Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-38515 | |
Entity Registrant Name | EVERGY, INC. | |
Entity Tax Identification Number | 82-2733395 | |
Entity Address, Address Line One | 1200 Main Street | |
Entity Address, City or Town | Kansas City | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 64105 | |
City Area Code | 816 | |
Local Phone Number | 556-2200 | |
Title of 12(b) Security | Evergy, Inc. common stock | |
Trading Symbol | EVRG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 227,903,192 | |
Entity Incorporation, State or Country Code | MO | |
Entity Central Index Key | 0001711269 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Evergy Kansas Central Inc [Member] | ||
Entity Information [Line Items] | ||
Entity File Number | 001-03523 | |
Entity Registrant Name | EVERGY KANSAS CENTRAL, INC. | |
Entity Tax Identification Number | 48-0290150 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1 | |
Entity Incorporation, State or Country Code | KS | |
Entity Central Index Key | 0000054507 | |
Evergy Metro Inc [Member] | ||
Entity Information [Line Items] | ||
Entity File Number | 000-51873 | |
Entity Registrant Name | EVERGY METRO, INC. | |
Entity Tax Identification Number | 44-0308720 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1 | |
Entity Incorporation, State or Country Code | MO | |
Entity Central Index Key | 0000054476 | |
WESTAR ENERGY INC /KS | ||
Entity Information [Line Items] | ||
Entity Information, Former Legal or Registered Name | Westar Energy, Inc. | |
KANSAS CITY POWER & LIGHT CO | ||
Entity Information [Line Items] | ||
Entity Information, Former Legal or Registered Name | Kansas City Power & Light Company |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ 50.1 | $ 160.3 | ||||||
Receivables, net | 268.8 | 193.7 | ||||||
Accounts receivable pledged as collateral | 395 | 365 | ||||||
Fuel inventory and supplies | 454.4 | 511 | ||||||
Income taxes receivable | 65.3 | 68 | ||||||
Regulatory assets | 204.8 | 303.9 | ||||||
Prepaid expenses and other assets | 73.9 | 79.1 | ||||||
Total Current Assets | 1,512.3 | 1,681 | ||||||
PROPERTY, PLANT AND EQUIPMENT, NET | 18,976.1 | 18,782.5 | ||||||
OTHER ASSETS: | ||||||||
Regulatory assets | 1,869.7 | 1,757.9 | ||||||
Nuclear decommissioning trust fund | 541 | 472.1 | ||||||
Goodwill | 2,336.6 | 2,338.9 | ||||||
Other | 508 | 396.5 | ||||||
Total Other Assets | 5,255.3 | 4,965.4 | ||||||
TOTAL ASSETS | 25,907.5 | 25,598.1 | ||||||
CURRENT LIABILITIES: | ||||||||
Current maturities of long-term debt | 251.1 | 705.4 | ||||||
Notes payable and commercial paper | 360.6 | 738.6 | ||||||
Collateralized note payable | 395 | 365 | ||||||
Accounts payable | 311.3 | 451.5 | ||||||
Accrued taxes | 287.9 | 133.6 | ||||||
Accrued interest | 110.7 | 110.9 | ||||||
Regulatory liabilities | 59.6 | 110.2 | ||||||
Asset retirement obligations | 58.2 | 49.8 | ||||||
Other | 208.4 | 171.9 | ||||||
Total Current Liabilities | 2,075.1 | 2,867.2 | ||||||
LONG-TERM LIABILITIES: | ||||||||
Long-term debt, net | 8,749.2 | 6,636.3 | ||||||
Deferred income taxes | 1,729.6 | 1,599.2 | ||||||
Unamortized investment tax credits | 370.3 | 373.2 | ||||||
Regulatory liabilities | 2,227.5 | 2,218.8 | ||||||
Pension and post-retirement liability | 1,149.6 | 987.6 | ||||||
Asset retirement obligations | 659.1 | 637.3 | ||||||
Other | 338.4 | 236.7 | ||||||
Total Long-Term Liabilities | 15,242.5 | 12,740.2 | ||||||
Commitments and Contingencies (Note 11) | ||||||||
Evergy, Inc. Shareholders' Equity: | ||||||||
Common stock | 7,066.9 | 8,685.2 | ||||||
Retained earnings | 1,603.1 | 1,346 | ||||||
Accumulated other comprehensive loss | (50.7) | (3) | ||||||
Total Shareholders' Equity | 8,619.3 | 10,028.2 | ||||||
Noncontrolling Interests | (29.4) | (37.5) | ||||||
Total Equity | 8,589.9 | $ 8,854.7 | $ 9,391.7 | 9,990.7 | $ 10,648.8 | $ 10,895.4 | $ 3,864.4 | $ 3,860.4 |
TOTAL LIABILITIES AND EQUITY | 25,907.5 | 25,598.1 | ||||||
Variable Interest Entities | ||||||||
CURRENT ASSETS: | ||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | 163.8 | 169.2 | ||||||
CURRENT LIABILITIES: | ||||||||
Current maturities of long-term debt | 32.3 | 30.3 | ||||||
LONG-TERM LIABILITIES: | ||||||||
Long-term debt, net | $ 18.8 | $ 51.1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock - shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock - shares issued (in shares) | 227,901,556 | 255,326,252 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
OPERATING REVENUES | $ 1,577.6 | $ 1,582.5 | $ 4,016.2 | $ 3,076.1 |
OPERATING EXPENSES: | ||||
Fuel and purchased power | 357.3 | 383.7 | 978.9 | 748.9 |
SPP network transmission costs | 62.4 | 58.4 | 188.7 | 194.4 |
Operating and maintenance | 311.6 | 330.4 | 907.1 | 754.2 |
Depreciation and amortization | 216.1 | 193.9 | 645.1 | 411.6 |
Taxes other than income tax | 91.5 | 83 | 276.4 | 183.5 |
Total Operating Expenses | 1,038.9 | 1,049.4 | 2,996.2 | 2,292.6 |
INCOME FROM OPERATIONS | 538.7 | 533.1 | 1,020 | 783.5 |
OTHER INCOME (EXPENSE): | ||||
Investment earnings | 1.8 | 4.9 | 7.6 | 6.2 |
Other income | 2.8 | 1.6 | 17.1 | 5.3 |
Other expense | (19.7) | (30.8) | (57.2) | (55.2) |
Total Other Expense, Net | (15.1) | (24.3) | (32.5) | (43.7) |
Interest expense | 90.8 | 89.1 | 277.3 | 191.3 |
INCOME BEFORE INCOME TAXES | 432.8 | 419.7 | 710.2 | 548.5 |
Income tax expense | 65.5 | 64.1 | 99.2 | 28.3 |
Equity in earnings of equity method investees, net of income taxes | 3.6 | 2 | 7.9 | 4.7 |
NET INCOME | 370.9 | 357.6 | 618.9 | 524.9 |
Less: Net income attributable to noncontrolling interests | 4.1 | 2.6 | 12.9 | 7.6 |
Net income attributable to Evergy, Inc. | $ 366.8 | $ 355 | $ 606 | $ 517.3 |
BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO EVERGY (see Note 1) | ||||
Earnings Per Share, Basic | $ 1.56 | $ 1.32 | $ 2.49 | $ 2.61 |
Diluted earnings per common share (in dollars per share) | $ 1.56 | $ 1.32 | $ 2.49 | $ 2.61 |
AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic (in shares) | 234.6 | 268.6 | 243.5 | 197.9 |
Diluted (in shares) | 235 | 268.8 | 243.8 | 198 |
COMPREHENSIVE INCOME | ||||
Net income | $ 370.9 | $ 357.6 | $ 618.9 | $ 524.9 |
Derivative hedging activity | ||||
Loss on derivative hedging instruments | (29.4) | 0 | (64.4) | 0 |
Income tax benefit | 7.5 | 0 | 16.5 | 0 |
Net loss on derivative hedging instruments | (21.9) | 0 | (47.9) | 0 |
Reclassification to expenses, net of tax | 0.2 | 0 | 0.2 | 0 |
Derivative hedging activity, net of tax | (21.7) | 0 | (47.7) | 0 |
Total other comprehensive loss | (21.7) | 0 | (47.7) | 0 |
COMPREHENSIVE INCOME | 349.2 | 357.6 | 571.2 | 524.9 |
Less: comprehensive income attributable to noncontrolling interest | 4.1 | 2.6 | 12.9 | 7.6 |
COMPREHENSIVE INCOME | $ 345.1 | $ 355 | $ 558.3 | $ 517.3 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | ||
Net income | $ 618.9 | $ 524.9 |
Adjustments to reconcile income to net cash from operating activities: | ||
Depreciation and amortization | 645.1 | 411.6 |
Amortization of nuclear fuel | 42.6 | 28.6 |
Amortization of deferred refueling outage | 19.4 | 14.7 |
Amortization of corporate-owned life insurance | 16.5 | 17.2 |
Non-cash compensation | 12.9 | 25.2 |
Net deferred income taxes and credits | 111.4 | 47.8 |
Allowance for equity funds used during construction | (0.9) | (2.4) |
Payments for asset retirement obligations | (11.6) | (15.9) |
Equity in earnings of equity method investees, net of income taxes | (7.9) | (4.7) |
Income from corporate-owned life insurance | (19.5) | (2.1) |
Other | (3.6) | (3.9) |
Changes in working capital items: | ||
Accounts receivable | (68.4) | (34.9) |
Accounts receivable pledged as collateral | (30) | (15) |
Fuel inventory and supplies | 57 | 44.6 |
Prepaid expenses and other current assets | 65.7 | (3.4) |
Accounts payable | (111.5) | (58.5) |
Accrued taxes | 155.3 | 119 |
Other current liabilities | (77.7) | 38.9 |
Changes in other assets | 56.1 | 26 |
Changes in other liabilities | (22.5) | 33.9 |
Cash Flows from Operating Activities | 1,447.3 | 1,191.6 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | ||
Additions to property, plant and equipment | (849.1) | (698.3) |
Cash acquired from the merger with Great Plains Energy | 0 | 1,154.2 |
Purchase of securities - trusts | (37.4) | (107) |
Sale of securities - trusts | 32.3 | 110.2 |
Investment in corporate-owned life insurance | (17.2) | (16.2) |
Proceeds from investment in corporate-owned life insurance | 99.1 | 6.5 |
Proceeds from settlement of interest rate swap | 0 | 140.6 |
Other investing activities | 0.2 | (15.2) |
Cash Flows from (used in) Investing Activities | (772.1) | 574.8 |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | ||
Short term debt, net | (378) | (166.7) |
Proceeds from term loan facility | 1,000 | 0 |
Repayment of term loan facility | (1,000) | 0 |
Collateralized short-term borrowings, net | 30 | 15 |
Proceeds from long-term debt | 2,374 | 22.9 |
Retirements of long-term debt | (701.1) | (127.4) |
Retirements of long-term debt of variable interest entities | (30.3) | (28.5) |
Payment for settlement of interest rate swap accounted for as a cash flow hedge | (69.8) | 0 |
Borrowings against cash surrender value of corporate-owned life insurance | 57.2 | 55.1 |
Repayment of borrowings against cash surrender value of corporate-owned life insurance | (77.4) | (3.9) |
Cash dividends paid | (347.5) | (350.4) |
Repurchase of common stock under repurchase plan | (1,628.7) | (486.1) |
Distributions to shareholders of noncontrolling interests | (8.5) | 0 |
Other financing activities | (5.3) | (20.1) |
Cash Flows used in Financing Activities | (785.4) | (1,090.1) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (110.2) | 676.3 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Beginning of period | 160.3 | 3.5 |
End of period | $ 50.1 | $ 679.8 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Cash Flows [Abstract] | ||||
Restricted cash | $ 0 | $ 0 | $ 0.1 | $ 0.1 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Common Stock | Retained earnings | AOCI | Non-controlling interests |
Beginning balance (in shares) at Dec. 31, 2017 | 142,094,275 | ||||
Beginning balance at Dec. 31, 2017 | $ 3,860.4 | $ 2,734.8 | $ 1,173.3 | $ 0 | $ (47.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 62.9 | 60.5 | 2.4 | ||
Issuance of stock for compensation and reinvested dividends (in shares) | 138,828 | ||||
Issuance of stock for compensation and reinvested dividends | (3.7) | $ (3.7) | |||
Dividends declared on common stock | (57.7) | (57.7) | |||
Stock compensation expense | 2.5 | $ 2.5 | |||
Ending balance (in shares) at Mar. 31, 2018 | 142,233,103 | ||||
Ending balance at Mar. 31, 2018 | 3,864.4 | $ 2,733.6 | 1,176.1 | 0 | (45.3) |
Beginning balance (in shares) at Dec. 31, 2017 | 142,094,275 | ||||
Beginning balance at Dec. 31, 2017 | 3,860.4 | $ 2,734.8 | 1,173.3 | 0 | (47.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 524.9 | ||||
Derivative hedging activity, net of tax | 0 | ||||
Ending balance (in shares) at Sep. 30, 2018 | 264,797,584 | ||||
Ending balance at Sep. 30, 2018 | 10,648.8 | $ 9,236.4 | 1,452.5 | 0 | (40.1) |
Beginning balance (in shares) at Mar. 31, 2018 | 142,233,103 | ||||
Beginning balance at Mar. 31, 2018 | 3,864.4 | $ 2,733.6 | 1,176.1 | 0 | (45.3) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 104.4 | 101.8 | 2.6 | ||
Issuance of stock to Great Plains Energy shareholders (in shares) | 128,947,518 | ||||
Issuance of stock to Great Plains Energy shareholders | 6,979.9 | $ 6,979.9 | |||
Issuance of restricted common stock (in shares) | 122,505 | ||||
Issuance of stock for compensation and reinvested dividends (in shares) | 384,617 | ||||
Issuance of stock for compensation and reinvested dividends | (13.3) | $ (13.3) | |||
Dividends declared on common stock | (57.8) | (57.8) | |||
Stock compensation expense | 19.3 | 19.3 | |||
Other | (1.5) | $ (1.4) | (0.1) | ||
Ending balance (in shares) at Jun. 30, 2018 | 271,687,743 | ||||
Ending balance at Jun. 30, 2018 | 10,895.4 | $ 9,718.1 | 1,220 | 0 | (42.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 357.6 | 355 | 2.6 | ||
Issuance of stock for compensation and reinvested dividends (in shares) | 4,914 | ||||
Issuance of stock for compensation and reinvested dividends | 0.2 | $ 0.2 | |||
Dividends declared on common stock | (122) | (122) | |||
Dividends, Paid-in-kind | (0.6) | (0.6) | |||
Stock compensation expense | 3.4 | $ 3.4 | |||
Repurchase of common stock under repurchase plan (in shares) | (6,895,073) | ||||
Repurchase of common stock under repurchase plan | (486.1) | $ (486.1) | |||
Derivative hedging activity, net of tax | 0 | ||||
Other | 0.9 | $ 0.8 | 0.1 | ||
Ending balance (in shares) at Sep. 30, 2018 | 264,797,584 | ||||
Ending balance at Sep. 30, 2018 | 10,648.8 | $ 9,236.4 | 1,452.5 | 0 | (40.1) |
Beginning balance (in shares) at Dec. 31, 2018 | 255,326,252 | ||||
Beginning balance at Dec. 31, 2018 | 9,990.7 | $ 8,685.2 | 1,346 | (3) | (37.5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 103.4 | 99.5 | 3.9 | ||
Issuance of stock for compensation and reinvested dividends (in shares) | 60,594 | ||||
Issuance of stock for compensation and reinvested dividends | (1.6) | $ (1.6) | |||
Dividends declared on common stock | (119.8) | (119.8) | |||
Stock compensation expense | 5.4 | $ 5.4 | |||
Repurchase of common stock under repurchase plan (in shares) | (10,548,060) | ||||
Repurchase of common stock under repurchase plan | (578.3) | $ (578.3) | |||
Consolidation of noncontrolling interests | 3.8 | 3.8 | |||
Distributions to shareholders of noncontrolling interests | (1.4) | (1.4) | |||
Derivative hedging activity, net of tax | (10.2) | (10.2) | |||
Other | (0.3) | $ (0.3) | |||
Ending balance (in shares) at Mar. 31, 2019 | 244,838,786 | ||||
Ending balance at Mar. 31, 2019 | 9,391.7 | $ 8,110.4 | 1,325.7 | (13.2) | (31.2) |
Beginning balance (in shares) at Dec. 31, 2018 | 255,326,252 | ||||
Beginning balance at Dec. 31, 2018 | 9,990.7 | $ 8,685.2 | 1,346 | (3) | (37.5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 618.9 | ||||
Derivative hedging activity, net of tax | (47.7) | ||||
Ending balance (in shares) at Sep. 30, 2019 | 227,901,556 | ||||
Ending balance at Sep. 30, 2019 | 8,589.9 | $ 7,066.9 | 1,603.1 | (50.7) | (29.4) |
Beginning balance (in shares) at Mar. 31, 2019 | 244,838,786 | ||||
Beginning balance at Mar. 31, 2019 | 9,391.7 | $ 8,110.4 | 1,325.7 | (13.2) | (31.2) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 144.6 | 139.7 | 4.9 | ||
Issuance of stock for compensation and reinvested dividends (in shares) | 41,982 | ||||
Issuance of stock for compensation and reinvested dividends | (0.7) | $ (0.7) | |||
Dividends declared on common stock | (115.8) | (115.8) | |||
Dividends, Paid-in-kind | (0.5) | (0.5) | |||
Stock compensation expense | 4 | $ 4 | |||
Repurchase of common stock under repurchase plan (in shares) | (9,414,920) | ||||
Repurchase of common stock under repurchase plan | (550.4) | $ (550.4) | |||
Distributions to shareholders of noncontrolling interests | (2.1) | (2.1) | |||
Derivative hedging activity, net of tax | (15.8) | (15.8) | |||
Other | (0.3) | $ (0.3) | |||
Ending balance (in shares) at Jun. 30, 2019 | 235,465,848 | ||||
Ending balance at Jun. 30, 2019 | 8,854.7 | $ 7,563 | 1,349.1 | (29) | (28.4) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 370.9 | 366.8 | 4.1 | ||
Issuance of stock for compensation and reinvested dividends (in shares) | 4,737 | ||||
Issuance of stock for compensation and reinvested dividends | 0 | $ 0 | |||
Dividends declared on common stock | (111.9) | (111.9) | |||
Dividends, Paid-in-kind | (0.9) | (0.9) | |||
Stock compensation expense | 3.5 | $ 3.5 | |||
Repurchase of common stock under repurchase plan (in shares) | (7,569,029) | ||||
Repurchase of common stock under repurchase plan | (500) | $ (500) | |||
Distributions to shareholders of noncontrolling interests | (5.1) | (5.1) | |||
Derivative hedging activity, net of tax | (21.7) | (21.7) | |||
Other | 0.4 | $ 0.4 | |||
Ending balance (in shares) at Sep. 30, 2019 | 227,901,556 | ||||
Ending balance at Sep. 30, 2019 | $ 8,589.9 | $ 7,066.9 | $ 1,603.1 | $ (50.7) | $ (29.4) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividends declared on common stock (in dollars per share) | $ 0.475 | $ 0.475 | $ 0.475 | $ 0.46 | $ 0.4 | $ 0.4 |
Consolidated Balance Sheets - E
Consolidated Balance Sheets - Evergy Kansas Central, Inc - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 50.1 | $ 160.3 |
Receivables, net | 268.8 | 193.7 |
Accounts receivable pledged as collateral | 395 | 365 |
Fuel inventory and supplies | 454.4 | 511 |
Income taxes receivable | 65.3 | 68 |
Regulatory assets | 204.8 | 303.9 |
Prepaid expenses and other assets | 73.9 | 79.1 |
Total Current Assets | 1,512.3 | 1,681 |
PROPERTY, PLANT AND EQUIPMENT, NET | 18,976.1 | 18,782.5 |
OTHER ASSETS: | ||
Regulatory assets | 1,869.7 | 1,757.9 |
Nuclear decommissioning trust fund | 541 | 472.1 |
Other | 508 | 396.5 |
Total Other Assets | 5,255.3 | 4,965.4 |
TOTAL ASSETS | 25,907.5 | 25,598.1 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 251.1 | 705.4 |
Notes payable and commercial paper | 360.6 | 738.6 |
Collateralized note payable | 395 | 365 |
Accounts payable | 311.3 | 451.5 |
Accrued taxes | 287.9 | 133.6 |
Accrued interest | 110.7 | 110.9 |
Regulatory liabilities | 59.6 | 110.2 |
Asset retirement obligations | 58.2 | 49.8 |
Other | 208.4 | 171.9 |
Total Current Liabilities | 2,075.1 | 2,867.2 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 8,749.2 | 6,636.3 |
Deferred income taxes | 1,729.6 | 1,599.2 |
Unamortized investment tax credits | 370.3 | 373.2 |
Regulatory liabilities | 2,227.5 | 2,218.8 |
Pension and post-retirement liability | 1,149.6 | 987.6 |
Asset retirement obligations | 659.1 | 637.3 |
Other | 338.4 | 236.7 |
Total Long-Term Liabilities | 15,242.5 | 12,740.2 |
Commitments and Contingencies (Note 11) | ||
Evergy, Inc. Shareholders' Equity: | ||
Common stock | 7,066.9 | 8,685.2 |
Retained earnings | 1,603.1 | 1,346 |
Total Shareholders' Equity | 8,619.3 | 10,028.2 |
Noncontrolling Interests | (29.4) | (37.5) |
Total Equity | 8,589.9 | 9,990.7 |
TOTAL LIABILITIES AND EQUITY | 25,907.5 | 25,598.1 |
Evergy Kansas Central Inc [Member] | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | 7.7 | 44.5 |
Receivables, net | 140.7 | 84.3 |
Related party receivables | 3.1 | 2.6 |
Accounts receivable pledged as collateral | 200 | 185 |
Fuel inventory and supplies | 247.7 | 276.8 |
Income taxes receivable | 6.1 | 42.7 |
Regulatory assets | 71.7 | 97.1 |
Prepaid expenses and other assets | 29.9 | 35 |
Total Current Assets | 706.9 | 768 |
PROPERTY, PLANT AND EQUIPMENT, NET | 9,753.7 | 9,718.3 |
OTHER ASSETS: | ||
Regulatory assets | 696.6 | 700.4 |
Nuclear decommissioning trust fund | 258.5 | 227.5 |
Other | 266.7 | 233.4 |
Total Other Assets | 1,221.8 | 1,161.3 |
TOTAL ASSETS | 11,846.2 | 11,816.8 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 250 | 300 |
Notes payable and commercial paper | 182.4 | 411.7 |
Collateralized note payable | 200 | 185 |
Accounts payable | 128.4 | 154.4 |
Related party payables | 8.6 | 14.9 |
Accrued taxes | 146.6 | 88.6 |
Accrued interest | 60 | 74.4 |
Regulatory liabilities | 36.7 | 19.5 |
Asset retirement obligations | 17.1 | 17.1 |
Other | 121 | 83 |
Total Current Liabilities | 1,183.1 | 1,378.9 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 3,435.6 | 3,389.8 |
Deferred income taxes | 824.7 | 815.4 |
Unamortized investment tax credits | 247.7 | 249.7 |
Regulatory liabilities | 1,114.7 | 1,101.8 |
Pension and post-retirement liability | 456.6 | 474.7 |
Asset retirement obligations | 268.9 | 264 |
Other | 146.5 | 130.7 |
Total Long-Term Liabilities | 6,513.5 | 6,477.2 |
Commitments and Contingencies (Note 11) | ||
Evergy, Inc. Shareholders' Equity: | ||
Common stock | 2,737.6 | 2,737.6 |
Retained earnings | 1,441.4 | 1,260.6 |
Total Shareholders' Equity | 4,179 | 3,998.2 |
Noncontrolling Interests | (29.4) | (37.5) |
Total Equity | 4,149.6 | 3,960.7 |
TOTAL LIABILITIES AND EQUITY | 11,846.2 | 11,816.8 |
Variable Interest Entities | ||
CURRENT ASSETS: | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 163.8 | 169.2 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 32.3 | 30.3 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 18.8 | 51.1 |
Variable Interest Entities | Evergy Kansas Central Inc [Member] | ||
CURRENT ASSETS: | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 163.8 | 169.2 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 32.3 | 30.3 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | $ 18.8 | $ 51.1 |
Consolidated Balance Sheets -_2
Consolidated Balance Sheets - Evergy Kansas Central, Inc (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Common stock - shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock - shares issued (in shares) | 227,901,556 | 255,326,252 |
Evergy Kansas Central Inc [Member] | ||
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 Inco
Consolidated Statements of Income - Evergy Kansas Central, Inc - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
OPERATING REVENUES | $ 1,577.6 | $ 1,582.5 | $ 4,016.2 | $ 3,076.1 |
OPERATING EXPENSES: | ||||
Fuel and purchased power | 357.3 | 383.7 | 978.9 | 748.9 |
SPP network transmission costs | 62.4 | 58.4 | 188.7 | 194.4 |
Operating and maintenance | 311.6 | 330.4 | 907.1 | 754.2 |
Depreciation and amortization | 216.1 | 193.9 | 645.1 | 411.6 |
Taxes other than income tax | 91.5 | 83 | 276.4 | 183.5 |
Total Operating Expenses | 1,038.9 | 1,049.4 | 2,996.2 | 2,292.6 |
INCOME FROM OPERATIONS | 538.7 | 533.1 | 1,020 | 783.5 |
OTHER INCOME (EXPENSE): | ||||
Investment earnings | 1.8 | 4.9 | 7.6 | 6.2 |
Other income | 2.8 | 1.6 | 17.1 | 5.3 |
Other expense | (19.7) | (30.8) | (57.2) | (55.2) |
Total Other Expense, Net | (15.1) | (24.3) | (32.5) | (43.7) |
Interest expense | 90.8 | 89.1 | 277.3 | 191.3 |
INCOME BEFORE INCOME TAXES | 432.8 | 419.7 | 710.2 | 548.5 |
Income tax expense | 65.5 | 64.1 | 99.2 | 28.3 |
Equity in earnings of equity method investees, net of income taxes | 3.6 | 2 | 7.9 | 4.7 |
NET INCOME | 370.9 | 357.6 | 618.9 | 524.9 |
Less: Net income attributable to noncontrolling interests | 4.1 | 2.6 | 12.9 | 7.6 |
Net income attributable to Evergy, Inc. | 366.8 | 355 | 606 | 517.3 |
Evergy Kansas Central Inc [Member] | ||||
OPERATING REVENUES | 749 | 764.8 | 1,931.3 | 2,015.9 |
OPERATING EXPENSES: | ||||
Fuel and purchased power | 144.9 | 169.7 | 375.3 | 463.2 |
SPP network transmission costs | 62.4 | 58.4 | 188.7 | 194.4 |
Operating and maintenance | 140.4 | 141.7 | 396.4 | 491.4 |
Depreciation and amortization | 110.9 | 95.9 | 331.3 | 281.6 |
Taxes other than income tax | 48 | 42.2 | 145.3 | 128.8 |
Total Operating Expenses | 506.6 | 507.9 | 1,437 | 1,559.4 |
INCOME FROM OPERATIONS | 242.4 | 256.9 | 494.3 | 456.5 |
OTHER INCOME (EXPENSE): | ||||
Investment earnings | 0.6 | 0 | 3 | (0.4) |
Other income | 2.3 | 1.3 | 13 | 4.9 |
Other expense | (10.8) | (15.2) | (29.9) | (36.1) |
Total Other Expense, Net | (7.9) | (13.9) | (13.9) | (31.6) |
Interest expense | 41.7 | 43.9 | 134.1 | 132.1 |
INCOME BEFORE INCOME TAXES | 192.8 | 199.1 | 346.3 | 292.8 |
Income tax expense | 25.8 | 22.4 | 46.2 | (22) |
Equity in earnings of equity method investees, net of income taxes | 1.2 | 1.3 | 3.6 | 3.7 |
NET INCOME | 168.2 | 178 | 303.7 | 318.5 |
Less: Net income attributable to noncontrolling interests | 4.1 | 2.6 | 12.9 | 7.6 |
Net income attributable to Evergy, Inc. | $ 164.1 | $ 175.4 | $ 290.8 | $ 310.9 |
Consolidated Statements of Ca_3
Consolidated Statements of Cash Flows - Evergy Kansas Central, Inc - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | ||
Net income | $ 618.9 | $ 524.9 |
Adjustments to reconcile income to net cash from operating activities: | ||
Depreciation and amortization | 645.1 | 411.6 |
Amortization of nuclear fuel | 42.6 | 28.6 |
Amortization of deferred refueling outage | 19.4 | 14.7 |
Amortization of corporate-owned life insurance | 16.5 | 17.2 |
Non-cash compensation | 12.9 | 25.2 |
Net deferred income taxes and credits | 111.4 | 47.8 |
Allowance for equity funds used during construction | (0.9) | (2.4) |
Payments for asset retirement obligations | (11.6) | (15.9) |
Equity in earnings of equity method investees, net of income taxes | (7.9) | (4.7) |
Income from corporate-owned life insurance | (19.5) | (2.1) |
Other | (3.6) | (3.9) |
Changes in working capital items: | ||
Accounts receivable | (68.4) | (34.9) |
Accounts receivable pledged as collateral | (30) | (15) |
Fuel inventory and supplies | 57 | 44.6 |
Prepaid expenses and other current assets | 65.7 | (3.4) |
Accounts payable | (111.5) | (58.5) |
Accrued taxes | 155.3 | 119 |
Other current liabilities | (77.7) | 38.9 |
Changes in other assets | 56.1 | 26 |
Changes in other liabilities | (22.5) | 33.9 |
Cash Flows from Operating Activities | 1,447.3 | 1,191.6 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | ||
Additions to property, plant and equipment | (849.1) | (698.3) |
Purchase of securities - trusts | (37.4) | (107) |
Sale of securities - trusts | 32.3 | 110.2 |
Investment in corporate-owned life insurance | (17.2) | (16.2) |
Proceeds from investment in corporate-owned life insurance | 99.1 | 6.5 |
Other investing activities | 0.2 | (15.2) |
Cash Flows from (used in) Investing Activities | (772.1) | 574.8 |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | ||
Short term debt, net | (378) | (166.7) |
Proceeds from long-term debt | 2,374 | 22.9 |
Retirements of long-term debt | (701.1) | (127.4) |
Retirements of long-term debt of variable interest entities | (30.3) | (28.5) |
Borrowings against cash surrender value of corporate-owned life insurance | 57.2 | 55.1 |
Repayment of borrowings against cash surrender value of corporate-owned life insurance | (77.4) | (3.9) |
Cash dividends paid | (347.5) | (350.4) |
Distributions to shareholders of noncontrolling interests | (8.5) | 0 |
Other financing activities | (5.3) | (20.1) |
Cash Flows used in Financing Activities | (785.4) | (1,090.1) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (110.2) | 676.3 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Beginning of period | 160.3 | 3.5 |
End of period | 50.1 | 679.8 |
Evergy Kansas Central Inc [Member] | ||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | ||
Net income | 303.7 | 318.5 |
Adjustments to reconcile income to net cash from operating activities: | ||
Depreciation and amortization | 331.3 | 281.6 |
Amortization of nuclear fuel | 21.2 | 18.6 |
Amortization of deferred refueling outage | 9.7 | 10.5 |
Amortization of corporate-owned life insurance | 16.5 | 17.2 |
Non-cash compensation | 0 | 19.9 |
Net deferred income taxes and credits | 9.5 | (34.2) |
Allowance for equity funds used during construction | 0 | (2.4) |
Payments for asset retirement obligations | (9.5) | (10.6) |
Equity in earnings of equity method investees, net of income taxes | (3.6) | (3.7) |
Income from corporate-owned life insurance | (18.8) | (2.1) |
Other | (4.1) | (3.9) |
Changes in working capital items: | ||
Accounts receivable | (55.4) | (50.6) |
Accounts receivable pledged as collateral | (15) | 0 |
Fuel inventory and supplies | 29.5 | 25.4 |
Prepaid expenses and other current assets | 12.2 | (7) |
Accounts payable | (10.4) | 36.2 |
Accrued taxes | 92.8 | 74.4 |
Other current liabilities | (5.8) | 23.2 |
Changes in other assets | 23.8 | 22.9 |
Changes in other liabilities | (31.1) | (26.7) |
Cash Flows from Operating Activities | 696.5 | 707.2 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | ||
Additions to property, plant and equipment | (418.4) | (510.3) |
Purchase of securities - trusts | (12.6) | (96.1) |
Sale of securities - trusts | 13.4 | 101.2 |
Investment in corporate-owned life insurance | (16.4) | (16.2) |
Proceeds from investment in corporate-owned life insurance | 97.4 | 6.5 |
Other investing activities | (3.2) | (8.1) |
Cash Flows from (used in) Investing Activities | (339.8) | (523) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | ||
Short term debt, net | (229.3) | 48.3 |
Collateralized short-term debt, net | 15 | 0 |
Proceeds from long-term debt | 294.7 | 0 |
Retirements of long-term debt | (300) | 0 |
Retirements of long-term debt of variable interest entities | (30.3) | (28.5) |
Borrowings against cash surrender value of corporate-owned life insurance | 54.2 | 55.1 |
Repayment of borrowings against cash surrender value of corporate-owned life insurance | (76.3) | (3.9) |
Cash dividends paid | (110) | (235.1) |
Distributions to shareholders of noncontrolling interests | (8.5) | 0 |
Other financing activities | (3) | (20.2) |
Cash Flows used in Financing Activities | (393.5) | (184.3) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (36.8) | (0.1) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Beginning of period | 44.5 | 3.5 |
End of period | $ 7.7 | $ 3.4 |
Consolidated Statements of Ca_4
Consolidated Statements of Cash Flows -Evergy Kansas Central, Inc (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Restricted cash | $ 0 | $ 0 | $ 0.1 | $ 0.1 |
Evergy Kansas Central Inc [Member] | ||||
Restricted cash | $ 0 | $ 0 | $ 0.1 | $ 0.1 |
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 Inc [Member] | Evergy Kansas Central Inc [Member]Common Stock | Evergy Kansas Central Inc [Member]Retained earnings | Evergy Kansas Central Inc [Member]Non-controlling interests |
Beginning balance (in shares) at Dec. 31, 2017 | 142,094,275 | 142,094,275 | ||||||
Beginning balance at Dec. 31, 2017 | $ 3,860.4 | $ 2,734.8 | $ 1,173.3 | $ (47.7) | $ 3,860.4 | $ 2,734.8 | $ 1,173.3 | $ (47.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 62.9 | 60.5 | 2.4 | 62.9 | 60.5 | 2.4 | ||
Issuance of stock for compensation and reinvested dividends, net of tax withholding (in shares) | 138,828 | 138,828 | ||||||
Issuance of stock for compensation and reinvested dividends, net of tax withholding | (3.7) | $ (3.7) | (3.7) | $ (3.7) | ||||
Dividends declared on common stock | (57.7) | (57.7) | (57.7) | (57.7) | ||||
Stock compensation expense | 2.5 | $ 2.5 | 2.5 | $ 2.5 | ||||
Ending balance (in shares) at Mar. 31, 2018 | 142,233,103 | 142,233,103 | ||||||
Ending balance at Mar. 31, 2018 | 3,864.4 | $ 2,733.6 | 1,176.1 | (45.3) | 3,864.4 | $ 2,733.6 | 1,176.1 | (45.3) |
Beginning balance (in shares) at Dec. 31, 2017 | 142,094,275 | 142,094,275 | ||||||
Beginning balance at Dec. 31, 2017 | 3,860.4 | $ 2,734.8 | 1,173.3 | (47.7) | 3,860.4 | $ 2,734.8 | 1,173.3 | (47.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 524.9 | 318.5 | ||||||
Ending balance (in shares) at Sep. 30, 2018 | 264,797,584 | 1 | ||||||
Ending balance at Sep. 30, 2018 | 10,648.8 | $ 9,236.4 | 1,452.5 | (40.1) | 4,000.2 | $ 2,737.6 | 1,302.7 | (40.1) |
Beginning balance (in shares) at Mar. 31, 2018 | 142,233,103 | 142,233,103 | ||||||
Beginning balance at Mar. 31, 2018 | 3,864.4 | $ 2,733.6 | 1,176.1 | (45.3) | 3,864.4 | $ 2,733.6 | 1,176.1 | (45.3) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 104.4 | 101.8 | 2.6 | 77.6 | 75 | 2.6 | ||
Issuance of stock for compensation and reinvested dividends, net of tax withholding (in shares) | 384,617 | 378,162 | ||||||
Issuance of stock for compensation and reinvested dividends, net of tax withholding | (13.3) | $ (13.3) | (13.5) | $ (13.5) | ||||
Stock cancelled pursuant to Amended Merger Agreement | (142,611,264) | |||||||
Dividends declared on common stock | (57.8) | (57.8) | (57.8) | (57.8) | ||||
Stock compensation expense | 19.3 | 19.3 | 17.4 | $ 17.4 | ||||
Other | (1.5) | $ (1.4) | (0.1) | 0.1 | $ 0.1 | |||
Ending balance (in shares) at Jun. 30, 2018 | 271,687,743 | 1 | ||||||
Ending balance at Jun. 30, 2018 | 10,895.4 | $ 9,718.1 | 1,220 | (42.7) | 3,888.2 | $ 2,737.6 | 1,193.3 | (42.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 357.6 | 355 | 2.6 | 178 | 175.4 | 2.6 | ||
Issuance of stock for compensation and reinvested dividends, net of tax withholding (in shares) | 4,914 | |||||||
Issuance of stock for compensation and reinvested dividends, net of tax withholding | 0.2 | $ 0.2 | ||||||
Dividends declared on common stock | (122) | (122) | (66) | (66) | ||||
Stock compensation expense | 3.4 | 3.4 | ||||||
Other | 0.9 | $ 0.8 | 0.1 | |||||
Ending balance (in shares) at Sep. 30, 2018 | 264,797,584 | 1 | ||||||
Ending balance at Sep. 30, 2018 | 10,648.8 | $ 9,236.4 | 1,452.5 | (40.1) | 4,000.2 | $ 2,737.6 | 1,302.7 | (40.1) |
Beginning balance (in shares) at Dec. 31, 2018 | 255,326,252 | 1 | ||||||
Beginning balance at Dec. 31, 2018 | 9,990.7 | $ 8,685.2 | 1,346 | (37.5) | 3,960.7 | $ 2,737.6 | 1,260.6 | (37.5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 103.4 | 99.5 | 3.9 | 68.3 | 64.4 | 3.9 | ||
Issuance of stock for compensation and reinvested dividends, net of tax withholding (in shares) | 60,594 | |||||||
Issuance of stock for compensation and reinvested dividends, net of tax withholding | (1.6) | $ (1.6) | ||||||
Dividends declared on common stock | (119.8) | (119.8) | (110) | (110) | ||||
Stock compensation expense | 5.4 | 5.4 | ||||||
Other | (0.3) | $ (0.3) | ||||||
Consolidation of noncontrolling interests | 3.8 | 3.8 | 3.8 | 3.8 | ||||
Distributions to shareholders of noncontrolling interests | (1.4) | (1.4) | (1.4) | (1.4) | ||||
Ending balance (in shares) at Mar. 31, 2019 | 244,838,786 | 1 | ||||||
Ending balance at Mar. 31, 2019 | 9,391.7 | $ 8,110.4 | 1,325.7 | (31.2) | 3,921.4 | $ 2,737.6 | 1,215 | (31.2) |
Beginning balance (in shares) at Dec. 31, 2018 | 255,326,252 | 1 | ||||||
Beginning balance at Dec. 31, 2018 | 9,990.7 | $ 8,685.2 | 1,346 | (37.5) | 3,960.7 | $ 2,737.6 | 1,260.6 | (37.5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 618.9 | 303.7 | ||||||
Ending balance (in shares) at Sep. 30, 2019 | 227,901,556 | 1 | ||||||
Ending balance at Sep. 30, 2019 | 8,589.9 | $ 7,066.9 | 1,603.1 | (29.4) | 4,149.6 | $ 2,737.6 | 1,441.4 | (29.4) |
Beginning balance (in shares) at Mar. 31, 2019 | 244,838,786 | 1 | ||||||
Beginning balance at Mar. 31, 2019 | 9,391.7 | $ 8,110.4 | 1,325.7 | (31.2) | 3,921.4 | $ 2,737.6 | 1,215 | (31.2) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 144.6 | 139.7 | 4.9 | 67.2 | 62.3 | 4.9 | ||
Issuance of stock for compensation and reinvested dividends, net of tax withholding (in shares) | 41,982 | |||||||
Issuance of stock for compensation and reinvested dividends, net of tax withholding | (0.7) | $ (0.7) | ||||||
Dividends declared on common stock | (115.8) | (115.8) | ||||||
Stock compensation expense | 4 | 4 | ||||||
Other | (0.3) | $ (0.3) | ||||||
Distributions to shareholders of noncontrolling interests | (2.1) | (2.1) | (2.1) | (2.1) | ||||
Ending balance (in shares) at Jun. 30, 2019 | 235,465,848 | 1 | ||||||
Ending balance at Jun. 30, 2019 | 8,854.7 | $ 7,563 | 1,349.1 | (28.4) | 3,986.5 | $ 2,737.6 | 1,277.3 | (28.4) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 370.9 | 366.8 | 4.1 | 168.2 | 164.1 | 4.1 | ||
Issuance of stock for compensation and reinvested dividends, net of tax withholding (in shares) | 4,737 | |||||||
Issuance of stock for compensation and reinvested dividends, net of tax withholding | 0 | $ 0 | ||||||
Dividends declared on common stock | (111.9) | (111.9) | ||||||
Stock compensation expense | 3.5 | 3.5 | ||||||
Other | 0.4 | $ 0.4 | ||||||
Distributions to shareholders of noncontrolling interests | (5.1) | (5.1) | (5.1) | (5.1) | ||||
Ending balance (in shares) at Sep. 30, 2019 | 227,901,556 | 1 | ||||||
Ending balance at Sep. 30, 2019 | $ 8,589.9 | $ 7,066.9 | $ 1,603.1 | $ (29.4) | $ 4,149.6 | $ 2,737.6 | $ 1,441.4 | $ (29.4) |
Consolidated Balance Sheets -_3
Consolidated Balance Sheets - Evergy Metro, Inc - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 50.1 | $ 160.3 |
Receivables, net | 268.8 | 193.7 |
Accounts receivable pledged as collateral | 395 | 365 |
Fuel inventory and supplies | 454.4 | 511 |
Income taxes receivable | 65.3 | 68 |
Regulatory assets | 204.8 | 303.9 |
Total Current Assets | 1,512.3 | 1,681 |
PROPERTY, PLANT AND EQUIPMENT, NET | 18,976.1 | 18,782.5 |
OTHER ASSETS: | ||
Regulatory assets | 1,869.7 | 1,757.9 |
Nuclear decommissioning trust fund | 541 | 472.1 |
Other | 508 | 396.5 |
Total Other Assets | 5,255.3 | 4,965.4 |
TOTAL ASSETS | 25,907.5 | 25,598.1 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 251.1 | 705.4 |
Notes payable and commercial paper | 360.6 | 738.6 |
Collateralized note payable | 395 | 365 |
Accounts payable | 311.3 | 451.5 |
Accrued taxes | 287.9 | 133.6 |
Accrued interest | 110.7 | 110.9 |
Regulatory liabilities | 59.6 | 110.2 |
Asset retirement obligations | 58.2 | 49.8 |
Other | 208.4 | 171.9 |
Total Current Liabilities | 2,075.1 | 2,867.2 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 8,749.2 | 6,636.3 |
Deferred income taxes | 1,729.6 | 1,599.2 |
Unamortized investment tax credits | 370.3 | 373.2 |
Regulatory liabilities | 2,227.5 | 2,218.8 |
Pension and post-retirement liability | 1,149.6 | 987.6 |
Asset retirement obligations | 659.1 | 637.3 |
Other | 338.4 | 236.7 |
Total Long-Term Liabilities | 15,242.5 | 12,740.2 |
Commitments and Contingencies (Note 11) | ||
EQUITY: | ||
Common stock | 7,066.9 | 8,685.2 |
Retained earnings | 1,603.1 | 1,346 |
Accumulated other comprehensive loss | (50.7) | (3) |
Total Shareholders' Equity | 8,619.3 | 10,028.2 |
TOTAL LIABILITIES AND EQUITY | 25,907.5 | 25,598.1 |
Evergy Metro Inc [Member] | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | 3.4 | 2.6 |
Receivables, net | 84.2 | 62.7 |
Related party receivables | 90.9 | 101.8 |
Accounts receivable pledged as collateral | 130 | 130 |
Fuel inventory and supplies | 157.2 | 177.6 |
Regulatory assets | 79.3 | 130.9 |
Prepaid expenses | 21.7 | 20.1 |
Other assets | 15.9 | 16.8 |
Total Current Assets | 582.6 | 642.5 |
PROPERTY, PLANT AND EQUIPMENT, NET | 6,775.6 | 6,688.1 |
OTHER ASSETS: | ||
Regulatory assets | 628.6 | 495.2 |
Nuclear decommissioning trust fund | 282.5 | 244.6 |
Other | 138.9 | 50.1 |
Total Other Assets | 1,050 | 789.9 |
TOTAL ASSETS | 8,408.2 | 8,120.5 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 0 | 400 |
Notes payable and commercial paper | 74.9 | 176.9 |
Collateralized note payable | 130 | 130 |
Accounts payable | 138.6 | 211.1 |
Related party payables | 0.6 | 0 |
Accrued taxes | 110 | 39.7 |
Accrued interest | 33.9 | 28.9 |
Regulatory liabilities | 13 | 52.8 |
Asset retirement obligations | 31.8 | 29.2 |
Accrued compensation benefits | 43.2 | 52.5 |
Other | 32.3 | 17.2 |
Total Current Liabilities | 608.3 | 1,138.3 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 2,524.6 | 2,130.1 |
Deferred income taxes | 665 | 631.8 |
Unamortized investment tax credits | 119.9 | 120.7 |
Regulatory liabilities | 789.1 | 794.3 |
Pension and post-retirement liability | 673.1 | 491.9 |
Asset retirement obligations | 252.5 | 231.8 |
Other | 182.8 | 81.8 |
Total Long-Term Liabilities | 5,207 | 4,482.4 |
Commitments and Contingencies (Note 11) | ||
EQUITY: | ||
Common stock | 1,563.1 | 1,563.1 |
Retained earnings | 1,024.9 | 932.6 |
Accumulated other comprehensive loss | 4.9 | 4.1 |
Total Shareholders' Equity | 2,592.9 | 2,499.8 |
TOTAL LIABILITIES AND EQUITY | $ 8,408.2 | $ 8,120.5 |
Consolidated Balance Sheets -_4
Consolidated Balance Sheets - Evergy Metro, Inc (Parenthetical) - shares | Sep. 30, 2019 | Dec. 31, 2018 |
Common stock - shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock - shares issued (in shares) | 227,901,556 | 255,326,252 |
Evergy Metro Inc [Member] | ||
Common stock - shares authorized (in shares) | 1,000 | 1,000 |
Common stock - shares issued (in shares) | 1 | 1 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income - Evergy Metro, Inc - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
OPERATING REVENUES | $ 1,577.6 | $ 1,582.5 | $ 4,016.2 | $ 3,076.1 |
OPERATING EXPENSES: | ||||
Fuel and purchased power | 357.3 | 383.7 | 978.9 | 748.9 |
Operating and maintenance | 311.6 | 330.4 | 907.1 | 754.2 |
Depreciation and amortization | 216.1 | 193.9 | 645.1 | 411.6 |
Taxes other than income tax | 91.5 | 83 | 276.4 | 183.5 |
Total Operating Expenses | 1,038.9 | 1,049.4 | 2,996.2 | 2,292.6 |
INCOME FROM OPERATIONS | 538.7 | 533.1 | 1,020 | 783.5 |
OTHER INCOME (EXPENSE): | ||||
Investment earnings | 1.8 | 4.9 | 7.6 | 6.2 |
Other income | 2.8 | 1.6 | 17.1 | 5.3 |
Other expense | (19.7) | (30.8) | (57.2) | (55.2) |
Total Other Expense, Net | (15.1) | (24.3) | (32.5) | (43.7) |
Interest expense | 90.8 | 89.1 | 277.3 | 191.3 |
INCOME BEFORE INCOME TAXES | 432.8 | 419.7 | 710.2 | 548.5 |
Income tax expense | 65.5 | 64.1 | 99.2 | 28.3 |
Net income attributable to Evergy, Inc. | 366.8 | 355 | 606 | 517.3 |
Derivative hedging activity | ||||
Reclassification to expenses, net of tax | 0.2 | 0 | 0.2 | 0 |
Derivative hedging activity, net of tax | (21.7) | 0 | (47.7) | 0 |
Total other comprehensive loss | (21.7) | 0 | (47.7) | 0 |
COMPREHENSIVE INCOME | 345.1 | 355 | 558.3 | 517.3 |
Evergy Metro Inc [Member] | ||||
OPERATING REVENUES | 568.8 | 559.6 | 1,431.2 | 1,408.9 |
OPERATING EXPENSES: | ||||
Fuel and purchased power | 129.3 | 142.4 | 380.4 | 392.4 |
Operating and maintenance | 111.2 | 127.3 | 341.2 | 354.5 |
Depreciation and amortization | 80.2 | 71.9 | 239 | 209 |
Taxes other than income tax | 32.6 | 28.6 | 96.3 | 87.9 |
Total Operating Expenses | 353.3 | 370.2 | 1,056.9 | 1,043.8 |
INCOME FROM OPERATIONS | 215.5 | 189.4 | 374.3 | 365.1 |
OTHER INCOME (EXPENSE): | ||||
Investment earnings | 0.5 | 0.7 | 1.9 | 2.1 |
Other income | 1.2 | 0.2 | 2.3 | 1.7 |
Other expense | (4.9) | (9) | (15.7) | (22.9) |
Total Other Expense, Net | (3.2) | (8.1) | (11.5) | (19.1) |
Interest expense | 28.2 | 33 | 91.6 | 100.6 |
INCOME BEFORE INCOME TAXES | 184.1 | 148.3 | 271.2 | 245.4 |
Income tax expense | 32.2 | 28 | 43.9 | 80.3 |
Net income attributable to Evergy, Inc. | 151.9 | 120.3 | 227.3 | 165.1 |
Derivative hedging activity | ||||
Reclassification to expenses, net of tax | (0.1) | 0.8 | 0.7 | 2.7 |
Derivative hedging activity, net of tax | (0.1) | 0.8 | 0.7 | 2.7 |
Total other comprehensive loss | (0.1) | 0.8 | 0.7 | 2.7 |
COMPREHENSIVE INCOME | $ 151.8 | $ 121.1 | $ 228 | $ 167.8 |
Consolidated Statements of Ca_5
Consolidated Statements of Cash Flows - Evergy Metro, Inc - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | ||
Net income | $ 618.9 | $ 524.9 |
Adjustments to reconcile income to net cash from operating activities: | ||
Depreciation and amortization | 645.1 | 411.6 |
Amortization of nuclear fuel | 42.6 | 28.6 |
Amortization of deferred refueling outage | 19.4 | 14.7 |
Net deferred income taxes and credits | 111.4 | 47.8 |
Allowance for equity funds used during construction | (0.9) | (2.4) |
Payments for asset retirement obligations | (11.6) | (15.9) |
Other | (3.6) | (3.9) |
Changes in working capital items: | ||
Accounts receivable | (68.4) | (34.9) |
Accounts receivable pledged as collateral | (30) | (15) |
Fuel inventory and supplies | 57 | 44.6 |
Prepaid expenses and other current assets | 65.7 | (3.4) |
Accounts payable | (111.5) | (58.5) |
Accrued taxes | 155.3 | 119 |
Other current liabilities | (77.7) | 38.9 |
Changes in other assets | 56.1 | 26 |
Changes in other liabilities | (22.5) | 33.9 |
Cash Flows from Operating Activities | 1,447.3 | 1,191.6 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | ||
Additions to property, plant and equipment | (849.1) | (698.3) |
Purchase of securities - trusts | (37.4) | (107) |
Sale of securities - trusts | 32.3 | 110.2 |
Other investing activities | 0.2 | (15.2) |
Cash Flows from (used in) Investing Activities | (772.1) | 574.8 |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | ||
Short term debt, net | (378) | (166.7) |
Proceeds from long-term debt | 2,374 | 22.9 |
Retirements of long-term debt | (701.1) | (127.4) |
Cash dividends paid | (347.5) | (350.4) |
Other financing activities | (5.3) | (20.1) |
Cash Flows used in Financing Activities | (785.4) | (1,090.1) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (110.2) | 676.3 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Beginning of period | 160.3 | 3.5 |
End of period | 50.1 | 679.8 |
Evergy Metro Inc [Member] | ||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | ||
Net income | 227.3 | 165.1 |
Adjustments to reconcile income to net cash from operating activities: | ||
Depreciation and amortization | 239 | 209 |
Amortization of nuclear fuel | 21.4 | 18.7 |
Amortization of deferred refueling outage | 9.7 | 10.3 |
Net deferred income taxes and credits | 2.5 | 25.2 |
Allowance for equity funds used during construction | (0.9) | (1.2) |
Payments for asset retirement obligations | (1.7) | (9.9) |
Other | 0.4 | 2.7 |
Changes in working capital items: | ||
Accounts receivable | (4.1) | (41) |
Fuel inventory and supplies | 20.4 | 13.2 |
Prepaid expenses and other current assets | 36.2 | (3.6) |
Accounts payable | (66.3) | (97.7) |
Accrued taxes | 70.3 | 97.9 |
Other current liabilities | (49) | 8.5 |
Changes in other assets | 32.7 | 28.3 |
Changes in other liabilities | 18.6 | 79 |
Cash Flows from Operating Activities | 556.5 | 504.5 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | ||
Additions to property, plant and equipment | (313) | (310.6) |
Purchase of securities - trusts | (24.8) | (27.9) |
Sale of securities - trusts | 18.9 | 22.5 |
Other investing activities | 5.1 | 3.4 |
Cash Flows from (used in) Investing Activities | (313.8) | (312.6) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | ||
Short term debt, net | (102) | 40.3 |
Proceeds from long-term debt | 393.2 | 319.5 |
Retirements of long-term debt | (400) | (373.4) |
Cash dividends paid | (135) | (180) |
Other financing activities | 1.9 | 2.9 |
Cash Flows used in Financing Activities | (241.9) | (190.7) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 0.8 | 1.2 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Beginning of period | 2.6 | 2.2 |
End of period | $ 3.4 | $ 3.4 |
Consolidated Statements of Ca_6
Consolidated Statements of Cash Flows - Evergy Metro, Inc (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Restricted cash | $ 0 | $ 0 | $ 0.1 | $ 0.1 |
Consolidated Statements of Ch_4
Consolidated Statements of Changes in Equity - Evergy Metro, Inc - USD ($) $ in Millions | Total | Common Stock | Retained earnings | AOCI - Net gains (losses) on cash flow hedges | Evergy Metro Inc [Member] | Evergy Metro Inc [Member]Common Stock | Evergy Metro Inc [Member]Retained earnings | Evergy Metro Inc [Member]AOCI - Net gains (losses) on cash flow hedges |
Beginning balance (in shares) at Dec. 31, 2017 | 142,094,275 | 1 | ||||||
Beginning balance at Dec. 31, 2017 | $ 3,860.4 | $ 2,734.8 | $ 1,173.3 | $ 0 | $ 2,513.2 | $ 1,563.1 | $ 949.7 | $ 0.4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 62.9 | 60.5 | 20.2 | 20.2 | ||||
Dividends declared on common stock | (57.7) | (57.7) | (60) | (60) | ||||
Derivative hedging activity, net of tax | 0.9 | 0.9 | ||||||
Ending balance (in shares) at Mar. 31, 2018 | 142,233,103 | 1 | ||||||
Ending balance at Mar. 31, 2018 | 3,864.4 | $ 2,733.6 | 1,176.1 | 0 | 2,474.3 | $ 1,563.1 | 909.9 | 1.3 |
Beginning balance (in shares) at Dec. 31, 2017 | 142,094,275 | 1 | ||||||
Beginning balance at Dec. 31, 2017 | 3,860.4 | $ 2,734.8 | 1,173.3 | 0 | 2,513.2 | $ 1,563.1 | 949.7 | 0.4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 524.9 | 165.1 | ||||||
Derivative hedging activity, net of tax | 0 | 2.7 | ||||||
Ending balance (in shares) at Sep. 30, 2018 | 264,797,584 | 1 | ||||||
Ending balance at Sep. 30, 2018 | 10,648.8 | $ 9,236.4 | 1,452.5 | 0 | 2,501 | $ 1,563.1 | 934.8 | 3.1 |
Beginning balance (in shares) at Mar. 31, 2018 | 142,233,103 | 1 | ||||||
Beginning balance at Mar. 31, 2018 | 3,864.4 | $ 2,733.6 | 1,176.1 | 0 | 2,474.3 | $ 1,563.1 | 909.9 | 1.3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 104.4 | 101.8 | 24.6 | 24.6 | ||||
Dividends declared on common stock | (57.8) | (57.8) | (60) | (60) | ||||
Derivative hedging activity, net of tax | 1 | 1 | ||||||
Ending balance (in shares) at Jun. 30, 2018 | 271,687,743 | 1 | ||||||
Ending balance at Jun. 30, 2018 | 10,895.4 | $ 9,718.1 | 1,220 | 0 | 2,439.9 | $ 1,563.1 | 874.5 | 2.3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 357.6 | 355 | 120.3 | 120.3 | ||||
Dividends declared on common stock | (122) | (122) | (60) | (60) | ||||
Derivative hedging activity, net of tax | 0 | 0.8 | 0.8 | |||||
Ending balance (in shares) at Sep. 30, 2018 | 264,797,584 | 1 | ||||||
Ending balance at Sep. 30, 2018 | 10,648.8 | $ 9,236.4 | 1,452.5 | 0 | 2,501 | $ 1,563.1 | 934.8 | 3.1 |
Beginning balance (in shares) at Dec. 31, 2018 | 255,326,252 | 1 | ||||||
Beginning balance at Dec. 31, 2018 | 9,990.7 | $ 8,685.2 | 1,346 | (3) | 2,499.8 | $ 1,563.1 | 932.6 | 4.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 103.4 | 99.5 | 16 | 16 | ||||
Dividends declared on common stock | (119.8) | (119.8) | ||||||
Derivative hedging activity, net of tax | (10.2) | (10.2) | 0.9 | 0.9 | ||||
Ending balance (in shares) at Mar. 31, 2019 | 244,838,786 | 1 | ||||||
Ending balance at Mar. 31, 2019 | 9,391.7 | $ 8,110.4 | 1,325.7 | (13.2) | 2,516.7 | $ 1,563.1 | 948.6 | 5 |
Beginning balance (in shares) at Dec. 31, 2018 | 255,326,252 | 1 | ||||||
Beginning balance at Dec. 31, 2018 | 9,990.7 | $ 8,685.2 | 1,346 | (3) | 2,499.8 | $ 1,563.1 | 932.6 | 4.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 618.9 | 227.3 | ||||||
Derivative hedging activity, net of tax | (47.7) | 0.7 | ||||||
Ending balance (in shares) at Sep. 30, 2019 | 227,901,556 | 1 | ||||||
Ending balance at Sep. 30, 2019 | 8,589.9 | $ 7,066.9 | 1,603.1 | (50.7) | 2,592.9 | $ 1,563.1 | 1,024.9 | 4.9 |
Beginning balance (in shares) at Mar. 31, 2019 | 244,838,786 | 1 | ||||||
Beginning balance at Mar. 31, 2019 | 9,391.7 | $ 8,110.4 | 1,325.7 | (13.2) | 2,516.7 | $ 1,563.1 | 948.6 | 5 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 144.6 | 139.7 | 59.4 | 59.4 | ||||
Dividends declared on common stock | (115.8) | (115.8) | (65) | (65) | ||||
Derivative hedging activity, net of tax | (15.8) | (15.8) | (0.1) | (0.1) | ||||
Ending balance (in shares) at Jun. 30, 2019 | 235,465,848 | 1 | ||||||
Ending balance at Jun. 30, 2019 | 8,854.7 | $ 7,563 | 1,349.1 | (29) | 2,511 | $ 1,563.1 | 943 | 4.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 370.9 | 366.8 | 151.9 | 151.9 | ||||
Dividends declared on common stock | (111.9) | (111.9) | (70) | (70) | ||||
Derivative hedging activity, net of tax | (21.7) | (21.7) | (0.1) | |||||
Ending balance (in shares) at Sep. 30, 2019 | 227,901,556 | 1 | ||||||
Ending balance at Sep. 30, 2019 | $ 8,589.9 | $ 7,066.9 | $ 1,603.1 | $ (50.7) | $ 2,592.9 | $ 1,563.1 | $ 1,024.9 | $ 4.9 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION 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. In September 2019, these wholly-owned direct subsidiaries were rebranded and renamed under the Evergy brand name. • Evergy Kansas Central Inc. (Evergy Kansas Central), formerly known as Westar Energy, Inc., 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), formerly known as Kansas Gas and Electric Company. • Evergy Metro, Inc. (Evergy Metro), formerly known as Kansas City Power & Light Company, 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), formerly known as KCP&L Greater Missouri Operations Company, is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri. • Evergy Transmission Company, LLC (Evergy Transmission Company), formerly known as GPE Transmission Holding Company, LLC, 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 affiliates 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. Since the rebranding in September 2019, Evergy Kansas Central, Evergy Kansas South, Evergy Metro and Evergy Missouri West have been conducting business in their respective service territories using the name Evergy. Collectively, the Evergy Companies have approximately 14,700 MWs of owned generating capacity and renewable purchased power agreements and engage in the generation, transmission, distribution and sale of electricity to approximately 1.6 million customers in the states of Kansas and Missouri. Evergy was incorporated in 2017 as Monarch Energy Holding, Inc. (Monarch Energy), a wholly-owned subsidiary of Great Plains Energy Incorporated (Great Plains Energy). Prior to the closing of the merger transactions, Monarch Energy changed its name to Evergy and did not conduct any business activities other than those required for its formation and matters contemplated by the Amended and Restated Agreement and Plan of Merger, dated as of July 9, 2017, by and among Great Plains Energy, Evergy Kansas Central, Monarch Energy and King Energy, Inc. (King Energy), a wholly-owned subsidiary of Monarch Energy (Amended Merger Agreement). On June 4, 2018, in accordance with the Amended Merger Agreement, Great Plains Energy merged into Evergy, with Evergy surviving the merger and King Energy merged into Evergy Kansas Central, with Evergy Kansas Central surviving the merger. These merger transactions resulted in Evergy becoming the parent entity of Evergy Kansas Central and the direct subsidiaries of Great Plains Energy, including Evergy Metro and Evergy Missouri West. As a result of the closing of the merger transactions, each outstanding share of Great Plains Energy common stock was converted into 0.5981 shares of Evergy common stock, resulting in the issuance of 128.9 million shares. Additionally, each outstanding share of Evergy Kansas Central common stock was converted into 1 share of Evergy common stock. Basis of Presentation These unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements in the Evergy Companies' combined 2018 Form 10-K. These unaudited consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary to fairly present the unaudited consolidated financial statements for each of the Evergy Companies for these interim periods. In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Principles of Consolidation Evergy Kansas Central was determined to be the accounting acquirer in the merger and thus, the predecessor of Evergy. Evergy had separate operations for the period beginning with the quarter ended June 30, 2018, and references to amounts for periods after the closing of the merger relate to Evergy. The results of Great Plains Energy's direct subsidiaries have been included in Evergy's results of operations from June 4, 2018, the date of the closing of the merger, and thereafter. Each of Evergy's, Evergy Kansas Central's and Evergy Metro's unaudited 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). 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. September 30 December 31 2019 2018 Evergy (millions) Fuel inventory $ 118.5 $ 168.9 Supplies 335.9 342.1 Fuel inventory and supplies $ 454.4 $ 511.0 Evergy Kansas Central Fuel inventory $ 64.8 $ 87.8 Supplies 182.9 189.0 Fuel inventory and supplies $ 247.7 $ 276.8 Evergy Metro Fuel inventory $ 37.1 $ 57.8 Supplies 120.1 119.8 Fuel inventory and supplies $ 157.2 $ 177.6 Property, Plant and Equipment The following tables summarize the property, plant and equipment of Evergy, Evergy Kansas Central and Evergy Metro. September 30, 2019 Evergy Evergy Kansas Central Evergy Metro (millions) Electric plant in service $ 27,492.5 $ 13,414.4 $ 10,673.6 Electric plant acquisition adjustment 740.6 740.6 — Accumulated depreciation (10,136.6 ) (4,872.5 ) (4,208.5 ) Plant in service, net 18,096.5 9,282.5 6,465.1 Construction work in progress 747.2 404.9 244.4 Nuclear fuel, net 131.4 65.3 66.1 Plant to be retired, net (a) 1.0 1.0 — Property, plant and equipment, net $ 18,976.1 $ 9,753.7 $ 6,775.6 December 31, 2018 Evergy Evergy Kansas Central Evergy Metro (millions) Electric plant in service $ 26,916.7 $ 13,176.7 $ 10,439.1 Electric plant acquisition adjustment 740.6 740.6 — Accumulated depreciation (9,694.1 ) (4,642.8 ) (4,022.4 ) Plant in service, net 17,963.2 9,274.5 6,416.7 Construction work in progress 685.2 376.7 204.4 Nuclear fuel, net 133.1 66.1 67.0 Plant to be retired, net (a) 1.0 1.0 — Property, plant and equipment, net $ 18,782.5 $ 9,718.3 $ 6,688.1 (a) As of September 30, 2019 , and December 31, 2018 , represents the planned retirement of Evergy Kansas Central analog meters prior to the end of their remaining useful lives. Other Income (Expense), Net The table below shows the detail of other expense for each of the Evergy Companies. Three Months Ended Year to Date 2019 2018 2019 2018 Evergy (millions) Non-service cost component of net benefit cost $ (13.7 ) $ (17.6 ) $ (40.9 ) $ (32.8 ) Other (6.0 ) (13.2 ) (16.3 ) (22.4 ) Other expense $ (19.7 ) $ (30.8 ) $ (57.2 ) $ (55.2 ) Evergy Kansas Central Non-service cost component of net benefit cost $ (4.9 ) $ (7.2 ) $ (14.5 ) $ (19.0 ) Other (5.9 ) (8.0 ) (15.4 ) (17.1 ) Other expense $ (10.8 ) $ (15.2 ) $ (29.9 ) $ (36.1 ) Evergy Metro (a) Non-service cost component of net benefit cost $ (5.0 ) $ (6.7 ) $ (15.3 ) $ (19.7 ) Other 0.1 (2.3 ) (0.4 ) (3.2 ) Other expense $ (4.9 ) $ (9.0 ) $ (15.7 ) $ (22.9 ) (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. Earnings Per Share To compute basic earnings per share (EPS), Evergy divides net income attributable to Evergy, Inc. by the weighted average number of common shares outstanding. Diluted EPS includes the effect of issuable common shares resulting from restricted share units (RSUs), performance shares and restricted stock. Evergy computes the dilutive effects of potential issuances of common shares using the treasury stock method. The following table reconciles Evergy's basic and diluted EPS. Three Months Ended Year to Date 2019 2018 2019 2018 Income (millions, except per share amounts) Net income $ 370.9 $ 357.6 $ 618.9 $ 524.9 Less: net income attributable to noncontrolling interests 4.1 2.6 12.9 7.6 Net income attributable to Evergy, Inc. $ 366.8 $ 355.0 $ 606.0 $ 517.3 Common Shares Outstanding Weighted average number of common shares outstanding - basic 234.6 268.6 243.5 197.9 Add: effect of dilutive securities 0.4 0.2 0.3 0.1 Weighted average number of common shares outstanding - dilutive 235.0 268.8 243.8 198.0 Basic and Diluted EPS $ 1.56 $ 1.32 $ 2.49 $ 2.61 There were no anti-dilutive securities for the three months ended and year to date September 30, 2019 and 2018. Dividends Declared In November 2019 , Evergy's Board of Directors (Evergy Board) declared a quarterly dividend of $0.505 per share on Evergy's common stock. The common dividend is payable December 20, 2019 , to shareholders of record as of November 27, 2019 . In November 2019 , Evergy Metro's Board of Directors declared a cash dividend payable to Evergy of up to $40.0 million , payable no later than December 19, 2019 . Supplemental Cash Flow Information Year to Date September 30 2019 2018 Evergy (millions) Cash paid for (received from): Interest, net of amounts capitalized $ 240.8 $ 148.7 Interest of VIEs 1.6 2.3 Income taxes, net of refunds (13.1 ) 0.6 Non-cash investing transactions: Property, plant and equipment additions (reductions) 99.4 (24.8 ) Non-cash financing transactions: Issuance of stock for compensation and reinvested dividends (0.3 ) 0.4 Evergy Kansas Central Cash paid for (received from): Interest, net of amounts capitalized $ 109.4 $ 110.5 Interest of VIEs 1.6 2.3 Income taxes, net of refunds 1.8 — Non-cash investing transactions: Property, plant and equipment additions (reductions) 35.3 (42.0 ) Evergy Metro (a) Cash paid for (received from): Interest, net of amounts capitalized $ 83.5 $ 87.6 Income taxes, net of refunds 32.8 28.4 Non-cash investing transactions: Property, plant and equipment additions 60.8 15.2 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. See Note 15 for supplemental cash flow information regarding the Evergy Companies' leases. New Accounting Standards Intangibles - Internal-Use Software In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the requirements for recording implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. An entity in a hosting arrangement that is a service contract will need to determine to which project stage (that is, preliminary project stage, application development stage or post-implementation stage) an implementation activity relates. Costs for implementation activities in the application development stage are recorded as a prepaid asset depending on the nature of the costs, while costs incurred during the preliminary project and post-implementation stages are expensed as the activities occur. Costs that are recorded to a prepaid asset are to be expensed over the term of the hosting arrangement. The new guidance is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. The new guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Early adoption is permitted. The Evergy Companies early adopted ASU No. 2018-15 prospectively as of January 1, 2019. The adoption of ASU No. 2018-15 did not have a material impact on the Evergy Companies. Leases In February 2016, the FASB issued ASU No. 2016-02, Leases , which requires an entity that is a lessee to record a right-of-use asset and a lease liability for lease payments on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Lessor accounting remains largely unchanged. In January 2018, the FASB issued ASU No. 2018-01, Leases: Land Easement Practical Expedient for Transition to Topic 842 , which permits entities to elect an optional transition practical expedient to not evaluate, under Topic 842, land easements that exist or expired before the entity's adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases , which updates narrow aspects of the guidance issued in ASU No. 2016-02. Also in July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements , which provides an optional transition method that allows entities to initially apply Topic 842 at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. In December 2018, the FASB issued ASU No. 2018-20, Leases: Narrow-Scope Improvements for Lessors , which is expected to reduce a lessor's implementation and ongoing costs associated with applying ASU No. 2016-02. In March 2019, the FASB issued ASU No. 2019-01, Leases: Codification Improvements , which clarifies certain lessor accounting and interim reporting requirements. ASU No. 2016-02 and the subsequent amendments are effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted, and requires a modified retrospective transition approach with an option to either adjust or not adjust comparative periods. The Evergy Companies adopted the new guidance on January 1, 2019, without adjusting comparative periods for all leases existing as of January 1, 2019, by electing the optional transition method permitted by ASU No. 2018-11. As a result, Evergy, Evergy Kansas Central and Evergy Metro recorded an increase to assets and liabilities of approximately $110 million , $40 million and $80 million , respectively, as of January 1, 2019. Evergy Kansas Central and Evergy Metro have certain lease transactions between them for which the related assets and liabilities are eliminated at consolidated Evergy. The adoption of Topic 842 did not have a material impact on the Evergy Companies' consolidated statements of income and comprehensive income and there was no cumulative-effect adjustment recorded to the opening balance of retained earnings. The Evergy Companies also elected a practical expedient to forgo reassessing existing or expired contracts as leases to determine whether each is in scope of Topic 842 and to forgo reassessing lease classification for existing and expired leases. See Note 15 for additional disclosures about the Evergy Companies' leases. |
MERGER OF GREAT PLAINS ENERGY A
MERGER OF GREAT PLAINS ENERGY AND EVERGY KANSAS CENTRAL | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
MERGER OF GREAT PLAINS ENERGY AND KANSAS CENTRAL | MERGER OF GREAT PLAINS ENERGY AND EVERGY KANSAS CENTRAL Description of Merger Transaction On June 4, 2018, Evergy completed the mergers contemplated by the Amended Merger Agreement. As a result of the mergers, Great Plains Energy merged into Evergy, with Evergy surviving the merger and King Energy merged into Evergy Kansas Central, with Evergy Kansas Central surviving the merger. Following the completion of these mergers, Evergy Kansas Central and the direct subsidiaries of Great Plains Energy, including Evergy Metro and Evergy Missouri West, became wholly-owned subsidiaries of Evergy. The merger was structured as a merger of equals in a tax-free exchange of shares that involved no premium paid or received with respect to either Great Plains Energy or Evergy Kansas Central. As a result of the closing of the merger transaction, each outstanding share of Great Plains Energy common stock was converted into 0.5981 shares of Evergy common stock and each outstanding share of Evergy Kansas Central common stock was converted into 1 share of Evergy common stock. Purchase Price Allocation Based on an evaluation of the provisions of Accounting Standards Codification (ASC) 805, Business Combinations , Evergy Kansas Central was determined to be the accounting acquirer in the merger. Pursuant to the Amended Merger Agreement, Great Plains Energy's common stock shares were exchanged for Evergy common stock shares at the fixed exchange rate of 0.5981 . The total consideration transferred of $6,975.7 million , including $12.5 million for the fair value of equity compensation awards, was based on the closing price of Evergy Kansas Central on June 4, 2018. The fair value of Great Plains Energy's assets acquired and liabilities assumed as of June 4, 2018, was determined based on significant estimates and assumptions that are judgmental in nature. Third-party valuation specialists were engaged to assist in the valuation of these assets and liabilities. The significant assets and liabilities recorded at fair values as of the merger date include long-term debt, asset retirement obligations, pension and post-retirement plans, accumulated deferred income tax liabilities and certain other long-term assets and liabilities. The majority of Great Plains Energy's operations were subject to the rate-setting authority of the Public Service Commission of the State of Missouri (MPSC), the State Corporation Commission of the State of Kansas (KCC) and the Federal Energy Regulatory Commission (FERC) and were accounted for pursuant to GAAP, including the accounting guidance for regulated operations. The rate-setting and cost recovery provisions for Great Plains Energy's regulated operations provided revenue derived from costs including a return on investment of assets and liabilities included in rate base. Except for the significant assets and liabilities for which valuation adjustments were made as discussed above, the fair values of Great Plains Energy's tangible and intangible assets and liabilities subject to these rate-setting provisions approximated their carrying values and the assets and liabilities did not reflect any adjustments to these amounts other than for amounts not included in rate base. The difference between the fair value and pre-merger carrying amounts for Great Plains Energy's long-term debt, asset retirement obligations and pension and post-retirement plans that were related to regulated operations were recorded as a regulatory asset or liability. The excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed were recognized as goodwill as of the merger date. The final purchase price allocation to Great Plains Energy's assets and liabilities as of June 4, 2018, is detailed in the following table. (millions) Current assets $ 2,151.7 Property, plant and equipment, net 9,179.7 Goodwill 2,336.6 Other long-term assets, excluding goodwill 1,235.9 Total assets $ 14,903.9 Current liabilities 1,673.9 Long-term liabilities, excluding long-term debt 2,895.7 Long-term debt, net 3,358.6 Total liabilities $ 7,928.2 Total purchase price $ 6,975.7 The purchase price allocation in the table above reflects refinements made to the preliminary fair values of long-term liabilities, excluding long-term debt included in the Evergy Companies' combined 2018 Form 10-K. These refinements include adjustments associated with deferred income taxes that resulted in a decrease to goodwill of $2.3 million . |
RECEIVABLES
RECEIVABLES | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES The Evergy Companies' receivables are detailed in the following table. September 30 December 31 2019 2018 Evergy (millions) Customer accounts receivable - billed $ 19.5 $ 16.7 Customer accounts receivable - unbilled 155.9 91.2 Other receivables 102.3 95.0 Allowance for doubtful accounts (8.9 ) (9.2 ) Total $ 268.8 $ 193.7 Evergy Kansas Central Customer accounts receivable - billed $ — $ — Customer accounts receivable - unbilled 60.7 16.6 Other receivables 83.4 71.6 Allowance for doubtful accounts (3.4 ) (3.9 ) Total $ 140.7 $ 84.3 Evergy Metro Customer accounts receivable - billed $ 9.1 $ 7.8 Customer accounts receivable - unbilled 65.0 42.9 Other receivables 14.0 15.8 Allowance for doubtful accounts (3.9 ) (3.8 ) Total $ 84.2 $ 62.7 Evergy's, Evergy Kansas Central's and Evergy Metro's other receivables at September 30, 2019 and December 31, 2018 , consisted primarily of receivables from partners in jointly-owned electric utility plants and wholesale sales receivables. As of September 30, 2019 , other receivables for Evergy, Evergy Kansas Central and Evergy Metro included receivables from contracts with customers of $45.3 million , $41.3 million and $0.8 million , respectively. As of December 31, 2018 , other receivables for Evergy, Evergy Kansas Central and Evergy Metro included receivables from contracts with customers of $65.8 million , $55.9 million and $5.5 million , respectively. The Evergy Companies recorded bad debt expense related to contracts with customers as summarized in the following table. Three Months Ended Year to Date 2019 2018 2019 2018 (millions) Evergy $ 11.4 $ 4.5 $ 22.0 $ 10.6 Evergy Kansas Central 2.0 1.1 5.4 6.2 Evergy Metro (a) 6.8 3.9 11.6 7.5 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. 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 of the undivided percentage ownership interests in accounts receivable to independent outside investors 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. At September 30, 2019 and December 31, 2018 , Evergy's accounts receivable pledged as collateral and the corresponding short-term collateralized note payable were $395.0 million and $365.0 million , respectively. At September 30, 2019 and December 31, 2018 , Evergy Kansas Central's accounts receivable pledged as collateral and the corresponding short-term collateralized note payable were $200.0 million and $185.0 million , respectively. At September 30, 2019 and December 31, 2018 , Evergy Metro's accounts receivable pledged as collateral and the corresponding short-term collateralized note payable were $130.0 million . Each receivable sale facility expires in September 2020. 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. |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 2019 | |
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. Three Months Ended September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Revenues (millions) Residential $ 653.0 $ 268.9 $ 249.2 Commercial 539.1 219.3 234.1 Industrial 175.3 111.3 40.8 Other retail 16.0 5.6 7.0 Total electric retail $ 1,383.4 $ 605.1 $ 531.1 Wholesale 96.3 67.7 23.5 Transmission 80.4 67.7 7.8 Industrial steam and other 6.2 1.7 0.6 Total revenue from contracts with customers $ 1,566.3 $ 742.2 $ 563.0 Other 11.3 6.8 5.8 Operating revenues $ 1,577.6 $ 749.0 $ 568.8 Year to Date September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Revenues (millions) Residential $ 1,536.3 $ 640.4 $ 575.5 Commercial 1,391.2 556.4 613.5 Industrial 478.9 308.5 106.7 Other retail 35.3 15.8 12.3 Total electric retail $ 3,441.7 $ 1,521.1 $ 1,308.0 Wholesale 251.7 182.5 54.7 Transmission 233.5 205.5 14.0 Industrial steam and other 18.9 4.6 2.3 Total revenue from contracts with customers $ 3,945.8 $ 1,913.7 $ 1,379.0 Other 70.4 17.6 52.2 Operating revenues $ 4,016.2 $ 1,931.3 $ 1,431.2 Three Months Ended September 30, 2018 Evergy Evergy Kansas Central Evergy Metro Revenues (millions) Residential $ 647.1 $ 270.5 $ 243.5 Commercial 530.5 217.4 231.1 Industrial 173.4 111.9 39.1 Other retail 10.9 5.4 2.7 Total electric retail $ 1,361.9 $ 605.2 $ 516.4 Wholesale 118.5 82.4 29.9 Transmission 80.6 72.2 3.8 Industrial steam and other 6.0 1.5 0.7 Total revenue from contracts with customers $ 1,567.0 $ 761.3 $ 550.8 Other 15.5 3.5 8.8 Operating revenues $ 1,582.5 $ 764.8 $ 559.6 Year to Date September 30, 2018 Evergy Evergy Kansas Central Evergy Metro (a) Revenues (millions) Residential $ 1,169.4 $ 671.9 $ 585.4 Commercial 945.0 542.8 609.2 Industrial 375.5 297.2 105.4 Other retail 21.5 15.3 7.7 Total electric retail $ 2,511.4 $ 1,527.2 $ 1,307.7 Wholesale 302.4 263.7 38.5 Transmission 227.6 216.3 11.0 Industrial steam and other 10.0 4.6 3.0 Total revenue from contracts with customers $ 3,051.4 $ 2,011.8 $ 1,360.2 Other 24.7 4.1 48.7 Operating revenues $ 3,076.1 $ 2,015.9 $ 1,408.9 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
RATE MATTERS AND REGULATION
RATE MATTERS AND REGULATION | 9 Months Ended |
Sep. 30, 2019 | |
Regulated Operations [Abstract] | |
RATE MATTERS AND REGULATION | RATE MATTERS AND REGULATION KCC Proceedings Evergy Kansas Central 2019 Transmission Delivery Charge (TDC) In March 2019, 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 2019 and are expected to decrease Evergy Kansas Central's annual retail revenues by $7.7 million . Evergy Metro 2019 TDC In April 2019, 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 2019 and are expected to decrease Evergy Metro's annual retail revenues by $8.3 million . Evergy Kansas Central Retail Energy Cost Adjustment (RECA) Recovery of 8% of Jeffrey Energy Center (JEC) As part of the non-unanimous stipulation and agreement approved by the KCC in September 2018 in Evergy Kansas Central's 2018 rate case, it was agreed that in the event that Evergy Kansas Central purchased the 8% ownership interest in JEC that it had historically leased from a trust it would be entitled to file a request with the KCC to recover operating and maintenance and capital costs associated with the 8% ownership through its RECA as these amounts were not reflected in Evergy Kansas Central's rates established as part of the 2018 rate case. In the first quarter of 2019, Evergy Kansas Central entered into an agreement with the trust to extend its lease of the 8% interest in JEC from the previous expiration date of January 2019 to August 2019 and to then purchase the 8% ownership interest from the trust at the time the lease expired. Pursuant to the agreement, Evergy Kansas Central's purchase of the 8% ownership interest of JEC closed in August 2019. In March 2019, Evergy Kansas Central filed an application with the KCC to request recovery through the RECA of deferred lease expense and operating and maintenance expense incurred during the lease extension and future operating and maintenance expense subsequent to the purchase of the 8% ownership interest in JEC. In September 2019, the KCC issued an order finding that the lease extension and subsequent purchase of the 8% ownership interest by Evergy Kansas Central were not prudent and disallowed the recovery from retail customers of all associated capital and operating costs that were incurred during the lease extension and will be incurred in the future. The KCC order also provided that Evergy Kansas Central be allowed to retain any wholesale electricity sales associated with the 8% ownership interest of JEC. As a result of the KCC order in September 2019, Evergy and Evergy Kansas Central recorded an $8.4 million pre-tax loss to operating and maintenance expense in their consolidated statements of income and comprehensive income for the three months ended and year to date September 30, 2019 associated with the write-off of a regulatory asset for the deferred lease expense and other operating expenses. Evergy Kansas Central and Evergy Metro Earnings Review and Sharing Plan (ERSP) As part of their merger settlement agreement with the KCC, Evergy Kansas Central and Evergy Metro agreed to participate in an ERSP for the years 2019 through 2022. Under the ERSP, Evergy Kansas Central's and Evergy Metro's Kansas jurisdiction are required to refund to customers 50% of annual earnings in excess of their authorized return on equity of 9.3% to the extent the excess earnings exceed the amount of Evergy Kansas Central's and Evergy Metro's annual merger bill credits for the year being measured. As of September 30, 2019 , Evergy Kansas Central and Evergy Metro estimate their 2019 annual earnings will not result in a refund obligation. Evergy Kansas Central and Evergy Metro expect to file their 2019 earnings calculations with the KCC in March 2020. The final refund obligation, if any, will be decided by the KCC and could vary from the current estimate. MPSC Proceedings Evergy Missouri West Other Proceedings In December 2018, the Office of the Public Counsel (OPC) and the Midwest Energy Consumers Group (MECG) filed a petition with the MPSC requesting an accounting authority order (AAO) that would require Evergy Missouri West to record a regulatory liability for all revenues collected from customers for return on investment, non-fuel operations and maintenance costs, taxes including accumulated deferred income taxes, and all other costs associated with Sibley Station following the station’s retirement in November 2018. In October 2019, the MPSC granted OPC's and MECG's request for an AAO and required Evergy Missouri West to record to a regulatory liability the revenues discussed above for consideration in Evergy Missouri West's next rate case, which is expected to be completed no later than 2022. Depending on the MPSC's decision in this next rate case, Evergy Missouri West could be required to refund to customers all or a portion of amounts collected in revenue for Sibley Station since December 2018 or, alternatively, could be required to make no refunds. As a result of the MPSC order, Evergy has recorded a regulatory liability of $6.5 million as of September 30, 2019 for the estimated amount of revenues that Evergy Missouri West has collected from customers for Sibley Station since December 2018 that Evergy has determined is probable of refund and Evergy expects that it will continue to defer such amounts as collected from customers until new rates become effective in Evergy Missouri West's next rate case. The accrual for this estimated amount does not include certain revenues collected related to Sibley Station that Evergy has determined to not be probable of refund in the next rate case based on the relevant facts and circumstances. While Evergy has determined these additional revenues to not be probable of refund, the ultimate resolution of this matter in Evergy Missouri West's next rate case is uncertain and could result in an estimated loss of up to approximately $15 million in excess of the amount accrued per year until Evergy Missouri West's new rates become effective. Evergy's regulatory liability for probable refunds as of September 30, 2019 and estimated loss in excess of the amount accrued represent estimates that could change significantly based on ongoing developments including as a result of an appeal of the MPSC order, decisions in other regulatory proceedings that establish precedent applicable to this matter and positions of parties on this issue in a future Evergy Missouri West rate case. Evergy Missouri West also expects that the MPSC's decision in its next rate case could impact the valuation of its $131.6 million regulatory asset as of September 30, 2019 for retired generation facilities. This regulatory asset is reduced by approximately $7 million of annual amortization expense which is an amount equal to the annual depreciation expense for the asset reflected in retail rates. See "Plant to be Retired, Net" within Note 1 to the consolidated financial statements of the Evergy Companies' 2018 Form 10-K for more information. FERC Proceedings Evergy Kansas Central TFR Evergy Kansas Central's TFR, effective in January 2019, includes projected 2019 transmission capital expenditures and operating costs and is expected to decrease annual transmission revenues by $11.2 million when compared to 2018. This updated rate provided the basis for Evergy Kansas Central's request with the KCC to adjust its retail prices to include updated transmission costs as discussed above. Evergy Kansas Central's TFR, effective in January 2020, includes projected 2020 transmission capital expenditures and operating costs and is expected to decrease annual transmission revenues by $13.6 million when compared to 2019. This updated rate will provide the basis for any subsequent requests by Evergy Kansas Central with the KCC to adjust its retail prices to include updated transmission costs. Evergy Metro TFR Evergy Metro's TFR, effective in January 2019, includes projected 2019 transmission capital expenditures and operating costs and is expected to decrease annual transmission revenues by $2.8 million when compared to 2018. This updated rate provided the basis for Evergy Metro's request with the KCC to adjust its retail prices to include updated transmission costs as discussed above. Evergy Metro's TFR, effective in January 2020, includes projected 2020 transmission capital expenditures and operating costs and is expected to decrease annual transmission revenues by $1.7 million when compared to 2019. This updated rate will provide the basis for any subsequent request by Evergy Metro with the KCC to adjust its retail prices to include updated transmission costs. |
GOODWILL
GOODWILL | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL Accounting rules require goodwill to be tested for impairment annually and when an event occurs indicating the possibility that an impairment exists. Evergy's impairment test for the $2,336.6 million of goodwill that was recorded as a result of the Great Plains Energy and Evergy Kansas Central merger was conducted as of May 1, 2019. 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. |
PENSION PLANS AND POST-RETIREME
PENSION PLANS AND POST-RETIREMENT BENEFITS | 9 Months Ended |
Sep. 30, 2019 | |
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 94% ownership share of Wolf Creek Generating Station's (Wolf Creek) defined benefit plans, consisting of Evergy Kansas Central'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 the three months ended and year to date September 30, 2019, Evergy and Evergy Metro recorded pension settlement charges of $14.5 million and $20.8 million , respectively, as a result of accelerated pension distributions related to voluntary severance programs. Evergy and Evergy Metro deferred substantially all of the charges to a regulatory asset and expects to recover these amounts over future periods pursuant to regulatory agreements. The following tables provide the components of net periodic benefit costs prior to the effects of capitalization and sharing with joint owners of power plants. Pension Benefits Post-Retirement Benefits Three Months Ended September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 19.1 $ 7.3 $ 11.8 $ 0.6 $ 0.2 $ 0.4 Interest cost 27.5 13.4 14.1 2.6 1.4 1.2 Expected return on plan assets (27.0 ) (13.7 ) (12.3 ) (2.5 ) (1.7 ) (0.8 ) Prior service cost 0.5 0.5 0.2 0.1 0.1 — Recognized net actuarial (gain)/loss 6.9 6.2 12.2 (0.3 ) (0.1 ) (0.3 ) Settlement and special termination benefits 14.5 — 20.8 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 41.5 13.7 46.8 0.5 (0.1 ) 0.5 Regulatory adjustment 4.9 0.5 (14.7 ) (0.8 ) (0.7 ) 0.1 Intercompany allocations — — (13.6 ) — — (0.2 ) Net periodic benefit costs (income) $ 46.4 $ 14.2 $ 18.5 $ (0.3 ) $ (0.8 ) $ 0.4 Pension Benefits Post-Retirement Benefits Year to Date September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 57.3 $ 21.8 $ 35.5 $ 1.9 $ 0.8 $ 1.1 Interest cost 82.4 40.3 42.1 7.9 4.2 3.7 Expected return on plan assets (80.9 ) (41.1 ) (36.9 ) (7.5 ) (5.0 ) (2.5 ) Prior service cost 1.5 1.3 0.7 0.3 0.3 — Recognized net actuarial (gain)/loss 20.6 19.0 36.7 (0.9 ) (0.4 ) (1.1 ) Settlement and special termination benefits 14.5 — 20.8 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 95.4 41.3 98.9 1.7 (0.1 ) 1.2 Regulatory adjustment 30.4 1.5 (15.9 ) (2.5 ) (2.2 ) 0.3 Intercompany allocations — — (27.6 ) — — (0.3 ) Net periodic benefit costs (income) $ 125.8 $ 42.8 $ 55.4 $ (0.8 ) $ (2.3 ) $ 1.2 Pension Benefits Post-Retirement Benefits Three Months Ended September 30, 2018 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 20.2 $ 8.0 $ 12.2 $ 0.7 $ 0.4 $ 0.5 Interest cost 26.3 12.7 12.0 2.5 1.2 1.2 Expected return on plan assets (27.0 ) (13.9 ) (13.9 ) (2.5 ) (1.8 ) (0.7 ) Prior service cost 0.3 0.2 0.2 0.1 0.1 — Recognized net actuarial (gain)/loss 8.1 8.1 10.9 (0.1 ) (0.1 ) — Net periodic benefit costs before regulatory adjustment and intercompany allocations 27.9 15.1 21.4 0.7 (0.2 ) 1.0 Regulatory adjustment 2.6 2.8 0.7 (0.4 ) (0.4 ) 0.1 Intercompany allocations — — (4.9 ) — — (0.2 ) Net periodic benefit costs (income) $ 30.5 $ 17.9 $ 17.2 $ 0.3 $ (0.6 ) $ 0.9 Pension Benefits Post-Retirement Benefits Year to Date September 30, 2018 Evergy Evergy Kansas Central Evergy Metro (a) Evergy Evergy Kansas Central Evergy Metro (a) Components of net periodic benefit costs (millions) Service cost $ 40.4 $ 24.1 $ 36.5 $ 1.5 $ 1.0 $ 1.5 Interest cost 56.2 38.1 37.4 5.4 3.7 3.6 Expected return on plan assets (59.3 ) (41.9 ) (41.6 ) (6.2 ) (5.2 ) (2.1 ) Prior service cost 0.6 0.5 0.5 0.3 0.3 — Recognized net actuarial (gain)/loss 24.4 24.4 33.8 (0.4 ) (0.4 ) (0.1 ) Net periodic benefit costs before regulatory adjustment and intercompany allocations 62.3 45.2 66.6 0.6 (0.6 ) 2.9 Regulatory adjustment 8.4 8.4 2.1 (1.3 ) (1.3 ) (0.2 ) Intercompany allocations — — (17.1 ) — — (0.8 ) Net periodic benefit costs (income) $ 70.7 $ 53.6 $ 51.6 $ (0.7 ) $ (1.9 ) $ 1.9 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. The components of net periodic benefit costs other than the service cost component are included in other expense on the Evergy Companies' consolidated statements of income and comprehensive income. Year to date September 30, 2019 , Evergy, Evergy Kansas Central and Evergy Metro made pension contributions of $54.6 million , $36.0 million and $18.6 million , respectively. Evergy expects to make additional pension contributions of $73.7 million in 2019 to satisfy the Employee Retirement Income Security Act of 1974, as amended (ERISA) funding requirements and KCC and MPSC rate orders, of which $7.1 million is expected to be paid by Evergy Kansas Central and $66.6 million is expected to be paid by Evergy Metro. Year to date September 30, 2019 , Evergy, Evergy Kansas Central and Evergy Metro made post-retirement benefit contributions of $2.2 million , $1.1 million and $1.1 million , respectively. Evergy and Evergy Metro expect to make additional contributions of $1.4 million in 2019 to the post-retirement benefit plans. |
SHORT-TERM BORROWINGS AND SHORT
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT | SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT Evergy's $2.5 billion master credit facility expires in 2023 . Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West have borrowing capacity under the master credit facility with specific sublimits for each borrower. These sublimits can be unilaterally adjusted by Evergy for each borrower provided the sublimits remain within minimum and maximum sublimits as specified in the facility. A default by any borrower under the facility or one of their 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 September 30, 2019 , Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West were in compliance with this covenant. The following table summarizes the committed credit facilities (excluding receivable sale facilities discussed in Note 4) available to the Evergy Companies as of September 30, 2019 and December 31, 2018 . Amounts Drawn Credit Facility Commercial Paper Letters of Credit Cash Borrowings Available Borrowings Weighted Average Interest Rate on Short-Term Borrowings September 30, 2019 (millions) Evergy, Inc. $ 450.0 n/a $ 1.0 $ — $ 449.0 —% Evergy Kansas Central 1,000.0 182.4 9.2 — 808.4 2.29% Evergy Metro 600.0 74.9 — — 525.1 2.28% Evergy Missouri West 450.0 103.3 2.1 — 344.6 2.30% Evergy $ 2,500.0 $ 360.6 $ 12.3 $ — $ 2,127.1 December 31, 2018 Evergy, Inc. $ 450.0 n/a $ 1.0 $ — $ 449.0 —% Evergy Kansas Central 1,000.0 411.7 18.3 — 570.0 3.08% Evergy Metro 600.0 176.9 2.7 — 420.4 2.95% Evergy Missouri West 450.0 150.0 2.1 — 297.9 3.00% Evergy $ 2,500.0 $ 738.6 $ 24.1 $ — $ 1,737.3 In March 2019, Evergy entered into a $1.0 billion , 6 -month term loan credit agreement with a group of banks to provide short-term financing for its common stock repurchase program. The agreement allowed for two term loans during the 6 -month term of the agreement, in an aggregate principal amount not to exceed the credit limit of the agreement. At closing, Evergy borrowed $500.0 million under the agreement, allowing for one additional term loan borrowing in a principal amount up to $500.0 million . In June 2019, Evergy borrowed the remaining $500.0 million allowed under the agreement. In September 2019, Evergy repaid its $1.0 billion of borrowings under the term loan credit agreement with proceeds from its issuance of $1.6 billion |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Mortgage Bonds In March 2019, Evergy Metro issued collateral mortgage bonds secured by the General Mortgage Indenture and Deed of Trust dated as of December 1, 1986, as supplemented (Evergy Metro Mortgage Indenture) to serve as collateral for Evergy Metro's obligations under the following outstanding unsecured senior notes: • $300.0 million of 3.15% Series, maturing in 2023 ; • $350.0 million of 3.65% Series, maturing in 2025 ; • $250.0 million of 6.05% Series, maturing in 2035 ; • $400.0 million of 5.30% Series, maturing in 2041 ; • $300.0 million of 4.20% Series, maturing in 2047 ; and • $300.0 million of 4.20% Series, maturing in 2048 . The collateral mortgage bonds were issued to the trustee for the unsecured senior notes, are only payable if Evergy Metro defaults on the underlying unsecured senior notes and do not increase the amount of outstanding debt for Evergy Metro. As a result of the above transactions, Evergy Metro's outstanding senior notes have effectively become secured by the mortgage lien of the Evergy Metro Mortgage Indenture and will rank equally and ratably with all of Evergy Metro's mortgage bonds, regardless of series, from time to time issued and outstanding under the Evergy Metro Mortgage Indenture. Also in March 2019, Evergy Metro issued, at a discount, $400.0 million of 4.125% Mortgage Bonds, maturing in 2049 . Evergy Metro also repaid its $400.0 million of 7.15% Mortgage Bonds at maturity in April 2019. In June 2019, Evergy Kansas South repaid its $300.0 million of 6.70% First Mortgage Bonds at maturity. In August 2019, Evergy Kansas Central issued, at a discount, $300.0 million of 3.25% First Mortgage Bonds, maturing in 2049 . Senior Notes In March 2019, Evergy Missouri West issued $100.0 million of 3.74% Senior Notes, maturing in 2022 , under a note purchase agreement. In September 2019, Evergy issued, at a discount, $800.0 million of 2.45% Senior Notes, maturing in 2024 and $800.0 million of 2.90% Senior Notes, maturing in 2029 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2019 | |
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 net asset value (NAV), which are not included in the fair value hierarchy. Further explanation of these levels and NAV is summarized below. Level 1 – Quoted prices are available in active markets for identical assets or liabilities. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on public exchanges. Level 2 – Pricing inputs are not quoted prices in active markets but are either directly or indirectly observable. The types of assets and liabilities included in Level 2 are certain marketable debt securities, financial instruments traded in less than active markets or other financial instruments priced with models using highly observable inputs. Level 3 – Significant inputs to pricing have little or no transparency. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation. NAV - Investments that do not have a readily determinable fair value are measured at NAV. These investments do not consider the observability of inputs and, therefore, they are not included within the fair value hierarchy. The Evergy Companies include in this category investments in private equity, real estate and alternative investment funds that do not have a readily determinable fair value. The underlying alternative investments include collateralized debt obligations, mezzanine debt and a variety of other investments. The Evergy Companies record cash and cash equivalents, accounts receivable and short-term borrowings on their consolidated balance sheets at cost, which approximates fair value due to the short-term nature of these instruments. Interest Rate Derivatives The Evergy Companies are exposed to market risks arising from changes in interest rates and may use derivative instruments to manage these risks. From time to time, risk management activities may include entering into interest rate swap agreements to protect against unfavorable interest rate changes relating to forecasted debt transactions. These interest rate swap agreements can be designated as cash flow hedges, in which case gains and losses on the interest rate swaps are deferred in other comprehensive income to be recognized as an adjustment to interest expense over the same period that the hedged interest payments affect earnings. The Evergy Companies classify all cash inflows and outflows for interest rate swap agreements accounted for as cash flow hedges of forecasted debt transactions as financing activities on their consolidated statements of cash flows. In September 2019, Evergy issued $800.0 million of 2.90% Senior Notes and paid $69.8 million to settle an interest rate swap agreement with a notional amount of $500.0 million that was designated as a cash flow hedge of interest payments on the debt issuance. Evergy entered into the interest rate swap agreement in December 2018. The $69.8 million pre-tax loss was recorded in other comprehensive loss on Evergy's consolidated statements of comprehensive income and is being reclassified from accumulated other comprehensive loss to interest expense over the ten-year term of the debt. For the three months ended and year to date September 30, 2019 , a $0.2 million loss has been reclassified from accumulated other comprehensive loss to interest expense on Evergy's consolidated statements of comprehensive income. As of September 30, 2019, Evergy expects to amortize $5.2 million to earnings from accumulated other comprehensive loss over the next twelve months. Fair Value of Long-Term Debt The Evergy Companies measure the fair value of long-term debt using Level 2 measurements available as of the measurement date. The book value and fair value of the Evergy Companies' long-term debt and long-term debt of variable interest entities is summarized in the following table. September 30, 2019 December 31, 2018 Book Value Fair Value Book Value Fair Value Long-term debt (a) (millions) Evergy (b) $ 9,000.3 $ 9,843.1 $ 7,341.7 $ 7,412.1 Evergy Kansas Central 3,685.6 4,139.0 3,689.8 3,771.3 Evergy Metro 2,524.6 2,962.7 2,530.1 2,637.5 Long-term debt of variable interest entities (a) Evergy $ 51.1 $ 51.3 $ 81.4 $ 81.3 Evergy Kansas Central 51.1 51.3 81.4 81.3 (a) Includes current maturities. (b) Book value as of September 30, 2019 and December 31, 2018 , includes $129.2 million and $144.8 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 September 30, 2019 Level 1 Level 2 Level 3 NAV Evergy Kansas Central (millions) Assets Nuclear decommissioning trust (a) Domestic equity funds $ 84.0 $ 77.5 $ — $ — $ 6.5 International equity funds 46.7 46.7 — — — Core bond fund 36.6 36.6 — — — High-yield bond fund 21.3 21.3 — — — Emerging markets bond fund 17.2 17.2 — — — Combination debt/equity/other fund 15.4 15.4 — — — Alternative investments fund 24.8 — — — 24.8 Real estate securities fund 12.4 — — — 12.4 Cash equivalents 0.1 0.1 — — — Total nuclear decommissioning trust 258.5 214.8 — — 43.7 Rabbi trust Core bond fund 25.5 — — — 25.5 Combination debt/equity/other fund 6.1 — — — 6.1 Cash equivalents 0.2 0.2 — — — Total rabbi trust 31.8 0.2 — — 31.6 Total $ 290.3 $ 215.0 $ — $ — $ 75.3 Evergy Metro Assets Nuclear decommissioning trust (a) Equity securities $ 193.7 $ 193.7 $ — $ — $ — Debt securities U.S. Treasury 50.1 50.1 — — — U.S. Agency 0.4 — 0.4 — — State and local obligations 2.2 — 2.2 — — Corporate bonds 33.0 — 33.0 — — Foreign governments 0.1 — 0.1 — — Cash equivalents 2.6 2.6 — — — Other 0.4 — 0.4 — — Total nuclear decommissioning trust 282.5 246.4 36.1 — — Self-insured health plan trust (b) Equity securities 0.5 0.5 — — — Debt securities 6.1 1.3 4.8 — — Cash and cash equivalents 3.7 3.7 — — — Total self-insured health plan trust 10.3 5.5 4.8 — — Total $ 292.8 $ 251.9 $ 40.9 $ — $ — Other Evergy Assets Rabbi trusts Fixed income fund $ 13.3 $ — $ — $ — $ 13.3 Cash and cash equivalents 0.5 0.5 — — — Total rabbi trusts $ 13.8 $ 0.5 $ — $ — $ 13.3 Evergy Assets Nuclear decommissioning trust (a) $ 541.0 $ 461.2 $ 36.1 $ — $ 43.7 Rabbi trusts 45.6 0.7 — — 44.9 Self-insured health plan trust (b) 10.3 5.5 4.8 — — Total $ 596.9 $ 467.4 $ 40.9 $ — $ 88.6 Description December 31, 2018 Level 1 Level 2 Level 3 NAV Evergy Kansas Central (millions) Assets Nuclear decommissioning trust (a) Domestic equity funds $ 70.6 $ 63.9 $ — $ — $ 6.7 International equity funds 36.2 36.2 — — — Core bond fund 37.5 37.5 — — — High-yield bond fund 18.9 18.9 — — — Emerging markets bond fund 15.4 15.4 — — — Combination debt/equity/other fund 12.9 12.9 — — — Alternative investments fund 24.1 — — — 24.1 Real estate securities fund 11.8 — — — 11.8 Cash equivalents 0.1 0.1 — — — Total nuclear decommissioning trust 227.5 184.9 — — 42.6 Rabbi trust Core bond fund 24.8 — — — 24.8 Combination debt/equity/other fund 5.6 — — — 5.6 Cash equivalents 0.2 0.2 — — — Total rabbi trust 30.6 0.2 — — 30.4 Total $ 258.1 $ 185.1 $ — $ — $ 73.0 Evergy Metro Assets Nuclear decommissioning trust (a) Equity securities $ 166.6 $ 166.6 $ — $ — $ — Debt securities U.S. Treasury 42.1 42.1 — — — U.S. Agency 0.4 — 0.4 — — State and local obligations 2.1 — 2.1 — — Corporate bonds 30.9 — 30.9 — — Foreign governments 0.1 — 0.1 — — Cash equivalents 1.7 1.7 — — — Other 0.7 0.7 — — — Total nuclear decommissioning trust 244.6 211.1 33.5 — — Self-insured health plan trust (b) Equity securities 0.5 0.5 — — — Debt securities 3.9 0.3 3.6 — — Cash and cash equivalents 8.0 8.0 — — — Total self-insured health plan trust 12.4 8.8 3.6 — — Total $ 257.0 $ 219.9 $ 37.1 $ — $ — Other Evergy Assets Rabbi trusts Fixed income fund $ 13.2 $ — $ — $ — $ 13.2 Total rabbi trusts $ 13.2 $ — $ — $ — $ 13.2 Liabilities Interest rate swaps (c) $ 5.4 $ — $ 5.4 $ — $ — Total $ 5.4 $ — $ 5.4 $ — $ — Evergy Assets Nuclear decommissioning trust (a) $ 472.1 $ 396.0 $ 33.5 $ — $ 42.6 Rabbi trust 43.8 0.2 — — 43.6 Self-insured health plan trust (b) 12.4 8.8 3.6 — — Total $ 528.3 $ 405.0 $ 37.1 $ — $ 86.2 Liabilities Interest rate swaps (c) $ 5.4 $ — $ 5.4 $ — $ — Total $ 5.4 $ — $ 5.4 $ — $ — (a) Fair value is based on quoted market prices of the investments held by the trust and/or valuation models. (b) Fair value is based on quoted market prices of the investments held by the trust. Debt securities classified as Level 1 are comprised of U.S. Treasury securities. Debt securities classified as Level 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities. (c) The fair value of interest rate swaps are determined by calculating the net present value of expected payments and receipts under the interest rate swaps using observable market inputs including interest rates and LIBOR swap rates. 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. September 30, 2019 December 31, 2018 September 30, 2019 Fair Unfunded Fair Unfunded Redemption Length of Value Commitments Value Commitments Frequency Settlement Evergy Kansas Central (millions) Nuclear decommissioning trust: Domestic equity funds $ 6.5 $ 3.6 $ 6.7 $ 4.3 (a) (a) Alternative investments fund (b) 24.8 — 24.1 — Quarterly 65 days Real estate securities fund (b) 12.4 — 11.8 — Quarterly 65 days Total $ 43.7 $ 3.6 $ 42.6 $ 4.3 Rabbi trust: Core bond fund $ 25.5 $ — $ 24.8 $ — (c) (c) Combination debt/equity/other fund 6.1 — 5.6 — (c) (c) Total $ 31.6 $ — $ 30.4 $ — Other Evergy Rabbi trusts: Fixed income fund $ 13.3 $ — $ 13.2 $ — (c) (c) Total Evergy investments at NAV $ 88.6 $ 3.6 $ 86.2 $ 4.3 (a) This investment is in five long-term private equity funds that do not permit early withdrawal. Investments in these funds cannot be distributed until the underlying investments have been liquidated, which may take years from the date of initial liquidation. Three funds have begun to make distributions. The initial investment in the fourth and fifth fund occurred in the second quarter of 2016 and first quarter of 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 will be 15 years after the initial closing date, subject to additional extensions approved by a fund advisory committee to provide for an orderly liquidation of fund investments and dissolution of the fund. (b) There is a holdback on final redemptions. (c) This investment can be redeemed immediately and is not subject to any restrictions on redemptions. The Evergy Companies hold equity and debt investments classified as securities in various trusts including for the purposes of funding the decommissioning of Wolf Creek and for the benefit of certain retired executive officers of Evergy Kansas Central. The Evergy Companies record net realized and unrealized gains and losses on the nuclear decommissioning trusts in regulatory liabilities on their consolidated balance sheets and record net realized and unrealized gains and losses on the Evergy Companies' rabbi trusts in the consolidated statements of income and comprehensive income. The following table summarizes the net unrealized gains (losses) for the Evergy Companies' nuclear decommissioning trusts and rabbi trusts. Three Months Ended Year to Date 2019 2018 2019 2018 Evergy Kansas Central (millions) Nuclear decommissioning trust - equity securities $ 0.2 $ 6.5 $ 26.2 $ (6.4 ) Rabbi trust - equity securities 0.5 3.7 2.7 3.2 Total $ 0.7 $ 10.2 $ 28.9 $ (3.2 ) Evergy Metro (a) Nuclear decommissioning trust - equity securities $ (0.5 ) $ 8.6 $ 24.7 $ 9.1 Nuclear decommissioning trust - debt securities 1.5 (0.5 ) 5.9 (2.8 ) Total $ 1.0 $ 8.1 $ 30.6 $ 6.3 Evergy Nuclear decommissioning trust - equity securities $ (0.3 ) $ 15.1 $ 50.9 $ 1.1 Nuclear decommissioning trust - debt securities 1.5 (0.5 ) 5.9 (0.8 ) Rabbi trusts - equity securities 0.9 3.7 2.4 3.1 Total $ 2.1 $ 18.3 $ 59.2 $ 3.4 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2019 | |
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. There are a variety of final and proposed laws and regulations that could have a material adverse effect on the Evergy Companies' operations and consolidated financial results. Due in part to the complex nature of environmental laws and regulations, the Evergy Companies are unable to assess the impact of potential changes that may develop with respect to the environmental contingencies described below. Cross-State Air Pollution Update Rule In September 2016, the Environmental Protection Agency (EPA) finalized the Cross-State Air Pollution Update Rule (CSAPR). The final rule addresses interstate transport of nitrogen oxides emissions in 22 states including Kansas, Missouri and Oklahoma during the ozone season and the impact from the formation of ozone on downwind states with respect to the 2008 ozone National Ambient Air Quality Standards (NAAQS). Starting with the 2017 ozone season, the final rule revised the existing ozone season allowance budgets for Missouri and Oklahoma and established an ozone season budget for Kansas. In December 2018, the EPA finalized the CSAPR Close-Out Rule, which determined that the existing CSAPR Update Rule fully addresses applicable states' interstate pollution transport obligations for the 2008 ozone NAAQS. Therefore, the EPA is proposing no additional reduction in the current ozone season allowance budgets in order to address obligations for the 2008 ozone NAAQS. Various states and others challenged the rule in the U.S. Court of Appeals for the D.C. Circuit (D.C. Circuit). In September 2019, the D.C. Circuit granted these petitions and remanded a portion of the CSAPR Update Rule back to EPA. The D.C. Circuit found that the rule does not establish deadlines for upwind states to eliminate emission impacts on downwind states' nonattainment areas. This is only applicable to those upwind states determined to have a significant impact on the applicable nonattainment areas. Due to the uncertainty in what the future CSAPR Update Rule will include, the Evergy Companies cannot determine the impact on their operations or consolidated financial results, but the impacts could be material. National Ambient Air Quality Standards Under the Clean Air Act Amendments of 1990 (CAA), the EPA set NAAQS for certain emissions known as the "criteria pollutants" considered harmful to public health and the environment, including two classes of particulate matter (PM), ozone, nitrogen dioxide (NO 2 ) (a precursor to ozone), carbon monoxide and sulfur dioxide (SO 2 ), which result from fossil fuel combustion. Areas meeting the NAAQS are designated attainment areas while those that do not meet the NAAQS are considered nonattainment areas. Each state must develop a plan to bring nonattainment areas into compliance with the NAAQS. NAAQS must be reviewed by the EPA at five -year intervals. In October 2015, the EPA strengthened the ozone NAAQS by lowering the standards from 75 ppb to 70 ppb. In November 2017, the EPA designated all counties in the State of Kansas as well as the Missouri counties in Evergy Metro's and Evergy Missouri West's service territories as attainment/unclassifiable. It is not expected that this change will have a material impact on the Evergy Companies' consolidated financial results. If areas surrounding the Evergy Companies' facilities are designated in the future as nonattainment and/or it is required to install additional equipment to control emissions at facilities of the Evergy Companies, it could have a material impact on the operations and consolidated financial results of 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 federal 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 October 2015, the EPA published a rule establishing new source performance standards (NSPS) for GHGs that limit CO 2 emissions for new, modified and reconstructed coal and natural gas fueled electric generating units to various levels per MWh depending on various characteristics of the units. Legal challenges to the GHG NSPS have been filed in the D.C. Circuit by various states and industry members. Also, in October 2015, the EPA published a rule establishing guidelines for states to regulate CO 2 emissions from existing power plants. The standards for existing plants are known as the Clean Power Plan (CPP). Under the CPP, achievement of interim emissions performance rates would have been required beginning in 2022 and final emissions performance rates would have been required by 2030. Legal challenges to the CPP were filed by groups of states and industry members, including Evergy Kansas Central, in the D.C. Circuit. The CPP was stayed by the Supreme Court in February 2016 and the D.C. Circuit has subsequently held the litigation in abeyance. Accordingly, the CPP was not implemented by the states. In April 2017, the EPA published in the Federal Register a notice of withdrawal of the proposed CPP federal plan, proposed model trading rules and proposed Clean Energy Incentive Program design details. Also, in April 2017, the EPA published a notice in the Federal Register that it was initiating administrative reviews of the CPP and the GHG NSPS. In October 2017, the EPA issued a proposed rule to repeal the CPP. The proposed rule indicates the CPP exceeds the EPA’s authority. The EPA solicited comments on the legal interpretations contained in this rulemaking. In August 2018, the EPA published in the Federal Register proposed regulations, which contained (1) emission guidelines for GHG emissions from existing electric utility generating units (EGUs), (2) revisions to emission guideline implementing regulations and (3) revisions to the new source review (NSR) program. These emission guidelines are better known as the Affordable Clean Energy (ACE) Rule. In July 2019, the EPA published in the Federal Register the final ACE Rule with one significant change from the proposal. The NSR program revisions were not included in the final version and are expected to be addressed in a future rulemaking. The ACE Rule establishes emission guidelines for states to use in the development of plans to reduce GHG emissions from existing coal-fired EGUs. This rule defines the "best system of emission reduction" (BSER) for GHG emissions from existing coal-fired EGUs as on-site, heat-rate efficiency improvements. The final rule also provides states with a list of candidate technologies that can be used to establish standards of performance and incorporate these performance standards into state plans. In order for the states to be able to effectively implement the emission guidelines contained in the ACE Rule, the EPA is finalizing new regulations under 111(d) of the CAA to help clarify this process. The ACE Rule became effective in September 2019. In conjunction with the finalization of the ACE Rule, the EPA also repealed the CPP. Also in September 2019, the D.C. Circuit granted motions to dismiss challenges to the CPP and challenges to EPA's denial of reconsideration of the CPP. In December 2018, the EPA released a proposed rule to revise the existing GHG NSPS for new, modified and reconstructed fossil fuel-fired EGUs, which was issued in October 2015. This proposed rule would determine that BSER for new EGUs is "the most efficient demonstrated steam cycle (e.g., supercritical steam conditions for large units and subcritical steam conditions for small units) in combination with the best operating practices." This replaces the current determination that BSER for these units is the use of partial carbon capture and sequestration technology. The EPA is also proposing to address, in potential future rule making, existing operational limitations imposed by the rule on aero-derivative simple cycle combustion turbines. Due to uncertainty regarding what future state implementation plans will require for compliance with the ACE Rule as well as legal challenges that have been filed, the Evergy Companies cannot determine the impact on their operations or consolidated financial results, but the cost to comply with the ACE Rule, should it be upheld and implemented in its current or a substantially similar form could be material. Water The Evergy Companies discharge some of the water used in generation and other operations. This water may contain substances deemed to be pollutants. A November 2015 EPA rule establishes effluent limitations guidelines (ELG) and standards for wastewater discharges, including limits on the amount of toxic metals and other pollutants that can be discharged. Implementation timelines for this 2015 rule vary from 2018 to 2023. In April 2017, the EPA announced it is reconsidering the ELG rule. In September 2017, the EPA finalized a rule to postpone the compliance dates for the new, more stringent, effluent limitations and pretreatment standards for bottom ash transport water and flue gas desulfurization wastewater. These compliance dates have been postponed for two years while the EPA completes its administrative reconsideration of the ELG rule. In April 2019, the U.S. Court of Appeals for the 5th Circuit (5th Circuit) issued a ruling that vacates and remands portions of the ELG rule. The 5th Circuit ruled in favor of environmental groups who argued that EPA did not set appropriate limits for the best available technology economically achievable for legacy waste water and leachate. The Evergy Companies are evaluating the 5th Circuit ruling, the existing ELG rule and related developments and cannot predict the resulting impact on their operations or consolidated financial results but believe costs to comply could be material if the rule is implemented in its current or substantially similar form. On November 4, 2019, the EPA released a pre-publication version of a proposed modification to the ELG rule. The proposed rule modifies 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 also delayed by two years to December 31, 2025. The Evergy Companies are in the process of reviewing the proposed rule and the costs to comply with these changes could be material. In October 2014, the EPA's final standards for cooling intake structures at power plants to protect aquatic life took effect. The standards, based on Section 316(b) of the federal Clean Water Act (CWA), require subject facilities to choose among seven best available technology options to reduce fish impingement. In addition, some facilities must conduct studies to assist permitting authorities to determine whether and what site-specific controls, if any, would be required to reduce entrainment of aquatic organisms. The Evergy Companies' current analysis indicates this rule will not have a significant impact on their coal plants that employ cooling towers or cooling lakes that can be classified as closed cycle cooling and do not expect the impact from this rule to be material. Plants without closed cycle cooling are under evaluation for compliance with these standards and may require additional controls that could be material. Evergy Metro holds a permit from the Missouri Department of Natural Resources (MDNR) covering water discharge from its Hawthorn Station. The permit authorizes Evergy Metro to, among other things, withdraw water from the Missouri River for cooling purposes and return the heated water to the Missouri River. Evergy Metro has applied for a renewal of this permit and the EPA has submitted an interim objection letter regarding the allowable amount of heat that can be contained in the returned water. Until this matter is resolved, Evergy Metro continues to operate under its current permit. Evergy and Evergy Metro cannot predict the outcome of this matter; however, while less significant outcomes are possible, this matter may require a reduction in generation, installation of cooling towers or other technology to cool the water, or both, any of which could have a material impact on Evergy's and Evergy Metro's operations and consolidated financial results. In June 2015, the EPA along with the U.S. Army Corps of Engineers issued a final rule, effective August 2015, defining the Waters of the United States (WOTUS) for purposes of the CWA. Various states and others filed lawsuits challenging the WOTUS rule. In February 2018, the EPA and the U.S. Army Corps of Engineers finalized a rule adding an applicability date to the 2015 rule, which made the implementation date of the rule February 2020. In October 2019, the EPA and the U.S. Army Corps of Engineers issued a final rule that will repeal the 2015 rule effective in December 2019. This new rule recodifies the regulatory definition of WOTUS that existed before the 2015 rule. 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. Some of this ash production is recycled, principally by selling to the aggregate industry. The EPA published a rule to regulate CCRs in April 2015, which will require additional CCR handling, processing and storage equipment and closure of certain ash disposal units. The Water Infrastructure Improvements for the Nation (WIIN) Act allows states to achieve delegated authority for CCR rules from the EPA. The Kansas Department of Health and Environment (KDHE) and MDNR have both determined that they will wait before proceeding with plans to regulate CCRs until current legal action associated with the CCR rule is final and planned upcoming modifications to the CCR rule are complete. On July 30, 2018, the EPA published in the Federal Register a final rule called the Phase I, Part I CCR Remand Rule in order to modify portions of the 2015 rulemaking. The Phase I, Part I rule provides a timeline extension for unlined impoundments and landfills that must close due to groundwater impacts or location restriction and sets risk-based limits for certain groundwater constituents where a maximum contaminant level did not previously exist. On August 21, 2018, the D.C. Circuit issued a ruling in the CCR rule litigation between the Utility Solid Waste Activities Group, the EPA and environmental organizations. Portions of the rule were vacated and were remanded back to the EPA for modification. Potential revisions to remanded sections will force all unlined surface impoundments to close regardless of groundwater conditions. Any changes to the rule based on this court decision will require additional rulemaking from the EPA. In October 2018, a coalition of environmental groups (including Sierra Club) filed a petition for review in the D.C. Circuit challenging the Phase I, Part I revisions to the CCR Rule. In November 2018, this coalition requested the EPA to stay the October 31, 2020, deadline extension for initiating closure for unlined impoundments and landfills that must close due to groundwater impacts or location restrictions. The EPA rejected this request and the coalition filed a petition with the D.C. Circuit for a similar stay. In response, the EPA filed a motion with the D.C. Circuit to voluntarily remand the Part I, Phase I rule. In March 2019, the D.C. Circuit issued a ruling to grant EPA's motion to remand the rule. This ruling maintains the current October 31, 2020, deadline extension. As the EPA works on a rule modification, it is possible that this October 31, 2020, deadline will be modified. If the date is accelerated, some CCR units in the Evergy Companies' fleet could have to initiate closure on an earlier timeline than currently planned, the results of which could be material. On August 14, 2019, the EPA published in the Federal Register a proposed rule called the Phase II CCR Rule. This rule modifies the current CCR rule in response to court remands and EPA settlements stemming from litigation involving the original rule. This proposed rule, in its current form, is not expected to have a material impact on the Evergy Companies' operations or consolidated financial results. On November 4, 2019, the EPA released a pre-publication version of a proposed rule modification called the "Phase A CCR Rule." This proposal addresses the D.C. Circuit-ruled vacatur from August 2018 along with the voluntary remand that occurred in March 2019. The proposal requires a deadline of August 31, 2020 for unlined and clay-lined surface impoundments to stop receiving waste and to initiate closure compared with the existing deadline of October 31, 2020. There is also an option for a 90-day extension on a case-by-case basis. The proposal also allows these surface impoundments to continue operating until October 2028 if there is a commitment to retire the associated coal-fired boiler(s). The Evergy Companies are in the process of reviewing the proposed rule and the costs to comply with these changes could be material. The Evergy Companies have recorded asset retirement obligations (AROs) for their current estimates for the closure of ash disposal ponds, but the revision of these AROs may be required in the future due to changes in existing CCR regulations, the results of groundwater monitoring of CCR units or changes in interpretation of existing CCR regulations or changes in the timing or cost to close ash disposal ponds. If revisions to these AROs are necessary, the impact on the Evergy Companies' operations or consolidated financial results could be material. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS | 9 Months Ended |
Sep. 30, 2019 | |
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. Transactions between Evergy Kansas Central and either Evergy Metro or Evergy Missouri West prior to June 4, 2018, the date of the merger, are not reflected below. Jointly-Owned Plants and Shared Services Evergy Metro employees 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. The operating expenses and capital costs billed from Evergy Metro to Evergy Missouri West were $41.6 million and $125.8 million for the three months ended and year to date September 30, 2019 , respectively. These costs totaled $43.4 million and $139.6 million for the three months ended and year to date September 30, 2018 , respectively. Evergy Kansas Central employees manage JEC and operate its facilities at cost, including Evergy Missouri West's 8% ownership interest in JEC. The operating expenses and capital costs billed from Evergy Kansas Central to Evergy Missouri West for JEC and other various business activities were $4.5 million and $17.2 million for the three months ended and year to date September 30, 2019 , respectively. These costs totaled $0.8 million and $4.5 million for the three months ended and year to date September 30, 2018 , respectively. Evergy Metro employees manage La Cygne Station and operate its facilities at cost, including Evergy Kansas Central's 50% interest in La Cygne Station. Evergy Metro and Evergy Kansas Central employees 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 from Evergy Metro to Evergy Kansas Central were $33.0 million and $108.8 million for the three months ended and year to date September 30, 2019 , respectively. These costs totaled $35.5 million and $50.8 million for the three months and year to date September 30, 2018 , respectively. The operating and capital costs billed from Evergy Kansas Central to Evergy Metro were $9.7 million and $26.0 million for the three months ended and year to date September 30, 2019 , respectively. These costs totaled $4.8 million and $10.8 million for the three months ended and year to date September 30, 2018 , respectively. Money Pool Evergy Metro and Evergy Missouri West are also authorized to participate in the Evergy, Inc. money pool, an internal financing arrangement in which funds may be lent on a short-term basis to Evergy Metro and Evergy Missouri West from Evergy, Inc. and between Evergy Metro and Evergy Missouri West. At September 30, 2019 and December 31, 2018 , Evergy Metro had no outstanding receivables or payables under the money pool. Related Party Net Receivables and Payables The following table summarizes Evergy Kansas Central's and Evergy Metro's related party net receivables and payables. September 30 December 31 2019 2018 Evergy Kansas Central (millions) Net receivable from Evergy Missouri West $ 1.7 $ 2.6 Net payable to Evergy Metro (6.9 ) (13.5 ) Net payable to Evergy (0.3 ) (1.4 ) Evergy Metro Net receivable from Evergy Missouri West $ 66.7 $ 72.6 Net receivable from Evergy Kansas Central 6.9 13.5 Net receivable from Evergy 16.7 15.7 Tax Allocation Agreement Evergy files a consolidated federal income tax return as well as unitary and combined income tax returns in several state jurisdictions with Kansas and Missouri being the most significant. Income taxes for consolidated or combined subsidiaries are allocated to the subsidiaries based on separate company computations of income or loss. As of September 30, 2019 and December 31, 2018 , Evergy Kansas Central had income taxes receivable from Evergy of $6.1 million and $42.7 million , respectively. As of September 30, 2019 and December 31, 2018 , Evergy Metro had income taxes payable to Evergy of $10.6 million and $2.0 million , respectively. Leases Evergy Metro leases certain transmission equipment from Evergy Kansas Central. This lease was entered into prior to the merger in an arms-length transaction and is accounted for as an operating lease. As of September 30, 2019 , Evergy Metro had a right-of-use asset of $29.6 million recorded within other long-term assets, $0.6 million of lease liability recorded in other current liabilities and $29.0 million of lease liability recorded in other long-term liabilities on its consolidated balance sheet related to this lease. The assets and liabilities related to this lease between Evergy Kansas Central and Evergy Metro are eliminated at consolidated Evergy. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY Common Stock Repurchase Program In July 2018, the Evergy Board authorized the repurchase of up to 60 million shares of Evergy's common stock. Although this repurchase authorization has no expiration date, Evergy expects to repurchase approximately 60 million shares by mid-2020. Evergy is utilizing and plans to continue to utilize various methods to effectuate the share repurchase program, including but not limited to, a series of transactions that may include accelerated share repurchases (ASRs), open market transactions or other means, subject to market conditions and applicable legal requirements. The repurchase program may be suspended, discontinued or resumed at any time. Year to date September 30, 2019 , Evergy had total repurchases of common stock of $1,628.7 million and had repurchased 27.5 million shares under the repurchase program. Since its inception, Evergy has made total repurchases of common stock of approximately $2.7 billion and has repurchased 43.9 million shares under the repurchase program. These repurchase totals include shares repurchased under ASR agreements, one of which had not reached final settlement as of September 30, 2019 , and are discussed further below. In November 2018, Evergy entered into an ASR agreement with a financial institution to purchase $475.0 million of Evergy common stock. In December 2018, the financial institution delivered to Evergy 6.4 million shares of common stock, representing a partial settlement of the contract, based on then-current market prices and Evergy paid a total of $475.0 million . The ASR agreement reached final settlement in February 2019 and resulted in the delivery of an additional 1.9 million shares to Evergy based on the average daily volume weighted-average price of Evergy common stock during the term of the ASR agreement, less a negotiated discount. In March 2019, Evergy entered into an ASR agreement with a financial institution to purchase $450.0 million of Evergy common stock. In March 2019, the financial institution delivered to Evergy 6.3 million shares of common stock, representing a partial settlement of the contract, based on then-current market prices and Evergy paid a total of $450.0 million . The ASR agreement reached final settlement in June 2019 and resulted in the delivery of an additional 1.5 million shares to Evergy based on the average daily volume weighted-average price of Evergy common stock during the term of the ASR agreement, less a negotiated discount. In June 2019, Evergy entered into an ASR agreement with a financial institution to purchase $500.0 million of Evergy common stock. In June 2019, the financial institution delivered to Evergy 7.1 million shares of common stock, representing a partial settlement of the contract, based on then-current market prices and Evergy paid a total of $500.0 million . The ASR agreement reached final settlement in September 2019 and resulted in the delivery of an additional 1.0 million shares to Evergy based on the average daily volume weighted-average price of Evergy common stock during the term of the ASR agreement, less a negotiated discount. In September 2019, Evergy entered into an ASR agreement with a financial institution to purchase $500.0 million of Evergy common stock. In September 2019, the financial institution delivered to Evergy 6.6 million shares of common stock, representing a partial settlement of the contract, based on then-current market prices and Evergy paid a total of $500.0 million . The final number of shares of Evergy common stock that Evergy may receive or be required to remit upon settlement of the ASR agreement will be based on the average daily volume weighted-average price of Evergy common stock during the term of the ASR agreement, less a negotiated discount. Final settlement of the ASR agreement will occur by December 2019, but may occur earlier at the option of the financial institution. Evergy expects that the final settlement of the ASR agreement will result in the delivery of additional shares of common stock to Evergy at no additional cost. Evergy reflects ASRs as a repurchase of common stock in the period the shares are delivered for purposes of calculating earnings per share and as forward contracts indexed to its own common stock. Evergy's ASRs have met all of the applicable criteria for equity classification and therefore are not accounted for as derivative instruments. Dividend Restrictions Evergy depends on its subsidiaries to pay dividends on its common stock. The Evergy Companies have certain restrictions stemming from statutory requirements, corporate organizational documents, covenants and other conditions that could affect dividend levels or the ability to pay dividends. The KCC order authorizing the merger transaction requires Evergy to maintain consolidated common equity of at least 35% of total consolidated capitalization. Under the Federal Power Act, Evergy Kansas Central, Evergy Metro and Evergy Missouri West generally can pay dividends only out of retained earnings. Certain conditions in the MPSC and KCC orders authorizing the merger transaction also require Evergy Kansas Central and Evergy Metro to maintain consolidated common equity of at least 40% of total capitalization. Other conditions in the MPSC and KCC merger orders require Evergy Kansas Central, Evergy Metro and Evergy Missouri West to maintain credit ratings of at least investment grade. If Evergy Kansas Central's, Evergy Metro's or Evergy Missouri West's credit ratings are downgraded below the investment grade level as a result of their affiliation with Evergy or any of Evergy's affiliates, the impacted utility shall not pay a dividend to Evergy without KCC or MPSC approval or until the impacted utility's investment grade credit rating has been restored. The master credit facility of Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West and the note purchase agreements for certain Evergy Missouri West senior notes contain covenants requiring the respective company to maintain a consolidated indebtedness to consolidated total capitalization ratio of not more than 0.65 to 1.00 at all times. As of September 30, 2019 , 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 $120.0 million . Evergy's subsidiaries had restricted net assets of approximately $5.0 billion as of September 30, 2019 . These restrictions are not expected to affect the Evergy Companies' ability to pay dividends at the current level for the foreseeable future. |
TAXES
TAXES | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
TAXES | TAXES Components of income tax expense are detailed in the following tables. Evergy Three Months Ended Year to Date 2019 2018 2019 2018 Current income taxes (millions) Federal $ (31.2 ) $ (30.3 ) $ (10.6 ) $ (21.5 ) State (0.8 ) 1.5 (1.6 ) 1.9 Total (32.0 ) (28.8 ) (12.2 ) (19.6 ) Deferred income taxes Federal 75.5 70.6 78.0 86.0 State 23.0 23.3 36.5 (35.7 ) Total 98.5 93.9 114.5 50.3 Investment tax credit amortization (1.0 ) (1.0 ) (3.1 ) (2.4 ) Income tax expense $ 65.5 $ 64.1 $ 99.2 $ 28.3 Evergy Kansas Central Three Months Ended Year to Date 2019 2018 2019 2018 Current income taxes (millions) Federal $ 11.2 $ 8.0 $ 39.1 $ 18.9 State (1.2 ) (9.2 ) (2.4 ) (6.7 ) Total 10.0 (1.2 ) 36.7 12.2 Deferred income taxes Federal 4.6 12.3 (9.3 ) 15.4 State 12.0 12.0 21.1 (47.6 ) Total 16.6 24.3 11.8 (32.2 ) Investment tax credit amortization (0.8 ) (0.7 ) (2.3 ) (2.0 ) Income tax expense (benefit) $ 25.8 $ 22.4 $ 46.2 $ (22.0 ) Evergy Metro (a) Three Months Ended Year to Date 2019 2018 2019 2018 Current income taxes (millions) Federal $ (2.2 ) $ 20.7 $ 32.1 $ 43.5 State 3.9 6.8 9.3 11.6 Total 1.7 27.5 41.4 55.1 Deferred income taxes Federal 26.3 (1.9 ) 1.4 (23.4 ) State 4.5 2.7 1.9 49.4 Total 30.8 0.8 3.3 26.0 Investment tax credit amortization (0.3 ) (0.3 ) (0.8 ) (0.8 ) Income tax expense $ 32.2 $ 28.0 $ 43.9 $ 80.3 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. Effective Income Tax Rates Effective income tax rates reflected in the financial statements and the reasons for their differences from the statutory federal rates are detailed in the following tables. Evergy Three Months Ended Year to Date 2019 2018 2019 2018 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effect of: COLI policies (1.6 ) (2.4 ) (1.7 ) (2.4 ) State income taxes 4.0 4.6 3.9 4.7 Flow through depreciation for plant-related differences (3.1 ) (1.5 ) (3.2 ) (1.6 ) Federal tax credits (3.9 ) (7.5 ) (3.9 ) (7.5 ) Non-controlling interest (0.4 ) (0.4 ) (0.4 ) (0.4 ) AFUDC equity — (0.1 ) — (0.1 ) Amortization of federal investment tax credits (0.5 ) (0.6 ) (0.5 ) (0.6 ) Changes in uncertain tax positions, net (0.4 ) — (0.3 ) — State tax rate change — 0.1 — (9.5 ) Valuation allowance — — (1.1 ) 0.4 Stock compensation 0.3 — 0.2 (0.5 ) Officer compensation limitation 0.1 1.2 0.1 1.2 Other (0.5 ) 0.8 (0.3 ) 0.4 Effective income tax rate 15.0 % 15.2 % 13.8 % 5.1 % Evergy's state tax rate change for year to date September 30, 2018, is due to the revaluation of Evergy Kansas Central's state deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger. Evergy Kansas Central Three Months Ended Year to Date 2019 2018 2019 2018 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effect of: COLI policies (2.8 ) (4.0 ) (3.0 ) (4.0 ) State income taxes 4.4 1.1 4.2 3.3 Flow through depreciation for plant-related differences 0.8 1.5 0.5 0.3 Federal tax credits (6.2 ) (11.8 ) (6.1 ) (11.7 ) Non-controlling interest (0.8 ) (0.6 ) (0.8 ) (0.7 ) AFUDC equity (0.1 ) (0.1 ) (0.1 ) (0.1 ) Amortization of federal investment tax credits (0.7 ) (0.8 ) (0.7 ) (0.8 ) Changes in uncertain tax positions, net (0.9 ) 0.1 (0.5 ) 0.1 State tax rate change — — — (17.7 ) Valuation allowance — — (0.5 ) 0.6 Stock compensation — — (0.1 ) (0.9 ) Officer compensation limitation — 1.9 — 1.9 Other (1.4 ) 2.9 (0.7 ) 1.3 Effective income tax rate 13.3 % 11.2 % 13.2 % (7.4 )% Evergy Kansas Central's state tax rate change for year to date September 30, 2018, is due to the revaluation of Evergy Kansas Central's state deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger. Evergy Metro Three Months Ended Year to Date 2019 2018 2019 2018 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effect of: COLI policies (0.1 ) (0.2 ) (0.1 ) (0.2 ) State income taxes 3.6 5.0 3.2 5.1 Flow through depreciation for plant-related differences (6.1 ) (4.9 ) (6.1 ) (4.9 ) Federal tax credits (1.3 ) (1.9 ) (1.4 ) (1.8 ) AFUDC equity — — — (0.1 ) Amortization of federal investment tax credits (0.3 ) (0.4 ) (0.3 ) (0.4 ) State tax rate change — — — 14.5 Officer compensation limitation 0.3 0.7 0.3 0.5 Other 0.4 (0.4 ) (0.4 ) (1.0 ) Effective income tax rate 17.5 % 18.9 % 16.2 % 32.7 % Evergy Metro's state tax rate change for year to date September 30, 2018, is due to the revaluation of Evergy Metro's state deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger, partially offset by a revaluation of Evergy Metro's state deferred income tax assets and liabilities as a result of the enactment of Missouri state income tax reform in June 2018. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2019 | |
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 several agreements to purchase energy through renewable purchase power agreements accounted for as leases that commenced prior to the application of Topic 842. Due to the intermittent nature of renewable generation, these leases have significant variable lease payments not included in the initial and subsequent measurement of the lease liability. Variable lease payments are expensed as incurred. In addition, certain other contracts contain payment for activity that transfers a separate good or service such as utilities or common area maintenance. The Evergy Companies have elected a practical expedient permitted by GAAP to not separate such components of the lease from other lease components for all leases. The Evergy, Evergy Kansas Central and Evergy Metro leases have remaining terms ranging from 1 to 20 years, 1 to 20 years and 2 to 27 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. Three Months Ended September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Finance lease costs (millions) Amortization of right-of-use assets $ 2.3 $ 2.4 $ — Interest on lease liabilities 1.0 0.9 — Operating lease costs 4.8 2.0 2.4 Short-term lease costs 0.8 0.3 0.5 Variable lease costs for renewable purchase power agreements 71.3 30.3 29.0 Total lease costs $ 80.2 $ 35.9 $ 31.9 Year to Date September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Finance lease costs (millions) Amortization of right-of-use assets $ 4.0 $ 3.9 $ 0.1 Interest on lease liabilities 2.3 2.1 0.1 Operating lease costs 17.9 9.9 6.9 Short-term lease costs 2.3 0.6 1.6 Variable lease costs for renewable purchase power agreements 222.1 94.3 91.0 Total lease costs $ 248.6 $ 110.8 $ 99.7 Supplemental cash flow information related to the Evergy Companies' leases is detailed in the following table. Year to Date September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 17.4 $ 10.2 $ 7.2 Operating cash flows from finance leases 2.0 1.9 0.1 Financing cash flows from finance leases 3.3 3.2 0.1 Right-of-use assets obtained in exchange for new operating lease liabilities 3.0 0.6 2.4 Right-of-use assets obtained in exchange for new finance lease liabilities 2.3 2.3 — 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 for finance leases as of September 30, 2019 , are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) October 2019 through December 2019 $ 1.8 $ 1.7 $ 0.1 2020 7.0 6.6 0.2 2021 6.5 6.0 0.2 2022 5.7 5.2 0.2 2023 4.8 4.4 0.2 After 2023 48.4 46.4 1.0 Total finance lease payments 74.2 70.3 1.9 Amounts representing imputed interest (25.9 ) (24.8 ) (0.5 ) Present value of lease payments 48.3 45.5 1.4 Less: current portion (4.8 ) (4.6 ) (0.1 ) Total long-term obligations under finance leases $ 43.5 $ 40.9 $ 1.3 Weighted-average remaining lease term (years) 15.3 15.7 8.9 Weighted-average discount rate 5.8 % 5.7 % 7.6 % Estimated future commitments under finance leases as of December 31, 2018 , are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2019 $ 6.4 $ 6.0 $ 0.2 2020 5.8 5.4 0.2 2021 5.3 4.9 0.2 2022 4.7 4.3 0.2 2023 4.0 3.6 0.2 After 2023 48.6 46.4 1.1 Total finance lease payments 74.8 70.6 2.1 Amounts representing imputed interest (25.8 ) (24.6 ) (0.6 ) Present value of net minimum lease payments under finance leases 49.0 46.0 1.5 Less: current portion (3.9 ) (3.7 ) (0.1 ) Total long-term obligations under finance leases $ 45.1 $ 42.3 $ 1.4 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 for operating leases as of September 30, 2019 , are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) October 2019 through December 2019 $ 5.0 $ 2.8 $ 2.7 2020 18.9 10.3 10.7 2021 15.4 7.4 10.1 2022 12.4 5.2 9.3 2023 9.4 2.7 8.8 After 2023 52.5 2.8 91.3 Total operating lease payments 113.6 31.2 132.9 Amounts representing imputed interest (18.9 ) (2.1 ) (36.5 ) Present value of lease payments 94.7 29.1 96.4 Less: current portion (15.2 ) (9.2 ) (6.8 ) Total long-term obligations under operating leases $ 79.5 $ 19.9 $ 89.6 Weighted-average remaining lease term (years) 9.1 3.7 15.9 Weighted-average discount rate 3.9 % 3.4 % 4.2 % Estimated future commitments under operating leases as of December 31, 2018, are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2019 $ 24.2 $ 14.0 $ 10.2 2020 20.7 10.1 10.6 2021 18.4 8.1 10.3 2022 15.2 5.2 10.0 2023 12.4 2.8 9.6 After 2023 95.0 3.1 91.8 Total operating lease payments $ 185.9 $ 43.3 $ 142.5 |
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 several agreements to purchase energy through renewable purchase power agreements accounted for as leases that commenced prior to the application of Topic 842. Due to the intermittent nature of renewable generation, these leases have significant variable lease payments not included in the initial and subsequent measurement of the lease liability. Variable lease payments are expensed as incurred. In addition, certain other contracts contain payment for activity that transfers a separate good or service such as utilities or common area maintenance. The Evergy Companies have elected a practical expedient permitted by GAAP to not separate such components of the lease from other lease components for all leases. The Evergy, Evergy Kansas Central and Evergy Metro leases have remaining terms ranging from 1 to 20 years, 1 to 20 years and 2 to 27 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. Three Months Ended September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Finance lease costs (millions) Amortization of right-of-use assets $ 2.3 $ 2.4 $ — Interest on lease liabilities 1.0 0.9 — Operating lease costs 4.8 2.0 2.4 Short-term lease costs 0.8 0.3 0.5 Variable lease costs for renewable purchase power agreements 71.3 30.3 29.0 Total lease costs $ 80.2 $ 35.9 $ 31.9 Year to Date September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Finance lease costs (millions) Amortization of right-of-use assets $ 4.0 $ 3.9 $ 0.1 Interest on lease liabilities 2.3 2.1 0.1 Operating lease costs 17.9 9.9 6.9 Short-term lease costs 2.3 0.6 1.6 Variable lease costs for renewable purchase power agreements 222.1 94.3 91.0 Total lease costs $ 248.6 $ 110.8 $ 99.7 Supplemental cash flow information related to the Evergy Companies' leases is detailed in the following table. Year to Date September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 17.4 $ 10.2 $ 7.2 Operating cash flows from finance leases 2.0 1.9 0.1 Financing cash flows from finance leases 3.3 3.2 0.1 Right-of-use assets obtained in exchange for new operating lease liabilities 3.0 0.6 2.4 Right-of-use assets obtained in exchange for new finance lease liabilities 2.3 2.3 — 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 for finance leases as of September 30, 2019 , are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) October 2019 through December 2019 $ 1.8 $ 1.7 $ 0.1 2020 7.0 6.6 0.2 2021 6.5 6.0 0.2 2022 5.7 5.2 0.2 2023 4.8 4.4 0.2 After 2023 48.4 46.4 1.0 Total finance lease payments 74.2 70.3 1.9 Amounts representing imputed interest (25.9 ) (24.8 ) (0.5 ) Present value of lease payments 48.3 45.5 1.4 Less: current portion (4.8 ) (4.6 ) (0.1 ) Total long-term obligations under finance leases $ 43.5 $ 40.9 $ 1.3 Weighted-average remaining lease term (years) 15.3 15.7 8.9 Weighted-average discount rate 5.8 % 5.7 % 7.6 % Estimated future commitments under finance leases as of December 31, 2018 , are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2019 $ 6.4 $ 6.0 $ 0.2 2020 5.8 5.4 0.2 2021 5.3 4.9 0.2 2022 4.7 4.3 0.2 2023 4.0 3.6 0.2 After 2023 48.6 46.4 1.1 Total finance lease payments 74.8 70.6 2.1 Amounts representing imputed interest (25.8 ) (24.6 ) (0.6 ) Present value of net minimum lease payments under finance leases 49.0 46.0 1.5 Less: current portion (3.9 ) (3.7 ) (0.1 ) Total long-term obligations under finance leases $ 45.1 $ 42.3 $ 1.4 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 for operating leases as of September 30, 2019 , are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) October 2019 through December 2019 $ 5.0 $ 2.8 $ 2.7 2020 18.9 10.3 10.7 2021 15.4 7.4 10.1 2022 12.4 5.2 9.3 2023 9.4 2.7 8.8 After 2023 52.5 2.8 91.3 Total operating lease payments 113.6 31.2 132.9 Amounts representing imputed interest (18.9 ) (2.1 ) (36.5 ) Present value of lease payments 94.7 29.1 96.4 Less: current portion (15.2 ) (9.2 ) (6.8 ) Total long-term obligations under operating leases $ 79.5 $ 19.9 $ 89.6 Weighted-average remaining lease term (years) 9.1 3.7 15.9 Weighted-average discount rate 3.9 % 3.4 % 4.2 % Estimated future commitments under operating leases as of December 31, 2018, are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2019 $ 24.2 $ 14.0 $ 10.2 2020 20.7 10.1 10.6 2021 18.4 8.1 10.3 2022 15.2 5.2 10.0 2023 12.4 2.8 9.6 After 2023 95.0 3.1 91.8 Total operating lease payments $ 185.9 $ 43.3 $ 142.5 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements in the Evergy Companies' combined 2018 Form 10-K. These unaudited consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary to fairly present the unaudited consolidated financial statements for each of the Evergy Companies for these interim periods. In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation Evergy Kansas Central was determined to be the accounting acquirer in the merger and thus, the predecessor of Evergy. Evergy had separate operations for the period beginning with the quarter ended June 30, 2018, and references to amounts for periods after the closing of the merger relate to Evergy. The results of Great Plains Energy's direct subsidiaries have been included in Evergy's results of operations from June 4, 2018, the date of the closing of the merger, and thereafter. Each of Evergy's, Evergy Kansas Central's and Evergy Metro's unaudited 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). |
Fuel Inventory and Supplies | The Evergy Companies record fuel inventory and supplies at average cost. |
Earnings Per Share | Earnings Per Share To compute basic earnings per share (EPS), Evergy divides net income attributable to Evergy, Inc. by the weighted average number of common shares outstanding. Diluted EPS includes the effect of issuable common shares resulting from restricted share units (RSUs), performance shares and restricted stock. Evergy computes the dilutive effects of potential issuances of common shares using the treasury stock method. |
New Accounting Standards | New Accounting Standards Intangibles - Internal-Use Software In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the requirements for recording implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. An entity in a hosting arrangement that is a service contract will need to determine to which project stage (that is, preliminary project stage, application development stage or post-implementation stage) an implementation activity relates. Costs for implementation activities in the application development stage are recorded as a prepaid asset depending on the nature of the costs, while costs incurred during the preliminary project and post-implementation stages are expensed as the activities occur. Costs that are recorded to a prepaid asset are to be expensed over the term of the hosting arrangement. The new guidance is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. The new guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Early adoption is permitted. The Evergy Companies early adopted ASU No. 2018-15 prospectively as of January 1, 2019. The adoption of ASU No. 2018-15 did not have a material impact on the Evergy Companies. Leases In February 2016, the FASB issued ASU No. 2016-02, Leases , which requires an entity that is a lessee to record a right-of-use asset and a lease liability for lease payments on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Lessor accounting remains largely unchanged. In January 2018, the FASB issued ASU No. 2018-01, Leases: Land Easement Practical Expedient for Transition to Topic 842 , which permits entities to elect an optional transition practical expedient to not evaluate, under Topic 842, land easements that exist or expired before the entity's adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases , which updates narrow aspects of the guidance issued in ASU No. 2016-02. Also in July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements , which provides an optional transition method that allows entities to initially apply Topic 842 at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without restating prior periods. In December 2018, the FASB issued ASU No. 2018-20, Leases: Narrow-Scope Improvements for Lessors , which is expected to reduce a lessor's implementation and ongoing costs associated with applying ASU No. 2016-02. In March 2019, the FASB issued ASU No. 2019-01, Leases: Codification Improvements , which clarifies certain lessor accounting and interim reporting requirements. ASU No. 2016-02 and the subsequent amendments are effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted, and requires a modified retrospective transition approach with an option to either adjust or not adjust comparative periods. The Evergy Companies adopted the new guidance on January 1, 2019, without adjusting comparative periods for all leases existing as of January 1, 2019, by electing the optional transition method permitted by ASU No. 2018-11. As a result, Evergy, Evergy Kansas Central and Evergy Metro recorded an increase to assets and liabilities of approximately $110 million , $40 million and $80 million , respectively, as of January 1, 2019. Evergy Kansas Central and Evergy Metro have certain lease transactions between them for which the related assets and liabilities are eliminated at consolidated Evergy. The adoption of Topic 842 did not have a material impact on the Evergy Companies' consolidated statements of income and comprehensive income and there was no cumulative-effect adjustment recorded to the opening balance of retained earnings. The Evergy Companies also elected a practical expedient to forgo reassessing existing or expired contracts as leases to determine whether each is in scope of Topic 842 and to forgo reassessing lease classification for existing and expired leases. |
ORGANIZATION AND BASIS OF PRE_3
ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Fuel Inventory and Supplies | The following table separately states the balances for fuel inventory and supplies. September 30 December 31 2019 2018 Evergy (millions) Fuel inventory $ 118.5 $ 168.9 Supplies 335.9 342.1 Fuel inventory and supplies $ 454.4 $ 511.0 Evergy Kansas Central Fuel inventory $ 64.8 $ 87.8 Supplies 182.9 189.0 Fuel inventory and supplies $ 247.7 $ 276.8 Evergy Metro Fuel inventory $ 37.1 $ 57.8 Supplies 120.1 119.8 Fuel inventory and supplies $ 157.2 $ 177.6 |
Summary of Property, Plant and Equipment | The following tables summarize the property, plant and equipment of Evergy, Evergy Kansas Central and Evergy Metro. September 30, 2019 Evergy Evergy Kansas Central Evergy Metro (millions) Electric plant in service $ 27,492.5 $ 13,414.4 $ 10,673.6 Electric plant acquisition adjustment 740.6 740.6 — Accumulated depreciation (10,136.6 ) (4,872.5 ) (4,208.5 ) Plant in service, net 18,096.5 9,282.5 6,465.1 Construction work in progress 747.2 404.9 244.4 Nuclear fuel, net 131.4 65.3 66.1 Plant to be retired, net (a) 1.0 1.0 — Property, plant and equipment, net $ 18,976.1 $ 9,753.7 $ 6,775.6 December 31, 2018 Evergy Evergy Kansas Central Evergy Metro (millions) Electric plant in service $ 26,916.7 $ 13,176.7 $ 10,439.1 Electric plant acquisition adjustment 740.6 740.6 — Accumulated depreciation (9,694.1 ) (4,642.8 ) (4,022.4 ) Plant in service, net 17,963.2 9,274.5 6,416.7 Construction work in progress 685.2 376.7 204.4 Nuclear fuel, net 133.1 66.1 67.0 Plant to be retired, net (a) 1.0 1.0 — Property, plant and equipment, net $ 18,782.5 $ 9,718.3 $ 6,688.1 (a) As of September 30, 2019 , and December 31, 2018 , represents the planned retirement of Evergy Kansas Central analog meters prior to the end of their remaining useful lives. |
Schedule of Other Nonoperating Income (Expense) | The table below shows the detail of other expense for each of the Evergy Companies. Three Months Ended Year to Date 2019 2018 2019 2018 Evergy (millions) Non-service cost component of net benefit cost $ (13.7 ) $ (17.6 ) $ (40.9 ) $ (32.8 ) Other (6.0 ) (13.2 ) (16.3 ) (22.4 ) Other expense $ (19.7 ) $ (30.8 ) $ (57.2 ) $ (55.2 ) Evergy Kansas Central Non-service cost component of net benefit cost $ (4.9 ) $ (7.2 ) $ (14.5 ) $ (19.0 ) Other (5.9 ) (8.0 ) (15.4 ) (17.1 ) Other expense $ (10.8 ) $ (15.2 ) $ (29.9 ) $ (36.1 ) Evergy Metro (a) Non-service cost component of net benefit cost $ (5.0 ) $ (6.7 ) $ (15.3 ) $ (19.7 ) Other 0.1 (2.3 ) (0.4 ) (3.2 ) Other expense $ (4.9 ) $ (9.0 ) $ (15.7 ) $ (22.9 ) (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles Evergy's basic and diluted EPS. Three Months Ended Year to Date 2019 2018 2019 2018 Income (millions, except per share amounts) Net income $ 370.9 $ 357.6 $ 618.9 $ 524.9 Less: net income attributable to noncontrolling interests 4.1 2.6 12.9 7.6 Net income attributable to Evergy, Inc. $ 366.8 $ 355.0 $ 606.0 $ 517.3 Common Shares Outstanding Weighted average number of common shares outstanding - basic 234.6 268.6 243.5 197.9 Add: effect of dilutive securities 0.4 0.2 0.3 0.1 Weighted average number of common shares outstanding - dilutive 235.0 268.8 243.8 198.0 Basic and Diluted EPS $ 1.56 $ 1.32 $ 2.49 $ 2.61 |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Year to Date September 30 2019 2018 Evergy (millions) Cash paid for (received from): Interest, net of amounts capitalized $ 240.8 $ 148.7 Interest of VIEs 1.6 2.3 Income taxes, net of refunds (13.1 ) 0.6 Non-cash investing transactions: Property, plant and equipment additions (reductions) 99.4 (24.8 ) Non-cash financing transactions: Issuance of stock for compensation and reinvested dividends (0.3 ) 0.4 Evergy Kansas Central Cash paid for (received from): Interest, net of amounts capitalized $ 109.4 $ 110.5 Interest of VIEs 1.6 2.3 Income taxes, net of refunds 1.8 — Non-cash investing transactions: Property, plant and equipment additions (reductions) 35.3 (42.0 ) Evergy Metro (a) Cash paid for (received from): Interest, net of amounts capitalized $ 83.5 $ 87.6 Income taxes, net of refunds 32.8 28.4 Non-cash investing transactions: Property, plant and equipment additions 60.8 15.2 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
MERGER OF GREAT PLAINS ENERGY_2
MERGER OF GREAT PLAINS ENERGY AND EVERGY KANSAS CENTRAL (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocation | The final purchase price allocation to Great Plains Energy's assets and liabilities as of June 4, 2018, is detailed in the following table. (millions) Current assets $ 2,151.7 Property, plant and equipment, net 9,179.7 Goodwill 2,336.6 Other long-term assets, excluding goodwill 1,235.9 Total assets $ 14,903.9 Current liabilities 1,673.9 Long-term liabilities, excluding long-term debt 2,895.7 Long-term debt, net 3,358.6 Total liabilities $ 7,928.2 Total purchase price $ 6,975.7 |
RECEIVABLES (Tables)
RECEIVABLES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Receivables | The Evergy Companies' receivables are detailed in the following table. September 30 December 31 2019 2018 Evergy (millions) Customer accounts receivable - billed $ 19.5 $ 16.7 Customer accounts receivable - unbilled 155.9 91.2 Other receivables 102.3 95.0 Allowance for doubtful accounts (8.9 ) (9.2 ) Total $ 268.8 $ 193.7 Evergy Kansas Central Customer accounts receivable - billed $ — $ — Customer accounts receivable - unbilled 60.7 16.6 Other receivables 83.4 71.6 Allowance for doubtful accounts (3.4 ) (3.9 ) Total $ 140.7 $ 84.3 Evergy Metro Customer accounts receivable - billed $ 9.1 $ 7.8 Customer accounts receivable - unbilled 65.0 42.9 Other receivables 14.0 15.8 Allowance for doubtful accounts (3.9 ) (3.8 ) Total $ 84.2 $ 62.7 |
Summary of Bad Debt Expense | The Evergy Companies recorded bad debt expense related to contracts with customers as summarized in the following table. Three Months Ended Year to Date 2019 2018 2019 2018 (millions) Evergy $ 11.4 $ 4.5 $ 22.0 $ 10.6 Evergy Kansas Central 2.0 1.1 5.4 6.2 Evergy Metro (a) 6.8 3.9 11.6 7.5 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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. Three Months Ended September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Revenues (millions) Residential $ 653.0 $ 268.9 $ 249.2 Commercial 539.1 219.3 234.1 Industrial 175.3 111.3 40.8 Other retail 16.0 5.6 7.0 Total electric retail $ 1,383.4 $ 605.1 $ 531.1 Wholesale 96.3 67.7 23.5 Transmission 80.4 67.7 7.8 Industrial steam and other 6.2 1.7 0.6 Total revenue from contracts with customers $ 1,566.3 $ 742.2 $ 563.0 Other 11.3 6.8 5.8 Operating revenues $ 1,577.6 $ 749.0 $ 568.8 Year to Date September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Revenues (millions) Residential $ 1,536.3 $ 640.4 $ 575.5 Commercial 1,391.2 556.4 613.5 Industrial 478.9 308.5 106.7 Other retail 35.3 15.8 12.3 Total electric retail $ 3,441.7 $ 1,521.1 $ 1,308.0 Wholesale 251.7 182.5 54.7 Transmission 233.5 205.5 14.0 Industrial steam and other 18.9 4.6 2.3 Total revenue from contracts with customers $ 3,945.8 $ 1,913.7 $ 1,379.0 Other 70.4 17.6 52.2 Operating revenues $ 4,016.2 $ 1,931.3 $ 1,431.2 Three Months Ended September 30, 2018 Evergy Evergy Kansas Central Evergy Metro Revenues (millions) Residential $ 647.1 $ 270.5 $ 243.5 Commercial 530.5 217.4 231.1 Industrial 173.4 111.9 39.1 Other retail 10.9 5.4 2.7 Total electric retail $ 1,361.9 $ 605.2 $ 516.4 Wholesale 118.5 82.4 29.9 Transmission 80.6 72.2 3.8 Industrial steam and other 6.0 1.5 0.7 Total revenue from contracts with customers $ 1,567.0 $ 761.3 $ 550.8 Other 15.5 3.5 8.8 Operating revenues $ 1,582.5 $ 764.8 $ 559.6 Year to Date September 30, 2018 Evergy Evergy Kansas Central Evergy Metro (a) Revenues (millions) Residential $ 1,169.4 $ 671.9 $ 585.4 Commercial 945.0 542.8 609.2 Industrial 375.5 297.2 105.4 Other retail 21.5 15.3 7.7 Total electric retail $ 2,511.4 $ 1,527.2 $ 1,307.7 Wholesale 302.4 263.7 38.5 Transmission 227.6 216.3 11.0 Industrial steam and other 10.0 4.6 3.0 Total revenue from contracts with customers $ 3,051.4 $ 2,011.8 $ 1,360.2 Other 24.7 4.1 48.7 Operating revenues $ 3,076.1 $ 2,015.9 $ 1,408.9 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
PENSION PLANS AND POST-RETIRE_2
PENSION PLANS AND POST-RETIREMENT BENEFITS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The following tables provide the components of net periodic benefit costs prior to the effects of capitalization and sharing with joint owners of power plants. Pension Benefits Post-Retirement Benefits Three Months Ended September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 19.1 $ 7.3 $ 11.8 $ 0.6 $ 0.2 $ 0.4 Interest cost 27.5 13.4 14.1 2.6 1.4 1.2 Expected return on plan assets (27.0 ) (13.7 ) (12.3 ) (2.5 ) (1.7 ) (0.8 ) Prior service cost 0.5 0.5 0.2 0.1 0.1 — Recognized net actuarial (gain)/loss 6.9 6.2 12.2 (0.3 ) (0.1 ) (0.3 ) Settlement and special termination benefits 14.5 — 20.8 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 41.5 13.7 46.8 0.5 (0.1 ) 0.5 Regulatory adjustment 4.9 0.5 (14.7 ) (0.8 ) (0.7 ) 0.1 Intercompany allocations — — (13.6 ) — — (0.2 ) Net periodic benefit costs (income) $ 46.4 $ 14.2 $ 18.5 $ (0.3 ) $ (0.8 ) $ 0.4 Pension Benefits Post-Retirement Benefits Year to Date September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 57.3 $ 21.8 $ 35.5 $ 1.9 $ 0.8 $ 1.1 Interest cost 82.4 40.3 42.1 7.9 4.2 3.7 Expected return on plan assets (80.9 ) (41.1 ) (36.9 ) (7.5 ) (5.0 ) (2.5 ) Prior service cost 1.5 1.3 0.7 0.3 0.3 — Recognized net actuarial (gain)/loss 20.6 19.0 36.7 (0.9 ) (0.4 ) (1.1 ) Settlement and special termination benefits 14.5 — 20.8 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 95.4 41.3 98.9 1.7 (0.1 ) 1.2 Regulatory adjustment 30.4 1.5 (15.9 ) (2.5 ) (2.2 ) 0.3 Intercompany allocations — — (27.6 ) — — (0.3 ) Net periodic benefit costs (income) $ 125.8 $ 42.8 $ 55.4 $ (0.8 ) $ (2.3 ) $ 1.2 Pension Benefits Post-Retirement Benefits Three Months Ended September 30, 2018 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 20.2 $ 8.0 $ 12.2 $ 0.7 $ 0.4 $ 0.5 Interest cost 26.3 12.7 12.0 2.5 1.2 1.2 Expected return on plan assets (27.0 ) (13.9 ) (13.9 ) (2.5 ) (1.8 ) (0.7 ) Prior service cost 0.3 0.2 0.2 0.1 0.1 — Recognized net actuarial (gain)/loss 8.1 8.1 10.9 (0.1 ) (0.1 ) — Net periodic benefit costs before regulatory adjustment and intercompany allocations 27.9 15.1 21.4 0.7 (0.2 ) 1.0 Regulatory adjustment 2.6 2.8 0.7 (0.4 ) (0.4 ) 0.1 Intercompany allocations — — (4.9 ) — — (0.2 ) Net periodic benefit costs (income) $ 30.5 $ 17.9 $ 17.2 $ 0.3 $ (0.6 ) $ 0.9 Pension Benefits Post-Retirement Benefits Year to Date September 30, 2018 Evergy Evergy Kansas Central Evergy Metro (a) Evergy Evergy Kansas Central Evergy Metro (a) Components of net periodic benefit costs (millions) Service cost $ 40.4 $ 24.1 $ 36.5 $ 1.5 $ 1.0 $ 1.5 Interest cost 56.2 38.1 37.4 5.4 3.7 3.6 Expected return on plan assets (59.3 ) (41.9 ) (41.6 ) (6.2 ) (5.2 ) (2.1 ) Prior service cost 0.6 0.5 0.5 0.3 0.3 — Recognized net actuarial (gain)/loss 24.4 24.4 33.8 (0.4 ) (0.4 ) (0.1 ) Net periodic benefit costs before regulatory adjustment and intercompany allocations 62.3 45.2 66.6 0.6 (0.6 ) 2.9 Regulatory adjustment 8.4 8.4 2.1 (1.3 ) (1.3 ) (0.2 ) Intercompany allocations — — (17.1 ) — — (0.8 ) Net periodic benefit costs (income) $ 70.7 $ 53.6 $ 51.6 $ (0.7 ) $ (1.9 ) $ 1.9 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
SHORT-TERM BORROWINGS AND SHO_2
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The following table summarizes the committed credit facilities (excluding receivable sale facilities discussed in Note 4) available to the Evergy Companies as of September 30, 2019 and December 31, 2018 . Amounts Drawn Credit Facility Commercial Paper Letters of Credit Cash Borrowings Available Borrowings Weighted Average Interest Rate on Short-Term Borrowings September 30, 2019 (millions) Evergy, Inc. $ 450.0 n/a $ 1.0 $ — $ 449.0 —% Evergy Kansas Central 1,000.0 182.4 9.2 — 808.4 2.29% Evergy Metro 600.0 74.9 — — 525.1 2.28% Evergy Missouri West 450.0 103.3 2.1 — 344.6 2.30% Evergy $ 2,500.0 $ 360.6 $ 12.3 $ — $ 2,127.1 December 31, 2018 Evergy, Inc. $ 450.0 n/a $ 1.0 $ — $ 449.0 —% Evergy Kansas Central 1,000.0 411.7 18.3 — 570.0 3.08% Evergy Metro 600.0 176.9 2.7 — 420.4 2.95% Evergy Missouri West 450.0 150.0 2.1 — 297.9 3.00% Evergy $ 2,500.0 $ 738.6 $ 24.1 $ — $ 1,737.3 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Fair Value of Debt Instruments | 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. September 30, 2019 December 31, 2018 Book Value Fair Value Book Value Fair Value Long-term debt (a) (millions) Evergy (b) $ 9,000.3 $ 9,843.1 $ 7,341.7 $ 7,412.1 Evergy Kansas Central 3,685.6 4,139.0 3,689.8 3,771.3 Evergy Metro 2,524.6 2,962.7 2,530.1 2,637.5 Long-term debt of variable interest entities (a) Evergy $ 51.1 $ 51.3 $ 81.4 $ 81.3 Evergy Kansas Central 51.1 51.3 81.4 81.3 (a) Includes current maturities. (b) Book value as of September 30, 2019 and December 31, 2018 , includes $129.2 million and $144.8 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. |
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 September 30, 2019 Level 1 Level 2 Level 3 NAV Evergy Kansas Central (millions) Assets Nuclear decommissioning trust (a) Domestic equity funds $ 84.0 $ 77.5 $ — $ — $ 6.5 International equity funds 46.7 46.7 — — — Core bond fund 36.6 36.6 — — — High-yield bond fund 21.3 21.3 — — — Emerging markets bond fund 17.2 17.2 — — — Combination debt/equity/other fund 15.4 15.4 — — — Alternative investments fund 24.8 — — — 24.8 Real estate securities fund 12.4 — — — 12.4 Cash equivalents 0.1 0.1 — — — Total nuclear decommissioning trust 258.5 214.8 — — 43.7 Rabbi trust Core bond fund 25.5 — — — 25.5 Combination debt/equity/other fund 6.1 — — — 6.1 Cash equivalents 0.2 0.2 — — — Total rabbi trust 31.8 0.2 — — 31.6 Total $ 290.3 $ 215.0 $ — $ — $ 75.3 Evergy Metro Assets Nuclear decommissioning trust (a) Equity securities $ 193.7 $ 193.7 $ — $ — $ — Debt securities U.S. Treasury 50.1 50.1 — — — U.S. Agency 0.4 — 0.4 — — State and local obligations 2.2 — 2.2 — — Corporate bonds 33.0 — 33.0 — — Foreign governments 0.1 — 0.1 — — Cash equivalents 2.6 2.6 — — — Other 0.4 — 0.4 — — Total nuclear decommissioning trust 282.5 246.4 36.1 — — Self-insured health plan trust (b) Equity securities 0.5 0.5 — — — Debt securities 6.1 1.3 4.8 — — Cash and cash equivalents 3.7 3.7 — — — Total self-insured health plan trust 10.3 5.5 4.8 — — Total $ 292.8 $ 251.9 $ 40.9 $ — $ — Other Evergy Assets Rabbi trusts Fixed income fund $ 13.3 $ — $ — $ — $ 13.3 Cash and cash equivalents 0.5 0.5 — — — Total rabbi trusts $ 13.8 $ 0.5 $ — $ — $ 13.3 Evergy Assets Nuclear decommissioning trust (a) $ 541.0 $ 461.2 $ 36.1 $ — $ 43.7 Rabbi trusts 45.6 0.7 — — 44.9 Self-insured health plan trust (b) 10.3 5.5 4.8 — — Total $ 596.9 $ 467.4 $ 40.9 $ — $ 88.6 Description December 31, 2018 Level 1 Level 2 Level 3 NAV Evergy Kansas Central (millions) Assets Nuclear decommissioning trust (a) Domestic equity funds $ 70.6 $ 63.9 $ — $ — $ 6.7 International equity funds 36.2 36.2 — — — Core bond fund 37.5 37.5 — — — High-yield bond fund 18.9 18.9 — — — Emerging markets bond fund 15.4 15.4 — — — Combination debt/equity/other fund 12.9 12.9 — — — Alternative investments fund 24.1 — — — 24.1 Real estate securities fund 11.8 — — — 11.8 Cash equivalents 0.1 0.1 — — — Total nuclear decommissioning trust 227.5 184.9 — — 42.6 Rabbi trust Core bond fund 24.8 — — — 24.8 Combination debt/equity/other fund 5.6 — — — 5.6 Cash equivalents 0.2 0.2 — — — Total rabbi trust 30.6 0.2 — — 30.4 Total $ 258.1 $ 185.1 $ — $ — $ 73.0 Evergy Metro Assets Nuclear decommissioning trust (a) Equity securities $ 166.6 $ 166.6 $ — $ — $ — Debt securities U.S. Treasury 42.1 42.1 — — — U.S. Agency 0.4 — 0.4 — — State and local obligations 2.1 — 2.1 — — Corporate bonds 30.9 — 30.9 — — Foreign governments 0.1 — 0.1 — — Cash equivalents 1.7 1.7 — — — Other 0.7 0.7 — — — Total nuclear decommissioning trust 244.6 211.1 33.5 — — Self-insured health plan trust (b) Equity securities 0.5 0.5 — — — Debt securities 3.9 0.3 3.6 — — Cash and cash equivalents 8.0 8.0 — — — Total self-insured health plan trust 12.4 8.8 3.6 — — Total $ 257.0 $ 219.9 $ 37.1 $ — $ — Other Evergy Assets Rabbi trusts Fixed income fund $ 13.2 $ — $ — $ — $ 13.2 Total rabbi trusts $ 13.2 $ — $ — $ — $ 13.2 Liabilities Interest rate swaps (c) $ 5.4 $ — $ 5.4 $ — $ — Total $ 5.4 $ — $ 5.4 $ — $ — Evergy Assets Nuclear decommissioning trust (a) $ 472.1 $ 396.0 $ 33.5 $ — $ 42.6 Rabbi trust 43.8 0.2 — — 43.6 Self-insured health plan trust (b) 12.4 8.8 3.6 — — Total $ 528.3 $ 405.0 $ 37.1 $ — $ 86.2 Liabilities Interest rate swaps (c) $ 5.4 $ — $ 5.4 $ — $ — Total $ 5.4 $ — $ 5.4 $ — $ — (a) Fair value is based on quoted market prices of the investments held by the trust and/or valuation models. (b) Fair value is based on quoted market prices of the investments held by the trust. Debt securities classified as Level 1 are comprised of U.S. Treasury securities. Debt securities classified as Level 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities. (c) The fair value of interest rate swaps are determined by calculating the net present value of expected payments and receipts under the interest rate swaps using observable market inputs including interest rates and LIBOR swap rates. |
Fair Value Investments, Entities that Calculate NAV | The following table provides additional information on these Evergy and Evergy Kansas Central investments. September 30, 2019 December 31, 2018 September 30, 2019 Fair Unfunded Fair Unfunded Redemption Length of Value Commitments Value Commitments Frequency Settlement Evergy Kansas Central (millions) Nuclear decommissioning trust: Domestic equity funds $ 6.5 $ 3.6 $ 6.7 $ 4.3 (a) (a) Alternative investments fund (b) 24.8 — 24.1 — Quarterly 65 days Real estate securities fund (b) 12.4 — 11.8 — Quarterly 65 days Total $ 43.7 $ 3.6 $ 42.6 $ 4.3 Rabbi trust: Core bond fund $ 25.5 $ — $ 24.8 $ — (c) (c) Combination debt/equity/other fund 6.1 — 5.6 — (c) (c) Total $ 31.6 $ — $ 30.4 $ — Other Evergy Rabbi trusts: Fixed income fund $ 13.3 $ — $ 13.2 $ — (c) (c) Total Evergy investments at NAV $ 88.6 $ 3.6 $ 86.2 $ 4.3 (a) This investment is in five long-term private equity funds that do not permit early withdrawal. Investments in these funds cannot be distributed until the underlying investments have been liquidated, which may take years from the date of initial liquidation. Three funds have begun to make distributions. The initial investment in the fourth and fifth fund occurred in the second quarter of 2016 and first quarter of 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 will be 15 years after the initial closing date, subject to additional extensions approved by a fund advisory committee to provide for an orderly liquidation of fund investments and dissolution of the fund. (b) There is a holdback on final redemptions. (c) This investment can be redeemed immediately and is not subject to any restrictions on redemptions. |
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. Three Months Ended Year to Date 2019 2018 2019 2018 Evergy Kansas Central (millions) Nuclear decommissioning trust - equity securities $ 0.2 $ 6.5 $ 26.2 $ (6.4 ) Rabbi trust - equity securities 0.5 3.7 2.7 3.2 Total $ 0.7 $ 10.2 $ 28.9 $ (3.2 ) Evergy Metro (a) Nuclear decommissioning trust - equity securities $ (0.5 ) $ 8.6 $ 24.7 $ 9.1 Nuclear decommissioning trust - debt securities 1.5 (0.5 ) 5.9 (2.8 ) Total $ 1.0 $ 8.1 $ 30.6 $ 6.3 Evergy Nuclear decommissioning trust - equity securities $ (0.3 ) $ 15.1 $ 50.9 $ 1.1 Nuclear decommissioning trust - debt securities 1.5 (0.5 ) 5.9 (0.8 ) Rabbi trusts - equity securities 0.9 3.7 2.4 3.1 Total $ 2.1 $ 18.3 $ 59.2 $ 3.4 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Receivables and Payables | The following table summarizes Evergy Kansas Central's and Evergy Metro's related party net receivables and payables. September 30 December 31 2019 2018 Evergy Kansas Central (millions) Net receivable from Evergy Missouri West $ 1.7 $ 2.6 Net payable to Evergy Metro (6.9 ) (13.5 ) Net payable to Evergy (0.3 ) (1.4 ) Evergy Metro Net receivable from Evergy Missouri West $ 66.7 $ 72.6 Net receivable from Evergy Kansas Central 6.9 13.5 Net receivable from Evergy 16.7 15.7 |
TAXES (Tables)
TAXES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Components of income tax expense are detailed in the following tables. Evergy Three Months Ended Year to Date 2019 2018 2019 2018 Current income taxes (millions) Federal $ (31.2 ) $ (30.3 ) $ (10.6 ) $ (21.5 ) State (0.8 ) 1.5 (1.6 ) 1.9 Total (32.0 ) (28.8 ) (12.2 ) (19.6 ) Deferred income taxes Federal 75.5 70.6 78.0 86.0 State 23.0 23.3 36.5 (35.7 ) Total 98.5 93.9 114.5 50.3 Investment tax credit amortization (1.0 ) (1.0 ) (3.1 ) (2.4 ) Income tax expense $ 65.5 $ 64.1 $ 99.2 $ 28.3 Evergy Kansas Central Three Months Ended Year to Date 2019 2018 2019 2018 Current income taxes (millions) Federal $ 11.2 $ 8.0 $ 39.1 $ 18.9 State (1.2 ) (9.2 ) (2.4 ) (6.7 ) Total 10.0 (1.2 ) 36.7 12.2 Deferred income taxes Federal 4.6 12.3 (9.3 ) 15.4 State 12.0 12.0 21.1 (47.6 ) Total 16.6 24.3 11.8 (32.2 ) Investment tax credit amortization (0.8 ) (0.7 ) (2.3 ) (2.0 ) Income tax expense (benefit) $ 25.8 $ 22.4 $ 46.2 $ (22.0 ) Evergy Metro (a) Three Months Ended Year to Date 2019 2018 2019 2018 Current income taxes (millions) Federal $ (2.2 ) $ 20.7 $ 32.1 $ 43.5 State 3.9 6.8 9.3 11.6 Total 1.7 27.5 41.4 55.1 Deferred income taxes Federal 26.3 (1.9 ) 1.4 (23.4 ) State 4.5 2.7 1.9 49.4 Total 30.8 0.8 3.3 26.0 Investment tax credit amortization (0.3 ) (0.3 ) (0.8 ) (0.8 ) Income tax expense $ 32.2 $ 28.0 $ 43.9 $ 80.3 (a) Evergy Metro amounts are included in consolidated Evergy from June 4, 2018, the date of the closing of the merger, and thereafter. |
Schedule of Effective Income Tax Rate Reconciliation | Effective income tax rates reflected in the financial statements and the reasons for their differences from the statutory federal rates are detailed in the following tables. Evergy Three Months Ended Year to Date 2019 2018 2019 2018 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effect of: COLI policies (1.6 ) (2.4 ) (1.7 ) (2.4 ) State income taxes 4.0 4.6 3.9 4.7 Flow through depreciation for plant-related differences (3.1 ) (1.5 ) (3.2 ) (1.6 ) Federal tax credits (3.9 ) (7.5 ) (3.9 ) (7.5 ) Non-controlling interest (0.4 ) (0.4 ) (0.4 ) (0.4 ) AFUDC equity — (0.1 ) — (0.1 ) Amortization of federal investment tax credits (0.5 ) (0.6 ) (0.5 ) (0.6 ) Changes in uncertain tax positions, net (0.4 ) — (0.3 ) — State tax rate change — 0.1 — (9.5 ) Valuation allowance — — (1.1 ) 0.4 Stock compensation 0.3 — 0.2 (0.5 ) Officer compensation limitation 0.1 1.2 0.1 1.2 Other (0.5 ) 0.8 (0.3 ) 0.4 Effective income tax rate 15.0 % 15.2 % 13.8 % 5.1 % Evergy's state tax rate change for year to date September 30, 2018, is due to the revaluation of Evergy Kansas Central's state deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger. Evergy Kansas Central Three Months Ended Year to Date 2019 2018 2019 2018 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effect of: COLI policies (2.8 ) (4.0 ) (3.0 ) (4.0 ) State income taxes 4.4 1.1 4.2 3.3 Flow through depreciation for plant-related differences 0.8 1.5 0.5 0.3 Federal tax credits (6.2 ) (11.8 ) (6.1 ) (11.7 ) Non-controlling interest (0.8 ) (0.6 ) (0.8 ) (0.7 ) AFUDC equity (0.1 ) (0.1 ) (0.1 ) (0.1 ) Amortization of federal investment tax credits (0.7 ) (0.8 ) (0.7 ) (0.8 ) Changes in uncertain tax positions, net (0.9 ) 0.1 (0.5 ) 0.1 State tax rate change — — — (17.7 ) Valuation allowance — — (0.5 ) 0.6 Stock compensation — — (0.1 ) (0.9 ) Officer compensation limitation — 1.9 — 1.9 Other (1.4 ) 2.9 (0.7 ) 1.3 Effective income tax rate 13.3 % 11.2 % 13.2 % (7.4 )% Evergy Kansas Central's state tax rate change for year to date September 30, 2018, is due to the revaluation of Evergy Kansas Central's state deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger. Evergy Metro Three Months Ended Year to Date 2019 2018 2019 2018 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effect of: COLI policies (0.1 ) (0.2 ) (0.1 ) (0.2 ) State income taxes 3.6 5.0 3.2 5.1 Flow through depreciation for plant-related differences (6.1 ) (4.9 ) (6.1 ) (4.9 ) Federal tax credits (1.3 ) (1.9 ) (1.4 ) (1.8 ) AFUDC equity — — — (0.1 ) Amortization of federal investment tax credits (0.3 ) (0.4 ) (0.3 ) (0.4 ) State tax rate change — — — 14.5 Officer compensation limitation 0.3 0.7 0.3 0.5 Other 0.4 (0.4 ) (0.4 ) (1.0 ) Effective income tax rate 17.5 % 18.9 % 16.2 % 32.7 % |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Lease Expense | The Evergy Companies’ lease expense is detailed in the following table. Three Months Ended September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Finance lease costs (millions) Amortization of right-of-use assets $ 2.3 $ 2.4 $ — Interest on lease liabilities 1.0 0.9 — Operating lease costs 4.8 2.0 2.4 Short-term lease costs 0.8 0.3 0.5 Variable lease costs for renewable purchase power agreements 71.3 30.3 29.0 Total lease costs $ 80.2 $ 35.9 $ 31.9 Year to Date September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Finance lease costs (millions) Amortization of right-of-use assets $ 4.0 $ 3.9 $ 0.1 Interest on lease liabilities 2.3 2.1 0.1 Operating lease costs 17.9 9.9 6.9 Short-term lease costs 2.3 0.6 1.6 Variable lease costs for renewable purchase power agreements 222.1 94.3 91.0 Total lease costs $ 248.6 $ 110.8 $ 99.7 Supplemental cash flow information related to the Evergy Companies' leases is detailed in the following table. Year to Date September 30, 2019 Evergy Evergy Kansas Central Evergy Metro Cash paid for amounts included in the measurement of lease liabilities: (millions) Operating cash flows from operating leases $ 17.4 $ 10.2 $ 7.2 Operating cash flows from finance leases 2.0 1.9 0.1 Financing cash flows from finance leases 3.3 3.2 0.1 Right-of-use assets obtained in exchange for new operating lease liabilities 3.0 0.6 2.4 Right-of-use assets obtained in exchange for new finance lease liabilities 2.3 2.3 — |
Schedule of Payments for Finance Leases | Payments for finance leases as of September 30, 2019 , are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) October 2019 through December 2019 $ 1.8 $ 1.7 $ 0.1 2020 7.0 6.6 0.2 2021 6.5 6.0 0.2 2022 5.7 5.2 0.2 2023 4.8 4.4 0.2 After 2023 48.4 46.4 1.0 Total finance lease payments 74.2 70.3 1.9 Amounts representing imputed interest (25.9 ) (24.8 ) (0.5 ) Present value of lease payments 48.3 45.5 1.4 Less: current portion (4.8 ) (4.6 ) (0.1 ) Total long-term obligations under finance leases $ 43.5 $ 40.9 $ 1.3 Weighted-average remaining lease term (years) 15.3 15.7 8.9 Weighted-average discount rate 5.8 % 5.7 % 7.6 % |
Schedule of Future Commitments Under Finance Leases | Estimated future commitments under finance leases as of December 31, 2018 , are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2019 $ 6.4 $ 6.0 $ 0.2 2020 5.8 5.4 0.2 2021 5.3 4.9 0.2 2022 4.7 4.3 0.2 2023 4.0 3.6 0.2 After 2023 48.6 46.4 1.1 Total finance lease payments 74.8 70.6 2.1 Amounts representing imputed interest (25.8 ) (24.6 ) (0.6 ) Present value of net minimum lease payments under finance leases 49.0 46.0 1.5 Less: current portion (3.9 ) (3.7 ) (0.1 ) Total long-term obligations under finance leases $ 45.1 $ 42.3 $ 1.4 |
Schedule of Lease Payments for Operating Leases | Lease payments for operating leases as of September 30, 2019 , are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) October 2019 through December 2019 $ 5.0 $ 2.8 $ 2.7 2020 18.9 10.3 10.7 2021 15.4 7.4 10.1 2022 12.4 5.2 9.3 2023 9.4 2.7 8.8 After 2023 52.5 2.8 91.3 Total operating lease payments 113.6 31.2 132.9 Amounts representing imputed interest (18.9 ) (2.1 ) (36.5 ) Present value of lease payments 94.7 29.1 96.4 Less: current portion (15.2 ) (9.2 ) (6.8 ) Total long-term obligations under operating leases $ 79.5 $ 19.9 $ 89.6 Weighted-average remaining lease term (years) 9.1 3.7 15.9 Weighted-average discount rate 3.9 % 3.4 % 4.2 % |
Schedule of Future Commitments Under Operating Leases | Estimated future commitments under operating leases as of December 31, 2018, are detailed in the following table. Evergy Evergy Kansas Central Evergy Metro (millions) 2019 $ 24.2 $ 14.0 $ 10.2 2020 20.7 10.1 10.6 2021 18.4 8.1 10.3 2022 15.2 5.2 10.0 2023 12.4 2.8 9.6 After 2023 95.0 3.1 91.8 Total operating lease payments $ 185.9 $ 43.3 $ 142.5 |
ORGANIZATION AND BASIS OF PRE_4
ORGANIZATION AND BASIS OF PRESENTATION - Organization (Details) shares in Millions, customer in Millions | Jun. 04, 2018shares | Sep. 30, 2019kVsubsidiarycustomersegmentmiMW |
Summary Of Accounting Policies [Line Items] | ||
Owned generating capacity and renewable purchased power | MW | 14,700 | |
Number of customers served | customer | 1.6 | |
Number of segments | segment | 1 | |
Prairie Wind Transmission, LLC | ||
Summary Of Accounting Policies [Line Items] | ||
Transmission line length | mi | 108 | |
Transmission line electrical potential | kV | 345 | |
Evergy Kansas South Inc [Member] | Evergy Kansas Central Inc [Member] | ||
Summary Of Accounting Policies [Line Items] | ||
Number of active wholly owned subsidiaries | subsidiary | 1 | |
Transource Energy, LLC | EvergyTransmissionCompanyLLC [Member] | ||
Summary Of Accounting Policies [Line Items] | ||
Ownership percentage | 13.50% | |
Transource Energy, LLC | AEP Transmission Holding Company, LLC | ||
Summary Of Accounting Policies [Line Items] | ||
Ownership interest | 86.50% | |
Prairie Wind Transmission, LLC | Evergy Kansas Central Inc [Member] | ||
Summary Of Accounting Policies [Line Items] | ||
Ownership percentage | 50.00% | |
Evergy Kansas Central Inc [Member] | ||
Summary Of Accounting Policies [Line Items] | ||
Conversion ratio | 1 | |
Great Plains Energy | ||
Summary Of Accounting Policies [Line Items] | ||
Conversion ratio | 0.5981 | |
Number of shares issued (in shares) | shares | 128.9 |
ORGANIZATION AND BASIS OF PRE_5
ORGANIZATION AND BASIS OF PRESENTATION - Fuel Inventory and Supplies (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Fuel inventory | $ 118.5 | $ 168.9 |
Supplies | 335.9 | 342.1 |
Fuel inventory and supplies | 454.4 | 511 |
Evergy Kansas Central Inc [Member] | ||
Inventory [Line Items] | ||
Fuel inventory | 64.8 | 87.8 |
Supplies | 182.9 | 189 |
Fuel inventory and supplies | 247.7 | 276.8 |
Evergy Metro Inc [Member] | ||
Inventory [Line Items] | ||
Fuel inventory | 37.1 | 57.8 |
Supplies | 120.1 | 119.8 |
Fuel inventory and supplies | $ 157.2 | $ 177.6 |
ORGANIZATION AND BASIS OF PRE_6
ORGANIZATION AND BASIS OF PRESENTATION - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 18,976.1 | $ 18,782.5 |
Electric plant in service | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 27,492.5 | 26,916.7 |
Property, plant and equipment, adjustment | 740.6 | 740.6 |
Accumulated depreciation | (10,136.6) | (9,694.1) |
Property, plant and equipment, net | 18,096.5 | 17,963.2 |
Construction work in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 747.2 | 685.2 |
Nuclear fuel, net | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 131.4 | 133.1 |
Plant to be retired, net | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 1 | 1 |
Evergy Kansas Central Inc [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 9,753.7 | 9,718.3 |
Evergy Kansas Central Inc [Member] | Electric plant in service | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,414.4 | 13,176.7 |
Property, plant and equipment, adjustment | 740.6 | 740.6 |
Accumulated depreciation | (4,872.5) | (4,642.8) |
Property, plant and equipment, net | 9,282.5 | 9,274.5 |
Evergy Kansas Central Inc [Member] | Construction work in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 404.9 | 376.7 |
Evergy Kansas Central Inc [Member] | Nuclear fuel, net | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 65.3 | 66.1 |
Evergy Kansas Central Inc [Member] | Plant to be retired, net | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 1 | 1 |
Evergy Metro Inc [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 6,775.6 | 6,688.1 |
Evergy Metro Inc [Member] | Electric plant in service | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 10,673.6 | 10,439.1 |
Property, plant and equipment, adjustment | 0 | 0 |
Accumulated depreciation | (4,208.5) | (4,022.4) |
Property, plant and equipment, net | 6,465.1 | 6,416.7 |
Evergy Metro Inc [Member] | Construction work in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 244.4 | 204.4 |
Evergy Metro Inc [Member] | Nuclear fuel, net | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 66.1 | 67 |
Evergy Metro Inc [Member] | Plant to be retired, net | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 0 | $ 0 |
ORGANIZATION AND BASIS OF PRE_7
ORGANIZATION AND BASIS OF PRESENTATION - Other Income And Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Entity Information [Line Items] | ||||
Non-service cost component of net benefit cost | $ (13.7) | $ (17.6) | $ (40.9) | $ (32.8) |
Other | (6) | (13.2) | (16.3) | (22.4) |
Other expense | (19.7) | (30.8) | (57.2) | (55.2) |
Evergy Kansas Central Inc [Member] | ||||
Entity Information [Line Items] | ||||
Non-service cost component of net benefit cost | (4.9) | (7.2) | (14.5) | (19) |
Other | (5.9) | (8) | (15.4) | (17.1) |
Other expense | (10.8) | (15.2) | (29.9) | (36.1) |
Evergy Metro Inc [Member] | ||||
Entity Information [Line Items] | ||||
Non-service cost component of net benefit cost | (5) | (6.7) | (15.3) | (19.7) |
Other | 0.1 | (2.3) | (0.4) | (3.2) |
Other expense | $ (4.9) | $ (9) | $ (15.7) | $ (22.9) |
ORGANIZATION AND BASIS OF PRE_8
ORGANIZATION AND BASIS OF PRESENTATION - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income | ||||||||
Net income | $ 370.9 | $ 144.6 | $ 103.4 | $ 357.6 | $ 104.4 | $ 62.9 | $ 618.9 | $ 524.9 |
Less: Net income attributable to noncontrolling interests | 4.1 | 2.6 | 12.9 | 7.6 | ||||
Net income attributable to Evergy, Inc. | $ 366.8 | $ 355 | $ 606 | $ 517.3 | ||||
Common Shares Outstanding | ||||||||
Weighted average equivalent common shares outstanding - basic (in shares) | 234.6 | 268.6 | 243.5 | 197.9 | ||||
Add: effect of dilutive securities (in shares) | 0.4 | 0.2 | 0.3 | 0.1 | ||||
Diluted average number of common shares outstanding (in shares) | 235 | 268.8 | 243.8 | 198 | ||||
Earnings Per Share, Basic | $ 1.56 | $ 1.32 | $ 2.49 | $ 2.61 | ||||
Earnings Per Share, Diluted | 1.56 | 1.32 | 2.49 | 2.61 | ||||
Earnings Per Share, Basic and Diluted | $ 1.56 | $ 1.32 | $ 2.49 | $ 2.61 |
ORGANIZATION AND BASIS OF PRE_9
ORGANIZATION AND BASIS OF PRESENTATION - Antidilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 | 0 | 0 |
ORGANIZATION AND BASIS OF PR_10
ORGANIZATION AND BASIS OF PRESENTATION - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 06, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Nov. 01, 2019 |
Dividends Payable [Line Items] | ||||||||
Dividends declared on common stock (in dollars per share) | $ 0.475 | $ 0.475 | $ 0.475 | $ 0.46 | $ 0.4 | $ 0.4 | ||
Subsequent Event | Evergy Metro Inc [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends payable | $ 40 | |||||||
Common Stock | Subsequent Event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends declared on common stock (in dollars per share) | $ 0.505 |
ORGANIZATION AND BASIS OF PR_11
ORGANIZATION AND BASIS OF PRESENTATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash paid for (received from): | ||
Income taxes, net of refunds | $ (13.1) | $ 0.6 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 240.8 | 148.7 |
Non-cash investing transactions: | ||
Property, plant and equipment additions (reductions) | 99.4 | (24.8) |
Non-cash financing transactions: | ||
Issuance of stock for compensation and reinvested dividends | (0.3) | 0.4 |
Variable Interest Entities | ||
Cash paid for (received from): | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 1.6 | 2.3 |
Evergy Kansas Central Inc [Member] | ||
Cash paid for (received from): | ||
Income taxes, net of refunds | 1.8 | 0 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 109.4 | 110.5 |
Non-cash investing transactions: | ||
Property, plant and equipment additions (reductions) | 35.3 | (42) |
Evergy Kansas Central Inc [Member] | Variable Interest Entities | ||
Cash paid for (received from): | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 1.6 | 2.3 |
Evergy Metro Inc [Member] | ||
Cash paid for (received from): | ||
Income taxes, net of refunds | 32.8 | 28.4 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 83.5 | 87.6 |
Non-cash investing transactions: | ||
Property, plant and equipment additions (reductions) | $ 60.8 | $ 15.2 |
ORGANIZATION AND BASIS OF PR_12
ORGANIZATION AND BASIS OF PRESENTATION - New Accounting Pronouncements (Details) - ASU 2016-02 $ in Millions | Jan. 01, 2019USD ($) |
Entity Information [Line Items] | |
Lease asset | $ 110 |
Lease liability | 110 |
Evergy Kansas Central Inc [Member] | |
Entity Information [Line Items] | |
Lease asset | 40 |
Lease liability | 40 |
Evergy Metro Inc [Member] | |
Entity Information [Line Items] | |
Lease asset | 80 |
Lease liability | $ 80 |
MERGER OF GREAT PLAINS ENERGY_3
MERGER OF GREAT PLAINS ENERGY AND EVERGY KANSAS CENTRAL - Narrative (Details) $ in Millions | Jun. 04, 2018USD ($) | Sep. 30, 2019USD ($) |
Great Plains Energy | ||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||
Conversion ratio | 0.5981 | |
Purchase price | $ 6,975.7 | |
Goodwill decrease from recognition of deferred tax assets | $ 2.3 | |
Great Plains Energy | Share-based Payment Arrangement | ||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||
Fair value of shares issued | $ 12.5 | |
Evergy Kansas Central Inc [Member] | ||
Anticipated Merger With Westar Energy, Inc. [Line Items] | ||
Conversion ratio | 1 |
Merger of Great Plains Energy_4
Merger of Great Plains Energy and Evergy Kansas Central - Schedule Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Jun. 04, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 2,336.6 | $ 2,338.9 | |
Great Plains Energy | |||
Business Acquisition [Line Items] | |||
Current assets | $ 2,151.7 | ||
Property, plant and equipment, net | 9,179.7 | ||
Goodwill | 2,336.6 | ||
Other long-term assets, excluding goodwill | 1,235.9 | ||
Total assets | 14,903.9 | ||
Current liabilities | 1,673.9 | ||
Long-term liabilities, excluding long-term debt | 2,895.7 | ||
Long-term debt, net | 3,358.6 | ||
Total liabilities | 7,928.2 | ||
Total purchase price | $ 6,975.7 |
RECEIVABLES (Details)
RECEIVABLES (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables | $ 102.3 | $ 95 |
Allowance for doubtful accounts | (8.9) | (9.2) |
Total | 268.8 | 193.7 |
Evergy Kansas Central Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables | 83.4 | 71.6 |
Allowance for doubtful accounts | (3.4) | (3.9) |
Total | 140.7 | 84.3 |
Evergy Metro Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables | 14 | 15.8 |
Allowance for doubtful accounts | (3.9) | (3.8) |
Total | 84.2 | 62.7 |
Customer accounts receivable | Billed | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | 19.5 | 16.7 |
Customer accounts receivable | Billed | Evergy Kansas Central Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | 0 | 0 |
Customer accounts receivable | Billed | Evergy Metro Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | 9.1 | 7.8 |
Customer accounts receivable | Unbilled | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | 155.9 | 91.2 |
Customer accounts receivable | Unbilled | Evergy Kansas Central Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | 60.7 | 16.6 |
Customer accounts receivable | Unbilled | Evergy Metro Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer accounts receivable | $ 65 | $ 42.9 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 1,566.3 | $ 1,567 | $ 3,945.8 | $ 3,051.4 |
Other | 11.3 | 15.5 | 70.4 | 24.7 |
Revenues | 1,577.6 | 1,582.5 | 4,016.2 | 3,076.1 |
Evergy Kansas Central Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 742.2 | 761.3 | 1,913.7 | 2,011.8 |
Other | 6.8 | 3.5 | 17.6 | 4.1 |
Revenues | 749 | 764.8 | 1,931.3 | 2,015.9 |
Evergy Metro Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 563 | 550.8 | 1,379 | 1,360.2 |
Other | 5.8 | 8.8 | 52.2 | 48.7 |
Revenues | 568.8 | 559.6 | 1,431.2 | 1,408.9 |
Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 653 | 647.1 | 1,536.3 | 1,169.4 |
Residential | Evergy Kansas Central Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 268.9 | 270.5 | 640.4 | 671.9 |
Residential | Evergy Metro Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 249.2 | 243.5 | 575.5 | 585.4 |
Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 539.1 | 530.5 | 1,391.2 | 945 |
Commercial | Evergy Kansas Central Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 219.3 | 217.4 | 556.4 | 542.8 |
Commercial | Evergy Metro Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 234.1 | 231.1 | 613.5 | 609.2 |
Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 175.3 | 173.4 | 478.9 | 375.5 |
Industrial | Evergy Kansas Central Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 111.3 | 111.9 | 308.5 | 297.2 |
Industrial | Evergy Metro Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 40.8 | 39.1 | 106.7 | 105.4 |
Other retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 16 | 10.9 | 35.3 | 21.5 |
Other retail | Evergy Kansas Central Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 5.6 | 5.4 | 15.8 | 15.3 |
Other retail | Evergy Metro Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 7 | 2.7 | 12.3 | 7.7 |
Total electric retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,383.4 | 1,361.9 | 3,441.7 | 2,511.4 |
Total electric retail | Evergy Kansas Central Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 605.1 | 605.2 | 1,521.1 | 1,527.2 |
Total electric retail | Evergy Metro Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 531.1 | 516.4 | 1,308 | 1,307.7 |
Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 96.3 | 118.5 | 251.7 | 302.4 |
Wholesale | Evergy Kansas Central Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 67.7 | 82.4 | 182.5 | 263.7 |
Wholesale | Evergy Metro Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 23.5 | 29.9 | 54.7 | 38.5 |
Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 80.4 | 80.6 | 233.5 | 227.6 |
Transmission | Evergy Kansas Central Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 67.7 | 72.2 | 205.5 | 216.3 |
Transmission | Evergy Metro Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 7.8 | 3.8 | 14 | 11 |
Industrial steam and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 6.2 | 6 | 18.9 | 10 |
Industrial steam and other | Evergy Kansas Central Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1.7 | 1.5 | 4.6 | 4.6 |
Industrial steam and other | Evergy Metro Inc [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 0.6 | $ 0.7 | $ 2.3 | $ 3 |
RECEIVABLES - Narrative (Detail
RECEIVABLES - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Entity Information [Line Items] | ||
Other receivables, contracts with customers | $ 45.3 | $ 65.8 |
Sale Of Accounts Receivable - KCPL and GMO | ||
Accounts receivable pledged as collateral | 395 | 365 |
Evergy Kansas Central Inc [Member] | ||
Entity Information [Line Items] | ||
Other receivables, contracts with customers | 41.3 | 55.9 |
Sale Of Accounts Receivable - KCPL and GMO | ||
Accounts receivable pledged as collateral | 200 | 185 |
Evergy Metro Inc [Member] | ||
Entity Information [Line Items] | ||
Other receivables, contracts with customers | 0.8 | 5.5 |
Sale Of Accounts Receivable - KCPL and GMO | ||
Accounts receivable pledged as collateral | 130 | $ 130 |
Maximum amount of outstanding principal under receivables agreement | 130 | |
Borrowings From Mid November Through Mid June | Evergy Missouri West Inc [Member] | ||
Sale Of Accounts Receivable - KCPL and GMO | ||
Maximum amount of outstanding principal under receivables agreement | 50 | |
Borrowings From Mid June Through Mid November [Member] | Evergy Missouri West Inc [Member] | ||
Sale Of Accounts Receivable - KCPL and GMO | ||
Maximum amount of outstanding principal under receivables agreement | 65 | |
Borrowings From Mid June Through Mid October [Member] | Evergy Kansas Central Inc [Member] | ||
Sale Of Accounts Receivable - KCPL and GMO | ||
Maximum amount of outstanding principal under receivables agreement | 200 | |
Borrowings From Mid October Through Mid June [Member] | Evergy Kansas Central Inc [Member] | ||
Sale Of Accounts Receivable - KCPL and GMO | ||
Maximum amount of outstanding principal under receivables agreement | $ 185 |
RECEIVABLES - Summary of Bad De
RECEIVABLES - Summary of Bad Debt Expense (Details) - SEC Schedule, 12-09, Allowance, Credit Loss - Customer Contracts - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impairment losses recognized on receivables | $ 11.4 | $ 4.5 | $ 22 | $ 10.6 |
Evergy Kansas Central Inc [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impairment losses recognized on receivables | 2 | 1.1 | 5.4 | 6.2 |
Evergy Metro Inc [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impairment losses recognized on receivables | $ 6.8 | $ 3.9 | $ 11.6 | $ 7.5 |
RATE MATTERS AND REGULATION - P
RATE MATTERS AND REGULATION - Proceedings (Details) $ in Millions | 1 Months Ended | 9 Months Ended | |
May 31, 2019USD ($) | Apr. 30, 2019USD ($) | Sep. 30, 2019USD ($)Rate | |
Evergy Kansas Central Inc [Member] | Jeffrey Energy Center | |||
Regulatory Proceedings [Line Items] | |||
Jointly owned utility plant, proportionate ownership share | Rate | 8.00% | ||
Transmission Delivery Charge | Evergy Kansas Central Inc [Member] | Kansas Corporation Commission | |||
Regulatory Proceedings [Line Items] | |||
Annual revenue decrease approved | $ 7.7 | ||
Transmission Delivery Charge | Evergy Metro Inc [Member] | Kansas Corporation Commission | |||
Regulatory Proceedings [Line Items] | |||
Annual revenue decrease approved | $ 8.3 | ||
2018 Rate Case Proceedings | Evergy Kansas Central Inc [Member] | Kansas Corporation Commission | |||
Regulatory Proceedings [Line Items] | |||
Refund percent on earnings over approved return on equity | 0.50 | ||
Approved return on equity, percentage | 9.30% | ||
2018 Rate Case Proceedings | Evergy Metro Inc [Member] | Kansas Corporation Commission | |||
Regulatory Proceedings [Line Items] | |||
Refund percent on earnings over approved return on equity | 0.5 | ||
Approved return on equity, percentage | 9.30% | ||
2018 MPSC OPC MECG Petition [Member] | |||
Regulatory Proceedings [Line Items] | |||
Annual Estimated Loss Contingency Portion Not Accrued | $ 15 | ||
2018 MPSC OPC MECG Petition [Member] | Retired Generation Facility [Member] | |||
Regulatory Proceedings [Line Items] | |||
Regulatory Assets | 131.6 | ||
Annual Amortization Of Regulatory Asset | 7 | ||
FERC 2019 TFR Proceeding | Evergy Kansas Central Inc [Member] | Federal Energy Regulatory Commission | |||
Regulatory Proceedings [Line Items] | |||
Annual transmissions revenue estimated amount of decrease over prior year | 11.2 | ||
FERC 2019 TFR Proceeding | Evergy Metro Inc [Member] | Federal Energy Regulatory Commission | |||
Regulatory Proceedings [Line Items] | |||
Annual transmissions revenue estimated amount of decrease over prior year | 2.8 | ||
FERC 2020 TFR Proceeding [Member] | Evergy Kansas Central Inc [Member] | Federal Energy Regulatory Commission | |||
Regulatory Proceedings [Line Items] | |||
Annual transmissions revenue estimated amount of decrease over prior year | 13.6 | ||
FERC 2020 TFR Proceeding [Member] | Evergy Metro Inc [Member] | Federal Energy Regulatory Commission | |||
Regulatory Proceedings [Line Items] | |||
Annual transmissions revenue estimated amount of decrease over prior year | 1.7 | ||
2019 RECA Recovery Request [Member] | Kansas Corporation Commission | |||
Regulatory Proceedings [Line Items] | |||
Pre Tax Loss To Operating And Maintenance Expense | 8.4 | ||
2019 RECA Recovery Request [Member] | Evergy Kansas Central Inc [Member] | Kansas Corporation Commission | |||
Regulatory Proceedings [Line Items] | |||
Pre Tax Loss To Operating And Maintenance Expense | 8.4 | ||
Revenues Probable Of Refund [Member] | 2018 MPSC OPC MECG Petition [Member] | |||
Regulatory Proceedings [Line Items] | |||
Regulatory Liabilities | $ 6.5 |
GOODWILL (Details)
GOODWILL (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2019USD ($)reporting_unit | Dec. 31, 2018USD ($) | |
Goodwill [Line Items] | ||
Goodwill | $ | $ 2,336.6 | $ 2,338.9 |
Number of reporting units | reporting_unit | 1 |
PENSION PLANS AND POST-RETIRE_3
PENSION PLANS AND POST-RETIREMENT BENEFITS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Pension Benefits | ||||
Components of net periodic benefit costs | ||||
Service cost | $ 19.1 | $ 20.2 | $ 57.3 | $ 40.4 |
Interest cost | 27.5 | 26.3 | 82.4 | 56.2 |
Expected return on plan assets | (27) | (27) | (80.9) | (59.3) |
Prior service cost | 0.5 | 0.3 | 1.5 | 0.6 |
Recognized net actuarial (gain)/loss | 6.9 | 8.1 | 20.6 | 24.4 |
Settlement and special termination benefits | 14.5 | 14.5 | ||
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 41.5 | 27.9 | 95.4 | 62.3 |
Regulatory adjustment | 4.9 | 2.6 | 30.4 | 8.4 |
Intercompany allocations | 0 | 0 | 0 | 0 |
Net periodic benefit costs (income) | 46.4 | 30.5 | 125.8 | 70.7 |
Contributions by employer | 54.6 | |||
Contributions by employer, remainder of fiscal year | 73.7 | 73.7 | ||
Pension Benefits | Evergy Kansas Central Inc [Member] | ||||
Components of net periodic benefit costs | ||||
Service cost | 7.3 | 8 | 21.8 | 24.1 |
Interest cost | 13.4 | 12.7 | 40.3 | 38.1 |
Expected return on plan assets | (13.7) | (13.9) | (41.1) | (41.9) |
Prior service cost | 0.5 | 0.2 | 1.3 | 0.5 |
Recognized net actuarial (gain)/loss | 6.2 | 8.1 | 19 | 24.4 |
Settlement and special termination benefits | 0 | 0 | ||
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 13.7 | 15.1 | 41.3 | 45.2 |
Regulatory adjustment | 0.5 | 2.8 | 1.5 | 8.4 |
Intercompany allocations | 0 | 0 | 0 | 0 |
Net periodic benefit costs (income) | 14.2 | 17.9 | 42.8 | 53.6 |
Contributions by employer | 36 | |||
Contributions by employer, remainder of fiscal year | 7.1 | 7.1 | ||
Pension Benefits | Evergy Metro Inc [Member] | ||||
Components of net periodic benefit costs | ||||
Service cost | 11.8 | 12.2 | 35.5 | 36.5 |
Interest cost | 14.1 | 12 | 42.1 | 37.4 |
Expected return on plan assets | (12.3) | (13.9) | (36.9) | (41.6) |
Prior service cost | 0.2 | 0.2 | 0.7 | 0.5 |
Recognized net actuarial (gain)/loss | 12.2 | 10.9 | 36.7 | 33.8 |
Settlement and special termination benefits | 20.8 | 20.8 | ||
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 46.8 | 21.4 | 98.9 | 66.6 |
Regulatory adjustment | (14.7) | 0.7 | (15.9) | 2.1 |
Intercompany allocations | (13.6) | (4.9) | (27.6) | (17.1) |
Net periodic benefit costs (income) | 18.5 | 17.2 | 55.4 | 51.6 |
Contributions by employer | 18.6 | |||
Contributions by employer, remainder of fiscal year | 66.6 | 66.6 | ||
Post-Retirement Benefits | ||||
Components of net periodic benefit costs | ||||
Service cost | 0.6 | 0.7 | 1.9 | 1.5 |
Interest cost | 2.6 | 2.5 | 7.9 | 5.4 |
Expected return on plan assets | (2.5) | (2.5) | (7.5) | (6.2) |
Prior service cost | 0.1 | 0.1 | 0.3 | 0.3 |
Recognized net actuarial (gain)/loss | (0.3) | (0.1) | (0.9) | (0.4) |
Settlement and special termination benefits | 0 | 0 | ||
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 0.5 | 0.7 | 1.7 | 0.6 |
Regulatory adjustment | (0.8) | (0.4) | (2.5) | (1.3) |
Intercompany allocations | 0 | 0 | 0 | 0 |
Net periodic benefit costs (income) | (0.3) | 0.3 | (0.8) | (0.7) |
Contributions by employer | 2.2 | |||
Contributions by employer, remainder of fiscal year | 1.4 | 1.4 | ||
Post-Retirement Benefits | Evergy Kansas Central Inc [Member] | ||||
Components of net periodic benefit costs | ||||
Service cost | 0.2 | 0.4 | 0.8 | 1 |
Interest cost | 1.4 | 1.2 | 4.2 | 3.7 |
Expected return on plan assets | (1.7) | (1.8) | (5) | (5.2) |
Prior service cost | 0.1 | 0.1 | 0.3 | 0.3 |
Recognized net actuarial (gain)/loss | (0.1) | (0.1) | (0.4) | (0.4) |
Settlement and special termination benefits | 0 | 0 | ||
Net periodic benefit costs before regulatory adjustment and intercompany allocations | (0.1) | (0.2) | (0.1) | (0.6) |
Regulatory adjustment | (0.7) | (0.4) | (2.2) | (1.3) |
Intercompany allocations | 0 | 0 | 0 | 0 |
Net periodic benefit costs (income) | (0.8) | (0.6) | (2.3) | (1.9) |
Contributions by employer | 1.1 | |||
Post-Retirement Benefits | Evergy Metro Inc [Member] | ||||
Components of net periodic benefit costs | ||||
Service cost | 0.4 | 0.5 | 1.1 | 1.5 |
Interest cost | 1.2 | 1.2 | 3.7 | 3.6 |
Expected return on plan assets | (0.8) | (0.7) | (2.5) | (2.1) |
Prior service cost | 0 | 0 | 0 | 0 |
Recognized net actuarial (gain)/loss | (0.3) | 0 | (1.1) | (0.1) |
Settlement and special termination benefits | 0 | 0 | ||
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 0.5 | 1 | 1.2 | 2.9 |
Regulatory adjustment | 0.1 | 0.1 | 0.3 | (0.2) |
Intercompany allocations | (0.2) | (0.2) | (0.3) | (0.8) |
Net periodic benefit costs (income) | 0.4 | $ 0.9 | 1.2 | $ 1.9 |
Contributions by employer | 1.1 | |||
Contributions by employer, remainder of fiscal year | $ 1.4 | $ 1.4 | ||
Wolf Creek | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Jointly owned utility plant, proportionate ownership share | 94.00% | 94.00% | ||
Wolf Creek | Evergy Kansas Central Inc [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Jointly owned utility plant, proportionate ownership share | 47.00% | 47.00% | ||
Wolf Creek | Evergy Metro Inc [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Jointly owned utility plant, proportionate ownership share | 47.00% | 47.00% |
SHORT-TERM BORROWINGS AND SHO_3
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT (Details) | 1 Months Ended | |||
Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($)loan | Dec. 31, 2018USD ($) | |
Short-term Debt [Line Items] | ||||
Available borrowings | $ 2,127,100,000 | $ 1,737,300,000 | ||
Line of Credit | ||||
Short-term Debt [Line Items] | ||||
Line of credit, maximum borrowing capacity | $ 1,000,000,000 | |||
Debt instrument, term | 6 months | |||
Number of loans | loan | 2 | |||
Proceeds from lines of credit | $ 500,000,000 | $ 500,000,000 | ||
Number of remaining loans | loan | 1 | |||
Available borrowings | $ 500,000,000 | |||
Repayments of Lines of Credit | 1,000,000,000 | |||
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) | 65.00% | |||
Evergy Kansas Central Inc [Member] | ||||
Short-term Debt [Line Items] | ||||
Available borrowings | $ 808,400,000 | 570,000,000 | ||
Evergy Kansas Central Inc [Member] | Cash Borrowings | ||||
Short-term Debt [Line Items] | ||||
Debt instrument, debt default, threshold | $ 100,000,000 | |||
Debt Instrument, debt to capitalization ratio (no more than) | 65.00% | |||
Evergy Metro Inc [Member] | ||||
Short-term Debt [Line Items] | ||||
Available borrowings | $ 525,100,000 | 420,400,000 | ||
Evergy Metro Inc [Member] | Cash Borrowings | ||||
Short-term Debt [Line Items] | ||||
Debt instrument, debt default, threshold | $ 100,000,000 | |||
Debt Instrument, debt to capitalization ratio (no more than) | 65.00% | |||
Evergy Missouri West Inc [Member] | ||||
Short-term Debt [Line Items] | ||||
Available borrowings | $ 344,600,000 | $ 297,900,000 | ||
Evergy Missouri West Inc [Member] | Cash Borrowings | ||||
Short-term Debt [Line Items] | ||||
Debt instrument, debt default, threshold | $ 100,000,000 | |||
Debt Instrument, debt to capitalization ratio (no more than) | 65.00% |
SHORT-TERM BORROWINGS AND SHO_4
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT - Schedule of Short Term Debt (Details) - USD ($) $ in Millions | 1 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | ||
Credit Facility | $ 2,500 | $ 2,500 |
Available Borrowings | 2,127.1 | 1,737.3 |
Evergy, Inc. | ||
Short-term Debt [Line Items] | ||
Credit Facility | 450 | 450 |
Available Borrowings | $ 449 | $ 449 |
Weighted Average Interest Rate on Short-Term Borrowings | 0.00% | 0.00% |
Evergy Kansas Central Inc [Member] | ||
Short-term Debt [Line Items] | ||
Credit Facility | $ 1,000 | $ 1,000 |
Available Borrowings | $ 808.4 | $ 570 |
Weighted Average Interest Rate on Short-Term Borrowings | 2.29% | 3.08% |
Evergy Metro Inc [Member] | ||
Short-term Debt [Line Items] | ||
Credit Facility | $ 600 | $ 600 |
Available Borrowings | $ 525.1 | $ 420.4 |
Weighted Average Interest Rate on Short-Term Borrowings | 2.28% | 2.95% |
Evergy Missouri West Inc [Member] | ||
Short-term Debt [Line Items] | ||
Credit Facility | $ 450 | $ 450 |
Available Borrowings | $ 344.6 | $ 297.9 |
Weighted Average Interest Rate on Short-Term Borrowings | 2.30% | 3.00% |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | $ 360.6 | $ 738.6 |
Commercial Paper | Evergy Kansas Central Inc [Member] | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 182.4 | 411.7 |
Commercial Paper | Evergy Metro Inc [Member] | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 74.9 | 176.9 |
Commercial Paper | Evergy Missouri West Inc [Member] | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 103.3 | 150 |
Letters of Credit | ||
Short-term Debt [Line Items] | ||
Letters of Credit | 12.3 | 24.1 |
Letters of Credit | Evergy, Inc. | ||
Short-term Debt [Line Items] | ||
Letters of Credit | 1 | 1 |
Letters of Credit | Evergy Kansas Central Inc [Member] | ||
Short-term Debt [Line Items] | ||
Letters of Credit | 9.2 | 18.3 |
Letters of Credit | Evergy Metro Inc [Member] | ||
Short-term Debt [Line Items] | ||
Letters of Credit | 0 | 2.7 |
Letters of Credit | Evergy Missouri West Inc [Member] | ||
Short-term Debt [Line Items] | ||
Letters of Credit | 2.1 | 2.1 |
Cash Borrowings | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 0 | 0 |
Cash Borrowings | Evergy, Inc. | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 0 | 0 |
Cash Borrowings | Evergy Kansas Central Inc [Member] | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 0 | 0 |
Cash Borrowings | Evergy Metro Inc [Member] | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 0 | 0 |
Cash Borrowings | Evergy Missouri West Inc [Member] | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 0 | $ 0 |
Senior Notes [Member] | ||
Short-term Debt [Line Items] | ||
Proceeds from Issuance of Debt | $ 1,600 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2019 | Aug. 31, 2019 | |
Senior Notes [Member] | Senior Notes Due 2024 Evergy [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | $ 800 | |||
Interest rates (in hundredths) | 2.45% | |||
Senior Notes [Member] | Senior Notes Due 2029 Evergy [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | $ 800 | |||
Interest rates (in hundredths) | 2.90% | |||
Evergy Kansas Central Inc [Member] | Secured Debt [Member] | Mortgage Bonds Due 2049 KS Central [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | $ 300 | |||
Interest rates (in hundredths) | 3.25% | |||
Evergy Metro Inc [Member] | Unsecured Debt | Senior Notes Due 2023 Evergy Metro [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | $ 300 | |||
Interest rates (in hundredths) | 3.15% | |||
Evergy Metro Inc [Member] | Unsecured Debt | Senior Notes Due 2025 Evergy Metro [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | $ 350 | |||
Interest rates (in hundredths) | 3.65% | |||
Evergy Metro Inc [Member] | Unsecured Debt | Senior Notes Due 2035 Evergy Metro [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | $ 250 | |||
Interest rates (in hundredths) | 6.05% | |||
Evergy Metro Inc [Member] | Unsecured Debt | Senior Notes Due 2041 Evergy Metro [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | $ 400 | |||
Interest rates (in hundredths) | 5.30% | |||
Evergy Metro Inc [Member] | Unsecured Debt | Senior Notes Due 2047 Evergy Metro [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | $ 300 | |||
Interest rates (in hundredths) | 4.20% | |||
Evergy Metro Inc [Member] | Unsecured Debt | Senior Notes Due 2048 Evergy Metro [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | $ 300 | |||
Interest rates (in hundredths) | 4.20% | |||
Evergy Metro Inc [Member] | Secured Debt [Member] | Mortgage Bonds Due 2049 Evergy Metro [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | $ 400 | |||
Interest rates (in hundredths) | 4.125% | |||
Evergy Metro Inc [Member] | Secured Debt [Member] | Mortgage Bonds Due 2019 Evergy Metro [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rates (in hundredths) | 7.15% | |||
Repayments of long-term debt | $ 400 | |||
Evergy Missouri West Inc [Member] | Senior Notes [Member] | Senior Notes Due 2022 Evergy MO West [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt gross | $ 100 | |||
Interest rates (in hundredths) | 3.74% | |||
Evergy Kansas South Inc [Member] | Secured Debt [Member] | Mortgage Bonds Due 2019 Evergy KS South [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rates (in hundredths) | 6.70% | |||
Repayments of long-term debt | $ 300 |
FAIR VALUE MEASUREMENTS - Debt
FAIR VALUE MEASUREMENTS - Debt (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 10 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative, Notional Amount | $ 500 | ||||||
Gain (Loss) on Contract Termination | $ 69.8 | $ 0 | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 29.4 | $ 0 | 64.4 | 0 | $ 69.8 | ||
Reclassification to expenses, net of tax | 0.2 | 0 | 0.2 | 0 | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 5.2 | 5.2 | 5.2 | 5.2 | |||
Book Value | Fair Value, Measurements, Recurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Long-term debt | 9,000.3 | 9,000.3 | 9,000.3 | 9,000.3 | 7,341.7 | ||
Book Value | Fair Value, Measurements, Recurring | Variable Interest Entities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Long-term debt | 51.1 | 51.1 | 51.1 | 51.1 | 81.4 | ||
Fair Value | Fair Value, Measurements, Recurring | Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Long-term debt | 9,843.1 | 9,843.1 | 9,843.1 | 9,843.1 | 7,412.1 | ||
Fair Value | Fair Value, Measurements, Recurring | Level 2 | Variable Interest Entities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Long-term debt | 51.3 | 51.3 | 51.3 | 51.3 | 81.3 | ||
Evergy Kansas Central Inc [Member] | Book Value | Fair Value, Measurements, Recurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Long-term debt | 3,685.6 | 3,685.6 | 3,685.6 | 3,685.6 | 3,689.8 | ||
Evergy Kansas Central Inc [Member] | Book Value | Fair Value, Measurements, Recurring | Variable Interest Entities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Long-term debt | 51.1 | 51.1 | 51.1 | 51.1 | 81.4 | ||
Evergy Kansas Central Inc [Member] | Fair Value | Fair Value, Measurements, Recurring | Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Long-term debt | 4,139 | 4,139 | 4,139 | 4,139 | 3,771.3 | ||
Evergy Kansas Central Inc [Member] | Fair Value | Fair Value, Measurements, Recurring | Level 2 | Variable Interest Entities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Long-term debt | 51.3 | 51.3 | 51.3 | 51.3 | 81.3 | ||
Evergy Metro Inc [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Reclassification to expenses, net of tax | (0.1) | $ 0.8 | 0.7 | $ 2.7 | |||
Evergy Metro Inc [Member] | Book Value | Fair Value, Measurements, Recurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Long-term debt | 2,524.6 | 2,524.6 | 2,524.6 | 2,524.6 | 2,530.1 | ||
Evergy Metro Inc [Member] | Fair Value | Fair Value, Measurements, Recurring | Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Long-term debt | 2,962.7 | 2,962.7 | 2,962.7 | 2,962.7 | 2,637.5 | ||
Long-Term debt fair value adjustment | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Long-term debt gross | 129.2 | 129.2 | 129.2 | 129.2 | $ 144.8 | ||
Senior Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Proceeds from Issuance of Debt | 1,600 | ||||||
Senior Notes [Member] | Senior Notes Due 2029 Evergy [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Long-term debt gross | $ 800 | $ 800 | $ 800 | $ 800 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.90% | 2.90% | 2.90% | 2.90% |
FAIR VALUE MEASUREMENTS - Recur
FAIR VALUE MEASUREMENTS - Recurring (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Total nuclear decommissioning trust | $ 541 | $ 472.1 |
Total rabbi trust | 45.6 | 43.8 |
Total self-insured health plan trust | 10.3 | 12.4 |
Total Assets | 596.9 | 528.3 |
Liabilities | ||
Total | 5.4 | |
Interest rate swaps | ||
Liabilities | ||
Interest rate swaps | 5.4 | |
Level 1 | ||
Assets | ||
Total nuclear decommissioning trust | 461.2 | 396 |
Total rabbi trust | 0.7 | 0.2 |
Total self-insured health plan trust | 5.5 | 8.8 |
Total Assets | 467.4 | 405 |
Liabilities | ||
Total | 0 | |
Level 1 | Interest rate swaps | ||
Liabilities | ||
Interest rate swaps | 0 | |
Level 2 | ||
Assets | ||
Total nuclear decommissioning trust | 36.1 | 33.5 |
Total rabbi trust | 0 | 0 |
Total self-insured health plan trust | 4.8 | 3.6 |
Total Assets | 40.9 | 37.1 |
Liabilities | ||
Total | 5.4 | |
Level 2 | Interest rate swaps | ||
Liabilities | ||
Interest rate swaps | 5.4 | |
Level 3 | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities | ||
Total | 0 | |
Level 3 | Interest rate swaps | ||
Liabilities | ||
Interest rate swaps | 0 | |
NAV | ||
Assets | ||
Total nuclear decommissioning trust | 43.7 | 42.6 |
Total rabbi trust | 44.9 | 43.6 |
Total self-insured health plan trust | 0 | 0 |
Total Assets | 88.6 | 86.2 |
Liabilities | ||
Total | 0 | |
NAV | Interest rate swaps | ||
Liabilities | ||
Interest rate swaps | 0 | |
Evergy Kansas Central Inc [Member] | ||
Assets | ||
Total nuclear decommissioning trust | 258.5 | 227.5 |
Total rabbi trust | 31.8 | 30.6 |
Total Assets | 290.3 | 258.1 |
Evergy Kansas Central Inc [Member] | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 36.6 | 37.5 |
Total rabbi trust | 25.5 | 24.8 |
Evergy Kansas Central Inc [Member] | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 21.3 | 18.9 |
Evergy Kansas Central Inc [Member] | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 17.2 | 15.4 |
Evergy Kansas Central Inc [Member] | Combination debt/equity/other fund | ||
Assets | ||
Total nuclear decommissioning trust | 15.4 | 12.9 |
Total rabbi trust | 6.1 | 5.6 |
Evergy Kansas Central Inc [Member] | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 24.8 | 24.1 |
Evergy Kansas Central Inc [Member] | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 12.4 | 11.8 |
Evergy Kansas Central Inc [Member] | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0.1 | 0.1 |
Total rabbi trust | 0.2 | 0.2 |
Evergy Kansas Central Inc [Member] | Level 1 | ||
Assets | ||
Total nuclear decommissioning trust | 214.8 | 184.9 |
Total rabbi trust | 0.2 | 0.2 |
Total Assets | 215 | 185.1 |
Evergy Kansas Central Inc [Member] | Level 1 | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 36.6 | 37.5 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 1 | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 21.3 | 18.9 |
Evergy Kansas Central Inc [Member] | Level 1 | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 17.2 | 15.4 |
Evergy Kansas Central Inc [Member] | Level 1 | Combination debt/equity/other fund | ||
Assets | ||
Total nuclear decommissioning trust | 15.4 | 12.9 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 1 | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 1 | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 1 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0.1 | 0.1 |
Total rabbi trust | 0.2 | 0.2 |
Evergy Kansas Central Inc [Member] | Level 2 | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Total Assets | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 2 | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 2 | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 2 | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 2 | Combination debt/equity/other fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 2 | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 2 | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 2 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 3 | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Total Assets | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 3 | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 3 | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 3 | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 3 | Combination debt/equity/other fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 3 | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 3 | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Level 3 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | NAV | ||
Assets | ||
Total nuclear decommissioning trust | 43.7 | 42.6 |
Total rabbi trust | 31.6 | 30.4 |
Total Assets | 75.3 | 73 |
Evergy Kansas Central Inc [Member] | NAV | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 25.5 | 24.8 |
Evergy Kansas Central Inc [Member] | NAV | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | NAV | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | NAV | Combination debt/equity/other fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 6.1 | 5.6 |
Evergy Kansas Central Inc [Member] | NAV | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 24.8 | 24.1 |
Evergy Kansas Central Inc [Member] | NAV | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 12.4 | 11.8 |
Evergy Kansas Central Inc [Member] | NAV | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Domestic | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 84 | 70.6 |
Evergy Kansas Central Inc [Member] | Domestic | Level 1 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 77.5 | 63.9 |
Evergy Kansas Central Inc [Member] | Domestic | Level 2 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Domestic | Level 3 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | Domestic | NAV | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 6.5 | 6.7 |
Evergy Kansas Central Inc [Member] | International | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 46.7 | 36.2 |
Evergy Kansas Central Inc [Member] | International | Level 1 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 46.7 | 36.2 |
Evergy Kansas Central Inc [Member] | International | Level 2 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | International | Level 3 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central Inc [Member] | International | NAV | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | ||
Assets | ||
Total nuclear decommissioning trust | 282.5 | 244.6 |
Total self-insured health plan trust | 10.3 | 12.4 |
Total Assets | 292.8 | 257 |
Evergy Metro Inc [Member] | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 193.7 | 166.6 |
Total self-insured health plan trust | 0.5 | 0.5 |
Evergy Metro Inc [Member] | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 2.6 | 1.7 |
Evergy Metro Inc [Member] | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 50.1 | 42.1 |
Evergy Metro Inc [Member] | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0.4 | 0.4 |
Evergy Metro Inc [Member] | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 2.2 | 2.1 |
Evergy Metro Inc [Member] | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 33 | 30.9 |
Evergy Metro Inc [Member] | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0.1 | 0.1 |
Evergy Metro Inc [Member] | Other | ||
Assets | ||
Total nuclear decommissioning trust | 0.4 | 0.7 |
Evergy Metro Inc [Member] | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 6.1 | 3.9 |
Evergy Metro Inc [Member] | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 3.7 | 8 |
Evergy Metro Inc [Member] | Level 1 | ||
Assets | ||
Total nuclear decommissioning trust | 246.4 | 211.1 |
Total self-insured health plan trust | 5.5 | 8.8 |
Total Assets | 251.9 | 219.9 |
Evergy Metro Inc [Member] | Level 1 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 193.7 | 166.6 |
Total self-insured health plan trust | 0.5 | 0.5 |
Evergy Metro Inc [Member] | Level 1 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 2.6 | 1.7 |
Evergy Metro Inc [Member] | Level 1 | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 50.1 | 42.1 |
Evergy Metro Inc [Member] | Level 1 | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 1 | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 1 | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 1 | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 1 | Other | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0.7 |
Evergy Metro Inc [Member] | Level 1 | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 1.3 | 0.3 |
Evergy Metro Inc [Member] | Level 1 | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 3.7 | 8 |
Evergy Metro Inc [Member] | Level 2 | ||
Assets | ||
Total nuclear decommissioning trust | 36.1 | 33.5 |
Total self-insured health plan trust | 4.8 | 3.6 |
Total Assets | 40.9 | 37.1 |
Evergy Metro Inc [Member] | Level 2 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 2 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 2 | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 2 | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0.4 | 0.4 |
Evergy Metro Inc [Member] | Level 2 | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 2.2 | 2.1 |
Evergy Metro Inc [Member] | Level 2 | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 33 | 30.9 |
Evergy Metro Inc [Member] | Level 2 | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0.1 | 0.1 |
Evergy Metro Inc [Member] | Level 2 | Other | ||
Assets | ||
Total nuclear decommissioning trust | 0.4 | 0 |
Evergy Metro Inc [Member] | Level 2 | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 4.8 | 3.6 |
Evergy Metro Inc [Member] | Level 2 | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 3 | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Total Assets | 0 | 0 |
Evergy Metro Inc [Member] | Level 3 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 3 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 3 | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 3 | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 3 | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 3 | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 3 | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 3 | Other | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 3 | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro Inc [Member] | Level 3 | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro Inc [Member] | NAV | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Total Assets | 0 | 0 |
Evergy Metro Inc [Member] | NAV | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Evergy Metro Inc [Member] | NAV | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | NAV | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | NAV | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | NAV | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | NAV | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | NAV | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | NAV | Other | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro Inc [Member] | NAV | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro Inc [Member] | NAV | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Other Evergy | ||
Assets | ||
Total rabbi trust | 13.8 | 13.2 |
Liabilities | ||
Total | 5.4 | |
Other Evergy | Interest rate swaps | ||
Liabilities | ||
Interest rate swaps | 5.4 | |
Other Evergy | Cash and cash equivalents | ||
Assets | ||
Total rabbi trust | 0.5 | |
Other Evergy | Fixed income fund | ||
Assets | ||
Total rabbi trust | 13.3 | 13.2 |
Other Evergy | Level 1 | ||
Assets | ||
Total rabbi trust | 0.5 | 0 |
Liabilities | ||
Total | 0 | |
Other Evergy | Level 1 | Interest rate swaps | ||
Liabilities | ||
Interest rate swaps | 0 | |
Other Evergy | Level 1 | Cash and cash equivalents | ||
Assets | ||
Total rabbi trust | 0.5 | |
Other Evergy | Level 1 | Fixed income fund | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Other Evergy | Level 2 | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Liabilities | ||
Total | 5.4 | |
Other Evergy | Level 2 | Interest rate swaps | ||
Liabilities | ||
Interest rate swaps | 5.4 | |
Other Evergy | Level 2 | Cash and cash equivalents | ||
Assets | ||
Total rabbi trust | 0 | |
Other Evergy | Level 2 | Fixed income fund | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Other Evergy | Level 3 | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Liabilities | ||
Total | 0 | |
Other Evergy | Level 3 | Interest rate swaps | ||
Liabilities | ||
Interest rate swaps | 0 | |
Other Evergy | Level 3 | Cash and cash equivalents | ||
Assets | ||
Total rabbi trust | 0 | |
Other Evergy | Level 3 | Fixed income fund | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Other Evergy | NAV | ||
Assets | ||
Total rabbi trust | 13.3 | 13.2 |
Liabilities | ||
Total | 0 | |
Other Evergy | NAV | Interest rate swaps | ||
Liabilities | ||
Interest rate swaps | 0 | |
Other Evergy | NAV | Cash and cash equivalents | ||
Assets | ||
Total rabbi trust | 0 | |
Other Evergy | NAV | Fixed income fund | ||
Assets | ||
Total rabbi trust | $ 13.3 | $ 13.2 |
FAIR VALUE MEASUREMENTS - NAV (
FAIR VALUE MEASUREMENTS - NAV (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2019USD ($)fundextension | Dec. 31, 2018USD ($) | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 3.6 | $ 4.3 |
Evergy Kansas Central Inc [Member] | Alternative investments fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 0 | 0 |
Length of Settlement | 65 days | |
Evergy Kansas Central Inc [Member] | Real estate securities fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 0 | 0 |
Length of Settlement | 65 days | |
Evergy Kansas Central Inc [Member] | Nuclear decommissioning trust: | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | $ 43.7 | |
Unfunded Commitments | 3.6 | 4.3 |
Evergy Kansas Central Inc [Member] | Core bond fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Evergy Kansas Central Inc [Member] | Combination debt/equity/other fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Evergy Kansas Central Inc [Member] | Rabbi trust: | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Other Evergy | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Domestic | Evergy Kansas Central Inc [Member] | Equity securities | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 3.6 | 4.3 |
NAV, Number of funds | fund | 5 | |
NAV, Number of funds making distributions | fund | 3 | |
Domestic | Evergy Kansas Central Inc [Member] | 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 Inc [Member] | 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 | $ 541 | 472.1 |
Total rabbi trust | 45.6 | 43.8 |
Total Assets | 596.9 | 528.3 |
Fair Value, Measurements, Recurring | Evergy Kansas Central Inc [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 258.5 | 227.5 |
Total rabbi trust | 31.8 | 30.6 |
Total Assets | 290.3 | 258.1 |
Fair Value, Measurements, Recurring | Evergy Kansas Central Inc [Member] | Alternative investments fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 24.8 | 24.1 |
Fair Value, Measurements, Recurring | Evergy Kansas Central Inc [Member] | Real estate securities fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 12.4 | 11.8 |
Fair Value, Measurements, Recurring | Evergy Kansas Central Inc [Member] | Core bond fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 36.6 | 37.5 |
Total rabbi trust | 25.5 | 24.8 |
Fair Value, Measurements, Recurring | Evergy Kansas Central Inc [Member] | Combination debt/equity/other fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 15.4 | 12.9 |
Total rabbi trust | 6.1 | 5.6 |
Fair Value, Measurements, Recurring | Other Evergy | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total rabbi trust | 13.8 | 13.2 |
Fair Value, Measurements, Recurring | Domestic | Evergy Kansas Central Inc [Member] | Equity securities | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 84 | 70.6 |
NAV | Fair Value, Measurements, Recurring | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 43.7 | 42.6 |
Total rabbi trust | 44.9 | 43.6 |
Total Assets | 88.6 | 86.2 |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central Inc [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 43.7 | 42.6 |
Total rabbi trust | 31.6 | 30.4 |
Total Assets | 75.3 | 73 |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central Inc [Member] | Alternative investments fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 24.8 | 24.1 |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central Inc [Member] | Real estate securities fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 12.4 | 11.8 |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central Inc [Member] | Nuclear decommissioning trust: | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 42.6 | |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central Inc [Member] | Core bond fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 25.5 | 24.8 |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central Inc [Member] | Combination debt/equity/other fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 6.1 | 5.6 |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central Inc [Member] | Rabbi trust: | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total rabbi trust | 31.6 | 30.4 |
NAV | Fair Value, Measurements, Recurring | Other Evergy | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total rabbi trust | 13.3 | 13.2 |
NAV | Fair Value, Measurements, Recurring | Domestic | Evergy Kansas Central Inc [Member] | Equity securities | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | $ 6.5 | $ 6.7 |
FAIR VALUE MEASUREMENTS - Gain
FAIR VALUE MEASUREMENTS - Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | $ 2.1 | $ 18.3 | $ 59.2 | $ 3.4 |
Nuclear decommissioning trust - equity securities | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | (0.3) | 15.1 | 50.9 | 1.1 |
Rabbi trusts | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | 0.9 | 3.7 | 2.4 | 3.1 |
Nuclear decommissioning trust - debt securities | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | 1.5 | (0.5) | 5.9 | (0.8) |
Evergy Kansas Central Inc [Member] | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | 0.7 | 10.2 | 28.9 | (3.2) |
Evergy Kansas Central Inc [Member] | Nuclear decommissioning trust - equity securities | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | 0.2 | 6.5 | 26.2 | (6.4) |
Evergy Kansas Central Inc [Member] | Rabbi trusts | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | 0.5 | 3.7 | 2.7 | 3.2 |
Evergy Metro Inc [Member] | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | 1 | 8.1 | 30.6 | 6.3 |
Evergy Metro Inc [Member] | Nuclear decommissioning trust - equity securities | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | (0.5) | 8.6 | 24.7 | 9.1 |
Evergy Metro Inc [Member] | Nuclear decommissioning trust - debt securities | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | $ 1.5 | $ (0.5) | $ 5.9 | $ (2.8) |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Less: current portion | $ 15.2 | $ 15.2 | |||
Total long-term obligations under operating leases | 79.5 | 79.5 | |||
Evergy Kansas Central Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Less: current portion | 9.2 | 9.2 | |||
Total long-term obligations under operating leases | 19.9 | 19.9 | |||
Evergy Kansas Central Inc [Member] | Evergy Metro Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | (6.9) | (6.9) | $ (13.5) | ||
Evergy Kansas Central Inc [Member] | Evergy Metro Inc [Member] | Operating Expenses and Capital Costs Billed | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction | 9.7 | $ 4.8 | 26 | $ 10.8 | |
Evergy Kansas Central Inc [Member] | Evergy Missouri West Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | 1.7 | 1.7 | 2.6 | ||
Evergy Kansas Central Inc [Member] | Evergy | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | (0.3) | (0.3) | (1.4) | ||
Evergy Kansas Central Inc [Member] | Evergy | Income Tax Receivable | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | 6.1 | 6.1 | 42.7 | ||
Evergy Metro Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Less: current portion | 6.8 | 6.8 | |||
Total long-term obligations under operating leases | 89.6 | 89.6 | |||
Evergy Metro Inc [Member] | Money Pool | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | 0 | 0 | 0 | ||
Evergy Metro Inc [Member] | Evergy Kansas Central Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | 6.9 | 6.9 | 13.5 | ||
Evergy Metro Inc [Member] | Evergy Missouri West Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | 66.7 | 66.7 | 72.6 | ||
Evergy Metro Inc [Member] | Evergy | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | 16.7 | 16.7 | 15.7 | ||
Evergy Metro Inc [Member] | Evergy | Income Taxes Payable | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | (10.6) | (10.6) | $ (2) | ||
Jointly Owned Electricity Generation Plant Iatan No 1 And 2 | Evergy Metro Inc [Member] | Evergy Missouri West Inc [Member] | Operating Expenses and Capital Costs Billed | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction | $ 41.6 | 43.4 | $ 125.8 | 139.6 | |
Jointly Owned Electricity Generation Plant Iatan No 1 And 2 | Evergy Missouri West Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 18.00% | 18.00% | |||
Jeffrey Energy Center | Evergy Kansas Central Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 8.00% | 8.00% | |||
Jeffrey Energy Center | Evergy Kansas Central Inc [Member] | Evergy Missouri West Inc [Member] | Operating Expenses and Capital Costs Billed | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction | $ 4.5 | 0.8 | $ 17.2 | 4.5 | |
Jeffrey Energy Center | Evergy Missouri West Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 8.00% | 8.00% | |||
La Cygne Station | Evergy Kansas Central Inc [Member] | |||||
Related Party Transaction [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 50.00% | 50.00% | |||
La Cygne Station | Evergy Metro Inc [Member] | Evergy Kansas Central Inc [Member] | Operating Expenses and Capital Costs Billed | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction | $ 33 | $ 35.5 | $ 108.8 | $ 50.8 | |
Evergy Kansas Central Inc [Member] | Evergy Metro Inc [Member] | Subsidiary of Common Parent | |||||
Related Party Transaction [Line Items] | |||||
Operating lease, right-of-use asset | 29.6 | 29.6 | |||
Less: current portion | 0.6 | 0.6 | |||
Total long-term obligations under operating leases | $ 29 | $ 29 |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) - USD ($) | 9 Months Ended | 15 Months Ended | ||||||
Sep. 30, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Feb. 28, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Jul. 31, 2018 | |
Line of Credit Facility [Line Items] | ||||||||
Number of shares authorized to be repurchased (in shares) | 60,000,000 | |||||||
Stock repurchased and retired during period under repurchase plan, value | $ 1,628,700,000 | $ 2,700,000,000 | ||||||
Stock repurchased and retired during period (in shares) | 27,500,000 | 43,900,000 | ||||||
Restriction on payment of dividends, minimum ratio of total capitalization | 35.00% | 35.00% | ||||||
Restricted net assets of subsidiaries | $ 5,000,000,000 | $ 5,000,000,000 | ||||||
Cash Borrowings | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument, debt to capitalization ratio (no more than) | 65.00% | 65.00% | ||||||
Evergy Kansas Central Inc [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Restriction on payment of dividends, minimum ratio of total capitalization | 40.00% | 40.00% | ||||||
Evergy Kansas Central Inc [Member] | Cash Borrowings | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument, debt to capitalization ratio (no more than) | 65.00% | 65.00% | ||||||
Evergy Metro Inc [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Restriction on payment of dividends, minimum ratio of total capitalization | 40.00% | 40.00% | ||||||
Retained earnings restrictions | $ 120,000,000 | $ 120,000,000 | ||||||
Evergy Metro Inc [Member] | Cash Borrowings | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument, debt to capitalization ratio (no more than) | 65.00% | 65.00% | ||||||
Evergy Missouri West Inc [Member] | Cash Borrowings | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument, debt to capitalization ratio (no more than) | 65.00% | 65.00% | ||||||
November 2018 ASR Agreement | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 475,000,000 | |||||||
Partial settlement of accelerated share repurchase agreement (in shares) | 1,900,000 | 6,400,000 | ||||||
Accelerated share repurchases, payment | $ 475,000,000 | |||||||
March 2019 ASR Agreement | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 450,000,000 | |||||||
Partial settlement of accelerated share repurchase agreement (in shares) | 1,500,000 | 6,300,000 | ||||||
Accelerated share repurchases, payment | $ 450,000,000 | |||||||
June 2019 ASR Agreement | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 500,000,000 | |||||||
Partial settlement of accelerated share repurchase agreement (in shares) | 1,000,000 | 1,000,000 | 7,100,000 | |||||
Accelerated share repurchases, payment | $ 500,000,000 | |||||||
September 2019 ASR Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 500,000,000 | $ 500,000,000 | ||||||
Partial settlement of accelerated share repurchase agreement (in shares) | 6,600,000 | 6,600,000 | ||||||
Accelerated share repurchases, payment | $ 500,000,000 | $ 500,000,000 |
TAXES - Income Tax Expense (Det
TAXES - Income Tax Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Current income taxes | ||||
Federal | $ (31.2) | $ (30.3) | $ (10.6) | $ (21.5) |
State | (0.8) | 1.5 | (1.6) | 1.9 |
Total | (32) | (28.8) | (12.2) | (19.6) |
Deferred income taxes | ||||
Federal | 75.5 | 70.6 | 78 | 86 |
State | 23 | 23.3 | 36.5 | (35.7) |
Total | 98.5 | 93.9 | 114.5 | 50.3 |
Investment tax credit amortization | (1) | (1) | (3.1) | (2.4) |
Income tax expense | $ 65.5 | $ 64.1 | $ 99.2 | $ 28.3 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Effect of: | ||||
COLI policies | (1.60%) | (2.40%) | (1.70%) | (2.40%) |
State income taxes | 4.00% | 4.60% | 3.90% | 4.70% |
Flow through depreciation for plant-related differences | (3.10%) | (1.50%) | (3.20%) | (1.60%) |
Federal tax credits | (3.90%) | (7.50%) | (3.90%) | (7.50%) |
Non-controlling interest | (0.40%) | (0.40%) | (0.40%) | (0.40%) |
AFUDC equity | 0.00% | (0.10%) | 0.00% | (0.10%) |
Amortization of federal investment tax credits | (0.50%) | (0.60%) | (0.50%) | (0.60%) |
State tax rate change | 0.00% | 0.10% | 0.00% | (9.50%) |
Changes In Uncertain Tax Positions, Net | (0.40%) | 0.00% | (0.30%) | 0.00% |
Valuation allowance | 0.00% | 0.00% | (1.10%) | 0.40% |
Stock compensation | 0.30% | 0.00% | 0.20% | (0.50%) |
Officer compensation limitation | 0.10% | 1.20% | 0.10% | 1.20% |
Other | (0.50%) | 0.80% | (0.30%) | 0.40% |
Effective income tax rate | 15.00% | 15.20% | 13.80% | 5.10% |
Evergy Kansas Central Inc [Member] | ||||
Current income taxes | ||||
Federal | $ 11.2 | $ 8 | $ 39.1 | $ 18.9 |
State | (1.2) | (9.2) | (2.4) | (6.7) |
Total | 10 | (1.2) | 36.7 | 12.2 |
Deferred income taxes | ||||
Federal | 4.6 | 12.3 | (9.3) | 15.4 |
State | 12 | 12 | 21.1 | (47.6) |
Total | 16.6 | 24.3 | 11.8 | (32.2) |
Investment tax credit amortization | (0.8) | (0.7) | (2.3) | (2) |
Income tax expense | $ 25.8 | $ 22.4 | $ 46.2 | $ (22) |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Effect of: | ||||
COLI policies | (2.80%) | (4.00%) | (3.00%) | (4.00%) |
State income taxes | 4.40% | 1.10% | 4.20% | 3.30% |
Flow through depreciation for plant-related differences | 0.80% | 1.50% | 0.50% | 0.30% |
Federal tax credits | (6.20%) | (11.80%) | (6.10%) | (11.70%) |
Non-controlling interest | (0.80%) | (0.60%) | (0.80%) | (0.70%) |
AFUDC equity | (0.10%) | (0.10%) | (0.10%) | (0.10%) |
Amortization of federal investment tax credits | (0.70%) | (0.80%) | (0.70%) | (0.80%) |
State tax rate change | 0.00% | 0.00% | 0.00% | (17.70%) |
Changes In Uncertain Tax Positions, Net | (0.90%) | 0.10% | (0.50%) | 0.10% |
Valuation allowance | 0.00% | 0.00% | (0.50%) | 0.60% |
Stock compensation | 0.00% | 0.00% | (0.10%) | (0.90%) |
Officer compensation limitation | 0.00% | 1.90% | 0.00% | 1.90% |
Other | (1.40%) | 2.90% | (0.70%) | 1.30% |
Effective income tax rate | 13.30% | 11.20% | 13.20% | (7.40%) |
Evergy Metro Inc [Member] | ||||
Current income taxes | ||||
Federal | $ (2.2) | $ 20.7 | $ 32.1 | $ 43.5 |
State | 3.9 | 6.8 | 9.3 | 11.6 |
Total | 1.7 | 27.5 | 41.4 | 55.1 |
Deferred income taxes | ||||
Federal | 26.3 | (1.9) | 1.4 | (23.4) |
State | 4.5 | 2.7 | 1.9 | 49.4 |
Total | 30.8 | 0.8 | 3.3 | 26 |
Investment tax credit amortization | (0.3) | (0.3) | (0.8) | (0.8) |
Income tax expense | $ 32.2 | $ 28 | $ 43.9 | $ 80.3 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Effect of: | ||||
COLI policies | (0.10%) | (0.20%) | (0.10%) | (0.20%) |
State income taxes | 3.60% | 5.00% | 3.20% | 5.10% |
Flow through depreciation for plant-related differences | (6.10%) | (4.90%) | (6.10%) | (4.90%) |
Federal tax credits | (1.30%) | (1.90%) | (1.40%) | (1.80%) |
AFUDC equity | 0.00% | 0.00% | 0.00% | (0.10%) |
Amortization of federal investment tax credits | (0.30%) | (0.40%) | (0.30%) | (0.40%) |
State tax rate change | 0.00% | 0.00% | 0.00% | 14.50% |
Officer compensation limitation | 0.30% | 0.70% | 0.30% | 0.50% |
Other | 0.40% | (0.40%) | (0.40%) | (1.00%) |
Effective income tax rate | 17.50% | 18.90% | 16.20% | 32.70% |
LEASES Narrative (Details)
LEASES Narrative (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 year |
Minimum | Evergy Kansas Central Inc [Member] | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 year |
Minimum | Evergy Metro Inc [Member] | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 2 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 20 years |
Maximum | Evergy Kansas Central Inc [Member] | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 20 years |
Maximum | Evergy Metro Inc [Member] | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 27 years |
LEASES - Schedule of Lease Expe
LEASES - Schedule of Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Finance lease costs | ||
Amortization of right-of-use assets | $ 2.3 | $ 4 |
Interest on lease liabilities | 1 | 2.3 |
Operating lease costs | 4.8 | 17.9 |
Short-term lease costs | 0.8 | 2.3 |
Variable lease costs for renewable purchase power agreements | 71.3 | 222.1 |
Total lease costs | 80.2 | 248.6 |
Evergy Kansas Central Inc [Member] | ||
Finance lease costs | ||
Amortization of right-of-use assets | 2.4 | 3.9 |
Interest on lease liabilities | 0.9 | 2.1 |
Operating lease costs | 2 | 9.9 |
Short-term lease costs | 0.3 | 0.6 |
Variable lease costs for renewable purchase power agreements | 30.3 | 94.3 |
Total lease costs | 35.9 | 110.8 |
Evergy Metro Inc [Member] | ||
Finance lease costs | ||
Amortization of right-of-use assets | 0 | 0.1 |
Interest on lease liabilities | 0 | 0.1 |
Operating lease costs | 2.4 | 6.9 |
Short-term lease costs | 0.5 | 1.6 |
Variable lease costs for renewable purchase power agreements | 29 | 91 |
Total lease costs | $ 31.9 | $ 99.7 |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 17.4 |
Operating cash flows from finance leases | 2 |
Financing cash flows from finance leases | 3.3 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 3 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 2.3 |
Evergy Kansas Central Inc [Member] | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | 10.2 |
Operating cash flows from finance leases | 1.9 |
Financing cash flows from finance leases | 3.2 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 0.6 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 2.3 |
Evergy Metro Inc [Member] | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | 7.2 |
Operating cash flows from finance leases | 0.1 |
Financing cash flows from finance leases | 0.1 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 2.4 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 0 |
LEASES - Schedule of Future Pay
LEASES - Schedule of Future Payments for Finance Leases (Details) $ in Millions | Sep. 30, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
October 2019 through December 2019 | $ 1.8 |
2020 | 7 |
2021 | 6.5 |
2022 | 5.7 |
2023 | 4.8 |
After 2023 | 48.4 |
Total finance lease payments | 74.2 |
Amounts representing imputed interest | (25.9) |
Present value of lease payments | 48.3 |
Less: current portion | (4.8) |
Total long-term obligations under finance leases | $ 43.5 |
Weighted-average remaining lease term (years) | 15 years 3 months 18 days |
Weighted-average discount rate | 5.80% |
Evergy Kansas Central Inc [Member] | |
Lessee, Lease, Description [Line Items] | |
October 2019 through December 2019 | $ 1.7 |
2020 | 6.6 |
2021 | 6 |
2022 | 5.2 |
2023 | 4.4 |
After 2023 | 46.4 |
Total finance lease payments | 70.3 |
Amounts representing imputed interest | (24.8) |
Present value of lease payments | 45.5 |
Less: current portion | (4.6) |
Total long-term obligations under finance leases | $ 40.9 |
Weighted-average remaining lease term (years) | 15 years 8 months 12 days |
Weighted-average discount rate | 5.70% |
Evergy Metro Inc [Member] | |
Lessee, Lease, Description [Line Items] | |
October 2019 through December 2019 | $ 0.1 |
2020 | 0.2 |
2021 | 0.2 |
2022 | 0.2 |
2023 | 0.2 |
After 2023 | 1 |
Total finance lease payments | 1.9 |
Amounts representing imputed interest | (0.5) |
Present value of lease payments | 1.4 |
Less: current portion | (0.1) |
Total long-term obligations under finance leases | $ 1.3 |
Weighted-average remaining lease term (years) | 8 years 10 months 24 days |
Weighted-average discount rate | 7.60% |
LEASES - Estimated Future Commi
LEASES - Estimated Future Commitments Under Finance Leases (Details) $ in Millions | Dec. 31, 2018USD ($) |
Lessee, Lease, Description [Line Items] | |
2019 | $ 6.4 |
2020 | 5.8 |
2021 | 5.3 |
2022 | 4.7 |
2023 | 4 |
After 2023 | 48.6 |
Total finance lease payments | 74.8 |
Amounts representing imputed interest | (25.8) |
Present value of net minimum lease payments under finance leases | 49 |
Less: current portion | (3.9) |
Total long-term obligations under finance leases | 45.1 |
Evergy Kansas Central Inc [Member] | |
Lessee, Lease, Description [Line Items] | |
2019 | 6 |
2020 | 5.4 |
2021 | 4.9 |
2022 | 4.3 |
2023 | 3.6 |
After 2023 | 46.4 |
Total finance lease payments | 70.6 |
Amounts representing imputed interest | (24.6) |
Present value of net minimum lease payments under finance leases | 46 |
Less: current portion | (3.7) |
Total long-term obligations under finance leases | 42.3 |
Evergy Metro Inc [Member] | |
Lessee, Lease, Description [Line Items] | |
2019 | 0.2 |
2020 | 0.2 |
2021 | 0.2 |
2022 | 0.2 |
2023 | 0.2 |
After 2023 | 1.1 |
Total finance lease payments | 2.1 |
Amounts representing imputed interest | (0.6) |
Present value of net minimum lease payments under finance leases | 1.5 |
Less: current portion | (0.1) |
Total long-term obligations under finance leases | $ 1.4 |
LEASES - Lease Payments for Ope
LEASES - Lease Payments for Operating Leases (Details) $ in Millions | Sep. 30, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
October 2019 through December 2019 | $ 5 |
2020 | 18.9 |
2021 | 15.4 |
2022 | 12.4 |
2023 | 9.4 |
After 2023 | 52.5 |
Total operating lease payments | 113.6 |
Amounts representing imputed interest | (18.9) |
Present value of lease payments | 94.7 |
Less: current portion | (15.2) |
Total long-term obligations under operating leases | $ 79.5 |
Weighted-average remaining lease term (years) | 9 years 1 month 6 days |
Weighted-average discount rate | 3.90% |
Evergy Kansas Central Inc [Member] | |
Lessee, Lease, Description [Line Items] | |
October 2019 through December 2019 | $ 2.8 |
2020 | 10.3 |
2021 | 7.4 |
2022 | 5.2 |
2023 | 2.7 |
After 2023 | 2.8 |
Total operating lease payments | 31.2 |
Amounts representing imputed interest | (2.1) |
Present value of lease payments | 29.1 |
Less: current portion | (9.2) |
Total long-term obligations under operating leases | $ 19.9 |
Weighted-average remaining lease term (years) | 3 years 8 months 12 days |
Weighted-average discount rate | 3.40% |
Evergy Metro Inc [Member] | |
Lessee, Lease, Description [Line Items] | |
October 2019 through December 2019 | $ 2.7 |
2020 | 10.7 |
2021 | 10.1 |
2022 | 9.3 |
2023 | 8.8 |
After 2023 | 91.3 |
Total operating lease payments | 132.9 |
Amounts representing imputed interest | (36.5) |
Present value of lease payments | 96.4 |
Less: current portion | (6.8) |
Total long-term obligations under operating leases | $ 89.6 |
Weighted-average remaining lease term (years) | 15 years 10 months 24 days |
Weighted-average discount rate | 4.20% |
LEASES - Estimated Future Com_2
LEASES - Estimated Future Commitments Under Operating Leases (Details) $ in Millions | Dec. 31, 2018USD ($) |
Lessee, Lease, Description [Line Items] | |
2019 | $ 24.2 |
2020 | 20.7 |
2021 | 18.4 |
2022 | 15.2 |
2023 | 12.4 |
After 2023 | 95 |
Total operating lease payments | 185.9 |
Evergy Kansas Central Inc [Member] | |
Lessee, Lease, Description [Line Items] | |
2019 | 14 |
2020 | 10.1 |
2021 | 8.1 |
2022 | 5.2 |
2023 | 2.8 |
After 2023 | 3.1 |
Total operating lease payments | 43.3 |
Evergy Metro Inc [Member] | |
Lessee, Lease, Description [Line Items] | |
2019 | 10.2 |
2020 | 10.6 |
2021 | 10.3 |
2022 | 10 |
2023 | 9.6 |
After 2023 | 91.8 |
Total operating lease payments | $ 142.5 |