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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
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 are summarized in the following table.
March 31, 2024December 31, 2023
Book ValueFair ValueBook ValueFair Value
Long-term debt(a)
(millions)
Evergy(b)
$12,469.9 $11,511.4 $11,853.3 $11,044.9 
Evergy Kansas Central4,581.0 4,100.7 4,580.4 4,176.6 
Evergy Metro3,217.6 2,987.7 2,924.4 2,738.8 
(a) Includes current maturities.
(b) Book value as of March 31, 2024 and December 31, 2023, includes $85.7 million and $87.0 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 balances of financial assets and liabilities measured at fair value on a recurring basis.
DescriptionMarch 31, 2024NettingLevel 1Level 2Level 3NAV
Evergy Kansas Central(millions)
Assets
Nuclear decommissioning trust(a)
Domestic equity funds$140.8 $— $131.0 $— $— $9.8 
International equity funds74.0 — 74.0 — — — 
Core bond fund56.2 — 56.2 — — — 
High-yield bond fund29.5 — 29.5 — — — 
Emerging markets bond fund18.2 — 18.2 — — — 
Alternative investments fund40.1 — — — — 40.1 
Real estate securities fund16.6 — — — — 16.6 
Cash equivalents0.5 — 0.5 — — — 
Total nuclear decommissioning trust375.9 — 309.4 — — 66.5 
Rabbi trust
Fixed income funds14.7 — 14.7 — — — 
Equity funds7.2 — 7.2 — — — 
Combination debt/equity/other fund1.7 — 1.7 — — — 
Cash equivalents0.2 — 0.2 — — — 
Total rabbi trust23.8 — 23.8 — — — 
Derivative instruments - commodity contracts(b)
Power43.5 (9.3)14.0 36.4 2.4 — 
Natural gas0.6 (31.7)29.9 2.4 — — 
Total derivative assets44.1 (41.0)43.9 38.8 2.4 — 
Total assets443.8 (41.0)377.1 38.8 2.4 66.5 
Liabilities
Derivative instruments - commodity contracts(b)
Power42.4 (5.0)7.3 39.7 0.4 — 
Natural gas2.3 (31.6)31.6 2.3 — — 
Total derivative liabilities44.7 (36.6)38.9 42.0 0.4 — 
Total liabilities$44.7 $(36.6)$38.9 $42.0 $0.4 $— 
Evergy Metro
Assets    
Nuclear decommissioning trust(a)
    
Equity securities$330.2 $— $330.2 $— $— $— 
Debt securities
U.S. Treasury47.3 — 47.3 — — — 
State and local obligations3.8 — — 3.8 — — 
Corporate bonds42.8 — — 42.8 — — 
Foreign governments0.1 — — 0.1 — — 
Cash equivalents5.8 — 5.8 — — — 
Total nuclear decommissioning trust430.0 — 383.3 46.7 — — 
Self-insured health plan trust(c)
Equity securities2.1 — 2.1 — — — 
Debt securities10.9 — 2.9 8.0 — — 
Cash and cash equivalents4.8 — 4.8 — — — 
Total self-insured health plan trust17.8 — 9.8 8.0 — — 
Derivative instruments - commodity contracts(b)
Power1.6 (1.0)— — 2.6 — 
Total derivative assets1.6 (1.0)— — 2.6 — 
Total assets449.4 (1.0)393.1 54.7 2.6 — 
Liabilities
Derivative instruments - commodity contracts(b)
Power— (1.0)— — 1.0 — 
Total derivative liabilities— (1.0)— — 1.0 — 
Total liabilities$— $(1.0)$— $— $1.0 $— 
DescriptionMarch 31, 2024NettingLevel 1Level 2Level 3NAV
Other Evergy(millions)
Assets
Rabbi trusts
Core bond fund$8.5 $— $8.5 $— $— $— 
Total rabbi trusts8.5 — 8.5 — — — 
Derivative instruments - commodity contracts(b)
Power1.9 (0.2)— — 2.1 — 
Total derivative assets1.9 (0.2)— — 2.1 — 
Total assets10.4 (0.2)8.5 — 2.1 — 
Liabilities
Derivative instruments
Power— (0.2)— — 0.2 — 
Total derivative liabilities— (0.2)— — 0.2 — 
Total liabilities$— $(0.2)$— $— $0.2 $— 
Evergy    
Assets    
Nuclear decommissioning trust(a)
$805.9 $— $692.7 $46.7 $— $66.5 
Rabbi trusts32.3 — 32.3 — — — 
Self-insured health plan trust(c)
17.8 — 9.8 8.0 — — 
Derivative instruments - commodity contracts(b)
Power47.0 (10.5)14.0 36.4 7.1 — 
Natural gas0.6 (31.7)29.9 2.4 — — 
Total derivative assets47.6 (42.2)43.9 38.8 7.1 — 
Total assets903.6 (42.2)778.7 93.5 7.1 66.5 
Liabilities
Derivative instruments - commodity contracts(b)
Power42.4 (6.2)7.3 39.7 1.6 — 
Natural gas2.3 (31.6)31.6 2.3 — — 
Total derivative liabilities44.7 (37.8)38.9 42.0 1.6 — 
Total liabilities$44.7 $(37.8)$38.9 $42.0 $1.6 $— 
DescriptionDecember 31, 2023NettingLevel 1Level 2Level 3NAV
Evergy Kansas Central(millions)
Assets
Nuclear decommissioning trust(a)
Domestic equity funds$133.1 $— $123.3 $— $— $9.8 
International equity funds72.6 — 72.6 — — — 
Core bond fund56.2 — 56.2 — — — 
High-yield bond fund29.1 — 29.1 — — — 
Emerging markets bond fund18.3 — 18.3 — — — 
Alternative investments fund37.9 — — — — 37.9 
Real estate securities fund17.2 — — — — 17.2 
Cash equivalents0.7 — 0.7 — — — 
Total nuclear decommissioning trust365.1 — 300.2 — — 64.9 
Rabbi trust
Fixed income funds15.2 — 15.2 — — — 
Equity funds7.4 — 7.4 — — — 
Combination debt/equity/other fund1.7 — 1.7 — — — 
Cash equivalents0.2 — 0.2 — — — 
Total rabbi trust24.5 — 24.5 — — — 
Derivative instruments - commodity contracts(b)
Power40.2 (13.8)16.3 32.2 5.5 — 
Natural gas0.7 (73.4)72.7 1.4 — — 
Total derivative assets40.9 (87.2)89.0 33.6 5.5 — 
Total assets430.5 (87.2)413.7 33.6 5.5 64.9 
Liabilities
Derivative instruments - commodity contracts(b)
Power40.3 (6.9)9.4 34.6 3.2 — 
Natural gas0.4 (73.4)72.6 1.2 — — 
Total derivative liabilities40.7 (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. Treasury47.9 — 47.9 — — — 
State and local obligations3.8 — — 3.8 — — 
Corporate bonds43.9 — — 43.9 — — 
Foreign governments0.1 — — 0.1 — — 
Cash equivalents3.2 — 3.2 — — — 
Total nuclear decommissioning trust401.3 — 353.5 47.8 — — 
Self-insured health plan trust(c)
Equity securities2.0 — 2.0 — — — 
Debt securities9.4 — 2.5 6.9 — — 
Cash and cash equivalents4.3 — 4.3 — — — 
Total self-insured health plan trust15.7 — 8.8 6.9 — — 
Derivative instruments - commodity contracts(b)
Power— (2.1)— — 2.1 — 
Total derivative assets— (2.1)— — 2.1 — 
Total assets417.0 (2.1)362.3 54.7 2.1 — 
Liabilities
Derivative instruments - commodity contracts(b)
Power3.6 (2.1)— — 5.7 — 
Total derivative liabilities3.6 (2.1)— — 5.7 — 
Total liabilities$3.6 $(2.1)$— $— $5.7 $— 
DescriptionDecember 31, 2023NettingLevel 1Level 2Level 3NAV
Other Evergy(millions)
Assets
Rabbi trusts
Core bond fund$8.8 $— $8.8 $— $— $— 
Total rabbi trusts8.8 — 8.8 — — — 
Derivative instruments - commodity contracts(b)
Power1.8 (1.0)— — 2.8 — 
Total derivative assets1.8 (1.0)— — 2.8 — 
Total assets10.6 (1.0)8.8 — 2.8 — 
Liabilities
Derivative instruments - commodity contracts(b)
Power— (1.0)— — 1.0 — 
Natural gas1.1 — — 1.1 — — 
Total derivative liabilities1.1 (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 trusts33.3 — 33.3 — — — 
Self-insured health plan trust(c)
15.7 — 8.8 6.9 — — 
Derivative instruments - commodity contracts(b)
Power42.0 (16.9)16.3 32.2 10.4 — 
Natural gas0.7 (73.4)72.7 1.4 — — 
Total derivative assets42.7 (90.3)89.0 33.6 10.4 — 
Total assets858.1 (90.3)784.8 88.3 10.4 64.9 
Liabilities
Derivative instruments - commodity contracts(b)
Power43.9 (10.0)9.4 34.6 9.9 — 
Natural gas1.5 (73.4)72.6 2.3 — — 
Total derivative liabilities45.4 (83.4)82.0 36.9 9.9 — 
Total liabilities$45.4 $(83.4)$82.0 $36.9 $9.9 $— 
(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, 2024December 31, 2023March 31, 2024
FairUnfundedFairUnfundedRedemptionLength of
ValueCommitmentsValueCommitmentsFrequencySettlement
Evergy Kansas Central(millions)
Nuclear decommissioning trust:
Domestic equity funds$9.8 $1.4 $9.8 $1.4 (a)(a)
Alternative investments fund(b)
40.1 — 37.9 — Quarterly
65 days
Real estate securities fund(b)
16.6 — 17.2 — Quarterly
65 days
Total Evergy investments at NAV$66.5 $1.4 $64.9 $1.4 
(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. All funds have begun to make distributions.
(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 3120242023
Evergy(millions)
Nuclear decommissioning trust - equity securities$30.3 $29.5 
Nuclear decommissioning trust - debt securities(1.3)2.1 
Rabbi trusts - equity securities0.4 1.6 
Total$29.4 $33.2 
Evergy Kansas Central
Nuclear decommissioning trust - equity securities$8.5 $14.1 
Rabbi trust - equity securities0.5 1.3 
Total$9.0 $15.4 
Evergy Metro
Nuclear decommissioning trust - equity securities$21.8 $15.4 
Nuclear decommissioning trust - debt securities(1.3)2.1 
Total$20.5 $17.5