XML 52 R36.htm IDEA: XBRL DOCUMENT v3.22.2.2
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2022
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 and long-term debt of variable interest entities is summarized in the following table.
September 30, 2022December 31, 2021
Book ValueFair ValueBook ValueFair Value
Long-term debt(a)
(millions)
Evergy(b)
$9,546.7 $8,028.1 $9,687.2 $10,758.5 
Evergy Kansas Central3,936.3 3,334.0 3,934.2 4,522.5 
Evergy Metro2,926.1 2,654.4 2,925.0 3,400.8 
(a) Includes current maturities.
(b) Book value as of September 30, 2022 and December 31, 2021, includes $93.2 million and $97.9 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 the Evergy Companies' balances of financial assets and liabilities measured at fair value on a recurring basis.
DescriptionSeptember 30, 2022Level 1Level 2Level 3NAV
Evergy Kansas Central(millions)
Assets
Nuclear decommissioning trust(a)
Domestic equity funds$106.0 $93.0 $— $— $13.0 
International equity funds53.5 53.5 — — — 
Core bond fund50.2 50.2 — — — 
High-yield bond fund24.7 24.7 — — — 
Emerging markets bond fund14.7 14.7 — — — 
Alternative investments fund32.2 — — — 32.2 
Real estate securities fund18.6 — — — 18.6 
Cash equivalents0.6 0.6 — — — 
Total nuclear decommissioning trust300.5 236.7 — — 63.8 
Rabbi trust
Fixed income funds15.5 15.5 — — — 
Equity funds6.7 6.7 — — — 
Combination debt/equity/other fund1.9 1.9 — — — 
Cash equivalents0.1 0.1 — — — 
Total rabbi trust24.2 24.2 — — — 
Total$324.7 $260.9 $— $— $63.8 
Evergy Metro
Assets    
Nuclear decommissioning trust(a)
    
Equity securities$224.7 $224.7 $— $— $— 
Debt securities
U.S. Treasury42.1 42.1 — — — 
U.S. Agency0.3 — 0.3 — — 
State and local obligations4.1 — 4.1 — — 
Corporate bonds36.4 — 36.4 — — 
Foreign governments0.1 — 0.1 — — 
Cash equivalents5.3 5.3 — — — 
Total nuclear decommissioning trust313.0 272.1 40.9 — — 
Self-insured health plan trust(b)
Equity securities1.5 1.5 — — — 
Debt securities7.7 2.0 5.7 — — 
Cash and cash equivalents3.2 3.2 — — — 
Total self-insured health plan trust12.4 6.7 5.7 — — 
Total$325.4 $278.8 $46.6 $— $— 
Other Evergy
Assets
Other Evergy investments
Rabbi trusts
Core bond fund$10.5 $10.5 $— $— $— 
Cash and cash equivalents0.2 0.2 — — — 
Total rabbi trusts$10.7 $10.7 $— $— $— 
Evergy    
Assets    
Nuclear decommissioning trust(a)
$613.5 $508.8 $40.9 $— $63.8 
Rabbi trusts34.9 34.9 — — — 
Self-insured health plan trust(b)
12.4 6.7 5.7 — — 
Total$660.8 $550.4 $46.6 $— $63.8 
DescriptionDecember 31, 2021Level 1Level 2Level 3NAV
Evergy Kansas Central(millions)
Assets
Nuclear decommissioning trust(a)
Domestic equity funds$140.4 $126.5 $— $— $13.9 
International equity funds74.0 74.0 — — — 
Core bond fund58.1 58.1 — — — 
High-yield bond fund29.6 29.6 — — — 
Emerging markets bond fund18.0 18.0 — — — 
Alternative investments fund32.7 — — — 32.7 
Real estate securities fund15.2 — — — 15.2 
Cash equivalents0.4 0.4 — — — 
Total nuclear decommissioning trust368.4 306.6 — — 61.8 
Rabbi trust
Fixed income funds19.6 19.6 — — — 
Equity funds9.5 9.5 — — — 
Combination debt/equity/other fund2.4 2.4 — — — 
Cash equivalents0.2 0.2 — — — 
Total rabbi trust31.7 31.7 — — — 
Total$400.1 $338.3 $— $— $61.8 
Evergy Metro
Assets    
Nuclear decommissioning trust(a)
   
Equity securities$299.2 $299.2 $— $— $— 
Debt securities     
U.S. Treasury46.1 46.1 — — — 
U.S. Agency0.4 — 0.4 — — 
State and local obligations4.0 — 4.0 — — 
Corporate bonds43.7 — 43.7 — — 
Foreign governments0.1 — 0.1 — — 
Cash equivalents6.8 6.8 — — — 
Total nuclear decommissioning trust400.3 352.1 48.2 — — 
Self-insured health plan trust(b)
Equity securities2.0 2.0 — — — 
Debt securities8.7 2.7 6.0 — — 
Cash and cash equivalents1.8 1.8 — — — 
Total self-insured health plan trust12.5 6.5 6.0 — — 
Total$412.8 $358.6 $54.2 $— $— 
Other Evergy
Assets
Other Evergy investments
Equity securities(c)
$31.4 $— $31.4 $— $— 
Total other Evergy investments31.4 — 31.4 — — 
Rabbi trusts
Core bond fund12.5 12.5 — — — 
Total rabbi trusts12.5 12.5 — — — 
Total$43.9 $12.5 $31.4 $— $— 
Evergy    
Assets    
Nuclear decommissioning trust(a)
$768.7 $658.7 $48.2 $— $61.8 
Rabbi trusts44.2 44.2 — — — 
Self-insured health plan trust(b)
12.5 6.5 6.0 — — 
Other Evergy investments(c)
31.4 — 31.4 — — 
Total$856.8 $709.4 $85.6 $— $61.8 
(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)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)Fair value was based on quoted market prices adjusted for a discount for lack of marketability based on a valuation model due to a restriction on the sale of the stock.
Schedule of Fair Value Investments, Entities that Calculate NAV
The following table provides additional information on these Evergy and Evergy Kansas Central investments.
September 30, 2022December 31, 2021September 30, 2022
FairUnfundedFairUnfundedRedemptionLength of
ValueCommitmentsValueCommitmentsFrequencySettlement
Evergy Kansas Central(millions)
Nuclear decommissioning trust:
Domestic equity funds$13.0 $1.5 $13.9 $1.7 (a)(a)
Alternative investments fund(b)
32.2 — 32.7 — Quarterly
65 days
Real estate securities fund(b)
18.6 — 15.2 — Quarterly
65 days
Total Evergy investments at NAV$63.8 $1.5 $61.8 $1.7 
(a)This investment is in five long-term private equity funds that do not permit early withdrawal. Investments in these funds cannot be distributed until the underlying investments have been liquidated, which may take years from the date of initial liquidation. Three funds have begun to make distributions. The initial investment in the fourth and fifth funds occurred in 2016 and 2018, respectively. The fourth fund's term is 15 years, subject to the general partner's right to extend the term for up to three additional one-year periods. The fifth fund's term is 15 years, subject to additional extensions approved by a fund advisory committee to provide for an orderly liquidation of fund investments and dissolution of the fund.
(b)There is a holdback on final redemptions.
Schedule of Fair Value Recurring Gain (Loss) Included in Earnings
The following table summarizes the net unrealized gains (losses) for the Evergy Companies' nuclear decommissioning trusts and rabbi trusts.
Three Months Ended
September 30		Year to Date
September 30
2022202120222021
Evergy(millions)
Nuclear decommissioning trust - equity securities$(74.3)$1.0 $(145.9)$68.8 
Nuclear decommissioning trust - debt securities(5.9)(0.6)(16.0)(4.0)
Rabbi trusts - equity securities(2.1)(0.1)(7.8)(0.4)
Total$(82.3)$0.3 $(169.7)$64.4 
Evergy Kansas Central
Nuclear decommissioning trust - equity securities$(37.1)$5.3 $(67.2)$36.9 
Rabbi trust - equity securities(1.4)(0.1)(5.6)(0.1)
Total$(38.5)$5.2 $(72.8)$36.8 
Evergy Metro
Nuclear decommissioning trust - equity securities$(37.2)$(4.3)$(78.7)$31.9 
Nuclear decommissioning trust - debt securities(5.9)(0.6)(16.0)(4.0)
Total$(43.1)$(4.9)$(94.7)$27.9