Securities and exchange commission


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6. ACQUIRED INTANGIBLE ASSETS
In May 2004, Great Plains Energy, through IEC, completed its purchase of an additional 11.45% indirect interest in Strategic Energy bringing Great Plains Energy’s indirect ownership interest in Strategic Energy to just under 100%. The acquired share of intangible assets and related liabilities are detailed in the following table.




 

June 30, 2005

 

December 31, 2004

 



 



 

Gross Carrying

Amount

Accumulated

Amortization

 

Gross Carrying

Amount

Accumulated

Amortization



Amortized intangible assets

(millions)

    Supply contracts

 

 

$

26

.5

$

(13

.5)

 

$

26

.5

$

(7

.7)

    Customer relationships

 

 

 

17

.0

 

(3

.3)

 

 

17

.0

 

(1

.9)

    Asset information systems

 

 

 

1

.9

 

(0

.6)

 

 

1

.9

 

(0

.3)

 



       Total

 

 

 

45

.4

 

(17

.4)

 

 

45

.4

 

(9

.9)

Unamortized intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Strategic Energy trade name

 

 

 

0

.7

 

 

 

 

 

0

.7

 

 

 



          Total intangible assets

 

 

$

46

.1

$

(17

.4)

 

$

46

.1

$

(9

.9)



Amortized related liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Retail contracts

 

 

$

26

.5

$

(13

.5)

 

$

26

.5

$

(7

.7)



Amortization expense for the acquired share of intangible assets and related liabilities is detailed in the following tables.




 

Three Months Ended

June 30

Year to Date

June 30

 

2005

2004

2005

2004



 

(millions)

Intangible assets

 

 

$

3.7

 

$

2.5

 

$

7.5

 

$

2.5

 

Related liabilities

 

 

 

(2.9

)

 

(1.9

)

 

(5.8

)

 

(1.9

)



   Net amortization expense

 

 

$

0.8

 

$

0.6

 

$

1.7

 

$

0.6

 



21




 

Estimated Amortization Expense

 



 

2005(a)

2006

2007

2008

2009



 

(millions)

Intangible assets

 

 

$

7.5

 

$

10.6

 

$

3.3

 

$

2.8

 

$

2.9

 

Related liabilities

 

 

 

(5.8

)

 

(7.2

)

 

-

 

 

-

 

 

-

 



   Net amortization expense

 

 

$

1.7

 

$

3.4

 

$

3.3

 

$

2.8

 

$

2.9

 



(a)  Amount represents the remaining estimated amortization expense for 2005.

7. KLT GAS DISCONTINUED OPERATIONS
In February 2004, the Board of Directors approved the sale of the KLT Gas natural gas properties (KLT Gas portfolio) and discontinuation of the gas business. Since the approval, the KLT Gas portfolio has been reported as discontinued operations in accordance with SFAS No. 144 “Accounting for the Impairment or Disposal of Long-lived Assets.” During 2004, KLT Gas completed sales of substantially all of the KLT Gas portfolio. During the second quarter of 2005, a legal reserve related to these discontinued operations was recorded. See Note 13 for more information. At June 30, 2005, and December 31, 2004, KLT Gas had $2.7 million and $0.7 million of current assets and $6.4 million and $2.1 million of current liabilities recorded in assets and liabilities from discontinued operations, respectively. The following table summarizes the discontinued operations.




Year to Date June 30

2005

2004



 

(millions)

Revenues

 

 

$

-

 

$

1.6

 



Loss from operations, including impairments,

 

 

 

 

 

 

 

 

    before income taxes

 

 

 

(6.0

)

 

(3.7

)

Income taxes

 

 

 

2.4

 

 

1.7

 



    Discontinued operations, net of income taxes

 

 

$

(3.6

)

$

(2.0

)


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