Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 17, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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 | NASDAQ | ||
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 | 229,568,060 | ||
Entity Central Index Key | 0001711269 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Entity Public Float | $ 14,786,156,340 | ||
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 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor [Line Items] | |
Auditor Location | Kansas City, Missouri |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Firm ID | 34 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
OPERATING REVENUES | $ 5,859.1 | $ 5,586.7 | $ 4,913.4 |
OPERATING EXPENSES: | |||
Fuel and purchased power | 1,821.2 | 1,557 | 1,099 |
SPP network transmission costs | 323 | 290.4 | 263.2 |
Operating and maintenance | 1,085.3 | 1,107.5 | 1,163 |
Depreciation and amortization | 929.4 | 896.4 | 880.1 |
Taxes other than income tax | 398.1 | 380.5 | 364.2 |
Sibley Unit 3 impairment loss and other regulatory disallowances | 34.9 | 0 | 0 |
Total Operating Expenses | 4,591.9 | 4,231.8 | 3,769.5 |
INCOME FROM OPERATIONS | 1,267.2 | 1,354.9 | 1,143.9 |
OTHER INCOME (EXPENSE): | |||
Investment earnings | 9.4 | 59.9 | 10.8 |
Other income | 29.9 | 46.3 | 31.3 |
Other expense | (97.3) | (87.4) | (78.2) |
Total Other Income (Expense), Net | (58) | 18.8 | (36.1) |
Interest expense | 404 | 372.6 | 383.9 |
INCOME BEFORE INCOME TAXES | 805.2 | 1,001.1 | 723.9 |
Income tax expense | 47.5 | 117.4 | 102.2 |
Equity in earnings of equity method investees, net of income taxes | 7.3 | 8.2 | 8.3 |
NET INCOME | 765 | 891.9 | 630 |
Less: Net income attributable to noncontrolling interests | 12.3 | 12.2 | 11.7 |
Net income attributable to Evergy, Inc. | $ 752.7 | $ 879.7 | $ 618.3 |
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) | $ 3.27 | $ 3.84 | $ 2.72 |
Diluted earnings per common share (in dollars per share) | $ 3.27 | $ 3.83 | $ 2.72 |
AVERAGE COMMON SHARES OUTSTANDING | |||
Basic (in shares) | 229.9 | 229 | 227.2 |
Diluted (in shares) | 230.3 | 229.6 | 227.5 |
COMPREHENSIVE INCOME | |||
NET INCOME | $ 765 | $ 891.9 | $ 630 |
Derivative hedging activity | |||
Reclassification to expenses, net of tax | 5.5 | 5.5 | 3 |
Derivative hedging activity, net of tax | 5.5 | 5.5 | 3 |
Defined benefit pension plans | |||
Net gain (loss) arising during period | 5 | (0.1) | (3) |
Income tax (expense) benefit | (1.2) | 0 | 0.7 |
Net gain (loss) arising during period, net of tax | 3.8 | (0.1) | (2.3) |
Amortization of net losses included in net periodic benefit costs, net of tax | 0.2 | 0 | (0.1) |
Change in unrecognized pension expense, net of tax | 4 | (0.1) | (2.4) |
Total other comprehensive income | 9.5 | 5.4 | 0.6 |
COMPREHENSIVE INCOME | 774.5 | 897.3 | 630.6 |
Less: Comprehensive income attributable to noncontrolling interest | 12.3 | 12.2 | 11.7 |
COMPREHENSIVE INCOME | $ 762.2 | $ 885.1 | $ 618.9 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 25.2 | $ 26.2 | ||
Receivables, net of allowance for credit losses of $31.4 and $32.9, respectively | 315.3 | 221.6 | ||
Accounts receivable pledged as collateral | 359 | 319 | ||
Fuel inventory and supplies | 672.9 | 566.7 | ||
Income taxes receivable | 9.3 | 28 | ||
Regulatory assets | 368 | 424.1 | ||
Prepaid expenses | 47.8 | 49.3 | ||
Other assets | 44.5 | 75.4 | ||
Total Current Assets | 1,842 | 1,710.3 | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 22,136.5 | 21,002.6 | ||
OTHER ASSETS: | ||||
Regulatory assets | 1,846.3 | 1,991.1 | ||
Nuclear decommissioning trust fund | 653.3 | 768.7 | ||
Goodwill | 2,336.6 | 2,336.6 | ||
Other | 534.5 | 563.4 | ||
Total Other Assets | 5,370.7 | 5,659.8 | ||
TOTAL ASSETS | 29,489.9 | 28,520.5 | ||
CURRENT LIABILITIES: | ||||
Current maturities of long-term debt | 439.1 | 389.3 | ||
Notes payable and commercial paper | 1,332.3 | 1,159.3 | ||
Collateralized note payable | 359 | 319 | ||
Accounts payable | 600.8 | 639.7 | ||
Accrued taxes | 163 | 150.4 | ||
Accrued interest | 124.3 | 118.8 | ||
Regulatory liabilities | 155.4 | 70.7 | ||
Asset retirement obligations | 40.4 | 19.5 | ||
Accrued compensation and benefits | 81.1 | 51.6 | ||
Other | 198.4 | 184.6 | ||
Total Current Liabilities | 3,493.8 | 3,102.9 | ||
LONG-TERM LIABILITIES: | ||||
Long-term debt, net | 9,905.7 | 9,297.9 | ||
Deferred income taxes | 1,996.6 | 1,861.9 | ||
Unamortized investment tax credits | 174.6 | 181.4 | ||
Regulatory liabilities | 2,566.8 | 2,705 | ||
Pension and post-retirement liability | 458.4 | 879.1 | ||
Asset retirement obligations | 1,112.8 | 940.6 | ||
Other | 287.9 | 310 | ||
Total Long-Term Liabilities | 16,502.8 | 16,175.9 | ||
Evergy, Inc. Shareholders' Equity: | ||||
Common stock | 7,219.7 | 7,205.5 | ||
Retained earnings | 2,298.5 | 2,082.9 | ||
Accumulated other comprehensive loss | (34.5) | (44) | ||
Total Evergy, Inc. Shareholders' Equity | 9,483.7 | 9,244.4 | ||
Noncontrolling Interests | 9.6 | (2.7) | ||
Total Equity | 9,493.3 | 9,241.7 | $ 8,718.5 | $ 8,545.3 |
TOTAL LIABILITIES AND EQUITY | 29,489.9 | 28,520.5 | ||
Variable Interest Entities | ||||
CURRENT ASSETS: | ||||
PROPERTY, PLANT AND EQUIPMENT, NET | $ 140.7 | $ 147.8 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 31.4 | $ 32.9 |
Common stock - shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock - shares issued (in shares) | 229,546,105 | 229,299,900 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | |||
Net income | $ 765 | $ 891.9 | $ 630 |
Adjustments to reconcile income to net cash from operating activities: | |||
Depreciation and amortization | 929.4 | 896.4 | 880.1 |
Amortization of nuclear fuel | 55.5 | 51.4 | 58.3 |
Amortization of deferred refueling outage | 22.3 | 25.1 | 25.4 |
Amortization of corporate-owned life insurance | 25 | 24.1 | 20.1 |
Non-cash compensation | 18.8 | 15.6 | 16 |
Net deferred income taxes and credits | 7.3 | 102.2 | 126.9 |
Allowance for equity funds used during construction | (22.5) | (29.4) | (17.2) |
Payments for asset retirement obligations | (13) | (22.6) | (18.4) |
Equity in earnings of equity method investees, net of income taxes | (7.3) | (8.2) | (8.3) |
Income from corporate-owned life insurance | (5.6) | (14.2) | (8.2) |
Sibley Unit 3 impairment loss and other regulatory disallowances | 34.9 | 0 | 0 |
Other | 0.7 | (13.8) | 0.8 |
Changes in working capital items: | |||
Accounts receivable | (59.8) | 69.9 | (4.9) |
Accounts receivable pledged as collateral | (40) | 41 | (21) |
Fuel inventory and supplies | (105.6) | (61.6) | (22.3) |
Prepaid expenses and other current assets | (3.1) | (299.8) | 16.9 |
Accounts payable | 2.1 | (55.1) | 134.3 |
Accrued taxes | 32.2 | 41.4 | 6.7 |
Other current liabilities | 0.8 | (19.4) | (98.9) |
Changes in other assets | 81 | (251.5) | 119.5 |
Changes in other liabilities | 83.8 | (31.7) | (82) |
Cash Flows from Operating Activities | 1,801.9 | 1,351.7 | 1,753.8 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | |||
Additions to property, plant and equipment | (2,166.5) | (1,972.5) | (1,560.3) |
Purchase of securities - trusts | (50.5) | (158.2) | (65.6) |
Sale of securities - trusts | 27.3 | 115.7 | 56.5 |
Investment in corporate-owned life insurance | (16.5) | (14.2) | (19.1) |
Proceeds from investment in corporate-owned life insurance | 35.2 | 77 | 65.9 |
Other investing activities | 18.8 | 38.4 | (11.1) |
Cash Flows used in Investing Activities | (2,152.2) | (1,913.8) | (1,533.7) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||
Short-term debt, net | 172.9 | 840.5 | (246.9) |
Proceeds from term loan facility | 500 | 0 | 0 |
Collateralized short-term borrowings, net | 40 | (41) | 21 |
Issuance of common stock | 0 | 112.5 | 0 |
Proceeds from long-term debt | 567.7 | 497.3 | 888.8 |
Retirements of long-term debt | (410.9) | (432) | (251.1) |
Retirements of long-term debt of variable interest entities | 0 | (18.8) | (32.3) |
Borrowings against cash surrender value of corporate-owned life insurance | 53.5 | 54.4 | 55.5 |
Repayment of borrowings against cash surrender value of corporate-owned life insurance | (28) | (62.3) | (54.8) |
Cash dividends paid | (534.8) | (497.9) | (465) |
Other financing activities | (11.1) | (9.3) | (13.6) |
Cash Flows from (used in) Financing Activities | 349.3 | 443.4 | (98.4) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (1) | (118.7) | 121.7 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||
Beginning of period | 26.2 | 144.9 | 23.2 |
End of period | $ 25.2 | $ 26.2 | $ 144.9 |
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, 2019 | 226,641,443 | ||||
Beginning 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 | |||
Unearned compensation | |||||
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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 891.9 | 879.7 | 12.2 | ||
Issuance of stock, net of issuance costs (in shares) | 2,269,447 | ||||
Issuance of stock, net of issuance costs | 112.5 | $ 112.5 | |||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 139,729 | ||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | (2.4) | $ (2.4) | |||
Issuance of restricted common stock (in shares) | 54,054 | ||||
Issuance of restricted common stock | 2.9 | $ 2.9 | |||
Dividends declared on common stock | (497.9) | (497.9) | |||
Dividend equivalents declared | (1.7) | (1.7) | |||
Stock compensation expense | 13.8 | 13.8 | |||
Unearned compensation | |||||
Issuance of restricted common stock | (2.9) | (2.9) | |||
Compensation expense recognized | 1.8 | 1.8 | |||
Derivative hedging activity, net of tax | 5.5 | 5.5 | |||
Change in unrecognized pension expense, net of tax | (0.1) | (0.1) | |||
Other | (0.2) | $ (0.2) | |||
Ending balance (in shares) at Dec. 31, 2021 | 229,299,900 | ||||
Ending balance at Dec. 31, 2021 | 9,241.7 | $ 7,205.5 | 2,082.9 | (44) | (2.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 765 | 752.7 | 12.3 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 246,205 | ||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | (5.2) | $ (5.2) | |||
Dividends declared on common stock | (534.8) | (534.8) | |||
Dividend equivalents declared | (2.3) | (2.3) | |||
Stock compensation expense | 18.1 | 18.1 | |||
Unearned compensation | |||||
Compensation expense recognized | 0.7 | 0.7 | |||
Derivative hedging activity, net of tax | 5.5 | 5.5 | |||
Change in unrecognized pension expense, net of tax | 4 | 4 | |||
Other | 0.6 | $ 0.6 | |||
Ending balance (in shares) at Dec. 31, 2022 | 229,546,105 | ||||
Ending balance at Dec. 31, 2022 | $ 9,493.3 | $ 7,219.7 | $ 2,298.5 | $ (34.5) | $ 9.6 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared on common stock (in dollars per share) | $ 2.33 | $ 2.178 | $ 2.05 |
Consolidated Statements of Inco
Consolidated Statements of Income - Evergy Kansas Central, Inc - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING REVENUES | $ 5,859.1 | $ 5,586.7 | $ 4,913.4 |
OPERATING EXPENSES: | |||
Fuel and purchased power | 1,821.2 | 1,557 | 1,099 |
SPP network transmission costs | 323 | 290.4 | 263.2 |
Operating and maintenance | 1,085.3 | 1,107.5 | 1,163 |
Depreciation and amortization | 929.4 | 896.4 | 880.1 |
Taxes other than income tax | 398.1 | 380.5 | 364.2 |
Total Operating Expenses | 4,591.9 | 4,231.8 | 3,769.5 |
INCOME FROM OPERATIONS | 1,267.2 | 1,354.9 | 1,143.9 |
OTHER INCOME (EXPENSE): | |||
Investment earnings (loss) | 9.4 | 59.9 | 10.8 |
Other income | 29.9 | 46.3 | 31.3 |
Other expense | (97.3) | (87.4) | (78.2) |
Total Other Expense, Net | (58) | 18.8 | (36.1) |
Interest expense | 404 | 372.6 | 383.9 |
INCOME BEFORE INCOME TAXES | 805.2 | 1,001.1 | 723.9 |
Income tax expense | 47.5 | 117.4 | 102.2 |
Equity in earnings of equity method investees, net of income taxes | 7.3 | 8.2 | 8.3 |
NET INCOME | 765 | 891.9 | 630 |
Less: Net income attributable to noncontrolling interests | 12.3 | 12.2 | 11.7 |
Net income attributable to Evergy, Inc. | 752.7 | 879.7 | 618.3 |
Evergy Kansas Central | |||
OPERATING REVENUES | 3,055.9 | 2,847.3 | 2,418.1 |
OPERATING EXPENSES: | |||
Fuel and purchased power | 855.5 | 638.7 | 427.6 |
SPP network transmission costs | 323 | 290.4 | 263.2 |
Operating and maintenance | 536.3 | 530.8 | 513.6 |
Depreciation and amortization | 484.6 | 467.2 | 453.1 |
Taxes other than income tax | 216.5 | 203.9 | 193.3 |
Total Operating Expenses | 2,415.9 | 2,131 | 1,850.8 |
INCOME FROM OPERATIONS | 640 | 716.3 | 567.3 |
OTHER INCOME (EXPENSE): | |||
Investment earnings (loss) | (3.8) | 1.3 | 4.8 |
Other income | 14.4 | 27 | 21.4 |
Other expense | (39.6) | (35.9) | (38.9) |
Total Other Expense, Net | (29) | (7.6) | (12.7) |
Interest expense | 181.8 | 160.3 | 167.6 |
INCOME BEFORE INCOME TAXES | 429.2 | 548.4 | 387 |
Income tax expense | 12.3 | 51.7 | 155.8 |
Equity in earnings of equity method investees, net of income taxes | 4 | 4 | 4.6 |
NET INCOME | 420.9 | 500.7 | 235.8 |
Less: Net income attributable to noncontrolling interests | 12.3 | 12.2 | 11.7 |
Net income attributable to Evergy, Inc. | $ 408.6 | $ 488.5 | $ 224.1 |
Consolidated Balance Sheets - E
Consolidated Balance Sheets - Evergy Kansas Central, Inc - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 25.2 | $ 26.2 |
Receivables, net of allowance for credit losses of $16.9 and $13.0, respectively | 315.3 | 221.6 |
Accounts receivable pledged as collateral | 359 | 319 |
Fuel inventory and supplies | 672.9 | 566.7 |
Income taxes receivable | 9.3 | 28 |
Regulatory assets | 368 | 424.1 |
Prepaid expenses | 47.8 | 49.3 |
Other assets | 44.5 | 75.4 |
Total Current Assets | 1,842 | 1,710.3 |
PROPERTY, PLANT AND EQUIPMENT, NET | 22,136.5 | 21,002.6 |
OTHER ASSETS: | ||
Regulatory assets | 1,846.3 | 1,991.1 |
Nuclear decommissioning trust fund | 653.3 | 768.7 |
Other | 534.5 | 563.4 |
Total Other Assets | 5,370.7 | 5,659.8 |
TOTAL ASSETS | 29,489.9 | 28,520.5 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 439.1 | 389.3 |
Notes payable and commercial paper | 1,332.3 | 1,159.3 |
Collateralized note payable | 359 | 319 |
Accounts payable | 600.8 | 639.7 |
Accrued taxes | 163 | 150.4 |
Accrued interest | 124.3 | 118.8 |
Regulatory liabilities | 155.4 | 70.7 |
Asset retirement obligations | 40.4 | 19.5 |
Accrued compensation and benefits | 81.1 | 51.6 |
Other | 198.4 | 184.6 |
Total Current Liabilities | 3,493.8 | 3,102.9 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 9,905.7 | 9,297.9 |
Deferred income taxes | 1,996.6 | 1,861.9 |
Unamortized investment tax credits | 174.6 | 181.4 |
Regulatory liabilities | 2,566.8 | 2,705 |
Pension and post-retirement liability | 458.4 | 879.1 |
Asset retirement obligations | 1,112.8 | 940.6 |
Other | 287.9 | 310 |
Total Long-Term Liabilities | 16,502.8 | 16,175.9 |
Commitments and Contingencies (Note 15) | ||
Evergy, Inc. Shareholders' Equity: | ||
Common stock | 7,219.7 | 7,205.5 |
Retained earnings | 2,298.5 | 2,082.9 |
Total Evergy, Inc. Shareholders' Equity | 9,483.7 | 9,244.4 |
Noncontrolling Interests | 9.6 | (2.7) |
Total Equity | 9,493.3 | 9,241.7 |
TOTAL LIABILITIES AND EQUITY | 29,489.9 | 28,520.5 |
Evergy Kansas Central | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | 8.7 | 3.1 |
Receivables, net of allowance for credit losses of $16.9 and $13.0, respectively | 249.4 | 201.6 |
Related party receivables | 7.9 | 21.2 |
Accounts receivable pledged as collateral | 185 | 153 |
Fuel inventory and supplies | 349.5 | 283.2 |
Income taxes receivable | 0 | 9.6 |
Regulatory assets | 121.9 | 257.3 |
Prepaid expenses | 18.7 | 19.4 |
Other assets | 28.8 | 21.6 |
Total Current Assets | 969.9 | 970 |
PROPERTY, PLANT AND EQUIPMENT, NET | 11,080.8 | 10,548.9 |
OTHER ASSETS: | ||
Regulatory assets | 590 | 753.6 |
Nuclear decommissioning trust fund | 318.8 | 368.4 |
Other | 268.1 | 286.9 |
Total Other Assets | 1,176.9 | 1,408.9 |
TOTAL ASSETS | 13,368.3 | 13,075.6 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 50 | 0 |
Notes payable and commercial paper | 772.1 | 406 |
Collateralized note payable | 185 | 153 |
Accounts payable | 247.3 | 232.2 |
Due to Related Parties, Current | 28.9 | 27.5 |
Accrued taxes | 125.5 | 106.1 |
Accrued interest | 72.6 | 71.5 |
Regulatory liabilities | 72.1 | 12.8 |
Asset retirement obligations | 21.3 | 7.3 |
Accrued compensation and benefits | 39.4 | 13.8 |
Other | 135 | 126.3 |
Total Current Liabilities | 1,749.2 | 1,156.5 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 3,886.9 | 3,934.2 |
Deferred income taxes | 844.5 | 867.9 |
Unamortized investment tax credits | 57.3 | 61.7 |
Regulatory liabilities | 1,368.9 | 1,469.4 |
Pension and post-retirement liability | 244.7 | 435.6 |
Asset retirement obligations | 543.8 | 436.6 |
Other | 165.6 | 172.2 |
Total Long-Term Liabilities | 7,111.7 | 7,377.6 |
Commitments and Contingencies (Note 15) | ||
Evergy, Inc. Shareholders' Equity: | ||
Common stock | 2,737.6 | 2,737.6 |
Retained earnings | 1,760.2 | 1,806.6 |
Total Evergy, Inc. Shareholders' Equity | 4,497.8 | 4,544.2 |
Noncontrolling Interests | 9.6 | (2.7) |
Total Equity | 4,507.4 | 4,541.5 |
TOTAL LIABILITIES AND EQUITY | 13,368.3 | 13,075.6 |
Variable Interest Entities | ||
CURRENT ASSETS: | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 140.7 | 147.8 |
Variable Interest Entities | Evergy Kansas Central | ||
CURRENT ASSETS: | ||
PROPERTY, PLANT AND EQUIPMENT, NET | $ 140.7 | $ 147.8 |
Consolidated Balance Sheets -_2
Consolidated Balance Sheets - Evergy Kansas Central, Inc (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance for credit losses | $ 31.4 | $ 32.9 |
Common stock - shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock - shares issued (in shares) | 229,546,105 | 229,299,900 |
Evergy Kansas Central | ||
Allowance for credit losses | $ 16.9 | $ 13 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | |||
Net income | $ 765 | $ 891.9 | $ 630 |
Adjustments to reconcile income to net cash from operating activities: | |||
Depreciation and amortization | 929.4 | 896.4 | 880.1 |
Amortization of nuclear fuel | 55.5 | 51.4 | 58.3 |
Amortization of deferred refueling outage | 22.3 | 25.1 | 25.4 |
Amortization of corporate-owned life insurance | 25 | 24.1 | 20.1 |
Non-cash compensation | 18.8 | 15.6 | 16 |
Net deferred income taxes and credits | 7.3 | 102.2 | 126.9 |
Allowance for equity funds used during construction | (22.5) | (29.4) | (17.2) |
Payments for asset retirement obligations | (13) | (22.6) | (18.4) |
Equity in earnings of equity method investees, net of income taxes | (7.3) | (8.2) | (8.3) |
Income from corporate-owned life insurance | (5.6) | (14.2) | (8.2) |
Other | 0.7 | (13.8) | 0.8 |
Changes in working capital items: | |||
Accounts receivable | (59.8) | 69.9 | (4.9) |
Accounts receivable pledged as collateral | (40) | 41 | (21) |
Fuel inventory and supplies | (105.6) | (61.6) | (22.3) |
Prepaid expenses and other current assets | (3.1) | (299.8) | 16.9 |
Accounts payable | 2.1 | (55.1) | 134.3 |
Accrued taxes | 32.2 | 41.4 | 6.7 |
Other current liabilities | 0.8 | (19.4) | (98.9) |
Changes in other assets | 81 | (251.5) | 119.5 |
Changes in other liabilities | 83.8 | (31.7) | (82) |
Cash Flows from Operating Activities | 1,801.9 | 1,351.7 | 1,753.8 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | |||
Additions to property, plant and equipment | (2,166.5) | (1,972.5) | (1,560.3) |
Purchase of securities - trusts | (50.5) | (158.2) | (65.6) |
Sale of securities - trusts | 27.3 | 115.7 | 56.5 |
Investment in corporate-owned life insurance | (16.5) | (14.2) | (19.1) |
Proceeds from investment in corporate-owned life insurance | 35.2 | 77 | 65.9 |
Other investing activities | 18.8 | 38.4 | (11.1) |
Cash Flows used in Investing Activities | (2,152.2) | (1,913.8) | (1,533.7) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||
Short-term debt, net | 172.9 | 840.5 | (246.9) |
Collateralized short-term debt, net | 40 | (41) | 21 |
Proceeds from long-term debt | 567.7 | 497.3 | 888.8 |
Retirements of long-term debt | (410.9) | (432) | (251.1) |
Retirements of long-term debt of variable interest entities | 0 | (18.8) | (32.3) |
Borrowings against cash surrender value of corporate-owned life insurance | 53.5 | 54.4 | 55.5 |
Repayment of borrowings against cash surrender value of corporate-owned life insurance | (28) | (62.3) | (54.8) |
Cash dividends paid | (534.8) | (497.9) | (465) |
Other financing activities | (11.1) | (9.3) | (13.6) |
Cash Flows from (used in) Financing Activities | 349.3 | 443.4 | (98.4) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (1) | (118.7) | 121.7 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||
Beginning of period | 26.2 | 144.9 | 23.2 |
End of period | 25.2 | 26.2 | 144.9 |
Evergy Kansas Central | |||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | |||
Net income | 420.9 | 500.7 | 235.8 |
Adjustments to reconcile income to net cash from operating activities: | |||
Depreciation and amortization | 484.6 | 467.2 | 453.1 |
Amortization of nuclear fuel | 27.6 | 25.6 | 28.8 |
Amortization of deferred refueling outage | 10.6 | 12.6 | 12.7 |
Amortization of corporate-owned life insurance | 25 | 24.1 | 20.1 |
Net deferred income taxes and credits | (87.4) | (1.4) | 146.6 |
Allowance for equity funds used during construction | (8.5) | (14.9) | (9.1) |
Payments for asset retirement obligations | (6.9) | (6.2) | (2.2) |
Equity in earnings of equity method investees, net of income taxes | (4) | (4) | (4.6) |
Income from corporate-owned life insurance | (5.6) | (14.2) | (8.2) |
Other | (5.5) | (5.5) | (5.5) |
Changes in working capital items: | |||
Accounts receivable | (11) | 23.5 | (33.8) |
Accounts receivable pledged as collateral | (32) | 27 | (9) |
Fuel inventory and supplies | (65.7) | (6.2) | (9.4) |
Prepaid expenses and other current assets | 102.7 | (196.1) | 10 |
Accounts payable | 2.9 | (39.1) | 111.6 |
Accrued taxes | 29 | 20.3 | (6.7) |
Other current liabilities | 22.8 | (55) | (95.5) |
Changes in other assets | 42.3 | (48.3) | 42.9 |
Changes in other liabilities | 4 | (10) | (30.2) |
Cash Flows from Operating Activities | 945.8 | 700.1 | 847.4 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | |||
Additions to property, plant and equipment | (918.9) | (835.7) | (719) |
Purchase of securities - trusts | (24.9) | (129.9) | (20.2) |
Sale of securities - trusts | 11.2 | 97.5 | 18.6 |
Investment in corporate-owned life insurance | (16.4) | (14.2) | (18.3) |
Proceeds from investment in corporate-owned life insurance | 35.2 | 77 | 63.8 |
Other investing activities | 11 | 26.5 | (2.2) |
Cash Flows used in Investing Activities | (902.8) | (778.8) | (677.3) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||
Short-term debt, net | 366.1 | 354 | (199.2) |
Collateralized short-term debt, net | 32 | (27) | 9 |
Proceeds from long-term debt | 0 | 0 | 492.7 |
Retirements of long-term debt | 0 | 0 | (250) |
Retirements of long-term debt of variable interest entities | 0 | (18.8) | (32.3) |
Borrowings against cash surrender value of corporate-owned life insurance | 51.6 | 51.4 | 52.7 |
Repayment of borrowings against cash surrender value of corporate-owned life insurance | (28) | (62.3) | (53.7) |
Cash dividends paid | (455) | (240) | (160) |
Other financing activities | (4.1) | (4.2) | (5.8) |
Cash Flows from (used in) Financing Activities | (37.4) | 53.1 | (146.6) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 5.6 | (25.6) | 23.5 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||
Beginning of period | 3.1 | 28.7 | 5.2 |
End of period | $ 8.7 | $ 3.1 | $ 28.7 |
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 Central Common Stock | Evergy Kansas Central Retained earnings | Evergy Kansas Central Non-controlling interests |
Beginning balance (in shares) at Dec. 31, 2019 | 226,641,443 | 1 | ||||||
Beginning 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 | ||
Dividends declared on common stock | (465) | (465) | (160) | (160) | ||||
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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 891.9 | 879.7 | 12.2 | 500.7 | 488.5 | 12.2 | ||
Dividends declared on common stock | (497.9) | (497.9) | (240) | (240) | ||||
Ending balance (in shares) at Dec. 31, 2021 | 229,299,900 | 1 | ||||||
Ending balance at Dec. 31, 2021 | 9,241.7 | $ 7,205.5 | 2,082.9 | (2.7) | 4,541.5 | $ 2,737.6 | 1,806.6 | (2.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 765 | 752.7 | 12.3 | 420.9 | 408.6 | 12.3 | ||
Dividends declared on common stock | (534.8) | (534.8) | (455) | (455) | ||||
Ending balance (in shares) at Dec. 31, 2022 | 229,546,105 | 1 | ||||||
Ending balance at Dec. 31, 2022 | $ 9,493.3 | $ 7,219.7 | $ 2,298.5 | $ 9.6 | $ 4,507.4 | $ 2,737.6 | $ 1,760.2 | $ 9.6 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income - Evergy Metro, Inc - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING REVENUES | $ 5,859.1 | $ 5,586.7 | $ 4,913.4 |
OPERATING EXPENSES: | |||
Fuel and purchased power | 1,821.2 | 1,557 | 1,099 |
Operating and maintenance | 1,085.3 | 1,107.5 | 1,163 |
Depreciation and amortization | 929.4 | 896.4 | 880.1 |
Taxes other than income tax | 398.1 | 380.5 | 364.2 |
Other regulatory disallowances | 0 | 0 | |
Total Operating Expenses | 4,591.9 | 4,231.8 | 3,769.5 |
INCOME FROM OPERATIONS | 1,267.2 | 1,354.9 | 1,143.9 |
OTHER INCOME (EXPENSE): | |||
Investment earnings | 9.4 | 59.9 | 10.8 |
Other income | 29.9 | 46.3 | 31.3 |
Other expense | (97.3) | (87.4) | (78.2) |
Total Other Expense, Net | (58) | 18.8 | (36.1) |
Interest expense | 404 | 372.6 | 383.9 |
INCOME BEFORE INCOME TAXES | 805.2 | 1,001.1 | 723.9 |
Income tax expense | 47.5 | 117.4 | 102.2 |
Net income attributable to Evergy, Inc. | 752.7 | 879.7 | 618.3 |
Derivative hedging activity | |||
Reclassification to expenses, net of tax | 5.5 | 5.5 | 3 |
Derivative hedging activity, net of tax | 5.5 | 5.5 | 3 |
Total other comprehensive income | 9.5 | 5.4 | 0.6 |
COMPREHENSIVE INCOME | 762.2 | 885.1 | 618.9 |
Evergy Metro | |||
OPERATING REVENUES | 1,970.6 | 1,913.7 | 1,705.6 |
OPERATING EXPENSES: | |||
Fuel and purchased power | 630.7 | 613.5 | 416.1 |
Operating and maintenance | 334.4 | 365.4 | 407.5 |
Depreciation and amortization | 337.8 | 321 | 326.1 |
Taxes other than income tax | 130 | 126.2 | 121.6 |
Other regulatory disallowances | 5.5 | 0 | 0 |
Total Operating Expenses | 1,438.4 | 1,426.1 | 1,271.3 |
INCOME FROM OPERATIONS | 532.2 | 487.6 | 434.3 |
OTHER INCOME (EXPENSE): | |||
Investment earnings | 2.9 | 0.2 | 1.4 |
Other income | 15.2 | 16.1 | 9.2 |
Other expense | (33.9) | (29.4) | (25.5) |
Total Other Expense, Net | (15.8) | (13.1) | (14.9) |
Interest expense | 110.7 | 109.8 | 113.6 |
INCOME BEFORE INCOME TAXES | 405.7 | 364.7 | 305.8 |
Income tax expense | 50.3 | 52.4 | 7.1 |
Net income attributable to Evergy, Inc. | 355.4 | 312.3 | 298.7 |
Derivative hedging activity | |||
Reclassification to expenses, net of tax | (0.3) | (0.3) | (0.2) |
Derivative hedging activity, net of tax | (0.3) | (0.3) | (0.2) |
Total other comprehensive income | (0.3) | (0.3) | (0.2) |
COMPREHENSIVE INCOME | $ 355.1 | $ 312 | $ 298.5 |
Consolidated Balance Sheets -_3
Consolidated Balance Sheets - Evergy Metro, Inc - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 25.2 | $ 26.2 |
Receivables, net of allowance for credit losses of $9.3 and $13.3, respectively | 315.3 | 221.6 |
Accounts receivable pledged as collateral | 359 | 319 |
Fuel inventory and supplies | 672.9 | 566.7 |
Income taxes receivable | 9.3 | 28 |
Regulatory assets | 368 | 424.1 |
Other assets | 44.5 | 75.4 |
Total Current Assets | 1,842 | 1,710.3 |
PROPERTY, PLANT AND EQUIPMENT, NET | 22,136.5 | 21,002.6 |
OTHER ASSETS: | ||
Regulatory assets | 1,846.3 | 1,991.1 |
Nuclear decommissioning trust fund | 653.3 | 768.7 |
Other | 534.5 | 563.4 |
Total Other Assets | 5,370.7 | 5,659.8 |
TOTAL ASSETS | 29,489.9 | 28,520.5 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 439.1 | 389.3 |
Notes payable and commercial paper | 1,332.3 | 1,159.3 |
Collateralized note payable | 359 | 319 |
Accounts payable | 600.8 | 639.7 |
Accrued taxes | 163 | 150.4 |
Accrued interest | 124.3 | 118.8 |
Regulatory liabilities | 155.4 | 70.7 |
Asset retirement obligations | 40.4 | 19.5 |
Accrued compensation and benefits | 81.1 | 51.6 |
Other | 198.4 | 184.6 |
Total Current Liabilities | 3,493.8 | 3,102.9 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 9,905.7 | 9,297.9 |
Deferred income taxes | 1,996.6 | 1,861.9 |
Unamortized investment tax credits | 174.6 | 181.4 |
Regulatory liabilities | 2,566.8 | 2,705 |
Pension and post-retirement liability | 458.4 | 879.1 |
Asset retirement obligations | 1,112.8 | 940.6 |
Other | 287.9 | 310 |
Total Long-Term Liabilities | 16,502.8 | 16,175.9 |
Commitments and Contingencies (Note 15) | ||
EQUITY: | ||
Common stock | 7,219.7 | 7,205.5 |
Retained earnings | 2,298.5 | 2,082.9 |
Accumulated other comprehensive loss | (34.5) | (44) |
Total Evergy, Inc. Shareholders' Equity | 9,483.7 | 9,244.4 |
TOTAL LIABILITIES AND EQUITY | 29,489.9 | 28,520.5 |
Evergy Metro | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | 3.1 | 2.1 |
Receivables, net of allowance for credit losses of $9.3 and $13.3, respectively | 37.8 | 31 |
Related party receivables | 170.4 | 277.8 |
Accounts receivable pledged as collateral | 124 | 116 |
Fuel inventory and supplies | 240.6 | 211 |
Income taxes receivable | 0.2 | 0 |
Regulatory assets | 42.3 | 86.3 |
Prepaid expenses | 22.4 | 22.6 |
Other assets | 11 | 19.7 |
Total Current Assets | 651.8 | 766.5 |
PROPERTY, PLANT AND EQUIPMENT, NET | 7,844.2 | 7,474.9 |
OTHER ASSETS: | ||
Regulatory assets | 331.5 | 410.7 |
Nuclear decommissioning trust fund | 334.5 | 400.3 |
Other | 87.2 | 104.4 |
Total Other Assets | 753.2 | 915.4 |
TOTAL ASSETS | 9,249.2 | 9,156.8 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 379.5 | 0 |
Notes payable and commercial paper | 111 | 0 |
Collateralized note payable | 124 | 116 |
Accounts payable | 252.3 | 305.2 |
Due to Related Parties, Current | 0.9 | 0.1 |
Accrued taxes | 40.5 | 38.6 |
Accrued interest | 27.9 | 26.4 |
Regulatory liabilities | 55.3 | 54.6 |
Asset retirement obligations | 17.1 | 11 |
Accrued compensation and benefits | 41.7 | 37.8 |
Other | 49.2 | 48.8 |
Total Current Liabilities | 1,099.4 | 638.5 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 2,547.1 | 2,925 |
Deferred income taxes | 720.9 | 606.1 |
Unamortized investment tax credits | 114.7 | 117.2 |
Regulatory liabilities | 872.8 | 954.2 |
Pension and post-retirement liability | 196.6 | 420.9 |
Asset retirement obligations | 427.1 | 370 |
Other | 84.3 | 103.7 |
Total Long-Term Liabilities | 4,963.5 | 5,497.1 |
Commitments and Contingencies (Note 15) | ||
EQUITY: | ||
Common stock | 1,563.1 | 1,563.1 |
Retained earnings | 1,619.2 | 1,453.8 |
Accumulated other comprehensive loss | 4 | 4.3 |
Total Evergy, Inc. Shareholders' Equity | 3,186.3 | 3,021.2 |
TOTAL LIABILITIES AND EQUITY | $ 9,249.2 | $ 9,156.8 |
Consolidated Balance Sheets -_4
Consolidated Balance Sheets - Evergy Metro, Inc (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance for credit losses | $ 31.4 | $ 32.9 |
Common stock - shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock - shares issued (in shares) | 229,546,105 | 229,299,900 |
Evergy Metro | ||
Allowance for credit losses | $ 9.3 | $ 13.3 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | |||
Net income | $ 765 | $ 891.9 | $ 630 |
Adjustments to reconcile income to net cash from operating activities: | |||
Depreciation and amortization | 929.4 | 896.4 | 880.1 |
Amortization of nuclear fuel | 55.5 | 51.4 | 58.3 |
Amortization of deferred refueling outage | 22.3 | 25.1 | 25.4 |
Net deferred income taxes and credits | 7.3 | 102.2 | 126.9 |
Allowance for equity funds used during construction | (22.5) | (29.4) | (17.2) |
Payments for asset retirement obligations | (13) | (22.6) | (18.4) |
Other regulatory disallowances | 0 | 0 | |
Other | 0.7 | (13.8) | 0.8 |
Changes in working capital items: | |||
Accounts receivable | (59.8) | 69.9 | (4.9) |
Accounts receivable pledged as collateral | (40) | 41 | (21) |
Fuel inventory and supplies | (105.6) | (61.6) | (22.3) |
Prepaid expenses and other current assets | (3.1) | (299.8) | 16.9 |
Accounts payable | 2.1 | (55.1) | 134.3 |
Accrued taxes | 32.2 | 41.4 | 6.7 |
Other current liabilities | 0.8 | (19.4) | (98.9) |
Changes in other assets | 81 | (251.5) | 119.5 |
Changes in other liabilities | 83.8 | (31.7) | (82) |
Cash Flows from Operating Activities | 1,801.9 | 1,351.7 | 1,753.8 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | |||
Additions to property, plant and equipment | (2,166.5) | (1,972.5) | (1,560.3) |
Purchase of securities - trusts | (50.5) | (158.2) | (65.6) |
Sale of securities - trusts | 27.3 | 115.7 | 56.5 |
Other investing activities | 18.8 | 38.4 | (11.1) |
Cash Flows used in Investing Activities | (2,152.2) | (1,913.8) | (1,533.7) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||
Short-term debt, net | 172.9 | 840.5 | (246.9) |
Collateralized short-term debt, net | 40 | (41) | 21 |
Proceeds from long-term debt | 567.7 | 497.3 | 888.8 |
Retirements of long-term debt | (410.9) | (432) | (251.1) |
Cash dividends paid | (534.8) | (497.9) | (465) |
Other financing activities | (11.1) | (9.3) | (13.6) |
Cash Flows from (used in) Financing Activities | 349.3 | 443.4 | (98.4) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (1) | (118.7) | 121.7 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||
Beginning of period | 26.2 | 144.9 | 23.2 |
End of period | 25.2 | 26.2 | 144.9 |
Evergy Metro | |||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | |||
Net income | 355.4 | 312.3 | 298.7 |
Adjustments to reconcile income to net cash from operating activities: | |||
Depreciation and amortization | 337.8 | 321 | 326.1 |
Amortization of nuclear fuel | 27.9 | 25.8 | 29.5 |
Amortization of deferred refueling outage | 11.7 | 12.6 | 12.7 |
Net deferred income taxes and credits | 68.1 | 10 | (3.5) |
Allowance for equity funds used during construction | (14.2) | (12.6) | (8) |
Payments for asset retirement obligations | (5.3) | (7.4) | (7.5) |
Other regulatory disallowances | 5.5 | 0 | 0 |
Other | (0.4) | (0.4) | (0.4) |
Changes in working capital items: | |||
Accounts receivable | 5.1 | 43.2 | (13.2) |
Accounts receivable pledged as collateral | (8) | 14 | (12) |
Fuel inventory and supplies | (29.6) | (40.6) | (7.4) |
Prepaid expenses and other current assets | (6.2) | (16.3) | (7.9) |
Accounts payable | (43.2) | (1.1) | 24.6 |
Accrued taxes | 1.7 | 6.9 | 1.6 |
Other current liabilities | (30.6) | 44 | 2.4 |
Changes in other assets | 59.1 | 61.5 | 59.1 |
Changes in other liabilities | (3.7) | (38.7) | (47.3) |
Cash Flows from Operating Activities | 731.1 | 734.2 | 647.5 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | |||
Additions to property, plant and equipment | (780.9) | (682.9) | (565.4) |
Purchase of securities - trusts | (25.6) | (28.3) | (45.4) |
Sale of securities - trusts | 16.1 | 18.2 | 37.9 |
Net money pool lending | 124 | ||
Net money pool lending | (55) | (100) | |
Other investing activities | 6.2 | 6.8 | 4.6 |
Cash Flows used in Investing Activities | (660.2) | (741.2) | (668.3) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||
Short-term debt, net | 111 | 0 | (199.3) |
Collateralized short-term debt, net | 8 | (14) | 12 |
Proceeds from long-term debt | 23.4 | 0 | 396.2 |
Retirements of long-term debt | (23.4) | 0 | 0 |
Cash dividends paid | (190) | (50) | (120) |
Other financing activities | 1.1 | 1.5 | 1.5 |
Cash Flows from (used in) Financing Activities | (69.9) | (62.5) | 90.4 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 1 | (69.5) | 69.6 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||
Beginning of period | 2.1 | 71.6 | 2 |
End of period | $ 3.1 | $ 2.1 | $ 71.6 |
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 Metro Common Stock | Evergy Metro Retained earnings | Evergy Metro AOCI - Net gains (losses) on cash flow hedges |
Beginning balance (in shares) at Dec. 31, 2019 | 226,641,443 | 1 | |||||
Beginning 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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 891.9 | 879.7 | 312.3 | 312.3 | |||
Dividends declared on common stock | (497.9) | (497.9) | (50) | (50) | |||
Derivative hedging activity, net of tax | 5.5 | (0.3) | (0.3) | ||||
Ending balance (in shares) at Dec. 31, 2021 | 229,299,900 | 1 | |||||
Ending balance at Dec. 31, 2021 | 9,241.7 | $ 7,205.5 | 2,082.9 | 3,021.2 | $ 1,563.1 | 1,453.8 | 4.3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 765 | 752.7 | 355.4 | 355.4 | |||
Dividends declared on common stock | (534.8) | (534.8) | (190) | (190) | |||
Derivative hedging activity, net of tax | 5.5 | (0.3) | (0.3) | ||||
Ending balance (in shares) at Dec. 31, 2022 | 229,546,105 | 1 | |||||
Ending balance at Dec. 31, 2022 | $ 9,493.3 | $ 7,219.7 | $ 2,298.5 | $ 3,186.3 | $ 1,563.1 | $ 1,619.2 | $ 4 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
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 1.7 million customers in the states of Kansas and Missouri. Principles of Consolidation 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). Evergy Metro elected not to apply "push-down accounting" related to the Great Plains Energy Incorporated (Great Plains Energy) and Evergy Kansas Central merger in 2018, 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. 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 2022 2021 Evergy (millions) Fuel inventory $ 180.7 $ 160.9 Supplies 492.2 405.8 Fuel inventory and supplies $ 672.9 $ 566.7 Evergy Kansas Central Fuel inventory $ 97.2 $ 74.3 Supplies 252.3 208.9 Fuel inventory and supplies $ 349.5 $ 283.2 Evergy Metro Fuel inventory $ 59.0 $ 62.0 Supplies 181.6 149.0 Fuel inventory and supplies $ 240.6 $ 211.0 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. 2022 2021 2020 Evergy (millions) AFUDC borrowed funds $ 15.8 $ 14.7 $ 16.5 AFUDC equity funds 22.5 29.4 17.2 Total $ 38.3 $ 44.1 $ 33.7 Evergy Kansas Central AFUDC borrowed funds $ 6.9 $ 7.1 $ 8.5 AFUDC equity funds 8.5 14.9 9.1 Total $ 15.4 $ 22.0 $ 17.6 Evergy Metro AFUDC borrowed funds $ 6.5 $ 6.0 $ 6.0 AFUDC equity funds 14.2 12.6 8.0 Total $ 20.7 $ 18.6 $ 14.0 The average rates used in the calculation of AFUDC are detailed in the following table. 2022 2021 2020 Evergy Kansas Central 3.1% 4.9% 4.7% Evergy Metro 5.7% 5.6% 5.2% Evergy Missouri West 2.3% 2.6% 3.5% 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 7 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 Abandoned Plant 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 retired its Sibley Station in 2018 and the retirement of Sibley Unit 3 met the criteria to be considered an abandonment. Evergy has classified the remaining net book value of Sibley Unit 3 as retired generation facilities within regulatory assets on its consolidated balance sheet. In October 2019, the MPSC issued an accounting authority order (AAO) requiring Evergy Missouri West to defer to a regulatory liability 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 its retirement in November 2018 to be considered in Evergy Missouri West's 2022 rate case. See Note 4 for additional information regarding the AAO and Evergy Missouri West's 2022 rate case. 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 fair value of the assets held in the nuclear decommissioning trust and the amounts recorded for the accumulated accretion and depreciation expense associated with the decommissioning ARO are recorded as a regulatory liability on Evergy's, Evergy Kansas Central's and Evergy Metro's consolidated balance sheets. See Note 6 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 4 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-term 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 2022 2021 Evergy (millions) Cash surrender value of policies $ 1,387.4 $ 1,363.0 Borrowings against policies (1,256.6) (1,232.3) Corporate-owned life insurance, net $ 130.8 $ 130.7 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. Derivative instruments - The Evergy Companies' derivative instruments are recorded at fair value based on quoted market prices for exchange-traded derivative instruments, quoted prices for similar contracts 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. Derivative Instruments The Evergy Companies record derivative instruments on the balance sheet at fair value in accordance with GAAP. The Evergy Companies enter into derivative contracts to manage risk exposure to commodity price and interest rate fluctuations and also for trading purposes. See Note 13 for additional information regarding derivative financial instruments and hedging activities. 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 3 for the balance of unbilled receivables for each of Evergy, Evergy Kansas Central and Evergy Metro as of December 31, 2022 and 2021. 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 2 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. 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 5 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 In 2022 and 2021, Evergy's investment earnings included a realized loss of $16.3 million and unrealized gain of $27.7 million, respectively, related to Evergy's equity investment in an early-stage energy solutions company. See "Evergy Equity Investment" within this Note 1 for further information. The Evergy Companies' other income includes income from AFUDC equity funds. See "Property, Plant and Equipment" within this Note 1 for these amounts for 2022, 2021 and 2020. The table below shows the detail of other expense for each of the Evergy Companies. 2022 2021 2020 Evergy (millions) Non-service cost component of net benefit cost $ (62.9) $ (55.6) $ (58.6) Other (34.4) (31.8) (19.6) Other expense $ (97.3) $ (87.4) $ (78.2) Evergy Kansas Central Non-service cost component of net benefit cost $ (17.1) $ (15.6) $ (21.2) Other (22.5) (20.3) (17.7) Other expense $ (39.6) $ (35.9) $ (38.9) Evergy Metro Non-service cost component of net benefit cost $ (31.0) $ (26.7) $ (24.2) Other (2.9) (2.7) (1.3) Other expense $ (33.9) $ (29.4) $ (25.5) 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), restricted stock and a warrant. Evergy computes the dilutive effects of potential issuances of common shares using the treasury stock method or the contingently issuable share method, as applicable. The following table reconciles Evergy's basic and diluted EPS. 2022 2021 2020 Income (millions, except per share amounts) Net income $ 765.0 $ 891.9 $ 630.0 Less: Net income attributable to noncontrolling interests 12.3 12.2 11.7 Net income attributable to Evergy, Inc. $ 752.7 $ 879.7 $ 618.3 Common Shares Outstanding Weighted average number of common shares outstanding - basic 229.9 229.0 227.2 Add: effect of dilutive securities 0.4 0.6 0.3 Diluted average number of common shares outstanding 230.3 229.6 227.5 Basic EPS $ 3.27 $ 3.84 $ 2.72 Diluted EPS $ 3.27 $ 3.83 $ 2.72 Anti-dilutive securities excluded from the computation of diluted EPS for 2022 were 3,950,000 common shares issuable pursuant to a warrant. There were no anti-dilutive securities excluded from the computation of diluted EPS for 2021. Anti-dilutive shares excluded from the computation of diluted EPS for 2020 were 127,884 RSUs. Supplemental Cash Flow Information Year Ended December 31 2022 2021 2020 Evergy (millions) Cash paid for (received from): Interest, net of amount capitalized $ 393.7 $ 356.9 $ 367.6 Interest of VIEs — 0.2 0.8 Income taxes, net of refunds 21.6 (19.6) (46.5) Non-cash investing transactions: Property, plant and equipment additions 354.7 269.3 463.3 Non-cash financing transactions: Issuance of stock for compensation and reinvested dividends — 0.7 0.9 Year Ended December 31 2022 2021 2020 Evergy Kansas Central (millions) Cash paid for (received from): Interest, net of amount capitalized $ 170.2 $ 149.3 $ 157.5 Interest of VIEs — 0.2 0.8 Income taxes, net of refunds 79.8 37.5 4.7 Non-cash investing transactions: Property, plant and equipment additions 203.9 101.9 235.4 Year Ended December 31 2022 2021 2020 Evergy Metro (millions) Cash paid for (received from): Interest, net of amount capitalized $ 114.6 $ 110.8 $ 109.9 Income taxes, net of refunds (15.2) 36.6 4.8 Non-cash investing transactions: Property, plant and equipment additions 125.8 102.2 192.5 Non-cash property, plant and equipment additions in 2022 and 2020 for Evergy, Evergy Kansas Central and Evergy Metro include a non-cash addition related to the revision in estimate of various ARO liabilities in the fourth quarter of 2022 and the Wolf Creek ARO liability in the third quarter of 2020. See Note 6 for more details. Dividends Declared In February 2023, Evergy's Board of Directors (Evergy Board) declared a quarterly dividend of $0.6125 per share on Evergy's common stock. The common dividend is payable March 22, 2023, to shareholders of record as of March 9, 2023. February 2021 Winter Weather Event In February 2021, much of the central and southern United States, including the service territories of the Evergy Companies, experienced a significant winter weather event that resulted in extremely cold temperatures over a multi-day period (February 2021 winter weather event). These circumstances resulted in higher than normal market prices within the SPP Integrated Marketplace for both natural gas and power for the duration of the February 2021 winter weather event. As part of the February 2021 winter weather event and inclusive of the aforementioned items, Evergy incurred natural gas and purchased power costs, net of wholesale revenues, of $367.9 million. This $367.9 million of net fuel and purchased power costs incurred was primarily driven by $296.6 million of costs at Evergy Missouri West and $134.3 million of costs at Evergy Kansas Central, partially offset by $63.0 million of net wholesale revenues at Evergy Metro. The Evergy Companies deferred substantially all of the fuel and purchased power costs, net of wholesale revenues, related to the February 2021 winter weather event to a regulatory asset or liability for recovery or refund through the respective fuel recovery mechanisms of Evergy Kansas Central and Evergy Metro and through a securitization financing order at Evergy Missouri West. See Note 4 for additional information regarding these regulatory proceedings. The Evergy Companies also engage in non-regulated energy marketing activities in various regional power markets. The energy marketing margins related to these non-regulatory energy marketing activities are recorded net in operating revenues on the Evergy Companies' statements of income and comprehensive income. As a result of the elevated market prices experienced in regional power markets across the central and southern United States driven by the February 2021 winter weather event discussed above, Evergy and Evergy Kansas Central recorded $94.5 million of energy marketing margins in 2021, related to the February 2021 winter weather event, primarily driven by activities in the Electric Reliability Council of Texas (ERCOT). Evergy Equity Investment From time to time, Evergy makes limited equity investments in early-stage energy solution companies. These investments have historically not had a significant impact on Evergy's results of operations. In October 2021, an equity investment in which Evergy held a minority stake through an initial investment of $3.7 million was acquired through a transaction involving a special purpose acquisition company (SPAC). As a result of its equity investment in the company that was acquired in the SPAC transaction, Evergy received shares of the resulting public company upon the closing of the transaction, which were subject to a restriction on sale for 150 days. Evergy recorded a $27.7 million unrealized gain in the fourth quarter of 2021 for the conversion of its shares into the newly formed public company and based on the closing share price as of December 31, 2021 adjusted to reflect the restriction on the sale of shares. The equity investment had a fair value of $31.4 million as of December 31, 2021. In March 2022, Evergy sold its shares in the equity investment to a financial institution through a share forward agreement following the expiration of the restriction on sale. As part of the share forward agreement, Evergy delivered its shares to the financial institution in exchange for a series of cash settlements totaling $15.1 million based primarily on the volume-weighted average price (VWAP) of the shares over the term of the agreement, which was completed in June 2022. As a result of the completion of the share forward agreement, Evergy no longer has an equity investment in the company. In 2022, Evergy recorded a pre-tax loss of $16.3 million in investment earnings on its consolidated statements of comprehensive income related to the decrease in market value of its equity investment prior to sale and the settlement of the share forward agreement. Renewable Generation Investment In August 2022, Evergy Missouri West entered into an agreement with a renewable energy development company to purchase for approximately $250 million an operational wind farm located in the state of Oklahoma with a generating capacity of approximately 199 MW. The purchase is subject to regulatory approvals and closing conditions, including the granting of a Certificate of Convenience and Necessity (CCN) by the MPSC. In January 2023, the MPSC staff recommended the MPSC reject Evergy Missouri West's application for a CCN and allow it to file a new application with updated economic analyses of the renewable generation investment or alternatively extend the procedural schedule to allow the MPSC staff time to evaluate the current economic analyses prepared by Evergy Missouri West. A final decision by the MPSC is expected in the first half of 2023. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Revenues (millions) Residential $ 2,168.2 $ 1,918.3 $ 1,909.2 Commercial 1,888.5 1,681.3 1,641.7 Industrial 686.2 597.0 588.7 Other retail (32.1) 33.1 38.5 Total electric retail $ 4,710.8 $ 4,229.7 $ 4,178.1 Wholesale 509.9 717.2 264.0 Transmission 343.7 356.8 318.5 Industrial steam and other 24.8 25.4 21.0 Total revenue from contracts with customers 5,589.2 5,329.1 4,781.6 Other 269.9 257.6 131.8 Operating revenues $ 5,859.1 $ 5,586.7 $ 4,913.4 Evergy's other retail electric revenues in 2022 include a $68.0 million deferral of revenues to a regulatory liability for the expected refund of amounts collected from customers since December 2018 for the return on investment of the retired Sibley Station. See "Evergy Missouri West Other Proceedings" in Note 4 for additional information. Evergy Kansas Central 2022 2021 2020 Revenues (millions) Residential $ 980.1 $ 824.1 $ 801.2 Commercial 822.9 694.1 665.6 Industrial 465.7 391.7 379.9 Other retail 17.9 17.1 17.7 Total electric retail $ 2,286.6 $ 1,927.0 $ 1,864.4 Wholesale 389.9 453.1 215.4 Transmission 305.0 322.9 287.3 Other 2.2 2.2 2.3 Total revenue from contracts with customers $ 2,983.7 $ 2,705.2 $ 2,369.4 Other 72.2 142.1 48.7 Operating revenues $ 3,055.9 $ 2,847.3 $ 2,418.1 Evergy Metro 2022 2021 2020 Revenues (millions) Residential $ 746.4 $ 691.9 $ 714.7 Commercial 758.6 713.3 717.1 Industrial 127.0 122.0 128.8 Other retail 11.5 9.2 11.7 Total electric retail $ 1,643.5 $ 1,536.4 $ 1,572.3 Wholesale 111.9 242.6 35.0 Transmission 18.2 17.1 13.9 Other 0.9 3.6 2.6 Total revenue from contracts with customers $ 1,774.5 $ 1,799.7 $ 1,623.8 Other 196.1 114.0 81.8 Operating revenues $ 1,970.6 $ 1,913.7 $ 1,705.6 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 the Federal Energy Regulatory Commission (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, 2022 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES The Evergy Companies' receivables are detailed in the following table. December 31 2022 2021 Evergy (millions) Customer accounts receivable - billed $ 8.9 $ 13.7 Customer accounts receivable - unbilled 136.9 80.1 Other receivables 200.9 160.7 Allowance for credit losses (31.4) (32.9) Total $ 315.3 $ 221.6 Evergy Kansas Central Customer accounts receivable - billed $ — $ 9.7 Customer accounts receivable - unbilled 71.4 26.4 Other receivables 194.9 178.5 Allowance for credit losses (16.9) (13.0) Total $ 249.4 $ 201.6 Evergy Metro Customer accounts receivable - billed $ — $ 2.7 Customer accounts receivable - unbilled 25.5 25.9 Other receivables 21.6 15.7 Allowance for credit losses (9.3) (13.3) Total $ 37.8 $ 31.0 The Evergy Companies' other receivables at December 31, 2022 and 2021, 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 2022 2021 (millions) Evergy $ 113.0 $ 63.7 Evergy Kansas Central 110.8 62.6 Evergy Metro 1.3 0.5 The change in the Evergy Companies' allowance for credit losses is summarized in the following table. 2022 2021 Evergy (millions) Beginning balance January 1 $ 32.9 $ 19.3 Credit loss expense 16.1 28.0 Write-offs (28.8) (26.4) Recoveries of prior write-offs 11.2 12.0 Ending balance December 31 $ 31.4 $ 32.9 Evergy Kansas Central Beginning balance January 1 $ 13.0 $ 7.5 Credit loss expense 13.1 12.0 Write-offs (13.7) (11.0) Recoveries of prior write-offs 4.5 4.5 Ending balance December 31 $ 16.9 $ 13.0 Evergy Metro Beginning balance January 1 $ 13.3 $ 8.1 Credit loss expense 1.7 10.5 Write-offs (10.2) (10.6) Recoveries of prior write-offs 4.5 5.3 Ending balance December 31 $ 9.3 $ 13.3 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 2022 2021 (millions) Evergy $ 359.0 $ 319.0 Evergy Kansas Central 185.0 153.0 Evergy Metro 124.0 116.0 Each receivable sale facility expires in 2024. 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 mid-October. 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 mid-November. |
RATE MATTERS AND REGULATION
RATE MATTERS AND REGULATION | 12 Months Ended |
Dec. 31, 2022 | |
Regulated Operations [Abstract] | |
RATE MATTERS AND REGULATION | RATE MATTERS AND REGULATION KCC Proceedings Evergy Kansas Central 2022 Transmission Delivery Charge (TDC) In March 2022, 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 2022 and are expected to increase Evergy Kansas Central's annual retail revenues by $20.4 million when compared to 2021. Evergy Metro 2022 TDC In April 2022, 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 2022 and are expected to increase Evergy Metro's annual retail revenues by $7.9 million when compared to 2021. 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 annual bill credits that Evergy Kansas Central and Evergy Metro agreed to provide in connection with the merger that resulted in the formation of Evergy. Evergy Kansas Central's and Evergy Metro's 2021 calculations of annual earnings did not result in a refund obligation. These calculations were filed with the KCC in March 2022. As of December 31, 2022, Evergy Kansas Central estimates its 2022 annual earnings will not result in a refund obligation. As of December 31, 2022, Evergy Metro estimates its 2022 annual earnings will result in a $16.7 million refund obligation, which was recorded as a reduction of operating revenues in the fourth quarter of 2022 on Evergy's and Evergy Metro's consolidated statements of consolidated income and comprehensive income. The final refund obligations for 2022 will be decided by the KCC and could vary from the current estimates. Evergy Kansas Central and Evergy Metro February 2021 Winter Weather Event AAO In February 2021, the KCC issued an emergency AAO directing all Kansas-jurisdictional natural gas and electric utilities, including Evergy Kansas Central and Evergy Metro, to defer to a regulatory asset or regulatory liability any extraordinary costs or revenues, including carrying costs, to provide electric service during the February 2021 winter weather event for consideration in future rate proceedings. Evergy Kansas Central recognized a regulatory asset pursuant to the AAO of approximately $120 million related to its costs incurred during the February 2021 winter weather event, primarily consisting of increased fuel, purchased power, and associated carrying costs. Evergy Metro's Kansas jurisdiction recognized a regulatory liability of approximately $40 million related to its increased wholesale revenues during the February 2021 winter weather event and associated carrying costs. In July 2021, Evergy Kansas Central and Evergy Metro made a joint filing with the KCC regarding the timing and method of recovery or refund for costs and revenues deferred pursuant to the February 2021 winter weather event AAO. In the filing, Evergy Kansas Central and Evergy Metro requested to recover or refund, as appropriate, their deferred February 2021 winter weather event amounts to customers through their fuel recovery mechanisms over two years and one year, respectively, beginning in April 2023. As part of the filing, Evergy Metro also requested a decrease to its February 2021 winter weather event refund to Kansas customers, not currently reflected in its regulatory liability for the February 2021 winter weather event, for jurisdictional allocation differences in its Kansas and Missouri fuel recovery mechanisms. In April 2022, Evergy Kansas Central, Evergy Metro, KCC staff and other intervenors filed a non-unanimous stipulation and agreement with the KCC that resolved all issues regarding the timing and method of recovery for costs and revenues deferred pursuant to the February 2021 winter weather event AAO. As part of the non-unanimous stipulation and agreement, Evergy Kansas Central and Evergy Metro agreed to recover or refund, as appropriate, their deferred February 2021 winter weather amounts to customers through their fuel recovery mechanisms over two years and one year, respectively, beginning in April 2023, and to use the rate of 1.00% to apply carrying charges to these deferred amounts. The non-unanimous stipulation and agreement also permitted Evergy Metro to request the future recovery in its next Kansas rate case of an approximately $5 million under-recovery related to its February 2021 winter weather event refund to Kansas customers for jurisdictional allocation differences in its Kansas and Missouri fuel recovery mechanisms. In June 2022, the KCC issued an order approving the non-unanimous stipulation and agreement. MPSC Proceedings Evergy Metro 2022 Rate Case Proceeding In January 2022, Evergy Metro filed an application with the MPSC to request an increase to its retail revenues of $43.9 million before rebasing fuel and purchased power expense, with a return on equity of 10% and a rate-making equity ratio of 51.19%. The request reflected increases related to higher property taxes and the recovery of infrastructure investments made to improve reliability and enhance customer service and were also partially offset by significant customer savings and cost reductions created since the Great Plains Energy and Evergy Kansas Central merger in 2018. Evergy Metro also requested an additional $3.8 million increase associated with rebasing fuel and purchased power expense as well as the implementation of tracking mechanisms for both property tax expense and credit loss expense and the creation of a storm reserve as part of its application with the MPSC. During the third quarter of 2022, Evergy Metro, MPSC staff and other intervenors in the case reached several non-unanimous partial stipulations and agreements to settle certain issues in the case. In September 2022, the MPSC issued an order approving the partial non-unanimous stipulations and agreements. In December 2022, the MPSC issued an amended final rate order settling the remaining issues in the case. The order and prior partial stipulations and agreements approved by the MPSC provide for an increase to Evergy Metro's retail revenues of $25.0 million after rebasing fuel and purchased power expense. Also included in the final order was a disallowance related to the recovery of costs associated with the replacement of certain electric meters. As a result of this disallowance, Evergy and Evergy Metro recorded a loss of $5.5 million within other regulatory disallowances on their consolidated statements of comprehensive income for 2022. The rates established by the final rate order took effect in January 2023. Evergy Missouri West 2022 Rate Case Proceeding In January 2022, Evergy Missouri West filed an application with the MPSC to request an increase to its retail revenues of $27.7 million before rebasing fuel and purchased power expense, with a return on equity of 10% and a rate-making equity ratio of 51.81%. The request reflected increases related to higher property taxes and the recovery of infrastructure investments made to improve reliability and enhance customer service and were also partially offset by significant customer savings and cost reductions created since the Great Plains Energy and Evergy Kansas Central merger in 2018. Evergy Missouri West also requested an additional $32.1 million increase associated with rebasing fuel and purchased power expense, the implementation of tracking mechanisms for both property tax expense and credit loss expense, the creation of a storm reserve, and the full return of and return on its unrecovered investment related to the 2018 retirement of Sibley Station as part of its application with the MPSC. During the third quarter of 2022, Evergy Missouri West, MPSC staff and other intervenors in the case reached several non-unanimous partial stipulations and agreements to settle certain issues in the case. In September 2022, the MPSC issued an order approving the partial non-unanimous stipulations and agreements. In December 2022, the MPSC issued an amended final rate order settling the remaining issues in the case, including the treatment of Evergy Missouri West's unrecovered investment in Sibley Station. The order and prior partial stipulations and agreements approved by the MPSC provide for an increase to Evergy Missouri West's retail revenues of $30.1 million after rebasing fuel and purchased power expense. The order determined that Evergy Missouri West will be allowed to collect $182.3 million ($173.6 million attributable to Sibley Unit 3) from customers over a period of eight years as a recovery of its existing investment in Sibley Station but will not be allowed to collect the return on its unrecovered investment in Sibley Station. The order also required Evergy Missouri West to refund to customers all revenues collected from customers for return on investment, non-fuel operations and maintenance costs and other costs associated with Sibley Station following its retirement in November 2018 over a period of four As a result of the amended final order, Evergy recorded a $68.0 million reduction to operating revenues and a corresponding increase to its Sibley AAO regulatory liability for revenues collected from customers for return on investment in Sibley Station since December 2018, which had not previously been recorded as they were not determined to be probable of refund, a $26.7 million impairment loss on Sibley Unit 3 and a $2.7 million other regulatory disallowance related to the recovery of costs associated with the replacement of certain meters on its consolidated statement of comprehensive income for 2022. As of December 31, 2022, the remaining net book value of Sibley Unit 3 was $146.3 million, which is representative of the $173.6 million unrecovered investment in Sibley Unit 3 determined by the MPSC in its December 2022 order less the 2022 impairment loss recorded and other amortization expense. As of December 31, 2022, Evergy's Sibley AAO regulatory liability was $108.0 million. The rates established by this order took effect in January 2023. 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 a regulatory liability for the revenues discussed above for consideration in Evergy Missouri West's current rate case. Subsequent to the MPSC order in 2019, Evergy recorded a regulatory liability for the estimated amount of revenues that Evergy Missouri West had collected from customers for Sibley Station since December 2018 that Evergy had determined was probable of refund. This regulatory liability did not include revenues collected related to the return on investment in Sibley Station as Evergy determined that they were not probable of refund based on the relevant facts and circumstances. As of December 31, 2021, this Sibley AAO regulatory liability was $29.3 million. As a result of the Evergy Missouri West current rate case determination, Evergy recorded an additional $68.0 million deferral to its Sibley AAO regulatory liability in 2022 for revenues collected from customers for return on investment in Sibley Station since December 2018. See "Evergy Missouri West 2022 Rate Case Proceeding" within this Note 4 for additional information. Evergy Metro and Evergy Missouri West February 2021 Winter Weather Event AAO In June 2021, Evergy Metro and Evergy Missouri West filed a joint request for an AAO with the MPSC that would allow Evergy Metro and Evergy Missouri West to defer to a regulatory asset or regulatory liability any extraordinary costs or revenues, including carrying costs, to provide electric service during the February 2021 winter weather event for consideration in future proceedings. Evergy Metro and Evergy Missouri West initially deferred substantially all of their fuel and purchased power costs, net of wholesale revenues, related to the February 2021 winter weather event to a regulatory asset or liability pursuant to their ability to recover or refund these amounts through their fuel recovery mechanisms, which allow for the recovery or refund of 95% of increases in fuel and purchased power costs, net of wholesale revenues, above the amount included in base rates to customers. This AAO request is intended to address the recovery or refund of the February 2021 winter weather event amounts separate from the normal fuel recovery mechanism process given the extraordinary nature of the February 2021 winter weather event and to help moderate customer bill impacts. Evergy Metro's Missouri jurisdiction recognized a regulatory liability of approximately $25 million related to its increased wholesale revenues during the February 2021 winter weather event. Evergy Missouri West recognized a regulatory asset of approximately $280 million related to its costs incurred during the February 2021 winter weather event, primarily consisting of increased fuel and purchased power costs. In the AAO filing, Evergy Metro requested to refund its deferred February 2021 winter weather event amounts to customers through its fuel recovery mechanism over one year, beginning in April 2022. In the same AAO filing, Evergy Missouri West requested to exclude its deferred February 2021 winter weather event amounts from recovery through its fuel recovery mechanism and indicated its intent to recover them through issuing securitized bonds pursuant to the securitization legislation signed into law in Missouri in July 2021. As part of the filing, Evergy Metro also requested an approximately $5 million decrease to its February 2021 winter weather refund to Missouri customers, which is not currently reflected in its regulatory liability for the February 2021 winter weather event, for jurisdictional allocation differences in its Kansas and Missouri fuel recovery mechanisms and for the portion of net wholesale revenues not traditionally refundable because of the 5% sharing provision of its fuel recovery mechanism. Evergy Missouri West requested an approximately $15 million increase to its February 2021 winter weather event recovery from Missouri customers, which is not currently reflected in its regulatory asset for the February 2021 winter weather event, for the portion of net fuel and purchased power costs not traditionally recoverable because of the 5% sharing provision of its fuel recovery mechanism. In March 2022, the MPSC ordered Evergy Metro in a separate regulatory proceeding to file an adjustment to its fuel recovery mechanism in order to allow its wholesale revenues from the February 2021 winter weather event to be refunded to customers beginning in April 2022. The approximately $5 million decrease to the refund of February 2021 winter weather amounts requested by Evergy Metro due to jurisdictional allocation differences in its Kansas and Missouri fuel recovery mechanisms was not included in the adjustment. In April 2022, the MPSC staff filed a motion to suspend the February 2021 winter weather event AAO procedural schedule for Evergy Metro and Evergy Missouri West pending the resolution of Evergy Missouri West's petition for a securitization financing order discussed below. The MPSC granted the motion to suspend the AAO procedural schedule in April 2022. Evergy Metro began refunding the Missouri portion of its wholesale revenues from the February 2021 winter weather event to customers through its fuel recovery mechanism in April 2022. Evergy Missouri West February 2021 Winter Weather Event Securitization In March 2022, Evergy Missouri West filed a petition for financing order with the MPSC requesting authorization to finance its extraordinary fuel and purchased power costs incurred as part of the February 2021 winter weather event, including carrying costs, through the issuance of securitized bonds. Evergy Missouri West requested to repay the securitized bonds and collect the related amounts from customers over a period of approximately 15 years from the date of issuance of the securitized bonds. In November 2022, the MPSC issued a revised financing order authorizing Evergy Missouri West to issue securitized bonds to recover its extraordinary fuel and purchased power costs incurred as part of the February 2021 winter weather event. As part of this order, the MPSC found that Evergy Missouri West's costs were prudently incurred, that it should only be allowed to recover 95% of its extraordinary fuel and purchased power costs consistent with the 5% sharing provision of its fuel recovery mechanism, that it should be allowed to recover carrying costs incurred since February 2021 at Evergy Missouri West's long-term debt rate of 5.06% and approved a 15 year repayment period for the bonds with a 17 year legal maturity. In the third quarter of 2022, Evergy Missouri West recorded an increase of $15.0 million to its February 2021 winter weather event regulatory asset for the recovery of carrying charges granted in the MPSC's financing order. As of December 31, 2022 and 2021, the value of Evergy Missouri West's February 2021 winter weather event regulatory asset was $309.0 million and $281.6 million, respectively. Evergy Missouri West will continue to record carrying charges on its February 2021 winter weather event regulatory asset until it issues the securitized bonds. In January 2023, the OPC filed an appeal with the Missouri Court of Appeals, Western District, challenging the financing order regarding the treatment of income tax deductions, carrying costs and discount rates related to the financing of the extraordinary fuel and purchased power costs incurred as part of the February 2021 winter weather event. A final nonappealable financing order is required prior to the issuance of securitized bonds. A decision by the Missouri Court of Appeals, Western District, is currently expected in the second half of 2023, though the timeline for the decision is uncertain. 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 Annual Update In the most recent three years, the updated TFR was expected to adjust Evergy Kansas Central's annual transmission revenues by approximately: • $38.7 million increase effective in January 2023; • $33.2 million increase effective in January 2022; and • $32.4 million increase effective in January 2021. Evergy Kansas Central TFR Formal Challenge In March 2022, certain Evergy Kansas Central TFR customers submitted a formal challenge regarding the implementation of Evergy Kansas Central's TFR, specifically with regards to how Evergy Kansas Central's capital structure was calculated as part of determining the Annual Transmission Revenue Requirement (ATRR). As part of this challenge, the customers requested that Evergy Kansas Central make refunds for over-collections in rate years 2018, 2019, 2020, 2021 and 2022 as a result of the calculation of its capital structure included in the TFR. Evergy Kansas Central disputed that any refunds for 2018 - 2022 were required as Evergy Kansas Central was following its approved TFR formula. In December 2022, FERC issued an order upholding in part, and denying in part, the formal challenge of Evergy Kansas Central's TFR by certain customers. The order required Evergy Kansas Central to refund over-collections related to the calculation of its capital structure for the rate years 2020, 2021 and 2022, with interest. The order also denied approving the refund of 2018 and 2019 amounts as part of the formal challenge on a procedural basis but indicated that the customers could pursue a refund of over collections for these rate years through a separate FERC filing. As a result of this order, Evergy and Evergy Kansas Central recorded a $32.8 million decrease to operating revenues on their consolidated statements of income and comprehensive income for 2022 for the deferral to a regulatory liability of the estimated refund of TFR revenue over-collections related to the calculation of Evergy Kansas Central's capital structure for rate years 2018 - 2022. Evergy Kansas Central currently expects that the refund of the 2020, 2021 and 2022 over-collections will occur as part of its 2023 TFR. Evergy Kansas Central's calculation of its estimated refund to TFR customers must still be reviewed and approved by FERC, and that estimate could change based on that review. Evergy Metro TFR Annual Update In the most recent three years, the updated TFR was expected to adjust Evergy Metro's annual transmission revenues by approximately: • $8.6 million increase effective in January 2023; • $18.1 million increase effective in January 2022; and • $3.9 million decrease effective in January 2021. 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 2022 2021 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Regulatory Assets (millions) Pension and post-retirement costs $ 137.3 $ 54.9 $ — $ 567.2 $ 265.6 $ 213.3 Debt reacquisition costs 87.7 80.9 6.0 94.4 86.7 6.7 Debt fair value adjustment 92.1 — — 96.5 — — Asset retirement obligations fair value 119.4 — — 117.9 — — Depreciation 159.1 47.2 57.1 98.5 50.1 27.0 Cost of removal 346.8 158.2 140.6 257.5 141.0 90.2 Asset retirement obligations 127.5 54.5 53.4 119.3 52.3 49.1 Analog meter unrecovered investment 12.6 12.6 — 18.4 18.4 — Treasury yield hedges 19.2 19.2 — 20.4 20.4 — Iatan No. 1 and common facilities 6.2 — 2.6 6.5 — 2.7 Iatan No. 2 construction accounting costs 24.0 — 12.0 24.7 — 12.4 Property taxes 51.4 33.0 15.8 39.6 31.6 8.0 Disallowed plant costs 13.9 13.9 — 14.2 14.2 — La Cygne environmental costs 10.0 7.9 2.1 11.2 9.0 2.2 Deferred customer programs 14.3 6.5 6.7 18.7 6.4 7.8 Fuel recovery mechanisms 188.5 — 13.5 202.5 120.8 19.8 February 2021 winter weather event 430.9 121.9 — 403.1 121.5 — Solar rebates 15.6 — — 20.2 — — Transmission delivery charge 1.5 — 1.5 — — — Wolf Creek outage 22.8 11.4 11.4 20.4 10.2 10.2 Pension and other post-retirement benefit 75.3 24.8 30.7 65.6 23.0 29.6 Retired generation facilities 146.3 — — 123.4 — — Merger transition costs 28.1 13.3 10.5 32.7 15.6 12.1 Other regulatory assets 83.8 51.7 9.9 42.3 24.1 5.9 Total 2,214.3 711.9 373.8 2,415.2 1,010.9 497.0 Less: current portion (368.0) (121.9) (42.3) (424.1) (257.3) (86.3) Total noncurrent regulatory assets $ 1,846.3 $ 590.0 $ 331.5 $ 1,991.1 $ 753.6 $ 410.7 December 31 2022 2021 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Regulatory Liabilities (millions) Taxes refundable through future rates $ 1,866.6 $ 1,084.2 $ 586.6 $ 1,969.5 $ 1,143.7 $ 616.1 Deferred regulatory gain from sale 37.1 37.1 — 42.6 42.6 — Emission allowances 38.2 — 38.2 42.1 — 42.1 Nuclear decommissioning 246.3 103.4 142.9 400.1 175.7 224.4 Pension and post-retirement costs 98.4 23.0 72.5 44.4 23.2 15.9 Jurisdictional allowance for funds used 25.9 24.2 1.7 27.5 25.8 1.7 La Cygne leasehold dismantling costs 29.6 29.6 — 29.6 29.6 — Kansas tax credits 23.5 23.5 — 16.7 16.7 — Purchase power agreement 4.1 4.1 — 5.8 5.8 — Fuel recovery mechanisms 4.7 4.5 0.2 6.5 — 6.5 February 2021 winter weather event 37.8 — 37.8 65.1 — 65.1 Sibley AAO 108.0 — — 29.3 — — TFR refunds 55.5 55.5 — — — — Other regulatory liabilities 146.5 51.9 48.2 96.5 19.1 37.0 Total 2,722.2 1,441.0 928.1 2,775.7 1,482.2 1,008.8 Less: current portion (155.4) (72.1) (55.3) (70.7) (12.8) (54.6) Total noncurrent regulatory liabilities $ 2,566.8 $ 1,368.9 $ 872.8 $ 2,705.0 $ 1,469.4 $ 954.2 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, $116.3 million and $54.9 million for Evergy and Evergy Kansas Central, respectively, are not included in rate base and are amortized over various periods. Additionally, $201.0 million, $(5.6) million and $126.2 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 Great Plains Energy and Evergy Kansas Central 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 Great Plains Energy and Evergy Kansas Central 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 Great Plains Energy and Evergy Kansas Central 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 6. 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, $10.1 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. Property taxes: Represents actual costs incurred for property taxes in excess of amounts collected in revenues in both Kansas and Missouri. These costs are expected to be recovered over various periods and are not included in rate base. 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, $7.2 million for Evergy and $6.1 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 February 2021 winter weather event: Represents deferred extraordinary fuel and purchased power costs incurred to provide electric service as a result of the February 2021 winter weather event. Of these amounts, $121.9 million for Evergy and Evergy Kansas Central is not included in rate base. 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. Transmission delivery charge: Represents costs associated with the transmission delivery charge. The amounts are not included in rate base and are amortized over a one-year period. 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 facilit |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILLGAAP requires 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, 2022. 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, 2022 | |
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 following table summarizes the change in the Evergy Companies' AROs for the periods ending December 31, 2022 and 2021. Evergy Evergy Kansas Central Evergy Metro 2022 2021 2022 2021 2022 2021 (millions) Beginning balance January 1 $ 960.1 $ 941.9 $ 443.9 $ 427.2 $ 381.0 $ 378.9 Revision in timing and/or estimates 161.8 13.5 103.1 3.8 51.3 9.5 Settlements (13.0) (38.7) (6.9) (10.6) (5.3) (24.4) Accretion 44.3 43.4 25.0 23.5 17.2 17.0 Ending balance $ 1,153.2 $ 960.1 $ 565.1 $ 443.9 $ 444.2 $ 381.0 Less: current portion (40.4) (19.5) (21.3) (7.3) (17.1) (11.0) Total noncurrent asset $ 1,112.8 $ 940.6 $ 543.8 $ 436.6 $ 427.1 $ 370.0 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Evergy Evergy Kansas Central Evergy Metro (millions) Electric plant in service $ 32,129.3 $ 15,376.9 $ 12,343.3 Electric plant acquisition adjustment 724.3 724.3 — Accumulated depreciation (12,304.9) (5,922.9) (5,065.3) Plant in service 20,548.7 10,178.3 7,278.0 Construction work in progress 1,421.2 819.5 482.6 Nuclear fuel, net 165.8 82.2 83.6 Plant to be retired, net (a) 0.8 0.8 — Net property, plant and equipment $ 22,136.5 $ 11,080.8 $ 7,844.2 December 31, 2021 Evergy Evergy Kansas Central Evergy Metro (millions) Electric plant in service $ 30,289.9 $ 14,686.3 $ 11,656.9 Electric plant acquisition adjustment 724.3 724.3 — Accumulated depreciation (11,515.5) (5,590.8) (4,733.7) Plant in service 19,498.7 9,819.8 6,923.2 Construction work in progress 1,350.6 652.2 475.3 Nuclear fuel, net 152.5 76.1 76.4 Plant to be retired, net (a) 0.8 0.8 — Net property, plant and equipment $ 21,002.6 $ 10,548.9 $ 7,474.9 (a) As of December 31, 2022 and 2021, 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 2022 2021 (millions) Electric plant of VIEs $ 392.1 $ 392.1 Accumulated depreciation of VIEs (251.4) (244.3) Net property, plant and equipment of VIEs $ 140.7 $ 147.8 Depreciation Expense The Evergy Companies' depreciation expense is detailed in the following table. 2022 2021 2020 (millions) Evergy (a) $ 836.1 $ 813.6 $ 804.7 Evergy Kansas Central (a) 468.2 450.3 435.1 Evergy Metro 261.7 255.9 269.5 (a) Approximately $7.1 million of depreciation expense in each of 2022, 2021 and 2020 was attributable to property, plant and equipment of VIEs. |
JOINTLY-OWNED ELECTRIC UTILITY
JOINTLY-OWNED ELECTRIC UTILITY PLANTS | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 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 $ 4,132.4 $ 2,251.9 $ 773.6 $ 1,409.5 $ 508.2 $ 2,546.9 $ 115.0 Accumulated depreciation 2,124.5 874.2 269.0 506.2 132.4 1,102.3 89.9 Nuclear fuel, net 165.8 — — — — — — Construction work in progress 209.1 25.9 19.8 5.3 11.2 60.1 26.9 2023 accredited 1,106 1,426 618 653 n/a 2,182 205 (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 $ 2,070.5 $ 1,052.3 $ 2,331.3 $ 115.0 Accumulated depreciation 1,036.1 503.6 1,006.7 89.9 Nuclear fuel, net 82.2 — — — Construction work in progress 99.9 10.0 55.2 26.9 2023 accredited capacity-MWs 553 713 2,007 205 (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 $ 2,061.9 $ 1,199.6 $ 601.0 $ 1,068.9 $ 403.2 Accumulated depreciation 1,088.4 370.6 219.6 431.0 111.5 Nuclear fuel, net 83.6 — — — — Construction work in progress 109.2 15.9 15.8 4.0 8.5 2023 accredited capacity-MWs 553 713 492 491 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, 2022 | |
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 2022, Evergy, Evergy Kansas Central and Evergy Metro recorded pension and post-retirement special termination benefits of $59.5 million, $17.0 million and $42.5 million, respectively. For 2021, Evergy, Evergy Kansas Central and Evergy Metro recorded pension settlement charges of $34.3 million, $25.6 million and $13.7 million, respectively. For 2020, Evergy and Evergy Metro recorded pension settlement charges of $11.2 million and $14.3 million, respectively. These settlement charges and special termination benefits were the result of accelerated and enhanced pension distributions as a result of employee retirements and annuity purchases for certain plan participants. Evergy, Evergy Kansas Central 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. 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, 2022 $ 2,561.7 $ 1,264.4 $ 1,273.5 $ 258.4 $ 133.9 $ 124.5 Service cost 79.7 30.7 49.0 3.0 1.5 1.5 Interest cost 79.3 38.8 39.8 7.9 4.1 3.8 Contribution by participants — — — 6.9 1.0 5.8 Plan amendments 0.6 0.3 0.3 — — — Actuarial gain (717.9) (334.3) (378.6) (58.1) (28.7) (29.4) Benefits paid (189.4) (100.1) (88.0) (23.1) (10.2) (12.9) Special termination benefits 52.8 15.6 37.2 6.7 1.4 5.3 Other (16.3) (3.7) (12.6) — — — PBO at December 31, 2022 $ 1,850.5 $ 911.7 $ 920.6 $ 201.7 $ 103.0 $ 98.6 Change in plan assets Fair value of plan assets at January 1, 2022 $ 1,714.7 $ 835.7 $ 879.0 $ 242.3 $ 124.0 $ 118.3 Actual return on plan assets (192.6) (97.1) (95.5) (34.9) (19.2) (15.7) Contributions by employer and participants 88.4 31.2 57.2 7.0 1.1 5.9 Benefits paid (185.0) (97.6) (87.4) (21.5) (9.7) (11.8) Other (16.3) (3.7) (12.6) — — — Fair value of plan assets at December 31, 2022 $ 1,409.2 $ 668.5 $ 740.7 $ 192.9 $ 96.2 $ 96.7 Funded status at December 31, 2022 $ (441.3) $ (243.2) $ (179.9) $ (8.8) $ (6.8) $ (1.9) 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 $ — $ — $ — $ 16.8 $ — $ 16.8 Current pension and other post-retirement liability (7.2) (4.7) (1.3) (1.3) (0.6) (0.7) Noncurrent pension liability and other post-retirement liability (434.1) (238.5) (178.6) (24.3) (6.2) (18.0) Net amount recognized before regulatory treatment (441.3) (243.2) (179.9) (8.8) (6.8) (1.9) Accumulated OCI or regulatory asset/liability (140.2) 50.3 (180.3) (24.5) (12.8) (18.4) Net amount recognized at December 31, 2022 $ (581.5) $ (192.9) $ (360.2) $ (33.3) $ (19.6) $ (20.3) Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: Actuarial (gain) loss $ (153.8) $ 35.0 $ (179.0) $ (25.3) $ (13.2) $ (13.1) Prior service cost 13.6 15.3 (1.3) 0.8 0.4 (5.3) Net amount recognized at December 31, 2022 $ (140.2) $ 50.3 $ (180.3) $ (24.5) $ (12.8) $ (18.4) 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, 2021 $ 2,901.1 $ 1,429.6 $ 1,446.5 $ 280.4 $ 146.8 $ 133.6 Service cost 82.6 29.1 53.5 3.3 1.7 1.6 Interest cost 84.2 41.0 42.5 7.8 4.0 3.8 Contribution by participants — — — 9.0 1.4 7.6 Actuarial gain (119.0) (50.0) (68.3) (17.2) (9.4) (7.8) Benefits paid (93.5) (54.8) (37.5) (24.9) (10.6) (14.3) Settlements (284.0) (126.2) (157.8) — — — Other (9.7) (4.3) (5.4) — — — PBO at December 31, 2021 $ 2,561.7 $ 1,264.4 $ 1,273.5 $ 258.4 $ 133.9 $ 124.5 Change in plan assets Fair value of plan assets at January 1, 2021 $ 1,799.1 $ 887.0 $ 912.1 $ 248.3 $ 125.8 $ 122.5 Actual return on plan assets 145.5 83.4 62.1 5.2 6.5 (1.3) Contributions by employer and participants 148.7 46.5 102.2 11.8 1.7 10.1 Benefits paid (89.4) (52.3) (37.1) (23.0) (10.0) (13.0) Settlements (279.5) (124.6) (154.9) — — — Other (9.7) (4.3) (5.4) — — — Fair value of plan assets at December 31, 2021 $ 1,714.7 $ 835.7 $ 879.0 $ 242.3 $ 124.0 $ 118.3 Funded status at December 31, 2021 $ (847.0) $ (428.7) $ (394.5) $ (16.1) $ (9.9) $ (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 $ — $ — $ — $ 21.5 $ — $ 21.5 Current pension and other post-retirement liability (4.4) (2.4) (0.7) (1.1) (0.6) (0.6) Noncurrent pension liability and other post- (842.6) (426.3) (393.8) (36.5) (9.3) (27.1) Net amount recognized before regulatory treatment (847.0) (428.7) (394.5) (16.1) (9.9) (6.2) Accumulated OCI or regulatory asset/liability 317.2 263.6 84.6 (11.4) (9.6) (10.5) Net amount recognized at December 31, 2021 $ (529.8) $ (165.1) $ (309.9) $ (27.5) $ (19.5) $ (16.7) Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: Actuarial (gain) loss $ 302.4 $ 246.6 $ 86.4 $ (12.6) $ (10.5) $ (3.8) Prior service cost 14.8 17.0 (1.8) 1.2 0.9 (6.7) Net amount recognized at December 31, 2021 $ 317.2 $ 263.6 $ 84.6 $ (11.4) $ (9.6) $ (10.5) Actuarial gains for the Evergy Companies' pension benefit plans for 2022 and 2021 were primarily driven by an increase in the discount rate used to measure the benefit obligation as a result of higher market interest rates. See the weighted average assumptions used to determine the benefit obligations within this Note 9 for further information. As of December 31, 2022 and 2021, Evergy's pension benefits include non-qualified benefit obligations of $37.8 million and $49.2 million, respectively, which are funded by trusts containing assets of $34.1 million and $44.2 million, respectively. As of December 31, 2022 and 2021, Evergy Kansas Central's pension benefits include non- qualified benefit obligations of $19.6 million and $25.4 million, respectively, which are funded by trusts containing assets of $24.9 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, 2022 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 79.7 $ 30.7 $ 49.0 $ 3.0 $ 1.5 $ 1.5 Interest cost 79.3 38.8 39.8 7.9 4.1 3.8 Expected return on plan assets (104.0) (51.2) (56.4) (10.2) (6.5) (3.7) Prior service cost 1.9 2.0 — 0.5 0.4 (1.4) Recognized net actuarial (gain) loss 34.8 25.6 38.6 (0.3) (0.2) (0.7) Settlement and special termination benefits 52.8 15.6 37.2 6.7 1.4 5.3 Net periodic benefit costs before regulatory adjustment and intercompany allocations 144.5 61.5 108.2 7.6 0.7 4.8 Regulatory adjustment 14.7 0.7 (12.1) (7.1) (3.6) (1.3) Intercompany allocations n/a 2.9 (18.4) n/a 0.3 (0.6) Net periodic benefit costs (income) 159.2 65.1 77.7 0.5 (2.6) 2.9 Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities Current year net gain (421.4) (186.1) (226.7) (13.0) (3.0) (10.0) Amortization of gain (loss) (34.7) (25.6) (38.6) 0.4 0.2 0.7 Prior service cost 0.6 0.4 0.4 — — — Amortization of prior service cost (1.9) (2.0) — (0.5) (0.4) 1.4 Total recognized in OCI or regulatory asset/liability (457.4) (213.3) (264.9) (13.1) (3.2) (7.9) Total recognized in net periodic benefit costs and OCI or regulatory asset/liability $ (298.2) $ (148.2) $ (187.2) $ (12.6) $ (5.8) $ (5.0) Pension Benefits Post-Retirement Benefits Year Ended December 31, 2021 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 82.6 $ 29.1 $ 53.5 $ 3.3 $ 1.7 $ 1.6 Interest cost 84.2 41.0 42.5 7.8 4.0 3.8 Expected return on plan assets (103.5) (52.8) (55.7) (8.9) (6.3) (2.6) Prior service cost 2.0 2.1 — 0.5 0.5 (1.0) Recognized net actuarial (gain) loss 54.1 36.0 43.8 1.4 0.6 (0.1) Settlement and special termination benefits 34.3 25.6 13.7 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 153.7 81.0 97.8 4.1 0.5 1.7 Regulatory adjustment 17.3 (13.1) 4.2 (4.8) (3.3) 0.4 Intercompany allocations n/a 3.2 (25.9) n/a — (0.4) Net periodic benefit costs (income) 171.0 71.1 76.1 (0.7) (2.8) 1.7 Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities Current year net gain (195.3) (106.3) (88.4) (13.6) (9.6) (3.9) Amortization of gain (loss) (52.4) (36.0) (43.9) (1.3) (0.5) 0.1 Amortization of prior service cost (2.0) (2.1) — (0.5) (0.5) 1.0 Total recognized in OCI or regulatory asset/liability (249.7) (144.4) (132.3) (15.4) (10.6) (2.8) Total recognized in net periodic benefit costs and OCI or regulatory asset/liability $ (78.7) $ (73.3) $ (56.2) $ (16.1) $ (13.4) $ (1.1) 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 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 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, 2022 Evergy Evergy Kansas Central Evergy Metro (millions) ABO for all defined benefit pension plans $ 1,687.3 $ 844.4 $ 824.6 Pension plans with the PBO in excess of plan assets Projected benefit obligation $ 1,850.5 $ 911.7 $ 920.6 Fair value of plan assets 1,409.2 668.5 740.7 Pension plans with the ABO in excess of plan assets Accumulated benefit obligation $ 1,687.3 $ 844.4 $ 824.6 Fair value of plan assets 1,409.2 668.5 740.7 Other post-retirement benefit plans with the APBO in excess of plan assets Accumulated other post-retirement benefit obligation $ 201.7 $ 103.0 $ 98.6 Fair value of plan assets 192.9 96.2 96.7 December 31, 2021 Evergy Evergy Kansas Central Evergy Metro (millions) ABO for all defined benefit pension plans $ 2,229.1 $ 1,124.2 $ 1,081.1 Pension plans with the PBO in excess of plan assets Projected benefit obligation $ 2,561.7 $ 1,264.4 $ 1,273.5 Fair value of plan assets 1,714.7 835.7 879.0 Pension plans with the ABO in excess of plan assets Accumulated benefit obligation $ 2,229.1 $ 1,124.2 $ 1,081.1 Fair value of plan assets 1,714.7 835.7 879.0 Other post-retirement benefit plans with the APBO in excess of plan assets Accumulated other post-retirement benefit obligation $ 258.4 $ 133.9 $ 124.5 Fair value of plan assets 242.3 124.0 118.3 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, 2022 Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Discount rate 5.72 % 5.72 % 5.72 % 5.74 % 5.75 % 5.72 % Rate of compensation increase 3.72 % 3.78 % 3.70 % 3.75 % n/a 3.75 % Interest crediting rate for cash balance plans 4.13 % 4.00 % 4.43 % n/a n/a n/a Weighted-average assumptions used to determine the benefit obligation at December 31, 2021 Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Discount rate 3.10 % 3.10 % 3.11 % 3.12 % 3.11 % 3.13 % Rate of compensation increase 3.75 % 3.77 % 3.71 % 3.75 % n/a 3.75 % Interest crediting rate for cash balance plans 4.13 % 4.00 % 4.45 % n/a n/a n/a Weighted-average assumptions used to determine net costs for the year ended December 31, 2022 Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Discount rate 3.10 % 3.10 % 3.11 % 3.12 % 3.11 % 3.13 % Expected long-term return on plan assets 6.71 % 6.80 % 6.63 % 4.53 % 5.75 % 3.25 % Rate of compensation increase 3.75 % 3.77 % 3.71 % 3.75 % n/a 3.75 % Interest crediting rate for cash balance plans 4.13 % 4.00 % 4.45 % n/a n/a n/a Weighted-average assumptions used to determine net costs for the year ended December 31, 2021 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 % Expected long-term return on plan assets 6.63 % 6.70 % 6.57 % 3.93 % 5.55 % 2.27 % Rate of compensation increase 3.71 % 3.78 % 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 Evergy expects to contribute $30.4 million to the pension plans in 2023 to meet Employee Retirement Income Security Act of 1974, as amended (ERISA) funding requirements and regulatory orders, of which $11.7 million is expected to be paid by Evergy Kansas Central and $18.7 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 2023, Evergy expects to contribute $1.6 million to the post-retirement benefit plans, of which $0.5 million is expected to be paid by Evergy Kansas Central and $1.1 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 2032. Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro (millions) 2023 $ 339.3 $ 141.4 $ 196.6 $ 18.3 $ 10.0 $ 8.3 2024 120.8 65.0 54.4 16.9 9.0 7.8 2025 125.2 66.1 57.6 16.4 8.7 7.7 2026 130.0 67.2 61.2 16.0 8.4 7.6 2027 134.9 69.9 63.4 15.5 8.2 7.4 2028-2032 697.2 344.6 345.2 69.3 36.6 32.7 As of December 31, 2022, Evergy Kansas Central and Evergy Metro maintained a master trust for their non-union and Evergy Kansas Central's union pension benefits and a separate trust for Evergy Metro's union pension benefits. Evergy Kansas Central and Evergy Metro maintained separate trusts for their post-retirement benefits as of December 31, 2022. These plans are managed in accordance with prudent investor guidelines contained in the ERISA requirements. The primary objective of Evergy Kansas Central's and Evergy Metro's pension plans is to provide a source of retirement income for its participants and beneficiaries, and the primary financial objectives of the plans are to minimize funding deficiencies and maintain the plans' ability to pay all benefit and expense obligations when due. The primary objective of Evergy Kansas Central's and Evergy Metro's 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. Pension Benefits Post-Retirement Benefits Evergy Kansas Central Evergy Metro Evergy Kansas Central Evergy Metro Domestic equities 26% 26% 26% 18% International equities 20% 19% 18% 10% Bonds 39% 38% 56% 66% Mortgage & asset backed securities —% —% —% 5% Real estate investments 4% 6% —% —% Other investments 11% 11% —% 1% 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. 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. 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, 2022 and 2021, by asset category are in the following tables. Fair Value Measurements Using December 31 Level 1 Level 2 Level 3 Assets measured at NAV Evergy Kansas Central Pension Plans (millions) Domestic equities $ 156.8 $ 129.2 $ — $ — $ 27.6 International equities 129.1 129.1 — — — Bond funds 241.7 241.7 — — — Real estate investments 26.8 — — — 26.8 Combination debt/equity/other fund 30.8 30.8 — — — Alternative investment funds 63.9 — — — 63.9 Short-term investments 19.4 — — — 19.4 Total $ 668.5 $ 530.8 $ — $ — $ 137.7 Evergy Metro Pension Plans Domestic equities $ 156.1 $ 135.5 $ — $ — $ 20.6 International equities 136.7 136.7 — — — Bond funds 195.2 195.2 — — — Corporate bonds 23.7 — 23.7 — — U.S. Treasury and agency bonds 14.0 5.8 8.2 — — Mortgage and asset backed securities 5.0 — 5.0 — — Real estate investments 59.0 — — — 59.0 Combination debt/equity/other fund 31.2 31.2 — — — Alternative investment funds 63.1 — — — 63.1 Cash and cash equivalents 44.6 44.6 — — — Short-term investments 14.6 — — — 14.6 Other (2.5) — (2.5) — — Total $ 740.7 $ 549.0 $ 34.4 $ — $ 157.3 Fair Value Measurements Using December 31 Level 1 Level 2 Level 3 Assets measured at NAV Evergy Kansas Central Pension Plans (millions) Domestic equities $ 209.9 $ 177.3 $ — $ — $ 32.6 International equities 167.4 167.4 — — — Bond funds 330.4 330.4 — — — Real estate investments 28.1 — — — 28.1 Combination debt/equity/other fund 42.7 42.7 — — — Alternative investment funds 44.1 — — — 44.1 Short-term investments 13.1 — — — 13.1 Total $ 835.7 $ 717.8 $ — $ — $ 117.9 Evergy Metro Pension Plans Domestic equities $ 203.0 $ 179.5 $ — $ — $ 23.5 International equities 193.1 193.1 — — — Bond funds 260.6 260.6 — — — Corporate bonds 27.1 — 27.1 — — U.S. Treasury and agency bonds 14.5 4.7 9.8 — — Mortgage and asset backed securities 4.3 — 4.3 — — Real estate investments 55.9 — — — 55.9 Combination debt/equity/other fund 46.2 46.2 — — — Alternative investment funds 47.5 — — — 47.5 Cash and cash equivalents 14.1 14.1 — — — Short-term investments 9.5 — — — 9.5 Other 3.2 — 3.2 — — Total $ 879.0 $ 698.2 $ 44.4 $ — $ 136.4 The fair values of the Evergy Companies' post-retirement plan assets at December 31, 2022 and 2021, by asset category are in the following tables. Fair Value Measurements Using December 31 Level 1 Level 2 Level 3 Assets measured at NAV Evergy Kansas Central Post-Retirement Benefit Plans (millions) Domestic equities $ 24.2 $ 24.2 $ — $ — $ — International equities 17.5 17.5 — — — Bond funds 48.7 48.7 — — — Combination debt/equity/other fund 4.8 4.8 — — — Short-term investments 1.0 — — — 1.0 Total $ 96.2 $ 95.2 $ — $ — $ 1.0 Evergy Metro Post-Retirement Benefit Plans Domestic equities $ 18.7 $ 18.7 $ — $ — $ — International equities 11.6 11.6 — — — Bond funds 34.9 34.9 — — — Corporate bonds 14.6 — 14.6 — — U.S. Treasury and agency bonds 12.3 6.0 6.3 — — Mortgage and asset backed securities 1.3 — 1.3 — — Combination debt/equity/other fund 2.9 2.9 — — — Cash and cash equivalents 0.2 0.2 — — — Other 0.2 — 0.2 — — Total $ 96.7 $ 74.3 $ 22.4 $ — $ — Fair Value Measurements Using December 31 Level 1 Level 2 Level 3 Assets measured at NAV Evergy Kansas Central Post-Retirement Benefit Plans (millions) Domestic equities $ 32.5 $ 32.5 $ — $ — $ — International equities 22.1 22.1 — — — Bond funds 62.3 62.3 — — — Combination debt/equity/other fund 6.1 6.1 — — — Short-term investments 1.0 — — — 1.0 Total $ 124.0 $ 123.0 $ — $ — $ 1.0 Evergy Metro Post-Retirement Benefit Plans Domestic equities $ 20.0 $ 20.0 $ — $ — $ — International equities 12.3 12.3 — — — Bond funds 50.2 50.2 — — — Corporate bonds 18.1 — 18.1 — — U.S. Treasury and agency bonds 12.1 6.1 6.0 — — Mortgage and asset backed securities 0.8 — 0.8 — — Combination debt/equity/other fund 3.9 3.9 — — — Cash and cash equivalents 0.5 0.5 — — — Short-term investments 0.1 — — — 0.1 Other 0.3 — 0.3 — — Total $ 118.3 $ 93.0 $ 25.2 $ — $ 0.1 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, 2022 Evergy Evergy Kansas Central Evergy Metro Health care cost trend rate assumed for next year 7.3 % 7.3 % 7.3 % 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 2030 2030 2030 Assumed annual health care cost growth rates as of December 31, 2021 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 2030 2030 2030 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. 2022 2021 2020 (millions) Evergy $ 25.3 $ 25.6 $ 17.4 Evergy Kansas Central 12.0 11.7 9.6 Evergy Metro 13.3 13.9 7.8 |
EQUITY COMPENSATION
EQUITY COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
EQUITY COMPENSATION | EQUITY COMPENSATION Evergy's Long-Term Incentive Plan is an equity compensation plan approved by Evergy shareholders. The Long-Term Incentive Plan permits the grant of restricted stock, restricted stock units, bonus shares, stock options, stock appreciation rights, limited stock appreciation rights, director shares, director deferred share units and performance shares to directors, officers and other employees of Evergy. Common stock shares delivered by Evergy under the Long-Term Incentive Plan may be authorized but unissued, held in the treasury or purchased on the open market (including private purchases) in accordance with applicable securities laws. Evergy has a policy of delivering newly issued shares and does not expect to repurchase common shares during 2023 to satisfy equity compensation payments and director deferred share unit conversion. Evergy recognizes forfeitures as they occur. The following table summarizes the Evergy Companies' equity compensation expense and the associated income tax benefit. 2022 2021 2020 Evergy (millions) Equity compensation expense $ 18.8 $ 15.6 $ 15.5 Income tax (expense) benefit 2.6 (0.1) 2.2 Evergy Kansas Central Equity compensation expense 8.4 6.9 7.6 Income tax (expense) benefit 1.7 (0.2) 1.6 Evergy Metro Equity compensation expense 6.0 5.1 5.7 Income tax (expense) benefit 0.2 (0.6) 0.2 Restricted Share Units Evergy utilizes RSUs for new grants of stock-based compensation awards. 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 the achievement of specific performance goals or RSUs with only service requirements that vest solely upon the passage of time. 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 the 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 2022, inputs for expected volatility, dividend yield and the risk-free rate were 32%, 3.76% and 1.45%, respectively. RSU activity for awards with performance measures for 2022 is summarized in the following table. Nonvested Grant Date Beginning balance January 1, 2022 513,715 $ 58.79 Granted 238,542 57.95 Vested (146,115) 37.87 Forfeited (59,244) 61.28 Ending balance December 31, 2022 546,898 63.57 * weighted-average At December 31, 2022, the remaining weighted-average contractual term related to RSU awards with performance measures was 1.4 years. The weighted-average grant-date fair value of RSUs granted with performance measures was $57.95, $57.21 and $87.98 in 2022, 2021 and 2020, respectively. At December 31, 2022, there was $14.7 million of unrecognized compensation expense related to unvested RSUs with performance measures. The total fair value of RSUs with performance measures that vested was $5.5 million in 2022 and no RSUs with performance measures vested in 2021 and 2020. 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. Dividends are accrued over the vesting period and are invested in additional RSU's subject to the same service conditions. RSU activity for awards with only service requirements for 2022 is summarized in the following table. Nonvested Grant Date Beginning balance January 1, 2022 253,046 $ 57.18 Granted 91,764 60.93 Vested (84,503) 55.81 Forfeited (20,812) 56.41 Ending balance December 31, 2022 239,495 58.98 * weighted-average At December 31, 2022, the remaining weighted-average contractual term related to RSU awards with only service requirements was 1.4 years. The weighted-average grant-date fair value of RSUs granted with only service requirements was $60.93, $55.30 and $68.92 in 2022, 2021 and 2020, respectively. At December 31, 2022, there was $6.3 million of unrecognized compensation expense related to unvested RSUs. The total fair value of RSUs with only service requirements that vested was $4.7 million, $2.4 million and $6.5 million in 2022, 2021 and 2020, respectively. In addition to RSU's, Evergy also had 36,012 shares and 108,010 shares of restricted stock and performance shares, respectively, that vested in 2021 related to Great Plains Energy equity compensation awards that converted to equivalent Evergy awards at the closing of the Great Plains Energy and Evergy Kansas Central merger in 2018. |
SHORT-TERM BORROWINGS AND SHORT
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT | 12 Months Ended |
Dec. 31, 2022 | |
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 2026. 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. The applicable interest rates and commitment fees of the facility are subject to upward or downward adjustments, within certain limitations, if Evergy achieves, or fails to achieve, certain sustainability-linked targets based on two key performance indicator metrics: (i) Non-Emitting Generation Capacity and (ii) Diverse Supplier Spend (as defined 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, 2022, 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 3) available to the Evergy Companies as of December 31, 2022 and 2021. Amounts Drawn Master Credit Facility Commercial Paper Letters of Credit Cash Borrowings Available Borrowings Weighted Average Interest Rate on Short-Term Borrowings December 31, 2022 (millions) Evergy, Inc. $ 450.0 $ — $ 0.7 $ — $ 449.3 —% Evergy Kansas Central 1,000.0 772.1 — — 227.9 4.91% Evergy Metro 350.0 111.0 — — 239.0 5.02% Evergy Missouri West 700.0 449.2 — — 250.8 4.84% Evergy $ 2,500.0 $ 1,332.3 $ 0.7 $ — $ 1,167.0 December 31, 2021 Evergy, Inc. $ 700.0 $ 358.0 $ 0.7 $ — $ 341.3 0.34% Evergy Kansas Central 750.0 406.0 0.1 — 343.9 0.41% Evergy Metro 350.0 — — — 350.0 —% Evergy Missouri West 700.0 395.3 — — 304.7 0.40% Evergy $ 2,500.0 $ 1,159.3 $ 0.8 $ — $ 1,339.9 In February 2022, Evergy, Inc. entered into a $500.0 million unsecured Term Loan Credit Agreement (Term Loan Facility) that originally expired in February 2023. In February 2023, Evergy, Inc. amended the $500.0 million Term Loan Facility to expire in February 2024. As a result of the amendment, Evergy, Inc. demonstrated its intent and ability to refinance the Term Loan Facility and reflected this $500 million borrowing within long-term debt, net, on Evergy's consolidated balance sheets as of December 31, 2022. The weighted average interest rate for borrowings under the Term Loan Facility as of December 31, 2022, was 5.12%. Evergy's borrowings under the Term Loan Facility were used for, among other things, working capital, capital expenditures and general corporate purposes. The Term Loan Facility contains customary covenants, including one that sets the ratio of maximum allowed total indebtedness to total capitalization of not greater than 0.65 to 1.00, for Evergy and its subsidiaries on a consolidated basis. As of December 31, 2022, Evergy was in compliance with this covenant. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT The Evergy Companies' long-term debt is detailed in the following tables. December 31, 2022 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 2.25% Series Evergy Metro, Inc. 2030 400.0 — 400.0 4.125% Series Evergy Metro, Inc. 2049 400.0 — 400.0 5.15% Series Evergy Missouri West, Inc. 2027 300.0 — — 3.75% Series Evergy Missouri West, Inc. 2032 250.0 — — Pollution Control Bonds 3.54% Series (a) Evergy Kansas Central, Inc. 2032 45.0 45.0 — 3.54% Series (a) Evergy Kansas Central, Inc. 2032 30.5 30.5 — 3.54% Series (a) Evergy Kansas South, Inc. 2027 21.9 21.9 — 2.50% Series Evergy Kansas South, Inc. 2031 50.0 50.0 — 3.54% Series (a) Evergy Kansas South, Inc. 2032 14.5 14.5 — 3.54% Series (a) Evergy Kansas South, Inc. 2032 10.0 10.0 — 3.287% Series 2007A and 2007B (a) 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 (b) Evergy Metro, Inc. 2023 300.0 — 300.0 3.65% Series (b) Evergy Metro, Inc. 2025 350.0 — 350.0 6.05% Series (5.78% rate) (b)(c) Evergy Metro, Inc. 2035 250.0 — 250.0 5.30% Series (b) Evergy Metro, Inc. 2041 400.0 — 400.0 4.20% Series (b) Evergy Metro, Inc. 2047 300.0 — 300.0 4.20% Series (b) Evergy Metro, Inc. 2048 300.0 — 300.0 3.49% Series A (d) Evergy Missouri West, Inc. 2025 36.0 — — 4.06% Series B (d) Evergy Missouri West, Inc. 2033 60.0 — — 4.74% Series C (d) Evergy Missouri West, Inc. 2043 150.0 — — 2.86% Series A (d) Evergy Missouri West, Inc. 2031 350.0 — — 3.01% Series B (d) Evergy Missouri West, Inc. 2033 75.0 — — 3.21% Series C (d) Evergy Missouri West, Inc. 2036 75.0 — — 2.45% Series Evergy, Inc. 2024 800.0 — — 2.90% Series (3.77% rate) (c) Evergy, Inc. 2029 800.0 — — Medium Term Notes 7.33% Series (d) Evergy Missouri West, Inc. 2023 3.0 — — 7.17% Series (d) Evergy Missouri West, Inc. 2023 7.0 — — Term Loan Facility (e) Evergy, Inc. 2024 500.0 — — Fair value adjustment (f) 92.1 — — Current maturities (g) (439.1) (50.0) (379.5) Unamortized debt discount and debt issuance costs (79.6) (40.0) (22.8) Total excluding current maturities (h) $ 9,905.7 $ 3,886.9 $ 2,547.1 December 31, 2021 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 2.25% Series Evergy Metro, Inc. 2030 400.0 — 400.0 4.125% Series Evergy Metro, Inc. 2049 400.0 — 400.0 Pollution Control Bonds 0.132% Series (a) Evergy Kansas Central, Inc. 2032 45.0 45.0 — 0.132% Series (a) Evergy Kansas Central, Inc. 2032 30.5 30.5 — 0.132% Series (a) Evergy Kansas South, Inc. 2027 21.9 21.9 — 2.50% Series Evergy Kansas South, Inc. 2031 50.0 50.0 — 0.132% Series (a) Evergy Kansas South, Inc. 2032 14.5 14.5 — 0.132% Series (a) Evergy Kansas South, Inc. 2032 10.0 10.0 — 0.167% Series 2007A and 2007B (a) 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 (b) Evergy Metro, Inc. 2023 300.0 — 300.0 3.65% Series (b) Evergy Metro, Inc. 2025 350.0 — 350.0 6.05% Series (5.78% rate) (b)(c) Evergy Metro, Inc. 2035 250.0 — 250.0 5.30% Series (b) Evergy Metro, Inc. 2041 400.0 — 400.0 4.20% Series (b) Evergy Metro, Inc. 2047 300.0 — 300.0 4.20% Series (b) Evergy Metro, Inc. 2048 300.0 — 300.0 3.49% Series A (d) Evergy Missouri West, Inc. 2025 36.0 — — 4.06% Series B (d) Evergy Missouri West, Inc. 2033 60.0 — — 4.74% Series C (d) Evergy Missouri West, Inc. 2043 150.0 — — 3.74% Series (d) Evergy Missouri West, Inc. 2022 100.0 — — 2.86% Series A (d) Evergy Missouri West, Inc. 2031 350.0 — — 3.01% Series B (d) Evergy Missouri West, Inc. 2033 75.0 — — 3.21% Series C (d) Evergy Missouri West, Inc. 2036 75.0 — — 5.292% Series Evergy, Inc. 2022 287.5 — — 2.45% Series Evergy, Inc. 2024 800.0 — — 2.90% Series (3.77% rate) (c) Evergy, Inc. 2029 800.0 — — Medium Term Notes 7.33% Series (d) Evergy Missouri West, Inc. 2023 3.0 — — 7.17% Series (d) Evergy Missouri West, Inc. 2023 7.0 — — Fair value adjustment (f) 97.9 — — Current maturities (g) (389.3) — — Unamortized debt discount and debt issuance costs (80.5) (42.7) (24.4) Total excluding current maturities (h) $ 9,297.9 $ 3,934.2 $ 2,925.0 (a) Variable rate. (b) 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. (c) Rate after amortizing gains/losses recognized in OCI on settlements of interest rate hedging instruments. (d) Unconditionally guaranteed by Evergy, Inc (e) Evergy demonstrated the intent and ability to refinance the Term Loan Facility that originally expired in February 2023 with a new maturity date of February 2024 and therefore it is reflected in long-term debt, net on Evergy's consolidated balance sheets as of December 31, 2022. (f) 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 Great Plains Energy and Evergy Kansas Central merger. This amount is not part of future principal payments and will amortize over the remaining life of the associated debt instruments. (g) Evergy's current maturities total as of December 31, 2022 and 2021, includes $(0.4) million and $1.8 million, respectively, of fair value adjustments recorded in connection with purchase accounting for the Great Plains Energy and Evergy Kansas Central merger. (h) At December 31, 2022 and 2021, 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. 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, 2022, approximately $416.4 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, 2022, approximately $5,254.1 million principal amount of additional Evergy Metro mortgage bonds could be issued under the most restrictive provisions in the mortgage. In March 2022, Evergy Missouri West entered into a First Mortgage Indenture and Deed of Trust, dated as of March 1, 2022 (Evergy Missouri West Mortgage Indenture), establishing a first mortgage lien on substantially all of its present properties and certain after-acquired properties, subject to certain exceptions. In connection with the establishment of the Evergy Missouri West Mortgage Indenture, Evergy Missouri West issued collateral mortgage bonds secured by the Evergy Missouri West Mortgage Indenture to serve as collateral for Evergy Missouri West's obligations under the following outstanding unsecured senior notes: • $36.0 million of 3.49% Series A, maturing in 2025; • $60.0 million of 4.06% Series B, maturing in 2033; • $150.0 million of 4.74% Series C, maturing in 2043; • $350.0 million of 2.86% Series A, maturing in 2031; • $75.0 million of 3.01% Series B, maturing in 2033; and • $75.0 million of 3.21% Series C, maturing in 2036. Under the Evergy Missouri West Mortgage Indenture, additional Evergy Missouri West mortgage bonds may be issued on the basis of 75% of property additions or retired bonds. As of December 31, 2022, approximately $1,905.0 million principal amount of additional Evergy Missouri West mortgage bonds could be issued under the most restrictive provisions in the mortgage. The collateral mortgage bonds were issued to the holders of the unsecured senior notes, are only payable if Evergy Missouri West defaults on the underlying unsecured senior notes and do not increase the amount of outstanding debt for Evergy Missouri West. As a result of the above transactions, Evergy Missouri West's outstanding senior notes have effectively become secured by the mortgage lien of the Evergy Missouri West Mortgage Indenture and rank equally and ratably with all of Evergy Missouri West's mortgage bonds, regardless of series, from time to time issued and outstanding under the Evergy Missouri West Mortgage Indenture. Also in March 2022, Evergy Missouri West issued, at a discount, $250.0 million of 3.75% FMBs, maturing in 2032. In December 2022, Evergy Missouri West issued, at a discount, $300.0 million of 5.15% FMBs, maturing in 2027. 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, 2022, Evergy Missouri West was in compliance with these covenants. In March 2022, Evergy Missouri West repaid its $100.0 million of 3.74% Senior Notes at maturity. In June 2022, Evergy repaid its $287.5 million of 5.292% Senior Notes at maturity. Pollution Control Bonds In July 2022, Evergy Metro remarketed its unsecured Series 2008 Environmental Improvement Revenue Refunding (EIRR) bonds maturing in 2038 totaling $23.4 million at a fixed rate of 3.50% through June 30, 2025. Scheduled Maturities Evergy's, Evergy Kansas Central's and Evergy Metro's long-term debt maturities for the next five years are detailed in the following table. 2023 2024 2025 2026 2027 (millions) Evergy $ 439.5 $ 1,300.0 $ 636.0 $ 350.0 $ 621.9 Evergy Kansas Central 50.0 — 250.0 350.0 321.9 Evergy Metro 379.5 — 350.0 — — |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE INSTRUMENTS The Evergy Companies engage in the wholesale and retail sale of electricity as part of their regulated electric operations, in addition to limited non-regulated energy marketing activities. These activities expose the Evergy Companies to market risks associated with the price of electricity, natural gas and other energy-related products. Management has established risk management policies and strategies to reduce the potentially adverse effects that the volatility of the markets may have on the Evergy Companies' operating results. The Evergy Companies' commodity risk management activities, which are subject to the management, direction and control of an internal risk management committee, utilize derivative instruments to reduce the effects of fluctuations in wholesale sales and fuel and purchased power expense caused by commodity price volatility. The Evergy Companies are also exposed to market risks arising from changes in interest rates and may use derivative instruments to manage these risks. The Evergy Companies' interest rate risk management activities have included using derivative instruments to hedge against future interest rate fluctuations on anticipated debt issuances. The Evergy Companies also engage in non-regulated energy marketing activity for trading purposes, primarily at Evergy Kansas Central, which focuses on seizing market opportunities to create value driven by expected changes in the market prices of commodities, primarily electricity and natural gas. The Evergy Companies consider various qualitative factors, such as contract and marketplace attributes, in designating derivative instruments at inception. The Evergy Companies may elect the normal purchases and normal sales (NPNS) exception, which requires the effects of the derivative to be recorded when the underlying contract settles under accrual accounting. The Evergy Companies account for derivative instruments that are not designated as NPNS primarily as either economic hedges or trading contracts (non-hedging derivatives) which are recorded as assets or liabilities on the consolidated balance sheets at fair value. See Note 14 for additional information on the Evergy Companies' methods for assessing the fair value of derivative instruments. Changes in the fair value of non-hedging derivatives that are related to the Evergy Companies’ regulated operations are deferred to a regulatory asset or regulatory liability when determined to be probable of future recovery or refund from customers. Recovery of the actual costs incurred by regulated activities will not impact earnings but will impact cash flows due to the timing of the recovery mechanism. Cash flows for all derivative instruments are classified as operating activities on the Evergy Companies' statements of cash flows, with the exception of cash flows for interest rate swap agreements accounted for as cash flows hedges of forecasted debt transactions, which are recorded as financing activities. Changes in the fair value of non-hedging derivatives that are not related to the Evergy Companies' regulated operations are recorded in operating revenues on the Evergy Companies' statements of income and comprehensive income. The Evergy Companies offset fair value amounts recognized for derivative instruments under master netting arrangements, which include rights to reclaim cash collateral (a receivable), or the obligation to return cash collateral (a payable). The gross notional contract amount by commodity type for derivative instruments is summarized in the following table. December 31 Non-hedging derivatives Notional volume unit of measure 2022 2021 Evergy (millions) Commodity contracts Power MWhs 67.2 59.8 Natural gas MMBtu 772.7 375.6 Evergy Kansas Central Commodity contracts Power MWhs 41.6 36.7 Natural gas MMBtu 769.6 373.6 Evergy Metro Commodity contracts Power MWhs 18.2 17.7 The fair values of Evergy's open derivative positions and balance sheet classifications are summarized in the following tables. The fair values below are gross values before netting agreements and netting of cash collateral. December 31 Evergy 2022 2021 Non-hedging derivatives Balance sheet location Commodity contracts (millions) Power Other assets - current $ 41.6 $ 33.1 Other assets - long-term 65.6 47.8 Natural gas Other assets - current 221.0 61.5 Other assets - long-term 1.6 1.2 Total derivative assets $ 329.8 $ 143.6 Commodity contracts Power Other liabilities - current $ 41.0 $ 23.3 Other liabilities - long-term 61.5 44.1 Natural gas Other liabilities - current 218.8 57.7 Other liabilities - long-term 1.6 1.3 Total derivative liabilities $ 322.9 $ 126.4 December 31 Evergy Kansas Central 2022 2021 Non-hedging derivatives Balance sheet location Commodity contracts (millions) Power Other assets - current $ 36.7 $ 22.6 Other assets - long-term 65.6 47.7 Natural gas Other assets - current 221.0 61.4 Other assets - long-term 1.6 1.3 Total derivative assets $ 324.9 $ 133.0 Commodity contracts Power Other liabilities - current $ 35.6 $ 20.9 Other liabilities - long-term 61.5 44.1 Natural gas Other liabilities - current 215.1 57.7 Other liabilities - long-term 1.6 1.3 Total derivative liabilities $ 313.8 $ 124.0 December 31 Evergy Metro 2022 2021 Non-hedging derivatives Balance sheet location Commodity contracts (millions) Power Other assets - current $ 3.5 $ 6.9 Total derivative assets $ 3.5 $ 6.9 Commodity contracts Power Other liabilities - current $ 4.1 $ 0.4 Total derivative liabilities $ 4.1 $ 0.4 The following tables present the line items on the Evergy Companies' consolidated balance sheets where derivative assets and liabilities are reported. The gross amounts offset in the tables below show the effect of master netting arrangements and include collateral posted to offset the net position. December 31, 2022 Evergy Evergy Kansas Central Evergy Metro Derivative Assets (millions) Current Gross amounts recognized $ 262.6 $ 257.7 $ 3.5 Gross amounts offset (237.4) (232.9) (3.5) Net amounts presented in other assets - current $ 25.2 $ 24.8 $ — Long-Term Gross amounts recognized $ 67.2 $ 67.2 $ — Gross amounts offset (42.1) (42.1) — Net amounts presented in other assets - long-term $ 25.1 $ 25.1 $ — Derivative Liabilities Current Gross amounts recognized $ 259.8 $ 250.7 $ 4.1 Gross amounts offset (234.0) (229.4) (3.5) Net amounts presented in other liabilities - current $ 25.8 $ 21.3 $ 0.6 Long-Term Gross amounts recognized $ 63.1 $ 63.1 $ — Gross amounts offset (36.4) (36.4) — Net amounts presented in other liabilities - long-term $ 26.7 $ 26.7 $ — December 31, 2021 Evergy Evergy Kansas Central Evergy Metro Derivative Assets (millions) Current Gross amounts recognized $ 94.6 $ 84.0 $ 6.9 Gross amounts offset (66.3) (63.9) (0.4) Net amounts presented in other assets - current $ 28.3 $ 20.1 $ 6.5 Long-Term Gross amounts recognized $ 49.0 $ 49.0 $ — Gross amounts offset (21.9) (21.9) — Net amounts presented in other assets - long-term $ 27.1 $ 27.1 $ — Derivative Liabilities Current Gross amounts recognized $ 81.0 $ 78.6 $ 0.4 Gross amounts offset (66.3) (63.9) (0.4) Net amounts presented in other liabilities - current $ 14.7 $ 14.7 $ — Long-Term Gross amounts recognized $ 45.4 $ 45.4 $ — Gross amounts offset (21.9) (21.9) — Net amounts presented in other liabilities - long-term $ 23.5 $ 23.5 $ — The following table summarizes the amounts of gain (loss) recognized in income for the change in fair value of derivatives not designated as hedging instruments for the Evergy Companies. The amount of gain (loss) recognized in income for the change in fair value of derivatives not designated as hedging instruments for 2020 was not significant for the Evergy Companies. Location of gain (loss) Contract type 2022 2021 Evergy (millions) Operating revenues Commodity $ 84.6 $ 117.5 Total $ 84.6 $ 117.5 Evergy Kansas Central Operating revenues Commodity $ 84.6 $ 117.5 Total $ 84.6 $ 117.5 Credit risk of the Evergy Companies' derivative instruments relates to the potential adverse financial impact resulting from non-performance by a counterparty of its contractual obligations. The Evergy Companies maintain credit policies and employ credit risk mitigation, such as collateral requirements or letters of credit, when necessary to minimize their overall credit risk and monitor exposure. Substantially all of the Evergy Companies' counterparty credit risk associated with derivative instruments relates to Evergy Kansas Central's non-regulated energy marketing activities. As of December 31, 2022, if counterparty groups completely failed to perform on contracts, Evergy's and Evergy Kansas Central's maximum exposure related to derivative assets was $54.4 million. As of December 31, 2022, the potential loss after the consideration of applicable master netting arrangements and collateral received for Evergy and Evergy Kansas Central was not significant. Certain of the Evergy Companies' derivative instruments contain collateral provisions that are tied to the Evergy Companies' credit ratings and may require the posting of collateral for various reasons, including if the Evergy Companies' credit ratings were to fall below investment grade. Substantially all of these derivative instruments relate to Evergy Kansas Central's non-regulated energy marketing activities. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position as of December 31, 2022, was $47.1 million for which Evergy and Evergy Kansas Central have posted collateral of $7.1 million in the normal course of business. If the credit-risk-related contingent features underlying these agreements were |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2022 | |
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 or exchange-traded derivative instruments. 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, non-exchange traded derivative instruments with observable forward curves and options contracts. 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. The types of assets and liabilities included in Level 3 are non-exchange traded derivative instruments for which observable market data is not available to corroborate the valuation inputs and TCRs in the SPP Integrated Marketplace. 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. 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, 2022 December 31, 2021 Book Value Fair Value Book Value Fair Value Long-term debt (a) (millions) Evergy (b) $ 10,344.8 $ 9,160.0 $ 9,687.2 $ 10,758.5 Evergy Kansas Central 3,936.9 3,389.4 3,934.2 4,522.5 Evergy Metro 2,926.6 2,661.7 2,925.0 3,400.8 (a) Includes current maturities. (b) Book value as of December 31, 2022 and 2021, includes $92.1 million and $97.9 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, 2022 Netting Level 1 Level 2 Level 3 NAV Evergy Kansas Central (millions) Assets Nuclear decommissioning trust (a) Domestic equity funds $ 112.5 $ — $ 100.4 $ — $ — $ 12.1 International equity funds 62.9 — 62.9 — — — Core bond fund 51.0 — 51.0 — — — High-yield bond fund 25.3 — 25.3 — — — Emerging markets bond fund 16.0 — 16.0 — — — Alternative investments fund 31.8 — — — — 31.8 Real estate securities fund 18.9 — — — — 18.9 Cash equivalents 0.4 — 0.4 — — — Total nuclear decommissioning trust 318.8 — 256.0 — — 62.8 Rabbi trust Fixed income funds 15.6 — 15.6 — — — Equity funds 7.3 — 7.3 — — — Combination debt/equity/other fund 1.9 — 1.9 — — — Cash equivalents 0.1 — 0.1 — — — Total rabbi trust 24.9 — 24.9 — — — Derivative instruments - commodity contracts (b) Power 42.6 (59.7) 45.5 46.5 10.3 — Natural gas 7.3 (215.3) 222.5 0.1 — — Total derivative assets 49.9 (275.0) 268.0 46.6 10.3 — Total assets 393.6 (275.0) 548.9 46.6 10.3 62.8 Liabilities Derivative instruments - commodity contracts (b) Power 46.6 (50.5) 34.0 55.9 7.2 — Natural gas 1.4 (215.3) 216.6 0.1 — — Total derivative liabilities 48.0 (265.8) 250.6 56.0 7.2 — Total liabilities $ 48.0 $ (265.8) $ 250.6 $ 56.0 $ 7.2 $ — Evergy Metro Assets Nuclear decommissioning trust (a) Equity securities $ 243.4 $ — $ 243.4 $ — $ — $ — Debt securities U.S. Treasury 40.7 — 40.7 — — — U.S. Agency 0.4 — 0.4 — — — State and local obligations 4.2 — — 4.2 — — Corporate bonds 39.1 — — 39.1 — — Foreign governments 0.1 — — 0.1 — — Cash equivalents 6.6 — 6.6 — — — Total nuclear decommissioning trust 334.5 — 291.1 43.4 — — Self-insured health plan trust (c) Equity securities 1.6 — 1.6 — — — Debt securities 8.0 — 2.5 5.5 — — Cash and cash equivalents 1.6 — 1.6 — — — Total self-insured health plan trust 11.2 — 5.7 5.5 — — Derivative instruments - commodity contracts (b) Power — (3.5) — — 3.5 — Total derivative assets — (3.5) — — 3.5 — Total assets 345.7 (3.5) 296.8 48.9 3.5 — Liabilities Derivative instruments - commodity contracts (b) Power 0.6 (3.5) — — 4.1 — Total derivative liabilities 0.6 (3.5) — — 4.1 — Total liabilities $ 0.6 $ (3.5) $ — $ — $ 4.1 $ — Description December 31, 2022 Netting Level 1 Level 2 Level 3 NAV Other Evergy Assets Rabbi trusts Core bond fund $ 9.2 $ — $ 9.2 $ — $ — $ — Total rabbi trusts 9.2 — 9.2 — — — Derivative instruments - commodity contracts (b) Power 0.4 (1.0) — — 1.4 — Total derivative assets 0.4 (1.0) — — 1.4 — Total assets 9.6 (1.0) 9.2 — 1.4 — Liabilities Derivative instruments Power 0.2 (1.1) 0.2 — 1.1 — Natural gas 3.7 — — 3.7 — — Total derivative liabilities 3.9 (1.1) 0.2 3.7 1.1 — Total liabilities $ 3.9 (1.1) $ 0.2 $ 3.7 $ 1.1 $ — Evergy Assets Nuclear decommissioning trust (a) $ 653.3 $ — $ 547.1 $ 43.4 $ — $ 62.8 Rabbi trusts 34.1 — 34.1 — — — Self-insured health plan trust (c) 11.2 — 5.7 5.5 — — Derivative instruments - commodity contracts (b) Power 43.0 (64.2) 45.5 46.5 15.2 — Natural gas 7.3 (215.3) 222.5 0.1 — — Total derivative assets 50.3 (279.5) 268.0 46.6 15.2 — Total assets 748.9 (279.5) 854.9 95.5 15.2 62.8 Liabilities Derivative instruments - commodity contracts (b) Power 47.4 (55.1) 34.2 55.9 12.4 — Natural gas 5.1 (215.3) 216.6 3.8 — — Total derivative liabilities 52.5 (270.4) 250.8 59.7 12.4 — Total liabilities $ 52.5 $ (270.4) $ 250.8 $ 59.7 $ 12.4 $ — Description December 31, 2021 Netting Level 1 Level 2 Level 3 NAV Evergy Kansas Central (millions) Assets Nuclear decommissioning trust (a) Domestic equity funds $ 140.4 $ — $ 126.5 $ — $ — $ 13.9 International equity funds 74.0 — 74.0 — — — Core bond fund 58.1 — 58.1 — — — High-yield bond fund 29.6 — 29.6 — — — Emerging markets bond fund 18.0 — 18.0 — — — Alternative investments fund 32.7 — — — — 32.7 Real estate securities fund 15.2 — — — — 15.2 Cash equivalents 0.4 — 0.4 — — — Total nuclear decommissioning trust 368.4 — 306.6 — — 61.8 Rabbi trust Fixed income funds 19.6 — 19.6 — — — Equity funds 9.5 — 9.5 — — — Combination debt/equity/other fund 2.4 — 2.4 — — — Cash equivalents 0.2 — 0.2 — — — Total rabbi trust 31.7 — 31.7 — — — Derivative instruments - commodity contracts (b) Power 42.0 (28.3) 28.2 37.2 4.9 — Natural gas 5.2 (57.5) 62.2 0.5 — — Total derivative assets 47.2 (85.8) 90.4 37.7 4.9 — Total assets 447.3 (85.8) 428.7 37.7 4.9 61.8 Liabilities Derivative instruments - commodity contracts (b) Power 36.7 (28.3) 14.7 46.3 4.0 — Natural gas 1.5 (57.5) 58.7 0.3 — — Total derivative liabilities 38.2 (85.8) 73.4 46.6 4.0 — Total liabilities $ 38.2 $ (85.8) $ 73.4 $ 46.6 $ 4.0 $ — Evergy Metro Assets Nuclear decommissioning trust (a) Equity securities $ 299.2 $ — $ 299.2 $ — $ — $ — Debt securities U.S. Treasury 46.1 — 46.1 — — — U.S. Agency 0.4 — — 0.4 — — State and local obligations 4.0 — — 4.0 — — Corporate bonds 43.7 — — 43.7 — — Foreign governments 0.1 — — 0.1 — — Cash equivalents 6.8 — 6.8 — — — Total nuclear decommissioning trust 400.3 — 352.1 48.2 — — Self-insured health plan trust (c) Equity securities 2.0 — 2.0 — — — Debt securities 8.7 — 2.7 6.0 — — Cash and cash equivalents 1.8 — 1.8 — — — Total self-insured health plan trust 12.5 — 6.5 6.0 — — Derivative instruments - commodity contracts (b) Power 6.5 (0.4) — — 6.9 — Total derivative assets 6.5 (0.4) — — 6.9 — Total assets 419.3 (0.4) 358.6 54.2 6.9 — Liabilities Derivative instruments - commodity contracts (b) Power — (0.4) — — 0.4 — Total derivative liabilities — (0.4) — — 0.4 — Total liabilities $ — $ (0.4) $ — $ — $ 0.4 $ — Description December 31, 2021 Netting Level 1 Level 2 Level 3 NAV Other Evergy (millions) Assets Other Evergy investments Equity securities (d) $ 31.4 $ — $ — $ 31.4 $ — $ — Total other Evergy investments 31.4 — — 31.4 — — Rabbi trusts Core bond fund 12.5 — 12.5 — — — Total rabbi trusts 12.5 — 12.5 — — — Derivative instruments - commodity contracts (b) Power 1.7 (2.0) — — 3.7 — Total derivative assets 1.7 (2.0) — — — — Total assets 45.6 (2.0) 12.5 31.4 — — Liabilities Derivative instruments - commodity contracts (b) Power — (2.0) — — 2.0 — Total derivative liabilities — (2.0) — — 2.0 — Total liabilities $ — $ (2.0) $ — $ — $ 2.0 $ — Evergy Assets Nuclear decommissioning trust (a) $ 768.7 $ — $ 658.7 $ 48.2 $ — $ 61.8 Rabbi trusts 44.2 — 44.2 — — — Self-insured health plan trust (c) 12.5 — 6.5 6.0 — — Other Evergy investments (d) 31.4 — — 31.4 — — Derivative instruments - commodity contracts (b) Power 50.2 (30.7) 28.2 37.2 15.5 — Natural gas 5.2 (57.5) 62.2 0.5 — — Total derivative assets 55.4 (88.2) 90.4 37.7 15.5 — Total assets 912.2 (88.2) 799.8 123.3 15.5 61.8 Liabilities Derivative instruments - commodity contracts (b) Power 36.7 (30.7) 14.7 46.3 6.4 — Natural gas 1.5 (57.5) 58.7 0.3 — — Total derivative liabilities 38.2 (88.2) 73.4 46.6 6.4 — Total liabilities $ 38.2 $ (88.2) $ 73.4 $ 46.6 $ 6.4 $ — (a) With the exception of investments measured at NAV, fair value is based on quoted market prices of the investments held by the trust and/or valuation models. (b) Derivative instruments classified as Level 1 consist of exchange-traded derivative instruments with fair value based on quoted market prices. Derivative instruments classified as Level 2 consist of non-exchange traded derivative instruments with observable forward curves and option contracts priced with models using observable inputs. Derivative instruments classified as Level 3 consist of non-exchange traded derivative instruments for which observable market data is not available to corroborate the valuation inputs and TCRs valued at the most recent auction price in the SPP Integrated Marketplace. (c) 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. (d) Fair value was based on quoted market prices adjusted for a discount for lack of marketability based on a valuation model due to a restriction on the sale of the stock. 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, 2022 December 31, 2021 December 31, 2022 Fair Unfunded Fair Unfunded Redemption Length of Value Commitments Value Commitments Frequency Settlement Evergy Kansas Central (millions) Nuclear decommissioning trust: Domestic equity funds $ 12.1 $ 1.5 $ 13.9 $ 1.7 (a) (a) Alternative investments fund (b) 31.8 — 32.7 — Quarterly 65 days Real estate securities fund (b) 18.9 — 15.2 — Quarterly 65 days Total Evergy investments at NAV $ 62.8 $ 1.5 $ 61.8 $ 1.7 (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. 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. 2022 2021 2020 Evergy (millions) Nuclear decommissioning trust - equity securities $ (123.3) $ 101.8 45.5 Nuclear decommissioning trust - debt securities (15.2) (4.5) 5.3 Rabbi trusts - equity securities (7.1) (1.8) (5.6) Total $ (145.6) $ 95.5 $ 45.2 Evergy Kansas Central Nuclear decommissioning trust - equity securities $ (62.8) $ 50.5 21.9 Rabbi trust - equity securities (5.4) (1.4) (6.1) Total $ (68.2) $ 49.1 $ 15.8 Evergy Metro Nuclear decommissioning trust - equity securities $ (60.5) $ 51.3 23.6 Nuclear decommissioning trust - debt securities (15.2) (4.5) 5.3 Total $ (75.7) $ 46.8 $ 28.9 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
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 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. Clean Air Act - Startup, Shutdown and Malfunction (SSM) Regulation In 2015, the Environmental Protection Agency (EPA) issued a final rule addressing how state implementation plans (SIPs) can treat excess emissions during SSM events. This rule was referred to as the 2015 SIP Call Rule. The rule required 36 states to submit SIP revisions by November 2016 to remove certain exemptions and other discretionary enforcement provisions that apply to excess emissions during SSM events. Legal challenges ensued and the case was eventually placed in abeyance. In December 2021, the U.S. Court of Appeals for the D.C. Circuit (D.C. Circuit) restarted the litigation and oral arguments were held in March 2022. An additional case was also taking place in the U.S. District Court for the Northern District of California (District Court of Northern California) and in June 2022, the District Court of Northern California entered a final consent decree establishing deadlines for the EPA to take final action on SIP revisions that were submitted in response to the 2015 SIP Call Rule. Deadlines for 26 states and air districts, including Kansas, Missouri and Oklahoma, are listed in the final consent decree. Final action from the EPA could result in required SIP revisions in Oklahoma, Kansas and Missouri which could have a material impact on the Evergy Companies. If the D.C. Circuit overturns the EPA's 2015 SIP Call Rule, the final consent decree's deadlines will no longer be valid. Ozone Interstate Transport State Implementation Plans (ITSIP) In 2015, the EPA lowered the Ozone National Ambient Air Quality Standards (NAAQS) from 75 ppb to 70 ppb. Impacted states were required to submit ITSIPs in 2018 to comply with the "Good Neighbor Provisions" of the Clean Air Act (CAA). The EPA did not act on these ITSIP submissions and was challenged in a court filing in May 2021 to address them. In February 2022, the EPA published proposed disapprovals of ITSIPs for nineteen states including Missouri and Oklahoma. In April 2022, the EPA published a final approval of the Kansas ITSIP in the Federal Register. In June 2022, the Missouri Department of Natural Resources (MDNR) announced that it intended to submit a supplemental ITSIP to the EPA and placed the document on public notice until August 2022. MDNR submitted the supplemental ITSIP to the EPA on November 1, 2022. Ozone Interstate Transport Federal Implementation Plans (ITFIP) In April 2022, the EPA published in the Federal Register the proposed ITFIP to resolve outstanding "Good Neighbor" obligations with respect to the 2015 Ozone NAAQS for 26 states including Missouri and Oklahoma. This ITFIP would establish a revised Cross-State Air Pollution Rule (CSAPR) ozone season nitrogen oxide (NOx) emissions trading program for electric generating units (EGUs), and would limit ozone season NOx emissions from certain industrial stationary sources. The proposed rule would also establish a new daily backstop NOx emissions rate limit for applicable coal-fired units larger than 100 MW, as well as unit-specific NOx emission rate limits for certain industrial emission units and would feature "dynamic" adjustments of emission budgets for EGUs beginning with ozone season 2025. The proposed ITFIP includes reductions to the state ozone season NOx budgets for Missouri and Oklahoma beginning in 2023 with additional reductions in future years. The Evergy Companies provided formal comments as part of the rulemaking process. The EPA intends to issue final ITFIPs for applicable states in March 2023. Due to uncertainty regarding the proposed ITFIP, the Evergy Companies are unable to accurately assess the impacts of these potential EPA actions on their operations or consolidated financial results, but the cost to comply with the ITFIP could be material. Particulate Matter and Ozone National Ambient Air Quality Standards In January 2023, the EPA proposed strengthening the primary annual PM 2.5 (particulate matter less than 2.5 microns in diameter) NAAQS. The EPA is proposing to lower the primary annual PM 2.5 NAAQS from 12.0 µg/m3 (micrograms per cubic meter) to a level that would be between 9.0 and 10.0 µg/m3. The EPA is proposing to retain the other PM NAAQS at their current levels. The EPA is also in the process of reconsidering its December 2020 decisions to retain each of the Ozone NAAQS at the level set in 2015. Due to uncertainty regarding the potential lowering of the ozone and PM 2.5 NAAQS, the Evergy Companies are unable to accurately assess the impacts of these potential EPA actions on their operations or consolidated financial results, but the cost to comply with lower future ozone or PM 2.5 NAAQS could be material. Regional Haze Rule In 1999, the EPA finalized the Regional Haze Rule which aims to restore national parks and wilderness areas to pristine conditions. The rule requires states in coordination with the EPA, the National Park Service, the U.S. Fish and Wildlife Service, the U.S. Forest Service, and other interested parties to develop and implement air quality protection plans to reduce the pollution that causes visibility impairment. There are 156 "Class I" areas across the U.S. that must be restored to pristine conditions by the year 2064. There are no Class I areas in Kansas, whereas Missouri has two: the Hercules-Glades Wilderness Area and the Mingo Wilderness Area. States must submit revisions to their Regional Haze Rule SIPs every ten years and the first round was due in 2007. For the second ten-year implementation period, the EPA issued a final rule revision in 2017 that allowed states to submit their SIP revisions by July 31, 2021. The Evergy Companies have been in contact with the Kansas Department of Health and Environment (KDHE) and MDNR as they worked to draft their SIP revisions. The Missouri SIP revision does not require any additional reductions from the Evergy Companies' generating units in the state. MDNR submitted the Missouri SIP revision to the EPA in August 2022, however, they failed to do so by the EPA's revised submittal deadline of August 15, 2022. As a result, on August 30, 2022, the EPA published "finding of failure" with respect to Missouri and fourteen other states for failing to submit their Regional Haze SIP revisions by the applicable deadline. This finding of failure established a two-year deadline for the EPA to issue a Regional Haze federal implementation plan (FIP) for each state unless the state submits and the EPA approves a revised SIP that meets all applicable requirements before the EPA issues the FIP. The Kansas SIP revision was placed on public notice in June 2021 and requested no additional emission reductions by electric utilities based on the significant reductions that were achieved during the first implementation period. The EPA provided comments on the Kansas SIP revision in June 2021 that each state is statutorily required to conduct a "four-factor analysis" on at least two sources within the state to help determine if further emission reductions are necessary. The EPA also stated it would be difficult to approve the Kansas SIP revision if at least two four-factor analyses are not conducted on Kansas emission sources. KDHE submitted the Kansas SIP revision in July 2021. If a Kansas generating unit of the Evergy Companies is selected for analysis, the possibility exists that the state or EPA, through a revised SIP or a FIP, could determine that additional operational or physical modifications are required on the generating unit to further reduce emissions. The overall cost of those modifications could be material to the Evergy Companies. 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 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 emission guidelines for GHG emissions from existing electric utility generating units (EGUs) and revisions to emission guideline implementing regulations. The rule defined the "best system of emission reduction" (BSER) for GHG emissions from existing coal-fired EGUs as on-site, heat-rate efficiency improvements. In conjunction with the finalization of the ACE rule, the EPA repealed its previously adopted Clean Power Plan (CPP) on the basis that the EPA had exceeded its statutory authority under CAA section 111(d) by defining BSER through generation shifting. A number of states and industry parties filed petitions for review in the D.C. Circuit, challenging the EPA's repeal of the CPP and its enactment of the ACE rule, and in January 2021, the D.C. Circuit issued a decision holding that CAA section 111(d) could be read in a manner that allows the EPA to define BSER as including generation shifting. The D.C. Circuit therefore vacated both the EPA's repeal of the CPP and its replacement of that rule with the ACE rule, and remanded them to the EPA for further consideration. In October 2021, the Supreme Court granted petitions for certiorari to review the D.C. Circuit decision. The Supreme Court issued its decision in June 2022, reversing the D.C. Circuit's decision and holding that, absent specific authorization from Congress, the EPA lacks authority to define BSER through generation shifting. Given that the Supreme Court found the CPP to be unlawful and that the deadlines established in the ACE rule have passed, neither rule is in effect following the Supreme Court's ruling. In January 2023, the EPA announced its intent to propose GHG regulations that would apply to EGUs by April 2023. Due to uncertainty regarding the future of the EPA's GHG regulations, the Evergy Companies cannot determine the impacts on their operations or consolidated financial results, but the cost to comply with potential GHG rules 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 applicable to steam-electric power generating plants 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 vacated and remanded portions of the original ELG rule. Due to this ruling, the EPA announced a plan in July 2021 to issue a proposed rule in the fall of 2022 to address the vacated limitations for legacy wastewater and landfill leachate. This proposed rule has not yet been issued and the EPA is now expected to initiate this proposed rulemaking in early 2023. Future ELG modifications for the best available technology economically achievable for the discharge of legacy wastewater and landfill leachate are likely and could be material to the Evergy Companies. 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 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. In August 2021, the EPA published notice in the Federal Register that it is initiating a supplemental rulemaking to revise the ELG regulations after completing review of the ELG reconsideration rule as a result of an executive order from President Biden. As part of the rulemaking process, the EPA will determine if more stringent limitations and standards are appropriate. The 2020 ELG reconsideration rule will remain in effect while the EPA undertakes this new rulemaking. The Evergy Companies have reviewed the 2020 ELG reconsideration regulation, and the costs to comply with these changes are not expected to be material. However, the Evergy Companies cannot predict what revisions the EPA may make under its supplemental rulemaking to revise the ELG regulations, and compliance costs associated with any revisions could be material. In August 2021, based on an order issued by the U.S. District Court for the District of Arizona, which vacated and remanded the EPA's 2020 Navigable Waters Protection Rule (NWPR), the EPA and the U.S. Army Corps of Engineers announced that they had halted implementation of the NWPR nationwide, and were interpreting "Waters of the United States" consistent with the regulatory regime that was in place prior to 2015. In December 2021, the EPA and the Department of the Army published a proposed rule that would formally repeal the NWPR and revise the definition of "Waters of the United States". In December 2022, the EPA and the Department of the Army issued a final rule establishing a definition for "Waters of the United States". The final rule was published in the federal register in January 2023 and will take effect in March 2023. The Evergy Companies are reviewing the final rulemaking and the impact on their operations or consolidated financial results 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 January 2022, the EPA published proposed determinations for facilities that filed closure extensions for unlined or clay-lined CCR units. These proposed determinations include various interpretations of the CCR regulations and compliance expectations that may impact all owners of CCR units. These interpretations could require modified compliance plans such as different methods of CCR unit closure. Additionally, more stringent remediation requirements for units that are in corrective action or forced to go into corrective action are possible. In April 2022, the Utility Solid Waste Activities Group (USWAG) and other interested parties filed similar petitions in the D.C. Circuit challenging the EPA's legal positions regarding the CCR rule determinations proposed in January 2022. Some CCR units at Lawrence Energy Center and Sibley Station have moved into corrective action. In January 2022, the EPA issued a "Notice of Potential Violation" to the Tecumseh Energy Center (TEC) suggesting a closed CCR impoundment should enter corrective action. In November 2022, Evergy agreed to a Consent Agreement and Final Order (CAFO) with the EPA Region 7 addressing the alleged potential violation. In the CAFO, Evergy agreed to re-open the TEC CCR impoundment for further assessment of groundwater. It is possible that the TEC impoundment or other CCR units at other generation stations could move into corrective action based on the EPA CCR rule interpretations, enforcement actions, or execution of the Evergy Companies' CCR strategy. The cost to comply with these proposed determinations by the EPA could be material. The Evergy Companies have recorded AROs for their current estimates for the closure of ash disposal ponds and landfills, 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 and landfills. If revisions to these AROs are necessary, the impact on the Evergy Companies' operations or consolidated financial results could be material. 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 $13.7 billion. This limit of liability consists of the maximum available commercial insurance of $0.5 billion and the remaining $13.2 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 $28.3 million (Evergy's share is $26.6 million and each of Evergy Kansas Central's and Evergy Metro's is $13.3 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 and Power The Evergy Companies' contractual commitments for fuel and power at December 31, 2022 are detailed in the following tables. See Notes 9, 12 and 21 for information regarding pension, long-term debt and lease commitments, respectively. Evergy 2023 2024 2025 2026 2027 After 2027 Total Purchase commitments (millions) Fuel $ 308.6 $ 157.5 $ 130.4 $ 132.9 $ 57.1 $ 148.3 $ 934.8 Power 62.7 57.1 57.5 57.5 57.5 275.2 567.5 Total fuel and power commitments $ 371.3 $ 214.6 $ 187.9 $ 190.4 $ 114.6 $ 423.5 $ 1,502.3 Evergy Kansas Central 2023 2024 2025 2026 2027 After 2027 Total Purchase commitments (millions) Fuel $ 160.3 $ 100.6 $ 83.9 $ 83.7 $ 30.3 $ 77.9 $ 536.7 Power 0.9 0.9 0.9 0.9 0.9 2.7 7.2 Total fuel and power commitments $ 161.2 $ 101.5 $ 84.8 $ 84.6 $ 31.2 $ 80.6 $ 543.9 Evergy Metro 2023 2024 2025 2026 2027 After 2027 Total Purchase commitments (millions) Fuel $ 128.2 $ 49.1 $ 39.7 $ 42.3 $ 22.5 $ 70.4 $ 352.2 Power 35.3 29.2 29.2 29.2 29.2 166.9 319.0 Total fuel and power commitments $ 163.5 $ 78.3 $ 68.9 $ 71.5 $ 51.7 $ 237.3 $ 671.2 |
GUARANTEES
GUARANTEES | 12 Months Ended |
Dec. 31, 2022 | |
Guarantees [Abstract] | |
GUARANTEES | GUARANTEES In 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. As of December 31, 2022, Evergy has provided $804.0 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 $756.0 million, which includes debt with maturity dates ranging from 2023 to 2043. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS | 12 Months Ended |
Dec. 31, 2022 | |
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. 2022 2021 2020 (millions) Evergy Kansas Central billings to Evergy Missouri West $ 32.7 $ 32.5 $ 37.6 Evergy Metro billings to Evergy Missouri West 140.5 142.1 168.7 Evergy Kansas Central billings to Evergy Metro 33.1 29.4 34.7 Evergy Metro billings to Evergy Kansas Central 238.4 134.7 130.8 Money Pool Evergy Kansas Central, 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 between Evergy Kansas Central, Evergy Metro, Evergy Missouri West and Evergy, Inc. Evergy, Inc. can lend but not borrow under the money pool. As of December 31, 2022, Evergy Metro had a $31.0 million outstanding receivable from Evergy Missouri West under the money pool. As of December 31, 2021, Evergy Metro had a $155.0 million outstanding receivable from Evergy Missouri West 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 2022 2021 Evergy Kansas Central (millions) Net payable to Evergy $ (12.7) $ (2.2) Net payable to Evergy Metro (15.7) (14.5) Net receivable from Evergy Missouri West 7.4 10.4 Evergy Metro Net receivable from Evergy $ 16.3 $ 8.7 Net receivable from Evergy Kansas Central 15.7 14.5 Net receivable from Evergy Missouri West 137.5 254.5 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 2022 2021 Evergy Kansas Central (millions) Income taxes receivable from (payable to) Evergy $ (10.3) $ 9.6 Evergy Metro Income taxes receivable from (payable to) Evergy $ 0.2 $ (2.5) |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
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. Bluescape Energy Partners, LLC (Bluescape) Securities Purchase Agreement In February 2021, Evergy entered into a securities purchase agreement with an affiliate of Bluescape. Pursuant to the securities purchase agreement, an affiliate of Bluescape agreed to purchase 2,269,447 shares of Evergy’s common stock for approximately $113.2 million and to receive a warrant to purchase up to 3,950,000 additional shares of Evergy’s common stock. Under the terms of the warrant, Evergy will have the option to elect a net cash settlement with respect to the exercise of the warrant under certain circumstances, or to net settle in shares of Evergy’s common stock. The warrant expires three years from issuance and has an exercise price equal to $64.70 per share. Following the satisfaction of customary closing conditions, Evergy completed the sale of its common stock and warrant to the affiliate of Bluescape in April 2021 for $112.5 million, net of issuance costs of $0.7 million. The Executive Chairman of Bluescape, C. John Wilder, joined the Evergy Board in March 2021. Evergy Registration Statements In September 2021, Evergy filed an automatic registration statement providing for the sale of unlimited amounts of securities with the Securities and Exchange Commission (SEC), which expires in September 2024. In September 2021, Evergy 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 plan may be either newly issued shares or shares purchased on the open market. 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, 2022, 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 $222.9 million. As of December 31, 2022, Evergy's subsidiaries had restricted net assets of approximately $5.8 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, 2022 | |
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 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. 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 2022 2021 Assets: (millions) Property, plant and equipment of variable interest entities, net $ 140.7 $ 147.8 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, 2022 | |
Income Tax Disclosure [Abstract] | |
TAXES | TAXES Components of income tax expense are detailed in the following tables. Evergy 2022 2021 2020 Current income taxes (millions) Federal $ 31.9 $ 15.6 $ (26.8) State 8.3 (0.4) 2.1 Total 40.2 15.2 (24.7) Deferred income taxes Federal 17.2 92.8 73.1 State (3.4) 14.7 59.8 Total 13.8 107.5 132.9 Investment tax credit Deferral — 0.4 — Amortization (6.5) (5.7) (6.0) Total (6.5) (5.3) (6.0) Income tax expense $ 47.5 $ 117.4 $ 102.2 Evergy Kansas Central 2022 2021 2020 Current income taxes (millions) Federal $ 95.8 $ 53.3 $ 14.5 State 3.9 (0.2) (5.3) Total 99.7 53.1 9.2 Deferred income taxes Federal (78.7) 3.8 (16.7) State (4.6) (1.2) 168.1 Total (83.3) 2.6 151.4 Investment tax credit Deferral — 0.3 — Amortization (4.1) (4.3) (4.8) Total (4.1) (4.0) (4.8) Income tax expense $ 12.3 $ 51.7 $ 155.8 Evergy Metro 2022 2021 2020 Current income taxes (millions) Federal $ (21.9) $ 39.2 $ (0.2) State 4.1 3.2 10.8 Total (17.8) 42.4 10.6 Deferred income taxes Federal 69.9 6.5 29.8 State 0.6 4.8 (32.2) Total 70.5 11.3 (2.4) Investment tax credit Amortization (2.4) (1.3) (1.1) Total (2.4) (1.3) (1.1) Income tax expense $ 50.3 $ 52.4 $ 7.1 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 2022 2021 2020 Federal statutory income tax 21.0 % 21.0 % 21.0 % COLI policies (1.2) (1.0) (1.6) State income taxes 0.3 1.0 4.3 Flow through depreciation for plant-related differences (8.4) (5.4) (5.3) Federal tax credits (4.0) (2.8) (4.6) Non-controlling interest (0.3) (0.3) (0.3) AFUDC equity (0.6) (0.6) (0.5) Amortization of federal investment tax credits (0.6) (0.4) (0.6) Federal or state tax rate change — — 1.9 Valuation allowance — — (0.2) Stock compensation (0.2) — (0.1) Officer compensation limitation 0.3 0.5 0.2 Other (0.5) (0.4) (0.2) Effective income tax rate 5.8 % 11.6 % 14.0 % Evergy Kansas Central 2022 2021 2020 Federal statutory income tax 21.0 % 21.0 % 21.0 % COLI policies (2.2) (1.7) (2.8) State income taxes (0.4) (0.4) 3.8 Flow through depreciation for plant-related differences (6.6) (3.0) (0.1) Federal tax credits (7.2) (5.0) (7.1) Non-controlling interest (0.6) (0.5) (0.6) AFUDC equity (0.4) (0.6) (0.5) Amortization of federal investment tax credits (0.5) (0.5) (0.7) Federal or state tax rate change — — 27.8 Stock compensation (0.2) (0.1) (0.1) Officer compensation limitation 0.1 0.3 — Other (0.2) (0.1) (0.9) Effective income tax rate 2.8 % 9.4 % 39.8 % Evergy Metro 2022 2021 2020 Federal statutory income tax 21.0 % 21.0 % 21.0 % COLI policies (0.1) (0.2) (0.3) State income taxes 0.9 1.7 4.9 Flow through depreciation for plant-related differences (7.2) (7.8) (10.0) Federal tax credits (0.1) (0.2) (1.9) AFUDC equity (0.7) (0.7) (0.5) Amortization of federal investment tax credits (0.6) (0.4) (0.4) Federal or state tax rate change — — (10.5) Stock compensation (0.2) — (0.4) Officer compensation limitation 0.5 0.9 0.4 Other (1.1) 0.1 — Effective income tax rate 12.4 % 14.4 % 2.3 % 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 2022 2021 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Deferred tax assets: (millions) Tax credit carryforward $ 311.0 $ 226.9 $ 77.6 $ 375.2 $ 206.3 $ 162.1 Income taxes refundable to customers, net 311.0 156.5 113.6 336.6 168.5 123.8 Deferred employee benefit costs 86.2 45.1 54.7 158.3 84.8 86.8 Net operating loss carryforward 31.7 — — 40.2 — — Deferred state income taxes 145.6 99.8 38.6 146.9 101.0 38.6 Accrued liabilities 169.7 77.5 61.6 157.6 71.3 56.4 Other 248.1 112.7 58.8 200.0 100.6 59.6 Total deferred tax assets before 1,303.3 718.5 404.9 1,414.8 732.5 527.3 Valuation allowances (12.8) — — (12.8) — — Total deferred tax assets, net 1,290.5 718.5 404.9 1,402.0 732.5 527.3 Deferred tax liabilities: Plant-related (2,770.9) (1,333.2) (1,016.4) (2,701.1) (1,308.7) (996.7) Deferred employee benefit costs (8.8) (8.3) — (96.8) (52.9) (43.5) ARO regulatory assets (144.3) (59.4) (54.3) (133.7) (53.9) (49.9) Acquisition premium (40.6) (40.6) — (43.9) (43.9) — Other regulatory assets (195.6) (41.7) (28.6) (152.1) (53.3) (20.4) Other (126.9) (79.8) (26.5) (136.3) (87.7) (22.9) Total deferred tax liabilities (3,287.1) (1,563.0) (1,125.8) (3,263.9) (1,600.4) (1,133.4) Net deferred income tax liabilities $ (1,996.6) $ (844.5) $ (720.9) $ (1,861.9) $ (867.9) $ (606.1) Tax Credit Carryforwards At December 31, 2022 and 2021, Evergy had $311.0 million and $373.6 million, respectively, of federal general business income tax credit carryforwards. At December 31, 2022 and 2021, Evergy Kansas Central had $226.9 million and $204.7 million, respectively, of federal general business income tax credit carryforwards. At December 31, 2022 and 2021, Evergy Metro had $77.6 million and $162.1 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 research and development tax credits and expire in the years 2023 to 2042. Approximately $0.1 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. 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, 2022 are detailed in the following table. Amount of Benefit Year of Origin Evergy Evergy Kansas Central Evergy Metro (millions) 2005 0.1 — — 2006 0.1 — — 2007 0.1 — — 2013 9.1 4.3 4.8 2014 24.1 10.8 13.0 2015 24.7 10.9 13.2 2016 27.1 11.0 12.4 2017 43.9 35.0 8.3 2018 43.9 36.3 7.5 2019 37.7 30.8 6.7 2020 35.9 28.4 7.4 2021 31.9 28.1 3.7 2022 32.4 31.3 0.6 $ 311.0 $ 226.9 $ 77.6 Net Operating Loss Carryforwards At December 31, 2022 and 2021, Evergy had $25.4 million and $33.6 million, respectively, of tax benefits related to federal net operating loss (NOL) carryforwards. Approximately $7.1 million of Evergy's tax benefits at December 31, 2022 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 2024. The year of origin of Evergy's related tax benefit amounts for federal NOL carryforwards as of December 31, 2022 are detailed in the following table. Year of Origin Amount of Benefit (millions) 2006 $ 25.4 In addition, Evergy also had deferred tax benefits of $6.3 million and $6.6 million related to state NOLs as of December 31, 2022 and 2021, respectively. The state NOL carryforwards expire in years 2023 to 2040. Evergy does not expect to utilize $5.7 million of NOLs before the expiration date of the carryforwards of NOLs in certain states. Therefore, a valuation allowance has been provided against $5.7 million of state tax benefits. 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. Uncertain Tax Positions Evergy is considered open to U.S. federal examination for years after 2009 due to the carryforward of net operating losses and general business income tax credits. With few exceptions, Evergy is no longer subject to state and local |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
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-Leases . 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 16 years, 1 to 16 years and 1 to 10 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 2022 2021 2020 Finance lease costs (millions) Amortization of right-of-use assets $ 5.3 $ 5.1 $ 7.7 Interest on lease liabilities 2.4 2.5 3.1 Operating lease costs 21.9 21.8 22.9 Short-term lease costs 4.9 5.9 2.1 Variable lease costs for renewable purchase power agreements 318.0 280.3 296.6 Total lease costs $ 352.5 $ 315.6 $ 332.4 Evergy Kansas Central 2022 2021 2020 Finance lease costs (millions) Amortization of right-of-use assets $ 4.7 $ 4.5 $ 7.2 Interest on lease liabilities 2.2 2.4 2.8 Operating lease costs 12.1 12.9 11.9 Short-term lease costs 1.4 1.8 0.5 Variable lease costs for renewable purchase power agreements 155.2 145.8 135.6 Total lease costs $ 175.6 $ 167.4 $ 158.0 Evergy Metro 2022 2021 2020 Finance lease costs (millions) Amortization of right-of-use assets $ 0.5 $ 0.4 $ 0.3 Interest on lease liabilities 0.1 0.1 0.1 Operating lease costs 8.7 9.0 9.3 Short-term lease costs 3.3 3.0 1.5 Variable lease costs for renewable purchase power agreements 122.6 101.0 112.2 Total lease costs $ 135.2 $ 113.5 $ 123.4 Supplemental cash flow information related to the Evergy Companies' leases is detailed in the following table. Evergy 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 21.1 $ 20.7 $ 22.2 Operating cash flows from finance leases 2.4 2.6 2.8 Financing cash flows from finance leases 5.9 5.3 5.6 Right-of-use assets obtained in exchange for new operating lease liabilities 12.2 16.4 6.9 Right-of-use assets obtained in exchange for new finance lease liabilities 7.0 1.4 5.6 Evergy Kansas Central 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 11.4 $ 11.8 $ 12.9 Operating cash flows from finance leases 2.2 2.4 2.5 Financing cash flows from finance leases 5.1 4.7 5.1 Right-of-use assets obtained in exchange for new operating lease liabilities 12.0 7.1 6.6 Right-of-use assets obtained in exchange for new finance lease liabilities 7.0 1.4 4.0 Evergy Metro 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 9.3 $ 10.4 $ 10.8 Operating cash flows from finance leases 0.1 0.1 0.1 Financing cash flows from finance leases 0.7 0.5 0.4 Right-of-use assets obtained in exchange for new operating lease liabilities 0.2 9.3 0.3 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, 2022, are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2023 $ 8.0 $ 7.2 $ 0.5 2024 6.7 6.0 0.5 2025 5.8 5.3 0.3 2026 5.4 5.0 0.2 2027 4.9 4.5 0.2 After 2027 36.8 36.4 0.2 Total finance lease payments 67.6 64.4 1.9 Amounts representing imputed interest (21.1) (20.6) (0.2) Present value of lease payments 46.5 43.8 1.7 Less: current portion (5.7) (5.1) (0.4) Total long-term obligations under finance leases $ 40.8 $ 38.7 $ 1.3 Right-of-use assets under finance leases included in property, plant and equipment, net on the consolidated balance sheets $ 315.0 $ 56.0 $ 1.7 Weighted-average remaining lease term (years) 12.1 12.7 3.3 Weighted-average discount rate 5.5 % 5.5 % 4.8 % 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, 2022, are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2023 $ 17.6 $ 8.6 $ 8.7 2024 15.0 6.7 8.0 2025 10.6 4.3 6.5 2026 7.9 2.6 5.4 2027 6.4 1.2 5.4 After 2027 25.0 0.1 24.9 Total operating lease payments 82.5 23.5 58.9 Amounts representing imputed interest (6.4) (1.3) (5.1) Present value of lease payments 76.1 22.2 53.8 Less: current portion (16.1) (8.2) (7.7) Total long-term obligations under operating leases $ 60.0 $ 14.0 $ 46.1 Right-of-use assets under operating leases included in other assets on the consolidated balance sheets $ 77.4 $ 23.8 $ 40.2 Weighted-average remaining lease term (years) 7.1 3.3 8.7 Weighted-average discount rate 2.4 % 3.1 % 2.2 % |
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-Leases . 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 16 years, 1 to 16 years and 1 to 10 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 2022 2021 2020 Finance lease costs (millions) Amortization of right-of-use assets $ 5.3 $ 5.1 $ 7.7 Interest on lease liabilities 2.4 2.5 3.1 Operating lease costs 21.9 21.8 22.9 Short-term lease costs 4.9 5.9 2.1 Variable lease costs for renewable purchase power agreements 318.0 280.3 296.6 Total lease costs $ 352.5 $ 315.6 $ 332.4 Evergy Kansas Central 2022 2021 2020 Finance lease costs (millions) Amortization of right-of-use assets $ 4.7 $ 4.5 $ 7.2 Interest on lease liabilities 2.2 2.4 2.8 Operating lease costs 12.1 12.9 11.9 Short-term lease costs 1.4 1.8 0.5 Variable lease costs for renewable purchase power agreements 155.2 145.8 135.6 Total lease costs $ 175.6 $ 167.4 $ 158.0 Evergy Metro 2022 2021 2020 Finance lease costs (millions) Amortization of right-of-use assets $ 0.5 $ 0.4 $ 0.3 Interest on lease liabilities 0.1 0.1 0.1 Operating lease costs 8.7 9.0 9.3 Short-term lease costs 3.3 3.0 1.5 Variable lease costs for renewable purchase power agreements 122.6 101.0 112.2 Total lease costs $ 135.2 $ 113.5 $ 123.4 Supplemental cash flow information related to the Evergy Companies' leases is detailed in the following table. Evergy 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 21.1 $ 20.7 $ 22.2 Operating cash flows from finance leases 2.4 2.6 2.8 Financing cash flows from finance leases 5.9 5.3 5.6 Right-of-use assets obtained in exchange for new operating lease liabilities 12.2 16.4 6.9 Right-of-use assets obtained in exchange for new finance lease liabilities 7.0 1.4 5.6 Evergy Kansas Central 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 11.4 $ 11.8 $ 12.9 Operating cash flows from finance leases 2.2 2.4 2.5 Financing cash flows from finance leases 5.1 4.7 5.1 Right-of-use assets obtained in exchange for new operating lease liabilities 12.0 7.1 6.6 Right-of-use assets obtained in exchange for new finance lease liabilities 7.0 1.4 4.0 Evergy Metro 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 9.3 $ 10.4 $ 10.8 Operating cash flows from finance leases 0.1 0.1 0.1 Financing cash flows from finance leases 0.7 0.5 0.4 Right-of-use assets obtained in exchange for new operating lease liabilities 0.2 9.3 0.3 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, 2022, are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2023 $ 8.0 $ 7.2 $ 0.5 2024 6.7 6.0 0.5 2025 5.8 5.3 0.3 2026 5.4 5.0 0.2 2027 4.9 4.5 0.2 After 2027 36.8 36.4 0.2 Total finance lease payments 67.6 64.4 1.9 Amounts representing imputed interest (21.1) (20.6) (0.2) Present value of lease payments 46.5 43.8 1.7 Less: current portion (5.7) (5.1) (0.4) Total long-term obligations under finance leases $ 40.8 $ 38.7 $ 1.3 Right-of-use assets under finance leases included in property, plant and equipment, net on the consolidated balance sheets $ 315.0 $ 56.0 $ 1.7 Weighted-average remaining lease term (years) 12.1 12.7 3.3 Weighted-average discount rate 5.5 % 5.5 % 4.8 % 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, 2022, are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2023 $ 17.6 $ 8.6 $ 8.7 2024 15.0 6.7 8.0 2025 10.6 4.3 6.5 2026 7.9 2.6 5.4 2027 6.4 1.2 5.4 After 2027 25.0 0.1 24.9 Total operating lease payments 82.5 23.5 58.9 Amounts representing imputed interest (6.4) (1.3) (5.1) Present value of lease payments 76.1 22.2 53.8 Less: current portion (16.1) (8.2) (7.7) Total long-term obligations under operating leases $ 60.0 $ 14.0 $ 46.1 Right-of-use assets under operating leases included in other assets on the consolidated balance sheets $ 77.4 $ 23.8 $ 40.2 Weighted-average remaining lease term (years) 7.1 3.3 8.7 Weighted-average discount rate 2.4 % 3.1 % 2.2 % |
Schedule I Financial Statements
Schedule I Financial Statements of Parent Company | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure | EVERGY, INC. Statements of Comprehensive Income of Parent Company 2022 2021 2020 OPERATING EXPENSES: (millions) Operating and maintenance $ 11.5 $ 13.2 $ 39.3 Total Operating Expenses 11.5 13.2 39.3 INCOME FROM OPERATIONS (11.5) (13.2) (39.3) OTHER INCOME (EXPENSE) Equity in earnings from subsidiaries 816.1 932.9 683.4 Investment earnings 7.1 19.2 32.1 Other expense (8.3) (8.3) (0.1) Total Other Income, Net 814.9 943.8 715.4 Interest expense 73.9 74.3 86.3 INCOME BEFORE INCOME TAXES 729.5 856.3 589.8 Income tax benefit (19.1) (16.5) (22.7) NET INCOME $ 748.6 $ 872.8 $ 612.5 COMPREHENSIVE INCOME NET INCOME $ 748.6 $ 872.8 $ 612.5 OTHER COMPREHENSIVE INCOME Derivative hedging activity Reclassification to expenses, net of taxes 5.5 5.5 3.0 Derivative hedging activity, net of tax 5.5 5.5 3.0 Other comprehensive income (loss) from subsidiaries, net 4.0 (0.1) (2.4) Total other comprehensive income 9.5 5.4 0.6 COMPREHENSIVE INCOME $ 758.1 $ 878.2 $ 613.1 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 2022 2021 ASSETS (millions, except share amounts) CURRENT ASSETS: Cash and cash equivalents $ 0.4 $ 7.5 Accounts receivable from subsidiaries 65.0 72.2 Notes receivable from subsidiaries 31.5 289.5 Income taxes receivable 5.8 14.8 Prepaid expenses and other assets 2.1 2.0 Total Current Assets 104.8 386.0 OTHER ASSETS: Investment in subsidiaries 11,367.3 10,992.1 Deferred income taxes 18.5 19.0 Other 0.8 1.2 Total Other Assets 11,386.6 11,012.3 TOTAL ASSETS $ 11,491.4 $ 11,398.3 LIABILITIES AND EQUITY CURRENT LIABILITIES: Current maturities of long-term debt $ — $ 287.5 Notes payable and commercial paper — 358.0 Accounts payable to subsidiaries 19.8 22.3 Accrued interest 12.6 12.4 Other 7.3 8.1 Total Current Liabilities 39.7 688.3 LONG-TERM LIABILITIES: Long-term debt, net 2,092.0 1,590.1 Other 19.4 14.9 Total Long-Term Liabilities 2,111.4 1,605.0 Commitments and Contingencies (Note 15) EQUITY: Evergy, Inc. Shareholders' Equity: Common stock - 600,000,000 shares authorized, without par value, 229,546,105 and 229,299,900 shares issued 7,202.9 7,188.7 Retained earnings 2,171.9 1,960.3 Accumulated other comprehensive loss (34.5) (44.0) Total Shareholders' Equity 9,340.3 9,105.0 TOTAL LIABILITIES AND EQUITY $ 11,491.4 11,398.3 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 2022 2021 2020 CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: (millions) Net income $ 748.6 $ 872.8 $ 612.5 Adjustments to reconcile income to net cash from operating activities: Non-cash compensation 18.8 15.6 16.0 Net deferred income taxes and credits (1.0) — 9.6 Equity in earnings from subsidiaries (816.1) (932.9) (683.4) Other 7.1 7.0 7.0 Changes in working capital items: Accounts receivable from subsidiaries 7.2 (18.2) (30.0) Income taxes receivable 9.0 (7.5) 0.6 Prepaid expenses and other current assets — — 0.8 Accounts payable to subsidiaries (2.5) 3.9 5.0 Accrued interest 0.2 (1.4) (0.7) Other current liabilities (0.8) (3.2) 2.9 Cash dividends from subsidiaries 645.0 290.0 355.0 Changes in other assets 0.3 0.1 0.3 Changes in other liabilities 5.5 4.8 (3.7) Cash Flows from Operating Activities 621.3 231.0 291.9 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Repayment of intercompany note 287.5 347.4 — Net money pool lending (29.5) — — Equity contribution (200.0) — — Cash Flows from Investing Activities 58.0 347.4 — CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Short term debt, net (358.0) 157.1 180.0 Proceeds from term loan facility 500.0 — — Retirements of long-term debt (287.5) (350.0) — Cash dividends paid (534.8) (497.9) (465.0) Issuance of common stock — 112.5 — Other financing activities (6.1) (3.6) (7.5) Cash Flows used in Financing Activities (686.4) (581.9) (292.5) NET CHANGE IN CASH AND CASH EQUIVALENTS (7.1) (3.5) (0.6) CASH AND CASH EQUIVALENTS: Beginning of period 7.5 11.0 11.6 End of period $ 0.4 $ 7.5 $ 11.0 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. 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 12 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 $645.0 million for the year ended December 31, 2022, $290.0 million for the year ended December 31, 2021 and $355.0 million for the year ended December 31, 2020. 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, 2022 | |
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, 2022, 2021 and 2020 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, 2022 (millions) Allowance for uncollectible accounts $ 32.9 $ 16.1 $ 11.2 (a) $ 28.8 (b) $ 31.4 Tax valuation allowance 12.8 0.1 — 0.1 (c) 12.8 Year Ended December 31, 2021 Allowance for uncollectible accounts $ 19.3 $ 28.0 $ 12.0 (a) $ 26.4 (b) $ 32.9 Tax valuation allowance 14.4 — — 1.6 (c) 12.8 Year Ended December 31, 2020 Allowance for uncollectible accounts $ 10.5 $ 24.9 $ 12.5 (e) $ 28.6 (b) $ 19.3 Tax valuation allowance 17.5 — — (d) 3.1 (c) 14.4 (a) Recoveries. (b) Uncollectible accounts charged off. (c) Reversal of tax valuation allowance. Evergy Kansas Central, Inc. Valuation and Qualifying Accounts Years Ended December 31, 2022, 2021 and 2020 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, 2022 (millions) Allowance for uncollectible accounts $ 13.0 $ 13.1 $ 4.5 (a) $ 13.7 (b) $ 16.9 Year Ended December 31, 2021 Allowance for uncollectible accounts $ 7.5 $ 12.0 $ 4.5 (a) $ 11.0 (b) $ 13.0 Year Ended December 31, 2020 Allowance for uncollectible accounts $ 3.8 $ 11.1 $ 2.6 (a) $ 10.0 (b) $ 7.5 (a) Recoveries. (b) Uncollectible accounts charged off. Evergy Metro, Inc. Valuation and Qualifying Accounts Years Ended December 31, 2022, 2021 and 2020 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, 2022 (millions) Allowance for uncollectible accounts $ 13.3 $ 1.7 $ 4.5 (a) $ 10.2 (b) $ 9.3 Year Ended December 31, 2021 Allowance for uncollectible accounts $ 8.1 $ 10.5 $ 5.3 (a) $ 10.6 (b) $ 13.3 Year Ended December 31, 2020 Allowance for uncollectible accounts $ 4.6 $ 9.0 $ 6.9 (a) $ 12.4 (b) $ 8.1 (a) Recoveries. (b) Uncollectible accounts charged off. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation 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 7 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 | 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 retired its Sibley Station in 2018 and the retirement of Sibley Unit 3 met the criteria to be considered an abandonment. Evergy has classified the remaining net book value of Sibley Unit 3 as retired generation facilities within regulatory assets on its consolidated balance sheet. In October 2019, the MPSC issued an accounting authority order (AAO) requiring Evergy Missouri West to defer to a regulatory liability 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 its retirement in November 2018 to be considered in Evergy Missouri West's 2022 rate case. See Note 4 for additional information regarding the AAO and Evergy Missouri West's 2022 rate case. |
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-term 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. Derivative instruments - The Evergy Companies' derivative instruments are recorded at fair value based on quoted market prices for exchange-traded derivative instruments, quoted prices for similar contracts 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. |
Derivatives, Policy | Derivative Instruments The Evergy Companies record derivative instruments on the balance sheet at fair value in accordance with GAAP. The Evergy Companies enter into derivative contracts to manage risk exposure to commodity price and interest rate fluctuations and also for trading purposes. See Note 13 for additional information regarding derivative financial instruments and hedging activities. |
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 3 for the balance of unbilled receivables for each of Evergy, Evergy Kansas Central and Evergy Metro as of December 31, 2022 and 2021. 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. |
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. |
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 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. |
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), restricted stock and a warrant. Evergy computes the dilutive effects of potential issuances of common shares using the treasury stock method or the contingently issuable share method, as applicable. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Fuel Inventory and Supplies | The following table separately states the balances for fuel inventory and supplies. December 31 2022 2021 Evergy (millions) Fuel inventory $ 180.7 $ 160.9 Supplies 492.2 405.8 Fuel inventory and supplies $ 672.9 $ 566.7 Evergy Kansas Central Fuel inventory $ 97.2 $ 74.3 Supplies 252.3 208.9 Fuel inventory and supplies $ 349.5 $ 283.2 Evergy Metro Fuel inventory $ 59.0 $ 62.0 Supplies 181.6 149.0 Fuel inventory and supplies $ 240.6 $ 211.0 |
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. 2022 2021 2020 Evergy (millions) AFUDC borrowed funds $ 15.8 $ 14.7 $ 16.5 AFUDC equity funds 22.5 29.4 17.2 Total $ 38.3 $ 44.1 $ 33.7 Evergy Kansas Central AFUDC borrowed funds $ 6.9 $ 7.1 $ 8.5 AFUDC equity funds 8.5 14.9 9.1 Total $ 15.4 $ 22.0 $ 17.6 Evergy Metro AFUDC borrowed funds $ 6.5 $ 6.0 $ 6.0 AFUDC equity funds 14.2 12.6 8.0 Total $ 20.7 $ 18.6 $ 14.0 The average rates used in the calculation of AFUDC are detailed in the following table. 2022 2021 2020 Evergy Kansas Central 3.1% 4.9% 4.7% Evergy Metro 5.7% 5.6% 5.2% Evergy Missouri West 2.3% 2.6% 3.5% |
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 2022 2021 Evergy (millions) Cash surrender value of policies $ 1,387.4 $ 1,363.0 Borrowings against policies (1,256.6) (1,232.3) Corporate-owned life insurance, net $ 130.8 $ 130.7 |
Schedule of Other Income Expense | The table below shows the detail of other expense for each of the Evergy Companies. 2022 2021 2020 Evergy (millions) Non-service cost component of net benefit cost $ (62.9) $ (55.6) $ (58.6) Other (34.4) (31.8) (19.6) Other expense $ (97.3) $ (87.4) $ (78.2) Evergy Kansas Central Non-service cost component of net benefit cost $ (17.1) $ (15.6) $ (21.2) Other (22.5) (20.3) (17.7) Other expense $ (39.6) $ (35.9) $ (38.9) Evergy Metro Non-service cost component of net benefit cost $ (31.0) $ (26.7) $ (24.2) Other (2.9) (2.7) (1.3) Other expense $ (33.9) $ (29.4) $ (25.5) |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles Evergy's basic and diluted EPS. 2022 2021 2020 Income (millions, except per share amounts) Net income $ 765.0 $ 891.9 $ 630.0 Less: Net income attributable to noncontrolling interests 12.3 12.2 11.7 Net income attributable to Evergy, Inc. $ 752.7 $ 879.7 $ 618.3 Common Shares Outstanding Weighted average number of common shares outstanding - basic 229.9 229.0 227.2 Add: effect of dilutive securities 0.4 0.6 0.3 Diluted average number of common shares outstanding 230.3 229.6 227.5 Basic EPS $ 3.27 $ 3.84 $ 2.72 Diluted EPS $ 3.27 $ 3.83 $ 2.72 |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Year Ended December 31 2022 2021 2020 Evergy (millions) Cash paid for (received from): Interest, net of amount capitalized $ 393.7 $ 356.9 $ 367.6 Interest of VIEs — 0.2 0.8 Income taxes, net of refunds 21.6 (19.6) (46.5) Non-cash investing transactions: Property, plant and equipment additions 354.7 269.3 463.3 Non-cash financing transactions: Issuance of stock for compensation and reinvested dividends — 0.7 0.9 Year Ended December 31 2022 2021 2020 Evergy Kansas Central (millions) Cash paid for (received from): Interest, net of amount capitalized $ 170.2 $ 149.3 $ 157.5 Interest of VIEs — 0.2 0.8 Income taxes, net of refunds 79.8 37.5 4.7 Non-cash investing transactions: Property, plant and equipment additions 203.9 101.9 235.4 Year Ended December 31 2022 2021 2020 Evergy Metro (millions) Cash paid for (received from): Interest, net of amount capitalized $ 114.6 $ 110.8 $ 109.9 Income taxes, net of refunds (15.2) 36.6 4.8 Non-cash investing transactions: Property, plant and equipment additions 125.8 102.2 192.5 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Revenues (millions) Residential $ 2,168.2 $ 1,918.3 $ 1,909.2 Commercial 1,888.5 1,681.3 1,641.7 Industrial 686.2 597.0 588.7 Other retail (32.1) 33.1 38.5 Total electric retail $ 4,710.8 $ 4,229.7 $ 4,178.1 Wholesale 509.9 717.2 264.0 Transmission 343.7 356.8 318.5 Industrial steam and other 24.8 25.4 21.0 Total revenue from contracts with customers 5,589.2 5,329.1 4,781.6 Other 269.9 257.6 131.8 Operating revenues $ 5,859.1 $ 5,586.7 $ 4,913.4 Evergy's other retail electric revenues in 2022 include a $68.0 million deferral of revenues to a regulatory liability for the expected refund of amounts collected from customers since December 2018 for the return on investment of the retired Sibley Station. See "Evergy Missouri West Other Proceedings" in Note 4 for additional information. Evergy Kansas Central 2022 2021 2020 Revenues (millions) Residential $ 980.1 $ 824.1 $ 801.2 Commercial 822.9 694.1 665.6 Industrial 465.7 391.7 379.9 Other retail 17.9 17.1 17.7 Total electric retail $ 2,286.6 $ 1,927.0 $ 1,864.4 Wholesale 389.9 453.1 215.4 Transmission 305.0 322.9 287.3 Other 2.2 2.2 2.3 Total revenue from contracts with customers $ 2,983.7 $ 2,705.2 $ 2,369.4 Other 72.2 142.1 48.7 Operating revenues $ 3,055.9 $ 2,847.3 $ 2,418.1 Evergy Metro 2022 2021 2020 Revenues (millions) Residential $ 746.4 $ 691.9 $ 714.7 Commercial 758.6 713.3 717.1 Industrial 127.0 122.0 128.8 Other retail 11.5 9.2 11.7 Total electric retail $ 1,643.5 $ 1,536.4 $ 1,572.3 Wholesale 111.9 242.6 35.0 Transmission 18.2 17.1 13.9 Other 0.9 3.6 2.6 Total revenue from contracts with customers $ 1,774.5 $ 1,799.7 $ 1,623.8 Other 196.1 114.0 81.8 Operating revenues $ 1,970.6 $ 1,913.7 $ 1,705.6 |
RECEIVABLES (Tables)
RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Receivables | The Evergy Companies' receivables are detailed in the following table. December 31 2022 2021 Evergy (millions) Customer accounts receivable - billed $ 8.9 $ 13.7 Customer accounts receivable - unbilled 136.9 80.1 Other receivables 200.9 160.7 Allowance for credit losses (31.4) (32.9) Total $ 315.3 $ 221.6 Evergy Kansas Central Customer accounts receivable - billed $ — $ 9.7 Customer accounts receivable - unbilled 71.4 26.4 Other receivables 194.9 178.5 Allowance for credit losses (16.9) (13.0) Total $ 249.4 $ 201.6 Evergy Metro Customer accounts receivable - billed $ — $ 2.7 Customer accounts receivable - unbilled 25.5 25.9 Other receivables 21.6 15.7 Allowance for credit losses (9.3) (13.3) Total $ 37.8 $ 31.0 December 31 2022 2021 (millions) Evergy $ 113.0 $ 63.7 Evergy Kansas Central 110.8 62.6 Evergy Metro 1.3 0.5 December 31 2022 2021 (millions) Evergy $ 359.0 $ 319.0 Evergy Kansas Central 185.0 153.0 Evergy Metro 124.0 116.0 |
Summary of Bad Debt Expense | The change in the Evergy Companies' allowance for credit losses is summarized in the following table. 2022 2021 Evergy (millions) Beginning balance January 1 $ 32.9 $ 19.3 Credit loss expense 16.1 28.0 Write-offs (28.8) (26.4) Recoveries of prior write-offs 11.2 12.0 Ending balance December 31 $ 31.4 $ 32.9 Evergy Kansas Central Beginning balance January 1 $ 13.0 $ 7.5 Credit loss expense 13.1 12.0 Write-offs (13.7) (11.0) Recoveries of prior write-offs 4.5 4.5 Ending balance December 31 $ 16.9 $ 13.0 Evergy Metro Beginning balance January 1 $ 13.3 $ 8.1 Credit loss expense 1.7 10.5 Write-offs (10.2) (10.6) Recoveries of prior write-offs 4.5 5.3 Ending balance December 31 $ 9.3 $ 13.3 |
RATE MATTERS AND REGULATION (Ta
RATE MATTERS AND REGULATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets | The Evergy Companies' regulatory assets and liabilities are detailed in the following tables. December 31 2022 2021 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Regulatory Assets (millions) Pension and post-retirement costs $ 137.3 $ 54.9 $ — $ 567.2 $ 265.6 $ 213.3 Debt reacquisition costs 87.7 80.9 6.0 94.4 86.7 6.7 Debt fair value adjustment 92.1 — — 96.5 — — Asset retirement obligations fair value 119.4 — — 117.9 — — Depreciation 159.1 47.2 57.1 98.5 50.1 27.0 Cost of removal 346.8 158.2 140.6 257.5 141.0 90.2 Asset retirement obligations 127.5 54.5 53.4 119.3 52.3 49.1 Analog meter unrecovered investment 12.6 12.6 — 18.4 18.4 — Treasury yield hedges 19.2 19.2 — 20.4 20.4 — Iatan No. 1 and common facilities 6.2 — 2.6 6.5 — 2.7 Iatan No. 2 construction accounting costs 24.0 — 12.0 24.7 — 12.4 Property taxes 51.4 33.0 15.8 39.6 31.6 8.0 Disallowed plant costs 13.9 13.9 — 14.2 14.2 — La Cygne environmental costs 10.0 7.9 2.1 11.2 9.0 2.2 Deferred customer programs 14.3 6.5 6.7 18.7 6.4 7.8 Fuel recovery mechanisms 188.5 — 13.5 202.5 120.8 19.8 February 2021 winter weather event 430.9 121.9 — 403.1 121.5 — Solar rebates 15.6 — — 20.2 — — Transmission delivery charge 1.5 — 1.5 — — — Wolf Creek outage 22.8 11.4 11.4 20.4 10.2 10.2 Pension and other post-retirement benefit 75.3 24.8 30.7 65.6 23.0 29.6 Retired generation facilities 146.3 — — 123.4 — — Merger transition costs 28.1 13.3 10.5 32.7 15.6 12.1 Other regulatory assets 83.8 51.7 9.9 42.3 24.1 5.9 Total 2,214.3 711.9 373.8 2,415.2 1,010.9 497.0 Less: current portion (368.0) (121.9) (42.3) (424.1) (257.3) (86.3) Total noncurrent regulatory assets $ 1,846.3 $ 590.0 $ 331.5 $ 1,991.1 $ 753.6 $ 410.7 |
Schedule of Regulatory Liabilities | December 31 2022 2021 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Regulatory Liabilities (millions) Taxes refundable through future rates $ 1,866.6 $ 1,084.2 $ 586.6 $ 1,969.5 $ 1,143.7 $ 616.1 Deferred regulatory gain from sale 37.1 37.1 — 42.6 42.6 — Emission allowances 38.2 — 38.2 42.1 — 42.1 Nuclear decommissioning 246.3 103.4 142.9 400.1 175.7 224.4 Pension and post-retirement costs 98.4 23.0 72.5 44.4 23.2 15.9 Jurisdictional allowance for funds used 25.9 24.2 1.7 27.5 25.8 1.7 La Cygne leasehold dismantling costs 29.6 29.6 — 29.6 29.6 — Kansas tax credits 23.5 23.5 — 16.7 16.7 — Purchase power agreement 4.1 4.1 — 5.8 5.8 — Fuel recovery mechanisms 4.7 4.5 0.2 6.5 — 6.5 February 2021 winter weather event 37.8 — 37.8 65.1 — 65.1 Sibley AAO 108.0 — — 29.3 — — TFR refunds 55.5 55.5 — — — — Other regulatory liabilities 146.5 51.9 48.2 96.5 19.1 37.0 Total 2,722.2 1,441.0 928.1 2,775.7 1,482.2 1,008.8 Less: current portion (155.4) (72.1) (55.3) (70.7) (12.8) (54.6) Total noncurrent regulatory liabilities $ 2,566.8 $ 1,368.9 $ 872.8 $ 2,705.0 $ 1,469.4 $ 954.2 |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021. Evergy Evergy Kansas Central Evergy Metro 2022 2021 2022 2021 2022 2021 (millions) Beginning balance January 1 $ 960.1 $ 941.9 $ 443.9 $ 427.2 $ 381.0 $ 378.9 Revision in timing and/or estimates 161.8 13.5 103.1 3.8 51.3 9.5 Settlements (13.0) (38.7) (6.9) (10.6) (5.3) (24.4) Accretion 44.3 43.4 25.0 23.5 17.2 17.0 Ending balance $ 1,153.2 $ 960.1 $ 565.1 $ 443.9 $ 444.2 $ 381.0 Less: current portion (40.4) (19.5) (21.3) (7.3) (17.1) (11.0) Total noncurrent asset $ 1,112.8 $ 940.6 $ 543.8 $ 436.6 $ 427.1 $ 370.0 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Evergy Evergy Kansas Central Evergy Metro (millions) Electric plant in service $ 32,129.3 $ 15,376.9 $ 12,343.3 Electric plant acquisition adjustment 724.3 724.3 — Accumulated depreciation (12,304.9) (5,922.9) (5,065.3) Plant in service 20,548.7 10,178.3 7,278.0 Construction work in progress 1,421.2 819.5 482.6 Nuclear fuel, net 165.8 82.2 83.6 Plant to be retired, net (a) 0.8 0.8 — Net property, plant and equipment $ 22,136.5 $ 11,080.8 $ 7,844.2 December 31, 2021 Evergy Evergy Kansas Central Evergy Metro (millions) Electric plant in service $ 30,289.9 $ 14,686.3 $ 11,656.9 Electric plant acquisition adjustment 724.3 724.3 — Accumulated depreciation (11,515.5) (5,590.8) (4,733.7) Plant in service 19,498.7 9,819.8 6,923.2 Construction work in progress 1,350.6 652.2 475.3 Nuclear fuel, net 152.5 76.1 76.4 Plant to be retired, net (a) 0.8 0.8 — Net property, plant and equipment $ 21,002.6 $ 10,548.9 $ 7,474.9 (a) As of December 31, 2022 and 2021, 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 2022 2021 (millions) Electric plant of VIEs $ 392.1 $ 392.1 Accumulated depreciation of VIEs (251.4) (244.3) Net property, plant and equipment of VIEs $ 140.7 $ 147.8 The Evergy Companies' depreciation expense is detailed in the following table. 2022 2021 2020 (millions) Evergy (a) $ 836.1 $ 813.6 $ 804.7 Evergy Kansas Central (a) 468.2 450.3 435.1 Evergy Metro 261.7 255.9 269.5 (a) Approximately $7.1 million of depreciation expense in each of 2022, 2021 and 2020 was attributable to property, plant and equipment of VIEs. |
JOINTLY-OWNED ELECTRIC UTILIT_2
JOINTLY-OWNED ELECTRIC UTILITY PLANTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 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 $ 4,132.4 $ 2,251.9 $ 773.6 $ 1,409.5 $ 508.2 $ 2,546.9 $ 115.0 Accumulated depreciation 2,124.5 874.2 269.0 506.2 132.4 1,102.3 89.9 Nuclear fuel, net 165.8 — — — — — — Construction work in progress 209.1 25.9 19.8 5.3 11.2 60.1 26.9 2023 accredited 1,106 1,426 618 653 n/a 2,182 205 (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 $ 2,070.5 $ 1,052.3 $ 2,331.3 $ 115.0 Accumulated depreciation 1,036.1 503.6 1,006.7 89.9 Nuclear fuel, net 82.2 — — — Construction work in progress 99.9 10.0 55.2 26.9 2023 accredited capacity-MWs 553 713 2,007 205 (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 $ 2,061.9 $ 1,199.6 $ 601.0 $ 1,068.9 $ 403.2 Accumulated depreciation 1,088.4 370.6 219.6 431.0 111.5 Nuclear fuel, net 83.6 — — — — Construction work in progress 109.2 15.9 15.8 4.0 8.5 2023 accredited capacity-MWs 553 713 492 491 n/a |
PENSION PLANS AND POST-RETIRE_2
PENSION PLANS AND POST-RETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Funded Status | 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, 2022 $ 2,561.7 $ 1,264.4 $ 1,273.5 $ 258.4 $ 133.9 $ 124.5 Service cost 79.7 30.7 49.0 3.0 1.5 1.5 Interest cost 79.3 38.8 39.8 7.9 4.1 3.8 Contribution by participants — — — 6.9 1.0 5.8 Plan amendments 0.6 0.3 0.3 — — — Actuarial gain (717.9) (334.3) (378.6) (58.1) (28.7) (29.4) Benefits paid (189.4) (100.1) (88.0) (23.1) (10.2) (12.9) Special termination benefits 52.8 15.6 37.2 6.7 1.4 5.3 Other (16.3) (3.7) (12.6) — — — PBO at December 31, 2022 $ 1,850.5 $ 911.7 $ 920.6 $ 201.7 $ 103.0 $ 98.6 Change in plan assets Fair value of plan assets at January 1, 2022 $ 1,714.7 $ 835.7 $ 879.0 $ 242.3 $ 124.0 $ 118.3 Actual return on plan assets (192.6) (97.1) (95.5) (34.9) (19.2) (15.7) Contributions by employer and participants 88.4 31.2 57.2 7.0 1.1 5.9 Benefits paid (185.0) (97.6) (87.4) (21.5) (9.7) (11.8) Other (16.3) (3.7) (12.6) — — — Fair value of plan assets at December 31, 2022 $ 1,409.2 $ 668.5 $ 740.7 $ 192.9 $ 96.2 $ 96.7 Funded status at December 31, 2022 $ (441.3) $ (243.2) $ (179.9) $ (8.8) $ (6.8) $ (1.9) 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, 2021 $ 2,901.1 $ 1,429.6 $ 1,446.5 $ 280.4 $ 146.8 $ 133.6 Service cost 82.6 29.1 53.5 3.3 1.7 1.6 Interest cost 84.2 41.0 42.5 7.8 4.0 3.8 Contribution by participants — — — 9.0 1.4 7.6 Actuarial gain (119.0) (50.0) (68.3) (17.2) (9.4) (7.8) Benefits paid (93.5) (54.8) (37.5) (24.9) (10.6) (14.3) Settlements (284.0) (126.2) (157.8) — — — Other (9.7) (4.3) (5.4) — — — PBO at December 31, 2021 $ 2,561.7 $ 1,264.4 $ 1,273.5 $ 258.4 $ 133.9 $ 124.5 Change in plan assets Fair value of plan assets at January 1, 2021 $ 1,799.1 $ 887.0 $ 912.1 $ 248.3 $ 125.8 $ 122.5 Actual return on plan assets 145.5 83.4 62.1 5.2 6.5 (1.3) Contributions by employer and participants 148.7 46.5 102.2 11.8 1.7 10.1 Benefits paid (89.4) (52.3) (37.1) (23.0) (10.0) (13.0) Settlements (279.5) (124.6) (154.9) — — — Other (9.7) (4.3) (5.4) — — — Fair value of plan assets at December 31, 2021 $ 1,714.7 $ 835.7 $ 879.0 $ 242.3 $ 124.0 $ 118.3 Funded status at December 31, 2021 $ (847.0) $ (428.7) $ (394.5) $ (16.1) $ (9.9) $ (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 $ — $ — $ — $ 16.8 $ — $ 16.8 Current pension and other post-retirement liability (7.2) (4.7) (1.3) (1.3) (0.6) (0.7) Noncurrent pension liability and other post-retirement liability (434.1) (238.5) (178.6) (24.3) (6.2) (18.0) Net amount recognized before regulatory treatment (441.3) (243.2) (179.9) (8.8) (6.8) (1.9) Accumulated OCI or regulatory asset/liability (140.2) 50.3 (180.3) (24.5) (12.8) (18.4) Net amount recognized at December 31, 2022 $ (581.5) $ (192.9) $ (360.2) $ (33.3) $ (19.6) $ (20.3) Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: Actuarial (gain) loss $ (153.8) $ 35.0 $ (179.0) $ (25.3) $ (13.2) $ (13.1) Prior service cost 13.6 15.3 (1.3) 0.8 0.4 (5.3) Net amount recognized at December 31, 2022 $ (140.2) $ 50.3 $ (180.3) $ (24.5) $ (12.8) $ (18.4) 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 $ — $ — $ — $ 21.5 $ — $ 21.5 Current pension and other post-retirement liability (4.4) (2.4) (0.7) (1.1) (0.6) (0.6) Noncurrent pension liability and other post- (842.6) (426.3) (393.8) (36.5) (9.3) (27.1) Net amount recognized before regulatory treatment (847.0) (428.7) (394.5) (16.1) (9.9) (6.2) Accumulated OCI or regulatory asset/liability 317.2 263.6 84.6 (11.4) (9.6) (10.5) Net amount recognized at December 31, 2021 $ (529.8) $ (165.1) $ (309.9) $ (27.5) $ (19.5) $ (16.7) Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost: Actuarial (gain) loss $ 302.4 $ 246.6 $ 86.4 $ (12.6) $ (10.5) $ (3.8) Prior service cost 14.8 17.0 (1.8) 1.2 0.9 (6.7) Net amount recognized at December 31, 2021 $ 317.2 $ 263.6 $ 84.6 $ (11.4) $ (9.6) $ (10.5) Actuarial gains for the Evergy Companies' pension benefit plans for 2022 and 2021 were primarily driven by an increase in the discount rate used to measure the benefit obligation as a result of higher market interest rates. See the weighted average assumptions used to determine the benefit obligations within this Note 9 for further information. |
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, 2022 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 79.7 $ 30.7 $ 49.0 $ 3.0 $ 1.5 $ 1.5 Interest cost 79.3 38.8 39.8 7.9 4.1 3.8 Expected return on plan assets (104.0) (51.2) (56.4) (10.2) (6.5) (3.7) Prior service cost 1.9 2.0 — 0.5 0.4 (1.4) Recognized net actuarial (gain) loss 34.8 25.6 38.6 (0.3) (0.2) (0.7) Settlement and special termination benefits 52.8 15.6 37.2 6.7 1.4 5.3 Net periodic benefit costs before regulatory adjustment and intercompany allocations 144.5 61.5 108.2 7.6 0.7 4.8 Regulatory adjustment 14.7 0.7 (12.1) (7.1) (3.6) (1.3) Intercompany allocations n/a 2.9 (18.4) n/a 0.3 (0.6) Net periodic benefit costs (income) 159.2 65.1 77.7 0.5 (2.6) 2.9 Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities Current year net gain (421.4) (186.1) (226.7) (13.0) (3.0) (10.0) Amortization of gain (loss) (34.7) (25.6) (38.6) 0.4 0.2 0.7 Prior service cost 0.6 0.4 0.4 — — — Amortization of prior service cost (1.9) (2.0) — (0.5) (0.4) 1.4 Total recognized in OCI or regulatory asset/liability (457.4) (213.3) (264.9) (13.1) (3.2) (7.9) Total recognized in net periodic benefit costs and OCI or regulatory asset/liability $ (298.2) $ (148.2) $ (187.2) $ (12.6) $ (5.8) $ (5.0) Pension Benefits Post-Retirement Benefits Year Ended December 31, 2021 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 82.6 $ 29.1 $ 53.5 $ 3.3 $ 1.7 $ 1.6 Interest cost 84.2 41.0 42.5 7.8 4.0 3.8 Expected return on plan assets (103.5) (52.8) (55.7) (8.9) (6.3) (2.6) Prior service cost 2.0 2.1 — 0.5 0.5 (1.0) Recognized net actuarial (gain) loss 54.1 36.0 43.8 1.4 0.6 (0.1) Settlement and special termination benefits 34.3 25.6 13.7 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 153.7 81.0 97.8 4.1 0.5 1.7 Regulatory adjustment 17.3 (13.1) 4.2 (4.8) (3.3) 0.4 Intercompany allocations n/a 3.2 (25.9) n/a — (0.4) Net periodic benefit costs (income) 171.0 71.1 76.1 (0.7) (2.8) 1.7 Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities Current year net gain (195.3) (106.3) (88.4) (13.6) (9.6) (3.9) Amortization of gain (loss) (52.4) (36.0) (43.9) (1.3) (0.5) 0.1 Amortization of prior service cost (2.0) (2.1) — (0.5) (0.5) 1.0 Total recognized in OCI or regulatory asset/liability (249.7) (144.4) (132.3) (15.4) (10.6) (2.8) Total recognized in net periodic benefit costs and OCI or regulatory asset/liability $ (78.7) $ (73.3) $ (56.2) $ (16.1) $ (13.4) $ (1.1) 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 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 |
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, 2022 Evergy Evergy Kansas Central Evergy Metro (millions) ABO for all defined benefit pension plans $ 1,687.3 $ 844.4 $ 824.6 Pension plans with the PBO in excess of plan assets Projected benefit obligation $ 1,850.5 $ 911.7 $ 920.6 Fair value of plan assets 1,409.2 668.5 740.7 Pension plans with the ABO in excess of plan assets Accumulated benefit obligation $ 1,687.3 $ 844.4 $ 824.6 Fair value of plan assets 1,409.2 668.5 740.7 Other post-retirement benefit plans with the APBO in excess of plan assets Accumulated other post-retirement benefit obligation $ 201.7 $ 103.0 $ 98.6 Fair value of plan assets 192.9 96.2 96.7 December 31, 2021 Evergy Evergy Kansas Central Evergy Metro (millions) ABO for all defined benefit pension plans $ 2,229.1 $ 1,124.2 $ 1,081.1 Pension plans with the PBO in excess of plan assets Projected benefit obligation $ 2,561.7 $ 1,264.4 $ 1,273.5 Fair value of plan assets 1,714.7 835.7 879.0 Pension plans with the ABO in excess of plan assets Accumulated benefit obligation $ 2,229.1 $ 1,124.2 $ 1,081.1 Fair value of plan assets 1,714.7 835.7 879.0 Other post-retirement benefit plans with the APBO in excess of plan assets Accumulated other post-retirement benefit obligation $ 258.4 $ 133.9 $ 124.5 Fair value of plan assets 242.3 124.0 118.3 |
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, 2022 Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Discount rate 5.72 % 5.72 % 5.72 % 5.74 % 5.75 % 5.72 % Rate of compensation increase 3.72 % 3.78 % 3.70 % 3.75 % n/a 3.75 % Interest crediting rate for cash balance plans 4.13 % 4.00 % 4.43 % n/a n/a n/a Weighted-average assumptions used to determine the benefit obligation at December 31, 2021 Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Discount rate 3.10 % 3.10 % 3.11 % 3.12 % 3.11 % 3.13 % Rate of compensation increase 3.75 % 3.77 % 3.71 % 3.75 % n/a 3.75 % Interest crediting rate for cash balance plans 4.13 % 4.00 % 4.45 % n/a n/a n/a Weighted-average assumptions used to determine net costs for the year ended December 31, 2022 Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Discount rate 3.10 % 3.10 % 3.11 % 3.12 % 3.11 % 3.13 % Expected long-term return on plan assets 6.71 % 6.80 % 6.63 % 4.53 % 5.75 % 3.25 % Rate of compensation increase 3.75 % 3.77 % 3.71 % 3.75 % n/a 3.75 % Interest crediting rate for cash balance plans 4.13 % 4.00 % 4.45 % n/a n/a n/a Weighted-average assumptions used to determine net costs for the year ended December 31, 2021 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 % Expected long-term return on plan assets 6.63 % 6.70 % 6.57 % 3.93 % 5.55 % 2.27 % Rate of compensation increase 3.71 % 3.78 % 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 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid through 2032. Pension Benefits Post-Retirement Benefits Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro (millions) 2023 $ 339.3 $ 141.4 $ 196.6 $ 18.3 $ 10.0 $ 8.3 2024 120.8 65.0 54.4 16.9 9.0 7.8 2025 125.2 66.1 57.6 16.4 8.7 7.7 2026 130.0 67.2 61.2 16.0 8.4 7.6 2027 134.9 69.9 63.4 15.5 8.2 7.4 2028-2032 697.2 344.6 345.2 69.3 36.6 32.7 |
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. Pension Benefits Post-Retirement Benefits Evergy Kansas Central Evergy Metro Evergy Kansas Central Evergy Metro Domestic equities 26% 26% 26% 18% International equities 20% 19% 18% 10% Bonds 39% 38% 56% 66% Mortgage & asset backed securities —% —% —% 5% Real estate investments 4% 6% —% —% Other investments 11% 11% —% 1% The fair values of the Evergy Companies' pension plan assets at December 31, 2022 and 2021, by asset category are in the following tables. Fair Value Measurements Using December 31 Level 1 Level 2 Level 3 Assets measured at NAV Evergy Kansas Central Pension Plans (millions) Domestic equities $ 156.8 $ 129.2 $ — $ — $ 27.6 International equities 129.1 129.1 — — — Bond funds 241.7 241.7 — — — Real estate investments 26.8 — — — 26.8 Combination debt/equity/other fund 30.8 30.8 — — — Alternative investment funds 63.9 — — — 63.9 Short-term investments 19.4 — — — 19.4 Total $ 668.5 $ 530.8 $ — $ — $ 137.7 Evergy Metro Pension Plans Domestic equities $ 156.1 $ 135.5 $ — $ — $ 20.6 International equities 136.7 136.7 — — — Bond funds 195.2 195.2 — — — Corporate bonds 23.7 — 23.7 — — U.S. Treasury and agency bonds 14.0 5.8 8.2 — — Mortgage and asset backed securities 5.0 — 5.0 — — Real estate investments 59.0 — — — 59.0 Combination debt/equity/other fund 31.2 31.2 — — — Alternative investment funds 63.1 — — — 63.1 Cash and cash equivalents 44.6 44.6 — — — Short-term investments 14.6 — — — 14.6 Other (2.5) — (2.5) — — Total $ 740.7 $ 549.0 $ 34.4 $ — $ 157.3 Fair Value Measurements Using December 31 Level 1 Level 2 Level 3 Assets measured at NAV Evergy Kansas Central Pension Plans (millions) Domestic equities $ 209.9 $ 177.3 $ — $ — $ 32.6 International equities 167.4 167.4 — — — Bond funds 330.4 330.4 — — — Real estate investments 28.1 — — — 28.1 Combination debt/equity/other fund 42.7 42.7 — — — Alternative investment funds 44.1 — — — 44.1 Short-term investments 13.1 — — — 13.1 Total $ 835.7 $ 717.8 $ — $ — $ 117.9 Evergy Metro Pension Plans Domestic equities $ 203.0 $ 179.5 $ — $ — $ 23.5 International equities 193.1 193.1 — — — Bond funds 260.6 260.6 — — — Corporate bonds 27.1 — 27.1 — — U.S. Treasury and agency bonds 14.5 4.7 9.8 — — Mortgage and asset backed securities 4.3 — 4.3 — — Real estate investments 55.9 — — — 55.9 Combination debt/equity/other fund 46.2 46.2 — — — Alternative investment funds 47.5 — — — 47.5 Cash and cash equivalents 14.1 14.1 — — — Short-term investments 9.5 — — — 9.5 Other 3.2 — 3.2 — — Total $ 879.0 $ 698.2 $ 44.4 $ — $ 136.4 The fair values of the Evergy Companies' post-retirement plan assets at December 31, 2022 and 2021, by asset category are in the following tables. Fair Value Measurements Using December 31 Level 1 Level 2 Level 3 Assets measured at NAV Evergy Kansas Central Post-Retirement Benefit Plans (millions) Domestic equities $ 24.2 $ 24.2 $ — $ — $ — International equities 17.5 17.5 — — — Bond funds 48.7 48.7 — — — Combination debt/equity/other fund 4.8 4.8 — — — Short-term investments 1.0 — — — 1.0 Total $ 96.2 $ 95.2 $ — $ — $ 1.0 Evergy Metro Post-Retirement Benefit Plans Domestic equities $ 18.7 $ 18.7 $ — $ — $ — International equities 11.6 11.6 — — — Bond funds 34.9 34.9 — — — Corporate bonds 14.6 — 14.6 — — U.S. Treasury and agency bonds 12.3 6.0 6.3 — — Mortgage and asset backed securities 1.3 — 1.3 — — Combination debt/equity/other fund 2.9 2.9 — — — Cash and cash equivalents 0.2 0.2 — — — Other 0.2 — 0.2 — — Total $ 96.7 $ 74.3 $ 22.4 $ — $ — Fair Value Measurements Using December 31 Level 1 Level 2 Level 3 Assets measured at NAV Evergy Kansas Central Post-Retirement Benefit Plans (millions) Domestic equities $ 32.5 $ 32.5 $ — $ — $ — International equities 22.1 22.1 — — — Bond funds 62.3 62.3 — — — Combination debt/equity/other fund 6.1 6.1 — — — Short-term investments 1.0 — — — 1.0 Total $ 124.0 $ 123.0 $ — $ — $ 1.0 Evergy Metro Post-Retirement Benefit Plans Domestic equities $ 20.0 $ 20.0 $ — $ — $ — International equities 12.3 12.3 — — — Bond funds 50.2 50.2 — — — Corporate bonds 18.1 — 18.1 — — U.S. Treasury and agency bonds 12.1 6.1 6.0 — — Mortgage and asset backed securities 0.8 — 0.8 — — Combination debt/equity/other fund 3.9 3.9 — — — Cash and cash equivalents 0.5 0.5 — — — Short-term investments 0.1 — — — 0.1 Other 0.3 — 0.3 — — Total $ 118.3 $ 93.0 $ 25.2 $ — $ 0.1 |
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, 2022 Evergy Evergy Kansas Central Evergy Metro Health care cost trend rate assumed for next year 7.3 % 7.3 % 7.3 % 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 2030 2030 2030 Assumed annual health care cost growth rates as of December 31, 2021 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 2030 2030 2030 |
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. 2022 2021 2020 (millions) Evergy $ 25.3 $ 25.6 $ 17.4 Evergy Kansas Central 12.0 11.7 9.6 Evergy Metro 13.3 13.9 7.8 |
EQUITY COMPENSATION (Tables)
EQUITY COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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. 2022 2021 2020 Evergy (millions) Equity compensation expense $ 18.8 $ 15.6 $ 15.5 Income tax (expense) benefit 2.6 (0.1) 2.2 Evergy Kansas Central Equity compensation expense 8.4 6.9 7.6 Income tax (expense) benefit 1.7 (0.2) 1.6 Evergy Metro Equity compensation expense 6.0 5.1 5.7 Income tax (expense) benefit 0.2 (0.6) 0.2 |
Schedule of Restricted Stock Unit Activity | RSU activity for awards with performance measures for 2022 is summarized in the following table. Nonvested Grant Date Beginning balance January 1, 2022 513,715 $ 58.79 Granted 238,542 57.95 Vested (146,115) 37.87 Forfeited (59,244) 61.28 Ending balance December 31, 2022 546,898 63.57 * weighted-average RSU activity for awards with only service requirements for 2022 is summarized in the following table. Nonvested Grant Date Beginning balance January 1, 2022 253,046 $ 57.18 Granted 91,764 60.93 Vested (84,503) 55.81 Forfeited (20,812) 56.41 Ending balance December 31, 2022 239,495 58.98 * weighted-average |
SHORT-TERM BORROWINGS AND SHO_2
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The following table summarizes the committed credit facilities (excluding receivable sale facilities discussed in Note 3) available to the Evergy Companies as of December 31, 2022 and 2021. Amounts Drawn Master Credit Facility Commercial Paper Letters of Credit Cash Borrowings Available Borrowings Weighted Average Interest Rate on Short-Term Borrowings December 31, 2022 (millions) Evergy, Inc. $ 450.0 $ — $ 0.7 $ — $ 449.3 —% Evergy Kansas Central 1,000.0 772.1 — — 227.9 4.91% Evergy Metro 350.0 111.0 — — 239.0 5.02% Evergy Missouri West 700.0 449.2 — — 250.8 4.84% Evergy $ 2,500.0 $ 1,332.3 $ 0.7 $ — $ 1,167.0 December 31, 2021 Evergy, Inc. $ 700.0 $ 358.0 $ 0.7 $ — $ 341.3 0.34% Evergy Kansas Central 750.0 406.0 0.1 — 343.9 0.41% Evergy Metro 350.0 — — — 350.0 —% Evergy Missouri West 700.0 395.3 — — 304.7 0.40% Evergy $ 2,500.0 $ 1,159.3 $ 0.8 $ — $ 1,339.9 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Evergy Companies' long-term debt is detailed in the following tables. December 31, 2022 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 2.25% Series Evergy Metro, Inc. 2030 400.0 — 400.0 4.125% Series Evergy Metro, Inc. 2049 400.0 — 400.0 5.15% Series Evergy Missouri West, Inc. 2027 300.0 — — 3.75% Series Evergy Missouri West, Inc. 2032 250.0 — — Pollution Control Bonds 3.54% Series (a) Evergy Kansas Central, Inc. 2032 45.0 45.0 — 3.54% Series (a) Evergy Kansas Central, Inc. 2032 30.5 30.5 — 3.54% Series (a) Evergy Kansas South, Inc. 2027 21.9 21.9 — 2.50% Series Evergy Kansas South, Inc. 2031 50.0 50.0 — 3.54% Series (a) Evergy Kansas South, Inc. 2032 14.5 14.5 — 3.54% Series (a) Evergy Kansas South, Inc. 2032 10.0 10.0 — 3.287% Series 2007A and 2007B (a) 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 (b) Evergy Metro, Inc. 2023 300.0 — 300.0 3.65% Series (b) Evergy Metro, Inc. 2025 350.0 — 350.0 6.05% Series (5.78% rate) (b)(c) Evergy Metro, Inc. 2035 250.0 — 250.0 5.30% Series (b) Evergy Metro, Inc. 2041 400.0 — 400.0 4.20% Series (b) Evergy Metro, Inc. 2047 300.0 — 300.0 4.20% Series (b) Evergy Metro, Inc. 2048 300.0 — 300.0 3.49% Series A (d) Evergy Missouri West, Inc. 2025 36.0 — — 4.06% Series B (d) Evergy Missouri West, Inc. 2033 60.0 — — 4.74% Series C (d) Evergy Missouri West, Inc. 2043 150.0 — — 2.86% Series A (d) Evergy Missouri West, Inc. 2031 350.0 — — 3.01% Series B (d) Evergy Missouri West, Inc. 2033 75.0 — — 3.21% Series C (d) Evergy Missouri West, Inc. 2036 75.0 — — 2.45% Series Evergy, Inc. 2024 800.0 — — 2.90% Series (3.77% rate) (c) Evergy, Inc. 2029 800.0 — — Medium Term Notes 7.33% Series (d) Evergy Missouri West, Inc. 2023 3.0 — — 7.17% Series (d) Evergy Missouri West, Inc. 2023 7.0 — — Term Loan Facility (e) Evergy, Inc. 2024 500.0 — — Fair value adjustment (f) 92.1 — — Current maturities (g) (439.1) (50.0) (379.5) Unamortized debt discount and debt issuance costs (79.6) (40.0) (22.8) Total excluding current maturities (h) $ 9,905.7 $ 3,886.9 $ 2,547.1 December 31, 2021 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 2.25% Series Evergy Metro, Inc. 2030 400.0 — 400.0 4.125% Series Evergy Metro, Inc. 2049 400.0 — 400.0 Pollution Control Bonds 0.132% Series (a) Evergy Kansas Central, Inc. 2032 45.0 45.0 — 0.132% Series (a) Evergy Kansas Central, Inc. 2032 30.5 30.5 — 0.132% Series (a) Evergy Kansas South, Inc. 2027 21.9 21.9 — 2.50% Series Evergy Kansas South, Inc. 2031 50.0 50.0 — 0.132% Series (a) Evergy Kansas South, Inc. 2032 14.5 14.5 — 0.132% Series (a) Evergy Kansas South, Inc. 2032 10.0 10.0 — 0.167% Series 2007A and 2007B (a) 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 (b) Evergy Metro, Inc. 2023 300.0 — 300.0 3.65% Series (b) Evergy Metro, Inc. 2025 350.0 — 350.0 6.05% Series (5.78% rate) (b)(c) Evergy Metro, Inc. 2035 250.0 — 250.0 5.30% Series (b) Evergy Metro, Inc. 2041 400.0 — 400.0 4.20% Series (b) Evergy Metro, Inc. 2047 300.0 — 300.0 4.20% Series (b) Evergy Metro, Inc. 2048 300.0 — 300.0 3.49% Series A (d) Evergy Missouri West, Inc. 2025 36.0 — — 4.06% Series B (d) Evergy Missouri West, Inc. 2033 60.0 — — 4.74% Series C (d) Evergy Missouri West, Inc. 2043 150.0 — — 3.74% Series (d) Evergy Missouri West, Inc. 2022 100.0 — — 2.86% Series A (d) Evergy Missouri West, Inc. 2031 350.0 — — 3.01% Series B (d) Evergy Missouri West, Inc. 2033 75.0 — — 3.21% Series C (d) Evergy Missouri West, Inc. 2036 75.0 — — 5.292% Series Evergy, Inc. 2022 287.5 — — 2.45% Series Evergy, Inc. 2024 800.0 — — 2.90% Series (3.77% rate) (c) Evergy, Inc. 2029 800.0 — — Medium Term Notes 7.33% Series (d) Evergy Missouri West, Inc. 2023 3.0 — — 7.17% Series (d) Evergy Missouri West, Inc. 2023 7.0 — — Fair value adjustment (f) 97.9 — — Current maturities (g) (389.3) — — Unamortized debt discount and debt issuance costs (80.5) (42.7) (24.4) Total excluding current maturities (h) $ 9,297.9 $ 3,934.2 $ 2,925.0 (a) Variable rate. (b) 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. (c) Rate after amortizing gains/losses recognized in OCI on settlements of interest rate hedging instruments. (d) Unconditionally guaranteed by Evergy, Inc (e) Evergy demonstrated the intent and ability to refinance the Term Loan Facility that originally expired in February 2023 with a new maturity date of February 2024 and therefore it is reflected in long-term debt, net on Evergy's consolidated balance sheets as of December 31, 2022. (f) 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 Great Plains Energy and Evergy Kansas Central merger. This amount is not part of future principal payments and will amortize over the remaining life of the associated debt instruments. (g) Evergy's current maturities total as of December 31, 2022 and 2021, includes $(0.4) million and $1.8 million, respectively, of fair value adjustments recorded in connection with purchase accounting for the Great Plains Energy and Evergy Kansas Central merger. (h) At December 31, 2022 and 2021, 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. |
Schedule of Maturities of Long-Term Debt | Evergy's, Evergy Kansas Central's and Evergy Metro's long-term debt maturities for the next five years are detailed in the following table. 2023 2024 2025 2026 2027 (millions) Evergy $ 439.5 $ 1,300.0 $ 636.0 $ 350.0 $ 621.9 Evergy Kansas Central 50.0 — 250.0 350.0 321.9 Evergy Metro 379.5 — 350.0 — — |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The gross notional contract amount by commodity type for derivative instruments is summarized in the following table. December 31 Non-hedging derivatives Notional volume unit of measure 2022 2021 Evergy (millions) Commodity contracts Power MWhs 67.2 59.8 Natural gas MMBtu 772.7 375.6 Evergy Kansas Central Commodity contracts Power MWhs 41.6 36.7 Natural gas MMBtu 769.6 373.6 Evergy Metro Commodity contracts Power MWhs 18.2 17.7 |
Fair value of open derivative positions, gross values before netting agreements and netting of cash collateral [Table Text Block] | The fair values of Evergy's open derivative positions and balance sheet classifications are summarized in the following tables. The fair values below are gross values before netting agreements and netting of cash collateral. December 31 Evergy 2022 2021 Non-hedging derivatives Balance sheet location Commodity contracts (millions) Power Other assets - current $ 41.6 $ 33.1 Other assets - long-term 65.6 47.8 Natural gas Other assets - current 221.0 61.5 Other assets - long-term 1.6 1.2 Total derivative assets $ 329.8 $ 143.6 Commodity contracts Power Other liabilities - current $ 41.0 $ 23.3 Other liabilities - long-term 61.5 44.1 Natural gas Other liabilities - current 218.8 57.7 Other liabilities - long-term 1.6 1.3 Total derivative liabilities $ 322.9 $ 126.4 December 31 Evergy Kansas Central 2022 2021 Non-hedging derivatives Balance sheet location Commodity contracts (millions) Power Other assets - current $ 36.7 $ 22.6 Other assets - long-term 65.6 47.7 Natural gas Other assets - current 221.0 61.4 Other assets - long-term 1.6 1.3 Total derivative assets $ 324.9 $ 133.0 Commodity contracts Power Other liabilities - current $ 35.6 $ 20.9 Other liabilities - long-term 61.5 44.1 Natural gas Other liabilities - current 215.1 57.7 Other liabilities - long-term 1.6 1.3 Total derivative liabilities $ 313.8 $ 124.0 December 31 Evergy Metro 2022 2021 Non-hedging derivatives Balance sheet location Commodity contracts (millions) Power Other assets - current $ 3.5 $ 6.9 Total derivative assets $ 3.5 $ 6.9 Commodity contracts Power Other liabilities - current $ 4.1 $ 0.4 Total derivative liabilities $ 4.1 $ 0.4 |
Offsetting Derivative Assets and Liabilities [Table Text Block] | The following tables present the line items on the Evergy Companies' consolidated balance sheets where derivative assets and liabilities are reported. The gross amounts offset in the tables below show the effect of master netting arrangements and include collateral posted to offset the net position. December 31, 2022 Evergy Evergy Kansas Central Evergy Metro Derivative Assets (millions) Current Gross amounts recognized $ 262.6 $ 257.7 $ 3.5 Gross amounts offset (237.4) (232.9) (3.5) Net amounts presented in other assets - current $ 25.2 $ 24.8 $ — Long-Term Gross amounts recognized $ 67.2 $ 67.2 $ — Gross amounts offset (42.1) (42.1) — Net amounts presented in other assets - long-term $ 25.1 $ 25.1 $ — Derivative Liabilities Current Gross amounts recognized $ 259.8 $ 250.7 $ 4.1 Gross amounts offset (234.0) (229.4) (3.5) Net amounts presented in other liabilities - current $ 25.8 $ 21.3 $ 0.6 Long-Term Gross amounts recognized $ 63.1 $ 63.1 $ — Gross amounts offset (36.4) (36.4) — Net amounts presented in other liabilities - long-term $ 26.7 $ 26.7 $ — December 31, 2021 Evergy Evergy Kansas Central Evergy Metro Derivative Assets (millions) Current Gross amounts recognized $ 94.6 $ 84.0 $ 6.9 Gross amounts offset (66.3) (63.9) (0.4) Net amounts presented in other assets - current $ 28.3 $ 20.1 $ 6.5 Long-Term Gross amounts recognized $ 49.0 $ 49.0 $ — Gross amounts offset (21.9) (21.9) — Net amounts presented in other assets - long-term $ 27.1 $ 27.1 $ — Derivative Liabilities Current Gross amounts recognized $ 81.0 $ 78.6 $ 0.4 Gross amounts offset (66.3) (63.9) (0.4) Net amounts presented in other liabilities - current $ 14.7 $ 14.7 $ — Long-Term Gross amounts recognized $ 45.4 $ 45.4 $ — Gross amounts offset (21.9) (21.9) — Net amounts presented in other liabilities - long-term $ 23.5 $ 23.5 $ — |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table summarizes the amounts of gain (loss) recognized in income for the change in fair value of derivatives not designated as hedging instruments for the Evergy Companies. The amount of gain (loss) recognized in income for the change in fair value of derivatives not designated as hedging instruments for 2020 was not significant for the Evergy Companies. Location of gain (loss) Contract type 2022 2021 Evergy (millions) Operating revenues Commodity $ 84.6 $ 117.5 Total $ 84.6 $ 117.5 Evergy Kansas Central Operating revenues Commodity $ 84.6 $ 117.5 Total $ 84.6 $ 117.5 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 Book Value Fair Value Book Value Fair Value Long-term debt (a) (millions) Evergy (b) $ 10,344.8 $ 9,160.0 $ 9,687.2 $ 10,758.5 Evergy Kansas Central 3,936.9 3,389.4 3,934.2 4,522.5 Evergy Metro 2,926.6 2,661.7 2,925.0 3,400.8 (a) Includes current maturities. (b) Book value as of December 31, 2022 and 2021, includes $92.1 million and $97.9 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, 2022 Netting Level 1 Level 2 Level 3 NAV Evergy Kansas Central (millions) Assets Nuclear decommissioning trust (a) Domestic equity funds $ 112.5 $ — $ 100.4 $ — $ — $ 12.1 International equity funds 62.9 — 62.9 — — — Core bond fund 51.0 — 51.0 — — — High-yield bond fund 25.3 — 25.3 — — — Emerging markets bond fund 16.0 — 16.0 — — — Alternative investments fund 31.8 — — — — 31.8 Real estate securities fund 18.9 — — — — 18.9 Cash equivalents 0.4 — 0.4 — — — Total nuclear decommissioning trust 318.8 — 256.0 — — 62.8 Rabbi trust Fixed income funds 15.6 — 15.6 — — — Equity funds 7.3 — 7.3 — — — Combination debt/equity/other fund 1.9 — 1.9 — — — Cash equivalents 0.1 — 0.1 — — — Total rabbi trust 24.9 — 24.9 — — — Derivative instruments - commodity contracts (b) Power 42.6 (59.7) 45.5 46.5 10.3 — Natural gas 7.3 (215.3) 222.5 0.1 — — Total derivative assets 49.9 (275.0) 268.0 46.6 10.3 — Total assets 393.6 (275.0) 548.9 46.6 10.3 62.8 Liabilities Derivative instruments - commodity contracts (b) Power 46.6 (50.5) 34.0 55.9 7.2 — Natural gas 1.4 (215.3) 216.6 0.1 — — Total derivative liabilities 48.0 (265.8) 250.6 56.0 7.2 — Total liabilities $ 48.0 $ (265.8) $ 250.6 $ 56.0 $ 7.2 $ — Evergy Metro Assets Nuclear decommissioning trust (a) Equity securities $ 243.4 $ — $ 243.4 $ — $ — $ — Debt securities U.S. Treasury 40.7 — 40.7 — — — U.S. Agency 0.4 — 0.4 — — — State and local obligations 4.2 — — 4.2 — — Corporate bonds 39.1 — — 39.1 — — Foreign governments 0.1 — — 0.1 — — Cash equivalents 6.6 — 6.6 — — — Total nuclear decommissioning trust 334.5 — 291.1 43.4 — — Self-insured health plan trust (c) Equity securities 1.6 — 1.6 — — — Debt securities 8.0 — 2.5 5.5 — — Cash and cash equivalents 1.6 — 1.6 — — — Total self-insured health plan trust 11.2 — 5.7 5.5 — — Derivative instruments - commodity contracts (b) Power — (3.5) — — 3.5 — Total derivative assets — (3.5) — — 3.5 — Total assets 345.7 (3.5) 296.8 48.9 3.5 — Liabilities Derivative instruments - commodity contracts (b) Power 0.6 (3.5) — — 4.1 — Total derivative liabilities 0.6 (3.5) — — 4.1 — Total liabilities $ 0.6 $ (3.5) $ — $ — $ 4.1 $ — Description December 31, 2022 Netting Level 1 Level 2 Level 3 NAV Other Evergy Assets Rabbi trusts Core bond fund $ 9.2 $ — $ 9.2 $ — $ — $ — Total rabbi trusts 9.2 — 9.2 — — — Derivative instruments - commodity contracts (b) Power 0.4 (1.0) — — 1.4 — Total derivative assets 0.4 (1.0) — — 1.4 — Total assets 9.6 (1.0) 9.2 — 1.4 — Liabilities Derivative instruments Power 0.2 (1.1) 0.2 — 1.1 — Natural gas 3.7 — — 3.7 — — Total derivative liabilities 3.9 (1.1) 0.2 3.7 1.1 — Total liabilities $ 3.9 (1.1) $ 0.2 $ 3.7 $ 1.1 $ — Evergy Assets Nuclear decommissioning trust (a) $ 653.3 $ — $ 547.1 $ 43.4 $ — $ 62.8 Rabbi trusts 34.1 — 34.1 — — — Self-insured health plan trust (c) 11.2 — 5.7 5.5 — — Derivative instruments - commodity contracts (b) Power 43.0 (64.2) 45.5 46.5 15.2 — Natural gas 7.3 (215.3) 222.5 0.1 — — Total derivative assets 50.3 (279.5) 268.0 46.6 15.2 — Total assets 748.9 (279.5) 854.9 95.5 15.2 62.8 Liabilities Derivative instruments - commodity contracts (b) Power 47.4 (55.1) 34.2 55.9 12.4 — Natural gas 5.1 (215.3) 216.6 3.8 — — Total derivative liabilities 52.5 (270.4) 250.8 59.7 12.4 — Total liabilities $ 52.5 $ (270.4) $ 250.8 $ 59.7 $ 12.4 $ — Description December 31, 2021 Netting Level 1 Level 2 Level 3 NAV Evergy Kansas Central (millions) Assets Nuclear decommissioning trust (a) Domestic equity funds $ 140.4 $ — $ 126.5 $ — $ — $ 13.9 International equity funds 74.0 — 74.0 — — — Core bond fund 58.1 — 58.1 — — — High-yield bond fund 29.6 — 29.6 — — — Emerging markets bond fund 18.0 — 18.0 — — — Alternative investments fund 32.7 — — — — 32.7 Real estate securities fund 15.2 — — — — 15.2 Cash equivalents 0.4 — 0.4 — — — Total nuclear decommissioning trust 368.4 — 306.6 — — 61.8 Rabbi trust Fixed income funds 19.6 — 19.6 — — — Equity funds 9.5 — 9.5 — — — Combination debt/equity/other fund 2.4 — 2.4 — — — Cash equivalents 0.2 — 0.2 — — — Total rabbi trust 31.7 — 31.7 — — — Derivative instruments - commodity contracts (b) Power 42.0 (28.3) 28.2 37.2 4.9 — Natural gas 5.2 (57.5) 62.2 0.5 — — Total derivative assets 47.2 (85.8) 90.4 37.7 4.9 — Total assets 447.3 (85.8) 428.7 37.7 4.9 61.8 Liabilities Derivative instruments - commodity contracts (b) Power 36.7 (28.3) 14.7 46.3 4.0 — Natural gas 1.5 (57.5) 58.7 0.3 — — Total derivative liabilities 38.2 (85.8) 73.4 46.6 4.0 — Total liabilities $ 38.2 $ (85.8) $ 73.4 $ 46.6 $ 4.0 $ — Evergy Metro Assets Nuclear decommissioning trust (a) Equity securities $ 299.2 $ — $ 299.2 $ — $ — $ — Debt securities U.S. Treasury 46.1 — 46.1 — — — U.S. Agency 0.4 — — 0.4 — — State and local obligations 4.0 — — 4.0 — — Corporate bonds 43.7 — — 43.7 — — Foreign governments 0.1 — — 0.1 — — Cash equivalents 6.8 — 6.8 — — — Total nuclear decommissioning trust 400.3 — 352.1 48.2 — — Self-insured health plan trust (c) Equity securities 2.0 — 2.0 — — — Debt securities 8.7 — 2.7 6.0 — — Cash and cash equivalents 1.8 — 1.8 — — — Total self-insured health plan trust 12.5 — 6.5 6.0 — — Derivative instruments - commodity contracts (b) Power 6.5 (0.4) — — 6.9 — Total derivative assets 6.5 (0.4) — — 6.9 — Total assets 419.3 (0.4) 358.6 54.2 6.9 — Liabilities Derivative instruments - commodity contracts (b) Power — (0.4) — — 0.4 — Total derivative liabilities — (0.4) — — 0.4 — Total liabilities $ — $ (0.4) $ — $ — $ 0.4 $ — Description December 31, 2021 Netting Level 1 Level 2 Level 3 NAV Other Evergy (millions) Assets Other Evergy investments Equity securities (d) $ 31.4 $ — $ — $ 31.4 $ — $ — Total other Evergy investments 31.4 — — 31.4 — — Rabbi trusts Core bond fund 12.5 — 12.5 — — — Total rabbi trusts 12.5 — 12.5 — — — Derivative instruments - commodity contracts (b) Power 1.7 (2.0) — — 3.7 — Total derivative assets 1.7 (2.0) — — — — Total assets 45.6 (2.0) 12.5 31.4 — — Liabilities Derivative instruments - commodity contracts (b) Power — (2.0) — — 2.0 — Total derivative liabilities — (2.0) — — 2.0 — Total liabilities $ — $ (2.0) $ — $ — $ 2.0 $ — Evergy Assets Nuclear decommissioning trust (a) $ 768.7 $ — $ 658.7 $ 48.2 $ — $ 61.8 Rabbi trusts 44.2 — 44.2 — — — Self-insured health plan trust (c) 12.5 — 6.5 6.0 — — Other Evergy investments (d) 31.4 — — 31.4 — — Derivative instruments - commodity contracts (b) Power 50.2 (30.7) 28.2 37.2 15.5 — Natural gas 5.2 (57.5) 62.2 0.5 — — Total derivative assets 55.4 (88.2) 90.4 37.7 15.5 — Total assets 912.2 (88.2) 799.8 123.3 15.5 61.8 Liabilities Derivative instruments - commodity contracts (b) Power 36.7 (30.7) 14.7 46.3 6.4 — Natural gas 1.5 (57.5) 58.7 0.3 — — Total derivative liabilities 38.2 (88.2) 73.4 46.6 6.4 — Total liabilities $ 38.2 $ (88.2) $ 73.4 $ 46.6 $ 6.4 $ — (a) With the exception of investments measured at NAV, fair value is based on quoted market prices of the investments held by the trust and/or valuation models. (b) Derivative instruments classified as Level 1 consist of exchange-traded derivative instruments with fair value based on quoted market prices. Derivative instruments classified as Level 2 consist of non-exchange traded derivative instruments with observable forward curves and option contracts priced with models using observable inputs. Derivative instruments classified as Level 3 consist of non-exchange traded derivative instruments for which observable market data is not available to corroborate the valuation inputs and TCRs valued at the most recent auction price in the SPP Integrated Marketplace. (c) 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. (d) Fair value was based on quoted market prices adjusted for a discount for lack of marketability based on a valuation model due to a restriction on the sale of the stock. |
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, 2022 December 31, 2021 December 31, 2022 Fair Unfunded Fair Unfunded Redemption Length of Value Commitments Value Commitments Frequency Settlement Evergy Kansas Central (millions) Nuclear decommissioning trust: Domestic equity funds $ 12.1 $ 1.5 $ 13.9 $ 1.7 (a) (a) Alternative investments fund (b) 31.8 — 32.7 — Quarterly 65 days Real estate securities fund (b) 18.9 — 15.2 — Quarterly 65 days Total Evergy investments at NAV $ 62.8 $ 1.5 $ 61.8 $ 1.7 (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. |
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. 2022 2021 2020 Evergy (millions) Nuclear decommissioning trust - equity securities $ (123.3) $ 101.8 45.5 Nuclear decommissioning trust - debt securities (15.2) (4.5) 5.3 Rabbi trusts - equity securities (7.1) (1.8) (5.6) Total $ (145.6) $ 95.5 $ 45.2 Evergy Kansas Central Nuclear decommissioning trust - equity securities $ (62.8) $ 50.5 21.9 Rabbi trust - equity securities (5.4) (1.4) (6.1) Total $ (68.2) $ 49.1 $ 15.8 Evergy Metro Nuclear decommissioning trust - equity securities $ (60.5) $ 51.3 23.6 Nuclear decommissioning trust - debt securities (15.2) (4.5) 5.3 Total $ (75.7) $ 46.8 $ 28.9 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contractual Obligation | The Evergy Companies' contractual commitments for fuel and power at December 31, 2022 are detailed in the following tables. See Notes 9, 12 and 21 for information regarding pension, long-term debt and lease commitments, respectively. Evergy 2023 2024 2025 2026 2027 After 2027 Total Purchase commitments (millions) Fuel $ 308.6 $ 157.5 $ 130.4 $ 132.9 $ 57.1 $ 148.3 $ 934.8 Power 62.7 57.1 57.5 57.5 57.5 275.2 567.5 Total fuel and power commitments $ 371.3 $ 214.6 $ 187.9 $ 190.4 $ 114.6 $ 423.5 $ 1,502.3 Evergy Kansas Central 2023 2024 2025 2026 2027 After 2027 Total Purchase commitments (millions) Fuel $ 160.3 $ 100.6 $ 83.9 $ 83.7 $ 30.3 $ 77.9 $ 536.7 Power 0.9 0.9 0.9 0.9 0.9 2.7 7.2 Total fuel and power commitments $ 161.2 $ 101.5 $ 84.8 $ 84.6 $ 31.2 $ 80.6 $ 543.9 Evergy Metro 2023 2024 2025 2026 2027 After 2027 Total Purchase commitments (millions) Fuel $ 128.2 $ 49.1 $ 39.7 $ 42.3 $ 22.5 $ 70.4 $ 352.2 Power 35.3 29.2 29.2 29.2 29.2 166.9 319.0 Total fuel and power commitments $ 163.5 $ 78.3 $ 68.9 $ 71.5 $ 51.7 $ 237.3 $ 671.2 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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. 2022 2021 2020 (millions) Evergy Kansas Central billings to Evergy Missouri West $ 32.7 $ 32.5 $ 37.6 Evergy Metro billings to Evergy Missouri West 140.5 142.1 168.7 Evergy Kansas Central billings to Evergy Metro 33.1 29.4 34.7 Evergy Metro billings to Evergy Kansas Central 238.4 134.7 130.8 The following table summarizes Evergy Kansas Central's and Evergy Metro's related party net receivables and payables. December 31 2022 2021 Evergy Kansas Central (millions) Net payable to Evergy $ (12.7) $ (2.2) Net payable to Evergy Metro (15.7) (14.5) Net receivable from Evergy Missouri West 7.4 10.4 Evergy Metro Net receivable from Evergy $ 16.3 $ 8.7 Net receivable from Evergy Kansas Central 15.7 14.5 Net receivable from Evergy Missouri West 137.5 254.5 December 31 2022 2021 Evergy Kansas Central (millions) Income taxes receivable from (payable to) Evergy $ (10.3) $ 9.6 Evergy Metro Income taxes receivable from (payable to) Evergy $ 0.2 $ (2.5) |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 Assets: (millions) Property, plant and equipment of variable interest entities, net $ 140.7 $ 147.8 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Components of income tax expense are detailed in the following tables. Evergy 2022 2021 2020 Current income taxes (millions) Federal $ 31.9 $ 15.6 $ (26.8) State 8.3 (0.4) 2.1 Total 40.2 15.2 (24.7) Deferred income taxes Federal 17.2 92.8 73.1 State (3.4) 14.7 59.8 Total 13.8 107.5 132.9 Investment tax credit Deferral — 0.4 — Amortization (6.5) (5.7) (6.0) Total (6.5) (5.3) (6.0) Income tax expense $ 47.5 $ 117.4 $ 102.2 Evergy Kansas Central 2022 2021 2020 Current income taxes (millions) Federal $ 95.8 $ 53.3 $ 14.5 State 3.9 (0.2) (5.3) Total 99.7 53.1 9.2 Deferred income taxes Federal (78.7) 3.8 (16.7) State (4.6) (1.2) 168.1 Total (83.3) 2.6 151.4 Investment tax credit Deferral — 0.3 — Amortization (4.1) (4.3) (4.8) Total (4.1) (4.0) (4.8) Income tax expense $ 12.3 $ 51.7 $ 155.8 Evergy Metro 2022 2021 2020 Current income taxes (millions) Federal $ (21.9) $ 39.2 $ (0.2) State 4.1 3.2 10.8 Total (17.8) 42.4 10.6 Deferred income taxes Federal 69.9 6.5 29.8 State 0.6 4.8 (32.2) Total 70.5 11.3 (2.4) Investment tax credit Amortization (2.4) (1.3) (1.1) Total (2.4) (1.3) (1.1) Income tax expense $ 50.3 $ 52.4 $ 7.1 |
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 2022 2021 2020 Federal statutory income tax 21.0 % 21.0 % 21.0 % COLI policies (1.2) (1.0) (1.6) State income taxes 0.3 1.0 4.3 Flow through depreciation for plant-related differences (8.4) (5.4) (5.3) Federal tax credits (4.0) (2.8) (4.6) Non-controlling interest (0.3) (0.3) (0.3) AFUDC equity (0.6) (0.6) (0.5) Amortization of federal investment tax credits (0.6) (0.4) (0.6) Federal or state tax rate change — — 1.9 Valuation allowance — — (0.2) Stock compensation (0.2) — (0.1) Officer compensation limitation 0.3 0.5 0.2 Other (0.5) (0.4) (0.2) Effective income tax rate 5.8 % 11.6 % 14.0 % Evergy Kansas Central 2022 2021 2020 Federal statutory income tax 21.0 % 21.0 % 21.0 % COLI policies (2.2) (1.7) (2.8) State income taxes (0.4) (0.4) 3.8 Flow through depreciation for plant-related differences (6.6) (3.0) (0.1) Federal tax credits (7.2) (5.0) (7.1) Non-controlling interest (0.6) (0.5) (0.6) AFUDC equity (0.4) (0.6) (0.5) Amortization of federal investment tax credits (0.5) (0.5) (0.7) Federal or state tax rate change — — 27.8 Stock compensation (0.2) (0.1) (0.1) Officer compensation limitation 0.1 0.3 — Other (0.2) (0.1) (0.9) Effective income tax rate 2.8 % 9.4 % 39.8 % Evergy Metro 2022 2021 2020 Federal statutory income tax 21.0 % 21.0 % 21.0 % COLI policies (0.1) (0.2) (0.3) State income taxes 0.9 1.7 4.9 Flow through depreciation for plant-related differences (7.2) (7.8) (10.0) Federal tax credits (0.1) (0.2) (1.9) AFUDC equity (0.7) (0.7) (0.5) Amortization of federal investment tax credits (0.6) (0.4) (0.4) Federal or state tax rate change — — (10.5) Stock compensation (0.2) — (0.4) Officer compensation limitation 0.5 0.9 0.4 Other (1.1) 0.1 — Effective income tax rate 12.4 % 14.4 % 2.3 % |
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 2022 2021 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Deferred tax assets: (millions) Tax credit carryforward $ 311.0 $ 226.9 $ 77.6 $ 375.2 $ 206.3 $ 162.1 Income taxes refundable to customers, net 311.0 156.5 113.6 336.6 168.5 123.8 Deferred employee benefit costs 86.2 45.1 54.7 158.3 84.8 86.8 Net operating loss carryforward 31.7 — — 40.2 — — Deferred state income taxes 145.6 99.8 38.6 146.9 101.0 38.6 Accrued liabilities 169.7 77.5 61.6 157.6 71.3 56.4 Other 248.1 112.7 58.8 200.0 100.6 59.6 Total deferred tax assets before 1,303.3 718.5 404.9 1,414.8 732.5 527.3 Valuation allowances (12.8) — — (12.8) — — Total deferred tax assets, net 1,290.5 718.5 404.9 1,402.0 732.5 527.3 Deferred tax liabilities: Plant-related (2,770.9) (1,333.2) (1,016.4) (2,701.1) (1,308.7) (996.7) Deferred employee benefit costs (8.8) (8.3) — (96.8) (52.9) (43.5) ARO regulatory assets (144.3) (59.4) (54.3) (133.7) (53.9) (49.9) Acquisition premium (40.6) (40.6) — (43.9) (43.9) — Other regulatory assets (195.6) (41.7) (28.6) (152.1) (53.3) (20.4) Other (126.9) (79.8) (26.5) (136.3) (87.7) (22.9) Total deferred tax liabilities (3,287.1) (1,563.0) (1,125.8) (3,263.9) (1,600.4) (1,133.4) Net deferred income tax liabilities $ (1,996.6) $ (844.5) $ (720.9) $ (1,861.9) $ (867.9) $ (606.1) |
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, 2022 are detailed in the following table. Amount of Benefit Year of Origin Evergy Evergy Kansas Central Evergy Metro (millions) 2005 0.1 — — 2006 0.1 — — 2007 0.1 — — 2013 9.1 4.3 4.8 2014 24.1 10.8 13.0 2015 24.7 10.9 13.2 2016 27.1 11.0 12.4 2017 43.9 35.0 8.3 2018 43.9 36.3 7.5 2019 37.7 30.8 6.7 2020 35.9 28.4 7.4 2021 31.9 28.1 3.7 2022 32.4 31.3 0.6 $ 311.0 $ 226.9 $ 77.6 |
Summary of Operating Loss Carryforwards | The year of origin of Evergy's related tax benefit amounts for federal NOL carryforwards as of December 31, 2022 are detailed in the following table. Year of Origin Amount of Benefit (millions) 2006 $ 25.4 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Lease Expense | The Evergy Companies' lease expense is detailed in the following table. Evergy 2022 2021 2020 Finance lease costs (millions) Amortization of right-of-use assets $ 5.3 $ 5.1 $ 7.7 Interest on lease liabilities 2.4 2.5 3.1 Operating lease costs 21.9 21.8 22.9 Short-term lease costs 4.9 5.9 2.1 Variable lease costs for renewable purchase power agreements 318.0 280.3 296.6 Total lease costs $ 352.5 $ 315.6 $ 332.4 Evergy Kansas Central 2022 2021 2020 Finance lease costs (millions) Amortization of right-of-use assets $ 4.7 $ 4.5 $ 7.2 Interest on lease liabilities 2.2 2.4 2.8 Operating lease costs 12.1 12.9 11.9 Short-term lease costs 1.4 1.8 0.5 Variable lease costs for renewable purchase power agreements 155.2 145.8 135.6 Total lease costs $ 175.6 $ 167.4 $ 158.0 Evergy Metro 2022 2021 2020 Finance lease costs (millions) Amortization of right-of-use assets $ 0.5 $ 0.4 $ 0.3 Interest on lease liabilities 0.1 0.1 0.1 Operating lease costs 8.7 9.0 9.3 Short-term lease costs 3.3 3.0 1.5 Variable lease costs for renewable purchase power agreements 122.6 101.0 112.2 Total lease costs $ 135.2 $ 113.5 $ 123.4 Supplemental cash flow information related to the Evergy Companies' leases is detailed in the following table. Evergy 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 21.1 $ 20.7 $ 22.2 Operating cash flows from finance leases 2.4 2.6 2.8 Financing cash flows from finance leases 5.9 5.3 5.6 Right-of-use assets obtained in exchange for new operating lease liabilities 12.2 16.4 6.9 Right-of-use assets obtained in exchange for new finance lease liabilities 7.0 1.4 5.6 Evergy Kansas Central 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 11.4 $ 11.8 $ 12.9 Operating cash flows from finance leases 2.2 2.4 2.5 Financing cash flows from finance leases 5.1 4.7 5.1 Right-of-use assets obtained in exchange for new operating lease liabilities 12.0 7.1 6.6 Right-of-use assets obtained in exchange for new finance lease liabilities 7.0 1.4 4.0 Evergy Metro 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 9.3 $ 10.4 $ 10.8 Operating cash flows from finance leases 0.1 0.1 0.1 Financing cash flows from finance leases 0.7 0.5 0.4 Right-of-use assets obtained in exchange for new operating lease liabilities 0.2 9.3 0.3 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, 2022, are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2023 $ 8.0 $ 7.2 $ 0.5 2024 6.7 6.0 0.5 2025 5.8 5.3 0.3 2026 5.4 5.0 0.2 2027 4.9 4.5 0.2 After 2027 36.8 36.4 0.2 Total finance lease payments 67.6 64.4 1.9 Amounts representing imputed interest (21.1) (20.6) (0.2) Present value of lease payments 46.5 43.8 1.7 Less: current portion (5.7) (5.1) (0.4) Total long-term obligations under finance leases $ 40.8 $ 38.7 $ 1.3 Right-of-use assets under finance leases included in property, plant and equipment, net on the consolidated balance sheets $ 315.0 $ 56.0 $ 1.7 Weighted-average remaining lease term (years) 12.1 12.7 3.3 Weighted-average discount rate 5.5 % 5.5 % 4.8 % |
Schedule of Lease Payments for Operating Leases | Lease payments and other supplemental information for operating leases as of December 31, 2022, are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2023 $ 17.6 $ 8.6 $ 8.7 2024 15.0 6.7 8.0 2025 10.6 4.3 6.5 2026 7.9 2.6 5.4 2027 6.4 1.2 5.4 After 2027 25.0 0.1 24.9 Total operating lease payments 82.5 23.5 58.9 Amounts representing imputed interest (6.4) (1.3) (5.1) Present value of lease payments 76.1 22.2 53.8 Less: current portion (16.1) (8.2) (7.7) Total long-term obligations under operating leases $ 60.0 $ 14.0 $ 46.1 Right-of-use assets under operating leases included in other assets on the consolidated balance sheets $ 77.4 $ 23.8 $ 40.2 Weighted-average remaining lease term (years) 7.1 3.3 8.7 Weighted-average discount rate 2.4 % 3.1 % 2.2 % |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Organization (Details) customer in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | 23 Months Ended | |||
Aug. 09, 2022 USD ($) MW | Dec. 31, 2021 USD ($) | Oct. 01, 2021 USD ($) | Feb. 28, 2021 USD ($) | Dec. 31, 2022 USD ($) customer kilovolt_line subsidiary mi MW | Dec. 31, 2022 USD ($) MW | |
Summary Of Accounting Policies [Line Items] | ||||||
Owned generating capacity and renewable purchased power | MW | 15,400 | 15,400 | ||||
Number of customers served | customer | 1.7 | |||||
Regulatory assets | $ 2,415.2 | $ 2,214.3 | $ 2,214.3 | |||
Regulatory liabilities | 2,775.7 | 2,722.2 | 2,722.2 | |||
Increase of Natural Gas and Purchased Power Costs, Net Increase in Wholesale Revenues | 367.9 | |||||
Cash settlements under share forward agreement | 15.1 | |||||
Equity investment loss, net of derivative gain | 16.3 | |||||
2022OklahomaWindFarmPurchase [Member] | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Asset Acquisition, Price of Acquisition, Expected | $ 250 | |||||
ApproximateMWNameplateCapacity | MW | 199 | |||||
Evergy Kansas Central | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Regulatory assets | 1,010.9 | 711.9 | 711.9 | |||
Regulatory liabilities | 1,482.2 | $ 1,441 | 1,441 | |||
Increase of Natural Gas and Purchased Power Costs, Gross | 134.3 | |||||
Increase of Energy Marketing Margins | $ 94.5 | |||||
Prairie Wind Transmission, LLC | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Transmission line length | mi | 108 | |||||
Transmission line electrical potential | kilovolt_line | 345 | |||||
Evergy Missouri West | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Increase of Natural Gas and Purchased Power Costs, Gross | 296.6 | |||||
Evergy Metro | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Regulatory assets | 497 | $ 373.8 | 373.8 | |||
Regulatory liabilities | 1,008.8 | $ 928.1 | 928.1 | |||
Increase in Wholesale Revenues | $ 63 | |||||
Transource Energy, LLC | Evergy Transmission Company LLC | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Ownership percentage | 13.50% | 13.50% | ||||
Prairie Wind Transmission, LLC | Evergy Kansas Central | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Ownership percentage | 50% | 50% | ||||
Early-Stage Energy Solution Company | ||||||
Summary Of Accounting Policies [Line Items] | ||||||
Initial Investment On Equity Investment | $ 3.7 | |||||
Equity investment fair value | 31.4 | |||||
Unrealized Gain on Investments | 27.7 | $ (16.3) | ||||
Unrealized Gain on Investments | $ (27.7) | $ 16.3 | ||||
Initial Investment On Equity Investment | $ (3.7) | |||||
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% | 86.50% |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fuel Inventory and Supplies (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Fuel inventory | $ 180.7 | $ 160.9 |
Supplies | 492.2 | 405.8 |
Fuel inventory and supplies | 672.9 | 566.7 |
Evergy Kansas Central | ||
Inventory [Line Items] | ||
Fuel inventory | 97.2 | 74.3 |
Supplies | 252.3 | 208.9 |
Fuel inventory and supplies | 349.5 | 283.2 |
Evergy Metro | ||
Inventory [Line Items] | ||
Fuel inventory | 59 | 62 |
Supplies | 181.6 | 149 |
Fuel inventory and supplies | $ 240.6 | $ 211 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
AFUDC borrowed funds | $ 15.8 | $ 14.7 | $ 16.5 |
AFUDC equity funds | 22.5 | 29.4 | 17.2 |
Total | 38.3 | 44.1 | 33.7 |
Evergy Kansas Central | |||
Property, Plant and Equipment [Line Items] | |||
AFUDC borrowed funds | 6.9 | 7.1 | 8.5 |
AFUDC equity funds | 8.5 | 14.9 | 9.1 |
Total | $ 15.4 | $ 22 | $ 17.6 |
Public utilities, allowance for funds used during construction, rate | 3.10% | 4.90% | 4.70% |
Evergy Metro | |||
Property, Plant and Equipment [Line Items] | |||
AFUDC borrowed funds | $ 6.5 | $ 6 | $ 6 |
AFUDC equity funds | 14.2 | 12.6 | 8 |
Total | $ 20.7 | $ 18.6 | $ 14 |
Public utilities, allowance for funds used during construction, rate | 5.70% | 5.60% | 5.20% |
Evergy Missouri West | |||
Property, Plant and Equipment [Line Items] | |||
Public utilities, allowance for funds used during construction, rate | 2.30% | 2.60% | 3.50% |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation rates average | 3% | |
Regulatory assets | $ 2,214.3 | $ 2,415.2 |
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 | $ 711.9 | 1,010.9 |
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 | $ 373.8 | $ 497 |
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 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Corporate-Owned Life Insurance (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Cash surrender value of policies | $ 1,387.4 | $ 1,363 |
Borrowings against policies | (1,256.6) | (1,232.3) |
Corporate-owned life insurance, net | $ 130.8 | $ 130.7 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Income (Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Income Expense Net [Line Items] | |||
Non-service cost component of net benefit cost | $ (62.9) | $ (55.6) | $ (58.6) |
Other | (34.4) | (31.8) | (19.6) |
Other expense | (97.3) | (87.4) | (78.2) |
Evergy Kansas Central | |||
Other Income Expense Net [Line Items] | |||
Non-service cost component of net benefit cost | (17.1) | (15.6) | (21.2) |
Other | (22.5) | (20.3) | (17.7) |
Other expense | (39.6) | (35.9) | (38.9) |
Evergy Metro | |||
Other Income Expense Net [Line Items] | |||
Non-service cost component of net benefit cost | (31) | (26.7) | (24.2) |
Other | (2.9) | (2.7) | (1.3) |
Other expense | $ (33.9) | $ (29.4) | $ (25.5) |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income | |||
Net income | $ 765 | $ 891.9 | $ 630 |
Less: Net income attributable to noncontrolling interests | 12.3 | 12.2 | 11.7 |
Net income attributable to Evergy, Inc. | $ 752.7 | $ 879.7 | $ 618.3 |
Common Shares Outstanding | |||
Weighted average number of common shares outstanding - basic (in shares) | 229.9 | 229 | 227.2 |
Add: effect of dilutive securities (in shares) | 0.4 | 0.6 | 0.3 |
Diluted average number of common shares outstanding (in shares) | 230.3 | 229.6 | 227.5 |
Basic earnings per common share (in dollars per share) | $ 3.27 | $ 3.84 | $ 2.72 |
Diluted EPS (in dollars per share) | $ 3.27 | $ 3.83 | $ 2.72 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Antidilutive Securities (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 127,884 | |
Warrant | Maximum | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 3,950,000 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for (received from): | |||
Interest, net of amount capitalized | $ 393.7 | $ 356.9 | $ 367.6 |
Income taxes, net of refunds | 21.6 | (19.6) | (46.5) |
Non-cash investing transactions: | |||
Property, plant and equipment additions (reductions) | 354.7 | 269.3 | 463.3 |
Non-cash financing transactions: | |||
Issuance of stock for compensation and reinvested dividends | 0 | 0.7 | 0.9 |
Variable Interest Entities | |||
Cash paid for (received from): | |||
Interest of VIEs | 0 | 0.2 | 0.8 |
Evergy Kansas Central | |||
Cash paid for (received from): | |||
Interest, net of amount capitalized | 170.2 | 149.3 | 157.5 |
Income taxes, net of refunds | 79.8 | 37.5 | 4.7 |
Non-cash investing transactions: | |||
Property, plant and equipment additions (reductions) | 203.9 | 101.9 | 235.4 |
Evergy Kansas Central | Variable Interest Entities | |||
Cash paid for (received from): | |||
Interest of VIEs | 0 | 0.2 | 0.8 |
Evergy Metro | |||
Cash paid for (received from): | |||
Interest, net of amount capitalized | 114.6 | 110.8 | 109.9 |
Income taxes, net of refunds | (15.2) | 36.6 | 4.8 |
Non-cash investing transactions: | |||
Property, plant and equipment additions (reductions) | $ 125.8 | $ 102.2 | $ 192.5 |
SUMMARY OF SIGNIFICANT ACCOU_13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Dividends Declared (Details) - $ / shares | 12 Months Ended | |||
Feb. 23, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends Payable [Line Items] | ||||
Dividends declared on common stock (in dollars per share) | $ 2.33 | $ 2.178 | $ 2.05 | |
Common Stock | Subsequent Event | ||||
Dividends Payable [Line Items] | ||||
Dividends declared on common stock (in dollars per share) | $ 0.6125 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | $ 5,589.2 | $ 5,329.1 | $ 4,781.6 |
Other | 269.9 | 257.6 | 131.8 |
Revenues | 5,859.1 | 5,586.7 | 4,913.4 |
Evergy Kansas Central | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 2,983.7 | 2,705.2 | 2,369.4 |
Other | 72.2 | 142.1 | 48.7 |
Revenues | 3,055.9 | 2,847.3 | 2,418.1 |
Evergy Metro | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 1,774.5 | 1,799.7 | 1,623.8 |
Other | 196.1 | 114 | 81.8 |
Revenues | 1,970.6 | 1,913.7 | 1,705.6 |
Residential | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 2,168.2 | 1,918.3 | 1,909.2 |
Residential | Evergy Kansas Central | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 980.1 | 824.1 | 801.2 |
Residential | Evergy Metro | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 746.4 | 691.9 | 714.7 |
Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 1,888.5 | 1,681.3 | 1,641.7 |
Commercial | Evergy Kansas Central | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 822.9 | 694.1 | 665.6 |
Commercial | Evergy Metro | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 758.6 | 713.3 | 717.1 |
Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 686.2 | 597 | 588.7 |
Industrial | Evergy Kansas Central | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 465.7 | 391.7 | 379.9 |
Industrial | Evergy Metro | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 127 | 122 | 128.8 |
Other retail | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | (32.1) | 33.1 | 38.5 |
Deferral of revenues to regulatory liability for refund to customers for return on investment of retired Sibley Station | 68 | ||
Other retail | Evergy Kansas Central | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 17.9 | 17.1 | 17.7 |
Other retail | Evergy Metro | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 11.5 | 9.2 | 11.7 |
Total electric retail | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 4,710.8 | 4,229.7 | 4,178.1 |
Total electric retail | Evergy Kansas Central | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 2,286.6 | 1,927 | 1,864.4 |
Total electric retail | Evergy Metro | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 1,643.5 | 1,536.4 | 1,572.3 |
Wholesale | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 509.9 | 717.2 | 264 |
Wholesale | Evergy Kansas Central | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 389.9 | 453.1 | 215.4 |
Wholesale | Evergy Metro | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 111.9 | 242.6 | 35 |
Transmission | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 343.7 | 356.8 | 318.5 |
Transmission | Evergy Kansas Central | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 305 | 322.9 | 287.3 |
Transmission | Evergy Metro | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 18.2 | 17.1 | 13.9 |
Industrial steam and other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 24.8 | 25.4 | 21 |
Industrial steam and other | Evergy Kansas Central | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 2.2 | 2.2 | 2.3 |
Industrial steam and other | Evergy Metro | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | $ 0.9 | $ 3.6 | $ 2.6 |
RECEIVABLES (Details)
RECEIVABLES (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables | $ 200.9 | $ 160.7 |
Allowance for credit losses | (31.4) | (32.9) |
Total | 315.3 | 221.6 |
Evergy Kansas Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables | 194.9 | 178.5 |
Allowance for credit losses | (16.9) | (13) |
Total | 249.4 | 201.6 |
Evergy Metro | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables | 21.6 | 15.7 |
Allowance for credit losses | (9.3) | (13.3) |
Total | 37.8 | 31 |
Customer accounts receivable | Billed | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | 8.9 | 13.7 |
Customer accounts receivable | Billed | Evergy Kansas Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | 0 | 9.7 |
Customer accounts receivable | Billed | Evergy Metro | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | 0 | 2.7 |
Customer accounts receivable | Unbilled | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | 136.9 | 80.1 |
Customer accounts receivable | Unbilled | Evergy Kansas Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | 71.4 | 26.4 |
Customer accounts receivable | Unbilled | Evergy Metro | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | $ 25.5 | $ 25.9 |
RECEIVABLES - Narrative (Detail
RECEIVABLES - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Entity Information [Line Items] | ||
Other receivables, contracts with customers | $ 113 | $ 63.7 |
Accounts receivable pledged as collateral | 359 | 319 |
Evergy Kansas Central | ||
Entity Information [Line Items] | ||
Other receivables, contracts with customers | 110.8 | 62.6 |
Accounts receivable pledged as collateral | 185 | 153 |
Evergy Metro | ||
Entity Information [Line Items] | ||
Other receivables, contracts with customers | 1.3 | 0.5 |
Accounts receivable pledged as collateral | 124 | $ 116 |
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 Mid November | 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 | |
Borrowing From Mid June Through Mid October | Evergy Kansas Central | ||
Entity Information [Line Items] | ||
Maximum amount of outstanding principal under receivables agreement | $ 200 |
RECEIVABLES - Allowance for Cre
RECEIVABLES - Allowance for Credit Loses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance January 1 | $ 32.9 | $ 19.3 |
Credit loss expense | 16.1 | 28 |
Write-offs | (28.8) | (26.4) |
Recoveries of prior write-offs | 11.2 | 12 |
Ending balance December 31 | 31.4 | 32.9 |
Evergy Kansas Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance January 1 | 13 | 7.5 |
Credit loss expense | 13.1 | 12 |
Write-offs | (13.7) | (11) |
Recoveries of prior write-offs | 4.5 | 4.5 |
Ending balance December 31 | 16.9 | 13 |
Evergy Metro | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance January 1 | 13.3 | 8.1 |
Credit loss expense | 1.7 | 10.5 |
Write-offs | (10.2) | (10.6) |
Recoveries of prior write-offs | 4.5 | 5.3 |
Ending balance December 31 | $ 9.3 | $ 13.3 |
RECEIVABLES - Other Receivables
RECEIVABLES - Other Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables, contracts with customers | $ 113 | $ 63.7 |
Evergy Kansas Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables, contracts with customers | 110.8 | 62.6 |
Evergy Metro | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables, contracts with customers | $ 1.3 | $ 0.5 |
RECEIVABLES - Pledged as Collat
RECEIVABLES - Pledged as Collateral (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 359 | $ 319 |
Evergy Kansas Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | 185 | 153 |
Evergy Metro | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 124 | $ 116 |
RATE MATTERS AND REGULATION - N
RATE MATTERS AND REGULATION - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2022 USD ($) | May 31, 2022 USD ($) | Apr. 30, 2022 USD ($) | Jan. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | $ 2,214.3 | $ 2,214.3 | $ 2,415.2 | |||||
Regulatory liabilities | $ 2,722.2 | $ 2,722.2 | 2,775.7 | |||||
Interest rate | 5.06% | 5.06% | ||||||
Other regulatory disallowances | 0 | $ 0 | ||||||
Purchase power agreement | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | $ 4.1 | $ 4.1 | 5.8 | |||||
Regulatory Liability, Amortization Period | 5 years | |||||||
Fuel recovery mechanisms | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 4.7 | $ 4.7 | 6.5 | |||||
Regulatory Liability, Amortization Period | 1 year | |||||||
February 2021 winter weather event | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 37.8 | $ 37.8 | 65.1 | |||||
Sibley AAO | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 108 | $ 108 | 29.3 | |||||
Regulatory Liability, Amortization Period | 4 years | |||||||
TFR Refund | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 55.5 | $ 55.5 | 0 | |||||
Pension and post-retirement costs | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 137.3 | 137.3 | 567.2 | |||||
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 116.3 | 116.3 | ||||||
Regulatory asset representing differences between pension and post retirement costs for GAAP and for ratemaking | 201 | 201 | ||||||
Analog meter unrecovered investment | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 12.6 | 12.6 | 18.4 | |||||
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 10.1 | $ 10.1 | ||||||
Regulatory Asset, Amortization Period | 5 years | |||||||
February 2021 winter weather event | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 430.9 | $ 430.9 | 403.1 | |||||
Deferred customer programs | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 14.3 | 14.3 | 18.7 | |||||
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 7.2 | 7.2 | ||||||
Fuel recovery mechanisms | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 188.5 | $ 188.5 | 202.5 | |||||
Regulatory Asset, Amortization Period | 1 year | |||||||
Retired generation facility, approved | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 146.3 | $ 146.3 | 123.4 | |||||
Evergy Kansas Central | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 711.9 | 711.9 | 1,010.9 | |||||
Regulatory liabilities | 1,441 | 1,441 | 1,482.2 | |||||
Evergy Kansas Central | Purchase power agreement | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 4.1 | 4.1 | 5.8 | |||||
Evergy Kansas Central | Fuel recovery mechanisms | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 4.5 | 4.5 | 0 | |||||
Evergy Kansas Central | February 2021 winter weather event | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 0 | 0 | 0 | |||||
Evergy Kansas Central | Sibley AAO | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 0 | 0 | 0 | |||||
Evergy Kansas Central | TFR Refund | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 55.5 | 55.5 | 0 | |||||
Evergy Kansas Central | Pension and post-retirement costs | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 54.9 | 54.9 | 265.6 | |||||
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 54.9 | 54.9 | ||||||
Regulatory asset representing differences between pension and post retirement costs for GAAP and for ratemaking | (5.6) | (5.6) | ||||||
Evergy Kansas Central | Analog meter unrecovered investment | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 12.6 | 12.6 | 18.4 | |||||
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 10.1 | $ 10.1 | ||||||
Regulatory Asset, Amortization Period | 5 years | |||||||
Evergy Kansas Central | February 2021 winter weather event | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 121.9 | $ 121.9 | 121.5 | |||||
Evergy Kansas Central | Deferred customer programs | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 6.5 | 6.5 | 6.4 | |||||
Evergy Kansas Central | Fuel recovery mechanisms | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 0 | 0 | 120.8 | |||||
Evergy Kansas Central | Retired generation facility, approved | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 0 | 0 | 0 | |||||
Evergy Metro | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 373.8 | 373.8 | 497 | |||||
Regulatory liabilities | 928.1 | 928.1 | 1,008.8 | |||||
Other regulatory disallowances | 5.5 | 0 | $ 0 | |||||
Evergy Metro | Purchase power agreement | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 0 | 0 | 0 | |||||
Evergy Metro | Fuel recovery mechanisms | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 0.2 | 0.2 | 6.5 | |||||
Evergy Metro | February 2021 winter weather event | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 37.8 | 37.8 | 65.1 | |||||
Evergy Metro | Sibley AAO | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 0 | 0 | 0 | |||||
Evergy Metro | TFR Refund | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 0 | 0 | 0 | |||||
Evergy Metro | Pension and post-retirement costs | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 0 | 0 | 213.3 | |||||
Regulatory asset representing differences between pension and post retirement costs for GAAP and for ratemaking | 126.2 | 126.2 | ||||||
Evergy Metro | Analog meter unrecovered investment | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 0 | 0 | 0 | |||||
Evergy Metro | February 2021 winter weather event | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 0 | 0 | 0 | |||||
Evergy Metro | Deferred customer programs | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 6.7 | 6.7 | 7.8 | |||||
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 6.1 | 6.1 | ||||||
Evergy Metro | Fuel recovery mechanisms | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 13.5 | 13.5 | 19.8 | |||||
Evergy Metro | Retired generation facility, approved | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 0 | $ 0 | 0 | |||||
Evergy Metro | Missouri Public Service Commission | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Public Utilities, Recovery Mechanism Percent for Fuel Cost | 0.95 | |||||||
Public Utilities, Recovery Mechanism's Sharing Percentage for Fuel Cost | 0.05 | |||||||
Evergy Missouri West | Missouri Public Service Commission | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Public Utilities, Recovery Mechanism Percent for Fuel Cost | 0.95 | |||||||
Public Utilities, Recovery Mechanism's Sharing Percentage for Fuel Cost | 0.05 | |||||||
La Cygne Station | Evergy Kansas South Inc | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
VIE ownership percentage | 50% | |||||||
Transmission delivery charge | Evergy Kansas Central | Kansas Corporation Commission | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Annual revenue increase (decrease) approved | $ 20.4 | |||||||
Transmission delivery charge | Evergy Metro | Kansas Corporation Commission | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Annual revenue increase (decrease) approved | $ 7.9 | |||||||
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% | |||||||
Estimated refund on earnings over approved return on equity | 0 | $ 0 | ||||||
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% | |||||||
Estimated refund on earnings over approved return on equity | 16.7 | $ 16.7 | ||||||
2022 Rate case proceedings | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Deferral of revenues to regulatory liability for refund to customers for return on investment of retired Sibley Station | 68 | |||||||
Asset Impairment Charges | 26.7 | |||||||
Other regulatory disallowances, EMW meters | 2.7 | |||||||
Deferral of revenues to regulatory liability for refund to customers for return on investment of retired Sibley Station | (68) | |||||||
Other regulatory disallowances | 5.5 | |||||||
2022 Rate case proceedings | Sibley AAO | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 108 | 108 | ||||||
2022 Rate case proceedings | Retired generation facility, approved | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 146.3 | 146.3 | ||||||
2022 Rate case proceedings | Evergy Metro | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Annual revenue increase (decrease) approved | 25 | |||||||
Return on equity, requested | 10% | |||||||
Annual revenue increase (decrease), requested, not including rebasing fuel, purchased power expense and/or property tax expense | $ 43.9 | |||||||
Rate-making equity ratio, requested | 51.19% | |||||||
Annual revenue increase (decrease) related to rebasing, property tax and credit loss expense, storm reserve and return on unrecovered investment | $ 3.8 | |||||||
Other regulatory disallowances | 5.5 | |||||||
2022 Rate case proceedings | Evergy Missouri West | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Annual revenue increase (decrease) approved | 30.1 | |||||||
Return on equity, requested | 10% | |||||||
Annual revenue increase (decrease), requested, not including rebasing fuel, purchased power expense and/or property tax expense | $ 27.7 | |||||||
Rate-making equity ratio, requested | 51.81% | |||||||
Annual revenue increase (decrease) related to rebasing, property tax and credit loss expense, storm reserve and return on unrecovered investment | $ 32.1 | |||||||
Recovery of Sibley Station, approved | 182.3 | |||||||
Recovery of Sibley Unit 3 | 173.6 | |||||||
Evergy Missouri West Other Proceedings | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Deferral of revenues to regulatory liability for refund to customers for return on investment of retired Sibley Station | 68 | |||||||
Deferral of revenues to regulatory liability for refund to customers for return on investment of retired Sibley Station | (68) | |||||||
Evergy Missouri West Other Proceedings | Sibley AAO | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 29.3 | 29.3 | ||||||
FERC 2023 TFR Proceeding | TFR Refund | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 32.8 | 32.8 | ||||||
FERC 2023 TFR Proceeding | Evergy Kansas Central | Federal Energy Regulatory Commission | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Annual transmissions revenue estimated amount of increase (decrease) over prior year | 38.7 | |||||||
FERC 2023 TFR Proceeding | Evergy Metro | Federal Energy Regulatory Commission | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Annual transmissions revenue estimated amount of increase (decrease) over prior year | 8.6 | |||||||
FERC 2022 TFR Proceeding | Evergy Kansas Central | Federal Energy Regulatory Commission | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Annual transmissions revenue estimated amount of increase (decrease) over prior year | 33.2 | |||||||
FERC 2022 TFR Proceeding | Evergy Metro | Federal Energy Regulatory Commission | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Annual transmissions revenue estimated amount of increase (decrease) over prior year | 18.1 | |||||||
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) | |||||||
2021 KCC Winter Weather AAO | Evergy Kansas Central | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Carrying charges application rate | 1% | |||||||
2021 KCC Winter Weather AAO | Evergy Kansas Central | February 2021 winter weather event | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 120 | 120 | ||||||
2021 KCC Winter Weather AAO | Evergy Metro | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Public Utilities, Requested Refund Increase (Decrease), Amount | $ (5) | |||||||
Carrying charges application rate | 1% | |||||||
2021 KCC Winter Weather AAO | Evergy Metro | February 2021 winter weather event | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 40 | 40 | ||||||
2021 MPSC Winter Weather | Evergy Metro | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Public Utilities, Requested Refund Increase (Decrease), Amount | $ (5) | |||||||
2021 MPSC Winter Weather | Evergy Metro | February 2021 winter weather event | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory liabilities | 25 | 25 | ||||||
2021 MPSC Winter Weather | Evergy Missouri West | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Public Utilities Requested Increase of Recovery | $ 15 | |||||||
2021 MPSC Winter Weather | Evergy Missouri West | February 2021 winter weather event | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 280 | $ 280 | ||||||
2021 MPSC Winter Weather Qualified Extraordinary Costs Securitization | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory Asset, Amortization Period | 15 years | |||||||
2021 MPSC Winter Weather Qualified Extraordinary Costs Securitization | Maximum | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory Asset, Amortization Period | 17 years | |||||||
2021 MPSC Winter Weather Qualified Extraordinary Costs Securitization | Evergy Missouri West | 2021 Winter Weather Qualified Extraordinary Costs Securitization | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Regulatory assets | 309 | $ 309 | $ 281.6 | |||||
2021 MPSC Winter Weather Qualified Extraordinary Costs Securitization | Evergy Missouri West | 2021 Winter Weather Qualified Carrying Costs Securitization | ||||||||
Regulatory Proceedings [Line Items] | ||||||||
Increase in regulatory asset | $ 15 | $ 15 |
RATE MATTERS AND REGULATION - R
RATE MATTERS AND REGULATION - Regulatory Matters Asset (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Regulatory Assets [Line Items] | ||
Regulatory Assets | $ 2,214.3 | $ 2,415.2 |
Less: current portion | (368) | (424.1) |
Total noncurrent regulatory assets | 1,846.3 | 1,991.1 |
Pension and post-retirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 137.3 | 567.2 |
Debt reacquisition costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 87.7 | 94.4 |
Debt fair value adjustment | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 92.1 | 96.5 |
Asset retirement obligations fair value adjustment | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 119.4 | 117.9 |
Depreciation | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 159.1 | 98.5 |
Cost of removal | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 346.8 | 257.5 |
Asset retirement obligations | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 127.5 | 119.3 |
Analog meter unrecovered investment | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 12.6 | 18.4 |
Treasury yield hedges | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 19.2 | 20.4 |
Iatan No. 1 and common facilities | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 6.2 | 6.5 |
Iatan No. 2 construction accounting costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 24 | 24.7 |
Property taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 51.4 | 39.6 |
Disallowed plant costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 13.9 | 14.2 |
La Cygne environmental costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 10 | 11.2 |
Deferred customer programs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 14.3 | 18.7 |
Fuel recovery mechanisms | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 188.5 | 202.5 |
February 2021 winter weather event | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 430.9 | 403.1 |
Solar rebates | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 15.6 | 20.2 |
Transmission delivery charge | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 1.5 | 0 |
Wolf Creek outage | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 22.8 | 20.4 |
Pension and other post-retirement benefit non-service costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 75.3 | 65.6 |
Retired generation facility, approved | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 146.3 | 123.4 |
Merger transition costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 28.1 | 32.7 |
Other regulatory liabilities | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 83.8 | 42.3 |
Evergy Kansas Central | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 711.9 | 1,010.9 |
Less: current portion | (121.9) | (257.3) |
Total noncurrent regulatory assets | 590 | 753.6 |
Evergy Kansas Central | Pension and post-retirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 54.9 | 265.6 |
Evergy Kansas Central | Debt reacquisition costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 80.9 | 86.7 |
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 | 47.2 | 50.1 |
Evergy Kansas Central | Cost of removal | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 158.2 | 141 |
Evergy Kansas Central | Asset retirement obligations | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 54.5 | 52.3 |
Evergy Kansas Central | Analog meter unrecovered investment | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 12.6 | 18.4 |
Evergy Kansas Central | Treasury yield hedges | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 19.2 | 20.4 |
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 | Property taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 33 | 31.6 |
Evergy Kansas Central | Disallowed plant costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 13.9 | 14.2 |
Evergy Kansas Central | La Cygne environmental costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 7.9 | 9 |
Evergy Kansas Central | Deferred customer programs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 6.5 | 6.4 |
Evergy Kansas Central | Fuel recovery mechanisms | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 120.8 |
Evergy Kansas Central | February 2021 winter weather event | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 121.9 | 121.5 |
Evergy Kansas Central | Solar rebates | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Kansas Central | Transmission delivery charge | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Kansas Central | Wolf Creek outage | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 11.4 | 10.2 |
Evergy Kansas Central | Pension and other post-retirement benefit non-service costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 24.8 | 23 |
Evergy Kansas Central | Retired generation facility, approved | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Kansas Central | Merger transition costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 13.3 | 15.6 |
Evergy Kansas Central | Other regulatory liabilities | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 51.7 | 24.1 |
Evergy Metro | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 373.8 | 497 |
Less: current portion | (42.3) | (86.3) |
Total noncurrent regulatory assets | 331.5 | 410.7 |
Evergy Metro | Pension and post-retirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 213.3 |
Evergy Metro | Debt reacquisition costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 6 | 6.7 |
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 | 57.1 | 27 |
Evergy Metro | Cost of removal | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 140.6 | 90.2 |
Evergy Metro | Asset retirement obligations | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 53.4 | 49.1 |
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 | 2.6 | 2.7 |
Evergy Metro | Iatan No. 2 construction accounting costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 12 | 12.4 |
Evergy Metro | Property taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 15.8 | 8 |
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 | 2.1 | 2.2 |
Evergy Metro | Deferred customer programs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 6.7 | 7.8 |
Evergy Metro | Fuel recovery mechanisms | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 13.5 | 19.8 |
Evergy Metro | February 2021 winter weather event | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Metro | Solar rebates | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Metro | Transmission delivery charge | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 1.5 | 0 |
Evergy Metro | Wolf Creek outage | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 11.4 | 10.2 |
Evergy Metro | Pension and other post-retirement benefit non-service costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 30.7 | 29.6 |
Evergy Metro | Retired generation facility, approved | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 0 | 0 |
Evergy Metro | Merger transition costs | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | 10.5 | 12.1 |
Evergy Metro | Other regulatory liabilities | ||
Regulatory Assets [Line Items] | ||
Regulatory Assets | $ 9.9 | $ 5.9 |
RATE MATTERS AND REGULATION -_2
RATE MATTERS AND REGULATION - Regulatory Matters Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | $ 2,722.2 | $ 2,775.7 |
Less: current portion | (155.4) | (70.7) |
Total noncurrent regulatory liabilities | 2,566.8 | 2,705 |
Taxes refundable through future rates | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 1,866.6 | 1,969.5 |
Deferred regulatory gain from sale leaseback | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 37.1 | 42.6 |
Emission allowances | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 38.2 | 42.1 |
Nuclear decommissioning | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 246.3 | 400.1 |
Pension and post-retirement costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 98.4 | 44.4 |
Jurisdictional allowance for funds used during construction | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 25.9 | 27.5 |
La Cygne leasehold dismantling costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 29.6 | 29.6 |
Kansas tax credits | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 23.5 | 16.7 |
Purchase power agreement | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 4.1 | 5.8 |
Fuel recovery mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 4.7 | 6.5 |
February 2021 winter weather event | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 37.8 | 65.1 |
Sibley AAO | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 108 | 29.3 |
TFR Refund | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 55.5 | 0 |
Other regulatory liabilities | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 146.5 | 96.5 |
Evergy Kansas Central | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 1,441 | 1,482.2 |
Less: current portion | (72.1) | (12.8) |
Total noncurrent regulatory liabilities | 1,368.9 | 1,469.4 |
Evergy Kansas Central | Taxes refundable through future rates | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 1,084.2 | 1,143.7 |
Evergy Kansas Central | Deferred regulatory gain from sale leaseback | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 37.1 | 42.6 |
Evergy Kansas Central | Emission allowances | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Evergy Kansas Central | Nuclear decommissioning | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 103.4 | 175.7 |
Evergy Kansas Central | Pension and post-retirement costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 23 | 23.2 |
Evergy Kansas Central | Jurisdictional allowance for funds used during construction | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 24.2 | 25.8 |
Evergy Kansas Central | La Cygne leasehold dismantling costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 29.6 | 29.6 |
Evergy Kansas Central | Kansas tax credits | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 23.5 | 16.7 |
Evergy Kansas Central | Purchase power agreement | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 4.1 | 5.8 |
Evergy Kansas Central | Fuel recovery mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 4.5 | 0 |
Evergy Kansas Central | February 2021 winter weather event | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Evergy Kansas Central | Sibley AAO | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Evergy Kansas Central | TFR Refund | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 55.5 | 0 |
Evergy Kansas Central | Other regulatory liabilities | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 51.9 | 19.1 |
Evergy Metro | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 928.1 | 1,008.8 |
Less: current portion | (55.3) | (54.6) |
Total noncurrent regulatory liabilities | 872.8 | 954.2 |
Evergy Metro | Taxes refundable through future rates | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 586.6 | 616.1 |
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 | 38.2 | 42.1 |
Evergy Metro | Nuclear decommissioning | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 142.9 | 224.4 |
Evergy Metro | Pension and post-retirement costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 72.5 | 15.9 |
Evergy Metro | Jurisdictional allowance for funds used during construction | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 1.7 | 1.7 |
Evergy Metro | La Cygne leasehold dismantling costs | ||
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 | 0.2 | 6.5 |
Evergy Metro | February 2021 winter weather event | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 37.8 | 65.1 |
Evergy Metro | Sibley AAO | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Evergy Metro | TFR Refund | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 0 |
Evergy Metro | Other regulatory liabilities | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | $ 48.2 | $ 37 |
GOODWILL (Details)
GOODWILL (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) reporting_unit | Dec. 31, 2021 USD ($) | |
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, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning balance January 1 | $ 960.1 | $ 941.9 |
Revision in timing and/or estimates | 161.8 | 13.5 |
Settlements | (13) | (38.7) |
Accretion | 44.3 | 43.4 |
Ending balance | 1,153.2 | 960.1 |
Less: current portion | (40.4) | (19.5) |
Asset retirement obligations | 1,112.8 | 940.6 |
Evergy Kansas Central | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning balance January 1 | 443.9 | 427.2 |
Revision in timing and/or estimates | 103.1 | 3.8 |
Settlements | (6.9) | (10.6) |
Accretion | 25 | 23.5 |
Ending balance | 565.1 | 443.9 |
Less: current portion | (21.3) | (7.3) |
Asset retirement obligations | 543.8 | 436.6 |
Evergy Metro | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning balance January 1 | 381 | 378.9 |
Revision in timing and/or estimates | 51.3 | 9.5 |
Settlements | (5.3) | (24.4) |
Accretion | 17.2 | 17 |
Ending balance | 444.2 | 381 |
Less: current portion | (17.1) | (11) |
Asset retirement obligations | $ 427.1 | $ 370 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Electric plant in service | $ 32,129.3 | $ 30,289.9 |
Electric plant acquisition adjustment | 724.3 | 724.3 |
Accumulated depreciation | (12,304.9) | (11,515.5) |
Plant in service | 20,548.7 | 19,498.7 |
Construction work in progress | 1,421.2 | 1,350.6 |
Nuclear fuel, net | 165.8 | 152.5 |
Plant to be retired, net | 0.8 | 0.8 |
Property, plant and equipment, net | 22,136.5 | 21,002.6 |
Variable Interest Entities | ||
Property, Plant and Equipment [Line Items] | ||
Electric plant in service | 392.1 | 392.1 |
Accumulated depreciation | (251.4) | (244.3) |
Property, plant and equipment, net | 140.7 | 147.8 |
Evergy Kansas Central | ||
Property, Plant and Equipment [Line Items] | ||
Electric plant in service | 15,376.9 | 14,686.3 |
Electric plant acquisition adjustment | 724.3 | 724.3 |
Accumulated depreciation | (5,922.9) | (5,590.8) |
Plant in service | 10,178.3 | 9,819.8 |
Construction work in progress | 819.5 | 652.2 |
Nuclear fuel, net | 82.2 | 76.1 |
Plant to be retired, net | 0.8 | 0.8 |
Property, plant and equipment, net | 11,080.8 | 10,548.9 |
Evergy Kansas Central | Variable Interest Entities | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 140.7 | 147.8 |
Evergy Metro | ||
Property, Plant and Equipment [Line Items] | ||
Electric plant in service | 12,343.3 | 11,656.9 |
Electric plant acquisition adjustment | 0 | 0 |
Accumulated depreciation | (5,065.3) | (4,733.7) |
Plant in service | 7,278 | 6,923.2 |
Construction work in progress | 482.6 | 475.3 |
Nuclear fuel, net | 83.6 | 76.4 |
Plant to be retired, net | 0 | 0 |
Property, plant and equipment, net | $ 7,844.2 | $ 7,474.9 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Depreciation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 836.1 | $ 813.6 | $ 804.7 |
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 | 468.2 | 450.3 | 435.1 |
Evergy Metro | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 261.7 | $ 255.9 | $ 269.5 |
JOINTLY-OWNED ELECTRIC UTILIT_3
JOINTLY-OWNED ELECTRIC UTILITY PLANTS (Details) $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2022 Rate | Dec. 31, 2022 MW | Dec. 31, 2022 | Dec. 31, 2021 USD ($) |
Jointly Owned Utility Plant Interests [Line Items] | |||||
Nuclear fuel, net | $ 165.8 | $ 152.5 | |||
Wolf Creek Unit | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 94% | 94% | |||
Electric plant in service | 4,132.4 | ||||
Accumulated depreciation | 2,124.5 | ||||
Nuclear fuel, net | 165.8 | ||||
Construction work in progress | 209.1 | ||||
Accredited capacity | MW | 1,106 | ||||
La Cygne Units | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 100% | ||||
Electric plant in service | 2,251.9 | ||||
Accumulated depreciation | 874.2 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 25.9 | ||||
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% | ||||
Electric plant in service | 773.6 | ||||
Accumulated depreciation | 269 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 19.8 | ||||
Accredited capacity | MW | 618 | ||||
Iatan No. 2 Unit | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 73% | ||||
Electric plant in service | 1,409.5 | ||||
Accumulated depreciation | 506.2 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 5.3 | ||||
Accredited capacity | MW | 653 | ||||
Iatan Common | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 79% | ||||
Electric plant in service | 508.2 | ||||
Accumulated depreciation | 132.4 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 11.2 | ||||
Jeffrey Energy Center | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 100% | ||||
Electric plant in service | 2,546.9 | ||||
Accumulated depreciation | 1,102.3 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 60.1 | ||||
Accredited capacity | MW | 2,182 | ||||
State Line | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 40% | ||||
Electric plant in service | 115 | ||||
Accumulated depreciation | 89.9 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 26.9 | ||||
Accredited capacity | MW | 205 | ||||
Evergy Kansas Central | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Nuclear fuel, net | 82.2 | 76.1 | |||
Evergy Kansas Central | Wolf Creek Unit | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 47% | ||||
Electric plant in service | 2,070.5 | ||||
Accumulated depreciation | 1,036.1 | ||||
Nuclear fuel, net | 82.2 | ||||
Construction work in progress | 99.9 | ||||
Accredited capacity | MW | 553 | ||||
Evergy Kansas Central | La Cygne Units | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 50% | ||||
Electric plant in service | 1,052.3 | ||||
Accumulated depreciation | 503.6 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 10 | ||||
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% | ||||
Electric plant in service | 2,331.3 | ||||
Accumulated depreciation | 1,006.7 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 55.2 | ||||
Accredited capacity | MW | 2,007 | ||||
Evergy Kansas Central | State Line | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 40% | ||||
Electric plant in service | 115 | ||||
Accumulated depreciation | 89.9 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 26.9 | ||||
Accredited capacity | MW | 205 | ||||
Evergy Metro | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Nuclear fuel, net | 83.6 | $ 76.4 | |||
Evergy Metro | Wolf Creek Unit | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 47% | 47% | |||
Electric plant in service | 2,061.9 | ||||
Accumulated depreciation | 1,088.4 | ||||
Nuclear fuel, net | 83.6 | ||||
Construction work in progress | 109.2 | ||||
Accredited capacity | MW | 553 | ||||
Evergy Metro | La Cygne Units | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 50% | ||||
Electric plant in service | 1,199.6 | ||||
Accumulated depreciation | 370.6 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 15.9 | ||||
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% | ||||
Electric plant in service | 601 | ||||
Accumulated depreciation | 219.6 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 15.8 | ||||
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% | ||||
Electric plant in service | 1,068.9 | ||||
Accumulated depreciation | 431 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | 4 | ||||
Accredited capacity | MW | 491 | ||||
Evergy Metro | Iatan Common | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | Rate | 61% | ||||
Electric plant in service | 403.2 | ||||
Accumulated depreciation | 111.5 | ||||
Nuclear fuel, net | 0 | ||||
Construction work in progress | $ 8.5 | ||||
Subsidiaries | La Cygne Unit 2 | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Leasehold interest percentage | 50% | ||||
Subsidiaries | Evergy Kansas Central | La Cygne Unit 2 | |||||
Jointly Owned Utility Plant Interests [Line Items] | |||||
Leasehold interest percentage | 50% |
PENSION PLANS AND POST-RETIRE_3
PENSION PLANS AND POST-RETIREMENT BENEFITS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2022 | |
Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement and special termination benefits | $ 52.8 | $ 34.3 | $ 11.2 | ||
Non-qualified benefit obligations | 49.2 | $ 37.8 | |||
Funded by trusts containing assets | 44.2 | 34.1 | |||
Contributions to plans remainder of year | 30.4 | ||||
Post-Retirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement and special termination benefits | 6.7 | 0 | 0 | ||
Contributions to plans remainder of year | 1.6 | ||||
Pension and Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement and special termination benefits | 59.5 | ||||
Evergy Kansas Central | Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement and special termination benefits | 15.6 | 25.6 | 0 | ||
Non-qualified benefit obligations | 25.4 | 19.6 | |||
Funded by trusts containing assets | 31.7 | 24.9 | |||
Contributions to plans remainder of year | 11.7 | ||||
Evergy Kansas Central | Post-Retirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement and special termination benefits | 1.4 | 0 | 0 | ||
Contributions to plans remainder of year | 0.5 | ||||
Evergy Kansas Central | Pension and Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement and special termination benefits | 17 | ||||
Evergy Metro | Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement and special termination benefits | 37.2 | 13.7 | 14.3 | ||
Contributions to plans remainder of year | 18.7 | ||||
Evergy Metro | Post-Retirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement and special termination benefits | 5.3 | $ 0 | $ 0 | ||
Contributions to plans remainder of year | $ 1.1 | ||||
Evergy Metro | Pension and Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement and special termination benefits | $ 42.5 | ||||
Wolf Creek | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 94% | 94% | |||
Wolf Creek | Evergy Kansas Central | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 47% | ||||
Wolf Creek | Evergy Kansas South Inc | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 47% | ||||
Wolf Creek | Evergy Metro | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 47% | 47% |
PENSION PLANS AND POST-RETIRE_4
PENSION PLANS AND POST-RETIREMENT BENEFITS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Benefits | |||
Components of net periodic benefit costs | |||
Defined benefit plan, benefit obligation, beginning of the year | $ 2,561.7 | $ 2,901.1 | |
Service cost | 79.7 | 82.6 | $ 78.9 |
Interest cost | 79.3 | 84.2 | 96.8 |
Contribution by participants | 0 | 0 | |
Plan amendments | 0.6 | ||
Actuarial gain (loss) | (717.9) | (119) | |
Benefits paid | (189.4) | (93.5) | |
Special termination benefits | 52.8 | ||
Settlements | (284) | ||
Other | (16.3) | (9.7) | |
Defined benefit plan, benefit obligation, end of the year | 1,850.5 | 2,561.7 | 2,901.1 |
Change in plan assets | |||
Fair value of plan assets, beginning of the year | 1,714.7 | 1,799.1 | |
Actual return on plan assets | (192.6) | 145.5 | |
Contributions by employer and participants | 88.4 | 148.7 | |
Benefits paid | (185) | (89.4) | |
Settlements | (279.5) | ||
Other | (16.3) | (9.7) | |
Fair value of plan assets, end of the year | 1,409.2 | 1,714.7 | 1,799.1 |
Funded status at end of year | (441.3) | (847) | |
Amounts recognized in the consolidated balance sheets | |||
Non-current asset | 0 | 0 | |
Current pension and other post-retirement liability | (7.2) | (4.4) | |
Noncurrent pension liability and other post-retirement liability | (434.1) | (842.6) | |
Net amount recognized before regulatory treatment | (441.3) | (847) | |
Accumulated OCI or regulatory asset/liability | (140.2) | 317.2 | |
Net amount recognized at December 31, 2022 | (581.5) | (529.8) | |
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 | (140.2) | 317.2 | |
Pension Benefits | Evergy Kansas Central | |||
Components of net periodic benefit costs | |||
Defined benefit plan, benefit obligation, beginning of the year | 1,264.4 | 1,429.6 | |
Service cost | 30.7 | 29.1 | 27.1 |
Interest cost | 38.8 | 41 | 47 |
Contribution by participants | 0 | 0 | |
Plan amendments | 0.3 | ||
Actuarial gain (loss) | (334.3) | (50) | |
Benefits paid | (100.1) | (54.8) | |
Special termination benefits | 15.6 | ||
Settlements | (126.2) | ||
Other | (3.7) | (4.3) | |
Defined benefit plan, benefit obligation, end of the year | 911.7 | 1,264.4 | 1,429.6 |
Change in plan assets | |||
Fair value of plan assets, beginning of the year | 835.7 | 887 | |
Actual return on plan assets | (97.1) | 83.4 | |
Contributions by employer and participants | 31.2 | 46.5 | |
Benefits paid | (97.6) | (52.3) | |
Settlements | (124.6) | ||
Other | (3.7) | (4.3) | |
Fair value of plan assets, end of the year | 668.5 | 835.7 | 887 |
Funded status at end of year | (243.2) | (428.7) | |
Amounts recognized in the consolidated balance sheets | |||
Non-current asset | 0 | 0 | |
Current pension and other post-retirement liability | (4.7) | (2.4) | |
Noncurrent pension liability and other post-retirement liability | (238.5) | (426.3) | |
Net amount recognized before regulatory treatment | (243.2) | (428.7) | |
Accumulated OCI or regulatory asset/liability | 50.3 | 263.6 | |
Net amount recognized at December 31, 2022 | (192.9) | (165.1) | |
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 | 50.3 | 263.6 | |
Pension Benefits | Evergy Metro | |||
Components of net periodic benefit costs | |||
Defined benefit plan, benefit obligation, beginning of the year | 1,273.5 | 1,446.5 | |
Service cost | 49 | 53.5 | 51.8 |
Interest cost | 39.8 | 42.5 | 49.1 |
Contribution by participants | 0 | 0 | |
Plan amendments | 0.3 | ||
Actuarial gain (loss) | (378.6) | (68.3) | |
Benefits paid | (88) | (37.5) | |
Special termination benefits | 37.2 | ||
Settlements | (157.8) | ||
Other | (12.6) | (5.4) | |
Defined benefit plan, benefit obligation, end of the year | 920.6 | 1,273.5 | 1,446.5 |
Change in plan assets | |||
Fair value of plan assets, beginning of the year | 879 | 912.1 | |
Actual return on plan assets | (95.5) | 62.1 | |
Contributions by employer and participants | 57.2 | 102.2 | |
Benefits paid | (87.4) | (37.1) | |
Settlements | (154.9) | ||
Other | (12.6) | (5.4) | |
Fair value of plan assets, end of the year | 740.7 | 879 | 912.1 |
Funded status at end of year | (179.9) | (394.5) | |
Amounts recognized in the consolidated balance sheets | |||
Non-current asset | 0 | 0 | |
Current pension and other post-retirement liability | (1.3) | (0.7) | |
Noncurrent pension liability and other post-retirement liability | (178.6) | (393.8) | |
Net amount recognized before regulatory treatment | (179.9) | (394.5) | |
Accumulated OCI or regulatory asset/liability | (180.3) | 84.6 | |
Net amount recognized at December 31, 2022 | (360.2) | (309.9) | |
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 | (180.3) | 84.6 | |
Post-Retirement Benefits | |||
Components of net periodic benefit costs | |||
Defined benefit plan, benefit obligation, beginning of the year | 258.4 | 280.4 | |
Service cost | 3 | 3.3 | 2.7 |
Interest cost | 7.9 | 7.8 | 9.2 |
Contribution by participants | 6.9 | 9 | |
Plan amendments | 0 | ||
Actuarial gain (loss) | (58.1) | (17.2) | |
Benefits paid | (23.1) | (24.9) | |
Special termination benefits | 6.7 | ||
Settlements | 0 | ||
Other | 0 | 0 | |
Defined benefit plan, benefit obligation, end of the year | 201.7 | 258.4 | 280.4 |
Change in plan assets | |||
Fair value of plan assets, beginning of the year | 242.3 | 248.3 | |
Actual return on plan assets | (34.9) | 5.2 | |
Contributions by employer and participants | 7 | 11.8 | |
Benefits paid | (21.5) | (23) | |
Settlements | 0 | ||
Other | 0 | 0 | |
Fair value of plan assets, end of the year | 192.9 | 242.3 | 248.3 |
Funded status at end of year | (8.8) | (16.1) | |
Amounts recognized in the consolidated balance sheets | |||
Non-current asset | 16.8 | 21.5 | |
Current pension and other post-retirement liability | (1.3) | (1.1) | |
Noncurrent pension liability and other post-retirement liability | (24.3) | (36.5) | |
Net amount recognized before regulatory treatment | (8.8) | (16.1) | |
Accumulated OCI or regulatory asset/liability | (24.5) | (11.4) | |
Net amount recognized at December 31, 2022 | (33.3) | (27.5) | |
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 | (24.5) | (11.4) | |
Post-Retirement Benefits | Evergy Kansas Central | |||
Components of net periodic benefit costs | |||
Defined benefit plan, benefit obligation, beginning of the year | 133.9 | 146.8 | |
Service cost | 1.5 | 1.7 | 1.1 |
Interest cost | 4.1 | 4 | 4.8 |
Contribution by participants | 1 | 1.4 | |
Plan amendments | 0 | ||
Actuarial gain (loss) | (28.7) | (9.4) | |
Benefits paid | (10.2) | (10.6) | |
Special termination benefits | 1.4 | ||
Settlements | 0 | ||
Other | 0 | 0 | |
Defined benefit plan, benefit obligation, end of the year | 103 | 133.9 | 146.8 |
Change in plan assets | |||
Fair value of plan assets, beginning of the year | 124 | 125.8 | |
Actual return on plan assets | (19.2) | 6.5 | |
Contributions by employer and participants | 1.1 | 1.7 | |
Benefits paid | (9.7) | (10) | |
Settlements | 0 | ||
Other | 0 | 0 | |
Fair value of plan assets, end of the year | 96.2 | 124 | 125.8 |
Funded status at end of year | (6.8) | (9.9) | |
Amounts recognized in the consolidated balance sheets | |||
Non-current asset | 0 | 0 | |
Current pension and other post-retirement liability | (0.6) | (0.6) | |
Noncurrent pension liability and other post-retirement liability | (6.2) | (9.3) | |
Net amount recognized before regulatory treatment | (6.8) | (9.9) | |
Accumulated OCI or regulatory asset/liability | (12.8) | (9.6) | |
Net amount recognized at December 31, 2022 | (19.6) | (19.5) | |
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 | (12.8) | (9.6) | |
Post-Retirement Benefits | Evergy Metro | |||
Components of net periodic benefit costs | |||
Defined benefit plan, benefit obligation, beginning of the year | 124.5 | 133.6 | |
Service cost | 1.5 | 1.6 | 1.6 |
Interest cost | 3.8 | 3.8 | 4.4 |
Contribution by participants | 5.8 | 7.6 | |
Plan amendments | 0 | ||
Actuarial gain (loss) | (29.4) | (7.8) | |
Benefits paid | (12.9) | (14.3) | |
Special termination benefits | 5.3 | ||
Settlements | 0 | ||
Other | 0 | 0 | |
Defined benefit plan, benefit obligation, end of the year | 98.6 | 124.5 | 133.6 |
Change in plan assets | |||
Fair value of plan assets, beginning of the year | 118.3 | 122.5 | |
Actual return on plan assets | (15.7) | (1.3) | |
Contributions by employer and participants | 5.9 | 10.1 | |
Benefits paid | (11.8) | (13) | |
Settlements | 0 | ||
Other | 0 | 0 | |
Fair value of plan assets, end of the year | 96.7 | 118.3 | $ 122.5 |
Funded status at end of year | (1.9) | (6.2) | |
Amounts recognized in the consolidated balance sheets | |||
Non-current asset | 16.8 | 21.5 | |
Current pension and other post-retirement liability | (0.7) | (0.6) | |
Noncurrent pension liability and other post-retirement liability | (18) | (27.1) | |
Net amount recognized before regulatory treatment | (1.9) | (6.2) | |
Accumulated OCI or regulatory asset/liability | (18.4) | (10.5) | |
Net amount recognized at December 31, 2022 | (20.3) | (16.7) | |
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 | (18.4) | (10.5) | |
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 | (153.8) | 302.4 | |
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 | 35 | 246.6 | |
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 | (179) | 86.4 | |
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 | (25.3) | (12.6) | |
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 | (13.2) | (10.5) | |
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 | (13.1) | (3.8) | |
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 | 13.6 | 14.8 | |
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 | 15.3 | 17 | |
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 | (1.3) | (1.8) | |
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 | 0.8 | 1.2 | |
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 | 0.4 | 0.9 | |
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 | $ (5.3) | $ (6.7) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Total recognized in OCI or regulatory asset/liability | $ (9.5) | $ (5.4) | $ (0.6) |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 79.7 | 82.6 | 78.9 |
Interest cost | 79.3 | 84.2 | 96.8 |
Expected return on plan assets | (104) | (103.5) | (105.6) |
Prior service cost | 1.9 | 2 | 1.8 |
Recognized net actuarial (gain) loss | 34.8 | 54.1 | 46.4 |
Settlement and special termination benefits | 52.8 | 34.3 | 11.2 |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 144.5 | 153.7 | 129.5 |
Regulatory adjustment | 14.7 | 17.3 | 29.6 |
Net periodic benefit costs (income) | 159.2 | 171 | 159.1 |
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability | (298.2) | (78.7) | 271.9 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Total recognized in OCI or regulatory asset/liability | (457.4) | (249.7) | 112.8 |
Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 3 | 3.3 | 2.7 |
Interest cost | 7.9 | 7.8 | 9.2 |
Expected return on plan assets | (10.2) | (8.9) | (9.3) |
Prior service cost | 0.5 | 0.5 | 0.5 |
Recognized net actuarial (gain) loss | (0.3) | 1.4 | 0.2 |
Settlement and special termination benefits | 6.7 | 0 | 0 |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 7.6 | 4.1 | 3.3 |
Regulatory adjustment | (7.1) | (4.8) | (4) |
Net periodic benefit costs (income) | 0.5 | (0.7) | (0.7) |
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability | (12.6) | (16.1) | 7.7 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Total recognized in OCI or regulatory asset/liability | (13.1) | (15.4) | 8.4 |
Evergy Kansas Central | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 30.7 | 29.1 | 27.1 |
Interest cost | 38.8 | 41 | 47 |
Expected return on plan assets | (51.2) | (52.8) | (53.1) |
Prior service cost | 2 | 2.1 | 1.6 |
Recognized net actuarial (gain) loss | 25.6 | 36 | 33.9 |
Settlement and special termination benefits | 15.6 | 25.6 | 0 |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 61.5 | 81 | 56.5 |
Regulatory adjustment | 0.7 | (13.1) | 5.9 |
Intercompany allocations | 2.9 | 3.2 | (0.2) |
Net periodic benefit costs (income) | 65.1 | 71.1 | 62.2 |
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability | (148.2) | (73.3) | 115.3 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Total recognized in OCI or regulatory asset/liability | (213.3) | (144.4) | 53.1 |
Evergy Kansas Central | Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1.5 | 1.7 | 1.1 |
Interest cost | 4.1 | 4 | 4.8 |
Expected return on plan assets | (6.5) | (6.3) | (6.6) |
Prior service cost | 0.4 | 0.5 | 0.5 |
Recognized net actuarial (gain) loss | (0.2) | 0.6 | 0 |
Settlement and special termination benefits | 1.4 | 0 | 0 |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 0.7 | 0.5 | (0.2) |
Regulatory adjustment | (3.6) | (3.3) | (3) |
Intercompany allocations | 0.3 | 0 | 0.1 |
Net periodic benefit costs (income) | (2.6) | (2.8) | (3.1) |
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability | (5.8) | (13.4) | 0.8 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Total recognized in OCI or regulatory asset/liability | (3.2) | (10.6) | 3.9 |
Evergy Metro | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Total recognized in OCI or regulatory asset/liability | 0.3 | 0.3 | 0.2 |
Evergy Metro | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 49 | 53.5 | 51.8 |
Interest cost | 39.8 | 42.5 | 49.1 |
Expected return on plan assets | (56.4) | (55.7) | (54.7) |
Prior service cost | 0 | 0 | 0.8 |
Recognized net actuarial (gain) loss | 38.6 | 43.8 | 45.7 |
Settlement and special termination benefits | 37.2 | 13.7 | 14.3 |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 108.2 | 97.8 | 107 |
Regulatory adjustment | (12.1) | 4.2 | (11.6) |
Intercompany allocations | (18.4) | (25.9) | (22.6) |
Net periodic benefit costs (income) | 77.7 | 76.1 | 72.8 |
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability | (187.2) | (56.2) | 97.4 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Total recognized in OCI or regulatory asset/liability | (264.9) | (132.3) | 24.6 |
Evergy Metro | Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1.5 | 1.6 | 1.6 |
Interest cost | 3.8 | 3.8 | 4.4 |
Expected return on plan assets | (3.7) | (2.6) | (2.7) |
Prior service cost | (1.4) | (1) | 0 |
Recognized net actuarial (gain) loss | (0.7) | (0.1) | (0.6) |
Settlement and special termination benefits | 5.3 | 0 | 0 |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 4.8 | 1.7 | 2.7 |
Regulatory adjustment | (1.3) | 0.4 | (0.2) |
Intercompany allocations | (0.6) | (0.4) | (0.3) |
Net periodic benefit costs (income) | 2.9 | 1.7 | 2.2 |
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability | (5) | (1.1) | 7.5 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Total recognized in OCI or regulatory asset/liability | (7.9) | (2.8) | 5.3 |
Actuarial (gain) loss | Pension Benefits | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Other comprehensive income (loss) before reclassifications | 421.4 | 195.3 | (169.7) |
Amounts reclassified from accumulated other comprehensive loss | (34.7) | (52.4) | (59.2) |
Actuarial (gain) loss | Post-Retirement Benefits | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Other comprehensive income (loss) before reclassifications | 13 | 13.6 | (8.2) |
Amounts reclassified from accumulated other comprehensive loss | 0.4 | (1.3) | (0.2) |
Actuarial (gain) loss | Evergy Kansas Central | Pension Benefits | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Other comprehensive income (loss) before reclassifications | 186.1 | 106.3 | (80.4) |
Amounts reclassified from accumulated other comprehensive loss | (25.6) | (36) | (33.8) |
Actuarial (gain) loss | Evergy Kansas Central | Post-Retirement Benefits | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Other comprehensive income (loss) before reclassifications | 3 | 9.6 | (3.9) |
Amounts reclassified from accumulated other comprehensive loss | 0.2 | (0.5) | 0 |
Actuarial (gain) loss | Evergy Metro | Pension Benefits | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Other comprehensive income (loss) before reclassifications | 226.7 | 88.4 | (89.3) |
Amounts reclassified from accumulated other comprehensive loss | (38.6) | (43.9) | (60) |
Actuarial (gain) loss | Evergy Metro | Post-Retirement Benefits | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Other comprehensive income (loss) before reclassifications | 10 | 3.9 | (4.3) |
Amounts reclassified from accumulated other comprehensive loss | 0.7 | 0.1 | 0.6 |
Prior service cost | Pension Benefits | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Other comprehensive income (loss) before reclassifications | 0.6 | 4.1 | |
Amounts reclassified from accumulated other comprehensive loss | (1.9) | (2) | (1.8) |
Prior service cost | Post-Retirement Benefits | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Other comprehensive income (loss) before reclassifications | 0 | 0.9 | |
Amounts reclassified from accumulated other comprehensive loss | (0.5) | (0.5) | (0.5) |
Prior service cost | Evergy Kansas Central | Pension Benefits | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Other comprehensive income (loss) before reclassifications | 0.4 | 8.1 | |
Amounts reclassified from accumulated other comprehensive loss | (2) | (2.1) | (1.6) |
Prior service cost | Evergy Kansas Central | Post-Retirement Benefits | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Other comprehensive income (loss) before reclassifications | 0 | 0.5 | |
Amounts reclassified from accumulated other comprehensive loss | (0.4) | (0.5) | (0.5) |
Prior service cost | Evergy Metro | Pension Benefits | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Other comprehensive income (loss) before reclassifications | 0.4 | (3.9) | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | (0.8) |
Prior service cost | Evergy Metro | Post-Retirement Benefits | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax [Abstract] | |||
Other comprehensive income (loss) before reclassifications | 0 | 0.4 | |
Amounts reclassified from accumulated other comprehensive loss | $ 1.4 | $ 1 | $ 0 |
PENSION PLANS AND POST-RETIRE_6
PENSION PLANS AND POST-RETIREMENT BENEFITS - APBO (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
ABO for all defined benefit pension plans | $ 1,687.3 | $ 2,229.1 |
Pension plans with the PBO in excess of plan assets | ||
Projected benefit obligation | 1,850.5 | 2,561.7 |
Fair value of plan assets | 1,409.2 | 1,714.7 |
Other post-retirement benefit plans with the APBO in excess of plan assets | ||
Accumulated benefit obligation | 1,687.3 | 2,229.1 |
Fair value of plan assets | 1,409.2 | 1,714.7 |
Post-Retirement Benefits | ||
Other post-retirement benefit plans with the APBO in excess of plan assets | ||
Accumulated benefit obligation | 201.7 | 258.4 |
Fair value of plan assets | 192.9 | 242.3 |
Evergy Kansas Central | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
ABO for all defined benefit pension plans | 844.4 | 1,124.2 |
Pension plans with the PBO in excess of plan assets | ||
Projected benefit obligation | 911.7 | 1,264.4 |
Fair value of plan assets | 668.5 | 835.7 |
Other post-retirement benefit plans with the APBO in excess of plan assets | ||
Accumulated benefit obligation | 844.4 | 1,124.2 |
Fair value of plan assets | 668.5 | 835.7 |
Evergy Kansas Central | Post-Retirement Benefits | ||
Other post-retirement benefit plans with the APBO in excess of plan assets | ||
Accumulated benefit obligation | 103 | 133.9 |
Fair value of plan assets | 96.2 | 124 |
Evergy Metro | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
ABO for all defined benefit pension plans | 824.6 | 1,081.1 |
Pension plans with the PBO in excess of plan assets | ||
Projected benefit obligation | 920.6 | 1,273.5 |
Fair value of plan assets | 740.7 | 879 |
Other post-retirement benefit plans with the APBO in excess of plan assets | ||
Accumulated benefit obligation | 824.6 | 1,081.1 |
Fair value of plan assets | 740.7 | 879 |
Evergy Metro | Post-Retirement Benefits | ||
Other post-retirement benefit plans with the APBO in excess of plan assets | ||
Accumulated benefit obligation | 98.6 | 124.5 |
Fair value of plan assets | $ 96.7 | $ 118.3 |
PENSION PLANS AND POST-RETIRE_7
PENSION PLANS AND POST-RETIREMENT BENEFITS - Weighted-Average Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | ||
Weighted-average assumptions used to determine the benefit obligation | ||
Discount rate | 5.72% | 3.10% |
Rate of compensation increase | 3.72% | 3.75% |
Interest crediting rate for cash balance plans | 4.13% | 4.13% |
Weighted-average assumptions used to determine net costs | ||
Discount rate | 3.10% | 2.95% |
Expected long-term return on plan assets | 6.71% | 6.63% |
Rate of compensation increase | 3.75% | 3.71% |
Interest crediting rate for cash balance plans | 4.13% | 4.12% |
Post-Retirement Benefits | ||
Weighted-average assumptions used to determine the benefit obligation | ||
Discount rate | 5.74% | 3.12% |
Rate of compensation increase | 3.75% | 3.75% |
Weighted-average assumptions used to determine net costs | ||
Discount rate | 3.12% | 2.84% |
Expected long-term return on plan assets | 4.53% | 3.93% |
Rate of compensation increase | 3.75% | 3.75% |
Evergy Kansas Central | Pension Benefits | ||
Weighted-average assumptions used to determine the benefit obligation | ||
Discount rate | 5.72% | 3.10% |
Rate of compensation increase | 3.78% | 3.77% |
Interest crediting rate for cash balance plans | 4% | 4% |
Weighted-average assumptions used to determine net costs | ||
Discount rate | 3.10% | 2.93% |
Expected long-term return on plan assets | 6.80% | 6.70% |
Rate of compensation increase | 3.77% | 3.78% |
Interest crediting rate for cash balance plans | 4% | 4% |
Evergy Kansas Central | Post-Retirement Benefits | ||
Weighted-average assumptions used to determine the benefit obligation | ||
Discount rate | 5.75% | 3.11% |
Weighted-average assumptions used to determine net costs | ||
Discount rate | 3.11% | 2.80% |
Expected long-term return on plan assets | 5.75% | 5.55% |
Evergy Metro | Pension Benefits | ||
Weighted-average assumptions used to determine the benefit obligation | ||
Discount rate | 5.72% | 3.11% |
Rate of compensation increase | 3.70% | 3.71% |
Interest crediting rate for cash balance plans | 4.43% | 4.45% |
Weighted-average assumptions used to determine net costs | ||
Discount rate | 3.11% | 2.97% |
Expected long-term return on plan assets | 6.63% | 6.57% |
Rate of compensation increase | 3.71% | 3.71% |
Interest crediting rate for cash balance plans | 4.45% | 4.46% |
Evergy Metro | Post-Retirement Benefits | ||
Weighted-average assumptions used to determine the benefit obligation | ||
Discount rate | 5.72% | 3.13% |
Rate of compensation increase | 3.75% | 3.75% |
Weighted-average assumptions used to determine net costs | ||
Discount rate | 3.13% | 2.88% |
Expected long-term return on plan assets | 3.25% | 2.27% |
Rate of compensation increase | 3.75% | 3.75% |
PENSION PLANS AND POST-RETIRE_8
PENSION PLANS AND POST-RETIREMENT BENEFITS - Expected Future Services (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 339.3 |
2023 | 120.8 |
2024 | 125.2 |
2025 | 130 |
2026 | 134.9 |
2028-2032 | 697.2 |
Post-Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 18.3 |
2023 | 16.9 |
2024 | 16.4 |
2025 | 16 |
2026 | 15.5 |
2028-2032 | 69.3 |
Evergy Kansas Central | Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 141.4 |
2023 | 65 |
2024 | 66.1 |
2025 | 67.2 |
2026 | 69.9 |
2028-2032 | 344.6 |
Evergy Kansas Central | Post-Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 10 |
2023 | 9 |
2024 | 8.7 |
2025 | 8.4 |
2026 | 8.2 |
2028-2032 | 36.6 |
Evergy Metro | Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 196.6 |
2023 | 54.4 |
2024 | 57.6 |
2025 | 61.2 |
2026 | 63.4 |
2028-2032 | 345.2 |
Evergy Metro | Post-Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 8.3 |
2023 | 7.8 |
2024 | 7.7 |
2025 | 7.6 |
2026 | 7.4 |
2028-2032 | $ 32.7 |
PENSION PLANS AND POST-RETIRE_9
PENSION PLANS AND POST-RETIREMENT BENEFITS - Target Asset Allocations (Details) | Dec. 31, 2022 |
Evergy Kansas Central | Pension Benefits | Domestic equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 26% |
Evergy Kansas Central | Pension Benefits | International equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 20% |
Evergy Kansas Central | Pension Benefits | Bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 39% |
Evergy Kansas Central | Pension Benefits | Mortgage & asset backed securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 0% |
Evergy Kansas Central | Pension Benefits | Real estate investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 4% |
Evergy Kansas Central | Pension Benefits | Other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 11% |
Evergy Kansas Central | Post-Retirement Benefits | Domestic equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 26% |
Evergy Kansas Central | Post-Retirement Benefits | International equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 18% |
Evergy Kansas Central | Post-Retirement Benefits | Bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 56% |
Evergy Kansas Central | Post-Retirement Benefits | Mortgage & asset backed securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 0% |
Evergy Kansas Central | Post-Retirement Benefits | Real estate investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 0% |
Evergy Kansas Central | Post-Retirement Benefits | Other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 0% |
Evergy Metro | Pension Benefits | Domestic equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 26% |
Evergy Metro | Pension Benefits | International equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 19% |
Evergy Metro | Pension Benefits | Bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 38% |
Evergy Metro | Pension Benefits | Mortgage & asset backed securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 0% |
Evergy Metro | Pension Benefits | Real estate investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 6% |
Evergy Metro | Pension Benefits | Other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 11% |
Evergy Metro | Post-Retirement Benefits | Domestic equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 18% |
Evergy Metro | Post-Retirement Benefits | International equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 10% |
Evergy Metro | Post-Retirement Benefits | Bonds | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 66% |
Evergy Metro | Post-Retirement Benefits | Mortgage & asset backed securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 5% |
Evergy Metro | Post-Retirement Benefits | Real estate investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 0% |
Evergy Metro | Post-Retirement Benefits | Other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan assets, target allocation, percentage | 1% |
PENSION PLANS AND POST-RETIR_10
PENSION PLANS AND POST-RETIREMENT BENEFITS - Fair Values of Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,409.2 | $ 1,714.7 | $ 1,799.1 |
Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 192.9 | 242.3 | 248.3 |
Evergy Kansas Central | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 668.5 | 835.7 | 887 |
Evergy Kansas Central | Pension Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 530.8 | 717.8 | |
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 | 137.7 | 117.9 | |
Evergy Kansas Central | Pension Benefits | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 156.8 | 209.9 | |
Evergy Kansas Central | Pension Benefits | Domestic equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 129.2 | 177.3 | |
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 | 27.6 | 32.6 | |
Evergy Kansas Central | Pension Benefits | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 129.1 | 167.4 | |
Evergy Kansas Central | Pension Benefits | International equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 129.1 | 167.4 | |
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 | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 241.7 | 330.4 | |
Evergy Kansas Central | Pension Benefits | Bond funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 241.7 | 330.4 | |
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 | 0 | 0 | |
Evergy Kansas Central | Pension Benefits | Real estate investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26.8 | 28.1 | |
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 | 26.8 | 28.1 | |
Evergy Kansas Central | Pension Benefits | Combination debt/equity/other fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30.8 | 42.7 | |
Evergy Kansas Central | Pension Benefits | Combination debt/equity/other fund | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30.8 | 42.7 | |
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 | 63.9 | 44.1 | |
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 | 63.9 | 44.1 | |
Evergy Kansas Central | Pension Benefits | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19.4 | 13.1 | |
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 | 19.4 | 13.1 | |
Evergy Kansas Central | Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 96.2 | 124 | 125.8 |
Evergy Kansas Central | Post-Retirement Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 95.2 | 123 | |
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 | 1 | 1 | |
Evergy Kansas Central | Post-Retirement Benefits | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24.2 | 32.5 | |
Evergy Kansas Central | Post-Retirement Benefits | Domestic equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24.2 | 32.5 | |
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 | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17.5 | 22.1 | |
Evergy Kansas Central | Post-Retirement Benefits | International equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17.5 | 22.1 | |
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 | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | Bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 48.7 | 62.3 | |
Evergy Kansas Central | Post-Retirement Benefits | Bond funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 48.7 | 62.3 | |
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 | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | Combination debt/equity/other fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.8 | 6.1 | |
Evergy Kansas Central | Post-Retirement Benefits | Combination debt/equity/other fund | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.8 | 6.1 | |
Evergy Kansas Central | Post-Retirement Benefits | Combination debt/equity/other fund | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | Combination debt/equity/other fund | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement 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 | Post-Retirement Benefits | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1 | |
Evergy Kansas Central | Post-Retirement Benefits | Short-term investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | Short-term investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | Short-term investments | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Kansas Central | Post-Retirement Benefits | Short-term investments | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1 | |
Evergy Metro | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 740.7 | 879 | 912.1 |
Evergy Metro | Pension Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 549 | 698.2 | |
Evergy Metro | Pension Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 34.4 | 44.4 | |
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 | 157.3 | 136.4 | |
Evergy Metro | Pension Benefits | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 156.1 | 203 | |
Evergy Metro | Pension Benefits | Domestic equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 135.5 | 179.5 | |
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 | 20.6 | 23.5 | |
Evergy Metro | Pension Benefits | International equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 136.7 | 193.1 | |
Evergy Metro | Pension Benefits | International equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 136.7 | 193.1 | |
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 | 0 | 0 | |
Evergy Metro | Pension Benefits | Bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 195.2 | 260.6 | |
Evergy Metro | Pension Benefits | Bond funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 195.2 | 260.6 | |
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 | 0 | 0 | |
Evergy Metro | Pension Benefits | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23.7 | 27.1 | |
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 | 23.7 | 27.1 | |
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 | 14 | 14.5 | |
Evergy Metro | Pension Benefits | U.S. Treasury and agency bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.8 | 4.7 | |
Evergy Metro | Pension Benefits | U.S. Treasury and agency bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8.2 | 9.8 | |
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 | 4.3 | |
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 | 4.3 | |
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 | 59 | 55.9 | |
Evergy Metro | Pension Benefits | Real estate investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
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 | 59 | 55.9 | |
Evergy Metro | Pension Benefits | Combination debt/equity/other fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 31.2 | 46.2 | |
Evergy Metro | Pension Benefits | Combination debt/equity/other fund | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 31.2 | 46.2 | |
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 | 63.1 | 47.5 | |
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 | 63.1 | 47.5 | |
Evergy Metro | Pension Benefits | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 44.6 | 14.1 | |
Evergy Metro | Pension Benefits | Cash and cash equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 44.6 | 14.1 | |
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 | 14.6 | 9.5 | |
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 | 14.6 | 9.5 | |
Evergy Metro | Pension Benefits | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | (2.5) | 3.2 | |
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 | (2.5) | 3.2 | |
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 | 96.7 | 118.3 | $ 122.5 |
Evergy Metro | Post-Retirement Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 74.3 | 93 | |
Evergy Metro | Post-Retirement Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22.4 | 25.2 | |
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 | 0 | 0.1 | |
Evergy Metro | Post-Retirement Benefits | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.7 | 20 | |
Evergy Metro | Post-Retirement Benefits | Domestic equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.7 | 20 | |
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 | 11.6 | 12.3 | |
Evergy Metro | Post-Retirement Benefits | International equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11.6 | 12.3 | |
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 | 34.9 | 50.2 | |
Evergy Metro | Post-Retirement Benefits | Bond funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 34.9 | 50.2 | |
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 | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14.6 | 18.1 | |
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 | 14.6 | 18.1 | |
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 | 12.3 | 12.1 | |
Evergy Metro | Post-Retirement Benefits | U.S. Treasury and agency bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 6.1 | |
Evergy Metro | Post-Retirement Benefits | U.S. Treasury and agency bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.3 | 6 | |
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 | 1.3 | 0.8 | |
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 | 1.3 | 0.8 | |
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 | Combination debt/equity/other fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.9 | 3.9 | |
Evergy Metro | Post-Retirement Benefits | Combination debt/equity/other fund | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.9 | 3.9 | |
Evergy Metro | Post-Retirement Benefits | Combination debt/equity/other fund | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement Benefits | Combination debt/equity/other fund | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Evergy Metro | Post-Retirement 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 | Post-Retirement Benefits | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.2 | 0.5 | |
Evergy Metro | Post-Retirement Benefits | Cash and cash equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.2 | 0.5 | |
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 | Short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.1 | ||
Evergy Metro | Post-Retirement Benefits | Short-term investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Evergy Metro | Post-Retirement Benefits | Short-term investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Evergy Metro | Post-Retirement Benefits | Short-term investments | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Evergy Metro | Post-Retirement Benefits | Short-term investments | Assets measured at NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.1 | ||
Evergy Metro | Post-Retirement Benefits | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.2 | 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 | 0.2 | 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, 2022 | Dec. 31, 2021 | |
Assumed annual health care cost growth rates | ||
Health care cost trend rate assumed for next year | 7.30% | 6% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that rate reaches ultimate trend | 2030 | 2030 |
Evergy Kansas Central | ||
Assumed annual health care cost growth rates | ||
Health care cost trend rate assumed for next year | 7.30% | 6% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that rate reaches ultimate trend | 2030 | 2030 |
Evergy Metro | ||
Assumed annual health care cost growth rates | ||
Health care cost trend rate assumed for next year | 7.30% | 6% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that rate reaches ultimate trend | 2030 | 2030 |
PENSION PLANS AND POST-RETIR_12
PENSION PLANS AND POST-RETIREMENT BENEFITS - Employee Savings Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | $ 25.3 | $ 25.6 | $ 17.4 |
Evergy Kansas Central | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | 12 | 11.7 | 9.6 |
Evergy Metro | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | $ 13.3 | $ 13.9 | $ 7.8 |
EQUITY COMPENSATION - Narrative
EQUITY COMPENSATION - Narrative (Details) - shares | 1 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility, maximum | 32% | |
Expected dividend yield | 3.76% | |
Risk-free interest rate, maximum | 1.45% | |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares vested related to the Merger | 108,010 | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares vested related to the Merger | 36,012 |
EQUITY COMPENSATION - Income Ta
EQUITY COMPENSATION - Income Tax Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity compensation expense | $ 18.8 | $ 15.6 | $ 15.5 |
Income tax (expense) benefit | 2.6 | (0.1) | 2.2 |
Evergy Kansas Central | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity compensation expense | 8.4 | 6.9 | 7.6 |
Income tax (expense) benefit | 1.7 | (0.2) | 1.6 |
Evergy Metro | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity compensation expense | 6 | 5.1 | 5.7 |
Income tax (expense) benefit | $ 0.2 | $ (0.6) | $ 0.2 |
EQUITY COMPENSATION - RSUs (Det
EQUITY COMPENSATION - RSUs (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
RSU With Performance Measures | |||
Nonvested Restricted Share Units | |||
Beginning balance (in shares) | 513,715 | ||
Granted (in shares) | 238,542 | ||
Vested (in shares) | (146,115) | 0 | 0 |
Forfeited (in shares) | (59,244) | ||
Ending balance (in shares) | 546,898 | 513,715 | |
Grant Date Fair Value* | |||
Weighted average beginning balance (in dollars per share) | $ 58.79 | ||
Weighted average granted (in dollars per share) | 57.95 | $ 57.21 | $ 87.98 |
Weighted average, vested (in dollars per share) | 37.87 | ||
Weighted average, forfeited (in dollars per share) | 61.28 | ||
Weighted average ending balance (in dollars per share) | $ 63.57 | $ 58.79 | |
Remaining weighted-average contractual term (in years) | 1 year 4 months 24 days | ||
Total unrecognized compensation expense, | $ 14.7 | ||
Total fair value of shares | $ 5.5 | ||
RSUs | |||
Nonvested Restricted Share Units | |||
Beginning balance (in shares) | 253,046 | ||
Granted (in shares) | 91,764 | ||
Vested (in shares) | (84,503) | ||
Forfeited (in shares) | (20,812) | ||
Ending balance (in shares) | 239,495 | 253,046 | |
Grant Date Fair Value* | |||
Weighted average beginning balance (in dollars per share) | $ 57.18 | ||
Weighted average granted (in dollars per share) | 60.93 | $ 55.30 | $ 68.92 |
Weighted average, vested (in dollars per share) | 55.81 | ||
Weighted average, forfeited (in dollars per share) | 56.41 | ||
Weighted average ending balance (in dollars per share) | $ 58.98 | $ 57.18 | |
Remaining weighted-average contractual term (in years) | 1 year 4 months 24 days | ||
Total unrecognized compensation expense, | $ 6.3 | ||
Total fair value of shares | $ 4.7 | $ 2.4 | $ 6.5 |
SHORT-TERM BORROWINGS AND SHO_3
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT - Narrative (Details) - USD ($) | Feb. 23, 2023 | Dec. 31, 2022 | Feb. 28, 2022 |
Cash Borrowings | |||
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% | ||
Term Loan Facility | |||
Short-term Debt [Line Items] | |||
Debt Instrument, debt to capitalization ratio (no more than) | 65% | ||
Term Loan Facility | Subsequent Event | |||
Short-term Debt [Line Items] | |||
LineOfCreditFacilityClassifiedasLongTermDebt | $ 500,000,000 | ||
Term Loan Facility | Unsecured Debt | |||
Short-term Debt [Line Items] | |||
Line of credit, maximum borrowing capacity | $ 500,000,000 | ||
Weighted Average Interest Rate on Term Loan Facility | 5.12% | ||
Evergy Kansas Central | Cash Borrowings | |||
Short-term Debt [Line Items] | |||
Debt instrument, debt default, threshold | $ 100,000,000 | ||
Debt Instrument, debt to capitalization ratio (no more than) | 65% | ||
Evergy Metro | Cash Borrowings | |||
Short-term Debt [Line Items] | |||
Debt instrument, debt default, threshold | $ 100,000,000 | ||
Debt Instrument, debt to capitalization ratio (no more than) | 65% | ||
Evergy Missouri West | Cash Borrowings | |||
Short-term Debt [Line Items] | |||
Debt instrument, debt default, threshold | $ 100,000,000 | ||
Debt Instrument, debt to capitalization ratio (no more than) | 65% |
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, 2022 | Dec. 31, 2021 |
Short-term Debt [Line Items] | ||
Master Credit Facility | $ 2,500 | $ 2,500 |
Available Borrowings | 1,167 | 1,339.9 |
Evergy, Inc. | ||
Short-term Debt [Line Items] | ||
Master Credit Facility | 450 | 700 |
Available Borrowings | $ 449.3 | $ 341.3 |
Weighted Average Interest Rate on Short-Term Borrowings | 0% | 0.34% |
Evergy Kansas Central | ||
Short-term Debt [Line Items] | ||
Master Credit Facility | $ 1,000 | $ 750 |
Available Borrowings | $ 227.9 | $ 343.9 |
Weighted Average Interest Rate on Short-Term Borrowings | 4.91% | 0.41% |
Evergy Metro | ||
Short-term Debt [Line Items] | ||
Master Credit Facility | $ 350 | $ 350 |
Available Borrowings | $ 239 | $ 350 |
Weighted Average Interest Rate on Short-Term Borrowings | 5.02% | 0% |
Evergy Missouri West | ||
Short-term Debt [Line Items] | ||
Master Credit Facility | $ 700 | $ 700 |
Available Borrowings | $ 250.8 | $ 304.7 |
Weighted Average Interest Rate on Short-Term Borrowings | 4.84% | 0.40% |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Line of credit | $ 1,332.3 | $ 1,159.3 |
Commercial Paper | Evergy, Inc. | ||
Short-term Debt [Line Items] | ||
Line of credit | 0 | 358 |
Commercial Paper | Evergy Kansas Central | ||
Short-term Debt [Line Items] | ||
Line of credit | 772.1 | 406 |
Commercial Paper | Evergy Metro | ||
Short-term Debt [Line Items] | ||
Line of credit | 111 | 0 |
Commercial Paper | Evergy Missouri West | ||
Short-term Debt [Line Items] | ||
Line of credit | 449.2 | 395.3 |
Letters of Credit | ||
Short-term Debt [Line Items] | ||
Letters of Credit | 0.7 | 0.8 |
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 | 0 | 0.1 |
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 | 0 | 0 |
Cash Borrowings | ||
Short-term Debt [Line Items] | ||
Line of credit | 0 | 0 |
Cash Borrowings | Evergy, Inc. | ||
Short-term Debt [Line Items] | ||
Line of credit | 0 | 0 |
Cash Borrowings | Evergy Kansas Central | ||
Short-term Debt [Line Items] | ||
Line of credit | 0 | 0 |
Cash Borrowings | Evergy Metro | ||
Short-term Debt [Line Items] | ||
Line of credit | 0 | 0 |
Cash Borrowings | Evergy Missouri West | ||
Short-term Debt [Line Items] | ||
Line of credit | $ 0 | $ 0 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Jul. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||||
Interest rate | 5.06% | ||||
Current maturities of long-term debt | $ (439.1) | $ (389.3) | |||
Unamortized debt discount and debt issuance costs | (79.6) | (80.5) | |||
Total excluding current maturities | 9,905.7 | 9,297.9 | |||
Fair Value adjustment | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 92.1 | 97.9 | |||
Current maturities of long-term debt | $ 0.4 | $ (1.8) | |||
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% | 3.45% | |||
Long-term debt gross | $ 500 | $ 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 2049 EM | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.125% | 4.125% | |||
Long-term debt gross | $ 400 | $ 400 | |||
Mortgage Bonds | Mortgage Bonds Due 2030 EM | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 2.25% | 2.25% | |||
Long-term debt gross | $ 400 | $ 400 | |||
Mortgage Bonds | Mortgage Bonds Due 2032 EMW | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.75% | ||||
Long-term debt gross | $ 250 | ||||
Mortgage Bonds | MortgageBondsDue2027EMMember [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 515% | ||||
Long-term debt gross | $ 300 | ||||
Pollution Control Bonds | Pollution Control Bonds Due 2032A EKC | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.54% | 0.132% | |||
Long-term debt gross | $ 45 | $ 45 | |||
Pollution Control Bonds | Pollution Control Bonds Due 2032B EKC | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.54% | 0.132% | |||
Long-term debt gross | $ 30.5 | $ 30.5 | |||
Pollution Control Bonds | Pollution Control Bonds Due 2027 EKS | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.54% | 0.132% | |||
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 | 3.54% | 0.132% | |||
Long-term debt gross | $ 14.5 | $ 14.5 | |||
Pollution Control Bonds | Pollution Control Bonds Due 2032B EKS | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.54% | 0.132% | |||
Long-term debt gross | $ 10 | $ 10 | |||
Pollution Control Bonds | EIRR Bonds Series 2007A and 2007B due 2035 EM | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.287% | 0.167% | |||
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 | MortgageBondsDue2027EMMember [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.15% | ||||
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 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 Series A due 2031 EMW | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 2.86% | 2.86% | |||
Long-term debt gross | $ 350 | $ 350 | |||
Senior Notes | Senior Notes Series B due 2033 EMW | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.01% | 3.01% | |||
Long-term debt gross | $ 75 | $ 75 | |||
Senior Notes | Senior Notes Series C due 2036 EMW | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.21% | 3.21% | |||
Long-term debt gross | $ 75 | $ 75 | |||
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 | |||
Term Loan Facility | LineOfCreditFacilityClassifiedAsLongTermDebt2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 500 | ||||
Evergy Kansas Central | |||||
Debt Instrument [Line Items] | |||||
Current maturities of long-term debt | (50) | 0 | |||
Unamortized debt discount and debt issuance costs | (40) | (42.7) | |||
Total excluding current maturities | 3,886.9 | 3,934.2 | |||
Evergy Kansas Central | Fair Value adjustment | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 0 | 0 | |||
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] | |||||
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 2049 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 | 0 | |||
Evergy Kansas Central | Mortgage Bonds | Mortgage Bonds Due 2032 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 0 | ||||
Evergy Kansas Central | Mortgage Bonds | MortgageBondsDue2027EMMember [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 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 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 | ||||
Evergy Kansas Central | Senior Notes | Senior Notes Series A due 2031 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 0 | 0 | |||
Evergy Kansas Central | Senior Notes | Senior Notes Series B due 2033 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 0 | 0 | |||
Evergy Kansas Central | Senior Notes | Senior Notes Series C due 2036 EMW | |||||
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 | ||||
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 Kansas Central | Term Loan Facility | LineOfCreditFacilityClassifiedAsLongTermDebt2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 0 | ||||
Evergy Metro | |||||
Debt Instrument [Line Items] | |||||
Current maturities of long-term debt | (379.5) | 0 | |||
Unamortized debt discount and debt issuance costs | (22.8) | (24.4) | |||
Total excluding current maturities | 2,547.1 | 2,925 | |||
Evergy Metro | Fair Value adjustment | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 0 | 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 | 0 | 0 | |||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2050 EKC | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 0 | 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 2049 EM | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 400 | 400 | |||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2030 EM | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 400 | 400 | |||
Evergy Metro | Mortgage Bonds | Mortgage Bonds Due 2032 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 0 | ||||
Evergy Metro | Mortgage Bonds | MortgageBondsDue2027EMMember [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 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] | |||||
Interest rate | 3.50% | ||||
Long-term debt gross | 23.4 | $ 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 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 | ||||
Evergy Metro | Senior Notes | Senior Notes Series A due 2031 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 0 | 0 | |||
Evergy Metro | Senior Notes | Senior Notes Series B due 2033 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 0 | 0 | |||
Evergy Metro | Senior Notes | Senior Notes Series C due 2036 EMW | |||||
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 | ||||
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 | |||
Evergy Metro | Term Loan Facility | LineOfCreditFacilityClassifiedAsLongTermDebt2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 0 | ||||
Evergy Missouri West | Senior Notes | Mortgage Bonds Due 2032 EMW | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.75% | ||||
Long-term debt gross | $ 250 | ||||
Evergy Missouri West | Senior Notes | Senior Notes Due 2025 EMW | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.49% | ||||
Long-term debt gross | $ 36 | ||||
Evergy Missouri West | Senior Notes | Senior Notes Due 2033 EMW | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.06% | ||||
Long-term debt gross | $ 60 | ||||
Evergy Missouri West | Senior Notes | Senior Notes Due 2043 EMW | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.74% | ||||
Long-term debt gross | $ 150 | ||||
Evergy Missouri West | Senior Notes | Senior Notes Series A due 2031 EMW | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 2.86% | ||||
Long-term debt gross | $ 350 | ||||
Evergy Missouri West | Senior Notes | Senior Notes Series B due 2033 EMW | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.01% | ||||
Long-term debt gross | $ 75 | ||||
Evergy Missouri West | Senior Notes | Senior Notes Series C due 2036 EMW | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.21% | ||||
Long-term debt gross | $ 75 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Jul. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||||
Interest rate | 5.06% | ||||
Secured Debt | Mortgage Bonds Due 2032 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 250 | ||||
Interest rate | 3.75% | ||||
Secured Debt | MortgageBondsDue2027EMMember [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 300 | ||||
Interest rate | 515% | ||||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, priority debt percentage of tangible net worth, maximum | 15% | ||||
Senior Notes | Senior Notes Due 2025 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 36 | $ 36 | |||
Interest rate | 3.49% | 3.49% | |||
Senior Notes | Senior Notes Due 2033 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 60 | $ 60 | |||
Interest rate | 4.06% | 4.06% | |||
Senior Notes | Senior Notes Due 2043 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 150 | $ 150 | |||
Interest rate | 4.74% | 4.74% | |||
Senior Notes | Senior Notes Series A due 2031 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 350 | $ 350 | |||
Interest rate | 2.86% | 2.86% | |||
Senior Notes | Senior Notes Series B due 2033 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 75 | $ 75 | |||
Interest rate | 3.01% | 3.01% | |||
Senior Notes | Senior Notes Series C due 2036 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 75 | $ 75 | |||
Interest rate | 3.21% | 3.21% | |||
Senior Notes | Senior Notes Series Due 2022 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 100 | $ 100 | |||
Interest rate | 3.74% | 3.74% | |||
Senior Notes | Senior Notes Due 2022 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 287.5 | $ 287.5 | |||
Interest rate | 5.292% | 5.292% | |||
Senior Notes | MortgageBondsDue2027EMMember [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.15% | ||||
Pollution Control Bonds | EIRR Bonds Series 2007A and 2007B due 2038 EM | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 23.4 | $ 23.4 | |||
Interest rate | 2.75% | 2.75% | |||
Evergy Kansas Central | |||||
Debt Instrument [Line Items] | |||||
AdditionalPrincipalFirstMortgageBondsAvailableToBeIssued | $ 416.4 | ||||
Evergy Kansas Central | Secured Debt | Mortgage Bonds Due 2032 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 0 | ||||
Evergy Kansas Central | Secured Debt | MortgageBondsDue2027EMMember [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 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 A due 2031 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 0 | 0 | |||
Evergy Kansas Central | Senior Notes | Senior Notes Series B due 2033 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 0 | 0 | |||
Evergy Kansas Central | Senior Notes | Senior Notes Series C due 2036 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 | ||||
Evergy Kansas Central | Senior Notes | Senior Notes Due 2022 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 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 Metro | |||||
Debt Instrument [Line Items] | |||||
AdditionalPrincipalFirstMortgageBondsAvailableToBeIssued | $ 5,254.1 | ||||
Percentage of Bondable Property Allowed | 75% | ||||
Evergy Metro | Secured Debt | Mortgage Bonds Due 2032 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 0 | ||||
Evergy Metro | Secured Debt | MortgageBondsDue2027EMMember [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 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 A due 2031 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 0 | 0 | |||
Evergy Metro | Senior Notes | Senior Notes Series B due 2033 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 0 | 0 | |||
Evergy Metro | Senior Notes | Senior Notes Series C due 2036 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 | ||||
Evergy Metro | Senior Notes | Senior Notes Due 2022 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | 0 | ||||
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 | $ 23.4 | ||
Interest rate | 3.50% | ||||
Evergy Missouri West | |||||
Debt Instrument [Line Items] | |||||
AdditionalPrincipalFirstMortgageBondsAvailableToBeIssued | $ 1,905 | ||||
Evergy Missouri West | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, debt to capitalization ratio (no more than) | 65% | ||||
Evergy Missouri West | Senior Notes | Senior Notes Due 2025 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 36 | ||||
Interest rate | 3.49% | ||||
Evergy Missouri West | Senior Notes | Senior Notes Due 2033 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 60 | ||||
Interest rate | 4.06% | ||||
Evergy Missouri West | Senior Notes | Senior Notes Due 2043 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 150 | ||||
Interest rate | 4.74% | ||||
Evergy Missouri West | Senior Notes | Senior Notes Series A due 2031 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 350 | ||||
Interest rate | 2.86% | ||||
Evergy Missouri West | Senior Notes | Senior Notes Series B due 2033 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 75 | ||||
Interest rate | 3.01% | ||||
Evergy Missouri West | Senior Notes | Senior Notes Series C due 2036 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 75 | ||||
Interest rate | 3.21% | ||||
Evergy Missouri West | Senior Notes | Mortgage Bonds Due 2032 EMW | |||||
Debt Instrument [Line Items] | |||||
Long-term debt gross | $ 250 | ||||
Interest rate | 3.75% | ||||
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, 2022 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 439.5 |
2024 | 1,300 |
2025 | 636 |
2026 | 350 |
2027 | 621.9 |
Evergy Kansas Central | |
Debt Instrument [Line Items] | |
2023 | 50 |
2024 | 0 |
2025 | 250 |
2026 | 350 |
2027 | 321.9 |
Evergy Metro | |
Debt Instrument [Line Items] | |
2023 | 379.5 |
2024 | 0 |
2025 | 350 |
2026 | 0 |
2027 | $ 0 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Derivative, Credit Risk Related Contingent Features [Abstract] | |
Derivative, Net Liability Position, Aggregate Fair Value | $ 47.1 |
Credit Derivatives [Line Items] | |
Credit Derivative, Maximum Exposure, Undiscounted | 54.4 |
Additional Collateral, Aggregate Fair Value | 34.3 |
Collateral Already Posted, Aggregate Fair Value | 7.1 |
Evergy Kansas Central | |
Credit Derivatives [Line Items] | |
Credit Derivative, Maximum Exposure, Undiscounted | 54.4 |
Additional Collateral, Aggregate Fair Value | 34.3 |
Collateral Already Posted, Aggregate Fair Value | $ 7.1 |
Derivative Instruments - Notion
Derivative Instruments - Notional Amounts (Details) - Not Designated as Hedging Instrument [Member] MWh in Millions, MMBTU in Millions | 12 Months Ended | |
Dec. 31, 2022 MWh MMBTU | Dec. 31, 2021 MWh MMBTU | |
Natural gas commodity contract | ||
Price Risk Derivatives [Abstract] | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 772.7 | 375.6 |
Power commodity contract | ||
Price Risk Derivatives [Abstract] | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | 67.2 | 59.8 |
Evergy Kansas Central | Natural gas commodity contract | ||
Price Risk Derivatives [Abstract] | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 769.6 | 373.6 |
Evergy Kansas Central | Power commodity contract | ||
Price Risk Derivatives [Abstract] | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | 41.6 | 36.7 |
Evergy Metro | Power commodity contract | ||
Price Risk Derivatives [Abstract] | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | 18.2 | 17.7 |
Derivative Instruments Offsetti
Derivative Instruments Offsetting Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
FIN 39 Derivative asset netting | ||
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other | Other |
Derivative Asset, Current | $ 25.2 | $ 28.3 |
Derivative Asset, Noncurrent | $ 25.1 | $ 27.1 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other | Other |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other | Other |
Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | $ 329.8 | $ 143.6 |
Commodity contract current | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 262.6 | 94.6 |
FIN 39 Derivative asset netting | ||
Gross amounts offset | (237.4) | (66.3) |
Commodity contract noncurrent | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 67.2 | 49 |
FIN 39 Derivative asset netting | ||
Gross amounts offset | (42.1) | (21.9) |
Power commodity contract current | Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 41.6 | 33.1 |
Power commodity contract noncurrent | Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 65.6 | 47.8 |
Natural gas commodity contract current | Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 221 | 61.5 |
Natural gas commodity contract noncurrent | Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 1.6 | 1.2 |
Evergy Kansas Central | ||
FIN 39 Derivative asset netting | ||
Derivative Asset, Current | 24.8 | 20.1 |
Derivative Asset, Noncurrent | 25.1 | 27.1 |
Evergy Kansas Central | Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 324.9 | 133 |
Evergy Kansas Central | Commodity contract current | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 257.7 | 84 |
FIN 39 Derivative asset netting | ||
Gross amounts offset | (232.9) | (63.9) |
Evergy Kansas Central | Commodity contract noncurrent | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 67.2 | 49 |
FIN 39 Derivative asset netting | ||
Gross amounts offset | (42.1) | (21.9) |
Evergy Kansas Central | Power commodity contract current | Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 36.7 | 22.6 |
Evergy Kansas Central | Power commodity contract noncurrent | Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 65.6 | 47.7 |
Evergy Kansas Central | Natural gas commodity contract current | Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 221 | 61.4 |
Evergy Kansas Central | Natural gas commodity contract noncurrent | Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 1.6 | 1.3 |
Evergy Metro | ||
FIN 39 Derivative asset netting | ||
Derivative Asset, Current | 0 | 6.5 |
Derivative Asset, Noncurrent | 0 | 0 |
Evergy Metro | Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 3.5 | 6.9 |
Evergy Metro | Commodity contract current | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 3.5 | 6.9 |
FIN 39 Derivative asset netting | ||
Gross amounts offset | (3.5) | (0.4) |
Evergy Metro | Commodity contract noncurrent | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
FIN 39 Derivative asset netting | ||
Gross amounts offset | 0 | 0 |
Evergy Metro | Power commodity contract current | Not Designated as Hedging Instrument [Member] | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | $ 3.5 | $ 6.9 |
Derivative Instruments Offset_2
Derivative Instruments Offsetting Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset [Abstract] | ||
Derivative Liability, Current | $ 25.8 | $ 14.7 |
Derivative Liability, Noncurrent | $ 26.7 | $ 23.5 |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other | Other |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other | Other |
Not Designated as Hedging Instrument [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | $ 322.9 | $ 126.4 |
Power commodity contract noncurrent | Not Designated as Hedging Instrument [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 61.5 | 44.1 |
Commodity contract current | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 259.8 | 81 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset [Abstract] | ||
FIN 39 Derivative liability netting | (234) | (66.3) |
Commodity contract noncurrent | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 63.1 | 45.4 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset [Abstract] | ||
FIN 39 Derivative liability netting | (36.4) | (21.9) |
Power commodity contract current | Not Designated as Hedging Instrument [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 41 | 23.3 |
Natural gas commodity contract current | Not Designated as Hedging Instrument [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 218.8 | 57.7 |
Natural gas commodity contract noncurrent | Not Designated as Hedging Instrument [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 1.6 | 1.3 |
Evergy Kansas Central | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset [Abstract] | ||
Derivative Liability, Current | 21.3 | 14.7 |
Derivative Liability, Noncurrent | 26.7 | 23.5 |
Evergy Kansas Central | Not Designated as Hedging Instrument [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 313.8 | 124 |
Evergy Kansas Central | Power commodity contract noncurrent | Not Designated as Hedging Instrument [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 61.5 | 44.1 |
Evergy Kansas Central | Commodity contract current | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 250.7 | 78.6 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset [Abstract] | ||
FIN 39 Derivative liability netting | (229.4) | (63.9) |
Evergy Kansas Central | Commodity contract noncurrent | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 63.1 | 45.4 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset [Abstract] | ||
FIN 39 Derivative liability netting | (36.4) | (21.9) |
Evergy Kansas Central | Power commodity contract current | Not Designated as Hedging Instrument [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 35.6 | 20.9 |
Evergy Kansas Central | Natural gas commodity contract current | Not Designated as Hedging Instrument [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 215.1 | 57.7 |
Evergy Kansas Central | Natural gas commodity contract noncurrent | Not Designated as Hedging Instrument [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 1.6 | 1.3 |
Evergy Metro | ||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset [Abstract] | ||
Derivative Liability, Current | 0.6 | 0 |
Derivative Liability, Noncurrent | 0 | 0 |
Evergy Metro | Not Designated as Hedging Instrument [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 4.1 | 0.4 |
Evergy Metro | Commodity contract current | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 4.1 | 0.4 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset [Abstract] | ||
FIN 39 Derivative liability netting | (3.5) | (0.4) |
Evergy Metro | Commodity contract noncurrent | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset [Abstract] | ||
FIN 39 Derivative liability netting | 0 | 0 |
Evergy Metro | Natural gas commodity contract current | Not Designated as Hedging Instrument [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | $ 4.1 | $ 0.4 |
Derivative Instruments Gain and
Derivative Instruments Gain and Losses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 84.6 | $ 117.5 |
Commodity Contract [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 84.6 | 117.5 |
Evergy Kansas Central | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 84.6 | 117.5 |
Evergy Kansas Central | Commodity Contract [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 84.6 | $ 117.5 |
FAIR VALUE MEASUREMENTS - Long-
FAIR VALUE MEASUREMENTS - Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Book Value | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | $ 10,344.8 | $ 9,687.2 |
Fair Value | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 9,160 | 10,758.5 |
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 | 3,936.9 | 3,934.2 |
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 | 3,389.4 | 4,522.5 |
Evergy Metro | Book Value | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 2,926.6 | 2,925 |
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 | 2,661.7 | 3,400.8 |
Long-Term debt fair value adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt gross | 92.1 | 97.9 |
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) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, Other | Other assets, Other |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other, Other | Other, Other |
Fair Value, Measurements, Recurring | ||
Assets | ||
Total nuclear decommissioning trust | $ 653.3 | $ 768.7 |
Total rabbi trust | 34.1 | 44.2 |
Derivative Asset | 50.3 | 55.4 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (279.5) | (88.2) |
Total self-insured health plan trust | 11.2 | 12.5 |
Equity securities | 31.4 | |
Total Assets | 748.9 | 912.2 |
Derivative Liability | 52.5 | 38.2 |
FIN 39 Derivative liability netting | (270.4) | (88.2) |
Total Liabilities | 52.5 | 38.2 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets | ||
Total nuclear decommissioning trust | 547.1 | 658.7 |
Total rabbi trust | 34.1 | 44.2 |
Derivative Asset, Fair Value, Gross Asset | 268 | 90.4 |
Total self-insured health plan trust | 5.7 | 6.5 |
Equity securities | 0 | |
Total Assets | 854.9 | 799.8 |
Derivative Liability, Fair Value, Gross Liability | 250.8 | 73.4 |
Total Liabilities | 250.8 | 73.4 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets | ||
Total nuclear decommissioning trust | 43.4 | 48.2 |
Total rabbi trust | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 46.6 | 37.7 |
Total self-insured health plan trust | 5.5 | 6 |
Equity securities | 31.4 | |
Total Assets | 95.5 | 123.3 |
Derivative Liability, Fair Value, Gross Liability | 59.7 | 46.6 |
Total Liabilities | 59.7 | 46.6 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 15.2 | 15.5 |
Total self-insured health plan trust | 0 | 0 |
Equity securities | 0 | |
Total Assets | 15.2 | 15.5 |
Derivative Liability, Fair Value, Gross Liability | 12.4 | 6.4 |
Total Liabilities | 12.4 | 6.4 |
Fair Value, Measurements, Recurring | NAV | ||
Assets | ||
Total nuclear decommissioning trust | 62.8 | 61.8 |
Total rabbi trust | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Equity securities | 0 | |
Total Assets | 62.8 | 61.8 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Power commodity contract | ||
Assets | ||
Derivative Asset | 43 | 50.2 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (64.2) | (30.7) |
Derivative Liability | 47.4 | 36.7 |
FIN 39 Derivative liability netting | (55.1) | (30.7) |
Fair Value, Measurements, Recurring | Power commodity contract | Level 1 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 45.5 | 28.2 |
Derivative Liability, Fair Value, Gross Liability | 34.2 | 14.7 |
Fair Value, Measurements, Recurring | Power commodity contract | Level 2 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 46.5 | 37.2 |
Derivative Liability, Fair Value, Gross Liability | 55.9 | 46.3 |
Fair Value, Measurements, Recurring | Power commodity contract | Level 3 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 15.2 | 15.5 |
Derivative Liability, Fair Value, Gross Liability | 12.4 | 6.4 |
Fair Value, Measurements, Recurring | Power commodity contract | NAV | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Fair Value, Measurements, Recurring | Natural gas commodity contract | ||
Assets | ||
Derivative Asset | 7.3 | 5.2 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (215.3) | (57.5) |
Derivative Liability | 5.1 | 1.5 |
FIN 39 Derivative liability netting | (215.3) | (57.5) |
Fair Value, Measurements, Recurring | Natural gas commodity contract | Level 1 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 222.5 | 62.2 |
Derivative Liability, Fair Value, Gross Liability | 216.6 | 58.7 |
Fair Value, Measurements, Recurring | Natural gas commodity contract | Level 2 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 0.1 | 0.5 |
Derivative Liability, Fair Value, Gross Liability | 3.8 | 0.3 |
Fair Value, Measurements, Recurring | Natural gas commodity contract | Level 3 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Fair Value, Measurements, Recurring | Natural gas commodity contract | NAV | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 |
Evergy Kansas Central | ||
Assets | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, Other | Other assets, Other |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other, Other | Other, Other |
Evergy Kansas Central | Fair Value, Measurements, Recurring | ||
Assets | ||
Total nuclear decommissioning trust | $ 318.8 | $ 368.4 |
Total rabbi trust | 24.9 | 31.7 |
Derivative Asset | 49.9 | 47.2 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (275) | (85.8) |
Total Assets | 393.6 | 447.3 |
Derivative Liability | 48 | 38.2 |
FIN 39 Derivative liability netting | (265.8) | (85.8) |
Total Liabilities | 48 | 38.2 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 51 | 58.1 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 25.3 | 29.6 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 16 | 18 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Combination debt/equity/other fund | ||
Assets | ||
Total rabbi trust | 1.9 | 2.4 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 31.8 | 32.7 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 18.9 | 15.2 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0.4 | 0.4 |
Total rabbi trust | 0.1 | 0.2 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Equity funds | ||
Assets | ||
Total rabbi trust | 7.3 | 9.5 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Fixed income funds | ||
Assets | ||
Total rabbi trust | 15.6 | 19.6 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 1 | ||
Assets | ||
Total nuclear decommissioning trust | 256 | 306.6 |
Total rabbi trust | 24.9 | 31.7 |
Derivative Asset, Fair Value, Gross Asset | 268 | 90.4 |
Total Assets | 548.9 | 428.7 |
Derivative Liability, Fair Value, Gross Liability | 250.6 | 73.4 |
Total Liabilities | 250.6 | 73.4 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 1 | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 51 | 58.1 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 1 | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 25.3 | 29.6 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 1 | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 16 | 18 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 1 | Combination debt/equity/other fund | ||
Assets | ||
Total rabbi trust | 1.9 | 2.4 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 1 | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 1 | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 1 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0.4 | 0.4 |
Total rabbi trust | 0.1 | 0.2 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 1 | Equity funds | ||
Assets | ||
Total rabbi trust | 7.3 | 9.5 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 1 | Fixed income funds | ||
Assets | ||
Total rabbi trust | 15.6 | 19.6 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 2 | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 46.6 | 37.7 |
Total Assets | 46.6 | 37.7 |
Derivative Liability, Fair Value, Gross Liability | 56 | 46.6 |
Total Liabilities | 56 | 46.6 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 2 | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 2 | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 2 | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 2 | Combination debt/equity/other fund | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 2 | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 2 | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 2 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 2 | Equity funds | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 2 | Fixed income funds | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 3 | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 10.3 | 4.9 |
Total Assets | 10.3 | 4.9 |
Derivative Liability, Fair Value, Gross Liability | 7.2 | 4 |
Total Liabilities | 7.2 | 4 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 3 | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 3 | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 3 | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 3 | Combination debt/equity/other fund | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 3 | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 3 | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 3 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 3 | Equity funds | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Level 3 | Fixed income funds | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | NAV | ||
Assets | ||
Total nuclear decommissioning trust | 62.8 | 61.8 |
Total rabbi trust | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Total Assets | 62.8 | 61.8 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Total Liabilities | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | NAV | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | NAV | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | NAV | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | NAV | Combination debt/equity/other fund | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | NAV | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 31.8 | 32.7 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | NAV | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 18.9 | 15.2 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | NAV | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | NAV | Equity funds | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | NAV | Fixed income funds | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Power commodity contract | ||
Assets | ||
Derivative Asset | 42.6 | 42 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (59.7) | (28.3) |
Derivative Liability | 46.6 | 36.7 |
FIN 39 Derivative liability netting | (50.5) | (28.3) |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Power commodity contract | Level 1 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 45.5 | 28.2 |
Derivative Liability, Fair Value, Gross Liability | 34 | 14.7 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Power commodity contract | Level 2 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 46.5 | 37.2 |
Derivative Liability, Fair Value, Gross Liability | 55.9 | 46.3 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Power commodity contract | Level 3 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 10.3 | 4.9 |
Derivative Liability, Fair Value, Gross Liability | 7.2 | 4 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Power commodity contract | NAV | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Natural gas commodity contract | ||
Assets | ||
Derivative Asset | 7.3 | 5.2 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (215.3) | (57.5) |
Derivative Liability | 1.4 | 1.5 |
FIN 39 Derivative liability netting | (215.3) | (57.5) |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Natural gas commodity contract | Level 1 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 222.5 | 62.2 |
Derivative Liability, Fair Value, Gross Liability | 216.6 | 58.7 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Natural gas commodity contract | Level 2 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 0.1 | 0.5 |
Derivative Liability, Fair Value, Gross Liability | 0.1 | 0.3 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Natural gas commodity contract | Level 3 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | Natural gas commodity contract | NAV | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Evergy Kansas Central | Domestic | Fair Value, Measurements, Recurring | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 112.5 | 140.4 |
Evergy Kansas Central | Domestic | Fair Value, Measurements, Recurring | Level 1 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 100.4 | 126.5 |
Evergy Kansas Central | Domestic | Fair Value, Measurements, Recurring | Level 2 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Domestic | Fair Value, Measurements, Recurring | Level 3 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Domestic | Fair Value, Measurements, Recurring | NAV | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 12.1 | 13.9 |
Evergy Kansas Central | International | Fair Value, Measurements, Recurring | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 62.9 | 74 |
Evergy Kansas Central | International | Fair Value, Measurements, Recurring | Level 1 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 62.9 | 74 |
Evergy Kansas Central | International | Fair Value, Measurements, Recurring | Level 2 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | International | Fair Value, Measurements, Recurring | Level 3 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | International | Fair Value, Measurements, Recurring | NAV | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | $ 0 | $ 0 |
Evergy Metro | ||
Assets | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, Other | Other assets, Other |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other, Other | Other, Other |
Evergy Metro | Fair Value, Measurements, Recurring | ||
Assets | ||
Total nuclear decommissioning trust | $ 334.5 | $ 400.3 |
Derivative Asset | 0 | 6.5 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (3.5) | (0.4) |
Total self-insured health plan trust | 11.2 | 12.5 |
Total Assets | 345.7 | 419.3 |
Derivative Liability | 0.6 | 0 |
FIN 39 Derivative liability netting | (3.5) | (0.4) |
Total Liabilities | 0.6 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 243.4 | 299.2 |
Total self-insured health plan trust | 1.6 | 2 |
Evergy Metro | Fair Value, Measurements, Recurring | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 6.6 | 6.8 |
Evergy Metro | Fair Value, Measurements, Recurring | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 40.7 | 46.1 |
Evergy Metro | Fair Value, Measurements, Recurring | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0.4 | 0.4 |
Evergy Metro | Fair Value, Measurements, Recurring | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 4.2 | 4 |
Evergy Metro | Fair Value, Measurements, Recurring | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 39.1 | 43.7 |
Evergy Metro | Fair Value, Measurements, Recurring | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0.1 | 0.1 |
Evergy Metro | Fair Value, Measurements, Recurring | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 8 | 8.7 |
Evergy Metro | Fair Value, Measurements, Recurring | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 1.6 | 1.8 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 1 | ||
Assets | ||
Total nuclear decommissioning trust | 291.1 | 352.1 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Total self-insured health plan trust | 5.7 | 6.5 |
Total Assets | 296.8 | 358.6 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Total Liabilities | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 1 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 243.4 | 299.2 |
Total self-insured health plan trust | 1.6 | 2 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 1 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 6.6 | 6.8 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 40.7 | 46.1 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 1 | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0.4 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 1 | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 1 | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 1 | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 1 | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 2.5 | 2.7 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 1 | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 1.6 | 1.8 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 2 | ||
Assets | ||
Total nuclear decommissioning trust | 43.4 | 48.2 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Total self-insured health plan trust | 5.5 | 6 |
Total Assets | 48.9 | 54.2 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Total Liabilities | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 2 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 2 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 2 | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0.4 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 2 | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 4.2 | 4 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 2 | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 39.1 | 43.7 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 2 | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0.1 | 0.1 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 2 | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 5.5 | 6 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 2 | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 3 | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 3.5 | 6.9 |
Total self-insured health plan trust | 0 | 0 |
Total Assets | 3.5 | 6.9 |
Derivative Liability, Fair Value, Gross Liability | 4.1 | 0.4 |
Total Liabilities | 4.1 | 0.4 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 3 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 3 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 3 | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 3 | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 3 | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 3 | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 3 | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Level 3 | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | NAV | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Total Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Total Liabilities | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | NAV | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | NAV | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | NAV | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | NAV | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | NAV | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | NAV | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | NAV | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | NAV | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | NAV | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Power commodity contract | ||
Assets | ||
Derivative Asset | 0 | 6.5 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (3.5) | (0.4) |
Derivative Liability | 0.6 | 0 |
FIN 39 Derivative liability netting | (3.5) | (0.4) |
Evergy Metro | Fair Value, Measurements, Recurring | Power commodity contract | Level 1 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Power commodity contract | Level 2 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Evergy Metro | Fair Value, Measurements, Recurring | Power commodity contract | Level 3 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 3.5 | 6.9 |
Derivative Liability, Fair Value, Gross Liability | 4.1 | 0.4 |
Evergy Metro | Fair Value, Measurements, Recurring | Power commodity contract | NAV | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 |
Other Evergy | ||
Assets | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, Other | Other assets, Other |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other, Other | Other, Other |
Other Evergy | Fair Value, Measurements, Recurring | ||
Assets | ||
Total rabbi trust | $ 9.2 | $ 12.5 |
Derivative Asset | 0.4 | 1.7 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (1) | (2) |
Equity securities | 31.4 | |
Total Assets | 9.6 | 45.6 |
Derivative Liability | 3.9 | |
FIN 39 Derivative liability netting | (1.1) | (2) |
Total Liabilities | 3.9 | 0 |
Other Evergy | Fair Value, Measurements, Recurring | Equity securities | ||
Assets | ||
Equity securities | 31.4 | |
Other Evergy | Fair Value, Measurements, Recurring | Core bond fund | ||
Assets | ||
Total rabbi trust | 9.2 | 12.5 |
Other Evergy | Fair Value, Measurements, Recurring | Level 1 | ||
Assets | ||
Total rabbi trust | 9.2 | 12.5 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Equity securities | 0 | |
Total Assets | 9.2 | 12.5 |
Derivative Liability, Fair Value, Gross Liability | 0.2 | |
Total Liabilities | 0.2 | 0 |
Other Evergy | Fair Value, Measurements, Recurring | Level 1 | Equity securities | ||
Assets | ||
Equity securities | 0 | |
Other Evergy | Fair Value, Measurements, Recurring | Level 1 | Core bond fund | ||
Assets | ||
Total rabbi trust | 9.2 | 12.5 |
Other Evergy | Fair Value, Measurements, Recurring | Level 2 | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Equity securities | 31.4 | |
Total Assets | 0 | 31.4 |
Derivative Liability, Fair Value, Gross Liability | 3.7 | |
Total Liabilities | 3.7 | 0 |
Other Evergy | Fair Value, Measurements, Recurring | Level 2 | Equity securities | ||
Assets | ||
Equity securities | 31.4 | |
Other Evergy | Fair Value, Measurements, Recurring | Level 2 | Core bond fund | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Other Evergy | Fair Value, Measurements, Recurring | Level 3 | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 1.4 | 0 |
Equity securities | 0 | |
Total Assets | 1.4 | 0 |
Derivative Liability, Fair Value, Gross Liability | 1.1 | |
Total Liabilities | 1.1 | 2 |
Other Evergy | Fair Value, Measurements, Recurring | Level 3 | Equity securities | ||
Assets | ||
Equity securities | 0 | |
Other Evergy | Fair Value, Measurements, Recurring | Level 3 | Core bond fund | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Other Evergy | Fair Value, Measurements, Recurring | NAV | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Equity securities | 0 | |
Total Assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | |
Total Liabilities | 0 | 0 |
Other Evergy | Fair Value, Measurements, Recurring | NAV | Equity securities | ||
Assets | ||
Equity securities | 0 | |
Other Evergy | Fair Value, Measurements, Recurring | NAV | Core bond fund | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Other Evergy | Fair Value, Measurements, Recurring | Power commodity contract | ||
Assets | ||
Derivative Asset | 0.4 | 1.7 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (1) | (2) |
Derivative Liability | 0.2 | 0 |
FIN 39 Derivative liability netting | (1.1) | (2) |
Other Evergy | Fair Value, Measurements, Recurring | Power commodity contract | Level 1 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0.2 | 0 |
Other Evergy | Fair Value, Measurements, Recurring | Power commodity contract | Level 2 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Other Evergy | Fair Value, Measurements, Recurring | Power commodity contract | Level 3 | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 1.4 | 3.7 |
Derivative Liability, Fair Value, Gross Liability | 1.1 | 2 |
Other Evergy | Fair Value, Measurements, Recurring | Power commodity contract | NAV | ||
Assets | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Other Evergy | Fair Value, Measurements, Recurring | Natural gas commodity contract | ||
Assets | ||
Derivative Liability | 3.7 | 0 |
FIN 39 Derivative liability netting | 0 | (2) |
Other Evergy | Fair Value, Measurements, Recurring | Natural gas commodity contract | Level 1 | ||
Assets | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Other Evergy | Fair Value, Measurements, Recurring | Natural gas commodity contract | Level 2 | ||
Assets | ||
Derivative Liability, Fair Value, Gross Liability | 3.7 | 0 |
Other Evergy | Fair Value, Measurements, Recurring | Natural gas commodity contract | Level 3 | ||
Assets | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 2 |
Other Evergy | Fair Value, Measurements, Recurring | Natural gas commodity contract | NAV | ||
Assets | ||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - NAV (
FAIR VALUE MEASUREMENTS - NAV (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) fund extension | Dec. 31, 2021 USD ($) | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 1.5 | $ 1.7 |
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 |
Domestic | Evergy Kansas Central | Equity securities | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 1.5 | 1.7 |
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 | $ 653.3 | 768.7 |
Total rabbi trust | 34.1 | 44.2 |
Total Assets | 748.9 | 912.2 |
Fair Value, Measurements, Recurring | Evergy Kansas Central | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 318.8 | 368.4 |
Total rabbi trust | 24.9 | 31.7 |
Total Assets | 393.6 | 447.3 |
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 | 31.8 | 32.7 |
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 | 18.9 | 15.2 |
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 | 51 | 58.1 |
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 rabbi trust | 1.9 | 2.4 |
Fair Value, Measurements, Recurring | Other Evergy | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total rabbi trust | 9.2 | 12.5 |
Total Assets | 9.6 | 45.6 |
Fair Value, Measurements, Recurring | Other Evergy | Core bond fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total rabbi trust | 9.2 | 12.5 |
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 | 112.5 | 140.4 |
NAV | Fair Value, Measurements, Recurring | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 62.8 | 61.8 |
Total rabbi trust | 0 | 0 |
Total Assets | 62.8 | 61.8 |
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 | 62.8 | 61.8 |
Total rabbi trust | 0 | 0 |
Total Assets | 62.8 | 61.8 |
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 | $ 31.8 | 32.7 |
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 | $ 18.9 | 15.2 |
Length of Settlement | 65 days | |
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 |
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 rabbi trust | 0 | 0 |
NAV | Fair Value, Measurements, Recurring | Other Evergy | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total rabbi trust | 0 | 0 |
Total Assets | 0 | 0 |
NAV | Fair Value, Measurements, Recurring | Other Evergy | Core bond fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total rabbi trust | 0 | 0 |
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 | $ 12.1 | $ 13.9 |
FAIR VALUE MEASUREMENTS - Gains
FAIR VALUE MEASUREMENTS - Gains (Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gains (losses) | $ (145.6) | $ 95.5 | $ 45.2 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Investment earnings (loss) | ||
Nuclear decommissioning trust - equity securities | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gains (losses) | $ (123.3) | 101.8 | 45.5 |
Nuclear decommissioning trust - debt securities | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gains (losses) | (15.2) | (4.5) | 5.3 |
Rabbi trusts - equity securities | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gains (losses) | (7.1) | (1.8) | (5.6) |
Evergy Kansas Central | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gains (losses) | $ (68.2) | 49.1 | 15.8 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Investment earnings (loss) | ||
Evergy Kansas Central | Nuclear decommissioning trust - equity securities | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gains (losses) | $ (62.8) | 50.5 | 21.9 |
Evergy Kansas Central | Rabbi trusts - equity securities | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gains (losses) | (5.4) | (1.4) | (6.1) |
Evergy Metro | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gains (losses) | $ (75.7) | 46.8 | 28.9 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Investment earnings (loss) | ||
Evergy Metro | Nuclear decommissioning trust - equity securities | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gains (losses) | $ (60.5) | 51.3 | 23.6 |
Evergy Metro | Nuclear decommissioning trust - debt securities | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Unrealized gains (losses) | $ (15.2) | $ (4.5) | $ 5.3 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions | Dec. 31, 2022 USD ($) |
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 | 13,700 |
Nuclear liability insurance, maximum available commercial insurance | 500 |
Nuclear liability insurance, industry wide retrospective assessment program | 13,200 |
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 | 28.3 |
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 | 26.6 |
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 | 13.3 |
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 | $ 13.3 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Contractual Commitments (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2023 | $ 371.3 |
2024 | 214.6 |
2025 | 187.9 |
2026 | 190.4 |
2027 | 114.6 |
After 2027 | 423.5 |
Total | 1,502.3 |
Fuel | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2023 | 308.6 |
2024 | 157.5 |
2025 | 130.4 |
2026 | 132.9 |
2027 | 57.1 |
After 2027 | 148.3 |
Total | 934.8 |
Power | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2023 | 62.7 |
2024 | 57.1 |
2025 | 57.5 |
2026 | 57.5 |
2027 | 57.5 |
After 2027 | 275.2 |
Total | 567.5 |
Evergy Kansas Central | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2023 | 161.2 |
2024 | 101.5 |
2025 | 84.8 |
2026 | 84.6 |
2027 | 31.2 |
After 2027 | 80.6 |
Total | 543.9 |
Evergy Kansas Central | Fuel | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2023 | 160.3 |
2024 | 100.6 |
2025 | 83.9 |
2026 | 83.7 |
2027 | 30.3 |
After 2027 | 77.9 |
Total | 536.7 |
Evergy Kansas Central | Power | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2023 | 0.9 |
2024 | 0.9 |
2025 | 0.9 |
2026 | 0.9 |
2027 | 0.9 |
After 2027 | 2.7 |
Total | 7.2 |
Evergy Metro | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2023 | 163.5 |
2024 | 78.3 |
2025 | 68.9 |
2026 | 71.5 |
2027 | 51.7 |
After 2027 | 237.3 |
Total | 671.2 |
Evergy Metro | Fuel | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2023 | 128.2 |
2024 | 49.1 |
2025 | 39.7 |
2026 | 42.3 |
2027 | 22.5 |
After 2027 | 70.4 |
Total | 352.2 |
Evergy Metro | Power | |
Unrecorded Unconditional Purchase Obligations and Lease Commitments [Line Items] | |
2023 | 35.3 |
2024 | 29.2 |
2025 | 29.2 |
2026 | 29.2 |
2027 | 29.2 |
After 2027 | 166.9 |
Total | $ 319 |
GUARANTEES (Details)
GUARANTEES (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Guarantor Obligations [Line Items] | |
Maximum exposure | $ 804 |
Commercial Paper | Evergy Missouri West | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 449.2 |
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 | $ 756 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Lease liability recorded in other current liabilities | $ 16.1 | ||
Evergy Metro | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties, Current | 0.9 | $ 0.1 | |
Lease liability recorded in other current liabilities | 7.7 | ||
Evergy Metro | Evergy Inc Money Pool | |||
Related Party Transaction [Line Items] | |||
Due from Related Parties, Current | 31 | 155 | |
Evergy Metro | Evergy Missouri West | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | 137.5 | 254.5 | |
Evergy Metro | Evergy Missouri West | Operating Expenses and Capital Costs Billed | |||
Related Party Transaction [Line Items] | |||
Related party transaction | 140.5 | 142.1 | $ 168.7 |
Evergy Metro | Evergy Kansas Central | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | 15.7 | 14.5 | |
Evergy Metro | Evergy Kansas Central | Operating Expenses and Capital Costs Billed | |||
Related Party Transaction [Line Items] | |||
Related party transaction | 238.4 | 134.7 | 130.8 |
Evergy Metro | Evergy | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | 16.3 | 8.7 | |
Evergy Metro | Evergy | Income Tax Receivable | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | 0.2 | ||
Evergy Metro | Evergy | Income Taxes Payable | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | (2.5) | ||
Evergy Kansas Central | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties, Current | 28.9 | 27.5 | |
Lease liability recorded in other current liabilities | 8.2 | ||
Evergy Kansas Central | Evergy Missouri West | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | 7.4 | 10.4 | |
Evergy Kansas Central | Evergy Missouri West | Operating Expenses and Capital Costs Billed | |||
Related Party Transaction [Line Items] | |||
Related party transaction | 32.7 | 32.5 | 37.6 |
Evergy Kansas Central | Evergy Metro | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | (15.7) | (14.5) | |
Evergy Kansas Central | Evergy Metro | Operating Expenses and Capital Costs Billed | |||
Related Party Transaction [Line Items] | |||
Related party transaction | 33.1 | 29.4 | $ 34.7 |
Evergy Kansas Central | Evergy | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | (12.7) | (2.2) | |
Evergy Kansas Central | Evergy | Income Tax Receivable | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | $ 9.6 | ||
Evergy Kansas Central | Evergy | Income Taxes Payable | |||
Related Party Transaction [Line Items] | |||
Due from (to) related parties | $ (10.3) | ||
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% | ||
Jeffrey Energy Center | Evergy Missouri West | |||
Related Party Transaction [Line Items] | |||
Jointly owned utility plant, proportionate ownership share | 8% | ||
La Cygne Station | Evergy Kansas Central | |||
Related Party Transaction [Line Items] | |||
Jointly owned utility plant, proportionate ownership share | 50% |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Feb. 28, 2021 | |
Line of Credit Facility [Line Items] | ||||
Preferred stock, shares authorized (in shares) | 12,000,000 | |||
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 | |||
Restriction on payment of dividends (at least) | 35% | |||
Restricted net assets of subsidiaries | $ 5,800 | |||
Issuance of stock, net of issuance costs | $ 112.5 | $ 112.5 | ||
Stock issuance costs | $ 0.7 | |||
Evergy Kansas Central | ||||
Line of Credit Facility [Line Items] | ||||
Restriction on payment of dividends (at least) | 40% | |||
Evergy Metro | ||||
Line of Credit Facility [Line Items] | ||||
Restriction on payment of dividends (at least) | 40% | |||
Retained earnings restrictions | $ 222.9 |
VARIABLE INTEREST ENTITIES - Na
VARIABLE INTEREST ENTITIES - Narrative (Details) - La Cygne Unit 2 [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Variable Interest Entity [Line Items] | |
VIE ownership percentage | 50% |
Evergy Kansas Central | |
Variable Interest Entity [Line Items] | |
VIE ownership percentage | 50% |
VARIABLE INTEREST ENTITIES - As
VARIABLE INTEREST ENTITIES - Assets and Liabilities Related to VIE (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Property, plant and equipment, net | $ 22,136.5 | $ 21,002.6 |
Liabilities: | ||
Current maturities of long-term debt | 439.1 | 389.3 |
Accrued interest | 124.3 | 118.8 |
Long-term debt, net | 9,905.7 | 9,297.9 |
Variable Interest Entities | ||
Assets: | ||
Property, plant and equipment, net | 140.7 | 147.8 |
Evergy Kansas Central | ||
Assets: | ||
Property, plant and equipment, net | 11,080.8 | 10,548.9 |
Liabilities: | ||
Current maturities of long-term debt | 50 | 0 |
Accrued interest | 72.6 | 71.5 |
Long-term debt, net | 3,886.9 | 3,934.2 |
Evergy Kansas Central | Variable Interest Entities | ||
Assets: | ||
Property, plant and equipment, net | $ 140.7 | $ 147.8 |
TAXES - Income Tax Expense (Det
TAXES - Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current income taxes | |||
Federal | $ 31.9 | $ 15.6 | $ (26.8) |
State | 8.3 | (0.4) | 2.1 |
Total | 40.2 | 15.2 | (24.7) |
Deferred income taxes | |||
Federal | 17.2 | 92.8 | 73.1 |
State | (3.4) | 14.7 | 59.8 |
Total | 13.8 | 107.5 | 132.9 |
Investment Tax Credits | |||
Deferral | 0 | 0.4 | 0 |
Amortization | (6.5) | (5.7) | (6) |
Total | (6.5) | (5.3) | (6) |
Income tax expense (benefit) | $ 47.5 | $ 117.4 | $ 102.2 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal statutory income tax rate | 21% | 21% | 21% |
Effect of: | |||
COLI policies | (1.20%) | (1.00%) | (1.60%) |
State income taxes | 0.30% | 1% | 4.30% |
Flow through depreciation for plant-related differences | (8.40%) | (5.40%) | (5.30%) |
Federal tax credits | (4.00%) | (2.80%) | (4.60%) |
Non-controlling interest | (0.30%) | (0.30%) | (0.30%) |
AFUDC equity | (0.60%) | (0.60%) | (0.50%) |
Amortization of federal investment tax credits | (0.60%) | (0.40%) | (0.60%) |
Federal or state tax rate change | 0% | 0% | 1.90% |
Valuation allowance | 0% | 0% | (0.20%) |
Stock compensation | (0.20%) | 0% | (0.10%) |
Officer compensation limitation | 0.30% | 0.50% | 0.20% |
Other | (0.50%) | (0.40%) | (0.20%) |
Effective income tax rate | 5.80% | 11.60% | 14% |
Evergy Kansas Central | |||
Current income taxes | |||
Federal | $ 95.8 | $ 53.3 | $ 14.5 |
State | 3.9 | (0.2) | (5.3) |
Total | 99.7 | 53.1 | 9.2 |
Deferred income taxes | |||
Federal | (78.7) | 3.8 | (16.7) |
State | (4.6) | (1.2) | 168.1 |
Total | (83.3) | 2.6 | 151.4 |
Investment Tax Credits | |||
Deferral | 0 | 0.3 | 0 |
Amortization | (4.1) | (4.3) | (4.8) |
Total | (4.1) | (4) | (4.8) |
Income tax expense (benefit) | $ 12.3 | $ 51.7 | $ 155.8 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal statutory income tax rate | 21% | 21% | 21% |
Effect of: | |||
COLI policies | (2.20%) | (1.70%) | (2.80%) |
State income taxes | (0.40%) | (0.40%) | 3.80% |
Flow through depreciation for plant-related differences | (6.60%) | (3.00%) | (0.10%) |
Federal tax credits | (7.20%) | (5.00%) | (7.10%) |
Non-controlling interest | (0.60%) | (0.50%) | (0.60%) |
AFUDC equity | (0.40%) | (0.60%) | (0.50%) |
Amortization of federal investment tax credits | (0.50%) | (0.50%) | (0.70%) |
Federal or state tax rate change | 0% | 0% | 27.80% |
Stock compensation | (0.20%) | (0.10%) | (0.10%) |
Officer compensation limitation | 0.10% | 0.30% | 0% |
Other | (0.20%) | (0.10%) | (0.90%) |
Effective income tax rate | 2.80% | 9.40% | 39.80% |
Evergy Metro | |||
Current income taxes | |||
Federal | $ (21.9) | $ 39.2 | $ (0.2) |
State | 4.1 | 3.2 | 10.8 |
Total | (17.8) | 42.4 | 10.6 |
Deferred income taxes | |||
Federal | 69.9 | 6.5 | 29.8 |
State | 0.6 | 4.8 | (32.2) |
Total | 70.5 | 11.3 | (2.4) |
Investment Tax Credits | |||
Amortization | (2.4) | (1.3) | (1.1) |
Total | (2.4) | (1.3) | (1.1) |
Income tax expense (benefit) | $ 50.3 | $ 52.4 | $ 7.1 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal statutory income tax rate | 21% | 21% | 21% |
Effect of: | |||
COLI policies | (0.10%) | (0.20%) | (0.30%) |
State income taxes | 0.90% | 1.70% | 4.90% |
Flow through depreciation for plant-related differences | (7.20%) | (7.80%) | (10.00%) |
Federal tax credits | (0.10%) | (0.20%) | (1.90%) |
AFUDC equity | (0.70%) | (0.70%) | (0.50%) |
Amortization of federal investment tax credits | (0.60%) | (0.40%) | (0.40%) |
Federal or state tax rate change | 0% | 0% | (10.50%) |
Stock compensation | (0.20%) | 0% | (0.40%) |
Officer compensation limitation | 0.50% | 0.90% | 0.40% |
Other | (1.10%) | 0.10% | 0% |
Effective income tax rate | 12.40% | 14.40% | 2.30% |
TAXES - Deferred Income Taxes (
TAXES - Deferred Income Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Tax credit carryforward | $ 311 | $ 375.2 |
Income taxes refundable to customers, net | 311 | 336.6 |
Deferred employee benefit costs | 86.2 | 158.3 |
Net operating loss carryforward | 31.7 | 40.2 |
Deferred state income taxes | 145.6 | 146.9 |
Accrued liabilities | 169.7 | 157.6 |
Other | 248.1 | 200 |
Total deferred tax assets before valuation allowance | 1,303.3 | 1,414.8 |
Valuation allowances | (12.8) | (12.8) |
Total deferred tax assets, net | 1,290.5 | 1,402 |
Deferred tax liabilities: | ||
Plant-related | (2,770.9) | (2,701.1) |
Deferred employee benefit costs | (8.8) | (96.8) |
ARO regulatory assets | (144.3) | (133.7) |
Acquisition premium | (40.6) | (43.9) |
Other regulatory assets | (195.6) | (152.1) |
Other | (126.9) | (136.3) |
Total deferred tax liabilities | (3,287.1) | (3,263.9) |
Net deferred income tax liabilities | (1,996.6) | (1,861.9) |
Evergy Kansas Central | ||
Deferred tax assets: | ||
Tax credit carryforward | 226.9 | 206.3 |
Income taxes refundable to customers, net | 156.5 | 168.5 |
Deferred employee benefit costs | 45.1 | 84.8 |
Net operating loss carryforward | 0 | 0 |
Deferred state income taxes | 99.8 | 101 |
Accrued liabilities | 77.5 | 71.3 |
Other | 112.7 | 100.6 |
Total deferred tax assets before valuation allowance | 718.5 | 732.5 |
Valuation allowances | 0 | 0 |
Total deferred tax assets, net | 718.5 | 732.5 |
Deferred tax liabilities: | ||
Plant-related | (1,333.2) | (1,308.7) |
Deferred employee benefit costs | (8.3) | (52.9) |
ARO regulatory assets | (59.4) | (53.9) |
Acquisition premium | (40.6) | (43.9) |
Other regulatory assets | (41.7) | (53.3) |
Other | (79.8) | (87.7) |
Total deferred tax liabilities | (1,563) | (1,600.4) |
Net deferred income tax liabilities | (844.5) | (867.9) |
Evergy Metro | ||
Deferred tax assets: | ||
Tax credit carryforward | 77.6 | 162.1 |
Income taxes refundable to customers, net | 113.6 | 123.8 |
Deferred employee benefit costs | 54.7 | 86.8 |
Net operating loss carryforward | 0 | 0 |
Deferred state income taxes | 38.6 | 38.6 |
Accrued liabilities | 61.6 | 56.4 |
Other | 58.8 | 59.6 |
Total deferred tax assets before valuation allowance | 404.9 | 527.3 |
Valuation allowances | 0 | 0 |
Total deferred tax assets, net | 404.9 | 527.3 |
Deferred tax liabilities: | ||
Plant-related | (1,016.4) | (996.7) |
Deferred employee benefit costs | 0 | (43.5) |
ARO regulatory assets | (54.3) | (49.9) |
Acquisition premium | 0 | 0 |
Other regulatory assets | (28.6) | (20.4) |
Other | (26.5) | (22.9) |
Total deferred tax liabilities | (1,125.8) | (1,133.4) |
Net deferred income tax liabilities | $ (720.9) | $ (606.1) |
TAXES - Tax Credit Carryforward
TAXES - Tax Credit Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | $ 311 | |
Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 226.9 | |
Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 77.6 | |
General Business Tax Credit Carryforward | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 311 | $ 373.6 |
Amount of tax credit acquired in business combination | 0.1 | |
General Business Tax Credit Carryforward | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 226.9 | 204.7 |
General Business Tax Credit Carryforward | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 77.6 | $ 162.1 |
Tax Year 2005 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0.1 | |
Tax Year 2005 [Member] | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
Tax Year 2005 [Member] | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
Tax Year 2006 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0.1 | |
Tax Year 2006 [Member] | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
Tax Year 2006 [Member] | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
Tax Year 2007 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0.1 | |
Tax Year 2007 [Member] | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
Tax Year 2007 [Member] | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 0 | |
Tax Year 2013 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 9.1 | |
Tax Year 2013 [Member] | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 4.3 | |
Tax Year 2013 [Member] | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 4.8 | |
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 | 10.8 | |
2014 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 13 | |
Tax Year 2015 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 24.7 | |
Tax Year 2015 [Member] | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 10.9 | |
Tax Year 2015 [Member] | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 13.2 | |
Tax Year 2016 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 27.1 | |
Tax Year 2016 [Member] | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 11 | |
Tax Year 2016 [Member] | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 12.4 | |
Tax Year 2017 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 43.9 | |
Tax Year 2017 [Member] | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 35 | |
Tax Year 2017 [Member] | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 8.3 | |
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 | 30.8 | |
2019 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 6.7 | |
2020 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 35.9 | |
2020 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 28.4 | |
2020 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 7.4 | |
Tax Year 2021 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 31.9 | |
Tax Year 2021 | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 28.1 | |
Tax Year 2021 | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 3.7 | |
Tax Year 2022 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 32.4 | |
Tax Year 2022 [Member] | Evergy Kansas Central | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | 31.3 | |
Tax Year 2022 [Member] | Evergy Metro | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforward, amount | $ 0.6 |
TAXES - Net Operating Loss Carr
TAXES - Net Operating Loss Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Loss Carryforwards [Line Items] | ||
Deferred tax benefits | $ 25.4 | $ 33.6 |
Operating loss carryforwards of federal income tax benefit | 7.1 | |
Tax credit carryforward, amount | 311 | |
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 | 6.3 | $ 6.6 |
Operating loss carryforwards of federal income tax benefit | 5.7 | |
Evergy Kansas Central | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 226.9 | |
Evergy Metro | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 77.6 | |
Tax Year 2006 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred tax benefits | 25.4 | |
Tax credit carryforward, amount | 0.1 | |
Tax Year 2006 [Member] | Evergy Kansas Central | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | 0 | |
Tax Year 2006 [Member] | Evergy Metro | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforward, amount | $ 0 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
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 | 16 years |
Maximum | Evergy Kansas Central | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 16 years |
Maximum | Evergy Metro | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 10 years |
LEASES - Schedule of Lease Expe
LEASES - Schedule of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance lease costs | |||
Amortization of right-of-use assets | $ 5.3 | $ 5.1 | $ 7.7 |
Interest on lease liabilities | 2.4 | 2.5 | 3.1 |
Operating lease costs | 21.9 | 21.8 | 22.9 |
Short-term lease costs | 4.9 | 5.9 | 2.1 |
Variable lease costs for renewable purchase power agreements | 318 | 280.3 | 296.6 |
Total lease costs | 352.5 | 315.6 | 332.4 |
Evergy Kansas Central | |||
Finance lease costs | |||
Amortization of right-of-use assets | 4.7 | 4.5 | 7.2 |
Interest on lease liabilities | 2.2 | 2.4 | 2.8 |
Operating lease costs | 12.1 | 12.9 | 11.9 |
Short-term lease costs | 1.4 | 1.8 | 0.5 |
Variable lease costs for renewable purchase power agreements | 155.2 | 145.8 | 135.6 |
Total lease costs | 175.6 | 167.4 | 158 |
Evergy Metro | |||
Finance lease costs | |||
Amortization of right-of-use assets | 0.5 | 0.4 | 0.3 |
Interest on lease liabilities | 0.1 | 0.1 | 0.1 |
Operating lease costs | 8.7 | 9 | 9.3 |
Short-term lease costs | 3.3 | 3 | 1.5 |
Variable lease costs for renewable purchase power agreements | 122.6 | 101 | 112.2 |
Total lease costs | $ 135.2 | $ 113.5 | $ 123.4 |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 21.1 | $ 20.7 | $ 22.2 |
Operating cash flows from finance leases | 2.4 | 2.6 | 2.8 |
Financing cash flows from finance leases | 5.9 | 5.3 | 5.6 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 12.2 | 16.4 | 6.9 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 7 | 1.4 | 5.6 |
Evergy Kansas Central | |||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | 11.4 | 11.8 | 12.9 |
Operating cash flows from finance leases | 2.2 | 2.4 | 2.5 |
Financing cash flows from finance leases | 5.1 | 4.7 | 5.1 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 12 | 7.1 | 6.6 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 7 | 1.4 | 4 |
Evergy Metro | |||
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | 9.3 | 10.4 | 10.8 |
Operating cash flows from finance leases | 0.1 | 0.1 | 0.1 |
Financing cash flows from finance leases | 0.7 | 0.5 | 0.4 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 0.2 | 9.3 | 0.3 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 0 | $ 0 | $ 1.6 |
LEASES - Schedule of Future Pay
LEASES - Schedule of Future Payments for Finance Leases (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Lessee, Lease, Description [Line Items] | |
2023 | $ 8 |
2024 | 6.7 |
2025 | 5.8 |
2026 | 5.4 |
2027 | 4.9 |
After 2027 | 36.8 |
Total finance lease payments | 67.6 |
Amounts representing imputed interest | (21.1) |
Present value of lease payments | $ 46.5 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other |
Less: current portion | $ (5.7) |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other |
Total long-term obligations under finance leases | $ 40.8 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | PROPERTY, PLANT AND EQUIPMENT, NET |
Right-of-use assets under finance leases included in property, plant and equipment, net on the consolidated balance sheets | $ 315 |
Weighted-average remaining lease term (years) | 12 years 1 month 6 days |
Weighted-average discount rate | 5.50% |
Evergy Kansas Central | |
Lessee, Lease, Description [Line Items] | |
2023 | $ 7.2 |
2024 | 6 |
2025 | 5.3 |
2026 | 5 |
2027 | 4.5 |
After 2027 | 36.4 |
Total finance lease payments | 64.4 |
Amounts representing imputed interest | (20.6) |
Present value of lease payments | 43.8 |
Less: current portion | (5.1) |
Total long-term obligations under finance leases | 38.7 |
Right-of-use assets under finance leases included in property, plant and equipment, net on the consolidated balance sheets | $ 56 |
Weighted-average remaining lease term (years) | 12 years 8 months 12 days |
Weighted-average discount rate | 5.50% |
Evergy Metro | |
Lessee, Lease, Description [Line Items] | |
2023 | $ 0.5 |
2024 | 0.5 |
2025 | 0.3 |
2026 | 0.2 |
2027 | 0.2 |
After 2027 | 0.2 |
Total finance lease payments | 1.9 |
Amounts representing imputed interest | (0.2) |
Present value of lease payments | 1.7 |
Less: current portion | (0.4) |
Total long-term obligations under finance leases | 1.3 |
Right-of-use assets under finance leases included in property, plant and equipment, net on the consolidated balance sheets | $ 1.7 |
Weighted-average remaining lease term (years) | 3 years 3 months 18 days |
Weighted-average discount rate | 4.80% |
LEASES - Schedule of Future P_2
LEASES - Schedule of Future Payments for Operating Leases (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Lessee, Lease, Description [Line Items] | |
2023 | $ 17.6 |
2024 | 15 |
2025 | 10.6 |
2026 | 7.9 |
2027 | 6.4 |
After 2027 | 25 |
Total operating lease payments | 82.5 |
Amounts representing imputed interest | (6.4) |
Present value of lease payments | $ 76.1 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other |
Less: current portion | $ (16.1) |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other |
Total long-term obligations under operating leases | $ 60 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets |
Right-of-use assets under operating leases included in other assets on the consolidated balance sheets | $ 77.4 |
Weighted-average remaining lease term (years) | 7 years 1 month 6 days |
Weighted-average discount rate | 2.40% |
Evergy Kansas Central | |
Lessee, Lease, Description [Line Items] | |
2023 | $ 8.6 |
2024 | 6.7 |
2025 | 4.3 |
2026 | 2.6 |
2027 | 1.2 |
After 2027 | 0.1 |
Total operating lease payments | 23.5 |
Amounts representing imputed interest | (1.3) |
Present value of lease payments | 22.2 |
Less: current portion | (8.2) |
Total long-term obligations under operating leases | 14 |
Right-of-use assets under operating leases included in other assets on the consolidated balance sheets | $ 23.8 |
Weighted-average remaining lease term (years) | 3 years 3 months 18 days |
Weighted-average discount rate | 3.10% |
Evergy Metro | |
Lessee, Lease, Description [Line Items] | |
2023 | $ 8.7 |
2024 | 8 |
2025 | 6.5 |
2026 | 5.4 |
2027 | 5.4 |
After 2027 | 24.9 |
Total operating lease payments | 58.9 |
Amounts representing imputed interest | (5.1) |
Present value of lease payments | 53.8 |
Less: current portion | (7.7) |
Total long-term obligations under operating leases | 46.1 |
Right-of-use assets under operating leases included in other assets on the consolidated balance sheets | $ 40.2 |
Weighted-average remaining lease term (years) | 8 years 8 months 12 days |
Weighted-average discount rate | 2.20% |
Schedule I Financial Statemen_2
Schedule I Financial Statements of Parent Company Statements of Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING EXPENSES: | |||
Operating and maintenance | $ 1,085.3 | $ 1,107.5 | $ 1,163 |
Total Operating Expenses | 4,591.9 | 4,231.8 | 3,769.5 |
INCOME FROM OPERATIONS | 1,267.2 | 1,354.9 | 1,143.9 |
OTHER INCOME (EXPENSE): | |||
Equity in earnings from subsidiaries | 7.3 | 8.2 | 8.3 |
Other expense | (97.3) | (87.4) | (78.2) |
Total Other Income (Expense), Net | (58) | 18.8 | (36.1) |
Interest expense | 404 | 372.6 | 383.9 |
INCOME BEFORE INCOME TAXES | 805.2 | 1,001.1 | 723.9 |
Income tax benefit | (47.5) | (117.4) | (102.2) |
Net income attributable to Evergy, Inc. | 752.7 | 879.7 | 618.3 |
COMPREHENSIVE INCOME | |||
NET INCOME | 765 | 891.9 | 630 |
Derivative hedging activity | |||
Reclassification to expenses, net of tax | 5.5 | 5.5 | 3 |
Derivative hedging activity, net of tax | 5.5 | 5.5 | 3 |
Total other comprehensive income | 9.5 | 5.4 | 0.6 |
COMPREHENSIVE INCOME | 762.2 | 885.1 | 618.9 |
Parent | |||
OPERATING EXPENSES: | |||
Operating and maintenance | 11.5 | 13.2 | 39.3 |
Total Operating Expenses | 11.5 | 13.2 | 39.3 |
INCOME FROM OPERATIONS | (11.5) | (13.2) | (39.3) |
OTHER INCOME (EXPENSE): | |||
Equity in earnings from subsidiaries | 816.1 | 932.9 | 683.4 |
Investment earnings | 7.1 | 19.2 | 32.1 |
Other expense | (8.3) | (8.3) | (0.1) |
Total Other Income (Expense), Net | 814.9 | 943.8 | 715.4 |
Interest expense | 73.9 | 74.3 | 86.3 |
INCOME BEFORE INCOME TAXES | 729.5 | 856.3 | 589.8 |
Income tax benefit | 19.1 | 16.5 | 22.7 |
Net income attributable to Evergy, Inc. | 748.6 | 872.8 | 612.5 |
Derivative hedging activity | |||
Reclassification to expenses, net of tax | 5.5 | 5.5 | 3 |
Derivative hedging activity, net of tax | 5.5 | 5.5 | 3 |
Other comprehensive income (loss) from subsidiaries, net | 4 | (0.1) | (2.4) |
Total other comprehensive income | 9.5 | 5.4 | 0.6 |
COMPREHENSIVE INCOME | $ 758.1 | $ 878.2 | $ 613.1 |
Schedule I Financial Statemen_3
Schedule I Financial Statements of Parent Company Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 25.2 | $ 26.2 |
Income taxes receivable | 9.3 | 28 |
Prepaid expenses and other assets | 47.8 | 49.3 |
Total Current Assets | 1,842 | 1,710.3 |
OTHER ASSETS: | ||
Other | 534.5 | 563.4 |
TOTAL ASSETS | 29,489.9 | 28,520.5 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 439.1 | 389.3 |
Accrued interest | 124.3 | 118.8 |
Derivative Liability, Current | 25.8 | 14.7 |
Other | 198.4 | 184.6 |
Total Current Liabilities | 3,493.8 | 3,102.9 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 9,905.7 | 9,297.9 |
Other | 287.9 | 310 |
Total Long-Term Liabilities | 16,502.8 | 16,175.9 |
Commitments and Contingencies (Note 15) | ||
Evergy, Inc. Shareholders' Equity: | ||
Common stock - 600,000,000 shares authorized, without par value, 229,299,900 and 226,836,670 shares issued | 7,219.7 | 7,205.5 |
Retained earnings | 2,298.5 | 2,082.9 |
Accumulated other comprehensive loss | (34.5) | (44) |
Total Evergy, Inc. Shareholders' Equity | 9,483.7 | 9,244.4 |
TOTAL LIABILITIES AND EQUITY | 29,489.9 | 28,520.5 |
Parent | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | 0.4 | 7.5 |
Accounts receivable from subsidiaries | 65 | 72.2 |
Notes receivable from subsidiaries | 31.5 | 289.5 |
Income taxes receivable | 5.8 | 14.8 |
Prepaid expenses and other assets | 2.1 | 2 |
Total Current Assets | 104.8 | 386 |
OTHER ASSETS: | ||
Investment in subsidiaries | 11,367.3 | 10,992.1 |
Deferred income taxes | 18.5 | 19 |
Other | 0.8 | 1.2 |
Total Other Assets | 11,386.6 | 11,012.3 |
TOTAL ASSETS | 11,491.4 | 11,398.3 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 0 | 287.5 |
Notes payable and commercial paper | 0 | 358 |
Accrued interest | 12.6 | 12.4 |
Other | 7.3 | 8.1 |
Due to Related Parties, Current | 19.8 | 22.3 |
Total Current Liabilities | 39.7 | 688.3 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 2,092 | 1,590.1 |
Other | 19.4 | 14.9 |
Total Long-Term Liabilities | 2,111.4 | 1,605 |
Commitments and Contingencies (Note 15) | ||
Evergy, Inc. Shareholders' Equity: | ||
Common stock - 600,000,000 shares authorized, without par value, 229,299,900 and 226,836,670 shares issued | 7,202.9 | 7,188.7 |
Retained earnings | 2,171.9 | 1,960.3 |
Accumulated other comprehensive loss | (34.5) | (44) |
Total Evergy, Inc. Shareholders' Equity | 9,340.3 | 9,105 |
TOTAL LIABILITIES AND EQUITY | $ 11,491.4 | $ 11,398.3 |
Schedule I Financial Statemen_4
Schedule I Financial Statements of Parent Company Balance Sheet Parenthetical (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
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) | 229,546,105 | 229,299,900 |
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) | 229,546,105 | 229,299,900 |
Schedule I Financial Statemen_5
Schedule I Financial Statements of Parent Company Statement of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | |||
Net income attributable to Evergy, Inc. | $ 752.7 | $ 879.7 | $ 618.3 |
Adjustments to reconcile income to net cash from operating activities: | |||
Non-cash compensation | 18.8 | 15.6 | 16 |
Net deferred income taxes and credits | 7.3 | 102.2 | 126.9 |
Equity in earnings from subsidiaries | (7.3) | (8.2) | (8.3) |
Other | 0.7 | (13.8) | 0.8 |
Changes in working capital items: | |||
Prepaid expenses and other current assets | (3.1) | (299.8) | 16.9 |
Accrued taxes | 32.2 | 41.4 | 6.7 |
Other current liabilities | 0.8 | (19.4) | (98.9) |
Changes in other assets | 81 | (251.5) | 119.5 |
Cash Flows from Operating Activities | 1,801.9 | 1,351.7 | 1,753.8 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | |||
Cash Flows from in Investing Activities | (2,152.2) | (1,913.8) | (1,533.7) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||
Short-term debt, net | 172.9 | 840.5 | (246.9) |
Proceeds from term loan facility | 500 | 0 | 0 |
Proceeds from long-term debt | 567.7 | 497.3 | 888.8 |
Retirements of long-term debt | (410.9) | (432) | (251.1) |
Cash dividends paid | (534.8) | (497.9) | (465) |
Issuance of common stock | 0 | 112.5 | 0 |
Other financing activities | (11.1) | (9.3) | (13.6) |
Cash Flows used in Financing Activities | 349.3 | 443.4 | (98.4) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (1) | (118.7) | 121.7 |
Beginning of period | 26.2 | 144.9 | 23.2 |
End of period | 25.2 | 26.2 | 144.9 |
Parent | |||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | |||
Net income attributable to Evergy, Inc. | 748.6 | 872.8 | 612.5 |
Adjustments to reconcile income to net cash from operating activities: | |||
Non-cash compensation | 18.8 | 15.6 | 16 |
Net deferred income taxes and credits | (1) | 0 | 9.6 |
Equity in earnings from subsidiaries | (816.1) | (932.9) | (683.4) |
Other | 7.1 | 7 | 7 |
Changes in working capital items: | |||
Accounts receivable from subsidiaries | 7.2 | (18.2) | (30) |
Income taxes receivable | 9 | (7.5) | 0.6 |
Prepaid expenses and other current assets | 0 | 0 | 0.8 |
Accounts payable to subsidiaries | (2.5) | 3.9 | 5 |
Accrued interest | 0.2 | (1.4) | (0.7) |
Other current liabilities | (0.8) | (3.2) | 2.9 |
Cash dividends from subsidiaries | 645 | 290 | 355 |
Changes in other assets | 0.3 | 0.1 | 0.3 |
Changes in other liabilities | 5.5 | 4.8 | (3.7) |
Cash Flows from Operating Activities | 621.3 | 231 | 291.9 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | |||
Repayment of intercompany note | 287.5 | 347.4 | 0 |
Net money pool lending | (29.5) | 0 | 0 |
Equity contribution | (200) | 0 | 0 |
Cash Flows from in Investing Activities | 58 | 347.4 | 0 |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | |||
Short-term debt, net | (358) | 157.1 | 180 |
Proceeds from term loan facility | 500 | 0 | 0 |
Retirements of long-term debt | (287.5) | (350) | 0 |
Cash dividends paid | (534.8) | (497.9) | (465) |
Issuance of common stock | 0 | 112.5 | 0 |
Other financing activities | (6.1) | (3.6) | (7.5) |
Cash Flows used in Financing Activities | (686.4) | (581.9) | (292.5) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (7.1) | (3.5) | (0.6) |
Beginning of period | 7.5 | 11 | 11.6 |
End of period | $ 0.4 | $ 7.5 | $ 11 |
Schedule I Financial Statemen_6
Schedule I Financial Statements of Parent Company Schedule I Financial Statements of Parent Company - Dividends (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash dividends from subsidiaries | $ 645 | $ 290 | $ 355 |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for uncollectible accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning Of Period | $ 32.9 | $ 19.3 | $ 10.5 |
Additions Charged To Costs And Expenses | 16.1 | 28 | 24.9 |
Additions Charged To Other Accounts | 11.2 | 12 | 12.5 |
Deductions | 28.8 | 26.4 | 28.6 |
Balance At End Of Period | 31.4 | 32.9 | 19.3 |
Allowance for uncollectible accounts | Evergy Kansas Central | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning Of Period | 13 | 7.5 | 3.8 |
Additions Charged To Costs And Expenses | 13.1 | 12 | 11.1 |
Additions Charged To Other Accounts | 4.5 | 4.5 | 2.6 |
Deductions | 13.7 | 11 | 10 |
Balance At End Of Period | 16.9 | 13 | 7.5 |
Allowance for uncollectible accounts | Evergy Metro | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning Of Period | 13.3 | 8.1 | 4.6 |
Additions Charged To Costs And Expenses | 1.7 | 10.5 | 9 |
Additions Charged To Other Accounts | 4.5 | 5.3 | 6.9 |
Deductions | 10.2 | 10.6 | 12.4 |
Balance At End Of Period | 9.3 | 13.3 | 8.1 |
Tax valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning Of Period | 12.8 | 14.4 | 17.5 |
Additions Charged To Costs And Expenses | 0.1 | 0 | 0 |
Additions Charged To Other Accounts | 0 | 0 | 0 |
Deductions | 0.1 | 1.6 | 3.1 |
Balance At End Of Period | $ 12.8 | $ 12.8 | $ 14.4 |