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ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 3 Months Ended
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Mar. 31, 2019
Accounting Policies [Abstract] |
Summary of Reclassifications | The table below summarizes KCP&L's reclassifications related to operating and investing activities for its consolidated statement of cash flows for the three months ended March 31, 2018.
|  |  | As Previously Filed |  | As Recast |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: |  |  | (millions) |
Adjustments to reconcile income to net cash from operating activities: |  |  |  |  |  |
Amortization of other |  |  | $ | 6.6 |  |  | $ | — |  |
Amortization of deferred refueling outage |  |  | — |  |  | 3.9 |  |
Deferred income taxes, net |  |  | 5.6 |  |  | — |  |
Investment tax credit amortization |  |  | (0.3 | ) |  | — |  |
Net deferred income taxes and credits |  |  | — |  |  | 5.3 |  |
Other(a) |  |  | 3.8 |  |  | 0.2 |  |
Changes in working capital items: |  |  |  |  |  |
Fuel inventory and supplies |  |  | — |  |  | (2.8 | ) |
Fuel inventories(a) |  |  | (1.0 | ) |  | — |  |
Materials and supplies(a) |  |  | (1.8 | ) |  | — |  |
Prepaid expenses and other current assets |  |  | — |  |  | (2.5 | ) |
Accrued interest(a) |  |  | 8.3 |  |  | — |  |
Other current liabilities |  |  | — |  |  | (1.8 | ) |
Changes in other assets |  |  | — |  |  | 16.5 |  |
Changes in other liabilities |  |  | — |  |  | 13.5 |  |
Deferred refueling outage costs(a) |  |  | 0.9 |  |  | — |  |
Pension and post-retirement benefit obligations(a) |  |  | 9.0 |  |  | — |  |
Fuel recovery mechanisms(a) |  |  | 1.2 |  |  | — |  |
Total reclassifications |  |  | $ | 32.3 |  |  | $ | 32.3 |  |
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: |  |  |  |  |  |
Additions to property, plant and equipment |  |  | $ | — |  |  | $ | (100.6 | ) |
Utility capital expenditures |  |  | (93.5 | ) |  | — |  |
Allowance for borrowed funds used during construction |  |  | (2.0 | ) |  | — |  |
Other investing activities |  |  | (4.5 | ) |  | 0.6 |  |
Total reclassifications |  |  | $ | (100.0 | ) |  | $ | (100.0 | ) |
(a)Previously reported within Note 4 to the consolidated financial statements of the Great Plains Energy and KCP&L combined First Quarter 2018 Quarterly Report on Form 10-Q.
Schedule of Fuel Inventory and Supplies | The following table separately states the balances for fuel inventory and supplies.
| March 31 | December 31
|  | 2019 |  |  | 2018 |
Evergy |  | (millions) |
Fuel inventory |  | $ | 132.2 |  |  |  | $ | 168.9 |  |
Supplies |  | 334.3 |  |  |  | 342.1 |  |
Fuel inventory and supplies |  | $ | 466.5 |  |  |  | $ | 511.0 |  |
Westar Energy |  |  |
Fuel inventory |  | $ | 74.2 |  |  |  | $ | 87.8 |  |
Supplies |  | 180.8 |  |  |  | 189.0 |  |
Fuel inventory and supplies |  | $ | 255.0 |  |  |  | $ | 276.8 |  |
KCP&L |  |  |  |  |  |  |  |
Fuel inventory |  | $ | 39.2 |  |  |  | $ | 57.8 |  |
Supplies |  | 120.1 |  |  |  | 119.8 |  |
Fuel inventory and supplies |  | $ | 159.3 |  |  |  | $ | 177.6 |  |
Summary of Property, Plant and Equipment | The following tables summarize the property, plant and equipment of Evergy, Westar Energy and KCP&L.
March 31, 2019 |  | Evergy |  | Westar Energy |  | KCP&L
|  | (millions)
Electric plant in service |  | $ | 27,161.1 |  |  | $ | 13,263.5 |  |  | $ | 10,546.0 |
Electric plant acquisition adjustment |  | 740.6 |  |  | 740.6 |  |  | — |
Accumulated depreciation |  | (9,856.2 | ) |  | (4,721.2 | ) |  | (4,083.5 | )
Plant in service |  | 18,045.5 |  |  | 9,282.9 |  |  | 6,462.5 |
Construction work in progress |  | 635.7 |  |  | 365.0 |  |  | 173.2 |
Nuclear fuel, net |  | 155.9 |  |  | 77.5 |  |  | 78.4 |
Plant to be retired, net(a) |  | 1.0 |  |  | 1.0 |  |  | — |
Property, plant and equipment, net |  | $ | 18,838.1 |  |  | $ | 9,726.4 |  |  | $ | 6,714.1 |
December 31, 2018 |  | Evergy |  | Westar Energy |  | KCP&L
|  | (millions)
Electric plant in service |  | $ | 26,916.7 |  |  | $ | 13,176.7 |  |  | $ | 10,439.1 |
Electric plant acquisition adjustment |  | 740.6 |  |  | 740.6 |  |  | — |
Accumulated depreciation |  | (9,694.1 | ) |  | (4,642.8 | ) |  | (4,022.4 | )
Plant in service |  | 17,963.2 |  |  | 9,274.5 |  |  | 6,416.7 |
Construction work in progress |  | 685.2 |  |  | 376.7 |  |  | 204.4 |
Nuclear fuel, net |  | 133.1 |  |  | 66.1 |  |  | 67.0 |
Plant to be retired, net(a) |  | 1.0 |  |  | 1.0 |  |  | — |
Property, plant and equipment, net |  | $ | 18,782.5 |  |  | $ | 9,718.3 |  |  | $ | 6,688.1 |
(a) As of March 31, 2019 and December 31, 2018, represents the planned retirement of Westar Energy 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 March 31 | 2019 |  | 2018
Evergy | (millions)
Non-service cost component of net benefit cost | $ | (13.1 | ) |  | $ | (5.7 | )
Other | (6.3 | ) |  | (4.9 | )
Other expense | $ | (19.4 | ) |  | $ | (10.6 | )
Westar Energy |  |  |
Non-service cost component of net benefit cost | $ | (4.4 | ) |  | $ | (5.7 | )
Other | (6.2 | ) |  | (4.9 | )
Other expense | $ | (10.6 | ) |  | $ | (10.6 | )
KCP&L(a) |  |  |
Non-service cost component of net benefit cost | $ | (5.1 | ) |  | $ | (6.7 | )
Other | 0.1 |  |  | (1.2 | )
Other expense | $ | (5.0 | ) |  | $ | (7.9 | )
(a)KCP&L amounts are not included in consolidated Evergy for the three months ended March 31, 2018.
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles Evergy's basic and diluted EPS.
Three Months Ended March 31 | 2019 |  | 2018
Income | (millions, except per share amounts)
Net income | $ | 103.4 |  |  | $ | 62.9 |
Less: net income attributable to noncontrolling interests | 3.9 |  |  | 2.4 |
Net income attributable to Evergy, Inc. | 99.5 |  |  | 60.5 |
Common Shares Outstanding |  |  |  |  |
Weighted average number of common shares outstanding - basic | 252.8 |  |  | 142.6 |
Add: effect of dilutive securities | 0.2 |  |  | 0.1 |
Weighted average number of common shares outstanding - dilutive | 253.0 |  |  | 142.7 |
Basic and Diluted EPS | $ | 0.39 |  |  | $ | 0.42 |
Supplemental Cash Flow Information | Supplemental Cash Flow Information
Three Months Ended March 31 |  | 2019 |  | 2018
Evergy |  | (millions)
Cash paid for (received from): |  |  |  |
Interest, net of amounts capitalized |  | $ | 59.3 |  |  | $ | 33.0 |
Interest of VIEs |  | 1.0 |  |  | 1.3 |
Income taxes, net of refunds |  | (0.1 | ) |  | (0.2 | )
Non-cash investing transactions: |  |  |  |
Property, plant and equipment additions |  | 47.1 |  |  | 29.8 |
Non-cash financing transactions: |  |  |  |
Issuance of stock for compensation and reinvested dividends |  | 0.5 |  |  | 0.1 |
Westar Energy |  |
Cash paid for (received from): |  |  |  |
Interest, net of amounts capitalized |  | $ | 32.6 |  |  | $ | 33.0 |
Interest of VIEs |  | 1.0 |  |  | 1.3 |
Income taxes, net of refunds |  | — |  |  | (0.2 | )
Non-cash investing transactions: |  |  |  |
Property, plant and equipment additions |  | 27.1 |  |  | 29.8 |
Non-cash financing transactions: |  |  |  |
Issuance of stock for compensation and reinvested dividends |  | — |  |  | 0.1 |
KCP&L(a) |  |
Cash paid for (received from): |  |  |  |
Interest, net of amounts capitalized |  | $ | 19.6 |  |  | $ | 22.7 |
Non-cash investing transactions: |  |  |  |
Property, plant and equipment additions |  | 15.9 |  |  | 20.9 |
(a) KCP&L amounts are not included in consolidated Evergy for the three months ended March 31, 2018.
Unaudited Pro Forma Financial Information | The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of Evergy.
Three Months Ended March 31, 2018 |
| (millions, except per share amounts)
Operating revenues | $ | 1,184.1 |
Net income attributable to Evergy, Inc. | 91.9 |
Basic earnings per common share | $ | 0.34 |
Diluted earnings per common share | $ | 0.34 |

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