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LEASES (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Schedule of lease expense

The Evergy Companies’ lease expense is detailed in the following table.

Three Months Ended March 31, 2019		Evergy				Westar Energy				KCP&L
Finance lease costs		(millions)
Amortization of right-of-use assets		$	1.1			$	1.0			$	—
Interest on lease liabilities		0.7				0.6				—
Operating lease costs		6.4				3.8				2.3
Short-term lease costs		0.8				0.1				0.7
Variable lease costs for renewable purchase power agreements		73.9				32.2				29.1
Total lease costs		$	82.9			$	37.7			$	32.1

Supplemental cash flow information related to the Evergy Companies' leases is detailed in the following table.

Three Months Ended March 31, 2019	Evergy				Westar Energy				KCP&L
Cash paid for amounts included in the measurement of lease liabilities:	(millions)
Operating cash flows from operating leases	$	5.8			$	3.4			$	2.4
Operating cash flows from finance leases	0.7				0.6				—
Financing cash flows from finance leases	1.1				1.1				—
Right-of-use assets obtained in exchange for new operating lease liabilities	2.2				—				2.2
Right-of-use assets obtained in exchange for new finance lease liabilities	2.3				2.3				—

Schedule of payments for finance leases

Payments for finance leases as of March 31, 2019 are detailed in the following table.

		Evergy				Westar Energy				KCP&L
		(millions)
April 2019 through December 2019		$	5.4			$	5.1			$	0.2
2020		7.0				6.6				0.2
2021		6.5				6.0				0.2
2022		5.7				5.2				0.2
2023		4.8				4.4				0.2
After 2023		48.4				46.4				1.0
Total finance lease payments		77.8				73.7				2.0
Amounts representing imputed interest		(27.6		)		(26.4		)		(0.6		)
Present value of lease payments		50.2				47.3				1.4
Less: current portion		(4.2		)		(4.0		)		(0.1		)
Total long-term obligations under finance leases		$	46.0			$	43.3			$	1.3
Weighted-average lease term (years)		15.4				15.8				9.4
Weighted-average discount rate		5.7		%		5.6		%		7.6		%

Schedule of future commitments under finance leases

Estimated future commitments under finance leases as of December 31, 2018 are detailed in the following table.

		Evergy				Westar Energy				KCP&L
		(millions)
2019		$	6.4			$	6.0			$	0.2
2020		5.8				5.4				0.2
2021		5.3				4.9				0.2
2022		4.7				4.3				0.2
2023		4.0				3.6				0.2
After 2023		48.6				46.4				1.1
Total finance lease payments		74.8				70.6				2.1
Amounts representing imputed interest		(25.8		)		(24.6		)		(0.6		)
Present value of net minimum lease payments under finance leases		49.0				46.0				1.5
Less: current portion		(3.9		)		(3.7		)		(0.1		)
Total long-term obligations under finance leases		$	45.1			$	42.3			$	1.4

Schedule of lease payments for operating leases

Lease payments for operating leases as of March 31, 2019 are detailed in the following table.

		Evergy				Westar Energy				KCP&L
		(millions)
April 2019 through December 2019		$	15.6			$	9.5			$	7.6
2020		18.7				10.2				10.6
2021		15.3				7.3				10.1
2022		12.4				5.1				9.3
2023		9.4				2.6				8.8
After 2023		52.4				2.8				91.3
Total operating lease payments		123.8				37.5				137.7
Amounts representing imputed interest		(20.8		)		(2.7		)		(38.4		)
Present value of lease payments		103.0				34.8				99.3
Less: current portion		(16.1		)		(10.5		)		(6.3		)
Total long-term obligations under operating leases		$	86.9			$	24.3			$	93.0
Weighted-average lease term (years)		9.3				4.2				16.2
Weighted-average discount rate		3.9		%		3.4		%		4.1		%

Schedule of future commitments under operating leases

Estimated future commitments under operating leases as of December 31, 2018 are detailed in the following table.

		Evergy				Westar Energy				KCP&L
		(millions)
2019		$	24.2			$	14.0			$	10.2
2020		20.7				10.1				10.6
2021		18.4				8.1				10.3
2022		15.2				5.2				10.0
2023		12.4				2.8				9.6
After 2023		95.0				3.1				91.8
Total operating lease payments		$	185.9			$	43.3			$	142.5

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- Definition

Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980

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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

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Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.

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