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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
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.
|  | December 31
|  | 2020 |  | 2019
|  | Book Value |  | Fair Value |  | Book Value |  | Fair Value
Long-term debt(a) |  | (millions)
Evergy(b) |  | $ | 9,627.3 |  |  | $ | 11,274.2 |  |  | $ | 8,997.8 |  |  | $ | 9,750.2 |
Evergy Kansas Central |  | 3,931.5 |  |  | 4,801.7 |  |  | 3,686.1 |  |  | 4,078.8 |
Evergy Metro |  | 2,923.0 |  |  | 3,591.2 |  |  | 2,525.0 |  |  | 2,932.2 |
Long-term debt of variable interest entities(a) |  |  |  |  |  |  |  |
Evergy |  | $ | 18.8 |  |  | $ | 19.1 |  |  | $ | 51.1 |  |  | $ | 51.5 |
Evergy Kansas Central |  | 18.8 |  |  | 19.1 |  |  | 51.1 |  |  | 51.5 |
(a) Includes current maturities. (b) Book value as of December 31, 2020 and 2019, includes $110.4 million and $125.5 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 | 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 trusts |  | 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 |  |
Description | December 31, 2019 | Level 1 | Level 2 | Level 3 | NAV |
Evergy Kansas Central |  | (millions) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trust(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity funds |  | $ | 86.1 |  |  |  | $ | 78.6 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 7.5 |  |  |
International equity funds |  | 52.0 |  |  |  | 52.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Core bond fund |  | 39.3 |  |  |  | 39.3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
High-yield bond fund |  | 22.3 |  |  |  | 22.3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Emerging markets bond fund |  | 19.4 |  |  |  | 19.4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Combination debt/equity/other fund |  | 16.4 |  |  |  | 16.4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Alternative investments fund |  | 23.9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23.9 |  |  |
Real estate securities fund |  | 12.6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12.6 |  |  |
Cash equivalents |  | 0.5 |  |  |  | 0.5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Total nuclear decommissioning trust |  | 272.5 |  |  |  | 228.5 |  |  |  | — |  |  |  | — |  |  |  | 44.0 |  |  |
Rabbi trust |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core bond fund |  | 25.3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 25.3 |  |  |
Combination debt/equity/other fund |  | 6.3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6.3 |  |  |
Cash equivalents |  | 0.1 |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Total rabbi trust |  | 31.7 |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | 31.6 |  |  |
Total |  | $ | 304.2 |  |  |  | $ | 228.6 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 75.6 |  |  |
Evergy Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trust(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 211.1 |  |  |  | $ | 211.1 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | 50.3 |  |  |  | 50.3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
U.S. Agency |  | 0.4 |  |  |  | — |  |  |  | 0.4 |  |  |  | — |  |  |  | — |  |  |
State and local obligations |  | 2.2 |  |  |  | — |  |  |  | 2.2 |  |  |  | — |  |  |  | — |  |  |
Corporate bonds |  | 33.2 |  |  |  | — |  |  |  | 33.2 |  |  |  | — |  |  |  | — |  |  |
Foreign governments |  | 0.1 |  |  |  | — |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |
Cash equivalents |  | 3.1 |  |  |  | 3.1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Other |  | 0.3 |  |  |  | — |  |  |  | 0.3 |  |  |  | — |  |  |  | — |  |  |
Total nuclear decommissioning trust |  | 300.7 |  |  |  | 264.5 |  |  |  | 36.2 |  |  |  | — |  |  |  | — |  |  |
Self-insured health plan trust(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | 0.5 |  |  |  | 0.5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Debt securities |  | 6.7 |  |  |  | 1.4 |  |  |  | 5.3 |  |  |  | — |  |  |  | — |  |  |
Cash and cash equivalents |  | 2.7 |  |  |  | 2.7 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Total self-insured health plan trust |  | 9.9 |  |  |  | 4.6 |  |  |  | 5.3 |  |  |  | — |  |  |  | — |  |  |
Total |  | $ | 310.6 |  |  |  | $ | 269.1 |  |  |  | $ | 41.5 |  |  |  | $ | — |  |  |  | $ | — |  |  |
Other Evergy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rabbi trusts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income fund |  | $ | 13.3 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 13.3 |  |  |
Cash and cash equivalents |  | 0.5 |  |  |  | 0.5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Total rabbi trusts |  | $ | 13.8 |  |  |  | $ | 0.5 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 13.3 |  |  |
Evergy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trust(a) |  | $ | 573.2 |  |  |  | $ | 493.0 |  |  |  | $ | 36.2 |  |  |  | $ | — |  |  |  | $ | 44.0 |  |  |
Rabbi trust |  | 45.5 |  |  |  | 0.6 |  |  |  | — |  |  |  | — |  |  |  | 44.9 |  |  |
Self-insured health plan trust(b) |  | 9.9 |  |  |  | 4.6 |  |  |  | 5.3 |  |  |  | — |  |  |  | — |  |  |
Total |  | $ | 628.6 |  |  |  | $ | 498.2 |  |  |  | $ | 41.5 |  |  |  | $ | — |  |  |  | $ | 88.9 |  |  |
(a)Fair value is based on quoted market prices of the investments held by the trust and/or valuation models. (b)Fair value is based on quoted market prices of the investments held by the trust. Debt securities classified as Level 1 are comprised of U.S. Treasury securities. Debt securities classified as Level 2 are comprised of corporate bonds, U.S. Agency, state and local obligations, and other asset-backed securities.
Schedule of Fair Value Investments, Entities that Calculate NAV | The following table provides additional information on these Evergy and Evergy Kansas Central investments.
| December 31, 2020 |  | December 31, 2019 |  | December 31, 2020
| Fair |  | Unfunded |  | Fair |  | Unfunded |  | Redemption |  | Length of
| Value |  | Commitments |  | Value |  | Commitments |  | Frequency |  | Settlement
Evergy Kansas Central |  |  |  |  |
Nuclear decommissioning trust: | (millions) |  |  |  |
Domestic equity funds | $ | 7.6 |  |  | $ | 2.2 |  |  | $ | 7.5 |  |  | $ | 3.3 |  |  | (a) |  | (a)
Alternative investments fund(b) | 23.2 |  |  | — |  |  | 23.9 |  |  | — |  |  | Quarterly |  | 65 days
Real estate securities fund(b) | 12.9 |  |  | — |  |  | 12.6 |  |  | — |  |  | Quarterly |  | 65 days
Total | $ | 43.7 |  |  | $ | 2.2 |  |  | $ | 44.0 |  |  | $ | 3.3 |  |  |  |  |
Rabbi trust: |  |  |  |  |  |  |  |  |  |  |
Core bond fund | $ | 25.6 |  |  | $ | — |  |  | $ | 25.3 |  |  | $ | — |  |  | (c) |  | (c)
Combination debt/equity/other fund | 7.1 |  |  | — |  |  | 6.3 |  |  | — |  |  | (c) |  | (c)
Total | $ | 32.7 |  |  | $ | — |  |  | $ | 31.6 |  |  | $ | — |  |  |  |  |
Other Evergy |  |  |  |  |  |  |  |  |  |  |
Rabbi trust: |  |  |  |  |  |  |  |  |  |  |
Fixed income fund | $ | 13.1 |  |  | $ | — |  |  | $ | 13.3 |  |  | $ | — |  |  | (c) |  | (c)
Total Evergy investments at NAV | $ | 89.5 |  |  | $ | 2.2 |  |  | $ | 88.9 |  |  | $ | 3.3 |  |  |  |  |
(a)This investment is in five long-term private equity funds that do not permit early withdrawal. Investments in these funds cannot be distributed until the underlying investments have been liquidated, which may take years from the date of initial liquidation. Three funds have begun to make distributions. The initial investment in the fourth and fifth 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.
|  |  |  |  |  | 2020 |  | 2019 |  | 2018
Evergy |  |  |  |  |  | (millions)
Nuclear decommissioning trust - equity securities |  |  |  |  |  | $ | 45.5 |  |  | $ | 74.0 |  |  | (54.1) |
Nuclear decommissioning trust - debt securities |  |  |  |  |  | 5.3 |  |  | 5.1 |  |  | (0.5) |
Rabbi trusts - equity securities |  |  |  |  |  | (5.6) |  |  | 3.1 |  |  | 1.0 |
Total |  |  |  |  |  | $ | 45.2 |  |  | $ | 82.2 |  |  | $ | (53.6) |
Evergy Kansas Central |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trust - equity securities |  |  |  |  |  | $ | 21.9 |  |  | $ | 33.3 |  |  | (31.8) |
Rabbi trust - equity securities |  |  |  |  |  | (6.1) |  |  | 3.2 |  |  | 1.0 |
Total |  |  |  |  |  | $ | 15.8 |  |  | $ | 36.5 |  |  | $ | (30.8) |
Evergy Metro(a) |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trust - equity securities |  |  |  |  |  | $ | 23.6 |  |  | $ | 40.7 |  |  | (20.7) |
Nuclear decommissioning trust - debt securities |  |  |  |  |  | 5.3 |  |  | 5.1 |  |  | (2.5) |
Total |  |  |  |  |  | $ | 28.9 |  |  | $ | 45.8 |  |  | $ | (23.2) |

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