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Merger of Great Plains Energy and Westar Energy (Tables)
 9 Months Ended
Sep. 30, 2018
Business Combinations [Abstract]  
Schedule of Pre-tax Costs and Deferrals and Purchase Price Allocation
The following pre-tax reductions of revenue, expenses and deferral were recognized following the consummation of the merger and are included in the Evergy Companies' consolidated statements of income and comprehensive income for year to date September 30, 2018.
Description
Income Statement Line Item
Expected Payment Period
 
Evergy
 
Westar Energy
 
KCP&L
 
 
 
 
(millions)
One-time bill credits
Operating revenues
2018 - 2019
 
$
(59.7
)
 
$
(23.1
)
 
$
(22.4
)
Annual bill credits
Operating revenues
2019 - 2022
 
(7.6
)
 
(5.8
)
 
(1.9
)
Total impact to operating revenues
 
 
 
$
(67.3
)
 
$
(28.9
)
 
$
(24.3
)
 
 
 
 
 
 
 
 
 
Charitable contributions and community support
Operating and maintenance
2018 - 2027
 
$
24.7

 
$
—

 
$
—

Voluntary severance and accelerated equity compensation
Operating and maintenance
2018 - 2019
 
40.7

 
40.7

 
—

Other transaction and transition costs
Operating and maintenance
2018
 
47.0

 
20.4

 
1.7

Reallocation and deferral of merger transition costs
Operating and maintenance
n/a
 
(47.8
)
 
(13.3
)
 
(23.9
)
Total impact to operating and maintenance expense
 
 
 
$
64.6

 
$
47.8

 
$
(22.2
)
Total
 
 
 
$
(131.9
)
 
$
(76.7
)
 
$
(2.1
)
The total consideration transferred in the merger is based on the closing stock price of Westar Energy on June 4, 2018 and is calculated as follows.
 
 
(millions, except share amounts)
Great Plains Energy common stock shares outstanding as of June 4, 2018
 
215,800,074

Great Plains Energy restricted stock awards outstanding as of June 4, 2018
 
(204,825
)
Great Plains Energy shares to be converted to Evergy shares
 
215,595,249

Exchange ratio
 
0.5981

Evergy common stock shares issued to Great Plains Energy shareholders
 
128,947,518

Closing price of Westar Energy common stock as of June 4, 2018
 
$
54.00

Fair value of Evergy shares issued to Great Plains Energy shareholders
 
$
6,963.2

Fair value of Great Plains Energy's equity compensation awards
 
12.5

Total purchase price
 
$
6,975.7
Schedule of Assets Acquired and Liabilities Assumed
The preliminary purchase price allocation to Great Plains Energy's assets and liabilities as of June 4, 2018 is detailed in the following table.
 
 
(millions)
Current assets
 
$
2,151.7

Property, plant and equipment, net
 
9,179.7

Goodwill
 
2,333.5

Other long-term assets, excluding goodwill
 
1,235.9

Total assets
 
$
14,900.8

Current liabilities
 
1,673.9

Long-term liabilities, excluding long-term debt
 
2,892.6

Long-term debt, net
 
3,358.6

Total liabilities
 
$
7,925.1

Total purchase price
 
$
6,975.7
Unaudited Pro Forma Financial Information
The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of Evergy.
 
Three Months Ended
September 30
 
Year to Date
September 30
 
2018
 
2017
 
2018
 
2017
 
(millions, except per share amounts)
Operating revenues
$
1,582.5

 
$
1,651.5

 
$
4,134.8

 
$
4,086.7

Net income attributable to Evergy, Inc.
360.2

 
321.8

 
694.5

 
543.3

Basic earnings per common share
$
1.34

 
$
1.19

 
$
2.56

 
$
2.00

Diluted earnings per common share
$
1.34

 
$
1.19

 
$
2.55

 
$
2.00