|
|
Exact name of registrant as specified in its charter,
|
|
|
Commission
|
|
state of incorporation, address of principal
|
|
I.R.S. Employer
|
File Number
|
|
executive offices and telephone number
|
|
Identification Number
|
|
|
|
|
|
001-38515
|
|
EVERGY, INC.
|
|
82-2733395
|
|
|
(a Missouri Corporation)
|
|
|
|
|
1200 Main Street
|
|
|
|
|
Kansas City, Missouri 64105
|
|
|
|
|
(816) 556-2200
|
|
|
|
|
|
|
|
001-03523
|
|
WESTAR ENERGY, INC.
|
|
48-0290150
|
|
|
(a Kansas Corporation)
|
|
|
|
|
818 South Kansas Avenue
|
|
|
|
|
Topeka, Kansas 66612
|
|
|
|
|
(785) 575-6300
|
|
|
|
|
|
|
|
000-51873
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|
44-0308720
|
|
|
(a Missouri Corporation)
|
|
|
|
|
1200 Main Street
|
|
|
|
|
Kansas City, Missouri 64105
|
|
|
|
|
(816) 556-2200
|
|
|
Each of the following classes or series of securities registered pursuant to Section 12(b) of the Act is registered on the New York Stock Exchange:
|
||||||
|
|
|
|
|
|
|
Registrant
|
|
Title of each class
|
|
|
|
|
Evergy, Inc.
|
|
Common Stock, without par value
|
|
|
|
|
|
|
|
|
|
|
|
Securities registered pursuant to Section 12(g) of the Act: Westar Energy, Inc. Common Stock $0.01 par value and Kansas City Power & Light Company Common Stock without par value.
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The aggregate market value of the voting and non-voting common equity held by non-affiliates of Evergy, Inc. (based on the closing price of its common stock on the New York Stock Exchange on June 30, 2018) was approximately $15,236,578,926. All of the common equity of Westar Energy, Inc. and Kansas City Power & Light Company is held by Evergy, Inc.
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On February 15, 2019, Evergy, Inc. had 254,630,033 shares of common stock outstanding.
|
|
|||||||||||||||||||
On February 15, 2019, Westar Energy, Inc. and Kansas City Power & Light Company each had one share of common stock outstanding and held by Evergy, Inc.
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Westar Energy, Inc. and Kansas City Power & Light Company meet the conditions set forth in General Instruction (I)(1)(a) and (b) of Form 10-K and are therefore filing this Form 10-K with the reduced disclosure format.
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Documents Incorporated by Reference
|
|
|||||||||||||||||||
Portions of the 2019 annual meeting proxy statement of Evergy, Inc. to be filed with the Securities and Exchange Commission are incorporated by reference in Part III of this report.
|
|
TABLE OF CONTENTS
|
||
|
|
Page
Number
|
|
||
|
||
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 1B.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
Item 7.
|
||
Item 7A.
|
||
Item 8.
|
||
Item 9.
|
||
Item 9A.
|
||
Item 9B.
|
||
Item 10.
|
||
Item 11.
|
||
Item 12.
|
||
Item 13.
|
||
Item 14.
|
||
Item 15.
|
||
|
|
|
|
Abbreviation or Acronym
|
|
Definition
|
|
|
|
AEP
|
|
American Electric Power Company, Inc.
|
AFUDC
|
|
Allowance for Funds Used During Construction
|
Amended Merger Agreement
|
|
Amended and Restated Agreement and Plan of Merger, dated as of July 9, 2017, by and among Great Plains Energy, Westar Energy, Monarch Energy Holding, Inc. and King Energy, Inc.
|
AMT
|
|
Alternative Minimum Tax
|
ARO
|
|
Asset Retirement Obligation
|
ASC
|
|
Accounting Standards Codification
|
ASR
|
|
Accelerated share repurchase
|
ASU
|
|
Accounting Standards Update
|
CCRs
|
|
Coal combustion residuals
|
CAA
|
|
Clean Air Act Amendments of 1990
|
CO
2
|
|
Carbon dioxide
|
COLI
|
|
Corporate-owned life insurance
|
CPP
|
|
Clean Power Plan
|
CWA
|
|
Clean Water Act
|
DOE
|
|
Department of Energy
|
EIRR
|
|
Environmental Improvement Revenue Refunding
|
EPA
|
|
Environmental Protection Agency
|
EPS
|
|
Earnings per common share
|
ERISA
|
|
Employee Retirement Income Security Act of 1974, as amended
|
Evergy
|
|
Evergy, Inc. and its consolidated subsidiaries
|
Evergy Board
|
|
Evergy Board of Directors
|
Evergy Companies
|
|
Evergy, Westar Energy, and KCP&L, collectively, which are individual registrants within the Evergy consolidated group
|
Exchange Act
|
|
The Securities Exchange Act of 1934, as amended
|
FASB
|
|
Financial Accounting Standards Board
|
FERC
|
|
The Federal Energy Regulatory Commission
|
FMBs
|
|
First mortgage bonds
|
GAAP
|
|
Generally Accepted Accounting Principles
|
GHG
|
|
Greenhouse gas
|
GMO
|
|
KCP&L Greater Missouri Operations Company, a wholly-owned subsidiary of Evergy
|
GPETHC
|
|
GPE Transmission Holding Company LLC, a wholly-owned subsidiary of Evergy
|
Great Plains Energy
|
|
Great Plains Energy Incorporated
|
KCC
|
|
State Corporation Commission of the State of Kansas
|
KCP&L
|
|
Kansas City Power & Light Company, a wholly-owned subsidiary of Evergy, and its consolidated subsidiaries
|
KDHE
|
|
Kansas Department of Health & Environment
|
KGE
|
|
Kansas Gas and Electric Company, a wholly-owned subsidiary of Westar Energy
|
King Energy
|
|
King Energy, Inc., a wholly-owned subsidiary of Evergy
|
kWh
|
|
Kilowatt hour
|
Abbreviation or Acronym
|
|
Definition
|
|
|
|
LTISA
|
|
Long-Term Incentive and Share Award plan
|
MEEIA
|
|
Missouri Energy Efficiency Investment Act
|
MMBtu
|
|
Millions of British thermal units
|
Monarch Energy
|
|
Monarch Energy Holding, Inc.
|
MPSC
|
|
Public Service Commission of the State of Missouri
|
MW
|
|
Megawatt
|
MWh
|
|
Megawatt hour
|
NAAQs
|
|
National Ambient Air Quality Standards
|
NAV
|
|
Net Asset Value
|
NO
2
|
|
Nitrogen dioxide
|
NRC
|
|
Nuclear Regulatory Commission
|
PISA
|
|
Plant-in service accounting
|
PM
|
|
Particulate matter
|
Prairie Wind
|
|
Prairie Wind Transmission, LLC, 50% owned by Westar Energy
|
RSU
|
|
Restricted share unit
|
RTO
|
|
Regional transmission organization
|
SEC
|
|
Securities and Exchange Commission
|
SO
2
|
|
Sulfur dioxide
|
SPP
|
|
Southwest Power Pool, Inc.
|
TCJA
|
|
Tax Cuts and Jobs Act
|
TCR
|
|
Transmission Congestion Rights
|
TFR
|
|
Transmission formula rate
|
Transource
|
|
Transource Energy, LLC and its subsidiaries, 13.5% owned by GPETHC
|
WACC
|
|
Weighted average cost of capital
|
VIE
|
|
Variable interest entity
|
Westar Energy
|
|
Westar Energy, Inc., a wholly-owned subsidiary of Evergy, and its consolidated subsidiaries
|
WIIN
|
|
Water Infrastructure Improvements for the Nation
|
Wolf Creek
|
|
Wolf Creek Generating Station
|
WOTUS
|
|
Waters of the United States
|
•
|
Westar Energy is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Westar Energy has one active wholly-owned subsidiary with significant operations, Kansas Gas and Electric Company (KGE).
|
•
|
KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas.
|
•
|
KCP&L Greater Missouri Operations Company (GMO) is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri.
|
•
|
GPE Transmission Holding Company, LLC (GPETHC) owns 13.5% of Transource Energy, LLC (Transource) with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a subsidiary of American Electric Power Company, Inc. (AEP). Transource is focused on the development of competitive electric transmission projects. GPETHC accounts for its investment in Transource under the equity method.
|
|
2018
|
|
2017
|
|
2016
|
Residential
|
37%
|
|
32%
|
|
33%
|
Commercial
|
32%
|
|
28%
|
|
29%
|
Industrial
|
12%
|
|
16%
|
|
16%
|
Wholesale
|
10%
|
|
12%
|
|
12%
|
Transmission
|
7%
|
|
11%
|
|
9%
|
Other
|
2%
|
|
1%
|
|
1%
|
Total
|
100%
|
|
100%
|
|
100%
|
|
Regulator
|
Allowed Return on Equity
|
Rate-Making Equity Ratio
|
Effective Date
|
Westar Energy
|
KCC
|
9.3%
|
51.46%
|
September 2018
|
KCP&L Kansas
|
KCC
|
9.3%
|
49.09%
|
December 2018
|
KCP&L Missouri
|
MPSC
|
(a)
|
(a)
|
December 2018
|
GMO
|
MPSC
|
(a)
|
(a)
|
December 2018
|
Fuel Type
|
Estimated MW Capacity
|
Percent of Total Capacity
|
|||
Coal
|
5,890
|
|
40
|
|
%
|
Natural gas and oil
|
3,991
|
|
27
|
|
|
Wind
(a)
|
3,442
|
|
24
|
|
|
Uranium
|
1,104
|
|
8
|
|
|
Solar, landfill gas and hydroelectric
(b)
|
75
|
|
1
|
|
|
Total capacity
|
14,502
|
|
100
|
|
%
|
•
|
retiring fossil fuel generation;
|
•
|
developing renewable energy facilities;
|
•
|
collaborating with regulators to offer customers the opportunity to procure electricity produced with renewable resources; and
|
•
|
investing in customer energy efficiency programs.
|
Name
|
Age
|
Current Position(s)
|
Year First Assumed an Officer Position*
|
Terry Bassham
(a)
|
58
|
President and Chief Executive Officer
|
2005
|
Kevin E. Bryant
(b)
|
43
|
Executive Vice President and Chief Operating Officer
|
2006
|
Gregory A. Greenwood
(c)
|
53
|
Executive Vice President, Strategy and Chief Administrative Officer
|
2003
|
Anthony D. Somma
(d)
|
55
|
Executive Vice President and Chief Financial Officer
|
2006
|
Jerl L. Banning
(e)
|
57
|
Senior Vice President and Chief People Officer
|
2010
|
Heather A. Humphrey
(f)
|
48
|
Senior Vice President, General Counsel and Corporate Secretary
|
2010
|
Charles A. Caisley
(g)
|
45
|
Senior Vice President, Marketing and Public Affairs and Chief Customer Officer
|
2011
|
Steven P. Busser
(h)
|
50
|
Vice President - Risk Management and Controller
|
2014
|
*
|
Denotes the year in which the individual first assumed an officer position with any of Great Plains Energy, Westar Energy, KCP&L, KGE or GMO.
|
(a)
|
Mr. Bassham was appointed President and Chief Executive Officer of Evergy, Inc. in June 2018. Mr. Bassham served as Chairman of the Board of Great Plains Energy (2013-2018), and had served as Chief Executive Officer of Great Plains Energy, KCP&L and GMO since 2012. He has served as President of each company since 2011. He previously served as President and Chief Operating Officer of Great Plains Energy, KCP&L and GMO (2011-2012) and as Executive Vice President - Utility Operations of KCP&L and GMO (2010-2011). He was Executive Vice President - Finance and Strategic Development and Chief Financial Officer of Great Plains Energy (2005-2010) and of KCP&L and GMO (2009-2010).
|
(b)
|
Mr. Bryant was appointed Executive Vice President and Chief Operating Officer of Evergy, Inc. in June 2018. Mr. Bryant previously served as Senior Vice President - Finance and Strategy and Chief Financial Officer of Great Plains Energy, KCP&L and GMO (2015-2018). He previously served as Vice President - Strategic Planning of Great Plains Energy, KCP&L and GMO (2014). He served as Vice President - Investor Relations and Strategic Planning and Treasurer of Great Plains Energy, KCP&L and GMO (2013). He served as Vice President - Investor Relations and Treasurer of Great Plains Energy, KCP&L and GMO (2011-2013). He was Vice President - Strategy and Risk Management of KCP&L and GMO (2011) and Vice President - Energy Solutions of KCP&L (2006-2011) and GMO (2008-2011).
|
(c)
|
Mr. Greenwood was appointed Executive Vice President, Strategy and Chief Administrative Officer of Evergy, Inc. in June 2018. Mr. Greenwood previously served in the following officer roles for Westar Energy: Senior Vice President, Strategy (2011-2018); Vice President, Major Construction Projects (2006-2011); and Treasurer (2003-2006). Mr. Greenwood also served in the following roles for Westar Energy: Executive/Senior Director, Corporate Finance (1999-2003); Director, Financial Strategy and Acting Director, Internal Audit (1999-2000); and Director, Financial Strategy (1998-1999). Mr. Greenwood joined Westar Energy in 1993.
|
(d)
|
Mr. Somma was appointed Executive Vice President and Chief Financial Officer of Evergy, Inc. in June 2018. Mr. Somma previously served as Senior Vice President, Chief Financial Officer and Treasurer (2011-2018) for Westar Energy, after having been appointed as Treasurer in 2006 and Vice President in 2009. He also served as Executive Director, Generation (2004-2006), Executive Director, Finance (1998-1999) and Director, Corporate Strategy (1996-1998) of Westar Energy, after having joined the company in 1994. From 1999 to 2004, Mr. Somma served in various leadership roles with a former affiliate of Westar Energy, including Senior Vice President, Finance and Administration, Chief Financial Officer and Secretary.
|
(e)
|
Mr. Banning was appointed Senior Vice President and Chief People Officer of Evergy, Inc. in June 2018. Mr. Banning previously served in the following officer roles for Westar Energy: Senior Vice President, Operations Support and Administration (2015-2018); Vice President, Human Resources and IT (2014); and Vice President, Human Resources (2010- 2013). Mr. Banning also served as Executive Director of Human Resources for Westar Energy (2008-2010).
|
(f)
|
Ms. Humphrey was appointed Senior Vice President, General Counsel and Corporate Secretary of Evergy, Inc. in June 2018. Ms. Humphrey previously served as Senior Vice President - Corporate Services and General Counsel of Great Plains Energy, KCP&L and GMO (2016-2018). She previously served as General Counsel (2010-2016) and Senior Vice President - Human Resources of Great Plains Energy, KCP&L and GMO (2012-2016). She served as Vice President - Human Resources of Great Plains Energy, KCP&L and GMO (2010-2012). She was Senior Director of Human Resources and Interim General Counsel of Great Plains Energy, KCP&L and GMO (2010) and Managing Attorney of KCP&L (2007-2010).
|
(g)
|
Mr. Caisley was appointed Senior Vice President, Marketing and Public Affairs and Chief Customer Officer of Evergy, Inc. in June 2018. Mr. Caisley served as Vice President - Marketing and Public Affairs of Great Plains Energy, KCP&L and GMO (2011-2018). He was Senior Director of Public Affairs (2008-2011) and Director of Governmental Affairs of KCP&L (2007-2008).
|
(h)
|
Mr. Busser was appointed Vice President - Risk Management and Controller of Evergy, Inc. in June 2018. Mr. Busser was appointed Vice President - Risk Management and Controller of Great Plains Energy, KCP&L and GMO in 2016. He previously served as Vice President - Business Planning and Controller of Great Plains Energy, KCP&L and GMO (2014-2016). He served as Vice President - Treasurer of El Paso Electric Company (2011-2014). Prior to that, he served as Vice President - Treasurer and Chief Risk Officer (2006-2011) and Vice President - Regulatory Affairs and Treasurer (2004-2006) of El Paso Electric Company.
|
•
|
the ability to efficiently and effectively combine operations of the merged companies;
|
•
|
general market and economic conditions;
|
•
|
general competitive factors in the marketplace; and
|
•
|
higher than expected costs required to achieve the anticipated benefits of the merger.
|
|
|
|
|
|
|
Unit Capability (MW) By Owner
(a)
|
||||||||||||
Station
|
Unit No.
|
Location
|
Year Completed
|
Fuel
|
Westar Energy
|
KCP&L
|
GMO
|
Total Company Generation
|
Renewable Purchased Power
|
Total Generation and Renewable Purchased Power
|
||||||||
Renewable Generation:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Central Plains
|
|
|
Kansas
|
2009
|
Wind
|
99
|
|
—
|
|
—
|
|
99
|
|
—
|
|
|
99
|
|
Flat Ridge
|
|
|
Kansas
|
2009
|
Wind
|
50
|
|
—
|
|
—
|
|
50
|
|
50
|
|
(e)
|
100
|
|
Western Plains
|
|
|
Kansas
|
2017
|
Wind
|
281
|
|
—
|
|
—
|
|
281
|
|
—
|
|
|
281
|
|
Meridian Way
|
|
|
Kansas
|
2008
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
96
|
|
(e)
|
96
|
|
Ironwood
|
|
|
Kansas
|
2012
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
168
|
|
(e)
|
168
|
|
Post Rock
|
|
|
Kansas
|
2012
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
201
|
|
(e)
|
201
|
|
Cedar Bluff
|
|
|
Kansas
|
2015
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
199
|
|
(e)
|
199
|
|
Kay Wind
|
|
|
Oklahoma
|
2015
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
200
|
|
(e)
|
200
|
|
Ninnescah
|
|
|
Kansas
|
2016
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
208
|
|
(e)
|
208
|
|
Kingman 1
|
|
|
Kansas
|
2016
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
103
|
|
(e)
|
103
|
|
Kingman 2
|
|
|
Kansas
|
2016
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
103
|
|
(e)
|
103
|
|
Rolling Meadows
|
|
|
Kansas
|
2010
|
Landfill Gas
|
—
|
|
—
|
|
—
|
|
—
|
|
6
|
|
(e)
|
6
|
|
Hutch Solar
|
|
|
Kansas
|
2017
|
Solar
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
(e)
|
1
|
|
Cimarron II
|
|
|
Kansas
|
2012
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
131
|
|
(f)
|
131
|
|
Spearville 1
|
|
|
Kansas
|
2006
|
Wind
|
—
|
|
101
|
|
—
|
|
101
|
|
—
|
|
|
101
|
|
Spearville 2
|
|
|
Kansas
|
2010
|
Wind
|
—
|
|
48
|
|
—
|
|
48
|
|
—
|
|
|
48
|
|
Spearville 3
|
|
|
Kansas
|
2012
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
101
|
|
(f)
|
101
|
|
Gray County
|
|
|
Kansas
|
2001
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
110
|
|
(g)
|
110
|
|
Ensign
|
|
|
Kansas
|
2012
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
99
|
|
(g)
|
99
|
|
Waverly
|
|
|
Kansas
|
2016
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
200
|
|
(f)
|
200
|
|
Slate Creek
|
|
|
Kansas
|
2015
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
150
|
|
(f)
|
150
|
|
Rock Creek
|
|
|
Missouri
|
2017
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
300
|
|
(h)
|
300
|
|
Osborn
|
|
|
Missouri
|
2016
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
201
|
|
(h)
|
201
|
|
Pratt
|
|
|
Kansas
|
2018
|
Wind
|
—
|
|
—
|
|
—
|
|
—
|
|
243
|
|
(h)
|
243
|
|
CNPPID (NE) - Hydro
|
|
|
Nebraska
|
1941
|
Hydro
|
—
|
|
—
|
|
—
|
|
—
|
|
66
|
|
(f)
|
66
|
|
St Joseph Landfill
|
|
|
Missouri
|
2012
|
Landfill Gas
|
—
|
|
—
|
|
2
|
|
2
|
|
—
|
|
|
2
|
|
Nuclear:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Wolf Creek
|
1
|
(b)
|
Kansas
|
1985
|
Uranium
|
552
|
|
552
|
|
—
|
|
1,104
|
|
—
|
|
|
1,104
|
|
Coal:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Jeffrey Energy Center
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
||||||
Steam Turbines
|
1-3
|
(b)(i)
|
|
1978, 1980 &1983
|
Coal
|
2,012
|
|
—
|
|
175
|
|
2,187
|
|
—
|
|
|
2,187
|
|
|
|
|
|
|
|
Unit Capability (MW) By Owner
(a)
|
||||||||||||
Station
|
Unit No.
|
Location
|
Year Completed
|
Fuel
|
Westar Energy
|
KCP&L
|
GMO
|
Total Company Generation
|
Renewable Purchased Power
|
Total Generation and Renewable Purchased Power
|
||||||||
Lawrence Energy Center
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
||||||
Steam Turbines
|
4 & 5
|
|
|
1960, 1971
|
Coal
|
484
|
|
—
|
|
—
|
|
484
|
|
—
|
|
|
484
|
|
La Cygne
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
||||||
Steam Turbines
|
1 & 2
|
(b)(c)
|
|
1973, 1977
|
Coal
|
699
|
|
699
|
|
—
|
|
1,398
|
|
—
|
|
|
1,398
|
|
Iatan
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Steam Turbines
|
1 & 2
|
(b)
|
|
1980, 2010
|
Coal
|
—
|
|
972
|
|
285
|
|
1,257
|
|
—
|
|
|
1,257
|
|
Hawthorn
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Steam Turbines
|
5
|
(c)(d)
|
|
1969
|
Coal
|
—
|
|
564
|
|
—
|
|
564
|
|
—
|
|
|
564
|
|
Gas and Oil:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Emporia Energy Center
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 7
|
|
|
2008 - 2009
|
Natural Gas
|
646
|
|
—
|
|
—
|
|
646
|
|
—
|
|
|
646
|
|
Gordon Evans Energy Center
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 3
|
|
|
2000 - 2001
|
Natural Gas
|
294
|
|
—
|
|
—
|
|
294
|
|
—
|
|
|
294
|
|
Hutchinson Energy Center
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 3
|
|
|
1974
|
Natural Gas
|
165
|
|
—
|
|
—
|
|
165
|
|
—
|
|
|
165
|
|
|
4
|
|
|
1975
|
Oil
|
70
|
|
—
|
|
—
|
|
70
|
|
—
|
|
|
70
|
|
Spring Creek Energy Center
|
|
|
Oklahoma
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 4
|
|
|
2001
|
Natural Gas
|
273
|
|
—
|
|
—
|
|
273
|
|
—
|
|
|
273
|
|
State Line (40%)
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Combined Cycle
|
2-1, 2-2 & 2-3
|
(b)
|
|
2001
|
Natural Gas
|
196
|
|
—
|
|
—
|
|
196
|
|
—
|
|
|
196
|
|
Hawthorn
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Combined Cycle
|
6/9
|
|
|
2000
|
Natural Gas
|
—
|
|
235
|
|
—
|
|
235
|
|
—
|
|
|
235
|
|
Combustion Turbines
|
7 & 8
|
|
|
2000
|
Natural Gas
|
—
|
|
157
|
|
—
|
|
157
|
|
—
|
|
|
157
|
|
West Gardner
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 4
|
|
|
2003
|
Natural Gas
|
—
|
|
314
|
|
—
|
|
314
|
|
—
|
|
|
314
|
|
Osawatomie
|
|
|
Kansas
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1
|
|
|
2003
|
Natural Gas
|
—
|
|
76
|
|
—
|
|
76
|
|
—
|
|
|
76
|
|
|
|
|
|
|
|
Unit Capability (MW) By Owner
(a)
|
||||||||||||
Station
|
Unit No.
|
Location
|
Year Completed
|
Fuel
|
Westar Energy
|
KCP&L
|
GMO
|
Total Company Generation
|
Renewable Purchased Power
|
Total Generation and Renewable Purchased Power
|
||||||||
Ralph Green
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
3
|
|
|
1981
|
Natural Gas
|
—
|
|
—
|
|
71
|
|
71
|
|
—
|
|
|
71
|
|
Nevada
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1
|
|
|
1974
|
Oil
|
—
|
|
—
|
|
18
|
|
18
|
|
—
|
|
|
18
|
|
Lake Road
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 3
|
|
|
1951, 1958 & 1962
|
Natural Gas
|
—
|
|
—
|
|
42
|
|
42
|
|
—
|
|
|
42
|
|
|
5 - 7
|
|
|
1974, 1989 & 1990
|
Oil
|
—
|
|
—
|
|
104
|
|
104
|
|
—
|
|
|
104
|
|
Steam Turbines
|
4
|
|
|
1967
|
Natural Gas
|
—
|
|
—
|
|
97
|
|
97
|
|
—
|
|
|
97
|
|
Northeast
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
11 - 18
|
|
|
1972 - 1977
|
Oil
|
—
|
|
394
|
|
—
|
|
394
|
|
—
|
|
|
394
|
|
Black Start Unit
|
|
|
|
1985
|
Oil
|
—
|
|
2
|
|
—
|
|
2
|
|
—
|
|
|
2
|
|
South Harper
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 3
|
|
|
2005
|
Natural Gas
|
—
|
|
—
|
|
303
|
|
303
|
|
—
|
|
|
303
|
|
Greenwood Energy Center
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 4
|
|
|
1975 - 1979
|
Natural Gas
|
—
|
|
—
|
|
242
|
|
242
|
|
—
|
|
|
242
|
|
Crossroads Energy Center
|
|
|
Mississippi
|
|
|
|
|
|
|
|
|
|
||||||
Combustion Turbines
|
1 - 4
|
|
|
2002
|
Natural Gas
|
—
|
|
—
|
|
292
|
|
292
|
|
—
|
|
|
292
|
|
Total
|
|
|
|
|
|
5,821
|
|
4,114
|
|
1,631
|
|
11,566
|
|
2,936
|
|
|
14,502
|
|
Issuer Purchases of Equity Securities
|
||||||||
Month
|
|
Total Number of Shares (or Units) Purchased
(a)
|
Average Price Paid per Share (or Unit)
|
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs
|
Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
(a)
|
|||
October 1 - 31
|
|
1,341,183
|
|
(b)
|
1,341,183
|
|
51,763,744
|
|
November 1 - 30
|
|
1,228,939
|
|
(c)
|
1,228,939
|
|
50,534,805
|
|
December 1 - 31
|
|
6,903,355
|
|
(d)
|
6,903,168
|
|
43,631,637
|
|
Total
|
|
9,473,477
|
|
|
9,473,290
|
|
43,631,637
|
|
Year Ended December 31
|
|
2018
(a)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Evergy
|
|
(dollars in millions except per share amounts)
|
||||||||||||||||||
Operating revenues
|
|
$
|
4,276
|
|
|
$
|
2,571
|
|
|
$
|
2,562
|
|
|
$
|
2,459
|
|
|
$
|
2,602
|
|
Net income
|
|
$
|
546
|
|
|
$
|
337
|
|
|
$
|
361
|
|
|
$
|
302
|
|
|
$
|
322
|
|
Net income attributable to Evergy, Inc.
|
|
$
|
536
|
|
|
$
|
324
|
|
|
$
|
347
|
|
|
$
|
292
|
|
|
$
|
313
|
|
Basic earnings per common share
|
|
$
|
2.50
|
|
|
$
|
2.27
|
|
|
$
|
2.43
|
|
|
$
|
2.11
|
|
|
$
|
2.40
|
|
Diluted earnings per common share
|
|
$
|
2.50
|
|
|
$
|
2.27
|
|
|
$
|
2.43
|
|
|
$
|
2.09
|
|
|
$
|
2.35
|
|
Total assets at year end
|
|
$
|
25,598
|
|
|
$
|
11,624
|
|
|
$
|
11,487
|
|
|
$
|
10,706
|
|
|
$
|
10,289
|
|
Total long-term obligations at year end
(b)
|
|
$
|
7,472
|
|
|
$
|
3,846
|
|
|
$
|
3,699
|
|
|
$
|
3,379
|
|
|
$
|
3,433
|
|
Cash dividends per common share
|
|
$
|
1.735
|
|
|
$
|
1.60
|
|
|
$
|
1.52
|
|
|
$
|
1.44
|
|
|
$
|
1.40
|
|
Westar Energy
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
|
$
|
2,615
|
|
|
$
|
2,571
|
|
|
$
|
2,562
|
|
|
$
|
2,459
|
|
|
$
|
2,602
|
|
Net income
|
|
$
|
349
|
|
|
$
|
337
|
|
|
$
|
361
|
|
|
$
|
302
|
|
|
$
|
322
|
|
Net income attributable to Westar Energy, Inc.
|
|
$
|
339
|
|
|
$
|
324
|
|
|
$
|
347
|
|
|
$
|
292
|
|
|
$
|
313
|
|
Total assets at year end
|
|
$
|
11,817
|
|
|
$
|
11,624
|
|
|
$
|
11,487
|
|
|
$
|
10,706
|
|
|
$
|
10,289
|
|
Total long-term obligations at year end
(b)
|
|
$
|
3,817
|
|
|
$
|
3,846
|
|
|
$
|
3,699
|
|
|
$
|
3,379
|
|
|
$
|
3,433
|
|
KCP&L
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
|
$
|
1,823
|
|
|
$
|
1,891
|
|
|
$
|
1,875
|
|
|
$
|
1,714
|
|
|
$
|
1,731
|
|
Net income
|
|
$
|
163
|
|
|
$
|
180
|
|
|
$
|
225
|
|
|
$
|
153
|
|
|
$
|
162
|
|
Total assets at year end
|
|
$
|
8,121
|
|
|
$
|
8,124
|
|
|
$
|
8,058
|
|
|
$
|
7,815
|
|
|
$
|
7,495
|
|
Total long-term obligations at year end
(b)
|
|
$
|
2,532
|
|
|
$
|
2,582
|
|
|
$
|
2,565
|
|
|
$
|
2,563
|
|
|
$
|
2,297
|
|
•
|
Westar Energy is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Westar Energy has one active wholly-owned subsidiary with significant operations, KGE.
|
•
|
KCP&L is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas.
|
•
|
GMO is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri.
|
•
|
GPETHC owns 13.5% of Transource with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a subsidiary of AEP. Transource is focused on the development of competitive electric transmission projects. GPETHC accounts for its investment in Transource under the equity method.
|
•
|
the realization of a total of approximately $550 million of potential net savings from 2018 through 2022 resulting from synergies that are expected to be created as a result of the merger;
|
•
|
the repurchase of approximately 60 million outstanding shares of Evergy common stock by mid-2020;
|
•
|
anticipated rate base investment of approximately $6 billion from 2018 through 2022;
|
•
|
the continued growth of Evergy's renewable energy portfolio as the Evergy Companies retire older and less efficient fossil fuel plants; and
|
•
|
implementation of the rate orders received by the KCC and MPSC in 2018.
|
|
2018
|
|
2017
|
|
Change
|
||||||
|
(millions, except per share amounts)
|
||||||||||
Net income attributable to Evergy, Inc.
|
$
|
535.8
|
|
|
$
|
323.9
|
|
|
$
|
211.9
|
|
Earnings per common share, diluted
|
2.50
|
|
|
2.27
|
|
|
0.23
|
|
|
2018
|
|
Change
|
|
2017
|
|
Change
|
|
2016
|
||||||||||
|
(millions)
|
||||||||||||||||||
Operating revenues
|
$
|
4,275.9
|
|
|
$
|
1,704.9
|
|
|
$
|
2,571.0
|
|
|
$
|
8.9
|
|
|
$
|
2,562.1
|
|
Fuel and purchased power
|
1,078.7
|
|
|
537.2
|
|
|
541.5
|
|
|
32.0
|
|
|
509.5
|
|
|||||
SPP network transmission costs
|
259.9
|
|
|
12.0
|
|
|
247.9
|
|
|
15.1
|
|
|
232.8
|
|
|||||
Other operating expenses
|
1,384.9
|
|
|
653.8
|
|
|
731.1
|
|
|
(47.8
|
)
|
|
778.9
|
|
|||||
Depreciation and amortization
|
618.8
|
|
|
247.1
|
|
|
371.7
|
|
|
33.2
|
|
|
338.5
|
|
|||||
Income from operations
|
933.6
|
|
|
254.8
|
|
|
678.8
|
|
|
(23.6
|
)
|
|
702.4
|
|
|||||
Other income (expense), net
|
(54.4
|
)
|
|
(27.6
|
)
|
|
(26.8
|
)
|
|
(25.3
|
)
|
|
(1.5
|
)
|
|||||
Interest expense
|
279.6
|
|
|
108.6
|
|
|
171.0
|
|
|
9.3
|
|
|
161.7
|
|
|||||
Income tax expense
|
59.0
|
|
|
(92.2
|
)
|
|
151.2
|
|
|
(33.3
|
)
|
|
184.5
|
|
|||||
Equity in earnings of equity method investees, net of income taxes
|
5.4
|
|
|
(1.3
|
)
|
|
6.7
|
|
|
0.2
|
|
|
6.5
|
|
|||||
Net income
|
546.0
|
|
|
209.5
|
|
|
336.5
|
|
|
(24.7
|
)
|
|
361.2
|
|
|||||
Less: Net income attributable to noncontrolling interests
|
10.2
|
|
|
(2.4
|
)
|
|
12.6
|
|
|
(2.0
|
)
|
|
14.6
|
|
|||||
Net income attributable to Evergy, Inc.
|
$
|
535.8
|
|
|
$
|
211.9
|
|
|
$
|
323.9
|
|
|
$
|
(22.7
|
)
|
|
$
|
346.6
|
|
•
|
an $1,181.5 million increase due to the inclusion of KCP&L's and GMO's utility gross margin beginning in June 2018; and
|
•
|
a $75.0 million increase primarily due to higher Westar Energy retail sales driven by warmer spring and summer weather and colder winter weather. For
2018
compared to
2017
, cooling degree days increased 31% and heating degree days increased 23%; partially offset by
|
•
|
a $69.8 million provision for rate refund recorded at Westar Energy for the change in the corporate income tax rate caused by the passage of the TCJA. See Note 19 to the consolidated financial statements for additional information; and
|
•
|
a $31.0 million reduction in revenue recorded at Westar Energy for one-time and annual bill credits as a result of conditions in the KCC merger order. See Note 2 to the consolidated financial statements for additional information.
|
•
|
a $453.0 million increase in operating and maintenance expense due to the inclusion of KCP&L's and GMO's operating and maintenance expenses beginning in June 2018, excluding the deferral of merger transition costs discussed below;
|
•
|
$69.5 million of merger-related costs incurred following the close of the merger in June 2018, consisting of:
|
◦
|
$24.7 million of unconditional charitable contributions and community support recorded by Evergy in accordance with conditions in the KCC and MPSC merger orders;
|
◦
|
$44.2 million of Westar Energy change in control payments, Westar Energy voluntary severance and the recording of unrecognized equity compensations costs and the incremental fair value associated with the vesting of outstanding Westar Energy equity compensation awards in accordance with the Amended Merger Agreement; and
|
◦
|
$48.4 million of merger consulting fees and fees for other outside services incurred, primarily consisting of merger success fees; partially offset by
|
◦
|
a $47.8 million decrease in operating and maintenance expense due to the deferral of merger transition costs to a regulatory asset in June 2018 for future recovery by Westar Energy, KCP&L and GMO in accordance with the KCC and MPSC merger orders;
|
•
|
a $95.3 million increase in taxes other than income taxes due to the inclusion of KCP&L and GMO amounts beginning in June 2018;
|
•
|
$12.3 million of obsolete inventory write-offs for Westar Energy's Unit 7 at Tecumseh Energy Center, Units 3 and 4 at Murray Gill Energy Center and Units 1 and 2 at Gordon Evans Energy Center, which were retired in the fourth quarter of 2018; and
|
•
|
a $5.5 million increase due to Westar Energy's 47% share of voluntary severance expenses incurred related to the Wolf Creek voluntary exit program.
|
•
|
a $24.2 million decrease in Westar Energy's property tax expense due to a decrease in amortization of the regulatory asset comprised of actual costs incurred for property taxes in the prior year in excess of amounts collected in prices in the prior year, which is mostly offset in retail revenues;
|
•
|
an $8.6 million decrease in Westar Energy's transmission and distribution expense due to higher grid resiliency costs in 2016 and receiving credit for assisting other utilities with mutual aid during an active hurricane season, which offsets operating and maintenance expense;
|
•
|
a $7.1 million decrease in Westar Energy's employee at-risk compensation that is payable only upon meeting pre-established operating and financial objectives;
|
•
|
a $5.8 million decrease in Westar Energy's nuclear operating and maintenance costs primarily due to receiving a legal settlement related to Wolf Creek in 2017; and
|
•
|
a $4.9 million decrease in Westar Energy's operating and maintenance expense at coal fired plants primarily due to a planned outage at Jeffrey Energy Center in 2016; partially offset by
|
•
|
an $8.8 million increase in Westar Energy's operating and maintenance expense due to the start of operations at the Western Plains Wind Farm in March 2017.
|
•
|
a $25.7 million increase due to the inclusion of KCP&L and GMO amounts beginning in June 2018; and
|
•
|
a $4.6 million decrease in Westar Energy's investment earnings primarily due to a decrease in interest and dividend income.
|
•
|
a $26.3 million decrease in Westar Energy's other income primarily consisting of:
|
◦
|
a $19.5 million decrease due to recording higher corporate-owned life insurance (COLI) benefits in 2016; and
|
◦
|
a $9.6 million decrease in equity allowance for funds used during construction (AFUDC); partially offset by
|
◦
|
a $3.5 million increase related to the deconsolidation of the trust holding Westar Energy's 8% interest in Jeffrey Energy Center.
|
•
|
a $53.4 million decrease related to the revaluation of Westar Energy's deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger;
|
•
|
a $58.4 million decrease due to lower Westar Energy pre-tax income; and
|
•
|
a $44.3 million decrease in Westar Energy's income tax expense as a result of the decrease in the federal statutory income tax rate in 2018; partially offset by
|
•
|
a $63.2 million increase as a result of the inclusion of income tax expense related to Evergy, Inc. and the subsidiaries of Great Plains Energy beginning in June 2018.
|
•
|
a $24.0 million decrease due to production tax credits, primarily due to the start of operations at Westar Energy's Western Plains Wind Farm in March 2017; and
|
•
|
a $22.9 million decrease due to lower Westar Energy pre-tax income; partially offset by
|
•
|
a $12.2 million increase related to the revaluation of Westar Energy's deferred income taxes not included in rate base as a result of the enactment of the TCJA in 2017.
|
|
Total
Change
|
|
Change Due to Merger
|
|
Remaining
Change
|
||||||
Assets
|
(in millions)
|
||||||||||
Cash and cash equivalents
|
$
|
156.9
|
|
|
$
|
1,154.2
|
|
|
$
|
(997.3
|
)
|
Accounts receivable, net
|
(97.0
|
)
|
|
155.6
|
|
|
(252.6
|
)
|
|||
Accounts receivable pledged as collateral
|
365.0
|
|
|
180.0
|
|
|
185.0
|
|
|||
Fuel inventories and supplies
|
217.4
|
|
|
271.5
|
|
|
(54.1
|
)
|
|||
Income taxes receivable
|
68.0
|
|
|
0.5
|
|
|
67.5
|
|
|||
Regulatory assets - current
|
204.4
|
|
|
207.8
|
|
|
(3.4
|
)
|
|||
Prepaid expenses and other assets
|
39.3
|
|
|
182.1
|
|
|
(142.8
|
)
|
|||
Property, plant and equipment, net
|
9,228.7
|
|
|
9,179.7
|
|
|
49.0
|
|
|||
Property, plant and equipment of variable interest entities, net
|
(7.1
|
)
|
|
—
|
|
|
(7.1
|
)
|
|||
Regulatory assets
|
1,072.5
|
|
|
829.1
|
|
|
243.4
|
|
|||
Nuclear decommissioning trust
|
235.0
|
|
|
261.3
|
|
|
(26.3
|
)
|
|||
Goodwill
|
2,338.9
|
|
|
2,338.9
|
|
|
—
|
|
|||
Other
|
151.7
|
|
|
145.5
|
|
|
6.2
|
|
|||
Liabilities
|
|
|
|
|
|
||||||
Current maturities of long-term debt
|
705.4
|
|
|
415.3
|
|
|
290.1
|
|
|||
Current maturities of long-term debt of variable interest entities
|
1.8
|
|
|
—
|
|
|
1.8
|
|
|||
Notes payable and commercial paper
|
462.9
|
|
|
561.0
|
|
|
(98.1
|
)
|
|||
Collateralized note payable
|
365.0
|
|
|
180.0
|
|
|
185.0
|
|
|||
Accounts payable
|
247.3
|
|
|
191.4
|
|
|
55.9
|
|
|||
Accrued dividends
|
(53.8
|
)
|
|
59.4
|
|
|
(113.2
|
)
|
|||
Accrued taxes
|
45.9
|
|
|
82.0
|
|
|
(36.1
|
)
|
|||
Accrued interest
|
38.2
|
|
|
48.0
|
|
|
(9.8
|
)
|
|||
Regulatory liabilities - current
|
98.6
|
|
|
17.7
|
|
|
80.9
|
|
|||
Asset retirement obligations - current
|
24.7
|
|
|
46.0
|
|
|
(21.3
|
)
|
|||
Other current liabilities
|
107.5
|
|
|
73.1
|
|
|
34.4
|
|
|||
Long-term debt, net
|
2,948.7
|
|
|
3,358.6
|
|
|
(409.9
|
)
|
|||
Long-term debt of variable interest entities, net
|
(30.3
|
)
|
|
—
|
|
|
(30.3
|
)
|
|||
Deferred income taxes
|
783.5
|
|
|
669.6
|
|
|
113.9
|
|
|||
Unamortized investment tax credits
|
116.1
|
|
|
124.3
|
|
|
(8.2
|
)
|
|||
Regulatory liabilities
|
1,124.8
|
|
|
1,172.9
|
|
|
(48.1
|
)
|
|||
Pension and post-retirement liability
|
496.4
|
|
|
477.3
|
|
|
19.1
|
|
|||
Asset retirement obligations
|
257.3
|
|
|
366.1
|
|
|
(108.8
|
)
|
|||
Other long-term liabilities
|
103.4
|
|
|
83.1
|
|
|
20.3
|
|
•
|
Evergy's cash and cash equivalents decreased $997.3 million primarily due to the repurchase of common stock for a total cost of approximately $1,042 million in connection with Evergy's share repurchase program. See Note 17 to the consolidated financial statements for additional information on Evergy's share repurchase program.
|
•
|
Evergy's receivables, net decreased $252.6 million primarily due to Westar Energy's entry into a receivable sale facility in December 2018 for an initial amount $185.0 million. This sale of the undivided percentage ownership interest in accounts receivable resulted in the reduction of receivables, net and an increase in accounts receivables pledged as collateral and collateralized note payable of $185.0 million. See Note 4 to the consolidated financial statements for additional information regarding Westar Energy's receivable sale facility.
|
•
|
Evergy's receivables pledged as collateral and collateralized note payable increased $185.0 million due to Westar Energy's entry into a receivable sale facility in December 2018.
|
•
|
Evergy's fuel inventories and supplies decreased $54.1 million primarily due to $31.0 million of obsolete inventory write-offs at Westar Energy's Unit 7 at Tecumseh Energy Center, Units 3 and 4 at Murray Gill Energy Center, Units 1 and 2 at Gordon Evans Energy Center, KCP&L's Montrose Station and GMO's Sibley Station, which were all retired in the fourth quarter of 2018.
|
•
|
Evergy's income taxes receivable increased $67.5 million primarily due to refundable alternative minimum tax (AMT) credits that Evergy expects to receive in 2019.
|
•
|
Evergy's prepaid expenses and other assets decreased $142.8 million primarily due to the $140.6 million settlement of deal contingent interest rate swaps entered into by Great Plains Energy that settled following the consummation of the merger in June 2018.
|
•
|
Evergy's regulatory assets increased by $243.4 million primarily due to the reclassification of retired generating plant of $159.9 million related to GMO's Sibley No. 3 Unit from property, plant and equipment, net to a regulatory asset upon the retirement of the unit in 2018.
|
•
|
Evergy's current maturities of long-term debt increased by $290.1 million primarily due to the reclassification of KGE's $300.0 million of 6.70% Series First Mortgage Bonds from long-term to current.
|
•
|
Evergy's notes payable and commercial paper decreased $98.1 million primarily due to the repayment of commercial paper with funds from operations at KCP&L and GMO.
|
•
|
Evergy's accounts payable increased $55.9 million primarily due to the timing of cash payments.
|
•
|
Evergy's accrued dividends decreased $113.2 million due to Evergy's assumption and subsequent payment of Great Plains Energy's $59.4 million of accrued common stock dividends following the consummation of the merger and the timing of payment between Evergy's common stock dividend declared in November 2018, which was paid in December 2018, and its common stock dividend declared in November 2017, which was paid in January 2018 and was reflected as accrued dividends of $53.8 million as of December 31, 2017.
|
•
|
Evergy's current regulatory liabilities increased $80.9 million primarily due to $71.2 million of refund obligations recorded by KCP&L and GMO consisting of $63.7 million related to the TCJA and $7.5 million related to one-time customer merger bill credits.
|
•
|
Evergy's current asset retirement obligations decreased $21.3 million primarily due to lower expected cash flows in the next twelve months as of December 31, 2018, compared to December 31, 2017, related to closure costs for ponds containing coal combustion residuals (CCRs) at La Cygne Station and Iatan Station.
|
•
|
Evergy's long-term debt decreased by $409.9 million primarily due to the reclassification of KGE's $300.0 million of 6.70% Series First Mortgage Bonds from long-term to current and the redemption of $104.0 million of GMO's Series A and B Senior Notes in 2018.
|
•
|
Evergy's long-term debt of variable interest entities, net decreased $30.3 million primarily due to the VIE that holds the La Cygne Unit 2 leasehold interest having made principal payments totaling $28.5 million.
|
•
|
Evergy's deferred income taxes increased $113.9 million primarily due to the reclassification of refundable AMT credits that Evergy expects to receive in 2019 to income taxes receivable.
|
•
|
Evergy's asset retirement obligations decreased $108.8 million primarily due to a $127.0 million decrease in Evergy's and Westar Energy's AROs for a revision in estimate primarily related to Westar Energy's ARO to decommission its 47% ownership share of Wolf Creek. See Note 6 to the consolidated financial statements for additional information.
|
|
December 31
|
||
|
2018
|
|
2017
|
Common equity
|
57%
|
|
51%
|
Noncontrolling interests
|
<0%
|
|
<0%
|
Long-term debt, including VIEs
|
43%
|
|
49%
|
|
Moody's
|
|
S&P Global
|
||||
|
Investors Service
(a)
|
|
Ratings
(a)
|
||||
Evergy
|
|
|
|
|
|
|
|
Outlook
|
|
Stable
|
|
|
|
Stable
|
|
Corporate Credit Rating
|
|
--
|
|
|
|
A-
|
|
Senior Unsecured Debt
|
|
Baa2
|
|
|
|
BBB+
|
|
|
|
|
|
|
|
|
|
Westar Energy
|
|
|
|
|
|
|
|
Outlook
|
|
Stable
|
|
|
|
Stable
|
|
Corporate Credit Rating
|
|
Baa1
|
|
|
|
A-
|
|
Senior Secured Debt
|
|
A2
|
|
|
|
A
|
|
Commercial Paper
|
|
P-2
|
|
|
|
A-2
|
|
|
|
|
|
|
|
|
|
KGE
|
|
|
|
|
|
|
|
Outlook
|
|
Stable
|
|
|
|
Stable
|
|
Corporate Credit Rating
|
|
Baa1
|
|
|
|
A-
|
|
Senior Secured Debt
|
|
A2
|
|
|
|
A
|
|
Short-Term Rating
|
|
P-2
|
|
|
|
A-2
|
|
|
|
|
|
|
|
|
|
KCP&L
|
|
|
|
|
|
|
|
Outlook
|
|
Stable
|
|
|
|
Stable
|
|
Corporate Credit Rating
|
|
Baa1
|
|
|
|
A-
|
|
Senior Secured Debt
|
|
A2
|
|
|
|
A
|
|
Senior Unsecured Debt
|
|
Baa1
|
|
|
|
A-
|
|
Commercial Paper
|
|
P-2
|
|
|
|
A-2
|
|
|
|
|
|
|
|
|
|
GMO
|
|
|
|
|
|
|
|
Outlook
|
|
Stable
|
|
|
|
Stable
|
|
Corporate Credit Rating
|
|
Baa2
|
|
|
|
A-
|
|
Senior Unsecured Debt
|
|
Baa2
|
|
|
|
A-
|
|
Commercial Paper
|
|
P-2
|
|
|
|
A-2
|
|
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
||||||||||
|
(millions)
|
||||||||||||||||||||
Generating facilities
|
|
$
|
458
|
|
|
$
|
497
|
|
|
$
|
383
|
|
|
$
|
306
|
|
|
$
|
425
|
|
|
Transmission and distribution facilities
|
|
678
|
|
|
714
|
|
|
706
|
|
|
712
|
|
|
705
|
|
|
|||||
General facilities
|
|
142
|
|
|
127
|
|
|
94
|
|
|
89
|
|
|
66
|
|
|
|||||
Total utility capital expenditures
|
|
$
|
1,278
|
|
|
$
|
1,338
|
|
|
$
|
1,183
|
|
|
$
|
1,107
|
|
|
$
|
1,196
|
|
|
Payment due by period
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
After 2023
|
Total
|
||||||||||||||||
Long-term debt
|
(millions)
|
||||||||||||||||||||||||||
Principal
|
$
|
701.1
|
|
|
$
|
251.1
|
|
|
$
|
432.0
|
|
|
$
|
287.5
|
|
|
$
|
439.5
|
|
|
$
|
5,142.9
|
|
|
$
|
7,254.1
|
|
Interest
|
306.3
|
|
|
281.1
|
|
|
256.9
|
|
|
235.4
|
|
|
222.1
|
|
|
3,262.6
|
|
|
4,564.4
|
|
|||||||
Long-term debt of VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Principal
|
30.3
|
|
|
32.3
|
|
|
18.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81.4
|
|
|||||||
Interest
|
1.6
|
|
|
0.8
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.6
|
|
|||||||
Lease commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating leases
|
24.2
|
|
|
20.7
|
|
|
18.4
|
|
|
15.2
|
|
|
12.4
|
|
|
95.0
|
|
|
185.9
|
|
|||||||
Capital leases
|
6.4
|
|
|
2.2
|
|
|
5.3
|
|
|
4.7
|
|
|
4.0
|
|
|
48.6
|
|
|
71.2
|
|
|||||||
Pension and other post-retirement plans
(a)
|
118.3
|
|
|
118.3
|
|
|
118.3
|
|
|
118.3
|
|
|
118.3
|
|
|
(a)
|
|
|
591.5
|
|
|||||||
Purchase commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fuel
|
423.6
|
|
|
364.4
|
|
|
95.3
|
|
|
82.9
|
|
|
87.5
|
|
|
116.2
|
|
|
1,169.9
|
|
|||||||
Power
|
47.3
|
|
|
47.3
|
|
|
47.4
|
|
|
47.6
|
|
|
47.8
|
|
|
366.8
|
|
|
604.2
|
|
|||||||
Other
|
137.8
|
|
|
18.8
|
|
|
13.4
|
|
|
6.8
|
|
|
2.1
|
|
|
34.4
|
|
|
213.3
|
|
|||||||
Total contractual commitments
(a)
|
$
|
1,796.9
|
|
|
$
|
1,137.0
|
|
|
$
|
1,006.0
|
|
|
$
|
798.4
|
|
|
$
|
933.7
|
|
|
$
|
9,066.5
|
|
|
$
|
14,738.5
|
|
(a)
|
Evergy expects to make contributions to the pension and other post-retirement plans beyond
2023
but the amounts are not yet determined.
|
•
|
Evergy direct guarantees to GMO counterparties totaling
$17.0 million
, which expire in 2020, and
|
•
|
Evergy's guarantee of GMO long-term debt totaling
$94.3 million
, which includes debt with maturity dates ranging from 2019 to 2023.
|
|
2018
|
2017
|
2016
|
||||||
|
(in millions)
|
||||||||
Cash flows from operating activities
|
$
|
1,497.8
|
|
$
|
912.7
|
|
$
|
803.8
|
|
Cash flows from (used in) investing activities
|
197.4
|
|
(780.8
|
)
|
(994.1
|
)
|
|||
Cash flows from (used in) financing activities
|
(1,538.4
|
)
|
(131.6
|
)
|
190.2
|
|
|
2018
|
|
Change
|
|
2017
|
||||||
|
(millions)
|
||||||||||
Operating revenues
|
$
|
2,614.9
|
|
|
$
|
43.9
|
|
|
$
|
2,571.0
|
|
Fuel and purchased power
|
599.2
|
|
|
57.7
|
|
|
541.5
|
|
|||
SPP network transmission costs
|
259.9
|
|
|
12
|
|
|
247.9
|
|
|||
Other operating expenses
|
814.4
|
|
|
83.3
|
|
|
731.1
|
|
|||
Depreciation and amortization
|
390.9
|
|
|
19.2
|
|
|
371.7
|
|
|||
Income from operations
|
550.5
|
|
|
(128.3
|
)
|
|
678.8
|
|
|||
Other income (expense), net
|
(33.5
|
)
|
|
(6.7
|
)
|
|
(26.8
|
)
|
|||
Interest expense
|
176.8
|
|
|
5.8
|
|
|
171.0
|
|
|||
Income tax expense (benefit)
|
(4.3
|
)
|
|
(155.5
|
)
|
|
151.2
|
|
|||
Equity in earnings of equity method investees, net of income taxes
|
4.6
|
|
|
(2.1
|
)
|
|
6.7
|
|
|||
Net income
|
349.1
|
|
|
12.6
|
|
|
336.5
|
|
|||
Less: Net income attributable to noncontrolling interests
|
10.2
|
|
|
(2.4
|
)
|
|
12.6
|
|
|||
Net income attributable to Westar Energy, Inc.
|
$
|
338.9
|
|
|
$
|
15.0
|
|
|
$
|
323.9
|
|
|
Revenues and Expenses
|
MWhs Sold
|
||||||||||||||||||
|
2018
|
|
Change
|
|
2017
|
|
2018
|
|
Change
|
|
2017
|
|||||||||
Retail revenues
|
(millions)
|
(thousands)
|
||||||||||||||||||
Residential
|
$
|
846.4
|
|
|
$
|
45.1
|
|
|
$
|
801.3
|
|
|
6,736
|
|
|
573
|
|
|
6,163
|
|
Commercial
|
702.8
|
|
|
(8.9
|
)
|
|
711.7
|
|
|
7,496
|
|
|
128
|
|
|
7,368
|
|
|||
Industrial
|
396.4
|
|
|
(16.5
|
)
|
|
412.9
|
|
|
5,642
|
|
|
(47
|
)
|
|
5,689
|
|
|||
Other retail revenues
|
20.0
|
|
|
(2.8
|
)
|
|
22.8
|
|
|
58
|
|
|
(15
|
)
|
|
73
|
|
|||
Total electric retail
|
1,965.6
|
|
|
16.9
|
|
|
1,948.7
|
|
|
19,932
|
|
|
639
|
|
|
19,293
|
|
|||
Wholesale revenues
|
346.1
|
|
|
14.9
|
|
|
331.2
|
|
|
10,169
|
|
|
(177
|
)
|
|
10,346
|
|
|||
Transmission revenues
|
288.9
|
|
|
4.1
|
|
|
284.8
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||
Other revenues
|
14.3
|
|
|
8.0
|
|
|
6.3
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||
Operating revenues
|
2,614.9
|
|
|
43.9
|
|
|
2,571.0
|
|
|
30,101
|
|
|
462
|
|
|
29,639
|
|
|||
Fuel and purchased power
|
(599.2
|
)
|
|
(57.7
|
)
|
|
(541.5
|
)
|
|
|
|
|
|
|
||||||
SPP network transmission costs
|
(259.9
|
)
|
|
(12.0
|
)
|
|
(247.9
|
)
|
|
|
|
|
|
|
||||||
Utility gross margin
(a)
|
$
|
1,755.8
|
|
|
$
|
(25.8
|
)
|
|
$
|
1,781.6
|
|
|
|
|
|
|
|
(a)
|
Utility gross margin is a non-GAAP financial measure. See explanation of utility gross margin under Evergy's Results of Operations.
|
•
|
a $69.8 million provision for rate refund for the change in the corporate income tax rate caused by the passage of the TCJA. See Note 19 to the consolidated financial statements for additional information; and
|
•
|
a $31.0 million reduction in revenue for one-time and annual bill credits as a result of conditions in the KCC merger order. See Note 2 to the consolidated financial statements for additional information; partially offset by
|
•
|
a $75.0 million increase primarily due to higher retail sales driven by warmer spring and summer weather and colder winter weather. For
2018
compared to
2017
, cooling degree days increased 29% and heating degree days increased 22%.
|
•
|
$51.9 million of merger-related costs incurred following the close of the merger in June 2018, consisting of:
|
◦
|
$44.2 million of change in control payments, voluntary severance and the recording of unrecognized equity compensation costs and the incremental fair value associated with the vesting of outstanding Westar Energy equity compensation awards in accordance with the Amended Merger Agreement; and
|
◦
|
$21.5 million of merger consulting fees and fees for other outside services incurred, primarily consisting of merger success fees; partially offset by
|
◦
|
a $13.8 million decrease in operating and maintenance expense due to the net reallocation of incurred merger transition costs between Westar Energy, Evergy, KCP&L and GMO and the subsequent deferral of these transition costs to a regulatory asset in June 2018 for future recovery by Westar Energy in accordance with the KCC merger order;
|
•
|
$12.3 million of obsolete inventory write-offs for Unit 7 at Tecumseh Energy Center, Units 3 and 4 at Murray Gill Energy Center and Units 1 and 2 at Gordon Evans Energy Center, which were retired in 2018; and
|
•
|
a $5.5 million increase due to Westar Energy's 47% share of voluntary severance expenses incurred related to the Wolf Creek voluntary exit program.
|
•
|
a $4.6 million decrease in investment earnings primarily due to a decrease in interest and dividend income; and
|
•
|
a $3.5 million increase in pension non-service costs.
|
•
|
a $53.4 million decrease related to the revaluation of deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger;
|
•
|
a $58.4 million decrease due to lower pre-tax income; and
|
•
|
a $44.3 million decrease as a result of the decrease in the federal statutory income tax rate in 2018.
|
|
2018
|
|
Change
|
|
2017
|
||||||
|
(millions)
|
||||||||||
Operating revenues
|
$
|
1,823.1
|
|
|
$
|
(67.6
|
)
|
|
$
|
1,890.7
|
|
Fuel and purchased power
|
520.6
|
|
|
39.9
|
|
|
480.7
|
|
|||
Other operating expenses
|
611.4
|
|
|
(45.9
|
)
|
|
657.3
|
|
|||
Depreciation and amortization
|
281.3
|
|
|
15.0
|
|
|
266.3
|
|
|||
Income from operations
|
409.8
|
|
|
(76.6
|
)
|
|
486.4
|
|
|||
Other income (expense), net
|
(25.9
|
)
|
|
13.7
|
|
|
(39.6
|
)
|
|||
Interest expense
|
133.7
|
|
|
(5.1
|
)
|
|
138.8
|
|
|||
Income tax expense
|
87.3
|
|
|
(40.9
|
)
|
|
128.2
|
|
|||
Net income
|
$
|
162.9
|
|
|
$
|
(16.9
|
)
|
|
$
|
179.8
|
|
|
Revenues and Expenses
|
|
MWhs Sold
|
|||||||||||||||||
|
2018
|
|
Change
|
|
2017
|
|
2018
|
|
Change
|
|
2017
|
|||||||||
Retail revenues
|
(millions)
|
|
(thousands)
|
|||||||||||||||||
Residential
|
$
|
735.6
|
|
|
10.3
|
|
|
$
|
725.3
|
|
|
5,686
|
|
|
504
|
|
|
5,182
|
|
|
Commercial
|
794.8
|
|
|
(49.6
|
)
|
|
844.4
|
|
|
7,782
|
|
|
316
|
|
|
7,466
|
|
|||
Industrial
|
138.8
|
|
|
(22.2
|
)
|
|
161.0
|
|
|
1,754
|
|
|
(61
|
)
|
|
1,815
|
|
|||
Other retail revenues
|
10.4
|
|
|
(0.8
|
)
|
|
11.2
|
|
|
76
|
|
|
4
|
|
|
72
|
|
|||
Total electric retail
|
1,679.6
|
|
|
(62.3
|
)
|
|
1,741.9
|
|
|
15,298
|
|
|
763
|
|
|
14,535
|
|
|||
Wholesale revenues
|
53.5
|
|
|
(34.5
|
)
|
|
88.0
|
|
|
5,017
|
|
|
(1,771
|
)
|
|
6,788
|
|
|||
Transmission revenues
|
14.5
|
|
|
(1.5
|
)
|
|
16.0
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||
Other revenues
|
75.5
|
|
|
30.7
|
|
|
44.8
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||
Operating revenues
|
1,823.1
|
|
|
(67.6
|
)
|
|
1,890.7
|
|
|
20,315
|
|
|
(1,008
|
)
|
|
21,323
|
|
|||
Fuel and purchased power
|
(520.6
|
)
|
|
(39.9
|
)
|
|
(480.7
|
)
|
|
|
|
|
|
|
||||||
Utility gross margin
(a)
|
$
|
1,302.5
|
|
|
$
|
(107.5
|
)
|
|
$
|
1,410.0
|
|
|
|
|
|
|
|
|
|
(a)
|
Utility gross margin is a non-GAAP financial measure. See explanation of utility gross margin under Evergy's Results of Operations.
|
•
|
a $72.4 million refund obligation for the change in the corporate income tax rate caused by the passage of the TCJA. See Note 19 to the consolidated financial statements for additional information;
|
•
|
$72.9 million of sales taxes and franchise fees collected from KCP&L Missouri customers included in revenue in 2017, which as part of KCP&L's adoption of Accounting Standards Codification (ASC) 606, are now excluded from revenue in 2018; and
|
•
|
a $25.0 million reduction in revenue for one-time and annual bill credits as a result of conditions in the MPSC and KCC merger orders. See Note 2 to the consolidated financial statements for additional information; partially offset by
|
•
|
a $62.8 million increase primarily due to higher retail sales driven by warmer spring and summer weather and colder winter weather. For
2018
compared to
2017
, cooling degree days increased 33% and heating degree days increased 23%.
|
•
|
$72.2 million decrease in taxes other than income tax due to sales taxes and franchise fees collected from KCP&L Missouri customers in 2017, which, as part of KCP&L's adoption of ASC 606,
Revenue from Contracts with Customers
, are now excluded from taxes other than income tax in 2018; and
|
•
|
a $23.2 million decrease in operating and maintenance expense due to the net reallocation of incurred merger transition costs between KCP&L, Evergy, Westar Energy and GMO and the subsequent deferral of these transition costs to a regulatory asset in June 2018 for future recovery by KCP&L in accordance with the KCC and MPSC merger orders; partially offset by
|
•
|
an $11.6 million increase due to voluntary severance expenses incurred related to KCP&L's 47% share of the Wolf Creek voluntary exit program as well as other KCP&L voluntary exit programs;
|
•
|
$7.3 million of obsolete inventory write-offs for Montrose Station, which was retired in the fourth quarter of 2018;
|
•
|
a $6.8 million increase in transmission and distribution operating and maintenance expense; and
|
•
|
a $6.9 million increase in injuries and damages expense primarily due to an increase in estimated worker's compensation losses.
|
•
|
a $32.2 million decrease in income tax expense as a result of the decrease in the federal statutory income tax rate in 2018;
|
•
|
a $22.5 million decrease due to lower pre-tax income;
|
•
|
a $15.5 million decrease related to the revaluation of deferred income tax assets and liabilities as a result of the enactment of Missouri state income tax reform in June 2018; and
|
•
|
an $8.3 million decrease in income tax expense due to an increase in flow-through items primarily consisting of amortization of regulatory liabilities for excess deferred income taxes generated as a result of the enactment of the TCJA in December 2017; partially offset by
|
•
|
a $51.0 million increase related to the revaluation of deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger.
|
EVERGY, INC.
|
||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||
|
|
|
|
|
||||||||
Year Ended December 31
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(millions, except per share amounts)
|
|||||||||||
OPERATING REVENUES
|
|
$
|
4,275.9
|
|
|
$
|
2,571.0
|
|
|
$
|
2,562.1
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
||||||
Fuel and purchased power
|
|
1,078.7
|
|
|
541.5
|
|
|
509.5
|
|
|||
SPP network transmission costs
|
|
259.9
|
|
|
247.9
|
|
|
232.8
|
|
|||
Operating and maintenance
|
|
1,115.8
|
|
|
563.5
|
|
|
587.2
|
|
|||
Depreciation and amortization
|
|
618.8
|
|
|
371.7
|
|
|
338.5
|
|
|||
Taxes other than income tax
|
|
269.1
|
|
|
167.6
|
|
|
191.7
|
|
|||
Total Operating Expenses
|
|
3,342.3
|
|
|
1,892.2
|
|
|
1,859.7
|
|
|||
INCOME FROM OPERATIONS
|
|
933.6
|
|
|
678.8
|
|
|
702.4
|
|
|||
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
||||||
Investment earnings
|
|
8.8
|
|
|
4.0
|
|
|
2.5
|
|
|||
Other income
|
|
15.5
|
|
|
8.3
|
|
|
34.6
|
|
|||
Other expense
|
|
(78.7
|
)
|
|
(39.1
|
)
|
|
(38.6
|
)
|
|||
Total Other Income (Expense), Net
|
|
(54.4
|
)
|
|
(26.8
|
)
|
|
(1.5
|
)
|
|||
Interest expense
|
|
279.6
|
|
|
171.0
|
|
|
161.7
|
|
|||
INCOME BEFORE INCOME TAXES
|
|
599.6
|
|
|
481.0
|
|
|
539.2
|
|
|||
Income tax expense
|
|
59.0
|
|
|
151.2
|
|
|
184.5
|
|
|||
Equity in earnings of equity method investees, net of income taxes
|
|
5.4
|
|
|
6.7
|
|
|
6.5
|
|
|||
NET INCOME
|
|
546.0
|
|
|
336.5
|
|
|
361.2
|
|
|||
Less: Net income attributable to noncontrolling interests
|
|
10.2
|
|
|
12.6
|
|
|
14.6
|
|
|||
NET INCOME ATTRIBUTABLE TO EVERGY, INC.
|
|
$
|
535.8
|
|
|
$
|
323.9
|
|
|
$
|
346.6
|
|
BASIC AND DILUTED EARNINGS PER AVERAGE COMMON SHARE OUTSTANDING ATTRIBUTABLE TO EVERGY (see Note 1)
|
|
|
|
|
|
|
||||||
Basic earnings per common share
|
|
$
|
2.50
|
|
|
$
|
2.27
|
|
|
$
|
2.43
|
|
Diluted earnings per common share
|
|
$
|
2.50
|
|
|
$
|
2.27
|
|
|
$
|
2.43
|
|
AVERAGE COMMON SHARES OUTSTANDING
|
|
|
|
|
|
|
||||||
Basic
|
|
213.9
|
|
|
142.5
|
|
|
142.1
|
|
|||
Diluted
|
|
214.1
|
|
|
142.6
|
|
|
142.5
|
|
|||
COMPREHENSIVE INCOME
|
|
|
|
|
|
|
||||||
NET INCOME
|
|
$
|
546.0
|
|
|
$
|
336.5
|
|
|
$
|
361.2
|
|
OTHER COMPREHENSIVE INCOME
|
|
|
|
|
|
|
||||||
Derivative hedging activity
|
|
|
|
|
|
|
||||||
Loss on derivative hedging instruments
|
|
(5.4
|
)
|
|
—
|
|
|
—
|
|
|||
Income tax benefit
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|||
Net loss on derivative hedging instruments
|
|
(4.0
|
)
|
|
—
|
|
|
—
|
|
|||
Derivative hedging activity, net of tax
|
|
(4.0
|
)
|
|
—
|
|
|
—
|
|
|||
Defined benefit pension plans
|
|
|
|
|
|
|
||||||
Net gain arising during period
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|||
Income tax expense
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|||
Net gain arising during period, net of tax
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|||
Change in unrecognized pension expense, net of tax
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|||
Total other comprehensive loss
|
|
(3.0
|
)
|
|
—
|
|
|
—
|
|
|||
Comprehensive income
|
|
543.0
|
|
|
336.5
|
|
|
361.2
|
|
|||
Less: comprehensive income attributable to noncontrolling interest
|
|
10.2
|
|
|
12.6
|
|
|
14.6
|
|
|||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EVERGY, INC.
|
|
$
|
532.8
|
|
|
$
|
323.9
|
|
|
$
|
346.6
|
|
EVERGY, INC.
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|
|
|
||||||||
|
December 31
|
||||||||||
|
2018
|
|
2017
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
CURRENT ASSETS:
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
160.3
|
|
|
|
|
$
|
3.4
|
|
|
Receivables, net
|
|
193.7
|
|
|
|
|
290.7
|
|
|
||
Accounts receivable pledged as collateral
|
|
365.0
|
|
|
|
|
—
|
|
|
||
Fuel inventory and supplies
|
|
511.0
|
|
|
|
|
293.6
|
|
|
||
Income taxes receivable
|
|
68.0
|
|
|
|
|
—
|
|
|
||
Regulatory assets
|
|
303.9
|
|
|
|
|
99.5
|
|
|
||
Prepaid expenses and other assets
|
|
79.1
|
|
|
|
|
39.8
|
|
|
||
Total Current Assets
|
|
1,681.0
|
|
|
|
|
727.0
|
|
|
||
PROPERTY, PLANT AND EQUIPMENT, NET
|
|
18,782.5
|
|
|
|
|
9,553.8
|
|
|
||
PROPERTY, PLANT AND EQUIPMENT OF VARIABLE INTEREST ENTITIES, NET
|
|
169.2
|
|
|
|
|
176.3
|
|
|
||
OTHER ASSETS:
|
|
|
|
|
|
|
|
|
|
||
Regulatory assets
|
|
1,757.9
|
|
|
|
|
685.4
|
|
|
||
Nuclear decommissioning trust fund
|
|
472.1
|
|
|
|
|
237.1
|
|
|
||
Goodwill
|
|
2,338.9
|
|
|
|
|
—
|
|
|
||
Other
|
|
396.5
|
|
|
|
|
244.8
|
|
|
||
Total Other Assets
|
|
4,965.4
|
|
|
|
|
1,167.3
|
|
|
||
TOTAL ASSETS
|
|
$
|
25,598.1
|
|
|
|
|
$
|
11,624.4
|
|
|
EVERGY, INC.
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|||||||||||
|
December 31
|
||||||||||
|
2018
|
|
2017
|
||||||||
LIABILITIES AND EQUITY
|
(millions, except share amounts)
|
||||||||||
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
705.4
|
|
|
|
|
$
|
—
|
|
|
Current maturities of long-term debt of variable interest entities
|
|
30.3
|
|
|
|
|
28.5
|
|
|
||
Notes payable and commercial paper
|
|
738.6
|
|
|
|
|
275.7
|
|
|
||
Collateralized note payable
|
|
365.0
|
|
|
|
|
—
|
|
|
||
Accounts payable
|
|
451.5
|
|
|
|
|
204.2
|
|
|
||
Accrued dividends
|
|
—
|
|
|
|
|
53.8
|
|
|
||
Accrued taxes
|
|
133.6
|
|
|
|
|
87.7
|
|
|
||
Accrued interest
|
|
110.9
|
|
|
|
|
72.7
|
|
|
||
Regulatory liabilities
|
|
110.2
|
|
|
|
|
11.6
|
|
|
||
Asset retirement obligations
|
|
49.8
|
|
|
|
|
25.1
|
|
|
||
Other
|
|
171.9
|
|
|
|
|
64.4
|
|
|
||
Total Current Liabilities
|
|
2,867.2
|
|
|
|
|
823.7
|
|
|
||
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
|
||
Long-term debt, net
|
|
6,636.3
|
|
|
|
|
3,687.6
|
|
|
||
Long-term debt of variable interest entities, net
|
|
51.1
|
|
|
|
|
81.4
|
|
|
||
Deferred income taxes
|
|
1,599.2
|
|
|
|
|
815.7
|
|
|
||
Unamortized investment tax credits
|
|
373.2
|
|
|
|
|
257.1
|
|
|
||
Regulatory liabilities
|
|
2,218.8
|
|
|
|
|
1,094.0
|
|
|
||
Pension and post-retirement liability
|
|
987.6
|
|
|
|
|
491.2
|
|
|
||
Asset retirement obligations
|
|
637.3
|
|
|
|
|
380.0
|
|
|
||
Other
|
|
236.7
|
|
|
|
|
133.3
|
|
|
||
Total Long-Term Liabilities
|
|
12,740.2
|
|
|
|
|
6,940.3
|
|
|
||
Commitments and Contingencies (Note 14)
|
|
|
|
|
|
|
|
|
|
||
EQUITY:
|
|
|
|
|
|
|
|
||||
Evergy, Inc. Shareholders' Equity:
|
|
|
|
|
|
|
|
||||
Common stock - 600,000,000 shares authorized, without par value, 255,326,252 shares issued (275,000,000 shares authorized, $5 par value, 142,094,275 shares issued as of December 31, 2017)
|
|
8,685.2
|
|
|
|
|
2,734.8
|
|
|
||
Retained earnings
|
|
1,346.0
|
|
|
|
|
1,173.3
|
|
|
||
Accumulated other comprehensive loss
|
|
(3.0
|
)
|
|
|
|
—
|
|
|
||
Total Evergy, Inc. Shareholders' Equity
|
|
10,028.2
|
|
|
|
|
3,908.1
|
|
|
||
Noncontrolling Interests
|
|
(37.5
|
)
|
|
|
|
(47.7
|
)
|
|
||
Total Equity
|
|
9,990.7
|
|
|
|
|
3,860.4
|
|
|
||
TOTAL LIABILITIES AND EQUITY
|
|
$
|
25,598.1
|
|
|
|
|
$
|
11,624.4
|
|
|
EVERGY, INC.
|
|||||||||||
Consolidated Statements of Cash Flows
|
|||||||||||
|
|||||||||||
|
|
|
|
|
|
||||||
Year Ended December 31
|
2018
|
|
2017
|
|
2016
|
||||||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
|
(millions)
|
||||||||||
Net income
|
$
|
546.0
|
|
|
$
|
336.5
|
|
|
$
|
361.2
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
618.8
|
|
|
371.7
|
|
|
338.5
|
|
|||
Amortization of nuclear fuel
|
43.6
|
|
|
32.2
|
|
|
26.7
|
|
|||
Amortization of deferred refueling outage
|
21.2
|
|
|
16.1
|
|
|
18.4
|
|
|||
Amortization of deferred regulatory gain from sale leaseback
|
(5.5
|
)
|
|
(5.5
|
)
|
|
(5.5
|
)
|
|||
Amortization of corporate-owned life insurance
|
22.6
|
|
|
20.6
|
|
|
18.0
|
|
|||
Non-cash compensation
|
29.9
|
|
|
8.8
|
|
|
9.3
|
|
|||
Net deferred income taxes and credits
|
124.2
|
|
|
149.6
|
|
|
185.2
|
|
|||
Allowance for equity funds used during construction
|
(3.1
|
)
|
|
(2.0
|
)
|
|
(11.6
|
)
|
|||
Payments for asset retirement obligations
|
(22.4
|
)
|
|
(16.0
|
)
|
|
(5.4
|
)
|
|||
Equity in earnings of equity method investees, net of income taxes
|
(5.4
|
)
|
|
(6.7
|
)
|
|
(6.5
|
)
|
|||
Other
|
(2.0
|
)
|
|
(6.0
|
)
|
|
(22.0
|
)
|
|||
Changes in working capital items:
|
|
|
|
|
|
||||||
Accounts receivable
|
265.1
|
|
|
(2.1
|
)
|
|
(30.3
|
)
|
|||
Accounts receivable pledged as collateral
|
(185.0
|
)
|
|
—
|
|
|
—
|
|
|||
Fuel inventory and supplies
|
54.7
|
|
|
7.2
|
|
|
1.8
|
|
|||
Prepaid expenses and other current assets
|
(128.1
|
)
|
|
55.8
|
|
|
(18.3
|
)
|
|||
Accounts payable
|
56.7
|
|
|
10.0
|
|
|
(8.1
|
)
|
|||
Accrued taxes
|
(76.4
|
)
|
|
9.2
|
|
|
(5.9
|
)
|
|||
Other current liabilities
|
92.0
|
|
|
(118.0
|
)
|
|
(86.4
|
)
|
|||
Changes in other assets
|
66.8
|
|
|
32.0
|
|
|
21.4
|
|
|||
Changes in other liabilities
|
(15.9
|
)
|
|
19.3
|
|
|
23.3
|
|
|||
Cash Flows from Operating Activities
|
1,497.8
|
|
|
912.7
|
|
|
803.8
|
|
|||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
||||
Additions to property, plant and equipment
|
(1,069.7
|
)
|
|
(764.6
|
)
|
|
(1,087.0
|
)
|
|||
Cash acquired from the merger with Great Plains Energy
|
1,154.2
|
|
|
—
|
|
|
—
|
|
|||
Purchase of securities - trusts
|
(117.5
|
)
|
|
(41.0
|
)
|
|
(46.6
|
)
|
|||
Sale of securities - trusts
|
117.7
|
|
|
41.2
|
|
|
47.0
|
|
|||
Investment in corporate-owned life insurance
|
(17.1
|
)
|
|
(17.0
|
)
|
|
(18.1
|
)
|
|||
Proceeds from investment in corporate-owned life insurance
|
6.8
|
|
|
4.2
|
|
|
114.7
|
|
|||
Proceeds from settlement of interest rate swap
|
140.6
|
|
|
—
|
|
|
—
|
|
|||
Other investing activities
|
(17.6
|
)
|
|
(3.6
|
)
|
|
(4.1
|
)
|
|||
Cash Flows from (used in) Investing Activities
|
197.4
|
|
|
(780.8
|
)
|
|
(994.1
|
)
|
|||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
||||
Short term debt, net
|
(104.0
|
)
|
|
(91.3
|
)
|
|
116.2
|
|
|||
Collateralized short-term borrowings, net
|
185.0
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from long-term debt
|
290.9
|
|
|
296.2
|
|
|
396.3
|
|
|||
Proceeds from long-term debt of variable interest entity
|
—
|
|
|
—
|
|
|
162.0
|
|
|||
Retirements of long-term debt
|
(395.8
|
)
|
|
(125.0
|
)
|
|
(50.0
|
)
|
|||
Retirements of long-term debt of variable interest entities
|
(28.5
|
)
|
|
(26.8
|
)
|
|
(190.4
|
)
|
|||
Borrowings against cash surrender value of corporate-owned life insurance
|
56.5
|
|
|
55.1
|
|
|
57.8
|
|
|||
Repayment of borrowings against cash surrender value of corporate-owned life insurance
|
(3.9
|
)
|
|
(1.0
|
)
|
|
(89.3
|
)
|
|||
Cash dividends paid
|
(475.0
|
)
|
|
(223.1
|
)
|
|
(204.3
|
)
|
|||
Repurchase of common stock
|
(1,042.3
|
)
|
|
—
|
|
|
—
|
|
|||
Other financing activities
|
(21.3
|
)
|
|
(15.7
|
)
|
|
(8.1
|
)
|
|||
Cash Flows from (used in) Financing Activities
|
(1,538.4
|
)
|
|
(131.6
|
)
|
|
190.2
|
|
|||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
156.8
|
|
|
0.3
|
|
|
(0.1
|
)
|
|||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
|
|
|
|
|
|
||||||
Beginning of period, including restricted cash of $0.1, $0.1 and $0.1, respectively
|
3.5
|
|
|
3.2
|
|
|
3.3
|
|
|||
End of period, including restricted cash of $0.0, $0.1 and $0.1, respectively
|
$
|
160.3
|
|
|
$
|
3.5
|
|
|
$
|
3.2
|
|
EVERGY, INC.
|
|||||||||||||||||
Consolidated Statements of Changes in Equity
|
|||||||||||||||||
|
|
|
|
|
|
|
|||||||||||
|
Evergy, Inc. Shareholders
|
|
|
||||||||||||||
|
Common stock shares
|
Common stock
|
Retained earnings
|
AOCI
|
Non-controlling interests
|
Total equity
|
|||||||||||
|
(millions, except share amounts)
|
||||||||||||||||
Balance as of December 31, 2015
|
141,353,426
|
|
$
|
2,710.9
|
|
$
|
945.8
|
|
$
|
—
|
|
$
|
15.2
|
|
$
|
3,671.9
|
|
Net income
|
—
|
|
—
|
|
346.6
|
|
—
|
|
14.6
|
|
361.2
|
|
|||||
Issuance of stock
|
48,101
|
|
2.4
|
|
—
|
|
—
|
|
—
|
|
2.4
|
|
|||||
Issuance of stock for compensation and reinvested dividends
|
389,626
|
|
9.7
|
|
—
|
|
—
|
|
—
|
|
9.7
|
|
|||||
Tax withholding related to stock compensation
|
—
|
|
(5.0
|
)
|
—
|
|
—
|
|
—
|
|
(5.0
|
)
|
|||||
Dividends declared on common stock ($1.52 per share)
|
—
|
|
—
|
|
(217.1
|
)
|
—
|
|
—
|
|
(217.1
|
)
|
|||||
Stock compensation expense
|
—
|
|
9.3
|
|
—
|
|
—
|
|
—
|
|
9.3
|
|
|||||
Distributions to shareholders of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
(2.5
|
)
|
(2.5
|
)
|
|||||
Cumulative effect of adoption of ASU 2016-09
|
—
|
|
—
|
|
3.3
|
|
—
|
|
—
|
|
3.3
|
|
|||||
Balance as of December 31, 2016
|
141,791,153
|
|
2,727.3
|
|
1,078.6
|
|
—
|
|
27.3
|
|
3,833.2
|
|
|||||
Net income
|
—
|
|
—
|
|
323.9
|
|
—
|
|
12.6
|
|
336.5
|
|
|||||
Issuance of stock
|
12,131
|
|
0.6
|
|
—
|
|
—
|
|
—
|
|
0.6
|
|
|||||
Issuance of stock for compensation and reinvested dividends
|
290,991
|
|
5.1
|
|
—
|
|
—
|
|
—
|
|
5.1
|
|
|||||
Tax withholding related to stock compensation
|
—
|
|
(7.0
|
)
|
—
|
|
—
|
|
—
|
|
(7.0
|
)
|
|||||
Dividends declared on common stock ($1.60 per share)
|
—
|
|
—
|
|
(229.2
|
)
|
—
|
|
—
|
|
(229.2
|
)
|
|||||
Stock compensation expense
|
—
|
|
8.8
|
|
—
|
|
—
|
|
—
|
|
8.8
|
|
|||||
Deconsolidation of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
(81.9
|
)
|
(81.9
|
)
|
|||||
Distributions to shareholders of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
(5.7
|
)
|
(5.7
|
)
|
|||||
Balance as of December 31, 2017
|
142,094,275
|
|
2,734.8
|
|
1,173.3
|
|
—
|
|
(47.7
|
)
|
3,860.4
|
|
|||||
Net income
|
—
|
|
—
|
|
535.8
|
|
—
|
|
10.2
|
|
546.0
|
|
|||||
Issuance of stock to Great Plains Energy shareholders
|
128,947,518
|
|
6,979.9
|
|
—
|
|
—
|
|
—
|
|
6,979.9
|
|
|||||
Issuance of restricted common stock
|
122,505
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
Issuance of stock for compensation and reinvested dividends
|
533,273
|
|
0.5
|
|
—
|
|
—
|
|
—
|
|
0.5
|
|
|||||
Tax withholding related to stock compensation
|
—
|
|
(17.2
|
)
|
—
|
|
—
|
|
—
|
|
(17.2
|
)
|
|||||
Dividends declared on common stock ($1.735 per share)
|
—
|
|
—
|
|
(362.1
|
)
|
—
|
|
—
|
|
(362.1
|
)
|
|||||
Dividend equivalents declared
|
—
|
|
—
|
|
(1.0
|
)
|
—
|
|
—
|
|
(1.0
|
)
|
|||||
Stock compensation expense
|
—
|
|
29.9
|
|
—
|
|
—
|
|
—
|
|
29.9
|
|
|||||
Repurchase of common stock
|
(16,371,319
|
)
|
(1,042.3
|
)
|
—
|
|
—
|
|
—
|
|
(1,042.3
|
)
|
|||||
Derivative hedging activity, net of tax
|
—
|
|
—
|
|
—
|
|
(4.0
|
)
|
—
|
|
(4.0
|
)
|
|||||
Change in unrecognized pension expense, net of tax
|
—
|
|
—
|
|
—
|
|
1.0
|
|
—
|
|
1.0
|
|
|||||
Other
|
—
|
|
(0.4
|
)
|
—
|
|
—
|
|
—
|
|
(0.4
|
)
|
|||||
Balance as of December 31, 2018
|
255,326,252
|
|
$
|
8,685.2
|
|
$
|
1,346.0
|
|
$
|
(3.0
|
)
|
$
|
(37.5
|
)
|
$
|
9,990.7
|
|
WESTAR ENERGY, INC.
|
||||||||||||
Consolidated Statements of Income
|
||||||||||||
|
|
|
|
|
|
|
||||||
Year Ended December 31
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(millions)
|
||||||||||
OPERATING REVENUES
|
|
$
|
2,614.9
|
|
|
$
|
2,571.0
|
|
|
$
|
2,562.1
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
||||||
Fuel and purchased power
|
|
599.2
|
|
|
541.5
|
|
|
509.5
|
|
|||
SPP network transmission costs
|
|
259.9
|
|
|
247.9
|
|
|
232.8
|
|
|||
Operating and maintenance
|
|
640.7
|
|
|
563.5
|
|
|
587.2
|
|
|||
Depreciation and amortization
|
|
390.9
|
|
|
371.7
|
|
|
338.5
|
|
|||
Taxes other than income tax
|
|
173.7
|
|
|
167.6
|
|
|
191.7
|
|
|||
Total Operating Expenses
|
|
2,064.4
|
|
|
1,892.2
|
|
|
1,859.7
|
|
|||
INCOME FROM OPERATIONS
|
|
550.5
|
|
|
678.8
|
|
|
702.4
|
|
|||
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
||||||
Investment earnings (loss)
|
|
(0.6
|
)
|
|
4.0
|
|
|
2.5
|
|
|||
Other income
|
|
13.9
|
|
|
8.3
|
|
|
34.6
|
|
|||
Other expense
|
|
(46.8
|
)
|
|
(39.1
|
)
|
|
(38.6
|
)
|
|||
Total Other Income (Expense), Net
|
|
(33.5
|
)
|
|
(26.8
|
)
|
|
(1.5
|
)
|
|||
Interest expense
|
|
176.8
|
|
|
171.0
|
|
|
161.7
|
|
|||
INCOME BEFORE INCOME TAXES
|
|
340.2
|
|
|
481.0
|
|
|
539.2
|
|
|||
Income tax expense (benefit)
|
|
(4.3
|
)
|
|
151.2
|
|
|
184.5
|
|
|||
Equity in earnings of equity method investees, net of income taxes
|
|
4.6
|
|
|
6.7
|
|
|
6.5
|
|
|||
NET INCOME
|
|
349.1
|
|
|
336.5
|
|
|
361.2
|
|
|||
Less: Net income attributable to noncontrolling interests
|
|
10.2
|
|
|
12.6
|
|
|
14.6
|
|
|||
NET INCOME ATTRIBUTABLE TO WESTAR ENERGY, INC.
|
|
$
|
338.9
|
|
|
$
|
323.9
|
|
|
$
|
346.6
|
|
WESTAR ENERGY, INC.
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|
|
|
||||||||
|
December 31
|
||||||||||
|
2018
|
|
2017
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
CURRENT ASSETS:
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
44.5
|
|
|
|
|
$
|
3.4
|
|
|
Receivables, net
|
|
84.3
|
|
|
|
|
290.7
|
|
|
||
Related party receivables
|
|
2.6
|
|
|
|
|
—
|
|
|
||
Accounts receivable pledged as collateral
|
|
185.0
|
|
|
|
|
—
|
|
|
||
Fuel inventory and supplies
|
|
276.8
|
|
|
|
|
293.6
|
|
|
||
Income taxes receivable
|
|
42.7
|
|
|
|
|
—
|
|
|
||
Regulatory assets
|
|
97.1
|
|
|
|
|
99.5
|
|
|
||
Prepaid expenses and other assets
|
|
35.0
|
|
|
|
|
39.8
|
|
|
||
Total Current Assets
|
|
768.0
|
|
|
|
|
727.0
|
|
|
||
PROPERTY, PLANT AND EQUIPMENT, NET
|
|
9,718.3
|
|
|
|
|
9,553.8
|
|
|
||
PROPERTY, PLANT AND EQUIPMENT OF VARIABLE INTEREST ENTITIES, NET
|
|
169.2
|
|
|
|
|
176.3
|
|
|
||
OTHER ASSETS:
|
|
|
|
|
|
|
|
|
|
||
Regulatory assets
|
|
700.4
|
|
|
|
|
685.4
|
|
|
||
Nuclear decommissioning trust fund
|
|
227.5
|
|
|
|
|
237.1
|
|
|
||
Other
|
|
233.4
|
|
|
|
|
244.8
|
|
|
||
Total Other Assets
|
|
1,161.3
|
|
|
|
|
1,167.3
|
|
|
||
TOTAL ASSETS
|
|
$
|
11,816.8
|
|
|
|
|
$
|
11,624.4
|
|
|
WESTAR ENERGY, INC.
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|||||||||||
|
December 31
|
||||||||||
|
2018
|
|
2017
|
||||||||
LIABILITIES AND EQUITY
|
(millions, except share amounts)
|
||||||||||
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
300.0
|
|
|
|
|
$
|
—
|
|
|
Current maturities of long-term debt of variable interest entities
|
|
30.3
|
|
|
|
|
28.5
|
|
|
||
Notes payable and commercial paper
|
|
411.7
|
|
|
|
|
275.7
|
|
|
||
Collateralized note payable
|
|
185.0
|
|
|
|
|
—
|
|
|
||
Accounts payable
|
|
154.4
|
|
|
|
|
204.2
|
|
|
||
Related party payables
|
|
14.9
|
|
|
|
|
—
|
|
|
||
Accrued dividends
|
|
—
|
|
|
|
|
53.8
|
|
|
||
Accrued taxes
|
|
88.6
|
|
|
|
|
87.7
|
|
|
||
Accrued interest
|
|
74.4
|
|
|
|
|
72.7
|
|
|
||
Regulatory liabilities
|
|
19.5
|
|
|
|
|
11.6
|
|
|
||
Asset retirement obligations
|
|
17.1
|
|
|
|
|
25.1
|
|
|
||
Other
|
|
83.0
|
|
|
|
|
64.4
|
|
|
||
Total Current Liabilities
|
|
1,378.9
|
|
|
|
|
823.7
|
|
|
||
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
|
||
Long-term debt, net
|
|
3,389.8
|
|
|
|
|
3,687.6
|
|
|
||
Long-term debt of variable interest entities, net
|
|
51.1
|
|
|
|
|
81.4
|
|
|
||
Deferred income taxes
|
|
815.4
|
|
|
|
|
815.7
|
|
|
||
Unamortized investment tax credits
|
|
249.7
|
|
|
|
|
257.1
|
|
|
||
Regulatory liabilities
|
|
1,101.8
|
|
|
|
|
1,094.0
|
|
|
||
Pension and post-retirement liability
|
|
474.7
|
|
|
|
|
491.2
|
|
|
||
Asset retirement obligations
|
|
264.0
|
|
|
|
|
380.0
|
|
|
||
Other
|
|
130.7
|
|
|
|
|
133.3
|
|
|
||
Total Long-Term Liabilities
|
|
6,477.2
|
|
|
|
|
6,940.3
|
|
|
||
Commitments and Contingencies (Note 14)
|
|
|
|
|
|
|
|
|
|
||
EQUITY:
|
|
|
|
|
|
|
|
|
|||
Westar Energy, Inc. Shareholder's Equity:
|
|
|
|
|
|
|
|
|
|
||
Common stock - 1,000 shares authorized, $0.01 par value, 1 share issued (275,000,000 shares authorized, $5 par value, and 142,094,275 shares issued as of December 31, 2017)
|
|
2,737.6
|
|
|
|
|
2,734.8
|
|
|
||
Retained earnings
|
|
1,260.6
|
|
|
|
|
1,173.3
|
|
|
||
Total Westar Energy, Inc. Shareholder's Equity
|
|
3,998.2
|
|
|
|
|
3,908.1
|
|
|
||
Noncontrolling Interests
|
|
(37.5
|
)
|
|
|
|
(47.7
|
)
|
|
||
Total Equity
|
|
3,960.7
|
|
|
|
|
3,860.4
|
|
|
||
TOTAL LIABILITIES AND EQUITY
|
|
$
|
11,816.8
|
|
|
|
|
$
|
11,624.4
|
|
|
WESTAR ENERGY, INC.
|
|||||||||||
Consolidated Statements of Cash Flows
|
|||||||||||
|
|||||||||||
Year Ended December 31
|
2018
|
|
2017
|
|
2016
|
||||||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
|
(millions)
|
||||||||||
Net income
|
$
|
349.1
|
|
|
$
|
336.5
|
|
|
$
|
361.2
|
|
Adjustments to reconcile income (loss) to net cash from operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
390.9
|
|
|
371.7
|
|
|
338.5
|
|
|||
Amortization of nuclear fuel
|
26.0
|
|
|
32.2
|
|
|
26.7
|
|
|||
Amortization of deferred refueling outage
|
13.7
|
|
|
16.1
|
|
|
18.4
|
|
|||
Amortization of deferred regulatory gain from sale leaseback
|
(5.5
|
)
|
|
(5.5
|
)
|
|
(5.5
|
)
|
|||
Amortization of corporate-owned life insurance
|
22.6
|
|
|
20.6
|
|
|
18.0
|
|
|||
Non-cash compensation
|
19.9
|
|
|
8.8
|
|
|
9.3
|
|
|||
Net deferred income taxes and credits
|
(2.2
|
)
|
|
149.6
|
|
|
185.2
|
|
|||
Allowance for equity funds used during construction
|
(2.9
|
)
|
|
(2.0
|
)
|
|
(11.6
|
)
|
|||
Payments for asset retirement obligations
|
(12.0
|
)
|
|
(16.0
|
)
|
|
(5.4
|
)
|
|||
Equity in earnings of equity method investees, net of income taxes
|
(4.6
|
)
|
|
(6.7
|
)
|
|
(6.5
|
)
|
|||
Other
|
(2.2
|
)
|
|
(6.0
|
)
|
|
(22.0
|
)
|
|||
Changes in working capital items:
|
|
|
|
|
|
||||||
Accounts receivable
|
207.9
|
|
|
(2.1
|
)
|
|
(30.3
|
)
|
|||
Accounts receivable pledged as collateral
|
(185.0
|
)
|
|
—
|
|
|
—
|
|
|||
Fuel inventory and supplies
|
17.3
|
|
|
7.2
|
|
|
1.8
|
|
|||
Prepaid expenses and other current assets
|
(134.2
|
)
|
|
55.8
|
|
|
(18.3
|
)
|
|||
Accounts payable
|
(17.6
|
)
|
|
10.0
|
|
|
(8.1
|
)
|
|||
Accrued taxes
|
(24.1
|
)
|
|
9.2
|
|
|
(5.9
|
)
|
|||
Other current liabilities
|
88.3
|
|
|
(118.0
|
)
|
|
(86.4
|
)
|
|||
Changes in other assets
|
42.7
|
|
|
32.0
|
|
|
21.4
|
|
|||
Changes in other liabilities
|
(36.2
|
)
|
|
19.3
|
|
|
23.3
|
|
|||
Cash Flows from Operating Activities
|
751.9
|
|
|
912.7
|
|
|
803.8
|
|
|||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
||||
Additions to property, plant and equipment
|
(713.3
|
)
|
|
(764.6
|
)
|
|
(1,087.0
|
)
|
|||
Purchase of securities - trusts
|
(99.4
|
)
|
|
(41.0
|
)
|
|
(46.6
|
)
|
|||
Sale of securities - trusts
|
104.2
|
|
|
41.2
|
|
|
47.0
|
|
|||
Investment in corporate-owned life insurance
|
(17.1
|
)
|
|
(17.0
|
)
|
|
(18.1
|
)
|
|||
Proceeds from investment in corporate-owned life insurance
|
6.8
|
|
|
4.2
|
|
|
114.7
|
|
|||
Other investing activities
|
(8.6
|
)
|
|
(3.6
|
)
|
|
(4.1
|
)
|
|||
Cash Flows (used in) Investing Activities
|
(727.4
|
)
|
|
(780.8
|
)
|
|
(994.1
|
)
|
|||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
||||
Short term debt, net
|
133.7
|
|
|
(91.3
|
)
|
|
116.2
|
|
|||
Collateralized short-term debt, net
|
185.0
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from long-term debt
|
121.9
|
|
|
296.2
|
|
|
396.3
|
|
|||
Proceeds from long-term debt of variable interest entity
|
—
|
|
|
—
|
|
|
162.0
|
|
|||
Retirements of long-term debt
|
(121.9
|
)
|
|
(125.0
|
)
|
|
(50.0
|
)
|
|||
Retirements of long-term debt of variable interest entities
|
(28.5
|
)
|
|
(26.8
|
)
|
|
(190.4
|
)
|
|||
Borrowings against cash surrender value of corporate-owned life insurance
|
56.5
|
|
|
55.1
|
|
|
57.8
|
|
|||
Repayment of borrowings against cash surrender value of corporate-owned life insurance
|
(3.9
|
)
|
|
(1.0
|
)
|
|
(89.3
|
)
|
|||
Cash dividends paid
|
(305.1
|
)
|
|
(223.1
|
)
|
|
(204.3
|
)
|
|||
Other financing activities
|
(21.2
|
)
|
|
(15.7
|
)
|
|
(8.1
|
)
|
|||
Cash Flows from (used in) Financing Activities
|
16.5
|
|
|
(131.6
|
)
|
|
190.2
|
|
|||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
41.0
|
|
|
0.3
|
|
|
(0.1
|
)
|
|||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
|
|
|
|
|
|
||||||
Beginning of period, including restricted cash of $0.1, $0.1 and $0.1, respectively
|
3.5
|
|
|
3.2
|
|
|
3.3
|
|
|||
End of period, including restricted cash of $0.0, $0.1 and $0.1, respectively
|
$
|
44.5
|
|
|
$
|
3.5
|
|
|
$
|
3.2
|
|
WESTAR ENERGY, INC.
|
||||||||||||||
Consolidated Statements of Changes in Equity
|
||||||||||||||
|
|
|
|
|
|
|||||||||
|
Westar Energy, Inc. Shareholders
|
|
|
|||||||||||
|
Common stock shares
|
Common stock
|
Retained earnings
|
Non-controlling interests
|
Total equity
|
|||||||||
|
(millions, except share amounts)
|
|||||||||||||
Balance as of December 31, 2015
|
141,353,426
|
|
$
|
2,710.9
|
|
$
|
945.8
|
|
$
|
15.2
|
|
$
|
3,671.9
|
|
Net income
|
—
|
|
—
|
|
346.6
|
|
14.6
|
|
361.2
|
|
||||
Issuance of stock
|
48,101
|
|
2.4
|
|
—
|
|
—
|
|
2.4
|
|
||||
Issuance of stock compensation and reinvested dividends
|
389,626
|
|
9.7
|
|
—
|
|
—
|
|
9.7
|
|
||||
Tax withholding related to stock compensation
|
—
|
|
(5.0
|
)
|
—
|
|
—
|
|
(5.0
|
)
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(217.1
|
)
|
—
|
|
(217.1
|
)
|
||||
Stock compensation expense
|
—
|
|
9.3
|
|
—
|
|
—
|
|
9.3
|
|
||||
Distributions to shareholders of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
(2.5
|
)
|
(2.5
|
)
|
||||
Cumulative effect of adoption of ASU 2016-09
|
—
|
|
—
|
|
3.3
|
|
—
|
|
3.3
|
|
||||
Balance as of December 31, 2016
|
141,791,153
|
|
2,727.3
|
|
1,078.6
|
|
27.3
|
|
3,833.2
|
|
||||
Net income
|
—
|
|
—
|
|
323.9
|
|
12.6
|
|
336.5
|
|
||||
Issuance of stock
|
12,131
|
|
0.6
|
|
—
|
|
—
|
|
0.6
|
|
||||
Issuance of stock for compensation and reinvested dividends
|
290,991
|
|
5.1
|
|
—
|
|
—
|
|
5.1
|
|
||||
Tax withholding related to stock compensation
|
—
|
|
(7.0
|
)
|
—
|
|
—
|
|
(7.0
|
)
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(229.2
|
)
|
—
|
|
(229.2
|
)
|
||||
Stock compensation expense
|
—
|
|
8.8
|
|
—
|
|
—
|
|
8.8
|
|
||||
Deconsolidation of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
(81.9
|
)
|
(81.9
|
)
|
||||
Distributions to shareholders of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
(5.7
|
)
|
(5.7
|
)
|
||||
Balance as of December 31, 2017
|
142,094,275
|
|
2,734.8
|
|
1,173.3
|
|
(47.7
|
)
|
3,860.4
|
|
||||
Net income
|
—
|
|
—
|
|
338.9
|
|
10.2
|
|
349.1
|
|
||||
Issuance of stock for compensation and reinvested dividends
|
516,990
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Stock cancelled pursuant to Amended Merger Agreement
|
(142,611,264
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Tax withholding related to stock compensation
|
—
|
|
(17.2
|
)
|
—
|
|
—
|
|
(17.2
|
)
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(251.6
|
)
|
—
|
|
(251.6
|
)
|
||||
Stock compensation expense
|
—
|
|
19.9
|
|
—
|
|
—
|
|
19.9
|
|
||||
Other
|
—
|
|
0.1
|
|
—
|
|
—
|
|
0.1
|
|
||||
Balance as of December 31, 2018
|
1
|
|
$
|
2,737.6
|
|
$
|
1,260.6
|
|
$
|
(37.5
|
)
|
$
|
3,960.7
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||
|
|
|
|
|
||||||||
Year Ended December 31
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(millions)
|
||||||||||
OPERATING REVENUES
|
|
$
|
1,823.1
|
|
|
$
|
1,890.7
|
|
|
$
|
1,875.4
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|||
Fuel and purchased power
|
|
520.6
|
|
|
480.7
|
|
|
429.1
|
|
|||
Operating and maintenance
|
|
494.2
|
|
|
474.8
|
|
|
502.0
|
|
|||
Depreciation and amortization
|
|
281.3
|
|
|
266.3
|
|
|
247.5
|
|
|||
Taxes other than income tax
|
|
117.2
|
|
|
182.5
|
|
|
177.5
|
|
|||
Total Operating Expenses
|
|
1,413.3
|
|
|
1,404.3
|
|
|
1,356.1
|
|
|||
INCOME FROM OPERATIONS
|
|
409.8
|
|
|
486.4
|
|
|
519.3
|
|
|||
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
||||||
Investment earnings
|
|
2.8
|
|
|
2.0
|
|
|
0.6
|
|
|||
Other income
|
|
2.2
|
|
|
9.2
|
|
|
11.2
|
|
|||
Other expense
|
|
(30.9
|
)
|
|
(50.8
|
)
|
|
(44.8
|
)
|
|||
Total Other Income (Expense), Net
|
|
(25.9
|
)
|
|
(39.6
|
)
|
|
(33.0
|
)
|
|||
Interest expense
|
|
133.7
|
|
|
138.8
|
|
|
139.4
|
|
|||
INCOME BEFORE INCOME TAXES
|
|
250.2
|
|
|
308.0
|
|
|
346.9
|
|
|||
Income tax expense
|
|
87.3
|
|
|
128.2
|
|
|
121.9
|
|
|||
NET INCOME
|
|
$
|
162.9
|
|
|
$
|
179.8
|
|
|
$
|
225.0
|
|
COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|||
NET INCOME
|
|
$
|
162.9
|
|
|
$
|
179.8
|
|
|
$
|
225.0
|
|
OTHER COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|||
Derivative hedging activity
|
|
|
|
|
|
|
|
|
|
|||
Reclassification to expenses, net of tax:
|
|
3.7
|
|
|
4.6
|
|
|
5.4
|
|
|||
Derivative hedging activity, net of tax
|
|
3.7
|
|
|
4.6
|
|
|
5.4
|
|
|||
Total Other Comprehensive Income
|
|
3.7
|
|
|
4.6
|
|
|
5.4
|
|
|||
COMPREHENSIVE INCOME
|
|
$
|
166.6
|
|
|
$
|
184.4
|
|
|
$
|
230.4
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|
|
|
||||||||
|
December 31
|
||||||||||
|
2018
|
|
2017
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
CURRENT ASSETS:
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
2.6
|
|
|
|
|
$
|
2.2
|
|
|
Receivables, net
|
|
62.7
|
|
|
|
|
106.3
|
|
|
||
Related party receivables
|
|
101.8
|
|
|
|
|
84.7
|
|
|
||
Accounts receivable pledged as collateral
|
|
130.0
|
|
|
|
|
130.0
|
|
|
||
Fuel inventory and supplies
|
|
177.6
|
|
|
|
|
197.0
|
|
|
||
Income taxes receivable
|
|
—
|
|
|
|
|
5.4
|
|
|
||
Regulatory assets
|
|
130.9
|
|
|
|
|
153.6
|
|
|
||
Prepaid expenses and other assets
|
|
36.9
|
|
|
|
|
27.6
|
|
|
||
Total Current Assets
|
|
642.5
|
|
|
|
|
706.8
|
|
|
||
PROPERTY, PLANT AND EQUIPMENT, NET
|
|
6,688.1
|
|
|
|
|
6,565.6
|
|
|
||
OTHER ASSETS:
|
|
|
|
|
|
|
|
|
|
||
Regulatory assets
|
|
495.2
|
|
|
|
|
545.1
|
|
|
||
Nuclear decommissioning trust fund
|
|
244.6
|
|
|
|
|
258.4
|
|
|
||
Other
|
|
50.1
|
|
|
|
|
48.0
|
|
|
||
Total Other Assets
|
|
789.9
|
|
|
|
|
851.5
|
|
|
||
TOTAL ASSETS
|
|
$
|
8,120.5
|
|
|
|
|
$
|
8,123.9
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
|
|||||||||||
|
December 31
|
||||||||||
|
2018
|
|
2017
|
||||||||
LIABILITIES AND EQUITY
|
|
||||||||||
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
400.0
|
|
|
|
|
$
|
350.0
|
|
|
Notes payable and commercial paper
|
|
176.9
|
|
|
|
|
167.5
|
|
|
||
Collateralized note payable
|
|
130.0
|
|
|
|
|
130.0
|
|
|
||
Accounts payable
|
|
211.1
|
|
|
|
|
249.0
|
|
|
||
Accrued taxes
|
|
39.7
|
|
|
|
|
29.0
|
|
|
||
Accrued interest
|
|
28.9
|
|
|
|
|
32.4
|
|
|
||
Regulatory liabilities
|
|
52.8
|
|
|
|
|
8.3
|
|
|
||
Asset retirement obligations
|
|
29.2
|
|
|
|
|
34.9
|
|
|
||
Other
|
|
69.7
|
|
|
|
|
63.4
|
|
|
||
Total Current Liabilities
|
|
1,138.3
|
|
|
|
|
1,064.5
|
|
|
||
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
|
||
Long-term debt, net
|
|
2,130.1
|
|
|
|
|
2,232.2
|
|
|
||
Deferred income taxes
|
|
631.8
|
|
|
|
|
616.1
|
|
|
||
Unamortized investment tax credits
|
|
120.7
|
|
|
|
|
121.8
|
|
|
||
Regulatory liabilities
|
|
794.3
|
|
|
|
|
770.9
|
|
|
||
Pension and post-retirement liability
|
|
491.9
|
|
|
|
|
512.2
|
|
|
||
Asset retirement obligations
|
|
231.8
|
|
|
|
|
231.4
|
|
|
||
Other
|
|
81.8
|
|
|
|
|
61.6
|
|
|
||
Total Long-Term Liabilities
|
|
4,482.4
|
|
|
|
|
4,546.2
|
|
|
||
Commitments and Contingencies (Note 14)
|
|
|
|
|
|
|
|
|
|
||
EQUITY:
|
|
|
|
|
|
|
|
|
|
||
Common stock - 1,000 shares authorized, without par value, 1 share issued, stated value
|
|
1,563.1
|
|
|
|
|
1,563.1
|
|
|
||
Retained earnings
|
|
932.6
|
|
|
|
|
949.7
|
|
|
||
Accumulated other comprehensive income
|
|
4.1
|
|
|
|
|
0.4
|
|
|
||
Total Equity
|
|
2,499.8
|
|
|
|
|
2,513.2
|
|
|
||
TOTAL LIABILITIES AND EQUITY
|
|
$
|
8,120.5
|
|
|
|
|
$
|
8,123.9
|
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|||||||||||
Consolidated Statements of Cash Flows
|
|||||||||||
|
|||||||||||
|
|
|
|
|
|
||||||
Year Ended December 31
|
2018
|
|
2017
|
|
2016
|
||||||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
|
(millions)
|
||||||||||
Net income
|
$
|
162.9
|
|
|
$
|
179.8
|
|
|
$
|
225.0
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
281.3
|
|
|
266.3
|
|
|
247.5
|
|
|||
Amortization of nuclear fuel
|
26.2
|
|
|
32.1
|
|
|
26.6
|
|
|||
Amortization of deferred refueling outage
|
13.5
|
|
|
18.3
|
|
|
19.0
|
|
|||
Net deferred income taxes and credits
|
48.6
|
|
|
82.5
|
|
|
92.4
|
|
|||
Allowance for equity funds used during construction
|
(1.4
|
)
|
|
(6.0
|
)
|
|
(6.6
|
)
|
|||
Payments for asset retirement obligations
|
(13.1
|
)
|
|
(25.5
|
)
|
|
(15.0
|
)
|
|||
Other
|
3.9
|
|
|
7.5
|
|
|
8.8
|
|
|||
Changes in working capital items:
|
|
|
|
|
|
|
|||||
Accounts receivable
|
36.5
|
|
|
13.8
|
|
|
(12.4
|
)
|
|||
Accounts receivable pledged as collateral
|
—
|
|
|
(20.0
|
)
|
|
—
|
|
|||
Fuel inventory and supplies
|
19.4
|
|
|
(5.2
|
)
|
|
6.3
|
|
|||
Prepaid expenses and other current assets
|
7.2
|
|
|
8.4
|
|
|
(73.2
|
)
|
|||
Accounts payable
|
(34.6
|
)
|
|
11.7
|
|
|
(30.5
|
)
|
|||
Accrued taxes
|
16.1
|
|
|
9.1
|
|
|
67.9
|
|
|||
Other current liabilities
|
10.4
|
|
|
(0.1
|
)
|
|
10.4
|
|
|||
Changes in other assets
|
42.9
|
|
|
31.7
|
|
|
66.5
|
|
|||
Changes in other liabilities
|
37.9
|
|
|
6.5
|
|
|
(9.4
|
)
|
|||
Cash Flows from Operating Activities
|
657.7
|
|
|
610.9
|
|
|
623.3
|
|
|||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
||||
Additions to property, plant and equipment
|
(430.7
|
)
|
|
(468.6
|
)
|
|
(447.9
|
)
|
|||
Purchase of securities - trusts
|
(35.1
|
)
|
|
(33.6
|
)
|
|
(31.9
|
)
|
|||
Sale of securities - trusts
|
27.1
|
|
|
30.3
|
|
|
28.6
|
|
|||
Other investing activities
|
4.8
|
|
|
0.9
|
|
|
(0.3
|
)
|
|||
Cash Flows (used in) Investing Activities
|
(433.9
|
)
|
|
(471.0
|
)
|
|
(451.5
|
)
|
|||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
||||
Short term debt, net
|
8.0
|
|
|
34.6
|
|
|
(47.4
|
)
|
|||
Collateralized short-term borrowings, net
|
—
|
|
|
20.0
|
|
|
—
|
|
|||
Proceeds from long-term debt
|
465.6
|
|
|
296.2
|
|
|
—
|
|
|||
Retirements of long-term debt
|
(519.9
|
)
|
|
(281.0
|
)
|
|
—
|
|
|||
Cash dividends paid
|
(180.0
|
)
|
|
(212.0
|
)
|
|
(122.0
|
)
|
|||
Other financing activities
|
2.9
|
|
|
—
|
|
|
(0.2
|
)
|
|||
Cash Flows (used in) Financing Activities
|
(223.4
|
)
|
|
(142.2
|
)
|
|
(169.6
|
)
|
|||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
0.4
|
|
|
(2.3
|
)
|
|
2.2
|
|
|||
CASH AND CASH EQUIVALENTS:
|
|
|
|
|
|
||||||
Beginning of period
|
2.2
|
|
|
4.5
|
|
|
2.3
|
|
|||
End of period
|
$
|
2.6
|
|
|
$
|
2.2
|
|
|
$
|
4.5
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
||||||||||||||||||
Consolidated Statements of Changes in Equity
|
||||||||||||||||||
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Common stock shares
|
|
Common stock
|
|
Retained earnings
|
|
AOCI - Net gains (losses) on cash flow hedges
|
|
Total equity
|
|||||||||
|
(millions, except share amounts)
|
|||||||||||||||||
Balance as of December 31, 2015
|
1
|
|
|
$
|
1,563.1
|
|
|
$
|
879.6
|
|
|
$
|
(9.6
|
)
|
|
$
|
2,433.1
|
|
Net income
|
—
|
|
|
—
|
|
|
225.0
|
|
|
—
|
|
|
225.0
|
|
||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
(122.0
|
)
|
|
—
|
|
|
(122.0
|
)
|
||||
Derivative hedging activity, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
5.4
|
|
|
5.4
|
|
||||
Balance as of December 31, 2016
|
1
|
|
|
1,563.1
|
|
|
982.6
|
|
|
(4.2
|
)
|
|
2,541.5
|
|
||||
Net income
|
—
|
|
|
—
|
|
|
179.8
|
|
|
—
|
|
|
179.8
|
|
||||
Cumulative effect of adoption of ASU 2016-09
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|
—
|
|
|
(0.7
|
)
|
||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
(212.0
|
)
|
|
—
|
|
|
(212.0
|
)
|
||||
Derivative hedging activity, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
4.6
|
|
|
4.6
|
|
||||
Balance as of December 31, 2017
|
1
|
|
|
1,563.1
|
|
|
949.7
|
|
|
0.4
|
|
|
2,513.2
|
|
||||
Net income
|
—
|
|
|
—
|
|
|
162.9
|
|
|
—
|
|
|
162.9
|
|
||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
(180.0
|
)
|
|
—
|
|
|
(180.0
|
)
|
||||
Derivative hedging activity, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
3.7
|
|
|
3.7
|
|
||||
Balance as of December 31, 2018
|
1
|
|
|
$
|
1,563.1
|
|
|
$
|
932.6
|
|
|
$
|
4.1
|
|
|
$
|
2,499.8
|
|
•
|
Westar Energy is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Westar Energy has
one
active wholly-owned subsidiary with significant operations, Kansas Gas and Electric Company (KGE).
|
•
|
KCP&L is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas.
|
•
|
KCP&L Greater Missouri Operations Company (GMO) is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri.
|
•
|
GPE Transmission Holding Company, LLC (GPETHC) owns
13.5%
of Transource Energy, LLC (Transource) with the remaining
86.5%
owned by AEP Transmission Holding Company, LLC, a subsidiary of American Electric Power Company, Inc. (AEP). Transource is focused on the development of competitive electric transmission projects. GPETHC accounts for its investment in Transource under the equity method.
|
|
|
2017
|
|
2016
|
||||||||||||
|
|
As Previously Filed
|
|
As Recast
|
|
As Previously Filed
|
|
As Recast
|
||||||||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
|
|
(in millions)
|
||||||||||||||
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
|
|
|
|
|
||||||||
Amortization of other
|
|
$
|
30.2
|
|
|
$
|
—
|
|
|
$
|
33.9
|
|
|
$
|
—
|
|
Amortization of deferred refueling outage
|
|
—
|
|
|
18.3
|
|
|
—
|
|
|
19.0
|
|
||||
Deferred income taxes, net
|
|
83.5
|
|
|
—
|
|
|
93.4
|
|
|
—
|
|
||||
Investment tax credit amortization
|
|
(1.0
|
)
|
|
—
|
|
|
(1.0
|
)
|
|
—
|
|
||||
Net deferred income taxes and credits
|
|
—
|
|
|
82.5
|
|
|
—
|
|
|
92.4
|
|
||||
Payments for asset retirement obligations
|
|
(25.5
|
)
|
|
(25.5
|
)
|
|
—
|
|
|
(15.0
|
)
|
||||
Other/Solar rebates paid
(a)
|
|
(9.0
|
)
|
|
7.5
|
|
|
1.4
|
|
|
8.8
|
|
||||
Changes in working capital items:
|
|
|
|
|
|
|
|
|
||||||||
Fuel inventory and supplies
|
|
—
|
|
|
(5.2
|
)
|
|
—
|
|
|
6.3
|
|
||||
Fuel inventories
(a)
|
|
1.9
|
|
|
—
|
|
|
10.6
|
|
|
—
|
|
||||
Materials and supplies
(a)
|
|
(7.1
|
)
|
|
—
|
|
|
(4.3
|
)
|
|
—
|
|
||||
Prepaid expenses and other current assets
|
|
—
|
|
|
8.4
|
|
|
—
|
|
|
(73.2
|
)
|
||||
Other current liabilities
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
10.4
|
|
||||
Changes in other assets
|
|
—
|
|
|
31.7
|
|
|
—
|
|
|
66.5
|
|
||||
Changes in other liabilities
|
|
—
|
|
|
6.5
|
|
|
—
|
|
|
(9.4
|
)
|
||||
Deferred refueling outage costs
(a)
|
|
15.5
|
|
|
—
|
|
|
(3.1
|
)
|
|
—
|
|
||||
Pension and post-retirement benefit obligations
(a)
|
|
27.3
|
|
|
—
|
|
|
28.6
|
|
|
—
|
|
||||
Fuel recovery mechanisms
(a)
|
|
8.3
|
|
|
—
|
|
|
(53.7
|
)
|
|
—
|
|
||||
Total reclassifications
|
|
$
|
124.1
|
|
|
$
|
124.1
|
|
|
$
|
105.8
|
|
|
$
|
105.8
|
|
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
||||||||
Additions to property, plant and equipment
|
|
$
|
—
|
|
|
$
|
(468.6
|
)
|
|
$
|
—
|
|
|
$
|
(447.9
|
)
|
Utility capital expenditures
|
|
(437.7
|
)
|
|
—
|
|
|
(418.8
|
)
|
|
—
|
|
||||
Allowance for borrowed funds used during construction
|
|
(6.1
|
)
|
|
—
|
|
|
(5.6
|
)
|
|
—
|
|
||||
Other investing activities
|
|
(23.9
|
)
|
|
0.9
|
|
|
(23.8
|
)
|
|
(0.3
|
)
|
||||
Total reclassifications
|
|
$
|
(467.7
|
)
|
|
$
|
(467.7
|
)
|
|
$
|
(448.2
|
)
|
|
$
|
(448.2
|
)
|
|
December 31
|
||||||
|
2018
|
|
2017
|
||||
Evergy
|
(millions)
|
||||||
Fuel inventory
|
$
|
168.9
|
|
|
$
|
94.1
|
|
Supplies
|
342.1
|
|
|
199.5
|
|
||
Fuel inventory and supplies
|
$
|
511.0
|
|
|
$
|
293.6
|
|
Westar Energy
|
|
|
|
||||
Fuel inventory
|
$
|
87.8
|
|
|
$
|
94.1
|
|
Supplies
|
189.0
|
|
|
199.5
|
|
||
Fuel inventory and supplies
|
$
|
276.8
|
|
|
$
|
293.6
|
|
KCP&L
(a)
|
|
|
|
||||
Fuel inventory
|
$
|
57.8
|
|
|
$
|
71.0
|
|
Supplies
|
119.8
|
|
|
126.0
|
|
||
Fuel inventory and supplies
|
$
|
177.6
|
|
|
$
|
197.0
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Evergy
|
(millions)
|
||||||||||
AFUDC borrowed funds
|
$
|
10.4
|
|
|
$
|
5.6
|
|
|
$
|
10.0
|
|
AFUDC equity funds
|
3.1
|
|
|
2.0
|
|
|
11.6
|
|
|||
Total
|
$
|
13.5
|
|
|
$
|
7.6
|
|
|
$
|
21.6
|
|
Westar Energy
|
|
|
|
|
|
||||||
AFUDC borrowed funds
|
$
|
6.6
|
|
|
$
|
5.6
|
|
|
$
|
10.0
|
|
AFUDC equity funds
|
2.9
|
|
|
2.0
|
|
|
11.6
|
|
|||
Total
|
$
|
9.5
|
|
|
$
|
7.6
|
|
|
$
|
21.6
|
|
KCP&L
(a)
|
|
|
|
|
|
||||||
AFUDC borrowed funds
|
$
|
4.9
|
|
|
$
|
6.1
|
|
|
$
|
5.6
|
|
AFUDC equity funds
|
1.4
|
|
|
6.0
|
|
|
6.6
|
|
|||
Total
|
$
|
6.3
|
|
|
$
|
12.1
|
|
|
$
|
12.2
|
|
|
2018
|
|
2017
|
|
2016
|
Westar Energy
|
3.3%
|
|
2.3%
|
|
4.2%
|
KCP&L
|
3.9%
|
|
4.9%
|
|
5.7%
|
GMO
|
2.9%
|
|
1.9%
|
|
1.6%
|
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
||||||
|
|
(years)
|
||||||||||
Generating facilities
|
|
8
|
to
|
87
|
|
8
|
to
|
87
|
|
20
|
to
|
60
|
Transmission facilities
|
|
15
|
to
|
94
|
|
36
|
to
|
94
|
|
15
|
to
|
70
|
Distribution facilities
|
|
8
|
to
|
73
|
|
19
|
to
|
73
|
|
8
|
to
|
55
|
Other
|
|
5
|
to
|
84
|
|
7
|
to
|
84
|
|
5
|
to
|
50
|
|
|
December 31
|
||||||
|
|
2018
|
|
2017
|
||||
Evergy
|
|
(millions)
|
||||||
Cash surrender value of policies
|
|
$
|
1,441.7
|
|
|
$
|
1,320.7
|
|
Borrowings against policies
|
|
(1,306.9
|
)
|
|
(1,189.2
|
)
|
||
Corporate-owned life insurance, net
|
|
$
|
134.8
|
|
|
$
|
131.5
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Evergy
|
(millions)
|
||||||||||
Non-service cost component of net benefit cost
|
$
|
(47.8
|
)
|
|
$
|
(20.0
|
)
|
|
$
|
(20.6
|
)
|
Other
|
(30.9
|
)
|
|
(19.1
|
)
|
|
(18.0
|
)
|
|||
Other expense
|
$
|
(78.7
|
)
|
|
$
|
(39.1
|
)
|
|
$
|
(38.6
|
)
|
Westar Energy
|
|
|
|
|
|
||||||
Non-service cost component of net benefit cost
|
$
|
(23.5
|
)
|
|
$
|
(20.0
|
)
|
|
$
|
(20.6
|
)
|
Other
|
(23.3
|
)
|
|
(19.1
|
)
|
|
(18.0
|
)
|
|||
Other expense
|
$
|
(46.8
|
)
|
|
$
|
(39.1
|
)
|
|
$
|
(38.6
|
)
|
KCP&L
(a)
|
|
|
|
|
|
||||||
Non-service cost component of net benefit cost
|
$
|
(25.9
|
)
|
|
$
|
(42.7
|
)
|
|
$
|
(37.2
|
)
|
Other
|
(5.0
|
)
|
|
(8.1
|
)
|
|
(7.6
|
)
|
|||
Other expense
|
$
|
(30.9
|
)
|
|
$
|
(50.8
|
)
|
|
$
|
(44.8
|
)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Income
|
(millions, except per share amounts)
|
||||||||||
Net income
|
$
|
546.0
|
|
|
$
|
336.5
|
|
|
$
|
361.2
|
|
Less: Net income attributable to noncontrolling interests
|
10.2
|
|
|
12.6
|
|
|
14.6
|
|
|||
Net income attributable to Evergy, Inc.
|
$
|
535.8
|
|
|
$
|
323.9
|
|
|
$
|
346.6
|
|
Common Shares Outstanding
|
|
|
|
|
|
|
|
||||
Weighted average number of common shares outstanding - basic
|
213.9
|
|
|
142.5
|
|
|
142.1
|
|
|||
Add: effect of dilutive securities
|
0.2
|
|
|
0.1
|
|
|
0.4
|
|
|||
Diluted average number of common shares outstanding
|
214.1
|
|
|
142.6
|
|
|
142.5
|
|
|||
Basic and Diluted EPS
|
$
|
2.50
|
|
|
$
|
2.27
|
|
|
$
|
2.43
|
|
Year Ended December 31
|
|
2018
|
|
2017
|
|
2016
|
||||||
Evergy
|
|
(millions)
|
||||||||||
Cash paid for (received from):
|
|
|
|
|
|
|
||||||
Interest on financing activities, net of amount capitalized
|
|
$
|
255.9
|
|
|
$
|
153.9
|
|
|
$
|
139.0
|
|
Interest on financing activities of VIEs
|
|
2.3
|
|
|
3.1
|
|
|
5.8
|
|
|||
Income taxes, net of refunds
|
|
(0.9
|
)
|
|
(12.7
|
)
|
|
13.1
|
|
|||
Non-cash investing transactions:
|
|
|
|
|
|
|
||||||
Property, plant and equipment additions (reductions)
|
|
(7.8
|
)
|
|
158.8
|
|
|
151.5
|
|
|||
Deconsolidation of property, plant and equipment of VIE
|
|
—
|
|
|
(72.9
|
)
|
|
—
|
|
|||
Non-cash financing transactions:
|
|
|
|
|
|
|
||||||
Issuance of stock for compensation and reinvested dividends
|
|
0.5
|
|
|
5.1
|
|
|
9.7
|
|
|||
Deconsolidation of VIE
|
|
—
|
|
|
(83.1
|
)
|
|
—
|
|
|||
Assets acquired through capital leases
|
|
1.2
|
|
|
4.8
|
|
|
2.7
|
|
Year Ended December 31
|
|
2018
|
|
2017
|
|
2016
|
||||||
Westar Energy
|
|
(millions)
|
||||||||||
Cash paid for (received from):
|
|
|
|
|
|
|
||||||
Interest on financing activities, net of amount capitalized
|
|
$
|
155.3
|
|
|
$
|
153.9
|
|
|
$
|
139.0
|
|
Interest on financing activities of VIEs
|
|
2.3
|
|
|
3.1
|
|
|
5.8
|
|
|||
Income taxes, net of refunds
|
|
37.5
|
|
|
(12.7
|
)
|
|
13.1
|
|
|||
Non-cash investing transactions:
|
|
|
|
|
|
|
||||||
Property, plant and equipment additions (reductions)
|
|
(32.5
|
)
|
|
158.8
|
|
|
151.5
|
|
|||
Deconsolidation of property, plant and equipment of VIE
|
|
—
|
|
|
(72.9
|
)
|
|
—
|
|
|||
Non-cash financing transactions:
|
|
|
|
|
|
|
||||||
Issuance of stock for compensation and reinvested dividends
|
|
—
|
|
|
5.1
|
|
|
9.7
|
|
|||
Deconsolidation of VIE
|
|
—
|
|
|
(83.1
|
)
|
|
—
|
|
|||
Assets acquired through capital leases
|
|
1.2
|
|
|
4.8
|
|
|
2.7
|
|
Year Ended December 31
|
|
2018
|
|
2017
|
|
2016
|
||||||
KCP&L
(a)
|
|
(millions)
|
||||||||||
Cash paid for (received from):
|
|
|
|
|
|
|
||||||
Interest on financing activities, net of amount capitalized
|
|
$
|
129.4
|
|
|
$
|
128.0
|
|
|
$
|
127.0
|
|
Income taxes, net of refunds
|
|
31.2
|
|
|
38.8
|
|
|
(37.3
|
)
|
|||
Non-cash investing transactions:
|
|
|
|
|
|
|
||||||
Property, plant and equipment additions
|
|
19.2
|
|
|
36.6
|
|
|
75.4
|
|
|
2017
|
|
2016
|
||||||||||||||||||||
|
As Previously Reported
(b)
|
|
Effect of
Change
|
|
As Reported
|
|
As Previously Reported
(b)
|
|
Effect of
Change
|
|
As Reported
|
||||||||||||
Evergy
|
(millions)
|
||||||||||||||||||||||
Operating and maintenance
expense
|
$
|
583.5
|
|
|
$
|
(20.0
|
)
|
|
$
|
563.5
|
|
|
$
|
607.8
|
|
|
$
|
(20.6
|
)
|
|
$
|
587.2
|
|
Total operating expenses
|
1,912.2
|
|
|
(20.0
|
)
|
|
1,892.2
|
|
|
1,880.3
|
|
|
(20.6
|
)
|
|
1,859.7
|
|
||||||
Income from operations
|
658.8
|
|
|
20.0
|
|
|
678.8
|
|
|
681.8
|
|
|
20.6
|
|
|
702.4
|
|
||||||
Other expense
|
(19.1
|
)
|
|
(20.0
|
)
|
|
(39.1
|
)
|
|
(18.0
|
)
|
|
(20.6
|
)
|
|
(38.6
|
)
|
||||||
Total other income (expense), net
|
(6.8
|
)
|
|
(20.0
|
)
|
|
(26.8
|
)
|
|
19.1
|
|
|
(20.6
|
)
|
|
(1.5
|
)
|
||||||
Westar Energy
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating and maintenance
expense
|
$
|
583.5
|
|
|
$
|
(20.0
|
)
|
|
$
|
563.5
|
|
|
$
|
607.8
|
|
|
$
|
(20.6
|
)
|
|
$
|
587.2
|
|
Total operating expenses
|
1,912.2
|
|
|
(20.0
|
)
|
|
1,892.2
|
|
|
1,880.3
|
|
|
(20.6
|
)
|
|
1,859.7
|
|
||||||
Income from operations
|
658.8
|
|
|
20.0
|
|
|
678.8
|
|
|
681.8
|
|
|
20.6
|
|
|
702.4
|
|
||||||
Other expense
|
(19.1
|
)
|
|
(20.0
|
)
|
|
(39.1
|
)
|
|
(18.0
|
)
|
|
(20.6
|
)
|
|
(38.6
|
)
|
||||||
Total other income (expense), net
|
(6.8
|
)
|
|
(20.0
|
)
|
|
(26.8
|
)
|
|
19.1
|
|
|
(20.6
|
)
|
|
(1.5
|
)
|
||||||
KCP&L
(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating and maintenance
expense
|
$
|
517.5
|
|
|
$
|
(42.7
|
)
|
|
$
|
474.8
|
|
|
$
|
539.2
|
|
|
$
|
(37.2
|
)
|
|
$
|
502.0
|
|
Total operating expenses
|
1,447.0
|
|
|
(42.7
|
)
|
|
1,404.3
|
|
|
1,393.3
|
|
|
(37.2
|
)
|
|
1,356.1
|
|
||||||
Income from operations
|
443.7
|
|
|
42.7
|
|
|
486.4
|
|
|
482.1
|
|
|
37.2
|
|
|
519.3
|
|
||||||
Other expense
|
(8.1
|
)
|
|
(42.7
|
)
|
|
(50.8
|
)
|
|
(7.6
|
)
|
|
(37.2
|
)
|
|
(44.8
|
)
|
||||||
Total other income (expense), net
|
3.1
|
|
|
(42.7
|
)
|
|
(39.6
|
)
|
|
4.2
|
|
|
(37.2
|
)
|
|
(33.0
|
)
|
•
|
Provide a total of
$30.6 million
of one-time bill credits to Kansas electric retail customers as soon as practicable following the close of the merger and the completion of Westar Energy's and KCP&L's current rate cases in Kansas. Of this total,
$23.1 million
of the credits relate to Westar Energy customers and the remaining
$7.5 million
of credits relate to KCP&L Kansas customers.
|
•
|
Provide a total of approximately
$46 million
in additional bill credits consisting of
$11.5 million
in annual bill credits to Kansas electric retail customers from 2019 through 2022. Of the annual amount,
$8.7 million
of the credits relate to Westar Energy customers and the remaining
$2.8 million
of credits relate to KCP&L Kansas customers.
|
•
|
Provide for the inclusion of a total of
$30.0 million
of merger-related savings in Westar Energy's and KCP&L's current rate cases in Kansas. Of this total,
$22.5 million
of the savings are attributable to Westar Energy with the remaining
$7.5 million
of savings attributable to KCP&L's Kansas jurisdiction.
|
•
|
A
five
-year base rate moratorium for Westar Energy and KCP&L in Kansas that commenced following the conclusion of KCP&L's current Kansas rate case in December 2018. The moratorium is subject to certain conditions and does not include Westar Energy's or KCP&L's fuel recovery mechanisms and certain other cost recovery mechanisms in Kansas.
|
•
|
Require both Westar Energy and KCP&L to file rate cases in Kansas in a fashion that would allow for updated electric utility rates to become effective upon the end of the
five
-year rate moratorium in December 2023.
|
•
|
Participate in an Earnings Review and Sharing Plan for the years 2019 through 2022, which may result in Westar Energy and/or KCP&L being subject to refunding
50%
of earned return on equity in excess of authorized return on equity to their Kansas customers.
|
•
|
Maintain charitable contributions and community involvement in the Kansas service territories of Westar Energy and KCP&L at levels equal to or greater than their respective 2015 levels for
5 years
following the closing of the merger.
|
•
|
Commit that Westar Energy's and KCP&L's retail electric base rates will not increase as a result of the merger.
|
•
|
Allow Westar Energy and KCP&L to recover a total of
$30.9 million
of merger transition costs consisting of
$23.2 million
for Westar Energy and
$7.7 million
for KCP&L's Kansas jurisdiction. Westar Energy and KCP&L have recorded these amounts as regulatory assets and they are being recovered over a
ten
-year period.
|
•
|
Provide a total of
$29.1 million
of one-time bill credits to Missouri electric retail customers within
120 days
following the close of the merger. Of this total,
$14.9 million
of the credits relate to KCP&L Missouri customers and the remaining
$14.2 million
of credits relate to GMO customers.
|
•
|
Commit that KCP&L's and GMO's retail electric base rates will not increase as a result of the merger.
|
•
|
Maintain charitable contributions and community involvement in the Missouri service territories of KCP&L and GMO at levels equal to or greater than their respective 2015 levels for
5 years
following the closing of the merger.
|
•
|
Provide a total of
$3.0 million
of support over
10 years
to community agencies to promote low-income weatherization efforts.
|
•
|
Support the recovery of a total of
$16.9 million
of merger transition costs in KCP&L's and GMO's 2018 rate cases, consisting of
$9.7 million
for KCP&L's Missouri jurisdiction and
$7.2 million
for GMO. KCP&L and GMO recorded these amounts as regulatory assets and they will be recovered over a
ten
-year period.
|
Description
|
Income Statement Line Item
|
Expected Payment Period
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
||||||
|
|
|
|
(millions)
|
||||||||||
One-time bill credits
|
Operating revenues
|
2018 - 2019
|
|
$
|
(59.7
|
)
|
|
$
|
(23.1
|
)
|
|
$
|
(22.4
|
)
|
Annual bill credits
|
Operating revenues
|
2019 - 2022
|
|
(10.5
|
)
|
|
(7.9
|
)
|
|
(2.6
|
)
|
|||
Total impact to operating revenues
|
|
|
|
$
|
(70.2
|
)
|
|
$
|
(31.0
|
)
|
|
$
|
(25.0
|
)
|
|
|
|
|
|
|
|
|
|
||||||
Charitable contributions and community support
|
Operating and maintenance
|
2018 - 2027
|
|
$
|
24.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Voluntary severance and accelerated equity compensation
|
Operating and maintenance
|
2018 - 2019
|
|
47.9
|
|
|
44.2
|
|
|
2.6
|
|
|||
Other transaction and transition costs
|
Operating and maintenance
|
2018
|
|
51.0
|
|
|
21.5
|
|
|
2.1
|
|
|||
Reallocation and deferral of merger transition costs
|
Operating and maintenance
|
n/a
|
|
(47.8
|
)
|
|
(13.8
|
)
|
|
(23.2
|
)
|
|||
Total impact to operating and maintenance expense
|
|
|
|
$
|
75.8
|
|
|
$
|
51.9
|
|
|
$
|
(18.5
|
)
|
Total
|
|
|
|
$
|
(146.0
|
)
|
|
$
|
(82.9
|
)
|
|
$
|
(6.5
|
)
|
|
|
(millions, except share amounts)
|
||
Great Plains Energy common stock shares outstanding as of June 4, 2018
|
|
215,800,074
|
|
|
Great Plains Energy restricted stock awards outstanding as of June 4, 2018
|
|
(204,825
|
)
|
|
Great Plains Energy shares to be converted to Evergy shares
|
|
215,595,249
|
|
|
Exchange ratio
|
|
0.5981
|
|
|
Evergy common stock shares issued to Great Plains Energy shareholders
|
|
128,947,518
|
|
|
Closing price of Westar Energy common stock as of June 4, 2018
|
|
$
|
54.00
|
|
Fair value of Evergy shares issued to Great Plains Energy shareholders
|
|
$
|
6,963.2
|
|
Fair value of Great Plains Energy's equity compensation awards
|
|
12.5
|
|
|
Total purchase price
|
|
$
|
6,975.7
|
|
|
|
2018
|
|
2017
|
||||
|
(millions, except per share amounts)
|
|||||||
Operating revenues
|
|
$
|
5,334.6
|
|
|
$
|
5,279.2
|
|
Net income attributable to Evergy, Inc.
|
|
714.3
|
|
|
468.9
|
|
||
Basic earnings per common share
|
|
$
|
2.67
|
|
|
$
|
1.73
|
|
Diluted earnings per common share
|
|
$
|
2.67
|
|
|
$
|
1.73
|
|
•
|
$74.7 million
and
$14.8 million
in 2018 and 2017, respectively, of certain after-tax merger-related transition and transaction costs;
|
•
|
$44.4 million
in 2018 of after-tax reductions in operating revenues related to one-time customer bill credits;
|
•
|
$278.0 million
of after-tax financing charges in 2017 related to Great Plains Energy's previously contemplated acquisition of Westar Energy; and
|
•
|
$36.6 million
and
$7.3 million
in 2018 and 2017, respectively, of after-tax mark-to-market gains on interest rate swaps for which cash settlement was contingent upon the consummation of the merger.
|
2018
|
Evergy
|
|
Westar Energy
|
|
KCP&L
(a)
|
||||||
Revenues
|
(millions)
|
||||||||||
Residential
|
$
|
1,578.8
|
|
|
$
|
846.4
|
|
|
$
|
735.6
|
|
Commercial
|
1,356.4
|
|
|
702.8
|
|
|
794.8
|
|
|||
Industrial
|
527.8
|
|
|
396.4
|
|
|
138.8
|
|
|||
Other retail
|
30.6
|
|
|
20.0
|
|
|
10.4
|
|
|||
Total electric retail
|
$
|
3,493.6
|
|
|
$
|
1,965.6
|
|
|
$
|
1,679.6
|
|
Wholesale
|
404.4
|
|
|
346.1
|
|
|
53.5
|
|
|||
Transmission
|
308.1
|
|
|
288.9
|
|
|
14.5
|
|
|||
Industrial steam and other
|
17.9
|
|
|
6.0
|
|
|
4.4
|
|
|||
Total revenue from contracts with customers
|
$
|
4,224.0
|
|
|
$
|
2,606.6
|
|
|
$
|
1,752.0
|
|
Other
|
51.9
|
|
|
8.3
|
|
|
71.1
|
|
|||
Operating revenues
|
$
|
4,275.9
|
|
|
$
|
2,614.9
|
|
|
$
|
1,823.1
|
|
|
December 31
|
|||||||||
|
|
2018
|
|
|
2017
|
|
||||
Evergy
|
|
(millions)
|
|
|||||||
Customer accounts receivable - billed
|
|
$
|
16.7
|
|
|
|
$
|
165.4
|
|
|
Customer accounts receivable - unbilled
|
|
91.2
|
|
|
|
76.6
|
|
|
||
Other receivables
|
|
95.0
|
|
|
|
55.4
|
|
|
||
Allowance for doubtful accounts
|
|
(9.2
|
)
|
|
|
(6.7
|
)
|
|
||
Total
|
|
$
|
193.7
|
|
|
|
$
|
290.7
|
|
|
Westar Energy
|
|
|
|
|||||||
Customer accounts receivable - billed
|
|
$
|
—
|
|
|
|
$
|
165.4
|
|
|
Customer accounts receivable - unbilled
|
|
16.6
|
|
|
|
76.6
|
|
|
||
Other receivables
|
|
71.6
|
|
|
|
55.4
|
|
|
||
Allowance for doubtful accounts
|
|
(3.9
|
)
|
|
|
(6.7
|
)
|
|
||
Total
|
|
$
|
84.3
|
|
|
|
$
|
290.7
|
|
|
KCP&L
(a)
|
|
|
|
|
|
|
|
|
||
Customer accounts receivable - billed
|
|
$
|
7.8
|
|
|
|
$
|
1.6
|
|
|
Customer accounts receivable - unbilled
|
|
42.9
|
|
|
|
67.6
|
|
|
||
Other receivables
|
|
15.8
|
|
|
|
39.3
|
|
|
||
Allowance for doubtful accounts
|
|
(3.8
|
)
|
|
|
(2.2
|
)
|
|
||
Total
|
|
$
|
62.7
|
|
|
|
$
|
106.3
|
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(millions)
|
||||||||||
Evergy
|
$
|
20.2
|
|
|
$
|
10.3
|
|
|
$
|
11.4
|
|
Westar Energy
|
8.5
|
|
|
10.3
|
|
|
11.4
|
|
|||
KCP&L
(a)
|
13.1
|
|
|
7.6
|
|
|
6.3
|
|
•
|
$11.2 million
decrease effective in January 2019;
|
•
|
$2.3 million
increase effective in January 2018 (
$25.5 million
increase offset by
$23.2 million
decrease from reduction in federal corporate income tax rate); and
|
•
|
$29.6 million
increase effective in January 2017.
|
|
|
December 31
|
||||||||||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||||||||||
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
(a)
|
||||||||||||
Regulatory Assets
|
|
(millions)
|
||||||||||||||||||||||
Pension and post-retirement costs
|
|
$
|
808.2
|
|
|
$
|
343.7
|
|
|
$
|
361.5
|
|
|
$
|
393.9
|
|
|
$
|
393.9
|
|
|
$
|
379.7
|
|
Debt reacquisition costs
|
|
113.5
|
|
|
104.1
|
|
|
8.2
|
|
|
109.2
|
|
|
109.2
|
|
|
8.7
|
|
||||||
Debt fair value adjustment
|
|
134.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Asset retirement obligations fair value
adjustment |
|
111.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Depreciation
|
|
58.0
|
|
|
58.0
|
|
|
—
|
|
|
60.6
|
|
|
60.6
|
|
|
—
|
|
||||||
Cost of removal
|
|
102.4
|
|
|
65.7
|
|
|
36.7
|
|
|
30.8
|
|
|
30.8
|
|
|
30.3
|
|
||||||
Asset retirement obligations
|
|
171.9
|
|
|
49.5
|
|
|
91.6
|
|
|
42.7
|
|
|
42.7
|
|
|
94.3
|
|
||||||
Analog meter unrecovered investment
|
|
35.6
|
|
|
35.6
|
|
|
—
|
|
|
31.5
|
|
|
31.5
|
|
|
—
|
|
||||||
Treasury yield hedges
|
|
23.7
|
|
|
23.7
|
|
|
—
|
|
|
24.8
|
|
|
24.8
|
|
|
—
|
|
||||||
Iatan No. 1 and common facilities
|
|
7.4
|
|
|
—
|
|
|
2.9
|
|
|
—
|
|
|
—
|
|
|
12.9
|
|
||||||
Iatan No. 2 construction accounting costs
|
|
26.8
|
|
|
—
|
|
|
13.5
|
|
|
—
|
|
|
—
|
|
|
25.0
|
|
||||||
Kansas property tax surcharge
|
|
33.1
|
|
|
23.7
|
|
|
9.4
|
|
|
17.4
|
|
|
17.4
|
|
|
6.6
|
|
||||||
Disallowed plant costs
|
|
15.0
|
|
|
15.0
|
|
|
—
|
|
|
15.2
|
|
|
15.2
|
|
|
—
|
|
||||||
La Cygne environmental costs
|
|
14.8
|
|
|
12.2
|
|
|
2.6
|
|
|
13.3
|
|
|
13.3
|
|
|
2.7
|
|
||||||
Deferred customer programs
|
|
19.9
|
|
|
7.0
|
|
|
8.0
|
|
|
8.1
|
|
|
8.1
|
|
|
40.9
|
|
||||||
Fuel recovery mechanisms
|
|
91.2
|
|
|
7.1
|
|
|
41.7
|
|
|
20.7
|
|
|
20.7
|
|
|
61.7
|
|
||||||
Solar rebates
|
|
45.2
|
|
|
—
|
|
|
13.9
|
|
|
—
|
|
|
—
|
|
|
22.6
|
|
||||||
Transmission delivery charge
|
|
0.8
|
|
|
—
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
3.2
|
|
||||||
Wolf Creek outage
|
|
21.8
|
|
|
10.9
|
|
|
10.9
|
|
|
7.0
|
|
|
7.0
|
|
|
6.8
|
|
||||||
Pension and other post-retirement benefit
non-service costs |
|
13.6
|
|
|
5.2
|
|
|
4.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Retired generation facilities
|
|
159.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Merger transition costs
|
|
47.0
|
|
|
22.6
|
|
|
17.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other regulatory assets
|
|
6.1
|
|
|
13.5
|
|
|
2.3
|
|
|
9.7
|
|
|
9.7
|
|
|
3.3
|
|
||||||
Total
|
|
2,061.8
|
|
|
797.5
|
|
|
626.1
|
|
|
784.9
|
|
|
784.9
|
|
|
698.7
|
|
||||||
Less: current portion
|
|
(303.9
|
)
|
|
(97.1
|
)
|
|
(130.9
|
)
|
|
(99.5
|
)
|
|
(99.5
|
)
|
|
(153.6
|
)
|
||||||
Total noncurrent regulatory assets
|
|
$
|
1,757.9
|
|
|
$
|
700.4
|
|
|
$
|
495.2
|
|
|
$
|
685.4
|
|
|
$
|
685.4
|
|
|
$
|
545.1
|
|
|
|
December 31
|
||||||||||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||||||||||
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
(a)
|
||||||||||||
Regulatory Liabilities
|
|
(millions)
|
||||||||||||||||||||||
Taxes refundable through future rates
|
|
$
|
1,703.6
|
|
|
$
|
853.2
|
|
|
$
|
609.2
|
|
|
$
|
845.2
|
|
|
$
|
845.2
|
|
|
$
|
574.0
|
|
Deferred regulatory gain from sale
leaseback |
|
59.1
|
|
|
59.1
|
|
|
—
|
|
|
64.6
|
|
|
64.6
|
|
|
—
|
|
||||||
Emission allowances
|
|
54.1
|
|
|
—
|
|
|
54.1
|
|
|
—
|
|
|
—
|
|
|
58.1
|
|
||||||
Nuclear decommissioning
|
|
188.2
|
|
|
84.5
|
|
|
103.7
|
|
|
55.5
|
|
|
55.5
|
|
|
126.0
|
|
||||||
Pension and post-retirement costs
|
|
53.4
|
|
|
28.3
|
|
|
25.1
|
|
|
48.4
|
|
|
48.4
|
|
|
12.0
|
|
||||||
Jurisdictional allowance for funds used
during construction |
|
30.3
|
|
|
30.3
|
|
|
—
|
|
|
31.7
|
|
|
31.7
|
|
|
—
|
|
||||||
La Cygne leasehold dismantling costs
|
|
29.5
|
|
|
29.5
|
|
|
—
|
|
|
29.6
|
|
|
29.6
|
|
|
—
|
|
||||||
Cost of removal
|
|
48.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Kansas tax credits
|
|
16.5
|
|
|
16.5
|
|
|
—
|
|
|
16.8
|
|
|
16.8
|
|
|
—
|
|
||||||
Purchase power agreement
|
|
8.8
|
|
|
8.8
|
|
|
—
|
|
|
8.8
|
|
|
8.8
|
|
|
—
|
|
||||||
Merger customer credits
|
|
7.5
|
|
|
—
|
|
|
7.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Refund of tax reform benefits
|
|
70.9
|
|
|
7.2
|
|
|
36.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other regulatory liabilities
|
|
59.0
|
|
|
3.9
|
|
|
11.2
|
|
|
5.0
|
|
|
5.0
|
|
|
9.1
|
|
||||||
Total
|
|
2,329.0
|
|
|
1,121.3
|
|
|
847.1
|
|
|
1,105.6
|
|
|
1,105.6
|
|
|
779.2
|
|
||||||
Less: current portion
|
|
(110.2
|
)
|
|
(19.5
|
)
|
|
(52.8
|
)
|
|
(11.6
|
)
|
|
(11.6
|
)
|
|
(8.3
|
)
|
||||||
Total noncurrent regulatory liabilities
|
|
$
|
2,218.8
|
|
|
$
|
1,101.8
|
|
|
$
|
794.3
|
|
|
$
|
1,094.0
|
|
|
$
|
1,094.0
|
|
|
$
|
770.9
|
|
|
|
Evergy
|
|
|
Westar Energy
|
|
|
KCP&L
(a)
|
|
|||||||||||||||||||||
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
||||||||||||
|
|
(millions)
|
|
|||||||||||||||||||||||||||
Beginning balance
|
|
$
|
405.1
|
|
|
|
$
|
324.0
|
|
|
|
$
|
405.1
|
|
|
|
$
|
324.0
|
|
|
|
$
|
266.3
|
|
|
|
$
|
278.0
|
|
|
Liabilities assumed upon merger with Great Plains Energy
|
|
412.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
||||||
Liabilities incurred during the year
|
|
7.4
|
|
|
|
13.5
|
|
|
|
7.4
|
|
|
|
13.5
|
|
|
|
—
|
|
|
|
—
|
|
|
||||||
Revision in timing and/or estimates
|
|
(150.1
|
)
|
|
|
66.8
|
|
|
|
(138.7
|
)
|
|
|
66.8
|
|
|
|
(11.4
|
)
|
|
|
0.3
|
|
|
||||||
Settlements
|
|
(22.4
|
)
|
|
|
(16.0
|
)
|
|
|
(12.0
|
)
|
|
|
(16.0
|
)
|
|
|
(13.1
|
)
|
|
|
(25.5
|
)
|
|
||||||
Accretion
|
|
34.9
|
|
|
|
16.8
|
|
|
|
19.3
|
|
|
|
16.8
|
|
|
|
19.2
|
|
|
|
13.5
|
|
|
||||||
Ending balance
|
|
$
|
687.1
|
|
|
|
$
|
405.1
|
|
|
|
$
|
281.1
|
|
|
|
$
|
405.1
|
|
|
|
$
|
261.0
|
|
|
|
$
|
266.3
|
|
|
Less: current portion
|
|
(49.8
|
)
|
|
|
(25.1
|
)
|
|
|
(17.1
|
)
|
|
|
(25.1
|
)
|
|
|
(29.2
|
)
|
|
|
(34.9
|
)
|
|
||||||
Total noncurrent asset retirement obligation
|
|
$
|
637.3
|
|
|
|
$
|
380.0
|
|
|
|
$
|
264.0
|
|
|
|
$
|
380.0
|
|
|
|
$
|
231.8
|
|
|
|
$
|
231.4
|
|
|
December 31, 2018
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
||||||
|
|
(millions)
|
||||||||||
Electric plant in service
|
|
$
|
26,916.7
|
|
|
$
|
13,176.7
|
|
|
$
|
10,439.1
|
|
Electric plant acquisition adjustment
|
|
740.6
|
|
|
740.6
|
|
|
—
|
|
|||
Accumulated depreciation
|
|
(9,694.1
|
)
|
|
(4,642.8
|
)
|
|
(4,022.4
|
)
|
|||
Plant in service
|
|
17,963.2
|
|
|
9,274.5
|
|
|
6,416.7
|
|
|||
Construction work in progress
|
|
685.2
|
|
|
376.7
|
|
|
204.4
|
|
|||
Nuclear fuel, net
|
|
133.1
|
|
|
66.1
|
|
|
67.0
|
|
|||
Plant to be retired, net
(b)
|
|
1.0
|
|
|
1.0
|
|
|
—
|
|
|||
Net property, plant and equipment
|
|
$
|
18,782.5
|
|
|
$
|
9,718.3
|
|
|
$
|
6,688.1
|
|
|
|
|
|
|
|
|
||||||
December 31, 2017
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
(a)
|
||||||
|
|
(millions)
|
||||||||||
Electric plant in service
|
|
$
|
12,954.3
|
|
|
$
|
12,954.3
|
|
|
$
|
10,213.2
|
|
Electric plant acquisition adjustment
|
|
739.0
|
|
|
739.0
|
|
|
—
|
|
|||
Accumulated depreciation
|
|
(4,651.7
|
)
|
|
(4,651.7
|
)
|
|
(4,070.3
|
)
|
|||
Plant in service
|
|
9,041.6
|
|
|
9,041.6
|
|
|
6,142.9
|
|
|||
Construction work in progress
|
|
434.9
|
|
|
434.9
|
|
|
350.3
|
|
|||
Nuclear fuel, net
|
|
71.4
|
|
|
71.4
|
|
|
72.4
|
|
|||
Plant to be retired, net
(b)
|
|
5.9
|
|
|
5.9
|
|
|
—
|
|
|||
Net property, plant and equipment
|
|
$
|
9,553.8
|
|
|
$
|
9,553.8
|
|
|
$
|
6,565.6
|
|
|
|
|
December 31
|
|
||||||||
|
|
2018
|
|
2017
|
||||||||
|
|
|
(millions)
|
|
||||||||
Electric plant of VIEs
|
|
|
$
|
392.1
|
|
|
|
|
$
|
392.1
|
|
|
Accumulated depreciation of VIEs
|
|
|
(222.9
|
)
|
|
|
|
(215.8
|
)
|
|
||
Net property, plant and equipment of VIEs
|
|
|
$
|
169.2
|
|
|
|
|
$
|
176.3
|
|
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(millions)
|
||||||||||
Evergy
(a)
|
|
$
|
567.9
|
|
|
$
|
350.0
|
|
|
$
|
316.7
|
|
Westar Energy
(a)
|
|
371.3
|
|
|
350.0
|
|
|
316.7
|
|
|||
KCP&L
|
|
235.3
|
|
|
228.4
|
|
|
215.4
|
|
Evergy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Wolf Creek Unit
|
|
La Cygne Units
(a)
|
|
Iatan No. 1 Unit
|
|
Iatan No. 2 Unit
|
|
Iatan Common
|
|
Jeffrey Energy Center
(b)
|
|
State Line
|
||||||||||||||||||||||||||||
|
|
(millions, except MW amounts)
|
||||||||||||||||||||||||||||||||||||||||
Evergy's share
|
|
|
94%
|
|
|
|
100%
|
|
|
|
88%
|
|
|
|
73%
|
|
|
|
79%
|
|
|
|
100%
|
|
|
|
40%
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Utility plant in service
|
|
|
$
|
3,724.9
|
|
|
|
|
$
|
2,228.0
|
|
|
|
|
$
|
707.3
|
|
|
|
|
$
|
1,374.5
|
|
|
|
|
$
|
504.9
|
|
|
|
|
$
|
2,392.5
|
|
|
|
|
$
|
114.1
|
|
|
Accumulated depreciation
|
|
|
1,760.8
|
|
|
|
|
737.1
|
|
|
|
|
257.3
|
|
|
|
|
426.7
|
|
|
|
|
127.8
|
|
|
|
|
861.0
|
|
|
|
|
71.3
|
|
|
|||||||
Nuclear fuel, net
|
|
|
133.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||||
Construction work in progress
|
|
|
171.6
|
|
|
|
|
41.8
|
|
|
|
|
27.1
|
|
|
|
|
30.5
|
|
|
|
|
26.5
|
|
|
|
|
33.2
|
|
|
|
|
0.4
|
|
|
|||||||
2019 accredited capacity-MWs
|
|
|
1,104
|
|
|
|
|
1,398
|
|
|
|
|
616
|
|
|
|
|
641
|
|
|
|
|
NA
|
|
|
|
|
2,187
|
|
|
|
|
196
|
|
|
(a)
|
The VIE consolidated by Evergy and Westar Energy holds its
50%
leasehold interest in La Cygne Unit 2. This 50% leasehold interest in La Cygne Unit 2 is reflected in the information provided above. See Note 7 for additional information.
|
(b)
|
Evergy and Westar Energy's
8%
leasehold interest in Jeffrey Energy Center is reflected in the information provided above.
|
Westar Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Wolf Creek Unit
|
|
La Cygne Units
(a)
|
|
|
Jeffrey Energy Center
(b)
|
State
Line
|
||||||||||||||||
|
|
(millions, except MW amounts)
|
||||||||||||||||||||||
Westar Energy's share
|
|
|
47%
|
|
|
|
50%
|
|
|
|
92%
|
|
|
|
40%
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Utility plant in service
|
|
|
$
|
1,833.7
|
|
|
|
|
$
|
1,033.5
|
|
|
|
|
$
|
2,189.6
|
|
|
|
|
$
|
114.1
|
|
|
Accumulated depreciation
|
|
|
825.3
|
|
|
|
|
408.6
|
|
|
|
|
778.6
|
|
|
|
|
71.3
|
|
|
||||
Nuclear fuel, net
|
|
|
66.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||||
Construction work in progress
|
|
|
83.7
|
|
|
|
|
34.0
|
|
|
|
|
30.6
|
|
|
|
|
0.4
|
|
|
||||
2019 accredited capacity-MWs
|
|
|
552
|
|
|
|
|
699
|
|
|
|
|
2,012
|
|
|
|
|
196
|
|
|
(a)
|
The VIE consolidated by Evergy and Westar Energy holds its
50%
leasehold interest in La Cygne Unit 2. This 50% leasehold interest in La Cygne Unit 2 is reflected in the information provided above. See Note 7 for additional information.
|
(b)
|
Evergy's and Westar Energy's
8%
leasehold interest in Jeffrey Energy Center is reflected in the information provided above.
|
KCP&L
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Wolf Creek Unit
|
|
La Cygne Units
|
|
Iatan No. 1 Unit
|
|
Iatan No. 2 Unit
|
|
Iatan Common
|
||||||||||||||||||||
|
|
(millions, except MW amounts)
|
||||||||||||||||||||||||||||
KCP&L's share
|
|
|
47%
|
|
|
|
50%
|
|
|
|
70%
|
|
|
|
55%
|
|
|
|
61%
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Utility plant in service
|
|
|
$
|
1,891.2
|
|
|
|
|
$
|
1,194.5
|
|
|
|
|
$
|
567.4
|
|
|
|
|
$
|
1,060.3
|
|
|
|
|
$
|
414.8
|
|
|
Accumulated depreciation
|
|
|
935.5
|
|
|
|
|
328.5
|
|
|
|
|
203.2
|
|
|
|
|
378.4
|
|
|
|
|
112.8
|
|
|
|||||
Nuclear fuel, net
|
|
|
67.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Construction work in progress
|
|
|
87.9
|
|
|
|
|
7.8
|
|
|
|
|
3.3
|
|
|
|
|
6.2
|
|
|
|
|
15.0
|
|
|
|||||
2019 accredited capacity-MWs
|
|
|
552
|
|
|
|
|
699
|
|
|
|
|
490
|
|
|
|
|
482
|
|
|
|
|
NA
|
|
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
||||||||||||
Change in projected benefit obligation (PBO)
|
|
(millions)
|
||||||||||||||||||||||
PBO at January 1, 2018
|
|
$
|
1,367.0
|
|
|
$
|
1,367.0
|
|
|
$
|
1,331.7
|
|
|
$
|
138.6
|
|
|
$
|
138.6
|
|
|
$
|
133.2
|
|
Service cost
|
|
60.7
|
|
|
32.2
|
|
|
48.6
|
|
|
2.3
|
|
|
1.3
|
|
|
2.0
|
|
||||||
Interest cost
|
|
82.5
|
|
|
50.7
|
|
|
49.9
|
|
|
8.0
|
|
|
5.0
|
|
|
4.8
|
|
||||||
Contribution by participants
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.6
|
|
|
1.8
|
|
|
6.6
|
|
||||||
Plan amendments
|
|
13.4
|
|
|
11.4
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Actuarial (gain) loss
|
|
(98.8
|
)
|
|
(100.1
|
)
|
|
(89.6
|
)
|
|
(11.3
|
)
|
|
(2.6
|
)
|
|
(18.0
|
)
|
||||||
Benefits paid
|
|
(137.9
|
)
|
|
(97.9
|
)
|
|
(70.2
|
)
|
|
(17.3
|
)
|
|
(10.5
|
)
|
|
(12.9
|
)
|
||||||
Obligations assumed upon merger with Great Plains Energy
|
|
1,275.9
|
|
|
—
|
|
|
—
|
|
|
123.4
|
|
|
—
|
|
|
—
|
|
||||||
Other
|
|
(9.4
|
)
|
|
(4.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
PBO at December 31, 2018
|
|
$
|
2,553.4
|
|
|
$
|
1,258.9
|
|
|
$
|
1,272.4
|
|
|
$
|
249.3
|
|
|
$
|
133.6
|
|
|
$
|
115.7
|
|
Change in plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value of plan assets at January 1, 2018
|
|
$
|
887.0
|
|
|
$
|
887.0
|
|
|
$
|
848.4
|
|
|
$
|
124.1
|
|
|
$
|
124.1
|
|
|
$
|
115.8
|
|
Actual return on plan assets
|
|
(79.7
|
)
|
|
(30.9
|
)
|
|
(60.1
|
)
|
|
(7.5
|
)
|
|
(7.4
|
)
|
|
(1.2
|
)
|
||||||
Contributions by employer and participants
|
|
114.5
|
|
|
47.9
|
|
|
80.3
|
|
|
11.6
|
|
|
3.2
|
|
|
11.4
|
|
||||||
Benefits paid
|
|
(134.0
|
)
|
|
(95.0
|
)
|
|
(69.8
|
)
|
|
(16.7
|
)
|
|
(10.2
|
)
|
|
(12.4
|
)
|
||||||
Assets acquired upon merger with Great Plains Energy
|
|
825.0
|
|
|
—
|
|
|
—
|
|
|
111.8
|
|
|
—
|
|
|
—
|
|
||||||
Other
|
|
(9.4
|
)
|
|
(4.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Fair value of plan assets at December 31, 2018
|
|
$
|
1,603.4
|
|
|
$
|
804.6
|
|
|
$
|
798.8
|
|
|
$
|
223.3
|
|
|
$
|
109.7
|
|
|
$
|
113.6
|
|
Funded status at December 31, 2018
|
|
$
|
(950.0
|
)
|
|
$
|
(454.3
|
)
|
|
$
|
(473.6
|
)
|
|
$
|
(26.0
|
)
|
|
$
|
(23.9
|
)
|
|
$
|
(2.1
|
)
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
||||||||||||
Amounts recognized in the consolidated balance sheets
|
|
(millions)
|
||||||||||||||||||||||
Non-current asset
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17.5
|
|
|
$
|
—
|
|
|
$
|
17.5
|
|
Current pension and other post-retirement liability
|
|
(4.4
|
)
|
|
(2.6
|
)
|
|
(0.5
|
)
|
|
(1.7
|
)
|
|
(0.9
|
)
|
|
(0.8
|
)
|
||||||
Noncurrent pension liability and other post-retirement liability
|
|
(945.6
|
)
|
|
(451.7
|
)
|
|
(473.1
|
)
|
|
(41.8
|
)
|
|
(23.0
|
)
|
|
(18.8
|
)
|
||||||
Net amount recognized before regulatory treatment
|
|
(950.0
|
)
|
|
(454.3
|
)
|
|
(473.6
|
)
|
|
(26.0
|
)
|
|
(23.9
|
)
|
|
(2.1
|
)
|
||||||
Accumulated OCI or regulatory asset/liability
|
|
419.9
|
|
|
337.5
|
|
|
362.4
|
|
|
(6.0
|
)
|
|
0.8
|
|
|
(26.0
|
)
|
||||||
Net amount recognized at December 31, 2018
|
|
$
|
(530.1
|
)
|
|
$
|
(116.8
|
)
|
|
$
|
(111.2
|
)
|
|
$
|
(32.0
|
)
|
|
$
|
(23.1
|
)
|
|
$
|
(28.1
|
)
|
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Actuarial (gain) loss
|
|
$
|
403.6
|
|
|
$
|
323.2
|
|
|
$
|
226.3
|
|
|
$
|
(7.8
|
)
|
|
$
|
(1.0
|
)
|
|
$
|
(11.0
|
)
|
Prior service cost
|
|
16.3
|
|
|
14.3
|
|
|
3.8
|
|
|
1.8
|
|
|
1.8
|
|
|
(8.1
|
)
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
132.3
|
|
|
—
|
|
|
—
|
|
|
(6.9
|
)
|
||||||
Net amount recognized at December 31, 2018
|
|
$
|
419.9
|
|
|
$
|
337.5
|
|
|
$
|
362.4
|
|
|
$
|
(6.0
|
)
|
|
$
|
0.8
|
|
|
$
|
(26.0
|
)
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
||||||||||||
Change in projected benefit obligation (PBO)
|
|
(millions)
|
||||||||||||||||||||||
PBO at January 1, 2017
|
|
$
|
1,241.0
|
|
|
$
|
1,241.0
|
|
|
$
|
1,220.6
|
|
|
$
|
136.8
|
|
|
$
|
136.8
|
|
|
$
|
130.1
|
|
Service cost
|
|
28.7
|
|
|
28.7
|
|
|
44.2
|
|
|
1.2
|
|
|
1.2
|
|
|
2.1
|
|
||||||
Interest cost
|
|
52.4
|
|
|
52.4
|
|
|
52.6
|
|
|
5.5
|
|
|
5.5
|
|
|
5.4
|
|
||||||
Contribution by participants
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
|
1.5
|
|
|
6.0
|
|
||||||
Actuarial loss
|
|
107.0
|
|
|
107.0
|
|
|
134.9
|
|
|
2.8
|
|
|
2.8
|
|
|
2.1
|
|
||||||
Benefits paid
|
|
(62.1
|
)
|
|
(62.1
|
)
|
|
(34.7
|
)
|
|
(9.2
|
)
|
|
(9.2
|
)
|
|
(12.5
|
)
|
||||||
Settlements and special termination benefits
|
|
—
|
|
|
—
|
|
|
(85.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
PBO at December 31, 2017
|
|
$
|
1,367.0
|
|
|
$
|
1,367.0
|
|
|
$
|
1,331.7
|
|
|
$
|
138.6
|
|
|
$
|
138.6
|
|
|
$
|
133.2
|
|
Change in plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value of plan assets at January 1, 2017
|
|
$
|
797.2
|
|
|
$
|
797.2
|
|
|
$
|
776.8
|
|
|
$
|
115.6
|
|
|
$
|
115.6
|
|
|
$
|
115.6
|
|
Actual return on plan assets
|
|
113.1
|
|
|
113.1
|
|
|
114.8
|
|
|
15.6
|
|
|
15.6
|
|
|
1.8
|
|
||||||
Contributions by employer and participants
|
|
36.3
|
|
|
36.3
|
|
|
76.9
|
|
|
1.9
|
|
|
1.9
|
|
|
10.4
|
|
||||||
Benefits paid
|
|
(59.6
|
)
|
|
(59.6
|
)
|
|
(34.5
|
)
|
|
(9.0
|
)
|
|
(9.0
|
)
|
|
(12.0
|
)
|
||||||
Settlements
|
|
—
|
|
|
—
|
|
|
(85.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Fair value of plan assets at December 31, 2017
|
|
$
|
887.0
|
|
|
$
|
887.0
|
|
|
$
|
848.4
|
|
|
$
|
124.1
|
|
|
$
|
124.1
|
|
|
$
|
115.8
|
|
Funded status at December 31, 2017
|
|
$
|
(480.0
|
)
|
|
$
|
(480.0
|
)
|
|
$
|
(483.3
|
)
|
|
$
|
(14.5
|
)
|
|
$
|
(14.5
|
)
|
|
$
|
(17.4
|
)
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
||||||||||||
Amounts recognized in the consolidated balance sheets
|
|
(millions)
|
||||||||||||||||||||||
Non-current asset
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12.8
|
|
Current pension and other post-retirement liability
|
|
(2.5
|
)
|
|
(2.5
|
)
|
|
(0.6
|
)
|
|
(0.8
|
)
|
|
(0.8
|
)
|
|
(0.8
|
)
|
||||||
Noncurrent pension liability and other post-retirement liability
|
|
(477.5
|
)
|
|
(477.5
|
)
|
|
(482.7
|
)
|
|
(13.7
|
)
|
|
(13.7
|
)
|
|
(29.4
|
)
|
||||||
Net amount recognized before regulatory treatment
|
|
(480.0
|
)
|
|
(480.0
|
)
|
|
(483.3
|
)
|
|
(14.5
|
)
|
|
(14.5
|
)
|
|
(17.4
|
)
|
||||||
Accumulated OCI or regulatory asset/liability
|
|
372.6
|
|
|
372.6
|
|
|
379.7
|
|
|
(11.1
|
)
|
|
(11.1
|
)
|
|
(12.2
|
)
|
||||||
Net amount recognized at December 31, 2017
|
|
$
|
(107.4
|
)
|
|
$
|
(107.4
|
)
|
|
$
|
(103.6
|
)
|
|
$
|
(25.6
|
)
|
|
$
|
(25.6
|
)
|
|
$
|
(29.6
|
)
|
Amounts in accumulated OCI or regulatory asset/liability not yet recognized as a component of net periodic benefit cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Actuarial (gain) loss
|
|
$
|
369.0
|
|
|
$
|
369.0
|
|
|
$
|
245.5
|
|
|
$
|
(13.3
|
)
|
|
$
|
(13.3
|
)
|
|
$
|
2.8
|
|
Prior service cost
|
|
3.6
|
|
|
3.6
|
|
|
2.5
|
|
|
2.2
|
|
|
2.2
|
|
|
(8.0
|
)
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
131.7
|
|
|
—
|
|
|
—
|
|
|
(7.0
|
)
|
||||||
Net amount recognized at December 31, 2017
|
|
$
|
372.6
|
|
|
$
|
372.6
|
|
|
$
|
379.7
|
|
|
$
|
(11.1
|
)
|
|
$
|
(11.1
|
)
|
|
$
|
(12.2
|
)
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
Year Ended December 31, 2018
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
||||||||||||
Components of net periodic benefit costs
|
|
(millions)
|
||||||||||||||||||||||
Service cost
|
|
$
|
60.7
|
|
|
$
|
32.2
|
|
|
$
|
48.6
|
|
|
$
|
2.3
|
|
|
$
|
1.3
|
|
|
$
|
2.0
|
|
Interest cost
|
|
82.5
|
|
|
50.7
|
|
|
49.9
|
|
|
8.0
|
|
|
5.0
|
|
|
4.8
|
|
||||||
Expected return on plan assets
|
|
(86.4
|
)
|
|
(55.9
|
)
|
|
(55.5
|
)
|
|
(8.8
|
)
|
|
(7.0
|
)
|
|
(2.8
|
)
|
||||||
Prior service cost
|
|
0.7
|
|
|
0.7
|
|
|
0.7
|
|
|
0.5
|
|
|
0.5
|
|
|
0.1
|
|
||||||
Recognized net actuarial (gain) loss
|
|
32.6
|
|
|
32.6
|
|
|
45.1
|
|
|
(0.6
|
)
|
|
(0.6
|
)
|
|
(0.2
|
)
|
||||||
Net periodic benefit costs before regulatory adjustment and intercompany allocations
|
|
90.1
|
|
|
60.3
|
|
|
88.8
|
|
|
1.4
|
|
|
(0.8
|
)
|
|
3.9
|
|
||||||
Regulatory adjustment
|
|
8.3
|
|
|
8.8
|
|
|
0.7
|
|
|
(1.7
|
)
|
|
(2.0
|
)
|
|
(0.1
|
)
|
||||||
Intercompany allocations
|
|
n/a
|
|
|
—
|
|
|
(21.6
|
)
|
|
n/a
|
|
|
—
|
|
|
(1.1
|
)
|
||||||
Net periodic benefit costs
|
|
98.4
|
|
|
69.1
|
|
|
67.9
|
|
|
(0.3
|
)
|
|
(2.8
|
)
|
|
2.7
|
|
||||||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current year net (gain) loss
|
|
67.2
|
|
|
(13.2
|
)
|
|
25.9
|
|
|
4.9
|
|
|
11.7
|
|
|
(14.0
|
)
|
||||||
Amortization of gain (loss)
|
|
(32.6
|
)
|
|
(32.6
|
)
|
|
(45.1
|
)
|
|
0.6
|
|
|
0.6
|
|
|
0.2
|
|
||||||
Prior service cost
|
|
13.4
|
|
|
11.4
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service cost
|
|
(0.7
|
)
|
|
(0.7
|
)
|
|
(0.7
|
)
|
|
(0.5
|
)
|
|
(0.5
|
)
|
|
(0.1
|
)
|
||||||
Other regulatory activity
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total recognized in OCI or regulatory asset/liability
|
|
47.3
|
|
|
(35.1
|
)
|
|
(17.3
|
)
|
|
5.0
|
|
|
11.8
|
|
|
(13.9
|
)
|
||||||
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability
|
|
$
|
145.7
|
|
|
$
|
34.0
|
|
|
$
|
50.6
|
|
|
$
|
4.7
|
|
|
$
|
9.0
|
|
|
$
|
(11.2
|
)
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
Year Ended December 31, 2017
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
||||||||||||
Components of net periodic benefit costs
|
|
(millions)
|
||||||||||||||||||||||
Service cost
|
|
$
|
28.7
|
|
|
$
|
28.7
|
|
|
$
|
44.2
|
|
|
$
|
1.2
|
|
|
$
|
1.2
|
|
|
$
|
2.1
|
|
Interest cost
|
|
52.4
|
|
|
52.4
|
|
|
52.6
|
|
|
5.5
|
|
|
5.5
|
|
|
5.4
|
|
||||||
Expected return on plan assets
|
|
(53.6
|
)
|
|
(53.6
|
)
|
|
(51.2
|
)
|
|
(6.9
|
)
|
|
(6.9
|
)
|
|
(2.5
|
)
|
||||||
Prior service cost
|
|
0.7
|
|
|
0.7
|
|
|
0.7
|
|
|
0.5
|
|
|
0.5
|
|
|
—
|
|
||||||
Recognized net actuarial (gain) loss
|
|
26.9
|
|
|
26.9
|
|
|
49.0
|
|
|
(0.8
|
)
|
|
(0.8
|
)
|
|
(0.5
|
)
|
||||||
Settlement and special termination benefits
|
|
0.4
|
|
|
0.4
|
|
|
16.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit costs before regulatory adjustment and intercompany allocations
|
|
55.5
|
|
|
55.5
|
|
|
111.6
|
|
|
(0.5
|
)
|
|
(0.5
|
)
|
|
4.5
|
|
||||||
Regulatory adjustment
|
|
14.5
|
|
|
14.5
|
|
|
(9.2
|
)
|
|
(1.9
|
)
|
|
(1.9
|
)
|
|
1.3
|
|
||||||
Intercompany allocations
|
|
n/a
|
|
|
—
|
|
|
(37.1
|
)
|
|
n/a
|
|
|
—
|
|
|
(1.5
|
)
|
||||||
Net periodic benefit costs
|
|
70.0
|
|
|
70.0
|
|
|
65.3
|
|
|
(2.4
|
)
|
|
(2.4
|
)
|
|
4.3
|
|
||||||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current year net (gain) loss
|
|
47.1
|
|
|
47.1
|
|
|
71.3
|
|
|
(5.8
|
)
|
|
(5.8
|
)
|
|
3.0
|
|
||||||
Amortization of gain (loss)
|
|
(26.9
|
)
|
|
(26.9
|
)
|
|
(64.9
|
)
|
|
0.8
|
|
|
0.8
|
|
|
0.5
|
|
||||||
Amortization of prior service cost
|
|
(0.7
|
)
|
|
(0.7
|
)
|
|
(0.7
|
)
|
|
(0.5
|
)
|
|
(0.5
|
)
|
|
—
|
|
||||||
Other regulatory activity
|
|
—
|
|
|
—
|
|
|
6.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total recognized in OCI or regulatory asset/liability
|
|
19.5
|
|
|
19.5
|
|
|
11.8
|
|
|
(5.5
|
)
|
|
(5.5
|
)
|
|
3.5
|
|
||||||
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability
|
|
$
|
89.5
|
|
|
$
|
89.5
|
|
|
$
|
77.1
|
|
|
$
|
(7.9
|
)
|
|
$
|
(7.9
|
)
|
|
$
|
7.8
|
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
Year Ended December 31, 2016
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
||||||||||||
Components of net periodic benefit costs
|
|
(millions)
|
||||||||||||||||||||||
Service cost
|
|
$
|
25.3
|
|
|
$
|
25.3
|
|
|
$
|
42.0
|
|
|
$
|
1.2
|
|
|
$
|
1.2
|
|
|
$
|
2.6
|
|
Interest cost
|
|
53.4
|
|
|
53.4
|
|
|
52.9
|
|
|
5.9
|
|
|
5.9
|
|
|
6.1
|
|
||||||
Expected return on plan assets
|
|
(52.3
|
)
|
|
(52.3
|
)
|
|
(49.2
|
)
|
|
(6.9
|
)
|
|
(6.9
|
)
|
|
(3.0
|
)
|
||||||
Prior service cost
|
|
0.8
|
|
|
0.8
|
|
|
0.7
|
|
|
0.5
|
|
|
0.5
|
|
|
1.2
|
|
||||||
Recognized net actuarial (gain) loss
|
|
24.9
|
|
|
24.9
|
|
|
51.8
|
|
|
(1.1
|
)
|
|
(1.1
|
)
|
|
(1.5
|
)
|
||||||
Net periodic benefit costs before regulatory adjustment and intercompany allocations
|
|
52.1
|
|
|
52.1
|
|
|
98.2
|
|
|
(0.4
|
)
|
|
(0.4
|
)
|
|
5.4
|
|
||||||
Regulatory adjustment
|
|
16.4
|
|
|
16.4
|
|
|
(3.1
|
)
|
|
(1.9
|
)
|
|
(1.9
|
)
|
|
3.6
|
|
||||||
Intercompany allocations
|
|
n/a
|
|
|
—
|
|
|
(36.0
|
)
|
|
n/a
|
|
|
—
|
|
|
(1.9
|
)
|
||||||
Net periodic benefit costs
|
|
68.5
|
|
|
68.5
|
|
|
59.1
|
|
|
(2.3
|
)
|
|
(2.3
|
)
|
|
7.1
|
|
||||||
Other changes in plan assets and benefit obligations recognized in OCI or regulatory assets/liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current year net (gain) loss
|
|
62.8
|
|
|
62.8
|
|
|
63.6
|
|
|
3.1
|
|
|
3.1
|
|
|
1.0
|
|
||||||
Amortization of gain (loss)
|
|
(24.9
|
)
|
|
(24.9
|
)
|
|
(51.8
|
)
|
|
1.1
|
|
|
1.1
|
|
|
1.5
|
|
||||||
Prior service cost
|
|
(3.4
|
)
|
|
(3.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10.1
|
)
|
||||||
Amortization of prior service cost
|
|
(0.8
|
)
|
|
(0.8
|
)
|
|
(0.7
|
)
|
|
(0.5
|
)
|
|
(0.5
|
)
|
|
(1.2
|
)
|
||||||
Other regulatory activity
|
|
—
|
|
|
—
|
|
|
(2.9
|
)
|
|
—
|
|
|
—
|
|
|
(1.9
|
)
|
||||||
Total recognized in OCI or regulatory asset/liability
|
|
33.7
|
|
|
33.7
|
|
|
8.2
|
|
|
3.7
|
|
|
3.7
|
|
|
(10.7
|
)
|
||||||
Total recognized in net periodic benefit costs and OCI or regulatory asset/liability
|
|
$
|
102.2
|
|
|
$
|
102.2
|
|
|
$
|
67.3
|
|
|
$
|
1.4
|
|
|
$
|
1.4
|
|
|
$
|
(3.6
|
)
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
||||||||||||
|
|
(millions)
|
||||||||||||||||||||||
Actuarial (gain) loss amortization
|
|
$
|
27.5
|
|
|
$
|
25.4
|
|
|
$
|
48.3
|
|
|
$
|
(1.2
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
(1.5
|
)
|
Prior service cost amortization
|
|
1.9
|
|
|
1.7
|
|
|
0.9
|
|
|
0.5
|
|
|
0.5
|
|
|
—
|
|
December 31, 2018
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
||||||
|
|
(millions)
|
||||||||||
ABO for all defined benefit pension plans
|
|
$
|
2,257.9
|
|
|
$
|
1,139.1
|
|
|
$
|
1,096.7
|
|
Pension plans with the PBO in excess of plan assets
|
|
|
|
|
|
|
||||||
Projected benefit obligation
|
|
$
|
2,553.4
|
|
|
$
|
1,258.9
|
|
|
$
|
1,272.4
|
|
Fair value of plan assets
|
|
1,603.4
|
|
|
804.6
|
|
|
798.8
|
|
|||
Pension plans with the ABO in excess of plan assets
|
|
|
|
|
|
|
||||||
Accumulated benefit obligation
|
|
$
|
2,257.9
|
|
|
$
|
1,139.1
|
|
|
$
|
1,096.7
|
|
Fair value of plan assets
|
|
1,603.4
|
|
|
804.6
|
|
|
798.8
|
|
|||
Other post-retirement benefit plans with the APBO in excess of plan assets
|
|
|
|
|
|
|
||||||
Accumulated other post-retirement benefit obligation
|
|
$
|
249.3
|
|
|
$
|
133.6
|
|
|
$
|
57.7
|
|
Fair value of plan assets
|
|
223.3
|
|
|
109.7
|
|
|
38.2
|
|
December 31, 2017
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
||||||
|
|
(millions)
|
||||||||||
ABO for all defined benefit pension plans
|
|
$
|
1,219.6
|
|
|
$
|
1,219.6
|
|
|
$
|
1,155.5
|
|
Pension plans with the PBO in excess of plan assets
|
|
|
|
|
|
|
||||||
Projected benefit obligation
|
|
$
|
1,367.0
|
|
|
$
|
1,367.0
|
|
|
$
|
1,331.7
|
|
Fair value of plan assets
|
|
887.0
|
|
|
887.0
|
|
|
848.4
|
|
|||
Pension plans with the ABO in excess of plan assets
|
|
|
|
|
|
|
||||||
Accumulated benefit obligation
|
|
$
|
1,219.6
|
|
|
$
|
1,219.6
|
|
|
$
|
1,155.5
|
|
Fair value of plan assets
|
|
887.0
|
|
|
887.0
|
|
|
848.4
|
|
|||
Other post-retirement benefit plans with the APBO in excess of plan assets
|
|
|
|
|
|
|
||||||
Accumulated other post-retirement benefit obligation
|
|
$
|
138.6
|
|
|
$
|
138.6
|
|
|
$
|
111.6
|
|
Fair value of plan assets
|
|
124.1
|
|
|
124.1
|
|
|
81.5
|
|
Weighted-average assumptions used to determine the benefit obligation at December 31, 2018
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|||||||
Discount rate
|
|
4.35
|
%
|
|
4.35
|
%
|
|
4.36
|
%
|
|
4.33
|
%
|
|
4.33
|
%
|
|
4.33
|
%
|
Rate of compensation increase
|
|
3.76
|
%
|
|
4.03
|
%
|
|
3.64
|
%
|
|
3.50
|
%
|
|
n/a
|
|
3.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted-average assumption used to determine the benefit obligation at December 31, 2017
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|||||||
Discount rate
|
|
3.73
|
%
|
|
3.73
|
%
|
|
3.72
|
%
|
|
3.67
|
%
|
|
3.67
|
%
|
|
3.64
|
%
|
Rate of compensation increase
|
|
4.00
|
%
|
|
4.00
|
%
|
|
3.62
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
3.50
|
%
|
Weighted-average assumptions used to determine net costs for the year ended December 31, 2018
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|||||||
Discount rate
|
|
3.73
|
%
|
|
3.73
|
%
|
|
3.72
|
%
|
|
3.67
|
%
|
|
3.73
|
%
|
|
3.64
|
%
|
Expected long-term return on plan assets
|
|
6.52
|
%
|
|
6.67
|
%
|
|
6.46
|
%
|
|
6.00
|
%
|
|
6.00
|
%
|
|
2.80
|
%
|
Rate of compensation increase
|
|
3.92
|
%
|
|
4.00
|
%
|
|
3.62
|
%
|
|
3.50
|
%
|
|
n/a
|
|
3.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted-average assumptions used to determine net costs for the year ended December 31, 2017
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|||||||
Discount rate
|
|
4.25
|
%
|
|
4.25
|
%
|
|
4.31
|
%
|
|
4.31
|
%
|
|
4.31
|
%
|
|
4.20
|
%
|
Expected long-term return on plan assets
|
|
6.64
|
%
|
|
6.64
|
%
|
|
6.73
|
%
|
|
6.00
|
%
|
|
6.00
|
%
|
|
2.00
|
%
|
Rate of compensation increase
|
|
4.00
|
%
|
|
4.00
|
%
|
|
3.62
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
3.50
|
%
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
2019
|
$
|
193.0
|
|
|
$
|
96.7
|
|
|
$
|
94.9
|
|
|
$
|
20.3
|
|
|
$
|
10.9
|
|
|
$
|
9.4
|
|
2020
|
188.9
|
|
|
94.9
|
|
|
92.8
|
|
|
19.8
|
|
|
11.0
|
|
|
8.9
|
|
||||||
2021
|
189.4
|
|
|
95.3
|
|
|
92.8
|
|
|
20.6
|
|
|
11.3
|
|
|
9.3
|
|
||||||
2022
|
187.4
|
|
|
92.7
|
|
|
93.4
|
|
|
21.1
|
|
|
11.5
|
|
|
9.6
|
|
||||||
2023
|
186.1
|
|
|
90.0
|
|
|
94.7
|
|
|
21.5
|
|
|
11.7
|
|
|
9.8
|
|
||||||
2024-2028
|
928.7
|
|
|
432.7
|
|
|
488.3
|
|
|
110.7
|
|
|
58.5
|
|
|
52.1
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||
|
Westar Energy
|
|
KCP&L
|
|
Westar Energy
|
|
KCP&L
|
||||
Domestic equities
|
29
|
%
|
|
32
|
%
|
|
52
|
%
|
|
3
|
%
|
International equities
|
20
|
%
|
|
21
|
%
|
|
13
|
%
|
|
—
|
%
|
Bonds
|
36
|
%
|
|
36
|
%
|
|
35
|
%
|
|
85
|
%
|
Mortgage & asset backed securities
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
4
|
%
|
Real estate investments
|
4
|
%
|
|
6
|
%
|
|
—
|
%
|
|
—
|
%
|
Other investments
|
11
|
%
|
|
5
|
%
|
|
—
|
%
|
|
8
|
%
|
|
|
|
|
Fair Value Measurements Using
|
|||||||||||||||||||||||
Description
|
December 31
2018 |
Level 1
|
|
Level 2
|
|
Level 3
|
|
Assets measured at NAV
|
|||||||||||||||||||
|
|
(millions)
|
|||||||||||||||||||||||||
Westar Energy Pension Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equities
|
|
$
|
215.0
|
|
|
|
$
|
144.7
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
70.3
|
|
International equities
|
|
138.7
|
|
|
|
91.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
46.9
|
|
|||||
Bond funds
|
|
296.4
|
|
|
|
255.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
41.0
|
|
|||||
Real estate investments
|
|
44.8
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
44.8
|
|
|||||
Combination debt/equity/other fund
|
|
30.1
|
|
|
|
30.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||
Alternative investment funds
|
|
73.6
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
73.6
|
|
|||||
Short-term investments
|
|
6.0
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
6.0
|
|
|||||
Total
|
|
$
|
804.6
|
|
|
|
$
|
522.0
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
282.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
KCP&L Pension Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equities
|
|
$
|
238.1
|
|
|
|
$
|
198.6
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
39.5
|
|
International equities
|
|
150.9
|
|
|
|
104.0
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
46.9
|
|
|||||
Bond funds
|
|
67.4
|
|
|
|
19.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
48.1
|
|
|||||
Corporate bonds
|
|
123.6
|
|
|
|
—
|
|
|
|
|
123.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||
U.S. Treasury and agency bonds
|
|
69.9
|
|
|
|
52.4
|
|
|
|
|
17.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||
Mortgage and asset backed securities
|
|
5.5
|
|
|
|
—
|
|
|
|
|
5.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||
Real estate investments
|
|
48.2
|
|
|
|
12.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
35.6
|
|
|||||
Combination debt/equity/other fund
|
|
13.5
|
|
|
|
13.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||
Alternative investment funds
|
|
31.6
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
31.6
|
|
|||||
Cash and cash equivalents
|
|
49.8
|
|
|
|
49.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||
Other
|
|
0.3
|
|
|
|
—
|
|
|
|
|
0.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||
Total
|
|
$
|
798.8
|
|
|
|
$
|
450.2
|
|
|
|
|
$
|
146.9
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
201.7
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||||||||||||||
Description
|
December 31
2017 |
Level 1
|
|
Level 2
|
|
Level 3
|
|
Assets measured at NAV
|
||||||||||||||||||||
|
|
(millions)
|
|
|||||||||||||||||||||||||
Westar Energy Pension Plans
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equities
|
|
$
|
256.1
|
|
|
|
$
|
—
|
|
|
|
|
$
|
232.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
23.9
|
|
|
International equities
|
|
177.9
|
|
|
|
—
|
|
|
|
|
177.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Bond funds
|
|
299.5
|
|
|
|
—
|
|
|
|
|
299.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Real estate investments
|
|
41.8
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
41.8
|
|
|
|||||
Combination debt/equity/other fund
|
|
36.2
|
|
|
|
—
|
|
|
|
|
36.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Alternative investment funds
|
|
70.3
|
|
|
|
—
|
|
|
|
|
17.0
|
|
|
|
|
—
|
|
|
|
|
53.3
|
|
|
|||||
Short-term investments
|
|
5.2
|
|
|
|
—
|
|
|
|
|
5.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
887.0
|
|
|
|
$
|
—
|
|
|
|
|
$
|
768.0
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
119.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
KCP&L Pension Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equities
|
|
$
|
263.9
|
|
|
|
$
|
220.5
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
43.4
|
|
|
International equities
|
|
176.0
|
|
|
|
123.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
52.5
|
|
|
|||||
Bond funds
|
|
71.8
|
|
|
|
21.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
50.4
|
|
|
|||||
Corporate bonds
|
|
125.8
|
|
|
|
—
|
|
|
|
|
125.8
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
U.S. Treasury and agency bonds
|
|
69.8
|
|
|
|
51.5
|
|
|
|
|
18.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Mortgage and asset backed securities
|
|
5.9
|
|
|
|
—
|
|
|
|
|
5.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Real estate investments
|
|
46.4
|
|
|
|
13.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
32.8
|
|
|
|||||
Combination debt/equity/other fund
|
|
15.9
|
|
|
|
15.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Alternative investment funds
|
|
32.7
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
32.7
|
|
|
|||||
Cash and cash equivalents
|
|
35.6
|
|
|
|
35.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Other
|
|
4.6
|
|
|
|
—
|
|
|
|
|
4.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
848.4
|
|
|
|
$
|
482.0
|
|
|
|
|
$
|
154.6
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
211.8
|
|
|
(a)
|
In 2018, Evergy and Westar Energy re-evaluated the classification, within the fair value hierarchy, of their various fund investments within the Westar Energy Pension Plans. As a result, Evergy and Westar Energy determined that certain fund investments within the Westar Energy Pension Plans in the amount of
$607.6 million
as of December 31, 2017, should have been classified as Level 1, instead of Level 2. This determination is based on the fact that the fair value of these funds is based on daily published prices at which Evergy and Westar Energy are able to redeem their investments without restriction on a daily basis. Evergy and Westar Energy also determined that certain fund investments within the Westar Energy Pension Plans in the amount of
$160.4 million
as of December 31, 2017, should have been measured using the NAV per share (or its equivalent) practical expedient, instead of as a Level 2 investment. This determination is based on the fact that these funds do not meet the definition of readily determinable fair value due to the absence of a published NAV. Evergy and Westar Energy have determined that these errors are immaterial to their current and previously filed financial reports and accordingly, have not revised prior periods but have reflected the changes in fair value hierarchy classification as of December 31, 2018.
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||||||||||||||
Description
|
December 31
2018 |
Level 1
|
|
Level 2
|
|
Level 3
|
|
Assets measured at NAV
|
||||||||||||||||||||
|
|
(millions)
|
|
|||||||||||||||||||||||||
Westar Energy Post-Retirement Benefit Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equities
|
|
$
|
56.4
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
56.4
|
|
|
International equities
|
|
14.0
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
14.0
|
|
|
|||||
Bond funds
|
|
38.4
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
38.4
|
|
|
|||||
Short-term investments
|
|
0.7
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
0.7
|
|
|
|||||
Cash and cash equivalents
|
|
0.2
|
|
|
|
0.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
109.7
|
|
|
|
$
|
0.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
109.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
KCP&L Post-Retirement Benefit Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Domestic equities
|
|
$
|
2.5
|
|
|
|
$
|
2.5
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
International equities
|
|
0.9
|
|
|
|
0.9
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Bond funds
|
|
75.0
|
|
|
|
0.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
74.8
|
|
|
|||||
Corporate bonds
|
|
17.4
|
|
|
|
—
|
|
|
|
|
17.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
U.S. Treasury and agency bonds
|
|
10.3
|
|
|
|
2.6
|
|
|
|
|
7.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Mortgage and asset backed securities
|
|
2.5
|
|
|
|
—
|
|
|
|
|
2.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Cash and cash equivalents
|
|
4.7
|
|
|
|
4.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Other
|
|
0.3
|
|
|
|
—
|
|
|
|
|
0.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
113.6
|
|
|
|
$
|
10.9
|
|
|
|
|
$
|
27.9
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
74.8
|
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||||||||||||||
Description
|
December 31
2017 |
Level 1
|
|
Level 2
|
|
Level 3
|
|
Assets measured at NAV
|
||||||||||||||||||||
|
|
(millions)
|
|
|||||||||||||||||||||||||
Westar Energy Post-Retirement Benefit Plans
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equities
|
|
$
|
65.2
|
|
|
|
$
|
—
|
|
|
|
|
$
|
65.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
International equities
|
|
16.2
|
|
|
|
—
|
|
|
|
|
16.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Bond funds
|
|
42.1
|
|
|
|
—
|
|
|
|
|
42.1
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Cash and cash equivalents
|
|
0.6
|
|
|
|
—
|
|
|
|
|
0.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
124.1
|
|
|
|
$
|
—
|
|
|
|
|
$
|
124.1
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
KCP&L Post-Retirement Benefit Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equities
|
|
$
|
3.7
|
|
|
|
$
|
3.7
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
Bond funds
|
|
56.6
|
|
|
|
0.2
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
56.4
|
|
|
|||||
Corporate bonds
|
|
16.7
|
|
|
|
—
|
|
|
|
|
16.7
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
U.S. Treasury and agency bonds
|
|
8.5
|
|
|
|
3.0
|
|
|
|
|
5.5
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Mortgage and asset backed securities
|
|
3.6
|
|
|
|
—
|
|
|
|
|
3.6
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Cash and cash equivalents
|
|
25.3
|
|
|
|
25.3
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Other
|
|
1.4
|
|
|
|
—
|
|
|
|
|
1.4
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
115.8
|
|
|
|
$
|
32.2
|
|
|
|
|
$
|
27.2
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
56.4
|
|
|
(a)
|
In 2018, Evergy and Westar Energy re-evaluated the classification, within the fair value hierarchy, of their various fund investments within the Westar Energy Post-Retirement Benefit Plans. As a result, Evergy and Westar Energy determined that certain fund investments within the Westar Energy Post-Retirement Benefit Plans in the amount of
$124.1 million
as of December 31, 2017, should have been measured using the NAV per share (or its equivalent) practical expedient, instead of as a Level 2 investment. This determination is based on the fact that these funds do not meet the definition of readily determinable fair value due to the absence of a published NAV. Evergy and Westar Energy have determined that this error is immaterial to their current and previously filed financial reports and accordingly, have not revised prior periods but have reflected the changes in fair value hierarchy classification as of December 31, 2018.
|
Assumed annual health care cost growth rates as of December 31, 2018
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|||
Health care cost trend rate assumed for next year
|
|
6.5
|
%
|
|
6.5
|
%
|
|
6.5
|
%
|
Rate to which the cost trend is assumed to decline (the ultimate trend rate)
|
|
4.5
|
%
|
|
4.5
|
%
|
|
4.5
|
%
|
Year that rate reaches ultimate trend
|
|
2027
|
|
|
2027
|
|
|
2027
|
|
|
|
|
|
|
|
|
|||
Assumed annual health care cost growth rates as of December 31, 2017
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|||
Health care cost trend rate assumed for next year
|
|
6.0
|
%
|
|
6.0
|
%
|
|
6.8
|
%
|
Rate to which the cost trend is assumed to decline (the ultimate trend rate)
|
|
5.0
|
%
|
|
5.0
|
%
|
|
4.5
|
%
|
Year that rate reaches ultimate trend
|
|
2020
|
|
|
2020
|
|
|
2027
|
|
|
|
Evergy
|
|
Westar Energy
(a)
|
|
KCP&L
|
||||||
Effect of 1% increase
|
|
(millions)
|
||||||||||
Effect on total service and interest component
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
Effect on post-retirement benefit obligation
|
|
0.2
|
|
|
(0.1
|
)
|
|
—
|
|
|||
Effect of 1% decrease
|
|
|
|
|
|
|
||||||
Effect on total service and interest component
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.3
|
|
Effect on post-retirement benefit obligation
|
|
(0.1
|
)
|
|
0.1
|
|
|
(0.2
|
)
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
(millions)
|
||||||||||
Evergy
|
|
$
|
16.3
|
|
|
$
|
9.7
|
|
|
$
|
9.6
|
|
Westar Energy
|
|
9.9
|
|
|
9.7
|
|
|
9.6
|
|
|||
KCP&L
|
|
8.3
|
|
|
7.7
|
|
|
8.0
|
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Evergy
|
|
(millions)
|
||||||||||
Equity compensation expense
|
|
$
|
30.7
|
|
|
$
|
8.9
|
|
|
$
|
9.2
|
|
Income tax benefit
|
|
1.4
|
|
|
3.5
|
|
|
3.7
|
|
|||
Westar Energy
|
|
|
|
|
|
|
||||||
Equity compensation expense
|
|
$
|
24.8
|
|
|
$
|
8.9
|
|
|
$
|
9.2
|
|
Income tax benefit
|
|
1.4
|
|
|
3.5
|
|
|
3.7
|
|
|||
KCP&L
(a)
|
|
|
|
|
|
|
||||||
Equity compensation expense
|
|
$
|
6.5
|
|
|
$
|
4.2
|
|
|
$
|
3.2
|
|
Income tax benefit
|
|
0.1
|
|
|
1.6
|
|
|
1.0
|
|
|
Performance
Shares
|
|
Grant Date
Fair Value*
|
|||||||
Beginning balance January 1, 2018
|
|
—
|
|
|
|
|
$
|
—
|
|
|
Converted Great Plains Energy awards upon merger
|
|
351,708
|
|
|
|
|
63.79
|
|
|
|
Forfeited
|
|
(3,212
|
)
|
|
|
|
63.44
|
|
|
|
Ending balance December 31, 2018
|
|
348,496
|
|
|
|
|
63.80
|
|
|
|
Nonvested
Restricted Stock
|
|
Grant Date
Fair Value*
|
|||||||
Beginning balance January 1, 2018
|
|
—
|
|
|
|
|
$
|
—
|
|
|
Converted Great Plains Energy awards upon merger
|
|
122,505
|
|
|
|
|
54.05
|
|
|
|
Vested
|
|
(4,760
|
)
|
|
|
|
54.50
|
|
|
|
Forfeited
|
|
(1,070
|
)
|
|
|
|
54.04
|
|
|
|
Ending balance December 31, 2018
|
|
116,675
|
|
|
|
|
54.03
|
|
|
|
Nonvested
Restricted Share Units
|
|
Grant Date
Fair Value*
|
|||||||
Beginning balance January 1, 2018
|
|
255,964
|
|
|
|
|
$
|
46.09
|
|
|
Granted
|
|
222,465
|
|
|
|
|
52.16
|
|
|
|
Converted Great Plains Energy awards upon merger
|
|
82,331
|
|
|
|
|
53.77
|
|
|
|
Vested
|
|
(342,599
|
)
|
|
|
|
46.81
|
|
|
|
Forfeited
|
|
(905
|
)
|
|
|
|
50.73
|
|
|
|
Ending balance December 31, 2018
|
|
217,256
|
|
|
|
|
54.07
|
|
|
|
|
Amounts Drawn
|
|
|
|
||||||||||||
|
Credit Facility
|
Commercial Paper
|
Letters of Credit
|
Cash Borrowings
|
Available Borrowings
|
|
Weighted Average Interest Rate on Short-Term Borrowings
|
||||||||||
December 31, 2018
|
(millions)
|
|
|
||||||||||||||
Evergy, Inc.
|
$
|
450.0
|
|
n/a
|
$
|
1.0
|
|
$
|
—
|
|
$
|
449.0
|
|
|
—%
|
||
Westar Energy
|
1,000.0
|
|
411.7
|
|
18.3
|
|
—
|
|
570.0
|
|
|
3.08%
|
|||||
KCP&L
|
600.0
|
|
176.9
|
|
2.7
|
|
—
|
|
420.4
|
|
|
2.95%
|
|||||
GMO
|
450.0
|
|
150.0
|
|
2.1
|
|
—
|
|
297.9
|
|
|
3.00%
|
|||||
Evergy
|
$
|
2,500.0
|
|
$
|
738.6
|
|
$
|
24.1
|
|
$
|
—
|
|
$
|
1,737.3
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
||||||||||
Westar Energy
(b)
|
$
|
979.3
|
|
$
|
275.7
|
|
$
|
11.8
|
|
$
|
—
|
|
$
|
691.8
|
|
|
1.83%
|
KCP&L
(a)
|
600.0
|
|
167.5
|
|
2.7
|
|
—
|
|
429.8
|
|
|
1.95%
|
|||||
Evergy
|
979.3
|
|
275.7
|
|
11.8
|
|
—
|
|
691.8
|
|
|
1.83%
|
December 31, 2018
|
Issuing Entity
|
|
Year Due
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
||||||
Mortgage Bonds
|
|
|
|
|
(millions)
|
||||||||||
5.10% Series
|
Westar Energy, Inc.
|
|
2020
|
|
$
|
250.0
|
|
|
$
|
250.0
|
|
|
$
|
—
|
|
3.25% Series
|
Westar Energy, Inc.
|
|
2025
|
|
250.0
|
|
|
250.0
|
|
|
—
|
|
|||
2.55% Series
|
Westar Energy, Inc.
|
|
2026
|
|
350.0
|
|
|
350.0
|
|
|
—
|
|
|||
3.10% Series
|
Westar Energy, Inc.
|
|
2027
|
|
300.0
|
|
|
300.0
|
|
|
—
|
|
|||
4.125% Series
|
Westar Energy, Inc.
|
|
2042
|
|
550.0
|
|
|
550.0
|
|
|
—
|
|
|||
4.10% Series
|
Westar Energy, Inc.
|
|
2043
|
|
430.0
|
|
|
430.0
|
|
|
—
|
|
|||
4.625% Series
|
Westar Energy, Inc.
|
|
2043
|
|
250.0
|
|
|
250.0
|
|
|
—
|
|
|||
4.25% Series
|
Westar Energy, Inc.
|
|
2045
|
|
300.0
|
|
|
300.0
|
|
|
—
|
|
|||
6.70% Series
|
KGE
|
|
2019
|
|
300.0
|
|
|
300.0
|
|
|
—
|
|
|||
6.15% Series
|
KGE
|
|
2023
|
|
50.0
|
|
|
50.0
|
|
|
—
|
|
|||
6.53% Series
|
KGE
|
|
2037
|
|
175.0
|
|
|
175.0
|
|
|
—
|
|
|||
6.64% Series
|
KGE
|
|
2038
|
|
100.0
|
|
|
100.0
|
|
|
—
|
|
|||
4.30% Series
|
KGE
|
|
2044
|
|
250.0
|
|
|
250.0
|
|
|
—
|
|
|||
2.95% EIRR bonds
|
KCP&L
|
|
2023
|
|
79.5
|
|
|
—
|
|
|
79.5
|
|
|||
7.15% Series 2009A (8.59% rate)
(a)
|
KCP&L
|
|
2019
|
|
400.0
|
|
|
—
|
|
|
400.0
|
|
|||
9.44% Series
|
GMO
|
|
2019-2021
|
|
3.4
|
|
|
—
|
|
|
—
|
|
|||
Pollution Control Bonds
|
|
|
|
|
|
|
|
|
|
||||||
2.46% Series
(b)
|
Westar Energy, Inc.
|
|
2032
|
|
45.0
|
|
|
45.0
|
|
|
—
|
|
|||
2.46% Series
(b)
|
Westar Energy, Inc.
|
|
2032
|
|
30.5
|
|
|
30.5
|
|
|
—
|
|
|||
2.46% Series
(b)
|
KGE
|
|
2027
|
|
21.9
|
|
|
21.9
|
|
|
—
|
|
|||
2.50% Series
|
KGE
|
|
2031
|
|
50.0
|
|
|
50.0
|
|
|
—
|
|
|||
2.46% Series
(b)
|
KGE
|
|
2032
|
|
14.5
|
|
|
14.5
|
|
|
—
|
|
|||
2.46% Series
(b)
|
KGE
|
|
2032
|
|
10.0
|
|
|
10.0
|
|
|
—
|
|
|||
1.865% Series 2007A and 2007B
(b)
|
KCP&L
|
|
2035
|
|
146.5
|
|
|
—
|
|
|
146.5
|
|
|||
2.75% Series 2008
|
KCP&L
|
|
2038
|
|
23.4
|
|
|
—
|
|
|
23.4
|
|
|||
Senior Notes
|
|
|
|
|
|
|
|
|
|
||||||
3.15% Series
|
KCP&L
|
|
2023
|
|
300.0
|
|
|
—
|
|
|
300.0
|
|
|||
3.65% Series
|
KCP&L
|
|
2025
|
|
350.0
|
|
|
—
|
|
|
350.0
|
|
|||
6.05% Series (5.78% rate)
(a)
|
KCP&L
|
|
2035
|
|
250.0
|
|
|
—
|
|
|
250.0
|
|
|||
5.30% Series
|
KCP&L
|
|
2041
|
|
400.0
|
|
|
—
|
|
|
400.0
|
|
|||
4.20% Series
|
KCP&L
|
|
2047
|
|
300.0
|
|
|
—
|
|
|
300.0
|
|
|||
4.20% Series
|
KCP&L
|
|
2048
|
|
300.0
|
|
|
—
|
|
|
300.0
|
|
|||
8.27% Series
|
GMO
|
|
2021
|
|
80.9
|
|
|
—
|
|
|
—
|
|
|||
3.49% Series A
|
GMO
|
|
2025
|
|
36.0
|
|
|
—
|
|
|
—
|
|
|||
4.06% Series B
|
GMO
|
|
2033
|
|
60.0
|
|
|
—
|
|
|
—
|
|
|||
4.74% Series C
|
GMO
|
|
2043
|
|
150.0
|
|
|
—
|
|
|
—
|
|
|||
4.85% Series
|
Evergy, Inc.
(g)
|
|
2021
|
|
350.0
|
|
|
—
|
|
|
—
|
|
|||
5.292% Series
|
Evergy, Inc.
(g)
|
|
2022
|
|
287.5
|
|
|
—
|
|
|
—
|
|
|||
Medium Term Notes
|
|
|
|
|
|
|
|
|
|
|
|||||
7.33% Series
|
GMO
|
|
2023
|
|
3.0
|
|
|
—
|
|
|
—
|
|
|||
7.17% Series
|
GMO
|
|
2023
|
|
7.0
|
|
|
—
|
|
|
—
|
|
|||
Fair value adjustment
(f)
|
|
|
|
|
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
|
|
December 31, 2017
|
Issuing Entity
|
|
Year Due
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
(e)
|
||||||
Mortgage Bonds
|
|
|
|
|
(millions)
|
||||||||||
5.10% Series
|
Westar Energy, Inc.
|
|
2020
|
|
$
|
250.0
|
|
|
$
|
250.0
|
|
|
$
|
—
|
|
3.25% Series
|
Westar Energy, Inc.
|
|
2025
|
|
250.0
|
|
|
250.0
|
|
|
—
|
|
|||
2.55% Series
|
Westar Energy, Inc.
|
|
2026
|
|
350.0
|
|
|
350.0
|
|
|
—
|
|
|||
3.10% Series
|
Westar Energy, Inc.
|
|
2027
|
|
300.0
|
|
|
300.0
|
|
|
—
|
|
|||
4.125% Series
|
Westar Energy, Inc.
|
|
2042
|
|
550.0
|
|
|
550.0
|
|
|
—
|
|
|||
4.10% Series
|
Westar Energy, Inc.
|
|
2043
|
|
430.0
|
|
|
430.0
|
|
|
—
|
|
|||
4.625% Series
|
Westar Energy, Inc.
|
|
2043
|
|
250.0
|
|
|
250.0
|
|
|
—
|
|
|||
4.25% Series
|
Westar Energy, Inc.
|
|
2045
|
|
300.0
|
|
|
300.0
|
|
|
—
|
|
|||
6.70% Series
|
KGE
|
|
2019
|
|
300.0
|
|
|
300.0
|
|
|
—
|
|
|||
6.15% Series
|
KGE
|
|
2023
|
|
50.0
|
|
|
50.0
|
|
|
—
|
|
|||
6.53% Series
|
KGE
|
|
2037
|
|
175.0
|
|
|
175.0
|
|
|
—
|
|
|||
6.64% Series
|
KGE
|
|
2038
|
|
100.0
|
|
|
100.0
|
|
|
—
|
|
|||
4.30% Series
|
KGE
|
|
2044
|
|
250.0
|
|
|
250.0
|
|
|
—
|
|
|||
2.95% EIRR bonds
|
KCP&L
|
|
2023
|
|
—
|
|
|
—
|
|
|
79.5
|
|
|||
7.15% Series 2009A (8.59% rate)
(a)
|
KCP&L
|
|
2019
|
|
—
|
|
|
—
|
|
|
400.0
|
|
|||
Pollution Control Bonds
|
|
|
|
|
|
|
|
|
|
||||||
1.92% Series
(b)
|
Westar Energy, Inc.
|
|
2032
|
|
45.0
|
|
|
45.0
|
|
|
—
|
|
|||
1.94% Series
(b)
|
Westar Energy, Inc.
|
|
2032
|
|
30.5
|
|
|
30.5
|
|
|
—
|
|
|||
2.00% Series
(b)
|
KGE
|
|
2027
|
|
21.9
|
|
|
21.9
|
|
|
—
|
|
|||
2.50% Series
|
KGE
|
|
2031
|
|
50.0
|
|
|
50.0
|
|
|
—
|
|
|||
2.00% Series
(b)
|
KGE
|
|
2032
|
|
14.5
|
|
|
14.5
|
|
|
—
|
|
|||
2.00% Series
(b)
|
KGE
|
|
2032
|
|
10.0
|
|
|
10.0
|
|
|
—
|
|
|||
1.329% Series 2007A and 2007B
(b)
|
KCP&L
|
|
2035
|
|
—
|
|
|
—
|
|
|
146.5
|
|
|||
2.875% Series 2008
|
KCP&L
|
|
2038
|
|
—
|
|
|
—
|
|
|
23.4
|
|
|||
Senior Notes
|
|
|
|
|
|
|
|
|
|
||||||
6.375% Series (7.49% rate)
(a)
|
KCP&L
|
|
2018
|
|
—
|
|
|
—
|
|
|
350.0
|
|
|||
3.15% Series
|
KCP&L
|
|
2023
|
|
—
|
|
|
—
|
|
|
300.0
|
|
|||
3.65% Series
|
KCP&L
|
|
2025
|
|
—
|
|
|
—
|
|
|
350.0
|
|
|||
6.05% Series (5.78% rate)
(a)
|
KCP&L
|
|
2035
|
|
—
|
|
|
—
|
|
|
250.0
|
|
|||
5.30% Series
|
KCP&L
|
|
2041
|
|
—
|
|
|
—
|
|
|
400.0
|
|
|||
4.20% Series
|
KCP&L
|
|
2047
|
|
—
|
|
|
—
|
|
|
300.0
|
|
|||
Current maturities
|
|
|
|
|
—
|
|
|
—
|
|
|
(350.0
|
)
|
|||
Unamortized debt discount and debt issuance costs
|
|
|
|
|
(39.3
|
)
|
|
(39.3
|
)
|
|
(17.2
|
)
|
|||
Total excluding current maturities
(d)
|
|
|
|
|
$
|
3,687.6
|
|
|
$
|
3,687.6
|
|
|
$
|
2,232.2
|
|
(a)
|
Rate after amortizing gains/losses recognized in other comprehensive income (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, 2018
and
2017
, 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 KCP&L.
|
(e)
|
KCP&L amounts are not included in consolidated Evergy at December 31, 2017.
|
(f)
|
Represents the fair value adjustments recorded at Evergy consolidated related to the long-term debt of Great Plains Energy, KCP&L and GMO 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.
|
(g)
|
Originally issued by Great Plains Energy but assumed by Evergy, Inc. as part of the merger transaction.
|
|
|
|
December 31
|
|
||||||||
|
|
2018
|
|
2017
|
||||||||
|
|
|
(millions)
|
|
||||||||
2.398% due 2021
|
|
|
$
|
81.4
|
|
|
|
|
$
|
109.9
|
|
|
Current maturities
|
|
|
(30.3
|
)
|
|
|
|
(28.5
|
)
|
|
||
Total excluding current maturities
|
|
|
$
|
51.1
|
|
|
|
|
$
|
81.4
|
|
|
•
|
Series 1994 maturing in
2032
totaling
$14.5 million
and
$10.0 million
at variable rates that will be determined weekly; and
|
•
|
Series 1994B maturing in
2027
totaling
$21.9 million
at a variable rate that will be determined weekly.
|
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
||||||||||
|
|
(millions)
|
||||||||||||||||||
Evergy
(a)
|
|
$
|
701.1
|
|
|
$
|
251.1
|
|
|
$
|
432.0
|
|
|
$
|
287.5
|
|
|
$
|
439.5
|
|
Westar Energy
(a)
|
|
300.0
|
|
|
250.0
|
|
|
—
|
|
|
—
|
|
|
50.0
|
|
|||||
KCP&L
|
|
400.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
379.5
|
|
|||||
VIEs
|
|
30.3
|
|
|
32.3
|
|
|
18.8
|
|
|
—
|
|
|
—
|
|
|
|
December 31
|
||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||
|
|
Book Value
|
|
Fair Value
|
|
Book Value
|
|
Fair Value
|
||||||||
Long-term debt
(a)
|
|
(millions)
|
||||||||||||||
Evergy
(b)
|
|
$
|
7,341.7
|
|
|
$
|
7,412.1
|
|
|
$
|
3,687.6
|
|
|
$
|
4,010.6
|
|
Westar Energy
|
|
3,689.8
|
|
|
3,771.3
|
|
|
3,687.6
|
|
|
4,010.6
|
|
||||
KCP&L
(c)
|
|
2,530.1
|
|
|
2,637.5
|
|
|
2,582.2
|
|
|
2,799.1
|
|
||||
Long-term debt of variable interest entities
(a)
|
|
|
|
|
|
|
|
|
||||||||
Evergy
|
|
$
|
81.4
|
|
|
$
|
81.3
|
|
|
$
|
109.9
|
|
|
$
|
110.8
|
|
Westar Energy
|
|
81.4
|
|
|
81.3
|
|
|
109.9
|
|
|
110.8
|
|
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
(e)
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Total
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Evergy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Nuclear decommissioning trust
(a)
|
|
$
|
472.1
|
|
|
|
$
|
396.0
|
|
|
|
$
|
33.5
|
|
|
|
$
|
—
|
|
|
|
$
|
42.6
|
|
|
Rabbi trusts
|
|
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
(e)
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Total
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Description
|
December 31, 2017
|
Level 1
|
Level 2
|
Level 3
|
NAV
|
||||||||||||||||||||
Westar Energy
|
|
(millions)
|
|||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nuclear decommissioning trust
(a)(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equity funds
|
|
$
|
73.8
|
|
|
|
$
|
—
|
|
|
|
$
|
68.7
|
|
|
|
$
|
—
|
|
|
|
$
|
5.1
|
|
|
International equity funds
|
|
47.9
|
|
|
|
—
|
|
|
|
47.9
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Core bond fund
|
|
33.3
|
|
|
|
—
|
|
|
|
33.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
High-yield bond fund
|
|
18.1
|
|
|
|
—
|
|
|
|
18.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Emerging markets bond fund
|
|
17.3
|
|
|
|
—
|
|
|
|
17.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Combination debt/equity/other fund
|
|
14.1
|
|
|
|
—
|
|
|
|
14.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Alternative investments fund
|
|
21.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
21.7
|
|
|
|||||
Real estate securities fund
|
|
10.8
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10.8
|
|
|
|||||
Cash equivalents
|
|
0.1
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total nuclear decommissioning trust
|
|
237.1
|
|
|
|
0.1
|
|
|
|
199.4
|
|
|
|
—
|
|
|
|
37.6
|
|
|
|||||
Rabbi trust
(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core bond fund
|
|
27.3
|
|
|
|
—
|
|
|
|
27.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Combination debt/equity/other fund
|
|
6.8
|
|
|
|
—
|
|
|
|
6.8
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Cash equivalents
|
|
0.2
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total rabbi trust
|
|
34.3
|
|
|
|
0.2
|
|
|
|
34.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
271.4
|
|
|
|
$
|
0.3
|
|
|
|
$
|
233.5
|
|
|
|
$
|
—
|
|
|
|
$
|
37.6
|
|
|
KCP&L
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nuclear decommissioning trust
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
|
$
|
183.8
|
|
|
|
$
|
183.8
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Treasury
|
|
35.3
|
|
|
|
35.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
U.S. Agency
|
|
0.4
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
State and local obligations
|
|
2.1
|
|
|
|
—
|
|
|
|
2.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Corporate bonds
|
|
34.1
|
|
|
|
—
|
|
|
|
34.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Foreign governments
|
|
0.1
|
|
|
|
—
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Cash equivalents
|
|
2.5
|
|
|
|
2.5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Other
|
|
0.1
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total nuclear decommissioning trust
|
|
258.4
|
|
|
|
221.7
|
|
|
|
36.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Self-insured health plan trust
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
|
0.5
|
|
|
|
0.5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Debt securities
|
|
2.7
|
|
|
|
0.3
|
|
|
|
2.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Cash and cash equivalents
|
|
7.7
|
|
|
|
7.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total self-insured health plan trust
|
|
10.9
|
|
|
|
8.5
|
|
|
|
2.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
269.3
|
|
|
|
$
|
230.2
|
|
|
|
$
|
39.1
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Evergy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Nuclear decommissioning trust
(a)(c)
|
|
$
|
237.1
|
|
|
|
$
|
0.1
|
|
|
|
$
|
199.4
|
|
|
|
$
|
—
|
|
|
|
$
|
37.6
|
|
|
Rabbi trust
(c)
|
|
34.3
|
|
|
|
0.2
|
|
|
|
34.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
271.4
|
|
|
|
$
|
0.3
|
|
|
|
$
|
233.5
|
|
|
|
$
|
—
|
|
|
|
$
|
37.6
|
|
|
(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)
|
In the second quarter of 2018, Evergy and Westar Energy re-evaluated the classification, within the fair value hierarchy, of their various fund investments within both Westar Energy's nuclear decommissioning trust and rabbi trusts. As a result, Evergy and Westar Energy determined that certain fund investments within the nuclear decommissioning trust in the amount of
$199.4 million
as of December 31, 2017, should have been classified as Level 1, instead of Level 2. This determination is based on the fact that the fair value of these funds is based on daily published prices at which Evergy and Westar Energy are able to redeem their investments without restriction on a daily basis. Evergy and Westar Energy also determined that certain fund investments within their rabbi trusts in the amount of
$34.1 million
as of December 31, 2017, should have been measured using the NAV per share (or its equivalent) practical expedient, instead of as a Level 2 investment. This determination is based on the fact that these funds do not meet the definition of readily determinable fair value due to the absence of a published NAV. Evergy and Westar Energy have determined that these errors are immaterial to their current and previously filed financial reports and accordingly, have not revised prior periods but have reflected the changes in fair value hierarchy classification as of December 31, 2018.
|
(d)
|
KCP&L amounts are not included in consolidated Evergy as of December 31, 2017.
|
(e)
|
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.
|
|
December 31, 2018
|
|
December 31, 2017
|
|
December 31, 2018
|
||||||||||||||
|
Fair
|
|
Unfunded
|
|
Fair
|
|
Unfunded
|
|
Redemption
|
|
Length of
|
||||||||
|
Value
|
|
Commitments
|
|
Value
|
|
Commitments
|
|
Frequency
|
|
Settlement
|
||||||||
Westar Energy
|
(millions)
|
|
|
|
|
||||||||||||||
Nuclear decommissioning trust:
|
|
|
|
|
|
||||||||||||||
Domestic equity funds
|
$
|
6.7
|
|
|
$
|
4.3
|
|
|
$
|
5.1
|
|
|
$
|
2.8
|
|
|
(a)
|
|
(a)
|
Alternative investments fund
(b)
|
24.1
|
|
|
—
|
|
|
21.7
|
|
|
—
|
|
|
Quarterly
|
|
65 days
|
||||
Real estate securities fund
(b)
|
11.8
|
|
|
—
|
|
|
10.8
|
|
|
—
|
|
|
Quarterly
|
|
65 days
|
||||
Total
|
$
|
42.6
|
|
|
$
|
4.3
|
|
|
$
|
37.6
|
|
|
$
|
2.8
|
|
|
|
|
|
Rabbi trust:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Core bond fund
|
$
|
24.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(c)
|
|
(c)
|
Combination debt/equity/other fund
|
5.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(c)
|
|
(c)
|
||||
Total
|
$
|
30.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
Other Evergy
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rabbi trusts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed income fund
(d)
|
$
|
13.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(c)
|
|
(c)
|
Total Evergy investments at NAV
|
$
|
86.2
|
|
|
$
|
4.3
|
|
|
$
|
37.6
|
|
|
$
|
2.8
|
|
|
|
|
|
(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.
|
(d)
|
This investment is recorded at GMO. GMO amounts are not included in consolidated Evergy as of December 31, 2017.
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Westar Energy
|
|
(millions)
|
||||||||||
Nuclear decommissioning trust - equity securities
|
|
$
|
(31.8
|
)
|
|
$
|
15.7
|
|
|
$
|
9.0
|
|
Rabbi trust
|
|
1.0
|
|
|
(14.3
|
)
|
|
1.4
|
|
|||
Total
|
|
$
|
(30.8
|
)
|
|
$
|
1.4
|
|
|
$
|
10.4
|
|
KCP&L
(a)
|
|
|
|
|
|
|
||||||
Nuclear decommissioning trust - equity securities
|
|
$
|
(20.7
|
)
|
|
$
|
26.7
|
|
|
$
|
14.8
|
|
Nuclear decommissioning trust - debt securities
|
|
(2.5
|
)
|
|
0.5
|
|
|
(0.3
|
)
|
|||
Total
|
|
$
|
(23.2
|
)
|
|
$
|
27.2
|
|
|
$
|
14.5
|
|
Evergy
|
|
|
|
|
|
|
||||||
Nuclear decommissioning trust - equity securities
|
|
$
|
(54.1
|
)
|
|
$
|
15.7
|
|
|
$
|
9.0
|
|
Nuclear decommissioning trust - debt securities
|
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
|||
Rabbi trusts
|
|
1.0
|
|
|
(14.3
|
)
|
|
1.4
|
|
|||
Total
|
|
$
|
(53.6
|
)
|
|
$
|
1.4
|
|
|
$
|
10.4
|
|
|
|
Total Operating Leases
|
||||||||||
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
(a)
|
||||||
Rental expense:
|
|
(millions)
|
||||||||||
2016
|
|
$
|
13.6
|
|
|
$
|
13.6
|
|
|
$
|
13.7
|
|
2017
|
|
15.7
|
|
|
15.7
|
|
|
13.1
|
|
|||
2018
|
|
24.5
|
|
|
17.7
|
|
|
11.4
|
|
|||
|
|
|
|
|
|
|
||||||
Future commitments:
|
|
|
|
|
|
|
||||||
2019
|
|
$
|
24.2
|
|
|
$
|
14.0
|
|
|
$
|
10.2
|
|
2020
|
|
20.7
|
|
|
10.1
|
|
|
10.6
|
|
|||
2021
|
|
18.4
|
|
|
8.1
|
|
|
10.3
|
|
|||
2022
|
|
15.2
|
|
|
5.2
|
|
|
10.0
|
|
|||
2023
|
|
12.4
|
|
|
2.8
|
|
|
9.6
|
|
|||
After 2023
|
|
95.0
|
|
|
3.1
|
|
|
91.8
|
|
|||
Total
|
|
$
|
185.9
|
|
|
$
|
43.3
|
|
|
$
|
142.5
|
|
|
|
December 31
|
||||||||||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||||||||||
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
(a)
|
||||||||||||
|
|
(millions)
|
||||||||||||||||||||||
Vehicles
|
|
$
|
20.2
|
|
|
$
|
20.2
|
|
|
$
|
—
|
|
|
$
|
19.7
|
|
|
$
|
19.7
|
|
|
$
|
—
|
|
Computer equipment
|
|
0.2
|
|
|
0.2
|
|
|
—
|
|
|
0.9
|
|
|
0.9
|
|
|
—
|
|
||||||
Generation plant
|
|
296.7
|
|
|
40.1
|
|
|
—
|
|
|
40.1
|
|
|
40.1
|
|
|
—
|
|
||||||
Other
|
|
5.2
|
|
|
—
|
|
|
2.6
|
|
|
—
|
|
|
—
|
|
|
2.6
|
|
||||||
Accumulated amortization
|
|
(160.0
|
)
|
|
(20.3
|
)
|
|
(1.1
|
)
|
|
(17.1
|
)
|
|
(17.1
|
)
|
|
(1.1
|
)
|
||||||
Total capital leases
|
|
$
|
162.3
|
|
|
$
|
40.2
|
|
|
$
|
1.5
|
|
|
$
|
43.6
|
|
|
$
|
43.6
|
|
|
$
|
1.5
|
|
|
|
Total Capital Leases
|
||||||||||
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
||||||
|
|
(millions)
|
||||||||||
2019
|
|
$
|
6.4
|
|
|
$
|
6.0
|
|
|
$
|
0.2
|
|
2020
|
|
5.8
|
|
|
5.4
|
|
|
0.2
|
|
|||
2021
|
|
5.3
|
|
|
4.9
|
|
|
0.2
|
|
|||
2022
|
|
4.7
|
|
|
4.3
|
|
|
0.2
|
|
|||
2023
|
|
4.0
|
|
|
3.6
|
|
|
0.2
|
|
|||
After 2023
|
|
48.6
|
|
|
46.4
|
|
|
1.1
|
|
|||
Total capital lease payments
|
|
74.8
|
|
|
70.6
|
|
|
2.1
|
|
|||
Amounts representing imputed interest
|
|
(25.8
|
)
|
|
(24.6
|
)
|
|
(0.6
|
)
|
|||
Present value of net minimum lease payments under capital leases
|
|
49.0
|
|
|
46.0
|
|
|
1.5
|
|
|||
Less: current portion
|
|
(3.9
|
)
|
|
(3.7
|
)
|
|
(0.1
|
)
|
|||
Total long-term obligations under capital leases
|
|
$
|
45.1
|
|
|
$
|
42.3
|
|
|
$
|
1.4
|
|
Evergy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2019
|
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
After 2023
|
Total
|
|||||||||||||||||
Purchase commitments
|
|
(millions)
|
||||||||||||||||||||||||||||||||
Fuel
|
|
$
|
423.6
|
|
|
|
$
|
364.4
|
|
|
|
$
|
95.3
|
|
|
|
$
|
82.9
|
|
|
|
$
|
87.5
|
|
|
|
$
|
116.2
|
|
|
|
$
|
1,169.9
|
|
Power
|
|
47.3
|
|
|
|
47.3
|
|
|
|
47.4
|
|
|
|
47.6
|
|
|
|
47.8
|
|
|
|
366.8
|
|
|
|
604.2
|
|
|||||||
Other
|
|
137.8
|
|
|
|
18.8
|
|
|
|
13.4
|
|
|
|
6.8
|
|
|
|
2.1
|
|
|
|
34.4
|
|
|
|
213.3
|
|
|||||||
Total contractual commitments
|
|
$
|
608.7
|
|
|
|
$
|
430.5
|
|
|
|
$
|
156.1
|
|
|
|
$
|
137.3
|
|
|
|
$
|
137.4
|
|
|
|
$
|
517.4
|
|
|
|
$
|
1,987.4
|
|
Westar Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2019
|
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
After 2023
|
Total
|
|||||||||||||||||
Purchase commitments
|
|
(millions)
|
||||||||||||||||||||||||||||||||
Fuel
|
|
$
|
240.9
|
|
|
|
$
|
218.1
|
|
|
|
$
|
25.9
|
|
|
|
$
|
45.7
|
|
|
|
$
|
46.9
|
|
|
|
$
|
74.1
|
|
|
|
$
|
651.6
|
|
Other
|
|
87.4
|
|
|
|
8.9
|
|
|
|
5.5
|
|
|
|
2.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
104.0
|
|
|||||||
Total contractual commitments
|
|
$
|
328.3
|
|
|
|
$
|
227.0
|
|
|
|
$
|
31.4
|
|
|
|
$
|
47.9
|
|
|
|
$
|
46.9
|
|
|
|
$
|
74.1
|
|
|
|
$
|
755.6
|
|
KCP&L
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
2019
|
|
|
2020
|
|
|
2021
|
|
|
2022
|
|
|
2023
|
|
After 2023
|
Total
|
|||||||||||||||||
Purchase commitments
|
|
(millions)
|
||||||||||||||||||||||||||||||||
Fuel
|
|
$
|
162.6
|
|
|
|
$
|
126.9
|
|
|
|
$
|
69.4
|
|
|
|
$
|
37.2
|
|
|
|
$
|
40.6
|
|
|
|
$
|
42.1
|
|
|
|
$
|
478.8
|
|
Power
|
|
34.8
|
|
|
|
34.8
|
|
|
|
34.9
|
|
|
|
35.1
|
|
|
|
35.3
|
|
|
|
254.5
|
|
|
|
429.4
|
|
|||||||
Other
|
|
34.7
|
|
|
|
9.0
|
|
|
|
7.0
|
|
|
|
3.8
|
|
|
|
1.6
|
|
|
|
29.7
|
|
|
|
85.8
|
|
|||||||
Total contractual commitments
|
|
$
|
232.1
|
|
|
|
$
|
170.7
|
|
|
|
$
|
111.3
|
|
|
|
$
|
76.1
|
|
|
|
$
|
77.5
|
|
|
|
$
|
326.3
|
|
|
|
$
|
994.0
|
|
•
|
Evergy
direct guarantees to GMO counterparties
totaling
$17.0 million
, which
expire in 2020
, and
|
•
|
Evergy's
guarantee of GMO long-term debt
totaling
$94.3 million
, which includes debt with
maturity dates ranging from 2019 to 2023
.
|
|
|
December 31
|
|
|||||||
|
|
2018
|
|
|
2017
|
|
||||
Westar Energy
|
|
(millions)
|
|
|||||||
Net receivable from GMO
|
|
$
|
2.6
|
|
|
|
$
|
—
|
|
|
Net payable to KCP&L
|
|
(13.5
|
)
|
|
|
—
|
|
|
||
Net payable to Evergy
|
|
(1.4
|
)
|
|
|
—
|
|
|
||
|
|
|
|
|
|
|
||||
KCP&L
|
|
|
|
|
|
|
||||
Net receivable from GMO
|
|
$
|
72.6
|
|
|
|
$
|
65.8
|
|
|
Net receivable from Westar Energy
|
|
13.5
|
|
|
|
—
|
|
|
||
Net receivable from Evergy
|
|
15.7
|
|
|
|
—
|
|
|
||
Net receivable from Great Plains Energy
|
|
—
|
|
|
|
18.9
|
|
|
|
|
December 31
|
||||||
|
|
2018
|
|
2017
|
||||
Assets:
|
|
(millions)
|
||||||
Property, plant and equipment of variable interest entities, net
|
|
$
|
169.2
|
|
|
$
|
176.3
|
|
Liabilities:
|
|
|
|
|
||||
Current maturities of long-term debt of variable interest entities
|
|
$
|
30.3
|
|
|
$
|
28.5
|
|
Accrued interest
(a)
|
|
0.5
|
|
|
0.7
|
|
||
Long-term debt of variable interest entities, net
|
|
51.1
|
|
|
81.4
|
|
(a)
|
Included in accrued interest on Evergy's and Westar Energy's consolidated balance sheets.
|
Evergy
|
2018
|
|
2017
|
|
2016
|
||||||
Current income taxes
|
(millions)
|
||||||||||
Federal
|
$
|
(67.4
|
)
|
|
$
|
0.1
|
|
|
$
|
(1.0
|
)
|
State
|
2.2
|
|
|
0.4
|
|
|
0.3
|
|
|||
Total
|
(65.2
|
)
|
|
0.5
|
|
|
(0.7
|
)
|
|||
Deferred income taxes
|
|
|
|
|
|
|
|
|
|||
Federal
|
160.1
|
|
|
122.8
|
|
|
155.2
|
|
|||
State
|
(32.3
|
)
|
|
30.7
|
|
|
32.9
|
|
|||
Total
|
127.8
|
|
|
153.5
|
|
|
188.1
|
|
|||
Investment tax credit
|
|
|
|
|
|
||||||
Amortization
|
(3.6
|
)
|
|
(2.8
|
)
|
|
(2.9
|
)
|
|||
Total
|
(3.6
|
)
|
|
(2.8
|
)
|
|
(2.9
|
)
|
|||
Income tax expense
|
$
|
59.0
|
|
|
$
|
151.2
|
|
|
$
|
184.5
|
|
Westar Energy
|
2018
|
|
2017
|
|
2016
|
||||||
Current income taxes
|
(millions)
|
||||||||||
Federal
|
$
|
(0.3
|
)
|
|
$
|
0.1
|
|
|
$
|
(1.0
|
)
|
State
|
(1.8
|
)
|
|
0.4
|
|
|
0.3
|
|
|||
Total
|
(2.1
|
)
|
|
0.5
|
|
|
(0.7
|
)
|
|||
Deferred income taxes
|
|
|
|
|
|
|
|
|
|||
Federal
|
43.5
|
|
|
122.8
|
|
|
155.2
|
|
|||
State
|
(42.9
|
)
|
|
30.7
|
|
|
32.9
|
|
|||
Total
|
0.6
|
|
|
153.5
|
|
|
188.1
|
|
|||
Investment tax credit
|
|
|
|
|
|
||||||
Amortization
|
(2.8
|
)
|
|
(2.8
|
)
|
|
(2.9
|
)
|
|||
Total
|
(2.8
|
)
|
|
(2.8
|
)
|
|
(2.9
|
)
|
|||
Income tax expense (benefit)
|
$
|
(4.3
|
)
|
|
$
|
151.2
|
|
|
$
|
184.5
|
|
KCP&L
|
2018
|
|
2017
|
|
2016
|
||||||
Current income taxes
|
(millions)
|
||||||||||
Federal
|
$
|
29.8
|
|
|
$
|
37.4
|
|
|
$
|
24.8
|
|
State
|
8.9
|
|
|
8.3
|
|
|
4.7
|
|
|||
Total
|
38.7
|
|
|
45.7
|
|
|
29.5
|
|
|||
Deferred income taxes
|
|
|
|
|
|
|
|
|
|||
Federal
|
(3.4
|
)
|
|
74.7
|
|
|
76.4
|
|
|||
State
|
53.0
|
|
|
8.8
|
|
|
17.0
|
|
|||
Total
|
49.6
|
|
|
83.5
|
|
|
93.4
|
|
|||
Investment tax credit
|
|
|
|
|
|
||||||
Amortization
|
(1.0
|
)
|
|
(1.0
|
)
|
|
(1.0
|
)
|
|||
Total
|
(1.0
|
)
|
|
(1.0
|
)
|
|
(1.0
|
)
|
|||
Income tax expense
|
$
|
87.3
|
|
|
$
|
128.2
|
|
|
$
|
121.9
|
|
Evergy
|
2018
|
|
2017
|
|
2016
|
|||
Federal statutory income tax
|
21.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
COLI policies
|
(1.9
|
)
|
|
(3.1
|
)
|
|
(4.2
|
)
|
State income taxes
|
4.9
|
|
|
4.1
|
|
|
4.0
|
|
Flow through depreciation for plant-related differences
|
0.8
|
|
|
2.3
|
|
|
3.1
|
|
Federal tax credits
|
(6.4
|
)
|
|
(6.9
|
)
|
|
(1.8
|
)
|
Non-controlling interest
|
(0.4
|
)
|
|
(0.9
|
)
|
|
(0.9
|
)
|
AFUDC equity
|
(0.1
|
)
|
|
(0.2
|
)
|
|
(0.8
|
)
|
Amortization of federal investment tax credits
|
(0.6
|
)
|
|
(0.6
|
)
|
|
(0.5
|
)
|
Changes in uncertain tax positions, net
|
0.1
|
|
|
—
|
|
|
—
|
|
Federal or state tax rate change
|
(8.7
|
)
|
|
2.5
|
|
|
—
|
|
Valuation allowance
|
0.4
|
|
|
0.3
|
|
|
0.4
|
|
Stock compensation
|
(0.4
|
)
|
|
(0.9
|
)
|
|
(0.5
|
)
|
Officer compensation limitation
|
1.2
|
|
|
0.2
|
|
|
—
|
|
Other
|
(0.2
|
)
|
|
(0.8
|
)
|
|
—
|
|
Effective income tax rate
|
9.7
|
%
|
|
31.0
|
%
|
|
33.8
|
%
|
Westar Energy
|
2018
|
|
2017
|
|
2016
|
|||
Federal statutory income tax
|
21.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
COLI policies
|
(3.3
|
)
|
|
(3.1
|
)
|
|
(4.2
|
)
|
State income taxes
|
5.0
|
|
|
4.1
|
|
|
4.0
|
|
Flow through depreciation for plant-related differences
|
1.6
|
|
|
2.3
|
|
|
3.1
|
|
Federal tax credits
|
(10.4
|
)
|
|
(6.9
|
)
|
|
(1.8
|
)
|
Non-controlling interest
|
(0.6
|
)
|
|
(0.9
|
)
|
|
(0.9
|
)
|
AFUDC equity
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(0.8
|
)
|
Amortization of federal investment tax credits
|
(0.8
|
)
|
|
(0.6
|
)
|
|
(0.5
|
)
|
Changes in uncertain tax positions, net
|
0.1
|
|
|
—
|
|
|
—
|
|
Federal or state tax rate change
|
(15.3
|
)
|
|
2.5
|
|
|
—
|
|
Valuation allowance
|
0.5
|
|
|
0.3
|
|
|
0.4
|
|
Stock compensation
|
(0.8
|
)
|
|
(0.9
|
)
|
|
(0.5
|
)
|
Officer compensation limitation
|
1.8
|
|
|
0.2
|
|
|
—
|
|
Other
|
0.2
|
|
|
(0.8
|
)
|
|
—
|
|
Effective income tax rate
|
(1.2
|
)%
|
|
31.0
|
%
|
|
33.8
|
%
|
KCP&L
|
2018
|
|
2017
|
|
2016
|
|||
Federal statutory income tax
|
21.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
COLI policies
|
(0.2
|
)
|
|
(0.3
|
)
|
|
(0.2
|
)
|
State income taxes
|
5.5
|
|
|
3.8
|
|
|
4.1
|
|
Flow through depreciation for plant-related differences
|
(2.5
|
)
|
|
0.5
|
|
|
0.3
|
|
Federal tax credits
|
(2.1
|
)
|
|
(2.4
|
)
|
|
(3.1
|
)
|
AFUDC equity
|
(0.1
|
)
|
|
(0.7
|
)
|
|
(0.7
|
)
|
Amortization of federal investment tax credits
|
(0.4
|
)
|
|
(0.3
|
)
|
|
(0.3
|
)
|
Federal or state tax rate change
|
14.1
|
|
|
5.3
|
|
|
—
|
|
Valuation allowance
|
—
|
|
|
0.4
|
|
|
—
|
|
Stock compensation
|
—
|
|
|
0.2
|
|
|
—
|
|
Officer compensation limitation
|
0.6
|
|
|
0.1
|
|
|
0.2
|
|
Other
|
(1.0
|
)
|
|
—
|
|
|
(0.1
|
)
|
Effective income tax rate
|
34.9
|
%
|
|
41.6
|
%
|
|
35.2
|
%
|
|
December 31
|
||||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||||
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
(a)
|
||||||||||||
Deferred tax assets:
|
(millions)
|
||||||||||||||||||||||
Tax credit carryforward
|
$
|
508.1
|
|
|
$
|
307.1
|
|
|
$
|
194.0
|
|
|
$
|
276.7
|
|
|
$
|
276.7
|
|
|
$
|
185.8
|
|
Income taxes refundable to customers, net
|
478.1
|
|
|
233.1
|
|
|
186.9
|
|
|
230.3
|
|
|
230.3
|
|
|
179.1
|
|
||||||
Deferred employee benefit costs
|
215.4
|
|
|
89.6
|
|
|
118.3
|
|
|
95.9
|
|
|
95.9
|
|
|
124.6
|
|
||||||
Net operating loss carryforward
|
383.3
|
|
|
60.7
|
|
|
119.2
|
|
|
70.0
|
|
|
70.0
|
|
|
131.2
|
|
||||||
Deferred state income taxes
|
62.5
|
|
|
62.5
|
|
|
—
|
|
|
63.8
|
|
|
63.8
|
|
|
—
|
|
||||||
Alternative minimum tax carryforward
|
73.4
|
|
|
26.7
|
|
|
—
|
|
|
52.2
|
|
|
52.2
|
|
|
—
|
|
||||||
Accrued liabilities
|
82.6
|
|
|
13.6
|
|
|
32.8
|
|
|
13.2
|
|
|
13.2
|
|
|
26.0
|
|
||||||
Other
|
193.5
|
|
|
101.7
|
|
|
46.7
|
|
|
97.9
|
|
|
97.9
|
|
|
35.7
|
|
||||||
Total deferred tax assets before valuation
allowance
|
1,996.9
|
|
|
895.0
|
|
|
697.9
|
|
|
900.0
|
|
|
900.0
|
|
|
682.4
|
|
||||||
Valuation allowances
|
(27.3
|
)
|
|
(1.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total deferred tax assets, net
|
1,969.6
|
|
|
893.3
|
|
|
697.9
|
|
|
900.0
|
|
|
900.0
|
|
|
682.4
|
|
||||||
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Plant-related
|
(3,164.9
|
)
|
|
(1,491.6
|
)
|
|
(1,199.7
|
)
|
|
(1,483.3
|
)
|
|
(1,483.3
|
)
|
|
(1,127.0
|
)
|
||||||
Deferred employee benefit costs
|
(199.9
|
)
|
|
(89.6
|
)
|
|
(86.1
|
)
|
|
(95.9
|
)
|
|
(95.9
|
)
|
|
(96.0
|
)
|
||||||
Acquisition premium
|
(72.6
|
)
|
|
(72.6
|
)
|
|
—
|
|
|
(76.6
|
)
|
|
(76.6
|
)
|
|
—
|
|
||||||
Other
|
(131.4
|
)
|
|
(54.9
|
)
|
|
(43.9
|
)
|
|
(59.9
|
)
|
|
(59.9
|
)
|
|
(75.5
|
)
|
||||||
Total deferred tax liabilities
|
(3,568.8
|
)
|
|
(1,708.7
|
)
|
|
(1,329.7
|
)
|
|
(1,715.7
|
)
|
|
(1,715.7
|
)
|
|
(1,298.5
|
)
|
||||||
Net deferred income tax liabilities
|
$
|
(1,599.2
|
)
|
|
$
|
(815.4
|
)
|
|
$
|
(631.8
|
)
|
|
$
|
(815.7
|
)
|
|
$
|
(815.7
|
)
|
|
$
|
(616.1
|
)
|
(a)
|
KCP&L amounts are not included in consolidated Evergy at December 31, 2017.
|
|
|
Amount of Benefit
|
|
||||||||||
Year of Origin
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
||||||
|
|
(millions)
|
|
||||||||||
2000
|
|
$
|
7.3
|
|
|
$
|
7.3
|
|
|
$
|
—
|
|
|
2001
|
|
9.8
|
|
|
9.7
|
|
|
—
|
|
|
|||
2002
|
|
0.3
|
|
|
0.2
|
|
|
—
|
|
|
|||
2003
|
|
0.3
|
|
|
0.2
|
|
|
—
|
|
|
|||
2004
|
|
0.3
|
|
|
0.2
|
|
|
—
|
|
|
|||
2005
|
|
0.3
|
|
|
0.2
|
|
|
—
|
|
|
|||
2006
|
|
0.3
|
|
|
0.2
|
|
|
—
|
|
|
|||
2007
|
|
0.6
|
|
|
0.5
|
|
|
—
|
|
|
|||
2008
|
|
39.8
|
|
|
0.5
|
|
|
38.9
|
|
|
|||
2009
|
|
47.7
|
|
|
0.2
|
|
|
47.4
|
|
|
|||
2010
|
|
18.3
|
|
|
—
|
|
|
18.2
|
|
|
|||
2011
|
|
13.3
|
|
|
—
|
|
|
13.2
|
|
|
|||
2012
|
|
13.7
|
|
|
2.9
|
|
|
10.7
|
|
|
|||
2013
|
|
23.5
|
|
|
10.5
|
|
|
12.9
|
|
|
|||
2014
|
|
23.6
|
|
|
10.2
|
|
|
13.0
|
|
|
|||
2015
|
|
23.5
|
|
|
10.1
|
|
|
12.8
|
|
|
|||
2016
|
|
26.1
|
|
|
10.1
|
|
|
12.4
|
|
|
|||
2017
|
|
43.3
|
|
|
34.5
|
|
|
8.2
|
|
|
|||
2018
|
|
41.8
|
|
|
36.5
|
|
|
5.1
|
|
|
|||
|
|
$
|
333.8
|
|
|
$
|
134.0
|
|
|
$
|
192.8
|
|
|
|
|
Amount of Benefit
|
|
||||||||||
Year of Origin
|
|
Evergy
|
|
Westar Energy
|
|
KCP&L
|
|
||||||
|
|
(millions)
|
|
||||||||||
2004
|
|
$
|
1.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
2005
|
|
44.4
|
|
|
—
|
|
|
—
|
|
|
|||
2006
|
|
32.0
|
|
|
—
|
|
|
—
|
|
|
|||
2009
|
|
21.9
|
|
|
—
|
|
|
—
|
|
|
|||
2010
|
|
2.5
|
|
|
—
|
|
|
—
|
|
|
|||
2011
|
|
65.3
|
|
|
—
|
|
|
38.4
|
|
|
|||
2012
|
|
0.2
|
|
|
0.2
|
|
|
—
|
|
|
|||
2013
|
|
1.5
|
|
|
0.8
|
|
|
0.3
|
|
|
|||
2014
|
|
77.2
|
|
|
25.0
|
|
|
12.3
|
|
|
|||
2015
|
|
59.3
|
|
|
0.2
|
|
|
55.6
|
|
|
|||
2016
|
|
0.8
|
|
|
0.4
|
|
|
0.3
|
|
|
|||
2017
|
|
16.2
|
|
|
12.3
|
|
|
0.6
|
|
|
|||
2018
|
|
1.3
|
|
|
1.2
|
|
|
—
|
|
|
|||
|
|
$
|
324.2
|
|
|
$
|
40.1
|
|
|
$
|
107.5
|
|
|
|
|
Quarter
|
||||||||||||||
Evergy
|
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
||||||||
2018
|
|
(millions, except per share amounts)
|
||||||||||||||
Operating revenue
|
|
$
|
600.2
|
|
|
$
|
893.4
|
|
|
$
|
1,582.5
|
|
|
$
|
1,199.8
|
|
Operating income
|
|
123.5
|
|
|
126.9
|
|
|
533.1
|
|
|
150.1
|
|
||||
Net income
|
|
62.9
|
|
|
104.4
|
|
|
357.6
|
|
|
21.1
|
|
||||
Net income attributable to Evergy, Inc.
|
|
60.5
|
|
|
101.8
|
|
|
355.0
|
|
|
18.5
|
|
||||
Basic and diluted earnings per common share
|
|
0.42
|
|
|
0.56
|
|
|
1.32
|
|
|
0.07
|
|
||||
2017
|
|
|
|
|
|
|
|
|
||||||||
Operating revenue
|
|
$
|
572.6
|
|
|
$
|
609.3
|
|
|
$
|
794.3
|
|
|
$
|
594.8
|
|
Operating income
|
|
131.4
|
|
|
160.2
|
|
|
264.9
|
|
|
122.3
|
|
||||
Net income
|
|
63.5
|
|
|
76.0
|
|
|
160.7
|
|
|
36.3
|
|
||||
Net income attributable to Evergy, Inc.
|
|
59.7
|
|
|
72.1
|
|
|
158.3
|
|
|
33.8
|
|
||||
Basic and diluted earnings per common share
|
|
0.42
|
|
|
0.50
|
|
|
1.11
|
|
|
0.24
|
|
|
|
Quarter
|
||||||||||||||
Westar Energy
|
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
||||||||
2018
|
|
(millions)
|
||||||||||||||
Operating revenue
|
|
$
|
600.2
|
|
|
$
|
650.9
|
|
|
$
|
764.8
|
|
|
$
|
599.0
|
|
Operating income
|
|
123.5
|
|
|
76.1
|
|
|
256.9
|
|
|
94.0
|
|
||||
Net income
|
|
62.9
|
|
|
77.6
|
|
|
178.0
|
|
|
30.6
|
|
||||
Net income attributable to Westar Energy, Inc.
|
|
60.5
|
|
|
75.0
|
|
|
175.4
|
|
|
28.0
|
|
||||
2017
|
|
|
|
|
|
|
|
|
||||||||
Operating revenue
|
|
$
|
572.6
|
|
|
$
|
609.3
|
|
|
$
|
794.3
|
|
|
$
|
594.8
|
|
Operating income
|
|
131.4
|
|
|
160.2
|
|
|
264.9
|
|
|
122.3
|
|
||||
Net income
|
|
63.5
|
|
|
76.0
|
|
|
160.7
|
|
|
36.3
|
|
||||
Net income attributable to Westar Energy, Inc.
|
|
59.7
|
|
|
72.1
|
|
|
158.3
|
|
|
33.8
|
|
|
|
Quarter
|
||||||||||||||
KCP&L
|
|
1st
|
|
2nd
|
|
3rd
|
|
4th
|
||||||||
2018
|
|
(millions)
|
||||||||||||||
Operating revenue
|
|
$
|
397.1
|
|
|
$
|
452.2
|
|
|
$
|
559.6
|
|
|
$
|
414.2
|
|
Operating income
|
|
61.0
|
|
|
114.7
|
|
|
189.4
|
|
|
44.7
|
|
||||
Net income (loss)
|
|
20.2
|
|
|
24.6
|
|
|
120.3
|
|
|
(2.2
|
)
|
||||
2017
|
|
|
|
|
|
|
|
|
||||||||
Operating revenue
|
|
$
|
395.9
|
|
|
$
|
482.7
|
|
|
$
|
595.7
|
|
|
$
|
416.4
|
|
Operating income
|
|
65.0
|
|
|
126.2
|
|
|
219.8
|
|
|
75.4
|
|
||||
Net income
|
|
14.2
|
|
|
49.6
|
|
|
114.1
|
|
|
1.9
|
|
•
|
Information regarding the directors of Evergy is contained in the Proxy Statement section titled "Election of Directors."
|
•
|
Information regarding compliance with Section 16(a) of the Exchange Act is contained in the Proxy Statement section titled "Security Ownership of Certain Beneficial Owners, Directors and Officers - Section 16(a) Beneficial Ownership Reporting Compliance."
|
•
|
Information regarding the Audit Committee of Evergy is contained in the Proxy Statement section titled "Corporate Governance - Committees of the Board."
|
•
|
Information regarding Evergy's Code of Ethical Business Conduct is contained in the Proxy Statement section titled "Corporate Governance - Code of Ethical Business Conduct."
|
|
|
|
|
|
|
|
|
|
Number of securities
|
||||||
|
Number of
|
|
|
|
|
|
remaining available
|
||||||||
|
securities
|
|
|
|
|
|
for future issuance
|
||||||||
|
to be issued upon
|
|
Weighted-average
|
|
under equity
|
||||||||||
|
exercise of
|
|
exercise price of
|
|
compensation plans
|
||||||||||
|
outstanding options,
|
|
outstanding options,
|
|
(excluding securities
|
||||||||||
|
warrants and rights
|
|
warrants and rights
|
|
reflected in column (a))
|
||||||||||
Plan Category
|
(a)
|
|
(b)
|
|
(c)
|
||||||||||
Equity compensation plans approved by security holders
(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Evergy Long-Term Incentive Plan
|
|
530,359
|
|
(2)
|
|
|
$
|
—
|
|
(3)
|
|
|
2,168,693
|
|
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
Total
|
|
530,359
|
|
(2)
|
|
|
$
|
—
|
|
(3)
|
|
|
2,168,693
|
|
|
Westar Energy
|
2018
|
2017
|
||||
Fee Category
|
|
|
||||
Audit Fees
|
$
|
2,168,000
|
|
$
|
2,691,000
|
|
Audit-Related Fees
|
40,000
|
|
54,000
|
|
||
Tax Fees
|
—
|
|
—
|
|
||
All Other Fees
|
—
|
|
—
|
|
||
Total Fees
|
$
|
2,208,000
|
|
$
|
2,745,000
|
|
KCP&L
|
2018
|
2017
|
||||
Fee Category
|
|
|
||||
Audit Fees
|
$
|
1,801,396
|
|
$
|
1,304,550
|
|
Audit-Related Fees
|
23,000
|
|
22,000
|
|
||
Tax Fees
|
34,765
|
|
24,905
|
|
||
All Other Fees
|
—
|
|
—
|
|
||
Total Fees
|
$
|
1,859,161
|
|
$
|
1,351,455
|
|
Evergy, Inc.
|
Page No.
|
|
|
|
|
a.
|
||
|
|
|
b.
|
||
|
|
|
c.
|
||
|
|
|
d.
|
||
|
|
|
e.
|
||
|
|
|
f.
|
||
|
|
|
Westar Energy, Inc.
|
|
|
|
|
|
g.
|
||
|
|
|
h.
|
||
|
|
|
i.
|
|
|
|
j.
|
||
|
|
|
k.
|
||
|
|
|
l.
|
||
|
|
|
KCP&L
|
|
|
|
|
|
m.
|
||
|
|
|
n.
|
||
|
|
|
o.
|
||
|
|
|
p.
|
||
|
|
|
q.
|
|
|
|
|
|
r.
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Registrant
|
|
|
|
|
|
2.1
|
*∆
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
2.2
|
*∆
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
3.1
|
*
|
|
Evergy
|
|
|
|
|
|
|
3.2
|
*
|
|
Evergy
|
|
|
|
|
|
|
3.3
|
*
|
|
KCP&L
|
|
|
|
|
|
|
3.4
|
*
|
|
KCP&L
|
|
|
|
|
|
|
3.5
|
*
|
|
Westar Energy
|
|
|
|
|
|
|
3.6
|
*
|
|
Westar Energy
|
|
|
|
|
|
|
4.1
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.2
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.3
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.4
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.5
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.6
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.7
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.8
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.9
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.10
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.11
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.12
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.13
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.14
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
4.15
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.16
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.17
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.18
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.19
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.20
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.21
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.22
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.23
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.24
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
4.25
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.26
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.27
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.28
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.29
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.30
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.31
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.32
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.33
|
*
|
|
Evergy
KCP&L |
|
|
|
|
|
|
4.34
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.35
|
|
|
Evergy
Westar Energy |
|
|
|
|
|
4.36
|
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.37
|
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.38
|
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.39
|
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.40
|
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.41
|
*
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.42
|
*
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.43
|
*
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.44
|
*
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.45
|
*
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.46
|
*
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.47
|
*
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.48
|
*
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.49
|
*
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.50
|
*
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.51
|
*
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.52
|
*
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.53
|
*
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.54
|
*
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
4.55
|
*
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
10.1
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.2
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.3
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.4
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.5
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.6
|
+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.7
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.8
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.9
|
+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.10
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.11
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.12
|
+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.13
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.14
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.15
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.16
|
*+
|
|
Evergy
KCP&L Westar Energy |
|
|
|
|
|
|
10.17
|
*+
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
10.18
|
*+
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
10.19
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.20
|
*+
|
|
Evergy
KCP&L Westar Energy |
|
|
|
|
|
|
10.21
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.22
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.23
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.24
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.25
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.26
|
*+
|
|
Evergy
KCP&L Westar Energy |
|
|
|
|
|
|
10.27
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.28
|
*+
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
10.29
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.30
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.31
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.32
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.33
|
*+
|
|
Evergy
KCP&L Westar Energy |
|
|
|
|
|
|
10.34
|
*+
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
10.35
|
+
|
|
Evergy
Westar Energy
|
|
|
|
|
|
|
10.36
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.37
|
*+
|
|
Evergy
KCP&L |
|
|
|
|
|
|
10.38
|
*+
|
|
Evergy
Westar Energy |
|
|
|
|
|
|
10.39
|
+
|
|
Evergy
KCP&L Westar Energy |
|
|
|
|
|
|
10.40
|
*+
|
|
Evergy
|
|
|
|
|
|
|
10.41
|
*
|
|
Evergy
KCP&L Westar Energy |
|
|
|
|
|
|
10.42
|
|
|
Evergy
KCP&L Westar Energy |
|
|
|
|
|
|
10.43
|
*
|
|
Evergy
|
|
|
|
|
|
|
21.1
|
|
|
Evergy
|
|
|
|
|
|
|
21.2
|
|
|
Westar Energy
|
|
|
|
|
|
|
23.1
|
|
|
Evergy
|
|
|
|
|
|
|
23.2
|
|
|
KCP&L
|
|
|
|
|
|
|
23.3
|
|
|
Westar Energy
|
|
|
|
|
|
|
24.1
|
|
|
Evergy
|
|
|
|
|
|
|
24.2
|
|
|
Westar Energy
|
|
|
|
|
|
|
24.3
|
|
|
KCP&L
|
|
|
|
|
|
|
31.1
|
|
|
Evergy
|
|
|
|
|
|
|
31.2
|
|
|
Evergy
|
|
|
|
|
|
|
31.3
|
|
|
KCP&L
|
|
|
|
|
|
|
31.4
|
|
|
KCP&L
|
|
|
|
|
|
31.5
|
|
|
Westar Energy
|
|
|
|
|
|
|
31.6
|
|
|
Westar Energy
|
|
|
|
|
|
|
32.1
|
**
|
|
Evergy
|
|
|
|
|
|
|
32.2
|
**
|
|
KCP&L
|
|
|
|
|
|
|
32.3
|
**
|
|
Westar Energy
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document.
|
|
Evergy
KCP&L Westar Energy |
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
Evergy
KCP&L Westar Energy |
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
Evergy
KCP&L Westar Energy |
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
Evergy
KCP&L Westar Energy |
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase Document.
|
|
Evergy
KCP&L Westar Energy |
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
Evergy
KCP&L Westar Energy |
EVERGY, INC.
|
|||
Statement of Income of Parent Company
|
|||
|
|
||
|
Period from June 4, 2018 through
December 31, 2018
|
||
OPERATING EXPENSES:
|
(millions)
|
||
Operating and maintenance
|
$
|
54.6
|
|
Total Operating Expenses
|
54.6
|
|
|
INCOME FROM OPERATIONS
|
(54.6
|
)
|
|
OTHER INCOME (EXPENSE)
|
|
||
Equity in earnings from subsidiaries
|
364.7
|
|
|
Investment earnings
|
26.3
|
|
|
Other expense
|
(2.6
|
)
|
|
Total Other Income (Expense), Net
|
388.4
|
|
|
Interest expense
|
19.6
|
|
|
INCOME BEFORE INCOME TAXES
|
314.2
|
|
|
Income tax benefit
|
(10.7
|
)
|
|
NET INCOME
|
$
|
324.9
|
|
COMPREHENSIVE INCOME
|
|
||
NET INCOME
|
$
|
324.9
|
|
OTHER COMPREHENSIVE INCOME
|
|
||
Derivative hedging activity
|
|
||
Loss on derivative hedging instruments
|
(5.4
|
)
|
|
Income tax benefit
|
1.4
|
|
|
Net loss on derivative hedging instruments
|
(4.0
|
)
|
|
Derivative hedging activity, net of tax
|
(4.0
|
)
|
|
Other comprehensive income from subsidiaries, net
|
1.0
|
|
|
Total other comprehensive loss
|
(3.0
|
)
|
|
COMPREHENSIVE INCOME
|
$
|
321.9
|
|
EVERGY, INC.
|
|||
Balance Sheet of Parent Company
|
|||
|
December 31
|
||
|
2018
|
||
ASSETS
|
|
||
CURRENT ASSETS:
|
|
||
Cash and cash equivalents
|
$
|
107.1
|
|
Accounts receivable from subsidiaries
|
35.2
|
|
|
Notes receivable from subsidiaries
|
2.0
|
|
|
Prepaid expenses and other assets
|
2.2
|
|
|
Total Current Assets
|
146.5
|
|
|
OTHER ASSETS:
|
|
|
|
Investment in subsidiaries
|
9,785.6
|
|
|
Note receivable from subsidiaries
|
634.9
|
|
|
Deferred income taxes
|
36.3
|
|
|
Other
|
1.1
|
|
|
Total Other Assets
|
10,457.9
|
|
|
TOTAL ASSETS
|
$
|
10,604.4
|
|
LIABILITIES AND EQUITY
|
|
||
CURRENT LIABILITIES:
|
|
||
Accounts payable to subsidiaries
|
28.1
|
|
|
Accrued interest
|
2.1
|
|
|
Derivative instruments
|
5.4
|
|
|
Other
|
6.3
|
|
|
Total Current Liabilities
|
41.9
|
|
|
LONG-TERM LIABILITIES:
|
|
||
Long-term debt, net
|
638.1
|
|
|
Other
|
17.6
|
|
|
Total Long-Term Liabilities
|
655.7
|
|
|
Commitments and Contingencies (Note 14)
|
|
||
EQUITY:
|
|
|
|
Evergy, Inc. Shareholders' Equity:
|
|
|
|
Common stock - 600,000,000 shares authorized, without par value, 255,326,252 shares issued
|
8,668.3
|
|
|
Retained earnings
|
1,241.5
|
|
|
Accumulated other comprehensive loss
|
(3.0
|
)
|
|
Total shareholders' equity
|
9,906.8
|
|
|
TOTAL LIABILITIES AND EQUITY
|
10,604.4
|
|
EVERGY, INC.
|
|||
Statement of Cash Flow of Parent Company
|
|||
|
|
||
|
Period from June 4, 2018 through
December 31, 2018
|
||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
|
(millions)
|
||
Net income
|
$
|
324.9
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
||
Non-cash compensation
|
10.0
|
|
|
Net deferred income taxes and credits
|
(6.3
|
)
|
|
Equity in earnings from subsidiaries
|
(364.7
|
)
|
|
Changes in working capital items:
|
|
||
Accounts receivable from subsidiaries
|
(8.5
|
)
|
|
Prepaid expenses and other current assets
|
(1.2
|
)
|
|
Accounts payable to subsidiaries
|
4.7
|
|
|
Accrued taxes
|
(35.2
|
)
|
|
Other current liabilities
|
(11.2
|
)
|
|
Cash dividends from subsidiaries
|
236.0
|
|
|
Changes in other assets
|
0.1
|
|
|
Changes in other liabilities
|
20.0
|
|
|
Cash Flows from Operating Activities
|
168.6
|
|
|
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
|
|
||
Cash acquired from the merger with Great Plains Energy
|
1,142.2
|
|
|
Proceeds from interest rate swap
|
140.6
|
|
|
Cash Flows from Investing Activities
|
1,282.8
|
|
|
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
|
|
||
Short term debt, net
|
(56.1
|
)
|
|
Cash dividends paid
|
(245.9
|
)
|
|
Repurchase of common stock
|
(1,042.3
|
)
|
|
Cash Flows used in Financing Activities
|
(1,344.3
|
)
|
|
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
107.1
|
|
|
CASH AND CASH EQUIVALENTS:
|
|
||
Beginning of period
|
—
|
|
|
End of period
|
$
|
107.1
|
|
Evergy, Inc.
|
|||||||||||||||||||||||||
Valuation and Qualifying Accounts
|
|||||||||||||||||||||||||
Years Ended December 31, 2018, 2017 and 2016
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
Additions
|
|
|
|
|
|
|
|||||||||||||||
|
|
Charged
|
|
|
|
||||||||||||||||||||
|
Balance At
|
To Costs
|
Charged
|
|
Balance
|
||||||||||||||||||||
|
Beginning
|
And
|
To Other
|
|
At End
|
||||||||||||||||||||
Description
|
Of Period
|
Expenses
|
Accounts
|
Deductions
|
Of Period
|
||||||||||||||||||||
Year Ended December 31, 2018
|
(millions)
|
||||||||||||||||||||||||
Allowance for uncollectible accounts
|
|
$
|
6.7
|
|
|
|
$
|
20.7
|
|
|
|
$
|
16.9
|
|
(e)
|
|
$
|
35.1
|
|
(b)
|
|
$
|
9.2
|
|
|
Tax valuation allowance
|
|
—
|
|
|
|
2.2
|
|
|
|
26.8
|
|
(d)
|
|
1.7
|
|
(c)
|
|
27.3
|
|
|
|||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
6.7
|
|
|
|
$
|
10.5
|
|
|
|
$
|
7.0
|
|
(a)
|
|
$
|
17.5
|
|
(b)
|
|
$
|
6.7
|
|
|
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
5.3
|
|
|
|
$
|
12.2
|
|
|
|
$
|
6.2
|
|
(a)
|
|
$
|
17.0
|
|
(b)
|
|
$
|
6.7
|
|
|
Westar Energy, Inc.
|
|||||||||||||||||||||||||
Valuation and Qualifying Accounts
|
|||||||||||||||||||||||||
Years Ended December 31, 2018, 2017 and 2016
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
Additions
|
|
|
|
|
|
|
|||||||||||||||
|
|
Charged
|
|
|
|
||||||||||||||||||||
|
Balance At
|
To Costs
|
Charged
|
|
Balance
|
||||||||||||||||||||
|
Beginning
|
And
|
To Other
|
|
At End
|
||||||||||||||||||||
Description
|
Of Period
|
Expenses
|
Accounts
|
Deductions
|
Of Period
|
||||||||||||||||||||
Year Ended December 31, 2018
|
(millions)
|
||||||||||||||||||||||||
Allowance for uncollectible accounts
|
|
$
|
6.7
|
|
|
|
$
|
9.0
|
|
|
|
$
|
7.4
|
|
(a)
|
|
$
|
19.2
|
|
(b)
|
|
$
|
3.9
|
|
|
Tax valuation allowance
|
|
—
|
|
|
|
1.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.7
|
|
|
|||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
6.7
|
|
|
|
$
|
10.5
|
|
|
|
$
|
7.0
|
|
(a)
|
|
$
|
17.5
|
|
(b)
|
|
$
|
6.7
|
|
|
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
5.3
|
|
|
|
$
|
12.2
|
|
|
|
$
|
6.2
|
|
(a)
|
|
$
|
17.0
|
|
(b)
|
|
$
|
6.7
|
|
|
Kansas City Power & Light Company
|
|||||||||||||||||||||||||
Valuation and Qualifying Accounts
|
|||||||||||||||||||||||||
Years Ended December 31, 2018, 2017 and 2016
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
Additions
|
|
|
|
|
|
|
|||||||||||||||
|
|
Charged
|
|
|
|
||||||||||||||||||||
|
Balance At
|
To Costs
|
Charged
|
|
Balance
|
||||||||||||||||||||
|
Beginning
|
And
|
To Other
|
|
At End
|
||||||||||||||||||||
Description
|
Of Period
|
Expenses
|
Accounts
|
Deductions
|
Of Period
|
||||||||||||||||||||
Year Ended December 31, 2018
|
(millions)
|
||||||||||||||||||||||||
Allowance for uncollectible accounts
|
|
$
|
2.2
|
|
|
|
$
|
13.1
|
|
|
|
$
|
4.4
|
|
(a)
|
|
$
|
15.9
|
|
(b)
|
|
$
|
3.8
|
|
|
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
1.8
|
|
|
|
$
|
7.5
|
|
|
|
$
|
5.6
|
|
(a)
|
|
$
|
12.7
|
|
(b)
|
|
$
|
2.2
|
|
|
Tax valuation allowance
|
|
—
|
|
|
|
1.2
|
|
|
|
—
|
|
|
|
1.2
|
|
(c)
|
|
—
|
|
|
|||||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for uncollectible accounts
|
|
$
|
1.8
|
|
|
|
$
|
6.4
|
|
|
|
$
|
5.5
|
|
(a)
|
|
$
|
11.9
|
|
(b)
|
|
$
|
1.8
|
|
|
Tax valuation allowance
|
|
0.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.7
|
|
(c)
|
|
—
|
|
|
|
EVERGY, INC.
|
|
|
|
|
Date: February 21, 2019
|
By:
/s/ Terry Bassham
|
|
|
Terry Bassham
|
|
|
President and Chief Executive Officer
|
|
Signature
|
Title
|
|
Date
|
/s/ Terry Bassham
|
President and Chief Executive Officer
|
)
|
February 21, 2019
|
Terry Bassham
|
(Principal Executive Officer)
|
)
|
|
|
|
)
|
|
/s/ Anthony D. Somma
|
Executive Vice President and Chief Financial Officer
|
)
|
|
Anthony D. Somma
|
(Principal Financial Officer)
|
)
|
|
|
|
)
|
|
/s/ Steven P. Busser
|
Vice President - Risk Management and Controller
|
)
|
|
Steven P. Busser
|
(Principal Accounting Officer)
|
)
|
|
|
|
)
|
|
Mark A. Ruelle*
|
Chairman of the Board of Directors
|
)
|
|
|
|
)
|
|
Mollie Hale Carter*
|
Director
|
)
|
|
|
|
)
|
|
Charles Q. Chandler IV*
|
Director
|
)
|
|
|
|
)
|
|
Gary D. Forsee*
|
Director
|
)
|
|
|
|
)
|
|
Scott D. Grimes*
|
Director
|
)
|
|
|
|
)
|
|
Richard L. Hawley*
|
Director
|
)
|
|
|
|
)
|
|
Thomas D. Hyde*
|
Director
|
)
|
|
|
|
)
|
|
B. Anthony Isaac*
|
Director
|
)
|
|
|
|
)
|
|
Sandra A.J. Lawrence*
|
Director
|
)
|
|
|
|
)
|
|
Ann D. Murtlow*
|
Director
|
)
|
|
|
|
)
|
|
Sandra J. Price*
|
Director
|
)
|
|
|
|
)
|
|
John J. Sherman*
|
Director
|
)
|
|
|
|
)
|
|
S. Carl Soderstrom Jr.*
|
Director
|
)
|
|
WESTAR ENERGY, INC.
|
|
|
|
|
Date: February 21, 2019
|
By:
/s/ Terry Bassham
|
|
|
Terry Bassham
|
|
|
President and Chief Executive Officer
|
|
Signature
|
Title
|
|
Date
|
/s/ Terry Bassham
|
President and Chief Executive Officer
|
)
|
February 21, 2019
|
Terry Bassham
|
(Principal Executive Officer)
|
)
|
|
|
|
)
|
|
/s/ Anthony D. Somma
|
Executive Vice President and Chief Financial Officer
|
)
|
|
Anthony D. Somma
|
(Principal Financial Officer)
|
)
|
|
|
|
)
|
|
/s/ Steven P. Busser
|
Vice President - Risk Management and Controller
|
)
|
|
Steven P. Busser
|
(Principal Accounting Officer)
|
)
|
|
|
|
)
|
|
Mark A. Ruelle*
|
Chairman of the Board of Directors
|
)
|
|
|
|
)
|
|
Mollie Hale Carter*
|
Director
|
)
|
|
|
|
)
|
|
Charles Q. Chandler IV*
|
Director
|
)
|
|
|
|
)
|
|
Gary D. Forsee*
|
Director
|
)
|
|
|
|
)
|
|
Scott D. Grimes*
|
Director
|
)
|
|
|
|
)
|
|
Richard L. Hawley*
|
Director
|
)
|
|
|
|
)
|
|
Thomas D. Hyde*
|
Director
|
)
|
|
|
|
)
|
|
B. Anthony Isaac*
|
Director
|
)
|
|
|
|
)
|
|
Sandra A.J. Lawrence*
|
Director
|
)
|
|
|
|
)
|
|
Ann D. Murtlow*
|
Director
|
)
|
|
|
|
)
|
|
Sandra J. Price*
|
Director
|
)
|
|
|
|
)
|
|
John J. Sherman*
|
Director
|
)
|
|
|
|
)
|
|
S. Carl Soderstrom Jr.*
|
Director
|
)
|
|
KANSAS CITY POWER & LIGHT COMPANY
|
|
|
|
|
Date: February 21, 2019
|
By:
/s/ Terry Bassham
|
|
|
Terry Bassham
|
|
|
President and Chief Executive Officer
|
|
Signature
|
Title
|
|
Date
|
/s/ Terry Bassham
|
President and Chief Executive Officer
|
)
|
February 21, 2019
|
Terry Bassham
|
(Principal Executive Officer)
|
)
|
|
|
|
)
|
|
/s/ Anthony D. Somma
|
Executive Vice President and Chief Financial Officer
|
)
|
|
Anthony D. Somma
|
(Principal Financial Officer)
|
)
|
|
|
|
)
|
|
/s/ Steven P. Busser
|
Vice President - Risk Management and Controller
|
)
|
|
Steven P. Busser
|
(Principal Accounting Officer)
|
)
|
|
|
|
)
|
|
Mark A. Ruelle*
|
Chairman of the Board of Directors
|
)
|
|
|
|
)
|
|
Mollie Hale Carter*
|
Director
|
)
|
|
|
|
)
|
|
Charles Q. Chandler IV*
|
Director
|
)
|
|
|
|
)
|
|
Gary D. Forsee*
|
Director
|
)
|
|
|
|
)
|
|
Scott D. Grimes*
|
Director
|
)
|
|
|
|
)
|
|
Richard L. Hawley*
|
Director
|
)
|
|
|
|
)
|
|
Thomas D. Hyde*
|
Director
|
)
|
|
|
|
)
|
|
B. Anthony Isaac*
|
Director
|
)
|
|
|
|
)
|
|
Sandra A.J. Lawrence*
|
Director
|
)
|
|
|
|
)
|
|
Ann D. Murtlow*
|
Director
|
)
|
|
|
|
)
|
|
Sandra J. Price*
|
Director
|
)
|
|
|
|
)
|
|
John J. Sherman*
|
Director
|
)
|
|
|
|
)
|
|
S. Carl Soderstrom Jr.*
|
Director
|
)
|
Objectives
|
Weighting
(Percent)
|
Threshold
(50%)
|
Target
(100%)
|
Stretch
(150%)
|
Superior
(200%)
|
Total Shareholder Return (TSR) versus EEI Index
1
(Interpolation applicable)
|
100%
|
30
th
Percentile
|
50
th
Percentile
|
70
th
Percentile
|
90
th
Percentile
|
Objectives
|
Weighting
(Percent)
|
Threshold
(50%)
|
Target
(100%)
|
Stretch
(150%)
|
Superior
(200%)
|
Total Shareholder Return (TSR) versus EEI Index
1
(Interpolation applicable)
|
100%
|
30
th
Percentile
|
50
th
Percentile
|
70
th
Percentile
|
90
th
Percentile
|
Objectives
|
Weighting
(Percent)
|
Threshold
(50%)
|
Target
(100%)
|
Stretch
(150%)
|
Superior
(200%)
|
||||
Total Shareholder Return (TSR) versus EEI Index
1
(Interpolation applicable)
|
100%
|
30
th
Percentile
|
50
th
Percentile
|
70
th
Percentile
|
90
th
Percentile
|
Objectives
|
Weighting
(Percent)
|
Threshold
(50%)
|
Target
(100%)
|
Stretch
(150%)
|
Superior
(200%)
|
Total Shareholder Return (TSR) versus EEI Index
1
(Interpolation applicable)
|
100%
|
30
th
Percentile
|
50
th
Percentile
|
70
th
Percentile
|
90
th
Percentile
|
1.
|
Section 1.1 is hereby deleted and the following Section 1.1 is substituted in lieu thereof:
|
2.
|
Section 1.7 is hereby deleted and the following Section 1.7 is substituted in lieu thereof:
|
3.
|
Section 3.1(a) is hereby deleted and the following Section 3.1(a) is substituted in lieu thereof:
|
4.
|
Section 4.1(a) is hereby deleted and the following Section 4.1(a) is substituted in lieu thereof:
|
|
|
Page
|
|
|
|
|
|
ARTICLE I
|
DEFINITIONS.....................................................................
|
1
|
|
|
|
|
|
ARTICLE II
|
DEFERREED COMPENSATION.......................................
|
4
|
|
|
|
|
|
ARTICLE III
|
MISCELLANEOUS.............................................................
|
11
|
|
|
|
|
(a)
|
a specified dollar amount or percentage of the Participant's anticipated Base Salary (or Director Fees) as in effect on January 1 of the year in which such salary or fees are to be deferred; and/or
|
(b)
|
a specified dollar amount or percentage of any anticipated Incentive Awards to be paid to the Participant for performance in the upcoming plan year.
|
(a)
|
Matching Contributions
. A Participant (other than a Director) will be eligible to receive a matching contribution under this Section 2.5(a) only if the Participant defers the maximum amount allowed under Code Section 402(g) (ignoring any opportunity the Participant may have had to make catch-up contributions described in Section 414(v) of the Code) for such year under the Applicable 401(k) Plan. A Participant's matching contribution under this Plan will be:
|
(b)
|
Additional Discretionary Company Contributions
. From time to time, as determined appropriate by the Committee, the Company may elect to make additional contributions (either discretionary, matching or both) to the Plan and may direct that such contributions be allocated among the accounts of those Participants that it may select. The Committee may impose vesting conditions and/or allocation conditions with respect to such additional contributions. No Participant shall have a right to compel the Company to make a contribution under this Section 2.5(b) and no Participant shall have the right to share in the allocation of any such contribution for any year unless selected by the Committee, in its sole discretion. At the time any such additional contribution is made, the Committee may provide that the additional amounts are to be paid at the same time as other amounts deferred under this Plan are paid to the Participant or a different time (in all cases compliant with Code Section 409A) as established by the Committee.
|
(c)
|
Vesting
. All Company matching contributions under Section 2.5(a) and Company additional discretionary contributions under Section 2.5(b) are 100% vested.
|
(a)
|
Subject to Section 3.12, the Participant's Separation from Service other than on account of death;
|
(b)
|
a specified age or date;
|
(c)
|
the Participant's death;
|
(d)
|
the earlier of (a) or (b) (
e.g.
, the earlier of Separation from Service or attainment of age 65); or
|
(e)
|
the later of (a) or (b) (
e.g.
, the later of Separation from Service or attainment of age 65) .
|
(a)
|
in a single lump-sum payment; or
|
(b)
|
in annual installments (of principal plus Earnings) over a period of 5 years, 10 years, or 15 years. Each annual installment will be equal to a fraction of the total remaining balance in the Participant's account, the numerator of
|
(a)
|
Designated Beneficiary.
At the time a Participant elects to defer compensation under this Plan, the Participant may designate a death beneficiary or beneficiaries, and may amend or revoke such designation at any time.
|
(b)
|
Participant's Death Before Distribution Event.
If the Participant dies before any deferred amounts have been paid under this Plan, all amounts credited to the Participant's account will be paid to the Participant's designated beneficiary or beneficiaries, in a single lump-sum payment, on the 30
th
day following the date of the Participant's death.
|
(c)
|
Participant's Death After Distribution Event.
If a Participant dies after payment of any deferred amounts has commenced, the balance of the amounts credited to the Participant's account will continue to be paid to the Participant's beneficiary or beneficiaries at the same times and in the same form as the amounts were being paid to the Participant.
|
(d)
|
Deceased Designated Beneficiary
. If a Participant is not survived by a designated beneficiary, the balance of the amounts due the Participant under the deferral election for which no surviving beneficiary exists will be paid in a single lump-sum payment to the Participant's estate on the 30
th
day following the date of the Participant's death. If, with respect to a particular deferral election, a Participant's last surviving designated beneficiary dies after the Participant, but before the balance of the amounts due the beneficiary under the deferral election have been paid, the balance will be paid in a single lump-sum payment to the estate of the last surviving designated beneficiary as soon as practicable after the beneficiary's death.
|
(a)
|
The specific reason or reasons for the denial;
|
(b)
|
A specific reference to pertinent Plan provisions on which the denial is based;
|
(c)
|
A description of any additional material or information necessary for the claimant to perfect the claim, along with an explanation of why such material or information is necessary; and
|
(d)
|
Appropriate information as to the steps to be taken if the claimant wishes to appeal his or her claim, including the period in which the appeal must be filed and the period in which it will be decided.
|
(a)
|
with respect to any payment to be made under Section 2.6 and 2.7 if (1) the Participant has elected his or her Separation from Service as the applicable Distribution Event, and (2) the Participant is a Specified Employee, then payment of any amounts will be made or commence no earlier than the first business day of the 7
th
month following the month in which the Participant Separates from Service; and
|
(b)
|
with respect to any payment to be made under Section 3.2, no payment may be made to a Participant who is a Specified Employee any earlier than the first business day of the 7
th
month following the month in which the Participant Separates from Service.
|
Name of Company
|
State of Incorporation
|
|
|
Kansas City Power & Light Company
|
Missouri
|
|
|
KCP&L Greater Missouri Operations Company
|
Delaware
|
|
|
Name of Company
|
State of Incorporation
|
|
|
Kansas Gas and Electric Company
(a)
|
Kansas
|
|
|
|
|
/s/ Terry Bassham
|
Terry Bassham
|
|
|
/s/ Mark A. Ruelle
|
Mark A. Ruelle
|
|
|
/s/ Mollie H. Carter
|
Mollie H. Carter
|
|
|
/s/ Charles Q. Chandler, IV
|
Charles Q. Chandler, IV
|
|
|
/s/ Gary D. Forsee
|
Gary D. Forsee
|
|
|
/s/ Scott D. Grimes
|
Scott D. Grimes
|
|
|
/s/ Richard L. Hawley
|
Richard L. Hawley
|
|
|
/s/ Thomas D. Hyde
|
Thomas D. Hyde
|
|
|
/s/ B. Anthony Isaac
|
B. Anthony Isaac
|
|
|
/s/ Sandra A.J. Lawrence
|
Sandra A.J. Lawrence
|
|
|
/s/ Ann D. Murtlow
|
Ann D. Murtlow
|
|
|
/s/ Sandra J. Price
|
Sandra J. Price
|
|
|
/s/ John J. Sherman
|
John J. Sherman
|
|
|
/s/ S. Carl Soderstrom, Jr.
|
S. Carl Soderstrom, Jr.
|
|
|
/s/ Terry Bassham
|
Terry Bassham
|
|
|
/s/ Mark A. Ruelle
|
Mark A. Ruelle
|
|
|
/s/ Mollie H. Carter
|
Mollie H. Carter
|
|
|
/s/ Charles Q. Chandler, IV
|
Charles Q. Chandler, IV
|
|
|
/s/ Gary D. Forsee
|
Gary D. Forsee
|
|
|
/s/ Scott D. Grimes
|
Scott D. Grimes
|
|
|
/s/ Richard L. Hawley
|
Richard L. Hawley
|
|
|
/s/ Thomas D. Hyde
|
Thomas D. Hyde
|
|
|
/s/ B. Anthony Isaac
|
B. Anthony Isaac
|
|
|
/s/ Sandra A.J. Lawrence
|
Sandra A.J. Lawrence
|
|
|
/s/ Ann D. Murtlow
|
Ann D. Murtlow
|
|
|
/s/ Sandra J. Price
|
Sandra J. Price
|
|
|
/s/ John J. Sherman
|
John J. Sherman
|
|
|
/s/ S. Carl Soderstrom, Jr.
|
S. Carl Soderstrom, Jr.
|
|
|
/s/ Terry Bassham
|
Terry Bassham
|
|
|
/s/ Mark A. Ruelle
|
Mark A. Ruelle
|
|
|
/s/ Mollie H. Carter
|
Mollie H. Carter
|
|
|
/s/ Charles Q. Chandler, IV
|
Charles Q. Chandler, IV
|
|
|
/s/ Gary D. Forsee
|
Gary D. Forsee
|
|
|
/s/ Scott D. Grimes
|
Scott D. Grimes
|
|
|
/s/ Richard L. Hawley
|
Richard L. Hawley
|
|
|
/s/ Thomas D. Hyde
|
Thomas D. Hyde
|
|
|
/s/ B. Anthony Isaac
|
B. Anthony Isaac
|
|
|
/s/ Sandra A.J. Lawrence
|
Sandra A.J. Lawrence
|
|
|
/s/ Ann D. Murtlow
|
Ann D. Murtlow
|
|
|
/s/ Sandra J. Price
|
Sandra J. Price
|
|
|
/s/ John J. Sherman
|
John J. Sherman
|
|
|
/s/ S. Carl Soderstrom, Jr.
|
S. Carl Soderstrom, Jr.
|
1.
|
I have reviewed this annual report on Form 10-K of Evergy, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 21, 2019
|
/
s/ Terry Bassham
|
|
|
Terry Bassham
President and Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Evergy, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 21, 2019
|
/s/Anthony D. Somma
|
|
|
Anthony D. Somma
Executive Vice President and Chief Financial Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Kansas City Power & Light Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 21, 2019
|
/s/ Terry Bassham
|
||
|
|
|
Terry Bassham
President and Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Kansas City Power & Light Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 21, 2019
|
/s/ Anthony D. Somma
|
|
|
Anthony D. Somma
Executive Vice President and Chief Financial Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Westar Energy, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 21, 2019
|
/s/ Terry Bassham
|
||
|
|
|
Terry Bassham
President and Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Westar Energy, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
February 21, 2019
|
/s/ Anthony D. Somma
|
|
|
Anthony D. Somma
Executive Vice President and Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ Terry Bassham
|
Name:
Title:
|
Terry Bassham
President and Chief Executive Officer
|
Date:
|
February 21, 2019
|
|
|
|
/s/Anthony D. Somma
|
Name:
Title:
|
Anthony D. Somma
Executive Vice President and Chief Financial Officer
|
Date:
|
February 21, 2019
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ Terry Bassham
|
Name:
Title:
|
Terry Bassham
President and Chief Executive Officer
|
Date:
|
February 21, 2019
|
|
|
|
/s/ Anthony D. Somma
|
Name:
Title:
|
Anthony D. Somma
Executive Vice President and Chief Financial Officer
|
Date:
|
February 21, 2019
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
/s/ Terry Bassham
|
Name:
Title:
|
Terry Bassham
President and Chief Executive Officer
|
Date:
|
February 21, 2019
|
|
|
|
/s/ Anthony D. Somma
|
Name:
Title:
|
Anthony D. Somma
Executive Vice President and Chief Financial Officer
|
Date:
|
February 21, 2019
|