FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Carrying value and fair value of debt instruments

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 and long-term debt of variable interest entities is summarized in the following table.

	March 31, 2019				December 31, 2018
	Book Value		Fair Value		Book Value		Fair Value
Long-term debt(a)	(millions)
Evergy(b)	$	7,827.0	$	8,130.5	$	7,341.7	$	7,412.1
Westar Energy	3,690.0		3,884.4		3,689.8		3,771.3
KCP&L	2,924.6		3,130.2		2,530.1		2,637.5
Long-term debt of variable interest entities(a)
Evergy	$	51.1	$	50.9	$	81.4	$	81.3
Westar Energy	51.1		50.9		81.4		81.3

^(a) Includes current maturities.

^(b) Book value as of March 31, 2019 and December 31, 2018, includes $136.8 million and $144.8 million, respectively, of fair value adjustments recorded in connection with purchase accounting for the Great Plains Energy and Westar Energy merger, which are not part of future principal payments and will amortize over the remaining life of the associated debt instrument.

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, 2019				Level 1		Level 2				Level 3			NAV
Westar Energy		(millions)
Assets
Nuclear decommissioning trust(a)
Domestic equity funds		$	80.1		$	73.6		$	—			$	—		$	6.5
International equity funds		46.5			46.5			—				—			—
Core bond fund		34.6			34.6			—				—			—
High-yield bond fund		20.6			20.6			—				—			—
Emerging markets bond fund		16.4			16.4			—				—			—
Combination debt/equity/other fund		14.7			14.7			—				—			—
Alternative investments fund		23.3			—			—				—			23.3
Real estate securities fund		12.0			—			—				—			12.0
Cash equivalents		0.2			0.2			—				—			—
Total nuclear decommissioning trust		248.4			206.6			—				—			41.8
Rabbi trust
Core bond fund		24.7			—			—				—			24.7
Combination debt/equity/other fund		6.2			—			—				—			6.2
Cash equivalents		0.2			0.2			—				—			—
Total rabbi trust		31.1			0.2			—				—			30.9
Total		$	279.5		$	206.8		$	—			$	—		$	72.7
KCP&L
Assets
Nuclear decommissioning trust(a)
Equity securities		$	188.3		$	188.3		$	—			$	—		$	—
Debt securities
U.S. Treasury		46.0			46.0			—				—			—
U.S. Agency		0.4			—			0.4				—			—
State and local obligations		2.1			—			2.1				—			—
Corporate bonds		30.6			—			30.6				—			—
Foreign governments		0.1			—			0.1				—			—
Cash equivalents		2.9			2.9			—				—			—
Other		(0.5		)	—			(0.5		)		—			—
Total nuclear decommissioning trust		269.9			237.2			32.7				—			—
Self-insured health plan trust(b)
Equity securities		0.5			0.5			—				—			—
Debt securities		4.3			0.4			3.9				—			—
Cash and cash equivalents		6.7			6.7			—				—			—
Other		1.1			—			1.1				—			—
Total self-insured health plan trust		12.6			7.6			5.0				—			—
Total		$	282.5		$	244.8		$	37.7			$	—		$	—
Other Evergy
Assets
Rabbi trusts
Fixed income fund		$	13.1		$	—		$	—			$	—		$	13.1
Cash and cash equivalents		0.4			0.4			—				—			—
Total rabbi trusts		$	13.5		$	0.4		$	—			$	—		$	13.1
Liabilities
Interest rate swaps(c)		$	19.2		$	—		$	19.2			$	—		$	—
Total		$	19.2		$	—		$	19.2			$	—		$	—
Evergy
Assets
Nuclear decommissioning trust(a)		$	518.3		$	443.8		$	32.7			$	—		$	41.8
Rabbi trusts		44.6			0.6			—				—			44.0
Self-insured health plan trust(b)		12.6			7.6			5.0				—			—
Total		$	575.5		$	452.0		$	37.7			$	—		$	85.8
Liabilities
Interest rate swaps(c)		$	19.2		$	—		$	19.2			$	—		$	—
Total		$	19.2		$	—		$	19.2			$	—		$	—

Description	December 31, 2018			Level 1			Level 2			Level 3			NAV
Westar Energy		(millions)
Assets
Nuclear decommissioning trust(a)
Domestic equity funds		$	70.6		$	63.9		$	—		$	—		$	6.7
International equity funds		36.2			36.2			—			—			—
Core bond fund		37.5			37.5			—			—			—
High-yield bond fund		18.9			18.9			—			—			—
Emerging markets bond fund		15.4			15.4			—			—			—
Combination debt/equity/other fund		12.9			12.9			—			—			—
Alternative investments fund		24.1			—			—			—			24.1
Real estate securities fund		11.8			—			—			—			11.8
Cash equivalents		0.1			0.1			—			—			—
Total nuclear decommissioning trust		227.5			184.9			—			—			42.6
Rabbi trust
Core bond fund		24.8			—			—			—			24.8
Combination debt/equity/other fund		5.6			—			—			—			5.6
Cash equivalents		0.2			0.2			—			—			—
Total rabbi trust		30.6			0.2			—			—			30.4
Total		$	258.1		$	185.1		$	—		$	—		$	73.0
KCP&L
Assets
Nuclear decommissioning trust(a)
Equity securities		$	166.6		$	166.6		$	—		$	—		$	—
Debt securities
U.S. Treasury		42.1			42.1			—			—			—
U.S. Agency		0.4			—			0.4			—			—
State and local obligations		2.1			—			2.1			—			—
Corporate bonds		30.9			—			30.9			—			—
Foreign governments		0.1			—			0.1			—			—
Cash equivalents		1.7			1.7			—			—			—
Other		0.7			0.7			—			—			—
Total nuclear decommissioning trust		244.6			211.1			33.5			—			—
Self-insured health plan trust(b)
Equity securities		0.5			0.5			—			—			—
Debt securities		3.9			0.3			3.6			—			—
Cash and cash equivalents		8.0			8.0			—			—			—
Total self-insured health plan trust		12.4			8.8			3.6			—			—
Total		$	257.0		$	219.9		$	37.1		$	—		$	—
Other Evergy
Assets
Rabbi trusts
Fixed income fund		$	13.2		$	—		$	—		$	—		$	13.2
Total rabbi trusts		$	13.2		$	—		$	—		$	—		$	13.2
Liabilities
Interest rate swaps(c)		$	5.4		$	—		$	5.4		$	—		$	—
Total		$	5.4		$	—		$	5.4		$	—		$	—
Evergy
Assets
Nuclear decommissioning trust(a)		$	472.1		$	396.0		$	33.5		$	—		$	42.6
Rabbi trust		43.8			0.2			—			—			43.6
Self-insured health plan trust(b)		12.4			8.8			3.6			—			—
Total		$	528.3		$	405.0		$	37.1		$	—		$	86.2
Liabilities
Interest rate swaps(c)		$	5.4		$	—		$	5.4		$	—		$	—
Total		$	5.4		$	—		$	5.4		$	—		$	—

^(a)  Fair value is based on quoted market prices of the investments held by the trust and/or valuation models.  

^(b)  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.

^(c)  The fair value of interest rate swaps are determined by calculating the net present value of expected payments and receipts under the interest rate swaps using observable market inputs including interest rates and LIBOR swap rates.

Fair value investments, entities that calculate NAV

The following table provides additional information on these Evergy and Westar Energy investments.

	March 31, 2019				December 31, 2018				March 31, 2019
	Fair		Unfunded		Fair		Unfunded		Redemption	Length of
	Value		Commitments		Value		Commitments		Frequency	Settlement
Westar Energy	(millions)
Nuclear decommissioning trust:
Domestic equity funds	$	6.5	$	4.0	$	6.7	$	4.3	(a)	(a)
Alternative investments fund(b)	23.3		—		24.1		—		Quarterly	65 days
Real estate securities fund(b)	12.0		—		11.8		—		Quarterly	65 days
Total	$	41.8	$	4.0	$	42.6	$	4.3
Rabbi trust:
Core bond fund	$	24.7	$	—	$	24.8	$	—	(c)	(c)
Combination debt/equity/other fund	6.2		—		5.6		—		(c)	(c)
Total	$	30.9	$	—	$	30.4	$	—
Other Evergy
Rabbi trusts:
Fixed income fund	$	13.1	$	—	$	13.2	$	—	(c)	(c)
Total Evergy investments at NAV	$	85.8	$	4.0	$	86.2	$	4.3

^(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 fund occurred in the second quarter of 2016 and first quarter of 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 will be 15 years after the initial closing date, subject to additional extensions approved by the Advisory Committee to provide for an orderly liquidation of fund investments and dissolution of the fund.

^(b)  There is a holdback on final redemptions.

^(c)  This investment can be redeemed immediately and is not subject to any restrictions on redemptions.

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	2019		2018
Westar Energy	(millions)
Nuclear decommissioning trust - equity securities	$	17.2	$	(11.7	)
Rabbi trust	1.3		(0.5		)
Total	$	18.5	$	(12.2	)
KCP&L(a)
Nuclear decommissioning trust - equity securities	$	20.7	$	(3.6	)
Nuclear decommissioning trust - debt securities	2.1		(1.6		)
Total	$	22.8	$	(5.2	)
Evergy
Nuclear decommissioning trust - equity securities	$	37.9	$	(11.7	)
Nuclear decommissioning trust - debt securities	2.1		—
Rabbi trusts	0.5		(0.5		)
Total	$	40.5	$	(12.2	)

^(a) KCP&L amounts are not included in consolidated Evergy for the three months ended March 31, 2018.