LONG-TERM DEBT

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

LONG-TERM DEBT

LONG-TERM DEBT

The Evergy Companies' long-term debt is detailed in the following tables.

December 31, 2019	Issuing Entity	Year Due	Evergy			Evergy Kansas Central			Evergy Metro
Mortgage Bonds			(millions)
5.10% Series	Evergy Kansas Central, Inc.	2020	$	250.0		$	250.0		$	—
3.25% Series	Evergy Kansas Central, Inc.	2025	250.0			250.0			—
2.55% Series	Evergy Kansas Central, Inc.	2026	350.0			350.0			—
3.10% Series	Evergy Kansas Central, Inc.	2027	300.0			300.0			—
4.125% Series	Evergy Kansas Central, Inc.	2042	550.0			550.0			—
4.10% Series	Evergy Kansas Central, Inc.	2043	430.0			430.0			—
4.625% Series	Evergy Kansas Central, Inc.	2043	250.0			250.0			—
4.25% Series	Evergy Kansas Central, Inc.	2045	300.0			300.0			—
3.25% Series	Evergy Kansas Central, Inc.	2049	300.0			300.0
6.15% Series	Evergy Kansas South, Inc.	2023	50.0			50.0			—
6.53% Series	Evergy Kansas South, Inc.	2037	175.0			175.0			—
6.64% Series	Evergy Kansas South, Inc.	2038	100.0			100.0			—
4.30% Series	Evergy Kansas South, Inc.	2044	250.0			250.0			—
2.95% EIRR bonds	Evergy Metro, Inc.	2023	79.5			—			79.5
4.125% Series	Evergy Metro, Inc.	2049	400.0			—			400.0
9.44% Series	Evergy Missouri West, Inc.	2020-2021	2.3			—			—
Pollution Control Bonds
1.39% Series(b)	Evergy Kansas Central, Inc.	2032	45.0			45.0			—
1.39% Series(b)	Evergy Kansas Central, Inc.	2032	30.5			30.5			—
1.39% Series(b)	Evergy Kansas South, Inc.	2027	21.9			21.9			—
2.50% Series	Evergy Kansas South, Inc.	2031	50.0			50.0			—
1.39% Series(b)	Evergy Kansas South, Inc.	2032	14.5			14.5			—
1.39% Series(b)	Evergy Kansas South, Inc.	2032	10.0			10.0			—
1.432% Series 2007A and 2007B(b)	Evergy Metro, Inc.	2035	146.5			—			146.5
2.75% Series 2008	Evergy Metro, Inc.	2038	23.4			—			23.4
Senior Notes
3.15% Series(g)	Evergy Metro, Inc.	2023	300.0			—			300.0
3.65% Series(g)	Evergy Metro, Inc.	2025	350.0			—			350.0
6.05% Series (5.78% rate)(a)(g)	Evergy Metro, Inc.	2035	250.0			—			250.0
5.30% Series(g)	Evergy Metro, Inc.	2041	400.0			—			400.0
4.20% Series(g)	Evergy Metro, Inc.	2047	300.0			—			300.0
4.20% Series(g)	Evergy Metro, Inc.	2048	300.0			—			300.0
8.27% Series	Evergy Missouri West, Inc.	2021	80.9			—			—
3.49% Series A	Evergy Missouri West, Inc.	2025	36.0			—			—
4.06% Series B	Evergy Missouri West, Inc.	2033	60.0			—			—
4.74% Series C	Evergy Missouri West, Inc.	2043	150.0			—			—
3.74% Series	Evergy Missouri West, Inc.	2022	100.0			—			—
4.85% Series	Evergy, Inc.(f)	2021	350.0			—			—
5.292% Series	Evergy, Inc.(f)	2022	287.5			—			—
2.45% Series	Evergy, Inc.	2024	800.0			—			—
2.90% Series (3.77% rate)(a)	Evergy, Inc.	2029	800.0			—			—
Medium Term Notes
7.33% Series	Evergy Missouri West, Inc.	2023	3.0			—			—
7.17% Series	Evergy Missouri West, Inc.	2023	7.0			—			—
Fair value adjustment(e)			125.5			—			—
Current maturities			(251.1		)	(250.0		)	—
Unamortized debt discount and debt issuance costs			(80.7		)	(40.8		)	(24.4		)
Total excluding current maturities(d)			$	8,746.7		$	3,436.1		$	2,525.0

December 31, 2018	Issuing Entity	Year Due	Evergy			Evergy Kansas Central			Evergy Metro
Mortgage Bonds			(millions)
5.10% Series	Evergy Kansas Central, Inc.	2020	$	250.0		$	250.0		$	—
3.25% Series	Evergy Kansas Central, Inc.	2025	250.0			250.0			—
2.55% Series	Evergy Kansas Central, Inc.	2026	350.0			350.0			—
3.10% Series	Evergy Kansas Central, Inc.	2027	300.0			300.0			—
4.125% Series	Evergy Kansas Central, Inc.	2042	550.0			550.0			—
4.10% Series	Evergy Kansas Central, Inc.	2043	430.0			430.0			—
4.625% Series	Evergy Kansas Central, Inc.	2043	250.0			250.0			—
4.25% Series	Evergy Kansas Central, Inc.	2045	300.0			300.0			—
6.70% Series	Evergy Kansas South, Inc.	2019	300.0			300.0			—
6.15% Series	Evergy Kansas South, Inc.	2023	50.0			50.0			—
6.53% Series	Evergy Kansas South, Inc.	2037	175.0			175.0			—
6.64% Series	Evergy Kansas South, Inc.	2038	100.0			100.0			—
4.30% Series	Evergy Kansas South, Inc.	2044	250.0			250.0			—
2.95% EIRR bonds	Evergy Metro, Inc.	2023	79.5			—			79.5
7.15% Series 2009A (8.59% rate)(a)	Evergy Metro, Inc.	2019	400.0			—			400.0
9.44% Series	Evergy Missouri West, Inc.	2019-2021	3.4			—			—
Pollution Control Bonds
2.46% Series(b)	Evergy Kansas Central, Inc.	2032	45.0			45.0			—
2.46% Series(b)	Evergy Kansas Central, Inc.	2032	30.5			30.5			—
2.46% Series(b)	Evergy Kansas South, Inc.	2027	21.9			21.9			—
2.50% Series	Evergy Kansas South, Inc.	2031	50.0			50.0			—
2.46% Series(b)	Evergy Kansas South, Inc.	2032	14.5			14.5			—
2.46% Series(b)	Evergy Kansas South, Inc.	2032	10.0			10.0			—
1.865% Series 2007A and 2007B(b)	Evergy Metro, Inc.	2035	146.5			—			146.5
2.75% Series 2008	Evergy Metro, Inc.	2038	23.4			—			23.4
Senior Notes
3.15% Series	Evergy Metro, Inc.	2023	300.0			—			300.0
3.65% Series	Evergy Metro, Inc.	2025	350.0			—			350.0
6.05% Series (5.78% rate)(a)	Evergy Metro, Inc.	2035	250.0			—			250.0
5.30% Series	Evergy Metro, Inc.	2041	400.0			—			400.0
4.20% Series	Evergy Metro, Inc.	2047	300.0			—			300.0
4.20% Series	Evergy Metro, Inc.	2048	300.0			—			300.0
8.27% Series	Evergy Missouri West, Inc.	2021	80.9			—			—
3.49% Series A	Evergy Missouri West, Inc.	2025	36.0			—			—
4.06% Series B	Evergy Missouri West, Inc.	2033	60.0			—			—
4.74% Series C	Evergy Missouri West, Inc.	2043	150.0			—			—
4.85% Series	Evergy, Inc.(f)	2021	350.0			—			—
5.292% Series	Evergy, Inc.(f)	2022	287.5			—			—
Medium Term Notes
7.33% Series	Evergy Missouri West, Inc.	2023	3.0			—			—
7.17% Series	Evergy Missouri West, Inc.	2023	7.0			—			—
Fair value adjustment(e)			144.8			—			—
Current maturities (c)			(705.4		)	(300.0		)	(400.0		)
Unamortized debt discount and debt issuance costs			(57.2		)	(37.1		)	(19.3		)
Total excluding current maturities(d)			$	6,636.3		$	3,389.8		$	2,130.1

^(a)  Rate after amortizing gains/losses recognized in OCI on settlements of interest rate hedging instruments.

^(b)  Variable rate.

^(c)  Evergy's current maturities total as of December 31, 2018, includes $4.3 million of fair value adjustments recorded in connection with purchase accounting for the merger transaction.

^(d)  At December 31, 2019 and 2018, does not include $50.0 million and $21.9 million of secured Series 2005 Environmental Improvement Revenue Refunding (EIRR) bonds because the bonds were repurchased in September 2015 and are held by Evergy Metro.

^(e)  Represents the fair value adjustments recorded at Evergy consolidated related to the long-term debt of Great Plains Energy, Evergy Metro and Evergy Missouri West in connection with purchase accounting for the merger transaction. This amount is not part of future principal payments and will amortize over the remaining life of the associated debt instruments.

^(f)  Originally issued by Great Plains Energy but assumed by Evergy, Inc. as part of the merger transaction.

^(g)  Effectively secured pursuant to the General Mortgage Indenture and Deed of Trust dated as of December 1, 1986, as supplemented (Evergy Metro Mortgage Indenture) through the issuance of collateral mortgage bonds issued to the trustee for the unsecured senior notes in March 2019.

The following table summarizes Evergy's and Evergy Kansas Central's long-term debt of VIEs.

		December 31
	2019				2018
		(millions)
2.398% due 2021		$	51.1			$	81.4
Current maturities		(32.3		)		(30.3		)
Total excluding current maturities		$	18.8			$	51.1

Mortgage Bonds

The Evergy Kansas Central and Evergy Kansas South mortgages each contain provisions restricting the amount of first mortgage bonds (FMBs) that could be issued by each entity. Evergy Kansas Central and Evergy Kansas South must be in compliance with such restrictions prior to the issuance of additional first mortgage bonds or other secured indebtedness. The amount of Evergy Kansas Central FMBs authorized by its Mortgage and Deed of Trust, dated July 1, 1939, as supplemented, is subject to certain limitations as described below. The amount of Evergy Kansas South FMBs authorized by the Evergy Kansas South Mortgage and Deed of Trust, dated April 1, 1940, as supplemented and amended, is limited to a maximum of $3.5 billion, unless amended further. FMBs are secured by utility assets. Amounts of additional FMBs that may be issued are subject to property, earnings and certain restrictive provisions, except in connection with certain refundings, of each mortgage. As of December 31, 2019, approximately $305.4 million and $2,828.6 million principal amounts of additional Evergy Kansas Central FMBs or Evergy Kansas South FMBs, respectively, could be issued under the most restrictive provisions of their mortgages.

Evergy Metro has issued mortgage bonds under the Evergy Metro Mortgage Indenture, which creates a mortgage lien on substantially all of Evergy Metro's utility plant. Additional Evergy Metro bonds may be issued on the basis of 75% of property additions or retired bonds. As of December 31, 2019, approximately $4,923.3 million principal amount of additional Evergy Metro mortgage bonds could be issued under the most restrictive provisions in the mortgage.

Evergy Missouri West has issued mortgage bonds under the General Mortgage Indenture and Deed of Trust dated April 1, 1946, as supplemented, which creates a mortgage lien on a portion of Evergy Missouri West's utility plant.

In March 2019, Evergy Metro issued collateral mortgage bonds secured by the Evergy Metro Mortgage Indenture to serve as collateral for Evergy Metro's obligations under the following outstanding unsecured senior notes:

• $300.0 million of 3.15% Series, maturing in 2023;

• $350.0 million of 3.65% Series, maturing in 2025;

• $250.0 million of 6.05% Series, maturing in 2035;

• $400.0 million of 5.30% Series, maturing in 2041;

• $300.0 million of 4.20% Series, maturing in 2047; and

• $300.0 million of 4.20% Series, maturing in 2048.

The collateral mortgage bonds were issued to the applicable trustee for the unsecured senior notes, are only payable if Evergy Metro defaults on the underlying unsecured senior notes and do not increase the amount of outstanding debt for Evergy Metro.

As a result of the above transactions, Evergy Metro's outstanding senior notes have effectively become secured by the mortgage lien of the Evergy Metro Mortgage Indenture and rank equally and ratably with all of Evergy Metro's mortgage bonds, regardless of series, from time to time issued and outstanding under the Evergy Metro Mortgage Indenture.    

Also in March 2019, Evergy Metro issued, at a discount, $400.0 million of 4.125% Mortgage Bonds, maturing in 2049. Evergy Metro also repaid its $400.0 million of 7.15% Mortgage Bonds at maturity in April 2019.

In June 2019, Evergy Kansas South repaid its $300.0 million of 6.70% FMBs at maturity.

In August 2019, Evergy Kansas Central issued, at a discount, $300.0 million of 3.25% FMBs, maturing in 2049.

Senior Notes

Under the terms of the note purchase agreement for Evergy Missouri West's Series A, B and C Senior Notes, Evergy Missouri West is required to maintain a consolidated indebtedness to consolidated capitalization ratio, as defined in the agreement, not greater than 0.65 to 1.00. In addition, Evergy Missouri West's priority debt, as defined in the agreement, cannot exceed 15% of consolidated tangible net worth, as defined in the agreement. At December 31, 2019, Evergy Missouri West was in compliance with these covenants.

In March 2019, Evergy Missouri West issued $100.0 million of 3.74% Senior Notes, maturing in 2022, under a note purchase agreement.

In September 2019, Evergy issued, at a discount, $800.0 million of 2.45% Senior Notes, maturing in 2024 and $800.0 million of 2.90% Senior Notes, maturing in 2029.

Scheduled Maturities

Evergy's, Evergy Kansas Central's and Evergy Metro's long-term debt maturities and the long-term debt maturities of VIEs for the next five years are detailed in the following table.

	2020		2021		2022		2023		2024
	(millions)
Evergy(a)	$	251.1	$	432.0	$	387.5	$	439.5	$	800.0
Evergy Kansas Central(a)	250.0		—		—		50.0		—
Evergy Metro	—		—		—		379.5		—
VIEs	32.3		18.8		—		—		—

^(a) Excludes long-term debt maturities of VIEs.