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ASSET RETIREMENT OBLIGATIONS | 12 Months Ended
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Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract] |
ASSET RETIREMENT OBLIGATIONS | ASSET RETIREMENT OBLIGATIONS AROs associated with tangible long-lived assets are legal obligations that exist under enacted laws, statutes and written or oral contracts, including obligations arising under the doctrine of promissory estoppel. These liabilities are recognized at estimated fair value as incurred with a corresponding amount capitalized as part of the cost of the related long-lived assets and depreciated over their useful lives. Accretion of the liabilities due to the passage of time is recorded to a regulatory asset and/or liability. Changes in the estimated fair values of the liabilities are recognized when known. Evergy Kansas Central, Evergy Metro and Evergy Missouri West have AROs related to asbestos abatement and the closure and post-closure care of ponds and landfills containing coal combustion residuals (CCRs). In addition, Evergy Kansas Central and Evergy Metro have AROs related to decommissioning Wolf Creek and the retirement of wind generation facilities. The MPSC and KCC require the owners of Wolf Creek, including Evergy Kansas South and Evergy Metro with their respective 47% ownership shares, to submit an updated decommissioning cost study every three years. The most recent study was submitted to the MPSC and KCC in September 2020. As a result of changes in estimates related to the study, Evergy, Evergy Kansas Central and Evergy Metro recorded increases to their AROs to decommission Wolf Creek of $259.1 million, $140.7 million and $118.4 million, respectively, in 2020. The following table summarizes the change in the Evergy Companies' AROs for the periods ending December 31, 2020 and 2019.
|  | Evergy |  |  | Evergy Kansas Central |  |  | Evergy Metro |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (millions) |
Beginning balance January 1 |  | $ | 674.1 |  |  |  | $ | 687.1 |  |  |  | $ | 272.9 |  |  |  | $ | 281.1 |  |  |  | $ | 253.6 |  |  |  | $ | 261.0 |  |
Revision in timing and/or estimates |  | 249.3 |  |  |  | (22.3) |  |  |  | 136.8 |  |  |  | (12.4) |  |  |  | 118.4 |  |  |  | (9.9) |  |
Settlements |  | (18.4) |  |  |  | (17.8) |  |  |  | (2.2) |  |  |  | (14.8) |  |  |  | (7.5) |  |  |  | (2.5) |  |
Accretion |  | 36.9 |  |  |  | 27.1 |  |  |  | 19.7 |  |  |  | 19.0 |  |  |  | 14.4 |  |  |  | 5.0 |  |
Ending balance |  | $ | 941.9 |  |  |  | $ | 674.1 |  |  |  | $ | 427.2 |  |  |  | $ | 272.9 |  |  |  | $ | 378.9 |  |  |  | $ | 253.6 |  |
Less: current portion |  | (40.2) |  |  |  | (71.3) |  |  |  | (11.2) |  |  |  | (23.3) |  |  |  | (21.2) |  |  |  | (36.1) |  |
Total noncurrent asset retirement obligation |  | $ | 901.7 |  |  |  | $ | 602.8 |  |  |  | $ | 416.0 |  |  |  | $ | 249.6 |  |  |  | $ | 357.7 |  |  |  | $ | 217.5 |  |

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- References No definition available. + Details
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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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