Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-38515 | ||
Entity Registrant Name | EVERGY, INC. | ||
Entity Tax Identification Number | 82-2733395 | ||
Entity Incorporation, State or Country Code | MO | ||
Entity Address, Address Line One | 1200 Main Street | ||
Entity Address, City or Town | Kansas City | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 64105 | ||
City Area Code | 816 | ||
Local Phone Number | 556-2200 | ||
Title of 12(b) Security | Evergy, Inc. common stock | ||
Trading Symbol | EVRG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 226,944,941 | ||
Entity Central Index Key | 0001711269 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Entity Public Float | $ 13,410,149,293 | ||
Evergy Kansas Central | |||
Entity Information [Line Items] | |||
Entity File Number | 001-03523 | ||
Entity Registrant Name | EVERGY KANSAS CENTRAL, INC. | ||
Entity Tax Identification Number | 48-0290150 | ||
Entity Incorporation, State or Country Code | KS | ||
Entity Address, Address Line One | 818 South Kansas Avenue | ||
Entity Address, City or Town | Topeka | ||
Entity Address, State or Province | KS | ||
Entity Address, Postal Zip Code | 66612 | ||
City Area Code | 785 | ||
Local Phone Number | 575-6300 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 1 | ||
Entity Central Index Key | 0000054507 | ||
Evergy Metro | |||
Entity Information [Line Items] | |||
Entity File Number | 000-51873 | ||
Entity Registrant Name | EVERGY METRO, INC. | ||
Entity Tax Identification Number | 44-0308720 | ||
Entity Incorporation, State or Country Code | MO | ||
Entity Address, Address Line One | 1200 Main Street | ||
Entity Address, City or Town | Kansas City | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 64105 | ||
City Area Code | 816 | ||
Local Phone Number | 556-2200 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 1 | ||
Entity Central Index Key | 0000054476 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
OPERATING REVENUES | $ 4,913.4 | $ 5,147.8 | $ 4,275.9 |
OPERATING EXPENSES: | |||
Fuel and purchased power | 1,099 | 1,265 | 1,078.7 |
SPP network transmission costs | 263.2 | 251.3 | 259.9 |
Operating and maintenance | 1,163 | 1,218.5 | 1,115.8 |
Depreciation and amortization | 880.1 | 861.7 | 618.8 |
Taxes other than income tax | 364.2 | 365.5 | 269.1 |
Total Operating Expenses | 3,769.5 | 3,962 | 3,342.3 |
INCOME FROM OPERATIONS | 1,143.9 | 1,185.8 | 933.6 |
OTHER INCOME (EXPENSE): | |||
Investment earnings | 10.8 | 11 | 8.8 |
Other income | 31.3 | 26.9 | 15.5 |
Other expense | (78.2) | (76.9) | (78.7) |
Total Other Expense, Net | (36.1) | (39) | (54.4) |
Interest expense | 383.9 | 374 | 279.6 |
INCOME BEFORE INCOME TAXES | 723.9 | 772.8 | 599.6 |
Interest expense | 102.2 | 97 | 59 |
Equity in earnings of equity method investees, net of income taxes | 8.3 | 9.8 | 5.4 |
NET INCOME | 630 | 685.6 | 546 |
Less: Net income attributable to noncontrolling interests | 11.7 | 15.7 | 10.2 |
Net income attributable to Evergy, Inc. | $ 618.3 | $ 669.9 | $ 535.8 |
BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO EVERGY, INC. (see Note 1) | |||
Basic earnings per common share (in dollars per share) | $ 2.72 | $ 2.80 | $ 2.50 |
Diluted earnings per common share (in dollars per share) | $ 2.72 | $ 2.79 | $ 2.50 |
AVERAGE COMMON SHARES OUTSTANDING | |||
Basic (in shares) | 227.2 | 239.5 | 213.9 |
Diluted (in shares) | 227.5 | 239.9 | 214.1 |
COMPREHENSIVE INCOME | |||
Net income | $ 630 | $ 685.6 | $ 546 |
Derivative hedging activity | |||
Loss on derivative hedging instruments | 0 | (64.4) | (5.4) |
Income tax benefit | 0 | 16.5 | 1.4 |
Net loss on derivative hedging instruments | 0 | (47.9) | (4) |
Reclassification to expenses, net of tax | 3 | 1.5 | 0 |
Derivative hedging activity, net of tax | 3 | (46.4) | (4) |
Defined benefit pension plans | |||
Net gain (loss) arising during period | (3) | (0.8) | 1.4 |
Income tax expense (benefit) | 0.7 | 0.2 | (0.4) |
Net gain (loss) arising during period, net of tax | (2.3) | (0.6) | 1 |
Amortization of net losses included in net periodic benefit costs, net of tax | (0.1) | 0 | 0 |
Change in unrecognized pension expense, net of tax | (2.4) | (0.6) | 1 |
Total other comprehensive income (loss) | 0.6 | (47) | (3) |
COMPREHENSIVE INCOME | 630.6 | 638.6 | 543 |
Less:Â Â comprehensive income attributable to noncontrolling interest | 11.7 | 15.7 | 10.2 |
COMPREHENSIVE INCOME | $ 618.9 | $ 622.9 | $ 532.8 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 144.9 | $ 23.2 | ||
Receivables, net of allowance for credit losses of $19.3 and $10.5, respectively | 273.9 | 228.5 | ||
Accounts receivable pledged as collateral | 360 | 339 | ||
Fuel inventory and supplies | 504.5 | 481.6 | ||
Income taxes receivable | 62.9 | 85.5 | ||
Regulatory assets | 206.2 | 231.7 | ||
Prepaid expenses and other assets | 71.9 | 78.2 | ||
Total Current Assets | 1,624.3 | 1,467.7 | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 19,951 | 19,184.4 | ||
OTHER ASSETS: | ||||
Regulatory assets | 1,868.2 | 1,740.5 | ||
Nuclear decommissioning trust fund | 652.1 | 573.2 | ||
Goodwill | 2,336.6 | 2,336.6 | ||
Other | 527.7 | 511.5 | ||
Total Other Assets | 5,384.6 | 5,161.8 | ||
TOTAL ASSETS | 27,114.8 | 25,975.9 | ||
CURRENT LIABILITIES: | ||||
Current maturities of long-term debt | 436.4 | 251.1 | ||
Notes payable and commercial paper | 315 | 561.9 | ||
Collateralized note payable | 360 | 339 | ||
Accounts payable | 654 | 528.8 | ||
Accrued taxes | 143.8 | 145.1 | ||
Accrued interest | 123.4 | 122.3 | ||
Regulatory liabilities | 26.1 | 63.3 | ||
Asset retirement obligations | 40.2 | 71.3 | ||
Accrued compensation and benefits | 55.5 | 59.2 | ||
Other | 182.6 | 161.6 | ||
Total Current Liabilities | 2,355.8 | 2,335.9 | ||
LONG-TERM LIABILITIES: | ||||
Long-term debt, net | 9,190.9 | 8,746.7 | ||
Deferred income taxes | 1,664.8 | 1,744.4 | ||
Unamortized investment tax credits | 186.7 | 375.4 | ||
Regulatory liabilities | 2,638.8 | 2,248.3 | ||
Pension and post-retirement liability | 1,149.4 | 1,017.6 | ||
Asset retirement obligations | 901.7 | 602.8 | ||
Other | 308.2 | 340.7 | ||
Total Long-Term Liabilities | 16,040.5 | 15,094.7 | ||
Commitments and Contingencies (Note 15) | ||||
Evergy, Inc. Shareholders' Equity: | ||||
Common stock - 600,000,000 shares authorized, without par value 226,836,670 and 226,641,443 shares issued, stated value | 7,080 | 7,070.4 | ||
Retained earnings | 1,702.8 | 1,551.5 | ||
Accumulated other comprehensive loss | (49.4) | (50) | ||
Total Evergy, Inc. Shareholders' Equity | 8,733.4 | 8,571.9 | ||
Noncontrolling Interests | (14.9) | (26.6) | ||
Total Equity | 8,718.5 | 8,545.3 | $ 9,990.7 | $ 3,860.4 |
TOTAL LIABILITIES AND EQUITY | 27,114.8 | 25,975.9 | ||
Consolidated Entity Excluding Variable Interest Entities (VIE) | ||||
CURRENT LIABILITIES: | ||||
Current maturities of long-term debt | 436.4 | 251.1 | ||
LONG-TERM LIABILITIES: | ||||
Long-term debt, net | 9,190.9 | 8,746.7 | ||
Variable Interest Entities | ||||
CURRENT ASSETS: | ||||
PROPERTY, PLANT AND EQUIPMENT, NET | 154.9 | 162 | ||
CURRENT LIABILITIES: | ||||
Current maturities of long-term debt | 18.8 | 32.3 | ||
Accrued interest | 0.1 | 0.3 | ||
LONG-TERM LIABILITIES: | ||||
Long-term debt, net | $ 0 | $ 18.8 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 19.3 | $ 10.5 |
Common stock - shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock - shares issued (in shares) | 226,836,670 | 226,641,443 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | |||
Net income | $ 630 | $ 685.6 | $ 546 |
Adjustments to reconcile income to net cash from operating activities: | |||
Depreciation and amortization | 880.1 | 861.7 | 618.8 |
Amortization of nuclear fuel | 58.3 | 51.4 | 43.6 |
Amortization of deferred refueling outage | 25.4 | 25.5 | 21.2 |
Amortization of corporate-owned life insurance | 20.1 | 19.8 | 22.6 |
Non-cash compensation | 16 | 16.3 | 29.9 |
Net deferred income taxes and credits | 126.9 | 121.5 | 124.2 |
Allowance for equity funds used during construction | (17.2) | (2.2) | (3.1) |
Payments for asset retirement obligations | (18.4) | (17.8) | (22.4) |
Equity in earnings of equity method investees, net of income taxes | (8.3) | (9.8) | (5.4) |
Income from corporate-owned life insurance | (8.2) | (29.6) | (2.3) |
Other | 0.8 | (3.2) | (5.2) |
Changes in working capital items: | |||
Accounts receivable | (4.9) | (23.1) | 265.1 |
Accounts receivable pledged as collateral | (21) | 26 | (185) |
Fuel inventory and supplies | (22.3) | 29.9 | 54.7 |
Prepaid expenses and other current assets | 16.9 | 43.4 | (128.1) |
Accounts payable | 134.3 | 16.9 | 56.7 |
Accrued taxes | 6.7 | (8.2) | (76.4) |
Other current liabilities | (98.9) | (59.4) | 92 |
Changes in other assets | 119.5 | 79.8 | 66.8 |
Changes in other liabilities | (82) | (75.5) | (15.9) |
Cash Flows from Operating Activities | 1,753.8 | 1,749 | 1,497.8 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | |||
Additions to property, plant and equipment | (1,560.3) | (1,210.1) | (1,069.7) |
Cash acquired from the merger with Great Plains Energy | 0 | 0 | 1,154.2 |
Purchase of securities - trusts | (65.6) | (55.8) | (117.5) |
Sale of securities - trusts | 56.5 | 47.3 | 117.7 |
Investment in corporate-owned life insurance | (19.1) | (18.3) | (17.1) |
Proceeds from investment in corporate-owned life insurance | 65.9 | 161.7 | 6.8 |
Proceeds from settlement of interest rate swap | 0 | 0 | 140.6 |
Other investing activities | (11.1) | (5.1) | (17.6) |
Cash Flows from (used in) Investing Activities | (1,533.7) | (1,080.3) | 197.4 |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||
Short-term debt, net | (246.9) | (176.7) | (104) |
Proceeds from term loan facility | 0 | 1,000 | 0 |
Repayment of term loan facility | 0 | 1,000 | 0 |
Collateralized short-term borrowings, net | 21 | (26) | 185 |
Proceeds from long-term debt | 888.8 | 2,372.7 | 290.9 |
Retirements of long-term debt | (251.1) | (701.1) | (395.8) |
Retirements of long-term debt of variable interest entities | (32.3) | (30.3) | (28.5) |
Payment for settlement of interest rate swap accounted for as a cash flow hedge | 0 | (69.8) | 0 |
Borrowings against cash surrender value of corporate-owned life insurance | 55.5 | 59.4 | 56.5 |
Repayment of borrowings against cash surrender value of corporate-owned life insurance | (54.8) | (127.5) | (3.9) |
Cash dividends paid | (465) | (462.5) | (475) |
Repurchase of common stock under repurchase plan | 0 | (1,628.7) | (1,042.3) |
Distributions to shareholders of noncontrolling interests | 0 | (8.6) | 0 |
Other financing activities | (13.6) | (6.7) | (21.3) |
Cash Flows from (used in) Financing Activities | (98.4) | (805.8) | (1,538.4) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 121.7 | (137.1) | 156.8 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||
Beginning of period | 23.2 | 160.3 | 3.5 |
End of period | $ 144.9 | $ 23.2 | $ 160.3 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Common Stock | Retained earnings | AOCI | Non-controlling interests |
Beginning balance (in shares) at Dec. 31, 2017 | 142,094,275 | ||||
Beginning balance at Dec. 31, 2017 | $ 3,860.4 | $ 2,734.8 | $ 1,173.3 | $ 0 | $ (47.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 546 | 535.8 | 10.2 | ||
Issuance of stock to Great Plains Energy shareholders (in shares) | 128,947,518 | ||||
Issuance of stock to Great Plains Energy shareholders | 6,979.9 | $ 6,979.9 | |||
Issuance of restricted common stock (in shares) | 122,505 | ||||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 533,273 | ||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | (16.7) | $ (16.7) | |||
Dividends declared on common stock | (362.1) | (362.1) | |||
Dividend equivalents declared | (1) | (1) | |||
Stock compensation expense | 29.9 | $ 29.9 | |||
Repurchase of common stock (in shares) | (16,371,319) | ||||
Repurchase of common stock under repurchase plan | (1,042.3) | $ (1,042.3) | |||
Derivative hedging activity, net of tax | (4) | (4) | |||
Change in unrecognized pension expense, net of tax | 1 | 1 | |||
Other | (0.4) | $ (0.4) | |||
Ending balance (in shares) at Dec. 31, 2018 | 255,326,252 | ||||
Ending balance at Dec. 31, 2018 | 9,990.7 | $ 8,685.2 | 1,346 | (3) | (37.5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 685.6 | 669.9 | 15.7 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 111,849 | ||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | (2.4) | $ (2.4) | |||
Dividends declared on common stock | (462.5) | (462.5) | |||
Dividend equivalents declared | (1.9) | (1.9) | |||
Stock compensation expense | 16.3 | $ 16.3 | |||
Repurchase of common stock (in shares) | (28,796,658) | ||||
Repurchase of common stock under repurchase plan | (1,628.7) | $ (1,628.7) | |||
Consolidation of noncontrolling interests | 3.8 | 3.8 | |||
Distributions to shareholders of noncontrolling interests | (8.6) | (8.6) | |||
Derivative hedging activity, net of tax | (46.4) | (46.4) | |||
Change in unrecognized pension expense, net of tax | (0.6) | (0.6) | |||
Ending balance (in shares) at Dec. 31, 2019 | 226,641,443 | ||||
Ending balance at Dec. 31, 2019 | 8,545.3 | $ 7,070.4 | 1,551.5 | (50) | (26.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 630 | 618.3 | 11.7 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 195,227 | ||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | (5.9) | $ (5.9) | |||
Dividends declared on common stock | (465) | (465) | |||
Dividend equivalents declared | (2) | (2) | |||
Stock compensation expense | 16 | 16 | |||
Derivative hedging activity, net of tax | 3 | 3 | |||
Change in unrecognized pension expense, net of tax | (2.4) | (2.4) | |||
Other | (0.5) | $ (0.5) | |||
Ending balance (in shares) at Dec. 31, 2020 | 226,836,670 | ||||
Ending balance at Dec. 31, 2020 | $ 8,718.5 | $ 7,080 | $ 1,702.8 | $ (49.4) | $ (14.9) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared on common stock (in dollars per share) | $ 2.05 | $ 1.93 | $ 1.735 |
Consolidated Statements of Inco
Consolidated Statements of Income - Evergy Kansas Central, Inc - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING REVENUES | $ 4,913.4 | $ 5,147.8 | $ 4,275.9 |
OPERATING EXPENSES: | |||
Fuel and purchased power | 1,099 | 1,265 | 1,078.7 |
SPP network transmission costs | 263.2 | 251.3 | 259.9 |
Operating and maintenance | 1,163 | 1,218.5 | 1,115.8 |
Depreciation and amortization | 880.1 | 861.7 | 618.8 |
Taxes other than income tax | 364.2 | 365.5 | 269.1 |
Total Operating Expenses | 3,769.5 | 3,962 | 3,342.3 |
INCOME FROM OPERATIONS | 1,143.9 | 1,185.8 | 933.6 |
OTHER INCOME (EXPENSE): | |||
Investment earnings (loss) | 10.8 | 11 | 8.8 |
Other income | 31.3 | 26.9 | 15.5 |
Other expense | (78.2) | (76.9) | (78.7) |
Total Other Expense, Net | (36.1) | (39) | (54.4) |
Interest expense | 383.9 | 374 | 279.6 |
INCOME BEFORE INCOME TAXES | 723.9 | 772.8 | 599.6 |
Income tax expense (benefit) | 102.2 | 97 | 59 |
Equity in earnings of equity method investees, net of income taxes | 8.3 | 9.8 | 5.4 |
NET INCOME | 630 | 685.6 | 546 |
Less: Net income attributable to noncontrolling interests | 11.7 | 15.7 | 10.2 |
Net income attributable to Evergy, Inc. | 618.3 | 669.9 | 535.8 |
Evergy Kansas Central | |||
OPERATING REVENUES | 2,418.1 | 2,507.4 | 2,614.9 |
OPERATING EXPENSES: | |||
Fuel and purchased power | 427.6 | 493 | 599.2 |
SPP network transmission costs | 263.2 | 251.3 | 259.9 |
Operating and maintenance | 513.6 | 530.5 | 640.7 |
Depreciation and amortization | 453.1 | 443.8 | 390.9 |
Taxes other than income tax | 193.3 | 192.3 | 173.7 |
Total Operating Expenses | 1,850.8 | 1,910.9 | 2,064.4 |
INCOME FROM OPERATIONS | 567.3 | 596.5 | 550.5 |
OTHER INCOME (EXPENSE): | |||
Investment earnings (loss) | 4.8 | 4.1 | (0.6) |
Other income | 21.4 | 23.1 | 13.9 |
Other expense | (38.9) | (40.1) | (46.8) |
Total Other Expense, Net | (12.7) | (12.9) | (33.5) |
Interest expense | 167.6 | 177 | 176.8 |
INCOME BEFORE INCOME TAXES | 387 | 406.6 | 340.2 |
Income tax expense (benefit) | 155.8 | 52.1 | (4.3) |
Equity in earnings of equity method investees, net of income taxes | 4.6 | 4.6 | 4.6 |
NET INCOME | 235.8 | 359.1 | 349.1 |
Less: Net income attributable to noncontrolling interests | 11.7 | 15.7 | 10.2 |
Net income attributable to Evergy, Inc. | $ 224.1 | $ 343.4 | $ 338.9 |
Consolidated Balance Sheets - E
Consolidated Balance Sheets - Evergy Kansas Central, Inc - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 144.9 | $ 23.2 |
Receivables, net of allowance for credit losses of $7.5 and $3.8, respectively | 273.9 | 228.5 |
Accounts receivable pledged as collateral | 360 | 339 |
Fuel inventory and supplies | 504.5 | 481.6 |
Income taxes receivable | 62.9 | 85.5 |
Regulatory assets | 206.2 | 231.7 |
Prepaid expenses and other assets | 71.9 | 78.2 |
Total Current Assets | 1,624.3 | 1,467.7 |
PROPERTY, PLANT AND EQUIPMENT, NET | 19,951 | 19,184.4 |
OTHER ASSETS: | ||
Regulatory assets | 1,868.2 | 1,740.5 |
Nuclear decommissioning trust fund | 652.1 | 573.2 |
Other | 527.7 | 511.5 |
Total Other Assets | 5,384.6 | 5,161.8 |
TOTAL ASSETS | 27,114.8 | 25,975.9 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 436.4 | 251.1 |
Notes payable and commercial paper | 315 | 561.9 |
Collateralized note payable | 360 | 339 |
Accounts payable | 654 | 528.8 |
Accrued taxes | 143.8 | 145.1 |
Accrued interest | 123.4 | 122.3 |
Regulatory liabilities | 26.1 | 63.3 |
Asset retirement obligations | 40.2 | 71.3 |
Accrued compensation and benefits | 55.5 | 59.2 |
Other | 182.6 | 161.6 |
Total Current Liabilities | 2,355.8 | 2,335.9 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 9,190.9 | 8,746.7 |
Deferred income taxes | 1,664.8 | 1,744.4 |
Unamortized investment tax credits | 186.7 | 375.4 |
Regulatory liabilities | 2,638.8 | 2,248.3 |
Pension and post-retirement liability | 1,149.4 | 1,017.6 |
Asset retirement obligations | 901.7 | 602.8 |
Other | 308.2 | 340.7 |
Total Long-Term Liabilities | 16,040.5 | 15,094.7 |
Commitments and Contingencies (Note 15) | ||
Evergy, Inc. Shareholders' Equity: | ||
Common stock | 7,080 | 7,070.4 |
Retained earnings | 1,702.8 | 1,551.5 |
Total Evergy, Inc. Shareholders' Equity | 8,733.4 | 8,571.9 |
Noncontrolling Interests | (14.9) | (26.6) |
Total Equity | 8,718.5 | 8,545.3 |
TOTAL LIABILITIES AND EQUITY | 27,114.8 | 25,975.9 |
Evergy Kansas Central | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | 28.7 | 5.2 |
Receivables, net of allowance for credit losses of $7.5 and $3.8, respectively | 218.9 | 140.4 |
Related party receivables | 6.7 | 9.9 |
Accounts receivable pledged as collateral | 180 | 171 |
Fuel inventory and supplies | 276.4 | 266.4 |
Income taxes receivable | 25.3 | 30.4 |
Regulatory assets | 96.2 | 93.3 |
Prepaid expenses and other assets | 27.4 | 34.3 |
Total Current Assets | 859.6 | 750.9 |
PROPERTY, PLANT AND EQUIPMENT, NET | 10,193.6 | 9,864.9 |
OTHER ASSETS: | ||
Regulatory assets | 800.1 | 730.4 |
Nuclear decommissioning trust fund | 309.8 | 272.5 |
Other | 271.1 | 266 |
Total Other Assets | 1,381 | 1,268.9 |
TOTAL ASSETS | 12,589.1 | 12,046.7 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 0 | 250 |
Notes payable and commercial paper | 50 | 249.2 |
Collateralized note payable | 180 | 171 |
Accounts payable | 280.1 | 200.5 |
Related party payables | 21.7 | 14.8 |
Accrued taxes | 101.5 | 98.7 |
Accrued interest | 72.8 | 74.2 |
Regulatory liabilities | 11.9 | 42.3 |
Asset retirement obligations | 11.2 | 23.3 |
Accrued compensation and benefits | 11.1 | 14.2 |
Other | 133.5 | 116 |
Total Current Liabilities | 892.6 | 1,286.5 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 3,931.5 | 3,436.1 |
Deferred income taxes | 824.5 | 817.7 |
Unamortized investment tax credits | 65.7 | 253.2 |
Regulatory liabilities | 1,461 | 1,132.5 |
Pension and post-retirement liability | 560.3 | 495.5 |
Asset retirement obligations | 416 | 249.6 |
Other | 156.7 | 151.8 |
Total Long-Term Liabilities | 7,415.7 | 6,555.2 |
Commitments and Contingencies (Note 15) | ||
Evergy, Inc. Shareholders' Equity: | ||
Common stock | 2,737.6 | 2,737.6 |
Retained earnings | 1,558.1 | 1,494 |
Total Evergy, Inc. Shareholders' Equity | 4,295.7 | 4,231.6 |
Noncontrolling Interests | (14.9) | (26.6) |
Total Equity | 4,280.8 | 4,205 |
TOTAL LIABILITIES AND EQUITY | 12,589.1 | 12,046.7 |
Consolidated Entity Excluding Variable Interest Entities (VIE) | ||
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 436.4 | 251.1 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 9,190.9 | 8,746.7 |
Consolidated Entity Excluding Variable Interest Entities (VIE) | Evergy Kansas Central | ||
CURRENT ASSETS: | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 10,193.6 | 9,864.9 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 0 | 250 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 3,931.5 | 3,436.1 |
Variable Interest Entities | ||
CURRENT ASSETS: | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 154.9 | 162 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 18.8 | 32.3 |
Accrued interest | 0.1 | 0.3 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 0 | 18.8 |
Variable Interest Entities | Evergy Kansas Central | ||
CURRENT ASSETS: | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 154.9 | 162 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 18.8 | 32.3 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | $ 0 | $ 18.8 |
Consolidated Balance Sheets -_2
Consolidated Balance Sheets - Evergy Kansas Central, Inc (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for credit losses | $ 19.3 | $ 10.5 |
Common stock - shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock - shares issued (in shares) | 226,836,670 | 226,641,443 |
Evergy Kansas Central | ||
Allowance for credit losses | $ 7.5 | $ 3.8 |
Common stock - shares authorized (in shares) | 1,000 | 1,000 |
Common stock - par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock - shares issued (in shares) | 1 | 1 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - Evergy Kansas Central, Inc - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | |||
Net income | $ 630 | $ 685.6 | $ 546 |
Adjustments to reconcile income to net cash from operating activities: | |||
Depreciation and amortization | 880.1 | 861.7 | 618.8 |
Amortization of nuclear fuel | 58.3 | 51.4 | 43.6 |
Amortization of deferred refueling outage | 25.4 | 25.5 | 21.2 |
Amortization of corporate-owned life insurance | 20.1 | 19.8 | 22.6 |
Non-cash compensation | 16 | 16.3 | 29.9 |
Net deferred income taxes and credits | 126.9 | 121.5 | 124.2 |
Allowance for equity funds used during construction | (17.2) | (2.2) | (3.1) |
Payments for asset retirement obligations | (18.4) | (17.8) | (22.4) |
Equity in earnings of equity method investees, net of income taxes | (8.3) | (9.8) | (5.4) |
Income from corporate-owned life insurance | (8.2) | (29.6) | (2.3) |
Other | 0.8 | (3.2) | (5.2) |
Changes in working capital items: | |||
Accounts receivable | (4.9) | (23.1) | 265.1 |
Accounts receivable pledged as collateral | (21) | 26 | (185) |
Fuel inventory and supplies | (22.3) | 29.9 | 54.7 |
Prepaid expenses and other current assets | 16.9 | 43.4 | (128.1) |
Accounts payable | 134.3 | 16.9 | 56.7 |
Accrued taxes | 6.7 | (8.2) | (76.4) |
Other current liabilities | (98.9) | (59.4) | 92 |
Changes in other assets | 119.5 | 79.8 | 66.8 |
Changes in other liabilities | (82) | (75.5) | (15.9) |
Cash Flows from Operating Activities | 1,753.8 | 1,749 | 1,497.8 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | |||
Additions to property, plant and equipment | (1,560.3) | (1,210.1) | (1,069.7) |
Purchase of securities - trusts | (65.6) | (55.8) | (117.5) |
Sale of securities - trusts | 56.5 | 47.3 | 117.7 |
Investment in corporate-owned life insurance | (19.1) | (18.3) | (17.1) |
Proceeds from investment in corporate-owned life insurance | 65.9 | 161.7 | 6.8 |
Other investing activities | (11.1) | (5.1) | (17.6) |
Cash Flows from (used in) Investing Activities | (1,533.7) | (1,080.3) | 197.4 |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||
Short-term debt, net | (246.9) | (176.7) | (104) |
Collateralized short-term debt, net | 21 | (26) | 185 |
Proceeds from long-term debt | 888.8 | 2,372.7 | 290.9 |
Retirements of long-term debt | (251.1) | (701.1) | (395.8) |
Retirements of long-term debt of variable interest entities | (32.3) | (30.3) | (28.5) |
Borrowings against cash surrender value of corporate-owned life insurance | 55.5 | 59.4 | 56.5 |
Repayment of borrowings against cash surrender value of corporate-owned life insurance | (54.8) | (127.5) | (3.9) |
Cash dividends paid | (465) | (462.5) | (475) |
Distributions to shareholders of noncontrolling interests | 0 | (8.6) | 0 |
Other financing activities | (13.6) | (6.7) | (21.3) |
Cash Flows from (used in) Financing Activities | (98.4) | (805.8) | (1,538.4) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 121.7 | (137.1) | 156.8 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||
Beginning of period | 23.2 | 160.3 | 3.5 |
End of period | 144.9 | 23.2 | 160.3 |
Evergy Kansas Central | |||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | |||
Net income | 235.8 | 359.1 | 349.1 |
Adjustments to reconcile income to net cash from operating activities: | |||
Depreciation and amortization | 453.1 | 443.8 | 390.9 |
Amortization of nuclear fuel | 28.8 | 25.6 | 26 |
Amortization of deferred refueling outage | 12.7 | 12.8 | 13.7 |
Amortization of corporate-owned life insurance | 20.1 | 19.8 | 22.6 |
Non-cash compensation | 0 | 0 | 19.9 |
Net deferred income taxes and credits | 146.6 | 11.6 | (2.2) |
Allowance for equity funds used during construction | (9.1) | 0 | (2.9) |
Payments for asset retirement obligations | (2.2) | (14.8) | (12) |
Equity in earnings of equity method investees, net of income taxes | (4.6) | (4.6) | (4.6) |
Income from corporate-owned life insurance | (8.2) | (29) | (2.3) |
Other | (5.5) | (5.5) | (5.4) |
Changes in working capital items: | |||
Accounts receivable | (33.8) | (65.9) | 207.9 |
Accounts receivable pledged as collateral | (9) | 14 | (185) |
Fuel inventory and supplies | (9.4) | 10.9 | 17.3 |
Prepaid expenses and other current assets | 10 | (11.7) | (134.2) |
Accounts payable | 111.6 | 6.9 | (17.6) |
Accrued taxes | (6.7) | 20.2 | (24.1) |
Other current liabilities | (95.5) | 12.1 | 88.3 |
Changes in other assets | 42.9 | 47 | 42.7 |
Changes in other liabilities | (30.2) | (29.5) | (36.2) |
Cash Flows from Operating Activities | 847.4 | 822.8 | 751.9 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | |||
Additions to property, plant and equipment | (719) | (596.1) | (713.3) |
Purchase of securities - trusts | (20.2) | (21.8) | (99.4) |
Sale of securities - trusts | 18.6 | 21.6 | 104.2 |
Investment in corporate-owned life insurance | (18.3) | (17.6) | (17.1) |
Proceeds from investment in corporate-owned life insurance | 63.8 | 158.9 | 6.8 |
Other investing activities | (2.2) | (3.2) | (8.6) |
Cash Flows from (used in) Investing Activities | (677.3) | (458.2) | (727.4) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||
Short-term debt, net | (199.2) | (162.5) | 133.7 |
Collateralized short-term debt, net | 9 | (14) | 185 |
Proceeds from long-term debt | 492.7 | 294.7 | 121.9 |
Retirements of long-term debt | (250) | (300) | (121.9) |
Retirements of long-term debt of variable interest entities | (32.3) | (30.3) | (28.5) |
Borrowings against cash surrender value of corporate-owned life insurance | 52.7 | 56.5 | 56.5 |
Repayment of borrowings against cash surrender value of corporate-owned life insurance | (53.7) | (125.4) | (3.9) |
Cash dividends paid | (160) | (110) | (305.1) |
Distributions to shareholders of noncontrolling interests | 0 | (8.6) | 0 |
Other financing activities | (5.8) | (4.3) | (21.2) |
Cash Flows from (used in) Financing Activities | (146.6) | (403.9) | 16.5 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 23.5 | (39.3) | 41 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||
Beginning of period | 5.2 | 44.5 | 3.5 |
End of period | $ 28.7 | $ 5.2 | $ 44.5 |
Consolidated Statements of Ch_3
Consolidated Statements of Changes in Equity - Evergy Kansas Central, Inc - USD ($) $ in Millions | Total | Common Stock | Retained earnings | Non-controlling interests | Evergy Kansas Central | Evergy Kansas CentralCommon Stock | Evergy Kansas CentralRetained earnings | Evergy Kansas CentralNon-controlling interests |
Beginning balance (in shares) at Dec. 31, 2017 | 142,094,275 | 142,094,275 | ||||||
Beginning balance at Dec. 31, 2017 | $ 3,860.4 | $ 2,734.8 | $ 1,173.3 | $ (47.7) | $ 3,860.4 | $ 2,734.8 | $ 1,173.3 | $ (47.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 546 | 535.8 | 10.2 | 349.1 | 338.9 | 10.2 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 533,273 | 516,990 | ||||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | (16.7) | $ (16.7) | (17.2) | $ (17.2) | ||||
Stock Canceled During Period Shares Net | (142,611,264) | |||||||
Stock Canceled During Period, Value | 0 | |||||||
Dividends declared on common stock | (362.1) | (362.1) | (251.6) | (251.6) | ||||
Stock compensation expense | 29.9 | 29.9 | 19.9 | $ 19.9 | ||||
Stockholders' Equity, Other | (0.4) | $ (0.4) | 0.1 | $ 0.1 | ||||
Ending balance (in shares) at Dec. 31, 2018 | 255,326,252 | 1 | ||||||
Ending balance at Dec. 31, 2018 | 9,990.7 | $ 8,685.2 | 1,346 | (37.5) | 3,960.7 | $ 2,737.6 | 1,260.6 | (37.5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 685.6 | 669.9 | 15.7 | 359.1 | 343.4 | 15.7 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 111,849 | |||||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | (2.4) | $ (2.4) | ||||||
Dividends declared on common stock | (462.5) | (462.5) | (110) | (110) | ||||
Stock compensation expense | 16.3 | $ 16.3 | ||||||
Consolidation of noncontrolling interests | 3.8 | 3.8 | 3.8 | 3.8 | ||||
Distributions to shareholders of noncontrolling interests | (8.6) | (8.6) | (8.6) | (8.6) | ||||
Ending balance (in shares) at Dec. 31, 2019 | 226,641,443 | 1 | ||||||
Ending balance at Dec. 31, 2019 | 8,545.3 | $ 7,070.4 | 1,551.5 | (26.6) | 4,205 | $ 2,737.6 | 1,494 | (26.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 630 | 618.3 | 11.7 | 235.8 | 224.1 | 11.7 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 195,227 | |||||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | (5.9) | $ (5.9) | ||||||
Dividends declared on common stock | (465) | (465) | (160) | (160) | ||||
Stock compensation expense | 16 | 16 | ||||||
Stockholders' Equity, Other | (0.5) | $ (0.5) | ||||||
Ending balance (in shares) at Dec. 31, 2020 | 226,836,670 | 1 | ||||||
Ending balance at Dec. 31, 2020 | $ 8,718.5 | $ 7,080 | $ 1,702.8 | $ (14.9) | $ 4,280.8 | $ 2,737.6 | $ 1,558.1 | $ (14.9) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income - Evergy Metro, Inc - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING REVENUES | $ 4,913.4 | $ 5,147.8 | $ 4,275.9 |
OPERATING EXPENSES: | |||
Fuel and purchased power | 1,099 | 1,265 | 1,078.7 |
Operating and maintenance | 1,163 | 1,218.5 | 1,115.8 |
Depreciation and amortization | 880.1 | 861.7 | 618.8 |
Taxes other than income tax | 364.2 | 365.5 | 269.1 |
Total Operating Expenses | 3,769.5 | 3,962 | 3,342.3 |
INCOME FROM OPERATIONS | 1,143.9 | 1,185.8 | 933.6 |
OTHER INCOME (EXPENSE): | |||
Investment earnings | 10.8 | 11 | 8.8 |
Other income | 31.3 | 26.9 | 15.5 |
Other expense | (78.2) | (76.9) | (78.7) |
Total Other Expense, Net | (36.1) | (39) | (54.4) |
Interest expense | 383.9 | 374 | 279.6 |
INCOME BEFORE INCOME TAXES | 723.9 | 772.8 | 599.6 |
Interest expense | 102.2 | 97 | 59 |
Net income attributable to Evergy, Inc. | 618.3 | 669.9 | 535.8 |
Derivative hedging activity | |||
Reclassification to expenses, net of tax | 3 | 1.5 | 0 |
Derivative hedging activity, net of tax | 3 | (46.4) | (4) |
Total other comprehensive income (loss) | 0.6 | (47) | (3) |
COMPREHENSIVE INCOME | 618.9 | 622.9 | 532.8 |
Evergy Metro | |||
OPERATING REVENUES | 1,705.6 | 1,806.5 | 1,823.1 |
OPERATING EXPENSES: | |||
Fuel and purchased power | 416.1 | 482.1 | 520.6 |
Operating and maintenance | 407.5 | 451.9 | 494.2 |
Depreciation and amortization | 326.1 | 318.4 | 281.3 |
Taxes other than income tax | 121.6 | 127.6 | 117.2 |
Total Operating Expenses | 1,271.3 | 1,380 | 1,413.3 |
INCOME FROM OPERATIONS | 434.3 | 426.5 | 409.8 |
OTHER INCOME (EXPENSE): | |||
Investment earnings | 1.4 | 2.4 | 2.8 |
Other income | 9.2 | 3.2 | 2.2 |
Other expense | (25.5) | (21.4) | (30.9) |
Total Other Expense, Net | (14.9) | (15.8) | (25.9) |
Interest expense | 113.6 | 119.8 | 133.7 |
INCOME BEFORE INCOME TAXES | 305.8 | 290.9 | 250.2 |
Interest expense | 7.1 | 35.7 | 87.3 |
Net income attributable to Evergy, Inc. | 298.7 | 255.2 | 162.9 |
Derivative hedging activity | |||
Reclassification to expenses, net of tax | (0.2) | 0.7 | 3.7 |
Derivative hedging activity, net of tax | (0.2) | 0.7 | 3.7 |
Total other comprehensive income (loss) | (0.2) | 0.7 | 3.7 |
COMPREHENSIVE INCOME | $ 298.5 | $ 255.9 | $ 166.6 |
Consolidated Balance Sheets -_3
Consolidated Balance Sheets - Evergy Metro, Inc - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 144.9 | $ 23.2 |
Receivables, net of allowance for credit losses of $8.1 and $4.6, respectively | 273.9 | 228.5 |
Accounts receivable pledged as collateral | 360 | 339 |
Fuel inventory and supplies | 504.5 | 481.6 |
Income taxes receivable | 62.9 | 85.5 |
Regulatory assets | 206.2 | 231.7 |
Total Current Assets | 1,624.3 | 1,467.7 |
PROPERTY, PLANT AND EQUIPMENT, NET | 19,951 | 19,184.4 |
OTHER ASSETS: | ||
Regulatory assets | 1,868.2 | 1,740.5 |
Nuclear decommissioning trust fund | 652.1 | 573.2 |
Other | 527.7 | 511.5 |
Total Other Assets | 5,384.6 | 5,161.8 |
TOTAL ASSETS | 27,114.8 | 25,975.9 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 436.4 | 251.1 |
Notes payable and commercial paper | 315 | 561.9 |
Collateralized note payable | 360 | 339 |
Accounts payable | 654 | 528.8 |
Accrued taxes | 143.8 | 145.1 |
Accrued interest | 123.4 | 122.3 |
Regulatory liabilities | 26.1 | 63.3 |
Asset retirement obligations | 40.2 | 71.3 |
Accrued compensation and benefits | 55.5 | 59.2 |
Other | 182.6 | 161.6 |
Total Current Liabilities | 2,355.8 | 2,335.9 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 9,190.9 | 8,746.7 |
Deferred income taxes | 1,664.8 | 1,744.4 |
Unamortized investment tax credits | 186.7 | 375.4 |
Regulatory liabilities | 2,638.8 | 2,248.3 |
Pension and post-retirement liability | 1,149.4 | 1,017.6 |
Asset retirement obligations | 901.7 | 602.8 |
Other | 308.2 | 340.7 |
Total Long-Term Liabilities | 16,040.5 | 15,094.7 |
Commitments and Contingencies (Note 15) | ||
EQUITY: | ||
Common stock | 7,080 | 7,070.4 |
Retained earnings | 1,702.8 | 1,551.5 |
Accumulated other comprehensive loss | (49.4) | (50) |
Total Evergy, Inc. Shareholders' Equity | 8,733.4 | 8,571.9 |
TOTAL LIABILITIES AND EQUITY | 27,114.8 | 25,975.9 |
Evergy Metro | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | 71.6 | 2 |
Receivables, net of allowance for credit losses of $8.1 and $4.6, respectively | 45 | 48.1 |
Related party receivables | 225.6 | 93.9 |
Accounts receivable pledged as collateral | 130 | 118 |
Fuel inventory and supplies | 170.4 | 163 |
Income taxes receivable | 3.2 | 8.7 |
Regulatory assets | 82 | 95.4 |
Prepaid expenses | 22.9 | 22.8 |
Other assets | 14.2 | 15 |
Total Current Assets | 764.9 | 566.9 |
PROPERTY, PLANT AND EQUIPMENT, NET | 7,141.2 | 6,839 |
OTHER ASSETS: | ||
Regulatory assets | 533.5 | 464.4 |
Nuclear decommissioning trust fund | 342.3 | 300.7 |
Other | 133.9 | 134.1 |
Total Other Assets | 1,009.7 | 899.2 |
TOTAL ASSETS | 8,915.8 | 8,305.1 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 0 | 0 |
Notes payable and commercial paper | 0 | 199.3 |
Collateralized note payable | 130 | 118 |
Accounts payable | 280.1 | 233.6 |
Related party payables | 0.1 | 4.6 |
Accrued taxes | 34.9 | 38.8 |
Accrued interest | 30 | 26.7 |
Regulatory liabilities | 8 | 11.4 |
Asset retirement obligations | 21.2 | 36.1 |
Accrued compensation and benefits | 44.4 | 45.1 |
Other | 37.3 | 34 |
Total Current Liabilities | 586 | 747.6 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 2,923 | 2,525 |
Deferred income taxes | 558.8 | 642.8 |
Unamortized investment tax credits | 118.5 | 119.6 |
Regulatory liabilities | 899.4 | 792.2 |
Pension and post-retirement liability | 565.1 | 499.7 |
Asset retirement obligations | 357.7 | 217.5 |
Other | 148.1 | 180 |
Total Long-Term Liabilities | 5,570.6 | 4,976.8 |
Commitments and Contingencies (Note 15) | ||
EQUITY: | ||
Common stock | 1,563.1 | 1,563.1 |
Retained earnings | 1,191.5 | 1,012.8 |
Accumulated other comprehensive loss | 4.6 | 4.8 |
Total Evergy, Inc. Shareholders' Equity | 2,759.2 | 2,580.7 |
TOTAL LIABILITIES AND EQUITY | $ 8,915.8 | $ 8,305.1 |
Consolidated Balance Sheets -_4
Consolidated Balance Sheets - Evergy Metro, Inc (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for credit losses | $ 19.3 | $ 10.5 |
Common stock - shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock - shares issued (in shares) | 226,836,670 | 226,641,443 |
Evergy Metro | ||
Allowance for credit losses | $ 8.1 | $ 4.6 |
Common stock - shares authorized (in shares) | 1,000 | 1,000 |
Common stock - shares issued (in shares) | 1 | 1 |
Consolidated Statements of Ca_3
Consolidated Statements of Cash Flows - Evergy Metro, Inc - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | |||
Net income | $ 630 | $ 685.6 | $ 546 |
Adjustments to reconcile income to net cash from operating activities: | |||
Depreciation and amortization | 880.1 | 861.7 | 618.8 |
Amortization of nuclear fuel | 58.3 | 51.4 | 43.6 |
Amortization of deferred refueling outage | 25.4 | 25.5 | 21.2 |
Net deferred income taxes and credits | 126.9 | 121.5 | 124.2 |
Allowance for equity funds used during construction | (17.2) | (2.2) | (3.1) |
Payments for asset retirement obligations | (18.4) | (17.8) | (22.4) |
Other | 0.8 | (3.2) | (5.2) |
Changes in working capital items: | |||
Accounts receivable | (4.9) | (23.1) | 265.1 |
Accounts receivable pledged as collateral | (21) | 26 | (185) |
Fuel inventory and supplies | (22.3) | 29.9 | 54.7 |
Prepaid expenses and other current assets | 16.9 | 43.4 | (128.1) |
Accounts payable | 134.3 | 16.9 | 56.7 |
Accrued taxes | 6.7 | (8.2) | (76.4) |
Other current liabilities | (98.9) | (59.4) | 92 |
Changes in other assets | 119.5 | 79.8 | 66.8 |
Changes in other liabilities | (82) | (75.5) | (15.9) |
Cash Flows from Operating Activities | 1,753.8 | 1,749 | 1,497.8 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | |||
Additions to property, plant and equipment | (1,560.3) | (1,210.1) | (1,069.7) |
Purchase of securities - trusts | (65.6) | (55.8) | (117.5) |
Sale of securities - trusts | 56.5 | 47.3 | 117.7 |
Other investing activities | (11.1) | (5.1) | (17.6) |
Cash Flows from (used in) Investing Activities | (1,533.7) | (1,080.3) | 197.4 |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||
Short-term debt, net | (246.9) | (176.7) | (104) |
Collateralized short-term debt, net | 21 | (26) | 185 |
Proceeds from long-term debt | 888.8 | 2,372.7 | 290.9 |
Retirements of long-term debt | (251.1) | (701.1) | (395.8) |
Cash dividends paid | (465) | (462.5) | (475) |
Other financing activities | (13.6) | (6.7) | (21.3) |
Cash Flows from (used in) Financing Activities | (98.4) | (805.8) | (1,538.4) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 121.7 | (137.1) | 156.8 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||
Beginning of period | 23.2 | 160.3 | 3.5 |
End of period | 144.9 | 23.2 | 160.3 |
Evergy Metro | |||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | |||
Net income | 298.7 | 255.2 | 162.9 |
Adjustments to reconcile income to net cash from operating activities: | |||
Depreciation and amortization | 326.1 | 318.4 | 281.3 |
Amortization of nuclear fuel | 29.5 | 25.9 | 26.2 |
Amortization of deferred refueling outage | 12.7 | 12.8 | 13.5 |
Net deferred income taxes and credits | (3.5) | (30.6) | 48.6 |
Allowance for equity funds used during construction | (8) | (2.2) | (1.4) |
Payments for asset retirement obligations | (7.5) | (2.5) | (13.1) |
Other | (0.4) | 0.3 | 3.9 |
Changes in working capital items: | |||
Accounts receivable | (13.2) | 37 | 36.5 |
Accounts receivable pledged as collateral | (12) | 12 | 0 |
Fuel inventory and supplies | (7.4) | 14.6 | 19.4 |
Prepaid expenses and other current assets | (7.9) | 28 | 7.2 |
Accounts payable | 24.6 | 9.1 | (34.6) |
Accrued taxes | 1.6 | (9.6) | 16.1 |
Other current liabilities | 2.4 | (53.2) | 10.4 |
Changes in other assets | 59.1 | 33.7 | 42.9 |
Changes in other liabilities | (47.3) | (34.7) | 37.9 |
Cash Flows from Operating Activities | 647.5 | 614.2 | 657.7 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | |||
Additions to property, plant and equipment | (565.4) | (445) | (430.7) |
Purchase of securities - trusts | (45.4) | (34) | (35.1) |
Sale of securities - trusts | 37.9 | 25.7 | 27.1 |
Net money pool lending | (100) | 0 | 0 |
Other investing activities | 4.6 | 9 | 4.8 |
Cash Flows from (used in) Investing Activities | (668.3) | (444.3) | (433.9) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||
Short-term debt, net | (199.3) | 22.4 | 8 |
Collateralized short-term debt, net | 12 | (12) | 0 |
Proceeds from long-term debt | 396.2 | 393.2 | 465.6 |
Retirements of long-term debt | 0 | (400) | (519.9) |
Cash dividends paid | (120) | (175) | (180) |
Other financing activities | 1.5 | 0.9 | 2.9 |
Cash Flows from (used in) Financing Activities | 90.4 | (170.5) | (223.4) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 69.6 | (0.6) | 0.4 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||
Beginning of period | 2 | 2.6 | 2.2 |
End of period | $ 71.6 | $ 2 | $ 2.6 |
Consolidated Statements of Ch_4
Consolidated Statements of Changes in Equity - Evergy Metro, Inc - USD ($) $ in Millions | Total | Common Stock | Retained earnings | Evergy Metro | Evergy MetroCommon Stock | Evergy MetroRetained earnings | Evergy MetroAOCI - Net gains (losses) on cash flow hedges |
Beginning balance (in shares) at Dec. 31, 2017 | 142,094,275 | 1 | |||||
Beginning balance at Dec. 31, 2017 | $ 3,860.4 | $ 2,734.8 | $ 1,173.3 | $ 2,513.2 | $ 1,563.1 | $ 949.7 | $ 0.4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 546 | 535.8 | 162.9 | 162.9 | |||
Dividends declared on common stock | (362.1) | (362.1) | (180) | (180) | |||
Derivative hedging activity, net of tax | (4) | 3.7 | 3.7 | ||||
Ending balance (in shares) at Dec. 31, 2018 | 255,326,252 | 1 | |||||
Ending balance at Dec. 31, 2018 | 9,990.7 | $ 8,685.2 | 1,346 | 2,499.8 | $ 1,563.1 | 932.6 | 4.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 685.6 | 669.9 | 255.2 | 255.2 | |||
Dividends declared on common stock | (462.5) | (462.5) | (175) | (175) | |||
Derivative hedging activity, net of tax | (46.4) | 0.7 | 0.7 | ||||
Ending balance (in shares) at Dec. 31, 2019 | 226,641,443 | 1 | |||||
Ending balance at Dec. 31, 2019 | 8,545.3 | $ 7,070.4 | 1,551.5 | 2,580.7 | $ 1,563.1 | 1,012.8 | 4.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 630 | 618.3 | 298.7 | 298.7 | |||
Dividends declared on common stock | (465) | (465) | (120) | (120) | |||
Derivative hedging activity, net of tax | 3 | (0.2) | (0.2) | ||||
Ending balance (in shares) at Dec. 31, 2020 | 226,836,670 | 1 | |||||
Ending balance at Dec. 31, 2020 | $ 8,718.5 | $ 7,080 | $ 1,702.8 | $ 2,759.2 | $ 1,563.1 | $ 1,191.5 | $ 4.6 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Evergy is a public utility holding company incorporated in 2017 and headquartered in Kansas City, Missouri. Evergy operates primarily through the following wholly-owned direct subsidiaries listed below. • Evergy Kansas Central, Inc. (Evergy Kansas Central) is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South, Inc. (Evergy Kansas South). • Evergy Metro, Inc. (Evergy Metro) is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas. • Evergy Missouri West, Inc. (Evergy Missouri West) is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri. • Evergy Transmission Company, LLC (Evergy Transmission Company) owns 13.5% of Transource Energy, LLC (Transource) with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a subsidiary of American Electric Power Company, Inc. (AEP). Transource is focused on the development of competitive electric transmission projects. Evergy Transmission Company accounts for its investment in Transource under the equity method. Evergy Kansas Central also owns a 50% interest in Prairie Wind Transmission, LLC (Prairie Wind), which is a joint venture between Evergy Kansas Central and subsidiaries of AEP and Berkshire Hathaway Energy Company. Prairie Wind owns a 108-mile, 345 kV double-circuit transmission line that provides transmission service in the Southwest Power Pool, Inc. (SPP). Evergy Kansas Central accounts for its investment in Prairie Wind under the equity method. Evergy Kansas Central, Evergy Kansas South, Evergy Metro and Evergy Missouri West conduct business in their respective service territories using the name Evergy. Collectively, the Evergy Companies have approximately 15,400 MWs of owned generating capacity and renewable power purchase agreements and engage in the generation, transmission, distribution and sale of electricity to approximately 1.6 million customers in the states of Kansas and Missouri. Evergy was incorporated in 2017 as Monarch Energy Holding, Inc. (Monarch Energy), a wholly-owned subsidiary of Great Plains Energy Incorporated (Great Plains Energy). Prior to the closing of the merger transactions described below, Monarch Energy changed its name to Evergy and did not conduct any business activities other than those required for its formation and matters contemplated by the Amended and Restated Agreement and Plan of Merger, dated as of July 9, 2017, by and among Great Plains Energy, Evergy Kansas Central, Monarch Energy and King Energy, Inc. (King Energy), a wholly-owned subsidiary of Monarch Energy (Amended Merger Agreement). On June 4, 2018, in accordance with the Amended Merger Agreement, Great Plains Energy merged into Evergy, with Evergy surviving the merger and King Energy merged into Evergy Kansas Central, with Evergy Kansas Central surviving the merger. These merger transactions resulted in Evergy becoming the parent entity of Evergy Kansas Central and the direct subsidiaries of Great Plains Energy, including Evergy Metro and Evergy Missouri West. See Note 2 for additional information regarding the merger. Principles of Consolidation Evergy Kansas Central was determined to be the accounting acquirer in the merger and thus, the predecessor of Evergy. Evergy had separate operations for the period beginning with the quarter ended June 30, 2018, and references to amounts for periods after the closing of the merger relate to Evergy. The results of Great Plains Energy's direct subsidiaries have been included in Evergy's results of operations from the date of the closing of the merger and thereafter. Evergy Metro elected not to apply "push-down accounting" related to the merger, whereby the adjustments of assets and liabilities to fair value and the resulting goodwill would be recorded on the financial statements of the acquired subsidiary. These adjustments for Evergy Metro, as well as those related to the acquired assets and liabilities of Great Plains Energy and its other direct subsidiaries, are only reflected on Evergy's consolidated financial statements. Each of Evergy's, Evergy Kansas Central's and Evergy Metro's consolidated financial statements includes the accounts of their subsidiaries and variable interest entities (VIEs) of which they are the primary beneficiary. Undivided interests in jointly-owned generation facilities are included on a proportionate basis. Intercompany transactions have been eliminated. The Evergy Companies assess financial performance and allocate resources on a consolidated basis (i.e., operate in one segment). Use of Estimates The process of preparing financial statements in conformity with generally accepted accounting principles (GAAP) requires the use of estimates and assumptions that affect the reported amounts of certain types of assets, liabilities, revenues and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts. Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with original maturities of three months or less at acquisition. Fuel Inventory and Supplies The Evergy Companies record fuel inventory and supplies at average cost. The following table separately states the balances for fuel inventory and supplies. December 31 2020 2019 Evergy (millions) Fuel inventory $ 145.0 $ 146.4 Supplies 359.5 335.2 Fuel inventory and supplies $ 504.5 $ 481.6 Evergy Kansas Central Fuel inventory $ 79.3 $ 80.2 Supplies 197.1 186.2 Fuel inventory and supplies $ 276.4 $ 266.4 Evergy Metro Fuel inventory $ 44.9 $ 46.1 Supplies 125.5 116.9 Fuel inventory and supplies $ 170.4 $ 163.0 Property, Plant and Equipment The Evergy Companies record the value of property, plant and equipment, including that of VIEs, at cost. For plant, cost includes contracted services, direct labor and materials, indirect charges for engineering and supervision and an allowance for funds used during construction (AFUDC). AFUDC represents the allowed cost of capital used to finance utility construction activity. AFUDC equity funds are included as a non-cash item in other income and AFUDC borrowed funds are a reduction of interest expense. AFUDC is computed by applying a composite rate to qualified construction work in progress. The rates used to compute gross AFUDC are compounded semi-annually. The amounts of the Evergy Companies' AFUDC for borrowed and equity funds are detailed in the following table. 2020 2019 2018 Evergy (millions) AFUDC borrowed funds $ 16.5 $ 14.5 $ 10.4 AFUDC equity funds 17.2 2.2 3.1 Total $ 33.7 $ 16.7 $ 13.5 Evergy Kansas Central AFUDC borrowed funds $ 8.5 $ 7.5 $ 6.6 AFUDC equity funds 9.1 — 2.9 Total $ 17.6 $ 7.5 $ 9.5 Evergy Metro (a) AFUDC borrowed funds $ 6.0 $ 4.3 $ 4.9 AFUDC equity funds 8.0 2.2 1.4 Total $ 14.0 $ 6.5 $ 6.3 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. The average rates used in the calculation of AFUDC are detailed in the following table. 2020 2019 2018 Evergy Kansas Central 4.7% 3.0% 3.3% Evergy Metro 5.2% 4.6% 3.9% Evergy Missouri West 3.5% 3.7% 2.9% When property units are retired or otherwise disposed, the original cost, net of salvage, is charged to accumulated depreciation. Repair of property and replacement of items not considered to be units of property are expensed as incurred, except for planned refueling and maintenance outages at Wolf Creek Generating Station (Wolf Creek). As authorized by regulators, the incremental maintenance cost incurred for such outages is deferred and amortized to expense ratably over the period between planned outages. Depreciation and Amortization Depreciation and amortization of utility plant other than nuclear fuel is computed using the straight-line method over the estimated lives of depreciable property based on rates approved by state regulatory authorities. Annual depreciation rates average approximately 3%. See Note 8 for more details. Nuclear fuel is amortized to fuel expense based on the quantity of heat produced during the generation of electricity. The depreciable lives of Evergy's, Evergy Kansas Central's and Evergy Metro's property, plant and equipment are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (years) Generating facilities 8 to 87 8 to 87 20 to 60 Transmission facilities 15 to 94 36 to 94 15 to 70 Distribution facilities 8 to 73 19 to 73 8 to 55 Other 5 to 84 7 to 84 5 to 50 Plant to be Retired, Net When the Evergy Companies retire utility plant, the original cost, net of salvage, is charged to accumulated depreciation. However, when it becomes probable an asset will be retired significantly in advance of its original expected useful life and in the near term, the cost of the asset and related accumulated depreciation is recognized as a separate asset and a probable abandonment. If the asset is still in service, the net amount is classified as plant to be retired, net on the consolidated balance sheets. If the asset is no longer in service, the net amount is classified as a regulatory asset on the consolidated balance sheets. The Evergy Companies must also assess the probability of full recovery of the remaining net book value of the abandonment. The net book value that may be retained as an asset on the balance sheet for the abandonment is dependent upon amounts that may be recovered through regulated rates, including any return. An impairment charge, if any, would equal the difference between the remaining net book value of the asset and the present value of the future revenues expected from the asset. Evergy Missouri West has determined that its November 2018 retirement of Sibley No. 3 Unit meets the criteria to be considered an abandonment. As of December 31, 2020, Evergy has classified the remaining Sibley No. 3 Unit net book value of $128.4 million as retired generation facilities within regulatory assets on its consolidated balance sheet. This regulatory asset is reduced by approximately $9 million of annual amortization expense, which is an amount equal to the annual depreciation expense for the asset reflected in retail rates. In October 2019, the Missouri Public Service Commission (MPSC) granted the request of certain intervenors for an Accounting Authority Order (AAO) that requires Evergy Missouri West to record a regulatory liability for all revenues collected from customers for return on investment, non-fuel operations and maintenance costs, taxes including accumulated deferred income taxes and all other costs associated with Sibley Station following the station's retirement in November 2018 for consideration in Evergy Missouri West's next rate case, which is expected to be completed no later than the end of 2022. See Note 5 for additional information regarding the AAO. Evergy Missouri West expects that the MPSC's decision in its next rate case regarding the AAO could impact the valuation of its regulatory asset for retired generation facilities but as of December 31, 2020, has concluded that no impairment is required based on the relevant facts and circumstances. Nuclear Plant Decommissioning Costs Nuclear plant decommissioning cost estimates are based on either the immediate dismantlement method or the deferred dismantling method as determined by the State Corporation Commission of the State of Kansas (KCC) and MPSC and include the costs of decontamination, dismantlement and site restoration. Based on these cost estimates, Evergy Kansas Central and Evergy Metro each contribute to a tax-qualified trust fund to be used to decommission Wolf Creek. Related liabilities for decommissioning are included on Evergy's, Evergy Kansas Central's and Evergy Metro's consolidated balance sheets in asset retirement obligations (AROs). As a result of the authorized regulatory treatment and related regulatory accounting, differences between the decommissioning trust fund asset and the related ARO are recorded as a regulatory asset or liability. See Note 7 for discussion of AROs including those associated with nuclear plant decommissioning costs. Regulatory Accounting Accounting standards are applied that recognize the economic effects of rate regulation. Accordingly, regulatory assets and liabilities have been recorded when required by a regulatory order or based on regulatory precedent. See Note 5 for additional information concerning regulatory matters. Cash Surrender Value of Life Insurance Amounts related to corporate-owned life insurance (COLI) are recorded on the consolidated balance sheets in other long-terms assets and are detailed in the following table for Evergy. Substantially all of Evergy's COLI-related balances relate to Evergy Kansas Central's COLI activity. December 31 2020 2019 Evergy (millions) Cash surrender value of policies $ 1,369.6 $ 1,370.0 Borrowings against policies (1,237.6) (1,237.1) Corporate-owned life insurance, net $ 132.0 $ 132.9 Increases in cash surrender value and death benefits are recorded in other income in the Evergy Companies' consolidated statements of income and comprehensive income. Interest expense incurred on policy loans is offset against the policy income. Income from death benefits is highly variable from period to period. Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of the following financial instruments for which it was practicable to estimate that value. Nuclear decommissioning trust fund - The Evergy Companies' nuclear decommissioning trust fund assets are recorded at fair value based on quoted market prices of the investments held by the fund and/or valuation models. Pension plans - For financial reporting purposes, the market value of plan assets is the fair value based on quoted market prices of the investments held by the fund and/or valuation models. Revenue Recognition The Evergy Companies recognize revenue on the sale of electricity to customers over time as the service is provided in the amount they have the right to invoice. Revenues recorded include electric services provided but not yet billed by the Evergy Companies. Unbilled revenues are recorded for kWh usage in the period following the customers' billing cycle to the end of the month. This estimate is based on net system kWh usage less actual billed kWhs. The Evergy Companies' estimated unbilled kWhs are allocated and priced by regulatory jurisdiction across the rate classes based on actual billing rates. The Evergy Companies' unbilled revenue estimate is affected by factors including fluctuations in energy demand, weather, line losses and changes in the composition of customer classes. See Note 4 for the balance of unbilled receivables for each of Evergy, Evergy Kansas Central and Evergy Metro as of December 31, 2020 and 2019. The Evergy Companies also collect sales taxes and franchise fees from customers concurrent with revenue-producing activities that are levied by state and local governments. These items are excluded from revenue, and thus are not reflected on the consolidated statements of income and comprehensive income for Evergy, Evergy Kansas Central and Evergy Metro. See Note 3 for additional details regarding revenue recognition from sales of electricity by the Evergy Companies. Allowance for Credit Losses Historical loss information generally provides the basis for the Evergy Companies' assessment of expected credit losses. The Evergy Companies use an aging of accounts receivable method to assess historical loss information. When historical experience may not fully reflect the Evergy Companies' expectations about the future, the Evergy Companies will adjust historical loss information, as necessary, to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information. Receivables are charged off when they are deemed uncollectible, which is based on a number of factors including specific facts surrounding an account and management's judgment. Property Gains and Losses Net gains and losses from the sale of assets and businesses and from asset impairments are recorded in operating expenses. Asset Impairments Long-lived assets and finite-lived intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the undiscounted expected future cash flows from an asset to be held and used is less than the carrying value of the asset, an asset impairment must be recognized in the financial statements. The amount of impairment recognized is the excess of the carrying value of the asset over its fair value. Goodwill and indefinite lived intangible assets are tested for impairment annually and when an event occurs indicating the possibility that an impairment exists. The annual test must be performed at the same time each year. The goodwill impairment test consists of comparing the fair value of a reporting unit to its carrying amount, including goodwill, to identify potential impairment. In the event that the carrying amount exceeds the fair value of the reporting unit, an impairment loss is recognized for the difference between the carrying amount of the reporting unit and its fair value. See Note 6 for additional details on goodwill. Income Taxes Income taxes are accounted for using the asset/liability approach. Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax bases of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. The Evergy Companies recognize tax benefits based on a "more-likely-than-not" recognition threshold. In addition, the Evergy Companies recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. Evergy files a consolidated federal income tax return as well as unitary and combined income tax returns in several state jurisdictions with Kansas and Missouri being the most significant. Income taxes for consolidated or combined subsidiaries are allocated to the subsidiaries based on separate company computations of income or loss. Evergy Kansas Central's and Evergy Metro's income tax provisions include taxes allocated based on their separate company's income or loss. The Evergy Companies have established a net regulatory liability for future refunds to be made to customers for amounts collected from customers in excess of income taxes in current rates. Tax credits are recognized in the year generated except for certain Evergy Kansas Central, Evergy Metro and Evergy Missouri West investment tax credits that have been deferred and amortized over the remaining service lives of the related properties. Other Income (Expense), Net The table below shows the detail of other expense for each of the Evergy Companies. 2020 2019 2018 Evergy (millions) Non-service cost component of net benefit cost $ (58.6) $ (55.6) $ (47.8) Other (19.6) (21.3) (30.9) Other expense $ (78.2) $ (76.9) $ (78.7) Evergy Kansas Central Non-service cost component of net benefit cost $ (21.2) $ (20.1) $ (23.5) Other (17.7) (20.0) (23.3) Other expense $ (38.9) $ (40.1) $ (46.8) Evergy Metro (a) Non-service cost component of net benefit cost $ (24.2) $ (20.9) $ (25.9) Other (1.3) (0.5) (5.0) Other expense $ (25.5) $ (21.4) $ (30.9) (a) Evergy Metro amounts are only included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. Earnings Per Share To compute basic earnings per share (EPS), Evergy divides net income attributable to Evergy, Inc. by the weighted average number of common shares outstanding. Diluted EPS includes the effect of issuable common shares resulting from restricted share units (RSUs), performance shares and restricted stock. Evergy computes the dilutive effects of potential issuances of common shares using the treasury stock method. The following table reconciles Evergy's basic and diluted EPS. 2020 2019 2018 Income (millions, except per share amounts) Net income $ 630.0 $ 685.6 $ 546.0 Less: Net income attributable to noncontrolling interests 11.7 15.7 10.2 Net income attributable to Evergy, Inc. $ 618.3 $ 669.9 $ 535.8 Common Shares Outstanding Weighted average number of common shares outstanding - basic 227.2 239.5 213.9 Add: effect of dilutive securities 0.3 0.4 0.2 Diluted average number of common shares outstanding 227.5 239.9 214.1 Basic EPS $ 2.72 $ 2.80 $ 2.50 Diluted EPS $ 2.72 $ 2.79 $ 2.50 Anti-dilutive shares excluded from the computation of diluted EPS for 2020 and 2019 were 127,884 RSUs and 785 RSUs, respectively. There were no anti-dilutive securities excluded from the computation of diluted EPS for 2018. Supplemental Cash Flow Information Year Ended December 31 2020 2019 2018 Evergy (millions) Cash paid for (received from): Interest, net of amount capitalized $ 367.6 $ 329.5 $ 255.9 Interest of VIEs 0.8 1.6 2.3 Income taxes, net of refunds (46.5) (5.2) (0.9) Non-cash investing transactions: Property, plant and equipment additions (reductions) 463.3 186.0 (7.8) Non-cash financing transactions: Issuance of stock for compensation and reinvested dividends 0.9 (0.3) 0.5 Year Ended December 31 2020 2019 2018 Evergy Kansas Central (millions) Cash paid for (received from): Interest, net of amount capitalized $ 157.5 $ 143.0 $ 155.3 Interest of VIEs 0.8 1.6 2.3 Income taxes, net of refunds 4.7 29.9 37.5 Non-cash investing transactions: Property, plant and equipment additions (reductions) 235.4 92.1 (32.5) Year Ended December 31 2020 2019 2018 Evergy Metro (a) (millions) Cash paid for (received from): Interest, net of amount capitalized $ 109.9 $ 118.4 $ 129.4 Income taxes, net of refunds 4.8 77.0 31.2 Non-cash investing transactions: Property, plant and equipment additions 192.5 80.7 19.2 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. Non-cash property, plant and equipment additions in 2020 for Evergy, Evergy Kansas Central and Evergy Metro include a non-cash addition related to the revision in estimate of the Wolf Creek ARO liability in the third quarter of 2020. See Note 7 for more details. See Note 2 for the non-cash information related to the merger transaction in 2018, including the fair value of Great Plains Energy's assets acquired and liabilities assumed and the issuance of Evergy common stock. Dividends Declared In February 2021, Evergy's Board of Directors (Evergy Board) declared a quarterly dividend of $0.535 per share on Evergy's common stock. The common dividend is payable March 22, 2021, to shareholders of record as of March 8, 2021. Recently Adopted Accounting Standards Leases In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases , which requires an entity that is a lessee to record a right-of-use asset and a lease liability for lease payments on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Lessor accounting remains largely unchanged. In January 2018, the FASB issued ASU No. 2018-01, Leases: Land Easement Practical Expedient for Transition to Topic 842 , which permits entities to elect an optional transition practical expedient to not evaluate under Topic 842 land easements that exist or expired before the entity's adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases , which updates narrow aspects of the guidance issued in ASU No. 2016-02. Also in July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements , which provides an optional transition method that allows entities to initially apply Topic 842 at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. In December 2018, the FASB issued ASU No. 2018-20, Leases: Narrow-Scope Improvements for Lessors , which is expected to reduce a lessor's implementation and ongoing costs associated with applying ASU No. 2016-02. In March 2019, the FASB issued ASU No. 2019-01, Leases: Codification Improvements , which clarifies certain lessor accounting and interim reporting requirements. ASU No. 2016-02 and the subsequent amendments are effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted, and requires a modified retrospective transition approach with an option to either adjust or not adjust comparative periods. The Evergy Companies adopted the new guidance on January 1, 2019, without adjusting comparative periods for all leases existing as of January 1, 2019, by electing the optional transition method permitted by ASU No. 2018-11. As a result, Evergy, Evergy Kansas Central and Evergy Metro recorded an increase to assets and liabilities of approximately $110 million, $40 million and $80 million, respectively, as of January 1, 2019. Evergy Kansas Central and Evergy Metro have certain lease transactions between them for which the related assets and liabilities are eliminated at consolidated Evergy. The adoption of Topic 842 did not have a material impact on the Evergy Companies consolidated statements of income and comprehensive income and there was no cumulative-effect adjustment recorded to the opening balance of retained earnings. The Evergy Companies also elected a practical expedient to forgo reassessing existing or expired contracts as leases to determine whether each is in scope of Topic 842 and to forgo reassessing lease classification for existing and expired leases. |
MERGER OF GREAT PLAINS ENERGY A
MERGER OF GREAT PLAINS ENERGY AND EVERGY KANSAS CENTRAL | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
MERGER OF GREAT PLAINS ENERGY AND EVERGY KANSAS CENTRAL | MERGER OF GREAT PLAINS ENERGY AND EVERGY KANSAS CENTRAL Description of Merger Transaction On June 4, 2018, Evergy completed the mergers contemplated by the Amended Merger Agreement. As a result of the mergers, Great Plains Energy merged into Evergy, with Evergy surviving the merger and King Energy merged into Evergy Kansas Central, with Evergy Kansas Central surviving the merger. Following the completion of these mergers, Evergy Kansas Central and the direct subsidiaries of Great Plains Energy, including Evergy Metro and Evergy Missouri West, became wholly-owned subsidiaries of Evergy. The merger was structured as a merger of equals in a tax-free exchange of shares that involved no premium paid or received with respect to either Great Plains Energy or Evergy Kansas Central. As a result of the closing of the merger transaction, each outstanding share of Great Plains Energy common stock was converted into 0.5981 shares of Evergy common stock and each outstanding share of Evergy Kansas Central common stock was converted into 1 share of Evergy common stock. Accounting Charges and Deferrals Related to the Merger The following pre-tax reductions of revenue, expenses and deferral were recognized following the consummation of the merger and are included in the Evergy Companies' consolidated statements of income and comprehensive income for 2018. Description Income Statement Line Item Expected Payment Period Evergy Evergy Kansas Central Evergy Metro (millions) One-time bill credits Operating revenues 2018 - 2019 $ (59.7) $ (23.1) $ (22.4) Annual bill credits Operating revenues 2019 - 2022 (10.5) (7.9) (2.6) Total impact to operating revenues $ (70.2) $ (31.0) $ (25.0) Charitable contributions and Operating and maintenance 2018 - 2027 $ 24.7 $ — $ — Voluntary severance and accelerated Operating and maintenance 2018 - 2019 47.9 44.2 2.6 Other transaction and transition costs Operating and maintenance 2018 51.0 21.5 2.1 Reallocation and deferral of merger Operating and maintenance n/a (47.8) (13.8) (23.2) Total impact to operating and $ 75.8 $ 51.9 $ (18.5) Total $ (146.0) $ (82.9) $ (6.5) Reductions of revenue related to customer bill credits and expenses related to charitable contributions and community support were incurred as a result of conditions in the MPSC and KCC merger orders and were recorded as liabilities in the amounts presented above following the consummation of the merger. Reductions of revenue for annual bill credits for Evergy Kansas Central's and Evergy Metro's Kansas electric retail customers are recognized ratably in the twelve-month period preceding their payment. Voluntary severance and accelerated equity compensation represent costs related to payments for voluntary severance and change in control plans, as well as the recording of unrecognized equity compensation costs and the incremental fair value associated with the vesting of outstanding Evergy Kansas Central equity compensation awards upon the consummation of the merger. Other transaction and transition costs include merger success fees and fees for other outside services incurred. Reallocation and deferral of merger transition costs represents the net reallocation of incurred merger transition costs between Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West and the subsequent deferral of these transition costs to a regulatory asset for future recovery in accordance with the KCC and MPSC merger orders. Purchase Price Based on an evaluation of the provisions of ASC 805, Business Combinations , Evergy Kansas Central was determined to be the accounting acquirer in the merger. Pursuant to the Amended Merger Agreement, Great Plains Energy's common stock shares were exchanged for Evergy common stock shares at the fixed exchange rate of 0.5981. The total consideration transferred in the merger is based on the closing stock price of Evergy Kansas Central on June 4, 2018, and is calculated as follows. (millions, except share amounts) Great Plains Energy common stock shares outstanding as of June 4, 2018 215,800,074 Great Plains Energy restricted stock awards outstanding as of June 4, 2018 (204,825) Great Plains Energy shares to be converted to Evergy shares 215,595,249 Exchange ratio 0.5981 Evergy common stock shares issued to Great Plains Energy shareholders 128,947,518 Closing price of Evergy Kansas Central common stock as of June 4, 2018 $ 54.00 Fair value of Evergy shares issued to Great Plains Energy shareholders $ 6,963.2 Fair value of Great Plains Energy's equity compensation awards 12.5 Total purchase price $ 6,975.7 Great Plains Energy's equity compensation awards, including performance shares and restricted stock, were replaced by equivalent Evergy equity compensation awards subject to substantially the same terms and conditions upon the closing of the merger. In accordance with the accounting guidance in ASC 805, a portion of the fair value of these awards is attributable to the purchase price as it represents consideration transferred in the merger. Purchase Price Allocation The fair value of Great Plains Energy's assets acquired and liabilities assumed as of June 4, 2018, was determined based on significant estimates and assumptions that are judgmental in nature. Third-party valuation specialists were engaged to assist in the valuation of these assets and liabilities. The significant assets and liabilities recorded at fair values as of the merger date include long-term debt, asset retirement obligations, pension and post-retirement plans, accumulated deferred income tax liabilities and certain other long-term assets and liabilities. The majority of Great Plains Energy's operations were subject to the rate-setting authority of the MPSC, the KCC and the Federal Energy Regulatory Commission (FERC) and were accounted for pursuant to GAAP, including the accounting guidance for regulated operations. The rate-setting and cost recovery provisions for Great Plains Energy's regulated operations provided revenue derived from costs including a return on investment of assets and liabilities included in rate base. Except for the significant assets and liabilities for which valuation adjustments were made as discussed above, the fair values of Great Plains Energy's tangible and intangible assets and liabilities subject to these rate-setting provisions approximated their carrying values and the assets and liabilities did not reflect any adjustments to these amounts other than for amounts not included in rate base. The difference between the fair value and pre-merger carrying amounts for Great Plains Energy's long-term debt, asset retirement obligations and pension and post-retirement plans that were related to regulated operations were recorded as a regulatory asset or liability. The excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed were recognized as goodwill as of the merger date. The final purchase price allocation to Great Plains Energy's assets and liabilities as of June 4, 2018, is detailed in the following table. (millions) Current assets $ 2,151.7 Property, plant and equipment, net 9,179.7 Goodwill 2,336.6 Other long-term assets, excluding goodwill 1,235.9 Total assets $ 14,903.9 Current liabilities 1,673.9 Long-term liabilities, excluding long-term debt 2,895.7 Long-term debt, net 3,358.6 Total liabilities $ 7,928.2 Total purchase price $ 6,975.7 Impact of Merger The impact of Great Plains Energy's subsidiaries on Evergy's revenues in the consolidated statement of comprehensive income for 2018 was an increase of $1,661.1 million. The impact of Great Plains Energy's subsidiaries on Evergy's net income attributable to Evergy in the consolidated statement of comprehensive income for 2018 was an increase of $236.2 million. Evergy had incurred total merger-related costs, including reductions of revenue for customer bill credits, of $148.0 million for 2018. Pro Forma Financial Information The following unaudited pro forma financial information reflects the consolidated results of operations of Evergy as if the merger transactions had taken place on January 1, 2018. The unaudited pro forma information was calculated after applying Evergy's accounting policies and adjusting Great Plains Energy's results to reflect purchase accounting adjustments. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of Evergy. 2018 (millions, except per share amounts) Operating revenues $ 5,334.6 Net income attributable to Evergy, Inc. 714.3 Basic earnings per common share $ 2.67 Diluted earnings per common share $ 2.67 Evergy, Evergy Kansas Central and Great Plains Energy incurred non-recurring costs and a gain directly related to the merger that have been excluded in the 2018 pro forma earnings presented above. On an after-tax basis, these non-recurring merger-related costs and gain incurred by Evergy, Evergy Kansas Central and Great Plains Energy included: • $74.7 million of certain after-tax merger-related transition and transaction costs; • $44.4 million of after-tax reductions in operating revenues related to one-time customer bill credits; and • $36.6 million of after-tax mark-to-market gains on interest rate swaps for which cash settlement was contingent upon the consummation of the merger. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Evergy's, Evergy Kansas Central's and Evergy Metro's revenues disaggregated by customer class are summarized in the following tables. Evergy 2020 2019 2018 Revenues (millions) Residential $ 1,909.2 $ 1,908.1 $ 1,578.8 Commercial 1,641.7 1,781.6 1,356.4 Industrial 588.7 621.6 527.8 Other retail 38.5 47.1 30.6 Total electric retail $ 4,178.1 $ 4,358.4 $ 3,493.6 Wholesale 264.0 327.5 404.4 Transmission 318.5 309.2 308.1 Industrial steam and other 21.0 24.5 17.9 Total revenue from contracts with customers $ 4,781.6 $ 5,019.6 $ 4,224.0 Other 131.8 128.2 51.9 Operating revenues $ 4,913.4 $ 5,147.8 $ 4,275.9 Evergy Kansas Central 2020 2019 2018 Revenues (millions) Residential $ 801.2 $ 793.9 $ 846.4 Commercial 665.6 709.1 702.8 Industrial 379.9 401.3 396.4 Other retail 17.7 21.0 20.0 Total electric retail $ 1,864.4 $ 1,925.3 $ 1,965.6 Wholesale 215.4 239.9 346.1 Transmission 287.3 273.3 288.9 Other 2.3 5.8 6.0 Total revenue from contracts with customers $ 2,369.4 $ 2,444.3 $ 2,606.6 Other 48.7 63.1 8.3 Operating revenues $ 2,418.1 $ 2,507.4 $ 2,614.9 Evergy Metro (a) 2020 2019 2018 Revenues (millions) Residential $ 714.7 $ 712.4 $ 735.6 Commercial 717.1 786.1 794.8 Industrial 128.8 136.9 138.8 Other retail 11.7 16.3 10.4 Total electric retail $ 1,572.3 $ 1,651.7 $ 1,679.6 Wholesale 35.0 70.9 53.5 Transmission 13.9 17.5 14.5 Other 2.6 2.8 4.4 Total revenue from contracts with customers $ 1,623.8 $ 1,742.9 $ 1,752.0 Other 81.8 63.6 71.1 Operating revenues $ 1,705.6 $ 1,806.5 $ 1,823.1 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. Retail Revenues The Evergy Companies' retail revenues are generated by the regulated sale of electricity to their residential, commercial and industrial customers within their franchised service territories. The Evergy Companies recognize revenue on the sale of electricity to their customers over time as the service is provided in the amount they have a right to invoice. Retail customers are billed monthly at the tariff rates approved by the KCC and MPSC based on customer kWh usage. Revenues recorded include electric services provided but not yet billed by the Evergy Companies. Unbilled revenues are recorded for kWh usage in the period following the customers' billing cycle to the end of the month. This estimate is based on net system kWh usage less actual billed kWhs. The Evergy Companies' estimated unbilled kWhs are allocated and priced by regulatory jurisdiction across the rate classes based on actual billing rates. The Evergy Companies also collect sales taxes and franchise fees from customers concurrent with revenue-producing activities that are levied by state and local governments. These items are excluded from revenue, and thus not reflected on the statements of income and comprehensive income, for Evergy, Evergy Kansas Central and Evergy Metro. Wholesale Revenues The Evergy Companies' wholesale revenues are generated by the sale of wholesale power and capacity in circumstances when the power that the Evergy Companies generate is not required for customers in their service territory. These sales primarily occur within the SPP Integrated Marketplace. The Evergy Companies also purchase power from the SPP Integrated Marketplace and record sale and purchase activity on a net basis in wholesale revenue or fuel and purchased power expense. In addition, the Evergy Companies sell wholesale power and capacity through bilateral contracts to other counterparties, such as electric cooperatives, municipalities and other electric utilities. For both wholesale sales to the SPP Integrated Marketplace and through bilateral contracts, the Evergy Companies recognize revenue on the sale of wholesale electricity to their customers over time as the service is provided in the amount they have a right to invoice. Wholesale sales within the SPP Integrated Marketplace are billed weekly based on the fixed transaction price determined by the market at the time of the sale and the MWh quantity purchased. Wholesale sales from bilateral contracts are billed monthly based on the contractually determined transaction price and the kWh quantity purchased. Transmission Revenues The Evergy Companies' transmission revenues are generated by the use of their transmission networks by the SPP. To enable optimal use of the diverse generating resources in the SPP region, the Evergy Companies, as well as other transmission owners, allow the SPP to access and operate their transmission networks. As new transmission lines are constructed, they are included in the transmission network available to the SPP. In exchange for providing access, the SPP pays the Evergy Companies consideration determined by formula rates approved by FERC, which include the cost to construct and maintain the transmission lines and a return on investment. The price for access to the Evergy Companies' transmission networks are updated annually based on projected costs. Projections are updated to actual costs and the difference is included in subsequent year's prices. The Evergy Companies have different treatment for their legacy transmission facilities within the SPP, which results in different levels of transmission revenue being received from the SPP. Evergy Kansas Central's transmission revenues from SPP include amounts that Evergy Kansas Central pays to the SPP on behalf of its retail electric customers for the use of Evergy Kansas Central's legacy transmission facilities. These transmission revenues are mostly offset by SPP network transmission cost expense that Evergy Kansas Central pays on behalf of its retail customers. Evergy Metro and Evergy Missouri West do not pay the SPP for their retail customers’ use of the Evergy Metro and Evergy Missouri West legacy transmission facilities and correspondingly, their transmission revenues also do not reflect the associated transmission revenue from the SPP. The Evergy Companies recognize revenue on the sale of transmission service to their customers over time as the service is provided in the amount they have a right to invoice. Transmission service to the SPP is billed monthly based on a fixed transaction price determined by FERC formula transmission rates along with other SPP-specific charges and the MW quantity purchased. Industrial Steam and Other Revenues Evergy's industrial steam and other revenues are primarily generated by the regulated sale of industrial steam to Evergy Missouri West's steam customers. Evergy recognizes revenue on the sale of industrial steam to its customers over time as the service is provided in the amount that it has the right to invoice. Steam customers are billed on a monthly basis at the tariff rate approved by the MPSC based on customer MMBtu usage. |
RECEIVABLES
RECEIVABLES | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES The Evergy Companies' receivables are detailed in the following table. December 31 2020 2019 Evergy (millions) Customer accounts receivable - billed $ 5.3 $ 7.2 Customer accounts receivable - unbilled 110.0 104.0 Other receivables 177.9 127.8 Allowance for credit losses (19.3) (10.5) Total $ 273.9 $ 228.5 Evergy Kansas Central Customer accounts receivable - billed $ — $ — Customer accounts receivable - unbilled 50.7 49.7 Other receivables 175.7 94.5 Allowance for credit losses (7.5) (3.8) Total $ 218.9 $ 140.4 Evergy Metro Customer accounts receivable - billed $ 3.3 $ 3.1 Customer accounts receivable - unbilled 27.9 26.5 Other receivables 21.9 23.1 Allowance for credit losses (8.1) (4.6) Total $ 45.0 $ 48.1 The Evergy Companies' other receivables at December 31, 2020 and 2019, consisted primarily of receivables from partners in jointly-owned electric utility plants, wholesale sales receivables and receivables related to alternative revenue programs. The Evergy Companies' other receivables also included receivables from contracts with customers as summarized in the following table. December 31 2020 2019 (millions) Evergy $ 57.5 $ 42.0 Evergy Kansas Central 49.9 37.7 Evergy Metro 6.9 1.2 The change in the Evergy Companies' allowance for credit losses is summarized in the following table. 2020 2019 Evergy (millions) Beginning balance January 1 $ 10.5 $ 9.2 Credit loss expense 24.9 27.2 Write-offs (28.6) (38.3) Recoveries of prior write-offs 12.5 12.4 Ending balance December 31 $ 19.3 $ 10.5 Evergy Kansas Central Beginning balance January 1 $ 3.8 $ 3.9 Credit loss expense 11.1 7.2 Write-offs (10.0) (10.7) Recoveries of prior write-offs 2.6 3.4 Ending balance December 31 $ 7.5 $ 3.8 Evergy Metro Beginning balance January 1 $ 4.6 $ 3.8 Credit loss expense 9.0 13.7 Write-offs (12.4) (19.2) Recoveries of prior write-offs 6.9 6.3 Ending balance December 31 $ 8.1 $ 4.6 Sale of Accounts Receivable Evergy Kansas Central, Evergy Metro and Evergy Missouri West sell an undivided percentage ownership interest in their retail electric accounts receivable to independent outside investors. These sales are accounted for as secured borrowings with accounts receivable pledged as collateral and a corresponding short-term collateralized note payable recognized on the balance sheets. The Evergy Companies' accounts receivable pledged as collateral and the corresponding short-term collateralized note payable are summarized in the following table. December 31 2020 2019 (millions) Evergy $ 360.0 $ 339.0 Evergy Kansas Central 180.0 171.0 Evergy Metro 130.0 118.0 Each receivable sale facility expires in September 2021. Evergy Kansas Central's facility allows for $185.0 million in aggregate outstanding principal amount of borrowings from mid-October through mid-June and then $200.0 million from mid-June through the expiration date of the facility. Evergy Metro's facility allows for $130.0 million in aggregate outstanding principal amount of borrowings at any time. Evergy Missouri West's facility allows for $50.0 million in aggregate outstanding principal amount of borrowings from mid-November through mid-June and then $65.0 million from mid-June through the expiration date of the facility. |
RATE MATTERS AND REGULATION
RATE MATTERS AND REGULATION | 12 Months Ended |
Dec. 31, 2020 | |
Regulated Operations [Abstract] | |
RATE MATTERS AND REGULATION | RATE MATTERS AND REGULATION KCC Proceedings Evergy Kansas Central 2020 Transmission Delivery Charge (TDC) In March 2020, the KCC issued an order adjusting Evergy Kansas Central's retail prices to include updated transmission costs as reflected in the FERC transmission formula rate (TFR). The new prices were effective in April 2020 and are expected to increase Evergy Kansas Central's annual retail revenues by $3.5 million when compared to 2019. Evergy Metro 2020 TDC In April 2020, the KCC issued an order adjusting Evergy Metro's retail prices to include updated transmission costs as reflected in the FERC TFR. The new prices were effective in May 2020 and are expected to decrease Evergy Metro's annual retail revenues by $2.7 million when compared to 2019. Evergy Kansas Central and Evergy Metro Earnings Review and Sharing Plan (ERSP) As part of their merger settlement agreement with the KCC, Evergy Kansas Central and Evergy Metro agreed to participate in an ERSP for the years 2019 through 2022. Under the ERSP, Evergy Kansas Central's and Evergy Metro's Kansas jurisdiction are required to refund to customers 50% of annual earnings in excess of their authorized return on equity of 9.3% to the extent the excess earnings exceed the amount of Evergy Kansas Central's and Evergy Metro's annual merger bill credits for the year being measured. Evergy Kansas Central's and Evergy Metro's 2019 calculations of annual earnings did not exceed their authorized return on equity of 9.3% and therefore did not result in any customer refund obligations. These calculations were filed with the KCC in April 2020. As of December 31, 2020, Evergy Kansas Central and Evergy Metro estimate their 2020 annual earnings will not result in a significant refund obligation. The final refund obligations for 2020, if any, will be decided by the KCC and could vary from the current estimates. Evergy Kansas Central and Evergy Metro COVID-19 AAO Request In May 2020, Evergy Kansas Central and Evergy Metro filed a joint request for an AAO with the KCC that would allow for the extraordinary costs and lost revenues incurred by the companies, net of any COVID-19-related savings, as a result of the COVID-19 pandemic to be considered for future recovery from customers as part of their next rate cases. In July 2020, the KCC granted Evergy Kansas Central's and Evergy Metro's request for an AAO as discussed above. As a result of the KCC's order, Evergy Kansas Central and Evergy Metro will record to a regulatory asset all net incremental costs incurred associated with the COVID-19 pandemic for consideration in their next rate cases, which are expected to be completed no later than the end of 2023. Additionally, the KCC order states that the KCC will also consider granting the recovery of Evergy Kansas Central's and Evergy Metro's lost revenues associated with the COVID-19 pandemic as part of their next rate cases. If granted, these lost revenues would be recognized prospectively as billed to customers in future rates. MPSC Proceedings Evergy Missouri West Other Proceedings In December 2018, the Office of the Public Counsel (OPC) and the Midwest Energy Consumers Group (MECG) filed a petition with the MPSC requesting an AAO that would require Evergy Missouri West to record a regulatory liability for all revenues collected from customers for return on investment, non-fuel operations and maintenance costs, taxes including accumulated deferred income taxes, and all other costs associated with Sibley Station following the station’s retirement in November 2018. In October 2019, the MPSC granted OPC's and MECG's request for an AAO and required Evergy Missouri West to record to a regulatory liability the revenues discussed above for consideration in Evergy Missouri West's next rate case, which is expected to be completed no later than the end of 2022. Depending on the MPSC's decision in this next rate case, Evergy Missouri West could be required to refund to customers all or a portion of amounts collected in revenue for Sibley Station since December 2018 or, alternatively, could be required to make no refunds. As a result of the MPSC order, Evergy has recorded a regulatory liability of $18.4 million as of December 31, 2020 for the estimated amount of revenues that Evergy Missouri West has collected from customers for Sibley Station since December 2018 that Evergy has determined is probable of refund. Evergy expects that it will continue to defer such amounts as collected from customers until new rates become effective in Evergy Missouri West's next rate case. The accrual for this estimated amount does not include certain revenues collected related to Sibley Station that Evergy has determined to not be probable of refund in the next rate case based on the relevant facts and circumstances. While Evergy has determined these additional revenues to not be probable of refund, the ultimate resolution of this matter in Evergy Missouri West's next rate case is uncertain and could result in an estimated loss of up to approximately $12 million per year in excess of the amount accrued until Evergy Missouri West's new rates become effective. Evergy's regulatory liability for probable refunds as of December 31, 2020 and estimated loss in excess of the amount accrued represent estimates that could change significantly based on ongoing developments including decisions in other regulatory proceedings that establish precedent applicable to this matter and positions of parties on this issue in a future Evergy Missouri West rate case. Evergy Metro and Evergy Missouri West COVID-19 AAO Request In May 2020, Evergy Metro and Evergy Missouri West filed a joint request for an AAO with the MPSC that would allow for the extraordinary costs and lost revenues incurred by the companies, net of any COVID-19-related savings, as a result of the COVID-19 pandemic to be considered for future recovery from customers as part of their next rate cases. In October 2020, Evergy Metro and Evergy Missouri West entered into a non-unanimous stipulation and agreement with the MPSC staff and other intervenors that would allow Evergy Metro and Evergy Missouri West to defer to a regulatory asset certain net incremental costs incurred associated with the COVID-19 pandemic. The MPSC approved the AAO request in January 2021. As a result of the MPSC's order, Evergy Metro and Evergy Missouri West will record the net incremental costs to a regulatory asset for consideration in their next rate cases, which are expected to be filed in January 2022. FERC Proceedings In October of each year, Evergy Kansas Central and Evergy Metro post an updated TFR that includes projected transmission capital expenditures and operating costs for the following year. This rate is the most significant component in the retail rate calculation for Evergy Kansas Central's and Evergy Metro's annual request with the KCC to adjust retail prices to include updated transmission costs through the TDC. Evergy Kansas Central TFR In the most recent three years, the updated TFR was expected to adjust Evergy Kansas Central's annual transmission revenues by approximately: • $32.4 million increase effective in January 2021; • $6.8 million increase effective in January 2020; and • $11.2 million decrease effective in January 2019. Evergy Metro TFR In the most recent three years, the updated TFR was expected to adjust Evergy Metro's annual transmission revenues by approximately: • $3.9 million decrease effective in January 2021; • $1.7 million decrease effective in January 2020; and • $2.8 million decrease effective in January 2019. Regulatory Assets and Liabilities The Evergy Companies have recorded assets and liabilities on their consolidated balance sheets resulting from the effects of the ratemaking process, which would not otherwise be recorded if they were not regulated. Regulatory assets represent incurred costs that are probable of recovery from future revenues. Regulatory liabilities represent future reductions in revenues or refunds to customers. Management regularly assesses whether regulatory assets and liabilities are probable of future recovery or refund by considering factors such as decisions by the MPSC, KCC or FERC in Evergy Kansas Central's, Evergy Metro's and Evergy Missouri West's rate case filings; decisions in other regulatory proceedings, including decisions related to other companies that establish precedent on matters applicable to the Evergy Companies; and changes in laws and regulations. If recovery or refund of regulatory assets or liabilities is not approved by regulators or is no longer deemed probable, these regulatory assets or liabilities are recognized in the current period results of operations. The Evergy Companies continued ability to meet the criteria for recording regulatory assets and liabilities may be affected in the future by restructuring and deregulation in the electric industry or changes in accounting rules. In the event that the criteria no longer applied to any or all of the Evergy Companies' operations, the related regulatory assets and liabilities would be written off unless an appropriate regulatory recovery mechanism were provided. Additionally, these factors could result in an impairment on utility plant assets. The Evergy Companies' regulatory assets and liabilities are detailed in the following tables. December 31 2020 2019 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Regulatory Assets (millions) Pension and post-retirement costs $ 867.8 $ 412.9 $ 359.9 $ 795.9 $ 359.9 $ 330.7 Debt reacquisition costs 98.9 91.3 6.8 105.8 97.3 7.5 Debt fair value adjustment 104.0 — — 112.0 — — Asset retirement obligations fair value 116.2 — — 114.3 — — Depreciation 70.0 52.7 9.4 55.3 55.3 — Cost of removal 183.4 125.7 57.7 129.3 94.4 34.9 Asset retirement obligations 170.8 55.0 84.0 167.1 52.8 79.4 Analog meter unrecovered investment 24.1 24.1 — 29.9 29.9 — Treasury yield hedges 21.5 21.5 — 22.6 22.6 — Iatan No. 1 and common facilities 6.9 — 2.8 7.1 — 2.8 Iatan No. 2 construction accounting costs 25.4 — 12.7 26.1 — 13.1 Kansas property tax surcharge 28.9 23.7 5.2 21.7 18.7 3.0 Disallowed plant costs 14.5 14.5 — 14.8 14.8 — La Cygne environmental costs 12.4 10.1 2.3 13.7 11.2 2.5 Deferred customer programs 16.3 5.7 8.6 18.0 6.2 8.3 Fuel recovery mechanisms 26.2 1.2 17.7 34.7 — 16.6 Solar rebates 25.9 — 1.5 39.8 — 9.0 Wolf Creek outage 10.0 5.0 5.0 31.0 15.5 15.5 Pension and other post-retirement benefit 49.8 12.8 23.4 31.8 7.4 15.6 Retired generation facilities 128.4 — — 130.5 — — Merger transition costs 37.6 18.0 13.9 42.3 20.3 15.6 Other regulatory assets 35.4 22.1 4.6 28.5 17.4 5.3 Total 2,074.4 896.3 615.5 1,972.2 823.7 559.8 Less: current portion (206.2) (96.2) (82.0) (231.7) (93.3) (95.4) Total noncurrent regulatory assets $ 1,868.2 $ 800.1 $ 533.5 $ 1,740.5 $ 730.4 $ 464.4 December 31 2020 2019 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Regulatory Liabilities (millions) Taxes refundable through future rates $ 2,055.7 $ 1,184.5 $ 650.2 $ 1,656.5 $ 856.4 $ 568.9 Deferred regulatory gain from sale 48.1 48.1 — 53.6 53.6 — Emission allowances 46.1 — 46.1 50.1 — 50.1 Nuclear decommissioning 319.7 138.2 181.5 267.3 116.5 150.8 Pension and post-retirement costs 50.8 31.4 13.1 59.3 31.5 20.3 Jurisdictional allowance for funds used 28.7 27.0 1.7 28.7 28.7 — La Cygne leasehold dismantling costs 29.6 29.6 — 29.6 29.6 — Cost of removal 4.4 — — 49.1 — — Kansas tax credits — — — 17.0 17.0 — Purchase power agreement 6.3 6.3 — 7.4 7.4 — Fuel recovery mechanisms 1.3 — — 34.1 30.2 — Sibley AAO 18.4 — — 10.2 — — Other regulatory liabilities 55.8 7.8 14.8 48.7 3.9 13.5 Total 2,664.9 1,472.9 907.4 2,311.6 1,174.8 803.6 Less: current portion (26.1) (11.9) (8.0) (63.3) (42.3) (11.4) Total noncurrent regulatory liabilities $ 2,638.8 $ 1,461.0 $ 899.4 $ 2,248.3 $ 1,132.5 $ 792.2 The following summarizes the nature and period of recovery for each of the regulatory assets listed in the table above. Pension and post-retirement costs: Represents unrecognized gains and losses and prior service costs that will be recognized in future net periodic pension and post-retirement costs, pension settlements amortized over various periods and financial and regulatory accounting method differences that will be eliminated over the life of the pension plans. Of these amounts, $806.3 million, $412.9 million and $333.6 million for Evergy, Evergy Kansas Central and Evergy Metro, respectively, are not included in rate base and are amortized over various periods. Additionally, $250.1 million, $(27.5) million and $137.6 million for Evergy, Evergy Kansas Central and Evergy Metro, respectively, represent differences between pension and post-retirement costs under GAAP and pension and post-retirement costs for ratemaking that will be recovered or refunded in future rates and differences in accumulated unrecognized gains and losses and prior service costs between Evergy and Evergy Metro due to Evergy Metro electing not to apply "push-down accounting" related to the merger. Debt reacquisition costs: Includes costs incurred to reacquire and refinance debt. These costs are amortized over the term of the new debt or the remaining lives of the old debt issuances if no new debt was issued and are not included in rate base. Debt fair value adjustment: Represents purchase accounting adjustments recorded to state the carrying value of Evergy Metro and Evergy Missouri West long-term debt at fair value in connection with the merger. Amount is amortized over the life of the related debt and is not included in rate base. Asset retirement obligations fair value adjustment: Represents purchase accounting adjustments recorded to state the carrying value of Evergy Metro and Evergy Missouri West AROs at fair value in connection with the merger. Amount is amortized over the life of the related plant and is not included in rate base. Depreciation: Represents the difference between regulatory depreciation expense and depreciation expense recorded for financial reporting purposes. These assets are included in rate base and the difference is amortized over the life of the related plant. Cost of removal: Represents amounts spent, but not yet collected, to dispose of plant assets. This asset will decrease as removal costs are collected in rates and is included in rate base. Asset retirement obligations: Represents amounts associated with AROs as discussed further in Note 7. These amounts are recovered over the life of the related plant and are not included in rate base. Analog meter unrecovered investment: Represents the deferral of unrecovered investment of retired analog meters. Of this amount, $15.8 million is not included in rate base for Evergy and Evergy Kansas Central and is being amortized over a five Treasury yield hedges: Represents the effective portion of treasury yield hedge transactions. Amortization of this amount will be included in interest expense over the term of the related debt and is not included in rate base. Iatan No. 1 and common facilities: Represents depreciation and carrying costs related to Iatan No. 1 and common facilities. These costs are included in rate base and amortized over various periods. Iatan No. 2 construction accounting costs: Represents the construction accounting costs related to Iatan No. 2. These costs are included in rate base and amortized through 2059. Kansas property tax surcharge: Represents actual costs incurred for property taxes in excess of amounts collected in revenues. These costs are expected to be recovered over a one Disallowed plant costs: The KCC originally disallowed certain costs related to the Wolf Creek plant. In 1987, the KCC revised its original conclusion and provided for recovery of an indirect disallowance with no return on investment. This regulatory asset represents the present value of the future expected revenues to be provided to recover these costs, net of the amounts amortized. La Cygne environmental costs: Represents the deferral of depreciation and amortization expense and associated carrying charges related to the La Cygne Station environmental project. This amount will be amortized over the life of the related asset and is included in rate base. Deferred customer programs: Represents costs related to various energy efficiency programs that have been accumulated and deferred for future recovery. Of these amounts, $10.6 million for Evergy and $8.6 million for Evergy Metro are not included in rate base and are amortized over various periods. Fuel recovery mechanisms: Represents the actual cost of fuel consumed in producing electricity and the cost of purchased power in excess of the amounts collected from customers. This difference is expected to be recovered over a one Solar rebates: Represents costs associated with solar rebates provided to retail electric customers. These amounts are not included in rate base and are amortized over various periods. Wolf Creek outage: Represents deferred expenses associated with Wolf Creek's scheduled refueling and maintenance outages. These expenses are amortized during the period between planned outages and are not included in rate base. Pension and other post-retirement benefit non-service costs: Represents the non-service component of pension and post-retirement net benefit costs that are capitalized as authorized by regulators. The amounts are included in rate base and are recovered over the life of the related asset. Retired generation facilities: Represents amounts to be recovered for facilities that have been retired and are probable of recovery. Merger transition costs: Represents recoverable transition costs related to the merger. The amounts are not included in rate base and are recovered from retail customers through 2028. Other regulatory assets: Includes various regulatory assets that individually are small in relation to the total regulatory asset balance. These amounts have various recovery periods and are not included in rate base. The following summarizes the nature and period of amortization for each of the regulatory liabilities listed in the table above. Taxes refundable through future rates: Represents the obligation to return to customers income taxes recovered in earlier periods when corporate income tax rates were higher than current income tax rates. A large portion of this amount is related to depreciation and will be returned to customers over the life of the applicable property. Deferred regulatory gain from sale leaseback: Represents the gain Evergy Kansas South recorded on the 1987 sale and leaseback of its 50% interest in La Cygne Unit 2. The gain is amortized over the term of the lease. Emission allowances: Represents deferred gains related to the sale of emission allowances to be returned to customers. Nuclear decommissioning: Represents the difference between the fair value of the assets held in the nuclear decommissioning trust and the amount recorded for the accumulated accretion and depreciation expense associated with the asset retirement obligation related to Wolf Creek. Pension and post-retirement costs: Includes pension and post-retirement benefit obligations and expense recognized in setting prices in excess of actual pension and post-retirement expense. Jurisdictional allowance for funds used during construction: Represents AFUDC that is accrued subsequent to the time the associated construction charges are included in prices and prior to the time the related assets are placed in service. The AFUDC is amortized to depreciation expense over the useful life of the asset that is placed in service. La Cygne leasehold dismantling costs: Represents amounts collected but not yet spent on the contractual obligation to dismantle a portion of La Cygne Unit 2. The obligation will be discharged as the unit is dismantled. Cost of removal: Represents amount collected, but not yet spent, to dispose of plant assets. This liability will be discharged as removal costs are incurred. Kansas tax credits: Represents Kansas tax credits on investment in utility plant. Amounts will be credited to customers subsequent to the realization of the credits over the remaining lives of the utility plant giving rise to the tax credits. Purchase power agreement: Represents the amount included in retail electric rates from customers in excess of costs incurred under purchase power agreements. Amounts are amortized over a five Fuel recovery mechanisms: Represents the amount collected from customers in excess of the actual cost of fuel consumed in producing electricity and the cost of purchased power. This difference is expected to be refunded over a one Sibley AAO: Represents the estimated amount of revenues that Evergy Missouri West has collected from customers for Sibley Station that Evergy has determined is probable of refund. These amounts were recorded in connection with an AAO granted by the MPSC in October 2019 and deferred amounts will be considered by the MPSC in Evergy Missouri West's next rate case. Other regulatory liabilities: Includes various regulatory liabilities that individually are relatively small in relation to the total regulatory liability balance. These amounts will be credited over various periods. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILLAccounting rules require goodwill to be tested for impairment annually and when an event occurs indicating the possibility that an impairment exists. Evergy's impairment test for the $2,336.6 million of goodwill that was recorded as a result of the Great Plains Energy and Evergy Kansas Central merger was conducted as of May 1, 2020. The goodwill impairment test consists of comparing the fair value of a reporting unit to its carrying amount, including goodwill, to identify potential impairment. In the event that the carrying amount exceeds the fair value of the reporting unit, an impairment loss is recognized for the difference between the carrying amount of the reporting unit and its fair value. Evergy's consolidated operations are considered one reporting unit for assessment of impairment, as management assesses financial performance and allocates resources on a consolidated basis. The determination of fair value of the reporting unit consisted of two valuation techniques: an income approach consisting of a discounted cash flow analysis and a market approach consisting of a determination of reporting unit invested capital using a market multiple derived from the historical earnings before interest, income taxes, depreciation and amortization and market prices of the stock of peer companies. The results of the two techniques were evaluated and weighted to determine a point within the range that management considered representative of fair value for the reporting unit. The fair value of the reporting unit exceeded the carrying amount, including goodwill. As a result, there was no impairment of goodwill. |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | ASSET RETIREMENT OBLIGATIONS AROs associated with tangible long-lived assets are legal obligations that exist under enacted laws, statutes and written or oral contracts, including obligations arising under the doctrine of promissory estoppel. These liabilities are recognized at estimated fair value as incurred with a corresponding amount capitalized as part of the cost of the related long-lived assets and depreciated over their useful lives. Accretion of the liabilities due to the passage of time is recorded to a regulatory asset and/or liability. Changes in the estimated fair values of the liabilities are recognized when known. Evergy Kansas Central, Evergy Metro and Evergy Missouri West have AROs related to asbestos abatement and the closure and post-closure care of ponds and landfills containing coal combustion residuals (CCRs). In addition, Evergy Kansas Central and Evergy Metro have AROs related to decommissioning Wolf Creek and the retirement of wind generation facilities. The MPSC and KCC require the owners of Wolf Creek, including Evergy Kansas South and Evergy Metro with their respective 47% ownership shares, to submit an updated decommissioning cost study every three years. The most recent study was submitted to the MPSC and KCC in September 2020. As a result of changes in estimates related to the study, Evergy, Evergy Kansas Central and Evergy Metro recorded increases to their AROs to decommission Wolf Creek of $259.1 million, $140.7 million and $118.4 million, respectively, in 2020. The following table summarizes the change in the Evergy Companies' AROs for the periods ending December 31, 2020 and 2019. Evergy Evergy Kansas Central Evergy Metro 2020 2019 2020 2019 2020 2019 (millions) Beginning balance January 1 $ 674.1 $ 687.1 $ 272.9 $ 281.1 $ 253.6 $ 261.0 Revision in timing and/or estimates 249.3 (22.3) 136.8 (12.4) 118.4 (9.9) Settlements (18.4) (17.8) (2.2) (14.8) (7.5) (2.5) Accretion 36.9 27.1 19.7 19.0 14.4 5.0 Ending balance $ 941.9 $ 674.1 $ 427.2 $ 272.9 $ 378.9 $ 253.6 Less: current portion (40.2) (71.3) (11.2) (23.3) (21.2) (36.1) Total noncurrent asset $ 901.7 $ 602.8 $ 416.0 $ 249.6 $ 357.7 $ 217.5 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The following tables summarize the property, plant and equipment of Evergy, Evergy Kansas Central and Evergy Metro. December 31, 2020 Evergy Evergy Kansas Central Evergy Metro (millions) Electric plant in service $ 28,914.8 $ 14,095.1 $ 11,161.8 Electric plant acquisition adjustment 724.3 724.3 — Accumulated depreciation (10,998.4) (5,293.5) (4,532.7) Plant in service 18,640.7 9,525.9 6,629.1 Construction work in progress 1,153.5 589.1 433.9 Nuclear fuel, net 155.9 77.7 78.2 Plant to be retired, net (a) 0.9 0.9 — Net property, plant and equipment $ 19,951.0 $ 10,193.6 $ 7,141.2 December 31, 2019 Evergy Evergy Kansas Central Evergy Metro (millions) Electric plant in service $ 27,768.8 $ 13,538.1 $ 10,776.5 Electric plant acquisition adjustment 740.6 740.6 — Accumulated depreciation (10,293.7) (4,951.5) (4,272.0) Plant in service 18,215.7 9,327.2 6,504.5 Construction work in progress 839.2 472.8 269.9 Nuclear fuel, net 128.5 63.9 64.6 Plant to be retired, net (a) 1.0 1.0 — Net property, plant and equipment $ 19,184.4 $ 9,864.9 $ 6,839.0 (a) As of December 31, 2020 and 2019, represents the planned retirement of Evergy Kansas Central analog meters prior to the end of their remaining useful lives. The following table summarizes the property, plant and equipment of VIEs for Evergy and Evergy Kansas Central. December 31 2020 2019 (millions) Electric plant of VIEs $ 392.1 $ 392.1 Accumulated depreciation of VIEs (237.2) (230.1) Net property, plant and equipment of VIEs $ 154.9 $ 162.0 Depreciation Expense The Evergy Companies' depreciation expense is detailed in the following table. 2020 2019 2018 (millions) Evergy (a) $ 804.7 $ 786.3 $ 567.9 Evergy Kansas Central (a) 435.1 425.8 371.3 Evergy Metro (b) 269.5 262.7 235.3 (a) Approximately $7.1 million of depreciation expense in each of 2020, 2019 and 2018 was attributable to property, plant and equipment of VIEs. (b) Evergy Metro amounts are only included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
JOINTLY-OWNED ELECTRIC UTILITY
JOINTLY-OWNED ELECTRIC UTILITY PLANTS | 12 Months Ended |
Dec. 31, 2020 | |
Jointly Owned Electric Utility Plants [Abstract] | |
JOINTLY-OWNED ELECTRIC UTILITY PLANTS | JOINTLY-OWNED ELECTRIC UTILITY PLANTS Evergy's, Evergy Kansas Central's and Evergy Metro's share of jointly-owned electric utility plants at December 31, 2020, are detailed in the following tables. Evergy Wolf Creek Unit La Cygne Units (a) Iatan No. 1 Unit Iatan No. 2 Unit Iatan Common Jeffrey Energy Center State Line (millions, except MW amounts) Evergy's share 94% 100% 88% 73% 79% 100% 40% Electric plant in $ 4,059.1 $ 2,207.6 $ 773.3 $ 1,404.3 $ 499.7 $ 2,435.4 $ 115.0 Accumulated depreciation 1,970.3 779.4 265.7 459.3 127.8 984.1 80.6 Nuclear fuel, net 155.9 — — — — — — Construction work in progress 183.5 27.7 10.3 10.7 4.4 84.1 12.9 2021 accredited 1,108 1,426 618 640 n/a 2,012 200 (a) The VIE consolidated by Evergy and Evergy Kansas Central holds its 50% leasehold interest in La Cygne Unit 2. This 50% leasehold interest in La Cygne Unit 2 is reflected in the information provided above. See Note 19 for additional information. Evergy Kansas Central Wolf Creek Unit La Cygne Units (a) Jeffrey Energy Center State (millions, except MW amounts) Evergy Kansas Central's share 47% 50% 92% 40% Electric plant in service $ 1,995.2 $ 1,046.5 $ 2,229.5 $ 115.0 Accumulated depreciation 956.6 446.2 895.3 80.6 Nuclear fuel, net 77.7 — — — Construction work in progress 77.2 10.6 77.3 12.9 2021 accredited capacity-MWs 554 713 1,837 200 (a) The VIE consolidated by Evergy and Evergy Kansas Central holds its 50% leasehold interest in La Cygne Unit 2. This 50% leasehold interest in La Cygne Unit 2 is reflected in the information provided above. See Note 19 for additional information. Evergy Metro Wolf Creek Unit La Cygne Units Iatan No. 1 Unit Iatan No. 2 Unit Iatan Common (millions, except MW amounts) Evergy Metro's share 47% 50% 70% 55% 61% Electric plant in service $ 2,063.9 $ 1,161.1 $ 600.2 $ 1,065.3 $ 396.5 Accumulated depreciation 1,013.7 333.2 204.7 397.4 110.5 Nuclear fuel, net 78.2 — — — — Construction work in progress 106.3 17.1 8.3 8.0 3.1 2021 accredited capacity-MWs 554 713 492 482 n/a Each owner must fund its own portion of the plant's operating expenses and capital expenditures. The Evergy Companies' share of direct expenses are included in the appropriate operating expense classifications in Evergy's, Evergy Kansas Central's and Evergy Metro's consolidated financial statements. |
PENSION PLANS AND POST-RETIREME
PENSION PLANS AND POST-RETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
PENSION PLANS AND POST-RETIREMENT BENEFITS | PENSION PLANS AND POST-RETIREMENT BENEFITS Evergy and certain of its subsidiaries maintain, and Evergy Kansas Central and Evergy Metro participate in, qualified non-contributory defined benefit pension plans covering the majority of Evergy Kansas Central's and Evergy Metro's employees as well as certain non-qualified plans covering certain active and retired officers. Evergy is also responsible for its indirect 94% ownership share of Wolf Creek's defined benefit plans, consisting of Evergy Kansas South's and Evergy Metro's respective 47% ownership shares. For the majority of employees, pension benefits under these plans reflect the employees' compensation, years of service and age at retirement. However, for the plan covering Evergy Kansas Central's employees, the benefits for non-union employees hired between 2002 and the second quarter of 2018 and union employees hired beginning in 2012 are derived from a cash balance account formula. The plan was closed to future non-union employees in 2018. For the plans covering Evergy Metro's employees, the benefits for union employees hired beginning in 2014 are derived from a cash balance account formula and the plans were closed to future non-union employees in 2014. Evergy and its subsidiaries also provide certain post-retirement health care and life insurance benefits for substantially all retired employees of Evergy Kansas Central and Evergy Metro and their respective shares of Wolf Creek's post-retirement benefit plans. The Evergy Companies record pension and post-retirement expense in accordance with rate orders from the KCC and MPSC that allow the difference between pension and post-retirement costs under GAAP and costs for ratemaking to be recognized as a regulatory asset or liability. This difference between financial and regulatory accounting methods is due to timing and will be eliminated over the life of the plans. For 2020, Evergy and Evergy Metro recorded pension settlement charges of $11.2 million and $14.3 million, respectively. For 2019, Evergy and Evergy Metro recorded pension settlement charges of $15.6 million and $23.0 million, respectively. These settlement charges were the result of accelerated pension distributions primarily related to voluntary severance programs. Evergy and Evergy Metro deferred substantially all of the charges to a regulatory asset and expect to recover these amounts over future periods pursuant to regulatory agreements. The following pension benefits tables provide information relating to the funded status of all defined benefit pension plans on an aggregate basis as well as the components of net periodic benefit costs. For financial reporting purposes, the market value of plan assets is the fair value. Net periodic benefit costs reflect total plan benefit costs prior to the effects of capitalization and sharing with joint owners of power plants. Evergy Metro amounts are only included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Change in projected benefit obligation (PBO) (millions) PBO at January 1, 2020 $ 2,718.2 $ 1,323.4 $ 1,371.4 $ 264.3 $ 138.7 $ 125.6 Service cost 78.9 27.1 51.8 2.7 1.1 1.6 Interest cost 96.8 47.0 49.1 9.2 4.8 4.4 Contribution by participants — — — 9.3 1.8 7.5 Plan amendments 4.2 8.1 (3.9) 1.0 0.5 0.5 Actuarial loss 273.9 127.0 144.8 19.6 11.0 8.6 Benefits paid (202.5) (102.3) (99.0) (25.7) (11.1) (14.6) Settlements (62.9) — (62.9) — — — Other (5.5) (0.7) (4.8) — — — PBO at December 31, 2020 $ 2,901.1 $ 1,429.6 $ 1,446.5 $ 280.4 $ 146.8 $ 133.6 Change in plan assets Fair value of plan assets at January 1, 2020 $ 1,732.8 $ 842.1 $ 890.7 $ 239.9 $ 120.5 $ 119.4 Actual return on plan assets 209.9 99.7 110.2 20.7 13.7 7.0 Contributions by employer and participants 123.4 45.8 77.6 11.7 2.1 9.6 Benefits paid (198.6) (99.9) (98.7) (24.0) (10.5) (13.5) Settlements (62.9) — (62.9) — — — Other (5.5) (0.7) (4.8) — — — Fair value of plan assets at December 31, 2020 $ 1,799.1 $ 887.0 $ 912.1 $ 248.3 $ 125.8 $ 122.5 Funded status at December 31, 2020 $ (1,102.0) $ (542.6) $ (534.4) $ (32.1) $ (21.0) $ (11.1) Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Amounts recognized in the consolidated balance sheets (millions) Non-current asset $ — $ — $ — $ 21.3 $ — $ 21.3 Current pension and other post-retirement liability (4.4) (2.5) (0.8) (1.6) (0.8) (0.9) Noncurrent pension liability and other post-retirement liability (1,097.6) (540.1) (533.6) (51.8) (20.2) (31.5) Net amount recognized before regulatory treatment (1,102.0) (542.6) (534.4) (32.1) (21.0) (11.1) Accumulated OCI or regulatory asset/liability 566.9 408.0 216.9 4.0 1.0 (7.7) Net amount recognized at December 31, 2020 $ (535.1) $ (134.6) $ (317.5) $ (28.1) $ (20.0) $ (18.8) Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: Actuarial (gain) loss $ 551.8 $ 388.9 $ 218.6 $ 2.2 $ (0.3) $ — Prior service cost 15.1 19.1 (1.7) 1.8 1.3 (7.7) Net amount recognized at December 31, 2020 $ 566.9 $ 408.0 $ 216.9 $ 4.0 $ 1.0 $ (7.7) Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Change in projected benefit obligation (PBO) (millions) PBO at January 1, 2019 $ 2,553.4 $ 1,258.9 $ 1,272.4 $ 249.3 $ 133.6 $ 115.7 Service cost 79.1 29.0 50.1 2.5 1.1 1.4 Interest cost 108.0 53.7 53.3 10.5 5.6 4.9 Contribution by participants — — — 8.8 1.9 6.9 Actuarial loss 262.4 120.3 140.5 20.9 9.5 11.4 Benefits paid (180.5) (136.9) (42.3) (27.7) (13.0) (14.7) Settlements (96.6) — (96.6) — — — Other (7.6) (1.6) (6.0) — — — PBO at December 31, 2019 $ 2,718.2 $ 1,323.4 $ 1,371.4 $ 264.3 $ 138.7 $ 125.6 Change in plan assets Fair value of plan assets at January 1, 2019 $ 1,603.4 $ 804.6 $ 798.8 $ 223.3 $ 109.7 $ 113.6 Actual return on plan assets 284.0 130.5 153.5 30.0 20.0 10.0 Contributions by employer and participants 125.2 43.0 82.2 13.2 3.5 9.7 Benefits paid (175.6) (134.4) (41.2) (26.6) (12.7) (13.9) Settlements (96.6) — (96.6) — — — Other (7.6) (1.6) (6.0) — — — Fair value of plan assets at December 31, 2019 $ 1,732.8 $ 842.1 $ 890.7 $ 239.9 $ 120.5 $ 119.4 Funded status at December 31, 2019 $ (985.4) $ (481.3) $ (480.7) $ (24.4) $ (18.2) $ (6.2) Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Amounts recognized in the consolidated balance sheets (millions) Non-current asset $ — $ — $ — $ 15.0 $ — $ 15.0 Current pension and other post-retirement liability (5.6) (3.0) (1.3) (1.9) (1.0) (0.9) Noncurrent pension liability and other post- (979.8) (478.3) (479.4) (37.5) (17.2) (20.3) Net amount recognized before regulatory treatment (985.4) (481.3) (480.7) (24.4) (18.2) (6.2) Accumulated OCI or regulatory asset/liability 454.1 354.9 192.3 (4.4) (2.9) (13.0) Net amount recognized at December 31, 2019 $ (531.3) $ (126.4) $ (288.4) $ (28.8) $ (21.1) $ (19.2) Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: Actuarial (gain) loss $ 439.7 $ 342.3 $ 189.4 $ (5.7) $ (4.2) $ (4.9) Prior service cost 14.4 12.6 2.9 1.3 1.3 (8.1) Net amount recognized at December 31, 2019 $ 454.1 $ 354.9 $ 192.3 $ (4.4) $ (2.9) $ (13.0) Actuarial losses for the Evergy Companies' pension benefit plans for 2020 and 2019 were primarily driven by a decrease in the discount rate used to measure the benefit obligation of approximately 70 basis points in each of 2020 and 2019 as a result of lower market interest rates. As of December 31, 2020 and 2019, Evergy's pension benefits include non-qualified benefit obligations of $52.1 million and $49.4 million, respectively, which are funded by trusts containing assets of $46.3 million and $45.5 million, respectively. As of December 31, 2020 and 2019, Evergy Kansas Central's pension benefits include non-qualified benefit obligations of $27.0 million and $26.0 million, respectively, which are funded by trusts containing assets of $32.7 million and $31.7 million, respectively. The assets in the aforementioned trusts are not included in the table above. See Note 14 for more information on these amounts. Pension Benefits Post-Retirement Benefits Year Ended December 31, 2020 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 78.9 $ 27.1 $ 51.8 $ 2.7 $ 1.1 $ 1.6 Interest cost 96.8 47.0 49.1 9.2 4.8 4.4 Expected return on plan assets (105.6) (53.1) (54.7) (9.3) (6.6) (2.7) Prior service cost 1.8 1.6 0.8 0.5 0.5 — Recognized net actuarial (gain) loss 46.4 33.9 45.7 0.2 — (0.6) Settlement and special termination benefits 11.2 — 14.3 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 129.5 56.5 107.0 3.3 (0.2) 2.7 Regulatory adjustment 29.6 5.9 (11.6) (4.0) (3.0) (0.2) Intercompany allocations n/a (0.2) (22.6) n/a 0.1 (0.3) Net periodic benefit costs (income) 159.1 62.2 72.8 (0.7) (3.1) 2.2 Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities Current year net loss 169.7 80.4 89.3 8.2 3.9 4.3 Amortization of gain (loss) (59.2) (33.8) (60.0) (0.2) — 0.6 Prior service cost 4.1 8.1 (3.9) 0.9 0.5 0.4 Amortization of prior service cost (1.8) (1.6) (0.8) (0.5) (0.5) — Total recognized in OCI or regulatory asset/liability 112.8 53.1 24.6 8.4 3.9 5.3 Total recognized in net periodic benefit costs and OCI or regulatory asset/liability $ 271.9 $ 115.3 $ 97.4 $ 7.7 $ 0.8 $ 7.5 Pension Benefits Post-Retirement Benefits Year Ended December 31, 2019 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 79.1 $ 29.0 $ 50.1 $ 2.5 $ 1.1 $ 1.4 Interest cost 108.0 53.7 53.3 10.5 5.6 4.9 Expected return on plan assets (106.3) (54.8) (48.9) (10.0) (6.7) (3.3) Prior service cost 1.9 1.7 0.9 0.5 0.5 — Recognized net actuarial (gain) loss 33.0 25.5 49.8 (1.2) (0.6) (1.4) Settlement and special termination benefits 15.6 — 23.0 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 131.3 55.1 128.2 2.3 (0.1) 1.6 Regulatory adjustment 37.4 3.0 (19.2) (3.4) (3.0) 0.4 Intercompany allocations n/a — (34.4) n/a — (0.4) Net periodic benefit costs (income) 168.7 58.1 74.6 (1.1) (3.1) 1.6 Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities Current year net (gain) loss 84.7 44.6 35.9 0.9 (3.8) 4.7 Amortization of gain (loss) (48.6) (25.5) (72.8) 1.2 0.6 1.4 Amortization of prior service cost (1.9) (1.7) (0.9) (0.5) (0.5) — Total recognized in OCI or regulatory asset/liability 34.2 17.4 (37.8) 1.6 (3.7) 6.1 Total recognized in net periodic benefit costs and OCI or regulatory asset/liability $ 202.9 $ 75.5 $ 36.8 $ 0.5 $ (6.8) $ 7.7 Pension Benefits Post-Retirement Benefits Year Ended December 31, 2018 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 60.7 $ 32.2 $ 48.6 $ 2.3 $ 1.3 $ 2.0 Interest cost 82.5 50.7 49.9 8.0 5.0 4.8 Expected return on plan assets (86.4) (55.9) (55.5) (8.8) (7.0) (2.8) Prior service cost 0.7 0.7 0.7 0.5 0.5 0.1 Recognized net actuarial (gain) loss 32.6 32.6 45.1 (0.6) (0.6) (0.2) Net periodic benefit costs before regulatory adjustment and intercompany allocations 90.1 60.3 88.8 1.4 (0.8) 3.9 Regulatory adjustment 8.3 8.8 0.7 (1.7) (2.0) (0.1) Intercompany allocations n/a — (21.6) n/a — (1.1) Net periodic benefit costs (income) 98.4 69.1 67.9 (0.3) (2.8) 2.7 Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities Current year net (gain) loss 67.2 (13.2) 25.9 4.9 11.7 (14.0) Amortization of gain (loss) (32.6) (32.6) (45.1) 0.6 0.6 0.2 Prior service cost 13.4 11.4 2.0 — — — Amortization of prior service cost (0.7) (0.7) (0.7) (0.5) (0.5) (0.1) Total recognized in OCI or regulatory asset/liability 47.3 (35.1) (17.9) 5.0 11.8 (13.9) Total recognized in net periodic benefit costs and OCI or regulatory asset/liability $ 145.7 $ 34.0 $ 50.0 $ 4.7 $ 9.0 $ (11.2) For financial reporting purposes, the estimated prior service cost and net actuarial (gain) loss for the defined benefit plans are amortized from accumulated other comprehensive income (OCI) or a regulatory asset into net periodic benefit cost. The Evergy Companies amortize prior service cost on a straight-line basis over the average future service of the active employees (plan participants) benefiting under the plan. Evergy and Evergy Kansas Central amortize the net actuarial (gain) loss on a straight-line basis over the average future service of active plan participants benefiting under the plan without application of an amortization corridor. Evergy Metro amortizes the net actuarial (gain) loss on a rolling five-year average basis. Pension and other post-retirement benefit plans with the PBO, accumulated benefit obligation (ABO) or accumulated other post-retirement benefit obligation (APBO) in excess of the fair value of plan assets at year-end are detailed in the following tables. December 31, 2020 Evergy Evergy Kansas Central Evergy Metro (millions) ABO for all defined benefit pension plans $ 2,534.1 $ 1,281.6 $ 1,227.4 Pension plans with the PBO in excess of plan assets Projected benefit obligation $ 2,901.1 $ 1,429.6 $ 1,446.5 Fair value of plan assets 1,799.1 887.0 912.1 Pension plans with the ABO in excess of plan assets Accumulated benefit obligation $ 2,534.1 $ 1,281.6 $ 1,227.4 Fair value of plan assets 1,799.1 887.0 912.1 Other post-retirement benefit plans with the APBO in excess of plan assets Accumulated other post-retirement benefit obligation $ 280.4 $ 146.8 $ 133.6 Fair value of plan assets 248.3 125.8 122.5 December 31, 2019 Evergy Evergy Kansas Central Evergy Metro (millions) ABO for all defined benefit pension plans $ 2,390.5 $ 1,196.8 $ 1,170.2 Pension plans with the PBO in excess of plan assets Projected benefit obligation $ 2,718.2 $ 1,323.4 $ 1,371.4 Fair value of plan assets 1,732.8 842.1 890.7 Pension plans with the ABO in excess of plan assets Accumulated benefit obligation $ 2,390.5 $ 1,196.8 $ 1,170.2 Fair value of plan assets 1,732.8 842.1 890.7 Other post-retirement benefit plans with the APBO in excess of plan assets Accumulated other post-retirement benefit obligation $ 264.3 $ 138.7 $ 125.6 Fair value of plan assets 239.9 120.5 119.4 The expected long-term rate of return on plan assets represents the Evergy Companies' estimate of the long-term return on plan assets and is based on historical and projected rates of return for current and planned asset classes in the plans' investment portfolios. Assumed projected rates of return for each asset class were selected after analyzing historical experience and future expectations of the returns of various asset classes. Based on the target asset allocation for each asset class, the overall expected rate of return for the portfolios was developed and adjusted for the effect of projected benefits paid from plan assets and future plan contributions. The following tables provide the weighted-average assumptions used to determine benefit obligations and net costs for the Evergy Companies' pension and post-retirement benefit plans. Weighted-average assumptions used to determine the benefit obligation at December 31, 2020 Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Discount rate 2.95 % 2.93 % 2.97 % 2.84 % 2.80 % 2.88 % Rate of compensation increase 3.71 % 3.76 % 3.71 % 3.75 % n/a 3.75 % Interest crediting rate for cash balance plans 4.12 % 4.00 % 4.46 % n/a n/a n/a Weighted-average assumptions used to determine the benefit obligation at December 31, 2019 Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Discount rate 3.62 % 3.61 % 3.64 % 3.56 % 3.54 % 3.58 % Rate of compensation increase 3.74 % 3.78 % 3.71 % 3.75 % n/a 3.75 % Interest crediting rate for cash balance plans 4.32 % 4.21 % 4.50 % n/a n/a n/a Weighted-average assumptions used to determine net costs for the year ended December 31, 2020 Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Discount rate 3.62 % 3.61 % 3.64 % 3.56 % 3.54 % 3.58 % Expected long-term return on plan assets 6.63 % 6.70 % 6.56 % 4.19 % 6.00 % 2.37 % Rate of compensation increase 3.74 % 3.75 % 3.71 % 3.75 % n/a 3.75 % Interest crediting rate for cash balance plans 4.32 % 4.21 % 4.50 % n/a n/a n/a Weighted-average assumptions used to determine net costs for the year ended December 31, 2019 Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Discount rate 4.35 % 4.35 % 4.36 % 4.33 % 4.33 % 4.33 % Expected long-term return on plan assets 6.61 % 6.75 % 6.47 % 4.44 % 6.00 % 2.94 % Rate of compensation increase 3.76 % 4.03 % 3.64 % 3.50 % n/a 3.50 % Interest crediting rate for cash balance plans 4.32 % 4.21 % 4.50 % n/a n/a n/a Evergy expects to contribute $131.6 million to the pension plans in 2021 to meet Employee Retirement Income Security Act of 1974, as amended (ERISA) funding requirements and regulatory orders, of which $41.2 million is expected to be paid by Evergy Kansas Central and $90.4 million is expected to be paid by Evergy Metro. The Evergy Companies' funding policy is to contribute amounts sufficient to meet the ERISA funding requirements and MPSC and KCC rate orders plus additional amounts as considered appropriate; therefore, actual contributions may differ from expected contributions. Also in 2021, Evergy expects to contribute $4.1 million to the post-retirement benefit plans, of which $0.6 million is expected to be paid by Evergy Kansas Central and $3.5 million is expected to be paid by Evergy Metro. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid through 2030. Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro (millions) 2021 $ 187.6 $ 96.2 $ 90.2 $ 16.7 $ 9.5 $ 7.2 2022 189.6 95.5 92.8 16.4 9.3 7.1 2023 192.6 95.7 95.6 16.1 9.1 6.9 2024 193.2 95.2 96.7 15.7 8.8 6.9 2025 195.5 94.5 99.4 15.3 8.6 6.8 2026-2030 957.0 442.8 506.5 73.1 39.8 33.3 As of December 31, 2020, Evergy Kansas Central and Evergy Metro each maintained separate trusts for both their qualified pension and post-retirement benefits. These plans are managed in accordance with prudent investor guidelines contained in the ERISA requirements. The primary objective of the Evergy Kansas Central pension plan is to provide a source of retirement income for its participants and beneficiaries, and the primary financial objective of the plan is to improve its funded status. The primary objective of the Evergy Kansas Central post-retirement benefit plan is growth in assets and the preservation of principal, while minimizing interim volatility, to meet anticipated claims of plan participants. The primary objective of the Evergy Metro pension plans is to meet or exceed the target rate of return for the plan within a reasonable and prudent level of risk. The primary objective of the Evergy Metro post-retirement benefit plans is to preserve capital, maintain sufficient liquidity and earn a consistent rate of return. The investment strategies of both the Evergy Kansas Central and Evergy Metro pension and post-retirement plans support the above objectives of the plans. The portfolios are invested, and periodically rebalanced, to achieve the targeted allocations detailed below. The following table provides the target asset allocations by asset class for the Evergy Kansas Central and Evergy Metro pension and other post-retirement plan assets. [to be updated] Pension Benefits Post-Retirement Benefits Evergy Kansas Central Evergy Metro Evergy Kansas Central Evergy Metro Domestic equities 29% 30% 33% 3% International equities 20% 24% 22% —% Bonds 36% 33% 45% 85% Mortgage & asset backed securities —% —% —% 4% Real estate investments 4% 5% —% —% Other investments 11% 9% —% 7% Fair Value Measurements Evergy classifies recurring and non-recurring fair value measurements based on the fair value hierarchy as discussed in Note 14. The following are descriptions of the valuation methods of the primary fair value measurements disclosed below. Domestic equities - consist of individually held domestic equity securities and domestic equity mutual funds. Securities and funds, which are publicly quoted, are valued based on quoted prices in active markets and are categorized as Level 1. Funds that are valued by fund administrators using the net asset value (NAV) per fund share, derived from the quoted prices in active markets of the underlying securities are not classified within the fair value hierarchy. International equities - consist of individually held international equity securities and international equity mutual funds. Securities and funds, which are publicly quoted, are valued based on quoted prices in active markets and are categorized as Level 1. Funds that are valued by fund administrators using the NAV per fund share, derived from the quoted prices in active markets of the underlying securities are not classified within the fair value hierarchy. Bond funds - consist of funds maintained by investment companies that invest in various types of fixed income securities consistent with the funds' stated objectives. Securities and funds, which are publicly quoted, are valued based on quoted prices in active markets and are categorized as Level 1. Funds that are valued by fund administrators using the NAV per fund share, derived from the quoted prices in active markets of the underlying securities, are not classified within the fair value hierarchy. Corporate bonds - consists of individually held, primarily domestic, corporate bonds that are traded in less than active markets or priced with models using highly observable inputs that are categorized as Level 2. U.S. Treasury and agency bonds - consists of individually held U.S. Treasury securities and U.S. agency bonds. U.S. Treasury securities, which are publicly quoted, are valued based on quoted prices in active markets and are categorized as a Level 1. U.S. agency bonds, which are publicly quoted, are traded in less than active markets or priced with models using highly observable inputs and are categorized as Level 2. Mortgage and asset backed securities - consists of individually held securities that are traded in less than active markets or valued with models using highly observable inputs that are categorized as Level 2. Real estate investments - consists of traded real estate investment trusts valued at the closing price reported on the major market on which the trusts are traded and are categorized as Level 1 and institutional trust funds valued at NAV per fund share and are not categorized in the fair value hierarchy. Combination debt/equity/other fund - consists of a fund that invests in various types of debt, equity and other asset classes consistent with the fund's stated objectives. The fund, which is publicly quoted, is valued based on quoted prices in active markets and is categorized as Level 1. Alternative investments - consists of investments in institutional trust and hedge funds that are valued by fund administrators using the NAV per fund share, derived from the underlying investments of the fund, and are not classified within the fair value hierarchy. Short-term investments - consists of fund investments in high-quality, short-term, U.S. dollar-denominated instruments with an average maturity of 60 days that are valued at NAV per fund share and are not categorized in the fair value hierarchy. Cash and cash equivalents - consists of investments with original maturities of three months or less when purchased that are traded in active markets and are categorized as Level 1. The fair values of the Evergy Companies' pension plan assets at December 31, 2020 and 2019, by asset category are in the following tables. Fair Value Measurements Using December 31 Level 1 Level 2 Level 3 Assets measured at NAV (millions) Evergy Kansas Central Pension Plans Domestic equities $ 248.5 $ 151.3 $ — $ — $ 97.2 International equities 171.2 103.8 — — 67.4 Bond funds 281.2 230.7 — — 50.5 Real estate investments 46.7 — — — 46.7 Combination debt/equity/other fund 30.4 30.4 — — — Alternative investment funds 83.6 — — — 83.6 Short-term investments 25.4 — — — 25.4 Total $ 887.0 $ 516.2 $ — $ — $ 370.8 Evergy Metro Pension Plans Domestic equities $ 247.4 $ 191.9 $ — $ — $ 55.5 International equities 220.8 153.4 — — 67.4 Bond funds 78.1 21.1 — — 57.0 Corporate bonds 133.6 — 133.6 — — U.S. Treasury and agency bonds 73.8 61.5 12.3 — — Mortgage and asset backed securities 5.0 — 5.0 — — Real estate investments 40.2 1.6 — — 38.6 Combination debt/equity/other fund 15.6 15.6 — — — Alternative investment funds 39.7 — — — 39.7 Cash and cash equivalents 57.3 57.3 — — — Short-term investments 1.4 — — — 1.4 Other (0.8) — (0.8) — — Total $ 912.1 $ 502.4 $ 150.1 $ — $ 259.6 Fair Value Measurements Using December 31 Level 1 Level 2 Level 3 Assets measured at NAV (millions) Evergy Kansas Central Pension Plans Domestic equities $ 233.8 $ 150.6 $ — $ — $ 83.2 International equities 162.4 101.5 — — 60.9 Bond funds 281.7 233.0 — — 48.7 Real estate investments 46.5 — — — 46.5 Combination debt/equity/other fund 30.1 30.1 — — — Alternative investment funds 78.5 — — — 78.5 Short-term investments 9.1 — — — 9.1 Total $ 842.1 $ 515.2 $ — $ — $ 326.9 Evergy Metro Pension Plans Domestic equities $ 244.8 $ 195.3 $ — $ — $ 49.5 International equities 178.7 117.7 — — 61.0 Bond funds 71.0 15.6 — — 55.4 Corporate bonds 123.9 — 123.9 — — U.S. Treasury and agency bonds 70.9 53.5 17.4 — — Mortgage and asset backed securities 5.7 — 5.7 — — Real estate investments 50.8 12.8 — — 38.0 Combination debt/equity/other fund 11.9 11.9 — — — Alternative investment funds 36.6 — — — 36.6 Cash and cash equivalents 92.9 92.9 — — — Short-term investments 1.0 — — — 1.0 Other 2.5 — 2.5 — — Total $ 890.7 $ 499.7 $ 149.5 $ — $ 241.5 The fair values of the Evergy Companies' post-retirement plan assets at December 31, 2020 and 2019, by asset category are in the following tables. Fair Value Measurements Using December 31 Level 1 Level 2 Level 3 Assets measured at NAV (millions) Evergy Kansas Central Post-Retirement Benefit Plans Domestic equities $ 41.9 $ — $ — $ — $ 41.9 International equities 27.7 — — — 27.7 Bond funds 55.5 — — — 55.5 Cash and cash equivalents 0.7 0.7 — — — Total $ 125.8 $ 0.7 $ — $ — $ 125.1 Evergy Metro Post-Retirement Benefit Plans Domestic equities $ 4.6 $ 4.6 $ — $ — $ — International equities 1.2 1.2 — — — Bond funds 79.0 0.2 — — 78.8 Corporate bonds 17.9 — 17.9 — — U.S. Treasury and agency bonds 13.6 5.7 7.9 — — Mortgage and asset backed securities 0.5 — 0.5 — — Cash and cash equivalents 5.4 5.4 — — — Other 0.3 — 0.3 — — Total $ 122.5 $ 17.1 $ 26.6 $ — $ 78.8 Fair Value Measurements Using December 31 Level 1 Level 2 Level 3 Assets measured at NAV (millions) Evergy Kansas Central Post-Retirement Benefit Plans Domestic equities $ 40.5 $ — $ — $ — $ 40.5 International equities 26.0 — — — 26.0 Bond funds 52.9 — — — 52.9 Cash and cash equivalents 1.1 1.1 — — — Total $ 120.5 $ 1.1 $ — $ — $ 119.4 Evergy Metro Post-Retirement Benefit Plans Domestic equities $ 3.2 $ 3.2 $ — $ — $ — International equities 1.1 1.1 — — — Bond funds 77.5 0.1 — — 77.4 Corporate bonds 17.8 — 17.8 — — U.S. Treasury and agency bonds 11.5 4.1 7.4 — — Mortgage and asset backed securities 1.3 — 1.3 — — Cash and cash equivalents 6.7 6.7 — — — Other 0.3 — 0.3 — — Total $ 119.4 $ 15.2 $ 26.8 $ — $ 77.4 Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. The cost trend assumptions are detailed in the following tables. Assumed annual health care cost growth rates as of December 31, 2020 Evergy Evergy Kansas Central Evergy Metro Health care cost trend rate assumed for next year 6.0 % 6.0 % 6.0 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 4.5 % 4.5 % 4.5 % Year that rate reaches ultimate trend 2027 2027 2027 Assumed annual health care cost growth rates as of December 31, 2019 Evergy Evergy Kansas Central Evergy Metro Health care cost trend rate assumed for next year 6.3 % 6.3 % 6.3 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 4.5 % 4.5 % 4.5 % Year that rate reaches ultimate trend 2027 2027 2027 Employee Savings Plans Evergy has defined contribution savings plans (401(k)) that cover substantially all employees. Evergy matches employee contributions, subject to limits. The annual costs of the plans are detailed in the following table. Evergy Metro amounts are only included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. 2020 2019 2018 (millions) Evergy $ 17.4 $ 17.6 $ 16.3 Evergy Kansas Central 9.6 9.6 9.9 Evergy Metro 7.8 8.0 8.3 |
EQUITY COMPENSATION
EQUITY COMPENSATION | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
EQUITY COMPENSATION | EQUITY COMPENSATION Upon the consummation of the merger, Evergy assumed both Evergy Kansas Central's Long-Term Incentive and Share Award plan (LTISA) and Great Plains Energy's Amended Long-Term Incentive Plan, which was renamed the Evergy, Inc. Long-Term Incentive Plan. All outstanding share-based payment awards under Evergy Kansas Central's LTISA vested at the closing of the merger transaction and were converted into a right to receive Evergy common stock with the exception of certain RSUs and deferred director share units issued prior to the closing of the merger to certain directors, officers and employees of Evergy Kansas Central. The vesting of these shares resulted in the recognition of $14.6 million of compensation expense in Evergy's and Evergy Kansas Central's consolidated statements of income and comprehensive income for 2018. All of Great Plains Energy's outstanding performance shares, restricted stock, RSUs and director deferred share units under Great Plains Energy's Amended Long-Term Incentive Plan were converted into equivalent Evergy performance shares, restricted stock, RSUs and director deferred share units at Great Plains Energy's merger exchange ratio of 0.5981. See Note 2 for more information regarding the merger. The following table summarizes the Evergy Companies' equity compensation expense and the associated income tax benefit. 2020 2019 2018 Evergy (millions) Equity compensation expense $ 15.5 $ 15.5 $ 30.7 Income tax benefit 2.2 3.0 1.4 Evergy Kansas Central Equity compensation expense 7.6 6.7 24.8 Income tax benefit 1.6 1.9 1.4 Evergy Metro (a) Equity compensation expense 5.7 5.7 6.5 Income tax benefit 0.2 0.3 0.1 (a) Evergy Metro amounts are only included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. Restricted Share Units Evergy has utilized RSUs for new grants of stock-based compensation awards subsequent to the merger. RSU awards are grants that entitle the holder to receive shares of common stock as the awards vest. These RSU awards are defined as nonvested shares and do not include restrictions once the awards have vested. These RSUs either take the form of RSUs with performance measures that vest upon expiration of the award term or RSUs with only service requirements that vest solely upon the passage of time. As of December 31, 2020, Evergy also had an insignificant amount of restricted stock and performance shares outstanding related to Great Plains Energy equity compensation awards that converted to equivalent Evergy awards at the closing of the merger transaction in 2018. These remaining restricted stock and performance share awards will vest in the first quarter of 2021. RSUs with Performance Measures The payment of RSUs with performance measures is contingent upon achievement of specific performance goals over a stated period of time as approved by the Compensation and Leadership Development Committee of the Board. The numbers of RSUs with performances measures ultimately paid can vary from the numbers of RSUs with performance measures initially granted depending on Evergy's performance over stated performance periods. Compensation expense for RSUs with performance measures is calculated by recognizing the portion of the fair value for each reporting period for which the requisite service has been rendered. Dividends are accrued over the vesting period and paid in cash based on the number of RSUs with performance measures ultimately paid. The fair value of RSUs with performance measures is estimated using the market value of Evergy's stock at the valuation date and a Monte Carlo simulation technique that incorporates assumptions for inputs of expected volatilities, dividend yield and risk-free rates. Expected volatility is based on daily stock price change during a historical period commensurate with the remaining term of the performance period of the grant. The risk-free rate is based upon the rate at the time of the evaluation for zero-coupon government bonds with a maturity consistent with the remaining performance period of the grant. The dividend yield is based on the most recent dividends paid and the actual closing stock price on the valuation date. For shares granted in 2020, inputs for expected volatility, dividend yield and the risk-free rate were 17%, 2.93% and 0.72%, respectively. RSU activity for awards with performance measures for 2020 is summarized in the following table. Nonvested Grant Date Beginning balance January 1, 2020 197,250 $ 37.87 Granted 175,991 87.98 Forfeited (25,277) 60.55 Ending balance December 31, 2020 347,964 61.57 * weighted-average At December 31, 2020, the remaining weighted-average contractual term related to RSU awards with performance measures was 1.7 years. The weighted-average grant-date fair value of RSUs granted with performance measures was $87.98 and $37.87 in 2020 and 2019, respectively. At December 31, 2020, there was $17.5 million of unrecognized compensation expense related to unvested RSUs with performance measures. No RSUs with performance measures vested in 2020 and 2019. RSUs with Only Service Requirements Evergy measures the fair value of RSUs with only service requirements based on the fair market value of the underlying common stock as of the grant date. RSU awards with only service conditions recognize compensation expense by multiplying shares by the grant-date fair value related to the RSU and recognizing it on a straight-line basis over the requisite service period for the entire award, including for those RSUs that have a graded vesting schedule. Nonforfeitable dividend equivalents, or the rights to receive cash equal to the value of dividends paid on Evergy's common stock, are paid on certain of these RSUs during the vesting period. Nonforfeitable dividend equivalents are recorded directly to retained earnings. RSU activity for awards with only service requirements for 2020 is summarized in the following table. Nonvested Grant Date Beginning balance January 1, 2020 233,350 $ 54.16 Granted 59,539 68.92 Vested (120,536) 53.94 Forfeited (11,611) 59.27 Ending balance December 31, 2020 160,742 59.42 * weighted-average At December 31, 2020, the remaining weighted-average contractual term related to RSU awards with only service requirements was 1.3 years. The weighted-average grant-date fair value of RSUs granted with only service requirements was $68.92, $54.47 and $52.16 in 2020, 2019 and 2018, respectively. At December 31, 2020, there was $3.5 million of unrecognized compensation expense related to unvested RSUs. The total fair value of RSUs with only service requirements that vested was $6.5 million, $2.6 million and $16.0 million in 2020, 2019 and 2018, respectively. |
SHORT-TERM BORROWINGS AND SHORT
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT | SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT Evergy's $2.5 billion master credit facility expires in 2023. Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West have borrowing capacity under the master credit facility with specific sublimits for each borrower. These sublimits can be unilaterally adjusted by Evergy for each borrower provided the sublimits remain within minimum and maximum sublimits as specified in the facility. A default by any borrower under the facility or one of its significant subsidiaries on other indebtedness totaling more than $100.0 million constitutes a default by that borrower under the facility. Under the terms of this facility, each of Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West is required to maintain a total indebtedness to total capitalization ratio, as defined in the facility, of not greater than 0.65 to 1.00 at all times. As of December 31, 2020, Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West were in compliance with this covenant. The following table summarizes the committed credit facilities (excluding receivable sale facilities discussed in Note 4) available to the Evergy Companies as of December 31, 2020 and 2019. Amounts Drawn Master Credit Facility Commercial Paper Letters of Credit Cash Borrowings Available Borrowings Weighted Average Interest Rate on Short-Term Borrowings December 31, 2020 (millions) Evergy, Inc. $ 450.0 n/a $ 0.7 $ 200.0 $ 249.3 1.40% Evergy Kansas Central 1,000.0 50.0 17.0 — 933.0 0.23% Evergy Metro 600.0 — — — 600.0 —% Evergy Missouri West 450.0 65.0 2.0 — 383.0 0.36% Evergy $ 2,500.0 $ 115.0 $ 19.7 $ 200.0 $ 2,165.3 December 31, 2019 Evergy, Inc. $ 450.0 n/a $ 0.7 $ 20.0 $ 429.3 2.99% Evergy Kansas Central 1,000.0 249.2 14.2 — 736.6 2.07% Evergy Metro 600.0 199.3 — — 400.7 2.02% Evergy Missouri West 450.0 93.4 2.1 — 354.5 2.02% Evergy $ 2,500.0 $ 541.9 $ 17.0 $ 20.0 $ 1,921.1 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT The Evergy Companies' long-term debt is detailed in the following tables. December 31, 2020 Issuing Entity Year Due Evergy Evergy Kansas Central Evergy Metro Mortgage Bonds (millions) 3.25% Series Evergy Kansas Central, Inc. 2025 250.0 250.0 — 2.55% Series Evergy Kansas Central, Inc. 2026 350.0 350.0 — 3.10% Series Evergy Kansas Central, Inc. 2027 300.0 300.0 — 4.125% Series Evergy Kansas Central, Inc. 2042 550.0 550.0 — 4.10% Series Evergy Kansas Central, Inc. 2043 430.0 430.0 — 4.625% Series Evergy Kansas Central, Inc. 2043 250.0 250.0 — 4.25% Series Evergy Kansas Central, Inc. 2045 300.0 300.0 — 3.25% Series Evergy Kansas Central, Inc. 2049 300.0 300.0 3.45% Series Evergy Kansas Central, Inc. 2050 500.0 500.0 — 6.15% Series Evergy Kansas South, Inc. 2023 50.0 50.0 — 6.53% Series Evergy Kansas South, Inc. 2037 175.0 175.0 — 6.64% Series Evergy Kansas South, Inc. 2038 100.0 100.0 — 4.30% Series Evergy Kansas South, Inc. 2044 250.0 250.0 — 2.95% EIRR bonds Evergy Metro, Inc. 2023 79.5 — 79.5 4.125% Series Evergy Metro, Inc. 2049 400.0 — 400.0 2.25% Series Evergy Metro, Inc. 2030 400.0 — 400.0 9.44% Series Evergy Missouri West, Inc. 2021 1.1 — — Pollution Control Bonds 0.18% Series (b) Evergy Kansas Central, Inc. 2032 45.0 45.0 — 0.18% Series (b) Evergy Kansas Central, Inc. 2032 30.5 30.5 — 0.18% Series (b) Evergy Kansas South, Inc. 2027 21.9 21.9 — 2.50% Series Evergy Kansas South, Inc. 2031 50.0 50.0 — 0.18% Series (b) Evergy Kansas South, Inc. 2032 14.5 14.5 — 0.18% Series (b) Evergy Kansas South, Inc. 2032 10.0 10.0 — 0.20% Series 2007A and 2007B (b) Evergy Metro, Inc. 2035 146.5 — 146.5 2.75% Series 2008 Evergy Metro, Inc. 2038 23.4 — 23.4 Senior Notes 3.15% Series (g) Evergy Metro, Inc. 2023 300.0 — 300.0 3.65% Series (g) Evergy Metro, Inc. 2025 350.0 — 350.0 6.05% Series (5.78% rate) (a)(g) Evergy Metro, Inc. 2035 250.0 — 250.0 5.30% Series (g) Evergy Metro, Inc. 2041 400.0 — 400.0 4.20% Series (g) Evergy Metro, Inc. 2047 300.0 — 300.0 4.20% Series (g) Evergy Metro, Inc. 2048 300.0 — 300.0 8.27% Series Evergy Missouri West, Inc. 2021 80.9 — — 3.49% Series A Evergy Missouri West, Inc. 2025 36.0 — — 4.06% Series B Evergy Missouri West, Inc. 2033 60.0 — — 4.74% Series C Evergy Missouri West, Inc. 2043 150.0 — — 3.74% Series Evergy Missouri West, Inc. 2022 100.0 — — 4.85% Series Evergy, Inc. (f) 2021 350.0 — — 5.292% Series Evergy, Inc. (f) 2022 287.5 — — 2.45% Series Evergy, Inc. 2024 800.0 — — 2.90% Series (3.77% rate) (a) Evergy, Inc. 2029 800.0 — — Medium Term Notes 7.33% Series Evergy Missouri West, Inc. 2023 3.0 — — 7.17% Series Evergy Missouri West, Inc. 2023 7.0 — — Fair value adjustment (e) 110.4 — — Current maturities (c) (436.4) — — Unamortized debt discount and debt issuance costs (84.9) (45.4) (26.4) Total excluding current maturities (d) $ 9,190.9 $ 3,931.5 $ 2,923.0 December 31, 2019 Issuing Entity Year Due Evergy Evergy Kansas Central Evergy Metro Mortgage Bonds (millions) 5.10% Series Evergy Kansas Central, Inc. 2020 $ 250.0 $ 250.0 $ — 3.25% Series Evergy Kansas Central, Inc. 2025 250.0 250.0 — 2.55% Series Evergy Kansas Central, Inc. 2026 350.0 350.0 — 3.10% Series Evergy Kansas Central, Inc. 2027 300.0 300.0 — 4.125% Series Evergy Kansas Central, Inc. 2042 550.0 550.0 — 4.10% Series Evergy Kansas Central, Inc. 2043 430.0 430.0 — 4.625% Series Evergy Kansas Central, Inc. 2043 250.0 250.0 — 4.25% Series Evergy Kansas Central, Inc. 2045 300.0 300.0 — 3.25% Series Evergy Kansas Central, Inc. 2049 300.0 300.0 6.15% Series Evergy Kansas South, Inc. 2023 50.0 50.0 — 6.53% Series Evergy Kansas South, Inc. 2037 175.0 175.0 — 6.64% Series Evergy Kansas South, Inc. 2038 100.0 100.0 — 4.30% Series Evergy Kansas South, Inc. 2044 250.0 250.0 — 2.95% EIRR bonds Evergy Metro, Inc. 2023 79.5 — 79.5 4.125% Series Evergy Metro, Inc. 2049 400.0 — 400.0 9.44% Series Evergy Missouri West, Inc. 2020-2021 2.3 — — Pollution Control Bonds 1.39% Series (b) Evergy Kansas Central, Inc. 2032 45.0 45.0 — 1.39% Series (b) Evergy Kansas Central, Inc. 2032 30.5 30.5 — 1.39% Series (b) Evergy Kansas South, Inc. 2027 21.9 21.9 — 2.50% Series Evergy Kansas South, Inc. 2031 50.0 50.0 — 1.39% Series (b) Evergy Kansas South, Inc. 2032 14.5 14.5 — 1.39% Series (b) Evergy Kansas South, Inc. 2032 10.0 10.0 — 1.432% Series 2007A and 2007B (b) Evergy Metro, Inc. 2035 146.5 — 146.5 2.75% Series 2008 Evergy Metro, Inc. 2038 23.4 — 23.4 Senior Notes 3.15% Series (g) Evergy Metro, Inc. 2023 300.0 — 300.0 3.65% Series (g) Evergy Metro, Inc. 2025 350.0 — 350.0 6.05% Series (5.78% rate) (a)(g) Evergy Metro, Inc. 2035 250.0 — 250.0 5.30% Series (g) Evergy Metro, Inc. 2041 400.0 — 400.0 4.20% Series (g) Evergy Metro, Inc. 2047 300.0 — 300.0 4.20% Series (g) Evergy Metro, Inc. 2048 300.0 — 300.0 8.27% Series Evergy Missouri West, Inc. 2021 80.9 — — 3.49% Series A Evergy Missouri West, Inc. 2025 36.0 — — 4.06% Series B Evergy Missouri West, Inc. 2033 60.0 — — 4.74% Series C Evergy Missouri West, Inc. 2043 150.0 — — 3.74% Series Evergy Missouri West, Inc. 2022 100.0 — — 4.85% Series Evergy, Inc. (f) 2021 350.0 — — 5.292% Series Evergy, Inc. (f) 2022 287.5 — — 2.45% Series Evergy, Inc. 2024 800.0 — — 2.90% Series (3.77% rate) (a) Evergy, Inc. 2029 800.0 — — Medium Term Notes 7.33% Series Evergy Missouri West, Inc. 2023 3.0 — — 7.17% Series Evergy Missouri West, Inc. 2023 7.0 — — Fair value adjustment (e) 125.5 — — Current maturities (c) (251.1) (250.0) — Unamortized debt discount and debt issuance costs (80.7) (40.8) (24.4) Total excluding current maturities (d) $ 8,746.7 $ 3,436.1 $ 2,525.0 (a) Rate after amortizing gains/losses recognized in OCI on settlements of interest rate hedging instruments. (b) Variable rate. (c) Evergy's current maturities total as of December 31, 2020 and 2019, includes $4.4 million and $4.3 million, respectively, of fair value adjustments recorded in connection with purchase accounting for the merger transaction. (d) At December 31, 2020 and 2019, does not include $50.0 million and $21.9 million of secured Series 2005 Environmental Improvement Revenue Refunding (EIRR) bonds because the bonds were repurchased in September 2015 and are held by Evergy Metro. (e) Represents the fair value adjustments recorded at Evergy consolidated related to the long-term debt of Great Plains Energy, Evergy Metro and Evergy Missouri West in connection with purchase accounting for the merger transaction. This amount is not part of future principal payments and will amortize over the remaining life of the associated debt instruments. (f) Originally issued by Great Plains Energy but assumed by Evergy, Inc. as part of the merger transaction. (g) Effectively secured pursuant to the General Mortgage Indenture and Deed of Trust dated as of December 1, 1986, as supplemented (Evergy Metro Mortgage Indenture) through the issuance of collateral mortgage bonds to the trustee in 2019. The following table summarizes Evergy's and Evergy Kansas Central's long-term debt of VIEs. December 31 2020 2019 (millions) 2.398% due 2021 $ 18.8 $ 51.1 Current maturities (18.8) (32.3) Total excluding current maturities $ — $ 18.8 Mortgage Bonds The Evergy Kansas Central and Evergy Kansas South mortgages each contain provisions restricting the amount of first mortgage bonds (FMBs) that could be issued by each entity. Evergy Kansas Central and Evergy Kansas South must be in compliance with such restrictions prior to the issuance of additional first mortgage bonds or other secured indebtedness. The amount of Evergy Kansas Central FMBs authorized by its Mortgage and Deed of Trust, dated July 1, 1939, as supplemented, is subject to certain limitations as described below. The amount of Evergy Kansas South FMBs authorized by the Evergy Kansas South Mortgage and Deed of Trust, dated April 1, 1940, as supplemented and amended, is limited to a maximum of $3.5 billion, unless amended further. FMBs are secured by utility assets. Amounts of additional FMBs that may be issued are subject to property, earnings and certain restrictive provisions, except in connection with certain refundings, of each mortgage. As of December 31, 2020, approximately $780.6 million and $2,828.6 million principal amounts of additional Evergy Kansas Central FMBs or Evergy Kansas South FMBs, respectively, could be issued under the most restrictive provisions of their mortgages. Evergy Metro has issued mortgage bonds under the Evergy Metro Mortgage Indenture, which creates a mortgage lien on substantially all Evergy Metro's utility plant. Additional Evergy Metro bonds may be issued on the basis of 75% of property additions or retired bonds. As of December 31, 2020, approximately $4,733.1 million principal amount of additional Evergy Metro mortgage bonds could be issued under the most restrictive provisions in the mortgage. Evergy Missouri West has issued mortgage bonds under the General Mortgage Indenture and Deed of Trust dated April 1, 1946, as supplemented, which creates a mortgage lien on a portion of Evergy Missouri West's utility plant. In April 2020, Evergy Kansas Central issued, at a discount, $500.0 million of 3.45% FMBs, maturing in 2050 and issued a notice of redemption for its $250.0 million of 5.10% FMBs, which had an original maturity date of July 2020. The proceeds from the issuance of Evergy Kansas Central's $500.0 million of 3.45% FMBs were used to redeem the $250.0 million of 5.10% FMBs in May 2020 and for general corporate purposes. In May 2020, Evergy Metro issued, at a discount, $400.0 million of 2.25% Mortgage Bonds, maturing in 2030. The proceeds from the issuance of Evergy Metro's $400.0 million of 2.25% Mortgage Bonds were used to repay a portion of Evergy Metro's borrowings under the master credit facility and for general corporate purposes. Senior Notes Under the terms of the note purchase agreements for certain Evergy Missouri West senior notes, Evergy Missouri West is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the agreements, not greater than 0.65 to 1.00. In addition, Evergy Missouri West's priority debt, as defined in the agreements, cannot exceed 15% of consolidated tangible net worth, as defined in the agreements. At December 31, 2020, Evergy Missouri West was in compliance with these covenants. Scheduled Maturities Evergy's, Evergy Kansas Central's and Evergy Metro's long-term debt maturities and the long-term debt maturities of VIEs for the next five years are detailed in the following table. 2021 2022 2023 2024 2025 (millions) Evergy (a) $ 432.0 $ 387.5 $ 439.5 $ 800.0 $ 636.0 Evergy Kansas Central (a) — — 50.0 — 250.0 Evergy Metro — — 379.5 — 350.0 VIEs 18.8 — — — — (a) Excludes long-term debt maturities of VIEs. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Values of Financial Instruments GAAP establishes a hierarchical framework for disclosing the transparency of the inputs utilized in measuring assets and liabilities at fair value. Management's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of assets and liabilities within the fair value hierarchy levels. In addition, the Evergy Companies measure certain investments that do not have a readily determinable fair value at NAV, which are not included in the fair value hierarchy. Further explanation of these levels and NAV is summarized below. Level 1 – Quoted prices are available in active markets for identical assets or liabilities. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on public exchanges. Level 2 – Pricing inputs are not quoted prices in active markets but are either directly or indirectly observable. The types of assets and liabilities included in Level 2 are certain marketable debt securities, financial instruments traded in less than active markets or other financial instruments priced with models using highly observable inputs. Level 3 – Significant inputs to pricing have little or no transparency. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation. NAV - Investments that do not have a readily determinable fair value are measured at NAV. These investments do not consider the observability of inputs and, therefore, they are not included within the fair value hierarchy. The Evergy Companies include in this category investments in private equity, real estate and alternative investment funds that do not have a readily determinable fair value. The underlying alternative investments include collateralized debt obligations, mezzanine debt and a variety of other investments. The Evergy Companies record cash and cash equivalents, accounts receivable and short-term borrowings on their consolidated balance sheets at cost, which approximates fair value due to the short-term nature of these instruments. Interest Rate Derivatives The Evergy Companies are exposed to market risks arising from changes in interest rates and may use derivative instruments to manage these risks. From time to time, risk management activities may include entering into interest rate swap agreements to protect against unfavorable interest rate changes relating to forecasted debt transactions. These interest rate swap agreements can be designated as cash flow hedges, in which case gains and losses on the interest rate swaps are deferred in other comprehensive income to be recognized as an adjustment to interest expense over the same period that the hedged interest payments affect earnings. The Evergy Companies classify all cash inflows and outflows for interest rate swap agreements accounted for as cash flow hedges of forecasted debt transactions as financing activities on their consolidated statements of cash flows. In September 2019, Evergy issued $800.0 million of 2.90% Senior Notes maturing in 2029 and paid $69.8 million to settle an interest rate swap agreement with a notional amount of $500.0 million that was designated as a cash flow hedge of interest payments on the debt issuance. The $69.8 million pre-tax loss was recorded in accumulated other comprehensive loss on Evergy's consolidated balance sheet and is being reclassified to interest expense over the ten-year term of the debt. For 2020, $7.0 million and $(4.0) million were reclassified from accumulated other comprehensive loss to interest expense and income tax expense, respectively, on Evergy's consolidated statements of comprehensive income. For 2019, $2.0 million and $(0.5) million were reclassified from accumulated other comprehensive loss to interest expense and income tax expense, respectively, on Evergy's consolidated statements of comprehensive income. As of December 31, 2020, Evergy expects to amortize $5.4 million to earnings from accumulated other comprehensive loss over the next twelve months. Fair Value of Long-Term Debt The Evergy Companies measure the fair value of long-term debt using Level 2 measurements available as of the measurement date. The book value and fair value of the Evergy Companies' long-term debt and long-term debt of variable interest entities is summarized in the following table. December 31 2020 2019 Book Value Fair Value Book Value Fair Value Long-term debt (a) (millions) Evergy (b) $ 9,627.3 $ 11,274.2 $ 8,997.8 $ 9,750.2 Evergy Kansas Central 3,931.5 4,801.7 3,686.1 4,078.8 Evergy Metro 2,923.0 3,591.2 2,525.0 2,932.2 Long-term debt of variable interest entities (a) Evergy $ 18.8 $ 19.1 $ 51.1 $ 51.5 Evergy Kansas Central 18.8 19.1 51.1 51.5 (a) Includes current maturities. (b) Book value as of December 31, 2020 and 2019, includes $110.4 million and $125.5 million, respectively, of fair value adjustments recorded in connection with purchase accounting for the Great Plains Energy and Evergy Kansas Central merger, which are not part of future principal payments and will amortize over the remaining life of the associated debt instrument. Recurring Fair Value Measurements The following tables include the Evergy Companies' balances of financial assets and liabilities measured at fair value on a recurring basis. Description December 31, 2020 Level 1 Level 2 Level 3 NAV Evergy Kansas Central (millions) Assets Nuclear decommissioning trust (a) Domestic equity funds $ 102.7 $ 95.1 $ — $ — $ 7.6 International equity funds 63.8 63.8 — — — Core bond fund 40.6 40.6 — — — High-yield bond fund 25.0 25.0 — — — Emerging markets bond fund 21.0 21.0 — — — Combination debt/equity/other fund 20.1 20.1 — — — Alternative investments fund 23.2 — — — 23.2 Real estate securities fund 12.9 — — — 12.9 Cash equivalents 0.5 0.5 — — — Total nuclear decommissioning trust 309.8 266.1 — — 43.7 Rabbi trust Core bond fund 25.6 — — — 25.6 Combination debt/equity/other fund 7.1 — — — 7.1 Total rabbi trust 32.7 — — — 32.7 Total $ 342.5 $ 266.1 $ — $ — $ 76.4 Evergy Metro Assets Nuclear decommissioning trust (a) Equity securities $ 243.1 $ 243.1 $ — $ — $ — Debt securities U.S. Treasury 47.7 47.7 — — — U.S. Agency 0.5 — 0.5 — — State and local obligations 4.1 — 4.1 — — Corporate bonds 43.1 — 43.1 — — Foreign governments 0.1 — 0.1 — — Cash equivalents 3.2 3.2 — — — Other 0.5 0.5 — — — Total nuclear decommissioning trust 342.3 294.5 47.8 — — Self-insured health plan trust (b) Equity securities 1.7 1.7 — — — Debt securities 8.0 2.8 5.2 — — Cash and cash equivalents 3.5 3.5 — — — Total self-insured health plan trust 13.2 8.0 5.2 — — Total $ 355.5 $ 302.5 $ 53.0 $ — $ — Other Evergy Assets Rabbi trusts Fixed income fund $ 13.1 $ — $ — $ — $ 13.1 Cash and cash equivalents 0.5 0.5 — — — Total rabbi trusts $ 13.6 $ 0.5 $ — $ — $ 13.1 Evergy Assets Nuclear decommissioning trust (a) $ 652.1 $ 560.6 $ 47.8 $ — $ 43.7 Rabbi trusts 46.3 0.5 — — 45.8 Self-insured health plan trust (b) 13.2 8.0 5.2 — — Total $ 711.6 $ 569.1 $ 53.0 $ — $ 89.5 Description December 31, 2019 Level 1 Level 2 Level 3 NAV Evergy Kansas Central (millions) Assets Nuclear decommissioning trust (a) Domestic equity funds $ 86.1 $ 78.6 $ — $ — $ 7.5 International equity funds 52.0 52.0 — — — Core bond fund 39.3 39.3 — — — High-yield bond fund 22.3 22.3 — — — Emerging markets bond fund 19.4 19.4 — — — Combination debt/equity/other fund 16.4 16.4 — — — Alternative investments fund 23.9 — — — 23.9 Real estate securities fund 12.6 — — — 12.6 Cash equivalents 0.5 0.5 — — — Total nuclear decommissioning trust 272.5 228.5 — — 44.0 Rabbi trust Core bond fund 25.3 — — — 25.3 Combination debt/equity/other fund 6.3 — — — 6.3 Cash equivalents 0.1 0.1 — — — Total rabbi trust 31.7 0.1 — — 31.6 Total $ 304.2 $ 228.6 $ — $ — $ 75.6 Evergy Metro Assets Nuclear decommissioning trust (a) Equity securities $ 211.1 $ 211.1 $ — $ — $ — Debt securities U.S. Treasury 50.3 50.3 — — — U.S. Agency 0.4 — 0.4 — — State and local obligations 2.2 — 2.2 — — Corporate bonds 33.2 — 33.2 — — Foreign governments 0.1 — 0.1 — — Cash equivalents 3.1 3.1 — — — Other 0.3 — 0.3 — — Total nuclear decommissioning trust 300.7 264.5 36.2 — — Self-insured health plan trust (b) Equity securities 0.5 0.5 — — — Debt securities 6.7 1.4 5.3 — — Cash and cash equivalents 2.7 2.7 — — — Total self-insured health plan trust 9.9 4.6 5.3 — — Total $ 310.6 $ 269.1 $ 41.5 $ — $ — Other Evergy Assets Rabbi trusts Fixed income fund $ 13.3 $ — $ — $ — $ 13.3 Cash and cash equivalents 0.5 0.5 — — — Total rabbi trusts $ 13.8 $ 0.5 $ — $ — $ 13.3 Evergy Assets Nuclear decommissioning trust (a) $ 573.2 $ 493.0 $ 36.2 $ — $ 44.0 Rabbi trust 45.5 0.6 — — 44.9 Self-insured health plan trust (b) 9.9 4.6 5.3 — — Total $ 628.6 $ 498.2 $ 41.5 $ — $ 88.9 (a) Fair value is based on quoted market prices of the investments held by the trust and/or valuation models. (b) Fair value is based on quoted market prices of the investments held by the trust. Debt securities classified as Level 1 are comprised of U.S. Treasury securities. Debt securities classified as Level 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities. Certain Evergy and Evergy Kansas Central investments included in the table above are measured at NAV as they do not have readily determinable fair values. In certain situations, these investments may have redemption restrictions. The following table provides additional information on these Evergy and Evergy Kansas Central investments. December 31, 2020 December 31, 2019 December 31, 2020 Fair Unfunded Fair Unfunded Redemption Length of Value Commitments Value Commitments Frequency Settlement Evergy Kansas Central Nuclear decommissioning trust: (millions) Domestic equity funds $ 7.6 $ 2.2 $ 7.5 $ 3.3 (a) (a) Alternative investments fund (b) 23.2 — 23.9 — Quarterly 65 days Real estate securities fund (b) 12.9 — 12.6 — Quarterly 65 days Total $ 43.7 $ 2.2 $ 44.0 $ 3.3 Rabbi trust: Core bond fund $ 25.6 $ — $ 25.3 $ — (c) (c) Combination debt/equity/other fund 7.1 — 6.3 — (c) (c) Total $ 32.7 $ — $ 31.6 $ — Other Evergy Rabbi trust: Fixed income fund $ 13.1 $ — $ 13.3 $ — (c) (c) Total Evergy investments at NAV $ 89.5 $ 2.2 $ 88.9 $ 3.3 (a) This investment is in five long-term private equity funds that do not permit early withdrawal. Investments in these funds cannot be distributed until the underlying investments have been liquidated, which may take years from the date of initial liquidation. Three funds have begun to make distributions. The initial investment in the fourth and fifth funds occurred in 2016 and 2018, respectively. The fourth fund's term is 15 years, subject to the general partner's right to extend the term for up to three additional one-year periods. The fifth fund's term is 15 years, subject to additional extensions approved by a fund advisory committee to provide for an orderly liquidation of fund investments and dissolution of the fund. (b) There is a holdback on final redemptions. (c) This investment can be redeemed immediately and is not subject to any restrictions on redemptions. The Evergy Companies hold equity and debt investments classified as securities in various trusts including for the purposes of funding the decommissioning of Wolf Creek and for the benefit of certain retired executive officers of Evergy Kansas Central. The Evergy Companies record net realized and unrealized gains and losses on the nuclear decommissioning trusts in regulatory liabilities on their consolidated balance sheets and record net realized and unrealized gains and losses on the Evergy Companies' rabbi trusts in the consolidated statements of income and comprehensive income. The following table summarizes the net unrealized gains (losses) for the Evergy Companies' nuclear decommissioning trusts and rabbi trusts. 2020 2019 2018 Evergy (millions) Nuclear decommissioning trust - equity securities $ 45.5 $ 74.0 (54.1) Nuclear decommissioning trust - debt securities 5.3 5.1 (0.5) Rabbi trusts - equity securities (5.6) 3.1 1.0 Total $ 45.2 $ 82.2 $ (53.6) Evergy Kansas Central Nuclear decommissioning trust - equity securities $ 21.9 $ 33.3 (31.8) Rabbi trust - equity securities (6.1) 3.2 1.0 Total $ 15.8 $ 36.5 $ (30.8) Evergy Metro (a) Nuclear decommissioning trust - equity securities $ 23.6 $ 40.7 (20.7) Nuclear decommissioning trust - debt securities 5.3 5.1 (2.5) Total $ 28.9 $ 45.8 $ (23.2) (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Environmental Matters Set forth below are descriptions of contingencies related to environmental matters that may impact the Evergy Companies' operations or their financial results. Management's assessment of these contingencies, which are based on federal and state statutes and regulations, and regulatory agency and judicial interpretations and actions, has evolved over time. These laws, regulations, interpretations and actions can also change, restrict or otherwise impact the Evergy Companies' operations or financial results. The failure to comply with these laws, regulations, interpretations and actions could result in the assessment of administrative, civil and criminal penalties and/or the imposition of remedial requirements. The Evergy Companies believe that all of their operations are in substantial compliance with current federal, state and local environmental standards. There are a variety of final and proposed laws and regulations that could have a material adverse effect on the Evergy Companies' operations and consolidated financial results. Due in part to the complex nature of environmental laws and regulations, the Evergy Companies are unable to assess the impact of potential changes that may develop with respect to the environmental contingencies described below. Cross-State Air Pollution Update Rule In September 2016, the Environmental Protection Agency (EPA) finalized the Cross-State Air Pollution (CSAPR) Update Rule. The final rule addresses interstate transport of nitrogen oxides emissions in 22 states including Kansas, Missouri and Oklahoma during the ozone season and the impact from the formation of ozone on downwind states with respect to the 2008 ozone National Ambient Air Quality Standards (NAAQS). In December 2018, the EPA finalized a determination, known as the CSAPR Close-Out Rule, demonstrating the CSAPR Update Rule fully addressed certain upwind states' 2008 ozone NAAQS interstate transport obligations. Various states and others have challenged both the CSAPR Update Rule and the CSAPR Close-Out Rule in the U.S. Court of Appeals for the D.C. Circuit (D.C. Circuit). In the fourth quarter of 2019, the D.C. Circuit granted these petitions and remanded a portion of the CSAPR Update Rule back to the EPA and vacated the CSAPR Close-Out Rule in its entirety. In response to the remand by the D.C. Circuit, the EPA proposed the Revised Cross-State Air Pollution Rule Update for the 2008 Ozone NAAQS in October 2020. The proposal finds that nine of the states that were subject to the CSAPR Update Rule do not significantly contribute to downwind states' nonattainment and/or maintenance issues during the ozone season, and that these states are therefore currently not subject to this proposed rule. These nine states are Alabama, Arkansas, Iowa, Kansas, Mississippi, Missouri, Oklahoma, Texas and Wisconsin. The Evergy Companies will continue to monitor this proposed rule as any future changes to their NO x ozone season allowance allocations could be material. Greenhouse Gases Burning coal and other fossil fuels releases carbon dioxide (CO 2 ) and other gases referred to as greenhouse gases (GHG). Various regulations under the federal Clean Air Act Amendments of 1990 (CAA) limit CO 2 and other GHG emissions, and in addition, other measures are being imposed or offered by individual states, municipalities and regional agreements with the goal of reducing GHG emissions. In July 2019, the EPA published the final Affordable Clean Energy (ACE) rule in the Federal Register. This rule contained (1) emission guidelines for GHG emissions from existing electric utility generating units (EGUs) and (2) revisions to emission guideline implementing regulations. This rule defined the "best system of emission reduction" (BSER) for GHG emissions from existing coal-fired EGUs as on-site, heat-rate efficiency improvements. The final rule also provided states with a list of candidate technologies that can be used to establish standards of performance and incorporate these performance standards into state plans. In conjunction with the finalization of the ACE rule, the EPA repealed its previously adopted Clean Power Plan (CPP). In January 2021, the D.C. Circuit vacated and remanded the ACE rule back to the EPA. Absent an approved request for rehearing, the mandate becomes effective on March 12, 2021. In February 2021, the D.C. Circuit granted a motion filed by the EPA for a partial stay of its January 2021 vacatur discussed above. The partial stay leaves the vacatur of the ACE rule in place while staying the mandate that vacates the repeal of the CPP. As a result of the partial stay, neither the ACE rule nor the CPP will be in effect while the EPA forms a new rule to regulate greenhouse gas emissions. Due to uncertainty regarding the future of the CPP or any other GHG regulation, the Evergy Companies cannot determine the impact of the rule on their operations or consolidated financial results, but the cost to comply with the ACE rule, CPP, or other potential GHG rule, could be material. Water The Evergy Companies discharge some of the water used in generation and other operations containing substances deemed to be pollutants. A November 2015 EPA rule establishes effluent limitations guidelines (ELG) and standards for wastewater discharges, including limits on the amount of toxic metals and other pollutants that can be discharged. Implementation timelines for this 2015 rule vary from 2018 to 2023. In April 2019, the U.S. Court of Appeals for the 5th Circuit (5th Circuit) issued a ruling that vacates and remands portions of the original ELG rule. Due to this ruling, future ELG modifications for the best available technology economically achievable for the discharge of legacy wastewater and leachate are likely and could be material. In October 2020, the EPA published the final ELG reconsideration rule. This rule adjusts numeric limits for flue gas desulfurization (FGD) wastewater and adds a 10% volumetric purge limit for bottom ash transport water. The timeline for final FGD wastewater compliance is now as soon as possible on or after one year following publication of the final rule in the Federal Register but no later than December 31, 2025. The Evergy Companies have reviewed the regulation and the costs to comply with these changes are not expected to be material. Regulation of Coal Combustion Residuals In the course of operating their coal generation plants, the Evergy Companies produce coal combustion residuals (CCRs), including fly ash, gypsum and bottom ash. The EPA published a rule to regulate CCRs in April 2015 that requires additional CCR handling, processing and storage equipment and closure of certain ash disposal units. In March 2019, the D.C. Circuit issued a ruling to grant the EPA's request to remand the Phase I, Part I CCR rule in response to a prior court ruling requiring the EPA to address un-lined surface impoundment closure requirements. In August 2020, the EPA published the Part A CCR Rule. This rule reclassified clay-lined surface impoundments from "lined" to "un-lined" and established a deadline of April 11, 2021 to initiate closure. The prior rule included a deadline of October 31, 2020 for un-lined impoundments to initiate closure. In November 2020, the EPA published the final Part B CCR Rule. This rule includes a process to allow un-lined impoundments to continue to operate if a demonstration is made to prove that the un-lined impoundments are not adversely impacting groundwater, human health or the environment. The Evergy Companies currently plan to initiate closure of all un-lined impoundments by the deadline in the Part A CCR rule and therefore the Part B CCR rule is not expected to have a material impact. The Evergy Companies have recorded AROs for their current estimates for the closure of ash disposal ponds, but the revision of these AROs may be required in the future due to changes in existing CCR regulations, the results of groundwater monitoring of CCR units or changes in interpretation of existing CCR regulations or changes in the timing or cost to close ash disposal ponds. If revisions to these AROs are necessary, the impact on the Evergy Companies' operations or consolidated financial results could be material. Storage of Spent Nuclear Fuel Under the Nuclear Waste Policy Act of 1982, the Department of Energy (DOE) is responsible for the permanent disposal of spent nuclear fuel. In 2010, the DOE filed a motion with the Nuclear Regulatory Commission (NRC) to withdraw its application to construct a national repository for the disposal of spent nuclear fuel and high-level radioactive waste at Yucca Mountain, Nevada. The NRC has not yet issued a final decision on the matter. Wolf Creek is constructing a dry cask storage facility to expand its existing on-site spent nuclear fuel storage, which is expected to provide additional capacity by the end of 2021. The Evergy Companies expect that the majority of the costs to construct the dry cask storage facility that would not have otherwise been incurred had the DOE begun accepting spent nuclear fuel will be reimbursed by the DOE. The Evergy Companies cannot predict, when, or if, an off-site storage site or alternative disposal site will be available to receive Wolf Creek's spent nuclear fuel and will continue to monitor this activity. Nuclear Insurance Nuclear liability, property and accidental outage insurance is maintained for Wolf Creek. These policies contain certain industry standard terms, conditions and exclusions, including, but not limited to, ordinary wear and tear and war. An industry aggregate limit of $3.2 billion for nuclear events ($1.8 billion of non-nuclear events) plus any reinsurance, indemnity or any other source recoverable by Nuclear Electric Insurance Limited (NEIL), provider of property and accidental outage insurance, exists for acts of terrorism affecting Wolf Creek or any other NEIL insured plant within 12 months from the date of the first act. In addition, participation is required in industry-wide retrospect assessment programs as discussed below. Nuclear Liability Insurance Pursuant to the Price-Anderson Act, liability insurance includes coverage against public nuclear liability claims resulting from nuclear incidents to the required limit of public liability, which is approximately $13.8 billion. This limit of liability consists of the maximum available commercial insurance of $0.5 billion and the remaining $13.3 billion is provided through mandatory participation in an industry-wide retrospective assessment program. Under this retrospective assessment program, the owners of Wolf Creek are jointly and severally subject to an assessment of up to $137.6 million (Evergy's share is $129.4 million and each of Evergy Kansas Central's and Evergy Metro's is $64.7 million), payable at no more than $20.5 million (Evergy's share is $19.2 million and each of Evergy Kansas Central's and Evergy Metro's is $9.6 million) per incident per year per reactor for any commercial U.S. nuclear reactor qualifying incident. Both the total and yearly assessment is subject to an inflationary adjustment based on the Consumer Price Index and applicable premium taxes. In addition, the U.S. Congress could impose additional revenue-raising measures to pay claims. Nuclear Property and Accidental Outage Insurance The owners of Wolf Creek carry decontamination liability, nuclear property damage and premature nuclear decommissioning liability insurance for Wolf Creek totaling approximately $2.8 billion. Insurance coverage for non-nuclear property damage accidents total approximately $2.3 billion. In the event of an extraordinary nuclear accident, insurance proceeds must first be used for reactor stabilization and site decontamination in accordance with a plan mandated by the NRC. The Evergy Companies' share of any remaining proceeds can be used to pay for property damage or, if certain requirements are met, including decommissioning the plant, toward a shortfall in the nuclear decommissioning trust fund. The owners also carry additional insurance with NEIL to help cover costs of replacement power and other extra expenses incurred during a prolonged outage resulting from accidental property damage at Wolf Creek. If significant losses were incurred at any of the nuclear plants insured under the NEIL policies, the owners of Wolf Creek may be subject to retrospective assessments under the current policies of approximately $33.2 million (Evergy's share is $31.2 million and each of Evergy Kansas Central's and Evergy Metro's is $15.6 million). Nuclear Insurance Considerations Although the Evergy Companies maintain various insurance policies to provide coverage for potential losses and liabilities resulting from an accident or an extended outage, the insurance coverage may not be adequate to cover the costs that could result from a catastrophic accident or extended outage at Wolf Creek. Any substantial losses not covered by insurance, to the extent not recoverable in prices, would have a material effect on the Evergy Companies' consolidated financial results. Contractual Commitments - Fuel, Power and Other The Evergy Companies' contractual commitments at December 31, 2020, excluding pensions, long-term debt and leases, are detailed in the following tables. See Notes 10, 13 and 21 for information regarding pension, long-term debt and lease commitments, respectively. Evergy 2021 2022 2023 2024 2025 After 2025 Total Purchase commitments (millions) Fuel $ 311.2 $ 118.3 $ 134.6 $ 97.6 $ 88.4 $ 94.0 $ 844.1 Power 62.4 62.6 63.2 57.6 58.0 349.7 653.5 Other 135.4 25.7 19.3 23.6 21.9 86.0 311.9 Total contractual commitments $ 509.0 $ 206.6 $ 217.1 $ 178.8 $ 168.3 $ 529.7 $ 1,809.5 Evergy Kansas Central 2021 2022 2023 2024 2025 After 2025 Total Purchase commitments (millions) Fuel $ 149.3 $ 74.9 $ 85.5 $ 66.8 $ 62.3 $ 56.0 $ 494.8 Power 1.4 0.9 0.9 0.9 0.9 4.4 9.4 Other 66.6 9.1 8.2 4.3 2.9 — 91.1 Total contractual commitments $ 217.3 $ 84.9 $ 94.6 $ 72.0 $ 66.1 $ 60.4 $ 595.3 Evergy Metro 2021 2022 2023 2024 2025 After 2025 Total Purchase commitments (millions) Fuel $ 142.8 $ 38.8 $ 46.3 $ 27.9 $ 23.2 $ 38.0 $ 317.0 Power 34.9 35.1 35.3 29.2 29.2 196.1 359.8 Other 55.0 15.2 10.1 18.8 18.5 81.4 199.0 Total contractual commitments $ 232.7 $ 89.1 $ 91.7 $ 75.9 $ 70.9 $ 315.5 $ 875.8 Fuel commitments consist of commitments for nuclear fuel, coal and coal transportation. Power commitments consist of certain commitments for renewable energy under power purchase agreements, capacity purchases and firm transmission service. Other represents individual commitments entered into in the ordinary course of business. |
GUARANTEES
GUARANTEES | 12 Months Ended |
Dec. 31, 2020 | |
Guarantees [Abstract] | |
GUARANTEES | GUARANTEESIn the ordinary course of business, Evergy and certain of its subsidiaries enter into various agreements providing financial or performance assurance to third parties on behalf of certain subsidiaries. Such agreements include, for example, guarantees and letters of credit. These agreements are entered into primarily to support or enhance the creditworthiness otherwise attributed to a subsidiary on a stand-alone basis, thereby facilitating the extension of sufficient credit to accomplish the subsidiary's intended business purposes. The majority of these agreements guarantee Evergy's own future performance, so a liability for the fair value of the obligation is not recorded. At December 31, 2020, Evergy has provided $140.0 million of credit support for certain of its subsidiaries as follows: • Evergy direct guarantees to Evergy Kansas Central and Evergy Metro counterparties for certain fuel supply contracts totaling $48.0 million, which expire in 2027; and • Evergy's guarantee of Evergy Missouri West long-term debt totaling $92.0 million, which includes debt with maturity dates ranging from 2021 to 2023. Evergy has also guaranteed Evergy Missouri West's commercial paper program. At December 31, 2020, Evergy Missouri West had $65.0 million of commercial paper outstanding. None of the guaranteed obligations are subject to default or prepayment if Evergy Missouri West's credit ratings were downgraded. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS | RELATED PARTY TRANSACTIONS AND RELATIONSHIPS In the normal course of business, Evergy Kansas Central, Evergy Metro and Evergy Missouri West engage in related party transactions with one another. A summary of these transactions and the amounts associated with them is provided below. Jointly-Owned Plants and Shared Services Employees of Evergy Kansas Central and Evergy Metro manage Evergy Missouri West's business and operate its facilities at cost, including Evergy Missouri West's 18% ownership interest in Evergy Metro's Iatan Nos. 1 and 2. Employees of Evergy Kansas Central manage Jeffrey Energy Center (JEC) and operate its facilities at cost, including Evergy Missouri West's 8% ownership interest in JEC. Employees of Evergy Metro manage La Cygne Station and operate its facilities at cost, including Evergy Kansas Central's 50% interest in La Cygne Station. Employees of Evergy Metro and Evergy Kansas Central also provide one another with shared service support, including costs related to human resources, information technology, accounting and legal services. The operating expenses and capital costs billed for jointly-owned plants and shared services are detailed in the following table. 2020 2019 2018 (millions) Evergy Kansas Central billings to Evergy Missouri West (a) $ 37.6 $ 24.9 $ 12.3 Evergy Metro billings to Evergy Missouri West 168.7 172.8 183.2 Evergy Kansas Central billings to Evergy Metro (a) 34.7 40.6 17.5 Evergy Metro billings to Evergy Kansas Central (a) 130.8 154.9 82.9 (a) Transactions between Evergy Kansas Central and either Evergy Metro or Evergy Missouri West are included from June 4, 2018, the date of the closing of the merger, and thereafter. Money Pool Evergy Metro and Evergy Missouri West are authorized to participate in the Evergy, Inc. money pool, which is an internal financing arrangement in which funds may be lent on a short-term basis to Evergy Metro and Evergy Missouri West from Evergy, Inc. and between Evergy Metro and Evergy Missouri West. At December 31, 2020, Evergy Metro had a $100.0 million outstanding receivable from Evergy Missouri West and no outstanding payables under the money pool. At December 31, 2019, Evergy Metro had no outstanding receivables or payables under the money pool. Related Party Net Receivables and Payables The following table summarizes Evergy Kansas Central's and Evergy Metro's related party net receivables and payables. December 31 2020 2019 Evergy Kansas Central (millions) Net receivable from Evergy $ 0.1 $ 6.9 Net payable to Evergy Metro (21.7) (14.9) Net receivable from Evergy Missouri West 6.6 3.1 Evergy Metro Net receivable from (payable to) Evergy $ 15.7 $ (4.3) Net receivable from Evergy Kansas Central 21.7 14.9 Net receivable from Evergy Missouri West 188.1 78.7 Tax Allocation Agreement Evergy files a consolidated federal income tax return as well as unitary and combined income tax returns in several state jurisdictions with Kansas and Missouri being the most significant. Income taxes for consolidated or combined subsidiaries are allocated to the subsidiaries based on separate company computations of income or loss. The following table summarizes Evergy Kansas Central's and Evergy Metro's income taxes receivable from (payable to) Evergy. December 31 2020 2019 Evergy Kansas Central (millions) Income taxes receivable from Evergy $ 25.3 $ 37.9 Evergy Metro Income taxes receivable from (payable to) Evergy $ 3.2 $ (14.1) Leases Evergy Metro leases certain transmission equipment from Evergy Kansas Central. This lease was entered into prior to the merger in an arms-length transaction and is accounted for as an operating lease. The right-of-use asset related to this lease is recorded within other long-term assets and the current and long-term lease liabilities are recorded within other current liabilities and other long-term liabilities, respectively, on the consolidated balance sheet. The assets and liabilities related to this lease between Evergy Kansas Central and Evergy Metro are eliminated at consolidated Evergy. The following table summarizes Evergy Metro's right-of-use assets and related liabilities on its consolidated balance sheet. December 31 2020 2019 Evergy Metro (millions) Right-of-use asset recorded within other long-term assets $ 28.9 $ 29.5 Lease liability recorded in other current liabilities 0.7 0.6 Lease liability recorded in other long-term liabilities 28.2 28.9 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY Evergy's authorized capital stock consists of 600 million shares of common stock, without par value, and 12 million shares of Preference Stock, without par value. Evergy Registration Statements In November 2018, Evergy filed an automatic shelf registration statement providing for the sale of unlimited amounts of securities with the SEC, which expires in November 2021. Evergy has registered shares of its common stock with the SEC for its Dividend Reinvestment and Direct Stock Purchase Plan. Shares issued under the plan may be either newly issued shares or shares purchased on the open market. Evergy has registered shares of its common stock with the SEC for the Evergy, Inc. 401(k) Savings Plan. Shares issued under the plans may be either newly issued shares or shares purchased on the open market. Securities Purchase Agreement On February 25, 2021, Evergy entered into a securities purchase agreement, by and between Evergy and an affiliate of Bluescape Energy Partners, LLC (Bluescape). Bluescape has agreed to purchase 2,269,447 shares of Evergy’s common stock for approximately $113.2 million and will receive a warrant to purchase up to 3,950,000 additional shares of Evergy’s common stock, in each case subject to satisfaction of customary closing conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The warrant will have a term of three years and an exercise price equal to $64.70. Common Stock Repurchase Program In July 2018, the Evergy Board authorized the repurchase of up to 60 million shares of Evergy's common stock with no expiration date. Following its authorization, Evergy utilized various methods to effectuate the share repurchase program, including the repurchase of shares through accelerated share repurchase (ASR) agreements and open market transactions. In total, Evergy repurchased $2,671.0 million, or 45.2 million shares, of common stock under the repurchase program. Evergy retires repurchased common stock shares in the period the shares are repurchased. The following table summarizes the ASRs completed as part of Evergy's common stock repurchase program. Date ASR Entered Final Settlement Date Amount Shares Delivered (millions) August 2018 October/November 2018 $ 450.0 7.9 November 2018 February 2019 475.0 8.3 March 2019 June 2019 450.0 7.8 June 2019 September 2019 500.0 8.1 September 2019 November/December 2019 500.0 7.8 Under the ASR agreements entered into with various financial institutions, Evergy was delivered a number of shares of its common stock based on the amount of the ASR agreement and the average daily volume-weighted average price of its common stock during the term of the ASR agreement, less a negotiated discount. Evergy reflects ASRs as a repurchase of common stock in the period the shares are delivered for purposes of calculating earnings per share and as forward contracts indexed to its own common stock. Evergy's ASRs met all of the applicable criteria for equity classification and therefore were not accounted for as derivative instruments. Dividend Restrictions Evergy depends on its subsidiaries to pay dividends on its common stock. The Evergy Companies have certain restrictions stemming from statutory requirements, corporate organizational documents, covenants and other conditions that could affect dividend levels or the ability to pay dividends. The KCC order authorizing the merger transaction requires Evergy to maintain consolidated common equity of at least 35% of total consolidated capitalization. Under the Federal Power Act, Evergy Kansas Central, Evergy Metro and Evergy Missouri West generally can pay dividends only out of retained earnings. Certain conditions in the MPSC and KCC orders authorizing the merger transaction also require Evergy Kansas Central and Evergy Metro to maintain consolidated common equity of at least 40% of total capitalization. Other conditions in the MPSC and KCC merger orders require Evergy Kansas Central, Evergy Metro and Evergy Missouri West to maintain credit ratings of at least investment grade. If Evergy Kansas Central's, Evergy Metro's or Evergy Missouri West's credit ratings are downgraded below the investment grade level as a result of their affiliation with Evergy or any of Evergy's affiliates, the impacted utility shall not pay a dividend to Evergy without KCC or MPSC approval or until the impacted utility's investment grade credit rating has been restored. The master credit facility of Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West and the note purchase agreements for certain Evergy Missouri West senior notes contain covenants requiring the respective company to maintain a consolidated indebtedness to consolidated total capitalization ratio of not more than 0.65 to 1.00 at all times. As of December 31, 2020, all of Evergy's and Evergy Kansas Central's retained earnings and net income were free of restrictions and Evergy Metro had a retained earnings restriction of $385.6 million. As of December 31, 2020, Evergy's subsidiaries had restricted net assets of approximately $5.7 billion. These restrictions are not expected to affect the Evergy Companies' ability to pay dividends at the current level for the foreseeable future. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES In determining the primary beneficiary of a VIE, the Evergy Companies assess the entity's purpose and design, including the nature of the entity's activities and the risks that the entity was designed to create and pass through to its variable interest holders. A reporting enterprise is deemed to be the primary beneficiary of a VIE if it has (a) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. The trust holding an 8% interest in JEC was a VIE until the expiration of a purchase option in July 2017 and then became a VIE again during 2019 until the 8% interest was purchased by Evergy Kansas Central in August 2019. The trust holding Evergy Kansas Central's 50% interest in La Cygne Unit 2 is a VIE and Evergy Kansas Central remains the primary beneficiary of the trust. All involvement with entities by the Evergy Companies is assessed to determine whether such entities are VIEs and, if so, whether or not the Evergy Companies are the primary beneficiaries of the entities. The Evergy Companies also continuously assess whether they are the primary beneficiary of the VIE with which they are involved. Prospective changes in facts and circumstances may cause identification of the primary beneficiary to be reconsidered. 8% Interest in JEC Under an agreement that expired in August 2019, Evergy Kansas Central leased an 8% interest in JEC from a trust. The trust was financed with an equity contribution from an owner participant and debt issued by the trust. The trust was created specifically to purchase the 8% interest in JEC and lease it to a third party and did not hold any other assets. Evergy Kansas Central met the requirements to be considered the primary beneficiary of the trust until July 2017, when a contractual option to purchase the 8% interest in the plant covered by the lease expired. Accordingly, Evergy Kansas Central deconsolidated the trust in 2017. Evergy Kansas Central then reconsolidated the trust as a VIE in the first quarter of 2019 following an agreement with the owner to purchase the 8% interest in JEC from the trust in August 2019. Evergy Kansas Central deconsolidated the trust for the final time following the closing of this purchase in August 2019. 50% Interest in La Cygne Unit 2 Under an agreement that expires in September 2029, Evergy Kansas Central entered into a sale-leaseback transaction with a trust under which the trust purchased Evergy Kansas Central's 50% interest in La Cygne Unit 2 and subsequently leased it back to Evergy Kansas Central. The trust was financed with an equity contribution from an owner participant and debt issued by the trust. The trust was created specifically to purchase the 50% interest in La Cygne Unit 2 and lease it back to Evergy Kansas Central and does not hold any other assets. Evergy Kansas Central meets the requirements to be considered the primary beneficiary of the trust. In determining the primary beneficiary of the trust, Evergy Kansas Central concluded that the activities of the trust that most significantly impact its economic performance and that Evergy Kansas Central has the power to direct include (1) the operation and maintenance of the 50% interest in La Cygne Unit 2 and (2) Evergy Kansas Central's ability to exercise a purchase option at the end of the agreement at the lesser of fair value or a fixed amount. Evergy Kansas Central has the potential to receive benefits from the trust that could potentially be significant if the fair value of the 50% interest in La Cygne Unit 2 at the end of the agreement is greater than the fixed amount. The following table summarizes the assets and liabilities related to the VIE described above that are recorded on Evergy's and Evergy Kansas Central's consolidated balance sheets. December 31 2020 2019 Assets: (millions) Property, plant and equipment of variable interest entities, net $ 154.9 $ 162.0 Liabilities: Current maturities of long-term debt of variable interest entities $ 18.8 $ 32.3 Accrued interest (a) 0.1 0.3 Long-term debt of variable interest entities, net — 18.8 (a) Included in accrued interest on Evergy's and Evergy Kansas Central's consolidated balance sheets. All of the liabilities noted in the table above relate to the purchase of the property, plant and equipment of the VIE. The assets of the VIE can be used only to settle obligations of the VIE and the VIE's debt holders have no recourse to the general credit of Evergy and Evergy Kansas Central. Evergy and Evergy Kansas Central have not provided financial or other support to the VIE and are not required to provide such support. Evergy and Evergy Kansas Central did not record any gain or loss upon the initial consolidation of the VIE. |
TAXES
TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
TAXES | TAXES Components of income tax expense are detailed in the following tables. Evergy 2020 2019 2018 Current income taxes (millions) Federal $ (26.8) $ (39.5) $ (67.4) State 2.1 15.0 2.2 Total (24.7) (24.5) (65.2) Deferred income taxes Federal 73.1 93.2 160.1 State 59.8 27.5 (32.3) Total 132.9 120.7 127.8 Investment tax credit Deferral — 5.2 — Amortization (6.0) (4.4) (3.6) Total (6.0) 0.8 (3.6) Income tax expense $ 102.2 $ 97.0 $ 59.0 Evergy Kansas Central 2020 2019 2018 Current income taxes (millions) Federal $ 14.5 $ 37.9 $ (0.3) State (5.3) 2.6 (1.8) Total 9.2 40.5 (2.1) Deferred income taxes Federal (16.7) (8.9) 43.5 State 168.1 18.4 (42.9) Total 151.4 9.5 0.6 Investment tax credit Deferral — 5.2 — Amortization (4.8) (3.1) (2.8) Total (4.8) 2.1 (2.8) Income tax expense (benefit) $ 155.8 $ 52.1 $ (4.3) Evergy Metro (a) 2020 2019 2018 Current income taxes (millions) Federal $ (0.2) $ 43.9 $ 29.8 State 10.8 22.4 8.9 Total 10.6 66.3 38.7 Deferred income taxes Federal 29.8 (24.5) (3.4) State (32.2) (5.0) 53.0 Total (2.4) (29.5) 49.6 Investment tax credit Amortization (1.1) (1.1) (1.0) Total (1.1) (1.1) (1.0) Income tax expense $ 7.1 $ 35.7 $ 87.3 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. Effective Income Tax Rates Effective income tax rates reflected in the financial statements and the reasons for their differences from the statutory federal rates are detailed in the following tables. Evergy 2020 2019 2018 Federal statutory income tax 21.0 % 21.0 % 21.0 % COLI policies (1.6) (1.8) (1.9) State income taxes 4.3 5.0 4.9 Flow through depreciation for plant-related differences (5.3) (4.5) 0.8 Federal tax credits (4.6) (4.9) (6.4) Non-controlling interest (0.3) (0.4) (0.4) AFUDC equity (0.5) (0.1) (0.1) Amortization of federal investment tax credits (0.6) (0.5) (0.6) Changes in uncertain tax positions, net — (0.2) 0.1 Federal or state tax rate change 1.9 — (8.7) Valuation allowance (0.2) (1.0) 0.4 Stock compensation (0.1) 0.1 (0.4) Officer compensation limitation 0.2 0.1 1.2 Other (0.2) (0.4) (0.2) Effective income tax rate 14.0 % 12.4 % 9.7 % Evergy Kansas Central 2020 2019 2018 Federal statutory income tax 21.0 % 21.0 % 21.0 % COLI policies (2.8) (3.3) (3.3) State income taxes 3.8 5.3 5.0 Flow through depreciation for plant-related differences (0.1) (0.1) 1.6 Federal tax credits (7.1) (7.4) (10.4) Non-controlling interest (0.6) (0.8) (0.6) AFUDC equity (0.5) (0.1) (0.2) Amortization of federal investment tax credits (0.7) (0.7) (0.8) Changes in uncertain tax positions, net — (0.4) 0.1 Federal or state tax rate change 27.8 — (15.3) Valuation allowance — (0.4) 0.5 Stock compensation (0.1) (0.1) (0.8) Officer compensation limitation — — 1.8 Other (0.9) (0.3) 0.2 Effective income tax rate 39.8 % 12.7 % (1.2) % Evergy Metro (a) 2020 2019 2018 Federal statutory income tax 21.0 % 21.0 % 21.0 % COLI policies (0.3) (0.2) (0.2) State income taxes 4.9 4.7 5.5 Flow through depreciation for plant-related differences (10.0) (9.4) (2.5) Federal tax credits (1.9) (2.5) (2.1) AFUDC equity (0.5) (0.2) (0.1) Amortization of federal investment tax credits (0.4) (0.4) (0.4) Federal or state tax rate change (10.5) — 14.1 Stock compensation (0.4) — — Officer compensation limitation 0.4 0.3 0.6 Other — (1.0) (1.0) Effective income tax rate 2.3 % 12.3 % 34.9 % (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. Deferred Income Taxes The tax effects of major temporary differences resulting in deferred income tax assets (liabilities) in the consolidated balance sheets is in the following table. December 31 2020 2019 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Deferred tax assets: (millions) Tax credit carryforward $ 379.6 $ 176.5 $ 195.9 $ 548.9 $ 337.3 $ 204.4 Income taxes refundable to customers, net 418.2 237.5 132.8 466.3 234.3 176.2 Deferred employee benefit costs 227.6 105.4 117.9 197.0 93.4 120.4 Net operating loss carryforward 51.0 — 0.2 163.4 23.1 61.9 Deferred state income taxes 145.9 101.7 37.8 64.4 64.4 — Alternative minimum tax carryforward — — — 37.9 13.4 — Accrued liabilities 152.7 61.8 61.0 80.4 14.5 29.1 Other 181.0 91.4 44.8 183.2 99.1 55.1 Total deferred tax assets before 1,556.0 774.3 590.4 1,741.5 879.5 647.1 Valuation allowances (14.4) — — (17.5) — — Total deferred tax assets, net 1,541.6 774.3 590.4 1,724.0 879.5 647.1 Deferred tax liabilities: Plant-related (2,693.7) (1,341.2) (972.1) (3,004.8) (1,428.3) (1,143.2) Deferred employee benefit costs (171.4) (75.6) (76.3) (173.3) (93.4) (79.5) ARO regulatory assets (136.7) (49.9) (54.3) (102.3) (53.4) (13.8) Acquisition premium (46.9) (46.9) — (68.2) (68.2) — Other (157.7) (85.2) (46.5) (119.8) (53.9) (53.4) Total deferred tax liabilities (3,206.4) (1,598.8) (1,149.2) (3,468.4) (1,697.2) (1,289.9) Net deferred income tax liabilities $ (1,664.8) $ (824.5) $ (558.8) $ (1,744.4) $ (817.7) $ (642.8) Tax Credit Carryforwards At December 31, 2020 and 2019, Evergy had $379.6 million and $379.0 million, respectively, of federal general business income tax credit carryforwards. At December 31, 2020 and 2019, Evergy Kansas Central had $176.5 million and $168.8 million, respectively, of federal general business income tax credit carryforwards. At December 31, 2020 and 2019, Evergy Metro had $195.9 million and $203.2 million, respectively, of federal general business income tax credit carryforwards. The carryforwards for Evergy, Evergy Kansas Central and Evergy Metro relate primarily to wind production tax credits and advanced coal investment tax credits and expire in the years 2020 to 2040. Approximately $0.2 million of Evergy's credits are related to Low Income Housing credits that were acquired in Great Plains Energy's acquisition of Evergy Missouri West. Due to federal limitations on the utilization of income tax attributes acquired in the Evergy Missouri West acquisition, Evergy expects a portion of these credits to expire unutilized and has provided a valuation allowance against $0.2 million of the federal income tax benefit. The year of origin of Evergy's, Evergy Kansas Central's and Evergy Metro's related tax benefit amounts for federal tax credit carryforwards as of December 31, 2020 are detailed in the following table. Amount of Benefit Year of Origin Evergy Evergy Kansas Central Evergy Metro (millions) 2003 0.1 — — 2004 0.1 — — 2005 0.1 — — 2006 0.1 — — 2007 0.1 — — 2008 27.4 0.5 26.6 2009 47.7 0.2 47.3 2010 18.3 — 18.2 2011 13.3 — 13.2 2012 12.8 2.0 10.7 2013 24.3 11.3 12.9 2014 24.1 10.7 13.0 2015 24.7 10.9 13.2 2016 27.1 11.0 12.4 2017 43.9 35.1 8.2 2018 43.9 36.3 7.5 2019 37.7 30.9 6.7 2020 33.9 27.6 6.0 $ 379.6 $ 176.5 $ 195.9 At December 31, 2019, Evergy, Evergy Kansas Central and Evergy Metro had $169.9 million, $168.5 million and $1.2 million, respectively, of tax benefits related to state income tax credit carryforwards. The state income tax credits relate primarily to the Kansas high performance incentive program tax credits. As a result of the exemption from Kansas state income tax beginning in 2021, Evergy, Evergy Kansas Central and Evergy Metro wrote down their Kansas state income tax credit carryforwards in 2020, which were primarily offset by a corresponding decrease in unamortized investment tax credit liability. Net Operating Loss Carryforwards At December 31, 2020 and 2019, Evergy had $42.2 million and $132.4 million, respectively, of tax benefits related to federal net operating loss (NOL) carryforwards. At December 31, 2019, Evergy Kansas Central and Evergy Metro had $12.3 million and $56.2 million, respectively, of tax benefits related to federal NOL carryforwards. Approximately $7.1 million of Evergy's tax benefits at December 31, 2020 are related to NOLs that were acquired in the Evergy Missouri West acquisition. Due to federal limitations on the utilization of income tax attributes acquired in the Evergy Missouri West acquisition, Evergy expects a portion of these federal NOL carryforwards to expire unutilized and has provided a valuation allowance against $7.1 million of the federal income tax benefit. The federal NOL carryforwards expire in years 2023 to 2024. The year of origin of Evergy's related tax benefit amounts for federal NOL carryforwards as of December 31, 2020 are detailed in the following table. Year of Origin Amount of Benefit (millions) 2005 $ 10.2 2006 32.0 $ 42.2 In addition, Evergy also had deferred tax benefits of $8.8 million and $31.0 million related to state NOLs as of December 31, 2020 and 2019, respectively. Evergy Kansas Central had deferred tax benefits of $10.8 million related to state NOLs as of December 31, 2019. Evergy Metro had deferred tax benefits of $0.2 million and $5.7 million related to state NOLs as of December 31, 2020 and 2019, respectively. The state NOL carryforwards expire in years 2021 to 2038. Evergy does not expect to utilize $7.1 million of NOLs before the expiration date of the carryforwards of NOLs in certain states. Therefore, a valuation allowance has been provided against $7.1 million of state tax benefits. Alternative Minimum Tax Carryforwards At December 31, 2019, Evergy and Evergy Kansas Central had $37.9 million and $13.4 million, respectively, of federal AMT carryforwards. Valuation Allowances Evergy is required to assess the ultimate realization of deferred tax assets using a "more likely than not" assessment threshold. This assessment takes into consideration tax planning strategies within Evergy's control. As a result of this assessment, Evergy has established a partial valuation allowance for federal and state tax NOL carryforwards and tax credit carryforwards. During 2020, $3.1 million of tax benefit was recorded in continuing operations primarily related to utilization or expiration of certain state NOL carryforwards. Kansas Tax Reform In May 2020, the state of Kansas exempted certain public utilities, including Evergy Kansas Central and Evergy Metro, from Kansas corporate income tax beginning in 2021 and authorized the KCC to approve changes in rates related to increases or decreases in federal or state income tax rates. As a result of the exemption from Kansas corporate income tax, the Evergy Companies revalued their deferred income tax assets and liabilities in May 2020. Evergy decreased its net deferred income tax liabilities by $233.8 million, primarily consisting of a $400.4 million adjustment for the revaluation of deferred income tax assets and liabilities included in rate base and a $31.7 million tax gross-up adjustment on this amount for ratemaking purposes and $13.8 million of income tax expense primarily related to the revaluation of deferred income taxes that will not be recovered from customers in future rates; partially offset by a decrease to unamortized investment tax credits of $183.6 million due to the revaluation of certain Kansas income tax credits and a $16.9 million tax gross-up adjustment on this amount for ratemaking purposes. Evergy Kansas Central decreased its net deferred income tax liabilities by $17.6 million, primarily consisting of a $293.7 million adjustment for the revaluation of deferred income tax assets and liabilities included in rate base and a $17.3 million tax gross-up adjustment on this amount for ratemaking purposes; partially offset by a decrease to unamortized investment tax credits of $183.6 million due to the revaluation of certain Kansas income tax credits and a $16.9 million tax gross-up adjustment on this amount for ratemaking purposes and $109.0 million of income tax expense primarily related to the revaluation of deferred income taxes that will not be recovered from customers in future rates. Evergy Metro decreased its net deferred income tax liabilities by $152.9 million, primarily consisting of a $106.7 million adjustment for the revaluation of deferred income tax assets and liabilities included in rate base and a $14.4 million tax gross-up adjustment on this amount for ratemaking purposes and $32.2 million of income tax benefit primarily related to the revaluation of deferred income taxes that will not be refunded to customers in future rates. The changes to the Evergy Companies' net deferred income tax liabilities included in rate base were offset by corresponding changes in regulatory liabilities. The net regulatory liabilities will be refunded to customers in future rates by amortizing the amounts related to plant assets over the remaining useful life of the assets, and amortizing the amounts related to other items over a period to be determined in a future rate case. The changes to the Evergy Companies' unamortized investment tax credits were related to the portion of certain Kansas income tax credits that are not expected to be used after December 31, 2020. The amounts of income tax expense (benefit) recognized by the Evergy Companies related to the revaluation of deferred income taxes that will not be recovered from or refunded to customers in future rates primarily pertain to deferred tax adjustments related to the difference between Evergy's consolidated tax rate and the statutory tax rates used for setting rates at Evergy Kansas Central, Evergy Metro and Evergy Missouri West as well as deferred income tax adjustments related to non-regulated operations. Evergy Kansas Central and Evergy Metro currently recover the cost of Kansas corporate income taxes in rates from their customers at the statutory rate of 7% that will be effective until 2021, when the income tax exemption established by the state of Kansas takes effect. In accordance with the provisions of the income tax exemption, Evergy Metro and Evergy Kansas Central filed a joint application with the KCC in July 2020 to reduce their retail rates to reflect their exemption from Kansas corporate income taxes. In the joint application, Evergy Metro requested to implement its rate reduction in one phase, effective January 1, 2021, and Evergy Kansas Central requested to implement its rate reduction in three phases, effective January 1 in each of 2021, 2022 and 2023. In November 2020, the KCC approved Evergy Kansas Central's and Evergy Metro's joint application. Missouri Tax Reform On June 1, 2018, the Missouri governor signed Senate Bill (S.B.) 884 into law. Most notably, S.B. 884 reduces the corporate income tax rate from 6.25% to 4.0% beginning in 2020, provides for the mandatory use of the single sales factor formula and eliminates intercompany transactions between corporations that file a consolidated Missouri income tax return. As a result of the change in the Missouri corporate income tax rate, Evergy Metro revalued and restated its deferred income tax assets and liabilities as of June 1, 2018. Evergy Metro decreased its net deferred income tax liabilities by $46.6 million, primarily consisting of a $28.8 million adjustment for the revaluation and restatement of deferred income tax assets and liabilities included in Missouri jurisdictional rate base and a $9.9 million tax gross-up adjustment for ratemaking purposes. The decrease to Evergy Metro's net deferred income tax liabilities included in Missouri jurisdictional rate base were offset by a corresponding increase in regulatory liabilities. The net regulatory liabilities will be amortized to customers over a period to be determined in a future rate case. Evergy Metro recognized $15.5 million of income tax benefit in 2018 primarily related to the difference between Evergy Metro's revaluation of its deferred income tax assets and liabilities for financial reporting purposes and the amount of the revaluation pertaining to Evergy Metro's Missouri jurisdictional rate base. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
LEASES | LEASES The Evergy Companies lease office buildings, computer equipment, vehicles, rail cars, generating plant and other property and equipment, including rail cars to serve jointly-owned generating units where Evergy Kansas Central or Evergy Metro is the managing partner and is reimbursed by other joint-owners for the other owners' proportionate share of the costs. Under GAAP, a contract is or contains a lease if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Evergy Companies assess a contract as being or containing a lease if the contract identifies property, plant and equipment, provides the lessee the right to obtain substantially all of the economic benefits from use of the property, plant and equipment and provides the lessee the right to direct the use of the property, plant and equipment. The Evergy Companies have entered into several agreements to purchase energy through renewable purchase power agreements that are accounted for as leases that commenced prior to the application of Topic 842. Due to the intermittent nature of renewable generation, these leases have significant variable lease payments not included in the initial and subsequent measurement of the lease liability. Variable lease payments are expensed as incurred. In addition, certain other contracts contain payment for activity that transfers a separate good or service such as utilities or common area maintenance. The Evergy Companies have elected a practical expedient permitted by GAAP to not separate such components of the lease from other lease components for all leases. The Evergy, Evergy Kansas Central and Evergy Metro leases have remaining terms ranging from 1 to 18 years, 1 to 18 years and 1 to 25 years, respectively. Leases that have original lease terms of twelve months or less are not recognized on the Evergy Companies’ balance sheets. Some leases have options to renew the lease or terminate early at the election of the Evergy Companies. Judgment is applied at lease commencement to determine the reasonably certain lease term based on then-current assumptions about use of the leased asset, market conditions and terms in the contract. The judgment applied to determine the lease term can significantly impact the measurement of the lease liability and right-of-use asset and lease classification. The Evergy Companies typically discount lease payments over the term of the lease using their incremental borrowing rates at lease commencement to measure its initial and subsequent lease liability. For leases that existed at the initial application of Topic 842, the Evergy Companies used the incremental borrowing rates that corresponded to the remaining lease term as of January 1, 2019. Leases may be classified as either operating leases or finance leases. The lease classification is based on assumptions of the lease term and discount rate, as discussed above, and the fair market value and economic life of the leased asset. Operating leases recognize a consistent expense each period over the lease term, while finance leases will result in the separate presentation of interest expense on the lease liability and amortization of the right-of-use asset. Finance leases are treated as operating leases for rate-making purposes and as such, the Evergy Companies defer to a regulatory asset or liability any material differences between expense recognition and the timing of payments in order to match what is being recovered in customer rates. The Evergy Companies’ lease expense is detailed in the following table. Evergy 2020 2019 Finance lease costs (millions) Amortization of right-of-use assets $ 7.7 $ 5.2 Interest on lease liabilities 3.1 2.9 Operating lease costs 22.9 23.8 Short-term lease costs 2.1 4.0 Variable lease costs for renewable purchase power agreements 296.6 313.0 Total lease costs $ 332.4 $ 348.9 Evergy Kansas Central 2020 2019 Finance lease costs (millions) Amortization of right-of-use assets $ 7.2 $ 5.0 Interest on lease liabilities 2.8 2.7 Operating lease costs 11.9 13.2 Short-term lease costs 0.5 1.2 Variable lease costs for renewable purchase power agreements 135.6 130.8 Total lease costs $ 158.0 $ 152.9 Evergy Metro 2020 2019 Finance lease costs (millions) Amortization of right-of-use assets $ 0.3 $ 0.1 Interest on lease liabilities 0.1 0.1 Operating lease costs 9.3 9.2 Short-term lease costs 1.5 2.6 Variable lease costs for renewable purchase power agreements 112.2 129.2 Total lease costs $ 123.4 $ 141.2 Supplemental cash flow information related to the Evergy Companies' leases is detailed in the following table. Evergy 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 22.2 $ 21.7 Operating cash flows from finance leases 2.8 2.8 Financing cash flows from finance leases 5.6 5.0 Right-of-use assets obtained in exchange for new operating lease liabilities 6.9 10.4 Right-of-use assets obtained in exchange for new finance lease liabilities 5.6 8.3 Evergy Kansas Central 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 12.9 $ 13.7 Operating cash flows from finance leases 2.5 2.6 Financing cash flows from finance leases 5.1 4.8 Right-of-use assets obtained in exchange for new operating lease liabilities 6.6 6.1 Right-of-use assets obtained in exchange for new finance lease liabilities 4.0 8.3 Evergy Metro 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 10.8 $ 9.9 Operating cash flows from finance leases 0.1 0.1 Financing cash flows from finance leases 0.4 0.1 Right-of-use assets obtained in exchange for new operating lease liabilities 0.3 2.4 Right-of-use assets obtained in exchange for new finance lease liabilities 1.6 — Finance Leases Right-of-use assets for finance leases are included in property, plant and equipment on the Evergy Companies’ balance sheets. Lease liabilities for finance leases are included in other current and other long-term liabilities. Payments and other supplemental information for finance leases as of December 31, 2020, are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2021 $ 8.8 $ 8.0 $ 0.6 2022 7.3 6.5 0.6 2023 6.6 5.8 0.6 2024 5.3 4.6 0.6 2025 4.6 4.1 0.2 After 2025 42.4 41.2 0.6 Total finance lease payments 75.0 70.2 3.2 Amounts representing imputed interest (23.7) (22.7) (0.6) Present value of lease payments 51.3 47.5 2.6 Less: current portion (6.0) (5.6) (0.4) Total long-term obligations under finance leases $ 45.3 $ 41.9 $ 2.2 Right-of-use assets under finance leases included in property, plant and equipment, net on the consolidated balance sheets $ 314.1 $ 53.9 $ 2.6 Weighted-average remaining lease term (years) 13.5 14.1 5.9 Weighted-average discount rate 5.6 % 5.5 % 4.9 % Operating Leases Right-of-use assets for operating leases are included in other long-term assets on the Evergy Companies’ balance sheets. Lease liabilities for operating leases are included in other current and other long-term liabilities. Lease payments and other supplemental information for operating leases as of December 31, 2020, are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2021 $ 18.5 $ 10.1 $ 10.1 2022 15.3 7.7 9.3 2023 12.2 5.0 8.8 2024 10.4 3.5 8.5 2025 7.9 1.5 8.3 After 2025 37.3 0.4 74.5 Total operating lease payments 101.6 28.2 119.5 Amounts representing imputed interest (14.4) (0.8) (31.4) Present value of lease payments 87.2 27.4 88.1 Less: current portion (14.5) (8.2) (6.7) Total long-term obligations under operating leases $ 72.7 $ 19.2 $ 81.4 Right-of-use assets under operating leases included in other assets on the consolidated balance sheets $ 93.2 $ 34.4 $ 71.3 Weighted-average remaining lease term (years) 8.3 3.4 15.3 Weighted-average discount rate 3.7 % 2.9 % 4.1 % |
LEASES | LEASES The Evergy Companies lease office buildings, computer equipment, vehicles, rail cars, generating plant and other property and equipment, including rail cars to serve jointly-owned generating units where Evergy Kansas Central or Evergy Metro is the managing partner and is reimbursed by other joint-owners for the other owners' proportionate share of the costs. Under GAAP, a contract is or contains a lease if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Evergy Companies assess a contract as being or containing a lease if the contract identifies property, plant and equipment, provides the lessee the right to obtain substantially all of the economic benefits from use of the property, plant and equipment and provides the lessee the right to direct the use of the property, plant and equipment. The Evergy Companies have entered into several agreements to purchase energy through renewable purchase power agreements that are accounted for as leases that commenced prior to the application of Topic 842. Due to the intermittent nature of renewable generation, these leases have significant variable lease payments not included in the initial and subsequent measurement of the lease liability. Variable lease payments are expensed as incurred. In addition, certain other contracts contain payment for activity that transfers a separate good or service such as utilities or common area maintenance. The Evergy Companies have elected a practical expedient permitted by GAAP to not separate such components of the lease from other lease components for all leases. The Evergy, Evergy Kansas Central and Evergy Metro leases have remaining terms ranging from 1 to 18 years, 1 to 18 years and 1 to 25 years, respectively. Leases that have original lease terms of twelve months or less are not recognized on the Evergy Companies’ balance sheets. Some leases have options to renew the lease or terminate early at the election of the Evergy Companies. Judgment is applied at lease commencement to determine the reasonably certain lease term based on then-current assumptions about use of the leased asset, market conditions and terms in the contract. The judgment applied to determine the lease term can significantly impact the measurement of the lease liability and right-of-use asset and lease classification. The Evergy Companies typically discount lease payments over the term of the lease using their incremental borrowing rates at lease commencement to measure its initial and subsequent lease liability. For leases that existed at the initial application of Topic 842, the Evergy Companies used the incremental borrowing rates that corresponded to the remaining lease term as of January 1, 2019. Leases may be classified as either operating leases or finance leases. The lease classification is based on assumptions of the lease term and discount rate, as discussed above, and the fair market value and economic life of the leased asset. Operating leases recognize a consistent expense each period over the lease term, while finance leases will result in the separate presentation of interest expense on the lease liability and amortization of the right-of-use asset. Finance leases are treated as operating leases for rate-making purposes and as such, the Evergy Companies defer to a regulatory asset or liability any material differences between expense recognition and the timing of payments in order to match what is being recovered in customer rates. The Evergy Companies’ lease expense is detailed in the following table. Evergy 2020 2019 Finance lease costs (millions) Amortization of right-of-use assets $ 7.7 $ 5.2 Interest on lease liabilities 3.1 2.9 Operating lease costs 22.9 23.8 Short-term lease costs 2.1 4.0 Variable lease costs for renewable purchase power agreements 296.6 313.0 Total lease costs $ 332.4 $ 348.9 Evergy Kansas Central 2020 2019 Finance lease costs (millions) Amortization of right-of-use assets $ 7.2 $ 5.0 Interest on lease liabilities 2.8 2.7 Operating lease costs 11.9 13.2 Short-term lease costs 0.5 1.2 Variable lease costs for renewable purchase power agreements 135.6 130.8 Total lease costs $ 158.0 $ 152.9 Evergy Metro 2020 2019 Finance lease costs (millions) Amortization of right-of-use assets $ 0.3 $ 0.1 Interest on lease liabilities 0.1 0.1 Operating lease costs 9.3 9.2 Short-term lease costs 1.5 2.6 Variable lease costs for renewable purchase power agreements 112.2 129.2 Total lease costs $ 123.4 $ 141.2 Supplemental cash flow information related to the Evergy Companies' leases is detailed in the following table. Evergy 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 22.2 $ 21.7 Operating cash flows from finance leases 2.8 2.8 Financing cash flows from finance leases 5.6 5.0 Right-of-use assets obtained in exchange for new operating lease liabilities 6.9 10.4 Right-of-use assets obtained in exchange for new finance lease liabilities 5.6 8.3 Evergy Kansas Central 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 12.9 $ 13.7 Operating cash flows from finance leases 2.5 2.6 Financing cash flows from finance leases 5.1 4.8 Right-of-use assets obtained in exchange for new operating lease liabilities 6.6 6.1 Right-of-use assets obtained in exchange for new finance lease liabilities 4.0 8.3 Evergy Metro 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 10.8 $ 9.9 Operating cash flows from finance leases 0.1 0.1 Financing cash flows from finance leases 0.4 0.1 Right-of-use assets obtained in exchange for new operating lease liabilities 0.3 2.4 Right-of-use assets obtained in exchange for new finance lease liabilities 1.6 — Finance Leases Right-of-use assets for finance leases are included in property, plant and equipment on the Evergy Companies’ balance sheets. Lease liabilities for finance leases are included in other current and other long-term liabilities. Payments and other supplemental information for finance leases as of December 31, 2020, are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2021 $ 8.8 $ 8.0 $ 0.6 2022 7.3 6.5 0.6 2023 6.6 5.8 0.6 2024 5.3 4.6 0.6 2025 4.6 4.1 0.2 After 2025 42.4 41.2 0.6 Total finance lease payments 75.0 70.2 3.2 Amounts representing imputed interest (23.7) (22.7) (0.6) Present value of lease payments 51.3 47.5 2.6 Less: current portion (6.0) (5.6) (0.4) Total long-term obligations under finance leases $ 45.3 $ 41.9 $ 2.2 Right-of-use assets under finance leases included in property, plant and equipment, net on the consolidated balance sheets $ 314.1 $ 53.9 $ 2.6 Weighted-average remaining lease term (years) 13.5 14.1 5.9 Weighted-average discount rate 5.6 % 5.5 % 4.9 % Operating Leases Right-of-use assets for operating leases are included in other long-term assets on the Evergy Companies’ balance sheets. Lease liabilities for operating leases are included in other current and other long-term liabilities. Lease payments and other supplemental information for operating leases as of December 31, 2020, are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2021 $ 18.5 $ 10.1 $ 10.1 2022 15.3 7.7 9.3 2023 12.2 5.0 8.8 2024 10.4 3.5 8.5 2025 7.9 1.5 8.3 After 2025 37.3 0.4 74.5 Total operating lease payments 101.6 28.2 119.5 Amounts representing imputed interest (14.4) (0.8) (31.4) Present value of lease payments 87.2 27.4 88.1 Less: current portion (14.5) (8.2) (6.7) Total long-term obligations under operating leases $ 72.7 $ 19.2 $ 81.4 Right-of-use assets under operating leases included in other assets on the consolidated balance sheets $ 93.2 $ 34.4 $ 71.3 Weighted-average remaining lease term (years) 8.3 3.4 15.3 Weighted-average discount rate 3.7 % 2.9 % 4.1 % |
QUARTERLY OPERATING RESULTS (UN
QUARTERLY OPERATING RESULTS (UNAUDITED) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY OPERATING RESULTS (UNAUDITED) | QUARTERLY OPERATING RESULTS (UNAUDITED) Quarter Evergy 1st 2nd 3rd 4th 2020 (millions, except per share amounts) Operating revenue $ 1,116.7 $ 1,184.7 $ 1,517.6 $ 1,094.4 Operating income 197.5 271.7 521.7 153.0 Net income 72.2 136.3 367.5 54.0 Net income attributable to Evergy, Inc. 69.4 133.4 364.5 51.0 Basic and diluted earnings per common share 0.31 0.59 1.60 0.22 2019 Operating revenue $ 1,216.9 $ 1,221.7 $ 1,577.6 $ 1,131.6 Operating income 209.6 271.7 538.7 165.8 Net income 103.4 144.6 370.9 66.7 Net income attributable to Evergy, Inc. 99.5 139.7 366.8 63.9 Basic and diluted earnings per common share 0.39 0.57 1.56 0.28 Quarter Evergy Kansas Central 1st 2nd 3rd 4th 2020 (millions) Operating revenue $ 560.1 $ 570.8 $ 733.6 $ 553.6 Operating income 114.5 121.2 240.7 90.9 Net income (loss) 55.2 (37.6) 173.1 45.1 Net income (loss) attributable to Evergy Kansas Central, Inc. 52.4 (40.5) 170.1 42.1 2019 Operating revenue $ 596.8 $ 585.5 $ 749.0 $ 576.1 Operating income 124.3 127.6 242.4 102.2 Net income 68.3 67.2 168.2 55.4 Net income attributable to Evergy Kansas Central, Inc. 64.4 62.3 164.1 52.6 Quarter Evergy Metro 1st 2nd 3rd 4th 2020 (millions) Operating revenue $ 375.5 $ 424.3 $ 528.5 $ 377.3 Operating income 63.7 112.5 204.4 53.7 Net income 25.6 102.9 147.7 22.5 2019 Operating revenue $ 425.4 $ 437.0 $ 568.8 $ 375.3 Operating income 56.9 101.9 215.5 52.2 Net income 16.0 59.4 151.9 27.9 |
Schedule I Financial Statements
Schedule I Financial Statements of Parent Company | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure | EVERGY, INC. Statements of Comprehensive Income of Parent Company 2020 2019 Period from June 4, 2018 through December 31, 2018 OPERATING EXPENSES: (millions) Operating and maintenance $ 39.3 $ 19.4 $ 54.6 Total Operating Expenses 39.3 19.4 54.6 INCOME FROM OPERATIONS (39.3) (19.4) (54.6) OTHER INCOME (EXPENSE) Equity in earnings from subsidiaries 683.4 698.2 364.7 Investment earnings 32.1 32.7 26.3 Other expense (0.1) (0.1) (2.6) Total Other Income, Net 715.4 730.8 388.4 Interest expense 86.3 60.7 19.6 INCOME BEFORE INCOME TAXES 589.8 650.7 314.2 Income tax benefit (22.7) (13.7) (10.7) NET INCOME $ 612.5 $ 664.4 $ 324.9 COMPREHENSIVE INCOME NET INCOME $ 612.5 $ 664.4 $ 324.9 OTHER COMPREHENSIVE INCOME Derivative hedging activity Loss on derivative hedging instruments — (64.4) (5.4) Income tax benefit — 16.5 1.4 Net loss on derivative hedging instruments — (47.9) (4.0) Reclassification to expenses, net of taxes 3.0 1.5 — Derivative hedging activity, net of tax 3.0 (46.4) (4.0) Other comprehensive income (loss) from subsidiaries, net (2.4) (0.6) 1.0 Total other comprehensive income (loss) 0.6 (47.0) (3.0) COMPREHENSIVE INCOME $ 613.1 $ 617.4 $ 321.9 The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements. EVERGY, INC. Balance Sheets of Parent Company December 31 2020 2019 ASSETS (millions, except share amounts) CURRENT ASSETS: Cash and cash equivalents $ 11.0 $ 11.6 Accounts receivable from subsidiaries 54.1 24.5 Notes receivable from subsidiaries 349.4 2.0 Income taxes receivable 7.4 8.0 Prepaid expenses and other assets 1.9 2.4 Total Current Assets 423.8 48.5 OTHER ASSETS: Investment in subsidiaries 10,349.2 10,023.1 Note receivable from subsidiaries 287.5 634.9 Deferred income taxes 20.5 34.2 Other 0.5 0.9 Total Other Assets 10,657.7 10,693.1 TOTAL ASSETS $ 11,081.5 $ 10,741.6 LIABILITIES AND EQUITY CURRENT LIABILITIES: Current maturities of long-term debt $ 350.0 $ — Notes payable 200.0 20.0 Accounts payable to subsidiaries 18.4 13.1 Accrued interest 13.9 14.6 Other 11.0 8.1 Total Current Liabilities 593.3 55.8 LONG-TERM LIABILITIES: Long-term debt, net 1,875.7 2,223.7 Other 11.7 16.9 Total Long-Term Liabilities 1,887.4 2,240.6 Commitments and Contingencies (Note 15) EQUITY: Evergy, Inc. Shareholders' Equity: Common stock - 600,000,000 shares authorized, without par value, 226,836,670 and 226,641,443 shares issued 7,063.2 7,053.7 Retained earnings 1,587.0 1,441.5 Accumulated other comprehensive loss (49.4) (50.0) Total shareholders' equity 8,600.8 8,445.2 TOTAL LIABILITIES AND EQUITY $ 11,081.5 10,741.6 The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements. EVERGY, INC. Statements of Cash Flows of Parent Company 2020 2019 Period from June 4, 2018 through CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: (millions) Net income $ 612.5 $ 664.4 $ 324.9 Adjustments to reconcile income to net cash from operating activities: Non-cash compensation 16.0 16.3 10.0 Net deferred income taxes and credits 9.6 21.4 (6.3) Equity in earnings from subsidiaries (683.4) (698.2) (364.7) Other 7.0 2.1 — Changes in working capital items: Accounts receivable from subsidiaries (30.0) 8.9 (8.5) Income taxes receivable 0.6 (7.8) (0.2) Prepaid expenses and other current assets 0.8 (0.1) (1.0) Accounts payable to subsidiaries 5.0 (15.0) 4.7 Accrued taxes — — (35.2) Accrued interest (0.7) 12.5 (13.6) Other current liabilities 2.9 1.7 2.4 Cash dividends from subsidiaries 355.0 460.0 236.0 Changes in other assets 0.3 0.2 0.1 Changes in other liabilities (3.7) (3.5) 20.0 Cash Flows from Operating Activities 291.9 462.9 168.6 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Cash acquired from the merger with Great Plains Energy — — 1,142.2 Proceeds from interest rate swap — — 140.6 Cash Flows from Investing Activities — — 1,282.8 CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Short term debt, net 180.0 20.0 (56.1) Proceeds from long-term debt — 1,585.0 — Payment for settlement of interest rate swap accounted for as a cash flow hedge — (69.8) — Cash dividends paid (465.0) (462.5) (245.9) Repurchase of common stock — (1,628.7) (1,042.3) Other financing activities (7.5) (2.4) — Cash Flows used in Financing Activities (292.5) (558.4) (1,344.3) NET CHANGE IN CASH AND CASH EQUIVALENTS (0.6) (95.5) 107.1 CASH AND CASH EQUIVALENTS: Beginning of period 11.6 107.1 — End of period $ 11.0 $ 11.6 $ 107.1 The accompanying Notes to Financial Statements of Parent Company are an integral part of these statements. 1. ORGANIZATION AND BASIS OF PRESENTATION The Evergy, Inc. Parent Company Financial Statements have been prepared to comply with Rule 12-04 of Regulation S-X. Evergy, Inc. was incorporated in 2017 as Monarch Energy, a wholly-owned subsidiary of Great Plains Energy. Prior to the closing of the merger transactions, Monarch Energy changed its name to Evergy, Inc. and did not conduct any business activities other than those required for its formation and matters contemplated by the Amended Merger Agreement. On June 4, 2018, in accordance with the Amended Merger Agreement, Great Plains Energy merged into Evergy, Inc., with Evergy, Inc. surviving the merger and King Energy merged into Evergy Kansas Central, with Evergy Kansas Central surviving the merger. These merger transactions resulted in Evergy, Inc. becoming the parent entity of Evergy Kansas Central and the direct subsidiaries of Great Plains Energy, including Evergy Metro and Evergy Missouri West. See Note 2 to the consolidated financial statements for additional information regarding the merger. Evergy, Inc. operates primarily through its wholly-owned direct subsidiaries. Evergy, Inc.'s investments in subsidiaries are accounted for using the equity method. Fair value adjustments and goodwill related to the acquired assets and liabilities of Great Plains Energy and its direct subsidiaries are only reflected on Evergy's consolidated financial statements and as such, are not included in Evergy, Inc.'s Parent Company Financial Statements. See Note 1 to the consolidated financial statement for additional information. 2. LONG-TERM DEBT See Note 13 to the consolidated financial statements for additional information on Evergy, Inc.'s long-term debt. 3. GUARANTEES See Note 16 to the consolidated financial statements for additional information regarding Evergy, Inc.'s guarantees. 4. DIVIDENDS Cash dividends paid to Evergy, Inc. by its subsidiaries were $355.0 million for the year ended December 31, 2020, $460.0 million for the year ended December 31, 2019 and $236.0 million for the period from June 4, 2018 through December 31, 2018. See Note 18 to the consolidated financial statements for information regarding the dividend restrictions of Evergy, Inc. and its subsidiaries. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | Evergy, Inc. Valuation and Qualifying Accounts Years Ended December 31, 2020, 2019 and 2018 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, 2020 (millions) Allowance for uncollectible accounts $ 10.5 $ 24.9 $ 12.5 (a) $ 28.6 (b) $ 19.3 Tax valuation allowance 17.5 — — 3.1 (c) 14.4 Year Ended December 31, 2019 Allowance for uncollectible accounts $ 9.2 $ 27.2 $ 12.4 (a) $ 38.3 (b) $ 10.5 Tax valuation allowance 27.3 0.6 — 10.4 (c) 17.5 Year Ended December 31, 2018 Allowance for uncollectible accounts $ 6.7 $ 20.7 $ 16.9 (e) $ 35.1 (b) $ 9.2 Tax valuation allowance — 2.2 26.8 (d) 1.7 (c) 27.3 (a) Recoveries. (b) Uncollectible accounts charged off. (c) Reversal of tax valuation allowance. (d) Primarily represents the addition of Great Plains Energy's allowance as of the date of the merger. (e) Recoveries and the addition of Great Plains Energy's allowance as of the date of the merger. Evergy Kansas Central, Inc. Valuation and Qualifying Accounts Years Ended December 31, 2020, 2019 and 2018 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, 2020 (millions) Allowance for uncollectible accounts $ 3.8 $ 11.1 $ 2.6 (a) $ 10.0 (b) $ 7.5 Year Ended December 31, 2019 Allowance for uncollectible accounts $ 3.9 $ 7.2 $ 3.4 (a) $ 10.7 (b) $ 3.8 Tax valuation allowance 1.7 — — 1.7 (c) — Year Ended December 31, 2018 Allowance for uncollectible accounts $ 6.7 $ 9.0 $ 7.4 (a) $ 19.2 (b) $ 3.9 Tax valuation allowance — 1.7 — — 1.7 (a) Recoveries. (b) Uncollectible accounts charged off. (c) Reversal of tax valuation allowance. Evergy Metro, Inc. Valuation and Qualifying Accounts Years Ended December 31, 2020, 2019 and 2018 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, 2020 (millions) Allowance for uncollectible accounts $ 4.6 $ 9.0 $ 6.9 (a) $ 12.4 (b) $ 8.1 Year Ended December 31, 2019 Allowance for uncollectible accounts $ 3.8 $ 13.7 $ 6.3 (a) $ 19.2 (b) $ 4.6 Year Ended December 31, 2018 Allowance for uncollectible accounts $ 2.2 $ 13.1 $ 4.4 (a) $ 15.9 (b) $ 3.8 (a) Recoveries. (b) Uncollectible accounts charged off. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation Evergy Kansas Central was determined to be the accounting acquirer in the merger and thus, the predecessor of Evergy. Evergy had separate operations for the period beginning with the quarter ended June 30, 2018, and references to amounts for periods after the closing of the merger relate to Evergy. The results of Great Plains Energy's direct subsidiaries have been included in Evergy's results of operations from the date of the closing of the merger and thereafter. Evergy Metro elected not to apply "push-down accounting" related to the merger, whereby the adjustments of assets and liabilities to fair value and the resulting goodwill would be recorded on the financial statements of the acquired subsidiary. These adjustments for Evergy Metro, as well as those related to the acquired assets and liabilities of Great Plains Energy and its other direct subsidiaries, are only reflected on Evergy's consolidated financial statements. Each of Evergy's, Evergy Kansas Central's and Evergy Metro's consolidated financial statements includes the accounts of their subsidiaries and variable interest entities (VIEs) of which they are the primary beneficiary. Undivided interests in jointly-owned generation facilities are included on a proportionate basis. Intercompany transactions have been eliminated. The Evergy Companies assess financial performance and allocate resources on a consolidated basis (i.e., operate in one segment). |
Use of Estimates | Use of Estimates The process of preparing financial statements in conformity with generally accepted accounting principles (GAAP) requires the use of estimates and assumptions that affect the reported amounts of certain types of assets, liabilities, revenues and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts. |
Cash and Cash Equivalents | Cash and Cash EquivalentsCash equivalents consist of highly liquid investments with original maturities of three months or less at acquisition. |
Fuel Inventory and Supplies | Fuel Inventory and SuppliesThe Evergy Companies record fuel inventory and supplies at average cost. |
Property, Plant and Equipment | Property, Plant and Equipment The Evergy Companies record the value of property, plant and equipment, including that of VIEs, at cost. For plant, cost includes contracted services, direct labor and materials, indirect charges for engineering and supervision and an allowance for funds used during construction (AFUDC). AFUDC represents the allowed cost of capital used to finance utility construction activity. AFUDC equity funds are included as a non-cash item in other income and AFUDC borrowed funds are a reduction of interest expense. AFUDC is computed by applying a composite rate to qualified construction work in progress. The rates used to compute gross AFUDC are compounded semi-annually. |
Depreciation and Amortization | Depreciation and AmortizationDepreciation and amortization of utility plant other than nuclear fuel is computed using the straight-line method over the estimated lives of depreciable property based on rates approved by state regulatory authorities. Annual depreciation rates average approximately 3%. See Note 8 for more details. Nuclear fuel is amortized to fuel expense based on the quantity of heat produced during the generation of electricity. |
Plant to be Retired, Net | Plant to be Retired, Net When the Evergy Companies retire utility plant, the original cost, net of salvage, is charged to accumulated depreciation. However, when it becomes probable an asset will be retired significantly in advance of its original expected useful life and in the near term, the cost of the asset and related accumulated depreciation is recognized as a separate asset and a probable abandonment. If the asset is still in service, the net amount is classified as plant to be retired, net on the consolidated balance sheets. If the asset is no longer in service, the net amount is classified as a regulatory asset on the consolidated balance sheets. The Evergy Companies must also assess the probability of full recovery of the remaining net book value of the abandonment. The net book value that may be retained as an asset on the balance sheet for the abandonment is dependent upon amounts that may be recovered through regulated rates, including any return. An impairment charge, if any, would equal the difference between the remaining net book value of the asset and the present value of the future revenues expected from the asset. Evergy Missouri West has determined that its November 2018 retirement of Sibley No. 3 Unit meets the criteria to be considered an abandonment. As of December 31, 2020, Evergy has classified the remaining Sibley No. 3 Unit net book value of $128.4 million as retired generation facilities within regulatory assets on its consolidated balance sheet. This regulatory asset is reduced by approximately $9 million of annual amortization expense, which is an amount equal to the annual depreciation expense for the asset reflected in retail rates. In October 2019, the Missouri Public Service Commission (MPSC) granted the request of certain intervenors for an Accounting Authority Order (AAO) that requires Evergy Missouri West to record a regulatory liability for all revenues collected from customers for return on investment, non-fuel operations and maintenance costs, taxes including accumulated deferred income taxes and all other costs associated with Sibley Station following the station's retirement in November 2018 for consideration in Evergy Missouri West's next rate case, which is expected to be completed no later than the end of 2022. See Note 5 for additional information regarding the AAO. Evergy Missouri West expects that the MPSC's decision in its next rate case regarding the AAO could impact the valuation of its regulatory asset for retired generation facilities but as of December 31, 2020, has concluded that no impairment is required based on the relevant facts and circumstances. |
Nuclear Plant Decommissioning Costs | Nuclear Plant Decommissioning Costs Nuclear plant decommissioning cost estimates are based on either the immediate dismantlement method or the deferred dismantling method as determined by the State Corporation Commission of the State of Kansas (KCC) and MPSC and include the costs of decontamination, dismantlement and site restoration. Based on these cost estimates, Evergy Kansas Central and Evergy Metro each contribute to a tax-qualified trust fund to be used to decommission Wolf Creek. Related liabilities for decommissioning are included on Evergy's, Evergy Kansas Central's and Evergy Metro's consolidated balance sheets in asset retirement obligations (AROs). |
Regulatory Accounting | Regulatory AccountingAccounting standards are applied that recognize the economic effects of rate regulation. Accordingly, regulatory assets and liabilities have been recorded when required by a regulatory order or based on regulatory precedent. |
Cash Surrender Value of Life Insurance | Cash Surrender Value of Life Insurance Amounts related to corporate-owned life insurance (COLI) are recorded on the consolidated balance sheets in other long-terms assets and are detailed in the following table for Evergy. Substantially all of Evergy's COLI-related balances relate to Evergy Kansas Central's COLI activity. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of the following financial instruments for which it was practicable to estimate that value. Nuclear decommissioning trust fund - The Evergy Companies' nuclear decommissioning trust fund assets are recorded at fair value based on quoted market prices of the investments held by the fund and/or valuation models. Pension plans - For financial reporting purposes, the market value of plan assets is the fair value based on quoted market prices of the investments held by the fund and/or valuation models. |
Revenue Recognition | Revenue Recognition The Evergy Companies recognize revenue on the sale of electricity to customers over time as the service is provided in the amount they have the right to invoice. Revenues recorded include electric services provided but not yet billed by the Evergy Companies. Unbilled revenues are recorded for kWh usage in the period following the customers' billing cycle to the end of the month. This estimate is based on net system kWh usage less actual billed kWhs. The Evergy Companies' estimated unbilled kWhs are allocated and priced by regulatory jurisdiction across the rate classes based on actual billing rates. The Evergy Companies' unbilled revenue estimate is affected by factors including fluctuations in energy demand, weather, line losses and changes in the composition of customer classes. See Note 4 for the balance of unbilled receivables for each of Evergy, Evergy Kansas Central and Evergy Metro as of December 31, 2020 and 2019. |
Allowance for Credit Losses | Allowance for Credit Losses Historical loss information generally provides the basis for the Evergy Companies' assessment of expected credit losses. The Evergy Companies use an aging of accounts receivable method to assess historical loss information. When historical experience may not fully reflect the Evergy Companies' expectations about the future, the Evergy Companies will adjust historical loss information, as necessary, to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information. Receivables are charged off when they are deemed uncollectible, which is based on a number of factors including specific facts surrounding an account and management's judgment. |
Property Gains and Losses | Property Gains and LossesNet gains and losses from the sale of assets and businesses and from asset impairments are recorded in operating expenses. |
Asset Impairments | Asset Impairments Long-lived assets and finite-lived intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the undiscounted expected future cash flows from an asset to be held and used is less than the carrying value of the asset, an asset impairment must be recognized in the financial statements. The amount of impairment recognized is the excess of the carrying value of the asset over its fair value. |
Income Taxes | Income Taxes Income taxes are accounted for using the asset/liability approach. Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax bases of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of the deferred tax assets will not be realized. The Evergy Companies recognize tax benefits based on a "more-likely-than-not" recognition threshold. In addition, the Evergy Companies recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. Evergy files a consolidated federal income tax return as well as unitary and combined income tax returns in several state jurisdictions with Kansas and Missouri being the most significant. Income taxes for consolidated or combined subsidiaries are allocated to the subsidiaries based on separate company computations of income or loss. Evergy Kansas Central's and Evergy Metro's income tax provisions include taxes allocated based on their separate company's income or loss. The Evergy Companies have established a net regulatory liability for future refunds to be made to customers for amounts collected from customers in excess of income taxes in current rates. Tax credits are recognized in the year |
Earnings Per Share | Earnings Per ShareTo compute basic earnings per share (EPS), Evergy divides net income attributable to Evergy, Inc. by the weighted average number of common shares outstanding. Diluted EPS includes the effect of issuable common shares resulting from restricted share units (RSUs), performance shares and restricted stock. Evergy computes the dilutive effects of potential issuances of common shares using the treasury stock method. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Leases In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases , which requires an entity that is a lessee to record a right-of-use asset and a lease liability for lease payments on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Lessor accounting remains largely unchanged. In January 2018, the FASB issued ASU No. 2018-01, Leases: Land Easement Practical Expedient for Transition to Topic 842 , which permits entities to elect an optional transition practical expedient to not evaluate under Topic 842 land easements that exist or expired before the entity's adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases , which updates narrow aspects of the guidance issued in ASU No. 2016-02. Also in July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements , which provides an optional transition method that allows entities to initially apply Topic 842 at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. In December 2018, the FASB issued ASU No. 2018-20, Leases: Narrow-Scope Improvements for Lessors , which is expected to reduce a lessor's implementation and ongoing costs associated with applying ASU No. 2016-02. In March 2019, the FASB issued ASU No. 2019-01, Leases: Codification Improvements , which clarifies certain lessor accounting and interim reporting requirements. ASU No. 2016-02 and the subsequent amendments are effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted, and requires a modified retrospective transition approach with an option to either adjust or not adjust comparative periods. The Evergy Companies adopted the new guidance on January 1, 2019, without adjusting comparative periods for all leases existing as of January 1, 2019, by electing the optional transition method permitted by ASU No. 2018-11. As a result, Evergy, Evergy Kansas Central and Evergy Metro recorded an increase to assets and liabilities of approximately $110 million, $40 million and $80 million, respectively, as of January 1, 2019. Evergy Kansas Central and Evergy Metro have certain lease transactions between them for which the related assets and liabilities are eliminated at consolidated Evergy. The adoption of Topic 842 did not have a material impact on the Evergy Companies consolidated statements of income and comprehensive income and there was no cumulative-effect adjustment recorded to the opening balance of retained earnings. The Evergy Companies also elected a practical expedient to forgo reassessing existing or expired contracts as leases to determine whether each is in scope of Topic 842 and to forgo reassessing lease classification for existing and expired leases. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Fuel Inventory and Supplies | The following table separately states the balances for fuel inventory and supplies. December 31 2020 2019 Evergy (millions) Fuel inventory $ 145.0 $ 146.4 Supplies 359.5 335.2 Fuel inventory and supplies $ 504.5 $ 481.6 Evergy Kansas Central Fuel inventory $ 79.3 $ 80.2 Supplies 197.1 186.2 Fuel inventory and supplies $ 276.4 $ 266.4 Evergy Metro Fuel inventory $ 44.9 $ 46.1 Supplies 125.5 116.9 Fuel inventory and supplies $ 170.4 $ 163.0 |
Schedule of Allowance for Funds used During Construction | The amounts of the Evergy Companies' AFUDC for borrowed and equity funds are detailed in the following table. 2020 2019 2018 Evergy (millions) AFUDC borrowed funds $ 16.5 $ 14.5 $ 10.4 AFUDC equity funds 17.2 2.2 3.1 Total $ 33.7 $ 16.7 $ 13.5 Evergy Kansas Central AFUDC borrowed funds $ 8.5 $ 7.5 $ 6.6 AFUDC equity funds 9.1 — 2.9 Total $ 17.6 $ 7.5 $ 9.5 Evergy Metro (a) AFUDC borrowed funds $ 6.0 $ 4.3 $ 4.9 AFUDC equity funds 8.0 2.2 1.4 Total $ 14.0 $ 6.5 $ 6.3 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. The average rates used in the calculation of AFUDC are detailed in the following table. 2020 2019 2018 Evergy Kansas Central 4.7% 3.0% 3.3% Evergy Metro 5.2% 4.6% 3.9% Evergy Missouri West 3.5% 3.7% 2.9% |
Schedule pf Depreciable Lives of Property Plant and Equipment | The depreciable lives of Evergy's, Evergy Kansas Central's and Evergy Metro's property, plant and equipment are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (years) Generating facilities 8 to 87 8 to 87 20 to 60 Transmission facilities 15 to 94 36 to 94 15 to 70 Distribution facilities 8 to 73 19 to 73 8 to 55 Other 5 to 84 7 to 84 5 to 50 |
Schedule of Cash Surrender Value of Corporate Owned Life Insurance | Substantially all of Evergy's COLI-related balances relate to Evergy Kansas Central's COLI activity. December 31 2020 2019 Evergy (millions) Cash surrender value of policies $ 1,369.6 $ 1,370.0 Borrowings against policies (1,237.6) (1,237.1) Corporate-owned life insurance, net $ 132.0 $ 132.9 |
Schedule of Other Income Expense | The table below shows the detail of other expense for each of the Evergy Companies. 2020 2019 2018 Evergy (millions) Non-service cost component of net benefit cost $ (58.6) $ (55.6) $ (47.8) Other (19.6) (21.3) (30.9) Other expense $ (78.2) $ (76.9) $ (78.7) Evergy Kansas Central Non-service cost component of net benefit cost $ (21.2) $ (20.1) $ (23.5) Other (17.7) (20.0) (23.3) Other expense $ (38.9) $ (40.1) $ (46.8) Evergy Metro (a) Non-service cost component of net benefit cost $ (24.2) $ (20.9) $ (25.9) Other (1.3) (0.5) (5.0) Other expense $ (25.5) $ (21.4) $ (30.9) (a) Evergy Metro amounts are only included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles Evergy's basic and diluted EPS. 2020 2019 2018 Income (millions, except per share amounts) Net income $ 630.0 $ 685.6 $ 546.0 Less: Net income attributable to noncontrolling interests 11.7 15.7 10.2 Net income attributable to Evergy, Inc. $ 618.3 $ 669.9 $ 535.8 Common Shares Outstanding Weighted average number of common shares outstanding - basic 227.2 239.5 213.9 Add: effect of dilutive securities 0.3 0.4 0.2 Diluted average number of common shares outstanding 227.5 239.9 214.1 Basic EPS $ 2.72 $ 2.80 $ 2.50 Diluted EPS $ 2.72 $ 2.79 $ 2.50 |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Year Ended December 31 2020 2019 2018 Evergy (millions) Cash paid for (received from): Interest, net of amount capitalized $ 367.6 $ 329.5 $ 255.9 Interest of VIEs 0.8 1.6 2.3 Income taxes, net of refunds (46.5) (5.2) (0.9) Non-cash investing transactions: Property, plant and equipment additions (reductions) 463.3 186.0 (7.8) Non-cash financing transactions: Issuance of stock for compensation and reinvested dividends 0.9 (0.3) 0.5 Year Ended December 31 2020 2019 2018 Evergy Kansas Central (millions) Cash paid for (received from): Interest, net of amount capitalized $ 157.5 $ 143.0 $ 155.3 Interest of VIEs 0.8 1.6 2.3 Income taxes, net of refunds 4.7 29.9 37.5 Non-cash investing transactions: Property, plant and equipment additions (reductions) 235.4 92.1 (32.5) Year Ended December 31 2020 2019 2018 Evergy Metro (a) (millions) Cash paid for (received from): Interest, net of amount capitalized $ 109.9 $ 118.4 $ 129.4 Income taxes, net of refunds 4.8 77.0 31.2 Non-cash investing transactions: Property, plant and equipment additions 192.5 80.7 19.2 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
MERGER OF GREAT PLAINS ENERGY_2
MERGER OF GREAT PLAINS ENERGY AND EVERGY KANSAS CENTRAL (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Accounting Charges and Deferrals Related to Merger | The following pre-tax reductions of revenue, expenses and deferral were recognized following the consummation of the merger and are included in the Evergy Companies' consolidated statements of income and comprehensive income for 2018. Description Income Statement Line Item Expected Payment Period Evergy Evergy Kansas Central Evergy Metro (millions) One-time bill credits Operating revenues 2018 - 2019 $ (59.7) $ (23.1) $ (22.4) Annual bill credits Operating revenues 2019 - 2022 (10.5) (7.9) (2.6) Total impact to operating revenues $ (70.2) $ (31.0) $ (25.0) Charitable contributions and Operating and maintenance 2018 - 2027 $ 24.7 $ — $ — Voluntary severance and accelerated Operating and maintenance 2018 - 2019 47.9 44.2 2.6 Other transaction and transition costs Operating and maintenance 2018 51.0 21.5 2.1 Reallocation and deferral of merger Operating and maintenance n/a (47.8) (13.8) (23.2) Total impact to operating and $ 75.8 $ 51.9 $ (18.5) Total $ (146.0) $ (82.9) $ (6.5) |
Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable | The total consideration transferred in the merger is based on the closing stock price of Evergy Kansas Central on June 4, 2018, and is calculated as follows. (millions, except share amounts) Great Plains Energy common stock shares outstanding as of June 4, 2018 215,800,074 Great Plains Energy restricted stock awards outstanding as of June 4, 2018 (204,825) Great Plains Energy shares to be converted to Evergy shares 215,595,249 Exchange ratio 0.5981 Evergy common stock shares issued to Great Plains Energy shareholders 128,947,518 Closing price of Evergy Kansas Central common stock as of June 4, 2018 $ 54.00 Fair value of Evergy shares issued to Great Plains Energy shareholders $ 6,963.2 Fair value of Great Plains Energy's equity compensation awards 12.5 Total purchase price $ 6,975.7 |
Schedule of Purchase Price Allocation | The final purchase price allocation to Great Plains Energy's assets and liabilities as of June 4, 2018, is detailed in the following table. (millions) Current assets $ 2,151.7 Property, plant and equipment, net 9,179.7 Goodwill 2,336.6 Other long-term assets, excluding goodwill 1,235.9 Total assets $ 14,903.9 Current liabilities 1,673.9 Long-term liabilities, excluding long-term debt 2,895.7 Long-term debt, net 3,358.6 Total liabilities $ 7,928.2 Total purchase price $ 6,975.7 |
Schedule of Unaudited Pro Forma Financial Information | The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of Evergy. 2018 (millions, except per share amounts) Operating revenues $ 5,334.6 Net income attributable to Evergy, Inc. 714.3 Basic earnings per common share $ 2.67 Diluted earnings per common share $ 2.67 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Evergy's, Evergy Kansas Central's and Evergy Metro's revenues disaggregated by customer class are summarized in the following tables. Evergy 2020 2019 2018 Revenues (millions) Residential $ 1,909.2 $ 1,908.1 $ 1,578.8 Commercial 1,641.7 1,781.6 1,356.4 Industrial 588.7 621.6 527.8 Other retail 38.5 47.1 30.6 Total electric retail $ 4,178.1 $ 4,358.4 $ 3,493.6 Wholesale 264.0 327.5 404.4 Transmission 318.5 309.2 308.1 Industrial steam and other 21.0 24.5 17.9 Total revenue from contracts with customers $ 4,781.6 $ 5,019.6 $ 4,224.0 Other 131.8 128.2 51.9 Operating revenues $ 4,913.4 $ 5,147.8 $ 4,275.9 Evergy Kansas Central 2020 2019 2018 Revenues (millions) Residential $ 801.2 $ 793.9 $ 846.4 Commercial 665.6 709.1 702.8 Industrial 379.9 401.3 396.4 Other retail 17.7 21.0 20.0 Total electric retail $ 1,864.4 $ 1,925.3 $ 1,965.6 Wholesale 215.4 239.9 346.1 Transmission 287.3 273.3 288.9 Other 2.3 5.8 6.0 Total revenue from contracts with customers $ 2,369.4 $ 2,444.3 $ 2,606.6 Other 48.7 63.1 8.3 Operating revenues $ 2,418.1 $ 2,507.4 $ 2,614.9 Evergy Metro (a) 2020 2019 2018 Revenues (millions) Residential $ 714.7 $ 712.4 $ 735.6 Commercial 717.1 786.1 794.8 Industrial 128.8 136.9 138.8 Other retail 11.7 16.3 10.4 Total electric retail $ 1,572.3 $ 1,651.7 $ 1,679.6 Wholesale 35.0 70.9 53.5 Transmission 13.9 17.5 14.5 Other 2.6 2.8 4.4 Total revenue from contracts with customers $ 1,623.8 $ 1,742.9 $ 1,752.0 Other 81.8 63.6 71.1 Operating revenues $ 1,705.6 $ 1,806.5 $ 1,823.1 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
RECEIVABLES (Tables)
RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Receivables | The Evergy Companies' receivables are detailed in the following table. December 31 2020 2019 Evergy (millions) Customer accounts receivable - billed $ 5.3 $ 7.2 Customer accounts receivable - unbilled 110.0 104.0 Other receivables 177.9 127.8 Allowance for credit losses (19.3) (10.5) Total $ 273.9 $ 228.5 Evergy Kansas Central Customer accounts receivable - billed $ — $ — Customer accounts receivable - unbilled 50.7 49.7 Other receivables 175.7 94.5 Allowance for credit losses (7.5) (3.8) Total $ 218.9 $ 140.4 Evergy Metro Customer accounts receivable - billed $ 3.3 $ 3.1 Customer accounts receivable - unbilled 27.9 26.5 Other receivables 21.9 23.1 Allowance for credit losses (8.1) (4.6) Total $ 45.0 $ 48.1 December 31 2020 2019 (millions) Evergy $ 57.5 $ 42.0 Evergy Kansas Central 49.9 37.7 Evergy Metro 6.9 1.2 December 31 2020 2019 (millions) Evergy $ 360.0 $ 339.0 Evergy Kansas Central 180.0 171.0 Evergy Metro 130.0 118.0 |
Summary of Bad Debt Expense | The change in the Evergy Companies' allowance for credit losses is summarized in the following table. 2020 2019 Evergy (millions) Beginning balance January 1 $ 10.5 $ 9.2 Credit loss expense 24.9 27.2 Write-offs (28.6) (38.3) Recoveries of prior write-offs 12.5 12.4 Ending balance December 31 $ 19.3 $ 10.5 Evergy Kansas Central Beginning balance January 1 $ 3.8 $ 3.9 Credit loss expense 11.1 7.2 Write-offs (10.0) (10.7) Recoveries of prior write-offs 2.6 3.4 Ending balance December 31 $ 7.5 $ 3.8 Evergy Metro Beginning balance January 1 $ 4.6 $ 3.8 Credit loss expense 9.0 13.7 Write-offs (12.4) (19.2) Recoveries of prior write-offs 6.9 6.3 Ending balance December 31 $ 8.1 $ 4.6 |
RATE MATTERS AND REGULATION (Ta
RATE MATTERS AND REGULATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets | The Evergy Companies' regulatory assets and liabilities are detailed in the following tables. December 31 2020 2019 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Regulatory Assets (millions) Pension and post-retirement costs $ 867.8 $ 412.9 $ 359.9 $ 795.9 $ 359.9 $ 330.7 Debt reacquisition costs 98.9 91.3 6.8 105.8 97.3 7.5 Debt fair value adjustment 104.0 — — 112.0 — — Asset retirement obligations fair value 116.2 — — 114.3 — — Depreciation 70.0 52.7 9.4 55.3 55.3 — Cost of removal 183.4 125.7 57.7 129.3 94.4 34.9 Asset retirement obligations 170.8 55.0 84.0 167.1 52.8 79.4 Analog meter unrecovered investment 24.1 24.1 — 29.9 29.9 — Treasury yield hedges 21.5 21.5 — 22.6 22.6 — Iatan No. 1 and common facilities 6.9 — 2.8 7.1 — 2.8 Iatan No. 2 construction accounting costs 25.4 — 12.7 26.1 — 13.1 Kansas property tax surcharge 28.9 23.7 5.2 21.7 18.7 3.0 Disallowed plant costs 14.5 14.5 — 14.8 14.8 — La Cygne environmental costs 12.4 10.1 2.3 13.7 11.2 2.5 Deferred customer programs 16.3 5.7 8.6 18.0 6.2 8.3 Fuel recovery mechanisms 26.2 1.2 17.7 34.7 — 16.6 Solar rebates 25.9 — 1.5 39.8 — 9.0 Wolf Creek outage 10.0 5.0 5.0 31.0 15.5 15.5 Pension and other post-retirement benefit 49.8 12.8 23.4 31.8 7.4 15.6 Retired generation facilities 128.4 — — 130.5 — — Merger transition costs 37.6 18.0 13.9 42.3 20.3 15.6 Other regulatory assets 35.4 22.1 4.6 28.5 17.4 5.3 Total 2,074.4 896.3 615.5 1,972.2 823.7 559.8 Less: current portion (206.2) (96.2) (82.0) (231.7) (93.3) (95.4) Total noncurrent regulatory assets $ 1,868.2 $ 800.1 $ 533.5 $ 1,740.5 $ 730.4 $ 464.4 |
Schedule of Regulatory Liabilities | December 31 2020 2019 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Regulatory Liabilities (millions) Taxes refundable through future rates $ 2,055.7 $ 1,184.5 $ 650.2 $ 1,656.5 $ 856.4 $ 568.9 Deferred regulatory gain from sale 48.1 48.1 — 53.6 53.6 — Emission allowances 46.1 — 46.1 50.1 — 50.1 Nuclear decommissioning 319.7 138.2 181.5 267.3 116.5 150.8 Pension and post-retirement costs 50.8 31.4 13.1 59.3 31.5 20.3 Jurisdictional allowance for funds used 28.7 27.0 1.7 28.7 28.7 — La Cygne leasehold dismantling costs 29.6 29.6 — 29.6 29.6 — Cost of removal 4.4 — — 49.1 — — Kansas tax credits — — — 17.0 17.0 — Purchase power agreement 6.3 6.3 — 7.4 7.4 — Fuel recovery mechanisms 1.3 — — 34.1 30.2 — Sibley AAO 18.4 — — 10.2 — — Other regulatory liabilities 55.8 7.8 14.8 48.7 3.9 13.5 Total 2,664.9 1,472.9 907.4 2,311.6 1,174.8 803.6 Less: current portion (26.1) (11.9) (8.0) (63.3) (42.3) (11.4) Total noncurrent regulatory liabilities $ 2,638.8 $ 1,461.0 $ 899.4 $ 2,248.3 $ 1,132.5 $ 792.2 |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | The following table summarizes the change in the Evergy Companies' AROs for the periods ending December 31, 2020 and 2019. Evergy Evergy Kansas Central Evergy Metro 2020 2019 2020 2019 2020 2019 (millions) Beginning balance January 1 $ 674.1 $ 687.1 $ 272.9 $ 281.1 $ 253.6 $ 261.0 Revision in timing and/or estimates 249.3 (22.3) 136.8 (12.4) 118.4 (9.9) Settlements (18.4) (17.8) (2.2) (14.8) (7.5) (2.5) Accretion 36.9 27.1 19.7 19.0 14.4 5.0 Ending balance $ 941.9 $ 674.1 $ 427.2 $ 272.9 $ 378.9 $ 253.6 Less: current portion (40.2) (71.3) (11.2) (23.3) (21.2) (36.1) Total noncurrent asset $ 901.7 $ 602.8 $ 416.0 $ 249.6 $ 357.7 $ 217.5 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Public Utility Property, Plant, and Equipment | The following tables summarize the property, plant and equipment of Evergy, Evergy Kansas Central and Evergy Metro. December 31, 2020 Evergy Evergy Kansas Central Evergy Metro (millions) Electric plant in service $ 28,914.8 $ 14,095.1 $ 11,161.8 Electric plant acquisition adjustment 724.3 724.3 — Accumulated depreciation (10,998.4) (5,293.5) (4,532.7) Plant in service 18,640.7 9,525.9 6,629.1 Construction work in progress 1,153.5 589.1 433.9 Nuclear fuel, net 155.9 77.7 78.2 Plant to be retired, net (a) 0.9 0.9 — Net property, plant and equipment $ 19,951.0 $ 10,193.6 $ 7,141.2 December 31, 2019 Evergy Evergy Kansas Central Evergy Metro (millions) Electric plant in service $ 27,768.8 $ 13,538.1 $ 10,776.5 Electric plant acquisition adjustment 740.6 740.6 — Accumulated depreciation (10,293.7) (4,951.5) (4,272.0) Plant in service 18,215.7 9,327.2 6,504.5 Construction work in progress 839.2 472.8 269.9 Nuclear fuel, net 128.5 63.9 64.6 Plant to be retired, net (a) 1.0 1.0 — Net property, plant and equipment $ 19,184.4 $ 9,864.9 $ 6,839.0 (a) As of December 31, 2020 and 2019, represents the planned retirement of Evergy Kansas Central analog meters prior to the end of their remaining useful lives. The following table summarizes the property, plant and equipment of VIEs for Evergy and Evergy Kansas Central. December 31 2020 2019 (millions) Electric plant of VIEs $ 392.1 $ 392.1 Accumulated depreciation of VIEs (237.2) (230.1) Net property, plant and equipment of VIEs $ 154.9 $ 162.0 The Evergy Companies' depreciation expense is detailed in the following table. 2020 2019 2018 (millions) Evergy (a) $ 804.7 $ 786.3 $ 567.9 Evergy Kansas Central (a) 435.1 425.8 371.3 Evergy Metro (b) 269.5 262.7 235.3 (a) Approximately $7.1 million of depreciation expense in each of 2020, 2019 and 2018 was attributable to property, plant and equipment of VIEs. (b) Evergy Metro amounts are only included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
JOINTLY-OWNED ELECTRIC UTILIT_2
JOINTLY-OWNED ELECTRIC UTILITY PLANTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Jointly Owned Electric Utility Plants [Abstract] | |
Schedule of Jointly Owned Utility Plants | Evergy's, Evergy Kansas Central's and Evergy Metro's share of jointly-owned electric utility plants at December 31, 2020, are detailed in the following tables. Evergy Wolf Creek Unit La Cygne Units (a) Iatan No. 1 Unit Iatan No. 2 Unit Iatan Common Jeffrey Energy Center State Line (millions, except MW amounts) Evergy's share 94% 100% 88% 73% 79% 100% 40% Electric plant in $ 4,059.1 $ 2,207.6 $ 773.3 $ 1,404.3 $ 499.7 $ 2,435.4 $ 115.0 Accumulated depreciation 1,970.3 779.4 265.7 459.3 127.8 984.1 80.6 Nuclear fuel, net 155.9 — — — — — — Construction work in progress 183.5 27.7 10.3 10.7 4.4 84.1 12.9 2021 accredited 1,108 1,426 618 640 n/a 2,012 200 (a) The VIE consolidated by Evergy and Evergy Kansas Central holds its 50% leasehold interest in La Cygne Unit 2. This 50% leasehold interest in La Cygne Unit 2 is reflected in the information provided above. See Note 19 for additional information. Evergy Kansas Central Wolf Creek Unit La Cygne Units (a) Jeffrey Energy Center State (millions, except MW amounts) Evergy Kansas Central's share 47% 50% 92% 40% Electric plant in service $ 1,995.2 $ 1,046.5 $ 2,229.5 $ 115.0 Accumulated depreciation 956.6 446.2 895.3 80.6 Nuclear fuel, net 77.7 — — — Construction work in progress 77.2 10.6 77.3 12.9 2021 accredited capacity-MWs 554 713 1,837 200 (a) The VIE consolidated by Evergy and Evergy Kansas Central holds its 50% leasehold interest in La Cygne Unit 2. This 50% leasehold interest in La Cygne Unit 2 is reflected in the information provided above. See Note 19 for additional information. Evergy Metro Wolf Creek Unit La Cygne Units Iatan No. 1 Unit Iatan No. 2 Unit Iatan Common (millions, except MW amounts) Evergy Metro's share 47% 50% 70% 55% 61% Electric plant in service $ 2,063.9 $ 1,161.1 $ 600.2 $ 1,065.3 $ 396.5 Accumulated depreciation 1,013.7 333.2 204.7 397.4 110.5 Nuclear fuel, net 78.2 — — — — Construction work in progress 106.3 17.1 8.3 8.0 3.1 2021 accredited capacity-MWs 554 713 492 482 n/a |
PENSION PLANS AND POST-RETIRE_2
PENSION PLANS AND POST-RETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Funded Status | Evergy Metro amounts are only included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Change in projected benefit obligation (PBO) (millions) PBO at January 1, 2020 $ 2,718.2 $ 1,323.4 $ 1,371.4 $ 264.3 $ 138.7 $ 125.6 Service cost 78.9 27.1 51.8 2.7 1.1 1.6 Interest cost 96.8 47.0 49.1 9.2 4.8 4.4 Contribution by participants — — — 9.3 1.8 7.5 Plan amendments 4.2 8.1 (3.9) 1.0 0.5 0.5 Actuarial loss 273.9 127.0 144.8 19.6 11.0 8.6 Benefits paid (202.5) (102.3) (99.0) (25.7) (11.1) (14.6) Settlements (62.9) — (62.9) — — — Other (5.5) (0.7) (4.8) — — — PBO at December 31, 2020 $ 2,901.1 $ 1,429.6 $ 1,446.5 $ 280.4 $ 146.8 $ 133.6 Change in plan assets Fair value of plan assets at January 1, 2020 $ 1,732.8 $ 842.1 $ 890.7 $ 239.9 $ 120.5 $ 119.4 Actual return on plan assets 209.9 99.7 110.2 20.7 13.7 7.0 Contributions by employer and participants 123.4 45.8 77.6 11.7 2.1 9.6 Benefits paid (198.6) (99.9) (98.7) (24.0) (10.5) (13.5) Settlements (62.9) — (62.9) — — — Other (5.5) (0.7) (4.8) — — — Fair value of plan assets at December 31, 2020 $ 1,799.1 $ 887.0 $ 912.1 $ 248.3 $ 125.8 $ 122.5 Funded status at December 31, 2020 $ (1,102.0) $ (542.6) $ (534.4) $ (32.1) $ (21.0) $ (11.1) Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Change in projected benefit obligation (PBO) (millions) PBO at January 1, 2019 $ 2,553.4 $ 1,258.9 $ 1,272.4 $ 249.3 $ 133.6 $ 115.7 Service cost 79.1 29.0 50.1 2.5 1.1 1.4 Interest cost 108.0 53.7 53.3 10.5 5.6 4.9 Contribution by participants — — — 8.8 1.9 6.9 Actuarial loss 262.4 120.3 140.5 20.9 9.5 11.4 Benefits paid (180.5) (136.9) (42.3) (27.7) (13.0) (14.7) Settlements (96.6) — (96.6) — — — Other (7.6) (1.6) (6.0) — — — PBO at December 31, 2019 $ 2,718.2 $ 1,323.4 $ 1,371.4 $ 264.3 $ 138.7 $ 125.6 Change in plan assets Fair value of plan assets at January 1, 2019 $ 1,603.4 $ 804.6 $ 798.8 $ 223.3 $ 109.7 $ 113.6 Actual return on plan assets 284.0 130.5 153.5 30.0 20.0 10.0 Contributions by employer and participants 125.2 43.0 82.2 13.2 3.5 9.7 Benefits paid (175.6) (134.4) (41.2) (26.6) (12.7) (13.9) Settlements (96.6) — (96.6) — — — Other (7.6) (1.6) (6.0) — — — Fair value of plan assets at December 31, 2019 $ 1,732.8 $ 842.1 $ 890.7 $ 239.9 $ 120.5 $ 119.4 Funded status at December 31, 2019 $ (985.4) $ (481.3) $ (480.7) $ (24.4) $ (18.2) $ (6.2) |
Schedule of Amounts Recognized in Balance Sheet | Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Amounts recognized in the consolidated balance sheets (millions) Non-current asset $ — $ — $ — $ 21.3 $ — $ 21.3 Current pension and other post-retirement liability (4.4) (2.5) (0.8) (1.6) (0.8) (0.9) Noncurrent pension liability and other post-retirement liability (1,097.6) (540.1) (533.6) (51.8) (20.2) (31.5) Net amount recognized before regulatory treatment (1,102.0) (542.6) (534.4) (32.1) (21.0) (11.1) Accumulated OCI or regulatory asset/liability 566.9 408.0 216.9 4.0 1.0 (7.7) Net amount recognized at December 31, 2020 $ (535.1) $ (134.6) $ (317.5) $ (28.1) $ (20.0) $ (18.8) Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: Actuarial (gain) loss $ 551.8 $ 388.9 $ 218.6 $ 2.2 $ (0.3) $ — Prior service cost 15.1 19.1 (1.7) 1.8 1.3 (7.7) Net amount recognized at December 31, 2020 $ 566.9 $ 408.0 $ 216.9 $ 4.0 $ 1.0 $ (7.7) Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Amounts recognized in the consolidated balance sheets (millions) Non-current asset $ — $ — $ — $ 15.0 $ — $ 15.0 Current pension and other post-retirement liability (5.6) (3.0) (1.3) (1.9) (1.0) (0.9) Noncurrent pension liability and other post- (979.8) (478.3) (479.4) (37.5) (17.2) (20.3) Net amount recognized before regulatory treatment (985.4) (481.3) (480.7) (24.4) (18.2) (6.2) Accumulated OCI or regulatory asset/liability 454.1 354.9 192.3 (4.4) (2.9) (13.0) Net amount recognized at December 31, 2019 $ (531.3) $ (126.4) $ (288.4) $ (28.8) $ (21.1) $ (19.2) Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: Actuarial (gain) loss $ 439.7 $ 342.3 $ 189.4 $ (5.7) $ (4.2) $ (4.9) Prior service cost 14.4 12.6 2.9 1.3 1.3 (8.1) Net amount recognized at December 31, 2019 $ 454.1 $ 354.9 $ 192.3 $ (4.4) $ (2.9) $ (13.0) Actuarial losses for the Evergy Companies' pension benefit plans for 2020 and 2019 were primarily driven by a decrease in the discount rate used to measure the benefit obligation of approximately 70 basis points in each of 2020 and 2019 as a result of lower market interest rates. |
Schedule of Net Benefit Costs | The assets in the aforementioned trusts are not included in the table above. See Note 14 for more information on these amounts. Pension Benefits Post-Retirement Benefits Year Ended December 31, 2020 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 78.9 $ 27.1 $ 51.8 $ 2.7 $ 1.1 $ 1.6 Interest cost 96.8 47.0 49.1 9.2 4.8 4.4 Expected return on plan assets (105.6) (53.1) (54.7) (9.3) (6.6) (2.7) Prior service cost 1.8 1.6 0.8 0.5 0.5 — Recognized net actuarial (gain) loss 46.4 33.9 45.7 0.2 — (0.6) Settlement and special termination benefits 11.2 — 14.3 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 129.5 56.5 107.0 3.3 (0.2) 2.7 Regulatory adjustment 29.6 5.9 (11.6) (4.0) (3.0) (0.2) Intercompany allocations n/a (0.2) (22.6) n/a 0.1 (0.3) Net periodic benefit costs (income) 159.1 62.2 72.8 (0.7) (3.1) 2.2 Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities Current year net loss 169.7 80.4 89.3 8.2 3.9 4.3 Amortization of gain (loss) (59.2) (33.8) (60.0) (0.2) — 0.6 Prior service cost 4.1 8.1 (3.9) 0.9 0.5 0.4 Amortization of prior service cost (1.8) (1.6) (0.8) (0.5) (0.5) — Total recognized in OCI or regulatory asset/liability 112.8 53.1 24.6 8.4 3.9 5.3 Total recognized in net periodic benefit costs and OCI or regulatory asset/liability $ 271.9 $ 115.3 $ 97.4 $ 7.7 $ 0.8 $ 7.5 Pension Benefits Post-Retirement Benefits Year Ended December 31, 2019 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 79.1 $ 29.0 $ 50.1 $ 2.5 $ 1.1 $ 1.4 Interest cost 108.0 53.7 53.3 10.5 5.6 4.9 Expected return on plan assets (106.3) (54.8) (48.9) (10.0) (6.7) (3.3) Prior service cost 1.9 1.7 0.9 0.5 0.5 — Recognized net actuarial (gain) loss 33.0 25.5 49.8 (1.2) (0.6) (1.4) Settlement and special termination benefits 15.6 — 23.0 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 131.3 55.1 128.2 2.3 (0.1) 1.6 Regulatory adjustment 37.4 3.0 (19.2) (3.4) (3.0) 0.4 Intercompany allocations n/a — (34.4) n/a — (0.4) Net periodic benefit costs (income) 168.7 58.1 74.6 (1.1) (3.1) 1.6 Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities Current year net (gain) loss 84.7 44.6 35.9 0.9 (3.8) 4.7 Amortization of gain (loss) (48.6) (25.5) (72.8) 1.2 0.6 1.4 Amortization of prior service cost (1.9) (1.7) (0.9) (0.5) (0.5) — Total recognized in OCI or regulatory asset/liability 34.2 17.4 (37.8) 1.6 (3.7) 6.1 Total recognized in net periodic benefit costs and OCI or regulatory asset/liability $ 202.9 $ 75.5 $ 36.8 $ 0.5 $ (6.8) $ 7.7 Pension Benefits Post-Retirement Benefits Year Ended December 31, 2018 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 60.7 $ 32.2 $ 48.6 $ 2.3 $ 1.3 $ 2.0 Interest cost 82.5 50.7 49.9 8.0 5.0 4.8 Expected return on plan assets (86.4) (55.9) (55.5) (8.8) (7.0) (2.8) Prior service cost 0.7 0.7 0.7 0.5 0.5 0.1 Recognized net actuarial (gain) loss 32.6 32.6 45.1 (0.6) (0.6) (0.2) Net periodic benefit costs before regulatory adjustment and intercompany allocations 90.1 60.3 88.8 1.4 (0.8) 3.9 Regulatory adjustment 8.3 8.8 0.7 (1.7) (2.0) (0.1) Intercompany allocations n/a — (21.6) n/a — (1.1) Net periodic benefit costs (income) 98.4 69.1 67.9 (0.3) (2.8) 2.7 Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities Current year net (gain) loss 67.2 (13.2) 25.9 4.9 11.7 (14.0) Amortization of gain (loss) (32.6) (32.6) (45.1) 0.6 0.6 0.2 Prior service cost 13.4 11.4 2.0 — — — Amortization of prior service cost (0.7) (0.7) (0.7) (0.5) (0.5) (0.1) Total recognized in OCI or regulatory asset/liability 47.3 (35.1) (17.9) 5.0 11.8 (13.9) Total recognized in net periodic benefit costs and OCI or regulatory asset/liability $ 145.7 $ 34.0 $ 50.0 $ 4.7 $ 9.0 $ (11.2) |
Schedule of Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | Pension and other post-retirement benefit plans with the PBO, accumulated benefit obligation (ABO) or accumulated other post-retirement benefit obligation (APBO) in excess of the fair value of plan assets at year-end are detailed in the following tables. December 31, 2020 Evergy Evergy Kansas Central Evergy Metro (millions) ABO for all defined benefit pension plans $ 2,534.1 $ 1,281.6 $ 1,227.4 Pension plans with the PBO in excess of plan assets Projected benefit obligation $ 2,901.1 $ 1,429.6 $ 1,446.5 Fair value of plan assets 1,799.1 887.0 912.1 Pension plans with the ABO in excess of plan assets Accumulated benefit obligation $ 2,534.1 $ 1,281.6 $ 1,227.4 Fair value of plan assets 1,799.1 887.0 912.1 Other post-retirement benefit plans with the APBO in excess of plan assets Accumulated other post-retirement benefit obligation $ 280.4 $ 146.8 $ 133.6 Fair value of plan assets 248.3 125.8 122.5 December 31, 2019 Evergy Evergy Kansas Central Evergy Metro (millions) ABO for all defined benefit pension plans $ 2,390.5 $ 1,196.8 $ 1,170.2 Pension plans with the PBO in excess of plan assets Projected benefit obligation $ 2,718.2 $ 1,323.4 $ 1,371.4 Fair value of plan assets 1,732.8 842.1 890.7 Pension plans with the ABO in excess of plan assets Accumulated benefit obligation $ 2,390.5 $ 1,196.8 $ 1,170.2 Fair value of plan assets 1,732.8 842.1 890.7 Other post-retirement benefit plans with the APBO in excess of plan assets Accumulated other post-retirement benefit obligation $ 264.3 $ 138.7 $ 125.6 Fair value of plan assets 239.9 120.5 119.4 |
Schedule of Defined Benefit Plan, Assumptions | The following tables provide the weighted-average assumptions used to determine benefit obligations and net costs for the Evergy Companies' pension and post-retirement benefit plans. Weighted-average assumptions used to determine the benefit obligation at December 31, 2020 Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Discount rate 2.95 % 2.93 % 2.97 % 2.84 % 2.80 % 2.88 % Rate of compensation increase 3.71 % 3.76 % 3.71 % 3.75 % n/a 3.75 % Interest crediting rate for cash balance plans 4.12 % 4.00 % 4.46 % n/a n/a n/a Weighted-average assumptions used to determine the benefit obligation at December 31, 2019 Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Discount rate 3.62 % 3.61 % 3.64 % 3.56 % 3.54 % 3.58 % Rate of compensation increase 3.74 % 3.78 % 3.71 % 3.75 % n/a 3.75 % Interest crediting rate for cash balance plans 4.32 % 4.21 % 4.50 % n/a n/a n/a Weighted-average assumptions used to determine net costs for the year ended December 31, 2020 Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Discount rate 3.62 % 3.61 % 3.64 % 3.56 % 3.54 % 3.58 % Expected long-term return on plan assets 6.63 % 6.70 % 6.56 % 4.19 % 6.00 % 2.37 % Rate of compensation increase 3.74 % 3.75 % 3.71 % 3.75 % n/a 3.75 % Interest crediting rate for cash balance plans 4.32 % 4.21 % 4.50 % n/a n/a n/a Weighted-average assumptions used to determine net costs for the year ended December 31, 2019 Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Discount rate 4.35 % 4.35 % 4.36 % 4.33 % 4.33 % 4.33 % Expected long-term return on plan assets 6.61 % 6.75 % 6.47 % 4.44 % 6.00 % 2.94 % Rate of compensation increase 3.76 % 4.03 % 3.64 % 3.50 % n/a 3.50 % Interest crediting rate for cash balance plans 4.32 % 4.21 % 4.50 % n/a n/a n/a |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid through 2030. Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro (millions) 2021 $ 187.6 $ 96.2 $ 90.2 $ 16.7 $ 9.5 $ 7.2 2022 189.6 95.5 92.8 16.4 9.3 7.1 2023 192.6 95.7 95.6 16.1 9.1 6.9 2024 193.2 95.2 96.7 15.7 8.8 6.9 2025 195.5 94.5 99.4 15.3 8.6 6.8 2026-2030 957.0 442.8 506.5 73.1 39.8 33.3 |
Schedule of Allocation of Plan Assets | The following table provides the target asset allocations by asset class for the Evergy Kansas Central and Evergy Metro pension and other post-retirement plan assets. [to be updated] Pension Benefits Post-Retirement Benefits Evergy Kansas Central Evergy Metro Evergy Kansas Central Evergy Metro Domestic equities 29% 30% 33% 3% International equities 20% 24% 22% —% Bonds 36% 33% 45% 85% Mortgage & asset backed securities —% —% —% 4% Real estate investments 4% 5% —% —% Other investments 11% 9% —% 7% The fair values of the Evergy Companies' pension plan assets at December 31, 2020 and 2019, by asset category are in the following tables. Fair Value Measurements Using December 31 Level 1 Level 2 Level 3 Assets measured at NAV (millions) Evergy Kansas Central Pension Plans Domestic equities $ 248.5 $ 151.3 $ — $ — $ 97.2 International equities 171.2 103.8 — — 67.4 Bond funds 281.2 230.7 — — 50.5 Real estate investments 46.7 — — — 46.7 Combination debt/equity/other fund 30.4 30.4 — — — Alternative investment funds 83.6 — — — 83.6 Short-term investments 25.4 — — — 25.4 Total $ 887.0 $ 516.2 $ — $ — $ 370.8 Evergy Metro Pension Plans Domestic equities $ 247.4 $ 191.9 $ — $ — $ 55.5 International equities 220.8 153.4 — — 67.4 Bond funds 78.1 21.1 — — 57.0 Corporate bonds 133.6 — 133.6 — — U.S. Treasury and agency bonds 73.8 61.5 12.3 — — Mortgage and asset backed securities 5.0 — 5.0 — — Real estate investments 40.2 1.6 — — 38.6 Combination debt/equity/other fund 15.6 15.6 — — — Alternative investment funds 39.7 — — — 39.7 Cash and cash equivalents 57.3 57.3 — — — Short-term investments 1.4 — — — 1.4 Other (0.8) — (0.8) — — Total $ 912.1 $ 502.4 $ 150.1 $ — $ 259.6 Fair Value Measurements Using December 31 Level 1 Level 2 Level 3 Assets measured at NAV (millions) Evergy Kansas Central Pension Plans Domestic equities $ 233.8 $ 150.6 $ — $ — $ 83.2 International equities 162.4 101.5 — — 60.9 Bond funds 281.7 233.0 — — 48.7 Real estate investments 46.5 — — — 46.5 Combination debt/equity/other fund 30.1 30.1 — — — Alternative investment funds 78.5 — — — 78.5 Short-term investments 9.1 — — — 9.1 Total $ 842.1 $ 515.2 $ — $ — $ 326.9 Evergy Metro Pension Plans Domestic equities $ 244.8 $ 195.3 $ — $ — $ 49.5 International equities 178.7 117.7 — — 61.0 Bond funds 71.0 15.6 — — 55.4 Corporate bonds 123.9 — 123.9 — — U.S. Treasury and agency bonds 70.9 53.5 17.4 — — Mortgage and asset backed securities 5.7 — 5.7 — — Real estate investments 50.8 12.8 — — 38.0 Combination debt/equity/other fund 11.9 11.9 — — — Alternative investment funds 36.6 — — — 36.6 Cash and cash equivalents 92.9 92.9 — — — Short-term investments 1.0 — — — 1.0 Other 2.5 — 2.5 — — Total $ 890.7 $ 499.7 $ 149.5 $ — $ 241.5 The fair values of the Evergy Companies' post-retirement plan assets at December 31, 2020 and 2019, by asset category are in the following tables. Fair Value Measurements Using December 31 Level 1 Level 2 Level 3 Assets measured at NAV (millions) Evergy Kansas Central Post-Retirement Benefit Plans Domestic equities $ 41.9 $ — $ — $ — $ 41.9 International equities 27.7 — — — 27.7 Bond funds 55.5 — — — 55.5 Cash and cash equivalents 0.7 0.7 — — — Total $ 125.8 $ 0.7 $ — $ — $ 125.1 Evergy Metro Post-Retirement Benefit Plans Domestic equities $ 4.6 $ 4.6 $ — $ — $ — International equities 1.2 1.2 — — — Bond funds 79.0 0.2 — — 78.8 Corporate bonds 17.9 — 17.9 — — U.S. Treasury and agency bonds 13.6 5.7 7.9 — — Mortgage and asset backed securities 0.5 — 0.5 — — Cash and cash equivalents 5.4 5.4 — — — Other 0.3 — 0.3 — — Total $ 122.5 $ 17.1 $ 26.6 $ — $ 78.8 Fair Value Measurements Using December 31 Level 1 Level 2 Level 3 Assets measured at NAV (millions) Evergy Kansas Central Post-Retirement Benefit Plans Domestic equities $ 40.5 $ — $ — $ — $ 40.5 International equities 26.0 — — — 26.0 Bond funds 52.9 — — — 52.9 Cash and cash equivalents 1.1 1.1 — — — Total $ 120.5 $ 1.1 $ — $ — $ 119.4 Evergy Metro Post-Retirement Benefit Plans Domestic equities $ 3.2 $ 3.2 $ — $ — $ — International equities 1.1 1.1 — — — Bond funds 77.5 0.1 — — 77.4 Corporate bonds 17.8 — 17.8 — — U.S. Treasury and agency bonds 11.5 4.1 7.4 — — Mortgage and asset backed securities 1.3 — 1.3 — — Cash and cash equivalents 6.7 6.7 — — — Other 0.3 — 0.3 — — Total $ 119.4 $ 15.2 $ 26.8 $ — $ 77.4 |
Schedule of Health Care Cost Trend Rates | The cost trend assumptions are detailed in the following tables. Assumed annual health care cost growth rates as of December 31, 2020 Evergy Evergy Kansas Central Evergy Metro Health care cost trend rate assumed for next year 6.0 % 6.0 % 6.0 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 4.5 % 4.5 % 4.5 % Year that rate reaches ultimate trend 2027 2027 2027 Assumed annual health care cost growth rates as of December 31, 2019 Evergy Evergy Kansas Central Evergy Metro Health care cost trend rate assumed for next year 6.3 % 6.3 % 6.3 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 4.5 % 4.5 % 4.5 % Year that rate reaches ultimate trend 2027 2027 2027 |
Schedule of Costs of Retirement Plans | Evergy has defined contribution savings plans (401(k)) that cover substantially all employees. Evergy matches employee contributions, subject to limits. The annual costs of the plans are detailed in the following table. Evergy Metro amounts are only included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. 2020 2019 2018 (millions) Evergy $ 17.4 $ 17.6 $ 16.3 Evergy Kansas Central 9.6 9.6 9.9 Evergy Metro 7.8 8.0 8.3 |
EQUITY COMPENSATION (Tables)
EQUITY COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Equity Compensation Expense and Associated Income Tax Benefits | The following table summarizes the Evergy Companies' equity compensation expense and the associated income tax benefit. 2020 2019 2018 Evergy (millions) Equity compensation expense $ 15.5 $ 15.5 $ 30.7 Income tax benefit 2.2 3.0 1.4 Evergy Kansas Central Equity compensation expense 7.6 6.7 24.8 Income tax benefit 1.6 1.9 1.4 Evergy Metro (a) Equity compensation expense 5.7 5.7 6.5 Income tax benefit 0.2 0.3 0.1 (a) Evergy Metro amounts are only included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
Schedule of Restricted Stock Unit Activity | RSU activity for awards with performance measures for 2020 is summarized in the following table. Nonvested Grant Date Beginning balance January 1, 2020 197,250 $ 37.87 Granted 175,991 87.98 Forfeited (25,277) 60.55 Ending balance December 31, 2020 347,964 61.57 * weighted-average RSU activity for awards with only service requirements for 2020 is summarized in the following table. Nonvested Grant Date Beginning balance January 1, 2020 233,350 $ 54.16 Granted 59,539 68.92 Vested (120,536) 53.94 Forfeited (11,611) 59.27 Ending balance December 31, 2020 160,742 59.42 * weighted-average |
SHORT-TERM BORROWINGS AND SHO_2
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The following table summarizes the committed credit facilities (excluding receivable sale facilities discussed in Note 4) available to the Evergy Companies as of December 31, 2020 and 2019. Amounts Drawn Master Credit Facility Commercial Paper Letters of Credit Cash Borrowings Available Borrowings Weighted Average Interest Rate on Short-Term Borrowings December 31, 2020 (millions) Evergy, Inc. $ 450.0 n/a $ 0.7 $ 200.0 $ 249.3 1.40% Evergy Kansas Central 1,000.0 50.0 17.0 — 933.0 0.23% Evergy Metro 600.0 — — — 600.0 —% Evergy Missouri West 450.0 65.0 2.0 — 383.0 0.36% Evergy $ 2,500.0 $ 115.0 $ 19.7 $ 200.0 $ 2,165.3 December 31, 2019 Evergy, Inc. $ 450.0 n/a $ 0.7 $ 20.0 $ 429.3 2.99% Evergy Kansas Central 1,000.0 249.2 14.2 — 736.6 2.07% Evergy Metro 600.0 199.3 — — 400.7 2.02% Evergy Missouri West 450.0 93.4 2.1 — 354.5 2.02% Evergy $ 2,500.0 $ 541.9 $ 17.0 $ 20.0 $ 1,921.1 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Evergy Companies' long-term debt is detailed in the following tables. December 31, 2020 Issuing Entity Year Due Evergy Evergy Kansas Central Evergy Metro Mortgage Bonds (millions) 3.25% Series Evergy Kansas Central, Inc. 2025 250.0 250.0 — 2.55% Series Evergy Kansas Central, Inc. 2026 350.0 350.0 — 3.10% Series Evergy Kansas Central, Inc. 2027 300.0 300.0 — 4.125% Series Evergy Kansas Central, Inc. 2042 550.0 550.0 — 4.10% Series Evergy Kansas Central, Inc. 2043 430.0 430.0 — 4.625% Series Evergy Kansas Central, Inc. 2043 250.0 250.0 — 4.25% Series Evergy Kansas Central, Inc. 2045 300.0 300.0 — 3.25% Series Evergy Kansas Central, Inc. 2049 300.0 300.0 3.45% Series Evergy Kansas Central, Inc. 2050 500.0 500.0 — 6.15% Series Evergy Kansas South, Inc. 2023 50.0 50.0 — 6.53% Series Evergy Kansas South, Inc. 2037 175.0 175.0 — 6.64% Series Evergy Kansas South, Inc. 2038 100.0 100.0 — 4.30% Series Evergy Kansas South, Inc. 2044 250.0 250.0 — 2.95% EIRR bonds Evergy Metro, Inc. 2023 79.5 — 79.5 4.125% Series Evergy Metro, Inc. 2049 400.0 — 400.0 2.25% Series Evergy Metro, Inc. 2030 400.0 — 400.0 9.44% Series Evergy Missouri West, Inc. 2021 1.1 — — Pollution Control Bonds 0.18% Series (b) Evergy Kansas Central, Inc. 2032 45.0 45.0 — 0.18% Series (b) Evergy Kansas Central, Inc. 2032 30.5 30.5 — 0.18% Series (b) Evergy Kansas South, Inc. 2027 21.9 21.9 — 2.50% Series Evergy Kansas South, Inc. 2031 50.0 50.0 — 0.18% Series (b) Evergy Kansas South, Inc. 2032 14.5 14.5 — 0.18% Series (b) Evergy Kansas South, Inc. 2032 10.0 10.0 — 0.20% Series 2007A and 2007B (b) Evergy Metro, Inc. 2035 146.5 — 146.5 2.75% Series 2008 Evergy Metro, Inc. 2038 23.4 — 23.4 Senior Notes 3.15% Series (g) Evergy Metro, Inc. 2023 300.0 — 300.0 3.65% Series (g) Evergy Metro, Inc. 2025 350.0 — 350.0 6.05% Series (5.78% rate) (a)(g) Evergy Metro, Inc. 2035 250.0 — 250.0 5.30% Series (g) Evergy Metro, Inc. 2041 400.0 — 400.0 4.20% Series (g) Evergy Metro, Inc. 2047 300.0 — 300.0 4.20% Series (g) Evergy Metro, Inc. 2048 300.0 — 300.0 8.27% Series Evergy Missouri West, Inc. 2021 80.9 — — 3.49% Series A Evergy Missouri West, Inc. 2025 36.0 — — 4.06% Series B Evergy Missouri West, Inc. 2033 60.0 — — 4.74% Series C Evergy Missouri West, Inc. 2043 150.0 — — 3.74% Series Evergy Missouri West, Inc. 2022 100.0 — — 4.85% Series Evergy, Inc. (f) 2021 350.0 — — 5.292% Series Evergy, Inc. (f) 2022 287.5 — — 2.45% Series Evergy, Inc. 2024 800.0 — — 2.90% Series (3.77% rate) (a) Evergy, Inc. 2029 800.0 — — Medium Term Notes 7.33% Series Evergy Missouri West, Inc. 2023 3.0 — — 7.17% Series Evergy Missouri West, Inc. 2023 7.0 — — Fair value adjustment (e) 110.4 — — Current maturities (c) (436.4) — — Unamortized debt discount and debt issuance costs (84.9) (45.4) (26.4) Total excluding current maturities (d) $ 9,190.9 $ 3,931.5 $ 2,923.0 December 31, 2019 Issuing Entity Year Due Evergy Evergy Kansas Central Evergy Metro Mortgage Bonds (millions) 5.10% Series Evergy Kansas Central, Inc. 2020 $ 250.0 $ 250.0 $ — 3.25% Series Evergy Kansas Central, Inc. 2025 250.0 250.0 — 2.55% Series Evergy Kansas Central, Inc. 2026 350.0 350.0 — 3.10% Series Evergy Kansas Central, Inc. 2027 300.0 300.0 — 4.125% Series Evergy Kansas Central, Inc. 2042 550.0 550.0 — 4.10% Series Evergy Kansas Central, Inc. 2043 430.0 430.0 — 4.625% Series Evergy Kansas Central, Inc. 2043 250.0 250.0 — 4.25% Series Evergy Kansas Central, Inc. 2045 300.0 300.0 — 3.25% Series Evergy Kansas Central, Inc. 2049 300.0 300.0 6.15% Series Evergy Kansas South, Inc. 2023 50.0 50.0 — 6.53% Series Evergy Kansas South, Inc. 2037 175.0 175.0 — 6.64% Series Evergy Kansas South, Inc. 2038 100.0 100.0 — 4.30% Series Evergy Kansas South, Inc. 2044 250.0 250.0 — 2.95% EIRR bonds Evergy Metro, Inc. 2023 79.5 — 79.5 4.125% Series Evergy Metro, Inc. 2049 400.0 — 400.0 9.44% Series Evergy Missouri West, Inc. 2020-2021 2.3 — — Pollution Control Bonds 1.39% Series (b) Evergy Kansas Central, Inc. 2032 45.0 45.0 — 1.39% Series (b) Evergy Kansas Central, Inc. 2032 30.5 30.5 — 1.39% Series (b) Evergy Kansas South, Inc. 2027 21.9 21.9 — 2.50% Series Evergy Kansas South, Inc. 2031 50.0 50.0 — 1.39% Series (b) Evergy Kansas South, Inc. 2032 14.5 14.5 — 1.39% Series (b) Evergy Kansas South, Inc. 2032 10.0 10.0 — 1.432% Series 2007A and 2007B (b) Evergy Metro, Inc. 2035 146.5 — 146.5 2.75% Series 2008 Evergy Metro, Inc. 2038 23.4 — 23.4 Senior Notes 3.15% Series (g) Evergy Metro, Inc. 2023 300.0 — 300.0 3.65% Series (g) Evergy Metro, Inc. 2025 350.0 — 350.0 6.05% Series (5.78% rate) (a)(g) Evergy Metro, Inc. 2035 250.0 — 250.0 5.30% Series (g) Evergy Metro, Inc. 2041 400.0 — 400.0 4.20% Series (g) Evergy Metro, Inc. 2047 300.0 — 300.0 4.20% Series (g) Evergy Metro, Inc. 2048 300.0 — 300.0 8.27% Series Evergy Missouri West, Inc. 2021 80.9 — — 3.49% Series A Evergy Missouri West, Inc. 2025 36.0 — — 4.06% Series B Evergy Missouri West, Inc. 2033 60.0 — — 4.74% Series C Evergy Missouri West, Inc. 2043 150.0 — — 3.74% Series Evergy Missouri West, Inc. 2022 100.0 — — 4.85% Series Evergy, Inc. (f) 2021 350.0 — — 5.292% Series Evergy, Inc. (f) 2022 287.5 — — 2.45% Series Evergy, Inc. 2024 800.0 — — 2.90% Series (3.77% rate) (a) Evergy, Inc. 2029 800.0 — — Medium Term Notes 7.33% Series Evergy Missouri West, Inc. 2023 3.0 — — 7.17% Series Evergy Missouri West, Inc. 2023 7.0 — — Fair value adjustment (e) 125.5 — — Current maturities (c) (251.1) (250.0) — Unamortized debt discount and debt issuance costs (80.7) (40.8) (24.4) Total excluding current maturities (d) $ 8,746.7 $ 3,436.1 $ 2,525.0 (a) Rate after amortizing gains/losses recognized in OCI on settlements of interest rate hedging instruments. (b) Variable rate. (c) Evergy's current maturities total as of December 31, 2020 and 2019, includes $4.4 million and $4.3 million, respectively, of fair value adjustments recorded in connection with purchase accounting for the merger transaction. (d) At December 31, 2020 and 2019, does not include $50.0 million and $21.9 million of secured Series 2005 Environmental Improvement Revenue Refunding (EIRR) bonds because the bonds were repurchased in September 2015 and are held by Evergy Metro. (e) Represents the fair value adjustments recorded at Evergy consolidated related to the long-term debt of Great Plains Energy, Evergy Metro and Evergy Missouri West in connection with purchase accounting for the merger transaction. This amount is not part of future principal payments and will amortize over the remaining life of the associated debt instruments. (f) Originally issued by Great Plains Energy but assumed by Evergy, Inc. as part of the merger transaction. (g) Effectively secured pursuant to the General Mortgage Indenture and Deed of Trust dated as of December 1, 1986, as supplemented (Evergy Metro Mortgage Indenture) through the issuance of collateral mortgage bonds to the trustee in 2019. The following table summarizes Evergy's and Evergy Kansas Central's long-term debt of VIEs. December 31 2020 2019 (millions) 2.398% due 2021 $ 18.8 $ 51.1 Current maturities (18.8) (32.3) Total excluding current maturities $ — $ 18.8 |
Schedule of Maturities of Long-Term Debt | Evergy's, Evergy Kansas Central's and Evergy Metro's long-term debt maturities and the long-term debt maturities of VIEs for the next five years are detailed in the following table. 2021 2022 2023 2024 2025 (millions) Evergy (a) $ 432.0 $ 387.5 $ 439.5 $ 800.0 $ 636.0 Evergy Kansas Central (a) — — 50.0 — 250.0 Evergy Metro — — 379.5 — 350.0 VIEs 18.8 — — — — (a) Excludes long-term debt maturities of VIEs. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Value and Fair Value of Debt Instruments | The book value and fair value of the Evergy Companies' long-term debt and long-term debt of variable interest entities is summarized in the following table. December 31 2020 2019 Book Value Fair Value Book Value Fair Value Long-term debt (a) (millions) Evergy (b) $ 9,627.3 $ 11,274.2 $ 8,997.8 $ 9,750.2 Evergy Kansas Central 3,931.5 4,801.7 3,686.1 4,078.8 Evergy Metro 2,923.0 3,591.2 2,525.0 2,932.2 Long-term debt of variable interest entities (a) Evergy $ 18.8 $ 19.1 $ 51.1 $ 51.5 Evergy Kansas Central 18.8 19.1 51.1 51.5 (a) Includes current maturities. (b) Book value as of December 31, 2020 and 2019, includes $110.4 million and $125.5 million, respectively, of fair value adjustments recorded in connection with purchase accounting for the Great Plains Energy and Evergy Kansas Central merger, which are not part of future principal payments and will amortize over the remaining life of the associated debt instrument. |
Schedule of Fair Value of Assets and Liabilities | The following tables include the Evergy Companies' balances of financial assets and liabilities measured at fair value on a recurring basis. Description December 31, 2020 Level 1 Level 2 Level 3 NAV Evergy Kansas Central (millions) Assets Nuclear decommissioning trust (a) Domestic equity funds $ 102.7 $ 95.1 $ — $ — $ 7.6 International equity funds 63.8 63.8 — — — Core bond fund 40.6 40.6 — — — High-yield bond fund 25.0 25.0 — — — Emerging markets bond fund 21.0 21.0 — — — Combination debt/equity/other fund 20.1 20.1 — — — Alternative investments fund 23.2 — — — 23.2 Real estate securities fund 12.9 — — — 12.9 Cash equivalents 0.5 0.5 — — — Total nuclear decommissioning trust 309.8 266.1 — — 43.7 Rabbi trust Core bond fund 25.6 — — — 25.6 Combination debt/equity/other fund 7.1 — — — 7.1 Total rabbi trust 32.7 — — — 32.7 Total $ 342.5 $ 266.1 $ — $ — $ 76.4 Evergy Metro Assets Nuclear decommissioning trust (a) Equity securities $ 243.1 $ 243.1 $ — $ — $ — Debt securities U.S. Treasury 47.7 47.7 — — — U.S. Agency 0.5 — 0.5 — — State and local obligations 4.1 — 4.1 — — Corporate bonds 43.1 — 43.1 — — Foreign governments 0.1 — 0.1 — — Cash equivalents 3.2 3.2 — — — Other 0.5 0.5 — — — Total nuclear decommissioning trust 342.3 294.5 47.8 — — Self-insured health plan trust (b) Equity securities 1.7 1.7 — — — Debt securities 8.0 2.8 5.2 — — Cash and cash equivalents 3.5 3.5 — — — Total self-insured health plan trust 13.2 8.0 5.2 — — Total $ 355.5 $ 302.5 $ 53.0 $ — $ — Other Evergy Assets Rabbi trusts Fixed income fund $ 13.1 $ — $ — $ — $ 13.1 Cash and cash equivalents 0.5 0.5 — — — Total rabbi trusts $ 13.6 $ 0.5 $ — $ — $ 13.1 Evergy Assets Nuclear decommissioning trust (a) $ 652.1 $ 560.6 $ 47.8 $ — $ 43.7 Rabbi trusts 46.3 0.5 — — 45.8 Self-insured health plan trust (b) 13.2 8.0 5.2 — — Total $ 711.6 $ 569.1 $ 53.0 $ — $ 89.5 Description December 31, 2019 Level 1 Level 2 Level 3 NAV Evergy Kansas Central (millions) Assets Nuclear decommissioning trust (a) Domestic equity funds $ 86.1 $ 78.6 $ — $ — $ 7.5 International equity funds 52.0 52.0 — — — Core bond fund 39.3 39.3 — — — High-yield bond fund 22.3 22.3 — — — Emerging markets bond fund 19.4 19.4 — — — Combination debt/equity/other fund 16.4 16.4 — — — Alternative investments fund 23.9 — — — 23.9 Real estate securities fund 12.6 — — — 12.6 Cash equivalents 0.5 0.5 — — — Total nuclear decommissioning trust 272.5 228.5 — — 44.0 Rabbi trust Core bond fund 25.3 — — — 25.3 Combination debt/equity/other fund 6.3 — — — 6.3 Cash equivalents 0.1 0.1 — — — Total rabbi trust 31.7 0.1 — — 31.6 Total $ 304.2 $ 228.6 $ — $ — $ 75.6 Evergy Metro Assets Nuclear decommissioning trust (a) Equity securities $ 211.1 $ 211.1 $ — $ — $ — Debt securities U.S. Treasury 50.3 50.3 — — — U.S. Agency 0.4 — 0.4 — — State and local obligations 2.2 — 2.2 — — Corporate bonds 33.2 — 33.2 — — Foreign governments 0.1 — 0.1 — — Cash equivalents 3.1 3.1 — — — Other 0.3 — 0.3 — — Total nuclear decommissioning trust 300.7 264.5 36.2 — — Self-insured health plan trust (b) Equity securities 0.5 0.5 — — — Debt securities 6.7 1.4 5.3 — — Cash and cash equivalents 2.7 2.7 — — — Total self-insured health plan trust 9.9 4.6 5.3 — — Total $ 310.6 $ 269.1 $ 41.5 $ — $ — Other Evergy Assets Rabbi trusts Fixed income fund $ 13.3 $ — $ — $ — $ 13.3 Cash and cash equivalents 0.5 0.5 — — — Total rabbi trusts $ 13.8 $ 0.5 $ — $ — $ 13.3 Evergy Assets Nuclear decommissioning trust (a) $ 573.2 $ 493.0 $ 36.2 $ — $ 44.0 Rabbi trust 45.5 0.6 — — 44.9 Self-insured health plan trust (b) 9.9 4.6 5.3 — — Total $ 628.6 $ 498.2 $ 41.5 $ — $ 88.9 (a) Fair value is based on quoted market prices of the investments held by the trust and/or valuation models. (b) Fair value is based on quoted market prices of the investments held by the trust. Debt securities classified as Level 1 are comprised of U.S. Treasury securities. Debt securities classified as Level 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities. |
Schedule of Fair Value Investments, Entities that Calculate NAV | The following table provides additional information on these Evergy and Evergy Kansas Central investments. December 31, 2020 December 31, 2019 December 31, 2020 Fair Unfunded Fair Unfunded Redemption Length of Value Commitments Value Commitments Frequency Settlement Evergy Kansas Central Nuclear decommissioning trust: (millions) Domestic equity funds $ 7.6 $ 2.2 $ 7.5 $ 3.3 (a) (a) Alternative investments fund (b) 23.2 — 23.9 — Quarterly 65 days Real estate securities fund (b) 12.9 — 12.6 — Quarterly 65 days Total $ 43.7 $ 2.2 $ 44.0 $ 3.3 Rabbi trust: Core bond fund $ 25.6 $ — $ 25.3 $ — (c) (c) Combination debt/equity/other fund 7.1 — 6.3 — (c) (c) Total $ 32.7 $ — $ 31.6 $ — Other Evergy Rabbi trust: Fixed income fund $ 13.1 $ — $ 13.3 $ — (c) (c) Total Evergy investments at NAV $ 89.5 $ 2.2 $ 88.9 $ 3.3 (a) This investment is in five long-term private equity funds that do not permit early withdrawal. Investments in these funds cannot be distributed until the underlying investments have been liquidated, which may take years from the date of initial liquidation. Three funds have begun to make distributions. The initial investment in the fourth and fifth funds occurred in 2016 and 2018, respectively. The fourth fund's term is 15 years, subject to the general partner's right to extend the term for up to three additional one-year periods. The fifth fund's term is 15 years, subject to additional extensions approved by a fund advisory committee to provide for an orderly liquidation of fund investments and dissolution of the fund. (b) There is a holdback on final redemptions. (c) This investment can be redeemed immediately and is not subject to any restrictions on redemptions. |
Schedule of Fair Value Recurring Gain (Loss) Included in Earnings | The following table summarizes the net unrealized gains (losses) for the Evergy Companies' nuclear decommissioning trusts and rabbi trusts. 2020 2019 2018 Evergy (millions) Nuclear decommissioning trust - equity securities $ 45.5 $ 74.0 (54.1) Nuclear decommissioning trust - debt securities 5.3 5.1 (0.5) Rabbi trusts - equity securities (5.6) 3.1 1.0 Total $ 45.2 $ 82.2 $ (53.6) Evergy Kansas Central Nuclear decommissioning trust - equity securities $ 21.9 $ 33.3 (31.8) Rabbi trust - equity securities (6.1) 3.2 1.0 Total $ 15.8 $ 36.5 $ (30.8) Evergy Metro (a) Nuclear decommissioning trust - equity securities $ 23.6 $ 40.7 (20.7) Nuclear decommissioning trust - debt securities 5.3 5.1 (2.5) Total $ 28.9 $ 45.8 $ (23.2) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contractual Obligation | The Evergy Companies' contractual commitments at December 31, 2020, excluding pensions, long-term debt and leases, are detailed in the following tables. See Notes 10, 13 and 21 for information regarding pension, long-term debt and lease commitments, respectively. Evergy 2021 2022 2023 2024 2025 After 2025 Total Purchase commitments (millions) Fuel $ 311.2 $ 118.3 $ 134.6 $ 97.6 $ 88.4 $ 94.0 $ 844.1 Power 62.4 62.6 63.2 57.6 58.0 349.7 653.5 Other 135.4 25.7 19.3 23.6 21.9 86.0 311.9 Total contractual commitments $ 509.0 $ 206.6 $ 217.1 $ 178.8 $ 168.3 $ 529.7 $ 1,809.5 Evergy Kansas Central 2021 2022 2023 2024 2025 After 2025 Total Purchase commitments (millions) Fuel $ 149.3 $ 74.9 $ 85.5 $ 66.8 $ 62.3 $ 56.0 $ 494.8 Power 1.4 0.9 0.9 0.9 0.9 4.4 9.4 Other 66.6 9.1 8.2 4.3 2.9 — 91.1 Total contractual commitments $ 217.3 $ 84.9 $ 94.6 $ 72.0 $ 66.1 $ 60.4 $ 595.3 Evergy Metro 2021 2022 2023 2024 2025 After 2025 Total Purchase commitments (millions) Fuel $ 142.8 $ 38.8 $ 46.3 $ 27.9 $ 23.2 $ 38.0 $ 317.0 Power 34.9 35.1 35.3 29.2 29.2 196.1 359.8 Other 55.0 15.2 10.1 18.8 18.5 81.4 199.0 Total contractual commitments $ 232.7 $ 89.1 $ 91.7 $ 75.9 $ 70.9 $ 315.5 $ 875.8 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Receivables and Payables | The operating expenses and capital costs billed for jointly-owned plants and shared services are detailed in the following table. 2020 2019 2018 (millions) Evergy Kansas Central billings to Evergy Missouri West (a) $ 37.6 $ 24.9 $ 12.3 Evergy Metro billings to Evergy Missouri West 168.7 172.8 183.2 Evergy Kansas Central billings to Evergy Metro (a) 34.7 40.6 17.5 Evergy Metro billings to Evergy Kansas Central (a) 130.8 154.9 82.9 The following table summarizes Evergy Kansas Central's and Evergy Metro's related party net receivables and payables. December 31 2020 2019 Evergy Kansas Central (millions) Net receivable from Evergy $ 0.1 $ 6.9 Net payable to Evergy Metro (21.7) (14.9) Net receivable from Evergy Missouri West 6.6 3.1 Evergy Metro Net receivable from (payable to) Evergy $ 15.7 $ (4.3) Net receivable from Evergy Kansas Central 21.7 14.9 Net receivable from Evergy Missouri West 188.1 78.7 December 31 2020 2019 Evergy Kansas Central (millions) Income taxes receivable from Evergy $ 25.3 $ 37.9 Evergy Metro Income taxes receivable from (payable to) Evergy $ 3.2 $ (14.1) December 31 2020 2019 Evergy Metro (millions) Right-of-use asset recorded within other long-term assets $ 28.9 $ 29.5 Lease liability recorded in other current liabilities 0.7 0.6 Lease liability recorded in other long-term liabilities 28.2 28.9 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Common Stock Repurchase Program | The following table summarizes the ASRs completed as part of Evergy's common stock repurchase program. Date ASR Entered Final Settlement Date Amount Shares Delivered (millions) August 2018 October/November 2018 $ 450.0 7.9 November 2018 February 2019 475.0 8.3 March 2019 June 2019 450.0 7.8 June 2019 September 2019 500.0 8.1 September 2019 November/December 2019 500.0 7.8 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The following table summarizes the assets and liabilities related to the VIE described above that are recorded on Evergy's and Evergy Kansas Central's consolidated balance sheets. December 31 2020 2019 Assets: (millions) Property, plant and equipment of variable interest entities, net $ 154.9 $ 162.0 Liabilities: Current maturities of long-term debt of variable interest entities $ 18.8 $ 32.3 Accrued interest (a) 0.1 0.3 Long-term debt of variable interest entities, net — 18.8 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Components of income tax expense are detailed in the following tables. Evergy 2020 2019 2018 Current income taxes (millions) Federal $ (26.8) $ (39.5) $ (67.4) State 2.1 15.0 2.2 Total (24.7) (24.5) (65.2) Deferred income taxes Federal 73.1 93.2 160.1 State 59.8 27.5 (32.3) Total 132.9 120.7 127.8 Investment tax credit Deferral — 5.2 — Amortization (6.0) (4.4) (3.6) Total (6.0) 0.8 (3.6) Income tax expense $ 102.2 $ 97.0 $ 59.0 Evergy Kansas Central 2020 2019 2018 Current income taxes (millions) Federal $ 14.5 $ 37.9 $ (0.3) State (5.3) 2.6 (1.8) Total 9.2 40.5 (2.1) Deferred income taxes Federal (16.7) (8.9) 43.5 State 168.1 18.4 (42.9) Total 151.4 9.5 0.6 Investment tax credit Deferral — 5.2 — Amortization (4.8) (3.1) (2.8) Total (4.8) 2.1 (2.8) Income tax expense (benefit) $ 155.8 $ 52.1 $ (4.3) Evergy Metro (a) 2020 2019 2018 Current income taxes (millions) Federal $ (0.2) $ 43.9 $ 29.8 State 10.8 22.4 8.9 Total 10.6 66.3 38.7 Deferred income taxes Federal 29.8 (24.5) (3.4) State (32.2) (5.0) 53.0 Total (2.4) (29.5) 49.6 Investment tax credit Amortization (1.1) (1.1) (1.0) Total (1.1) (1.1) (1.0) Income tax expense $ 7.1 $ 35.7 $ 87.3 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
Schedule of Effective Income Tax Rate Reconciliation | Effective income tax rates reflected in the financial statements and the reasons for their differences from the statutory federal rates are detailed in the following tables. Evergy 2020 2019 2018 Federal statutory income tax 21.0 % 21.0 % 21.0 % COLI policies (1.6) (1.8) (1.9) State income taxes 4.3 5.0 4.9 Flow through depreciation for plant-related differences (5.3) (4.5) 0.8 Federal tax credits (4.6) (4.9) (6.4) Non-controlling interest (0.3) (0.4) (0.4) AFUDC equity (0.5) (0.1) (0.1) Amortization of federal investment tax credits (0.6) (0.5) (0.6) Changes in uncertain tax positions, net — (0.2) 0.1 Federal or state tax rate change 1.9 — (8.7) Valuation allowance (0.2) (1.0) 0.4 Stock compensation (0.1) 0.1 (0.4) Officer compensation limitation 0.2 0.1 1.2 Other (0.2) (0.4) (0.2) Effective income tax rate 14.0 % 12.4 % 9.7 % Evergy Kansas Central 2020 2019 2018 Federal statutory income tax 21.0 % 21.0 % 21.0 % COLI policies (2.8) (3.3) (3.3) State income taxes 3.8 5.3 5.0 Flow through depreciation for plant-related differences (0.1) (0.1) 1.6 Federal tax credits (7.1) (7.4) (10.4) Non-controlling interest (0.6) (0.8) (0.6) AFUDC equity (0.5) (0.1) (0.2) Amortization of federal investment tax credits (0.7) (0.7) (0.8) Changes in uncertain tax positions, net — (0.4) 0.1 Federal or state tax rate change 27.8 — (15.3) Valuation allowance — (0.4) 0.5 Stock compensation (0.1) (0.1) (0.8) Officer compensation limitation — — 1.8 Other (0.9) (0.3) 0.2 Effective income tax rate 39.8 % 12.7 % (1.2) % Evergy Metro (a) 2020 2019 2018 Federal statutory income tax 21.0 % 21.0 % 21.0 % COLI policies (0.3) (0.2) (0.2) State income taxes 4.9 4.7 5.5 Flow through depreciation for plant-related differences (10.0) (9.4) (2.5) Federal tax credits (1.9) (2.5) (2.1) AFUDC equity (0.5) (0.2) (0.1) Amortization of federal investment tax credits (0.4) (0.4) (0.4) Federal or state tax rate change (10.5) — 14.1 Stock compensation (0.4) — — Officer compensation limitation 0.4 0.3 0.6 Other — (1.0) (1.0) Effective income tax rate 2.3 % 12.3 % 34.9 % (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
Schedule of Deferred Income Tax Assets and Liabilities | The tax effects of major temporary differences resulting in deferred income tax assets (liabilities) in the consolidated balance sheets is in the following table. December 31 2020 2019 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Deferred tax assets: (millions) Tax credit carryforward $ 379.6 $ 176.5 $ 195.9 $ 548.9 $ 337.3 $ 204.4 Income taxes refundable to customers, net 418.2 237.5 132.8 466.3 234.3 176.2 Deferred employee benefit costs 227.6 105.4 117.9 197.0 93.4 120.4 Net operating loss carryforward 51.0 — 0.2 163.4 23.1 61.9 Deferred state income taxes 145.9 101.7 37.8 64.4 64.4 — Alternative minimum tax carryforward — — — 37.9 13.4 — Accrued liabilities 152.7 61.8 61.0 80.4 14.5 29.1 Other 181.0 91.4 44.8 183.2 99.1 55.1 Total deferred tax assets before 1,556.0 774.3 590.4 1,741.5 879.5 647.1 Valuation allowances (14.4) — — (17.5) — — Total deferred tax assets, net 1,541.6 774.3 590.4 1,724.0 879.5 647.1 Deferred tax liabilities: Plant-related (2,693.7) (1,341.2) (972.1) (3,004.8) (1,428.3) (1,143.2) Deferred employee benefit costs (171.4) (75.6) (76.3) (173.3) (93.4) (79.5) ARO regulatory assets (136.7) (49.9) (54.3) (102.3) (53.4) (13.8) Acquisition premium (46.9) (46.9) — (68.2) (68.2) — Other (157.7) (85.2) (46.5) (119.8) (53.9) (53.4) Total deferred tax liabilities (3,206.4) (1,598.8) (1,149.2) (3,468.4) (1,697.2) (1,289.9) Net deferred income tax liabilities $ (1,664.8) $ (824.5) $ (558.8) $ (1,744.4) $ (817.7) $ (642.8) |
Summary of Related Tax Benefit Amounts | The year of origin of Evergy's, Evergy Kansas Central's and Evergy Metro's related tax benefit amounts for federal tax credit carryforwards as of December 31, 2020 are detailed in the following table. Amount of Benefit Year of Origin Evergy Evergy Kansas Central Evergy Metro (millions) 2003 0.1 — — 2004 0.1 — — 2005 0.1 — — 2006 0.1 — — 2007 0.1 — — 2008 27.4 0.5 26.6 2009 47.7 0.2 47.3 2010 18.3 — 18.2 2011 13.3 — 13.2 2012 12.8 2.0 10.7 2013 24.3 11.3 12.9 2014 24.1 10.7 13.0 2015 24.7 10.9 13.2 2016 27.1 11.0 12.4 2017 43.9 35.1 8.2 2018 43.9 36.3 7.5 2019 37.7 30.9 6.7 2020 33.9 27.6 6.0 $ 379.6 $ 176.5 $ 195.9 |
Summary of Operating Loss Carryforwards | The year of origin of Evergy's related tax benefit amounts for federal NOL carryforwards as of December 31, 2020 are detailed in the following table. Year of Origin Amount of Benefit (millions) 2005 $ 10.2 2006 32.0 $ 42.2 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Lease Expense | The Evergy Companies’ lease expense is detailed in the following table. Evergy 2020 2019 Finance lease costs (millions) Amortization of right-of-use assets $ 7.7 $ 5.2 Interest on lease liabilities 3.1 2.9 Operating lease costs 22.9 23.8 Short-term lease costs 2.1 4.0 Variable lease costs for renewable purchase power agreements 296.6 313.0 Total lease costs $ 332.4 $ 348.9 Evergy Kansas Central 2020 2019 Finance lease costs (millions) Amortization of right-of-use assets $ 7.2 $ 5.0 Interest on lease liabilities 2.8 2.7 Operating lease costs 11.9 13.2 Short-term lease costs 0.5 1.2 Variable lease costs for renewable purchase power agreements 135.6 130.8 Total lease costs $ 158.0 $ 152.9 Evergy Metro 2020 2019 Finance lease costs (millions) Amortization of right-of-use assets $ 0.3 $ 0.1 Interest on lease liabilities 0.1 0.1 Operating lease costs 9.3 9.2 Short-term lease costs 1.5 2.6 Variable lease costs for renewable purchase power agreements 112.2 129.2 Total lease costs $ 123.4 $ 141.2 Supplemental cash flow information related to the Evergy Companies' leases is detailed in the following table. Evergy 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 22.2 $ 21.7 Operating cash flows from finance leases 2.8 2.8 Financing cash flows from finance leases 5.6 5.0 Right-of-use assets obtained in exchange for new operating lease liabilities 6.9 10.4 Right-of-use assets obtained in exchange for new finance lease liabilities 5.6 8.3 Evergy Kansas Central 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 12.9 $ 13.7 Operating cash flows from finance leases 2.5 2.6 Financing cash flows from finance leases 5.1 4.8 Right-of-use assets obtained in exchange for new operating lease liabilities 6.6 6.1 Right-of-use assets obtained in exchange for new finance lease liabilities 4.0 8.3 Evergy Metro 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 10.8 $ 9.9 Operating cash flows from finance leases 0.1 0.1 Financing cash flows from finance leases 0.4 0.1 Right-of-use assets obtained in exchange for new operating lease liabilities 0.3 2.4 Right-of-use assets obtained in exchange for new finance lease liabilities 1.6 — |
Schedule of Payments for Finance Leases | Payments and other supplemental information for finance leases as of December 31, 2020, are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2021 $ 8.8 $ 8.0 $ 0.6 2022 7.3 6.5 0.6 2023 6.6 5.8 0.6 2024 5.3 4.6 0.6 2025 4.6 4.1 0.2 After 2025 42.4 41.2 0.6 Total finance lease payments 75.0 70.2 3.2 Amounts representing imputed interest (23.7) (22.7) (0.6) Present value of lease payments 51.3 47.5 2.6 Less: current portion (6.0) (5.6) (0.4) Total long-term obligations under finance leases $ 45.3 $ 41.9 $ 2.2 Right-of-use assets under finance leases included in property, plant and equipment, net on the consolidated balance sheets $ 314.1 $ 53.9 $ 2.6 Weighted-average remaining lease term (years) 13.5 14.1 5.9 Weighted-average discount rate 5.6 % 5.5 % 4.9 % |
Schedule of Lease Payments for Operating Leases | Lease payments and other supplemental information for operating leases as of December 31, 2020, are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2021 $ 18.5 $ 10.1 $ 10.1 2022 15.3 7.7 9.3 2023 12.2 5.0 8.8 2024 10.4 3.5 8.5 2025 7.9 1.5 8.3 After 2025 37.3 0.4 74.5 Total operating lease payments 101.6 28.2 119.5 Amounts representing imputed interest (14.4) (0.8) (31.4) Present value of lease payments 87.2 27.4 88.1 Less: current portion (14.5) (8.2) (6.7) Total long-term obligations under operating leases $ 72.7 $ 19.2 $ 81.4 Right-of-use assets under operating leases included in other assets on the consolidated balance sheets $ 93.2 $ 34.4 $ 71.3 Weighted-average remaining lease term (years) 8.3 3.4 15.3 Weighted-average discount rate 3.7 % 2.9 % 4.1 % |
QUARTERLY OPERATING RESULTS (_2
QUARTERLY OPERATING RESULTS (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarter Evergy 1st 2nd 3rd 4th 2020 (millions, except per share amounts) Operating revenue $ 1,116.7 $ 1,184.7 $ 1,517.6 $ 1,094.4 Operating income 197.5 271.7 521.7 153.0 Net income 72.2 136.3 367.5 54.0 Net income attributable to Evergy, Inc. 69.4 133.4 364.5 51.0 Basic and diluted earnings per common share 0.31 0.59 1.60 0.22 2019 Operating revenue $ 1,216.9 $ 1,221.7 $ 1,577.6 $ 1,131.6 Operating income 209.6 271.7 538.7 165.8 Net income 103.4 144.6 370.9 66.7 Net income attributable to Evergy, Inc. 99.5 139.7 366.8 63.9 Basic and diluted earnings per common share 0.39 0.57 1.56 0.28 Quarter Evergy Kansas Central 1st 2nd 3rd 4th 2020 (millions) Operating revenue $ 560.1 $ 570.8 $ 733.6 $ 553.6 Operating income 114.5 121.2 240.7 90.9 Net income (loss) 55.2 (37.6) 173.1 45.1 Net income (loss) attributable to Evergy Kansas Central, Inc. 52.4 (40.5) 170.1 42.1 2019 Operating revenue $ 596.8 $ 585.5 $ 749.0 $ 576.1 Operating income 124.3 127.6 242.4 102.2 Net income 68.3 67.2 168.2 55.4 Net income attributable to Evergy Kansas Central, Inc. 64.4 62.3 164.1 52.6 Quarter Evergy Metro 1st 2nd 3rd 4th 2020 (millions) Operating revenue $ 375.5 $ 424.3 $ 528.5 $ 377.3 Operating income 63.7 112.5 204.4 53.7 Net income 25.6 102.9 147.7 22.5 2019 Operating revenue $ 425.4 $ 437.0 $ 568.8 $ 375.3 Operating income 56.9 101.9 215.5 52.2 Net income 16.0 59.4 151.9 27.9 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Organization (Details) customer in Millions | 12 Months Ended |
Dec. 31, 2020kilovolt_linesubsidiarycustomermiMW | |
Summary Of Accounting Policies [Line Items] | |
Owned generating capacity and renewable purchased power | MW | 15,400 |
Number of customers served | customer | 1.6 |
Prairie Wind Transmission, LLC | |
Summary Of Accounting Policies [Line Items] | |
Transmission line length | mi | 108 |
Transmission line electrical potential | kilovolt_line | 345 |
Transource Energy, LLC | Evergy Transmission Company LLC | |
Summary Of Accounting Policies [Line Items] | |
Ownership percentage | 13.50% |
Prairie Wind Transmission, LLC | Evergy Kansas Central | |
Summary Of Accounting Policies [Line Items] | |
Ownership percentage | 50.00% |
Evergy Kansas South Inc | Evergy Kansas Central | |
Summary Of Accounting Policies [Line Items] | |
Number of active wholly owned subsidiaries | subsidiary | 1 |
AEP Transmission Holding Company, LLC | Transource Energy, LLC | |
Summary Of Accounting Policies [Line Items] | |
Ownership interest | 86.50% |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fuel Inventory and Supplies (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory [Line Items] | ||
Fuel inventory | $ 145 | $ 146.4 |
Supplies | 359.5 | 335.2 |
Fuel inventory and supplies | 504.5 | 481.6 |
Evergy Kansas Central | ||
Inventory [Line Items] | ||
Fuel inventory | 79.3 | 80.2 |
Supplies | 197.1 | 186.2 |
Fuel inventory and supplies | 276.4 | 266.4 |
Evergy Metro | ||
Inventory [Line Items] | ||
Fuel inventory | 44.9 | 46.1 |
Supplies | 125.5 | 116.9 |
Fuel inventory and supplies | $ 170.4 | $ 163 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance For Funds Used During Construction (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
AFUDC borrowed funds | $ 16.5 | $ 14.5 | $ 10.4 |
AFUDC equity funds | 17.2 | 2.2 | 3.1 |
Total | 33.7 | 16.7 | 13.5 |
Evergy Kansas Central | |||
Property, Plant and Equipment [Line Items] | |||
AFUDC borrowed funds | 8.5 | 7.5 | 6.6 |
AFUDC equity funds | 9.1 | 0 | 2.9 |
Total | $ 17.6 | $ 7.5 | $ 9.5 |
Public utilities, allowance for funds used during construction, rate | 4.70% | 3.00% | 3.30% |
Evergy Metro | |||
Property, Plant and Equipment [Line Items] | |||
AFUDC borrowed funds | $ 6 | $ 4.3 | $ 4.9 |
AFUDC equity funds | 8 | 2.2 | 1.4 |
Total | $ 14 | $ 6.5 | $ 6.3 |
Public utilities, allowance for funds used during construction, rate | 5.20% | 4.60% | 3.90% |
Evergy Missouri West | |||
Property, Plant and Equipment [Line Items] | |||
Public utilities, allowance for funds used during construction, rate | 3.50% | 3.70% | 2.90% |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation rates average | 3.00% | |
Regulatory assets | $ 2,074.4 | $ 1,972.2 |
Depreciation expense reflected in retail rates | $ 9 | |
Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Generating facilities | 8 years | |
Transmission facilities | 15 years | |
Distribution facilities | 8 years | |
Other | 5 years | |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Generating facilities | 87 years | |
Transmission facilities | 94 years | |
Distribution facilities | 73 years | |
Other | 84 years | |
Evergy Kansas Central | ||
Property, Plant and Equipment [Line Items] | ||
Regulatory assets | $ 896.3 | 823.7 |
Evergy Kansas Central | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Generating facilities | 8 years | |
Transmission facilities | 36 years | |
Distribution facilities | 19 years | |
Other | 7 years | |
Evergy Kansas Central | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Generating facilities | 87 years | |
Transmission facilities | 94 years | |
Distribution facilities | 73 years | |
Other | 84 years | |
Evergy Metro | ||
Property, Plant and Equipment [Line Items] | ||
Regulatory assets | $ 615.5 | 559.8 |
Evergy Metro | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Generating facilities | 20 years | |
Transmission facilities | 15 years | |
Distribution facilities | 8 years | |
Other | 5 years | |
Evergy Metro | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Generating facilities | 60 years | |
Transmission facilities | 70 years | |
Distribution facilities | 55 years | |
Other | 50 years | |
Retired Generation Facilities | ||
Property, Plant and Equipment [Line Items] | ||
Regulatory assets | $ 128.4 | 130.5 |
Retired Generation Facilities | Evergy Kansas Central | ||
Property, Plant and Equipment [Line Items] | ||
Regulatory assets | 0 | 0 |
Retired Generation Facilities | Evergy Metro | ||
Property, Plant and Equipment [Line Items] | ||
Regulatory assets | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Corporate-Owned Life Insurance (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Cash surrender value of policies | $ 1,369.6 | $ 1,370 |
Borrowings against policies | (1,237.6) | (1,237.1) |
Corporate-owned life insurance, net | $ 132 | $ 132.9 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Income (Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income Expense Net [Line Items] | |||
Non-service cost component of net benefit cost | $ (58.6) | $ (55.6) | $ (47.8) |
Other | (19.6) | (21.3) | (30.9) |
Other expense | (78.2) | (76.9) | (78.7) |
Evergy Kansas Central | |||
Other Income Expense Net [Line Items] | |||
Non-service cost component of net benefit cost | (21.2) | (20.1) | (23.5) |
Other | (17.7) | (20) | (23.3) |
Other expense | (38.9) | (40.1) | (46.8) |
Evergy Metro | |||
Other Income Expense Net [Line Items] | |||
Non-service cost component of net benefit cost | (24.2) | (20.9) | (25.9) |
Other | (1.3) | (0.5) | (5) |
Other expense | $ (25.5) | $ (21.4) | $ (30.9) |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income | |||||||||||
Net income | $ 54 | $ 367.5 | $ 136.3 | $ 72.2 | $ 66.7 | $ 370.9 | $ 144.6 | $ 103.4 | $ 630 | $ 685.6 | $ 546 |
Less: Net income attributable to noncontrolling interests | 11.7 | 15.7 | 10.2 | ||||||||
Net income attributable to Evergy, Inc. | $ 51 | $ 364.5 | $ 133.4 | $ 69.4 | $ 63.9 | $ 366.8 | $ 139.7 | $ 99.5 | $ 618.3 | $ 669.9 | $ 535.8 |
Common Shares Outstanding | |||||||||||
Weighted average number of common shares outstanding - basic (in shares) | 227.2 | 239.5 | 213.9 | ||||||||
Add: effect of dilutive securities (in shares) | 0.3 | 0.4 | 0.2 | ||||||||
Diluted average number of common shares outstanding (in shares) | 227.5 | 239.9 | 214.1 | ||||||||
Basic earnings per common share (in dollars per share) | $ 2.72 | $ 2.80 | $ 2.50 | ||||||||
Diluted EPS (in dollars per share) | $ 2.72 | $ 2.79 | $ 2.50 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Antidilutive Securities (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 127,884 | 785 | 0 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash paid for (received from): | |||
Interest, net of amount capitalized | $ 367.6 | $ 329.5 | $ 255.9 |
Income taxes, net of refunds | (46.5) | (5.2) | (0.9) |
Non-cash investing transactions: | |||
Property, plant and equipment additions (reductions) | 463.3 | 186 | (7.8) |
Non-cash financing transactions: | |||
Issuance of stock for compensation and reinvested dividends | 0.9 | (0.3) | 0.5 |
Variable Interest Entities | |||
Cash paid for (received from): | |||
Interest of VIEs | 0.8 | 1.6 | 2.3 |
Evergy Kansas Central | |||
Cash paid for (received from): | |||
Interest, net of amount capitalized | 157.5 | 143 | 155.3 |
Income taxes, net of refunds | 4.7 | 29.9 | 37.5 |
Non-cash investing transactions: | |||
Property, plant and equipment additions (reductions) | 235.4 | 92.1 | (32.5) |
Evergy Kansas Central | Variable Interest Entities | |||
Cash paid for (received from): | |||
Interest of VIEs | 0.8 | 1.6 | 2.3 |
Evergy Metro | |||
Cash paid for (received from): | |||
Interest, net of amount capitalized | 109.9 | 118.4 | 129.4 |
Income taxes, net of refunds | 4.8 | 77 | 31.2 |
Non-cash investing transactions: | |||
Property, plant and equipment additions (reductions) | $ 192.5 | $ 80.7 | $ 19.2 |
SUMMARY OF SIGNIFICANT ACCOU_13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Dividends Declared (Details) - $ / shares | 1 Months Ended | 12 Months Ended | ||
Feb. 25, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends Payable [Line Items] | ||||
Dividends declared on common stock (in dollars per share) | $ 2.05 | $ 1.93 | $ 1.735 | |
Common Stock | Subsequent Event | ||||
Dividends Payable [Line Items] | ||||
Dividends declared on common stock (in dollars per share) | $ 0.535 |
SUMMARY OF SIGNIFICANT ACCOU_14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - New Accounting Standards (Details) - ASU 2016-02 $ in Millions | Jan. 01, 2019USD ($) |
Summary Of Accounting Policies [Line Items] | |
Lease asset | $ 110 |
Lease liability | 110 |
Evergy Kansas Central | |
Summary Of Accounting Policies [Line Items] | |
Lease asset | 40 |
Lease liability | 40 |
Evergy Metro | |
Summary Of Accounting Policies [Line Items] | |
Lease asset | 80 |
Lease liability | $ 80 |
MERGER OF GREAT PLAINS ENERGY_3
MERGER OF GREAT PLAINS ENERGY AND EVERGY KANSAS CENTRAL - Narrative (Details) $ in Millions | Jun. 04, 2018 | Dec. 31, 2018USD ($) |
Evergy Kansas Central | ||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||
Conversion ratio | 1 | |
Great Plains Energy | ||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||
Conversion ratio | 0.5981 | |
Revenue of acquiree since acquisition | $ 1,661.1 | |
Earnings or loss of acquiree since acquisition date, actual | 236.2 | |
Merger-related costs | $ 148 |
MERGER OF GREAT PLAINS ENERGY_4
MERGER OF GREAT PLAINS ENERGY AND EVERGY KANSAS CENTRAL - Schedule of Pre-tax Costs and Deferrals (Details) - Great Plains Energy $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Business Acquisition [Line Items] | |
One-time bill credits | $ (59.7) |
Annual bill credits | (10.5) |
Total impact to operating revenues | (70.2) |
Charitable contributions and community support | 24.7 |
Voluntary severance and accelerated equity compensation | 47.9 |
Other transaction and transition costs | 51 |
Reallocation and deferral of merger transition costs | (47.8) |
Total impact to operating and maintenance expense | 75.8 |
Total | (146) |
Evergy Kansas Central | |
Business Acquisition [Line Items] | |
One-time bill credits | (23.1) |
Annual bill credits | (7.9) |
Total impact to operating revenues | (31) |
Charitable contributions and community support | 0 |
Voluntary severance and accelerated equity compensation | 44.2 |
Other transaction and transition costs | 21.5 |
Reallocation and deferral of merger transition costs | (13.8) |
Total impact to operating and maintenance expense | 51.9 |
Total | (82.9) |
Evergy Metro | |
Business Acquisition [Line Items] | |
One-time bill credits | (22.4) |
Annual bill credits | (2.6) |
Total impact to operating revenues | (25) |
Charitable contributions and community support | 0 |
Voluntary severance and accelerated equity compensation | 2.6 |
Other transaction and transition costs | 2.1 |
Reallocation and deferral of merger transition costs | (23.2) |
Total impact to operating and maintenance expense | (18.5) |
Total | $ (6.5) |
MERGER OF GREAT PLAINS ENERGY_5
MERGER OF GREAT PLAINS ENERGY AND EVERGY KANSAS CENTRAL - Purchase Price Allocation (Details) $ / shares in Units, $ in Millions | Jun. 04, 2018USD ($)$ / sharesshares |
Business Acquisition [Line Items] | |
Common stock outstanding (in shares) | 215,800,074 |
Awards outstanding (in shares) | (204,825) |
Great Plains Energy shares to be converted to Evergy shares (in shares) | 215,595,249 |
Great Plains Energy | |
Business Acquisition [Line Items] | |
Exchange ratio | 0.5981 |
Number of shares issued (in shares) | 128,947,518 |
Closing price (in dollars per share) | $ / shares | $ 54 |
Total purchase price | $ | $ 6,975.7 |
Common Stock | Great Plains Energy | |
Business Acquisition [Line Items] | |
Fair value of shares issued | $ | 6,963.2 |
Share-based Payment Arrangement | Great Plains Energy | |
Business Acquisition [Line Items] | |
Fair value of shares issued | $ | $ 12.5 |
MERGER OF GREAT PLAINS ENERGY_6
MERGER OF GREAT PLAINS ENERGY AND EVERGY KANSAS CENTRAL - Schedule Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 04, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 2,336.6 | $ 2,336.6 | |
Great Plains Energy | |||
Business Acquisition [Line Items] | |||
Current assets | $ 2,151.7 | ||
Property, plant and equipment, net | 9,179.7 | ||
Goodwill | 2,336.6 | ||
Other long-term assets, excluding goodwill | 1,235.9 | ||
Total assets | 14,903.9 | ||
Current liabilities | 1,673.9 | ||
Long-term liabilities, excluding long-term debt | 2,895.7 | ||
Long-term debt, net | 3,358.6 | ||
Total liabilities | 7,928.2 | ||
Total purchase price | $ 6,975.7 |
MERGER OF GREAT PLAINS ENERGY_7
MERGER OF GREAT PLAINS ENERGY AND EVERGY KANSAS CENTRAL - Unaudited Pro Forma Financial Information (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Diluted earnings per common share (in dollars per share) | $ / shares | $ 2.67 |
Great Plains Energy | |
Business Acquisition [Line Items] | |
Operating revenues | $ 5,334.6 |
Net income attributable to Evergy, Inc. | $ 714.3 |
Basic earnings per common share (in dollars per share) | $ / shares | $ 2.67 |
Acquisition-related Costs | |
Business Acquisition [Line Items] | |
Merger-related, after tax costs | $ 74.7 |
Merger-related, reductions of revenues for customer bill credits | 44.4 |
Merger contingent, after-tax mark-to-market interest rate swap gains | $ 36.6 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | $ 4,781.6 | $ 5,019.6 | $ 4,224 | ||||||||
Other | 131.8 | 128.2 | 51.9 | ||||||||
Operating revenues | $ 1,094.4 | $ 1,517.6 | $ 1,184.7 | $ 1,116.7 | $ 1,131.6 | $ 1,577.6 | $ 1,221.7 | $ 1,216.9 | 4,913.4 | 5,147.8 | 4,275.9 |
Evergy Kansas Central | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 2,369.4 | 2,444.3 | 2,606.6 | ||||||||
Other | 48.7 | 63.1 | 8.3 | ||||||||
Operating revenues | 553.6 | 733.6 | 570.8 | 560.1 | 576.1 | 749 | 585.5 | 596.8 | 2,418.1 | 2,507.4 | 2,614.9 |
Evergy Metro | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 1,623.8 | 1,742.9 | 1,752 | ||||||||
Other | 81.8 | 63.6 | 71.1 | ||||||||
Operating revenues | $ 377.3 | $ 528.5 | $ 424.3 | $ 375.5 | $ 375.3 | $ 568.8 | $ 437 | $ 425.4 | 1,705.6 | 1,806.5 | 1,823.1 |
Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 1,909.2 | 1,908.1 | 1,578.8 | ||||||||
Residential | Evergy Kansas Central | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 801.2 | 793.9 | 846.4 | ||||||||
Residential | Evergy Metro | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 714.7 | 712.4 | 735.6 | ||||||||
Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 1,641.7 | 1,781.6 | 1,356.4 | ||||||||
Commercial | Evergy Kansas Central | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 665.6 | 709.1 | 702.8 | ||||||||
Commercial | Evergy Metro | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 717.1 | 786.1 | 794.8 | ||||||||
Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 588.7 | 621.6 | 527.8 | ||||||||
Industrial | Evergy Kansas Central | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 379.9 | 401.3 | 396.4 | ||||||||
Industrial | Evergy Metro | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 128.8 | 136.9 | 138.8 | ||||||||
Other retail | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 38.5 | 47.1 | 30.6 | ||||||||
Other retail | Evergy Kansas Central | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 17.7 | 21 | 20 | ||||||||
Other retail | Evergy Metro | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 11.7 | 16.3 | 10.4 | ||||||||
Total electric retail | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 4,178.1 | 4,358.4 | 3,493.6 | ||||||||
Total electric retail | Evergy Kansas Central | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 1,864.4 | 1,925.3 | 1,965.6 | ||||||||
Total electric retail | Evergy Metro | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 1,572.3 | 1,651.7 | 1,679.6 | ||||||||
Wholesale | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 264 | 327.5 | 404.4 | ||||||||
Wholesale | Evergy Kansas Central | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 215.4 | 239.9 | 346.1 | ||||||||
Wholesale | Evergy Metro | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 35 | 70.9 | 53.5 | ||||||||
Transmission | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 318.5 | 309.2 | 308.1 | ||||||||
Transmission | Evergy Kansas Central | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 287.3 | 273.3 | 288.9 | ||||||||
Transmission | Evergy Metro | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 13.9 | 17.5 | 14.5 | ||||||||
Industrial steam and other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 21 | 24.5 | 17.9 | ||||||||
Industrial steam and other | Evergy Kansas Central | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | 2.3 | 5.8 | 6 | ||||||||
Industrial steam and other | Evergy Metro | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenue from contracts with customers | $ 2.6 | $ 2.8 | $ 4.4 |
RECEIVABLES (Details)
RECEIVABLES (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables | $ 177.9 | $ 127.8 |
Allowance for credit losses | (19.3) | (10.5) |
Total | 273.9 | 228.5 |
Evergy Kansas Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables | 175.7 | 94.5 |
Allowance for credit losses | (7.5) | (3.8) |
Total | 218.9 | 140.4 |
Evergy Metro | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables | 21.9 | 23.1 |
Allowance for credit losses | (8.1) | (4.6) |
Total | 45 | 48.1 |
Customer accounts receivable | Billed | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | 5.3 | 7.2 |
Customer accounts receivable | Billed | Evergy Kansas Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | 0 | 0 |
Customer accounts receivable | Billed | Evergy Metro | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | 3.3 | 3.1 |
Customer accounts receivable | Unbilled | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | 110 | 104 |
Customer accounts receivable | Unbilled | Evergy Kansas Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | 50.7 | 49.7 |
Customer accounts receivable | Unbilled | Evergy Metro | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | $ 27.9 | $ 26.5 |
RECEIVABLES - Narrative (Detail
RECEIVABLES - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Entity Information [Line Items] | ||
Other receivables, contracts with customers | $ 57.5 | $ 42 |
Accounts receivable pledged as collateral | 360 | 339 |
Evergy Kansas Central | ||
Entity Information [Line Items] | ||
Other receivables, contracts with customers | 49.9 | 37.7 |
Accounts receivable pledged as collateral | 180 | 171 |
Evergy Metro | ||
Entity Information [Line Items] | ||
Other receivables, contracts with customers | 6.9 | 1.2 |
Accounts receivable pledged as collateral | 130 | $ 118 |
Maximum amount of outstanding principal under receivables agreement | 130 | |
Borrowings From Mid October Through Mid June | Evergy Kansas Central | ||
Entity Information [Line Items] | ||
Maximum amount of outstanding principal under receivables agreement | 185 | |
Borrowing From Mid June Through Expiration | Evergy Kansas Central | ||
Entity Information [Line Items] | ||
Maximum amount of outstanding principal under receivables agreement | 200 | |
Borrowing From Mid June Through Expiration | Evergy Missouri West | ||
Entity Information [Line Items] | ||
Maximum amount of outstanding principal under receivables agreement | 65 | |
Borrowings From Mid-November Through Mid-June | Evergy Missouri West | ||
Entity Information [Line Items] | ||
Maximum amount of outstanding principal under receivables agreement | $ 50 |
RECEIVABLES - Allowance for Cre
RECEIVABLES - Allowance for Credit Loses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance January 1 | $ 10.5 | $ 9.2 |
Credit loss expense | 24.9 | 27.2 |
Write-offs | (28.6) | (38.3) |
Recoveries of prior write-offs | 12.5 | 12.4 |
Ending balance December 31 | 19.3 | 10.5 |
Evergy Kansas Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance January 1 | 3.8 | 3.9 |
Credit loss expense | 11.1 | 7.2 |
Write-offs | (10) | (10.7) |
Recoveries of prior write-offs | 2.6 | 3.4 |
Ending balance December 31 | 7.5 | 3.8 |
Evergy Metro | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance January 1 | 4.6 | 3.8 |
Credit loss expense | 9 | 13.7 |
Write-offs | (12.4) | (19.2) |
Recoveries of prior write-offs | 6.9 | 6.3 |
Ending balance December 31 | $ 8.1 | $ 4.6 |
RECEIVABLES - Other Receivables
RECEIVABLES - Other Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables, contracts with customers | $ 57.5 | $ 42 |
Evergy Kansas Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables, contracts with customers | 49.9 | 37.7 |
Evergy Metro | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables, contracts with customers | $ 6.9 | $ 1.2 |
RECEIVABLES - Pledged as Collat
RECEIVABLES - Pledged as Collateral (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 360 | $ 339 |
Evergy Kansas Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | 180 | 171 |
Evergy Metro | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 130 | $ 118 |
RATE MATTERS AND REGULATION - N
RATE MATTERS AND REGULATION - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
May 31, 2020USD ($) | Apr. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Regulatory Proceedings [Line Items] | ||||
Regulatory liabilities | $ 2,664.9 | $ 2,311.6 | ||
Pension and post-retirement costs | ||||
Regulatory Proceedings [Line Items] | ||||
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 806.3 | |||
Regulatory asset representing differences between pension and post retirement costs for GAAP and for ratemaking | 250.1 | |||
Analog meter unrecovered investment | ||||
Regulatory Proceedings [Line Items] | ||||
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | $ 15.8 | |||
Regulatory Asset, Amortization Period | 5 years | |||
Deferred Customer Programs [Member] | ||||
Regulatory Proceedings [Line Items] | ||||
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | $ 10.6 | |||
Kansas property tax surcharge | ||||
Regulatory Proceedings [Line Items] | ||||
Regulatory Asset, Amortization Period | 1 year | |||
Fuel recovery mechanisms | ||||
Regulatory Proceedings [Line Items] | ||||
Regulatory Asset, Amortization Period | 1 year | |||
Evergy Kansas Central | ||||
Regulatory Proceedings [Line Items] | ||||
Regulatory liabilities | $ 1,472.9 | 1,174.8 | ||
Evergy Kansas Central | Pension and post-retirement costs | ||||
Regulatory Proceedings [Line Items] | ||||
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 412.9 | |||
Regulatory asset representing differences between pension and post retirement costs for GAAP and for ratemaking | (27.5) | |||
Evergy Kansas Central | Analog meter unrecovered investment | ||||
Regulatory Proceedings [Line Items] | ||||
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | $ 15.8 | |||
Regulatory Asset, Amortization Period | 5 years | |||
Evergy Metro | ||||
Regulatory Proceedings [Line Items] | ||||
Regulatory liabilities | $ 907.4 | 803.6 | ||
Evergy Metro | Pension and post-retirement costs | ||||
Regulatory Proceedings [Line Items] | ||||
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 333.6 | |||
Regulatory asset representing differences between pension and post retirement costs for GAAP and for ratemaking | 137.6 | |||
Evergy Metro | Deferred Customer Programs [Member] | ||||
Regulatory Proceedings [Line Items] | ||||
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 8.6 | |||
Revenues Probable Of Refund | ||||
Regulatory Proceedings [Line Items] | ||||
Regulatory liabilities | 18.4 | 10.2 | ||
Revenues Probable Of Refund | Evergy Kansas Central | ||||
Regulatory Proceedings [Line Items] | ||||
Regulatory liabilities | 0 | 0 | ||
Revenues Probable Of Refund | Evergy Metro | ||||
Regulatory Proceedings [Line Items] | ||||
Regulatory liabilities | 0 | 0 | ||
Purchase power agreement | ||||
Regulatory Proceedings [Line Items] | ||||
Regulatory liabilities | $ 6.3 | 7.4 | ||
Regulatory Liability, Amortization Period | 5 years | |||
Purchase power agreement | Evergy Kansas Central | ||||
Regulatory Proceedings [Line Items] | ||||
Regulatory liabilities | $ 6.3 | 7.4 | ||
Purchase power agreement | Evergy Metro | ||||
Regulatory Proceedings [Line Items] | ||||
Regulatory liabilities | 0 | 0 | ||
Fuel recovery mechanisms | ||||
Regulatory Proceedings [Line Items] | ||||
Regulatory liabilities | $ 1.3 | 34.1 | ||
Regulatory Liability, Amortization Period | 1 year | |||
Fuel recovery mechanisms | Evergy Kansas Central | ||||
Regulatory Proceedings [Line Items] | ||||
Regulatory liabilities | $ 0 | 30.2 | ||
Fuel recovery mechanisms | Evergy Metro | ||||
Regulatory Proceedings [Line Items] | ||||
Regulatory liabilities | $ 0 | $ 0 | ||
La Cygne Station | Evergy Kansas South Inc | ||||
Regulatory Proceedings [Line Items] | ||||
VIE ownership percentage | 50.00% | |||
Transmission delivery charge | Evergy Kansas Central | Kansas Corporation Commission | ||||
Regulatory Proceedings [Line Items] | ||||
Annual revenue increase (decrease) approved | $ 3.5 | |||
Transmission delivery charge | Evergy Metro | Kansas Corporation Commission | ||||
Regulatory Proceedings [Line Items] | ||||
Annual revenue increase (decrease) approved | $ (2.7) | |||
2018 Rate Case Proceedings | Evergy Kansas Central | Kansas Corporation Commission | ||||
Regulatory Proceedings [Line Items] | ||||
Refund percent on earnings over approved return on equity | 0.50 | |||
Approved return on equity, percentage | 9.30% | |||
2018 Rate Case Proceedings | Evergy Metro | Kansas Corporation Commission | ||||
Regulatory Proceedings [Line Items] | ||||
Refund percent on earnings over approved return on equity | 0.50 | |||
Approved return on equity, percentage | 9.30% | |||
2018 MPSC OPC MECG Petition | ||||
Regulatory Proceedings [Line Items] | ||||
Annual estimated loss contingency portion not accrued (up to) | $ 12 | |||
2018 MPSC OPC MECG Petition | Revenues Probable Of Refund | ||||
Regulatory Proceedings [Line Items] | ||||
Regulatory liabilities | 18.4 | |||
FERC 2021 TFR Proceeding | Evergy Kansas Central | Federal Energy Regulatory Commission | ||||
Regulatory Proceedings [Line Items] | ||||
Annual transmissions revenue estimated amount of increase (decrease) over prior year | 32.4 | |||
FERC 2021 TFR Proceeding | Evergy Metro | Federal Energy Regulatory Commission | ||||
Regulatory Proceedings [Line Items] | ||||
Annual transmissions revenue estimated amount of increase (decrease) over prior year | (3.9) | |||
FERC 2020 TFR Proceeding | Evergy Kansas Central | Federal Energy Regulatory Commission | ||||
Regulatory Proceedings [Line Items] | ||||
Annual transmissions revenue estimated amount of increase (decrease) over prior year | 6.8 | |||
FERC 2020 TFR Proceeding | Evergy Metro | Federal Energy Regulatory Commission | ||||
Regulatory Proceedings [Line Items] | ||||
Annual transmissions revenue estimated amount of increase (decrease) over prior year | (1.7) | |||
FERC 2019 TFR Proceeding | Evergy Kansas Central | Federal Energy Regulatory Commission | ||||
Regulatory Proceedings [Line Items] | ||||
Annual transmissions revenue estimated amount of increase (decrease) over prior year | (11.2) | |||
FERC 2019 TFR Proceeding | Evergy Metro | Federal Energy Regulatory Commission | ||||
Regulatory Proceedings [Line Items] | ||||
Annual transmissions revenue estimated amount of increase (decrease) over prior year | $ (2.8) |
RATE MATTERS AND REGULATION - R
RATE MATTERS AND REGULATION - Regulatory Matters Asset (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Regulatory Assets [Line Items] | ||
Regulatory Assets | $ 2,074.4 | $ 1,972.2 |
Less: current portion | (206.2) | (231.7) |
Total noncurrent regulatory assets | 1,868.2 | 1,740.5 |
Pension and post-retirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 867.8 | 795.9 |
Debt reacquisition costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 98.9 | 105.8 |
Debt fair value adjustment | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 104 | 112 |
Asset retirement obligations fair value adjustment | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 116.2 | 114.3 |
Depreciation | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 70 | 55.3 |
Cost of removal | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 183.4 | 129.3 |
Asset retirement obligations | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 170.8 | 167.1 |
Analog meter unrecovered investment | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 24.1 | 29.9 |
Treasury yield hedges | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 21.5 | 22.6 |
Iatan No. 1 and common facilities | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 6.9 | 7.1 |
Iatan No. 2 construction accounting costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 25.4 | 26.1 |
Kansas property tax surcharge | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 28.9 | 21.7 |
Disallowed plant costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 14.5 | 14.8 |
La Cygne environmental costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 12.4 | 13.7 |
Deferred customer programs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 16.3 | 18 |
Fuel recovery mechanisms | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 26.2 | 34.7 |
Solar rebates | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 25.9 | 39.8 |
Wolf Creek outage | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 10 | 31 |
Pension and other post-retirement benefit non-service costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 49.8 | 31.8 |
Retired generation facilities | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 128.4 | 130.5 |
Merger transition costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 37.6 | 42.3 |
Other regulatory liabilities | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 35.4 | 28.5 |
Evergy Kansas Central | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 896.3 | 823.7 |
Less: current portion | (96.2) | (93.3) |
Total noncurrent regulatory assets | 800.1 | 730.4 |
Evergy Kansas Central | Pension and post-retirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 412.9 | 359.9 |
Evergy Kansas Central | Debt reacquisition costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 91.3 | 97.3 |
Evergy Kansas Central | Debt fair value adjustment | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Kansas Central | Asset retirement obligations fair value adjustment | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Kansas Central | Depreciation | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 52.7 | 55.3 |
Evergy Kansas Central | Cost of removal | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 125.7 | 94.4 |
Evergy Kansas Central | Asset retirement obligations | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 55 | 52.8 |
Evergy Kansas Central | Analog meter unrecovered investment | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 24.1 | 29.9 |
Evergy Kansas Central | Treasury yield hedges | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 21.5 | 22.6 |
Evergy Kansas Central | Iatan No. 1 and common facilities | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Kansas Central | Iatan No. 2 construction accounting costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Kansas Central | Kansas property tax surcharge | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 23.7 | 18.7 |
Evergy Kansas Central | Disallowed plant costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 14.5 | 14.8 |
Evergy Kansas Central | La Cygne environmental costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 10.1 | 11.2 |
Evergy Kansas Central | Deferred customer programs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 5.7 | 6.2 |
Evergy Kansas Central | Fuel recovery mechanisms | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 1.2 | 0 |
Evergy Kansas Central | Solar rebates | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Kansas Central | Wolf Creek outage | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 5 | 15.5 |
Evergy Kansas Central | Pension and other post-retirement benefit non-service costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 12.8 | 7.4 |
Evergy Kansas Central | Retired generation facilities | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Kansas Central | Merger transition costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 18 | 20.3 |
Evergy Kansas Central | Other regulatory liabilities | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 22.1 | 17.4 |
Evergy Metro | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 615.5 | 559.8 |
Less: current portion | (82) | (95.4) |
Total noncurrent regulatory assets | 533.5 | 464.4 |
Evergy Metro | Pension and post-retirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 359.9 | 330.7 |
Evergy Metro | Debt reacquisition costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 6.8 | 7.5 |
Evergy Metro | Debt fair value adjustment | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Metro | Asset retirement obligations fair value adjustment | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Metro | Depreciation | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 9.4 | 0 |
Evergy Metro | Cost of removal | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 57.7 | 34.9 |
Evergy Metro | Asset retirement obligations | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 84 | 79.4 |
Evergy Metro | Analog meter unrecovered investment | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Metro | Treasury yield hedges | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Metro | Iatan No. 1 and common facilities | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 2.8 | 2.8 |
Evergy Metro | Iatan No. 2 construction accounting costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 12.7 | 13.1 |
Evergy Metro | Kansas property tax surcharge | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 5.2 | 3 |
Evergy Metro | Disallowed plant costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Metro | La Cygne environmental costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 2.3 | 2.5 |
Evergy Metro | Deferred customer programs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 8.6 | 8.3 |
Evergy Metro | Fuel recovery mechanisms | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 17.7 | 16.6 |
Evergy Metro | Solar rebates | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 1.5 | 9 |
Evergy Metro | Wolf Creek outage | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 5 | 15.5 |
Evergy Metro | Pension and other post-retirement benefit non-service costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 23.4 | 15.6 |
Evergy Metro | Retired generation facilities | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Metro | Merger transition costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 13.9 | 15.6 |
Evergy Metro | Other regulatory liabilities | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | $ 4.6 | $ 5.3 |
RATE MATTERS AND REGULATION -_2
RATE MATTERS AND REGULATION - Regulatory Matters Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | $ 2,664.9 | $ 2,311.6 |
Less: current portion | (26.1) | (63.3) |
Total noncurrent regulatory liabilities | 2,638.8 | 2,248.3 |
Taxes refundable through future rates | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 2,055.7 | 1,656.5 |
Deferred regulatory gain from sale leaseback | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 48.1 | 53.6 |
Emission allowances | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 46.1 | 50.1 |
Nuclear decommissioning | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 319.7 | 267.3 |
Pension and post-retirement costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 50.8 | 59.3 |
Jurisdictional allowance for funds used during construction | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 28.7 | 28.7 |
La Cygne leasehold dismantling costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 29.6 | 29.6 |
Cost of removal | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 4.4 | 49.1 |
Kansas tax credits | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 17 |
Purchase power agreement | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 6.3 | 7.4 |
Fuel recovery mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 1.3 | 34.1 |
Sibley AAO | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 18.4 | 10.2 |
Other regulatory liabilities | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 55.8 | 48.7 |
Evergy Kansas Central | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 1,472.9 | 1,174.8 |
Less: current portion | (11.9) | (42.3) |
Total noncurrent regulatory liabilities | 1,461 | 1,132.5 |
Evergy Kansas Central | Taxes refundable through future rates | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 1,184.5 | 856.4 |
Evergy Kansas Central | Deferred regulatory gain from sale leaseback | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 48.1 | 53.6 |
Evergy Kansas Central | Emission allowances | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Evergy Kansas Central | Nuclear decommissioning | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 138.2 | 116.5 |
Evergy Kansas Central | Pension and post-retirement costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 31.4 | 31.5 |
Evergy Kansas Central | Jurisdictional allowance for funds used during construction | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 27 | 28.7 |
Evergy Kansas Central | La Cygne leasehold dismantling costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 29.6 | 29.6 |
Evergy Kansas Central | Cost of removal | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Evergy Kansas Central | Kansas tax credits | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 17 |
Evergy Kansas Central | Purchase power agreement | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 6.3 | 7.4 |
Evergy Kansas Central | Fuel recovery mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 30.2 |
Evergy Kansas Central | Sibley AAO | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Evergy Kansas Central | Other regulatory liabilities | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 7.8 | 3.9 |
Evergy Metro | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 907.4 | 803.6 |
Less: current portion | (8) | (11.4) |
Total noncurrent regulatory liabilities | 899.4 | 792.2 |
Evergy Metro | Taxes refundable through future rates | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 650.2 | 568.9 |
Evergy Metro | Deferred regulatory gain from sale leaseback | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Evergy Metro | Emission allowances | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 46.1 | 50.1 |
Evergy Metro | Nuclear decommissioning | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 181.5 | 150.8 |
Evergy Metro | Pension and post-retirement costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 13.1 | 20.3 |
Evergy Metro | Jurisdictional allowance for funds used during construction | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 1.7 | 0 |
Evergy Metro | La Cygne leasehold dismantling costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Evergy Metro | Cost of removal | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Evergy Metro | Kansas tax credits | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Evergy Metro | Purchase power agreement | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Evergy Metro | Fuel recovery mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Evergy Metro | Sibley AAO | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Evergy Metro | Other regulatory liabilities | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | $ 14.8 | $ 13.5 |
GOODWILL (Details)
GOODWILL (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)reporting_unit | Dec. 31, 2019USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ | $ 2,336.6 | $ 2,336.6 |
Number of reporting units | reporting_unit | 1 |
ASSET RETIREMENT OBLIGATIONS (D
ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2020 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance January 1 | $ 674.1 | $ 687.1 | ||
Revision in timing and/or estimates | 249.3 | (22.3) | ||
Settlements | (18.4) | (17.8) | ||
Accretion | 36.9 | 27.1 | ||
Ending balance | 941.9 | 674.1 | ||
Less: current portion | (40.2) | (71.3) | ||
Asset retirement obligations | 901.7 | 602.8 | ||
Evergy Kansas Central | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance January 1 | 272.9 | 281.1 | ||
Revision in timing and/or estimates | 136.8 | (12.4) | ||
Settlements | (2.2) | (14.8) | ||
Accretion | 19.7 | 19 | ||
Ending balance | 427.2 | 272.9 | ||
Less: current portion | (11.2) | (23.3) | ||
Asset retirement obligations | 416 | 249.6 | ||
Evergy Metro | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning balance January 1 | 253.6 | 261 | ||
Revision in timing and/or estimates | 118.4 | (9.9) | ||
Settlements | (7.5) | (2.5) | ||
Accretion | 14.4 | 5 | ||
Ending balance | 378.9 | 253.6 | ||
Less: current portion | (21.2) | (36.1) | ||
Asset retirement obligations | $ 357.7 | $ 217.5 | ||
Wolf Creek Unit | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Jointly owned utility plant, proportionate ownership share | 94.00% | 94.00% | ||
Wolf Creek Unit | Evergy Kansas Central | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Jointly owned utility plant, proportionate ownership share | 47.00% | |||
Wolf Creek Unit | Evergy Metro | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Jointly owned utility plant, proportionate ownership share | 47.00% | 47.00% |
ASSET RETIREMENT OBLIGATIONS -
ASSET RETIREMENT OBLIGATIONS - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Jointly Owned Utility Plant Interests [Line Items] | |
Increase to ARO to decommission Wolf Creek resulting from study | $ 259.1 |
Evergy Kansas Central | |
Jointly Owned Utility Plant Interests [Line Items] | |
Increase to ARO to decommission Wolf Creek resulting from study | 140.7 |
Evergy Metro | |
Jointly Owned Utility Plant Interests [Line Items] | |
Increase to ARO to decommission Wolf Creek resulting from study | $ 118.4 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Electric plant in service | $ 28,914.8 | $ 27,768.8 |
Electric plant acquisition adjustment | 724.3 | 740.6 |
Accumulated depreciation | (10,998.4) | (10,293.7) |
Plant in service | 18,640.7 | 18,215.7 |
Construction work in progress | 1,153.5 | 839.2 |
Nuclear fuel, net | 155.9 | 128.5 |
Plant to be retired, net | 0.9 | 1 |
Property, plant and equipment, net | 19,951 | 19,184.4 |
Variable Interest Entities | ||
Property, Plant and Equipment [Line Items] | ||
Electric plant in service | 392.1 | 392.1 |
Accumulated depreciation | (237.2) | (230.1) |
Property, plant and equipment, net | 154.9 | 162 |
Evergy Kansas Central | ||
Property, Plant and Equipment [Line Items] | ||
Electric plant in service | 14,095.1 | 13,538.1 |
Electric plant acquisition adjustment | 724.3 | 740.6 |
Accumulated depreciation | (5,293.5) | (4,951.5) |
Plant in service | 9,525.9 | 9,327.2 |
Construction work in progress | 589.1 | 472.8 |
Nuclear fuel, net | 77.7 | 63.9 |
Plant to be retired, net | 0.9 | 1 |
Property, plant and equipment, net | 10,193.6 | 9,864.9 |
Evergy Kansas Central | Variable Interest Entities | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 154.9 | 162 |
Evergy Metro | ||
Property, Plant and Equipment [Line Items] | ||
Electric plant in service | 11,161.8 | 10,776.5 |
Electric plant acquisition adjustment | 0 | 0 |
Accumulated depreciation | (4,532.7) | (4,272) |
Plant in service | 6,629.1 | 6,504.5 |
Construction work in progress | 433.9 | 269.9 |
Nuclear fuel, net | 78.2 | 64.6 |
Plant to be retired, net | 0 | 0 |
Property, plant and equipment, net | $ 7,141.2 | $ 6,839 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Depreciation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 804.7 | $ 786.3 | $ 567.9 |
Variable Interest Entities | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | 7.1 | 7.1 | 7.1 |
Evergy Kansas Central | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | 435.1 | 425.8 | 371.3 |
Evergy Metro | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 269.5 | $ 262.7 | $ 235.3 |
JOINTLY-OWNED ELECTRIC UTILIT_3
JOINTLY-OWNED ELECTRIC UTILITY PLANTS (Details) $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020Rate | Dec. 31, 2020MW | Dec. 31, 2020 | Dec. 31, 2019USD ($) |
Jointly Owned Utility Plant Interests [Line Items] | |||||
Nuclear fuel, net | $ 155.9 | $ 128.5 | |||
Wolf Creek Unit | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 94.00% | 94.00% | |||
Electric plant in service | 4,059.1 | ||||
Accumulated depreciation | 1,970.3 | ||||
Nuclear fuel, net | 155.9 | ||||
Construction work in progress | 183.5 | ||||
Accredited capacity | MW | 1,108 | ||||
La Cygne Units | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 100.00% | ||||
Electric plant in service | 2,207.6 | ||||
Accumulated depreciation | 779.4 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 27.7 | ||||
Accredited capacity | MW | 1,426 | ||||
Iatan No. 1 Unit | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 88.00% | ||||
Electric plant in service | 773.3 | ||||
Accumulated depreciation | 265.7 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 10.3 | ||||
Accredited capacity | MW | 618 | ||||
Iatan No. 2 Unit | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 73.00% | ||||
Electric plant in service | 1,404.3 | ||||
Accumulated depreciation | 459.3 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 10.7 | ||||
Accredited capacity | MW | 640 | ||||
Iatan Common | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 79.00% | ||||
Electric plant in service | 499.7 | ||||
Accumulated depreciation | 127.8 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 4.4 | ||||
Jeffrey Energy Center | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 100.00% | ||||
Electric plant in service | 2,435.4 | ||||
Accumulated depreciation | 984.1 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 84.1 | ||||
Accredited capacity | MW | 2,012 | ||||
State Line | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 40.00% | ||||
Electric plant in service | 115 | ||||
Accumulated depreciation | 80.6 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 12.9 | ||||
Accredited capacity | MW | 200 | ||||
Evergy Kansas Central | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Nuclear fuel, net | 77.7 | 63.9 | |||
Evergy Kansas Central | Wolf Creek Unit | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 47.00% | ||||
Electric plant in service | 1,995.2 | ||||
Accumulated depreciation | 956.6 | ||||
Nuclear fuel, net | 77.7 | ||||
Construction work in progress | 77.2 | ||||
Accredited capacity | MW | 554 | ||||
Evergy Kansas Central | La Cygne Units | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 50.00% | ||||
Electric plant in service | 1,046.5 | ||||
Accumulated depreciation | 446.2 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 10.6 | ||||
Accredited capacity | MW | 713 | ||||
Evergy Kansas Central | Jeffrey Energy Center | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 92.00% | ||||
Electric plant in service | 2,229.5 | ||||
Accumulated depreciation | 895.3 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 77.3 | ||||
Accredited capacity | MW | 1,837 | ||||
Evergy Kansas Central | State Line | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 40.00% | ||||
Electric plant in service | 115 | ||||
Accumulated depreciation | 80.6 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 12.9 | ||||
Accredited capacity | MW | 200 | ||||
Evergy Metro | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Nuclear fuel, net | 78.2 | $ 64.6 | |||
Evergy Metro | Wolf Creek Unit | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 47.00% | 47.00% | |||
Electric plant in service | 2,063.9 | ||||
Accumulated depreciation | 1,013.7 | ||||
Nuclear fuel, net | 78.2 | ||||
Construction work in progress | 106.3 | ||||
Accredited capacity | MW | 554 | ||||
Evergy Metro | La Cygne Units | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 50.00% | ||||
Electric plant in service | 1,161.1 | ||||
Accumulated depreciation | 333.2 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 17.1 | ||||
Accredited capacity | MW | 713 | ||||
Evergy Metro | Iatan No. 1 Unit | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 70.00% | ||||
Electric plant in service | 600.2 | ||||
Accumulated depreciation | 204.7 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 8.3 | ||||
Accredited capacity | MW | 492 | ||||
Evergy Metro | Iatan No. 2 Unit | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 55.00% | ||||
Electric plant in service | 1,065.3 | ||||
Accumulated depreciation | 397.4 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 8 | ||||
Accredited capacity | MW | 482 | ||||
Evergy Metro | Iatan Common | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 61.00% | ||||
Electric plant in service | 396.5 | ||||
Accumulated depreciation | 110.5 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | $ 3.1 | ||||
Subsidiaries | La Cygne Unit 2 | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Leasehold interest percentage | 50.00% | ||||
Subsidiaries | Evergy Kansas Central | La Cygne Unit 2 | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Leasehold interest percentage | 50.00% |
PENSION PLANS AND POST-RETIRE_3
PENSION PLANS AND POST-RETIREMENT BENEFITS - Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($)Rate | Dec. 31, 2019USD ($) | Dec. 31, 2020 | Dec. 31, 2020USD ($) | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement and special termination benefits | $ 11.2 | $ 15.6 | ||
Non-qualified benefit obligations | 49.4 | $ 52.1 | ||
Funded by trusts containing assets | $ 45.5 | 46.3 | ||
Contributions to plans in next year | 131.6 | |||
Defined benefit plan basis point change in discount rate | 70 | 70 | ||
Post-Retirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement and special termination benefits | $ 0 | $ 0 | ||
Contributions to plans in next year | 4.1 | |||
Evergy Kansas Central | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement and special termination benefits | $ 0 | 0 | ||
Non-qualified benefit obligations | 26 | 27 | ||
Funded by trusts containing assets | $ 31.7 | 32.7 | ||
Contributions to plans in next year | 41.2 | |||
Defined benefit plan basis point change in discount rate | 70 | 70 | ||
Evergy Kansas Central | Post-Retirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement and special termination benefits | $ 0 | $ 0 | ||
Contributions to plans in next year | 0.6 | |||
Evergy Metro | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement and special termination benefits | $ 14.3 | $ 23 | ||
Contributions to plans in next year | 90.4 | |||
Defined benefit plan basis point change in discount rate | 70 | 70 | ||
Evergy Metro | Post-Retirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement and special termination benefits | $ 0 | $ 0 | ||
Contributions to plans in next year | $ 3.5 | |||
Wolf Creek | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Jointly owned utility plant, proportionate ownership share | 94.00% | 94.00% | ||
Wolf Creek | Evergy Kansas South Inc | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Jointly owned utility plant, proportionate ownership share | 47.00% | |||
Wolf Creek | Evergy Kansas Central | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Jointly owned utility plant, proportionate ownership share | Rate | 47.00% | |||
Wolf Creek | Evergy Metro | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Jointly owned utility plant, proportionate ownership share | 47.00% | 47.00% |
PENSION PLANS AND POST-RETIRE_4
PENSION PLANS AND POST-RETIREMENT BENEFITS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits | |||
Components of net periodic benefit costs | |||
Defined benefit plan, benefit obligation, beginning of the year | $ 2,718.2 | $ 2,553.4 | |
Service cost | 78.9 | 79.1 | $ 60.7 |
Interest cost | 96.8 | 108 | 82.5 |
Contribution by participants | 0 | 0 | |
Plan amendments | 4.2 | ||
Actuarial gain (loss) | 273.9 | 262.4 | |
Benefits paid | (202.5) | (180.5) | |
Settlements | (62.9) | 96.6 | |
Other | (5.5) | (7.6) | |
Defined benefit plan, benefit obligation, end of the year | 2,901.1 | 2,718.2 | 2,553.4 |
Change in plan assets | |||
Fair value of plan assets, beginning of the year | 1,732.8 | 1,603.4 | |
Actual return on plan assets | 209.9 | 284 | |
Contributions by employer and participants | 123.4 | 125.2 | |
Benefits paid | (198.6) | (175.6) | |
Settlements | (62.9) | (96.6) | |
Other | (5.5) | (7.6) | |
Fair value of plan assets, end of the year | 1,799.1 | 1,732.8 | 1,603.4 |
Funded status at end of year | (1,102) | (985.4) | |
Amounts recognized in the consolidated balance sheets | |||
Non-current asset | 0 | 0 | |
Current pension and other post-retirement liability | (4.4) | (5.6) | |
Noncurrent pension liability and other post-retirement liability | (1,097.6) | (979.8) | |
Net amount recognized before regulatory treatment | (1,102) | (985.4) | |
Accumulated OCI or regulatory asset/liability | 566.9 | 454.1 | |
Net amount recognized at December 31, 2020 | (535.1) | (531.3) | |
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Accumulated OCI or regulatory asset/liability | 566.9 | 454.1 | |
Pension Benefits | Evergy Kansas Central | |||
Components of net periodic benefit costs | |||
Defined benefit plan, benefit obligation, beginning of the year | 1,323.4 | 1,258.9 | |
Service cost | 27.1 | 29 | 32.2 |
Interest cost | 47 | 53.7 | 50.7 |
Contribution by participants | 0 | 0 | |
Plan amendments | 8.1 | ||
Actuarial gain (loss) | 127 | 120.3 | |
Benefits paid | (102.3) | (136.9) | |
Settlements | 0 | 0 | |
Other | (0.7) | (1.6) | |
Defined benefit plan, benefit obligation, end of the year | 1,429.6 | 1,323.4 | 1,258.9 |
Change in plan assets | |||
Fair value of plan assets, beginning of the year | 842.1 | 804.6 | |
Actual return on plan assets | 99.7 | 130.5 | |
Contributions by employer and participants | 45.8 | 43 | |
Benefits paid | (99.9) | (134.4) | |
Settlements | 0 | 0 | |
Other | (0.7) | (1.6) | |
Fair value of plan assets, end of the year | 887 | 842.1 | 804.6 |
Funded status at end of year | (542.6) | (481.3) | |
Amounts recognized in the consolidated balance sheets | |||
Non-current asset | 0 | 0 | |
Current pension and other post-retirement liability | (2.5) | (3) | |
Noncurrent pension liability and other post-retirement liability | (540.1) | (478.3) | |
Net amount recognized before regulatory treatment | (542.6) | (481.3) | |
Accumulated OCI or regulatory asset/liability | 408 | 354.9 | |
Net amount recognized at December 31, 2020 | (134.6) | (126.4) | |
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Accumulated OCI or regulatory asset/liability | 408 | 354.9 | |
Pension Benefits | Evergy Metro | |||
Components of net periodic benefit costs | |||
Defined benefit plan, benefit obligation, beginning of the year | 1,371.4 | 1,272.4 | |
Service cost | 51.8 | 50.1 | 48.6 |
Interest cost | 49.1 | 53.3 | 49.9 |
Contribution by participants | 0 | 0 | |
Plan amendments | (3.9) | ||
Actuarial gain (loss) | 144.8 | 140.5 | |
Benefits paid | (99) | (42.3) | |
Settlements | (62.9) | 96.6 | |
Other | (4.8) | (6) | |
Defined benefit plan, benefit obligation, end of the year | 1,446.5 | 1,371.4 | 1,272.4 |
Change in plan assets | |||
Fair value of plan assets, beginning of the year | 890.7 | 798.8 | |
Actual return on plan assets | 110.2 | 153.5 | |
Contributions by employer and participants | 77.6 | 82.2 | |
Benefits paid | (98.7) | (41.2) | |
Settlements | (62.9) | (96.6) | |
Other | (4.8) | (6) | |
Fair value of plan assets, end of the year | 912.1 | 890.7 | 798.8 |
Funded status at end of year | (534.4) | (480.7) | |
Amounts recognized in the consolidated balance sheets | |||
Non-current asset | 0 | 0 | |
Current pension and other post-retirement liability | (0.8) | (1.3) | |
Noncurrent pension liability and other post-retirement liability | (533.6) | (479.4) | |
Net amount recognized before regulatory treatment | (534.4) | (480.7) | |
Accumulated OCI or regulatory asset/liability | 216.9 | 192.3 | |
Net amount recognized at December 31, 2020 | (317.5) | (288.4) | |
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Accumulated OCI or regulatory asset/liability | 216.9 | 192.3 | |
Post-Retirement Benefits | |||
Components of net periodic benefit costs | |||
Defined benefit plan, benefit obligation, beginning of the year | 264.3 | 249.3 | |
Service cost | 2.7 | 2.5 | 2.3 |
Interest cost | 9.2 | 10.5 | 8 |
Contribution by participants | 9.3 | 8.8 | |
Plan amendments | 1 | ||
Actuarial gain (loss) | 19.6 | 20.9 | |
Benefits paid | (25.7) | (27.7) | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Defined benefit plan, benefit obligation, end of the year | 280.4 | 264.3 | 249.3 |
Change in plan assets | |||
Fair value of plan assets, beginning of the year | 239.9 | 223.3 | |
Actual return on plan assets | 20.7 | 30 | |
Contributions by employer and participants | 11.7 | 13.2 | |
Benefits paid | (24) | (26.6) | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Fair value of plan assets, end of the year | 248.3 | 239.9 | 223.3 |
Funded status at end of year | (32.1) | (24.4) | |
Amounts recognized in the consolidated balance sheets | |||
Non-current asset | 21.3 | 15 | |
Current pension and other post-retirement liability | (1.6) | (1.9) | |
Noncurrent pension liability and other post-retirement liability | (51.8) | (37.5) | |
Net amount recognized before regulatory treatment | (32.1) | (24.4) | |
Accumulated OCI or regulatory asset/liability | 4 | (4.4) | |
Net amount recognized at December 31, 2020 | (28.1) | (28.8) | |
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Accumulated OCI or regulatory asset/liability | 4 | (4.4) | |
Post-Retirement Benefits | Evergy Kansas Central | |||
Components of net periodic benefit costs | |||
Defined benefit plan, benefit obligation, beginning of the year | 138.7 | 133.6 | |
Service cost | 1.1 | 1.1 | 1.3 |
Interest cost | 4.8 | 5.6 | 5 |
Contribution by participants | 1.8 | 1.9 | |
Plan amendments | 0.5 | ||
Actuarial gain (loss) | 11 | 9.5 | |
Benefits paid | (11.1) | (13) | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Defined benefit plan, benefit obligation, end of the year | 146.8 | 138.7 | 133.6 |
Change in plan assets | |||
Fair value of plan assets, beginning of the year | 120.5 | 109.7 | |
Actual return on plan assets | 13.7 | 20 | |
Contributions by employer and participants | 2.1 | 3.5 | |
Benefits paid | (10.5) | (12.7) | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Fair value of plan assets, end of the year | 125.8 | 120.5 | 109.7 |
Funded status at end of year | (21) | (18.2) | |
Amounts recognized in the consolidated balance sheets | |||
Non-current asset | 0 | 0 | |
Current pension and other post-retirement liability | (0.8) | (1) | |
Noncurrent pension liability and other post-retirement liability | (20.2) | (17.2) | |
Net amount recognized before regulatory treatment | (21) | (18.2) | |
Accumulated OCI or regulatory asset/liability | 1 | (2.9) | |
Net amount recognized at December 31, 2020 | (20) | (21.1) | |
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Accumulated OCI or regulatory asset/liability | 1 | (2.9) | |
Post-Retirement Benefits | Evergy Metro | |||
Components of net periodic benefit costs | |||
Defined benefit plan, benefit obligation, beginning of the year | 125.6 | 115.7 | |
Service cost | 1.6 | 1.4 | 2 |
Interest cost | 4.4 | 4.9 | 4.8 |
Contribution by participants | 7.5 | 6.9 | |
Plan amendments | 0.5 | ||
Actuarial gain (loss) | 8.6 | 11.4 | |
Benefits paid | (14.6) | (14.7) | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Defined benefit plan, benefit obligation, end of the year | 133.6 | 125.6 | 115.7 |
Change in plan assets | |||
Fair value of plan assets, beginning of the year | 119.4 | 113.6 | |
Actual return on plan assets | 7 | 10 | |
Contributions by employer and participants | 9.6 | 9.7 | |
Benefits paid | (13.5) | (13.9) | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Fair value of plan assets, end of the year | 122.5 | 119.4 | $ 113.6 |
Funded status at end of year | (11.1) | (6.2) | |
Amounts recognized in the consolidated balance sheets | |||
Non-current asset | 21.3 | 15 | |
Current pension and other post-retirement liability | (0.9) | (0.9) | |
Noncurrent pension liability and other post-retirement liability | (31.5) | (20.3) | |
Net amount recognized before regulatory treatment | (11.1) | (6.2) | |
Accumulated OCI or regulatory asset/liability | (7.7) | (13) | |
Net amount recognized at December 31, 2020 | (18.8) | (19.2) | |
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Accumulated OCI or regulatory asset/liability | (7.7) | (13) | |
Actuarial (gain) loss | Pension Benefits | |||
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Actuarial (gain) loss | 551.8 | 439.7 | |
Actuarial (gain) loss | Pension Benefits | Evergy Kansas Central | |||
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Actuarial (gain) loss | 388.9 | 342.3 | |
Actuarial (gain) loss | Pension Benefits | Evergy Metro | |||
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Actuarial (gain) loss | 218.6 | 189.4 | |
Actuarial (gain) loss | Post-Retirement Benefits | |||
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Actuarial (gain) loss | 2.2 | (5.7) | |
Actuarial (gain) loss | Post-Retirement Benefits | Evergy Kansas Central | |||
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Actuarial (gain) loss | (0.3) | (4.2) | |
Actuarial (gain) loss | Post-Retirement Benefits | Evergy Metro | |||
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Actuarial (gain) loss | 0 | (4.9) | |
Prior service cost | Pension Benefits | |||
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Prior service cost | 15.1 | 14.4 | |
Prior service cost | Pension Benefits | Evergy Kansas Central | |||
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Prior service cost | 19.1 | 12.6 | |
Prior service cost | Pension Benefits | Evergy Metro | |||
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Prior service cost | (1.7) | 2.9 | |
Prior service cost | Post-Retirement Benefits | |||
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Prior service cost | 1.8 | 1.3 | |
Prior service cost | Post-Retirement Benefits | Evergy Kansas Central | |||
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Prior service cost | 1.3 | 1.3 | |
Prior service cost | Post-Retirement Benefits | Evergy Metro | |||
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: | |||
Prior service cost | $ (7.7) | $ (8.1) |
PENSION PLANS AND POST-RETIRE_5
PENSION PLANS AND POST-RETIREMENT BENEFITS PENSION PLANS AND POST-RETIREMENT BENEFITS - Schedule of Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Total recognized in OCI or regulatory asset/liability | $ (0.6) | $ 47 | $ 3 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 78.9 | 79.1 | 60.7 |
Interest cost | 96.8 | 108 | 82.5 |
Expected return on plan assets | (105.6) | (106.3) | (86.4) |
Prior service cost | 1.8 | 1.9 | 0.7 |
Recognized net actuarial (gain) loss | 46.4 | 33 | 32.6 |
Settlement and special termination benefits | 11.2 | 15.6 | |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 129.5 | 131.3 | 90.1 |
Regulatory adjustment | 29.6 | 37.4 | 8.3 |
Net periodic benefit costs (income) | 159.1 | 168.7 | 98.4 |
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Total recognized in OCI or regulatory asset/liability | 112.8 | 34.2 | 47.3 |
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability | 271.9 | 202.9 | 145.7 |
Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 2.7 | 2.5 | 2.3 |
Interest cost | 9.2 | 10.5 | 8 |
Expected return on plan assets | (9.3) | (10) | (8.8) |
Prior service cost | 0.5 | 0.5 | 0.5 |
Recognized net actuarial (gain) loss | 0.2 | (1.2) | (0.6) |
Settlement and special termination benefits | 0 | 0 | |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 3.3 | 2.3 | 1.4 |
Regulatory adjustment | (4) | (3.4) | (1.7) |
Net periodic benefit costs (income) | (0.7) | (1.1) | (0.3) |
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Total recognized in OCI or regulatory asset/liability | 8.4 | 1.6 | 5 |
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability | 7.7 | 0.5 | 4.7 |
Evergy Kansas Central | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 27.1 | 29 | 32.2 |
Interest cost | 47 | 53.7 | 50.7 |
Expected return on plan assets | (53.1) | (54.8) | (55.9) |
Prior service cost | 1.6 | 1.7 | 0.7 |
Recognized net actuarial (gain) loss | 33.9 | 25.5 | 32.6 |
Settlement and special termination benefits | 0 | 0 | |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 56.5 | 55.1 | 60.3 |
Regulatory adjustment | 5.9 | 3 | 8.8 |
Intercompany allocations | (0.2) | 0 | 0 |
Net periodic benefit costs (income) | 62.2 | 58.1 | 69.1 |
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Total recognized in OCI or regulatory asset/liability | 53.1 | 17.4 | (35.1) |
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability | 115.3 | 75.5 | 34 |
Evergy Kansas Central | Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1.1 | 1.1 | 1.3 |
Interest cost | 4.8 | 5.6 | 5 |
Expected return on plan assets | (6.6) | (6.7) | (7) |
Prior service cost | 0.5 | 0.5 | 0.5 |
Recognized net actuarial (gain) loss | 0 | (0.6) | (0.6) |
Settlement and special termination benefits | 0 | 0 | |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | (0.2) | (0.1) | (0.8) |
Regulatory adjustment | (3) | (3) | (2) |
Intercompany allocations | 0.1 | 0 | 0 |
Net periodic benefit costs (income) | (3.1) | (3.1) | (2.8) |
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Total recognized in OCI or regulatory asset/liability | 3.9 | (3.7) | 11.8 |
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability | 0.8 | (6.8) | 9 |
Evergy Metro | |||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Total recognized in OCI or regulatory asset/liability | 0.2 | (0.7) | (3.7) |
Evergy Metro | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 51.8 | 50.1 | 48.6 |
Interest cost | 49.1 | 53.3 | 49.9 |
Expected return on plan assets | (54.7) | (48.9) | (55.5) |
Prior service cost | 0.8 | 0.9 | 0.7 |
Recognized net actuarial (gain) loss | 45.7 | 49.8 | 45.1 |
Settlement and special termination benefits | 14.3 | 23 | |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 107 | 128.2 | 88.8 |
Regulatory adjustment | (11.6) | (19.2) | 0.7 |
Intercompany allocations | (22.6) | (34.4) | (21.6) |
Net periodic benefit costs (income) | 72.8 | 74.6 | 67.9 |
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Total recognized in OCI or regulatory asset/liability | 24.6 | (37.8) | (17.9) |
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability | 97.4 | 36.8 | 50 |
Evergy Metro | Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1.6 | 1.4 | 2 |
Interest cost | 4.4 | 4.9 | 4.8 |
Expected return on plan assets | (2.7) | (3.3) | (2.8) |
Prior service cost | 0 | 0 | 0.1 |
Recognized net actuarial (gain) loss | (0.6) | (1.4) | (0.2) |
Settlement and special termination benefits | 0 | 0 | |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 2.7 | 1.6 | 3.9 |
Regulatory adjustment | (0.2) | 0.4 | (0.1) |
Intercompany allocations | (0.3) | (0.4) | (1.1) |
Net periodic benefit costs (income) | 2.2 | 1.6 | 2.7 |
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Total recognized in OCI or regulatory asset/liability | 5.3 | 6.1 | (13.9) |
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability | 7.5 | 7.7 | (11.2) |
Actuarial (gain) loss | Pension Benefits | |||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 169.7 | 84.7 | 67.2 |
Amounts reclassified from accumulated other comprehensive loss | (59.2) | (48.6) | (32.6) |
Actuarial (gain) loss | Post-Retirement Benefits | |||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 8.2 | 0.9 | 4.9 |
Amounts reclassified from accumulated other comprehensive loss | (0.2) | 1.2 | 0.6 |
Actuarial (gain) loss | Evergy Kansas Central | Pension Benefits | |||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 80.4 | 44.6 | (13.2) |
Amounts reclassified from accumulated other comprehensive loss | (33.8) | (25.5) | (32.6) |
Actuarial (gain) loss | Evergy Kansas Central | Post-Retirement Benefits | |||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 3.9 | (3.8) | 11.7 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0.6 | 0.6 |
Actuarial (gain) loss | Evergy Metro | Pension Benefits | |||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 89.3 | 35.9 | 25.9 |
Amounts reclassified from accumulated other comprehensive loss | (60) | (72.8) | (45.1) |
Actuarial (gain) loss | Evergy Metro | Post-Retirement Benefits | |||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 4.3 | 4.7 | (14) |
Amounts reclassified from accumulated other comprehensive loss | 0.6 | 1.4 | 0.2 |
Prior service cost | Pension Benefits | |||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (4.1) | 13.4 | |
Amounts reclassified from accumulated other comprehensive loss | (1.8) | (1.9) | (0.7) |
Prior service cost | Post-Retirement Benefits | |||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (0.9) | 0 | |
Amounts reclassified from accumulated other comprehensive loss | (0.5) | (0.5) | (0.5) |
Prior service cost | Evergy Kansas Central | Pension Benefits | |||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (8.1) | 11.4 | |
Amounts reclassified from accumulated other comprehensive loss | (1.6) | (1.7) | (0.7) |
Prior service cost | Evergy Kansas Central | Post-Retirement Benefits | |||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (0.5) | 0 | |
Amounts reclassified from accumulated other comprehensive loss | (0.5) | (0.5) | (0.5) |
Prior service cost | Evergy Metro | Pension Benefits | |||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 3.9 | 2 | |
Amounts reclassified from accumulated other comprehensive loss | (0.8) | (0.9) | (0.7) |
Prior service cost | Evergy Metro | Post-Retirement Benefits | |||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (0.4) | 0 | |
Amounts reclassified from accumulated other comprehensive loss | $ 0 | $ 0 | $ (0.1) |
PENSION PLANS AND POST-RETIRE_6
PENSION PLANS AND POST-RETIREMENT BENEFITS - APBO (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
ABO for all defined benefit pension plans | $ 2,534.1 | $ 2,390.5 |
Pension plans with the PBO in excess of plan assets | ||
Projected benefit obligation | 2,901.1 | 2,718.2 |
Fair value of plan assets | 1,799.1 | 1,732.8 |
Other post-retirement benefit plans with the APBO in excess of plan assets | ||
Accumulated benefit obligation | 2,534.1 | 2,390.5 |
Fair value of plan assets | 1,799.1 | 1,732.8 |
Post-Retirement Benefits | ||
Other post-retirement benefit plans with the APBO in excess of plan assets | ||
Accumulated benefit obligation | 280.4 | 264.3 |
Fair value of plan assets | 248.3 | 239.9 |
Evergy Metro | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
ABO for all defined benefit pension plans | 1,227.4 | 1,170.2 |
Pension plans with the PBO in excess of plan assets | ||
Projected benefit obligation | 1,446.5 | 1,371.4 |
Fair value of plan assets | 912.1 | 890.7 |
Other post-retirement benefit plans with the APBO in excess of plan assets | ||
Accumulated benefit obligation | 1,227.4 | 1,170.2 |
Fair value of plan assets | 912.1 | 890.7 |
Evergy Metro | Post-Retirement Benefits | ||
Other post-retirement benefit plans with the APBO in excess of plan assets | ||
Accumulated benefit obligation | 133.6 | 125.6 |
Fair value of plan assets | 122.5 | 119.4 |
Evergy Kansas Central | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
ABO for all defined benefit pension plans | 1,281.6 | 1,196.8 |
Pension plans with the PBO in excess of plan assets | ||
Projected benefit obligation | 1,429.6 | 1,323.4 |
Fair value of plan assets | 887 | 842.1 |
Other post-retirement benefit plans with the APBO in excess of plan assets | ||
Accumulated benefit obligation | 1,281.6 | 1,196.8 |
Fair value of plan assets | 887 | 842.1 |
Evergy Kansas Central | Post-Retirement Benefits | ||
Other post-retirement benefit plans with the APBO in excess of plan assets | ||
Accumulated benefit obligation | 146.8 | 138.7 |
Fair value of plan assets | $ 125.8 | $ 120.5 |
PENSION PLANS AND POST-RETIRE_7
PENSION PLANS AND POST-RETIREMENT BENEFITS - Weighted-Average Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | ||
Weighted-average assumptions used to determine the benefit obligation | ||
Discount rate | 2.95% | 3.62% |
Rate of compensation increase | 3.71% | 3.74% |
Interest crediting rate for cash balance plans | 4.12% | 4.32% |
Weighted-average assumptions used to determine net costs | ||
Discount rate | 3.62% | 4.35% |
Expected long-term return on plan assets | 6.63% | 6.61% |
Rate of compensation increase | 3.74% | 3.76% |
Interest crediting rate for cash balance plans | 4.32% | 4.32% |
Post-Retirement Benefits | ||
Weighted-average assumptions used to determine the benefit obligation | ||
Discount rate | 2.84% | 3.56% |
Rate of compensation increase | 3.75% | 3.75% |
Weighted-average assumptions used to determine net costs | ||
Discount rate | 3.56% | 4.33% |
Expected long-term return on plan assets | 4.19% | 4.44% |
Rate of compensation increase | 3.75% | 3.50% |
Evergy Kansas Central | Pension Benefits | ||
Weighted-average assumptions used to determine the benefit obligation | ||
Discount rate | 2.93% | 3.61% |
Rate of compensation increase | 3.76% | 3.78% |
Interest crediting rate for cash balance plans | 4.00% | 4.21% |
Weighted-average assumptions used to determine net costs | ||
Discount rate | 3.61% | 4.35% |
Expected long-term return on plan assets | 6.70% | 6.75% |
Rate of compensation increase | 3.75% | 4.03% |
Interest crediting rate for cash balance plans | 4.21% | 4.21% |
Evergy Kansas Central | Post-Retirement Benefits | ||
Weighted-average assumptions used to determine the benefit obligation | ||
Discount rate | 2.80% | 3.54% |
Weighted-average assumptions used to determine net costs | ||
Discount rate | 3.54% | 4.33% |
Expected long-term return on plan assets | 6.00% | 6.00% |
Evergy Metro | Pension Benefits | ||
Weighted-average assumptions used to determine the benefit obligation | ||
Discount rate | 2.97% | 3.64% |
Rate of compensation increase | 3.71% | 3.71% |
Interest crediting rate for cash balance plans | 4.46% | 4.50% |
Weighted-average assumptions used to determine net costs | ||
Discount rate | 3.64% | 4.36% |
Expected long-term return on plan assets | 6.56% | 6.47% |
Rate of compensation increase | 3.71% | 3.64% |
Interest crediting rate for cash balance plans | 4.50% | 4.50% |
Evergy Metro | Post-Retirement Benefits | ||
Weighted-average assumptions used to determine the benefit obligation | ||
Discount rate | 2.88% | 3.58% |
Rate of compensation increase | 3.75% | 3.75% |
Weighted-average assumptions used to determine net costs | ||
Discount rate | 3.58% | 4.33% |
Expected long-term return on plan assets | 2.37% | 2.94% |
Rate of compensation increase | 3.75% | 3.50% |
PENSION PLANS AND POST-RETIRE_8
PENSION PLANS AND POST-RETIREMENT BENEFITS - Expected Future Services (Details) $ in Millions | Dec. 31, 2020USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 187.6 |
2022 | 189.6 |
2023 | 192.6 |
2024 | 193.2 |
2025 | 195.5 |
2026-2030 | 957 |
Post-Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 16.7 |
2022 | 16.4 |
2023 | 16.1 |
2024 | 15.7 |
2025 | 15.3 |
2026-2030 | 73.1 |
Evergy Kansas Central | Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 96.2 |
2022 | 95.5 |
2023 | 95.7 |
2024 | 95.2 |
2025 | 94.5 |
2026-2030 | 442.8 |
Evergy Kansas Central | Post-Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 9.5 |
2022 | 9.3 |
2023 | 9.1 |
2024 | 8.8 |
2025 | 8.6 |
2026-2030 | 39.8 |
Evergy Metro | Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 90.2 |
2022 | 92.8 |
2023 | 95.6 |
2024 | 96.7 |
2025 | 99.4 |
2026-2030 | 506.5 |
Evergy Metro | Post-Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 7.2 |
2022 | 7.1 |
2023 | 6.9 |
2024 | 6.9 |
2025 | 6.8 |
2026-2030 | $ 33.3 |
PENSION PLANS AND POST-RETIRE_9
PENSION PLANS AND POST-RETIREMENT BENEFITS - Target Asset Allocations (Details) | Dec. 31, 2020 |
Evergy Kansas Central | Pension Benefits | Domestic equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 29.00% |
Evergy Kansas Central | Pension Benefits | International equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 20.00% |
Evergy Kansas Central | Pension Benefits | Bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 36.00% |
Evergy Kansas Central | Pension Benefits | Mortgage & asset backed securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 0.00% |
Evergy Kansas Central | Pension Benefits | Real estate investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 4.00% |
Evergy Kansas Central | Pension Benefits | Other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 11.00% |
Evergy Kansas Central | Post-Retirement Benefits | Domestic equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 33.00% |
Evergy Kansas Central | Post-Retirement Benefits | International equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 22.00% |
Evergy Kansas Central | Post-Retirement Benefits | Bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 45.00% |
Evergy Kansas Central | Post-Retirement Benefits | Mortgage & asset backed securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 0.00% |
Evergy Kansas Central | Post-Retirement Benefits | Real estate investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 0.00% |
Evergy Kansas Central | Post-Retirement Benefits | Other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 0.00% |
Evergy Metro | Pension Benefits | Domestic equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 30.00% |
Evergy Metro | Pension Benefits | International equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 24.00% |
Evergy Metro | Pension Benefits | Bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 33.00% |
Evergy Metro | Pension Benefits | Mortgage & asset backed securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 0.00% |
Evergy Metro | Pension Benefits | Real estate investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 5.00% |
Evergy Metro | Pension Benefits | Other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 9.00% |
Evergy Metro | Post-Retirement Benefits | Domestic equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 3.00% |
Evergy Metro | Post-Retirement Benefits | International equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 0.00% |
Evergy Metro | Post-Retirement Benefits | Bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 85.00% |
Evergy Metro | Post-Retirement Benefits | Mortgage & asset backed securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 4.00% |
Evergy Metro | Post-Retirement Benefits | Real estate investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 0.00% |
Evergy Metro | Post-Retirement Benefits | Other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 7.00% |
PENSION PLANS AND POST-RETIR_10
PENSION PLANS AND POST-RETIREMENT BENEFITS - Fair Values of Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,799.1 | $ 1,732.8 | $ 1,603.4 |
Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 248.3 | 239.9 | 223.3 |
Evergy Kansas Central | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 887 | 842.1 | 804.6 |
Evergy Kansas Central | Pension Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 516.2 | 515.2 | |
Evergy Kansas Central | Pension Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 370.8 | 326.9 | |
Evergy Kansas Central | Pension Benefits | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 248.5 | 233.8 | |
Evergy Kansas Central | Pension Benefits | Domestic equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 151.3 | 150.6 | |
Evergy Kansas Central | Pension Benefits | Domestic equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Domestic equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Domestic equities | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 97.2 | 83.2 | |
Evergy Kansas Central | Pension Benefits | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 171.2 | 162.4 | |
Evergy Kansas Central | Pension Benefits | International equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 103.8 | 101.5 | |
Evergy Kansas Central | Pension Benefits | International equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | International equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | International equities | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 67.4 | 60.9 | |
Evergy Kansas Central | Pension Benefits | Bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 281.2 | 281.7 | |
Evergy Kansas Central | Pension Benefits | Bond funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 230.7 | 233 | |
Evergy Kansas Central | Pension Benefits | Bond funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Bond funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Bond funds | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 50.5 | 48.7 | |
Evergy Kansas Central | Pension Benefits | Real estate investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 46.7 | 46.5 | |
Evergy Kansas Central | Pension Benefits | Real estate investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Real estate investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Real estate investments | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Real estate investments | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 46.7 | 46.5 | |
Evergy Kansas Central | Pension Benefits | Combination debt/equity/other fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30.4 | 30.1 | |
Evergy Kansas Central | Pension Benefits | Combination debt/equity/other fund | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30.4 | 30.1 | |
Evergy Kansas Central | Pension Benefits | Combination debt/equity/other fund | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Combination debt/equity/other fund | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Combination debt/equity/other fund | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Alternative investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 83.6 | 78.5 | |
Evergy Kansas Central | Pension Benefits | Alternative investment funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Alternative investment funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Alternative investment funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Alternative investment funds | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 83.6 | 78.5 | |
Evergy Kansas Central | Pension Benefits | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25.4 | 9.1 | |
Evergy Kansas Central | Pension Benefits | Short-term investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Short-term investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Short-term investments | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Short-term investments | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25.4 | 9.1 | |
Evergy Kansas Central | Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 125.8 | 120.5 | 109.7 |
Evergy Kansas Central | Post-Retirement Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.7 | 1.1 | |
Evergy Kansas Central | Post-Retirement Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 125.1 | 119.4 | |
Evergy Kansas Central | Post-Retirement Benefits | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 41.9 | 40.5 | |
Evergy Kansas Central | Post-Retirement Benefits | Domestic equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | Domestic equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | Domestic equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | Domestic equities | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 41.9 | 40.5 | |
Evergy Kansas Central | Post-Retirement Benefits | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27.7 | 26 | |
Evergy Kansas Central | Post-Retirement Benefits | International equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | International equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | International equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | International equities | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27.7 | 26 | |
Evergy Kansas Central | Post-Retirement Benefits | Bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 55.5 | 52.9 | |
Evergy Kansas Central | Post-Retirement Benefits | Bond funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | Bond funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | Bond funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | Bond funds | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 55.5 | 52.9 | |
Evergy Kansas Central | Post-Retirement Benefits | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.7 | 1.1 | |
Evergy Kansas Central | Post-Retirement Benefits | Cash and cash equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.7 | 1.1 | |
Evergy Kansas Central | Post-Retirement Benefits | Cash and cash equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | Cash and cash equivalents | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | Cash and cash equivalents | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 912.1 | 890.7 | 798.8 |
Evergy Metro | Pension Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 502.4 | 499.7 | |
Evergy Metro | Pension Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 150.1 | 149.5 | |
Evergy Metro | Pension Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 259.6 | 241.5 | |
Evergy Metro | Pension Benefits | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 247.4 | 244.8 | |
Evergy Metro | Pension Benefits | Domestic equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 191.9 | 195.3 | |
Evergy Metro | Pension Benefits | Domestic equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Domestic equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Domestic equities | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 55.5 | 49.5 | |
Evergy Metro | Pension Benefits | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 220.8 | 178.7 | |
Evergy Metro | Pension Benefits | International equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 153.4 | 117.7 | |
Evergy Metro | Pension Benefits | International equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | International equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | International equities | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 67.4 | 61 | |
Evergy Metro | Pension Benefits | Bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 78.1 | 71 | |
Evergy Metro | Pension Benefits | Bond funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 21.1 | 15.6 | |
Evergy Metro | Pension Benefits | Bond funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Bond funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Bond funds | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 57 | 55.4 | |
Evergy Metro | Pension Benefits | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 133.6 | 123.9 | |
Evergy Metro | Pension Benefits | Corporate bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Corporate bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 133.6 | 123.9 | |
Evergy Metro | Pension Benefits | Corporate bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Corporate bonds | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | U.S. Treasury and agency bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 73.8 | 70.9 | |
Evergy Metro | Pension Benefits | U.S. Treasury and agency bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 61.5 | 53.5 | |
Evergy Metro | Pension Benefits | U.S. Treasury and agency bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12.3 | 17.4 | |
Evergy Metro | Pension Benefits | U.S. Treasury and agency bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | U.S. Treasury and agency bonds | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Mortgage and asset backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5 | 5.7 | |
Evergy Metro | Pension Benefits | Mortgage and asset backed securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Mortgage and asset backed securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5 | 5.7 | |
Evergy Metro | Pension Benefits | Mortgage and asset backed securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Mortgage and asset backed securities | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Real estate investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 40.2 | 50.8 | |
Evergy Metro | Pension Benefits | Real estate investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.6 | 12.8 | |
Evergy Metro | Pension Benefits | Real estate investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Real estate investments | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Real estate investments | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 38.6 | 38 | |
Evergy Metro | Pension Benefits | Combination debt/equity/other fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15.6 | 11.9 | |
Evergy Metro | Pension Benefits | Combination debt/equity/other fund | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15.6 | 11.9 | |
Evergy Metro | Pension Benefits | Combination debt/equity/other fund | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Combination debt/equity/other fund | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Combination debt/equity/other fund | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Alternative investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 39.7 | 36.6 | |
Evergy Metro | Pension Benefits | Alternative investment funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Alternative investment funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Alternative investment funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Alternative investment funds | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 39.7 | 36.6 | |
Evergy Metro | Pension Benefits | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 57.3 | 92.9 | |
Evergy Metro | Pension Benefits | Cash and cash equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 57.3 | 92.9 | |
Evergy Metro | Pension Benefits | Cash and cash equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Cash and cash equivalents | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Cash and cash equivalents | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.4 | 1 | |
Evergy Metro | Pension Benefits | Short-term investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Short-term investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Short-term investments | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Short-term investments | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.4 | 1 | |
Evergy Metro | Pension Benefits | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | (0.8) | 2.5 | |
Evergy Metro | Pension Benefits | Other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | (0.8) | 2.5 | |
Evergy Metro | Pension Benefits | Other | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Pension Benefits | Other | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 122.5 | 119.4 | $ 113.6 |
Evergy Metro | Post-Retirement Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17.1 | 15.2 | |
Evergy Metro | Post-Retirement Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26.6 | 26.8 | |
Evergy Metro | Post-Retirement Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 78.8 | 77.4 | |
Evergy Metro | Post-Retirement Benefits | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.6 | 3.2 | |
Evergy Metro | Post-Retirement Benefits | Domestic equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.6 | 3.2 | |
Evergy Metro | Post-Retirement Benefits | Domestic equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Domestic equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Domestic equities | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.2 | 1.1 | |
Evergy Metro | Post-Retirement Benefits | International equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.2 | 1.1 | |
Evergy Metro | Post-Retirement Benefits | International equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | International equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | International equities | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 79 | 77.5 | |
Evergy Metro | Post-Retirement Benefits | Bond funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.2 | 0.1 | |
Evergy Metro | Post-Retirement Benefits | Bond funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Bond funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Bond funds | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 78.8 | 77.4 | |
Evergy Metro | Post-Retirement Benefits | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17.9 | 17.8 | |
Evergy Metro | Post-Retirement Benefits | Corporate bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Corporate bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17.9 | 17.8 | |
Evergy Metro | Post-Retirement Benefits | Corporate bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Corporate bonds | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | U.S. Treasury and agency bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13.6 | 11.5 | |
Evergy Metro | Post-Retirement Benefits | U.S. Treasury and agency bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.7 | 4.1 | |
Evergy Metro | Post-Retirement Benefits | U.S. Treasury and agency bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7.9 | 7.4 | |
Evergy Metro | Post-Retirement Benefits | U.S. Treasury and agency bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | U.S. Treasury and agency bonds | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Mortgage and asset backed securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.5 | 1.3 | |
Evergy Metro | Post-Retirement Benefits | Mortgage and asset backed securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Mortgage and asset backed securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.5 | 1.3 | |
Evergy Metro | Post-Retirement Benefits | Mortgage and asset backed securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Mortgage and asset backed securities | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.4 | 6.7 | |
Evergy Metro | Post-Retirement Benefits | Cash and cash equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.4 | 6.7 | |
Evergy Metro | Post-Retirement Benefits | Cash and cash equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Cash and cash equivalents | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Cash and cash equivalents | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.3 | 0.3 | |
Evergy Metro | Post-Retirement Benefits | Other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.3 | 0.3 | |
Evergy Metro | Post-Retirement Benefits | Other | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Other | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
PENSION PLANS AND POST-RETIR_11
PENSION PLANS AND POST-RETIREMENT BENEFITS - Cost Trend Assumptions (Details) - Post-Retirement Benefits | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Assumed annual health care cost growth rates | ||
Health care cost trend rate assumed for next year | 6.00% | 6.30% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that rate reaches ultimate trend | 2027 | 2027 |
Evergy Metro | ||
Assumed annual health care cost growth rates | ||
Health care cost trend rate assumed for next year | 6.00% | 6.30% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that rate reaches ultimate trend | 2027 | 2027 |
Evergy Kansas Central | ||
Assumed annual health care cost growth rates | ||
Health care cost trend rate assumed for next year | 6.00% | 6.30% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that rate reaches ultimate trend | 2027 | 2027 |
PENSION PLANS AND POST-RETIR_12
PENSION PLANS AND POST-RETIREMENT BENEFITS - Employee Savings Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | $ 17.4 | $ 17.6 | $ 16.3 |
Evergy Kansas Central | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | 9.6 | 9.6 | 9.9 |
Evergy Metro | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | $ 7.8 | $ 8 | $ 8.3 |
EQUITY COMPENSATION - Narrative
EQUITY COMPENSATION - Narrative (Details) $ in Millions | Jun. 04, 2018USD ($) | Dec. 31, 2020 | Dec. 31, 2018USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 14.6 | ||
Expected volatility, maximum | 17.00% | ||
Expected dividend yield | 2.93% | ||
Risk-free interest rate, maximum | 0.72% | ||
Evergy Kansas Central | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 14.6 | ||
Great Plains Energy | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exchange ratio | 0.5981 | ||
Share-based Payment Arrangement | Great Plains Energy | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of shares issued | $ 12.5 |
EQUITY COMPENSATION - Income Ta
EQUITY COMPENSATION - Income Tax Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity compensation expense | $ 15.5 | $ 15.5 | $ 30.7 |
Income tax benefit | 2.2 | 3 | 1.4 |
Evergy Kansas Central | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity compensation expense | 7.6 | 6.7 | 24.8 |
Income tax benefit | 1.6 | 1.9 | 1.4 |
Evergy Metro | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity compensation expense | 5.7 | 5.7 | 6.5 |
Income tax benefit | $ 0.2 | $ 0.3 | $ 0.1 |
EQUITY COMPENSATION - RSUs (Det
EQUITY COMPENSATION - RSUs (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
RSU With Performance Measures | |||
Nonvested Restricted Share Units | |||
Beginning balance (in shares) | 197,250 | ||
Granted (in shares) | 175,991 | ||
Forfeited (in shares) | (25,277) | ||
Ending balance (in shares) | 347,964 | 197,250 | |
Grant Date Fair Value* | |||
Weighted average beginning balance (in dollars per share) | $ 37.87 | ||
Weighted average granted (in dollars per share) | 87.98 | $ 37.87 | |
Weighted average, forfeited (in dollars per share) | 60.55 | ||
Weighted average ending balance (in dollars per share) | $ 61.57 | $ 37.87 | |
Remaining weighted-average contractual term (in years) | 1 year 8 months 12 days | ||
Total unrecognized compensation expense, | $ 17.5 | ||
Vested (in shares) | 0 | 0 | |
RSUs | |||
Nonvested Restricted Share Units | |||
Beginning balance (in shares) | 233,350 | ||
Granted (in shares) | 59,539 | ||
Forfeited (in shares) | (11,611) | ||
Ending balance (in shares) | 160,742 | 233,350 | |
Grant Date Fair Value* | |||
Weighted average beginning balance (in dollars per share) | $ 54.16 | ||
Weighted average granted (in dollars per share) | 68.92 | $ 54.47 | $ 52.16 |
Weighted average, vested (in dollars per share) | 53.94 | ||
Weighted average, forfeited (in dollars per share) | 59.27 | ||
Weighted average ending balance (in dollars per share) | $ 59.42 | $ 54.16 | |
Remaining weighted-average contractual term (in years) | 1 year 3 months 18 days | ||
Total unrecognized compensation expense, | $ 3.5 | ||
Vested (in shares) | 120,536 | ||
Total fair value of shares | $ 6.5 | $ 2.6 | $ 16 |
SHORT-TERM BORROWINGS AND SHO_3
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT - Narrative (Details) - Cash Borrowings | Dec. 31, 2020USD ($) |
Short-term Debt [Line Items] | |
Line of credit, maximum borrowing capacity | $ 2,500,000,000 |
Debt instrument, debt default, threshold | $ 100,000,000 |
Debt Instrument, debt to capitalization ratio (no more than) | 65.00% |
Evergy Kansas Central | |
Short-term Debt [Line Items] | |
Debt instrument, debt default, threshold | $ 100,000,000 |
Debt Instrument, debt to capitalization ratio (no more than) | 65.00% |
Evergy Metro | |
Short-term Debt [Line Items] | |
Debt instrument, debt default, threshold | $ 100,000,000 |
Debt Instrument, debt to capitalization ratio (no more than) | 65.00% |
Evergy Missouri West | |
Short-term Debt [Line Items] | |
Debt instrument, debt default, threshold | $ 100,000,000 |
Debt Instrument, debt to capitalization ratio (no more than) | 65.00% |
SHORT-TERM BORROWINGS AND SHO_4
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT - Schedule of Short Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | ||
Master Credit Facility | $ 2,500 | $ 2,500 |
Available Borrowings | 2,165.3 | 1,921.1 |
Evergy, Inc. | ||
Short-term Debt [Line Items] | ||
Master Credit Facility | 450 | 450 |
Available Borrowings | $ 249.3 | $ 429.3 |
Weighted Average Interest Rate on Short-Term Borrowings | 1.40% | 2.99% |
Evergy Kansas Central | ||
Short-term Debt [Line Items] | ||
Master Credit Facility | $ 1,000 | $ 1,000 |
Available Borrowings | $ 933 | $ 736.6 |
Weighted Average Interest Rate on Short-Term Borrowings | 0.23% | 2.07% |
Evergy Metro | ||
Short-term Debt [Line Items] | ||
Master Credit Facility | $ 600 | $ 600 |
Available Borrowings | $ 600 | $ 400.7 |
Weighted Average Interest Rate on Short-Term Borrowings | 0.00% | 2.02% |
Evergy Missouri West | ||
Short-term Debt [Line Items] | ||
Master Credit Facility | $ 450 | $ 450 |
Available Borrowings | $ 383 | $ 354.5 |
Weighted Average Interest Rate on Short-Term Borrowings | 0.36% | 2.02% |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | $ 115 | $ 541.9 |
Commercial Paper | Evergy Kansas Central | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 50 | 249.2 |
Commercial Paper | Evergy Metro | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 0 | 199.3 |
Commercial Paper | Evergy Missouri West | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 65 | 93.4 |
Letters of Credit | ||
Short-term Debt [Line Items] | ||
Letters of Credit | 19.7 | 17 |
Letters of Credit | Evergy, Inc. | ||
Short-term Debt [Line Items] | ||
Letters of Credit | 0.7 | 0.7 |
Letters of Credit | Evergy Kansas Central | ||
Short-term Debt [Line Items] | ||
Letters of Credit | 17 | 14.2 |
Letters of Credit | Evergy Metro | ||
Short-term Debt [Line Items] | ||
Letters of Credit | 0 | 0 |
Letters of Credit | Evergy Missouri West | ||
Short-term Debt [Line Items] | ||
Letters of Credit | 2 | 2.1 |
Cash Borrowings | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 200 | 20 |
Cash Borrowings | Evergy, Inc. | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 200 | 20 |
Cash Borrowings | Evergy Kansas Central | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 0 | 0 |
Cash Borrowings | Evergy Metro | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 0 | 0 |
Cash Borrowings | Evergy Missouri West | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | $ 0 | $ 0 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - USD ($) $ in Millions | Dec. 31, 2020 | May 31, 2020 | Apr. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||
Long-term Debt, Current Maturities | $ (436.4) | $ (251.1) | ||
Unamortized debt discount and debt issuance costs | (84.9) | (80.7) | ||
Total excluding current maturities | 9,190.9 | 8,746.7 | ||
Fair Value adjustment | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 110.4 | 125.5 | ||
Long-term Debt, Current Maturities | $ (4.4) | $ (4.3) | ||
Mortgage Bonds | Mortgage Bonds Due 2020 EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.10% | |||
Long-term debt gross | $ 250 | |||
Mortgage Bonds | Mortgage Bonds Due 2025 EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.25% | 3.25% | ||
Long-term debt gross | $ 250 | $ 250 | ||
Mortgage Bonds | Mortgage Bonds Due 2026 EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.55% | 2.55% | ||
Long-term debt gross | $ 350 | $ 350 | ||
Mortgage Bonds | Mortgage Bonds Due 2027 EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.10% | 3.10% | ||
Long-term debt gross | $ 300 | $ 300 | ||
Mortgage Bonds | Mortgage Bonds Due 2042 EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.125% | 4.125% | ||
Long-term debt gross | $ 550 | $ 550 | ||
Mortgage Bonds | Mortgage Bonds Due 2043 EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.10% | 4.10% | ||
Long-term debt gross | $ 430 | $ 430 | ||
Mortgage Bonds | Mortgage Bonds Due 2043 EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.625% | 4.625% | ||
Long-term debt gross | $ 250 | $ 250 | ||
Mortgage Bonds | Mortgage Bonds Due 2045 EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.25% | 4.25% | ||
Long-term debt gross | $ 300 | $ 300 | ||
Mortgage Bonds | Mortgage Bonds Due 2049 EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.25% | 3.25% | ||
Long-term debt gross | $ 300 | $ 300 | ||
Mortgage Bonds | Mortgage Bonds Due 2050 EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.45% | |||
Long-term debt gross | $ 500 | |||
Mortgage Bonds | Mortgage Bonds Due 2023 EKS | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.15% | 6.15% | ||
Long-term debt gross | $ 50 | $ 50 | ||
Mortgage Bonds | Mortgage Bonds Due 2037 EKS | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.53% | 6.53% | ||
Long-term debt gross | $ 175 | $ 175 | ||
Mortgage Bonds | Mortgage Bonds Due 2038 EKS | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.64% | 6.64% | ||
Long-term debt gross | $ 100 | $ 100 | ||
Mortgage Bonds | Mortgage Bonds Due 2044 EKS | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.30% | 4.30% | ||
Long-term debt gross | $ 250 | $ 250 | ||
Mortgage Bonds | Mortgage Bonds Due 2023 EM | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.95% | 2.95% | ||
Long-term debt gross | $ 79.5 | $ 79.5 | ||
Mortgage Bonds | Mortgage Bonds Due 2030 EM | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.25% | |||
Long-term debt gross | $ 400 | |||
Mortgage Bonds | Mortgage Bonds Due 2049 EM | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.125% | 4.125% | ||
Long-term debt gross | $ 400 | $ 400 | ||
Mortgage Bonds | Mortgage Bonds Due Through 2021-2021 EMW | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 9.44% | 9.44% | ||
Long-term debt gross | $ 1.1 | $ 2.3 | ||
Pollution Control Bonds | Pollution Control Bonds Due 2032A EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 0.18% | 1.39% | ||
Long-term debt gross | $ 45 | $ 45 | ||
Pollution Control Bonds | Pollution Control Bonds Due 2032B EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 0.18% | 1.39% | ||
Long-term debt gross | $ 30.5 | $ 30.5 | ||
Pollution Control Bonds | Pollution Control Bonds Due 2027 EKS | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 0.18% | 1.39% | ||
Long-term debt gross | $ 21.9 | $ 21.9 | ||
Pollution Control Bonds | Pollution Control Bonds Due 2031 EKS | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.50% | 2.50% | ||
Long-term debt gross | $ 50 | $ 50 | ||
Pollution Control Bonds | Pollution Control Bonds Due 2032A EKS | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 0.18% | 1.39% | ||
Long-term debt gross | $ 14.5 | $ 14.5 | ||
Pollution Control Bonds | Pollution Control Bonds Due 2032B EKS | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.39% | 1.39% | ||
Long-term debt gross | $ 10 | $ 10 | ||
Pollution Control Bonds | EIRR Bonds Series 2007A and 2007B due 2035 EM | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.432% | 1.432% | ||
Long-term debt gross | $ 146.5 | $ 146.5 | ||
Pollution Control Bonds | EIRR Bonds Series 2007A and 2007B due 2038 EM | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.75% | 2.75% | ||
Long-term debt gross | $ 23.4 | $ 23.4 | ||
Senior Notes | Series Notes Due 2023 EM | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.15% | 3.15% | ||
Long-term debt gross | $ 300 | $ 300 | ||
Senior Notes | Senior Notes Due 2025 EM | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.65% | 3.65% | ||
Long-term debt gross | $ 350 | $ 350 | ||
Senior Notes | Senior Notes Due 2035 EM | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.05% | 6.05% | ||
Long-term debt gross | $ 250 | $ 250 | ||
Senior Notes | Senior Notes Due 2035A EM | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.78% | 5.78% | ||
Senior Notes | Senior Notes Due 2041 EM | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.30% | 5.30% | ||
Long-term debt gross | $ 400 | $ 400 | ||
Senior Notes | Senior Notes Due 2047 EM | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.20% | 4.20% | ||
Long-term debt gross | $ 300 | $ 300 | ||
Senior Notes | Senior Notes Due 2048 EM | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.20% | 4.20% | ||
Long-term debt gross | $ 300 | $ 300 | ||
Senior Notes | Senior Notes Due 2021 EMW | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 8.27% | 8.27% | ||
Long-term debt gross | $ 80.9 | $ 80.9 | ||
Senior Notes | Senior Notes Due 2025 EMW | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.49% | 3.49% | ||
Long-term debt gross | $ 36 | $ 36 | ||
Senior Notes | Senior Notes Due 2033 EMW | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.06% | 4.06% | ||
Long-term debt gross | $ 60 | $ 60 | ||
Senior Notes | Senior Notes Due 2043 EMW | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.74% | 4.74% | ||
Long-term debt gross | $ 150 | $ 150 | ||
Senior Notes | Senior Notes Series Due 2022 EMW | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.74% | 3.74% | ||
Long-term debt gross | $ 100 | $ 100 | ||
Senior Notes | Senior Notes Due 2021 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.85% | 4.85% | ||
Long-term debt gross | $ 350 | $ 350 | ||
Senior Notes | Senior Notes Due 2022 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.292% | 5.292% | ||
Long-term debt gross | $ 287.5 | $ 287.5 | ||
Senior Notes | Senior Notes Due 2024 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.45% | 2.45% | ||
Long-term debt gross | $ 800 | $ 800 | ||
Senior Notes | Senior Notes Due 2029 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.90% | 2.90% | ||
Long-term debt gross | $ 800 | $ 800 | ||
Senior Notes | Senior Notes Due 2029A | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.77% | 3.77% | ||
Medium Term Notes | Medium Term Notes Due 2023 EMW | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 7.33% | 7.33% | ||
Long-term debt gross | $ 3 | $ 3 | ||
Medium Term Notes | Medium Term Notes Due 2023 EMW | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 7.17% | 7.17% | ||
Long-term debt gross | $ 7 | $ 7 | ||
Evergy Kansas Central | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Current Maturities | 0 | (250) | ||
Unamortized debt discount and debt issuance costs | (45.4) | (40.8) | ||
Total excluding current maturities | 3,931.5 | 3,436.1 | ||
Evergy Kansas Central | Fair Value adjustment | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2020 EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.10% | |||
Long-term debt gross | $ 250 | 250 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2025 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 250 | 250 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2026 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 350 | 350 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2027 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 300 | 300 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2042 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 550 | 550 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2043 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 430 | 430 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2043 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 250 | 250 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2045 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 300 | 300 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2049 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 300 | 300 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2050 EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.45% | |||
Long-term debt gross | 500 | $ 500 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2023 EKS | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 50 | 50 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2037 EKS | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 175 | 175 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2038 EKS | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 100 | 100 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2044 EKS | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 250 | 250 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2023 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2030 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | |||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2049 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due Through 2021-2021 EMW | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Pollution Control Bonds | Pollution Control Bonds Due 2032A EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 45 | 45 | ||
Evergy Kansas Central | Pollution Control Bonds | Pollution Control Bonds Due 2032B EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 30.5 | 30.5 | ||
Evergy Kansas Central | Pollution Control Bonds | Pollution Control Bonds Due 2027 EKS | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 21.9 | 21.9 | ||
Evergy Kansas Central | Pollution Control Bonds | Pollution Control Bonds Due 2031 EKS | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 50 | 50 | ||
Evergy Kansas Central | Pollution Control Bonds | Pollution Control Bonds Due 2032A EKS | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 14.5 | 14.5 | ||
Evergy Kansas Central | Pollution Control Bonds | Pollution Control Bonds Due 2032B EKS | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 10 | 10 | ||
Evergy Kansas Central | Pollution Control Bonds | EIRR Bonds Series 2007A and 2007B due 2035 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Pollution Control Bonds | EIRR Bonds Series 2007A and 2007B due 2038 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Senior Notes | Series Notes Due 2023 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Senior Notes | Senior Notes Due 2025 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Senior Notes | Senior Notes Due 2035 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Senior Notes | Senior Notes Due 2041 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Senior Notes | Senior Notes Due 2047 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Senior Notes | Senior Notes Due 2048 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Senior Notes | Senior Notes Due 2021 EMW | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Senior Notes | Senior Notes Due 2025 EMW | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Senior Notes | Senior Notes Due 2033 EMW | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Senior Notes | Senior Notes Due 2043 EMW | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Senior Notes | Senior Notes Series Due 2022 EMW | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Senior Notes | Senior Notes Due 2021 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Senior Notes | Senior Notes Due 2022 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Senior Notes | Senior Notes Due 2024 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Senior Notes | Senior Notes Due 2029 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Medium Term Notes | Medium Term Notes Due 2023 EMW | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Kansas Central | Medium Term Notes | Medium Term Notes Due 2023 EMW | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Current Maturities | 0 | 0 | ||
Unamortized debt discount and debt issuance costs | (26.4) | (24.4) | ||
Total excluding current maturities | 2,923 | 2,525 | ||
Evergy Metro | Fair Value adjustment | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2020 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | |||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2025 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2026 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2027 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2042 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2043 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2043 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2045 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2049 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | ||||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2050 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | |||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2023 EKS | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2037 EKS | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2038 EKS | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2044 EKS | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2023 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 79.5 | 79.5 | ||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2030 EM | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.25% | |||
Long-term debt gross | 400 | $ 400 | ||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2049 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 400 | 400 | ||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due Through 2021-2021 EMW | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Mortgage Bonds | General Mortgage Bonds EIRR Series 2005 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 50 | 21.9 | ||
Evergy Metro | Pollution Control Bonds | Pollution Control Bonds Due 2032A EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Pollution Control Bonds | Pollution Control Bonds Due 2032B EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Pollution Control Bonds | Pollution Control Bonds Due 2027 EKS | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Pollution Control Bonds | Pollution Control Bonds Due 2031 EKS | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Pollution Control Bonds | Pollution Control Bonds Due 2032A EKS | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Pollution Control Bonds | Pollution Control Bonds Due 2032B EKS | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Pollution Control Bonds | EIRR Bonds Series 2007A and 2007B due 2035 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 146.5 | 146.5 | ||
Evergy Metro | Pollution Control Bonds | EIRR Bonds Series 2007A and 2007B due 2038 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 23.4 | 23.4 | ||
Evergy Metro | Senior Notes | Series Notes Due 2023 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 300 | 300 | ||
Evergy Metro | Senior Notes | Senior Notes Due 2025 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 350 | 350 | ||
Evergy Metro | Senior Notes | Senior Notes Due 2035 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 250 | 250 | ||
Evergy Metro | Senior Notes | Senior Notes Due 2041 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 400 | 400 | ||
Evergy Metro | Senior Notes | Senior Notes Due 2047 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 300 | 300 | ||
Evergy Metro | Senior Notes | Senior Notes Due 2048 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 300 | 300 | ||
Evergy Metro | Senior Notes | Senior Notes Due 2021 EMW | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Senior Notes | Senior Notes Due 2025 EMW | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Senior Notes | Senior Notes Due 2033 EMW | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Senior Notes | Senior Notes Due 2043 EMW | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Senior Notes | Senior Notes Series Due 2022 EMW | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Senior Notes | Senior Notes Due 2021 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Senior Notes | Senior Notes Due 2022 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Senior Notes | Senior Notes Due 2024 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Senior Notes | Senior Notes Due 2029 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Medium Term Notes | Medium Term Notes Due 2023 EMW | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Evergy Metro | Medium Term Notes | Medium Term Notes Due 2023 EMW | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | 0 | ||
Variable Interest Entities | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Current Maturities | (18.8) | (32.3) | ||
Total excluding current maturities | 0 | 18.8 | ||
Variable Interest Entities | Unsecured Debt | Unsecured Debt Due 2021 VIEs | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 18.8 | 51.1 | ||
Long-term Debt, Current Maturities | (18.8) | (32.3) | ||
Total excluding current maturities | 0 | 18.8 | ||
Variable Interest Entities | Evergy Kansas Central | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Current Maturities | (18.8) | (32.3) | ||
Total excluding current maturities | $ 0 | $ 18.8 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | May 31, 2020 | Apr. 30, 2020 | Dec. 31, 2019 | |
Secured Debt | Mortgage Bonds Due 2050 EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.45% | |||
Long-term debt gross | $ 500 | |||
Secured Debt | Mortgage Bonds Due 2020 EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.10% | |||
Long-term debt gross | $ 250 | |||
Secured Debt | Mortgage Bonds Due 2030 EM | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.25% | |||
Long-term debt gross | $ 400 | |||
Evergy Kansas Central | ||||
Debt Instrument [Line Items] | ||||
AdditionalPrincipalFirstMortgageBondsAvailableToBeIssued | 780.6 | |||
Evergy Kansas Central | Secured Debt | Mortgage Bonds Due 2050 EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.45% | |||
Long-term debt gross | 500 | $ 500 | ||
Evergy Kansas Central | Secured Debt | Mortgage Bonds Due 2020 EKC | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.10% | |||
Long-term debt gross | $ 250 | 250 | ||
Evergy Kansas Central | Secured Debt | Mortgage Bonds Due 2030 EM | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | 0 | |||
Evergy Metro | ||||
Debt Instrument [Line Items] | ||||
AdditionalPrincipalFirstMortgageBondsAvailableToBeIssued | $ 4,733.1 | |||
Percentage of Bondable Property Allowed | 75.00% | |||
Evergy Metro | Secured Debt | Mortgage Bonds Due 2050 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | $ 0 | |||
Evergy Metro | Secured Debt | Mortgage Bonds Due 2020 EKC | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | $ 0 | |||
Evergy Metro | Secured Debt | Mortgage Bonds Due 2030 EM | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.25% | |||
Long-term debt gross | 400 | $ 400 | ||
Evergy Kansas South Inc | ||||
Debt Instrument [Line Items] | ||||
Maximum Amount Of First Mortgage Bonds Authorized | 3,500 | |||
AdditionalPrincipalFirstMortgageBondsAvailableToBeIssued | $ 2,828.6 |
LONG-TERM DEBT - Scheduled Matu
LONG-TERM DEBT - Scheduled Maturities (Details) $ in Millions | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 432 |
2022 | 387.5 |
2023 | 439.5 |
2024 | 800 |
2025 | 636 |
Variable Interest Entities | |
Debt Instrument [Line Items] | |
2021 | 18.8 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
Evergy Kansas Central | |
Debt Instrument [Line Items] | |
2021 | 0 |
2022 | 0 |
2023 | 50 |
2024 | 0 |
2025 | 250 |
Evergy Metro | |
Debt Instrument [Line Items] | |
2021 | 0 |
2022 | 0 |
2023 | 379.5 |
2024 | 0 |
2025 | $ 350 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 10 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Payment for settlement of interest rate swap accounted for as a cash flow hedge | $ 69.8 | $ 0 | $ 69.8 | $ 0 | |
Notional amount | 500 | $ 500 | |||
Other comprehensive loss | 69.8 | 0 | 64.4 | 5.4 | |
Interest expense | (383.9) | (374) | (279.6) | ||
Income tax benefit | (102.2) | (97) | $ (59) | ||
Accumulated other comprehensive loss over the next twelve months | 5.4 | ||||
Senior Notes Due 2029 Evergy | Senior Notes | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Debt issued | $ 800 | $ 800 | |||
Interest rate | 2.90% | 2.90% | |||
Debt instrument, term | 10 years | ||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Interest expense | 7 | 2 | |||
Income tax benefit | $ (4) | $ (0.5) |
FAIR VALUE MEASUREMENTS - Long-
FAIR VALUE MEASUREMENTS - Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trust | $ 652.1 | $ 573.2 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trust | 47.8 | 36.2 |
Fair Value, Measurements, Recurring | NAV | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trust | 43.7 | 44 |
Book Value | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 9,627.3 | 8,997.8 |
Book Value | Fair Value, Measurements, Recurring | Variable Interest Entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 18.8 | 51.1 |
Fair Value | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 11,274.2 | 9,750.2 |
Fair Value | Fair Value, Measurements, Recurring | Level 2 | Variable Interest Entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 19.1 | 51.5 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trust | 309.8 | 272.5 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | NAV | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trust | 43.7 | 44 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | NAV | Nuclear decommissioning trust: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trust | 43.7 | 44 |
Evergy Kansas Central | Book Value | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 3,931.5 | 3,686.1 |
Evergy Kansas Central | Book Value | Fair Value, Measurements, Recurring | Variable Interest Entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 18.8 | 51.1 |
Evergy Kansas Central | Fair Value | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 4,801.7 | 4,078.8 |
Evergy Kansas Central | Fair Value | Fair Value, Measurements, Recurring | Level 2 | Variable Interest Entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 19.1 | 51.5 |
Evergy Metro | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trust | 342.3 | 300.7 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trust | 47.8 | 36.2 |
Evergy Metro | Fair Value, Measurements, Recurring | NAV | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Book Value | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 2,923 | 2,525 |
Evergy Metro | Fair Value | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 3,591.2 | 2,932.2 |
Long-Term debt fair value adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt gross | 110.4 | 125.5 |
Long-Term debt fair value adjustment | Evergy Kansas Central | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt gross | 0 | 0 |
Long-Term debt fair value adjustment | Evergy Metro | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt gross | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Recur
FAIR VALUE MEASUREMENTS - Recurring (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Total nuclear decommissioning trust | $ 652.1 | $ 573.2 |
Total rabbi trust | 46.3 | 45.5 |
Total self-insured health plan trust | 13.2 | 9.9 |
Total Assets | 711.6 | 628.6 |
Level 1 | ||
Assets | ||
Total nuclear decommissioning trust | 560.6 | 493 |
Total rabbi trust | 0.5 | 0.6 |
Total self-insured health plan trust | 8 | 4.6 |
Total Assets | 569.1 | 498.2 |
Level 2 | ||
Assets | ||
Total nuclear decommissioning trust | 47.8 | 36.2 |
Total rabbi trust | 0 | 0 |
Total self-insured health plan trust | 5.2 | 5.3 |
Total Assets | 53 | 41.5 |
Level 3 | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Total Assets | 0 | 0 |
NAV | ||
Assets | ||
Total nuclear decommissioning trust | 43.7 | 44 |
Total rabbi trust | 45.8 | 44.9 |
Total self-insured health plan trust | 0 | 0 |
Total Assets | 89.5 | 88.9 |
Evergy Kansas Central | ||
Assets | ||
Total nuclear decommissioning trust | 309.8 | 272.5 |
Total rabbi trust | 32.7 | 31.7 |
Total Assets | 342.5 | 304.2 |
Evergy Kansas Central | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 40.6 | 39.3 |
Total rabbi trust | 25.6 | 25.3 |
Evergy Kansas Central | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 25 | 22.3 |
Evergy Kansas Central | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 21 | 19.4 |
Evergy Kansas Central | Combination debt/equity/other fund | ||
Assets | ||
Total nuclear decommissioning trust | 20.1 | 16.4 |
Total rabbi trust | 7.1 | 6.3 |
Evergy Kansas Central | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 23.2 | 23.9 |
Evergy Kansas Central | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 12.9 | 12.6 |
Evergy Kansas Central | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0.5 | 0.5 |
Total rabbi trust | 0.1 | |
Evergy Kansas Central | Level 1 | ||
Assets | ||
Total nuclear decommissioning trust | 266.1 | 228.5 |
Total rabbi trust | 0 | 0.1 |
Total Assets | 266.1 | 228.6 |
Evergy Kansas Central | Level 1 | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 40.6 | 39.3 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Level 1 | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 25 | 22.3 |
Evergy Kansas Central | Level 1 | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 21 | 19.4 |
Evergy Kansas Central | Level 1 | Combination debt/equity/other fund | ||
Assets | ||
Total nuclear decommissioning trust | 20.1 | 16.4 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Level 1 | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 1 | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 1 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0.5 | 0.5 |
Total rabbi trust | 0.1 | |
Evergy Kansas Central | Level 2 | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Total Assets | 0 | 0 |
Evergy Kansas Central | Level 2 | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Level 2 | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 2 | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 2 | Combination debt/equity/other fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Level 2 | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 2 | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 2 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | |
Evergy Kansas Central | Level 3 | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Total Assets | 0 | 0 |
Evergy Kansas Central | Level 3 | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Level 3 | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 3 | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 3 | Combination debt/equity/other fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Level 3 | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 3 | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 3 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | |
Evergy Kansas Central | NAV | ||
Assets | ||
Total nuclear decommissioning trust | 43.7 | 44 |
Total rabbi trust | 32.7 | 31.6 |
Total Assets | 76.4 | 75.6 |
Evergy Kansas Central | NAV | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 25.6 | 25.3 |
Evergy Kansas Central | NAV | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | NAV | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | NAV | Combination debt/equity/other fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 7.1 | 6.3 |
Evergy Kansas Central | NAV | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 23.2 | 23.9 |
Evergy Kansas Central | NAV | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 12.9 | 12.6 |
Evergy Kansas Central | NAV | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | |
Evergy Kansas Central | Domestic | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 102.7 | 86.1 |
Evergy Kansas Central | Domestic | Level 1 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 95.1 | 78.6 |
Evergy Kansas Central | Domestic | Level 2 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Domestic | Level 3 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Domestic | NAV | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 7.6 | 7.5 |
Evergy Kansas Central | International | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 63.8 | 52 |
Evergy Kansas Central | International | Level 1 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 63.8 | 52 |
Evergy Kansas Central | International | Level 2 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | International | Level 3 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | International | NAV | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | ||
Assets | ||
Total nuclear decommissioning trust | 342.3 | 300.7 |
Total self-insured health plan trust | 13.2 | 9.9 |
Total Assets | 355.5 | 310.6 |
Evergy Metro | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 243.1 | 211.1 |
Total self-insured health plan trust | 1.7 | 0.5 |
Evergy Metro | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 3.2 | 3.1 |
Evergy Metro | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 47.7 | 50.3 |
Evergy Metro | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0.5 | 0.4 |
Evergy Metro | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 4.1 | 2.2 |
Evergy Metro | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 43.1 | 33.2 |
Evergy Metro | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0.1 | 0.1 |
Evergy Metro | Other | ||
Assets | ||
Total nuclear decommissioning trust | 0.5 | 0.3 |
Evergy Metro | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 8 | 6.7 |
Evergy Metro | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 3.5 | 2.7 |
Evergy Metro | Level 1 | ||
Assets | ||
Total nuclear decommissioning trust | 294.5 | 264.5 |
Total self-insured health plan trust | 8 | 4.6 |
Total Assets | 302.5 | 269.1 |
Evergy Metro | Level 1 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 243.1 | 211.1 |
Total self-insured health plan trust | 1.7 | 0.5 |
Evergy Metro | Level 1 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 3.2 | 3.1 |
Evergy Metro | Level 1 | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 47.7 | 50.3 |
Evergy Metro | Level 1 | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 1 | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 1 | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 1 | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 1 | Other | ||
Assets | ||
Total nuclear decommissioning trust | 0.5 | 0 |
Evergy Metro | Level 1 | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 2.8 | 1.4 |
Evergy Metro | Level 1 | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 3.5 | 2.7 |
Evergy Metro | Level 2 | ||
Assets | ||
Total nuclear decommissioning trust | 47.8 | 36.2 |
Total self-insured health plan trust | 5.2 | 5.3 |
Total Assets | 53 | 41.5 |
Evergy Metro | Level 2 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | Level 2 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 2 | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 2 | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0.5 | 0.4 |
Evergy Metro | Level 2 | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 4.1 | 2.2 |
Evergy Metro | Level 2 | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 43.1 | 33.2 |
Evergy Metro | Level 2 | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0.1 | 0.1 |
Evergy Metro | Level 2 | Other | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0.3 |
Evergy Metro | Level 2 | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 5.2 | 5.3 |
Evergy Metro | Level 2 | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | Level 3 | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Total Assets | 0 | 0 |
Evergy Metro | Level 3 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | Level 3 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 3 | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 3 | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 3 | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 3 | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 3 | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 3 | Other | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 3 | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | Level 3 | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | NAV | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Total Assets | 0 | 0 |
Evergy Metro | NAV | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | NAV | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | NAV | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | NAV | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | NAV | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | NAV | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | NAV | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | NAV | Other | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | NAV | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | NAV | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Other Evergy | ||
Assets | ||
Total rabbi trust | 13.6 | 13.8 |
Other Evergy | Fixed income fund | ||
Assets | ||
Total rabbi trust | 13.1 | 13.3 |
Other Evergy | Cash and cash equivalents | ||
Assets | ||
Total rabbi trust | 0.5 | 0.5 |
Other Evergy | Level 1 | ||
Assets | ||
Total rabbi trust | 0.5 | 0.5 |
Other Evergy | Level 1 | Fixed income fund | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Other Evergy | Level 1 | Cash and cash equivalents | ||
Assets | ||
Total rabbi trust | 0.5 | 0.5 |
Other Evergy | Level 2 | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Other Evergy | Level 2 | Fixed income fund | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Other Evergy | Level 2 | Cash and cash equivalents | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Other Evergy | Level 3 | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Other Evergy | Level 3 | Fixed income fund | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Other Evergy | Level 3 | Cash and cash equivalents | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Other Evergy | NAV | ||
Assets | ||
Total rabbi trust | 13.1 | 13.3 |
Other Evergy | NAV | Fixed income fund | ||
Assets | ||
Total rabbi trust | 13.1 | 13.3 |
Other Evergy | NAV | Cash and cash equivalents | ||
Assets | ||
Total rabbi trust | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - NAV (
FAIR VALUE MEASUREMENTS - NAV (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)fundextension | Dec. 31, 2019USD ($) | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 2.2 | $ 3.3 |
Evergy Kansas Central | Alternative investments fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Evergy Kansas Central | Real estate securities fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Evergy Kansas Central | Nuclear decommissioning trust: | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 2.2 | 3.3 |
Evergy Kansas Central | Core bond fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Evergy Kansas Central | Combination debt/equity/other fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Evergy Kansas Central | Rabbi trust: | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Other Evergy | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Domestic | Evergy Kansas Central | Equity securities | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 2.2 | 3.3 |
NAV, number of funds | fund | 5 | |
NAV, number of funds making distributions | fund | 3 | |
Domestic | Evergy Kansas Central | Equity Securities - Fourth Fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Length of settlement | 15 years | |
NAV, number of extensions | extension | 3 | |
NAV, extension term | 1 year | |
Domestic | Evergy Kansas Central | Equity Securities - Fifth Fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Length of settlement | 15 years | |
Fair Value, Measurements, Recurring | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | $ 652.1 | 573.2 |
Total rabbi trust | 46.3 | 45.5 |
Total Assets | 711.6 | 628.6 |
Fair Value, Measurements, Recurring | Evergy Kansas Central | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 309.8 | 272.5 |
Total rabbi trust | 32.7 | 31.7 |
Total Assets | 342.5 | 304.2 |
Fair Value, Measurements, Recurring | Evergy Kansas Central | Alternative investments fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 23.2 | 23.9 |
Fair Value, Measurements, Recurring | Evergy Kansas Central | Real estate securities fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 12.9 | 12.6 |
Fair Value, Measurements, Recurring | Evergy Kansas Central | Core bond fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 40.6 | 39.3 |
Total rabbi trust | 25.6 | 25.3 |
Fair Value, Measurements, Recurring | Evergy Kansas Central | Combination debt/equity/other fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 20.1 | 16.4 |
Total rabbi trust | 7.1 | 6.3 |
Fair Value, Measurements, Recurring | Other Evergy | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total rabbi trust | 13.6 | 13.8 |
Fair Value, Measurements, Recurring | Domestic | Evergy Kansas Central | Equity securities | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 102.7 | 86.1 |
NAV | Fair Value, Measurements, Recurring | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 43.7 | 44 |
Total rabbi trust | 45.8 | 44.9 |
Total Assets | 89.5 | 88.9 |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 43.7 | 44 |
Total rabbi trust | 32.7 | 31.6 |
Total Assets | 76.4 | 75.6 |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central | Alternative investments fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | $ 23.2 | 23.9 |
Length of Settlement | 65 days | |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central | Real estate securities fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | $ 12.9 | 12.6 |
Length of Settlement | 65 days | |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central | Nuclear decommissioning trust: | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | $ 43.7 | 44 |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central | Core bond fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 25.6 | 25.3 |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central | Combination debt/equity/other fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 7.1 | 6.3 |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central | Rabbi trust: | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total rabbi trust | 32.7 | 31.6 |
NAV | Fair Value, Measurements, Recurring | Other Evergy | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total rabbi trust | 13.1 | 13.3 |
NAV | Fair Value, Measurements, Recurring | Domestic | Evergy Kansas Central | Equity securities | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | $ 7.6 | $ 7.5 |
FAIR VALUE MEASUREMENTS - Gains
FAIR VALUE MEASUREMENTS - Gains (Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gain (losses) | $ 45.2 | $ 82.2 | $ (53.6) |
Nuclear decommissioning trust - equity securities | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gain (losses) | 45.5 | 74 | (54.1) |
Nuclear decommissioning trust - debt securities | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gain (losses) | 5.3 | 5.1 | (0.5) |
Rabbi trusts - equity securities | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gain (losses) | (5.6) | 3.1 | 1 |
Evergy Kansas Central | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gain (losses) | 15.8 | 36.5 | (30.8) |
Evergy Kansas Central | Nuclear decommissioning trust - equity securities | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gain (losses) | 21.9 | 33.3 | (31.8) |
Evergy Kansas Central | Rabbi trusts - equity securities | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gain (losses) | (6.1) | 3.2 | 1 |
Evergy Metro | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gain (losses) | 28.9 | 45.8 | (23.2) |
Evergy Metro | Nuclear decommissioning trust - equity securities | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gain (losses) | 23.6 | 40.7 | (20.7) |
Evergy Metro | Nuclear decommissioning trust - debt securities | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gain (losses) | $ 5.3 | $ 5.1 | $ (2.5) |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions | Dec. 31, 2020USD ($) |
Estimates Of Environmental Financial Impact And Related Issues [Line Items] | |
Industry aggregate limit for nuclear insurance | $ 3,200 |
Industry aggregate limit for non nuclear insurance | 1,800 |
Nuclear liability insurance, full limit of public liability | 13,800 |
Nuclear liability insurance, maximum available commercial insurance | 500 |
Nuclear liability insurance, industry wide retrospective assessment program | 13,300 |
Nuclear liability insurance, owners insurance amount, maximum | 137.6 |
Nuclear liability insurance, owners insurance, amount per incident | 20.5 |
Nuclear liability insurance, owners property insurance, maximum | 2,800 |
Nuclear liability insurance, owners nonnuclear property insurance, maximum | 2,300 |
Nuclear liability insurance, owners property insurance assessment, maximum | 33.2 |
Evergy | |
Estimates Of Environmental Financial Impact And Related Issues [Line Items] | |
Nuclear liability insurance, owners insurance amount, maximum | 129.4 |
Nuclear liability insurance, owners insurance, amount per incident | 19.2 |
Nuclear liability insurance, owners property insurance assessment, maximum | 31.2 |
Evergy Kansas Central | |
Estimates Of Environmental Financial Impact And Related Issues [Line Items] | |
Nuclear liability insurance, owners insurance amount, maximum | 64.7 |
Nuclear liability insurance, owners insurance, amount per incident | 9.6 |
Nuclear liability insurance, owners property insurance assessment, maximum | 15.6 |
Evergy Metro | |
Estimates Of Environmental Financial Impact And Related Issues [Line Items] | |
Nuclear liability insurance, owners insurance amount, maximum | 64.7 |
Nuclear liability insurance, owners insurance, amount per incident | 9.6 |
Nuclear liability insurance, owners property insurance assessment, maximum | $ 15.6 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Contractual Commitments (Details) $ in Millions | Dec. 31, 2020USD ($) |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2021 | $ 509 |
2022 | 206.6 |
2023 | 217.1 |
2024 | 178.8 |
2025 | 168.3 |
After 2025 | 529.7 |
Total | 1,809.5 |
Fuel | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2021 | 311.2 |
2022 | 118.3 |
2023 | 134.6 |
2024 | 97.6 |
2025 | 88.4 |
After 2025 | 94 |
Total | 844.1 |
Power | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2021 | 62.4 |
2022 | 62.6 |
2023 | 63.2 |
2024 | 57.6 |
2025 | 58 |
After 2025 | 349.7 |
Total | 653.5 |
Other | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2021 | 135.4 |
2022 | 25.7 |
2023 | 19.3 |
2024 | 23.6 |
2025 | 21.9 |
After 2025 | 86 |
Total | 311.9 |
Evergy Kansas Central | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2021 | 217.3 |
2022 | 84.9 |
2023 | 94.6 |
2024 | 72 |
2025 | 66.1 |
After 2025 | 60.4 |
Total | 595.3 |
Evergy Kansas Central | Fuel | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2021 | 149.3 |
2022 | 74.9 |
2023 | 85.5 |
2024 | 66.8 |
2025 | 62.3 |
After 2025 | 56 |
Total | 494.8 |
Evergy Kansas Central | Power | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2021 | 1.4 |
2022 | 0.9 |
2023 | 0.9 |
2024 | 0.9 |
2025 | 0.9 |
After 2025 | 4.4 |
Total | 9.4 |
Evergy Kansas Central | Other | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2021 | 66.6 |
2022 | 9.1 |
2023 | 8.2 |
2024 | 4.3 |
2025 | 2.9 |
After 2025 | 0 |
Total | 91.1 |
Evergy Metro | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2021 | 232.7 |
2022 | 89.1 |
2023 | 91.7 |
2024 | 75.9 |
2025 | 70.9 |
After 2025 | 315.5 |
Total | 875.8 |
Evergy Metro | Fuel | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2021 | 142.8 |
2022 | 38.8 |
2023 | 46.3 |
2024 | 27.9 |
2025 | 23.2 |
After 2025 | 38 |
Total | 317 |
Evergy Metro | Power | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2021 | 34.9 |
2022 | 35.1 |
2023 | 35.3 |
2024 | 29.2 |
2025 | 29.2 |
After 2025 | 196.1 |
Total | 359.8 |
Evergy Metro | Other | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2021 | 55 |
2022 | 15.2 |
2023 | 10.1 |
2024 | 18.8 |
2025 | 18.5 |
After 2025 | 81.4 |
Total | $ 199 |
GUARANTEES (Details)
GUARANTEES (Details) $ in Millions | Dec. 31, 2020USD ($) |
Guarantor Obligations [Line Items] | |
Maximum exposure | $ 140 |
Commercial Paper | Evergy Missouri West | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 65 |
Guarantee | Evergy Kansas Central | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 48 |
Guarantee | Evergy Metro | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 48 |
Guarantee of Indebtedness of Others | Evergy Missouri West | |
Guarantor Obligations [Line Items] | |
Maximum exposure | $ 92 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Right-of-use assets under operating leases | $ 93.2 | ||
Evergy Metro | |||
Related Party Transaction [Line Items] | |||
Right-of-use assets under operating leases | 71.3 | ||
Evergy Metro | Evergy Inc Money Pool | |||
Related Party Transaction [Line Items] | |||
Due from Related Parties, Current | 100 | ||
Due to Related Parties, Current | 0 | ||
Due from (to) related parties | $ 0 | ||
Evergy Metro | Evergy Missouri West | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | 188.1 | 78.7 | |
Evergy Metro | Evergy Missouri West | Operating Expenses and Capital Costs Billed | |||
Related Party Transaction [Line Items] | |||
Related party transaction | 168.7 | 172.8 | $ 183.2 |
Evergy Metro | Evergy Kansas Central | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | 21.7 | 14.9 | |
Evergy Metro | Evergy Kansas Central | Operating Expenses and Capital Costs Billed | |||
Related Party Transaction [Line Items] | |||
Related party transaction | 130.8 | 154.9 | 82.9 |
Evergy Metro | Evergy | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | 15.7 | (4.3) | |
Evergy Metro | Evergy | Income Tax Receivable | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | 3.2 | ||
Evergy Metro | Evergy | Income Taxes Payable | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | 14.1 | ||
Evergy Kansas Central | |||
Related Party Transaction [Line Items] | |||
Right-of-use assets under operating leases | 34.4 | ||
Evergy Kansas Central | Evergy Missouri West | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | 6.6 | 3.1 | |
Evergy Kansas Central | Evergy Missouri West | Operating Expenses and Capital Costs Billed | |||
Related Party Transaction [Line Items] | |||
Related party transaction | 37.6 | 24.9 | 12.3 |
Evergy Kansas Central | Evergy Metro | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | (21.7) | (14.9) | |
Evergy Kansas Central | Evergy Metro | Operating Expenses and Capital Costs Billed | |||
Related Party Transaction [Line Items] | |||
Related party transaction | 34.7 | 40.6 | $ 17.5 |
Evergy Kansas Central | Evergy | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | 0.1 | 6.9 | |
Evergy Kansas Central | Evergy | Income Tax Receivable | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | 25.3 | 37.9 | |
Evergy Kansas Central | Evergy Metro | Subsidiary of Common Parent | |||
Related Party Transaction [Line Items] | |||
Right-of-use assets under operating leases | 28.9 | 29.5 | |
Lease liability recorded in other current liabilities | 0.7 | 0.6 | |
Total long-term obligations under operating leases | $ 28.2 | $ 28.9 | |
Jointly Owned Electricity Generation Plant Iatan No 1 And 2 | Evergy Missouri West | |||
Related Party Transaction [Line Items] | |||
Jointly owned utility plant, proportionate ownership share | 18.00% | ||
Jeffrey Energy Center | Evergy Missouri West | |||
Related Party Transaction [Line Items] | |||
Jointly owned utility plant, proportionate ownership share | 8.00% | ||
La Cygne Station | Evergy Kansas Central | |||
Related Party Transaction [Line Items] | |||
Jointly owned utility plant, proportionate ownership share | 50.00% |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 17 Months Ended | |||
Dec. 31, 2019 | Feb. 25, 2021 | Dec. 31, 2020 | Jul. 31, 2018 | |
Line of Credit Facility [Line Items] | ||||
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 | ||
Preferred stock, shares authorized (in shares) | 12,000,000 | |||
Number of shares authorized to be repurchased (in shares) | 60,000,000 | |||
Stock repurchased and retired during period under repurchase plan, value | $ 2,671 | |||
Stock repurchased and retired during period (in shares) | 45,200,000 | |||
Restriction on payment of dividends (at least) | 35.00% | |||
Restricted net assets of subsidiaries | $ 5,700 | |||
Subsequent Event | ||||
Line of Credit Facility [Line Items] | ||||
Stock to be Sold and Issued Under Securities Purchase Agreement, Shares | 2,269,447 | |||
Stock to be Sold and Issued Under Securities Purchase Agreement, Value | $ 113.2 | |||
Warrant to be Issued Under Securities Purchase Agreement for Potential Shares, Maximum | 3,950,000 | |||
Warrants and Rights Outstanding, Term | 3 years | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 64.70 | |||
Cash Borrowings | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, debt to capitalization ratio (no more than) | 65.00% | |||
Evergy Kansas Central | ||||
Line of Credit Facility [Line Items] | ||||
Common stock, shares authorized (in shares) | 1,000 | 1,000 | ||
Restriction on payment of dividends (at least) | 40.00% | |||
Evergy Kansas Central | Cash Borrowings | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, debt to capitalization ratio (no more than) | 65.00% | |||
Evergy Metro | ||||
Line of Credit Facility [Line Items] | ||||
Common stock, shares authorized (in shares) | 1,000 | 1,000 | ||
Restriction on payment of dividends (at least) | 40.00% | |||
Retained earnings restrictions | $ 385.6 | |||
Evergy Metro | Cash Borrowings | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, debt to capitalization ratio (no more than) | 65.00% | |||
Evergy Missouri West | Cash Borrowings | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, debt to capitalization ratio (no more than) | 65.00% |
SHAREHOLDERS' EQUITY - Common S
SHAREHOLDERS' EQUITY - Common Stock Repurchase Program (Details) shares in Millions | Dec. 31, 2020USD ($)shares |
August 2018 ASR Agreement | |
Line of Credit Facility [Line Items] | |
Stock repurchase program, authorized amount | $ | $ 450,000,000 |
Shares Delivered (in shares) | shares | 7.9 |
November 2018 ASR Agreement | |
Line of Credit Facility [Line Items] | |
Stock repurchase program, authorized amount | $ | $ 475,000,000 |
Shares Delivered (in shares) | shares | 8.3 |
March 2019 ASR Agreement | |
Line of Credit Facility [Line Items] | |
Stock repurchase program, authorized amount | $ | $ 450,000,000 |
Shares Delivered (in shares) | shares | 7.8 |
June 2019 ASR Agreement | |
Line of Credit Facility [Line Items] | |
Stock repurchase program, authorized amount | $ | $ 500,000,000 |
Shares Delivered (in shares) | shares | 8.1 |
September 2019 ASR Agreement | |
Line of Credit Facility [Line Items] | |
Stock repurchase program, authorized amount | $ | $ 500,000,000 |
Shares Delivered (in shares) | shares | 7.8 |
VARIABLE INTEREST ENTITIES - Na
VARIABLE INTEREST ENTITIES - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Aug. 31, 2019 | Jul. 31, 2017 | Mar. 31, 2019 | Dec. 31, 2020 | |
Jeffrey Energy Center | ||||
Variable Interest Entity [Line Items] | ||||
VIE ownership percentage | 8.00% | 8.00% | 8.00% | 8.00% |
La Cygne Unit 2 [Member] | ||||
Variable Interest Entity [Line Items] | ||||
VIE ownership percentage | 50.00% | |||
Evergy Kansas Central | Jeffrey Energy Center | ||||
Variable Interest Entity [Line Items] | ||||
VIE ownership percentage | 8.00% | |||
Evergy Kansas Central | La Cygne Unit 2 [Member] | ||||
Variable Interest Entity [Line Items] | ||||
VIE ownership percentage | 50.00% |
VARIABLE INTEREST ENTITIES - As
VARIABLE INTEREST ENTITIES - Assets and Liabilities Related to VIE (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Property, plant and equipment of variable interest entities, net | $ 19,951 | $ 19,184.4 |
Liabilities: | ||
Current maturities of long-term debt of variable interest entities | 436.4 | 251.1 |
Accrued interest | 123.4 | 122.3 |
Long-term debt, net | 9,190.9 | 8,746.7 |
Variable Interest Entities | ||
Assets: | ||
Property, plant and equipment of variable interest entities, net | 154.9 | 162 |
Liabilities: | ||
Current maturities of long-term debt of variable interest entities | 18.8 | 32.3 |
Accrued interest | 0.1 | 0.3 |
Long-term debt, net | 0 | 18.8 |
Evergy Kansas Central | ||
Assets: | ||
Property, plant and equipment of variable interest entities, net | 10,193.6 | 9,864.9 |
Liabilities: | ||
Current maturities of long-term debt of variable interest entities | 0 | 250 |
Accrued interest | 72.8 | 74.2 |
Long-term debt, net | 3,931.5 | 3,436.1 |
Evergy Kansas Central | Variable Interest Entities | ||
Assets: | ||
Property, plant and equipment of variable interest entities, net | 154.9 | 162 |
Liabilities: | ||
Current maturities of long-term debt of variable interest entities | 18.8 | 32.3 |
Long-term debt, net | $ 0 | $ 18.8 |
TAXES - Income Tax Expense (Det
TAXES - Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current income taxes | |||
Federal | $ (26.8) | $ (39.5) | $ (67.4) |
State | 2.1 | 15 | 2.2 |
Total | (24.7) | (24.5) | (65.2) |
Deferred income taxes | |||
Federal | 73.1 | 93.2 | 160.1 |
State | 59.8 | 27.5 | (32.3) |
Total | 132.9 | 120.7 | 127.8 |
Investment Tax Credits | |||
Amortization | (6) | (4.4) | (3.6) |
Deferral | 0 | 5.2 | 0 |
Total | (6) | 0.8 | (3.6) |
Income tax expense | $ 102.2 | $ 97 | $ 59 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
Effect of: | |||
COLI policies | (1.60%) | (1.80%) | (1.90%) |
State income taxes | 4.30% | 5.00% | 4.90% |
Flow through depreciation for plant-related differences | (5.30%) | (4.50%) | 0.80% |
Federal tax credits | (4.60%) | (4.90%) | (6.40%) |
Non-controlling interest | (0.30%) | (0.40%) | (0.40%) |
AFUDC equity | (0.50%) | (0.10%) | (0.10%) |
Amortization of federal investment tax credits | (0.60%) | (0.50%) | (0.60%) |
Changes In Uncertain Tax Positions, Net | 0.00% | (0.20%) | 0.10% |
Federal or state tax rate change | 1.90% | 0.00% | (8.70%) |
Valuation allowance | (0.20%) | (1.00%) | 0.40% |
Stock compensation | (0.10%) | 0.10% | (0.40%) |
Officer compensation limitation | 0.20% | 0.10% | 1.20% |
Other | (0.20%) | (0.40%) | (0.20%) |
Effective income tax rate | 14.00% | 12.40% | 9.70% |
Evergy Kansas Central | |||
Current income taxes | |||
Federal | $ 14.5 | $ 37.9 | $ (0.3) |
State | (5.3) | 2.6 | (1.8) |
Total | 9.2 | 40.5 | (2.1) |
Deferred income taxes | |||
Federal | (16.7) | (8.9) | 43.5 |
State | 168.1 | 18.4 | (42.9) |
Total | 151.4 | 9.5 | 0.6 |
Investment Tax Credits | |||
Amortization | (4.8) | (3.1) | (2.8) |
Deferral | 0 | 5.2 | 0 |
Total | (4.8) | 2.1 | (2.8) |
Income tax expense | $ 155.8 | $ 52.1 | $ (4.3) |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
Effect of: | |||
COLI policies | (2.80%) | (3.30%) | (3.30%) |
State income taxes | 3.80% | 5.30% | 5.00% |
Flow through depreciation for plant-related differences | (0.10%) | (0.10%) | 1.60% |
Federal tax credits | (7.10%) | (7.40%) | (10.40%) |
Non-controlling interest | (0.60%) | (0.80%) | (0.60%) |
AFUDC equity | (0.50%) | (0.10%) | (0.20%) |
Amortization of federal investment tax credits | (0.70%) | (0.70%) | (0.80%) |
Changes In Uncertain Tax Positions, Net | 0.00% | (0.40%) | 0.10% |
Federal or state tax rate change | 27.80% | 0.00% | (15.30%) |
Valuation allowance | 0.00% | (0.40%) | 0.50% |
Stock compensation | (0.10%) | (0.10%) | (0.80%) |
Officer compensation limitation | 0.00% | 0.00% | 1.80% |
Other | (0.90%) | (0.30%) | 0.20% |
Effective income tax rate | 39.80% | 12.70% | (1.20%) |
Evergy Metro | |||
Current income taxes | |||
Federal | $ (0.2) | $ 43.9 | $ 29.8 |
State | 10.8 | 22.4 | 8.9 |
Total | 10.6 | 66.3 | 38.7 |
Deferred income taxes | |||
Federal | 29.8 | (24.5) | (3.4) |
State | (32.2) | (5) | 53 |
Total | (2.4) | (29.5) | 49.6 |
Investment Tax Credits | |||
Amortization | (1.1) | (1.1) | (1) |
Total | (1.1) | (1.1) | (1) |
Income tax expense | $ 7.1 | $ 35.7 | $ 87.3 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
Effect of: | |||
COLI policies | (0.30%) | (0.20%) | (0.20%) |
State income taxes | 4.90% | 4.70% | 5.50% |
Flow through depreciation for plant-related differences | (10.00%) | (9.40%) | (2.50%) |
Federal tax credits | (1.90%) | (2.50%) | (2.10%) |
AFUDC equity | (0.50%) | (0.20%) | (0.10%) |
Amortization of federal investment tax credits | (0.40%) | (0.40%) | (0.40%) |
Federal or state tax rate change | (10.50%) | 0.00% | 14.10% |
Stock compensation | (0.40%) | 0.00% | 0.00% |
Officer compensation limitation | 0.40% | 0.30% | 0.60% |
Other | 0.00% | (1.00%) | (1.00%) |
Effective income tax rate | 2.30% | 12.30% | 34.90% |
TAXES - Deferred Income Taxes (
TAXES - Deferred Income Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Tax credit carryforward | $ 379.6 | $ 548.9 |
Income taxes refundable to customers, net | 418.2 | 466.3 |
Deferred employee benefit costs | 227.6 | 197 |
Net operating loss carryforward | 51 | 163.4 |
Deferred state income taxes | 145.9 | 64.4 |
Alternative minimum tax carryforward | 0 | 37.9 |
Accrued liabilities | 152.7 | 80.4 |
Other | 181 | 183.2 |
Total deferred tax assets before valuation allowance | 1,556 | 1,741.5 |
Valuation allowances | (14.4) | (17.5) |
Total deferred tax assets, net | 1,541.6 | 1,724 |
Deferred tax liabilities: | ||
Plant-related | (2,693.7) | (3,004.8) |
Deferred employee benefit costs | (171.4) | (173.3) |
ARO regulatory assets | (136.7) | (102.3) |
Acquisition premium | (46.9) | (68.2) |
Other | (157.7) | (119.8) |
Total deferred tax liabilities | (3,206.4) | (3,468.4) |
Net deferred income tax liabilities | (1,664.8) | (1,744.4) |
Evergy Kansas Central | ||
Deferred tax assets: | ||
Tax credit carryforward | 176.5 | 337.3 |
Income taxes refundable to customers, net | 237.5 | 234.3 |
Deferred employee benefit costs | 105.4 | 93.4 |
Net operating loss carryforward | 0 | 23.1 |
Deferred state income taxes | 101.7 | 64.4 |
Alternative minimum tax carryforward | 0 | 13.4 |
Accrued liabilities | 61.8 | 14.5 |
Other | 91.4 | 99.1 |
Total deferred tax assets before valuation allowance | 774.3 | 879.5 |
Valuation allowances | 0 | 0 |
Total deferred tax assets, net | 774.3 | 879.5 |
Deferred tax liabilities: | ||
Plant-related | (1,341.2) | (1,428.3) |
Deferred employee benefit costs | (75.6) | (93.4) |
ARO regulatory assets | (49.9) | (53.4) |
Acquisition premium | (46.9) | (68.2) |
Other | (85.2) | (53.9) |
Total deferred tax liabilities | (1,598.8) | (1,697.2) |
Net deferred income tax liabilities | (824.5) | (817.7) |
Evergy Metro | ||
Deferred tax assets: | ||
Tax credit carryforward | 195.9 | 204.4 |
Income taxes refundable to customers, net | 132.8 | 176.2 |
Deferred employee benefit costs | 117.9 | 120.4 |
Net operating loss carryforward | 0.2 | 61.9 |
Deferred state income taxes | 37.8 | 0 |
Alternative minimum tax carryforward | 0 | 0 |
Accrued liabilities | 61 | 29.1 |
Other | 44.8 | 55.1 |
Total deferred tax assets before valuation allowance | 590.4 | 647.1 |
Valuation allowances | 0 | 0 |
Total deferred tax assets, net | 590.4 | 647.1 |
Deferred tax liabilities: | ||
Plant-related | (972.1) | (1,143.2) |
Deferred employee benefit costs | (76.3) | (79.5) |
ARO regulatory assets | (54.3) | (13.8) |
Acquisition premium | 0 | 0 |
Other | (46.5) | (53.4) |
Total deferred tax liabilities | (1,149.2) | (1,289.9) |
Net deferred income tax liabilities | $ (558.8) | $ (642.8) |
TAXES - Tax Credit Carryforward
TAXES - Tax Credit Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | $ 379.6 | |
Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 176.5 | |
Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 195.9 | |
General Business Tax Credit Carryforward | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 379.6 | $ 379 |
Amount of tax credit acquired in business combination | 0.2 | |
Valuation allowance | 0.2 | |
General Business Tax Credit Carryforward | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 176.5 | 168.8 |
General Business Tax Credit Carryforward | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 195.9 | 203.2 |
State and Local Jurisdiction | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 169.9 | |
State and Local Jurisdiction | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 168.5 | |
State and Local Jurisdiction | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 1.2 | |
Federal Alternative Minimum Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 37.9 | |
Federal Alternative Minimum Tax Credit Carryforward [Member] | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | $ 13.4 | |
2003 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0.1 | |
2003 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
2003 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
2004 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0.1 | |
2004 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
2004 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
2005 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0.1 | |
2005 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
2005 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
2006 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0.1 | |
2006 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
2006 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
2007 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0.1 | |
2007 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
2007 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
2008 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 27.4 | |
2008 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0.5 | |
2008 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 26.6 | |
2009 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 47.7 | |
2009 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0.2 | |
2009 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 47.3 | |
2010 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 18.3 | |
2010 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
2010 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 18.2 | |
2011 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 13.3 | |
2011 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
2011 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 13.2 | |
2012 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 12.8 | |
2012 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 2 | |
2012 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 10.7 | |
2013 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 24.3 | |
2013 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 11.3 | |
2013 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 12.9 | |
2014 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 24.1 | |
2014 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 10.7 | |
2014 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 13 | |
2015 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 24.7 | |
2015 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 10.9 | |
2015 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 13.2 | |
2016 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 27.1 | |
2016 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 11 | |
2016 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 12.4 | |
2017 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 43.9 | |
2017 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 35.1 | |
2017 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 8.2 | |
2018 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 43.9 | |
2018 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 36.3 | |
2018 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 7.5 | |
2019 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 37.7 | |
2019 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 30.9 | |
2019 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 6.7 | |
2020 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 33.9 | |
2020 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 27.6 | |
2020 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | $ 6 |
TAXES - Net Operating Loss Carr
TAXES - Net Operating Loss Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Loss Carryforwards [Line Items] | ||
Deferred tax benefits | $ 42.2 | $ 132.4 |
Operating loss carryforwards of federal income tax benefit | 7.1 | |
Tax credit carryforward, amount | 379.6 | |
Federal Alternative Minimum Tax Credit Carryforward | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 37.9 | |
Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Tax benefits related to NOLs | 7.1 | |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax benefits | 8.8 | 31 |
Operating loss carryforwards of federal income tax benefit | 7.1 | |
Evergy Kansas Central | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 176.5 | |
Evergy Kansas Central | Federal Alternative Minimum Tax Credit Carryforward | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 13.4 | |
Evergy Kansas Central | Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax benefits | 12.3 | |
Evergy Kansas Central | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax benefits | 10.8 | |
Evergy Metro | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 195.9 | |
Evergy Metro | Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax benefits | 56.2 | |
Evergy Metro | State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax benefits | 0.2 | $ 5.7 |
2005 | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax benefits | 10.2 | |
Tax credit carryforward, amount | 0.1 | |
2005 | Evergy Kansas Central | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 0 | |
2005 | Evergy Metro | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 0 | |
2006 | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax benefits | 32 | |
Tax credit carryforward, amount | 0.1 | |
2006 | Evergy Kansas Central | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 0 | |
2006 | Evergy Metro | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 0 | |
2014 | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 24.1 | |
2014 | Evergy Kansas Central | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 10.7 | |
2014 | Evergy Metro | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 13 | |
2015 | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 24.7 | |
2015 | Evergy Kansas Central | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 10.9 | |
2015 | Evergy Metro | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 13.2 | |
2016 | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 27.1 | |
2016 | Evergy Kansas Central | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 11 | |
2016 | Evergy Metro | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 12.4 | |
2017 | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 43.9 | |
2017 | Evergy Kansas Central | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 35.1 | |
2017 | Evergy Metro | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | $ 8.2 |
TAXES - Valuation Allowance (De
TAXES - Valuation Allowance (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Income Tax Disclosure [Abstract] | |
Tax benefit | $ 3.1 |
TAXES - State Tax Reform (Detai
TAXES - State Tax Reform (Details) - USD ($) $ in Millions | May 01, 2020 | Jun. 01, 2018 | Dec. 31, 2020 |
State Tax Reform [Line Items] | |||
Decrease in net deferred income tax liabilities due to tax reform | $ 233.8 | ||
Decrease in net deferred income tax liabilities for revaluation of deferred income tax assets and liabilities in rate base | 400.4 | ||
Decrease in net deferred income tax liabilities for tax gross-up adjustment for ratemaking purposes due to tax reform | 31.7 | ||
Decrease in unamortized investment tax credits | 183.6 | ||
Decrease in unamortized investment tax credits for tax gross up adjustment for ratemaking purposes | 16.9 | ||
Income tax expense from tax reform | 13.8 | ||
Kansas state statutory income tax rate thru 2020 | 7.00% | ||
Evergy Kansas Central | |||
State Tax Reform [Line Items] | |||
Decrease in net deferred income tax liabilities due to tax reform | 17.6 | ||
Decrease in net deferred income tax liabilities for revaluation of deferred income tax assets and liabilities in rate base | 293.7 | ||
Decrease in net deferred income tax liabilities for tax gross-up adjustment for ratemaking purposes due to tax reform | 17.3 | ||
Decrease in unamortized investment tax credits | 183.6 | ||
Decrease in unamortized investment tax credits for tax gross up adjustment for ratemaking purposes | 16.9 | ||
Income tax expense from tax reform | 109 | ||
Evergy Metro | |||
State Tax Reform [Line Items] | |||
Decrease in net deferred income tax liabilities due to tax reform | 152.9 | $ 46.6 | |
Decrease in net deferred income tax liabilities for revaluation of deferred income tax assets and liabilities in rate base | 106.7 | 28.8 | |
Decrease in net deferred income tax liabilities for tax gross-up adjustment for ratemaking purposes due to tax reform | 14.4 | 9.9 | |
Income tax expense from tax reform | $ 32.2 | $ 15.5 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 year |
Minimum | Evergy Kansas Central | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 year |
Minimum | Evergy Metro | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 18 years |
Maximum | Evergy Kansas Central | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 18 years |
Maximum | Evergy Metro | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 25 years |
LEASES - Schedule of Lease Expe
LEASES - Schedule of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finance lease costs | ||
Amortization of right-of-use assets | $ 7.7 | $ 5.2 |
Interest on lease liabilities | 3.1 | 2.9 |
Operating lease costs | 22.9 | 23.8 |
Short-term lease costs | 2.1 | 4 |
Variable lease costs for renewable purchase power agreements | 296.6 | 313 |
Total lease costs | 332.4 | 348.9 |
Evergy Kansas Central | ||
Finance lease costs | ||
Amortization of right-of-use assets | 7.2 | 5 |
Interest on lease liabilities | 2.8 | 2.7 |
Operating lease costs | 11.9 | 13.2 |
Short-term lease costs | 0.5 | 1.2 |
Variable lease costs for renewable purchase power agreements | 135.6 | 130.8 |
Total lease costs | 158 | 152.9 |
Evergy Metro | ||
Finance lease costs | ||
Amortization of right-of-use assets | 0.3 | 0.1 |
Interest on lease liabilities | 0.1 | 0.1 |
Operating lease costs | 9.3 | 9.2 |
Short-term lease costs | 1.5 | 2.6 |
Variable lease costs for renewable purchase power agreements | 112.2 | 129.2 |
Total lease costs | $ 123.4 | $ 141.2 |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 22.2 | $ 21.7 |
Operating cash flows from finance leases | 2.8 | 2.8 |
Financing cash flows from finance leases | 5.6 | 5 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 6.9 | 10.4 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 5.6 | 8.3 |
Evergy Kansas Central | ||
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | 12.9 | 13.7 |
Operating cash flows from finance leases | 2.5 | 2.6 |
Financing cash flows from finance leases | 5.1 | 4.8 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 6.6 | 6.1 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 4 | 8.3 |
Evergy Metro | ||
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | 10.8 | 9.9 |
Operating cash flows from finance leases | 0.1 | 0.1 |
Financing cash flows from finance leases | 0.4 | 0.1 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 0.3 | 2.4 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 1.6 | $ 0 |
LEASES - Schedule of Future Pay
LEASES - Schedule of Future Payments for Finance Leases (Details) $ in Millions | Dec. 31, 2020USD ($) |
Lessee, Lease, Description [Line Items] | |
2021 | $ 8.8 |
2022 | 7.3 |
2023 | 6.6 |
2024 | 5.3 |
2025 | 4.6 |
After 2025 | 42.4 |
Total finance lease payments | 75 |
Amounts representing imputed interest | (23.7) |
Present value of lease payments | 51.3 |
Less: current portion | (6) |
Total long-term obligations under finance leases | 45.3 |
Right-of-use assets under finance leases included in property, plant and equipment, net on the consolidated balance sheets | $ 314.1 |
Weighted-average remaining lease term (years) | 13 years 6 months |
Weighted-average discount rate | 5.60% |
Evergy Kansas Central | |
Lessee, Lease, Description [Line Items] | |
2021 | $ 8 |
2022 | 6.5 |
2023 | 5.8 |
2024 | 4.6 |
2025 | 4.1 |
After 2025 | 41.2 |
Total finance lease payments | 70.2 |
Amounts representing imputed interest | (22.7) |
Present value of lease payments | 47.5 |
Less: current portion | (5.6) |
Total long-term obligations under finance leases | 41.9 |
Right-of-use assets under finance leases included in property, plant and equipment, net on the consolidated balance sheets | $ 53.9 |
Weighted-average remaining lease term (years) | 14 years 1 month 6 days |
Weighted-average discount rate | 5.50% |
Evergy Metro | |
Lessee, Lease, Description [Line Items] | |
2021 | $ 0.6 |
2022 | 0.6 |
2023 | 0.6 |
2024 | 0.6 |
2025 | 0.2 |
After 2025 | 0.6 |
Total finance lease payments | 3.2 |
Amounts representing imputed interest | (0.6) |
Present value of lease payments | 2.6 |
Less: current portion | (0.4) |
Total long-term obligations under finance leases | 2.2 |
Right-of-use assets under finance leases included in property, plant and equipment, net on the consolidated balance sheets | $ 2.6 |
Weighted-average remaining lease term (years) | 5 years 10 months 24 days |
Weighted-average discount rate | 4.90% |
LEASES - Schedule of Future P_2
LEASES - Schedule of Future Payments for Operating Leases (Details) $ in Millions | Dec. 31, 2020USD ($) |
Lessee, Lease, Description [Line Items] | |
2021 | $ 18.5 |
2022 | 15.3 |
2023 | 12.2 |
2024 | 10.4 |
2025 | 7.9 |
After 2025 | 37.3 |
Total operating lease payments | 101.6 |
Amounts representing imputed interest | (14.4) |
Right-of-use assets under operating leases included in other assets on the consolidated balance sheets | $ 93.2 |
Weighted-average remaining lease term (years) | 8 years 3 months 18 days |
Weighted-average discount rate | 3.70% |
Other Liabilities | |
Lessee, Lease, Description [Line Items] | |
Present value of lease payments | $ 87.2 |
Other Current Liabilities | |
Lessee, Lease, Description [Line Items] | |
Less: current portion | (14.5) |
Other Noncurrent Liabilities | |
Lessee, Lease, Description [Line Items] | |
Total long-term obligations under operating leases | 72.7 |
Evergy Kansas Central | |
Lessee, Lease, Description [Line Items] | |
2021 | 10.1 |
2022 | 7.7 |
2023 | 5 |
2024 | 3.5 |
2025 | 1.5 |
After 2025 | 0.4 |
Total operating lease payments | 28.2 |
Amounts representing imputed interest | (0.8) |
Right-of-use assets under operating leases included in other assets on the consolidated balance sheets | $ 34.4 |
Weighted-average remaining lease term (years) | 3 years 4 months 24 days |
Weighted-average discount rate | 2.90% |
Evergy Kansas Central | Other Liabilities | |
Lessee, Lease, Description [Line Items] | |
Present value of lease payments | $ 27.4 |
Evergy Kansas Central | Other Current Liabilities | |
Lessee, Lease, Description [Line Items] | |
Less: current portion | (8.2) |
Evergy Kansas Central | Other Noncurrent Liabilities | |
Lessee, Lease, Description [Line Items] | |
Total long-term obligations under operating leases | 19.2 |
Evergy Metro | |
Lessee, Lease, Description [Line Items] | |
2021 | 10.1 |
2022 | 9.3 |
2023 | 8.8 |
2024 | 8.5 |
2025 | 8.3 |
After 2025 | 74.5 |
Total operating lease payments | 119.5 |
Amounts representing imputed interest | (31.4) |
Right-of-use assets under operating leases included in other assets on the consolidated balance sheets | $ 71.3 |
Weighted-average remaining lease term (years) | 15 years 3 months 18 days |
Weighted-average discount rate | 4.10% |
Evergy Metro | Other Liabilities | |
Lessee, Lease, Description [Line Items] | |
Present value of lease payments | $ 88.1 |
Evergy Metro | Other Current Liabilities | |
Lessee, Lease, Description [Line Items] | |
Less: current portion | (6.7) |
Evergy Metro | Other Noncurrent Liabilities | |
Lessee, Lease, Description [Line Items] | |
Total long-term obligations under operating leases | $ 81.4 |
QUARTERLY OPERATING RESULTS (_3
QUARTERLY OPERATING RESULTS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating revenue | $ 1,094.4 | $ 1,517.6 | $ 1,184.7 | $ 1,116.7 | $ 1,131.6 | $ 1,577.6 | $ 1,221.7 | $ 1,216.9 | $ 4,913.4 | $ 5,147.8 | $ 4,275.9 |
Operating Income | 153 | 521.7 | 271.7 | 197.5 | 165.8 | 538.7 | 271.7 | 209.6 | 1,143.9 | 1,185.8 | 933.6 |
Net income | 54 | 367.5 | 136.3 | 72.2 | 66.7 | 370.9 | 144.6 | 103.4 | 630 | 685.6 | 546 |
Net income attributable to Evergy, Inc. | $ 51 | $ 364.5 | $ 133.4 | $ 69.4 | $ 63.9 | $ 366.8 | $ 139.7 | $ 99.5 | 618.3 | 669.9 | 535.8 |
Basic and diluted earnings per common share (in dollars per share) | $ 0.22 | $ 1.60 | $ 0.59 | $ 0.31 | $ 0.28 | $ 1.56 | $ 0.57 | $ 0.39 | |||
Evergy Kansas Central | |||||||||||
Operating revenue | $ 553.6 | $ 733.6 | $ 570.8 | $ 560.1 | $ 576.1 | $ 749 | $ 585.5 | $ 596.8 | 2,418.1 | 2,507.4 | 2,614.9 |
Operating Income | 90.9 | 240.7 | 121.2 | 114.5 | 102.2 | 242.4 | 127.6 | 124.3 | 567.3 | 596.5 | 550.5 |
Net income | 45.1 | 173.1 | (37.6) | 55.2 | 55.4 | 168.2 | 67.2 | 68.3 | 235.8 | 359.1 | 349.1 |
Net income attributable to Evergy, Inc. | 42.1 | 170.1 | (40.5) | 52.4 | 52.6 | 164.1 | 62.3 | 64.4 | 224.1 | 343.4 | 338.9 |
Evergy Metro | |||||||||||
Operating revenue | 377.3 | 528.5 | 424.3 | 375.5 | 375.3 | 568.8 | 437 | 425.4 | 1,705.6 | 1,806.5 | 1,823.1 |
Operating Income | 53.7 | 204.4 | 112.5 | 63.7 | 52.2 | 215.5 | 101.9 | 56.9 | 434.3 | 426.5 | 409.8 |
Net income | $ 22.5 | $ 147.7 | $ 102.9 | $ 25.6 | $ 27.9 | $ 151.9 | $ 59.4 | $ 16 | 298.7 | 255.2 | 162.9 |
Net income attributable to Evergy, Inc. | $ 298.7 | $ 255.2 | $ 162.9 |
Schedule I Financial Statemen_2
Schedule I Financial Statements of Parent Company Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 7 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING EXPENSES: | |||||||||||||
Operating and maintenance | $ 1,163 | $ 1,218.5 | $ 1,115.8 | ||||||||||
Total Operating Expenses | 3,769.5 | 3,962 | 3,342.3 | ||||||||||
INCOME FROM OPERATIONS | $ 153 | $ 521.7 | $ 271.7 | $ 197.5 | $ 165.8 | $ 538.7 | $ 271.7 | $ 209.6 | 1,143.9 | 1,185.8 | 933.6 | ||
OTHER INCOME (EXPENSE): | |||||||||||||
Equity in earnings from subsidiaries | 8.3 | 9.8 | 5.4 | ||||||||||
Other expense | (78.2) | (76.9) | (78.7) | ||||||||||
Total Other Expense, Net | (36.1) | (39) | (54.4) | ||||||||||
Interest expense | 383.9 | 374 | 279.6 | ||||||||||
INCOME BEFORE INCOME TAXES | 723.9 | 772.8 | 599.6 | ||||||||||
Income tax expense (benefit) | 102.2 | 97 | 59 | ||||||||||
Net income attributable to Evergy, Inc. | 51 | 364.5 | 133.4 | 69.4 | 63.9 | 366.8 | 139.7 | 99.5 | 618.3 | 669.9 | 535.8 | ||
COMPREHENSIVE INCOME | |||||||||||||
NET INCOME | $ 54 | $ 367.5 | $ 136.3 | $ 72.2 | $ 66.7 | $ 370.9 | $ 144.6 | $ 103.4 | 630 | 685.6 | 546 | ||
Derivative hedging activity | |||||||||||||
Loss on derivative hedging instruments | $ (69.8) | 0 | (64.4) | (5.4) | |||||||||
Income tax benefit | 0 | 16.5 | 1.4 | ||||||||||
Net loss on derivative hedging instruments | 0 | (47.9) | (4) | ||||||||||
Reclassification to expenses, net of taxes | (3) | (1.5) | 0 | ||||||||||
Derivative hedging activity, net of tax | 3 | (46.4) | (4) | ||||||||||
Total other comprehensive income (loss) | 0.6 | (47) | (3) | ||||||||||
COMPREHENSIVE INCOME | 618.9 | 622.9 | $ 532.8 | ||||||||||
Parent | |||||||||||||
OPERATING EXPENSES: | |||||||||||||
Operating and maintenance | $ 54.6 | 39.3 | 19.4 | ||||||||||
Total Operating Expenses | 54.6 | 39.3 | 19.4 | ||||||||||
INCOME FROM OPERATIONS | (54.6) | (39.3) | (19.4) | ||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||
Equity in earnings from subsidiaries | 364.7 | 683.4 | 698.2 | ||||||||||
Investment earnings | 26.3 | 32.1 | 32.7 | ||||||||||
Other expense | (2.6) | (0.1) | (0.1) | ||||||||||
Total Other Expense, Net | 388.4 | 715.4 | 730.8 | ||||||||||
Interest expense | 19.6 | 86.3 | 60.7 | ||||||||||
INCOME BEFORE INCOME TAXES | 314.2 | 589.8 | 650.7 | ||||||||||
Income tax expense (benefit) | (10.7) | (22.7) | (13.7) | ||||||||||
Net income attributable to Evergy, Inc. | 324.9 | 612.5 | 664.4 | ||||||||||
Derivative hedging activity | |||||||||||||
Loss on derivative hedging instruments | (5.4) | 0 | (64.4) | ||||||||||
Income tax benefit | 1.4 | 0 | 16.5 | ||||||||||
Net loss on derivative hedging instruments | (4) | 0 | (47.9) | ||||||||||
Reclassification to expenses, net of taxes | 0 | 3 | 1.5 | ||||||||||
Derivative hedging activity, net of tax | (4) | 3 | (46.4) | ||||||||||
Other comprehensive income (loss) from subsidiaries, net | 1 | (2.4) | (0.6) | ||||||||||
Total other comprehensive income (loss) | (3) | 0.6 | (47) | ||||||||||
COMPREHENSIVE INCOME | $ 321.9 | $ 613.1 | $ 617.4 |
Schedule I Financial Statemen_3
Schedule I Financial Statements of Parent Company Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 144.9 | $ 23.2 |
Income taxes receivable | 62.9 | 85.5 |
Prepaid expenses and other assets | 71.9 | 78.2 |
Total Current Assets | 1,624.3 | 1,467.7 |
OTHER ASSETS: | ||
Other | 527.7 | 511.5 |
TOTAL ASSETS | 27,114.8 | 25,975.9 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 436.4 | 251.1 |
Accrued interest | 123.4 | 122.3 |
Other | 182.6 | 161.6 |
Total Current Liabilities | 2,355.8 | 2,335.9 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 9,190.9 | 8,746.7 |
Other | 308.2 | 340.7 |
Total Long-Term Liabilities | 16,040.5 | 15,094.7 |
Commitments and Contingencies (Note 15) | ||
Evergy, Inc. Shareholders' Equity: | ||
Common stock - 600,000,000 shares authorized, without par value, 226,836,670 and 226,641,443 shares issued | 7,080 | 7,070.4 |
Retained earnings | 1,702.8 | 1,551.5 |
Accumulated other comprehensive loss | (49.4) | (50) |
Total Evergy, Inc. Shareholders' Equity | 8,733.4 | 8,571.9 |
TOTAL LIABILITIES AND EQUITY | 27,114.8 | 25,975.9 |
Parent | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | 11 | 11.6 |
Accounts receivable from subsidiaries | 54.1 | 24.5 |
Notes receivable from subsidiaries | 349.4 | 2 |
Income taxes receivable | 7.4 | 8 |
Prepaid expenses and other assets | 1.9 | 2.4 |
Total Current Assets | 423.8 | 48.5 |
OTHER ASSETS: | ||
Investment in subsidiaries | 10,349.2 | 10,023.1 |
Note receivable from subsidiaries | 287.5 | 634.9 |
Deferred income taxes | 20.5 | 34.2 |
Other | 0.5 | 0.9 |
Total Other Assets | 10,657.7 | 10,693.1 |
TOTAL ASSETS | 11,081.5 | 10,741.6 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 350 | 0 |
Notes payable | 200 | 20 |
Related party payables | 18.4 | 13.1 |
Accrued interest | 13.9 | 14.6 |
Other | 11 | 8.1 |
Total Current Liabilities | 593.3 | 55.8 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 1,875.7 | 2,223.7 |
Other | 11.7 | 16.9 |
Total Long-Term Liabilities | 1,887.4 | 2,240.6 |
Commitments and Contingencies (Note 15) | ||
Evergy, Inc. Shareholders' Equity: | ||
Common stock - 600,000,000 shares authorized, without par value, 226,836,670 and 226,641,443 shares issued | 7,063.2 | 7,053.7 |
Retained earnings | 1,587 | 1,441.5 |
Accumulated other comprehensive loss | (49.4) | (50) |
Total Evergy, Inc. Shareholders' Equity | 8,600.8 | 8,445.2 |
TOTAL LIABILITIES AND EQUITY | $ 11,081.5 | $ 10,741.6 |
Schedule I Financial Statemen_4
Schedule I Financial Statements of Parent Company Balance Sheet Parenthetical (Details) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 226,836,670 | 226,641,443 |
Parent | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 226,836,670 | 226,641,443 |
Schedule I Financial Statemen_5
Schedule I Financial Statements of Parent Company Statement of Cash Flows (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | |||||||||||||
Net income attributable to Evergy, Inc. | $ 51 | $ 364.5 | $ 133.4 | $ 69.4 | $ 63.9 | $ 366.8 | $ 139.7 | $ 99.5 | $ 618.3 | $ 669.9 | $ 535.8 | ||
Adjustments to reconcile income to net cash from operating activities: | |||||||||||||
Non-cash compensation | 16 | 16.3 | 29.9 | ||||||||||
Net deferred income taxes and credits | 126.9 | 121.5 | 124.2 | ||||||||||
Equity in earnings from subsidiaries | (8.3) | (9.8) | (5.4) | ||||||||||
Other | 0.8 | (3.2) | (5.2) | ||||||||||
Changes in working capital items: | |||||||||||||
Prepaid expenses and other current assets | 16.9 | 43.4 | (128.1) | ||||||||||
Accrued taxes | 6.7 | (8.2) | (76.4) | ||||||||||
Other current liabilities | (98.9) | (59.4) | 92 | ||||||||||
Changes in other assets | 119.5 | 79.8 | 66.8 | ||||||||||
Cash Flows from Operating Activities | 1,753.8 | 1,749 | 1,497.8 | ||||||||||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | |||||||||||||
Cash acquired from the merger with Great Plains Energy | 0 | 0 | 1,154.2 | ||||||||||
Proceeds from settlement of interest rate swap | 0 | 0 | 140.6 | ||||||||||
Cash Flows from (used in) Investing Activities | (1,533.7) | (1,080.3) | 197.4 | ||||||||||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||||||||||||
Short-term debt, net | (246.9) | (176.7) | (104) | ||||||||||
Proceeds from long-term debt | 888.8 | 2,372.7 | 290.9 | ||||||||||
Payment for settlement of interest rate swap accounted for as a cash flow hedge | $ (69.8) | 0 | (69.8) | 0 | |||||||||
Cash dividends paid | (465) | (462.5) | (475) | ||||||||||
Repurchase of common stock | 0 | (1,628.7) | (1,042.3) | ||||||||||
Other financing activities | (13.6) | (6.7) | (21.3) | ||||||||||
Cash Flows from (used in) Financing Activities | (98.4) | (805.8) | (1,538.4) | ||||||||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 121.7 | (137.1) | 156.8 | ||||||||||
Beginning of period | 23.2 | 160.3 | 23.2 | 160.3 | 3.5 | ||||||||
End of period | 144.9 | 23.2 | $ 160.3 | 144.9 | 23.2 | 160.3 | |||||||
Parent | |||||||||||||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | |||||||||||||
Net income attributable to Evergy, Inc. | 324.9 | 612.5 | 664.4 | ||||||||||
Adjustments to reconcile income to net cash from operating activities: | |||||||||||||
Non-cash compensation | 10 | 16 | 16.3 | ||||||||||
Net deferred income taxes and credits | (6.3) | 9.6 | 21.4 | ||||||||||
Equity in earnings from subsidiaries | (364.7) | (683.4) | (698.2) | ||||||||||
Other | 0 | 7 | 2.1 | ||||||||||
Changes in working capital items: | |||||||||||||
Accounts receivable from subsidiaries | (8.5) | (30) | 8.9 | ||||||||||
Income taxes receivable | (0.2) | 0.6 | (7.8) | ||||||||||
Prepaid expenses and other current assets | (1) | 0.8 | (0.1) | ||||||||||
Accounts payable to subsidiaries | 4.7 | 5 | (15) | ||||||||||
Accrued taxes | (35.2) | 0 | 0 | ||||||||||
Accrued interest | (13.6) | (0.7) | 12.5 | ||||||||||
Other current liabilities | 2.4 | 2.9 | 1.7 | ||||||||||
Cash dividends from subsidiaries | 236 | 355 | 460 | ||||||||||
Changes in other assets | 0.1 | 0.3 | 0.2 | ||||||||||
Changes in other liabilities | 20 | (3.7) | (3.5) | ||||||||||
Cash Flows from Operating Activities | 168.6 | 291.9 | 462.9 | ||||||||||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | |||||||||||||
Cash acquired from the merger with Great Plains Energy | 1,142.2 | 0 | 0 | ||||||||||
Proceeds from settlement of interest rate swap | 140.6 | 0 | 0 | ||||||||||
Cash Flows from (used in) Investing Activities | 1,282.8 | 0 | 0 | ||||||||||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||||||||||||
Short-term debt, net | (56.1) | 180 | 20 | ||||||||||
Proceeds from long-term debt | 0 | 0 | 1,585 | ||||||||||
Payment for settlement of interest rate swap accounted for as a cash flow hedge | 0 | 0 | (69.8) | ||||||||||
Cash dividends paid | (245.9) | (465) | (462.5) | ||||||||||
Repurchase of common stock | (1,042.3) | 0 | (1,628.7) | ||||||||||
Other financing activities | 0 | (7.5) | (2.4) | ||||||||||
Cash Flows from (used in) Financing Activities | (1,344.3) | (292.5) | (558.4) | ||||||||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 107.1 | (0.6) | (95.5) | ||||||||||
Beginning of period | $ 11.6 | $ 107.1 | 0 | 11.6 | 107.1 | ||||||||
End of period | $ 11 | $ 11.6 | $ 107.1 | $ 11 | $ 11.6 | $ 107.1 |
Schedule I Financial Statemen_6
Schedule I Financial Statements of Parent Company Schedule I Financial Statements of Parent Company - Dividends (Details) - USD ($) $ in Millions | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash dividends from subsidiaries | $ 236 | $ 355 | $ 460 |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for uncollectible accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning Of Period | $ 10.5 | $ 9.2 | $ 6.7 |
Additions Charged To Costs And Expenses | 24.9 | 27.2 | 20.7 |
Additions Charged To Other Accounts | 12.5 | 12.4 | 16.9 |
Deductions | 28.6 | 38.3 | 35.1 |
Balance At End Of Period | 19.3 | 10.5 | 9.2 |
Allowance for uncollectible accounts | Evergy Kansas Central | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning Of Period | 3.8 | 3.9 | 6.7 |
Additions Charged To Costs And Expenses | 11.1 | 7.2 | 9 |
Additions Charged To Other Accounts | 2.6 | 3.4 | 7.4 |
Deductions | 10 | 10.7 | 19.2 |
Balance At End Of Period | 7.5 | 3.8 | 3.9 |
Allowance for uncollectible accounts | Evergy Metro | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning Of Period | 4.6 | 3.8 | 2.2 |
Additions Charged To Costs And Expenses | 9 | 13.7 | 13.1 |
Additions Charged To Other Accounts | 6.9 | 6.3 | 4.4 |
Deductions | 12.4 | 19.2 | 15.9 |
Balance At End Of Period | 8.1 | 4.6 | 3.8 |
Tax valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning Of Period | 17.5 | 27.3 | 0 |
Additions Charged To Costs And Expenses | 0 | 0.6 | 2.2 |
Additions Charged To Other Accounts | 0 | 0 | 26.8 |
Deductions | 3.1 | 10.4 | 1.7 |
Balance At End Of Period | 14.4 | 17.5 | 27.3 |
Tax valuation allowance | Evergy Kansas Central | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning Of Period | $ 0 | 1.7 | 0 |
Additions Charged To Costs And Expenses | 0 | 1.7 | |
Additions Charged To Other Accounts | 0 | 0 | |
Deductions | 1.7 | 0 | |
Balance At End Of Period | $ 0 | $ 1.7 |