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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT The Evergy Companies' long-term debt is detailed in the following tables.
December 31, 2023 | Issuing Entity |  | Year Due |  | Evergy |  | Evergy Kansas Central |  | Evergy Metro
Mortgage Bonds |  |  |  |  | (millions)
3.25% Series | Evergy Kansas Central, Inc. |  | 2025 |  | $ | 250.0 |  |  | $ | 250.0 |  |  | $ | — |
2.55% Series | Evergy Kansas Central, Inc. |  | 2026 |  | 350.0 |  |  | 350.0 |  |  | — |
3.10% Series | Evergy Kansas Central, Inc. |  | 2027 |  | 300.0 |  |  | 300.0 |  |  | — |
5.90% Series | Evergy Kansas Central, Inc. |  | 2033 |  | 300.0 |  |  | 300.0 |  |  | — |
4.125% Series | Evergy Kansas Central, Inc. |  | 2042 |  | 550.0 |  |  | 550.0 |  |  | — |
4.10% Series | Evergy Kansas Central, Inc. |  | 2043 |  | 430.0 |  |  | 430.0 |  |  | — |
4.625% Series | Evergy Kansas Central, Inc. |  | 2043 |  | 250.0 |  |  | 250.0 |  |  | — |
4.25% Series | Evergy Kansas Central, Inc. |  | 2045 |  | 300.0 |  |  | 300.0 |  |  | — |
3.25% Series | Evergy Kansas Central, Inc. |  | 2049 |  | 300.0 |  |  | 300.0 |  |  | — |
3.45% Series | Evergy Kansas Central, Inc. |  | 2050 |  | 500.0 |  |  | 500.0 |  |  | — |
5.70% Series | Evergy Kansas Central, Inc. |  | 2053 |  | 400.0 |  |  | 400.0 |  |  | — |
6.53% Series | Evergy Kansas South, Inc. |  | 2037 |  | 175.0 |  |  | 175.0 |  |  | — |
6.64% Series | Evergy Kansas South, Inc. |  | 2038 |  | 100.0 |  |  | 100.0 |  |  | — |
4.30% Series | Evergy Kansas South, Inc. |  | 2044 |  | 250.0 |  |  | 250.0 |  |  | — |
4.30% EIRR bonds | Evergy Metro, Inc. |  | 2026 |  | 79.5 |  |  | — |  |  | 79.5 |
2.25% Series | Evergy Metro, Inc. |  | 2030 |  | 400.0 |  |  | — |  |  | 400.0 |
4.95% Series | Evergy Metro, Inc. |  | 2033 |  | 300.0 |  |  | — |  |  | 300.0 |
4.125% Series | Evergy Metro, Inc. |  | 2049 |  | 400.0 |  |  | — |  |  | 400.0 |
5.15% Series | Evergy Missouri West, Inc. |  | 2027 |  | 300.0 |  |  | — |  |  | — |
3.75% Series | Evergy Missouri West, Inc. |  | 2032 |  | 250.0 |  |  | — |  |  | — |
Pollution Control Bonds |  |  |  |  |  |  |  |  |
3.66% Series(a) | Evergy Kansas Central, Inc. |  | 2032 |  | 45.0 |  |  | 45.0 |  |  | — |
3.66% Series(a) | Evergy Kansas Central, Inc. |  | 2032 |  | 30.5 |  |  | 30.5 |  |  | — |
3.66% Series(a) | Evergy Kansas South, Inc. |  | 2027 |  | 21.9 |  |  | 21.9 |  |  | — |
2.50% Series | Evergy Kansas South, Inc. |  | 2031 |  | 50.0 |  |  | 50.0 |  |  | — |
3.66% Series(a) | Evergy Kansas South, Inc. |  | 2032 |  | 14.5 |  |  | 14.5 |  |  | — |
3.66% Series(a) | Evergy Kansas South, Inc. |  | 2032 |  | 10.0 |  |  | 10.0 |  |  | — |
3.83% Series 2007A and 2007B(a) | Evergy Metro, Inc. |  | 2035 |  | 146.5 |  |  | — |  |  | 146.5 |
3.50% EIRR bonds | Evergy Metro, Inc. |  | 2038 |  | 23.4 |  |  | — |  |  | 23.4 |
Senior Notes |  |  |  |  |  |  |  |  |
3.65% Series(b) | Evergy Metro, Inc. |  | 2025 |  | 350.0 |  |  | — |  |  | 350.0 |
6.05% Series (5.78% rate)(b)(c) | Evergy Metro, Inc. |  | 2035 |  | 250.0 |  |  | — |  |  | 250.0 |
5.30% Series(b) | Evergy Metro, Inc. |  | 2041 |  | 400.0 |  |  | — |  |  | 400.0 |
4.20% Series(b) | Evergy Metro, Inc. |  | 2047 |  | 300.0 |  |  | — |  |  | 300.0 |
4.20% Series(b) | Evergy Metro, Inc. |  | 2048 |  | 300.0 |  |  | — |  |  | 300.0 |
3.49% Series A(d) | Evergy Missouri West, Inc. |  | 2025 |  | 36.0 |  |  | — |  |  | — |
4.06% Series B(d) | Evergy Missouri West, Inc. |  | 2033 |  | 60.0 |  |  | — |  |  | — |
4.74% Series C(d) | Evergy Missouri West, Inc. |  | 2043 |  | 150.0 |  |  | — |  |  | — |
2.86% Series A(d) | Evergy Missouri West, Inc. |  | 2031 |  | 350.0 |  |  | — |  |  | — |
3.01% Series B(d) | Evergy Missouri West, Inc. |  | 2033 |  | 75.0 |  |  | — |  |  | — |
3.21% Series C(d) | Evergy Missouri West, Inc. |  | 2036 |  | 75.0 |  |  | — |  |  | — |
2.45% Series | Evergy, Inc. |  | 2024 |  | 800.0 |  |  | — |  |  | — |
2.90% Series (3.77% rate)(c) | Evergy, Inc. |  | 2029 |  | 800.0 |  |  | — |  |  | — |
Convertible Notes |  |  |  |  |  |  |  |  |
4.50% Convertible Notes | Evergy, Inc. |  | 2027 |  | 1,400.0 |  |  | — |  |  | — |
Fair value adjustment(f) |  |  |  |  | 87.0 |  |  | — |  |  | — |
Current maturities(g) |  |  |  |  | (800.0) |  |  | — |  |  | — |
Unamortized debt discount and debt issuance costs |  |  |  | (106.0) |  |  | (46.5) |  |  | (25.0) |
Total excluding current maturities(h) |  |  |  | $ | 11,053.3 |  |  | $ | 4,580.4 |  |  | $ | 2,924.4 |
December 31, 2022 | Issuing Entity |  | Year Due |  | Evergy |  | Evergy Kansas Central |  | Evergy Metro
Mortgage Bonds |  |  |  |  | (millions)
3.25% Series | Evergy Kansas Central, Inc. |  | 2025 |  | $ | 250.0 |  |  | $ | 250.0 |  |  | $ | — |
2.55% Series | Evergy Kansas Central, Inc. |  | 2026 |  | 350.0 |  |  | 350.0 |  |  | — |
3.10% Series | Evergy Kansas Central, Inc. |  | 2027 |  | 300.0 |  |  | 300.0 |  |  | — |
4.125% Series | Evergy Kansas Central, Inc. |  | 2042 |  | 550.0 |  |  | 550.0 |  |  | — |
4.10% Series | Evergy Kansas Central, Inc. |  | 2043 |  | 430.0 |  |  | 430.0 |  |  | — |
4.625% Series | Evergy Kansas Central, Inc. |  | 2043 |  | 250.0 |  |  | 250.0 |  |  | — |
4.25% Series | Evergy Kansas Central, Inc. |  | 2045 |  | 300.0 |  |  | 300.0 |  |  | — |
3.25% Series | Evergy Kansas Central, Inc. |  | 2049 |  | 300.0 |  |  | 300.0 |  |  | — |
3.45% Series | Evergy Kansas Central, Inc. |  | 2050 |  | 500.0 |  |  | 500.0 |  |  | — |
6.15% Series | Evergy Kansas South, Inc. |  | 2023 |  | 50.0 |  |  | 50.0 |  |  | — |
6.53% Series | Evergy Kansas South, Inc. |  | 2037 |  | 175.0 |  |  | 175.0 |  |  | — |
6.64% Series | Evergy Kansas South, Inc. |  | 2038 |  | 100.0 |  |  | 100.0 |  |  | — |
4.30% Series | Evergy Kansas South, Inc. |  | 2044 |  | 250.0 |  |  | 250.0 |  |  | — |
2.95% EIRR bonds | Evergy Metro, Inc. |  | 2023 |  | 79.5 |  |  | — |  |  | 79.5 |
2.25% Series | Evergy Metro, Inc. |  | 2030 |  | 400.0 |  |  | — |  |  | 400.0 |
4.125% Series | Evergy Metro, Inc. |  | 2049 |  | 400.0 |  |  | — |  |  | 400.0 |
5.15% Series | Evergy Missouri West, Inc. |  | 2027 |  | 300.0 |  |  | — |  |  | — |
3.75% Series | Evergy Missouri West, Inc. |  | 2032 |  | 250.0 |  |  | — |  |  | — |
Pollution Control Bonds |  |  |  |  |  |  |  |  |
3.54% Series(a) | Evergy Kansas Central, Inc. |  | 2032 |  | 45.0 |  |  | 45.0 |  |  | — |
3.54% Series(a) | Evergy Kansas Central, Inc. |  | 2032 |  | 30.5 |  |  | 30.5 |  |  | — |
3.54% Series(a) | Evergy Kansas South, Inc. |  | 2027 |  | 21.9 |  |  | 21.9 |  |  | — |
2.50% Series | Evergy Kansas South, Inc. |  | 2031 |  | 50.0 |  |  | 50.0 |  |  | — |
3.54% Series(a) | Evergy Kansas South, Inc. |  | 2032 |  | 14.5 |  |  | 14.5 |  |  | — |
3.54% Series(a) | Evergy Kansas South, Inc. |  | 2032 |  | 10.0 |  |  | 10.0 |  |  | — |
3.287% Series 2007A and 2007B(a) | Evergy Metro, Inc. |  | 2035 |  | 146.5 |  |  | — |  |  | 146.5 |
3.50% EIRR bonds | Evergy Metro, Inc. |  | 2038 |  | 23.4 |  |  | — |  |  | 23.4 |
Senior Notes |  |  |  |  |  |  |  |  |
3.15% Series(b) | Evergy Metro, Inc. |  | 2023 |  | 300.0 |  |  | — |  |  | 300.0 |
3.65% Series(b) | Evergy Metro, Inc. |  | 2025 |  | 350.0 |  |  | — |  |  | 350.0 |
6.05% Series (5.78% rate)(b)(c) | Evergy Metro, Inc. |  | 2035 |  | 250.0 |  |  | — |  |  | 250.0 |
5.30% Series(b) | Evergy Metro, Inc. |  | 2041 |  | 400.0 |  |  | — |  |  | 400.0 |
4.20% Series(b) | Evergy Metro, Inc. |  | 2047 |  | 300.0 |  |  | — |  |  | 300.0 |
4.20% Series(b) | Evergy Metro, Inc. |  | 2048 |  | 300.0 |  |  | — |  |  | 300.0 |
3.49% Series A(d) | Evergy Missouri West, Inc. |  | 2025 |  | 36.0 |  |  | — |  |  | — |
4.06% Series B(d) | Evergy Missouri West, Inc. |  | 2033 |  | 60.0 |  |  | — |  |  | — |
4.74% Series C(d) | Evergy Missouri West, Inc. |  | 2043 |  | 150.0 |  |  | — |  |  | — |
2.86% Series A(d) | Evergy Missouri West, Inc. |  | 2031 |  | 350.0 |  |  | — |  |  | — |
3.01% Series B(d) | Evergy Missouri West, Inc. |  | 2033 |  | 75.0 |  |  | — |  |  | — |
3.21% Series C(d) | Evergy Missouri West, Inc. |  | 2036 |  | 75.0 |  |  | — |  |  | — |
2.45% Series | Evergy, Inc. |  | 2024 |  | 800.0 |  |  | — |  |  | — |
2.90% Series (3.77% rate)(c) | Evergy, Inc. |  | 2029 |  | 800.0 |  |  | — |  |  | — |
Medium Term Notes |  |  |  |  |  |  |  |  |
7.33% Series(d) | Evergy Missouri West, Inc. |  | 2023 |  | 3.0 |  |  | — |  |  | — |
7.17% Series(d) | Evergy Missouri West, Inc. |  | 2023 |  | 7.0 |  |  | — |  |  | — |
Term loan facility(e) | Evergy, Inc. |  | 2024 |  | 500.0 |  |  | — |  |  | — |
Fair value adjustment(f) |  |  |  |  | 92.1 |  |  | — |  |  | — |
Current maturities(g) |  |  |  |  | (439.1) |  |  | (50.0) |  |  | (379.5) |
Unamortized debt discount and debt issuance costs |  |  |  | (79.6) |  |  | (40.0) |  |  | (22.8) |
Total excluding current maturities(h) |  |  |  | $ | 9,905.7 |  |  | $ | 3,886.9 |  |  | $ | 2,547.1 |
(a)Variable rate. (b)Effectively secured pursuant to the General Mortgage Indenture and Deed of Trust dated as of December 1, 1986, as supplemented (Evergy Metro Mortgage Indenture) through the issuance of collateral mortgage bonds to the trustee in 2019. (c)Rate after amortizing gains/losses recognized in OCI on settlements of interest rate hedging instruments. (d)Unconditionally guaranteed by Evergy, Inc. (e) Evergy demonstrated the intent and ability to refinance the Term Loan Facility with an original expiration date in February 2023 with a new maturity date of February 2024 and therefore it is reflected in long-term debt, net on Evergy's consolidated balance sheets as of December 31, 2022. (f) Represents the fair value adjustments recorded at Evergy consolidated related to the long-term debt of Great Plains Energy, Evergy Metro and Evergy Missouri West in connection with purchase accounting for the Great Plains Energy and Evergy Kansas Central merger. This amount is not part of future principal payments and will amortize over the remaining life of the associated debt instruments. (g) Evergy's current maturities total as of December 31, 2023, did not include any fair value adjustments in connection with purchase accounting. Evergy's current maturities total as of December 31, 2022, includes $(0.4) million of fair value adjustments recorded in connection with purchase accounting for the Great Plains Energy and Evergy Kansas Central merger. (h) As of December 31, 2023 and 2022, does not include $50.0 million and $21.9 million of secured Series 2005 Environmental Improvement Revenue Refunding (EIRR) bonds because the bonds were repurchased in September 2015 and are held by Evergy Metro. Mortgage Bonds The Evergy Kansas Central and Evergy Kansas South mortgages each contain provisions restricting the amount of first mortgage bonds (FMBs) that could be issued by each entity. Evergy Kansas Central and Evergy Kansas South must be in compliance with such restrictions prior to the issuance of additional first mortgage bonds or other secured indebtedness. The amount of Evergy Kansas Central FMBs authorized by its Mortgage and Deed of Trust, dated July 1, 1939, as supplemented, is subject to certain limitations as described below. The amount of Evergy Kansas South FMBs authorized by the Evergy Kansas South Mortgage and Deed of Trust, dated April 1, 1940, as supplemented and amended, is limited to a maximum of $3.5 billion, unless amended further. FMBs are secured by utility assets. Amounts of additional FMBs that may be issued are subject to property, earnings and certain restrictive provisions, except in connection with certain refundings, of each mortgage. As of December 31, 2023, approximately $518.6 million and $2,878.6 million principal amounts of additional Evergy Kansas Central FMBs or Evergy Kansas South FMBs, respectively, could be issued under the most restrictive provisions of their mortgages. Evergy Metro has issued mortgage bonds under the Evergy Metro Mortgage Indenture, which creates a mortgage lien on substantially all Evergy Metro's utility plant. Additional Evergy Metro bonds may be issued on the basis of 75% of property additions or retired bonds. As of December 31, 2023, approximately $5,548.5 million principal amount of additional Evergy Metro mortgage bonds could be issued under the most restrictive provisions in the mortgage. Evergy Missouri West has issued mortgage bonds under the Evergy Missouri West Mortgage Indenture, establishing a first mortgage lien on substantially all of its present properties and certain after-acquired properties, subject to certain exceptions. Additional Evergy Missouri West mortgage bonds may be issued on the basis of 75% of property additions or retired bonds. As of December 31, 2023, approximately $2,158.7 million principal amount of additional Evergy Missouri West mortgage bonds could be issued under the most restrictive provisions in the mortgage. In March 2023, Evergy Kansas Central issued, at a discount, $400.0 million of 5.70% FMBs, maturing in 2053. The proceeds of the issuance were used to repay commercial paper borrowings and for general corporate purposes. In April 2023, Evergy Metro issued, at a discount, $300.0 million of 4.95% Mortgage Bonds, maturing in 2033. The proceeds of the issuance were used to repay Evergy Metro's commercial paper borrowings which were incurred to repay the $300.0 million principal amount of Evergy Metro's 3.15% Senior Notes that matured in March 2023. In May 2023, Evergy Kansas South repaid its $50.0 million of 6.15% FMBs at maturity. In November 2023, Evergy Kansas Central issued, at a discount, $300.0 million of 5.90% FMBs, maturing in 2033. In December 2023, Evergy Metro issued $79.5 million of 4.30% EIRR bonds, maturing in 2026. Proceeds were used to repay Evergy Metro's $79.5 million of 2.95% EIRR bonds at maturity. Senior Notes Under the terms of the note purchase agreements for certain Evergy Missouri West senior notes, Evergy Missouri West is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the agreements, not greater than 0.65 to 1.00. In addition, Evergy Missouri West's priority debt, as defined in the agreements, cannot exceed 15% of consolidated tangible net worth, as defined in the agreements. As of December 31, 2023, Evergy Missouri West was in compliance with these covenants. In March 2023, Evergy Metro repaid its $300.0 million of 3.15% Senior Notes at maturity. Convertible Notes In December 2023, Evergy, Inc. issued $1.4 billion aggregate principal amount of 4.50% Convertible Notes, including $0.2 billion principal amount of Convertible Notes issued upon the full exercise by the initial purchasers of their over-allotment option. Proceeds from the offering were used to repay the $500.0 million borrowing under the Term Loan Facility, to repay a portion of the outstanding balance under the commercial paper program and for general corporate purposes. Interest on the Convertible Notes is payable semiannually, beginning June 2024. The Convertible Notes will mature in December 2027, unless earlier converted or repurchased, but are not redeemable at the option of Evergy, Inc. No sinking fund is provided for the Convertible Notes. The Convertible Notes are direct, senior unsecured obligations of Evergy, Inc. and rank equal in right of payment to any of Evergy, Inc.'s unsecured indebtedness that is not so subordinated, including Evergy, Inc.'s master revolving credit agreement that governs its senior unsecured revolving credit facility, its commercial paper obligations, its 2.45% Senior Notes due 2024 and its 2.9% Senior Notes due 2029. The Convertible Notes are not guaranteed by any of Evergy, Inc.'s subsidiaries. Holders may convert their Convertible Notes at any time prior to the close of business on the business day immediately preceding September 15, 2027 only under the following circumstances: a.During any calendar quarter commencing after the calendar quarter ending on March 31, 2024 (and only such calendar quarter), if the last reported sales price of Evergy, Inc. common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; b.During the five business day period after any ten consecutive trading day period (Measurement Period) in which the trading price per $1,000 principal amount of Convertible Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of Evergy, Inc. common stock and the conversion rate on each such trading day; or c.Upon the occurrence of specific corporate events specified in the indenture governing the Convertible Notes. On or after September 15, 2027 until the close of business on the business day immediately preceding the maturity date, a holder may convert their notes at any time, regardless of the foregoing circumstances. Upon conversion, Evergy, Inc. will pay cash up to the aggregate principal amount of the Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of Evergy, Inc. common stock or a combination of cash and shares of Evergy, Inc. common stock, at Evergy, Inc.’s election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted, as described in the indenture governing the Convertible Notes. The Convertible Notes are initially convertible at a rate of 16.1809 shares of Evergy, Inc. common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $61.80 per share of Evergy, Inc. common stock. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, Evergy, Inc. will, in certain circumstances, increase the conversion rate for a holder who elects to convert their Convertible Notes in connection with such a corporate event. If Evergy, Inc. undergoes a fundamental change, a holder may require Evergy, Inc. to repurchase for cash all or any portion of their Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. Securitized Bonds In 2022, Evergy Missouri West created a special purpose subsidiary, Evergy Missouri West Storm Funding I, LLC, a wholly-owned, bankruptcy remote entity (Evergy Missouri West Storm Funding) solely for the purpose of recovering extraordinary fuel and purchased power costs incurred as part of the February 2021 winter weather event. In February 2024, Evergy Missouri West Storm Funding issued, at a discount, $331.1 million of 5.10% Securitized Utility Tariff Bonds (Securitized Bonds) with a final payment scheduled for 2038, maturing in 2040. The obligations of Evergy Missouri West Storm Funding's Securitization Bonds are repaid through charges imposed on customers in Evergy Missouri West's service territory. Creditors of Evergy Missouri West have no recourse to any assets or revenues of Evergy Missouri West Storm Funding, and the bondholders have no recourse to the general credit of Evergy Missouri West. See Note 4 for additional information regarding the February 2021 winter weather event securitization. Scheduled Maturities Evergy's, Evergy Kansas Central's and Evergy Metro's long-term debt maturities for the next five years are detailed in the following table.
|  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028
|  | (millions)
Evergy |  | $ | 800.0 |  |  | $ | 636.0 |  |  | $ | 429.5 |  |  | $ | 2,021.9 |  |  | $ | — |
Evergy Kansas Central |  | — |  |  | 250.0 |  |  | 350.0 |  |  | 321.9 |  |  | — |
Evergy Metro |  | — |  |  | 350.0 |  |  | 79.5 |  |  | — |  |  | — |

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