v3.26.1
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Values of Financial Instruments
GAAP establishes a hierarchical framework for disclosing the transparency of the inputs utilized in measuring assets and liabilities at fair value. Management's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of assets and liabilities within the fair value hierarchy levels. In addition, the Evergy Companies measure certain investments that do not have a readily determinable fair value at net asset value (NAV), which are not included in the fair value hierarchy. Further explanation of these levels and NAV is summarized below.
Level 1 – Quoted prices are available in active markets for identical assets or liabilities. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on public exchanges or exchange-traded derivative instruments.
Level 2 –  Pricing inputs are not quoted prices in active markets but are either directly or indirectly observable. The types of assets and liabilities included in Level 2 are certain marketable debt securities, financial instruments traded in less than active markets, non-exchange traded derivative instruments with observable forward curves and options contracts.
Level 3 – Significant inputs to pricing have little or no transparency. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation. The types of assets and liabilities included in Level 3 are non-exchange traded derivative instruments for which observable market data is not available to corroborate the valuation inputs and transmission congestion rights (TCRs) in the SPP Integrated Marketplace.
NAV - Investments that do not have a readily determinable fair value are measured at NAV. These investments do not consider the observability of inputs and, therefore, they are not included within the fair value hierarchy. The Evergy Companies include in this category investments in private equity, real estate and alternative investment funds that do not have a readily determinable fair value. The underlying alternative investments include collateralized debt obligations, mezzanine debt and a variety of other investments.
The Evergy Companies record cash and cash equivalents, accounts receivable and short-term borrowings on their consolidated balance sheets at cost, which approximates fair value due to the short-term nature of these instruments.
Fair Value of Long-Term Debt
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 are summarized in the following table.
June 30, 2026December 31, 2025
Book ValueFair ValueBook ValueFair Value
Long-term debt(a)
(millions)
Evergy(b)
$13,811.0 $13,140.7 $13,406.2 $13,018.9 
Evergy Kansas Central5,234.8 4,781.8 5,233.1 4,812.1 
Evergy Metro3,272.0 3,080.6 3,271.4 3,122.7 
(a) Includes current maturities.
(b) Book value as of June 30, 2026, and December 31, 2025, includes $73.5 million and $76.1 million, respectively, of fair value adjustments recorded in connection with purchase accounting for the merger that created Evergy, which are not part of future principal payments and will amortize over the remaining life of the associated debt instrument.
Recurring Fair Value Measurements
The following tables include balances of financial assets and liabilities measured at fair value on a recurring basis.
DescriptionJune 30, 2026NettingLevel 1Level 2Level 3NAV
Evergy Kansas Central(millions)
Assets
Nuclear decommissioning trust(a)
Domestic equity funds$172.6 $— $164.3 $— $— $8.3 
International equity funds99.8 — 99.8 — — — 
Core bond fund71.9 — 71.9 — — — 
High-yield bond fund24.2 — 24.2 — — — 
Emerging markets bond fund24.1 — 24.1 — — — 
Combination debt/equity/other fund23.5 — 23.5 — — — 
Alternative investments fund47.7 — — — — 47.7 
Real estate securities fund17.2 — — — — 17.2 
Cash equivalents0.5 — 0.5 — — — 
Total nuclear decommissioning trust481.5 — 408.3 — — 73.2 
Rabbi trust
Fixed income funds13.0 — 13.0 — — — 
Equity funds7.6 — 7.6 — — — 
Combination debt/equity/other fund1.7 — 1.7 — — — 
Cash equivalents0.2 — 0.2 — — — 
Total rabbi trust22.5 — 22.5 — — — 
Derivative instruments - commodity contracts(b)
Power46.4 (58.9)72.5 32.4 0.4 — 
Natural gas0.5 (6.1)6.6 — — — 
Total derivative assets46.9 (65.0)79.1 32.4 0.4 — 
Total assets550.9 (65.0)509.9 32.4 0.4 73.2 
Liabilities
Derivative instruments - commodity contracts(b)
Power48.7 (58.4)58.7 46.4 2.0 — 
Natural gas1.4 (6.1)7.5 — — — 
Total derivative liabilities50.1 (64.5)66.2 46.4 2.0 — 
Total liabilities$50.1 $(64.5)$66.2 $46.4 $2.0 $— 
Evergy Metro
Assets
Nuclear decommissioning trust(a)
Equity securities$482.6 $— $482.6 $— $— $— 
Debt securities
U.S. Treasury54.3 — 54.3 — — — 
U.S. Agency0.1 — — 0.1 — — 
State and local obligations2.1 — — 2.1 — — 
Corporate bonds55.8 — — 55.8 — — 
Foreign governments0.4 — — 0.4 — — 
Cash equivalents3.4 — 3.4 — — — 
Total nuclear decommissioning trust598.7 — 540.3 58.4 — — 
Self-insured health plan trust(c)
Equity securities3.0 — 3.0 — — — 
Debt securities13.9 — 3.6 10.3 — — 
Cash and cash equivalents0.1 — 0.1 — — — 
Total self-insured health plan trust17.0 — 6.7 10.3 — — 
Derivative instruments - commodity contracts(b)
Power28.2 (1.0)— — 29.2 — 
Total derivative assets28.2 (1.0)— — 29.2 — 
Total assets643.9 (1.0)547.0 68.7 29.2 — 
Liabilities
Derivative instruments - commodity contracts(b)
Power— (1.0)— — 1.0 — 
Total derivative liabilities— (1.0)— — 1.0 — 
Total liabilities$— $(1.0)$— $— $1.0 $— 
DescriptionJune 30, 2026NettingLevel 1Level 2Level 3NAV
Other Evergy(millions)
Assets
Rabbi trusts
Core bond fund$7.3 $— $7.3 $— $— $— 
Total rabbi trusts7.3 — 7.3 — — — 
Derivative instruments - commodity contracts(b)
Power2.1 (0.3)— — 2.4 — 
Derivative instruments - interest rate swaps(b)
1.2 — — 1.2 — — 
Total derivative assets3.3 (0.3)— 1.2 2.4 — 
Total assets10.6 (0.3)7.3 1.2 2.4 — 
Liabilities
Derivative instruments - commodity contracts(b)
Power— (0.4)— — 0.4 — 
Total derivative liabilities— (0.4)— — 0.4 — 
Total liabilities$— $(0.4)$— $— $0.4 $— 
Evergy
Assets
Nuclear decommissioning trust(a)
$1,080.2 $— $948.6 $58.4 $— $73.2 
Rabbi trusts29.8 — 29.8 — — — 
Self-insured health plan trust(c)
17.0 — 6.7 10.3 — — 
Derivative instruments - commodity contracts(b)
Power76.7 (60.2)72.5 32.4 32.0 — 
Natural gas0.5 (6.1)6.6 — — — 
Derivative instruments - interest rate swaps(b)
1.2 — — 1.2 — — 
Total derivative assets78.4 (66.3)79.1 33.6 32.0 — 
Total assets1,205.4 (66.3)1,064.2 102.3 32.0 73.2 
Liabilities
Derivative instruments - commodity contracts(b)
Power48.7 (59.8)58.7 46.4 3.4 — 
Natural gas1.4 (6.1)7.5 — — — 
Total derivative liabilities50.1 (65.9)66.2 46.4 3.4 — 
Total liabilities$50.1 $(65.9)$66.2 $46.4 $3.4 $— 
DescriptionDecember 31, 2025NettingLevel 1Level 2Level 3NAV
Evergy Kansas Central(millions)
Assets
Nuclear decommissioning trust(a)
Domestic equity funds$159.8 $— $151.5 $— $— $8.3 
International equity funds95.9 — 95.9 — — — 
Core bond fund71.5 — 71.5 — — — 
High-yield bond fund23.9 — 23.9 — — — 
Emerging markets bond fund23.9 — 23.9 — — — 
Combination debt/equity/other fund23.8 — 23.8 — — — 
Alternative investments fund49.6 — — — — 49.6 
Real estate securities fund16.8 — — — — 16.8 
Cash equivalents0.8 — 0.8 — — — 
Total nuclear decommissioning trust466.0 — 391.3 — — 74.7 
Rabbi trust
Fixed income funds13.7 — 13.7 — — — 
Equity funds7.8 — 7.8 — — — 
Combination debt/equity/other fund1.8 — 1.8 — — — 
Cash equivalents0.2 — 0.2 — — — 
Total rabbi trust23.5 — 23.5 — — — 
Derivative instruments - commodity contracts(b)
Power38.7 (29.8)30.1 36.3 2.1 — 
Natural gas1.2 (5.2)6.4 — — — 
Total derivative assets39.9 (35.0)36.5 36.3 2.1 — 
Total assets529.4 (35.0)451.3 36.3 2.1 74.7 
Liabilities
Derivative instruments - commodity contracts(b)
Power36.2 (28.7)23.5 39.1 2.3 — 
Natural gas1.6 (5.2)6.8 — — — 
Total derivative liabilities37.8 (33.9)30.3 39.1 2.3 — 
Total liabilities $37.8 $(33.9)$30.3 $39.1 $2.3 $— 
Evergy Metro
Assets
Nuclear decommissioning trust(a)
Equity securities$436.8 $— $436.8 $— $— $— 
Debt securities
U.S. Treasury56.8 — 56.8 — — — 
U.S. Agency0.1 — — 0.1 — — 
State and local obligations2.1 — — 2.1 — — 
Corporate bonds51.5 — — 51.5 — — 
Cash equivalents3.5 — 3.5 — — — 
Total nuclear decommissioning trust550.8 — 497.1 53.7 — — 
Self-insured health plan trust(c)
Equity securities2.7 — 2.7 — — — 
Debt securities15.3 — 3.8 11.5 — — 
Cash and cash equivalents2.5 — 2.5 — — — 
Total self-insured health plan trust20.5 — 9.0 11.5 — — 
Derivative instruments - commodity contracts(b)
Power4.3 (2.3)— — 6.6 — 
Total derivative assets4.3 (2.3)— — 6.6 — 
Total assets575.6 (2.3)506.1 65.2 6.6 — 
Liabilities
Derivative instruments - commodity contracts(b)
Power— (2.3)— — 2.3 — 
Total derivative liabilities— (2.3)— — 2.3 — 
Total liabilities$— $(2.3)$— $— $2.3 $— 
DescriptionDecember 31, 2025NettingLevel 1Level 2Level 3NAV
Other Evergy(millions)
Assets
Rabbi trusts
Core bond fund$7.7 $— $7.7 $— $— $— 
Total rabbi trusts7.7 — 7.7 — — — 
Derivative instruments - commodity contracts(b)
Power0.2 (0.6)— — 0.8 — 
Derivative instruments - interest rate swaps(b)
0.6 — — 0.6 — — 
Total derivative assets0.8 (0.6)— 0.6 0.8 — 
Total assets8.5 (0.6)7.7 0.6 0.8 — 
Liabilities
Derivative instruments - commodity contracts(b)
Power— (0.6)— — 0.6 — 
Total derivative liabilities— (0.6)— — 0.6 — 
Total liabilities$— $(0.6)$— $— $0.6 $— 
Evergy
Assets
Nuclear decommissioning trust(a)
$1,016.8 $— $888.4 $53.7 $— $74.7 
Rabbi trusts31.2 — 31.2 — — — 
Self-insured health plan trust(c)
20.5 — 9.0 11.5 — — 
Derivative instruments - commodity contracts(b)
Power43.2 (32.7)30.1 36.3 9.5 — 
Natural gas1.2 (5.2)6.4 — — — 
Derivative instruments - interest rate swaps(b)
0.6 — — 0.6 — — 
Total derivative assets45.0 (37.9)36.5 36.9 9.5 — 
Total assets1,113.5 (37.9)965.1 102.1 9.5 74.7 
Liabilities
Derivative instruments - commodity contracts(b)
Power36.2 (31.6)23.5 39.1 5.2 — 
Natural gas1.6 (5.2)6.8 — — — 
Total derivative liabilities37.8 (36.8)30.3 39.1 5.2 — 
Total liabilities$37.8 $(36.8)$30.3 $39.1 $5.2 $— 
(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)Derivative instruments classified as Level 1 consist of exchange-traded derivative instruments with fair value based on quoted market prices. Derivative instruments classified as Level 2 consist of non-exchange traded derivative instruments with observable forward curves and option contracts priced with models using observable inputs. Derivative instruments classified as Level 3 consist of non-exchange traded derivative instruments for which observable market data is not available to corroborate the valuation inputs and TCRs valued at the most recent auction price in the SPP Integrated Marketplace.
(c)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.
Certain Evergy and Evergy Kansas Central investments included in the table above are measured at NAV as they do not have readily determinable fair values. In certain situations, these investments may have redemption restrictions. The following table provides additional information on these Evergy and Evergy Kansas Central investments.
June 30, 2026December 31, 2025June 30, 2026
FairUnfundedFairUnfundedRedemptionLength of
ValueCommitmentsValueCommitmentsFrequencySettlement
Evergy Kansas Central(millions)
Nuclear decommissioning trust:
Domestic equity funds$8.3 $1.3 $8.3 $1.3 (a)(a)
Alternative investments fund(b)
47.7 — 49.6 — Quarterly
65 days
Real estate securities fund(b)
17.2 — 16.8 — Quarterly
65 days
Total Evergy investments at NAV$73.2 $1.3 $74.7 $1.3 
(a)This investment is in four 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. All funds have begun to make distributions.
(b)There is a holdback on final redemptions.
The Evergy Companies hold equity and debt investments classified as securities in various trusts including for the purposes of funding the decommissioning of Wolf Creek and for the benefit of certain retired executive officers of Evergy Kansas Central. The Evergy Companies record net realized and unrealized gains and losses on the nuclear decommissioning trusts in regulatory liabilities on their consolidated balance sheets and record net realized and unrealized gains and losses on the Evergy Companies' rabbi trusts in the consolidated statements of income and comprehensive income.
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
2026202520262025
Evergy(millions)
Nuclear decommissioning trust - equity securities$97.0 $64.8 $72.9 $45.5 
Nuclear decommissioning trust - debt securities(0.1)1.1 (1.4)2.6 
Rabbi trusts - equity securities0.9 1.4 0.8 2.1 
Total$97.8 $67.3 $72.3 $50.2 
Evergy Kansas Central
Nuclear decommissioning trust - equity securities$33.3 $25.3 $25.8 $26.2 
Rabbi trust - equity securities0.9 1.3 0.9 1.9 
Total$34.2 $26.6 $26.7 $28.1 
Evergy Metro
Nuclear decommissioning trust - equity securities$63.7 $39.5 $47.1 $19.3 
Nuclear decommissioning trust - debt securities(0.1)1.1 (1.4)2.6 
Total$63.6 $40.6 $45.7 $21.9