Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38515 | |
Entity Registrant Name | EVERGY, INC. | |
Entity Tax Identification Number | 82-2733395 | |
Entity Incorporation, State or Country Code | MO | |
Entity Address, Address Line One | 1200 Main Street | |
Entity Address, City or Town | Kansas City | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 64105 | |
City Area Code | 816 | |
Local Phone Number | 556-2200 | |
Title of 12(b) Security | Evergy, Inc. common stock | |
Trading Symbol | EVRG | |
Security Exchange Name | NYSE | |
Entity 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 | 229,302,700 | |
Entity Central Index Key | 0001711269 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Evergy Kansas Central | ||
Entity Information [Line Items] | ||
Entity File Number | 001-03523 | |
Entity Registrant Name | EVERGY KANSAS CENTRAL, INC. | |
Entity Tax Identification Number | 48-0290150 | |
Entity Incorporation, State or Country Code | KS | |
Entity Address, Address Line One | 818 South Kansas Avenue | |
Entity Address, City or Town | Topeka | |
Entity Address, State or Province | KS | |
Entity Address, Postal Zip Code | 66612 | |
City Area Code | 785 | |
Local Phone Number | 575-6300 | |
Entity 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 Central Index Key | 0000054507 | |
Evergy Metro | ||
Entity Information [Line Items] | ||
Entity File Number | 000-51873 | |
Entity Registrant Name | EVERGY METRO, INC. | |
Entity Tax Identification Number | 44-0308720 | |
Entity Incorporation, State or Country Code | MO | |
Entity Address, Address Line One | 1200 Main Street | |
Entity Address, City or Town | Kansas City | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 64105 | |
City Area Code | 816 | |
Local Phone Number | 556-2200 | |
Entity 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 Central Index Key | 0000054476 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ 25.3 | $ 144.9 | ||||||
Receivables, net of allowance for credit losses of $19.0 and $19.3, respectively | 335.1 | 273.9 | ||||||
Accounts receivable pledged as collateral | 395 | 360 | ||||||
Fuel inventory and supplies | 545 | 504.5 | ||||||
Income taxes receivable | 63.3 | 62.9 | ||||||
Regulatory assets | 331.5 | 206.2 | ||||||
Prepaid expenses and other assets | 106.6 | 71.9 | ||||||
Total Current Assets | 1,801.8 | 1,624.3 | ||||||
PROPERTY, PLANT AND EQUIPMENT, NET | 20,603.9 | 19,951 | ||||||
OTHER ASSETS: | ||||||||
Regulatory assets | 2,003.9 | 1,868.2 | ||||||
Nuclear decommissioning trust fund | 732 | 652.1 | ||||||
Goodwill | 2,336.6 | 2,336.6 | ||||||
Other | 554.3 | 527.7 | ||||||
Total Other Assets | 5,626.8 | 5,384.6 | ||||||
TOTAL ASSETS | 28,182.1 | 27,114.8 | ||||||
CURRENT LIABILITIES: | ||||||||
Notes payable and commercial paper | 620.5 | 315 | ||||||
Collateralized note payable | 395 | 360 | ||||||
Accounts payable | 437 | 654 | ||||||
Accrued taxes | 313.7 | 143.8 | ||||||
Accrued interest | 118.4 | 123.4 | ||||||
Regulatory liabilities | 73.1 | 26.1 | ||||||
Asset retirement obligations | 26.5 | 40.2 | ||||||
Accrued compensation and benefits | 50.9 | 55.5 | ||||||
Other | 164.1 | 182.6 | ||||||
Total Current Liabilities | 2,670.6 | 2,355.8 | ||||||
LONG-TERM LIABILITIES: | ||||||||
Deferred income taxes | 1,829.3 | 1,664.8 | ||||||
Unamortized investment tax credits | 182.7 | 186.7 | ||||||
Regulatory liabilities | 2,676.6 | 2,638.8 | ||||||
Pension and post-retirement liability | 988.7 | 1,149.4 | ||||||
Asset retirement obligations | 920.1 | 901.7 | ||||||
Other | 304.8 | 308.2 | ||||||
Total Long-Term Liabilities | 16,199.5 | 16,040.5 | ||||||
Commitments and Contingencies (Note 10) | ||||||||
Evergy, Inc. Shareholders' Equity: | ||||||||
Common stock - 600,000,000 shares authorized, without par value 229,301,079 and 226,836,670 shares issued, stated value | 7,201.8 | 7,080 | ||||||
Retained earnings | 2,161.3 | 1,702.8 | ||||||
Accumulated other comprehensive loss | (45.3) | (49.4) | ||||||
Total Evergy, Inc. Shareholders' Equity | 9,317.8 | 8,733.4 | ||||||
Noncontrolling Interests | (5.8) | (14.9) | ||||||
Total Equity | 9,312 | $ 8,977.1 | $ 8,794.4 | 8,718.5 | $ 8,784.2 | $ 8,526.9 | $ 8,505.4 | $ 8,545.3 |
TOTAL LIABILITIES AND EQUITY | 28,182.1 | 27,114.8 | ||||||
Consolidated Entity Excluding Variable Interest Entities (VIE) | ||||||||
CURRENT LIABILITIES: | ||||||||
Current maturities of long-term debt | 471.4 | 436.4 | ||||||
LONG-TERM LIABILITIES: | ||||||||
Long-term debt, net | 9,297.3 | 9,190.9 | ||||||
Variable Interest Entities | ||||||||
CURRENT ASSETS: | ||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | 149.6 | 154.9 | ||||||
CURRENT LIABILITIES: | ||||||||
Current maturities of long-term debt | $ 0 | $ 18.8 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||||
Allowance for credit losses | $ 19 | $ 19.3 | $ 15.2 | $ 10.5 |
Common stock - shares authorized (in shares) | 600,000,000 | 600,000,000 | ||
Common stock - shares issued (in shares) | 229,301,079 | 226,836,670 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
OPERATING REVENUES | $ 1,616.5 | $ 1,517.6 | $ 4,464.6 | $ 3,819 |
OPERATING EXPENSES: | ||||
Fuel and purchased power | 355.8 | 316.2 | 1,275 | 832.5 |
SPP network transmission costs | 73.6 | 66.1 | 216.8 | 197.8 |
Operating and maintenance | 265.2 | 304.6 | 800.6 | 865.5 |
Depreciation and amortization | 225 | 218 | 669.5 | 658.1 |
Taxes other than income tax | 96.2 | 91 | 289 | 274.2 |
Total Operating Expenses | 1,015.8 | 995.9 | 3,250.9 | 2,828.1 |
INCOME FROM OPERATIONS | 600.7 | 521.7 | 1,213.7 | 990.9 |
OTHER INCOME (EXPENSE): | ||||
Investment earnings | 8.8 | 1.7 | 18.8 | 4 |
Other income | 11 | 7.1 | 36.9 | 17 |
Other expense | (19.2) | (20.1) | (58.9) | (57.7) |
Total Other Income (Expense), Net | 0.6 | (11.3) | (3.2) | (36.7) |
Interest expense | 93.6 | 94.8 | 281.4 | 290.5 |
INCOME BEFORE INCOME TAXES | 507.7 | 415.6 | 929.1 | 663.7 |
Income tax expense | 57.2 | 50 | 99.8 | 93.8 |
Equity in earnings of equity method investees, net of income taxes | 2 | 1.9 | 6.1 | 6.1 |
NET INCOME | 452.5 | 367.5 | 835.4 | 576 |
Less: Net income attributable to noncontrolling interests | 3.1 | 3 | 9.1 | 8.7 |
Net income attributable to Evergy, Inc. | $ 449.4 | $ 364.5 | $ 826.3 | $ 567.3 |
BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO EVERGY, INC. (see Note 1) | ||||
Basic earnings per common share (in dollars per share) | $ 1.96 | $ 1.60 | $ 3.61 | $ 2.50 |
Diluted earnings per common share (in dollars per share) | $ 1.95 | $ 1.60 | $ 3.60 | $ 2.49 |
AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic (in shares) | 229.7 | 227.3 | 228.8 | 227.2 |
Diluted (in shares) | 230.2 | 227.5 | 229.3 | 227.5 |
COMPREHENSIVE INCOME | ||||
NET INCOME | $ 452.5 | $ 367.5 | $ 835.4 | $ 576 |
Derivative hedging activity | ||||
Reclassification to expenses, net of tax | 1.3 | 1.4 | 4.1 | 1.7 |
Derivative hedging activity, net of tax | 1.3 | 1.4 | 4.1 | 1.7 |
Defined benefit pension plans | ||||
Amortization of net losses included in net periodic benefit costs, net of tax | 0 | 0 | 0 | (0.1) |
Change in unrecognized pension expense, net of tax | 0 | 0 | 0 | (0.1) |
Total other comprehensive income | 1.3 | 1.4 | 4.1 | 1.6 |
COMPREHENSIVE INCOME | 453.8 | 368.9 | 839.5 | 577.6 |
Less:Â Â comprehensive income attributable to noncontrolling interest | 3.1 | 3 | 9.1 | 8.7 |
COMPREHENSIVE INCOME | $ 450.7 | $ 365.9 | $ 830.4 | $ 568.9 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | ||
Net income | $ 835.4 | $ 576 |
Adjustments to reconcile income to net cash from operating activities: | ||
Depreciation and amortization | 669.5 | 658.1 |
Amortization of nuclear fuel | 35.7 | 43.8 |
Amortization of deferred refueling outage | 18.8 | 19.1 |
Amortization of corporate-owned life insurance | 18.5 | 14.8 |
Non-cash compensation | 11.4 | 12.1 |
Net deferred income taxes and credits | 98.6 | 136.5 |
Allowance for equity funds used during construction | (20.8) | (9.9) |
Payments for asset retirement obligations | (10) | (11) |
Equity in earnings of equity method investees, net of income taxes | (6.1) | (6.1) |
Income from corporate-owned life insurance | (13.7) | (6.8) |
Other | (4.5) | 0.7 |
Changes in working capital items: | ||
Accounts receivable | (39.6) | (68.6) |
Accounts receivable pledged as collateral | (35) | (56) |
Fuel inventory and supplies | (40) | (30) |
Prepaid expenses and other current assets | (167.9) | 20.9 |
Accounts payable | (206.8) | (87.5) |
Accrued taxes | 169.5 | 192.3 |
Other current liabilities | (14.1) | (43.9) |
Changes in other assets | (308.7) | 88.4 |
Changes in other liabilities | 45.8 | (21.2) |
Cash Flows from Operating Activities | 1,036 | 1,421.7 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | ||
Additions to property, plant and equipment | (1,394.7) | (1,058.1) |
Purchase of securities - trusts | (108.4) | (50.3) |
Sale of securities - trusts | 95.3 | 44.2 |
Investment in corporate-owned life insurance | (13.5) | (16.4) |
Proceeds from investment in corporate-owned life insurance | 76.3 | 60.6 |
Other investing activities | (4.1) | (9.9) |
Cash Flows used in Investing Activities | (1,349.1) | (1,029.9) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | ||
Short-term debt, net | 301.6 | (361.9) |
Collateralized short-term borrowings, net | 35 | 56 |
Issuance of common stock | 112.5 | 0 |
Proceeds from long-term debt | 497.3 | 889.3 |
Retirements of long-term debt | (351.1) | (251.1) |
Retirements of long-term debt of variable interest entities | (18.8) | (32.3) |
Borrowings against cash surrender value of corporate-owned life insurance | 53.1 | 54.5 |
Repayment of borrowings against cash surrender value of corporate-owned life insurance | (62.1) | (52.5) |
Cash dividends paid | (366.7) | (343.6) |
Other financing activities | (7.3) | (11.8) |
Cash Flows from (used in) Financing Activities | 193.5 | (53.4) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (119.6) | 338.4 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Beginning of period | 144.9 | 23.2 |
End of period | $ 25.3 | $ 361.6 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Common Stock | Retained earnings | AOCI | Non-controlling interests |
Beginning balance (in shares) at Dec. 31, 2019 | 226,641,443 | ||||
Beginning balance at Dec. 31, 2019 | $ 8,545.3 | $ 7,070.4 | $ 1,551.5 | $ (50) | $ (26.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 72.2 | 69.4 | 2.8 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 97,305 | ||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | (3) | $ (3) | |||
Dividends declared on common stock | (114.5) | (114.5) | |||
Dividend equivalents declared | (0.7) | (0.7) | |||
Stock compensation expense | 4.6 | 4.6 | |||
Unearned compensation | |||||
Derivative hedging activity, net of tax | 1.3 | 1.3 | |||
Other | 0.2 | $ 0.2 | |||
Ending balance (in shares) at Mar. 31, 2020 | 226,738,748 | ||||
Ending balance at Mar. 31, 2020 | 8,505.4 | $ 7,072.2 | 1,505.7 | (48.7) | (23.8) |
Beginning balance (in shares) at Dec. 31, 2019 | 226,641,443 | ||||
Beginning balance at Dec. 31, 2019 | 8,545.3 | $ 7,070.4 | 1,551.5 | (50) | (26.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 576 | ||||
Unearned compensation | |||||
Derivative hedging activity, net of tax | 1.7 | ||||
Change in unrecognized pension expense, net of tax | (0.1) | ||||
Ending balance (in shares) at Sep. 30, 2020 | 226,832,410 | ||||
Ending balance at Sep. 30, 2020 | 8,784.2 | $ 7,077 | 1,773.5 | (48.4) | (17.9) |
Beginning balance (in shares) at Mar. 31, 2020 | 226,738,748 | ||||
Beginning balance at Mar. 31, 2020 | 8,505.4 | $ 7,072.2 | 1,505.7 | (48.7) | (23.8) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 136.3 | 133.4 | 2.9 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 86,357 | ||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | (2.9) | $ (2.9) | |||
Dividends declared on common stock | (114.6) | (114.6) | |||
Dividend equivalents declared | (0.4) | (0.4) | |||
Stock compensation expense | 4.1 | 4.1 | |||
Unearned compensation | |||||
Derivative hedging activity, net of tax | (1) | (1) | |||
Change in unrecognized pension expense, net of tax | (0.1) | (0.1) | |||
Other | 0.1 | $ 0.1 | |||
Ending balance (in shares) at Jun. 30, 2020 | 226,825,105 | ||||
Ending balance at Jun. 30, 2020 | 8,526.9 | $ 7,073.5 | 1,524.1 | (49.8) | (20.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 367.5 | 364.5 | 3 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 7,305 | ||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | 0 | ||||
Dividends declared on common stock | (114.5) | (114.5) | |||
Dividend equivalents declared | (0.6) | (0.6) | |||
Stock compensation expense | 3.4 | $ 3.4 | |||
Unearned compensation | |||||
Derivative hedging activity, net of tax | 1.4 | 1.4 | |||
Change in unrecognized pension expense, net of tax | 0 | ||||
Other | 0.1 | $ 0.1 | |||
Ending balance (in shares) at Sep. 30, 2020 | 226,832,410 | ||||
Ending balance at Sep. 30, 2020 | 8,784.2 | $ 7,077 | 1,773.5 | (48.4) | (17.9) |
Beginning balance (in shares) at Dec. 31, 2020 | 226,836,670 | ||||
Beginning balance at Dec. 31, 2020 | 8,718.5 | $ 7,080 | 1,702.8 | (49.4) | (14.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 194.6 | 191.6 | 3 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 104,896 | ||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | (1.1) | $ (1.1) | |||
Issuance of restricted common stock (in shares) | 54,054 | ||||
Issuance of restricted common stock | 2.9 | $ 2.9 | |||
Dividends declared on common stock | (121.4) | (121.4) | |||
Dividend equivalents declared | (0.2) | (0.2) | |||
Stock compensation expense | 2.6 | 2.6 | |||
Unearned compensation | |||||
Issuance of restricted common stock | (2.9) | (2.9) | |||
Compensation expense recognized | 0.4 | 0.4 | |||
Derivative hedging activity, net of tax | 1.4 | 1.4 | |||
Other | (0.4) | $ (0.4) | |||
Ending balance (in shares) at Mar. 31, 2021 | 226,995,620 | ||||
Ending balance at Mar. 31, 2021 | 8,794.4 | $ 7,081.5 | 1,772.8 | (48) | (11.9) |
Beginning balance (in shares) at Dec. 31, 2020 | 226,836,670 | ||||
Beginning balance at Dec. 31, 2020 | 8,718.5 | $ 7,080 | 1,702.8 | (49.4) | (14.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 835.4 | ||||
Unearned compensation | |||||
Derivative hedging activity, net of tax | 4.1 | ||||
Change in unrecognized pension expense, net of tax | 0 | ||||
Ending balance (in shares) at Sep. 30, 2021 | 229,301,079 | ||||
Ending balance at Sep. 30, 2021 | 9,312 | $ 7,201.8 | 2,161.3 | (45.3) | (5.8) |
Beginning balance (in shares) at Mar. 31, 2021 | 226,995,620 | ||||
Beginning balance at Mar. 31, 2021 | 8,794.4 | $ 7,081.5 | 1,772.8 | (48) | (11.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 188.3 | 185.3 | 3 | ||
Issuance of stock, net of issuance costs (in shares) | 2,269,447 | ||||
Issuance of stock, net of issuance costs | 112.5 | $ 112.5 | |||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 31,147 | ||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | (0.6) | $ (0.6) | |||
Dividends declared on common stock | (122.6) | (122.6) | |||
Dividend equivalents declared | (0.5) | (0.5) | |||
Stock compensation expense | 3.8 | 3.8 | |||
Unearned compensation | |||||
Compensation expense recognized | 0.5 | 0.5 | |||
Derivative hedging activity, net of tax | 1.4 | 1.4 | |||
Other | (0.1) | $ (0.1) | |||
Ending balance (in shares) at Jun. 30, 2021 | 229,296,214 | ||||
Ending balance at Jun. 30, 2021 | 8,977.1 | $ 7,197.6 | 1,835 | (46.6) | (8.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 452.5 | 449.4 | 3.1 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 4,865 | ||||
Dividends declared on common stock | (122.7) | (122.7) | |||
Dividend equivalents declared | (0.4) | (0.4) | |||
Stock compensation expense | 3.6 | $ 3.6 | |||
Unearned compensation | |||||
Compensation expense recognized | 0.4 | 0.4 | |||
Derivative hedging activity, net of tax | 1.3 | 1.3 | |||
Change in unrecognized pension expense, net of tax | 0 | ||||
Other | 0.2 | $ 0.2 | |||
Ending balance (in shares) at Sep. 30, 2021 | 229,301,079 | ||||
Ending balance at Sep. 30, 2021 | $ 9,312 | $ 7,201.8 | $ 2,161.3 | $ (45.3) | $ (5.8) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividends declared on common stock (in dollars per share) | $ 0.535 | $ 0.535 | $ 0.535 | $ 0.505 | $ 0.505 | $ 0.505 |
Consolidated Balance Sheets - E
Consolidated Balance Sheets - Evergy Kansas Central, Inc - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 25.3 | $ 144.9 |
Receivables, net of allowance for credit losses of $7.3 and $7.5, respectively | 335.1 | 273.9 |
Accounts receivable pledged as collateral | 395 | 360 |
Fuel inventory and supplies | 545 | 504.5 |
Income taxes receivable | 63.3 | 62.9 |
Regulatory assets | 331.5 | 206.2 |
Prepaid expenses and other assets | 106.6 | 71.9 |
Total Current Assets | 1,801.8 | 1,624.3 |
PROPERTY, PLANT AND EQUIPMENT, NET | 20,603.9 | 19,951 |
OTHER ASSETS: | ||
Regulatory assets | 2,003.9 | 1,868.2 |
Nuclear decommissioning trust fund | 732 | 652.1 |
Other | 554.3 | 527.7 |
Total Other Assets | 5,626.8 | 5,384.6 |
TOTAL ASSETS | 28,182.1 | 27,114.8 |
CURRENT LIABILITIES: | ||
Notes payable and commercial paper | 620.5 | 315 |
Collateralized note payable | 395 | 360 |
Accounts payable | 437 | 654 |
Accrued taxes | 313.7 | 143.8 |
Accrued interest | 118.4 | 123.4 |
Regulatory liabilities | 73.1 | 26.1 |
Asset retirement obligations | 26.5 | 40.2 |
Accrued compensation and benefits | 50.9 | 55.5 |
Other | 164.1 | 182.6 |
Total Current Liabilities | 2,670.6 | 2,355.8 |
LONG-TERM LIABILITIES: | ||
Deferred income taxes | 1,829.3 | 1,664.8 |
Unamortized investment tax credits | 182.7 | 186.7 |
Regulatory liabilities | 2,676.6 | 2,638.8 |
Pension and post-retirement liability | 988.7 | 1,149.4 |
Asset retirement obligations | 920.1 | 901.7 |
Other | 304.8 | 308.2 |
Total Long-Term Liabilities | 16,199.5 | 16,040.5 |
Commitments and Contingencies (Note 10) | ||
Evergy, Inc. Shareholders' Equity: | ||
Common stock | 7,201.8 | 7,080 |
Retained earnings | 2,161.3 | 1,702.8 |
Total Evergy, Inc. Shareholders' Equity | 9,317.8 | 8,733.4 |
Noncontrolling Interests | (5.8) | (14.9) |
Total Equity | 9,312 | 8,718.5 |
TOTAL LIABILITIES AND EQUITY | 28,182.1 | 27,114.8 |
Evergy Kansas Central | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | 11.4 | 28.7 |
Receivables, net of allowance for credit losses of $7.3 and $7.5, respectively | 241.2 | 218.9 |
Related party receivables | 12.4 | 6.7 |
Accounts receivable pledged as collateral | 200 | 180 |
Fuel inventory and supplies | 279.8 | 276.4 |
Income taxes receivable | 14.7 | 25.3 |
Regulatory assets | 180.7 | 96.2 |
Prepaid expenses and other assets | 54.8 | 27.4 |
Total Current Assets | 995 | 859.6 |
PROPERTY, PLANT AND EQUIPMENT, NET | 10,415.3 | 10,193.6 |
OTHER ASSETS: | ||
Regulatory assets | 764.1 | 800.1 |
Nuclear decommissioning trust fund | 353.8 | 309.8 |
Other | 270.3 | 271.1 |
Total Other Assets | 1,388.2 | 1,381 |
TOTAL ASSETS | 12,948.1 | 12,589.1 |
CURRENT LIABILITIES: | ||
Notes payable and commercial paper | 236 | 50 |
Collateralized note payable | 200 | 180 |
Accounts payable | 189.6 | 280.1 |
Related party payables | 15.6 | 21.7 |
Accrued taxes | 162 | 101.5 |
Accrued interest | 64.3 | 72.8 |
Regulatory liabilities | 12.9 | 11.9 |
Asset retirement obligations | 11.2 | 11.2 |
Accrued compensation and benefits | 19.2 | 11.1 |
Other | 112.4 | 133.5 |
Total Current Liabilities | 1,023.2 | 892.6 |
LONG-TERM LIABILITIES: | ||
Deferred income taxes | 848.1 | 824.5 |
Unamortized investment tax credits | 62.8 | 65.7 |
Regulatory liabilities | 1,456.2 | 1,461 |
Pension and post-retirement liability | 453.4 | 560.3 |
Asset retirement obligations | 427 | 416 |
Other | 171.7 | 156.7 |
Total Long-Term Liabilities | 7,352.7 | 7,415.7 |
Commitments and Contingencies (Note 10) | ||
Evergy, Inc. Shareholders' Equity: | ||
Common stock | 2,737.6 | 2,737.6 |
Retained earnings | 1,840.4 | 1,558.1 |
Total Evergy, Inc. Shareholders' Equity | 4,578 | 4,295.7 |
Noncontrolling Interests | (5.8) | (14.9) |
Total Equity | 4,572.2 | 4,280.8 |
TOTAL LIABILITIES AND EQUITY | 12,948.1 | 12,589.1 |
Consolidated Entity Excluding Variable Interest Entities (VIE) | ||
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 471.4 | 436.4 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 9,297.3 | 9,190.9 |
Consolidated Entity Excluding Variable Interest Entities (VIE) | Evergy Kansas Central | ||
CURRENT ASSETS: | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 10,415.3 | 10,193.6 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 3,933.5 | 3,931.5 |
Variable Interest Entities | ||
CURRENT ASSETS: | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 149.6 | 154.9 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 0 | 18.8 |
Variable Interest Entities | Evergy Kansas Central | ||
CURRENT ASSETS: | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 149.6 | 154.9 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | $ 0 | $ 18.8 |
Consolidated Balance Sheets -_2
Consolidated Balance Sheets - Evergy Kansas Central, Inc (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Allowance for credit losses | $ 19 | $ 19.3 |
Common stock - shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock - shares issued (in shares) | 229,301,079 | 226,836,670 |
Evergy Kansas Central | ||
Allowance for credit losses | $ 7.3 | $ 7.5 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
OPERATING REVENUES | $ 1,616.5 | $ 1,517.6 | $ 4,464.6 | $ 3,819 |
OPERATING EXPENSES: | ||||
Fuel and purchased power | 355.8 | 316.2 | 1,275 | 832.5 |
SPP network transmission costs | 73.6 | 66.1 | 216.8 | 197.8 |
Operating and maintenance | 265.2 | 304.6 | 800.6 | 865.5 |
Depreciation and amortization | 225 | 218 | 669.5 | 658.1 |
Taxes other than income tax | 96.2 | 91 | 289 | 274.2 |
Total Operating Expenses | 1,015.8 | 995.9 | 3,250.9 | 2,828.1 |
INCOME FROM OPERATIONS | 600.7 | 521.7 | 1,213.7 | 990.9 |
OTHER INCOME (EXPENSE): | ||||
Investment earnings | 8.8 | 1.7 | 18.8 | 4 |
Other income | 11 | 7.1 | 36.9 | 17 |
Other expense | (19.2) | (20.1) | (58.9) | (57.7) |
Total Other Expense, Net | 0.6 | (11.3) | (3.2) | (36.7) |
Interest expense | 93.6 | 94.8 | 281.4 | 290.5 |
INCOME BEFORE INCOME TAXES | 507.7 | 415.6 | 929.1 | 663.7 |
Income tax expense | 57.2 | 50 | 99.8 | 93.8 |
Equity in earnings of equity method investees, net of income taxes | 2 | 1.9 | 6.1 | 6.1 |
NET INCOME | 452.5 | 367.5 | 835.4 | 576 |
Less: Net income attributable to noncontrolling interests | 3.1 | 3 | 9.1 | 8.7 |
Net income attributable to Evergy, Inc. | 449.4 | 364.5 | 826.3 | 567.3 |
Evergy Kansas Central | ||||
OPERATING REVENUES | 777.8 | 733.6 | 2,277.4 | 1,864.5 |
OPERATING EXPENSES: | ||||
Fuel and purchased power | 143.2 | 128.6 | 543.7 | 329.9 |
SPP network transmission costs | 73.6 | 66.1 | 216.8 | 197.8 |
Operating and maintenance | 126.9 | 137.4 | 387.9 | 376.3 |
Depreciation and amortization | 117.3 | 113.4 | 349.1 | 339 |
Taxes other than income tax | 50.9 | 47.4 | 153.2 | 145.1 |
Total Operating Expenses | 511.9 | 492.9 | 1,650.7 | 1,388.1 |
INCOME FROM OPERATIONS | 265.9 | 240.7 | 626.7 | 476.4 |
OTHER INCOME (EXPENSE): | ||||
Investment earnings | 0.1 | 1 | 0.6 | 3.4 |
Other income | 5.6 | 2.7 | 23.2 | 11.3 |
Other expense | (9.3) | (9.7) | (26.2) | (26.9) |
Total Other Expense, Net | (3.6) | (6) | (2.4) | (12.2) |
Interest expense | 40.1 | 40.3 | 120.2 | 127.7 |
INCOME BEFORE INCOME TAXES | 222.2 | 194.4 | 504.1 | 336.5 |
Income tax expense | 22.6 | 22.5 | 45.7 | 149.2 |
Equity in earnings of equity method investees, net of income taxes | 1.1 | 1.2 | 3 | 3.4 |
NET INCOME | 200.7 | 173.1 | 461.4 | 190.7 |
Less: Net income attributable to noncontrolling interests | 3.1 | 3 | 9.1 | 8.7 |
Net income attributable to Evergy, Inc. | $ 197.6 | $ 170.1 | $ 452.3 | $ 182 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - Evergy Kansas Central, Inc - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | ||
Net income | $ 835.4 | $ 576 |
Adjustments to reconcile income to net cash from operating activities: | ||
Depreciation and amortization | 669.5 | 658.1 |
Amortization of nuclear fuel | 35.7 | 43.8 |
Amortization of deferred refueling outage | 18.8 | 19.1 |
Amortization of corporate-owned life insurance | 18.5 | 14.8 |
Non-cash compensation | 11.4 | 12.1 |
Net deferred income taxes and credits | 98.6 | 136.5 |
Allowance for equity funds used during construction | (20.8) | (9.9) |
Payments for asset retirement obligations | (10) | (11) |
Equity in earnings of equity method investees, net of income taxes | (6.1) | (6.1) |
Income from corporate-owned life insurance | (13.7) | (6.8) |
Other | (4.5) | 0.7 |
Changes in working capital items: | ||
Accounts receivable | (39.6) | (68.6) |
Accounts receivable pledged as collateral | (35) | (56) |
Fuel inventory and supplies | (40) | (30) |
Prepaid expenses and other current assets | (167.9) | 20.9 |
Accounts payable | (206.8) | (87.5) |
Accrued taxes | 169.5 | 192.3 |
Other current liabilities | (14.1) | (43.9) |
Changes in other assets | (308.7) | 88.4 |
Changes in other liabilities | 45.8 | (21.2) |
Cash Flows from Operating Activities | 1,036 | 1,421.7 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | ||
Additions to property, plant and equipment | (1,394.7) | (1,058.1) |
Purchase of securities - trusts | (108.4) | (50.3) |
Sale of securities - trusts | 95.3 | 44.2 |
Investment in corporate-owned life insurance | (13.5) | (16.4) |
Proceeds from investment in corporate-owned life insurance | 76.3 | 60.6 |
Other investing activities | (4.1) | (9.9) |
Cash Flows used in Investing Activities | (1,349.1) | (1,029.9) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | ||
Short-term debt, net | 301.6 | (361.9) |
Collateralized short-term debt, net | 35 | 56 |
Proceeds from long-term debt | 497.3 | 889.3 |
Retirements of long-term debt | (351.1) | (251.1) |
Retirements of long-term debt of variable interest entities | (18.8) | (32.3) |
Borrowings against cash surrender value of corporate-owned life insurance | 53.1 | 54.5 |
Repayment of borrowings against cash surrender value of corporate-owned life insurance | (62.1) | (52.5) |
Cash dividends paid | (366.7) | (343.6) |
Other financing activities | (7.3) | (11.8) |
Cash Flows from (used in) Financing Activities | 193.5 | (53.4) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (119.6) | 338.4 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Beginning of period | 144.9 | 23.2 |
End of period | 25.3 | 361.6 |
Evergy Kansas Central | ||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | ||
Net income | 461.4 | 190.7 |
Adjustments to reconcile income to net cash from operating activities: | ||
Depreciation and amortization | 349.1 | 339 |
Amortization of nuclear fuel | 17.8 | 21.6 |
Amortization of deferred refueling outage | 9.4 | 9.5 |
Amortization of corporate-owned life insurance | 18.5 | 14.8 |
Net deferred income taxes and credits | (2) | 155 |
Allowance for equity funds used during construction | (11.6) | (5.8) |
Payments for asset retirement obligations | (2.3) | (2.1) |
Equity in earnings of equity method investees, net of income taxes | (3) | (3.4) |
Income from corporate-owned life insurance | (13.7) | (6.8) |
Other | (4.1) | (4.1) |
Changes in working capital items: | ||
Accounts receivable | (6.3) | (124.4) |
Accounts receivable pledged as collateral | (20) | (29) |
Fuel inventory and supplies | (2.9) | (12.9) |
Prepaid expenses and other current assets | (116.2) | 7 |
Accounts payable | (74.9) | 88.4 |
Accrued taxes | 71.1 | 61.9 |
Other current liabilities | (55.7) | (47.1) |
Changes in other assets | (81.9) | 33.3 |
Changes in other liabilities | (4.4) | (35.8) |
Cash Flows from Operating Activities | 528.3 | 649.8 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | ||
Additions to property, plant and equipment | (605.4) | (494.2) |
Purchase of securities - trusts | (88) | (16.7) |
Sale of securities - trusts | 82.9 | 16.3 |
Investment in corporate-owned life insurance | (13.5) | (15.6) |
Proceeds from investment in corporate-owned life insurance | 76.3 | 60.6 |
Other investing activities | 2 | (2.3) |
Cash Flows used in Investing Activities | (545.7) | (451.9) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | ||
Short-term debt, net | 184 | (249.2) |
Collateralized short-term debt, net | 20 | 29 |
Proceeds from long-term debt | 0 | 493 |
Retirements of long-term debt | 0 | (250) |
Retirements of long-term debt of variable interest entities | (18.8) | (32.3) |
Borrowings against cash surrender value of corporate-owned life insurance | 50.1 | 51.5 |
Repayment of borrowings against cash surrender value of corporate-owned life insurance | (62.1) | (52.5) |
Cash dividends paid | (170) | (120) |
Other financing activities | (3.1) | (4.2) |
Cash Flows from (used in) Financing Activities | 0.1 | (134.7) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (17.3) | 63.2 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Beginning of period | 28.7 | 5.2 |
End of period | $ 11.4 | $ 68.4 |
Consolidated Statements of Ch_3
Consolidated Statements of Changes in Equity - Evergy Kansas Central, Inc - USD ($) $ in Millions | Total | Common Stock | Retained earnings | Non-controlling interests | Evergy Kansas Central | Evergy Kansas CentralCommon Stock | Evergy Kansas CentralRetained earnings | Evergy Kansas CentralNon-controlling interests |
Beginning balance (in shares) at Dec. 31, 2019 | 226,641,443 | 1 | ||||||
Beginning balance at Dec. 31, 2019 | $ 8,545.3 | $ 7,070.4 | $ 1,551.5 | $ (26.6) | $ 4,205 | $ 2,737.6 | $ 1,494 | $ (26.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 72.2 | 69.4 | 2.8 | 55.2 | 52.4 | 2.8 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 97,305 | |||||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | (3) | $ (3) | ||||||
Dividends declared on common stock | (114.5) | (114.5) | (60) | (60) | ||||
Stock compensation expense | 4.6 | 4.6 | ||||||
Stockholders' Equity, Other | 0.2 | $ 0.2 | ||||||
Ending balance (in shares) at Mar. 31, 2020 | 226,738,748 | 1 | ||||||
Ending balance at Mar. 31, 2020 | 8,505.4 | $ 7,072.2 | 1,505.7 | (23.8) | 4,200.2 | $ 2,737.6 | 1,486.4 | (23.8) |
Beginning balance (in shares) at Dec. 31, 2019 | 226,641,443 | 1 | ||||||
Beginning balance at Dec. 31, 2019 | 8,545.3 | $ 7,070.4 | 1,551.5 | (26.6) | 4,205 | $ 2,737.6 | 1,494 | (26.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 576 | 190.7 | ||||||
Ending balance (in shares) at Sep. 30, 2020 | 226,832,410 | 1 | ||||||
Ending balance at Sep. 30, 2020 | 8,784.2 | $ 7,077 | 1,773.5 | (17.9) | 4,275.7 | $ 2,737.6 | 1,556 | (17.9) |
Beginning balance (in shares) at Mar. 31, 2020 | 226,738,748 | 1 | ||||||
Beginning balance at Mar. 31, 2020 | 8,505.4 | $ 7,072.2 | 1,505.7 | (23.8) | 4,200.2 | $ 2,737.6 | 1,486.4 | (23.8) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 136.3 | 133.4 | 2.9 | (37.6) | (40.5) | 2.9 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 86,357 | |||||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | (2.9) | $ (2.9) | ||||||
Dividends declared on common stock | (114.6) | (114.6) | (60) | (60) | ||||
Stock compensation expense | 4.1 | 4.1 | ||||||
Stockholders' Equity, Other | 0.1 | $ 0.1 | ||||||
Ending balance (in shares) at Jun. 30, 2020 | 226,825,105 | 1 | ||||||
Ending balance at Jun. 30, 2020 | 8,526.9 | $ 7,073.5 | 1,524.1 | (20.9) | 4,102.6 | $ 2,737.6 | 1,385.9 | (20.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 367.5 | 364.5 | 3 | 173.1 | 170.1 | 3 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 7,305 | |||||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | 0 | |||||||
Dividends declared on common stock | (114.5) | (114.5) | ||||||
Stock compensation expense | 3.4 | $ 3.4 | ||||||
Stockholders' Equity, Other | 0.1 | $ 0.1 | ||||||
Ending balance (in shares) at Sep. 30, 2020 | 226,832,410 | 1 | ||||||
Ending balance at Sep. 30, 2020 | 8,784.2 | $ 7,077 | 1,773.5 | (17.9) | 4,275.7 | $ 2,737.6 | 1,556 | (17.9) |
Beginning balance (in shares) at Dec. 31, 2020 | 226,836,670 | 1 | ||||||
Beginning balance at Dec. 31, 2020 | 8,718.5 | $ 7,080 | 1,702.8 | (14.9) | 4,280.8 | $ 2,737.6 | 1,558.1 | (14.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 194.6 | 191.6 | 3 | 181.1 | 178.1 | 3 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 104,896 | |||||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | (1.1) | $ (1.1) | ||||||
Dividends declared on common stock | (121.4) | (121.4) | ||||||
Stock compensation expense | 2.6 | 2.6 | ||||||
Stockholders' Equity, Other | (0.4) | $ (0.4) | ||||||
Ending balance (in shares) at Mar. 31, 2021 | 226,995,620 | 1 | ||||||
Ending balance at Mar. 31, 2021 | 8,794.4 | $ 7,081.5 | 1,772.8 | (11.9) | 4,461.9 | $ 2,737.6 | 1,736.2 | (11.9) |
Beginning balance (in shares) at Dec. 31, 2020 | 226,836,670 | 1 | ||||||
Beginning balance at Dec. 31, 2020 | 8,718.5 | $ 7,080 | 1,702.8 | (14.9) | 4,280.8 | $ 2,737.6 | 1,558.1 | (14.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 835.4 | 461.4 | ||||||
Ending balance (in shares) at Sep. 30, 2021 | 229,301,079 | 1 | ||||||
Ending balance at Sep. 30, 2021 | 9,312 | $ 7,201.8 | 2,161.3 | (5.8) | 4,572.2 | $ 2,737.6 | 1,840.4 | (5.8) |
Beginning balance (in shares) at Mar. 31, 2021 | 226,995,620 | 1 | ||||||
Beginning balance at Mar. 31, 2021 | 8,794.4 | $ 7,081.5 | 1,772.8 | (11.9) | 4,461.9 | $ 2,737.6 | 1,736.2 | (11.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 188.3 | 185.3 | 3 | 79.6 | 76.6 | 3 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 31,147 | |||||||
Issuance of stock compensation and reinvested dividends, net of tax withholding | (0.6) | $ (0.6) | ||||||
Dividends declared on common stock | (122.6) | (122.6) | ||||||
Stock compensation expense | 3.8 | 3.8 | ||||||
Stockholders' Equity, Other | (0.1) | $ (0.1) | ||||||
Ending balance (in shares) at Jun. 30, 2021 | 229,296,214 | 1 | ||||||
Ending balance at Jun. 30, 2021 | 8,977.1 | $ 7,197.6 | 1,835 | (8.9) | 4,541.5 | $ 2,737.6 | 1,812.8 | (8.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 452.5 | 449.4 | 3.1 | 200.7 | 197.6 | 3.1 | ||
Issuance of stock compensation and reinvested dividends, net of tax withholding (in shares) | 4,865 | |||||||
Dividends declared on common stock | (122.7) | (122.7) | (170) | (170) | ||||
Stock compensation expense | 3.6 | $ 3.6 | ||||||
Stockholders' Equity, Other | 0.2 | $ 0.2 | ||||||
Ending balance (in shares) at Sep. 30, 2021 | 229,301,079 | 1 | ||||||
Ending balance at Sep. 30, 2021 | $ 9,312 | $ 7,201.8 | $ 2,161.3 | $ (5.8) | $ 4,572.2 | $ 2,737.6 | $ 1,840.4 | $ (5.8) |
Consolidated Balance Sheets -_3
Consolidated Balance Sheets - Evergy Metro, Inc - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 25.3 | $ 144.9 |
Receivables, net of allowance for credit losses of $8.0 and $8.1, respectively | 335.1 | 273.9 |
Accounts receivable pledged as collateral | 395 | 360 |
Fuel inventory and supplies | 545 | 504.5 |
Income taxes receivable | 63.3 | 62.9 |
Regulatory assets | 331.5 | 206.2 |
Total Current Assets | 1,801.8 | 1,624.3 |
PROPERTY, PLANT AND EQUIPMENT, NET | 20,603.9 | 19,951 |
OTHER ASSETS: | ||
Regulatory assets | 2,003.9 | 1,868.2 |
Nuclear decommissioning trust fund | 732 | 652.1 |
Other | 554.3 | 527.7 |
Total Other Assets | 5,626.8 | 5,384.6 |
TOTAL ASSETS | 28,182.1 | 27,114.8 |
CURRENT LIABILITIES: | ||
Notes payable and commercial paper | 620.5 | 315 |
Collateralized note payable | 395 | 360 |
Accounts payable | 437 | 654 |
Accrued taxes | 313.7 | 143.8 |
Accrued interest | 118.4 | 123.4 |
Regulatory liabilities | 73.1 | 26.1 |
Asset retirement obligations | 26.5 | 40.2 |
Accrued compensation and benefits | 50.9 | 55.5 |
Other | 164.1 | 182.6 |
Total Current Liabilities | 2,670.6 | 2,355.8 |
LONG-TERM LIABILITIES: | ||
Deferred income taxes | 1,829.3 | 1,664.8 |
Unamortized investment tax credits | 182.7 | 186.7 |
Regulatory liabilities | 2,676.6 | 2,638.8 |
Pension and post-retirement liability | 988.7 | 1,149.4 |
Asset retirement obligations | 920.1 | 901.7 |
Other | 304.8 | 308.2 |
Total Long-Term Liabilities | 16,199.5 | 16,040.5 |
Commitments and Contingencies (Note 10) | ||
EQUITY: | ||
Common stock | 7,201.8 | 7,080 |
Retained earnings | 2,161.3 | 1,702.8 |
Accumulated other comprehensive loss | (45.3) | (49.4) |
Total Evergy, Inc. Shareholders' Equity | 9,317.8 | 8,733.4 |
TOTAL LIABILITIES AND EQUITY | 28,182.1 | 27,114.8 |
Evergy Metro | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | 3.6 | 71.6 |
Receivables, net of allowance for credit losses of $8.0 and $8.1, respectively | 82.3 | 45 |
Related party receivables | 368.6 | 225.6 |
Accounts receivable pledged as collateral | 130 | 130 |
Fuel inventory and supplies | 195.5 | 170.4 |
Income taxes receivable | 43 | 3.2 |
Regulatory assets | 88.3 | 82 |
Prepaid expenses | 23.2 | 22.9 |
Other assets | 18.7 | 14.2 |
Total Current Assets | 953.2 | 764.9 |
PROPERTY, PLANT AND EQUIPMENT, NET | 7,337.4 | 7,141.2 |
OTHER ASSETS: | ||
Regulatory assets | 422.1 | 533.5 |
Nuclear decommissioning trust fund | 378.2 | 342.3 |
Other | 134.6 | 133.9 |
Total Other Assets | 934.9 | 1,009.7 |
TOTAL ASSETS | 9,225.5 | 8,915.8 |
CURRENT LIABILITIES: | ||
Collateralized note payable | 130 | 130 |
Accounts payable | 202.8 | 280.1 |
Related party payables | 1.5 | 0.1 |
Accrued taxes | 104.9 | 34.9 |
Accrued interest | 37.1 | 30 |
Regulatory liabilities | 57.2 | 8 |
Asset retirement obligations | 12.1 | 21.2 |
Accrued compensation and benefits | 31.7 | 44.4 |
Other | 43 | 37.3 |
Total Current Liabilities | 620.3 | 586 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net | 2,924.5 | 2,923 |
Deferred income taxes | 605.5 | 558.8 |
Unamortized investment tax credits | 117.4 | 118.5 |
Regulatory liabilities | 940.6 | 899.4 |
Pension and post-retirement liability | 510.9 | 565.1 |
Asset retirement obligations | 359.6 | 357.7 |
Other | 134.4 | 148.1 |
Total Long-Term Liabilities | 5,592.9 | 5,570.6 |
Commitments and Contingencies (Note 10) | ||
EQUITY: | ||
Common stock | 1,563.1 | 1,563.1 |
Retained earnings | 1,444.8 | 1,191.5 |
Accumulated other comprehensive loss | 4.4 | 4.6 |
Total Evergy, Inc. Shareholders' Equity | 3,012.3 | 2,759.2 |
TOTAL LIABILITIES AND EQUITY | $ 9,225.5 | $ 8,915.8 |
Consolidated Balance Sheets -_4
Consolidated Balance Sheets - Evergy Metro, Inc (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Allowance for credit losses | $ 19 | $ 19.3 | $ 15.2 | $ 10.5 |
Common stock - shares authorized (in shares) | 600,000,000 | 600,000,000 | ||
Common stock - shares issued (in shares) | 229,301,079 | 226,836,670 | ||
Evergy Metro | ||||
Allowance for credit losses | $ 8 | $ 8.1 | $ 6.5 | $ 4.6 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
OPERATING REVENUES | $ 1,616.5 | $ 1,517.6 | $ 4,464.6 | $ 3,819 |
OPERATING EXPENSES: | ||||
Fuel and purchased power | 355.8 | 316.2 | 1,275 | 832.5 |
Operating and maintenance | 265.2 | 304.6 | 800.6 | 865.5 |
Depreciation and amortization | 225 | 218 | 669.5 | 658.1 |
Taxes other than income tax | 96.2 | 91 | 289 | 274.2 |
Total Operating Expenses | 1,015.8 | 995.9 | 3,250.9 | 2,828.1 |
INCOME FROM OPERATIONS | 600.7 | 521.7 | 1,213.7 | 990.9 |
OTHER INCOME (EXPENSE): | ||||
Investment earnings | 8.8 | 1.7 | 18.8 | 4 |
Other income | 11 | 7.1 | 36.9 | 17 |
Other expense | (19.2) | (20.1) | (58.9) | (57.7) |
Total Other Expense, Net | 0.6 | (11.3) | (3.2) | (36.7) |
Interest expense | 93.6 | 94.8 | 281.4 | 290.5 |
INCOME BEFORE INCOME TAXES | 507.7 | 415.6 | 929.1 | 663.7 |
Income tax expense | 57.2 | 50 | 99.8 | 93.8 |
Net income attributable to Evergy, Inc. | 449.4 | 364.5 | 826.3 | 567.3 |
Derivative hedging activity | ||||
Reclassification to expenses, net of tax | 1.3 | 1.4 | 4.1 | 1.7 |
Derivative hedging activity, net of tax | 1.3 | 1.4 | 4.1 | 1.7 |
Total other comprehensive loss | 1.3 | 1.4 | 4.1 | 1.6 |
COMPREHENSIVE INCOME | 450.7 | 365.9 | 830.4 | 568.9 |
Evergy Metro | ||||
OPERATING REVENUES | 571.8 | 528.5 | 1,526.7 | 1,328.3 |
OPERATING EXPENSES: | ||||
Fuel and purchased power | 133.2 | 112.2 | 489.3 | 306 |
Operating and maintenance | 87 | 101.3 | 262.1 | 305.7 |
Depreciation and amortization | 81.5 | 79.4 | 238.3 | 243.6 |
Taxes other than income tax | 32.6 | 31.2 | 97.2 | 92.4 |
Total Operating Expenses | 334.3 | 324.1 | 1,086.9 | 947.7 |
INCOME FROM OPERATIONS | 237.5 | 204.4 | 439.8 | 380.6 |
OTHER INCOME (EXPENSE): | ||||
Investment earnings | 0 | 0.5 | 0.1 | 1.3 |
Other income | 4.8 | 4 | 12.1 | 5.1 |
Other expense | (6.3) | (6.9) | (21.8) | (20.2) |
Total Other Expense, Net | (1.5) | (2.4) | (9.6) | (13.8) |
Interest expense | 27.8 | 29.2 | 83.2 | 85.5 |
INCOME BEFORE INCOME TAXES | 208.2 | 172.8 | 347 | 281.3 |
Income tax expense | 26.5 | 25.1 | 43.7 | 5.1 |
Net income attributable to Evergy, Inc. | 181.7 | 147.7 | 303.3 | 276.2 |
Derivative hedging activity | ||||
Reclassification to expenses, net of tax | (0.2) | (0.2) | (0.2) | (0.1) |
Derivative hedging activity, net of tax | (0.2) | (0.2) | (0.2) | (0.1) |
Total other comprehensive loss | (0.2) | (0.2) | (0.2) | (0.1) |
COMPREHENSIVE INCOME | $ 181.5 | $ 147.5 | $ 303.1 | $ 276.1 |
Consolidated Statements of Ca_3
Consolidated Statements of Cash Flows - Evergy Metro, Inc - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | ||
Net income | $ 835.4 | $ 576 |
Adjustments to reconcile income to net cash from operating activities: | ||
Depreciation and amortization | 669.5 | 658.1 |
Amortization of nuclear fuel | 35.7 | 43.8 |
Amortization of deferred refueling outage | 18.8 | 19.1 |
Net deferred income taxes and credits | 98.6 | 136.5 |
Allowance for equity funds used during construction | (20.8) | (9.9) |
Payments for asset retirement obligations | (10) | (11) |
Other | (4.5) | 0.7 |
Changes in working capital items: | ||
Accounts receivable | (39.6) | (68.6) |
Accounts receivable pledged as collateral | (35) | (56) |
Fuel inventory and supplies | (40) | (30) |
Prepaid expenses and other current assets | (167.9) | 20.9 |
Accounts payable | (206.8) | (87.5) |
Accrued taxes | 169.5 | 192.3 |
Other current liabilities | (14.1) | (43.9) |
Changes in other assets | (308.7) | 88.4 |
Changes in other liabilities | 45.8 | (21.2) |
Cash Flows from Operating Activities | 1,036 | 1,421.7 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | ||
Additions to property, plant and equipment | (1,394.7) | (1,058.1) |
Purchase of securities - trusts | (108.4) | (50.3) |
Sale of securities - trusts | 95.3 | 44.2 |
Other investing activities | (4.1) | (9.9) |
Cash Flows used in Investing Activities | (1,349.1) | (1,029.9) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | ||
Short-term debt, net | 301.6 | (361.9) |
Collateralized short-term debt, net | 35 | 56 |
Proceeds from long-term debt | 497.3 | 889.3 |
Retirements of long-term debt | (351.1) | (251.1) |
Cash dividends paid | (366.7) | (343.6) |
Other financing activities | (7.3) | (11.8) |
Cash Flows from Financing Activities | 193.5 | (53.4) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (119.6) | 338.4 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Beginning of period | 144.9 | 23.2 |
End of period | 25.3 | 361.6 |
Evergy Metro | ||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: | ||
Net income | 303.3 | 276.2 |
Adjustments to reconcile income to net cash from operating activities: | ||
Depreciation and amortization | 238.3 | 243.6 |
Amortization of nuclear fuel | 17.9 | 22.1 |
Amortization of deferred refueling outage | 9.4 | 9.5 |
Net deferred income taxes and credits | 16.6 | 3 |
Allowance for equity funds used during construction | (8.7) | (4.1) |
Payments for asset retirement obligations | (4.7) | (2.7) |
Other | (0.3) | (0.3) |
Changes in working capital items: | ||
Accounts receivable | (25.2) | (84.3) |
Accounts receivable pledged as collateral | 0 | (12) |
Fuel inventory and supplies | (25.1) | (10.2) |
Prepaid expenses and other current assets | (14.2) | (4.7) |
Accounts payable | (83.9) | (20.1) |
Accrued taxes | 30.2 | 74.2 |
Other current liabilities | 51.9 | 14.5 |
Changes in other assets | 45.2 | 37.7 |
Changes in other liabilities | 44.6 | 14.2 |
Cash Flows from Operating Activities | 595.3 | 556.6 |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: | ||
Additions to property, plant and equipment | (474.4) | (384.9) |
Purchase of securities - trusts | (20.4) | (33.7) |
Sale of securities - trusts | 12.4 | 27.9 |
Net money pool lending | (138) | (78) |
Other investing activities | 5.5 | 2.5 |
Cash Flows used in Investing Activities | (614.9) | (466.2) |
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: | ||
Short-term debt, net | 0 | (199.3) |
Collateralized short-term debt, net | 0 | 12 |
Proceeds from long-term debt | 0 | 396.4 |
Cash dividends paid | (50) | (80) |
Other financing activities | 1.6 | 2.8 |
Cash Flows from Financing Activities | (48.4) | 131.9 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (68) | 222.3 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Beginning of period | 71.6 | 2 |
End of period | $ 3.6 | $ 224.3 |
Consolidated Statements of Ch_4
Consolidated Statements of Changes in Equity - Evergy Metro, Inc - USD ($) $ in Millions | Total | Common Stock | Retained earnings | Evergy Metro | Evergy MetroCommon Stock | Evergy MetroRetained earnings | Evergy MetroAOCI - Net gains (losses) on cash flow hedges |
Beginning balance (in shares) at Dec. 31, 2019 | 226,641,443 | 1 | |||||
Beginning balance at Dec. 31, 2019 | $ 8,545.3 | $ 7,070.4 | $ 1,551.5 | $ 2,580.7 | $ 1,563.1 | $ 1,012.8 | $ 4.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 72.2 | 69.4 | 25.6 | 25.6 | |||
Dividends declared on common stock | (114.5) | (114.5) | (60) | (60) | |||
Derivative hedging activity, net of tax | 1.3 | (0.1) | (0.1) | ||||
Ending balance (in shares) at Mar. 31, 2020 | 226,738,748 | 1 | |||||
Ending balance at Mar. 31, 2020 | 8,505.4 | $ 7,072.2 | 1,505.7 | 2,546.2 | $ 1,563.1 | 978.4 | 4.7 |
Beginning balance (in shares) at Dec. 31, 2019 | 226,641,443 | 1 | |||||
Beginning balance at Dec. 31, 2019 | 8,545.3 | $ 7,070.4 | 1,551.5 | 2,580.7 | $ 1,563.1 | 1,012.8 | 4.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 576 | 276.2 | |||||
Derivative hedging activity, net of tax | 1.7 | (0.1) | |||||
Ending balance (in shares) at Sep. 30, 2020 | 226,832,410 | 1 | |||||
Ending balance at Sep. 30, 2020 | 8,784.2 | $ 7,077 | 1,773.5 | 2,776.8 | $ 1,563.1 | 1,209 | 4.7 |
Beginning balance (in shares) at Mar. 31, 2020 | 226,738,748 | 1 | |||||
Beginning balance at Mar. 31, 2020 | 8,505.4 | $ 7,072.2 | 1,505.7 | 2,546.2 | $ 1,563.1 | 978.4 | 4.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 136.3 | 133.4 | 102.9 | 102.9 | |||
Dividends declared on common stock | (114.6) | (114.6) | (20) | (20) | |||
Derivative hedging activity, net of tax | (1) | 0.2 | 0.2 | ||||
Ending balance (in shares) at Jun. 30, 2020 | 226,825,105 | 1 | |||||
Ending balance at Jun. 30, 2020 | 8,526.9 | $ 7,073.5 | 1,524.1 | 2,629.3 | $ 1,563.1 | 1,061.3 | 4.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 367.5 | 364.5 | 147.7 | 147.7 | |||
Dividends declared on common stock | (114.5) | (114.5) | |||||
Derivative hedging activity, net of tax | 1.4 | (0.2) | (0.2) | ||||
Ending balance (in shares) at Sep. 30, 2020 | 226,832,410 | 1 | |||||
Ending balance at Sep. 30, 2020 | 8,784.2 | $ 7,077 | 1,773.5 | 2,776.8 | $ 1,563.1 | 1,209 | 4.7 |
Beginning balance (in shares) at Dec. 31, 2020 | 226,836,670 | 1 | |||||
Beginning balance at Dec. 31, 2020 | 8,718.5 | $ 7,080 | 1,702.8 | 2,759.2 | $ 1,563.1 | 1,191.5 | 4.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 194.6 | 191.6 | 33.5 | 33.5 | |||
Dividends declared on common stock | (121.4) | (121.4) | |||||
Derivative hedging activity, net of tax | 1.4 | ||||||
Ending balance (in shares) at Mar. 31, 2021 | 226,995,620 | 1 | |||||
Ending balance at Mar. 31, 2021 | 8,794.4 | $ 7,081.5 | 1,772.8 | 2,792.7 | $ 1,563.1 | 1,225 | 4.6 |
Beginning balance (in shares) at Dec. 31, 2020 | 226,836,670 | 1 | |||||
Beginning balance at Dec. 31, 2020 | 8,718.5 | $ 7,080 | 1,702.8 | 2,759.2 | $ 1,563.1 | 1,191.5 | 4.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 835.4 | 303.3 | |||||
Derivative hedging activity, net of tax | 4.1 | (0.2) | |||||
Ending balance (in shares) at Sep. 30, 2021 | 229,301,079 | 1 | |||||
Ending balance at Sep. 30, 2021 | 9,312 | $ 7,201.8 | 2,161.3 | 3,012.3 | $ 1,563.1 | 1,444.8 | 4.4 |
Beginning balance (in shares) at Mar. 31, 2021 | 226,995,620 | 1 | |||||
Beginning balance at Mar. 31, 2021 | 8,794.4 | $ 7,081.5 | 1,772.8 | 2,792.7 | $ 1,563.1 | 1,225 | 4.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 188.3 | 185.3 | 88.1 | 88.1 | |||
Dividends declared on common stock | (122.6) | (122.6) | |||||
Derivative hedging activity, net of tax | 1.4 | ||||||
Ending balance (in shares) at Jun. 30, 2021 | 229,296,214 | 1 | |||||
Ending balance at Jun. 30, 2021 | 8,977.1 | $ 7,197.6 | 1,835 | 2,880.8 | $ 1,563.1 | 1,313.1 | 4.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 452.5 | 449.4 | 181.7 | 181.7 | |||
Dividends declared on common stock | (122.7) | (122.7) | (50) | (50) | |||
Derivative hedging activity, net of tax | 1.3 | (0.2) | (0.2) | ||||
Ending balance (in shares) at Sep. 30, 2021 | 229,301,079 | 1 | |||||
Ending balance at Sep. 30, 2021 | $ 9,312 | $ 7,201.8 | $ 2,161.3 | $ 3,012.3 | $ 1,563.1 | $ 1,444.8 | $ 4.4 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2021 | |
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. • Evergy Kansas Central, Inc. (Evergy Kansas Central) is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South, Inc. (Evergy Kansas South). • Evergy Metro, Inc. (Evergy Metro) is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas. • Evergy Missouri West, Inc. (Evergy Missouri West) is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri. • Evergy Transmission Company, LLC (Evergy Transmission Company) owns 13.5% of Transource Energy, LLC (Transource) with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a subsidiary of American Electric Power Company, Inc. (AEP). Transource is focused on the development of competitive electric transmission projects. Evergy Transmission Company accounts for its investment in Transource under the equity method. Evergy Kansas Central also owns a 50% interest in Prairie Wind Transmission, LLC (Prairie Wind), which is a joint venture between Evergy Kansas Central and subsidiaries of AEP and Berkshire Hathaway Energy Company. Prairie Wind owns a 108-mile, 345 kV double-circuit transmission line that provides transmission service in the Southwest Power Pool, Inc. (SPP). Evergy Kansas Central accounts for its investment in Prairie Wind under the equity method. Evergy Kansas Central, Evergy Kansas South, Evergy Metro and Evergy Missouri West conduct business in their respective service territories using the name Evergy. Collectively, the Evergy Companies have approximately 15,400 MWs of owned generating capacity and renewable 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. 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 2020 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 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 Evergy (millions) Fuel inventory $ 150.3 $ 145.0 Supplies 394.7 359.5 Fuel inventory and supplies $ 545.0 $ 504.5 Evergy Kansas Central Fuel inventory $ 74.4 $ 79.3 Supplies 205.4 197.1 Fuel inventory and supplies $ 279.8 $ 276.4 Evergy Metro Fuel inventory $ 52.7 $ 44.9 Supplies 142.8 125.5 Fuel inventory and supplies $ 195.5 $ 170.4 Property, Plant and Equipment The following tables summarize the property, plant and equipment of Evergy, Evergy Kansas Central and Evergy Metro. September 30, 2021 Evergy Evergy Kansas Central Evergy Metro (millions) Electric plant in service $ 29,964.3 $ 14,522.1 $ 11,579.2 Electric plant acquisition adjustment 724.3 724.3 — Accumulated depreciation (11,462.2) (5,524.7) (4,724.9) Plant in service, net 19,226.4 9,721.7 6,854.3 Construction work in progress 1,253.2 631.2 421.2 Nuclear fuel, net 123.4 61.5 61.9 Plant to be retired, net (a) 0.9 0.9 — Property, plant and equipment, net $ 20,603.9 $ 10,415.3 $ 7,337.4 December 31, 2020 Evergy Evergy Kansas Central Evergy Metro (millions) Electric plant in service $ 28,914.8 $ 14,095.1 $ 11,161.8 Electric plant acquisition adjustment 724.3 724.3 — Accumulated depreciation (10,998.4) (5,293.5) (4,532.7) Plant in service, net 18,640.7 9,525.9 6,629.1 Construction work in progress 1,153.5 589.1 433.9 Nuclear fuel, net 155.9 77.7 78.2 Plant to be retired, net (a) 0.9 0.9 — Property, plant and equipment, net $ 19,951.0 $ 10,193.6 $ 7,141.2 (a) As of September 30, 2021 and December 31, 2020, 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 2021 2020 2021 2020 Evergy (millions) Non-service cost component of net benefit cost $ (12.8) $ (13.7) $ (41.4) $ (43.7) Other (6.4) (6.4) (17.5) (14.0) Other expense $ (19.2) $ (20.1) $ (58.9) $ (57.7) Evergy Kansas Central Non-service cost component of net benefit cost $ (3.4) $ (4.1) $ (11.1) $ (14.1) Other (5.9) (5.6) (15.1) (12.8) Other expense $ (9.3) $ (9.7) $ (26.2) $ (26.9) Evergy Metro Non-service cost component of net benefit cost $ (5.8) $ (6.5) $ (19.8) $ (19.7) Other (0.5) (0.4) (2.0) (0.5) Other expense $ (6.3) $ (6.9) $ (21.8) $ (20.2) 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, restricted stock and a warrant. Evergy computes the dilutive effects of potential issuances of common shares using the treasury stock method or the contingently issuable share method, as applicable. The following table reconciles Evergy's basic and diluted EPS. Three Months Ended Year to Date 2021 2020 2021 2020 Income (millions, except per share amounts) Net income $ 452.5 $ 367.5 $ 835.4 $ 576.0 Less: Net income attributable to noncontrolling interests 3.1 3.0 9.1 8.7 Net income attributable to Evergy, Inc. $ 449.4 $ 364.5 $ 826.3 $ 567.3 Common Shares Outstanding Weighted average number of common shares outstanding - basic 229.7 227.3 228.8 227.2 Add: Effect of dilutive securities 0.5 0.2 0.5 0.3 Weighted average number of common shares outstanding - dilutive 230.2 227.5 229.3 227.5 Basic EPS $ 1.96 $ 1.60 $ 3.61 $ 2.50 Diluted EPS $ 1.95 $ 1.60 $ 3.60 $ 2.49 There were no anti-dilutive shares excluded from the computation of diluted EPS for the three months ended and year to date September 30, 2021. Anti-dilutive shares excluded from the computation of diluted EPS for the three months ended and year to date September 30, 2020, were 124,136 RSUs with performance measures. Dividends Declared In November 2021, Evergy's Board of Directors (Evergy Board) declared a quarterly dividend of $0.5725 per share on Evergy's common stock. The common dividend is payable on December 20, 2021, to shareholders of record as of November 19, 2021. In November 2021, Evergy Kansas Central's Board of Directors declared a cash dividend to Evergy of up to $70.0 million, payable on December 17, 2021. Supplemental Cash Flow Information Evergy Year to Date September 30 2021 2020 Cash paid for (received from): (millions) Interest, net of amounts capitalized $ 257.0 $ 267.8 Interest of VIEs 0.2 0.8 Income taxes, net of refunds 1.7 (73.8) Right-of-use assets obtained in exchange for new operating lease liabilities 8.1 4.1 Right-of-use assets obtained in exchange for new finance lease liabilities 0.6 5.0 Non-cash investing transactions: Property, plant and equipment additions 184.8 371.0 Non-cash financing transactions: Issuance of stock for compensation and reinvested dividends 0.7 0.9 Evergy Kansas Central Year to Date September 30 2021 2020 Cash paid for (received from): (millions) Interest, net of amounts capitalized $ 105.8 $ 114.1 Interest of VIEs 0.2 0.8 Income taxes, net of refunds 37.2 (6.4) Right-of-use assets obtained in exchange for new operating lease liabilities 3.6 3.8 Right-of-use assets obtained in exchange for new finance lease liabilities 0.6 3.7 Non-cash investing transactions: Property, plant and equipment additions 64.6 183.8 Evergy Metro Year to Date September 30 2021 2020 Cash paid for (received from): (millions) Interest, net of amounts capitalized $ 73.3 $ 73.3 Income taxes, net of refunds 66.8 (7.3) Right-of-use assets obtained in exchange for new operating lease liabilities 4.5 0.3 Right-of-use assets obtained in exchange for new finance lease liabilities — 1.3 Non-cash investing transactions: Property, plant and equipment additions 75.2 165.6 Non-cash property, plant and equipment additions year to date September 30, 2020 for Evergy, Evergy Kansas Central and Evergy Metro include non-cash additions of $259.1 million, $140.7 million and $118.4 million, respectively, related to the revision in estimate of the Wolf Creek Generating Station (Wolf Creek) asset retirement obligation (ARO) liability in the third quarter of 2020. February 2021 Winter Weather Event In February 2021, much of the central and southern United States, including the service territories of the Evergy Companies, experienced a significant winter weather event that resulted in extremely cold temperatures over a multi-day period (February 2021 winter weather event). The February 2021 winter weather event resulted in an increase in the demand for natural gas used by the Evergy Companies for generating electricity and also contributed to the limited availability of other generation resources, including coal and renewables, within the SPP Integrated Marketplace. The Evergy Companies are members of the SPP and, as a result, principally sell and purchase power for the Evergy Companies' retail electric customers through the SPP Integrated Marketplace. These circumstances resulted in higher than normal market prices for both natural gas and power for the duration of the February 2021 winter weather event. These higher than normal market prices also included make-whole payments calculated by the SPP to compensate natural gas generators within the SPP Integrated Marketplace for costs incurred in excess of revenues. As part of the February 2021 winter weather event and inclusive of the aforementioned items, Evergy incurred natural gas and purchased power costs, net of wholesale revenues, of $349.7 million. This $349.7 million of net fuel and purchased power costs was primarily driven by $293.4 million of costs at Evergy Missouri West and $127.9 million of costs at Evergy Kansas Central, partially offset by $71.6 million of net wholesale revenues at Evergy Metro. The amount of purchased power costs incurred by the Evergy Companies during the February 2021 winter weather event is subject to resettlement activity and further review by the SPP. This review and any subsequent resettlement activity could result in increases or decreases to the final amount of purchased power costs incurred by the Evergy Companies during the February 2021 winter weather event and these changes could be material. The Evergy Companies have fuel recovery mechanisms in their Kansas and Missouri jurisdictions, as applicable, that allow them to defer substantially all of any increased fuel and purchased power costs, net of wholesale revenues, to a regulatory asset or liability for future recovery from or refund to customers. Further, in February 2021, the State Corporation Commission of the State of Kansas (KCC) issued an emergency Accounting Authority Order (AAO) that allowed Evergy Kansas Central and Evergy Metro's Kansas jurisdiction to defer to a regulatory asset any extraordinary costs, including carrying costs, incurred to provide electric service during the February 2021 winter weather event for consideration in future rate proceedings. Additionally, in June 2021, Evergy Metro and Evergy Missouri West filed a joint request for an AAO with the Public Service Commission of the State of Missouri (MPSC) that would allow for the extraordinary costs and revenues to provide service during the February 2021 winter weather event, including carrying costs, to be deferred to a regulatory asset or a regulatory liability for consideration in future proceedings. See Note 4 for additional information regarding the AAOs. As of September 30, 2021, the Evergy Companies have deferred substantially all of the fuel and purchased power costs, net of wholesale revenues, related to the February 2021 winter weather event to a regulatory asset or liability pursuant to the mechanisms discussed above. While the Evergy Companies expect to recover substantially all of any increased fuel and purchased power costs related to the February 2021 winter weather event from customers, the timing of the cost recovery could be delayed or spread over a longer than typical recovery timeframe by the KCC or the MPSC to help moderate monthly customer bill impacts given the extraordinary nature of the February 2021 winter weather event. The Evergy Companies also engage in limited non-regulated energy marketing activities in various regional power markets that have historically not had a significant impact on the Evergy Companies' results of operations. These energy marketing margins are recorded net in operating revenues on the Evergy Companies' statements of income and comprehensive income. As a result of the elevated market prices experienced in regional power markets across the central and southern United States driven by the February 2021 winter weather event discussed above, Evergy and Evergy Kansas Central recorded $95.0 million of energy marketing margins in 2021 related to the February 2021 winter weather event, primarily driven by activities in the Electric Reliability Council of Texas (ERCOT). The amount of energy marketing margins recorded as a result of the February 2021 winter weather event is subject to resettlement activities and/or legislative action in Texas that could result in increases or decreases to the final amount of energy marketing margins earned by Evergy and Evergy Kansas Central and these changes could be material. |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Evergy's, Evergy Kansas Central's and Evergy Metro's revenues disaggregated by customer class are summarized in the following tables. Evergy Three Months Ended Year to Date 2021 2020 2021 2020 Revenues (millions) Residential $ 677.4 $ 636.4 $ 1,533.9 $ 1,515.6 Commercial 525.0 499.5 1,293.5 1,272.9 Industrial 166.0 166.8 449.6 446.7 Other retail 9.2 9.5 26.1 29.2 Total electric retail $ 1,377.6 $ 1,312.2 $ 3,303.1 $ 3,264.4 Wholesale 105.0 85.0 662.5 195.8 Transmission 90.3 80.7 266.7 238.5 Industrial steam and other 7.2 5.6 18.3 16.8 Total revenue from contracts with customers $ 1,580.1 $ 1,483.5 $ 4,250.6 $ 3,715.5 Other 36.4 34.1 214.0 103.5 Operating revenues $ 1,616.5 $ 1,517.6 $ 4,464.6 $ 3,819.0 Evergy Kansas Central Three Months Ended Year to Date 2021 2020 2021 2020 Revenues (millions) Residential $ 282.3 $ 262.9 $ 657.3 $ 627.5 Commercial 218.0 205.2 536.8 511.0 Industrial 105.0 105.7 293.0 284.6 Other retail 4.5 4.4 12.9 13.3 Total electric retail $ 609.8 $ 578.2 $ 1,500.0 $ 1,436.4 Wholesale 76.8 68.7 402.7 168.1 Transmission 81.9 72.9 241.5 215.2 Other 0.6 0.9 1.7 2.1 Total revenue from contracts with customers $ 769.1 $ 720.7 $ 2,145.9 $ 1,821.8 Other 8.7 12.9 131.5 42.7 Operating revenues $ 777.8 $ 733.6 $ 2,277.4 $ 1,864.5 Evergy Metro Three Months Ended Year to Date 2021 2020 2021 2020 Revenues (millions) Residential $ 254.5 $ 241.2 $ 550.6 $ 572.2 Commercial 221.9 213.3 542.5 558.1 Industrial 35.9 36.6 91.9 99.6 Other retail 2.8 2.7 7.7 8.9 Total electric retail $ 515.1 $ 493.8 $ 1,192.7 $ 1,238.8 Wholesale 24.0 9.7 237.3 16.7 Transmission 4.3 3.5 12.8 10.4 Other 1.2 0.8 2.6 2.7 Total revenue from contracts with customers $ 544.6 $ 507.8 $ 1,445.4 $ 1,268.6 Other 27.2 20.7 81.3 59.7 Operating revenues $ 571.8 $ 528.5 $ 1,526.7 $ 1,328.3 |
RECEIVABLES
RECEIVABLES | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
RECEIVABLES | RECEIVABLES The Evergy Companies' receivables are detailed in the following table. September 30 December 31 2021 2020 Evergy (millions) Customer accounts receivable - billed $ 27.1 $ 5.3 Customer accounts receivable - unbilled 143.7 110.0 Other receivables 183.3 177.9 Allowance for credit losses (19.0) (19.3) Total $ 335.1 $ 273.9 Evergy Kansas Central Customer accounts receivable - billed $ 12.8 $ — Customer accounts receivable - unbilled 38.0 50.7 Other receivables 197.7 175.7 Allowance for credit losses (7.3) (7.5) Total $ 241.2 $ 218.9 Evergy Metro Customer accounts receivable - billed $ 4.9 $ 3.3 Customer accounts receivable - unbilled 69.9 27.9 Other receivables 15.5 21.9 Allowance for credit losses (8.0) (8.1) Total $ 82.3 $ 45.0 The Evergy Companies' other receivables at September 30, 2021 and December 31, 2020, consisted primarily of receivables from partners in jointly-owned electric utility plants, wholesale sales receivables and receivables related to alternative revenue programs. The Evergy Companies' other receivables also included receivables from contracts with customers as summarized in the following table. September 30 December 31 2021 2020 (millions) Evergy $ 85.3 $ 57.5 Evergy Kansas Central 82.7 49.9 Evergy Metro 1.7 6.9 The change in the Evergy Companies' allowance for credit losses is summarized in the following table. 2021 2020 Evergy (millions) Beginning balance January 1 $ 19.3 $ 10.5 Credit loss expense 7.6 15.5 Write-offs (17.1) (20.8) Recoveries of prior write-offs 9.2 10.0 Ending balance September 30 $ 19.0 $ 15.2 Evergy Kansas Central Beginning balance January 1 $ 7.5 $ 3.8 Credit loss expense 3.2 6.9 Write-offs (6.9) (7.3) Recoveries of prior write-offs 3.5 2.1 Ending balance September 30 $ 7.3 $ 5.5 Evergy Metro Beginning balance January 1 $ 8.1 $ 4.6 Credit loss expense 2.8 5.5 Write-offs (6.9) (8.9) Recoveries of prior write-offs 4.0 5.3 Ending balance September 30 $ 8.0 $ 6.5 Sale of Accounts Receivable Evergy Kansas Central, Evergy Metro and Evergy Missouri West sell an undivided percentage ownership interest in their retail electric accounts receivable to independent outside investors. These sales are accounted for as secured borrowings with accounts receivable pledged as collateral and a corresponding short-term collateralized note payable recognized on the balance sheets. The Evergy Companies' accounts receivable pledged as collateral and the corresponding short-term collateralized note payable are summarized in the following table. September 30 December 31 2021 2020 (millions) Evergy $ 395.0 $ 360.0 Evergy Kansas Central 200.0 180.0 Evergy Metro 130.0 130.0 Each receivable sale facility expires in 2024. Evergy Kansas Central's facility allows for $185.0 million in aggregate outstanding principal amount of borrowings from mid-October through mid-June and then $200.0 million from mid-June through mid-October. Evergy Metro's facility allows for $130.0 million in aggregate outstanding principal amount of borrowings at any time. Evergy Missouri West's facility allows for $50.0 million in aggregate outstanding principal amount of borrowings from mid-November through mid-June and then $65.0 million from mid-June through mid-November. |
RATE MATTERS AND REGULATION
RATE MATTERS AND REGULATION | 9 Months Ended |
Sep. 30, 2021 | |
Regulated Operations [Abstract] | |
RATE MATTERS AND REGULATION | RATE MATTERS AND REGULATION KCC Proceedings Evergy Kansas Central 2021 Transmission Delivery Charge (TDC) In April 2021, the KCC issued an order adjusting Evergy Kansas Central's retail prices to include updated transmission costs as reflected in the Federal Energy Regulatory Commission (FERC) transmission formula rate (TFR). The new prices were effective in April 2021 and are expected to increase Evergy Kansas Central's annual retail revenues by $37.9 million when compared to 2020. Evergy Metro 2021 TDC In April 2021, 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 2021 and are expected to decrease Evergy Metro's annual retail revenues by $2.4 million when compared to 2020. Evergy Kansas Central and Evergy Metro Earnings Review and Sharing Plan (ERSP) As part of their merger settlement agreement with the KCC, Evergy Kansas Central and Evergy Metro agreed to participate in an ERSP for the years 2019 through 2022. Under the ERSP, Evergy Kansas Central's and Evergy Metro's Kansas jurisdiction are required to refund to customers 50% of annual earnings in excess of their authorized return on equity of 9.3% to the extent the excess earnings exceed the amount of annual bill credits that Evergy Kansas Central and Evergy Metro agreed to provide in connection with the merger that resulted in the formation of Evergy. Evergy Kansas Central's and Evergy Metro's 2020 calculations of annual earnings did not result in a significant refund obligation. These calculations were filed with the KCC in March 2021. As of September 30, 2021, Evergy Kansas Central and Evergy Metro estimate their 2021 annual earnings will not result in a significant refund obligation. The final refund obligations for 2020 and 2021 will be decided by the KCC and could vary from the current estimates. Evergy Kansas Central and Evergy Metro February 2021 Winter Weather Event AAO In February 2021, the KCC issued an emergency AAO directing all Kansas-jurisdictional natural gas and electric utilities, including Evergy Kansas Central and Evergy Metro, to defer to a regulatory asset or regulatory liability any extraordinary costs or revenues, including carrying costs, to provide electric service during the February 2021 winter weather event for consideration in future rate proceedings. As of September 30, 2021, Evergy Kansas Central had recognized a regulatory asset pursuant to the AAO of $115.0 million related to its costs incurred during the February 2021 winter weather event, primarily consisting of increased fuel and purchased power costs. As of September 30, 2021, Evergy Metro's Kansas jurisdiction had recognized a regulatory liability of $42.4 million related to its increased wholesale revenues during the February 2021 winter weather event. In July 2021, Evergy Kansas Central and Evergy Metro made a joint filing with the KCC regarding the timing and method of recovery or refund for costs and revenues deferred pursuant to the February 2021 winter weather event AAO. In the filing, Evergy Kansas Central and Evergy Metro requested to recover or refund, as appropriate, their deferred February 2021 winter weather event amounts to customers through their fuel recovery mechanisms over two years and one year, respectively, beginning in April 2022. As part of the filing, Evergy Metro also requested an approximately $6 million decrease to its February 2021 winter weather event refund to Kansas customers, which is not currently reflected in its regulatory liability for the February 2021 winter weather event, for jurisdictional allocation differences in its Kansas and Missouri fuel recovery mechanisms. A decision by the KCC regarding Evergy Kansas Central's and Evergy Metro's request is expected in the first half of 2022. Lawrence Energy Center (LEC) Unit 4 Securitization In April 2021, the state of Kansas passed the Utility Financing and Securitization Act (UFSA) which allows certain public utilities, including Evergy Kansas Central and Evergy Metro, to securitize utility assets in order to recover energy transition costs relating to the early retirement of certain generating assets. To recover the energy transition costs through securitization as allowed in the UFSA, a public utility must obtain a predetermination order from the KCC finding that the retirement of the subject generation facility is reasonable. Upon the receipt of a successful predetermination order, the public utility must then file an application with the KCC for a financing order to issue securitized bonds to recover the energy transition costs. The UFSA also allows the pursuit of securitization to help finance qualified extraordinary expenses, such as fuel costs incurred during extreme weather events. In September 2021, Evergy Kansas Central filed a predetermination request with the KCC for the ratemaking principles and treatment related to its planned investment in approximately 190 MW of solar generation and the planned retirement of coal-fired LEC Unit 4 and related coal-handling facilities for LEC Units 4 and 5, both of which are expected to occur between December 2023 and the first half of 2024. An evidentiary hearing in the case is currently scheduled to begin in January 2022 and a decision by the KCC regarding the request is expected in the first or second quarter of 2022. If the KCC finds that Evergy Kansas Central's planned retirement of LEC Unit 4 and investment in 190 MW of solar generation is prudent as part of the predetermination request, Evergy Kansas Central then plans to file an application with the KCC later in 2022 for a financing order authorizing the issuance of securitized bonds to recover energy transition costs associated with the retirement of LEC Unit 4 and the related coal-handling facilities for LEC Units 4 and 5. MPSC Proceedings Evergy Missouri West Other Proceedings In December 2018, the Office of the Public Counsel (OPC) and the Midwest Energy Consumers Group (MECG) filed a petition with the MPSC requesting an AAO that would require Evergy Missouri West to record a regulatory liability for all revenues collected from customers for return on investment, non-fuel operations and maintenance costs, taxes including accumulated deferred income taxes, and all other costs associated with Sibley Station following the station’s retirement in November 2018. In October 2019, the MPSC granted OPC's and MECG's request for an AAO and required Evergy Missouri West to record a regulatory liability for the revenues discussed above for consideration in Evergy Missouri West's next rate case, which is expected to be completed no later than the end of 2022. Depending on the MPSC's decision in this next rate case, Evergy Missouri West could be required to refund to customers all or a portion of amounts collected in revenue for Sibley Station since December 2018 or, alternatively, could be required to make no refunds. As a result of the MPSC order, Evergy has recorded a regulatory liability of $26.5 million as of September 30, 2021 for the estimated amount of revenues that Evergy Missouri West has collected from customers for Sibley Station since December 2018 that Evergy has determined is probable of refund. Evergy expects that it will continue to defer such amounts as collected from customers until new rates become effective in Evergy Missouri West's next rate case. The accrual for this estimated amount does not include certain revenues collected related to Sibley Station that Evergy has determined to not be probable of refund in the next rate case based on the relevant facts and circumstances. Although Evergy has determined these additional revenues to not be probable of refund, the ultimate resolution of this matter in the next Evergy Missouri West rate case is uncertain and could result in an estimated loss of up to approximately $12 million per year in excess of the amount accrued until new rates become effective. Evergy's regulatory liability for probable refunds as of September 30, 2021 and estimated loss in excess of the amount accrued represent estimates that could change significantly based on ongoing developments including decisions in other regulatory proceedings that establish precedent applicable to this matter and positions of parties on this issue in a future Evergy Missouri West rate case. Evergy Metro and Evergy Missouri West February 2021 Winter Weather Event AAO In June 2021, Evergy Metro and Evergy Missouri West filed a joint request for an AAO with the MPSC that would allow Evergy Metro and Evergy Missouri West to defer to a regulatory asset or regulatory liability any extraordinary costs or revenues, including carrying costs, to provide electric service during the February 2021 winter weather event for consideration in future proceedings. Evergy Metro and Evergy Missouri West have currently deferred substantially all of their fuel and purchased power costs, net of wholesale revenues, related to the February 2021 winter weather event to a regulatory asset or liability pursuant to their ability to recover or refund these amounts through their fuel recovery mechanisms, which allow for the recovery or refund of 95% of increases in fuel and purchased power costs, net of wholesale revenues, to customers. This AAO request is intended to address the recovery or refund of the February 2021 winter weather event amounts separate from the normal fuel recovery mechanism process given the extraordinary nature of the February 2021 winter weather event and to help moderate customer bill impacts. As of September 30, 2021, Evergy Metro's Missouri jurisdiction had recognized a regulatory liability of $28.0 million related to its increased wholesale revenues during the February 2021 winter weather event. As of September 30, 2021, Evergy Missouri West had recognized a regulatory asset of $278.7 million related to its costs incurred during the February 2021 winter weather event, primarily consisting of increased fuel and purchased power costs. In the AAO filing, Evergy Metro requested to refund its deferred February 2021 winter weather event amounts to customers through its fuel recovery mechanism over one year, beginning in April 2022. In the same AAO filing, Evergy Missouri West requested to exclude its deferred February 2021 winter weather event amounts from recovery through its fuel recovery mechanism and indicated its intent to recover them through issuing securitized bonds pursuant to the securitization legislation signed into law in Missouri in July 2021. As part of the filing, Evergy Metro also requested an approximately $5 million decrease to its February 2021 winter weather refund to Missouri customers, which is not currently reflected in its regulatory liability for the February 2021 winter weather event, for jurisdictional allocation differences in its Kansas and Missouri fuel recovery mechanisms and for the portion of net wholesale revenues not traditionally refundable because of the 5% sharing provision of its fuel recovery mechanism. Evergy Missouri West requested an approximately $15 million increase to its February 2021 winter weather event recovery from Missouri customers, which is not currently reflected in its regulatory asset for the February 2021 winter weather event, for the portion of net fuel and purchased power costs not traditionally recoverable because of the 5% sharing provision of its fuel recovery mechanism. A decision by the MPSC regarding Evergy Metro's and Evergy Missouri West's AAO request is expected by the end of 2021. FERC Proceedings In October of each year, Evergy Kansas Central and Evergy Metro post an updated TFR that includes projected transmission capital expenditures and operating costs for the following year. This rate is the most significant component in the retail rate calculation for Evergy Kansas Central's and Evergy Metro's annual request with the KCC to adjust retail prices to include updated transmission costs through the TDC. Evergy Kansas Central TFR In the most recent two years, the updated TFR was expected to adjust Evergy Kansas Central's annual transmission revenues by approximately: • $32.4 million increase effective in January 2021; and • $6.8 million increase effective in January 2020. Evergy Metro TFR In the most recent two years, the updated TFR was expected to adjust Evergy Metro's annual transmission revenues by approximately: • $3.9 million decrease effective in January 2021; and • $1.7 million decrease effective in January 2020. |
GOODWILL
GOODWILL | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILLGAAP requires goodwill to be tested for impairment annually and when an event occurs indicating the possibility that an impairment exists. Evergy's impairment test for the $2,336.6 million of goodwill that was recorded as a result of the Great Plains Energy Incorporated (Great Plains Energy) and Evergy Kansas Central merger was conducted as of May 1, 2021. 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, 2021 | |
Retirement Benefits [Abstract] | |
PENSION PLANS AND POST-RETIREMENT BENEFITS | PENSION PLANS AND POST-RETIREMENT BENEFITS Evergy and certain of its subsidiaries maintain, and Evergy Kansas Central and Evergy Metro participate in, qualified non-contributory defined benefit pension plans covering the majority of Evergy Kansas Central's and Evergy Metro's employees as well as certain non-qualified plans covering certain active and retired officers. Evergy is also responsible for its indirect 94% ownership share of Wolf Creek's defined benefit plans, consisting of Evergy Kansas South's and Evergy Metro's respective 47% ownership shares. For the majority of employees, pension benefits under these plans reflect the employees' compensation, years of service and age at retirement. However, for the plan covering Evergy Kansas Central's employees, the benefits for non-union employees hired between 2002 and the second quarter of 2018 and union employees hired beginning in 2012 are derived from a cash balance account formula. The plan was closed to future non-union employees in 2018. For the plans covering Evergy Metro's employees, the benefits for union employees hired beginning in 2014 are derived from a cash balance account formula and the plans were closed to future non-union employees in 2014. Evergy and its subsidiaries also provide post-retirement health care and life insurance benefits for certain retirees 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, 2021, Evergy, Evergy Kansas Central and Evergy Metro recorded pension settlement charges of $30.4 million, $22.5 million and $12.5 million, respectively. For the three months ended and year to date September 30, 2020, Evergy and Evergy Metro recorded pension settlement charges of $10.0 million and $12.7 million, respectively. These settlement charges were the result of accelerated distributions as a result of employee retirements and annuity purchases for certain plan participants. Evergy, Evergy Kansas Central and Evergy Metro deferred substantially all of the charges to a regulatory asset and expect to recover these amounts over future periods pursuant to regulatory agreements. The following 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, 2021 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 21.0 $ 7.4 $ 13.6 $ 0.8 $ 0.4 $ 0.4 Interest cost 21.2 10.3 10.7 2.0 1.0 1.0 Expected return on plan assets (26.5) (13.6) (14.2) (2.3) (1.6) (0.7) Prior service cost 0.5 0.5 — 0.1 0.2 (0.3) Recognized net actuarial loss 14.7 9.8 11.1 0.4 0.1 — Settlement and special termination benefits 30.4 22.5 12.5 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 61.3 36.9 33.7 1.0 0.1 0.4 Regulatory adjustment (20.1) (22.6) (7.1) (1.2) (0.9) 0.1 Intercompany allocations — 1.0 (6.8) — 0.1 (0.1) Net periodic benefit costs (income) $ 41.2 $ 15.3 $ 19.8 $ (0.2) $ (0.7) $ 0.4 Pension Benefits Post-Retirement Benefits Year to Date September 30, 2021 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 63.3 $ 22.3 $ 41.0 $ 2.5 $ 1.2 $ 1.3 Interest cost 63.8 31.0 32.3 5.9 3.0 2.9 Expected return on plan assets (80.1) (40.7) (43.1) (6.7) (4.7) (2.0) Prior service cost 1.5 1.5 — 0.4 0.4 (0.8) Recognized net actuarial (gain)/loss 44.2 29.1 33.4 1.0 0.4 (0.1) Settlement and special termination benefits 30.4 22.5 12.5 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 123.1 65.7 76.1 3.1 0.3 1.3 Regulatory adjustment (6.4) (23.4) (2.5) (3.7) (2.5) 0.2 Intercompany allocations — 2.2 (19.0) — 0.1 (0.3) Net periodic benefit costs (income) $ 116.7 $ 44.5 $ 54.6 $ (0.6) $ (2.1) $ 1.2 Pension Benefits Post-Retirement Benefits Three Months Ended September 30, 2020 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 20.1 $ 6.8 $ 13.3 $ 0.7 $ 0.3 $ 0.4 Interest cost 24.0 11.7 12.1 2.3 1.2 1.1 Expected return on plan assets (26.3) (13.3) (13.5) (2.4) (1.7) (0.7) Prior service cost 0.4 0.4 0.2 0.1 0.1 — Recognized net actuarial (gain)/loss 12.1 8.5 11.6 0.1 — (0.1) Settlement and special termination benefits 10.0 — 12.7 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 40.3 14.1 36.4 0.8 (0.1) 0.7 Regulatory adjustment (0.4) 0.4 (11.3) (1.0) (0.7) (0.2) Intercompany allocations — 1.6 (5.8) — 0.1 (0.1) Net periodic benefit costs (income) $ 39.9 $ 16.1 $ 19.3 $ (0.2) $ (0.7) $ 0.4 Pension Benefits Post-Retirement Benefits Year to Date September 30, 2020 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 59.2 $ 20.4 $ 38.8 $ 2.1 $ 0.9 $ 1.2 Interest cost 72.9 35.2 37.1 6.9 3.6 3.3 Expected return on plan assets (79.7) (39.9) (41.5) (7.0) (5.0) (2.0) Prior service cost 1.3 1.2 0.6 0.3 0.3 — Recognized net actuarial (gain)/loss 34.8 25.4 34.2 0.2 — (0.4) Settlement and special termination benefits 10.0 — 12.7 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 98.5 42.3 81.9 2.5 (0.2) 2.1 Regulatory adjustment 18.6 1.1 (9.2) (2.9) (2.1) (0.3) Intercompany allocations — (0.1) (17.0) — 0.1 (0.1) Net periodic benefit costs (income) $ 117.1 $ 43.3 $ 55.7 $ (0.4) $ (2.2) $ 1.7 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, 2021, Evergy, Evergy Kansas Central and Evergy Metro made pension contributions of $41.7 million, $26.2 million and $15.5 million, respectively. Evergy expects to make additional pension contributions of $68.2 million in 2021 to satisfy the Employee Retirement Income Security Act of 1974, as amended (ERISA) funding requirements and KCC and MPSC rate orders, of which $11.1 million is expected to be paid by Evergy Kansas Central and $57.1 million is expected to be paid by Evergy Metro. Year to date September 30, 2021, Evergy, Evergy Kansas Central and Evergy Metro made post-retirement benefit contributions of $1.2 million, $0.6 million and $0.6 million, respectively. Evergy, Evergy Kansas Central and Evergy Metro expect to make additional contributions in 2021 of $3.7 million, $0.5 million and $3.2 million, respectively, 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, 2021 | |
Debt Disclosure [Abstract] | |
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT | SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT In August 2021, Evergy amended and restated its $2.5 billion master credit facility and extended the maturity until 2026. Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West have borrowing capacity under the master credit facility with specific sublimits for each borrower. These sublimits can be unilaterally adjusted by Evergy for each borrower provided the sublimits remain within minimum and maximum sublimits as specified in the facility. Evergy adjusted these sublimits in the first quarter of 2021 as further detailed in the table below. The applicable interest rates and commitment fees of the facility are subject to upward or downward adjustments, within certain limitations, if Evergy achieves, or fails to achieve, certain sustainability-linked targets based on two key performance indicator metrics: (i) Non-Emitting Generation Capacity and (ii) Diverse Supplier Spend (as defined in the facility). A default by any borrower under the facility or one of its significant subsidiaries on other indebtedness totaling more than $100.0 million constitutes a default by that borrower under the facility. Under the terms of this facility, each of Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West is required to maintain a total indebtedness to total capitalization ratio, as defined in the facility, of not greater than 0.65 to 1.00 at all times. As of September 30, 2021, Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West were in compliance with this covenant. The following table summarizes the committed credit facilities (excluding receivable sale facilities discussed in Note 3) available to the Evergy Companies as of September 30, 2021 and December 31, 2020. Amounts Drawn Master Credit Facility Commercial Paper Letters of Credit Cash Borrowings Available Borrowings Weighted Average Interest Rate on Short-Term Borrowings September 30, 2021 (millions) Evergy, Inc. $ 700.0 $ 289.0 $ 0.7 $ — $ 410.3 0.21% Evergy Kansas Central 750.0 236.0 0.1 — 513.9 0.19% Evergy Metro 350.0 — — — 350.0 —% Evergy Missouri West 700.0 95.5 — — 604.5 0.17% Evergy $ 2,500.0 $ 620.5 $ 0.8 $ — $ 1,878.7 December 31, 2020 Evergy, Inc. $ 450.0 n/a $ 0.7 $ 200.0 $ 249.3 1.40% Evergy Kansas Central 1,000.0 50.0 17.0 — 933.0 0.23% Evergy Metro 600.0 — — — 600.0 —% Evergy Missouri West 450.0 65.0 2.0 — 383.0 0.36% Evergy $ 2,500.0 $ 115.0 $ 19.7 $ 200.0 $ 2,165.3 In May 2021, Evergy, Inc. established a commercial paper program supported by its borrowing capacity under the master credit facility. |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Senior Notes In April 2021, Evergy Missouri West issued in a private placement $350.0 million of 2.86% Series A Senior Notes, maturing in 2031, $75.0 million of 3.01% Series B Senior Notes, maturing in 2033, and $75.0 million of 3.21% Series C Senior Notes, maturing in 2036, pursuant to a note purchase agreement. In connection with the issuance, Evergy entered into an agreement to provide an unconditional guaranty of the Series A, B and C Senior Notes, and as required by certain existing note purchase agreements, also agreed to provide unconditional guaranty of the following series of outstanding Evergy Missouri West unsecured senior notes: • $36.0 million of 3.49% Series A, maturing in 2025; • $60.0 million of 4.06% Series B, maturing in 2033; • $150.0 million of 4.74% Series C, maturing in 2043; and • $100.0 million of 3.74% Series, maturing in 2022. In April 2021, Evergy redeemed its $350.0 million of 4.85% Senior Notes, which had a maturity date of June 2021. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2021 | |
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. 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, 2021 December 31, 2020 Book Value Fair Value Book Value Fair Value Long-term debt (a) (millions) Evergy (b) $ 9,768.7 $ 10,967.0 $ 9,627.3 $ 11,274.2 Evergy Kansas Central 3,933.5 4,552.9 3,931.5 4,801.7 Evergy Metro 2,924.5 3,440.2 2,923.0 3,591.2 Long-term debt of variable interest entities (a) Evergy $ — $ — $ 18.8 $ 19.1 Evergy Kansas Central — — 18.8 19.1 (a) Includes current maturities. (b) Book value as of September 30, 2021 and December 31, 2020, includes $100.3 million and $110.4 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, 2021 Level 1 Level 2 Level 3 NAV Evergy Kansas Central (millions) Assets Nuclear decommissioning trust (a) Domestic equity funds $ 131.1 $ 118.7 $ — $ — $ 12.4 International equity funds 71.6 71.6 — — — Core bond fund 57.7 57.7 — — — High-yield bond fund 29.3 29.3 — — — Emerging markets bond fund 17.9 17.9 — — — Alternative investments fund 31.5 — — — 31.5 Real estate securities fund 14.1 — — — 14.1 Cash equivalents 0.6 0.6 — — — Total nuclear decommissioning trust 353.8 295.8 — — 58.0 Rabbi trust Fixed income funds 19.7 19.7 — — — Equity funds 9.4 9.4 — — — Combination debt/equity/other fund 2.4 2.4 — — — Cash equivalents 0.1 0.1 — — — Total rabbi trust 31.6 31.6 — — — Total $ 385.4 $ 327.4 $ — $ — $ 58.0 Evergy Metro Assets Nuclear decommissioning trust (a) Equity securities $ 278.0 $ 278.0 $ — $ — $ — Debt securities U.S. Treasury 47.3 47.3 — — — U.S. Agency 0.4 — 0.4 — — State and local obligations 4.0 — 4.0 — — Corporate bonds 44.5 — 44.5 — — Foreign governments 0.1 — 0.1 — — Cash equivalents 3.2 3.2 — — — Other 0.7 — 0.7 — — Total nuclear decommissioning trust 378.2 328.5 49.7 — — Self-insured health plan trust (b) Equity securities 1.9 1.9 — — — Debt securities 8.9 2.7 6.2 — — Cash and cash equivalents 3.1 3.1 — — — Total self-insured health plan trust 13.9 7.7 6.2 — — Total $ 392.1 $ 336.2 $ 55.9 $ — $ — Other Evergy Assets Rabbi trusts Core bond fund $ 12.5 $ 12.5 $ — $ — $ — Total rabbi trusts $ 12.5 $ 12.5 $ — $ — $ — Evergy Assets Nuclear decommissioning trust (a) $ 732.0 $ 624.3 $ 49.7 $ — $ 58.0 Rabbi trusts 44.1 44.1 — — — Self-insured health plan trust (b) 13.9 7.7 6.2 — — Total $ 790.0 $ 676.1 $ 55.9 $ — $ 58.0 Description December 31, 2020 Level 1 Level 2 Level 3 NAV Evergy Kansas Central (millions) Assets Nuclear decommissioning trust (a) Domestic equity funds $ 102.7 $ 95.1 $ — $ — $ 7.6 International equity funds 63.8 63.8 — — — Core bond fund 40.6 40.6 — — — High-yield bond fund 25.0 25.0 — — — Emerging markets bond fund 21.0 21.0 — — — Combination debt/equity/other fund 20.1 20.1 — — — Alternative investments fund 23.2 — — — 23.2 Real estate securities fund 12.9 — — — 12.9 Cash equivalents 0.5 0.5 — — — Total nuclear decommissioning trust 309.8 266.1 — — 43.7 Rabbi trust Core bond fund 25.6 — — — 25.6 Combination debt/equity/other fund 7.1 — — — 7.1 Total rabbi trust 32.7 — — — 32.7 Total $ 342.5 $ 266.1 $ — $ — $ 76.4 Evergy Metro Assets Nuclear decommissioning trust (a) Equity securities $ 243.1 $ 243.1 $ — $ — $ — Debt securities U.S. Treasury 47.7 47.7 — — — U.S. Agency 0.5 — 0.5 — — State and local obligations 4.1 — 4.1 — — Corporate bonds 43.1 — 43.1 — — Foreign governments 0.1 — 0.1 — — Cash equivalents 3.2 3.2 — — — Other 0.5 0.5 — — — Total nuclear decommissioning trust 342.3 294.5 47.8 — — Self-insured health plan trust (b) Equity securities 1.7 1.7 — — — Debt securities 8.0 2.8 5.2 — — Cash and cash equivalents 3.5 3.5 — — — Total self-insured health plan trust 13.2 8.0 5.2 — — Total $ 355.5 $ 302.5 $ 53.0 $ — $ — Other Evergy Assets Rabbi trusts Fixed income fund $ 13.1 $ — $ — $ — $ 13.1 Cash and cash equivalents 0.5 0.5 — — — Total rabbi trusts $ 13.6 $ 0.5 $ — $ — $ 13.1 Evergy Assets Nuclear decommissioning trust (a) $ 652.1 $ 560.6 $ 47.8 $ — $ 43.7 Rabbi trust 46.3 0.5 — — 45.8 Self-insured health plan trust (b) 13.2 8.0 5.2 — — Total $ 711.6 $ 569.1 $ 53.0 $ — $ 89.5 (a) With the exception of investments measured at NAV, fair value is based on quoted market prices of the investments held by the trust and/or valuation models. (b) Fair value is based on quoted market prices of the investments held by the trust. Debt securities classified as Level 1 are comprised of U.S. Treasury securities. Debt securities classified as Level 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities. Certain Evergy and Evergy Kansas Central investments included in the table above are measured at NAV as they do not have readily determinable fair values. In certain situations, these investments may have redemption restrictions. The following table provides additional information on these Evergy and Evergy Kansas Central investments. September 30, 2021 December 31, 2020 September 30, 2021 Fair Unfunded Fair Unfunded Redemption Length of Value Commitments Value Commitments Frequency Settlement Evergy Kansas Central (millions) Nuclear decommissioning trust: Domestic equity funds $ 12.4 $ 1.7 $ 7.6 $ 2.2 (a) (a) Alternative investments fund (b) 31.5 — 23.2 — Quarterly 65 days Real estate securities fund (b) 14.1 — 12.9 — Quarterly 65 days Total $ 58.0 $ 1.7 $ 43.7 $ 2.2 Rabbi trust: Core bond fund $ — $ — $ 25.6 $ — (c) (c) Combination debt/equity/other fund — — 7.1 — (c) (c) Total $ — $ — $ 32.7 $ — Other Evergy Rabbi trust: Fixed income fund $ — $ — $ 13.1 $ — (c) (c) Total Evergy investments at NAV $ 58.0 $ 1.7 $ 89.5 $ 2.2 (a) This investment is in five long-term private equity funds that do not permit early withdrawal. Investments in these funds cannot be distributed until the underlying investments have been liquidated, which may take years from the date of initial liquidation. Three funds have begun to make distributions. The initial investment in the fourth and fifth funds occurred in 2016 and 2018, respectively. The fourth fund's term is 15 years, subject to the general partner's right to extend the term for up to three additional one-year periods. The fifth fund's term is 15 years, subject to additional extensions approved by a fund advisory committee to provide for an orderly liquidation of fund investments and dissolution of the fund. (b) There is a holdback on final redemptions. (c) This investment can be redeemed immediately and is not subject to any restrictions on redemptions. The Evergy Companies hold equity and debt investments classified as securities in various trusts including for the purposes of funding the decommissioning of Wolf Creek and for the benefit of certain retired executive officers of Evergy Kansas Central. The Evergy Companies record net realized and unrealized gains and losses on the nuclear decommissioning trusts in regulatory liabilities on their consolidated balance sheets and record net realized and unrealized gains and losses on the Evergy Companies' rabbi trusts in the consolidated statements of income and comprehensive income. The following table summarizes the net unrealized gains (losses) for the Evergy Companies' nuclear decommissioning trusts and rabbi trusts. Three Months Ended Year to Date 2021 2020 2021 2020 Evergy (millions) Nuclear decommissioning trust - equity securities $ 1.0 $ 27.5 $ 68.8 $ (8.5) Nuclear decommissioning trust - debt securities (0.6) 0.1 (4.0) 5.4 Rabbi trusts - equity securities (0.1) 0.8 (0.4) 1.6 Total $ 0.3 $ 28.4 $ 64.4 $ (1.5) Evergy Kansas Central Nuclear decommissioning trust - equity securities $ 5.3 $ 16.2 $ 36.9 $ 0.2 Rabbi trust - equity securities (0.1) 0.6 (0.1) 1.1 Total $ 5.2 $ 16.8 $ 36.8 $ 1.3 Evergy Metro Nuclear decommissioning trust - equity securities $ (4.3) $ 11.3 $ 31.9 $ (8.7) Nuclear decommissioning trust - debt securities (0.6) 0.1 (4.0) 5.4 Total $ (4.9) $ 11.4 $ 27.9 $ (3.3) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Environmental Matters Set forth below are descriptions of contingencies related to environmental matters that may impact the Evergy Companies' operations or their financial results. Management's assessment of these contingencies, which are based on federal and state statutes and regulations, and regulatory agency and judicial interpretations and actions, has evolved over time. These laws, regulations, interpretations and actions can also change, restrict or otherwise impact the Evergy Companies' operations or financial results. The failure to comply with these laws, regulations, interpretations and actions could result in the assessment of administrative, civil and criminal penalties and the imposition of remedial requirements. The Evergy Companies believe that all their operations are in substantial compliance with current federal, state and local environmental standards. There are a variety of final and proposed laws and regulations that could have a material adverse effect on the Evergy Companies' operations and consolidated financial results. Due in part to the complex nature of environmental laws and regulations, the Evergy Companies are unable to assess the impact of potential changes that may develop with respect to the environmental contingencies described below. Cross-State Air Pollution Update Rule In September 2016, the Environmental Protection Agency (EPA) finalized the Cross-State Air Pollution (CSAPR) Update Rule. The final rule addresses interstate transport of nitrogen oxides emissions in 22 states including Kansas, Missouri and Oklahoma during the ozone season and the impact from the formation of ozone on downwind states with respect to the 2008 ozone National Ambient Air Quality Standards (NAAQS). In December 2018, the EPA finalized a determination, known as the CSAPR Close-Out Rule, demonstrating the CSAPR Update Rule fully addressed certain upwind states' 2008 ozone NAAQS interstate transport obligations. Various states and others challenged both the CSAPR Update Rule and the CSAPR Close-Out Rule in the U.S. Court of Appeals for the D.C. Circuit (D.C. Circuit). In 2019, the D.C. Circuit granted these petitions and remanded a portion of the CSAPR Update Rule back to the EPA and vacated the CSAPR Close-Out Rule in its entirety. In response to the remand by the D.C. Circuit, the EPA published the final Revised Cross-State Air Pollution Rule Update for the 2008 Ozone NAAQS in April 2021. The final rule finds that nine of the states that were subject to the CSAPR Update Rule do not significantly contribute to downwind states' nonattainment or maintenance issues during the ozone season and that there are no further reductions in allowance budgets for these states. These nine states are Alabama, Arkansas, Iowa, Kansas, Mississippi, Missouri, Oklahoma, Texas and Wisconsin. The Evergy Companies will continue to monitor this rule as any future changes to their NO x ozone season allowance allocations could be material. Regional Haze Rule In 1999, the EPA finalized the Regional Haze Rule which aims to restore national parks and wilderness areas to pristine conditions. The rule requires states in coordination with the EPA, the National Park Service, the U.S. Fish and Wildlife Service, the U.S. Forest Service, and other interested parties to develop and implement air quality protection plans to reduce the pollution that causes visibility impairment. There are 156 "Class I" areas across the U.S. that must be restored to pristine conditions by the year 2064. There are no Class I areas in Kansas, whereas Missouri has two: the Hercules-Glades Wilderness Area and the Mingo Wilderness Area. States must submit revisions to their Regional Haze Rule state implementation plans (SIPs) every ten years and the first round was due in 2007. For the second ten-year implementation period, the EPA issued a final rule revision in 2017 that allowed states to submit their SIP revisions by July 31, 2021. The Evergy Companies have been in contact with the Kansas Department of Health and Environmental (KDHE) and the Missouri Department of Natural Resources (MDNR) as they worked to draft their SIP revisions. The Missouri SIP revision is still being drafted. MDNR has indicated they intend to submit the Missouri SIP revision in early 2022 which will not require any additional reductions from the Evergy Companies' generating units in the state. The Kansas SIP revision was placed on public notice in June 2021 and requested no additional emission reductions by electric utilities based on the significant reductions that were achieved during the first implementation period. The EPA provided comments on the Kansas SIP revision in June 2021 that each state is statutorily required to conduct a "four-factor analysis" on at least two sources within the state to help determine if further emission reductions are necessary. The EPA also stated it would be difficult to approve the Kansas SIP revision if at least two four-factor analyses are not conducted on Kansas emission sources. These sources could be from the electric utility industry or others. KDHE submitted the Kansas SIP revision in July 2021. If a Kansas generating unit of the Evergy Companies is selected for analysis, the possibility exists that the state or EPA, through a federal implementation plan could determine that additional operational or physical modifications are required on the generating unit to further reduce emissions. If the EPA were to determine the emission reduction expenses are cost effective, the modifications could be required. The overall cost of those modifications could be material to the Evergy Companies. Greenhouse Gases Burning coal and other fossil fuels releases carbon dioxide (CO 2 ) and other gases referred to as greenhouse gases (GHG). Various regulations under the federal Clean Air Act Amendments of 1990 (CAA) limit CO 2 and other GHG emissions, and in addition, other measures are being imposed or offered by individual states, municipalities and regional agreements with the goal of reducing GHG emissions. In July 2019, the EPA published the final Affordable Clean Energy (ACE) rule in the Federal Register. This rule contained (1) emission guidelines for GHG emissions from existing electric utility generating units (EGUs) and (2) revisions to emission guideline implementing regulations. This rule defined the "best system of emission reduction" (BSER) for GHG emissions from existing coal-fired EGUs as on-site, heat-rate efficiency improvements. The final rule also provided states with a list of candidate technologies that can be used to establish standards of performance and incorporate these performance standards into state plans. In conjunction with the finalization of the ACE rule, the EPA repealed its previously adopted Clean Power Plan (CPP). In January 2021, the D.C. Circuit vacated and remanded the ACE rule back to the EPA. In February 2021, the D.C. Circuit granted a motion filed by the EPA for a partial stay of its January 2021 vacatur discussed above. The partial stay leaves the vacatur of the ACE rule in place while staying the mandate that vacates the repeal of the CPP. As a result of the partial stay, neither the ACE rule nor the CPP will be in effect while the EPA forms a new rule to regulate GHG emissions. In April 2021, 18 states filed a petition for a writ of certiorari to the Supreme Court requesting review of the D.C. Circuit ruling. In October 2021, the Supreme Court granted petitions for certiorari to review the D.C. Circuit decision to vacate and remand the ACE rule. Due to uncertainty regarding the future of the ACE rule or other potential GHG regulations, the Evergy Companies cannot determine the impacts on their operations or consolidated financial results, but the cost to comply with the ACE rule or other potential GHG rules, could be material. Water The Evergy Companies discharge some of the water used in generation and other operations containing substances deemed to be pollutants. A November 2015 EPA rule applicable to steam-electric power generating plants establishes effluent limitations guidelines (ELG) and standards for wastewater discharges, including limits on the amount of toxic metals and other pollutants that can be discharged. Implementation timelines for this 2015 rule vary from 2018 to 2023. In April 2019, the U.S. Court of Appeals for the 5th Circuit (5th Circuit) issued a ruling that vacated and remanded portions of the original ELG rule. Due to this ruling, the EPA announced a plan in July 2021 to release a proposed rulemaking in September 2022 to address the vacated limitations for legacy wastewater and landfill leachate. Future ELG modifications for the best available technology economically achievable for the discharge of legacy wastewater and leachate are likely and could be material. In October 2020, the EPA published the final ELG reconsideration rule. This rule adjusts numeric limits for flue gas desulfurization (FGD) wastewater and adds a 10% volumetric purge limit for bottom ash transport water. The timeline for final FGD wastewater compliance is as soon as possible on or after one year following publication of the final rule in the Federal Register but no later than December 31, 2025. In August 2021, the EPA published notice in the Federal Register that it is initiating a supplemental rulemaking to revise the ELG regulations after completing review of the reconsideration rule as a result of an executive order from President Biden. As part of the rulemaking process, the EPA will determine if more stringent limitations and standards are appropriate. The 2020 ELG reconsideration rules will remain in effect while the EPA undertakes this new rulemaking. The Evergy Companies have reviewed the 2020 ELG reconsideration regulation, and the costs to comply with these changes are not expected to be material. However, the Evergy Companies cannot predict what revisions the EPA may make under its supplemental rulemaking to revise the ELG regulations and compliance costs associated with any revisions could be material. In July 2021, the EPA and the Department of the Army released a pre-publication version of a notice announcing their intent to revise the definition of "Waters of the United States." After reviewing the Navigable Waters Protection Rule as directed by President Biden's administration, the EPA and Department of the Army have determined a need to revise the definition to prevent environmental degradation. The Evergy Companies cannot predict the outcome of any new rulemaking but will be monitoring proposals on this topic for any impact to operations. Regulation of Coal Combustion Residuals In the course of operating their coal generation plants, the Evergy Companies produce coal combustion residuals (CCRs), including fly ash, gypsum and bottom ash. The EPA published a rule to regulate CCRs in April 2015 that requires additional CCR handling, processing and storage equipment and closure of certain ash disposal units. In March 2019, the D.C. Circuit issued a ruling to grant the EPA's request to remand the Phase I, Part I CCR rule in response to a prior court ruling requiring the EPA to address un-lined surface impoundment closure requirements. In August 2020, the EPA published the Part A CCR Rule. This rule reclassified clay-lined surface impoundments from "lined" to "un-lined" and established a deadline of April 11, 2021 to initiate closure. In November 2020, the EPA published the final Part B CCR Rule. This rule includes a process to allow un-lined impoundments to continue to operate if a demonstration is made to prove that the un-lined impoundments are not adversely impacting groundwater, human health or the environment. The Evergy Companies initiated closure of all un-lined impoundments by the deadline in the Part A CCR rule and therefore the Part B CCR rule is not expected to have a material impact. The Evergy Companies have recorded AROs for their current estimates for the closure of ash disposal ponds, but the revision of these AROs may be required in the future due to changes in existing CCR regulations, the results of groundwater monitoring of CCR units or changes in interpretation of existing CCR regulations or changes in the timing or cost to close ash disposal ponds. If revisions to these AROs are necessary, the impact on the Evergy Companies' operations or consolidated financial results could be material. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS | RELATED PARTY TRANSACTIONS AND RELATIONSHIPS In the normal course of business, Evergy Kansas Central, Evergy Metro and Evergy Missouri West engage in related party transactions with one another. A summary of these transactions and the amounts associated with them is provided below. Jointly-Owned Plants and Shared Services Employees of Evergy Kansas Central and Evergy Metro manage Evergy Missouri West's business and operate its facilities at cost, including Evergy Missouri West's 18% ownership interest in Evergy Metro's Iatan Nos. 1 and 2. Employees of Evergy Kansas Central manage Jeffrey Energy Center (JEC) and operate its facilities at cost, including Evergy Missouri West's 8% ownership interest in JEC. Employees of Evergy Metro manage La Cygne Station and operate its facilities at cost, including Evergy Kansas Central's 50% interest in La Cygne Station. Employees of Evergy Metro and Evergy Kansas Central also provide one another with shared service support, including costs related to human resources, information technology, accounting and legal services. The operating expenses and capital costs billed for jointly-owned plants and shared services are detailed in the following table. Three Months Ended Year to Date 2021 2020 2021 2020 (millions) Evergy Kansas Central billings to Evergy Missouri West $ 7.3 $ 13.1 $ 24.1 $ 27.4 Evergy Metro billings to Evergy Missouri West 35.4 46.5 103.2 121.8 Evergy Kansas Central billings to Evergy Metro 5.4 5.4 22.4 24.9 Evergy Metro billings to Evergy Kansas Central 36.9 26.9 90.8 94.5 Money Pool Evergy Kansas Central, Evergy Metro and Evergy Missouri West are authorized to participate in the Evergy, Inc. money pool, which is an internal financing arrangement in which funds may be lent on a short-term basis between Evergy Kansas Central, Evergy Metro, Evergy Missouri West and Evergy, Inc. Evergy, Inc. can lend but not borrow under the money pool. The Evergy, Inc. money pool was amended in July 2021 to include Evergy Kansas Central as a participant. At September 30, 2021, Evergy Metro had a $238.0 million outstanding receivable from Evergy Missouri West under the money pool. At December 31, 2020, Evergy Metro had a $100.0 million outstanding receivable from Evergy Missouri West under the money pool. Related Party Net Receivables and Payables The following table summarizes Evergy Kansas Central's and Evergy Metro's related party net receivables and payables. September 30 December 31 2021 2020 Evergy Kansas Central (millions) Net receivable from Evergy $ 4.0 $ 0.1 Net payable to Evergy Metro (15.6) (21.7) Net receivable from Evergy Missouri West 8.4 6.6 Evergy Metro Net receivable from Evergy $ 15.8 $ 15.7 Net receivable from Evergy Kansas Central 15.6 21.7 Net receivable from Evergy Missouri West 335.7 188.1 Tax Allocation Agreement Evergy files a consolidated federal income tax return as well as unitary and combined income tax returns in several state jurisdictions with Kansas and Missouri being the most significant. Income taxes for consolidated or combined subsidiaries are allocated to the subsidiaries based on separate company computations of income or loss. The following table summarizes Evergy Kansas Central's and Evergy Metro's income taxes receivable from Evergy. September 30 December 31 2021 2020 Evergy Kansas Central (millions) Income taxes receivable from Evergy $ 14.7 $ 25.3 Evergy Metro Income taxes receivable from Evergy $ 43.0 $ 3.2 Leases Evergy Metro leases certain transmission equipment from Evergy Kansas Central. This lease was entered into prior to the merger in an arms-length transaction and is accounted for as an operating lease. The right-of-use asset related to this lease is recorded within other long-term assets and the current and long-term lease liabilities are recorded within other current liabilities and other long-term liabilities, respectively, on the consolidated balance sheet. The assets and liabilities related to this lease between Evergy Kansas Central and Evergy Metro are eliminated at consolidated Evergy. The following table summarizes Evergy Metro's right-of-use assets and related liabilities on its consolidated balance sheet. September 30 December 31 2021 2020 Evergy Metro (millions) Right-of-use asset recorded within other long-term assets $ 28.4 $ 28.9 Lease liability recorded in other current liabilities 0.7 0.7 Lease liability recorded in other long-term liabilities 27.7 28.2 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY Bluescape Energy Partners, LLC (Bluescape) Securities Purchase Agreement In February 2021, Evergy entered into a securities purchase agreement with an affiliate of Bluescape. Pursuant to the securities purchase agreement, an affiliate of Bluescape agreed to purchase 2,269,447 shares of Evergy’s common stock for approximately $113.2 million and to receive a warrant to purchase up to 3,950,000 additional shares of Evergy’s common stock. Under the terms of the warrant, Evergy will have the option to elect a net cash settlement with respect to the exercise of the warrant under certain circumstances, or to net settle in shares of Evergy's common stock. The warrant expires three years from issuance and has an exercise price equal to $64.70 per share. Following the satisfaction of customary closing conditions, Evergy completed the sale of its common stock and warrant to the affiliate of Bluescape in April 2021 for $112.5 million, net of issuance costs of $0.7 million. The Executive Chairman of Bluescape, C. John Wilder, joined the Evergy Board in March 2021. Evergy Registration Statements In September 2021, Evergy filed an automatic registration statement providing for the sale of unlimited amounts of securities with the SEC, which expires in September 2024. In September 2021, Evergy registered shares of its common stock with the SEC for its Dividend Reinvestment and Direct Stock Purchase Plan. Shares issued under the plan may be either newly issued shares or shares purchased on the open market. |
TAXES
TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
TAXES | TAXES Components of income tax expense are detailed in the following tables. Evergy Three Months Ended Year to Date 2021 2020 2021 2020 Current income taxes (millions) Federal $ (6.5) $ (16.4) $ (0.5) $ (35.0) State 2.2 (0.4) 1.7 (7.7) Total (4.3) (16.8) 1.2 (42.7) Deferred income taxes Federal 61.3 46.6 94.0 83.4 State 1.6 21.5 8.6 57.7 Total 62.9 68.1 102.6 141.1 Investment tax credit Deferral — — 0.4 — Amortization (1.4) (1.3) (4.4) (4.6) Total (1.4) (1.3) (4.0) (4.6) Income tax expense $ 57.2 $ 50.0 $ 99.8 $ 93.8 Evergy Kansas Central Three Months Ended Year to Date 2021 2020 2021 2020 Current income taxes (millions) Federal $ 25.6 $ (4.6) $ 45.1 $ 7.5 State 1.1 (6.4) 2.6 (13.3) Total 26.7 (11.0) 47.7 (5.8) Deferred income taxes Federal (3.6) 17.9 (2.6) (10.7) State 0.6 16.6 3.5 169.4 Total (3.0) 34.5 0.9 158.7 Investment tax credit Deferral — — 0.4 — Amortization (1.1) (1.0) (3.3) (3.7) Total (1.1) (1.0) (2.9) (3.7) Income tax expense $ 22.6 $ 22.5 $ 45.7 $ 149.2 Evergy Metro Three Months Ended Year to Date 2021 2020 2021 2020 Current income taxes (millions) Federal $ (24.2) $ (8.9) $ 23.9 $ (8.4) State 2.0 9.5 3.2 10.5 Total (22.2) 0.6 27.1 2.1 Deferred income taxes Federal 49.5 22.2 18.5 38.9 State (0.4) 2.6 (0.8) (35.1) Total 49.1 24.8 17.7 3.8 Investment tax credit amortization (0.4) (0.3) (1.1) (0.8) Income tax expense $ 26.5 $ 25.1 $ 43.7 $ 5.1 Effective Income Tax Rates Effective income tax rates reflected in the financial statements and the reasons for their differences from the statutory federal rates are detailed in the following tables. Evergy Three Months Ended Year to Date 2021 2020 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effect of: COLI policies (1.0) (1.6) (1.0) (1.6) State income taxes 0.5 3.5 0.8 3.4 Flow through depreciation for plant-related differences (5.7) (4.9) (5.9) (4.8) Federal tax credits (3.1) (4.6) (3.1) (4.6) Non-controlling interest (0.3) (0.3) (0.3) (0.3) AFUDC equity (0.6) (0.2) (0.6) (0.3) Amortization of federal investment tax credits (0.4) (0.7) (0.4) (0.7) State tax rate change — — — 2.0 Valuation allowance — (0.4) — (0.2) Stock compensation — — — (0.1) Officer compensation limitation 0.5 0.2 0.5 0.2 Other 0.3 — (0.3) — Effective income tax rate 11.2 % 12.0 % 10.7 % 14.0 % Evergy Kansas Central Three Months Ended Year to Date 2021 2020 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effect of: COLI policies (1.7) (2.9) (1.7) (2.9) State income taxes 0.5 2.3 0.8 2.9 Flow through depreciation for plant-related differences (3.6) (0.4) (3.7) (0.2) Federal tax credits (5.2) (6.8) (5.2) (6.8) Non-controlling interest (0.5) (0.7) (0.5) (0.6) AFUDC equity (0.5) 0.1 (0.6) (0.4) Amortization of federal investment tax credits (0.5) (1.1) (0.5) (1.0) State tax rate change — — — 32.0 Stock compensation — — (0.1) (0.1) Officer compensation limitation 0.4 — 0.3 — Other 0.2 — (0.8) — Effective income tax rate 10.1 % 11.5 % 9.0 % 43.9 % Evergy Metro Three Months Ended Year to Date 2021 2020 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effect of: COLI policies (0.1) (0.2) (0.2) (0.2) State income taxes 0.6 5.5 0.6 4.5 Flow through depreciation for plant-related differences (7.8) (9.1) (8.0) (9.1) Federal tax credits (0.6) (2.4) (0.6) (2.4) AFUDC equity (0.7) (0.5) (0.7) (0.3) Amortization of federal investment tax credits (0.4) (0.4) (0.4) (0.4) State tax rate change — — — (11.4) Stock compensation — — — (0.4) Officer compensation limitation 0.9 0.5 0.9 0.5 Other (0.2) 0.1 — — Effective income tax rate 12.7 % 14.5 % 12.6 % 1.8 % Kansas Tax Reform In May 2020, the state of Kansas exempted certain public utilities, including Evergy Kansas Central and Evergy Metro, from Kansas corporate income tax beginning in 2021 and authorized the KCC to approve changes in rates related to increases or decreases in federal or state income tax rates. As a result of the exemption from Kansas corporate income tax, the Evergy Companies revalued their deferred income tax assets and liabilities in May 2020. Evergy decreased its net deferred income tax liabilities by $233.8 million, primarily consisting of a $400.4 million adjustment for the revaluation of deferred income tax assets and liabilities included in rate base and a $31.7 million tax gross-up adjustment on this amount for ratemaking purposes and $13.8 million of income tax expense primarily related to the revaluation of deferred income taxes that will not be recovered from customers in future rates; partially offset by a decrease to unamortized investment tax credits of $183.6 million due to the revaluation of certain Kansas income tax credits and a $16.9 million tax gross-up adjustment on this amount for ratemaking purposes. Evergy Kansas Central decreased its net deferred income tax liabilities by $17.6 million, primarily consisting of a $293.7 million adjustment for the revaluation of deferred income tax assets and liabilities included in rate base and a $17.3 million tax gross-up adjustment on this amount for ratemaking purposes; partially offset by a decrease to unamortized investment tax credits of $183.6 million due to the revaluation of certain Kansas income tax credits and a $16.9 million tax gross-up adjustment on this amount for ratemaking purposes and $109.0 million of income tax expense primarily related to the revaluation of deferred income taxes that will not be recovered from customers in future rates. Evergy Metro decreased its net deferred income tax liabilities by $152.9 million, primarily consisting of a $106.7 million adjustment for the revaluation of deferred income tax assets and liabilities included in rate base and a $14.4 million tax gross-up adjustment on this amount for ratemaking purposes and $32.2 million of income tax benefit primarily related to the revaluation of deferred income taxes that will not be refunded to customers in future rates. The changes to the Evergy Companies' net deferred income tax liabilities included in rate base were offset by corresponding changes in regulatory liabilities. The net regulatory liabilities will be refunded to customers in future rates by amortizing the amounts related to plant assets over the remaining useful life of the assets, and amortizing the amounts related to other items over a period to be determined in a future rate case. The changes to the Evergy Companies' unamortized investment tax credits were related to the portion of certain Kansas income tax credits that were not expected to be used after December 31, 2020. The amounts of income tax expense (benefit) recognized by the Evergy Companies related to the revaluation of deferred income taxes that will not be recovered from or refunded to customers in future rates primarily pertain to deferred tax adjustments related to the difference between Evergy's consolidated tax rate and the statutory tax rates used for setting rates at Evergy Kansas Central, Evergy Metro and Evergy Missouri West as well as deferred income tax adjustments related to non-regulated operations. Prior to 2021, Evergy Kansas Central and Evergy Metro recovered the cost of Kansas corporate income taxes in rates from their customers at the prior statutory rate of 7%. In accordance with the provisions of the income tax exemption, Evergy Metro and Evergy Kansas Central filed a joint application with the KCC in July 2020 to reduce their retail rates to reflect their exemption from Kansas corporate income taxes beginning in 2021. In the joint application, Evergy Metro requested to implement its rate reduction in one phase, effective January 1, 2021, and Evergy Kansas Central requested to implement its rate reduction in three phases, effective January 1 in each of 2021, 2022 and 2023. In November 2020, the KCC approved Evergy Kansas Central's and Evergy Metro's joint application. |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
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 2020 Form 10-K. |
Principles of Consolidation | Principles of Consolidation 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 | Fuel Inventory and SuppliesThe 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, restricted stock and a warrant. Evergy computes the dilutive effects of potential issuances of common shares using the treasury stock method or the contingently issuable share method, as applicable. |
ORGANIZATION AND BASIS OF PRE_3
ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of 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 Evergy (millions) Fuel inventory $ 150.3 $ 145.0 Supplies 394.7 359.5 Fuel inventory and supplies $ 545.0 $ 504.5 Evergy Kansas Central Fuel inventory $ 74.4 $ 79.3 Supplies 205.4 197.1 Fuel inventory and supplies $ 279.8 $ 276.4 Evergy Metro Fuel inventory $ 52.7 $ 44.9 Supplies 142.8 125.5 Fuel inventory and supplies $ 195.5 $ 170.4 |
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, 2021 Evergy Evergy Kansas Central Evergy Metro (millions) Electric plant in service $ 29,964.3 $ 14,522.1 $ 11,579.2 Electric plant acquisition adjustment 724.3 724.3 — Accumulated depreciation (11,462.2) (5,524.7) (4,724.9) Plant in service, net 19,226.4 9,721.7 6,854.3 Construction work in progress 1,253.2 631.2 421.2 Nuclear fuel, net 123.4 61.5 61.9 Plant to be retired, net (a) 0.9 0.9 — Property, plant and equipment, net $ 20,603.9 $ 10,415.3 $ 7,337.4 December 31, 2020 Evergy Evergy Kansas Central Evergy Metro (millions) Electric plant in service $ 28,914.8 $ 14,095.1 $ 11,161.8 Electric plant acquisition adjustment 724.3 724.3 — Accumulated depreciation (10,998.4) (5,293.5) (4,532.7) Plant in service, net 18,640.7 9,525.9 6,629.1 Construction work in progress 1,153.5 589.1 433.9 Nuclear fuel, net 155.9 77.7 78.2 Plant to be retired, net (a) 0.9 0.9 — Property, plant and equipment, net $ 19,951.0 $ 10,193.6 $ 7,141.2 (a) As of September 30, 2021 and December 31, 2020, 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 2021 2020 2021 2020 Evergy (millions) Non-service cost component of net benefit cost $ (12.8) $ (13.7) $ (41.4) $ (43.7) Other (6.4) (6.4) (17.5) (14.0) Other expense $ (19.2) $ (20.1) $ (58.9) $ (57.7) Evergy Kansas Central Non-service cost component of net benefit cost $ (3.4) $ (4.1) $ (11.1) $ (14.1) Other (5.9) (5.6) (15.1) (12.8) Other expense $ (9.3) $ (9.7) $ (26.2) $ (26.9) Evergy Metro Non-service cost component of net benefit cost $ (5.8) $ (6.5) $ (19.8) $ (19.7) Other (0.5) (0.4) (2.0) (0.5) Other expense $ (6.3) $ (6.9) $ (21.8) $ (20.2) |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles Evergy's basic and diluted EPS. Three Months Ended Year to Date 2021 2020 2021 2020 Income (millions, except per share amounts) Net income $ 452.5 $ 367.5 $ 835.4 $ 576.0 Less: Net income attributable to noncontrolling interests 3.1 3.0 9.1 8.7 Net income attributable to Evergy, Inc. $ 449.4 $ 364.5 $ 826.3 $ 567.3 Common Shares Outstanding Weighted average number of common shares outstanding - basic 229.7 227.3 228.8 227.2 Add: Effect of dilutive securities 0.5 0.2 0.5 0.3 Weighted average number of common shares outstanding - dilutive 230.2 227.5 229.3 227.5 Basic EPS $ 1.96 $ 1.60 $ 3.61 $ 2.50 Diluted EPS $ 1.95 $ 1.60 $ 3.60 $ 2.49 |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Evergy Year to Date September 30 2021 2020 Cash paid for (received from): (millions) Interest, net of amounts capitalized $ 257.0 $ 267.8 Interest of VIEs 0.2 0.8 Income taxes, net of refunds 1.7 (73.8) Right-of-use assets obtained in exchange for new operating lease liabilities 8.1 4.1 Right-of-use assets obtained in exchange for new finance lease liabilities 0.6 5.0 Non-cash investing transactions: Property, plant and equipment additions 184.8 371.0 Non-cash financing transactions: Issuance of stock for compensation and reinvested dividends 0.7 0.9 Evergy Kansas Central Year to Date September 30 2021 2020 Cash paid for (received from): (millions) Interest, net of amounts capitalized $ 105.8 $ 114.1 Interest of VIEs 0.2 0.8 Income taxes, net of refunds 37.2 (6.4) Right-of-use assets obtained in exchange for new operating lease liabilities 3.6 3.8 Right-of-use assets obtained in exchange for new finance lease liabilities 0.6 3.7 Non-cash investing transactions: Property, plant and equipment additions 64.6 183.8 Evergy Metro Year to Date September 30 2021 2020 Cash paid for (received from): (millions) Interest, net of amounts capitalized $ 73.3 $ 73.3 Income taxes, net of refunds 66.8 (7.3) Right-of-use assets obtained in exchange for new operating lease liabilities 4.5 0.3 Right-of-use assets obtained in exchange for new finance lease liabilities — 1.3 Non-cash investing transactions: Property, plant and equipment additions 75.2 165.6 |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Evergy's, Evergy Kansas Central's and Evergy Metro's revenues disaggregated by customer class are summarized in the following tables. Evergy Three Months Ended Year to Date 2021 2020 2021 2020 Revenues (millions) Residential $ 677.4 $ 636.4 $ 1,533.9 $ 1,515.6 Commercial 525.0 499.5 1,293.5 1,272.9 Industrial 166.0 166.8 449.6 446.7 Other retail 9.2 9.5 26.1 29.2 Total electric retail $ 1,377.6 $ 1,312.2 $ 3,303.1 $ 3,264.4 Wholesale 105.0 85.0 662.5 195.8 Transmission 90.3 80.7 266.7 238.5 Industrial steam and other 7.2 5.6 18.3 16.8 Total revenue from contracts with customers $ 1,580.1 $ 1,483.5 $ 4,250.6 $ 3,715.5 Other 36.4 34.1 214.0 103.5 Operating revenues $ 1,616.5 $ 1,517.6 $ 4,464.6 $ 3,819.0 Evergy Kansas Central Three Months Ended Year to Date 2021 2020 2021 2020 Revenues (millions) Residential $ 282.3 $ 262.9 $ 657.3 $ 627.5 Commercial 218.0 205.2 536.8 511.0 Industrial 105.0 105.7 293.0 284.6 Other retail 4.5 4.4 12.9 13.3 Total electric retail $ 609.8 $ 578.2 $ 1,500.0 $ 1,436.4 Wholesale 76.8 68.7 402.7 168.1 Transmission 81.9 72.9 241.5 215.2 Other 0.6 0.9 1.7 2.1 Total revenue from contracts with customers $ 769.1 $ 720.7 $ 2,145.9 $ 1,821.8 Other 8.7 12.9 131.5 42.7 Operating revenues $ 777.8 $ 733.6 $ 2,277.4 $ 1,864.5 Evergy Metro Three Months Ended Year to Date 2021 2020 2021 2020 Revenues (millions) Residential $ 254.5 $ 241.2 $ 550.6 $ 572.2 Commercial 221.9 213.3 542.5 558.1 Industrial 35.9 36.6 91.9 99.6 Other retail 2.8 2.7 7.7 8.9 Total electric retail $ 515.1 $ 493.8 $ 1,192.7 $ 1,238.8 Wholesale 24.0 9.7 237.3 16.7 Transmission 4.3 3.5 12.8 10.4 Other 1.2 0.8 2.6 2.7 Total revenue from contracts with customers $ 544.6 $ 507.8 $ 1,445.4 $ 1,268.6 Other 27.2 20.7 81.3 59.7 Operating revenues $ 571.8 $ 528.5 $ 1,526.7 $ 1,328.3 |
RECEIVABLES (Tables)
RECEIVABLES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Receivables | The Evergy Companies' receivables are detailed in the following table. September 30 December 31 2021 2020 Evergy (millions) Customer accounts receivable - billed $ 27.1 $ 5.3 Customer accounts receivable - unbilled 143.7 110.0 Other receivables 183.3 177.9 Allowance for credit losses (19.0) (19.3) Total $ 335.1 $ 273.9 Evergy Kansas Central Customer accounts receivable - billed $ 12.8 $ — Customer accounts receivable - unbilled 38.0 50.7 Other receivables 197.7 175.7 Allowance for credit losses (7.3) (7.5) Total $ 241.2 $ 218.9 Evergy Metro Customer accounts receivable - billed $ 4.9 $ 3.3 Customer accounts receivable - unbilled 69.9 27.9 Other receivables 15.5 21.9 Allowance for credit losses (8.0) (8.1) Total $ 82.3 $ 45.0 September 30 December 31 2021 2020 (millions) Evergy $ 85.3 $ 57.5 Evergy Kansas Central 82.7 49.9 Evergy Metro 1.7 6.9 September 30 December 31 2021 2020 (millions) Evergy $ 395.0 $ 360.0 Evergy Kansas Central 200.0 180.0 Evergy Metro 130.0 130.0 |
Summary of Bad Debt Expense | The change in the Evergy Companies' allowance for credit losses is summarized in the following table. 2021 2020 Evergy (millions) Beginning balance January 1 $ 19.3 $ 10.5 Credit loss expense 7.6 15.5 Write-offs (17.1) (20.8) Recoveries of prior write-offs 9.2 10.0 Ending balance September 30 $ 19.0 $ 15.2 Evergy Kansas Central Beginning balance January 1 $ 7.5 $ 3.8 Credit loss expense 3.2 6.9 Write-offs (6.9) (7.3) Recoveries of prior write-offs 3.5 2.1 Ending balance September 30 $ 7.3 $ 5.5 Evergy Metro Beginning balance January 1 $ 8.1 $ 4.6 Credit loss expense 2.8 5.5 Write-offs (6.9) (8.9) Recoveries of prior write-offs 4.0 5.3 Ending balance September 30 $ 8.0 $ 6.5 |
PENSION PLANS AND POST-RETIRE_2
PENSION PLANS AND POST-RETIREMENT BENEFITS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 21.0 $ 7.4 $ 13.6 $ 0.8 $ 0.4 $ 0.4 Interest cost 21.2 10.3 10.7 2.0 1.0 1.0 Expected return on plan assets (26.5) (13.6) (14.2) (2.3) (1.6) (0.7) Prior service cost 0.5 0.5 — 0.1 0.2 (0.3) Recognized net actuarial loss 14.7 9.8 11.1 0.4 0.1 — Settlement and special termination benefits 30.4 22.5 12.5 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 61.3 36.9 33.7 1.0 0.1 0.4 Regulatory adjustment (20.1) (22.6) (7.1) (1.2) (0.9) 0.1 Intercompany allocations — 1.0 (6.8) — 0.1 (0.1) Net periodic benefit costs (income) $ 41.2 $ 15.3 $ 19.8 $ (0.2) $ (0.7) $ 0.4 Pension Benefits Post-Retirement Benefits Year to Date September 30, 2021 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 63.3 $ 22.3 $ 41.0 $ 2.5 $ 1.2 $ 1.3 Interest cost 63.8 31.0 32.3 5.9 3.0 2.9 Expected return on plan assets (80.1) (40.7) (43.1) (6.7) (4.7) (2.0) Prior service cost 1.5 1.5 — 0.4 0.4 (0.8) Recognized net actuarial (gain)/loss 44.2 29.1 33.4 1.0 0.4 (0.1) Settlement and special termination benefits 30.4 22.5 12.5 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 123.1 65.7 76.1 3.1 0.3 1.3 Regulatory adjustment (6.4) (23.4) (2.5) (3.7) (2.5) 0.2 Intercompany allocations — 2.2 (19.0) — 0.1 (0.3) Net periodic benefit costs (income) $ 116.7 $ 44.5 $ 54.6 $ (0.6) $ (2.1) $ 1.2 Pension Benefits Post-Retirement Benefits Three Months Ended September 30, 2020 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 20.1 $ 6.8 $ 13.3 $ 0.7 $ 0.3 $ 0.4 Interest cost 24.0 11.7 12.1 2.3 1.2 1.1 Expected return on plan assets (26.3) (13.3) (13.5) (2.4) (1.7) (0.7) Prior service cost 0.4 0.4 0.2 0.1 0.1 — Recognized net actuarial (gain)/loss 12.1 8.5 11.6 0.1 — (0.1) Settlement and special termination benefits 10.0 — 12.7 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 40.3 14.1 36.4 0.8 (0.1) 0.7 Regulatory adjustment (0.4) 0.4 (11.3) (1.0) (0.7) (0.2) Intercompany allocations — 1.6 (5.8) — 0.1 (0.1) Net periodic benefit costs (income) $ 39.9 $ 16.1 $ 19.3 $ (0.2) $ (0.7) $ 0.4 Pension Benefits Post-Retirement Benefits Year to Date September 30, 2020 Evergy Evergy Kansas Central Evergy Metro Evergy Evergy Kansas Central Evergy Metro Components of net periodic benefit costs (millions) Service cost $ 59.2 $ 20.4 $ 38.8 $ 2.1 $ 0.9 $ 1.2 Interest cost 72.9 35.2 37.1 6.9 3.6 3.3 Expected return on plan assets (79.7) (39.9) (41.5) (7.0) (5.0) (2.0) Prior service cost 1.3 1.2 0.6 0.3 0.3 — Recognized net actuarial (gain)/loss 34.8 25.4 34.2 0.2 — (0.4) Settlement and special termination benefits 10.0 — 12.7 — — — Net periodic benefit costs before regulatory adjustment and intercompany allocations 98.5 42.3 81.9 2.5 (0.2) 2.1 Regulatory adjustment 18.6 1.1 (9.2) (2.9) (2.1) (0.3) Intercompany allocations — (0.1) (17.0) — 0.1 (0.1) Net periodic benefit costs (income) $ 117.1 $ 43.3 $ 55.7 $ (0.4) $ (2.2) $ 1.7 |
SHORT-TERM BORROWINGS AND SHO_2
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The following table summarizes the committed credit facilities (excluding receivable sale facilities discussed in Note 3) available to the Evergy Companies as of September 30, 2021 and December 31, 2020. Amounts Drawn Master Credit Facility Commercial Paper Letters of Credit Cash Borrowings Available Borrowings Weighted Average Interest Rate on Short-Term Borrowings September 30, 2021 (millions) Evergy, Inc. $ 700.0 $ 289.0 $ 0.7 $ — $ 410.3 0.21% Evergy Kansas Central 750.0 236.0 0.1 — 513.9 0.19% Evergy Metro 350.0 — — — 350.0 —% Evergy Missouri West 700.0 95.5 — — 604.5 0.17% Evergy $ 2,500.0 $ 620.5 $ 0.8 $ — $ 1,878.7 December 31, 2020 Evergy, Inc. $ 450.0 n/a $ 0.7 $ 200.0 $ 249.3 1.40% Evergy Kansas Central 1,000.0 50.0 17.0 — 933.0 0.23% Evergy Metro 600.0 — — — 600.0 —% Evergy Missouri West 450.0 65.0 2.0 — 383.0 0.36% Evergy $ 2,500.0 $ 115.0 $ 19.7 $ 200.0 $ 2,165.3 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Value and Fair Value of Debt Instruments | The book value and fair value of the Evergy Companies' long-term debt and long-term debt of variable interest entities is summarized in the following table. September 30, 2021 December 31, 2020 Book Value Fair Value Book Value Fair Value Long-term debt (a) (millions) Evergy (b) $ 9,768.7 $ 10,967.0 $ 9,627.3 $ 11,274.2 Evergy Kansas Central 3,933.5 4,552.9 3,931.5 4,801.7 Evergy Metro 2,924.5 3,440.2 2,923.0 3,591.2 Long-term debt of variable interest entities (a) Evergy $ — $ — $ 18.8 $ 19.1 Evergy Kansas Central — — 18.8 19.1 (a) Includes current maturities. (b) Book value as of September 30, 2021 and December 31, 2020, includes $100.3 million and $110.4 million, respectively, of fair value adjustments recorded in connection with purchase accounting for the Great Plains Energy and Evergy Kansas Central merger, which are not part of future principal payments and will amortize over the remaining life of the associated debt instrument. |
Schedule of Fair Value of Assets and Liabilities | The following tables include the Evergy Companies' balances of financial assets and liabilities measured at fair value on a recurring basis. Description September 30, 2021 Level 1 Level 2 Level 3 NAV Evergy Kansas Central (millions) Assets Nuclear decommissioning trust (a) Domestic equity funds $ 131.1 $ 118.7 $ — $ — $ 12.4 International equity funds 71.6 71.6 — — — Core bond fund 57.7 57.7 — — — High-yield bond fund 29.3 29.3 — — — Emerging markets bond fund 17.9 17.9 — — — Alternative investments fund 31.5 — — — 31.5 Real estate securities fund 14.1 — — — 14.1 Cash equivalents 0.6 0.6 — — — Total nuclear decommissioning trust 353.8 295.8 — — 58.0 Rabbi trust Fixed income funds 19.7 19.7 — — — Equity funds 9.4 9.4 — — — Combination debt/equity/other fund 2.4 2.4 — — — Cash equivalents 0.1 0.1 — — — Total rabbi trust 31.6 31.6 — — — Total $ 385.4 $ 327.4 $ — $ — $ 58.0 Evergy Metro Assets Nuclear decommissioning trust (a) Equity securities $ 278.0 $ 278.0 $ — $ — $ — Debt securities U.S. Treasury 47.3 47.3 — — — U.S. Agency 0.4 — 0.4 — — State and local obligations 4.0 — 4.0 — — Corporate bonds 44.5 — 44.5 — — Foreign governments 0.1 — 0.1 — — Cash equivalents 3.2 3.2 — — — Other 0.7 — 0.7 — — Total nuclear decommissioning trust 378.2 328.5 49.7 — — Self-insured health plan trust (b) Equity securities 1.9 1.9 — — — Debt securities 8.9 2.7 6.2 — — Cash and cash equivalents 3.1 3.1 — — — Total self-insured health plan trust 13.9 7.7 6.2 — — Total $ 392.1 $ 336.2 $ 55.9 $ — $ — Other Evergy Assets Rabbi trusts Core bond fund $ 12.5 $ 12.5 $ — $ — $ — Total rabbi trusts $ 12.5 $ 12.5 $ — $ — $ — Evergy Assets Nuclear decommissioning trust (a) $ 732.0 $ 624.3 $ 49.7 $ — $ 58.0 Rabbi trusts 44.1 44.1 — — — Self-insured health plan trust (b) 13.9 7.7 6.2 — — Total $ 790.0 $ 676.1 $ 55.9 $ — $ 58.0 Description December 31, 2020 Level 1 Level 2 Level 3 NAV Evergy Kansas Central (millions) Assets Nuclear decommissioning trust (a) Domestic equity funds $ 102.7 $ 95.1 $ — $ — $ 7.6 International equity funds 63.8 63.8 — — — Core bond fund 40.6 40.6 — — — High-yield bond fund 25.0 25.0 — — — Emerging markets bond fund 21.0 21.0 — — — Combination debt/equity/other fund 20.1 20.1 — — — Alternative investments fund 23.2 — — — 23.2 Real estate securities fund 12.9 — — — 12.9 Cash equivalents 0.5 0.5 — — — Total nuclear decommissioning trust 309.8 266.1 — — 43.7 Rabbi trust Core bond fund 25.6 — — — 25.6 Combination debt/equity/other fund 7.1 — — — 7.1 Total rabbi trust 32.7 — — — 32.7 Total $ 342.5 $ 266.1 $ — $ — $ 76.4 Evergy Metro Assets Nuclear decommissioning trust (a) Equity securities $ 243.1 $ 243.1 $ — $ — $ — Debt securities U.S. Treasury 47.7 47.7 — — — U.S. Agency 0.5 — 0.5 — — State and local obligations 4.1 — 4.1 — — Corporate bonds 43.1 — 43.1 — — Foreign governments 0.1 — 0.1 — — Cash equivalents 3.2 3.2 — — — Other 0.5 0.5 — — — Total nuclear decommissioning trust 342.3 294.5 47.8 — — Self-insured health plan trust (b) Equity securities 1.7 1.7 — — — Debt securities 8.0 2.8 5.2 — — Cash and cash equivalents 3.5 3.5 — — — Total self-insured health plan trust 13.2 8.0 5.2 — — Total $ 355.5 $ 302.5 $ 53.0 $ — $ — Other Evergy Assets Rabbi trusts Fixed income fund $ 13.1 $ — $ — $ — $ 13.1 Cash and cash equivalents 0.5 0.5 — — — Total rabbi trusts $ 13.6 $ 0.5 $ — $ — $ 13.1 Evergy Assets Nuclear decommissioning trust (a) $ 652.1 $ 560.6 $ 47.8 $ — $ 43.7 Rabbi trust 46.3 0.5 — — 45.8 Self-insured health plan trust (b) 13.2 8.0 5.2 — — Total $ 711.6 $ 569.1 $ 53.0 $ — $ 89.5 (a) With the exception of investments measured at NAV, fair value is based on quoted market prices of the investments held by the trust and/or valuation models. (b) Fair value is based on quoted market prices of the investments held by the trust. Debt securities classified as Level 1 are comprised of U.S. Treasury securities. Debt securities classified as Level 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities. |
Schedule of Fair Value Investments, Entities that Calculate NAV | The following table provides additional information on these Evergy and Evergy Kansas Central investments. September 30, 2021 December 31, 2020 September 30, 2021 Fair Unfunded Fair Unfunded Redemption Length of Value Commitments Value Commitments Frequency Settlement Evergy Kansas Central (millions) Nuclear decommissioning trust: Domestic equity funds $ 12.4 $ 1.7 $ 7.6 $ 2.2 (a) (a) Alternative investments fund (b) 31.5 — 23.2 — Quarterly 65 days Real estate securities fund (b) 14.1 — 12.9 — Quarterly 65 days Total $ 58.0 $ 1.7 $ 43.7 $ 2.2 Rabbi trust: Core bond fund $ — $ — $ 25.6 $ — (c) (c) Combination debt/equity/other fund — — 7.1 — (c) (c) Total $ — $ — $ 32.7 $ — Other Evergy Rabbi trust: Fixed income fund $ — $ — $ 13.1 $ — (c) (c) Total Evergy investments at NAV $ 58.0 $ 1.7 $ 89.5 $ 2.2 (a) This investment is in five long-term private equity funds that do not permit early withdrawal. Investments in these funds cannot be distributed until the underlying investments have been liquidated, which may take years from the date of initial liquidation. Three funds have begun to make distributions. The initial investment in the fourth and fifth funds occurred in 2016 and 2018, respectively. The fourth fund's term is 15 years, subject to the general partner's right to extend the term for up to three additional one-year periods. The fifth fund's term is 15 years, subject to additional extensions approved by a fund advisory committee to provide for an orderly liquidation of fund investments and dissolution of the fund. (b) There is a holdback on final redemptions. (c) This investment can be redeemed immediately and is not subject to any restrictions on redemptions. |
Schedule of Fair Value Recurring Gain (Loss) Included in Earnings | The following table summarizes the net unrealized gains (losses) for the Evergy Companies' nuclear decommissioning trusts and rabbi trusts. Three Months Ended Year to Date 2021 2020 2021 2020 Evergy (millions) Nuclear decommissioning trust - equity securities $ 1.0 $ 27.5 $ 68.8 $ (8.5) Nuclear decommissioning trust - debt securities (0.6) 0.1 (4.0) 5.4 Rabbi trusts - equity securities (0.1) 0.8 (0.4) 1.6 Total $ 0.3 $ 28.4 $ 64.4 $ (1.5) Evergy Kansas Central Nuclear decommissioning trust - equity securities $ 5.3 $ 16.2 $ 36.9 $ 0.2 Rabbi trust - equity securities (0.1) 0.6 (0.1) 1.1 Total $ 5.2 $ 16.8 $ 36.8 $ 1.3 Evergy Metro Nuclear decommissioning trust - equity securities $ (4.3) $ 11.3 $ 31.9 $ (8.7) Nuclear decommissioning trust - debt securities (0.6) 0.1 (4.0) 5.4 Total $ (4.9) $ 11.4 $ 27.9 $ (3.3) |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Receivables and Payables | The operating expenses and capital costs billed for jointly-owned plants and shared services are detailed in the following table. Three Months Ended Year to Date 2021 2020 2021 2020 (millions) Evergy Kansas Central billings to Evergy Missouri West $ 7.3 $ 13.1 $ 24.1 $ 27.4 Evergy Metro billings to Evergy Missouri West 35.4 46.5 103.2 121.8 Evergy Kansas Central billings to Evergy Metro 5.4 5.4 22.4 24.9 Evergy Metro billings to Evergy Kansas Central 36.9 26.9 90.8 94.5 The following table summarizes Evergy Kansas Central's and Evergy Metro's related party net receivables and payables. September 30 December 31 2021 2020 Evergy Kansas Central (millions) Net receivable from Evergy $ 4.0 $ 0.1 Net payable to Evergy Metro (15.6) (21.7) Net receivable from Evergy Missouri West 8.4 6.6 Evergy Metro Net receivable from Evergy $ 15.8 $ 15.7 Net receivable from Evergy Kansas Central 15.6 21.7 Net receivable from Evergy Missouri West 335.7 188.1 September 30 December 31 2021 2020 Evergy Kansas Central (millions) Income taxes receivable from Evergy $ 14.7 $ 25.3 Evergy Metro Income taxes receivable from Evergy $ 43.0 $ 3.2 September 30 December 31 2021 2020 Evergy Metro (millions) Right-of-use asset recorded within other long-term assets $ 28.4 $ 28.9 Lease liability recorded in other current liabilities 0.7 0.7 Lease liability recorded in other long-term liabilities 27.7 28.2 |
TAXES (Tables)
TAXES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 2021 2020 2021 2020 Current income taxes (millions) Federal $ (6.5) $ (16.4) $ (0.5) $ (35.0) State 2.2 (0.4) 1.7 (7.7) Total (4.3) (16.8) 1.2 (42.7) Deferred income taxes Federal 61.3 46.6 94.0 83.4 State 1.6 21.5 8.6 57.7 Total 62.9 68.1 102.6 141.1 Investment tax credit Deferral — — 0.4 — Amortization (1.4) (1.3) (4.4) (4.6) Total (1.4) (1.3) (4.0) (4.6) Income tax expense $ 57.2 $ 50.0 $ 99.8 $ 93.8 Evergy Kansas Central Three Months Ended Year to Date 2021 2020 2021 2020 Current income taxes (millions) Federal $ 25.6 $ (4.6) $ 45.1 $ 7.5 State 1.1 (6.4) 2.6 (13.3) Total 26.7 (11.0) 47.7 (5.8) Deferred income taxes Federal (3.6) 17.9 (2.6) (10.7) State 0.6 16.6 3.5 169.4 Total (3.0) 34.5 0.9 158.7 Investment tax credit Deferral — — 0.4 — Amortization (1.1) (1.0) (3.3) (3.7) Total (1.1) (1.0) (2.9) (3.7) Income tax expense $ 22.6 $ 22.5 $ 45.7 $ 149.2 Evergy Metro Three Months Ended Year to Date 2021 2020 2021 2020 Current income taxes (millions) Federal $ (24.2) $ (8.9) $ 23.9 $ (8.4) State 2.0 9.5 3.2 10.5 Total (22.2) 0.6 27.1 2.1 Deferred income taxes Federal 49.5 22.2 18.5 38.9 State (0.4) 2.6 (0.8) (35.1) Total 49.1 24.8 17.7 3.8 Investment tax credit amortization (0.4) (0.3) (1.1) (0.8) Income tax expense $ 26.5 $ 25.1 $ 43.7 $ 5.1 |
Schedule of Effective Income Tax Rate Reconciliation | Effective income tax rates reflected in the financial statements and the reasons for their differences from the statutory federal rates are detailed in the following tables. Evergy Three Months Ended Year to Date 2021 2020 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effect of: COLI policies (1.0) (1.6) (1.0) (1.6) State income taxes 0.5 3.5 0.8 3.4 Flow through depreciation for plant-related differences (5.7) (4.9) (5.9) (4.8) Federal tax credits (3.1) (4.6) (3.1) (4.6) Non-controlling interest (0.3) (0.3) (0.3) (0.3) AFUDC equity (0.6) (0.2) (0.6) (0.3) Amortization of federal investment tax credits (0.4) (0.7) (0.4) (0.7) State tax rate change — — — 2.0 Valuation allowance — (0.4) — (0.2) Stock compensation — — — (0.1) Officer compensation limitation 0.5 0.2 0.5 0.2 Other 0.3 — (0.3) — Effective income tax rate 11.2 % 12.0 % 10.7 % 14.0 % Evergy Kansas Central Three Months Ended Year to Date 2021 2020 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effect of: COLI policies (1.7) (2.9) (1.7) (2.9) State income taxes 0.5 2.3 0.8 2.9 Flow through depreciation for plant-related differences (3.6) (0.4) (3.7) (0.2) Federal tax credits (5.2) (6.8) (5.2) (6.8) Non-controlling interest (0.5) (0.7) (0.5) (0.6) AFUDC equity (0.5) 0.1 (0.6) (0.4) Amortization of federal investment tax credits (0.5) (1.1) (0.5) (1.0) State tax rate change — — — 32.0 Stock compensation — — (0.1) (0.1) Officer compensation limitation 0.4 — 0.3 — Other 0.2 — (0.8) — Effective income tax rate 10.1 % 11.5 % 9.0 % 43.9 % Evergy Metro Three Months Ended Year to Date 2021 2020 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % 21.0 % Effect of: COLI policies (0.1) (0.2) (0.2) (0.2) State income taxes 0.6 5.5 0.6 4.5 Flow through depreciation for plant-related differences (7.8) (9.1) (8.0) (9.1) Federal tax credits (0.6) (2.4) (0.6) (2.4) AFUDC equity (0.7) (0.5) (0.7) (0.3) Amortization of federal investment tax credits (0.4) (0.4) (0.4) (0.4) State tax rate change — — — (11.4) Stock compensation — — — (0.4) Officer compensation limitation 0.9 0.5 0.9 0.5 Other (0.2) 0.1 — — Effective income tax rate 12.7 % 14.5 % 12.6 % 1.8 % |
ORGANIZATION AND BASIS OF PRE_4
ORGANIZATION AND BASIS OF PRESENTATION - Organization (Details) customer in Millions, $ in Millions | 1 Months Ended | 9 Months Ended |
Feb. 28, 2021USD ($) | Sep. 30, 2021customersegmentkilovolt_linesubsidiarymiMW | |
Summary Of Accounting Policies [Line Items] | ||
Owned generating capacity and renewable purchased power | MW | 15,400 | |
Number of customers served | customer | 1.6 | |
Number of segments | segment | 1 | |
Increase of Natural Gas and Purchased Power Costs, Net Increase in Wholesale Revenues | $ 349.7 | |
Prairie Wind Transmission, LLC | ||
Summary Of Accounting Policies [Line Items] | ||
Transmission line length | mi | 108 | |
Transmission line electrical potential | kilovolt_line | 345 | |
Evergy Kansas Central | ||
Summary Of Accounting Policies [Line Items] | ||
Increase of Natural Gas and Purchased Power Costs, Gross | 127.9 | |
Increase of Energy Marketing Margins | 95 | |
Evergy Missouri West | ||
Summary Of Accounting Policies [Line Items] | ||
Increase of Natural Gas and Purchased Power Costs, Gross | 293.4 | |
Evergy Metro | ||
Summary Of Accounting Policies [Line Items] | ||
Increase in Wholesale Revenues | $ 71.6 | |
Evergy Kansas South Inc | Evergy Kansas Central | ||
Summary Of Accounting Policies [Line Items] | ||
Number of active wholly owned subsidiaries | subsidiary | 1 | |
Transource Energy, LLC | Evergy Transmission Company LLC | ||
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 | ||
Summary Of Accounting Policies [Line Items] | ||
Ownership percentage | 50.00% |
ORGANIZATION AND BASIS OF PRE_5
ORGANIZATION AND BASIS OF PRESENTATION - Fuel Inventory and Supplies (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory [Line Items] | ||
Fuel inventory | $ 150.3 | $ 145 |
Supplies | 394.7 | 359.5 |
Fuel inventory and supplies | 545 | 504.5 |
Evergy Kansas Central | ||
Inventory [Line Items] | ||
Fuel inventory | 74.4 | 79.3 |
Supplies | 205.4 | 197.1 |
Fuel inventory and supplies | 279.8 | 276.4 |
Evergy Metro | ||
Inventory [Line Items] | ||
Fuel inventory | 52.7 | 44.9 |
Supplies | 142.8 | 125.5 |
Fuel inventory and supplies | $ 195.5 | $ 170.4 |
ORGANIZATION AND BASIS OF PRE_6
ORGANIZATION AND BASIS OF PRESENTATION - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 20,603.9 | $ 19,951 |
Electric plant in service | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 29,964.3 | 28,914.8 |
Property, plant and equipment, adjustment | 724.3 | 724.3 |
Accumulated depreciation | (11,462.2) | (10,998.4) |
Property, plant and equipment, net | 19,226.4 | 18,640.7 |
Construction work in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 1,253.2 | 1,153.5 |
Nuclear fuel, net | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 123.4 | 155.9 |
Plant to be retired, net | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 0.9 | 0.9 |
Evergy Kansas Central | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 10,415.3 | 10,193.6 |
Evergy Kansas Central | Electric plant in service | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14,522.1 | 14,095.1 |
Property, plant and equipment, adjustment | 724.3 | 724.3 |
Accumulated depreciation | (5,524.7) | (5,293.5) |
Property, plant and equipment, net | 9,721.7 | 9,525.9 |
Evergy Kansas Central | Construction work in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 631.2 | 589.1 |
Evergy Kansas Central | Nuclear fuel, net | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 61.5 | 77.7 |
Evergy Kansas Central | Plant to be retired, net | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 0.9 | 0.9 |
Evergy Metro | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 7,337.4 | 7,141.2 |
Evergy Metro | Electric plant in service | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 11,579.2 | 11,161.8 |
Property, plant and equipment, adjustment | 0 | 0 |
Accumulated depreciation | (4,724.9) | (4,532.7) |
Property, plant and equipment, net | 6,854.3 | 6,629.1 |
Evergy Metro | Construction work in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 421.2 | 433.9 |
Evergy Metro | Nuclear fuel, net | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 61.9 | 78.2 |
Evergy Metro | 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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Entity Information [Line Items] | ||||
Non-service cost component of net benefit cost | $ (12.8) | $ (13.7) | $ (41.4) | $ (43.7) |
Other | (6.4) | (6.4) | (17.5) | (14) |
Other expense | (19.2) | (20.1) | (58.9) | (57.7) |
Evergy Kansas Central | ||||
Entity Information [Line Items] | ||||
Non-service cost component of net benefit cost | (3.4) | (4.1) | (11.1) | (14.1) |
Other | (5.9) | (5.6) | (15.1) | (12.8) |
Other expense | (9.3) | (9.7) | (26.2) | (26.9) |
Evergy Metro | ||||
Entity Information [Line Items] | ||||
Non-service cost component of net benefit cost | (5.8) | (6.5) | (19.8) | (19.7) |
Other | (0.5) | (0.4) | (2) | (0.5) |
Other expense | $ (6.3) | $ (6.9) | $ (21.8) | $ (20.2) |
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, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income | ||||||||
Net income | $ 452.5 | $ 188.3 | $ 194.6 | $ 367.5 | $ 136.3 | $ 72.2 | $ 835.4 | $ 576 |
Less: Net income attributable to noncontrolling interests | 3.1 | 3 | 9.1 | 8.7 | ||||
Net income attributable to Evergy, Inc. | $ 449.4 | $ 364.5 | $ 826.3 | $ 567.3 | ||||
Common Shares Outstanding | ||||||||
Weighted average equivalent common shares outstanding - basic (in shares) | 229.7 | 227.3 | 228.8 | 227.2 | ||||
Add: effect of dilutive securities (in shares) | 0.5 | 0.2 | 0.5 | 0.3 | ||||
Diluted average number of common shares outstanding (in shares) | 230.2 | 227.5 | 229.3 | 227.5 | ||||
Earnings Per Share, Basic | $ 1.96 | $ 1.60 | $ 3.61 | $ 2.50 | ||||
Earnings Per Share, Diluted | $ 1.95 | $ 1.60 | $ 3.60 | $ 2.49 |
ORGANIZATION AND BASIS OF PRE_9
ORGANIZATION AND BASIS OF PRESENTATION - Antidilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 | ||
RSU With Performance Measures | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 124,136 | 124,136 |
ORGANIZATION AND BASIS OF PR_10
ORGANIZATION AND BASIS OF PRESENTATION - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 02, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Nov. 01, 2021 |
Dividends Payable [Line Items] | ||||||||
Dividends declared on common stock (in dollars per share) | $ 0.535 | $ 0.535 | $ 0.535 | $ 0.505 | $ 0.505 | $ 0.505 | ||
Subsequent Event | Evergy Kansas Central | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends payable | $ 70 | |||||||
Common Stock | Subsequent Event | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends declared on common stock (in dollars per share) | $ 0.5725 |
ORGANIZATION AND BASIS OF PR_11
ORGANIZATION AND BASIS OF PRESENTATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid for (received from): | ||
Interest, net of amount capitalized | $ 257 | $ 267.8 |
Income taxes, net of refunds | 1.7 | (73.8) |
Right-of-use assets obtained in exchange for new operating lease liabilities | 8.1 | 4.1 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 0.6 | 5 |
Non-cash investing transactions: | ||
Property, plant and equipment additions | 184.8 | 371 |
Non-cash financing transactions: | ||
Issuance of stock for compensation and reinvested dividends | 0.7 | 0.9 |
Jointly Owned Utility Plant Interests [Line Items] | ||
Increase to ARO to decommission Wolf Creek resulting from study | 259.1 | |
Variable Interest Entities | ||
Cash paid for (received from): | ||
Interest of VIEs | 0.2 | 0.8 |
Evergy Kansas Central | ||
Cash paid for (received from): | ||
Interest, net of amount capitalized | 105.8 | 114.1 |
Income taxes, net of refunds | 37.2 | (6.4) |
Right-of-use assets obtained in exchange for new operating lease liabilities | 3.6 | 3.8 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 0.6 | 3.7 |
Non-cash investing transactions: | ||
Property, plant and equipment additions | 64.6 | 183.8 |
Jointly Owned Utility Plant Interests [Line Items] | ||
Increase to ARO to decommission Wolf Creek resulting from study | 140.7 | |
Evergy Kansas Central | Variable Interest Entities | ||
Cash paid for (received from): | ||
Interest of VIEs | 0.2 | 0.8 |
Evergy Metro | ||
Cash paid for (received from): | ||
Interest, net of amount capitalized | 73.3 | 73.3 |
Income taxes, net of refunds | 66.8 | (7.3) |
Right-of-use assets obtained in exchange for new operating lease liabilities | 4.5 | 0.3 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 0 | 1.3 |
Non-cash investing transactions: | ||
Property, plant and equipment additions | $ 75.2 | 165.6 |
Jointly Owned Utility Plant Interests [Line Items] | ||
Increase to ARO to decommission Wolf Creek resulting from study | $ 118.4 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 1,580.1 | $ 1,483.5 | $ 4,250.6 | $ 3,715.5 |
Other | 36.4 | 34.1 | 214 | 103.5 |
Revenues | 1,616.5 | 1,517.6 | 4,464.6 | 3,819 |
Evergy Kansas Central | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 769.1 | 720.7 | 2,145.9 | 1,821.8 |
Other | 8.7 | 12.9 | 131.5 | 42.7 |
Revenues | 777.8 | 733.6 | 2,277.4 | 1,864.5 |
Evergy Metro | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 544.6 | 507.8 | 1,445.4 | 1,268.6 |
Other | 27.2 | 20.7 | 81.3 | 59.7 |
Revenues | 571.8 | 528.5 | 1,526.7 | 1,328.3 |
Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 677.4 | 636.4 | 1,533.9 | 1,515.6 |
Residential | Evergy Kansas Central | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 282.3 | 262.9 | 657.3 | 627.5 |
Residential | Evergy Metro | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 254.5 | 241.2 | 550.6 | 572.2 |
Commercial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 525 | 499.5 | 1,293.5 | 1,272.9 |
Commercial | Evergy Kansas Central | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 218 | 205.2 | 536.8 | 511 |
Commercial | Evergy Metro | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 221.9 | 213.3 | 542.5 | 558.1 |
Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 166 | 166.8 | 449.6 | 446.7 |
Industrial | Evergy Kansas Central | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 105 | 105.7 | 293 | 284.6 |
Industrial | Evergy Metro | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 35.9 | 36.6 | 91.9 | 99.6 |
Other retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 9.2 | 9.5 | 26.1 | 29.2 |
Other retail | Evergy Kansas Central | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 4.5 | 4.4 | 12.9 | 13.3 |
Other retail | Evergy Metro | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 2.8 | 2.7 | 7.7 | 8.9 |
Total electric retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 1,377.6 | 1,312.2 | 3,303.1 | 3,264.4 |
Total electric retail | Evergy Kansas Central | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 609.8 | 578.2 | 1,500 | 1,436.4 |
Total electric retail | Evergy Metro | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 515.1 | 493.8 | 1,192.7 | 1,238.8 |
Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 105 | 85 | 662.5 | 195.8 |
Wholesale | Evergy Kansas Central | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 76.8 | 68.7 | 402.7 | 168.1 |
Wholesale | Evergy Metro | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 24 | 9.7 | 237.3 | 16.7 |
Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 90.3 | 80.7 | 266.7 | 238.5 |
Transmission | Evergy Kansas Central | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 81.9 | 72.9 | 241.5 | 215.2 |
Transmission | Evergy Metro | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 4.3 | 3.5 | 12.8 | 10.4 |
Industrial steam and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 7.2 | 5.6 | 18.3 | 16.8 |
Industrial steam and other | Evergy Kansas Central | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 0.6 | 0.9 | 1.7 | 2.1 |
Industrial steam and other | Evergy Metro | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 1.2 | $ 0.8 | $ 2.6 | $ 2.7 |
RECEIVABLES (Details)
RECEIVABLES (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other receivables | $ 183.3 | $ 177.9 | ||
Allowance for credit losses | (19) | (19.3) | $ (15.2) | $ (10.5) |
Total | 335.1 | 273.9 | ||
Evergy Kansas Central | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other receivables | 197.7 | 175.7 | ||
Allowance for credit losses | (7.3) | (7.5) | (5.5) | (3.8) |
Total | 241.2 | 218.9 | ||
Evergy Metro | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other receivables | 15.5 | 21.9 | ||
Allowance for credit losses | (8) | (8.1) | $ (6.5) | $ (4.6) |
Total | 82.3 | 45 | ||
Customer accounts receivable | Billed | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Customer accounts receivable | 27.1 | 5.3 | ||
Customer accounts receivable | Billed | Evergy Kansas Central | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Customer accounts receivable | 12.8 | 0 | ||
Customer accounts receivable | Billed | Evergy Metro | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Customer accounts receivable | 4.9 | 3.3 | ||
Customer accounts receivable | Unbilled | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Customer accounts receivable | 143.7 | 110 | ||
Customer accounts receivable | Unbilled | Evergy Kansas Central | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Customer accounts receivable | 38 | 50.7 | ||
Customer accounts receivable | Unbilled | Evergy Metro | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Customer accounts receivable | $ 69.9 | $ 27.9 |
RECEIVABLES - Narrative (Detail
RECEIVABLES - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Entity Information [Line Items] | ||
Other receivables, contracts with customers | $ 85.3 | $ 57.5 |
Accounts receivable pledged as collateral | 395 | 360 |
Evergy Kansas Central | ||
Entity Information [Line Items] | ||
Other receivables, contracts with customers | 82.7 | 49.9 |
Accounts receivable pledged as collateral | 200 | 180 |
Evergy Metro | ||
Entity Information [Line Items] | ||
Other receivables, contracts with customers | 1.7 | 6.9 |
Accounts receivable pledged as collateral | 130 | $ 130 |
Maximum amount of outstanding principal under receivables agreement | 130 | |
Borrowings From Mid October Through Mid June | Evergy Kansas Central | ||
Entity Information [Line Items] | ||
Maximum amount of outstanding principal under receivables agreement | 185 | |
Borrowing From Mid June Through Expiration | Evergy Missouri West | ||
Entity Information [Line Items] | ||
Maximum amount of outstanding principal under receivables agreement | 65 | |
Borrowings From Mid-November Through Mid-June | Evergy Missouri West | ||
Entity Information [Line Items] | ||
Maximum amount of outstanding principal under receivables agreement | 50 | |
Borrowing From Mid June Through Mid October | Evergy Kansas Central | ||
Entity Information [Line Items] | ||
Maximum amount of outstanding principal under receivables agreement | $ 200 |
RECEIVABLES - Allowance for Cre
RECEIVABLES - Allowance for Credit Loses (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance January 1 | $ 19.3 | $ 10.5 |
Credit loss expense | 7.6 | 15.5 |
Write-offs | (17.1) | (20.8) |
Recoveries of prior write-offs | 9.2 | 10 |
Ending balance September 30 | 19 | 15.2 |
Evergy Kansas Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance January 1 | 7.5 | 3.8 |
Credit loss expense | 3.2 | 6.9 |
Write-offs | (6.9) | (7.3) |
Recoveries of prior write-offs | 3.5 | 2.1 |
Ending balance September 30 | 7.3 | 5.5 |
Evergy Metro | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance January 1 | 8.1 | 4.6 |
Credit loss expense | 2.8 | 5.5 |
Write-offs | (6.9) | (8.9) |
Recoveries of prior write-offs | 4 | 5.3 |
Ending balance September 30 | $ 8 | $ 6.5 |
RECEIVABLES - Other Receivables
RECEIVABLES - Other Receivables (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables, contracts with customers | $ 85.3 | $ 57.5 |
Evergy Kansas Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables, contracts with customers | 82.7 | 49.9 |
Evergy Metro | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other receivables, contracts with customers | $ 1.7 | $ 6.9 |
RECEIVABLES - Pledged as Collat
RECEIVABLES - Pledged as Collateral (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 395 | $ 360 |
Evergy Kansas Central | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | 200 | 180 |
Evergy Metro | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 130 | $ 130 |
RATE MATTERS AND REGULATION - N
RATE MATTERS AND REGULATION - Narrative (Details) $ in Millions | 1 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021USD ($)MW | Jul. 31, 2021USD ($) | Jun. 30, 2021USD ($) | May 31, 2021USD ($) | Apr. 30, 2021USD ($) | Feb. 28, 2021USD ($) | Sep. 30, 2021USD ($) | |
Evergy Metro | |||||||
Regulatory Proceedings [Line Items] | |||||||
Increase in Wholesale Revenues | $ 71.6 | ||||||
Evergy Metro | Missouri Public Service Commission | |||||||
Regulatory Proceedings [Line Items] | |||||||
Public Utilities, Recovery Mechanism Percent for Fuel Cost | 0.95 | ||||||
Public Utilities, Recovery Mechanism's Sharing Percentage for Fuel Cost | 0.05 | ||||||
Evergy Missouri West | Missouri Public Service Commission | |||||||
Regulatory Proceedings [Line Items] | |||||||
Public Utilities, Recovery Mechanism Percent for Fuel Cost | 0.95 | ||||||
Public Utilities, Recovery Mechanism's Sharing Percentage for Fuel Cost | 0.05 | ||||||
Transmission delivery charge | Evergy Kansas Central | Kansas Corporation Commission | |||||||
Regulatory Proceedings [Line Items] | |||||||
Annual revenue increase (decrease) approved | $ 37.9 | ||||||
Transmission delivery charge | Evergy Metro | Kansas Corporation Commission | |||||||
Regulatory Proceedings [Line Items] | |||||||
Annual revenue increase (decrease) approved | $ (2.4) | ||||||
2018 Rate Case Proceedings | Evergy Kansas Central | Kansas Corporation Commission | |||||||
Regulatory Proceedings [Line Items] | |||||||
Refund percent on earnings over approved return on equity | 0.50 | ||||||
Approved return on equity, percentage | 9.30% | ||||||
2018 Rate Case Proceedings | Evergy Metro | Kansas Corporation Commission | |||||||
Regulatory Proceedings [Line Items] | |||||||
Refund percent on earnings over approved return on equity | 0.50 | ||||||
Approved return on equity, percentage | 9.30% | ||||||
2018 MPSC OPC MECG Petition | |||||||
Regulatory Proceedings [Line Items] | |||||||
Annual estimated loss contingency portion not accrued (up to) | $ 12 | ||||||
2018 MPSC OPC MECG Petition | Revenues Probable Of Refund | |||||||
Regulatory Proceedings [Line Items] | |||||||
Regulatory liabilities | $ 26.5 | 26.5 | |||||
FERC 2021 TFR Proceeding | Evergy Kansas Central | Federal Energy Regulatory Commission | |||||||
Regulatory Proceedings [Line Items] | |||||||
Annual transmissions revenue estimated amount of increase (decrease) over prior year | 32.4 | ||||||
FERC 2021 TFR Proceeding | Evergy Metro | Federal Energy Regulatory Commission | |||||||
Regulatory Proceedings [Line Items] | |||||||
Annual transmissions revenue estimated amount of increase (decrease) over prior year | (3.9) | ||||||
FERC 2020 TFR Proceeding | Evergy Kansas Central | Federal Energy Regulatory Commission | |||||||
Regulatory Proceedings [Line Items] | |||||||
Annual transmissions revenue estimated amount of increase (decrease) over prior year | 6.8 | ||||||
FERC 2020 TFR Proceeding | Evergy Metro | Federal Energy Regulatory Commission | |||||||
Regulatory Proceedings [Line Items] | |||||||
Annual transmissions revenue estimated amount of increase (decrease) over prior year | (1.7) | ||||||
2021 KCC Winter Weather AAO | Evergy Kansas Central | CostsProbableofRefund | |||||||
Regulatory Proceedings [Line Items] | |||||||
Regulatory assets | 115 | 115 | |||||
2021 KCC Winter Weather AAO | Evergy Metro | |||||||
Regulatory Proceedings [Line Items] | |||||||
Public Utilities, Requested Refund Increase (Decrease), Amount | $ (6) | ||||||
2021 KCC Winter Weather AAO | Revenues Probable Of Refund | Evergy Metro | |||||||
Regulatory Proceedings [Line Items] | |||||||
Regulatory liabilities | 42.4 | 42.4 | |||||
2021 MPSC Winter Weather | Evergy Metro | |||||||
Regulatory Proceedings [Line Items] | |||||||
Public Utilities, Requested Refund Increase (Decrease), Amount | $ (5) | ||||||
2021 MPSC Winter Weather | Evergy Missouri West | |||||||
Regulatory Proceedings [Line Items] | |||||||
Public Utilities Requested Increase of Recovery | $ 15 | ||||||
2021 MPSC Winter Weather | Evergy Missouri West | CostsProbableofRefund | |||||||
Regulatory Proceedings [Line Items] | |||||||
Regulatory assets | 278.7 | 278.7 | |||||
2021 MPSC Winter Weather | Revenues Probable Of Refund | Evergy Metro | |||||||
Regulatory Proceedings [Line Items] | |||||||
Regulatory liabilities | $ 28 | $ 28 | |||||
Utility Financing and Securitization Act - KS | Evergy Kansas Central | |||||||
Regulatory Proceedings [Line Items] | |||||||
Planned Capacity of Investment in Renewable Generation | MW | 190 |
GOODWILL (Details)
GOODWILL (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)reporting_unit | Dec. 31, 2020USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ | $ 2,336.6 | $ 2,336.6 |
Number of reporting units | reporting_unit | 1 |
PENSION PLANS AND POST-RETIRE_3
PENSION PLANS AND POST-RETIREMENT BENEFITS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement and special termination benefits | $ 30.4 | $ 10 | $ 30.4 | $ 10 |
Contributions by employer | 41.7 | |||
Contributions to plans remainder of year | 68.2 | 68.2 | ||
Post-Retirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement and special termination benefits | 0 | 0 | 0 | 0 |
Contributions by employer | 1.2 | |||
Contributions to plans remainder of year | 3.7 | 3.7 | ||
Evergy Kansas Central | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement and special termination benefits | 22.5 | 0 | 22.5 | 0 |
Contributions by employer | 26.2 | |||
Contributions to plans remainder of year | 11.1 | 11.1 | ||
Evergy Kansas Central | Post-Retirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement and special termination benefits | 0 | 0 | 0 | 0 |
Contributions by employer | 0.6 | |||
Contributions to plans remainder of year | 0.5 | 0.5 | ||
Evergy Metro | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement and special termination benefits | 12.5 | 12.7 | 12.5 | 12.7 |
Contributions by employer | 15.5 | |||
Contributions to plans remainder of year | 57.1 | 57.1 | ||
Evergy Metro | Post-Retirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement and special termination benefits | 0 | $ 0 | 0 | $ 0 |
Contributions by employer | 0.6 | |||
Contributions to plans remainder of year | $ 3.2 | $ 3.2 | ||
Wolf Creek | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Jointly owned utility plant, proportionate ownership share | 94.00% | 94.00% | ||
Wolf Creek | Evergy Kansas South Inc | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Jointly owned utility plant, proportionate ownership share | 47.00% | 47.00% | ||
Wolf Creek | Evergy Metro | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Jointly owned utility plant, proportionate ownership share | 47.00% | 47.00% |
PENSION PLANS AND POST-RETIRE_4
PENSION PLANS AND POST-RETIREMENT BENEFITS PENSION PLANS AND POST-RETIREMENT BENEFITS - Schedule of Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 21 | $ 20.1 | $ 63.3 | $ 59.2 |
Interest cost | 21.2 | 24 | 63.8 | 72.9 |
Expected return on plan assets | (26.5) | (26.3) | (80.1) | (79.7) |
Prior service cost | 0.5 | 0.4 | 1.5 | 1.3 |
Recognized net actuarial (gain) loss | 14.7 | 12.1 | 44.2 | 34.8 |
Settlement and special termination benefits | 30.4 | 10 | 30.4 | 10 |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 61.3 | 40.3 | 123.1 | 98.5 |
Regulatory adjustment | (20.1) | (0.4) | (6.4) | 18.6 |
Intercompany allocations | 0 | 0 | 0 | 0 |
Net periodic benefit costs (income) | 41.2 | 39.9 | 116.7 | 117.1 |
Post-Retirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.8 | 0.7 | 2.5 | 2.1 |
Interest cost | 2 | 2.3 | 5.9 | 6.9 |
Expected return on plan assets | (2.3) | (2.4) | (6.7) | (7) |
Prior service cost | 0.1 | 0.1 | 0.4 | 0.3 |
Recognized net actuarial (gain) loss | 0.4 | 0.1 | 1 | 0.2 |
Settlement and special termination benefits | 0 | 0 | 0 | 0 |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 1 | 0.8 | 3.1 | 2.5 |
Regulatory adjustment | (1.2) | (1) | (3.7) | (2.9) |
Intercompany allocations | 0 | 0 | 0 | 0 |
Net periodic benefit costs (income) | (0.2) | (0.2) | (0.6) | (0.4) |
Evergy Kansas Central | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 7.4 | 6.8 | 22.3 | 20.4 |
Interest cost | 10.3 | 11.7 | 31 | 35.2 |
Expected return on plan assets | (13.6) | (13.3) | (40.7) | (39.9) |
Prior service cost | 0.5 | 0.4 | 1.5 | 1.2 |
Recognized net actuarial (gain) loss | 9.8 | 8.5 | 29.1 | 25.4 |
Settlement and special termination benefits | 22.5 | 0 | 22.5 | 0 |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 36.9 | 14.1 | 65.7 | 42.3 |
Regulatory adjustment | (22.6) | 0.4 | (23.4) | 1.1 |
Intercompany allocations | 1 | 1.6 | 2.2 | (0.1) |
Net periodic benefit costs (income) | 15.3 | 16.1 | 44.5 | 43.3 |
Evergy Kansas Central | Post-Retirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.4 | 0.3 | 1.2 | 0.9 |
Interest cost | 1 | 1.2 | 3 | 3.6 |
Expected return on plan assets | (1.6) | (1.7) | (4.7) | (5) |
Prior service cost | 0.2 | 0.1 | 0.4 | 0.3 |
Recognized net actuarial (gain) loss | 0.1 | 0 | 0.4 | 0 |
Settlement and special termination benefits | 0 | 0 | 0 | 0 |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 0.1 | (0.1) | 0.3 | (0.2) |
Regulatory adjustment | (0.9) | (0.7) | (2.5) | (2.1) |
Intercompany allocations | 0.1 | 0.1 | 0.1 | 0.1 |
Net periodic benefit costs (income) | (0.7) | (0.7) | (2.1) | (2.2) |
Evergy Metro | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 13.6 | 13.3 | 41 | 38.8 |
Interest cost | 10.7 | 12.1 | 32.3 | 37.1 |
Expected return on plan assets | (14.2) | (13.5) | (43.1) | (41.5) |
Prior service cost | 0 | 0.2 | 0 | 0.6 |
Recognized net actuarial (gain) loss | 11.1 | 11.6 | 33.4 | 34.2 |
Settlement and special termination benefits | 12.5 | 12.7 | 12.5 | 12.7 |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 33.7 | 36.4 | 76.1 | 81.9 |
Regulatory adjustment | (7.1) | (11.3) | (2.5) | (9.2) |
Intercompany allocations | (6.8) | (5.8) | (19) | (17) |
Net periodic benefit costs (income) | 19.8 | 19.3 | 54.6 | 55.7 |
Evergy Metro | Post-Retirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.4 | 0.4 | 1.3 | 1.2 |
Interest cost | 1 | 1.1 | 2.9 | 3.3 |
Expected return on plan assets | (0.7) | (0.7) | (2) | (2) |
Prior service cost | (0.3) | 0 | (0.8) | 0 |
Recognized net actuarial (gain) loss | 0 | (0.1) | (0.1) | (0.4) |
Settlement and special termination benefits | 0 | 0 | 0 | 0 |
Net periodic benefit costs before regulatory adjustment and intercompany allocations | 0.4 | 0.7 | 1.3 | 2.1 |
Regulatory adjustment | 0.1 | (0.2) | 0.2 | (0.3) |
Intercompany allocations | (0.1) | (0.1) | (0.3) | (0.1) |
Net periodic benefit costs (income) | $ 0.4 | $ 0.4 | $ 1.2 | $ 1.7 |
SHORT-TERM BORROWINGS AND SHO_3
SHORT-TERM BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT - Narrative (Details) - Cash Borrowings $ in Millions | Sep. 30, 2021USD ($) |
Short-term Debt [Line Items] | |
Line of credit, maximum borrowing capacity | $ 2,500 |
Debt instrument, debt default, threshold | $ 100 |
Debt Instrument, debt to capitalization ratio (no more than) | 65.00% |
Evergy Kansas Central | |
Short-term Debt [Line Items] | |
Debt instrument, debt default, threshold | $ 100 |
Debt Instrument, debt to capitalization ratio (no more than) | 65.00% |
Evergy Metro | |
Short-term Debt [Line Items] | |
Debt instrument, debt default, threshold | $ 100 |
Debt Instrument, debt to capitalization ratio (no more than) | 65.00% |
Evergy Missouri West | |
Short-term Debt [Line Items] | |
Debt instrument, debt default, threshold | $ 100 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Master Credit Facility | $ 2,500 | $ 2,500 |
Available Borrowings | 1,878.7 | 2,165.3 |
Evergy, Inc. | ||
Short-term Debt [Line Items] | ||
Master Credit Facility | 700 | 450 |
Available Borrowings | $ 410.3 | $ 249.3 |
Weighted Average Interest Rate on Short-Term Borrowings | 0.21% | 1.40% |
Evergy Kansas Central | ||
Short-term Debt [Line Items] | ||
Master Credit Facility | $ 750 | $ 1,000 |
Available Borrowings | $ 513.9 | $ 933 |
Weighted Average Interest Rate on Short-Term Borrowings | 0.19% | 0.23% |
Evergy Metro | ||
Short-term Debt [Line Items] | ||
Master Credit Facility | $ 350 | $ 600 |
Available Borrowings | $ 350 | $ 600 |
Weighted Average Interest Rate on Short-Term Borrowings | 0.00% | 0.00% |
Evergy Missouri West | ||
Short-term Debt [Line Items] | ||
Master Credit Facility | $ 700 | $ 450 |
Available Borrowings | $ 604.5 | $ 383 |
Weighted Average Interest Rate on Short-Term Borrowings | 0.17% | 0.36% |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | $ 620.5 | $ 115 |
Commercial Paper | Evergy, Inc. | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 289 | |
Commercial Paper | Evergy Kansas Central | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 236 | 50 |
Commercial Paper | Evergy Metro | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 0 | 0 |
Commercial Paper | Evergy Missouri West | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 95.5 | 65 |
Letters of Credit | ||
Short-term Debt [Line Items] | ||
Letters of Credit | 0.8 | 19.7 |
Letters of Credit | Evergy, Inc. | ||
Short-term Debt [Line Items] | ||
Letters of Credit | 0.7 | 0.7 |
Letters of Credit | Evergy Kansas Central | ||
Short-term Debt [Line Items] | ||
Letters of Credit | 0.1 | 17 |
Letters of Credit | Evergy Metro | ||
Short-term Debt [Line Items] | ||
Letters of Credit | 0 | 0 |
Letters of Credit | Evergy Missouri West | ||
Short-term Debt [Line Items] | ||
Letters of Credit | 0 | 2 |
Cash Borrowings | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 0 | 200 |
Cash Borrowings | Evergy, Inc. | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 0 | 200 |
Cash Borrowings | Evergy Kansas Central | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 0 | 0 |
Cash Borrowings | Evergy Metro | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | 0 | 0 |
Cash Borrowings | Evergy Missouri West | ||
Short-term Debt [Line Items] | ||
Long-term line of credit | $ 0 | $ 0 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) - Senior Notes $ in Millions | Apr. 30, 2021USD ($) |
Senior Notes Due 2021 | |
Debt Instrument [Line Items] | |
Interest rate | 4.85% |
Long-term debt gross | $ 350 |
Evergy Missouri West | Senior Notes Series A due 2031 EMW | |
Debt Instrument [Line Items] | |
Interest rate | 2.86% |
Long-term debt gross | $ 350 |
Evergy Missouri West | Senior Notes Series B due 2033 EMW | |
Debt Instrument [Line Items] | |
Interest rate | 3.01% |
Long-term debt gross | $ 75 |
Evergy Missouri West | Senior Notes Series C due 2036 EMW | |
Debt Instrument [Line Items] | |
Interest rate | 3.21% |
Long-term debt gross | $ 75 |
Evergy Missouri West | Senior Notes Due 2025 EMW | |
Debt Instrument [Line Items] | |
Interest rate | 3.49% |
Long-term debt gross | $ 36 |
Evergy Missouri West | Senior Notes Due 2033 EMW | |
Debt Instrument [Line Items] | |
Interest rate | 4.06% |
Long-term debt gross | $ 60 |
Evergy Missouri West | Senior Notes Due 2043 EMW | |
Debt Instrument [Line Items] | |
Interest rate | 4.74% |
Long-term debt gross | $ 150 |
Evergy Missouri West | Senior Notes Series Due 2022 EMW | |
Debt Instrument [Line Items] | |
Interest rate | 3.74% |
Long-term debt gross | $ 100 |
FAIR VALUE MEASUREMENTS - Long-
FAIR VALUE MEASUREMENTS - Long-Term Debt (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Book Value | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | $ 9,768.7 | $ 9,627.3 |
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 | 0 | 18.8 |
Fair Value | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 10,967 | 11,274.2 |
Fair Value | Fair Value, Measurements, Recurring | Level 2 | Variable Interest Entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | $ 0 | 19.1 |
Evergy Kansas Central | Fair Value, Measurements, Recurring | NAV | Alternative investments fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Length of Settlement | 65 days | |
Evergy Kansas Central | Fair Value, Measurements, Recurring | NAV | Real estate securities fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Length of Settlement | 65 days | |
Evergy Kansas Central | Book Value | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | $ 3,933.5 | 3,931.5 |
Evergy Kansas Central | Book Value | Fair Value, Measurements, Recurring | Variable Interest Entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 18.8 |
Evergy Kansas Central | Fair Value | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 4,552.9 | 4,801.7 |
Evergy Kansas Central | Fair Value | Fair Value, Measurements, Recurring | Level 2 | Variable Interest Entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 19.1 |
Evergy Metro | Book Value | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 2,924.5 | 2,923 |
Evergy Metro | Fair Value | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 3,440.2 | 3,591.2 |
Long-Term debt fair value adjustment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt gross | $ 100.3 | $ 110.4 |
FAIR VALUE MEASUREMENTS - Recur
FAIR VALUE MEASUREMENTS - Recurring (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Total nuclear decommissioning trust | $ 732 | $ 652.1 |
Total rabbi trust | 44.1 | 46.3 |
Total self-insured health plan trust | 13.9 | 13.2 |
Total Assets | 790 | 711.6 |
Level 1 | ||
Assets | ||
Total nuclear decommissioning trust | 624.3 | 560.6 |
Total rabbi trust | 44.1 | 0.5 |
Total self-insured health plan trust | 7.7 | 8 |
Total Assets | 676.1 | 569.1 |
Level 2 | ||
Assets | ||
Total nuclear decommissioning trust | 49.7 | 47.8 |
Total rabbi trust | 0 | 0 |
Total self-insured health plan trust | 6.2 | 5.2 |
Total Assets | 55.9 | 53 |
Level 3 | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Total Assets | 0 | 0 |
NAV | ||
Assets | ||
Total nuclear decommissioning trust | 58 | 43.7 |
Total rabbi trust | 0 | 45.8 |
Total self-insured health plan trust | 0 | 0 |
Total Assets | 58 | 89.5 |
Evergy Kansas Central | ||
Assets | ||
Total nuclear decommissioning trust | 353.8 | 309.8 |
Total rabbi trust | 31.6 | 32.7 |
Total Assets | 385.4 | 342.5 |
Evergy Kansas Central | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 57.7 | 40.6 |
Total rabbi trust | 25.6 | |
Evergy Kansas Central | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 29.3 | 25 |
Evergy Kansas Central | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 17.9 | 21 |
Evergy Kansas Central | Equity funds | ||
Assets | ||
Total rabbi trust | 9.4 | |
Evergy Kansas Central | Combination debt/equity/other fund | ||
Assets | ||
Total nuclear decommissioning trust | 20.1 | |
Total rabbi trust | 2.4 | 7.1 |
Evergy Kansas Central | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 31.5 | 23.2 |
Evergy Kansas Central | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 14.1 | 12.9 |
Evergy Kansas Central | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0.6 | 0.5 |
Total rabbi trust | 0.1 | |
Evergy Kansas Central | Fixed income funds | ||
Assets | ||
Total rabbi trust | 19.7 | |
Evergy Kansas Central | Level 1 | ||
Assets | ||
Total nuclear decommissioning trust | 295.8 | 266.1 |
Total rabbi trust | 31.6 | 0 |
Total Assets | 327.4 | 266.1 |
Evergy Kansas Central | Level 1 | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 57.7 | 40.6 |
Total rabbi trust | 0 | |
Evergy Kansas Central | Level 1 | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 29.3 | 25 |
Evergy Kansas Central | Level 1 | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 17.9 | 21 |
Evergy Kansas Central | Level 1 | Equity funds | ||
Assets | ||
Total rabbi trust | 9.4 | |
Evergy Kansas Central | Level 1 | Combination debt/equity/other fund | ||
Assets | ||
Total nuclear decommissioning trust | 20.1 | |
Total rabbi trust | 2.4 | 0 |
Evergy Kansas Central | Level 1 | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 1 | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 1 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0.6 | 0.5 |
Total rabbi trust | 0.1 | |
Evergy Kansas Central | Level 1 | Fixed income funds | ||
Assets | ||
Total rabbi trust | 19.7 | |
Evergy Kansas Central | Level 2 | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Total Assets | 0 | 0 |
Evergy Kansas Central | Level 2 | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | |
Evergy Kansas Central | Level 2 | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 2 | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 2 | Equity funds | ||
Assets | ||
Total rabbi trust | 0 | |
Evergy Kansas Central | Level 2 | Combination debt/equity/other fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Level 2 | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 2 | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 2 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | |
Evergy Kansas Central | Level 2 | Fixed income funds | ||
Assets | ||
Total rabbi trust | 0 | |
Evergy Kansas Central | Level 3 | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 0 |
Total Assets | 0 | 0 |
Evergy Kansas Central | Level 3 | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | |
Evergy Kansas Central | Level 3 | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 3 | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 3 | Equity funds | ||
Assets | ||
Total rabbi trust | 0 | |
Evergy Kansas Central | Level 3 | Combination debt/equity/other fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | |
Total rabbi trust | 0 | 0 |
Evergy Kansas Central | Level 3 | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 3 | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Level 3 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | |
Evergy Kansas Central | Level 3 | Fixed income funds | ||
Assets | ||
Total rabbi trust | 0 | |
Evergy Kansas Central | NAV | ||
Assets | ||
Total nuclear decommissioning trust | 58 | 43.7 |
Total rabbi trust | 0 | 32.7 |
Total Assets | 58 | 76.4 |
Evergy Kansas Central | NAV | Core bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 25.6 |
Evergy Kansas Central | NAV | High-yield bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | NAV | Emerging markets bond fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | NAV | Equity funds | ||
Assets | ||
Total rabbi trust | 0 | |
Evergy Kansas Central | NAV | Combination debt/equity/other fund | ||
Assets | ||
Total nuclear decommissioning trust | 0 | |
Total rabbi trust | 0 | 7.1 |
Evergy Kansas Central | NAV | Alternative investments fund | ||
Assets | ||
Total nuclear decommissioning trust | 31.5 | 23.2 |
Evergy Kansas Central | NAV | Real estate securities fund | ||
Assets | ||
Total nuclear decommissioning trust | 14.1 | 12.9 |
Evergy Kansas Central | NAV | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | |
Evergy Kansas Central | NAV | Fixed income funds | ||
Assets | ||
Total rabbi trust | 0 | |
Evergy Kansas Central | Domestic | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 131.1 | 102.7 |
Evergy Kansas Central | Domestic | Level 1 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 118.7 | 95.1 |
Evergy Kansas Central | Domestic | Level 2 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Domestic | Level 3 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | Domestic | NAV | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 12.4 | 7.6 |
Evergy Kansas Central | International | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 71.6 | 63.8 |
Evergy Kansas Central | International | Level 1 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 71.6 | 63.8 |
Evergy Kansas Central | International | Level 2 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | International | Level 3 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Kansas Central | International | NAV | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | ||
Assets | ||
Total nuclear decommissioning trust | 378.2 | 342.3 |
Total self-insured health plan trust | 13.9 | 13.2 |
Total Assets | 392.1 | 355.5 |
Evergy Metro | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 278 | 243.1 |
Total self-insured health plan trust | 1.9 | 1.7 |
Evergy Metro | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 3.2 | 3.2 |
Evergy Metro | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 47.3 | 47.7 |
Evergy Metro | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0.4 | 0.5 |
Evergy Metro | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 4 | 4.1 |
Evergy Metro | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 44.5 | 43.1 |
Evergy Metro | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0.1 | 0.1 |
Evergy Metro | Other | ||
Assets | ||
Total nuclear decommissioning trust | 0.7 | 0.5 |
Evergy Metro | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 8.9 | 8 |
Evergy Metro | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 3.1 | 3.5 |
Evergy Metro | Level 1 | ||
Assets | ||
Total nuclear decommissioning trust | 328.5 | 294.5 |
Total self-insured health plan trust | 7.7 | 8 |
Total Assets | 336.2 | 302.5 |
Evergy Metro | Level 1 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 278 | 243.1 |
Total self-insured health plan trust | 1.9 | 1.7 |
Evergy Metro | Level 1 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 3.2 | 3.2 |
Evergy Metro | Level 1 | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 47.3 | 47.7 |
Evergy Metro | Level 1 | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 1 | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 1 | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 1 | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 1 | Other | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0.5 |
Evergy Metro | Level 1 | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 2.7 | 2.8 |
Evergy Metro | Level 1 | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 3.1 | 3.5 |
Evergy Metro | Level 2 | ||
Assets | ||
Total nuclear decommissioning trust | 49.7 | 47.8 |
Total self-insured health plan trust | 6.2 | 5.2 |
Total Assets | 55.9 | 53 |
Evergy Metro | Level 2 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | Level 2 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 2 | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 2 | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0.4 | 0.5 |
Evergy Metro | Level 2 | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 4 | 4.1 |
Evergy Metro | Level 2 | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 44.5 | 43.1 |
Evergy Metro | Level 2 | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0.1 | 0.1 |
Evergy Metro | Level 2 | Other | ||
Assets | ||
Total nuclear decommissioning trust | 0.7 | 0 |
Evergy Metro | Level 2 | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 6.2 | 5.2 |
Evergy Metro | Level 2 | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | Level 3 | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Total Assets | 0 | 0 |
Evergy Metro | Level 3 | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | Level 3 | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 3 | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 3 | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 3 | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 3 | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 3 | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 3 | Other | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | Level 3 | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | Level 3 | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | NAV | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Total Assets | 0 | 0 |
Evergy Metro | NAV | Equity securities | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | NAV | Cash equivalents | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | NAV | U.S. Treasury | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | NAV | U.S. Agency | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | NAV | State and local obligations | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | NAV | Corporate bonds | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | NAV | Foreign governments | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | NAV | Other | ||
Assets | ||
Total nuclear decommissioning trust | 0 | 0 |
Evergy Metro | NAV | Debt securities | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Evergy Metro | NAV | Cash and cash equivalents | ||
Assets | ||
Total self-insured health plan trust | 0 | 0 |
Other Evergy | ||
Assets | ||
Total rabbi trust | 12.5 | 13.6 |
Other Evergy | Core bond fund | ||
Assets | ||
Total rabbi trust | 12.5 | |
Other Evergy | Fixed income funds | ||
Assets | ||
Total rabbi trust | 13.1 | |
Other Evergy | Cash and cash equivalents | ||
Assets | ||
Total rabbi trust | 0.5 | |
Other Evergy | Level 1 | ||
Assets | ||
Total rabbi trust | 12.5 | 0.5 |
Other Evergy | Level 1 | Core bond fund | ||
Assets | ||
Total rabbi trust | 12.5 | |
Other Evergy | Level 1 | Fixed income funds | ||
Assets | ||
Total rabbi trust | 0 | |
Other Evergy | Level 1 | Cash and cash equivalents | ||
Assets | ||
Total rabbi trust | 0.5 | |
Other Evergy | Level 2 | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Other Evergy | Level 2 | Core bond fund | ||
Assets | ||
Total rabbi trust | 0 | |
Other Evergy | Level 2 | Fixed income funds | ||
Assets | ||
Total rabbi trust | 0 | |
Other Evergy | Level 2 | Cash and cash equivalents | ||
Assets | ||
Total rabbi trust | 0 | |
Other Evergy | Level 3 | ||
Assets | ||
Total rabbi trust | 0 | 0 |
Other Evergy | Level 3 | Core bond fund | ||
Assets | ||
Total rabbi trust | 0 | |
Other Evergy | Level 3 | Fixed income funds | ||
Assets | ||
Total rabbi trust | 0 | |
Other Evergy | Level 3 | Cash and cash equivalents | ||
Assets | ||
Total rabbi trust | 0 | |
Other Evergy | NAV | ||
Assets | ||
Total rabbi trust | 0 | 13.1 |
Other Evergy | NAV | Core bond fund | ||
Assets | ||
Total rabbi trust | $ 0 | |
Other Evergy | NAV | Fixed income funds | ||
Assets | ||
Total rabbi trust | 13.1 | |
Other Evergy | NAV | Cash and cash equivalents | ||
Assets | ||
Total rabbi trust | $ 0 |
FAIR VALUE MEASUREMENTS - NAV (
FAIR VALUE MEASUREMENTS - NAV (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)fundextension | Dec. 31, 2020USD ($) | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 1.7 | $ 2.2 |
Evergy Kansas Central | Alternative investments fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Evergy Kansas Central | Real estate securities fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Evergy Kansas Central | Nuclear decommissioning trust: | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 1.7 | 2.2 |
Evergy Kansas Central | Core bond fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Evergy Kansas Central | Combination debt/equity/other fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Evergy Kansas Central | Rabbi trust: | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Other Evergy | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | 0 | 0 |
Domestic | Evergy Kansas Central | Equity securities | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 1.7 | 2.2 |
NAV, number of funds | fund | 5 | |
NAV, number of funds making distributions | fund | 3 | |
Domestic | Evergy Kansas Central | Equity Securities - Fourth Fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Length of settlement | 15 years | |
NAV, number of extensions | extension | 3 | |
NAV, extension term | 1 year | |
Domestic | Evergy Kansas Central | Equity Securities - Fifth Fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Length of settlement | 15 years | |
Fair Value, Measurements, Recurring | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | $ 732 | 652.1 |
Total rabbi trust | 44.1 | 46.3 |
Total Assets | 790 | 711.6 |
Fair Value, Measurements, Recurring | Evergy Kansas Central | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 353.8 | 309.8 |
Total rabbi trust | 31.6 | 32.7 |
Total Assets | 385.4 | 342.5 |
Fair Value, Measurements, Recurring | Evergy Kansas Central | Alternative investments fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 31.5 | 23.2 |
Fair Value, Measurements, Recurring | Evergy Kansas Central | Real estate securities fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 14.1 | 12.9 |
Fair Value, Measurements, Recurring | Evergy Kansas Central | Core bond fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 57.7 | 40.6 |
Total rabbi trust | 25.6 | |
Fair Value, Measurements, Recurring | Evergy Kansas Central | Combination debt/equity/other fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 20.1 | |
Total rabbi trust | 2.4 | 7.1 |
Fair Value, Measurements, Recurring | Other Evergy | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total rabbi trust | 12.5 | 13.6 |
Fair Value, Measurements, Recurring | Other Evergy | Core bond fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total rabbi trust | 12.5 | |
Fair Value, Measurements, Recurring | Domestic | Evergy Kansas Central | Equity securities | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 131.1 | 102.7 |
NAV | Fair Value, Measurements, Recurring | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 58 | 43.7 |
Total rabbi trust | 0 | 45.8 |
Total Assets | 58 | 89.5 |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 58 | 43.7 |
Total rabbi trust | 0 | 32.7 |
Total Assets | 58 | 76.4 |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central | Alternative investments fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | $ 31.5 | 23.2 |
Length of Settlement | 65 days | |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central | Real estate securities fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | $ 14.1 | 12.9 |
Length of Settlement | 65 days | |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central | Nuclear decommissioning trust: | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | $ 58 | 43.7 |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central | Core bond fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 0 | 0 |
Total rabbi trust | 0 | 25.6 |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central | Combination debt/equity/other fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | 0 | |
Total rabbi trust | 0 | 7.1 |
NAV | Fair Value, Measurements, Recurring | Evergy Kansas Central | Rabbi trust: | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total rabbi trust | 0 | 32.7 |
NAV | Fair Value, Measurements, Recurring | Other Evergy | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total rabbi trust | 0 | 13.1 |
NAV | Fair Value, Measurements, Recurring | Other Evergy | Core bond fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total rabbi trust | 0 | |
NAV | Fair Value, Measurements, Recurring | Domestic | Evergy Kansas Central | Equity securities | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total nuclear decommissioning trust | $ 12.4 | $ 7.6 |
FAIR VALUE MEASUREMENTS - Gains
FAIR VALUE MEASUREMENTS - Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | $ 0.3 | $ 28.4 | $ 64.4 | $ (1.5) |
Nuclear decommissioning trust - equity securities | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | 1 | 27.5 | 68.8 | (8.5) |
Nuclear decommissioning trust - debt securities | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | (0.6) | 0.1 | (4) | 5.4 |
Rabbi trusts - equity securities | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | (0.1) | 0.8 | (0.4) | 1.6 |
Evergy Kansas Central | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | 5.2 | 16.8 | 36.8 | 1.3 |
Evergy Kansas Central | Nuclear decommissioning trust - equity securities | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | 5.3 | 16.2 | 36.9 | 0.2 |
Evergy Kansas Central | Rabbi trusts - equity securities | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | (0.1) | 0.6 | (0.1) | 1.1 |
Evergy Metro | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | (4.9) | 11.4 | 27.9 | (3.3) |
Evergy Metro | Nuclear decommissioning trust - equity securities | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | (4.3) | 11.3 | 31.9 | (8.7) |
Evergy Metro | Nuclear decommissioning trust - debt securities | ||||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | ||||
Unrealized gain (losses) | $ (0.6) | $ 0.1 | $ (4) | $ 5.4 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND RELATIONSHIPS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Evergy Metro | Evergy Inc Money Pool | |||||
Related Party Transaction [Line Items] | |||||
Due from Related Parties, Current | $ 238 | $ 238 | $ 100 | ||
Evergy Metro | Evergy Missouri West | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | 335.7 | 335.7 | 188.1 | ||
Evergy Metro | Evergy Missouri West | Operating Expenses and Capital Costs Billed | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction | 35.4 | $ 46.5 | 103.2 | $ 121.8 | |
Evergy Metro | Evergy Kansas Central | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | 15.6 | 15.6 | 21.7 | ||
Evergy Metro | Evergy Kansas Central | Operating Expenses and Capital Costs Billed | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction | 36.9 | 26.9 | 90.8 | 94.5 | |
Evergy Metro | Evergy | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | 15.8 | 15.8 | 15.7 | ||
Evergy Metro | Evergy | Income Tax Receivable | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | 43 | 43 | (3.2) | ||
Evergy Kansas Central | Evergy Missouri West | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | 8.4 | 8.4 | 6.6 | ||
Evergy Kansas Central | Evergy Missouri West | Operating Expenses and Capital Costs Billed | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction | 7.3 | 13.1 | 24.1 | 27.4 | |
Evergy Kansas Central | Evergy Metro | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | (15.6) | (15.6) | (21.7) | ||
Evergy Kansas Central | Evergy Metro | Operating Expenses and Capital Costs Billed | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction | 5.4 | $ 5.4 | 22.4 | $ 24.9 | |
Evergy Kansas Central | Evergy | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | 4 | 4 | 0.1 | ||
Evergy Kansas Central | Evergy | Income Tax Receivable | |||||
Related Party Transaction [Line Items] | |||||
Due from (to) related parties | 14.7 | 14.7 | 25.3 | ||
Evergy Kansas Central | Evergy Metro | Subsidiary of Common Parent | |||||
Related Party Transaction [Line Items] | |||||
Right-of-use assets under operating leases | 28.4 | 28.4 | 28.9 | ||
Lease liability recorded in other current liabilities | 0.7 | 0.7 | 0.7 | ||
Total long-term obligations under operating leases | $ 27.7 | $ 27.7 | $ 28.2 | ||
Jointly Owned Electricity Generation Plant Iatan No 1 And 2 | Evergy Missouri West | |||||
Related Party Transaction [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 18.00% | 18.00% | |||
Jeffrey Energy Center | Evergy Missouri West | |||||
Related Party Transaction [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 8.00% | 8.00% | |||
La Cygne Station | Evergy Kansas Central | |||||
Related Party Transaction [Line Items] | |||||
Jointly owned utility plant, proportionate ownership share | 50.00% | 50.00% |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2021 | Jun. 30, 2021 | Feb. 28, 2021 | |
Line of Credit Facility [Line Items] | |||
Stock to be Sold and Issued Under Securities Purchase Agreement, Shares | 2,269,447 | ||
Stock to be Sold and Issued Under Securities Purchase Agreement, Value | $ 113.2 | ||
Warrant to be Issued Under Securities Purchase Agreement for Potential Shares, Maximum | 3,950,000 | ||
Warrants and Rights Outstanding, Term | 3 years | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 64.70 | ||
Issuance of stock, net of issuance costs | $ 112.5 | $ 112.5 | |
Stock issuance costs | $ 0.7 |
TAXES - Income Tax Expense (Det
TAXES - Income Tax Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Current income taxes | ||||
Federal | $ (6.5) | $ (16.4) | $ (0.5) | $ (35) |
State | 2.2 | (0.4) | 1.7 | (7.7) |
Total | (4.3) | (16.8) | 1.2 | (42.7) |
Deferred income taxes | ||||
Federal | 61.3 | 46.6 | 94 | 83.4 |
State | 1.6 | 21.5 | 8.6 | 57.7 |
Total | 62.9 | 68.1 | 102.6 | 141.1 |
Investment Tax Credits | ||||
Amortization | (1.4) | (1.3) | (4.4) | (4.6) |
Deferral | 0 | 0 | 0.4 | 0 |
Total | (1.4) | (1.3) | (4) | (4.6) |
Income tax expense | $ 57.2 | $ 50 | $ 99.8 | $ 93.8 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Effect of: | ||||
COLI policies | (1.00%) | (1.60%) | (1.00%) | (1.60%) |
State income taxes | 0.50% | 3.50% | 0.80% | 3.40% |
Flow through depreciation for plant-related differences | (5.70%) | (4.90%) | (5.90%) | (4.80%) |
Federal tax credits | (3.10%) | (4.60%) | (3.10%) | (4.60%) |
Non-controlling interest | (0.30%) | (0.30%) | (0.30%) | (0.30%) |
AFUDC equity | (0.60%) | (0.20%) | (0.60%) | (0.30%) |
Amortization of federal investment tax credits | (0.40%) | (0.70%) | (0.40%) | (0.70%) |
State tax rate change | 0.00% | 0.00% | 0.00% | 2.00% |
Valuation allowance | 0.00% | (0.40%) | 0.00% | (0.20%) |
Stock compensation | 0.00% | 0.00% | 0.00% | (0.10%) |
Officer compensation limitation | 0.50% | 0.20% | 0.50% | 0.20% |
Other | 0.30% | 0.00% | (0.30%) | 0.00% |
Effective income tax rate | 11.20% | 12.00% | 10.70% | 14.00% |
Evergy Kansas Central | ||||
Current income taxes | ||||
Federal | $ 25.6 | $ (4.6) | $ 45.1 | $ 7.5 |
State | 1.1 | (6.4) | 2.6 | (13.3) |
Total | 26.7 | (11) | 47.7 | (5.8) |
Deferred income taxes | ||||
Federal | (3.6) | 17.9 | (2.6) | (10.7) |
State | 0.6 | 16.6 | 3.5 | 169.4 |
Total | (3) | 34.5 | 0.9 | 158.7 |
Investment Tax Credits | ||||
Amortization | (1.1) | (1) | (3.3) | (3.7) |
Deferral | 0 | 0 | 0.4 | 0 |
Total | (1.1) | (1) | (2.9) | (3.7) |
Income tax expense | $ 22.6 | $ 22.5 | $ 45.7 | $ 149.2 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Effect of: | ||||
COLI policies | (1.70%) | (2.90%) | (1.70%) | (2.90%) |
State income taxes | 0.50% | 2.30% | 0.80% | 2.90% |
Flow through depreciation for plant-related differences | (3.60%) | (0.40%) | (3.70%) | (0.20%) |
Federal tax credits | (5.20%) | (6.80%) | (5.20%) | (6.80%) |
Non-controlling interest | (0.50%) | (0.70%) | (0.50%) | (0.60%) |
AFUDC equity | (0.50%) | 0.10% | (0.60%) | (0.40%) |
Amortization of federal investment tax credits | (0.50%) | (1.10%) | (0.50%) | (1.00%) |
State tax rate change | 0.00% | 0.00% | 0.00% | 32.00% |
Stock compensation | 0.00% | 0.00% | (0.10%) | (0.10%) |
Officer compensation limitation | 0.40% | 0.00% | 0.30% | 0.00% |
Other | 0.20% | 0.00% | (0.80%) | 0.00% |
Effective income tax rate | 10.10% | 11.50% | 9.00% | 43.90% |
Evergy Metro | ||||
Current income taxes | ||||
Federal | $ (24.2) | $ (8.9) | $ 23.9 | $ (8.4) |
State | 2 | 9.5 | 3.2 | 10.5 |
Total | (22.2) | 0.6 | 27.1 | 2.1 |
Deferred income taxes | ||||
Federal | 49.5 | 22.2 | 18.5 | 38.9 |
State | (0.4) | 2.6 | (0.8) | (35.1) |
Total | 49.1 | 24.8 | 17.7 | 3.8 |
Investment Tax Credits | ||||
Amortization | (0.4) | (0.3) | (1.1) | (0.8) |
Income tax expense | $ 26.5 | $ 25.1 | $ 43.7 | $ 5.1 |
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%) | (0.20%) | (0.20%) |
State income taxes | 0.60% | 5.50% | 0.60% | 4.50% |
Flow through depreciation for plant-related differences | (7.80%) | (9.10%) | (8.00%) | (9.10%) |
Federal tax credits | (0.60%) | (2.40%) | (0.60%) | (2.40%) |
AFUDC equity | (0.70%) | (0.50%) | (0.70%) | (0.30%) |
Amortization of federal investment tax credits | (0.40%) | (0.40%) | (0.40%) | (0.40%) |
State tax rate change | 0.00% | 0.00% | 0.00% | (11.40%) |
Stock compensation | 0.00% | 0.00% | 0.00% | (0.40%) |
Officer compensation limitation | 0.90% | 0.50% | 0.90% | 0.50% |
Other | (0.20%) | 0.10% | 0.00% | 0.00% |
Effective income tax rate | 12.70% | 14.50% | 12.60% | 1.80% |
TAXES - State Tax Reform (Detai
TAXES - State Tax Reform (Details) - USD ($) $ in Millions | May 01, 2020 | Sep. 30, 2021 |
State Tax Reform [Line Items] | ||
Decrease in net deferred income tax liabilities due to tax reform | $ 233.8 | |
Decrease in net deferred income tax liabilities for revaluation of deferred income tax assets and liabilities in rate base | 400.4 | |
Decrease in net deferred income tax liabilities for tax gross-up adjustment for ratemaking purposes due to tax reform | 31.7 | |
Decrease in unamortized investment tax credits | 183.6 | |
Decrease in unamortized investment tax credits for tax gross up adjustment for ratemaking purposes | 16.9 | |
Income tax expense from tax reform | 13.8 | |
Kansas state statutory income tax rate thru 2020 | 7.00% | |
Evergy Kansas Central | ||
State Tax Reform [Line Items] | ||
Decrease in net deferred income tax liabilities due to tax reform | 17.6 | |
Decrease in net deferred income tax liabilities for revaluation of deferred income tax assets and liabilities in rate base | 293.7 | |
Decrease in net deferred income tax liabilities for tax gross-up adjustment for ratemaking purposes due to tax reform | 17.3 | |
Decrease in unamortized investment tax credits | 183.6 | |
Decrease in unamortized investment tax credits for tax gross up adjustment for ratemaking purposes | 16.9 | |
Income tax expense from tax reform | 109 | |
Evergy Metro | ||
State Tax Reform [Line Items] | ||
Decrease in net deferred income tax liabilities due to tax reform | 152.9 | |
Decrease in net deferred income tax liabilities for revaluation of deferred income tax assets and liabilities in rate base | 106.7 | |
Decrease in net deferred income tax liabilities for tax gross-up adjustment for ratemaking purposes due to tax reform | 14.4 | |
Income tax expense from tax reform | $ 32.2 |