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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2020
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.
 
 
June 30, 2020
 
December 31, 2019
 
 
Book Value
 
Fair Value
 
Book Value
 
Fair Value
Long-term debt(a)
 
(millions)
Evergy(b)
 
$
9,632.0

 
$
11,034.5

 
$
8,997.8

 
$
9,750.2

Evergy Kansas Central
 
3,930.4

 
4,650.3

 
3,686.1

 
4,078.8

Evergy Metro
 
2,922.3

 
3,522.4

 
2,525.0

 
2,932.2

Long-term debt of variable interest entities(a)
 
 
 
 
 
 
 
 
Evergy
 
$
18.8

 
$
19.2

 
$
51.1

 
$
51.5

Evergy Kansas Central
 
18.8

 
19.2

 
51.1

 
51.5

(a) Includes current maturities.
(b) Book value as of June 30, 2020 and December 31, 2019, includes $117.9 million and $125.5 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.
Description
June 30, 2020
 
Level 1
 
Level 2
Level 3
NAV
Evergy Kansas Central
 
(millions)
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nuclear decommissioning trust(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domestic equity funds
 
$
85.2

 
 
$
77.7

 
 
$
—

 
 
$
—

 
 
$
7.5

 
International equity funds
 
51.2

 
 
51.2

 
 
—

 
 
—

 
 
—

 
Core bond fund
 
39.7

 
 
39.7

 
 
—

 
 
—

 
 
—

 
High-yield bond fund
 
20.6

 
 
20.6

 
 
—

 
 
—

 
 
—

 
Emerging markets bond fund
 
18.5

 
 
18.5

 
 
—

 
 
—

 
 
—

 
Combination debt/equity/other fund
 
16.9

 
 
16.9

 
 
—

 
 
—

 
 
—

 
Alternative investments fund
 
17.4

 
 
—

 
 
—

 
 
—

 
 
17.4

 
Real estate securities fund
 
12.9

 
 
—

 
 
—

 
 
—

 
 
12.9

 
Cash equivalents
 
0.8

 
 
0.8

 
 
—

 
 
—

 
 
—

 
Total nuclear decommissioning trust
 
263.2

 
 
225.4

 
 
—

 
 
—

 
 
37.8

 
Rabbi trust
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core bond fund
 
25.0

 
 
—

 
 
—

 
 
—

 
 
25.0

 
Combination debt/equity/other fund
 
6.4

 
 
—

 
 
—

 
 
—

 
 
6.4

 
Cash equivalents
 
0.1

 
 
0.1

 
 
—

 
 
—

 
 
—

 
Total rabbi trust
 
31.5

 
 
0.1

 
 
—

 
 
—

 
 
31.4

 
Total
 
$
294.7

 
 
$
225.5

 
 
$
—

 
 
$
—

 
 
$
69.2

 
Evergy Metro
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nuclear decommissioning trust(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
$
196.5

 
 
$
196.5

 
 
$
—

 
 
$
—

 
 
$
—

 
Debt securities
 


 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
 
50.8

 
 
50.8

 
 
—

 
 
—

 
 
—

 
U.S. Agency
 
0.5

 
 
—

 
 
0.5

 
 
—

 
 
—

 
State and local obligations
 
3.1

 
 
—

 
 
3.1

 
 
—

 
 
—

 
Corporate bonds
 
40.7

 
 
—

 
 
40.7

 
 
—

 
 
—

 
Foreign governments
 
0.1

 
 
—

 
 
0.1

 
 
—

 
 
—

 
Cash equivalents
 
1.8

 
 
1.8

 
 
—

 
 
—

 
 
—

 
Other
 
0.7

 
 
—

 
 
0.7

 
 
—

 
 
—

 
Total nuclear decommissioning trust
 
294.2

 
 
249.1

 
 
45.1

 
 
—

 
 
—

 
Self-insured health plan trust(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
0.5

 
 
0.5

 
 
—

 
 
—

 
 
—

 
Debt securities
 
8.8

 
 
3.2

 
 
5.6

 
 
—

 
 
—

 
Cash and cash equivalents
 
1.5

 
 
1.5

 
 
—

 
 
—

 
 
—

 
Total self-insured health plan trust
 
10.8

 
 
5.2

 
 
5.6

 
 
—

 
 
—

 
Total
 
$
305.0

 
 
$
254.3

 
 
$
50.7

 
 
$
—

 
 
$
—

 
Other Evergy
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rabbi trusts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed income fund
 
$
13.0

 
 
$
—

 
 
$
—

 
 
$
—

 
 
$
13.0

 
Cash and cash equivalents
 
0.6

 
 
0.6

 
 
—

 
 
—

 
 
—

 
Total rabbi trusts
 
$
13.6

 
 
$
0.6

 
 
$
—

 
 
$
—

 
 
$
13.0

 
Evergy
 
 

 
 
 

 
 
 

 
 
 

 
 
 
 
Assets
 
 

 
 
 

 
 
 

 
 
 

 
 
 
 
Nuclear decommissioning trust(a)
 
$
557.4

 
 
$
474.5

 
 
$
45.1

 
 
$
—

 
 
$
37.8

 
Rabbi trusts
 
45.1

 
 
0.7

 
 
—

 
 
—

 
 
44.4

 
Self-insured health plan trust(b)
 
10.8

 
 
5.2

 
 
5.6

 
 
—

 
 
—

 
Total
 
$
613.3

 
 
$
480.4

 
 
$
50.7

 
 
$
—

 
 
$
82.2

 
Description
December 31, 2019
Level 1
Level 2
Level 3
NAV
 
Evergy Kansas Central
 
(millions)
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nuclear decommissioning trust(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domestic equity funds
 
$
86.1

 
 
$
78.6

 
 
$
—

 
 
$
—

 
 
$
7.5

 
 
International equity funds
 
52.0

 
 
52.0

 
 
—

 
 
—

 
 
—

 
 
Core bond fund
 
39.3

 
 
39.3

 
 
—

 
 
—

 
 
—

 
 
High-yield bond fund
 
22.3

 
 
22.3

 
 
—

 
 
—

 
 
—

 
 
Emerging markets bond fund
 
19.4

 
 
19.4

 
 
—

 
 
—

 
 
—

 
 
Combination debt/equity/other fund
 
16.4

 
 
16.4

 
 
—

 
 
—

 
 
—

 
 
Alternative investments fund
 
23.9

 
 
—

 
 
—

 
 
—

 
 
23.9

 
 
Real estate securities fund
 
12.6

 
 
—

 
 
—

 
 
—

 
 
12.6

 
 
Cash equivalents
 
0.5

 
 
0.5

 
 
—

 
 
—

 
 
—

 
 
Total nuclear decommissioning trust
 
272.5

 
 
228.5

 
 
—

 
 
—

 
 
44.0

 
 
Rabbi trust
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core bond fund
 
25.3

 
 
—

 
 
—

 
 
—

 
 
25.3

 
 
Combination debt/equity/other fund
 
6.3

 
 
—

 
 
—

 
 
—

 
 
6.3

 
 
Cash equivalents
 
0.1

 
 
0.1

 
 
—

 
 
—

 
 
—

 
 
Total rabbi trust
 
31.7

 
 
0.1

 
 
—

 
 
—

 
 
31.6

 
 
Total
 
$
304.2

 
 
$
228.6

 
 
$
—

 
 
$
—

 
 
$
75.6

 
 
Evergy Metro
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nuclear decommissioning trust(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
$
211.1

 
 
$
211.1

 
 
$
—

 
 
$
—

 
 
$
—

 
 
Debt securities
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
U.S. Treasury
 
50.3

 
 
50.3

 
 
—

 
 
—

 
 
—

 
 
U.S. Agency
 
0.4

 
 
—

 
 
0.4

 
 
—

 
 
—

 
 
State and local obligations
 
2.2

 
 
—

 
 
2.2

 
 
—

 
 
—

 
 
Corporate bonds
 
33.2

 
 
—

 
 
33.2

 
 
—

 
 
—

 
 
Foreign governments
 
0.1

 
 
—

 
 
0.1

 
 
—

 
 
—

 
 
Cash equivalents
 
3.1

 
 
3.1

 
 
—

 
 
—

 
 
—

 
 
Other
 
0.3

 
 
—

 
 
0.3

 
 
—

 
 
—

 
 
Total nuclear decommissioning trust
 
300.7

 
 
264.5

 
 
36.2

 
 
—

 
 
—

 
 
Self-insured health plan trust(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
 
0.5

 
 
0.5

 
 
—

 
 
—

 
 
—

 
 
Debt securities
 
6.7

 
 
1.4

 
 
5.3

 
 
—

 
 
—

 
 
Cash and cash equivalents
 
2.7

 
 
2.7

 
 
—

 
 
—

 
 
—

 
 
Total self-insured health plan trust
 
9.9

 
 
4.6

 
 
5.3

 
 
—

 
 
—

 
 
Total
 
$
310.6

 
 
$
269.1

 
 
$
41.5

 
 
$
—

 
 
$
—

 
 
Other Evergy
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rabbi trusts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed income fund
 
$
13.3

 
 
$
—

 
 
$
—

 
 
$
—

 
 
$
13.3

 
 
Cash and cash equivalents
 
0.5

 
 
0.5

 
 
—

 
 
—

 
 
—

 
 
Total rabbi trusts
 
$
13.8

 
 
$
0.5

 
 
$
—

 
 
$
—

 
 
$
13.3

 
 
Evergy
 
 

 
 
 

 
 
 

 
 
 

 
 
 
 
 
Assets
 
 

 
 
 

 
 
 

 
 
 

 
 
 
 
 
Nuclear decommissioning trust(a)
 
$
573.2

 
 
$
493.0

 
 
$
36.2

 
 
$
—

 
 
$
44.0

 
 
Rabbi trust
 
45.5

 
 
0.6

 
 
—



—

 
 
44.9

 
 
Self-insured health plan trust(b)
 
9.9

 
 
4.6

 
 
5.3

 
 
—

 
 
—

 
 
Total
 
$
628.6

 
 
$
498.2

 
 
$
41.5

 
 
$
—

 
 
$
88.9

 
 

(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.
Schedule of Fair Value Investments, Entities that Calculate NAV
The following table provides additional information on these Evergy and Evergy Kansas Central investments.
 
June 30, 2020
 
December 31, 2019
 
June 30, 2020
 
Fair
 
Unfunded
 
Fair
 
Unfunded
 
Redemption
 
Length of
 
Value
 
Commitments
 
Value
 
Commitments
 
Frequency
 
Settlement
Evergy Kansas Central
(millions)
 
 
 
 
Nuclear decommissioning trust:
 
 
 
 
 
Domestic equity funds
$
7.5

 
$
2.6

 
$
7.5

 
$
3.3

 
(a)
 
(a)
Alternative investments fund(b)
17.4

 
—

 
23.9

 
—

 
Quarterly
 
65 days
Real estate securities fund(b)
12.9

 
—

 
12.6

 
—

 
Quarterly
 
65 days
Total
$
37.8

 
$
2.6

 
$
44.0

 
$
3.3

 
 
 
 
Rabbi trust:
 
 
 
 
 
 
 
 
 
 
 
Core bond fund
$
25.0

 
$
—

 
$
25.3

 
$
—

 
(c)
 
(c)
Combination debt/equity/other fund
6.4

 
—

 
6.3

 
—

 
(c)
 
(c)
Total
$
31.4

 
$
—

 
$
31.6

 
$
—

 
 
 
 
Other Evergy
 
 
 
 
 
 
 
 
 
 
 
Rabbi trust:
 
 
 
 
 
 
 
 
 
 
 
Fixed income fund
$
13.0

 
$
—

 
$
13.3

 
$
—

 
(c)
 
(c)
Total Evergy investments at NAV
$
82.2

 
$
2.6

 
$
88.9

 
$
3.3

 
 
 
 
(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 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 will be 15 years after the initial closing date, 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.
(c) 
This investment can be redeemed immediately and is not subject to any restrictions on 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
June 30
 
Year to Date
June 30

 
2020
 
2019
 
2020
 
2019
Evergy
 
(millions)
Nuclear decommissioning trust - equity securities
 
$
53.3

 
$
13.3

 
$
(36.0
)
 
$
51.2

Nuclear decommissioning trust - debt securities
 
2.3

 
2.3

 
5.3

 
4.4

Rabbi trusts - equity securities
 
2.8

 
1.0

 
0.8

 
1.5

Total
 
$
58.4

 
$
16.6

 
$
(29.9
)
 
$
57.1

Evergy Kansas Central
 
 
 
 
 
 
 
 
Nuclear decommissioning trust - equity securities
 
$
22.1

 
$
8.8

 
$
(16.0
)
 
$
26.0

Rabbi trust - equity securities
 
2.6

 
0.9

 
0.5

 
2.2

Total
 
$
24.7

 
$
9.7

 
$
(15.5
)
 
$
28.2

Evergy Metro
 
 
 
 
 
 
 
 
Nuclear decommissioning trust - equity securities
 
$
31.2

 
$
4.5

 
$
(20.0
)
 
$
25.2

Nuclear decommissioning trust - debt securities
 
2.3

 
2.3

 
5.3

 
4.4

Total
 
$
33.5

 
$
6.8

 
$
(14.7
)
 
$
29.6