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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2023

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.

						March 31, 2023												December 31, 2022
						Book Value						Fair Value						Book Value						Fair Value
Long-term debt(a)						(millions)
Evergy(b)						$	10,236.6					$	9,361.5					$	10,344.8					$	9,160.0
Evergy Kansas Central						4,331.4						3,939.3						3,936.9						3,389.4
Evergy Metro						2,924.9						2,739.9						2,926.6						2,661.7

(a) Includes current maturities.

(b) Book value as of March 31, 2023 and December 31, 2022, includes $91.0 million and $92.1 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			March 31, 2023												Netting						Level 1			Level 2									Level 3									NAV
Evergy Kansas Central						(millions)
Assets
Nuclear decommissioning trust(a)
Domestic equity funds						$	120.0								$	—					$	108.1					$	—								$	—								$	11.9
International equity funds						67.3									—						67.3						—									—									—
Core bond fund						52.9									—						52.9						—									—									—
High-yield bond fund						26.1									—						26.1						—									—									—
Emerging markets bond fund						16.6									—						16.6						—									—									—
Alternative investments fund						33.5									—						—						—									—									33.5
Real estate securities fund						18.3									—						—						—									—									18.3
Cash equivalents						0.4									—						0.4						—									—									—
Total nuclear decommissioning trust						335.1									—						271.4						—									—									63.7
Rabbi trust
Fixed income funds						15.1									—						15.1						—									—									—
Equity funds						7.4									—						7.4						—									—									—
Combination debt/equity/other fund						1.8									—						1.8						—									—									—
Cash equivalents						0.1									—						0.1						—									—									—
Total rabbi trust						24.4									—						24.4						—									—									—
Derivative instruments - commodity contracts(b)
Power						48.1									(25.0)						21.0						36.5									15.6									—
Natural gas						10.9									(102.2)						111.9						1.2									—									—
Total derivative assets						59.0									(127.2)						132.9						37.7									15.6									—
Total assets						418.5									(127.2)						428.7						37.7									15.6									63.7
Liabilities
Derivative instruments - commodity contracts(b)
Power						42.3									(16.7)						12.4						41.4									5.2									—
Natural gas						3.3									(102.2)						104.4						1.1									—									—
Total derivative liabilities						45.6									(118.9)						116.8						42.5									5.2									—
Total liabilities						$	45.6								$	(118.9)					$	116.8					$	42.5								$	5.2								$	—
Evergy Metro
Assets
Nuclear decommissioning trust(a)
Equity securities						$	260.6								$	—					$	260.6					$	—								$	—								$	—
Debt securities
U.S. Treasury						44.5									—						44.5						—									—									—
State and local obligations						4.3									—						—						4.3									—									—
Corporate bonds						40.4									—						—						40.4									—									—
Foreign governments						0.1									—						—						0.1									—									—
Cash equivalents						4.5									—						4.5						—									—									—
Total nuclear decommissioning trust						354.4									—						309.6						44.8									—									—
Self-insured health plan trust(c)
Equity securities						1.7									—						1.7						—									—									—
Debt securities						6.6									—						1.8						4.8									—									—
Cash and cash equivalents						3.7									—						3.7						—									—									—
Total self-insured health plan trust						12.0									—						7.2						4.8									—									—
Derivative instruments - commodity contracts(b)
Power						—									(2.2)						—						—									2.2									—
Total derivative assets						—									(2.2)						—						—									2.2									—
Total assets						366.4									(2.2)						316.8						49.6									2.2									—
Liabilities
Derivative instruments - commodity contracts(b)
Power						3.6									(2.2)						—						—									5.8									—
Total derivative liabilities						3.6									(2.2)						—						—									5.8									—
Total liabilities						$	3.6								$	(2.2)					$	—					$	—								$	5.8								$	—

Description			March 31, 2023												Netting						Level 1			Level 2									Level 3									NAV
Other Evergy
Assets
Rabbi trusts
Core bond fund						$	9.3								$	—					$	9.3					$	—								$	—								$	—
Total rabbi trusts						9.3									—						9.3						—									—									—
Derivative instruments - commodity contracts(b)
Power						—									(1.4)						—						—									1.4									—
Total derivative assets						—									(1.4)						—						—									1.4									—
Total assets						9.3									(1.4)						9.3						—									1.4									—
Liabilities
Derivative instruments
Power						1.8									(1.4)						1.3						—									1.9									—
Natural gas						2.7									—						—						2.7									—									—
Total derivative liabilities						4.5									(1.4)						1.3						2.7									1.9									—
Total liabilities						$	4.5								(1.4)						$	1.3					$	2.7								$	1.9								$	—
Evergy
Assets
Nuclear decommissioning trust(a)						$	689.5								$	—					$	581.0					$	44.8								$	—								$	63.7
Rabbi trusts						33.7									—						33.7						—									—									—
Self-insured health plan trust(c)						12.0									—						7.2						4.8									—									—
Derivative instruments - commodity contracts(b)
Power						48.1									(28.6)						21.0						36.5									19.2									—
Natural gas						10.9									(102.2)						111.9						1.2									—									—
Total derivative assets						59.0									(130.8)						132.9						37.7									19.2									—
Total assets						794.2									(130.8)						754.8						87.3									19.2									63.7
Liabilities
Derivative instruments - commodity contracts(b)
Power						47.7									(20.3)						13.7						41.4									12.9									—
Natural gas						6.0									(102.2)						104.4						3.8									—									—
Total derivative liabilities						53.7									(122.5)						118.1						45.2									12.9									—
Total liabilities						$	53.7								$	(122.5)					$	118.1					$	45.2								$	12.9								$	—

Description			December 31, 2022									Netting			Level 1									Level 2									Level 3									NAV
Evergy Kansas Central						(millions)
Assets
Nuclear decommissioning trust(a)
Domestic equity funds						$	112.5					$	—					$	100.4								$	—								$	—								$	12.1
International equity funds						62.9						—						62.9									—									—									—
Core bond fund						51.0						—						51.0									—									—									—
High-yield bond fund						25.3						—						25.3									—									—									—
Emerging markets bond fund						16.0						—						16.0									—									—									—
Alternative investments fund						31.8						—						—									—									—									31.8
Real estate securities fund						18.9						—						—									—									—									18.9
Cash equivalents						0.4						—						0.4									—									—									—
Total nuclear decommissioning trust						318.8						—						256.0									—									—									62.8
Rabbi trust
Fixed income funds						15.6						—						15.6									—									—									—
Equity funds						7.3						—						7.3									—									—									—
Combination debt/equity/other fund						1.9						—						1.9									—									—									—
Cash equivalents						0.1						—						0.1									—									—									—
Total rabbi trust						24.9						—						24.9									—									—									—
Derivative instruments - commodity contracts(b)
Power						42.6						(59.7)						45.5									46.5									10.3									—
Natural gas						7.3						(215.3)						222.5									0.1									—									—
Total derivative assets						49.9						(275.0)						268.0									46.6									10.3									—
Total assets						393.6						(275.0)						548.9									46.6									10.3									62.8
Liabilities
Derivative instruments - commodity contracts(b)
Power						46.6						(50.5)						34.0									55.9									7.2									—
Natural gas						1.4						(215.3)						216.6									0.1									—									—
Total derivative liabilities						48.0						(265.8)						250.6									56.0									7.2									—
Total liabilities						$	48.0					$	(265.8)					$	250.6								$	56.0								$	7.2								$	—
Evergy Metro
Assets
Nuclear decommissioning trust(a)
Equity securities						$	243.4					$	—					$	243.4								$	—								$	—								$	—
Debt securities
U.S. Treasury						40.7						—						40.7									—									—									—
U.S. Agency						0.4						—						0.4									—									—									—
State and local obligations						4.2						—						—									4.2									—									—
Corporate bonds						39.1						—						—									39.1									—									—
Foreign governments						0.1						—						—									0.1									—									—
Cash equivalents						6.6						—						6.6									—									—									—
Total nuclear decommissioning trust						334.5						—						291.1									43.4									—									—
Self-insured health plan trust(c)
Equity securities						1.6						—						1.6									—									—									—
Debt securities						8.0						—						2.5									5.5									—									—
Cash and cash equivalents						1.6						—						1.6									—									—									—
Total self-insured health plan trust						11.2						—						5.7									5.5									—									—
Derivative instruments - commodity contracts(b)
Power						—						(3.5)						—									—									3.5									—
Total derivative assets						—						(3.5)						—									—									3.5									—
Total assets						345.7						(3.5)						296.8									48.9									3.5									—
Liabilities
Derivative instruments - commodity contracts(b)
Power						0.6						(3.5)						—									—									4.1									—
Total derivative liabilities						0.6						(3.5)						—									—									4.1									—
Total liabilities						$	0.6					$	(3.5)					$	—								$	—								$	4.1								$	—

Description			December 31, 2022									Netting			Level 1									Level 2									Level 3									NAV
Other Evergy						(millions)
Assets
Rabbi trusts
Core bond fund						$	9.2					$	—					$	9.2								$	—								$	—								$	—
Total rabbi trusts						9.2						—						9.2									—									—									—
Derivative instruments - commodity contracts(b)
Power						0.4						(1.0)						—									—									1.4									—
Total derivative assets						0.4						(1.0)						—									—									1.4									—
Total assets						9.6						(1.0)						9.2									—									1.4									—
Liabilities
Derivative instruments - commodity contracts(b)
Power						0.2						(1.1)						0.2									—									1.1									—
Natural gas						3.7						—						—									3.7									—									—
Total derivative liabilities						3.9						(1.1)						0.2									3.7									1.1									—
Total liabilities						$	3.9					$	(1.1)					$	0.2								$	3.7								$	1.1								$	—
Evergy
Assets
Nuclear decommissioning trust(a)						$	653.3					$	—					$	547.1								$	43.4								$	—								$	62.8
Rabbi trusts						34.1						—						34.1									—									—									—
Self-insured health plan trust(c)						11.2						—						5.7									5.5									—									—
Derivative instruments - commodity contracts(b)
Power						43.0						(64.2)						45.5									46.5									15.2									—
Natural gas						7.3						(215.3)						222.5									0.1									—									—
Total derivative assets						50.3						(279.5)						268.0									46.6									15.2									—
Total assets						748.9						(279.5)						854.9									95.5									15.2									62.8
Liabilities
Derivative instruments - commodity contracts(b)
Power						47.4						(55.1)						34.2									55.9									12.4									—
Natural gas						5.1						(215.3)						216.6									3.8									—									—
Total derivative liabilities						52.5						(270.4)						250.8									59.7									12.4									—
Total liabilities						$	52.5					$	(270.4)					$	250.8								$	59.7								$	12.4								$	—

(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)Derivative instruments classified as Level 1 consist of exchange-traded derivative instruments with fair value based on quoted market prices. Derivative instruments classified as Level 2 consist of non-exchange traded derivative instruments with observable forward curves and option contracts priced with models using observable inputs. Derivative instruments classified as Level 3 consist of non-exchange traded derivative instruments for which observable market data is not available to corroborate the valuation inputs and TCRs valued at the most recent auction price in the SPP Integrated Marketplace.

(c)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.

			March 31, 2023												December 31, 2022												March 31, 2023
			Fair						Unfunded						Fair						Unfunded						Redemption						Length of
			Value						Commitments						Value						Commitments						Frequency						Settlement
Evergy Kansas Central			(millions)
Nuclear decommissioning trust:
Domestic equity funds			$	11.9					$	1.5					$	12.1					$	1.5					(a)						(a)
Alternative investments fund(b)			33.5						—						31.8						—						Quarterly						65 days
Real estate securities fund(b)			18.3						—						18.9						—						Quarterly						65 days
Total Evergy investments at NAV			$	63.7					$	1.5					$	62.8					$	1.5

(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.

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 March 31																		2023						2022
Evergy																		(millions)
Nuclear decommissioning trust - equity securities																		$	29.5					$	(34.8)
Nuclear decommissioning trust - debt securities																		2.1						(6.5)
Rabbi trusts - equity securities																		1.6						(2.4)
Total																		$	33.2					$	(43.7)
Evergy Kansas Central
Nuclear decommissioning trust - equity securities																		$	14.1					$	(16.7)
Rabbi trust - equity securities																		1.3						(1.6)
Total																		$	15.4					$	(18.3)
Evergy Metro
Nuclear decommissioning trust - equity securities																		$	15.4					$	(18.1)
Nuclear decommissioning trust - debt securities																		2.1						(6.5)
Total																		$	17.5					$	(24.6)

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