|
|
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
|
|
|
|
|
|
001-03523
|
|
EVERGY KANSAS CENTRAL, INC.
|
|
48-0290150
|
|
|
|
|
|
000-51873
|
|
EVERGY METRO, INC.
|
|
44-0308720
|
|
|
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Evergy, Inc. common stock
|
|
EVRG
|
|
New York Stock Exchange
|
|
|
|
|
|
Evergy Kansas Central, Inc. and Evergy Metro, Inc. meet the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and are therefore filing this Form 10-Q with the reduced disclosure format.
|
TABLE OF CONTENTS
|
|||
|
|
|
Page Number
|
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|
||
|
|||
|
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|
|
Item 1.
|
|
||
|
|
||
|
|||
|
|||
|
|||
|
|||
|
|
||
|
|||
|
|||
|
|||
|
|||
|
|
||
|
|||
|
|||
|
|||
|
|||
|
|
|
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|
|||
|
Note 1:
|
||
|
Note 2:
|
||
|
Note 3:
|
||
|
Note 4:
|
||
|
Note 5:
|
||
|
Note 6:
|
||
|
Note 7:
|
||
|
Note 8:
|
||
|
Note 9:
|
||
|
Note 10:
|
||
|
Note 11:
|
||
|
Note 12:
|
||
|
Note 13:
|
||
|
Note 14:
|
||
|
Note 15:
|
||
Item 2.
|
|||
Item 3.
|
|||
Item 4.
|
|||
|
|
|
|
|
|||
|
|
|
|
Item 1.
|
|||
Item 1A.
|
|||
Item 2.
|
|||
Item 3.
|
|||
Item 4.
|
|||
Item 5.
|
|||
Item 6.
|
|||
|
|
|
|
|
|
Abbreviation or Acronym
|
|
Definition
|
|
|
|
ACE
|
|
Affordable Clean Energy
|
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, Evergy Kansas Central, Monarch Energy Holding, Inc. and King Energy, Inc.
|
AROs
|
|
Asset Retirement Obligations
|
ASC
|
|
Accounting Standards Codification
|
ASR
|
|
Accelerated share repurchase
|
ASU
|
|
Accounting Standards Update
|
BSER
|
|
Best system of emission reduction
|
CAA
|
|
Clean Air Act Amendments of 1990
|
CCRs
|
|
Coal combustion residuals
|
CO2
|
|
Carbon dioxide
|
COLI
|
|
Corporate-owned life insurance
|
CPP
|
|
Clean Power Plan
|
CWA
|
|
Clean Water Act
|
D.C. Circuit
|
|
U.S. Court of Appeals for the D.C. Circuit
|
ELG
|
|
Effluent limitations guidelines
|
EPA
|
|
Environmental Protection Agency
|
EPS
|
|
Earnings per common share
|
ERISA
|
|
Employee Retirement Income Security Act of 1974, as amended
|
ERSP
|
|
Earnings Review and Sharing Plan
|
Evergy
|
|
Evergy, Inc. and its consolidated subsidiaries
|
Evergy Board
|
|
Evergy Board of Directors
|
Evergy Companies
|
|
Evergy, Evergy Kansas Central, and Evergy Metro, collectively, which are individual registrants within the Evergy consolidated group
|
Evergy Kansas Central
|
|
Evergy Kansas Central, Inc., formerly known as Westar Energy, Inc., a wholly-owned subsidiary of Evergy, and its consolidated subsidiaries
|
Evergy Kansas South
|
|
Evergy Kansas South, Inc., formerly known as Kansas Gas and Electric Company, a wholly-owned subsidiary of Evergy Kansas Central
|
Evergy Metro
|
|
Evergy Metro, Inc., formerly known as Kansas City Power & Light Company, a wholly-owned subsidiary of Evergy, and its consolidated subsidiaries
|
Evergy Metro Mortgage Indenture
|
|
Evergy Metro General Mortgage Indenture and Deed of Trust dated as of December 1, 1986, as supplemented
|
Evergy Missouri West
|
|
Evergy Missouri West, Inc., formerly known as KCP&L Greater Missouri Operations Company, a wholly-owned subsidiary of Evergy
|
Evergy Transmission Company
|
|
Evergy Transmission Company, LLC, formerly known as GPE Transmission Holding Company, LLC
|
Exchange Act
|
|
The Securities Exchange Act of 1934, as amended
|
FASB
|
|
Financial Accounting Standards Board
|
FERC
|
|
Federal Energy Regulatory Commission
|
GAAP
|
|
Generally Accepted Accounting Principles
|
GHG
|
|
Greenhouse gas
|
Abbreviation or Acronym
|
|
Definition
|
Great Plains Energy
|
|
Great Plains Energy Incorporated
|
JEC
|
|
Jeffrey Energy Center
|
KCC
|
|
State Corporation Commission of the State of Kansas
|
KDHE
|
|
Kansas Department of Health & Environment
|
King Energy
|
|
King Energy, Inc., a wholly-owned subsidiary of Evergy
|
MDNR
|
|
Missouri Department of Natural Resources
|
MECG
|
|
Midwest Energy Consumers Group
|
MEEIA
|
|
Missouri Energy Efficiency Investment Act
|
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
|
NO2
|
|
Nitrogen dioxide
|
NSR
|
|
New source review
|
OPC
|
|
Office of the Public Counsel
|
PM
|
|
Particulate matter
|
Prairie Wind
|
|
Prairie Wind Transmission, LLC, 50% owned by Evergy Kansas Central
|
RSU
|
|
Restricted share unit
|
RTO
|
|
Regional transmission organization
|
SEC
|
|
Securities and Exchange Commission
|
SO2
|
|
Sulfur dioxide
|
SPP
|
|
Southwest Power Pool, Inc.
|
TCJA
|
|
Tax Cuts and Jobs Act
|
TFR
|
|
Transmission formula rate
|
Transource
|
|
Transource Energy, LLC and its subsidiaries, 13.5% owned by Evergy Transmission Company
|
VIE
|
|
Variable interest entity
|
WIIN
|
|
Water Infrastructure Improvements for the Nation
|
Wolf Creek
|
|
Wolf Creek Generating Station
|
WOTUS
|
|
Waters of the United States
|
EVERGY, INC.
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|
|
|
||||||||
|
September 30
|
|
December 31
|
||||||||
|
2019
|
|
2018
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
CURRENT ASSETS:
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
50.1
|
|
|
|
|
$
|
160.3
|
|
|
Receivables, net
|
|
268.8
|
|
|
|
|
193.7
|
|
|
||
Accounts receivable pledged as collateral
|
|
395.0
|
|
|
|
|
365.0
|
|
|
||
Fuel inventory and supplies
|
|
454.4
|
|
|
|
|
511.0
|
|
|
||
Income taxes receivable
|
|
65.3
|
|
|
|
|
68.0
|
|
|
||
Regulatory assets
|
|
204.8
|
|
|
|
|
303.9
|
|
|
||
Prepaid expenses and other assets
|
|
73.9
|
|
|
|
|
79.1
|
|
|
||
Total Current Assets
|
|
1,512.3
|
|
|
|
|
1,681.0
|
|
|
||
PROPERTY, PLANT AND EQUIPMENT, NET
|
|
18,976.1
|
|
|
|
|
18,782.5
|
|
|
||
PROPERTY, PLANT AND EQUIPMENT OF VARIABLE INTEREST ENTITIES, NET
|
|
163.8
|
|
|
|
|
169.2
|
|
|
||
OTHER ASSETS:
|
|
|
|
|
|
|
|
|
|
||
Regulatory assets
|
|
1,869.7
|
|
|
|
|
1,757.9
|
|
|
||
Nuclear decommissioning trust fund
|
|
541.0
|
|
|
|
|
472.1
|
|
|
||
Goodwill
|
|
2,336.6
|
|
|
|
|
2,338.9
|
|
|
||
Other
|
|
508.0
|
|
|
|
|
396.5
|
|
|
||
Total Other Assets
|
|
5,255.3
|
|
|
|
|
4,965.4
|
|
|
||
TOTAL ASSETS
|
|
$
|
25,907.5
|
|
|
|
|
$
|
25,598.1
|
|
|
EVERGY, INC.
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|
||||||||||
|
September 30
|
|
December 31
|
||||||||
|
2019
|
|
2018
|
||||||||
LIABILITIES AND EQUITY
|
(millions, except share amounts)
|
||||||||||
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
251.1
|
|
|
|
|
$
|
705.4
|
|
|
Current maturities of long-term debt of variable interest entities
|
|
32.3
|
|
|
|
|
30.3
|
|
|
||
Notes payable and commercial paper
|
|
360.6
|
|
|
|
|
738.6
|
|
|
||
Collateralized note payable
|
|
395.0
|
|
|
|
|
365.0
|
|
|
||
Accounts payable
|
|
311.3
|
|
|
|
|
451.5
|
|
|
||
Accrued taxes
|
|
287.9
|
|
|
|
|
133.6
|
|
|
||
Accrued interest
|
|
110.7
|
|
|
|
|
110.9
|
|
|
||
Regulatory liabilities
|
|
59.6
|
|
|
|
|
110.2
|
|
|
||
Asset retirement obligations
|
|
58.2
|
|
|
|
|
49.8
|
|
|
||
Other
|
|
208.4
|
|
|
|
|
171.9
|
|
|
||
Total Current Liabilities
|
|
2,075.1
|
|
|
|
|
2,867.2
|
|
|
||
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
|
||
Long-term debt, net
|
|
8,749.2
|
|
|
|
|
6,636.3
|
|
|
||
Long-term debt of variable interest entities, net
|
|
18.8
|
|
|
|
|
51.1
|
|
|
||
Deferred income taxes
|
|
1,729.6
|
|
|
|
|
1,599.2
|
|
|
||
Unamortized investment tax credits
|
|
370.3
|
|
|
|
|
373.2
|
|
|
||
Regulatory liabilities
|
|
2,227.5
|
|
|
|
|
2,218.8
|
|
|
||
Pension and post-retirement liability
|
|
1,149.6
|
|
|
|
|
987.6
|
|
|
||
Asset retirement obligations
|
|
659.1
|
|
|
|
|
637.3
|
|
|
||
Other
|
|
338.4
|
|
|
|
|
236.7
|
|
|
||
Total Long-Term Liabilities
|
|
15,242.5
|
|
|
|
|
12,740.2
|
|
|
||
Commitments and Contingencies (Note 11)
|
|
|
|
|
|
|
|
|
|
||
EQUITY:
|
|
|
|
|
|
|
|
||||
Evergy, Inc. Shareholders' Equity:
|
|
|
|
|
|
|
|
||||
Common stock - 600,000,000 shares authorized, without par value
227,901,556 and 255,326,252 shares issued, stated value |
|
7,066.9
|
|
|
|
|
8,685.2
|
|
|
||
Retained earnings
|
|
1,603.1
|
|
|
|
|
1,346.0
|
|
|
||
Accumulated other comprehensive loss
|
|
(50.7
|
)
|
|
|
|
(3.0
|
)
|
|
||
Total Evergy, Inc. Shareholders' Equity
|
|
8,619.3
|
|
|
|
|
10,028.2
|
|
|
||
Noncontrolling Interests
|
|
(29.4
|
)
|
|
|
|
(37.5
|
)
|
|
||
Total Equity
|
|
8,589.9
|
|
|
|
|
9,990.7
|
|
|
||
TOTAL LIABILITIES AND EQUITY
|
|
$
|
25,907.5
|
|
|
|
|
$
|
25,598.1
|
|
|
EVERGY, INC.
|
|||||||
Consolidated Statements of Cash Flows
|
|||||||
(Unaudited)
|
|||||||
|
|
|
|
||||
Year to Date September 30
|
2019
|
|
2018
|
||||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
|
(millions)
|
||||||
Net income
|
$
|
618.9
|
|
|
$
|
524.9
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
||||
Depreciation and amortization
|
645.1
|
|
|
411.6
|
|
||
Amortization of nuclear fuel
|
42.6
|
|
|
28.6
|
|
||
Amortization of deferred refueling outage
|
19.4
|
|
|
14.7
|
|
||
Amortization of corporate-owned life insurance
|
16.5
|
|
|
17.2
|
|
||
Non-cash compensation
|
12.9
|
|
|
25.2
|
|
||
Net deferred income taxes and credits
|
111.4
|
|
|
47.8
|
|
||
Allowance for equity funds used during construction
|
(0.9
|
)
|
|
(2.4
|
)
|
||
Payments for asset retirement obligations
|
(11.6
|
)
|
|
(15.9
|
)
|
||
Equity in earnings of equity method investees, net of income taxes
|
(7.9
|
)
|
|
(4.7
|
)
|
||
Income from corporate-owned life insurance
|
(19.5
|
)
|
|
(2.1
|
)
|
||
Other
|
(3.6
|
)
|
|
(3.9
|
)
|
||
Changes in working capital items:
|
|
|
|
||||
Accounts receivable
|
(68.4
|
)
|
|
(34.9
|
)
|
||
Accounts receivable pledged as collateral
|
(30.0
|
)
|
|
(15.0
|
)
|
||
Fuel inventory and supplies
|
57.0
|
|
|
44.6
|
|
||
Prepaid expenses and other current assets
|
65.7
|
|
|
(3.4
|
)
|
||
Accounts payable
|
(111.5
|
)
|
|
(58.5
|
)
|
||
Accrued taxes
|
155.3
|
|
|
119.0
|
|
||
Other current liabilities
|
(77.7
|
)
|
|
38.9
|
|
||
Changes in other assets
|
56.1
|
|
|
26.0
|
|
||
Changes in other liabilities
|
(22.5
|
)
|
|
33.9
|
|
||
Cash Flows from Operating Activities
|
1,447.3
|
|
|
1,191.6
|
|
||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
|
|
|
|
|
|
||
Additions to property, plant and equipment
|
(849.1
|
)
|
|
(698.3
|
)
|
||
Cash acquired from the merger with Great Plains Energy
|
—
|
|
|
1,154.2
|
|
||
Purchase of securities - trusts
|
(37.4
|
)
|
|
(107.0
|
)
|
||
Sale of securities - trusts
|
32.3
|
|
|
110.2
|
|
||
Investment in corporate-owned life insurance
|
(17.2
|
)
|
|
(16.2
|
)
|
||
Proceeds from investment in corporate-owned life insurance
|
99.1
|
|
|
6.5
|
|
||
Proceeds from settlement of interest rate swap
|
—
|
|
|
140.6
|
|
||
Other investing activities
|
0.2
|
|
|
(15.2
|
)
|
||
Cash Flows from (used in) Investing Activities
|
(772.1
|
)
|
|
574.8
|
|
||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
|
|
|
|
|
|
||
Short term debt, net
|
(378.0
|
)
|
|
(166.7
|
)
|
||
Proceeds from term loan facility
|
1,000.0
|
|
|
—
|
|
||
Repayment of term loan facility
|
(1,000.0
|
)
|
|
—
|
|
||
Collateralized short-term borrowings, net
|
30.0
|
|
|
15.0
|
|
||
Proceeds from long-term debt
|
2,374.0
|
|
|
22.9
|
|
||
Retirements of long-term debt
|
(701.1
|
)
|
|
(127.4
|
)
|
||
Retirements of long-term debt of variable interest entities
|
(30.3
|
)
|
|
(28.5
|
)
|
||
Payment for settlement of interest rate swap accounted for as a cash flow hedge
|
(69.8
|
)
|
|
—
|
|
||
Borrowings against cash surrender value of corporate-owned life insurance
|
57.2
|
|
|
55.1
|
|
||
Repayment of borrowings against cash surrender value of corporate-owned life insurance
|
(77.4
|
)
|
|
(3.9
|
)
|
||
Cash dividends paid
|
(347.5
|
)
|
|
(350.4
|
)
|
||
Repurchase of common stock under repurchase plan
|
(1,628.7
|
)
|
|
(486.1
|
)
|
||
Distributions to shareholders of noncontrolling interests
|
(8.5
|
)
|
|
—
|
|
||
Other financing activities
|
(5.3
|
)
|
|
(20.1
|
)
|
||
Cash Flows used in Financing Activities
|
(785.4
|
)
|
|
(1,090.1
|
)
|
||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
(110.2
|
)
|
|
676.3
|
|
||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
|
|
|
|
||||
Beginning of period, including restricted cash of $0.0 and $0.1, respectively
|
160.3
|
|
|
3.5
|
|
||
End of period, including restricted cash of $0.0 and $0.1, respectively
|
$
|
50.1
|
|
|
$
|
679.8
|
|
EVERGY, INC.
|
|||||||||||||||||
Consolidated Statements of Changes in Equity
|
|||||||||||||||||
(Unaudited)
|
|||||||||||||||||
|
|
|
|
|
|
|
|||||||||||
|
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, 2017
|
142,094,275
|
|
$
|
2,734.8
|
|
$
|
1,173.3
|
|
$
|
—
|
|
$
|
(47.7
|
)
|
$
|
3,860.4
|
|
Net income
|
—
|
|
—
|
|
60.5
|
|
—
|
|
2.4
|
|
62.9
|
|
|||||
Issuance of stock compensation and reinvested dividends, net of tax withholding
|
138,828
|
|
(3.7
|
)
|
—
|
|
—
|
|
—
|
|
(3.7
|
)
|
|||||
Dividends declared on common stock ($0.40 per share)
|
—
|
|
—
|
|
(57.7
|
)
|
—
|
|
—
|
|
(57.7
|
)
|
|||||
Stock compensation expense
|
—
|
|
2.5
|
|
—
|
|
—
|
|
—
|
|
2.5
|
|
|||||
Balance as of March 31, 2018
|
142,233,103
|
|
2,733.6
|
|
1,176.1
|
|
—
|
|
(45.3
|
)
|
3,864.4
|
|
|||||
Net income
|
—
|
|
—
|
|
101.8
|
|
—
|
|
2.6
|
|
104.4
|
|
|||||
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 compensation and reinvested dividends, net of tax withholding
|
384,617
|
|
(13.3
|
)
|
—
|
|
—
|
|
—
|
|
(13.3
|
)
|
|||||
Dividends declared on common stock ($0.40 per share)
|
—
|
|
—
|
|
(57.8
|
)
|
—
|
|
—
|
|
(57.8
|
)
|
|||||
Stock compensation expense
|
—
|
|
19.3
|
|
—
|
|
—
|
|
—
|
|
19.3
|
|
|||||
Other
|
—
|
|
(1.4
|
)
|
(0.1
|
)
|
—
|
|
—
|
|
(1.5
|
)
|
|||||
Balance as of June 30, 2018
|
271,687,743
|
|
9,718.1
|
|
1,220.0
|
|
—
|
|
(42.7
|
)
|
10,895.4
|
|
|||||
Net income
|
—
|
|
—
|
|
355.0
|
|
—
|
|
2.6
|
|
357.6
|
|
|||||
Issuance of stock compensation and reinvested dividends, net of tax withholding
|
4,914
|
|
0.2
|
|
—
|
|
—
|
|
—
|
|
0.2
|
|
|||||
Dividends declared on common stock ($0.46 per share)
|
—
|
|
—
|
|
(122.0
|
)
|
—
|
|
—
|
|
(122.0
|
)
|
|||||
Dividend equivalents declared
|
—
|
|
—
|
|
(0.6
|
)
|
—
|
|
—
|
|
(0.6
|
)
|
|||||
Stock compensation expense
|
—
|
|
3.4
|
|
—
|
|
—
|
|
—
|
|
3.4
|
|
|||||
Repurchase of common stock
|
(6,895,073
|
)
|
(486.1
|
)
|
—
|
|
—
|
|
—
|
|
(486.1
|
)
|
|||||
Other
|
—
|
|
0.8
|
|
0.1
|
|
—
|
|
—
|
|
0.9
|
|
|||||
Balance as of September 30, 2018
|
264,797,584
|
|
$
|
9,236.4
|
|
$
|
1,452.5
|
|
$
|
—
|
|
$
|
(40.1
|
)
|
$
|
10,648.8
|
|
EVERGY, INC.
|
|||||||||||||||||
Consolidated Statements of Changes in Equity
|
|||||||||||||||||
(Unaudited)
|
|||||||||||||||||
|
|
|
|
|
|
|
|||||||||||
|
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, 2018
|
255,326,252
|
|
$
|
8,685.2
|
|
$
|
1,346.0
|
|
$
|
(3.0
|
)
|
$
|
(37.5
|
)
|
$
|
9,990.7
|
|
Net income
|
—
|
|
—
|
|
99.5
|
|
—
|
|
3.9
|
|
103.4
|
|
|||||
Issuance of stock compensation and reinvested dividends, net of tax withholding
|
60,594
|
|
(1.6
|
)
|
—
|
|
—
|
|
—
|
|
(1.6
|
)
|
|||||
Dividends declared on common stock ($0.475 per share)
|
—
|
|
—
|
|
(119.8
|
)
|
—
|
|
—
|
|
(119.8
|
)
|
|||||
Stock compensation expense
|
—
|
|
5.4
|
|
—
|
|
—
|
|
—
|
|
5.4
|
|
|||||
Repurchase of common stock under repurchase plan
|
(10,548,060
|
)
|
(578.3
|
)
|
—
|
|
—
|
|
—
|
|
(578.3
|
)
|
|||||
Consolidation of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
3.8
|
|
3.8
|
|
|||||
Distributions to shareholders of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
(1.4
|
)
|
(1.4
|
)
|
|||||
Derivative hedging activity, net of tax
|
—
|
|
—
|
|
—
|
|
(10.2
|
)
|
—
|
|
(10.2
|
)
|
|||||
Other
|
—
|
|
(0.3
|
)
|
—
|
|
—
|
|
—
|
|
(0.3
|
)
|
|||||
Balance as of March 31, 2019
|
244,838,786
|
|
8,110.4
|
|
1,325.7
|
|
(13.2
|
)
|
(31.2
|
)
|
9,391.7
|
|
|||||
Net income
|
—
|
|
—
|
|
139.7
|
|
—
|
|
4.9
|
|
144.6
|
|
|||||
Issuance of stock compensation and reinvested dividends, net of tax withholding
|
41,982
|
|
(0.7
|
)
|
—
|
|
—
|
|
—
|
|
(0.7
|
)
|
|||||
Dividends declared on common stock ($0.475 per share)
|
—
|
|
—
|
|
(115.8
|
)
|
—
|
|
—
|
|
(115.8
|
)
|
|||||
Dividend equivalents declared
|
—
|
|
—
|
|
(0.5
|
)
|
—
|
|
—
|
|
(0.5
|
)
|
|||||
Stock compensation expense
|
—
|
|
4.0
|
|
—
|
|
—
|
|
—
|
|
4.0
|
|
|||||
Repurchase of common stock under repurchase plan
|
(9,414,920
|
)
|
(550.4
|
)
|
—
|
|
—
|
|
—
|
|
(550.4
|
)
|
|||||
Distributions to shareholders of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
(2.1
|
)
|
(2.1
|
)
|
|||||
Derivative hedging activity, net of tax
|
—
|
|
—
|
|
—
|
|
(15.8
|
)
|
—
|
|
(15.8
|
)
|
|||||
Other
|
—
|
|
(0.3
|
)
|
—
|
|
—
|
|
—
|
|
(0.3
|
)
|
|||||
Balance as of June 30, 2019
|
235,465,848
|
|
7,563.0
|
|
1,349.1
|
|
(29.0
|
)
|
(28.4
|
)
|
8,854.7
|
|
|||||
Net income
|
—
|
|
—
|
|
366.8
|
|
—
|
|
4.1
|
|
370.9
|
|
|||||
Issuance of stock compensation and reinvested dividends, net of tax withholding
|
4,737
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
Dividends declared on common stock ($0.475 per share)
|
—
|
|
—
|
|
(111.9
|
)
|
—
|
|
—
|
|
(111.9
|
)
|
|||||
Dividend equivalents declared
|
—
|
|
—
|
|
(0.9
|
)
|
—
|
|
—
|
|
(0.9
|
)
|
|||||
Stock compensation expense
|
—
|
|
3.5
|
|
—
|
|
—
|
|
—
|
|
3.5
|
|
|||||
Repurchase of common stock under repurchase plan
|
(7,569,029
|
)
|
(500.0
|
)
|
—
|
|
—
|
|
—
|
|
(500.0
|
)
|
|||||
Distributions to shareholders of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
(5.1
|
)
|
(5.1
|
)
|
|||||
Derivative hedging activity, net of tax
|
—
|
|
—
|
|
—
|
|
(21.7
|
)
|
—
|
|
(21.7
|
)
|
|||||
Other
|
—
|
|
0.4
|
|
—
|
|
—
|
|
—
|
|
0.4
|
|
|||||
Balance as of September 30, 2019
|
227,901,556
|
|
$
|
7,066.9
|
|
$
|
1,603.1
|
|
$
|
(50.7
|
)
|
$
|
(29.4
|
)
|
$
|
8,589.9
|
|
EVERGY KANSAS CENTRAL, INC.
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|
|
|
||||||||
|
September 30
|
|
December 31
|
||||||||
|
2019
|
|
2018
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
CURRENT ASSETS:
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
7.7
|
|
|
|
|
$
|
44.5
|
|
|
Receivables, net
|
|
140.7
|
|
|
|
|
84.3
|
|
|
||
Related party receivables
|
|
3.1
|
|
|
|
|
2.6
|
|
|
||
Accounts receivable pledged as collateral
|
|
200.0
|
|
|
|
|
185.0
|
|
|
||
Fuel inventory and supplies
|
|
247.7
|
|
|
|
|
276.8
|
|
|
||
Income taxes receivable
|
|
6.1
|
|
|
|
|
42.7
|
|
|
||
Regulatory assets
|
|
71.7
|
|
|
|
|
97.1
|
|
|
||
Prepaid expenses and other assets
|
|
29.9
|
|
|
|
|
35.0
|
|
|
||
Total Current Assets
|
|
706.9
|
|
|
|
|
768.0
|
|
|
||
PROPERTY, PLANT AND EQUIPMENT, NET
|
|
9,753.7
|
|
|
|
|
9,718.3
|
|
|
||
PROPERTY, PLANT AND EQUIPMENT OF VARIABLE INTEREST ENTITIES, NET
|
|
163.8
|
|
|
|
|
169.2
|
|
|
||
OTHER ASSETS:
|
|
|
|
|
|
|
|
|
|
||
Regulatory assets
|
|
696.6
|
|
|
|
|
700.4
|
|
|
||
Nuclear decommissioning trust fund
|
|
258.5
|
|
|
|
|
227.5
|
|
|
||
Other
|
|
266.7
|
|
|
|
|
233.4
|
|
|
||
Total Other Assets
|
|
1,221.8
|
|
|
|
|
1,161.3
|
|
|
||
TOTAL ASSETS
|
|
$
|
11,846.2
|
|
|
|
|
$
|
11,816.8
|
|
|
EVERGY KANSAS CENTRAL, INC.
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|
||||||||||
|
September 30
|
|
December 31
|
||||||||
|
2019
|
|
2018
|
||||||||
LIABILITIES AND EQUITY
|
(millions, except share amounts)
|
||||||||||
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
250.0
|
|
|
|
|
$
|
300.0
|
|
|
Current maturities of long-term debt of variable interest entities
|
|
32.3
|
|
|
|
|
30.3
|
|
|
||
Notes payable and commercial paper
|
|
182.4
|
|
|
|
|
411.7
|
|
|
||
Collateralized note payable
|
|
200.0
|
|
|
|
|
185.0
|
|
|
||
Accounts payable
|
|
128.4
|
|
|
|
|
154.4
|
|
|
||
Related party payables
|
|
8.6
|
|
|
|
|
14.9
|
|
|
||
Accrued taxes
|
|
146.6
|
|
|
|
|
88.6
|
|
|
||
Accrued interest
|
|
60.0
|
|
|
|
|
74.4
|
|
|
||
Regulatory liabilities
|
|
36.7
|
|
|
|
|
19.5
|
|
|
||
Asset retirement obligations
|
|
17.1
|
|
|
|
|
17.1
|
|
|
||
Other
|
|
121.0
|
|
|
|
|
83.0
|
|
|
||
Total Current Liabilities
|
|
1,183.1
|
|
|
|
|
1,378.9
|
|
|
||
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
|
||
Long-term debt, net
|
|
3,435.6
|
|
|
|
|
3,389.8
|
|
|
||
Long-term debt of variable interest entities, net
|
|
18.8
|
|
|
|
|
51.1
|
|
|
||
Deferred income taxes
|
|
824.7
|
|
|
|
|
815.4
|
|
|
||
Unamortized investment tax credits
|
|
247.7
|
|
|
|
|
249.7
|
|
|
||
Regulatory liabilities
|
|
1,114.7
|
|
|
|
|
1,101.8
|
|
|
||
Pension and post-retirement liability
|
|
456.6
|
|
|
|
|
474.7
|
|
|
||
Asset retirement obligations
|
|
268.9
|
|
|
|
|
264.0
|
|
|
||
Other
|
|
146.5
|
|
|
|
|
130.7
|
|
|
||
Total Long-Term Liabilities
|
|
6,513.5
|
|
|
|
|
6,477.2
|
|
|
||
Commitments and Contingencies (Note 11)
|
|
|
|
|
|
|
|
|
|
||
EQUITY:
|
|
|
|
|
|
|
|
|
|||
Evergy Kansas Central, Inc. Shareholder's Equity:
|
|
|
|
|
|
|
|
|
|
||
Common stock - 1,000 shares authorized, $0.01 par value, 1 share issued
|
|
2,737.6
|
|
|
|
|
2,737.6
|
|
|
||
Retained earnings
|
|
1,441.4
|
|
|
|
|
1,260.6
|
|
|
||
Total Evergy Kansas Central, Inc. Shareholder's Equity
|
|
4,179.0
|
|
|
|
|
3,998.2
|
|
|
||
Noncontrolling Interests
|
|
(29.4
|
)
|
|
|
|
(37.5
|
)
|
|
||
Total Equity
|
|
4,149.6
|
|
|
|
|
3,960.7
|
|
|
||
TOTAL LIABILITIES AND EQUITY
|
|
$
|
11,846.2
|
|
|
|
|
$
|
11,816.8
|
|
|
EVERGY KANSAS CENTRAL, INC.
|
||||||||||||||||
Consolidated Statements of Income
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
(millions)
|
||||||||||||||
OPERATING REVENUES
|
|
$
|
749.0
|
|
|
$
|
764.8
|
|
|
$
|
1,931.3
|
|
|
$
|
2,015.9
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
||||||||
Fuel and purchased power
|
|
144.9
|
|
|
169.7
|
|
|
375.3
|
|
|
463.2
|
|
||||
SPP network transmission costs
|
|
62.4
|
|
|
58.4
|
|
|
188.7
|
|
|
194.4
|
|
||||
Operating and maintenance
|
|
140.4
|
|
|
141.7
|
|
|
396.4
|
|
|
491.4
|
|
||||
Depreciation and amortization
|
|
110.9
|
|
|
95.9
|
|
|
331.3
|
|
|
281.6
|
|
||||
Taxes other than income tax
|
|
48.0
|
|
|
42.2
|
|
|
145.3
|
|
|
128.8
|
|
||||
Total Operating Expenses
|
|
506.6
|
|
|
507.9
|
|
|
1,437.0
|
|
|
1,559.4
|
|
||||
INCOME FROM OPERATIONS
|
|
242.4
|
|
|
256.9
|
|
|
494.3
|
|
|
456.5
|
|
||||
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
||||||||
Investment earnings (loss)
|
|
0.6
|
|
|
—
|
|
|
3.0
|
|
|
(0.4
|
)
|
||||
Other income
|
|
2.3
|
|
|
1.3
|
|
|
13.0
|
|
|
4.9
|
|
||||
Other expense
|
|
(10.8
|
)
|
|
(15.2
|
)
|
|
(29.9
|
)
|
|
(36.1
|
)
|
||||
Total Other Expense, Net
|
|
(7.9
|
)
|
|
(13.9
|
)
|
|
(13.9
|
)
|
|
(31.6
|
)
|
||||
Interest expense
|
|
41.7
|
|
|
43.9
|
|
|
134.1
|
|
|
132.1
|
|
||||
INCOME BEFORE INCOME TAXES
|
|
192.8
|
|
|
199.1
|
|
|
346.3
|
|
|
292.8
|
|
||||
Income tax expense (benefit)
|
|
25.8
|
|
|
22.4
|
|
|
46.2
|
|
|
(22.0
|
)
|
||||
Equity in earnings of equity method investees, net of income taxes
|
|
1.2
|
|
|
1.3
|
|
|
3.6
|
|
|
3.7
|
|
||||
NET INCOME
|
|
168.2
|
|
|
178.0
|
|
|
303.7
|
|
|
318.5
|
|
||||
Less: Net income attributable to noncontrolling interests
|
|
4.1
|
|
|
2.6
|
|
|
12.9
|
|
|
7.6
|
|
||||
NET INCOME ATTRIBUTABLE TO EVERGY KANSAS CENTRAL, INC.
|
|
$
|
164.1
|
|
|
$
|
175.4
|
|
|
$
|
290.8
|
|
|
$
|
310.9
|
|
EVERGY KANSAS CENTRAL, INC.
|
|||||||
Consolidated Statements of Cash Flows
|
|||||||
(Unaudited)
|
|||||||
|
|||||||
Year to Date September 30
|
2019
|
|
2018
|
||||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
|
(millions)
|
||||||
Net income
|
$
|
303.7
|
|
|
$
|
318.5
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
||||
Depreciation and amortization
|
331.3
|
|
|
281.6
|
|
||
Amortization of nuclear fuel
|
21.2
|
|
|
18.6
|
|
||
Amortization of deferred refueling outage
|
9.7
|
|
|
10.5
|
|
||
Amortization of corporate-owned life insurance
|
16.5
|
|
|
17.2
|
|
||
Non-cash compensation
|
—
|
|
|
19.9
|
|
||
Net deferred income taxes and credits
|
9.5
|
|
|
(34.2
|
)
|
||
Allowance for equity funds used during construction
|
—
|
|
|
(2.4
|
)
|
||
Payments for asset retirement obligations
|
(9.5
|
)
|
|
(10.6
|
)
|
||
Equity in earnings of equity method investees, net of income taxes
|
(3.6
|
)
|
|
(3.7
|
)
|
||
Income from corporate-owned life insurance
|
(18.8
|
)
|
|
(2.1
|
)
|
||
Other
|
(4.1
|
)
|
|
(3.9
|
)
|
||
Changes in working capital items:
|
|
|
|
||||
Accounts receivable
|
(55.4
|
)
|
|
(50.6
|
)
|
||
Accounts receivable pledged as collateral
|
(15.0
|
)
|
|
—
|
|
||
Fuel inventory and supplies
|
29.5
|
|
|
25.4
|
|
||
Prepaid expenses and other current assets
|
12.2
|
|
|
(7.0
|
)
|
||
Accounts payable
|
(10.4
|
)
|
|
36.2
|
|
||
Accrued taxes
|
92.8
|
|
|
74.4
|
|
||
Other current liabilities
|
(5.8
|
)
|
|
23.2
|
|
||
Changes in other assets
|
23.8
|
|
|
22.9
|
|
||
Changes in other liabilities
|
(31.1
|
)
|
|
(26.7
|
)
|
||
Cash Flows from Operating Activities
|
696.5
|
|
|
707.2
|
|
||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
|
|
|
|
|
|
||
Additions to property, plant and equipment
|
(418.4
|
)
|
|
(510.3
|
)
|
||
Purchase of securities - trusts
|
(12.6
|
)
|
|
(96.1
|
)
|
||
Sale of securities - trusts
|
13.4
|
|
|
101.2
|
|
||
Investment in corporate-owned life insurance
|
(16.4
|
)
|
|
(16.2
|
)
|
||
Proceeds from investment in corporate-owned life insurance
|
97.4
|
|
|
6.5
|
|
||
Other investing activities
|
(3.2
|
)
|
|
(8.1
|
)
|
||
Cash Flows used in Investing Activities
|
(339.8
|
)
|
|
(523.0
|
)
|
||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
|
|
|
|
|
|
||
Short term debt, net
|
(229.3
|
)
|
|
48.3
|
|
||
Collateralized short-term debt, net
|
15.0
|
|
|
—
|
|
||
Proceeds from long-term debt
|
294.7
|
|
|
—
|
|
||
Retirements of long-term debt
|
(300.0
|
)
|
|
—
|
|
||
Retirements of long-term debt of variable interest entities
|
(30.3
|
)
|
|
(28.5
|
)
|
||
Borrowings against cash surrender value of corporate-owned life insurance
|
54.2
|
|
|
55.1
|
|
||
Repayment of borrowings against cash surrender value of corporate-owned life insurance
|
(76.3
|
)
|
|
(3.9
|
)
|
||
Cash dividends paid
|
(110.0
|
)
|
|
(235.1
|
)
|
||
Distributions to shareholders of noncontrolling interests
|
(8.5
|
)
|
|
—
|
|
||
Other financing activities
|
(3.0
|
)
|
|
(20.2
|
)
|
||
Cash Flows used in Financing Activities
|
(393.5
|
)
|
|
(184.3
|
)
|
||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
(36.8
|
)
|
|
(0.1
|
)
|
||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
|
|
|
|
||||
Beginning of period, including restricted cash of $0.0 and $0.1, respectively
|
44.5
|
|
|
3.5
|
|
||
End of period, including restricted cash of $0.0 and $0.1, respectively
|
$
|
7.7
|
|
|
$
|
3.4
|
|
EVERGY KANSAS CENTRAL, INC.
|
||||||||||||||
Consolidated Statements of Changes in Equity
|
||||||||||||||
(Unaudited)
|
||||||||||||||
|
|
|
|
|
|
|||||||||
|
Evergy Kansas Central, Inc. Shareholders
|
|
|
|||||||||||
|
Common stock shares
|
Common stock
|
Retained earnings
|
Non-controlling interests
|
Total equity
|
|||||||||
|
(millions, except share amounts)
|
|||||||||||||
Balance as of December 31, 2017
|
142,094,275
|
|
$
|
2,734.8
|
|
$
|
1,173.3
|
|
$
|
(47.7
|
)
|
$
|
3,860.4
|
|
Net income
|
—
|
|
—
|
|
60.5
|
|
2.4
|
|
62.9
|
|
||||
Issuance of stock for compensation and reinvested dividends, net of tax withholding
|
138,828
|
|
(3.7
|
)
|
—
|
|
—
|
|
(3.7
|
)
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(57.7
|
)
|
—
|
|
(57.7
|
)
|
||||
Stock compensation expense
|
—
|
|
2.5
|
|
—
|
|
—
|
|
2.5
|
|
||||
Balance as of March 31, 2018
|
142,233,103
|
|
2,733.6
|
|
1,176.1
|
|
(45.3
|
)
|
3,864.4
|
|
||||
Net income
|
—
|
|
—
|
|
75.0
|
|
2.6
|
|
77.6
|
|
||||
Issuance of stock for compensation and reinvested dividends, net of tax withholding
|
378,162
|
|
(13.5
|
)
|
—
|
|
—
|
|
(13.5
|
)
|
||||
Stock cancelled pursuant to Amended Merger Agreement
|
(142,611,264
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(57.8
|
)
|
—
|
|
(57.8
|
)
|
||||
Stock compensation expense
|
—
|
|
17.4
|
|
—
|
|
—
|
|
17.4
|
|
||||
Other
|
—
|
|
0.1
|
|
—
|
|
—
|
|
0.1
|
|
||||
Balance as of June 30, 2018
|
1
|
|
2,737.6
|
|
1,193.3
|
|
(42.7
|
)
|
3,888.2
|
|
||||
Net income
|
—
|
|
—
|
|
175.4
|
|
2.6
|
|
178.0
|
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(66.0
|
)
|
—
|
|
(66.0
|
)
|
||||
Balance as of September 30, 2018
|
1
|
|
$
|
2,737.6
|
|
$
|
1,302.7
|
|
$
|
(40.1
|
)
|
$
|
4,000.2
|
|
|
|
|
|
|
|
|||||||||
Balance as of December 31, 2018
|
1
|
|
$
|
2,737.6
|
|
$
|
1,260.6
|
|
$
|
(37.5
|
)
|
$
|
3,960.7
|
|
Net income
|
—
|
|
—
|
|
64.4
|
|
3.9
|
|
68.3
|
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(110.0
|
)
|
—
|
|
(110.0
|
)
|
||||
Consolidation of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
3.8
|
|
3.8
|
|
||||
Distributions to shareholders of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
(1.4
|
)
|
(1.4
|
)
|
||||
Balance as of March 31, 2019
|
1
|
|
2,737.6
|
|
1,215.0
|
|
(31.2
|
)
|
3,921.4
|
|
||||
Net income
|
—
|
|
—
|
|
62.3
|
|
4.9
|
|
67.2
|
|
||||
Distributions to shareholders of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
(2.1
|
)
|
(2.1
|
)
|
||||
Balance as of June 30, 2019
|
1
|
|
2,737.6
|
|
1,277.3
|
|
(28.4
|
)
|
3,986.5
|
|
||||
Net income
|
—
|
|
—
|
|
164.1
|
|
4.1
|
|
168.2
|
|
||||
Distributions to shareholders of noncontrolling interests
|
—
|
|
—
|
|
—
|
|
(5.1
|
)
|
(5.1
|
)
|
||||
Balance as of September 30, 2019
|
1
|
|
$
|
2,737.6
|
|
$
|
1,441.4
|
|
$
|
(29.4
|
)
|
$
|
4,149.6
|
|
EVERGY METRO, INC.
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|
|
|
||||||||
|
September 30
|
|
December 31
|
||||||||
|
2019
|
|
2018
|
||||||||
ASSETS
|
(millions, except share amounts)
|
||||||||||
CURRENT ASSETS:
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
3.4
|
|
|
|
|
$
|
2.6
|
|
|
Receivables, net
|
|
84.2
|
|
|
|
|
62.7
|
|
|
||
Related party receivables
|
|
90.9
|
|
|
|
|
101.8
|
|
|
||
Accounts receivable pledged as collateral
|
|
130.0
|
|
|
|
|
130.0
|
|
|
||
Fuel inventory and supplies
|
|
157.2
|
|
|
|
|
177.6
|
|
|
||
Regulatory assets
|
|
79.3
|
|
|
|
|
130.9
|
|
|
||
Prepaid expenses
|
|
21.7
|
|
|
|
|
20.1
|
|
|
||
Other assets
|
|
15.9
|
|
|
|
|
16.8
|
|
|
||
Total Current Assets
|
|
582.6
|
|
|
|
|
642.5
|
|
|
||
PROPERTY, PLANT AND EQUIPMENT, NET
|
|
6,775.6
|
|
|
|
|
6,688.1
|
|
|
||
OTHER ASSETS:
|
|
|
|
|
|
|
|
|
|
||
Regulatory assets
|
|
628.6
|
|
|
|
|
495.2
|
|
|
||
Nuclear decommissioning trust fund
|
|
282.5
|
|
|
|
|
244.6
|
|
|
||
Other
|
|
138.9
|
|
|
|
|
50.1
|
|
|
||
Total Other Assets
|
|
1,050.0
|
|
|
|
|
789.9
|
|
|
||
TOTAL ASSETS
|
|
$
|
8,408.2
|
|
|
|
|
$
|
8,120.5
|
|
|
EVERGY METRO, INC.
|
|||||||||||
Consolidated Balance Sheets
|
|||||||||||
(Unaudited)
|
|||||||||||
|
|
||||||||||
|
September 30
|
|
December 31
|
||||||||
|
2019
|
|
2018
|
||||||||
LIABILITIES AND EQUITY
|
(millions, except share amounts)
|
||||||||||
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
—
|
|
|
|
|
$
|
400.0
|
|
|
Notes payable and commercial paper
|
|
74.9
|
|
|
|
|
176.9
|
|
|
||
Collateralized note payable
|
|
130.0
|
|
|
|
|
130.0
|
|
|
||
Accounts payable
|
|
138.6
|
|
|
|
|
211.1
|
|
|
||
Related party payables
|
|
0.6
|
|
|
|
|
—
|
|
|
||
Accrued taxes
|
|
110.0
|
|
|
|
|
39.7
|
|
|
||
Accrued interest
|
|
33.9
|
|
|
|
|
28.9
|
|
|
||
Regulatory liabilities
|
|
13.0
|
|
|
|
|
52.8
|
|
|
||
Asset retirement obligations
|
|
31.8
|
|
|
|
|
29.2
|
|
|
||
Accrued compensation benefits
|
|
43.2
|
|
|
|
|
52.5
|
|
|
||
Other
|
|
32.3
|
|
|
|
|
17.2
|
|
|
||
Total Current Liabilities
|
|
608.3
|
|
|
|
|
1,138.3
|
|
|
||
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
|
||
Long-term debt, net
|
|
2,524.6
|
|
|
|
|
2,130.1
|
|
|
||
Deferred income taxes
|
|
665.0
|
|
|
|
|
631.8
|
|
|
||
Unamortized investment tax credits
|
|
119.9
|
|
|
|
|
120.7
|
|
|
||
Regulatory liabilities
|
|
789.1
|
|
|
|
|
794.3
|
|
|
||
Pension and post-retirement liability
|
|
673.1
|
|
|
|
|
491.9
|
|
|
||
Asset retirement obligations
|
|
252.5
|
|
|
|
|
231.8
|
|
|
||
Other
|
|
182.8
|
|
|
|
|
81.8
|
|
|
||
Total Long-Term Liabilities
|
|
5,207.0
|
|
|
|
|
4,482.4
|
|
|
||
Commitments and Contingencies (Note 11)
|
|
|
|
|
|
|
|
|
|
||
EQUITY:
|
|
|
|
|
|
|
|
|
|
||
Common stock - 1,000 shares authorized, without par value, 1 share issued, stated value
|
|
1,563.1
|
|
|
|
|
1,563.1
|
|
|
||
Retained earnings
|
|
1,024.9
|
|
|
|
|
932.6
|
|
|
||
Accumulated other comprehensive income
|
|
4.9
|
|
|
|
|
4.1
|
|
|
||
Total Equity
|
|
2,592.9
|
|
|
|
|
2,499.8
|
|
|
||
TOTAL LIABILITIES AND EQUITY
|
|
$
|
8,408.2
|
|
|
|
|
$
|
8,120.5
|
|
|
EVERGY METRO, INC.
|
||||||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
(millions)
|
||||||||||||||
OPERATING REVENUES
|
|
$
|
568.8
|
|
|
$
|
559.6
|
|
|
$
|
1,431.2
|
|
|
$
|
1,408.9
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
||||||
Fuel and purchased power
|
|
129.3
|
|
|
142.4
|
|
|
380.4
|
|
|
392.4
|
|
||||
Operating and maintenance
|
|
111.2
|
|
|
127.3
|
|
|
341.2
|
|
|
354.5
|
|
||||
Depreciation and amortization
|
|
80.2
|
|
|
71.9
|
|
|
239.0
|
|
|
209.0
|
|
||||
Taxes other than income tax
|
|
32.6
|
|
|
28.6
|
|
|
96.3
|
|
|
87.9
|
|
||||
Total Operating Expenses
|
|
353.3
|
|
|
370.2
|
|
|
1,056.9
|
|
|
1,043.8
|
|
||||
INCOME FROM OPERATIONS
|
|
215.5
|
|
|
189.4
|
|
|
374.3
|
|
|
365.1
|
|
||||
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
||||||||
Investment earnings
|
|
0.5
|
|
|
0.7
|
|
|
1.9
|
|
|
2.1
|
|
||||
Other income
|
|
1.2
|
|
|
0.2
|
|
|
2.3
|
|
|
1.7
|
|
||||
Other expense
|
|
(4.9
|
)
|
|
(9.0
|
)
|
|
(15.7
|
)
|
|
(22.9
|
)
|
||||
Total Other Expense, Net
|
|
(3.2
|
)
|
|
(8.1
|
)
|
|
(11.5
|
)
|
|
(19.1
|
)
|
||||
Interest expense
|
|
28.2
|
|
|
33.0
|
|
|
91.6
|
|
|
100.6
|
|
||||
INCOME BEFORE INCOME TAXES
|
|
184.1
|
|
|
148.3
|
|
|
271.2
|
|
|
245.4
|
|
||||
Income tax expense
|
|
32.2
|
|
|
28.0
|
|
|
43.9
|
|
|
80.3
|
|
||||
NET INCOME
|
|
$
|
151.9
|
|
|
$
|
120.3
|
|
|
$
|
227.3
|
|
|
$
|
165.1
|
|
COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
||||||||
NET INCOME
|
|
$
|
151.9
|
|
|
$
|
120.3
|
|
|
$
|
227.3
|
|
|
$
|
165.1
|
|
OTHER COMPREHENSIVE INCOME:
|
|
|
|
|
|
|
|
|
||||||||
Derivative hedging activity
|
|
|
|
|
|
|
|
|
||||||||
Reclassification to expenses, net of tax:
|
|
(0.1
|
)
|
|
0.8
|
|
|
0.7
|
|
|
2.7
|
|
||||
Derivative hedging activity, net of tax
|
|
(0.1
|
)
|
|
0.8
|
|
|
0.7
|
|
|
2.7
|
|
||||
Total other comprehensive income
|
|
(0.1
|
)
|
|
0.8
|
|
|
0.7
|
|
|
2.7
|
|
||||
COMPREHENSIVE INCOME
|
|
$
|
151.8
|
|
|
$
|
121.1
|
|
|
$
|
228.0
|
|
|
$
|
167.8
|
|
EVERGY METRO, INC.
|
|||||||
Consolidated Statements of Cash Flows
|
|||||||
(Unaudited)
|
|||||||
|
|
|
|
||||
Year to Date September 30
|
2019
|
|
2018
|
||||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
|
(millions)
|
||||||
Net income
|
$
|
227.3
|
|
|
$
|
165.1
|
|
Adjustments to reconcile income to net cash from operating activities:
|
|
|
|
||||
Depreciation and amortization
|
239.0
|
|
|
209.0
|
|
||
Amortization of nuclear fuel
|
21.4
|
|
|
18.7
|
|
||
Amortization of deferred refueling outage
|
9.7
|
|
|
10.3
|
|
||
Net deferred income taxes and credits
|
2.5
|
|
|
25.2
|
|
||
Allowance for equity funds used during construction
|
(0.9
|
)
|
|
(1.2
|
)
|
||
Payments for asset retirement obligations
|
(1.7
|
)
|
|
(9.9
|
)
|
||
Other
|
0.4
|
|
|
2.7
|
|
||
Changes in working capital items:
|
|
|
|
||||
Accounts receivable
|
(4.1
|
)
|
|
(41.0
|
)
|
||
Fuel inventory and supplies
|
20.4
|
|
|
13.2
|
|
||
Prepaid expenses and other current assets
|
36.2
|
|
|
(3.6
|
)
|
||
Accounts payable
|
(66.3
|
)
|
|
(97.7
|
)
|
||
Accrued taxes
|
70.3
|
|
|
97.9
|
|
||
Other current liabilities
|
(49.0
|
)
|
|
8.5
|
|
||
Changes in other assets
|
32.7
|
|
|
28.3
|
|
||
Changes in other liabilities
|
18.6
|
|
|
79.0
|
|
||
Cash Flows from Operating Activities
|
556.5
|
|
|
504.5
|
|
||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
|
|
|
|
|
|
||
Additions to property, plant and equipment
|
(313.0
|
)
|
|
(310.6
|
)
|
||
Purchase of securities - trusts
|
(24.8
|
)
|
|
(27.9
|
)
|
||
Sale of securities - trusts
|
18.9
|
|
|
22.5
|
|
||
Other investing activities
|
5.1
|
|
|
3.4
|
|
||
Cash Flows used in Investing Activities
|
(313.8
|
)
|
|
(312.6
|
)
|
||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
|
|
|
|
|
|
||
Short term debt, net
|
(102.0
|
)
|
|
40.3
|
|
||
Proceeds from long-term debt
|
393.2
|
|
|
319.5
|
|
||
Retirements of long-term debt
|
(400.0
|
)
|
|
(373.4
|
)
|
||
Cash dividends paid
|
(135.0
|
)
|
|
(180.0
|
)
|
||
Other financing activities
|
1.9
|
|
|
2.9
|
|
||
Cash Flows used in Financing Activities
|
(241.9
|
)
|
|
(190.7
|
)
|
||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
0.8
|
|
|
1.2
|
|
||
CASH AND CASH EQUIVALENTS:
|
|
|
|
||||
Beginning of period
|
2.6
|
|
|
2.2
|
|
||
End of period
|
$
|
3.4
|
|
|
$
|
3.4
|
|
EVERGY METRO, INC
|
||||||||||||||
Consolidated Statements of Changes in Equity
|
||||||||||||||
(Unaudited)
|
||||||||||||||
|
|
|||||||||||||
|
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, 2017
|
1
|
|
$
|
1,563.1
|
|
$
|
949.7
|
|
$
|
0.4
|
|
$
|
2,513.2
|
|
Net income
|
—
|
|
—
|
|
20.2
|
|
—
|
|
20.2
|
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(60.0
|
)
|
—
|
|
(60.0
|
)
|
||||
Derivative hedging activity, net of tax
|
—
|
|
—
|
|
—
|
|
0.9
|
|
0.9
|
|
||||
Balance as of March 31, 2018
|
1
|
|
1,563.1
|
|
909.9
|
|
1.3
|
|
2,474.3
|
|
||||
Net income
|
—
|
|
—
|
|
24.6
|
|
—
|
|
24.6
|
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(60.0
|
)
|
—
|
|
(60.0
|
)
|
||||
Derivative hedging activity, net of tax
|
—
|
|
—
|
|
—
|
|
1.0
|
|
1.0
|
|
||||
Balance as of June 30, 2018
|
1
|
|
1,563.1
|
|
874.5
|
|
2.3
|
|
2,439.9
|
|
||||
Net income
|
—
|
|
—
|
|
120.3
|
|
—
|
|
120.3
|
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(60.0
|
)
|
—
|
|
(60.0
|
)
|
||||
Derivative hedging activity, net of tax
|
—
|
|
—
|
|
—
|
|
0.8
|
|
0.8
|
|
||||
Balance as of September 30, 2018
|
1
|
|
$
|
1,563.1
|
|
$
|
934.8
|
|
$
|
3.1
|
|
$
|
2,501.0
|
|
|
|
|
|
|
|
|||||||||
Balance as of December 31, 2018
|
1
|
|
$
|
1,563.1
|
|
$
|
932.6
|
|
$
|
4.1
|
|
$
|
2,499.8
|
|
Net income
|
—
|
|
—
|
|
16.0
|
|
—
|
|
16.0
|
|
||||
Derivative hedging activity, net of tax
|
—
|
|
—
|
|
—
|
|
0.9
|
|
0.9
|
|
||||
Balance as of March 31, 2019
|
1
|
|
1,563.1
|
|
948.6
|
|
5.0
|
|
2,516.7
|
|
||||
Net income
|
—
|
|
—
|
|
59.4
|
|
—
|
|
59.4
|
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(65.0
|
)
|
—
|
|
(65.0
|
)
|
||||
Derivative hedging activity, net of tax
|
—
|
|
—
|
|
—
|
|
(0.1
|
)
|
(0.1
|
)
|
||||
Balance as of June 30, 2019
|
1
|
|
1,563.1
|
|
943.0
|
|
4.9
|
|
2,511.0
|
|
||||
Net income
|
—
|
|
—
|
|
151.9
|
|
—
|
|
151.9
|
|
||||
Dividends declared on common stock
|
—
|
|
—
|
|
(70.0
|
)
|
—
|
|
(70.0
|
)
|
||||
Balance as of September 30, 2019
|
1
|
|
$
|
1,563.1
|
|
$
|
1,024.9
|
|
$
|
4.9
|
|
$
|
2,592.9
|
|
•
|
Evergy Kansas Central Inc. (Evergy Kansas Central), formerly known as Westar Energy, Inc., is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South, Inc. (Evergy Kansas South), formerly known as Kansas Gas and Electric Company.
|
•
|
Evergy Metro, Inc. (Evergy Metro), formerly known as Kansas City Power & Light Company, is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas.
|
•
|
Evergy Missouri West, Inc. (Evergy Missouri West), formerly known as KCP&L Greater Missouri Operations Company, is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri.
|
•
|
Evergy Transmission Company, LLC (Evergy Transmission Company), formerly known as GPE Transmission Holding Company, LLC, 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. Evergy Transmission Company accounts for its investment in Transource under the equity method.
|
|
September 30
|
December 31
|
||||||||
|
|
2019
|
|
|
2018
|
|
||||
Evergy
|
|
(millions)
|
|
|||||||
Fuel inventory
|
|
$
|
118.5
|
|
|
|
$
|
168.9
|
|
|
Supplies
|
|
335.9
|
|
|
|
342.1
|
|
|
||
Fuel inventory and supplies
|
|
$
|
454.4
|
|
|
|
$
|
511.0
|
|
|
Evergy Kansas Central
|
|
|
|
|||||||
Fuel inventory
|
|
$
|
64.8
|
|
|
|
$
|
87.8
|
|
|
Supplies
|
|
182.9
|
|
|
|
189.0
|
|
|
||
Fuel inventory and supplies
|
|
$
|
247.7
|
|
|
|
$
|
276.8
|
|
|
Evergy Metro
|
|
|
|
|
|
|
|
|
||
Fuel inventory
|
|
$
|
37.1
|
|
|
|
$
|
57.8
|
|
|
Supplies
|
|
120.1
|
|
|
|
119.8
|
|
|
||
Fuel inventory and supplies
|
|
$
|
157.2
|
|
|
|
$
|
177.6
|
|
|
September 30, 2019
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
|
|
(millions)
|
||||||||||
Electric plant in service
|
|
$
|
27,492.5
|
|
|
$
|
13,414.4
|
|
|
$
|
10,673.6
|
|
Electric plant acquisition adjustment
|
|
740.6
|
|
|
740.6
|
|
|
—
|
|
|||
Accumulated depreciation
|
|
(10,136.6
|
)
|
|
(4,872.5
|
)
|
|
(4,208.5
|
)
|
|||
Plant in service, net
|
|
18,096.5
|
|
|
9,282.5
|
|
|
6,465.1
|
|
|||
Construction work in progress
|
|
747.2
|
|
|
404.9
|
|
|
244.4
|
|
|||
Nuclear fuel, net
|
|
131.4
|
|
|
65.3
|
|
|
66.1
|
|
|||
Plant to be retired, net(a)
|
|
1.0
|
|
|
1.0
|
|
|
—
|
|
|||
Property, plant and equipment, net
|
|
$
|
18,976.1
|
|
|
$
|
9,753.7
|
|
|
$
|
6,775.6
|
|
|
|
|
|
|
|
|
||||||
December 31, 2018
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
|
|
(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, net
|
|
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(a)
|
|
1.0
|
|
|
1.0
|
|
|
—
|
|
|||
Property, plant and equipment, net
|
|
$
|
18,782.5
|
|
|
$
|
9,718.3
|
|
|
$
|
6,688.1
|
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Evergy
|
(millions)
|
||||||||||||||
Non-service cost component of net benefit cost
|
$
|
(13.7
|
)
|
|
$
|
(17.6
|
)
|
|
$
|
(40.9
|
)
|
|
$
|
(32.8
|
)
|
Other
|
(6.0
|
)
|
|
(13.2
|
)
|
|
(16.3
|
)
|
|
(22.4
|
)
|
||||
Other expense
|
$
|
(19.7
|
)
|
|
$
|
(30.8
|
)
|
|
$
|
(57.2
|
)
|
|
$
|
(55.2
|
)
|
Evergy Kansas Central
|
|
|
|
|
|
|
|
||||||||
Non-service cost component of net benefit cost
|
$
|
(4.9
|
)
|
|
$
|
(7.2
|
)
|
|
$
|
(14.5
|
)
|
|
$
|
(19.0
|
)
|
Other
|
(5.9
|
)
|
|
(8.0
|
)
|
|
(15.4
|
)
|
|
(17.1
|
)
|
||||
Other expense
|
$
|
(10.8
|
)
|
|
$
|
(15.2
|
)
|
|
$
|
(29.9
|
)
|
|
$
|
(36.1
|
)
|
Evergy Metro(a)
|
|
|
|
|
|
|
|
||||||||
Non-service cost component of net benefit cost
|
$
|
(5.0
|
)
|
|
$
|
(6.7
|
)
|
|
$
|
(15.3
|
)
|
|
$
|
(19.7
|
)
|
Other
|
0.1
|
|
|
(2.3
|
)
|
|
(0.4
|
)
|
|
(3.2
|
)
|
||||
Other expense
|
$
|
(4.9
|
)
|
|
$
|
(9.0
|
)
|
|
$
|
(15.7
|
)
|
|
$
|
(22.9
|
)
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Income
|
(millions, except per share amounts)
|
||||||||||||||
Net income
|
$
|
370.9
|
|
|
$
|
357.6
|
|
|
$
|
618.9
|
|
|
$
|
524.9
|
|
Less: net income attributable to noncontrolling interests
|
4.1
|
|
|
2.6
|
|
|
12.9
|
|
|
7.6
|
|
||||
Net income attributable to Evergy, Inc.
|
$
|
366.8
|
|
|
$
|
355.0
|
|
|
$
|
606.0
|
|
|
$
|
517.3
|
|
Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average number of common shares outstanding - basic
|
234.6
|
|
|
268.6
|
|
|
243.5
|
|
|
197.9
|
|
||||
Add: effect of dilutive securities
|
0.4
|
|
|
0.2
|
|
|
0.3
|
|
|
0.1
|
|
||||
Weighted average number of common shares outstanding - dilutive
|
235.0
|
|
|
268.8
|
|
|
243.8
|
|
|
198.0
|
|
||||
Basic and Diluted EPS
|
$
|
1.56
|
|
|
$
|
1.32
|
|
|
$
|
2.49
|
|
|
$
|
2.61
|
|
Year to Date September 30
|
|
2019
|
|
2018
|
||||
Evergy
|
|
(millions)
|
||||||
Cash paid for (received from):
|
|
|
|
|
||||
Interest, net of amounts capitalized
|
|
$
|
240.8
|
|
|
$
|
148.7
|
|
Interest of VIEs
|
|
1.6
|
|
|
2.3
|
|
||
Income taxes, net of refunds
|
|
(13.1
|
)
|
|
0.6
|
|
||
Non-cash investing transactions:
|
|
|
|
|
||||
Property, plant and equipment additions (reductions)
|
|
99.4
|
|
|
(24.8
|
)
|
||
Non-cash financing transactions:
|
|
|
|
|
||||
Issuance of stock for compensation and reinvested dividends
|
|
(0.3
|
)
|
|
0.4
|
|
||
Evergy Kansas Central
|
|
|
||||||
Cash paid for (received from):
|
|
|
|
|
||||
Interest, net of amounts capitalized
|
|
$
|
109.4
|
|
|
$
|
110.5
|
|
Interest of VIEs
|
|
1.6
|
|
|
2.3
|
|
||
Income taxes, net of refunds
|
|
1.8
|
|
|
—
|
|
||
Non-cash investing transactions:
|
|
|
|
|
||||
Property, plant and equipment additions (reductions)
|
|
35.3
|
|
|
(42.0
|
)
|
||
Evergy Metro(a)
|
|
|
||||||
Cash paid for (received from):
|
|
|
|
|
||||
Interest, net of amounts capitalized
|
|
$
|
83.5
|
|
|
$
|
87.6
|
|
Income taxes, net of refunds
|
|
32.8
|
|
|
28.4
|
|
||
Non-cash investing transactions:
|
|
|
|
|
||||
Property, plant and equipment additions
|
|
60.8
|
|
|
15.2
|
|
Three Months Ended September 30, 2019
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
Revenues
|
(millions)
|
||||||||||
Residential
|
$
|
653.0
|
|
|
$
|
268.9
|
|
|
$
|
249.2
|
|
Commercial
|
539.1
|
|
|
219.3
|
|
|
234.1
|
|
|||
Industrial
|
175.3
|
|
|
111.3
|
|
|
40.8
|
|
|||
Other retail
|
16.0
|
|
|
5.6
|
|
|
7.0
|
|
|||
Total electric retail
|
$
|
1,383.4
|
|
|
$
|
605.1
|
|
|
$
|
531.1
|
|
Wholesale
|
96.3
|
|
|
67.7
|
|
|
23.5
|
|
|||
Transmission
|
80.4
|
|
|
67.7
|
|
|
7.8
|
|
|||
Industrial steam and other
|
6.2
|
|
|
1.7
|
|
|
0.6
|
|
|||
Total revenue from contracts with customers
|
$
|
1,566.3
|
|
|
$
|
742.2
|
|
|
$
|
563.0
|
|
Other
|
11.3
|
|
|
6.8
|
|
|
5.8
|
|
|||
Operating revenues
|
$
|
1,577.6
|
|
|
$
|
749.0
|
|
|
$
|
568.8
|
|
|
|
|
|
|
|
||||||
Year to Date September 30, 2019
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
Revenues
|
(millions)
|
||||||||||
Residential
|
$
|
1,536.3
|
|
|
$
|
640.4
|
|
|
$
|
575.5
|
|
Commercial
|
1,391.2
|
|
|
556.4
|
|
|
613.5
|
|
|||
Industrial
|
478.9
|
|
|
308.5
|
|
|
106.7
|
|
|||
Other retail
|
35.3
|
|
|
15.8
|
|
|
12.3
|
|
|||
Total electric retail
|
$
|
3,441.7
|
|
|
$
|
1,521.1
|
|
|
$
|
1,308.0
|
|
Wholesale
|
251.7
|
|
|
182.5
|
|
|
54.7
|
|
|||
Transmission
|
233.5
|
|
|
205.5
|
|
|
14.0
|
|
|||
Industrial steam and other
|
18.9
|
|
|
4.6
|
|
|
2.3
|
|
|||
Total revenue from contracts with customers
|
$
|
3,945.8
|
|
|
$
|
1,913.7
|
|
|
$
|
1,379.0
|
|
Other
|
70.4
|
|
|
17.6
|
|
|
52.2
|
|
|||
Operating revenues
|
$
|
4,016.2
|
|
|
$
|
1,931.3
|
|
|
$
|
1,431.2
|
|
Three Months Ended September 30, 2018
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
Revenues
|
(millions)
|
||||||||||
Residential
|
$
|
647.1
|
|
|
$
|
270.5
|
|
|
$
|
243.5
|
|
Commercial
|
530.5
|
|
|
217.4
|
|
|
231.1
|
|
|||
Industrial
|
173.4
|
|
|
111.9
|
|
|
39.1
|
|
|||
Other retail
|
10.9
|
|
|
5.4
|
|
|
2.7
|
|
|||
Total electric retail
|
$
|
1,361.9
|
|
|
$
|
605.2
|
|
|
$
|
516.4
|
|
Wholesale
|
118.5
|
|
|
82.4
|
|
|
29.9
|
|
|||
Transmission
|
80.6
|
|
|
72.2
|
|
|
3.8
|
|
|||
Industrial steam and other
|
6.0
|
|
|
1.5
|
|
|
0.7
|
|
|||
Total revenue from contracts with customers
|
$
|
1,567.0
|
|
|
$
|
761.3
|
|
|
$
|
550.8
|
|
Other
|
15.5
|
|
|
3.5
|
|
|
8.8
|
|
|||
Operating revenues
|
$
|
1,582.5
|
|
|
$
|
764.8
|
|
|
$
|
559.6
|
|
|
|||||||||||
Year to Date September 30, 2018
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro(a)
|
||||||
Revenues
|
(millions)
|
||||||||||
Residential
|
$
|
1,169.4
|
|
|
$
|
671.9
|
|
|
$
|
585.4
|
|
Commercial
|
945.0
|
|
|
542.8
|
|
|
609.2
|
|
|||
Industrial
|
375.5
|
|
|
297.2
|
|
|
105.4
|
|
|||
Other retail
|
21.5
|
|
|
15.3
|
|
|
7.7
|
|
|||
Total electric retail
|
$
|
2,511.4
|
|
|
$
|
1,527.2
|
|
|
$
|
1,307.7
|
|
Wholesale
|
302.4
|
|
|
263.7
|
|
|
38.5
|
|
|||
Transmission
|
227.6
|
|
|
216.3
|
|
|
11.0
|
|
|||
Industrial steam and other
|
10.0
|
|
|
4.6
|
|
|
3.0
|
|
|||
Total revenue from contracts with customers
|
$
|
3,051.4
|
|
|
$
|
2,011.8
|
|
|
$
|
1,360.2
|
|
Other
|
24.7
|
|
|
4.1
|
|
|
48.7
|
|
|||
Operating revenues
|
$
|
3,076.1
|
|
|
$
|
2,015.9
|
|
|
$
|
1,408.9
|
|
|
September 30
|
December 31
|
||||||||
|
|
2019
|
|
|
2018
|
|
||||
Evergy
|
|
(millions)
|
|
|||||||
Customer accounts receivable - billed
|
|
$
|
19.5
|
|
|
|
$
|
16.7
|
|
|
Customer accounts receivable - unbilled
|
|
155.9
|
|
|
|
91.2
|
|
|
||
Other receivables
|
|
102.3
|
|
|
|
95.0
|
|
|
||
Allowance for doubtful accounts
|
|
(8.9
|
)
|
|
|
(9.2
|
)
|
|
||
Total
|
|
$
|
268.8
|
|
|
|
$
|
193.7
|
|
|
Evergy Kansas Central
|
|
|
|
|||||||
Customer accounts receivable - billed
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Customer accounts receivable - unbilled
|
|
60.7
|
|
|
|
16.6
|
|
|
||
Other receivables
|
|
83.4
|
|
|
|
71.6
|
|
|
||
Allowance for doubtful accounts
|
|
(3.4
|
)
|
|
|
(3.9
|
)
|
|
||
Total
|
|
$
|
140.7
|
|
|
|
$
|
84.3
|
|
|
Evergy Metro
|
|
|
|
|
|
|
|
|
||
Customer accounts receivable - billed
|
|
$
|
9.1
|
|
|
|
$
|
7.8
|
|
|
Customer accounts receivable - unbilled
|
|
65.0
|
|
|
|
42.9
|
|
|
||
Other receivables
|
|
14.0
|
|
|
|
15.8
|
|
|
||
Allowance for doubtful accounts
|
|
(3.9
|
)
|
|
|
(3.8
|
)
|
|
||
Total
|
|
$
|
84.2
|
|
|
|
$
|
62.7
|
|
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(millions)
|
||||||||||||||
Evergy
|
$
|
11.4
|
|
|
$
|
4.5
|
|
|
$
|
22.0
|
|
|
$
|
10.6
|
|
Evergy Kansas Central
|
2.0
|
|
|
1.1
|
|
|
5.4
|
|
|
6.2
|
|
||||
Evergy Metro (a)
|
6.8
|
|
|
3.9
|
|
|
11.6
|
|
|
7.5
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
Three Months Ended September 30, 2019
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
Components of net periodic benefit costs
|
(millions)
|
||||||||||||||||||||||
Service cost
|
$
|
19.1
|
|
|
$
|
7.3
|
|
|
$
|
11.8
|
|
|
$
|
0.6
|
|
|
$
|
0.2
|
|
|
$
|
0.4
|
|
Interest cost
|
27.5
|
|
|
13.4
|
|
|
14.1
|
|
|
2.6
|
|
|
1.4
|
|
|
1.2
|
|
||||||
Expected return on plan assets
|
(27.0
|
)
|
|
(13.7
|
)
|
|
(12.3
|
)
|
|
(2.5
|
)
|
|
(1.7
|
)
|
|
(0.8
|
)
|
||||||
Prior service cost
|
0.5
|
|
|
0.5
|
|
|
0.2
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
||||||
Recognized net actuarial (gain)/loss
|
6.9
|
|
|
6.2
|
|
|
12.2
|
|
|
(0.3
|
)
|
|
(0.1
|
)
|
|
(0.3
|
)
|
||||||
Settlement and special termination benefits
|
14.5
|
|
|
—
|
|
|
20.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit costs before regulatory adjustment and intercompany allocations
|
41.5
|
|
|
13.7
|
|
|
46.8
|
|
|
0.5
|
|
|
(0.1
|
)
|
|
0.5
|
|
||||||
Regulatory adjustment
|
4.9
|
|
|
0.5
|
|
|
(14.7
|
)
|
|
(0.8
|
)
|
|
(0.7
|
)
|
|
0.1
|
|
||||||
Intercompany allocations
|
—
|
|
|
—
|
|
|
(13.6
|
)
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
||||||
Net periodic benefit costs (income)
|
$
|
46.4
|
|
|
$
|
14.2
|
|
|
$
|
18.5
|
|
|
$
|
(0.3
|
)
|
|
$
|
(0.8
|
)
|
|
$
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
Year to Date September 30, 2019
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
Components of net periodic benefit costs
|
(millions)
|
||||||||||||||||||||||
Service cost
|
$
|
57.3
|
|
|
$
|
21.8
|
|
|
$
|
35.5
|
|
|
$
|
1.9
|
|
|
$
|
0.8
|
|
|
$
|
1.1
|
|
Interest cost
|
82.4
|
|
|
40.3
|
|
|
42.1
|
|
|
7.9
|
|
|
4.2
|
|
|
3.7
|
|
||||||
Expected return on plan assets
|
(80.9
|
)
|
|
(41.1
|
)
|
|
(36.9
|
)
|
|
(7.5
|
)
|
|
(5.0
|
)
|
|
(2.5
|
)
|
||||||
Prior service cost
|
1.5
|
|
|
1.3
|
|
|
0.7
|
|
|
0.3
|
|
|
0.3
|
|
|
—
|
|
||||||
Recognized net actuarial (gain)/loss
|
20.6
|
|
|
19.0
|
|
|
36.7
|
|
|
(0.9
|
)
|
|
(0.4
|
)
|
|
(1.1
|
)
|
||||||
Settlement and special termination benefits
|
14.5
|
|
|
—
|
|
|
20.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit costs before regulatory adjustment and intercompany allocations
|
95.4
|
|
|
41.3
|
|
|
98.9
|
|
|
1.7
|
|
|
(0.1
|
)
|
|
1.2
|
|
||||||
Regulatory adjustment
|
30.4
|
|
|
1.5
|
|
|
(15.9
|
)
|
|
(2.5
|
)
|
|
(2.2
|
)
|
|
0.3
|
|
||||||
Intercompany allocations
|
—
|
|
|
—
|
|
|
(27.6
|
)
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
||||||
Net periodic benefit costs (income)
|
$
|
125.8
|
|
|
$
|
42.8
|
|
|
$
|
55.4
|
|
|
$
|
(0.8
|
)
|
|
$
|
(2.3
|
)
|
|
$
|
1.2
|
|
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
Three Months Ended September 30, 2018
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||||||||
Components of net periodic benefit costs
|
(millions)
|
||||||||||||||||||||||
Service cost
|
$
|
20.2
|
|
|
$
|
8.0
|
|
|
$
|
12.2
|
|
|
$
|
0.7
|
|
|
$
|
0.4
|
|
|
$
|
0.5
|
|
Interest cost
|
26.3
|
|
|
12.7
|
|
|
12.0
|
|
|
2.5
|
|
|
1.2
|
|
|
1.2
|
|
||||||
Expected return on plan assets
|
(27.0
|
)
|
|
(13.9
|
)
|
|
(13.9
|
)
|
|
(2.5
|
)
|
|
(1.8
|
)
|
|
(0.7
|
)
|
||||||
Prior service cost
|
0.3
|
|
|
0.2
|
|
|
0.2
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
||||||
Recognized net actuarial (gain)/loss
|
8.1
|
|
|
8.1
|
|
|
10.9
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
||||||
Net periodic benefit costs before regulatory adjustment and intercompany allocations
|
27.9
|
|
|
15.1
|
|
|
21.4
|
|
|
0.7
|
|
|
(0.2
|
)
|
|
1.0
|
|
||||||
Regulatory adjustment
|
2.6
|
|
|
2.8
|
|
|
0.7
|
|
|
(0.4
|
)
|
|
(0.4
|
)
|
|
0.1
|
|
||||||
Intercompany allocations
|
—
|
|
|
—
|
|
|
(4.9
|
)
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
||||||
Net periodic benefit costs (income)
|
$
|
30.5
|
|
|
$
|
17.9
|
|
|
$
|
17.2
|
|
|
$
|
0.3
|
|
|
$
|
(0.6
|
)
|
|
$
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Pension Benefits
|
|
Post-Retirement Benefits
|
||||||||||||||||||||
Year to Date September 30, 2018
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro(a)
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro(a)
|
||||||||||||
Components of net periodic benefit costs
|
(millions)
|
||||||||||||||||||||||
Service cost
|
$
|
40.4
|
|
|
$
|
24.1
|
|
|
$
|
36.5
|
|
|
$
|
1.5
|
|
|
$
|
1.0
|
|
|
$
|
1.5
|
|
Interest cost
|
56.2
|
|
|
38.1
|
|
|
37.4
|
|
|
5.4
|
|
|
3.7
|
|
|
3.6
|
|
||||||
Expected return on plan assets
|
(59.3
|
)
|
|
(41.9
|
)
|
|
(41.6
|
)
|
|
(6.2
|
)
|
|
(5.2
|
)
|
|
(2.1
|
)
|
||||||
Prior service cost
|
0.6
|
|
|
0.5
|
|
|
0.5
|
|
|
0.3
|
|
|
0.3
|
|
|
—
|
|
||||||
Recognized net actuarial (gain)/loss
|
24.4
|
|
|
24.4
|
|
|
33.8
|
|
|
(0.4
|
)
|
|
(0.4
|
)
|
|
(0.1
|
)
|
||||||
Net periodic benefit costs before regulatory adjustment and intercompany allocations
|
62.3
|
|
|
45.2
|
|
|
66.6
|
|
|
0.6
|
|
|
(0.6
|
)
|
|
2.9
|
|
||||||
Regulatory adjustment
|
8.4
|
|
|
8.4
|
|
|
2.1
|
|
|
(1.3
|
)
|
|
(1.3
|
)
|
|
(0.2
|
)
|
||||||
Intercompany allocations
|
—
|
|
|
—
|
|
|
(17.1
|
)
|
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
||||||
Net periodic benefit costs (income)
|
$
|
70.7
|
|
|
$
|
53.6
|
|
|
$
|
51.6
|
|
|
$
|
(0.7
|
)
|
|
$
|
(1.9
|
)
|
|
$
|
1.9
|
|
|
|
Amounts Drawn
|
|
|
|
||||||||||||
|
Credit Facility
|
Commercial Paper
|
Letters of Credit
|
Cash Borrowings
|
Available Borrowings
|
|
Weighted Average Interest Rate on Short-Term Borrowings
|
||||||||||
September 30, 2019
|
(millions)
|
|
|
||||||||||||||
Evergy, Inc.
|
$
|
450.0
|
|
n/a
|
$
|
1.0
|
|
$
|
—
|
|
$
|
449.0
|
|
|
—%
|
||
Evergy Kansas Central
|
1,000.0
|
|
182.4
|
|
9.2
|
|
—
|
|
808.4
|
|
|
2.29%
|
|||||
Evergy Metro
|
600.0
|
|
74.9
|
|
—
|
|
—
|
|
525.1
|
|
|
2.28%
|
|||||
Evergy Missouri West
|
450.0
|
|
103.3
|
|
2.1
|
|
—
|
|
344.6
|
|
|
2.30%
|
|||||
Evergy
|
$
|
2,500.0
|
|
$
|
360.6
|
|
$
|
12.3
|
|
$
|
—
|
|
$
|
2,127.1
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
||||||||||
Evergy, Inc.
|
$
|
450.0
|
|
n/a
|
$
|
1.0
|
|
$
|
—
|
|
$
|
449.0
|
|
|
—%
|
||
Evergy Kansas Central
|
1,000.0
|
|
411.7
|
|
18.3
|
|
—
|
|
570.0
|
|
|
3.08%
|
|||||
Evergy Metro
|
600.0
|
|
176.9
|
|
2.7
|
|
—
|
|
420.4
|
|
|
2.95%
|
|||||
Evergy Missouri West
|
450.0
|
|
150.0
|
|
2.1
|
|
—
|
|
297.9
|
|
|
3.00%
|
|||||
Evergy
|
$
|
2,500.0
|
|
$
|
738.6
|
|
$
|
24.1
|
|
$
|
—
|
|
$
|
1,737.3
|
|
|
|
•
|
$300.0 million of 3.15% Series, maturing in 2023;
|
•
|
$350.0 million of 3.65% Series, maturing in 2025;
|
•
|
$250.0 million of 6.05% Series, maturing in 2035;
|
•
|
$400.0 million of 5.30% Series, maturing in 2041;
|
•
|
$300.0 million of 4.20% Series, maturing in 2047; and
|
•
|
$300.0 million of 4.20% Series, maturing in 2048.
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
|
Book Value
|
|
Fair Value
|
|
Book Value
|
|
Fair Value
|
||||||||
Long-term debt(a)
|
|
(millions)
|
||||||||||||||
Evergy(b)
|
|
$
|
9,000.3
|
|
|
$
|
9,843.1
|
|
|
$
|
7,341.7
|
|
|
$
|
7,412.1
|
|
Evergy Kansas Central
|
|
3,685.6
|
|
|
4,139.0
|
|
|
3,689.8
|
|
|
3,771.3
|
|
||||
Evergy Metro
|
|
2,524.6
|
|
|
2,962.7
|
|
|
2,530.1
|
|
|
2,637.5
|
|
||||
Long-term debt of variable interest entities(a)
|
|
|
|
|
|
|
|
|
||||||||
Evergy
|
|
$
|
51.1
|
|
|
$
|
51.3
|
|
|
$
|
81.4
|
|
|
$
|
81.3
|
|
Evergy Kansas Central
|
|
51.1
|
|
|
51.3
|
|
|
81.4
|
|
|
81.3
|
|
Description
|
September 30, 2019
|
|
Level 1
|
|
Level 2
|
Level 3
|
NAV
|
||||||||||||||||||
Evergy Kansas Central
|
|
(millions)
|
|||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nuclear decommissioning trust(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic equity funds
|
|
$
|
84.0
|
|
|
|
$
|
77.5
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
6.5
|
|
|
International equity funds
|
|
46.7
|
|
|
|
46.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Core bond fund
|
|
36.6
|
|
|
|
36.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
High-yield bond fund
|
|
21.3
|
|
|
|
21.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Emerging markets bond fund
|
|
17.2
|
|
|
|
17.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Combination debt/equity/other fund
|
|
15.4
|
|
|
|
15.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Alternative investments fund
|
|
24.8
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
24.8
|
|
|
|||||
Real estate securities fund
|
|
12.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12.4
|
|
|
|||||
Cash equivalents
|
|
0.1
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total nuclear decommissioning trust
|
|
258.5
|
|
|
|
214.8
|
|
|
|
—
|
|
|
|
—
|
|
|
|
43.7
|
|
|
|||||
Rabbi trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core bond fund
|
|
25.5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
25.5
|
|
|
|||||
Combination debt/equity/other fund
|
|
6.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6.1
|
|
|
|||||
Cash equivalents
|
|
0.2
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total rabbi trust
|
|
31.8
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
31.6
|
|
|
|||||
Total
|
|
$
|
290.3
|
|
|
|
$
|
215.0
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
75.3
|
|
|
Evergy Metro
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nuclear decommissioning trust(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
|
$
|
193.7
|
|
|
|
$
|
193.7
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. Treasury
|
|
50.1
|
|
|
|
50.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
U.S. Agency
|
|
0.4
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
State and local obligations
|
|
2.2
|
|
|
|
—
|
|
|
|
2.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Corporate bonds
|
|
33.0
|
|
|
|
—
|
|
|
|
33.0
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Foreign governments
|
|
0.1
|
|
|
|
—
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Cash equivalents
|
|
2.6
|
|
|
|
2.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Other
|
|
0.4
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total nuclear decommissioning trust
|
|
282.5
|
|
|
|
246.4
|
|
|
|
36.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Self-insured health plan trust(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
|
0.5
|
|
|
|
0.5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Debt securities
|
|
6.1
|
|
|
|
1.3
|
|
|
|
4.8
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Cash and cash equivalents
|
|
3.7
|
|
|
|
3.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total self-insured health plan trust
|
|
10.3
|
|
|
|
5.5
|
|
|
|
4.8
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
292.8
|
|
|
|
$
|
251.9
|
|
|
|
$
|
40.9
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Other Evergy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rabbi trusts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed income fund
|
|
$
|
13.3
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
13.3
|
|
|
Cash and cash equivalents
|
|
0.5
|
|
|
|
0.5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total rabbi trusts
|
|
$
|
13.8
|
|
|
|
$
|
0.5
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
13.3
|
|
|
Evergy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Nuclear decommissioning trust(a)
|
|
$
|
541.0
|
|
|
|
$
|
461.2
|
|
|
|
$
|
36.1
|
|
|
|
$
|
—
|
|
|
|
$
|
43.7
|
|
|
Rabbi trusts
|
|
45.6
|
|
|
|
0.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
44.9
|
|
|
|||||
Self-insured health plan trust(b)
|
|
10.3
|
|
|
|
5.5
|
|
|
|
4.8
|
|
|
|
—
|
|
|
|
—
|
|
|
|||||
Total
|
|
$
|
596.9
|
|
|
|
$
|
467.4
|
|
|
|
$
|
40.9
|
|
|
|
$
|
—
|
|
|
|
$
|
88.6
|
|
|
Description
|
December 31, 2018
|
Level 1
|
Level 2
|
Level 3
|
NAV
|
||||||||||||||||||||
Evergy Kansas Central
|
|
(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
|
|
|
Evergy Metro
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
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(c)
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Total
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Evergy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Nuclear decommissioning trust(a)
|
|
$
|
472.1
|
|
|
|
$
|
396.0
|
|
|
|
$
|
33.5
|
|
|
|
$
|
—
|
|
|
|
$
|
42.6
|
|
|
Rabbi trust
|
|
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(c)
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Total
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
5.4
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
(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)
|
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.
|
|
September 30, 2019
|
|
December 31, 2018
|
|
September 30, 2019
|
||||||||||||||
|
Fair
|
|
Unfunded
|
|
Fair
|
|
Unfunded
|
|
Redemption
|
|
Length of
|
||||||||
|
Value
|
|
Commitments
|
|
Value
|
|
Commitments
|
|
Frequency
|
|
Settlement
|
||||||||
Evergy Kansas Central
|
(millions)
|
|
|
|
|
||||||||||||||
Nuclear decommissioning trust:
|
|
|
|
|
|
||||||||||||||
Domestic equity funds
|
$
|
6.5
|
|
|
$
|
3.6
|
|
|
$
|
6.7
|
|
|
$
|
4.3
|
|
|
(a)
|
|
(a)
|
Alternative investments fund(b)
|
24.8
|
|
|
—
|
|
|
24.1
|
|
|
—
|
|
|
Quarterly
|
|
65 days
|
||||
Real estate securities fund(b)
|
12.4
|
|
|
—
|
|
|
11.8
|
|
|
—
|
|
|
Quarterly
|
|
65 days
|
||||
Total
|
$
|
43.7
|
|
|
$
|
3.6
|
|
|
$
|
42.6
|
|
|
$
|
4.3
|
|
|
|
|
|
Rabbi trust:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Core bond fund
|
$
|
25.5
|
|
|
$
|
—
|
|
|
$
|
24.8
|
|
|
$
|
—
|
|
|
(c)
|
|
(c)
|
Combination debt/equity/other fund
|
6.1
|
|
|
—
|
|
|
5.6
|
|
|
—
|
|
|
(c)
|
|
(c)
|
||||
Total
|
$
|
31.6
|
|
|
$
|
—
|
|
|
$
|
30.4
|
|
|
$
|
—
|
|
|
|
|
|
Other Evergy
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rabbi trusts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed income fund
|
$
|
13.3
|
|
|
$
|
—
|
|
|
$
|
13.2
|
|
|
$
|
—
|
|
|
(c)
|
|
(c)
|
Total Evergy investments at NAV
|
$
|
88.6
|
|
|
$
|
3.6
|
|
|
$
|
86.2
|
|
|
$
|
4.3
|
|
|
|
|
|
(a)
|
This investment is in five long-term private equity funds that do not permit early withdrawal. Investments in these funds cannot be distributed until the underlying investments have been liquidated, which may take years from the date of initial liquidation. Three funds have begun to make distributions. The initial investment in the fourth and fifth 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 a fund advisory committee to provide for an orderly liquidation of fund investments and dissolution of the fund.
|
(b)
|
There is a holdback on final redemptions.
|
(c)
|
This investment can be redeemed immediately and is not subject to any restrictions on redemptions.
|
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Evergy Kansas Central
|
|
(millions)
|
||||||||||||||
Nuclear decommissioning trust - equity securities
|
|
$
|
0.2
|
|
|
$
|
6.5
|
|
|
$
|
26.2
|
|
|
$
|
(6.4
|
)
|
Rabbi trust - equity securities
|
|
0.5
|
|
|
3.7
|
|
|
2.7
|
|
|
3.2
|
|
||||
Total
|
|
$
|
0.7
|
|
|
$
|
10.2
|
|
|
$
|
28.9
|
|
|
$
|
(3.2
|
)
|
Evergy Metro(a)
|
|
|
|
|
|
|
|
|
||||||||
Nuclear decommissioning trust - equity securities
|
|
$
|
(0.5
|
)
|
|
$
|
8.6
|
|
|
$
|
24.7
|
|
|
$
|
9.1
|
|
Nuclear decommissioning trust - debt securities
|
|
1.5
|
|
|
(0.5
|
)
|
|
5.9
|
|
|
(2.8
|
)
|
||||
Total
|
|
$
|
1.0
|
|
|
$
|
8.1
|
|
|
$
|
30.6
|
|
|
$
|
6.3
|
|
Evergy
|
|
|
|
|
|
|
|
|
||||||||
Nuclear decommissioning trust - equity securities
|
|
$
|
(0.3
|
)
|
|
$
|
15.1
|
|
|
$
|
50.9
|
|
|
$
|
1.1
|
|
Nuclear decommissioning trust - debt securities
|
|
1.5
|
|
|
(0.5
|
)
|
|
5.9
|
|
|
(0.8
|
)
|
||||
Rabbi trusts - equity securities
|
|
0.9
|
|
|
3.7
|
|
|
2.4
|
|
|
3.1
|
|
||||
Total
|
|
$
|
2.1
|
|
|
$
|
18.3
|
|
|
$
|
59.2
|
|
|
$
|
3.4
|
|
|
|
September 30
|
|
|
December 31
|
|
||||
|
|
2019
|
|
|
2018
|
|
||||
Evergy Kansas Central
|
|
(millions)
|
|
|||||||
Net receivable from Evergy Missouri West
|
|
$
|
1.7
|
|
|
|
$
|
2.6
|
|
|
Net payable to Evergy Metro
|
|
(6.9
|
)
|
|
|
(13.5
|
)
|
|
||
Net payable to Evergy
|
|
(0.3
|
)
|
|
|
(1.4
|
)
|
|
||
|
|
|
|
|
|
|
||||
Evergy Metro
|
|
|
|
|
|
|
||||
Net receivable from Evergy Missouri West
|
|
$
|
66.7
|
|
|
|
$
|
72.6
|
|
|
Net receivable from Evergy Kansas Central
|
|
6.9
|
|
|
|
13.5
|
|
|
||
Net receivable from Evergy
|
|
16.7
|
|
|
|
15.7
|
|
|
Evergy
|
|
|
||||||||||||
|
Three Months Ended
September 30 |
Year to Date
September 30 |
||||||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
||||||||
Current income taxes
|
(millions)
|
|||||||||||||
Federal
|
$
|
(31.2
|
)
|
|
$
|
(30.3
|
)
|
$
|
(10.6
|
)
|
|
$
|
(21.5
|
)
|
State
|
(0.8
|
)
|
|
1.5
|
|
(1.6
|
)
|
|
1.9
|
|
||||
Total
|
(32.0
|
)
|
|
(28.8
|
)
|
(12.2
|
)
|
|
(19.6
|
)
|
||||
Deferred income taxes
|
|
|
|
|
|
|
|
|
||||||
Federal
|
75.5
|
|
|
70.6
|
|
78.0
|
|
|
86.0
|
|
||||
State
|
23.0
|
|
|
23.3
|
|
36.5
|
|
|
(35.7
|
)
|
||||
Total
|
98.5
|
|
|
93.9
|
|
114.5
|
|
|
50.3
|
|
||||
Investment tax credit amortization
|
(1.0
|
)
|
|
(1.0
|
)
|
(3.1
|
)
|
|
(2.4
|
)
|
||||
Income tax expense
|
$
|
65.5
|
|
|
$
|
64.1
|
|
$
|
99.2
|
|
|
$
|
28.3
|
|
Evergy Kansas Central
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
September 30 |
Year to Date
September 30 |
||||||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
||||||||
Current income taxes
|
(millions)
|
|||||||||||||
Federal
|
$
|
11.2
|
|
|
$
|
8.0
|
|
$
|
39.1
|
|
|
$
|
18.9
|
|
State
|
(1.2
|
)
|
|
(9.2
|
)
|
(2.4
|
)
|
|
(6.7
|
)
|
||||
Total
|
10.0
|
|
|
(1.2
|
)
|
36.7
|
|
|
12.2
|
|
||||
Deferred income taxes
|
|
|
|
|
|
|
|
|
||||||
Federal
|
4.6
|
|
|
12.3
|
|
(9.3
|
)
|
|
15.4
|
|
||||
State
|
12.0
|
|
|
12.0
|
|
21.1
|
|
|
(47.6
|
)
|
||||
Total
|
16.6
|
|
|
24.3
|
|
11.8
|
|
|
(32.2
|
)
|
||||
Investment tax credit amortization
|
(0.8
|
)
|
|
(0.7
|
)
|
(2.3
|
)
|
|
(2.0
|
)
|
||||
Income tax expense (benefit)
|
$
|
25.8
|
|
|
$
|
22.4
|
|
$
|
46.2
|
|
|
$
|
(22.0
|
)
|
Evergy Metro(a)
|
|
|
||||||||||||
|
Three Months Ended
September 30 |
Year to Date
September 30 |
||||||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
||||||||
Current income taxes
|
(millions)
|
|||||||||||||
Federal
|
$
|
(2.2
|
)
|
|
$
|
20.7
|
|
$
|
32.1
|
|
|
$
|
43.5
|
|
State
|
3.9
|
|
|
6.8
|
|
9.3
|
|
|
11.6
|
|
||||
Total
|
1.7
|
|
|
27.5
|
|
41.4
|
|
|
55.1
|
|
||||
Deferred income taxes
|
|
|
|
|
|
|
|
|
|
|
||||
Federal
|
26.3
|
|
|
(1.9
|
)
|
1.4
|
|
|
(23.4
|
)
|
||||
State
|
4.5
|
|
|
2.7
|
|
1.9
|
|
|
49.4
|
|
||||
Total
|
30.8
|
|
|
0.8
|
|
3.3
|
|
|
26.0
|
|
||||
Investment tax credit amortization
|
(0.3
|
)
|
|
(0.3
|
)
|
(0.8
|
)
|
|
(0.8
|
)
|
||||
Income tax expense
|
$
|
32.2
|
|
|
$
|
28.0
|
|
$
|
43.9
|
|
|
$
|
80.3
|
|
Evergy
|
|
|
|
|
|
|
||||
|
Three Months Ended
September 30 |
Year to Date
September 30 |
||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
||||
Federal statutory income tax rate
|
21.0
|
%
|
|
21.0
|
%
|
21.0
|
%
|
|
21.0
|
%
|
Effect of:
|
|
|
|
|
|
|
||||
COLI policies
|
(1.6
|
)
|
|
(2.4
|
)
|
(1.7
|
)
|
|
(2.4
|
)
|
State income taxes
|
4.0
|
|
|
4.6
|
|
3.9
|
|
|
4.7
|
|
Flow through depreciation for plant-related differences
|
(3.1
|
)
|
|
(1.5
|
)
|
(3.2
|
)
|
|
(1.6
|
)
|
Federal tax credits
|
(3.9
|
)
|
|
(7.5
|
)
|
(3.9
|
)
|
|
(7.5
|
)
|
Non-controlling interest
|
(0.4
|
)
|
|
(0.4
|
)
|
(0.4
|
)
|
|
(0.4
|
)
|
AFUDC equity
|
—
|
|
|
(0.1
|
)
|
—
|
|
|
(0.1
|
)
|
Amortization of federal investment tax credits
|
(0.5
|
)
|
|
(0.6
|
)
|
(0.5
|
)
|
|
(0.6
|
)
|
Changes in uncertain tax positions, net
|
(0.4
|
)
|
|
—
|
|
(0.3
|
)
|
|
—
|
|
State tax rate change
|
—
|
|
|
0.1
|
|
—
|
|
|
(9.5
|
)
|
Valuation allowance
|
—
|
|
|
—
|
|
(1.1
|
)
|
|
0.4
|
|
Stock compensation
|
0.3
|
|
|
—
|
|
0.2
|
|
|
(0.5
|
)
|
Officer compensation limitation
|
0.1
|
|
|
1.2
|
|
0.1
|
|
|
1.2
|
|
Other
|
(0.5
|
)
|
|
0.8
|
|
(0.3
|
)
|
|
0.4
|
|
Effective income tax rate
|
15.0
|
%
|
|
15.2
|
%
|
13.8
|
%
|
|
5.1
|
%
|
Evergy Kansas Central
|
|
|
|
|
|
|
||||
|
Three Months Ended
September 30 |
Year to Date
September 30 |
||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
||||
Federal statutory income tax rate
|
21.0
|
%
|
|
21.0
|
%
|
21.0
|
%
|
|
21.0
|
%
|
Effect of:
|
|
|
|
|
|
|
||||
COLI policies
|
(2.8
|
)
|
|
(4.0
|
)
|
(3.0
|
)
|
|
(4.0
|
)
|
State income taxes
|
4.4
|
|
|
1.1
|
|
4.2
|
|
|
3.3
|
|
Flow through depreciation for plant-related differences
|
0.8
|
|
|
1.5
|
|
0.5
|
|
|
0.3
|
|
Federal tax credits
|
(6.2
|
)
|
|
(11.8
|
)
|
(6.1
|
)
|
|
(11.7
|
)
|
Non-controlling interest
|
(0.8
|
)
|
|
(0.6
|
)
|
(0.8
|
)
|
|
(0.7
|
)
|
AFUDC equity
|
(0.1
|
)
|
|
(0.1
|
)
|
(0.1
|
)
|
|
(0.1
|
)
|
Amortization of federal investment tax credits
|
(0.7
|
)
|
|
(0.8
|
)
|
(0.7
|
)
|
|
(0.8
|
)
|
Changes in uncertain tax positions, net
|
(0.9
|
)
|
|
0.1
|
|
(0.5
|
)
|
|
0.1
|
|
State tax rate change
|
—
|
|
|
—
|
|
—
|
|
|
(17.7
|
)
|
Valuation allowance
|
—
|
|
|
—
|
|
(0.5
|
)
|
|
0.6
|
|
Stock compensation
|
—
|
|
|
—
|
|
(0.1
|
)
|
|
(0.9
|
)
|
Officer compensation limitation
|
—
|
|
|
1.9
|
|
—
|
|
|
1.9
|
|
Other
|
(1.4
|
)
|
|
2.9
|
|
(0.7
|
)
|
|
1.3
|
|
Effective income tax rate
|
13.3
|
%
|
|
11.2
|
%
|
13.2
|
%
|
|
(7.4
|
)%
|
Evergy Metro
|
|
|
|
|
|
|
||||
|
Three Months Ended
September 30 |
Year to Date
September 30 |
||||||||
|
2019
|
|
2018
|
2019
|
|
2018
|
||||
Federal statutory income tax rate
|
21.0
|
%
|
|
21.0
|
%
|
21.0
|
%
|
|
21.0
|
%
|
Effect of:
|
|
|
|
|
|
|
||||
COLI policies
|
(0.1
|
)
|
|
(0.2
|
)
|
(0.1
|
)
|
|
(0.2
|
)
|
State income taxes
|
3.6
|
|
|
5.0
|
|
3.2
|
|
|
5.1
|
|
Flow through depreciation for plant-related differences
|
(6.1
|
)
|
|
(4.9
|
)
|
(6.1
|
)
|
|
(4.9
|
)
|
Federal tax credits
|
(1.3
|
)
|
|
(1.9
|
)
|
(1.4
|
)
|
|
(1.8
|
)
|
AFUDC equity
|
—
|
|
|
—
|
|
—
|
|
|
(0.1
|
)
|
Amortization of federal investment tax credits
|
(0.3
|
)
|
|
(0.4
|
)
|
(0.3
|
)
|
|
(0.4
|
)
|
State tax rate change
|
—
|
|
|
—
|
|
—
|
|
|
14.5
|
|
Officer compensation limitation
|
0.3
|
|
|
0.7
|
|
0.3
|
|
|
0.5
|
|
Other
|
0.4
|
|
|
(0.4
|
)
|
(0.4
|
)
|
|
(1.0
|
)
|
Effective income tax rate
|
17.5
|
%
|
|
18.9
|
%
|
16.2
|
%
|
|
32.7
|
%
|
Three Months Ended September 30, 2019
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
Finance lease costs
|
|
(millions)
|
||||||||||
Amortization of right-of-use assets
|
|
$
|
2.3
|
|
|
$
|
2.4
|
|
|
$
|
—
|
|
Interest on lease liabilities
|
|
1.0
|
|
|
0.9
|
|
|
—
|
|
|||
Operating lease costs
|
|
4.8
|
|
|
2.0
|
|
|
2.4
|
|
|||
Short-term lease costs
|
|
0.8
|
|
|
0.3
|
|
|
0.5
|
|
|||
Variable lease costs for renewable purchase power agreements
|
|
71.3
|
|
|
30.3
|
|
|
29.0
|
|
|||
Total lease costs
|
|
$
|
80.2
|
|
|
$
|
35.9
|
|
|
$
|
31.9
|
|
|
|
|
|
|
|
|
||||||
Year to Date September 30, 2019
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
Finance lease costs
|
|
(millions)
|
||||||||||
Amortization of right-of-use assets
|
|
$
|
4.0
|
|
|
$
|
3.9
|
|
|
$
|
0.1
|
|
Interest on lease liabilities
|
|
2.3
|
|
|
2.1
|
|
|
0.1
|
|
|||
Operating lease costs
|
|
17.9
|
|
|
9.9
|
|
|
6.9
|
|
|||
Short-term lease costs
|
|
2.3
|
|
|
0.6
|
|
|
1.6
|
|
|||
Variable lease costs for renewable purchase power agreements
|
|
222.1
|
|
|
94.3
|
|
|
91.0
|
|
|||
Total lease costs
|
|
$
|
248.6
|
|
|
$
|
110.8
|
|
|
$
|
99.7
|
|
Year to Date September 30, 2019
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
(millions)
|
||||||||||
Operating cash flows from operating leases
|
$
|
17.4
|
|
|
$
|
10.2
|
|
|
$
|
7.2
|
|
Operating cash flows from finance leases
|
2.0
|
|
|
1.9
|
|
|
0.1
|
|
|||
Financing cash flows from finance leases
|
3.3
|
|
|
3.2
|
|
|
0.1
|
|
|||
Right-of-use assets obtained in exchange for new operating lease liabilities
|
3.0
|
|
|
0.6
|
|
|
2.4
|
|
|||
Right-of-use assets obtained in exchange for new finance lease liabilities
|
2.3
|
|
|
2.3
|
|
|
—
|
|
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
|
|
(millions)
|
||||||||||
October 2019 through December 2019
|
|
$
|
1.8
|
|
|
$
|
1.7
|
|
|
$
|
0.1
|
|
2020
|
|
7.0
|
|
|
6.6
|
|
|
0.2
|
|
|||
2021
|
|
6.5
|
|
|
6.0
|
|
|
0.2
|
|
|||
2022
|
|
5.7
|
|
|
5.2
|
|
|
0.2
|
|
|||
2023
|
|
4.8
|
|
|
4.4
|
|
|
0.2
|
|
|||
After 2023
|
|
48.4
|
|
|
46.4
|
|
|
1.0
|
|
|||
Total finance lease payments
|
|
74.2
|
|
|
70.3
|
|
|
1.9
|
|
|||
Amounts representing imputed interest
|
|
(25.9
|
)
|
|
(24.8
|
)
|
|
(0.5
|
)
|
|||
Present value of lease payments
|
|
48.3
|
|
|
45.5
|
|
|
1.4
|
|
|||
Less: current portion
|
|
(4.8
|
)
|
|
(4.6
|
)
|
|
(0.1
|
)
|
|||
Total long-term obligations under finance leases
|
|
$
|
43.5
|
|
|
$
|
40.9
|
|
|
$
|
1.3
|
|
|
|
|
|
|
|
|
||||||
Weighted-average remaining lease term (years)
|
|
15.3
|
|
|
15.7
|
|
|
8.9
|
|
|||
Weighted-average discount rate
|
|
5.8
|
%
|
|
5.7
|
%
|
|
7.6
|
%
|
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
|
|
(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 finance 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 finance leases
|
|
49.0
|
|
|
46.0
|
|
|
1.5
|
|
|||
Less: current portion
|
|
(3.9
|
)
|
|
(3.7
|
)
|
|
(0.1
|
)
|
|||
Total long-term obligations under finance leases
|
|
$
|
45.1
|
|
|
$
|
42.3
|
|
|
$
|
1.4
|
|
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
|
|
(millions)
|
||||||||||
October 2019 through December 2019
|
|
$
|
5.0
|
|
|
$
|
2.8
|
|
|
$
|
2.7
|
|
2020
|
|
18.9
|
|
|
10.3
|
|
|
10.7
|
|
|||
2021
|
|
15.4
|
|
|
7.4
|
|
|
10.1
|
|
|||
2022
|
|
12.4
|
|
|
5.2
|
|
|
9.3
|
|
|||
2023
|
|
9.4
|
|
|
2.7
|
|
|
8.8
|
|
|||
After 2023
|
|
52.5
|
|
|
2.8
|
|
|
91.3
|
|
|||
Total operating lease payments
|
|
113.6
|
|
|
31.2
|
|
|
132.9
|
|
|||
Amounts representing imputed interest
|
|
(18.9
|
)
|
|
(2.1
|
)
|
|
(36.5
|
)
|
|||
Present value of lease payments
|
|
94.7
|
|
|
29.1
|
|
|
96.4
|
|
|||
Less: current portion
|
|
(15.2
|
)
|
|
(9.2
|
)
|
|
(6.8
|
)
|
|||
Total long-term obligations under operating leases
|
|
$
|
79.5
|
|
|
$
|
19.9
|
|
|
$
|
89.6
|
|
|
|
|
|
|
|
|
||||||
Weighted-average remaining lease term (years)
|
|
9.1
|
|
|
3.7
|
|
|
15.9
|
|
|||
Weighted-average discount rate
|
|
3.9
|
%
|
|
3.4
|
%
|
|
4.2
|
%
|
|
|
Evergy
|
|
Evergy Kansas Central
|
|
Evergy Metro
|
||||||
|
|
(millions)
|
||||||||||
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 operating lease payments
|
|
$
|
185.9
|
|
|
$
|
43.3
|
|
|
$
|
142.5
|
|
•
|
Evergy Kansas Central, formerly known as Westar Energy, Inc., is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South, formerly known as Kansas Gas and Electric Company.
|
•
|
Evergy Metro, formerly known as Kansas City Power & Light Company, is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas.
|
•
|
Evergy Missouri West, formerly known as KCP&L Greater Missouri Operations Company, is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri.
|
•
|
Evergy Transmission Company, formerly known as GPE Transmission Holding Company LLC, 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. Evergy Transmission Company accounts for its investment in Transource under the equity method.
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
||||||||||||
|
(millions, except per share amounts)
|
||||||||||||||||||||||
Net income attributable to Evergy, Inc.
|
$
|
366.8
|
|
|
$
|
355.0
|
|
|
$
|
11.8
|
|
|
$
|
606.0
|
|
|
$
|
517.3
|
|
|
$
|
88.7
|
|
Earnings per common share, diluted
|
1.56
|
|
|
1.32
|
|
|
0.24
|
|
|
2.49
|
|
|
2.61
|
|
|
(0.12
|
)
|
|
Earnings (Loss)
|
|
Earnings (Loss) per Diluted Share
|
|
Earnings (Loss)
|
|
Earnings (Loss) per Diluted Share
|
||||||||
Three Months Ended September 30
|
2019
|
|
2018
|
||||||||||||
|
(millions, except per share amounts)
|
||||||||||||||
Net income attributable to Evergy, Inc.
|
$
|
366.8
|
|
|
$
|
1.56
|
|
|
$
|
355.0
|
|
|
$
|
1.32
|
|
Pro forma adjustments(a):
|
|
|
|
|
|
|
|
||||||||
Non-recurring merger costs and other
|
—
|
|
|
—
|
|
|
3.9
|
|
|
0.02
|
|
||||
Pro forma net income attributable to Evergy, Inc.
|
$
|
366.8
|
|
|
$
|
1.56
|
|
|
$
|
358.9
|
|
|
$
|
1.34
|
|
Non-GAAP reconciling items:
|
|
|
|
|
|
|
|
||||||||
Rebranding costs, pre-tax(b)
|
3.6
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
||||
Voluntary severance costs, pre tax(c)
|
0.4
|
|
|
—
|
|
|
16.3
|
|
|
0.06
|
|
||||
Income tax benefit (g)
|
(1.0
|
)
|
|
—
|
|
|
(4.3
|
)
|
|
(0.02
|
)
|
||||
Adjusted earnings (non-GAAP)
|
$
|
369.8
|
|
|
$
|
1.57
|
|
|
$
|
370.9
|
|
|
$
|
1.38
|
|
|
Earnings (Loss)
|
|
Earnings (Loss) per Diluted Share
|
Earnings (Loss)
|
|
Earnings (Loss) per Diluted Share
|
||||||||
Year to Date September 30
|
2019
|
2018
|
||||||||||||
|
(millions, except per share amounts)
|
|||||||||||||
Net income attributable to Evergy, Inc.
|
$
|
606.0
|
|
|
$
|
2.49
|
|
$
|
517.3
|
|
|
$
|
2.61
|
|
Pro forma adjustments(a):
|
|
|
|
|
|
|
||||||||
Great Plains Energy earnings prior to merger
|
—
|
|
|
—
|
|
94.4
|
|
|
0.35
|
|
||||
Great Plains Energy shares prior to merger
|
n/a
|
|
|
—
|
|
n/a
|
|
|
(0.71
|
)
|
||||
Non-recurring merger costs and other
|
—
|
|
|
—
|
|
82.8
|
|
|
0.30
|
|
||||
Pro forma net income attributable to Evergy, Inc.
|
$
|
606.0
|
|
|
$
|
2.49
|
|
$
|
694.5
|
|
|
$
|
2.55
|
|
Non-GAAP reconciling items:
|
|
|
|
|
|
|
||||||||
Rebranding costs, pre-tax(b)
|
4.7
|
|
|
0.02
|
|
—
|
|
|
—
|
|
||||
Voluntary severance costs, pre tax(c)
|
15.1
|
|
|
0.06
|
|
16.3
|
|
|
0.06
|
|
||||
Composite tax rate change(d)
|
—
|
|
|
—
|
|
(52.6
|
)
|
|
(0.19
|
)
|
||||
Deferral of merger transition costs, pre-tax(e)
|
—
|
|
|
—
|
|
(28.5
|
)
|
|
(0.10
|
)
|
||||
Inventory write-off at retiring generating units, pre-tax(f)
|
—
|
|
|
—
|
|
12.3
|
|
|
0.04
|
|
||||
Income tax expense (benefit)(g)
|
(4.6
|
)
|
|
(0.02
|
)
|
(0.1
|
)
|
|
—
|
|
||||
Adjusted earnings (non-GAAP)
|
$
|
621.2
|
|
|
$
|
2.55
|
|
$
|
641.9
|
|
|
$
|
2.36
|
|
(a)
|
Reflects pro forma adjustments made in accordance with Article 11 of Regulation S-X and ASC 805 - Business Combinations. See Note 2 to the consolidated financial statements in the Evergy Companies' Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018 for further information regarding these adjustments.
|
(b)
|
Reflects external costs incurred to rebrand the legacy Westar Energy and KCP&L utility brands to Evergy and are included in operating and maintenance expense on the consolidated statements of comprehensive income.
|
(c)
|
Reflects voluntary severance costs incurred associated with certain severance programs at the Evergy Companies and are included in operating and maintenance expense on the consolidated statements of comprehensive income.
|
(d)
|
Reflects the revaluation of Evergy Kansas Central's deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger in June 2018 and are included in income tax expense on the consolidated statements of comprehensive income.
|
(e)
|
Reflects the portion of the $47.8 million deferral of merger transition costs to a regulatory asset in June 2018 that related to costs incurred prior to 2018. The remaining merger transition costs included within the $47.8 million deferral were both incurred and deferred in 2018 and did not impact earnings. This item is included in operating and maintenance expense on the consolidated statements of comprehensive income.
|
(f)
|
Reflects obsolete inventory write-offs for Evergy Kansas Central'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 committed to be retired upon the consummation of the merger, and are included in operating and maintenance expense on the consolidated statements of comprehensive income.
|
(g)
|
Reflects an income tax effect calculated at a 26.1% statutory rate, with the exception of certain non-deductible items.
|
|
Three Months Ended
September 30 |
|
Year to Date
September 30 |
||||||||||||||||||||
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Operating revenues
|
$
|
1,577.6
|
|
|
$
|
(4.9
|
)
|
|
$
|
1,582.5
|
|
|
$
|
4,016.2
|
|
|
$
|
940.1
|
|
|
$
|
3,076.1
|
|
Fuel and purchased power
|
357.3
|
|
|
(26.4
|
)
|
|
383.7
|
|
|
978.9
|
|
|
230.0
|
|
|
748.9
|
|
||||||
SPP network transmission costs
|
62.4
|
|
|
4.0
|
|
|
58.4
|
|
|
188.7
|
|
|
(5.7
|
)
|
|
194.4
|
|
||||||
Other operating expenses
|
403.1
|
|
|
(10.3
|
)
|
|
413.4
|
|
|
1,183.5
|
|
|
245.8
|
|
|
937.7
|
|
||||||
Depreciation and amortization
|
216.1
|
|
|
22.2
|
|
|
193.9
|
|
|
645.1
|
|
|
233.5
|
|
|
411.6
|
|
||||||
Income from operations
|
538.7
|
|
|
5.6
|
|
|
533.1
|
|
|
1,020.0
|
|
|
236.5
|
|
|
783.5
|
|
||||||
Other expense, net
|
(15.1
|
)
|
|
9.2
|
|
|
(24.3
|
)
|
|
(32.5
|
)
|
|
11.2
|
|
|
(43.7
|
)
|
||||||
Interest expense
|
90.8
|
|
|
1.7
|
|
|
89.1
|
|
|
277.3
|
|
|
86.0
|
|
|
191.3
|
|
||||||
Income tax expense
|
65.5
|
|
|
1.4
|
|
|
64.1
|
|
|
99.2
|
|
|
70.9
|
|
|
28.3
|
|
||||||
Equity in earnings of equity method investees, net of income taxes
|
3.6
|
|
|
1.6
|
|
|
2.0
|
|
|
7.9
|
|
|
3.2
|
|
|
4.7
|
|
||||||
Net income
|
370.9
|
|
|
13.3
|
|
|
357.6
|
|
|
618.9
|
|
|
94.0
|
|
|
524.9
|
|
||||||
Less: Net income attributable to noncontrolling interests
|
4.1
|
|
|
1.5
|
|
|
2.6
|
|
|
12.9
|
|
|
5.3
|
|
|
7.6
|
|
||||||
Net income attributable to Evergy, Inc.
|
$
|
366.8
|
|
|
$
|
11.8
|
|
|
$
|
355.0
|
|
|
$
|
606.0
|
|
|
$
|
88.7
|
|
|
$
|
517.3
|
|
•
|
a $24.2 million increase from new Evergy Kansas Central, Evergy Metro and Evergy Missouri West retail rates effective in 2018, net of a $63.3 million provision for rate refund recorded in the third quarter of 2018 for the change in the corporate income tax rate caused by the TCJA; and
|
•
|
a $5.4 million increase primarily due to higher retail sales driven by warmer weather. For the three months ended September 30, 2019, compared to the same period in 2018, cooling degree days increased 4%; partially offset by
|
•
|
a $12.1 million decrease related to Evergy Kansas Central's and Evergy Metro's TDC riders.
|
•
|
a $674.4 million increase due to the inclusion of Evergy Metro's and Evergy Missouri West's utility gross margin in the first five months of 2019;
|
•
|
a $59.7 million increase in revenue due to one-time bill credits recorded by Evergy Kansas Central, Evergy Metro and Evergy Missouri West in June 2018 as a result of conditions in the KCC and MPSC merger orders; and
|
•
|
a $39.6 million increase from new Evergy Kansas Central, Evergy Metro and Evergy Missouri West retail rates effective in 2018, net of an $111.5 million provision for rate refund recorded year to date September 30, 2018 for the change in the corporate income tax rate caused by the TCJA; partially offset by
|
•
|
a $48.6 million decrease primarily due to lower Evergy Kansas Central, Evergy Metro and Evergy Missouri West retail sales driven by cooler weather in the second quarter of 2019. Year to date September 30, 2019, compared to the same period in 2018, cooling degree days decreased 16%; and
|
•
|
a $9.3 million decrease related to Evergy Kansas Central's and Evergy Metro's TDC riders.
|
•
|
a $14.5 million decrease in various administrative and general operating and maintenance expenses primarily driven by $10.6 million of voluntary severance expenses incurred in the third quarter of 2018 by Evergy Kansas Central and Evergy Metro related to a Wolf Creek voluntary exit program as well as lower labor expense; and
|
•
|
an $8.2 million decrease in plant operating and maintenance expense at coal-fired generating units primarily due to:
|
◦
|
an $8.8 million decrease due to the retirement of Evergy Kansas Central's Unit 7 at Tecumseh Energy Center, Units 3 and 4 at Murray Gill Energy Center, Units 1 and 2 at Gordan Evans Energy Center, Evergy Metro's Montrose Station and Evergy Missouri West's Sibley Station in the fourth quarter of 2018; and
|
◦
|
$5.2 million of voluntary severance expenses incurred in the third quarter of 2018 by Evergy Kansas Central, Evergy Metro and Evergy Missouri West related to their Local 1523 and Local 412 union voluntary exit programs; partially offset by
|
◦
|
an $8.4 million increase due to a write-off of a regulatory asset for costs incurred during the JEC lease extension, see Note 5 to the consolidated financial statements; partially offset by
|
•
|
an $8.5 million increase in taxes other than income taxes primarily due to increased Evergy Kansas Central property taxes; and
|
•
|
a $1.9 million increase in Evergy Kansas Central transmission and distribution operating and maintenance expense.
|
•
|
a $279.9 million increase in operating and maintenance expense due to the inclusion of Evergy Metro's and Evergy Missouri West's operating and maintenance expenses in the first five months of 2019;
|
•
|
a $75.7 million increase in taxes other than income taxes due to the inclusion of Evergy Metro and Evergy Missouri West amounts in the first five months of 2019;
|
•
|
a $17.2 million increase in taxes other than income taxes primarily due to increased Evergy Kansas Central property taxes; and
|
•
|
$7.8 million of Evergy Kansas Central voluntary severance expenses incurred in 2019; partially offset by
|
•
|
$64.6 million of merger-related costs incurred year to date September 30, 2018, consisting of:
|
◦
|
$47.0 million of merger consulting fees and fees for other outside services incurred, primarily consisting of merger success fees;
|
◦
|
$40.7 million of Evergy Kansas Central 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 Evergy Kansas Central equity compensation awards in accordance with the Amended Merger Agreement; and
|
◦
|
$24.7 million of unconditional charitable contributions and community support recorded by Evergy in accordance with conditions in the KCC and MPSC merger orders; 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 Evergy Kansas Central, Evergy Metro and Evergy Missouri West in accordance with the KCC and MPSC merger orders;
|
•
|
a $30.1 million decrease in plant operating and maintenance expense at coal-fired generating units primarily due to:
|
◦
|
an $11.9 million decrease due to the retirement of Evergy Kansas Central's Unit 7 at Tecumseh Energy Center, Units 3 and 4 at Murray Gill Energy Center, Units 1 and 2 at Gordan Evans Energy Center and Evergy Metro's Montrose Station and Evergy Missouri West's Sibley Station in the fourth quarter of 2018;
|
◦
|
$12.3 million of Evergy Kansas Central obsolete inventory write-offs at retiring coal-fired units in June 2018; and
|
◦
|
$5.2 million of voluntary severance expenses incurred in the third quarter of 2018 by Evergy Kansas Central, Evergy Metro and Evergy Missouri West related to their Local 1523 and Local 412 union voluntary exit programs; partially offset by
|
◦
|
an $8.4 million increase due to a write-off of a regulatory asset for costs incurred during the JEC lease extension, see Note 5 to the consolidated financial statements;
|
•
|
a $29.3 million decrease in various administrative and general operating and maintenance expenses primarily driven by $10.6 million of voluntary severance expenses incurred in the third quarter of 2018 by Evergy Kansas Central and Evergy Metro related to a Wolf Creek voluntary exit program and lower labor and employee benefit expense in 2019; and
|
•
|
a $13.6 million decrease in transmission and distribution operating and maintenance expense primarily due to a higher level of Evergy Kansas Central vegetation management activity in the first half of 2018.
|
•
|
a $14.6 million increase primarily due to a change in depreciation rates as a result of Evergy Kansas Central's and Evergy Metro's rate cases effective in 2018; and
|
•
|
a $7.6 million increase primarily due to capital additions.
|
•
|
a $173.4 million increase due to the inclusion of Evergy Metro's and Evergy Missouri West's depreciation expense in the first five months of 2019;
|
•
|
a $39.0 million increase primarily due to a change in depreciation rates as a result of Evergy Kansas Central's and Evergy Metro's rate cases effective in 2018; and
|
•
|
a $21.1 million increase primarily due to capital additions.
|
•
|
a $3.9 million decrease primarily due to a decrease in Evergy Kansas Central pension non-service costs; and
|
•
|
a $2.0 million decrease due to recording higher Evergy Kansas Central corporate-owned life insurance (COLI) benefits in 2019.
|
•
|
a $10.7 million decrease due to recording higher Evergy Kansas Central COLI benefits in 2019; and
|
•
|
a $6.0 million decrease primarily due to a decrease in Evergy Kansas Central pension non-service costs; partially offset by
|
•
|
a $9.5 million increase due to the inclusion of Evergy Metro and Evergy Missouri West amounts in the first five months of 2019.
|
•
|
a $5.6 million increase primarily due to a higher average commercial paper balance at Evergy Kansas Central in 2019 and Evergy's borrowings under its $1.0 billion term loan credit agreement in 2019; and
|
•
|
a $4.1 million increase due to Evergy Metro's issuance of $400.0 million of 4.125% Mortgage Bonds in March 2019; partially offset by
|
•
|
an $8.6 million decrease due to the repayment of Evergy Metro's $400.0 million of 7.15% Mortgage Bonds at maturity in April 2019.
|
•
|
a $77.2 million increase due to the inclusion of Evergy Metro's and Evergy Missouri West's interest expense and Evergy's interest expense associated with the assumption of legacy Great Plains Energy debt in the first five months of 2019;
|
•
|
a $10.1 million increase primarily due to a higher average commercial paper balance at Evergy Kansas Central in 2019 and Evergy's borrowings under its $1.0 billion term loan credit agreement in 2019; and
|
•
|
a $5.5 million increase due to Evergy Metro's issuance of $400.0 million of 4.125% Mortgage Bonds in March 2019; partially offset by
|
•
|
an $11.4 million decrease due to the repayment of Evergy Metro's $400.0 million of 7.15% Mortgage Bonds at maturity in April 2019.
|
•
|
a $52.6 million increase related to the revaluation of Evergy Kansas Central's deferred income tax assets and liabilities based on the Evergy composite tax rate as a result of the merger in 2018; and
|
•
|
a $15.2 million increase due to higher Evergy Kansas Central pre-tax income.
|
Year to Date September 30
|
2019
|
2018
|
||||
|
(millions)
|
|||||
Cash flows from operating activities
|
$
|
1,447.3
|
|
$
|
1,191.6
|
|
Cash flows from (used in) investing activities
|
(772.1
|
)
|
574.8
|
|
||
Cash flows used in financing activities
|
(785.4
|
)
|
(1,090.1
|
)
|
Year to Date September 30
|
2019
|
|
Change
|
|
2018
|
||||||
|
(millions)
|
||||||||||
Operating revenues
|
$
|
1,931.3
|
|
|
$
|
(84.6
|
)
|
|
$
|
2,015.9
|
|
Fuel and purchased power
|
375.3
|
|
|
(87.9
|
)
|
|
463.2
|
|
|||
SPP network transmission costs
|
188.7
|
|
|
(5.7
|
)
|
|
194.4
|
|
|||
Other operating expenses
|
541.7
|
|
|
(78.5
|
)
|
|
620.2
|
|
|||
Depreciation and amortization
|
331.3
|
|
|
49.7
|
|
|
281.6
|
|
|||
Income from operations
|
494.3
|
|
|
37.8
|
|
|
456.5
|
|
|||
Other expense, net
|
(13.9
|
)
|
|
17.7
|
|
|
(31.6
|
)
|
|||
Interest expense
|
134.1
|
|
|
2.0
|
|
|
132.1
|
|
|||
Income tax expense (benefit)
|
46.2
|
|
|
68.2
|
|
|
(22.0
|
)
|
|||
Equity in earnings of equity method investees, net of income taxes
|
3.6
|
|
|
(0.1
|
)
|
|
3.7
|
|
|||
Net income
|
303.7
|
|
|
(14.8
|
)
|
|
318.5
|
|
|||
Less: Net income attributable to noncontrolling interests
|
12.9
|
|
|
5.3
|
|
|
7.6
|
|
|||
Net income attributable to Evergy Kansas Central, Inc.
|
$
|
290.8
|
|
|
$
|
(20.1
|
)
|
|
$
|
310.9
|
|
|
Revenues and Expenses
|
MWhs Sold
|
||||||||||||||||||
Year to Date September 30
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
|||||||||
Retail revenues
|
(millions)
|
(thousands)
|
||||||||||||||||||
Residential
|
$
|
640.4
|
|
|
$
|
(31.5
|
)
|
|
$
|
671.9
|
|
|
5,103
|
|
|
(246
|
)
|
|
5,349
|
|
Commercial
|
556.4
|
|
|
13.6
|
|
|
542.8
|
|
|
5,673
|
|
|
(124
|
)
|
|
5,797
|
|
|||
Industrial
|
308.5
|
|
|
11.3
|
|
|
297.2
|
|
|
4,286
|
|
|
11
|
|
|
4,275
|
|
|||
Other retail revenues
|
15.8
|
|
|
0.5
|
|
|
15.3
|
|
|
35
|
|
|
(10
|
)
|
|
45
|
|
|||
Total electric retail
|
1,521.1
|
|
|
(6.1
|
)
|
|
1,527.2
|
|
|
15,097
|
|
|
(369
|
)
|
|
15,466
|
|
|||
Wholesale revenues
|
182.5
|
|
|
(81.2
|
)
|
|
263.7
|
|
|
5,591
|
|
|
(1,969
|
)
|
|
7,560
|
|
|||
Transmission revenues
|
205.5
|
|
|
(10.8
|
)
|
|
216.3
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||
Other revenues
|
22.2
|
|
|
13.5
|
|
|
8.7
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||
Operating revenues
|
1,931.3
|
|
|
(84.6
|
)
|
|
2,015.9
|
|
|
20,688
|
|
|
(2,338
|
)
|
|
23,026
|
|
|||
Fuel and purchased power
|
(375.3
|
)
|
|
87.9
|
|
|
(463.2
|
)
|
|
|
|
|
|
|
||||||
SPP network transmission costs
|
(188.7
|
)
|
|
5.7
|
|
|
(194.4
|
)
|
|
|
|
|
|
|
||||||
Utility gross margin (a)
|
$
|
1,367.3
|
|
|
$
|
9.0
|
|
|
$
|
1,358.3
|
|
|
|
|
|
|
|
(a)
|
Utility gross margin is a non-GAAP financial measure. See explanation of utility gross margin under Evergy's Results of Operations.
|
•
|
a $24.5 million increase from new retail rates effective in September 2018, net of a $66.3 million provision for rate refund recorded year to date September 30, 2018 for the change in the corporate income tax rate caused by the TCJA; and
|
•
|
a $23.1 million increase in revenue due to one-time bill credits recorded in June 2018 as a result of conditions in the KCC merger order; partially offset by
|
•
|
a $27.3 million decrease primarily due to lower retail sales driven by cooler weather in the second quarter of 2019. Year to date September 30, 2019, compared to the same period in 2018, cooling degree days decreased 14%; and
|
•
|
an $11.3 million decrease related to Evergy Kansas Central's TDC rider.
|
•
|
$47.8 million of merger-related costs incurred year to date September 30, 2018, consisting of:
|
◦
|
$40.7 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 equity compensation awards in accordance with the Amended Merger Agreement; and
|
◦
|
$20.4 million of merger consulting fees and fees for other outside services incurred, primarily consisting of merger success fees; partially offset by
|
◦
|
a $13.3 million decrease in operating and maintenance expense due to the net reallocation of incurred merger transition costs between Evergy Kansas Central, Evergy, Evergy Metro and Evergy Missouri West and the subsequent deferral of these transition costs to a regulatory asset in June 2018 for future recovery by Evergy Kansas Central in accordance with the KCC merger order;
|
•
|
a $19.7 million decrease in various administrative and general operating and maintenance expenses primarily driven by $5.3 million of voluntary severance expenses incurred in 2018 related to a Wolf Creek voluntary exit program and lower labor and employee benefit expense in 2019;
|
•
|
a $17.5 million decrease in plant operating and maintenance expense at coal-fired generating units primarily due to:
|
◦
|
$12.3 million of obsolete inventory write-offs at retiring coal-fired units in June 2018;
|
◦
|
a $7.0 million decrease due to the retirement of Evergy Kansas Central's Unit 7 at Tecumseh Energy Center, Units 3 and 4 at Murray Gill Energy Center and Units 1 and 2 at Gordan Evans Energy Center in the fourth quarter of 2018; and
|
◦
|
$0.7 million of voluntary severance expenses incurred in the third quarter of 2018 related to the Local 1523 union voluntary exit program; partially offset by
|
◦
|
an $8.4 million increase due to a write-off of a regulatory asset for costs incurred during the JEC lease extension, see Note 5 to the consolidated financial statements; and
|
•
|
a $12.2 million decrease in transmission and distribution operating and maintenance expense primarily due to a higher level of vegetation management activity in the first half of 2018; partially offset by
|
•
|
a $16.5 million increase in taxes other than income taxes primarily due to increased property taxes; and
|
•
|
$7.8 million of voluntary severance expenses incurred in 2019.
|
•
|
a $10.7 million decrease due to recording higher COLI benefits in 2019; and
|
•
|
a $4.5 million decrease due to a decrease in pension non-service costs.
|
•
|
a $52.6 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 in June 2018; and
|
•
|
a $15.2 million increase due to higher pre-tax income.
|
Year to Date September 30
|
2019
|
|
Change
|
|
2018
|
||||||
|
(millions)
|
||||||||||
Operating revenues
|
$
|
1,431.2
|
|
|
$
|
22.3
|
|
|
$
|
1,408.9
|
|
Fuel and purchased power
|
380.4
|
|
|
(12.0
|
)
|
|
392.4
|
|
|||
Other operating expenses
|
437.5
|
|
|
(4.9
|
)
|
|
442.4
|
|
|||
Depreciation and amortization
|
239.0
|
|
|
30.0
|
|
|
209.0
|
|
|||
Income from operations
|
374.3
|
|
|
9.2
|
|
|
365.1
|
|
|||
Other expense, net
|
(11.5
|
)
|
|
7.6
|
|
|
(19.1
|
)
|
|||
Interest expense
|
91.6
|
|
|
(9.0
|
)
|
|
100.6
|
|
|||
Income tax expense
|
43.9
|
|
|
(36.4
|
)
|
|
80.3
|
|
|||
Net income
|
$
|
227.3
|
|
|
$
|
62.2
|
|
|
$
|
165.1
|
|
|
Revenues and Expenses
|
|
MWhs Sold
|
|||||||||||||||||
Year to Date September 30
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
|||||||||
Retail revenues
|
(millions)
|
|
(thousands)
|
|||||||||||||||||
Residential
|
$
|
575.5
|
|
|
$
|
(9.9
|
)
|
|
$
|
585.4
|
|
|
4,261
|
|
|
(219
|
)
|
|
4,480
|
|
Commercial
|
613.5
|
|
|
4.3
|
|
|
609.2
|
|
|
5,828
|
|
|
(103
|
)
|
|
5,931
|
|
|||
Industrial
|
106.7
|
|
|
1.3
|
|
|
105.4
|
|
|
1,303
|
|
|
(30
|
)
|
|
1,333
|
|
|||
Other retail revenues
|
12.3
|
|
|
4.6
|
|
|
7.7
|
|
|
57
|
|
|
1
|
|
|
56
|
|
|||
Total electric retail
|
1,308.0
|
|
|
0.3
|
|
|
1,307.7
|
|
|
11,449
|
|
|
(351
|
)
|
|
11,800
|
|
|||
Wholesale revenues
|
54.7
|
|
|
16.2
|
|
|
38.5
|
|
|
4,685
|
|
|
932
|
|
|
3,753
|
|
|||
Transmission revenues
|
14.0
|
|
|
3.0
|
|
|
11.0
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||
Other revenues
|
54.5
|
|
|
2.8
|
|
|
51.7
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||
Operating revenues
|
1,431.2
|
|
|
22.3
|
|
|
1,408.9
|
|
|
16,134
|
|
|
581
|
|
|
15,553
|
|
|||
Fuel and purchased power
|
(380.4
|
)
|
|
12.0
|
|
|
(392.4
|
)
|
|
|
|
|
|
|
||||||
Utility gross margin (a)
|
$
|
1,050.8
|
|
|
$
|
34.3
|
|
|
$
|
1,016.5
|
|
|
|
|
|
|
|
(a)
|
Utility gross margin is a non-GAAP financial measure. See explanation of utility gross margin under Evergy's Results of Operations.
|
•
|
a $37.7 million increase from new retail rates effective in December 2018, net of a $64.5 million provision for rate refund recorded year to date September 30, 2018 for the change in the corporate income tax rate caused by the TCJA;
|
•
|
a $22.4 million increase in revenue due to one-time bill credits recorded in June 2018 as a result of conditions in the KCC and MPSC merger orders; and
|
•
|
a $4.1 million increase in Missouri Energy Efficiency Investment Act (MEEIA) earnings opportunity related to the achievement of certain energy savings levels in the second cycle of Evergy Metro's MEEIA program; partially offset by
|
•
|
a $19.3 million decrease primarily due to lower retail sales driven by cooler weather in the second quarter of 2019. Year to date September 30, 2019, compared to the same period in 2018, cooling degree days decreased 17%; and
|
•
|
a $10.6 million decrease for recovery of programs costs for energy efficiency programs under MEEIA, which have a direct offset in operating and maintenance expense.
|
•
|
a $16.1 million decrease in various administrative and general operating and maintenance expenses primarily driven by $5.3 million of voluntary severance expenses incurred in 2018 related to a Wolf Creek voluntary exit program and a $2.6 million decrease in injuries and damages expense primarily due to an increase in estimated workers compensation losses recorded in the second quarter of 2018;
|
•
|
a $13.5 million decrease in plant operating and maintenance expense at coal-fired generating units primarily driven by:
|
◦
|
a $6.5 million decrease due to the retirement of Evergy Metro's Montrose Station in December 2018; and
|
◦
|
$3.2 million of voluntary severance expenses incurred in the third quarter of 2018 related to the Local 412 union voluntary exit program;
|
•
|
a $10.6 million decrease in program costs for energy efficiency programs under MEEIA, which have a direct offset in revenue; and
|
•
|
$1.7 million of merger-related costs incurred year to date September 30, 2018; offset by
|
•
|
a $23.9 million increase in operating and maintenance expense due to the net reallocation of incurred merger transition costs between Evergy Metro, Evergy, Evergy Kansas Central and Evergy Missouri West and the subsequent deferral of these transition costs to a regulatory asset in June 2018 for future recovery by Evergy Metro in accordance with the KCC and MPSC merger orders;
|
•
|
an $8.4 million increase in taxes other than income taxes primarily due to an increase in property taxes;
|
•
|
a $6.3 million increase in transmission and distribution operating and maintenance expense primarily due to costs incurred from storms that occurred in January 2019; and
|
•
|
$5.2 million of voluntary severance expenses incurred in the first quarter of 2019.
|
•
|
a $16.8 million increase primarily due to capital additions; and
|
•
|
a $13.2 million increase due to a change in depreciation rates effective in December 2018 as a result of Evergy Metro's 2018 Kansas rate case.
|
•
|
a $51.0 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 in June 2018; partially offset by
|
•
|
a $15.5 million increase 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.
|
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)
|
|||
July 1 - 31
|
|
—
|
|
—
|
—
|
|
23,668,657
|
|
August 1 - 31
|
|
—
|
|
—
|
—
|
|
23,668,657
|
|
September 1 - 30
|
|
7,569,200
|
|
(b)
|
7,569,029
|
|
16,099,628
|
|
Total
|
|
7,569,200
|
|
|
7,569,029
|
|
16,099,628
|
|
•
|
one (or two for the Chief Executive Officer) times the officer’s annual base salary in effect on the date of termination; plus
|
•
|
one (or two for the Chief Executive Officer) times the officer’s target annual incentive award with respect to the fiscal year in which the termination occurs; plus
|
•
|
a cash amount equal to the pro rata portion of the officer’s target annual incentive award for the fiscal year in which the termination occurs, to the extent not theretofore paid; plus
|
•
|
a cash amount equal to twelve (12) (or twenty-four (24) for the Chief Executive Officer) times Evergy’s monthly COBRA premium cost to cover the officer, and if applicable his or her beneficiaries, under Evergy’s health, vision and dental plans.
|
Exhibit
Number
|
|
Description of Document
|
|
Registrant
|
|
|
|
|
|
|
|
|
|
|
3.1
|
|
|
Evergy Metro
|
|
|
|
|
|
|
3.2
|
|
|
Evergy Metro
|
|
|
|
|
|
|
3.3
|
|
|
Evergy Kansas Central
|
|
|
|
|
|
|
3.4
|
|
|
Evergy Kansas Central
|
|
|
|
|
|
|
4.1
|
*
|
|
Evergy
|
|
|
|
|
|
|
4.2
|
*
|
|
Evergy
Evergy Kansas Central |
|
|
|
|
|
|
10.1
|
+
|
|
Evergy
|
|
|
|
|
|
|
31.1
|
|
|
Evergy
|
|
|
|
|
|
|
31.2
|
|
|
Evergy
|
|
|
|
|
|
|
31.3
|
|
|
Evergy Metro
|
|
|
|
|
|
|
31.4
|
|
|
Evergy Metro
|
|
|
|
|
|
|
31.5
|
|
|
Evergy Kansas Central
|
|
|
|
|
|
|
31.6
|
|
|
Evergy Kansas Central
|
|
|
|
|
|
|
32.1
|
**
|
|
Evergy
|
|
|
|
|
|
|
32.2
|
**
|
|
Evergy Metro
|
|
|
|
|
|
|
32.3
|
**
|
|
Evergy Kansas Central
|
|
|
|
|
|
|
101.INS
|
***
|
XBRL Instance Document.
|
|
n/a
|
|
|
|
|
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
Evergy
Evergy Kansas Central Evergy Metro |
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
Evergy
Evergy Kansas Central Evergy Metro |
|
|
|
|
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
Evergy
Evergy Kansas Central Evergy Metro |
|
|
|
|
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Labels Linkbase Document.
|
|
Evergy
Evergy Kansas Central Evergy Metro |
|
|
|
|
|
Exhibit
Number
|
|
Description of Document
|
|
Registrant
|
|
|
|
|
|
|
|
|
|
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
Evergy
Evergy Kansas Central Evergy Metro |
|
|
|
|
|
104
|
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
|
Evergy
Evergy Kansas Central Evergy Metro |
|
|
EVERGY, INC.
|
|
|
|
Dated:
|
November 6, 2019
|
By: /s/ Anthony D. Somma
|
|
|
(Anthony D. Somma)
|
|
|
(Executive Vice President and Chief Financial Officer)
|
|
|
EVERGY KANSAS CENTRAL, INC.
|
|
|
|
Dated:
|
November 6, 2019
|
By: /s/ Anthony D. Somma
|
|
|
(Anthony D. Somma)
|
|
|
(Executive Vice President and Chief Financial Officer)
|
|
|
EVERGY METRO, INC.
|
|
|
|
Dated:
|
November 6, 2019
|
By: /s/ Anthony D. Somma
|
|
|
(Anthony D. Somma)
|
|
|
(Executive Vice President and Chief Financial Officer)
|
i.
|
Dividends. Subject to the limitations in this ARTICLE THIRD set forth, dividends may be paid on the Common Stock out of any funds legally available for the purpose, when and as declared by the Board of Directors.
|
ii.
|
Liquidation Rights. In the event of any liquidation or dissolution of the Corporation, after there shall have been paid to or set aside for the holders of outstanding shares having superior liquidation preferences to Common Stock the full preferential amounts to which they are respectively entitled, the holders of outstanding shares of Common Stock shall be entitled to receive pro rata, according to the number of shares held by each, the remaining assets of the Corporation available for distribution.
|
iii.
|
Voting Rights. Except as set forth in this ARTICLE THIRD or as by statute otherwise mandatory provided, the holders of the Common Stock shall exclusively possess full voting powers for the election of Directors and for all other purposes.
|
iv.
|
No Preemptive Rights. No holders of outstanding shares of Common Stock shall have any preemptive right to subscribe for or acquire any shares of stock or any securities of any kind hereafter issued by the Corporation.
|
v.
|
Consideration for Shares. Subject to applicable law, the shares of the Corporation, now or hereafter authorized, may be issued for such consideration as may be fixed from time to time by the Board of Directors. Subject to applicable law and to the provisions of this ARTICLE THIRD, shares of the Corporation issued and thereafter acquired by the Corporation may be disposed of by the Corporation for such consideration as may be fixed from time to time by the Board of Directors.
|
vi.
|
Crediting Consideration to Capital. The entire consideration hereafter received upon the issuance of shares of Common Stock without par value shall be credited to capital, and this requirement may not be eliminated or amended without the affirmative vote of consent of the holders of two-thirds of the outstanding Common Stock.
|
1.
|
Preamble.
|
2.
|
Certain Definitions.
|
3.
|
Benefits upon a Qualifying Termination.
|
4.
|
Payment Timing of Benefits upon a Qualifying Termination.
|
5.
|
Release and Adherence to Restrictive Covenants. In consideration of and as a condition precedent to receiving any of the Severance Benefits under this Plan, the Eligible Executive shall (i) execute and deliver to the Company a release of all claims in such form as requested by the Company not later than twenty-two (22) calendar days following the Eligible Executive’s Date of Termination (or any such longer period if required by applicable law and communicated to the Eligible Executive), (ii) not revoke the release during the seven (7) calendar day period following the date that the Eligible Executive executed the release (or any such longer period if required by applicable law and communicated to the Eligible Executive), and (iii) adhere to and remain in compliance with the restrictive covenants set forth in Appendix A, each of which may apply for a period of time after the termination of the Eligible Executive’s employment as described therein. For the avoidance of doubt, the Company is not required to provide any of the Severance Benefits under this Plan unless and until the Eligible Executive complies with the release execution and release nonrevocation requirements in the Plan.
|
6.
|
Administration/Amendment/Termination.
|
7.
|
Claims for Benefits. Benefits under this Plan in connection with a Qualifying Termination and eligible to be paid will normally commence without any requirement that an Eligible Executive make a special claim for benefits. In the event of any dispute as to whether benefits under this Plan are owed, or the amount of any such benefits, such dispute must be resolved through the Eligible Executive making a claim for such benefits and resolution occurring in accordance with the Claims Procedures set forth in Appendix B.
|
8.
|
Mandatory Arbitration.
|
9.
|
Miscellaneous Provisions.
|
(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.
|
Eligible Executive:
|
|
Evergy, Inc.
|
By:________________________
|
|
By:____________________
|
Name:_____________________
|
|
Name:__________________
|
|
|
Title:___________________
|
1.
|
I have reviewed this quarterly report on Form 10-Q 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:
|
November 6, 2019
|
/s/ Terry Bassham
|
|
|
Terry Bassham
President and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q 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:
|
November 6, 2019
|
/s/Anthony D. Somma
|
|
|
Anthony D. Somma
Executive Vice President and
Chief Financial Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Evergy Metro, 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:
|
November 6, 2019
|
/s/ Terry Bassham
|
||
|
|
|
Terry Bassham
President and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Evergy Metro, 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:
|
November 6, 2019
|
/s/ Anthony D. Somma
|
|
|
Anthony D. Somma
Executive Vice President and
Chief Financial Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Evergy Kansas Central, 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:
|
November 6, 2019
|
/s/ Terry Bassham
|
||
|
|
|
Terry Bassham
President and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Evergy Kansas Central, 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:
|
November 6, 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:
|
November 6, 2019
|
|
|
|
/s/Anthony D. Somma
|
Name:
Title:
|
Anthony D. Somma
Executive Vice President and Chief Financial Officer
|
Date:
|
November 6, 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:
|
November 6, 2019
|
|
|
|
/s/ Anthony D. Somma
|
Name:
Title:
|
Anthony D. Somma
Executive Vice President and Chief Financial Officer
|
Date:
|
November 6, 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:
|
November 6, 2019
|
|
|
|
/s/ Anthony D. Somma
|
Name:
Title:
|
Anthony D. Somma
Executive Vice President and Chief Financial Officer
|
Date:
|
November 6, 2019
|