
General (5 - 50 years) | 302.9 | 280.9 | |||||
Total (a) | $ | 5,268.5 | $ | 4,959.5 | |||
(a) Includes $40.3 million and $80.4 million of land and other assets that are not | |||||||
depreciated. |
December 31 | 2005 | 2004 | |||||
Utility Plant, at original cost | (millions) | ||||||
Production (23 - 42 years) | $ | 2,970.1 | $ | 2,938.5 | |||
Transmission (27 - 76 years) | 331.2 | 315.5 | |||||
Distribution (8 - 75 years) | 1,377.3 | 1,320.0 | |||||
General (5 - 50 years) | 280.9 | 267.4 | |||||
Total (a) | $ | 4,959.5 | $ | 4,841.4 | |||
(a) Includes $80.4 million and $66.6 million of land and other assets for | |||||||
which depreciation was not recorded in 2005 and 2004, respectively. |
As Adjusted | As Adjusted | ||||||||||||
2006 | 2005 | 2004 | |||||||||||
Income | (millions, except per share amounts) | ||||||||||||
Income from continuing operations | $ | 127.6 | $ | 164.2 | $ | 175.2 | |||||||
Less: preferred stock dividend requirements | 1.6 | 1.6 | 1.6 | ||||||||||
Income available to common stockholders | $ | 126.0 | $ | 162.6 | $ | 173.6 | |||||||
Common Shares Outstanding | |||||||||||||
Average number of common shares outstanding | 78.0 | 74.6 | 72.0 | ||||||||||
Add: effect of dilutive securities | 0.2 | 0.1 | 0.1 | ||||||||||
Diluted average number of common shares outstanding | 78.2 | 74.7 | 72.1 | ||||||||||
Basic EPS from continuing operations | $ | 1.62 | $ | 2.18 | $ | 2.41 | |||||||
Diluted EPS from continuing operations | $ | 1.61 | $ | 2.18 | $ | 2.41 |
2005 | 2004 | 2003 | |||||||||
Income | (millions, except per share amounts) | ||||||||||
Income from continuing operations | $ | 164.2 | $ | 173.5 | $ | 189.7 | |||||
Less: preferred stock dividend requirements | 1.6 | 1.6 | 1.6 | ||||||||
Income available to common stockholders | $ | 162.6 | $ | 171.9 | $ | 188.1 | |||||
Common Shares Outstanding | |||||||||||
Average number of common shares outstanding | 74.6 | 72.0 | 69.2 | ||||||||
Add: effect of dilutive securities | 0.1 | 0.1 | - | ||||||||
Diluted average number of common shares outstanding | 74.7 | 72.1 | 69.2 | ||||||||
Basic and diluted EPS from continuing operations | $ | 2.18 | $ | 2.39 | $ | 2.72 |
2. | SUPPLEMENTAL CASH FLOW INFORMATION |
Great Plains Energy Other Operating Activities | |||||||||
As Adjusted | As Adjusted | ||||||||
2006 | 2005 | 2004 | |||||||
Cash flows affected by changes in: | (millions) | ||||||||
Receivables | $ | (80.8 | ) | $ | 6.6 | $ | (37.5 | ) | |
Fuel inventories | (10.7 | ) | 4.9 | 1.8 | |||||
Materials and supplies | (2.8 | ) | (2.6 | ) | 2.2 | ||||
Accounts payable | 68.1 | 12.4 | 9.6 | ||||||
Accrued taxes | (22.5 | ) | (23.1 | ) | 15.3 | ||||
Accrued interest | 0.7 | 1.6 | (1.0 | ) | |||||
Deposits with suppliers | - | 0.1 | 0.8 | ||||||
Deferred refueling outage costs | (5.9 | ) | (4.0 | ) | 8.7 | ||||
Pension and postretirement benefit assets and obligations | 3.6 | 8.4 | (10.4 | ) | |||||
Allowance for equity funds used during construction | (5.0 | ) | (1.8 | ) | (2.1 | ) | |||
Proceeds from the sale of SO2 emission allowances | 0.8 | 61.0 | 0.3 | ||||||
Proceeds from T-Locks | - | 12.0 | - | ||||||
Other | 5.7 | 20.1 | (7.5 | ) | |||||
Total other operating activities | $ | (48.8 | ) | $ | 95.6 | $ | (19.8 | ) | |
Cash paid during the period: | |||||||||
Interest | $ | 67.7 | $ | 68.9 | $ | 84.1 | |||
Income taxes | $ | 77.7 | $ | 84.4 | $ | 38.6 | |||
Non-cash investing activities: | |||||||||
Liabilities assumed for capital expenditures | $ | 38.7 | $ | 13.4 | $ | - | |||
Consolidated KCP&L Other Operating Activities | |||||||||
As Adjusted | As Adjusted | ||||||||
2006 | 2005 | 2004 | |||||||
Cash flows affected by changes in: | (millions) | ||||||||
Receivables | $ | (44.7 | ) | $ | (8.5 | ) | $ | 1.6 | |
Fuel inventories | (10.7 | ) | 4.9 | 1.8 | |||||
Materials and supplies | (2.8 | ) | (2.6 | ) | 2.2 | ||||
Accounts payable | 52.4 | 16.3 | 1.8 | ||||||
Accrued taxes | (16.5 | ) | (17.2 | ) | (6.6 | ) | |||
Accrued interest | 0.9 | 1.7 | (2.0 | ) | |||||
Deferred refueling outage costs | (5.9 | ) | (4.0 | ) | 8.7 | ||||
Pension and postretirement benefit assets and obligations | 0.7 | 4.6 | (8.0 | ) | |||||
Allowance for equity funds used during construction | (5.0 | ) | (1.8 | ) | (2.1 | ) | |||
Proceeds from the sale of SO2 emission allowances | 0.8 | 61.0 | 0.3 | ||||||
Proceeds from T-Locks | - | 12.0 | - | ||||||
Other | (8.6 | ) | 12.9 | (1.5 | ) | ||||
Total other operating activities | $ | (39.4 | ) | $ | 79.3 | $ | (3.8 | ) | |
Cash paid during the period: | |||||||||
Interest | $ | 57.9 | $ | 57.6 | $ | 73.8 | |||
Income taxes | $ | 70.9 | $ | 104.1 | $ | 64.9 | |||
Non-cash investing activities: | |||||||||
Liabilities assumed for capital expenditures | $ | 38.2 | $ | 12.8 | $ | - | |||
Great Plains Energy Other Operating Activities | ||||||||||
2005 | 2004 | 2003 | ||||||||
Cash flows affected by changes in: | (millions) | |||||||||
Receivables | $ | 6.6 | $ | (37.5 | ) | $ | (15.6 | ) | ||
Fuel inventories | 4.9 | 1.8 | (0.8 | ) | ||||||
Materials and supplies | (2.6 | ) | 2.2 | (5.8 | ) | |||||
Accounts payable | 12.4 | 9.6 | 17.0 | |||||||
Accrued taxes | (23.1 | ) | 15.3 | 25.5 | ||||||
Accrued interest | 1.6 | (1.0 | ) | (4.5 | ) | |||||
Accrued refueling outage costs | (4.2 | ) | 11.4 | (6.5 | ) | |||||
Pension and postretirement benefit assets and obligations | 8.4 | (10.4 | ) | (20.6 | ) | |||||
Allowance for equity funds used during construction | (1.8 | ) | (2.1 | ) | (1.4 | ) | ||||
Proceeds from the sale of SO2 emission allowances | 61.0 | 0.3 | 0.2 | |||||||
Proceeds from T-Locks | 12.0 | - | - | |||||||
Other | 17.7 | (8.5 | ) | 33.4 | ||||||
Total other operating activities | $ | 92.9 | $ | (18.9 | ) | $ | 20.9 | |||
Cash paid during the period: | ||||||||||
Interest | $ | 68.9 | $ | 84.1 | $ | 78.0 | ||||
Income taxes | $ | 84.4 | $ | 38.6 | $ | 42.4 |
Consolidated KCP&L Other Operating Activities | ||||||||||
2005 | 2004 | 2003 | ||||||||
Cash flows affected by changes in: | (millions) | |||||||||
Receivables | $ | (8.5 | ) | $ | 1.6 | $ | (2.9 | ) | ||
Fuel inventories | 4.9 | 1.8 | (0.8 | ) | ||||||
Materials and supplies | (2.6 | ) | 2.2 | (5.8 | ) | |||||
Accounts payable | 16.3 | 1.8 | 7.8 | |||||||
Accrued taxes | (17.2 | ) | (6.6 | ) | (2.8 | ) | ||||
Accrued interest | 1.7 | (2.0 | ) | (3.7 | ) | |||||
Accrued refueling outage costs | (4.2 | ) | 11.4 | (6.5 | ) | |||||
Pension and postretirement benefit assets and obligations | 4.6 | (8.0 | ) | (20.3 | ) | |||||
Allowance for equity funds used during construction | (1.8 | ) | (2.1 | ) | (1.4 | ) | ||||
Proceeds from the sale of SO2 emission allowances | 61.0 | 0.3 | 0.2 | |||||||
Proceeds from T-Locks | 12.0 | - | - | |||||||
Other | 12.8 | (1.5 | ) | 11.6 | ||||||
Total other operating activities | $ | 79.0 | $ | (1.1 | ) | $ | (24.6 | ) | ||
Cash paid during the period: | ||||||||||
Interest | $ | 57.6 | $ | 73.8 | $ | 71.4 | ||||
Income taxes | $ | 104.1 | $ | 64.9 | $ | 68.1 |
Great Plains Energy | 2004 | 2003 | |||||
(millions) | |||||||
Net cash flows from operating activities as previously reported | $ | 377.1 | $ | 366.7 | |||
Change in net cash flows | (23.0 | ) | 20.4 | ||||
Net cash flows from operating activities as currently reported | 354.1 | 387.1 | |||||
Net cash flows from investing activities as previously reported | (257.9 | ) | (104.3 | ) | |||
Change in net cash flows | 23.5 | (18.7 | ) | ||||
Net cash flows from investing activities as currently reported | (234.4 | ) | (123.0 | ) | |||
Net cash flows from financing activities as previously reported | (106.3 | ) | (213.7 | ) | |||
Change in net cash flows | - | (1.5 | ) | ||||
Net cash flows from financing activities as currently reported | $ | (106.3 | ) | $ | (215.2 | ) | |
Consolidated KCP&L | 2003 | |||
(millions) | ||||
Net cash flows from operating activities as previously reported | $ | 281.4 | ||
Change in net cash flows | 1.2 | |||
Net cash flows from operating activities as currently reported | 282.6 | |||
Net cash flows from investing activities as previously reported | (132.4 | ) | ||
Change in net cash flows | - | |||
Net cash flows from investing activities as currently reported | (132.4 | ) | ||
Net cash flows from financing activities as previously reported | (122.6 | ) | ||
Change in net cash flows | (1.5 | ) | ||
Net cash flows from financing activities as currently reported | $ | (124.1 | ) | |
2003 | |||
(millions) | |||
Cash repayment of supported bank line | $ | (22.1 | ) |
Write-off of intercompany balance and investment | 4.8 | ||
Accrued transaction costs | (1.6 | ) | |
Income tax benefit | 11.8 | ||
Loss on disposition | (7.1 | ) | |
Pre-disposition operating losses | (1.6 | ) | |
Discontinued operations | $ | (8.7 | ) |
DTI | 2003 | ||
(millions) | |||
Cash proceeds from bankruptcy estates | $ | 19.2 | |
Cash proceeds from sale of office building | 1.2 | ||
Receivables | 1.3 | ||
Total proceeds | 21.7 | ||
Book basis of office building sold | (2.7 | ) | |
DIP financing accrual reversal | 5.0 | ||
Accounts payable | (1.9 | ) | |
Income tax | (9.8 | ) | |
Reversal of tax valuation allowance | 15.8 | ||
Gain on sale of assets | $ | 28.1 |
3. |
4. | RECEIVABLES |
December 31 | |||||||
2006 | 2005 | ||||||
Consolidated KCP&L | (millions) | ||||||
Customer accounts receivable (a) | $ | 35.2 | $ | 34.0 | |||
Allowance for doubtful accounts | (1.1 | ) | (1.0 | ) | |||
Other receivables | 80.2 | 37.3 | |||||
Consolidated KCP&L receivables | 114.3 | 70.3 | |||||
Other Great Plains Energy | |||||||
Other receivables | 229.2 | 193.0 | |||||
Allowance for doubtful accounts | (4.1 | ) | (4.3 | ) | |||
Great Plains Energy receivables | $ | 339.4 | $ | 259.0 | |||
(a)Customer accounts receivable included unbilled receivables of $32.0 million and $31.4 | |||||||
million at December 31, 2006 and 2005, respectively. |
December 31 | ||||||
2005 | 2004 | |||||
Consolidated KCP&L | (millions) | |||||
Customer accounts receivable (a) | $ | 34.0 | $ | 21.6 | ||
Allowance for doubtful accounts | (1.0 | ) | (1.7 | ) | ||
Other receivables | 37.3 | 43.5 | ||||
Consolidated KCP&L receivables | 70.3 | 63.4 | ||||
Other Great Plains Energy | ||||||
Other receivables | 193.0 | 188.5 | ||||
Allowance for doubtful accounts | (4.3 | ) | (4.7 | ) | ||
Great Plains Energy receivables | $ | 259.0 | $ | 247.2 | ||
(a) Customer accounts receivable included unbilled receivables of $31.4 | ||||||
million and $31.2 million at December 31, 2005 and 2004, respectively. |
Receivables | Consolidated | ||||||||
2005 | KCP&L | Company | KCP&L | ||||||
(millions) | |||||||||
Receivables (sold) purchased | $ | (605.8 | ) | $ | 535.8 | $ | (70.0 | ) | |
Collections | 499.3 | (499.3 | ) | - | |||||
(Gain) loss on sale of accounts receivable (a) | 6.0 | (5.0 | ) | 1.0 | |||||
Servicing fees | 1.4 | (1.4 | ) | - | |||||
Fees to outside investor | - | (1.5 | ) | (1.5 | ) | ||||
Cash flows during the period | |||||||||
Cash proceeds from sale of receivables (b) | $ | 569.3 | $ | (499.3 | ) | $ | 70.0 | ||
Servicing fees | 1.4 | (1.4 | ) | - | |||||
(a) The net loss is the result of the timing difference inherent in collecting receivables and over | |||||||||
the life of the agreement will net to zero. | |||||||||
(b) During 2005, Receivables Company received $70 million cash from the outside investor | |||||||||
for the sale of accounts receivable, which was then forwarded to KCP&L for consideration | |||||||||
of its sale. |
Receivables | Consolidated | |||||||||
2006 | KCP&L | Company | KCP&L | |||||||
(millions) | ||||||||||
Receivables (sold) purchased | $ | (977.9 | ) | $ | 977.9 | $ | - | |||
Gain (loss) on sale of accounts receivable (a) | (9.9 | ) | 9.9 | - | ||||||
Servicing fees | 2.9 | (2.9 | ) | - | ||||||
Fees to outside investor | - | (3.8 | ) | (3.8 | ) | |||||
Cash flows during the period | ||||||||||
Cash from customers transferred to | ||||||||||
Receivables Company | (980.7 | ) | 980.7 | - | ||||||
Cash paid to KCP&L for receivables purchased | 974.6 | (974.6 | ) | - | ||||||
Servicing fees | 2.9 | (2.9 | ) | - | ||||||
Interest on intercompany note | 2.4 | (2.4 | ) | - |
Receivables | Consolidated | |||||||||
2005 | KCP&L | Company | KCP&L | |||||||
(millions) | ||||||||||
Receivables (sold) purchased | $ | (599.7 | ) | $ | 599.7 | $ | - | |||
Gain (loss) on sale of accounts receivable (a) | (6.0 | ) | 5.0 | (1.0 | ) | |||||
Servicing fees | 1.4 | (1.4 | ) | - | ||||||
Fees to outside investor | - | (1.4 | ) | (1.4 | ) | |||||
Cash flows during the period | ||||||||||
Cash from customers transferred to | ||||||||||
Receivables Company | (499.3 | ) | 499.3 | - | ||||||
Cash paid to KCP&L for receivables purchased | (494.3 | ) | 494.3 | - | ||||||
Servicing fees | 1.4 | (1.4 | ) | - | ||||||
Funds from outside investors (b) | 70.0 | - | 70.0 | |||||||
Interest on intercompany note | 0.9 | (0.9 | ) | - |
2005 | 2004 | 2003 | |||||||
Gross proceeds on sale of | (millions) | ||||||||
accounts receivable | $ | 46.1 | $ | 929.1 | $ | 939.5 | |||
Collections | 44.3 | 928.0 | 949.5 | ||||||
Loss on sale of accounts receivable | - | 2.5 | 3.7 | ||||||
Late fees | 0.1 | 2.2 | 2.3 |
(a) | Any net gain (loss) is the result of the timing difference inherent in collecting receivables and over the |
life of the agreement will net to zero. | |
(b) | During 2005, Receivables Company received $70 million cash from the outside investor for the sale of |
accounts receivable, which was then forwarded to KCP&L for consideration of its sale. |
NUCLEAR PLANT |
Total | KCP&L's | |||||
Station | 47% Share | |||||
(millions) | ||||||
Current cost of decommissioning (in 2005 dollars) | $ | 518 | $ | 243 | ||
Future cost of decommissioning (in 2045 dollars) | 2,897 | 1,362 | ||||
Annual escalation factor | 4.40% | |||||
Annual return on trust assets (a) | 6.48% | |||||
(a) The 6.48% rate of return is thru 2025. The rate then systematically decreases | ||||||
through 2045 to 4.04% based on the assumption that the fund's investment mix | ||||||
will become increasingly more conservative as the decommissioning date | ||||||
approaches. |
Total | KCP&L's | ||||
Station | 47% Share | ||||
(millions) | |||||
Current cost of decommissioning (in 2005 dollars) | $ 518 | $ 243 | |||
Future cost of decommissioning (in 2045-2053 dollars) (a) | 3,327 | 1,564 | |||
Annual escalation factor | 4.40% | ||||
Annual return on trust assets (b) | 6.48% | ||||
(a) | Total future cost over an eight year decommissioning period. | ||||
(b) | The 6.48% rate of return is thru 2025. The rate then systematically decreases through 2053 to | ||||
2.82% based on the assumption that the fund's investment mix will become increasingly more | |||||
conservative as the decommissioning period approaches. |
December 31 | 2006 | 2005 | ||||
Decommissioning Trust | (millions) | |||||
Beginning balance | $ | 91.8 | $ | 84.1 | ||
Contributions | 3.7 | 3.6 | ||||
Realized gains | 6.0 | 3.9 | ||||
Unrealized gains | 2.6 | 0.2 | ||||
Ending balance | $ | 104.1 | $ | 91.8 | ||
December 31 | 2005 | 2004 | ||||
Decommissioning Trust | (millions) | |||||
Beginning balance | $ | 84.1 | $ | 75.0 | ||
Contributions | 3.6 | 3.6 | ||||
Realized gains | 3.9 | 3.6 | ||||
Unrealized gains | 0.2 | 1.9 | ||||
Ending balance | $ | 91.8 | $ | 84.1 |
December 31 | ||||
Asset Category | 2006 | 2005 | ||
Equity securities | 43% | 48% | ||
Debt securities | 54% | 46% | ||
Other | 3% | 6% | ||
Total | 100% | 100% |
December 31 | ||||
Asset Category | 2005 | 2004 | ||
Equity securities | 48% | 46% | ||
Debt securities | 46% | 50% | ||
Other | 6% | 4% | ||
Total | 100% | 100% |
As | As | ||||||||||||||||||
Originally | Originally | ||||||||||||||||||
Reported | As | Effect of | Reported | As | Effect of | ||||||||||||||
2005 | Adjusted | Change | 2004 | Adjusted | Change | ||||||||||||||
Great Plains Energy | (millions) | ||||||||||||||||||
Fuel | $ | 207.9 | $ | 208.4 | $ | 0.5 | $ | 179.4 | $ | 176.8 | $ | (2.6 | ) | ||||||
Other | 327.7 | 327.7 | - | 324.2 | 323.6 | (0.6 | ) | ||||||||||||
Maintenance | 90.3 | 90.0 | (0.3 | ) | 83.6 | 84.1 | 0.5 | ||||||||||||
Income taxes | (39.7 | ) | (39.5 | ) | 0.2 | (54.5 | ) | (55.5 | ) | (1.0 | ) | ||||||||
Consolidated KCP&L | |||||||||||||||||||
Fuel | $ | 207.9 | $ | 208.4 | $ | 0.5 | $ | 179.4 | $ | 176.8 | $ | (2.6 | ) | ||||||
Other | 265.7 | 265.7 | - | 259.7 | 259.1 | (0.6 | ) | ||||||||||||
Maintenance | 90.3 | 90.0 | (0.3 | ) | 83.5 | 84.0 | 0.5 | ||||||||||||
Income taxes | (48.2 | ) | (48.0 | ) | 0.2 | (52.8 | ) | (53.8 | ) | (1.0 | ) | ||||||||
REGULATORY MATTERS |
Estimated | ||||||
Capital | ||||||
Project | Details | Expenditures | ||||
(millions) | ||||||
Iatan No. 2 (a) | Building and owning 465 MW of an 850 MW coal fired | |||||
plant with an estimated completion date of June 2010 | $ | 733 | ||||
Wind Generation | Installation of 100.5 MW of wind generation in 2006 | 166 | ||||
Environmental | Retrofit of selected existing coal plants | 272 | ||||
Asset Management | Enhanced system performance and reliability | 42 | ||||
Customer Programs | Various demand management, distributed generation and | |||||
efficiency programs | 53 | |||||
Total (b) | $ | 1,266 | ||||
(a) | MW based on current estimates. | |||||
(b) | These amounts are estimates. Because of the magnitude of these investments and the length of time | |||||
to implement the comprehensive energy plan, actual expenditures may differ from these estimates. |
|
December 31 | |||||||
2006 | 2005 | ||||||
Regulatory Assets | (millions) | ||||||
Taxes recoverable through future rates | $ | 81.7 | $ | 85.7 | |||
Decommission and decontaminate federal uranium | |||||||
enrichment facilities | 0.6 | 1.3 | |||||
Loss on reacquired debt | 6.4 | 7.1 | |||||
January 2002 incremental ice storm costs (Missouri) | 0.4 | 4.9 | |||||
Change in depreciable life of Wolf Creek | 45.4 | 27.4 | |||||
Cost of removal | 8.2 | 9.3 | |||||
Asset retirement obligations | 16.9 | 23.6 | |||||
Pension and post-retirement costs | 256.9 | 15.6 | |||||
Surface Transportation Board litigation expenses | 1.7 | - | |||||
Deferred customer programs | 5.9 | 0.3 | |||||
2006 rate case expenses | 2.6 | 0.2 | |||||
Other | 7.7 | 4.5 | |||||
Total | $ | 434.4 | $ | 179.9 | |||
Regulatory Liabilities | |||||||
Emission allowances | $ | 64.5 | $ | 64.3 | |||
Pension costs | - | 1.0 | |||||
Asset retirement obligations | 35.6 | - | |||||
Additional Wolf Creek amortization (Missouri) | 14.6 | 4.3 | |||||
Total | $ | 114.7 | $ | 69.6 | |||
Amortization | December 31 | ||||||||
ending period | 2005 | 2004 | |||||||
Regulatory Assets | (millions) | ||||||||
Taxes recoverable through future rates | $ | 85.7 | $ | 81.0 | |||||
Decommission and decontaminate federal uranium | |||||||||
enrichment facilities | 2007 | 1.3 | 2.0 | ||||||
Loss on reacquired debt | 2037 | 7.1 | 7.7 | ||||||
January 2002 incremental ice storm costs (Missouri) | 2007 | 4.9 | 9.5 | ||||||
Change in depreciable life of Wolf Creek | 2045 | 27.4 | 15.5 | ||||||
Cost of removal | 9.3 | 13.9 | |||||||
Asset retirement obligations | 23.6 | 11.4 | |||||||
Future recovery of pension costs | 15.6 | - | |||||||
Other | Various | 5.0 | 3.3 | ||||||
Total Regulatory Assets | $ | 179.9 | $ | 144.3 | |||||
Regulatory Liabilities | |||||||||
Emission allowances | $ | 64.3 | $ | 4.1 | |||||
Pension accounting method difference | 1.0 | - | |||||||
Additional Wolf Creek amortization (Missouri) | 4.3 | - | |||||||
Total Regulatory Liabilities | $ | 69.6 | $ | 4.1 |
GOODWILL AND INTANGIBLE PROPERTY |
December 31, 2006 | December 31, 2005 | |||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||
Consolidated KCP&L | (millions) | |||||||||||||||
Computer software (a) | $ | 100.4 | $ | (76.2 | ) | $ | 92.9 | $ | (68.8 | ) | ||||||
Other Great Plains Energy | ||||||||||||||||
Computer software (a) | 15.0 | (8.4 | ) | 12.0 | (5.2 | ) | ||||||||||
Acquired intangible assets | ||||||||||||||||
Supply contracts | 26.5 | (26.5 | ) | 26.5 | (19.3 | ) | ||||||||||
Customer relationships | 17.0 | (7.6 | ) | 17.0 | (4.7 | ) | ||||||||||
Asset information systems | 1.9 | (1.4 | ) | 1.9 | (0.9 | ) | ||||||||||
Unamortized intangible assets | ||||||||||||||||
Strategic Energy trade name | 0.7 | 0.7 | ||||||||||||||
Total intangible assets | $ | 161.5 | $ | (120.1 | ) | $ | 151.0 | $ | (98.9 | ) | ||||||
Amortized related liabilities | ||||||||||||||||
Retail contracts | $ | 26.5 | $ | (26.5 | ) | $ | 26.5 | $ | (19.3 | ) |
December 31, 2005 | December 31, 2004 | ||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||
Consolidated KCP&L | (millions) | ||||||||||||
Computer software (a) | $ | 92.9 | $ | (68.8 | ) | $ | 88.7 | $ | (61.3 | ) | |||
Other Great Plains Energy | |||||||||||||
Computer software (a) | 12.0 | (5.2 | ) | 5.4 | (3.4 | ) | |||||||
Acquired intangible assets | |||||||||||||
Supply contracts | 26.5 | (19.3 | ) | 26.5 | (7.7 | ) | |||||||
Customer relationships | 17.0 | (4.7 | ) | 17.0 | (1.9 | ) | |||||||
Asset information systems | 1.9 | (0.9 | ) | 1.9 | (0.3 | ) | |||||||
Unamortized intangible assets | |||||||||||||
Strategic Energy trade name | 0.7 | 0.7 | |||||||||||
Total intangible assets | $ | 151.0 | $ | (98.9 | ) | $ | 140.2 | $ | (74.6 | ) | |||
Amortized related liabilities | |||||||||||||
Retail contracts | $ | 26.5 | $ | (19.3 | ) | $ | 26.5 | $ | (7.7 | ) | |||
(a) Computer software is included in electric utility plant or other nonutility property, as applicable, on the | |||||||||||||
consolidated balance sheets. |
(a) | Computer software is included in electric utility plant or other nonutility property, as applicable, on the consolidated balance sheets. |
Estimated Amortization Expense | |||||||||||||||||||||
2005 | 2004 | 2006 | 2007 | 2008 | 2009 | 2010 | |||||||||||||||
(millions) | |||||||||||||||||||||
Intangible assets | $ | 15.0 | $ | 9.9 | $ | 10.6 | $ | 3.3 | $ | 2.8 | $ | 2.9 | $ | 0.9 | |||||||
Related liabilities | (11.6 | ) | (7.7 | ) | (7.2 | ) | - | - | - | - | |||||||||||
Net amortization expense | $ | 3.4 | $ | 2.2 | $ | 3.4 | $ | 3.3 | $ | 2.8 | $ | 2.9 | $ | 0.9 |
Estimated Amortization Expense | |||||||||||||||||||||||||
2006 | 2005 | 2004 | 2007 | 2008 | 2009 | 2010 | |||||||||||||||||||
(millions) | |||||||||||||||||||||||||
Intangible assets | $ | 10.6 | $ | 15.0 | $ | 9.9 | $ | 3.3 | $ | 2.8 | $ | 2.9 | $ | 0.9 | |||||||||||
Related liabilities | (7.2 | ) | (11.6 | ) | (7.7 | ) | - | - | - | - | |||||||||||||||
Net amortization expense | $ | 3.4 | $ | 3.4 | $ | 2.2 | $ | 3.3 | $ | 2.8 | $ | 2.9 | $ | 0.9 | |||||||||||
2004 | |||
(millions) | |||
Other non-utility property and investments | $ | 10.6 | |
Goodwill | 60.7 | ||
Other deferred charges | 46.1 | ||
Total assets | 117.4 | ||
Accounts payable | 0.9 | ||
Other deferred credits and liabilities | 26.5 | ||
Net assets acquired | $ | 90.0 |
2005 | 2004 | 2003 | |||||||
Revenues | $ | - | $ | 1.6 | $ | 1.5 | |||
Gain (loss) from operations, including | |||||||||
impairments, before income taxes | (2.9 | ) | (4.5 | ) | (59.1 | ) | |||
Gain on sales of assets | - | 16.8 | - | ||||||
Discontinued operations before income taxes | (2.9 | ) | 12.3 | (59.1 | ) | ||||
Income taxes | 1.0 | (5.0 | ) | 23.0 | |||||
Discontinued operations, net of income taxes | $ | (1.9 | ) | $ | 7.3 | $ | (36.1 | ) |
2003 | |||
(millions) | |||
Revenues | $ | 31.8 | |
Loss from operations before income taxes | (1.6 | ) | |
Loss on disposal before income taxes | (18.9 | ) | |
Total loss on discontinued operations before income taxes | (20.5 | ) | |
Income tax benefit | 11.8 | ||
Discontinued operations, net of income taxes | $ | (8.7 | ) |
PENSION PLANS, |
Prior to | Post | |||||||||
December 31, 2006 | SFAS No. 158 | Adjustments | SFAS No. 158 | |||||||
(millions) | ||||||||||
Prepaid benefit cost | $ | 46.8 | $ | (46.8 | ) | $ | - | |||
Current liability | - | (1.0 | ) | (1.0 | ) | |||||
Accrued benefit cost | (31.4 | ) | 31.4 | - | ||||||
Pension liability | - | (143.2 | ) | (143.2 | ) | |||||
Postretirement liability | - | (33.0 | ) | (33.0 | ) | |||||
Minimum pension liability adjustment | (46.5 | ) | 46.5 | - | ||||||
Intangible asset | 12.1 | (12.1 | ) | - | ||||||
Accumulated OCI, net of tax | - | 1.6 | 1.6 | |||||||
Regulatory asset | 34.3 | 155.7 | 190.0 |
Pension Benefits | Other Benefits | ||||||||||||
2006 | 2005 | 2006 | 2005 | ||||||||||
Change in projected benefit obligation (PBO) | (millions) | ||||||||||||
PBO at beginning of year | $ | 554.6 | $ | 515.7 | $ | 53.0 | $ | 49.1 | |||||
Service cost | 18.8 | 17.3 | 0.9 | 0.9 | |||||||||
Interest cost | 30.9 | 29.8 | 3.0 | 2.9 | |||||||||
Contribution by participants | - | - | 1.3 | 1.2 | |||||||||
Amendments | - | 0.6 | - | - | |||||||||
Actuarial loss (gain) | 6.5 | 33.0 | (1.8 | ) | 3.6 | ||||||||
Benefits paid | (17.9 | ) | (41.2 | ) | (4.2 | ) | (4.1 | ) | |||||
Benefits paid by Company | (0.4 | ) | (0.6 | ) | (0.7 | ) | (0.6 | ) | |||||
Settlements | (83.7 | ) | - | - | - | ||||||||
PBO at end of plan year | $ | 508.8 | $ | 554.6 | $ | 51.5 | $ | 53.0 | |||||
Change in plan assets | |||||||||||||
Fair value of plan assets at beginning of year | $ | 412.2 | $ | 370.5 | $ | 12.2 | $ | 14.7 | |||||
Actual return on plan assets | 34.3 | 47.8 | 0.6 | 0.3 | |||||||||
Contributions by employer and participants | 18.8 | 35.1 | 4.8 | 1.3 | |||||||||
Benefits paid | (17.9 | ) | (41.2 | ) | (4.2 | ) | (4.1 | ) | |||||
Settlements | (82.9 | ) | - | - | - | ||||||||
Fair value of plan assets at end of plan year | $ | 364.5 | $ | 412.2 | $ | 13.4 | $ | 12.2 | |||||
Funded status at end-of-year | |||||||||||||
Funded status | $ | (144.3 | ) | $ | (142.4 | ) | $ | (38.1 | ) | $ | (40.8 | ) | |
Unrecognized actuarial loss | - | 195.0 | - | 14.1 | |||||||||
Unrecognized prior service cost | - | 32.6 | - | 0.8 | |||||||||
Unrecognized transition obligation | - | 0.3 | - | 8.2 | |||||||||
Contributions and changes after measurement date | 0.6 | 0.2 | 4.6 | 3.8 | |||||||||
Net amounts recognized | (143.7 | ) | 85.7 | (33.5 | ) | (13.9 | ) | ||||||
Regulatory asset, net | - | 14.6 | - | - | |||||||||
Net amount recognized at December 31 | $ | (143.7 | ) | $ | 100.3 | $ | (33.5 | ) | $ | (13.9 | ) | ||
Amounts recognized in the consolidated balance sheets | |||||||||||||
Prepaid benefit cost | $ | - | $ | 98.3 | $ | - | $ | - | |||||
Current pension liability | (0.5 | ) | - | (0.5 | ) | - | |||||||
Accrued benefit cost | - | (12.8 | ) | - | (17.7 | ) | |||||||
Pension liability | (143.8 | ) | - | (37.6 | ) | - | |||||||
Minimum pension liability adjustment | - | (74.3 | ) | - | - | ||||||||
Intangible asset | - | 14.4 | - | - | |||||||||
Contributions and changes after measurement date | 0.6 | 0.2 | 4.6 | 3.8 | |||||||||
Net amount recognized before regulatory treatment | (143.7 | ) | 25.8 | (33.5 | ) | (13.9 | ) | ||||||
Accumulated OCI | 2.3 | 59.9 | 0.3 | - | |||||||||
Regulatory asset, net | 238.0 | 14.6 | 18.9 | - | |||||||||
Net amount recognized at December 31 | $ | 96.6 | $ | 100.3 | $ | (14.3 | ) | $ | (13.9 | ) | |||
Amounts in accumulated OCI or regulatory asset not | |||||||||||||
yet recognized as a component of net periodic cost: | |||||||||||||
Unrecognized actuarial loss | $ | 144.8 | $ | - | $ | 11.6 | $ | - | |||||
Unrecognized prior service cost | 28.3 | - | 0.6 | - | |||||||||
Unrecognized transition obligation | 0.3 | - | 7.0 | - | |||||||||
Other | 66.9 | - | - | - | |||||||||
Net amount recognized at December 31 | $ | 240.3 | $ | - | $ | 19.2 | $ | - |
Pension Benefits | Other Benefits | ||||||||||||
2005 | 2004 | 2005 | 2004 | ||||||||||
Change in projected benefit obligation (PBO) | (millions) | ||||||||||||
PBO at beginning of year | $ | 515.7 | $ | 501.5 | $ | 49.1 | $ | 52.1 | |||||
Service cost | 17.3 | 16.7 | 0.9 | 0.9 | |||||||||
Interest cost | 29.8 | 30.1 | 2.9 | 3.1 | |||||||||
Contribution by participants | - | - | 1.2 | 1.1 | |||||||||
Amendments | 0.6 | - | - | - | |||||||||
Actuarial loss (gain) | 33.0 | 25.1 | 3.6 | (3.2 | ) | ||||||||
Benefits paid | (41.2 | ) | (54.7 | ) | (4.1 | ) | (4.3 | ) | |||||
Benefits paid by Company | (0.6 | ) | (0.3 | ) | (0.6 | ) | (0.6 | ) | |||||
Settlements | - | (2.7 | ) | - | - | ||||||||
PBO at end of plan year | $ | 554.6 | $ | 515.7 | $ | 53.0 | $ | 49.1 | |||||
Change in plan assets | |||||||||||||
Fair value of plan assets at beginning of year | $ | 370.5 | $ | 341.0 | $ | 14.7 | $ | 8.3 | |||||
Actual return on plan assets | 47.8 | 33.9 | 0.3 | 0.3 | |||||||||
Contributions by employer and participants | 35.1 | 50.3 | 1.3 | 10.4 | |||||||||
Benefits paid | (41.2 | ) | (54.7 | ) | (4.1 | ) | (4.3 | ) | |||||
Fair value of plan assets at end of plan year | $ | 412.2 | $ | 370.5 | $ | 12.2 | $ | 14.7 | |||||
Prepaid (accrued) benefit cost | |||||||||||||
Funded status | $ | (142.4 | ) | $ | (145.2 | ) | $ | (40.8 | ) | $ | (34.4 | ) | |
Unrecognized actuarial loss | 195.0 | 195.9 | 14.1 | 10.5 | |||||||||
Unrecognized prior service cost | 32.6 | 36.3 | 0.8 | 1.0 | |||||||||
Unrecognized transition obligation | 0.3 | 0.4 | 8.2 | 9.4 | |||||||||
Net prepaid (accrued) benefit cost | 85.5 | 87.4 | (17.7 | ) | (13.5 | ) | |||||||
Regulatory asset, net | 14.6 | - | - | - | |||||||||
Net amount recognized at December 31 | $ | 100.1 | $ | 87.4 | $ | (17.7 | ) | $ | (13.5 | ) | |||
Amounts recognized in the consolidated balance sheets | |||||||||||||
Prepaid benefit cost | $ | 98.3 | $ | 89.2 | $ | - | $ | - | |||||
Accrued benefit cost | (12.8 | ) | (1.8 | ) | (17.7 | ) | (13.5 | ) | |||||
Minimum pension liability adjustment | (74.3 | ) | (84.2 | ) | - | - | |||||||
Intangible asset | 14.4 | 15.6 | - | - | |||||||||
Accumulated other comprehensive income | 59.9 | 68.6 | - | - | |||||||||
Regulatory asset, net | 14.6 | - | - | - | |||||||||
Net amount recognized in balance sheets | 100.1 | 87.4 | (17.7 | ) | (13.5 | ) | |||||||
Contributions and changes after | |||||||||||||
measurement date | 0.2 | 20.7 | 3.8 | - | |||||||||
Net amount recognized at December 31 | $ | 100.3 | $ | 108.1 | $ | (13.9 | ) | $ | (13.5 | ) | |||
Pension Benefits | Other Benefits | ||||||||||||||||||
2005 | 2004 | 2003 | 2005 | 2004 | 2003 | ||||||||||||||
Components of net periodic benefit cost | (millions) | ||||||||||||||||||
Service cost | $ | 17.3 | $ | 16.7 | $ | 15.0 | $ | 0.9 | $ | 0.9 | $ | 0.9 | |||||||
Interest cost | 29.8 | 30.1 | 29.9 | 2.9 | 3.1 | 3.2 | |||||||||||||
Expected return on plan assets | (32.4 | ) | (31.7 | ) | (27.7 | ) | (0.6 | ) | (0.6 | ) | (0.6 | ) | |||||||
Amortization of prior service cost | 4.3 | 4.3 | 4.3 | 0.2 | 0.2 | 0.2 | |||||||||||||
Recognized net actuarial loss (gain) | 18.6 | 7.7 | 1.3 | 0.5 | 0.7 | 0.6 | |||||||||||||
Transition obligation | 0.1 | 0.1 | 0.1 | 1.2 | 1.2 | 1.2 | |||||||||||||
Amendment | - | - | - | - | - | 0.1 | |||||||||||||
Net settlements | - | 1.8 | - | - | - | - | |||||||||||||
Net periodic benefit cost before | |||||||||||||||||||
regulatory adjustment | 37.7 | 29.0 | 22.9 | 5.1 | 5.5 | 5.6 | |||||||||||||
Regulatory adjustment | (14.6 | ) | - | - | - | - | - | ||||||||||||
Net periodic benefit cost | $ | 23.1 | $ | 29.0 | $ | 22.9 | $ | 5.1 | $ | 5.5 | $ | 5.6 | |||||||
Pension Benefits | Other Benefits | ||||||||||||||||||
Year to Date December 31 | 2006 | 2005 | 2004 | 2006 | 2005 | 2004 | |||||||||||||
Components of net periodic benefit cost | (millions) | ||||||||||||||||||
Service cost | $ | 18.8 | $ | 17.3 | $ | 16.7 | $ | 0.9 | $ | 0.9 | $ | 0.9 | |||||||
Interest cost | 30.9 | 29.8 | 30.1 | 3.0 | 2.9 | 3.1 | |||||||||||||
Expected return on plan assets | (32.7 | ) | (32.4 | ) | (31.7 | ) | (0.6 | ) | (0.6 | ) | (0.6 | ) | |||||||
Amortization of prior service cost | 4.3 | 4.3 | 4.3 | 0.2 | 0.2 | 0.2 | |||||||||||||
Recognized net actuarial loss | 31.8 | 18.6 | 7.7 | 0.9 | 0.5 | 0.7 | |||||||||||||
Transition obligation | 0.1 | 0.1 | 0.1 | 1.2 | 1.2 | 1.2 | |||||||||||||
Settlement charges | 23.1 | - | 1.8 | - | - | - | |||||||||||||
Net periodic benefit cost before | |||||||||||||||||||
regulatory adjustment | 76.3 | 37.7 | 29.0 | 5.6 | 5.1 | 5.5 | |||||||||||||
Regulatory adjustment | (52.3 | ) | (14.6 | ) | - | - | - | - | |||||||||||
Net periodic benefit cost | $ | 24.0 | $ | 23.1 | $ | 29.0 | $ | 5.6 | $ | 5.1 | $ | 5.5 | |||||||
2005 | 2004 | 2006 | 2005 | |||||||||||
Pension plans with the ABO in excess of plan assets | (millions) | (millions) | ||||||||||||
Projected benefit obligation | $ | 337.8 | $ | 309.8 | $ | 323.9 | $ | 337.8 | ||||||
Accumulated benefit obligation | 280.6 | 266.1 | 268.5 | 280.6 | ||||||||||
Fair value of plan assets | 204.1 | 180.0 | 193.4 | 204.1 | ||||||||||
Pension plans with plan assets in excess of the ABO | Pension plans with plan assets in excess of the ABO | Pension plans with plan assets in excess of the ABO | ||||||||||||
Projected benefit obligation | $ | 216.8 | $ | 205.9 | $ | 184.9 | $ | 216.8 | ||||||
Accumulated benefit obligation | 189.3 | 179.3 | 158.6 | 189.3 | ||||||||||
Fair value of plan assets | 208.1 | 190.5 | 171.1 | 208.1 | ||||||||||
Weighted average assumptions used to determine | Pension Benefits | Other Benefits | ||||||
the benefit obligation at plan year-end | 2006 | 2005 | 2006 | 2005 | ||||
Discount rate | 5.87% | 5.62% | 5.89% | 5.62% | ||||
Rate of compensation increase | 3.81% | 3.57% | 3.90% | 3.60% |
Weighted average assumptions used to determine | Pension Benefits | Other Benefits | |||||||||||
the benefit obligation at plan year-end | 2005 | 2004 | 2005 | 2004 | |||||||||
Discount rate | 5.62 | % | 5.82 | % | 5.62 | % | 5.82 | % | |||||
Rate of compensation increase | 3.57 | % | 3.06 | % | 3.60 | % | 3.05 | % | |||||
Weighted average assumptions used to determine | Pension Benefits | Other Benefits | ||||||
net costs for years ended at December 31 | 2006 | 2005 | 2006 | 2005 | ||||
Discount rate | 5.62% | 5.82% | 5.62% | 5.82% | ||||
Expected long-term return on plan assets | 8.25% | 8.75% | 4.23% | * | 4.26% | * | ||
Rate of compensation increase | 3.57% | 3.06% | 3.60% | 3.05% | ||||
* after tax |
Weighted average assumptions used to determine | Pension Benefits | Other Benefits | |||||||||||
net costs for years ended at December 31 | 2005 | 2004 | 2005 | 2004 | |||||||||
Discount rate | 5.82 | % | 6.00 | % | 5.82 | % | 6.00 | % | |||||
Expected long-term return on plan assets | 8.75 | % | 9.00 | % | 4.26 | % * | 6.62 | % * | |||||
Rate of compensation increase | 3.06 | % | 3.30 | % | 3.05 | % | 3.25 | % | |||||
* after tax | |||||||||||||
Great Plains Energy | Consolidated KCP&L | ||||||||||||
December 31 | December 31 | ||||||||||||
2005 | 2004 | 2005 | 2004 | ||||||||||
(millions) | |||||||||||||
Additional minimum pension liability | $ | 74.3 | $ | 84.2 | $ | 73.5 | $ | 79.8 | |||||
Intangible asset | 14.4 | 15.6 | 13.7 | 14.6 | |||||||||
Deferred taxes | 22.5 | 26.3 | 22.5 | 25.0 | |||||||||
OCI, net of tax | 37.4 | 42.3 | 37.3 | 40.2 | |||||||||
Plan Assets at | Plan Assets at | |||||||||||||||
Target | December 31 | Target | December 31 | |||||||||||||
Asset Category | Allocation | 2005 | 2004 | Allocation | 2006 | 2005 | ||||||||||
Equity securities | 61 | % | 61 | % | 59 | % | 62% | 67% | 61% | |||||||
Debt securities | 27 | % | 26 | % | 31 | % | 28% | 22% | 26% | |||||||
Real estate | 7 | % | 7 | % | 8 | % | 6% | 6% | 7% | |||||||
Other | 5 | % | 6 | % | 2 | % | 4% | 5% | 6% | |||||||
Total | 100 | % | 100 | % | 100 | % | 100% | 100% | 100% | |||||||
Increase | Decrease | ||||||
(millions) | |||||||
Effect on total service and interest component | $ | 0.1 | $ | (0.1 | ) | ||
Effect on postretirement benefit obligation | 0.7 | (0.6 | ) | ||||
Increase | Decrease | ||||||
(millions) | |||||||
Effect on total service and interest component | $ | 0.1 | $ | (0.1 | ) | ||
Effect on postretirement benefit obligation | 0.7 | (0.7 | ) | ||||
Pension | Other | Pension | Other | |||||||||||
Benefits | Benefits | Benefits | Benefits | |||||||||||
(millions) | (millions) | |||||||||||||
2006 | $ | 43.8 | $ | 6.0 | ||||||||||
2007 | 43.2 | 7.0 | $ | 37.2 | $ | 7.0 | ||||||||
2008 | 41.8 | 7.7 | 36.2 | 7.6 | ||||||||||
2009 | 42.7 | 8.6 | 36.4 | 8.3 | ||||||||||
2010 | 45.6 | 9.3 | 39.7 | 8.9 | ||||||||||
2011-2015 | 230.3 | 57.1 | ||||||||||||
2011 | 38.6 | 9.6 | ||||||||||||
2012-2016 | 222.2 | 56.3 |
EQUITY COMPENSATION |
2006 | 2005 | 2004 | ||||||||
Compensation expense | (millions) | |||||||||
Great Plains Energy | $ | 3.9 | $ | 2.8 | $ | 0.8 | ||||
KCP&L | 2.4 | 1.7 | 0.6 | |||||||
Income tax benefits | ||||||||||
Great Plains Energy | 1.2 | 1.1 | 0.4 | |||||||
KCP&L | 0.8 | 0.6 | 0.2 |
Exercise | |||||||
Stock Options | Shares | Price* | |||||
Beginning balance | 111,455 | $ | 25.56 | ||||
Forfeited or expired | (1,983 | ) | 27.73 | ||||
Exercisable at December 31 | 109,472 | 25.52 | |||||
* weighted-average |
2005 | 2004 | 2003 | |||||||||||||||||
Shares | Price* | Shares | Price* | Shares | Price* | ||||||||||||||
Beginning balance | 195,973 | $ | 25.48 | 241,898 | $ | 25.41 | 397,000 | $ | 25.21 | ||||||||||
Granted | - | - | - | - | 27,898 | 27.73 | |||||||||||||
Exercised | (68,000 | ) | 25.08 | (26,000 | ) | 24.79 | (16,000 | ) | 26.19 | ||||||||||
Forfeited | (16,518 | ) | 26.57 | (19,925 | ) | 25.50 | (167,000 | ) | 25.26 | ||||||||||
Ending balance | 111,455 | $ | 25.56 | 195,973 | $ | 25.48 | 241,898 | $ | 25.41 | ||||||||||
Exercisable at December 31 | 95,000 | $ | 25.19 | 75,000 | $ | 25.43 | 7,000 | $ | 21.67 | ||||||||||
* weighted-average price | |||||||||||||||||||
2005 | 2004 | 2003 | ||||||||
Beginning balance | 19,313 | 20,744 | 144,500 | |||||||
Granted | 182,130 | - | 20,744 | |||||||
Cancelled | - | - | (144,500 | ) | ||||||
Forfeited | (28,682 | ) | (1,431 | ) | - | |||||
Ending balance | 172,761 | 19,313 | 20,744 | |||||||
Grant Date | ||||||||
Performance | Shares | Fair Value* | ||||||
Beginning balance | 172,761 | $ | 30.17 | |||||
Performance adjustment | (2,650 | ) | ||||||
Granted | 94,159 | 28.20 | ||||||
Issued | (9,499 | ) | 27.73 | |||||
Ending Balance | 254,771 | 29.56 | ||||||
* weighted-average |
Nonvested | Grant Date | |||||||
Restricted stock | Shares | Fair Value* | ||||||
Beginning balance | 119,966 | $ | 30.50 | |||||
Issued | 48,041 | 28.22 | ||||||
Vested | (25,404 | ) | 30.49 | |||||
Forfeited | (2,000 | ) | 28.20 | |||||
Ending balance | 140,603 | 29.75 | ||||||
* weighted-average |
2005 | 2004 | 2003 | ||||||||
Beginning balance | 76,214 | 62,881 | - | |||||||
Granted (a) | 79,872 | 13,333 | 120,196 | |||||||
Vested | (25,404 | ) | - | (57,315 | ) | |||||
Forfeited | (10,716 | ) | - | - | ||||||
Ending balance | 119,966 | 76,214 | 62,881 | |||||||
(a) Restricted stock shares granted in 2005 totaling 3,497 were issued out of | ||||||||||
treasury stock. Restricted stock shares issued in 2003 totaling 57,315 | ||||||||||
vested in 2003 and were issued out of treasury stock. | ||||||||||
TAXES |
As | As | |||||||||
Adjusted | Adjusted | |||||||||
Great Plains Energy | 2006 | 2005 | 2004 | |||||||
Current income taxes | (millions) | |||||||||
Federal | $ | 59.2 | $ | 64.3 | $ | 19.9 | ||||
State | 0.9 | 1.3 | 13.3 | |||||||
Total | 60.1 | 65.6 | 33.2 | |||||||
Deferred income taxes | ||||||||||
Federal | (7.2 | ) | (4.2 | ) | 46.8 | |||||
State | (3.8 | ) | (19.0 | ) | (15.5 | ) | ||||
Total | (11.0 | ) | (23.2 | ) | 31.3 | |||||
Investment tax credit amortization | (1.2 | ) | (3.9 | ) | (4.0 | ) | ||||
Total income tax expense | 47.9 | 38.5 | 60.5 | |||||||
Less: taxes on discontinued operations | ||||||||||
Current tax (benefit) expense | - | (1.0 | ) | (5.0 | ) | |||||
Deferred tax (benefit) expense | - | - | 10.0 | |||||||
Income taxes on continuing operations | $ | 47.9 | $ | 39.5 | $ | 55.5 |
As | As | |||||||||
Adjusted | Adjusted | |||||||||
Consolidated KCP&L | 2006 | 2005 | 2004 | |||||||
Current income taxes | (millions) | |||||||||
Federal | $ | 49.3 | $ | 79.9 | $ | 39.2 | ||||
State | 4.8 | 5.6 | 6.7 | |||||||
Total | 54.1 | 85.5 | 45.9 | |||||||
Deferred income taxes | ||||||||||
Federal | 15.6 | (14.3 | ) | 23.2 | ||||||
State | 1.8 | (19.3 | ) | (11.3 | ) | |||||
Total | 17.4 | (33.6 | ) | 11.9 | ||||||
Investment tax credit amortization | (1.2 | ) | (3.9 | ) | (4.0 | ) | ||||
Total | $ | 70.3 | $ | 48.0 | $ | 53.8 | ||||
Great Plains Energy | 2005 | 2004 | 2003 | |||||||
Current income taxes | (millions) | |||||||||
Federal | $ | 64.3 | $ | 19.9 | $ | 12.1 | ||||
State | 1.3 | 13.3 | 8.9 | |||||||
Total | 65.6 | 33.2 | 21.0 | |||||||
Deferred income taxes | ||||||||||
Federal | (4.2 | ) | 45.8 | 23.3 | ||||||
State | (18.8 | ) | (15.5 | ) | 3.5 | |||||
Total | (23.0 | ) | 30.3 | 26.8 | ||||||
Investment tax credit amortization | (3.9 | ) | (4.0 | ) | (4.0 | ) | ||||
Total income tax expense | 38.7 | 59.5 | 43.8 | |||||||
Less: taxes on discontinued | ||||||||||
operations (Note 8) | ||||||||||
Current tax benefit | (1.0 | ) | (5.0 | ) | (31.1 | ) | ||||
Deferred tax (benefit) expense | - | 10.0 | (3.7 | ) | ||||||
Income taxes on continuing operations | $ | 39.7 | $ | 54.5 | $ | 78.6 | ||||
Consolidated KCP&L | 2005 | 2004 | 2003 | |||||||
Current income taxes | (millions) | |||||||||
Federal | $ | 79.9 | $ | 39.2 | $ | 26.1 | ||||
State | 5.6 | 6.7 | 5.7 | |||||||
Total | 85.5 | 45.9 | 31.8 | |||||||
Deferred income taxes | ||||||||||
Federal | (14.3 | ) | 22.2 | 37.1 | ||||||
State | (19.1 | ) | (11.3 | ) | 6.8 | |||||
Total | (33.4 | ) | 10.9 | 43.9 | ||||||
Investment tax credit amortization | (3.9 | ) | (4.0 | ) | (4.0 | ) | ||||
Total income tax expense | 48.2 | 52.8 | 71.7 | |||||||
Less: taxes on discontinued | ||||||||||
operations (Note 8) | ||||||||||
Current tax (benefit) expense | - | - | (21.5 | ) | ||||||
Deferred tax expense | - | - | 9.7 | |||||||
Income taxes on continuing operations | $ | 48.2 | $ | 52.8 | $ | 83.5 | ||||
Income Tax Expense | Income Tax Rate | ||||||||||||||||||
As | As | As | As | ||||||||||||||||
Adjusted | Adjusted | Adjusted | Adjusted | ||||||||||||||||
Great Plains Energy | 2006 | 2005 | 2004 | 2006 | 2005 | 2004 | |||||||||||||
(millions) | |||||||||||||||||||
Federal statutory income tax | $ | 61.4 | $ | 71.3 | $ | 80.8 | 35.0 | % | 35.0 | % | 35.0 | % | |||||||
Differences between book and tax | |||||||||||||||||||
depreciation not normalized | (0.3 | ) | 2.3 | 1.4 | (0.2 | ) | 1.1 | 0.6 | |||||||||||
Amortization of investment tax credits | (1.2 | ) | (3.9 | ) | (4.0 | ) | (0.7 | ) | (1.9 | ) | (1.7 | ) | |||||||
Federal income tax credits | (9.3 | ) | (10.0 | ) | (12.8 | ) | (5.3 | ) | (4.9 | ) | (5.5 | ) | |||||||
State income taxes | 0.5 | 2.7 | 7.9 | 0.3 | 1.3 | 3.4 | |||||||||||||
Changes in uncertain tax positions, net | 0.1 | (7.9 | ) | (3.4 | ) | - | (3.9 | ) | (1.5 | ) | |||||||||
Rate change on deferred taxes | - | (11.7 | ) | (8.6 | ) | - | (5.8 | ) | (3.7 | ) | |||||||||
Valuation allowance | - | - | 0.5 | - | - | 0.2 | |||||||||||||
Other | (3.3 | ) | (3.3 | ) | (6.3 | ) | (1.8 | ) | (1.5 | ) | (2.8 | ) | |||||||
Total | $ | 47.9 | $ | 39.5 | $ | 55.5 | 27.3 | % | 19.4 | % | 24.0 | % |
Income Tax Expense | Income Tax Rate | ||||||||||||||||||
Great Plains Energy | 2005 | 2004 | 2003 | 2005 | 2004 | 2003 | |||||||||||||
(millions) | |||||||||||||||||||
Federal statutory income tax | $ | 71.4 | $ | 79.8 | $ | 93.9 | 35.0 | % | 35.0 | % | 35.0 | % | |||||||
Differences between book and tax | |||||||||||||||||||
depreciation not normalized | 2.3 | 1.4 | 3.9 | 1.1 | 0.6 | 1.5 | |||||||||||||
Amortization of investment tax credits | (3.9 | ) | (4.0 | ) | (4.0 | ) | (1.9 | ) | (1.7 | ) | (1.5 | ) | |||||||
Federal income tax credits | (10.0 | ) | (12.8 | ) | (14.4 | ) | (4.9 | ) | (5.6 | ) | (5.4 | ) | |||||||
State income taxes | 2.7 | 7.9 | 8.2 | 1.3 | 3.5 | 3.0 | |||||||||||||
Changes in uncertain tax positions, net | (7.9 | ) | (3.4 | ) | 12.0 | (3.9 | ) | (1.5 | ) | 4.5 | |||||||||
Rate changes on deferred taxes | (11.7 | ) | (8.6 | ) | - | (5.8 | ) | (3.8 | ) | - | |||||||||
Valuation allowance | - | 0.5 | (15.8 | ) | - | 0.2 | (5.9 | ) | |||||||||||
Other | (3.2 | ) | (6.3 | ) | (5.2 | ) | (1.4 | ) | (2.8 | ) | (1.9 | ) | |||||||
Total | $ | 39.7 | $ | 54.5 | $ | 78.6 | 19.5 | % | 23.9 | % | 29.3 | % | |||||||
Income Tax Expense | Income Tax Rate | ||||||||||||||||||
Consolidated KCP&L | 2005 | 2004 | 2003 | 2005 | 2004 | 2003 | |||||||||||||
(millions) | |||||||||||||||||||
Federal statutory income tax | $ | 67.1 | $ | 68.6 | $ | 73.3 | 35.0 | % | 35.0 | % | 35.0 | % | |||||||
Differences between book and tax | |||||||||||||||||||
depreciation not normalized | 2.3 | 1.4 | 3.9 | 1.2 | 0.7 | 1.9 | |||||||||||||
Amortization of investment tax credits | (3.9 | ) | (4.0 | ) | (4.0 | ) | (2.0 | ) | (2.0 | ) | (1.9 | ) | |||||||
State income taxes | 4.2 | 7.0 | 7.1 | 2.2 | 3.6 | 3.4 | |||||||||||||
Changes in uncertain tax positions, net | (1.7 | ) | (2.7 | ) | 3.9 | (0.9 | ) | (1.4 | ) | 1.9 | |||||||||
Rate changes on deferred taxes | (11.7 | ) | (8.6 | ) | - | (6.1 | ) | (4.4 | ) | - | |||||||||
Allocation of parent company tax benefits | (5.4 | ) | (5.9 | ) | - | (2.8 | ) | (3.0 | ) | - | |||||||||
Other | (2.7 | ) | (3.0 | ) | (0.7 | ) | (1.5 | ) | (1.5 | ) | (0.4 | ) | |||||||
Total | $ | 48.2 | $ | 52.8 | $ | 83.5 | 25.1 | % | 27.0 | % | 39.9 | % | |||||||
Income Tax Expense | Income Tax Rate | ||||||||||||||||||
As | As | As | As | ||||||||||||||||
Adjusted | Adjusted | Adjusted | Adjusted | ||||||||||||||||
Consolidated KCP&L | 2006 | 2005 | 2004 | 2006 | 2005 | 2004 | |||||||||||||
(millions) | |||||||||||||||||||
Federal statutory income tax | $ | 76.9 | $ | 67.0 | $ | 69.6 | 35.0 | % | 35.0 | % | 35.0 | % | |||||||
Differences between book and tax | |||||||||||||||||||
depreciation not normalized | (0.3 | ) | 2.3 | 1.4 | (0.2 | ) | 1.2 | 0.7 | |||||||||||
Amortization of investment tax credits | (1.2 | ) | (3.9 | ) | (4.0 | ) | (0.6 | ) | (2.0 | ) | (2.0 | ) | |||||||
Federal income tax credits | (4.6 | ) | - | - | (2.1 | ) | - | - | |||||||||||
State income taxes | 5.5 | 4.2 | 7.0 | 2.5 | 2.2 | 3.6 | |||||||||||||
Changes in uncertain tax positions, net | 0.6 | (1.7 | ) | (2.7 | ) | 0.3 | (0.9 | ) | (1.4 | ) | |||||||||
Parent company tax benefits | (4.7 | ) | (5.4 | ) | (5.9 | ) | (2.1 | ) | (2.8 | ) | (2.9 | ) | |||||||
Rate change on deferred taxes | - | (11.7 | ) | (8.6 | ) | - | (6.1 | ) | (4.3 | ) | |||||||||
Other | (1.9 | ) | (2.8 | ) | (3.0 | ) | (0.8 | ) | (1.6 | ) | (1.7 | ) | |||||||
Total | $ | 70.3 | $ | 48.0 | $ | 53.8 | 32.0 | % | 25.0 | % | 27.0 | % | |||||||
Great Plains Energy | Consolidated KCP&L | ||||||||||||
December 31 | 2005 | 2004 | 2005 | 2004 | |||||||||
Current deferred income taxes | (millions) | ||||||||||||
Nuclear fuel outage | $ | 3.4 | $ | 5.1 | $ | 3.4 | $ | 5.1 | |||||
Derivative instruments | (11.2 | ) | (1.2 | ) | - | 0.1 | |||||||
Accrued vacation | 4.7 | 4.5 | 4.7 | 3.8 | |||||||||
Other | 1.8 | 4.7 | 0.8 | 3.8 | |||||||||
Net current deferred income tax asset | |||||||||||||
(liability) | (1.3 | ) | 13.1 | 8.9 | 12.8 | ||||||||
Noncurrent deferred income taxes | |||||||||||||
Plant related | (554.2 | ) | (556.5 | ) | (554.2 | ) | (556.5 | ) | |||||
Income taxes on future regulatory recoveries | (85.7 | ) | (81.0 | ) | (85.7 | ) | (81.0 | ) | |||||
Derivative instruments | (11.1 | ) | (0.5 | ) | (4.5 | ) | - | ||||||
Pension and postretirement benefits | (8.0 | ) | (9.0 | ) | (8.4 | ) | (9.2 | ) | |||||
Storm related costs | (1.9 | ) | (3.7 | ) | (1.9 | ) | (3.7 | ) | |||||
Debt issuance costs | (2.7 | ) | (2.8 | ) | (2.7 | ) | (2.8 | ) | |||||
Gas properties related | (1.3 | ) | (3.4 | ) | - | - | |||||||
SO2 emission allowance sales | 24.2 | 1.3 | 24.2 | 1.3 | |||||||||
Tax credit carryforwards | 16.0 | 23.7 | - | - | |||||||||
Alternative minimum tax credit carryforward | - | 4.1 | - | - | |||||||||
State net operating loss carryforward | 0.5 | 0.5 | - | - | |||||||||
Other | 3.3 | (4.4 | ) | 6.2 | (2.1 | ) | |||||||
Net noncurrent deferred tax liability before | |||||||||||||
valuation allowance | (620.9 | ) | (631.7 | ) | (627.0 | ) | (654.0 | ) | |||||
Valuation allowance | (0.5 | ) | (0.5 | ) | - | - | |||||||
Net noncurrent deferred tax liability | (621.4 | ) | (632.2 | ) | (627.0 | ) | (654.0 | ) | |||||
Net deferred income tax liability | $ | (622.7 | ) | $ | (619.1 | ) | $ | (618.1 | ) | $ | (641.2 | ) | |
Great Plains Energy | Consolidated KCP&L | ||||||||||||
December 31 | 2005 | 2004 | 2005 | 2004 | |||||||||
(millions) | |||||||||||||
Gross deferred income tax assets | $ | 120.3 | $ | 144.3 | $ | 100.3 | $ | 120.8 | |||||
Gross deferred income tax liabilities | (743.0 | ) | (763.4 | ) | (718.4 | ) | (762.0 | ) | |||||
Net deferred income tax liability | $ | (622.7 | ) | $ | (619.1 | ) | $ | (618.1 | ) | $ | (641.2 | ) | |
Great Plains Energy | Consolidated KCP&L | ||||||||||||
As Adjusted | As Adjusted | ||||||||||||
December 31 | 2006 | 2005 | 2006 | 2005 | |||||||||
Current deferred income taxes | (millions) | ||||||||||||
Nuclear fuel outage | $ | (5.2 | ) | $ | (3.0 | ) | $ | (5.2 | ) | $ | (3.0 | ) | |
Derivative instruments | 34.1 | (11.2 | ) | 0.2 | - | ||||||||
Accrued vacation | 4.5 | 4.7 | 4.4 | 4.7 | |||||||||
Other | 6.2 | 1.8 | 0.7 | 0.8 | |||||||||
Net current deferred income tax asset | |||||||||||||
(liability) | 39.6 | (7.7 | ) | 0.1 | 2.5 | ||||||||
Noncurrent deferred income taxes | |||||||||||||
Plant related | (566.3 | ) | (554.2 | ) | (566.3 | ) | (554.2 | ) | |||||
Income taxes on future regulatory recoveries | (81.7 | ) | (85.7 | ) | (81.7 | ) | (85.7 | ) | |||||
Derivative instruments | 19.3 | (11.1 | ) | (4.3 | ) | (4.5 | ) | ||||||
Pension and postretirement benefits | (28.9 | ) | (8.0 | ) | (31.2 | ) | (8.4 | ) | |||||
Storm related costs | (0.1 | ) | (1.9 | ) | (0.1 | ) | (1.9 | ) | |||||
Debt issuance costs | (2.5 | ) | (2.7 | ) | (2.5 | ) | (2.7 | ) | |||||
Gas properties related | (1.1 | ) | (1.3 | ) | - | - | |||||||
SO2 emission allowance sales | 24.5 | 24.2 | 24.5 | 24.2 | |||||||||
Tax credit carryforwards | 15.0 | 16.0 | - | - | |||||||||
State net operating loss carryforward | 0.5 | 0.5 | - | - | |||||||||
Other | (0.8 | ) | 3.3 | 1.6 | 6.2 | ||||||||
Net noncurrent deferred tax liability before | |||||||||||||
valuation allowance | (622.1 | ) | (620.9 | ) | (660.0 | ) | (627.0 | ) | |||||
Valuation allowance | (0.5 | ) | (0.5 | ) | - | - | |||||||
Net noncurrent deferred tax liability | (622.6 | ) | (621.4 | ) | (660.0 | ) | (627.0 | ) | |||||
Net deferred income tax liability | $ | (583.0 | ) | $ | (629.1 | ) | $ | (659.9 | ) | $ | (624.5 | ) |
Great Plains Energy | Consolidated KCP&L | ||||||||||||
As Adjusted | �� | As Adjusted | |||||||||||
December 31 | 2006 | 2005 | 2006 | 2005 | |||||||||
(millions) | |||||||||||||
Gross deferred income tax assets | $ | 251.3 | $ | 116.9 | $ | 166.9 | $ | 96.9 | |||||
Gross deferred income tax liabilities | (834.3 | ) | (746.0 | ) | (826.8 | ) | (721.4 | ) | |||||
Net deferred income tax liability | $ | (583.0 | ) | $ | (629.1 | ) | $ | (659.9 | ) | $ | (624.5 | ) | |
11. | KLT GAS DISCONTINUED OPERATIONS |
2005 | 2004 | ||||||
(millions) | |||||||
Revenues | $ | - | $ | 1.6 | |||
Loss from operations, including | |||||||
impairments, before income taxes | (2.9 | ) | (4.5 | ) | |||
Gain on sales of assets | - | 16.8 | |||||
Discontinued operations before income taxes | (2.9 | ) | 12.3 | ||||
Income taxes | 1.0 | (5.0 | ) | ||||
Discontinued operations, net of income taxes | $ | (1.9 | ) | $ | 7.3 | ||
12. | RELATED PARTY TRANSACTIONS AND RELATIONSHIPS |
13. | COMMITMENTS AND CONTINGENCIES |
Clean Air Estimated Required | Estimated | ||||||||||
Environmental Expenditures | Missouri | Kansas | Total | Timetable | |||||||
(millions) | |||||||||||
CAIR | $375 | - | 993 | $ | - | $375 | - | 993 | 2006 - 2015 | ||
Incremental BART | - | 272 | - | 527 | 272 | - | 527 | 2006 - 2017 | |||
Incremental CAMR | 11 | - | 15 | 5 | - | 6 | 16 | - | 21 | 2010 - 2018 | |
Estimated required environmental expenditures | $386 | - | 1,008 | $277 | - | 533 | $663 | - | 1,541 | ||
Comprehensive Energy Plan Retrofits | Missouri | Kansas | Total | ||||||
(millions) | |||||||||
Total estimated environmental expenditures | $255 | - | 264 | $168 | - | 179 | $423 | - | 443 |
Less: expenditures through December 31, 2006 | 25 | 31 | 56 | ||||||
Remaining balance | $230 | - | 239 | $137 | - | 148 | $367 | - | 387 |
Clean Air Estimated Required | Estimated | ||||||||||||
Environmental Expenditures | Missouri | Kansas | Total | Timetable | |||||||||
(millions) | |||||||||||||
CAIR | $ | 395 | - | 575 | $ | - | $ | 395 | - | 575 | 2005 - 2015 | ||
Incremental BART | 55 | - | 85 | 225 | - | 325 | 280 | - | 410 | 2005 - 2013 | |||
Incremental CAMR | 48 | - | 70 | 4 | - | 6 | 52 | - | 76 | 2010 - 2018 | |||
Comprehensive energy plan retrofits | (171) | (101) | (272) | 2006 - 2008 | |||||||||
Estimated required environmental expenditures in | |||||||||||||
excess of the comprehensive energy plan retrofits | $ | 327 | - | 559 | $ | 128 | - | 230 | $ | 455 | - | 789 | |
2005 | 2004 | 2003 | ||||||||
(millions) | ||||||||||
Consolidated KCP&L | $ | 19.4 | $ | 18.4 | $ | 23.1 | ||||
Other Great Plains Energy (a) | 1.4 | 1.9 | 1.0 | |||||||
Total Great Plains Energy | $ | 20.8 | $ | 20.3 | $ | 24.1 | ||||
(a) Includes insignificant amounts related to discontinued operations. | ||||||||||
2006 | 2005 | 2004 | |||||||
(millions) | |||||||||
Consolidated KCP&L | $ | 17.6 | $ | 19.4 | $ | 18.4 | |||
Other Great Plains Energy (a) | 1.3 | 1.4 | 1.9 | ||||||
Total Great Plains Energy | $ | 18.9 | $ | 20.8 | $ | 20.3 |
Great Plains Energy Contractual Commitments | ||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | After 2011 | Total | ||||||||||||||||
(millions) | ||||||||||||||||||||||
Lease commitments | $ | 16.7 | $ | 16.4 | $ | 11.9 | $ | 9.0 | $ | 8.1 | $ | 82.3 | $ | 144.4 | ||||||||
Purchase commitments | ||||||||||||||||||||||
Fuel (a) | 130.9 | 121.4 | 65.7 | 65.7 | 11.4 | 185.3 | 580.4 | |||||||||||||||
Purchased capacity | 6.8 | 7.8 | 8.2 | 5.4 | 4.3 | 14.3 | 46.8 | |||||||||||||||
Purchased power | 741.8 | 330.5 | 223.2 | 165.2 | 82.1 | 13.3 | 1,556.1 | |||||||||||||||
Comprehensive energy plan | 498.8 | 361.0 | 130.1 | 15.2 | - | - | 1,005.1 | |||||||||||||||
Other | 36.3 | 22.6 | 4.7 | 10.5 | 3.9 | 22.5 | 100.5 | |||||||||||||||
Total contractual commitments | $ | 1,431.3 | $ | 859.7 | $ | 443.8 | $ | 271.0 | $ | 109.8 | $ | 317.7 | $ | 3,433.3 |
Great Plains Energy Contractual Commitments | ||||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | After 2010 | Total | ||||||||||||||||
(millions) | ||||||||||||||||||||||
Lease commitments | $ | 17.1 | $ | 15.4 | $ | 14.9 | $ | 10.7 | $ | 8.4 | $ | 91.0 | $ | 157.5 | ||||||||
Purchase commitments | ||||||||||||||||||||||
Fuel (a) | 107.9 | 99.9 | 91.5 | 46.0 | 32.3 | 37.7 | 415.3 | |||||||||||||||
Purchased capacity | 5.4 | 6.8 | 7.8 | 8.2 | 5.4 | 18.6 | 52.2 | |||||||||||||||
Purchased power | 423.4 | 135.6 | 46.4 | 21.8 | 18.0 | - | 645.2 | |||||||||||||||
Other | 33.6 | 5.6 | 2.9 | - | - | - | 42.1 | |||||||||||||||
Total contractual commitments | $ | 587.4 | $ | 263.3 | $ | 163.5 | $ | 86.7 | $ | 64.1 | $ | 147.3 | $ | 1,312.3 | ||||||||
(a)Fuel commitments consists of commitments for nuclear fuel, coal and coal transportation costs. |
(a) | Fuel commitments consists of commitments for nuclear fuel, coal, coal transportation costs and natural gas. |
Consolidated KCP&L Contractual Commitments | Consolidated KCP&L Contractual Commitments | Consolidated KCP&L Contractual Commitments | ||||||||||||||||||||||||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | After 2010 | Total | 2007 | 2008 | 2009 | 2010 | 2011 | After 2011 | Total | |||||||||||||||||||||||||||||||
(millions) | (millions) | |||||||||||||||||||||||||||||||||||||||||||
Lease commitments | $ | 15.9 | $ | 14.4 | $ | 14.0 | $ | 10.5 | $ | 8.4 | $ | 91.0 | $ | 154.2 | $ | 15.5 | $ | 15.4 | $ | 11.7 | $ | 9.0 | $ | 8.1 | $ | 82.3 | $ | 142.0 | ||||||||||||||||
Purchase commitments | ||||||||||||||||||||||||||||||||||||||||||||
Fuel (a) | 107.9 | 99.9 | 91.5 | 46.0 | 32.3 | 37.7 | 415.3 | 130.9 | 121.4 | 65.7 | 65.7 | 11.4 | 185.3 | 580.4 | ||||||||||||||||||||||||||||||
Purchased capacity | 5.4 | 6.8 | 7.8 | 8.2 | 5.4 | 18.6 | 52.2 | 6.8 | 7.8 | 8.2 | 5.4 | 4.3 | 14.3 | 46.8 | ||||||||||||||||||||||||||||||
Comprehensive energy plan | 498.8 | 361.0 | 130.1 | 15.2 | - | - | 1,005.1 | |||||||||||||||||||||||||||||||||||||
Other | 33.6 | 5.6 | 2.9 | - | - | - | 42.1 | 36.3 | 22.6 | 4.7 | 10.5 | 3.9 | 22.5 | 100.5 | ||||||||||||||||||||||||||||||
Total contractual commitments | $ | 162.8 | $ | 126.7 | $ | 116.2 | $ | 64.7 | $ | 46.1 | $ | 147.3 | $ | 663.8 | $ | 688.3 | $ | 528.2 | $ | 220.4 | $ | 105.8 | $ | 27.7 | $ | 304.4 | $ | 1,874.8 | ||||||||||||||||
(a)Fuel commitments consists of commitments for nuclear fuel, coal and coal transportation costs. | ||||||||||||||||||||||||||||||||||||||||||||
(a) | Fuel commitments consists of commitments for nuclear fuel, coal, coal transportation costs and natural gas. |
14. | GUARANTEES |
· | Great Plains Energy direct guarantees to counterparties totaling $142.0 million, which expire in 2007, |
· | Great Plains Energy indemnifications to surety bond issuers totaling $0.5 million, which expire in 2007, |
· | Great Plains Energy guarantee of Strategic Energy’s revolving credit facility totaling $12.5 million, which expires in 2009 and |
· | Great Plains Energy letters of credit totaling $103.7 million, which expire in 2007. |
15. | LEGAL PROCEEDINGS |
16. | ASSET RETIREMENT OBLIGATIONS |
December 31 | 2006 | 2005 | |||||
(millions) | |||||||
Beginning balance | $ | 145.9 | $ | 113.7 | |||
Additions | 3.1 | 26.7 | |||||
Extension of Wolf Creek life | (65.0 | ) | - | ||||
Settlements | - | (2.0 | ) | ||||
Accretion | 7.8 | 7.5 | |||||
Ending balance | $ | 91.8 | $ | 145.9 |
December 31 | 2005 | 2004 | |||||
(millions) | |||||||
Beginning balance | $ | 113.7 | $ | 106.7 | |||
Additions | 26.7 | - | |||||
Settlements | (2.0 | ) | - | ||||
Accretion | 7.5 | 7.0 | |||||
Ending balance | $ | 145.9 | $ | 113.7 | |||
December 31 | 2005 | 2004 | 2003 | |||||||
(millions) | ||||||||||
Beginning balance | $ | 14.6 | $ | 13.8 | $ | 13.0 | ||||
Accretion | 0.8 | 0.8 | 0.8 | |||||||
Ending balance | $ | 15.4 | $ | 14.6 | $ | 13.8 | ||||
17. |
Strategic | Great Plains | |||||||||||||||
2006 | KCP&L | Energy | Other | Energy | ||||||||||||
(millions) | ||||||||||||||||
Operating revenues | $ | 1,140.4 | $ | 1,534.9 | $ | - | $ | 2,675.3 | ||||||||
Depreciation and amortization | (152.7 | ) | (7.8 | ) | - | (160.5 | ) | |||||||||
Interest charges | (60.9 | ) | (2.1 | ) | (8.2 | ) | (71.2 | ) | ||||||||
Income taxes | (71.6 | ) | 12.7 | 11.0 | (47.9 | ) | ||||||||||
Loss from equity investments | - | - | (1.9 | ) | (1.9 | ) | ||||||||||
Net income (loss) | 149.6 | (9.9 | ) | (12.1 | ) | 127.6 | ||||||||||
As Adjusted | Strategic | Great Plains | ||||||||||||||
2005 | KCP&L | Energy | Other | Energy | ||||||||||||
(millions) | ||||||||||||||||
Operating revenues | $ | 1,130.8 | $ | 1,474.0 | $ | 0.1 | $ | 2,604.9 | ||||||||
Depreciation and amortization | (146.5 | ) | (6.4 | ) | (0.2 | ) | (153.1 | ) | ||||||||
Interest charges | (61.8 | ) | (3.4 | ) | (8.6 | ) | (73.8 | ) | ||||||||
Income taxes | (49.1 | ) | (16.6 | ) | 26.2 | (39.5 | ) | |||||||||
Loss from equity investments | - | - | (0.4 | ) | (0.4 | ) | ||||||||||
Discontinued operations | - | - | (1.9 | ) | (1.9 | ) | ||||||||||
Net income (loss) | 145.2 | 28.2 | (11.1 | ) | 162.3 | |||||||||||
As Adjusted | Strategic | Great Plains | ||||||||||||||
2004 | KCP&L | Energy | Other | Energy | ||||||||||||
(millions) | ||||||||||||||||
Operating revenues | $ | 1,090.1 | $ | 1,372.4 | $ | 1.5 | $ | 2,464.0 | ||||||||
Depreciation and amortization | (144.3 | ) | (4.8 | ) | (1.0 | ) | (150.1 | ) | ||||||||
Interest charges | (73.7 | ) | (0.7 | ) | (8.6 | ) | (83.0 | ) | ||||||||
Income taxes | (56.7 | ) | (24.3 | ) | 25.5 | (55.5 | ) | |||||||||
Loss from equity investments | - | - | (1.5 | ) | (1.5 | ) | ||||||||||
Discontinued operations | - | - | 7.3 | 7.3 | ||||||||||||
Net income (loss) | 151.7 | 42.5 | (11.7 | ) | 182.5 |
Strategic | Great Plains | |||||||||||||||
KCP&L | Energy | Other | Energy | |||||||||||||
2006 | (millions) | |||||||||||||||
Assets | $ | 3,858.0 | $ | 459.6 | $ | 18.1 | $ | 4,335.7 | ||||||||
Capital expenditures | 476.0 | 3.9 | 0.2 | 480.1 | ||||||||||||
As Adjusted | ||||||||||||||||
2005 | ||||||||||||||||
Assets | $ | 3,336.3 | $ | 441.8 | $ | 63.7 | $ | 3,841.8 | ||||||||
Capital expenditures | 332.2 | 6.6 | (4.7 | ) | 334.1 | |||||||||||
As Adjusted | ||||||||||||||||
2004 | ||||||||||||||||
Assets | $ | 3,327.7 | $ | 407.7 | $ | 61.0 | $ | 3,796.4 | ||||||||
Capital expenditures | 190.8 | 2.6 | 3.3 | 196.7 | ||||||||||||
Strategic | Great Plains | ||||||||||||
2005 | KCP&L | Energy | Other | Energy | |||||||||
(millions) | |||||||||||||
Operating revenues | $ | 1,130.8 | $ | 1,474.0 | $ | 0.1 | $ | 2,604.9 | |||||
Depreciation and amortization | (146.5 | ) | (6.4 | ) | (0.2 | ) | (153.1 | ) | |||||
Interest charges | (61.8 | ) | (3.4 | ) | (8.6 | ) | (73.8 | ) | |||||
Income taxes | (49.3 | ) | (16.6 | ) | 26.2 | (39.7 | ) | ||||||
Loss from equity investments | - | - | (0.4 | ) | (0.4 | ) | |||||||
Discontinued operations, net of income taxes | - | - | (1.9 | ) | (1.9 | ) | |||||||
Net income (loss) | 145.2 | 28.2 | (11.1 | ) | 162.3 | ||||||||
Strategic | Great Plains | ||||||||||||
2004 | KCP&L | Energy | Other | Energy | |||||||||
(millions) | |||||||||||||
Operating revenues | $ | 1,090.1 | $ | 1,372.4 | $ | 1.5 | $ | 2,464.0 | |||||
Depreciation and amortization | (144.3 | ) | (4.8 | ) | (1.0 | ) | (150.1 | ) | |||||
Interest charges | (73.7 | ) | (0.7 | ) | (8.6 | ) | (83.0 | ) | |||||
Income taxes | (55.7 | ) | (24.3 | ) | 25.5 | (54.5 | ) | ||||||
Loss from equity investments | - | - | (1.5 | ) | (1.5 | ) | |||||||
Discontinued operations, net of income taxes | - | - | 7.3 | 7.3 | |||||||||
Net income (loss) | 150.0 | 42.5 | (11.7 | ) | 180.8 | ||||||||
Strategic | Great Plains | ||||||||||||
2003 | KCP&L | Energy | Other | Energy | |||||||||
(millions) | |||||||||||||
Operating revenues | $ | 1,054.9 | $ | 1,091.0 | $ | 2.1 | $ | 2,148.0 | |||||
Depreciation and amortization | (139.9 | ) | (1.7 | ) | (1.2 | ) | (142.8 | ) | |||||
Interest charges | (69.9 | ) | (0.4 | ) | (5.9 | ) | (76.2 | ) | |||||
Income taxes | (84.4 | ) | (30.2 | ) | 36.0 | (78.6 | ) | ||||||
Loss from equity investments | - | - | (2.0 | ) | (2.0 | ) | |||||||
Discontinued operations, net of income taxes | - | - | (44.8 | ) | (44.8 | ) | |||||||
Net income (loss) | 127.2 | 39.6 | (21.9 | ) | 144.9 | ||||||||
Strategic | Great Plains | ||||||||||||
KCP&L | Energy | Other | Energy | ||||||||||
2005 | (millions) | ||||||||||||
Assets | $ | 3,334.6 | $ | 441.8 | $ | 57.3 | $ | 3,833.7 | |||||
Capital expenditures | 332.2 | 6.6 | (4.7 | ) | 334.1 | ||||||||
2004 | |||||||||||||
Assets | $ | 3,330.2 | $ | 407.7 | $ | 61.0 | $ | 3,798.9 | |||||
Capital expenditures | 190.8 | 2.6 | 3.3 | 196.7 | |||||||||
2003 | |||||||||||||
Assets | $ | 3,293.5 | $ | 283.0 | $ | 105.5 | $ | 3,682.0 | |||||
Capital expenditures | 148.8 | 3.1 | - | 151.9 | |||||||||
Consolidated | ||||||||||
2006 | KCP&L | Other | KCP&L | |||||||
(millions) | ||||||||||
Operating revenues | $ | 1,140.4 | $ | - | $ | 1,140.4 | ||||
Depreciation and amortization | (152.7 | ) | - | (152.7 | ) | |||||
Interest charges | (60.9 | ) | (0.1 | ) | (61.0 | ) | ||||
Income taxes | (71.6 | ) | 1.3 | (70.3 | ) | |||||
Net income (loss) | 149.6 | (0.3 | ) | 149.3 | ||||||
As Adjusted | Consolidated | |||||||||
2005 | KCP&L | Other | KCP&L | |||||||
(millions) | ||||||||||
Operating revenues | $ | 1,130.8 | $ | 0.1 | $ | 1,130.9 | ||||
Depreciation and amortization | (146.5 | ) | (0.1 | ) | (146.6 | ) | ||||
Interest charges | (61.8 | ) | - | (61.8 | ) | |||||
Income taxes | (49.1 | ) | 1.1 | (48.0 | ) | |||||
Net income (loss) | 145.2 | (1.5 | ) | 143.7 | ||||||
As Adjusted | Consolidated | |||||||||
2004 | KCP&L | Other | KCP&L | |||||||
(millions) | ||||||||||
Operating revenues | $ | 1,090.1 | $ | 1.5 | $ | 1,091.6 | ||||
Depreciation and amortization | (144.3 | ) | (0.9 | ) | (145.2 | ) | ||||
Interest charges | (73.7 | ) | (0.5 | ) | (74.2 | ) | ||||
Income taxes | (56.7 | ) | 2.9 | (53.8 | ) | |||||
Net income (loss) | 151.7 | (6.7 | ) | 145.0 |
Consolidated | ||||||||||
2005 | KCP&L | Other | KCP&L | |||||||
(millions) | ||||||||||
Operating revenues | $ | 1,130.8 | $ | 0.1 | $ | 1,130.9 | ||||
Depreciation and amortization | (146.5 | ) | (0.1 | ) | (146.6 | ) | ||||
Interest charges | (61.8 | ) | - | (61.8 | ) | |||||
Income taxes | (49.3 | ) | 1.1 | (48.2 | ) | |||||
Net income (loss) | 145.2 | (1.5 | ) | 143.7 | ||||||
Consolidated | ||||||||||
2004 | KCP&L | Other | KCP&L | |||||||
(millions) | ||||||||||
Operating revenues | $ | 1,090.1 | $ | 1.5 | $ | 1,091.6 | ||||
Depreciation and amortization | (144.3 | ) | (0.9 | ) | (145.2 | ) | ||||
Interest charges | (73.7 | ) | (0.5 | ) | (74.2 | ) | ||||
Income taxes | (55.7 | ) | 2.9 | (52.8 | ) | |||||
Net income (loss) | 150.0 | (6.7 | ) | 143.3 | ||||||
Consolidated | ||||||||||
2003 | KCP&L | Other | KCP&L | |||||||
(millions) | ||||||||||
Operating revenues | $ | 1,054.9 | $ | 2.1 | $ | 1,057.0 | ||||
Depreciation and amortization | (139.9 | ) | (1.1 | ) | (141.0 | ) | ||||
Interest charges | (69.9 | ) | (0.4 | ) | (70.3 | ) | ||||
Income taxes | (84.4 | ) | 0.9 | (83.5 | ) | |||||
Discontinued operations, net of income taxes | - | (8.7 | ) | (8.7 | ) | |||||
Net income (loss) | 127.2 | (10.0 | ) | 117.2 | ||||||
Consolidated | ||||||||||
KCP&L | Other | KCP&L | ||||||||
2006 | (millions) | |||||||||
Assets | $ | 3,858.0 | $ | 1.5 | $ | 3,859.5 | ||||
Capital expenditures | 476.0 | - | 476.0 | |||||||
As Adjusted | ||||||||||
2005 | ||||||||||
Assets | $ | 3,336.3 | $ | 3.9 | $ | 3,340.2 | ||||
Capital expenditures | 332.2 | - | 332.2 | |||||||
As Adjusted | ||||||||||
2004 | ||||||||||
Assets | $ | 3,327.7 | $ | 7.2 | $ | 3,334.9 | ||||
Capital expenditures | 190.8 | - | 190.8 |
Consolidated | ||||||||||
KCP&L | Other | KCP&L | ||||||||
2005 | (millions) | |||||||||
Assets | $ | 3,334.6 | $ | 3.9 | $ | 3,338.5 | ||||
Capital expenditures | 332.2 | - | 332.2 | |||||||
2004 | ||||||||||
Assets | $ | 3,330.2 | $ | 7.2 | $ | 3,337.4 | ||||
Capital expenditures | 190.8 | - | 190.8 | |||||||
2003 | ||||||||||
Assets | $ | 3,293.5 | $ | 9.1 | $ | 3,302.6 | ||||
Capital expenditures | 148.8 | - | 148.8 | |||||||
18. | SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT |
19. | LONG-TERM DEBT AND EIRR BONDS CLASSIFIED AS CURRENT LIABILITIES |
December 31 | December 31 | ||||||||||||||||||||||
Year Due | 2005 | 2004 | Year Due | 2006 | 2005 | ||||||||||||||||||
Consolidated KCP&L | (millions) | (millions) | |||||||||||||||||||||
General Mortgage Bonds | |||||||||||||||||||||||
7.95% Medium-Term Notes | 2007 | $ | 0.5 | $ | 0.5 | 2007 | $ | 0.5 | $ | 0.5 | |||||||||||||
3.45%* EIRR bonds | 2012-2035 | 158.8 | 158.8 | ||||||||||||||||||||
3.84%* EIRR bonds | 2012-2035 | 158.8 | 158.8 | ||||||||||||||||||||
Senior Notes | |||||||||||||||||||||||
7.125% | 2005 | - | 250.0 | ||||||||||||||||||||
6.00% | 2007 | 225.0 | 225.0 | 2007 | 225.0 | 225.0 | |||||||||||||||||
6.50% | 2011 | 150.0 | 150.0 | 2011 | 150.0 | 150.0 | |||||||||||||||||
6.05% | 2035 | 250.0 | - | 2035 | 250.0 | 250.0 | |||||||||||||||||
Unamortized discount | (1.8 | ) | (0.6 | ) | (1.6 | ) | (1.8 | ) | |||||||||||||||
EIRR bonds | |||||||||||||||||||||||
4.75% Series A & B | 2015 | 104.6 | 107.0 | 2015 | 105.2 | 104.6 | |||||||||||||||||
2.38% Series C | - | 50.0 | |||||||||||||||||||||
4.75% Series D | 2017 | 39.3 | 40.2 | 2017 | 39.5 | 39.3 | |||||||||||||||||
4.65% Series 2005 | 2035 | 50.0 | - | 2035 | 50.0 | 50.0 | |||||||||||||||||
2.10% Combustion Turbine Synthetic Lease | - | 145.3 | |||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||
Current maturities | (225.5 | ) | - | ||||||||||||||||||||
EIRR bonds classified as current | - | (85.9 | ) | (144.7 | ) | - | |||||||||||||||||
Current maturities | - | (250.0 | ) | ||||||||||||||||||||
Total consolidated KCP&L excluding current liabilities | 976.4 | 790.3 | |||||||||||||||||||||
Total consolidated KCP&L excluding current maturities | 607.2 | 976.4 | |||||||||||||||||||||
Other Great Plains Energy | |||||||||||||||||||||||
7.70%* Affordable Housing Notes | 2006-2008 | 2.6 | 5.8 | ||||||||||||||||||||
7.74% Affordable Housing Notes | 2007-2008 | 0.9 | 2.6 | ||||||||||||||||||||
4.25% FELINE PRIDES Senior Notes | 2009 | 163.6 | 163.6 | 2007 | 163.6 | 163.6 | |||||||||||||||||
Current maturities | (1.7 | ) | (3.2 | ) | (164.2 | ) | (1.7 | ) | |||||||||||||||
Total consolidated Great Plains Energy excluding current maturities | Total consolidated Great Plains Energy excluding current maturities | $ | 1,140.9 | $ | 956.5 | Total consolidated Great Plains Energy excluding current maturities | $ | 607.5 | $ | 1,140.9 | |||||||||||||
* Weighted-average interest rates as of December 31, 2005 | |||||||||||||||||||||||
* Weighted-average interest rates at December 31, 2006. | * Weighted-average interest rates at December 31, 2006. |
2006 | 2005 | 2004 | ||||||||
(millions) | ||||||||||
Consolidated KCP&L | $ | 1.9 | $ | 2.3 | $ | 2.1 | ||||
Other Great Plains Energy | 0.7 | 0.7 | 1.8 | |||||||
Total Great Plains Energy | $ | 2.6 | $ | 3.0 | $ | 3.9 |
2005 | 2004 | 2003 | ||||||||
(millions) | ||||||||||
Consolidated KCP&L | $ | 2.3 | $ | 2.1 | $ | 2.1 | ||||
Other Great Plains Energy | 0.7 | 1.8 | 1.4 | |||||||
Total Great Plains Energy | $ | 3.0 | $ | 3.9 | $ | 3.5 | ||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||
(millions) | ||||||||||||||||
Consolidated KCP&L | $ | - | $ | 225.5 | $ | - | $ | - | $ | - | ||||||
Other Great Plains Energy (a) | 1.7 | 0.5 | 0.3 | 163.6 | - | |||||||||||
Total Great Plains Energy | $ | 1.7 | $ | 226.0 | $ | 0.3 | $ | 163.6 | $ | - | ||||||
(a) FELINE PRIDES senior notes totaling $163.6 million mature in 2009, but must be remarketed | ||||||||||||||||
between August 16, 2006 and February 16, 2007. |
2007 | 2008 | 2009 | 2010 | 2011 | ||||||||||||
(millions) | ||||||||||||||||
Consolidated KCP&L | $ | 225.5 | $ | - | $ | - | $ | - | $ | 150.0 | ||||||
Other Great Plains Energy | 164.1 | 0.3 | - | - | - | |||||||||||
Total Great Plains Energy | $ | 389.6 | $ | 0.3 | $ | - | $ | - | $ | 150.0 | ||||||
20. | COMMON SHAREHOLDERS’ EQUITY |
21. | PREFERRED STOCK |
DERIVATIVE INSTRUMENTS |
December 31 | |||||||||||||
2006 | 2005 | ||||||||||||
Notional | Notional | ||||||||||||
Contract | Fair | Contract | Fair | ||||||||||
Amount | Value | Amount | Value | ||||||||||
Great Plains Energy | (millions) | ||||||||||||
Swap contracts | |||||||||||||
Cash flow hedges | $ | 477.5 | $ | (38.9 | ) | $ | 180.1 | $ | 27.2 | ||||
Non-hedging derivatives | 37.1 | (6.8 | ) | 35.5 | - | ||||||||
Forward contracts | |||||||||||||
Cash flow hedges | 871.5 | (69.7 | ) | 106.5 | 17.6 | ||||||||
Non-hedging derivatives | 250.7 | (24.8 | ) | 178.3 | 3.6 | ||||||||
Anticipated debt issuance | |||||||||||||
Forward starting swap | 225.0 | (0.4 | ) | - | - | ||||||||
Treasury lock | 77.6 | 0.2 | - | - | |||||||||
Interest rate swaps | |||||||||||||
Fair value hedges | 146.5 | (1.8 | ) | 146.5 | (2.6 | ) | |||||||
Consolidated KCP&L | |||||||||||||
Forward contracts | |||||||||||||
Cash flow hedges | 6.1 | (0.5 | ) | - | - | ||||||||
Anticipated debt issuance | |||||||||||||
Forward starting swap | 225.0 | (0.4 | ) | - | - | ||||||||
Interest rate swaps | |||||||||||||
Fair value hedges | 146.5 | (1.8 | ) | 146.5 | (2.6 | ) | |||||||
December 31 | |||||||||||||
2005 | 2004 | ||||||||||||
Notional | Notional | ||||||||||||
Contract | Fair | Contract | Fair | ||||||||||
Amount | Value | Amount | Value | ||||||||||
Great Plains Energy | (millions) | ||||||||||||
Swap contracts | |||||||||||||
Cash flow hedges | $ | 164.7 | $ | 23.8 | $ | 92.4 | $ | 4.5 | |||||
Non-hedging derivatives | 35.5 | - | 2.3 | 0.7 | |||||||||
Forward contracts | |||||||||||||
Cash flow hedges | 121.9 | 21.0 | 23.0 | 1.6 | |||||||||
Non-hedging derivatives | 178.3 | 3.6 | 5.5 | (2.2 | ) | ||||||||
Interest rate swaps | |||||||||||||
Fair value hedges | 146.5 | (2.6 | ) | 146.5 | 0.7 | ||||||||
Consolidated KCP&L | |||||||||||||
Swap contracts | |||||||||||||
Cash flow hedges | - | - | 6.3 | (0.3 | ) | ||||||||
Interest rate swaps | |||||||||||||
Fair value hedges | 146.5 | (2.6 | ) | 146.5 | 0.7 | ||||||||
Great Plains Energy | Consolidated KCP&L | |||||||||||||||
December 31 | December 31 | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
(millions) | ||||||||||||||||
Current assets | $ | 12.7 | $ | 35.8 | $ | 12.0 | $ | 11.9 | ||||||||
Other deferred charges | 1.7 | 11.8 | - | - | ||||||||||||
Other current liabilities | (56.3 | ) | 1.6 | (1.3 | ) | - | ||||||||||
Deferred income taxes | 32.1 | (20.5 | ) | (4.0 | ) | (4.5 | ) | |||||||||
Other deferred credits | (35.3 | ) | 1.0 | - | - | |||||||||||
Total | $ | (45.1 | ) | $ | 29.7 | $ | 6.7 | $ | 7.4 |
Great Plains Energy | Consolidated KCP&L | ||||||||||||
December 31 | December 31 | ||||||||||||
2005 | 2004 | 2005 | 2004 | ||||||||||
(millions) | |||||||||||||
Current assets | $ | 35.8 | $ | 2.5 | $ | 11.9 | $ | (0.3 | ) | ||||
Other deferred charges | 11.8 | 0.9 | - | - | |||||||||
Other current liabilities | 1.6 | (0.5 | ) | - | - | ||||||||
Deferred income taxes | (20.5 | ) | (0.8 | ) | (4.5 | ) | 0.2 | ||||||
Other deferred credits | 1.0 | (0.9 | ) | - | - | ||||||||
Total | $ | 29.7 | $ | 1.2 | $ | 7.4 | $ | (0.1 | ) | ||||
2006 | 2005 | 2004 | ||||||||
Great Plains Energy | (millions) | |||||||||
Fuel expense | $ | - | $ | (0.5 | ) | $ | (0.7 | ) | ||
Purchased power expense | 54.6 | (35.6 | ) | (0.6 | ) | |||||
Interest expense | (0.4 | ) | - | - | ||||||
Minority interest | - | - | 0.2 | |||||||
Income taxes | (22.4 | ) | 15.1 | 0.5 | ||||||
OCI | $ | 31.8 | $ | (21.0 | ) | $ | (0.6 | ) | ||
Consolidated KCP&L | ||||||||||
Fuel expense | $ | - | $ | (0.5 | ) | $ | (0.7 | ) | ||
Interest expense | (0.4 | ) | - | - | ||||||
Income taxes | 0.2 | 0.2 | 0.3 | |||||||
OCI | $ | (0.2 | ) | $ | (0.3 | ) | $ | (0.4 | ) | |
2005 | 2004 | 2003 | ||||||||
Great Plains Energy | ||||||||||
Fuel expense | $ | (0.5 | ) | $ | (0.7 | ) | $ | (0.8 | ) | |
Purchased power expense | (35.6 | ) | (0.6 | ) | (9.0 | ) | ||||
Minority interest | - | 0.2 | 1.0 | |||||||
Income taxes | 15.1 | 0.5 | 3.8 | |||||||
OCI | $ | (21.0 | ) | $ | (0.6 | ) | $ | (5.0 | ) | |
Consolidated KCP&L | ||||||||||
Fuel expense | $ | (0.5 | ) | $ | (0.7 | ) | $ | (0.8 | ) | |
Income taxes | 0.2 | 0.3 | 0.3 | |||||||
OCI | $ | (0.3 | ) | $ | (0.4 | ) | $ | (0.5 | ) | |
JOINTLY OWNED ELECTRIC UTILITY PLANTS |
Wolf Creek | LaCygne | Iatan No. 1 | Wolf Creek | LaCygne | Iatan No. 1 | ||||||||||||||||||
Unit | Units | Unit | Unit | Units | Unit | ||||||||||||||||||
(millions, except MW amounts) | (millions, except MW amounts) | ||||||||||||||||||||||
KCP&L's share | KCP&L's share | 47 | % | 50 | % | 70 | % | 47% | 50% | 70% | |||||||||||||
Utility plant in service | Utility plant in service | $ | 1,414 | $ | 337 | $ | 263 | $ | 1,378 | $ | 346 | $ | 268 | ||||||||||
Accumulated depreciation | Accumulated depreciation | 712 | 244 | 190 | 734 | 253 | 195 | ||||||||||||||||
Nuclear fuel, net | Nuclear fuel, net | 28 | 39 | - | - | ||||||||||||||||||
KCP&L's accredited capacity--MWs | 548 | 711 | 456 | (a) | |||||||||||||||||||
(a) | The Iatan No. 2 air permit limits KCP&L's accredited capacity of Iatan No. 1 | ||||||||||||||||||||||
to 456 MWs from 469 MWs until the air quality control equipment included | |||||||||||||||||||||||
in the comprehensive energy plan is operational. | |||||||||||||||||||||||
KCP&L's 2007 accredited capacity-MWs | 548 | 709 | 460 (a | ) |
(a) | The Iatan No. 2 air permit limits KCP&L's accredited capacity of Iatan No. 1 to 460 MWs from | ||||
469 MWs until the air quality control equipment included in the comprehensive energy plan is | |||||
operational. |
24. | NEW ACCOUNTING STANDARDS |
QUARTERLY OPERATING RESULTS (UNAUDITED) |
Quarter | |||||||||||||
Great Plains Energy | 1st | 2nd | 3rd | 4th | |||||||||
As Adjusted | (millions, except per share amounts) | ||||||||||||
2006 | |||||||||||||
Operating revenue | $ | 559.2 | $ | 642.1 | $ | 818.5 | $ | 655.5 | |||||
Operating income | 7.6 | 73.3 | 93.6 | 60.9 | |||||||||
Net income (loss) | (1.1 | ) | 38.4 | 55.9 | 34.4 | ||||||||
Basic and diluted earnings (loss) per common share | (0.02 | ) | 0.49 | 0.69 | 0.42 | ||||||||
As Adjusted | |||||||||||||
2005 | |||||||||||||
Operating revenue | $ | 545.1 | $ | 631.7 | $ | 782.9 | $ | 645.2 | |||||
Operating income | 42.4 | 59.6 | 126.5 | 54.5 | |||||||||
Income from continuing operations | 20.5 | 23.7 | 89.9 | 30.1 | |||||||||
Net income | 20.5 | 20.1 | 91.7 | 30.0 | |||||||||
Basic and diluted earnings per common | |||||||||||||
share from continuing operations | 0.27 | 0.31 | 1.20 | 0.40 | |||||||||
Basic and diluted earnings per common share | 0.27 | 0.26 | 1.22 | 0.40 |
Quarter | |||||||||||||
Great Plains Energy | 1st | 2nd | 3rd | 4th | |||||||||
2005 | (millions, except per share amounts) | ||||||||||||
Operating revenue | $ | 545.1 | $ | 631.7 | $ | 782.9 | $ | 645.2 | |||||
Operating income | 41.8 | 62.6 | 125.5 | 53.3 | |||||||||
Income from continuing operations | 20.2 | 25.5 | 89.1 | 29.4 | |||||||||
Net income | 20.2 | 21.9 | 90.9 | 29.3 | |||||||||
Basic and diluted earning per common | |||||||||||||
share from continuing operations | 0.27 | 0.34 | 1.19 | 0.39 | |||||||||
Basic and diluted earning per common share | 0.27 | 0.29 | 1.21 | 0.39 | |||||||||
2004 | |||||||||||||
Operating revenue | $ | 541.5 | $ | 613.5 | $ | 714.8 | $ | 594.2 | |||||
Operating income | 62.6 | 82.3 | 125.5 | 48.4 | |||||||||
Income from continuing operations | 29.5 | 41.4 | 67.9 | 34.7 | |||||||||
Net income | 27.3 | 41.6 | 75.9 | 36.0 | |||||||||
Basic and diluted earning per common | |||||||||||||
share from continuing operations | 0.42 | 0.59 | 0.91 | 0.46 | |||||||||
Basic and diluted earning per common share | 0.39 | 0.59 | 1.02 | 0.48 | |||||||||
Quarter | |||||||||||||
Consolidated KCP&L | 1st | 2nd | 3rd | 4th | |||||||||
As Adjusted | (millions) | ||||||||||||
2006 | |||||||||||||
Operating revenue | $ | 240.4 | $ | 290.9 | $ | 359.3 | $ | 249.8 | |||||
Operating income | 31.7 | 69.2 | 118.4 | 51.7 | |||||||||
Net income | 13.0 | 36.6 | 69.5 | 30.2 | |||||||||
As Adjusted | |||||||||||||
2005 | |||||||||||||
Operating revenue | $ | 233.3 | $ | 272.1 | $ | 353.0 | $ | 272.5 | |||||
Operating income | 25.2 | 56.0 | 101.1 | 67.2 | |||||||||
Net income | 10.6 | 27.2 | 69.7 | 36.2 | |||||||||
Quarter | |||||||||||||
Consolidated KCP&L | 1st | 2nd | 3rd | 4th | |||||||||
2005 | (millions) | ||||||||||||
Operating revenue | $ | 233.3 | $ | 272.1 | $ | 353.0 | $ | 272.5 | |||||
Operating income | 24.6 | 59.0 | 100.1 | 66.0 | |||||||||
Net income | 10.3 | 29.0 | 68.9 | 35.5 | |||||||||
2004 | |||||||||||||
Operating revenue | $ | 247.0 | $ | 275.0 | $ | 323.7 | $ | 245.9 | |||||
Operating income | 49.7 | 68.3 | 111.3 | 37.8 | |||||||||
Net income | 21.2 | 32.3 | 63.9 | 25.9 | |||||||||
Quarter | |||||||||||||
Great Plains Energy | 1st | 2nd | 3rd | 4th | |||||||||
2006 | (millions, except per share amounts) | ||||||||||||
Operating income as previously reported | $ | 6.0 | $ | 72.0 | $ | 92.4 | N/A | ||||||
Adjustment | 1.6 | 1.3 | 1.2 | N/A | |||||||||
Net income (loss) as previously reported | (2.1 | ) | 37.6 | 55.2 | N/A | ||||||||
Adjustment | 1.0 | 0.8 | 0.7 | N/A | |||||||||
Basic and diluted EPS as previously reported | (0.03 | ) | 0.48 | 0.68 | N/A | ||||||||
Adjustment | 0.01 | 0.01 | 0.01 | N/A | |||||||||
2005 | |||||||||||||
Operating income as previously reported | $ | 41.8 | $ | 62.6 | $ | 125.5 | $ | 53.3 | |||||
Adjustment | 0.6 | (3.0 | ) | 1.0 | 1.2 | ||||||||
Income from continuing operations | |||||||||||||
as previously reported | 20.2 | 25.5 | 89.1 | 29.4 | |||||||||
Adjustment | 0.3 | (1.8 | ) | 0.8 | 0.7 | ||||||||
Net income as previously reported | 20.2 | 21.9 | 90.9 | 29.3 | |||||||||
Adjustment | 0.3 | (1.8 | ) | 0.8 | 0.7 | ||||||||
Basic and diluted EPS from continuing | |||||||||||||
operations as previously reported | 0.27 | 0.34 | 1.19 | 0.39 | |||||||||
Adjustment | - | (0.03 | ) | 0.01 | 0.01 | ||||||||
Basic and diluted EPS as previously reported | 0.27 | 0.29 | 1.21 | 0.39 | |||||||||
Adjustment | - | (0.03 | ) | 0.01 | 0.01 | ||||||||
�� |
Quarter | |||||||||||||
Consolidated KCP&L | 1st | 2nd | 3rd | 4th | |||||||||
2006 | (millions) | ||||||||||||
Operating income as previously reported | $ | 30.1 | $ | 67.9 | $ | 117.2 | N/A | ||||||
Adjustment | 1.6 | 1.3 | 1.2 | N/A | |||||||||
Net income as previously reported | 12.0 | 35.8 | 68.8 | N/A | |||||||||
Adjustment | 1.0 | 0.8 | 0.7 | N/A | |||||||||
2005 | |||||||||||||
Operating income as previously reported | $ | 24.6 | $ | 59.0 | $ | 100.1 | $ | 66.0 | |||||
Adjustment | 0.6 | (3.0 | ) | 1.0 | 1.2 | ||||||||
Net income as previously reported | 10.3 | 29.0 | 68.9 | 35.5 | |||||||||
Adjustment | 0.3 | (1.8 | ) | 0.8 | 0.7 | ||||||||
· | Information regarding the directors of Great Plains Energy required by this item is contained in the Proxy Statement section titled “Election of |
· | Information regarding compliance with Section 16(a) of the Securities Exchange Act of 1934 required by this item is contained in the Proxy Statement section titled “Section 16(a) Beneficial Ownership Reporting Compliance.” |
· | Information regarding the Audit Committee of Great Plains Energy required by this item is contained in the |
Annual Compensation | Long Term Compensation | |||||||
Awards | Payouts | |||||||
Name and Principal Position (a) | Year (b) | Salary ($) (c) | Bonus ($) (d) | Other Annual Compensation ($) (1) (e) | Restricted Stock Award(s) ($)(2) (f) | Securities Underlying Options/ SARs (#) (g) | LTIP Payouts ($) (3) (h) | All Other Compensation ($)(4) (i) |
Michael J. Chesser Chairman of the Board | 2005 2004 2003 | 610,000 550,000 137,500 | 555,707 495,535 123,750 | - 311,436 - | - - 1,115,813 | - - - | - - - | 27,710 8,734 1,403 |
William H. Downey President and Chief Executive Officer | 2005 2004 2003 | 440,000 400,000 325,000 | 395,292 270,292 219,375 | - - - | - - 1,001,998 | - - 5,249 | 85,947 - - | 39,210 27,562 20,764 |
Terry Bassham Chief Financial Officer | 2005 2004 2003 | 210,069 - - | 141,998 - - | 76,119 - - | 275,942 - - | - - - | - - - | 3,228 - - |
Stephen T. Easley Senior Vice President- Supply | 2005 2004 2003 | 250,000 225,000 210,000 | 147,798 116,684 94,500 | - - - | 302,000 - 128,378 | - - 2,449 | 40,086 - - | 14,381 11,972 10,737 |
John R. Marshall Senior Vice President- Delivery | 2005 2004 2003 | 192,222 - - | 347,657 - - | 157,315 - - | 636,635 - - | - - - | - - - | 8,338 - - |
Name (a) | Shares Acquired on Exercise (#) (b) | Value Realized ($) (c) | Number of Securities Underlying Unexercised Options/SARs at Fiscal Year End (#) | Value of Unexercised In-the-Money Options/SARs at Fiscal Year End ($) | |||
Exercisable (1)(d) | Unexercisable (d) | Exercisable(1) (e) | Unexercisable (e) | ||||
Michael J. Chesser | - | - | - | - | - | - | |
William H. Downey | - | - | 40,000 | 5,249 | 109,400 | 1,207 | |
Terry Bassham | - | - | - | - | - | - | |
Stephen T. Easley | - | - | 19,000 | 2,449 | 54,240 | 563 | |
John R. Marshall | - | - | - | - | - | - |
Average Annual Base Salary | Annual Pension for Years of Service Indicated | |||||||
for Highest 36 Months | 15 | 20 | 25 | 30 or more | ||||
150,000 | 45,000 | 60,000 | 75,000 | 90,000 | ||||
200,000 | 60,000 | 80,000 | 100,000 | 120,000 | ||||
250,000 | 75,000 | 100,000 | 125,000 | 150,000 | ||||
300,000 | 90,000 | 120,000 | 150,000 | 180,000 | ||||
350,000 | 105,000 | 140,000 | 175,000 | 210,000 | ||||
400,000 | 120,000 | 160,000 | 200,000 | 240,000 | ||||
450,000 | 135,000 | 180,000 | 225,000 | 270,000 | ||||
500,000 | 150,000 | 200,000 | 250,000 | 300,000 | ||||
550,000 | 165,000 | 220,000 | 275,000 | 330,000 | ||||
600,000 | 180,000 | 240,000 | 300,000 | 360,000 | ||||
650,000 | 195,000 | 260,000 | 325,000 | 390,000 | ||||
700,000 | 210,000 | 280,000 | 350,000 | 420,000 | ||||
750,000 | 225,000 | 300,000 | 375,000 | 450,000 |
Name of Beneficial Owner | Shares of Common Stock Beneficially Owned (1) | ||
Named Executive Officers | |||
Michael J. Chesser | 43,973 | ||
William H. Downey | 89,255 | ||
Terry Bassham | 11,721 | ||
Stephen T. Easley | 39,705 | ||
John R. Marshall | 25,761 | ||
Non-management Directors | |||
David L. Bodde | 10,465 | (2) | |
Mark A. Ernst | 8,663 | ||
Randall C. Ferguson, Jr. | 4,203 | ||
Luis A. Jimenez | 4,650 | ||
James A. Mitchell | 5,209 | ||
William C. Nelson | 5,069 | (3) | |
Linda H. Talbott | 10,781 | ||
All KCP&L Executive Officers and Directors As A Group (20 persons) | 334,181 |
Fee Category | 2006 | 2005 | |||||
Audit Fees | $ | 984,256 | $ | 1,075,986 | |||
Audit-Related Fees | 44,200 | 62,251 | |||||
Tax Fees | 21,831 | 24,307 | |||||
All Other Fees | - | 21,100 | |||||
Total Fees | $ | 1,050,287 | $ | 1,183,644 |
Fee Category | 2005 | 2004 |
Audit Fees | $1,075,986 | $ 920,904 |
Audit-Related Fees | 62,251 | 138,080 |
Tax Fees | 24,307 | 373,730 |
All Other Fees | 21,100 | - |
Total Fees | $1,183,644 | $ 1,432,714 |
Financial Statements | |||
Great Plains Energy | Page No. | ||
a. | Consolidated Statements of Income for the years ended December 31, 2006, 2005 | 59 | |
b. | Consolidated Balance Sheets - December 31, | ||
c. | Consolidated Statements of Cash Flows for the years ended December 31, 2006, 2005 | 62 | |
d. | Consolidated Statements of Common Shareholders’ Equity for the years ended December 31, 2006, 2005 | 63 | |
e. | Consolidated Statements of Comprehensive Income for the years ended December 31, 2006, 2005 | 64 | |
f. | Notes to Consolidated Financial Statements | ||
g. | Report of Independent Registered Public Accounting Firm | ||
KCP&L | |||
h. | Consolidated Statements of Income for the years ended December 31, 2006, 2005 | 65 | |
i. | Consolidated Balance Sheets - December 31, | ||
j. | Consolidated Statements of Cash Flows for the years ended December 31, 2006, 2005 | 68 | |
k. | Consolidated Statements of Common | 69 | |
l. | Consolidated Statements of Comprehensive Income for the years ended December 31, 2006, 2005 | 70 | |
m. | Notes to Consolidated Financial Statements | ||
n. | Report of Independent Registered Public Accounting Firm | ||
Financial Statement Schedules | |||
Great Plains Energy | |||
a. | Schedule I - Parent Company Financial Statements | ||
b. | Schedule II - Valuation and Qualifying Accounts and Reserves | ||
KCP&L | |||
c. | Schedule II - Valuation and Qualifying Accounts and Reserves |
Exhibit Number | Description of Document | |
* | Agreement and Plan of Merger among Kansas City Power & Light Company, Great Plains Energy Incorporated and KCP&L Merger Sub Incorporated dated as of October 1, 2001 (Exhibit 2 to Form 8-K dated October 1, 2001). | |
* | Agreement and Plan of Merger among Aquila, Inc., Great Plains Energy Incorporated, Gregory Acquisition Corp., and Black Hills Corporation dated as of February 6, 2007 (Exhibit 2.1 to Form 8-K dated February 7, 2007). | |
3.1.1 | * | Articles of Incorporation of Great Plains Energy Incorporated dated as of February 26, 2001 (Exhibit 3.i to Form 8-K filed October 1, 2001). |
* | By-laws of Great Plains Energy Incorporated, as amended September 16, 2003 (Exhibit 3.1 to Form 10-Q for the | |
* | Resolution of Board of Directors Establishing 3.80% Cumulative Preferred Stock (Exhibit 2-R to Registration Statement, Registration No. 2-40239). | |
* | Resolution of Board of Directors Establishing 4.50% Cumulative Preferred Stock (Exhibit 2-T to Registration Statement, Registration No. 2-40239). |
* | Resolution of Board of Directors Establishing 4.20% Cumulative Preferred Stock (Exhibit 2-U to Registration Statement, Registration No. 2-40239). | |
* | Resolution of Board of Directors Establishing 4.35% Cumulative Preferred Stock (Exhibit 2-V to Registration Statement, Registration No. 2-40239). | |
* | Pledge Agreement, dated June 14, 2004, between Great Plains Energy Incorporated and BNY Midwest Trust Company, as Collateral Agent, Custodial Agent and Securities Intermediary and BNY Midwest Trust Company, as Purchase Contract Agent (Exhibit 4.2 to Form 8-A/A, dated June 14, 2004). | |
* | Indenture, dated June 1, 2004, between Great Plains Energy Incorporated and BNY Midwest Trust Company, as Trustee (Exhibit 4.5 to Form 8-A/A, dated June 14, 2004). | |
* | First Supplemental Indenture, dated June 14, 2004, between Great Plains Energy Incorporated and BNY Midwest Trust Company, as Trustee (Exhibit 4.5 to Form 8-A/A, dated June 14, 2004). | |
* | Form of Income PRIDES (included in Exhibit 4.1 to Form 8-A/A, dated June 14, 2004, as Exhibit A thereto). | |
* | Confirmation of Forward Stock Sale Transaction between Great Plains Energy Incorporated and Merrill Lynch Financial Markets, Inc., dated May 17, 2006 (Exhibit 1.2 to Form 8-K filed May 23, 2006). | |
10.1.1 | *+ | Amended Long-Term Incentive Plan, effective as of May 7, 2002 (Exhibit 10.1.a to Form 10-K for the year ended December 31, 2002). |
*+ | Great Plains Energy Incorporated Long-Term Incentive Plan Awards Standards and Administration effective as of February 7, | |
*+ | Form of Restricted Stock Agreement Pursuant to the Great Plains Energy Incorporated Long-Term Incentive Plan Effective May 7, 2002 (Exhibit 10.1 to Form 8-K dated February 4, 2005). | |
*+ | Form of Restricted Stock Agreement Pursuant to the Great Plains Energy Incorporated Long-Term Incentive Plan Effective May 7, 2002 (Exhibit 10.2 to Form 8-K dated February 4, 2005). | |
10.1.5 | *+ | Form of Restricted Stock Agreement Pursuant to the Great Plains Energy Incorporated Long-Term Incentive Plan Effective May 7, 2002 (Exhibit 10.1.e to Form 10-K for the year ended December 31, 2005). |
10.1.6 | + | Form of Restricted Stock Agreement Pursuant to the Great Plains Energy Incorporated Long-Term Incentive Plan Effective May 7, 2002. |
*+ | Form of Performance Share Agreement Pursuant to the Great Plains Energy Incorporated Long-Term Incentive Plan Effective May 7, 2002 (Exhibit 10.1.b to Form 10-Q for the quarter ended March 31, 2005). | |
*+ | Form of Performance Share Agreement Pursuant to the Great Plains Energy Incorporated Long-Term Incentive Plan Effective May 7, 2002 (Exhibit 10.1.c to Form 10-Q for the quarter ended March 31, 2005). | |
10.1.9 | *+ | Form of Performance Share Agreement Pursuant to the Great Plains Energy Incorporated Long-Term Incentive Plan Effective May 7, 2002 (Exhibit 10.1.h to Form 10-K for the year ended December 31, 2005). |
10.1.10 | + | Form of Performance Share Agreement Pursuant to the Great Plains Energy Incorporated Long-Term Incentive Plan Effective May 7, 2002. |
+ | Form of Performance Share Agreement Pursuant to the Great Plains Energy Incorporated Long-Term Incentive Plan Effective May 7, 2002. | |
10.1.12 | *+ | Strategic Energy, L.L.C. Long-Term Incentive Plan Grants 2005, Amended May 2, 2005 (Exhibit 10.1.f to Form 10-Q for the |
*+ | Strategic Energy, L.L.C. Long-Term Incentive Plan Grants 2005, as amended May 2, 2005 and October 31, 2006 (Exhibit 10.1.g to Form 10-Q for the quarter ended September 30, 2006). | |
10.1.14 | *+ | Strategic Energy, L.L.C. Executive Long-Term Incentive Plan |
*+ | Great Plains Energy Incorporated/Kansas City Power & Light Company Annual Incentive Plan 2005, Amended May 3, 2005 (Exhibit 10.1.c to Form 10-Q for the quarter ended March 31, 2005). | |
*+ | Great Plains Energy Incorporated Kansas City Power & Light Company Annual Incentive Plan amended as of January 1, | |
*+ | Strategic Energy, L.L.C. Annual Incentive Plan dated January 1, | |
*+ | Strategic Energy, L.L.C. Annual Incentive Plan 2006 goals as amended October 31, 2006 (Exhibit 10.1.h to Form 10-Q for the quarter ended September 30, 2006). | |
10.1.19 | + | Great Plains Energy Incorporated Kansas City Power & Light Company Annual Incentive Plan amended effective as of January 1, 2007. |
10.1.20 | + | Strategic Energy, L.L.C. Executive Committee Annual Incentive Plan dated as of January 1, 2007. |
10.1.21 | + | Strategic Energy, L.L.C. Executive Committee Long-Term Incentive Plan dated as of January 1, 2007. |
10.1.22 | *+ | Form of Indemnification Agreement with each officer and director (Exhibit 10-f to Form 10-K for year ended December 31, 1995). |
*+ | Form of Conforming Amendment to Indemnification Agreement with each officer and director (Exhibit 10.1.a to Form 10-Q for the | |
*+ | Form of Indemnification Agreement with officers and | |
*+ | Form of Restated Severance Agreement dated January 2000 with certain executive officers (Exhibit 10-e to Form 10-K for the year ended December 31, 2000). | |
*+ | Form of Conforming Amendment to Severance Agreements with certain executive officers (Exhibit 10.1.b to Form 10-Q for the | |
*+ | Form of Change in Control Severance Agreement with Michael J. Chesser (Exhibit 10.1.a to Form 10-Q for the quarter ended September 30, 2006). | |
10.1.28 | *+ | Form of Change in Control Severance Agreement with John R. Marshall (Exhibit 10.1.c to Form 10-Q for the quarter ended September 30, 2006). |
10.1.29 | *+ | Form of Change in Control Severance Agreement with Shahid Malik (Exhibit 10.1.d to Form 10-Q for the quarter ended September 30, 2006). |
10.1.30 | *+ | Form of Change in Control Severance Agreement with other executive officers of Great Plains Energy Incorporated and Kansas City Power & Light Company (Exhibit 10.1.e to Form 10-Q for the quarter ended September 30, 2006). |
10.1.31 | *+ | Great Plains Energy Incorporated Supplemental Executive Retirement Plan, as amended and restated effective October 1, 2003 (Exhibit 10.1.a to Form 10-Q for the |
*+ | Nonqualified Deferred Compensation Plan (Exhibit 10-b to Form 10-Q for the | |
+ | Description of Compensation Arrangements with Directors and Certain Executive Officers. | |
*+ | Employment Agreement among Strategic Energy, L.L.C., Great Plains Energy Incorporated and Shahid J. Malik, dated as of November 10, 2004 (Exhibit 10.1.p to Form 10-K for the year ended December 31, 2004). | |
*+ | Severance Agreement among Strategic Energy, L.L.C., Great Plains Energy Incorporated and Shahid J. Malik, dated as of November 10, 2004 (Exhibit 10.1.q to Form 10-K for the year ended December 31, 2004). | |
* | First Amended and Restated Joint Plan under Chapter 11 of the United States Bankruptcy Code dated March 31, 2003, of Digital Teleport Inc., DTI Holdings, Inc. and Digital Teleport of Virginia, Inc. (Exhibit 10.1.e to Form 10-Q for the | |
* | Credit Agreement dated as of | |
* | Amended and Restated Credit Agreement, dated as of July 2, 2004, by and among Strategic Energy, L.L.C., LaSalle Bank National Association, PNC Bank, National Association, Citizens Bank of Pennsylvania, Provident Bank, Fifth Third Bank and Sky Bank. (Exhibit 10.2 to Form 10-Q for the | |
* | Amendment No. 1 dated as of December 20, 2005, to Amended and Restated Credit Agreement, dated as of July 2, 2004, by and among Strategic Energy, L.L.C., LaSalle Bank National Association, PNC Bank, National Association, Citizens Bank of Pennsylvania, Provident Bank, Fifth Third Bank, First National Bank of Pennsylvania and Sky | |
* | Consent dated as of May 31, 2006, to Amended and Restated Credit Agreement, dated as of July 2, 2004, by and among Strategic Energy, L.L.C., LaSalle Bank National Association, PNC Bank, National Association, Citizens Bank of Pennsylvania, National City Bank of Pennsylvania, Fifth Third Bank, Sky Bank and First National Bank of Pennsylvania (Exhibit 10.1.b to Form 10-Q for the quarter ended June 30, 2006). |
10.1.41 | Waiver and Amendment dated as of December 6, 2006, to Amended and Restated Credit Agreement, dated as of July 2, 2004, by and among Strategic Energy, L.L.C., LaSalle Bank National Association, PNC Bank, National Association, Citizens Bank of Pennsylvania, National City Bank of Pennsylvania, Fifth Third Bank, Sky Bank and First National Bank of Pennsylvania. | |
10.1.42 | * | Amended and Restated Limited Guaranty dated as of July 2, 2004, by Great Plains Energy Incorporated in favor of the lenders under the Amended and Restated Credit Agreement dated as of July 2, 2004 among Strategic Energy, L.L.C. and the financial institutions from time to time parties thereto. (Exhibit 10.3 to Form 10-Q for the |
* | Amendment dated as of October 2, 2006, to Amended and Restated Limited Guaranty dated as of July 2, 2004, by Great Plains Energy Incorporated in favor of the lenders under the Amended and Restated Credit Agreement dated as of July 2, 2004, among Strategic Energy, L.L.C. and the financial institutions from time to time parties thereto (Exhibit 10.1.e to Form 10-Q for the quarter ended September 30, 2006). | |
10.1.44 | * | General Agreement of Indemnity issued by Great Plains Energy Incorporated and Strategic Energy, L.L.C. in favor of Federal Insurance Company and subsidiary or affiliated insurers dated May 23, 2002 (Exhibit 10.1.a. to Form 10-Q for the |
* | Agreement of Indemnity issued by Great Plains Energy Incorporated and Strategic Energy, L.L.C. in favor of Federal Insurance Company and subsidiary or affiliated insurers dated May 23, 2002 (Exhibit 10.1.b. to Form 10-Q for the | |
* | Agreement between Great Plains Energy Incorporated and Andrea F. Bielsker dated March 4, 2005 (Exhibit 10.1.jj to Form 10-K for the year ended December 31, 2004). | |
* | Agreement between Great Plains Energy Incorporated and Jeanie Sell Latz dated April 5, 2005 (Exhibit 10.1 to Form 8-K dated April 5, 2005). | |
10.1.48 | * | Asset Purchase Agreement by and among Aquila, Inc., Black Hills Corporation, Great Plains Energy Incorporated, and Gregory Acquisition Corp., dated February 6, 2007 (Exhibit 10.1 to Form 8-K dated February 7, 2007). |
10.1.49 | * | Partnership Interests Purchase Agreement by and among Aquila, Inc., Aquila Colorado, LLC, Black Hills Corporation, Great Plains Energy Incorporated, and Gregory Acquisition Corp., dated February 6, 2007 (Exhibit 10.2 to Form 8-K dated February 7, 2007). |
10.1.50 | *+ | Form of Conforming Amendment to Severance Agreements with William H. Downey (Exhibit 10.1.b to Form 10-Q for the quarter ended September 30, 2006). |
12.1 | Computation of Ratio of Earnings to Fixed Charges. | |
21.1 | List of Subsidiaries of Great Plains Energy Incorporated. | |
23.1.a | Consent of Counsel. | |
23.1.b | Consent of Independent Registered Public Accounting Firm. | |
24.1 | Powers of Attorney. |
31.1.a | Rule 13a-14(a)/15d-14(a) Certifications of Michael J. Chesser. |
31.1.b | Rule 13a-14(a)/15d-14(a) Certifications of Terry Bassham. | |
32.1 | Section 1350 Certifications. |
Exhibit | Description of Document | |
2.2 | * | Agreement and Plan of Merger among Kansas City Power & Light Company, Great Plains Energy Incorporated and KCP&L Merger Sub Incorporated dated as of October 1, 2001 (Exhibit 2 to Form 8-K dated October 1, 2001). |
* | Restated Articles of Consolidation of Kansas City Power & Light Company, as amended October 1, 2001 (Exhibit 3-(i) to Form 10-Q for the | |
* | By-laws of Kansas City Power & Light Company, as amended November 1, | |
* | General Mortgage and Deed of Trust dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, n.a. (formerly United Missouri Bank of Kansas City, N.A.), Trustee (Exhibit 4-bb to Form 10-K for the year ended December 31, 1986). | |
* | Fourth Supplemental Indenture dated as of February 15, 1992, to Indenture dated as of December 1, 1986 (Exhibit 4-y to Form 10-K for the year ended December 31, 1991). | |
* | Fifth Supplemental Indenture dated as of September 15, 1992, to Indenture dated as of December 1, 1986 (Exhibit 4-a to quarterly report on Form 10-Q for the | |
* | Seventh Supplemental Indenture dated as of October 1, 1993, to Indenture dated as of December 1, 1986 (Exhibit 4-a to quarterly report on Form 10-Q for the | |
* | Eighth Supplemental Indenture dated as of December 1, 1993, to Indenture dated as of December 1, 1986 (Exhibit 4 to Registration Statement, Registration No. 33-51799). |
* | Eleventh Supplemental Indenture dated as of August 15, 2005, to the General Mortgage and Deed of Trust dated as of December 1, 1986, between Kansas City Power & Light Company and UMB Bank, n.a. (formerly United Missouri Bank of Kansas City, N.A.), Trustee (Exhibit 4.2 to Form 10-Q for the quarter ended September 30, 2005). |
* | Indenture for Medium-Term Note Program dated as of February 15, 1992, between Kansas City Power & Light Company and The Bank of New York (Exhibit 4-bb to Registration Statement, Registration No. 33-45736). | |
* | Indenture for $150 million aggregate principal amount of 6.50% Senior Notes due November 15, 2011 and $250 million aggregate principal amount of 7.125% Senior Notes due December 15, 2005 dated as of December 1, 2000, between Kansas City Power & Light Company and The Bank of New York (Exhibit 4-a to Report on Form 8-K dated December 18, 2000). | |
* | Indenture dated March 1, 2002 between The Bank of New York and Kansas City Power & Light Company (Exhibit 4.1.b. to Form 10-Q for the | |
* | Supplemental Indenture No. 1 dated as of November 15, 2005, to Indenture dated March 1, 2002 between The Bank of New York and Kansas City Power & Light | |
* | Registration Rights Agreement dated as of November 17, 2005, among Kansas City Power & Light Company, and BNP Paribas Securities Corp. and J.P. Morgan Securities Inc. as representatives of the several initial | |
* | Insurance agreement between Kansas City Power & Light Company and XL Capital Assurance Inc., dated December 5, 2002 (Exhibit 10.2.f to Form 10-K for the year ended December 31, 2002). | |
* | Insurance Agreement dated as of August 1, 2004, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2 to Form 10-Q for the | |
* | Insurance Agreement dated as of September 1, 2005, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2.e to Form 10-K for the year ended December 31, 2005). | |
* | Insurance Agreement dated as of September 1, 2005, between Kansas City Power & Light Company and XL Capital Assurance Inc. (Exhibit 10.2.e to Form 10-K for the year ended December 31, 2005). | |
* | Iatan Unit 2 and Common Facilities Ownership Agreement, dated as of May 19, 2006, among Kansas City Power & Light Company, Aquila, Inc., The Empire District Electric Company, Kansas Electric Power Cooperative, Inc., and Missouri Joint Municipal Electric Utility Commission (Exhibit 10.2.a to Form 10-Q for the quarter ended June 30, 2006). |
10.2.6 | * | Contract between Kansas City Power & Light Company and ALSTOM Power Inc. for Engineering, Procurement, and Constructions Services for Air Quality Control Systems and Selective Catalytic Reduction Systems at Iatan Generating Station Units 1 and 2 and the Pulverized Coal-Fired Boiler at Iatan Generating Station Unit 2, dated as of August 10, 2006 (Exhibit 10.2.a to Form 10-Q for the quarter ended September 30, 2006). |
10.2.7 | * | Credit Agreement dated as of |
* | Stipulation and Agreement dated March 28, 2005, among Kansas City Power & Light Company, Staff of the Missouri Public Service Commission, Office of the Public Counsel, Missouri Department of Natural Resources, Praxair, Inc., Missouri Independent Energy Consumers, Ford Motor Company, Aquila, Inc., The Empire District Electric Company, and Missouri Joint Municipal Electric Utility Commission (Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2005). | |
* | Stipulation and Agreement filed April 27, 2005, among Kansas City Power & Light Company, the Staff of the State Corporation Commission of the State of Kansas, Sprint, Inc., and the Kansas Hospital Association (Exhibit 10.2.a to Form 10-Q for the quarter ended June 30, 2005). | |
* | Stipulation and Agreement dated as of September 29, 2006, among Kansas City Power & Light Company, the Staff of the Kansas Corporation Commission, the Citizens’ Utility Ratepayer Board, Wal-Mart Stores Inc. and the International Brotherhood of Electrical Workers, Local Union Nos. 412, 1464 and 1613 (Exhibit 10.2.b to Form 10-Q for the quarter ended September 30, 2006). | |
10.2.11 | * | Purchase and Sale Agreement dated as of July 1, 2005, between Kansas City Power & Light Company, as Originator, and Kansas City Power & Light Receivables Company, as Buyer (Exhibit 10.2.b to Form 10-Q for the quarter ended June 30, 2005). |
* | Receivables Sale Agreement dated as of July 1, 2005, among Kansas City Power & Light Receivables Company, as the Seller, Kansas City Power & Light Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi, Ltd., New York Branch, as the Agent, and Victory Receivables Corporation (Exhibit 10.2.c to Form 10-Q for the quarter ended June 30, 2005). | |
12.2 | Computation of Ratio of Earnings to Fixed Charges. | |
23.2.a | Consent of Counsel. | |
23.2.b | Consent of Independent Registered Public Accounting Firm. | |
24.2 | Powers of Attorney. | |
31.2.a | Rule 13a-14(a)/15d-14(a) Certifications of William H. Downey. | |
31.2.b | Rule 13a-14(a)/15d-14(a) Certifications of Terry Bassham. | |
32.2 | Section 1350 Certifications. |
GREAT PLAINS ENERGY INCORPORATED | ||||||||||
Income Statements of Parent Company | ||||||||||
As Adjusted | As Adjusted | |||||||||
Year Ended December 31 | 2006 | 2005 | 2004 | |||||||
Operating Expenses | (millions) | |||||||||
Other | $ | 7.1 | $ | 7.1 | $ | 8.5 | ||||
General taxes | 0.3 | 0.3 | 0.2 | |||||||
Total | 7.4 | 7.4 | 8.7 | |||||||
Operating loss | (7.4 | ) | (7.4 | ) | (8.7 | ) | ||||
Equity from earnings in subsidiaries | 143.0 | 178.2 | 200.9 | |||||||
Non-operating income | 1.1 | 1.6 | 2.3 | |||||||
Non-operating expenses | - | (0.1 | ) | (0.2 | ) | |||||
Interest charges | (8.9 | ) | (9.4 | ) | (8.1 | ) | ||||
Income before income taxes | 127.8 | 162.9 | 186.2 | |||||||
Income taxes | (0.2 | ) | (0.6 | ) | (3.7 | ) | ||||
Net income | 127.6 | 162.3 | 182.5 | |||||||
Preferred stock dividend requirements | 1.6 | 1.6 | 1.6 | |||||||
Earnings available for common shareholders | $ | 126.0 | $ | 160.7 | $ | 180.9 | ||||
Average number of basic common shares outstanding | 78.0 | 74.6 | 72.0 | |||||||
Average number of diluted common shares outstanding | 78.2 | 74.7 | 72.1 | |||||||
Basic earnings per common share | $ | 1.62 | $ | 2.15 | $ | 2.51 | ||||
Diluted earnings per common share | $ | 1.61 | $ | 2.15 | $ | 2.51 | ||||
Cash dividends per common share | $ | 1.66 | $ | 1.66 | $ | 1.66 | ||||
The accompanying Notes to Financial Statements of Parent Company are an integral part | ||||||||||
of these statements. |
GREAT PLAINS ENERGY INCORPORATED | |||||||
Balance Sheets of Parent Company | |||||||
As Adjusted | |||||||
December 31 | 2006 | 2005 | |||||
ASSETS | (millions) | ||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 5.8 | $ | 2.0 | |||
Accounts receivable from subsidiaries | 1.6 | 1.0 | |||||
Notes receivable from subsidiaries | 2.3 | 5.4 | |||||
Taxes receivable | 1.9 | 1.8 | |||||
Other | 0.5 | 0.5 | |||||
Total | 12.1 | 10.7 | |||||
Nonutility Property and Investments | |||||||
Investment in KCP&L | 1,383.1 | 1,151.6 | |||||
Investments in other subsidiaries | 178.6 | 288.0 | |||||
Total | 1,561.7 | 1,439.6 | |||||
Deferred Charges and Other Assets | |||||||
Deferred Income Taxes | 0.8 | - | |||||
Other | 4.6 | 2.0 | |||||
Total | 5.4 | 2.0 | |||||
Total | $ | 1,579.2 | $ | 1,452.3 | |||
The accompanying Notes to Financial Statements of Parent Company are an integral part | |||||||
of these statements. |
GREAT PLAINS ENERGY INCORPORATED | |||||||
Balance Sheets of Parent Company | |||||||
As Adjusted | |||||||
December 31 | 2006 | 2005 | |||||
LIABILITIES AND CAPITALIZATION | (millions) | ||||||
Current Liabilities | |||||||
Notes payable | $ | - | $ | 6.0 | |||
Notes payable to subsidiaries | 13.2 | - | |||||
Current maturities of long-term debt | 163.6 | - | |||||
Accounts payable to subsidiaries | 15.6 | 0.5 | |||||
Accounts payable | - | 0.1 | |||||
Accrued interest | 1.6 | 1.7 | |||||
Other | 1.9 | 6.5 | |||||
Total | 195.9 | 14.8 | |||||
Deferred Credits and Other Liabilities | |||||||
Payable to subsidiaries | 2.1 | - | |||||
Other | 0.3 | 0.9 | |||||
Total | 2.4 | 0.9 | |||||
Capitalization | |||||||
Common shareholders' equity | |||||||
Common stock-150,000,000 shares authorized without par value | |||||||
80,405,035 and 74,783,824 shares issued, stated value | 896.8 | 744.4 | |||||
Retained earnings | 493.4 | 498.6 | |||||
Treasury stock-53,499 and 43,376 shares, at cost | (1.6 | ) | (1.3 | ) | |||
Accumulated other comprehensive loss | (46.7 | ) | (7.7 | ) | |||
Total | 1,341.9 | 1,234.0 | |||||
Cumulative preferred stock $100 par value | |||||||
3.80% - 100,000 shares issued | 10.0 | 10.0 | |||||
4.50% - 100,000 shares issued | 10.0 | 10.0 | |||||
4.20% - 70,000 shares issued | 7.0 | 7.0 | |||||
4.35% - 120,000 shares issued | 12.0 | 12.0 | |||||
Total | 39.0 | 39.0 | |||||
Long-term debt | - | 163.6 | |||||
Total | 1,380.9 | 1,436.6 | |||||
Commitments and Contingencies | |||||||
Total | $ | 1,579.2 | $ | 1,452.3 | |||
The accompanying Notes to Financial Statements of Parent Company are an integral part of these | |||||||
statements. |
GREAT PLAINS ENERGY INCORPORATED | ||||||||||
Income Statements of Parent Company | ||||||||||
Year Ended December 31 | 2005 | 2004 | 2003 | |||||||
Operating Expenses | (millions) | |||||||||
Other | $ | 7.1 | $ | 8.5 | $ | 5.3 | ||||
General taxes | 0.3 | 0.2 | 0.2 | |||||||
Total | 7.4 | 8.7 | 5.5 | |||||||
Operating loss | (7.4 | ) | (8.7 | ) | (5.5 | ) | ||||
Equity from earnings in subsidiaries | 178.2 | 199.2 | 149.5 | |||||||
Non-operating income | 1.6 | 2.3 | 3.1 | |||||||
Non-operating expenses | (0.1 | ) | (0.2 | ) | (0.4 | ) | ||||
Interest charges | (9.4 | ) | (8.1 | ) | (4.6 | ) | ||||
Income before income taxes | 162.9 | 184.5 | 142.1 | |||||||
Income taxes | (0.6 | ) | (3.7 | ) | 2.8 | |||||
Net income | 162.3 | 180.8 | 144.9 | |||||||
Preferred stock dividend requirements | 1.6 | 1.6 | 1.6 | |||||||
Earnings available for common shareholders | $ | 160.7 | $ | 179.2 | $ | 143.3 | ||||
Average number of common shares outstanding | 74.6 | 72.0 | 69.2 | |||||||
Basic and diluted earnings per common share | $ | 2.15 | $ | 2.49 | $ | 2.07 | ||||
Cash dividends per common share | $ | 1.66 | $ | 1.66 | $ | 1.66 | ||||
The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements. |
GREAT PLAINS ENERGY INCORPORATED | ||||||||||
Statements of Cash Flows of Parent Company | ||||||||||
As Adjusted | As Adjusted | |||||||||
Year Ended December 31 | 2006 | 2005 | 2004 | |||||||
Cash Flows from Operating Activities | (millions) | |||||||||
Net income | $ | 127.6 | $ | 162.3 | $ | 182.5 | ||||
Adjustments to reconcile income to net cash from operating activities: | ||||||||||
Amortization | 0.6 | 0.6 | 1.8 | |||||||
Deferred income taxes, net | - | - | 0.6 | |||||||
Equity in earnings from subsidiaries | (143.0 | ) | (178.2 | ) | (200.9 | ) | ||||
Cash flows affected by changes in: | ||||||||||
Accounts receivable from subsidiaries | (0.6 | ) | (0.4 | ) | 4.3 | |||||
Taxes receivable | (0.1 | ) | 2.6 | (4.4 | ) | |||||
Accounts payable to subsidiaries | 15.1 | 0.5 | (0.8 | ) | ||||||
Other accounts payable | (0.1 | ) | 0.1 | - | ||||||
Accrued taxes | - | - | (7.5 | ) | ||||||
Accrued interest | (0.1 | ) | 0.1 | 0.8 | ||||||
Cash dividends from subsidiaries | 118.0 | 133.9 | 210.1 | |||||||
Other | 1.7 | 3.0 | 0.4 | |||||||
Net cash from operating activities | 119.1 | 124.5 | 186.9 | |||||||
Cash Flows from Investing Activities | ||||||||||
Equity contributions to subsidiaries | (134.6 | ) | - | (305.0 | ) | |||||
Net change in notes receivable from subsidiaries | 3.1 | 11.0 | 7.8 | |||||||
Net cash from investing activities | (131.5 | ) | 11.0 | (297.2 | ) | |||||
Cash Flows from Financing Activities | ||||||||||
Issuance of common stock | 153.6 | 9.1 | 153.7 | |||||||
Issuance of long-term debt | - | - | 163.6 | |||||||
Issuance fees | (5.7 | ) | - | (12.1 | ) | |||||
Net change in notes payable to subsidiaries | 13.2 | - | - | |||||||
Net change in short-term borrowings | (6.0 | ) | (14.0 | ) | (67.0 | ) | ||||
Dividends paid | (132.7 | ) | (125.5 | ) | (120.8 | ) | ||||
Other financing activities | (6.2 | ) | (5.9 | ) | (5.0 | ) | ||||
Net cash from financing activities | 16.2 | (136.3 | ) | 112.4 | ||||||
Net Change in Cash and Cash Equivalents | 3.8 | (0.8 | ) | 2.1 | ||||||
Cash and Cash Equivalents at Beginning of Year | 2.0 | 2.8 | 0.7 | |||||||
Cash and Cash Equivalents at End of Year | $ | 5.8 | $ | 2.0 | $ | 2.8 | ||||
The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements. |
GREAT PLAINS ENERGY INCORPORATED | |||||||
Balance Sheets of Parent Company | |||||||
December 31 | |||||||
2005 | 2004 | ||||||
ASSETS | (millions) | ||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 2.0 | $ | 2.8 | |||
Accounts receivable from subsidiaries | 1.0 | 0.8 | |||||
Notes receivable from subsidiaries | 5.4 | 19.3 | |||||
Taxes receivable | 1.8 | 4.4 | |||||
Other | 0.5 | 0.5 | |||||
Total | 10.7 | 27.8 | |||||
Nonutility Property and Investments | |||||||
Investment in KCP&L | 1,141.0 | 1,099.6 | |||||
Investments in other subsidiaries | 288.0 | 248.7 | |||||
Total | 1,429.0 | 1,348.3 | |||||
Deferred Charges and Other Assets | |||||||
Total | 2.0 | 2.5 | |||||
Total | $ | 1,441.7 | $ | 1,378.6 | |||
LIABILITIES AND CAPITALIZATION | |||||||
Current Liabilities | |||||||
Notes payable | $ | 6.0 | $ | 20.0 | |||
Accounts payable to subsidiaries | 0.5 | - | |||||
Accounts payable | 0.1 | - | |||||
Accrued interest | 1.7 | 1.6 | |||||
Other | 6.5 | 6.1 | |||||
Total | 14.8 | 27.7 | |||||
Deferred Credits and Other Liabilities | |||||||
Total | 0.9 | 6.7 | |||||
Capitalization | |||||||
Common shareholders' equity | |||||||
Common stock-150,000,000 shares authorized without par value | |||||||
74,783,824 and 74,394,423 shares issued, stated value | 777.2 | 765.5 | |||||
Unearned compensation | (2.1 | ) | (1.4 | ) | |||
Capital stock premium and expense | (30.7 | ) | (32.1 | ) | |||
Retained earnings | 488.0 | 451.5 | |||||
Treasury stock-43,376 and 28,488 shares, at cost | (1.3 | ) | (0.9 | ) | |||
Accumulated other comprehensive loss | (7.7 | ) | (41.0 | ) | |||
Total | 1,223.4 | 1,141.6 | |||||
Cumulative preferred stock $100 par value | |||||||
3.80% - 100,000 shares issued | 10.0 | 10.0 | |||||
4.50% - 100,000 shares issued | 10.0 | 10.0 | |||||
4.20% - 70,000 shares issued | 7.0 | 7.0 | |||||
4.35% - 120,000 shares issued | 12.0 | 12.0 | |||||
Total | 39.0 | 39.0 | |||||
Long-term debt | 163.6 | 163.6 | |||||
Total | 1,426.0 | 1,344.2 | |||||
Commitments and Contingencies | |||||||
Total | $ | 1,441.7 | $ | 1,378.6 | |||
The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements. |
GREAT PLAINS ENERGY INCORPORATED | ||||||||||
Statements of Cash Flows of Parent Company | ||||||||||
Year Ended December 31 | 2005 | 2004 | 2003 | |||||||
Cash Flows from Operating Activities | (millions) | |||||||||
Net income | $ | 162.3 | $ | 180.8 | $ | 144.9 | ||||
Adjustments to reconcile income to net cash from operating activities: | ||||||||||
Amortization | 0.6 | 1.8 | - | |||||||
Deferred income taxes, net | - | 0.6 | (0.6 | ) | ||||||
Equity in earnings from subsidiaries | (178.2 | ) | (199.2 | ) | (149.5 | ) | ||||
Cash flows affected by changes in: | ||||||||||
Accounts receivables from subsidiaries | (0.4 | ) | 4.3 | (3.0 | ) | |||||
Taxes receivable | 2.6 | (4.4 | ) | - | ||||||
Accounts payable to subsidiaries | 0.5 | (0.8 | ) | (1.9 | ) | |||||
Other accounts payable | 0.1 | - | (0.2 | ) | ||||||
Accrued and current taxes | - | (7.5 | ) | 1.2 | ||||||
Accrued interest | 0.1 | 0.8 | 0.1 | |||||||
Cash dividends from subsidiaries | 133.9 | 210.1 | 98.0 | |||||||
Other | 3.0 | 0.4 | 0.7 | |||||||
Net cash from operating activities | 124.5 | 186.9 | 89.7 | |||||||
Cash Flows from Investing Activities | ||||||||||
Equity contributions to subsidiaries | - | (305.0 | ) | (100.0 | ) | |||||
Net change in notes receivable from subsidiaries | 11.0 | 7.8 | 56.3 | |||||||
Net cash from investing activities | 11.0 | (297.2 | ) | (43.7 | ) | |||||
Cash Flows from Financing Activities | ||||||||||
Issuance of common stock | 9.1 | 153.7 | - | |||||||
Issuance of long-term debt | - | 163.6 | - | |||||||
Issuance fees | - | (12.1 | ) | - | ||||||
Net change in short-term borrowings | (14.0 | ) | (67.0 | ) | 68.3 | |||||
Dividends paid | (125.5 | ) | (120.8 | ) | (116.5 | ) | ||||
Other financing activities | (5.9 | ) | (5.0 | ) | (0.4 | ) | ||||
Net cash from financing activities | (136.3 | ) | 112.4 | (48.6 | ) | |||||
Net Change in Cash and Cash Equivalents | (0.8 | ) | 2.1 | (2.6 | ) | |||||
Cash and Cash Equivalents at Beginning of Year | 2.8 | 0.7 | 3.3 | |||||||
Cash and Cash Equivalents at End of Year | $ | 2.0 | $ | 2.8 | $ | 0.7 | ||||
The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements. |
Great Plains Energy | ||||||||||||||||
Valuation and Qualifying Accounts | ||||||||||||||||
Years Ended December 31, 2005, 2004 and 2003 | ||||||||||||||||
Additions | ||||||||||||||||
Charged | ||||||||||||||||
Balance At | To Costs | Charged | Balance | |||||||||||||
Beginning | And | To Other | At End | |||||||||||||
Description | Of Period | Expenses | Accounts | Deductions | Of Period | |||||||||||
Year Ended December 31, 2005 | (millions) | |||||||||||||||
Allowance for uncollectible accounts | $ | 6.4 | $ | 6.9 | $ | 5.0 | (a) | $ | 11.4 | (b) | $ | 6.9 | ||||
Legal reserves | 3.2 | 4.5 | - | 1.8 | (c) | 5.9 | ||||||||||
Environmental reserves | 0.3 | - | - | - | 0.3 | |||||||||||
Uncertain tax positions | 13.4 | 1.2 | - | 10.0 | (d) | 4.6 | ||||||||||
Year Ended December 31, 2004 | ||||||||||||||||
Allowance for uncollectible accounts | $ | 8.5 | $ | 5.4 | $ | 2.8 | (a) | $ | 10.3 | (b) | $ | 6.4 | ||||
Legal reserves | 4.0 | 1.4 | - | 2.2 | (c) | 3.2 | ||||||||||
Environmental reserves | 1.8 | - | - | 1.5 | (e) | 0.3 | ||||||||||
Uncertain tax positions | 16.8 | 3.2 | - | 6.6 | (d) | 13.4 | ||||||||||
Year Ended December 31, 2003 | ||||||||||||||||
Allowance for uncollectible accounts | $ | 8.8 | $ | 5.1 | $ | 2.8 | (a) | $ | 8.2 | (b) | $ | 8.5 | ||||
Legal reserves | 3.8 | 3.3 | - | 3.1 | (c) | 4.0 | ||||||||||
Environmental reserves | 1.9 | - | - | 0.1 | (f) | 1.8 | ||||||||||
Tax valuation allowance | 15.8 | (15.8 | ) (g) | - | - | - | ||||||||||
Uncertain tax positions | 2.5 | 12.0 | 3.6 | (h) | 1.3 | (d) | 16.8 | |||||||||
Discontinued operations | 1.7 | - | - | 1.7 | (i) | - | ||||||||||
(a) Recoveries. Charged to other accounts for the year ended December 31, 2005, includes the establishment of an | ||||||||||||||||
allowance of $1.6 million. | ||||||||||||||||
(b) Uncollectible accounts charged off. Deductions for the year ended December 31, 2004, includes a charge off of | ||||||||||||||||
$1.4 million by Worry Free. | ||||||||||||||||
(c) Payment of claims. | ||||||||||||||||
(d)Reversal of uncertain tax positions. Deductions for the year ended December 31, 2005, includes a reclass of | ||||||||||||||||
$0.8 million to franchise taxes payable. Deductions for the year ended December 31, 2003, includes taxes paid | ||||||||||||||||
for an IRS settlement. | ||||||||||||||||
(e) Reversal of reserve for remediation of soil and groundwater. | ||||||||||||||||
(f) Payment of expenses. | ||||||||||||||||
(g)A tax valuation allowance of $15.8 million was recorded at KLT Telecom in 2001 to reduce the income tax benefits | ||||||||||||||||
arising primarily from DTI's 2002 abandonment of its $104 million of long-haul assets. The allowance was | ||||||||||||||||
necessary due to the uncertainty of recognizing future tax deductions while DTI was in the bankruptcy process. The | ||||||||||||||||
allowance was reversed in 2003 after confirmation of the DTI restructuring plan. | ||||||||||||||||
(h) Establishment of liability for uncertain tax positions for prior years current tax expense in excess of taxes paid. | ||||||||||||||||
(i) In 2003, HSS completed the disposition of its interest in RSAE. |
Great Plains Energy | ||||||||||||||||
Valuation and Qualifying Accounts | ||||||||||||||||
Years Ended December 31, 2006, 2005 and 2004 | ||||||||||||||||
Additions | ||||||||||||||||
Charged | ||||||||||||||||
Balance At | To Costs | Charged | Balance | |||||||||||||
Beginning | And | To Other | At End | |||||||||||||
Description | Of Period | Expenses | Accounts | Deductions | Of Period | |||||||||||
Year Ended December 31, 2006 | (millions) | |||||||||||||||
Allowance for uncollectible accounts | $ | 6.9 | $ | 12.3 | $ | 5.7 | (a) | $ | 16.6 | (b) | $ | 8.3 | ||||
Legal reserves | 5.9 | 4.9 | 0.1 | 4.8 | (c) | 6.1 | ||||||||||
Environmental reserves | 0.3 | - | - | - | 0.3 | |||||||||||
Uncertain tax positions | 4.6 | 1.1 | - | 1.0 | (d) | 4.7 | ||||||||||
Year Ended December 31, 2005 | ||||||||||||||||
Allowance for uncollectible accounts | $ | 6.4 | $ | 6.9 | $ | 5.0 | (a) | $ | 11.4 | (b) | $ | 6.9 | ||||
Legal reserves | 3.2 | 4.5 | - | 1.8 | (c) | 5.9 | ||||||||||
Environmental reserves | 0.3 | - | - | - | 0.3 | |||||||||||
Uncertain tax positions | 13.4 | 1.2 | - | 10.0 | (d) | 4.6 | ||||||||||
Year Ended December 31, 2004 | ||||||||||||||||
Allowance for uncollectible accounts | $ | 8.5 | $ | 5.4 | $ | 2.8 | (a) | $ | 10.3 | (b) | $ | 6.4 | ||||
Legal reserves | 4.0 | 1.4 | - | 2.2 | (c) | 3.2 | ||||||||||
Environmental reserves | 1.8 | - | - | 1.5 | (e) | 0.3 | ||||||||||
Uncertain tax positions | 16.8 | 3.2 | - | 6.6 | (d) | 13.4 | ||||||||||
(a) Recoveries. Charged to other accounts for the year ended December 31, 2006 and 2005, respectively, includes the | ||||||||||||||||
establishmentof an allowance of $1.5 million and $1.6 million. | ||||||||||||||||
(b) Uncollectible accounts charged off. Deductions for the year ended December 31, 2004, includes a charge off of | ||||||||||||||||
$1.4 million by Worry Free. | ||||||||||||||||
(c) Payment of claims. | ||||||||||||||||
(d)Reversal of uncertain tax positions. Deductions for the year ended December 31, 2005, includes a reclass of | ||||||||||||||||
$0.8 million to franchise taxes payable. | ||||||||||||||||
(e) Reversal of reserve for remediation of soil and groundwater. |
Kansas city Power & Light Company | ||||||||||||||||
Valuation and Qualifying Accounts | ||||||||||||||||
Years Ended December 31, 2006, 2005 and 2004 | ||||||||||||||||
Additions | ||||||||||||||||
Charged | ||||||||||||||||
Balance At | To Costs | Charged | Balance | |||||||||||||
Beginning | And | To Other | At End | |||||||||||||
Description | Of Period | Expenses | Accounts | Deductions | Of Period | |||||||||||
Year Ended December 31, 2006 | (millions) | |||||||||||||||
Allowance for uncollectible accounts | $ | 2.6 | $ | 4.5 | $ | 4.4 | (a) | $ | 7.3 | (b) | $ | 4.2 | ||||
Legal reserves | 4.5 | 2.8 | - | 3.4 | (c) | 3.9 | ||||||||||
Environmental reserves | 0.3 | - | - | - | 0.3 | |||||||||||
Uncertain tax positions | 1.2 | 0.8 | - | 0.2 | (d) | 1.8 | ||||||||||
Year Ended December 31, 2005 | ||||||||||||||||
Allowance for uncollectible accounts | $ | 1.7 | $ | 3.3 | $ | 4.6 | (a) | $ | 7.0 | (b) | $ | 2.6 | ||||
Legal reserves | 3.2 | 3.1 | - | 1.8 | (c) | 4.5 | ||||||||||
Environmental reserves | 0.3 | - | - | - | 0.3 | |||||||||||
Uncertain tax positions | 3.7 | 0.3 | - | 2.8 | (d) | 1.2 | ||||||||||
Year Ended December 31, 2004 | ||||||||||||||||
Allowance for uncollectible accounts | $ | 4.9 | $ | 2.6 | $ | 2.7 | (a) | $ | 8.5 | (b) | $ | 1.7 | ||||
Legal reserves | 3.8 | 1.4 | - | 2.0 | (c) | 3.2 | ||||||||||
Environmental reserves | 1.8 | - | - | 1.5 | (e) | 0.3 | ||||||||||
Uncertain tax positions | 6.4 | 2.1 | - | 4.8 | (d) | 3.7 | ||||||||||
(a) Recoveries. Charged to other accounts for the year ended December 31, 2006 and 2005, respectively, includes the | ||||||||||||||||
establishment of an allowance of $1.5 million and $1.6 million. | ||||||||||||||||
(b) Uncollectible accounts charged off. Deductions for the year ended December 31, 2004, includes a charge off of | ||||||||||||||||
$1.4 million by Worry Free. | ||||||||||||||||
(c) Payment of claims. | ||||||||||||||||
(d)Reversal of uncertain tax positions. Deductions for the year ended December 31, 2005, includes a reclass of | ||||||||||||||||
$0.8 million to franchise taxes payable. | ||||||||||||||||
(e) Reversal of reserve for remediation of soil and groundwater. |
Kansas City Power & Light Company | ||||||||||||||||
Valuation and Qualifying Accounts | ||||||||||||||||
Years Ended December 31, 2005, 2004 and 2003 | ||||||||||||||||
Additions | ||||||||||||||||
Charged | ||||||||||||||||
Balance At | To Costs | Charged | Balance | |||||||||||||
Beginning | And | To Other | At End | |||||||||||||
Description | Of Period | Expenses | Accounts | Deductions | Of Period | |||||||||||
Year Ended December 31, 2005 | (millions) | |||||||||||||||
Allowance for uncollectible accounts | $ | 1.7 | $ | 3.3 | $ | 4.6 | (a) | $ | 7.0 | (b) | $ | 2.6 | ||||
Legal reserves | 3.2 | 3.1 | - | 1.8 | (c) | 4.5 | ||||||||||
Environmental reserves | 0.3 | - | - | - | 0.3 | |||||||||||
Uncertain tax positions | 3.7 | 0.3 | - | 2.8 | (d) | 1.2 | ||||||||||
Year Ended December 31, 2004 | ||||||||||||||||
Allowance for uncollectible accounts | $ | 4.9 | $ | 2.6 | $ | 2.7 | (a) | $ | 8.5 | (b) | $ | 1.7 | ||||
Legal reserves | 3.8 | 1.4 | - | 2.0 | (c) | 3.2 | ||||||||||
Environmental reserves | 1.8 | - | - | 1.5 | (e) | 0.3 | ||||||||||
Uncertain tax positions | 6.4 | 2.1 | - | 4.8 | (d) | 3.7 | ||||||||||
Year Ended December 31, 2003 | ||||||||||||||||
Allowance for uncollectible accounts | $ | 5.6 | $ | 3.5 | $ | 2.7 | (a) | $ | 6.9 | (b) | $ | 4.9 | ||||
Legal reserves | 3.8 | 3.1 | - | 3.1 | (c) | 3.8 | ||||||||||
Environmental reserves | 1.9 | - | - | 0.1 | (f) | 1.8 | ||||||||||
Uncertain tax positions | 2.5 | 3.9 | 1.2 | (g) | 1.2 | (d) | 6.4 | |||||||||
Discontinued operations | 1.7 | - | - | 1.7 | (h) | - | ||||||||||
(a) Recoveries. Charged to other accounts for the year ended December 31, 2005, includes the establishment of an | ||||||||||||||||
allowance of $1.6 million. | ||||||||||||||||
(b) Uncollectible accounts charged off. Deductions for the year ended December 31, 2004, includes a charge off of | ||||||||||||||||
$1.4 million by Worry Free. | ||||||||||||||||
(c) Payment of claims. | ||||||||||||||||
(d)Reversal of uncertain tax positions. Deductions for the year ended December 31, 2005, includes a reclass of | ||||||||||||||||
$0.8 million to franchise taxes payable. Deductions for the year ended December 31, 2003, includes taxes paid | ||||||||||||||||
for an IRS settlement. | ||||||||||||||||
(e) Reversal of reserve for remediation of soil and groundwater. | ||||||||||||||||
(f) Payment of expenses. | ||||||||||||||||
(g) Establishment of liability for uncertain tax positions for prior years current tax expense in excess of taxes paid. | ||||||||||||||||
(i) In 2003, HSS completed the disposition of its interest in RSAE. |
Signature | Title | Date |
/s/Michael J. Chesser Michael J. Chesser | Chairman of the Board and Chief Executive Officer (Principal Executive Officer) | ) ) ) |
) | ||
/s/Terry Bassham Terry Bassham | Executive Vice President - Finance and Strategic Development and Chief Financial Officer (Principal Financial Officer) | ) ) ) ) |
) | ||
/s/Lori A. Wright Lori A. Wright | Controller (Principal Accounting Officer) | ) ) |
) | ||
David L. Bodde* | Director | ) |
) | ||
/s/William H. Downey William H. Downey | Director | ) ) |
) | ||
Mark A. Ernst* | Director | ) |
) | ||
Randall C. Ferguson, Jr.* | Director | ) |
) | ||
William K. Hall* | Director | ) |
) | ||
Luis A. Jimenez* | Director | ) |
) | ||
James A. Mitchell* | Director | ) |
) | ||
William C. Nelson* | Director | ) |
) | ||
Linda H. Talbott* | Director | ) |
) | ||
Robert H. West* | Director | ) |
Signature | Title | Date |
/s/ William H. Downey William H. Downey | President and Chief Executive Officer and Director (Principal Executive Officer) | ) ) ) |
) | ||
/s/Terry Bassham Terry Bassham | Chief Financial Officer (Principal Financial Officer) | ) ) |
) | ||
/s/Lori A. Wright Lori A. Wright | Controller (Principal Accounting Officer) | ) ) |
) | ||
David L. Bodde* | Director | ) |
) | ||
/s/Michael J. Chesser Michael J. Chesser | Chairman of the Board | ) ) |
) | ||
Mark A. Ernst* | Director | ) |
) | ||
Randall C. Ferguson, Jr.* | Director | ) |
) | ||
Luis A. Jimenez* | Director | ) |
) | ||
James A. Mitchell* | Director | ) |
) | ||
William C. Nelson* | Director | ) |
) | ||
Linda H. Talbott* | Director | ) |
) |