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FAIR VALUE MEASUREMENTS | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Values of Financial Instruments GAAP establishes a hierarchical framework for disclosing the transparency of the inputs utilized in measuring assets and liabilities at fair value. Management's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of assets and liabilities within the fair value hierarchy levels. In addition, the Evergy Companies measure certain investments that do not have a readily determinable fair value at NAV, which are not included in the fair value hierarchy. Further explanation of these levels and NAV is summarized below. Level 1 – Quoted prices are available in active markets for identical assets or liabilities. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on public exchanges or exchange-traded derivative instruments. Level 2 – Pricing inputs are not quoted prices in active markets but are either directly or indirectly observable. The types of assets and liabilities included in Level 2 are certain marketable debt securities, financial instruments traded in less than active markets, non-exchange traded derivative instruments with observable forward curves and options contracts. Level 3 – Significant inputs to pricing have little or no transparency. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation. The types of assets and liabilities included in Level 3 are non-exchange traded derivative instruments for which observable market data is not available to corroborate the valuation inputs and transmission congestion rights (TCRs) in the SPP Integrated Marketplace. NAV - Investments that do not have a readily determinable fair value are measured at NAV. These investments do not consider the observability of inputs and, therefore, they are not included within the fair value hierarchy. The Evergy Companies include in this category investments in private equity, real estate and alternative investment funds that do not have a readily determinable fair value. The underlying alternative investments include collateralized debt obligations, mezzanine debt and a variety of other investments. The Evergy Companies record cash and cash equivalents, accounts receivable and short-term borrowings on their consolidated balance sheets at cost, which approximates fair value due to the short-term nature of these instruments. Fair Value of Long-Term Debt The Evergy Companies measure the fair value of long-term debt using Level 2 measurements available as of the measurement date. The book value and fair value of the Evergy Companies' long-term debt are summarized in the following table.
|  | December 31, 2023 |  | December 31, 2022
|  | Book Value |  | Fair Value |  | Book Value |  | Fair Value
Long-term debt(a) |  | (millions)
Evergy(b) |  | $ | 11,853.3 |  |  | $ | 11,044.9 |  |  | $ | 10,344.8 |  |  | $ | 9,160.0 |
Evergy Kansas Central |  | 4,580.4 |  |  | 4,176.6 |  |  | 3,936.9 |  |  | 3,389.4 |
Evergy Metro |  | 2,924.4 |  |  | 2,738.8 |  |  | 2,926.6 |  |  | 2,661.7 |
(a) Includes current maturities. (b) Book value as of December 31, 2023 and 2022, includes $87.0 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. Recurring Fair Value Measurements The following tables include balances of financial assets and liabilities measured at fair value on a recurring basis.
Description | December 31, 2023 |  | Netting |  | Level 1 | Level 2 | Level 3 | NAV |  |
Evergy Kansas Central |  | (millions) |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trust(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic equity funds |  | $ | 133.1 |  |  |  | $ | — |  |  | $ | 123.3 |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 9.8 |  |  |  |
International equity funds |  | 72.6 |  |  |  | — |  |  | 72.6 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Core bond fund |  | 56.2 |  |  |  | — |  |  | 56.2 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
High-yield bond fund |  | 29.1 |  |  |  | — |  |  | 29.1 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Emerging markets bond fund |  | 18.3 |  |  |  | — |  |  | 18.3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Alternative investments fund |  | 37.9 |  |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | 37.9 |  |  |  |
Real estate securities fund |  | 17.2 |  |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  |  | 17.2 |  |  |  |
Cash equivalents |  | 0.7 |  |  |  | — |  |  | 0.7 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Total nuclear decommissioning trust |  | 365.1 |  |  |  | — |  |  | 300.2 |  |  | — |  |  |  | — |  |  |  | 64.9 |  |  |  |
Rabbi trust |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income funds |  | 15.2 |  |  |  | — |  |  | 15.2 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Equity funds |  | 7.4 |  |  |  | — |  |  | 7.4 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Combination debt/equity/other fund |  | 1.7 |  |  |  | — |  |  | 1.7 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Cash equivalents |  | 0.2 |  |  |  | — |  |  | 0.2 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Total rabbi trust |  | 24.5 |  |  |  | — |  |  | 24.5 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Derivative instruments - commodity contracts(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Power |  | 40.2 |  |  |  | (13.8) |  |  | 16.3 |  |  | 32.2 |  |  |  | 5.5 |  |  |  | — |  |  |  |
Natural gas |  | 0.7 |  |  |  | (73.4) |  |  | 72.7 |  |  | 1.4 |  |  |  | — |  |  |  | — |  |  |  |
Total derivative assets |  | 40.9 |  |  |  | (87.2) |  |  | 89.0 |  |  | 33.6 |  |  |  | 5.5 |  |  |  | — |  |  |  |
Total assets |  | 430.5 |  |  |  | (87.2) |  |  | 413.7 |  |  | 33.6 |  |  |  | 5.5 |  |  |  | 64.9 |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments - commodity contracts(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Power |  | 40.3 |  |  |  | (6.9) |  |  | 9.4 |  |  | 34.6 |  |  |  | 3.2 |  |  |  | — |  |  |  |
Natural gas |  | 0.4 |  |  |  | (73.4) |  |  | 72.6 |  |  | 1.2 |  |  |  | — |  |  |  | — |  |  |  |
Total derivative liabilities |  | 40.7 |  |  |  | (80.3) |  |  | 82.0 |  |  | 35.8 |  |  |  | 3.2 |  |  |  | — |  |  |  |
Total liabilities |  | $ | 40.7 |  |  |  | $ | (80.3) |  |  | $ | 82.0 |  |  | $ | 35.8 |  |  |  | $ | 3.2 |  |  |  | $ | — |  |  |  |
Evergy Metro |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trust(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 302.4 |  |  |  | $ | — |  |  | $ | 302.4 |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | 47.9 |  |  |  | — |  |  | 47.9 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
State and local obligations |  | 3.8 |  |  |  | — |  |  | — |  |  | 3.8 |  |  |  | — |  |  |  | — |  |  |  |
Corporate bonds |  | 43.9 |  |  |  | — |  |  | — |  |  | 43.9 |  |  |  | — |  |  |  | — |  |  |  |
Foreign governments |  | 0.1 |  |  |  | — |  |  | — |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  |
Cash equivalents |  | 3.2 |  |  |  | — |  |  | 3.2 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Total nuclear decommissioning trust |  | 401.3 |  |  |  | — |  |  | 353.5 |  |  | 47.8 |  |  |  | — |  |  |  | — |  |  |  |
Self-insured health plan trust(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | 2.0 |  |  |  | — |  |  | 2.0 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Debt securities |  | 9.4 |  |  |  | — |  |  | 2.5 |  |  | 6.9 |  |  |  | — |  |  |  | — |  |  |  |
Cash and cash equivalents |  | 4.3 |  |  |  | — |  |  | 4.3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Total self-insured health plan trust |  | 15.7 |  |  |  | — |  |  | 8.8 |  |  | 6.9 |  |  |  | — |  |  |  | — |  |  |  |
Derivative instruments - commodity contracts(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Power |  | — |  |  |  | (2.1) |  |  | — |  |  | — |  |  |  | 2.1 |  |  |  | — |  |  |  |
Total derivative assets |  | — |  |  |  | (2.1) |  |  | — |  |  | — |  |  |  | 2.1 |  |  |  | — |  |  |  |
Total assets |  | 417.0 |  |  |  | (2.1) |  |  | 362.3 |  |  | 54.7 |  |  |  | 2.1 |  |  |  | — |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments - commodity contracts(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Power |  | 3.6 |  |  |  | (2.1) |  |  | — |  |  | — |  |  |  | 5.7 |  |  |  | — |  |  |  |
Total derivative liabilities |  | 3.6 |  |  |  | (2.1) |  |  | — |  |  | — |  |  |  | 5.7 |  |  |  | — |  |  |  |
Total liabilities |  | $ | 3.6 |  |  |  | $ | (2.1) |  |  | $ | — |  |  | $ | — |  |  |  | $ | 5.7 |  |  |  | $ | — |  |  |  |
Description | December 31, 2023 |  | Netting |  | Level 1 | Level 2 | Level 3 | NAV |  |
Other Evergy |  | (millions) |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rabbi trusts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core bond fund |  | $ | 8.8 |  |  |  | $ | — |  |  | $ | 8.8 |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  |
Total rabbi trusts |  | 8.8 |  |  |  | — |  |  | 8.8 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Derivative instruments - commodity contracts(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Power |  | 1.8 |  |  |  | (1.0) |  |  | — |  |  | — |  |  |  | 2.8 |  |  |  | — |  |  |  |
Total derivative assets |  | 1.8 |  |  |  | (1.0) |  |  | — |  |  | — |  |  |  | 2.8 |  |  |  | — |  |  |  |
Total assets |  | 10.6 |  |  |  | (1.0) |  |  | 8.8 |  |  | — |  |  |  | 2.8 |  |  |  | — |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Power |  | — |  |  |  | (1.0) |  |  | — |  |  | — |  |  |  | 1.0 |  |  |  | — |  |  |  |
Natural gas |  | 1.1 |  |  |  | — |  |  | — |  |  | 1.1 |  |  |  | — |  |  |  | — |  |  |  |
Total derivative liabilities |  | 1.1 |  |  |  | (1.0) |  |  | — |  |  | 1.1 |  |  |  | 1.0 |  |  |  | — |  |  |  |
Total liabilities |  | $ | 1.1 |  |  |  | $ | (1.0) |  |  | $ | — |  |  | $ | 1.1 |  |  |  | $ | 1.0 |  |  |  | $ | — |  |  |  |
Evergy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trust(a) |  | $ | 766.4 |  |  |  | $ | — |  |  | $ | 653.7 |  |  | $ | 47.8 |  |  |  | $ | — |  |  |  | $ | 64.9 |  |  |  |
Rabbi trusts |  | 33.3 |  |  |  | — |  |  | 33.3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Self-insured health plan trust(c) |  | 15.7 |  |  |  | — |  |  | 8.8 |  |  | 6.9 |  |  |  | — |  |  |  | — |  |  |  |
Derivative instruments - commodity contracts(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Power |  | 42.0 |  |  |  | (16.9) |  |  | 16.3 |  |  | 32.2 |  |  |  | 10.4 |  |  |  | — |  |  |  |
Natural gas |  | 0.7 |  |  |  | (73.4) |  |  | 72.7 |  |  | 1.4 |  |  |  | — |  |  |  | — |  |  |  |
Total derivative assets |  | 42.7 |  |  |  | (90.3) |  |  | 89.0 |  |  | 33.6 |  |  |  | 10.4 |  |  |  | — |  |  |  |
Total assets |  | 858.1 |  |  |  | (90.3) |  |  | 784.8 |  |  | 88.3 |  |  |  | 10.4 |  |  |  | 64.9 |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments - commodity contracts(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Power |  | 43.9 |  |  |  | (10.0) |  |  | 9.4 |  |  | 34.6 |  |  |  | 9.9 |  |  |  | — |  |  |  |
Natural gas |  | 1.5 |  |  |  | (73.4) |  |  | 72.6 |  |  | 2.3 |  |  |  | — |  |  |  | — |  |  |  |
Total derivative liabilities |  | 45.4 |  |  |  | (83.4) |  |  | 82.0 |  |  | 36.9 |  |  |  | 9.9 |  |  |  | — |  |  |  |
Total liabilities |  | $ | 45.4 |  |  |  | $ | (83.4) |  |  | $ | 82.0 |  |  | $ | 36.9 |  |  |  | $ | 9.9 |  |  |  | $ | — |  |  |  |
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. Certain Evergy and Evergy Kansas Central investments included in the table above are measured at NAV as they do not have readily determinable fair values. In certain situations, these investments may have redemption restrictions. The following table provides additional information on these Evergy and Evergy Kansas Central investments.
| December 31, 2023 |  | December 31, 2022 |  | December 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 | $ | 9.8 |  |  | $ | 1.4 |  |  | $ | 12.1 |  |  | $ | 1.5 |  |  | (a) |  | (a)
Alternative investments fund(b) | 37.9 |  |  | — |  |  | 31.8 |  |  | — |  |  | Quarterly |  | 65 days
Real estate securities fund(b) | 17.2 |  |  | — |  |  | 18.9 |  |  | — |  |  | Quarterly |  | 65 days
Total Evergy investments at NAV | $ | 64.9 |  |  | $ | 1.4 |  |  | $ | 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. The Evergy Companies hold equity and debt investments classified as securities in various trusts including for the purposes of funding the decommissioning of Wolf Creek and for the benefit of certain retired executive officers of Evergy Kansas Central. The Evergy Companies record net realized and unrealized gains and losses on the nuclear decommissioning trusts in regulatory liabilities on their consolidated balance sheets and record net realized and unrealized gains and losses on the Evergy Companies' rabbi trusts in the consolidated statements of income and comprehensive income. The following table summarizes the net unrealized gains (losses) for the Evergy Companies' nuclear decommissioning trusts and rabbi trusts.
|  |  |  |  |  | 2023 |  | 2022 |  | 2021
Evergy |  |  |  |  |  | (millions)
Nuclear decommissioning trust - equity securities |  |  |  |  |  | $ | 80.4 |  |  | $ | (123.3) |  |  | 101.8 |
Nuclear decommissioning trust - debt securities |  |  |  |  |  | 2.7 |  |  | (15.2) |  |  | (4.5) |
Rabbi trusts - equity securities |  |  |  |  |  | 2.4 |  |  | (7.1) |  |  | (1.8) |
Total |  |  |  |  |  | $ | 85.5 |  |  | $ | (145.6) |  |  | $ | 95.5 |
Evergy Kansas Central |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trust - equity securities |  |  |  |  |  | $ | 28.3 |  |  | $ | (62.8) |  |  | 50.5 |
Rabbi trust - equity securities |  |  |  |  |  | 2.0 |  |  | (5.4) |  |  | (1.4) |
Total |  |  |  |  |  | $ | 30.3 |  |  | $ | (68.2) |  |  | $ | 49.1 |
Evergy Metro |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trust - equity securities |  |  |  |  |  | $ | 52.1 |  |  | $ | (60.5) |  |  | 51.3 |
Nuclear decommissioning trust - debt securities |  |  |  |  |  | 2.7 |  |  | (15.2) |  |  | (4.5) |
Total |  |  |  |  |  | $ | 54.8 |  |  | $ | (75.7) |  |  | $ | 46.8 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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